0001193125-25-258477
SEC filing尚未生成 AI 摘要
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Teradyne's CFO of $392.8M comfortably exceeded net income of $296.8M, indicating strong cash conversion. The main non-cash add-backs were depreciation ($79.5M), stock-based compensation ($47.6M), and provision for excess inventory ($19.2M). Working capital was a net use of $48.6M, driven by a $111.8M increase in receivables and $34.6M inventory build, partially offset by a $121.4M increase in payables.
Capital expenditures rose to $161.1M, representing a capex intensity of 41% of CFO. This is a meaningful increase from prior year's $140.7M. Free cash flow (CFO minus capex) would be $231.7M, sufficient to cover dividends ($57.6M) and share repurchases ($518.7M), though the latter was funded partly by borrowings ($200M draw on revolver) and reduced cash balance.
Investing activities also included $144.4M for acquisitions and $25.5M for investment in a business. The company used $518.7M for share repurchases, a significant increase from $55.1M in the prior period. Overall, cash generation remains solid, but elevated capex and aggressive buybacks reduced cash by $280.7M.