Teradyne Reports First Quarter 2023 Results


CONDENSED  CONSOLIDATED  STATEMENTS OF CASH FLOWS (In thousands)
          
     Quarter Ended
     April 2,
2023
  April 3,
2022
Cash flows from operating activities:     
 Net income$            83,531  $            161,928 
 Adjustments to reconcile net income to net cash provided by operating activities:     
  Depreciation22,680  22,503 
  Stock-based compensation18,885  12,894 
  Provision for excess and obsolete inventory5,610  1,590 
  Amortization4,926  5,233 
  Deferred taxes(7,634) 11,288 
  (Gains) losses on investments(2,238) 2,001 
  Other108  177 
         
  Changes in operating assets and liabilities         
      Accounts receivable 37,204     208  
      Inventories (23,697 )   (9,480 )
      Prepayments and other assets (15,380 )   (74,305 )
      Accounts payable and other liabilities (83,208 )   (124,382 )
      Deferred revenue and customer advances (32,705 )   6,747  
      Retirement plans contributions (1,234 )   (1,329 )
      Income taxes 12,488     (7,611 )
      Net cash provided by operating activities 19,336     7,462  
                 
Cash flows from investing activities:          
  Purchases of property, plant and equipment (41,444 )   (43,999 )
  Purchases of marketable securities (69,276 )   (165,977 )
  Proceeds from sales of marketable securities 7,929     30,581  
  Proceeds from maturities of marketable securities 7,468     96,682  
  Proceeds from life insurance 460     -  
Net cash used for investing activities (94,863 )   (82,713 )
                 
Cash flows from financing activities:          
  Repurchase of common stock (93,308 )   (201,465 )
  Payments related to net settlement of employee stock compensation awards (19,870 )   (31,048 )
  Dividend payments (17,165 )   (17,895 )
  Payments of convertible debt principal (15,155 )   (20,694 )
  Issuance of common stock under stock purchase and stock option plans 15,997     16,475  
Net cash used for financing activities (129,501 )   (254,627 )
                 
Effects of exchange rate changes on cash and cash equivalents (537 )   2,282  
Decrease in cash and cash equivalents (205,565 )   (327,596 )
Cash and cash equivalents at beginning of period 854,773     1,122,199  

Cash and cash equivalents at end of period
$           649,208     $             794,603  

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