$TER
TERADYNE, INC

2017 Q3 Form 10-Q Financial Statement

#000119312518245633 Filed on August 10, 2018

View on sec.gov

Income Statement

Concept 2017 Q3
Revenue $696.9M
YoY Change 31.05%
Cost Of Revenue $305.7M
YoY Change 22.8%
Gross Profit $390.6M
YoY Change 38.1%
Gross Profit Margin 56.05%
Selling, General & Admin $90.11M
YoY Change 10.67%
% of Gross Profit 23.07%
Research & Development $82.27M
YoY Change 8.09%
% of Gross Profit 21.06%
Depreciation & Amortization $27.70M
YoY Change -15.29%
% of Gross Profit 7.09%
Operating Expenses $182.8M
YoY Change -64.48%
Operating Profit $207.8M
YoY Change -189.65%
Interest Expense $5.509M
YoY Change 697.25%
% of Operating Profit 2.65%
Other Income/Expense, Net $1.291M
YoY Change 14244.44%
Pretax Income $206.9M
YoY Change -189.63%
Income Tax $31.90M
% Of Pretax Income 15.42%
Net Earnings $175.0M
YoY Change -178.27%
Net Earnings / Revenue 25.11%
Basic Earnings Per Share $0.88
Diluted Earnings Per Share $0.87
COMMON SHARES
Basic Shares Outstanding 198.8M shares
Diluted Shares Outstanding 201.5M shares

Balance Sheet

Concept 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.408B
YoY Change 71.0%
Cash & Equivalents $598.3M
Short-Term Investments $809.3M
Other Short-Term Assets $6.787M
YoY Change -11.64%
Inventory $153.6M
Prepaid Expenses $106.0M
Receivables $405.9M
Other Receivables $0.00
Total Short-Term Assets $2.080B
YoY Change 47.22%
LONG-TERM ASSETS
Property, Plant & Equipment $258.0M
YoY Change -2.47%
Goodwill $242.2M
YoY Change 2.11%
Intangibles $90.60M
YoY Change -25.78%
Long-Term Investments $212.5M
YoY Change -24.78%
Other Assets $12.43M
YoY Change -4.93%
Total Long-Term Assets $950.2M
YoY Change -4.5%
TOTAL ASSETS
Total Short-Term Assets $2.080B
Total Long-Term Assets $950.2M
Total Assets $3.030B
YoY Change 25.85%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $103.5M
YoY Change 0.35%
Accrued Expenses $188.1M
YoY Change 38.11%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $439.2M
YoY Change -3.54%
LONG-TERM LIABILITIES
Long-Term Debt $359.2M
YoY Change
Other Long-Term Liabilities $172.4M
YoY Change -9.64%
Total Long-Term Liabilities $531.6M
YoY Change 178.62%
TOTAL LIABILITIES
Total Short-Term Liabilities $439.2M
Total Long-Term Liabilities $531.6M
Total Liabilities $981.6M
YoY Change 48.21%
SHAREHOLDERS EQUITY
Retained Earnings $405.0M
YoY Change 90.97%
Common Stock $1.638B
YoY Change 6.96%
Preferred Stock
YoY Change
Treasury Stock (at cost) $94.30M
YoY Change -73.56%
Treasury Stock Shares 3.000M shares
Shareholders Equity $2.049B
YoY Change
Total Liabilities & Shareholders Equity $3.030B
YoY Change 25.85%

Cashflow Statement

Concept 2017 Q3
OPERATING ACTIVITIES
Net Income $175.0M
YoY Change -178.27%
Depreciation, Depletion And Amortization $27.70M
YoY Change -15.29%
Cash From Operating Activities $230.3M
YoY Change 21.27%
INVESTING ACTIVITIES
Capital Expenditures -$23.90M
YoY Change -9.13%
Acquisitions
YoY Change
Other Investing Activities $137.5M
YoY Change -327.27%
Cash From Investing Activities $113.7M
YoY Change -231.14%
FINANCING ACTIVITIES
Cash Dividend Paid $13.90M
YoY Change 13.93%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -70.50M
YoY Change 70.29%
NET CHANGE
Cash From Operating Activities 230.3M
Cash From Investing Activities 113.7M
Cash From Financing Activities -70.50M
Net Change In Cash 273.5M
YoY Change 342.56%
FREE CASH FLOW
Cash From Operating Activities $230.3M
Capital Expenditures -$23.90M
Free Cash Flow $254.2M
YoY Change 17.58%

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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 January&#xA0;26, 2017, the FASB issued ASU <font style="WHITE-SPACE: nowrap">2017-04,</font> <i>&#x201C;Intangibles&#x2014;Goodwill and Other (Topic</i><i>&#xA0;350): Simplifying the Accounting for Goodwill Impairment.&#x201D;</i> The new guidance removes Step&#xA0;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 <font style="WHITE-SPACE: nowrap">one-step</font> 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: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> In February 2016, the FASB issued ASU <font style="WHITE-SPACE: nowrap">2016-02,</font> <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&#xA0;840, <i>&#x201C;Leases.&#x201D;</i> The new standard establishes a right- <font style="WHITE-SPACE: nowrap">of-use</font> (&#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 operations. 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 still assessing the potential changes from this ASU, but expects it to have a material impact on its financial position and immaterial impact on its 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 robotic arms, autonomous mobile robots, and advanced robotic control software used by global manufacturing and light industrial customers to improve quality, increase manufacturing and material handling 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 style="page-break-inside:avoid"> <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"> <p align="left" style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"> semiconductor test (&#x201C;Semiconductor Test&#x201D;) systems;</p> </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 style="page-break-inside:avoid"> <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"> <p align="left" style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"> 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;);</p> </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 style="page-break-inside:avoid"> <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"> <p align="left" style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"> industrial automation (&#x201C;Industrial Automation&#x201D;) products; and</p> </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 style="page-break-inside:avoid"> <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"> <p align="left" style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"> wireless test (&#x201C;Wireless Test&#x201D;) systems.</p> </td> </tr> </table> </div>
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33600000
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10300000
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1700000

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