Teradyne, Inc (TER) SEC Filing 10-K Annual report for the fiscal year ending Sunday, December 31, 2017

Earnings Press Release
10-K Annual Report
10-K YoY Changes
Teradyne, Inc
Ticker: TER CIK: 97210

Exhibit 99.1

Teradyne Reports Fourth Quarter and Fiscal Year 2017 Results, Increases Capital Return Program

•

Full year 2017 sales up 22% from 2016

•

Universal Robots 2017 sales up 72% from 2016

•

Quarterly dividend increased 29% to $0.09 beginning Q1’18

•

Expect to repurchase $750 million in shares in 2018 as part of a new $1.5 billion share repurchase program

Q4’17

Q4’16

Q3’17

FY 2017

FY 2016

Orders (mil)

560

628

410

2,026

1,867

Revenue (mil)

479

380

503

2,137

1,753

GAAP EPS

0.54

)

0.33

0.52

1.28

($0.21

)

Non-GAAP EPS

0.46

0.32

0.54

2.34

1.51

NORTH READING, Mass. – January 24, 2018 –

Teradyne, Inc. (NYSE: TER) reported revenue of $479 million for the fourth quarter of 2017 of which $317 million was in Semiconductor Test, $80 million in System Test, $54 million in Industrial Automation, and $28 million in Wireless Test. GAAP net loss for the fourth quarter was ($105.9) million or ($0.54) per share. GAAP results include a $184 million discrete tax charge related to the impact of U.S. tax policy changes¹. On a non-GAAP basis, Teradyne’s net income in the fourth quarter was $91.4 million, or $0.46 per diluted share, which excluded acquired intangible asset amortization, pension actuarial gains, restructuring and other charges, non-cash convertible debt interest, discrete income tax adjustments, and included the related tax impact on non-GAAP adjustments.

Orders in the fourth quarter of 2017 were $560 million of which $410 million were in Semiconductor Test, $69 million in System Test, $56 million in Industrial Automation, and $24 million in Wireless Test.

“The fourth quarter capped off a great 2017 at Teradyne. In Q4, Semi Test sales were up 17% compared to Q4 of 2016 and up 22% for the full year,” said CEO and President Mark Jagiela. “Universal Robots Q4 sales grew 61% from Q4’16 and 72% for the full year driven by increased awareness of the economic advantages of our cobots for an expanded range of applications. Overall, the total company grew 22% in sales and 55% in non-GAAP EPS in 2017.”

“Turning to 2018, at the mid-point of our Q1 revenue guidance, we see 4% growth over Q1 of 2017. Our view of the 2018 Semi Test market outlook has also strengthened slightly since our October estimate. We expect the annual tooling cycle around mobility, and the corresponding revenue, to be shifted about 4 weeks later in 2018. On the capital allocation front, the combination of a strong business outlook and U.S. tax reform support our plan to raise our quarterly dividend by 29% to $0.09 cents per share and initiate a $1.5 billion share repurchase program with expected repurchases of $750 million in 2018.”

The following information was filed by Teradyne, Inc (TER) on Thursday, January 25, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Teradyne, Inc's 10-K Annual Report:

M & A - Other Highlight
Acquired intangible assets amortization expense decreased from 2016 to 2017 primarily in the Wireless Test segment due to the impairment of acquired intangible assets in the second quarter of 2016 and in the Industrial Automation segment due to intangible assets that became fully amortized in June 2017.

Financial - Earnings Highlight
Gross profit as a percent of total revenues increased from 2016 to 2017 by 2.6 points, as a result of a 1.5 point increase related to favorable product mix in Semiconductor Test and a 1.1 point increase due to higher sales primarily in Semiconductor Test and Industrial Automation.
Financial - Income Highlight
The increase in income before income taxes in Semiconductor Test from 2016 to 2017 was driven primarily by increased sales and higher gross margin due to favorable product mix.
Financial - Expense Highlight
The decrease of $1.3 million in engineering and development expenses from 2015 to 2016 was due primarily to lower pension expense related to $1.2 million of actuarial gains in 2016 compared to $4.7 million of actuarial losses in 2015, partially offset by additional costs as a result of the acquisition of Universal Robots in June 2015.
Financial - Expense Highlight
During the year ended December 31, 2015, we recorded an expense of $5.3 million for the increase in the fair value of the Universal Robots contingent consideration liability, $1.5 million of severance charges related to headcount reductions of 23 people primarily in System Test and Semiconductor Test, and $1.0 million for acquisition costs related to Universal Robots, partially offset by a $2.9 million gain from fair value adjustments to decrease the acquisition contingent consideration liability, of which $1.6 million was related to ZTEC and $1.3 million was related to AIT.
Financial - Shares
At our annual meeting of...Read more
Financial - Expense
Financing activities during 2016 provided...Read more
Financial - Income
These increases in the effective...Read more
Revenue - Product
purchases of property, plant and...Read more
Financial - Expense
Interest expense increased by $1.7...Read more
Revenue - Product
Revenue is recognized upon shipment...Read more
Revenue - Product
The increase in Semiconductor Test...Read more
Other - Other
U.S. Plan assets have increased...Read more
Financial - Income
The decrease in income before...Read more
Revenue - Product
Service revenues, which are derived...Read more
Financial - Expense
During the year ended December...Read more
Other - Other
Our cash, cash equivalents and...Read more
Financial - Income
Interest income increased by $8.5...Read more
Other - Other
We evaluate other assumptions related...Read more
Revenue - Product
The increase in Wireless Test...Read more
Other - Other
In 2018, we expect to...Read more
Financial - Expense
The $186.0 million is primarily...Read more
Revenue - Product
The increase in System Test...Read more
M & A - Other
Acquired intangible assets amortization expense...Read more
Financial - Cash Flow
If undiscounted cash flows for...Read more
Financial - Earnings
The $12 million adjustment to...Read more
Revenue - Product
Investing activities during 2016 used...Read more
Financial - Expense
2017, excess tax benefits or...Read more
Financial - Cash Flow
The discount rate that we...Read more
Revenue - Product
The increase in Semiconductor Test...Read more
Financial - Dividend
We believe our cash, cash...Read more
Revenue - Product
Our product revenues increased $331.5...Read more
Other - Other
Supplemental Executive Defined Benefit Plan,...Read more
Financial - Shares
The 2006 Equity Plan was...Read more
Financial - Shares
The aggregate number of shares...Read more
Other - Other
We assess the carrying value...Read more
M & A - Other
Acquired intangible assets amortization expense...Read more
Other - Other
The guidance is effective for...Read more
Other - Other
The guidance is effective for...Read more
Other - Other
The revised guidance will be...Read more
Other - Other
The new guidance will be...Read more
Other - Other
For us, the standard will...Read more
Other - Other
This pronouncement is effective for...Read more
Revenue - Product
The increase in Industrial Automation...Read more
Other - Other
In January 2015, our Board...Read more
Other - Other
In January 2018, our Board...Read more
Other - Other
For other postretirement benefit plans,...Read more
Other - Other
The new standard is effective...Read more
Financial - Shares
At our annual meeting of...Read more
Financial - Income
In 2015, other income expense,...Read more
Financial - Cash Flow
As a result of the...Read more
Financial - Shares
In addition to our 1996...Read more
Other - Other
We have a broad customer...Read more
Financial - Shares
Financing activities during 2017 used...Read more
Revenue - Product
In August 2015, FASB issued...Read more
Revenue - Product
Outside the United States, we...Read more
Other - Other
During 2017, we made contributions...Read more
Financial - Shares
The purpose of the 2006...Read more
Revenue - Geography
The change in the effective...Read more
Revenue - Product
proceeds from maturities and sales...Read more
Other - Other
We evaluate our discount rate...Read more
Financial - Expense
The other components of net...Read more
Financial - Expense
During the year ended December...Read more
Revenue - Product
demand driven by a single...Read more
Other - Other
The effective tax rate for...Read more
Revenue - Product
The decrease in System Test...Read more
Financial - Expense
Interest expense increased by $18.1...Read more
Other - Other
On a quarterly basis, we...Read more
Revenue - Product
This preliminary assessment is based...Read more
Other - Other
This was due to a...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Operations
Consolidated Statements Of Comprehensive Income (loss)
Consolidated Statements Of Comprehensive Income (loss) (parenthetical)
Consolidated Statements Of Shareholders' Equity
Consolidated Statements Of Shareholders' Equity (parenthetical)
Consolidated Statements Of Cash Flows
The Company
Accounting Policies
Recently Issued Accounting Pronouncements
Acquisitions
Inventories
Property, Plant And Equipment
Financial Instruments
Debt
Accumulated Other Comprehensive (loss) Income
Goodwill And Intangible Assets
Commitments And Contingencies
Net Income (loss) Per Common Share
Restructuring And Other
Retirement Plans
Stock-based Compensation
Savings Plan
Income Taxes
Operating Segment, Geographic And Significant Customer Information
Stock Repurchase Program
Subsequent Events
Supplementary Information
Valuation And Qualifying Accounts
Accounting Policies (policies)
Accounting Policies (tables)
Acquisitions (tables)
Inventories (tables)
Property, Plant And Equipment (tables)
Financial Instruments (tables)
Debt (tables)
Accumulated Other Comprehensive (loss) Income (tables)
Goodwill And Intangible Assets (tables)
Commitments And Contingencies (tables)
Net Income (loss) Per Common Share (tables)
Retirement Plans (tables)
Stock-based Compensation (tables)
Income Taxes (tables)
Operating Segment, Geographic And Significant Customer Information (tables)
Supplementary Information (tables)
The Company - Additional Information (detail)
Deferred Revenue And Customer Advances (detail)
Warranty Accrual Included In Other Accrued Liabilities (detail)
Extended Product Warranty Included In Short And Long-term Deferred Revenue And Customer Advances (detail)
Schedule Of Prepayments And Other Current Assets (detail)
Useful Lives Of Assets (detail)
Accounting Policies - Additional Information (detail)
Recently Issued Accounting Pronouncements - Additional Information (detail)
Acquisitions - Additional Information (detail)
Allocation Of Final Purchase Price (detail)
Components Of Intangible Assets And Their Estimated Useful Lives At Acquisition Date (detail)
Pro Forma Results Under Acquisition (detail)
Composition Of Inventories, Net (detail)
Inventories - Additional Information (detail)
Property Plant And Equipment, Net (detail)
Property, Plant And Equipment - Additional Information (detail)
Financial Instruments - Additional Information (detail)
Schedule Of Fair Value Of Financial Assets And Liabilities Measured On Recurring Basis (detail)
Schedule Of Reported Financial Assets And Liabilities (detail)
Schedule Of Changes In Fair Value Of Level 3 Contingent Consideration (detail)
Schedule Of Changes In Fair Value Of Level 3 Contingent Consideration (parenthetical) (detail)
Quantitative Information Associated With Fair Value Measurement Of Level 3 Financial Instrument (detail)
Quantitative Information Associated With Fair Value Measurement Of Level 3 Financial Instrument (parenthetical) (detail)
Schedule Of Carrying Amounts And Fair Values Of Financial Instruments (detail)
Schedule Of Available For Sale Marketable Securities (detail)
Schedule Of Reported Available For Sale Marketable Securities (detail)
Contractual Maturities Of Investments Held (detail)
Non-financial Assets Measured At Fair Value On Non-recurring Basis (detail)
Non-financial Assets Measured At Fair Value On Non-recurring Basis (parenthetical) (detail)
Schedule Of Notional Amount Of Derivatives (detail)
Schedule Of Derivative Instruments In Statement Of Financial Position At Fair Value (detail)
Schedule Of Effect Of Derivative Instruments In Statement Of Operations Recognized (detail)
Schedule Of Effect Of Derivative Instruments In Statement Of Operations Recognized (parenthetical) (detail)
Debt - Additional Information (detail)
Components Of Convertible Senior Notes (detail)
Interest Expense On Convertible Senior Notes (detail)
Changes In Accumulated Other Comprehensive Income (loss) (detail)
Changes In Accumulated Other Comprehensive Income (loss) (parenthetical) (detail)
Reclassifications Out Of Accumulated Other Comprehensive Income To Statements Of Operations (detail)
Reclassifications Out Of Accumulated Other Comprehensive Income To Statements Of Operations (parenthetical) (detail)
Goodwill And Intangible Assets - Additional Information (detail)
Changes In Carrying Amount Of Goodwill By Segment (detail)
Schedule Of Amortizable Intangible Assets (detail)
Schedule Of Estimated Intangible Asset Amortization Expense (detail)
Commitments And Contingencies - Additional Information (detail)
Non Cancelable Operating Lease Commitments (detail)
Computation Of Basic And Diluted Net (loss) Income Per Common Share (detail)
Computation Of Basic And Diluted Net (loss) Income Per Common Share (parenthetical) (detail)
Net (loss) Income Per Common Share - Additional Information (detail)
Restructuring And Other - Additional Information (detail)
Schedule Of Defined Benefit Pension And Postretirement Benefit Plan Assets And Obligation (detail)
Schedule Of Amounts Recorded Within Statements Of Financial Position (detail)
Schedule Of Amounts Recognized In Accumulated Other Comprehensive Income (detail)
Retirement Plans - Additional Information (detail)
Schedule Of Pension Plans With Accumulated Benefit Obligation And Projected Benefit Obligation In Excess Of Plan Assets (detail)
Schedule Of Net Periodic Pension And Postretirement (income) Cost (detail)
Schedule Of Weighted Average - Assumptions To Determine Net Periodic Pension Cost (detail)
Schedule Of Weighted Average Assumptions To Determine Pension Obligations (detail)
Schedule Of Weighted Average Pension Assets Allocations By Category (detail)
Schedule Of Target Assets Allocation (detail)
Schedule Of Fair Value Of Pensions Plan Assets By Asset Category (detail)
Schedule Of Defined Benefit Plans Disclosures (detail)
Schedule Of Expected Future Benefit Payments (detail)
Schedule Of One Percent Point Change In Assumed Health Care Cost Trends Rate (detail)
Stock-based Compensation - Additional Information (detail)
Schedule Of Estimated Fair Value Of Tsr Performance-based Restricted Stock Unit Awards Assumptions (detail)
Schedule Of Estimated Fair Value Of Stock Options Grant Using Black Scholes Option Pricing Model (detail)
Schedule Of Stock Compensation Plan Activity (detail)
Schedule Of Share Based Compensation Total Shares Available (detail)
Schedule Of Weighted-average Restricted Stock Unit Award Fair Value (detail)
Schedule Of Restricted Stock Unit Awards Aggregate Intrinsic Value (detail)
Schedule Of Restricted Stock Units Weighted Average Remaining Contractual Terms (detail)
Schedule Of Weighted Average Stock Options Exercise Price (detail)
Schedule Of Stock Option Aggregated Intrinsic Value Information (detail)
Schedule Of Stock Options Weighted Average Remaining Contractual Terms (detail)
Schedule Of Significant Option Groups Outstanding (detail)
Stock Based Compensation (detail)
Savings Plan - Additional Information (detail)
Schedule Of Income (loss) Before Income Taxes (detail)
Schedule Of Provision (benefit) For Income Taxes From Operations (detail)
Income Taxes - Additional Information (detail)
Schedule Of Reconciliation Of Effective Tax Rate (detail)
Schedule Of Components Of Deferred Tax Assets Liabilities (detail)
Summary Of Operating Loss Carryforwards (detail)
Schedule Of Unrecognized Tax Benefits (detail)
Operating Segment, Geographic And Significant Customer Information - Additional Information (detail)
Schedule Of Segment Information (detail)
Schedule Of Segment Reporting Information By Segment Charges (detail)
Schedule Of Revenues By Country (detail)
Schedule Of Long-lived Assets By Geographic Area (detail)
Schedule Of Long-lived Assets By Geographic Area (parenthetical) (detail)
Stock Repurchase Program - Additional Information (detail)
Subsequent Events - Additional Information (detail)
Consolidated Quarterly Statements Of Operations (detail)
Consolidated Quarterly Statements Of Operations (parenthetical) (detail)
Valuation And Qualifying Accounts (detail)

Material Contracts, Statements, Certifications & more

Teradyne, Inc provided additional information to their SEC Filing as exhibits

Ticker: TER
CIK: 97210
Form Type: 10-K Annual Report
Accession Number: 0001193125-18-066579
Submitted to the SEC: Thu Mar 01 2018 2:14:00 PM EST
Accepted by the SEC: Thu Mar 01 2018
Period: Sunday, December 31, 2017
Industry: Instruments For Meas And Testing Of Electricity And Elec Signals