Teradyne Reports Fourth Quarter 2024 Results
Teradyne (NASDAQ:TER) reported strong Q4 2024 results with revenue of $753 million, up 12% from Q4'23, driven by robust AI-related demand. The Semiconductor Test segment contributed $561 million, while Robotics added $98 million. GAAP EPS reached $0.90, and non-GAAP EPS was $0.95.
For full-year 2024, the company achieved revenue of $2.82 billion with GAAP EPS of $3.32. Q4 performance exceeded expectations in Mobile and Auto/Industrial sectors. Looking ahead to 2025, Teradyne expects revenue acceleration and plans to strategically realign its Robotics business. The company provided Q1 2025 guidance with revenue between $660-700 million and non-GAAP EPS of $0.58-0.68.
Teradyne (NASDAQ:TER) ha riportato risultati solidi per il quarto trimestre del 2024, con un fatturato di 753 milioni di dollari, in aumento del 12% rispetto al Q4'23, grazie a una forte domanda legata all'IA. Il segmento Test dei semiconduttori ha contribuito con 561 milioni di dollari, mentre la divisione Robotica ha aggiunto 98 milioni di dollari. L'utile per azione GAAP ha raggiunto 0,90 dollari, mentre l'utile per azione non GAAP è stato di 0,95 dollari.
Per l'intero anno 2024, l'azienda ha ottenuto un fatturato di 2,82 miliardi di dollari con un utile per azione GAAP di 3,32 dollari. Le performance del quarto trimestre hanno superato le aspettative nei settori Mobile e Auto/Industriale. Guardando al 2025, Teradyne si aspetta un'accelerazione del fatturato e prevede di riallineare strategicamente la propria attività Robotica. L'azienda ha fornito una previsione per il Q1 2025 con un fatturato compreso tra 660 e 700 milioni di dollari e un utile per azione non GAAP di 0,58-0,68 dollari.
Teradyne (NASDAQ:TER) reportó resultados sólidos para el cuarto trimestre de 2024, con ingresos de 753 millones de dólares, un aumento del 12% en comparación con el Q4'23, impulsado por una sólida demanda relacionada con la IA. El segmento de pruebas de semiconductores aportó 561 millones de dólares, mientras que la Robótica agregó 98 millones de dólares. La BPA GAAP alcanzó los 0,90 dólares, y la BPA no GAAP fue de 0,95 dólares.
Para el año completo 2024, la compañía logró ingresos de 2,82 mil millones de dólares con una BPA GAAP de 3,32 dólares. El rendimiento del cuarto trimestre superó las expectativas en los sectores de Móvil y Auto/Industrial. Mirando hacia 2025, Teradyne espera una aceleración de ingresos y planea reorganizar estratégicamente su negocio de Robótica. La empresa proporcionó una guía para el Q1 2025 con ingresos entre 660 y 700 millones de dólares y una BPA no GAAP de 0,58-0,68 dólares.
Teradyne (NASDAQ:TER)는 2024년 4분기 강력한 실적을 발표했으며, 매출은 7억 5천 3백만 달러로, 2023년 4분기 대비 12% 증가했습니다. 이는 AI 관련 수요 증가에 힘입은 것입니다. 반도체 테스트 부문은 5억 6천 1백만 달러를 기여했으며, 로봇 부문은 9천 8백만 달러를 추가했습니다. GAAP 주당 순이익(EPS)은 0.90달러, 비-GAAP EPS는 0.95달러에 도달했습니다.
2024년 전체 연도에 대해 회사는 28억 2천만 달러의 매출을 달성했으며 GAAP EPS는 3.32달러였습니다. 4분기 성과는 모바일 및 자동차/산업 분야에서 기대를 뛰어넘었습니다. 2025년을 바라보며, Teradyne은 매출 가속화를 예상하고 로봇 사업을 전략적으로 재조정할 계획입니다. 이 회사는 2025년 1분기 가이던스를 제공했으며, 매출은 6억 6천만에서 7억 달러, 비-GAAP EPS는 0.58-0.68달러 사이로 예상하고 있습니다.
Teradyne (NASDAQ:TER) a annoncé des résultats solides pour le quatrième trimestre 2024 avec un chiffre d'affaires de 753 millions de dollars, en hausse de 12 % par rapport au Q4'23, soutenu par une forte demande liée à l'IA. Le segment des tests de semi-conducteurs a contribué à hauteur de 561 millions de dollars, tandis que la robotique a ajouté 98 millions de dollars. Le bénéfice par action (EPS) GAAP a atteint 0,90 dollar, et l'EPS non GAAP était de 0,95 dollar.
Pour l'exercice 2024, l'entreprise a réalisé un chiffre d'affaires de 2,82 milliards de dollars avec un EPS GAAP de 3,32 dollars. Les performances du quatrième trimestre ont dépassé les attentes dans les secteurs Mobile et Automobile/Industriel. En vue de 2025, Teradyne s'attend à une accélération de son chiffre d'affaires et prévoit de réaligner stratégiquement son activité Robotique. L'entreprise a fourni des prévisions pour le Q1 2025 avec un chiffre d'affaires compris entre 660 et 700 millions de dollars et un EPS non GAAP de 0,58 à 0,68 dollar.
Teradyne (NASDAQ:TER) berichtete über starke Ergebnisse im 4. Quartal 2024 mit einem Umsatz von 753 Millionen Dollar, was einem Anstieg von 12 % im Vergleich zum Q4'23 entspricht, unterstützt durch robuste Nachfrage im Bereich KI. Das Segment Halbleiterprüfung trug 561 Millionen Dollar bei, während die Robotik 98 Millionen Dollar hinzufügte. Der GAAP EPS erreichte 0,90 Dollar, der Non-GAAP EPS lag bei 0,95 Dollar.
Für das Gesamtjahr 2024 erzielte das Unternehmen einen Umsatz von 2,82 Milliarden Dollar mit einem GAAP EPS von 3,32 Dollar. Die Performance im 4. Quartal übertraf die Erwartungen in den Bereichen Mobil und Auto/Industrie. Für 2025 erwartet Teradyne eine Umsatzbeschleunigung und plant eine strategische Neuausrichtung seines Robotikgeschäfts. Das Unternehmen gab eine Prognose für das 1. Quartal 2025 ab, mit einem Umsatz zwischen 660 und 700 Millionen Dollar und einem Non-GAAP EPS von 0,58-0,68 Dollar.
- Q4 revenue increased 12% year-over-year to $753 million
- Strong AI-related demand driving growth
- Mobile and Auto/Industrial segments exceeded expectations
- Full-year 2024 revenue grew to $2.82 billion from $2.68 billion in 2023
- GAAP EPS improved to $3.32 in FY2024 from $2.73 in FY2023
- Q1 2025 guidance indicates sequential revenue decline from Q4 2024
- Robotics business requires strategic realignment
Insights
Teradyne's Q4 2024 results demonstrate robust execution and strategic positioning in high-growth markets. The
Several key metrics signal improving business fundamentals:
- Non-GAAP EPS growth of
20.3% YoY indicates strong operational leverage - Full-year revenue growth of
5.4% to$2.82 billion shows steady market expansion - Q1 2025 guidance of
$660-700 million suggests continued momentum
The planned strategic realignment of the robotics business (
Management's outlook for accelerated revenue growth in 2025 is supported by improving conditions in test businesses and sustained demand in AI-related applications. The combination of strategic initiatives and favorable market dynamics suggests potential for margin expansion and increased market share in key growth segments.
- Revenue and earnings at the high-end of Q4 guidance
-
Revenue of
$753 million 12% from Q4’23 - Q4 growth driven by strong AI-related demand and improved broader market dynamics
|
Q4'24 |
|
|
Q4'23 |
|
|
Q3'24 |
|
|
FY 2024 |
|
|
FY 2023 |
|
||||||
Revenue (mil) |
|
$ |
753 |
|
|
$ |
671 |
|
|
$ |
737 |
|
|
$ |
2,820 |
|
|
$ |
2,676 |
|
GAAP EPS |
|
$ |
0.90 |
|
|
$ |
0.72 |
|
|
$ |
0.89 |
|
|
$ |
3.32 |
|
|
$ |
2.73 |
|
Non-GAAP EPS |
|
$ |
0.95 |
|
|
$ |
0.79 |
|
|
$ |
0.90 |
|
|
$ |
3.22 |
|
|
$ |
2.93 |
|
Teradyne, Inc. (NASDAQ: TER) reported revenue of
“Our Q4 results were toward the high end of our guidance range, driven by demand in our Semi Test business. For the quarter, AI compute and related memory remained strong while Mobile and Auto/Industrial exceeded our expectations,” said Teradyne CEO, Greg Smith. “In 2025, we expect year-over-year revenue acceleration with improving conditions in our test businesses. We expect the secular growth opportunities in AI compute and memory to remain, and we will continue to invest into these areas. Additionally, we plan to strategically realign our Robotics business to enhance customer experience and drive operational efficiency. Over the mid-term, we expect that this realignment will support our growth and profitability objectives.”
Guidance for the first quarter of 2025 is revenue of
Note that the Semiconductor Test segment revenue includes the results of the Integrated Systems Test ("IST") component, with product lines for system level and hard disk drive testing, that was previously included in our System Test segment results. IST contributed
Webcast
A conference call to discuss the fourth quarter results, along with management’s business outlook, will follow at 8:30 a.m. ET, Thursday, January 30, 2025. Interested investors should access the webcast at www.teradyne.com and click on "Investors" at least five minutes before the call begins. Presentation materials will be available starting at 8:30 a.m. ET. A replay will be available on the Teradyne website at www.teradyne.com/investors.
Non-GAAP Results
In addition to disclosing results that are determined in accordance with GAAP, Teradyne also discloses non-GAAP results of operations that exclude certain income items and charges. These results are provided as a complement to results provided in accordance with GAAP. Non-GAAP income from operations and non-GAAP net income exclude acquired intangible assets amortization, restructuring and other, pension actuarial gains and losses, stock compensation modification expense, gains and losses on foreign exchange options in connection with acquisitions and divestitures, gain on sale of business, legal settlement, discrete income tax adjustments, and includes the related tax impact on non-GAAP adjustments. GAAP requires that these items be included in determining income from operations and net income. Non-GAAP income from operations, non-GAAP net income, non-GAAP income from operations as a percentage of revenue, non-GAAP net income as a percentage of revenue, and non-GAAP net income per share are non-GAAP performance measures presented to provide meaningful supplemental information regarding Teradyne’s baseline performance before gains, losses or other charges that may not be indicative of Teradyne’s current core business or future outlook. These non-GAAP performance measures are used to make operational decisions, to determine employee compensation, to forecast future operational results, and for comparison with Teradyne’s business plan, historical operating results and the operating results of Teradyne’s competitors. Non-GAAP diluted shares include the impact of Teradyne’s call option on its shares. Management believes each of these non-GAAP performance measures provides useful supplemental information for investors, allowing greater transparency to the information used by management in its operational decision making and in the review of Teradyne’s financial and operational performance, as well as facilitating meaningful comparisons of Teradyne’s results in the current period compared with those in prior and future periods. A reconciliation of each available GAAP to non-GAAP financial measure discussed in this press release is contained in the attached exhibits and on the Teradyne website at www.teradyne.com by clicking on “Investor Relations” and then selecting “Financials” and the “GAAP to Non-GAAP Reconciliation” link. The non-GAAP performance measures discussed in this press release may not be comparable to similarly titled measures used by other companies. The presentation of non-GAAP measures is not meant to be considered in isolation, as a substitute for, or superior to, financial measures or information provided in accordance with GAAP.
About Teradyne
Teradyne (NASDAQ:TER) designs, develops, and manufactures automated test equipment and advanced robotics systems. Its test solutions for semiconductors and electronics products enable Teradyne’s customers to consistently deliver on their quality standards. Its advanced robotics business includes collaborative robots and mobile robots that support manufacturing and warehouse operations for companies of all sizes. For more information, visit teradyne.com. Teradyne® is a registered trademark of Teradyne, Inc., in the
Safe Harbor Statement
This release contains forward-looking statements including statements regarding Teradyne’s future business prospects, financial performance or position and results of operations. You can identify forward-looking statements by their use of forward-looking words such as “anticipate,” “expect,” “plan,” “could,” “may,” “will,” “believe,” “estimate,” “goal” or other comparable terms. Forward-looking statements in this press release address various matters, including statements regarding Teradyne’s financial guidance. Investors are cautioned that such forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements due to known and unknown risks, uncertainties, assumptions, and other factors. Such factors include, but are not limited to, macroeconomic factors and slowdowns or downturns in economic conditions generally and in the markets in which Teradyne operates; decreased or delayed product demand from one or more significant customers; a slowdown or inability in the development, delivery and acceptance of new products; the ability to grow the Robotics business; the impact of increased research and development spending; the impact of epidemics or pandemics such as COVID-19; the impact of a supply shortage on our supply chain and contract manufacturers; the consummation and success of any mergers or acquisitions; unexpected cash needs; the business judgment of the board of directors that a declaration of a dividend or the repurchase of common stock is not in Teradyne’s best interests; changes to
The risks included above are not exhaustive. For a more detailed description of the risk factors associated with Teradyne, please refer to Teradyne’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023. Many of these factors are macroeconomic in nature and are, therefore, beyond Teradyne’s control. We caution readers not to place undue reliance on any forward-looking statements included in this press release which speak only as to the date of this press release. Teradyne specifically disclaims any obligation to update any forward-looking information contained in this press release or with respect to the announcements described herein.
TERADYNE, INC. REPORT FOR FOURTH FISCAL QUARTER OF 2024 |
||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||||||||||||||
|
|
Quarter Ended |
|
|
Year Ended |
|
||||||||||||||
|
|
December 31,
|
|
|
September 29,
|
|
|
December 31,
|
|
|
December 31,
|
|
|
December 31,
|
|
|||||
Net revenues |
|
$ |
752,884 |
|
|
$ |
737,298 |
|
|
$ |
670,600 |
|
|
$ |
2,819,880 |
|
|
$ |
2,676,298 |
|
Cost of revenues (exclusive of acquired intangible assets amortization shown separately below) (1) |
|
|
305,597 |
|
|
|
300,784 |
|
|
|
291,055 |
|
|
|
1,170,953 |
|
|
|
1,139,550 |
|
Gross profit |
|
|
447,287 |
|
|
|
436,514 |
|
|
|
379,545 |
|
|
|
1,648,927 |
|
|
|
1,536,748 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Selling and administrative (2) |
|
|
155,739 |
|
|
|
157,649 |
|
|
|
142,336 |
|
|
|
617,047 |
|
|
|
577,315 |
|
Engineering and development |
|
|
128,387 |
|
|
|
117,474 |
|
|
|
102,207 |
|
|
|
460,876 |
|
|
|
418,089 |
|
Acquired intangible assets amortization |
|
|
4,656 |
|
|
|
4,748 |
|
|
|
4,651 |
|
|
|
18,764 |
|
|
|
18,999 |
|
Restructuring and other (3) |
|
|
4,554 |
|
|
|
4,578 |
|
|
|
6,027 |
|
|
|
15,571 |
|
|
|
21,277 |
|
Loss (gain) on sale of business (4) |
|
|
367 |
|
|
|
— |
|
|
|
— |
|
|
|
(57,119 |
) |
|
|
— |
|
Operating expenses |
|
|
293,703 |
|
|
|
284,449 |
|
|
|
255,221 |
|
|
|
1,055,139 |
|
|
|
1,035,680 |
|
Income from operations |
|
|
153,584 |
|
|
|
152,065 |
|
|
|
124,324 |
|
|
|
593,788 |
|
|
|
501,068 |
|
Interest and other (income) expense (5) |
|
|
(4,213 |
) |
|
|
(6,919 |
) |
|
|
(15,482 |
) |
|
|
(15,298 |
) |
|
|
(24,504 |
) |
Income before income taxes and equity in net earnings of affiliate |
|
|
157,797 |
|
|
|
158,984 |
|
|
|
139,806 |
|
|
|
609,086 |
|
|
|
525,572 |
|
Income tax provision |
|
|
5,408 |
|
|
|
12,260 |
|
|
|
22,752 |
|
|
|
59,503 |
|
|
|
76,820 |
|
Income before equity in net earnings of affiliate |
|
|
152,389 |
|
|
|
146,724 |
|
|
|
117,054 |
|
|
|
549,583 |
|
|
|
448,752 |
|
Equity in net earnings of affiliate |
|
|
(6,136 |
) |
|
|
(1,075 |
) |
|
|
— |
|
|
|
(7,211 |
) |
|
|
— |
|
Net income |
|
$ |
146,253 |
|
|
$ |
145,649 |
|
|
$ |
117,054 |
|
|
$ |
542,372 |
|
|
$ |
448,752 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net income per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Basic |
|
$ |
0.90 |
|
|
$ |
0.89 |
|
|
$ |
0.77 |
|
|
$ |
3.41 |
|
|
$ |
2.91 |
|
Diluted |
|
$ |
0.90 |
|
|
$ |
0.89 |
|
|
$ |
0.72 |
|
|
$ |
3.32 |
|
|
$ |
2.73 |
|
Weighted average common shares - basic |
|
|
162,478 |
|
|
|
163,002 |
|
|
|
152,812 |
|
|
|
159,083 |
|
|
|
154,310 |
|
Weighted average common shares - diluted (6) |
|
|
163,184 |
|
|
|
164,253 |
|
|
|
162,106 |
|
|
|
163,314 |
|
|
|
164,304 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Cash dividend declared per common share |
|
$ |
0.12 |
|
|
$ |
0.12 |
|
|
$ |
0.11 |
|
|
$ |
0.48 |
|
|
$ |
0.44 |
|
(1) |
Cost of revenues includes: |
|
|
Quarter Ended |
|
|
Year Ended |
|
||||||||||||||
|
|
December 31,
|
|
|
September 29,
|
|
|
December 31,
|
|
|
December 31,
|
|
|
December 31,
|
|
|||||
Provision for excess and obsolete inventory |
|
$ |
3,406 |
|
|
$ |
6,078 |
|
|
$ |
5,289 |
|
|
$ |
18,921 |
|
|
$ |
28,358 |
|
Legal settlement |
|
|
— |
|
|
|
3,600 |
|
|
|
— |
|
|
|
3,600 |
|
|
|
— |
|
Sale of previously written down inventory |
|
|
(441 |
) |
|
|
(472 |
) |
|
|
(1,115 |
) |
|
|
(2,227 |
) |
|
|
(5,161 |
) |
|
|
$ |
2,965 |
|
|
$ |
9,206 |
|
|
$ |
4,174 |
|
|
$ |
20,294 |
|
|
$ |
23,197 |
|
(2) |
For the twelve months ended December 31, 2024, selling and administrative expenses included an equity charge of |
|
(3) |
Restructuring and other consists of: |
|
|
Quarter Ended |
|
|
Year Ended |
|
||||||||||||||
|
|
December 31,
|
|
|
September 29,
|
|
|
December 31,
|
|
|
December 31,
|
|
|
December 31,
|
|
|||||
Lease terminations |
|
$ |
1,284 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,284 |
|
|
$ |
— |
|
Employee severance |
|
|
378 |
|
|
|
1,280 |
|
|
|
2,892 |
|
|
|
5,234 |
|
|
|
14,727 |
|
Acquisition and divestiture related expenses |
|
|
— |
|
|
|
— |
|
|
|
3,132 |
|
|
|
2,214 |
|
|
|
3,132 |
|
Contract termination |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,511 |
|
Other |
|
|
2,892 |
|
|
|
3,298 |
|
|
|
3 |
|
|
|
6,840 |
|
|
|
1,907 |
|
|
|
$ |
4,554 |
|
|
$ |
4,578 |
|
|
$ |
6,027 |
|
|
$ |
15,572 |
|
|
$ |
21,277 |
|
(4) |
On May 27, 2024, Teradyne sold Teradyne's Device Interface Solution ("DIS") business, a component of the Semiconductor Test segment, to Technoprobe S.p.A. ("Technoprobe"), for |
|
(5) |
Interest and other includes: |
|
|
Quarter Ended |
|
|
Year Ended |
|
||||||||||||||
|
|
December 31,
|
|
|
September 29,
|
|
|
December 31,
|
|
|
December 31,
|
|
|
December 31,
|
|
|||||
Pension actuarial losses (gains) |
|
$ |
(1,842 |
) |
|
$ |
(2,262 |
) |
|
$ |
2,575 |
|
|
$ |
(4,355 |
) |
|
$ |
2,703 |
|
Loss (gain) on foreign exchange option |
|
|
— |
|
|
|
— |
|
|
|
(7,464 |
) |
|
|
9,765 |
|
|
|
(7,464 |
) |
(6) |
Under GAAP, when calculating diluted earnings per share, convertible debt must be assumed to have converted if the effect on EPS would be dilutive. Diluted shares assume the conversion of the convertible debt as the effect would be dilutive. Accordingly, for the quarter ended December 31, 2023, 0.2 million shares have been included in diluted shares. For the twelve months ended December 31, 2023, 0.6 million shares have been included in diluted shares. For the quarters ended September 29, 2024, and December 31, 2023, diluted shares included 0.5 million, and 8.6 million shares, respectively, from the convertible note hedge transaction. For the twelve months ended December 31, 2024, and December 31, 2023, diluted shares included 3.6 million and 8.9 million shares, respectively, from the convertible note hedge transaction. |
CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) |
||||||||
|
|
December 31,
|
|
|
December 31,
|
|
||
Assets |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
553,354 |
|
|
$ |
757,571 |
|
Marketable securities |
|
|
46,312 |
|
|
|
62,154 |
|
Accounts receivable, net |
|
|
471,426 |
|
|
|
422,124 |
|
Inventories, net |
|
|
298,492 |
|
|
|
309,974 |
|
Prepayments |
|
|
429,086 |
|
|
|
548,970 |
|
Other current assets |
|
|
17,727 |
|
|
|
37,992 |
|
Current assets held for sale |
|
|
— |
|
|
|
23,250 |
|
Total current assets |
|
|
1,816,397 |
|
|
|
2,162,035 |
|
Property, plant and equipment, net |
|
|
508,171 |
|
|
|
445,492 |
|
Operating lease right-of-use assets, net |
|
|
70,185 |
|
|
|
73,417 |
|
Marketable securities |
|
|
124,121 |
|
|
|
117,434 |
|
Deferred tax assets |
|
|
222,438 |
|
|
|
175,775 |
|
Retirement plans assets |
|
|
11,994 |
|
|
|
11,504 |
|
Equity method investment |
|
|
494,494 |
|
|
|
— |
|
Other assets |
|
|
49,620 |
|
|
|
38,580 |
|
Acquired intangible assets, net |
|
|
15,927 |
|
|
|
35,404 |
|
Goodwill |
|
|
395,367 |
|
|
|
415,652 |
|
Assets held for sale |
|
|
— |
|
|
|
11,531 |
|
Total assets |
|
$ |
3,708,714 |
|
|
$ |
3,486,824 |
|
Liabilities |
|
|
|
|
|
|
||
Accounts payable |
|
$ |
134,792 |
|
|
$ |
180,131 |
|
Accrued employees’ compensation and withholdings |
|
|
204,991 |
|
|
|
191,750 |
|
Deferred revenue and customer advances |
|
|
107,710 |
|
|
|
99,804 |
|
Other accrued liabilities |
|
|
90,777 |
|
|
|
114,712 |
|
Operating lease liabilities |
|
|
18,699 |
|
|
|
17,522 |
|
Income taxes payable |
|
|
67,610 |
|
|
|
48,653 |
|
Current liabilities held for sale |
|
|
— |
|
|
|
7,379 |
|
Total current liabilities |
|
|
624,579 |
|
|
|
659,951 |
|
Retirement plans liabilities |
|
|
133,338 |
|
|
|
132,090 |
|
Long-term deferred revenue and customer advances |
|
|
40,505 |
|
|
|
37,282 |
|
Long-term other accrued liabilities |
|
|
7,442 |
|
|
|
19,998 |
|
Deferred tax liabilities |
|
|
1,038 |
|
|
|
183 |
|
Long-term operating lease liabilities |
|
|
57,922 |
|
|
|
65,092 |
|
Long-term income taxes payable |
|
|
24,596 |
|
|
|
44,331 |
|
Liabilities held for sale |
|
|
— |
|
|
|
2,000 |
|
Total liabilities |
|
|
889,420 |
|
|
|
960,927 |
|
Shareholders’ equity |
|
|
2,819,294 |
|
|
|
2,525,897 |
|
Total liabilities and shareholders’ equity |
|
$ |
3,708,714 |
|
|
$ |
3,486,824 |
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) |
||||||||||||||||
|
|
Quarter Ended |
|
|
Twelve Months Ended |
|
||||||||||
|
|
December 31,
|
|
|
December 31,
|
|
|
December 31,
|
|
|
December 31,
|
|
||||
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income |
|
$ |
146,253 |
|
|
$ |
117,054 |
|
|
$ |
542,372 |
|
|
$ |
448,752 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Depreciation |
|
|
26,497 |
|
|
|
23,260 |
|
|
|
100,977 |
|
|
|
92,118 |
|
Stock-based compensation |
|
|
14,855 |
|
|
|
12,443 |
|
|
|
60,122 |
|
|
|
57,682 |
|
Equity in net earnings of affiliate |
|
|
6,136 |
|
|
|
— |
|
|
|
7,211 |
|
|
|
— |
|
Amortization |
|
|
4,631 |
|
|
|
4,685 |
|
|
|
18,764 |
|
|
|
18,768 |
|
Provision for excess and obsolete inventory |
|
|
3,406 |
|
|
|
5,289 |
|
|
|
18,922 |
|
|
|
28,358 |
|
Loss (gain) on sale of business |
|
|
367 |
|
|
|
— |
|
|
|
(57,119 |
) |
|
|
— |
|
Deferred taxes |
|
|
(20,099 |
) |
|
|
(13,616 |
) |
|
|
(46,360 |
) |
|
|
(37,642 |
) |
Retirement plan actuarial losses (gains) |
|
|
(1,842 |
) |
|
|
2,575 |
|
|
|
(4,355 |
) |
|
|
2,703 |
|
Losses (gains) on investments |
|
|
(83 |
) |
|
|
(11,756 |
) |
|
|
10,056 |
|
|
|
(14,915 |
) |
Other |
|
|
2,751 |
|
|
|
(811 |
) |
|
|
(2,290 |
) |
|
|
(955 |
) |
Changes in operating assets and liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Accounts receivable |
|
|
12,607 |
|
|
|
40,786 |
|
|
|
(52,659 |
) |
|
|
70,977 |
|
Inventories |
|
|
(2,420 |
) |
|
|
(1,068 |
) |
|
|
8,707 |
|
|
|
5,327 |
|
Prepayments and other assets |
|
|
58,016 |
|
|
|
20,881 |
|
|
|
119,454 |
|
|
|
(43,101 |
) |
Accounts payable and other liabilities |
|
|
9,279 |
|
|
|
42,783 |
|
|
|
(54,386 |
) |
|
|
46,782 |
|
Deferred revenue and customer advances |
|
|
8,552 |
|
|
|
(7,693 |
) |
|
|
12,176 |
|
|
|
(57,210 |
) |
Retirement plans contributions |
|
|
(1,645 |
) |
|
|
(1,794 |
) |
|
|
(5,814 |
) |
|
|
(5,492 |
) |
Income taxes |
|
|
15,296 |
|
|
|
15,762 |
|
|
|
(3,602 |
) |
|
|
(26,921 |
) |
Net cash provided by operating activities |
|
|
282,557 |
|
|
|
248,780 |
|
|
|
672,176 |
|
|
|
585,231 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Purchases of property, plant and equipment |
|
|
(57,385 |
) |
|
|
(44,336 |
) |
|
|
(198,095 |
) |
|
|
(159,642 |
) |
Purchases of marketable securities |
|
|
(10,700 |
) |
|
|
(24,120 |
) |
|
|
(45,796 |
) |
|
|
(161,906 |
) |
Purchases of investments in businesses |
|
|
(5,000 |
) |
|
|
— |
|
|
|
(532,060 |
) |
|
|
— |
|
Issuance of convertible loan |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(5,000 |
) |
Proceeds from maturities of marketable securities |
|
|
5,190 |
|
|
|
13,595 |
|
|
|
38,353 |
|
|
|
85,042 |
|
Proceeds from sales of marketable securities |
|
|
436 |
|
|
|
24,438 |
|
|
|
24,035 |
|
|
|
61,401 |
|
Proceeds from the sale of a business, net of cash and cash equivalents sold |
|
|
— |
|
|
|
— |
|
|
|
90,348 |
|
|
|
— |
|
Proceeds from life insurance |
|
|
— |
|
|
|
— |
|
|
|
873 |
|
|
|
460 |
|
Net cash used for investing activities |
|
|
(67,459 |
) |
|
|
(30,423 |
) |
|
|
(622,342 |
) |
|
|
(179,645 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Repurchase of common stock |
|
|
(143,521 |
) |
|
|
(50,749 |
) |
|
|
(198,574 |
) |
|
|
(397,241 |
) |
Dividend payments |
|
|
(19,487 |
) |
|
|
(16,797 |
) |
|
|
(76,423 |
) |
|
|
(67,878 |
) |
Payments related to net settlement of employee stock compensation awards |
|
|
(267 |
) |
|
|
(202 |
) |
|
|
(14,100 |
) |
|
|
(20,788 |
) |
Payments of borrowings on revolving credit facility |
|
|
— |
|
|
|
— |
|
|
|
(185,000 |
) |
|
|
— |
|
Payments of convertible debt principal |
|
|
— |
|
|
|
(23,529 |
) |
|
|
— |
|
|
|
(50,264 |
) |
Proceeds from borrowings on revolving credit facility |
|
|
— |
|
|
|
— |
|
|
|
185,000 |
|
|
|
— |
|
Issuance of common stock under stock purchase and stock option plans |
|
|
65 |
|
|
|
175 |
|
|
|
37,330 |
|
|
|
34,259 |
|
Net cash used for financing activities |
|
|
(163,210 |
) |
|
|
(91,102 |
) |
|
|
(251,767 |
) |
|
|
(501,912 |
) |
Effects of exchange rate changes on cash and cash equivalents |
|
|
(8,570 |
) |
|
|
(6,645 |
) |
|
|
(2,284 |
) |
|
|
(876 |
) |
Increase (decrease) in cash and cash equivalents |
|
|
43,318 |
|
|
|
120,610 |
|
|
|
(204,217 |
) |
|
|
(97,202 |
) |
Cash and cash equivalents at beginning of period |
|
|
510,036 |
|
|
|
636,961 |
|
|
|
757,571 |
|
|
|
854,773 |
|
Cash and cash equivalents at end of period |
|
$ |
553,354 |
|
|
$ |
757,571 |
|
|
$ |
553,354 |
|
|
$ |
757,571 |
|
GAAP to Non-GAAP Earnings Reconciliation |
|||||||||||||||||||||||||||||||||||
(In millions, except per share amounts) |
|||||||||||||||||||||||||||||||||||
|
Quarter Ended |
|
|
|
|
|
|||||||||||||||||||||||||||||
|
December 31,
|
|
|
% of Net
|
|
|
|
|
|
|
September 29,
|
|
|
% of Net
|
|
|
|
|
|
|
December 31,
|
|
|
% of Net
|
|
|
|
|
|
||||||
Net revenues |
$ |
752.9 |
|
|
|
|
|
|
|
|
|
$ |
737.3 |
|
|
|
|
|
|
|
|
|
$ |
670.6 |
|
|
|
|
|
|
|
|
|||
Gross profit - GAAP |
|
447.3 |
|
|
|
59.4 |
% |
|
|
|
|
|
|
436.5 |
|
|
|
59.2 |
% |
|
|
|
|
|
|
379.5 |
|
|
|
56.6 |
% |
|
|
|
|
Legal settlement (1) |
|
— |
|
|
|
— |
|
|
|
|
|
|
|
3.6 |
|
|
|
0.5 |
% |
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
|
Gross profit - non-GAAP |
|
447.3 |
|
|
|
59.4 |
% |
|
|
|
|
|
|
440.1 |
|
|
|
59.7 |
% |
|
|
|
|
|
|
379.5 |
|
|
|
56.6 |
% |
|
|
|
|
Income from operations - GAAP |
|
153.6 |
|
|
|
20.4 |
% |
|
|
|
|
|
|
152.1 |
|
|
|
20.6 |
% |
|
|
|
|
|
|
124.3 |
|
|
|
18.5 |
% |
|
|
|
|
Acquired intangible assets amortization |
|
4.7 |
|
|
|
0.6 |
% |
|
|
|
|
|
|
4.7 |
|
|
|
0.6 |
% |
|
|
|
|
|
|
4.7 |
|
|
|
0.7 |
% |
|
|
|
|
Restructuring and other (2) |
|
4.6 |
|
|
|
0.6 |
% |
|
|
|
|
|
|
4.6 |
|
|
|
0.6 |
% |
|
|
|
|
|
|
6.0 |
|
|
|
0.9 |
% |
|
|
|
|
Legal settlement (1) |
|
— |
|
|
|
— |
|
|
|
|
|
|
|
3.6 |
|
|
|
0.5 |
% |
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
|
Loss (Gain) on sale of business (3) |
|
0.4 |
|
|
|
0.0 |
% |
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
|
Income from operations - non-GAAP |
$ |
163.2 |
|
|
|
21.7 |
% |
|
|
|
|
|
$ |
165.0 |
|
|
|
22.4 |
% |
|
|
|
|
|
$ |
135.0 |
|
|
|
20.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
Net Income
|
|
|
|
|
|
|
|
|
Net Income
|
|
|
|
|
|
|
|
|
Net Income
|
|
|||||||||||||||||||||
|
December 31,
|
|
|
% of Net
|
|
|
Basic |
|
|
Diluted |
|
|
September 29,
|
|
|
% of Net
|
|
|
Basic |
|
|
Diluted |
|
|
December 31,
|
|
|
% of Net
|
|
|
Basic |
|
|
Diluted |
|
||||||||||||
Net income - GAAP |
$ |
146.3 |
|
|
|
19.4 |
% |
|
$ |
0.90 |
|
|
$ |
0.90 |
|
|
$ |
145.6 |
|
|
|
19.7 |
% |
|
$ |
0.89 |
|
|
$ |
0.89 |
|
|
$ |
117.1 |
|
|
|
17.5 |
% |
|
$ |
0.77 |
|
|
$ |
0.72 |
|
Amortization of equity method investment |
|
8.0 |
|
|
|
1.1 |
% |
|
|
0.05 |
|
|
|
0.05 |
|
|
|
2.4 |
|
|
|
0.3 |
% |
|
|
0.01 |
|
|
|
0.01 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Acquired intangible assets amortization |
|
4.7 |
|
|
|
0.6 |
% |
|
|
0.03 |
|
|
|
0.03 |
|
|
|
4.7 |
|
|
|
0.6 |
% |
|
|
0.03 |
|
|
|
0.03 |
|
|
|
4.7 |
|
|
|
0.7 |
% |
|
|
0.03 |
|
|
|
0.03 |
|
Restructuring and other (2) |
|
4.6 |
|
|
|
0.6 |
% |
|
|
0.03 |
|
|
|
0.03 |
|
|
|
4.6 |
|
|
|
0.6 |
% |
|
|
0.03 |
|
|
|
0.03 |
|
|
|
6.0 |
|
|
|
0.9 |
% |
|
|
0.04 |
|
|
|
0.04 |
|
Loss (gain) on sale of business (3) |
|
0.4 |
|
|
|
0.1 |
% |
|
|
0.00 |
|
|
|
0.00 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Legal settlement (1) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3.6 |
|
|
|
0.5 |
% |
|
|
0.02 |
|
|
|
0.02 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Loss (gain) on foreign exchange option |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(7.5 |
) |
|
|
-1.1 |
% |
|
|
— |
|
|
|
(0.05 |
) |
Pension mark-to-market adjustment (4) |
|
(1.8 |
) |
|
|
-0.2 |
% |
|
|
(0.01 |
) |
|
|
(0.01 |
) |
|
|
(2.3 |
) |
|
|
-0.3 |
% |
|
|
(0.01 |
) |
|
|
(0.01 |
) |
|
|
2.6 |
|
|
|
0.4 |
% |
|
|
0.02 |
|
|
|
0.02 |
|
Exclude discrete tax adjustments |
|
(8.0 |
) |
|
|
-1.1 |
% |
|
|
(0.05 |
) |
|
|
(0.05 |
) |
|
|
(8.9 |
) |
|
|
-1.2 |
% |
|
|
(0.05 |
) |
|
|
(0.05 |
) |
|
|
3.3 |
|
|
|
0.5 |
% |
|
|
0.02 |
|
|
|
0.02 |
|
Non-GAAP tax adjustments |
|
0.9 |
|
|
|
0.1 |
% |
|
|
0.01 |
|
|
|
0.01 |
|
|
|
(2.1 |
) |
|
|
-0.3 |
% |
|
|
(0.01 |
) |
|
|
(0.01 |
) |
|
|
1.0 |
|
|
|
0.1 |
% |
|
|
0.01 |
|
|
|
0.01 |
|
Net income - non-GAAP |
$ |
155.0 |
|
|
|
20.6 |
% |
|
$ |
0.95 |
|
|
$ |
0.95 |
|
|
$ |
147.6 |
|
|
|
20.0 |
% |
|
$ |
0.91 |
|
|
$ |
0.90 |
|
|
$ |
127.2 |
|
|
|
19.0 |
% |
|
$ |
0.83 |
|
|
$ |
0.79 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
GAAP and non-GAAP weighted average common shares - basic |
|
162.5 |
|
|
|
|
|
|
|
|
|
|
|
|
163.0 |
|
|
|
|
|
|
|
|
|
|
|
|
152.8 |
|
|
|
|
|
|
|
|
|
|
|||||||||
GAAP weighted average common shares - diluted (6) |
|
163.2 |
|
|
|
|
|
|
|
|
|
|
|
|
164.3 |
|
|
|
|
|
|
|
|
|
|
|
|
162.1 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Exclude dilutive shares related to convertible note transaction |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
(0.2 |
) |
|
|
|
|
|
|
|
|
|
|||||||||
Non-GAAP weighted average common shares - diluted |
|
163.2 |
|
|
|
|
|
|
|
|
|
|
|
|
164.3 |
|
|
|
|
|
|
|
|
|
|
|
|
161.9 |
|
|
|
|
|
|
|
|
|
|
|||||||||
(1) |
For the quarter ended September 29, 2024, legal settlement includes charges for a settlement following a judgment against the Company for infringement of expired patents. |
|
(2) |
Restructuring and other consists of: |
|
Quarter Ended |
|
|
|
|
|
|
|
|||||||||||||||||||||
|
December 31,
|
|
|
|
|
|
|
|
|
September 29,
|
|
|
|
|
|
|
|
|
December 31,
|
|
|
|
|
|
|
|
|||
Lease terminations |
$ |
1.3 |
|
|
|
|
|
|
|
|
$ |
— |
|
|
|
|
|
|
|
|
$ |
— |
|
|
|
|
|
|
|
Employee severance |
|
0.4 |
|
|
|
|
|
|
|
|
|
1.3 |
|
|
|
|
|
|
|
|
|
2.9 |
|
|
|
|
|
|
|
Acquisition and divestiture related expenses |
|
— |
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
3.1 |
|
|
|
|
|
|
|
Other |
|
2.9 |
|
|
|
|
|
|
|
|
|
3.3 |
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
|
$ |
4.6 |
|
|
|
|
|
|
|
|
$ |
4.6 |
|
|
|
|
|
|
|
|
$ |
6.0 |
|
|
|
|
|
|
|
(3) |
On May 27, 2024, Teradyne sold DIS, a component of the Semiconductor Test segment, to Technoprobe, for |
|
(4) |
For the quarters ended December 31, 2024, September 29, 2024, and December 31, 2023, adjustments to exclude actuarial gains and losses, respectively, recognized under GAAP in accordance with Teradyne’s mark-to-market pension accounting. |
|
(5) |
For the quarters ended September 29, 2024, and December 31, 2023, non-GAAP weighted average diluted common shares included 0.5 million and 8.6 million shares, respectively, from the convertible note hedge transaction. |
|
Twelve Months Ended |
|
|
|
|
|
|||||||||||||||||
|
December 31,
|
|
|
% of Net
|
|
|
|
|
|
|
December 31,
|
|
|
% of Net
|
|
|
|
|
|
||||
Net Revenues |
$ |
2,819.9 |
|
|
|
|
|
|
|
|
|
$ |
2,676.3 |
|
|
|
|
|
|
|
|
||
Gross profit - GAAP |
|
1,648.9 |
|
|
|
58.5 |
% |
|
|
|
|
|
|
1,536.7 |
|
|
|
57.4 |
% |
|
|
|
|
Legal settlement (1) |
|
3.6 |
|
|
|
0.1 |
% |
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
|
Gross profit - non-GAAP |
|
1,652.5 |
|
|
|
58.6 |
% |
|
|
|
|
|
|
1,536.7 |
|
|
|
57.4 |
% |
|
|
|
|
Income from operations - GAAP |
|
593.8 |
|
|
|
21.1 |
% |
|
|
|
|
|
|
501.1 |
|
|
|
18.7 |
% |
|
|
|
|
Acquired intangible assets amortization |
|
18.8 |
|
|
|
0.7 |
% |
|
|
|
|
|
|
19.0 |
|
|
|
0.7 |
% |
|
|
|
|
Restructuring and other (2) |
|
15.6 |
|
|
|
0.6 |
% |
|
|
|
|
|
|
21.3 |
|
|
|
0.8 |
% |
|
|
|
|
Legal settlement (1) |
|
3.6 |
|
|
|
0.1 |
% |
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
|
Equity modification charge (3) |
|
1.7 |
|
|
|
0.1 |
% |
|
|
|
|
|
|
5.9 |
|
|
|
0.2 |
% |
|
|
|
|
Loss (gain) on sale of business (4) |
|
(57.1 |
) |
|
|
-2.0 |
% |
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
|
Income from operations - non-GAAP |
$ |
576.3 |
|
|
|
20.4 |
% |
|
|
|
|
|
$ |
547.3 |
|
|
|
20.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
Net Income
|
|
|
|
|
|
|
|
|
Net Income
|
|
||||||||||||||
|
December 31,
|
|
|
% of Net
|
|
|
Basic |
|
|
Diluted |
|
|
December 31,
|
|
|
% of Net
|
|
|
Basic |
|
|
Diluted |
|
||||||||
Net income - GAAP |
$ |
542.4 |
|
|
|
19.2 |
% |
|
$ |
3.39 |
|
|
$ |
3.32 |
|
|
$ |
448.8 |
|
|
|
16.8 |
% |
|
$ |
2.91 |
|
|
$ |
2.73 |
|
Acquired intangible assets amortization |
|
18.8 |
|
|
|
0.7 |
% |
|
|
0.12 |
|
|
|
0.11 |
|
|
|
19.0 |
|
|
|
0.7 |
% |
|
|
0.12 |
|
|
|
0.12 |
|
Restructuring and other (2) |
|
15.6 |
|
|
|
0.6 |
% |
|
|
0.10 |
|
|
|
0.10 |
|
|
|
21.8 |
|
|
|
0.8 |
% |
|
|
0.14 |
|
|
|
0.13 |
|
Amortization of equity method investment |
|
10.4 |
|
|
|
0.4 |
% |
|
|
0.07 |
|
|
|
0.06 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Loss (gain) on foreign exchange option |
|
9.8 |
|
|
|
0.3 |
% |
|
|
0.06 |
|
|
|
0.06 |
|
|
|
(7.5 |
) |
|
|
-0.3 |
% |
|
|
(0.05 |
) |
|
|
(0.05 |
) |
Legal settlement (1) |
|
3.6 |
|
|
|
0.1 |
% |
|
|
0.02 |
|
|
|
0.02 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Equity modification charge (3) |
|
1.7 |
|
|
|
0.1 |
% |
|
|
0.01 |
|
|
|
0.01 |
|
|
|
5.9 |
|
|
|
0.2 |
% |
|
|
0.04 |
|
|
|
0.04 |
|
Pension mark-to-market adjustment (5) |
|
(4.4 |
) |
|
|
-0.2 |
% |
|
|
(0.03 |
) |
|
|
(0.03 |
) |
|
|
2.7 |
|
|
|
0.1 |
% |
|
|
0.02 |
|
|
|
0.02 |
|
Loss (gain) on sale of business (4) |
|
(57.1 |
) |
|
|
-2.0 |
% |
|
|
(0.36 |
) |
|
|
(0.35 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Exclude discrete tax adjustments |
|
(8.7 |
) |
|
|
-0.3 |
% |
|
|
(0.05 |
) |
|
|
(0.05 |
) |
|
|
(3.4 |
) |
|
|
-0.1 |
% |
|
|
(0.02 |
) |
|
|
(0.02 |
) |
Non-GAAP tax adjustments |
|
(6.9 |
) |
|
|
-0.2 |
% |
|
|
(0.04 |
) |
|
|
(0.04 |
) |
|
|
(7.7 |
) |
|
|
-0.3 |
% |
|
|
(0.05 |
) |
|
|
(0.05 |
) |
Convertible share adjustment (6) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.01 |
|
Net income - non-GAAP |
$ |
525.1 |
|
|
|
18.6 |
% |
|
$ |
3.29 |
|
|
$ |
3.22 |
|
|
$ |
479.6 |
|
|
|
17.9 |
% |
|
$ |
3.11 |
|
|
$ |
2.93 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
GAAP and non-GAAP weighted average common shares - basic |
|
159.8 |
|
|
|
|
|
|
|
|
|
|
|
|
154.3 |
|
|
|
|
|
|
|
|
|
|
||||||
GAAP weighted average common shares - diluted (6) |
|
163.3 |
|
|
|
|
|
|
|
|
|
|
|
|
164.3 |
|
|
|
|
|
|
|
|
|
|
||||||
Exclude dilutive shares from convertible note |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
(0.6 |
) |
|
|
|
|
|
|
|
|
|
||||||
Non-GAAP weighted average common shares - diluted |
|
163.3 |
|
|
|
|
|
|
|
|
|
|
|
|
163.7 |
|
|
|
|
|
|
|
|
|
|
||||||
(1) |
For the twelve months ended December 31, 2024, a legal settlement includes charges for a settlement following a judgment against the Company for infringement of expired patents. |
|
(2) |
Restructuring and other consists of: |
Twelve Months Ended |
|
|
|
|
|
|
|
||||||||||||
|
December 31,
|
|
|
|
|
|
|
|
|
December 31,
|
|
|
|
|
|
|
|
||
Employee severance |
$ |
5.2 |
|
|
|
|
|
|
|
|
$ |
14.8 |
|
|
|
|
|
|
|
Acquisition and divestiture related expenses |
|
2.2 |
|
|
|
|
|
|
|
|
|
3.1 |
|
|
|
|
|
|
|
Lease terminations |
|
1.3 |
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
Contract termination |
|
— |
|
|
|
|
|
|
|
|
|
1.5 |
|
|
|
|
|
|
|
Other |
|
6.8 |
|
|
|
|
|
|
|
|
|
1.9 |
|
|
|
|
|
|
|
|
$ |
15.6 |
|
|
|
|
|
|
|
|
$ |
21.3 |
|
|
|
|
|
|
|
(3) |
For the twelve months ended December 31, 2024, selling and administrative expenses included an equity charge of |
|
(4) |
On May 27, 2024, Teradyne sold DIS, a component of the Semiconductor Test segment, to Technoprobe, for |
|
(5) |
For twelve months ended December 31, 2024, and December 31, 2023, adjustments to exclude actuarial gains and losses, respectively, recognized under GAAP in accordance with Teradyne’s mark-to-market pension accounting. |
|
(6) |
For the twelve months ended December 31, 2024 and December 31, 2023, non-GAAP weighted average diluted common shares included 3.6 million and 8.9 million shares, respectively, from the convertible note hedge transaction. |
GAAP to Non-GAAP Reconciliation of First Quarter 2025 guidance:
GAAP and non-GAAP first quarter revenue guidance: |
|
|
|
|
to |
|
|
|
|
|
|
|
|
||
GAAP net income per diluted share |
|
|
$ |
0.48 |
|
|
$ |
0.59 |
|
|
|
|
|
|
|
Exclude acquired intangible assets amortization |
|
|
|
0.03 |
|
|
|
0.03 |
|
|
|
|
|
|
|
Exclude restructuring and other charges |
|
|
|
0.03 |
|
|
|
0.03 |
|
|
|
|
|
|
|
Exclude equity method investment amortization |
|
|
|
0.05 |
|
|
|
0.05 |
|
|
|
|
|
|
|
Non-GAAP tax adjustments |
|
|
|
(0.01 |
) |
|
|
(0.01 |
) |
|
|
|
|
|
|
Non-GAAP net income per diluted share |
|
|
$ |
0.58 |
|
|
$ |
0.68 |
|
|
|
|
|
|
|
For press releases and other information of interest to investors, please visit Teradyne’s homepage at http://www.teradyne.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250128031178/en/
Teradyne, Inc.
Traci Tsuchiguchi 978-370-2444
Vice President of Corporate Relations
Source: Teradyne, Inc.
FAQ
What was Teradyne's (TER) Q4 2024 revenue and how did it compare to Q4 2023?
What is Teradyne's (TER) revenue guidance for Q1 2025?
How much did Teradyne's (TER) Semiconductor Test segment contribute to Q4 2024 revenue?
What were Teradyne's (TER) full-year 2024 financial results?
What strategic changes is Teradyne (TER) planning for 2025?
