$TDY
TELEDYNE TECHNOLOGIES INC

2017 Q3 Form 10-Q Financial Statement

#000109428517000105 Filed on August 08, 2017

View on sec.gov

Income Statement

Concept 2017 Q3 2016 Q3
Revenue $671.1M $539.7M
YoY Change 24.35% -2.83%
Cost Of Revenue $421.2M $336.2M
YoY Change 25.28% -2.78%
Gross Profit $249.9M $203.5M
YoY Change 22.8% -2.91%
Gross Profit Margin 37.24% 37.71%
Selling, General & Admin $167.1M $149.9M
YoY Change 11.47% 7.0%
% of Gross Profit 66.87% 73.66%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $33.20M $21.70M
YoY Change 53.0% -0.91%
% of Gross Profit 13.29% 10.66%
Operating Expenses $167.1M $149.9M
YoY Change 11.47% 7.0%
Operating Profit $82.80M $53.60M
YoY Change 54.48% -22.88%
Interest Expense $9.100M $5.900M
YoY Change 54.24% -1.67%
% of Operating Profit 10.99% 11.01%
Other Income/Expense, Net -$700.0K $17.20M
YoY Change -104.07% -919.05%
Pretax Income $76.40M $64.90M
YoY Change 17.72% 5.7%
Income Tax $16.30M $18.00M
% Of Pretax Income 21.34% 27.73%
Net Earnings $60.10M $46.90M
YoY Change 28.14% -2.9%
Net Earnings / Revenue 8.96% 8.69%
Basic Earnings Per Share $1.71 $1.36
Diluted Earnings Per Share $1.66 $1.33
COMMON SHARES
Basic Shares Outstanding 35.20M shares 34.40M shares
Diluted Shares Outstanding 36.20M shares 35.30M shares

Balance Sheet

Concept 2017 Q3 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $81.70M $71.70M
YoY Change 13.95% 0.28%
Cash & Equivalents $81.70M $71.70M
Short-Term Investments
Other Short-Term Assets $54.20M $65.50M
YoY Change -17.25% -19.63%
Inventory $435.7M $319.0M
Prepaid Expenses
Receivables $467.1M $367.6M
Other Receivables $0.00 $6.700M
Total Short-Term Assets $1.039B $830.5M
YoY Change 25.07% -4.15%
LONG-TERM ASSETS
Property, Plant & Equipment $446.9M $321.9M
YoY Change 38.83% 0.12%
Goodwill $1.706B $1.187B
YoY Change 43.75% 3.22%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $82.40M $71.00M
YoY Change 16.06% -1.25%
Total Long-Term Assets $2.741B $1.950B
YoY Change 40.58% 2.39%
TOTAL ASSETS
Total Short-Term Assets $1.039B $830.5M
Total Long-Term Assets $2.741B $1.950B
Total Assets $3.780B $2.781B
YoY Change 35.95% 0.34%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $197.4M $134.0M
YoY Change 47.31% -11.67%
Accrued Expenses $320.1M $252.3M
YoY Change 26.87% 2.81%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $102.3M $13.50M
YoY Change 657.78% 3.85%
Total Short-Term Liabilities $619.8M $402.3M
YoY Change 54.06% -2.21%
LONG-TERM LIABILITIES
Long-Term Debt $1.150B $672.0M
YoY Change 71.13% -3.78%
Other Long-Term Liabilities $275.3M $222.9M
YoY Change 23.51% -7.28%
Total Long-Term Liabilities $1.425B $894.9M
YoY Change 59.27% 272.25%
TOTAL LIABILITIES
Total Short-Term Liabilities $619.8M $402.3M
Total Long-Term Liabilities $1.425B $894.9M
Total Liabilities $2.049B $1.303B
YoY Change 57.17% -3.47%
SHAREHOLDERS EQUITY
Retained Earnings $2.003B $1.806B
YoY Change 10.93% 8.38%
Common Stock $337.1M $351.4M
YoY Change -4.07% 1.27%
Preferred Stock
YoY Change
Treasury Stock (at cost) $221.9M $291.0M
YoY Change -23.75% 33.18%
Treasury Stock Shares 2.366M shares 3.078M shares
Shareholders Equity -$386.7M -$388.9M
YoY Change
Total Liabilities & Shareholders Equity $3.780B $2.781B
YoY Change 35.95% 0.34%

Cashflow Statement

Concept 2017 Q3 2016 Q3
OPERATING ACTIVITIES
Net Income $60.10M $46.90M
YoY Change 28.14% -2.9%
Depreciation, Depletion And Amortization $33.20M $21.70M
YoY Change 53.0% -0.91%
Cash From Operating Activities $87.00M $83.60M
YoY Change 4.07% 13.74%
INVESTING ACTIVITIES
Capital Expenditures -$12.30M -$16.30M
YoY Change -24.54% 58.25%
Acquisitions
YoY Change
Other Investing Activities -$1.500M -$57.80M
YoY Change -97.4% 4716.67%
Cash From Investing Activities -$13.80M -$74.10M
YoY Change -81.38% 544.35%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -69.30M -18.70M
YoY Change 270.59% -61.28%
NET CHANGE
Cash From Operating Activities 87.00M 83.60M
Cash From Investing Activities -13.80M -74.10M
Cash From Financing Activities -69.30M -18.70M
Net Change In Cash 3.900M -9.200M
YoY Change -142.39% -167.15%
FREE CASH FLOW
Cash From Operating Activities $87.00M $83.60M
Capital Expenditures -$12.30M -$16.30M
Free Cash Flow $99.30M $99.90M
YoY Change -0.6% 19.21%

Facts In Submission

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">General</font></div><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Basis of Presentation</font></div><div style="line-height:120%;padding-bottom:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The accompanying unaudited condensed consolidated financial statements have been prepared by Teledyne Technologies Incorporated (&#8220;Teledyne&#8221; or the &#8220;Company&#8221;) pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and disclosures normally included in notes to consolidated financial statements have been condensed or omitted pursuant to such rules and regulations, but resultant disclosures are in accordance with accounting principles generally accepted in the United States (&#8220;GAAP&#8221;) as they apply to interim reporting. The condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the related notes in Teledyne&#8217;s Annual Report on Form 10-K for the fiscal year ended </font><font style="font-family:inherit;font-size:10pt;">January&#160;1, 2017</font><font style="font-family:inherit;font-size:10pt;"> (&#8220;</font><font style="font-family:inherit;font-size:10pt;">2016</font><font style="font-family:inherit;font-size:10pt;"> Form 10-K&#8221;).</font></div><div style="line-height:120%;padding-bottom:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In the opinion of Teledyne&#8217;s management, the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting of normal recurring adjustments) necessary to present fairly, in all material respects, Teledyne&#8217;s consolidated financial position as of </font><font style="font-family:inherit;font-size:10pt;">July&#160;2, 2017</font><font style="font-family:inherit;font-size:10pt;"> and the consolidated results of operations and consolidated comprehensive income for the three and six months then ended and cash flows for the six months then ended. The results of operations and cash flows for the period ended </font><font style="font-family:inherit;font-size:10pt;">July&#160;2, 2017</font><font style="font-family:inherit;font-size:10pt;"> are not necessarily indicative of the results of operations or cash flows to be expected for any subsequent quarter or the full fiscal year. Certain prior year amounts have been reclassified to conform to the current period presentation. </font></div><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Recent Accounting Pronouncements</font></div><div style="line-height:120%;padding-bottom:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In January 2017, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued Accounting Standards Update (&#8220;ASU&#8221;) 2017-04, Simplifying the Test for Goodwill Impairment, which eliminates the computation of the implied fair value of goodwill to measure a goodwill impairment charge. Instead, entities will record a goodwill impairment charge based on the excess of a reporting unit&#8217;s carrying amount over its fair value. The new standard, will be effective for the Company prospectively for interim and annual reporting periods beginning after December 15, 2019, with early adoption permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. We expect the adoption of this standard will reduce the complexity surrounding the evaluation of goodwill for impairment. The impact of this new standard for the Company will depend on the outcomes of future goodwill impairment tests.</font></div><div style="line-height:120%;padding-bottom:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In March 2017, the FASB issued ASU No. 2017-07, &#8220;Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost.&#8221; This ASU requires the service cost component of net benefit costs to be disaggregated from all other components and be reported in the same line item or items as other compensation costs. The other components of net benefit cost are required to be presented in the income statement separately from the service cost. This ASU is effective for fiscal years beginning after December 15, 2017 and for interim periods therein. The Company is currently evaluating the impact this guidance will have on the consolidated financial statements and footnote disclosures, however, Teledyne does not believe this ASU will have a material impact on its consolidated financial position, results of operation or cash flows.</font></div><div style="line-height:120%;padding-bottom:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which provides a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will supersede most current revenue recognition guidance. The new standard, as subsequently amended, is effective for Teledyne for interim and annual reporting periods beginning after December 15, 2017, with early adoption permitted for interim and annual reporting periods beginning after December 15, 2016. The new standard can be adopted either retrospectively to each prior reporting period presented or as a cumulative-effect adjustment as of the date of adoption.</font></div><div style="line-height:120%;padding-bottom:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Under the new standard, an entity recognizes revenue when or as it satisfies a performance obligation by transferring control of a good or service to the customer, either at a point in time or over time. Under the new standard, Teledyne expects to recognize revenue over time on most of its contracts that are covered by contract accounting standards using cost inputs to measure progress toward completion of its performance obligations, which is similar to the percentage-of-completion (&#8220;POC&#8221;) cost-to-cost method currently used on certain of these contracts. &#160;Therefore, adoption of the ASU will primarily impact our contracts for which revenue is currently recognized using the POC units-of-delivery and milestone methods as we expect to recognize revenue for these contracts using the POC cost-to-cost method. These contracts represent approximately half of the revenue currently recognized under the POC method. Also, to a much lesser extent, we expect certain ship and bill contracts for custom products and products sold to the U.S. Government will be recognized under the POC cost-to-cost method. Accordingly, revenue will be recognized earlier in the performance period as costs are incurred, as opposed to recognizing revenue when units are delivered or milestones achieved. This change will also impact our backlog and balance sheet presentation with an expected decrease in inventories, an increase in accounts receivable (i.e., unbilled receivables) and a net increase to retained earnings to primarily reflect the impact of converting certain ship and bill contracts and contracts currently applying the units-of-delivery and milestone methods to the cost-to-cost method for recognizing revenue and profits. The percentage of Teledyne revenue recognized using the POC method was </font><font style="font-family:inherit;font-size:10pt;">30.5%</font><font style="font-family:inherit;font-size:10pt;"> in 2016, </font><font style="font-family:inherit;font-size:10pt;">31.2%</font><font style="font-family:inherit;font-size:10pt;">&#160;in&#160;2015,&#160;and </font><font style="font-family:inherit;font-size:10pt;">28.7%</font><font style="font-family:inherit;font-size:10pt;">&#160;in&#160;2014. </font></div><div style="line-height:120%;padding-bottom:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company will adopt the standard as of January 1, 2018, using the modified retrospective transition method and is currently evaluating the expected impact of the adoption on its consolidated financial statements and related disclosures. Under the modified retrospective transition method, the Company will be required to calculate and record the cumulative effect of adopting the new standard as of January 1, 2018, in the Company&#8217;s Quarterly Report on Form 10-Q for the first quarter of 2018.</font></div></div>

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