0001193125-23-195224 8-K 13 20230726 2.02 9.01 20230727 20230727 TERADYNE, INC 0000097210 3825 042272148 MA 1231 8-K 34 001-06462 231115144 600 RIVERPARK DRIVE NORTH READING MA 01864 978-370-2700 600 RIVERPARK DRIVE NORTH READING MA 01864 TERADYNE INC 19920703 8-K 1 d454874d8k.htm 8-K 8-K
TERADYNE, INC false 0000097210 0000097210 2023-07-26 2023-07-26

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): July 26, 2023

 

 

TERADYNE, INC.

(Exact Name of Registrant as Specified in Charter)

 

 

 

Massachusetts   001-06462   04-2272148

(State or Other Jurisdiction

of Incorporation)

 

(Commission

File Number)

 

(IRS Employer

Identification No.)

 

600 Riverpark Drive, North Reading, MA   01864
(Address of Principal Executive Offices)   (Zip Code)

Registrant’s telephone number, including area code: (978) 370-2700

 

(Former Name or Former Address, if Changed Since Last Report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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 is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth 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.  ☐

 

 

 


Item2.02

 Results of Operations and Financial Condition.

On July 26, 2023, Teradyne, Inc. (“Teradyne”) issued a press release regarding its financial results for the second quarter ended July 2, 2023. Teradyne’s press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.


Item 9.01

Financial Statements and Exhibits.

(d) Exhibits.

 

Exhibit

  

Description

99.1    Press Release dated July 26, 2023.
104    Cover Page Interactive Data File (embedded within the Inline XBRL document)


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

    TERADYNE, INC.
Dated: July 27, 2023     By:  

/s/ SANJAY MEHTA

    Name:   Sanjay Mehta
    Title:   Vice President, Chief Financial Officer and Treasurer
EX-99.1 2 d454874dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

Teradyne Reports Second Quarter 2023 Results

 

   

Revenue and earnings above the mid-point of Q2 guidance

 

   

Revenue of $684 million in Q2’23, down 19% from Q2’22

 

   

Returned $152 million to shareholders in share repurchases and dividends in Q2’23

 

     Q2’23      Q2’22      Q1’23  

Revenue (mil)

   $ 684      $ 841      $ 618  

GAAP EPS

   $ 0.73      $ 1.16      $ 0.50  

Non-GAAP EPS

   $ 0.79      $ 1.21      $ 0.55  

NORTH READING, Mass. – July 26, 2023 – Teradyne, Inc. (NASDAQ: TER) reported revenue of $684 million for the second quarter of 2023 of which $475 million was in Semiconductor Test, $94 million in System Test, $44 million in Wireless Test and $72 million in Robotics. GAAP net income for the second quarter was $120.1 million or $0.73 per diluted share. On a non-GAAP basis, Teradyne’s net income in the second quarter was $129.0 million, or $0.79 per diluted share, which excluded restructuring and other charges, acquired intangible asset amortization, and included the related tax impact on non-GAAP adjustments.

“We delivered revenue at the high end of our guidance range with higher semiconductor test shipments which more than offset weaker robotics demand in the quarter while profits exceeded plan on higher gross margins,” said Teradyne CEO Greg Smith. “As we enter Q3, test demand for DRR5 and HBM memory devices for data center applications remains strong and SOC test demand for automotive applications is incrementally stronger. In robotics, we expect order rates to decline as customers navigate slowing global industrial activity and macro-economic headwinds.”

Guidance for the third quarter of 2023 is revenue of $650 million to $710 million, with GAAP net income of $0.57 to $0.77 per diluted share and non-GAAP net income of $0.61 to $0.81 per diluted share. Non-GAAP guidance excludes acquired intangible asset amortization, restructuring and other charges and includes the related tax impact on non-GAAP adjustments.

Webcast

A conference call to discuss the second quarter results, along with management’s business outlook, will follow at 8:30 a.m. ET, Thursday, July 27. Interested investors should access the webcast at http://investors.teradyne.com/events-presentations. Presentation materials will be available starting at 8:30 a.m. ET. A replay will also be available at the website.


Page 2

 

Non-GAAP Results

In 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 acquired intangible assets amortization, restructuring and other, pension actuarial gains and losses, stock compensation modification expense, discrete income tax adjustments, 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 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 Teradyne

Teradyne (NASDAQ:TER) test technology helps bring 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 robotics offerings include collaborative and mobile robots that help manufacturers of all sizes increase productivity, improve safety, and lower costs. In 2022, Teradyne had revenue of $3.2 billion and today employs over 6,500 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, results of operations, market conditions, earnings per share, the impact of supply chain conditions on the business, customer sales expectations, the payment of a quarterly dividend, the repurchase of Teradyne common stock pursuant to a share


Page 3

 

repurchase program, the continued impact of the global COVID-19 pandemic, and the impact of U.S. and Chinese export and tariff laws, including regulations published by the U.S. Department of Commerce on October 7, 2022. Such statements are based on the current assumptions and expectations of Teradyne’s management and are neither promises nor guarantees of future performance, events, customer sales, supply chain conditions or improvements, 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, the impact of any tariffs or export controls imposed by 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, HiSilicon and other customers or potential customers, the impact of U.S. Department of Commerce export control regulations for certain U.S. products and technology sold to military end users or for military end-use in China, or the impact of regulations published by the U.S. Department of Commerce relating to the export of semiconductors and semiconductor manufacturing equipment destined to certain end users and for certain end uses in China. There can be no assurance that management’s estimates of Teradyne’s future results or other forward-looking statements will be achieved. Specifically, Teradyne’s 2026 earnings model is aspirational and includes many assumptions. There can be no assurance that these assumptions will be accurate or that model results will be achieved. As set forth below, there are many factors that could cause our 2026 earnings model and actual results to differ materially from those presently expected. Additionally, the current dividend and share repurchase programs may be modified, suspended or discontinued at any time.

On October 7, 2022, the U.S. Department of Commerce published regulations restricting the export to China of advanced semiconductors, supercomputer technology, equipment for the manufacturing of advanced semiconductors and components and technology for the manufacturing in China of certain semiconductor manufacturing equipment. The restrictions on the sale of semiconductor testers in China to test certain advanced semiconductors impact Teradyne’s sales to certain companies in China. Several multinational companies manufacturing these advanced semiconductors in China have obtained one-year licenses allowing suppliers such as Teradyne to continue to provide testers to the facilities operated by these companies. We expect that other companies manufacturing advanced semiconductors in China will not receive licenses, thereby restricting Teradyne’s ability to provide testers to the facilities operated by these companies that do not receive a license. The Company has filed license applications to sell to and support certain customers in China for certain end uses. Several applications have been denied or granted with limitations so that our business will continue to be impacted by the regulation restrictions. In addition to the specific restrictions impacting Teradyne’s business, the regulations may have an adverse impact on certain actual or potential customers and on the global semiconductor industry. To the extent the regulations impact actual and potential customers or disrupt the global semiconductor industry, Teradyne’s business and revenues will be adversely impacted.

The Company also has determined that the restrictions on the export of certain US origin components and technology for use in the development and production in China of certain semiconductor manufacturing equipment impact its manufacturing and development operations in China. Teradyne received a temporary authorization from the


Page 4

 

Department of Commerce allowing the Company to continue its manufacturing and development operations. On May 25, 2023, the Department of Commerce issued an export license to replace this temporary authorization. The license is effective through May 31, 2027.

Important factors that could cause actual results, the 2026 earnings model, 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 Robotics 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 a 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. or global tax regulations or guidance; the impact of any tariffs or export controls imposed by 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, HiSilicon and other customers or potential customers; the impact of U.S. Department Commerce export control regulations for certain U.S. products and technology sold to military end users or for military end-use in China; the impact of regulations published by the U.S. Department of Commerce relating to semiconductors and semiconductor manufacturing equipment destined for certain end uses in China; and other events, factors and risks disclosed in filings with the SEC, including, but not limited to, the “Risk Factors” section of Teradyne’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022 and Quarterly Report on Form 10-Q for the fiscal quarter ended April 2, 2023. 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 SECOND FISCAL QUARTER OF 2023

 

 

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

 

 

     Quarter Ended      Six Months Ended  
     July 2,
2023
    April 2,
2023
    July 3,
2022
     July 2,
2023
    July 3,
2022
 

Net revenues

   $  684,437     $  617,529     $  840,766      $  1,301,966     $  1,596,136  

Cost of revenues (exclusive of acquired intangible assets amortization shown separately below) (1)

     281,945       261,109       334,377        543,054       634,814  
  

 

 

   

 

 

   

 

 

    

 

 

   

 

 

 

Gross profit

     402,492       356,420       506,389        758,912       961,322  

Operating expenses:

           

Selling and administrative (2)

     145,695       150,955       139,533        296,650       279,718  

Engineering and development

     105,706       105,762       111,951        211,468       220,067  

Acquired intangible assets amortization

     4,825       4,802       4,871        9,627       9,934  

Restructuring and other (3)

     6,358       2,037       2,044        8,395       17,758  
  

 

 

   

 

 

   

 

 

    

 

 

   

 

 

 

Operating expenses

     262,584       263,556       258,399        526,140       527,477  

Income from operations

     139,908       92,864       247,990        232,772       433,845  

Interest and other (income) expense (4)

     (4,494     (4,220     9,398        (8,714     14,894  
  

 

 

   

 

 

   

 

 

    

 

 

   

 

 

 

Income before income taxes

     144,402       97,084       238,592        241,486       418,951  

Income tax provision

     24,352       13,553       40,805        37,905       59,236  
  

 

 

   

 

 

   

 

 

    

 

 

   

 

 

 

Net income

   $ 120,050     $ 83,531     $ 197,787      $ 203,581     $ 359,715  
  

 

 

   

 

 

   

 

 

    

 

 

   

 

 

 

Net income per common share:

           

Basic

   $ 0.78     $ 0.54     $ 1.24      $ 1.31     $ 2.24  
  

 

 

   

 

 

   

 

 

    

 

 

   

 

 

 

Diluted

   $ 0.73     $ 0.50     $ 1.16      $ 1.23     $ 2.07  
  

 

 

   

 

 

   

 

 

    

 

 

   

 

 

 

Weighted average common shares - basic

     154,760       155,904       159,563        155,332       160,805  
  

 

 

   

 

 

   

 

 

    

 

 

   

 

 

 

Weighted average common shares - diluted (5)

     164,751       166,308       171,159        165,530       173,367  
  

 

 

   

 

 

   

 

 

    

 

 

   

 

 

 

Cash dividend declared per common share

   $ 0.11     $ 0.11     $ 0.11      $ 0.22     $ 0.22  
  

 

 

   

 

 

   

 

 

    

 

 

   

 

 

 

 

(1)

Cost of revenues includes:

 

     Quarter Ended     Six Months Ended  
     July 2,
2023
    April 2,
2023
    July 3,
2022
    July 2,
2023
    July 3,
2022
 

Provision for excess and obsolete inventory

   $ 5,731     $  5,610     $  5,105     $  11,341     $  6,695  

Sale of previously written down inventory

     (2,463     (385     (449     (2,848     (711
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
   $ 3,268     $ 5,225     $ 4,656     $ 8,493     $ 5,984  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(2)

For the quarter ended April 2, 2023 and the six months ended July 2, 2023, selling and administrative expenses included an equity charge of $5.9 million for the modification of Teradyne’s retired CEO’s outstanding equity awards in connection with his February 1, 2023 retirement.

(3)

Restructuring and other consists of:

 

     Quarter Ended      Six Months Ended  
     July 2,
2023
     April 2,
2023
     July 3,
2022
     July 2,
2023
     July 3,
2022
 

Employee severance

   $  5,140      $  2,037      $ 383      $  7,177      $ 934  

Litigation settlement

     —          —          —          —          14,700  

Acquisition related expenses and compensation

     —          —          —          —          (201

Other

     1,218        —          1,661        1,218        2,325  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
   $ 6,358      $ 2,037      $  2,044      $ 8,395      $  17,758  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

(4)

Interest and other includes:

 

     Quarter Ended      Six Months Ended  
     July 2,
2023
     April 2,
2023
     July 3,
2022
     July 2,
2023
     July 3,
2022
 

Pension actuarial losses

   $  53      $  —        $  —        $  53      $  —    
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
   $ 53      $ —        $ —        $ 53      $ —    
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

(5)

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 July 2, 2023, April 2, 2023 and July 3, 2022, 0.7 million, 0.9 million and 1.9 million shares, respectively, have been included in diluted shares. For the six months ended July 2, 2023 and July 3, 2022, 0.8 million and 2.2 million shares, respectively, have been included in diluted shares. For the quarters ended July 2, 2023, April 2, 2023 and July 3, 2022, diluted shares also included 8.9 million, 9.0 million and 9.0 million shares, respectively, from the convertible note hedge transaction. For the six months ended July 2, 2023 and July 3, 2022, diluted shares included 8.9 million and 9.5 million shares, respectively, from the convertible note hedge transaction.


CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands)

 

 

     July 2,
2023
     December 31,
2022
 

Assets

     

Cash and cash equivalents

   $ 613,208      $ 854,773  

Marketable securities

     95,199        39,612  

Accounts receivable, net

     493,234        491,145  

Inventories, net

     347,295        325,019  

Prepayments

     560,682        532,962  

Other current assets

     14,222        14,404  
  

 

 

    

 

 

 

Total current assets

     2,123,840        2,257,915  

Property, plant and equipment, net

     437,077        418,683  

Operating lease right-of-use assets, net

     75,889        73,734  

Marketable securities

     104,685        110,777  

Deferred tax assets

     152,471        142,784  

Retirement plans assets

     11,514        11,761  

Other assets

     32,699        28,925  

Acquired intangible assets, net

     44,611        53,478  

Goodwill

     412,110        403,195  
  

 

 

    

 

 

 

Total assets

   $ 3,394,896      $ 3,501,252  
  

 

 

    

 

 

 

Liabilities

     

Accounts payable

   $ 153,157      $ 139,722  

Accrued employees’ compensation and withholdings

     163,653        212,266  

Deferred revenue and customer advances

     120,085        148,285  

Other accrued liabilities

     114,435        112,271  

Operating lease liabilities

     20,212        18,594  

Income taxes payable

     65,437        65,010  

Current debt

     32,806        50,115  
  

 

 

    

 

 

 

Total current liabilities

     669,785        746,263  

Retirement plans liabilities

     124,040        116,005  

Long-term deferred revenue and customer advances

     38,999        45,131  

Long-term other accrued liabilities

     16,475        15,981  

Deferred tax liabilities

     1,304        3,267  

Long-term operating lease liabilities

     65,079        64,176  

Long-term income taxes payable

     44,331        59,135  
  

 

 

    

 

 

 

Total liabilities

     960,013        1,049,958  
  

 

 

    

 

 

 

Shareholders’ equity

     2,434,883        2,451,294  
  

 

 

    

 

 

 

Total liabilities and shareholders’ equity

   $  3,394,896      $  3,501,252  
  

 

 

    

 

 

 


CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands)

 

 

     Quarter Ended      Six Months Ended  
     July 2,
2023
     July 3,
2022
     July 2,
2023
     July 3,
2022
 

Cash flows from operating activities:

           

Net income

   $ 120,050      $ 197,787      $ 203,581      $ 359,715  

Adjustments to reconcile net income to net cash provided by operating activities:

           

Depreciation

     22,551        21,957        45,231        44,460  

Stock-based compensation

     13,564        12,228        32,449        25,122  

Provision for excess and obsolete inventory

     5,731        5,105        11,341        6,695  

Amortization

     4,654        4,862        9,580        10,095  

Deferred taxes

     (5,937      (34,885      (13,571      (23,597

(Gains) losses on investments

     (2,507      6,972        (4,745      8,973  

Other

     (201      345        (92      522  

Changes in operating assets and liabilities

           

Accounts receivable

     (39,897      (146,592      (2,693      (146,384

Inventories

     9,852        (37,202      (13,845      (46,682

Prepayments and other assets

     (14,204      (25,597      (29,584      (99,902

Accounts payable and other liabilities

     58,694        85,922        (24,514      (38,460

Deferred revenue and customer advances

     (2,233      7,416        (34,938      14,163  

Retirement plans contributions

     (1,248      (1,289      (2,482      (2,618

Income taxes

     (26,102      18,426        (13,614      10,815  
  

 

 

    

 

 

    

 

 

    

 

 

 

Net cash provided by operating activities

     142,767        115,455        162,104        122,917  
  

 

 

    

 

 

    

 

 

    

 

 

 

Cash flows from investing activities:

           

Purchases of property, plant and equipment

     (39,258      (45,744      (80,702      (89,743

Purchases of marketable securities

     (29,742      (81,904      (99,018      (247,881

Proceeds from sales of marketable securities

     27,648        113,061        35,577        143,642  

Proceeds from maturities of marketable securities

     14,529        42,970        21,997        139,652  

Proceeds from life insurance

     —          —          460        —    
  

 

 

    

 

 

    

 

 

    

 

 

 

Net cash (used for) provided by investing activities

     (26,823      28,383        (121,686      (54,330
  

 

 

    

 

 

    

 

 

    

 

 

 

Cash flows from financing activities:

           

Repurchase of common stock

     (134,537      (331,334      (227,845      (532,799

Dividend payments

     (17,019      (17,547      (34,184      (35,442

Payments of convertible debt principal

     (2,303      (21,598      (17,458      (42,292

Payments related to net settlement of employee stock compensation awards

     (438      (1,732      (20,308      (32,780

Issuance of common stock under stock purchase and stock option plans

     602        61        16,599        16,536  
  

 

 

    

 

 

    

 

 

    

 

 

 

Net cash used for financing activities

     (153,695      (372,150      (283,196      (626,777
  

 

 

    

 

 

    

 

 

    

 

 

 

Effects of exchange rate changes on cash and cash equivalents

     1,751        5,732        1,213        8,014  
  

 

 

    

 

 

    

 

 

    

 

 

 

Decrease in cash and cash equivalents

     (36,000      (222,580      (241,565      (550,176

Cash and cash equivalents at beginning of period

     649,208        794,603        854,773        1,122,199  
  

 

 

    

 

 

    

 

 

    

 

 

 

Cash and cash equivalents at end of period

   $ 613,208      $ 572,023      $ 613,208      $ 572,023  
  

 

 

    

 

 

    

 

 

    

 

 

 


GAAP to Non-GAAP Earnings Reconciliation

(In millions, except per share amounts)

 

         Quarter Ended              
                                                                                                                                           July 2,
2023
    % of Net
Revenues
                April 2,
2023
    % of Net
Revenues
                July 3,
2022
    % of Net
Revenues
 

Net revenues

   $  684.4           $  617.5           $  840.8    

Gross profit GAAP and non-GAAP

   $ 402.5       58.8       $ 356.4       57.7       $ 506.4       60.2

Income from operations - GAAP

   $ 139.9       20.4       $ 92.9       15.0       $ 248.0       29.5

Restructuring and other (1)

     6.4       0.9         2.0       0.3         2.0       0.2

Acquired intangible assets amortization

     4.8       0.7         4.8       0.8         4.9       0.6

Equity modification charge (2)

     —         —             5.9       1.0         —         —    
    

 

 

   

 

 

       

 

 

   

 

 

       

 

 

   

 

 

 

Income from operations - non-GAAP

   $ 151.1       22.1       $ 105.6       17.1       $ 254.9       30.3
    

 

 

   

 

 

       

 

 

   

 

 

       

 

 

   

 

 

 
                     Net Income
per Common Share
                Net Income
per Common Share
                Net Income
per Common Share
 
         July 2,
2023
    % of Net
Revenues
    Basic     Diluted     April 2,
2023
    % of Net
Revenues
    Basic     Diluted     July 3,
2022
    % of Net
Revenues
    Basic     Diluted  

Net income - GAAP

   $  120.1       17.5   $ 0.78     $ 0.73     $ 83.5       13.5   $ 0.54     $ 0.50     $  197.8       23.5   $ 1.24     $ 1.16  

Restructuring and other (1)

     6.4       0.9     0.04       0.04       2.0       0.3     0.01       0.01       2.0       0.2     0.01       0.01  

Acquired intangible assets amortization

     4.8       0.7     0.03       0.03       4.8       0.8     0.03       0.03       4.9       0.6     0.03       0.03  

Pension mark-to-market adjustment (3)

     0.1       0.0     0.00       0.00       —         —         —         —         —         —         —         —    

Equity modification charge (2)

     —         —         —         —         5.9       1.0     0.04       0.04       —         —         —         —    

Exclude discrete tax adjustments

     0.5       0.1     0.00       0.00       (2.5     -0.4     (0.02     (0.02     1.6       0.2     0.01       0.01  

Non-GAAP tax adjustments

     (2.9     -0.4     (0.02     (0.02     (2.4     -0.4     (0.02     (0.01     (2.3     -0.3     (0.01     (0.01

Convertible share adjustment (4)

     —         —         —         —         —         —         —         —         —         —         —         0.01  
    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income - non-GAAP

   $ 129.0       18.8   $ 0.83     $ 0.79     $ 91.3       14.8   $ 0.59     $ 0.55     $ 204.0       24.3   $ 1.28     $ 1.21  
    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

GAAP and non-GAAP weighted average common shares - basic

     154.8             155.9             159.6        

GAAP weighted average common shares - diluted

     164.8             166.3             171.2        

Exclude dilutive shares related to convertible note transaction

     (0.7           (0.9           (1.9      
    

 

 

         

 

 

         

 

 

       

Non-GAAP weighted average common shares - diluted

     164.1             165.4             169.3        
    

 

 

         

 

 

         

 

 

       

(1)   Restructuring and other consists of:

    

               
                  Quarter Ended                    
       July 2,
2023
                      April 2,
2023
                      July 3,
2022
 
 

Employee severance

   $  5.1           $  2.0           $  0.4  
 

Other

     1.2             —               1.7  
    

 

 

         

 

 

         

 

 

 
     $ 6.4           $ 2.0           $ 2.0  
    

 

 

         

 

 

         

 

 

 

 

(2)

For the quarter ended April 2, 2023, selling and administrative expenses include an equity charge of $5.9 million for the modification of Teradyne’s retired CEO’s outstanding equity awards in connection with his February 1, 2023 retirement.

(3)

For the quarter ended July 2, 2023 adjustment to exclude actuarial loss recognized under GAAP in accordance with Teradyne’s mark-to-market pension accounting

(4)

For the quarters ended April 2, 2023, and July 3, 2022, the non-GAAP diluted EPS calculation adds back $0.1 million, and $0.2 million, respectively, of convertible debt interest expense to non-GAAP net income. For the quarters ended July 2, 2023, April 2, 2023, and July 3, 2022, non-GAAP weighted average diluted common shares include 8.9 million, 9.0 million and 9.0 million shares, respectively, from the convertible note hedge transaction


                                                                                                                         Six Months Ended                                                                                                                           
         July 2,
2023
    % of Net
Revenues
                July 3,
2022
    % of Net
Revenues
 

Net Revenues

   $  1,302.0           $  1,596.1    

Gross profit GAAP and non-GAAP

   $ 758.9       58.3       $ 961.3       60.2

Income from operations - GAAP

   $ 232.8       17.9       $ 433.8       27.2

Acquired intangible assets amortization

     9.6       0.7         9.9       0.6

Restructuring and other (1)

     8.4       0.6         17.8       1.1

Equity modification charge (2)

     5.9       0.5        
    

 

 

   

 

 

       

 

 

   

 

 

 

Income from operations - non-GAAP

   $ 256.7       19.7       $ 461.5       28.9
    

 

 

   

 

 

       

 

 

   

 

 

 
                     Net Income
per Common Share
                Net Income
per Common Share
 
         July 2,
2023
    % of Net
Revenues
    Basic     Diluted     July 3,
2022
    % of Net
Revenues
    Basic     Diluted  

Net income - GAAP

   $  203.6       15.6   $ 1.31     $ 1.23     $  359.7       22.5   $ 2.24     $ 2.07  

Acquired intangible assets amortization

     9.6       0.7     0.06       0.06       9.9       0.6     0.06       0.06  

Restructuring and other (1)

     8.4       0.6     0.05       0.05       17.8       1.1     0.11       0.10  

Equity modification charge (2)

     5.9       0.5     0.04       0.04       —         —         —         —    

Pension mark-to-market adjustment (3)

     0.1       0.0     0.00       0.00       —         —         —         —    

Exclude discrete tax adjustments

     (1.9     -0.1     (0.01     (0.01     (8.8     -0.6     (0.05     (0.05

Non-GAAP tax adjustments

     (5.3     -0.4     (0.03     (0.03     (5.6     -0.4     (0.03     (0.03

Convertible share adjustment (4)

     —         —         —         0.01       —         —         —         0.03  
    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income - non-GAAP

   $ 220.4       16.9   $ 1.42     $ 1.34     $ 373.0       23.4   $ 2.32     $ 2.18  
    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

GAAP and non-GAAP weighted average common shares - basic

     155.3             160.8        

GAAP weighted average common shares - diluted

     165.5             173.4        

Exclude dilutive shares from convertible note

     (0.8           (2.2      
    

 

 

         

 

 

       

Non-GAAP weighted average common shares - diluted

     164.7             171.2        
    

 

 

         

 

 

       

 

(1)     Restructuring and other consists of:

 

    

                    Six Months Ended                    
       July 2,
2023
                                                                               July 3,
2022
 
 

Employee severance

   $ 7.2           $ 0.9  
 

Litigation settlement

     —               14.7  
 

Acquisition related expenses and compensation

     —               (0.2
 

Other

     1.2             2.3  
    

 

 

         

 

 

 
     $ 8.4           $  17.8  
    

 

 

         

 

 

 

 

(2)

For the six months ended July 2, 2023, selling and administrative expenses include an equity charge of $5.9 million for the modification of Teradyne’s retired CEO’s outstanding equity awards in connection with his February 1, 2023 retirement.

(3)

For the six months ended July 2, 2023 adjustment to exclude actuarial loss recognized under GAAP in accordance with Teradyne’s mark-to-market pension accounting.

(4)

For the six months ended July 2, 2023 and July 3, 2022, the non-GAAP diluted EPS calculation adds back $0.2 million and $0.5 million, respectively, of convertible debt interest expense to non-GAAP net income. For the six months ended July 2, 2023 and July 3, 2022, non-GAAP weighted average diluted common shares include 8.9 million and 9.5 million shares, respectively, related to the convertible debt hedge transaction.

GAAP to Non-GAAP Reconciliation of Third Quarter 2023 guidance:

 

GAAP and non-GAAP third quarter revenue guidance:

   $ 650 million        to      $ 710 million  

GAAP net income per diluted share

   $ 0.57         $ 0.77  

Exclude acquired intangible assets amortization

     0.03           0.03  

Exclude acquired restructuring and other charges

     0.02           0.02  

Non-GAAP tax adjustments

     (0.01         (0.01
  

 

 

       

 

 

 

Non-GAAP net income per diluted share

   $ 0.61         $ 0.81  

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 978-370-2425

Vice President of Corporate Relations

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Entity Central Index Key 0000097210
Document Type 8-K
Document Period End Date Jul. 26, 2023
Entity Incorporation State Country Code MA
Entity File Number 001-06462
Entity Tax Identification Number 04-2272148
Entity Address, Address Line One 600 Riverpark Drive
Entity Address, City or Town North Reading
Entity Address, State or Province MA
Entity Address, Postal Zip Code 01864
City Area Code (978)
Local Phone Number 370-2700
Written Communications false
Soliciting Material false
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Pre Commencement Issuer Tender Offer false
Security 12b Title Common Stock, par value $0.125 per share
Trading Symbol TER
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
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