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d

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 10-Q

 

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended March 31, 2024

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from ________ to ________

Commission File No. 001-06462

 

 

TERADYNE, INC.

(Exact name of registrant as specified in its charter)

 

 

Massachusetts

04-2272148

(State or Other Jurisdiction of

Incorporation or Organization)

(I.R.S. Employer

Identification No.)

 

600 Riverpark Drive, North Reading,

Massachusetts

01864

(Address of Principal Executive Offices)

(Zip Code)

978-370-2700

(Registrant’s Telephone Number, Including Area Code)

 

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange

on which registered

Common Stock, par value $0.125

per share

 

TER

 

Nasdaq Stock Market LLC

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to the filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files) Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act (check one):

 

Large accelerated filer

Accelerated filer

Non-accelerated filer

Emerging growth company

 

Smaller reporting company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

The number of shares outstanding of the registrant’s only class of Common Stock as of April 29, 2024, was 156,111,885 shares.

 

 


 

TERADYNE, INC.

INDEX

Page No.

PART I. FINANCIAL INFORMATION

Item 1.

Financial Statements (Unaudited):

1

 

Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023

1

 f

 

Condensed Consolidated Statements of Operations for the Three Months ended March 31, 2024 and April 2, 2023

2

 

Condensed Consolidated Statements of Comprehensive Income for the Three Months ended March 31, 2024 and April 2, 2023

3

 

Condensed Statements of Shareholders’ Equity for the Three Months Ended March 31, 2024 and April 2, 2023

4

d

 

Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and April 2, 2023

5

 

Notes to Condensed Consolidated Financial Statements

6

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

27

 

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

33

 

Item 4.

Controls and Procedures

33

 

PART II. OTHER INFORMATION

 

 

Item 1.

Legal Proceedings

34

 

Item 1A.

Risk Factors

34

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

35

 

Item 4.

Mine Safety Disclosures

35

 

Item 5.

Other Information

36

 

Item 6.

Exhibits

37

 

 


PART I

Item 1: Financial Statements

TERADYNE, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

 

 

March 31,
2024

 

 

December 31,
2023

 

 

 

(in thousands,
except per share amount)

 

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

707,403

 

 

$

757,571

 

Marketable securities

 

 

41,300

 

 

 

62,154

 

Accounts receivable, less allowance for credit losses of $1,947 and $1,988 at March 31, 2024
   and December 31, 2023, respectively

 

 

426,333

 

 

 

422,124

 

Inventories, net

 

 

314,232

 

 

 

309,974

 

Prepayments

 

 

537,642

 

 

 

548,970

 

Other current assets

 

 

16,057

 

 

 

37,992

 

Current assets held for sale

 

 

22,426

 

 

 

23,250

 

Total current assets

 

 

2,065,393

 

 

 

2,162,035

 

Property, plant and equipment, net

 

 

457,248

 

 

 

445,492

 

Operating lease right-of-use assets, net

 

 

74,625

 

 

 

73,417

 

Marketable securities

 

 

121,905

 

 

 

117,434

 

Deferred tax assets

 

 

185,734

 

 

 

175,775

 

Retirement plans assets

 

 

11,449

 

 

 

11,504

 

Other assets

 

 

45,098

 

 

 

38,580

 

Acquired intangible assets, net

 

 

30,234

 

 

 

35,404

 

Goodwill

 

 

407,576

 

 

 

415,652

 

Long-term assets held for sale

 

 

11,458

 

 

 

11,531

 

Total assets

 

$

3,410,720

 

 

$

3,486,824

 

LIABILITIES

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

153,873

 

 

$

180,131

 

Accrued employees’ compensation and withholdings

 

 

121,144

 

 

 

191,750

 

Deferred revenue and customer advances

 

 

100,058

 

 

 

99,804

 

Other accrued liabilities

 

 

101,275

 

 

 

114,712

 

Operating lease liabilities

 

 

17,400

 

 

 

17,522

 

Income taxes payable

 

 

55,922

 

 

 

48,653

 

Current liabilities held for sale

 

 

4,687

 

 

 

7,379

 

Total current liabilities

 

 

554,359

 

 

 

659,951

 

Retirement plans liabilities

 

 

134,878

 

 

 

132,090

 

Long-term deferred revenue and customer advances

 

 

35,044

 

 

 

37,282

 

Long-term other accrued liabilities

 

 

16,653

 

 

 

19,998

 

Deferred tax liabilities

 

 

134

 

 

 

183

 

Long-term operating lease liabilities

 

 

65,554

 

 

 

65,092

 

Long-term incomes taxes payable

 

 

44,331

 

 

 

44,331

 

Long-term liabilities held for sale

 

 

1,938

 

 

 

2,000

 

Total liabilities

 

 

852,891

 

 

 

960,927

 

Commitments and contingencies (Note Q)

 

 

 

 

 

 

SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

Common stock, $0.125 par value, 1,000,000 shares authorized; 153,757 and 152,698 shares issued
   and outstanding at March 31, 2024 and December 31, 2023, respectively

 

 

19,220

 

 

 

19,087

 

Additional paid-in capital

 

 

1,848,088

 

 

 

1,827,274

 

Accumulated other comprehensive loss

 

 

(39,739

)

 

 

(26,978

)

Retained earnings

 

 

730,260

 

 

 

706,514

 

Total shareholders’ equity

 

 

2,557,829

 

 

 

2,525,897

 

Total liabilities and shareholders’ equity

 

$

3,410,720

 

 

$

3,486,824

 

 

The accompanying notes, together with the Notes to Consolidated Financial Statements included in Teradyne’s Annual Report on Form 10-K for the year ended December 31, 2023, are an integral part of the condensed consolidated financial statements.

1


TERADYNE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

 

 

For the Three Months
 Ended

 

 

 

March 31,
2024

 

 

April 2,
2023

 

 

 

(in thousands, except per share amount)

 

Revenues:

 

 

 

 

 

 

Products

 

$

458,433

 

 

$

473,418

 

Services

 

 

141,386

 

 

 

144,111

 

Total revenues

 

 

599,819

 

 

 

617,529

 

Cost of revenues:

 

 

 

 

 

 

Cost of products

 

 

200,763

 

 

 

198,665

 

Cost of services

 

 

59,774

 

 

 

62,444

 

Total cost of revenues (exclusive of acquired intangible
   assets amortization shown separately below)

 

 

260,537

 

 

 

261,109

 

Gross profit

 

 

339,282

 

 

 

356,420

 

Operating expenses:

 

 

 

 

 

 

Selling and administrative

 

 

149,188

 

 

 

150,955

 

Engineering and development

 

 

103,199

 

 

 

105,762

 

Acquired intangible assets amortization

 

 

4,697

 

 

 

4,802

 

Restructuring and other

 

 

4,427

 

 

 

2,037

 

Total operating expenses

 

 

261,511

 

 

 

263,556

 

Income from operations

 

 

77,771

 

 

 

92,864

 

Non-operating (income) expense:

 

 

 

 

 

 

Interest income

 

 

(7,867

)

 

 

(5,258

)

Interest expense

 

 

661

 

 

 

987

 

Other (income) expense, net

 

 

12,075

 

 

 

51

 

Income before income taxes

 

 

72,902

 

 

 

97,084

 

Income tax provision

 

 

8,705

 

 

 

13,553

 

Net income

 

$

64,197

 

 

$

83,531

 

Net income per common share:

 

 

 

 

 

 

Basic

 

$

0.42

 

 

$

0.54

 

Diluted

 

$

0.40

 

 

$

0.50

 

Weighted average common shares—basic

 

 

153,047

 

 

 

155,904

 

Weighted average common shares—diluted

 

 

162,348

 

 

 

166,308

 

 

The accompanying notes, together with the Notes to Consolidated Financial Statements included in Teradyne’s Annual Report on Form 10-K for the year ended December 31, 2023, are an integral part of the condensed consolidated financial statements.

2


TERADYNE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

 

 

 

For the Three Months
 Ended

 

 

 

March 31,
2024

 

 

April 2,
2023

 

 

 

(in thousands)

 

Net income

 

$

64,197

 

 

$

83,531

 

Other comprehensive income (loss), net of tax:

 

 

 

 

 

 

Foreign currency translation adjustment, net of tax of $0 and $0, respectively

 

 

(11,457

)

 

 

9,309

 

Available-for-sale marketable securities:

 

 

 

 

 

 

Unrealized (losses) gains on marketable securities arising during period,
   net of tax of $(
221) and $503, respectively

 

 

(902

)

 

 

2,294

 

Less: Reclassification adjustment for losses included in net income,
   net of tax of $
30 and $2, respectively

 

 

106

 

 

 

5

 

 

 

(796

)

 

 

2,299

 

Cash flow hedges:

 

 

 

 

 

 

Unrealized gains arising during period, net of tax of $358 and $167, respectively

 

 

1,274

 

 

 

596

 

Less: Reclassification adjustment for (gains) losses included in net income,
   net of tax of $(
500) and $338 respectively

 

 

(1,780

)

 

 

1,200

 

 

 

(506

)

 

 

1,796

 

Defined benefit post-retirement plan:

 

 

 

 

 

 

Amortization of prior service credit, net of tax of $0 and $0, respectively

 

 

(2

)

 

 

(2

)

Other comprehensive income (loss)

 

 

(12,761

)

 

 

13,402

 

Comprehensive income

 

$

51,436

 

 

$

96,933

 

 

The accompanying notes, together with the Notes to Consolidated Financial Statements included in Teradyne’s Annual Report on Form 10-K for the year ended December 31, 2023, are an integral part of the condensed consolidated financial statements.

3


TERADYNE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(Unaudited)

 

 

 

Shareholders' Equity

 

 

 

Common
Stock
Shares

 

 

Common
Stock
Par Value

 

 

Additional
Paid-in
Capital

 

 

Accumulated
Other
Comprehensive
Income (Loss)

 

 

Retained
Earnings

 

 

Total
Shareholders’
Equity

 

 

 

(in thousands)

 

For the Three Months Ended March 31, 2024

 

Balance, December 31, 2023

 

 

152,698

 

 

$

19,087

 

 

$

1,827,274

 

 

$

(26,978

)

 

$

706,514

 

 

$

2,525,897

 

Net issuance of common stock under stock-based plans

 

 

466

 

 

 

58

 

 

 

3,758

 

 

 

 

 

 

 

 

 

3,816

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

17,158

 

 

 

 

 

 

 

 

 

17,158

 

Warrant exercises

 

813

 

 

102

 

 

 

(102

)

 

 

 

 

 

 

 

 

 

Repurchase of common stock

 

 

(220

)

 

 

(27

)

 

 

 

 

 

 

 

 

(22,068

)

 

 

(22,095

)

Cash dividends ($0.12 per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(18,383

)

 

 

(18,383

)

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

64,197

 

 

 

64,197

 

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

(12,761

)

 

 

 

 

 

(12,761

)

Balance, March 31, 2024

 

 

153,757

 

 

$

19,220

 

 

$

1,848,088

 

 

$

(39,739

)

 

$

730,260

 

 

$

2,557,829

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended April 2, 2023

 

Balance, December 31, 2022

 

 

155,759

 

 

$

19,470

 

 

$

1,755,963

 

 

$

(49,868

)

 

$

725,729

 

 

$

2,451,294

 

Net issuance of common stock under stock-based plans

 

 

579

 

 

 

73

 

 

 

(3,943

)

 

 

 

 

 

 

 

 

(3,870

)

Stock-based compensation expense

 

 

 

 

 

 

 

 

20,332

 

 

 

 

 

 

 

 

 

20,332

 

Repurchase of common stock

 

 

(893

)

 

 

(112

)

 

 

 

 

 

 

 

 

(97,936

)

 

 

(98,048

)

Cash dividends ($0.11 per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(17,179

)

 

 

(17,179

)

Settlements of convertible notes

 

 

324

 

 

 

41

 

 

 

(41

)

 

 

 

 

 

 

 

 

 

Exercise of convertible notes hedge call options

 

 

(324

)

 

 

(41

)

 

 

41

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

83,531

 

 

 

83,531

 

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

13,402

 

 

 

 

 

 

13,402

 

Balance, April 2, 2023

 

 

155,445

 

 

$

19,431

 

 

$

1,772,352

 

 

$

(36,466

)

 

$

694,145

 

 

$

2,449,462

 

 

 

The accompanying notes, together with the Notes to Consolidated Financial Statements included in Teradyne’s Annual Report on Form 10-K for the year ended December 31, 2023, are an integral part of the condensed consolidated financial statements.

4


TERADYNE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

 

For the Three Months
 Ended

 

 

 

March 31,
2024

 

 

April 2,
2023

 

 

 

(in thousands)

 

Cash flows from operating activities:

 

 

 

 

 

 

Net income

 

$

64,197

 

 

$

83,531

 

Adjustments to reconcile net income from operations to net cash provided by operating activities:

 

 

 

 

 

 

Depreciation

 

 

23,354

 

 

 

22,680

 

Stock-based compensation

 

 

15,758

 

 

 

18,885

 

Provision for excess and obsolete inventory

 

 

6,177

 

 

 

5,610

 

Amortization

 

 

4,766

 

 

 

4,926

 

Deferred taxes

 

 

(9,669

)

 

 

(7,634

)

Losses (gains) on investments

 

 

10,466

 

 

 

(2,238

)

Other

 

 

787

 

 

 

108

 

Changes in operating assets and liabilities

 

 

 

 

 

 

Accounts receivable

 

 

(8,055

)

 

 

37,204

 

Inventories

 

 

(6,932

)

 

 

(23,697

)

Prepayments and other assets

 

 

11,089

 

 

 

(15,380

)

Accounts payable and other liabilities

 

 

(105,548

)

 

 

(83,208

)

Deferred revenue and customer advances

 

 

(1,444

)

 

 

(32,705

)

Retirement plans contributions

 

 

(1,421

)

 

 

(1,234

)

Income taxes

 

 

3,754

 

 

 

12,488

 

Net cash provided by operating activities

 

 

7,279

 

 

 

19,336

 

Cash flows from investing activities:

 

 

 

 

 

 

Purchases of property, plant and equipment

 

 

(44,023

)

 

 

(41,444

)

Purchases of marketable securities

 

 

(16,042

)

 

 

(69,276

)

Proceeds from maturities of marketable securities

 

 

14,438

 

 

 

7,468

 

Proceeds from sales of marketable securities

 

 

20,734

 

 

 

7,929

 

Proceeds from insurance

 

 

873

 

 

 

460

 

Net cash used for investing activities

 

 

(24,020

)

 

 

(94,863

)

Cash flows from financing activities:

 

 

 

 

 

 

Repurchase of common stock

 

 

(22,117

)

 

 

(93,308

)

Dividend payments

 

 

(18,370

)

 

 

(17,165

)

Payments of convertible debt principal

 

 

 

 

 

(15,155

)

Payments related to net settlement of employee stock compensation awards

 

 

(13,115

)

 

 

(19,870

)

Issuance of common stock under stock purchase and stock option plans

 

 

16,934

 

 

 

15,997

 

Net cash used for financing activities

 

 

(36,668

)

 

 

(129,501

)

Effects of exchange rate changes on cash and cash equivalents

 

 

3,241

 

 

 

(537

)

Decrease in cash and cash equivalents

 

 

(50,168

)

 

 

(205,565

)

Cash and cash equivalents at beginning of period

 

 

757,571

 

 

 

854,773

 

Cash and cash equivalents at end of period

 

$

707,403

 

 

$

649,208

 

Non-cash investing activities:

 

 

 

 

 

 

Capital expenditures incurred but not yet paid:

 

$

3,086

 

 

$

3,823

 

 

The accompanying notes, together with the Notes to Consolidated Financial Statements included in Teradyne’s Annual Report on Form 10-K for the year ended December 31, 2023, are an integral part of the condensed consolidated financial statements.

5


TERADYNE, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

A. THE COMPANY

Teradyne, Inc. (“Teradyne”) is a leading global supplier of automated test equipment and robotics solutions. Teradyne designs, develops, manufactures and sells automated test systems and robotics products. Teradyne’s automated test systems are used to test semiconductors, wireless products, data storage and complex electronics systems in many industries including consumer electronics, wireless, automotive, industrial, computing, communications, and aerospace and defense industries. Teradyne’s robotics products include collaborative robotic arms, autonomous mobile robots, and advanced robotic control software used by global manufacturing, logistics and industrial customers to improve quality, increase manufacturing and material handling efficiency and decrease manufacturing and logistics costs. Teradyne’s automated test equipment and robotics products and services include:

semiconductor test (“Semiconductor Test”) systems;
storage and system level test (“Storage Test”) systems, defense/aerospace (“Defense/Aerospace”) test instrumentation and systems, and circuit-board test and inspection (“Production Board Test”) systems (collectively these products represent “System Test”);
wireless test (“Wireless Test”) systems; and
robotics (“Robotics”) products.

B. ACCOUNTING POLICIES

Basis of Presentation

The consolidated interim financial statements include the accounts of Teradyne and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated. These interim financial statements are unaudited and reflect all normal recurring adjustments that are, in the opinion of management, necessary for the fair statement of such interim financial statements. The December 31, 2023 condensed consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by United States of America generally accepted accounting principles (“U.S. GAAP”) for complete financial statements. The accompanying financial information should be read in conjunction with the consolidated financial statements and notes thereto contained in Teradyne’s Annual Report on Form 10-K, filed with the U.S. Securities and Exchange Commission (“SEC”) on February 22, 2024, for the year ended December 31, 2023.

Preparation of Financial Statements and Use of Estimates

The preparation of consolidated financial statements requires management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent liabilities. On an on-going basis, management evaluates its estimates, including those related to inventories, investments, goodwill, intangible and other long-lived assets, accounts receivable, income taxes, deferred tax assets and liabilities, pensions, warranties, contingent consideration liabilities, and loss contingencies. Management bases its estimates on historical experience and on appropriate and customary assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Management is not aware of any specific event or circumstance that would require an update to its estimates or judgments or a revision of the carrying value of its assets or liabilities as of the date of issuance of this Quarterly Report on Form 10-Q. These estimates may change, as new events occur and additional information is obtained. Actual results may differ significantly from these estimates under different assumptions or conditions.

C. RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") No. 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures", which will require Teradyne to disclose significant segment expenses and other segment items used by the Chief Operating Decision Maker ("CODM") on an annual and interim basis as well as provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. Additionally, Teradyne will be required to disclose the title and position of the CODM. The new standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. This ASU will have no impact on results of operations, cash flows or financial condition. Upon

6


adoption, Teradyne will apply the amendments in this ASU retrospectively to all prior period disclosures presented in the financial statements.

In December 2023, FASB issued ASU 2023-09 –“Income Taxes (Topic 740): Improvements to Income Tax Disclosures”, which requires expanded disclosures relating to the tax rate reconciliation, income taxes paid, income (loss) before income tax expense (benefit) and income tax expense (benefit), requiring a greater disaggregation of information for each. The provisions of ASU 2023-09 are effective for fiscal years beginning after December 15, 2024. The amendments in this update should be applied on a prospective basis, but retrospective application is permitted. This ASU will have no impact on results of operations, cash flows or financial condition.

D. REVENUE

Disaggregation of Revenue

The following table provides information about disaggregated revenue by timing of revenue recognition, primary geographical market, and major product lines.

 

 

 

Semiconductor Test

 

 

System Test

 

 

Robotics

 

 

Wireless Test

 

 

 

 

 

 

System
on-a-Chip

 

 

Memory

 

 

 

 

 

Universal
Robots

 

 

Mobile
Industrial
Robots

 

 

 

 

 

Total

 

 

(in thousands)

 

For the Three Months Ended March 31, 2024 (1)

 

Timing of Revenue Recognition

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Point in Time

 

$

229,592

 

 

$

102,436

 

 

$

58,073

 

 

$

65,893

 

 

$

19,290

 

 

$

20,914

 

 

$

496,198

 

Over Time

 

 

72,716

 

 

 

7,510

 

 

 

17,249

 

 

 

1,868

 

 

 

603

 

 

 

3,675

 

 

 

103,621

 

Total

 

$

302,308

 

 

$

109,946

 

 

$

75,322

 

 

$

67,761

 

 

$

19,893

 

 

$

24,589

 

 

$

599,819

 

Geographical Market

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asia Pacific

 

$

270,567

 

 

$

95,606

 

 

$

25,781

 

 

$

11,625

 

 

$

2,954

 

 

$

17,141

 

 

$

423,674

 

Americas

 

 

22,551

 

 

 

9,052

 

 

 

36,594

 

 

 

20,005

 

 

 

14,625

 

 

 

5,824

 

 

 

108,651

 

Europe, Middle East and Africa

 

 

9,190

 

 

 

5,288

 

 

 

12,947

 

 

 

36,131

 

 

 

2,314

 

 

 

1,624

 

 

 

67,494

 

Total

 

$

302,308

 

 

$

109,946

 

 

$

75,322

 

 

$

67,761

 

 

$

19,893

 

 

$

24,589

 

 

$

599,819

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended April 2, 2023 (1)

 

Timing of Revenue Recognition

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Point in Time

 

$

273,275

 

 

$

61,258

 

 

$

56,857

 

 

$

70,029

 

 

$

15,959

 

 

$

35,363

 

 

$

512,741

 

Over Time

 

 

73,559

 

 

 

6,917

 

 

 

17,774

 

 

 

2,008

 

 

 

1,218