| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) | ||||||||||
|
Quarter Ended
| ||||||||||
|
April 2,
2023 |
April 3,
2022 | |||||||||
| Cash flows from operating activities: | ||||||||||
| Net income | $ | 83,531 | $ | 161,928 | ||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||
| Depreciation | 22,680 | 22,503 | ||||||||
| Stock-based compensation | 18,885 | 12,894 | ||||||||
| Provision for excess and obsolete inventory | 5,610 | 1,590 | ||||||||
| Amortization | 4,926 | 5,233 | ||||||||
| Deferred taxes | (7,634 | ) | 11,288 | |||||||
| (Gains) losses on investments | (2,238 | ) | 2,001 | |||||||
| Other | 108 | 177 | ||||||||
| Changes in operating assets and liabilities | ||||||||||
| Accounts receivable | 37,204 | 208 | ||||||||
| Inventories | (23,697 | ) | (9,480 | ) | ||||||
| Prepayments and other assets | (15,380 | ) | (74,305 | ) | ||||||
| Accounts payable and other liabilities | (83,208 | ) | (124,382 | ) | ||||||
| Deferred revenue and customer advances | (32,705 | ) | 6,747 | |||||||
| Retirement plans contributions | (1,234 | ) | (1,329 | ) | ||||||
| Income taxes | 12,488 | (7,611 | ) | |||||||
| Net cash provided by operating activities | 19,336 | 7,462 | ||||||||
| Cash flows from investing activities: | ||||||||||
| Purchases of property, plant and equipment | (41,444 | ) | (43,999 | ) | ||||||
| Purchases of marketable securities | (69,276 | ) | (165,977 | ) | ||||||
| Proceeds from sales of marketable securities | 7,929 | 30,581 | ||||||||
| Proceeds from maturities of marketable securities | 7,468 | 96,682 | ||||||||
| Proceeds from life insurance | 460 | - | ||||||||
| Net cash used for investing activities | (94,863 | ) | (82,713 | ) | ||||||
| Cash flows from financing activities: | ||||||||||
| Repurchase of common stock | (93,308 | ) | (201,465 | ) | ||||||
| Payments related to net settlement of employee stock compensation awards | (19,870 | ) | (31,048 | ) | ||||||
| Dividend payments | (17,165 | ) | (17,895 | ) | ||||||
| Payments of convertible debt principal | (15,155 | ) | (20,694 | ) | ||||||
| Issuance of common stock under stock purchase and stock option plans | 15,997 | 16,475 | ||||||||
| Net cash used for financing activities | (129,501 | ) | (254,627 | ) | ||||||
| Effects of exchange rate changes on cash and cash equivalents | (537 | ) | 2,282 | |||||||
| Decrease in cash and cash equivalents | (205,565 | ) | (327,596 | ) | ||||||
| Cash and cash equivalents at beginning of period | 854,773 | 1,122,199 | ||||||||
|
Cash and cash equivalents at end of period | $ | 649,208 | $ | 794,603 | ||||||
Teradyne Reports First Quarter 2023 Results
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