| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) | ||||||||||||
| Quarter Ended | ||||||||||||
| April 4, 2021 | March 29, 2020 | |||||||||||
| Cash flows from operating activities: | ||||||||||||
| Net income | $ | 205,512 | $ | 176,191 | ||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
| Depreciation | 23,910 | 18,489 | ||||||||||
| Stock-based compensation | 12,232 | 10,460 | ||||||||||
| Amortization | 9,822 | 13,391 | ||||||||||
| Loss on convertible debt conversions | 4,069 | - | ||||||||||
| Provision for excess and obsolete inventory | 2,285 | 4,057 | ||||||||||
| Contingent consideration fair value adjustment | (7,227 | ) | (10,020 | ) | ||||||||
| (Gains) losses on investments | (2,491 | ) | 4,657 | |||||||||
| Deferred taxes | (1,057 | ) | (1,825 | ) | ||||||||
| Other | 200 | 503 | ||||||||||
| Changes in operating assets and liabilities, net of businesses acquired: | ||||||||||||
| Accounts receivable | (87,512 | ) | (126,779 | ) | ||||||||
| Inventories | (35,870 | ) | 15,818 | |||||||||
| Prepayments and other assets | (86,131 | ) | (39,620 | ) | ||||||||
| Accounts payable and other liabilities | (10,571 | ) | (35,323 | ) | ||||||||
| Deferred revenue and customer advances | 7,952 | (913 | ) | |||||||||
| Retirement plans contributions | (1,925 | ) | (1,262 | ) | ||||||||
| Income taxes | 4,941 | 15,278 | ||||||||||
| Net cash provided by operating activities | 38,139 | 43,102 | ||||||||||
| Cash flows from investing activities: | ||||||||||||
| Purchases of property, plant and equipment | (39,250 | ) | (36,700 | ) | ||||||||
| Purchases of marketable securities | (211,604 | ) | (187,119 | ) | ||||||||
| Proceeds from maturities of marketable securities | 194,228 | 98,457 | ||||||||||
| Proceeds from sales of marketable securities | 61,293 | 15,005 | ||||||||||
| Purchase of investment and acquisition of businesses, net of cash acquired | - | 149 | ||||||||||
| Net cash provided by (used for) investing activities | 4,667 | (110,208 | ) | |||||||||
| Cash flows from financing activities: | ||||||||||||
| Issuance of common stock under stock purchase and stock option plans | 17,144 | 12,752 | ||||||||||
| Payments of convertible debt principal | (51,275 | ) | - | |||||||||
| Repurchase of common stock | (45,188 | ) | (79,039 | ) | ||||||||
| Payments related to net settlement of employee stock compensation awards | (30,675 | ) | (22,070 | ) | ||||||||
| Dividend payments | (16,667 | ) | (16,686 | ) | ||||||||
| Payments of contingent consideration | - | (8,852 | ) | |||||||||
| Net cash used for financing activities | (126,661 | ) | (113,895 | ) | ||||||||
| Effects of exchange rate changes on cash and cash equivalents | 883 | 571 | ||||||||||
| Decrease in cash and cash equivalents | (82,972 | ) | (180,430 | ) | ||||||||
| Cash and cash equivalents at beginning of period | 914,121 | 773,924 | ||||||||||
| Cash and cash equivalents at end of period | $ | 831,149 | $ | 593,494 | ||||||||
Teradyne Reports First Quarter 2021 Results
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