0001193125-23-015618 8-K 13 20230125 2.02 9.01 20230126 20230126 TERADYNE, INC 0000097210 3825 042272148 MA 1231 8-K 34 001-06462 23553830 600 RIVERPARK DRIVE NORTH READING MA 01864 978-370-2700 600 RIVERPARK DRIVE NORTH READING MA 01864 TERADYNE INC 19920703 8-K 1 d433401d8k.htm 8-K 8-K
TERADYNE, INC false 0000097210 0000097210 2023-01-25 2023-01-25

 

 

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): January 25, 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 January 25, 2023, Teradyne, Inc. (“Teradyne”) issued a press release regarding its financial results for the fourth quarter ended December 31, 2022. 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 January 25, 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: January 26, 2023     By:  

/s/ SANJAY MEHTA

    Name:   Sanjay Mehta
    Title:   Vice President, Chief Financial Officer and Treasurer
EX-99.1 2 d433401dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

Teradyne Reports Fourth Quarter and Fiscal Year 2022 Results

 

   

Revenue of $732 million in Q4’22, down 17% from record Q4’21

 

   

Revenue of $3,155 million in FY 2022, down 15% from record FY 2021

 

   

Test Revenue contracted 17% in FY 2022

 

   

Industrial Automation revenue grew 7% in dollar terms in FY2022, 15% in constant currency.

 

   

Expect to repurchase up to $500 million in shares in 2023

 

     Q4’22      Q4’21      Q3’22      FY 2022      FY 2021  

Revenue (mil)

   $ 732      $ 885      $ 827      $ 3,155      $ 3,703  

GAAP EPS

   $ 1.04      $ 1.26      $ 1.10      $ 4.22      $ 5.53  

Non-GAAP EPS

   $ 0.92      $ 1.37      $ 1.15      $ 4.25      $ 5.98  

NORTH READING, Mass. – January 25, 2023 – Teradyne, Inc. (NASDAQ: TER) reported revenue of $732 million for the fourth quarter of 2022 of which $481 million was in Semiconductor Test, $100 million in System Test, $40 million in Wireless Test and $110 million in Industrial Automation (IA). GAAP net income for the fourth quarter was $172.3 million or $1.04 per diluted share. On a non-GAAP basis, Teradyne’s net income in the fourth quarter was $150.8 million, or $0.92 per diluted share, which excluded pension actuarial gains, acquired intangible asset amortization, restructuring and other charges, and included the related tax impact on non-GAAP adjustments.

“We delivered better than expected results in the fourth quarter on higher revenue and gross margins and lower expenses than planned,” said Teradyne CEO Mark Jagiela. “Increased shipments of our Eagle products serving the automotive and industrial chip markets combined with stronger demand for UR cobots in the quarter drove the improved results.”

Teradyne President Greg Smith added, “Balancing those positive Q4 results, we expect a step down in demand in our Semiconductor and Storage Test markets which will persist at least through the first half of the year as device manufacturers adjust their production to rebalance supply, demand, and inventory levels. This near-term slow-down is consistent with past industry cycles and we believe the long-term drivers of test demand remain firmly in place supported by expanding applications for complex semiconductor devices in compute, mobility, automotive and across the global economy.”

Teradyne’s Board of Directors declared a quarterly cash dividend of $0.11 per share, payable on March 17, 2023 to shareholders of record as of the close of business on February 17, 2023. The Board also authorized a $2 billion share repurchase program and the company expects to repurchase up to $500 million of its common stock in 2023.


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Guidance for the first quarter of 2023 is revenue of $550 million to $630 million, with GAAP net income of $0.26 to $0.49 per diluted share and non-GAAP net income of $0.28 to $0.52 per diluted share. Non-GAAP guidance excludes acquired intangible asset amortization and includes the related tax impact on non-GAAP adjustments.

Webcast

A conference call to discuss the fourth quarter results, along with management’s business outlook, will follow at 8:30 a.m. ET, Thursday, January 26. Interested investors should access the webcast at www.teradyne.com and click on “Investors” at least five minutes before the call begins. Presentation materials will be available starting at 8:30 a.m. ET. A replay will be available on the Teradyne website at https://investors.teradyne.com/events-presentations.

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 and discloses certain revenue at constant currency. 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, losses on convertible debt conversions, non-cash convertible debt interest, 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. Constant currency revenue excludes the impact of changes in foreign currency exchange rates, which are required by GAAP. 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.


Page 3

 

About Teradyne

Teradyne (NASDAQ:TER) brings high-quality innovations such as smart devices, life-saving medical equipment and data storage systems to market, faster. Its advanced test solutions for semiconductors, electronic systems, wireless devices and more ensure that products perform as they were designed. Its Industrial Automation offerings include collaborative and mobile robots that help manufacturers of all sizes improve productivity and lower costs. In 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, the impact of the global pandemic of the novel strain of the coronavirus (COVID-19), 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 repurchase program, sanctions against Russia and Russian companies, and the impact of U.S. and Chinese export and tariff laws, including new 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 cost increases from inflation on materials, employee wages, third party labor, and contract manufacturing, sanctions against Russia and Russian companies, 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, Russia and Venezuela, 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.


Page 4

 

On October 7, 2022, the U.S. Department of Commerce published new 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 new restrictions are lengthy and complex. Teradyne continues to assess the impact of these regulations on its business. At this time, the Company has determined that restrictions on the sale of semiconductor testers in China to test certain advanced semiconductors will 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 also is assessing the filing of license requests to sell to and support certain customers in China for certain end uses that, if granted, may reduce the impact of these restrictions on the Company’s business. At this time, Teradyne does not know the impact these end user and end use restrictions will have on its business in China or on future revenues. 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 has received a temporary authorization from the Department of Commerce allowing the Company to continue its manufacturing and development operations in China until the Department of Commerce issues a license to replace this temporary authorization. The Company cannot assess the likelihood or timing of receiving this license. In addition to requesting a license, the Company is implementing procedures for minimizing the impact of these new regulations, but there is no assurance that these procedures will succeed.

Following Russia’s invasion of Ukraine in February 2022, the U.S. and other countries imposed significant sanctions against the Russian government and many Russian companies and individuals. Although Teradyne does not have significant operations in Russia, the sanctions could impact Teradyne’s business in other countries and could have a negative impact on the Company’s supply chain, either of which could adversely affect Teradyne’s business and financial results.

COVID-19 has resulted in authorities implementing numerous measures to try to contain the virus, such as travel bans and restrictions, quarantines, government vaccination mandates and other government regulations. These measures have impacted and may further impact Teradyne’s workforce and operations, the operations of its customers, and those of its contract manufacturers and suppliers. As Teradyne implements measures to comply with additional regulations, the Company may experience increased compliance costs, increased risk of non-compliance and increased risk of employee attrition.


Page 5

 

The COVID-19 pandemic has adversely impacted the Company’s results of operations, including increased costs company-wide and constraints within the Company’s supply chain. The Company cannot accurately estimate the amount of the impact on Teradyne’s 2022 financial results and to its future financial results. The COVID-19 outbreak has significantly increased economic and demand uncertainty in Teradyne’s markets. This uncertainty resulted in a significant decrease in demand for certain Teradyne products and could continue to impact demand for an uncertain period of time. The spread of COVID-19 has caused Teradyne to modify its business practices (including employee travel, employees working remotely, and cancellation of in person participation in meetings, events and conferences) and the Company may take further actions as may be required by government authorities or that it determines are in the best interests of its employees, customers, contract manufacturers and suppliers. There is uncertainty that such measures will be sufficient to mitigate the risks posed by the virus, and Teradyne’s ability to perform critical functions could be impacted. The degree to which COVID-19 continues to impact Teradyne’s results will depend on future developments, which are highly uncertain and cannot be predicted, including, but not limited to, the duration and continued spread of the virus, its severity, the actions to contain the virus or the availability and impact of vaccines in countries where the Company does business, and how quickly and to what extent normal economic and operating conditions can resume.

Important factors that could cause actual results, 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 Industrial Automation business; increased research and development spending; deterioration of Teradyne’s financial condition; the continued impact of the COVID-19 pandemic and related government responses on the market and demand for Teradyne’s products, on its contract manufacturers and supply chain, and on its workforce; the impact of the global semiconductor supply shortage on our supply chain and contract manufacturers; the consummation and success of any mergers or acquisitions; the impact of cost increases from inflation on materials, employee wages, third party labor, and contract manufacturing; unexpected cash needs; insufficient cash flow to make required payments and pay the principal amount on the senior convertible notes; the business judgment of the board of directors that a declaration of a dividend or the repurchase of common stock is not in the Company’s best interests; additional U.S. tax regulations or IRS guidance; the impact of any tariffs or export controls imposed 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, Russia and Venezuela; sanctions imposed against the Russian government and certain Russian companies and individuals by the U.S., and other countries; the impact of regulations published by the U.S. Department of Commerce relating to semiconductors and semiconductor


Page 6

 

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” sections of Teradyne’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021 and Quarterly Report on Form 10-Q for the fiscal quarter ended October 2, 2022. 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 FOURTH FISCAL QUARTER OF 2022

 

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

 

 

                                                                               
     Quarter Ended      Twelve Months Ended  
     December 31,
2022
    October 2,
2022
     December 31,
2021
     December 31,
2022
    December 31,
2021
 

Net revenues

   $ 731,836     $ 827,073      $ 885,047      $ 3,155,045     $ 3,702,881  

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

     311,387       341,694        357,998        1,287,894       1,496,225  
  

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

Gross profit

     420,449       485,379        527,049        1,867,151       2,206,656  

Operating expenses:

            

Selling and administrative

     142,752       135,632        142,747        558,103       547,559  

Engineering and development

     108,810       111,715        109,965        440,591       427,609  

Acquired intangible assets amortization

     4,670       4,729        5,163        19,333       21,456  

Restructuring and other (2)

     (2,369     1,796        12,738        17,185       9,312  
  

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

Operating expenses

     253,863       253,872        270,613        1,035,212       1,005,936  

Income from operations

     166,586       231,507        256,436        831,939       1,200,720  

Interest and other (income) expense (3)

     (28,651     5,310        1,256        (8,446     39,765  
  

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

Income before income taxes

     195,237       226,197        255,180        840,385       1,160,955  

Income tax provision

     22,936       42,712        31,140        124,884       146,366  
  

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

Net income

   $ 172,301     $ 183,485      $ 224,040      $ 715,501     $ 1,014,589  
  

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

Net income per common share:

            

Basic

   $ 1.11     $ 1.17      $ 1.38      $ 4.52     $ 6.15  
  

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

Diluted

   $ 1.04     $ 1.10      $ 1.26      $ 4.22     $ 5.53  
  

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

Weighted average common shares - basic

     155,762       156,364        162,769        158,434       164,960  
  

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

Weighted average common shares - diluted (4)

     165,468       166,733        178,020        169,734       183,625  
  

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

Cash dividend declared per common share

   $ 0.11     $ 0.11      $ 0.10      $ 0.44     $ 0.40  
  

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

 

(1)   Cost of revenues includes:    Quarter Ended     Twelve Months Ended  
     December 31,
2022
    October 2,
2022
    December 31,
2021
    December 31,
2022
    December 31,
2021
 

Provision for excess and obsolete inventory

   $ 11,787     $ 12,234     $ 3,700     $ 31,452     $ 15,475  

Sale of previously written down inventory

     (828     (269     (434     (1,808     (2,477
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
   $ 10,959     $ 11,965     $ 3,266     $ 29,644     $ 12,998  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(2)   Restructuring and other consists of:    Quarter Ended      Twelve Months Ended  
     December 31,
2022
    October 2,
2022
     December 31,
2021
     December 31,
2022
    December 31,
2021
 

Employee severance

   $ 775     $ 1,215      $ 284      $ 2,924     $ 1,525  

Gain on sale of asset

     (3,410     —          —          (3,410     —    

Litigation settlement

     —         —          12,000        14,700       12,000  

Contingent consideration fair value adjustment

     —         —          —          —         (7,227

Other

     266       581        454        2,971       3,014  
  

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 
   $ (2,369   $ 1,796      $ 12,738      $ 17,185     $ 9,312  
  

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

 

(3)   Interest and other includes:    Quarter Ended     Twelve Months Ended  
     December 31,
2022
    October 2,
2022
     December 31,
2021
    December 31,
2022
    December 31,
2021
 

Pension actuarial gains

   $ (25,592   $ —        $ (1,590   $ (25,584   $ (2,217

Loss on convertible debt conversions

     —         —          3,431       —         28,828  

Non-cash convertible debt interest

     —         —          1,166       —         10,286  
  

 

 

   

 

 

    

 

 

   

 

 

   

 

 

 
   $ (25,592   $ —        $ 3,007     $ (25,584   $ 36,897  
  

 

 

   

 

 

    

 

 

   

 

 

   

 

 

 

 

(4)

Under GAAP, when calculating diluted earnings per share, convertible debt must be assumed to have converted if the effect on EPS would be dilutive. Diluted shares assume the conversion of the convertible debt as the effect would be dilutive. Accordingly, for the quarters ended December 31, 2022, October 2, 2022, and December 31, 2021, 1.2 million, 1.5 million and 3.4 million shares, respectively, have been included in diluted shares. For the twelve months ended December 31, 2022 and December 31, 2021, 1.8 million and 7.4 million shares, respectively, have been included in diluted shares. For the quarters ended December 31, 2022, October 2, 2022 and December 31, 2021, diluted shares also included 7.9 million, 8.3 million and 10.5 million shares, respectively, from the convertible note hedge transaction. For the twelve months ended December 31, 2022 and December 31, 2021, diluted shares included 8.8 million and 10.0 million shares, respectively, from the convertible note hedge transaction.


CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands)

 

 

     December 31,
2022
     December 31,
2021
 

Assets

     

Cash and cash equivalents

   $ 854,773      $ 1,122,199  

Marketable securities

     39,612        244,231  

Accounts receivable, net

     491,145        550,749  

Inventories, net

     325,019        243,330  

Prepayments

     532,962        406,266  

Other current assets

     14,404        9,452  
  

 

 

    

 

 

 

Total current assets

     2,257,915        2,576,227  

Property, plant and equipment, net

     418,683        387,240  

Operating lease right-of-use assets, net

     73,734        68,807  

Marketable securities

     110,777        133,858  

Deferred tax assets

     142,784        102,428  

Retirement plans assets

     11,761        15,110  

Other assets

     28,925        24,096  

Acquired intangible assets, net

     53,478        75,635  

Goodwill

     403,195        426,024  
  

 

 

    

 

 

 

Total assets

   $ 3,501,252      $ 3,809,425  
  

 

 

    

 

 

 

Liabilities

     

Accounts payable

   $ 139,722      $ 153,133  

Accrued employees’ compensation and withholdings

     212,266        253,667  

Deferred revenue and customer advances

     148,285        146,185  

Other accrued liabilities

     112,271        124,187  

Operating lease liabilities

     18,594        19,977  

Income taxes payable

     65,010        88,789  

Current debt

     50,115        19,182  
  

 

 

    

 

 

 

Total current liabilities

     746,263        805,120  

Retirement plans liabilities

     116,005        151,141  

Long-term deferred revenue and customer advances

     45,131        54,921  

Long-term other accrued liabilities

     15,981        15,497  

Deferred tax liabilities

     3,267        6,327  

Long-term operating lease liabilities

     64,176        56,178  

Long-term income taxes payable

     59,135        67,041  

Debt

     —          89,244  
  

 

 

    

 

 

 

Total liabilities

     1,049,958        1,245,469  
  

 

 

    

 

 

 

Mezzanine equity

     —          1,512  

Shareholders’ equity

     2,451,294        2,562,444  
  

 

 

    

 

 

 

Total liabilities, convertible common shares and shareholders’ equity

   $ 3,501,252      $ 3,809,425  
  

 

 

    

 

 

 


CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands)

 

 

     Quarter Ended     Twelve Months Ended  
     December 31,
2022
    December 31,
2021
    December 31,
2022
    December 31,
2021
 

Cash flows from operating activities:

        

Net income

   $ 172,301     $ 224,040     $ 715,501     $ 1,014,589  

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

        

Depreciation

     22,861       23,207       90,763       91,073  

Stock-based compensation

     10,808       10,994       48,228       45,643  

Provision for excess and obsolete inventory

     11,787       3,700       31,452       15,475  

Amortization

     4,900       6,786       19,912       34,412  

Retirement plans actuarial gains

     (25,592     (1,590     (25,584     (2,217

Deferred taxes

     (10,320     (6,573     (38,693     (17,305

Gains on sale of asset

     (3,410     —         (3,410     —    

(Gains) losses on investments

     (1,451     (1,660     9,985       (6,410

Contingent consideration fair value adjustment

     —         —         —         (7,227

Loss on convertible debt conversions

     —         3,431       —         28,828  

Other

     1,621       28       2,353       271  

Changes in operating assets and liabilities

 

     

Accounts receivable

     46,380       45,521       50,628       (57,778

Inventories

     (11,992     (15,448     (80,809     6,495  

Prepayments and other assets

     (46,382     (37,282     (140,713     (175,846

Accounts payable and other liabilities

     11,911       64,435       (60,507     129,499  

Deferred revenue and customer advances

     (337     1,174       (6,233     9,873  

Retirement plans contributions

     (1,219     (1,282     (5,116     (5,405

Income taxes

     1,536       11,802       (29,834     (5,604
  

 

 

   

 

 

   

 

 

   

 

 

 

Net cash provided by operating activities

     183,402       331,283       577,923       1,098,366  
  

 

 

   

 

 

   

 

 

   

 

 

 

Cash flows from investing activities:

        

Purchases of property, plant and equipment

     (34,577     (29,310     (163,249     (132,472

Purchases of marketable securities

     (20,234     (152,311     (287,409     (661,781

Proceeds from sales of marketable securities

     8,858       57,029       268,058       266,466  

Proceeds from maturities of marketable securities

     40,849       88,871       222,941       660,148  

Proceeds from sale of asset

     3,410       —         3,410       —    

Purchase of investment

     —         —         —         (12,000
  

 

 

   

 

 

   

 

 

   

 

 

 

Net cash (used for) provided by investing activities

     (1,694     (35,721     43,751       120,361  
  

 

 

   

 

 

   

 

 

   

 

 

 

Cash flows from financing activities:

        

Dividend payments

     (17,133     (16,266     (69,711     (65,977

Payments of convertible debt principal

     (14,754     (40,993     (66,759     (342,990

Repurchase of common stock

     (2,082     (193,820     (752,082     (600,000

Payments related to net settlement of employee stock compensation awards

     (183     (258     (33,170     (32,303

Issuance of common stock under stock purchase and stock option plans

     —         96       28,733       32,686  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net cash used for financing activities

     (34,152     (251,241     (892,989     (1,008,584
  

 

 

   

 

 

   

 

 

   

 

 

 

Effects of exchange rate changes on cash and cash equivalents

     (3,529     (1,576     3,889       (2,065
  

 

 

   

 

 

   

 

 

   

 

 

 

Increase (decrease) in cash and cash equivalents

     144,027       42,745       (267,426     208,078  

Cash and cash equivalents at beginning of period

     710,746       1,079,454       1,122,199       914,121  
  

 

 

   

 

 

   

 

 

   

 

 

 

Cash and cash equivalents at end of period

   $ 854,773     $ 1,122,199     $ 854,773     $ 1,122,199  
  

 

 

   

 

 

   

 

 

   

 

 

 


GAAP to Non-GAAP Earnings Reconciliation

(In millions, except per share amounts)

 

    Quarter Ended  
    December 31,
2022
    % of Net
Revenues
                October 2,
2022
    % of Net
Revenues
                December 31,
2021
    % of Net
Revenues
             

Net revenues

  $ 731.8           $ 827.1           $ 885.0        

Gross profit GAAP and non-GAAP

  $ 420.4       57.4       $ 485.4       58.7       $ 527.0       59.5    

Income from operations - GAAP

  $ 166.6       22.8       $ 231.5       28.0       $ 256.4       29.0    

Restructuring and other (1)

    (2.4     -0.3         1.8       0.2         12.7       1.4    

Acquired intangible assets amortization

    4.7       0.6         4.7       0.6         5.2       0.6    
 

 

 

   

 

 

       

 

 

   

 

 

       

 

 

   

 

 

     

Income from operations - non-GAAP

  $ 168.9       23.1       $ 238.0       28.8       $ 274.3       31.0    
 

 

 

   

 

 

       

 

 

   

 

 

       

 

 

   

 

 

     
                Net Income
per Common
Share
                Net Income
per Common
Share
                Net Income
per Common
Share
 
    December 31,
2022
    % of Net
Revenues
    Basic     Diluted     October 2,
2022
    % of Net
Revenues
    Basic     Diluted     December 31,
2021
    % of Net
Revenues
    Basic     Diluted  

Net income - GAAP

  $ 172.3       23.5   $ 1.11     $ 1.04     $ 183.5       22.2   $ 1.17     $ 1.10     $ 224.0       25.3   $ 1.38     $ 1.26  

Restructuring and other (1)

    (2.4     -0.3     (0.02     (0.01     1.8       0.2     0.01       0.01       12.7       1.4     0.08       0.07  

Acquired intangible assets amortization

    4.7       0.6     0.03       0.03       4.7       0.6     0.03       0.03       5.2       0.6     0.03       0.03  

Pension mark-to-market adjustment (2)

    (25.6     -3.5     (0.16     (0.15     —         —         —         —         (1.6     -0.2     (0.01     (0.01

Loss on convertible debt conversions (2)

    —         —         —         —         —         —         —         —         3.4       0.4     0.02       0.02  

Interest and other (2)

    —         —         —         —         —         —         —         —         1.2       0.1     0.01       0.01  

Exclude discrete tax adjustments

    (2.8     -0.4     (0.02     (0.02     (0.5     -0.1     (0.00     (0.00     (6.5     -0.7     (0.04     (0.04

Non-GAAP tax adjustments

    4.5       0.6     0.03       0.03       (0.3     0.0     (0.00     (0.00     (0.3     0.0     (0.00     (0.00

Convertible share adjustment (3)

    —         —         —         0.01       —         —         —         0.01       —         —         —         0.03  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income - non-GAAP

  $ 150.8       20.6   $ 0.97     $ 0.92     $ 189.2       22.9   $ 1.21     $ 1.15     $ 238.1       26.9   $ 1.46     $ 1.37  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

GAAP and non-GAAP weighted average common shares - basic

    155.8             156.4             162.8        

GAAP weighted average common shares - diluted

    165.5             166.7             178.0        

Exclude dilutive shares related to convertible note transaction

    (1.2           (1.5           (3.4      
 

 

 

         

 

 

         

 

 

       

Non-GAAP weighted average common shares - diluted

    164.3             165.2             174.6        
 

 

 

         

 

 

         

 

 

       

(1)       Restructuring and other consists of:

    

    Quarter Ended                    
    December 31,
2022
                      October 2,
2022
                      December 31,
2021
                   

Employee severance

  $ 0.8           $ 1.2           $ 0.3        

Gain on sale of asset

    (3.4           —               —          

Litigation settlement

    —               —               12.0        

Other

    0.3             0.6             0.5        
 

 

 

         

 

 

         

 

 

       
  $ (2.4         $ 1.8           $ 12.7        
 

 

 

         

 

 

         

 

 

       

 

(2)

For the quarter ended December 31, 2021, adjustment to exclude loss on convertible debt conversions. For the quarter ended December 31, 2021, Interest and other included non-cash convertible debt interest expense. For the quarters ended December 31, 2022 and December 31, 2021, adjustments to exclude actuarial (gain)loss recognized under GAAP in accordance with Teradyne’s mark-to-market pension accounting.

(3)

For the quarters ended December 31, 2022, October 2, 2022, and December 31, 2021, the non-GAAP diluted EPS calculation adds back $0.2 million, $0.2 million, and $0.4 million, respectively, of convertible debt interest expense to non-GAAP net income. For the quarters ended December 31, 2022, October 2, 2022, and December 31, 2021, non-GAAP weighted average diluted common shares include 7.9 million, 8.3 million and 10.5 million shares, respectively, from the convertible note hedge transaction.

 

    Twelve Months Ended  
    December 31,
2022
    % of Net
Revenues
                December 31,
2021
    % of Net
Revenues
             

Net Revenues

  $ 3,155.0           $ 3,702.9        

Gross profit GAAP and non-GAAP

  $ 1,867.2       59.2       $ 2,206.7       59.6    

Income from operations - GAAP

  $ 831.9       26.4       $ 1,200.7       32.4    

Restructuring and other (1)

    17.2       0.5         9.3       0.3    

Acquired intangible assets amortization

    19.3       0.6         21.5       0.6    
 

 

 

   

 

 

       

 

 

   

 

 

     

Income from operations - non-GAAP

  $ 868.4       27.5       $ 1,231.5       33.3    
 

 

 

   

 

 

       

 

 

   

 

 

     
                Net Income
per Common
Share
                Net Income
per Common
Share
 
    December 31,
2022
    % of Net
Revenues
    Basic     Diluted     December 31,
2021
    % of Net
Revenues
    Basic     Diluted  

Net income - GAAP

  $ 715.5       22.7   $ 4.52     $ 4.22     $ 1,014.6       27.4   $ 6.15     $ 5.53  

Restructuring and other (1)

    17.2       0.5     0.11       0.10       9.3       0.3     0.06       0.05  

Acquired intangible assets amortization

    19.3       0.6     0.12       0.11       21.5       0.6     0.13       0.12  

Loss on convertible debt conversions (2)

    —         —         —         —         28.8       0.8     0.17       0.16  

Interest and other (2)

    —         —         —         —         10.3       0.3     0.06       0.06  

Pension mark-to-market adjustment (2)

    (25.6     -0.8     (0.16     (0.15     (2.2     -0.1     (0.01     (0.01

Exclude discrete tax adjustments

    (12.1     -0.4     (0.08     (0.07     (28.6     -0.8     (0.17     (0.16

Non-GAAP tax adjustments

    (1.4     0.0     (0.01     (0.01     (3.4     -0.1     (0.02     (0.02

Convertible share adjustment (3)

    —         —         —         0.05       —         —         —         0.24  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income - non-GAAP

  $ 712.9       22.6   $ 4.50     $ 4.25     $ 1,050.3       28.4   $ 6.37     $ 5.98  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

GAAP and non-GAAP weighted average common shares - basic

    158.4             165.0        

GAAP weighted average common shares - diluted

    169.7             183.6        

Exclude dilutive shares from convertible note

    (1.8           (7.4      
 

 

 

         

 

 

       

Non-GAAP weighted average common shares - diluted

    167.9             176.2        
 

 

 

         

 

 

       
    Twelve Months Ended                    
    December 31,
2022
                      December 31,
2021
                   

Industrial Automation revenues

               

As reported

  $ 403.1           $ 375.9        

Currency exchange rate fluctuations

    18.5             (8.4      
 

 

 

         

 

 

       

Constant currency total revenues (4)

  $ 421.6           $ 367.5        
 

 

 

         

 

 

       

(1)       Restructuring and other consists of:

    

    Twelve Months Ended                    
    December 31,
2022
                      December 31,
2021
                   

Litigation settlement

  $ 14.7           $ 12.0        

Employee severance

    2.9             1.5        

Gain on sale of asset

    (3.4           —          

Contingent consideration fair value adjustment

    —               (7.2      

Other

    3.0             3.0        
 

 

 

         

 

 

       
  $ 17.2           $ 9.3        
 

 

 

         

 

 

       

 

(2)

For the twelve months ended December 31, 2021, adjustment to exclude loss on convertible debt conversions. For the twelve months ended December 31, 2021, Interest and other included non-cash convertible debt interest expense. For the twelve months ended December 31, 2022 and December 31, 2021, adjustment to exclude actuarial gain recognized under GAAP in accordance with Teradyne’s mark-to-market pension accounting.

(3)

For the twelve months ended December 31, 2022 and December 31, 2021, the non-GAAP diluted EPS calculation adds back $1.0 million and $3.7 million, respectively, of convertible debt interest expense to non-GAAP net income. For the twelve months ended December 31, 2022 and December 31, 2022, non-GAAP weighted average diluted common shares include 8.8 million and 10.0 million shares, respectively, related to the convertible debt hedge transaction.

(4)

Currency exchange rates are used to convert the operating results for countries where the functional currency is not the U.S. dollar into U.S. dollars. We calculate the effect of changes in currency exchange rates as the difference between period activity translated using the period’s currency exchange rates and the rates as of December 31, 2021.

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

 

GAAP and non-GAAP first quarter revenue guidance:

   $ 550 million        to      $ 630 million  

GAAP net income per diluted share

   $ 0.26         $ 0.49  

Exclude acquired intangible assets amortization

     0.03           0.03  
  

 

 

       

 

 

 

Non-GAAP net income per diluted share

   $ 0.28         $ 0.52  

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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