10-Q
false36020190000097210Q3December 31In the nine months ended September 29, 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 nine months ended September 30, 2018, Teradyne paid $24.6 million of contingent consideration for the earn-out in connection with the acquisition of Universal Robots.In the three and nine months ended September 29, 2019, the fair value of contingent consideration for the earn-out in connection with the acquisition of MiR was decreased by $7.8 million and $16.5 million, respectively, primarily due to a decrease in the forecasted revenue, partially offset by impact from the modification, in the three months ended September 29, 2019, of the earn-out structure. In the three and nine months ended September 30, 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 $0.8 million and $9.2 million, respectively, primarily due to a decrease in forecasted revenue.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.$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.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 September 29, 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 DriveNorth Reading,
Massachusetts
 
01864
(Address of Principal Executive Offices)
 
(Zip Code)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
978-370-2700
(Registrant’s Telephone Number, Including Area Code)
 
Securities registered pursuant 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
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
I
f 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  
The number of shares outstanding of the registrant’s only class of Common Stock as of November 4, 2019 was 167,577,669 shares.
 
 
 
     
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Table of Contents
TERADYNE, INC.
INDEX
             
 
 
Page No.
 
 
 
 
 
 
 
 
 
 
 
 
Item 1.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1
 
 
 
 
 
 
 
 
 
 
 
2
 
 
 
 
 
 
 
 
 
 
 
3
 
 
 
 
 
 
 
 
 
 
 
4
 
 
 
 
 
 
 
 
 
 
 
5
 
 
 
 
 
 
 
 
 
 
 
6
 
 
 
 
 
 
 
 
Item 2.
 
 
 
33
 
 
 
 
 
 
 
 
Item 3.
 
 
 
44
 
 
 
 
 
 
 
 
Item 4.
 
 
 
44
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Item 1.
 
 
 
45
 
 
 
 
 
 
 
 
Item 1A.
 
 
 
45
 
 
 
 
 
 
 
 
Item 2.
 
 
 
45
 
 
 
 
 
 
 
 
Item 4.
 
 
 
46
 
 
 
 
 
 
 
 
Item 6.
 
 
 
46
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
Table of Contents
PART I
Item 1:
Financial Statements
 
 
 
 
 
 
 
 
 
 
 
TERADYNE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
                 
 
September 29,
2019
 
 
December 31,
2018
 
 
(in thousands,
except per share amount)
 
ASSETS
 
 
 
 
Current assets:
   
     
 
Cash and cash equivalents
  $
593,939
    $
926,752
 
Marketable securities
   
342,538
     
190,096
 
Accounts receivable, less allowance for doubtful accounts of $1,770 and $1,673 at September 29, 2019 and December 31, 2018, respectively
   
357,886
     
291,267
 
Inventories, net
   
178,203
     
153,541
 
Prepayments and other current assets
   
182,013
     
170,826
 
                 
Total current assets
   
1,654,579
     
1,732,482
 
Property, plant and equipment, net
   
307,567
     
279,821
 
Operating lease
right-of-use
assets, net
   
57,595
     
—  
 
Marketable securities
   
103,558
     
87,731
 
Deferred tax assets
   
69,120
     
70,848
 
Other assets
   
22,724
     
11,509
 
Retirement plans assets
   
16,358
     
16,883
 
Acquired intangible assets, net
   
96,573
     
125,482
 
Goodwill
   
370,717
     
381,850
 
                 
Total assets
  $
2,698,791
    $
2,706,606
 
                 
LIABILITIES
 
 
 
 
Current liabilities:
   
     
 
Accounts payable
  $
117,936
    $
100,688
 
Accrued employees’ compensation and withholdings
   
127,912
     
148,566
 
Deferred revenue and customer advances
   
95,936
     
77,711
 
Other accrued liabilities
   
93,736
     
78,272
 
Operating
lease liabilities
   
18,386
     
—  
 
Contingent consideration
   
6,297
     
34,865
 
Income taxes payable
   
33,508
     
36,185
 
                 
Total current liabilities
   
493,711
     
476,287
 
Retirement plans liabilities
   
121,340
     
117,456
 
Long-term deferred revenue and customer advances
   
42,592
     
32,750
 
Deferred tax liabilities
   
15,390
     
20,662
 
Long-term other accrued liabilities
   
9,803
     
37,547
 
Long-term contingent consideration
   
11,783
     
35,678
 
Long-term operating lease liabilities
   
46,813
     
—  
 
Long-term income taxes payable
   
83,782
     
83,891
 
Debt
   
390,942
     
379,981
 
                 
Total liabilities
   
1,216,156
     
1,184,252
 
                 
Commitments and contingencies (See Note S)
   
     
 
SHAREHOLDERS’ EQUITY
 
 
 
 
Common stock, $0.125 par value, 1,000,000 shares authorized; 168,490 and 175,522 shares issued and outstanding at September 29, 2019 and December 31, 2018, respectively
   
21,061
     
21,940
 
Additional
paid-in
capital
   
1,712,185
     
1,671,645
 
Accumulated other comprehensive loss
   
(24,221
)    
(13,040
)
Accumulated deficit
   
(226,390
)    
(158,191
)
                 
Total shareholders’ equity
   
1,482,635
     
1,522,354
 
                 
Total liabilities and shareholders’ equity
  $
2,698,791
    $
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 Nine Months
Ended
 
 
September 29,
2019
 
 
September 30,
2018
 
 
September 29,
2019
 
 
September 30,
2018
 
 
(in thousands, except per share amount)
 
Revenues:
   
     
     
     
 
Products
  $
488,170
    $
470,994
    $
1,339,123
    $
1,308,969
 
Services
   
93,868
     
95,854
     
301,192
     
272,275
 
                                 
Total revenues
   
582,038
     
566,848
     
1,640,315
     
1,581,244
 
Cost of revenues:
   
     
     
     
 
Cost of products
   
197,196
     
195,339
     
555,863
     
557,074
 
Cost of services
   
39,804
     
37,816
     
127,861
     
113,311
 
                                 
Total cost of revenues (exclusive of acquired intangible assets amortization shown separately below)
   
237,000
     
233,155
     
683,724
     
670,385
 
                                 
Gross profit
   
345,038
     
333,693
     
956,591
     
910,859
 
Operating expenses:
   
     
     
     
 
Selling and administrative
   
109,166
     
100,199
     
319,990
     
290,115
 
Engineering and development
   
77,804
     
77,049
     
236,030
     
226,799
 
Acquired intangible assets amortization
   
9,647
     
11,142
     
30,363
     
28,633
 
Restructuring and other
   
(6,500
)    
1,710
     
(11,792
)    
3,785
 
                                 
Total operating expenses
   
190,117
     
190,100
     
574,591
     
549,332
 
                                 
Income from operations
   
154,921
     
143,593
     
382,000
     
361,527
 
Non-operating
(income) expense:
   
     
     
     
 
Interest income
   
(5,159
)    
(6,213
)    
(18,641
)    
(17,620
)
Interest expense
   
5,682
     
5,557
     
17,195
     
18,087
 
Other (income) expense, net
   
2,665
     
3,405
     
6,557
     
4,385
 
                                 
Income before income taxes
   
151,733
     
140,844
     
376,889
     
356,675
 
Income tax provision
   
15,873
     
20,863
     
34,494
     
48,684
 
                                 
Net income
  $
135,860
    $
119,981
    $
342,395
    $
307,991
 
                                 
Net income per common share:
   
     
     
     
 
Basic
  $
0.80
    $
0.65
    $
2.00
    $
1.62
 
                                 
Diluted
  $
0.75
    $
0.63
    $
1.92
    $
1.57
 
                                 
Weighted average common shares—basic
   
169,641
     
185,744
     
171,471
     
190,576
 
                                 
Weighted average common shares—diluted
   
180,494
     
190,505
     
178,685
     
196,300
 
                                 
 
 
 
 
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 Nine Months
Ended
 
 
September 29,
2019
 
 
September 30,
2018
 
 
September 29,
2019
 
 
September 30,
2018
 
 
(in thousands)
 
Net income
  $
135,860
    $
119,981
    $
342,395
    $
307,991
 
Other comprehensive income, net of tax:
   
     
     
     
 
Foreign currency translation adjustment, net of tax of $0
   
(18,002
)    
7,213
     
(17,019
)    
(11,568
)
Available-for-sale
marketable securities:
   
     
     
     
 
Unrealized gains (losses) on marketable securities arising during period, net of
tax of $507, $(62), $1,762, $(806), respectively
   
1,754
     
(66
)    
6,391
     
(2,555
)
Less: Reclassification adjustment for (gains) losses included in net income, net of tax of $(99), $(17), $(125), $(6), respectively
   
(345
)    
(57
)    
(442
)    
1,411
 
                                 
   
1,409
     
(123
)    
5,949
     
(1,144
)
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), $(32), $(53), respectively
   
(37
)    
(61
)    
(111
)    
(184
)
                                 
Other comprehensive
(loss) 
income
   
(16,630
)    
7,029
     
(11,181
)    
(12,896
)
                                 
Comprehensive income
  $
119,230
    $
127,010
    $
331,214
    $
295,095
 
                                 
 
 
 
 
 
 
 
 
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
(
Loss
) Income
   
Accumulated
Deficit
   
Total
Shareholders’
Equity
 
 
(in thousands)
 
For the Three Months Ended September 29, 2019
 
 
Balance, June 30, 2019
   
170,436
    $
21,305
    $
1,688,211
 
 
  $
(7,591
)   $
(222,513
)   $
1,479,412
 
Net issuance of common stock under stock-based plans
   
377
     
46
     
14,041
     
     
     
14,087
 
Stock-based compensation expense
   
     
     
9,933
     
     
     
9,933
 
Repurchase of common stock
   
(2,323
)    
(290
)    
     
     
(124,473
)    
(124,763
)
Cash dividends ($0.09 per share)
   
     
     
     
     
(15,264
)    
(15,264
)
Net income
   
     
     
     
     
135,860
     
135,860
 
Other comprehensive
loss