Exhibit 99.1

Teradyne Reports Revenue and Earnings Growth in First Quarter 2018

 

    Q1’18 Revenue of $487 million, up 7% from Q1’17

 

    Record Memory Test sales, up 210% from Q1’17

 

    Universal Robots sales up 34% from Q1’17, expect 50%+ full year growth

 

    Decline in demand outlook for mobile device test equipment in 2018

 

 

     Q1’18      Q1’17      Q4’17  

Revenue (mil)

   $ 487      $ 457      $ 479  

GAAP EPS

   $ 0.43      $ 0.42      ($ 0.54

Non-GAAP EPS

   $ 0.45      $ 0.44      $ 0.46  

NORTH READING, Mass. – April 24, 2018 – Teradyne, Inc. (NYSE: TER) reported revenue of $487 million for the first quarter of 2018 of which $373 million was in Semiconductor Test, $49 million in Industrial Automation, $43 million in System Test, and $23 million in Wireless Test. GAAP net profit for the first quarter was $87.0 million or $0.43 per share. On a non-GAAP basis, Teradyne’s net income in the first quarter was $89.4 million, or $0.45 per diluted share, which excluded acquired intangible asset amortization, restructuring and other charges, non-cash convertible debt interest, discrete income tax adjustments, and included the related tax impact on non-GAAP adjustments.

“Despite the strong first quarter results, the demand outlook for 2018 mobile device test capacity declined sharply in the quarter and our second quarter guidance reflects that revised outlook. Those strong first quarter results included record Nextest memory shipments and the highest Eagle analog test shipments in over two years reflecting healthy demand in the automotive, industrial, and NAND Flash markets,” said CEO and President Mark Jagiela. “Universal Robots’ high growth continued in the quarter driven by broad based demand for UR’s easy to use collaborative robots and the group is on-track for 50%+ full year growth.”

Guidance for the second quarter of 2018 is revenue of $490 million to $520 million, with GAAP net income of $0.39 to $0.46 per diluted share and non-GAAP net income of $0.45 to $0.52 per diluted share. Non-GAAP guidance excludes acquired intangible asset amortization, non-cash convertible debt interest, restructuring and other charges and includes the related tax impact on non-GAAP adjustments.

Webcast

A conference call to discuss the first quarter results, along with management’s business outlook, will follow at 8:00 a.m. ET, Wednesday, April 25. Interested investors should access the webcast at investors.teradyne.com/events-presentations at least five minutes before the call begins. Presentation materials will be available starting at 8:00 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, 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. 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 “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

 

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industrial customers to improve quality and increase manufacturing efficiency. In 2017, Teradyne had revenue of $2.14 billion and currently employs approximately 4,500 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, potential borrowings under a senior secured credit facility, and the impact of the U.S. tax reform law. 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, availability of, or borrowing under, the credit facility, or the impact of the U.S. tax reform law. 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 the Industrial Automation 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; additional U.S. tax regulations or IRS guidance; the impact of any tariffs imposed in the U.S. or China; 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, 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.

 

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TERADYNE, INC. REPORT FOR FIRST FISCAL QUARTER OF 2018

 

 

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

 

 

 

     Quarter Ended  
     April 1,
2018
    December 31,
2017 (1)
    April 2,
2017 (1)
 

Net revenues

   $ 487,467     $ 479,415     $ 456,913  

Cost of revenues (exclusive of acquired intangible assets amortization

    shown separately below) (2)

     217,635       208,485       191,897  
  

 

 

   

 

 

   

 

 

 

Gross profit

     269,832       270,930       265,016  

Operating expenses:

      

Selling and administrative

     90,505       87,880       84,792  

Engineering and development

     74,408       72,070       75,978  

Acquired intangible assets amortization

     7,698       7,384       7,952  

Restructuring and other (3)

     (313     8,970       2,511  
  

 

 

   

 

 

   

 

 

 

Operating expenses

     172,298       176,304       171,233  

Income from operations

     97,534       94,626       93,783  

Interest and other (4)

     (1,714     3,458       (1,767
  

 

 

   

 

 

   

 

 

 

Income before income taxes

     95,820       98,084       92,016  

Income tax provision (5)

     8,846       204,007       6,795  
  

 

 

   

 

 

   

 

 

 

Net income (loss)

   $ 86,974     $ (105,923   $ 85,221  
  

 

 

   

 

 

   

 

 

 

Net income (loss) per common share:

      

Basic

   $ 0.45     $ (0.54   $ 0.43  
  

 

 

   

 

 

   

 

 

 

Diluted

   $ 0.43     $ (0.54   $ 0.42  
  

 

 

   

 

 

   

 

 

 

Weighted average common shares — basic

     195,255       196,010       200,005  
  

 

 

   

 

 

   

 

 

 

Weighted average common shares — diluted (6)

     203,484       196,010       201,936  
  

 

 

   

 

 

   

 

 

 

Cash dividend declared per common share

   $ 0.09     $ 0.07     $ 0.07  
  

 

 

   

 

 

   

 

 

 

(1)   Certain prior period amounts were reclassified to conform with the first quarter 2018 adoption of new accounting guidance for the presentation of pension and post retirement costs.

    


(2)   Cost of revenues includes:

      
     Quarter Ended  
     April 1,
2018
    December 31,
2017
    April 2,
2017
 

Provision for excess and obsolete inventory

   $ 3,522     $ 1,690     $ 2,726  

Sale of previously written down inventory

     (2,243     (1,048     (1,134
  

 

 

   

 

 

   

 

 

 
   $ 1,279     $ 642     $ 1,592  
  

 

 

   

 

 

   

 

 

 

(3)   Restructuring and other consists of:

    

     Quarter Ended  
     April 1,
2018
    December 31,
2017
    April 2,
2017
 

Employee severance

   $ 3,881     $ 1,801     $ 583  

Acquisition costs

     774       —         —    

Contingent consideration fair value adjustment

     (4,968     5,973       634  

Impairment of fixed assets

     —         1,124       —    

Facility related

     —         72       1,294  
  

 

 

   

 

 

   

 

 

 
   $ (313   $ 8,970     $ 2,511  
  

 

 

   

 

 

   

 

 

 

(4)   Interest and other includes:

      
     Quarter Ended  
     April 1,
2018
    December 31,
2017
    April 2,
2017
 

Non-cash convertible debt interest expense

   $ 3,206     $ 3,166     $ 3,050  

Pension actuarial (gains) losses

     —         (3,786     —    
  

 

 

   

 

 

   

 

 

 
   $ 3,206     $ (620   $ 3,050  
  

 

 

   

 

 

   

 

 

 

(5)   For the quarter ended December 31, 2017, income tax provision includes an expense of $186 million related to the estimated impact of U.S. tax law changes.

    

 

(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 April 1, 2018, 4.4 million shares have been included in diluted shares. For the quarter ended April 1, 2018, diluted shares also included 1.8 million shares from the convertible note hedge transaction.


CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands)

 

 

     April 1,
2018
     December 31,
2017
 

Assets

     

Cash and cash equivalents

   $ 637,873      $ 429,843  

Marketable securities

     860,526        1,347,979  

Accounts receivable, net

     413,978        272,783  

Inventories, net

     131,857        107,525  

Prepayments and other current assets

     112,191        112,151  
  

 

 

    

 

 

 

Total current assets

     2,156,425        2,270,281  

Property, plant and equipment, net

     281,284        268,447  

Marketable securities

     89,259        125,926  

Deferred tax assets

     77,705        84,026  

Other assets

     12,479        12,275  

Retirement plans assets

     17,928        17,491  

Acquired intangible assets, net

     84,413        79,088  

Goodwill

     275,700        252,011  
  

 

 

    

 

 

 

Total assets

   $ 2,995,193      $ 3,109,545  
  

 

 

    

 

 

 

Liabilities

     

Accounts payable

   $ 103,950      $ 86,393  

Accrued employees’ compensation and withholdings

     86,292        141,694  

Deferred revenue and customer advances

     85,892        83,614  

Other accrued liabilities

     58,387        59,083  

Contingent consideration

     15,581        24,497  

Income taxes payable

     34,828        59,055  
  

 

 

    

 

 

 

Total current liabilities

     384,930        454,336  

Retirement plans liabilities

     124,689        119,776  

Long-term deferred revenue and customer advances

     21,726        30,127  

Deferred tax liabilities

     6,185        6,720  

Long-term other accrued liabilities

     16,683        10,273  

Long-term contingent consideration

     —          20,605  

Long-term income taxes payable

     160,181        148,075  

Long-term debt

     369,421        365,987  
  

 

 

    

 

 

 

Total liabilities

     1,083,815        1,155,899  

Shareholders’ equity

     1,911,378        1,953,646  
  

 

 

    

 

 

 

Total liabilities and shareholders’ equity

   $ 2,995,193      $ 3,109,545  
  

 

 

    

 

 

 


CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands)

 

 

     Quarter Ended  
     April 1,
2018
    April 2,
2017
 

Cash flows from operating activities:

    

Net income

   $ 86,974     $ 85,221  

Adjustments to reconcile net income to net cash used for operating activities:

    

Depreciation

     16,336       16,143  

Amortization

     9,204       11,070  

Stock-based compensation

     9,544       8,945  

Provision for excess and obsolete inventory

     3,522       2,726  

Contingent consideration fair value adjustment

     (4,968     634  

Deferred taxes

     8,696       (3,477

Other

     1,393       2  

Changes in operating assets and liabilities, net of business acquired:

 

 

Accounts receivable

     (140,747     (123,792

Inventories

     (21,017     (62,152

Prepayments and other assets

     (679     1,104  

Accounts payable and accrued expenses

     (46,706     (7,553

Deferred revenue and customer advances

     9,644       (3,333

Retirement plans contributions

     (1,020     (947

Income taxes

     (12,106     14,288  
  

 

 

   

 

 

 

Net cash used for operating activities

     (81,930     (61,121

Cash flows from investing activities:

    

Purchases of property, plant and equipment

     (34,797     (22,066

Purchases of available-for-sale marketable securities

     (490,324     (153,317

Proceeds from sales of available-for-sale marketable securities

     800,671       213,593  

Proceeds from maturities of available-for-sale marketable securities

     212,698       88,184  

Acquisition of business, net of cash acquired

     (25,356     —    
  

 

 

   

 

 

 

Net cash provided by investing activities

     462,892       126,394  

Cash flows from financing activities:

    

Issuance of common stock under stock purchase and stock option plans

     10,654       15,084  

Repurchase of common stock

     (134,276     (37,730

Dividend payments

     (17,588     (14,021

Payment related to net settlement of employee stock compensation awards

     (19,629     (12,289

Payment of contingent consideration

     (13,571     (1,050
  

 

 

   

 

 

 

Net cash used for financing activities

     (174,410     (50,006

Effects of exchange rate changes on cash and cash equivalents

     1,478       1,595  

Increase in cash and cash equivalents

     208,030       16,862  

Cash and cash equivalents at beginning of period

     429,843       307,884  
  

 

 

   

 

 

 

Cash and cash equivalents at end of period

   $ 637,873     $ 324,746  
  

 

 

   

 

 

 


GAAP to Non-GAAP Earnings Reconciliation

(In millions, except per share amounts)

 

    Quarter Ended              
    April 1,
2018
    % of Net
Revenues
                December 31,
2017 (1)
    % of Net
Revenues
                April 2,
2017 (1)
    % of Net
Revenues
             

Net revenues

  $ 487.5           $ 479.4           $ 456.9        

Gross profit

  $ 269.8       55.3 %        $ 270.9       56.5 %        $ 265.0       58.0    

Income from operations - GAAP

  $ 97.5       20.0 %        $ 94.6       19.7 %        $ 93.8       20.5    

Acquired intangible assets amortization

    7.7       1.6 %          7.4       1.5 %          8.0       1.8    

Restructuring and other (2)

    (0.3     -0.1 %          9.0       1.9 %          2.5       0.5    
 

 

 

   

 

 

       

 

 

   

 

 

       

 

 

   

 

 

     

Income from operations - non-GAAP

  $ 104.9       21.5 %        $ 111.0       23.2 %        $ 104.3       22.8    
 

 

 

   

 

 

       

 

 

   

 

 

       

 

 

   

 

 

     
                Net Income
per Common
Share
                Net (Loss)
Income
per Common
Share
                Net Income
per Common

Share
 
    April 1,
2018
    % of Net
Revenues
    Basic     Diluted     December 31,
2017
    % of Net
Revenues
    Basic     Diluted     April 2,
2017
    % of Net
Revenues
    Basic     Diluted  

Net income (loss) - GAAP

  $ 87.0       17.8 %    $ 0.45     $ 0.43     $ (105.9     -22.1 %    $ (0.54   $ (0.54   $ 85.2       18.6   $ 0.43     $ 0.42  

Acquired intangible assets amortization

    7.7       1.6 %      0.04       0.04       7.4       1.5 %      0.04       0.04       8.0       1.8     0.04       0.04  

Interest and other (3)

    3.2       0.7 %      0.02       0.02       (0.6     -0.1 %      (0.00     (0.00     3.1       0.7     0.02       0.02  

Restructuring and other (2)

    (0.3     -0.1 %      —         —         9.0       1.9 %      0.05       0.05       2.5       0.5     0.01       0.01  

Exclude discrete tax adjustments (4)

    (6.3     -1.3 %      (0.03     (0.03     184.4       38.5 %      0.94       0.93       (7.0     -1.5     (0.04     (0.03

Non-GAAP tax adjustments

    (1.9     -0.4 %      (0.01     (0.01     (2.9     -0.6 %      (0.01     (0.01     (3.1     -0.7     (0.02     (0.02

Convertible share adjustment

    —         —         —         0.01       —         —         —         —         —         —         —         —    
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income - non-GAAP

  $ 89.4       18.3 %    $ 0.46     $ 0.45     $ 91.4       19.1 %    $ 0.47     $ 0.46     $ 88.7       19.4   $ 0.44     $ 0.44  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

GAAP and non-GAAP weighted average common shares - basic

    195.3             196.0             200.0        

GAAP weighted average common shares - diluted

    203.5             196.0             201.9        

Exclude dilutive shares related to convertible note transaction

    (6.2           —               —          

Include dilutive shares

    —               3.0             —          
 

 

 

         

 

 

         

 

 

       

Non-GAAP weighted average common shares - diluted

    197.3             199.0             201.9        
 

 

 

         

 

 

         

 

 

       

(1)   Certain prior period amounts were reclassified to conform with the first quarter 2018 adoption of new accounting guidance for the presentation of pension and post retirement costs.

    

(2)   Restructuring and other consists of:

    

    Quarter Ended                    
    April 1,
2018
                      December 31,
2017
                      April 2,
2017
                   

Employee severance

  $ 3.9           $ 1.8           $ 0.6        

Acquisition costs

    0.8             —               —          

Contingent consideration fair value adjustment

    (5.0           6.0             0.6        

Impairment of fixed assets

    —               1.1             —          

Facility related

    —               0.1             1.3        
 

 

 

         

 

 

         

 

 

       
  $ (0.3         $ 9.0           $ 2.5        
 

 

 

         

 

 

         

 

 

       

(3)   For the quarters ended April 1, 2018, December 31, 2017 and April 2, 2017, adjustment to exclude non-cash convertible debt interest expense. For the quarter ended December 31, 2017, adjustment to exclude actuarial (gains) losses recognized under GAAP in accordance with Teradyne’s mark-to-market pension accounting.

    

(4)   For the quarters ended April 1, 2018, December 31, 2017 and April 2, 2017, adjustment to exclude discrete income tax items. For the quarter ended December 31, 2017, adjustment to treat $186 million expense related to the estimated impact of U.S. tax law changes as a discrete item.

    

GAAP to Non-GAAP Reconciliation of Second Quarter 2018 guidance:  

GAAP and non-GAAP second quarter revenue guidance:

  $ 490 million     to     $ 520 million                    

GAAP net income per diluted share

  $ 0.39       $ 0.46                    

Exclude acquired intangible assets amortization

    0.04         0.04                    

Exclude non-cash convertible debt interest

    0.02         0.02                    

Exclude restructuring and other

    0.01         0.01                    

Tax effect of non-GAAP adjustments

    (0.01       (0.01                  

Convertible share adjustment

    0.01         0.01                    
 

 

 

     

 

 

                   

Non-GAAP net income per diluted share

  $ 0.45       $ 0.52                    

 

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

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