- Earnings and profits above the mid-point of Q3 steering
- Check earnings declined 14% from Q3’21, incrementally more potent than July steering on progressed provide chain efficiency
- Commercial Automation earnings declined 2% from Q3’21 in greenback phrases, grew 7% in consistent foreign money
| Q3’22 | Q3’21 | Q2’22 | |
| Earnings (mil) | $827 | $951 | $841 |
| GAAP EPS | $1.10 | $1.41 | $1.16 |
| Non-GAAP EPS | $1.15 | $1.59 | $1.21 |
| Gross Margin | 58.7% | 60.1% | 60.2% |
NORTH READING, Mass., Oct. 25, 2022 (GLOBE NEWSWIRE) — Teradyne, Inc. (NASDAQ: TER) reported earnings of $827 million for the 3rd quarter of 2022 of which $576 million used to be in Semiconductor Check, $116 million in Gadget Check, $46 million in Wi-fi Check and $89 million in Commercial Automation (IA). GAAP web source of revenue for the 3rd quarter used to be $183.5 million or $1.10 according to diluted proportion. On a non-GAAP foundation, Teradyne’s web source of revenue within the 3rd quarter used to be $189.2 million, or $1.15 according to diluted proportion, which excluded bought intangible asset amortization and restructuring and different fees.
“We delivered earnings and profits above the mid-point of our July outlook as some provide line constraints eased in the course of the quarter enabling more than anticipated shipments to reminiscence, car and commercial semiconductor check shoppers,” stated Teradyne CEO Mark Jagiela. “The fast-term outlook in semiconductor check stays blended with car and commercial call for moderately sturdy whilst muted compute and mobility call for persists. In commercial automation, slowing production job and foreign currency headwinds proceed to affect our complete 12 months expansion outlook.”
Steering for the fourth quarter of 2022 is earnings of $670 million to $750 million, with GAAP web source of revenue of $0.59 to $0.84 according to diluted proportion and non-GAAP web source of revenue of $0.62 to $0.86 according to diluted proportion. Non-GAAP steering excludes bought intangible asset amortization.
Webcast
A convention name to speak about the 3rd quarter effects, at the side of control’s industry outlook, will observe at 8:30 a.m. ET, Wednesday, October 26. buyers must get right of entry to the webcast at www.teradyne.com and click on on “Traders” a minimum of 5 mins ahead of the decision starts. Presentation fabrics can be to be had beginning at 8:30 a.m. ET. A replay can be to be had at the Teradyne site at https://buyers.teradyne.com/events-presentations.
Non-GAAP Effects
Along with disclosing effects which are decided in line with GAAP, Teradyne additionally discloses non-GAAP result of operations that exclude sure source of revenue pieces and fees and discloses sure earnings at consistent foreign money. Those effects are supplied as a supplement to effects supplied in line with GAAP. Non-GAAP source of revenue from operations and non-GAAP web source of revenue exclude bought intangible belongings amortization, restructuring and different, pension actuarial positive aspects and losses, losses on convertible debt conversions, non-cash convertible debt hobby, discrete source of revenue tax changes, and comprises the comparable tax affect on non-GAAP changes. GAAP calls for that these things be integrated in figuring out source of revenue from operations and web source of revenue. Non-GAAP source of revenue from operations, non-GAAP web source of revenue, non-GAAP source of revenue from operations as a share of earnings, non-GAAP web source of revenue as a share of earnings, and non-GAAP web source of revenue according to proportion are non-GAAP efficiency measures introduced to supply significant supplemental knowledge referring to Teradyne’s baseline efficiency ahead of positive aspects, losses or different fees that will not be indicative of Teradyne’s present core industry or long run outlook. Consistent foreign money earnings excludes the affect of adjustments in foreign currency echange trade charges, which can be required by means of GAAP. Those non-GAAP efficiency measures are used to make operational choices, to decide worker repayment, to forecast long run operational effects, and for comparability with Teradyne’s marketing strategy, ancient running effects and the running result of Teradyne’s competition. Non-GAAP diluted stocks come with the affect of Teradyne’s name choice on its stocks. Control believes each and every of those non-GAAP efficiency measures supplies helpful supplemental knowledge for buyers, permitting higher transparency to the guidelines utilized by control in its operational resolution making and within the assessment of Teradyne’s monetary and operational efficiency, in addition to facilitating significant comparisons of Teradyne’s ends up in the present duration when put next with the ones in prior and long run classes. A reconciliation of each and every to be had GAAP to non-GAAP monetary measure mentioned on this press unencumber is contained within the connected shows and at the Teradyne site at www.teradyne.com by means of clicking on “Investor Family members” after which settling on “Financials” and the “GAAP to Non-GAAP Reconciliation” hyperlink. The non-GAAP efficiency measures mentioned on this press unencumber will not be related to in a similar fashion titled measures utilized by different corporations. The presentation of non-GAAP measures isn’t intended to be thought to be in isolation, as an alternative to, or awesome to, monetary measures or knowledge supplied in line with GAAP.
About Teradyne
Teradyne (NASDAQ:TER) brings top of the range inventions similar to sensible gadgets, life-saving scientific apparatus and knowledge garage methods to marketplace, quicker. Its complex check answers for semiconductors, digital methods, wi-fi gadgets and extra be sure that merchandise carry out as they have been designed. Its Commercial Automation choices come with collaborative and cellular robots that lend a hand producers of all sizes toughen productiveness and decrease prices. In 2021, Teradyne had earnings of $3.7 billion and these days employs over 6,500 other people international. For more info, talk over with teradyne.com. Teradyne® is a registered trademark of Teradyne, Inc. within the U.S. and different international locations.
Protected Harbor Commentary
This unencumber accommodates forward-looking statements referring to Teradyne’s long run industry possibilities, the affect of the worldwide pandemic of the radical pressure of the coronavirus (COVID-19), result of operations, marketplace prerequisites, profits according to proportion, the affect of provide chain prerequisites at the industry, buyer gross sales expectancies, the fee of a quarterly dividend, the repurchase of Teradyne not unusual inventory pursuant to a proportion repurchase program, sanctions towards Russia and Russian corporations, and the affect of U.S. and Chinese language export and tariff regulations, together with new laws printed by means of the U.S. Division of Trade on October 7, 2022. Such statements are in line with the present assumptions and expectancies of Teradyne’s control and are neither guarantees nor promises of long run efficiency, parties, buyer gross sales, provide chain prerequisites or enhancements, profits according to proportion, use of money, fee of dividends, repurchases of not unusual inventory, fee of the senior convertible notes, the affect of the COVID-19 pandemic, sanctions towards Russia and Russian corporations, the affect of any price lists or export controls imposed by means of the U.S. or China, compliance with industry coverage measures or export restrictions, the affect of U.S. Division of Trade or different executive company laws on the subject of Huawei, HiSilicon and different shoppers or doable shoppers, the affect of U.S. Division Trade export keep watch over laws for sure U.S. merchandise and era offered to army finish customers or for army end-use in China, Russia and Venezuela, or the affect of laws printed by means of the U.S. Division of Trade on the subject of the export of semiconductors and semiconductor production apparatus destined to sure finish customers and for sure finish makes use of in China. There can also be no assurance that control’s estimates of Teradyne’s long run effects or different forward-looking statements can be completed. Particularly, Teradyne’s 2024 profits style is aspirational and comprises many assumptions. There can also be no assurance that those assumptions can be correct or that style effects can be completed. As set forth beneath, there are lots of elements that might motive our 2024 profits style and precise effects to vary materially from the ones at this time anticipated. Moreover, the present dividend and proportion repurchase techniques is also changed, suspended or discontinued at any time.
On October 7, 2022, the U.S. Division of Trade printed new laws proscribing the export to China of complex semiconductors, supercomputer era, apparatus for the producing of complex semiconductors and parts and era for the producing in China of sure semiconductor production apparatus. The brand new restrictions are long and sophisticated. Teradyne continues to evaluate the affect of those laws on its industry. At the moment, the Corporate has decided that restrictions at the sale of semiconductor testers in China to check sure complex semiconductors will affect Teradyne’s gross sales to sure corporations in China. A number of multinational corporations production those complex semiconductors in China have received one-year licenses permitting providers similar to Teradyne to proceed to supply testers to the amenities operated by means of those corporations. We think that different corporations production complex semiconductors in China won’t obtain licenses, thereby proscribing Teradyne’s skill to supply testers to the amenities operated by means of those corporations that don’t obtain a license. The Corporate is also assessing the submitting of license requests to promote to and improve sure shoppers in China for sure finish makes use of that, if granted, would possibly scale back the affect of those restrictions at the Corporate’s industry. At the moment, Teradyne does now not know the affect those finish person and finish use restrictions may have on its industry in China or on long run revenues. Along with the precise restrictions impacting Teradyne’s industry, the laws can have an opposed affect on sure precise or doable shoppers and at the world semiconductor business. To the level the laws affect precise and doable shoppers or disrupt the worldwide semiconductor business, Teradyne’s industry and revenues can be adversely impacted.
The Corporate additionally has decided that the limitations at the export of sure US foundation parts and era to be used within the building and manufacturing in China of sure semiconductor production apparatus affect its production and building operations in China. Teradyne has won a short lived authorization from the Division of Trade permitting the Corporate to proceed its production and building operations in China till the Division of Trade problems a license to exchange this transient authorization. Teradyne will report an software with the Division of Trade for a license to exchange the transient authorization by means of November 17, 2022. The Corporate can not assess the chance or timing of receiving this license. Along with soliciting for a license, the Corporate is enforcing procedures for minimizing the affect of those new laws, however there’s no assurance that those procedures will be triumphant.
Following Russia’s invasion of Ukraine in February 2022, the U.S. and different international locations imposed important sanctions towards the Russian executive and plenty of Russian corporations and folks. Even if Teradyne does now not have important operations in Russia, the sanctions may affect Teradyne’s industry in different international locations and can have a detrimental affect at the Corporate’s provide chain, both of which might adversely have an effect on Teradyne’s industry and monetary effects.
COVID-19 has led to government enforcing a large number of measures to take a look at to comprise the virus, similar to shuttle bans and restrictions, quarantines, executive vaccination mandates and different executive laws. Those measures have impacted and would possibly additional affect Teradyne’s staff and operations, the operations of its shoppers, and the ones of its contract producers and providers. As Teradyne implements measures to conform to further laws, the Corporate would possibly revel in higher compliance prices, higher chance of non-compliance and higher chance of worker attrition.
The COVID-19 pandemic has adversely impacted the Corporate’s result of operations, together with higher prices company-wide and constraints inside the Corporate’s provide chain. The Corporate can not as it should be estimate the volume of the affect on Teradyne’s 2022 monetary effects and to its long run monetary effects. The COVID-19 outbreak has considerably higher financial and insist uncertainty in Teradyne’s markets. This uncertainty led to a vital lower in call for for sure Teradyne merchandise and may proceed to affect call for for an unsure time frame. The unfold of COVID-19 has brought about Teradyne to change its industry practices (together with worker shuttle, staff running remotely, and cancellation of in particular person participation in conferences, parties and meetings) and the Corporate would possibly take additional movements as is also required by means of executive government or that it determines are in the most efficient pursuits of its staff, shoppers, contract producers and providers. There may be uncertainty that such measures can be enough to mitigate the dangers posed by means of the virus, and Teradyne’s skill to accomplish essential purposes may well be impacted. The level to which COVID-19 continues to affect Teradyne’s effects is dependent upon long run traits, which can be extremely unsure and can’t be predicted, together with, however now not restricted to, the length and endured unfold of the virus, its severity, the movements to comprise the virus or the provision and affect of vaccines in international locations the place the Corporate does industry, and the way temporarily and to what extent standard financial and running prerequisites can resume.
Necessary elements that might motive precise effects, the 2024 profits style, profits according to proportion, use of money, dividend bills, repurchases of not unusual inventory, or fee of the senior convertible notes to vary materially from the ones at this time anticipated come with: prerequisites affecting the markets during which Teradyne operates; lowered or behind schedule product call for from a number of important shoppers; building, supply and acceptance of recent merchandise; the power to develop the Commercial Automation industry; higher analysis and building spending; deterioration of Teradyne’s monetary situation; the continuing affect of the COVID-19 pandemic and comparable executive responses in the marketplace and insist for Teradyne’s merchandise, on its contract producers and provide chain, and on its staff; the affect of the worldwide semiconductor provide scarcity on our provide chain and contract producers; the consummation and luck of any mergers or acquisitions; call for for merchandise by means of the Corporate’s greatest shoppers; surprising coins wishes; inadequate coins glide to make required bills and pay the foremost quantity at the senior convertible notes; the industry judgment of the board of administrators {that a} declaration of a dividend or the repurchase of not unusual inventory isn’t within the Corporate’s absolute best pursuits; further U.S. tax laws or IRS steering; the affect of any price lists or export controls imposed by means of the U.S. or China; compliance with industry coverage measures or export restrictions; the affect of U.S. Division of Trade or different executive company laws on the subject of Huawei, HiSilicon and different shoppers or doable shoppers; the affect of U.S. Division Trade export keep watch over laws for sure U.S. merchandise and era offered to army finish customers or for army end-use in China, Russia and Venezuela; sanctions imposed towards the Russian executive and sure Russian corporations and folks by means of the U.S., and different international locations; the affect of laws printed by means of the U.S. Division of Trade on the subject of semiconductors and semiconductor production apparatus destined for sure finish makes use of in China; and different parties, elements and dangers disclosed in filings with the SEC, together with, however now not restricted to, the “Chance Components” sections of Teradyne’s Annual Record on Shape 10-Okay for the fiscal 12 months ended December 31, 2021 and Quarterly Record on Shape 10-Q for the fiscal quarter ended July 3, 2022. The forward-looking statements supplied by means of Teradyne on this press unencumber constitute control’s perspectives as of the date of this unencumber. Teradyne anticipates that next parties and traits would possibly motive control’s perspectives to switch. On the other hand, whilst Teradyne would possibly elect to replace those forward-looking statements someday someday, Teradyne particularly disclaims any legal responsibility to take action. Those forward-looking statements must now not be relied upon as representing Teradyne’s perspectives as of any date next to the date of this unencumber.
| TERADYNE, INC. REPORT FOR THIRD FISCAL QUARTER OF 2022 | ||||||||||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||||||||||
| Quarter Ended | 9 Months Ended | |||||||||||||||||||||||
| October 2, 2022 |
July 3, 2022 |
October 3, 2021 |
October 2, 2022 |
October 3, 2021 |
||||||||||||||||||||
| Internet revenues | $ | 827,073 | $ | 840,766 | $ | 950,501 | $ | 2,423,209 | $ | 2,817,835 | ||||||||||||||
| Price of revenues (unique of bought intangible belongings amortization proven one at a time beneath) (1) | 341,694 | 334,377 | 379,500 | 976,508 | 1,138,227 | |||||||||||||||||||
| Gross benefit | 485,379 | 506,389 | 571,001 | 1,446,701 | 1,679,608 | |||||||||||||||||||
| Running bills: | ||||||||||||||||||||||||
| Promoting and administrative | 135,632 | 139,533 | 134,829 | 415,351 | 404,812 | |||||||||||||||||||
| Engineering and building | 111,715 | 111,951 | 107,220 | 331,781 | 317,644 | |||||||||||||||||||
| Got intangible belongings amortization | 4,729 | 4,871 | 5,355 | 14,663 | 16,293 | |||||||||||||||||||
| Restructuring and different (2) | 1,796 | 2,044 | 1,197 | 19,554 | (3,426 | ) | ||||||||||||||||||
| Running bills | 253,872 | 258,399 | 248,601 | 781,349 | 735,323 | |||||||||||||||||||
| Source of revenue from operations | 231,507 | 247,990 | 322,400 | 665,352 | 944,285 | |||||||||||||||||||
| Pastime and different expense (3) | 5,310 | 9,398 | 24,645 | 20,204 | 38,511 | |||||||||||||||||||
| Source of revenue ahead of source of revenue taxes | 226,197 | 238,592 | 297,755 | 645,148 | 905,774 | |||||||||||||||||||
| Source of revenue tax provision | 42,712 | 40,805 | 41,037 | 101,948 | 115,225 | |||||||||||||||||||
| Internet source of revenue | $ | 183,485 | $ | 197,787 | $ | 256,718 | $ | 543,200 | $ | 790,549 | ||||||||||||||
| Internet source of revenue according to not unusual proportion: | ||||||||||||||||||||||||
| Elementary | $ | 1.17 | $ | 1.24 | $ | 1.56 | $ | 3.41 | $ | 4.77 | ||||||||||||||
| Diluted | $ | 1.10 | $ | 1.16 | $ | 1.41 | $ | 3.17 | $ | 4.26 | ||||||||||||||
| Weighted moderate not unusual stocks – elementary | 156,364 | 159,563 | 164,583 | 159,325 | 165,690 | |||||||||||||||||||
| Weighted moderate not unusual stocks – diluted (4) | 166,733 | 171,159 | 181,987 | 171,156 | 185,492 | |||||||||||||||||||
| Money dividend declared according to not unusual proportion | $ | 0.11 | $ | 0.11 | $ | 0.10 | $ | 0.33 | $ | 0.30 | ||||||||||||||
| (1 | ) | Price of revenues comprises: | Quarter Ended | 9 Months Ended | ||||||||||||||||||||
| October 2, 2022 |
July 3, 2022 |
October 3, 2021 |
October 2, 2022 |
October 3, 2021 |
||||||||||||||||||||
| Provision for extra and out of date stock | $ | 12,234 | $ | 5,105 | $ | 8,149 | $ | 18,929 | $ | 11,775 | ||||||||||||||
| Sale of up to now written down stock | (269 | ) | (449 | ) | (824 | ) | (980 | ) | (2,043 | ) | ||||||||||||||
| $ | 11,965 | $ | 4,656 | $ | 7,325 | $ | 17,949 | $ | 9,732 | |||||||||||||||
| (2 | ) | Restructuring and different is composed of: | Quarter Ended | 9 Months Ended | ||||||||||||||||||||
| October 2, 2022 |
July 3, 2022 |
October 3, 2021 |
October 2, 2022 |
October 3, 2021 |
||||||||||||||||||||
| Worker severance | $ | 1,215 | $ | 383 | $ | 617 | $ | 2,148 | $ | 1,242 | ||||||||||||||
| Litigation agreement | – | – | – | 14,700 | – | |||||||||||||||||||
| Acquisition comparable bills and repayment | – | – | 275 | (201 | ) | 313 | ||||||||||||||||||
| Contingent attention truthful worth adjustment | – | – | – | – | (7,227 | ) | ||||||||||||||||||
| Different | 581 | 1,661 | 305 | 2,907 | 2,246 | |||||||||||||||||||
| $ | 1,796 | $ | 2,044 | $ | 1,197 | $ | 19,554 | $ | (3,426 | ) | ||||||||||||||
| (3 | ) | Pastime and different comprises: | Quarter Ended | 9 Months Ended | ||||||||||||||||||||
| October 2, 2022 |
July 3, 2022 |
October 3, 2021 |
October 2, 2022 |
October 3, 2021 |
||||||||||||||||||||
| Loss on convertible debt conversions | $ | – | $ | – | $ | 20,153 | $ | – | $ | 25,397 | ||||||||||||||
| Non-cash convertible debt hobby | – | – | 2,262 | – | 9,120 | |||||||||||||||||||
| Pension actuarial positive aspects | – | – | – | – | (627 | ) | ||||||||||||||||||
| $ | – | $ | – | $ | 22,415 | $ | – | $ | 33,890 | |||||||||||||||
| (4 | ) | Underneath GAAP, when calculating diluted profits according to proportion, convertible debt should be assumed to have transformed if the impact on EPS could be dilutive. Diluted stocks think the conversion of the convertible debt because the impact could be dilutive. Accordingly, for the quarters ended October 2, 2022, July 3, 2022, and October 3, 2021, 1.5 million, 1.9 million and six.5 million stocks, respectively, had been integrated in diluted stocks. For the 9 months ended October 2, 2022 and October 3, 2021, 2.0 million and eight.8 million stocks, respectively, had been integrated in diluted stocks. For the quarters ended October 2, 2022, July 3, 2022 and October 3, 2021, diluted stocks additionally integrated 8.3 million, 9.0 million and 9.8 million stocks, respectively, from the convertible observe hedge transaction. For the 9 months ended October 2, 2022 and October 3, 2021, diluted stocks integrated 9.1 million and 9.8 million stocks, respectively, from the convertible observe hedge transaction. | ||||||||||||||||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS (In hundreds) | ||||||||||||||||||||||||
| October 2, 2022 |
December 31, 2021 |
|||||||||||||||||||||||
| Belongings | ||||||||||||||||||||||||
| Money and coins equivalents | $ | 710,746 | $ | 1,122,199 | ||||||||||||||||||||
| Marketable securities | 65,310 | 244,231 | ||||||||||||||||||||||
| Accounts receivable, web | 530,349 | 550,749 | ||||||||||||||||||||||
| Inventories, web | 310,754 | 243,330 | ||||||||||||||||||||||
| Prepayments | 502,678 | 406,266 | ||||||||||||||||||||||
| Different present belongings | 7,717 | 9,452 | ||||||||||||||||||||||
| Overall present belongings | 2,127,554 | 2,576,227 | ||||||||||||||||||||||
| Assets, plant and gear, web | 415,181 | 387,240 | ||||||||||||||||||||||
| Running rent right-of-use belongings, web | 61,430 | 68,807 | ||||||||||||||||||||||
| Marketable securities | 111,039 | 133,858 | ||||||||||||||||||||||
| Deferred tax belongings | 130,207 | 102,428 | ||||||||||||||||||||||
| Retirement plans belongings | 13,805 | 15,110 | ||||||||||||||||||||||
| Different belongings | 29,311 | 24,096 | ||||||||||||||||||||||
| Got intangible belongings, web | 55,580 | 75,635 | ||||||||||||||||||||||
| Goodwill | 375,799 | 426,024 | ||||||||||||||||||||||
| Overall belongings | $ | 3,319,906 | $ | 3,809,425 | ||||||||||||||||||||
| Liabilities | ||||||||||||||||||||||||
| Accounts payable | $ | 167,975 | $ | 153,133 | ||||||||||||||||||||
| Amassed staff’ repayment and withholdings | 168,102 | 253,667 | ||||||||||||||||||||||
| Deferred earnings and buyer advances | 143,591 | 146,185 | ||||||||||||||||||||||
| Different amassed liabilities | 126,457 | 124,187 | ||||||||||||||||||||||
| Running rent liabilities | 17,079 | 19,977 | ||||||||||||||||||||||
| Source of revenue taxes payable | 64,141 | 88,789 | ||||||||||||||||||||||
| Present debt | 14,596 | 19,182 | ||||||||||||||||||||||
| Overall present liabilities | 701,941 | 805,120 | ||||||||||||||||||||||
| Retirement plans liabilities | 137,317 | 151,141 | ||||||||||||||||||||||
| Lengthy-term deferred earnings and buyer advances | 48,488 | 54,921 | ||||||||||||||||||||||
| Lengthy-term different amassed liabilities | 15,506 | 15,497 | ||||||||||||||||||||||
| Deferred tax liabilities | 1,327 | 6,327 | ||||||||||||||||||||||
| Lengthy-term running rent liabilities | 51,872 | 56,178 | ||||||||||||||||||||||
| Lengthy-term source of revenue taxes payable | 59,135 | 67,041 | ||||||||||||||||||||||
| Debt | 50,195 | 89,244 | ||||||||||||||||||||||
| Overall liabilities | 1,065,781 | 1,245,469 | ||||||||||||||||||||||
| Mezzanine fairness | – | 1,512 | ||||||||||||||||||||||
| Shareholders’ fairness | 2,254,125 | 2,562,444 | ||||||||||||||||||||||
| Overall liabilities, convertible not unusual stocks and shareholders’ fairness | $ | 3,319,906 | $ | 3,809,425 | ||||||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In hundreds) | ||||||||||||||||||||||||
| Quarter Ended | 9 Months Ended | |||||||||||||||||||||||
| October 2, 2022 |
October 3, 2021 |
October 2, 2022 |
October 3, 2021 |
|||||||||||||||||||||
| Money flows from running actions: | ||||||||||||||||||||||||
| Internet source of revenue | $ | 183,485 | $ | 256,718 | $ | 543,200 | $ | 790,549 | ||||||||||||||||
| Changes to reconcile web source of revenue to web coins supplied by means of running actions: | ||||||||||||||||||||||||
| Depreciation | 23,442 | 22,018 | 67,902 | 67,866 | ||||||||||||||||||||
| Inventory-based repayment | 12,298 | 11,418 | 37,420 | 34,649 | ||||||||||||||||||||
| Provision for extra and out of date stock | 12,234 | 8,149 | 18,929 | 11,775 | ||||||||||||||||||||
| Amortization | 4,917 | 8,283 | 15,012 | 27,626 | ||||||||||||||||||||
| Losses (positive aspects) on investments | 2,463 | (100 | ) | 11,436 | (4,750 | ) | ||||||||||||||||||
| Deferred taxes | (4,776 | ) | (9,932 | ) | (28,373 | ) | (10,732 | ) | ||||||||||||||||
| Contingent attention truthful worth adjustment | – | – | – | (7,227 | ) | |||||||||||||||||||
| Retirement plans actuarial positive aspects | – | – | – | (627 | ) | |||||||||||||||||||
| Loss on convertible debt conversions | – | 20,153 | – | 25,397 | ||||||||||||||||||||
| Different | 218 | 45 | 740 | 243 | ||||||||||||||||||||
| Adjustments in running belongings and liabilities | ||||||||||||||||||||||||
| Accounts receivable | 150,632 | 269,399 | 4,248 | (103,299 | ) | |||||||||||||||||||
| Inventories | (22,135 | ) | 2,035 | (68,817 | ) | 21,943 | ||||||||||||||||||
| Prepayments and different belongings | 420 | (21,148 | ) | (94,331 | ) | (138,564 | ) | |||||||||||||||||
| Accounts payable and different liabilities | (28,071 | ) | (21,726 | ) | (71,682 | ) | 65,064 | |||||||||||||||||
| Deferred earnings and buyer advances | (20,059 | ) | (6,490 | ) | (5,896 | ) | 8,699 | |||||||||||||||||
| Retirement plans contributions | (1,279 | ) | (1,384 | ) | (3,897 | ) | (4,123 | ) | ||||||||||||||||
| Source of revenue taxes | (42,185 | ) | (14,778 | ) | (31,370 | ) | (17,406 | ) | ||||||||||||||||
| Internet coins supplied by means of running actions | 271,604 | 522,660 | 394,521 | 767,083 | ||||||||||||||||||||
| Money flows from making an investment actions: | ||||||||||||||||||||||||
| Purchases of assets, plant and gear | (38,929 | ) | (29,205 | ) | (128,672 | ) | (103,162 | ) | ||||||||||||||||
| Purchases of marketable securities | (19,294 | ) | (111,384 | ) | (267,175 | ) | (509,470 | ) | ||||||||||||||||
| Proceeds from gross sales of marketable securities | 115,558 | 93,325 | 259,200 | 209,437 | ||||||||||||||||||||
| Proceeds from maturities of marketable securities | 42,440 | 111,064 | 182,092 | 571,277 | ||||||||||||||||||||
| Acquire of funding | – | – | – | (12,000 | ) | |||||||||||||||||||
| Internet coins supplied by means of making an investment actions | 99,775 | 63,800 | 45,445 | 156,082 | ||||||||||||||||||||
| Money flows from financing actions: | ||||||||||||||||||||||||
| Repurchase of not unusual inventory | (217,201 | ) | (209,596 | ) | (750,000 | ) | (406,180 | ) | ||||||||||||||||
| Dividend bills | (17,136 | ) | (16,440 | ) | (52,578 | ) | (49,711 | ) | ||||||||||||||||
| Bills of convertible debt foremost | (9,713 | ) | (235,169 | ) | (52,005 | ) | (301,997 | ) | ||||||||||||||||
| Bills associated with web agreement of worker inventory repayment awards | (207 | ) | (251 | ) | (32,987 | ) | (32,045 | ) | ||||||||||||||||
| Issuance of not unusual inventory underneath inventory acquire and inventory choice plans | 12,197 | 9 | 28,733 | 32,590 | ||||||||||||||||||||
| Internet coins used for financing actions | (232,060 | ) | (461,447 | ) | (858,837 | ) | (757,343 | ) | ||||||||||||||||
| Results of trade charge adjustments on coins and coins equivalents | (596 | ) | – | 7,418 | (489 | ) | ||||||||||||||||||
| Building up (lower) in coins and coins equivalents | 138,723 | 125,013 | (411,453 | ) | 165,333 | |||||||||||||||||||
| Money and coins equivalents at starting of duration | 572,023 | 954,441 | 1,122,199 | 914,121 | ||||||||||||||||||||
| Money and coins equivalents at finish of duration | $ | 710,746 | $ | 1,079,454 | $ | 710,746 | $ | 1,079,454 | ||||||||||||||||
| GAAP to Non-GAAP Profits Reconciliation | ||||||||||||||||||||||||||||||||||||||||||||||||
| (In hundreds of thousands, apart from according to proportion quantities) | ||||||||||||||||||||||||||||||||||||||||||||||||
| Quarter Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
| October 2, 2022 | % of Internet Revenues | July 3, 2022 |
% of Internet Revenues | October 3, 2021 | % of Internet Revenues | |||||||||||||||||||||||||||||||||||||||||||
| Internet revenues | $ | 827.1 | $ | 840.8 | $ | 950.5 | ||||||||||||||||||||||||||||||||||||||||||
| Gross benefit GAAP and non-GAAP | $ | 485.4 | 58.7 | % | $ | 506.4 | 60.2 | % | $ | 571.0 | 60.1 | % | ||||||||||||||||||||||||||||||||||||
| Source of revenue from operations – GAAP | $ | 231.5 | 28.0 | % | $ | 248.0 | 29.5 | % | $ | 322.4 | 33.9 | % | ||||||||||||||||||||||||||||||||||||
| Restructuring and different (1) | 1.8 | 0.2 | % | 2.0 | 0.2 | % | 1.2 | 0.1 | % | |||||||||||||||||||||||||||||||||||||||
| Got intangible belongings amortization | 4.7 | 0.6 | % | 4.9 | 0.6 | % | 5.4 | 0.6 | % | |||||||||||||||||||||||||||||||||||||||
| Source of revenue from operations – non-GAAP | $ | 238.0 | 28.8 | % | $ | 254.9 | 30.3 | % | $ | 329.0 | 34.6 | % | ||||||||||||||||||||||||||||||||||||
| Internet Source of revenue according to Commonplace Percentage |
Internet Source of revenue according to Commonplace Percentage |
Internet Source of revenue according to Commonplace Percentage |
||||||||||||||||||||||||||||||||||||||||||||||
| October 2, 2022 | % of Internet Revenues | Elementary | Diluted | July 3, 2022 |
% of Internet Revenues | Elementary | Diluted | October 3, 2021 | % of Internet Revenues | Elementary | Diluted | |||||||||||||||||||||||||||||||||||||
| Internet source of revenue – GAAP | $ | 183.5 | 22.2 | % | $ | 1.17 | $ | 1.10 | $ | 197.8 | 23.5 | % | $ | 1.24 | $ | 1.16 | $ | 256.7 | 27.0 | % | $ | 1.56 | $ | 1.41 | ||||||||||||||||||||||||
| Restructuring and different (1) | 1.8 | 0.2 | % | 0.01 | 0.01 | 2.0 | 0.2 | % | 0.01 | 0.01 | 1.2 | 0.1 | % | 0.01 | 0.01 | |||||||||||||||||||||||||||||||||
| Got intangible belongings amortization | 4.7 | 0.6 | % | 0.03 | 0.03 | 4.9 | 0.6 | % | 0.03 | 0.03 | 5.4 | 0.6 | % | 0.03 | 0.03 | |||||||||||||||||||||||||||||||||
| Loss on convertible debt conversions (2) | – | – | – | – | – | – | – | – | 20.2 | 2.1 | % | 0.12 | 0.11 | |||||||||||||||||||||||||||||||||||
| Pastime and different (2) | – | – | – | – | – | – | – | – | 2.3 | 0.2 | % | 0.01 | 0.01 | |||||||||||||||||||||||||||||||||||
| Exclude discrete tax changes | (0.5 | ) | -0.1 | % | (0.00 | ) | (0.00 | ) | 1.6 | 0.2 | % | 0.01 | 0.01 | (5.9 | ) | -0.6 | % | (0.04 | ) | (0.03 | ) | |||||||||||||||||||||||||||
| Non-GAAP tax changes | (0.3 | ) | -0.0 | % | (0.00 | ) | (0.00 | ) | (2.3 | ) | -0.3 | % | (0.01 | ) | (0.01 | ) | (1.3 | ) | -0.1 | % | (0.01 | ) | (0.01 | ) | ||||||||||||||||||||||||
| Convertible proportion adjustment (3) | – | – | – | 0.01 | – | – | – | 0.01 | – | – | – | 0.06 | ||||||||||||||||||||||||||||||||||||
| Internet source of revenue – non-GAAP | $ | 189.2 | 22.9 | % | $ | 1.21 | $ | 1.15 | $ | 204.0 | 24.3 | % | $ | 1.28 | $ | 1.21 | $ | 278.6 | 29.3 | % | $ | 1.69 | $ | 1.59 | ||||||||||||||||||||||||
| GAAP and non-GAAP weighted moderate not unusual stocks – elementary | 156.4 | 159.6 | 164.6 | |||||||||||||||||||||||||||||||||||||||||||||
| GAAP weighted moderate not unusual stocks – diluted | 166.7 | 171.2 | 182.0 | |||||||||||||||||||||||||||||||||||||||||||||
| Exclude dilutive stocks associated with convertible observe transaction | (1.5 | ) | (1.9 | ) | (6.5 | ) | ||||||||||||||||||||||||||||||||||||||||||
| Non-GAAP weighted moderate not unusual stocks – diluted | 165.2 | 169.3 | 175.5 | |||||||||||||||||||||||||||||||||||||||||||||
| Commercial Automation section revenues | ||||||||||||||||||||||||||||||||||||||||||||||||
| As reported | $ | 89.1 | $ | 91.0 | ||||||||||||||||||||||||||||||||||||||||||||
| Foreign money trade charge fluctuations | 6.7 | (1.8 | ) | |||||||||||||||||||||||||||||||||||||||||||||
| Consistent foreign money overall revenues (4) | $ | 95.8 | $ | 89.2 | ||||||||||||||||||||||||||||||||||||||||||||
| (1 | ) | Restructuring and different is composed of: | ||||||||||||||||||||||||||||||||||||||||||||||
| Quarter Ended | Quarter Ended | |||||||||||||||||||||||||||||||||||||||||||||||
| October 2, 2022 | July 3, 2022 |
October 3, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
| Worker severance | $ | 1.2 | $ | 0.4 | $ | 0.6 | ||||||||||||||||||||||||||||||||||||||||||
| Acquisition comparable bills and repayment | – | – | 0.3 | |||||||||||||||||||||||||||||||||||||||||||||
| Different | 0.6 | 1.7 | 0.3 | |||||||||||||||||||||||||||||||||||||||||||||
| $ | 1.8 | $ | 2.0 | $ | 1.2 | |||||||||||||||||||||||||||||||||||||||||||
| (2 | ) | For the quarter ended October 3, 2021, adjustment to exclude loss on convertible debt conversions. For the quarter ended October 3, 2021, Pastime and different integrated non-cash convertible debt hobby expense. | ||||||||||||||||||||||||||||||||||||||||||||||
| (3 | ) | For the quarters ended October 2, 2022, July 3, 2022, and October 3, 2021, the non-GAAP diluted EPS calculation provides again $0.2 million, $0.2 million, and $0.4 million, respectively, of convertible debt hobby expense to non-GAAP web source of revenue. For the quarters ended October 2, 2022, July 3, 2022, and October 3, 2021, non-GAAP weighted moderate diluted not unusual stocks come with 8.3 million, 9.0 million and 9.8 million stocks, respectively, from the convertible observe hedge transaction. | ||||||||||||||||||||||||||||||||||||||||||||||
| (4 | ) | Foreign money trade charges are used to transform the running effects for international locations the place the useful foreign money isn’t the U.S. greenback into U.S. bucks. We calculate the impact of adjustments in foreign money trade charges as the variation between duration job translated the use of the duration’s foreign money trade charges and the charges as of December 31, 2021. | ||||||||||||||||||||||||||||||||||||||||||||||
| 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
| October 2, 2022 | % of Internet Revenues | October 3, 2021 | % of Internet Revenues | |||||||||||||||||||||||||||||||||||||||||||||
| Internet Revenues | $ | 2,423.2 | $ | 2,817.8 | ||||||||||||||||||||||||||||||||||||||||||||
| Gross benefit GAAP and non-GAAP | $ | 1,446.7 | 59.7 | % | $ | 1,679.6 | 59.6 | % | ||||||||||||||||||||||||||||||||||||||||
| Source of revenue from operations – GAAP | $ | 665.4 | 27.5 | % | $ | 944.3 | 33.5 | % | ||||||||||||||||||||||||||||||||||||||||
| Restructuring and different (1) | 19.6 | 0.8 | % | (3.4 | ) | -0.1 | % | |||||||||||||||||||||||||||||||||||||||||
| Got intangible belongings amortization | 14.7 | 0.6 | % | 16.3 | 0.6 | % | ||||||||||||||||||||||||||||||||||||||||||
| Source of revenue from operations – non-GAAP | $ | 699.7 | 28.9 | % | $ | 957.2 | 34.0 | % | ||||||||||||||||||||||||||||||||||||||||
| Internet Source of revenue according to Commonplace Percentage |
Internet Source of revenue according to Commonplace Percentage |
|||||||||||||||||||||||||||||||||||||||||||||||
| October 2, 2022 | % of Internet Revenues | Elementary | Diluted | October 3, 2021 | % of Internet Revenues | Elementary | Diluted | |||||||||||||||||||||||||||||||||||||||||
| Internet source of revenue – GAAP | $ | 543.2 | 22.4 | % | $ | 3.41 | $ | 3.17 | $ | 790.5 | 28.1 | % | $ | 4.77 | $ | 4.26 | ||||||||||||||||||||||||||||||||
| Restructuring and different (1) | 19.6 | 0.8 | % | 0.12 | 0.11 | (3.4 | ) | -0.1 | % | (0.02 | ) | (0.02 | ) | |||||||||||||||||||||||||||||||||||
| Got intangible belongings amortization | 14.7 | 0.6 | % | 0.09 | 0.09 | 16.3 | 0.6 | % | 0.10 | 0.09 | ||||||||||||||||||||||||||||||||||||||
| Loss on convertible debt conversions (2) | – | – | – | – | 25.4 | 0.9 | % | 0.15 | 0.14 | |||||||||||||||||||||||||||||||||||||||
| Pastime and different (2) | – | – | – | – | 9.1 | 0.3 | % | 0.05 | 0.05 | |||||||||||||||||||||||||||||||||||||||
| Pension mark-to-market adjustment (2) | – | – | – | – | (0.6 | ) | -0.0 | % | (0.00 | ) | (0.00 | ) | ||||||||||||||||||||||||||||||||||||
| Exclude discrete tax changes | (9.3 | ) | -0.4 | % | (0.06 | ) | (0.05 | ) | (22.1 | ) | -0.8 | % | (0.13 | ) | (0.12 | ) | ||||||||||||||||||||||||||||||||
| Non-GAAP tax changes | (5.9 | ) | -0.2 | % | (0.04 | ) | (0.03 | ) | (3.2 | ) | -0.1 | % | (0.02 | ) | (0.02 | ) | ||||||||||||||||||||||||||||||||
| Convertible proportion adjustment (3) | – | – | – | 0.04 | – | – | – | 0.22 | ||||||||||||||||||||||||||||||||||||||||
| Internet source of revenue – non-GAAP | $ | 562.3 | 23.2 | % | $ | 3.53 | $ | 3.33 | $ | 812.0 | 28.8 | % | $ | 4.90 | $ | 4.61 | ||||||||||||||||||||||||||||||||
| GAAP and non-GAAP weighted moderate not unusual stocks – elementary | 159.3 | 165.7 | ||||||||||||||||||||||||||||||||||||||||||||||
| GAAP weighted moderate not unusual stocks – diluted | 171.2 | 185.5 | ||||||||||||||||||||||||||||||||||||||||||||||
| Exclude dilutive stocks from convertible observe | (2.0 | ) | (8.8 | ) | ||||||||||||||||||||||||||||||||||||||||||||
| Non-GAAP weighted moderate not unusual stocks – diluted | 169.2 | 176.7 | ||||||||||||||||||||||||||||||||||||||||||||||
| (1 | ) | Restructuring and different is composed of: | ||||||||||||||||||||||||||||||||||||||||||||||
| 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
| October 2, 2022 | October 3, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
| Litigation agreement | $ | 14.7 | $ | – | ||||||||||||||||||||||||||||||||||||||||||||
| Worker severance | 2.1 | 1.2 | ||||||||||||||||||||||||||||||||||||||||||||||
| Acquisition comparable bills and repayment | (0.2 | ) | 0.3 | |||||||||||||||||||||||||||||||||||||||||||||
| Contingent attention truthful worth adjustment | – | (7.2 | ) | |||||||||||||||||||||||||||||||||||||||||||||
| Different | 2.9 | 2.2 | – | |||||||||||||||||||||||||||||||||||||||||||||
| $ | 19.6 | $ | (3.4 | ) | ||||||||||||||||||||||||||||||||||||||||||||
| (2 | ) | For the 9 months ended October 3, 2021, adjustment to exclude loss on convertible debt conversions. For the 9 months ended October 3, 2021, Pastime and different integrated non-cash convertible debt hobby expense. For the 9 months ended October 3, 2021, adjustment to exclude actuarial achieve identified underneath GAAP in line with Teradyne’s mark-to-market pension accounting. | ||||||||||||||||||||||||||||||||||||||||||||||
| (3 | ) | For the 9 months ended October 2, 2022 and October 3, 2021, the non-GAAP diluted EPS calculation provides again $0.7 million and $2.6 million, respectively, of convertible debt hobby expense to non-GAAP web source of revenue. For the 9 months ended October 2, 2022 and October 3, 2021, non-GAAP weighted moderate diluted not unusual stocks come with 9.1 million and 9.8 million stocks, respectively, associated with the convertible debt hedge transaction. | ||||||||||||||||||||||||||||||||||||||||||||||
| GAAP to Non-GAAP Reconciliation of Fourth Quarter 2022 steering: | ||||||||||||||||||||||||||||||||||||||||||||||||
| GAAP and non-GAAP fourth quarter earnings steering: | $670 million | to | $750 million | |||||||||||||||||||||||||||||||||||||||||||||
| GAAP web source of revenue according to diluted proportion | $ | 0.59 | $ | 0.84 | ||||||||||||||||||||||||||||||||||||||||||||
| Exclude bought intangible belongings amortization | 0.03 | 0.03 | ||||||||||||||||||||||||||||||||||||||||||||||
| Non-GAAP web source of revenue according to diluted proportion | $ | 0.62 | $ | 0.86 | ||||||||||||||||||||||||||||||||||||||||||||
| For press releases and different knowledge of hobby to buyers, please talk over with Teradyne’s homepage at http://www.teradyne.com. | ||||||||||||||||||||||||||||||||||||||||||||||||
| Touch: Teradyne, Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||
| Andy Blanchard 978-370-2425 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Vice President of Company Family members | ||||||||||||||||||||||||||||||||||||||||||||||||
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