- Revenue of
$782 million in Q1’21, growth of 11% from Q1’20 - Test revenue grew 9% from Q1’20
- 工业自动化收入较第1季度增长33%
- Q2’21 revenue guidance at mid-point represents 25% growth from Q2’20
| 2012年第一季度 | 第1季度20 | Q4'20 | ||||
| 收入（百万） | $782 | $704. | $759 | |||
| GAAP EPS | $1.09 | $0.97 | $1.05 | |||
| 每股盈利 | $1.11 | $1.00 | $1.10 | |||
“Coming off a strong 2020, we continued to grow both our Test and Industrial Automation businesses resulting in first quarter revenue growth of 11% compared to one year ago,” said Teradyne President and CEO
“展望未来,测试此时在y的需求ear is stronger than expected fueled by both continued device complexity increases and unit growth. Both the SOC and Memory test markets will likely exceed the top end of our market forecast resulting in higher sales and profits as reflected in our Q2 guidance. Additionally, increasing forecasts for wafer fabrication equipment investments are a strong indicator for test growth in the years to come. In Industrial Automation, we remain on track for more than 30% revenue growth in 2021 as demand continues to strengthen.”
Guidance for the second quarter of 2021 is revenue of
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接下来将在
非GAAP结果
除了披露的结果是不同的ned 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, non-cash convertible debt interest, losses on convertible debt conversions, pension actuarial gains and losses, discrete income tax adjustments, fair value inventory step-up, and restructuring and other, 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 gross margin excludes fair value inventory step-up. GAAP requires that this item be included in determining gross margin. Non-GAAP gross margin dollar amount and percentage are non-GAAP performance measures that management believes provide useful supplemental information for management and the investor. Management uses non-GAAP gross margin as a performance measure for Teradyne’s current core business and future outlook and for comparison with Teradyne’s business plan, historical gross margin results and the gross margin 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 atwww.betway桌面应用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.
关于Terabetway桌面应用dyne.
betway桌面应用(NASDAQ:TER) brings high-quality innovations such as smart devices, life-saving medical equipment and data storage systems to market, faster. Its advanced test solutions for semiconductors, electronic systems, wireless devices and more ensure that products perform as they were designed. Its Industrial Automation offerings include collaborative and mobile robots that help manufacturers of all sizes improve productivity and lower costs. In 2020, Teradyne had revenue of $3.1 billion and today employs 5,500 people worldwide. For more information, visitbetway桌面应用teradyne.com。Teradyne®is a registered trademark of Teradyne, Inc. in the
安全港声明
This release contains forward-looking statements regarding Teradyne’s future business prospects, the impact of the COVID-19 pandemic, results of operations, market conditions, earnings per share, the payment of a quarterly dividend, the repurchase of Teradyne common stock pursuant to a share repurchase program, and the impact of
在
在
在
In response to the regulations issued by the
小说的全球大流行毒株的心脏onavirus (COVID-19) has resulted in authorities implementing numerous measures to try to contain the virus, such as travel bans and restrictions, quarantines, shelter in place orders, and shutdowns. These measures have impacted and may further impact Teradyne’s workforce and operations, the operations of its customers, and those of its contract manufacturers and suppliers. The COVID-19 pandemic has adversely impacted the Company’s results of operations, including increased costs company-wide and decreased sales in its industrial automation businesses. The Company cannot accurately estimate the amount of the impact on Teradyne’s 2021 financial results and to its future financial results. The COVID-19 outbreak has significantly increased economic and demand uncertainty in Teradyne’s markets. This uncertainty resulted in a significant decrease in demand for certain Teradyne products and could continue to impact demand for an uncertain period of time. The spread of COVID-19 has caused Teradyne to modify its business practices (including employee travel, employees working remotely, and cancellation of physical participation in meetings, events and conferences) and the Company may take further actions as may be required by government authorities or that it determines are in the best interests of its employees, customers, contract manufacturers and suppliers. There is uncertainty that such measures will be sufficient to mitigate the risks posed by the virus, and Teradyne’s ability to perform critical functions could be impacted. The degree to which COVID-19 impacts Teradyne’s results will depend on future developments, which are highly uncertain and cannot be predicted, including, but not limited to, the duration and continued surge of the virus, its severity, the actions to contain the virus or the availability and impact of vaccines in countries where the Company does business, and how quickly and to what extent normal economic and operating conditions can resume.
Important factors that could cause actual results, earnings per share, use of cash, dividend payments, repurchases of common stock, or payment of the senior convertible notes to differ materially from those presently expected include: conditions affecting the markets in which Teradyne operates; decreased or delayed product demand from one or more significant customers; development, delivery and acceptance of new products; the ability to grow the Industrial Automation business; increased research and development spending; deterioration of Teradyne’s financial condition; the continued impact of the COVID-19 pandemic and related government responses on the market and demand for Teradyne’s products, on its contract manufacturers and supply chain, and on its workforce; the impact of the global semiconductor supply shortage on our supply chain and contract manufacturers; the consummation and success of any mergers or acquisitions; unexpected cash needs; insufficient cash flow to make required payments and pay the principal amount on the senior convertible notes; the business judgment of the board of directors that a declaration of a dividend or the repurchase of common stock is not in the company’s best interests; additional
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||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||
| (In thousands, except per share amounts) | ||||||||||||||||
| Quarter Ended | ||||||||||||||||
|
|
|
|
||||||||||||||
| Net revenues | $ | 781,606 | $ | 758968 | $ | 704.那355 | ||||||||||
| Cost of revenues (exclusive of acquired intangible assets amortization shown separately below) (1) | 319988 | 309,179 | 298,805 | |||||||||||||
| Gross profit | 461618 | 449789 | 405,550 | |||||||||||||
| 营业费用: | ||||||||||||||||
| 销售和管理 | 129,797 | 124,279 | 111388 | |||||||||||||
| Engineering and development | 100402 | 100,795 | 85159 | |||||||||||||
| 获得无形资产摊销 | 5,536 | 5752 | 9891 | |||||||||||||
| Restructuring and other (2) | (7,130 | ） | （15117 | ） | （7606 | ） | ||||||||||
| 营业费用 | 228605 | 215,709. | 198,832 | |||||||||||||
| Income from operations | 233,013 | 234,080 | 206,718 | |||||||||||||
| Interest and other expense (3) | 9,020 | 11,155 | 9,649 | |||||||||||||
| Income before income taxes | 223,993 | 222,925 | 197069 | |||||||||||||
| Income tax provision | 18,481 | 26,595 | 20,878 | |||||||||||||
| 净收入 | $ | 205512 | $ | 196330 | $ | 176,191 | ||||||||||
| 每股净收入份额： | ||||||||||||||||
| Basic | $ | 1.23 | $ | 1.18 | $ | 1.06 | ||||||||||
| 稀释 | $ | 1.09 | $ | 1.05 | $ | 0.97 | ||||||||||
| Weighted average common shares - basic | 166,491 | 166,085 | 166,589 | |||||||||||||
| Weighted average common shares - diluted (4) | 187740 | 186,837 | 180736 | |||||||||||||
| Cash dividend declared per common share | $ | 0.10 | $ | 0.10 | $ | 0.10 | ||||||||||
| (1 | ） | 收入成本包括： | Quarter Ended | |||||||||||||
|
|
|
|
||||||||||||||
| 提供多余和过时的库存 | $ | 2,827 | $ | 4,418 | $ | 4,057 | ||||||||||
| Sale of previously written down inventory | （790. | ） | (593 | ） | (1,077 | ） | ||||||||||
| Inventory step-up | - | 17 | 118 | |||||||||||||
| $ | 2,037 | $ | 3,842 | $ | 3,098 | |||||||||||
| (2 | ） | 重组和其他包括： | Quarter Ended | |||||||||||||
|
|
|
|
||||||||||||||
| Contingent consideration fair value adjustment | $ | （7,227 | ） | $ | （15304 | ） | $ | （10020 | ） | |||||||
| Acquisition related expenses and compensation | (237 | ） | (902 | ） | 1,358 | |||||||||||
| Employee severance | 188 | 1,089 | 728 | |||||||||||||
| 其他 | 146 | - | 328 | |||||||||||||
| $ | (7,130 | ） | $ | （15117 | ） | $ | （7606 | ） | ||||||||
| (3 | ） | Interest and other expense includes: | Quarter Ended | |||||||||||||
|
|
|
|
||||||||||||||
| Loss on convertible debt conversions | $ | 4,069 | $ | - | $ | - | ||||||||||
| Non-cash convertible debt interest | 3,581 | 3674 | 3540 | |||||||||||||
| Pension actuarial losses | - | 7694 | - | |||||||||||||
| $ | 7,650 | $ | 11,368 | $ | 3540 | |||||||||||
| (4 | ） | 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 quarters ended |
||||||||||||||
| 浓缩合并资产负债表（成千上万） | ||||||||||||
|
|
|
|||||||||||
| Assets | ||||||||||||
| Cash and cash equivalents | $ | 831,149 | $ | 914,121 | ||||||||
| 有价证券 | 478,293 | 522280 | ||||||||||
| 应收账款那net | 581509 | 497,506 | ||||||||||
| Inventories, net | 262474 | 222,189 | ||||||||||
| 预付款和其他流动资产 | 347,678 | 259,338 | ||||||||||
| Total current assets | 2,501,103 | 2,415,434 | ||||||||||
| Property, plant and equipment, net | 402,465 | 394800 | ||||||||||
| Operating lease right-of-use assets, net | 51,516 | 54,569 | ||||||||||
| 有价证券 | 115620 | 117,980 | ||||||||||
| 递延所得税资产 | 92,365 | 87,913 | ||||||||||
| Retirement plans assets | 17那255 | 17那468 | ||||||||||
| 其他资产 | 8942 | 9,384 | ||||||||||
| 获得无形资产，网 | 92,850 | 100939 | ||||||||||
|
|
437601 | 453859 | ||||||||||
| Total assets | $ | 3,719,717 | $ | 3,652,346 | ||||||||
| 负债 | ||||||||||||
| Accounts payable | $ | 177,473 | $ | 133663 | ||||||||
| Accrued employees' compensation and withholdings | 138,238 | 220,321 | ||||||||||
| Deferred revenue and customer advances | 144,812 | 134,662 | ||||||||||
| 其他应计的负债 | 105,238 | 77581 | ||||||||||
| Operating lease liabilities | 19,675 | 20,573 | ||||||||||
| 所得税payable | 90349 | 80728 | ||||||||||
| Current debt | 11,057 | 33,343 | ||||||||||
| Total current liabilities | 686,842 | 700,871. | ||||||||||
| 退休计划负债 | 152,508 | 151,140 | ||||||||||
| 长期递延收益和客户预付款 | 55,138 | 58359 | ||||||||||
| 长期或有对价 | - | 7,227 | ||||||||||
| Long-term other accrued liabilities | 18,982 | 19352年 | ||||||||||
| 递延所得税负债 | 9,606 | 10,821 | ||||||||||
| 长期经营租赁负债 | 39,048 | 42,073 | ||||||||||
| 应付长期所得税 | 74930 | 74930 | ||||||||||
| 债务 | 356,877 | 376,768 | ||||||||||
| 总负债增长 | 1,393,931 | 1441541 | ||||||||||
| Mezzanine equity | 1,233 | 3,787 | ||||||||||
| Shareholders' equity | 2,324,553 | 2207018 | ||||||||||
| 总负债增长那convertible common shares and shareholders’ equity | $ | 3,719,717 | $ | 3,652,346 | ||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) | ||||||||||||
| Quarter Ended | ||||||||||||
|
|
|
|||||||||||
| Cash flows from operating activities: | ||||||||||||
| 净收入 | $ | 205512 | $ | 176,191 | ||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
| 折旧 | 23910 | 18,489 | ||||||||||
| 基于股票的补偿 | 12232 | 10,460 | ||||||||||
| 摊销 | 9,822 | 13391 | ||||||||||
| Loss on convertible debt conversions | 4,069 | - | ||||||||||
| 提供多余和过时的库存 | 2,285 | 4,057 | ||||||||||
| Contingent consideration fair value adjustment | （7,227 | ） | （10020 | ） | ||||||||
| （收益）投资损失 | （2491 | ） | 4,657 | |||||||||
| Deferred taxes | （1,057 | ） | （1825年） | ） | ||||||||
| 其他 | 200 | 503 | ||||||||||
| Changes in operating assets and liabilities, net of businesses acquired: | ||||||||||||
| 应收账款 | (87,512 | ） | (126,779 | ） | ||||||||
| Inventories | (35,870 | ） | 15818 | |||||||||
| Prepayments and other assets | （86131 | ） | (39,620 | ） | ||||||||
| Accounts payable and other liabilities | （10,571. | ） | (35,323 | ） | ||||||||
| Deferred revenue and customer advances | 7,952 | (913 | ） | |||||||||
| 退休计划捐款 | （1925年） | ） | （1,262 | ） | ||||||||
| 所得税 | 4,941 | 15,278 | ||||||||||
| 经营活动产生的现金净额 | 38,139 | 43,102 | ||||||||||
| Cash flows from investing activities: | ||||||||||||
| 购买物业，厂房和设备 | （39250 | ） | （36700 | ） | ||||||||
| 购买有价证券 | （211604 | ） | （187119 | ） | ||||||||
| 营销证券的情况收益 | 194,228 | 98,457 | ||||||||||
| 有价证券销售收益 | 61,293 | 15,005 | ||||||||||
| 购买企业的投资和收购，净获得现金 | - | 149 | ||||||||||
| 投资活动提供（用于）的现金净额 | 4,667 | (110,208 | ） | |||||||||
| 筹资活动产生的现金流量： | ||||||||||||
| Issuance of common stock under stock purchase and stock option plans | 17那144 | 12,752 | ||||||||||
| Payments of convertible debt principal | （51,275. | ） | - | |||||||||
| 普通股回购 | (45,188 | ） | (79,039 | ） | ||||||||
| Payments related to net settlement of employee stock compensation awards | （30675 | ） | (22,070 | ） | ||||||||
| Dividend payments | (16,667 | ） | (16,686 | ） | ||||||||
| Payments of contingent consideration | - | (8,852 | ） | |||||||||
| 用于融资活动的现金净额 | (126,661 | ） | (113,895 | ） | ||||||||
| Effects of exchange rate changes on cash and cash equivalents | 883 | 571 | ||||||||||
| Decrease in cash and cash equivalents | (82,972 | ） | (180,430 | ） | ||||||||
| 期初现金及现金等价物 | 914,121 | 773924 | ||||||||||
| Cash and cash equivalents at end of period | $ | 831,149 | $ | 593,494 | ||||||||
| GAAP to Non-GAAP Earnings Reconciliation | |||||||||||||||||||||
| (In millions, except per share amounts) | |||||||||||||||||||||
| Quarter Ended | |||||||||||||||||||||
|
|
％of Net Revenues |
|
％of Net Revenues |
|
％of Net Revenues | ||||||||||||||||
| Net revenues | $ | 781.6. | $ | 759.0 | $ | 704.4 | |||||||||||||||
| Gross profit GAAP | $ | 461.6 | 59.1％ | $ | 449.8 | 59.3％ | $ | 405.6 | 57.6％ | ||||||||||||
| Inventory step-up | - | - | - | - | 0.1 | 0％ | |||||||||||||||
| Gross profit non-GAAP | $ | 461.6 | 59.1％ | $ | 449.8 | 59.3％ | $ | 405.7 | 57.6％ | ||||||||||||
| Income from operations - GAAP | $ | 233.0 | 29.8％ | $ | 234.1 | 30.8％ | $ | 206.7 | 29.3％ | ||||||||||||
| Restructuring and other (1) | (7.1 | ） | -0.9% | (15.1 | ） | -2.0％ | (7.6 | ） | -1.1％ | ||||||||||||
| 获得无形资产摊销 | 5.5 | 0.7％ | 5.8 | 0.8％ | 9.9 | 1.4％ | |||||||||||||||
| Equity modification charge | - | - | 0.8 | 0.1％ | - | - | |||||||||||||||
| Inventory step-up | - | - | - | - | 0.1 | 0％ | |||||||||||||||
| Income from operations - non-GAAP | $ | 231.4 | 29.6％ | $ | 225.6 | 29.7％ | $ | 209.1 | 29.7％ | ||||||||||||
| Net Income per Common Share | Net Income per Common Share | Net Income per Common Share | |||||||||||||||||||||||||||||||||||||||||||||||
|
|
％of Net Revenues | Basic | 稀释 |
|
％of Net Revenues | Basic | 稀释 |
|
％of Net Revenues | Basic | 稀释 | ||||||||||||||||||||||||||||||||||||||
| 净收入-GAAP | $ | 205.5 | 26.3 | ％ | $ | 1.23 | $ | 1.09 | $ | 196.3 | 25.9 | ％ | $ | 1.18 | $ | 1.05 | $ | 176.2 | 25.0 | ％ | $ | 1.06 | $ | 0.97 | |||||||||||||||||||||||||
| Restructuring and other (1) | (7.1 | ） | -0.9 | ％ | (0.04 | ） | (0.04 | ） | (15.1 | ） | -2.0 | ％ | (0.09 | ） | (0.08 | ） | (7.6 | ） | -1.1 | ％ | (0.05 | ） | (0.04 | ） | |||||||||||||||||||||||||
| 获得无形资产摊销 | 5.5 | 0.7 | ％ | 0.03 | 0.03 | 5.8 | 0.8 | ％ | 0.03 | 0.03 | 9.9 | 1.4 | ％ | 0.06 | 0.05 | ||||||||||||||||||||||||||||||||||
| 敞篷债务转换损失（2） | 4.1 | 0.5 | ％ | 0.02 | 0.02 | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Interest and other expense (2) | 3.6 | 0.5 | ％ | 0.02 | 0.02 | 3.7 | 0.5 | ％ | 0.02 | 0.02 | 3.5 | 0.5 | ％ | 0.02 | 0.02 | ||||||||||||||||||||||||||||||||||
| 养老金市场调整（2） | - | - | - | - | 7.7 | 1.0 | ％ | 0.05 | 0.04 | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Equity modification charge | - | - | - | - | 0.8 | 0.1 | ％ | 0.00 | 0.00 | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Inventory step-up | - | - | - | - | - | - | - | - | 0.1 | 0 | ％ | 0.00 | 0.00 | ||||||||||||||||||||||||||||||||||||
| Exclude discrete tax adjustments | (15.1 | ） | -1.9 | ％ | (0.09 | ） | (0.08 | ） | （2.1 | ） | -0.3 | ％ | (0.01 | ） | (0.01 | ） | (7.7 | ） | -1.1 | ％ | (0.05 | ） | (0.04 | ） | |||||||||||||||||||||||||
| Non-GAAP tax adjustments | (0.3 | ） | -0 | ％ | (0.00 | ） | (0.00 | ） | （3.9 | ） | -0.5 | ％ | (0.02 | ） | (0.02 | ） | （1.9 | ） | -0.3 | ％ | (0.01 | ） | (0.01 | ） | |||||||||||||||||||||||||
| 可转换股调整（3） | - | - | - | 0.06 | - | - | - | 0.06 | - | - | - | 0.04 | |||||||||||||||||||||||||||||||||||||
| 净收入-non-GAAP | $ | 196.2 | 25.1 | ％ | $ | 1.18 | $ | 1.11 | $ | 193.2 | 25.5 | ％ | $ | 1.16 | $ | 1.10 | $ | 172.5 | 24.5 | ％ | $ | 1.04 | $ | 1.00 | |||||||||||||||||||||||||
| GAAP and non-GAAP weighted average common shares - basic | 166.5 | 166.1 | 166.6 | ||||||||||||||||||||||||||||||||||||||||||||||
| GAAP weighted average common shares - diluted | 187.7 | 186.8 | 180.7 | ||||||||||||||||||||||||||||||||||||||||||||||
| Exclude dilutive shares related to convertible note transaction | (10.3 | ） | (10.0 | ） | (7.3 | ） | |||||||||||||||||||||||||||||||||||||||||||
| Non-GAAP weighted average common shares - diluted | 177.4 | 176.8 | 173.4 | ||||||||||||||||||||||||||||||||||||||||||||||
| (1 | ） | 重组和其他包括： | |||||||||||||
| Quarter Ended | |||||||||||||||
|
|
|
|
|||||||||||||
| Contingent consideration fair value adjustment | $ | (7.2 | ） | $ | (15.3 | ） | $ | (10.0 | ） | ||||||
| Acquisition related expenses and compensation | (0.2 | ） | (0.9 | ） | 1.4 | ||||||||||
| Employee severance | 0.2 | 1.1 | 0.7 | ||||||||||||
| 其他 | 0.1 | - | 0.3 | ||||||||||||
| $ | (7.1 | ） | $ | (15.1 | ） | $ | (7.6 | ） | |||||||
| (2 | ） | For the quarters ended |
|||||||||||||
| (3 | ） | For the quarters ended |
|||||||||||||
| GAAP to Non-GAAP Reconciliation of Second Quarter 2021 guidance: | |||||||||||||||
| GAAP和非GAAP第二季度收入指导： |
|
到 |
|
||||||||||||
| 稀释股份GAAP净收益 | $ | 1.48 | $ | 1.68 | |||||||||||
| 排除获得的无形资产摊销 | 0.03 | 0.03 | |||||||||||||
| Exclude non-cash convertible debt interest | 0.02 | 0.02 | |||||||||||||
| 非GAAP调整的税收效应 | (0.01 | ） | (0.01 | ） | |||||||||||
| Convertible share adjustment | 0.10 | 0.11 | |||||||||||||
| Non-GAAP net income per diluted share | $ | 1.62 | $ | 1.83 | |||||||||||
For press releases and other information of interest to investors, please visit Teradyne's homepage at//www.vondalaw.com。
联系人：
Vice President of Corporate Relations
Source: Teradyne, Inc.