Teradyne, Inc. (NASDAQ: TER) reported revenue of $951 million for
the third quarter of 2021 of which $688 million was in
Semiconductor Test, $103 million in System Test, $69 million in
Wireless Test and $91 million in Industrial Automation (IA). GAAP
net income for the third quarter was $256.7 million or $1.41 per
diluted share. On a non-GAAP basis, Teradyne’s net income in the
third quarter was $278.6 million, or $1.59 per diluted share, which
excluded losses on convertible debt conversions, acquired
intangible asset amortization, restructuring and other charges,
non-cash convertible debt interest, discrete tax adjustments and
included the related tax impact on non-GAAP adjustments.
“Demand for both our Test and Industrial Automation products
remained strong in Q3 and we delivered our eighth consecutive
quarter of double-digit, year on year revenue and profit growth,”
said Teradyne CEO and President Mark Jagiela. “Higher than expected
test shipments balanced lower than planned shipments from our
Industrial Automation businesses as we encountered supply
constraints in those product lines in the quarter.”
“Q4’21 sales are expected to increase over 10% from Q4 2020’s
record level on growing demand in Industrial/Automotive Test,
Storage Test, and Industrial Automation. Full year company sales,
GAAP EPS and non-GAAP EPS are expected to grow 18%, 28% and 27%,
respectively, at the mid-point of our guidance.”
Guidance for the fourth quarter of 2021 is revenue of $820
million to $900 million, with GAAP net income of $1.08 to $1.33 per
diluted share and non-GAAP net income of $1.14 to $1.40 per diluted
share. Non-GAAP guidance excludes acquired intangible asset
amortization, non-cash convertible debt interest and includes the
related tax impact on non-GAAP adjustments.
WebcastA conference call to discuss the third
quarter results, along with management's business outlook, is
scheduled at 8:30 a.m. ET, Wednesday, October 27. Interested
investors should access the webcast at www.teradyne.com/investors,
scroll to the Events section and click View All at least five
minutes before the call begins. Presentation materials will be
available starting at 8:30 a.m. ET. A replay will be available on
the Teradyne website at www.teradyne.com/investors.
Non-GAAP ResultsIn addition to disclosing
results that are determined in accordance with GAAP, Teradyne also
discloses non-GAAP results of operations that exclude certain
income items and charges. These results are provided as a
complement to results provided in accordance with GAAP. Non-GAAP
income from operations and non-GAAP net income exclude losses on
convertible debt conversions, acquired intangible assets
amortization, non-cash convertible debt interest, pension actuarial
gains and losses, discrete income tax adjustments, fair value
inventory step-up, and restructuring and other, and includes the
related tax impact on non-GAAP adjustments. GAAP requires that
these items be included in determining income from operations and
net income. Non-GAAP income from operations, non-GAAP net income,
non-GAAP income from operations as a percentage of revenue,
non-GAAP net income as a percentage of revenue, and non-GAAP net
income per share are non-GAAP performance measures presented to
provide meaningful supplemental information regarding Teradyne’s
baseline performance before gains, losses or other charges that may
not be indicative of Teradyne’s current core business or future
outlook. These non-GAAP performance measures are used to make
operational decisions, to determine employee compensation, to
forecast future operational results, and for comparison with
Teradyne’s business plan, historical operating results and the
operating results of Teradyne’s competitors. Non-GAAP gross margin
excludes fair value inventory step-up. GAAP requires that this item
be included in determining gross margin. Non-GAAP gross margin
dollar amount and percentage are non-GAAP performance measures that
management believes provide useful supplemental information for
management and the investor. Management uses non-GAAP gross margin
as a performance measure for Teradyne’s current core business and
future outlook and for comparison with Teradyne’s business plan,
historical gross margin results and the gross margin results of
Teradyne’s competitors. Non-GAAP diluted shares include the impact
of Teradyne’s call option on its shares. Management believes each
of these non-GAAP performance measures provides useful supplemental
information for investors, allowing greater transparency to the
information used by management in its operational decision making
and in the review of Teradyne’s financial and operational
performance, as well as facilitating meaningful comparisons of
Teradyne’s results in the current period compared with those in
prior and future periods. A reconciliation of each available GAAP
to non-GAAP financial measure discussed in this press release is
contained in the attached exhibits and on the Teradyne website at
www.teradyne.com by clicking on “Investor Relations” and then
selecting “Financials” and the “GAAP to Non-GAAP Reconciliation”
link. The non-GAAP performance measures discussed in this press
release may not be comparable to similarly titled measures used by
other companies. The presentation of non-GAAP measures is not meant
to be considered in isolation, as a substitute for, or superior to,
financial measures or information provided in accordance with
GAAP.
About TeradyneTeradyne (NASDAQ:TER)
brings high-quality innovations such as smart devices, life-saving
medical equipment and data storage systems to market, faster. Its
advanced test solutions for semiconductors, electronic systems,
wireless devices and more ensure that products perform as they were
designed. Its Industrial Automation offerings include collaborative
and mobile robots that help manufacturers of all sizes improve
productivity and lower costs. In 2020, Teradyne had
revenue of $3.1 billion and today employs over 5,700
people worldwide. For more information,
visit teradyne.com. Teradyne® is a registered
trademark of Teradyne, Inc. in the U.S. and other
countries.
Safe Harbor Statement This release contains
forward-looking statements regarding Teradyne’s future business
prospects, the impact of the COVID-19 pandemic, results of
operations, market conditions, earnings per share, the payment of a
quarterly dividend, the repurchase of Teradyne common stock
pursuant to a share repurchase program, and the impact of U.S. and
Chinese export and tariff laws. Such statements are based on the
current assumptions and expectations of Teradyne’s management and
are neither promises nor guarantees of future performance, events,
earnings per share, use of cash, payment of dividends, repurchases
of common stock, payment of the senior convertible notes, the
impact of the COVID-19 pandemic, or the impact of U.S. and Chinese
export and tariff laws. There can be no assurance that management’s
estimates of Teradyne’s future results or other forward-looking
statements will be achieved. Additionally, the current dividend and
share repurchase programs may be modified, suspended or
discontinued at any time.
On May 16, 2019, Huawei and 68 of its affiliates, including
HiSilicon, were added to the U.S. Department of Commerce Entity
List under U.S. Export Administration Regulations (the “EAR”). This
action by the U.S. Department of Commerce imposed new export
licensing requirements on exports, re-exports, and in-country
transfers of all U.S. - regulated products, software and technology
to the designated Huawei entities. While most of Teradyne’s
products are not subject to the EAR and therefore were not affected
by the Entity List restrictions, some of its products are currently
manufactured in the U.S. and thus subject to the Entity List
restrictions.
On August 17, 2020, the U.S. Department of Commerce published
final regulations expanding the scope of the U.S. EAR to include
additional products that became subject to export restrictions
relating to Huawei entities including HiSilicon. These new
regulations restrict the sale to Huawei and the designated Huawei
entities of certain non-U.S. made items, such as semiconductor
devices, manufactured for or sold to Huawei entities including
HiSilicon under specific, detailed conditions set forth in the new
regulations. These new regulations have impacted our sales to
Huawei, HiSilicon and their suppliers. Teradyne is taking
appropriate actions, including filing for licenses with the U.S.
Department of Commerce. However, Teradyne cannot be certain that
the actions it takes will mitigate the risks associated with the
new export controls that impact its business. It is uncertain the
extent these new regulations and any other additional regulations
that may be implemented by the U.S. Department of Commerce or other
government agency may have on Teradyne’s business and financial
results.
On April 28, 2020, the U.S. Department of Commerce published new
export control regulations for certain U.S. products and technology
sold to military end users or for military end-use in China, Russia
and Venezuela. The definition of military end user is broad. The
regulations went into effect on June 29, 2020. In December 2020,
the U.S. Department of Commerce issued a list of companies in China
and other countries that it considered to be military end users.
Teradyne does not expect that compliance with the new export
controls will significantly impact its ability to sell products to
its customers in China or to manufacture products in China. The new
export controls, however, could disrupt the Company’s supply chain,
increase compliance costs and impact the demand for the Company’s
products in China and, thus, have a material adverse impact on
Teradyne’s business, financial condition or results of operations.
In addition, while the Company maintains an export compliance
program, its compliance controls could be circumvented, exposing
the Company to legal liabilities. Teradyne continues to assess the
impact of the new export controls on its business and operations
and take appropriate actions, including filing for licenses with
the U.S. Department of Commerce, to minimize any disruption.
However, Teradyne cannot be certain that the actions it takes will
mitigate all the risks associated with the new export controls that
may impact its business.In response to the regulations issued by
the U.S. Department of Commerce, the Chinese government has passed
new laws that may impact Teradyne’s business activities in China.
The Company is assessing the potential impact of these new Chinese
laws and monitoring relevant laws and regulations issued by the
Chinese government.
The global pandemic of the novel strain of the coronavirus
(COVID-19) has resulted in authorities implementing numerous
measures to try to contain the virus, such as travel bans and
restrictions, quarantines, shelter in place orders, shutdowns, and
vaccination mandates. These measures have impacted and may further
impact Teradyne’s workforce and operations, the operations of its
customers, and those of its contract manufacturers and suppliers.
Most recently, on September 9, 2021, President Biden issued
Executive Order 14042 requiring covered employees of certain
Federal contractors and subcontractors to be “fully vaccinated,”
unless legally entitled to an accommodation due to a disability or
religious belief, practice, or observance. Additionally, on
September 9, 2021, President Biden announced that he has directed
the Occupational Safety and Health Administration (OSHA) to develop
a rule mandating vaccination or weekly testing for employers with
100+ employees. As Teradyne implements measures to comply
with these new regulations, the Company may experience increased
compliance costs, increased risk of non-compliance and increased
risk of employee attrition.
The COVID-19 pandemic has adversely impacted the Company’s
results of operations, including increased costs company-wide. The
Company cannot accurately estimate the amount of the impact on
Teradyne’s 2021 financial results and to its future financial
results. The COVID-19 outbreak has significantly increased economic
and demand uncertainty in Teradyne’s markets. This uncertainty
resulted in a significant decrease in demand for certain Teradyne
products and could continue to impact demand for an uncertain
period of time. The spread of COVID-19 has caused Teradyne to
modify its business practices (including employee travel, employees
working remotely, and cancellation of physical participation in
meetings, events and conferences) and the Company may take further
actions as may be required by government authorities or that it
determines are in the best interests of its employees, customers,
contract manufacturers and suppliers. There is uncertainty that
such measures will be sufficient to mitigate the risks posed by the
virus, and Teradyne’s ability to perform critical functions could
be impacted. The degree to which COVID-19 impacts Teradyne’s
results will depend on future developments, which are highly
uncertain and cannot be predicted, including, but not limited to,
the duration of the virus, its severity, the actions to contain the
virus or the availability and impact of vaccines in countries where
the Company does business, and how quickly and to what extent
normal economic and operating conditions can resume.
Important factors that could cause actual results, earnings per
share, use of cash, dividend payments, repurchases of common stock,
or payment of the senior convertible notes to differ materially
from those presently expected include: conditions affecting the
markets in which Teradyne operates; decreased or delayed product
demand from one or more significant customers; development,
delivery and acceptance of new products; the ability to grow the
Industrial Automation business; increased research and development
spending; deterioration of Teradyne’s financial condition; the
continued impact of the COVID-19 pandemic and related government
responses on the market and demand for Teradyne’s products, on its
contract manufacturers and supply chain, and on its workforce; the
impact of the global semiconductor supply shortage on our supply
chain and contract manufacturers; the consummation and success of
any mergers or acquisitions; unexpected cash needs; insufficient
cash flow to make required payments and pay the principal amount on
the senior convertible notes; the business judgment of the board of
directors that a declaration of a dividend or the repurchase of
common stock is not in the company’s best interests; additional
U.S. tax regulations or IRS guidance; the impact of any tariffs or
export controls imposed in the U.S. or China; compliance with trade
protection measures or export restrictions; the impact of U.S.
Department of Commerce or other government agency regulations
relating to Huawei and HiSilicon; and other events, factors and
risks disclosed in filings with the SEC, including, but not limited
to, the “Risk Factors” sections of Teradyne’s Annual Report on Form
10-K for the fiscal year ended December 31, 2020 and Quarterly
Report on Form 10-Q for the fiscal quarter ended July 4, 2021. The
forward-looking statements provided by Teradyne in this press
release represent management’s views as of the date of this
release. Teradyne anticipates that subsequent events and
developments may cause management’s views to change. However, while
Teradyne may elect to update these forward-looking statements at
some point in the future, Teradyne specifically disclaims any
obligation to do so. These forward-looking statements should not be
relied upon as representing Teradyne’s views as of any date
subsequent to the date of this release.
TERADYNE, INC. REPORT FOR THIRD FISCAL QUARTER OF
2021 |
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
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Quarter Ended |
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Nine Months Ended |
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October 3,2021 |
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July 4,2021 |
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September 27,2020 |
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October 3,2021 |
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September 27,2020 |
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Net revenues |
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$ |
950,501 |
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$ |
1,085,728 |
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$ |
819,484 |
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$ |
2,817,835 |
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$ |
2,362,500 |
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|
Cost of revenues (exclusive of acquired intangible assets
amortization shown separately below) (1) |
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379,500 |
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438,739 |
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360,556 |
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1,138,227 |
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1,026,549 |
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Gross profit |
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571,001 |
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|
646,989 |
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458,928 |
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1,679,608 |
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1,335,951 |
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Operating expenses: |
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Selling and administrative |
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134,829 |
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140,187 |
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115,840 |
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404,812 |
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340,488 |
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Engineering and development |
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107,220 |
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110,021 |
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94,909 |
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317,644 |
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274,170 |
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Acquired intangible assets amortization |
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5,355 |
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|
5,402 |
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|
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6,219 |
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16,293 |
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|
25,052 |
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Restructuring and other (2) |
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1,197 |
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|
2,507 |
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(27,701 |
) |
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(3,426 |
) |
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|
1,915 |
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Operating expenses |
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|
248,601 |
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|
258,117 |
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189,267 |
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|
735,323 |
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641,625 |
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Income from operations |
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322,400 |
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388,872 |
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269,661 |
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944,285 |
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694,326 |
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Interest and other expense (3) |
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24,645 |
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4,846 |
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5,930 |
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|
38,511 |
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16,237 |
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Income before income taxes |
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297,755 |
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384,026 |
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263,731 |
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905,774 |
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|
678,089 |
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Income tax provision |
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|
41,037 |
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|
55,707 |
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|
41,013 |
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|
115,225 |
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|
90,274 |
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Net income |
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$ |
256,718 |
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$ |
328,319 |
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$ |
222,718 |
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$ |
790,549 |
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$ |
587,815 |
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Net income per common share: |
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Basic |
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$ |
1.56 |
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$ |
1.98 |
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$ |
1.34 |
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$ |
4.77 |
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$ |
3.54 |
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Diluted |
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$ |
1.41 |
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$ |
1.76 |
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$ |
1.21 |
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$ |
4.26 |
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$ |
3.23 |
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Weighted average common shares - basic |
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164,583 |
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165,995 |
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166,014 |
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165,690 |
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166,131 |
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Weighted average common shares - diluted (4) |
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181,987 |
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186,750 |
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184,338 |
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185,492 |
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181,777 |
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Cash dividend declared per common share |
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$ |
0.10 |
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$ |
0.10 |
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$ |
0.10 |
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$ |
0.30 |
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$ |
0.30 |
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(1 |
) |
Cost of revenues includes: |
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Quarter Ended |
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Nine Months Ended |
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October 3,2021 |
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July 4,2021 |
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September 27,2020 |
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October 3,2021 |
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September 27,2020 |
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Provision
for excess and obsolete inventory |
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$ |
8,149 |
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$ |
798 |
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$ |
3,479 |
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$ |
11,775 |
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$ |
13,116 |
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Sale of
previously written down inventory |
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(824 |
) |
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(428 |
) |
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(310 |
) |
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(2,043 |
) |
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(1,722 |
) |
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Inventory
step-up |
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- |
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- |
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121 |
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- |
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360 |
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$ |
7,325 |
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$ |
370 |
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$ |
3,290 |
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$ |
9,732 |
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$ |
11,754 |
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(2 |
) |
Restructuring and other consists of: |
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Quarter Ended |
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Nine Months Ended |
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October 3,2021 |
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July 4,2021 |
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September 27,2020 |
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October 3,2021 |
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September 27,2020 |
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Employee
severance |
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$ |
617 |
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$ |
436 |
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$ |
456 |
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$ |
1,242 |
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$ |
1,220 |
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Acquisition
related expenses and compensation |
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|
275 |
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|
275 |
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(1,086 |
) |
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|
313 |
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3,418 |
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Contingent
consideration fair value adjustment |
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- |
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- |
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(27,206 |
) |
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(7,227 |
) |
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(7,967 |
) |
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Contract
termination settlement fee |
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- |
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- |
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- |
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- |
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4,000 |
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Other |
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|
305 |
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|
1,796 |
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|
135 |
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2,246 |
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|
1,244 |
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$ |
1,197 |
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$ |
2,507 |
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$ |
(27,701 |
) |
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$ |
(3,426 |
) |
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$ |
1,915 |
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(3 |
) |
Interest and other expense includes: |
|
Quarter Ended |
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Nine Months Ended |
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October 3,2021 |
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July 4,2021 |
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September 27,2020 |
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October 3,2021 |
|
September 27,2020 |
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Loss on
convertible debt conversions |
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$ |
20,153 |
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$ |
1,175 |
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$ |
- |
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$ |
25,397 |
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$ |
- |
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Non-cash
convertible debt interest |
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|
2,262 |
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|
3,277 |
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|
3,629 |
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|
9,120 |
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|
10,752 |
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Pension
actuarial (gains) losses |
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|
- |
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|
|
(627 |
) |
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|
2,688 |
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|
|
(627 |
) |
|
|
2,589 |
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|
|
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|
|
$ |
22,415 |
|
|
$ |
3,825 |
|
|
$ |
6,317 |
|
|
$ |
33,890 |
|
|
$ |
13,341 |
|
|
|
|
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|
|
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|
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(4 |
) |
Under GAAP, when
calculating diluted earnings per share, convertible debt must be
assumed to have converted if the effect on EPS would be dilutive.
Diluted shares assume the conversion of the convertible debt as the
effect would be dilutive. Accordingly, for the quarters ended
October 3, 2021, July 4, 2021 and September 27, 2020, 6.5 million,
9.6 million and 9.2 million shares, respectively, have been
included in diluted shares. For the nine months ended October 3,
2021 and September 27, 2020, 8.8 million and 8.0 million shares,
respectively, have been included in diluted shares. For the
quarters ended October 3, 2021, July 4, 2021 and September 27,
2020, diluted shares also included 9.8 million, 10.1 million and
7.8 million shares, respectively, from the convertible note hedge
transaction. For the nine months ended October 3, 2021 and
September 27, 2020, diluted shares included 9.8 million and 6.4
million shares, respectively, from the convertible note hedge
transaction. |
CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
October 3,2021 |
|
December 31,2020 |
Assets |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
1,079,454 |
|
|
$ |
914,121 |
|
|
Marketable securities |
|
|
233,397 |
|
|
|
522,280 |
|
|
Accounts receivable, net |
|
|
597,124 |
|
|
|
497,506 |
|
|
Inventories, net |
|
|
224,242 |
|
|
|
222,189 |
|
|
Prepayments and other current assets |
|
|
386,967 |
|
|
|
259,338 |
|
|
|
|
Total current assets |
|
|
2,521,184 |
|
|
|
2,415,434 |
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment, net |
|
|
390,545 |
|
|
|
394,800 |
|
|
Operating lease right-of-use assets, net |
|
|
61,608 |
|
|
|
54,569 |
|
|
Marketable securities |
|
|
136,664 |
|
|
|
117,980 |
|
|
Deferred tax assets |
|
|
96,808 |
|
|
|
87,913 |
|
|
Retirement plans assets |
|
|
16,958 |
|
|
|
17,468 |
|
|
Other assets |
|
|
23,340 |
|
|
|
9,384 |
|
|
Acquired intangible assets, net |
|
|
81,677 |
|
|
|
100,939 |
|
|
Goodwill |
|
|
433,398 |
|
|
|
453,859 |
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets |
|
$ |
3,762,182 |
|
|
$ |
3,652,346 |
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
Accounts payable |
|
$ |
154,912 |
|
|
$ |
133,663 |
|
|
Accrued employees' compensation and withholdings |
|
|
196,928 |
|
|
|
220,321 |
|
|
Deferred revenue and customer advances |
|
|
140,380 |
|
|
|
134,662 |
|
|
Other accrued liabilities |
|
|
135,492 |
|
|
|
77,581 |
|
|
Operating lease liabilities |
|
|
20,601 |
|
|
|
20,573 |
|
|
Income taxes payable |
|
|
73,077 |
|
|
|
80,728 |
|
|
Current debt |
|
|
32,219 |
|
|
|
33,343 |
|
|
|
|
|
|
|
|
|
|
|
|
Total
current liabilities |
|
|
753,609 |
|
|
|
700,871 |
|
|
|
|
|
|
|
|
|
|
Retirement plans liabilities |
|
|
153,249 |
|
|
|
151,140 |
|
|
Long-term deferred revenue and customer advances |
|
|
60,022 |
|
|
|
58,359 |
|
|
Long-term contingent consideration |
|
|
- |
|
|
|
7,227 |
|
|
Long-term other accrued liabilities |
|
|
19,704 |
|
|
|
19,352 |
|
|
Deferred tax liabilities |
|
|
6,907 |
|
|
|
10,821 |
|
|
Long-term operating lease liabilities |
|
|
48,492 |
|
|
|
42,073 |
|
|
Long-term income taxes payable |
|
|
67,041 |
|
|
|
74,930 |
|
|
Debt |
|
|
|
112,784 |
|
|
|
376,768 |
|
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities |
|
|
1,221,808 |
|
|
|
1,441,541 |
|
|
|
|
|
|
|
|
|
Mezzanine equity |
|
|
2,881 |
|
|
|
3,787 |
|
|
|
|
|
|
|
|
|
Shareholders' equity |
|
|
2,537,493 |
|
|
|
2,207,018 |
|
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities, convertible common shares and shareholders’
equity |
|
$ |
3,762,182 |
|
|
$ |
3,652,346 |
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
Nine Months Ended |
|
|
|
|
|
October 3, 2021 |
|
September 27, 2020 |
|
October 3, 2021 |
|
September 27, 2020 |
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
256,718 |
|
|
$ |
222,718 |
|
|
$ |
790,549 |
|
|
$ |
587,815 |
|
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
|
22,018 |
|
|
|
19,806 |
|
|
|
67,866 |
|
|
|
58,111 |
|
|
|
Stock-based compensation |
|
|
11,418 |
|
|
|
11,661 |
|
|
|
34,649 |
|
|
|
33,028 |
|
|
|
Amortization |
|
|
8,283 |
|
|
|
10,343 |
|
|
|
27,626 |
|
|
|
36,577 |
|
|
|
Loss on convertible debt conversions |
|
|
20,153 |
|
|
|
- |
|
|
|
25,397 |
|
|
|
- |
|
|
|
Provision for excess and obsolete inventory |
|
|
8,149 |
|
|
|
3,479 |
|
|
|
11,775 |
|
|
|
13,116 |
|
|
|
Deferred taxes |
|
|
(9,932 |
) |
|
|
2,616 |
|
|
|
(10,732 |
) |
|
|
(4,547 |
) |
|
|
Gains on investments |
|
|
(100 |
) |
|
|
(3,046 |
) |
|
|
(4,750 |
) |
|
|
(3,515 |
) |
|
|
Retirement plans actuarial losses (gains) |
|
|
- |
|
|
|
2,688 |
|
|
|
(627 |
) |
|
|
2,589 |
|
|
|
Contingent consideration fair value adjustment |
|
|
- |
|
|
|
(27,206 |
) |
|
|
(7,227 |
) |
|
|
(7,967 |
) |
|
|
Other |
|
|
45 |
|
|
|
225 |
|
|
|
243 |
|
|
|
750 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in operating assets and liabilities, net of businesses
acquired: |
|
|
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
269,399 |
|
|
|
109,025 |
|
|
|
(103,299 |
) |
|
|
(222,015 |
) |
|
|
|
Inventories |
|
|
2,035 |
|
|
|
20,726 |
|
|
|
21,943 |
|
|
|
16,998 |
|
|
|
|
Prepayments
and other assets |
|
|
(21,148 |
) |
|
|
8,728 |
|
|
|
(138,564 |
) |
|
|
(40,751 |
) |
|
|
|
Accounts
payable and other liabilities |
|
|
(21,726 |
) |
|
|
(32,020 |
) |
|
|
65,064 |
|
|
|
81,557 |
|
|
|
|
Deferred
revenue and customer advances |
|
|
(6,490 |
) |
|
|
7,934 |
|
|
|
8,699 |
|
|
|
36,589 |
|
|
|
|
Retirement
plans contributions |
|
|
(1,384 |
) |
|
|
(1,383 |
) |
|
|
(4,123 |
) |
|
|
(3,884 |
) |
|
|
|
Income
taxes |
|
|
(14,778 |
) |
|
|
(13,782 |
) |
|
|
(17,406 |
) |
|
|
24,060 |
|
Net cash provided by operating activities |
|
|
522,660 |
|
|
|
342,512 |
|
|
|
767,083 |
|
|
|
608,511 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Purchases of property, plant and equipment |
|
|
(29,205 |
) |
|
|
(62,858 |
) |
|
|
(103,162 |
) |
|
|
(146,872 |
) |
|
Purchases of marketable securities |
|
|
(111,384 |
) |
|
|
(188,880 |
) |
|
|
(509,470 |
) |
|
|
(488,428 |
) |
|
Proceeds from maturities of marketable securities |
|
|
111,064 |
|
|
|
126,423 |
|
|
|
571,277 |
|
|
|
309,407 |
|
|
Proceeds from sales of marketable securities |
|
|
93,325 |
|
|
|
5,950 |
|
|
|
209,437 |
|
|
|
32,611 |
|
|
Purchase of investment and acquisition of businesses, net of cash
acquired |
|
|
- |
|
|
|
- |
|
|
|
(12,000 |
) |
|
|
149 |
|
|
Proceeds from life insurance |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
546 |
|
Net cash provided by (used for) investing activities |
|
|
63,800 |
|
|
|
(119,365 |
) |
|
|
156,082 |
|
|
|
(292,587 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Payments of convertible debt principal |
|
|
(235,169 |
) |
|
|
- |
|
|
|
(301,997 |
) |
|
|
- |
|
|
Repurchase of common stock |
|
|
(209,596 |
) |
|
|
- |
|
|
|
(406,180 |
) |
|
|
(88,465 |
) |
|
Dividend payments |
|
|
(16,440 |
) |
|
|
(16,604 |
) |
|
|
(49,711 |
) |
|
|
(49,870 |
) |
|
Payments related to net settlement of employee stock compensation
awards |
|
|
(251 |
) |
|
|
(216 |
) |
|
|
(32,045 |
) |
|
|
(22,735 |
) |
|
Issuance of common stock under stock purchase and stock option
plans |
|
|
9 |
|
|
|
13,771 |
|
|
|
32,590 |
|
|
|
26,528 |
|
|
Payments of contingent consideration |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(8,852 |
) |
Net cash used for financing activities |
|
|
(461,447 |
) |
|
|
(3,049 |
) |
|
|
(757,343 |
) |
|
|
(143,394 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Effects of exchange rate changes on cash and cash equivalents |
|
|
- |
|
|
|
(349 |
) |
|
|
(489 |
) |
|
|
(1,274 |
) |
Increase in cash and cash equivalents |
|
|
125,013 |
|
|
|
219,749 |
|
|
|
165,333 |
|
|
|
171,256 |
|
Cash and cash equivalents at beginning of period |
|
|
954,441 |
|
|
|
725,431 |
|
|
|
914,121 |
|
|
|
773,924 |
|
Cash and cash equivalents at end of period |
|
$ |
1,079,454 |
|
|
$ |
945,180 |
|
|
$ |
1,079,454 |
|
|
$ |
945,180 |
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP to Non-GAAP Earnings Reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In millions, except per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
|
|
|
|
|
|
|
October 3, 2021 |
|
% of Net Revenues |
|
July 4, 2021 |
|
% of Net Revenues |
|
September 27, 2020 |
|
% of Net Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenues |
|
$ |
950.5 |
|
|
|
|
$ |
1,085.7 |
|
|
|
|
$ |
819.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit GAAP |
$ |
571.0 |
|
|
|
60.1 |
% |
|
$ |
647.0 |
|
|
59.6 |
% |
|
$ |
458.9 |
|
|
56.0 |
% |
|
Inventory step-up |
|
- |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
0.1 |
|
|
0.0 |
% |
Gross profit non-GAAP |
$ |
571.0 |
|
|
|
60.1 |
% |
|
$ |
647.0 |
|
|
59.6 |
% |
|
$ |
459.0 |
|
|
56.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations - GAAP |
$ |
322.4 |
|
|
|
33.9 |
% |
|
$ |
388.9 |
|
|
35.8 |
% |
|
$ |
269.7 |
|
|
32.9 |
% |
|
Restructuring and other (1) |
|
1.2 |
|
|
|
0.1 |
% |
|
|
2.5 |
|
|
0.2 |
% |
|
|
(27.7 |
) |
|
-3.4 |
% |
|
Acquired intangible assets amortization |
|
5.4 |
|
|
|
0.6 |
% |
|
|
5.4 |
|
|
0.5 |
% |
|
|
6.2 |
|
|
0.8 |
% |
|
Inventory step-up |
|
- |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
0.1 |
|
|
0.0 |
% |
Income from operations - non-GAAP |
$ |
329.0 |
|
|
|
34.6 |
% |
|
$ |
396.8 |
|
|
36.5 |
% |
|
$ |
248.3 |
|
|
30.3 |
% |
|
|
|
|
|
|
Net Income per Common Share |
|
|
|
|
|
Net Income per Common Share |
|
|
|
|
|
Net Income per Common Share |
|
|
October 3, 2021 |
|
% of Net Revenues |
|
Basic |
|
Diluted |
|
July 4, 2021 |
|
% of Net Revenues |
|
Basic |
|
Diluted |
|
September 27, 2020 |
|
% of Net Revenues |
|
Basic |
|
Diluted |
Net income - GAAP |
$ |
256.7 |
|
|
|
27.0 |
% |
|
$ |
1.56 |
|
|
$ |
1.41 |
|
|
$ |
328.3 |
|
|
30.2 |
% |
|
$ |
1.98 |
|
|
$ |
1.76 |
|
|
$ |
222.7 |
|
|
27.2 |
% |
|
$ |
1.34 |
|
|
$ |
1.21 |
|
|
Restructuring and other (1) |
|
1.2 |
|
|
|
0.1 |
% |
|
|
0.01 |
|
|
|
0.01 |
|
|
|
2.5 |
|
|
0.2 |
% |
|
|
0.02 |
|
|
|
0.01 |
|
|
|
(27.7 |
) |
|
-3.4 |
% |
|
|
(0.17 |
) |
|
|
(0.15 |
) |
|
Acquired
intangible assets amortization |
|
5.4 |
|
|
|
0.6 |
% |
|
|
0.03 |
|
|
|
0.03 |
|
|
|
5.4 |
|
|
0.5 |
% |
|
|
0.03 |
|
|
|
0.03 |
|
|
|
6.2 |
|
|
0.8 |
% |
|
|
0.04 |
|
|
|
0.03 |
|
|
Loss on
convertible debt conversions (2) |
|
20.2 |
|
|
|
2.1 |
% |
|
|
0.12 |
|
|
|
0.11 |
|
|
|
1.2 |
|
|
0.1 |
% |
|
|
0.01 |
|
|
|
0.01 |
|
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Interest and
other (2) |
|
2.3 |
|
|
|
0.2 |
% |
|
|
0.01 |
|
|
|
0.01 |
|
|
|
3.3 |
|
|
0.3 |
% |
|
|
0.02 |
|
|
|
0.02 |
|
|
|
3.6 |
|
|
0.4 |
% |
|
|
0.02 |
|
|
|
0.02 |
|
|
Pension
mark-to-market adjustment (2) |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(0.6 |
) |
|
-0.1 |
% |
|
|
(0.00 |
) |
|
|
(0.00 |
) |
|
|
2.7 |
|
|
0.3 |
% |
|
|
0.02 |
|
|
|
0.01 |
|
|
Inventory
step-up |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
0.1 |
|
|
0.0 |
% |
|
|
0.00 |
|
|
|
0.00 |
|
|
Exclude
discrete tax adjustments |
|
(5.9 |
) |
|
|
-0.6 |
% |
|
|
(0.04 |
) |
|
|
(0.03 |
) |
|
|
(1.1 |
) |
|
-0.1 |
% |
|
|
(0.01 |
) |
|
|
(0.01 |
) |
|
|
(4.4 |
) |
|
-0.5 |
% |
|
|
(0.03 |
) |
|
|
(0.02 |
) |
|
Non-GAAP tax
adjustments |
|
(1.3 |
) |
|
|
-0.1 |
% |
|
|
(0.01 |
) |
|
|
(0.01 |
) |
|
|
(1.5 |
) |
|
-0.1 |
% |
|
|
(0.01 |
) |
|
|
(0.01 |
) |
|
|
2.2 |
|
|
0.3 |
% |
|
|
0.01 |
|
|
|
0.01 |
|
|
Convertible
share adjustment (3) |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
0.06 |
|
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
0.10 |
|
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
0.06 |
|
Net income - non-GAAP |
$ |
278.6 |
|
|
|
29.3 |
% |
|
$ |
1.69 |
|
|
$ |
1.59 |
|
|
$ |
337.5 |
|
|
31.1 |
% |
|
$ |
2.03 |
|
|
$ |
1.91 |
|
|
$ |
205.4 |
|
|
25.1 |
% |
|
$ |
1.24 |
|
|
$ |
1.18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP and non-GAAP weighted average common shares - basic |
|
164.6 |
|
|
|
|
|
|
|
|
|
166.0 |
|
|
|
|
|
|
|
|
|
166.0 |
|
|
|
|
|
|
|
GAAP weighted average common shares - diluted |
|
182.0 |
|
|
|
|
|
|
|
|
|
186.8 |
|
|
|
|
|
|
|
|
|
184.3 |
|
|
|
|
|
|
|
|
Exclude
dilutive shares related to convertible note transaction |
|
(6.5 |
) |
|
|
|
|
|
|
|
|
(9.6 |
) |
|
|
|
|
|
|
|
|
(9.2 |
) |
|
|
|
|
|
|
Non-GAAP weighted average common shares - diluted |
|
175.5 |
|
|
|
|
|
|
|
|
|
177.2 |
|
|
|
|
|
|
|
|
|
175.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1 |
) |
Restructuring and other consists of: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
|
|
|
|
|
|
|
October 3, 2021 |
|
|
|
|
|
|
|
July 4, 2021 |
|
|
|
|
|
|
|
September 27, 2020 |
|
|
|
|
|
|
|
Employee
severance |
$ |
0.6 |
|
|
|
|
|
|
|
|
$ |
0.4 |
|
|
|
|
|
|
|
|
$ |
0.5 |
|
|
|
|
|
|
|
|
Acquisition
related expenses and compensation |
|
0.3 |
|
|
|
|
|
|
|
|
|
0.3 |
|
|
|
|
|
|
|
|
|
(1.1 |
) |
|
|
|
|
|
|
|
Contingent
consideration fair value adjustment |
|
- |
|
|
|
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
|
|
(27.2 |
) |
|
|
|
|
|
|
|
Contract
termination settlement fee |
|
- |
|
|
|
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
|
Other |
|
0.3 |
|
|
|
|
|
|
|
|
|
1.8 |
|
|
|
|
|
|
|
|
|
0.1 |
|
|
|
|
|
|
|
|
|
$ |
1.2 |
|
|
|
|
|
|
|
|
$ |
2.5 |
|
|
|
|
|
|
|
|
$ |
(27.7 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2 |
) |
For the quarters ended
October 3, 2021, July 4, 2021, and September 27, 2020, Interest and
other included non-cash convertible debt interest expense. For the
quarters ended October 3, 2021 and July 4, 2021, adjustment to
exclude loss on convertible debt conversions. For the quarters
ended July 4, 2021 and September 27, 2020, adjustments to exclude
actuarial (gain) loss recognized under GAAP in accordance with
Teradyne's mark-to-market pension
accounting. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3 |
) |
For the quarters ended
October 3, 2021, July 4, 2021, and September 27, 2020, the non-GAAP
diluted EPS calculation adds back $0.4 million, $0.9 million, and
$1.3 million, respectively, of convertible debt interest expense to
non-GAAP net income, and non-GAAP weighted average diluted common
shares include 9.8 million, 10.1 million and 7.8 million shares,
respectively, from the convertible note hedge
transaction. |
|
|
|
|
Nine Months Ended |
|
|
|
|
October 3, 2021 |
|
% of Net Revenues |
|
September 27, 2020 |
|
% of Net Revenues |
|
|
|
|
|
|
|
|
|
|
|
Net Revenues |
|
$ |
2,817.8 |
|
|
|
|
$ |
2,362.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit GAAP |
$ |
1,679.6 |
|
|
|
59.6 |
% |
|
$ |
1,336.0 |
|
|
56.6 |
% |
|
Inventory step-up |
|
- |
|
|
|
- |
|
|
|
0.4 |
|
|
0.0 |
% |
Gross profit non-GAAP |
$ |
1,679.6 |
|
|
|
59.6 |
% |
|
$ |
1,336.4 |
|
|
56.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
Income from operations - GAAP |
$ |
944.3 |
|
|
|
33.5 |
% |
|
$ |
694.3 |
|
|
29.4 |
% |
|
Restructuring and other (1) |
|
(3.4 |
) |
|
|
-0.1 |
% |
|
|
1.9 |
|
|
0.1 |
% |
|
Acquired intangible assets amortization |
|
16.3 |
|
|
|
0.6 |
% |
|
|
25.1 |
|
|
1.1 |
% |
|
Inventory step-up |
|
- |
|
|
|
- |
|
|
|
0.4 |
|
|
0.0 |
% |
Income from operations - non-GAAP |
$ |
957.2 |
|
|
|
34.0 |
% |
|
$ |
721.7 |
|
|
30.5 |
% |
|
|
|
|
|
|
|
|
Net Income per Common Share |
|
|
|
|
|
Net Income per Common Share |
|
|
|
|
October 3, 2021 |
|
% of Net Revenues |
|
Basic |
|
Diluted |
|
September 27, 2020 |
|
% of Net Revenues |
|
Basic |
|
Diluted |
Net income - GAAP |
$ |
790.5 |
|
|
|
28.1 |
% |
|
$ |
4.77 |
|
|
$ |
4.26 |
|
|
$ |
587.8 |
|
|
24.9 |
% |
|
$ |
3.54 |
|
|
$ |
3.23 |
|
|
Restructuring and other (1) |
|
(3.4 |
) |
|
|
-0.1 |
% |
|
|
(0.02 |
) |
|
|
(0.02 |
) |
|
|
1.9 |
|
|
0.1 |
% |
|
|
0.01 |
|
|
|
0.01 |
|
|
Acquired intangible assets amortization |
|
16.3 |
|
|
|
0.6 |
% |
|
|
0.10 |
|
|
|
0.09 |
|
|
|
25.1 |
|
|
1.1 |
% |
|
|
0.15 |
|
|
|
0.14 |
|
|
Loss on convertible debt conversions (2) |
|
25.4 |
|
|
|
0.9 |
% |
|
|
0.15 |
|
|
|
0.14 |
|
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Interest and other (2) |
|
9.1 |
|
|
|
0.3 |
% |
|
|
0.05 |
|
|
|
0.05 |
|
|
|
10.8 |
|
|
0.5 |
% |
|
|
0.07 |
|
|
|
0.06 |
|
|
Pension mark-to-market adjustment (2) |
|
(0.6 |
) |
|
|
-0.0 |
% |
|
|
(0.00 |
) |
|
|
(0.00 |
) |
|
|
2.6 |
|
|
0.1 |
% |
|
|
0.02 |
|
|
|
0.01 |
|
|
Inventory step-up |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
0.4 |
|
|
0.0 |
% |
|
|
0.00 |
|
|
|
0.00 |
|
|
Exclude discrete tax adjustments |
|
(22.1 |
) |
|
|
-0.8 |
% |
|
|
(0.13 |
) |
|
|
(0.12 |
) |
|
|
(13.1 |
) |
|
-0.6 |
% |
|
|
(0.08 |
) |
|
|
(0.07 |
) |
|
Non-GAAP tax adjustments |
|
(3.2 |
) |
|
|
-0.1 |
% |
|
|
(0.02 |
) |
|
|
(0.02 |
) |
|
|
(8.0 |
) |
|
-0.3 |
% |
|
|
(0.05 |
) |
|
|
(0.04 |
) |
|
Convertible share adjustment (3) |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
0.22 |
|
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
0.16 |
|
Net income - non-GAAP |
$ |
812.0 |
|
|
|
28.8 |
% |
|
$ |
4.90 |
|
|
$ |
4.61 |
|
|
$ |
607.5 |
|
|
25.7 |
% |
|
$ |
3.66 |
|
|
$ |
3.52 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP and non-GAAP weighted average common shares - basic |
|
165.7 |
|
|
|
|
|
|
|
|
|
166.1 |
|
|
|
|
|
|
|
GAAP weighted average common shares - diluted |
|
185.5 |
|
|
|
|
|
|
|
|
|
181.8 |
|
|
|
|
|
|
|
|
Exclude dilutive shares from convertible note |
|
(8.8 |
) |
|
|
|
|
|
|
|
|
(8.0 |
) |
|
|
|
|
|
|
Non-GAAP weighted average common shares - diluted |
|
176.7 |
|
|
|
|
|
|
|
|
|
173.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1 |
) |
Restructuring and other consists of: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended |
|
|
|
|
|
|
|
|
|
|
October 3, 2021 |
|
|
|
|
|
|
|
September 27, 2020 |
|
|
|
|
|
|
|
|
Contingent consideration fair value adjustment |
$ |
(7.2 |
) |
|
|
|
|
|
|
|
$ |
(8.0 |
) |
|
|
|
|
|
|
|
|
Employee severance |
|
1.2 |
|
|
|
|
|
|
|
|
|
1.2 |
|
|
|
|
|
|
|
|
|
Acquisition related expenses and compensation |
|
0.3 |
|
|
|
|
|
|
|
|
|
3.4 |
|
|
|
|
|
|
|
|
|
Contract termination settlement fee |
|
- |
|
|
|
|
|
|
|
|
|
4.0 |
|
|
|
|
|
|
|
|
|
Other |
|
|
2.2 |
|
|
|
|
|
|
|
|
|
1.2 |
|
|
|
|
|
|
|
|
|
|
|
$ |
(3.4 |
) |
|
|
|
|
|
|
|
$ |
1.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2 |
) |
For the nine months
ended October 3, 2021 and September 27, 2020, Interest and other
included non-cash convertible debt interest expense. For the nine
months ended October 3, 2021, adjustment to exclude loss on
convertible debt conversions. For the nine months ended October 3,
2021 and September 27, 2020, adjustments to exclude actuarial
(gain) loss recognized under GAAP in accordance with Teradyne's
mark-to-market pension accounting. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3 |
) |
For the nine months
ended October 3, 2021 and September 27, 2020, the non-GAAP diluted
EPS calculation adds back $2.6 million and $3.9 million,
respectively, of convertible debt interest expense to non-GAAP net
income and non-GAAP weighted average diluted common shares include
9.8 million and 6.4 million shares, respectively, related to the
convertible debt hedge transaction. |
GAAP to Non-GAAP Reconciliation of Fourth Quarter 2021
guidance: |
|
|
|
|
|
|
|
|
|
|
GAAP and non-GAAP four quarter revenue guidance: |
$820 million |
to |
$900 million |
GAAP net income per diluted share |
$ |
1.08 |
|
|
$ |
1.33 |
|
|
Exclude acquired intangible assets amortization |
|
0.03 |
|
|
|
0.03 |
|
|
Exclude non-cash convertible debt interest |
|
0.01 |
|
|
|
0.01 |
|
|
Tax effect of non-GAAP adjustments |
|
(0.01 |
) |
|
|
(0.01 |
) |
|
Convertible share adjustment |
|
0.02 |
|
|
|
0.03 |
|
Non-GAAP net income per diluted share |
$ |
1.14 |
|
|
$ |
1.40 |
|
For press releases and other information of interest to
investors, please visit Teradyne's homepage at
http://www.teradyne.com.
Contact: Teradyne, Inc.Andy Blanchard 978-370-2425Vice President
of Corporate Relations
Teradyne (NASDAQ:TER)
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