10-Q
Table of Contents
false0000097210Q3--12-31Includes $3.8 million and $3.8 million in 2022 and 2021, respectively, for leases of Teradyne’s systems recognized outside Accounting Standards Codification (“ASC”) 606 “Revenue from Contracts with Customers.”Includes $11.1 million and $11.1 million in 2022 and 2021, respectively, for leases of Teradyne’s systems recognized outside ASC 606 “Revenue from Contracts with Customers.”In the nine months ended October 3, 2021, the fair value of contingent consideration for the earn-outs in connection with the acquisition of AutoGuide was reduced to zero, which resulted in a benefit of $7.2 million, primarily due to a decrease in forecasted revenues and earnings before interest and taxes.Incremental shares from assumed conversion of the convertible notes were calculated using the difference between the average Teradyne stock price for the period and the conversion price, multiplied by the number of convertible notes shares. The result of this calculation, representing the total intrinsic value of the convertible debt, was divided by the average Teradyne stock price for the period.Convertible notes hedge warrant shares were calculated using the difference between the average Teradyne stock price for the period and the warrant price, multiplied by the number of warrant shares. The result of this calculation, representing the total intrinsic value of the warrant, was divided by the average Teradyne stock price for the period.Included in Corporate and Eliminations are: legal and environmental fees, contingent consideration fair value adjustments, interest income, interest expense, severance charges, net foreign exchange gains (losses), acquisition related charges and compensation, pension, intercompany eliminations and for the three and nine months ended October 3, 2021, loss on convertible debt conversions. Included in income (loss) before taxes are charges and credits related to restructuring and other, inventory charges and, for the three and nine months ended October 3, 2021, loss on convertible debt conversions.Total assets are attributable to each segment. 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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 2, 2022
OR
 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from
    
    
    
        
to
    
    
    
        
Commission File
No. 001-06462
 
 
TERADYNE, INC.
(Exact name of registrant as specified in its charter)
 
 
 
Massachusetts
 
04-2272148
(State or Other Jurisdiction of
Incorporation or Organization)
 
(I.R.S. Employer
Identification No.)
600 Riverpark DriveNorth Reading,
Massachusetts
 
01864
(Address of Principal Executive Offices)
 
(Zip Code)
978-370-2700
(Registrant’s Telephone Number, Including Area Code)
 
 
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class
 
Trading
Symbol(s)
 
Name of each exchange
on which registered
Common Stock, par value $0.125 per share
 
TER
 
Nasdaq Stock Market LLC
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to the filing requirements for the past 90 days.    Yes  ☒    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation
S-T
(232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files)    Yes  ☒    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated
filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company”, and “emerging growth company” in
Rule 12b-2
of the Exchange Act (check one):
 
Large accelerated filer      Accelerated filer  
       
Non-accelerated filer      Emerging growth company  
       
Smaller reporting company           
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 31, 2022 was 155,756,146 shares. 
 
 
 


Table of Contents

TERADYNE, INC.

INDEX

 

     Page No.  
 

PART I. FINANCIAL INFORMATION

  
Item 1.  

Financial Statements (Unaudited):

  
 

Condensed Consolidated Balance Sheets as of October 2, 2022 and December 31, 2021

     1  
 

Condensed Consolidated Statements of Operations for the Three and Nine Months ended October 2, 2022 and October 3, 2021

     2  
 

Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months ended October 2, 2022 and October 3, 2021

     3  
 

Condensed Consolidated Statements of Convertible Common Shares and Shareholders’ Equity for the Three and Nine Months ended October 2, 2022 and October 3, 2021

     4  
 

Condensed Consolidated Statements of Cash Flows for the Nine Months Ended October 2, 2022 and October 3, 2021

     5  
 

Notes to Condensed Consolidated Financial Statements

     6  
Item 2.  

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

     30  
Item 3.  

Quantitative and Qualitative Disclosures about Market Risk

     41  
Item 4.  

Controls and Procedures

     42  
 

PART II. OTHER INFORMATION

  
Item 1.  

Legal Proceedings

     42  
Item 1A.  

Risk Factors

     42  
Item 2.  

Unregistered Sales of Equity Securities and Use of Proceeds

     44  
Item 4.  

Mine Safety Disclosures

     45  
Item 6.  

Exhibits

     46  


Table of Contents
P60Y
PART I
 
Item 1:
Financial Statements
TERADYNE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)

 
 
  
October 2, 2022
 
 
December 31, 2021
 
 
  
(in thousands,
except per share amount)
 
ASSETS
  
 
Current assets:
  
 
Cash and cash equivalents
  
$
710,746
 
 
$
1,122,199
 
Marketable securities
  
 
65,310
 
 
 
244,231
 
Accounts receivable, less allowance for credit losses
of $1,865
and $2,012
at October 2, 2022
and December 31, 2021, respectively
  
 
530,349
 
 
 
550,749
 
Inventories, net
  
 
310,754
 
 
 
243,330
 
Prepayments
  
 
502,678
 
 
 
406,266
 
Other current assets
  
 
7,717
 
 
 
9,452
 
    
 
 
   
 
 
 
Total current assets
     2,127,554       2,576,227  
Property, plant and equipment, net
     415,181       387,240  
Operating lease right-of-use assets, net
     61,430       68,807  
Marketable securities
     111,039       133,858  
Deferred tax assets
     130,207       102,428  
Retirement plans assets
     13,805       15,110  
Other assets
     29,311       24,096  
Acquired intangible assets, net
     55,580       75,635  
Goodwill
     375,799       426,024  
    
 
 
   
 
 
 
Total assets
   $ 3,319,906     $ 3,809,425  
  
 
 
 
 
 
 
 
LIABILITIES
  
 
Current liabilities:
  
 
Accounts payable
  
$
167,975
 
 
$
153,133
 
Accrued employees’ compensation and withholdings
  
 
168,102
 
 
 
253,667
 
Deferred revenue and customer advances
  
 
143,591
 
 
 
146,185
 
Other accrued liabilities
  
 
126,457
 
 
 
124,187
 
Operating lease liabilities
  
 
17,079
 
 
 
19,977
 
Income taxes payable
  
 
64,141
 
 
 
88,789
 
Current debt
  
 
14,596
 
 
 
19,182
 
    
 
 
   
 
 
 
Total current liabilities
  
 
701,941
 
 
 
805,120
 
Retirement plans liabilities
  
 
137,317
 
 
 
151,141
 
Long-term deferred revenue and customer advances
  
 
48,488
 
 
 
54,921
 
Long-term other accrued liabilities
  
 
15,506
 
 
 
15,497
 
Deferred tax liabilities
  
 
1,327
 
 
 
6,327
 
Long-term operating lease liabilities
  
 
51,872
 
 
 
56,178
 
Long-term incomes taxes payable
  
 
59,135
 
 
 
67,041
 
Debt
  
 
50,195
 
 
 
89,244
 
 
  
 
 
 
 
 
 
 
Total liabilities
     1,065,781       1,245,469  
    
 
 
   
 
 
 
Commitments and contingencies (Note Q)
  
 
 
 
 
 
Mezzanine equity:
  
 
 
 
 
 
 
 
Convertible common shares
  
 
—  
 
 
 
1,512
 
SHAREHOLDERS’ EQUITY
  
 
Common stock
, $0.125 par value, 1,000,000 shares authorized; 155,782 and 162,251
shares issued and outstanding at
October 2, 2022 and December 31, 2021, respectively
  
 
19,473
 
 
 
20,281
 
Additional paid-in capital
  
 
1,746,779
 
 
 
1,811,545
 
Accumulated other comprehensive loss
  
 
(84,779
 
 
(5,948
Retained earnings
  
 
572,652
 
 
 
736,566
 
    
 
 
   
 
 
 
Total shareholders’ equity
  
 
2,254,125
 
 
 
2,562,444
 
    
 
 
   
 
 
 
Total liabilities, convertible common shares and shareholders’ equity
  
$
3,319,906
 
 
$
3,809,425
 
    
 
 
   
 
 
 
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, 2021, are an integral part of the condensed consolidated financial statements.
 
1

Table of Contents
TERADYNE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
 
 
  
For the Three Months

Ended
 
 
For the Nine Months

Ended
 
 
  
October 2,
2022
 
 
October 3,
2021
 
 
October 2,
2022
 
 
October 3,
2021
 
 
  
(in thousands, except per share amount)
 
Revenues:
  
 
 
 
Products
   $ 676,252     $ 825,448     $ 2,000,081     $ 2,437,901  
Services
     150,821       125,053       423,128       379,934  
    
 
 
   
 
 
   
 
 
   
 
 
 
Total revenues
     827,073       950,501       2,423,209       2,817,835  
Cost of revenues:
                                
Cost of products
     277,539       333,229       795,229       989,859  
Cost of services
     64,155       46,271       181,279       148,368  
    
 
 
   
 
 
   
 
 
   
 
 
 
Total cost of revenues (exclusive of acquired intangible assets amortization shown separately below)
     341,694       379,500       976,508       1,138,227  
    
 
 
   
 
 
   
 
 
   
 
 
 
Gross profit
     485,379       571,001       1,446,701       1,679,608  
Operating expenses:
                                
Selling and administrative
     135,632       134,829       415,351       404,812  
Engineering and development
     111,715       107,220       331,781       317,644  
Acquired intangible assets amortization
     4,729       5,355       14,663       16,293  
Restructuring and other
     1,796       1,197       19,554       (3,426
    
 
 
   
 
 
   
 
 
   
 
 
 
Total operating expenses
     253,872       248,601       781,349       735,323  
    
 
 
   
 
 
   
 
 
   
 
 
 
Income from operations
     231,507       322,400       665,352       944,285  
Non-operating
(income) expense:
                                
Interest income
     (1,318     (626     (2,972     (2,066
Interest expense
     779       3,785       2,704       15,354  
Other (income) expense, net
     5,849       21,486       20,472       25,223  
    
 
 
   
 
 
   
 
 
   
 
 
 
Income before income taxes
     226,197       297,755       645,148       905,774  
Income tax provision
     42,712       41,037       101,948       115,225  
    
 
 
   
 
 
   
 
 
   
 
 
 
Net income
   $ 183,485     $ 256,718     $ 543,200     $ 790,549  
    
 
 
   
 
 
   
 
 
   
 
 
 
Net income per common share:
                                
Basic
   $ 1.17     $ 1.56     $ 3.41     $ 4.77  
    
 
 
   
 
 
   
 
 
   
 
 
 
Diluted
   $ 1.10     $ 1.41     $ 3.17     $ 4.26  
    
 
 
   
 
 
   
 
 
   
 
 
 
Weighted average common shares—basic
     156,364       164,583       159,325       165,690  
    
 
 
   
 
 
   
 
 
   
 
 
 
Weighted average common shares—diluted
     166,733       181,987       171,156       185,492  
    
 
 
   
 
 
   
 
 
   
 
 
 
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, 2021, are an integral part of the condensed
consolidated financial statements.
 
2

Table of Contents
TERADYNE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
 
 
  
For the Three Months

Ended
 
 
For the Nine Months

Ended
 
 
  
October 2,
2022
 
 
October 3,
2021
 
 
October 2,
2022
 
 
October 3,
2021
 
 
  
(in thousands)
 
Net income
   $ 183,485     $ 256,718     $ 543,200     $ 790,549  
Other comprehensive income, net of tax:
                                
Foreign currency translation adjustment, net of tax of $0, $0, $0, $0, respectively
     (28,951     (10,698     (66,258     (26,672
Available-for-sale
marketable securities:
                                
Unrealized losses arising during period, net of tax of $(997), $(44), $(3,570), $(516), respectively
     (3,581     (176     (13,491     (1,952
Less: Reclassification adjustment for losses (gains) included in net income, net of tax of $(11), $(65), $48, $(186), respectively
     177       (229     386       (670
    
 
 
   
 
 
   
 
 
   
 
 
 
       (3,404     (405     (13,105     (2,622
Cash flow hedges:
                                
Unrealized gains arising during period, net of tax of $0, $0, $0, $0, respectively
     537                537           
Defined benefit post-retirement plan:
                                
Amortization of prior service credit, net of tax of $0, $0, $(2), $(2), respectively
     (2     (2     (5     (5
    
 
 
   
 
 
   
 
 
   
 
 
 
Other comprehensive loss
     (31,820     (11,105     (78,831     (29,299
    
 
 
   
 
 
   
 
 
   
 
 
 
Comprehensive income
   $ 151,665     $ 245,613     $ 464,369     $ 761,250  
    
 
 
   
 
 
   
 
 
   
 
 
 
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, 2021, are an integral part of the condensed
consolidated financial statements.
 
3

Table of Contents
TERADYNE, INC.
CONDENSED 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 2, 2022
  
 
 
 
 
 
 
Balance, July 3, 2022
  
$
  
 
 
 
157,880
 
 
$
19,735
 
 
$
1,721,586
 
 
$
(52,959
 
$
610,234
 
 
$
2,298,596
 
Net issuance of common stock under stock-based plans
  
 
 
 
 
 
169
 
 
 
21
 
 
 
12,031
 
 
 
 
 
 
 
 
 
 
 
12,052
 
Stock-based compensation expense
  
 
 
 
 
 
 
 
 
 
 
 
 
 
13,194
 
 
 
 
 
 
 
 
 
 
 
13,194
 
Repurchase of common stock
  
 
 
 
 
 
(2,267
 
 
(283
 
 
 
 
 
 
 
 
 
 
(203,918
 
 
(204,201
Cash dividends ($
0.11
per share)
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(17,149
 
 
(17,149
Settlements of convertible notes
  
 
 
 
 
 
207
 
 
 
26
 
 
 
(58
 
 
 
 
 
 
 
 
 
 
(32
Exercise of convertible notes hedge call options
  
 
 
 
 
 
(207
 
 
(26
 
 
26
 
 
 
 
 
 
 
 
 
 
 
  
 
Net income
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
183,485
 
 
 
183,485
 
Other comprehensive loss
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(31,820
 
 
 
 
 
 
(31,820
    
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Balance, October 2, 2022
  
$
  
 
 
 
155,782
 
 
$
19,473
 
 
$
1,746,779
 
 
$
(84,779
 
$
572,652
 
 
$
2,254,125
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Three Months Ended October 3, 2021
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance, July 4, 2021
  
$
21,386
 
 
 
165,444
 
 
$
20,680
 
 
$
1,772,302
 
 
$
15,322
 
 
$
684,952
 
 
$
2,493,256
 
Net issuance of common stock under stock-based plans
  
 
 
 
 
 
8
 
 
 
1
 
 
 
(259
 
 
 
 
 
 
 
 
 
 
(258
Stock-based compensation expense
  
 
 
 
 
 
 
 
 
 
 
 
 
 
10,042
 
 
 
 
 
 
 
 
 
 
 
10,042
 
Repurchase of common stock
  
 
 
 
 
 
(1,724
 
 
(215
 
 
 
 
 
 
 
 
 
 
(212,781
 
 
(212,996
Cash dividends
 ($0.10
per share)
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(16,452
 
 
(16,452
Settlements of convertible notes
  
 
 
 
 
 
5,589
 
 
 
699
 
 
 
636,798
 
 
 
 
 
 
 
 
 
 
 
637,497
 
Exercise of convertible notes hedge call options
  
 
 
 
 
 
(5,589
 
 
(699
 
 
(637,015
 
 
 
 
 
 
 
 
 
 
(637,714
Convertible common shares
  
 
(18,505
 
 
 
 
 
 
 
 
 
 
18,505
 
 
 
 
 
 
 
 
 
 
 
18,505
 
Net income
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
256,718
 
 
 
256,718
 
Other comprehensive loss
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(11,105
 
 
 
 
 
 
(11,105
    
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Balance, October 3, 2021
  
$
2,881
 
 
 
163,728
 
 
$
20,466
 
 
$
1,800,373
 
 
$
4,217
 
 
$
712,437
 
 
$
2,537,493
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Nine Months Ended October 2, 2022
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance, December 31, 2021
  
$
1,512
 
 
 
162,251
 
 
$
20,281
 
 
$
1,811,545
 
 
$
(5,948
 
$
736,566
 
 
$
2,562,444
 
Net issuance of common stock under stock-based plans
  
 
 
 
 
 
754
 
 
 
95
 
 
 
(4,287
 
 
 
 
 
 
 
 
 
 
(4,192
Stock-based compensation expense
  
 
 
 
 
 
 
 
 
 
 
 
 
 
39,056
 
 
 
 
 
 
 
 
 
 
 
39,056
 
Repurchase of common stock
  
 
 
 
 
 
(7,223
 
 
(903
 
 
 
 
 
 
 
 
 
 
(749,097
 
 
(750,000
Cash dividends
 ($0.33
per share)
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(52,617
 
 
(52,617
Settlements of convertible notes
  
 
 
 
 
 
1,211
 
 
 
151
 
 
 
(364
 
 
 
 
 
 
 
 
 
 
(213
Exercise of convertible notes hedge call options
  
 
 
 
 
 
(1,211
 
 
(151
 
 
151
 
 
 
 
 
 
 
 
 
 
 
  
 
Convertible common shares
  
 
(1,512
 
 
 
 
 
 
 
 
 
 
1,512
 
 
 
 
 
 
 
 
 
 
 
1,512
 
Cumulative-effect of change in accounting principle related
to convertible debt
  
 
 
 
 
 
 
 
 
 
 
 
 
 
(100,834
 
 
 
 
 
 
94,600
 
 
 
(6,234
Net income
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
543,200
 
 
 
543,200
 
Other comprehensive loss
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(78,831
 
 
 
 
 
 
(78,831
    
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Balance, October 2, 2022
  
$
  
 
 
 
155,782
 
 
$
19,473
 
 
$
1,746,779
 
 
$
(84,779
 
$
572,652
 
 
$
2,254,125
 
 
  
 
 
 
 
 
 
 
 
<