[July 29, 2015] |
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Teradyne Reports 50% Sequential Growth in Second Quarter 2015 Sales
Teradyne, Inc. (NYSE: TER):
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Q2'15
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Q2'14
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Q1'15
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Orders (mil)
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$529
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$627
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$490
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Revenue (mil)
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$513
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$526
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$342
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Non-GAAP EPS
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$0.53
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$0.54
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$0.17
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GAAP EPS
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$0.48
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$0.47
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$0.15
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Teradyne,
Inc. (NYSE: TER) reported revenue of $513 million for the second
quarter of 2015 of which $400 million was in Semiconductor Test, $63
million in Wireless Test, $46 million in System Test and $4 million in
Industrial Automation. Industrial Automation consists of Universal
Robots' results from June 12 through July 5, 2015. On a non-GAAP basis,
Teradyne's net income in the second quarter was $114.6 million, or $0.53
per diluted share, which excluded acquired intangible asset amortization
and included the related tax impact on non-GAAP adjustments. GAAP net
income for the second quarter was $102.9 million or $0.48 per share.
Orders in the second quarter of 2015 were $529 million of which $395
million were in Semiconductor Test, $84 million in Wireless Test, $45
million in System Test, and $5 million in Industrial Automation.
"We delivered strong sales and earnings growth in the second quarter
driven by across the board strength in all business segments," said CEO
and President Mark Jagiela. "Our alignment to the strongest segments of
the semiconductor test market, improving storage test shipments and
seasonally strong wireless test demand combined to deliver a 29%
operating margin in the second quarter, the highest in three years. In
addition to the strength of our core test businesses, we are especially
excited to welcome Universal Robots (UR) to Teradyne. UR enables us to
quickly bring the power of advanced automation to our system and
wireless test customers while providing Teradyne a powerful, long term
growth driver serving the emerging collaborative robot market."
"In line with our strategy to balance strong additions to Teradyne with
direct capital returns, we paid $13 million in dividends and returned
$82 million with the repurchase of 4.1 million shares in the second
quarter," said Jagiela.
Guidance for the third quarter of 2015 is revenue of $450 million to
$480 million, with non-GAAP net income of $0.35 to $0.41 per diluted
share and GAAP net income of $0.27 to $0.33 per diluted share. Non-GAAP
guidance excludes acquired intangible asset amortization and includes
the related tax impact on non-GAAP adjustments.
Webcast
A conference call to discuss the second quarter results, along with
management's business outlook, will follow at 10 a.m. ET, Thursday, July
30. 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 acquired
intangible asset amortization, fair value inventory step-up related to
Universal Robots, retired CEO equity charge, non-cash convertible debt
interest, 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 fair value inventory step-up related to Universal
Robots. GAAP requires that this item 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. Prior to September 29, 2014, non-GAAP diluted
shares included the impact of Teradyne's call option and warrant on its
shares. 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 solutions 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 solutions include
Collaborative Robots used by global manufacturing and light industrial
customers to improve quality and increase manufacturing efficiency. In
2014, Teradyne had revenue of $1.65 billion and currently employs
approximately 4,000 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,
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 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, 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 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, 2014 and the
Quarterly Report on Form 10-Q for the period ended April 5, 2015. 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 2015
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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 5, 2015
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April 5, 2015
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June 29, 2014
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July 5, 2015
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June 29, 2014
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Net revenues
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$
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512,739
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$
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342,401
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$
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525,567
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$
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855,140
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$
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846,577
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Cost of revenues (exclusive of acquired intangible assets
amortization shown separately below) (1)
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214,171
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149,978
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235,154
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364,149
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389,117
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Gross profit
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298,568
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192,423
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290,413
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490,991
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457,460
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Operating expenses:
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Engineering and development
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75,832
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71,450
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73,414
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147,282
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140,499
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Selling and administrative (2)
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77,073
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72,041
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77,489
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149,114
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155,492
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Acquired intangible asset amortization
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15,258
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13,808
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18,271
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29,066
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36,542
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Restructuring and other (3)
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(385
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)
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-
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572
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(385
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572
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Operating expenses
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167,778
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157,299
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169,746
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325,077
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333,105
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Income from operations
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130,790
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35,124
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120,667
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165,914
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124,355
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Interest and other (4)
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1,346
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7,314
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725
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8,660
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(4,836
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Income before income taxes
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132,136
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42,438
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121,392
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174,574
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119,519
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Income tax provision
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29,257
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9,651
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20,187
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38,908
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17,385
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Net income
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$
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102,879
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$
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32,787
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$
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101,205
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$
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135,666
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$
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102,134
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Net income per common share:
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Basic
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$
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0.48
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$
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0.15
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$
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0.52
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$
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0.63
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$
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0.53
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Diluted
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$
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0.48
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$
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0.15
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$
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0.47
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$
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0.62
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$
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0.45
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Weighted average common shares - basic
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213,845
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217,187
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194,408
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215,516
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193,860
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Weighted average common shares - diluted (5)
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215,496
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218,812
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216,568
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217,154
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226,526
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Cash dividend declared per common share
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$
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0.06
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$
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0.06
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$
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-
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$
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0.12
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$
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0.06
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Net orders
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$
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528,693
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$
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490,357
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$
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627,088
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$
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1,019,050
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$
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1,076,914
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(1)
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Cost of revenues includes:
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Quarter Ended
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Six Months Ended
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July 5, 2015
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April 5, 2015
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June 29, 2014
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July 5, 2015
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June 29, 2014
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Provision for excess and obsolete inventory
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$
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14,441
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$
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1,440
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$
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5,032
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$
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15,881
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$
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15,071
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Sale of previously written down inventory
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(2,745
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)
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(1,931
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(2,014
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)
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(4,676
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)
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(3,394
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)
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Inventory step-up
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595
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-
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-
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595
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-
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$
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12,291
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$
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(491
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)
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$
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3,018
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$
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11,800
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$
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11,677
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(2)
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For the six months ended June 29, 2014, selling and administrative
expenses include an equity charge of $6,598 for the modification of
Teradyne's retired CEO's outstanding equity awards to allow
continued vesting and maintain the original term in connection with
his January 31, 2014 retirement.
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(3)
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Restructuring and other consists of:
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Quarter Ended
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Six Months Ended
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July 5, 2015
|
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April 5, 2015
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June 29, 2014
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July 5, 2015
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June 29, 2014
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Acquisition costs (a)
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$
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960
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$
|
-
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$
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-
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$
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960
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$
|
-
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|
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Employee severance
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255
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|
-
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|
572
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255
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|
|
|
572
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|
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Contingent consideration fair value adjustment
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(1,600
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)
|
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|
-
|
|
|
|
-
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|
|
(1,600
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)
|
|
|
-
|
|
|
|
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|
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$
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(385
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)
|
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$
|
-
|
|
|
$
|
572
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|
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(385
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)
|
|
$
|
572
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|
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(a)
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Costs related to Universal Robots acquisition. The results of
Universal Robots are included in Teradyne's results starting June
12, 2015.
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(4)
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Interest and other includes:
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Quarter Ended
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Six Months Ended
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|
|
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July 5, 2015
|
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April 5, 2015
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June 29, 2014
|
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July 5, 2015
|
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June 29, 2014
|
|
|
|
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Gain from the sale of an equity investment
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$
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(624
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)
|
|
$
|
(4,782
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)
|
|
$
|
-
|
|
|
$
|
(5,406
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)
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|
$
|
-
|
|
|
|
|
|
Non-cash convertible debt interest expense
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|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
4,290
|
|
|
|
|
|
|
|
$
|
(624
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)
|
|
$
|
(4,782
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)
|
|
$
|
-
|
|
|
$
|
(5,406
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)
|
|
$
|
4,290
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|
|
|
|
|
|
|
|
|
|
|
|
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(5)
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Under GAAP, when calculating diluted earnings per share, convertible
debt must be assumed to have converted if the effect on EPS would be
dilutive. Diluted shares assume the conversion of the convertible
debt as the effect would be dilutive. Accordingly, for the six
months ended June 29, 2014, 20.1 million shares have been included
in diluted shares.
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CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands)
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July 5, 2015
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December 31, 2014
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Assets
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|
Cash and cash equivalents
|
|
$
|
300,685
|
|
|
$
|
294,256
|
|
|
|
|
|
|
|
|
|
Marketable securities
|
|
|
452,040
|
|
|
|
533,787
|
|
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
296,654
|
|
|
|
151,034
|
|
|
|
|
|
|
|
|
|
Inventories, net
|
|
|
121,817
|
|
|
|
105,129
|
|
|
|
|
|
|
|
|
|
Deferred tax assets
|
|
|
58,345
|
|
|
|
57,239
|
|
|
|
|
|
|
|
|
|
Prepayments
|
|
|
80,249
|
|
|
|
95,819
|
|
|
|
|
|
|
|
|
|
Other current assets
|
|
|
6,596
|
|
|
|
6,582
|
|
|
|
|
|
|
|
|
|
|
|
Total current assets
|
|
|
1,316,386
|
|
|
|
1,243,846
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net property, plant and equipment
|
|
|
291,929
|
|
|
|
329,038
|
|
|
|
|
|
|
|
|
|
Marketable securities
|
|
|
275,882
|
|
|
|
470,789
|
|
|
|
|
|
|
|
|
|
Deferred tax assets
|
|
|
6,836
|
|
|
|
7,494
|
|
|
|
|
|
|
|
|
|
Other assets
|
|
|
13,364
|
|
|
|
10,419
|
|
|
|
|
|
|
|
|
|
Retirement plans assets
|
|
|
13,850
|
|
|
|
12,896
|
|
|
|
|
|
|
|
|
|
Intangible assets, net
|
|
|
279,126
|
|
|
|
190,600
|
|
|
|
|
|
|
|
|
|
Goodwill
|
|
|
495,434
|
|
|
|
273,438
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
2,692,807
|
|
|
$
|
2,538,520
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
$
|
86,463
|
|
|
$
|
47,763
|
|
|
|
|
|
|
|
|
|
Accrued employees' compensation and withholdings
|
|
|
94,544
|
|
|
|
100,994
|
|
|
|
|
|
|
|
|
|
Deferred revenue and customer advances
|
|
|
77,347
|
|
|
|
71,603
|
|
|
|
|
|
|
|
|
|
Other accrued liabilities
|
|
|
85,470
|
|
|
|
48,647
|
|
|
|
|
|
|
|
|
|
Contingent consideration
|
|
|
15,947
|
|
|
|
3,350
|
|
|
|
|
|
|
|
|
|
Accrued income taxes
|
|
|
43,163
|
|
|
|
20,049
|
|
|
|
|
|
|
|
|
|
|
|
Total current liabilities
|
|
|
402,934
|
|
|
|
292,406
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term deferred revenue and customer advances
|
|
|
25,354
|
|
|
|
19,929
|
|
|
|
|
|
|
|
|
|
Retirement plans liabilities
|
|
|
107,557
|
|
|
|
108,460
|
|
|
|
|
|
|
|
|
|
Deferred tax liabilities
|
|
|
38,624
|
|
|
|
23,315
|
|
|
|
|
|
|
|
|
|
Long-term other accrued liabilities
|
|
|
24,468
|
|
|
|
15,430
|
|
|
|
|
|
|
|
|
|
Long-term contingent consideration
|
|
|
19,648
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
|
618,585
|
|
|
|
459,540
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
|
|
|
2,074,222
|
|
|
|
2,078,980
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders' equity
|
|
$
|
2,692,807
|
|
|
$
|
2,538,520
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
Six Months Ended
|
|
|
|
|
|
|
|
|
July 5, 2015
|
|
June 29, 2014
|
|
July 5, 2015
|
|
June 29, 2014
|
|
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
102,879
|
|
|
$
|
101,205
|
|
|
$
|
135,666
|
|
|
$
|
102,134
|
|
|
|
|
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
16,885
|
|
|
|
18,526
|
|
|
|
36,230
|
|
|
|
33,785
|
|
|
|
|
|
|
Amortization
|
|
|
16,256
|
|
|
|
19,065
|
|
|
|
31,395
|
|
|
|
42,990
|
|
|
|
|
|
|
Stock-based compensation
|
|
|
7,442
|
|
|
|
8,297
|
|
|
|
15,405
|
|
|
|
23,530
|
|
|
|
|
|
|
Provision for excess and obsolete inventory
|
|
|
14,441
|
|
|
|
5,032
|
|
|
|
15,881
|
|
|
|
15,071
|
|
|
|
|
|
|
Gain from the sale of an equity investment
|
|
|
(624
|
)
|
|
|
-
|
|
|
|
(5,406
|
)
|
|
|
-
|
|
|
|
|
|
|
Deferred taxes
|
|
|
(8,540
|
)
|
|
|
(8,753
|
)
|
|
|
(10,371
|
)
|
|
|
(5,697
|
)
|
|
|
|
|
|
Non cash charge for the sale of inventories revalued at the date of
acquisition
|
|
|
595
|
|
|
|
-
|
|
|
|
595
|
|
|
|
-
|
|
|
|
|
|
|
Contingent consideration adjustment
|
|
|
(1,600
|
)
|
|
|
-
|
|
|
|
(1,600
|
)
|
|
|
-
|
|
|
|
|
|
|
Tax benefit related to stock options and restricted stock units
|
|
|
(892
|
)
|
|
|
(1,671
|
)
|
|
|
(892
|
)
|
|
|
(1,671
|
)
|
|
|
|
|
|
Other
|
|
|
2,571
|
|
|
|
1,306
|
|
|
|
1,154
|
|
|
|
1,165
|
|
|
|
|
|
|
Changes in operating assets and liabilities, net of business
acquired:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
(117,744
|
)
|
|
|
(84,243
|
)
|
|
|
(142,493
|
)
|
|
|
(143,125
|
)
|
|
|
|
|
|
|
Inventories
|
|
|
17,540
|
|
|
|
15,834
|
|
|
|
23,500
|
|
|
|
18,469
|
|
|
|
|
|
|
|
Prepayments and other assets
|
|
|
10,908
|
|
|
|
27,874
|
|
|
|
14,054
|
|
|
|
27,000
|
|
|
|
|
|
|
|
Accounts payable and accrued expenses
|
|
|
73,542
|
|
|
|
88,394
|
|
|
|
53,392
|
|
|
|
52,796
|
|
|
|
|
|
|
|
Deferred revenue and customer advances
|
|
|
4,647
|
|
|
|
4,168
|
|
|
|
5,685
|
|
|
|
13,800
|
|
|
|
|
|
|
|
Retirement plans contributions
|
|
|
(980
|
)
|
|
|
(963
|
)
|
|
|
(1,999
|
)
|
|
|
(2,388
|
)
|
|
|
|
|
|
|
Accrued income taxes
|
|
|
18,599
|
|
|
|
15,104
|
|
|
|
23,261
|
|
|
|
5,495
|
|
|
|
Net cash provided by operating activities
|
|
|
155,925
|
|
|
|
209,175
|
|
|
|
193,457
|
|
|
|
183,354
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of property, plant and equipment
|
|
|
(24,961
|
)
|
|
|
(60,192
|
)
|
|
|
(46,110
|
)
|
|
|
(91,389
|
)
|
|
|
|
|
Purchases of available-for-sale marketable securities
|
|
|
(254,615
|
)
|
|
|
(266,046
|
)
|
|
|
(590,250
|
)
|
|
|
(523,306
|
)
|
|
|
|
|
Proceeds from maturities of available-for-sale marketable securities
|
|
|
91,194
|
|
|
|
97,114
|
|
|
|
231,416
|
|
|
|
377,436
|
|
|
|
|
|
Proceeds from sales of available-for-sale marketable securities
|
|
|
482,761
|
|
|
|
51,455
|
|
|
|
631,400
|
|
|
|
152,818
|
|
|
|
|
|
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
|
|
|
|
4,391
|
|
|
|
Net cash provided by (used for) investing activities
|
|
|
12,671
|
|
|
|
(177,669
|
)
|
|
|
(49,372
|
)
|
|
|
(80,050
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of common stock under stock option and stock purchase plans
|
|
|
8,979
|
|
|
|
478
|
|
|
|
17,878
|
|
|
|
10,643
|
|
|
|
|
|
Repurchase of common stock
|
|
|
(81,666
|
)
|
|
|
-
|
|
|
|
(128,316
|
)
|
|
|
-
|
|
|
|
|
|
Tax benefit related to stock options and restricted stock units
|
|
|
892
|
|
|
|
1,671
|
|
|
|
892
|
|
|
|
1,671
|
|
|
|
|
|
Dividend payments
|
|
|
(12,808
|
)
|
|
|
(11,656
|
)
|
|
|
(25,857
|
)
|
|
|
(11,656
|
)
|
|
|
|
|
Payment of debt issue costs
|
|
|
(2,253
|
)
|
|
|
-
|
|
|
|
(2,253
|
)
|
|
|
-
|
|
|
|
|
|
Payment of long-term debt
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(190,975
|
)
|
|
|
Net cash used for financing activities
|
|
|
(86,856
|
)
|
|
|
(9,507
|
)
|
|
|
(137,656
|
)
|
|
|
(190,317
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase (decrease) in cash and cash equivalents
|
|
|
81,740
|
|
|
|
21,999
|
|
|
|
6,429
|
|
|
|
(87,013
|
)
|
|
|
Cash and cash equivalents at beginning of period
|
|
|
218,945
|
|
|
|
232,626
|
|
|
|
294,256
|
|
|
|
341,638
|
|
|
|
Cash and cash equivalents at end of period
|
|
$
|
300,685
|
|
|
$
|
254,625
|
|
|
$
|
300,685
|
|
|
$
|
254,625
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP to Non-GAAP Earnings Reconciliation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In millions, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
|
|
|
|
|
July 5, 2015
|
|
% of Net Revenues
|
|
|
|
|
|
|
|
April 5, 2015
|
|
% of Net Revenues
|
|
|
|
|
|
June 29, 2014
|
|
% of Net Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenues
|
|
$
|
512.7
|
|
|
|
|
|
|
|
|
|
|
$
|
342.4
|
|
|
|
|
|
|
|
|
$
|
525.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit - GAAP
|
|
$
|
298.6
|
|
|
|
58.2
|
%
|
|
|
|
|
|
|
|
$
|
192.4
|
|
|
56.2
|
%
|
|
|
|
|
|
$
|
290.4
|
|
|
55.3
|
%
|
|
|
|
|
|
|
Inventory Step-Up
|
|
|
0.6
|
|
|
|
0.1
|
%
|
|
|
|
|
|
|
|
|
-
|
|
|
-
|
|
|
|
|
|
|
|
-
|
|
|
-
|
|
|
|
|
|
Gross profit - non-GAAP
|
|
$
|
299.2
|
|
|
|
58.4
|
%
|
|
|
|
|
|
|
|
$
|
192.4
|
|
|
56.2
|
%
|
|
|
|
|
|
$
|
290.4
|
|
|
55.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations - GAAP
|
|
$
|
130.8
|
|
|
|
25.5
|
%
|
|
|
|
|
|
|
|
$
|
35.1
|
|
|
10.3
|
%
|
|
|
|
|
|
$
|
120.7
|
|
|
23.0
|
%
|
|
|
|
|
|
|
Acquired intangible asset amortization
|
|
|
15.3
|
|
|
|
3.0
|
%
|
|
|
|
|
|
|
|
|
13.8
|
|
|
4.0
|
%
|
|
|
|
|
|
|
18.3
|
|
|
3.5
|
%
|
|
|
|
|
|
|
Restructuring and other (1)
|
|
|
(0.4
|
)
|
|
|
-0.1
|
%
|
|
|
|
|
|
|
|
|
-
|
|
|
-
|
|
|
|
|
|
|
|
0.6
|
|
|
0.1
|
%
|
|
|
|
|
|
|
Inventory step-up
|
|
|
0.6
|
|
|
|
0.1
|
%
|
|
|
|
|
|
|
|
|
-
|
|
|
-
|
|
|
|
|
|
|
|
-
|
|
|
-
|
|
|
|
|
|
Income from operations - non-GAAP
|
|
$
|
146.3
|
|
|
|
28.5
|
%
|
|
|
|
|
|
|
|
$
|
48.9
|
|
|
14.3
|
%
|
|
|
|
|
|
$
|
139.6
|
|
|
26.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income per Common Share
|
|
|
|
|
|
Net Income per Common Share
|
|
|
|
|
|
Net Income per Common Share
|
|
|
|
|
|
|
July 5, 2015
|
|
% of Net Revenues
|
|
|
|
Basic
|
|
Diluted
|
|
April 5, 2015
|
|
% of Net Revenues
|
|
Basic
|
|
Diluted
|
|
June 29, 2014
|
|
% of Net Revenues
|
|
Basic
|
|
Diluted
|
Net income - GAAP
|
|
$
|
102.9
|
|
|
|
20.1
|
%
|
|
|
|
$
|
0.48
|
|
|
$
|
0.48
|
|
|
$
|
32.8
|
|
|
9.6
|
%
|
|
$
|
0.15
|
|
|
$
|
0.15
|
|
|
$
|
101.2
|
|
|
19.3
|
%
|
|
$
|
0.52
|
|
|
$
|
0.47
|
|
|
|
Acquired intangible asset amortization
|
|
|
15.3
|
|
|
|
3.0
|
%
|
|
|
|
|
0.07
|
|
|
|
0.07
|
|
|
|
13.8
|
|
|
4.0
|
%
|
|
|
0.06
|
|
|
|
0.06
|
|
|
|
18.3
|
|
|
3.5
|
%
|
|
|
0.09
|
|
|
|
0.08
|
|
|
|
Interest and other (2)
|
|
|
(0.6
|
)
|
|
|
-0.1
|
%
|
|
|
|
|
(0.00
|
)
|
|
|
(0.00
|
)
|
|
|
(4.8
|
)
|
|
-1.4
|
%
|
|
|
(0.02
|
)
|
|
|
(0.02
|
)
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
Restructuring and other (1)
|
|
|
(0.4
|
)
|
|
|
-0.1
|
%
|
|
|
|
|
(0.00
|
)
|
|
|
(0.00
|
)
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
0.6
|
|
|
0.1
|
%
|
|
|
0.00
|
|
|
|
0.00
|
|
|
|
Inventory step-up
|
|
|
0.6
|
|
|
|
0.1
|
%
|
|
|
|
|
0.00
|
|
|
|
0.00
|
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
Exclude discrete tax adjustments (3)
|
|
|
0.2
|
|
|
|
0.0
|
%
|
|
|
|
|
0.00
|
|
|
|
0.00
|
|
|
|
(1.8
|
)
|
|
-0.5
|
%
|
|
|
(0.01
|
)
|
|
|
(0.01
|
)
|
|
|
(0.5
|
)
|
|
-0.1
|
%
|
|
|
(0.00
|
)
|
|
|
(0.00
|
)
|
|
|
Tax effect of non-GAAP adjustments
|
|
|
(3.4
|
)
|
|
|
-0.7
|
%
|
|
|
|
|
(0.02
|
)
|
|
|
(0.02
|
)
|
|
|
(2.4
|
)
|
|
-0.7
|
%
|
|
|
(0.01
|
)
|
|
|
(0.01
|
)
|
|
|
(3.2
|
)
|
|
-0.6
|
%
|
|
|
(0.02
|
)
|
|
|
(0.01
|
)
|
Net income - non-GAAP
|
|
$
|
114.6
|
|
|
|
22.4
|
%
|
|
|
|
$
|
0.54
|
|
|
$
|
0.53
|
|
|
$
|
37.6
|
|
|
11.0
|
%
|
|
$
|
0.17
|
|
|
$
|
0.17
|
|
|
$
|
116.4
|
|
|
22.1
|
%
|
|
$
|
0.60
|
|
|
$
|
0.54
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP and non-GAAP weighted average common shares - basic
|
|
|
213.8
|
|
|
|
|
|
|
|
|
|
|
|
217.2
|
|
|
|
|
|
|
|
|
|
194.4
|
|
|
|
|
|
|
|
GAAP and non-GAAP weighted average common shares - diluted
|
|
|
215.5
|
|
|
|
|
|
|
|
|
|
|
|
218.8
|
|
|
|
|
|
|
|
|
|
216.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
Restructuring and other consists of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
July 5, 2015
|
|
|
|
|
|
|
|
|
|
April 5, 2015
|
|
|
|
|
|
|
|
June 29, 2014
|
|
|
|
|
|
|
|
|
|
Acquisition costs
|
|
$
|
1.0
|
|
|
|
|
|
|
|
|
|
|
$
|
-
|
|
|
|
|
|
|
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
Employee severance
|
|
|
0.2
|
|
|
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
0.6
|
|
|
|
|
|
|
|
|
|
|
Contingent consideration fair value adjustment
|
|
|
(1.6
|
)
|
|
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(0.4
|
)
|
|
|
|
|
|
|
|
|
|
$
|
-
|
|
|
|
|
|
|
|
|
$
|
0.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2)
|
|
For the quarters ended July 5, 2015 and April 5, 2015, Interest and
other included a gain from the sale of an equity investment.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3)
|
|
For the quarters ended July 5, 2015, April 5, 2015 and June 29,
2014, adjustment to exclude discrete income tax items.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
July 5, 2015
|
|
% of Net Revenues
|
|
|
|
|
|
|
|
June 29, 2014
|
|
% of Net Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Revenues
|
|
$
|
855.1
|
|
|
|
|
|
|
|
|
|
|
$
|
846.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit - GAAP
|
|
$
|
491.0
|
|
|
|
57.4
|
%
|
|
|
|
|
|
|
|
$
|
457.5
|
|
|
54.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory step-up
|
|
|
0.6
|
|
|
|
0.1
|
%
|
|
|
|
|
|
|
|
|
-
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit - non-GAAP
|
|
$
|
491.6
|
|
|
|
57.5
|
%
|
|
|
|
|
|
|
|
$
|
457.5
|
|
|
54.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations - GAAP
|
|
$
|
165.9
|
|
|
|
19.4
|
%
|
|
|
|
|
|
|
|
$
|
124.4
|
|
|
14.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquired intangible asset amortization
|
|
|
29.1
|
|
|
|
3.4
|
%
|
|
|
|
|
|
|
|
|
36.5
|
|
|
4.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring and other (1)
|
|
|
(0.4
|
)
|
|
|
0.0
|
%
|
|
|
|
|
|
|
|
|
0.6
|
|
|
0.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory step-up
|
|
|
0.6
|
|
|
|
0.1
|
%
|
|
|
|
|
|
|
|
|
-
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity modification charge (2)
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
6.6
|
|
|
0.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations - non-GAAP
|
|
$
|
195.2
|
|
|
|
22.8
|
%
|
|
|
|
|
|
|
|
$
|
168.1
|
|
|
19.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income per Common Share
|
|
|
|
|
|
Net Income per Common Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
July 5, 2015
|
|
% of Net Revenues
|
|
|
|
Basic
|
|
Diluted
|
|
June 29, 2014
|
|
% of Net Revenues
|
|
Basic
|
|
Diluted
|
|
|
|
|
|
|
|
|
Net income - GAAP
|
|
$
|
135.7
|
|
|
|
15.9
|
%
|
|
|
|
$
|
0.63
|
|
|
$
|
0.62
|
|
|
$
|
102.1
|
|
|
12.1
|
%
|
|
$
|
0.53
|
|
|
$
|
0.45
|
|
|
|
|
|
|
|
|
|
|
|
Acquired intangible asset amortization
|
|
|
29.1
|
|
|
|
3.4
|
%
|
|
|
|
|
0.14
|
|
|
|
0.13
|
|
|
|
36.5
|
|
|
4.3
|
%
|
|
|
0.19
|
|
|
|
0.16
|
|
|
|
|
|
|
|
|
|
|
|
Interest and other (3)
|
|
|
(5.4
|
)
|
|
|
-0.6
|
%
|
|
|
|
|
(0.03
|
)
|
|
|
(0.02
|
)
|
|
|
4.3
|
|
|
0.5
|
%
|
|
|
0.02
|
|
|
|
0.02
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring and other (1)
|
|
|
(0.4
|
)
|
|
|
0.0
|
%
|
|
|
|
|
(0.00
|
)
|
|
|
(0.00
|
)
|
|
|
0.6
|
|
|
0.1
|
%
|
|
|
0.00
|
|
|
|
0.00
|
|
|
|
|
|
|
|
|
|
|
|
Inventory step-up
|
|
|
0.6
|
|
|
|
0.1
|
%
|
|
|
|
|
0.00
|
|
|
|
0.00
|
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
Equity modification charge (2)
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
-
|
|
|
|
6.6
|
|
|
0.8
|
%
|
|
|
0.03
|
|
|
|
0.03
|
|
|
|
|
|
|
|
|
|
|
|
Exclude discrete tax adjustments (4)
|
|
|
(1.6
|
)
|
|
|
-0.2
|
%
|
|
|
|
|
(0.01
|
)
|
|
|
(0.01
|
)
|
|
|
(2.9
|
)
|
|
-0.3
|
%
|
|
|
(0.01
|
)
|
|
|
(0.01
|
)
|
|
|
|
|
|
|
|
|
|
|
Tax effect of non-GAAP adjustments
|
|
|
(5.8
|
)
|
|
|
-0.7
|
%
|
|
|
|
|
(0.03
|
)
|
|
|
(0.03
|
)
|
|
|
(8.5
|
)
|
|
-1.0
|
%
|
|
|
(0.04
|
)
|
|
|
(0.04
|
)
|
|
|
|
|
|
|
|
|
|
|
Convertible share adjustment (5)
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
|
0.04
|
|
|
|
|
|
|
|
|
|
Net income - non-GAAP
|
|
$
|
152.2
|
|
|
|
17.8
|
%
|
|
|
|
$
|
0.71
|
|
|
$
|
0.70
|
|
|
$
|
138.7
|
|
|
16.4
|
%
|
|
$
|
0.72
|
|
|
$
|
0.65
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP and non-GAAP weighted average common shares - basic
|
|
|
215.5
|
|
|
|
|
|
|
|
|
|
|
|
193.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP weighted average common shares - diluted
|
|
|
217.2
|
|
|
|
|
|
|
|
|
|
|
|
226.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exclude dilutive shares from convertible note
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
(10.0
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP weighted average common shares - diluted (5)
|
|
|
217.2
|
|
|
|
|
|
|
|
|
|
|
|
216.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
Restructuring and other consists of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
July 5, 2015
|
|
|
|
|
|
|
|
|
|
June 29, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition costs
|
|
$
|
1.0
|
|
|
|
|
|
|
|
|
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Employee severance
|
|
|
0.2
|
|
|
|
|
|
|
|
|
|
|
|
0.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contingent consideration fair value adjustment
|
|
|
(1.6
|
)
|
|
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(0.4
|
)
|
|
|
|
|
|
|
|
|
|
$
|
0.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2)
|
|
For the six months ended June 29, 2014, selling and administrative
expenses include an equity charge for the modification of Teradyne's
retired CEO's outstanding equity awards to allow continued vesting
and maintain the original term in connection with his January 31,
2014 retirement.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3)
|
|
For the six months ended July 5, 2015, Interest and other included a
gain from the sale of an equity investment. For the six months ended
June 29, 2014, Interest and other included non-cash convertible debt
interest expense.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4)
|
|
For the six months ended July 5, 2015 and June 29, 2014, adjustment
to exclude discrete income tax items.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5)
|
|
For the six months ended June 29, 2014. the calculation of non-GAAP
diluted earnings per share gives benefit to the Company's call
option on its stock for 34.7 million shares at $5.48. As a result,
10.0 million shares have been included in non-GAAP diluted shares
and net interest expense of $2.0 million has been added back to
non-GAAP net income for the non-GAAP diluted earnings per share
calculation.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP to Non-GAAP Reconciliation of Third Quarter 2015 guidance:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP and non-GAAP third quarter revenue guidance:
|
|
|
|
$450 million
|
|
to
|
|
$480 million
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income per diluted share
|
|
|
|
$
|
0.27
|
|
|
|
|
$
|
0.33
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exclude acquired intangible asset amortization
|
|
|
|
|
0.09
|
|
|
|
|
|
0.09
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exclude inventory step-up amortization
|
|
|
|
|
0.00
|
|
|
|
|
|
0.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax effect of non-GAAP adjustment
|
|
|
|
|
(0.02
|
)
|
|
|
|
|
(0.02
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income per diluted share
|
|
|
|
$
|
0.35
|
|
|
|
|
$
|
0.41
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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/20150729006753/en/
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|