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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 10-Q

 

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended October 1, 2023

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from ________ to ________

Commission File No. 001-06462

 

 

TERADYNE, INC.

(Exact name of registrant as specified in its charter)

 

 

Massachusetts

04-2272148

(State or Other Jurisdiction of

Incorporation or Organization)

(I.R.S. Employer

Identification No.)

 

600 Riverpark Drive, North Reading,

Massachusetts

01864

(Address of Principal Executive Offices)

(Zip Code)

978-370-2700

(Registrant’s Telephone Number, Including Area Code)

 

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange

on which registered

Common Stock, par value $0.125

per share

 

TER

 

Nasdaq Stock Market LLC

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to the filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files) Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act (check one):

 

Large accelerated filer

Accelerated filer

Non-accelerated filer

Emerging growth company

 

Smaller reporting company

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

Page No.

PART I. FINANCIAL INFORMATION

Item 1.

Financial Statements (Unaudited):

1

 

Condensed Consolidated Balance Sheets as of October 1, 2023 and December 31, 2022

1

 

Condensed Consolidated Statements of Operations for the Three and Nine Months ended October 1, 2023 and October 2, 2022

2

 

Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months ended October 1, 2023 and October 2, 2022

3

 

Condensed Statements of Convertible Common Shares and Shareholders’ Equity for the Three and Nine Months Ended October 1, 2023 and October 2, 2022

4

 

Condensed Consolidated Statements of Cash Flows for the Nine Months Ended October 1, 2023 and October 2, 2022

5

 

Notes to Condensed Consolidated Financial Statements

6

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

28

 

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

37

 

Item 4.

Controls and Procedures

38

 

PART II. OTHER INFORMATION

 

 

Item 1.

Legal Proceedings

39

 

Item 1A.

Risk Factors

39

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

41

 

Item 4.

Mine Safety Disclosures

41

 

Item 5.

Other Information

41

 

Item 6.

Exhibits

42

 

 


PART I

Item 1: Financial Statements

TERADYNE, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

 

 

October 1,
2023

 

 

December 31,
2022

 

 

 

(in thousands,
except per share amount)

 

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

636,961

 

 

$

854,773

 

Marketable securities

 

 

79,570

 

 

 

39,612

 

Accounts receivable, less allowance for credit losses of $2,191 and $1,955 at October 1, 2023
   and December 31, 2022, respectively

 

 

455,878

 

 

 

491,145

 

Inventories, net

 

 

322,632

 

 

 

325,019

 

Prepayments

 

 

593,366

 

 

 

532,962

 

Other current assets

 

 

10,952

 

 

 

14,404

 

Total current assets

 

 

2,099,359

 

 

 

2,257,915

 

Property, plant and equipment, net

 

 

436,449

 

 

 

418,683

 

Operating lease right-of-use assets, net

 

 

78,978

 

 

 

73,734

 

Marketable securities

 

 

103,911

 

 

 

110,777

 

Deferred tax assets

 

 

162,669

 

 

 

142,784

 

Retirement plans assets

 

 

11,403

 

 

 

11,761

 

Other assets

 

 

37,581

 

 

 

28,925

 

Acquired intangible assets, net

 

 

39,165

 

 

 

53,478

 

Goodwill

 

 

401,140

 

 

 

403,195

 

Total assets

 

$

3,370,655

 

 

$

3,501,252

 

LIABILITIES

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

176,117

 

 

$

139,722

 

Accrued employees’ compensation and withholdings

 

 

155,246

 

 

 

212,266

 

Deferred revenue and customer advances

 

 

109,445

 

 

 

148,285

 

Other accrued liabilities

 

 

122,609

 

 

 

112,271

 

Operating lease liabilities

 

 

18,026

 

 

 

18,594

 

Income taxes payable

 

 

35,687

 

 

 

65,010

 

Current debt

 

 

23,529

 

 

 

50,115

 

Total current liabilities

 

 

640,659

 

 

 

746,263

 

Retirement plans liabilities

 

 

123,244

 

 

 

116,005

 

Long-term deferred revenue and customer advances

 

 

34,405

 

 

 

45,131

 

Long-term other accrued liabilities

 

 

17,114

 

 

 

15,981

 

Deferred tax liabilities

 

 

238

 

 

 

3,267

 

Long-term operating lease liabilities

 

 

69,364

 

 

 

64,176

 

Long-term incomes taxes payable

 

 

44,331

 

 

 

59,135

 

Total liabilities

 

 

929,355

 

 

 

1,049,958

 

Commitments and contingencies (Note P)

 

 

 

 

 

 

SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

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

 

 

 

19,470

 

Additional paid-in capital

 

 

1,816,137

 

 

 

1,755,963

 

Accumulated other comprehensive loss

 

 

(47,928

)

 

 

(49,868

)

Retained earnings

 

 

653,937

 

 

 

725,729

 

Total shareholders’ equity

 

 

2,441,300

 

 

 

2,451,294

 

Total liabilities and shareholders’ equity

 

$

3,370,655

 

 

$

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)

 

 

 

For the Three Months
 Ended

 

 

For the Nine Months
 Ended

 

 

 

October 1,
2023

 

 

October 2,
2022

 

 

October 1,
2023

 

 

October 2,
2022

 

 

 

(in thousands, except per share amount)

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Products

 

$

551,982

 

 

$

676,252

 

 

$

1,565,776

 

 

$

2,000,081

 

Services

 

 

151,750

 

 

 

150,821

 

 

 

439,923

 

 

 

423,128

 

Total revenues

 

 

703,732

 

 

 

827,073

 

 

 

2,005,699

 

 

 

2,423,209

 

Cost of revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of products

 

 

239,827

 

 

 

277,539

 

 

 

655,502

 

 

 

795,229

 

Cost of services

 

 

65,614

 

 

 

64,155

 

 

 

192,993

 

 

 

181,279

 

Total cost of revenues (exclusive of acquired intangible
   assets amortization shown separately below)

 

 

305,441

 

 

 

341,694

 

 

 

848,495

 

 

 

976,508

 

Gross profit

 

 

398,291

 

 

 

485,379

 

 

 

1,157,204

 

 

 

1,446,701

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Selling and administrative

 

 

138,330

 

 

 

135,632

 

 

 

434,979

 

 

 

415,351

 

Engineering and development

 

 

104,413

 

 

 

111,715

 

 

 

315,881

 

 

 

331,781

 

Acquired intangible assets amortization

 

 

4,720

 

 

 

4,729

 

 

 

14,348

 

 

 

14,663

 

Restructuring and other

 

 

6,856

 

 

 

1,796

 

 

 

15,251

 

 

 

19,554

 

Total operating expenses

 

 

254,319

 

 

 

253,872

 

 

 

780,459

 

 

 

781,349

 

Income from operations

 

 

143,972

 

 

 

231,507

 

 

 

376,745

 

 

 

665,352

 

Non-operating (income) expense:

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

(6,873

)

 

 

(1,318

)

 

 

(18,486

)

 

 

(2,972

)

Interest expense

 

 

963

 

 

 

779

 

 

 

2,994

 

 

 

2,704

 

Other (income) expense, net

 

 

5,602

 

 

 

5,849

 

 

 

6,470

 

 

 

20,472

 

Income before income taxes

 

 

144,280

 

 

 

226,197

 

 

 

385,767

 

 

 

645,148

 

Income tax provision

 

 

16,164

 

 

 

42,712

 

 

 

54,069

 

 

 

101,948

 

Net income

 

$

128,116

 

 

$

183,485

 

 

$

331,698

 

 

$

543,200

 

Net income per common share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.83

 

 

$

1.17

 

 

$

2.14

 

 

$

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


TERADYNE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CONVERTIBLE COMMON SHARES

AND SHAREHOLDERS’ EQUITY

(Unaudited)

 

 

 

 

 

 

Shareholders' Equity

 

 

 

Convertible
Common
Shares
Value

 

 

Common
Stock
Shares

 

 

Common
Stock
Par Value

 

 

Additional
Paid-in
Capital

 

 

Accumulated
Other
Comprehensive
(Loss) Income

 

 

Retained
Earnings

 

 

Total
Shareholders’
Equity

 

 

 

 

 

 

(in thousands)

 

For the Three Months Ended October 1, 2023

 

Balance, July 2, 2023

 

$

 

 

 

154,148

 

 

$

19,269

 

 

$

1,784,590

 

 

$

(30,472

)

 

$

661,496

 

 

$

2,434,883

 

Net issuance of common stock under stock-based plans

 

 

 

 

 

207

 

 

 

26

 

 

 

17,180

 

 

 

 

 

 

 

 

 

17,206

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

14,367

 

 

 

 

 

 

 

 

 

14,367

 

Repurchase of common stock

 

 

 

 

 

(1,120

)

 

 

(141

)

 

 

 

 

 

 

 

 

(118,766

)

 

 

(118,907

)

Cash dividends ($0.11 per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(16,909

)

 

 

(16,909

)

Settlements of convertible notes

 

 

 

 

 

210

 

 

 

25

 

 

 

(25

)

 

 

 

 

 

 

 

 

 

Exercise of convertible notes hedge call options

 

 

 

 

 

(210

)

 

 

(25

)

 

 

25

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

128,116