UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
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Registrant’s telephone number, including area code:
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On April 24, 2024, Teradyne, Inc. (“Teradyne”) issued a press release regarding its financial results for the first quarter ended March 31, 2024. Teradyne’s press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit |
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Description |
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99.1 |
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104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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TERADYNE, INC. |
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Dated: April 25, 2024 |
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By: |
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/s/ SANJAY MEHTA |
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Name: |
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Sanjay Mehta |
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Title: |
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Vice President, Chief Financial Officer and Treasurer |
Exhibit 99.1
Teradyne Reports First Quarter 2024 Results
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Q1'24 |
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Q1'23 |
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Q4'23 |
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Revenue (mil) |
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$ |
600 |
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$ |
618 |
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$ |
671 |
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GAAP EPS |
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$ |
0.40 |
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$ |
0.50 |
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$ |
0.72 |
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Non-GAAP EPS |
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$ |
0.51 |
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$ |
0.55 |
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$ |
0.79 |
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NORTH READING, Mass. – April 24, 2024 – Teradyne, Inc. (NASDAQ: TER) reported revenue of $600 million for the first quarter of 2024 of which $412 million was in Semiconductor Test, $75 million in System Test, $25 million in Wireless Test and $88 million in Robotics. GAAP net income for the first quarter was $64.2 million or $0.40 per diluted share. On a non-GAAP basis, Teradyne’s net income in the first quarter was $82.5 million, or $0.51 per diluted share, which excluded stock compensation modification expense, acquired intangible asset amortization, restructuring and other charges, losses on foreign exchange options in connection with acquisitions and divestitures, and included the related tax impact on non-GAAP adjustments.
“Despite continued weakness in mobility, greater than expected memory and networking demand driven by Artificial Intelligence (AI) applications combined with Robotics shipments in-line with our expectations drove company revenue and earnings above the high end of our guidance in the quarter,” said Teradyne CEO, Greg Smith. “Strength in memory and computing is driving stronger than expected performance in the first half of the year, however visibility beyond the second quarter remains limited. In Robotics, we expect new products, new applications and our global distribution channel improvements to fuel growth through the balance of the year.”
Guidance for the second quarter of 2024 is revenue of $665 million to $725 million, with GAAP net income of $0.90 to $1.10 per diluted share and non-GAAP net income of $0.64 to $0.84 per diluted share. Non-GAAP guidance excludes acquired intangible asset amortization and a gain on the anticipated sale of Teradyne's Design Interface Solutions business to Technoprobe S.p.A. as well as the related tax impact on non-GAAP adjustments.
Webcast
A conference call to discuss the first quarter results, along with management’s business outlook, will follow at 8:30 a.m. ET, Thursday, April 25, 2024. Interested investors should access the webcast at www.teradyne.com and click on "Investors" at least five minutes before the call begins. Presentation materials will be available starting at 8:30 a.m. ET. A replay will be available on the Teradyne website at www.teradyne.com/investors.
Page 2
Non-GAAP Results
In addition to disclosing results that are determined in accordance with GAAP, Teradyne also discloses non-GAAP results of operations that exclude certain income items and charges. These results are provided as a complement to results provided in accordance with GAAP. Non-GAAP income from operations and non-GAAP net income exclude acquired intangible assets amortization, restructuring and other, pension actuarial gains and losses, stock compensation modification expense, gains and losses on foreign exchange options in connection with acquisitions and divestitures, discrete income tax adjustments, and includes the related tax impact on non-GAAP adjustments. GAAP requires that these items be included in determining income from operations and net income. Non-GAAP income from operations, non-GAAP net income, non-GAAP income from operations as a percentage of revenue, non-GAAP net income as a percentage of revenue, and non-GAAP net income per share are non-GAAP performance measures presented to provide meaningful supplemental information regarding Teradyne’s baseline performance before gains, losses or other charges that may not be indicative of Teradyne’s current core business or future outlook. These non-GAAP performance measures are used to make operational decisions, to determine employee compensation, to forecast future operational results, and for comparison with Teradyne’s business plan, historical operating results and the operating results of Teradyne’s competitors. Non-GAAP diluted shares include the impact of Teradyne’s call option on its shares. Management believes each of these non-GAAP performance measures provides useful supplemental information for investors, allowing greater transparency to the information used by management in its operational decision making and in the review of Teradyne’s financial and operational performance, as well as facilitating meaningful comparisons of Teradyne’s results in the current period compared with those in prior and future periods. A reconciliation of each available GAAP to non-GAAP financial measure discussed in this press release is contained in the attached exhibits and on the Teradyne website at www.teradyne.com by clicking on “Investor Relations” and then selecting “Financials” and the “GAAP to Non-GAAP Reconciliation” link. The non-GAAP performance measures discussed in this press release may not be comparable to similarly titled measures used by other companies. The presentation of non-GAAP measures is not meant to be considered in isolation, as a substitute for, or superior to, financial measures or information provided in accordance with GAAP.
About Teradyne
Teradyne (NASDAQ:TER) test technology helps bring high-quality innovations such as smart devices, life-saving medical equipment and data storage systems to market, faster. Its advanced test solutions for semiconductors, electronic systems, wireless devices and more ensure that products perform as they were designed. Its robotics offerings include collaborative and mobile robots that help manufacturers of all sizes increase productivity, improve safety, and lower costs. In 2023, Teradyne had revenue of $2.7 billion and today employs over 6,600 people worldwide. For more information, visit teradyne.com. Teradyne® is a registered trademark of Teradyne, Inc., in the U.S. and other countries.
Safe Harbor Statement
This release contains forward-looking statements including statements regarding Teradyne’s future business prospects, financial performance or position and results of operations. You can identify forward-looking statements by their use of forward-looking words such as “anticipate,” “expect,” “plan,” “could,” “may,” “will,” “believe,” “estimate,” “goal” or other comparable terms. Forward-looking statements in this press release address various matters, including statements regarding Teradyne’s financial guidance. Investors are cautioned that such forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements due to known and unknown risks, uncertainties, assumptions, and other factors. Such factors include, but are not limited to, macroeconomic factors and slowdowns or downturns in economic conditions generally and in the markets in which Teradyne operates; decreased or delayed product demand from one or more significant customers; a slowdown or inability in the development, delivery and acceptance of new products; the ability to grow the Robotics business; the impact of increased research and development spending; the impact of epidemics or pandemics such as COVID-19; the impact of a supply shortage on our supply chain and contract manufacturers; the consummation and success of any mergers or acquisitions; unexpected cash needs; the business judgment of the board of directors that a declaration of a dividend or the repurchase of common stock is not in Teradyne’s best interests; changes to U.S. or global tax regulations or guidance; the impact of any tariffs or export
Page 3
controls imposed by the U.S. or China; the impact of U.S. Department of Commerce or other government agency regulations relating to Huawei, HiSilicon and other customers or potential customers; the impact of U.S. Department Commerce export control regulations for certain U.S. products and technology sold to military end users or for military end-use in China; the impact of the Israel-Hamas conflict; the impact of regulations published by the U.S. Department of Commerce relating to semiconductors and semiconductor manufacturing equipment destined for certain end uses in China.
The risks included above are not exhaustive. For a more detailed description of the risk factors associated with Teradyne, please refer to Teradyne’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023. Many of these factors are macroeconomic in nature and are, therefore, beyond Teradyne’s control. We caution readers not to place undue reliance on any forward-looking statements included in this press release which speak only as to the date of this press release. Teradyne specifically disclaims any obligation to update any forward-looking information contained in this press release or with respect to the announcements described herein.
Page 4
TERADYNE, INC. REPORT FOR FIRST FISCAL QUARTER OF 2024
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
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Quarter Ended |
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March 31, |
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December 31, |
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April 2, |
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Net revenues |
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$ |
599,819 |
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$ |
670,600 |
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$ |
617,529 |
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Cost of revenues (exclusive of acquired intangible assets amortization shown separately below) (1) |
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260,537 |
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291,055 |
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261,109 |
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Gross profit |
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339,282 |
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379,545 |
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356,420 |
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Operating expenses: |
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Selling and administrative (2) |
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149,188 |
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142,336 |
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150,955 |
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Engineering and development |
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103,199 |
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102,207 |
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105,762 |
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Acquired intangible assets amortization |
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4,697 |
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4,651 |
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4,802 |
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Restructuring and other (3) |
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4,427 |
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6,027 |
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2,037 |
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Operating expenses |
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261,511 |
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255,221 |
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263,556 |
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Income from operations |
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77,771 |
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124,324 |
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92,864 |
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Interest and other (income) expense (4) |
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4,869 |
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(15,482 |
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(4,220 |
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Income before income taxes |
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72,902 |
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139,806 |
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97,084 |
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Income tax provision |
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8,705 |
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22,752 |
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13,553 |
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Net income |
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$ |
64,197 |
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$ |
117,054 |
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$ |
83,531 |
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Net income per common share: |
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Basic |
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$ |
0.42 |
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$ |
0.77 |
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$ |
0.54 |
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Diluted |
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$ |
0.40 |
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$ |
0.72 |
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$ |
0.50 |
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Weighted average common shares - basic |
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153,047 |
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152,812 |
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155,904 |
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Weighted average common shares - diluted (5) |
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162,348 |
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162,106 |
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166,308 |
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Cash dividend declared per common share |
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$ |
0.12 |
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$ |
0.11 |
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$ |
0.11 |
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Quarter Ended |
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March 31, |
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December 31, |
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April 2, |
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Provision for excess and obsolete inventory |
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$ |
6,177 |
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$ |
5,289 |
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$ |
5,610 |
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Sale of previously written down inventory |
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(722 |
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(1,115 |
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(385 |
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$ |
5,455 |
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$ |
4,174 |
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$ |
5,225 |
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Quarter Ended |
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March 31, |
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December 31, |
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April 2, |
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Acquisition and divestiture related expenses |
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$ |
2,214 |
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$ |
3,132 |
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— |
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Employee severance |
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2,026 |
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2,892 |
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2,037 |
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Other |
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187 |
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3 |
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— |
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$ |
4,427 |
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$ |
6,027 |
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$ |
2,037 |
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Page 5
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Quarter Ended |
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March 31, |
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December 31, |
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April 2, |
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Loss (gain) on foreign exchange option |
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$ |
13,918 |
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$ |
(7,464 |
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$ |
— |
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Pension actuarial losses |
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— |
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2,575 |
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— |
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Page 6
CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands)
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March 31, |
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December 31, |
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Assets |
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Cash and cash equivalents |
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$ |
707,403 |
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$ |
757,571 |
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Marketable securities |
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41,300 |
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62,154 |
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Accounts receivable, net |
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426,333 |
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422,124 |
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Inventories, net |
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314,232 |
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309,974 |
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Prepayments |
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537,642 |
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548,970 |
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Other current assets |
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16,057 |
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37,992 |
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Current assets held for sale |
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22,426 |
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23,250 |
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Total current assets |
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2,065,393 |
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2,162,035 |
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Property, plant and equipment, net |
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457,248 |
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445,492 |
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Operating lease right-of-use assets, net |
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74,625 |
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73,417 |
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Marketable securities |
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121,905 |
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117,434 |
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Deferred tax assets |
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185,734 |
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175,775 |
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Retirement plans assets |
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11,449 |
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11,504 |
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Other assets |
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45,098 |
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38,580 |
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Acquired intangible assets, net |
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30,234 |
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35,404 |
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Goodwill |
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407,576 |
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|
415,652 |
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Assets held for sale |
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11,458 |
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|
11,531 |
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Total assets |
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$ |
3,410,720 |
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$ |
3,486,824 |
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Liabilities |
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Accounts payable |
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$ |
153,873 |
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$ |
180,131 |
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Accrued employees’ compensation and withholdings |
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|
121,144 |
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|
191,750 |
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Deferred revenue and customer advances |
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96,419 |
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|
99,804 |
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Other accrued liabilities |
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101,275 |
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|
114,712 |
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Operating lease liabilities |
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|
17,400 |
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|
17,522 |
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Income taxes payable |
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|
55,922 |
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|
48,653 |
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Current liabilities held for sale |
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4,687 |
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|
7,379 |
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Total current liabilities |
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550,720 |
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|
659,951 |
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Retirement plans liabilities |
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134,878 |
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|
132,090 |
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Long-term deferred revenue and customer advances |
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38,683 |
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37,282 |
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Long-term other accrued liabilities |
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16,653 |
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19,998 |
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Deferred tax liabilities |
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134 |
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183 |
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Long-term operating lease liabilities |
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65,554 |
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|
65,092 |
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Long-term income taxes payable |
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|
44,331 |
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44,331 |
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Liabilities held for sale |
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1,938 |
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|
2,000 |
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Total liabilities |
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852,891 |
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960,927 |
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Shareholders’ equity |
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2,557,829 |
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2,525,897 |
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Total liabilities and shareholders’ equity |
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$ |
3,410,720 |
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$ |
3,486,824 |
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Page 7
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands)
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Quarter Ended |
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March 31, |
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April 2, |
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Cash flows from operating activities: |
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Net income |
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$ |
64,197 |
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$ |
83,531 |
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Adjustments to reconcile net income to net cash provided by operating activities: |
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Depreciation |
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23,354 |
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|
22,680 |
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Stock-based compensation |
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|
15,758 |
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18,885 |
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Provision for excess and obsolete inventory |
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6,177 |
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|
5,610 |
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Amortization |
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4,766 |
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|
4,926 |
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Deferred taxes |
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(9,669 |
) |
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(7,634 |
) |
Losses (gains) on investments |
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10,466 |
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(2,238 |
) |
Other |
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787 |
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|
108 |
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Changes in operating assets and liabilities |
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Accounts receivable |
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(8,055 |
) |
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|
37,204 |
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Inventories |
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(6,932 |
) |
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(23,697 |
) |
Prepayments and other assets |
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|
11,089 |
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(15,380 |
) |
Accounts payable and other liabilities |
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(105,548 |
) |
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(83,208 |
) |
Deferred revenue and customer advances |
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(1,444 |
) |
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(32,705 |
) |
Retirement plans contributions |
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(1,421 |
) |
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(1,234 |
) |
Income taxes |
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|
3,754 |
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|
12,488 |
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Net cash provided by operating activities |
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7,279 |
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|
19,336 |
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Cash flows from investing activities: |
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Purchases of property, plant and equipment |
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(44,023 |
) |
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(41,444 |
) |
Purchases of marketable securities |
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(16,042 |
) |
|
|
(69,276 |
) |
Proceeds from maturities of marketable securities |
|
|
14,438 |
|
|
|
7,468 |
|
Proceeds from sales of marketable securities |
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|
20,734 |
|
|
|
7,929 |
|
Proceeds from life insurance |
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|
873 |
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|
|
460 |
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Net cash used for investing activities |
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(24,020 |
) |
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|
(94,863 |
) |
Cash flows from financing activities: |
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|
|
|
|
|
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Repurchase of common stock |
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|
(22,117 |
) |
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|
(93,308 |
) |
Dividend payments |
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|
(18,370 |
) |
|
|
(17,165 |
) |
Payments of convertible debt principal |
|
|
— |
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|
|
(15,155 |
) |
Payments related to net settlement of employee stock compensation awards |
|
|
(13,115 |
) |
|
|
(19,870 |
) |
Issuance of common stock under stock purchase and stock option plans |
|
|
16,934 |
|
|
|
15,997 |
|
Net cash used for financing activities |
|
|
(36,668 |
) |
|
|
(129,501 |
) |
Effects of exchange rate changes on cash and cash equivalents |
|
|
3,241 |
|
|
|
(537 |
) |
Decrease in cash and cash equivalents |
|
|
(50,168 |
) |
|
|
(205,565 |
) |
Cash and cash equivalents at beginning of period |
|
|
757,571 |
|
|
|
854,773 |
|
Cash and cash equivalents at end of period |
|
$ |
707,403 |
|
|
$ |
649,208 |
|
Page 8
GAAP to Non-GAAP Earnings Reconciliation
(In millions, except per share amounts)
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Quarter Ended |
|
|
|
|
|
|||||||||||||||||||||||||||||
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March 31, |
|
|
% of Net Revenues |
|
|
|
|
|
|
December 31, |
|
|
% of Net Revenues |
|
|
|
|
|
|
April 2, |
|
|
% of Net Revenues |
|
|
|
|
|
||||||
Net revenues |
$ |
599.8 |
|
|
|
|
|
|
|
|
|
$ |
670.6 |
|
|
|
|
|
|
|
|
|
$ |
617.5 |
|
|
|
|
|
|
|
|
|||
Gross profit GAAP and non-GAAP |
|
339.3 |
|
|
|
56.6 |
% |
|
|
|
|
|
|
379.5 |
|
|
|
56.6 |
% |
|
|
|
|
|
|
356.4 |
|
|
|
57.7 |
% |
|
|
|
|
Income from operations - GAAP |
|
77.8 |
|
|
|
13.0 |
% |
|
|
|
|
|
|
124.3 |
|
|
|
18.5 |
% |
|
|
|
|
|
|
92.9 |
|
|
|
15.0 |
% |
|
|
|
|
Acquired intangible assets amortization |
|
4.7 |
|
|
|
0.8 |
% |
|
|
|
|
|
|
4.7 |
|
|
|
0.7 |
% |
|
|
|
|
|
|
4.8 |
|
|
|
0.8 |
% |
|
|
|
|
Restructuring and other (1) |
|
4.4 |
|
|
|
0.7 |
% |
|
|
|
|
|
|
6.0 |
|
|
|
0.9 |
% |
|
|
|
|
|
|
2.0 |
|
|
|
0.3 |
% |
|
|
|
|
Equity Modification Charge (4) |
|
1.7 |
|
|
|
0.3 |
% |
|
|
|
|
|
|
— |
|
|
|
0.0 |
% |
|
|
|
|
|
|
5.9 |
|
|
|
1.0 |
% |
|
|
|
|
Income from operations - non-GAAP |
$ |
88.6 |
|
|
|
14.8 |
% |
|
|
|
|
|
$ |
135.0 |
|
|
|
20.1 |
% |
|
|
|
|
|
$ |
105.6 |
|
|
|
17.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
Net Income |
|
|
|
|
|
|
|
|
Net Income |
|
|
|
|
|
|
|
|
Net Income |
|
|||||||||||||||||||||
|
March 31, |
|
|
% of Net Revenues |
|
|
Basic |
|
|
Diluted |
|
|
December 31, |
|
|
% of Net Revenues |
|
|
Basic |
|
|
Diluted |
|
|
April 2, |
|
|
% of Net Revenues |
|
|
Basic |
|
|
Diluted |
|
||||||||||||
Net income - GAAP |
$ |
64.2 |
|
|
|
10.7 |
% |
|
$ |
0.42 |
|
|
$ |
0.40 |
|
|
$ |
117.1 |
|
|
|
17.5 |
% |
|
$ |
0.77 |
|
|
$ |
0.72 |
|
|
$ |
83.5 |
|
|
|
13.5 |
% |
|
$ |
0.54 |
|
|
$ |
0.50 |
|
Loss (gain) of foreign exchange option |
|
13.9 |
|
|
|
2.3 |
% |
|
|
0.09 |
|
|
|
0.09 |
|
|
|
(7.5 |
) |
|
|
-1.1 |
% |
|
|
(0.05 |
) |
|
|
(0.05 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Acquired intangible assets amortization |
|
4.7 |
|
|
|
0.8 |
% |
|
|
0.03 |
|
|
|
0.03 |
|
|
|
4.7 |
|
|
|
0.7 |
% |
|
|
0.03 |
|
|
|
0.03 |
|
|
|
4.8 |
|
|
|
0.8 |
% |
|
|
— |
|
|
|
0.03 |
|
Restructuring and other (1) |
|
4.4 |
|
|
|
0.7 |
% |
|
|
0.03 |
|
|
|
0.03 |
|
|
|
6.0 |
|
|
|
0.9 |
% |
|
|
0.04 |
|
|
|
0.04 |
|
|
|
2.0 |
|
|
|
0.3 |
% |
|
|
0.01 |
|
|
|
0.01 |
|
Equity Modification Charge (4) |
|
1.7 |
|
|
|
0.3 |
% |
|
|
0.01 |
|
|
|
0.01 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5.9 |
|
|
|
1.0 |
% |
|
|
0.04 |
|
|
|
0.04 |
|
Pension mark-to-market adjustment (2) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2.6 |
|
|
|
0.4 |
% |
|
|
0.02 |
|
|
|
0.02 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Exclude discrete tax adjustments |
|
(2.2 |
) |
|
|
-0.4 |
% |
|
|
(0.01 |
) |
|
|
(0.01 |
) |
|
|
3.3 |
|
|
|
0.5 |
% |
|
|
0.02 |
|
|
|
0.02 |
|
|
|
(2.5 |
) |
|
|
-0.4 |
% |
|
|
(0.02 |
) |
|
|
(0.02 |
) |
Non-GAAP tax adjustments |
|
(4.2 |
) |
|
|
-0.7 |
% |
|
|
(0.03 |
) |
|
|
(0.03 |
) |
|
|
1.0 |
|
|
|
0.1 |
% |
|
|
0.01 |
|
|
|
0.01 |
|
|
|
(2.4 |
) |
|
|
-0.4 |
% |
|
|
(0.02 |
) |
|
|
(0.01 |
) |
Net income - non-GAAP |
$ |
82.5 |
|
|
|
13.8 |
% |
|
$ |
0.54 |
|
|
$ |
0.51 |
|
|
$ |
127.2 |
|
|
|
19.0 |
% |
|
$ |
0.83 |
|
|
$ |
0.79 |
|
|
$ |
91.3 |
|
|
|
14.8 |
% |
|
$ |
0.59 |
|
|
$ |
0.55 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
GAAP and non-GAAP weighted average common |
|
153.0 |
|
|
|
|
|
|
|
|
|
|
|
|
152.8 |
|
|
|
|
|
|
|
|
|
|
|
|
155.9 |
|
|
|
|
|
|
|
|
|
|
|||||||||
GAAP weighted average common shares - diluted (3) |
|
162.3 |
|
|
|
|
|
|
|
|
|
|
|
|
162.1 |
|
|
|
|
|
|
|
|
|
|
|
|
166.3 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Exclude dilutive shares related to convertible note transaction |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
(0.2 |
) |
|
|
|
|
|
|
|
|
|
|
|
(0.9 |
) |
|
|
|
|
|
|
|
|
|
|||||||||
Non-GAAP weighted average common shares - diluted |
|
162.3 |
|
|
|
|
|
|
|
|
|
|
|
|
161.9 |
|
|
|
|
|
|
|
|
|
|
|
|
165.4 |
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Quarter Ended |
|
|
|
|
|
|
|
|||||||||||||||||||||
|
March 31, |
|
|
|
|
|
|
|
|
December 31, |
|
|
|
|
|
|
|
|
April 2, |
|
|
|
|
|
|
|
|||
Acquisition and divestiture related expenses |
$ |
2.2 |
|
|
|
|
|
|
|
|
$ |
3.1 |
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
Employee severance |
|
2.0 |
|
|
|
|
|
|
|
|
|
2.9 |
|
|
|
|
|
|
|
|
|
2.0 |
|
|
|
|
|
|
|
Other |
|
0.2 |
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
|
$ |
4.4 |
|
|
|
|
|
|
|
|
$ |
6.0 |
|
|
|
|
|
|
|
|
$ |
2.0 |
|
|
|
|
|
|
|
Page 9
GAAP to Non-GAAP Reconciliation of Second Quarter 2024 guidance:
GAAP and non-GAAP second quarter revenue guidance: |
|
|
$665 million |
|
to |
$725 million |
|
|
|
|
|
|
|
||
GAAP net income per diluted share |
|
|
$ |
0.90 |
|
|
$ |
1.10 |
|
|
|
|
|
|
|
Exclude gain on divestiture |
|
|
|
(0.36 |
) |
|
|
(0.36 |
) |
|
|
|
|
|
|
Exclude acquired intangible assets amortization |
|
|
|
0.03 |
|
|
|
0.03 |
|
|
|
|
|
|
|
Non-GAAP tax adjustments |
|
|
|
0.07 |
|
|
|
0.07 |
|
|
|
|
|
|
|
Non-GAAP net income per diluted share |
|
|
$ |
0.64 |
|
|
$ |
0.84 |
|
|
|
|
|
|
|
For press releases and other information of interest to investors, please visit Teradyne’s homepage at http://www.teradyne.com.
Contact: |
Teradyne, Inc. |
|
Traci Tsuchiguchi 978-370-2444 |
|
Vice President of Corporate Relations |
Document and Entity Information |
Apr. 24, 2024 |
|---|---|
| Cover [Abstract] | |
| Entity Registrant Name | TERADYNE, INC. |
| Amendment Flag | false |
| Entity Central Index Key | 0000097210 |
| Document Type | 8-K |
| Document Period End Date | Apr. 24, 2024 |
| Entity Incorporation State Country Code | MA |
| Entity File Number | 001-06462 |
| Entity Tax Identification Number | 04-2272148 |
| Entity Address, Address Line One | 600 Riverpark Drive |
| Entity Address, City or Town | North Reading |
| Entity Address, State or Province | MA |
| Entity Address, Postal Zip Code | 01864 |
| City Area Code | (978) |
| Local Phone Number | 370-2700 |
| Written Communications | false |
| Soliciting Material | false |
| Pre Commencement Tender Offer | false |
| Pre Commencement Issuer Tender Offer | false |
| Security 12b Title | Common Stock, par value $0.125 per share |
| Trading Symbol | TER |
| Security Exchange Name | NASDAQ |
| Entity Emerging Growth Company | false |