- Q1’17 revenue of $457 million, up 6% from Q1’16 and 20% from Q4’16
- Semiconductor Test revenue up 4% from Q1’16
- Universal Robots revenue up 117% from Q1’16
NORTH READING, Mass. — (BUSINESS WIRE) — April 26, 2017 — Teradyne, Inc. (NYSE: TER):
Q1’17 | Q1’16 | Q4’16 | Q4’15 | |||||
Orders (mil) | $595 | $389 | $628 | $522 | ||||
Revenue (mil) | $457 | $431 | $380 | $318 | ||||
GAAP EPS | $0.42 | $0.24 | $0.33 | ($0.00) | ||||
Non-GAAP EPS | $0.44 | $0.31 | $0.32 | $0.13 | ||||
Teradyne, Inc. (NYSE: TER) reported revenue of $457 million for the first quarter of 2017 of which $356 million was in Semiconductor Test, $40 million in System Test, $36 million in Industrial Automation, and $25 million in Wireless Test. GAAP net income for the first quarter was $85.2 million or $0.42 per share. On a non-GAAP basis, Teradyne’s net income in the first quarter was $88.7 million, or $0.44 per diluted share, which excluded acquired intangible asset amortization, restructuring and other charges, non-cash convertible debt interest, discrete income tax adjustments, and included the related tax impact on non-GAAP adjustments.
Orders in the first quarter of 2017 were $595 million of which $476 million were in Semiconductor Test, $46 million in System Test, $45 million in Industrial Automation, and $27 million in Wireless Test.
“We’re off to a great start in 2017 with year over year quarterly orders up 53%, revenue up 6%, and non-GAAP EPS up 42% to $0.44,” said CEO and President Mark Jagiela. “Semiconductor Test year over year quarterly orders were up 56% on broad strength in mobile, automotive, industrial analog, and Flash memory end market demand. Universal Robots’ (UR) year over year quarterly sales were up 117% powered by an expanding range of customers embracing the power of UR’s collaborative robots to reduce production costs and improve product quality.
“With our large backlog and strong first quarter orders, our Q2 revenue is expected to increase 28% year on year at the mid-point of our Q2 guidance. While we expect the familiar seasonality in the second half, we’re on track for another year of revenue and operating profit growth.”
Guidance for the second quarter of 2017 is revenue of $660 million to $700 million, with GAAP net income of $0.77 to $0.86 per diluted share and non-GAAP net income of $0.81 to $0.90 per diluted share. Non-GAAP guidance excludes acquired intangible asset amortization, non-cash convertible debt interest and includes the related tax impact on non-GAAP adjustments.
Webcast
A conference call to discuss the first quarter
results, along with management's business outlook, will follow at 10
a.m. ET, Thursday, April 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 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, non-cash
convertible debt interest, pension actuarial gains and losses, discrete
income tax adjustments 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 Teradyne
Teradyne
(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 4,300 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 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. 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 FIRST FISCAL QUARTER OF 2017 | ||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||
(In thousands, except per share amounts) | ||||||||||||||
Quarter Ended | ||||||||||||||
April 2, 2017 | December 31, 2016 | April 3, 2016 | ||||||||||||
Net revenues | $ | 456,913 | $ | 379,989 | $ | 430,994 | ||||||||
Cost of revenues (exclusive of acquired intangible assets amortization shown separately below) (1) (2) | 191,980 | 160,983 | 200,662 | |||||||||||
Gross profit | 264,933 | 219,006 | 230,332 | |||||||||||
Operating expenses: | ||||||||||||||
Engineering and development (1) | 76,182 | 70,052 | 73,464 | |||||||||||
Selling and administrative (1) | 84,906 | 76,289 | 79,174 | |||||||||||
Acquired intangible assets amortization | 7,952 | 7,923 | 19,994 | |||||||||||
Restructuring and other (3) | 2,511 | 5,570 | 1,587 | |||||||||||
Operating expenses | 171,551 | 159,834 | 174,219 | |||||||||||
Income from operations | 93,382 | 59,172 | 56,113 | |||||||||||
Interest and other (4) | (1,366 | ) | (288 | ) | 1,079 | |||||||||
Income before income taxes | 92,016 | 58,884 | 57,192 | |||||||||||
Income tax provision (benefit) | 6,795 | (7,461 | ) | 7,206 | ||||||||||
Net income | $ | 85,221 | $ | 66,345 | $ | 49,986 | ||||||||
Net income per common share: |
||||||||||||||
Basic | $ | 0.43 | $ | 0.33 | $ | 0.24 | ||||||||
Diluted | $ | 0.42 | $ | 0.33 | $ | 0.24 | ||||||||
Weighted average common shares - basic | 200,005 | 200,810 | 204,271 | |||||||||||
Weighted average common shares - diluted | 201,936 | 202,947 | 205,732 | |||||||||||
Cash dividend declared per common share | $ | 0.07 | $ | 0.06 | $ | 0.06 | ||||||||
. | ||||||||||||||
Net orders | $ | 594,733 | $ | 628,284 | $ | 389,417 | ||||||||
(1) Pension actuarial gains included in our operating results were as follows: |
||||||||||||||
Quarter Ended | ||||||||||||||
April 2, 2017 | December 31, 2016 | April 3, 2016 | ||||||||||||
Cost of revenues | $ | - | $ | (774 | ) | $ | (393 | ) | ||||||
Engineering and development | - | (725 | ) | (394 | ) | |||||||||
Selling and administrative | - | (502 | ) | (406 | ) | |||||||||
$ | - | $ | (2,001 | ) | $ | (1,193 | ) | |||||||
(2) Cost of revenues includes: |
Quarter Ended | |||||||||||||
April 2, 2017 | December 31, 2016 | April 3, 2016 | ||||||||||||
Provision for excess and obsolete inventory | $ | 2,726 | $ | 2,345 | $ | 4,373 | ||||||||
Sale of previously written down inventory | (1,134 | ) | (1,924 | ) | (1,168 | ) | ||||||||
$ | 1,592 | $ | 421 | $ | 3,205 | |||||||||
(3) Restructuring and other consists of: |
Quarter Ended | |||||||||||||
April 2, 2017 | December 31, 2016 | April 3, 2016 | ||||||||||||
Facility related | $ | 1,294 | $ | - | $ | - | ||||||||
Contingent consideration fair value adjustment | 634 | 5,445 | 1,173 | |||||||||||
Employee severance | 583 | 125 | 414 | |||||||||||
$ | 2,511 | $ | 5,570 | $ | 1,587 | |||||||||
(4) Interest and other includes: |
Quarter Ended | |||||||||||||
April 2, 2017 | December 31, 2016 | April 3, 2016 | ||||||||||||
Non-cash convertible debt interest expense | $ | 3,050 | $ | 642 | $ | - | ||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) | ||||||||
April 2, 2017 | December 31, 2016 | |||||||
Assets | ||||||||
Cash and cash equivalents | $ | 324,746 | $ | 307,884 | ||||
Marketable securities | 895,578 | 871,024 | ||||||
Accounts receivable | 314,962 | 192,444 | ||||||
Inventories, net | 203,278 | 135,958 | ||||||
Prepayments | 106,987 | 108,454 | ||||||
Other current assets | 8,602 | 8,039 | ||||||
Total current assets | 1,854,153 | 1,623,803 | ||||||
Property, plant and equipment, net | 253,548 | 253,821 | ||||||
Marketable securities | 262,061 | 433,843 | ||||||
Deferred tax assets | 127,918 | 107,405 | ||||||
Other assets | 12,175 | 12,165 | ||||||
Retirement plans assets | 7,517 | 7,712 | ||||||
Intangible assets, net | 94,843 | 100,401 | ||||||
Goodwill | 230,065 | 223,343 | ||||||
Total assets | $ | 2,842,280 | $ | 2,762,493 | ||||
Liabilities | ||||||||
Accounts payable | $ | 121,417 | $ | 95,362 | ||||
Accrued employees' compensation and withholdings | 79,018 | 109,944 | ||||||
Deferred revenue and customer advances | 78,794 | 84,478 | ||||||
Other accrued liabilities | 67,651 | 51,382 | ||||||
Contingent consideration | 21,711 | 1,050 | ||||||
Accrued income taxes | 24,466 | 30,480 | ||||||
Total current liabilities | 393,057 | 372,696 | ||||||
Retirement plans liabilities | 110,069 | 106,938 | ||||||
Long-term deferred revenue and customer advances | 25,983 | 23,463 | ||||||
Deferred tax liabilities | 11,255 | 12,144 | ||||||
Long-term other accrued liabilities | 9,921 | 28,642 | ||||||
Long-term contingent consideration | 16,205 | 37,282 | ||||||
Long-term debt | 355,937 | 352,669 | ||||||
Total liabilities | 922,427 | 933,834 | ||||||
Shareholders' equity | 1,919,853 | 1,828,659 | ||||||
Total liabilities and shareholders' equity | $ | 2,842,280 | $ | 2,762,493 | ||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) | ||||||||||
Quarter Ended | ||||||||||
April 2, 2017 | April 3, 2016 | |||||||||
Cash flows from operating activities: | ||||||||||
Net income | $ | 85,221 | $ | 49,986 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||
Depreciation | 16,143 | 16,192 | ||||||||
Amortization | 11,070 | 20,470 | ||||||||
Stock-based compensation | 8,945 | 7,925 | ||||||||
Provision for excess and obsolete inventory | 2,726 | 4,373 | ||||||||
Contingent consideration adjustment | 634 | 1,173 | ||||||||
Deferred taxes | (3,477 | ) | (5,496 | ) | ||||||
Retirement plans actuarial gains | - | (1,193 | ) | |||||||
Other | 2 | 484 | ||||||||
Changes in operating assets and liabilities: |
||||||||||
Accounts receivable | (123,792 | ) | (42,552 | ) | ||||||
Inventories | (62,152 | ) | (702 | ) | ||||||
Prepayments and other assets | 1,104 | (1,148 | ) | |||||||
Accounts payable and accrued expenses | (7,553 | ) | 1,346 | |||||||
Deferred revenue and customer advances | (3,333 | ) | (13,836 | ) | ||||||
Retirement plans contributions | (947 | ) | (1,250 | ) | ||||||
Accrued income taxes | 14,288 | (52 | ) | |||||||
Net cash (used for) provided by operating activities | (61,121 | ) | 35,720 | |||||||
Cash flows from investing activities: | ||||||||||
Purchases of property, plant and equipment | (22,066 | ) | (20,334 | ) | ||||||
Purchases of available-for-sale marketable securities | (153,317 | ) | (221,778 | ) | ||||||
Proceeds from sales of available-for-sale marketable securities | 213,593 | 239,370 | ||||||||
Proceeds from maturities of available-for-sale marketable securities | 88,184 | 73,458 | ||||||||
Net cash provided by investing activities | 126,394 | 70,716 | ||||||||
Cash flows from financing activities: | ||||||||||
Issuance of common stock under stock purchase and stock option plans | 15,084 | 9,140 | ||||||||
Repurchase of common stock | (37,730 | ) | (28,001 | ) | ||||||
Dividend payments | (14,021 | ) | (12,253 | ) | ||||||
Payment related to net settlement of employee stock compensation awards | (12,289 | ) | (8,972 | ) | ||||||
Payment of contingent consideration | (1,050 | ) | (11,697 | ) | ||||||
Net cash used for financing activities | (50,006 | ) | (51,783 | ) | ||||||
Effects of exchange rate changes on cash and cash equivalents | 1,595 | - | ||||||||
Increase in cash and cash equivalents | 16,862 |
|
54,653 | |||||||
Cash and cash equivalents at beginning of period | 307,884 | 264,705 | ||||||||
Cash and cash equivalents at end of period | $ | 324,746 | $ | 319,358 | ||||||
GAAP to Non-GAAP Earnings Reconciliation | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions, except per share amounts) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarter Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
April 2,
|
% of Net
|
December 31,
|
% of Net
|
April 3,
|
% of Net
|
|||||||||||||||||||||||||||||||||||||||||||||||||
Net revenues | $ | 456.9 | $ | 380.0 | $ | 431.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Gross profit - GAAP | $ | 264.9 | 58.0 | % | $ | 219.0 | 57.6 | % | $ | 230.3 | 53.4 | % | ||||||||||||||||||||||||||||||||||||||||||
Pension mark-to-market adjustments (1) | - | - | (0.8 | ) | -0.2 | % | (0.4 | ) | -0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||
Gross profit - non-GAAP | $ | 264.9 | 58.0 | % | $ | 218.2 | 57.4 | % | $ | 229.9 | 53.3 | % | ||||||||||||||||||||||||||||||||||||||||||
Income from operations - GAAP | $ | 93.4 | 20.4 | % | $ | 59.2 | 15.6 | % | $ | 56.1 | 13.0 | % | ||||||||||||||||||||||||||||||||||||||||||
Acquired intangible assets amortization | 8.0 | 1.8 | % | 7.9 | 2.1 | % | 20.0 | 4.6 | % | |||||||||||||||||||||||||||||||||||||||||||||
Restructuring and other (2) | 2.5 | 0.5 | % | 5.6 | 1.5 | % | 1.6 | 0.4 | % | |||||||||||||||||||||||||||||||||||||||||||||
Pension mark-to-market adjustments (1) | - | - | (2.0 | ) | -0.5 | % | (1.2 | ) | -0.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
Income from operations - non-GAAP | $ | 103.9 | 22.7 | % | $ | 70.7 | 18.6 | % | $ | 76.5 | 17.7 | % | ||||||||||||||||||||||||||||||||||||||||||
Net Income
|
Net Income
|
Net Income
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
April 2,
|
% of Net
|
Basic |
Diluted |
December 31,
|
% of Net
|
Basic | Diluted |
April 3,
|
% of Net
|
Basic | Diluted | |||||||||||||||||||||||||||||||||||||||||||
Net income - GAAP | $ | 85.2 | 18.6 | % | $ | 0.43 | $ | 0.42 | $ | 66.3 | 17.4 | % | $ | 0.33 | $ | 0.33 | $ | 50.0 | 11.6 | % | $ | 0.24 | $ | 0.24 | ||||||||||||||||||||||||||||||
Acquired intangible assets amortization | 8.0 | 1.8 | % | 0.04 | 0.04 | 7.9 | 2.1 | % | 0.04 | 0.04 | 20.0 | 4.6 | % | 0.10 | $ | 0.10 | ||||||||||||||||||||||||||||||||||||||
Restructuring and other (2) | 2.5 | 0.5 | % | 0.01 | 0.01 | 5.6 | 1.5 | % | 0.03 | 0.03 | 1.6 | 0.4 | % | 0.01 | $ | 0.01 | ||||||||||||||||||||||||||||||||||||||
Pension mark-to-market adjustments (1) | - | - | - | - | (2.0 | ) | -0.5 | % | (0.01 | ) | (0.01 | ) | (1.2 | ) | -0.3 | % | (0.01 | ) | $ | (0.01 | ) | |||||||||||||||||||||||||||||||||
Interest and other (3) | 3.1 | 0.7 | % | 0.02 | 0.02 | 0.6 | 0.2 | % | 0.00 | 0.00 | - | - | - | $ | - | |||||||||||||||||||||||||||||||||||||||
Exclude discrete tax adjustments (4) | (7.0 | ) | -1.5 | % | (0.04 | ) | (0.03 | ) | (16.2 | ) | -4.3 | % | (0.08 | ) | (0.08 | ) | (2.5 | ) | -0.6 | % | (0.01 | ) | $ | (0.01 | ) | |||||||||||||||||||||||||||||
Non-GAAP tax adjustments (5) | (3.1 | ) | -0.7 | % | (0.02 | ) | (0.02 | ) | 2.4 | 0.6 | % | 0.01 | 0.01 | (3.5 | ) | -0.8 | % | (0.02 | ) | $ | (0.02 | ) | ||||||||||||||||||||||||||||||||
Net income - non-GAAP | $ | 88.7 | 19.4 | % | $ | 0.44 | $ | 0.44 | $ | 64.6 | 17.0 | % | $ | 0.32 | $ | 0.32 | $ | 64.4 | 14.9 | % | $ | 0.32 | $ | 0.31 | ||||||||||||||||||||||||||||||
GAAP and non-GAAP weighted average common shares - basic | 200.0 | 200.8 | 204.3 | |||||||||||||||||||||||||||||||||||||||||||||||||||
GAAP and non-GAAP weighted average common shares - diluted | 201.9 | 202.9 | 205.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(1) Actuarial (gains) losses recognized under GAAP in accordance with Teradyne's mark-to-market pension accounting. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
(2) Restructuring and other consists of: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarter Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
April 2,
|
December 31,
|
April 3,
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
Facility related | $ | 1.3 | $ | - | $ | - | ||||||||||||||||||||||||||||||||||||||||||||||||
Contingent consideration fair value adjustment | 0.6 | 5.4 | 1.2 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Employee severance | 0.6 | 0.1 | 0.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 2.5 | $ | 5.6 | $ | 1.6 | |||||||||||||||||||||||||||||||||||||||||||||||||
(3) For the quarters ended April 2, 2017 and December 31, 2016, interest and other included non-cash convertible debt interest expense. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
(4) For the quarters ended April 2, 2017, December 31, 2016 and April 3, 2016, adjustment to exclude discrete income tax items. For the quarter ended December 31, 2016, adjustment to treat Wireless Test business segment goodwill and intangible assets impairments as discrete tax items. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
(5) 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. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarter Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31,
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net revenues | $ | 318.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (Loss)
per Common
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31,
|
% of Net
|
Diluted | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss - GAAP | $ | (0.6 | ) | -0.2 | % | $ | (0.00 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Acquired intangible assets amortization | 19.9 | 6.3 | % | 0.10 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and other (6) | 5.2 | 1.6 | % | 0.03 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pension mark-to-market adjustments (7) | 17.8 | 5.6 | % | 0.09 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Exclude discrete tax adjustments (8) | (6.3 | ) | -2.0 | % | (0.03 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||
Non-GAAP tax adjustments | (9.9 | ) | -3.1 | % | (0.05 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||
Net income - non-GAAP | $ | 26.1 | 8.2 | % | $ | 0.13 | ||||||||||||||||||||||||||||||||||||||||||||||||
GAAP weighted average common shares - diluted | 205.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Include dilutive shares | 2.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-GAAP weighted average common shares - diluted | 207.2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(6) Actuarial (gains) losses recognized under GAAP in accordance with Teradyne's mark-to-market pension accounting. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
(7) Restructuring and other consists of: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31,
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contingent consideration fair value adjustment | $ | 5.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee severance | 0.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 5.2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(8) Adjustment to exclude discrete income tax items. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
GAAP to Non-GAAP Reconciliation of Second Quarter 2017 guidance: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
GAAP and non-GAAP second quarter revenue guidance: | $660 million | to | $700 million | |||||||||||||||||||||||||||||||||||||||||||||||||||
GAAP net income per diluted share | $ | 0.77 | $ | 0.86 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Exclude acquired intangible assets amortization | 0.04 | 0.04 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Exclude non-cash convertible debt interest | 0.02 | 0.02 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax effect of non-GAAP adjustments | (0.02 | ) | (0.02 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Non-GAAP net income per diluted share | $ | 0.81 | $ | 0.90 | ||||||||||||||||||||||||||||||||||||||||||||||||||
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/20170426006609/en/
Contact:
Teradyne, Inc.
Andy Blanchard, 978-370-2425
Vice President of
Corporate Relations