$TER
TERADYNE, INC

2015 Q2 Form 10-Q Financial Statement

#000119312515179303 Filed on May 08, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q1
Revenue $342.4M $321.0M
YoY Change -34.85% 14.5%
Cost Of Revenue $150.0M $154.0M
YoY Change -36.22% 21.28%
Gross Profit $192.4M $167.0M
YoY Change -33.74% 8.88%
Gross Profit Margin 56.2% 52.04%
Selling, General & Admin $72.04M $78.00M
YoY Change -7.03% 14.9%
% of Gross Profit 37.44% 46.7%
Research & Development $71.45M $67.09M
YoY Change -2.68% 6.91%
% of Gross Profit 37.13% 40.16%
Depreciation & Amortization $19.35M $15.26M
YoY Change -48.55% 8.1%
% of Gross Profit 10.05% 9.13%
Operating Expenses $157.3M $163.4M
YoY Change -7.33% 9.63%
Operating Profit $35.12M $3.688M
YoY Change -70.89% -16.33%
Interest Expense $162.0K $6.417M
YoY Change 1.89% 0.22%
% of Operating Profit 0.46% 174.0%
Other Income/Expense, Net $5.660M -$180.0K
YoY Change -1581.68% -64.21%
Pretax Income $42.44M -$1.873M
YoY Change -65.04% 31.35%
Income Tax $9.651M -$2.802M
% Of Pretax Income 22.74%
Net Earnings $32.79M $929.0K
YoY Change -67.6% -85.9%
Net Earnings / Revenue 9.58% 0.29%
Basic Earnings Per Share $0.15 $0.00
Diluted Earnings Per Share $0.15 $0.00
COMMON SHARES
Basic Shares Outstanding 217.2M shares 193.3M shares
Diluted Shares Outstanding 218.8M shares 236.5M shares

Balance Sheet

Concept 2015 Q2 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $868.2M $694.8M
YoY Change 16.83% -2.14%
Cash & Equivalents $218.9M $232.6M
Short-Term Investments $649.2M $462.2M
Other Short-Term Assets $6.959M $12.25M
YoY Change 39.49% -93.26%
Inventory $121.1M $137.4M
Prepaid Expenses $92.48M $131.5M
Receivables $175.8M $216.5M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.321B $1.261B
YoY Change -2.47% 4.46%
LONG-TERM ASSETS
Property, Plant & Equipment $308.3M $278.7M
YoY Change -0.08% 5.56%
Goodwill $273.4M $361.8M
YoY Change -24.43% 3.59%
Intangibles $176.8M $234.0M
YoY Change -18.06% -22.21%
Long-Term Investments $402.7M $272.1M
YoY Change 10.6% 10.48%
Other Assets $10.28M $10.57M
YoY Change -5.92% -43.1%
Total Long-Term Assets $1.191B $1.172B
YoY Change -6.66% -0.84%
TOTAL ASSETS
Total Short-Term Assets $1.321B $1.261B
Total Long-Term Assets $1.191B $1.172B
Total Assets $2.512B $2.433B
YoY Change -4.5% 1.84%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $59.83M $70.60M
YoY Change -41.46% 19.45%
Accrued Expenses $134.3M $124.2M
YoY Change -25.22% 16.62%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change -100.0%
Total Short-Term Liabilities $293.1M $273.1M
YoY Change -18.85% -34.59%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $141.7M $120.0M
YoY Change 10.44% -8.12%
Total Long-Term Liabilities $141.7M $120.0M
YoY Change 10.44% -8.12%
TOTAL LIABILITIES
Total Short-Term Liabilities $293.1M $273.1M
Total Long-Term Liabilities $141.7M $120.0M
Total Liabilities $455.0M $443.6M
YoY Change -14.03% -25.85%
SHAREHOLDERS EQUITY
Retained Earnings $579.6M $555.5M
YoY Change -11.75% 36.2%
Common Stock $26.99M $24.25M
YoY Change 9.98% 1.89%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.057B $1.990B
YoY Change
Total Liabilities & Shareholders Equity $2.512B $2.433B
YoY Change -4.5% 1.84%

Cashflow Statement

Concept 2015 Q2 2014 Q1
OPERATING ACTIVITIES
Net Income $32.79M $929.0K
YoY Change -67.6% -85.9%
Depreciation, Depletion And Amortization $19.35M $15.26M
YoY Change -48.55% 8.1%
Cash From Operating Activities $37.50M -$25.80M
YoY Change -82.07% -29.3%
INVESTING ACTIVITIES
Capital Expenditures $21.15M $31.20M
YoY Change -135.13% 38.36%
Acquisitions
YoY Change
Other Investing Activities -$40.90M $128.8M
YoY Change -65.19% 671.26%
Cash From Investing Activities -$62.00M $97.60M
YoY Change -65.11% -1778.42%
FINANCING ACTIVITIES
Cash Dividend Paid $13.05M $11.70M
YoY Change 11.53%
Common Stock Issuance & Retirement, Net $46.65M
YoY Change
Debt Paid & Issued, Net $191.0M
YoY Change
Cash From Financing Activities -50.80M -180.8M
YoY Change 434.74% -2200.37%
NET CHANGE
Cash From Operating Activities 37.50M -25.80M
Cash From Investing Activities -62.00M 97.60M
Cash From Financing Activities -50.80M -180.8M
Net Change In Cash -75.30M -109.0M
YoY Change -442.27% 223.43%
FREE CASH FLOW
Cash From Operating Activities $37.50M -$25.80M
Capital Expenditures $21.15M $31.20M
Free Cash Flow $16.35M -$57.00M
YoY Change -93.93% -3.46%

Facts In Submission

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<div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <b>C. Recently Issued Accounting Pronouncements</b></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> In May 2014, the FASB issued Accounting Standard Update (&#x201C;ASU&#x201D;) 2014-09,&#xA0;<i>&#x201C;Revenue from Contracts with Customers (Topic 606),&#x201D;</i>&#xA0;which will replace numerous requirements in U.S. GAAP, including industry-specific requirements, and provide companies with a single revenue recognition model for recognizing revenue from contracts with customers. The core principle of the new standard is that a company should recognize revenue to show the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled to in exchange for those goods or services. On April&#xA0;1, 2015, FASB proposed a deferral of the effective date of the new revenue standard by one year, until January&#xA0;1, 2018. For Teradyne, the standard will be effective in the first quarter of 2018. Early adoption is permitted but not before the original effective date (that is, annual periods beginning after December&#xA0;15, 2016). The two permitted transition methods under the new standard are the full retrospective method, in which case the standard would be applied to each prior reporting period presented, or the modified retrospective method, in which case the cumulative effect of applying the standard would be recognized at the date of initial application. Teradyne has not yet selected a transition method. Teradyne is currently evaluating the impact of this ASU on its financial position and results of operations.</p> </div>
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<div> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> <b>A. The Company</b></p> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> Teradyne, Inc. (&#x201C;Teradyne&#x201D;) is a leading global supplier of automatic test equipment. Teradyne&#x2019;s automatic test equipment products and services include:</p> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> &#xA0;</p> <table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%">&#xA0;</td> <td width="3%" valign="top" align="left">&#x2022;</td> <td width="1%" valign="top">&#xA0;</td> <td align="left" valign="top">semiconductor test (&#x201C;Semiconductor Test&#x201D;) systems;</td> </tr> </table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> &#xA0;</p> <table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%">&#xA0;</td> <td width="3%" valign="top" align="left">&#x2022;</td> <td width="1%" valign="top">&#xA0;</td> <td align="left" valign="top">wireless test (&#x201C;Wireless Test&#x201D;) systems; and</td> </tr> </table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> &#xA0;</p> <table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%">&#xA0;</td> <td width="3%" valign="top" align="left">&#x2022;</td> <td width="1%" valign="top">&#xA0;</td> <td align="left" valign="top">defense/aerospace (&#x201C;Defense/Aerospace&#x201D;) test instrumentation and systems, storage test (&#x201C;Storage Test&#x201D;) systems, and circuit-board test and inspection (&#x201C;Production Board Test&#x201D;) systems (collectively these products represent &#x201C;System Test&#x201D;).</td> </tr> </table> </div>
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CY2015Q2 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
4662000
CY2015Q2 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
2849000
CY2015Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
13808000
CY2015Q2 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-75311000
CY2015Q2 us-gaap Cost Of Services
CostOfServices
30982000
CY2015Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
9651000
CY2015Q2 us-gaap Increase Decrease In Pension And Postretirement Obligations
IncreaseDecreaseInPensionAndPostretirementObligations
-1019000
CY2015Q2 us-gaap Proceeds From Life Insurance Policies
ProceedsFromLifeInsurancePolicies
1098000
CY2015Q2 us-gaap Cost Of Goods Sold
CostOfGoodsSold
118996000
CY2015Q2 us-gaap Cost Of Revenue
CostOfRevenue
149978000
CY2015Q2 us-gaap Depreciation
Depreciation
19345000
CY2015Q2 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-50800000
CY2015Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
-704000
CY2015Q2 us-gaap Extended Product Warranty Accrual Payments
ExtendedProductWarrantyAccrualPayments
6800000
CY2015Q2 us-gaap Inventory Write Down
InventoryWriteDown
1440000
CY2015Q2 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-62043000
CY2015Q2 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
4782000
CY2015Q2 us-gaap Research And Development Expense Excluding Acquired In Process Cost
ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost
71450000
CY2015Q2 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
404000
CY2015Q2 us-gaap Available For Sale Securities Gross Realized Losses
AvailableForSaleSecuritiesGrossRealizedLosses
0
CY2015Q2 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-20150000
CY2015Q2 us-gaap Increase Decrease In Deferred Revenue And Customer Advances And Deposits
IncreaseDecreaseInDeferredRevenueAndCustomerAdvancesAndDeposits
1038000
CY2015Q2 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
8899000
CY2015Q2 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
140222000
CY2015Q2 us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
148639000
CY2015Q2 us-gaap Share Based Compensation
ShareBasedCompensation
7963000
CY2015Q2 us-gaap Income Tax Reconciliation Other Reconciling Items
IncomeTaxReconciliationOtherReconcilingItems
500000
CY2015Q2 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Tax
OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditTax
-42000
CY2015Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax
330000
CY2015Q2 ter Reclassification From Accumulated Other Comprehensive Income Current Period Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodTax
211000
CY2015Q2 ter Stock Issued During Period Shares Sale Of Stock And Exercise Of Stock Options
StockIssuedDuringPeriodSharesSaleOfStockAndExerciseOfStockOptions
200000 shares
CY2015Q2 ter Increase Decrease In Prepaid Expense And Other Assets
IncreaseDecreaseInPrepaidExpenseAndOtherAssets
-3146000

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