Teradyne, Inc. (NASDAQ: TER):
- Revenue and earnings above the high-end of Q2
guidance
- Revenue of $730 million in Q2’24, up 7% from Q2’23
- 14% YoY Growth in Q2 for Semiconductor Test driven by
continued strength in memory and demand recovery in SoC
Q2'24
Q2'23
Q1'24
Revenue (mil)
$
730
$
684
$
600
GAAP EPS
$
1.14
$
0.73
$
0.40
Non-GAAP EPS
$
0.86
$
0.79
$
0.51
Teradyne, Inc. (NASDAQ: TER) reported revenue of $730 million
for the second quarter of 2024 of which $543 million was in
Semiconductor Test, $61 million in System Test, $36 million in
Wireless Test and $90 million in Robotics. GAAP net income for the
second quarter of 2024 was $186.3 million or $1.14 per diluted
share. On a non-GAAP basis, Teradyne’s net income in the second
quarter of 2024 was $140.0 million, or $0.86 per diluted share,
which excluded acquired intangible asset amortization,
restructuring and other charges, gains on foreign exchange options
in connection with acquisitions and divestitures, gain on sale of
business, and included the related tax impact on non-GAAP
adjustments.
“In the second quarter, AI applications drove accelerated demand
from both compute and memory customers, and our robotics business
grew sequentially and year-over-year,” said Teradyne CEO Greg
Smith. “Overall, 2024 is shaping up as we expected, and we believe
the deployment of edge AI will strengthen demand in our test and
robotics businesses over the mid-term.”
Guidance for the third quarter of 2024 is revenue of $680
million to $740 million, with GAAP net income of $0.62 to $0.82 per
diluted share and non-GAAP net income of $0.66 to $0.86 per diluted
share. Non-GAAP guidance excludes acquired intangible asset
amortization and amortization on our investment in Technoprobe, as
well as the related tax impact on non-GAAP adjustments.
Webcast
A conference call to discuss the second quarter results, along
with management’s business outlook, will follow at 8:30 a.m. ET,
Thursday, July 25, 2024. 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, 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) test technology helps bring 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
robotics offerings include collaborative and mobile robots that
help manufacturers of all sizes increase productivity, improve
safety, and lower costs. In 2023, Teradyne had revenue of $2.7
billion and today employs over 6,200 people worldwide. For more
information, visit teradyne.com. Teradyne® is a registered
trademark of Teradyne, Inc., in the U.S. and other countries.
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 U.S. or global tax
regulations or guidance; the impact of any tariffs or export
controls imposed by the U.S. or China; the impact of U.S.
Department of Commerce or other government agency regulations
relating to Huawei, HiSilicon and other customers or potential
customers; the impact of U.S. Department Commerce export control
regulations for certain U.S. products and technology sold to
military end users or for military end-use in China; the impact of
the Israel-Hamas conflict; the impact of regulations published by
the U.S. Department of Commerce relating to semiconductors and
semiconductor manufacturing equipment destined for certain end uses
in China.
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 SECOND FISCAL QUARTER OF
2024
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
Quarter Ended
Six Months Ended
June 30, 2024
March 31, 2024
July 2, 2023
June 30, 2024
July 2, 2023
Net revenues
$
729,879
$
599,819
$
684,437
$
1,329,698
$
1,301,966
Cost of revenues (exclusive of acquired
intangible assets amortization shown separately below) (1)
304,035
260,537
281,945
564,572
543,054
Gross profit
425,844
339,282
402,492
765,126
758,912
Operating expenses:
Selling and administrative (2)
154,470
149,188
145,695
303,658
296,650
Engineering and development
111,816
103,199
105,706
215,015
211,468
Acquired intangible assets
amortization
4,664
4,697
4,825
9,361
9,627
Restructuring and other (3)
2,012
4,427
6,358
6,440
8,395
Gain on sale of business (4)
(57,486
)
—
—
(57,486
)
—
Operating expenses
215,476
261,511
262,584
476,988
526,140
Income from operations
210,368
77,771
139,908
288,138
232,772
Interest and other (income) expense
(5)
(9,035
)
4,869
(4,494
)
(4,167
)
(8,714
)
Income before income taxes
219,403
72,902
144,402
292,305
241,486
Income tax provision
33,130
8,705
24,352
41,835
37,905
Net income
$
186,273
$
64,197
$
120,050
$
250,470
$
203,581
Net income per
common share:
Basic
$
1.18
$
0.42
$
0.78
$
1.61
$
1.31
Diluted
$
1.14
$
0.40
$
0.73
$
1.54
$
1.23
Weighted average common shares - basic
157,804
153,047
154,760
155,426
155,332
Weighted average common shares - diluted
(6)
163,470
162,348
164,751
162,909
165,530
Cash dividend declared per common
share
$
0.12
$
0.12
$
0.11
$
0.24
$
0.22
(1) Cost of revenues
includes:
Quarter Ended
Six Months Ended
June 30, 2024
March 31, 2024
July 2, 2023
June 30, 2024
July 2, 2023
Provision for excess and obsolete
inventory
$
3,261
$
6,177
$
5,731
$
9,438
$
11,341
Sale of previously written down
inventory
(592
)
(722
)
(2,463
)
(1,314
)
(2,848
)
$
2,669
$
5,455
$
3,268
$
8,124
$
8,493
(2)
For the quarter ended March 31, 2024, and
the six months ended June 30, 2024, selling and administrative
expenses included an equity charge of $1.7 million for the
modification of Teradyne executives' retirement agreements. For the
six months ended July 2, 2023, selling and administrative expenses
included an equity charge of $5.9 million for the modification of
Teradyne’s retired CEO’s outstanding equity awards in connection
with his February 1, 2023, retirement.
(3)
Restructuring and other consists of:
Quarter Ended
Six Months Ended
June 30, 2024
March 31, 2024
July 2, 2023
June 30, 2024
July 2, 2023
Employee severance
$
2,012
$
2,026
$
5,140
$
4,038
$
7,177
Acquisition and divestiture related
expenses
—
2,214
—
2,214
—
Other
—
187
1,218
187
1,218
$
2,012
$
4,427
$
6,358
$
6,440
$
8,395
(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 $85.0 million, net of cash and cash equivalents sold and a
working capital adjustment.
(5)
Interest and other includes:
Quarter Ended
Six Months Ended
June 30, 2024
March 31, 2024
July 2, 2023
June 30, 2024
July 2, 2023
Loss (gain) on foreign exchange option
$
(4,154
)
$
13,918
$
—
$
9,765
$
—
Pension actuarial losses (gains)
(250
)
—
53
(250
)
53
(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 quarters ended June 30, 2024,
March 31, 2024, and July 2, 2023, diluted shares included 4.9
million, 8.9 million and 8.9 million shares, respectively, from the
convertible note hedge transaction. For the six months ended June
30, 2024, and July 2, 2023, diluted shares included 6.9 million and
8.9 million shares, respectively, from the convertible note hedge
transaction. For the quarter ended July 2, 2023, 0.7 million shares
have also been included in diluted shares. For the six months ended
July 2, 2023, 0.8 million shares have also been included in diluted
shares.
CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands)
June 30,
2024
December 31,
2023
Assets
Cash and cash equivalents
$
421,904
$
757,571
Marketable securities
38,654
62,154
Accounts receivable, net
470,297
422,124
Inventories, net
288,748
309,974
Prepayments
515,906
548,970
Other current assets
20,884
37,992
Current assets held for sale
—
23,250
Total current assets
1,756,393
2,162,035
Property, plant and equipment, net
472,457
445,492
Operating lease right-of-use assets,
net
72,381
73,417
Marketable securities
123,723
117,434
Deferred tax assets
192,901
175,775
Retirement plans assets
11,293
11,504
Equity method investment
524,060
—
Other assets
47,923
38,580
Acquired intangible assets, net
25,465
35,404
Goodwill
405,110
415,652
Assets held for sale
—
11,531
Total assets
$
3,631,706
$
3,486,824
Liabilities
Accounts payable
$
160,808
$
180,131
Accrued employees’ compensation and
withholdings
161,187
191,750
Deferred revenue and customer advances
102,988
99,804
Other accrued liabilities
108,746
114,712
Operating lease liabilities
18,280
17,522
Income taxes payable
74,365
48,653
Current liabilities held for sale
—
7,379
Total current liabilities
626,374
659,951
Retirement plans liabilities
135,167
132,090
Long-term deferred revenue and customer
advances
36,146
37,282
Long-term other accrued liabilities
16,632
19,998
Deferred tax liabilities
96
183
Long-term operating lease liabilities
61,883
65,092
Long-term income taxes payable
24,596
44,331
Liabilities held for sale
—
2,000
Total liabilities
900,894
960,927
Shareholders’ equity
2,730,812
2,525,897
Total liabilities and shareholders’
equity
$
3,631,706
$
3,486,824
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS (In thousands)
Quarter Ended
Six Months Ended
June 30, 2024
July 2, 2023
June 30, 2024
July 2, 2023
Cash flows from operating activities:
Net income
$
186,273
$
120,050
$
250,470
$
203,581
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation
25,573
22,551
48,927
45,231
Stock-based compensation
14,935
13,564
30,693
32,449
Amortization
4,631
4,654
9,397
9,580
Provision for excess and obsolete
inventory
3,261
5,731
9,438
11,341
Losses (gains) on investments
2,624
(2,507
)
13,090
(4,745
)
Gain on sale of business
(57,486
)
—
(57,486
)
—
Deferred taxes
(7,161
)
(5,937
)
(16,830
)
(13,571
)
Retirement plan actuarial losses
(gains)
(250
)
—
(250
)
—
Other
453
(201
)
1,240
(92
)
Changes in operating assets and
liabilities
Accounts receivable
(46,156
)
(39,897
)
(54,211
)
(2,693
)
Inventories
24,034
9,852
17,102
(13,845
)
Prepayments and other assets
11,101
(14,204
)
22,190
(29,584
)
Accounts payable and other liabilities
52,539
58,694
(53,009
)
(24,514
)
Deferred revenue and customer advances
4,183
(2,233
)
2,739
(34,938
)
Retirement plans contributions
(1,353
)
(1,248
)
(2,774
)
(2,482
)
Income taxes
(1,132
)
(26,102
)
2,622
(13,614
)
Net cash provided by operating
activities
216,069
142,767
223,348
162,104
Cash flows from investing activities:
Purchases of property, plant and
equipment
(44,846
)
(39,258
)
(88,869
)
(80,702
)
Purchases of investment in a business
(524,653
)
—
(524,653
)
—
Purchases of marketable securities
(11,715
)
(29,742
)
(27,757
)
(99,018
)
Proceeds from the sale of a business, net
of cash and cash equivalents sold
87,172
—
87,172
—
Proceeds from maturities of marketable
securities
12,420
14,529
26,858
35,577
Proceeds from sales of marketable
securities
555
27,648
21,289
21,997
Proceeds from life insurance
—
—
873
460
Net cash used for investing activities
(481,067
)
(26,823
)
(505,087
)
(121,686
)
Cash flows from financing activities:
Payments of borrowings on revolving credit
facility
(185,000
)
—
(185,000
)
—
Dividend payments
(19,000
)
(17,019
)
(37,370
)
(34,184
)
Repurchase of common stock
(8,189
)
(134,537
)
(30,306
)
(227,845
)
Payments related to net settlement of
employee stock compensation awards
(319
)
(438
)
(13,434
)
(20,308
)
Payments of convertible debt principal
—
(2,303
)
—
(17,458
)
Proceeds from borrowings on revolving
credit facility
185,000
—
185,000
—
Issuance of common stock under stock
purchase and stock option plans
4,902
602
21,836
16,599
Net cash used for financing activities
(22,606
)
(153,695
)
(59,274
)
(283,196
)
Effects of exchange rate changes on cash
and cash equivalents
2,105
1,751
5,346
1,213
Decrease in cash and cash equivalents
(285,499
)
(36,000
)
(335,667
)
(241,565
)
Cash and cash equivalents at beginning of
period
707,403
649,208
757,571
854,773
Cash and cash equivalents at end of
period
$
421,904
$
613,208
$
421,904
$
613,208
GAAP to Non-GAAP Earnings
Reconciliation
(In millions, except per share
amounts)
Quarter Ended
June 30, 2024
% of Net Revenues
March 31, 2024
% of Net Revenues
July 2, 2023
% of Net Revenues
Net revenues
$
729.9
$
599.8
$
684.4
Gross profit GAAP and non-GAAP
425.8
58.3
%
339.3
56.6
%
402.5
58.8
%
Income from operations - GAAP
210.4
28.8
%
77.8
13.0
%
139.9
20.4
%
Acquired intangible assets
amortization
4.7
0.6
%
4.7
0.8
%
4.8
0.7
%
Restructuring and other (1)
2.0
0.3
%
4.4
0.7
%
6.4
0.9
%
Equity modification charge (2)
—
—
1.7
0.3
%
—
—
Gain on sale of business (3)
(57.5
)
-7.9
%
—
—
—
—
Income from operations - non-GAAP
$
159.6
21.9
%
$
88.6
14.8
%
$
151.1
22.1
%
Net Income per Common
Share
Net Income per Common
Share
Net Income per Common
Share
June 30, 2024
% of Net Revenues
Basic
Diluted
March 31, 2024
% of Net Revenues
Basic
Diluted
July 2, 2023
% of Net Revenues
Basic
Diluted
Net income - GAAP
$
186.3
25.5
%
$
1.18
$
1.14
$
64.2
10.7
%
$
0.42
$
0.40
$
120.1
17.5
%
$
0.78
$
0.73
Acquired intangible assets
amortization
4.7
0.6
%
0.03
0.03
4.7
0.8
%
0.03
0.03
4.8
0.7
%
0.03
0.03
Restructuring and other (1)
2.0
0.3
%
0.01
0.01
4.4
0.7
%
0.03
0.03
6.4
0.9
%
0.04
0.04
Equity Modification Charge (2)
—
—
—
—
1.7
0.3
%
0.01
0.01
—
—
—
—
Pension mark-to-market adjustment (4)
(0.3
)
0.0
%
(0.00
)
(0.00
)
—
—
—
—
0.1
0.0
%
0.00
0.00
Loss (gain) on foreign exchange option
(4.2
)
-0.6
%
(0.03
)
(0.03
)
13.9
2.3
%
0.09
0.09
—
—
—
—
Gain on sale of business (3)
(57.5
)
-7.9
%
(0.36
)
(0.35
)
—
—
—
—
—
—
—
—
Exclude discrete tax adjustments
10.5
1.4
%
0.07
0.06
(2.2
)
-0.4
%
(0.01
)
(0.01
)
0.5
0.1
%
0.00
0.00
Non-GAAP tax adjustments
(1.5
)
-0.2
%
(0.01
)
(0.01
)
(4.2
)
-0.7
%
(0.03
)
(0.03
)
(2.9
)
-0.4
%
(0.02
)
(0.02
)
Net income - non-GAAP
$
140.0
19.2
%
$
0.89
$
0.86
$
82.5
13.8
%
$
0.54
$
0.51
$
129.0
18.8
%
$
0.83
$
0.79
GAAP and non-GAAP weighted average common
shares - basic
157.8
153.0
154.8
GAAP weighted average common shares -
diluted (5)
163.5
162.3
164.8
Exclude dilutive shares related to
convertible note transaction
—
—
(0.7
)
Non-GAAP weighted average common shares -
diluted
163.5
162.3
164.1
(1)
Restructuring and other consists of:
Quarter Ended
June 30, 2024
March 31, 2024
July 2, 2023
Employee severance
$
2.0
$
2.0
$
5.1
Divestiture related expenses
—
2.2
—
Other
—
0.2
1.2
$
2.0
$
4.4
$
6.4
(2)
For the quarter ended March 31, 2024, selling and
administrative expenses included an equity charge of $1.7 million
for the modification of Teradyne executives' retirement agreements.
(3)
On May 27, 2024, Teradyne sold DIS, a
component of the Semiconductor Test segment, to Technoprobe, for
$85.0 million, net of cash and cash equivalents sold and a working
capital adjustment.
(4)
For the quarters ended June 30, 2024, and
July 2, 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 June 30, 2024,
March 31, 2024, and July 2, 2023, non-GAAP weighted average diluted
common shares included 4.9 million, 8.9 million and 8.9 million
shares, respectively, from the convertible note hedge
transaction.
Six Months Ended
June 30, 2024
% of Net Revenues
July 2, 2023
% of Net Revenues
Net Revenues
$
1,329.7
$
1,302.0
Gross profit GAAP and non-GAAP
765.1
57.5
%
758.9
58.3
%
Income from operations - GAAP
288.1
21.7
%
232.8
17.9
%
Acquired intangible assets
amortization
9.4
0.7
%
9.6
0.7
%
Restructuring and other (1)
6.4
0.5
%
8.4
0.6
%
Equity modification charge (2)
1.7
0.1
%
5.9
0.5
%
Loss (gain) on sale of business (3)
(57.5
)
-4.3
%
—
—
Income from operations - non-GAAP
$
248.1
18.7
%
$
256.7
19.7
%
Net Income per Common
Share
Net Income per Common
Share
June 30, 2024
% of Net Revenues
Basic
Diluted
July 2, 2023
% of Net Revenues
Basic
Diluted
Net income - GAAP
$
250.5
18.8
%
$
1.61
$
1.54
$
203.6
15.6
%
$
1.31
$
1.23
Loss (gain) on foreign exchange option
9.8
0.7
%
0.06
0.06
—
—
—
—
Acquired intangible assets
amortization
9.4
0.7
%
0.06
0.06
9.6
0.7
%
0.06
0.06
Restructuring and other (1)
6.4
0.5
%
0.04
0.04
8.4
0.6
%
0.05
0.05
Equity modification charge (2)
1.7
0.1
%
0.01
0.01
5.9
0.5
%
0.04
0.04
Pension mark-to-market adjustment (4)
(0.3
)
0.0
%
(0.00
)
(0.00
)
0.1
0.0
%
0.00
0.00
Loss (gain) on sale of business (3)
(57.5
)
-4.3
%
(0.37
)
(0.35
)
—
—
—
—
Exclude discrete tax adjustments
8.2
0.6
%
0.05
0.05
(1.9
)
-0.1
%
(0.01
)
(0.01
)
Non-GAAP tax adjustments
(5.7
)
-0.4
%
(0.04
)
(0.03
)
(5.3
)
-0.4
%
(0.03
)
(0.03
)
Net income - non-GAAP
$
222.6
16.7
%
$
1.43
$
1.37
$
220.4
16.9
%
$
1.42
$
1.34
GAAP and non-GAAP weighted average common
shares - basic
155.4
155.3
GAAP weighted average common shares -
diluted (5)
162.9
165.5
Exclude dilutive shares from convertible
note
—
(0.8
)
Non-GAAP weighted average common shares -
diluted
162.9
164.7
(1)
Restructuring and other consists of:
Six Months Ended
June 30, 2024
July 2, 2023
Employee severance
$
4.0
$
7.2
Divestiture related expenses
2.2
—
Other
0.2
1.2
$
6.4
$
8.4
(2)
For the six months ended June 30, 2024,
selling and administrative expenses included an equity charge of
$1.7 million for the modification of Teradyne’s executives'
retirement agreements. For the six months ended April 2, 2023,
selling and administrative expenses included an equity charge of
$5.9 million for the modification of Teradyne’s retired CEO’s
outstanding equity awards in connection with his February 1, 2023,
retirement.
(3)
On May 27, 2024, Teradyne sold DIS, a
component of the Semiconductor Test segment, to Technoprobe, for
$85.0 million, net of cash and cash equivalents sold and a working
capital adjustment.
(4)
For the six months ended June 30, 2024,
and July 2, 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 six months ended June 30, 2024 and
July 2, 2023, non-GAAP weighted average diluted common shares
included 6.9 million and 8.9 million shares, respectively, from the
convertible note hedge transaction.
GAAP to Non-GAAP Reconciliation of Third Quarter 2024
guidance:
GAAP and non-GAAP third quarter revenue
guidance:
$680 million
to
$740 million
GAAP net income per diluted share
$
0.62
$
0.82
Exclude acquired intangible assets
amortization
0.03
0.03
Exclude equity method investment
amortization
0.02
0.02
Non-GAAP tax adjustments
(0.01
)
(0.01
)
Non-GAAP net income per diluted share
$
0.66
$
0.86
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/20240723866897/en/
Teradyne, Inc. Traci Tsuchiguchi 978-370-2444 Vice President of
Corporate Relations
Teradyne (NASDAQ:TER)
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