| TERADYNE, INC. REPORT FOR FIRST FISCAL QUARTER OF 2019 | ||||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||||
| (In thousands, except per share amounts) | ||||||||||||||||||
| Quarter Ended | ||||||||||||||||||
|
March 31,
2019 |
December 31,
2018 |
April 1,
2018 | ||||||||||||||||
| Net revenues | $ | 494,099 | $ | 519,558 | $ | 487,467 | ||||||||||||
| Cost of revenues (exclusive of acquired intangible assets amortization shown separately below) (1) | 206,464 | 210,023 | 217,635 | |||||||||||||||
| Gross profit | 287,635 | 309,535 | 269,832 | |||||||||||||||
| Operating expenses: | ||||||||||||||||||
| Selling and administrative | 102,013 | 100,552 | 90,505 | |||||||||||||||
| Engineering and development | 76,791 | 74,706 | 74,408 | |||||||||||||||
| Acquired intangible assets amortization | 10,634 | 10,558 | 7,698 | |||||||||||||||
| Restructuring and other (2) | 5,112 | 11,446 | (313 | ) | ||||||||||||||
| Operating expenses | 194,550 | 197,262 | 172,298 | |||||||||||||||
| Income from operations | 93,085 | 112,273 | 97,534 | |||||||||||||||
| Interest and other (income) expense (3) | (894 | ) | 1,145 | 1,714 | ||||||||||||||
| Income before income taxes | 93,979 | 111,128 | 95,820 | |||||||||||||||
| Income tax (benefit) provision (4) | (15,159 | ) | (32,662 | ) | 8,846 | |||||||||||||
| Net income | $ | 109,138 | $ | 143,790 | $ | 86,974 | ||||||||||||
| Net income per common share: | ||||||||||||||||||
| Basic | $ | 0.63 | $ | 0.80 | $ | 0.45 | ||||||||||||
| Diluted | $ | 0.62 | $ | 0.79 | $ | 0.43 | ||||||||||||
| Weighted average common shares - basic | 173,532 | 178,958 | 195,255 | |||||||||||||||
| Weighted average common shares - diluted (5) | 176,972 | 181,520 | 203,484 | |||||||||||||||
| Cash dividend declared per common share | $ | 0.09 | $ | 0.09 | $ | 0.09 | ||||||||||||
| (1 | ) | Cost of revenues includes: | Quarter Ended | |||||||||||||||
|
March 31,
2019 |
December 31,
2018 |
April 1,
2018 | ||||||||||||||||
| Provision for excess and obsolete inventory | $ | 2,397 | $ | 1,720 | $ | 3,522 | ||||||||||||
| Sale of previously written down inventory | (778 | ) | (1,501 | ) | (2,243 | ) | ||||||||||||
| $ | 1,619 | $ | 219 | $ | 1,279 | |||||||||||||
| (2 | ) | Restructuring and other consists of: | Quarter Ended | |||||||||||||||
|
March 31,
2019 |
December 31,
2018 |
April 1,
2018 | ||||||||||||||||
| Contingent consideration fair value adjustment | $ | 2,970 | $ | 10,223 | $ | (4,968 | ) | |||||||||||
| Acquisition related expenses and compensation | 1,343 | 455 | 774 | |||||||||||||||
| Employee severance | 799 | 768 | 3,881 | |||||||||||||||
| $ | 5,112 | $ | 11,446 | $ | (313 | ) | ||||||||||||
| (3 | ) | Interest and other (income) expense, includes: | Quarter Ended | |||||||||||||||
|
March 31,
2019 |
December 31,
2018 |
April 1,
2018 | ||||||||||||||||
| Non-cash convertible debt interest | $ | 3,368 | $ | 3,327 | $ | 3,206 | ||||||||||||
| Pension actuarial gain | - | (3,512 | ) | - | ||||||||||||||
| $ | 3,368 | $ | (185 | ) | $ | 3,206 | ||||||||||||
| (4 | ) | For the quarter ended Mach 31, 2019, income tax (benefit) 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. For the quarter ended December 31, 2018, income tax (benefit) provision includes a $52 million tax benefit related to the finalization of our toll tax charge. | ||||||||||||||||
| (5 | ) | 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 March 31, 2019, December 31, 2018, and April 1, 2018, 2.2 million, 0.9 million and 4.4 million shares, respectively, 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. | ||||||||||||||||
Teradyne Reports First Quarter 2019 Results
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