[July 27, 2016] |
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Teradyne Reports Revenue Growth in Second Quarter and First Half 2016
Teradyne, Inc. (NYSE: TER):
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Q2'16
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Q2'15
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Q1'16
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1H 2016
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1H 2015
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Orders (mil)
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$471
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$529
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$389
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$860
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$1,019
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Revenue (mil)
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$532
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$513
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$431
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$963
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$855
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GAAP EPS
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$(1.10)
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$0.48
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$0.24
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$(0.85)
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$0.62
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Non-GAAP EPS
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$0.55
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$0.53
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$0.31
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$0.86
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$0.70
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Teradyne,
Inc. (NYSE: TER) reported revenue of $532 million for the second
quarter of 2016 of which $435 million was in Semiconductor Test, $49
million in System Test, $25 million in Industrial Automation, and $22
million in Wireless Test. GAAP net loss for the second quarter was
$(223.5) million or $(1.10) per share, which included a Wireless Test
goodwill and intangible asset impairment charge of $338.3 million. On a
non-GAAP basis, Teradyne's net income in the second quarter was $112.4
million, or $0.55 per diluted share, which excluded the Wireless Test
goodwill and intangible asset impairment charge as well as acquired
intangible asset amortization, restructuring and other charges and
discrete income tax adjustments.
Orders in the second quarter of 2016 were $471 million of which $391
million were in Semiconductor Test, $30 million in System Test, $26
million in Industrial Automation, and $23 million in Wireless Test.
"Strong customer demand for our semiconductor test products drove second
quarter revenue to the highest level in 4 years and contributed to our
highest first half revenue in 15 years," said CEO and President Mark
Jagiela. "On the bookings front, we saw continued solid System-on-a-Chip
test demand in the mobile device market, record orders for our Magnum
family of memory test systems, and another quarter of explosive growth
in collaborative robot demand.
"At the same time, we've seen a significant decline in the projected
size of the wireless production test market served by our Wireless Test
segment. In light of this, we've written down the goodwill and
intangible asset carrying values of this segment. While disappointing,
we're taking the actions necessary to put the business on a solid
financial foundation for the future.
"Looking ahead, our guidance for the third quarter reflects continued
strength in Industrial Automation, seasonal patterns in Semiconductor
Test, and continued weakness in Wireless Test."
Guidance for the third quarter of 2016 is revenue of $375 million to
$405 million, with GAAP net income of $0.22 to $0.30 per diluted share
and non-GAAP net income of $0.23 to $0.30 per diluted share. Non-GAAP
guidance excludes acquired intangible asset amortization and includes
non-GAAP tax adjustments.
Webcast
A conference call to discuss the second quarter results, along with
management's business outlook, will follow at 10 a.m. ET, Thursday, July
28. 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 10 a.m. ET. A
replay will be available on the Teradyne website at www.teradyne.com/investors.
Non-GAAP Results
In addition to disclosing results that are determined in accordance with
GAAP, Teradyne also discloses non-GAAP results of operations that
exclude certain income items and charges. These results are provided as
a complement to results provided in accordance with GAAP. Non-GAAP
income from operations and non-GAAP net income exclude goodwill and
intangible asset impairment charges, acquired intangible asset
amortization, pension actuarial gains and losses, fair value inventory
step-up related to Universal Robots, discrete income tax adjustments,
restructuring and other, and a gain from the sale of an equity
investment. 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 and non-GAAP net
income as a percentage of revenue, and non-GAAP net income per share are
non-GAAP measures presented to provide meaningful supplemental
information regarding Teradyne's baseline performance before gains,
losses or other charges that may not be indicative of Teradyne's current
core business or future outlook. These non-GAAP 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 gross margin excludes pension actuarial
gains and losses. GAAP requires that these items be included in
determining gross margin. Non-GAAP gross margin dollar amount and
percentage are non-GAAP measures that management believes provide useful
supplemental information for management and the investor. Management
uses non-GAAP gross margin as a performance measure for Teradyne's
current core business and future outlook and for comparison with
Teradyne's business plan, historical gross margin results and the gross
margin results of Teradyne's competitors. Management believes each of
these non-GAAP 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 "Investors" and then selecting the "GAAP to Non-GAAP
Reconciliation" link. The non-GAAP financial measures discussed in this
press release may not be comparable to similarly titled measures used by
other companies. The presentation of non-GAAP measures is not meant to
be considered in isolation, as a substitute for, or superior to,
financial measures or information provided in accordance with GAAP.
About Teradyne
Teradyne
(NYSE:TER) is a leading supplier of automation equipment for test and
industrial applications. Teradyne Automatic Test Equipment (ATE) is used
to test semiconductors, wireless products, data storage and complex
electronic systems, which serve consumer, communications, industrial and
government customers. Our Industrial Automation products include
Collaborative Robots used by global manufacturing and light industrial
customers to improve quality and increase manufacturing efficiency. In
2015, Teradyne had revenue of $1.64 billion and currently employs
approximately 4,200 people worldwide. For more information, visit www.teradyne.com.
Teradyne(R) is a registered trademark of Teradyne, Inc. in
the U.S. and other countries.
Safe Harbor Statement
This release contains forward-looking statements regarding future
business prospects, Teradyne's results of operations, market conditions,
earnings per share, the payment of a quarterly dividend, the repurchase
of Teradyne common stock pursuant to a share repurchase program and a
senior secured credit facility. Such statements are based on the current
assumptions and expectations of Teradyne's management and are neither
promises nor guarantees of future performance, future events, future
earnings per share, future payment of dividends, future repurchases of
common stock or future availability of, or borrowing under, a credit
facility. There can be no assurance that management's estimates of
Teradyne's future results or other forward-looking statements will be
achieved. Additionally, the current dividend and share repurchase
programs may be modified, suspended or discontinued at any time.
Important factors that could cause actual results, earnings per share,
dividend payments, repurchases of common stock or borrowings under the
credit facility to differ materially from those presently expected
include: conditions affecting the markets in which Teradyne operates;
decreased or delayed product demand; market acceptance of new products;
the ability to grow Universal Robots' business; increased research and
development spending; deterioration of Teradyne's financial condition;
the consummation and success of any mergers or acquisitions; the
business judgment of the board of directors that a declaration of a
dividend, the repurchase of common stock or debt under the credit
facility is not in the company's best interests; and other events,
factors and risks disclosed in filings with the SEC, including, but not
limited to, the "Risk Factors" section of Teradyne's Annual Report on
Form 10-K for the fiscal year ended December 31, 2015 and the Quarterly
Report on Form 10-Q for the period ended April 3, 2016. The
forward-looking statements provided by Teradyne in this press release
represent management's views as of the date of this release. Teradyne
anticipates that subsequent events and developments may cause
management's views to change. However, while Teradyne may elect to
update these forward-looking statements at some point in the future,
Teradyne specifically disclaims any obligation to do so. These
forward-looking statements should not be relied upon as representing
Teradyne's views as of any date subsequent to the date of this release.
|
TERADYNE, INC. REPORT FOR SECOND FISCAL QUARTER OF 2016
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CONDENSED CONSOLIDATED OPERATING STATEMENTS
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(In thousands, except per share amounts)
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Quarter Ended
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Six Months Ended
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July 3, 2016
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April 3, 2016
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July 5, 2015
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July 3, 2016
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July 5, 2015
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Net revenues
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$
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531,792
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$
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430,994
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$
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512,739
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$
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962,787
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$
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855,140
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Cost of revenues (exclusive of acquired intangible asset
amortization shown separately below) (1) (2)
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248,922
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200,662
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|
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214,171
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|
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449,584
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364,149
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Gross profit
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282,870
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230,332
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298,568
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513,203
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490,991
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Operating expenses:
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Engineering and development (1)
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76,109
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73,464
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75,832
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149,573
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147,282
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Selling and administrative (1)
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81,425
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79,174
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77,073
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160,599
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149,114
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Acquired intangible asset amortization
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16,244
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19,994
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15,258
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36,238
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29,066
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Goodwill impairment (3)
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254,946
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-
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-
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254,946
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-
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Restructuring and other (4)
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85,947
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1,587
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(385
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)
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|
|
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87,534
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|
|
|
|
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(385
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)
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Operating expenses
|
|
|
|
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514,671
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|
|
|
|
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174,219
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|
|
|
|
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167,778
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|
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|
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|
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688,890
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|
|
|
|
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325,077
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(Loss) income from operations
|
|
|
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(231,801
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)
|
|
|
|
|
56,113
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|
|
|
|
|
130,790
|
|
|
|
|
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(175,687
|
)
|
|
|
|
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165,914
|
|
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|
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Interest and other (5)
|
|
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|
984
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|
|
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|
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1,079
|
|
|
|
|
|
1,346
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|
|
|
|
|
|
2,062
|
|
|
|
|
|
8,660
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|
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|
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(Loss) income before income taxes
|
|
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(230,817
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)
|
|
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|
|
57,192
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|
|
|
132,136
|
|
|
|
|
|
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(173,625
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)
|
|
|
|
|
174,574
|
|
|
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Income tax (benefit) provision
|
|
|
|
|
(7,271
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)
|
|
|
|
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7,206
|
|
|
|
|
|
29,257
|
|
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|
|
|
|
(65
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)
|
|
|
|
|
38,908
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|
Net (loss) income
|
|
|
|
$
|
(223,546
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)
|
|
|
|
$
|
49,986
|
|
|
|
|
$
|
102,879
|
|
|
|
|
|
$
|
(173,560
|
)
|
|
|
|
$
|
135,666
|
|
|
|
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Net (loss) income per common share:
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Basic
|
|
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$
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(1.10
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)
|
|
|
|
$
|
0.24
|
|
|
|
|
$
|
0.48
|
|
|
|
|
|
$
|
(0.85
|
)
|
|
|
|
$
|
0.63
|
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Diluted
|
|
|
|
|
$
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(1.10
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)
|
|
|
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$
|
0.24
|
|
|
|
|
$
|
0.48
|
|
|
|
|
|
$
|
(0.85
|
)
|
|
|
|
$
|
0.62
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Weighted average common shares - basic
|
|
|
|
|
203,018
|
|
|
|
|
|
204,271
|
|
|
|
|
|
213,845
|
|
|
|
|
|
|
203,645
|
|
|
|
|
|
215,516
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares - diluted
|
|
|
|
|
203,018
|
|
|
|
|
|
205,732
|
|
|
|
|
|
215,496
|
|
|
|
|
|
|
203,645
|
|
|
|
|
|
217,154
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividend declared per common share
|
|
|
|
$
|
0.06
|
|
|
|
|
$
|
0.06
|
|
|
|
|
$
|
0.06
|
|
|
|
|
|
$
|
0.12
|
|
|
|
|
$
|
0.12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net orders
|
|
|
|
$
|
470,983
|
|
|
|
|
$
|
389,417
|
|
|
|
|
$
|
528,693
|
|
|
|
|
|
$
|
860,400
|
|
|
|
|
$
|
1,019,050
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1
|
)
|
|
Pension actuarial gains included in our operating results were as
follows:
|
|
|
|
Quarter Ended
|
|
|
|
|
Six Months Ended
|
|
|
|
|
|
|
|
|
July 3, 2016
|
|
|
|
April 3, 2016
|
|
|
|
July 5, 2015
|
|
|
|
|
July 3, 2016
|
|
|
|
July 5, 2015
|
|
|
Cost of revenues
|
|
|
|
$
|
(221
|
)
|
|
|
|
$
|
(393
|
)
|
|
|
|
$
|
-
|
|
|
|
|
|
$
|
(614
|
)
|
|
|
|
$
|
-
|
|
|
|
Engineering and development
|
|
|
|
|
(221
|
)
|
|
|
|
|
(394
|
)
|
|
|
|
|
-
|
|
|
|
|
|
|
(615
|
)
|
|
|
|
|
-
|
|
|
|
Selling and administrative
|
|
|
|
|
(227
|
)
|
|
|
|
|
(406
|
)
|
|
|
|
|
-
|
|
|
|
|
|
|
(633
|
)
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
$
|
(669
|
)
|
|
|
|
$
|
(1,193
|
)
|
|
|
|
$
|
-
|
|
|
|
|
|
$
|
(1,862
|
)
|
|
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2
|
)
|
|
Cost of revenues includes:
|
|
|
|
Quarter Ended
|
|
|
|
|
Six Months Ended
|
|
|
|
|
|
|
|
|
July 3, 2016
|
|
|
|
April 3, 2016
|
|
|
|
July 5, 2015
|
|
|
|
|
July 3, 2016
|
|
|
|
July 5, 2015
|
|
|
Provision for excess and obsolete inventory
|
|
|
|
$
|
7,742
|
|
|
|
|
$
|
4,373
|
|
|
|
|
$
|
14,441
|
|
|
|
|
|
$
|
12,115
|
|
|
|
|
$
|
15,881
|
|
|
|
Sale of previously written down inventory
|
|
|
|
|
(5,151
|
)
|
|
|
|
|
(1,168
|
)
|
|
|
|
|
(2,745
|
)
|
|
|
|
|
|
(6,319
|
)
|
|
|
|
|
(4,676
|
)
|
|
|
Inventory step-up
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
|
595
|
|
|
|
|
|
|
-
|
|
|
|
|
|
595
|
|
|
|
|
|
|
|
|
|
$
|
2,591
|
|
|
|
|
$
|
3,205
|
|
|
|
|
$
|
12,291
|
|
|
|
|
|
$
|
5,796
|
|
|
|
|
$
|
11,800
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3
|
)
|
|
Goodwill impairment related to Teradyne's Wireless Test business
segment.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4
|
)
|
|
Restructuring and other consists of:
|
|
|
|
Quarter Ended
|
|
|
|
|
Six Months Ended
|
|
|
|
|
|
|
|
|
July 3, 2016
|
|
|
|
April 3, 2016
|
|
|
|
July 5, 2015
|
|
|
|
|
July 3, 2016
|
|
|
|
July 5, 2015
|
|
|
Wireless Test business segment intangible asset impairment
|
|
|
|
$
|
83,339
|
|
|
|
|
$
|
-
|
|
|
|
|
$
|
-
|
|
|
|
|
|
$
|
83,339
|
|
|
|
|
$
|
-
|
|
|
|
Impairment of fixed assets and expenses related to Japan earthquake
|
|
|
|
|
5,051
|
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
|
|
5,051
|
|
|
|
|
|
-
|
|
|
|
Property insurance recovery and proceeds
|
|
|
|
|
(5,051
|
)
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
|
|
(5,051
|
)
|
|
|
|
|
-
|
|
|
|
Contingent consideration fair value adjustment
|
|
|
|
|
1,305
|
|
|
|
|
|
1,173
|
|
|
|
|
|
(1,600
|
)
|
|
|
|
|
|
2,478
|
|
|
|
|
|
(1,600
|
)
|
|
|
Employee severance
|
|
|
|
|
1,303
|
|
|
|
|
|
414
|
|
|
|
|
|
255
|
|
|
|
|
|
|
1,717
|
|
|
|
|
|
255
|
|
|
|
Acquisition costs
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
|
960
|
|
|
|
|
|
|
-
|
|
|
|
|
|
960
|
|
|
|
|
|
|
|
|
|
$
|
85,947
|
|
|
|
|
$
|
1,587
|
|
|
|
|
$
|
(385
|
)
|
|
|
|
|
$
|
87,534
|
|
|
|
|
$
|
(385
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5
|
)
|
|
Interest and other includes:
|
|
|
|
Quarter Ended
|
|
|
|
|
Six Months Ended
|
|
|
|
|
|
|
|
|
July 3, 2016
|
|
|
|
April 3, 2016
|
|
|
|
July 5, 2015
|
|
|
|
|
July 3, 2016
|
|
|
|
July 5, 2015
|
|
|
Gain from the sale of an equity investment
|
|
|
|
$
|
-
|
|
|
|
|
$
|
-
|
|
|
|
|
$
|
(624
|
)
|
|
|
|
|
$
|
-
|
|
|
|
|
$
|
(5,406
|
)
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
July 3, 2016
|
|
|
|
December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
|
$
|
381,095
|
|
|
|
$
|
264,705
|
Marketable securities
|
|
|
|
|
|
442,154
|
|
|
|
|
477,696
|
Accounts receivable
|
|
|
|
|
|
349,547
|
|
|
|
|
211,293
|
Inventories, net
|
|
|
|
|
|
129,278
|
|
|
|
|
153,588
|
Deferred tax assets
|
|
|
|
|
|
-
|
|
|
|
|
54,973
|
Prepayments
|
|
|
|
|
|
103,131
|
|
|
|
|
91,519
|
Other current assets
|
|
|
|
|
|
7,681
|
|
|
|
|
6,194
|
Total current assets
|
|
|
|
|
|
1,412,886
|
|
|
|
|
1,259,968
|
|
|
|
|
|
|
|
|
|
|
|
Net property, plant and equipment
|
|
|
|
|
|
264,555
|
|
|
|
|
273,414
|
Marketable securities
|
|
|
|
|
|
282,545
|
|
|
|
|
265,928
|
Deferred tax assets
|
|
|
|
|
|
72,708
|
|
|
|
|
7,404
|
Other assets
|
|
|
|
|
|
13,074
|
|
|
|
|
13,080
|
Retirement plans assets
|
|
|
|
|
|
2,811
|
|
|
|
|
636
|
Intangible assets, net
|
|
|
|
|
|
122,069
|
|
|
|
|
239,831
|
Goodwill
|
|
|
|
|
|
237,210
|
|
|
|
|
488,413
|
Total assets
|
|
|
|
|
$
|
2,407,858
|
|
|
|
$
|
2,548,674
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
|
|
$
|
103,090
|
|
|
|
$
|
92,358
|
Accrued employees' compensation and withholdings
|
|
|
|
|
|
89,167
|
|
|
|
|
113,994
|
Deferred revenue and customer advances
|
|
|
|
|
|
190,920
|
|
|
|
|
85,527
|
Other accrued liabilities
|
|
|
|
|
|
47,150
|
|
|
|
|
43,727
|
Contingent consideration
|
|
|
|
|
|
1,050
|
|
|
|
|
15,500
|
Accrued income taxes
|
|
|
|
|
|
23,972
|
|
|
|
|
21,751
|
Total current liabilities
|
|
|
|
|
|
455,349
|
|
|
|
|
372,857
|
|
|
|
|
|
|
|
|
|
|
|
Retirement plans liabilities
|
|
|
|
|
|
106,618
|
|
|
|
|
103,531
|
Long-term deferred revenue and customer advances
|
|
|
|
|
|
26,927
|
|
|
|
|
25,745
|
Deferred tax liabilities
|
|
|
|
|
|
16,110
|
|
|
|
|
26,663
|
Long-term other accrued liabilities
|
|
|
|
|
|
33,411
|
|
|
|
|
32,156
|
Long-term contingent consideration
|
|
|
|
|
|
23,864
|
|
|
|
|
21,936
|
Total liabilities
|
|
|
|
|
|
662,279
|
|
|
|
|
582,888
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
|
|
|
|
|
|
1,745,579
|
|
|
|
|
1,965,786
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders' equity
|
|
|
|
|
$
|
2,407,858
|
|
|
|
$
|
2,548,674
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
|
|
|
Six Months Ended
|
|
|
|
|
July 3, 2016
|
|
|
|
July 5, 2015
|
|
|
|
|
July 3, 2016
|
|
|
|
July 5, 2015
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income
|
|
|
|
$
|
(223,546
|
)
|
|
|
|
$
|
102,879
|
|
|
|
|
|
$
|
(173,560
|
)
|
|
|
|
$
|
135,666
|
|
Adjustments to reconcile net (loss) income to net cash provided by
operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
|
|
15,976
|
|
|
|
|
|
16,885
|
|
|
|
|
|
|
32,168
|
|
|
|
|
|
36,230
|
|
Amortization
|
|
|
|
|
16,710
|
|
|
|
|
|
16,256
|
|
|
|
|
|
|
37,180
|
|
|
|
|
|
31,395
|
|
Provision for excess and obsolete inventory
|
|
|
|
|
7,742
|
|
|
|
|
|
14,441
|
|
|
|
|
|
|
12,115
|
|
|
|
|
|
15,881
|
|
Stock-based compensation
|
|
|
|
|
7,532
|
|
|
|
|
|
7,442
|
|
|
|
|
|
|
15,457
|
|
|
|
|
|
15,405
|
|
Contingent consideration adjustment
|
|
|
|
|
1,305
|
|
|
|
|
|
(1,600
|
)
|
|
|
|
|
|
2,478
|
|
|
|
|
|
(1,600
|
)
|
Goodwill impairment
|
|
|
|
|
254,946
|
|
|
|
|
|
-
|
|
|
|
|
|
|
254,946
|
|
|
|
|
|
-
|
|
Intangible asset impairment
|
|
|
|
|
83,339
|
|
|
|
|
|
-
|
|
|
|
|
|
|
83,339
|
|
|
|
|
|
-
|
|
Deferred taxes
|
|
|
|
|
(15,962
|
)
|
|
|
|
|
(8,540
|
)
|
|
|
|
|
|
(21,458
|
)
|
|
|
|
|
(10,371
|
)
|
Impairment of fixed assets
|
|
|
|
|
4,179
|
|
|
|
|
|
-
|
|
|
|
|
|
|
4,179
|
|
|
|
|
|
-
|
|
Property insurance recovery and proceeds
|
|
|
|
|
(5,051
|
)
|
|
|
|
|
-
|
|
|
|
|
|
|
(5,051
|
)
|
|
|
|
|
-
|
|
Retirement plans actuarial gains
|
|
|
|
|
(669
|
)
|
|
|
|
|
-
|
|
|
|
|
|
|
(1,862
|
)
|
|
|
|
|
-
|
|
Non-cash charge for the sale of inventories revalued at the date of
acquisition
|
|
|
|
|
-
|
|
|
|
|
|
595
|
|
|
|
|
|
|
-
|
|
|
|
|
|
595
|
|
Gain from the sale of an equity investment
|
|
|
|
|
-
|
|
|
|
|
|
(624
|
)
|
|
|
|
|
|
-
|
|
|
|
|
|
(5,406
|
)
|
Tax benefit related to stock options and restricted stock units
|
|
|
|
|
-
|
|
|
|
|
|
(892
|
)
|
|
|
|
|
|
-
|
|
|
|
|
|
(892
|
)
|
Other
|
|
|
|
|
92
|
|
|
|
|
|
2,571
|
|
|
|
|
|
|
576
|
|
|
|
|
|
1,154
|
|
Changes in operating assets and liabilities, net of business
acquired:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
|
|
(95,678
|
)
|
|
|
|
|
(117,744
|
)
|
|
|
|
|
|
(138,230
|
)
|
|
|
|
|
(142,493
|
)
|
Inventories
|
|
|
|
|
30,924
|
|
|
|
|
|
17,540
|
|
|
|
|
|
|
30,222
|
|
|
|
|
|
23,500
|
|
Prepayments and other assets
|
|
|
|
|
(12,509
|
)
|
|
|
|
|
10,908
|
|
|
|
|
|
|
(13,657
|
)
|
|
|
|
|
14,054
|
|
Accounts payable and accrued expenses
|
|
|
|
|
34,565
|
|
|
|
|
|
73,542
|
|
|
|
|
|
|
(15,192
|
)
|
|
|
|
|
53,392
|
|
Deferred revenue and customer advances
|
|
|
|
|
77,777
|
|
|
|
|
|
4,647
|
|
|
|
|
|
|
106,072
|
|
|
|
|
|
5,685
|
|
Retirement plans contributions
|
|
|
|
|
(1,048
|
)
|
|
|
|
|
(980
|
)
|
|
|
|
|
|
(2,298
|
)
|
|
|
|
|
(1,999
|
)
|
Accrued income taxes
|
|
|
|
|
58
|
|
|
|
|
|
18,599
|
|
|
|
|
|
|
6
|
|
|
|
|
|
23,261
|
|
Net cash provided by operating activities
|
|
|
|
|
180,682
|
|
|
|
|
|
155,925
|
|
|
|
|
|
|
207,430
|
|
|
|
|
|
193,457
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of property, plant and equipment
|
|
|
|
|
(26,259
|
)
|
|
|
|
|
(24,961
|
)
|
|
|
|
|
|
(46,593
|
)
|
|
|
|
|
(46,110
|
)
|
Purchases of available-for-sale marketable securities
|
|
|
|
|
(215,533
|
)
|
|
|
|
|
(254,615
|
)
|
|
|
|
|
|
(437,311
|
)
|
|
|
|
|
(590,250
|
)
|
Proceeds from maturities of available-for-sale marketable securities
|
|
|
|
|
54,566
|
|
|
|
|
|
91,194
|
|
|
|
|
|
|
128,024
|
|
|
|
|
|
231,416
|
|
Proceeds from sales of available-for-sale marketable securities
|
|
|
|
|
95,428
|
|
|
|
|
|
482,761
|
|
|
|
|
|
|
334,798
|
|
|
|
|
|
631,400
|
|
Proceeds from property insurance
|
|
|
|
|
5,051
|
|
|
|
|
|
-
|
|
|
|
|
|
|
5,051
|
|
|
|
|
|
-
|
|
Acquisition of business, net of cash acquired
|
|
|
|
|
-
|
|
|
|
|
|
(282,332
|
)
|
|
|
|
|
|
-
|
|
|
|
|
|
(282,332
|
)
|
Proceeds from the sale of an equity investment
|
|
|
|
|
-
|
|
|
|
|
|
624
|
|
|
|
|
|
|
-
|
|
|
|
|
|
5,406
|
|
Proceeds from life insurance
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
|
|
-
|
|
|
|
|
|
1,098
|
|
Net cash (used for) provided by investing activities
|
|
|
|
|
(86,747
|
)
|
|
|
|
|
12,671
|
|
|
|
|
|
|
(16,031
|
)
|
|
|
|
|
(49,372
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of common stock under stock option and stock purchase plans
|
|
|
|
|
8,756
|
|
|
|
|
|
8,979
|
|
|
|
|
|
|
17,896
|
|
|
|
|
|
17,878
|
|
Repurchase of common stock
|
|
|
|
|
(28,782
|
)
|
|
|
|
|
(81,666
|
)
|
|
|
|
|
|
(56,783
|
)
|
|
|
|
|
(128,316
|
)
|
Dividend payments
|
|
|
|
|
(12,172
|
)
|
|
|
|
|
(12,808
|
)
|
|
|
|
|
|
(24,425
|
)
|
|
|
|
|
(25,857
|
)
|
Tax benefit related to stock options and restricted stock units
|
|
|
|
|
-
|
|
|
|
|
|
892
|
|
|
|
|
|
|
-
|
|
|
|
|
|
892
|
|
Payment of revolving credit facility costs
|
|
|
|
|
-
|
|
|
|
|
|
(2,253
|
)
|
|
|
|
|
|
-
|
|
|
|
|
|
(2,253
|
)
|
Payment of contingent consideration
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
|
|
(11,697
|
)
|
|
|
|
|
-
|
|
Net cash used for financing activities
|
|
|
|
|
(32,198
|
)
|
|
|
|
|
(86,856
|
)
|
|
|
|
|
|
(75,009
|
)
|
|
|
|
|
(137,656
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase in cash and cash equivalents
|
|
|
|
|
61,737
|
|
|
|
|
|
81,740
|
|
|
|
|
|
|
116,390
|
|
|
|
|
|
6,429
|
|
Cash and cash equivalents at beginning of period
|
|
|
|
|
319,358
|
|
|
|
|
|
218,945
|
|
|
|
|
|
|
264,705
|
|
|
|
|
|
294,256
|
|
Cash and cash equivalents at end of period
|
|
|
|
$
|
381,095
|
|
|
|
|
$
|
300,685
|
|
|
|
|
|
$
|
381,095
|
|
|
|
|
$
|
300,685
|
|
GAAP to Non-GAAP Earnings Reconciliation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In millions, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
|
|
|
|
|
|
|
July 3, 2016
|
|
|
|
% of Net Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
April 3, 2016
|
|
|
|
% of Net Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
July 5, 2015
|
|
|
|
% of Net Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenues
|
|
|
|
$
|
531.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
431.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
512.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit - GAAP
|
|
|
|
$
|
282.9
|
|
|
|
|
|
53.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
230.3
|
|
|
|
|
53.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
298.6
|
|
|
|
|
58.2
|
%
|
|
|
|
|
|
|
|
|
|
|
Inventory step-up
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.6
|
|
|
|
|
0.1
|
%
|
|
|
|
|
|
|
|
|
|
|
Pension mark-to-market adjustment (1)
|
|
|
|
|
(0.2
|
)
|
|
|
|
|
0.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(0.4
|
)
|
|
|
|
-0.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
Gross profit - non-GAAP
|
|
|
|
$
|
282.7
|
|
|
|
|
|
53.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
229.9
|
|
|
|
|
53.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
299.2
|
|
|
|
|
58.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income from operations - GAAP
|
|
|
|
$
|
(231.8
|
)
|
|
|
|
|
-43.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
56.1
|
|
|
|
|
13.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
130.8
|
|
|
|
|
25.5
|
%
|
|
|
|
|
|
|
|
|
|
|
Goodwill impairment (2)
|
|
|
|
|
254.9
|
|
|
|
|
|
47.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring and other (3)
|
|
|
|
|
85.9
|
|
|
|
|
|
16.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.6
|
|
|
|
|
0.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(0.4
|
)
|
|
|
|
-0.1
|
%
|
|
|
|
|
|
|
|
|
|
|
Acquired intangible asset amortization
|
|
|
|
|
16.2
|
|
|
|
|
|
3.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20.0
|
|
|
|
|
4.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15.3
|
|
|
|
|
3.0
|
%
|
|
|
|
|
|
|
|
|
|
|
Pension mark-to-market adjustment (1)
|
|
|
|
|
(0.7
|
)
|
|
|
|
|
-0.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1.2
|
)
|
|
|
|
-0.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
Inventory step-up
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.6
|
|
|
|
|
0.1
|
%
|
|
|
|
|
|
|
|
|
Income from operations - non-GAAP
|
|
|
|
$
|
124.5
|
|
|
|
|
|
23.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
76.5
|
|
|
|
|
17.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
146.3
|
|
|
|
|
28.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (Loss) Income per Common Share
|
|
|
|
|
|
|
|
|
|
|
|
Net Income per Common Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income per Common Share
|
|
|
|
|
|
|
|
|
July 3, 2016
|
|
|
|
% of Net Revenues
|
|
|
|
|
Basic
|
|
|
|
Diluted
|
|
|
|
April 3, 2016
|
|
|
|
% of Net Revenues
|
|
|
|
Basic
|
|
|
|
Diluted
|
|
|
|
|
|
July 5, 2015
|
|
|
|
% of Net Revenues
|
|
|
|
Basic
|
|
|
|
Diluted
|
Net (loss) income - GAAP
|
|
|
|
$
|
(223.5
|
)
|
|
|
|
|
-42.0
|
%
|
|
|
|
|
$
|
(1.10
|
)
|
|
|
|
$
|
(1.10
|
)
|
|
|
|
$
|
50.0
|
|
|
|
|
11.6
|
%
|
|
|
|
$
|
0.24
|
|
|
|
|
$
|
0.24
|
|
|
|
|
|
|
$
|
102.9
|
|
|
|
|
20.1
|
%
|
|
|
|
$
|
0.48
|
|
|
|
|
$
|
0.48
|
|
|
|
Goodwill impairment (2)
|
|
|
|
|
254.9
|
|
|
|
|
|
47.9
|
%
|
|
|
|
|
|
1.26
|
|
|
|
|
|
1.24
|
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
Restructuring and other (3)
|
|
|
|
|
85.9
|
|
|
|
|
|
16.2
|
%
|
|
|
|
|
|
0.42
|
|
|
|
|
|
0.42
|
|
|
|
|
|
1.6
|
|
|
|
|
0.4
|
%
|
|
|
|
|
0.01
|
|
|
|
|
|
0.01
|
|
|
|
|
|
|
|
(0.4
|
)
|
|
|
|
-0.1
|
%
|
|
|
|
|
(0.00
|
)
|
|
|
|
|
(0.00
|
)
|
|
|
Acquired intangible asset amortization
|
|
|
|
|
16.2
|
|
|
|
|
|
3.0
|
%
|
|
|
|
|
|
0.08
|
|
|
|
|
|
0.08
|
|
|
|
|
|
20.0
|
|
|
|
|
4.6
|
%
|
|
|
|
|
0.10
|
|
|
|
|
|
0.10
|
|
|
|
|
|
|
|
15.3
|
|
|
|
|
3.0
|
%
|
|
|
|
|
0.07
|
|
|
|
|
|
0.07
|
|
|
|
Interest and other (4)
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
(0.6
|
)
|
|
|
|
-0.1
|
%
|
|
|
|
|
(0.00
|
)
|
|
|
|
|
(0.00
|
)
|
|
|
Pension mark-to-market adjustment (1)
|
|
|
|
|
(0.7
|
)
|
|
|
|
|
-0.1
|
%
|
|
|
|
|
|
(0.00
|
)
|
|
|
|
|
(0.00
|
)
|
|
|
|
|
(1.2
|
)
|
|
|
|
-0.3
|
%
|
|
|
|
|
(0.01
|
)
|
|
|
|
|
(0.01
|
)
|
|
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
Inventory step-up
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
0.6
|
|
|
|
|
0.1
|
%
|
|
|
|
|
0.00
|
|
|
|
|
|
0.00
|
|
|
|
Exclude discrete tax adjustments (5)
|
|
|
|
|
25.1
|
|
|
|
|
|
4.7
|
%
|
|
|
|
|
|
0.12
|
|
|
|
|
|
0.12
|
|
|
|
|
|
(2.5
|
)
|
|
|
|
-0.6
|
%
|
|
|
|
|
(0.01
|
)
|
|
|
|
|
(0.01
|
)
|
|
|
|
|
|
|
0.2
|
|
|
|
|
0.0
|
%
|
|
|
|
|
0.00
|
|
|
|
|
|
0.00
|
|
|
|
Tax effect of non-GAAP adjustments
|
|
|
|
|
(45.5
|
)
|
|
|
|
|
-8.6
|
%
|
|
|
|
|
|
(0.22
|
)
|
|
|
|
|
(0.22
|
)
|
|
|
|
|
(3.5
|
)
|
|
|
|
-0.8
|
%
|
|
|
|
|
(0.02
|
)
|
|
|
|
|
(0.02
|
)
|
|
|
|
|
|
|
(3.4
|
)
|
|
|
|
-0.7
|
%
|
|
|
|
|
(0.02
|
)
|
|
|
|
|
(0.02
|
)
|
Net income - non-GAAP
|
|
|
|
$
|
112.4
|
|
|
|
|
|
21.1
|
%
|
|
|
|
|
$
|
0.55
|
|
|
|
|
$
|
0.55
|
|
|
|
|
$
|
64.4
|
|
|
|
|
14.9
|
%
|
|
|
|
$
|
0.32
|
|
|
|
|
$
|
0.31
|
|
|
|
|
|
|
$
|
114.6
|
|
|
|
|
22.4
|
%
|
|
|
|
$
|
0.54
|
|
|
|
|
$
|
0.53
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP and non-GAAP weighted average common shares - basic
|
|
|
|
|
203.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
204.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
213.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP weighted average common shares - diluted
|
|
|
|
|
203.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
205.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
215.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Include dilutive shares
|
|
|
|
|
1.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP weighted average common shares - diluted
|
|
|
|
|
204.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
205.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
215.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1
|
)
|
|
Actuarial gains recognized under GAAP in accordance with Teradyne's
mark-to-market pension accounting.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2
|
)
|
|
Goodwill impairment related to Teradyne's Wireless Test business
segment.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3
|
)
|
|
Restructuring and other consists of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
|
|
|
|
|
|
|
July 3, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
April 3, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
July 5, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
Wireless Test business segment intangible asset impairment
|
|
|
|
$
|
83.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairment of fixed assets and expenses related to Japan earthquake
|
|
|
|
|
5.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property insurance recovery and proceeds
|
|
|
|
|
(5.1
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contingent consideration fair value adjustment
|
|
|
|
|
1.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1.6
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Employee severance
|
|
|
|
|
1.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition costs
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
85.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(0.4
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4
|
)
|
|
For the quarter ended July 5, 2015, Interest and other included a
gain from the sale of an equity investment.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5
|
)
|
|
For the quarters ended July 3, 2016, April 3, 2016 and July 5, 2015,
adjustment to exclude discrete income tax items. For the quarter
ended July 3, 2016, adjustment to treat Wireless Test business
segment goodwill and intangible asset impairments as discrete tax
items.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
|
|
|
|
|
|
|
|
|
July 3, 2016
|
|
|
|
% of Net Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
July 5, 2015
|
|
|
|
% of Net Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Revenues
|
|
|
|
$
|
962.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
855.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit - GAAP
|
|
|
|
$
|
513.2
|
|
|
|
|
|
53.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
491.0
|
|
|
|
|
57.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory step-up
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.6
|
|
|
|
|
0.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pension mark-to-market adjustment (1)
|
|
|
|
|
(0.6
|
)
|
|
|
|
|
-0.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit - non-GAAP
|
|
|
|
$
|
512.6
|
|
|
|
|
|
53.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
491.6
|
|
|
|
|
57.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income from operations - GAAP
|
|
|
|
$
|
(175.7
|
)
|
|
|
|
|
-18.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
165.9
|
|
|
|
|
19.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill impairment (2)
|
|
|
|
|
254.9
|
|
|
|
|
|
26.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring and other (3)
|
|
|
|
|
87.5
|
|
|
|
|
|
9.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(0.4
|
)
|
|
|
|
0.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquired intangible asset amortization
|
|
|
|
|
36.2
|
|
|
|
|
|
3.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
29.1
|
|
|
|
|
3.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pension mark-to-market adjustment (1)
|
|
|
|
|
(1.9
|
)
|
|
|
|
|
-0.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory step-up
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.6
|
|
|
|
|
0.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations - non-GAAP
|
|
|
|
$
|
201.0
|
|
|
|
|
|
20.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
195.2
|
|
|
|
|
22.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (Loss) Income
per Common Share
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
per Common Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
July 3, 2016
|
|
|
|
% of Net Revenues
|
|
|
|
|
Basic
|
|
|
|
Diluted
|
|
|
|
July 5, 2015
|
|
|
|
% of Net Revenues
|
|
|
|
Basic
|
|
|
|
Diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income - GAAP
|
|
|
|
$
|
(173.6
|
)
|
|
|
|
|
-18.0
|
%
|
|
|
|
|
$
|
(0.85
|
)
|
|
|
|
$
|
(0.85
|
)
|
|
|
|
$
|
135.7
|
|
|
|
|
15.9
|
%
|
|
|
|
$
|
0.63
|
|
|
|
|
$
|
0.62
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill impairment (2)
|
|
|
|
|
254.9
|
|
|
|
|
|
26.5
|
%
|
|
|
|
|
|
1.25
|
|
|
|
|
|
1.24
|
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring and other (3)
|
|
|
|
|
87.5
|
|
|
|
|
|
9.1
|
%
|
|
|
|
|
|
0.43
|
|
|
|
|
|
0.43
|
|
|
|
|
|
(0.4
|
)
|
|
|
|
0.0
|
%
|
|
|
|
|
(0.00
|
)
|
|
|
|
|
(0.00
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquired intangible asset amortization
|
|
|
|
|
36.2
|
|
|
|
|
|
3.8
|
%
|
|
|
|
|
|
0.18
|
|
|
|
|
|
0.18
|
|
|
|
|
|
29.1
|
|
|
|
|
3.4
|
%
|
|
|
|
|
0.14
|
|
|
|
|
|
0.13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and other (4)
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
|
(5.4
|
)
|
|
|
|
-0.6
|
%
|
|
|
|
|
(0.03
|
)
|
|
|
|
|
(0.02
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pension mark-to-market adjustment (1)
|
|
|
|
|
(1.9
|
)
|
|
|
|
|
-0.2
|
%
|
|
|
|
|
|
(0.01
|
)
|
|
|
|
|
(0.01
|
)
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory step-up
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
|
0.6
|
|
|
|
|
0.1
|
%
|
|
|
|
|
0.00
|
|
|
|
|
|
0.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exclude discrete tax adjustments (5)
|
|
|
|
|
22.7
|
|
|
|
|
|
2.4
|
%
|
|
|
|
|
|
0.11
|
|
|
|
|
|
0.11
|
|
|
|
|
|
(1.6
|
)
|
|
|
|
-0.2
|
%
|
|
|
|
|
(0.01
|
)
|
|
|
|
|
(0.01
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax effect of non-GAAP adjustments
|
|
|
|
|
(49.0
|
)
|
|
|
|
|
-5.1
|
%
|
|
|
|
|
|
(0.24
|
)
|
|
|
|
|
(0.24
|
)
|
|
|
|
|
(5.8
|
)
|
|
|
|
-0.7
|
%
|
|
|
|
|
(0.03
|
)
|
|
|
|
|
(0.03
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income - non-GAAP
|
|
|
|
$
|
176.8
|
|
|
|
|
|
18.4
|
%
|
|
|
|
|
$
|
0.87
|
|
|
|
|
$
|
0.86
|
|
|
|
|
$
|
152.2
|
|
|
|
|
17.8
|
%
|
|
|
|
$
|
0.71
|
|
|
|
|
$
|
0.70
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP and non-GAAP weighted average common shares - basic
|
|
|
|
|
203.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
215.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP weighted average common shares - diluted
|
|
|
|
|
203.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
217.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Include dilutive shares
|
|
|
|
|
1.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP weighted average common shares - diluted
|
|
|
|
|
205.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
217.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1
|
)
|
|
Actuarial gains recognized under GAAP in accordance with Teradyne's
mark-to-market pension accounting.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2
|
)
|
|
Goodwill impairment related to Teradyne's Wireless Test business
segment.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3
|
)
|
|
Restructuring and other consists of:
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
July 3, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
July 5, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wireless Test business segment intangible asset impairment
|
|
|
|
$
|
83.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairment of fixed assets and expenses related to Japan earthquake
|
|
|
|
|
5.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property insurance recovery and proceeds
|
|
|
|
|
(5.1
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contingent consideration fair value adjustment
|
|
|
|
|
2.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1.6
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Employee severance
|
|
|
|
|
1.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition costs
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
87.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(0.4
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4
|
)
|
|
For the six months ended July 5, 2015, Interest and other included a
gain from the sale of an equity investment.
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(5
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For the six months ended July 3, 2016 and July 5, 2015, adjustment
to exclude discrete income tax items. For the six months ended July
3, 2016, adjustment to treat Wireless Test business segment goodwill
and intangible asset impairments as discrete tax items.
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GAAP to Non-GAAP Reconciliation of Third Quarter 2016 guidance:
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GAAP and non-GAAP third quarter revenue guidance:
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$375 million
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to
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$405 million
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GAAP net income per diluted share
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$
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0.22
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$
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0.30
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Exclude acquired intangible asset amortization
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0.04
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0.04
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Non-GAAP tax adjustment
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(0.03
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(0.04
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Non-GAAP net income per diluted share
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$
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0.23
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$
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0.30
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For press releases and other information of interest to investors,
please visit Teradyne's homepage at http://www.teradyne.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160727006576/en/
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