Teradyne (NYSE:TER) is a leading supplier of automation equipment for test and industrial applications. Teradyne Automatic Test Equipment (ATE) is used to test semiconductors, wireless products, data storage and complex electronic systems, which serve consumer, communications, industrial and government customers. Our industrial automation products include collaborative robots used by global manufacturing and light industrial customers to improve quality and increase manufacturing efficiency. In 2015, Teradyne had revenue of $1.64 billion and currently employs approximately 4,100 people worldwide.
The Semiconductor Test Division is the world's largest supplier of semiconductor test equipment for logic, RF, analog, power, mixed-signal and memory technologies. The System Test Group is a global leader in electronics testing solutions serving the world's leading original equipment manufacturers, electronics manufacturing services suppliers, and hard disk drive makers. The Wireless Test segment, LitePoint, is focused on reducing the time to market and cost of system level test for wireless products operating on WiFi, Bluetooth, GPS, and cellular phone networks.
Our collaborative robots business, headed up by Universal Robots, provides low-cost, easy-to-deploy and simple-to-program robots that work side by side with production workers to improve quality and increase manufacturing efficiency.

Teradyne was founded in 1960 and is headquartered in North Reading, US

Teradyne has an office in North Reading

North Reading, US (HQ)

600 Riverpark Dr

Teradyne's revenue was reported to be $456.9 m in Q1, 2017

USD

## Revenue (Q1, 2017) | 456.9 m |

## Gross profit (Q1, 2017) | 419.9 m |

## Gross profit margin (Q1, 2017), % | 92% |

## Net income (Q1, 2017) | 85.2 m |

## EBIT (Q1, 2017) | 93.4 m |

## Market capitalization (22-Aug-2017) | 7 b |

## Cash (02-Apr-2017) | 324.7 m |

Teradyne's current market capitalization is $7 b.

- Source: SEC Filings

USD | FY, 2014^{} | FY, 2015^{} | FY, 2016^{} |
---|---|---|---|

## Revenue | 1.6 b | 1.6 b | 1.8 b |

## Revenue growth, % | 15% | (1%) | 7% |

## Cost of goods sold | 769 m | 723.9 m | 793.7 m |

## Gross profit | 878.8 m | 915.6 m | 959.6 m |

## Gross profit Margin, % | 53% | 56% | 55% |

## EBIT | 96.4 m | 243 m | 59.2 m |

## EBIT margin, % | 6% | 15% | 3% |

## Interest income | 2 m | 2 m | 3.1 m |

## Pre tax profit | 95.4 m | 253.1 m | (55.1 m) |

## Net Income | 81.3 m | 206.5 m | (43.4 m) |

USD | Q2, 2014^{} | Q3, 2014^{} | Q1, 2015^{} | Q2, 2015^{} | Q3, 2015^{} | Q1, 2016^{} | Q2, 2016^{} | Q3, 2016^{} | Q1, 2017^{} |
---|---|---|---|---|---|---|---|---|---|

## Revenue | 525.6 m | 478 m | 342.4 m | 512.7 m | 466 m | 431 m | 531.8 m | 410.5 m | 456.9 m |

## Cost of goods sold | 32.7 m | 34.3 m | 31 m | 32.7 m | 36.4 m | 33.1 m | 33.1 m | 34.9 m | 37 m |

## Gross profit | 492.8 m | 443.7 m | 311.4 m | 480.1 m | 429.6 m | 397.9 m | 498.7 m | 375.6 m | 419.9 m |

## Gross profit Margin, % | 94% | 93% | 91% | 94% | 92% | 92% | 94% | 92% | 92% |

## EBIT | 120.7 m | 98.2 m | 35.1 m | 130.8 m | 86.8 m | 56.1 m | (231.8 m) | 56.5 m | 93.4 m |

## EBIT margin, % | 23% | 21% | 10% | 26% | 19% | 13% | (44%) | 14% | 20% |

## Interest income | 1.3 m | 1.9 m | 1.8 m | 1.7 m | 1.7 m | 1.6 m | 1.7 m | 2.9 m | 3.5 m |

## Pre tax profit | 121.4 m | 100.7 m | 42.4 m | 57.2 m | (230.8 m) | 59.7 m | |||

## Net Income | 101.2 m | 82.9 m | 32.8 m | 102.9 m | 71.5 m | 50 m | (223.5 m) | 63.8 m | 85.2 m |

- Source: SEC Filings

USD | FY, 2013^{} | FY, 2014^{} | FY, 2015^{} | FY, 2016^{} |
---|---|---|---|---|

## Cash | 341.6 m | 294.3 m | 264.7 m | 307.9 m |

## Accounts Receivable | 157.6 m | 151 m | 211.3 m | 9.8 m |

## Inventories | 136 m | |||

## Current Assets | 1.4 b | 1.2 b | 1.3 b | 1.6 b |

## PP&E | 275.2 m | 329 m | 273.4 m | 253.8 m |

## Goodwill | 361.8 m | 273.4 m | 488.4 m | 223.3 m |

## Total Assets | 2.6 b | 2.5 b | 2.5 b | 2.8 b |

## Accounts Payable | 62.9 m | 47.8 m | 92.4 m | 95.4 m |

## Total Debt | 352.7 m | |||

## Current Liabilities | 475.6 m | 292.4 m | 372.9 m | 372.7 m |

## Total Liabilities | 933.8 m | |||

## Additional Paid-in Capital | 1.4 b | 1.4 b | 1.5 b | 1.6 b |

## Retained Earnings | 566.2 m | 610.1 m | 467.8 m | 230.3 m |

## Total Equity | 2 b | 2.1 b | 2 b | 1.8 b |

## Debt to Equity Ratio | 0.2 x | |||

## Debt to Assets Ratio | 0.1 x | |||

## Financial Leverage | 1.3 x | 1.2 x | 1.3 x | 1.5 x |

USD | Q2, 2014^{} | Q3, 2014^{} | Q1, 2015^{} | Q2, 2015^{} | Q3, 2015^{} | Q1, 2016^{} | Q2, 2016^{} | Q3, 2016^{} | Q1, 2017^{} |
---|---|---|---|---|---|---|---|---|---|

## Cash | 254.6 m | 211.7 m | 218.9 m | 300.7 m | 294.2 m | 319.4 m | 381.1 m | 297.9 m | 324.7 m |

## Inventories | 203.3 m | ||||||||

## Current Assets | 1.4 b | 1.4 b | 1.3 b | 1.3 b | 1.3 b | 1.2 b | 1.4 b | 1.3 b | 1.9 b |

## PP&E | 308.3 m | 291.9 m | 275.1 m | 266.9 m | 264.6 m | 261.8 m | 253.5 m | ||

## Goodwill | 361.8 m | 361.8 m | 273.4 m | 495.4 m | 498.3 m | 495.9 m | 237.2 m | 238.6 m | 230.1 m |

## Total Assets | 2.6 b | 2.7 b | 2.5 b | 2.7 b | 2.7 b | 2.5 b | 2.4 b | 2.4 b | 2.8 b |

## Accounts Payable | 102.2 m | 60.3 m | 59.8 m | 86.5 m | 81.6 m | 84.1 m | 103.1 m | 61.9 m | 121.4 m |

## Current Liabilities | 361.2 m | 329.8 m | 293.1 m | 402.1 m | 395.7 m | 344.5 m | 455.3 m | 369.1 m | 393.1 m |

## Additional Paid-in Capital | 1.4 b | 1.4 b | 1.4 b | 1.5 b | 1.5 b | 1.5 b | 1.5 b | 1.5 b | 1.6 b |

## Retained Earnings | 656.7 m | 726.9 m | 579.6 m | 588.5 m | 548 m | 476.4 m | 212.1 m | 235.6 m | 300.3 m |

## Total Equity | 2.1 b | 2.2 b | 2.1 b | 2.1 b | 2 b | 2 b | 1.7 b | 1.8 b | 1.9 b |

## Financial Leverage | 1.3 x | 1.2 x | 1.2 x | 1.3 x | 1.3 x | 1.3 x | 1.4 x | 1.3 x | 1.5 x |

USD | FY, 2013^{} | FY, 2014^{} | FY, 2015^{} | FY, 2016^{} |
---|---|---|---|---|

## Net Income | 164.9 m | 81.3 m | 206.5 m | (43.4 m) |

## Depreciation and Amortization | 57.3 m | 73.4 m | 68.2 m | 64.8 m |

## Accounts Receivable | (3.7 m) | 8.1 m | (57 m) | 18.3 m |

## Inventories | 21.2 m | 51.2 m | 15.6 m | 34.3 m |

## Cash From Operating Activities | 267.3 m | 492.1 m | 412.8 m | 445.8 m |

## Purchases of PP&E | (106.7 m) | (169 m) | (89.9 m) | (85.3 m) |

## Cash From Investing Activities | (281.8 m) | (332.9 m) | (113.7 m) | (640.5 m) |

## Long-term Borrowings | (2.5 m) | (191 m) | (191 m) | (191 m) |

## Dividends Paid | (37.4 m) | (50.7 m) | (48.6 m) | |

## Cash From Financing Activities | 17.3 m | (206.6 m) | (328.7 m) | 237.8 m |

## Interest Paid | 8.6 m | 4.3 m | 301 k | 446 k |

## Income Taxes Paid | 38.2 m | 25.9 m | (5.2 m) | 18.4 m |

USD | Q2, 2014^{} | Q3, 2014^{} | Q1, 2015^{} | Q2, 2015^{} | Q3, 2015^{} | Q1, 2016^{} | Q2, 2016^{} | Q3, 2016^{} | Q1, 2017^{} |
---|---|---|---|---|---|---|---|---|---|

## Net Income | 101.2 m | 82.9 m | 32.8 m | 102.9 m | 71.5 m | 50 m | (223.5 m) | 63.8 m | 85.2 m |

## Accounts Payable | 102.2 m | 60.3 m | 59.8 m | 86.5 m | 81.6 m | 84.1 m | 103.1 m | 61.9 m | 121.4 m |

Y, 2017 | |
---|---|

## Financial Leverage | 1.5 x |

Teradyne's Backlog was reported to be $729.7 m in FY, 2016, which is a 19% increase from the previous period

Source: 54 public H-1B filings from Teradyne