Teradyne Reports First Quarter 2019 Results
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) | | | | | | | | | | | | | | | | | | | |
Quarter Ended | | | | | | |
March 31,
2019 | |
April 1,
2018 | | Cash flows from operating activities: | | | | | | | Net income | | $ | 109,138 | | | $ | 86,974 | | | | Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | | | Depreciation | | | 16,651 | | | | 16,336 | | | | | Amortization | | | 12,942 | | | | 9,204 | | | | | Stock-based compensation | | | 9,474 | | | | 9,544 | | | | | Deferred taxes | | | 1,206 | | | | 8,696 | | | | | Provision for excess and obsolete inventory | | | 2,397 | | | | 3,522 | | | | | Contingent consideration fair value adjustment | | | 2,970 | | | | (4,968 | ) | | | | (Gains) losses on investments | | | (2,828 | ) | | | 1,241 | | | | | Other | | | (349 | ) | | | 152 | | | | | Changes in operating assets and liabilities, net of businesses acquired: | | | | | | | | Accounts receivable | | | (41,706 | ) | | | (140,747 | ) | | | | | Inventories | | | (2,917 | ) | | | (21,017 | ) | | | | | Prepayments and other assets | | | (19,165 | ) | | | (679 | ) | | | | | Accounts payable and accrued expenses | | | (52,806 | ) | | | (46,706 | ) | | | | | Deferred revenue and customer advances | | | 6,455 | | | | 9,644 | | | | | | Retirement plans contributions | | | (1,210 | ) | | | (1,020 | ) | | | | | Income taxes | | | (22,236 | ) | | | (12,106 | ) | | Net cash provided by (used for) operating activities | | | 18,016 | | | | (81,930 | ) | | | | | | | | | | | Cash flows from investing activities: | | | | | | | Purchases of property, plant and equipment | | | (25,711 | ) | | | (34,797 | ) | | | Purchases of marketable securities | | | (375,184 | ) | | | (490,324 | ) | | | Proceeds from sales of marketable securities | | | 5,440 | | | | 800,671 | | | | Proceeds from maturities of marketable securities | | | 141,201 | | | | 212,698 | | | | Proceeds from life insurance | | | 273 | | | | - | | | | Acquisition of businesses, net of cash acquired | | | (6,970 | ) | | | (25,356 | ) | | Net cash (used for) provided by investing activities | | | (260,951 | ) | | | 462,892 | | | | | | | | | | | | Cash flows from financing activities: | | | | | | | Issuance of common stock under stock purchase and stock option plans | | | 14,122 | | | | 10,654 | | | | Repurchase of common stock | | | (156,468 | ) | | | (134,276 | ) | | | Dividend payments | | | (15,627 | ) | | | (17,588 | ) | | | Payment related to net settlement of employee stock compensation awards | | | (14,172 | ) | | | (19,629 | ) | | | Payment of contingent consideration | | | (27,615 | ) | | | (13,571 | ) | | Net cash used for financing activities | | | (199,760 | ) | | | (174,410 | ) | | | | | | | | | | | Effects of exchange rate changes on cash and cash equivalents | | | (329 | ) | | | 1,478 | | | | | | | | | | | | (Decrease) increase in cash and cash equivalents | | | (443,024 | ) | | | 208,030 | | | Cash and cash equivalents at beginning of period | | | 926,752 | | | | 429,843 | | | Cash and cash equivalents at end of period | | $ | 483,728 | | | $ | 637,873 | | | | | | | | | | |
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