| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) | ||||||||||||||||||||
| Quarter Ended | Six Months Ended | |||||||||||||||||||
|
July 4,
2021 |
June 28,
2020 |
July 4,
2021 |
June 28,
2020 | |||||||||||||||||
| Cash flows from operating activities: | ||||||||||||||||||||
| Net income | $ | 328,319 | $ | 188,908 | $ | 533,831 | $ | 365,098 | ||||||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||
| Depreciation | 21,938 | 19,816 | 45,848 | 38,305 | ||||||||||||||||
| Stock-based compensation | 10,999 | 10,907 | 23,231 | 21,367 | ||||||||||||||||
| Amortization | 9,521 | 12,843 | 19,343 | 26,234 | ||||||||||||||||
| Loss on convertible debt conversions | 1,175 | - | 5,244 | - | ||||||||||||||||
| Provision for excess and obsolete inventory | 798 | 5,580 | 3,625 | 9,637 | ||||||||||||||||
| Deferred taxes | 257 | (5,338 | ) | (800 | ) | (7,163 | ) | |||||||||||||
| Gains on investments | (2,159 | ) | (5,126 | ) | (4,650 | ) | (469 | ) | ||||||||||||
| Retirement plans actuarial gains | (627 | ) | (99 | ) | (627 | ) | (99 | ) | ||||||||||||
| Contingent consideration fair value adjustment | - | 29,259 | (7,227 | ) | 19,239 | |||||||||||||||
| Other | (1 | ) | 19 | 199 | 523 | |||||||||||||||
| Changes in operating assets and liabilities, net of businesses acquired: | ||||||||||||||||||||
| Accounts receivable | (285,186 | ) | (204,261 | ) | (372,698 | ) | (331,040 | ) | ||||||||||||
| Inventories | 56,320 | (19,546 | ) | 19,908 | (3,728 | ) | ||||||||||||||
| Prepayments and other assets | (31,285 | ) | (9,859 | ) | (117,416 | ) | (49,479 | ) | ||||||||||||
| Accounts payable and other liabilities | 97,361 | 148,901 | 86,790 | 113,578 | ||||||||||||||||
| Deferred revenue and customer advances | 7,237 | 29,568 | 15,189 | 28,655 | ||||||||||||||||
| Retirement plans contributions | (814 | ) | (1,239 | ) | (2,739 | ) | (2,501 | ) | ||||||||||||
| Income taxes | (7,569 | ) | 22,564 | (2,628 | ) | 37,842 | ||||||||||||||
| Net cash provided by operating activities | 206,284 | 222,897 | 244,423 | 265,999 | ||||||||||||||||
| Cash flows from investing activities: | ||||||||||||||||||||
| Purchases of property, plant and equipment | (34,707 | ) | (47,314 | ) | (73,957 | ) | (84,014 | ) | ||||||||||||
| Purchases of marketable securities | (186,482 | ) | (112,429 | ) | (398,086 | ) | (299,548 | ) | ||||||||||||
| Proceeds from maturities of marketable securities | 265,985 | 84,527 | 460,213 | 182,984 | ||||||||||||||||
| Proceeds from sales of marketable securities | 54,819 | 11,656 | 116,112 | 26,661 | ||||||||||||||||
| Purchase of investment and acquisition of businesses, net of cash acquired | (12,000 | ) | - | (12,000 | ) | 149 | ||||||||||||||
| Proceeds from life insurance | - | 546 | - | 546 | ||||||||||||||||
| Net cash provided by (used for) investing activities | 87,615 | (63,014 | ) | 92,282 | (173,222 | ) | ||||||||||||||
| Cash flows from financing activities: | ||||||||||||||||||||
| Issuance of common stock under stock purchase and stock option plans | 15,437 | 5 | 32,581 | 12,757 | ||||||||||||||||
| Repurchase of common stock | (151,396 | ) | (9,426 | ) | (196,584 | ) | (88,465 | ) | ||||||||||||
| Dividend payments | (16,604 | ) | (16,580 | ) | (33,271 | ) | (33,266 | ) | ||||||||||||
| Payments of convertible debt principal | (15,553 | ) | - | (66,828 | ) | - | ||||||||||||||
| Payments related to net settlement of employee stock compensation awards | (1,119 | ) | (449 | ) | (31,794 | ) | (22,519 | ) | ||||||||||||
| Payments of contingent consideration | - | - | - | (8,852 | ) | |||||||||||||||
| Net cash used for financing activities | (169,235 | ) | (26,450 | ) | (295,896 | ) | (140,345 | ) | ||||||||||||
| Effects of exchange rate changes on cash and cash equivalents | (1,372 | ) | (1,496 | ) | (489 | ) | (925 | ) | ||||||||||||
| Increase (decrease) in cash and cash equivalents | 123,292 | 131,937 | 40,320 | (48,493 | ) | |||||||||||||||
| Cash and cash equivalents at beginning of period | 831,149 | 593,494 | 914,121 | 773,924 | ||||||||||||||||
| Cash and cash equivalents at end of period | $ | 954,441 | $ | 725,431 | $ | 954,441 | $ | 725,431 | ||||||||||||
Teradyne Reports Second Quarter 2021 Results
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