$TER
TERADYNE, INC

2013 Q1 Form 10-Q Financial Statement

#000119312513213285 Filed on May 10, 2013

View on sec.gov

Income Statement

Concept 2013 Q1 2012 Q2
Revenue $280.4M $548.3M
YoY Change -29.32% 33.56%
Cost Of Revenue $127.0M $238.8M
YoY Change -38.3% 21.87%
Gross Profit $153.4M $309.5M
YoY Change -19.65% 44.23%
Gross Profit Margin 54.72% 56.45%
Selling, General & Admin $67.89M $72.06M
YoY Change 1.89% 24.19%
% of Gross Profit 44.25% 23.28%
Research & Development $62.75M $67.83M
YoY Change 2.4% 40.17%
% of Gross Profit 40.9% 21.92%
Depreciation & Amortization $14.12M $12.29M
YoY Change -47.71%
% of Gross Profit 9.2% 3.97%
Operating Expenses $149.0M $152.1M
YoY Change 3.11% 32.51%
Operating Profit $4.408M $157.4M
YoY Change -90.5% 57.7%
Interest Expense $6.403M $6.323M
YoY Change 5.68% 18.94%
% of Operating Profit 145.26% 4.02%
Other Income/Expense, Net -$503.0K
YoY Change
Pretax Income -$1.426M $152.0M
YoY Change -103.46% 58.45%
Income Tax -$8.015M $40.61M
% Of Pretax Income 26.72%
Net Earnings $6.589M $111.4M
YoY Change -80.37% 27.66%
Net Earnings / Revenue 2.35% 20.32%
Basic Earnings Per Share $0.03 $0.60
Diluted Earnings Per Share $0.03 $0.49
COMMON SHARES
Basic Shares Outstanding 189.7M shares 185.8M shares
Diluted Shares Outstanding 234.8M shares 231.2M shares

Balance Sheet

Concept 2013 Q1 2012 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $710.0M $620.6M
YoY Change -27.48%
Cash & Equivalents $305.2M $533.4M
Short-Term Investments $404.8M $87.20M
Other Short-Term Assets $181.8M $140.6M
YoY Change 77.97%
Inventory $149.1M $138.2M
Prepaid Expenses
Receivables $166.6M $221.5M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.207B $1.121B
YoY Change -10.38%
LONG-TERM ASSETS
Property, Plant & Equipment $264.0M $238.6M
YoY Change 2.4%
Goodwill $349.3M
YoY Change
Intangibles $300.8M
YoY Change
Long-Term Investments $246.3M $121.5M
YoY Change -50.31%
Other Assets $18.58M $29.70M
YoY Change -3.57%
Total Long-Term Assets $1.182B $1.117B
YoY Change 79.05%
TOTAL ASSETS
Total Short-Term Assets $1.207B $1.121B
Total Long-Term Assets $1.182B $1.117B
Total Assets $2.390B $2.238B
YoY Change 19.38%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $59.10M $106.4M
YoY Change -3.27%
Accrued Expenses $106.5M $119.2M
YoY Change 0.51%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $176.8M $2.400M
YoY Change 0.0%
Total Short-Term Liabilities $417.4M $375.8M
YoY Change 12.68%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $161.8M
YoY Change 6.66%
Other Long-Term Liabilities $130.6M $122.4M
YoY Change -19.63%
Total Long-Term Liabilities $130.6M $284.2M
YoY Change -6.51%
TOTAL LIABILITIES
Total Short-Term Liabilities $417.4M $375.8M
Total Long-Term Liabilities $130.6M $284.2M
Total Liabilities $598.3M $689.5M
YoY Change 6.52%
SHAREHOLDERS EQUITY
Retained Earnings $407.9M
YoY Change
Common Stock $23.80M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.791B $1.549B
YoY Change
Total Liabilities & Shareholders Equity $2.390B $2.238B
YoY Change 19.38%

Cashflow Statement

Concept 2013 Q1 2012 Q2
OPERATING ACTIVITIES
Net Income $6.589M $111.4M
YoY Change -80.37% 27.66%
Depreciation, Depletion And Amortization $14.12M $12.29M
YoY Change -47.71%
Cash From Operating Activities -$36.49M $11.17M
YoY Change -43.02%
INVESTING ACTIVITIES
Capital Expenditures $22.55M $27.07M
YoY Change -222.51%
Acquisitions
YoY Change
Other Investing Activities $16.70M -$27.30M
YoY Change -268.52%
Cash From Investing Activities -$5.815M -$54.36M
YoY Change 821.42%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $1.246M
YoY Change
Cash From Financing Activities 8.608M 2.855M
YoY Change -67.92%
NET CHANGE
Cash From Operating Activities -36.49M 11.17M
Cash From Investing Activities -5.815M -54.36M
Cash From Financing Activities 8.608M 2.855M
Net Change In Cash -33.70M -40.34M
YoY Change -278.5%
FREE CASH FLOW
Cash From Operating Activities -$36.49M $11.17M
Capital Expenditures $22.55M $27.07M
Free Cash Flow -$59.04M -$15.91M
YoY Change -138.14%

Facts In Submission

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The Notes may be converted, at the option of the holder, under certain circumstances and during certain periods, at an initial conversion rate of approximately 182.65 shares of Teradyne's common stock per $1,000 principal amount of Notes, which is equivalent to an initial conversion price of approximately $5.48, a 25% conversion premium based on the last reported sale price of $4.38 per share of Teradyne's common stock on March 31, 2009.
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<div> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>C. Recently Issued Accounting Pronouncements</b></font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">In December 2011, the FASB issued ASU No.&#xA0;2011-11, &#x201C;<i>Disclosures about Offsetting Assets and Liabilities.&#x201D;</i> This ASU is intended to enhance the understanding of the effects of netting arrangements on an entity&#x2019;s financial statements, including financial instruments and derivative instruments that are either offset or subject to a master netting arrangement. The scope of this ASU includes derivatives, sale and repurchase agreements, reverse sale and repurchase agreements, and securities borrowing and lending arrangements. The provisions of this ASU are effective for interim and annual periods beginning on or after January&#xA0;1, 2013. Teradyne adopted this ASU effective January&#xA0;1, 2013. See Note D &#x201C;Financial Instruments and Derivatives.&#x201D;</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">In February&#xA0;2013, the Financial Accounting Standards Board (FASB) issued ASU 2013-02, &#x201C;Comprehensive Income (Topic 220): Reporting of Amounts Reclassified out of Accumulated Other Comprehensive Income&#x201D; amending the disclosure requirements regarding the reporting of amounts reclassified out of accumulated other comprehensive income. The amendment does not change the current requirement for reporting net income or other comprehensive income, but requires additional disclosures about significant amounts reclassified out of accumulated other comprehensive income including the effect of the reclassification on the related net income line items. The provisions of this ASU are effective for interim and annual periods beginning on or after January&#xA0;1, 2013. Teradyne adopted this amendment effective January&#xA0;1, 2013. See Note&#xA0;I &#x201C;Accumulated Other Comprehensive Income.&#x201D;</font></p> </div>
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<div> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>A. The Company</b></font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">Teradyne, Inc. (the &#x201C;Company&#x201D; or &#x201C;Teradyne&#x201D;) is a leading global supplier of automatic test equipment. Teradyne&#x2019;s automatic test equipment products and services include:</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; FONT-SIZE: 6px"> &#xA0;</p> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="5%"><font size="1">&#xA0;</font></td> <td valign="top" width="2%" align="left"><font style="FONT-FAMILY: Times New Roman" size="2">&#x2022;</font></td> <td valign="top" width="1%"><font size="1">&#xA0;</font></td> <td valign="top" align="left"> <p align="left"><font style="FONT-FAMILY: Times New Roman" size="2">semiconductor test (&#x201C;Semiconductor Test&#x201D;) systems;</font></p> </td> </tr> </table> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; FONT-SIZE: 6px"> &#xA0;</p> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="5%"><font size="1">&#xA0;</font></td> <td valign="top" width="2%" align="left"><font style="FONT-FAMILY: Times New Roman" size="2">&#x2022;</font></td> <td valign="top" width="1%"><font size="1">&#xA0;</font></td> <td valign="top" align="left"> <p align="left"><font style="FONT-FAMILY: Times New Roman" size="2">wireless test (&#x201C;Wireless Test&#x201D;) systems; and</font></p> </td> </tr> </table> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; FONT-SIZE: 6px"> &#xA0;</p> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="5%"><font size="1">&#xA0;</font></td> <td valign="top" width="2%" align="left"><font style="FONT-FAMILY: Times New Roman" size="2">&#x2022;</font></td> <td valign="top" width="1%"><font size="1">&#xA0;</font></td> <td valign="top" align="left"> <p align="left"><font style="FONT-FAMILY: Times New Roman" size="2">military/aerospace (&#x201C;Mil/Aero&#x201D;) test instrumentation and systems, storage test (&#x201C;Storage Test&#x201D;) systems, and circuit-board test and inspection (&#x201C;Commercial Board Test&#x201D;) systems (collectively these products represent &#x201C;Systems Test&#x201D;).</font></p> </td> </tr> </table> </div>
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2161000
CY2012Q2 ter Incremental Common Shares Attributable To Conversion Of Stock Option
IncrementalCommonSharesAttributableToConversionOfStockOption
2325000 shares
CY2012Q2 ter Incremental Common Shares Attributable To Conversion Of Restricted Stock Units
IncrementalCommonSharesAttributableToConversionOfRestrictedStockUnits
1647000 shares
CY2012Q2 ter Issuance Of Ordinary Shares Upon Exercise Of Employee Stock Options And Restricted Stock Units Shares
IssuanceOfOrdinarySharesUponExerciseOfEmployeeStockOptionsAndRestrictedStockUnitsShares
1000000 shares
CY2012Q2 ter Interest Expense And Other
InterestExpenseAndOther
6059000
CY2012Q2 ter Stock Issued During Period Shares Sale Of Stock And Exercise Of Stock Options
StockIssuedDuringPeriodSharesSaleOfStockAndExerciseOfStockOptions
300000 shares
CY2012Q2 ter Other Comprehensive Income Loss Reclassification Adjustments Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentsNetOfTax
558000

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