10-Q
false2019Q20000097210--12-3136055NASDAQIn the three and six months ended June 30, 2019, the fair value of contingent consideration for the earn-out in connection with the acquisition of MiR was decreased by $11.7 million and $8.7 million, respectively, primarily due to a decrease in the forecasted revenue. In the three and six months ended July 1, 2018, the fair value of contingent consideration for the earn-out in connection with the acquisition of Universal Robots A/S (“Universal Robots”) was decreased by $3.5 million and $8.5 million, respectively, primarily due to a decrease in forecasted revenue.In the six months ended June 30, 2019, Teradyne paid $30.8 million and $3.8 million of contingent consideration for the earn-outs in connection with the acquisition of MiR and Universal Robots, respectively. In the six months ended July 1, 2018, Teradyne paid $24.6 million of contingent consideration for the earn-out in connection with the acquisition of Universal Robots.The carrying value represents the bifurcated debt component only, while the fair value is based on quoted market prices for the convertible note, which includes the equity conversion features.Includes $4.6 million of intangible assets from Lemsys acquisition.$0.7 million of amortizable intangible assets became fully amortized and have been eliminated from the gross carrying amount and accumulated amortization.Incremental shares from assumed conversion of the convertible notes were calculated using the difference between the average Teradyne stock price for the period and the conversion price of $31.70, multiplied by 14.5 million shares. The result of this calculation, representing the total intrinsic value of the convertible debt, was divided by the average Teradyne stock price for the period.Convertible note hedge warrant shares were calculated using the difference between the average Teradyne stock price for the period and the warrant price of $39.78, multiplied by 14.5 million shares. The result of this calculation, representing the total intrinsic value of the warrant, was divided by the average Teradyne stock price for the period.Included in Corporate and Other are: contingent consideration adjustments, severance charges, interest income, interest expense, net foreign exchange gains (losses), intercompany eliminations, acquisition related charges, and pension and postretirement plans actuarial losses.Included in the income (loss) before income taxes for each of the segments are charges and credits related to restructuring and other and inventory charges.In the six months ended July 1, 2018, Teradyne early adopted the ASU 2018-02, “Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.” As a result, the stranded tax effects resulting from the Tax Reform Act enacted in December 2017 were reclassified from accumulated other comprehensive income to retained earnings.In the six months ended July 1, 2018, Teradyne adopted the ASU 2016-01, “Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.”Total business assets are directly attributable to each business. 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Table of Contents
 
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM
10-Q
 
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the quarterly period ended June 30, 2019
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the transition period from                  to                
Commission File No.
 001-06462
 
TERADYNE, INC.
(Exact name of registrant as specified in its charter)
 
     
Massachusetts
 
04-2272148
(State or Other Jurisdiction of
Incorporation or Organization)
 
(I.R.S. Employer
Identification No.)
     
600 Riverpark Drive
North Reading,
Massachusetts
 
01864
(Address of Principal Executive Offices)
 
(Zip Code)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
978-370-2700
(Registrant’s Telephone Number, Including Area Code)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to the filing requirements for the past 90 days.    Yes  
    No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation
S-T
(232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files)    Yes  
    No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated
filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule
 12b-2
of the Exchange Act (check one):
             
Large accelerated filer
 
 
Accelerated filer
 
Non-accelerated
filer
 
 
Emerging growth company
 
Smaller reporting company
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  
Indicate by check mark whether the registrant is a shell company (as defined in Rule
12b-2
of the Exchange Act).    Yes  
    No  
Securities registered purs
uant to Section 12(b) of the Act:
         
Title of each class
 
Trading
Symbol(s)
 
Name of each exchange
on which registered
Common Stock
, par value $0.125 per share
 
TER
 
Nasdaq Stock Market LLC
 
 
 
 
 
 
 
 
 
 
The number of shares outstanding of the registrant’s only class of Common Stock as of August 5, 2019 was 169,945,820 shares.
     
 
 
 
 
 
 
 
 
 
 
Table of Contents
 
TERADYNE, INC.
INDEX
             
 
 
Page No.
 
             
 
PART I. FINANCIAL INFORMATION
   
 
             
Item 1.
 
Financial Statements (Unaudited):
   
 
             
     
1
 
             
     
2
 
             
     
3
 
             
     
4
 
             
     
5
 
             
     
6
 
             
Item 2.
     
36
 
             
Item 3.
     
50
 
             
Item 4.
     
51
 
             
 
PART II. OTHER INFORMATION
   
 
             
Item 1.
     
52
 
             
Item 1A.
     
52
 
             
Item 2.
     
53
 
             
Item 4.
     
53
 
             
Item 6.
     
53
 
 
 
 
 
 
Table of Contents
 
 
PART I
Item 1:
Financial Statements
 
 
 
 
 
 
 
TERADYNE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
                 
 
June 30,
2019
   
December 31,
2018
 
 
(in thousands,
except per share amount)
 
ASSETS
 
   
 
Current assets:
   
     
 
Cash and cash equivalents
  $
495,107
    $
926,752
 
Marketable securities
   
400,227
     
190,096
 
Accounts receivable, less allowance for doubtful accounts of $1,736 and $1,673 at June 30, 2019 and December 31, 2018, respectively
   
372,199
     
291,267
 
Inventories, net
   
164,461
     
153,541
 
Prepayments and other current assets
   
184,832
     
170,826
 
                 
Total current assets
   
1,616,826
     
1,732,482
 
Property, plant and equipment, net
   
295,895
     
279,821
 
Operating lease
right-of-use
assets, net
   
56,315
     
 
Marketable securities
   
99,001
     
87,731
 
Deferred tax assets
   
67,886
     
70,848
 
Other assets
   
25,712
     
11,509
 
Retirement plans
assets
   
16,449
     
16,883
 
Acquired intangible assets, net
   
109,494
     
125,482
 
Goodwill
   
383,936
     
381,850
 
                 
Total assets
  $
2,671,514
    $
2,706,606
 
LIABILITIES
 
   
 
Current liabilities:
   
     
 
Accounts payable
  $
103,449
    $
100,688
 
Accrued employees’ compensation and withholdings
   
121,940
     
148,566
 
Deferred revenue and customer advances
   
89,837
     
77,711
 
Other accrued liabilities
   
77,053
     
78,272
 
Current operating lease liabilities
   
18,041
     
 
Contingent consideration
   
11,753
     
34,865
 
Income taxes payable
   
44,927
     
36,185
 
                 
Total current liabilities
   
467,000
     
476,287
 
Retirement plans liabilities
   
122,596
     
117,456
 
Long-term deferred revenue and customer advances
   
37,365
     
32,750
 
Deferred tax liabilities
   
17,800
     
20,662
 
Long-term other accrued liabilities
   
9,660
     
37,547
 
Long-term contingent consideration
   
15,094
     
35,678
 
Long-term operating lease liabilities
   
46,460
     
 
Long-term incomes taxes payable
   
88,884
     
83,891
 
Debt
   
387,243
     
379,981
 
                 
Total liabilities
   
1,192,102
     
1,184,252
 
                 
Commitments and contingencies (See Note S)
 
 
 
 
 
 
SHAREHOLDERS’ EQUITY
 
   
 
Common stock, $0.125 par value, 1,000,000 shares authorized; 170,436 and 175,522 shares issued and outstanding at June 30, 2019 and December 31, 2018, respectively
   
21,305
     
21,940
 
Additional
paid-in
capital
   
1,688,211
     
1,671,645
 
Accumulated other comprehensive loss
   
(7,591
)    
(13,040
)
Accumulated deficit
   
(222,513
)    
(158,191
)
                 
Total shareholders’ equity
   
1,479,412
     
1,522,354
 
                 
Total liabilities and shareholders’ equity
  $
2,671,514
    $   
2,706,606
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes, together with the Notes to Consolidated Financial Statements included in Teradyne’s Annual Report on 
Form
10-K
for the
year ended December 31, 2018, are an integral part of the condensed
consolidated financial statements.
 
 
1
 

 
Table of Contents
 
TERADYNE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
                                 
 
For the Three Months
Ended
   
For the Six Months
Ended
 
 
June 30,
2019
   
July 1,
2018
   
June 30,
2019
   
July 1,
2018
 
 
(in thousands, except per share amount)
 
Revenues:
   
     
     
     
 
Products
  $
457,511
    $
434,051
    $
850,953
    $
837,976
 
Services
   
106,667
     
92,878
     
207,324
     
176,420
 
                                 
Total revenues
   
564,178
     
526,929
     
1,058,277
     
1,014,396
 
Cost of revenues:
   
     
     
     
 
Cost of products
   
193,299
     
180,777
     
358,667
     
361,735
 
Cost of services
   
46,961
     
38,818
     
88,057
     
75,495
 
                                 
Total cost of revenues (exclusive of acquired intangible assets amortization shown separately below)
   
240,260
     
219,595
     
446,724
     
437,230
 
                                 
Gross profit
   
323,918
     
307,334
     
611,553
     
577,166
 
Operating expenses:
   
     
     
     
 
Selling and administrative
   
108,811
     
99,410
     
210,824
     
189,916
 
Engineering and development
   
81,434
     
75,342
     
158,225
     
149,750
 
Acquired intangible assets amortization
   
10,083
     
9,793
     
20,717
     
17,491
 
Restructuring and other
   
(10,404
)    
2,389
     
(5,292
)    
2,076
 
                                 
Total operating expenses
   
189,924
     
186,934
     
384,474
     
359,233
 
                                 
Income from operations
   
133,994
     
120,400
     
227,079
     
217,933
 
Non-operating
(income) expense:
   
     
     
     
 
Interest income
   
(5,430
)    
(5,427
)    
(13,482
)    
(11,407
)
Interest expense
   
5,800
     
5,639
     
11,513
     
12,530
 
Other (income) expense, net
   
2,447
     
176
     
3,892
     
979
 
                                 
Income before income taxes
   
131,177
     
120,012
     
225,156
     
215,831
 
Income tax provision
   
33,780
     
18,975
     
18,621
     
27,821
 
                                 
Net income
  $
97,397
    $
101,037
    $
206,535
    $
188,010
 
Net income per common share:
   
     
     
     
 
Basic
  $
0.57
    $
0.53
    $
1.20
    $
0.97
 
Diluted
  $
0.55
    $
0.52
    $
1.16
    $
0.94
 
Weighted average common shares—basic
   
171,241
     
190,730
     
172,387
     
192,992
 
Weighted average common shares—diluted
   
178,590
     
194,909
     
177,781
     
199,197
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes, together with the Notes to Consolidated Financial Statements included in Teradyne’s
Annual Report on Form
10-K
for the year ended December 31, 2018, are an integral part of the condensed
consolidated financial statements.
 
 
2
 

 
Table of Contents
 
TERADYNE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
                                 
 
For the Three Months
Ended
   
For the Six Months
Ended
 
 
June 
30,
2019
   
July 
1,
2018
   
June 
30,
2019
   
July 
1,
2018
 
 
(in thousands)
 
Net income
 
$
97,397
   
$
101,037
   
$
206,535
   
$
188,010
 
Other comprehensive income, net of tax:
   
     
     
     
 
Foreign currency translation adjustment, net of tax of $0
   
5,642
     
(29,323
)
   
983
     
(18,781
)
Available-for-sale
marketable securities:
   
     
     
     
 
Unrealized gains (losses) on marketable securities arising during period, net of tax of $678, $(25), $1,256, $(744), respectively
   
2,537
     
198
     
4,637
     
(2,489
)
Less: Reclassification adjustment for (gains) losses included in net income, net of tax of $(6), $(68), $(26), $11, respectively
   
(27
)
   
(199
)
   
(97
)
   
1,469
 
                                 
   
2,510
     
(1
)
   
4,540
     
(1,020
)
Defined benefit pension and post-retirement plans:
   
     
     
     
 
Amortization of prior service benefit included in net periodic pension and post-retirement benefit, net of tax of $(11), $(18), $(21), $(35), respectively
   
(37
)
   
(61
)
   
(74
)
   
(123
)
                                 
Other comprehensive income (loss)
 
 
8,115
 
 
 
(29,385
)
 
 
5,449
 
 
 
(19,924
)
                                 
Comprehensive income
  $
105,512
   
$
71,652
   
$
211,984
   
$
168,086
 
                                 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes, together with the Notes to Consolidated Financial Statements included in Teradyne’s
Annual Report on Form
10-K
for the year ended December 31, 2018, are an integral part of the condensed
  consolidated financial statements.
  
 
3
 

 
Table of Contents
 
TERADYNE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(Unaudited)
                                                 
 
Common Stock
Shares Issued
   
Common Stock
Par Value
   
Additional
Paid-in Capital
   
Accumulated
Other
Comprehensive
Income (Loss)
   
Accumulated
Deficit
   
Total
Shareholders’
Equity
 
For the Three Months Ended June 30, 2019
 
(in thousands)
 
Balance, March 31, 2019
   
172,353
    $
21,544
    $
1,679,997
    $
(15,706
)   $
(215,607
)   $
1,470,228
 
Net issuance of common stock under stock-based plans
   
99
     
13
     
679
     
     
     
692
 
Stock-based compensation expense
   
     
     
7,535
     
     
     
7,535
 
Repurchase of common stock
   
(2,016
)    
(252
)    
     
     
(88,902
)    
(89,154
)
Cash dividends ($0.09 per share)
   
     
     
     
     
(15,401
)    
(15,401
)
Net income
   
     
     
     
     
97,397
     
97,397
 
Other comprehensive income
   
     
     
     
8,115
     
     
8,115
 
                                                 
Balance, June 30, 2019
   
170,436
    $
21,305
    $
1,688,211
    $
(7,591
)   $
(222,513
)   $
1,479,412
 
                                                 
For the Three Months Ended July 1, 2018
 
 
Balance, April 1, 2018
   
193,808
    $
24,226
    $
1,638,756
    $
25,881
    $
216,120
    $
1,904,983
 
Net issuance of common stock under stock-based plans
   
54
     
7
     
(114
)    
     
     
(107
)
Stock-based compensation expense
   
     
     
7,037
     
     
     
7,037
 
Repurchase of common stock
   
(5,900
)    
(738
)    
     
     
(225,782
)