Teradyne Reports First Quarter 2022 Results

 


GAAP to Non-GAAP Earnings Reconciliation
                          
(In millions, except per share amounts)                       
            Quarter Ended            
    April 3,
2022
  % of Net Revenues      December 31,
2021
  % of Net Revenues      April 4,
2021
  % of Net Revenues    
                                 
Net revenues $ 755.4                 $ 885.0                 $ 781.6              
                                                   
Gross profit GAAP and non-GAAP $ 454.9       60.2 %           $ 527.0     59.5 %           $ 461.6     59.1 %        
                                                   
Income from operations - GAAP $ 185.9       24.6 %           $ 256.4     29.0 %           $ 233.0     29.8 %        
  Restructuring and other (1)   15.7       2.1 %             12.7     1.4 %             (7.1 )   -0.9 %        
  Acquired intangible assets amortization   5.1       0.7 %             5.2     0.6 %             5.5     0.7 %        
Income from operations - non-GAAP $ 206.7       27.4 %           $ 274.3     31.0 %           $ 231.4     29.6 %        
                                                   
              Net Income
per Common Share
          Net Income
per Common Share
          Net Income
per Common Share
      April 3,
2022
  % of Net Revenues   Basic   Diluted   December 31, 2021   % of Net Revenues   Basic   Diluted   April 4,
2021
  % of Net Revenues   Basic   Diluted
Net income - GAAP $ 161.9       21.4 %   $ 1.00     $ 0.92     $ 224.0     25.3 %   $ 1.38     $ 1.26     $ 205.5     26.3 %   $ 1.23     $ 1.09  
  Restructuring and other (1)   15.7       2.1 %     0.10       0.09       12.7     1.4 %     0.08       0.07       (7.1 )   -0.9 %     (0.04 )     (0.04 )
  Acquired intangible assets amortization   5.1       0.7 %     0.03       0.03       5.2     0.6 %     0.03       0.03       5.5     0.7 %     0.03       0.03  
  Loss on convertible debt conversions (2)   -       -       -       -       3.4     0.4 %     0.02       0.02       4.1     0.5 %     0.02       0.02  
  Interest and other (2)   -       -       -       -       1.2     0.1 %     0.01       0.01       3.6     0.5 %     0.02       0.02  
  Pension mark-to-market adjustment (2)   -       -       -       -       (1.6 )   -0.2 %     (0.01 )     (0.01 )     -     -       -       -  
  Exclude discrete tax adjustments   (10.4 )     -1.4 %     (0.06 )     (0.06 )     (6.5 )   -0.7 %     (0.04 )     (0.04 )     (15.1 )   -1.9 %     (0.09 )     (0.08 )
  Non-GAAP tax adjustments   (3.3 )     -0.4 %     (0.02 )     (0.02 )     (0.2 )   -0.0 %     (0.00 )     (0.00 )     (0.3 )   -0.0 %     (0.00 )     (0.00 )
  Convertible share adjustment (3)   -       -       -       0.01       -     -       -       0.03       -     -       -       0.06  
Net income - non-GAAP $ 169.0       22.4 %   $ 1.04     $ 0.98     $ 238.2     26.9 %   $ 1.46     $ 1.37     $ 196.2     25.1 %   $ 1.18     $ 1.11  
                                                   
GAAP and non-GAAP weighted average common shares - basic   162.0                   162.8                   166.5              
GAAP weighted average common shares - diluted   175.6                   178.0                   187.7              
  Exclude dilutive shares related to convertible note transaction    (2.5 )                 (3.4 )                 (10.3 )            
Non-GAAP weighted average common shares - diluted   173.1                   174.6                   177.4              
                                                   
(1 ) Restructuring and other consists of:                                              
      Quarter Ended            
      April 3,
2022
              December 31,
2021
              April 4,
2021
           
  Litigation Settlement $ 14.7                 $ 12.0                 $ -              
  Employee severance   0.6                   0.3                   0.2              
  Acquisition related expenses and compensation   (0.2 )                 0.2                   (0.2 )            
  Contingent consideration fair value adjustment   -                   -                   (7.2 )            
  Other   0.7                   0.3                   0.1              
      $ 15.7                 $ 12.7                 $ (7.1 )            
                                                   
                                                   
(2 ) For the quarters ended December 31, 2021 and April 4, 2021, adjustment to exclude loss on convertible debt conversions. For the quarters ended December 31, 2021 and April 4, 2021, Interest and other included non-cash convertible debt interest expense. For the quarter ended December 31 2021, adjustments to exclude actuarial (gain) loss recognized under GAAP in accordance with Teradyne's mark-to-market pension accounting.
                                                   
(3 ) For the quarters ended April 3, 2022, December 31 2021 and April 4, 2021, the non-GAAP diluted EPS calculation adds back $0.3 million, $0.3 million and $1.2 million, respectively, of convertible debt interest expense to non-GAAP net income. For the quarters ended April 3, 2022, December 31 2021, and April 4, 2021, non-GAAP weighted average diluted common shares include 10.0 million, 10.5 million and 9.4 million shares, respectively, from the convertible note hedge transaction.
     
GAAP to Non-GAAP Reconciliation of Second Quarter 2022 guidance:
                                                   
GAAP and non-GAAP second quarter revenue guidance:    
$780 million
  to   $870 million                                    
GAAP net income per diluted share     $ 0.96     $ 1.25                                      
  Exclude acquired intangible assets amortization       0.03       0.03                                      
  Convertible share adjustment       0.01       0.01                                      
Non-GAAP net income per diluted share     $ 1.00     $ 1.29                                      
                                                   
For press releases and other information of interest to investors, please visit Teradyne's homepage at http://www.teradyne.com.                
   Contact: Teradyne, Inc.
     Andy Blanchard 978-370-2425
     Vice President of Corporate Relations

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