Teradyne Reports Third Quarter 2018 Results

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands)

				Quarter Ended						Nine Months Ended
				September 30, 2018			October 1, 2017			September 30, 2018			October 1, 2017
Cash flows from operating activities:
	Net income			$	119,981		$	103,420		$	307,991		$	363,616
	Adjustments to reconcile net income to net cash provided by operating activities:
		Depreciation			16,774			16,769			49,930			49,243
		Amortization			12,732			9,901			32,909			32,313
		Stock-based compensation			7,702			8,308			25,327			25,620
		Deferred taxes			7,130			2,884			24,442			(679	)
		Provision for excess and obsolete inventory			3,347			1,859			9,522			7,154
		Contingent consideration adjustment			(768	)		(286	)		(9,236	)		1,847
		Retirement plan actuarial losses			267			-			196			(2,504	)
		Property insurance recovery			-			(4,309	)		-			(4,309	)
		Other			(652	)		36			516			429
		Changes in operating assets and liabilities, net of businesses acquired:
			Accounts receivable		101,596			137,807			(77,807	)		(75,623	)
			Inventories		(12,834	)		31,919			(34,117	)		23,770
			Prepayments and other assets		(30,360	)		2,937			(28,719	)		7,362
			Accounts payable and other accrued expenses		24,279			(27,778	)		16,124			5,298
			Deferred revenue and customer advances		(695	)		29,223			9,823			34,535
			Retirement plans contributions		(1,071	)		(2,875	)		(3,244	)		(4,858	)
			Income taxes		(6,844	)		15			(33,152	)		15,808
Net cash provided by operating activities					240,584			309,830			290,505			479,022

Cash flows from investing activities:
	Purchases of property, plant and equipment				(25,606	)		(27,280	)		(88,269	)		(73,247	)
	Proceeds from government subsidy for property, plant and equipment				7,920			-			7,920			-
	Purchases of marketable securities				(162,450	)		(701,704	)		(809,521	)		(1,036,523	)
	Proceeds from sales of marketable securities				14,111			129,915			843,164			443,169
	Proceeds from maturities of marketable securities				464,238			165,648			934,100			473,255
	Proceed from property insurance				-			5,064			-			5,064
	Proceed from life insurance				1,126			-			1,126			-
	Acquisition of businesses, net of cash acquired				1,158			-			(169,474	)		-
Net cash provided by (used for) investing activities					300,497			(428,357	)		719,046			(188,282	)

Cash flows from financing activities:
	Issuance of common stock under stock purchase and stock option plans				10,278			9,247			20,959			24,462
	Repurchase of common stock				(201,468	)		(57,493	)		(562,263	)		(151,821	)
	Dividend payments				(16,638	)		(13,805	)		(51,320	)		(41,730	)
	Payment related to net settlement of employee stock compensation awards				(90	)		(146	)		(19,841	)		(12,584	)
	Payment of contingent consideration				-			-			(13,571	)		(1,050	)
Net cash used for financing activities					(207,918	)		(62,197	)		(626,036	)		(182,723	)

Effects of exchange rate changes on cash and cash equivalents					472			1,052			661			2,776

Increase (decrease) in cash and cash equivalents					333,635			(179,672	)		384,176			110,793
Cash and cash equivalents at beginning of period					480,384			598,349			429,843			307,884
Cash and cash equivalents at end of period				$	814,019		$	418,677		$	814,019		$	418,677

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