Teradyne Reports Fourth Quarter and Fiscal Year 2015 Results

(4)For the quarters ended December 31, 2015, October 4, 2015, and December 31, 2014, adjustment to exclude discrete income tax items.


	Year Ended
	December 31, 2015			% of Net Revenues								December 31, 2014			% of Net Revenues

Net Revenues	$	1,639.6										$	1,647.8

Gross profit - GAAP	$	915.6		55.8	%							$	878.8		53.3	%
Pension mark-to-market adjustments (1)		8.3		0.5	%								12.7		0.8	%
Inventory step-up		1.6		0.1	%								-		-
Gross profit - non-GAAP	$	925.5		56.4	%							$	891.5		54.1	%

Income from operations - GAAP	$	243.0		14.8	%							$	96.4		5.9	%
Acquired intangible assets amortization		69.0		4.2	%								70.8		4.3	%
Goodwill impairment (2)		-		-									98.9		6.0	%
Pension mark-to-market adjustments (1)		17.8		1.1	%								46.6		2.8	%
Restructuring and other (3)		5.1		0.3	%								1.4		0.1	%
Inventory step-up		1.6		0.1	%								-		-
Equity modification charge (4)		-		-									6.6		0.4	%
Income from operations - non-GAAP	$	336.5		20.5	%							$	320.7		19.5	%


						Net Income per Common Share											Net Income per Common Share
	December 31, 2015			% of Net Revenues		Basic			Diluted			December 31, 2014			% of Net Revenues		Basic			Diluted
Net income - GAAP	$	206.5		12.6	%	$	0.98		$	0.97		$	81.3		4.9	%	$	0.40		$	0.37
Acquired intangible assets amortization		69.0		4.2	%		0.33			0.32			70.8		4.3	%		0.35			0.32
Goodwill impairment (2)		-		-			-			-			98.9		6.0	%		0.49			0.44
Pension mark-to-market adjustments (1)		17.8		1.1	%		0.08			0.08			46.6		2.8	%		0.23			0.21
Interest and other (5)		(5.4	)	-0.3	%		(0.03	)		(0.03	)		4.3		0.3	%		0.02			0.02
Restructuring and other (3)		5.1		0.3	%		0.02			0.02			1.4		0.1	%		0.01			0.01
Inventory step-up		1.6		0.1	%		0.01			0.01			-		-			-			-
Equity modification charge (4)		-		-			-			-			6.6		0.4	%		0.03			0.03
Exclude discrete tax items (6)		(4.9	)	-0.3	%		(0.02	)		(0.02	)		1.7		0.1	%		0.01			0.01
Tax effect of non-GAAP adjustments		(18.5	)	-1.1	%		(0.09	)		(0.09	)		(41.3	)	-2.5	%		(0.20	)		(0.19	)
Convertible share adjustment (7)		-		-			-			-			-		-			-			0.02
Net income - non-GAAP	$	271.2		16.5	%	$	1.28		$	1.27		$	270.3		16.4	%	$	1.33		$	1.25

GAAP and non-GAAP weighted average common shares - basic		211.5											202.9
GAAP weighted average common shares - diluted		213.3											222.6
Exclude dilutive shares from convertible note		-											(5.0	)
Non-GAAP weighted average common shares - diluted		213.3											217.6

(1)Actuarial losses recognized under GAAP in accordance with Teradyne's mark-to-market pension accounting.
(2)Goodwill impairment related to Teradyne's Wireless Test business segment.
(3)Restructuring and other consists of:
	Year Ended
	December 31, 2015											December 31, 2014
Employee severance	$	1.5										$	1.6
Acquisition costs		1.1											0.4
Contingent consideration fair value adjustment		2.5											(0.6	)
	$	5.1										$	1.4

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