Teradyne Reports Fourth Quarter 2024 Results

NORTH READING, Mass.--(BUSINESS WIRE)--Teradyne, Inc. (NASDAQ:TER): Q4'24 Q4'23 Q3'24 FY 2024 FY 2023 Revenue (mil) $ 753 $ 671 $ 737 $ 2,820 $ 2,676 GAAP EPS $ 0.90 $ 0.72 $ 0.89 $ 3.32 $ 2.73 Non-GAAP EPS $ 0.95 $ 0.79 $ 0.90 $ 3.22 $ 2.93 Teradyne, Inc. (NASDAQ: TER) reported revenue of $753 million for the fourth quarter of 2024 of which $561 million was in Semiconductor Test and $98 million in Robotics. GAAP net income for the fourth quarter of 2024 was $146.3 million or $0.90 per diluted share. On a non-GAAP basis, Teradyne’s net income in the fourth quarter of 2024 was $155.0 million, or $0.95 per diluted share, which excluded acquired intangible asset amortization, restructuring and other charges, amortization on our investment in Technoprobe, pension mark-to-market, and included the related tax impact on non-GAAP adjustments. “Our Q4 results were toward the high end of our guidance range, driven by demand in our Semi Test business. For the quarter, AI compute and related memory remained strong while Mobile and Auto/Industrial exceeded our expectations,” said Teradyne CEO, Greg Smith. “In 2025, we expect year-over-year revenue acceleration with improving conditions in our test businesses. We expect the secular growth opportunities in AI compute and memory to remain, and we will continue to invest into these areas. Additionally, we plan to strategically realign our Robotics business to enhance customer experience and drive operational efficiency. Over the mid-term, we expect that this realignment will support our growth and profitability objectives.” Guidance for the first quarter of 2025 is revenue of $660 million to $700 million, with GAAP net income of $0.48 to $0.59 per diluted share and non-GAAP net income of $0.58 to $0.68 per diluted share. Non-GAAP guidance excludes acquired intangible asset amortization, amortization on our investment in Technoprobe, restructuring and other costs, as well as the related tax impact on non-GAAP adjustments. Note that the Semiconductor Test segment revenue includes the results of the Integrated Systems Test ("IST") component, with product lines for system level and hard disk drive testing, that was previously included in our System Test segment results. IST contributed $19 million to Semiconductor Test in the fourth quarter. Webcast A conference call to discuss the fourth quarter results, along with management’s business outlook, will follow at 8:30 a.m. ET, Thursday, January 30, 2025. 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 8:30 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 acquired intangible assets amortization, restructuring and other, pension actuarial gains and losses, stock compensation modification expense, gains and losses on foreign exchange options in connection with acquisitions and divestitures, gain on sale of business, legal settlement, discrete income tax adjustments, and includes the related tax impact on non-GAAP adjustments. 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 as a percentage of revenue, 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 diluted shares include the impact of Teradyne’s call option on its shares. 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 “Investor Relations” and then selecting “Financials” and 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 (NASDAQ:TER) designs, develops, and manufactures automated test equipment and advanced robotics systems. Its test solutions for semiconductors and electronics products enable Teradyne’s customers to consistently deliver on their quality standards. Its advanced robotics business includes collaborative robots and mobile robots that support manufacturing and warehouse operations for companies of all sizes. For more information, visit teradyne.com. Teradyne® is a registered trademark of Teradyne, Inc., in the U.S. and other countries. Safe Harbor Statement This release contains forward-looking statements including statements regarding Teradyne’s future business prospects, financial performance or position and results of operations. You can identify forward-looking statements by their use of forward-looking words such as “anticipate,” “expect,” “plan,” “could,” “may,” “will,” “believe,” “estimate,” “goal” or other comparable terms. Forward-looking statements in this press release address various matters, including statements regarding Teradyne’s financial guidance. Investors are cautioned that such forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements due to known and unknown risks, uncertainties, assumptions, and other factors. Such factors include, but are not limited to, macroeconomic factors and slowdowns or downturns in economic conditions generally and in the markets in which Teradyne operates; decreased or delayed product demand from one or more significant customers; a slowdown or inability in the development, delivery and acceptance of new products; the ability to grow the Robotics business; the impact of increased research and development spending; the impact of epidemics or pandemics such as COVID-19; the impact of a supply shortage on our supply chain and contract manufacturers; the consummation and success of any mergers or acquisitions; unexpected cash needs; the business judgment of the board of directors that a declaration of a dividend or the repurchase of common stock is not in Teradyne’s best interests; changes to U.S. or global tax regulations or guidance; the impact of any tariffs or export controls imposed by the U.S. or China; the impact of U.S. Department of Commerce or other government agency regulations relating to Huawei, HiSilicon and other customers or potential customers; the impact of U.S. Department Commerce export control regulations for certain U.S. products and technology sold to military end users or for military end-use in China; the impact of the current conflicts in Israel; the impact of regulations published by the U.S. Department of Commerce relating to semiconductors and semiconductor manufacturing equipment destined for certain end uses in China. The risks included above are not exhaustive. For a more detailed description of the risk factors associated with Teradyne, please refer to Teradyne’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023. Many of these factors are macroeconomic in nature and are, therefore, beyond Teradyne’s control. We caution readers not to place undue reliance on any forward-looking statements included in this press release which speak only as to the date of this press release. Teradyne specifically disclaims any obligation to update any forward-looking information contained in this press release or with respect to the announcements described herein. TERADYNE, INC. REPORT FOR FOURTH FISCAL QUARTER OF 2024 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Quarter Ended Year Ended December 31, 2024 September 29, 2024 December 31, 2023 December 31, 2024 December 31, 2023 Net revenues $ 752,884 $ 737,298 $ 670,600 $ 2,819,880 $ 2,676,298 Cost of revenues (exclusive of acquired intangible assets amortization shown separately below) (1) 305,597 300,784 291,055 1,170,953 1,139,550 Gross profit 447,287 436,514 379,545 1,648,927 1,536,748 Operating expenses: Selling and administrative (2) 155,739 157,649 142,336 617,047 577,315 Engineering and development 128,387 117,474 102,207 460,876 418,089 Acquired intangible assets amortization 4,656 4,748 4,651 18,764 18,999 Restructuring and other (3) 4,554 4,578 6,027 15,571 21,277 Loss (gain) on sale of business (4) 367 — — (57,119 ) — Operating expenses 293,703 284,449 255,221 1,055,139 1,035,680 Income from operations 153,584 152,065 124,324 593,788 501,068 Interest and other (income) expense (5) (4,213 ) (6,919 ) (15,482 ) (15,298 ) (24,504 ) Income before income taxes and equity in net earnings of affiliate 157,797 158,984 139,806 609,086 525,572 Income tax provision 5,408 12,260 22,752 59,503 76,820 Income before equity in net earnings of affiliate 152,389 146,724 117,054 549,583 448,752 Equity in net earnings of affiliate (6,136 ) (1,075 ) — (7,211 ) — Net income $ 146,253 $ 145,649 $ 117,054 $ 542,372 $ 448,752 Net income per common share: Basic $ 0.90 $ 0.89 $ 0.77 $ 3.41 $ 2.91 Diluted $ 0.90 $ 0.89 $ 0.72 $ 3.32 $ 2.73 Weighted average common shares - basic 162,478 163,002 152,812 159,083 154,310 Weighted average common shares - diluted (6) 163,184 164,253 162,106 163,314 164,304 Cash dividend declared per common share $ 0.12 $ 0.12 $ 0.11 $ 0.48 $ 0.44 (1) Cost of revenues includes: Quarter Ended Year Ended December 31, 2024 September 29, 2024 December 31, 2023 December 31, 2024 December 31, 2023 Provision for excess and obsolete inventory $ 3,406 $ 6,078 $ 5,289 $ 18,921 $ 28,358 Legal settlement — 3,600 — 3,600 — Sale of previously written down inventory (441 ) (472 ) (1,115 ) (2,227 ) (5,161 ) $ 2,965 $ 9,206 $ 4,174 $ 20,294 $ 23,197 (2) For the twelve months ended December 31, 2024, selling and administrative expenses included an equity charge of $1.7 million for the modification of Teradyne executives' retirement agreements. For the twelve months ended December 31, 2023, selling and administrative expenses included an equity charge of $5.9 million for the modification of Teradyne’s retired CEO’s outstanding equity awards in connection with his February 1, 2023, retirement. (3) Restructuring and other consists of: Quarter Ended Year Ended December 31, 2024 September 29, 2024 December 31, 2023 December 31, 2024 December 31, 2023 Lease terminations $ 1,284 $ — $ — $ 1,284 $ — Employee severance 378 1,280 2,892 5,234 14,727 Acquisition and divestiture related expenses — — 3,132 2,214 3,132 Contract termination — — — — 1,511 Other 2,892 3,298 3 6,840 1,907 $ 4,554 $ 4,578 $ 6,027 $ 15,572 $ 21,277 (4) On May 27, 2024, Teradyne sold Teradyne's Device Interface Solution ("DIS") business, a component of the Semiconductor Test segment, to Technoprobe S.p.A. ("Technoprobe"), for $85.0 million, net of cash and cash equivalents sold and a working capital adjustment. (5) Interest and other includes: Quarter Ended Year Ended December 31, 2024 September 29, 2024 December 31, 2023 December 31, 2024 December 31, 2023 Pension actuarial losses (gains) $ (1,842 ) $ (2,262 ) $ 2,575 $ (4,355 ) $ 2,703 Loss (gain) on foreign exchange option — — (7,464 ) 9,765 (7,464 ) (6) Under GAAP, when calculating diluted earnings per share, convertible debt must be assumed to have converted if the effect on EPS would be dilutive. Diluted shares assume the conversion of the convertible debt as the effect would be dilutive. Accordingly, for the quarter ended December 31, 2023, 0.2 million shares have been included in diluted shares. For the twelve months ended December 31, 2023, 0.6 million shares have been included in diluted shares. For the quarters ended September 29, 2024, and December 31, 2023, diluted shares included 0.5 million, and 8.6 million shares, respectively, from the convertible note hedge transaction. For the twelve months ended December 31, 2024, and December 31, 2023, diluted shares included 3.6 million and 8.9 million shares, respectively, from the convertible note hedge transaction. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) December 31, 2024 December 31, 2023 Assets Cash and cash equivalents $ 553,354 $ 757,571 Marketable securities 46,312 62,154 Accounts receivable, net 471,426 422,124 Inventories, net 298,492 309,974 Prepayments 429,086 548,970 Other current assets 17,727 37,992 Current assets held for sale — 23,250 Total current assets 1,816,397 2,162,035 Property, plant and equipment, net 508,171 445,492 Operating lease right-of-use assets, net 70,185 73,417 Marketable securities 124,121 117,434 Deferred tax assets 222,438 175,775 Retirement plans assets 11,994 11,504 Equity method investment 494,494 — Other assets 49,620 38,580 Acquired intangible assets, net 15,927 35,404 Goodwill 395,367 415,652 Assets held for sale — 11,531 Total assets $ 3,708,714 $ 3,486,824 Liabilities Accounts payable $ 134,792 $ 180,131 Accrued employees’ compensation and withholdings 204,991 191,750 Deferred revenue and customer advances 107,710 99,804 Other accrued liabilities 90,777 114,712 Operating lease liabilities 18,699 17,522 Income taxes payable 67,610 48,653 Current liabilities held for sale — 7,379 Total current liabilities 624,579 659,951 Retirement plans liabilities 133,338 132,090 Long-term deferred revenue and customer advances 40,505 37,282 Long-term other accrued liabilities 7,442 19,998 Deferred tax liabilities 1,038 183 Long-term operating lease liabilities 57,922 65,092 Long-term income taxes payable 24,596 44,331 Liabilities held for sale — 2,000 Total liabilities 889,420 960,927 Shareholders’ equity 2,819,294 2,525,897 Total liabilities and shareholders’ equity $ 3,708,714 $ 3,486,824 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) Quarter Ended Twelve Months Ended December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 Cash flows from operating activities: Net income $ 146,253 $ 117,054 $ 542,372 $ 448,752 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 26,497 23,260 100,977 92,118 Stock-based compensation 14,855 12,443 60,122 57,682 Equity in net earnings of affiliate 6,136 — 7,211 — Amortization 4,631 4,685 18,764 18,768 Provision for excess and obsolete inventory 3,406 5,289 18,922 28,358 Loss (gain) on sale of business 367 — (57,119 ) — Deferred taxes (20,099 ) (13,616 ) (46,360 ) (37,642 ) Retirement plan actuarial losses (gains) (1,842 ) 2,575 (4,355 ) 2,703 Losses (gains) on investments (83 ) (11,756 ) 10,056 (14,915 ) Other 2,751 (811 ) (2,290 ) (955 ) Changes in operating assets and liabilities Accounts receivable 12,607 40,786 (52,659 ) 70,977 Inventories (2,420 ) (1,068 ) 8,707 5,327 Prepayments and other assets 58,016 20,881 119,454 (43,101 ) Accounts payable and other liabilities 9,279 42,783 (54,386 ) 46,782 Deferred revenue and customer advances 8,552 (7,693 ) 12,176 (57,210 ) Retirement plans contributions (1,645 ) (1,794 ) (5,814 ) (5,492 ) Income taxes 15,296 15,762 (3,602 ) (26,921 ) Net cash provided by operating activities 282,557 248,780 672,176 585,231 Cash flows from investing activities: Purchases of property, plant and equipment (57,385 ) (44,336 ) (198,095 ) (159,642 ) Purchases of marketable securities (10,700 ) (24,120 ) (45,796 ) (161,906 ) Purchases of investments in businesses (5,000 ) — (532,060 ) — Issuance of convertible loan — — — (5,000 ) Proceeds from maturities of marketable securities 5,190 13,595 38,353 85,042 Proceeds from sales of marketable securities 436 24,438 24,035 61,401 Proceeds from the sale of a business, net of cash and cash equivalents sold — — 90,348 — Proceeds from life insurance — — 873 460 Net cash used for investing activities (67,459 ) (30,423 ) (622,342 ) (179,645 ) Cash flows from financing activities: Repurchase of common stock (143,521 ) (50,749 ) (198,574 ) (397,241 ) Dividend payments (19,487 ) (16,797 ) (76,423 ) (67,878 ) Payments related to net settlement of employee stock compensation awards (267 ) (202 ) (14,100 ) (20,788 ) Payments of borrowings on revolving credit facility — — (185,000 ) — Payments of convertible debt principal — (23,529 ) — (50,264 ) Proceeds from borrowings on revolving credit facility — — 185,000 — Issuance of common stock under stock purchase and stock option plans 65 175 37,330 34,259 Net cash used for financing activities (163,210 ) (91,102 ) (251,767 ) (501,912 ) Effects of exchange rate changes on cash and cash equivalents (8,570 ) (6,645 ) (2,284 ) (876 ) Increase (decrease) in cash and cash equivalents 43,318 120,610 (204,217 ) (97,202 ) Cash and cash equivalents at beginning of period 510,036 636,961 757,571 854,773 Cash and cash equivalents at end of period $ 553,354 $ 757,571 $ 553,354 $ 757,571 GAAP to Non-GAAP Earnings Reconciliation (In millions, except per share amounts) Quarter Ended December 31, 2024 % of Net Revenues September 29, 2024 % of Net Revenues December 31, 2023 % of Net Revenues Net revenues $ 752.9 $ 737.3 $ 670.6 Gross profit - GAAP 447.3 59.4 % 436.5 59.2 % 379.5 56.6 % Legal settlement (1) — — 3.6 0.5 % — — Gross profit - non-GAAP 447.3 59.4 % 440.1 59.7 % 379.5 56.6 % Income from operations - GAAP 153.6 20.4 % 152.1 20.6 % 124.3 18.5 % Acquired intangible assets amortization 4.7 0.6 % 4.7 0.6 % 4.7 0.7 % Restructuring and other (2) 4.6 0.6 % 4.6 0.6 % 6.0 0.9 % Legal settlement (1) — — 3.6 0.5 % — — Loss (Gain) on sale of business (3) 0.4 0.0 % — — — — Income from operations - non-GAAP $ 163.2 21.7 % $ 165.0 22.4 % $ 135.0 20.1 % Net Income per Common Share Net Income per Common Share Net Income per Common Share December 31, 2024 % of Net Revenues Basic Diluted September 29, 2024 % of Net Revenues Basic Diluted December 31, 2023 % of Net Revenues Basic Diluted Net income - GAAP $ 146.3 19.4 % $ 0.90 $ 0.90 $ 145.6 19.7 % $ 0.89 $ 0.89 $ 117.1 17.5 % $ 0.77 $ 0.72 Amortization of equity method investment 8.0 1.1 % 0.05 0.05 2.4 0.3 % 0.01 0.01 — — — — Acquired intangible assets amortization 4.7 0.6 % 0.03 0.03 4.7 0.6 % 0.03 0.03 4.7 0.7 % 0.03 0.03 Restructuring and other (2) 4.6 0.6 % 0.03 0.03 4.6 0.6 % 0.03 0.03 6.0 0.9 % 0.04 0.04 Loss (gain) on sale of business (3) 0.4 0.1 % 0.00 0.00 — — — — — — — — Legal settlement (1) — — — — 3.6 0.5 % 0.02 0.02 — — — — Loss (gain) on foreign exchange option — — — — — — — — (7.5 ) -1.1 % — (0.05 ) Pension mark-to-market adjustment (4) (1.8 ) -0.2 % (0.01 ) (0.01 ) (2.3 ) -0.3 % (0.01 ) (0.01 ) 2.6 0.4 % 0.02 0.02 Exclude discrete tax adjustments (8.0 ) -1.1 % (0.05 ) (0.05 ) (8.9 ) -1.2 % (0.05 ) (0.05 ) 3.3 0.5 % 0.02 0.02 Non-GAAP tax adjustments 0.9 0.1 % 0.01 0.01 (2.1 ) -0.3 % (0.01 ) (0.01 ) 1.0 0.1 % 0.01 0.01 Net income - non-GAAP $ 155.0 20.6 % $ 0.95 $ 0.95 $ 147.6 20.0 % $ 0.91 $ 0.90 $ 127.2 19.0 % $ 0.83 $ 0.79 GAAP and non-GAAP weighted average common shares - basic 162.5 163.0 152.8 GAAP weighted average common shares - diluted (6) 163.2 164.3 162.1 Exclude dilutive shares related to convertible note transaction — — (0.2 ) Non-GAAP weighted average common shares - diluted 163.2 164.3 161.9 (1) For the quarter ended September 29, 2024, legal settlement includes charges for a settlement following a judgment against the Company for infringement of expired patents. (2) Restructuring and other consists of: Quarter Ended December 31, 2024 September 29, 2024 December 31, 2023 Lease terminations $ 1.3 $ — $ — Employee severance 0.4 1.3 2.9 Acquisition and divestiture related expenses — — 3.1 Other 2.9 3.3 — $ 4.6 $ 4.6 $ 6.0 (3) On May 27, 2024, Teradyne sold DIS, a component of the Semiconductor Test segment, to Technoprobe, for $85.0 million, net of cash and cash equivalents sold and a working capital adjustment. (4) For the quarters ended December 31, 2024, September 29, 2024, and December 31, 2023, adjustments to exclude actuarial gains and losses, respectively, recognized under GAAP in accordance with Teradyne’s mark-to-market pension accounting. (5) For the quarters ended September 29, 2024, and December 31, 2023, non-GAAP weighted average diluted common shares included 0.5 million and 8.6 million shares, respectively, from the convertible note hedge transaction. Twelve Months Ended December 31, 2024 % of Net Revenues December 31, 2023 % of Net Revenues Net Revenues $ 2,819.9 $ 2,676.3 Gross profit - GAAP 1,648.9 58.5 % 1,536.7 57.4 % Legal settlement (1) 3.6 0.1 % — — Gross profit - non-GAAP 1,652.5 58.6 % 1,536.7 57.4 % Income from operations - GAAP 593.8 21.1 % 501.1 18.7 % Acquired intangible assets amortization 18.8 0.7 % 19.0 0.7 % Restructuring and other (2) 15.6 0.6 % 21.3 0.8 % Legal settlement (1) 3.6 0.1 % — — Equity modification charge (3) 1.7 0.1 % 5.9 0.2 % Loss (gain) on sale of business (4) (57.1 ) -2.0 % — — Income from operations - non-GAAP $ 576.3 20.4 % $ 547.3 20.4 % Net Income per Common Share Net Income per Common Share December 31, 2024 % of Net Revenues Basic Diluted December 31, 2023 % of Net Revenues Basic Diluted Net income - GAAP $ 542.4 19.2 % $ 3.39 $ 3.32 $ 448.8 16.8 % $ 2.91 $ 2.73 Acquired intangible assets amortization 18.8 0.7 % 0.12 0.11 19.0 0.7 % 0.12 0.12 Restructuring and other (2) 15.6 0.6 % 0.10 0.10 21.8 0.8 % 0.14 0.13 Amortization of equity method investment 10.4 0.4 % 0.07 0.06 — — — — Loss (gain) on foreign exchange option 9.8 0.3 % 0.06 0.06 (7.5 ) -0.3 % (0.05 ) (0.05 ) Legal settlement (1) 3.6 0.1 % 0.02 0.02 — — — — Equity modification charge (3) 1.7 0.1 % 0.01 0.01 5.9 0.2 % 0.04 0.04 Pension mark-to-market adjustment (5) (4.4 ) -0.2 % (0.03 ) (0.03 ) 2.7 0.1 % 0.02 0.02 Loss (gain) on sale of business (4) (57.1 ) -2.0 % (0.36 ) (0.35 ) — — — — Exclude discrete tax adjustments (8.7 ) -0.3 % (0.05 ) (0.05 ) (3.4 ) -0.1 % (0.02 ) (0.02 ) Non-GAAP tax adjustments (6.9 ) -0.2 % (0.04 ) (0.04 ) (7.7 ) -0.3 % (0.05 ) (0.05 ) Convertible share adjustment (6) — — — — — — — 0.01 Net income - non-GAAP $ 525.1 18.6 % $ 3.29 $ 3.22 $ 479.6 17.9 % $ 3.11 $ 2.93 GAAP and non-GAAP weighted average common shares - basic 159.8 154.3 GAAP weighted average common shares - diluted (6) 163.3 164.3 Exclude dilutive shares from convertible note — (0.6 ) Non-GAAP weighted average common shares - diluted 163.3 163.7 (1) For the twelve months ended December 31, 2024, a legal settlement includes charges for a settlement following a judgment against the Company for infringement of expired patents. (2) Restructuring and other consists of: Twelve Months Ended December 31, 2024 December 31, 2023 Employee severance $ 5.2 $ 14.8 Acquisition and divestiture related expenses 2.2 3.1 Lease terminations 1.3 — Contract termination — 1.5 Other 6.8 1.9 $ 15.6 $ 21.3 (3) For the twelve months ended December 31, 2024, selling and administrative expenses included an equity charge of $1.7 million for the modification of Teradyne’s executives' retirement agreements. For the twelve months ended December 31, 2023, selling and administrative expenses included an equity charge of $5.9 million for the modification of Teradyne’s retired CEO’s outstanding equity awards in connection with his February 1, 2023, retirement. (4) On May 27, 2024, Teradyne sold DIS, a component of the Semiconductor Test segment, to Technoprobe, for $85.0 million, net of cash and cash equivalents sold and a working capital adjustment. (5) For twelve months ended December 31, 2024, and December 31, 2023, adjustments to exclude actuarial gains and losses, respectively, recognized under GAAP in accordance with Teradyne’s mark-to-market pension accounting. (6) For the twelve months ended December 31, 2024 and December 31, 2023, non-GAAP weighted average diluted common shares included 3.6 million and 8.9 million shares, respectively, from the convertible note hedge transaction. GAAP to Non-GAAP Reconciliation of First Quarter 2025 guidance: GAAP and non-GAAP first quarter revenue guidance: $660 million to $700 million GAAP net income per diluted share $ 0.48 $ 0.59 Exclude acquired intangible assets amortization 0.03 0.03 Exclude restructuring and other charges 0.03 0.03 Exclude equity method investment amortization 0.05 0.05 Non-GAAP tax adjustments (0.01 ) (0.01 ) Non-GAAP net income per diluted share $ 0.58 $ 0.68 For press releases and other information of interest to investors, please visit Teradyne’s homepage at http://www.teradyne.com.

Teradyne Reports Fourth Quarter 2024 Results

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