| TERADYNE, INC. REPORT FOR SECOND FISCAL QUARTER OF 2021 | ||||||||||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||||||||||
| Quarter Ended | Six Months Ended | |||||||||||||||||||||||
|
July 4,
2021 |
April 4,
2021 |
June 28,
2020 |
July 4,
2021 |
June 28,
2020 | ||||||||||||||||||||
| Net revenues | $ | 1,085,728 | $ | 781,606 | $ | 838,661 | $ | 1,867,334 | $ | 1,543,016 | ||||||||||||||
| Cost of revenues (exclusive of acquired intangible assets amortization shown separately below) (1) | 438,739 | 319,988 | 367,188 | 758,727 | 665,993 | |||||||||||||||||||
| Gross profit | 646,989 | 461,618 | 471,473 | 1,108,607 | 877,023 | |||||||||||||||||||
| Operating expenses: | ||||||||||||||||||||||||
| Selling and administrative | 140,187 | 129,797 | 113,259 | 269,984 | 224,647 | |||||||||||||||||||
| Engineering and development | 110,021 | 100,402 | 94,102 | 210,423 | 179,261 | |||||||||||||||||||
| Acquired intangible assets amortization | 5,402 | 5,536 | 8,941 | 10,938 | 18,832 | |||||||||||||||||||
| Restructuring and other (2) | 2,507 | (7,130 | ) | 37,222 | (4,623 | ) | 29,616 | |||||||||||||||||
| Operating expenses | 258,117 | 228,605 | 253,524 | 486,722 | 452,356 | |||||||||||||||||||
| Income from operations | 388,872 | 233,013 | 217,949 | 621,885 | 424,667 | |||||||||||||||||||
| Interest and other expense (3) | 4,846 | 9,020 | 658 | 13,866 | 10,308 | |||||||||||||||||||
| Income before income taxes | 384,026 | 223,993 | 217,291 | 608,019 | 414,359 | |||||||||||||||||||
| Income tax provision | 55,707 | 18,481 | 28,383 | 74,188 | 49,261 | |||||||||||||||||||
| Net income | $ | 328,319 | $ | 205,512 | $ | 188,908 | $ | 533,831 | $ | 365,098 | ||||||||||||||
| Net income per common share: | ||||||||||||||||||||||||
| Basic | $ | 1.98 | $ | 1.23 | $ | 1.14 | $ | 3.21 | $ | 2.20 | ||||||||||||||
| Diluted | $ | 1.76 | $ | 1.09 | $ | 1.05 | $ | 2.85 | $ | 2.02 | ||||||||||||||
| Weighted average common shares - basic | 165,995 | 166,491 | 165,789 | 166,243 | 166,189 | |||||||||||||||||||
| Weighted average common shares - diluted (4) | 186,750 | 187,740 | 180,257 | 187,245 | 180,497 | |||||||||||||||||||
| Cash dividend declared per common share | $ | 0.10 | $ | 0.10 | $ | 0.10 | $ | 0.20 | $ | 0.20 | ||||||||||||||
| (1 | ) | Cost of revenues includes: | Quarter Ended | Six Months Ended | ||||||||||||||||||||
|
July 4,
2021 |
April 4,
2021 |
June 28,
2020 |
July 4,
2021 |
June 28,
2020 | ||||||||||||||||||||
| Provision for excess and obsolete inventory | $ | 798 | $ | 2,827 | $ | 5,580 | $ | 3,625 | $ | 9,637 | ||||||||||||||
| Sale of previously written down inventory | (428 | ) | (790 | ) | (337 | ) | (1,218 | ) | (1,414 | ) | ||||||||||||||
| Inventory step-up | - | - | 121 | - | 239 | |||||||||||||||||||
| $ | 370 | $ | 2,037 | $ | 5,364 | $ | 2,407 | $ | 8,462 | |||||||||||||||
| (2 | ) | Restructuring and other consists of: | Quarter Ended | Six Months Ended | ||||||||||||||||||||
|
July 4,
2021 |
April 4,
2021 |
June 28,
2020 |
July 4,
2021 |
June 28,
2020 | ||||||||||||||||||||
| Employee severance | $ | 436 | $ | 188 | $ | 36 | $ | 624 | $ | 764 | ||||||||||||||
| Acquisition related expenses and compensation | 275 | (237 | ) | 3,145 | 38 | 4,503 | ||||||||||||||||||
| Contingent consideration fair value adjustment | - | (7,227 | ) | 29,259 | (7,227 | ) | 19,239 | |||||||||||||||||
| Contract termination settlement fee | - | - | 4,000 | - | 4,000 | |||||||||||||||||||
| Other | 1,796 | 146 | 782 | 1,942 | 1,110 | |||||||||||||||||||
| $ | 2,507 | $ | (7,130 | ) | $ | 37,222 | $ | (4,623 | ) | $ | 29,616 | |||||||||||||
| (3 | ) | Interest and other includes: | Quarter Ended | Six Months Ended | ||||||||||||||||||||
|
July 4,
2021 |
April 4,
2021 |
June 28,
2020 |
July 4,
2021 |
June 28,
2020 | ||||||||||||||||||||
| Non-cash convertible debt interest | $ | 3,277 | $ | 3,581 | $ | 3,584 | $ | 6,858 | $ | 7,124 | ||||||||||||||
| Loss on convertible debt conversions | 1,175 | 4,069 | - | 5,244 | - | |||||||||||||||||||
| Pension actuarial gains | (627 | ) | - | (99 | ) | (627 | ) | (99 | ) | |||||||||||||||
| $ | 3,825 | $ | 7,650 | $ | 3,485 | $ | 11,475 | $ | 7,025 | |||||||||||||||
| (4 | ) | Under GAAP, when calculating diluted earnings per share, convertible debt must be assumed to have converted if the effect on EPS would be dilutive. Diluted shares assume the conversion of the convertible debt as the effect would be dilutive. Accordingly, for the quarters ended July 4, 2021, April 4, 2021 and June 28, 2020, 9.6 million, 10.3 million and 7.6 million shares, respectively, have been included in diluted shares. For the six months ended July 4, 2021 and June 28, 2020, 9.9 million and 7.5 million shares, respectively have been included in diluted shares. For the quarters ended July 4, 2021, April 4, 2021, and June 28, 2020, diluted shares also included 10.1 million, 9.4 million and 5.8 million shares, respectively from the convertible note hedge transaction. For the six months ended July 4, 2021, and June 28, 2020, diluted shares included 9.8 million and 5.7 million shares, respectively from the convertible note hedge transaction. | ||||||||||||||||||||||
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Teradyne Reports Second Quarter 2021 Results
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