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 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended January 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 TELEDYNE TECHNOLOGIES INCORPORATED (Exact name of registrant as specified in its charter) Delaware 25-184 ...

1 Teledyne Technologies INVESTOR PRESENTATION | FEBRUARY 2022 Teledyne's investor presentation contains forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995, with respect to management's beliefs about the financial condition, results of operations and businesses of Teledyne in the future. Forward-looking statements involve risks and uncertainties, are based on the current expectations of the management of Teledyne and are subject to uncertainty and changes in circum ...

Teledyne Technologies Inc. (NYSE:TDY) Q4 2021 Results Conference Call January 27, 2022 11:00 AM ET Company Participants Jason VanWees - Vice Chairman Robert Mehrabian - Chairman, President, Chief Executive Officer Susan Main - Chief Financial Officer Melanie Cibik - SVP, General Counsel, Chief Compliance Officer Edwin Roks - EVP of Teledyne and President, Teledyne Digital Imaging Conference Call Participants Mike Maugeri - Wolfe Research Greg Konrad - Jefferies Jim Ricchiuti - Needham & Company Kristine Liw ...

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 3, 2021 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 ...