Financial Results for Q January 25, 2018
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- Melvin Robinson
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1 Financial Results for Q January 25, 2018
2 SAFE HARBOR This presentation contains forward-looking statements regarding Teradyne s future business prospects, results of operations, market conditions, earnings per share, the payment of a quarterly dividend, the repurchase of Teradyne common stock pursuant to a share repurchase program, use of proceeds and potential dilution from the senior convertible notes offering, potential borrowings under a senior secured credit facility, and the impact of the U.S. tax reform law. Such statements are based on the current assumptions and expectations of Teradyne s management and are neither promises nor guarantees of future performance, events, earnings per share, use of cash, payment of dividends, repurchases of common stock, payment of the senior convertible notes, availability of, or borrowing under, the credit facility, or the impact of the U.S. tax reform law. There can be no assurance that management s estimates of Teradyne s future results or other forward looking statements will be achieved. Additionally, the current dividend and share repurchase programs may be modified, suspended or discontinued at any time. Important factors that could cause actual results, earnings per share, use of cash, dividend payments, repurchases of common stock, payment of the senior convertible notes, or borrowings under the credit facility to differ materially from those presently expected include: conditions affecting the markets in which Teradyne operates; decreased or delayed product demand from one of more significant customers; development, delivery and acceptance of new products; the ability to grow Universal Robots business; increased research and development spending; deterioration of Teradyne s financial condition; the consummation and success of any mergers or acquisitions; unexpected cash needs; insufficient cash flow to make required payments and pay the principal amount on the senior convertible notes; the business judgment of the board of directors that a declaration of a dividend, the repurchase of common stock or borrowing under the credit facility is not in the Company s best interest; additional U.S. tax regulations or IRS guidance; and other events, factors and risks disclosed in filings with the SEC, including, but not limited to, the Risk Factors section of Teradyne s Annual Report on Form 10-K for the fiscal year ended 2016 and the Quarterly Report on Form 10- Q for the fiscal quarter ended October 1, The forward-looking statements provided by Teradyne in this presentation represent management s views as of the date of this presentation. Teradyne anticipates that subsequent events and developments may cause management's views to change. However, while Teradyne may elect to update these forward-looking statements at some point in the future, Teradyne specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Teradyne's views as of any date subsequent to the date of this presentation. 2
3 Business Update and Outlook Mark Jagiela, Teradyne President and CEO 3
4 Q4 17 and 2017 Summary $800M $2,300M $2.50 $600M $2,000M $2.00 $400M $1,700M $2,137M $1.50 $2.34 $200M $503M $380M $479M $1,400M $1,640M $1,753M $1.00 $1.27 $1.51 $M Q3'17 Q4'16 Q4'17 $1,100M FY2015 FY2016 FY2017 $0.50 FY2015 FY2016 FY2017 Quarterly Sales Full Year Sales Full Year Non-GAAP EPS (1) Q4 17 sales of $479M, up 26% from Q4 16 Strength in Analog, MCU, and Memory in SemiTest Q4 17 UR sales of $54M, up 61% from Q4 16 Full year sales up 22% vs SemiTest full year sales up 22% and UR sales up 72% 2017 SOC Test market of ~$2.65B and Memory Test market of ~$700 million Full year 2017 Non-GAAP EPS of $2.34 up 55% vs $2 EPS plan achieved 3 years early 4 (1) See appendix for GAAP to Non-GAAP reconciliation
5 Market Dynamics and 2018 Outlook New technology trends such as advanced sensors, mm-wave applications, evolving memory protocols, emerging wireless technologies combined with increasing complexity driving test market growth Universal Robots growth driven by expanding channel partners and growing ecosystem of UR+ peripheral supplier partners. This leads to increasing awareness, broadening applications, and widening ease of use advantage Expect Universal Robots 50%+ growth to continue in 2018 Expect 2018 SOC market size of $2.4B to $2.8B and 2018 Memory market size of $700M-$800M New $1.5B share repurchase authorization and 29% increase in the quarterly dividend 5
6 Fourth Quarter and Full Year 2017 Financial Results and First Quarter 2018 Guidance Greg Beecher, Teradyne Vice President and Chief Financial Officer 6
7 Capital Return and Tax Change Summary Capital Return Raised the quarterly dividend 29%, from $0.07 to $0.09 per share starting in Q1 18 New $1.5B share repurchase authorization Expect to repurchase a minimum of $750M in 2018 $200M in repurchases, at avg price of $34.30, and $55M in dividends paid in 2017 $647M in repurchases, at avg price of $22.85, and $192M in dividends paid since Jan, 2014 $1.9B in gross cash resources as of 12/31/2017 (1) Tax Law Impacts 2018 full year non-gaap tax rate expected to be 15% vs rate of 17.75% due to reduction in US statutory rate from 35% to 21% (2) One-time charge recorded in Q4 17 GAAP results consisting of a ~$150M toll charge on undistributed foreign earnings and a ~$34M write down of deferred tax assets 7 (1) Includes cash, cash equivalents and marketable securities (2) See attached appendix for GAAP to non-gaap reconciliations
8 Segment Summary Semiconductor Test Industrial Automation System Test Wireless Test 4 th Qtr Orders: $410M 4 th Qtr Sales: $317M 4 th Qtr Orders: $56M 4 th Qtr Sales: $54M 4 th Qtr Orders: $69M 4 th Qtr Sales: $80M 4 th Qtr Orders: $24M 4 th Qtr Sales: $28M SOC market continues to be powered by unit growth and complexity Gained 2 pts of ATE share in 2017 to 50% 2017 design-ins to drive future Memory Test growth 2017 sales of $170M up 72% vs 2016 Existing channel partner sales growing at ~50% (1) Expanded number of plug and play solutions available on UR+ to 55 Defense/Aerospace & Production Board Test combined grew 4% vs New product brought to market in Storage Test; returned to model operating profits in 2 nd half 17 Operated above model profit rate in 2017 Preparing for next generation WiFi standard ax in 2018/2019, 5G cellular in 2020 Introduced industry 1 st one box, 5G mm wave tester 8 (1) Measures 2017 sales growth for distributors that were on board during 2016
9 Q4 17 Non-GAAP Results $s in millions, except EPS Q4 16 Actual (1) Q3 17 Actual (1) Q4 17 Actual (1) Sales $380M $503M $479M Gross Margin 57.4% $218M 58.6% $295M 56.5% $271M R&D 18.6% $71M 15.3% $77M 15.1% $72M SG&A 20.2% $77M 17.1% $86M 18.4% $88M OPEX 38.8% $148M 32.4% $163M 33.4% $160M Operating Profit 18.6% $71M 26.1% $131M 23.1% $111M Income Taxes (& effective tax rate) (2) 8.9% $6M 19.1% $25M 19.8% $23M EPS $0.32 $0.54 $0.46 Diluted Shares 203M 200M 199M Net Orders $628M $410M $560M 9 (1) See attached appendix for GAAP to non-gaap reconciliations (2) Income tax rate in Q4 17 is higher than the full year estimate of 17.75% due to a cumulative catch up for the year recorded in Q4 to bring the YTD rate to 17.75%.
10 2021 Non-GAAP Earnings Model (3) E ATE Market Size ($M's) $3,350 $3,300 $3,500 TER ATE Share 50% 54% 56% UR Growth Rate (1) 72% 45% 50% ATE Market Size 2021 ATE Market CAGR (2) Off: Avg Avg Avg Avg ~$2.7B ~$3.1B 3% - 4% 2% - 3% 2013 ATE Share 2017 ATE Share 44% 50% UR Annual YoY Sales Growth % 62% 72% E TER Revenue ($M's) $2,137 $2,870 $3, E Revenue Breakdown 12% Gross Margin % 57% 56% 57% OPEX % 31% 31% 30% 27% 61% SemiTest UR Other Test Operating Profit % 26% 25% 27% Non-GAAP EPS $2.34 $3.50 $4.00 (1) 2017 growth of 72% off 2016; CAGR through 2021E of 45% to 50% off 2017 base of $170M (2) CAGR calculated off ending year, e.g CAGR of 3% to 4% from avg uses 2016 as year 1 10 (3) See attached appendix for GAAP to non-gaap reconciliations
11 OPEX Annual Non-GAAP OPEX (1) E UR (2) $14M $43M $62M Test $514M $513M $510M ~Flat Variable Comp $61M $53M $86M Total OPEX $589M $609M $658M +/- Test OPEX ~flat excluding changes in variable compensation tied to profitability levels 11 (1) See attached appendix for GAAP to non-gaap reconciliations. (2) Commencing from date of acquisition - June 12th, 2015 onwards
12 Q1 18 Non-GAAP Guidance $s in millions, except EPS Q4 17 Actual (1) Q1 18 Guidance (1) Sales $479M $460M - $490M Gross Margin 57% 55% OPEX 33% 34% - 36% Operating Profit 23% 19% - 21% Net Interest & Other Income $3M $2M Effective Tax Rate (2) 19.8% 15% EPS $0.46 $ $0.45 Diluted Shares 199M 200M 12 (1) See attached appendix for GAAP to non-gaap reconciliations. (2) Income tax rate in Q4 17 is higher than the full year estimate of 17.75% due to a cumulative catch up for the year recorded in Q4 to bring the YTD rate to 17.75%
13 Market Dynamics and 2018 Outlook New technology trends such as advanced sensors, mm-wave applications, evolving memory protocols, emerging wireless technologies combined with increasing complexity driving test market growth Universal Robots growth driven by expanding channel partners and growing ecosystem of UR+ peripheral supplier partners. This leads to increasing awareness, broadening applications, and widening ease of use advantage Expect Universal Robots 50%+ growth to continue in 2018 Expect 2018 SOC market size of $2.4B to $2.8B and 2018 Memory market size of $700M-$800M New $1.5B share repurchase authorization and 29% increase in the quarterly dividend 13
14 Supplemental Information 14
15 Q4 17 Company Orders and Sales Total Company Orders Total Company Sales $700M $700M $600M $600M $500M $500M $400M $300M $200M $100M $522M $389M $471M $378M $628M $595M $462M $410M $560M $400M $300M $200M $100M $318M $431M $532M $410M $380M $457M $697M $503M $479M $0M Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 $0M Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 _ Sales: Q4 17 Memory orders of $64M SemiTest sales strength in Q4 17 driven by Analog, MCU and Memory 3% Y/Y Universal Robots Q4 17 sales of $54M up 61% vs Q
16 Annual Non-GAAP Results $s in millions, except EPS 2016 (1) 2017 (1) Sales $1,753M $2,137M Gross Margin 54.7% $959M 57.2% $1,221M R&D 16.6% $292M 14.4% $308M SG&A 18.1% $317M 16.3% $349M OPEX 34.7% $609M 30.7% $658M Operating Profit 19.9% $350M 26.4% $564M Income Taxes (& effective tax rate) 13% $46M 17.8% $101M EPS $1.51 $2.34 Diluted Shares 204M 200M Net Orders $1,867M $2,026M 16 (1) See attached appendix for GAAP to non-gaap reconciliations.
17 Cash & Balance Sheet Q4 16 Actual Q3 17 Actual Q4 17 Actual Cash and Marketable Securities $1,613M $1,848M $1,904M Inventory $136M $125M $108M DSO 46 days 48 Days 52 Days Capital Additions $19M $27M $32M Depreciation and Amortization (1) $33M $35M $35M Free Cash Flow (2) $18M $283M $115M (1) Includes depreciation, stock based compensation, amortization of acquired intangible assets and amortization of the non-cash convertible debt discount (2) Teradyne calculates free cash flow as: GAAP Cash flow from operations, excluding discontinued operations, less property, plant and equipment additions; see GAAP to non GAAP reconciliations. 17
18 Sales & Order Detail Orders Sales 600 $560M $24M $503M $479M 500 $69M $31M $36M $28M $410M $56M $40M 400 $80M $33M $42M $54M 300 $40M 200 $410M $397M $295M $317M Q3'17 Q4'17 Q3'17 Q4'17 Semiconductor Test Industrial Automation System Test Wireless Test Book to Bill Q3 17 Q4 17 Semiconductor Test Industrial Automation System Test Wireless Test Total Sales Q3 17 Q4 17 Product 82% $413M 81% $388M Service 18% $91M 19% $91M Total $503M $479M Orders Q3 17 Q4 17 Product 87% $356M 85% $474M Service 13% $54M 15% $86M Total $410M $560M Bookings/Region Sales/Region Q3'17 Q4'17 Q3'17 Q4'17 Asia 63% 68% Asia 70% 64% US 13% 15% US 14% 14% Europe 9% 11% Europe 8% 9% Japan 13% 4% Japan 6% 11% Rest of World 2% 2% Rest of World 2% 2% 100% 100% 100% 100% Backlog Ending Q4 17 $620M Shippable within 6 months ~84% 18
19 Appendix GAAP to Non-GAAP Reconciliation In addition to disclosing results that are determined in accordance with GAAP, Teradyne also discloses in this presentation and on the earnings call non-gaap results of operations that exclude certain income items and charges. These results are provided as a complement to results provided in accordance with GAAP. These non- GAAP performance measures are used to make operational decisions, to determine employee compensation, to forecast future operational results, and for comparison with the Company s business plan, historical operating results and the operating results of the Company s competitors. Management believes each of these non- GAAP performance measures provides useful supplemental information for investors, allowing greater transparency to the information used by management in its operational decision making and in the review of the Company s financial and operational performance, as well as facilitating meaningful comparisons of the Company s results in the current period compared with those in prior and future periods. A reconciliation of each available GAAP to non-gaap financial measure discussed in this presentation is contained in the following slides and on the Teradyne website at by clicking on "Investors" and then selecting the "GAAP to Non-GAAP Reconciliation" link. The non-gaap performance measures discussed in this presentation may not be comparable to similarly titled measures used by other companies. The presentation of non-gaap measures is not meant to be considered in isolation, as a substitute for, or superior to, financial measures or information provided in accordance with GAAP. 19
20 Appendix GAAP to Non-GAAP Reconciliation GAAP to Non-GAAP Earnings Reconciliation (In millions, except per share amounts) Quarter Ended 2017 % of Net Revenues October 1, 2017 % of Net Revenues 2016 % of Net Revenues Net revenues $ $ $ Gross profit - GAAP $ % $ % $ % Pension mark-to-market adjustment (1) (2.1) -0.4% - - (0.8) -0.2% Gross profit - non-gaap $ % $ % $ % Income from operations - GAAP $ % $ % $ % Acquired intangible assets amortization % % % Restructuring and other (2) % (4.4) -0.9% % Pension mark-to-market adjustment (1) (3.8) -0.8% - - (2.0) -0.5% Income from operations - non-gaap $ % $ % $ % Net (Loss) Income per Common Share Net Income per Common Share Net Income per Common Share 2017 % of Net Revenues Basic Diluted October 1, 2017 % of Net Revenues Basic Diluted 2016 % of Net Revenues Basic Diluted Net (loss) income- GAAP $ (105.9) -22.1% $ (0.54) $ (0.54) $ % $ 0.52 $ 0.52 $ % $ 0.33 $ 0.33 Acquired intangible assets amortization % % % Interest and other (3) % % % Restructuring and other (2) % (4.4) -0.9% (0.02) (0.02) % Pension mark-to-market adjustment (1) (3.8) -0.8% (0.02) (0.02) (2.0) -0.5% (0.01) (0.01) Exclude discrete tax adjustments (4) % % (16.2) -4.3% (0.08) (0.08) Non-GAAP tax adjustments (5) (2.9) -0.6% (0.01) (0.01) (1.7) -0.3% (0.01) (0.01) % Net income - non-gaap $ % $ 0.47 $ 0.46 $ % $ 0.55 $ 0.54 $ % $ 0.32 $ 0.32 GAAP and non-gaap weighted average common shares - basic GAAP weighted average common shares - diluted Include dilutive shares Exclude dilutive shares from convertible note - (1.1) - Non-GAAP weighted average common shares - diluted
21 Appendix GAAP to Non-GAAP Reconciliation (1) Actuarial gains recognized under GAAP in accordance with Teradyne's mark-to-market pension accounting. (2) Restructuring and other consists of: Quarter Ended 2017 October 1, Contingent consideration fair value adjustment $ 6.0 $ (0.3) $ 5.4 Employee severance Impairment of fixed assets Facility related 0.1 (0.4) - Property insurance recovery - (5.1) - Expenses and Impairment of fixed assets related to Japan earthquake $ 9.0 $ (4.4) $ 5.6 (3) For the quarters ended 2017, October 1, 2017 and 2016, interest and other included non-cash convertible debt interest expense. (4) For the quarters ended 2017, October 1, 2017 and 2016, adjustment to exclude discrete income tax items. For the quarter 2017, adjustment to treat the $184 million expense related to the estimated impact of U.S. tax policy changes as a discrete item. For the quarter ended 2016, adjustment to treat Wireless Test business segment goodwill and intangible assets impairments as discrete tax items. (5) For periods after 2016, the non-gaap annual effective tax rate is based on a with and without calculation with respect to non-gaap reconciling items. 21
22 Appendix GAAP to Non-GAAP Reconciliation Twelve Months Ended 2017 % of Net Revenues 2016 % of Net Revenues Net Revenues $ 2,136.6 $ 1,753.3 Gross profit - GAAP $ 1, % $ % Pension mark-to-market adjustment (1) (2.8) -0.1% (1.0) -0.1% Gross profit - non-gaap $ 1, % $ % Income (loss) from operations - GAAP $ % $ (60.0) -3.4% Acquired intangible assets amortization % % Restructuring and other (2) % % Pension mark-to-market adjustment (1) (6.3) -0.3% (3.2) -0.2% Goodwill impairment (3) % Acquired intangible assets impairment (3) % Income from operations - non-gaap $ % $ % Net Income per Common Share Net (Loss) Income per Common Share 2017 % of Net Revenues Basic Diluted 2016 % of Net Revenues Basic Diluted Net income (loss) - GAAP $ % $ 1.30 $ 1.28 $ (43.4) -2.5% $ (0.21) $ (0.21) Acquired intangible assets amortization % % Interest and other (4) % % Restructuring and other (2) % % Pension mark-to-market adjustment (1) (6.3) -0.3% (0.03) (0.03) (3.2) -0.2% (0.02) (0.02) Goodwill impairment (3) % Acquired intangible assets impairment (3) % Exclude discrete tax adjustments (5) % (4.5) -0.3% (0.02) (0.02) Non-GAAP tax adjustments (6) (12.8) -0.6% (0.06) (0.06) (53.3) -3.0% (0.26) (0.26) Net income - non-gaap $ % $ 2.37 $ 2.34 $ % $ 1.52 $ 1.51 GAAP and non-gaap weighted average common shares - basic GAAP weighted average common shares - diluted Exclude dilutive shares from convertible note (1.3) - Include dilutive shares Non-GAAP weighted average common shares - diluted
23 Appendix GAAP to Non-GAAP Reconciliation (1) Actuarial gains recognized under GAAP in accordance with Teradyne's mark-to-market pension accounting. (2) Restructuring and other consists of: Twelve Months Ended December 31, Contingent consideration fair value adjustment $ 7.8 $ 15.9 Employee severance Impairment of fixed assets Facility related Expenses and impairment of fixed assets related to Japan earthquake Property insurance recovery (5.1) (5.4) $ 9.4 $ 21.9 (3) Goodwill and acquired intangible assets impairment related to Teradyne's Wireless Test business segment. (4) For the twelve months ended 2017 and 2016, interest and other included non-cash convertible debt interest expense. (5) For the twelve months ended 2017 and 2016, adjustment to exclude discrete income tax items. For the twelve months ended 2017, adjustment to treat the $184 million expense related to the estimated impact of U.S. tax policy changes as a discrete item. For the twelve months ended 2016, adjustment to treat Wireless Test business segment goodwill and intangible assets impairments as discrete tax items. (6) For periods after 2016, the non-gaap annual effective tax rate is based on a with and without calculation with respect to non-gaap reconciling items. 23
24 Appendix GAAP to Non-GAAP Reconciliation Year Ended 2016 % of Net Revenues 2015 % of Net Revenues Net Revenues $ 1,753.3 $ 1,639.6 Gross profit - GAAP $ % $ % Inventory step-up % Pension mark-to-market adjustments (1) (1.0) -0.1% % Gross profit - non-gaap $ % $ % (Loss) income from operations - GAAP $ (60.0) -3.4% $ % Goodwill impairment (2) % - - Acquired intangible assets impairment (2) % - - Acquired intangible assets amortization % % Restructuring and other (3) % % Pension mark-to-market adjustments (1) (3.2) -0.2% % Inventory step-up % Income from operations - non-gaap $ % $ % Net (Loss) Income per Common Share Net Income per Common Share 2016 % of Net Revenues Basic Diluted 2015 % of Net Revenues Basic Diluted Net (loss) income - GAAP $ (43.4) -2.5% $ (0.21) $ (0.21) $ % $ 0.98 $ 0.97 Goodwill impairment (2) % Acquired intangible assets impairment (2) % Acquired intangible assets amortization % % Restructuring and other (3) % % Pension mark-to-market adjustments (1) (3.2) -0.2% (0.02) (0.02) % Interest and other (4) % (5.4) -0.3% (0.03) (0.03) Inventory step-up % Exclude discrete tax adjustments (5) (4.5) -0.3% (0.02) (0.02) (4.9) -0.3% (0.02) (0.02) Tax effect of non-gaap adjustments (53.3) -3.0% (0.26) (0.26) (18.5) -1.1% (0.09) (0.09) Net income - non-gaap $ % $ 1.52 $ 1.51 $ % $ 1.28 $ 1.27 GAAP and non-gaap weighted average common shares - basic GAAP weighted average common shares - diluted Include dilutive shares Non-GAAP weighted average common shares - diluted
25 Appendix GAAP to Non-GAAP Reconciliation Q4'16 Q3'17 Q4' Q1'18 Low Guidance Q1'18 High Guidance $'s % of sales $'s % of sales $'s % of sales $'s % of sales $'s % of sales % of sales % of sales GAAP Operating Expenses $160 42% $166 33% $175 36% $1,020 58% $694 32% 37% 35% Intangible Asset Amortization -$8-2% -$7-1% -$7-2% -$53-3% -$31-1% -2% -1% Restructuring and Other -$6-1% $4 1% -$9-2% -$22-1% -$9 0% Pension MTM $1 0% $0 0% $2 0% $2 0% $4 0% Acquired Intangible Assets Impairment -$83-5% 0% Goodwill Impairment -$255-15% 0% Non GAAP Operating Expenses $148 39% $163 32% $160 33% $609 35% $658 31% 36% 34% Q4'16 Q3'17 Q4' $'s % of sales $'s % of sales $'s % of sales $'s % of sales $'s % of sales GAAP SG&A Expense $76 20% $86 17% $88 18% $316 18% $348 16% Pension MTM $1 0% $0 0% $0 0% $1 0% $1 0% Non GAAP SG&A Expense $77 20% $86 17% $88 18% $317 18% $349 16% Q4'16 Q3'17 Q4' $'s % of sales $'s % of sales $'s % of sales $'s % of sales $'s % of sales GAAP R&D Expense $70 18% $77 15% $71 15% $291 17% $306 14% Pension MTM $1 0% $0 0% $2 0% $1 0% $2 0% Non GAAP R&D Expense $71 19% $77 15% $72 15% $292 17% $308 14% $'s % $'s % GAAP Income Tax -$12 19% $267 51% Exclude discrete tax adjustments $5-8% -$178-34% Tax effect of non-gaap adjustments $53-89% $13 2% Effect of Higher Non-GAAP PBT 90% -2% Non GAAP Income Tax $46 13% $101 18% Q4'16 Q3'17 Q4'17 Q1'18 Guidance $'s % $'s % $'s % % GAAP Income Tax -$7-13% $24 19% $ % 14% Exclude discrete tax adjustments $16 28% $0 0% -$ % 0% Tax effect of non-gaap adjustments -$2-4% $2 1% $3 3% 4% Effect of Higher Non-GAAP PBT -2% -1% -3% -2% Non GAAP Income Tax $6 8.9% $ % $ % 15.0% 25
26 Appendix GAAP to Non-GAAP Reconciliation GAAP Operating Expenses 694 1, Less Goodwill Impairment Charge - (255) - Less Intangible Asset Impairment - (83) - Less Intangible Asset Amortization (31) (53) (69) Less Restructuring and Other (9) (22) (5) Pension Mark to Market Adjustment 4 2 (10) Less Equity Modification Charge Non GAAP Operating Expenses UR GAAP Operating Expenses Less Intangible Asset Amortization (24) (25) (14) Less Restructuring and Other (7) (16) - UR non GAAP Operating Expenses Test GAAP Operating Expenses (1) Less Goodwill Impairment Charge - (255) - Less Intangible Asset Impairment - (83) - Less Intangible Asset Amortization (7) (28) (55) Less Restructuring and Other (2) (6) (5) Pension Mark to Market Adjustment 4 2 (10) Less Equity Modification Charge Test Non GAAP Operating Expenses (1) (1) = Includes Variable Compensation of $86M, $53M and $61M for 2017E, 2016 and 2015 respectively. 26
27 Appendix GAAP to Non-GAAP Reconciliation GAAP to Non-GAAP Reconciliation of First Quarter 2018 guidance: GAAP and non-gaap first quarter revenue guidance: $460 million to $490 million GAAP net income per diluted share $ 0.32 $ 0.39 Exclude acquired intangible assets amortization Exclude non-cash convertible debt interest Exclude restructuring and other charges Non-GAAP tax adjustment (0.01) (0.01) Non-GAAP net income per diluted share $ 0.38 $ 0.45 First Quarter Guidance: Low End High End GAAP Operating Profit as % of Sales 17% 19% Acquired intangible asset amortization & Other 2% 2% Non-GAAP Operating Profit as % of Sales 19% 21% Q4'17: GAAP net interest and other income $0.0 Exclude non cash convertible debt interest $3.2 Non-GAAP net interest and other income $3.2 Q1'18 Guidance GAAP net interest and other income -$1.7 Exclude non cash convertible debt interest $3.2 Non-GAAP net interest and other income $1.5 Q4'17 GAAP Diluted Shares 196 Include dilutive shares from convertible note 3 Q4'17 Non-GAAP Diluted Shares 199 Q1'18 GAAP Diluted Shares Exclude dilutive shares from convertible note -4.5 Q1'18 Non-GAAP Diluted Shares
28 Appendix GAAP to Non-GAAP Reconciliation Teradyne determines non-gaap operating cash flow ( Free Cash Flow ) by adjusting GAAP cash flow from operations excluding discontinued operations, less property, plant and equipment additions. Free cash flow is considered a non-gaap financial measure. Teradyne believes that free cash flow, which measures our ability to generate cash from our business operations, is an important financial measure for use in evaluating Teradyne s financial performance. Free cash flow should be considered in addition to, rather than as a substitute for, income (loss) from continuing operations or net income (loss) as a measure of our performance and net cash provided by operating activities as a measure of our liquidity. Teradyne believes it is important to view free cash flow as a measure that provides supplemental information to Teradyne s entire statement of cash flows. Although other companies report their free cash flow, numerous methods may exist for calculating a company's free cash flow. As a result, the method used by Teradyne to calculate free cash flow may differ from the methods other companies use to calculate their free cash flow. The following table sets forth a reconciliation of free cash flow, a non-gaap financial measure, to net cash provided by operating activities, a GAAP measure, which we believe to be the GAAP financial measure most directly comparable to free cash flow. Q4'16 Q3'17 Q4' GAAP Cash Flow From Operations, Excl Disc Ops $37 $310 $147 $413 $455 $626 Less Property, Plant and Equipment Additions -$19 -$27 -$32 -$90 -$85 -$105 Non-GAAP Operating Cash Flow ("Free Cash Flow") $18 $283 $115 $323 $370 $521 28
29 Appendix GAAP to Non-GAAP Reconciliation 2020 EPS Reconciliation Net Income per Common Share Diluted Net (loss) income - GAAP $ 1.86 Acquired intangible asset amortization 0.06 Non Cash Convertible Debt Interest 0.08 Net income - non-gaap $ EPS Reconciliation Net Income per Common Share Diluted Net Income per Common Share Diluted Net (loss) income - GAAP $ 3.35 $ 3.85 Acquired intangible asset amortization Non Cash Convertible Debt Interest Net income - non-gaap $ 3.50 $
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