Analysis of Geographic Areas
Teradyne Inc. operates in 2 regions: United States and Foreign.
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- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Reportable Segments
- Enterprise Value (EV)
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Operating Profit Margin since 2005
- Current Ratio since 2005
- Price to Earnings (P/E) since 2005
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Area Asset Turnover
Teradyne Inc., asset turnover by geographic area
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| United States | |||||
| Foreign |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
- United States Asset Turnover
- The asset turnover ratio for the United States exhibits moderate fluctuations over the five-year period. Starting at 1.32 in 2019, it declined to 1.10 in 2020, indicating a reduction in efficiency. Subsequently, it increased to 1.27 in 2021 and further to a peak of 1.43 in 2022, suggesting improved asset utilization. However, this upward trend slightly reversed in 2023, with the ratio decreasing to 1.34, though it remained above the 2019 and 2020 levels.
- Foreign Asset Turnover
- The foreign asset turnover ratio shows more pronounced variability. It began at a high level of 15.7 in 2019, then increased to 17.71 in 2020 and reached its highest point of 22.43 in 2021. This growth indicates a significant improvement in asset turnover efficiency abroad during this period. However, in 2022 there was a notable decline to 16.36, and a further substantial decrease in 2023 to 10.78, reflecting a reduction in foreign asset utilization in the two most recent years.
- Comparative Insights
- While the United States asset turnover remained relatively stable with moderate changes, the foreign asset turnover demonstrated greater volatility, initially increasing before declining markedly in the last two years. The sharp decline in foreign ratios in 2022 and 2023 contrasts with the relatively stable and slight downward adjustment of the domestic ratios during the same timeframe. This suggests that the company experienced weakening efficiency in its foreign assets after reaching peak performance in 2021, whereas domestic assets maintained a more consistent utilization pattern.
Area Asset Turnover: United States
Teradyne Inc.; United States; area asset turnover calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Revenues from customers | |||||
| Long-lived assets | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Area asset turnover = Revenues from customers ÷ Long-lived assets
= ÷ =
- Revenues from customers
- Revenues demonstrated a fluctuating trend over the five-year period. Beginning at 333,059 thousand US dollars in 2019, there was a slight decline to 321,674 thousand in 2020. This was followed by a significant increase in 2021, reaching 392,626 thousand. The upward momentum continued into 2022 with revenues peaking at 469,948 thousand, before experiencing a decrease to 433,661 thousand in 2023. Overall, despite the dip in 2023, the revenue trend shows growth relative to the start of the period.
- Long-lived assets
- Long-lived assets showed a consistent upward trajectory from 2019 through 2022, increasing from 252,812 thousand US dollars to 328,341 thousand. This reflects steady investment or asset retention during this period. In 2023, however, there was a slight decline to 322,445 thousand, indicating a minor reduction or disposal of assets. The overall trend across the years suggests an expansion in asset base with a small recent contraction.
- Area asset turnover
- The area asset turnover ratio displayed some variability over the years. Starting at 1.32 in 2019, it declined to its lowest point at 1.10 in 2020, indicating reduced efficiency in generating revenues from assets during that year. The ratio improved to 1.27 in 2021 and further increased to a peak of 1.43 in 2022, reflecting enhanced utilization of the asset base. In 2023, the ratio decreased slightly to 1.34 but remained above the initial levels. This pattern suggests a recovery and overall improvement in asset efficiency after the 2020 downturn.
Area Asset Turnover: Foreign
Teradyne Inc.; Foreign; area asset turnover calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Revenues from customers | |||||
| Long-lived assets | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Area asset turnover = Revenues from customers ÷ Long-lived assets
= ÷ =
- Revenues from customers
- The revenues exhibited a general upward trend from 2019 through 2021, increasing from approximately 1.96 billion US dollars to over 3.31 billion US dollars. However, in the subsequent years, revenues declined noticeably, falling to approximately 2.69 billion US dollars in 2022 and further to around 2.24 billion US dollars by the end of 2023.
- Long-lived assets
- The value of long-lived assets showed fluctuating but overall increasing figures throughout the period. Starting at about 125 million US dollars in 2019, these assets rose to 158 million in 2020, then dipped slightly in 2021 to nearly 148 million. Following that decline, assets increased steadily to 164 million in 2022 and further to approximately 208 million by 2023, marking the highest value within the timeframe assessed.
- Area asset turnover
- The asset turnover ratio demonstrated increased efficiency reaching a peak of 22.43 in 2021, indicating a high level of revenue generation relative to asset base for that year. However, after 2021, the ratio deteriorated significantly, dropping to 16.36 in 2022 and further to 10.78 in 2023. This decline suggests diminishing efficiency in utilizing long-lived assets to generate revenues in the most recent years.
Revenues from customers
Teradyne Inc., revenues from customers by geographic area
US$ in thousands
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| United States | |||||
| Foreign | |||||
| Total |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
The analysis of the annual geographic area revenues reveals distinct trends in both the United States and foreign markets over the five-year period.
- United States Revenue
- The revenue generated from the United States shows an overall increasing trend from 2019 to 2022, with figures rising from $333,059 thousand in 2019 to a peak of $469,948 thousand in 2022. However, a decline is observed in 2023, where the revenue decreased to $433,661 thousand. Despite the dip in 2023, the 2023 revenue remains higher than the levels recorded in 2019 through 2021.
- Foreign Revenue
- Revenues from foreign markets exhibit more volatility across the period. Starting at $1,961,906 thousand in 2019, there is a notable increase reaching a maximum of $3,310,255 thousand in 2021. Following this peak, a significant decline occurs in 2022 to $2,685,097 thousand, continuing into 2023 with a further decrease to $2,242,637 thousand. The 2023 foreign revenue is however still above the 2019 level but significantly lower than the peak year of 2021.
- Total Revenue
- Total revenues mirror the combined movements of the two geographic segments. There is a strong upward trajectory from $2,294,965 thousand in 2019 to a high of $3,702,881 thousand in 2021, indicating robust growth during this time frame. Subsequently, total revenue decreases in both 2022 and 2023, falling to $3,155,045 thousand and $2,676,298 thousand respectively. This downward trend in the last two years suggests a contraction of overall sales, primarily influenced by the decline in foreign revenue.
Long-lived assets
Teradyne Inc., long-lived assets by geographic area
US$ in thousands
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| United States | |||||
| Foreign | |||||
| Total |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
- United States Long-Lived Assets
- The value of long-lived assets in the United States showed a general upward trend from 2019 to 2022, increasing from approximately $252.8 million to $328.3 million. In 2023, there was a slight decline to about $322.4 million. Overall, the assets grew steadily over the five-year period, with a minor contraction in the final year.
- Foreign Long-Lived Assets
- Foreign long-lived assets exhibited more volatility but a pronounced growth trajectory over the same period. Starting at approximately $124.9 million in 2019, the figure rose to $158.1 million in 2020, followed by a dip to $147.6 million in 2021. Subsequent years saw significant increases, reaching $164.1 million in 2022 and a notable jump to approximately $208.0 million in 2023. This indicates a strong expansion of foreign assets, particularly in the last two years.
- Total Long-Lived Assets
- The aggregate long-lived assets reflect the combined movements of domestic and foreign assets, showing consistent growth across all years. The total increased from about $377.8 million in 2019 to $449.4 million in 2020, with marginal growth to $456.0 million in 2021. Growth accelerated in 2022 and 2023, reaching approximately $492.4 million and $530.4 million respectively. The overall increase underscores a strategic emphasis on asset accumulation, with a stronger contribution from foreign assets in recent years.
- Summary of Trends
- The data reveals an organization expanding its long-lived asset base over the five-year span with a steady increase in domestic assets, albeit with a slight dip at the end of the period. Foreign assets, by contrast, experienced more fluctuations but displayed robust growth, especially in the last two years, contributing significantly to the total asset increase. The overall pattern suggests a growing investment presence internationally while maintaining a stable asset level domestically.