| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) | |||||||||||
| Quarter Ended | |||||||||||
|
March 31,
2019 |
April 1,
2018 | ||||||||||
| Cash flows from operating activities: | |||||||||||
| Net income | $ | 109,138 | $ | 86,974 | |||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
| Depreciation | 16,651 | 16,336 | |||||||||
| Amortization | 12,942 | 9,204 | |||||||||
| Stock-based compensation | 9,474 | 9,544 | |||||||||
| Deferred taxes | 1,206 | 8,696 | |||||||||
| Provision for excess and obsolete inventory | 2,397 | 3,522 | |||||||||
| Contingent consideration fair value adjustment | 2,970 | (4,968 | ) | ||||||||
| (Gains) losses on investments | (2,828 | ) | 1,241 | ||||||||
| Other | (349 | ) | 152 | ||||||||
| Changes in operating assets and liabilities, net of businesses acquired: | |||||||||||
| Accounts receivable | (41,706 | ) | (140,747 | ) | |||||||
| Inventories | (2,917 | ) | (21,017 | ) | |||||||
| Prepayments and other assets | (19,165 | ) | (679 | ) | |||||||
| Accounts payable and accrued expenses | (52,806 | ) | (46,706 | ) | |||||||
| Deferred revenue and customer advances | 6,455 | 9,644 | |||||||||
| Retirement plans contributions | (1,210 | ) | (1,020 | ) | |||||||
| Income taxes | (22,236 | ) | (12,106 | ) | |||||||
| Net cash provided by (used for) operating activities | 18,016 | (81,930 | ) | ||||||||
| Cash flows from investing activities: | |||||||||||
| Purchases of property, plant and equipment | (25,711 | ) | (34,797 | ) | |||||||
| Purchases of marketable securities | (375,184 | ) | (490,324 | ) | |||||||
| Proceeds from sales of marketable securities | 5,440 | 800,671 | |||||||||
| Proceeds from maturities of marketable securities | 141,201 | 212,698 | |||||||||
| Proceeds from life insurance | 273 | - | |||||||||
| Acquisition of businesses, net of cash acquired | (6,970 | ) | (25,356 | ) | |||||||
| Net cash (used for) provided by investing activities | (260,951 | ) | 462,892 | ||||||||
| Cash flows from financing activities: | |||||||||||
| Issuance of common stock under stock purchase and stock option plans | 14,122 | 10,654 | |||||||||
| Repurchase of common stock | (156,468 | ) | (134,276 | ) | |||||||
| Dividend payments | (15,627 | ) | (17,588 | ) | |||||||
| Payment related to net settlement of employee stock compensation awards | (14,172 | ) | (19,629 | ) | |||||||
| Payment of contingent consideration | (27,615 | ) | (13,571 | ) | |||||||
| Net cash used for financing activities | (199,760 | ) | (174,410 | ) | |||||||
| Effects of exchange rate changes on cash and cash equivalents | (329 | ) | 1,478 | ||||||||
| (Decrease) increase in cash and cash equivalents | (443,024 | ) | 208,030 | ||||||||
| Cash and cash equivalents at beginning of period | 926,752 | 429,843 | |||||||||
| Cash and cash equivalents at end of period | $ | 483,728 | $ | 637,873 | |||||||
Teradyne Reports First Quarter 2019 Results
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