Capital Allocation and Financial Overview
Teledyne 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
Fiscal Year
2009
2010
2011
2012
2013
2014
2015
2016
Sales from Continuing Operations
$
Add: Discontinued Operation (a)
625.5
118.8
$
647.0 $
125.7
Total Sales
$
744.3 $
772.7 $
Cost of Sales
573.4
584.9
Gross Profit
$
170.9 $
187.8 $
Gross Margin, GAAP
23.0%
24.3%
712.8 $
127.9
840.7 $
636.7
204.0 $
24.3%
874.7 $ 1,055.1 $ 1,251.6 $ 1,441.6 $ 1,722.0
141.9
151.4
181.6
180.7
171.0
1,016.6 $ 1,206.5 $ 1,433.2 $ 1,622.3 $ 1,893.0
$ 1,652.1 $ 1,644.2 $ 1,941.9 $ 2,127.3 $ 2,338.6 $ 2,394.0 $ 2,298.1 $ 2,149.9
746.3
270.3 $
26.6%
869.6
1,020.2
336.9 $
27.9%
Selling, General & Administrative Expenses
SG&A Expense Margin, GAAP
143.8
19.3%
145.6
157.0
203.4
236.2
287.9
323.6
18.8%
18.7%
20.0%
19.6%
20.1%
19.9%
1,136.4 1,339.5
413.0 $ 485.9 $ 553.5
28.8% 30.0%
29.2%
364.6
19.3%
1,290.7
$
35.2%
$ 1,652.1 $ 1,644.2 $ 1,941.9 $ 2,127.3 $ 2,338.6 $ 2,394.0 $ 2,298.1 $ 2,149.9
1,177.3 1,148.1
1,379.1
1,487.1 1,427.8 1,318.0
474.8 $ 496.1 $ 651.2 $ 748.2 $ 838.6 $ 906.9 $ 870.3 $ 831.9
28.7%
30.2%
33.5%
1,500.0
35.9%
37.9%
37.9%
38.7%
303.4
317.6
424.0
505.1
598.3
612.4
588.6
578.1
18.4%
19.3%
21.8%
23.7%
25.6%
25.6%
25.6%
26.9%
Operating Income, GAAP
$
27.1 $
42.2 $
47.0 $
66.9 $
100.7 $
125.1 $
162.3 $
Operating Margin, GAAP
3.6%
5.5%
5.6%
6.6%
8.3%
8.7%
10.0%
188.9
10.0%
$
171.4 $
178.5 $
10.4%
10.9%
11.4%
227.2 $ 243.1 $ 240.3 $
11.7%
294.5 $
281.7 $
253.8
10.3%
12.3%
12.3%
11.8%
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
190.9
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
23.2
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
50.4
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
87.3
EBITDA, non-GAAP
$
EBITDA Margin, non-GAAP
33.7 $
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 $ 292.0 $
12.9% 13.7%
15.0%
323.3 $ 336.0 $
15.2%
397.5 $
372.7 $
351.8
14.4%
16.6%
16.2%
16.4%
(a) Represents the divested former Aerospace Engines & Componenents segment
Fiscal Year
9 Mo. YTD
2017
2018
2019
2020
Total Sales
Cost of Sales
Gross Profit
Gross Margin, GAAP
Selling, General & Administrative Expenses
SG&A Expense Margin, GAAP
Operating Income, GAAP
Operating Margin, GAAP
Net Income Attributable to Teledyne, GAAP
Interest Expense
Income Taxes
Depreciation & Amortization Expense
EBITDA, non-GAAP
EBITDA Margin, non-GAAP
$ 2,603.8 $ 2,901.8 $ 3,163.6
1,624.0
$ 2,276.9
1,791.0
1,920.3
1,411.7
$
979.8 $ 1,110.8 $
1,243.3
$
865.2
37.6%
38.3%
39.3%
38.0%
658.1
25.3%
694.2
23.9%
751.6
23.8%
528.9
23.2%
$
321.7 $
12.4%
416.6 $ 491.7
14.4%
$ 336.3
15.5%
14.8%
227.2
333.8
402.3
269.8
33.1
25.5
21.0
11.9
59.8
60.1
71.4
58.8
113.0
113.0
111.9
87.5
$
433.1 $
16.6%
532.4 $
18.3%
606.6
$
428.0
19.2%
18.8%
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
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