Teradyne Reports Second Quarter 2021 Results

           
TERADYNE, INC. REPORT FOR SECOND FISCAL QUARTER OF 2021          
              
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS   
    
              
      Quarter Ended  Six Months Ended
      July 4,
2021
  April 4,
2021
  June 28,
2020
  July 4,
2021
  June 28,
2020
              
Net revenues $1,085,728  $781,606  $838,661  $1,867,334  $1,543,016 
 Cost of revenues (exclusive of acquired intangible assets amortization shown separately below) (1)  438,739   319,988    367,188       758,727       665,993  
                           
Gross profit     646,989       461,618       471,473       1,108,607       877,023  
                           
Operating expenses:                    
  Selling and administrative     140,187       129,797       113,259       269,984       224,647  
  Engineering and development     110,021       100,402       94,102       210,423       179,261  
  Acquired intangible assets amortization     5,402       5,536       8,941       10,938       18,832  
  Restructuring and other (2)     2,507       (7,130 )     37,222       (4,623 )     29,616  
      Operating expenses     258,117       228,605       253,524       486,722       452,356  
                           
Income from operations     388,872       233,013       217,949       621,885       424,667  
                           
  Interest and other expense (3)     4,846       9,020       658       13,866       10,308  
                           
Income before income taxes     384,026       223,993       217,291       608,019       414,359  
  Income tax provision     55,707       18,481       28,383       74,188       49,261  
Net income   $ 328,319     $ 205,512     $ 188,908     $ 533,831     $ 365,098  
                           
Net income per common share:                    
Basic       $ 1.98     $ 1.23     $ 1.14     $ 3.21     $ 2.20  
Diluted       $ 1.76     $ 1.09     $ 1.05     $ 2.85     $ 2.02  
                           
Weighted average common shares - basic     165,995       166,491       165,789       166,243       166,189  
                           
Weighted average common shares - diluted (4)     186,750       187,740       180,257       187,245       180,497  
                           
                           
Cash dividend declared per common share   $ 0.10     $ 0.10     $ 0.10     $ 0.20     $ 0.20  
                           
                           
                           
(1 ) Cost of revenues includes:   Quarter Ended   Six Months Ended
          July 4,
2021
  April 4,
2021
  June 28,
2020
  July 4,
2021
  June 28,
2020
      Provision for excess and obsolete inventory   $ 798     $ 2,827     $ 5,580     $ 3,625     $ 9,637  
      Sale of previously written down inventory     (428 )     (790 )     (337 )     (1,218 )     (1,414 )
      Inventory step-up     -       -       121       -       239  
          $ 370     $ 2,037     $ 5,364     $ 2,407     $ 8,462  
                           
(2 ) Restructuring and other consists of:   Quarter Ended   Six Months Ended
          July 4,
2021
  April 4,
2021
  June 28,
2020
  July 4,
2021
  June 28,
2020
      Employee severance   $ 436     $ 188     $ 36     $ 624     $ 764  
      Acquisition related expenses and compensation     275       (237 )     3,145       38       4,503  
      Contingent consideration fair value adjustment     -       (7,227 )     29,259       (7,227 )     19,239  
      Contract termination settlement fee     -       -       4,000       -       4,000  
      Other     1,796       146       782       1,942       1,110  
          $ 2,507     $ (7,130 )   $ 37,222     $ (4,623 )   $ 29,616  
                           
(3 ) Interest and other includes:   Quarter Ended   Six Months Ended
          July 4,
2021
  April 4,
2021
  June 28,
2020
  July 4,
2021
  June 28,
2020
      Non-cash convertible debt interest   $ 3,277     $ 3,581     $ 3,584     $ 6,858     $ 7,124  
      Loss on convertible debt conversions     1,175       4,069       -       5,244       -  
      Pension actuarial gains     (627 )     -       (99 )     (627 )     (99 )
          $ 3,825     $ 7,650     $ 3,485     $ 11,475     $ 7,025  
                           
(4 ) 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 quarters ended July 4, 2021, April 4, 2021 and June 28, 2020, 9.6 million, 10.3 million and 7.6 million shares, respectively, have been included in diluted shares. For the six months ended July 4, 2021 and June 28, 2020, 9.9 million and 7.5 million shares, respectively have been included in diluted shares. For the quarters ended July 4, 2021, April 4, 2021, and June 28, 2020, diluted shares also included 10.1 million, 9.4 million and 5.8 million shares, respectively from the convertible note hedge transaction. For the six months ended July 4, 2021, and June 28, 2020, diluted shares included 9.8 million and 5.7 million shares, respectively from the convertible note hedge transaction.
     

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