Financial Data and Key Metrics Changes - The company reported record first quarter sales, operating margin, non-GAAP earnings, and free cash flow, with overall sales increasing by 4.7% year-over-year [7][139] - GAAP earnings per share were $3.73, while non-GAAP earnings per share were $4.53, both setting first quarter records [139] - Cash flow from operating activities was $203 million, reflecting higher accounts receivable collections compared to the previous year [53] Business Line Data and Key Metrics Changes - Digital Imaging segment saw a healthy organic growth of 6.2%, with healthcare growing by 9.2% and MEMS by 8.8% [21] - Instrumentation segment sales increased by 8% year-over-year, with marine instruments up by 14.6% due to strong defense sales [46] - Aerospace and Defense Electronics segment sales increased by 4.2%, driven by growth in both defense and commercial aerospace products [48] - Engineered Systems segment revenue increased by 9.1%, with operating profit rising by 6.4% [50] Market Data and Key Metrics Changes - The company experienced a contraction of about 4.8% in the Digital Imaging segment, primarily due to unmanned systems [2] - The defense business was flat year-over-year, with expectations of low-to-mid single-digit growth for the year [10] - The overall book-to-bill ratio for the company was slightly less than 1, indicating cautious optimism in the current economic environment [15] Company Strategy and Development Direction - The company is focusing on M&A opportunities, primarily targeting tuck-in acquisitions, with potential for larger deals in 2024 [16][17] - Management expressed optimism about navigating economic uncertainties, citing a diverse market portfolio and prudent capital allocation [51] - The company aims to improve margins by approximately 40 basis points for the full year, with specific segments expected to contribute more significantly [42][26] Management's Comments on Operating Environment and Future Outlook - Management noted that while short-cycle businesses are more economically sensitive, they showed resilience in Q1, with a more cautious outlook for the remainder of the year [141] - The company anticipates total 2023 growth of approximately 5%, with sales projected at around $5.73 billion [141] - There is an expectation for improved supply chain conditions, which should positively impact revenue projections [64][101] Other Important Information - The company ended the quarter with approximately $3.16 billion of net debt, having repaid $300 million of maturing debt [73][140] - Stock-based compensation expense decreased to $7.9 million in Q1 2023 from $9 million in 2022 [73] Q&A Session Summary Question: Can you provide color on defense growth expectations? - Management indicated that defense was flat year-over-year in Q1, with expectations for low-to-mid single-digit growth for the year [10] Question: What is the book-to-bill ratio for Digital Imaging and Aerospace and Defense? - The book-to-bill ratio for Digital Imaging was less than 1, while Aerospace and Defense was around 1.12, indicating healthy demand [12] Question: How is the company addressing supply chain challenges? - Management noted improvements in supply chain conditions, leading to reduced reliance on brokers and lower premiums paid for components [100][120] Question: What are the expectations for free cash flow this year? - The company expects to exceed last year's free cash flow by a couple of hundred million, estimating around $850 million for the current year [66] Question: How does the company view pricing power across its portfolio? - Approximately 40% of the portfolio has more pricing power, while 60% is more sensitive to macroeconomic conditions [129]

Teledyne: Goal to Reduce Scope 1 and Scope 2 Combined 45 22 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 costs related to the FLIR acquisition, such as acquired intangible asset amortization, amortization of inventory step-up, bridge loan and debt extinguishment fe ...

Financial Data and Key Metrics Changes - Teledyne achieved a GAAP operating margin of 19.3%, a record high, and a non-GAAP operating margin of 22.4%, which increased by 95 basis points from the previous year [7] - GAAP and non-GAAP earnings per share were $4.74 and $4.94, respectively, both records for the company [7] - Cash flow from operating activities was $237.7 million in Q4 2022, down from $295.6 million in Q4 2021, primarily due to increased interest payments and inventory purchases [17] - Free cash flow was $203.6 million in Q4 2022, compared to $261.6 million in 2021 [39] Business Line Data and Key Metrics Changes - Instrumentation segment sales increased by 7.9% year-over-year, despite a 2.4% foreign exchange headwind [12] - Digital Imaging segment sales were relatively flat, impacted by a 3.5% currency translation headwind, but sales of unmanned air systems increased significantly [31] - Aerospace and Defense Electronics segment sales rose by 8.9%, with operating profit increasing approximately 30% [35] - Engineered Systems segment revenue increased by 6.7%, although operating profit declined due to lower margins in some electronic manufacturing services [35] Market Data and Key Metrics Changes - Excluding foreign currency headwinds, Q4 sales growth in local currency would have been 5.7% [27] - The company expects total sales growth of approximately 5% for 2023, including contributions from recent acquisitions [29] - The backlog-driven long-cycle businesses are expected to grow higher than average, while short-cycle commercial businesses may experience slower growth due to foreign currency headwinds [9] Company Strategy and Development Direction - Teledyne's acquisition pipeline remains strong, highlighted by the recent addition of ChartWorld, which enhances its maritime navigation capabilities [8] - The company is optimistic about its balanced business portfolio and management's ability to navigate challenging markets [16] - The focus for 2023 includes improving margins and leveraging strengths in instrumentation and digital imaging segments [10] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges from inflation, a strong dollar, and supply chain issues but expressed confidence in overcoming these obstacles [6] - The outlook for 2023 includes expectations of margin improvement and continued growth in long-cycle businesses serving defense, medical, energy, and aerospace markets [36] - Management remains cautious about short-cycle businesses due to economic uncertainty but is optimistic about overall growth [36] Other Important Information - The company ended Q4 2022 with approximately $3.28 billion in net debt [58] - The estimated tax rate for 2023, excluding discrete items, is expected to be 23% [40] Q&A Session Summary Question: What are the expectations for defense across the businesses? - Management indicated a potential revenue decline of up to 10% in Q1 due to foreign exchange headwinds but remains optimistic for the rest of the year [22][45] Question: How is free cash flow expected to perform in 2023? - Management anticipates free cash flow to be higher in 2023, projecting approximately $900 million in cash [47] Question: Can you break down the 5% revenue growth guidance into price and volume? - The guidance includes about 3.5% organic growth and 1.5% from acquisitions [67] Question: What is the outlook by segment for growth opportunities? - Instrumentation is expected to grow about 5%, while Engineered Systems may exceed the average due to a successful NASA contract [49] Question: How are you managing expenses in anticipation of economic changes? - Management stated that controlling expenses is a continuous practice, regardless of macroeconomic conditions [78]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________________________ FORM 10-Q _____________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended October 2, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-15295 _____________________________________ TE ...

Teledyne Technologies Incorporated (NYSE:TDY) Q3 2022 Earnings Conference Call October 26, 2022 11:00 AM ET Company Participants Jason VanWees - Vice Chairman Robert Mehrabian - Chairman, President and Chief Executive Officer Sue Main - Senior Vice President and Chief Financial Officer Melanie Cibik - Senior Vice President, General Counsel, Chief Compliance Officer and Secretary Edwin Roks - Executive Vice President, Teledyne Conference Call Participants Greg Konrad - Jefferies Joe Giordano - Cowen Elizabet ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________________________ FORM 10-Q _____________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended July 3, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-15295 _____________________________________ TELEDYNE ...

Financial Data and Key Metrics Changes - In Q2 2022, sales increased nearly 21% to approximately $1.36 billion, with GAAP operating profit, operating margins, and earnings per share reaching record levels for the second quarter [8][10] - Organic growth was reported at 8.2%, despite foreign currency headwinds negatively impacting sales growth by over 1.7% or approximately $23 million [9][10] - Free cash flow improved from the first quarter, totaling $176.1 million, compared to $190.5 million in Q2 2021 [28] Business Line Data and Key Metrics Changes - Digital Imaging segment sales increased by 32.9%, largely due to the FLIR acquisition, with organic growth at 10.3% [18] - Instrumentation segment sales rose by 7.4%, driven by strong demand for electronic test and measurement systems, which increased by 11.3% year-over-year [19] - Aerospace and Defense Electronics segment sales grew by 10.8%, with a notable 43.9% increase in commercial aerospace products [22] Market Data and Key Metrics Changes - US government sales, including Teledyne FLIR, increased despite lower defense department outlays in Q2 2022 [10] - The company achieved a total book-to-bill ratio of 1.08 times, with Teledyne FLIR's book-to-bill at approximately 1.25 [11] Company Strategy and Development Direction - The company is focused on minimizing supply chain risks and inflation impacts while pursuing acquisitions, having recently completed a small acquisition of Teledyne FLIR [12][25] - Management is cautious about the cost impact of inflation and has revised full-year adjusted earnings outlook modestly by $0.30 at the midpoint [17] Management's Comments on Operating Environment and Future Outlook - Management noted ongoing supply chain constraints and inflation as significant challenges, with expectations of continued revenue impacts from these factors [14][63] - Despite headwinds, the company anticipates full-year organic sales growth of over 6% excluding FLIR, with total estimated sales of about $5.47 billion [15][16] Other Important Information - The leverage ratio declined to 2.5 times, allowing the company to pursue further acquisitions [12][25] - Management expects GAAP earnings per share in Q3 2022 to be in the range of $3.36 to $3.54, with full-year GAAP earnings per share outlook at $15.13 to $15.45 [31] Q&A Session Summary Question: Guidance cut and segment performance - Management acknowledged the unusual nature of cutting guidance, attributing it to foreign currency impacts and ongoing supply chain issues, particularly affecting digital imaging [40][42] Question: Demand deterioration concerns - Management confirmed strong demand across most segments, with some softness noted in discretionary businesses like Raymarine [43] Question: Supply chain challenges and revenue impact - Management indicated that while they have mitigated some supply chain challenges, approximately $60 million in revenue remains at risk due to ongoing issues [63] Question: Price increases and market strategy - Price increases are anticipated to be around 3% of sales, with cost increases due to inflation exceeding this by approximately 0.5% to 0.6% [50][51] Question: Defense business growth expectations - Management expressed optimism about defense business growth, citing recent awards and a strong leadership team in the defense sector [74][82] Question: M&A strategy and market conditions - Management is open to acquisitions across various segments, excluding government services, and noted that current market conditions may present opportunities for favorable acquisitions [86][92]

Table of Contents _____________________________________ FORM 10-Q _____________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended April 3, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-15295 _____________________________________ TELEDYNE TECHNOLOGIES INCORPORATED (Exact name of registrant as specified in ...

Financial Data and Key Metrics Changes - The company reported record first-quarter sales, earnings, and adjusted operating margin, with GAAP earnings per share doubling compared to 2021 and non-GAAP earnings increasing by 34% [9][11] - Total organic sales growth was 7.8%, with a currency translation headwind of approximately 100 basis points [10] - Free cash flow was lower than last year due to bond interest payments, annual incentive compensation, and significant inventory investment, but the leverage ratio improved to 2.8x from 3.8x [12] Business Segment Performance - Digital Imaging segment sales increased by 185%, largely due to the FLIR acquisition, with organic growth of 13.1% [14] - Instrumentation segment sales rose by 7.8%, with electronic test and measurement systems growing by 19.1% year-over-year [15] - Aerospace and Defense Electronics segment sales increased by 9.9%, driven by over 50% growth in commercial aerospace products [17] - Engineered Systems segment revenue decreased by 8.9% due to exiting the higher-margin cruise missile turbine engine business [18] Market Data and Key Metrics Changes - The global defense business, representing approximately 25% of total sales, saw a slight year-over-year decline in defense sales, but strong commercial orders offset this [20] - The company expects total revenue of just over $5.5 billion for the year, with organic growth expectations increased to approximately 6% [13] Company Strategy and Industry Competition - The company maintains a balanced portfolio across commercial and defense sectors, viewing defense as a "shock absorber" during economic fluctuations [48] - Management is cautious about changing the portfolio balance towards defense despite increased demand due to global conflicts [50] - The company is focusing on commercial businesses for M&A opportunities, despite having a substantial defense business through FLIR [50] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns about inflation, supply chain issues, and geopolitical tensions affecting future performance [35] - The company anticipates continued demand across its businesses, with a favorable outlook for the second half of 2022 [22] - Supply chain constraints are expected to persist, but the company has implemented strategies to mitigate their impact [86] Other Important Information - The consent agreement with the U.S. Department of State has been fulfilled, removing a significant compliance burden [19] - The company reported a book-to-bill ratio of 1.09, indicating healthy backlog levels [112] Q&A Session Summary Question: Changes in organic growth outlook - Management acknowledged the increase in organic growth outlook from 4% to 6% but emphasized the need for caution due to uncertainties in the supply chain and inflation [35][36] Question: Segment margin outlook - Management provided updated margin expectations for segments, with Digital Imaging expected at 23.3%, Instrumentation at 24.3%, and Aerospace and Defense at 24% [39][40] Question: Defense growth rate and opportunities - Management indicated a potential turnaround in defense sales growth, projecting mid-single-digit growth by the end of 2022 [42] Question: M&A strategy in defense - Management stated that while there are significant changes in demand for defense products, the focus will remain on commercial businesses for M&A opportunities [50] Question: Supply chain constraints and alternative sourcing - Management reported that supply chain shortages affected revenue by about $74 million in Q1, but alternative sourcing strategies have been effective [86][90] Question: Inventory levels and buffer stock - Management confirmed an increase in inventory by approximately $55 million as a buffer against supply chain issues [96][101] Question: Cost input inflation rates - Management indicated material costs are increasing by about 3.5%, while wage inflation is around 3.25%, with efforts to offset these increases through pricing strategies [104][105]

1 Teledyne Technologies INVESTOR PRESENTATION | MARCH 2022 Teledyne's investor presentation contains forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995, directly or indirectly relating to earnings, growth opportunities, acquisitions and divestitures, product sales, capital expenditures, pension matters, stock option compensation expense, the credit facility, interest expense, severance and relocation costs, statements and goals relating to greenhouse gas emission ...