- Q2’17 revenue of $697 million, up
31% from Q2’16 and 53% from Q1’17
- First half 2017 revenue up 20% from
first half 2016
- Semiconductor Test revenue increased
36% from Q2’16; 1H’17 up 22% from 1H’16
- Universal Robots (UR) revenue
increased 57% from Q2’16; 1H’17 up 81% from 1H’16
Teradyne, Inc. (NYSE: TER):
Q2’17
Q2’16
Q1’17
1H’17
1H‘16 Orders (mil) $462
$471 $595 $1,056 $860 Revenue
(mil) $697 $532 $457 $1,154
$963 GAAP EPS $0.87 $(1.10)
$0.42 $1.29 $(0.85) Non-GAAP EPS
$0.90 $0.55 $0.44 $1.34 $0.86
Teradyne, Inc. (NYSE: TER) reported revenue of $697 million for
the second quarter of 2017 of which $593 million was in
Semiconductor Test, $39 million in Industrial Automation (UR), $37
million in System Test, and $28 million in Wireless Test. GAAP net
income for the second quarter was $175.0 million or $0.87 per
share. On a non-GAAP basis, Teradyne’s net income in the second
quarter was $181.5 million, or $0.90 per diluted share, which
excluded acquired intangible assets amortization, non-cash
convertible debt interest, pension actuarial gains, restructuring
and other charges, and included the related tax impact on non-GAAP
adjustments.
Orders in the second quarter of 2017 were $462 million of which
$369 million were in Semiconductor Test, $33 million in Industrial
Automation (UR), $30 million in Wireless Test, and $29 million in
System Test.
"Continued strong performance in our Semiconductor Test Business
and Universal Robots drove our second quarter sales up 31% and EPS
up 64% compared to last year's second quarter," said CEO and
President Mark Jagiela. "Semiconductor Test shipments grew 36% year
on year reflecting continued strength in mobile and microcontroller
test and increasing demand in memory and analog test. Universal
Robots shipments increased 57% from Q2’16 and sales continue to
broaden with our expanding distribution reach and growing customer
awareness of the powerful economic benefits of UR’s collaborative
robots."
"Looking ahead to the 2nd half of 2017, we expect the normal
seasonal pattern of slowing mobile device test shipments in
Semiconductor Test and continued 50% plus growth at Universal
Robots."
Guidance for the third quarter of 2017 is revenue of $455
million to $485 million, with GAAP net income of $0.35 to $0.42 per
diluted share and non-GAAP net income of $0.39 to $0.46 per diluted
share. Non-GAAP guidance excludes acquired intangible assets
amortization, non-cash convertible debt interest, and includes the
related tax impact on non-GAAP adjustments.
WebcastA conference call to discuss the second quarter
results, along with management's business outlook, will follow at
10 a.m. ET, Thursday, July 27. Interested investors should access
the webcast at www.teradyne.com and click on "Investors" at least
five minutes before the call begins. Presentation materials will be
available starting at 10 a.m. ET. A replay will be available on the
Teradyne website at www.teradyne.com/investors.
Non-GAAP ResultsIn addition to disclosing results that
are determined in accordance with GAAP, Teradyne also discloses
non-GAAP results of operations that exclude certain income items
and charges. These results are provided as a complement to results
provided in accordance with GAAP. Non-GAAP income from operations
and non-GAAP net income exclude acquired intangible assets
amortization, non-cash convertible debt interest, pension actuarial
gains and losses, discrete income tax adjustments, goodwill
impairment, acquired intangible assets impairment, and
restructuring and other. 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 performance measures
presented to provide meaningful supplemental information regarding
Teradyne’s baseline performance before gains, losses or other
charges that may not be indicative of Teradyne’s current core
business or future outlook. These non-GAAP performance measures are
used to make operational decisions, to determine employee
compensation, to forecast future operational results, and for
comparison with Teradyne’s business plan, historical operating
results and the operating results of Teradyne’s competitors.
Non-GAAP gross margin excludes pension actuarial gains and losses.
GAAP requires that these items be included in determining gross
margin. Non-GAAP gross margin dollar amount and percentage are
non-GAAP performance 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.
Management believes each of these non-GAAP performance measures
provides useful supplemental information for investors, allowing
greater transparency to the information used by management in its
operational decision making and in the review of Teradyne’s
financial and operational performance, as well as facilitating
meaningful comparisons of Teradyne’s results in the current period
compared with those in prior and future periods. A reconciliation
of each available GAAP to non-GAAP financial measure discussed in
this press release is contained in the attached exhibits and on the
Teradyne website at www.teradyne.com by clicking on “Investors” and
then selecting the “GAAP to Non-GAAP Reconciliation” link. The
non-GAAP performance measures discussed in this press release may
not be comparable to similarly titled measures used by other
companies. The presentation of non-GAAP measures is not meant to be
considered in isolation, as a substitute for, or superior to,
financial measures or information provided in accordance with
GAAP.
About TeradyneTeradyne (NYSE:TER) is a leading supplier
of automation equipment for test and industrial applications.
Teradyne Automatic Test Equipment (ATE) is used to test
semiconductors, wireless products, data storage and complex
electronic systems, which serve consumer, communications,
industrial and government customers. Our Industrial Automation
products include Collaborative Robots used by global manufacturing
and light industrial customers to improve quality and increase
manufacturing efficiency. In 2016, Teradyne had revenue of $1.75
billion and currently employs approximately 4,400 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 StatementThis release contains
forward-looking statements regarding Teradyne’s future business
prospects, results of operations, market conditions, earnings per
share, the payment of a quarterly dividend, the repurchase of
Teradyne common stock pursuant to a share repurchase program, use
of proceeds and potential dilution from the senior convertible
notes offering and potential borrowings under a senior secured
credit facility. Such statements are based on the current
assumptions and expectations of Teradyne’s management and are
neither promises nor guarantees of future performance, events,
earnings per share, use of cash, payment of dividends, repurchases
of common stock, payment of the senior convertible notes or
availability of, or borrowing under, the credit facility. There can
be no assurance that management’s estimates of Teradyne’s future
results or other forward-looking statements will be achieved.
Additionally, the current dividend and share repurchase programs
may be modified, suspended or discontinued at any time. Important
factors that could cause actual results, earnings per share, use of
cash, dividend payments, repurchases of common stock, payment of
the senior convertible notes or borrowings under the credit
facility to differ materially from those presently expected
include: conditions affecting the markets in which Teradyne
operates; decreased or delayed product demand from one or more
significant customers; development, delivery and acceptance of new
products; the ability to grow Universal Robots’ business; increased
research and development spending; deterioration of Teradyne’s
financial condition; the consummation and success of any mergers or
acquisitions; unexpected cash needs; insufficient cash flow to make
required payments and pay the principal amount on the senior
convertible notes; the business judgment of the board of directors
that a declaration of a dividend, the repurchase of common stock or
borrowing under the credit facility 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, 2016 and the Quarterly Report on Form 10-Q
for the period ended April 2, 2017. 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.
TERADYNE, INC. REPORT FOR SECOND FISCAL QUARTER OF 2017
CONDENSED CONSOLIDATED
OPERATING STATEMENTS (In
thousands, except per share amounts)
Quarter Ended Six Months Ended July 2, 2017
April 2, 2017 July 3, 2016 July 2, 2017 July 3, 2016 Net
revenues $ 696,901 $ 456,913 $ 531,792 $ 1,153,814 $ 962,787
Cost of revenues (exclusive of acquired
intangible assets amortization shown separately below) (1) (2)
305,682 191,980 248,922
497,662 449,584
Gross profit
391,219 264,933 282,870 656,152 513,203 Operating expenses:
Engineering and development (1) 81,728 76,182 76,109 157,910
149,573 Selling and administrative (1) 89,131 84,906 81,425 174,037
160,599 Acquired intangible assets amortization 8,166 7,952 16,244
16,118 36,238 Restructuring and other (3) 2,288 2,511 2,608 4,799
4,195
Goodwill impairment (4)
- -
254,946
-
254,946
Acquired intangible assets impairment
(4)
- -
83,339
-
83,339
Operating expenses 181,313 171,551 514,671 352,864 688,890
Income (loss) from operations 209,906 93,382 (231,801 )
303,288 (175,687 ) Interest and other (5) (3,029 )
(1,366 ) 984 (4,395 ) 2,062
Income (loss) before income taxes 206,877 92,016
(230,817 ) 298,893 (173,625 ) Income tax provision (benefit)
31,901 6,795 (7,271 ) 38,696
(65 ) Net income (loss) $ 174,976 $ 85,221
$ (223,546 ) $ 260,197 $ (173,560 )
Net income (loss)
per common share:
Basic $ 0.88 $ 0.43 $ (1.10 ) $ 1.30 $ (0.85 )
Diluted $ 0.87 $ 0.42 $ (1.10 ) $ 1.29 $ (0.85
) Weighted average common shares - basic 198,774
200,005 203,018 199,390
203,645
Weighted average common shares - diluted
(6)
201,529 201,936 203,018
201,732 203,645 Cash
dividend declared per common share $ 0.07 $ 0.07 $
0.06 $ 0.14 $ 0.12 Net orders $
461,606 $ 594,733 $ 470,983 $ 1,056,339
$ 860,400 (1 ) Pension actuarial gains
included in our operating results were as follows:
Quarter Ended
Six Months Ended July 2, 2017 April 2, 2017 July 3, 2016 July 2,
2017 July 3, 2016 Cost of revenues $ (664 ) $ - $ (221 ) $ (664 ) $
(614 ) Engineering and development (746 ) - (221 ) (746 ) (615 )
Selling and administrative (1,094 ) -
(227 ) (1,094 ) (633 ) $ (2,504 ) $ - $ (669 )
$ (2,504 ) $ (1,862 ) (2 ) Cost of revenues includes:
Quarter Ended Six Months Ended July 2, 2017 April 2, 2017 July 3,
2016 July 2, 2017 July 3, 2016 Provision for excess and obsolete
inventory $ 2,569 $ 2,726 $ 7,742 $ 5,295 $ 12,115 Sale of
previously written down inventory (2,149 ) (1,134 )
(5,151 ) (3,283 ) (6,319 ) $ 420 $
1,592 $ 2,591 $ 2,012 $ 5,796
(3 ) Restructuring and other consists of: Quarter Ended Six
Months Ended July 2, 2017 April 2, 2017 July 3, 2016 July 2, 2017
July 3, 2016 Contingent consideration fair value adjustment $ 1,499
$ 634 $ 1,305 $ 2,133 $ 2,478 Employee severance 789 583 1,303
1,372 1,717 Facility related - 1,294 - 1,294 - Impairment of fixed
assets and expenses related to Japan earthquake - - 5,051 - 5,051
Property insurance recovery - -
(5,051 ) - (5,051 ) $ 2,288 $ 2,511
$ 2,608 $ 4,799 $ 4,195
(4
) Goodwill and acquired intangible assets impairment related to
Teradyne's Wireless Test business segment. (5 ) Interest and
other includes: Quarter Ended Six Months Ended July 2, 2017 April
2, 2017 July 3, 2016 July 2, 2017 July 3, 2016 Non-cash convertible
debt interest expense $ 3,088 $ 3,050 $ - $ 6,138 $ -
(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 July 2, 2017 and
for the six months ended July 2, 2017, 0.7 million and 0.3 million
shares, respectively, have been included in diluted shares.
CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands)
July 2, 2017
December 31, 2016 Assets Cash and cash equivalents $ 598,349
$ 307,884 Marketable securities 809,338 871,024
Accounts receivable, net
405,946 192,444 Inventories, net 153,645 135,958 Prepayments
105,960 108,454 Other current assets 6,787 8,039
Total current assets 2,080,025 1,623,803 Property, plant and
equipment, net 258,017 253,821 Marketable securities 212,501
433,843 Deferred tax assets 125,204 107,405 Other assets 12,429
12,165 Retirement plans assets 9,231 7,712
Acquired intangible assets, net
90,603 100,401 Goodwill 242,215 223,343 Total assets
$ 3,030,225 $ 2,762,493 Liabilities Accounts payable $
103,454 $ 95,362 Accrued employees' compensation and withholdings
122,246 109,944 Deferred revenue and customer advances 81,087
84,478 Other accrued liabilities 66,176 51,382 Contingent
consideration 22,432 1,050 Accrued income taxes 43,812
30,480 Total current liabilities 439,207 372,696
Retirement plans liabilities 111,688 106,938 Long-term deferred
revenue and customer advances 32,679 23,463 Deferred tax
liabilities 10,714 12,144 Long-term other accrued liabilities
11,061 28,642 Long-term contingent consideration 16,983 37,282
Long-term debt 359,245 352,669 Total liabilities
981,577 933,834 Shareholders' equity 2,048,648 1,828,659
Total liabilities and shareholders' equity $
3,030,225 $ 2,762,493 CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS (In thousands)
Quarter Ended Six Months
Ended July 2, 2017 July 3, 2016 July 2, 2017 July 3, 2016 Cash
flows from operating activities: Net income (loss) $ 174,976 $
(223,546 ) $ 260,197 $ (173,560 ) Adjustments to reconcile net
income (loss) to net cash provided by operating activities:
Depreciation 16,331 15,976 32,474 32,168 Amortization 11,342 16,710
22,412 37,180 Stock-based compensation 8,367 7,532 17,312 15,457
Provision for excess and obsolete inventory 2,569 7,742 5,295
12,115 Contingent consideration adjustment 1,499 1,305 2,133 2,478
Goodwill impairment - 254,946 - 254,946
Acquired intangible assets impairment
- 83,339 - 83,339 Impairment of fixed assets - 4,179 - 4,179
Property insurance recovery - (5,051 ) - (5,051 ) Deferred taxes
(86 ) (15,962 ) (3,563 ) (21,458 ) Retirement plans actuarial gains
(2,504 ) (669 ) (2,504 ) (1,862 ) Other 1,151 92 1,153 576 Changes
in operating assets and liabilities: Accounts receivable (90,397 )
(95,678 ) (214,189 ) (138,230 ) Inventories 54,003 30,924 (8,149 )
30,222 Prepayments and other assets 3,321 (12,509 ) 4,425 (13,657 )
Accounts payable and accrued expenses 22,002 34,745 14,449 (6,040 )
Deferred revenue and customer advances 8,645 77,777 5,312 106,072
Retirement plans contributions (1,036 ) (1,048 ) (1,983 ) (2,298 )
Income taxes
20,130 58 34,418 6
Net cash provided by operating activities 230,313 180,862
169,192 216,582 Cash flows from investing activities:
Purchases of property, plant and equipment (23,901 ) (26,259 )
(45,967 ) (46,593 ) Purchases of available-for-sale marketable
securities (181,502 ) (215,533 ) (334,819 ) (437,311 ) Proceeds
from maturities of available-for-sale marketable securities 219,423
54,566 307,607 128,024 Proceeds from sales of available-for-sale
marketable securities 99,661 95,428 313,254 334,798 Proceeds from
property insurance - 5,051 -
5,051 Net cash provided by (used for)
investing activities 113,681 (86,747 ) 240,075 (16,031 )
Cash flows from financing activities: Issuance of common stock
under stock option and stock purchase plans 131 8,756 15,215 17,896
Repurchase of common stock (56,598 ) (28,782 ) (94,328 ) (56,783 )
Dividend payments (13,904 ) (12,172 ) (27,925 ) (24,425 ) Payments
related to net settlement of employee stock compensation awards
(149 ) (180 ) (12,438 ) (9,152 ) Payments of contingent
consideration - - (1,050 )
(11,697 ) Net cash used for financing activities (70,520 )
(32,378 ) (120,526 ) (84,161 ) Effects of exchange rate
changes on cash and cash equivalents 129 - 1,724 - Increase
in cash and cash equivalents 273,603 61,737 290,465 116,390 Cash
and cash equivalents at beginning of period 324,746
319,358 307,884 264,705
Cash and cash equivalents at end of period $ 598,349 $
381,095 $ 598,349 $ 381,095
GAAP to Non-GAAP Earnings Reconciliation (In
millions, except per share amounts)
Quarter Ended
July 2,2017
% of NetRevenues
April 2,2017
% of NetRevenues
July 3,2016
% of NetRevenues
Net revenues $ 696.9 $ 456.9 $ 531.8 Gross profit -
GAAP $ 391.2 56.1 % $ 264.9 58.0 % $ 282.9 53.2 % Pension
mark-to-market adjustment (1) (0.7 ) -0.1 % -
- (0.2 ) 0.0 % Gross profit - non-GAAP $ 390.5
56.0 % $ 264.9 58.0 % $ 282.7 53.2 % Income (loss) from
operations - GAAP $ 209.9 30.1 % $ 93.4 20.4 % $ (231.8 ) -43.6 %
Acquired intangible assets
amortization
8.2 1.2 % 8.0 1.8 % 16.2 3.0 % Restructuring and other (2) 2.3 0.3
% 2.5 0.5 % 2.6 0.5 % Pension mark-to-market adjustment (1) (2.5 )
-0.4 % - - (0.7 ) -0.1 % Goodwill impairment (3) - - - - 254.9 47.9
%
Acquired intangible assets impairment
(3)
- - - -
83.3 15.7 % Income from operations - non-GAAP $ 217.9
31.3 % $ 103.9 22.7 % $ 124.5 23.4 %
Net Income per Common
Share
Net Incomeper Common
Share
Net (Loss) Incomeper Common
Share
July 2,2017
% of NetRevenues
Basic Diluted April 2,
2017
% of NetRevenues
Basic Diluted
July 3,2016
% of NetRevenues
Basic Diluted Net income (loss) - GAAP $ 175.0 25.1 %
$ 0.88 $ 0.87 $ 85.2 18.6 % $ 0.43 $ 0.42 $ (223.5 ) -42.0 % $
(1.10 ) $ (1.10 )
Acquired intangible assets
amortization
8.2 1.2 % 0.04 0.04 8.0 1.8 % 0.04 0.04 16.2 3.0 % 0.08 0.08
Interest and other (4) 3.1 0.4 % 0.02 0.02 3.1 0.7 % 0.02 0.02 - -
- - Restructuring and other (2) 2.3 0.3 % 0.01 0.01 2.5 0.5 % 0.01
0.01 2.6 0.5 % 0.01 0.01 Pension mark-to-market adjustment (1) (2.5
) -0.4 % (0.01 ) (0.01 ) - - - - (0.7 ) -0.1 % (0.00 ) (0.00 )
Goodwill impairment (3) - - - - - - - - 254.9 47.9 % 1.26 1.24
Acquired intangible assets impairment
(3)
- - - - - - - - 83.3 15.7 % 0.41 0.41 Exclude discrete tax
adjustments (5) 0.5 0.1 % 0.00 0.00 (7.0 ) -1.5 % (0.04 ) (0.03 )
25.1 4.7 % 0.12 0.12 Non-GAAP tax adjustments (6) (5.1 )
-0.7 % (0.03 ) (0.03 ) (3.1 ) -0.7 %
(0.02 ) (0.02 ) (45.5 ) -8.6 % (0.22 )
(0.22 ) Net income - non-GAAP $ 181.5 26.0 % $
0.91 $ 0.90 $ 88.7 19.4 % $ 0.44 $ 0.44
$ 112.4 21.1 % $ 0.55 $ 0.55
GAAP and non-GAAP weighted average common shares - basic 198.8
200.0 203.0 GAAP weighted average common shares - diluted 201.5
201.9 203.0 Exclude dilutive shares from convertible note (0.7 ) -
- Include dilutive shares - -
1.9 Non-GAAP weighted average common shares - diluted
200.8 201.9 204.9
(1 ) Actuarial gains recognized under GAAP in accordance with
Teradyne's mark-to-market pension accounting. (2 )
Restructuring and other consists of:
Quarter Ended
July 2,2017
April 2,2017
July 3,2016
Contingent consideration fair value adjustment $ 1.5 $ 0.6 $ 1.3
Employee severance 0.8 0.6 1.3 Facility related - 1.3 - Impairment
of fixed assets and expenses related to Japan earthquake - - 5.1
Property insurance recovery - -
(5.1 ) $ 2.3 $ 2.5 $ 2.6 (3 ) Goodwill
and acquired intangible assets impairment related to Teradyne's
Wireless Test business segment. (4 ) For the quarters ended
July 2, 2017 and April 2, 2017, interest and other included
non-cash convertible debt interest expense. (5 )
For the quarters ended July 2, 2017, April
2, 2017 and July 3, 2016 adjustment to exclude discrete income tax
items. For the quarter ended July 3, 2016, adjustment to treat
Wireless Test business segment goodwill and intangible assets
impairments as discrete tax items.
(6 ) For periods after December 31, 2016, the non-GAAP
annual effective tax rate is based on a with and without
calculation with respect to non-GAAP reconciling items.
Six Months Ended
July 2,2017
% of NetRevenues
July 3, 2016
% of NetRevenues
Net Revenues $ 1,153.8 $ 962.8 Gross profit - GAAP $
656.1 56.9 % $ 513.2 53.3 % Pension mark-to-market adjustment (1)
(0.7 ) -0.1 % (0.6 ) -0.1 % Gross profit -
non-GAAP $ 655.4 56.8 % $ 512.6 53.2 % Income (loss) from
operations - GAAP $ 303.3 26.3 % $ (175.7 ) -18.2 %
Acquired intangible assets
amortization
16.1 1.4 % 36.2 3.8 % Restructuring and other (2) 4.8 0.4 % 4.2 0.4
% Pension mark-to-market adjustment (1) (2.5 ) -0.2 % (1.9 ) -0.2 %
Goodwill impairment (3) - - 254.9 26.5 %
Acquired intangible assets impairment
(3)
- - 83.3 8.7 % Income
from operations - non-GAAP $ 321.7 27.9 % $ 201.0
20.9 %
Net Incomeper Common
Share
Net (Loss) Incomeper Common
Share
July 2,2017
% of NetRevenues
Basic Diluted
July 3,2016
% of NetRevenues
Basic Diluted Net income (loss) - GAAP $ 260.2 22.6 %
$ 1.30 $ 1.29 $ (173.6 ) -18.0 % $ (0.85 ) $ (0.85 )
Acquired intangible assets
amortization
16.1 1.4 % 0.08 0.08 36.2 3.8 % 0.18 0.18 Interest and other (4)
6.1 0.5 % 0.03 0.03 - - - - Restructuring and other (2) 4.8 0.4 %
0.02 0.02 4.2 0.4 % 0.02 0.02 Pension mark-to-market adjustment (1)
(2.5 ) -0.2 % (0.01 ) (0.01 ) (1.9 ) -0.2 % (0.01 ) (0.01 )
Goodwill impairment (3) - - - - 254.9 26.5 % 1.25 1.24
Acquired intangible assets impairment
(3)
- - - - 83.3 8.7 % 0.41 0.41 Exclude discrete tax adjustments (5)
(6.5 ) -0.6 % (0.03 ) (0.03 ) 22.7 2.4 % 0.11 0.11 Non-GAAP tax
adjustments (6) (8.2 ) -0.7 % (0.04 )
(0.04 ) (49.0 ) -5.1 % (0.24 ) (0.24 ) Net
income - non-GAAP $ 270.0 23.4 % $ 1.35 $ 1.34
$ 176.8 18.4 % $ 0.87 $ 0.86
GAAP and non-GAAP weighted average common shares - basic 199.4
203.6 GAAP weighted average common shares - diluted 201.7 203.6
Exclude dilutive shares from convertible note (0.3 ) - Include
dilutive shares - 1.7 Non-GAAP weighted
average common shares - diluted 201.4 205.3
(1 ) Actuarial gains recognized under GAAP in
accordance with Teradyne's mark-to-market pension accounting.
(2 ) Restructuring and other consists of:
Six Months
Ended
July 2,2017
July 3,2016
Contingent consideration fair value adjustment $ 2.1 $ 2.5 Employee
severance 1.4 1.7 Facility related 1.3 - Impairment of fixed assets
and expenses related to Japan earthquake - 5.1 Property insurance
recovery - (5.1 ) $ 4.8 $ 4.2
(3 ) Goodwill and acquired intangible assets impairment
related to Teradyne's Wireless Test business segment. (4 )
For the six months ended July 2, 2017, Interest and other included
non-cash convertible debt interest expense. (5 )
For the six months ended July 2, 2017 and
July 3, 2016, adjustment to exclude discrete income tax items. For
the six months ended July 3, 2016, adjustment to treat Wireless
Test business segment goodwill and intangible assets impairments as
discrete tax items.
(6 ) For periods after December 31, 2016, the non-GAAP
annual effective tax rate is based on a with and without
calculation with respect to non-GAAP reconciling items.
GAAP to Non-GAAP Reconciliation of Third Quarter 2017
guidance: GAAP and non-GAAP third quarter revenue
guidance: $455 million to $485 million GAAP net income per diluted
share $ 0.35 $ 0.42
Exclude acquired intangible assets
amortization
0.04 0.04 Exclude non-cash convertible debt interest 0.02 0.02
Non-GAAP tax adjustment
(0.02 )
(0.02 ) Non-GAAP net income per
diluted share $ 0.39 $ 0.46
For press releases and other information of interest to
investors, please visit Teradyne's homepage at
http://www.teradyne.com.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170726006252/en/
Teradyne, Inc.Andy Blanchard, 978-370-2425Vice President of
Corporate Relations
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