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Supplementary Information (Tables)
12 Months Ended
Dec. 31, 2018
Consolidated Quarterly Statements of Operations
The following sets forth certain unaudited consolidated quarterly statements of operations data for each of Teradyne’s last eight quarters. In management’s opinion, this quarterly information reflects all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement for the periods presented. Such quarterly results are not necessarily indicative of future results of operations and should be read in conjunction with the audited consolidated financial statements of Teradyne and the notes thereto included elsewhere herein.
 
 
 
2018
 
 
 
1st Quarter
 
 
2nd Quarter
 
 
3rd Quarter
 
 
4th Quarter
 
 
 
(1)
 
 
(2)(5)
 
 
(3)(5)
 
 
(4)(5)
 
 
 
(in thousands, except per share amounts)
 
Revenues:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Products
 
$403,925
 
 
$434,051
 
 
$470,994
 
 
$420,652
 
Services
 
 
83,542
 
 
 
92,878
 
 
 
95,854
 
 
 
98,906
 
Total revenues
 
 
487,467
 
 
 
526,929
 
 
 
566,848
 
 
 
519,558
 
Cost of revenues:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cost of products
 
 
180,958
 
 
 
180,777
 
 
 
195,339
 
 
 
170,064
 
Cost of services
 
 
36,677
 
 
 
38,818
 
 
 
37,816
 
 
 
39,959
 
Total cost of revenues (exclusive of acquired intangible assets amortization shown separately below)
 
 
217,635
 
 
 
219,595
 
 
 
233,155
 
 
 
210,023
 
Gross profit
 
 
269,832
 
 
 
307,334
 
 
 
333,693
 
 
 
309,535
 
Operating expenses:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Selling and administrative
 
 
90,505
 
 
 
99,410
 
 
 
100,202
 
 
 
100,552
 
Engineering and development
 
 
74,408
 
 
 
75,342
 
 
 
77,049
 
 
 
74,706
 
Acquired intangible assets amortization
 
 
7,698
 
 
 
9,793
 
 
 
11,142
 
 
 
10,558
 
Restructuring and other
 
 
(313)
 
 
2,389
 
 
 
1,710
 
 
 
11,446
 
Total operating expenses
 
 
172,298
 
 
 
186,934
 
 
 
190,103
 
 
 
197,262
 
Income (loss) from operations
 
 
97,534
 
 
 
120,400
 
 
 
143,590
 
 
 
112,273
 
Non-operating
 (income) expense:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest income
 
 
(5,981)
 
 
(5,427)
 
 
(6,213)
 
 
(9,083)
Interest expense
 
 
6,890
 
 
 
5,639
 
 
 
5,557
 
 
 
13,182
 
Other (income) expense, net
 
 
805
 
 
 
176
 
 
 
3,405
 
 
 
(2,954)
Income (loss) before income taxes
 
 
95,820
 
 
 
120,012
 
 
 
140,841
 
 
 
111,128
 
Income tax provision (benefit)
 
 
8,846
 
 
 
18,975
 
 
 
20,863
 
 
 
(32,662)
Net income (loss)
 
$86,974
 
 
$101,037
 
 
$119,978
 
 
$143,790
 
Net income (loss) per common share—basic
 
$0.45
 
 
$0.53
 
 
$0.65
 
 
$0.80
 
Net income (loss) per common share—diluted
 
$0.43
 
 
$0.52
 
 
$0.63
 
 
$0.79
 
Cash dividend declared per common share
 
$0.09
 
 
$0.09
 
 
$0.09
 
 
$0.09
 
 
(1)
Restructuring and other includes a $3.5 million gain for the decrease in the fair value of the Universal Robots contingent consideration liability, partially offset by $2.5 million of acquisition related expenses and compensation and $2.4 million of employee severance charges.
(2)
Restructuring and other includes a $5.0 million gain for the decrease in the fair value of the Universal Robots contingent consideration liability, partially offset by $3.9 million of employee severance charges and $0.8 million of acquisition related expenses and compensation.
(3)
Restructuring and other includes $1.7 million of employee severance charges, $0.8 million of acquisition related expenses and compensation, partially offset by a $0.8 million gain for the decrease in the fair value of the Universal Robots contingent consideration liability.
(4)
Restructuring and other includes a $17.7 million fair value adjustment to increase the MiR acquisition contingent consideration, $0.8 million of employee severance charges, and $0.5 million acquisition related expenses and compensation, partially offset by a $7.4 million gain for the decrease in the fair value of the Universal Robots contingent consideration liability.
(5)
Teradyne recorded pension and post retirement net actuarial (gains) losses of $(0.1) million, $0.3 million and $(3.5) million for the second, third and fourth quarter in 2018, respectively. See Note B: “Accounting Policies” for a discussion of Teradyne’s accounting policy.
 
 
 
 
2017
 
 
 
1st Quarter
 
 
2nd Quarter
 
 
3rd Quarter
 
 
4th Quarter
 
 
 
(1)
 
 
(2)(5)
 
 
(3)
 
 
(4)(5)
 
 
 
(in thousands, except per share amounts)
 
Revenues:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Products
 
$373,204
 
 
$610,356
 
 
$412,854
 
 
$388,282
 
Services
 
 
83,709
 
 
 
86,545
 
 
 
90,524
 
 
 
91,133
 
Total revenues
 
 
456,913
 
 
 
696,901
 
 
 
503,378
 
 
 
479,415
 
Cost of revenues:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cost of products
 
 
154,883
 
 
 
267,752
 
 
 
169,661
 
 
 
168,672
 
Cost of services
 
 
37,014
 
 
 
38,511
 
 
 
38,848
 
 
 
39,813
 
Total cost of revenues (exclusive of acquired intangible assets amortization shown separately below)
 
 
191,897
 
 
 
306,263
 
 
 
208,509
 
 
 
208,485
 
Gross profit
 
 
265,016
 
 
 
390,638
 
 
 
294,869
 
 
 
270,930
 
Operating expenses:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Selling and administrative
 
 
84,792
 
 
 
90,111
 
 
 
86,130
 
 
 
87,880
 
Engineering and development
 
 
75,978
 
 
 
82,270
 
 
 
76,986
 
 
 
72,070
 
Acquired intangible assets amortization
 
 
7,952
 
 
 
8,166
 
 
 
7,028
 
 
 
7,384
 
Restructuring and other
 
 
2,511
 
 
 
2,288
 
 
 
(4,407)
 
 
8,970
 
Total operating expenses
 
 
171,233
 
 
 
182,835
 
 
 
165,737
 
 
 
176,304
 
Income from operations
 
 
93,783
 
 
 
207,803
 
 
 
129,132
 
 
 
94,626
 
Non-operating
 (income) expense:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest income
 
 
(3,520)
 
 
(3,292)
 
 
(4,517)
 
 
(6,476)
Interest expense
 
 
5,402
 
 
 
5,509
 
 
 
5,372
 
 
 
5,380
 
Other (income) expense, net
 
 
(115)
 
 
(1,291)
 
 
840
 
 
 
(2,362)
Income before income taxes
 
 
92,016
 
 
 
206,877
 
 
 
127,437
 
 
 
98,084
 
Income tax provision
 
 
6,795
 
 
 
31,901
 
 
 
24,017
 
 
 
204,007
 
Net income (loss)
 
$85,221
 
 
$174,976
 
 
$103,420
 
 
$(105,923)
Net income (loss) per common share—basic
 
$0.43
 
 
$0.88
 
 
$0.52
 
 
$(0.54)
Net income (loss) per common share—diluted
 
$0.42
 
 
$0.87
 
 
$0.52
 
 
$(0.54)
Cash dividend declared per common share
 
$0.07
 
 
$0.07
 
 
$0.07
 
 
$0.07
 
 
(1)
Restructuring and other includes a $1.3 million charge for a lease impairment of a Wireless Test facility in Sunnyvale, CA, a $0.6 million fair value adjustment to increase the Universal Robots acquisition contingent consideration, and $0.6 million of employee severance charges.
(2)
Restructuring and other includes a $1.5 million charge for a fair value adjustment to increase the Universal Robots acquisition contingent consideration, and $0.8 million of employee severance charges.
(3)
Restructuring and other includes $5.1 million of property insurance recovery related to the Japan earthquake, a $0.4 million credit related to previously impaired lease termination of a Wireless Test facility in Sunnyvale, CA, and a $0.3 million credit for the decrease in the fair value of the Universal Robots contingent consideration liability, partially offset by $0.8 million of Japan earthquake related expenses and $0.6 million of employee severance charges.
(4)
Restructuring and other includes a $6.0 million fair value adjustment to increase the Universal Robots acquisition contingent consideration, $1.8 million of employee severance charges, and $1.1 million of charges for impairment of fixed assets.
(5)
Teradyne recorded pension and post retirement net actuarial gains of $2.8 million and $3.8 million for the second and fourth quarter in 2017, respectively. See Note B: “Accounting Policies” for a discussion of Teradyne’s accounting policy.