Teradyne Reports Second Quarter 2021 Results


CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands)        
            
      Quarter Ended  Six Months Ended
      July 4,
2021
  June 28,
2020
  July 4,
2021
  June 28,
2020
Cash flows from operating activities:        
 Net income $328,319  $188,908  $533,831  $365,098 
 Adjustments to reconcile net income to net cash provided by operating activities:        
  Depreciation  21,938   19,816   45,848   38,305 
  Stock-based compensation  10,999   10,907   23,231   21,367 
  Amortization  9,521   12,843   19,343     26,234  
    Loss on convertible debt conversions     1,175       -       5,244       -  
    Provision for excess and obsolete inventory     798       5,580       3,625       9,637  
    Deferred taxes     257       (5,338 )     (800 )     (7,163 )
    Gains on investments     (2,159 )     (5,126 )     (4,650 )     (469 )
    Retirement plans actuarial gains     (627 )     (99 )     (627 )     (99 )
    Contingent consideration fair value adjustment     -       29,259       (7,227 )     19,239  
    Other     (1 )     19       199       523  
                       
    Changes in operating assets and liabilities, net of businesses acquired:              
      Accounts receivable     (285,186 )     (204,261 )     (372,698 )     (331,040 )
      Inventories     56,320       (19,546 )     19,908       (3,728 )
      Prepayments and other assets     (31,285 )     (9,859 )     (117,416 )     (49,479 )
      Accounts payable and other liabilities     97,361       148,901       86,790       113,578  
      Deferred revenue and customer advances     7,237       29,568       15,189       28,655  
      Retirement plans contributions     (814 )     (1,239 )     (2,739 )     (2,501 )
      Income taxes     (7,569 )     22,564       (2,628 )     37,842  
Net cash provided by operating activities     206,284       222,897       244,423       265,999  
                       
Cash flows from investing activities:                
  Purchases of property, plant and equipment     (34,707 )     (47,314 )     (73,957 )     (84,014 )
  Purchases of marketable securities     (186,482 )     (112,429 )     (398,086 )     (299,548 )
  Proceeds from maturities of marketable securities     265,985       84,527       460,213       182,984  
  Proceeds from sales of marketable securities     54,819       11,656       116,112       26,661  
  Purchase of investment and acquisition of businesses, net of cash acquired     (12,000 )     -       (12,000 )     149  
  Proceeds from life insurance     -       546       -       546  
Net cash provided by (used for) investing activities     87,615       (63,014 )     92,282       (173,222 )
                       
Cash flows from financing activities:                
  Issuance of common stock under stock purchase and stock option plans     15,437       5       32,581       12,757  
  Repurchase of common stock     (151,396 )     (9,426 )     (196,584 )     (88,465 )
  Dividend payments     (16,604 )     (16,580 )     (33,271 )     (33,266 )
  Payments of convertible debt principal     (15,553 )     -       (66,828 )     -  
  Payments related to net settlement of employee stock compensation awards     (1,119 )     (449 )     (31,794 )     (22,519 )
  Payments of contingent consideration     -       -       -       (8,852 )
Net cash used for financing activities     (169,235 )     (26,450 )     (295,896 )     (140,345 )
                       
Effects of exchange rate changes on cash and cash equivalents     (1,372 )     (1,496 )     (489 )     (925 )
Increase (decrease) in cash and cash equivalents     123,292       131,937       40,320       (48,493 )
Cash and cash equivalents at beginning of period     831,149       593,494       914,121       773,924  
Cash and cash equivalents at end of period   $ 954,441     $ 725,431     $ 954,441     $ 725,431  
                       

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