Teradyne Reports Second Quarter 2021 Results

 

GAAP to Non-GAAP Earnings Reconciliation
                         
(In millions, except per share amounts)
           Quarter Ended            
   July 4,
2021
  % of Net Revenues      April 4,
2021
  % of Net Revenues      June 28,
2020
  % of Net Revenues    
                         
Net revenues$1,085.7        $781.6        $838.7       
                                   
Gross profit GAAP $ 647.0       59.6 %           $ 461.6     59.1 %           $ 471.5     56.2 %        
  Inventory step-up   -       -               -     -               0.1     0.0 %        
Gross profit non-GAAP $ 647.0       59.6 %           $ 461.6     59.1 %           $ 471.6     56.2 %        
                                                 
Income from operations - GAAP $ 388.9       35.8 %           $ 233.0     29.8 %           $ 217.9     26.0 %        
  Restructuring and other (1)   2.5       0.2 %             (7.1 )   -0.9 %             37.2     4.4 %        
  Acquired intangible assets amortization   5.4       0.5 %             5.5     0.7 %             8.9     1.1 %        
  Inventory step-up   -       -               -     -               0.1     0.0 %        
Income from operations - non-GAAP $ 396.8       36.5 %           $ 231.4     29.6 %           $ 264.1     31.5 %        
                                                 
            Net Income
per Common Share
          Net Income
per Common Share
          Net Income
per Common Share
    July 4,
2021
  % of Net Revenues   Basic   Diluted   April 4,
2021
  % of Net Revenues   Basic   Diluted   June 28,
2020
  % of Net Revenues   Basic   Diluted
Net income - GAAP $ 328.3       30.2 %   $ 1.98     $ 1.76     $ 205.5     26.3 %   $ 1.23     $ 1.09     $ 188.9     22.5 %   $ 1.14     $ 1.05  
  Restructuring and other (1)   2.5       0.2 %     0.02       0.01       (7.1 )   -0.9 %     (0.04 )     (0.04 )     37.2     4.4 %     0.22       0.21  
  Acquired intangible assets amortization   5.4       0.5 %     0.03       0.03       5.5     0.7 %     0.03       0.03       8.9     1.1 %     0.05       0.05  
  Loss on convertible debt conversions (2)   1.2       0.1 %     0.01       0.01       4.1     0.5 %     0.02       0.02       -     -       -       -  
  Interest and other (2)   3.3       0.3 %     0.02       0.02       3.6     0.5 %     0.02       0.02       3.6     0.4 %     0.02       0.02  
  Pension mark-to-market adjustment (2)   (0.6 )     -0.1 %     (0.00 )     (0.00 )     -     -       -       -       (0.1 )   -0.0 %     (0.00 )     (0.00 )
  Inventory step-up   -       -       -       -       -     -       -       -       0.1     0.0 %     0.00       0.00  
  Exclude discrete tax adjustments   (1.1 )     -0.1 %     (0.01 )     (0.01 )     (15.1 )   -1.9 %     (0.09 )     (0.08 )     (1.1 )   -0.1 %     (0.01 )     (0.01 )
  Non-GAAP tax adjustments   (1.5 )     -0.1 %     (0.01 )     (0.01 )     (0.3 )   -0.0 %     (0.00 )     (0.00 )     (8.3 )   -1.0 %     (0.05 )     (0.05 )
  Convertible share adjustment (3)   -       -       -       0.10       -     -       -       0.06       -     -       -       0.06  
Net income - non-GAAP $ 337.5       31.1 %   $ 2.03     $ 1.91     $ 196.2     25.1 %   $ 1.18     $ 1.11     $ 229.2     27.3 %   $ 1.38     $ 1.33  
                                                 
GAAP and non-GAAP weighted average common shares - basic   166.0                   166.5                   165.8              
GAAP weighted average common shares - diluted   186.8                   187.7                   180.3              
  Exclude dilutive shares related to convertible note transaction   (9.6 )                 (10.3 )                 (7.6 )            
Non-GAAP weighted average common shares - diluted   177.2                   177.4                   172.7              
                                                 
(1 ) Restructuring and other consists of:                                              
    Quarter Ended            
    July 4,
2021
              April 4,
2021
              June 28,
2020
           
  Employee severance $ 0.4                 $ 0.2                 $ -              
  Acquisition related expenses and compensation   0.3                   (0.2 )                 3.1              
  Contingent consideration fair value adjustment   -                   (7.2 )                 29.3              
  Contract termination settlement fee   -                   -                   4.0              
  Other   1.8                   0.1                   0.8              
    $ 2.5                 $ (7.1 )               $ 37.2              
                                                 
                                                 
(2 ) For the quarters ended July 4, 2021, April 4, 2021, and June 28, 2020, Interest and other included non-cash convertible debt interest expense. For the quarters ended July 4, 2021 and April 4, 2021, adjustment to exclude loss on convertible debt conversions. For the quarters ended July 4, 2021 and June 28, 2020, adjustments to exclude actuarial (gain) recognized under GAAP in accordance with Teradyne's mark-to-market pension accounting.
                                                 
(3 ) For the quarters ended July 4, 2021, April 4, 2021, and June 28, 2020, the non-GAAP diluted EPS calculation adds back $0.9 million, $1.2 million, and $1.3 million of convertible debt interest expense to non-GAAP net income, and non-GAAP weighted average diluted common shares include 10.1 million, 9.4 million and 5.8 million shares, respectively, from the convertible note hedge transaction.

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