Teradyne Reports Second Quarter 2021 Results

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands)

				Quarter Ended						Six Months Ended
				July 4, 2021			June 28, 2020			July 4, 2021			June 28, 2020
Cash flows from operating activities:
	Net income			$	328,319		$	188,908		$	533,831		$	365,098
	Adjustments to reconcile net income to net cash provided by operating activities:
		Depreciation			21,938			19,816			45,848			38,305
		Stock-based compensation			10,999			10,907			23,231			21,367
		Amortization			9,521			12,843			19,343			26,234
		Loss on convertible debt conversions			1,175			-			5,244			-
		Provision for excess and obsolete inventory			798			5,580			3,625			9,637
		Deferred taxes			257			(5,338	)		(800	)		(7,163	)
		Gains on investments			(2,159	)		(5,126	)		(4,650	)		(469	)
		Retirement plans actuarial gains			(627	)		(99	)		(627	)		(99	)
		Contingent consideration fair value adjustment			-			29,259			(7,227	)		19,239
		Other			(1	)		19			199			523

		Changes in operating assets and liabilities, net of businesses acquired:
			Accounts receivable		(285,186	)		(204,261	)		(372,698	)		(331,040	)
			Inventories		56,320			(19,546	)		19,908			(3,728	)
			Prepayments and other assets		(31,285	)		(9,859	)		(117,416	)		(49,479	)
			Accounts payable and other liabilities		97,361			148,901			86,790			113,578
			Deferred revenue and customer advances		7,237			29,568			15,189			28,655
			Retirement plans contributions		(814	)		(1,239	)		(2,739	)		(2,501	)
			Income taxes		(7,569	)		22,564			(2,628	)		37,842
Net cash provided by operating activities					206,284			222,897			244,423			265,999

Cash flows from investing activities:
	Purchases of property, plant and equipment				(34,707	)		(47,314	)		(73,957	)		(84,014	)
	Purchases of marketable securities				(186,482	)		(112,429	)		(398,086	)		(299,548	)
	Proceeds from maturities of marketable securities				265,985			84,527			460,213			182,984
	Proceeds from sales of marketable securities				54,819			11,656			116,112			26,661
	Purchase of investment and acquisition of businesses, net of cash acquired				(12,000	)		-			(12,000	)		149
	Proceeds from life insurance				-			546			-			546
Net cash provided by (used for) investing activities					87,615			(63,014	)		92,282			(173,222	)

Cash flows from financing activities:
	Issuance of common stock under stock purchase and stock option plans				15,437			5			32,581			12,757
	Repurchase of common stock				(151,396	)		(9,426	)		(196,584	)		(88,465	)
	Dividend payments				(16,604	)		(16,580	)		(33,271	)		(33,266	)
	Payments of convertible debt principal				(15,553	)		-			(66,828	)		-
	Payments related to net settlement of employee stock compensation awards				(1,119	)		(449	)		(31,794	)		(22,519	)
	Payments of contingent consideration				-			-			-			(8,852	)
Net cash used for financing activities					(169,235	)		(26,450	)		(295,896	)		(140,345	)

Effects of exchange rate changes on cash and cash equivalents					(1,372	)		(1,496	)		(489	)		(925	)
Increase (decrease) in cash and cash equivalents					123,292			131,937			40,320			(48,493	)
Cash and cash equivalents at beginning of period					831,149			593,494			914,121			773,924
Cash and cash equivalents at end of period				$	954,441		$	725,431		$	954,441		$	725,431

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