Teradyne Reports First Quarter 2021 Results
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) | | | | | | | | | | | | | | | | | | | |
Quarter Ended | | | | | | |
April 4, 2021 | |
March 29, 2020 | | Cash flows from operating activities: | | | | | | | Net income | | $ | 205,512 | | | $ | 176,191 | | | | Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | | | Depreciation | | | 23,910 | | | | 18,489 | | | | | Stock-based compensation | | | 12,232 | | | | 10,460 | | | | | Amortization | | | 9,822 | | | | 13,391 | | | | | Loss on convertible debt conversions | | | 4,069 | | | | - | | | | | Provision for excess and obsolete inventory | | | 2,285 | | | | 4,057 | | | | | Contingent consideration fair value adjustment | | | (7,227 | ) | | | (10,020 | ) | | | | (Gains) losses on investments | | | (2,491 | ) | | | 4,657 | | | | | Deferred taxes | | | (1,057 | ) | | | (1,825 | ) | | | | Other | | | 200 | | | | 503 | | | | | | | | | | | | | | Changes in operating assets and liabilities, net of businesses acquired: | | | | | | | | Accounts receivable | | | (87,512 | ) | | | (126,779 | ) | | | | | Inventories | | | (35,870 | ) | | | 15,818 | | | | | | Prepayments and other assets | | | (86,131 | ) | | | (39,620 | ) | | | | | Accounts payable and other liabilities | | | (10,571 | ) | | | (35,323 | ) | | | | | Deferred revenue and customer advances | | | 7,952 | | | | (913 | ) | | | | | Retirement plans contributions | | | (1,925 | ) | | | (1,262 | ) | | | | | Income taxes | | | 4,941 | | | | 15,278 | | | Net cash provided by operating activities | | | 38,139 | | | | 43,102 | | | | | | | | | | | | Cash flows from investing activities: | | | | | | | Purchases of property, plant and equipment | | | (39,250 | ) | | | (36,700 | ) | | | Purchases of marketable securities | | | (211,604 | ) | | | (187,119 | ) | | | Proceeds from maturities of marketable securities | | | 194,228 | | | | 98,457 | | | | Proceeds from sales of marketable securities | | | 61,293 | | | | 15,005 | | | | Purchase of investment and acquisition of businesses, net of cash acquired | | | - | | | | 149 | | | Net cash provided by (used for) investing activities | | | 4,667 | | | | (110,208 | ) | | | | | | | | | | | Cash flows from financing activities: | | | | | | | Issuance of common stock under stock purchase and stock option plans | | | 17,144 | | | | 12,752 | | | | Payments of convertible debt principal | | | (51,275 | ) | | | - | | | | Repurchase of common stock | | | (45,188 | ) | | | (79,039 | ) | | | Payments related to net settlement of employee stock compensation awards | | | (30,675 | ) | | | (22,070 | ) | | | Dividend payments | | | (16,667 | ) | | | (16,686 | ) | | | Payments of contingent consideration | | | - | | | | (8,852 | ) | | Net cash used for financing activities | | | (126,661 | ) | | | (113,895 | ) | | | | | | | | | | | Effects of exchange rate changes on cash and cash equivalents | | | 883 | | | | 571 | | | Decrease in cash and cash equivalents | | | (82,972 | ) | | | (180,430 | ) | | Cash and cash equivalents at beginning of period | | | 914,121 | | | | 773,924 | | | Cash and cash equivalents at end of period | | $ | 831,149 | | | $ | 593,494 | | | | | | | | | | |
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