$TER
TERADYNE, INC

2023 Q2 Form 10-Q Financial Statement

#000119312523136994 Filed on May 05, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2022 Q2
Revenue $617.5M $755.4M
YoY Change -18.25% -3.36%
Cost Of Revenue $261.1M $300.4M
YoY Change -13.09% -6.11%
Gross Profit $356.4M $454.9M
YoY Change -21.65% -1.44%
Gross Profit Margin 57.72% 60.23%
Selling, General & Admin $151.0M $140.2M
YoY Change 7.68% 8.0%
% of Gross Profit 42.35% 30.81%
Research & Development $105.8M $108.1M
YoY Change -2.18% 7.69%
% of Gross Profit 29.67% 23.77%
Depreciation & Amortization $27.61M $27.74M
YoY Change -0.47% -17.7%
% of Gross Profit 7.75% 6.1%
Operating Expenses $261.5M $253.4M
YoY Change 3.22% 7.49%
Operating Profit $94.90M $201.6M
YoY Change -52.92% -10.77%
Interest Expense $4.220M $2.291M
YoY Change 84.2% -188.12%
% of Operating Profit 4.45% 1.14%
Other Income/Expense, Net -$51.00K -$7.787M
YoY Change -99.35% 21.67%
Pretax Income $97.08M $180.4M
YoY Change -46.17% -19.48%
Income Tax $13.55M $18.43M
% Of Pretax Income 13.96% 10.22%
Net Earnings $83.53M $161.9M
YoY Change -48.41% -21.2%
Net Earnings / Revenue 13.53% 21.44%
Basic Earnings Per Share $0.54 $1.00
Diluted Earnings Per Share $0.50 $922.3K
COMMON SHARES
Basic Shares Outstanding 155.9M 162.0M
Diluted Shares Outstanding 166.3M 175.6M

Balance Sheet

Concept 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $742.1M $1.077B
YoY Change -31.07% -17.78%
Cash & Equivalents $649.2M $794.6M
Short-Term Investments $92.90M $282.0M
Other Short-Term Assets $562.5M $491.5M
YoY Change 14.43% 41.37%
Inventory $352.1M $259.3M
Prepaid Expenses $549.1M
Receivables $455.3M $546.9M
Other Receivables $0.00 $0.00
Total Short-Term Assets $2.112B $2.374B
YoY Change -11.05% -5.07%
LONG-TERM ASSETS
Property, Plant & Equipment $507.3M $467.2M
YoY Change 8.59% 2.91%
Goodwill $409.8M
YoY Change
Intangibles $49.25M
YoY Change
Long-Term Investments $116.9M $126.1M
YoY Change -7.29% 9.11%
Other Assets $188.1M $151.7M
YoY Change 23.99% 27.91%
Total Long-Term Assets $1.271B $1.235B
YoY Change 2.97% 1.33%
TOTAL ASSETS
Total Short-Term Assets $2.112B $2.374B
Total Long-Term Assets $1.271B $1.235B
Total Assets $3.383B $3.609B
YoY Change -6.25% -2.97%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $142.4M $156.5M
YoY Change -9.02% -11.83%
Accrued Expenses $254.2M $276.1M
YoY Change -7.93% 4.89%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $35.11M $20.50M
YoY Change 71.29% 84.66%
Total Short-Term Liabilities $628.1M $712.2M
YoY Change -11.81% 3.7%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $75.38M
YoY Change -100.0% -78.88%
Other Long-Term Liabilities $303.5M $342.1M
YoY Change -11.28% 0.45%
Total Long-Term Liabilities $303.5M $417.5M
YoY Change -27.3% -40.14%
TOTAL LIABILITIES
Total Short-Term Liabilities $628.1M $712.2M
Total Long-Term Liabilities $303.5M $417.5M
Total Liabilities $933.9M $1.135B
YoY Change -17.69% -18.6%
SHAREHOLDERS EQUITY
Retained Earnings $694.1M
YoY Change
Common Stock $1.792B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $93.70M $201.5M
YoY Change -53.5%
Treasury Stock Shares $900.0K $1.800M
Shareholders Equity $2.449B $2.475B
YoY Change
Total Liabilities & Shareholders Equity $3.383B $3.609B
YoY Change -6.25% -2.97%

Cashflow Statement

Concept 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income $83.53M $161.9M
YoY Change -48.41% -21.2%
Depreciation, Depletion And Amortization $27.61M $27.74M
YoY Change -0.47% -17.7%
Cash From Operating Activities $19.34M $7.462M
YoY Change 159.13% -80.41%
INVESTING ACTIVITIES
Capital Expenditures $41.44M -$44.00M
YoY Change -194.19% 11.96%
Acquisitions
YoY Change
Other Investing Activities -$53.42M -$38.71M
YoY Change 37.98% -188.19%
Cash From Investing Activities -$94.86M -$82.71M
YoY Change 14.69% -1859.85%
FINANCING ACTIVITIES
Cash Dividend Paid $17.20M $17.90M
YoY Change -3.91% 7.19%
Common Stock Issuance & Retirement, Net -$77.31M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -129.5M -254.6M
YoY Change -49.14% 100.97%
NET CHANGE
Cash From Operating Activities 19.34M 7.462M
Cash From Investing Activities -94.86M -82.71M
Cash From Financing Activities -129.5M -254.6M
Net Change In Cash -205.0M -329.9M
YoY Change -37.85% 293.18%
FREE CASH FLOW
Cash From Operating Activities $19.34M $7.462M
Capital Expenditures $41.44M -$44.00M
Free Cash Flow -$22.11M $51.46M
YoY Change -142.96% -33.51%

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<div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><div style="font-weight:bold;display:inline;">A. THE COMPANY </div></div> <div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Teradyne, Inc. (“Teradyne”) is a leading global supplier of automated test equipment and robotics solutions. Teradyne designs, develops, manufactures and sells automatic test systems and robotics products. Teradyne’s automatic test systems are used to test semiconductors, wireless products, data storage and complex electronics systems in many industries including consumer electronics, wireless, automotive, industrial, computing, communications, and aerospace and defense industries. Teradyne’s robotics products include collaborative robotic arms and autonomous mobile robots (“AMRs”) used by global manufacturing, logistics and industrial customers to improve quality, increase manufacturing and material handling efficiency and decrease manufacturing and logistics costs. Teradyne’s automatic test equipment and robotics products and services include: </div> <div style="font-size: 6pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%"> </td> <td style="width:4%;vertical-align:top;text-align:left;">•</td> <td style="width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left;"><div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; text-align: left; line-height: normal;">semiconductor test (“Semiconductor Test”) systems; </div></td></tr></table> <div style="font-size: 6pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%"> </td> <td style="width:4%;vertical-align:top;text-align:left;">•</td> <td style="width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left;"><div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; text-align: left; line-height: normal;">storage and system level test (“Storage Test”) systems, defense/aerospace (“Defense/Aerospace”) test instrumentation and systems, and circuit-board test and inspection (“Production Board Test”) systems (collectively these products represent “System Test”); </div></td></tr></table> <div style="font-size: 6pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%"> </td> <td style="width:4%;vertical-align:top;text-align:left;">•</td> <td style="width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left;"><div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; text-align: left; line-height: normal;">wireless test (“Wireless Test”) systems; and </div></td></tr></table> <div style="font-size: 6pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%"> </td> <td style="width:4%;vertical-align:top;text-align:left;">•</td> <td style="width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left;"><div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; text-align: left; line-height: normal;">robotics (“Robotics”) products. </div></td></tr></table>
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AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
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AccumulatedOtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentTax
-1803000
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AccumulatedOtherComprehensiveIncomeUnrealizedGainsOnCashFlowHedgeAdjustmentTax
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AccumulatedOtherComprehensiveIncomeLossDefinedBenefitPensionAndOtherPostretirementPlansTax
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CY2021Q4 ter Accumulated Other Comprehensive Income Loss Available For Sale Securities Adjustment Tax
AccumulatedOtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentTax
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AccumulatedOtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentTax
-296000
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AccumulatedOtherComprehensiveIncomeUnrealizedGainsOnCashFlowHedgeAdjustmentTax
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AccumulatedOtherComprehensiveIncomeLossDefinedBenefitPensionAndOtherPostretirementPlansTax
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2541000
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6000
CY2022Q2 us-gaap Incremental Common Shares Attributable To Equity Unit Purchase Agreements
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CY2023Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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0.54
CY2022Q2 us-gaap Earnings Per Share Basic
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1
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12900000
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49300000
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56200000
CY2023Q2 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2022Q2 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2023Q2 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
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CY2022Q2 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
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CY2023Q2 ter Effective Income Tax Rate Reconciliation Effect Of Tax Custs And Jobs Act Percent
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CY2022Q2 ter Effective Income Tax Rate Reconciliation Effect Of Tax Custs And Jobs Act Percent
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CY2023Q2 us-gaap Effective Income Tax Rate Reconciliation Tax Credits
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CY2022Q2 us-gaap Effective Income Tax Rate Reconciliation Tax Credits
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CY2022Q2 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
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CY2023Q2 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
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CY2022Q2 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
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CY2023Q2 us-gaap Effective Income Tax Rate Continuing Operations
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15600000
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100000
CY2023Q2 us-gaap Unrecognized Tax Benefits Period Increase Decrease
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100000
CY2023Q2 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
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400000
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CY2023Q2 us-gaap Income Tax Examination Penalties And Interest Expense
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CY2022Q2 us-gaap Income Tax Examination Penalties And Interest Expense
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CY2023Q2 us-gaap Revenues
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CY2023Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2023Q2 us-gaap Assets
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CY2022Q2 us-gaap Revenues
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CY2022Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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180359000
CY2022Q2 us-gaap Assets
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CY2023Q1 us-gaap Treasury Stock Value
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CY2023Q2 us-gaap Treasury Stock Acquired Average Cost Per Share
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CY2023Q1 ter Percentage Of Excise Tax On Share Repurchases In Excess Of Issuances
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0.01
CY2022Q2 us-gaap Treasury Stock Shares
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1800000
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CY2023Q1 us-gaap Dividends Payable Amount Per Share
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0.11
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17200000
CY2022Q2 us-gaap Payments Of Dividends
PaymentsOfDividends
17900000

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