| Six Months Ended | ||||||||||||||||||||||||||||||||||
|
July 4,
2021 | % of Net Revenues |
June 28,
2020 | % of Net Revenues | |||||||||||||||||||||||||||||||
| Net Revenues | $ | 1,867.3 | $ | 1,543.0 | ||||||||||||||||||||||||||||||
| Gross profit GAAP | $ | 1,108.6 | 59.4 | % | $ | 877.0 | 56.8 | % | ||||||||||||||||||||||||||
| Inventory step-up | - | - | 0.2 | 0.0 | % | |||||||||||||||||||||||||||||
| Gross profit non-GAAP | $ | 1,108.6 | 59.4 | % | $ | 877.2 | 56.9 | % | ||||||||||||||||||||||||||
| Income from operations - GAAP | $ | 621.9 | 33.3 | % | $ | 424.7 | 27.5 | % | ||||||||||||||||||||||||||
| Restructuring and other (1) | (4.6 | ) | -0.2 | % | 29.6 | 1.9 | % | |||||||||||||||||||||||||||
| Acquired intangible assets amortization | 10.9 | 0.6 | % | 18.8 | 1.2 | % | ||||||||||||||||||||||||||||
| Inventory step-up | - | - | 0.2 | 0.0 | % | |||||||||||||||||||||||||||||
| Income from operations - non-GAAP | $ | 628.2 | 33.6 | % | $ | 473.3 | 30.7 | % | ||||||||||||||||||||||||||
|
Net Income
per Common Share |
Net Income
per Common Share | |||||||||||||||||||||||||||||||||
|
July 4,
2021 | % of Net Revenues | Basic | Diluted |
June 28,
2020 | % of Net Revenues | Basic | Diluted | |||||||||||||||||||||||||||
| Net income - GAAP | $ | 533.8 | 28.6 | % | $ | 3.21 | $ | 2.85 | $ | 365.1 | 23.7 | % | $ | 2.20 | $ | 2.02 | ||||||||||||||||||
| Restructuring and other (1) | (4.6 | ) | -0.2 | % | (0.03 | ) | (0.02 | ) | 29.6 | 1.9 | % | 0.18 | 0.16 | |||||||||||||||||||||
| Acquired intangible assets amortization | 10.9 | 0.6 | % | 0.07 | 0.06 | 18.8 | 1.2 | % | 0.11 | 0.10 | ||||||||||||||||||||||||
| Loss on convertible debt conversions (2) | 5.2 | 0.3 | % | 0.03 | 0.03 | - | - | - | - | |||||||||||||||||||||||||
| Interest and other (2) | 6.9 | 0.4 | % | 0.04 | 0.04 | 7.1 | 0.5 | % | 0.04 | 0.04 | ||||||||||||||||||||||||
| Inventory step-up | - | - | - | - | 0.2 | 0.0 | % | 0.00 | 0.00 | |||||||||||||||||||||||||
| Pension mark-to-market adjustment (2) | (0.6 | ) | -0.0 | % | (0.00 | ) | (0.00 | ) | (0.1 | ) | -0.0 | % | (0.00 | ) | (0.00 | ) | ||||||||||||||||||
| Exclude discrete tax adjustments | (16.3 | ) | -0.9 | % | (0.10 | ) | (0.09 | ) | (8.7 | ) | -0.6 | % | (0.05 | ) | (0.05 | ) | ||||||||||||||||||
| Non-GAAP tax adjustments | (1.9 | ) | -0.1 | % | (0.01 | ) | (0.01 | ) | (10.1 | ) | -0.7 | % | (0.06 | ) | (0.06 | ) | ||||||||||||||||||
| Convertible share adjustment (3) | - | - | - | 0.16 | - | - | - | 0.10 | ||||||||||||||||||||||||||
| Net income - non-GAAP | $ | 533.4 | 28.6 | % | $ | 3.21 | $ | 3.02 | $ | 401.9 | 26.0 | % | $ | 2.42 | $ | 2.34 | ||||||||||||||||||
| GAAP and non-GAAP weighted average common shares - basic | 166.2 | 166.2 | ||||||||||||||||||||||||||||||||
| GAAP weighted average common shares - diluted | 187.2 | 180.5 | ||||||||||||||||||||||||||||||||
| Exclude dilutive shares from convertible note | (9.9 | ) | (7.5 | ) | ||||||||||||||||||||||||||||||
| Non-GAAP weighted average common shares - diluted | 177.3 | 173.0 | ||||||||||||||||||||||||||||||||
| (1 | ) | Restructuring and other consists of: | ||||||||||||||||||||||||||||||||
| Six Months Ended | ||||||||||||||||||||||||||||||||||
|
July 4,
2021 |
June 28,
2020 | |||||||||||||||||||||||||||||||||
| Contingent consideration fair value adjustment | $ | (7.2 | ) | $ | 19.2 | |||||||||||||||||||||||||||||
| Employee severance | 0.6 | 0.8 | ||||||||||||||||||||||||||||||||
| Acquisition related expenses and compensation | - | 4.5 | ||||||||||||||||||||||||||||||||
| Contract termination settlement fee | - | 4.0 | ||||||||||||||||||||||||||||||||
| Other | 1.9 | 1.1 | ||||||||||||||||||||||||||||||||
| $ | (4.6 | ) | $ | 29.6 | ||||||||||||||||||||||||||||||
| (2 | ) | For the six months ended July 4, 2021 and June 28, 2020, Interest and other included non-cash convertible debt interest expense. For the six months ended July 4, 2021, adjustment to exclude loss on convertible debt conversions. For the six months ended July 4, 2021 and June 28, 2020, adjustments to exclude actuarial (gain) loss recognized under GAAP in accordance with Teradyne's mark-to-market pension accounting. | ||||||||||||||||||||||||||||||||
| (3 | ) | For the six months ended July 4, 2021 and June 28, 2020, the non-GAAP diluted EPS calculation adds back $2.1 million and $2.6 million, respectively of convertible debt interest expense to non-GAAP net income and non-GAAP weighted average diluted common shares include 9.8 million and 5.7 million shares, respectively related to the convertible debt hedge transaction. | ||||||||||||||||||||||||||||||||
Teradyne Reports Second Quarter 2021 Results
 |  | More IC News
|
|
RELATED NEWS
