[October 22, 2014] |
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Teradyne Reports Third Quarter 2014 Results
NORTH READING, Mass. --(Business Wire)--
Teradyne, Inc. (NYSE: TER)
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Q3-14
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Q2-14
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Q3-13
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Orders
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$273 million
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$627 million
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$271 million
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Revenue
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$478 million
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$526 million
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$433 million
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Non-GAAP EPS
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$0.44
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$0.54
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$0.46
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GAAP EPS
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$0.38
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$0.47
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$0.29
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Teradyne,
Inc. (NYSE: TER) reported revenue of $478 million for the third
quarter of 2014 of which $380 million was in Semiconductor Test, $55
million in Wireless Test and $43 million in System Test. On a non-GAAP
basis, Teradyne's net income in the third quarter was $95.8 million, or
$0.44 per diluted share, which excluded acquired intangible asset
amortization and discrete income tax adjustments. GAAP net income for
the third quarter was $82.9 million or $0.38 per diluted share.
Orders in the third quarter of 2014 were $273 million of which $203
million were in Semiconductor Test, $42 million in Wireless Test, and
$28 million in System Test.
"The continued strong build out of electronics test capacity, combined
with our market share gains, has driven our semiconductor test orders
and revenue up over 30% year-to-date when compared with the same period
in 2013," said CEO and President Mark Jagiela. "As we enter the
seasonally slower fourth quarter period, we're encouraged by share gains
at LitePoint in cellular and NFC test, broad adoption of new flash,
System-on-a-Chip and production board test products, and improving
results in analog test. At the mid-point of our Q4 guidance, we'll end
the full year with double digit growth in both revenue and earnings for
the company."
Guidance for the fourth quarter of 2014 is revenue of $305 million to
$330 million, with diluted non-GAAP net income of $0.08 to $0.14 per
share and diluted GAAP net loss of ($0.16) to ($0.11) per share.
Non-GAAP guidance includes stock based compensation, but excludes
acquired intangible asset amortization, estimated fourth quarter pension
actuarial loss due to updated mortality tables and the related tax
impact on non-GAAP adjustments.
Webcast
A conference call to discuss the third quarter 2014 results, along with
management's business outlook, will follow at 10 a.m. EDT, Thursday,
October 23. The call will be broadcast simultaneously over the Internet.
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 at www.teradyne.com
at 10 a.m. EDT.
A replay will be available approximately two hours after the completion
of the call. The replay number in the U.S. & Canada is 855-859-2056. The
replay number outside the U.S. & Canada is 404-537-3406. The pass code
for both numbers is 5850439. A replay will also be available on the
Teradyne website at www.teradyne.com.
Click on "Investors" for a link to the replay.
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 asset amortization, retired CEO equity charge, non-cash
convertible debt interest, discrete income tax adjustments, pension and
post retirement actuarial gains and losses, restructuring and other, and
a gain from the sale of an equity investment, and, prior to January 1,
2014, included income taxes on a cash basis [cash taxes reflects the
usage of prior year favorable tax attributes (e.g. NOLs and credits)
against current year tax liability]. 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 and non-GAAP net income as a percentage of revenue, and
non-GAAP net income per share are non-GAAP 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 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 gross
margin excludes pension and post retirement actuarial gains and losses.
GAAP requires that this item be included in determining gross margin.
Non-GAAP gross margin dollar amount and percentage are non-GAAP measures
that management believes provide useful supplemental information for
management and the investor. Management uses non-GAAP gross margin as a
performance measure for Teradyne's current core business and future
outlook and for comparison with Teradyne's business plan, historical
gross margin results and the gross margin 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
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 "Investors" and then selecting the "GAAP to Non-GAAP
Reconciliation" link. The non-GAAP financial 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
(NYSE:TER) is a leading supplier of Automatic Test Equipment used to
test semiconductors, wireless products, data storage and complex
electronic systems which serve consumer, communications, industrial and
government customers. In 2013, Teradyne had revenue of $1.43 billion and
currently employs approximately 3,900 people worldwide. For more
information, visit www.teradyne.com.
Teradyne (R) is a registered trademark of Teradyne, Inc. in the U.S. and
other countries.
Safe Harbor Statement
This release contains forward-looking statements regarding future
business prospects, Teradyne's results of operations, market conditions
and the payment of a quarterly dividend. Such statements are based on
the current assumptions and expectations of Teradyne's management and
are neither promises nor guarantees of future performance or future
payment of dividends. You can identify these forward-looking statements
based on the context of the statements and by the fact that they use
words such as "will," "anticipate," "expect," "project," "intend,"
"plan," "believe," "target" and other words and terms of similar meaning
in connection with any discussion of future operating or financial
performance. There can be no assurance that management's estimates of
Teradyne's future results or other forward looking statements will be
achieved or that dividends will be declared in the future. Important
factors that could cause actual results or dividend payments to differ
materially from those presently expected include: conditions affecting
the markets in which Teradyne operates; decreased or delayed product
demand; increased research and development spending; deterioration of
Teradyne's financial condition, the business judgment of the board of
directors that a declaration of a dividend is not in the company's best
interests and other events, factors and risks disclosed in filings with
the SEC, including, but not limited to, the "Risk Factors" section of
Teradyne's Annual Report on Form 10-K for the fiscal year ended December
31, 2013 and Quarterly Report on Form 10-Q for the period ended June 29,
2014. The forward-looking statements provided by Teradyne in this press
release represent management's views as of the date of this release.
Teradyne anticipates that subsequent events and developments may cause
management's views to change. However, while Teradyne may elect to
update these forward-looking statements at some point in the future,
Teradyne specifically disclaims any obligation to do so. These
forward-looking statements should not be relied upon as representing
Teradyne's views as of any date subsequent to the date of this release.
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TERADYNE, INC. REPORT FOR THIRD FISCAL QUARTER OF 2014
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CONDENSED CONSOLIDATED OPERATING STATEMENTS
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(In thousands, except per share amounts)
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Quarter Ended
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Nine Months Ended
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September 28, 2014
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June 29, 2014
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September 29, 2013
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September 28, 2014
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September 29, 2013
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Net revenues
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$
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478,010
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$
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525,567
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$
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433,376
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$
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1,324,587
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$
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1,142,632
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Cost of revenues (1) (2)
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216,889
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235,154
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179,082
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606,006
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493,688
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Gross profit
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261,121
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290,413
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254,294
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718,581
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648,944
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Operating expenses:
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Engineering and development (1)
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71,953
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73,414
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68,918
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212,452
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199,442
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Selling and administrative (1) (3)
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73,064
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77,489
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72,917
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228,556
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210,037
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Acquired intangible asset amortization
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18,271
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18,271
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18,064
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54,813
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54,163
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Restructuring and other (4)
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(405
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)
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572
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889
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167
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1,480
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Operating expenses
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162,883
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169,746
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160,788
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495,988
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465,122
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Income from operations
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98,238
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120,667
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93,506
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222,593
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183,822
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Interest and other (5)
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2,432
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725
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(5,954
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(2,404
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(17,339
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Income before income taxes
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100,670
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121,392
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87,552
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220,189
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166,483
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Income tax provision
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17,721
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20,187
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18,093
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35,106
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23,879
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Net income
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$
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82,949
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$
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101,205
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$
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69,459
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$
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185,083
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$
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142,604
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Net income per common share:
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Basic
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$
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0.40
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$
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0.52
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$
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0.36
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$
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0.93
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$
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0.75
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Diluted
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$
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0.38
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$
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0.47
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$
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0.29
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$
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0.83
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$
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0.61
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Weighted average common shares - basic
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207,381
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194,408
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191,307
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198,367
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190,521
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Weighted average common shares - diluted (6)
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218,333
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216,568
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235,828
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223,795
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235,165
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Cash dividend declared per common share
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$
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0.06
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$
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-
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$
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-
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$
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0.12
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$
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-
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Net orders
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$
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273,043
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$
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627,088
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$
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270,595
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$
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1,349,957
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$
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1,144,492
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(1)
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In the first quarter of 2012, we changed our accounting method from
delayed recognition of actuarial gains and losses for our defined
benefit pension plans and other post retirement benefit plans to
immediate recognition. We elected to immediately recognize net
actuarial gains and losses and the change in the fair value of plan
assets in our operating results in the year in which they occur.
Below are the pension gains included in our operating results:
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Quarter Ended
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Nine Months Ended
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September 28, 2014
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June 29, 2014
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September 29, 2013
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September 28, 2014
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September 29, 2013
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Cost of revenues
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$
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-
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$
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-
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$
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-
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$
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-
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$
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(335
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)
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Engineering and development
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-
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-
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-
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-
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(659
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)
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Selling and administrative
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-
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-
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-
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-
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(365
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$
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-
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$
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-
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$
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-
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$
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-
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$
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(1,359
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(2)
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Cost of revenues includes:
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Quarter Ended
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Nine Months Ended
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September 28, 2014
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June 29, 2014
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September 29, 2013
|
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|
September 28, 2014
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September 29, 2013
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Provision for excess and obsolete inventory
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$
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6,434
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$
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5,032
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$
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3,841
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$
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21,505
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$
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9,616
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Sale of previously written down inventory
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(6,332
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)
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(2,014
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)
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(4,093
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)
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|
|
|
(9,726
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)
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|
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(8,934
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)
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|
|
|
|
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|
$
|
102
|
|
|
$
|
3,018
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|
|
$
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(252
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)
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$
|
11,779
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|
|
$
|
682
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|
|
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|
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|
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(3)
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For the nine months ended September 28, 2014, selling and
administrative expenses include an equity charge of $6,598 for the
modification of Teradyne's retired CEO's outstanding equity awards
to allow continued vesting and maintain the original term in
connection with his January 31, 2014 retirement.
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|
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(4)
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Restructuring and other consists of:
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Quarter Ended
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Nine Months Ended
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|
|
|
|
|
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September 28, 2014
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June 29, 2014
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|
September 29, 2013
|
|
|
September 28, 2014
|
|
September 29, 2013
|
|
|
|
Employee severance
|
|
|
$
|
225
|
|
|
$
|
572
|
|
|
$
|
1,337
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|
|
|
$
|
797
|
|
|
$
|
1,928
|
|
|
|
|
Contingent consideration fair value adjustment
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(630
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)
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|
|
-
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|
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-
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|
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(630
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)
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|
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-
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|
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Facility related
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|
|
|
-
|
|
|
|
-
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(448
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)
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|
|
|
-
|
|
|
|
(448
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)
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|
|
|
|
|
|
$
|
(405
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)
|
|
$
|
572
|
|
|
$
|
889
|
|
|
|
$
|
167
|
|
|
$
|
1,480
|
|
|
|
|
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|
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(5)
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Interest and other includes:
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Quarter Ended
|
|
|
Nine Months Ended
|
|
|
|
|
|
|
September 28, 2014
|
|
June 29, 2014
|
|
September 29, 2013
|
|
|
September 28, 2014
|
|
September 29, 2013
|
|
|
|
Non-cash convertible debt interest expense
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
4,018
|
|
|
|
$
|
4,290
|
|
|
$
|
11,656
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(6)
|
Under GAAP, when calculating diluted earnings per share, convertible
debt must be assumed to have converted if the effect on EPS would be
dilutive. Diluted shares assume the conversion of the convertible
debt as the effect would be dilutive. Accordingly, for the quarter
ended September 29, 2013, and for the nine months ended September
28, 2014 and September 29, 2013, 23.3 million, 6.7 million and 23.3
million shares, respectively, have been included in diluted shares.
|
|
|
|
CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 28, 2014
|
|
|
December 31, 2013 (1)
|
|
|
|
|
|
|
|
(unaudited)
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
$
|
211,704
|
|
|
$
|
341,638
|
|
Marketable securities
|
|
|
|
|
594,801
|
|
|
|
586,882
|
|
Accounts receivable
|
|
|
|
|
321,312
|
|
|
|
157,642
|
|
Inventories
|
|
|
|
|
108,377
|
|
|
|
137,939
|
|
Deferred tax assets
|
|
|
|
|
68,791
|
|
|
|
72,478
|
|
Prepayments
|
|
|
|
|
88,732
|
|
|
|
136,374
|
|
Other current assets
|
|
|
|
|
7,304
|
|
|
|
7,324
|
|
|
|
Total current assets
|
|
|
|
|
1,401,021
|
|
|
|
1,440,277
|
|
|
|
|
|
|
|
|
|
|
|
|
Net property, plant and equipment
|
|
|
|
|
335,805
|
|
|
|
275,236
|
|
Marketable securities
|
|
|
|
|
374,808
|
|
|
|
271,078
|
|
Deferred tax assets
|
|
|
|
|
5,353
|
|
|
|
5,217
|
|
Other assets
|
|
|
|
|
9,853
|
|
|
|
14,591
|
|
Retirement plans assets
|
|
|
|
|
8,871
|
|
|
|
9,342
|
|
Intangible assets
|
|
|
|
|
197,477
|
|
|
|
252,291
|
|
Goodwill
|
|
|
|
|
361,819
|
|
|
|
361,792
|
|
|
|
Total assets
|
|
|
|
$
|
2,695,007
|
|
|
$
|
2,629,824
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
|
$
|
60,309
|
|
|
$
|
62,874
|
|
Accrued employees' compensation and withholdings
|
|
91,053
|
|
|
|
95,619
|
|
Deferred revenue and customer advances
|
|
|
|
|
60,178
|
|
|
|
55,404
|
|
Other accrued liabilities
|
|
|
|
|
98,424
|
|
|
|
63,712
|
|
Accrued income taxes
|
|
|
|
|
19,840
|
|
|
|
11,360
|
|
Current debt
|
|
|
|
|
-
|
|
|
|
186,663
|
|
|
|
Total current liabilities
|
|
|
|
|
329,804
|
|
|
|
475,632
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term deferred revenue and customer advances
|
|
23,248
|
|
|
|
13,756
|
|
Retirement plans liabilities
|
|
|
|
|
88,670
|
|
|
|
91,517
|
|
Deferred tax liabilities
|
|
|
|
|
35,911
|
|
|
|
40,686
|
|
Long-term other accrued liabilities
|
|
|
|
|
27,466
|
|
|
|
23,139
|
|
|
|
Total liabilities
|
|
|
|
|
505,099
|
|
|
|
644,730
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
|
|
|
|
|
2,189,908
|
|
|
|
1,985,094
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders' equity
|
|
|
|
$
|
2,695,007
|
|
|
$
|
2,629,824
|
|
|
|
|
|
|
|
|
|
|
|
(1) The December 31, 2013 condensed consolidated balance sheet data was
derived from audited financial statements, but does not include all
disclosures required by accounting principles generally accepted in the
United States of America.
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands)
|
|
|
|
|
|
|
|
Quarter Ended
|
|
|
Nine Months Ended
|
|
|
|
|
|
|
September 28, 2014
|
|
September 29, 2013
|
|
|
September 28, 2014
|
|
September 29, 2013
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
$
|
82,949
|
|
|
$
|
69,459
|
|
|
|
$
|
185,083
|
|
|
$
|
142,604
|
|
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
|
|
|
|
|
|
|
Depreciation
|
|
|
|
19,047
|
|
|
|
14,321
|
|
|
|
|
52,832
|
|
|
|
41,873
|
|
|
|
Amortization
|
|
|
|
19,132
|
|
|
|
23,443
|
|
|
|
|
62,122
|
|
|
|
69,495
|
|
|
|
Stock-based compensation
|
|
|
|
8,343
|
|
|
|
9,150
|
|
|
|
|
31,873
|
|
|
|
27,227
|
|
|
|
Provision for excess and obsolete inventory
|
|
|
|
6,434
|
|
|
|
3,841
|
|
|
|
|
21,505
|
|
|
|
9,616
|
|
|
|
Deferred taxes
|
|
|
|
(3,050
|
)
|
|
|
(3,981
|
)
|
|
|
|
(8,747
|
)
|
|
|
(19,211
|
)
|
|
|
Contingent consideration fair value adjustment
|
|
|
|
(630
|
)
|
|
|
-
|
|
|
|
|
(630
|
)
|
|
|
-
|
|
|
|
Tax benefit related to stock options and restricted stock units
|
|
|
|
(55
|
)
|
|
|
777
|
|
|
|
|
(1,726
|
)
|
|
|
(807
|
)
|
|
|
Retirement plans actuarial gains
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
(1,359
|
)
|
|
|
Other
|
|
|
|
183
|
|
|
|
1,207
|
|
|
|
|
2,110
|
|
|
|
2,162
|
|
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
|
(20,545
|
)
|
|
|
18,822
|
|
|
|
|
(163,670
|
)
|
|
|
(55,963
|
)
|
|
|
|
Inventories
|
|
|
|
19,798
|
|
|
|
7,821
|
|
|
|
|
38,267
|
|
|
|
34,194
|
|
|
|
|
Prepayments and other assets
|
|
|
|
20,784
|
|
|
|
(9,035
|
)
|
|
|
|
47,784
|
|
|
|
(26,312
|
)
|
|
|
|
Accounts payable and accrued expenses
|
|
|
|
(23,687
|
)
|
|
|
15,411
|
|
|
|
|
29,109
|
|
|
|
(17
|
)
|
|
|
|
Deferred revenue and customer advances
|
|
|
|
466
|
|
|
|
(6,438
|
)
|
|
|
|
14,266
|
|
|
|
(9,249
|
)
|
|
|
|
Retirement plans contributions
|
|
|
|
(893
|
)
|
|
|
(1,058
|
)
|
|
|
|
(3,281
|
)
|
|
|
(3,569
|
)
|
|
|
|
Accrued income taxes
|
|
|
|
4,713
|
|
|
|
10,786
|
|
|
|
|
10,208
|
|
|
|
13,750
|
|
Net cash provided by operating activities
|
|
|
|
132,989
|
|
|
|
154,526
|
|
|
|
|
317,105
|
|
|
|
224,434
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of property, plant and equipment
|
|
|
|
(54,963
|
)
|
|
|
(32,127
|
)
|
|
|
|
(146,352
|
)
|
|
|
(82,925
|
)
|
|
Purchases of marketable securities
|
|
|
|
(319,348
|
)
|
|
|
(199,372
|
)
|
|
|
|
(844,056
|
)
|
|
|
(658,564
|
)
|
|
Proceeds from maturities of marketable securities
|
|
|
|
118,129
|
|
|
|
133,355
|
|
|
|
|
495,565
|
|
|
|
401,901
|
|
|
Proceeds from sales of marketable securities
|
|
|
|
82,602
|
|
|
|
282,522
|
|
|
|
|
236,060
|
|
|
|
332,968
|
|
|
Proceeds from life insurance
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
4,391
|
|
|
|
-
|
|
Net cash (used for) provided by investing activities
|
|
|
|
(173,580
|
)
|
|
|
184,378
|
|
|
|
|
(254,392
|
)
|
|
|
(6,620
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of common stock under stock option and stock purchase plans
|
|
|
|
10,387
|
|
|
|
7,140
|
|
|
|
|
21,030
|
|
|
|
16,778
|
|
|
Tax benefit related to stock options and restricted stock units
|
|
|
|
55
|
|
|
|
(777
|
)
|
|
|
|
1,726
|
|
|
|
807
|
|
|
Dividend payments
|
|
|
|
(12,772
|
)
|
|
|
-
|
|
|
|
|
(24,428
|
)
|
|
|
-
|
|
|
Payments of long-term debt
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
(190,975
|
)
|
|
|
(1,063
|
)
|
|
Payments of contingent consideration
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
(388
|
)
|
Net cash (used for) provided by financing activities
|
|
|
|
(2,330
|
)
|
|
|
6,363
|
|
|
|
|
(192,647
|
)
|
|
|
16,134
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Decrease) increase in cash and cash equivalents
|
|
|
|
(42,921
|
)
|
|
|
345,267
|
|
|
|
|
(129,934
|
)
|
|
|
233,948
|
|
Cash and cash equivalents at beginning of period
|
|
|
|
254,625
|
|
|
|
227,601
|
|
|
|
|
341,638
|
|
|
|
338,920
|
|
Cash and cash equivalents at end of period
|
|
|
$
|
211,704
|
|
|
$
|
572,868
|
|
|
|
$
|
211,704
|
|
|
$
|
572,868
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP to Non-GAAP Earnings Reconciliation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In millions, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 28, 2014
|
|
% of Net Revenues
|
|
|
|
|
|
June 29,
2014
|
|
% of Net Revenues
|
|
|
|
|
|
September 29, 2013
|
|
% of Net Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenues
|
|
|
$
|
478.0
|
|
|
|
|
|
|
|
|
|
|
$
|
525.6
|
|
|
|
|
|
|
|
|
|
|
$
|
433.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit - GAAP and non-GAAP
|
|
|
$
|
261.1
|
|
|
54.6
|
%
|
|
|
|
|
|
|
|
$
|
290.4
|
|
|
55.3
|
%
|
|
|
|
|
|
|
|
$
|
254.3
|
|
|
58.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations - GAAP
|
|
|
$
|
98.2
|
|
|
20.5
|
%
|
|
|
|
|
|
|
|
$
|
120.7
|
|
|
23.0
|
%
|
|
|
|
|
|
|
|
$
|
93.5
|
|
|
21.6
|
%
|
|
|
|
|
|
Acquired intangible asset amortization
|
|
|
|
18.3
|
|
|
3.8
|
%
|
|
|
|
|
|
|
|
|
18.3
|
|
|
3.5
|
%
|
|
|
|
|
|
|
|
|
18.1
|
|
|
4.2
|
%
|
|
|
|
|
|
Restructuring and other (1)
|
|
|
|
(0.4
|
)
|
|
-0.1
|
%
|
|
|
|
|
|
|
|
|
0.6
|
|
|
0.1
|
%
|
|
|
|
|
|
|
|
|
0.9
|
|
|
0.2
|
%
|
|
|
|
|
Income from operations - non-GAAP
|
|
|
$
|
116.1
|
|
|
24.3
|
%
|
|
|
|
|
|
|
|
$
|
139.6
|
|
|
26.6
|
%
|
|
|
|
|
|
|
|
$
|
112.5
|
|
|
26.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
per Common Share
|
|
|
|
|
|
Net Income
per Common Share
|
|
|
|
|
|
Net Income
per Common Share
|
|
|
|
|
|
|
September 28, 2014
|
|
% of Net Revenues
|
|
Basic
|
|
Diluted
|
|
|
|
June 29,
2014
|
|
% of Net Revenues
|
|
Basic
|
|
Diluted
|
|
|
|
September 29, 2013
|
|
% of Net Revenues
|
|
Basic
|
|
Diluted
|
Net income - GAAP
|
|
|
$
|
82.9
|
|
|
17.3
|
%
|
|
$
|
0.40
|
|
|
$
|
0.38
|
|
|
|
|
$
|
101.2
|
|
|
19.3
|
%
|
|
$
|
0.52
|
|
|
$
|
0.47
|
|
|
|
|
$
|
69.5
|
|
|
16.0
|
%
|
|
$
|
0.36
|
|
$
|
0.29
|
|
Acquired intangible asset amortization
|
|
|
|
18.3
|
|
|
3.8
|
%
|
|
|
0.09
|
|
|
|
0.08
|
|
|
|
|
|
18.3
|
|
|
3.5
|
%
|
|
|
0.09
|
|
|
|
0.08
|
|
|
|
|
|
18.1
|
|
|
4.2
|
%
|
|
|
0.09
|
|
|
0.08
|
|
Restructuring and other (1)
|
|
|
|
(0.4
|
)
|
|
-0.1
|
%
|
|
|
(0.00
|
)
|
|
|
(0.00
|
)
|
|
|
|
|
0.6
|
|
|
0.1
|
%
|
|
|
0.00
|
|
|
|
0.00
|
|
|
|
|
|
0.9
|
|
|
0.2
|
%
|
|
|
0.00
|
|
|
0.00
|
|
Exclude discrete tax adjustments (2)
|
|
|
|
(1.6
|
)
|
|
-0.3
|
%
|
|
|
(0.01
|
)
|
|
|
(0.01
|
)
|
|
|
|
|
(0.5
|
)
|
|
-0.1
|
%
|
|
|
(0.00
|
)
|
|
|
(0.00
|
)
|
|
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
Tax effect of non-GAAP adjustments
|
|
|
|
(3.4
|
)
|
|
-0.7
|
%
|
|
|
(0.02
|
)
|
|
|
(0.02
|
)
|
|
|
|
|
(3.2
|
)
|
|
-0.6
|
%
|
|
|
(0.02
|
)
|
|
|
(0.01
|
)
|
|
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
Income tax adjustment (4)
|
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
2.5
|
|
|
0.6
|
%
|
|
|
0.01
|
|
|
0.01
|
|
Interest and other (3)
|
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
4.0
|
|
|
0.9
|
%
|
|
|
0.02
|
|
|
0.02
|
|
Convertible share adjustment (5)
|
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
0.06
|
Net income - non-GAAP
|
|
|
$
|
95.8
|
|
|
20.0
|
%
|
|
$
|
0.46
|
|
|
$
|
0.44
|
|
|
|
|
$
|
116.4
|
|
|
22.1
|
%
|
|
$
|
0.60
|
|
|
$
|
0.54
|
|
|
|
|
$
|
95.0
|
|
|
21.9
|
%
|
|
$
|
0.50
|
|
$
|
0.46
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP and non-GAAP weighted average common shares - basic
|
|
|
|
207.4
|
|
|
|
|
|
|
|
|
|
|
|
194.4
|
|
|
|
|
|
|
|
|
|
|
|
191.3
|
|
|
|
|
|
|
|
GAAP weighted average common shares - diluted
|
|
|
|
218.3
|
|
|
|
|
|
|
|
|
|
|
|
216.6
|
|
|
|
|
|
|
|
|
|
|
|
235.8
|
|
|
|
|
|
|
|
|
Exclude dilutive shares from convertible note
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
(23.3
|
)
|
|
|
|
|
|
|
Non-GAAP weighted average common shares - diluted (5)
|
|
|
|
218.3
|
|
|
|
|
|
|
|
|
|
|
|
216.6
|
|
|
|
|
|
|
|
|
|
|
|
212.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Restructuring and other consists of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
September 28, 2014
|
|
|
|
|
|
|
|
|
June 29,
2014
|
|
|
|
|
|
|
|
|
September 29, 2013
|
|
|
|
|
|
|
|
Employee severance
|
|
|
$
|
0.2
|
|
|
|
|
|
|
|
|
|
|
$
|
0.6
|
|
|
|
|
|
|
|
|
|
|
$
|
1.3
|
|
|
|
|
|
|
|
|
|
Contingent consideration fair value adjustment
|
|
|
|
(0.6
|
)
|
|
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
Facility related
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
(0.4
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(0.4
|
)
|
|
|
|
|
|
|
|
|
|
$
|
0.6
|
|
|
|
|
|
|
|
|
|
|
$
|
0.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) For the quarters ended September 28, 2014 and June 29, 2014,
adjustment to exclude discrete income tax items.
(3) For the quarter ended September 29, 2013, Interest and other
included non-cash convertible debt interest expense.
(4) For the quarter ended September 29, 2013, adjustment to record
income taxes on a cash basis. Cash taxes reflects the usage of prior
year favorable tax attributes (e.g. NOLs and credits) against current
year tax liability.
(5) For the quarter ended September 29, 2013, the calculation of
non-GAAP diluted earnings per share gives benefit to the Company's call
option on its stock for 34.7 million shares at $5.48. As a result, 18.7
million shares have been excluded from non-GAAP diluted shares. For the
quarter ended September 29, 2013, net interest expense of $2.3 million
has been added back to non-GAAP net income for the non-GAAP diluted
earnings per share calculation.
|
|
|
|
|
|
|
Nine Months Ended
|
|
|
|
|
|
|
|
September 28, 2014
|
|
% of Net Revenues
|
|
|
|
|
September 29, 2013
|
|
% of Net Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Revenues
|
|
|
$
|
1,324.6
|
|
|
|
|
|
|
|
|
|
$
|
1,142.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit - GAAP
|
|
|
$
|
718.6
|
|
|
54.3
|
%
|
|
|
|
|
|
|
$
|
648.9
|
|
|
56.8
|
%
|
|
|
|
|
|
|
|
Pension mark-to-market adjustments (1)
|
|
|
|
-
|
|
|
-
|
|
|
|
|
|
|
|
|
(0.3
|
)
|
|
0.0
|
%
|
|
|
|
|
|
Gross profit - non-GAAP
|
|
|
$
|
718.6
|
|
|
54.3
|
%
|
|
|
|
|
|
|
$
|
648.6
|
|
|
56.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations - GAAP
|
|
|
$
|
222.6
|
|
|
16.8
|
%
|
|
|
|
|
|
|
$
|
183.8
|
|
|
16.1
|
%
|
|
|
|
|
|
|
|
Acquired intangible asset amortization
|
|
|
|
54.8
|
|
|
4.1
|
%
|
|
|
|
|
|
|
|
54.2
|
|
|
4.7
|
%
|
|
|
|
|
|
|
|
Equity modification charge (2)
|
|
|
|
6.6
|
|
|
0.5
|
%
|
|
|
|
|
|
|
|
-
|
|
|
-
|
|
|
|
|
|
|
|
|
Restructuring and other (3)
|
|
|
|
0.2
|
|
|
0.0
|
%
|
|
|
|
|
|
|
|
1.5
|
|
|
0.1
|
%
|
|
|
|
|
|
|
|
Pension mark-to-market adjustments (1)
|
|
|
|
-
|
|
|
-
|
|
|
|
|
|
|
|
|
(1.4
|
)
|
|
-0.1
|
%
|
|
|
|
|
|
Income from operations - non-GAAP
|
|
|
$
|
284.2
|
|
|
21.5
|
%
|
|
|
|
|
|
|
$
|
238.1
|
|
|
20.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
per Common Share
|
|
|
|
|
|
|
|
Net Income
per Common Share
|
|
|
|
|
|
|
|
September 28, 2014
|
|
% of Net Revenues
|
|
Basic
|
|
Diluted
|
|
|
September 29, 2013
|
|
% of Net Revenues
|
|
|
Basic
|
|
Diluted
|
Net income - GAAP
|
|
|
$
|
185.1
|
|
|
14.0
|
%
|
|
$
|
0.93
|
|
|
$
|
0.83
|
|
|
|
$
|
142.6
|
|
|
12.5
|
%
|
|
|
$
|
0.75
|
|
|
$
|
0.61
|
|
|
|
Acquired intangible asset amortization
|
|
|
|
54.8
|
|
|
4.1
|
%
|
|
|
0.28
|
|
|
|
0.24
|
|
|
|
|
54.2
|
|
|
4.7
|
%
|
|
|
|
0.28
|
|
|
|
0.23
|
|
|
|
Pension mark-to-market adjustments (1)
|
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
(1.4
|
)
|
|
-0.1
|
%
|
|
|
|
(0.01
|
)
|
|
|
(0.01
|
)
|
|
|
Equity modification charge (2)
|
|
|
|
6.6
|
|
|
0.5
|
%
|
|
|
0.03
|
|
|
|
0.03
|
|
|
|
|
-
|
|
|
-
|
|
|
|
|
-
|
|
|
|
-
|
|
|
|
Restructuring and other (3)
|
|
|
|
0.2
|
|
|
0.0
|
%
|
|
|
0.00
|
|
|
|
0.00
|
|
|
|
|
1.5
|
|
|
0.1
|
%
|
|
|
|
0.01
|
|
|
|
0.01
|
|
|
|
Interest and other (4)
|
|
|
|
4.3
|
|
|
0.3
|
%
|
|
|
0.02
|
|
|
|
0.02
|
|
|
|
|
11.7
|
|
|
1.0
|
%
|
|
|
|
0.06
|
|
|
|
0.05
|
|
|
|
Exclude discrete tax adjustments (5)
|
|
|
|
(4.5
|
)
|
|
-0.3
|
%
|
|
|
(0.02
|
)
|
|
|
(0.02
|
)
|
|
|
|
-
|
|
|
-
|
|
|
|
|
-
|
|
|
|
-
|
|
|
|
Tax effect of non-GAAP adjustments
|
|
|
|
(11.9
|
)
|
|
-0.9
|
%
|
|
|
(0.06
|
)
|
|
|
(0.05
|
)
|
|
|
|
-
|
|
|
-
|
|
|
|
|
-
|
|
|
|
-
|
|
|
|
Income tax adjustment (6)
|
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
(6.3
|
)
|
|
-0.6
|
%
|
|
|
|
(0.03
|
)
|
|
|
(0.03
|
)
|
|
|
Convertible share adjustment (7)
|
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
|
0.04
|
|
|
|
|
-
|
|
|
-
|
|
|
|
|
-
|
|
|
|
0.13
|
|
Net income - non-GAAP
|
|
|
$
|
234.6
|
|
|
17.7
|
%
|
|
$
|
1.18
|
|
|
$
|
1.09
|
|
|
|
$
|
202.3
|
|
|
17.7
|
%
|
|
|
$
|
1.06
|
|
|
$
|
0.99
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP and non-GAAP weighted average common shares - basic
|
|
|
|
198.4
|
|
|
|
|
|
|
|
|
|
|
190.5
|
|
|
|
|
|
|
|
|
GAAP weighted average common shares - diluted
|
|
|
|
223.8
|
|
|
|
|
|
|
|
|
|
|
235.2
|
|
|
|
|
|
|
|
|
|
|
Exclude dilutive shares from convertible note
|
|
|
|
(6.7
|
)
|
|
|
|
|
|
|
|
|
|
(23.3
|
)
|
|
|
|
|
|
|
|
Non-GAAP weighted average common shares - diluted (7)
|
|
|
|
217.1
|
|
|
|
|
|
|
|
|
|
|
211.9
|
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(1)
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Actuarial (gains) losses recognized under GAAP in accordance with
the Company's mark-to-market pension accounting.
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(2)
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For the nine months ended September 28, 2014, selling and
administrative expenses include an equity charge for the
modification of Teradyne's retired CEO's outstanding equity awards
to allow continued vesting and maintain the original term in
connection with his January 31, 2014 retirement.
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(3)
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Restructuring and other consists of:
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Nine Months Ended
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September 28, 2014
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September 29, 2013
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Employee severance
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$
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0.8
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$
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1.9
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Contingent consideration fair value adjustment
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(0.6
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-
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Facility related
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-
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(0.4
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$
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0.2
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$
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1.5
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(4) For the nine months ended September 28, 2014 and September 29, 2013,
Interest and other included non-cash convertible debt interest expense.
(5) For the nine months ended September 28, 2014, adjustment to exclude
discrete income tax items.
(6) For the nine months ended September 29, 2013, adjustment to record
income taxes on a cash basis. Cash taxes reflects the usage of prior
year favorable tax attributes (e.g. NOLs and credits) against current
year tax liability.
(7) For the nine months ended September 28, 2014 and September 29, 2013,
the calculation of non-GAAP diluted earnings per share gives benefit to
the Company's call option on its stock for 34.7 million shares at $5.48.
As a result 6.7 million and 23.3 million shares, respectively, have been
excluded from non-GAAP diluted shares. For the nine months ended
September 28, 2014 and September 29, 2013, net interest expense of
approximately $2.0 million and $7.0 million, respectively, have been
added back to non-GAAP net income for the non-GAAP diluted earnings per
share calculation.
GAAP to Non-GAAP Reconciliation of Fourth Quarter 2014 guidance:
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GAAP and non-GAAP fourth quarter revenue guidance:
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$305 million
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to
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$330 million
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GAAP net loss per diluted share
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$
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(0.16
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$
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(0.11
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)
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Exclude estimated pension actuarial loss from updated mortality
tables
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0.23
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0.23
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Exclude acquired intangible asset amortization
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0.07
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0.07
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Tax effect of non-GAAP adjustments
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(0.05
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)
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(0.05
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Non-GAAP net income per diluted share
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$
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0.08
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$
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0.14
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For press releases and other information of interest to investors,
please visit Teradyne's homepage at http://www.teradyne.com.
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