Teradyne Reports First Quarter 2021 Results
| | | | | | | | |
Net Income per Common Share | | | | | |
Net Income per Common Share | | | | | |
Net Income per Common Share |
| | | | |
April 4, 2021 | |
% of Net Revenues | |
Basic | |
Diluted | |
December 31, 2020 | |
% of Net Revenues | |
Basic | |
Diluted | |
March 29, 2020 | |
% of Net Revenues | |
Basic | |
Diluted |
| Net income - GAAP | $ | 205.5 | | | | 26.3 | % | | $ | 1.23 | | | $ | 1.09 | | | $ | 196.3 | | | 25.9 | % | | $ | 1.18 | | | $ | 1.05 | | | $ | 176.2 | | | 25.0 | % | | $ | 1.06 | | | $ | 0.97 | |
| | Restructuring and other (1) | | (7.1 | ) | | | -0.9 | % | | | (0.04 | ) | | | (0.04 | ) | | | (15.1 | ) | | -2.0 | % | | | (0.09 | ) | | | (0.08 | ) | | | (7.6 | ) | | -1.1 | % | | | (0.05 | ) | | | (0.04 | ) |
| | Acquired intangible assets amortization | | 5.5 | | | | 0.7 | % | | | 0.03 | | | | 0.03 | | | | 5.8 | | | 0.8 | % | | | 0.03 | | | | 0.03 | | | | 9.9 | | | 1.4 | % | | | 0.06 | | | | 0.05 | |
| | Loss on convertible debt conversions (2) | | 4.1 | | | | 0.5 | % | | | 0.02 | | | | 0.02 | | | | - | | | - | | | | - | | | | - | | | | - | | | - | | | | - | | | | - | |
| | Interest and other expense (2) | | 3.6 | | | | 0.5 | % | | | 0.02 | | | | 0.02 | | | | 3.7 | | | 0.5 | % | | | 0.02 | | | | 0.02 | | | | 3.5 | | | 0.5 | % | | | 0.02 | | | | 0.02 | |
| | Pension mark-to-market adjustment (2) | | - | | | | - | | | | - | | | | - | | | | 7.7 | | | 1.0 | % | | | 0.05 | | | | 0.04 | | | | - | | | - | | | | - | | | | - | |
| | Equity modification charge | | - | | | | - | | | | - | | | | - | | | | 0.8 | | | 0.1 | % | | | 0.00 | | | | 0.00 | | | | - | | | - | | | | - | | | | - | |
| | Inventory step-up | | - | | | | - | | | | - | | | | - | | | | - | | | - | | | | - | | | | - | | | | 0.1 | | | 0.0 | % | | | 0.00 | | | | 0.00 | |
| | Exclude discrete tax adjustments | | (15.1 | ) | | | -1.9 | % | | | (0.09 | ) | | | (0.08 | ) | | | (2.1 | ) | | -0.3 | % | | | (0.01 | ) | | | (0.01 | ) | | | (7.7 | ) | | -1.1 | % | | | (0.05 | ) | | | (0.04 | ) |
| | Non-GAAP tax adjustments | | (0.3 | ) | | | -0.0 | % | | | (0.00 | ) | | | (0.00 | ) | | | (3.9 | ) | | -0.5 | % | | | (0.02 | ) | | | (0.02 | ) | | | (1.9 | ) | | -0.3 | % | | | (0.01 | ) | | | (0.01 | ) |
| | Convertible share adjustment (3) | | - | | | | - | | | | - | | | | 0.06 | | | | - | | | - | | | | - | | | | 0.06 | | | | - | | | - | | | | - | | | | 0.04 | |
| Net income - non-GAAP | $ | 196.2 | | | | 25.1 | % | | $ | 1.18 | | | $ | 1.11 | | | $ | 193.2 | | | 25.5 | % | | $ | 1.16 | | | $ | 1.10 | | | $ | 172.5 | | | 24.5 | % | | $ | 1.04 | | | $ | 1.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| GAAP and non-GAAP weighted average common shares - basic | | 166.5 | | | | | | | | | | 166.1 | | | | | | | | | | 166.6 | | | | | | | |
| GAAP weighted average common shares - diluted | | 187.7 | | | | | | | | | | 186.8 | | | | | | | | | | 180.7 | | | | | | | |
| | Exclude dilutive shares related to convertible note transaction | | | | (10.3 | ) | | | | | | | | | (10.0 | ) | | | | | | | | | (7.3 | ) | | | | | | |
| Non-GAAP weighted average common shares - diluted | | 177.4 | | | | | | | | | | 176.8 | | | | | | | | | | 173.4 | | | | | | | |
