TELEDYNE TECHNOLOGIES INCORPORATED RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES FOR THE FOURTH QUARTER AND TWELVE MONTHS ENDED JANUARY 2, 2022 AND JANUARY 3, 2021 (Unaudited - in millions, except per share amounts) |
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|
Fourth Quarter 2021 |
Fourth Quarter 2020 |
|||||||||||||||||||
|
Income
|
Net income |
Diluted
|
Income
|
Net income |
Diluted
|
|||||||||||||||
GAAP |
$ |
172.5 |
$ |
161.8 |
|
$ |
3.39 |
|
$ |
141.1 |
$ |
132.1 |
$ |
3.48 |
|||||||
Adjusted for specified items: |
|
|
|
|
|
|
|||||||||||||||
FLIR transaction and integration costs |
|
0.8 |
|
0.7 |
|
|
0.01 |
|
|
— |
|
— |
|
— |
|||||||
FLIR inventory step-up expense |
|
47.8 |
|
36.7 |
|
|
0.78 |
|
|
— |
|
— |
|
— |
|||||||
Acquired intangible asset amortization |
|
51.4 |
|
39.6 |
|
|
0.83 |
|
|
9.6 |
|
7.4 |
|
0.20 |
|||||||
| Acquisition-related tax matters |
|
— |
|
(21.4 |
) |
|
(0.45 |
) |
|
— |
|
— |
|
— |
|||||||
| Non-GAAP |
$ |
272.5 |
$ |
217.4 |
|
$ |
4.56 |
|
$ |
150.7 |
$ |
139.5 |
$ |
3.68 |
|||||||
|
|
Twelve Months 2021 |
Twelve Months 2020 |
|||||||||||||||||||
|
|
Income
|
Net income |
Diluted
|
Income
|
Net income |
Diluted
|
|||||||||||||||
| GAAP |
$ |
533.8 |
$ |
445.3 |
|
$ |
10.05 |
|
$ |
469.7 |
$ |
401.9 |
$ |
10.62 |
|||||||
| Adjusted for specified items: |
|
|
|
|
|
|
|||||||||||||||
| FLIR transaction and integration costs |
|
103.0 |
|
88.9 |
|
|
2.01 |
|
|
— |
|
— |
|
— |
|||||||
| FLIR inventory step-up expense |
|
106.4 |
|
81.8 |
|
|
1.85 |
|
|
— |
|
— |
|
— |
|||||||
| Acquired intangible asset amortization |
|
149.3 |
|
114.9 |
|
|
2.59 |
|
|
38.8 |
|
29.7 |
|
0.79 |
|||||||
| Acquisition-related tax matters |
|
— |
|
(7.3 |
) |
|
(0.17 |
) |
|
— |
|
— |
|
— |
|||||||
| Bridge loan and debt extinguishment fees |
|
30.6 |
|
23.3 |
|
|
0.53 |
|
|
— |
|
— |
|
— |
|||||||
| Non-GAAP |
$ |
923.1 |
$ |
746.9 |
|
$ |
16.86 |
|
$ |
508.5 |
$ |
431.6 |
$ |
11.41 |
|||||||
|
|
Fourth Quarter 2021 |
Fourth Quarter 2020 |
|||||||||||
|
|
Operating
|
Operating
|
Operating
|
Operating
|
|||||||||
| GAAP |
$ |
195.1 |
14.2 |
% |
$ |
143.8 |
17.8 |
% |
|||||
| Adjusted for specified items: |
|
|
|
|
|||||||||
| FLIR transaction and integration costs |
|
0.8 |
|
|
— |
|
|||||||
| FLIR inventory step-up expense |
|
47.8 |
|
|
— |
|
|||||||
| Acquired intangible asset amortization |
|
51.4 |
|
|
9.6 |
|
|||||||
| Non-GAAP |
$ |
295.1 |
21.5 |
% |
$ |
153.4 |
19.0 |
% |
|||||
| TELEDYNE TECHNOLOGIES INCORPORATED RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES FOR THE FOURTH QUARTER AND TWELVE MONTHS ENDED JANUARY 2, 2022 AND JANUARY 3, 2021 (continued) (Unaudited - in millions, except per share amounts) |
||||||||||||
|
|
Twelve Months 2021 |
Twelve Months 2020 |
||||||||||
|
|
Operating
|
Operating
|
Operating
|
Operating
|
||||||||
| GAAP |
$ |
624.3 |
13.5 |
% |
$ |
480.1 |
15.6 |
% |
||||
| Adjusted for specified items: |
|
|
|
|
||||||||
| FLIR transaction and integration costs |
|
103.0 |
|
|
— |
|
||||||
| FLIR inventory step-up expense |
|
106.4 |
|
|
— |
|
||||||
| Acquired intangible asset amortization |
|
149.3 |
|
|
38.8 |
|
||||||
| Non-GAAP |
$ |
983.0 |
21.3 |
% |
$ |
518.9 |
16.8 |
% |
||||
|
|
January 2, 2022 |
January 3, 2021 |
|||||||
| Current portion of long-term debt and other debt - GAAP |
$ |
— |
|
$ |
97.6 |
|
|||
| Long-term debt - GAAP |
|
4,099.4 |
|
|
680.9 |
|
|||
| Total debt - non-GAAP |
|
4,099.4 |
|
|
778.5 |
|
|||
| Less cash and cash equivalents - GAAP |
|
(474.7 |
) |
|
(673.1 |
) |
|||
| Net debt - non-GAAP |
$ |
3,624.7 |
|
$ |
105.4 |
|
|||
|
|
First Quarter 2022 |
Twelve Months 2022 |
|||||||||||
|
|
Low |
High |
Low |
High |
|||||||||
| GAAP Diluted Earnings Per Common Share Outlook |
$ |
3.12 |
$ |
3.22 |
$ |
14.10 |
$ |
14.55 |
|||||
| Adjusted for specified non-GAAP item: |
|
|
|
|
|||||||||
| Acquired intangible asset amortization |
|
0.90 |
|
0.88 |
|
3.50 |
|
3.45 |
|||||
| Non-GAAP Diluted Earnings Per Common Share Outlook |
$ |
4.02 |
$ |
4.10 |
$ |
17.60 |
$ |
18.00 |
|||||
