filings.toolsTeradyne 10-Q 2021-10-03
Filed 2021-11-05. 1 sections, 199K characters. Original on sec.gov · Markdown · JSON
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
10-Q
(Mark One)
| ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|
For the quarterly period ended October 3, 2021
OR
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|
For the transition period from
to
Commission File
No. 001-06462
TERADYNE, INC.
(Exact name of registrant as specified in its charter)
| Massachusetts | 04-2272148 | |
| (State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) | |
| 600 Riverpark Drive, North Reading, Massachusetts | 01864 | |
| (Address of Principal Executive Offices) | (Zip Code) |
978-370-2700
(Registrant’s Telephone Number, Including Area Code)
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
| Common Stock, par value $0.125 per share | TER | Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to the filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation
S-T
(232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files) Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated
filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company”, and “emerging growth company” in
Rule 12b-2
of the Exchange Act (check one):
| Large accelerated filer | ☒ | Accelerated filer | ☐ | |||
| Non-accelerated filer | ☐ | Emerging growth company | ☐ | |||
| Smaller reporting company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule
12b-2
of the Exchange Act). Yes ☐ No ☒
The number of shares outstanding of the registrant’s only class of Common Stock as of November 1, 2021 was 163,004,340 shares.
TERADYNE, INC.
INDEX
PART I
| Item 1: | Financial Statements |
|---|
TERADYNE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
| October 3, 2021 | December 31, 2020 | |||||||
| (in thousands, except per share amount) | ||||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 1,079,454 | $ | 914,121 | ||||
| Marketable securities | 233,397 | 522,280 | ||||||
| Accounts receivable, less allowance for credit losses of $1,913 and $2,034 at October 3, 2021 and December 31, 2020, respectively | 597,124 | 497,506 | ||||||
| Inventories, net | 224,242 | 222,189 | ||||||
| Prepayments and other current assets | 386,967 | 259,338 | ||||||
| Total current assets | 2,521,184 | 2,415,434 | ||||||
| Property, plant and equipment, net | 390,545 | 394,800 | ||||||
| Operating lease right-of-use assets, net | 61,608 | 54,569 | ||||||
| Marketable securities | 136,664 | 117,980 | ||||||
| Deferred tax assets | 96,808 | 87,913 | ||||||
| Retirement plans assets | 16,958 | 17,468 | ||||||
| Other assets | 23,340 | 9,384 | ||||||
| Acquired intangible assets, net | 81,677 | 100,939 | ||||||
| Goodwill | 433,398 | 453,859 | ||||||
| Total assets | $ | 3,762,182 | $ | 3,652,346 | ||||
| LIABILITIES | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 154,912 | $ | 133,663 | ||||
| Accrued employees’ compensation and withholdings | 196,928 | 220,321 | ||||||
| Deferred revenue and customer advances | 140,380 | 134,662 | ||||||
| Other accrued liabilities | 135,492 | 77,581 | ||||||
| Operating lease liabilities | 20,601 | 20,573 | ||||||
| Income taxes payable | 73,077 | 80,728 | ||||||
| Current debt | 32,219 | 33,343 | ||||||
| Total current liabilities | 753,609 | 700,871 | ||||||
| Retirement plans liabilities | 153,249 | 151,140 | ||||||
| Long-term deferred revenue and customer advances | 60,022 | 58,359 | ||||||
| Long-term contingent consideration | — | 7,227 | ||||||
| Long-term other accrued liabilities | 19,704 | 19,352 | ||||||
| Deferred tax liabilities | 6,907 | 10,821 | ||||||
| Long-term operating lease |
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