Teledyne Technologies Incorporated · NYSE:TDY
Teledyne Technologies — Baird 2022 Global Industrial Conference
26 slides from Teledyne Technologies's conference presentation, November 2022
Slide 1: Teledyne Technologies
Teledyne Technologies Jason VanWees Vice Chairman BAIRD 2022 GLOBAL INDUSTRIAL CONFERENCE | NOVEMBER 2022 1
Slide 2: Cautionary Statement Regarding Forward Looking Statements
Cautionary 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
Slide 3: Teledyne: Enabling Technologies to Sense, Analyze and Distribute Information
Teledyne: Enabling Technologies to Sense, Analyze and Distribute Information 3
Slide 4: Teledyne
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 • Est
Slide 5: Teledyne Markets; Global Presence
Teledyne Markets; Global Presence Sales of ~$5.45 Billion(a) (a) Represents approximate 2022 revenue as discussed by management on the company’s earnings release conference Markets(b) Sales by Geography(b) call on October 26, 2022 (b) Sales percentage by end market and geography for Q3 2022 Offshore
Slide 6: Teledyne's Transformation
Teledyne’s Transformation (a) (a) (b) 2000 2010 2022 $657 Million $1.64 Billion ~$5.45 Billion 37% 7% 32% 23% 3% Printed 6% Circuits 57% 4% 7% 8% Aerospace Castings 34% Aerospace 17% 33% Engines 19% 12% Aerospace Engines 1% Printed Circuits Instrumentation Digital Imaging Aerospace & Engineered Dive
Slide 7: History of Focused, Successful Acquisitions
History of Focused, Successful Acquisitions Electronic Instrumentation Digital Imaging Aerospace & Defense Electronics Engineered Systems 2001 2005 2009 2013 2017 2021 $10 Million $100 Million $1.0 Billion 66 Acquisitions; $11.7 Billion in Cumulative Consideration 7
Slide 8: Full Spectrum of Imaging Technology
Full Spectrum of Imaging Technology All Wavelengths, All Applications: From Deep Sea to Deep Space GAMMA X-RAY ULTRAVIOLET VISIBLE INFRARED MICROWAVE RADIO 8
Slide 9: Full Spectrum of Imaging Products
Full Spectrum of Imaging Products From Components to Integrated Systems 9
Slide 10: Full Spectrum of Unmanned Systems
Full Spectrum of Unmanned Systems From Sea to Land to Sky Autonomous and unmanned systems and a wide range of payloads 10
Slide 11: Continuous Improvement
Continuous Improvement(a) Gross Margin(b) EBITDA Margin(c) (a) 2009 – 2012 represent data from 44% 28% continuing operations 40% 24% (b) Represents gross margin as filed in historical SEC filings, which do not 36% 20% reflect ASU No. 2017-07: Improving 16% the Presentation of Net Periodic 32% Pensio
Slide 12: Revenue History
Revenue History (a) ($ in millions) (b) ~$5,450 $ 5,500 (a) Excludes the former Aerospace Engines Digital Imaging & Components segment, which was sold on April 19, 2011, in all years 5,000 Instrumentation $4,614 (b) Represents approximate revenue as 4,500 Aerospace & Defense Electronics discussed by
Slide 13: Continuous EPS Growth
Continuous EPS Growth (a) ($ per share) $17.75 (e) $ 18.00 (a) Represents total GAAP EPS for 2002 17.00 $16.86(d) through 2008 and 2013 through 2022, and GAAP EPS from continuing 16.00 $15.53 operations for 2001 and 2009 through 2012 15.00 (b) Non-GAAP EPS excludes pretax 14.00 charges related to th
Slide 14: Consistent Cash Flow
Consistent Cash Flow ($ in millions) $795 (a) Adjusted Free Cash Flow (a non-GAAP $ 800 measure) represents Cash from 750 $747 (b) Operating Activities less purchases of property, plant and equipment, 700 and excludes voluntary pension contributions but includes proceeds 650 pursuant to a 1031 like-
Slide 15: Total Shareholder Return
Total Shareholder Return 5,900 5,500 5,100 Shareholder Return Since Publicly Listed Teledyne 4,700 $408.28 4,300 3,900 3,500 3,100 2,700 2,300 1,900 1,500 1,100 S&P 500 700 300 $3,806.80 (100) November 7, 2022 Nov-99 Nov-00 Nov-01 Nov-02 Nov-03 Nov-04 Nov-05 Nov-06 Nov-07 Nov-08 Nov-09 Nov-20 Nov-21
Slide 16: Balance Sheet and Available Liquidity
Balance Sheet and Available Liquidity ($ in millions) Q3 2022 Credit Ratings Moody’s Baa3 Cash $ 479.3 S&P BBB Fitch BBB- Debt 3,918.4 Stockholders’ Equity 7,688.5 Total Capitalization $ 11,606.9 Available Liquidity(a) $ 1,483.3 (a) Represents cash of $479.3 million plus $1,004.0 million of availabl
Slide 17: Teledyne: Technologies that Enable Carbon Monitoring, Environmental Science and Climatology
Teledyne: Technologies that Enable Carbon Monitoring, Environmental Science and Climatology 17
Slide 18: Teledyne: Space-based Sensing for Earth Science and Carbon Monitoring
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) •
Slide 19: Teledyne: Instrumentation for Air-Quality Monitoring
Teledyne: Instrumentation for Air-Quality Monitoring Leader in Ambient Air Quality Other Related Product Lines • Extensive line of pollution monitoring • Hazardous gas and flame detection for worker instruments (NOx, SO2, O3, CO, CO2, CH4, H2S) safety • Particulate instrumentation (PM10, PM2.5) • Se
Slide 20: Teledyne: Instrumentation for Ocean Science and Climatology
Teledyne: Instrumentation for Ocean Science and Climatology Monitoring the World’s Oceans Other Related Product Lines • Complete line of instrumentation and • Bathymetric lidar and imaging sonar autonomous vehicles for ocean sensing • Software for marine mapping and charting • Analysis of ocean temp
Slide 21: Teledyne: Additional Products for Sustainability, Energy Efficiency and Human Health
Teledyne: Additional Products for Sustainability, Energy Efficiency and Human Health • Thermal cameras for firefighting, heat loss and • High-sensitivity, lower-dose X-ray detectors elevated skin temperature screening • Instruments for pharmaceutical development • Industrial vision systems for food
Slide 22: Teledyne: Goal to Reduce Scope 1 and Scope 2 Combined Emissions
Teledyne: Goal to Reduce Scope 1 and Scope 2 Combined Emissions, Divided by Sales, 40% from 2020 to 2040 22
Slide 23: Explanation of Non-GAAP Financial Measures
Teledyne 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
Slide 24: Reconciliation of Non-GAAP Financial Measures (cont…)
Teledyne 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 w
Slide 25: Reconciliation of Non-GAAP Financial Measures
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 milli
Slide 26: Reconciliation of Non-GAAP Financial Measures (cont…)
Teledyne Technologies Incorporated Reconciliation of Non-GAAP Financial Measures (cont…) Reconciliation of GAAP to Non-GAAP financial measures (in millions): Fiscal Year (Incl. Discont Ops) Fiscal Year 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Net cash provided by operating activities,
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