Teradyne, Inc. (NASDAQ: TER):
- Revenue at the high-end and earnings above Q3
guidance
- Revenue of $737 million in Q3’24, up 5% from Q3’23
- Year-over-year growth driven by strong AI-related
demand
Q3'24
Q3'23
Q2'24
Revenue (mil)
$
737
$
704
$
730
GAAP EPS
$
0.89
$
0.78
$
1.14
Non-GAAP EPS
$
0.90
$
0.80
$
0.86
Teradyne, Inc. (NASDAQ: TER) reported revenue of $737 million
for the third quarter of 2024 of which $543 million was in
Semiconductor Test, $73 million in System Test, $33 million in
Wireless Test and $89 million in Robotics. GAAP net income for the
third quarter of 2024 was $145.6 million or $0.89 per diluted
share. On a non-GAAP basis, Teradyne’s net income in the third
quarter of 2024 was $147.6 million, or $0.90 per diluted share,
which excluded acquired intangible asset amortization,
restructuring and other charges, amortization on our investment in
Technoprobe, legal settlement, pension mark-to-market, and included
the related tax impact on non-GAAP adjustments.
“Semiconductor Test continues to perform better than planned on
record Memory revenue driven by High Bandwidth Memory (HBM) and
compute demand for AI applications,” said Teradyne CEO, Greg Smith.
“Robotics continues to execute to its longer-term growth strategy
with improving traction in recurring software and services revenue
and progress in the UR OEM channel. As we finish 2024 and look
forward to 2025, we are excited about building on this
progress."
Guidance for the fourth quarter of 2024 is revenue of $710
million to $760 million, with GAAP net income of $0.73 to $0.91 per
diluted share and non-GAAP net income of $0.80 to $0.97 per diluted
share. Non-GAAP guidance excludes acquired intangible asset
amortization and amortization on our investment in Technoprobe, as
well as the related tax impact on non-GAAP adjustments.
Webcast
A conference call to discuss the third quarter results, along
with management’s business outlook, will follow at 8:30 a.m. ET,
Thursday, October 24, 2024. 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 8:30 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 assets amortization,
restructuring and other, pension actuarial gains and losses, stock
compensation modification expense, gains and losses on foreign
exchange options in connection with acquisitions and divestitures,
gain on sale of business, legal settlement, discrete income tax
adjustments, and includes the related tax impact on non-GAAP
adjustments. 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 as a percentage of revenue, 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 diluted shares include the impact
of Teradyne’s call option on its shares. 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 “Investor Relations” and then
selecting “Financials” and 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 (NASDAQ:TER) test technology helps bring high-quality
innovations such as smart devices, life-saving medical equipment
and data storage systems to market, faster. Its advanced test
solutions for semiconductors, electronic systems, wireless devices
and more ensure that products perform as they were designed. Its
robotics offerings include collaborative and mobile robots that
help manufacturers of all sizes increase productivity, improve
safety, and lower costs. In 2023, Teradyne had revenue of $2.7
billion and today employs over 6,400 people worldwide. For more
information, visit teradyne.com. Teradyne® is a registered
trademark of Teradyne, Inc., in the U.S. and other countries.
Safe Harbor Statement
This release contains forward-looking statements including
statements regarding Teradyne’s future business prospects,
financial performance or position and results of operations. You
can identify forward-looking statements by their use of
forward-looking words such as “anticipate,” “expect,” “plan,”
“could,” “may,” “will,” “believe,” “estimate,” “goal” or other
comparable terms. Forward-looking statements in this press release
address various matters, including statements regarding Teradyne’s
financial guidance. Investors are cautioned that such
forward-looking statements involve risks and uncertainties that
could cause actual results to differ materially from the
forward-looking statements due to known and unknown risks,
uncertainties, assumptions, and other factors. Such factors
include, but are not limited to, macroeconomic factors and
slowdowns or downturns in economic conditions generally and in the
markets in which Teradyne operates; decreased or delayed product
demand from one or more significant customers; a slowdown or
inability in the development, delivery and acceptance of new
products; the ability to grow the Robotics business; the impact of
increased research and development spending; the impact of
epidemics or pandemics such as COVID-19; the impact of a supply
shortage on our supply chain and contract manufacturers; the
consummation and success of any mergers or acquisitions; unexpected
cash needs; the business judgment of the board of directors that a
declaration of a dividend or the repurchase of common stock is not
in Teradyne’s best interests; changes to U.S. or global tax
regulations or guidance; the impact of any tariffs or export
controls imposed by the U.S. or China; the impact of U.S.
Department of Commerce or other government agency regulations
relating to Huawei, HiSilicon and other customers or potential
customers; the impact of U.S. Department Commerce export control
regulations for certain U.S. products and technology sold to
military end users or for military end-use in China; the impact of
the current conflicts in Israel; the impact of regulations
published by the U.S. Department of Commerce relating to
semiconductors and semiconductor manufacturing equipment destined
for certain end uses in China.
The risks included above are not exhaustive. For a more detailed
description of the risk factors associated with Teradyne, please
refer to Teradyne’s Annual Report on Form 10-K for the fiscal year
ended December 31, 2023. Many of these factors are macroeconomic in
nature and are, therefore, beyond Teradyne’s control. We caution
readers not to place undue reliance on any forward-looking
statements included in this press release which speak only as to
the date of this press release. Teradyne specifically disclaims any
obligation to update any forward-looking information contained in
this press release or with respect to the announcements described
herein.
TERADYNE, INC. REPORT FOR THIRD FISCAL
QUARTER OF 2024
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
Quarter Ended
Nine Months Ended
September 29, 2024
June 30, 2024
October 1, 2023
September 29, 2024
October 1, 2023
Net revenues
$
737,298
$
729,879
$
703,732
$
2,066,996
$
2,005,699
Cost of revenues (exclusive of acquired
intangible assets amortization shown separately below) (1)
300,784
304,035
305,441
865,357
848,495
Gross profit
436,514
425,844
398,291
1,201,639
1,157,204
Operating expenses:
Selling and administrative (2)
157,649
154,470
138,330
461,307
434,979
Engineering and development
117,474
111,816
104,413
332,489
315,881
Acquired intangible assets
amortization
4,748
4,664
4,720
14,108
14,348
Restructuring and other (3)
4,578
2,012
6,856
11,018
15,251
Gain on sale of business (4)
—
(57,486
)
—
(57,486
)
—
Operating expenses
284,449
215,476
254,319
761,436
780,459
Income from operations
152,065
210,368
143,972
440,203
376,745
Interest and other (income) expense
(5)
(6,919
)
(9,035
)
(308
)
(11,086
)
(9,022
)
Income before income taxes and equity in
net earnings of affiliate
158,984
219,403
144,280
451,289
385,767
Income tax provision
12,260
33,130
16,164
54,095
54,069
Income before equity in net earnings of
affiliate
146,724
186,273
128,116
397,194
331,698
Equity in net earnings of affiliate
(1,075
)
—
—
(1,075
)
—
Net income
$
145,649
$
186,273
$
128,116
$
396,119
$
331,698
Net income per
common share:
Basic
$
0.89
$
1.18
$
0.83
$
2.51
$
2.14
Diluted
$
0.89
$
1.14
$
0.78
$
2.42
$
2.01
Weighted average common shares - basic
163,002
157,804
153,762
157,951
154,809
Weighted average common shares - diluted
(6)
164,253
163,470
164,050
163,357
165,037
Cash dividend declared per common
share
$
0.12
$
0.12
$
0.11
$
0.36
$
0.33
(1)
Cost of revenues includes:
Quarter Ended
Nine Months Ended
September 29, 2024
June 30, 2024
October 1, 2023
September 29, 2024
October 1, 2023
Provision for excess and obsolete
inventory
$
6,078
$
3,261
$
11,728
$
15,515
$
23,069
Legal settlement
3,600
—
—
3,600
—
Sale of previously written down
inventory
(472
)
(592
)
(1,198
)
(1,787
)
(4,046
)
$
9,206
$
2,669
$
10,530
$
17,328
$
19,023
(2)
For the nine months ended
September 29, 2024, selling and administrative expenses included an
equity charge of $1.7 million for the modification of Teradyne
executives' retirement agreements. For the nine months ended
October 1, 2023, selling and administrative expenses included an
equity charge of $5.9 million for the modification of Teradyne’s
retired CEO’s outstanding equity awards in connection with his
February 1, 2023, retirement.
(3)
Restructuring and other consists
of:
Quarter Ended
Nine Months Ended
September 29, 2024
June 30, 2024
October 1, 2023
September 29, 2024
October 1, 2023
Employee severance
$
1,280
$
2,012
$
4,658
$
5,319
$
11,835
Acquisition and divestiture related
expenses
—
—
—
2,214
—
Contract termination
—
—
1,511
—
1,511
Other
3,298
—
687
3,485
1,905
$
4,578
$
2,012
$
6,856
$
11,018
$
15,251
(4)
On May 27, 2024, Teradyne sold Teradyne's
Device Interface Solution ("DIS") business, a component of the
Semiconductor Test segment, to Technoprobe S.p.A. ("Technoprobe"),
for $85.0 million, net of cash and cash equivalents sold and a
working capital adjustment.
(5)
Interest and other includes:
Quarter Ended
Nine Months Ended
September 29, 2024
June 30, 2024
October 1, 2023
September 29, 2024
October 1, 2023
Pension actuarial losses (gains)
$
(2,262
)
$
(250
)
$
72
$
(2,513
)
$
125
Loss (gain) on foreign exchange option
—
(4,154
)
—
9,765
—
(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 October 1,
2023, 0.6 million shares have been included in diluted shares. For
the nine months ended October 1, 2023, 0.8 million shares have been
included in diluted shares. For the quarters ended September 29,
2024, June 30, 2024, and October 1, 2023, diluted shares included
0.5 million, 4.9 million, and 9.2 million shares, respectively,
from the convertible note hedge transaction. For the nine months
ended September 29, 2024, and October 1, 2023, diluted shares
included 4.8 million and 9.0 million shares, respectively, from the
convertible note hedge transaction.
CONDENSED CONSOLIDATED BALANCE SHEETS (In
thousands)
September 29, 2024
December 31, 2023
Assets
Cash and cash equivalents
$
510,036
$
757,571
Marketable securities
41,631
62,154
Accounts receivable, net
484,376
422,124
Inventories, net
297,340
309,974
Prepayments
489,548
548,970
Other current assets
15,935
37,992
Current assets held for sale
—
23,250
Total current assets
1,838,866
2,162,035
Property, plant and equipment, net
491,704
445,492
Operating lease right-of-use assets,
net
70,784
73,417
Marketable securities
125,944
117,434
Deferred tax assets
201,881
175,775
Retirement plans assets
13,114
11,504
Equity method investment
538,351
—
Other assets
48,384
38,580
Acquired intangible assets, net
21,288
35,404
Goodwill
419,412
415,652
Assets held for sale
—
11,531
Total assets
$
3,769,728
$
3,486,824
Liabilities
Accounts payable
$
158,459
$
180,131
Accrued employees’ compensation and
withholdings
159,794
191,750
Deferred revenue and customer advances
99,776
99,804
Other accrued liabilities
105,150
114,712
Operating lease liabilities
19,175
17,522
Income taxes payable
52,542
48,653
Current liabilities held for sale
—
7,379
Total current liabilities
594,896
659,951
Retirement plans liabilities
137,735
132,090
Long-term deferred revenue and customer
advances
41,135
37,282
Long-term other accrued liabilities
8,373
19,998
Deferred tax liabilities
164
183
Long-term operating lease liabilities
60,287
65,092
Long-term income taxes payable
24,596
44,331
Liabilities held for sale
—
2,000
Total liabilities
867,186
960,927
Shareholders’ equity
2,902,542
2,525,897
Total liabilities and shareholders’
equity
$
3,769,728
$
3,486,824
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS (In thousands)
Quarter Ended
Nine Months Ended
September 29, 2024
October 1, 2023
September 29, 2024
October 1, 2023
Cash flows from operating activities:
Net income
$
145,649
$
128,116
$
396,119
$
331,698
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation
25,553
23,627
74,480
68,858
Stock-based compensation
14,574
12,787
45,267
45,236
Provision for excess and obsolete
inventory
6,078
11,728
15,516
23,069
Amortization
4,736
4,503
14,133
14,083
Equity in net earnings of affiliate
1,075
—
1,075
—
Gain on sale of business
—
—
(57,486
)
—
Deferred taxes
(9,431
)
(10,455
)
(26,261
)
(24,026
)
Losses (gains) on investments
(2,951
)
1,586
10,139
(3,159
)
Retirement plan actuarial losses
(gains)
(2,262
)
—
(2,512
)
—
Other
(6,282
)
80
(5,041
)
(13
)
Changes in operating assets and
liabilities
Accounts receivable
(11,055
)
32,884
(65,266
)
30,191
Inventories
(5,974
)
20,240
11,127
6,395
Prepayments and other assets
39,248
(34,398
)
61,438
(63,982
)
Accounts payable and other liabilities
(10,657
)
28,513
(63,666
)
3,999
Deferred revenue and customer advances
885
(14,579
)
3,624
(49,517
)
Retirement plans contributions
(1,395
)
(1,216
)
(4,169
)
(3,698
)
Income taxes
(21,520
)
(29,069
)
(18,898
)
(42,683
)
Net cash provided by operating
activities
166,271
174,347
389,619
336,451
Cash flows from investing activities:
Purchases of property, plant and
equipment
(51,841
)
(34,604
)
(140,710
)
(115,306
)
Purchases of marketable securities
(7,340
)
(38,768
)
(35,097
)
(137,786
)
Purchases of investment in a business
(2,407
)
—
(527,060
)
—
Issuance of convertible loan
—
(5,000
)
—
(5,000
)
Proceeds from maturities of marketable
securities
6,305
49,450
33,163
71,447
Proceeds from the sale of a business, net
of cash and cash equivalents sold
3,176
—
90,348
—
Proceeds from sales of marketable
securities
2,311
1,386
23,600
36,963
Proceeds from life insurance
—
—
873
460
Net cash used for investing activities
(49,796
)
(27,536
)
(554,883
)
(149,222
)
Cash flows from financing activities:
Repurchase of common stock
(24,747
)
(118,647
)
(55,053
)
(346,492
)
Dividend payments
(19,566
)
(16,897
)
(56,936
)
(51,081
)
Payments related to net settlement of
employee stock compensation awards
(399
)
(278
)
(13,833
)
(20,586
)
Payments of borrowings on revolving credit
facility
—
—
(185,000
)
—
Payments of convertible debt principal
—
(9,277
)
—
(26,735
)
Proceeds from borrowings on revolving
credit facility
—
—
185,000
—
Issuance of common stock under stock
purchase and stock option plans
15,429
17,485
37,265
34,084
Net cash used for financing activities
(29,283
)
(127,614
)
(88,557
)
(410,810
)
Effects of exchange rate changes on cash
and cash equivalents
940
4,556
6,286
5,769
Increase (decrease) in cash and cash
equivalents
88,132
23,753
(247,535
)
(217,812
)
Cash and cash equivalents at beginning of
period
421,904
613,208
757,571
854,773
Cash and cash equivalents at end of
period
$
510,036
$
636,961
$
510,036
$
636,961
GAAP to Non-GAAP Earnings
Reconciliation
(In millions, except per share
amounts)
Quarter Ended
September 29, 2024
% of Net Revenues
June 30, 2024
% of Net Revenues
October 1, 2023
% of Net Revenues
Net revenues
$
737.3
$
729.9
$
703.7
Gross profit - GAAP
436.5
59.2
%
425.8
58.3
%
398.3
56.6
%
Legal settlement (1)
3.6
0.5
%
—
—
—
—
Gross profit - non-GAAP
440.1
59.7
%
425.8
58.3
%
398.3
56.6
%
Income from operations - GAAP
152.1
20.6
%
210.4
28.8
%
144.0
20.5
%
Acquired intangible assets
amortization
4.7
0.6
%
4.7
0.6
%
4.7
0.7
%
Restructuring and other (2)
4.6
0.6
%
2.0
0.3
%
6.9
1.0
%
Legal settlement (1)
3.6
0.5
%
—
—
—
—
Gain on sale of business (3)
—
—
(57.5
)
-7.9
%
—
—
Income from operations - non-GAAP
$
165.0
22.4
%
$
159.6
21.9
%
$
155.6
22.1
%
Net Income per Common
Share
Net Income per Common
Share
Net Income per Common
Share
September 29, 2024
% of Net Revenues
Basic
Diluted
June 30, 2024
% of Net Revenues
Basic
Diluted
October 1, 2023
% of Net Revenues
Basic
Diluted
Net income - GAAP
$
145.6
19.7
%
$
0.89
$
0.89
$
186.3
25.5
%
$
1.18
$
1.14
$
128.1
18.2
%
$
0.83
$
0.78
Acquired intangible assets
amortization
4.7
0.6
%
0.03
0.03
4.7
0.6
%
0.03
0.03
4.7
0.7
%
0.03
0.03
Restructuring and other (2)
4.6
0.6
%
0.03
0.03
2.0
0.3
%
0.01
0.01
6.9
1.0
%
0.04
0.04
Legal settlement (1)
3.6
0.5
%
0.02
0.02
—
—
—
—
—
—
—
—
Amortization of equity method
investment
2.4
0.3
%
0.01
0.01
—
—
—
—
—
—
—
—
Loss (gain) on foreign exchange option
—
—
—
—
(4.2
)
-0.6
%
(0.03
)
(0.03
)
—
—
—
—
Gain on sale of business (3)
—
—
—
—
(57.5
)
-7.9
%
(0.36
)
(0.35
)
—
—
—
—
Pension mark-to-market adjustment (4)
(2.3
)
-0.3
%
(0.01
)
(0.01
)
(0.3
)
0.0
%
(0.00
)
(0.00
)
0.1
0.0
%
0.00
0.00
Exclude discrete tax adjustments
(8.9
)
-1.2
%
(0.05
)
(0.05
)
10.5
1.4
%
0.07
0.06
(4.8
)
-0.7
%
(0.03
)
(0.03
)
Non-GAAP tax adjustments
(2.1
)
-0.3
%
(0.01
)
(0.01
)
(1.5
)
-0.2
%
(0.01
)
(0.01
)
(3.5
)
-0.5
%
(0.02
)
(0.02
)
Net income - non-GAAP
$
147.6
20.0
%
$
0.91
$
0.90
$
140.0
19.2
%
$
0.89
$
0.86
$
131.5
18.7
%
$
0.86
$
0.80
GAAP and non-GAAP weighted average common
shares - basic
163.0
157.8
153.8
GAAP weighted average common shares -
diluted (6)
164.3
163.5
164.1
Exclude dilutive shares related to
convertible note transaction
—
—
(0.6
)
Non-GAAP weighted average common shares -
diluted
164.3
163.5
163.4
(1)
For the three months ended September 29, 2024, legal settlement
includes charges for a settlement following a judgment against the
Company for infringement of expired patents.
(2)
Restructuring and other consists of:
Quarter Ended
September 29, 2024
June 30, 2024
October 1, 2023
Employee severance
$
1.3
$
2.0
$
4.7
Contract termination
—
—
1.5
Other
3.3
—
0.6
$
4.6
$
2.0
$
6.9
(3)
On May 27, 2024, Teradyne sold
DIS, a component of the Semiconductor Test segment, to Technoprobe,
for $85.0 million, net of cash and cash equivalents sold and a
working capital adjustment.
(4)
For the quarters ended September
29, 2024, June 30, 2024 and October 1, 2023, adjustments to exclude
actuarial gains and losses, respectively, recognized under GAAP in
accordance with Teradyne’s mark-to-market pension accounting.
(5)
For the quarters ended September
29, 2024, June 30, 2024, and October 1, 2023, non-GAAP weighted
average diluted common shares included 0.5 million, 4.9 million and
9.2 million shares, respectively, from the convertible note hedge
transaction.
Nine Months Ended
September 29, 2024
% of Net Revenues
October 1, 2023
% of Net Revenues
Net Revenues
$
2,067.0
$
2,005.7
Gross profit - GAAP
1,201.6
58.1
%
1,157.2
57.7
%
Legal settlement (1)
3.6
0.2
%
—
—
Gross profit - non-GAAP
1,205.2
58.3
%
1,157.2
57.7
%
Income from operations - GAAP
440.2
21.3
%
376.7
18.8
%
Acquired intangible assets
amortization
14.1
0.7
%
14.3
0.7
%
Restructuring and other (2)
11.0
0.5
%
15.3
0.8
%
Legal settlement (1)
3.6
0.2
%
—
—
Equity modification charge (3)
1.7
0.1
%
5.9
0.3
%
Loss (gain) on sale of business (4)
(57.5
)
-2.8
%
—
—
Income from operations - non-GAAP
$
413.1
20.0
%
$
412.2
20.6
%
Net Income per Common
Share
Net Income per Common
Share
September 29, 2024
% of Net Revenues
Basic
Diluted
October 1, 2023
% of Net Revenues
Basic
Diluted
Net income - GAAP
$
396.1
19.2
%
$
2.51
$
2.42
$
331.7
16.5
%
$
2.14
$
2.01
Acquired intangible assets
amortization
14.1
0.7
%
0.09
0.09
14.3
0.7
%
0.09
0.09
Restructuring and other (2)
11.0
0.5
%
0.07
0.07
15.3
0.8
%
0.10
0.09
Loss (gain) on foreign exchange option
9.8
0.5
%
0.06
0.06
—
—
—
—
Legal settlement (1)
3.6
0.2
%
0.02
0.02
—
—
—
—
Amortization of equity method
investment
2.4
0.1
%
0.02
0.01
—
—
—
—
Equity modification charge (3)
1.7
0.1
%
0.01
0.01
5.9
0.3
%
0.04
0.04
Pension mark-to-market adjustment (5)
(2.5
)
-0.1
%
(0.02
)
(0.02
)
0.1
0.0
%
0.00
0.00
Loss (gain) on sale of business (4)
(57.5
)
-2.8
%
(0.36
)
(0.35
)
—
—
—
—
Exclude discrete tax adjustments
(0.7
)
0.0
%
(0.00
)
(0.00
)
(6.7
)
-0.3
%
(0.04
)
(0.04
)
Non-GAAP tax adjustments
(7.9
)
-0.4
%
(0.05
)
(0.05
)
(8.8
)
-0.4
%
(0.06
)
(0.05
)
Convertible share adjustment (6)
—
—
—
—
—
—
—
0.01
Net income - non-GAAP
$
370.1
17.9
%
$
2.34
$
2.27
$
351.8
17.5
%
$
2.27
$
2.14
GAAP and non-GAAP weighted average common
shares - basic
158.0
154.8
GAAP weighted average common shares -
diluted (6)
163.4
165.0
Exclude dilutive shares from convertible
note
—
(0.8
)
Non-GAAP weighted average common shares -
diluted
163.4
164.2
(1)
For the nine months ended September 29, 2024, a legal settlement
includes charges for a settlement following a judgment against the
Company for infringement of expired patents.
(2)
Restructuring and other consists of:
Nine Months Ended
September 29, 2024
October 1, 2023
Employee severance
$
5.3
$
11.8
Acquisition and divestiture related
expenses
2.2
—
Contract termination
—
1.5
Other
3.5
1.9
$
11.0
$
15.3
(3)
For the nine months ended
September 29, 2024, selling and administrative expenses included an
equity charge of $1.7 million for the modification of Teradyne’s
executives' retirement agreements. For the nine months ended
October 1, 2023, selling and administrative expenses included an
equity charge of $5.9 million for the modification of Teradyne’s
retired CEO’s outstanding equity awards in connection with his
February 1, 2023, retirement.
(4)
On May 27, 2024, Teradyne sold
DIS, a component of the Semiconductor Test segment, to Technoprobe,
for $85.0 million, net of cash and cash equivalents sold and a
working capital adjustment.
(5)
For the nine months ended
September 29, 2024, and October 1, 2023, adjustments to exclude
actuarial gains and losses, respectively, recognized under GAAP in
accordance with Teradyne’s mark-to-market pension accounting.
(6)
For the nine months ended
September 29, 2024 and October 1, 2023, non-GAAP weighted average
diluted common shares included 4.8 million and 9.0 million shares,
respectively, from the convertible note hedge transaction.
GAAP to Non-GAAP Reconciliation of Fourth Quarter 2024
guidance:
GAAP and non-GAAP fourth quarter revenue
guidance:
$710 million
to
$760 million
GAAP net income per diluted share
$
0.73
$
0.91
Exclude acquired intangible assets
amortization
0.03
0.03
Exclude equity method investment
amortization
0.05
0.05
Non-GAAP tax adjustments
(0.01
)
(0.01
)
Non-GAAP net income per diluted share
$
0.80
$
0.97
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: https://www.businesswire.com/news/home/20241023481464/en/
Teradyne, Inc. Traci Tsuchiguchi 978-370-2444 Vice President of
Corporate Relations
Teradyne (NASDAQ:TER)
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