$TER
TERADYNE, INC

2023 Q3 Form 10-Q Financial Statement

#000119312523203780 Filed on August 04, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2022 Q3
Revenue $684.4M $840.8M
YoY Change -18.59% -22.56%
Cost Of Revenue $281.9M $334.4M
YoY Change -15.68% -23.79%
Gross Profit $402.5M $506.4M
YoY Change -20.52% -21.73%
Gross Profit Margin 58.81% 60.23%
Selling, General & Admin $145.7M $139.5M
YoY Change 4.42% -0.47%
% of Gross Profit 36.2% 27.55%
Research & Development $105.7M $112.0M
YoY Change -5.58% 1.75%
% of Gross Profit 26.26% 22.11%
Depreciation & Amortization $27.21M $26.82M
YoY Change 1.44% -14.84%
% of Gross Profit 6.76% 5.3%
Operating Expenses $256.2M $258.4M
YoY Change -0.84% 0.11%
Operating Profit $146.3M $248.0M
YoY Change -41.02% -36.23%
Interest Expense $4.494M $913.0K
YoY Change 392.22% -83.6%
% of Operating Profit 3.07% 0.37%
Other Income/Expense, Net -$815.0K -$9.436M
YoY Change -91.36% -10945.98%
Pretax Income $144.4M $238.6M
YoY Change -39.48% -37.87%
Income Tax $24.35M $40.81M
% Of Pretax Income 16.86% 17.1%
Net Earnings $120.1M $197.8M
YoY Change -39.3% -39.76%
Net Earnings / Revenue 17.54% 23.52%
Basic Earnings Per Share $0.78 $1.24
Diluted Earnings Per Share $0.73 $1.16
COMMON SHARES
Basic Shares Outstanding 154.8M 159.6M
Diluted Shares Outstanding 164.8M 171.2M

Balance Sheet

Concept 2023 Q3 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $708.4M $781.9M
YoY Change -9.4% -36.77%
Cash & Equivalents $613.2M $572.0M
Short-Term Investments $95.20M $209.8M
Other Short-Term Assets $574.9M $11.11M
YoY Change 5075.12% -96.98%
Inventory $347.3M $295.6M
Prepaid Expenses $560.7M $498.1M
Receivables $493.2M $683.7M
Other Receivables $0.00 $0.00
Total Short-Term Assets $2.124B $2.270B
YoY Change -6.46% -15.89%
LONG-TERM ASSETS
Property, Plant & Equipment $513.0M $411.3M
YoY Change 24.73% -10.06%
Goodwill $412.1M $397.7M
YoY Change 3.61%
Intangibles $44.61M $62.51M
YoY Change -28.63%
Long-Term Investments $104.7M $112.0M
YoY Change -6.53% -38.31%
Other Assets $196.7M $26.94M
YoY Change 630.03% -79.73%
Total Long-Term Assets $1.271B $1.218B
YoY Change 4.36% -6.41%
TOTAL ASSETS
Total Short-Term Assets $2.124B $2.270B
Total Long-Term Assets $1.271B $1.218B
Total Assets $3.395B $3.488B
YoY Change -2.68% -12.81%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $153.2M $175.6M
YoY Change -12.78% 12.49%
Accrued Expenses $298.3M $342.2M
YoY Change -12.82% -8.2%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $32.81M $9.632M
YoY Change 240.59% -95.49%
Total Short-Term Liabilities $669.8M $797.4M
YoY Change -16.0% -19.08%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $64.80M
YoY Change -100.0% -54.88%
Other Long-Term Liabilities $288.9M $324.5M
YoY Change -10.96% -6.84%
Total Long-Term Liabilities $288.9M $389.3M
YoY Change -25.78% -20.87%
TOTAL LIABILITIES
Total Short-Term Liabilities $669.8M $797.4M
Total Long-Term Liabilities $288.9M $389.3M
Total Liabilities $960.0M $1.190B
YoY Change -19.32% -19.95%
SHAREHOLDERS EQUITY
Retained Earnings $661.5M $610.2M
YoY Change 8.4%
Common Stock $1.804B $1.741B
YoY Change 3.59%
Preferred Stock
YoY Change
Treasury Stock (at cost) $229.5M $532.8M
YoY Change -56.93%
Treasury Stock Shares
Shareholders Equity $2.435B $2.299B
YoY Change
Total Liabilities & Shareholders Equity $3.395B $3.488B
YoY Change -2.68% -12.81%

Cashflow Statement

Concept 2023 Q3 2022 Q3
OPERATING ACTIVITIES
Net Income $120.1M $197.8M
YoY Change -39.3% -39.76%
Depreciation, Depletion And Amortization $27.21M $26.82M
YoY Change 1.44% -14.84%
Cash From Operating Activities $142.8M $115.5M
YoY Change 23.66% -44.04%
INVESTING ACTIVITIES
Capital Expenditures $39.26M -$45.74M
YoY Change -185.82% 31.99%
Acquisitions
YoY Change
Other Investing Activities $12.43M $74.13M
YoY Change -83.22% -39.41%
Cash From Investing Activities -$26.82M $28.38M
YoY Change -194.5% -67.59%
FINANCING ACTIVITIES
Cash Dividend Paid $17.00M $17.50M
YoY Change -2.86% 5.42%
Common Stock Issuance & Retirement, Net -$133.9M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -153.7M -372.2M
YoY Change -58.7% 119.95%
NET CHANGE
Cash From Operating Activities 142.8M 115.5M
Cash From Investing Activities -26.82M 28.38M
Cash From Financing Activities -153.7M -372.2M
Net Change In Cash -37.75M -228.3M
YoY Change -83.47% -283.08%
FREE CASH FLOW
Cash From Operating Activities $142.8M $115.5M
Capital Expenditures $39.26M -$45.74M
Free Cash Flow $103.5M $161.2M
YoY Change -35.79% -33.11%

Facts In Submission

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<div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"></div></div> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">A. THE COMPANY </div></div></div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">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> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; 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="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">semiconductor test (“Semiconductor Test”) systems; </div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; 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="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">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></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; 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="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">wireless test (“Wireless Test”) systems; and </div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; 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="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">robotics (“Robotics”) products. </div></div></td></tr></table>
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us-gaap Line Of Credit Facility Interest Rate Description
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The interest rate applicable to loans under the Credit Facility are, at Teradyne’s option, equal to either a base rate plus a margin ranging from 0.00% to 0.75% per annum or SOFR plus a margin ranging from 1.10% to 1.85% per annum, based on the consolidated leverage ratio of Teradyne. In addition, Teradyne will pay a commitment fee on the unused portion of the commitments under the Credit Facility ranging from 0.15% to 0.25% per annum, based on the then applicable consolidated leverage ratio.
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ecd Trd Arr Ind Name
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Sanjay Mehta
ecd Trd Arr Ind Title
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Chief Financial Officer
ecd Trd Arr Adoption Date
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May 12, 2023
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ecd Rule10b51 Arr Trmntd Flag
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true
ecd Trd Arr Termination Date
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May 3, 2024

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