Teradyne Reports First Quarter 2019 Results


CONDENSED  CONSOLIDATED  STATEMENTS OF CASH FLOWS (In thousands)    
        
      Quarter Ended
      March 31,
2019
  April 1,
2018
Cash flows from operating activities:    
 Net income $109,138  $86,974 
 Adjustments to reconcile net income to net cash provided by operating activities:    
  Depreciation  16,651   16,336 
  Amortization  12,942   9,204 
  Stock-based compensation  9,474   9,544 
  Deferred taxes  1,206   8,696 
  Provision for excess and obsolete inventory  2,397   3,522 
  Contingent consideration fair value adjustment  2,970   (4,968)
  (Gains) losses on investments  (2,828)  1,241 
  Other  (349)  152 
  Changes in operating assets and liabilities, net of businesses acquired:   
   Accounts receivable  (41,706)  (140,747)
   Inventories  (2,917)  (21,017)
   Prepayments and other assets  (19,165)  (679)
   Accounts payable and accrued expenses  (52,806)  (46,706)
   Deferred revenue and customer advances  6,455   9,644 
   Retirement plans contributions  (1,210)  (1,020)
     Income taxes     (22,236 )     (12,106 )
Net cash provided by (used for) operating activities     18,016       (81,930 )
               
Cash flows from investing activities:        
  Purchases of property, plant and equipment     (25,711 )     (34,797 )
  Purchases of marketable securities     (375,184 )     (490,324 )
  Proceeds from sales of marketable securities     5,440       800,671  
  Proceeds from maturities of marketable securities     141,201       212,698  
  Proceeds from life insurance     273       -  
  Acquisition of businesses, net of cash acquired     (6,970 )     (25,356 )
Net cash (used for) provided by investing activities     (260,951 )     462,892  
               
Cash flows from financing activities:        
  Issuance of common stock under stock purchase and stock option plans     14,122       10,654  
  Repurchase of common stock     (156,468 )     (134,276 )
  Dividend payments     (15,627 )     (17,588 )
  Payment related to net settlement of employee stock compensation awards     (14,172 )     (19,629 )
  Payment of contingent consideration     (27,615 )     (13,571 )
Net cash used for financing activities     (199,760 )     (174,410 )
               
Effects of exchange rate changes on cash and cash equivalents     (329 )     1,478  
               
(Decrease) increase in cash and cash equivalents     (443,024 )     208,030  
Cash and cash equivalents at beginning of period     926,752       429,843  
Cash and cash equivalents at end of period   $ 483,728     $ 637,873  
               

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