Teradyne Reports Third Quarter 2018 Results


CONDENSED  CONSOLIDATED  STATEMENTS OF CASH FLOWS (In thousands)        
            
      Quarter Ended  Nine Months Ended
      September 30,
2018
  October 1,
2017
  September 30,
2018
  October 1,
2017
Cash flows from operating activities:         
 Net income $  119,981  $  103,420  $  307,991  $  363,616 
 Adjustments to reconcile net income to net cash provided by operating activities:        
  Depreciation    16,774     16,769     49,930     49,243 
  Amortization    12,732     9,901     32,909     32,313 
  Stock-based compensation      7,702         8,308         25,327         25,620  
    Deferred taxes       7,130         2,884         24,442         (679 )
    Provision for excess and obsolete inventory       3,347         1,859         9,522         7,154  
    Contingent consideration adjustment       (768 )       (286 )       (9,236 )       1,847  
    Retirement plan actuarial losses       267         -          196         (2,504 )
    Property insurance recovery       -          (4,309 )       -          (4,309 )
    Other       (652 )       36         516         429  
    Changes in operating assets and liabilities, net of businesses acquired:              
      Accounts receivable       101,596         137,807         (77,807 )       (75,623 )
      Inventories       (12,834 )       31,919         (34,117 )       23,770  
      Prepayments and other assets       (30,360 )       2,937         (28,719 )       7,362  
      Accounts payable and other accrued expenses       24,279         (27,778 )       16,124         5,298  
      Deferred revenue and customer advances       (695 )       29,223         9,823         34,535  
      Retirement plans contributions       (1,071 )       (2,875 )       (3,244 )       (4,858 )
      Income taxes       (6,844 )       15         (33,152 )       15,808  
Net cash provided by operating activities       240,584         309,830         290,505         479,022  
                       
Cash flows from investing activities:                
  Purchases of property, plant and equipment       (25,606 )       (27,280 )       (88,269 )       (73,247 )
  Proceeds from government subsidy for property, plant and equipment       7,920         -          7,920         -   
  Purchases of marketable securities       (162,450 )       (701,704 )       (809,521 )       (1,036,523 )
  Proceeds from sales of marketable securities       14,111         129,915         843,164         443,169  
  Proceeds from maturities of marketable securities       464,238         165,648         934,100         473,255  
  Proceed from property insurance       -          5,064         -          5,064  
  Proceed from life insurance       1,126         -          1,126         -   
  Acquisition of businesses, net of cash acquired       1,158         -          (169,474 )       -   
Net cash provided by (used for) investing activities       300,497         (428,357 )       719,046         (188,282 )
                       
Cash flows from financing activities:                 
  Issuance of common stock under stock purchase and stock option plans       10,278         9,247         20,959         24,462  
  Repurchase of common stock       (201,468 )       (57,493 )       (562,263 )       (151,821 )
  Dividend payments       (16,638 )       (13,805 )       (51,320 )       (41,730 )
  Payment related to net settlement of employee stock compensation awards       (90 )       (146 )       (19,841 )       (12,584 )
  Payment of contingent consideration       -          -          (13,571 )       (1,050 )
Net cash used for financing activities       (207,918 )       (62,197 )       (626,036 )       (182,723 )
                       
Effects of exchange rate changes on cash and cash equivalents       472         1,052         661         2,776  
                       
Increase (decrease) in cash and cash equivalents       333,635         (179,672 )       384,176         110,793  
Cash and cash equivalents at beginning of period       480,384         598,349         429,843         307,884  
Cash and cash equivalents at end of period   $   814,019     $   418,677     $   814,019     $   418,677  
                       

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