#1Teledyne Technologies Making a Measurable Impact INVESTOR PRESENTATION | September 2023 TELEDYNE TECHNOLOGIES Everywhereyoulook™#2Cautionary Statement Regarding Forward Looking Statements Teledyne's investor presentation contains forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995, directly or indirectly relating to stock option compensation expense, and about the continuing expected effects on Teledyne of the acquisition of FLIR and synergies related to the transaction, anticipated capital expenditures and product developments, and other strategic options. Forward-looking statements are generally accompanied by words such as "estimate", "project", "predict", "believes" or "expect", that convey the uncertainty of future events or outcomes. All statements made in this communication that are not historical in nature should be considered forward-looking. Actual results could differ materially from these forward-looking statements. Many factors could change the anticipated results, including: ongoing challenges and uncertainties posed by the COVID pandemic for businesses and governments around the world, including production, supply, contractual and other disruptions, such as COVID-related lockdowns, facility closures, furloughs and travel restrictions; changes in relevant tax and other laws; foreign currency exchange risks; rising interest rates; risks associated with indebtedness, as well as our ability to reduce indebtedness and the timing thereof; the impact of semiconductor and other supply chain shortages, higher inflation, including wage competition and higher shipping costs; labor shortages and competition for skilled personnel; the inability to develop and market new competitive products; inherent uncertainties involved in the estimates and judgments used in the preparation of financial statements and the providing of estimates of financial measures, in accordance with U.S. GAAP and related standards; disruptions in the global economy; the ongoing conflict between Russia and Ukraine, including the impact to energy prices and availability, especially in Europe; customer and supplier bankruptcies; changes in demand for products sold to the defense electronics, instrumentation, digital imaging, energy exploration and production, commercial aviation, semiconductor and communications markets; funding, continuation and award of government programs; cuts to defense spending resulting from existing and future deficit reduction measures or changes to U.S. and foreign government spending and budget priorities triggered by the COVID pandemic; impacts from the United Kingdom's exit from the European Union; uncertainties related to the policies of the U.S. Presidential Administration; the imposition and expansion of, and responses to, trade sanctions and tariffs; the continuing review and resolution of FLIR's export and tax matters; escalating economic and diplomatic tension between China and the United States; threats to the security of our confidential and proprietary information, including cybersecurity threats; natural and man-made disasters, including those related to or intensified by climate change; and our ability to achieve emission reduction targets and decrease our carbon footprint. Lower oil and natural gas prices, as well as instability in the Middle East or other oil producing regions, and new regulations or restrictions relating to energy production, including those implemented in response to climate change, could further negatively affect our businesses that supply the oil and gas industry. Weakness in the commercial aerospace industry negatively affects the markets of our commercial aviation businesses. In addition, financial market fluctuations affect the value of the Company's pension assets. Changes in the policies of U.S. and foreign governments, including economic sanctions, could result, over time, in reductions or realignment in defense or other government spending and further changes in programs in which the Company participates. While the Company's growth strategy includes possible acquisitions, we cannot provide any assurance as to when, if or on what terms any acquisitions will be made. Acquisitions involve various inherent risks, such as, among others, our ability to integrate acquired businesses, retain customers and achieve identified financial and operating synergies. There are additional risks associated with acquiring, owning and operating businesses internationally, including those arising from U.S. and foreign government policy changes or actions and exchange rate fluctuations. We continue to take action to assure compliance with the internal controls, disclosure controls and other requirements of the Sarbanes-Oxley Act of 2002. While we believe our control systems are effective, there are inherent limitations in all control systems, and misstatements due to error or fraud may occur and may not be detected. Additional factors that could cause results to differ materially from those described above can be found in Teledyne's 2022 Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q, and in other documents which are on file with the SEC and available in the "Investors" section of Teledyne's website, teledyne.com, under the heading "Investor Information." All forward-looking statements speak only as of the date they are made and are based on information available at that time. Teledyne assumes no obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements were made or to reflect the occurrence of unanticipated events except as required by federal securities laws. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements. TELEDYNE TECHNOLOGIES Everywhereyoulook" 2#33 MARSA 20560 Teledyne: Enabling Technologies to Sense, Analyze and Distribute Information Everywhereyoulook™ TELEDYNE TECHNOLOGIES Everywhereyoulook"#4Q Teledyne ⚫ Global sensing and decision-support technology company • Broad, balanced portfolio of highly engineered products • Proven track record; hands-on management; consistent, predictable performance •Further opportunities for margin improvement • Compound growth in earnings and cash flow • Established history of prudent capital deployment, successful integration of acquisitions 4 TELEDYNE TECHNOLOGIES Everywhereyoulook"#5Teledyne Markets; Global Presence Sales of $5.73 Billion (a) Sales by Geography(b) Europe 24% Markets(b) Offshore Energy Other Marine(c) 4% 4% 15% U.S. Gov't Analytical and Electronic Test & Measurement (d) U.S. Gov't 22% 22% 5% Other Industrials (e) 4% Commercial Aerospace 5 (a) Represents approximate 2023 revenue as discussed by management on the company's earnings release conference call on July 26, 2023 (b) Sales percentage by end market and geography for the first six months 2023 (c) Includes Teledyne Marine Instrumentation for hydrographic survey, ocean science and other product lines (d) Includes Environmental Instrumentation and electronic Test & Measurement Instrumentation (e) Other includes commercial or foreign government sales of electronics for microwave and satellite communications, industrial Asia 17% Pacific interconnect systems, electronic components and other product lines 46% 4% Other Commercial Imaging 29% 4% Americas U.S. Commercial MEA & Other TELEDYNE TECHNOLOGIES Everywhereyoulook"#6Teledyne's Transformation 2000 (a) $657 Million 2010(a) $1.64 Billion 6% Aerospace 4% Castings 6 17% Aerospace Engines 37% 3% Printed Circuits Instrumentation 32% 7% 23% 7% 33% Aerospace Engines Printed Circuits 19% 8% 34% 13% 2023(b) $5.73 Billion Digital Imaging Aerospace & Defense Electronics Engineered Systems (a) Total sales values exclude discontinued operations (b) Approximate revenue as discussed by management on the company's earnings release conference call on July 26, 2023 Divested Operations 56% TELEDYNE TECHNOLOGIES Everywhereyoulook™ Represents sales from the Instrumentation and Digital Imaging segments, as well as sales of proprietary Aerospace and Defense electronics products#77 History of Focused, Successful Acquisitions Electronic Instrumentation Digital Imaging Aerospace & Defense Electronics Engineered Systems 2001 2005 O $10 Million ○ $100 Million 2009 о 2013 2017 2021 $1.0 Billion 67 Acquisitions; $11.7 Billion in Cumulative Consideration TELEDYNE TECHNOLOGIES Everywhereyoulook#800 8 Full Spectrum of Imaging Technology All Wavelengths, All Applications: From Deep Sea to Deep Space GAMMA X-RAY ULTRAVIOLET VISIBLE INFRARED MICROWAVE RADIO TELEDYNE TECHNOLOGIES Everywhereyoulook"#96 Full Spectrum of Imaging Products WORLONDE CE VERY From Components to Integrated Systems OFLIR CULTIES м GALAXY TELEDYNE TECHNOLOGIES Everywhereyoulook" 105°#1010 Full Spectrum of Unmanned Systems SeaRaptor TREPYNE MORE From Sea to Land to Sky Autonomous and unmanned systems and a wide range of payloads TELEDYNE TECHNOLOGIES Everywhereyoulook"#1111 Continuous Improvement(a) Gross Margin (b) 48% 44% 40% 36% 32% 28% 24% 20% 8% 6% 4% 2% 0% 2001 2002 2003 2004 2005 2006 2007 R&D Expense (d) 10% 2001 2002 2003 2004 2005 2006 2007 2008 2008 2009 2009 2010 2010 2011 2011 2012 2012 2013 2013 2014 2014 2015 2015 2016 2016 2017 2017 2018 2018 2019 2019 2020 2020 2021 2021 2022 2022 6 Mo '23 6 Mo '23 EBITDA Margin (c) 28% 24% 20% 16% 12% 8% 4% 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 6 Mo'23 International Sales (%) 60% 50% 40% 30% 20% 10% 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 6 Mo '23 (a) 2009-2012 represent data from continuing operations (b) Represents gross margin as filed in historical SEC filings, which do not reflect ASU No. 2017-07: Improving the Presentation of Net Periodic Pension Cost, etc. for 2016 and prior years (c) FY 2021 EBITDA adjusted to exclude pretax charges of $209.4 million related to the FLIR acquisition (d) Represents company-funded research and development expense, including bid and proposal expense, as a percentage of sales TELEDYNE TECHNOLOGIES Everywhereyoulook"#1212 Revenue History(a) ($ in millions) $ 6,000 5,500 ■Digital Imaging Instrumentation ■ Aerospace & Defense Electronics Engineered Systems ~$5,730 (b) (a) Excludes the former Aerospace Engines $5,459 $4,614 & Components segment, which was sold on April 19, 2011, in all years (b) Represents approximate revenue as discussed by management on the company's earnings release conference call on July 26, 2023 5,000 4,500 4,000 3,500 $3,164 $3,086 $2,902 3,000 2,500 $2,394 $2,339 $2,298 $2,604 $2,127 $2,150 $1,722, $1,942 2,000 $1,442 $1,652 $1,644 1,500 $1,252 $1,055 $875 1,000 500 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023E TELEDYNE TECHNOLOGIES Everywhereyoulook"#1313 13: Continuous EPS Growth (a) ($ per share) $ 19.00 18.00 17.00 16.00 15.00 14.00 13.00 12.00 11.00 (f) $19.10 (e) $18.19 (d) $16.86 $16.53 $15.74 10.00 9.00 '01-'22 CAGR = 23.7% 8.00 7.00 6.00 5.00 4.00 3.00 2.00 $1.85 $0.91$1.24 $0.77 1.00 $0.21 0.00 $3.05$3.$3.25 $11.46) $11.41 $10.73$10.62 $9.78 $10.05 $9.01 $7.69(b) $5.75 $4.87 $5.44 $6.26 $4.33 $2.26 $2.72 $3.05 $3. $3.25 $3.81 2001 2002 2003 2004 2005 2006 2007 2008 $5.37 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023E (a) Represents total GAAP EPS for 2002 through 2008 and 2013 through 2022, and GAAP EPS from continuing operations for 2001 and 2009 through 2012 (b) Non-GAAP EPS excludes pretax charges related to the acquisition of e2v, estimated after-tax charges related to the Tax Cuts and Jobs Act of 2017 and acquired intangible asset amortization (c) Non-GAAP EPS excludes acquired intangible asset amortization (d) Non-GAAP EPS excludes pretax charges related to the acquisition of FLIR and all acquired intangible asset amortization of $389.3 million or $(6.98) per share and acquisition- related foreign tax matter benefits of $7.3 million or $0.17 per share (e) Non-GAAP EPS excludes pretax gain related to the acquisition of FLIR and all acquired intangible asset amortization of $197.7 million or $(3.18) per share and acquisition-related foreign tax matter benefits of $72.7 million or $1.52 per share (f) Non-GAAP EPS represents the middle of management's 2023 adjusted earnings per share outlook as disclosed in the company's earnings release on July 26, 2023, excluding acquired intangible asset amortization, FLIR transaction and integration costs and acquisition-related foreign tax matters TELEDYNE TECHNOLOGIES Everywhereyoulook#1414 Consistent Cash Flow ($ in millions) $ 900 850 800 $795 $747(b) 750 700 650 600 $548 550 500 $402 450 $402 $394 400 $334360 350 $316 300 $244 250 $222 $190 200 150 $130 $116 $184 $142 $162 $124 $185$218 $182 $196 $249227 $191 $163 $99 $111 $114 $120 100 50 0 $868 (c) $691 (a) Adjusted Free Cash Flow (a non-GAAP measure) represents Cash from Operating Activities less purchases of property, plant and equipment, and excludes voluntary pension contributions but includes proceeds pursuant to a 1031 like-kind exchange. In 2021, net income and adjusted free cash flow exclude FLIR acquisition charges (b) Non-GAAP 2021 net income excludes pretax charges related to the acquisition of FLIR and all acquired intangible asset amortization of $389.3 million or $(6.98) per share and acquisition-related foreign tax matter benefits of $7.3 million or $0.17 per share (c) Non-GAAP 2022 net income excludes pretax gain related to the acquisition of FLIR and all acquired intangible asset amortization of $197.7 million or $(3.18) per share and acquisition- related foreign tax matter benefits of $72.7 million or $1.52 per share 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 ■Net Income Attributable to Teledyne Adjusted Free Cash Flow (a) TELEDYNE TECHNOLOGIES Everywhereyoulook"#1515 Nov-99 Oct-00 Sep-01 Aug-02 Jul-03 Jun-04 May-05 Apr-06 Mar-07 Feb-08 Jan-09 Dec-09 Total Shareholder Return 5,900 5,500 5,100 Shareholder Return Since Publicly Listed Teledyne 4,700 $420.53 4,300 3,900 3,500 3,100 2,700 CAGR = 17.7% 2,300 1,900 1,500 1,100 CAGR = 7.1% 700 300 S&P 500 $4,515.77 (100) Nov-10 Oct-11 Sep-12 Aug-13 Jul-14 Jun-15 May-16 Apr-17 Mar-18 Feb-19 Jan-20 Dec-20 Nov-21 Oct-22 September 1, 2023 TELEDYNE TECHNOLOGIES Everywhereyoulook"#1616 Balance Sheet and Available Liquidity ($ in millions) Cash Q2 2023 Credit Ratings Moody's Baa3 S&P BBB Fitch BBB Debt Stockholders' Equity Total Capitalization Available Liquidity (a) Net Debt / Net Book Cap Net Debt EBITDA $ EA 364.2 3,353.3 8.579.0 9 $ 11,932.3 $ EA 1,495.3 25.8 % 2.1 x (b) (a) Represents cash of $364.2 million plus $1,131.1 million of available borrowing capacity under Teledyne's $1.15 billion credit facility as of July 2, 2023 (b) Consolidated Leverage Ratio is equal to Net Debt / EBITDA as defined in Teledyne's $1.15 billion credit agreement. Value shown as of July 26, 2023, reflecting $50.0 million repayment of debt subsequent to the end of the second quarter TELEDYNE TECHNOLOGIES Everywhereyoulook"#1717 ARAC SLOCUM Electric G CEANO Teledyne: Technologies that Enable Carbon Monitoring, Environmental Science and Climatology Everywhereyoulook” TELEDYNE TECHNOLOGIES Everywhereyoulook"#1818 Teledyne: Space-based Sensing for Earth Science and Carbon Monitoring Sensors for all of the following . • • • • · NOAA Geostationary Operational Environmental Satellite (GOES) - Weather Monitoring NASA Orbiting Carbon Observatories - Atmospheric Carbon Dioxide (CO2) NASA GeoCarb - CO2 and Methane (CH4) ESA Aeolus Atmospheric Laser Doppler Instrument (Global Wind Profiling) ESA Sentinels 2,4 and 5 - Ozone (O3), Nitrous Dioxide (NO2), Carbon Monoxide (CO) and Sulfur Dioxide (SO2) ESA Copernicus Anthropogenic Carbon Dioxide Monitoring (CO₂M) mission - CO2 and Nitrous Dioxide (NO2) • ESA Copernicus Hyperspectral Imaging Mission for the Environment (CHIME) Sustainable Agricultural, Soil Characterization and Environment Preservation . • • - NASA ECOsystem Spaceborne Thermal Radiometer Experiment on Space Station (ECOSTRESS) – Drought Monitoring - Environmental Defense Fund MethaneSAT - CH 4 and Oxygen (O2) ESA FLuorescence Explorer (FLEX) - Plant Health and Stress Monitoring • State of California Carbon Mapper - CO2 and CH 4 TELEDYNE TECHNOLOGIES Everywhereyoulook#1919 Teledyne: Instrumentation for Air-Quality Monitoring Leader in Ambient Air Quality • Extensive line of pollution monitoring instruments (NOX, SO2, O3, CO, CO2, CH4, H2S) • Particulate instrumentation (PM 10, PM2.5) • Sensitivity of parts-per-million (ppm) to parts-per-billion (ppb). • 100,000+ instruments shipped to over 100 countries Other Related Product Lines • Hazardous gas and flame detection for worker safety • Sensors and systems for continuous emissions monitoring • • Optical gas leak detection cameras Aircraft Cabin Environment Sensor (ACES) for on-board air quality, crew and passenger health TELEDYNE TECHNOLOGIES Everywhereyoulook"#2020 Teledyne: Instrumentation for Ocean Science and Climatology Monitoring the World's Oceans • Complete line of instrumentation and autonomous vehicles for ocean sensing Analysis of ocean temperatures throughout the water column Disaster assessment, including oil plume. tracking (Macondo) and radiation. monitoring (Fukushima) Other Related Product Lines • Bathymetric lidar and imaging sonar • Software for marine mapping and charting • Thermal imaging for safe marine navigation • Critical technologies for the deep-ocean detection and reporting of tsunamis and earthquakes TELEDYNE TECHNOLOGIES Everywhereyoulook"#21Teledyne: Additional Products for Sustainability, Energy Efficiency and Human Health CE T15 ART CFLIR . • Thermal cameras for firefighting, heat loss and • . • elevated skin temperature screening Industrial vision systems for food safety, recycling, and battery inspection High-resolution cameras for scientific and life sciences imaging Wastewater samplers for early virus detection and localization • High-sensitivity, lower-dose X-ray detectors Instruments for pharmaceutical development and quality control Sensors for chemical and biological agents, radiation and explosive detection • Consumables for rapid, low-cost DNA testing Motor drive analyzers for energy efficiency • Hydrogen generators 22 21 TELEDYNE TECHNOLOGIES Everywhereyoulook"#22Teledyne: Goal to Reduce Scope 1 and Scope 2 Combined Emissions, Divided by Sales, 40% from 2020 to 2040 4040 40% REDUCTION IN GREENHOUSE GAS EMISSIONS BY 2040 MT CO₂e per $M Revenue GHG Emissions Normalized for Revenue 40 36.4 20.9% Decrease 35 28.8 30 Scope 2 15.7 422495 Scope 2 11.9 Target 40% reduction by 2040 21.8 20 15 10 Scope 1 20.7 Scope 1 16.9 Total 22 22 0 2020 2021* 2040 Target *2021 emissions from businesses acquired prorated to reflect period following acquisition to align with acquired revenue. TELEDYNE TECHNOLOGIES Everywhereyoulook"#23Teledyne Technologies Incorporated Explanation of Non-GAAP Financial Measures We report our financial results in accordance with GAAP. However, management believes that, in order to more fully understand our short-term and long-term financial and operational trends, and to aid in comparability with our competitors, investors and financial analysts may wish to consider the impact of certain items resulting from our acquisitions which have an infrequent or non-recurring impact on operations or assist in understanding our operations pre-acquisition. Accordingly, we present non-GAAP financial measures as a supplement to the financial measures we present in accordance with GAAP. These non-GAAP financial measures provide management, investors and financial analysts with additional means to understand and evaluate the operating results and trends in our ongoing business by adjusting for certain expenses and other items. Management believes these non-GAAP financial measures also provide additional means of evaluating period- over-period operating performance. In addition, management understands that some investors and financial analysts find this information helpful in analyzing our financial and operational performance and comparing this performance to our peers and competitors. The company's 2023 diluted earnings per common share guidance is also presented on a non-GAAP basis. The non-GAAP financial measures are not meant to be considered superior to, or a substitute for, our financial statements prepared in accordance with GAAP. There are material limitations associated with non-GAAP financial measures because they exclude charges that have an effect on our reported results and, therefore, should not be relied upon as the sole financial measures by which to evaluate our financial results. Management compensates and believes that investors should compensate for these limitations by viewing the non-GAAP financial measures in conjunction with the GAAP financial measures. In addition, the non-GAAP financial measures included in this earnings announcement may be different from, and therefore may not be comparable to, similar measures used by other companies. The non-GAAP financial measures are also used by our management to evaluate our operating performance and benchmark our results against our historical performance and the performance of our peers. Our non-GAAP measures are as follows: Non-GAAP Income before income taxes, net income and diluted earnings per common share These non-GAAP measures provided a supplemental view of income before taxes, net income, and diluted earnings per common share. These non-GAAP measures exclude certain FLIR acquisition integration-related costs, acquired intangible asset amortization, the remeasurement of deferred taxes related to acquired intangible assets due to changes in tax laws, and the tax benefits or costs related to the settlement or other resolution of the FLIR tax reserves. We also adjust for any post-acquisition interest on certain income tax reserves related to FLIR. We adjust for any income tax impact related to these items to take into account the tax treatment and related tax rate and changes in tax rates that apply to each adjustment in the applicable tax jurisdiction. Generally, this results in the tax impact at the U.S. marginal tax rate for certain adjustments, including the majority of amortization of intangible assets, whereas the tax impact of other adjustments, including transaction expenses, depend on whether the amounts are deductible in the respective tax jurisdictions and the applicable tax rates in those jurisdictions. We believe these measures provide investors and management with additional means to understand and evaluate the operating results of our business by adjusting for certain expenses and other items and present an alternative view of our performance compared to prior periods. Non-GAAP operating income and operating margin We define non-GAAP operating margin as non-GAAP operating income divided by net sales. These non-GAAP measures exclude certain FLIR acquisition integration-related costs and acquired intangible asset amortization. We believe these measures provide investors and management with additional means to understand and evaluate the operating results of our business by adjusting for certain expenses and other items and present an alternative view of our performance compared to prior periods. Non-GAAP Total debt and net debt We define non-GAAP total debt as the sum of current portion of long-term debt and other debt and long-term debt. We define net debt as the difference between non-GAAP total debt less cash and cash equivalents. The company believes that this supplemental non-GAAP information is useful to assist investors and management in analyzing the company's liquidity. Non-GAAP Diluted earnings per common share outlook These non-GAAP measures represent our earnings per common share outlook for the third quarter 2023 and total year 2023 on a fully diluted basis, excluding certain FLIR transaction and integration costs, acquired intangible asset amortization for all acquisitions and acquisition-related tax matters. Non-GAAP Free cash flow and adjusted free cash flow We define free cash flow as cash provided by operating activities (a measure prescribed by GAAP) less capital expenditures for property, plant and equipment. We believe that this supplemental non-GAAP information is useful to assist management and the investment community in analyzing the company's ability to generate cash flow. 23 23 TELEDYNE TECHNOLOGIES Everywhereyoulook"#24Teledyne Technologies Incorporated Reconciliation of Non-GAAP Financial Measures (cont...) Management excludes the effect of each of the acquisition related items identified below to arrive at the applicable non-GAAP financial measure referenced in the previous tables for the reasons set forth below with respect to that item: . Acquired intangible asset amortization - We believe that excluding the amortization of acquired intangible assets, which primarily represents purchased technology and customer relationships, as well as purchase order and contract backlog, provides an alternative way for investors to compare our operations preacquisition to those post-acquisition and to those of our competitors that have pursued internal growth strategies. However, we note that companies that grow internally will incur costs to develop intangible assets that will be expensed in the period incurred, which may make a direct comparison more difficult. • Acquisition-related tax matters - Included in our tax provision is post-acquisition interest on certain income tax reserves related to FLIR, as well as the tax benefits or costs related to the settlement or other resolution of the FLIR tax reserves. We exclude these impacts from our non-GAAP measures because we believe it does not reflect our ongoing financial performance. • FLIR transaction and integration costs - Included in our GAAP presentation of cost of sales and selling, general and administrative expenses are expenses incurred in connection with further integration-related costs related to the FLIR acquisition such as facility consolidation costs, facility lease impairments and employee separation costs. We exclude these costs from our non-GAAP measures because we believe it does not reflect our ongoing financial performance. Q3 2023 Total Year 2023 Low High Low High Diluted Earnings per Common Share GAAP Diluted Earnings Per Common Share Outlook $ 3.76 $ 3.90 $ 15.60 $ 15.88 GAAP $ EA Adjusted for specified non-GAAP items: Adjusted for specified items: FLIR transaction and integration costs 0.14 0.12 0.19 0.16 FLIR transaction and integration costs 2017 2018 2019 2020 2021 2022 6.26 $ 9.01 $ 10.73 $ 10.62 $ 10.05 $ 16.53 2.01 (0.06) I Acquired intangible asset amortization 0.80 0.78 3.19 3.14 Acquisition-related tax matters 0.00 0.00 0.02 0.02 e2v transacion and integration costs 0.26 Non-GAAP Diluted Earnings Per Common Share Outlook $ 4.70 $ 4.80 $ 19.00 $ 19.20 FLIR inventory step-up expense 1.85 e2v inventory step-up expense 0.12 Acquired intangible asset amortization 0.76 0.77 0.73 0.79 2.59 3.24 Bridge loan and debt extinguishment fees 0.05 0.53 Foreign currency option contract expense for the e2v purchase price 0.11 Acquisition-related tax matters (0.17) (1.52) Tax Cuts and Jobs Act repatriation tax and other impacts Non-GAAP $ 0.13 7.69 $ 9.78 $ 11.46 $ 11.41 $ 16.86 $ 18.19 Reconciliation of GAAP to Non-GAAP financial measures (in millions, except per share data): 24 24#25Teledyne Technologies Incorporated Reconciliation of Non-GAAP Financial Measures The following tables set forth a reconciliation of net income and operating margin provided in acordance with GAAP to comparable results that are non-GAAP. Reconciliation of GAAP to Non-GAAP financial measures (in millions): 2001 2002 2003 Fiscal Year (Incl. Discont Ops) 2004 2005 2006 2007 2008 2009 2010 2011 Fiscal Year 2012 2013 2014 2015 Sales from Continuing Operations $ 625.5 $ Add: Discontinued Operation (a) 118.8 647.0 $ 125.7 712.8 $ 127.9 Total Sales $ 744.3 $ Cost of Sales 573.4 772.7 $ 584.9 874.7 $ 1,055.1 $ 1,251.6 $ 1,441.6 $ 1,722.0 141.9 151.4 181.6 180.7 171.0 840.7 $ 1,016.6 $ 1,206.5 $ 1,433.2 $ 1,622.3 $ 1,893.0 Gross Profit $ 170.9 $ Gross Margin, GAAP 23.0% 187.8 $ 24.3% 636.7 204.0 $ 24.3% 746.3 869.6 270.3 $ 26.6% 1,020.2 1,136.4 1,339.5 336.9 $ 413.0 $ 485.9 $ 553.5 27.9% 28.8% 30.0% 29.2% $ 30.2% 33.5% $ 1,652.1 $ 1,644.2 $ 1,941.9 $ 2,127.3 $ 2,338.6 $2,394.0 $ 2,298.1 $ 1,652.1 $ 1,644.2 $ 1,941.9 $ 2,127.3 $ 2,338.6 $2,394.0 $ 2,298.1 1,177.3 1,148.1 1,290.7 1,487.1 1,427.8 474.8 $ 496.1 $ 651.2 $ 748.2 $ 838.6 $ 906.9 $ 870.3 28.7% 1,379.1 1,500.0 35.2% 35.9% 37.9% 37.9% Selling, General & Administrative Expenses 143.8 145.6 157.0 203.4 236.2 287.9 323.6 364.6 303.4 317.6 424.0 505.1 598.3 612.4 588.6 SG&A Expense Margin, GAAP 19.3% 18.8% 18.7% 20.0% 19.6% 20.1% 19.9% 19.3% 18.4% 19.3% 21.8% 23.7% 25.6% 25.6% 25.6% Operating Income, GAAP $ Operating Margin, GAAP 27.1 $ 3.6% 42.2 $ 47.0 $ 5.5% 5.6% 66.9 $ 100.7 $ 6.6% 8.3% 125.1 $ 162.3 $ 188.9 8.7% 10.0% 10.0% $ 171.4 $ 178.5 $ 227.2 $ 10.4% 10.9% 11.7% 10.3% 243.1 $ 240.3 $ 294.5 $ 11.4% 281.7 12.3% 12.3% Net Income Attributable to Teledyne, GAAP 6.8 25.4 29.7 41.7 64.2 80.3 98.5 111.3 115.9 119.9 142.1 161.8 185.0 217.7 195.8 Interest Expense 1.9 0.6 0.8 1.9 3.5 7.4 12.5 10.9 4.8 6.5 16.2 17.8 20.4 19.0 23.9 Income Taxes 4.5 16.7 14.9 26.3 38.8 41.4 50.8 65.0 50.0 53.6 69.5 65.4 39.5 66.5 62.7 Depreciation & Amortization Expense 20.5 21.8 23.1 24.8 25.6 32.0 34.7 47.3 42.5 45.2 64.2 78.3 91.1 94.3 90.3 EBITDA, non-GAAP $ 33.7 $ EBITDA Margin, non-GAAP 4.5% 64.5 $ 8.3% 68.5 $ 8.1% 94.7 $ 132.1 $ 161.1 $ 196.5 $ 9.3% 10.9% 11.2% 12.1% 234.5 12.4% $ 213.2 $ 225.2 $ 12.9% 13.7% 15.2% 292.0 $ 323.3 $ 336.0 $ 397.5 $ 372.7 15.0% 16.6% 14.4% 16.2% (a) Represents the divested former Aerospace Engines & Componenents segment 2016 2017 Fiscal Year 2018 2019 2020 Fiscal Year Fiscal Year 2021 FLIR Charges Adjusted 2022 FLIR Charges Adjusted 6 Month YTD 2023 FLIR Charges Adjusted Total Sales $ 2,149.9 $ 2,603.8 $ 2,901.8 $ 3,163.6 $ 3,086.2 $ 4,614.3 Cost of Sales 1,318.0 1,624.0 1,791.0 1,920.3 1,905.3 2,772.9 (106.7) $ 4,614.3 2,666.2 $ 5,458.6 3,128.3 $ 5,458.6 3,128.3 $ 2,808.0 1,597.0 $ 2,808.0 1,597.0 Gross Profit $ Gross Margin, GAAP 831.9 $ 38.7% 38.3% 979.8 $ 1,110.8 $ 1,243.3 $ 1,180.9 37.6% $ 1,841.4 39.3% 38.3% 39.9% $ 1,948.1 42.2% $ 2,330.3 42.7% Selling, General & Administrative Expenses 578.1 658.1 694.2 751.6 700.8 1,217.1 (252.0) 965.1 1,358.3 SG&A Expense Margin, GAAP 26.9% 25.3% 23.9% 23.8% 22.7% 26.4% 20.9% 24.9% $ 2,330.3 42.7% (197.7) 1,160.6 21.3% $ 1,211.0 43.1% $ 1,211.0 43.1% 712.4 (99.0) 613.4 25.4% 21.8% Operating Income, GAAP $ 253.8 $ 321.7 $ 416.6 $ 491.7 $ Operating Margin, GAAP 11.8% 12.4% 14.4% 15.5% 480.1 15.6% $ 624.3 $ 358.7 13.5% $ 983.0 $ 21.3% 972.0 $ 197.7 $1,169.7 17.8% 21.4% $ 498.6 $ 99.0 $ 597.6 17.8% 21.3% Interest Expense EBITDA, non-GAAP Net Income Attributable to Teledyne, GAAP Income Taxes (Benefit) / Minority Interest Depreciation, Amortization & Inventory Step-up Exp EBITDA Margin, non-GAAP 190.9 227.2 333.8 402.3 401.9 445.3 301.6 746.9 788.6 79.2 867.8 364.0 76.9 440.9 23.2 33.1 25.5 21.0 15.3 104.2 (30.6) 73.6 89.3 89.3 43.3 43.3 50.4 59.8 60.1 71.4 67.8 88.5 87.7 176.2 119.5 118.5 238.0 94.6 22.1 116.7 87.3 113.0 113.0 111.9 116.2 371.8 (255.7) 116.1 332.2 $ 351.8 $ 16.4% 433.1 $ 16.6% 532.4 $ 18.3% 606.6 $ 19.2% 601.2 19.5% $ 1,009.8 $ 103.0 21.9% $ 1,112.8 24.1% $ 1,329.6 $ 24.4% (201.7) (4.0) $ 1,325.6 24.3% 130.5 162.0 (99.0) 63.0 $ 663.9 $ $ 663.9 23.6% 25 Note: Represents financial data as filed in historical SEC filings, which do not reflect Accounting Standards Update (ASU) No. 2017-07, Compensation- Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost for 2016 and prior years 23.6% TELEDYNE TECHNOLOGIES Everywhereyoulook"#26Teledyne Technologies Incorporated Reconciliation of Non-GAAP Financial Measures (cont...) Reconciliation of GAAP to Non-GAAP financial measures (in millions): Fiscal Year (Incl. Discont Ops) 2007 Net cash provided by operating activities, GAAP Less: purchases of property, plant and equipment Less: facility purchase pursuant to 1031 like-kind exchange Free Cash Flow, non-GAAP Add: pension contribution, net of taxes Add: restricted cash utilized for 1031 like-kind exchange Adjusted Free Cash Flow, non-GAAP Net cash provided by operating activities, GAAP Less: purchases of property, plant and equipment Free Cash Flow, non-GAAP Add: Payment for acquisition-related tax matter Add: FLIR related transaction cash payments, net of tax Adjusted Free Cash Flow, non-GAAP Fiscal Year 2008 2009 2010 2011 2012 2013 2014 $ 166.7 $ 120.4 $ 154.9 $ 127.1 $ 219.5 (40.3) 0.0 (41.9) 0.0 (36.2) 0.0 (31.0) (41.7) $ 189.2 (65.3) $ 203.3 0.0 0.0 0.0 (72.6) 0.0 $ 287.9 (43.5) 2015 $ 210.2 (47.0) 2016 $ 317.0 2017 $ 374.7 (58.5) (61.6) 0.0 0.0 (26.0) 0.0 126.4 78.5 118.7 96.1 177.8 123.9 130.7 244.4 163.2 229.4 316.2 3.9 35.7 71.1 28.1 44.0 60.3 51.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19.5 0.0 130.3 114.2 189.8 124.2 221.8 184.2 182.1 244.4 163.2 248.9 316.2 2018 2019 Fiscal Year 2020 2021 2022 $ 446.9 (86.8) $ 482.1 $ 618.9 $ 824.6 $ 486.8 (88.4) (71.4) (101.6) (92.6) 360.1 393.7 547.5 723.0 394.2 0.0 0.0 0.0 296.4 0.0 360.1 0.0 0.0 71.6 393.7 547.5 794.6 690.6 The company defines free cash flow as cash provided by operating activities (a measure by GAAP) less capital expeditures for property, plant and equipment. Adjusted free cash flow eliminates the impact of pension contributions on a net of tax basis, and reflects utilization of restricted cash from the sale of a former operating facility which funded, in part, a facility purchase pursuant to a 1031 like-kind exchange. The company believes that this supplemental non-GAAP information is useful to assist management and the investment community in analyzing the company's ability to generate cash flow, including the impact of voluntary and required pension contributions. All cash pension contributions were voluntary. Teledyne Q2 2023 Cash $ 364.2 Total Debt Total Capitalization 3,353.3 Stockholders' Equity 8,579.0 $ 11,932.3 Net Debt $ 2,989.1 Net Book Capitalization $ 11,568.1 Net Debt/Net Book Cap 25.8% 26 TELEDYNE TECHNOLOGIES Everywhereyoulook"