Teradyne (TER) FY2020 results: revenue $3.1 billion, up 36.0% on the year
Teradyne, Inc. (TER) reported revenue of $3.1 billion for fiscal 2020, the year ended 31 December 2020, up 36.0% on the year before. Net income was $784 million, up 67.7%, and diluted earnings per share $4.28. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2021.
Revenue
$3.1 billion
+36.0% on the year
FY2013FY2020
Operating margin
29.7%
24.1% a year earlier
FY2013FY2020
Net income
$784 million
+67.7% on the year
FY2013FY2020
Diluted EPS
$4.28
+64.6% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
3,121
2,295
2,101
+36.0%
Cost of revenue
1,336
955
880
+39.8%
Gross profit
1,786
1,340
1,220
+33.3%
Gross margin
57.2%
58.4%
58.1%
Research and development
375
323
302
+16.2%
Selling, general and administrative
465
437
391
+6.3%
Operating income
928
554
474
+67.7%
Operating margin
29.7%
24.1%
22.6%
Interest expense
24.2
22.2
21.8
+8.8%
Pre-tax income
901
526
468
+71.4%
Income tax
117
58.3
16.0
+100.4%
Effective tax rate
13.0%
11.1%
3.4%
Net income
784
467
452
+67.7%
Net margin
25.1%
20.4%
21.5%
Diluted EPS
$4.28
$2.60
$2.35
+64.6%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
869
579
477
+50.1%
Capital expenditure
185
135
114
+37.4%
Free cash flow
684
444
363
+54.0%
Free cash flow margin
21.9%
19.4%
17.3%
Cash from investing
-570
-157
923
Cash from financing
-158
-574
-903
Depreciation and amortisation
127
121
113
+5.0%
Share-based compensation
44.9
37.9
33.6
+18.5%
Buybacks
88.5
500
823
-82.3%
Dividends paid
66.5
61.3
67.3
+8.4%
Dividend per share
$0.10
$0.36
$0.36
-72.2%
Diluted shares, weighted
183m
179m
193m
+2.0%
Shares outstanding at period end
166m
166m
176m
-0.2%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
2,207
1,480
1,522
+49.1%
Debt
410
395
380
+3.9%
Operating lease liabilities
42.1
45.8
n/a
-8.2%
Other liabilities
993
866
804
+14.6%
Total liabilities and equity
3,652
2,787
2,707
+31.0%
Fixed assets
395
320
280
+23.3%
Goodwill
454
416
382
+9.0%
Intangible assets
101
125
125
-19.6%
Investments
640
242
278
+164.8%
Cash and equivalents
914
774
927
+18.1%
Receivables
498
362
291
+37.3%
Inventory
222
197
154
+13.0%
Other assets
429
350
270
+22.4%
Total assets
3,652
2,787
2,707
+31.0%
10-K for the year ended 31 December 2020, filed 22 February 2021: the filing.