2023 Q1 Form 10-K Financial Statement

#000109428523000053 Filed on February 24, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2023
Revenue $1.418B $5.459B
YoY Change 3.09% 18.3%
Cost Of Revenue $801.3M $3.128B
YoY Change -3.41% 12.82%
Gross Profit $616.9M $2.330B
YoY Change 12.96% 26.55%
Gross Profit Margin 43.5% 42.69%
Selling, General & Admin $295.2M $1.157B
YoY Change -1.47% 8.32%
% of Gross Profit 47.85% 49.63%
Research & Development $360.6M
YoY Change 20.48%
% of Gross Profit 15.47%
Depreciation & Amortization $47.90M $201.7M
YoY Change -64.25% 75.09%
% of Gross Profit 7.76% 8.66%
Operating Expenses $343.1M $1.358B
YoY Change -2.25% 27.21%
Operating Profit $273.8M $972.0M
YoY Change 40.34% 55.69%
Interest Expense -$22.50M -$89.30M
YoY Change 257.14% -185.7%
% of Operating Profit -8.22% -9.19%
Other Income/Expense, Net $1.000M $14.80M
YoY Change 11.11% 492.0%
Pretax Income $252.3M $908.1M
YoY Change 46.26% 70.12%
Income Tax $25.50M $119.2M
% Of Pretax Income 10.11% 13.13%
Net Earnings $226.4M $788.6M
YoY Change 39.93% 77.09%
Net Earnings / Revenue 15.96% 14.45%
Basic Earnings Per Share $16.85
Diluted Earnings Per Share $4.736M $16.53M
COMMON SHARES
Basic Shares Outstanding 47.00M shares 46.80M shares
Diluted Shares Outstanding 47.70M shares

Balance Sheet

Concept 2023 Q1 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $638.1M $638.1M
YoY Change 34.42% 34.42%
Cash & Equivalents $638.1M $638.1M
Short-Term Investments
Other Short-Term Assets $130.7M $130.7M
YoY Change 10.76% 10.76%
Inventory $890.7M $890.7M
Prepaid Expenses
Receivables $1.158B $1.158B
Other Receivables $0.00 $0.00
Total Short-Term Assets $2.818B $2.818B
YoY Change 15.99% 15.99%
LONG-TERM ASSETS
Property, Plant & Equipment $769.8M $769.8M
YoY Change -6.97% -20.8%
Goodwill $7.873B
YoY Change -1.42%
Intangibles $2.441B
YoY Change -10.98%
Long-Term Investments
YoY Change
Other Assets $452.7M $452.7M
YoY Change 155.91% 50.6%
Total Long-Term Assets $11.54B $11.54B
YoY Change -3.87% -3.87%
TOTAL ASSETS
Total Short-Term Assets $2.818B $2.818B
Total Long-Term Assets $11.54B $11.54B
Total Assets $14.35B $14.35B
YoY Change -0.53% -0.53%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $505.7M $505.7M
YoY Change 7.71% 7.71%
Accrued Expenses $717.6M $717.6M
YoY Change -30.26% -30.26%
Deferred Revenue $187.6M
YoY Change 0.86%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $300.1M $300.1M
YoY Change
Total Short-Term Liabilities $1.523B $1.523B
YoY Change 1.67% 1.67%
LONG-TERM LIABILITIES
Long-Term Debt $3.621B $3.621B
YoY Change -11.68% -11.68%
Other Long-Term Liabilities $1.052B $1.052B
YoY Change 135.32% 79.81%
Total Long-Term Liabilities $4.672B $4.672B
YoY Change 2.77% -0.26%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.523B $1.523B
Total Long-Term Liabilities $4.672B $4.672B
Total Liabilities $6.196B $6.196B
YoY Change -9.0% -9.0%
SHAREHOLDERS EQUITY
Retained Earnings $4.562B
YoY Change 20.9%
Common Stock $4.354B
YoY Change 0.84%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $8.158B $8.158B
YoY Change
Total Liabilities & Shareholders Equity $14.35B $14.35B
YoY Change -0.53% -0.53%

Cashflow Statement

Concept 2023 Q1 2023
OPERATING ACTIVITIES
Net Income $226.4M $788.6M
YoY Change 39.93% 77.09%
Depreciation, Depletion And Amortization $47.90M $201.7M
YoY Change -64.25% 75.09%
Cash From Operating Activities $237.7M $486.8M
YoY Change -19.59% -40.97%
INVESTING ACTIVITIES
Capital Expenditures $34.10M $92.60M
YoY Change -200.29% -8.86%
Acquisitions $99.60M
YoY Change -97.32%
Other Investing Activities -$77.40M -$16.80M
YoY Change -77500.0% 2700.0%
Cash From Investing Activities -$111.5M -$175.4M
YoY Change 228.91% -95.41%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $185.0M
YoY Change
Cash From Financing Activities 5.200M -$110.0M
YoY Change -101.53% -103.92%
NET CHANGE
Cash From Operating Activities 237.7M $486.8M
Cash From Investing Activities -111.5M -$175.4M
Cash From Financing Activities 5.200M -$110.0M
Net Change In Cash 131.4M $163.4M
YoY Change -267.39% -182.36%
FREE CASH FLOW
Cash From Operating Activities $237.7M $486.8M
Capital Expenditures $34.10M $92.60M
Free Cash Flow $203.6M $394.2M
YoY Change -38.23% -45.48%

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CY2023 us-gaap Nature Of Operations
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Description of Business<div style="margin-top:3pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Teledyne Technologies Incorporated (“Teledyne” or the “Company”) provides enabling technologies for industrial growth markets that require advanced technology and high reliability. These markets include factory automation and condition monitoring, aerospace and defense, air and water quality environmental monitoring, electronics design and development, medical imaging and pharmaceutical research, oceanographic research, and deepwater energy exploration and production. Following the 2021 acquisition of FLIR Systems, Inc. (“FLIR”), the Company further evolved into a global sensing and decision-support technology company, providing specialty sensors, cameras, instrumentation, algorithms and software across the electromagnetic spectrum, as well as unmanned systems, in the subsea, land and air domains. Teledyne differentiates itself from many of our direct competitors by having a customer and Company-sponsored applied research center that augments its product development expertise. The Company believes that technological capabilities and innovation and the ability to invest in the development of new and enhanced products are critical to obtaining and maintaining leadership in the markets and industries in which it competes.</span></div><div style="margin-top:4.4pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company's businesses are aligned in four segments: Digital Imaging, Instrumentation, Aerospace and Defense Electronics and Engineered Systems.</span></div>
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CY2023 us-gaap Fiscal Period
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<div style="margin-bottom:3pt;padding-left:2.25pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Fiscal Year</span></div><div style="margin-top:3pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The Company operates on a 52- or 53-week fiscal year convention ending on the Sunday nearest to December 31. Fiscal year 2022 was a 52-week fiscal year and ended on January 1, 2023. Fiscal year 2021 was a 52-week fiscal year and ended on January 2, 2022. Fiscal year 2020 was a 53-week fiscal year and ended on January 3, 2021. References to the years 2022, 2021 and 2020 are intended to refer to the respective fiscal year unless otherwise noted.</span></div>
CY2023 us-gaap Prior Period Reclassification Adjustment Description
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<div style="margin-bottom:3pt;padding-left:2.25pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Basis of Presentation</span></div><div style="margin-bottom:3pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain prior year amounts have been reclassified to conform to the current period presentation. In the current year, gain (loss) on debt extinguishment is presented as separate line item on the income statement.</span></div>
CY2023 us-gaap Use Of Estimates
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Use of EstimatesThe preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent liabilities. On an ongoing basis, the Company evaluates its estimates, including those related to sales returns and allowances, allowance for doubtful accounts, inventories, goodwill, intangible assets, asset valuations, income taxes, warranty obligations, pension and other postretirement benefits, long-term contracts, environmental, workers’ compensation and general liability, employee benefits and other contingencies and litigation. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances at the time, the results of which form the basis for making its judgments. Actual results may differ materially from these estimates under different assumptions or conditions. Management believes that the estimates used are reasonable.
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