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Teradyne, Inc.$38.80($.30)(.77%)

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 Teradyne Reports Record Fourth Quarter Orders, Fiscal Year 2016 Results, and Increase in Quarterly Dividend
   Wednesday, January 25, 2017 5:02:01 PM ET

--Full year 2016 sales up 7%

--Universal Robots 2016 sales up 62% from calendar 2015 sales

--Quarterly dividend increased 17% to $0.07 beginning Q1’17

Teradyne, Inc. (TER ):

                                 Q4’16                    Q4’15                    Q3’16             FY 2016           FY 2015
                                                               --------------------                                           --------------------                                           --------------------                                           -------                                           --------------------
Orders (mil)                                                           $628                                                           $522                                                           $378                                                    $1,867                                                  $1,856
Revenue (mil)                                                          $380                                                           $318                                                           $410                                                    $1,753                                                  $1,640
GAAP EPS                                                               $0.33                                                         $(0.00)                                                         $0.31                                                   $(0.21)                                                  $0.97
Non-GAAP EPS                                                           $0.32                                                          $0.13                                                          $0.33                                                    $1.51                                                   $1.27
                       
==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ====================
                                                                                                                                                                                                                                                                                                               


Teradyne, Inc. (TER ) reported revenue of $380 million for the fourth quarter of 2016 of which $271 million was in Semiconductor Test, $50 million in System Test, $34 million in Industrial Automation, and $26 million in Wireless Test. GAAP net income for the fourth quarter was $66.3 million or $0.33 per share. On a non-GAAP basis, Teradyne’s net income in the fourth quarter was $64.6 million, or $0.32 per diluted share, which excluded acquired intangible asset amortization, pension actuarial gains, restructuring and other charges, non-cash convertible debt interest, discrete income tax adjustments, and included the related tax impact on non-GAAP adjustments.

Orders in the fourth quarter of 2016 were $628 million of which $524 million were in Semiconductor Test, $47 million in System Test, $34 million in Industrial Automation, and $23 million in Wireless Test.

"We closed 2016 with record fourth quarter orders as tester demand for 2017 mobile device production pulled bookings into Q4, automotive device test demand remained strong, and Universal Robots delivered another quarter of record orders," said CEO and President Mark Jagiela. "For the full year, we grew company revenue 7%, non-GAAP earnings per share 19%, and returned $195 million to shareholders through share repurchases and dividends.

"As we look into 2017, we expect continued steady demand in our core test businesses and greater than 50% growth to continue at Universal Robots. On the capital return front, our proven operating model, strong balance sheet and positive long term outlook support our plan to repurchase a minimum of $200 million of Teradyne shares in 2017 and increase the dividend to $0.07 per quarter."

Teradyne’s Board of Directors declared a quarterly cash dividend of $0.07 per share, payable on March 20, 2017 to shareholders of record as of the close of business on February 24, 2017.

Guidance for the first quarter of 2017 is revenue of $420 million to $450 million, with GAAP net income of $0.28 to $0.34 per diluted share and non-GAAP net income of $0.33 to $0.40 per diluted share. Non-GAAP guidance excludes acquired intangible asset amortization, non-cash convertible debt interest and includes the related tax impact on non-GAAP adjustments.

Webcast

A conference call to discuss the fourth quarter and full year results, along with management’s business outlook, will follow at 10 a.m. ET, Thursday, January 26. Interested investors should access the webcast at www.teradyne.com and click on "Investors" at least five minutes before the call begins. Presentation materials will be available starting at 10 a.m. ET. A replay will be available on the Teradyne website at www.teradyne.com/investors.

Non-GAAP Results

In addition to disclosing results that are determined in accordance with GAAP, Teradyne also discloses 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. Non-GAAP income from operations and non-GAAP net income exclude goodwill and intangible asset impairment charges, acquired intangible asset amortization, non-cash convertible debt interest, pension actuarial gains and losses, fair value inventory step-up related to Universal Robots, discrete income tax adjustments, restructuring and other, and a gain from the sale of an equity investment. GAAP requires that these items be included in determining income from operations and net income. Non-GAAP income from operations, non-GAAP net income, non-GAAP income from operations and non-GAAP net income as a percentage of revenue, and non-GAAP net income per share are non-GAAP performance measures presented to provide meaningful supplemental information regarding Teradyne’s baseline performance before gains, losses or other charges that may not be indicative of Teradyne’s current core business or future outlook. These non-GAAP performance measures are used to make operational decisions, to determine employee compensation, to forecast future operational results, and for comparison with Teradyne’s business plan, historical operating results and the operating results of Teradyne’s competitors. Non-GAAP gross margin excludes inventory step-up and pension actuarial gains and losses. GAAP requires that these items be included in determining gross margin. Non-GAAP gross margin dollar amount and percentage are non-GAAP performance measures that management believes provide useful supplemental information for management and the investor. Management uses non-GAAP gross margin as a performance measure for Teradyne’s current core business and future outlook and for comparison with Teradyne’s business plan, historical gross margin results and the gross margin results of Teradyne’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 Teradyne’s financial and operational performance, as well as facilitating meaningful comparisons of Teradyne’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 press release is contained in the attached exhibits and on the Teradyne website at www.teradyne.com by clicking on "Investors" and then selecting the "GAAP to Non-GAAP Reconciliation" link. The non-GAAP performance measures discussed in this press release 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.

About Teradyne

Teradyne (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 2016, Teradyne had revenue of $1.75 billion and currently employs approximately 4,300 people worldwide. For more information, visit www.teradyne.com. Teradyne(R) is a registered trademark of Teradyne, Inc. in the U.S. and other countries.

Safe Harbor Statement

This release 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 and potential borrowings under a senior secured credit facility. 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 or availability of, or borrowing under, the credit facility. 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; 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 interests; 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 December 31, 2015 and the Quarterly Report on Form 10-Q for the period ended October 2, 2016. The forward-looking statements provided by Teradyne in this press release represent management’s views as of the date of this release. 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 release.

 
TERADYNE, INC. REPORT FOR FOURTH FISCAL QUARTER OF 2016
                                                                                                                                                                                                  
-------------------- -------------------- -------------------- -------------------- ------------------------------------------------------------------- -------------------- ---------------------------------------------------------------------- ---------------------------------------------------------------------- ---------------------------------------------------------------------- ------------------------------------------------------------------------ ----------------------------------------------------
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS                                                                                                                                                                                                                                                                                                                            
 (In thousands, except per share amounts)                                                                                                                                                                                                                                                                           
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------- ---------------------------------------------------------------------- --------------------------------------------------                     ------------------------------------------------------------------------ ----------------------------------------------------
                          
                                                                                                                                                                                                                                                                       Quarter Ended                                                                                                                                                                   Twelve Months Ended
                                                                                                                                                                             ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                     -----------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                              December 31, 2016                                                       October 2, 2016                                                       December 31, 2015                                                       December 31, 2016                                                        December 31, 2015
                                                                                                                                                                             --------------------------------------------------                     --------------------------------------------------                     --------------------------------------------------                     ----------------------------------------------------                     ----------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
Net revenues                                                                                                                                                                                    $ 379,989                                                              $ 410,475                                                              $ 318,444                                                              $ 1,753,250                                                              $ 1,639,578
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
                                          Cost of revenues (exclusive of acquired intangible assets                                                                            160,983                          183,116                          152,418                            793,683                            723,935  
                                          amortization shown separately below) (1) (2)
                                                                                                                                                                             -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
Gross profit                                                                                                                                                                                      219,006                                                                227,359                                                                166,026                                                                  959,567                                                                  915,643
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
Operating expenses:
                                          Engineering and development (1)                                                                                                                          70,052                                                                 71,400                                                                 70,941                                                                  291,025                                                                  292,250
                                          Selling and administrative (1)                                                                                                                           76,289                                                                 78,794                                                                 79,718                                                                  315,682                                                                  306,313
                                          Acquired intangible assets amortization                                                                                                                   7,923                                                                  8,487                                                                 19,911                                                                   52,648                                                                   69,031
                                          Acquired intangible assets impairment (3)                                                                                                                     -                                                                      -                                                                      -                                                                   83,339                                                                        -
                                          Goodwill impairment (3)                                                                                                                                       -                                                                      -                                                                      -                                                                  254,946                                                                        -
                                          Restructuring and other (4)                                                                                                            5,570                           12,177                            5,204                             21,942                              5,080  
                                                                                                                                                                             -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
                                                                                    Operating expenses                                                                                            159,834                                                                170,858                                                                175,774                                                                1,019,582                                                                  672,674
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
Income (loss) from operations                                                                                                                                                                      59,172                                                                 56,501                                                                 (9,748 )                                                                (60,015 )                                                                242,969
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
                                          Interest and other (5)                                                                                                                  (288 )                                             3,180                              891                              4,955                             10,155  
                                                                                                                                                                             -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
Income (loss) before income taxes                                                                                                                                                                  58,884                                                                 59,681                                                                 (8,857 )                                                                (55,060 )                                                                253,124
                                          Income tax (benefit) provision                                                                                                        (7,461 )                                            (4,113 )                                            (8,216 )                                             (11,639 )                                              46,647  
                                                                                                                                                                             -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
Net income (loss)                                                                                                                                                                               $  66,345                                           $  63,794                                           $    (641 )                                                            $   (43,421 )                                                            $   206,477  
                                                                                                                                                                             ==================== ======= ====================                      ==================== ======= ====================                      ==================== ======= ====================                      ==================== ========= ====================                      ==================== ========= ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
Net income (loss) per common share:
---------------------------------------------------------------------------------------------------------------------------------------------------
Basic                                                                                                                                                                                           $    0.33                                           $    0.32                                           $   (0.00 )                                                            $     (0.21 )                                                            $      0.98  
                                                                                                                                                                             ==================== ======= ====================                      ==================== ======= ====================                      ==================== ======= ====================                      ==================== ========= ====================                      ==================== ========= ====================
Diluted                                                                                                                                                                                         $    0.33                                           $    0.31                                           $   (0.00 )                                                            $     (0.21 )                                                            $      0.97  
                                                                                                                                                                             ==================== ======= ====================                      ==================== ======= ====================                      ==================== ======= ====================                      ==================== ========= ====================                      ==================== ========= ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
Weighted average common shares - basic                                                                                                                                         200,810                          202,211                          205,113                            202,578                            211,544  
                                                                                                                                                                             ==================== ======= ====================                      ==================== ======= ====================                      ==================== ======= ====================                      ==================== ========= ====================                      ==================== ========= ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
Weighted average common shares - diluted                                                                                                                                       202,947                          203,929                          205,113                            202,578                            213,321  
                                                                                                                                                                             ==================== ======= ====================                      ==================== ======= ====================                      ==================== ======= ====================                      ==================== ========= ====================                      ==================== ========= ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
Cash dividend declared per common share                                                                                                                                                         $    0.06                                           $    0.06                                           $    0.06                                           $      0.24                                           $      0.24  
                                                                                                                                                                             ==================== ======= ====================                      ==================== ======= ====================                      ==================== ======= ====================                      ==================== ========= ====================                      ==================== ========= ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
Net orders                                                                                                                                                                                      $ 628,284                                           $ 378,461                                           $ 522,240                                           $ 1,867,247                                           $ 1,855,515  
                                                                                                                                                                             ==================== ======= ====================                      ==================== ======= ====================                      ==================== ======= ====================                      ==================== ========= ====================                      ==================== ========= ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
(1)                                       Pension actuarial (gains) losses included in our operating results
                                          were as follows:
                                                                                                                                                                                                                                                                       Quarter Ended                                                                                                                                                                   Twelve Months Ended
                                                                                                                                                                             ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                     -----------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                              December 31, 2016                                                       October 2, 2016                                                       December 31, 2015                                                       December 31, 2016                                                        December 31, 2015
                                                                                                                                                                             --------------------------------------------------                     --------------------------------------------------                     --------------------------------------------------                     ----------------------------------------------------                     ----------------------------------------------------
                                                                                    Cost of revenues                                                                                            $    (774 )                                                            $     364                                                              $   8,271                                                              $    (1,025 )                                                            $     8,236
                                                                                    Engineering and development                                                                                      (725 )                                                                  106                                                                  4,658                                                                   (1,234 )                                                                  4,627
                                                                                    Selling and administrative                                                                    (502 )                                               192                            4,826                               (944 )                                               4,869  
                                                                                                                                                                             -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
                                                                                                                                                                                                $  (2,001 )                                                            $     662                                           $  17,755                                           $    (3,203 )                                                            $    17,732  
                                                                                                                                                                             ==================== ======= ====================                      ==================== ======= ====================                      ==================== ======= ====================                      ==================== ========= ====================                      ==================== ========= ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
(2)                                       Cost of revenues includes:                                                                                                                                                                                                   Quarter Ended                                                                                                                                                                   Twelve Months Ended
                                                                                                                                                                             ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                     -----------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                              December 31, 2016                                                       October 2, 2016                                                       December 31, 2015                                                       December 31, 2016                                                        December 31, 2015
                                                                                                                                                                             --------------------------------------------------                     --------------------------------------------------                     --------------------------------------------------                     ----------------------------------------------------                     ----------------------------------------------------
                                                                                    Provision for excess and obsolete inventory                                                                 $   2,345                                                              $   3,033                                                              $   2,393                                                              $    17,493                                                              $    21,332
                                                                                    Sale of previously written down inventory                                                                      (1,924 )                                                               (1,794 )                                                               (1,196 )                                                                (10,037 )                                                                 (7,855 )
                                                                                    Inventory step-up                                                                                -                                -                                -                                  -                              1,567  
                                                                                                                                                                             -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
                                                                                                                                                                                                $     421                                           $   1,239                                           $   1,197                                           $     7,456                                           $    15,044  
                                                                                                                                                                             ==================== ======= ====================                      ==================== ======= ====================                      ==================== ======= ====================                      ==================== ========= ====================                      ==================== ========= ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
(3)                                       Goodwill and acquired intangible assets impairment related to
                                          Teradyne’s Wireless Test business segment.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
(4)                                       Restructuring and other consists of:                                                                                                                                                                                         Quarter Ended                                                                                                                                                                   Twelve Months Ended
                                                                                                                                                                             ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                     -----------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                              December 31, 2016                                                       October 2, 2016                                                       December 31, 2015                                                       December 31, 2016                                                        December 31, 2015
                                                                                                                                                                             --------------------------------------------------                     --------------------------------------------------                     --------------------------------------------------                     ----------------------------------------------------                     ----------------------------------------------------
                                                                                    Contingent consideration fair value adjustment                                                              $   5,445                                                              $   7,974                                                              $   5,089                                                              $    15,896                                                              $     2,489
                                                                                    Employee severance                                                                                                125                                                                  4,203                                                                    115                                                                    6,046                                                                    1,487
                                                                                    Impairment of fixed assets and expenses related to Japan earthquake                                                 -                                                                    312                                                                      -                                                                    5,363                                                                        -
                                                                                    Property insurance recovery                                                                                         -                                                                   (312 )                                                                    -                                                                   (5,363 )                                                                      -
                                                                                    Acquisition costs                                                                                -                                -                                -                                  -                              1,104  
                                                                                                                                                                             -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
                                                                                                                                                                                                $   5,570                                           $  12,177                                           $   5,204                                           $    21,942                                           $     5,080  
                                                                                                                                                                             ==================== ======= ====================                      ==================== ======= ====================                      ==================== ======= ====================                      ==================== ========= ====================                      ==================== ========= ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
(5)                                       Interest and other includes:                                                                                                                                                                                                 Quarter Ended                                                                                                                                                                   Twelve Months Ended
                                                                                                                                                                             ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                     -----------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                              December 31, 2016                                                       October 2, 2016                                                       December 31, 2015                                                       December 31, 2016                                                        December 31, 2015
                                                                                                                                                                             --------------------------------------------------                     --------------------------------------------------                     --------------------------------------------------                     ----------------------------------------------------                     ----------------------------------------------------
                                                                                    Non-cash convertible debt interest expense                                                                  $     642                                                              $       -                                                              $       -                                                              $       642                                                              $         -
                                                                                    Gain from the sale of an equity investment                                                       -                                -                                -                                  -                             (5,406 )
                                                                                                                                                                             -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
                                                                                                                                                                                                $     642                                           $       -                                           $       -                                           $       642                                           $    (5,406 )
                                                                                                                                                                             ==================== ======= ====================                      ==================== ======= ====================                      ==================== ======= ====================                      ==================== ========= ====================                      ==================== ========= ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
                                                                                                                                             
CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands)
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
     
                                                                                                                                       December 31, 2016                                    December 31, 2015
                                                                                                                               --------------------------------                     --------------------------------
                                                                                                                                                                                     
Assets
                     Cash and cash equivalents                                                                                                    $    307,884                                         $    264,705
                     Marketable securities                                                                                                             871,024                                              477,696
                     Accounts receivable                                                                                                               192,444                                              211,293
                     Inventories, net                                                                                                                  135,958                                              153,588
                     Deferred tax assets                                                                                                                     -                                               54,973
                     Prepayments                                                                                                                       108,454                                               91,519
                     Other current assets                                                                                             8,039                             6,194
                                                                                                                               -------------------- ----------                      -------------------- ----------
                                                               Total current assets                                                                  1,623,803                                            1,259,968
                                                                                                                                                                                     
                     Property, plant and equipment, net                                                                                                253,821                                              273,414
                     Marketable securities                                                                                                             433,843                                              265,928
                     Deferred tax assets                                                                                                               107,405                                                7,404
                     Other assets                                                                                                                       12,165                                               13,080
                     Retirement plans assets                                                                                                             7,712                                                  636
                     Intangible assets, net                                                                                                            100,401                                              239,831
                     Goodwill                                                                                                       223,343                           488,413
                                                                                                                               -------------------- ----------                      -------------------- ----------
                                                               Total assets                                                                       $  2,762,493                                         $  2,548,674
                                                                                                                               ==================== ==========                      ==================== ==========
                                                                                                                                                                                     
Liabilities
                     Accounts payable                                                                                                             $     95,362                                         $     92,358
                     Accrued employees’ compensation and withholdings                                                                                  109,944                                              113,994
                     Deferred revenue and customer advances                                                                                             88,809                                               85,527
                     Other accrued liabilities                                                                                                          47,051                                               43,727
                     Contingent consideration                                                                                                            1,050                                               15,500
                     Accrued income taxes                                                                                            30,480                            21,751
                                                                                                                               -------------------- ----------                      -------------------- ----------
                                                               Total current liabilities                                                               372,696                                              372,857
                                                                                                                                                                                     
                     Retirement plans liabilities                                                                                                      106,938                                              103,531
                     Long-term deferred revenue and customer advances                                                                                   23,463                                               25,745
                     Deferred tax liabilities                                                                                                           12,144                                               26,663
                     Long-term other accrued liabilities                                                                                                28,642                                               32,156
                     Long-term contingent consideration                                                                                                 37,282                                               21,936
                     Long-term debt                                                                                                 352,669                                 -
                                                                                                                               -------------------- ----------                      -------------------- ----------
                                                               Total liabilities                                                                       933,834                                              582,888
                                                                                                                                                                                     
Shareholders’ equity                                                                                                                                 1,828,659                                            1,965,786
                                                                                                                                                                  
                                                                                                                               --------------------------------                     --------------------------------
                                                               Total liabilities and shareholders’ equity                                         $  2,762,493                                         $  2,548,674
                                                                                                                               ==================== ==========                      ==================== ==========
                                                                                                                                                                                     
 
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                              
                                                                                                                                                                                                 Quarter Ended                                                                                                                                  Twelve Months Ended
                                                                                                                                          ---------------------------------------------------------------------------------------------------------------------------                     -------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                           December 31, 2016                                                       December 31, 2015                                                        December 31, 2016                                                         December 31, 2015
                                                                                                                                          ---------------------------------------------------                     ---------------------------------------------------                     -----------------------------------------------------                     -----------------------------------------------------
Cash flows from operating activities:
                     Net income (loss)                                                                                                                       $   66,345                                                              $     (641 )                                                            $    (43,421 )                                                            $    206,477
                     Adjustments to reconcile net income (loss) to net cash provided by
                     operating activities:
                                            Depreciation                                                                                                         16,345                                                                  15,650                                                                    64,782                                                                    68,181
                                            Amortization                                                                                                          8,952                                                                  20,433                                                                    55,227                                                                    72,592
                                            Stock-based compensation                                                                                              7,738                                                                   7,371                                                                    30,750                                                                    30,451
                                            Contingent consideration adjustment                                                                                   5,445                                                                   5,089                                                                    15,896                                                                     2,489
                                            Provision for excess and obsolete inventory                                                                           2,345                                                                   2,393                                                                    17,493                                                                    21,332
                                            Retirement plans actuarial (gains) losses                                                                            (2,001 )                                                                17,755                                                                    (3,203 )                                                                  17,732
                                            Deferred taxes                                                                                                      (20,368 )                                                                 6,849                                                                   (62,936 )                                                                  (7,124 )
                                            Tax benefit related to employee stock compensation awards                                                            (2,799 )                                                                (1,502 )                                                                  (6,198 )                                                                  (4,715 )
                                            Goodwill impairment                                                                                                       -                                                                       -                                                                   254,946                                                                         -
                                            Acquired intangible assets impairment                                                                                     -                                                                       -                                                                    83,339                                                                         -
                                            Impairment of fixed assets                                                                                                -                                                                       -                                                                     4,179                                                                         -
                                            Property insurance recovery                                                                                               -                                                                       -                                                                    (5,363 )                                                                       -
                                            Non-cash charge for the sale of inventories revalued at the date of                                                       -                                                                       -                                                                         -                                                                     1,567
                                            acquisition
                                            Gain from the sale of an equity investment                                                                                -                                                                       -                                                                         -                                                                    (5,406 )
                                            Other                                                                                                                  (597 )                                                                (2,580 )                                                                    (448 )                                                                     (34 )
                                            Changes in operating assets and liabilities, net of business
                                            acquired:
                                                                              Accounts receivable                                                               (27,955 )                                                                33,850                                                                    17,705                                                                   (57,267 )
                                                                              Inventories                                                                       (14,338 )                                                               (17,817 )                                                                  34,263                                                                    15,559
                                                                              Prepayments and other assets                                                       (5,924 )                                                               (12,495 )                                                                 (18,882 )                                                                   3,034
                                                                              Accounts payable and accrued expenses                                              42,550                                                                  (4,450 )                                                                  (5,391 )                                                                  48,213
                                                                              Deferred revenue and customer advances                                            (52,683 )                                                                10,260                                                                       697                                                                    17,011
                                                                              Retirement plans contributions                                                       (819 )                                                                (9,097 )                                                                  (6,690 )                                                                 (12,095 )
                                                                              Accrued income taxes                                            14,207                           (30,833 )                                               18,434                              (5,156 )
                                                                                                                                          -------------------- -------- --------------------                      -------------------- -------- --------------------                      -------------------- ---------- --------------------                      -------------------- ---------- --------------------
Net cash provided by operating activities                                                                                                                        36,443                                                                  40,235                                                                   445,179                                                                   412,841
                                                                                                                                                                                                                                                                                                                                                                     
Cash flows from investing activities:
                     Purchases of property, plant and equipment                                                                                                 (19,020 )                                                               (23,151 )                                                                 (85,272 )                                                                 (89,878 )
                     Purchases of available-for-sale marketable securities                                                                                     (780,430 )                                                              (466,396 )                                                              (1,656,267 )                                                              (1,424,002 )
                     Proceeds from sales of available-for-sale marketable securities                                                                            386,050                                                                 472,397                                                                   852,794                                                                 1,316,131
                     Proceeds from maturities of available-for-sale marketable securities                                                                        41,070                                                                  29,901                                                                   243,232                                                                   360,264
                     Proceeds from property insurance                                                                                                                 -                                                                       -                                                                     5,051                                                                         -
                     Acquisition of business, net of cash acquired                                                                                                    -                                                                       -                                                                         -                                                                  (282,741 )
                     Proceeds from the sale of an equity investment                                                                                                   -                                                                       -                                                                         -                                                                     5,406
                     Proceeds from life insurance                                                                                                  -                                 -                                   -                               1,098  
                                                                                                                                          -------------------- -------- --------------------                      -------------------- -------- --------------------                      -------------------- ---------- --------------------                      -------------------- ---------- --------------------
Net cash (used for) provided by investing activities                                                                                                           (372,330 )                                                                12,751                                                                  (640,462 )                                                                (113,722 )
                                                                                                                                                                                                                                                                                                                                                                     
Cash flows from financing activities:
                     Proceeds from long-term debt, net                                                                                                          417,818                                                                       -                                                                   417,818                                                                         -
                     Issuance of common stock under stock purchase and stock option plans                                                                           388                                                                   1,385                                                                    20,473                                                                    19,530
                     Repurchase of common stock                                                                                                                 (61,239 )                                                               (73,106 )                                                                (146,331 )                                                                (299,949 )
                     Dividend payments                                                                                                                          (12,071 )                                                               (12,279 )                                                                 (48,619 )                                                                 (50,713 )
                     Tax benefit related to employee stock compensation awards                                                                                    2,799                                                                   1,502                                                                     6,198                                                                     4,715
                     Payment of revolving credit facility costs                                                                                                       -                                                                       -                                                                         -                                                                    (2,253 )
                     Payment of contingent consideration                                                                                           -                                 -                             (11,697 )                                                    -  
                                                                                                                                          -------------------- -------- --------------------                      -------------------- -------- --------------------                      -------------------- ---------- --------------------                      -------------------- ---------- --------------------
Net cash provided by (used for) financing activities                                                                                                            347,695                                                                 (82,498 )                                                                 237,842                                                                  (328,670 )
                                                                                                                                                                                                                                                                                                                                                                     
Effects of exchange rate changes on cash and cash equivalents                                                                                                    (1,861 )                                                                     -                                                                       620                                                                         -
                                                                                                                                                                                                                                                                                                                                                                     
Increase (decrease) in cash and cash equivalents                                                                                                                  9,947                                                                 (29,512 )                                                                  43,179                                                                   (29,551 )
Cash and cash equivalents at beginning of period                                                                                             297,937                           294,217                             264,705                             294,256  
                                                                                                                                          -------------------- -------- --------------------                      -------------------- -------- --------------------                      -------------------- ---------- --------------------                      -------------------- ---------- --------------------
Cash and cash equivalents at end of period                                                                                                                   $  307,884                                           $  264,705                                           $    307,884                                           $    264,705  
                                                                                                                                          ==================== ======== ====================                      ==================== ======== ====================                      ==================== ========== ====================                      ==================== ========== ====================
                                                                                                                                                                                                                                                                                                                                                                     
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
GAAP to Non-GAAP Earnings Reconciliation
                 
(In millions, except per share amounts)
                                                                                                                                                                                                                                                                                                                                                                                    Quarter Ended
                                                                                                                                               ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                  December 31,                                                           % of Net                                                                                                                                                                                                                             October 2,                                                  % of Net                                                                                                                                                                                          December 31,                                        % of Net
                                                                                                                                                                      2016                                                               Revenues                                                                                                                                                                                                                                2016                                                     Revenues                                                                                                                                                                                              2015                                            Revenues
                                                                                                                                               -----------------------------------------------                        --------------------------------------------                                                                                                                                                                                        -----------------------------------------------                        ------------------------                                                                                                                                                                 ---------------------------------------------                        --------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Net revenues                                                                                                                                                      $   380.0                                                                                                                                                                                                                                                                                                  $   410.5                                                                                                                                                                                                                                                       $ 318.4
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Gross profit - GAAP                                                                                                                                               $   219.0                                                                57.6 %                                                                                                                                                                                                                            $   227.4                                           55.4 %                                                                                                                                                                                                      $ 166.0                                           52.1 %
                                 Pension mark-to-market adjustments (1)                                                                             (0.8 )                                           -0.2 %                                                                                                                                                                                                               0.4                         0.1 %                                                                                                                                                                                       8.3                         2.6 %
                                                                                                                                               -------------------- ------- --------------------                      -------------------- ---- --------------------                                                                                                                                                                                      -------------------- ------- --------------------                      ---- --------------------                                                                                                                                                                -------------------- ----- --------------------                      ---- ----
Gross profit - non-GAAP                                                                                                                                           $   218.2                                                                57.4 %                                                                                                                                                                                                                            $   227.8                                           55.5 %                                                                                                                                                                                                      $ 174.3                                           54.7 %
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Income (loss) from operations - GAAP                                                                                                                              $    59.2                                                                15.6 %                                                                                                                                                                                                                            $    56.5                                           13.8 %                                                                                                                                                                                                      $  (9.7 )                                         -3.0 %
                                 Restructuring and other (2)                                                                                                            5.6                                                                 1.5 %                                                                                                                                                                                                                                 12.2                                            3.0 %                                                                                                                                                                                                          5.2                                            1.6 %
                                 Acquired intangible assets amortization                                                                                                7.9                                                                 2.1 %                                                                                                                                                                                                                                  8.5                                            2.1 %                                                                                                                                                                                                         19.9                                            6.3 %
                                 Pension mark-to-market adjustments (1)                                                                             (2.0 )                                           -0.5 %                                                                                                                                                                                                               0.7                         0.2 %                                                                                                                                                                                      17.8                         5.6 %
                                                                                                                                               -------------------- ------- --------------------                      -------------------- ---- --------------------                                                                                                                                                                                      -------------------- ------- --------------------                      ---- --------------------                                                                                                                                                                -------------------- ----- --------------------                      ---- ----
Income from operations - non-GAAP                                                                                                                                 $    70.7                          18.6 %                                                                                                                                                                                                                            $    77.9                        19.0 %                                                                                                                                                                                                      $  33.2                        10.4 %
                                                                                                                                               ==================== ======= ====================                      ==================== ==== ====================                                                                                                                                                                                      ==================== ======= ====================                      ==== ====================                                                                                                                                                                ==================== ===== ====================                      ==== ====
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                                                                                                                                     Net Income                                                                                                                                                                                                                                                      Net Income                                                                                                                                                                                                                                  Net (Loss) Income
                                                                                                                                                                                                                                                                                                                                                                  per Common Share                                                                                                                                                                                                                                                per Common Share                                                                                                                                                                                                                               per Common Share
                                                                                                                                                                                                                                                                                                                --------------------------------------------------------------------------------------------------------------                                                                                                                                                  --------------------------------------------------------------------------------------------------------------                                                                                                                                ---------------------------------------------------------------------------------------------------------------
                                                                                                                                                                  December 31,                                                           % of Net                                                                                     Basic                                                               Diluted                                                             October 2,                                                  % of Net                                                    Basic                                                               Diluted                                                           December 31,                                        % of Net                                            Basic                                                               Diluted
                                                                                                                                                                      2016                                                               Revenues                                                                                                                                                                                                                                2016                                                     Revenues                                                                                                                                                                                              2015                                            Revenues
                                                                                                                                               -----------------------------------------------                        --------------------------------------------                                              ---------------------------------------------                        ---------------------------------------------                        -----------------------------------------------                        ------------------------                       ---------------------------------------------                        ---------------------------------------------                        ---------------------------------------------                        --------                       ---------------------------------------------                        ----------------------------------------------
Net income (loss) - GAAP                                                                                                                                          $    66.3                                                                17.4 %                                                                                  $  0.33                                                              $  0.33                                                              $    63.8                                           15.5 %                                                            $  0.32                                                              $  0.31                                                              $  (0.6 )                                         -0.2 %                                            $ (0.00 )                                                            $  (0.00 )
                                 Restructuring and other (2)                                                                                                            5.6                                                                 1.5 %                                                                                     0.03                                                                 0.03                                                                   12.2                                            3.0 %                                                               0.06                                                                 0.06                                                                  5.2                                            1.6 %                                               0.03                                                                  0.03
                                 Acquired intangible assets amortization                                                                                                7.9                                                                 2.1 %                                                                                     0.04                                                                 0.04                                                                    8.5                                            2.1 %                                                               0.04                                                                 0.04                                                                 19.9                                            6.3 %                                               0.10                                                                  0.10
                                 Pension mark-to-market adjustments (1)                                                                                                (2.0 )                                                              -0.5 %                                                                                    (0.01 )                                                              (0.01 )                                                                  0.7                                            0.2 %                                                               0.00                                                                 0.00                                                                 17.8                                            5.6 %                                               0.09                                                                  0.09
                                 Interest and other (4)                                                                                                                 0.6                                                                 0.2 %                                                                                     0.00                                                                 0.00                                                                      -                                              -                                                                    -                                                                    -                                                                    -                                              -                                                    -                                                                     -
                                 Exclude discrete tax adjustments (3)                                                                                                 (16.2 )                                                              -4.3 %                                                                                    (0.08 )                                                              (0.08 )                                                                (10.7 )                                         -2.6 %                                                              (0.05 )                                                              (0.05 )                                                               (6.3 )                                         -2.0 %                                              (0.03 )                                                               (0.03 )
                                 Tax effect of non-GAAP adjustments                                                                                  2.4                           0.6 %                                                                  0.01                           0.01                             (6.8 )                                         -1.7 %                                           (0.03 )                                           (0.03 )                                            (9.9 )                                         -3.1 %                           (0.05 )                                            (0.05 )
                                                                                                                                               -------------------- ------- --------------------                      -------------------- ---- --------------------                                            -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ------- --------------------                      ---- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      ---- ----                      -------------------- ----- --------------------                      -------------------- ------ --------------------
Net income - non-GAAP                                                                                                                                             $    64.6                          17.0 %                                                                                  $  0.32                                           $  0.32                                           $    67.7                        16.5 %                                                            $  0.33                                           $  0.33                                           $  26.1                         8.2 %                                            $  0.13                                           $   0.13  
                                                                                                                                               ==================== ======= ====================                      ==================== ==== ====================                                            ==================== ===== ====================                      ==================== ===== ====================                      ==================== ======= ====================                      ==== ====================                      ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================                      ==== ====                      ==================== ===== ====================                      ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
GAAP and non-GAAP weighted average common shares - basic                                                                                                              200.8                                                                                                                                                                                                                                                                                                      202.2                                                                                                                                                                                                                                                         205.1
GAAP weighted average common shares - diluted                                                                                                                         202.9                                                                                                                                                                                                                                                                                                      203.9                                                                                                                                                                                                                                                         205.1
                                 Include dilutive shares                                                                                               -                                                                                                                                                                                                                                                                    -                                                                                                                                                                                                                     2.1  
                                                                                                                                               -------------------- ------- --------------------                                                                                                                                                                                                                                                          -------------------- ------- --------------------                                                                                                                                                                                                               -------------------- ----- --------------------
Non-GAAP weighted average common shares - diluted                                                                                                  202.9                                                                                                                                                                                                                                                                203.9                                                                                                                                                                                                                   207.2  
                                                                                                                                               ==================== ======= ====================                                                                                                                                                                                                                                                          ==================== ======= ====================                                                                                                                                                                                                               ==================== ===== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
(1        )                      Actuarial (gains) losses recognized under GAAP in accordance with
                                 Teradyne’s mark-to-market pension accounting.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
(2        )                      Restructuring and other consists of:
                                                                                                                                                                                                                                                                                                                                                                                    Quarter Ended
                                                                                                                                               ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                  December 31,                                                                                                                                                                                                                                                                                                October 2,                                                                                                                                                                                                                                                    December 31,
                                                                                                                                                                      2016                                                                                                                                                                                                                                                                                                       2016                                                                                                                                                                                                                                                           2015
                                                                                                                                               -----------------------------------------------                                                                                                                                                                                                                                                            -----------------------------------------------                                                                                                                                                                                                                 ---------------------------------------------
                                                      Contingent consideration fair value adjustment                                                              $     5.4                                                                                                                                                                                                                                                                                                  $     8.0                                                                                                                                                                                                                                                       $   5.1
                                                      Employee severance                                                                                                0.1                                                                                                                                                                                                                                                                                                        4.2                                                                                                                                                                                                                                                           0.1
                                                      Impairment of fixed assets and expenses related to Japan earthquake                                                 -                                                                                                                                                                                                                                                                                                        0.3                                                                                                                                                                                                                                                             -
                                                      Property insurance recovery                                                                      -                                                                                                                                                                                                                                                                 (0.3 )                                                                                                                                                                                                                                        -  
                                                                                                                                               -------------------- ------- --------------------                                                                                                                                                                                                                                                          -------------------- ------- --------------------                                                                                                                                                                                                               -------------------- ----- --------------------
                                                                                                                                                                  $     5.6                                                                                                                                                                                                                                                                               $    12.2                                                                                                                                                                                                                                    $   5.2  
                                                                                                                                               ==================== ======= ====================                                                                                                                                                                                                                                                          ==================== ======= ====================                                                                                                                                                                                                               ==================== ===== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
(3        )                      For the quarters ended December 31, 2016, October 2, 2016 and
                                 December 31, 2015, adjustment to exclude discrete income tax
                                 items. For the quarters ended December 31, 2016 and October 2,
                                 2016, adjustment to treat Wireless Test business segment goodwill
                                 and intangible assets impairments as discrete tax items.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
(4        )                      For the quarter ended December 31, 2016, interest and other included
                                 non-cash convertible debt interest expense.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                                                                                                                                                    Year Ended
                                                                                                                                               ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                  December 31,                                                           % of Net                                                                                                                                                                                                                            December 31,                                                 % of Net
                                                                                                                                                                      2016                                                               Revenues                                                                                                                                                                                                                                2015                                                     Revenues
                                                                                                                                               -----------------------------------------------                        --------------------------------------------                                                                                                                                                                                        -----------------------------------------------                        ------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Net Revenues                                                                                                                                                      $ 1,753.3                                                                                                                                                                                                                                                                                                  $ 1,639.6
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Gross profit - GAAP                                                                                                                                               $   959.6                                                                54.7 %                                                                                                                                                                                                                            $   915.6                                           55.8 %
                                 Inventory step-up                                                                                                                        -                                                                   -                                                                                                                                                                                                                                    1.6                                            0.1 %
                                 Pension mark-to-market adjustments (1)                                                                             (1.0 )                                           -0.1 %                                                                                                                                                                                                               8.3                         0.5 %
                                                                                                                                               -------------------- ------- --------------------                      -------------------- ---- --------------------                                                                                                                                                                                      -------------------- ------- --------------------                      ---- --------------------
Gross profit - non-GAAP                                                                                                                                           $   958.6                                                                54.7 %                                                                                                                                                                                                                            $   925.5                                           56.4 %
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
(Loss) income from operations - GAAP                                                                                                                              $   (60.0 )                                                              -3.4 %                                                                                                                                                                                                                            $   243.0                                           14.8 %
                                 Goodwill impairment (2)                                                                                                              254.9                                                                14.5 %                                                                                                                                                                                                                                    -                                              -
                                 Acquired intangible assets impairment (2)                                                                                             83.3                                                                 4.8 %                                                                                                                                                                                                                                    -                                              -  
                                 Acquired intangible assets amortization                                                                                               52.6                                                                 3.0 %                                                                                                                                                                                                                                 69.0                                            4.2 %
                                 Restructuring and other (3)                                                                                                           21.9                                                                 1.2 %                                                                                                                                                                                                                                  5.1                                            0.3 %
                                 Pension mark-to-market adjustments (1)                                                                                                (3.2 )                                                              -0.2 %                                                                                                                                                                                                                                 17.7                                            1.1 %
                                 Inventory step-up                                                                                                     -                             -                                                                                                                                                                                              1.6                         0.1 %
                                                                                                                                               -------------------- ------- --------------------                      -------------------- ---- --------------------                                                                                                                                                                                      -------------------- ------- --------------------                      ---- --------------------
Income from operations - non-GAAP                                                                                                                                 $   349.5                          19.9 %                                                                                                                                                                                                                            $   336.4                        20.5 %
                                                                                                                                               ==================== ======= ====================                      ==================== ==== ====================                                                                                                                                                                                      ==================== ======= ====================                      ==== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                                                                                                                                  Net (Loss) Income                                                                                                                                                                                                                                                  Net Income
                                                                                                                                                                                                                                                                                                                                                                  per Common Share                                                                                                                                                                                                                                                per Common Share
                                                                                                                                                                                                                                                                                                                --------------------------------------------------------------------------------------------------------------                                                                                                                                                  --------------------------------------------------------------------------------------------------------------
                                                                                                                                                                  December 31,                                                           % of Net                                                                                     Basic                                                               Diluted                                                            December 31,                                                 % of Net                                                    Basic                                                               Diluted
                                                                                                                                                                      2016                                                               Revenues                                                                                                                                                                                                                                2015                                                     Revenues
                                                                                                                                               -----------------------------------------------                        --------------------------------------------                                              ---------------------------------------------                        ---------------------------------------------                        -----------------------------------------------                        ------------------------                       ---------------------------------------------                        ---------------------------------------------
Net (loss) income - GAAP                                                                                                                                          $   (43.4 )                                                              -2.5 %                                                                                  $ (0.21 )                                                            $ (0.21 )                                                            $   206.5                                           12.6 %                                                            $  0.98                                                              $  0.97
                                 Goodwill impairment (2)                                                                                                              254.9                                                                14.5 %                                                                                     1.26                                                                 1.25                                                                      -                                              -                                                 -                                                                    -
                                 Acquired intangible assets impairment (2)                                                                                             83.3                                                                 4.8 %                                                                                     0.41                                                                 0.41                                                                      -                                              -                                                                    -                                                                    -
                                 Acquired intangible assets amortization                                                                                               52.6                                                                 3.0 %                                                                                     0.26                                                                 0.26                                                                   69.0                                            4.2 %                                                               0.33                                                                 0.32
                                 Restructuring and other (3)                                                                                                           21.9                                                                 1.2 %                                                                                     0.11                                                                 0.11                                                                    5.1                                            0.3 %                                                               0.02                                                                 0.02
                                 Pension mark-to-market adjustments (1)                                                                                                (3.2 )                                                              -0.2 %                                                                                    (0.02 )                                                              (0.02 )                                                                 17.7                                            1.1 %                                                               0.08                                                                 0.08
                                 Interest and other (4)                                                                                                                 0.6                                                                 0.0 %                                                                                     0.00                                                                 0.00                                                                   (5.4 )                                         -0.3 %                                                              (0.03 )                                                              (0.03 )
                                 Inventory step-up                                                                                                                        -                                                                   -                                                                                          -                                                                    -                                                                    1.6                                            0.1 %                                                               0.01                                                                 0.01
                                 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                                                                                                                                             $   308.9                          17.6 %                                                                                  $  1.52                                           $  1.51                                           $   271.1                        16.5 %                                                            $  1.28                                           $  1.27  
                                                                                                                                               ==================== ======= ====================                      ==================== ==== ====================                                            ==================== ===== ====================                      ==================== ===== ====================                      ==================== ======= ====================                      ==== ====================                      ==================== ===== ====================                      ==================== ===== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
GAAP and non-GAAP weighted average common shares - basic                                                                                                              202.6                                                                                                                                                                                                                                                                                                      211.5
GAAP weighted average common shares - diluted                                                                                                                         202.6                                                                                                                                                                                                                                                                                                      213.3
                                 Include dilutive shares                                                                                             1.8                                                                                                                                                                                                                                                                    -  
                                                                                                                                               -------------------- ------- --------------------                                                                                                                                                                                                                                                          -------------------- ------- --------------------
Non-GAAP weighted average common shares - diluted                                                                                                  204.4                                                                                                                                                                                                                                                                213.3  
                                                                                                                                               ==================== ======= ====================                                                                                                                                                                                                                                                          ==================== ======= ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
(1        )                      Actuarial (gains) losses recognized under GAAP in accordance with
                                 Teradyne’s mark-to-market pension accounting.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
(2        )                      Goodwill and acquired intangible assets impairment related to
                                 Teradyne’s Wireless Test business segment.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
(3        )                      Restructuring and other consists of:
                                                                                                                                                                                                                                                                                                                        Year Ended
                                                                                                                                               ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                  December 31,                                                                                                                                                                                                                                                                                               December 31,
                                                                                                                                                                      2016                                                                                                                                                                                                                                                                                                       2015
                                                                                                                                               -----------------------------------------------                                                                                                                                                                                                                                                            -----------------------------------------------
                                                      Contingent consideration fair value adjustment                                                              $    15.9                                                                                                                                                                                                                                                                                                  $     2.5
                                                      Employee severance                                                                                                6.0                                                                                                                                                                                                                                                                                                        1.5
                                   Impairment of fixed assets and expenses related to Japan earthquake                           5.4                                                                                                                      -
                                   Property insurance recovery                                                                  (5.4 )                                                                                                                    -
                                   Acquisition costs                                                            -                                                                              1.1  
                                                                                                        -------------------- ------- --------------------                                                                      -------------------- ------- --------------------
                                                                                                                           $    21.9                                                                                           $     5.1  
                                                                                                        ==================== ======= ====================                                                                      ==================== ======= ====================
                                                                                                                                                                                                                                                                                                         
                                                                                                                                                                                                                                                                                                         
(4         )  For the year ended December 31, 2016, interest and other included
              non-cash convertible debt interest expense. For the year ended
              December 31, 2015, Interest and other included a gain from the sale
              of an equity investment.
                                                                                                                                                                                                                                                                                                         
(5         )  For the year ended December 31, 2016 and December 31, 2015,
              adjustment to exclude discrete income tax items. For the year ended
              December 31, 2016, adjustment to treat Wireless Test business
              segment goodwill and intangible assets impairments as discrete tax
              items.
                                                                                                                                                                                                                                                                                                         
                                                                                                                                                                                                                                                                                                         
GAAP to Non-GAAP Reconciliation of First Quarter 2017 guidance:
                                                                                                                                                                                                                                                                                                         
GAAP and non-GAAP first quarter revenue guidance:                                                                                                                          $420 million  to  $450 million
GAAP net income per diluted share                                                                                                                                             $  0.28                           $  0.34
              Exclude acquired intangible assets amortization                                                                                                                    0.04                              0.04
              Exclude non-cash convertible debt interest                                                                                                                         0.02                              0.02
              Tax effect of non-GAAP adjustments                                                                                                             (0.01 )        (0.01 )
                                                                                                                                                           -------------------- ----- -      -------------------- ----- -
Non-GAAP net income per diluted share                                                                                                                                         $  0.33                           $  0.40
                                                                                                                                                                                                                                                                                                         

For press releases and other information of interest to investors, please visit Teradyne’s homepage at http://www.teradyne.com .

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20170125006210r1&sid=cmtx6&distro=nx&lang=en

View source version on businesswire.com: http://www.businesswire.com/news/home/20170125006210/en/

SOURCE: Teradyne, Inc."> <Property FormalName="PrimaryTwitterHandle" Value="@teradyneinc

Teradyne, Inc. 
Andy Blanchard, 978-370-2425 
Vice President of Corporate Relations


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