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false0000097210Q2--12-31truehttp://fasb.org/us-gaap/2023#DeferredTaxAndOtherLiabilitiesNoncurrenthttp://fasb.org/us-gaap/2023#DeferredTaxAndOtherLiabilitiesNoncurrenthttp://fasb.org/us-gaap/2023#DeferredTaxAndOtherLiabilitiesNoncurrenthttp://fasb.org/us-gaap/2023#DeferredTaxAndOtherLiabilitiesNoncurrenthttp://fasb.org/us-gaap/2023#OtherAssetsNoncurrenthttp://fasb.org/us-gaap/2023#OtherAssetsNoncurrenthttp://fasb.org/us-gaap/2023#OtherAssetsNoncurrenthttp://fasb.org/us-gaap/2023#OtherAssetsNoncurrentIncludes $1.3 million and $1.9 million in 2023 and 2022, respectively, for leases of Teradyne’s systems recognized outside Accounting Standards Codification (“ASC”) 606 “Revenue from Contracts with Customers.”Includes $2.5 million and $4.2 million in 2023 and 2022, respectively, for leases of Teradyne’s systems recognized outside ASC 606 “Revenue from Contracts with Customers.”Included in Corporate and Eliminations are: interest income, interest expense, net foreign exchange gains (losses), intercompany eliminations, legal and environmental fees, severance charges, pension, and an expense for the modification of Teradyne’s former chief executive officer’s outstanding equity awards.Included in income (loss) before taxes are charges related to restructuring and other, and inventory charges.Total assets are attributable to each segment. 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UNITED STATES
SECURITIES AND EXCHANGE COMMISSIO
N
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 July 2, 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 July 31, 2023
,
was 154,013,736 shares.




TERADYNE, INC.
INDE
X
 
        
Page No.
  
  
Item 1.
   Financial Statements (Unaudited):      1  
  Condensed Consolidated Balance Sheets as of July 2, 2023 and December 31, 2022      1  
  Condensed Consolidated Statements of Operations for the Three and Six Months ended July 2, 2023 and July 3, 2022      2  
  Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months ended July 2, 2023 and July 3, 2022      3  
  Condensed Statements of Convertible Common Shares and Shareholders’ Equity for the Three and Six Months Ended July 2, 2023 and July 3, 2022      4  
  Condensed Consolidated Statements of Cash Flows for the Six Months Ended July 2, 2023 and July 3, 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  
  
Item 1.
   Legal Proceedings      38  
Item 1A.
   Risk Factors      38  
Item 2.
   Unregistered Sales of Equity Securities and Use of Proceeds      39  
Item 4.
   Mine Safety Disclosures      39  
Item 5.
   Other Information     
39
  
Item 6.
   Exhibits      40  
PART I
 
Item 1:
Financial Statements
TERADYNE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
 
 
  
July 2,

2023
 
 
December 31,
2022
 
 
  
 
 
 
 
 
 
  
(in thousands,
except per share amount)
 
ASSETS
                 
Current assets:
                 
Cash and cash equivalents
    $ 613,208     $ 854,773  
Marketable securities
      95,199       39,612  
Accounts receivable, less allowance for credit losses of $2,232 and $1,955 at July 2, 2023 and December 31, 2022, respectively
      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
                 
Current 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 incomes taxes payable
      44,331       59,135  
    
 
 
    
 
 
  
Total liabilities
      960,013       1,049,958  
    
 
 
    
 
 
  
Commitments and contingencies (Note P)
             
SHAREHOLDERS’ EQUITY
                 
Common stock, $0.125 par value, 1,000,000 shares authorized; 154,148 and 155,759 shares issued and outstanding at July 2, 2023 and December 31, 2022, respectively
      19,269       19,470  
Additional
paid-in
capital
      1,784,590       1,755,963  
Accumulated other comprehensive loss
      (30,472 )      (49,868 ) 
Retained earnings
      661,496       725,729  
    
 
 
    
 
 
  
Total shareholders’ equity
      2,434,883       2,451,294  
    
 
 
    
 
 
  
Total liabilities and shareholders’ equity
  
$
3,394,896
 
 
$
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
Table of Contents
TERADYNE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

 
 
  
For the Three Months

Ended
 
 
For the Six Months

Ended
 
 
  
July 2,
2023
 
 
July 3,
2022
 
 
July 2,

2023
 
 
July 3,

2022
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
  
(in thousands, except per share amount)
 
Revenues:
                                 
Products
    $ 540,375     $ 697,954     $ 1,013,793     $ 1,323,829  
Services
      144,062       142,812       288,173       272,307  
    
 
 
    
 
 
    
 
 
    
 
 
  
Total revenues
      684,437       840,766       1,301,966       1,596,136  
Cost of revenues:
                                 
Cost of products
      217,011       274,674       415,675       517,690  
Cost of services
      64,934       59,703       127,379       117,124  
    
 
 
    
 
 
    
 
 
    
 
 
  
Total cost of revenues (exclusive of acquired intangible assets amortization shown separately below)
      281,945       334,377       543,054       634,814  
    
 
 
    
 
 
    
 
 
    
 
 
  
Gross profit
      402,492       506,389       758,912       961,322  
Operating expenses:
                                 
Selling and administrative
      145,695       139,533       296,650       279,718  
Engineering and development
      105,706       111,951       211,468       220,067  
Acquired intangible assets amortization
      4,825       4,871       9,627       9,934  
Restructuring and other
      6,358       2,044       8,395       17,758  
    
 
 
    
 
 
    
 
 
    
 
 
  
Total operating expenses
      262,584       258,399       526,140       527,477  
    
 
 
    
 
 
    
 
 
    
 
 
  
Income from operations
      139,908       247,990       232,772       433,845  
Non-operating
(income) expense:
                                 
Interest income
      (6,354 )      (951 )      (11,613 )      (1,653 ) 
Interest expense
      1,045       913       2,031       1,925  
Other (income) expense, net
      815       9,436       868       14,622  
    
 
 
    
 
 
    
 
 
    
 
 
  
Income before income taxes
      144,402       238,592       241,486       418,951  
Income tax provision
      24,352       40,805       37,905       59,236  
    
 
 
    
 
 
    
 
 
    
 
 
  
Net income
    $ 120,050     $ 197,787     $ 203,581     $ 359,715  
    
 
 
    
 
 
    
 
 
    
 
 
  
Net income per common share:
                                 
Basic
    $ 0.78     $ 1.24     $ 1.31     $ 2.24  
    
 
 
    
 
 
    
 
 
    
 
 
  
Diluted
    $ 0.73     $ 1.16     $ 1.23     $ 2.07  
    
 
 
    
 
 
    
 
 
    
 
 
  
Weighted average common shares—basic
      154,760       159,563       155,332       160,805  
    
 
 
    
 
 
    
 
 
    
 
 
  
Weighted average common shares—diluted
      164,751       171,159       165,530       173,367  
    
 
 
    
 
 
    
 
 
    
 
 
  
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
Table of Contents
TERADYNE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)

 
 
  
For the Three Months

Ended
 
 
For the Six Months

Ended
 
 
  
July 2,
2023
 
 
July 3,
2022
 
 
July 2,
2023
 
 
July 3,
2022
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
  
(in thousands)
 
Net income
    $ 120,050     $ 197,787     $ 203,581     $ 359,715  
Other comprehensive income, net of tax:
                                 
Foreign currency translation adjustment, net of tax of $0, $0, $0, $0, respectively
      2,943       (29,230 )      12,250       (37,307 ) 
Available-for-sale
marketable securities:
                                 
Unrealized (losses) gains on marketable securities arising during period, net of tax of $(180), $(1,240), $323, and $(2,573), respectively
      (568 )      (4,522 )      1,726       (9,910 ) 
Less: Reclassification adjustment for losses included in net income, net of tax of $8, $77, $10,
$59, respectively
      28       274       33       209  
    
 
 
    
 
 
    
 
 
    
 
 
  
       (540 )      (4,248 )      1,759       (9,701 ) 
Cash flow hedges:
                                 
Unrealized gains arising during period, net
of 
tax of $920, $0, $1,088, $
0
respectively
      3,270       —         3,866       —    
Less: Reclassification adjustment for losses included in net income, net of tax of $91, $0, $428, $0 respectively
      323       —         1,524       —    
    
 
 
    
 
 
    
 
 
    
 
 
  
       3,593       —         5,390       —    
Defined benefit post-retirement plan:
                                 
Amortization of prior service credit, net of tax of $0, $0, $(1), $(1), respectively
      (2 )      (2 )      (3 )      (3 ) 
    
 
 
    
 
 
    
 
 
    
 
 
  
Other comprehensive income (loss)
      5,994       (33,480 )      19,396       (47,011 ) 
    
 
 
    
 
 
    
 
 
    
 
 
  
Comprehensive income
    $ 126,044     $ 164,307     $ 222,977     $ 312,704  
    
 
 
    
 
 
    
 
 
    
 
 
  
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
Table of Contents
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 July 2, 2023
  
 
 
 
 
 
 
Balance, April 2, 2023
  
$
—  
 
 
 
155,445
 
 
$
19,431
 
 
$
1,772,352
 
 
$
(36,466
) 
 
$
694,145
 
 
$
2,449,462
 
Net issuance of common stock under stock-based plans
  
 
 
52
 
 
 
7
 
 
 
161
 
 
 
 
 
168
 
Stock-based compensation expense
  
 
 
 
 
12,077
 
 
 
 
 
12,077
 
Repurchase of common stock
  
 
 
(1,349
) 
 
 
(169
) 
 
 
 
 
(135,668
) 
 
 
(135,837
) 
Cash dividends ($0.11 per share)
  
 
 
 
 
 
 
(17,031
) 
 
 
(17,031
) 
Settlements of convertible notes
  
 
 
50
 
 
 
6
 
 
 
(6
) 
 
 
 
 
—  
 
Exercise of convertible notes hedge call options
  
 
 
(50
) 
 
 
(6
) 
 
 
6
 
 
 
 
 
—  
 
Net income
  
 
 
 
 
 
 
120,050
 
 
 
120,050
 
Other comprehensive income
  
 
 
 
 
 
5,994
 
 
 
 
5,994
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance, July 2, 2023
  
$
—  
 
 
 
154,148
 
 
$
19,269
 
 
$
1,784,590
 
 
$
(30,472
) 
 
$
661,496
 
 
$
2,434,883
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Three Months Ended July 3, 2022
  
 
 
 
 
 
 
Balance, April 3, 2022
  
$
—  
 
 
 
161,053
 
 
$
20,132
 
 
$
1,711,690
 
 
$
(19,479
) 
 
$
762,189
 
 
$
2,474,532
 
Net issuance of common stock under stock-based plans
  
 
 
33
 
 
 
4
 
 
 
(1,675
) 
 
 
 
 
(1,671
) 
Stock-based compensation expense
  
 
 
 
 
11,658
 
 
 
 
 
11,658
 
Repurchase of common stock
  
 
 
(3,206
) 
 
 
(401
) 
 
 
 
 
(333,933
) 
 
 
(334,334
) 
Cash dividends ($0.11 per share)
  
 
 
 
 
 
 
(17,561
) 
 
 
(17,561
) 
Settlements of convertible notes
  
 
 
495
 
 
 
62
 
 
 
(149
) 
 
 
 
 
(87
) 
Exercise of convertible notes hedge call options
  
 
 
(495
) 
 
 
(62
) 
 
 
62
 
 
 
 
 
—  
 
Cumulative-effect of change in accounting principle related to convertible debt
  
 
 
 
 
 
 
1,752
 
 
 
1,752
 
Net income
  
 
 
 
 
 
 
197,787
 
 
 
197,787
 
Other comprehensive loss
  
 
 
 
 
 
(33,480
) 
 
 
 
(33,480
) 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance, July 3, 2022
  
$
—  
 
 
 
157,880
 
 
$
19,735
 
 
$
1,721,586
 
 
$
(52,959
) 
 
$
610,234
 
 
$
2,298,596
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Six Months Ended July 2, 2023
  
 
 
 
 
 
 
Balance, December 31, 2022
  
$
—  
 
 
 
155,759
 
 
$
19,470
 
 
$
1,755,963
 
 
$
(49,868
) 
 
$
725,729
 
 
$
2,451,294
 
Net issuance of common stock under stock-based plans
  
 
 
631
 
 
 
79
 
 
 
(3,782
) 
 
 
 
 
(3,703
) 
Stock-based compensation expense
  
 
 
 
 
32,409
 
 
 
 
 
32,409
 
Repurchase of common stock
  
 
 
(2,242
) 
 
 
(280
) 
 
 
 
 
(233,604
) 
 
 
(233,884
) 
Cash dividends ($0.22 per share)
  
 
 
 
 
 
 
(34,210
) 
 
 
(34,210
) 
Settlements of convertible notes
  
 
 
375
 
 
 
47
 
 
 
(47
) 
 
 
 
 
—  
 
Exercise of convertible notes hedge call options
  
 
 
(375
) 
 
 
(47
) 
 
 
47
 
 
 
 
 
—  
 
Net income
  
 
 
 
 
 
 
203,581
 
 
 
203,581
 
Other comprehensive income
  
 
 
 
 
 
19,396
 
 
 
 
19,396
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance, July 2, 2023
  
$
—  
 
 
 
154,148
 
 
$
19,269
 
 
$
1,784,590
 
 
$
(30,472
) 
 
$
661,496
 
 
$
2,434,883
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Six Months Ended July 3, 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
  
 
 
585
 
 
 
73
 
 
 
(16,318
) 
 
 
 
 
(16,245
) 
Stock-based compensation expense
  
 
 
 
 
25,862
 
 
 
 
 
25,862
 
Repurchase of common stock
  
 
 
(4,956
) 
 
 
(619
) 
 
 
 
 
(545,179
) 
 
 
(545,798
) 
Cash dividends ($0.22 per share)
  
 
 
 
 
 
 
(35,470
) 
 
 
(35,470
) 
Settlements of convertible notes
  
 
 
1,004
 
 
 
125
 
 
 
(306
) 
 
 
 
 
(181
) 
Exercise of convertible notes hedge call options
  
 
 
(1,004
) 
 
 
(125
) 
 
 
125
 
 
 
 
 
—  
 
Cumulative-effect of change in accounting principle related to convertible debt
  
 
(1,512
) 
 
 
 
 
(99,322
) 
 
 
 
94,602
 
 
 
(4,720
) 
Net income
  
 
 
 
 
 
 
359,715
 
 
 
359,715
 
Other comprehensive loss
  
 
 
 
 
 
(47,011
) 
 
 
 
(47,011
) 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance, July 3, 2022
  
$
—  
 
 
 
157,880
 
 
$
19,735
 
 
$
1,721,586
 
 
$
(52,959
) 
 
$
610,234
 
 
$
2,298,596
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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.
 
4
Table of Contents
TERADYNE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

 
 
  
For the Six Months Ended
 
 
  
July 2,

2023
 
 
July 3,

2022
 
 
  
 
 
 
 
 
 
  
(in thousands)
 
Cash flows from operating activities:
                 
Net income
    $ 203,581     $ 359,715  
Adjustments to reconcile net income from operations to net cash provided by operating activities:
                 
Depreciation
      45,231       44,460  
Stock-based compensation
      32,449       25,122  
Provision for excess and obsolete inventory
      11,341       6,695  
Amortization
      9,580       10,095  
Deferred taxes
      (13,571 )      (23,597 ) 
(Gains) losses on investments
      (4,745 )      8,973  
Other
      (92 )      522  
Changes in operating assets and liabilities
                 
Accounts receivable
      (2,693 )      (146,384 ) 
Inventories
      (13,845 )      (46,682 ) 
Prepayments and other assets
      (29,584 )      (94,751 ) 
Accounts payable and other liabilities
      (24,514 )      (43,611 ) 
Deferred revenue and customer advances
      (34,938 )      14,163  
Retirement plans contributions
      (2,482 )      (2,618 ) 
Income taxes
      (13,614 )      10,815  
    
 
 
    
 
 
  
Net cash provided by operating activities
      162,104       122,917  
    
 
 
    
 
 
  
Cash flows from investing activities:
                 
Purchases of property, plant and equipment
      (80,702 )      (89,743 ) 
Purchases of marketable securities
      (99,018 )      (247,881 ) 
Proceeds from sales of marketable securities
      35,577       143,642  
Proceeds from maturities of marketable securities
      21,997       139,652  
Proceeds from life insurance
      460       —    
    
 
 
    
 
 
  
Net cash used for investing activities
      (121,686 )      (54,330 ) 
    
 
 
    
 
 
  
Cash flows from financing activities:
                 
Repurchase of common stock
      (227,845 )      (532,799 ) 
Dividend payments
      (34,184 )      (35,442 ) 
Payments related to net settlement of employee stock compensation awards
      (20,308 )      (32,780 ) 
Payments of convertible debt principal
      (17,458 )      (42,292 ) 
Issuance of common stock under stock purchase and stock option plans
      16,599       16,536  
    
 
 
    
 
 
  
Net cash used for financing activities
      (283,196 )      (626,777 )