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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
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☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended October 1, 2023
OR
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☐ |
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)
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Massachusetts |
04-2272148 |
(State or Other Jurisdiction of Incorporation or Organization) |
(I.R.S. Employer Identification No.) |
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600 Riverpark Drive, North 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:
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Title of each class |
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Trading Symbol(s) |
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Name of each exchange on which registered |
Common Stock, par value $0.125 per share |
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TER |
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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):
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Large accelerated filer |
☒ |
Accelerated filer |
☐ |
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Non-accelerated filer |
☐ |
Emerging growth company |
☐ |
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Smaller reporting company |
☐ |
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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 ☒
The number of shares outstanding of the registrant’s only class of Common Stock as of October 30, 2023, was 152,878,728 shares.
TERADYNE, INC.
INDEX
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Page No. |
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PART I. FINANCIAL INFORMATION |
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Item 1. |
Financial Statements (Unaudited): |
1 |
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Condensed Consolidated Balance Sheets as of October 1, 2023 and December 31, 2022 |
1 |
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Condensed Consolidated Statements of Operations for the Three and Nine Months ended October 1, 2023 and October 2, 2022 |
2 |
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Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months ended October 1, 2023 and October 2, 2022 |
3 |
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Condensed Statements of Convertible Common Shares and Shareholders’ Equity for the Three and Nine Months Ended October 1, 2023 and October 2, 2022 |
4 |
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Condensed Consolidated Statements of Cash Flows for the Nine Months Ended October 1, 2023 and October 2, 2022 |
5 |
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Notes to Condensed Consolidated Financial Statements |
6 |
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Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
28 |
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Item 3. |
Quantitative and Qualitative Disclosures about Market Risk |
37 |
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Item 4. |
Controls and Procedures |
38 |
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PART II. OTHER INFORMATION |
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Item 1. |
Legal Proceedings |
39 |
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Item 1A. |
Risk Factors |
39 |
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Item 2. |
Unregistered Sales of Equity Securities and Use of Proceeds |
41 |
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Item 4. |
Mine Safety Disclosures |
41 |
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Item 5. |
Other Information |
41 |
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Item 6. |
Exhibits |
42 |
PART I
Item 1: Financial Statements
TERADYNE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
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October 1,
2023 |
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December 31,
2022 |
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(in thousands,
except per share amount) |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
636,961 |
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$ |
854,773 |
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Marketable securities |
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79,570 |
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|
39,612 |
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Accounts receivable, less allowance for credit losses of $2,191 and $1,955 at October 1, 2023
and December 31, 2022, respectively |
|
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455,878 |
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|
491,145 |
|
Inventories, net |
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322,632 |
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|
325,019 |
|
Prepayments |
|
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593,366 |
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532,962 |
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Other current assets |
|
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10,952 |
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14,404 |
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Total current assets |
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2,099,359 |
|
|
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2,257,915 |
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Property, plant and equipment, net |
|
|
436,449 |
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418,683 |
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Operating lease right-of-use assets, net |
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|
78,978 |
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73,734 |
|
Marketable securities |
|
|
103,911 |
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110,777 |
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Deferred tax assets |
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162,669 |
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142,784 |
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Retirement plans assets |
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11,403 |
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11,761 |
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Other assets |
|
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37,581 |
|
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|
28,925 |
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Acquired intangible assets, net |
|
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39,165 |
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|
|
53,478 |
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Goodwill |
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401,140 |
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|
403,195 |
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Total assets |
|
$ |
3,370,655 |
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$ |
3,501,252 |
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LIABILITIES |
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Current liabilities: |
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Accounts payable |
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$ |
176,117 |
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$ |
139,722 |
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Accrued employees’ compensation and withholdings |
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155,246 |
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212,266 |
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Deferred revenue and customer advances |
|
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109,445 |
|
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|
148,285 |
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Other accrued liabilities |
|
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122,609 |
|
|
|
112,271 |
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Operating lease liabilities |
|
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18,026 |
|
|
|
18,594 |
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Income taxes payable |
|
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35,687 |
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|
65,010 |
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Current debt |
|
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23,529 |
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|
50,115 |
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Total current liabilities |
|
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640,659 |
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|
746,263 |
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Retirement plans liabilities |
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123,244 |
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116,005 |
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Long-term deferred revenue and customer advances |
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34,405 |
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45,131 |
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Long-term other accrued liabilities |
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17,114 |
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15,981 |
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Deferred tax liabilities |
|
|
238 |
|
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3,267 |
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Long-term operating lease liabilities |
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69,364 |
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64,176 |
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Long-term incomes taxes payable |
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44,331 |
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59,135 |
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Total liabilities |
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929,355 |
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1,049,958 |
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Commitments and contingencies (Note P) |
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SHAREHOLDERS’ EQUITY |
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Common stock, $0.125 par value, 1,000,000 shares authorized; 153,235 and 155,759 shares issued
and outstanding at October 1, 2023 and December 31, 2022, respectively |
|
|
19,154 |
|
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19,470 |
|
Additional paid-in capital |
|
|
1,816,137 |
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1,755,963 |
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Accumulated other comprehensive loss |
|
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(47,928 |
) |
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(49,868 |
) |
Retained earnings |
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653,937 |
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725,729 |
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Total shareholders’ equity |
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2,441,300 |
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2,451,294 |
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Total liabilities and shareholders’ equity |
|
$ |
3,370,655 |
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$ |
3,501,252 |
|
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, 2022, are an integral part of the condensed consolidated financial statements.
1
TERADYNE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
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For the Three Months
Ended |
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For the Nine Months
Ended |
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October 1,
2023 |
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October 2,
2022 |
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October 1,
2023 |
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October 2,
2022 |
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(in thousands, except per share amount) |
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Revenues: |
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Products |
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$ |
551,982 |
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$ |
676,252 |
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$ |
1,565,776 |
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$ |
2,000,081 |
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Services |
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151,750 |
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|
150,821 |
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439,923 |
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423,128 |
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Total revenues |
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703,732 |
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827,073 |
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2,005,699 |
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2,423,209 |
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Cost of revenues: |
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Cost of products |
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239,827 |
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277,539 |
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655,502 |
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795,229 |
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Cost of services |
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65,614 |
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64,155 |
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192,993 |
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181,279 |
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Total cost of revenues (exclusive of acquired intangible
assets amortization shown separately below) |
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305,441 |
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341,694 |
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848,495 |
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|
976,508 |
|
Gross profit |
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398,291 |
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|
485,379 |
|
|
|
1,157,204 |
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1,446,701 |
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Operating expenses: |
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Selling and administrative |
|
|
138,330 |
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135,632 |
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|
434,979 |
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|
415,351 |
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Engineering and development |
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104,413 |
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|
111,715 |
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315,881 |
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|
331,781 |
|
Acquired intangible assets amortization |
|
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4,720 |
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4,729 |
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|
14,348 |
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14,663 |
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Restructuring and other |
|
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6,856 |
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1,796 |
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|
15,251 |
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|
19,554 |
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Total operating expenses |
|
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254,319 |
|
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253,872 |
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780,459 |
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|
781,349 |
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Income from operations |
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143,972 |
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231,507 |
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376,745 |
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665,352 |
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Non-operating (income) expense: |
|
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Interest income |
|
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(6,873 |
) |
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(1,318 |
) |
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(18,486 |
) |
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(2,972 |
) |
Interest expense |
|
|
963 |
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|
|
779 |
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2,994 |
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|
|
2,704 |
|
Other (income) expense, net |
|
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5,602 |
|
|
|
5,849 |
|
|
|
6,470 |
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|
20,472 |
|
Income before income taxes |
|
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144,280 |
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|
226,197 |
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|
385,767 |
|
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|
645,148 |
|
Income tax provision |
|
|
16,164 |
|
|
|
42,712 |
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|
54,069 |
|
|
|
101,948 |
|
Net income |
|
$ |
128,116 |
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$ |
183,485 |
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$ |
331,698 |
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$ |
543,200 |
|
Net income per common share: |
|
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Basic |
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$ |
0.83 |
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$ |
1.17 |
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$ |
2.14 |
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$ |
3.41 |
|
Diluted |
|
$ |
0.78 |
|
|
$ |
1.10 |
|
|
$ |
2.01 |
|
|
$ |
3.17 |
|
Weighted average common shares—basic |
|
|
153,762 |
|
|
|
156,364 |
|
|
|
154,809 |
|
|
|
159,325 |
|
Weighted average common shares—diluted |
|
|
164,050 |
|
|
|
166,733 |
|
|
|
165,037 |
|
|
|
171,156 |
|
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, 2022, are an integral part of the condensed consolidated financial statements.
2
TERADYNE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended |
|
|
For the Nine Months
Ended |
|
|
|
October 1,
2023 |
|
|
October 2,
2022 |
|
|
October 1,
2023 |
|
|
October 2,
2022 |
|
|
|
(in thousands) |
|
Net income |
|
$ |
128,116 |
|
|
$ |
183,485 |
|
|
$ |
331,698 |
|
|
$ |
543,200 |
|
Other comprehensive income, net of tax: |
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustment, net of tax of $0, $0, $0, $0,
respectively |
|
|
(14,325 |
) |
|
|
(28,951 |
) |
|
|
(2,073 |
) |
|
|
(66,258 |
) |
Available-for-sale marketable securities: |
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized losses on marketable securities arising during
period, net of tax of $(731), $(997), $(408), and $(3,570),
respectively |
|
|
(2,628 |
) |
|
|
(3,581 |
) |
|
|
(903 |
) |
|
|
(13,491 |
) |
Less: Reclassification adjustment for losses included in net income,
net of tax of $0, $(11), $9, $48, respectively |
|
|
— |
|
|
|
177 |
|
|
|
33 |
|
|
|
386 |
|
|
|
|
(2,628 |
) |
|
|
(3,404 |
) |
|
|
(870 |
) |
|
|
(13,105 |
) |
Cash flow hedges: |
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized gains arising during period, net of tax of $728, $0,
$1,816, $0 respectively |
|
|
2,590 |
|
|
|
537 |
|
|
|
6,456 |
|
|
|
537 |
|
Less: Reclassification adjustment for losses included in net income,
net of tax of $(869), $0, $(441), $0 respectively |
|
|
(3,091 |
) |
|
|
— |
|
|
|
(1,567 |
) |
|
|
— |
|
|
|
|
(501 |
) |
|
|
537 |
|
|
|
4,889 |
|
|
|
537 |
|
Defined benefit post-retirement plan: |
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of prior service credit, net of tax of $0, $0, $(1), $(2),
respectively |
|
|
(2 |
) |
|
|
(2 |
) |
|
|
(6 |
) |
|
|
(5 |
) |
Other comprehensive (loss) income |
|
|
(17,456 |
) |
|
|
(31,820 |
) |
|
|
1,940 |
|
|
|
(78,831 |
) |
Comprehensive income |
|
$ |
110,660 |
|
|
$ |
151,665 |
|
|
$ |
333,638 |
|
|
$ |
464,369 |
|
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, 2022, are an integral part of the condensed consolidated financial statements.
3