8-K

TERADYNE, INC.

Dated: October 23, 2019

/s/ SANJAY MEHTA

Sanjay Mehta

Vice President, Chief Financial Officer and Treasurer

0001193125-19-272014.txt : 20191023 0001193125-19-272014.hdr.sgml : 20191023 20191023060817 ACCESSION NUMBER: 0001193125-19-272014 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20191022 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20191023 DATE AS OF CHANGE: 20191023 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TERADYNE, INC CENTRAL INDEX KEY: 0000097210 STANDARD INDUSTRIAL CLASSIFICATION: INSTRUMENTS FOR MEAS & TESTING OF ELECTRICITY & ELEC SIGNALS [3825] IRS NUMBER: 042272148 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-06462 FILM NUMBER: 191162585 BUSINESS ADDRESS: STREET 1: 600 RIVERPARK DRIVE CITY: NORTH READING STATE: MA ZIP: 01864 BUSINESS PHONE: 978-370-2700 MAIL ADDRESS: STREET 1: 600 RIVERPARK DRIVE CITY: NORTH READING STATE: MA ZIP: 01864 FORMER COMPANY: FORMER CONFORMED NAME: TERADYNE INC DATE OF NAME CHANGE: 19920703 8-K 1 d820758d8k.htm 8-K 8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): October 22, 2019

TERADYNE, INC.

(Exact Name of Registrant as Specified in Charter)

Massachusetts

001-06462

04-2272148

(State or Other Jurisdiction

of Incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)


600 Riverpark Drive, North Reading, MA		01864
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s telephone number, including area code: (978) 370-2700

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange

on which registered

Common Stock, par value $0.125 per share

TER

Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02

Results of Operations and Financial Condition.

On October 22, 2019, Teradyne, Inc. (“Teradyne”) issued a press release regarding its financial results for the third quarter ended September 29, 2019. Teradyne’s press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

Item 9.01

Financial Statements and Exhibits.

(d) Exhibits.


Exhibit		Description

	99.1	Press Release dated October 22, 2019.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

EX-99.1 2 d820758dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

Teradyne Reports Third Quarter 2019 Results

•

Semiconductor Test demand for 5G infrastructure remained strong

•

Memory test shipments grew 23% sequentially on Flash demand

•

Industrial Automation revenue up 4% from Q3’18

•

Q3’19 GAAP earnings per share grew 19% and Non-GAAP earnings per share grew 8% from Q3’18

•

Full year GAAP earnings per share expected to grow 11% and Non-GAAP earnings per share to grow 16% from 2018 at mid-point of guidance

Q3’19

Q3’18

Q2’19

Revenue (mil)

582

567

564

GAAP EPS

0.75

0.63

0.55

Non-GAAP EPS

0.77

0.71

0.66

==========================================

NORTH READING, Mass. – October 22, 2019 – Teradyne, Inc. (NASDAQ: TER) reported revenue of $582 million for the third quarter of 2019 of which $398 million was in Semiconductor Test, $73 million in System Test, $69 million in Industrial Automation and $42 million in Wireless Test. GAAP net income for the third quarter was $135.9 million or $0.75 per diluted share. On a non-GAAP basis, Teradyne’s net income in the third quarter was $133.4 million, or $0.77 per diluted share, which excluded acquired intangible asset amortization, restructuring and other, non-cash convertible debt interest, discrete income tax adjustments, and included the related tax impact on non-GAAP adjustments.

“Our Semiconductor Test business continued to deliver strong results in the quarter driving company sales and earnings above the July guidance ranges, despite Industrial Automation’s lower than expected revenue growth of 4% compared to last year’s Q3 level,” said Teradyne President and CEO Mark Jagiela. “Ongoing demand for 5G infrastructure and Flash memory test drove our Semiconductor Test performance in the quarter. In Industrial Automation, while mobile robot demand at MiR remained strong, and Universal Robots saw pockets of growth in Asia, overall demand at UR was lower than expected as weakness in the manufacturing sector impacted our business in the US and Europe.”

Guidance for the fourth quarter of 2019 is revenue of $590 million to $630 million, with GAAP net income of $0.63 to $0.74 per diluted share and non-GAAP net income of $0.73 to $0.84 per diluted share. Non-GAAP guidance excludes acquired intangible asset amortization, non-cash convertible debt interest and includes the related tax impact on non-GAAP adjustments.

“In Q4, our strong outlook is driven mainly by continued 5G and memory related Semiconductor Test demand and improved storage test shipments,” Jagiela commented. “For the full year, at the mid-point of our guidance, we expect our year-over-year sales to grow more than 7% to over $2.2 billion and non-GAAP earnings per share to grow 16%.”

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Webcast

A conference call to discuss the third quarter results, along with management’s business outlook, will follow at 10 a.m. ET, Wednesday, October 23. 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 10 a.m. ET. A replay will be available on the Teradyne investor site at investors.teradyne.com.

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, fair value inventory step-up, and restructuring and other, and include the related tax impact on non-GAAP adjustments. 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 as a percentage of revenue, 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 fair value inventory step-up. GAAP requires that this item 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

Page 3

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 (NASDAQ:TER) brings high-quality innovations such as smart devices, life-saving medical equipment and data storage systems to market, faster. Its advanced test solutions for semiconductors, electronic systems, wireless devices and more ensure that products perform as they were designed. Its Industrial Automation offerings include collaborative and mobile robots that help manufacturers of all sizes improve productivity and lower costs. In 2018, Teradyne had revenue of $2.1 billion and today employs 5,300 people worldwide. For more information, visit teradyne.com. Teradyne^® 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 the impact of the U.S. tax reform, export and tariff laws. 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 the impact of the U.S. tax reform, export and tariff laws. 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. On May 16, 2019, Huawei and 68 of its affiliates, including HiSilicon, were added to the U.S. Department of Commerce Entity List under U.S. Export Administration Regulations (the “EAR”). This action by the U.S. Department of Commerce imposes new export licensing requirements on exports, re-exports, and in-country transfers of all U.S.—regulated products, software and technology to the designated Huawei entities. While most of our products are not subject to the EAR and therefore not affected by the Entity List restrictions, certain of our products are currently manufactured in the U.S. and thus subject to the Entity List restrictions. Compliance with the Entity List restrictions has not significantly impacted our sales, but could limit sales in the future. Important factors that could cause actual results, earnings per share, use of cash, dividend payments, repurchases of common stock, or payment of the senior convertible notes 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 or the repurchase of common stock is not in the company’s

Page 4

best interests; additional U.S. tax regulations or IRS guidance; the impact of any tariffs or export controls imposed in the U.S. or China; compliance with trade protection measures or export restrictions, including the addition of Huawei and HiSilicon to the U.S. Department of Commerce Entity List; 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, 2018 and the Quarterly Report on Form 10-Q for the period ended June 30, 2019. 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 2019

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)


	Quarter Ended									Nine Months Ended
	September 29, 2019			June 30, 2019			September 30, 2018			September 29, 2019			September 30, 2018
Net revenues	$	582,038		$	564,178		$	566,848		$	1,640,315		$	1,581,244
Cost of revenues (exclusive of acquired intangible assets amortization shown separately below) (1)		237,000			240,260			233,155			683,724			670,385

Gross profit		345,038			323,918			333,693			956,591			910,859
Operating expenses:
Selling and administrative (2)		109,166			108,811			100,199			319,990			290,115
Engineering and development		77,804			81,434			77,049			236,030			226,799
Acquired intangible assets amortization		9,647			10,083			11,142			30,363			28,633
Restructuring and other (3)		(6,500	)		(10,404	)		1,710			(11,792	)		3,785

Operating expenses		190,117			189,924			190,100			574,591			549,332
Income from operations		154,921			133,994			143,593			382,000			361,527
Interest and other expense (4)		3,188			2,817			2,749			5,111			4,852

Income before income taxes		151,733			131,177			140,844			376,889			356,675
Income tax provision (5)		15,873			33,780			20,863			34,494			48,684

Net income	$	135,860		$	97,397		$	119,981		$	342,395		$	307,991

Net income per common share:
Basic	$	0.80		$	0.57		$	0.65		$	2.00		$	1.62

Diluted	$	0.75		$	0.55		$	0.63		$	1.92		$	1.57

Weighted average common shares — basic		169,641			171,241			185,744			171,471			190,576

Weighted average common shares — diluted (6)		180,494			178,590			190,505			178,685			196,300

Cash dividend declared per common share	$	0.09		$	0.09		$	0.09		$	0.27		$	0.27


(1) Cost of revenues includes:	Quarter Ended									Nine Months Ended
	September 29, 2019			June 30, 2019			September 30, 2018			September 29, 2019			September 30, 2018
Provision for excess and obsolete inventory	$	3,049		$	3,402		$	3,347		$	8,848		$	9,522
Sale of previously written down inventory		(821	)		(363	)		(1,013	)		(1,962	)		(5,178	)
Inventory step-up		—			383			—			383			372

	$	2,228		$	3,422		$	2,334		$	7,269		$	4,716

(2) For the quarter and nine months ended September 29, 2019, selling and administrative expenses include an equity charge of $2,109 for the modification of Teradyne’s retired CFO’s outstanding equity awards to allow continued vesting and maintain the original term in connection with his July 17, 2019 retirement.

(3) Restructuring and other consists of:	Quarter Ended									Nine Months Ended
	September 29, 2019			June 30, 2019			September 30, 2018			September 29, 2019			September 30, 2018
Contingent consideration fair value adjustment	$	(7,759	)	$	(11,671	)	$	(768	)	$	(16,460	)	$	(9,236	)
Employee severance		808			803			1,667			2,410			7,945
Acquisition related expenses and compensation		451			464			811			2,258			4,129
Other		—			—			—			—			947

	$	(6,500	)	$	(10,404	)	$	1,710		$	(11,792	)	$	3,785


(4) Interest and other includes:	Quarter Ended									Nine Months Ended
	September 29, 2019			June 30, 2019			September 30, 2018			September 29, 2019			September 30, 2018
Non-cash convertible debt interest	$	3,453		$	3,410		$	3,286		$	10,231		$	9,737
Pension actuarial loss		—			448			267			448			196

	$	3,453		$	3,858		$	3,553		$	10,679		$	9,933

(5)

For the quarter ended June 30, 2019, income tax provision includes a $15 million tax provision related to the finalization of our toll tax charge. For the nine months ended September 29, 2019, income tax provision includes a $26 million tax benefit from the release of uncertain tax position reserves due to the IRS completion of its audit of Teradyne’s 2015 Federal tax return and a $15 million tax provision related to the finalization of our toll tax charge.

(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 quarters ended September 29, 2019, June 30, 2019 and September 30, 2018, 5.8 million, 4.4 million and 3.0 million shares, respectively, have been included in diluted shares. For the nine months ended September 29, 2019 and September 30, 2018, 4.1 million and 3.4 million shares, respectively, have been included in diluted shares. For the three months ended September 29, 2019, June 30, 2019 and September 30, 2018, diluted shares also included 3.6 million, 1.8 million and 0.1 million shares, respectively, from the convertible note hedge transaction. For the nine months ended September 29, 2019 and September 30, 2018, diluted shares included 1.8 million and 0.6 million shares, respectively, from the convertible note hedge transaction.

CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands)


	September 29, 2019		December 31, 2018
Assets
Cash and cash equivalents	$	593,939	$	926,752
Marketable securities		342,538		190,096
Accounts receivable, net		357,886		291,267
Inventories, net		178,203		153,541
Prepayments and other current assets		182,013		170,826

Total current assets		1,654,579		1,732,482

Property, plant and equipment, net		307,567		279,821
Operating lease right-of-use assets, net		57,595		—
Marketable securities		103,558		87,731
Deferred tax assets		69,120		70,848
Other assets		22,724		11,509
Retirement plans assets		16,358		16,883
Acquired intangible assets, net		96,573		125,482
Goodwill		370,717		381,850


Total assets	$	2,698,791	$	2,706,606

Liabilities
Accounts payable	$	117,936	$	100,688
Accrued employees’ compensation and withholdings		127,912		148,566
Deferred revenue and customer advances		95,936		77,711
Other accrued liabilities		93,736		78,272
Operating lease liabilities		18,386		—
Contingent consideration		6,297		34,865
Income taxes payable		33,508		36,185

Total current liabilities		493,711		476,287

Retirement plans liabilities		121,340		117,456
Long-term deferred revenue and customer advances		42,592		32,750
Deferred tax liabilities		15,390		20,662
Long-term other accrued liabilities		9,803		37,547
Long-term contingent consideration		11,783		35,678
Long-term operating lease liabilities		46,813		—
Long-term income taxes payable		83,782		83,891
Debt		390,942		379,981


Total liabilities		1,216,156		1,184,252
Shareholders’ equity		1,482,635		1,522,354


Total liabilities and shareholders’ equity	$	2,698,791	$	2,706,606

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands)


	Quarter Ended						Nine Months Ended
	September 29, 2019			September 30, 2018			September 29, 2019			September 30, 2018
Cash flows from operating activities:
Net income	$	135,860		$	119,981		$	342,395		$	307,991

Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		17,626			16,774			51,508			49,930
Amortization		11,873			12,732			36,849			32,909
Deferred taxes		(3,492	)		7,130			(2,977	)		24,442
Stock-based compensation		10,713			7,702			28,822			25,327
Provision for excess and obsolete inventory		3,049			3,347			8,848			9,522
Contingent consideration fair value adjustment		(7,759	)		(768	)		(16,460	)		(9,236	)
Retirement plan actuarial loss		—			267			448			196
Gains on marketable securities		(417	)		(1,182	)		(4,158	)		(420	)
Other		181			530			610			936
Changes in operating assets and liabilities, net of businesses acquired:
Accounts receivable		12,689			101,596			(66,789	)		(77,807	)
Inventories		(11,696	)		(12,834	)		(14,143	)		(34,117	)
Prepayments and other assets		949			(30,360	)		(16,118	)		(28,719	)
Accounts payable and other liabilities		35,231			24,279			20,807			16,124
Deferred revenue and customer advances		11,953			(695	)		27,779			9,823
Retirement plans contributions		(1,361	)		(1,071	)		(3,775	)		(3,244	)
Income taxes		(16,251	)		(6,844	)		(31,224	)		(33,152	)

Net cash provided by operating activities		199,148			240,584			362,422			290,505

Cash flows from investing activities:
Purchases of property, plant and equipment		(37,092	)		(25,606	)		(96,048	)		(88,269	)
Proceeds from government subsidy for property, plant and equipment		—			7,920			—			7,920
Purchases of marketable securities		(121,358	)		(162,450	)		(605,539	)		(809,521	)
Proceeds from sales of marketable securities		17,820			14,111			60,274			843,164
Proceeds from maturities of marketable securities		160,279			464,238			393,472			934,100
Proceeds from life insurance		2,639			1,126			2,912			1,126
Purchase of investments and acquisition of businesses, net of cash acquired		—			1,158			(21,970	)		(169,474	)

Net cash provided by (used for) investing activities		22,288			300,497			(266,899	)		719,046

Cash flows from financing activities:
Issuance of common stock under stock purchase and stock option plans		14,191			10,278			29,280			20,959
Repurchase of common stock		(121,560	)		(201,468	)		(368,782	)		(562,263	)
Dividend payments		(15,250	)		(16,638	)		(46,269	)		(51,320	)
Payments related to net settlement of employee stock compensation awards		(104	)		(90	)		(14,550	)		(19,841	)
Payments of contingent consideration		—			—			(27,615	)		(13,571	)

Net cash used for financing activities		(122,723	)		(207,918	)		(427,936	)		(626,036	)

Effects of exchange rate changes on cash and cash equivalents		119			472			(400	)		661

Increase (decrease) in cash and cash equivalents		98,832			333,635			(332,813	)		384,176
Cash and cash equivalents at beginning of period		495,107			480,384			926,752			429,843

Cash and cash equivalents at end of period	$	593,939		$	814,019		$	593,939		$	814,019

GAAP to Non-GAAP Earnings Reconciliation

(In millions, except per share amounts)


	Quarter Ended
	September 29, 2019			% of Net Revenues									June 30, 2019			% of Net Revenues									September 30, 2018			% of Net Revenues
Net revenues	$	582.0											$	564.2											$	566.8
Gross profit GAAP	$	345.0			59.3	%							$	323.9			57.4	%							$	333.7			58.9	%
Inventory step-up		—			—									0.4			0.1	%								—			—

Gross profit non-GAAP	$	345.0			59.3	%							$	324.3			57.5	%							$	333.7			58.9	%
Income from operations — GAAP	$	154.9			26.6	%							$	134.0			23.8	%							$	143.6			25.3	%
Acquired intangible assets amortization		9.6			1.6	%								10.1			1.8	%								11.1			2.0	%
Equity modification charge (1)		2.1			0.4	%								—			—									—			—
Restructuring and other (2)		(6.5	)		-1.1	%								(10.4	)		-1.8	%								1.7			0.3	%
Inventory step-up		—			—									0.4			0.1	%								—			—

Income from operations — non-GAAP	$	160.1			27.5	%							$	134.1			23.8	%							$	156.4			27.6	%


							Net Income per Common Share												Net Income per Common Share												Net Income per Common Share
	September 29, 2019			% of Net Revenues			Basic			Diluted			June 30, 2019			% of Net Revenues			Basic			Diluted			September 30, 2018			% of Net Revenues			Basic			Diluted
Net income — GAAP	$	135.9			23.4	%	$	0.80		$	0.75		$	97.4			17.3	%	$	0.57		$	0.55		$	120.0			21.2	%	$	0.65		$	0.63
Acquired intangible assets amortization		9.6			1.6	%		0.06			0.05			10.1			1.8	%		0.06			0.06			11.1			2.0	%		0.06			0.06
Interest and other (3)		3.5			0.6	%		0.02			0.02			3.4			0.6	%		0.02			0.02			3.3			0.6	%		0.02			0.02
Equity modification charge (1)		2.1			0.4	%		0.01			0.01			—			—			—			—			—			—			—			—
Restructuring and other (2)		(6.5	)		-1.1	%		(0.04	)		(0.04	)		(10.4	)		-1.8	%		(0.06	)		(0.06	)		1.7			0.3	%		0.01			0.01
Pension mark-to-market adjustment (3)		—			—			—			—			0.4			0.1	%		0.00			0.00			0.3			0.1	%		0.00			0.00
Inventory step-up		—			—			—			—			0.4			0.1	%		0.00			0.00			—			—			—			—
Exclude discrete tax adjustments (4)		(7.7	)		-1.3	%		(0.05	)		(0.04	)		13.9			2.5	%		0.08			0.08			0.3			0.1	%		0.00			0.00
Non-GAAP tax adjustments		(3.5	)		-0.6	%		(0.02	)		(0.02	)		(2.0	)		-0.4	%		(0.01	)		(0.01	)		(3.4	)		-0.6	%		(0.02	)		(0.02	)
Convertible share adjustment		—			—			—			0.02			—			—			—			0.02			—			—			—			0.01

Net income — non-GAAP	$	133.4			22.9	%	$	0.79		$	0.77		$	113.2			20.1	%	$	0.66		$	0.66		$	133.3			23.5	%	$	0.72		$	0.71


GAAP and non-GAAP weighted average common shares — basic		169.6												171.2												185.7
GAAP weighted average common shares — diluted		180.5												178.6												190.5
Exclude dilutive shares related to convertible note transaction		(5.8	)											(6.2	)											(3.1	)

Non-GAAP weighted average common shares — diluted		174.7												172.4												187.4

(1) For the quarter ended September 29, 2019, selling and administrative expenses include an equity charge for the modification of Teradyne’s retired CFO’s outstanding equity awards to allow continued vesting and maintain the original term in connection with his July 17, 2019 retirement.

(2) Restructuring and other consists of:

	Quarter Ended
	September 29, 2019												June 30, 2019												September 30, 2018
Contingent consideration fair value adjustment	$	(7.8	)										$	(11.7	)										$	(0.8	)
Acquisition related expenses and compensation		0.5												0.5												0.8
Employee severance		0.8												0.8												1.7

	$	(6.5	)										$	(10.4	)										$	1.7

(3)

For the quarters ended September 29, 2019, June 30, 2019 and September 30, 2018, adjustment to exclude non-cash convertible debt interest expense. For the quarters ended June 30, 2019 and September 30, 2018, adjustment to exclude actuarial losses recognized under GAAP in accordance with Teradyne’s mark-to-market pension accounting.

(4)	For the quarters ended September 29, 2019, June 30, 2019 and September 30, 2018, adjustment to exclude discrete income tax items. For the quarter ended June 30, 2019, GAAP income tax provision includes a $15 million tax provision related to the finalization of our toll tax charge.


	Nine Months Ended
	September 29, 2019			% of Net Revenues									September 30, 2018			% of Net Revenues
Net Revenues	$	1,640.3											$	1,581.2
Gross profit GAAP	$	956.6			58.3	%							$	910.9			57.6	%
Inventory step-up		0.4			0.0	%								0.4			0.0	%

Gross profit non-GAAP	$	957.0			58.3	%							$	911.3			57.6	%
Income from operations — GAAP	$	382.0			23.3	%							$	361.5			22.9	%
Acquired intangible assets amortization		30.4			1.9	%								28.6			1.8	%
Equity modification charge (1)		2.1			0.1	%								—			—
Restructuring and other (2)		(11.8	)		-0.7	%								3.8			0.2	%
Inventory step-up		0.4			0.0	%								0.4			0.0	%

Income from operations — non-GAAP	$	403.1			24.6	%							$	394.3			24.9	%


							Net Income per Common Share												Net Income per Common Share
	September 29, 2019			% of Net Revenues			Basic			Diluted			September 30, 2018			% of Net Revenues			Basic			Diluted
Net income — GAAP	$	342.4			20.9	%	$	2.00		$	1.92		$	308.0			19.5	%	$	1.62		$	1.57
Acquired intangible assets amortization		30.4			1.9	%		0.18			0.17			28.6			1.8	%		0.15			0.15
Interest and other (3)		10.2			0.6	%		0.06			0.06			9.7			0.6	%		0.05			0.05
Equity modification charge (1)		2.1			0.1	%		0.01			0.01			—			—			—			—
Restructuring and other (2)		(11.8	)		-0.7	%		(0.07	)		(0.07	)		3.8			0.2	%		0.02			0.02
Inventory step-up		0.4			0.0	%		0.00			0.00			0.4			0.0	%		0.00			0.00
Pension mark-to-market adjustment (3)		0.4			0.0	%		0.00			0.00			0.2			0.0	%		0.00			0.00
Exclude discrete tax adjustments (4)		(23.9	)		-1.5	%		(0.14	)		(0.13	)		(6.5	)		-0.4	%		(0.03	)		(0.03	)
Non-GAAP tax adjustments		(9.0	)		-0.5	%		(0.05	)		(0.05	)		(8.7	)		-0.6	%		(0.05	)		(0.04	)
Convertible share adjustment		—			—			—			0.06			—			—			—			0.03

Net income — non-GAAP	$	341.2			20.8	%	$	1.99		$	1.97		$	335.5			21.2	%	$	1.76		$	1.74


GAAP and non-GAAP weighted average common shares — basic		171.5												190.6
GAAP weighted average common shares — diluted		178.7												196.3
Exclude dilutive shares from convertible note		(5.9	)											(4.0	)

Non-GAAP weighted average common shares — diluted		172.8												192.3

(1) For the nine months ended September 29, 2019, selling and administrative expenses include an equity charge for the modification of Teradyne’s retired CFO’s outstanding equity awards to allow continued vesting and maintain the original term in connection with his July 17, 2019 retirement.

(2) Restructuring and other consists of:

	Nine Months Ended
	September 29, 2019												September 30, 2018
Contingent consideration fair value adjustment	$	(16.5	)										$	(9.2	)
Acquisition related expenses and compensation		2.3												4.1
Employee severance		2.4												7.9
Other		—												0.9

	$	(11.8	)										$	3.8


(3) For the nine months ended September 29, 2019 and September 30, 2018, Interest and other included non-cash convertible debt interest expense. For the nine months ended September 29, 2019 and September 30, 2018, adjustments to exclude actuarial losses recognized under GAAP in accordance with Teradyne’s mark-to-market pension accounting.

(4) For the nine months ended September 29, 2019 and September 30, 2018, adjustment to exclude discrete income tax items. For the nine months ended September 29, 2019, GAAP income tax provision includes a $26 million tax benefit from the release of uncertain tax position reserves due to the IRS completion of its audit of Teradyne’s 2015 Federal tax return and includes a $15 million tax provision related to the finalization of our toll tax charge.


GAAP to Non-GAAP Reconciliation of Fourth Quarter 2019 guidance:

GAAP and non-GAAP fourth quarter revenue guidance:	$	590 million		to	$	630 million
GAAP net income per diluted share	$	0.63			$	0.74
Exclude acquired intangible assets amortization		0.06				0.06
Exclude non-cash convertible debt interest		0.02				0.02
Tax effect of non-GAAP adjustments		(0.01	)			(0.01	)
Convertible share adjustment		0.03				0.03

Non-GAAP net income per diluted share	$	0.73			$	0.84

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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Entity Incorporation State Country Code MA

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Entity Tax Identification Number 04-2272148

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Security Exchange Name NASDAQ

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Document and Entity Information	Oct. 22, 2019
Cover [Abstract]
Entity Registrant Name	TERADYNE, INC
Amendment Flag	false
Entity Central Index Key	0000097210
Document Type	8-K
Document Period End Date	Oct. 22, 2019
Entity Incorporation State Country Code	MA
Entity File Number	001-06462
Entity Tax Identification Number	04-2272148
Entity Address, Address Line One	600 Riverpark Drive
Entity Address, City or Town	North Reading
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	01864
City Area Code	(978)
Local Phone Number	370-2700
Written Communications	false
Soliciting Material	false
Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false
Security 12b Title	Common Stock, par value $0.125 per share
Trading Symbol	TER
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false