$TER
TERADYNE, INC

2016 Q3 Form 10-Q Financial Statement

#000119312516680412 Filed on August 12, 2016

View on sec.gov

Income Statement

Concept 2016 Q3 2015 Q3
Revenue $531.8M $512.7M
YoY Change 3.72% 7.27%
Cost Of Revenue $248.9M $214.2M
YoY Change 16.23% -1.25%
Gross Profit $282.9M $298.6M
YoY Change -5.26% 14.34%
Gross Profit Margin 53.19% 58.23%
Selling, General & Admin $81.43M $77.07M
YoY Change 5.65% 5.49%
% of Gross Profit 28.79% 25.81%
Research & Development $76.11M $75.83M
YoY Change 0.37% 5.39%
% of Gross Profit 26.91% 25.4%
Depreciation & Amortization $32.70M $33.20M
YoY Change -1.51% -12.86%
% of Gross Profit 11.56% 11.12%
Operating Expenses $514.7M $167.8M
YoY Change 206.76% 3.01%
Operating Profit -$231.8M $130.8M
YoY Change -277.23% 33.14%
Interest Expense $691.0K $444.0K
YoY Change 55.63% 208.33%
% of Operating Profit 0.34%
Other Income/Expense, Net $9.000K $116.0K
YoY Change -92.24% -82.26%
Pretax Income -$230.8M $132.1M
YoY Change -274.68% 31.26%
Income Tax -$7.271M $29.26M
% Of Pretax Income 22.14%
Net Earnings -$223.5M $102.9M
YoY Change -317.29% 24.03%
Net Earnings / Revenue -42.04% 20.06%
Basic Earnings Per Share -$1.10 $0.48
Diluted Earnings Per Share -$1.10 $0.48
COMMON SHARES
Basic Shares Outstanding 203.0M shares 213.8M shares
Diluted Shares Outstanding 203.0M shares 215.5M shares

Balance Sheet

Concept 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $823.2M $752.7M
YoY Change 9.37% -6.67%
Cash & Equivalents $381.1M $300.7M
Short-Term Investments $442.2M $452.0M
Other Short-Term Assets $7.681M $6.596M
YoY Change 16.45% -9.69%
Inventory $129.3M $121.8M
Prepaid Expenses $103.1M $80.25M
Receivables $349.5M $296.7M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.413B $1.316B
YoY Change 7.33% -6.04%
LONG-TERM ASSETS
Property, Plant & Equipment $264.6M $291.9M
YoY Change -9.38% -13.07%
Goodwill $237.2M $495.4M
YoY Change -52.12% 36.93%
Intangibles $122.1M $279.1M
YoY Change -56.27% 41.35%
Long-Term Investments $282.5M $275.9M
YoY Change 2.39% -26.39%
Other Assets $13.07M $13.36M
YoY Change -2.17% 35.63%
Total Long-Term Assets $995.0M $1.376B
YoY Change -27.71% 6.37%
TOTAL ASSETS
Total Short-Term Assets $1.413B $1.316B
Total Long-Term Assets $995.0M $1.376B
Total Assets $2.408B $2.693B
YoY Change -10.58% -0.08%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $103.1M $86.46M
YoY Change 19.23% 43.37%
Accrued Expenses $136.2M $180.0M
YoY Change -24.33% -4.71%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $455.3M $402.1M
YoY Change 13.25% 21.91%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $190.8M $177.9M
YoY Change 7.25% 27.62%
Total Long-Term Liabilities $190.8M $177.9M
YoY Change 7.25% 27.62%
TOTAL LIABILITIES
Total Short-Term Liabilities $455.3M $402.1M
Total Long-Term Liabilities $190.8M $177.9M
Total Liabilities $662.3M $618.6M
YoY Change 7.06% 22.47%
SHAREHOLDERS EQUITY
Retained Earnings $212.1M $588.5M
YoY Change -63.96% -19.04%
Common Stock $1.531B $26.56M
YoY Change 5664.48% -1.84%
Preferred Stock
YoY Change
Treasury Stock (at cost) $356.7M
YoY Change
Treasury Stock Shares 18.60M shares
Shareholders Equity $1.746B $2.074B
YoY Change
Total Liabilities & Shareholders Equity $2.408B $2.693B
YoY Change -10.58% -0.08%

Cashflow Statement

Concept 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income -$223.5M $102.9M
YoY Change -317.29% 24.03%
Depreciation, Depletion And Amortization $32.70M $33.20M
YoY Change -1.51% -12.86%
Cash From Operating Activities $189.9M $156.0M
YoY Change 21.73% 16.68%
INVESTING ACTIVITIES
Capital Expenditures -$26.30M -$25.00M
YoY Change 5.2% -54.55%
Acquisitions
YoY Change
Other Investing Activities -$60.50M $37.60M
YoY Change -260.9% -131.52%
Cash From Investing Activities -$86.70M $12.60M
YoY Change -788.1% -107.23%
FINANCING ACTIVITIES
Cash Dividend Paid $12.20M $12.80M
YoY Change -4.69% 0.0%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -41.40M -86.90M
YoY Change -52.36% 3678.26%
NET CHANGE
Cash From Operating Activities 189.9M 156.0M
Cash From Investing Activities -86.70M 12.60M
Cash From Financing Activities -41.40M -86.90M
Net Change In Cash 61.80M 81.70M
YoY Change -24.36% -290.44%
FREE CASH FLOW
Cash From Operating Activities $189.9M $156.0M
Capital Expenditures -$26.30M -$25.00M
Free Cash Flow $216.2M $181.0M
YoY Change 19.45% -4.08%

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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>C. Recently Issued Accounting Pronouncements</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> On March&#xA0;31, 2016, the Financial Accounting Standards Board (&#x201C;FASB&#x201D;) issued Accounting Standards Update (&#x201C;ASU&#x201D;) ASU 2016-09, <i>&#x201C;Compensation-Stock Compensation (Topic 718): Improvements to Employee</i> <i>Share-Based Payment Accounting.&#x201D;</i> This ASU changes how companies account for certain aspects of share-based payment awards to employees, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. This pronouncement is effective for annual periods beginning after December&#xA0;15, 2016. Early adoption is permitted. Teradyne is currently evaluating the impact of this ASU on its financial position, results of operations and statement of cash flows.</p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 1px; MARGIN-TOP: 12px"> &#xA0;</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt; TEXT-INDENT: 4%"> In February 2016, the FASB issued ASU 2016-02, <i>&#x201C;Leases (Topic 842).&#x201D;</i> The guidance in this ASU supersedes the lease recognition requirements in Accounting Standards Codification (&#x201C;ASC&#x201D;) Topic 840, <i>&#x201C;Leases.&#x201D;</i> The new standard establishes a right-of-use (&#x201C;ROU&#x201D;) model that requires a lessee to record an ROU asset and a lease liability on the balance sheet for all leases with terms longer than twelve months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. 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Teradyne is currently evaluating the impact of this ASU on its financial position and results of operations.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> In November 2015, the FASB issued ASU 2015-17, <i>&#x201C;Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes</i>.<i>&#x201D;</i> ASU 2015-17 simplifies the presentation of deferred income taxes by eliminating the separate classification of deferred income tax liabilities and assets into current and noncurrent amounts in the balance sheet. The amendments in the update require that all deferred tax liabilities and assets be classified as noncurrent in the balance sheet. This ASU is effective for annual periods beginning after December&#xA0;15, 2016, and interim periods within those years and may be applied either prospectively or retrospectively to all periods presented. Early adoption is permitted. Teradyne early adopted this ASU prospectively in the first quarter of 2016.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> In April 2015, the FASB issued ASU 2015-03, <i>&#x201C;Simplifying the Presentation of Debt Issuance Costs,&#x201D;</i> which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability, consistent with the presentation for debt discount. ASU 2015-03 does not specifically address requirements for the presentation or subsequent measurement of debt issuance costs related to line-of-credit arrangements. On August&#xA0;8, 2015, the FASB issued ASU 2015-15, <i>&#x201C;Interest&#x2014;Imputation of Interest (Subtopic 835-30)&#x201D;</i> clarifying that debt issuance costs related to line-of-credit arrangements could be presented as an asset and amortized over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. Teradyne adopted this ASU in the first quarter of 2016. Adoption of this ASU did not have a material impact on Teradyne&#x2019;s financial position and results of operations.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> In May 2014, the FASB issued ASU 2014-09, <i>&#x201C;Revenue from Contracts with Customers (Topic 606),&#x201D;</i> 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. In August 2015, FASB issued ASU 2015-14, which deferred the effective date of the new revenue standard by one year. 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 automation equipment for test and industrial applications. Teradyne designs, develops, manufactures and sells automatic test systems used to test semiconductors, wireless products, data storage and complex electronics systems in the consumer electronics, wireless, automotive, industrial, computing, communications, and aerospace and defense industries. Teradyne&#x2019;s industrial automation products include collaborative robots used by global manufacturing and light industrial customers to improve quality, increase manufacturing efficiency and decrease manufacturing costs. Teradyne&#x2019;s automatic test equipment and industrial automation 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="5%">&#xA0;</td> <td width="2%" 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="5%">&#xA0;</td> <td width="2%" 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> <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="5%">&#xA0;</td> <td width="2%" 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="5%">&#xA0;</td> <td width="2%" valign="top" align="left">&#x2022;</td> <td width="1%" valign="top">&#xA0;</td> <td align="left" valign="top">industrial automation (&#x201C;Industrial Automation&#x201D;) products.</td> </tr> </table> </div>
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CY2016Q3 us-gaap Cost Of Services
CostOfServices
33127000
CY2016Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Settlements
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements
CY2016Q3 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
254946000
CY2016Q3 us-gaap Income Tax Reconciliation Tax Contingencies
IncomeTaxReconciliationTaxContingencies
4400000
CY2016Q3 us-gaap Operating Expenses
OperatingExpenses
514671000
CY2016Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
0
CY2016Q3 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
3180000
CY2016Q3 us-gaap Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
2608000
CY2016Q3 ter Income Tax Reconciliation Tax Reserves Releases
IncomeTaxReconciliationTaxReservesReleases
2600000

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