Teradyne Reports Revenue and Earnings Growth in First Quarter 2018


GAAP to Non-GAAP Earnings Reconciliation                       
                           
(In millions, except per share amounts)                       
                    Quarter Ended                     
     April 1,
2018
  % of Net
Revenues
      December 31,
2017 (1)
  % of Net
Revenues
      April 2,
2017 (1)
  % of Net
Revenues
    
                           
Net revenues $487.5        $479.4        $456.9       
                           
Gross profit $269.8   55.3%     $270.9    56.5 %           $ 265.0     58.0 %        
                                                     
Income from operations - GAAP $ 97.5       20.0 %           $ 94.6     19.7 %           $ 93.8     20.5 %        
  Acquired intangible assets amortization   7.7       1.6 %             7.4     1.5 %             8.0     1.8 %        
  Restructuring and other (2)   (0.3 )     -0.1 %             9.0     1.9 %             2.5     0.5 %        
Income from operations - non-GAAP $ 104.9       21.5 %           $ 111.0     23.2 %           $ 104.3     22.8 %        
                                                     
                Net Income
per Common Share
          Net (Loss) Income
per Common Share
          Net Income
per Common Share
        April 1,
2018
  % of Net
Revenues
  Basic   Diluted   December 31,
2017
  % of Net
Revenues
  Basic   Diluted   April 2,
2017
  % of Net
Revenues
  Basic   Diluted
Net income (loss) - GAAP $ 87.0       17.8 %   $ 0.45     $ 0.43     $ (105.9 )   -22.1 %   $ (0.54 )   $ (0.54 )   $ 85.2     18.6 %   $ 0.43     $ 0.42  
  Acquired intangible assets amortization   7.7       1.6 %     0.04       0.04       7.4     1.5 %     0.04       0.04       8.0     1.8 %     0.04       0.04  
  Interest and other (3)   3.2       0.7 %     0.02       0.02       (0.6 )   -0.1 %     (0.00 )     (0.00 )     3.1     0.7 %     0.02       0.02  
  Restructuring and other (2)   (0.3 )     -0.1 %     -       -       9.0     1.9 %     0.05       0.05       2.5     0.5 %     0.01       0.01  
  Exclude discrete tax adjustments (4)   (6.3 )     -1.3 %     (0.03 )     (0.03 )     184.4     38.5 %     0.94       0.93       (7.0 )   -1.5 %     (0.04 )     (0.03 )
  Non-GAAP tax adjustments   (1.9 )     -0.4 %     (0.01 )     (0.01 )     (2.9 )   -0.6 %     (0.01 )     (0.01 )     (3.1 )   -0.7 %     (0.02 )     (0.02 )
  Convertible share adjustment   -       -       -       0.01       -     -       -       -       -     -       -       -  
Net income - non-GAAP $ 89.4       18.3 %   $ 0.46     $ 0.45     $ 91.4     19.1 %   $ 0.47     $ 0.46     $ 88.7     19.4 %   $ 0.44     $ 0.44  
                                                     
GAAP and non-GAAP weighted average common shares - basic   195.3                   196.0                   200.0              
GAAP weighted average common shares - diluted   203.5                   196.0                   201.9              
  Exclude dilutive shares related to convertible note transaction   (6.2 )                 -                   -              
  Include dilutive shares   -                   3.0                   -              
Non-GAAP weighted average common shares - diluted   197.3                   199.0                   201.9              
                                                     
                                                     
(1) Certain prior period amounts were reclassified to conform with the first quarter 2018 adoption of new accounting guidance for the presentation of pension and post retirement costs.
                                                     
(2) Restructuring and other consists of:                                              
        Quarter Ended            
        April 1,
2018
              December 31,
2017
              April 2,
2017
           
    Employee severance $ 3.9                 $ 1.8                 $ 0.6              
    Acquisition costs   0.8                   -                   -              
    Contingent consideration fair value adjustment   (5.0 )                 6.0                   0.6              
    Impairment of fixed assets   -                   1.1                   -              
    Facility related   -                   0.1                   1.3              
        $ (0.3 )               $ 9.0                 $ 2.5              
                                                     
(3) For the quarters ended April 1, 2018, December 31, 2017 and April 2, 2017,  adjustment to exclude non-cash convertible debt interest expense. For the quarter ended December 31, 2017, adjustment to exclude actuarial (gains) losses recognized under GAAP in accordance with Teradyne's mark-to-market pension accounting.
                                                     
(4) For the quarters ended April 1, 2018, December 31, 2017 and April 2, 2017, adjustment to exclude discrete income tax items. For the quarter ended December 31, 2017, adjustment to treat $186 million expense related to the estimated impact of U.S. tax law changes as a discrete item.
                                                     
                                                     
GAAP to Non-GAAP Reconciliation of Second Quarter 2018 guidance:                                              
                                                     
GAAP and non-GAAP second quarter revenue guidance:     $490 million to $520 million                                    
GAAP net income per diluted share     $ 0.39     $ 0.46                                      
  Exclude acquired intangible assets amortization       0.04       0.04                                      
  Exclude non-cash convertible debt interest       0.02       0.02                                      
  Exclude restructuring and other       0.01       0.01                                      
  Tax effect of non-GAAP adjustments       (0.01 )     (0.01 )                                    
  Convertible share adjustment       0.01       0.01                                      
Non-GAAP net income per diluted share     $ 0.45     $ 0.52                                      
                                                     
For press releases and other information of interest to investors, please visit Teradyne's homepage at http://www.teradyne.com .
  Contact: Teradyne, Inc.                                              
    Andy Blanchard 978-370-2425                                              
    Vice President of Corporate Relations                                              
                                                     

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