Capital Allocation and Financial Overview
Consistent Cash Flow
($ in millions)
$ 500
~$500
450
$402 $394
400
-$390
$360
$334
350
$316
300
$244
$249
250
$222
$218
$227
$196
$190
$185
200
$184 $182
$191
150
$130 $116
$99 $111$114
$142 $162
$124
$163
$120
100
50
0
2007 2008 2009 2010 2011 2012 2013 2014
Net Income Attributable to Teledyne
2015 2016 2017 2018 2019 2020E (a)
Adjusted Free Cash Flow (b)
(a) Net income reflects the middle of management's 2020 GAAP earnings per share outlook and estimated cash flow resulting in net debt as
disclosed by management on the company's preliminary fourth quarter and full year results dated January 4, 2021
(b) 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. See page 24 for a reconciliation
of GAAP to non-GAAP amounts
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