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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or Other Jurisdiction of Incorporation or Organization) |
(I.R.S. Employer Identification No.) | |
(Address of Principal Executive Offices) |
(Zip Code) | |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
Nasdaq Stock Market LLC |
| ☒ | Accelerated filer | ☐ | ||||
Non-accelerated filer |
☐ | Emerging growth company | ||||
| Smaller reporting company | ||||||
Item 1: |
Financial Statements |
October 3, 2021 |
December 31, 2020 |
|||||||
(in thousands, except per share amount) |
||||||||
| ASSETS |
||||||||
| Current assets: |
||||||||
| Cash and cash equivalents |
$ |
$ |
||||||
| Marketable securities |
||||||||
| Accounts receivable, less allowance for credit losses of $ |
||||||||
| Inventories, net |
||||||||
| Prepayments and other current assets |
||||||||
| |
|
|
|
|||||
| Total current assets |
||||||||
| Property, plant and equipment, net |
||||||||
| Operating lease right-of-use |
||||||||
| Marketable securities |
||||||||
| Deferred tax assets |
||||||||
| Retirement plans assets |
||||||||
| Other assets |
||||||||
| Acquired intangible assets, net |
||||||||
| Goodwill |
||||||||
| |
|
|
|
|||||
| Total assets |
$ |
$ |
||||||
| |
|
|
|
|||||
| LIABILITIES |
||||||||
| Current liabilities: |
||||||||
| Accounts payable |
$ |
$ |
||||||
| Accrued employees’ compensation and withholdings |
||||||||
| Deferred revenue and customer advances |
||||||||
| Other accrued liabilities |
||||||||
| Operating lease liabilities |
||||||||
| Income taxes payable |
||||||||
| Current debt |
||||||||
| |
|
|
|
|||||
| Total current liabilities |
||||||||
| Retirement plans liabilities |
||||||||
| Long-term deferred revenue and customer advances |
||||||||
| Long-term contingent consideration |
||||||||
| Long-term other accrued liabilities |
||||||||
| Deferred tax liabilities |
||||||||
| Long-term operating lease liabilities |
||||||||
| Long-term incomes taxes payable |
||||||||
| Debt |
||||||||
| |
|
|
|
|||||
| Total liabilities |
||||||||
| |
|
|
|
|||||
| Commitments and contingencies |
||||||||
| Mezzanine equity: |
||||||||
| Convertible common shares |
||||||||
| SHAREHOLDERS’ EQUITY |
||||||||
| Common stock, $ |
||||||||
| Additional paid-in capital |
||||||||
| Accumulated other comprehensive income |
||||||||
| Retained earnings |
||||||||
| |
|
|
|
|||||
| Total shareholders’ equity |
||||||||
| |
|
|
|
|||||
| Total liabilities, convertible common shares and shareholders’ equity |
$ |
$ |
||||||
| |
|
|
|
|||||
For the Three Months Ended |
For the Nine Months Ended |
|||||||||||||||
October 3, 2021 |
September 27, 2020 |
October 3, 2021 |
September 27, 2020 |
|||||||||||||
(in thousands, except per share amount) |
||||||||||||||||
| Revenues: |
||||||||||||||||
| Products |
$ | $ | $ | $ | ||||||||||||
| Services |
||||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total revenues |
||||||||||||||||
| Cost of revenues: |
||||||||||||||||
| Cost of products |
||||||||||||||||
| Cost of services |
||||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total cost of revenues (exclusive of acquired intangible assets amortization shown separately below) |
||||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Gross profit |
||||||||||||||||
| Operating expenses: |
||||||||||||||||
| Selling and administrative |
||||||||||||||||
| Engineering and development |
||||||||||||||||
| Acquired intangible assets amortization |
||||||||||||||||
| Restructuring and other |
( |
) | ( |
) | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total operating expenses |
||||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Income from operations |
||||||||||||||||
| Non-operating (income) expense: |
||||||||||||||||
| Interest income |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
| Interest expense |
||||||||||||||||
| Other (income) expense, net |
||||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Income before income taxes |
||||||||||||||||
| Income tax provision |
||||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Net income |
$ | $ | $ | $ | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Net income per common share: |
||||||||||||||||
| Basic |
$ | $ | $ | $ | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Diluted |
$ | $ | $ | $ | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Weighted average common shares—basic |
||||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Weighted average common shares—diluted |
||||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
For the Three Months Ended |
For the Nine Months Ended |
|||||||||||||||
October 3, 2021 |
September 27, 2020 |
October 3, 2021 |
September 27, 2020 |
|||||||||||||
(in thousands) |
||||||||||||||||
| Net income |
$ | $ | $ | $ | ||||||||||||
| Other comprehensive income, net of tax: |
||||||||||||||||
| Foreign currency translation adjustment, net of tax of $ |
( |
) | ( |
) | ||||||||||||
| Available-for-sale |
||||||||||||||||
| Unrealized (losses) gains on marketable securities arising during period, net of tax of $( |
( |
) | ( |
) | ||||||||||||
| Less: Reclassification adjustment for gains included in net income, net of tax of $( |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
| |
|
|
|
|
|
|
|
|||||||||
| ( |
) | ( |
) | ( |
) | |||||||||||
| Defined benefit post-retirement plan: |
||||||||||||||||
| Amortization of prior service credit, net of tax of $ |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Other comprehensive (loss) income |
( |
) | ( |
) | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Comprehensive income |
$ | $ | $ | $ | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
Shareholders’ Equity |
||||||||||||||||||||||||||||
Convertible Common Share s Value |
Common Stock Shares |
Common Stock Par Value |
Additional Paid-in Capital |
Accumulated Other Comprehensive Income (Loss) |
Retained Earnings (Accumulated Deficit) |
Total Shareholders’ Equity |
||||||||||||||||||||||
(in thousands) |
||||||||||||||||||||||||||||
| For the Three Months Ended October 3, 2021 |
||||||||||||||||||||||||||||
| Balance, July 4, 2021 |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||||||
| Net issuance of common stock under stock-based plans |
( |
) | ( |
) | ||||||||||||||||||||||||
| Stock-based compensation expense |
||||||||||||||||||||||||||||
| Repurchase of common stock |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||
| Cash dividends ($ |
( |
) | ( |
) | ||||||||||||||||||||||||
| Settlements of convertible notes |
||||||||||||||||||||||||||||
| Exercise of convertible notes hedge call options |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||
| Convertible common shares |
( |
) | ||||||||||||||||||||||||||
| Net income |
||||||||||||||||||||||||||||
| Other comprehensive loss |
( |
) | ( |
) | ||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Balance, October 3, 2021 |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| For the Three Months Ended September 27, 2020 |
||||||||||||||||||||||||||||
| Balance, June 28, 2020 |
$ | — | $ | $ | $ | ( |
) | $ | $ | |||||||||||||||||||
| Net issuance of common stock under stock-based plans |
||||||||||||||||||||||||||||
| Stock-based compensation expense |
||||||||||||||||||||||||||||
| Cash dividends ($ |
( |
) | ( |
) | ||||||||||||||||||||||||
| Net income |
||||||||||||||||||||||||||||
| Other comprehensive income |
||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Balance, September 27, 2020 |
$ | — | $ | $ | $ | $ | $ | |||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| For the Nine Months Ended October 3, 2021 |
||||||||||||||||||||||||||||
| Balance, December 31, 2020 |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||||||
| Net issuance of common stock under stock-based plans |
( |
) | ||||||||||||||||||||||||||
| Stock-based compensation expense |
||||||||||||||||||||||||||||
| Repurchase of common stock |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||
| Cash dividends ($ |
( |
) | ( |
) | ||||||||||||||||||||||||
| Settlements of convertible notes |
||||||||||||||||||||||||||||
| Exercise of convertible notes hedge call options |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||
| Convertible common shares |
( |
) | ||||||||||||||||||||||||||
| Net income |
||||||||||||||||||||||||||||
| Other comprehensive loss |
( |
) | ( |
) | ||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Balance, October 3, 2021 |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| For the Nine Months Ended September 27, 2020 |
||||||||||||||||||||||||||||
| Balance, December 31, 2019 |
$ | — | $ | $ | $ | ( |
) | $ | ( |
) | $ | |||||||||||||||||
| Net issuance of common stock under stock-based plans |
||||||||||||||||||||||||||||
| Stock-based compensation expense |
||||||||||||||||||||||||||||
| Repurchase of common stock |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||
| Cash dividends ($ |
( |
) | ( |
) | ||||||||||||||||||||||||
| Net income |
||||||||||||||||||||||||||||
| Other comprehensive income |
||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Balance, September 27, 2020 |
$ | — | $ | $ | $ | $ | $ | |||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
For the Nine Months Ended |
||||||||
October 3, 2021 |
September 27, 2020 |
|||||||
(in thousands) |
||||||||
| Cash flows from operating activities: |
||||||||
| Net income |
$ | $ | ||||||
| Adjustments to reconcile net income from operations to net cash provided by operating activities: |
||||||||
| Depreciation |
||||||||
| Stock-based compensation |
||||||||
| Amortization |
||||||||
| Loss on convertible debt conversion |
— | |||||||
| Provision for excess and obsolete inventory |
||||||||
| Deferred taxes |
( |
) | ( |
) | ||||
| Contingent consideration adjustment |
( |
) | ( |
) | ||||
| Gains on investments |
( |
) | ( |
) | ||||
| Retirement plan actuarial (gains) losses |
( |
) | ||||||
| Other |
||||||||
| Changes in operating assets and liabilities, net of businesses acquired: |
||||||||
| Accounts receivable |
( |
) | ( |
) | ||||
| Inventories |
||||||||
| Prepayments and other assets |
( |
) | ( |
) | ||||
| Accounts payable and other liabilities |
||||||||
| Deferred revenue and customer advances |
||||||||
| Retirement plans contributions |
( |
) | ( |
) | ||||
| Income taxes |
( |
) | ||||||
| |
|
|
|
|||||
| Net cash provided by operating activities |
||||||||
| |
|
|
|
|||||
| Cash flows from investing activities: |
||||||||
| Purchases of property, plant and equipment |
( |
) | ( |
) | ||||
| Purchases of marketable securities |
( |
) | ( |
) | ||||
| Proceeds from maturities of marketable securities |
||||||||
| Proceeds from sales of marketable securities |
||||||||
| Purchase of investment and acquisition of business |
( |
) | ||||||
| Proceeds from life insurance |
— | |||||||
| |
|
|
|
|||||
| Net cash provided by (used for) investing activities |
( |
) | ||||||
| |
|
|
|
|||||
| Cash flows from financing activities: |
||||||||
| Issuance of common stock under stock purchase and stock option plans |
||||||||
| Repurchase of common stock |
( |
) | ( |
) | ||||
| Payments of convertible debt principal |
( |
) | — | |||||
| Dividend payments |
( |
) | ( |
) | ||||
| Payments related to net settlement of employee stock compensation awards |
( |
) | ( |
) | ||||
| Payments of contingent consideration |
— | ( |
) | |||||
| |
|
|
|
|||||
| Net cash used for financing activities |
( |
) | ( |
) | ||||
| |
|
|
|
|||||
| Effects of exchange rate changes on cash and cash equivalents |
( |
) | ( |
) | ||||
| |
|
|
|
|||||
| Increase in cash and cash equivalents |
||||||||
| Cash and cash equivalents at beginning of period |
||||||||
| |
|
|
|
|||||
| Cash and cash equivalents at end of period |
$ | $ | ||||||
| |
|
|
|
|||||
| Non-cash investing activities: |
||||||||
| Capital expenditures incurred but not yet paid: |
$ | $ | ||||||
| • | semiconductor test (“Semiconductor Test”) systems; |
| • | storage and system level test (“Storage Test”) systems, defense/aerospace (“Defense/Aerospace”) test instrumentation and systems, and circuit-board test and inspection (“Production Board Test”) systems (collectively these products represent “System Test”); |
| • | wireless test (“Wireless Test”) systems; and |
| • | industrial automation (“Industrial Automation”) products. |
Semiconductor Test |
Industrial Automation |
|||||||||||||||||||||||||||||||||||
System on-a-Chip |
Memory |
System Test |
Universal Robots |
Mobile Industrial Robots |
AutoGuide |
Wireless Test |
Corporate and Other |
Total |
||||||||||||||||||||||||||||
(in thousands) |
||||||||||||||||||||||||||||||||||||
| For the Three Months Ended October 3, 2021 (1) |
||||||||||||||||||||||||||||||||||||
| Timing of Revenue Recognition |
||||||||||||||||||||||||||||||||||||
| Point in Time |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
( |
) |
$ |
|||||||||||||||||||||||||
| Over Time |
— |
|||||||||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Total |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
( |
) |
$ |
|||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Geographical Market |
||||||||||||||||||||||||||||||||||||
| Asia Pacific |
$ |
$ |
$ |
$ |
$ |
$ |
— |
$ |
$ |
— |
$ |
|||||||||||||||||||||||||
| Americas |
( |
) |
||||||||||||||||||||||||||||||||||
| Europe, Middle East and Africa |
— |
— |
||||||||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Total |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
( |
) |
$ |
|||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| For the Three Months Ended September 27, 2020 (1) |
||||||||||||||||||||||||||||||||||||
| Timing of Revenue Recognition |
||||||||||||||||||||||||||||||||||||
| Point in Time |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
( |
) |
$ |
|||||||||||||||||||||||||
| Over Time |
— |
|||||||||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Total |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
( |
) |
$ |
|||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Geographical Market |
||||||||||||||||||||||||||||||||||||
| Asia Pacific |
$ |
$ |
$ |
$ |
$ |
$ |
— |
$ |
$ |
— |
$ |
|||||||||||||||||||||||||
| Americas |
( |
) |
||||||||||||||||||||||||||||||||||
| Europe, Middle East and Africa |
— |
— |
||||||||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Total |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
( |
) |
$ |
|||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| For the Nine Months Ended October 3, 2021 (2) |
||||||||||||||||||||||||||||||||||||
| Timing of Revenue Recognition |
||||||||||||||||||||||||||||||||||||
| Point in Time |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
( |
) |
$ |
|||||||||||||||||||||||||
| Over Time |
— |
|||||||||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Total |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
( |
) |
$ |
|||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Geographical Market |
||||||||||||||||||||||||||||||||||||
| Asia Pacific |
$ |
$ |
$ |
$ |
$ |
$ |
— |
$ |
$ |
— |
$ |
|||||||||||||||||||||||||
| Americas |
( |
) |
||||||||||||||||||||||||||||||||||
| Europe, Middle East and Africa |
— |
— |
||||||||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Total |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
( |
) |
$ |
|||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| For the Nine Months Ended September 27, 2020 (2) |
||||||||||||||||||||||||||||||||||||
| Timing of Revenue Recognition |
||||||||||||||||||||||||||||||||||||
| Point in Time |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
( |
) |
$ |
|||||||||||||||||||||||||
| Over Time |
— |
|||||||||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Total |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
( |
) |
$ |
|||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Geographical Market |
||||||||||||||||||||||||||||||||||||
| Asia Pacific |
$ |
$ |
$ |
$ |
$ |
$ |
— |
$ |
$ |
— |
$ |
|||||||||||||||||||||||||
| Americas |
( |
) |
||||||||||||||||||||||||||||||||||
| Europe, Middle East and Africa |
— |
— |
||||||||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Total |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
( |
) |
$ |
|||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| (1) | Includes $ “Revenue from Contracts with Customers.” |
| (2) | Includes $ Revenue from Contracts with Customers |
October 3, 2021 |
December 31, 2020 |
|||||||
(in thousands) |
||||||||
| Raw material |
$ | $ | ||||||
| Work-in-process |
||||||||
| Finished goods |
||||||||
| |
|
|
|
|||||
| $ | $ | |||||||
| |
|
|
|
|||||
October 3, 2021 |
||||||||||||||||
Quoted Prices in Active Markets for Identical Instruments (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Unobservable Inputs (Level 3) |
Total |
|||||||||||||
(in thousands) |
||||||||||||||||
| Assets |
||||||||||||||||
| Cash |
$ | $ | — | $ | — | $ | ||||||||||
| Cash equivalents |
— | |||||||||||||||
| Available-for-sale |
||||||||||||||||
| Commercial paper |
— | — | ||||||||||||||
| U.S. Treasury securities |
— | — | ||||||||||||||
| Corporate debt securities |
— | — | ||||||||||||||
| Debt mutual funds |
— | — | ||||||||||||||
| U.S. government agency securities |
— | — | ||||||||||||||
| Certificates of deposit and time deposits |
— | — | ||||||||||||||
| Non-U.S. government securities |
— | — | ||||||||||||||
| Equity securities: |
||||||||||||||||
| Mutual funds |
— | — | ||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| $ | $ | $ | — | $ | ||||||||||||
| Derivative assets |
— | — | ||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total |
$ | $ | $ | — | $ | |||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Liabilities |
||||||||||||||||
| Derivative liabilities |
— | — | ||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total |
$ | — | $ | $ | — | $ | ||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Reported as follows: | ||||||||||||||||
(Level 1) |
(Level 2) |
(Level 3) |
Total |
|||||||||||||
(in thousands) |
||||||||||||||||
| Assets |
||||||||||||||||
| Cash and cash equivalents |
$ | $ | $ | — | $ | |||||||||||
| Marketable securities |
— | — | ||||||||||||||
| Long-term marketable securities |
— | |||||||||||||||
| Prepayments and other current assets |
— | — | ||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total |
$ | $ | $ | — | $ | |||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Liabilities |
||||||||||||||||
| Other current liabilities |
$ | — | $ | $ | — | $ | ||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total |
$ | — | $ | $ | — | $ | ||||||||||
| |
|
|
|
|
|
|
|
|||||||||
December 31, 2020 |
||||||||||||||||
Quoted Prices in Active Markets for Identical Instruments (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Unobservable Inputs (Level 3) |
Total |
|||||||||||||
(in thousands) |
||||||||||||||||
Assets |
||||||||||||||||
Cash |
$ | $ | — | $ | — | $ | ||||||||||
Cash equivalents |
— | |||||||||||||||
Available-for-sale |
— | |||||||||||||||
U.S. Treasury securities |
— | — | ||||||||||||||
Commercial paper |
— | — | ||||||||||||||
Corporate debt securities |
— | — | ||||||||||||||
Debt mutual funds |
— | — | ||||||||||||||
U.S. government agency securities |
— | — | ||||||||||||||
Certificates of deposit and time deposits |
— | — | ||||||||||||||
Non-U.S. government securities |
— | — | ||||||||||||||
Equity securities: |
||||||||||||||||
Equity mutual funds |
— | — | ||||||||||||||
| $ | $ | $ | — | $ | ||||||||||||
Derivative assets |
— | — | ||||||||||||||
Total |
$ | $ | $ | — | $ | |||||||||||
Liabilities |
||||||||||||||||
Contingent consideration |
$ | — | $ | — | $ | $ | ||||||||||
Derivative liabilities |
— | — | ||||||||||||||
Total |
$ | — | $ | $ | $ | |||||||||||
Reported as follows: |
||||||||||||||||
(Level 1) |
(Level 2) |
(Level 3) |
Total |
|||||||||||||
(in thousands) |
||||||||||||||||
Assets |
||||||||||||||||
Cash and cash equivalents |
$ | $ | $ | — | $ | |||||||||||
Marketable securities |
— | — | ||||||||||||||
Long-term marketable securities |
— | |||||||||||||||
Prepayments and other current assets |
— | — | ||||||||||||||
Total |
$ | $ | $ | — | $ | |||||||||||
Liabilities |
||||||||||||||||
Other accrued liabilities |
$ | — | $ | $ | — | $ | ||||||||||
Long-term contingent consideration |
— | — | ||||||||||||||
Total |
$ | — | $ | $ | $ | |||||||||||
For the Three Months Ended |
For the Nine Months Ended |
|||||||||||||||
October 3, 2021 |
September 27, 2020 |
October 3, 2021 |
September 27, 2020 |
|||||||||||||
(in thousands) |
||||||||||||||||
Balance at beginning of period |
$ | $ | $ | $ | ||||||||||||
Fair value adjustment (a)(b)(c) |
( |
) | ( |
) | ( |
) | ||||||||||
Foreign currency impact |
( |
) | ||||||||||||||
Payments (d) |
— | — | — | ( |
) | |||||||||||
Balance at end of period |
$ | $ | $ | $ | ||||||||||||
| (a) | In the nine months ended October 3, 2021, the fair value of contingent consideration for the earn-outs in connection with the acquisition of AutoGuide was reduced to zero, which resulted in a benefit of $ earn-out periods end on December 31, 2021 and December 31, 2022. The sellers of AutoGuide have filed an arbitration claim against Teradyne related to allegations of non-compliance with its earn-out obligations. The ultimate amount of contingent consideration for the earn-outs in connection with the acquisition of AutoGuide may be affected by the outcome of the arbitration (see Note R: “Commitments and Contingencies”). |
| (b) | In the three and nine months ended September 27, 2020, the fair value of contingent consideration for the earn-outs in connection with the acquisition of AutoGuide decreased by $ |
| (c) | In the nine months ended September 27, 2020, the fair value of contingent consideration for the earn-outs in connection with the acquisition of Mobile Industrial Robots (“MiR”) decreased by $ |
| (d) | In the nine months ended September 27, 2020, Teradyne paid $ earn-out in connection with the acquisition of MiR. |
October 3, 2021 |
December 31, 2020 |
|||||||||||||||
Carrying Value |
Fair Value |
Carrying Value |
Fair Value |
|||||||||||||
(in thousands) |
||||||||||||||||
Assets |
||||||||||||||||
Cash and cash equivalents |
$ | $ | $ | $ | ||||||||||||
Marketable securities |
||||||||||||||||
Derivative assets |
||||||||||||||||
Liabilities |
||||||||||||||||
Contingent consideration |
— | — | ||||||||||||||
Derivative liabilities |
||||||||||||||||
Convertible debt (1) |
||||||||||||||||
| (1) | The carrying value represents the bifurcated debt component only, while the level 2 fair value is based on quoted market prices for the convertible note, which includes the equity conversion features. |
October 3, 2021 |
||||||||||||||||||||
Available-for-Sale |
||||||||||||||||||||
Cost |
Unrealized Gain |
Unrealized (Loss) |
Fair Market Value |
Fair Market Value of Investments with Unrealized Losses |
||||||||||||||||
(in thousands) |
||||||||||||||||||||
| Commercial paper |
$ | $ | $ | $ | $ | |||||||||||||||
| U.S. Treasury securities |
( |
) | ||||||||||||||||||
| Corporate debt securities |
( |
) | ||||||||||||||||||
| Debt mutual funds |
— | — | ||||||||||||||||||
| U.S. government agency securities |
( |
) | ||||||||||||||||||
| Certificates of deposit and time deposits |
— | — | ||||||||||||||||||
| Non-U.S. government securities |
— | — | — | |||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||
| $ | $ | $ | ( |
) | $ | $ | ||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||
Cost |
Unrealized Gain |
Unrealized (Loss) |
Fair Market Value |
Fair Market Value of Investments with Unrealized Losses |
||||||||||||||||
(in thousands) |
||||||||||||||||||||
| Marketable securities |
$ | $ | $ | ( |
) | $ | $ | |||||||||||||
| Long-term marketable securities |
( |
) | ||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||
| $ | $ | $ | ( |
) | $ | $ | ||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||
December 31, 2020 |
||||||||||||||||||||
Available-for-Sale |
||||||||||||||||||||
Cost |
Unrealized Gain |
Unrealized (Loss) |
Fair Market Value |
Fair Market Value of Investments with Unrealized Losses |
||||||||||||||||
(in thousands) |
||||||||||||||||||||
| U.S. Treasury securities |
$ | $ | $ | ( |
) | $ | $ | |||||||||||||
| Commercial paper |
( |
) | ||||||||||||||||||
| Corporate debt securities |
( |
) | ||||||||||||||||||
| Debt mutual funds |
— | — | ||||||||||||||||||
| U.S. government agency securities |
( |
) | ||||||||||||||||||
| Certificates of deposit and time deposits |
— | — | — | |||||||||||||||||
| Non-U.S. government securities |
— | — | — | |||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||
| $ | $ | $ | ( |
) | $ | $ | ||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||
Cost |
Unrealized Gain |
Unrealized (Loss) |
Fair Market Value |
Fair Market Value of Investments with Unrealized Losses |
||||||||||||||||
(in thousands) |
||||||||||||||||||||
| Marketable securities |
$ | $ | $ | ( |
) | $ | $ | |||||||||||||
| Long-term marketable securities |
( |
) | ||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||
| $ | $ | $ | ( |
) | $ | $ | ||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||
October 3, 2021 |
||||||||
Cost |
Fair Market Value |
|||||||
(in thousands) |
||||||||
| Due within one year |
$ | $ | ||||||
| Due after 1 year through 5 years |
||||||||
| Due after 5 years through 10 years |
||||||||
| Due after 10 years |
||||||||
| |
|
|
|
|||||
| Total |
$ | $ | ||||||
| |
|
|
|
|||||
Balance Sheet Location |
October 3, 2021 |
December 31, 2020 |
||||||||||
(in thousands) |
||||||||||||
| Derivatives not designated as hedging instruments: |
||||||||||||
| Foreign exchange contracts |
Prepayments | $ | $ | |||||||||
| Foreign exchange contracts |
Other current liabilities | ( |
) | ( |
) | |||||||
| |
|
|
|
|||||||||
| Total derivatives |
$ | ( |
) | $ | ( |
) | ||||||
| |
|
|
|
|||||||||
Location of Losses (Gains) Recognized in Statement of Operations |
For the Three Months Ended |
For the Nine Months Ended |
||||||||||||||||||
October 3, 2021 |
September 27, 2020 |
October 3, 2021 |
September 27, 2020 |
|||||||||||||||||
(in thousands) |
||||||||||||||||||||
| Derivatives not designated as hedging instruments: |
||||||||||||||||||||
| Foreign exchange contracts |
Other (income) expense, net | $ | $ | ( |
) | $ | $ | |||||||||||||
| (1) | The table does not reflect the corresponding gains and losses from the remeasurement of the monetary assets and liabilities denominated in foreign currencies. |
| (2) | For the three and nine months ended October 3, 2021, net gains from the remeasurement of monetary assets and liabilities denominated in foreign currencies were $ |
| (3) | For the three months ended September 27, 2020, net losses from the remeasurement of monetary assets and liabilities denominated in foreign currencies were $ |
October 3, 2021 |
December 31, 2020 |
|||||||
(in thousands) |
||||||||
| Debt principal |
$ | $ | ||||||
| Unamortized discount |
||||||||
| |
|
|
|
|||||
| Net Carrying amount of convertible debt |
$ | $ | ||||||
| |
|
|
|
|||||
October 3, 2021 |
December 31, 2020 |
|||||||
(in thousands) |
||||||||
| Current debt |
$ | $ | ||||||
| Long-term debt |
||||||||
| |
|
|
|
|||||
| Net carrying amount of convertible debt |
$ | $ | ||||||
| |
|
|
|
|||||
For the Three Months Ended |
For the Nine Months Ended |
|||||||||||||||
October 3, 2021 |
September 27, 2020 |
October 3, 2021 |
September 27, 2020 |
|||||||||||||
(in thousands) |
||||||||||||||||
Contractual interest expense on the coupon |
$ | $ | $ | $ | ||||||||||||
Amortization of the discount component and debt issue fees recognized as interest expense |
||||||||||||||||
Total interest expense on the convertible debt |
$ | $ | $ | $ | ||||||||||||
October 3, 2021 |
December 31, 2020 |
|||||||
(in thousands) |
||||||||
Contract manufacturer and supplier prepayments |
$ | $ | ||||||
Prepaid maintenance and other services |
||||||||
Prepaid taxes |
||||||||
Other prepayments |
||||||||
Total prepayments |
$ | $ | ||||||
October 3, 2021 |
December 31, 2020 |
|||||||
(in thousands) |
||||||||
Maintenance, service and training |
$ | $ | ||||||
Extended warranty |
||||||||
Customer advances, undelivered elements and other |
||||||||
Total deferred revenue and customer advances |
$ | $ | ||||||
For the Three Months Ended |
For the Nine Months Ended |
|||||||||||||||
October 3, 2021 |
September 27, 2020 |
October 3, 2021 |
September 27, 2020 |
|||||||||||||
(in thousands) |
||||||||||||||||
Balance at beginning of period |
$ | $ | $ | $ | ||||||||||||
Accruals for warranties issued during the period |
||||||||||||||||
Accruals related to pre-existing warranties |
( |
) | ( |
) | ||||||||||||
Settlements made during the period |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Balance at end of period |
$ | $ | $ | $ | ||||||||||||
For the Three Months Ended |
For the Nine Months Ended |
|||||||||||||||
October 3, 2021 |
September 27, 2020 |
October 3, 2021 |
September 27, 2020 |
|||||||||||||
(in thousands) |
||||||||||||||||
Balance at beginning of period |
$ | $ | $ | $ | ||||||||||||
Deferral of new extended warranty revenue |
||||||||||||||||
Recognition of extended warranty deferred revenue |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Balance at end of period |
$ | $ | $ | $ | ||||||||||||
For the Nine Months Ended | ||||
October 3, 2021 |
September 27, 2020 | |||
| Risk-free interest rate |
|
| ||
| Teradyne volatility-historical |
||||
| NYSE Composite Index volatility-historical |
||||
| Dividend yield |
|
| ||
For the Nine Months Ended | ||||
October 3, 2021 |
September 27, 2020 | |||
| Expected life (years) |
|
| ||
| Risk-free interest rate |
||||
| Volatility-historical |
||||
| Dividend yield |
||||
Foreign Currency Translation Adjustment |
Unrealized Gains (Losses) on Marketable Securities |
Retirement Plans Prior Service Credit |
Total |
|||||||||||||
(in thousands) |
||||||||||||||||
| Nine Months Ended October 3, 2021 |
||||||||||||||||
| Balance at December 31, 2020, net of tax of $ |
$ | $ | $ | $ | ||||||||||||
| Other comprehensive loss before reclassifications, net of tax of $ |
( |
) | ( |
) | ( |
) | ||||||||||
| Amounts reclassified from accumulated other comprehensive income, net of tax of $ |
( |
) | ( |
) | ( |
) | ||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Net current period other comprehensive loss, net of tax of $ , $( ( |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Balance at October 3, 2021, net of tax of $ |
$ | ( |
) | $ | $ | $ | ||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Nine Months Ended September 27, 2020 |
||||||||||||||||
| Balance at December 31, 2019, net of tax of $ |
$ | ( |
) | $ | $ | $ | ( |
) | ||||||||
| Other comprehensive income before reclassifications, net of tax of $ |
||||||||||||||||
| Amounts reclassified from accumulated other comprehensive income, net of tax of $ ( ), respectively |
( |
) | ( |
) | ( |
) | ||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Net current period other comprehensive income (loss), net of tax of $ |
( |
) | ||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Balance at September 27, 2020, net of tax of $ |
$ | $ | $ | $ | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Details about Accumulated Other Comprehensive Income Components |
For the Three Months Ended |
For the Nine Months Ended |
Affected Line Item in the Statements of Operations |
|||||||||||||||||
October 3, 2021 |
September 27, 2020 |
October 3, 2021 |
September 27, 2020 |
|||||||||||||||||
(in thousands) |
||||||||||||||||||||
| Available-for-sale |
||||||||||||||||||||
| Unrealized gains, net of tax of $ |
$ | $ | $ | $ | Other (income) expense, net |
| ||||||||||||||
| Defined benefit postretirement plan: |
||||||||||||||||||||
| Amortization of prior service credit, net of tax of $ |
(a) | |||||||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||||||
| Total reclassifications, net of tax of $ |
$ | $ | $ | $ | Net income | |||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||||||
Industrial Automation |
System Test |
Wireless Test |
Semiconductor Test |
Total |
||||||||||||||||
(in thousands) |
||||||||||||||||||||
| Balance at December 31, 2020 |
||||||||||||||||||||
| Goodwill |
$ | $ | $ | $ | $ | |||||||||||||||
| Accumulated impairment losses |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||
| Foreign currency translation adjustment |
( |
) | ( |
) | ( |
) | ||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||
| Balance at October 3, 2021 |
||||||||||||||||||||
| Goodwill |
||||||||||||||||||||
| Accumulated impairment losses |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||
| $ | $ | $ | $ | $ | ||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||
Gross Carrying Amount |
Accumulated Amortization |
Foreign Currency Translation Adjustment |
Net Carrying Amount |
|||||||||||||
| Balance at October 3, 2021 |
(in thousands) |
|||||||||||||||
| Developed technology |
$ | $ | ( |
) | $ | ( |
) | $ | ||||||||
| Customer relationships |
( |
) | ||||||||||||||
| Tradenames and trademarks |
( |
) | ( |
) | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total intangible assets |
$ | $ | ( |
) | $ | ( |
) | $ | ||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Balance, December 31, 2020 |
||||||||||||||||
| Developed technology |
$ | $ | ( |
) | $ | ( |
) | $ | ||||||||
| Customer relationships |
( |
) | ||||||||||||||
| Tradenames and trademarks |
( |
) | ||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total intangible assets |
$ | $ | ( |
) | $ | ( |
) | $ | ||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Year |
Amortization Expense |
|||
(in thousands) |
||||
| 2021 (remainder) |
$ | |||
| 2022 |
||||
| 2023 |
||||
| 2024 |
||||
| 2025 |
||||
| Thereafter |
||||
For the Three Months Ended |
For the Nine Months Ended |
|||||||||||||||
October 3, 2021 |
September 27, 2020 |
October 3, 2021 |
September 27, 2020 |
|||||||||||||
(in thousands, except per share amounts) |
||||||||||||||||
Net income for basic and diluted net income per share |
$ | $ | $ | $ | ||||||||||||
Weighted average common shares-basic |
||||||||||||||||
Effect of dilutive potential common shares: |
||||||||||||||||
Convertible note hedge warrant shares (1) |
||||||||||||||||
Incremental shares from assumed conversion of convertible notes (2) |
||||||||||||||||
Restricted stock units |
||||||||||||||||
Stock options |
||||||||||||||||
Employee stock purchase plan |
||||||||||||||||
Dilutive potential common shares |
||||||||||||||||
Weighted average common shares-diluted |
||||||||||||||||
Net income per common share-basic |
$ | $ | $ | $ | ||||||||||||
Net income per common share-diluted |
$ | $ | $ | $ | ||||||||||||
| (1) | Convertible notes hedge warrant shares were calculated using the difference between the average Teradyne stock price for the period and the warrant price of $ and $ million shares and |
| (2) | Incremental shares from assumed conversion of the convertible notes were calculated using the difference between the average Teradyne stock price for the period and the conversion price of $ and $ million shares and |
For the Three Months Ended |
||||||||||||||||
October 3, 2021 |
September 27, 2020 |
|||||||||||||||
United States |
Foreign |
United States |
Foreign |
|||||||||||||
(in thousands) |
||||||||||||||||
Service cost |
$ | $ | $ | $ | ||||||||||||
Interest cost |
||||||||||||||||
Expected return on plan assets |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Net actuarial loss |
— | — | — | |||||||||||||
Settlement loss |
— | — | — | |||||||||||||
Total net periodic pension cost |
$ | $ | $ | $ | ||||||||||||
For the Nine Months Ended |
||||||||||||||||
October 3, 2021 |
September 27, 2020 |
|||||||||||||||
United States |
Foreign |
United States |
Foreign |
|||||||||||||
(in thousands) |
||||||||||||||||
Service cost |
$ | $ | $ | $ | ||||||||||||
Interest cost |
||||||||||||||||
Expected return on plan assets |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Net actuarial (gain) loss |
( |
) | — | — | ||||||||||||
Settlement loss |
— | — | — | |||||||||||||
Total net periodic pension cost |
$ | $ | $ | $ | ||||||||||||
For the Three Months Ended |
For the Nine Months Ended |
|||||||||||||||
October 3, 2021 |
September 27, 2020 |
October 3, 2021 |
September 27, 2020 |
|||||||||||||
(in thousands) |
||||||||||||||||
Service cost |
$ | $ | $ | $ | ||||||||||||
Interest cost |
||||||||||||||||
Amortization of prior service credit |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Net actuarial gain |
( |
) | ( |
) | ||||||||||||
Total net periodic postretirement benefit cost (credit) |
$ | $ | $ | ( |
) | $ | ( |
) | ||||||||
For the Three Months Ended |
For the Nine Months Ended |
|||||||||||||||
October 3, 2021 |
September 27, 2020 |
October 3, 2021 |
September 27, 2020 |
|||||||||||||
U.S. statutory federal tax rate |
% | % | % | % | ||||||||||||
Foreign taxes |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Tax credits |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
International provisions of the U.S. Tax Cuts and Jobs Act of 2017 |
( |
) | ( |
) | ||||||||||||
Discrete benefit related to equity compensation |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Other, net |
||||||||||||||||
Effective tax rate |
% | % | % | % | ||||||||||||
Semiconductor Test |
System Test |
Industrial Automation |
Wireless Test |
Corporate and Other |
Consolidated |
|||||||||||||||||||
(in thousands) |
||||||||||||||||||||||||
Three Months Ended October 3, 2021 |
||||||||||||||||||||||||
Revenues |
$ | $ | $ | $ | $ | ( |
) | $ | ||||||||||||||||
Income (loss) before income taxes (1)(2) |
( |
) | ( |
) | ||||||||||||||||||||
Total assets (3) |
||||||||||||||||||||||||
Three Months Ended September 27, 2020 |
||||||||||||||||||||||||
Revenues |
$ | $ | $ | $ | $ | ( |
) | $ | ||||||||||||||||
Income (loss) before income taxes (1)(2) |
( |
) | ||||||||||||||||||||||
Total assets (3) |
||||||||||||||||||||||||
Nine Months Ended October 3, 2021 (4) |
||||||||||||||||||||||||
Revenues |
$ | $ | $ | $ | $ | ( |
) | $ | ||||||||||||||||
Income (loss) before income taxes (1)(2) |
( |
) | ( |
) | ||||||||||||||||||||
Total assets (3) |
||||||||||||||||||||||||
Nine Months Ended September 27, 2020 |
||||||||||||||||||||||||
Revenues |
$ | $ | $ | $ | $ | ( |
) | $ | ||||||||||||||||
Income (loss) before income taxes (1)(2) |
( |
) | ( |
) | ||||||||||||||||||||
Total assets (3) |
||||||||||||||||||||||||
| (1) | Included in Corporate and Other are: contingent consideration adjustments, loss on convertible debt conversions, interest income, interest expense, net foreign exchange gains (losses), pension, intercompany eliminations and acquisition related: (a) charges; (b) legal fees; (c) compensation. |
| (2) | Included in income (loss) before taxes are charges and credits related to restructuring and other, loss on convertible debt conversions and inventory charges. |
| (3) | Total assets are attributable to each segment. Corporate assets consist of cash and cash equivalents, marketable securities and certain other assets. |
(4) |
The (loss) before income taxes for the nine months ended October 3, 2021 for Industrial Automation has been decreased and Corporate and Other has been increased to correctly eliminate a $ million immaterial error in the three and six months ended July 4, 2021 related to intercompany charges. The error is not material to any historical periods. |
For the Three Months Ended |
For the Nine Months Ended |
|||||||||||||||
October 3, 2021 |
September 27, 2020 |
October 3, 2021 |
September 27, 2020 |
|||||||||||||
(in thousands) |
||||||||||||||||
Semiconductor Test: |
||||||||||||||||
Cost of revenues—inventory charge |
$ | $ | $ | $ | ||||||||||||
Restructuring and other—Contract termination settlement charge |
— | — | — | |||||||||||||
Industrial Automation: |
||||||||||||||||
Cost of revenues—inventory charge |
$ | $ | — | $ | $ | |||||||||||
Restructuring and other—employee severance |
— | |||||||||||||||
Restructuring and other—acquisition related expenses and compensation |
— | — | ||||||||||||||
Wireless: |
||||||||||||||||
Cost of revenues—inventory charge |
$ | $ | $ | $ | ||||||||||||
System Test: |
||||||||||||||||
Cost of revenues—inventory charge |
$ | — | $ | — | $ | $ | ||||||||||
Corporate and Other: |
||||||||||||||||
Other (income) expense, net—loss on convertible debt conversion |
$ | $ | — | $ | $ | — | ||||||||||
Restructuring and other—other |
— | — | — | |||||||||||||
Restructuring and other—AutoGuide contingent consideration adjustment |
— | ( |
) | ( |
) | ( |
) | |||||||||
Restructuring and other—acquisition related expenses and compensation |
— | ( |
) | ( |
) | |||||||||||
Restructuring and other—MiR contingent consideration adjustment |
— | — | — | ( |
) | |||||||||||
Item 2: |
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
| • | semiconductor test (“Semiconductor Test”) systems; |
| • | storage and system level test (“Storage Test”) systems, defense/aerospace (“Defense/Aerospace”) test instrumentation and systems and circuit-board test and inspection (“Production Board Test”) systems (collectively these products represent “System Test”); |
| • | wireless test (“Wireless Test”) systems; and |
| • | industrial automation (“Industrial Automation”) products. |
For the Three Months Ended |
For the Nine Months Ended |
|||||||||||||||
October 3, |
September 27, |
October 3, |
September 27, |
|||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||
| Percentage of revenues: |
||||||||||||||||
| Revenues: |
||||||||||||||||
| Products |
87 | % | 85 | % | 87 | % | 86 | % | ||||||||
| Services |
13 | 15 | 13 | 14 | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total revenues |
100 | 100 | 100 | 100 | ||||||||||||
| Cost of revenues: |
||||||||||||||||
| Cost of products |
35 | 37 | 35 | 37 | ||||||||||||
| Cost of services |
5 | 7 | 5 | 6 | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total cost of revenues (exclusive of acquired intangible assets amortization shown separately below) |
40 | 44 | 40 | 43 | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Gross profit |
60 | 56 | 60 | 57 | ||||||||||||
| Operating expenses: |
||||||||||||||||
| Selling and administrative |
14 | 14 | 14 | 14 | ||||||||||||
| Engineering and development |
11 | 12 | 11 | 12 | ||||||||||||
| Acquired intangible assets amortization |
1 | 1 | 1 | 1 | ||||||||||||
| Restructuring and other |
— | (3 | ) | — | — | |||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total operating expenses |
26 | 23 | 26 | 27 | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Income from operations |
34 | 33 | 34 | 29 | ||||||||||||
| Non-operating (income) expense: |
||||||||||||||||
| Interest income |
— | — | — | — | ||||||||||||
| Interest expense |
— | 1 | 1 | 1 | ||||||||||||
| Other (income) expense, net |
2 | — | 1 | — | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Income before income taxes |
31 | 32 | 32 | 29 | ||||||||||||
| Income tax provision |
4 | 5 | 4 | 4 | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Net income |
27 | % | 27 | % | 28 | % | 25 | % | ||||||||
| |
|
|
|
|
|
|
|
|||||||||
For the Three Months Ended |
||||||||||||
October 3, |
September 27, |
Dollar |
||||||||||
2021 |
2020 |
Change |
||||||||||
(in millions) |
||||||||||||
| Semiconductor Test |
$ | 688.2 | $ | 592.1 | $ | 96.1 | ||||||
| System Test |
102.6 | 118.2 | (15.6 | ) | ||||||||
| Industrial Automation |
91.0 | 68.7 | 22.3 | |||||||||
| Wireless Test |
68.7 | 40.5 | 28.2 | |||||||||
| Corporate and Other |
(0.1 | ) | — | (0.1 | ) | |||||||
| |
|
|
|
|
|
|||||||
| $ | 950.5 | $ | 819.5 | $ | 131.0 | |||||||
| |
|
|
|
|
|
|||||||
For the Three Months Ended |
||||||||
October 3, |
September 27, |
|||||||
2021 |
2020 |
|||||||
| Taiwan |
27 | % | 37 | % | ||||
| China |
19 | 15 | ||||||
| United States |
11 | 10 | ||||||
| Korea |
8 | 16 | ||||||
| Europe |
8 | 6 | ||||||
| Malaysia |
6 | 2 | ||||||
| Japan |
5 | 2 | ||||||
| Singapore |
5 | 2 | ||||||
| Philippines |
5 | 2 | ||||||
| Thailand |
3 | 5 | ||||||
| Rest of World |
3 | 3 | ||||||
| |
|
|
|
|||||
| 100 | % | 100 | % | |||||
| |
|
|
|
|||||
| (1) | Revenues attributable to a country are based on location of customer site. |
For the Three Months Ended |
||||||||||||
October 3, |
September 27, |
Dollar/Point |
||||||||||
2021 |
2020 |
Change |
||||||||||
(in millions) |
||||||||||||
| Gross profit |
$ | 571.0 | $ | 458.9 | $ | 112.1 | ||||||
| Percent of total revenues |
60.1 | % | 56.0 | % | 4.1 | |||||||
For the Three Months Ended |
||||||||||||
October 3, |
September 27, |
Dollar |
||||||||||
2021 |
2020 |
Change |
||||||||||
(in millions) |
||||||||||||
| Selling and administrative |
$ | 134.8 | $ | 115.8 | $ | 19.0 | ||||||
| Percent of total revenues |
14.2 | % | 14.1 | % | ||||||||
For the Three Months Ended |
||||||||||||
October 3, |
September 27, |
Dollar |
||||||||||
2021 |
2020 |
Change |
||||||||||
(in millions) |
||||||||||||
| Engineering and development |
$ | 107.2 | $ | 94.9 | $ | 12.3 | ||||||
| Percent of total revenues |
11.3 | % | 11.6 | % | ||||||||
For the Three Months Ended |
||||||||||||
October 3, |
September 27, |
Dollar |
||||||||||
2021 |
2020 |
Change |
||||||||||
(in millions) |
||||||||||||
| Interest income |
$ | (0.6 | ) | $ | (1.1 | ) | $ | 0.5 | ||||
| Interest expense |
3.8 | 6.2 | $ | (2.4 | ) | |||||||
| Other (income) expense, net |
21.5 | 0.8 | $ | 20.7 | ||||||||
For the Three Months Ended |
||||||||||||
October 3, |
September 27, |
Dollar |
||||||||||
2021 |
2020 |
Change |
||||||||||
(in millions) |
||||||||||||
| Semiconductor Test |
$ | 265.0 | $ | 189.1 | $ | 75.9 | ||||||
| System Test |
31.8 | 47.4 | (15.6 | ) | ||||||||
| Wireless Test |
31.7 | 10.9 | 20.8 | |||||||||
| Industrial Automation |
(4.2 | ) | (5.3 | ) | 1.1 | |||||||
| Corporate and Other (1) |
(26.5 | ) | 21.6 | (48.1 | ) | |||||||
| |
|
|
|
|
|
|||||||
| $ | 297.8 | $ | 263.7 | $ | 34.1 | |||||||
| |
|
|
|
|
|
|||||||
| (1) | Included in Corporate and Other are: contingent consideration adjustments, loss on convertible debt conversions, interest income, interest expense, net foreign exchange gains (losses), pension, intercompany eliminations and acquisition related: (a) charges; (b) legal fees; (c) compensation. |
For the Nine Months Ended |
||||||||||||
October 3, |
September 27, |
Dollar |
||||||||||
2021 |
2020 |
Change |
||||||||||
(in millions) |
||||||||||||
| Semiconductor Test |
$ | 2,050.3 | $ | 1,735.8 | $ | 314.5 | ||||||
| System Test |
340.3 | 306.1 | 34.2 | |||||||||
| Industrial Automation |
263.2 | 187.8 | 75.4 | |||||||||
| Wireless Test |
164.5 | 133.2 | 31.3 | |||||||||
| Corporate and Other |
(0.4 | ) | (0.3 | ) | (0.1 | ) | ||||||
| |
|
|
|
|
|
|||||||
| $ | 2,817.8 | $ | 2,362.5 | $ | 455.3 | |||||||
| |
|
|
|
|
|
|||||||
For the Nine Months Ended |
||||||||
October 3, |
September 27, |
|||||||
2021 |
2020 |
|||||||
| Taiwan |
36 | % | 40 | % | ||||
| China |
18 | 15 | ||||||
| United States |
10 | 9 | ||||||
| Korea |
8 | 12 | ||||||
| Europe |
7 | 6 | ||||||
| Philippines |
5 | 2 | ||||||
| Japan |
4 | 5 | ||||||
| Thailand |
4 | 4 | ||||||
| Malaysia |
4 | 2 | ||||||
| Singapore |
3 | 2 | ||||||
| Rest of World |
1 | 3 | ||||||
| |
|
|
|
|||||
| 100 | % | 100 | % | |||||
| |
|
|
|
|||||
| (1) | Revenues attributable to a country are based on location of customer site. |
For the Nine Months Ended |
||||||||||||
October 3, |
September 27, |
Dollar/Point |
||||||||||
2021 |
2020 |
Change |
||||||||||
(in millions) |
||||||||||||
| Gross profit |
$ | 1,679.6 | $ | 1,336.0 | $ | 343.6 | ||||||
| Percent of total revenues |
59.6 | % | 56.5 | % | 3.1 | |||||||
For the Nine Months Ended |
||||||||||||
October 3, |
September 27, |
Dollar |
||||||||||
2021 |
2020 |
Change |
||||||||||
(in millions) |
||||||||||||
| Selling and administrative |
$ | 404.8 | $ | 340.5 | $ | 64.3 | ||||||
| Percent of total revenues |
14.4 | % | 14.4 | % | ||||||||
For the Nine Months Ended |
||||||||||||
October 3, |
September 27, |
Dollar |
||||||||||
2021 |
2020 |
Change |
||||||||||
(in millions) |
||||||||||||
| Engineering and development |
$ | 317.6 | $ | 274.2 | $ | 43.4 | ||||||
| Percent of total revenues |
11.3 | % | 11.6 | % | ||||||||
For the Nine Months Ended |
||||||||||||
October 3, |
September 27, |
Dollar |
||||||||||
2021 |
2020 |
Change |
||||||||||
(in millions) |
||||||||||||
| Interest income |
$ | (2.1 | ) | $ | (5.2 | ) | $ | 3.1 | ||||
| Interest expense |
15.4 | 17.8 | (2.4 | ) | ||||||||
| Other (income) expense, net |
25.2 | 3.6 | 21.6 | |||||||||
For the Nine Months Ended |
||||||||||||
October 3, |
September 27, |
Dollar |
||||||||||
| 2021 |
2020 |
Change |
||||||||||
(in millions) |
||||||||||||
| Semiconductor Test |
$ | 778.7 | $ | 571.7 | $ | 207.0 | ||||||
| System Test |
116.8 | 115.0 | 1.8 | |||||||||
| Wireless Test |
63.8 | 35.6 | 28.2 | |||||||||
| Industrial Automation |
(14.6 | ) | (32.0 | ) | 17.4 | |||||||
| Corporate and Other (1) |
(38.9 | ) | (12.2 | ) | (26.7 | ) | ||||||
| |
|
|
|
|
|
|||||||
| $ | 905.8 | $ | 678.1 | $ | 227.7 | |||||||
| |
|
|
|
|
|
|||||||
| (1) | Included in Corporate and Other are contingent consideration adjustments, loss on convertible debt conversions, interest income, interest expense, net foreign exchange gains (losses), pension, intercompany eliminations, and acquisition related: (a) charges; (b) legal fees; (c) compensation. |
Item 3: |
Quantitative and Qualitative Disclosures about Market Risks |
| Hypothetical Change in Teradyne Stock Price |
Fair Value |
Estimated change in fair value |
Hypothetical percentage increase (decrease) in fair value |
|||||||||
| 10% Increase |
$ | 601,331 | $ | 54,867 | 10.0 | % | ||||||
| No Change |
546,464 | — | — | |||||||||
| 10% Decrease |
491,600 | (54,864 | ) | (10.0 | ) | |||||||
Item 4: |
Controls and Procedures |
Item 1: |
Legal Proceedings |
Item 1A: |
Risk Factors |
Item 2: |
Unregistered Sales of Equity Securities and Use of Proceeds |
| Period |
(a) Total Number of Shares (or Units) Purchased |
(b) Average Price Paid per Share (or Unit) |
(c) Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs |
(d) Maximum Number (or Approximate Dollar Value) of Shares (or Units) that may Yet Be Purchased Under the Plans or Programs |
||||||||||||||||||||
| July 5, 2021 - August 1, 2021 |
501 | $ | 125.31 | 500 | $ | 1,740,717 | ||||||||||||||||||
| August 2, 2021 – August 29, 2021 |
545 | 121.08 | 545 | 1,674,719 | ||||||||||||||||||||
| August 30, 2021 – October 3, 2021 |
679 | 119.22 | 679 | 1,593,820 | ||||||||||||||||||||
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|
|
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| 1,725 | (1 | ) | $ | 121.58 | (1 | ) | 1,724 | |||||||||||||||||
| |
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| (1) | Includes approximately two thousand shares at an average price of $125.40 withheld from employees for the payment of taxes. |
Item 4: |
Mine Safety Disclosures |
Item 6: |
Exhibits |
| * | Management Contract or Compensatory Plan |
TERADYNE, INC. |
| Registrant |
| / S / SANJAY MEHTA |
| Sanjay Mehta Vice President, Chief Financial Officer and Treasurer (Duly Authorized Officer and Principal Financial Officer) |
November 5, 2021 |
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
| FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
|---|
| DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
|---|
No information found
Customers
| Customer name | Ticker |
|---|---|
| 3M Company | MMM |
| Texas Instruments Incorporated | TXN |
Suppliers
| Supplier name | Ticker |
|---|---|
| Adobe Inc. | ADBE |
| Advanced Micro Devices, Inc. | AMD |
| Intel Corporation | INTC |
| Roper Technologies, Inc. | ROP |
| Broadcom Inc. | AVGO |
| Marvell Technology Group Ltd. | MRVL |
| Qorvo, Inc. | QRVO |
Price
Yield
| Owner | Position | Direct Shares | Indirect Shares |
|---|