QUOTE AND NEWS
TheStreet.com  Apr 2  Comment 
By David Russell of OptionMonster  NEW YORK -- Semiconductors have been strong day in and day out, and now the bulls are turning to Teradyne .   OptionMonster's tracking programs detected the purchase of almost 3,900 May 20 calls, most of...
DailyFinance  Mar 24  Comment 
Teradyne, Inc. (NYSE:TER), a leading supplier of PCB production test solutions, today debuted 6 major TestStation printed-circuit board (PCB) systems and options at IPC APEX EXPO 2014. New products include: ...
DailyFinance  Mar 4  Comment 
The sixth annual Device Test Seminar series hosted by Teradyne, Inc. (NYSE: TER) attracted 1,000 engineers from over 100 companies located throughout Asia, including China, Japan, Korea, Malaysia, Philippines and Taiwan. The...
Jutia Group  Feb 27  Comment 
The Energy Report: Justin, welcome. Tell us about Salman Partners Top Pick Index. Why was it established?Justin Anderson: Top Pick Index was established to contrast the performance of our company's favorite investment ideas against a Canadian...
Cloud Computing  Feb 18  Comment 
Fund companies across Europe are increasingly adopting a fixed ratio on operational charges, which is a component of the total expense ratio (TER), to increase investor confidence that the costs of funds are fixed and will not...
Cloud Computing  Jan 28  Comment 
The Technology Executives Roundtable (TER), an association that consists of more than 120 CEOs, CFOs and general managers in Georgia’s technology community, announced today that Asif Ramji, president and CEO of...
SeekingAlpha  Jan 28  Comment 
By Arie Goren: I find Teradyne Inc. (TER) stock as a good combination of value and growth tech stock. The stock has risen only 13.4% since the beginning of 2013; this compared to 25.5% rise of the S&P 500 index, and 36.7% rise of the Nasdaq...
SeekingAlpha  Jan 23  Comment 
Teradyne (TER) Q4 2013 Earnings Call January 23, 2014 10:00 am ET Executives Andrew J. Blanchard - Vice President of Corporate Relations Michael A. Bradley - Chief Executive Officer and Executive Director Mark E. Jagiela -...
StreetInsider.com  Jan 22  Comment 
Visit StreetInsider.com at http://www.streetinsider.com/Dividends/Teradyne%2C+Inc.+%28TER%29+Declares+%240.06+Quarterly+Dividend%3B+1.2%25+Yield/9078968.html for the full story.
StreetInsider.com  Jan 22  Comment 
Visit StreetInsider.com at http://www.streetinsider.com/Dividends/Teradyne%2C+Inc.+%28TER%29+Tops+Q4+EPS+by+3c%3B+Issues+Light+Q1+Profit+Outlook%3B+Initiates+Qtr.+Dividend/9078964.html for the full story.




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Teradyne (NYSE: TER)

Company Overview

Business and Financial Metrics

TER Net Revenue, Gross Margin, and Net Income
TER Net Revenue, Gross Margin, and Net Income[1]
TER Net Revenue by Region
TER Net Revenue by Region[2]

Teradyne has consistently invested in engineering and development over the past three years, spending 20.7%, 14.9%, and 18.6% of total revenue in 2005, 2006, and 2007 respectively.[3]

Engineering and Development Expenses (Million USD / % of Total Revenue)[4] 2005 2006 2007
Engineering and Development $216.4 / 20.7% $202.4 / 14.9% $204.3 / 18.6%

Teradyne's customers have the ability to cancel orders suddenly, subject to possible cancellation penalties. The company has faced many cancelled orders due to the highly unpredictable end markets in the semiconductor industry. Accurately predicting cancellations and minimizing backlog presents a challenge for Teradyne, which has reported significant backlog in 2005, 2006 and 2007.[5] Test equipment that is backlogged instead of sold still contributes to production costs, but does not generate any revenue, thus lowering net income.

Teradyne Backlog by Segment (Million USD / % of Total Segment Bookings)[6] 2005 2006 2007
Semiconductor Test $289.7 / 32.9% $212.4 / 21.0% $236.2 / 26.3%
Systems Test Group $117.1 / 44.9% $120.2 / 44.4% $102.5 / 49.2%

Teradyne does business around the world, with 77% of 2007 net revenue coming from outside the United States.[7]

Net Revenue by Region (Million USD / % of Total Revenue)[8] 2005 2006 2007
United States $229.9 / 22% $311.9 / 23% $253.5 / 23%
South East Asia $250.8 / 24% $325.5 / 24% $242.5 / 22%
Europe $156.8 / 15% $189.9 / 14% $132.3 / 12%
Taiwan $135.9 / 13% $189.9 / 14% $143.3 / 13%
Japan $94.1 / 9% $162.7 / 12% $132.3 / 12%
Singapore $146.3 / 14% $149.2 / 11% $165.3 / 15%
Other International $31.4 / 3% $27.1 / 2% $33.1 / 3%

Business Segments

TER Net Revenue by Business Segment
TER Net Revenue by Business Segment[9]
  • Semiconductor Test (80% of Net Revenue) - Teradyne's core semiconductor test segment provides automatic test equipment used by semiconductor manufacturers to improve product quality, reduce time to market, increase production yields, and evaluate product performance.[10] The FLEX Test Platform performs multi-site tests, or tests of many devices and functions in parallel.[11] Semiconductor manufacturers use the multi-site capabilities of the FLEX Platform to improve "Cost of Test" economics, using one test to evaluate all of the necessary capabilities of their specific semiconductor technology.[12] The FLEX Test Platform also has an open architecture, so customizations can be made easily.[13] The FLEX Platform's versatility appeals to manufacturers of semiconductors that have very specific criteria, such as semiconductors in communications and automotive devices. The J750 test system is designed to test large quantities of the basic semiconductors, such as microcontrollers, that are central to most consumer electronics products.[14] Nextest Systems' (NYSE: NEXT), acquired in January 2008, core technology of flash memory semiconductor tests will also be incorporated into this segment.[15]
  • Systems Test Group (20% of Net Revenue) - Teradyne's systems test group consists of three business units: Military/Aerospace Test, Commercial Board Test, and Diagnostic Solutions.[16] Teradyne makes equipment used both to test new electronics systems, such as tactical air to missle systems, as well as upgrades of existing systems in military and commercial aircraft.[17] The Commercial Board Test business unit consists of products that test and inspect the complex circuit boards used in cell phones, computers, servers, automobiles and avionics systems.[18] Increasing complexity of these boards leaves them more vulnerable to assembly error, so advanced testing and inspection hardware and software is necessary to ensure product quality. The Diagnostic Solutions business unit consists of equipment used to diagnose problems in automotive electronic systems, such as navigation and climate control systems.[19]
Net Revenue by Segment (Million USD / % of Total Net Revenue)[20] 2005 2006 2007
Semiconductor Test $814.2 / 77.9% $1088.9 / 80.3% $876.5 / 79.5%
Systems Test Group $230.9 / 22.1% $267.3 / 19.7% $225.8 / 20.5%

Key Trends and Forces

Competition



References

  1. TER 2007 10-k pg. 18  
  2. TER 2007 10-k pg. 24  
  3. TER 2007 10-k pg. 26  
  4. TER 2007 10-k pg. 26  
  5. TER 2007 10-k pg. 23  
  6. TER 2007 10-k pg. 23  
  7. TER 2007 10-k pg. 24  
  8. TER 2007 10-k pg. 24  
  9. TER 2007 10-k pg. 24  
  10. TER 2007 10-k pg. 3  
  11. TER 2007 10-k pg. 4  
  12. TER 2007 10-k pg. 4  
  13. TER 2007 10-k pg. 4  
  14. TER 2007 10-k pg. 4  
  15. TER 2007 10-k pg. 2  
  16. TER 2007 10-k pg. 5  
  17. TER 2007 10-k pg. 5  
  18. TER 2007 10-k pg. 5  
  19. TER 2007 10-k pg. 6  
  20. TER 2007 10-k pg. 23  
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