Teradyne Reports Third Quarter 2017 Results
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Teradyne Reports Third Quarter 2017 Results

NORTH READING, Mass. — (BUSINESS WIRE) — October 25, 2017 — Teradyne, Inc. (NYSE: TER) reported revenue of $503 million for the third quarter of 2017 of which $397 million was in Semiconductor Test, $40 million in Industrial Automation, $35 million in System Test, and $31 million in Wireless Test. GAAP net income for the third quarter was $103.4 million or $0.52 per share. On a non-GAAP basis, Teradyne’s net income in the third quarter was $107.7 million, or $0.54 per diluted share, which excluded acquired intangible assets amortization, non-cash convertible debt interest, restructuring and other charges, and included the related tax impact on non-GAAP adjustments.

Orders in the third quarter of 2017 were $410 million of which $295 million were in Semiconductor Test, $40 million in Industrial Automation, $42 million in System Test, and $33 million in Wireless Test.

“Strong Semiconductor Test performance, with greater than expected image sensor test system shipments, drove Q3 revenue and earnings above the high end of our guidance,” said CEO and President Mark Jagiela. "Additionally, Universal Robots growth remained strong with Q3 revenue up 70% over the Q3'16 period and up 77% for the first 9 months of the year."

On the demand front, Semiconductor Test achieved its highest third quarter orders in over a decade driven mainly by record memory test orders. This, combined with continued strong growth at Universal Robots, positions the Company for full year sales over $2 billion and net income of over $2 per share at the mid-point of our Q4 guidance.”

Guidance for the fourth quarter of 2017 is revenue of $420 million to $450 million, with GAAP net income of $0.27 to $0.33 per diluted share and non-GAAP net income of $0.31 to $0.37 per diluted share. Non-GAAP guidance excludes acquired intangible assets amortization, non-cash convertible debt interest, and includes 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 10 a.m. ET, Thursday, October 26. 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 assets amortization, non-cash convertible debt interest, pension actuarial gains and losses, discrete income tax adjustments, goodwill impairment, acquired intangible assets impairment, 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 4,400 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 and the Quarterly Report on Form 10-Q for the period ended July 2, 2017. 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 THIRD FISCAL QUARTER OF 2017

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
           
Quarter Ended Nine Months Ended
October 1, 2017 July 2, 2017 October 2, 2016 October 1, 2017 October 2, 2016
 
Net revenues $ 503,378 $ 696,901 $ 410,475 $ 1,657,191 $ 1,373,261
 
Cost of revenues (exclusive of acquired intangible assets amortization shown separately below) (1) (2)   208,592     305,682     183,116     706,253     632,700  
 
Gross profit 294,786 391,219 227,359 950,938 740,561
 
Operating expenses:
Selling and administrative (1) 86,244 89,131 78,794 260,282 239,393
Engineering and development (1) 77,190 81,728 71,400 235,101 220,973
Acquired intangible assets amortization 7,028 8,166 8,487 23,145 44,725
Restructuring and other (3) (4,407 ) 2,288 12,177 392 16,372
Goodwill impairment (4) - - - - 254,946
Acquired intangible assets impairment (4)   -     -     -     -     83,339  
Operating expenses 166,055 181,313 170,858 518,920 859,748
 
Income (loss) from operations 128,731 209,906 56,501 432,018 (119,187 )
 
Interest and other (5)   (1,294 )   (3,029 )   3,180     (5,689 )   5,242  
 
Income (loss) before income taxes 127,437 206,877 59,681 426,329 (113,945 )
Income tax provision (benefit)   24,017     31,901     (4,113 )   62,713     (4,178 )
Net income (loss) $ 103,420   $ 174,976   $ 63,794   $ 363,616   $ (109,767 )
 

Net income (loss) per common share:

Basic $ 0.52   $ 0.88   $ 0.32   $ 1.83   $ (0.54 )
Diluted $ 0.52   $ 0.87   $ 0.31   $ 1.81   $ (0.54 )
 
Weighted average common shares - basic   197,485     198,774     202,211     198,755     203,167  

 

Weighted average common shares - diluted   200,775     201,529     203,929     201,413     203,167  
 
 
Cash dividend declared per common share $ 0.07   $ 0.07   $ 0.06   $ 0.21   $ 0.18  
 
 
Net orders $ 410,229   $ 461,606   $ 378,461   $ 1,466,567   $ 1,238,862  
 
 
(1 ) Pension actuarial (gains) losses included in our operating results were as follows:
Quarter Ended Nine Months Ended
October 1, 2017 July 2, 2017 October 2, 2016 October 1, 2017 October 2, 2016
Cost of revenues $ - $ (664 ) $ 364 $ (664 ) $ (250 )
Selling and administrative - (1,094 ) 192 (1,094 ) (441 )
Engineering and development   -     (746 )   106     (746 )   (509 )
$ -   $ (2,504 ) $ 662   $ (2,504 ) $ (1,200 )
 
 
(2 ) Cost of revenues includes: Quarter Ended Nine Months Ended
October 1, 2017 July 2, 2017 October 2, 2016 October 1, 2017 October 2, 2016
Provision for excess and obsolete inventory $ 1,859 $ 2,569 $ 3,033 $ 7,154 $ 15,148
Sale of previously written down inventory   (3,121 )   (2,149 )   (1,794 )   (6,404 )   (8,113 )
$ (1,262 ) $ 420   $ 1,239   $ 750   $ 7,035  
 
 
(3 ) Restructuring and other consists of: Quarter Ended Nine Months Ended
October 1, 2017 July 2, 2017 October 2, 2016 October 1, 2017 October 2, 2016
Employee severance $ 581 $ 789 $ 4,203 $ 1,953 $ 5,920
Contingent consideration fair value adjustment (286 ) 1,499 7,974 1,847 10,452
Facility related (393 ) - - 901 -
Property insurance recovery (5,064 ) - - (5,064 ) (5,051 )
Expenses and impairment of fixed assets related to Japan earthquake   755     -     -     755     5,051  
$ (4,407 ) $ 2,288   $ 12,177   $ 392   $ 16,372  
 
 
(4 ) Goodwill and acquired intangible assets impairment related to Teradyne's Wireless Test business segment.
 
(5 ) Interest and other includes: Quarter Ended Nine Months Ended
October 1, 2017 July 2, 2017 October 2, 2016 October 1, 2017 October 2, 2016
Non-cash convertible debt interest expense $ 3,127 $ 3,088 $ - $ 9,265 $ -
 
CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands)
                 
October 1, 2017 December 31, 2016
 
Assets
Cash and cash equivalents $ 418,677 $ 307,884
Marketable securities 1,217,830 871,024
Accounts receivable, net 268,068 192,444
Inventories, net 125,183 135,958
Prepayments 105,309 108,454
Other current assets   5,021   8,039
Total current assets 2,140,088 1,623,803
 
Property, plant and equipment, net 259,080 253,821
Marketable securities 211,943 433,843
Deferred tax assets 120,228 107,405
Other assets 12,028 12,165
Retirement plans assets 10,954 7,712
Acquired intangible assets, net 85,729 100,401
Goodwill   249,277   223,343
Total assets $ 3,089,327 $ 2,762,493
 
Liabilities
Accounts payable $ 79,429 $ 95,362
Accrued employees' compensation and withholdings 113,634 109,944
Deferred revenue and customer advances 111,506 84,478
Other accrued liabilities 62,611 51,382
Contingent consideration 21,818 1,050
Accrued income taxes   42,377   30,480
Total current liabilities 431,375 372,696
 
Retirement plans liabilities 114,316 106,938
Long-term deferred revenue and customer advances 31,686 23,463
Deferred tax liabilities 10,543 12,144
Long-term other accrued liabilities 11,604 28,642
Long-term contingent consideration 17,311 37,282
Long-term debt   362,595   352,669
Total liabilities 979,430 933,834
 
Shareholders' equity 2,109,897 1,828,659
   
Total liabilities and shareholders' equity $ 3,089,327 $ 2,762,493
               
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands)
     
Quarter Ended Nine Months Ended
October 1, 2017 October 2, 2016 October 1, 2017 October 2, 2016
Cash flows from operating activities:
Net income (loss) $ 103,420 $ 63,794 $ 363,616 $ (109,767 )
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation 16,769 16,269 49,243 48,437
Amortization 9,901 9,095 32,313 46,275
Stock-based compensation 8,308 7,555 25,620 23,012
Deferred taxes 2,884 (21,110 ) (679 ) (42,568 )
Provision for excess and obsolete inventory 1,859 3,033 7,154 15,148
Contingent consideration fair value adjustment (286 ) 7,974 1,847 10,452
Property insurance recovery (4,309 ) - (4,309 ) (5,051 )
Impairment of fixed assets - - - 4,179
Retirement plans actuarial losses (gains) - 662 (2,504 ) (1,200 )
Tax benefit related to employee stock compensation awards - (3,399 ) - (3,399 )
Goodwill impairment - - - 254,946
Acquired intangible assets impairment - - - 83,339
Other 36 (426 ) 429 151
Changes in operating assets and liabilities:
Accounts receivable 137,807 183,890 (75,623 ) 45,660
Inventories 31,919 18,378 23,770 48,600
Prepayments and other assets 2,937 384 7,362 (13,273 )
Accounts payable and accrued expenses (27,778 ) (32,672 ) 5,298 (38,712 )
Deferred revenue and customer advances 29,223 (52,692 ) 34,535 53,380
Retirement plans contributions (2,875 ) (3,573 ) (4,858 ) (5,871 )
Income taxes   15     4,221     15,808     4,227  
Net cash provided by operating activities 309,830 201,383 479,022 417,965
 
Cash flows from investing activities:
Purchases of property, plant and equipment (27,280 ) (19,659 ) (73,247 ) (66,252 )
Purchases of available-for-sale marketable securities (701,704 ) (438,526 ) (1,036,523 ) (875,837 )
Proceeds from sales of available-for-sale marketable securities 129,915 131,946 443,169 466,744
Proceeds from maturities of available-for-sale marketable securities 165,648 74,138 473,255 202,162
Proceeds from property insurance   5,064     -     5,064     5,051  
Net cash used for investing activities (428,357 ) (252,101 ) (188,282 ) (268,132 )
 
Cash flows from financing activities:
Issuance of common stock under stock purchase and stock option plans 9,247 2,189 24,462 20,085
Repurchase of common stock (57,493 ) (28,309 ) (151,821 ) (85,092 )
Dividend payments (13,805 ) (12,123 ) (41,730 ) (36,548 )
Tax benefit related to employee stock compensation awards - 3,399 - 3,399
Payments related to net settlement of employee stock compensation awards (146 ) (77 ) (12,584 ) (9,229 )
Payments of contingent consideration   -     -     (1,050 )   (11,697 )
Net cash used for financing activities (62,197 ) (34,921 ) (182,723 ) (119,082 )
 
Effects of exchange rate changes on cash and cash equivalents 1,052 2,481 2,776 2,481
 
(Decrease) increase in cash and cash equivalents (179,672 ) (83,158 ) 110,793 33,232
Cash and cash equivalents at beginning of period   598,349     381,095     307,884     264,705  
Cash and cash equivalents at end of period $ 418,677   $ 297,937   $ 418,677   $ 297,937  
                                                               

GAAP to Non-GAAP Earnings Reconciliation

(In millions, except per share amounts)
  Quarter Ended

October 1,
2017

% of Net
Revenues

July 2,
2017

% of Net
Revenues

October 2,
2016

% of Net
Revenues

 
Net revenues $ 503.4 $ 696.9 $ 410.5
 
Gross profit - GAAP $ 294.8 58.6 % $ 391.2 56.1 % $ 227.4 55.4 %
Pension mark-to-market adjustment (1)   -     -     (0.7 ) -0.1 %   0.4   0.1 %
Gross profit - non-GAAP $ 294.8 58.6 % $ 390.5 56.0 % $ 227.8 55.5 %
 
Income from operations - GAAP $ 128.7 25.6 % $ 209.9 30.1 % $ 56.5 13.8 %
Acquired intangible assets amortization 7.0 1.4 % 8.2 1.2 % 8.5 2.1 %
Restructuring and other (2) (4.4 ) -0.9 % 2.3 0.3 % 12.2 3.0 %
Pension mark-to-market adjustment (1)   -     -     (2.5 ) -0.4 %   0.7   0.2 %
Income from operations - non-GAAP $ 131.3     26.1 % $ 217.9   31.3 % $ 77.9   19.0 %
 

 

Net Income
per Common Share

Net Income
per Common Share

Net Income
per Common Share

October 1,
2017

% of Net
Revenues

Basic

Diluted

 

July 2,
2017

% of Net
Revenues

Basic Diluted

October 2,
2016

% of Net
Revenues

Basic Diluted
Net income - GAAP $ 103.4 20.5 % $ 0.52 $ 0.52 $ 175.0 25.1 % $ 0.88 $ 0.87 $ 63.8 15.5 % $ 0.32 $ 0.31
Acquired intangible assets amortization 7.0 1.4 % 0.04 0.04 8.2 1.2 % 0.04 0.04 8.5 2.1 % 0.04 0.04
Interest and other (3) 3.1 0.6 % 0.02 0.02 3.1 0.4 % 0.02 0.02 - - - -
Restructuring and other (2) (4.4 ) -0.9 % (0.02 ) (0.02 ) 2.3 0.3 % 0.01 0.01 12.2 3.0 % 0.06 0.06
Pension mark-to-market adjustment (1) - - - - (2.5 ) -0.4 % (0.01 ) (0.01 ) 0.7 0.2 % 0.00 0.00
Exclude discrete tax adjustments (4) 0.3 0.1 % 0.00 0.00 0.5 0.1 % 0.00 0.00 (10.7 ) -2.6 % (0.05 ) (0.05 )
Non-GAAP tax adjustments (5)   (1.7 )   -0.3 %   (0.01 )   (0.01 )   (5.1 ) -0.7 %   (0.03 )   (0.03 )   (6.8 ) -1.7 %   (0.03 )   (0.03 )
Net income - non-GAAP $ 107.7     21.4 % $ 0.55   $ 0.54   $ 181.5   26.0 % $ 0.91   $ 0.90   $ 67.7   16.5 % $ 0.33   $ 0.33  
 
GAAP and non-GAAP weighted average common shares - basic 197.5 198.8 202.2
GAAP weighted average common shares - diluted 200.8 201.5 203.9
Exclude dilutive shares from convertible note   (1.1 )   (0.7 )   -  
Non-GAAP weighted average common shares - diluted   199.7     200.8     203.9  
 
 
(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

October 1,
2017

July 2,
2017

 

October 2,
2016

Employee severance $ 0.6 $ 0.8 $ 4.2
Contingent consideration fair value adjustment (0.3 ) 1.5 8.0
Facility related (0.4 ) - -
Property insurance recovery (5.1 ) - -
Expenses and Impairment of fixed assets related to Japan earthquake   0.8     -     -  
$ (4.4 ) $ 2.3   $ 12.2  
 
(3 ) For the quarters ended October 1, 2017 and July 2, 2017, interest and other included non-cash convertible debt interest expense.
 
(4 ) For the quarters ended October 1, 2017, July 2, 2017 and October 2, 2016 adjustment to exclude discrete income 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.
 
 
Nine Months Ended

October 1,
2017

% of Net
Revenues

October 2,
2016

% of Net
Revenues

 
Net Revenues $ 1,657.2 $ 1,373.3
 
Gross profit - GAAP $ 950.9 57.4 % $ 740.6 53.9 %
Pension mark-to-market adjustment (1)   (0.7 )   0.0 %   (0.3 ) 0.0 %
Gross profit - non-GAAP $ 950.2 57.3 % $ 740.3 53.9 %
 
Income (loss) from operations - GAAP $ 432.0 26.1 % $ (119.2 ) -8.7 %
Acquired intangible assets amortization 23.1 1.4 % 44.7 3.3 %
Restructuring and other (2) 0.4 0.0 % 16.4 1.2 %
Pension mark-to-market adjustment (1) (2.5 ) -0.2 % (1.2 ) -0.1 %
Goodwill impairment (3) - - 254.9 18.6 %
Acquired intangible assets impairment (3)   -     -     83.3   6.1 %
Income from operations - non-GAAP $ 453.0     27.3 % $ 278.9   20.3 %
 

 

Net Income
per Common Share

 

Net (Loss) Income
per Common Share

 

October 1,
2017

% of Net
Revenues

Basic Diluted

October 2,
2016

 

% of Net
Revenues

Basic Diluted
Net income (loss) - GAAP $ 363.6 21.9 % $ 1.83 $ 1.81 $ (109.8 ) -8.0 % $ (0.54 ) $ (0.54 )
Acquired intangible assets amortization 23.1 1.4 % 0.12 0.12 44.7 3.3 % 0.22 0.22
Interest and other (4) 9.3 0.6 % 0.05 0.05 - - - -
Restructuring and other (2) 0.4 0.0 % 0.00 0.00 16.4 1.2 % 0.08 0.08
Pension mark-to-market adjustment (1) (2.5 ) -0.2 % (0.01 ) (0.01 ) (1.2 ) -0.1 % (0.01 ) (0.01 )
Goodwill impairment (3) - - - - 254.9 18.6 % 1.25 1.24
Acquired intangible assets impairment (3) - - - - 83.3 6.1 % 0.41 0.41
Exclude discrete tax adjustments (5) (6.1 ) -0.4 % (0.03 ) (0.03 ) 11.8 0.9 % 0.06 0.06
Non-GAAP tax adjustments (6)   (9.9 )   -0.6 %   (0.05 )   (0.05 )   (55.7 ) -4.1 %   (0.27 )   (0.27 )
Net income - non-GAAP $ 377.9     22.8 % $ 1.90   $ 1.88   $ 244.4   17.8 % $ 1.20   $ 1.19  
 
GAAP and non-GAAP weighted average common shares - basic 198.8 203.2
GAAP weighted average common shares - diluted 201.4 203.2
Exclude dilutive shares from convertible note (0.6 ) -
Include dilutive shares   -     1.7  
Non-GAAP weighted average common shares - diluted   200.8     204.9  
 
(1 ) Actuarial gains recognized under GAAP in accordance with Teradyne's mark-to-market pension accounting.
 
(2 ) Restructuring and other consists of:
Nine Months Ended

October 1,
2017

October 2,
2016

Employee severance $ 2.0 $ 5.9
Contingent consideration fair value adjustment 1.8 10.5
Facility related 0.9 -
Expenses and impairment of fixed assets related to Japan earthquake 0.8 5.1
Property insurance recovery   (5.1 )   (5.1 )
$ 0.4   $ 16.4  
 
(3 ) Goodwill and acquired intangible assets impairment related to Teradyne's Wireless Test business segment.
 
(4 ) For the nine months ended October 1, 2017, Interest and other included non-cash convertible debt interest expense.
 
(5 ) For the nine months ended October 1, 2017 and October 2, 2016, adjustment to exclude discrete income tax items. For the nine months ended October 2, 2016, adjustment to treat Wireless Test business segment goodwill and intangible assets impairments as discrete tax items.
 
(6 ) 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.
 
GAAP to Non-GAAP Reconciliation of Fourth Quarter 2017 guidance:
 
GAAP and non-GAAP fourth quarter revenue guidance: $420 million to $450 million
GAAP net income per diluted share $ 0.27 $ 0.33
Exclude acquired intangible assets amortization 0.04 0.04
Exclude non-cash convertible debt interest 0.02 0.02
Non-GAAP tax adjustment   (0.01 )   (0.01 )
Non-GAAP net income per diluted share $ 0.31 $ 0.37
 

For press releases and other information of interest to investors, please visit Teradyne's homepage at http://www.teradyne.com.


Contact:

Teradyne, Inc.
Andy Blanchard, 978-370-2425
Vice President of Corporate Relations