$TER
TERADYNE, INC

2017 Q2 Form 10-Q Financial Statement

#000119312517168243 Filed on May 12, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q2
Revenue $456.9M $431.0M
YoY Change 6.01% 25.87%
Cost Of Revenue $191.9M $200.7M
YoY Change -4.37% 33.79%
Gross Profit $265.0M $230.3M
YoY Change 15.06% 19.7%
Gross Profit Margin 58.0% 53.44%
Selling, General & Admin $84.79M $79.17M
YoY Change 7.1% 9.9%
% of Gross Profit 32.0% 34.37%
Research & Development $75.98M $73.46M
YoY Change 3.42% 2.82%
% of Gross Profit 28.67% 31.89%
Depreciation & Amortization $16.14M $16.19M
YoY Change -0.3% -16.3%
% of Gross Profit 6.09% 7.03%
Operating Expenses $171.2M $174.2M
YoY Change -1.71% 10.76%
Operating Profit $93.78M $56.11M
YoY Change 67.13% 59.76%
Interest Expense $5.402M $710.0K
YoY Change 660.85% 338.27%
% of Operating Profit 5.76% 1.27%
Other Income/Expense, Net $115.0K $147.0K
YoY Change -21.77% -97.4%
Pretax Income $92.02M $57.19M
YoY Change 60.89% 34.77%
Income Tax $6.795M $7.206M
% Of Pretax Income 7.38% 12.6%
Net Earnings $85.22M $49.99M
YoY Change 70.49% 52.46%
Net Earnings / Revenue 18.65% 11.6%
Basic Earnings Per Share $0.43 $0.24
Diluted Earnings Per Share $0.42 $0.24
COMMON SHARES
Basic Shares Outstanding 200.0M shares 204.3M shares
Diluted Shares Outstanding 201.9M shares 205.7M shares

Balance Sheet

Concept 2017 Q2 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.220B $729.4M
YoY Change 67.3% -15.99%
Cash & Equivalents $324.7M $319.4M
Short-Term Investments $895.6M $410.0M
Other Short-Term Assets $8.602M $3.513M
YoY Change 144.86% -49.52%
Inventory $203.3M $160.7M
Prepaid Expenses $107.0M $95.19M
Receivables $315.0M $254.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.854B $1.243B
YoY Change 49.2% -5.94%
LONG-TERM ASSETS
Property, Plant & Equipment $253.5M $266.9M
YoY Change -5.01% -13.42%
Goodwill $230.1M $495.9M
YoY Change -53.6% 81.35%
Intangibles $94.84M $223.3M
YoY Change -57.52% 26.29%
Long-Term Investments $262.1M $246.1M
YoY Change 6.5% -38.89%
Other Assets $12.18M $13.04M
YoY Change -6.64% 26.86%
Total Long-Term Assets $988.1M $1.306B
YoY Change -24.35% 9.67%
TOTAL ASSETS
Total Short-Term Assets $1.854B $1.243B
Total Long-Term Assets $988.1M $1.306B
Total Assets $2.842B $2.549B
YoY Change 11.51% 1.46%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $121.4M $84.10M
YoY Change 44.37% 40.57%
Accrued Expenses $146.6M $164.5M
YoY Change -10.88% 22.49%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $393.1M $344.5M
YoY Change 14.09% 17.53%
LONG-TERM LIABILITIES
Long-Term Debt $355.9M $0.00
YoY Change
Other Long-Term Liabilities $162.2M $190.3M
YoY Change -14.77% 34.3%
Total Long-Term Liabilities $518.1M $190.3M
YoY Change 172.25% 34.3%
TOTAL LIABILITIES
Total Short-Term Liabilities $393.1M $344.5M
Total Long-Term Liabilities $518.1M $190.3M
Total Liabilities $922.4M $553.1M
YoY Change 66.78% 21.57%
SHAREHOLDERS EQUITY
Retained Earnings $300.3M $476.4M
YoY Change -36.96% -17.8%
Common Stock $1.630B $1.514B
YoY Change 7.66% 5511.65%
Preferred Stock
YoY Change
Treasury Stock (at cost) $37.70M $328.0M
YoY Change -88.51%
Treasury Stock Shares 1.300M shares 17.10M shares
Shareholders Equity $1.920B $1.996B
YoY Change
Total Liabilities & Shareholders Equity $2.842B $2.549B
YoY Change 11.51% 1.46%

Cashflow Statement

Concept 2017 Q2 2016 Q2
OPERATING ACTIVITIES
Net Income $85.22M $49.99M
YoY Change 70.49% 52.46%
Depreciation, Depletion And Amortization $16.14M $16.19M
YoY Change -0.3% -16.3%
Cash From Operating Activities -$61.10M $26.70M
YoY Change -328.84% -28.8%
INVESTING ACTIVITIES
Capital Expenditures $22.07M $20.33M
YoY Change 8.52% -3.85%
Acquisitions
YoY Change
Other Investing Activities $148.5M $91.10M
YoY Change 63.01% -322.74%
Cash From Investing Activities $126.4M $70.70M
YoY Change 78.78% -214.03%
FINANCING ACTIVITIES
Cash Dividend Paid $14.02M $12.25M
YoY Change 14.43% -6.1%
Common Stock Issuance & Retirement, Net $37.73M $28.00M
YoY Change 34.75% -39.98%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -50.00M -42.80M
YoY Change 16.82% -15.75%
NET CHANGE
Cash From Operating Activities -61.10M 26.70M
Cash From Investing Activities 126.4M 70.70M
Cash From Financing Activities -50.00M -42.80M
Net Change In Cash 15.30M 54.60M
YoY Change -71.98% -172.51%
FREE CASH FLOW
Cash From Operating Activities -$61.10M $26.70M
Capital Expenditures $22.07M $20.33M
Free Cash Flow -$83.17M $6.366M
YoY Change -1406.41% -61.07%

Facts In Submission

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CY2016Q4 ter Deferred Revenue And Customer Advances Maintenance And Training
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CY2016Q4 ter Deferred Revenue And Customer Advances Undelivered Elements And Other
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22151000
CY2016Q4 ter Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
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209000
CY2016Q4 ter Deferred Revenue And Customer Advances Current
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84478000
CY2016Q4 ter Accumulated Other Comprehensive Income Loss Defined Benefit Pension And Other Postretirement Plans Tax
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84473000
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P5Y
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0.65 pure
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200000
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2600000
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300000
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2500000
CY2017Q2 us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <b>C. RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> On March&#xA0;10, 2017, the FASB issued ASU&#xA0;<font style="WHITE-SPACE: nowrap">2017-07,&#x201D;</font><i>&#xA0;Compensation&#x2014;Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost</i>.&#x201D;&#xA0;This ASU provides guidance on presentation of net periodic pension cost and net periodic postretirement benefit cost. The new standard requires the service cost component to be presented in the same line item as other employee compensation costs arising from services rendered during the period. The other components of net benefit cost such as interest cost, amortization of prior service cost, and actuarial gains or losses, are required to be presented separately outside of income or loss from operations. The presentation of service cost should be applied retrospectively. The guidance is effective for fiscal years beginning after December&#xA0;15, 2017. Early adoption is permitted. This guidance will impact the presentation of Teradyne&#x2019;s consolidated financial statements. Current presentation of service cost components is consistent with the requirements of the new standard. Upon adoption of the new standard, Teradyne will present interest cost, amortization of prior service cost, and actuarial gains or losses within other (income) expense, net.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> On January&#xA0;26, 2017, the FASB issued ASU&#xA0;<font style="WHITE-SPACE: nowrap">2017-04,</font>&#xA0;<i>&#x201C;Intangibles &#x2013; Goodwill and Other (Topic 350): Simplifying the Accounting for Goodwill Impairment.&#x201D;</i>&#xA0;The new guidance removes Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. Goodwill impairment will now be the amount by which a reporting unit&#x2019;s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. All other goodwill impairment guidance will remain largely unchanged. Entities will continue to have the option to perform a qualitative assessment to determine if a quantitative impairment test is necessary. The same&#xA0;<font style="WHITE-SPACE: nowrap">one-step</font>&#xA0;impairment test will be applied to goodwill at all reporting units, even those with zero or negative carrying amounts. Entities will be required to disclose the amount of goodwill at reporting units with zero or negative carrying amounts. The revised guidance will be applied prospectively, and is effective in 2020. Early adoption is permitted for any impairment tests performed after January&#xA0;1, 2017. Teradyne is currently evaluating the impact of this ASU on its financial position, results of operations and statements of cash flows.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> In October 2016, the FASB issued ASU&#xA0;<font style="WHITE-SPACE: nowrap">2016-16,</font>&#xA0;<i>&#x201C;Accounting for Income Taxes: Intra-Entity Asset Transfers of Assets Other than Inventory</i>.<i>&#x201D;</i>&#xA0;Under current Generally Accepted Accounting Principles (&#x201C;GAAP&#x201D;), the tax effects of intra-entity asset transfers are deferred until the transferred asset is sold to a third party or otherwise recovered through use. The new guidance requires recognition of the tax expense from the sale of the asset in the seller&#x2019;s tax jurisdiction when the transfer occurs, even though the&#xA0;<font style="WHITE-SPACE: nowrap">pre-tax</font>&#xA0;effects of that transaction are eliminated in consolidation. Any deferred tax asset that arises in the buyer&#x2019;s jurisdiction would also be recognized at the time of the transfer. The new guidance does not apply to intra-entity transfers of inventory. The income tax consequences from the sale of inventory from one member of a consolidated entity to another will continue to be deferred until the inventory is sold to a third party. The new guidance will be effective in fiscal years beginning after December&#xA0;15, 2017. Early adoption is permitted. The modified retrospective approach will be required for transition to the new guidance, with a cumulative-effect adjustment recorded in retained earnings as of the beginning of the period of adoption. Teradyne does not expect this ASU to have a material impact on its financial position, results of operations and statements of cash flows.</p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 1px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12px; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> In February 2016, the FASB issued ASU&#xA0;<font style="WHITE-SPACE: nowrap">2016-02,</font>&#xA0;<i>&#x201C;</i><i>Leases (Topic 842).</i><i>&#x201D;</i>&#xA0;The guidance in this ASU supersedes the lease recognition requirements in Accounting Standards Codification (&#x201C;ASC&#x201D;) Topic 840,&#xA0;<i>&#x201C;</i><i>Leases.</i><i>&#x201D;</i>&#xA0;The new standard establishes a right-&#xA0;<font style="WHITE-SPACE: nowrap">of-use</font>&#xA0;(&#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 statements of operation. The new standard is effective for annual periods beginning after December&#xA0;15, 2018 with early adoption permitted. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. Teradyne is currently evaluating the impact of this ASU on our financial position and results of operations.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 8pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> In January 2016, the FASB issued ASU&#xA0;<font style="WHITE-SPACE: nowrap">2016-01,</font>&#xA0;<i>&#x201C;Financial Instruments&#x2014;Overall (Subtopic&#xA0;<font style="WHITE-SPACE: nowrap">825-10):</font>&#xA0;Recognition and Measurement of Financial Assets and Financial Liabilities</i>.<i>&#x201D;&#xA0;</i>This ASU provides guidance for the recognition, measurement, presentation, and disclosure of financial instruments. The new pronouncement revises accounting related to equity investments and the presentation of certain fair value changes for financial liabilities measured at fair value. Among other things, it amends the presentation and disclosure requirements of equity securities that do not result in consolidation and are not accounted for under the equity method. Changes in the fair value of these equity securities will be recognized directly in net income. This pronouncement is effective for fiscal years beginning after December&#xA0;15, 2017. 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: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 8pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> In May 2014, the FASB issued ASU&#xA0;<font style="WHITE-SPACE: nowrap">2014-09,</font>&#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. In August 2015, FASB issued ASU&#xA0;<font style="WHITE-SPACE: nowrap">2015-14,</font>&#xA0;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. 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 is in the process of assessing the impact of this ASU, including identification of changes to policies, processes and controls and the presentation necessary to meet the additional disclosure requirements. Teradyne has selected the modified retrospective transition method. Teradyne is still conducting its assessment and will continue to evaluate the impact of this ASU on its financial position and results of operations.</p> </div>
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> <b>A. THE COMPANY</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> 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="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="PAGE-BREAK-INSIDE: avoid"> <td width="5%">&#xA0;</td> <td valign="top" width="2%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left">semiconductor test (&#x201C;Semiconductor Test&#x201D;) systems;</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="PAGE-BREAK-INSIDE: avoid"> <td width="5%">&#xA0;</td> <td valign="top" width="2%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left">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="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="PAGE-BREAK-INSIDE: avoid"> <td width="5%">&#xA0;</td> <td valign="top" width="2%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left">industrial automation (&#x201C;Industrial Automation&#x201D;) products; and</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="PAGE-BREAK-INSIDE: avoid"> <td width="5%">&#xA0;</td> <td valign="top" width="2%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left">wireless test (&#x201C;Wireless Test&#x201D;) systems.</td> </tr> </table> </div>
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CY2017Q2 dei Entity Filer Category
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TERADYNE, INC
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CY2017Q2 us-gaap Other Nonoperating Income Expense
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CY2017Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
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CY2017Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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92016000
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200000
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CY2017Q2 us-gaap Extended Product Warranty Accrual Payments
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CY2017Q2 us-gaap Interest Expense
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15084000
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CY2017Q2 ter Lease Expiration Year
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2500000
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300000 shares
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1148000
CY2016Q2 ter Income Tax Reconciliation Tax Marketable Securities
IncomeTaxReconciliationTaxMarketableSecurities
900000

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