Company: TDY
Filing Date: 2025-04-28
Form Type: 10-Q
Source: 0001094285-25-000105
Chunk: 46

Company: TELEDYNE TECHNOLOGIES INC
Filing Date: 2025-04-28
Form: 10-Q
Item: Part I, Item 1
Chunk 46
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 purchases, privately negotiated transactions or otherwise.  Such repurchases, if any, will depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors.  The amounts involved may be material.

27

Stock Repurchases

In April 2024, our Board of Directors approved a stock repurchase program authorizing the Company to repurchase up to $1.25 billion of our common stock.  This authorization superseded prior open stock repurchase programs authorized by the Board of Directors.  The newly authorized stock repurchase program does not have a stated expiration date.  Shares may be repurchased from time to time in open market transactions at prevailing market prices, in privately negotiated transactions or via an accelerated stock repurchase program.  Shares could be repurchased in a plan pursuant to Rule 10b5-1 of the Securities Exchange Act of 1934.  The repurchase program is expected to remain open continuously, and the number of shares purchased will depend on a variety of factors such as share price, levels of cash available, acquisitions and alternative investment opportunities available immediately or longer-term, and other regulatory, market or economic conditions.  We currently intend to fund future share repurchases with cash on hand and available borrowings under our credit facility.  No repurchases under any authorizations were made in the first quarter of 2025 or 2024.

Cash Flows

Net cash provided by operating activities was $242.6 million for the first three months of 2025 compared with $291.0 million, with the decrease driven primarily by cash outflows on foreign exchange contracts in the first quarter of 2025 as compared to cash inflows on foreign exchange contracts in the first quarter of 2024 as well as lower customer advances received in the first quarter of 2025.

Net cash used in investing activities was $775.0 million for the first three months of 2025 compared with $15.9 million.  During the first three months of 2025, we spent $757.6 million on acquisitions, with no comparable spend for the first three months of 2024.  Capital expenditures for the first three months of 2025 and 2024 were $18.0 million and $15.9 million, respectively.  We currently plan to invest approximately $130 million for capital expenditures in 2025.

Net cash provided by financing activities was $339.6 million for the first three months of 2025 compared with net cash provided by financing activities of $6