ADVANTEST CORP financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data ADVANTEST CORP files with the SEC in its annual reports.

In JPY millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2010	FY2010	FY2010	FY2011	FY2012	FY2013	FY2014
Revenue	76,652	53,225	99,634	141,048	132,903	111,878	163,329
Cost of revenue	56,837	27,297	51,164	72,300	63,983	62,545	72,903
Gross profit	19,815	25,928	48,470	68,748	68,920	49,333	90,426
Research and development	23,713	17,896	21,197	30,303	33,062	32,670	29,876
Selling, general and administrative	31,771	19,671	21,162	37,608	35,778	39,964	45,720
Operating income	-49,457	-11,639	6,111	837	80	-36,369	14,619
Interest expense	11	4	3	153	132	140	137
Interest income	2,157	579	326	323	213	199	203
Other non-operating income	-3,304	1,713	-560	-4,279	-1,373	868	4,240
Pre-tax income	-52,761	-11,496	6,276	1,420	941	-35,086	14,619
Income tax	21,994	1,457	2,352	-1,240	2,493	61	5,911
Net income	-74,902	-11,454	3,163	-2,195	-3,821	-35,540	12,948
EBITDA	-40,738	-7,325	10,320	7,675	8,143	-28,101	19,678
EPS, basic	-419.09	-64.09	18.03	-12.67	-22.03	-204.10	74.31
EPS, diluted	-419.09	-64.09	18.03	-12.67	-22.03	-204.10	67.16
Shares, basic (weighted)		179	175	173	173	174	174
Shares, diluted (weighted)		179	175	173	173	174	193

Balance sheet

	FY2010	FY2010	FY2010	FY2011	FY2012	FY2013	FY2014
Cash and equivalents	105,455	96,439	75,323	58,218	45,668	68,997	97,574
Short-term investments		10,498	12,651
Receivables		15,930	22,707	24,119	26,953	20,404	24,960
Inventory		16,590	23,493	29,836	31,849	30,200	37,210
Other current assets		4,292	2,995	6,522	8,319	5,218	5,057
Total current assets		143,749	137,169	118,695	112,789	124,819	164,801
Property, plant and equipment		32,881	31,878	34,206	41,368	39,925	38,480
Goodwill		645	645	36,496	41,670	46,846	54,590
Intangible assets			874	15,794	15,833	3,545	4,085
Long-term investments		8,077	7,432	5,929	5,923	3,741	2,249
Other non-current assets		2,511	2,314	8,106	7,932	10,980	8,836
Total assets		188,663	180,312	219,226	225,515	229,856	273,041
Accounts payable		11,430	11,729	15,659	10,380	12,353	18,101
Accrued liabilities		4,894	7,329	12,068	7,910	6,775	10,482
Short-term debt				25,000			10,000
Total current liabilities		21,919	24,507	60,372	27,900	26,607	49,686
Long-term debt						25,000	15,000
Other non-current liabilities		2,737	3,604	3,858	4,589	3,207	2,264
Total liabilities		38,421	42,180	87,674	84,274	113,604	132,103
Total debt					25,000	25,000	25,000
Paid-in capital		40,463	40,628	42,280	42,801	43,906	43,770
Retained earnings		181,606	183,009	179,081	170,626	130,740	141,104
Treasury stock		-89,331	-99,598	-99,598	-97,620	-96,083	-94,686
Other comprehensive income	-14,587	-14,859	-18,270	-22,574	-6,929	5,326	18,387
Shareholders' equity	163,616	150,242	138,132	131,552	141,241	116,252	140,938
Total equity	163,616	150,242	138,132	131,552	141,241	116,252	140,938
Total liabilities and equity		188,663	180,312	219,226	225,515	229,856	273,041

Cash flow statement

	FY2010	FY2010	FY2010	FY2011	FY2012	FY2013	FY2014
Net income	-74,902	-11,454	3,163	-2,195	-3,821	-35,540	12,948
Depreciation and amortization	8,719	4,314	4,209	6,838	8,063	8,268	5,059
Stock-based compensation	248	143	165	583	861	1,283
Deferred income tax	20,205	-148	425	-3,663	693	-1,897	2,063
Change in receivables	19,323	-5,457	-7,645	616	-1,004	7,891	-1,690
Change in inventory	17,816	-6,942	-7,285	4,613	-566	2,806	-5,094
Cash from operations	2,357	-17,746	-693	12,302	-2,215	-3,776	24,481
Capital expenditures	-4,909	-2,798	-3,138	-5,931	-11,386	-5,511	-3,230
Acquisitions				-57,145		-1,273
Cash from investing	-32,507	10,824	-5,828	-37,670	-11,498	-4,711	-1,310
Debt issued					25,000
Stock issued				0	472	494	453
Share buybacks	-6	-4	-10,268	-1	-1
Dividends paid	-8,924	-1,796	-1,760	-1,729	-3,460	-3,474	-1,742
Cash from financing	-8,930	-1,803	-12,028	9,887	-2,914	27,202	-1,298
Exchange rate effect	-2,813	-291	-2,567	-1,624	4,077	4,614	6,704
Net change in cash	-41,893	-9,016	-21,116	-17,105	-12,550	23,329	28,577
Free cash flow	-2,552	-20,544	-3,831	6,371	-13,601	-9,287	21,251
Interest paid	12	10	4	153	87	140	137
Income taxes paid	5,414	1,083	1,412	3,267	1,519	2,711	1,486

Key metrics

Worked out from the statements above. Latest values use fiscal 2014. No valuation: the share price is quoted in a different currency than the statements.

Profitability

Metric	Value	How it is calculated
Gross margin	55.4%	Gross profit / revenue.
Operating margin	9.0%	Operating income / revenue.
EBITDA margin	12.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	9.0%	Pre-tax income / revenue.
Net margin	7.9%	Net income / revenue.
FCF margin	13.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	15.0%	Cash from operations / revenue.
Effective tax rate	40.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	10.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	5.1%	Net income / average total assets.
Return on invested capital (ROIC)	12.4%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	18.3%	Research and development expense / revenue.
SG&A / revenue	28.0%	Selling, general and administrative expense / revenue.
Capex / revenue	2.0%	Capital expenditures / revenue.
D&A / revenue	3.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	46.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	5.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	25.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	83.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	9.6%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	28.4%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income CAGR, 3y	159.5%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 3y	36.9%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 3y	25.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 3y	49.4%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	21.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	2.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-1.3%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	18.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	7.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	7.7%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	10.6%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	3.6%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	1.5%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	3.32x	Current assets / current liabilities.
Quick ratio	2.47x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.96x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.18x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	9.2%	Total debt / total assets.
Liabilities / assets	48.4%	Total liabilities / total assets.
Net debt	-¥72.57B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-3.69x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	107x	Operating income / interest expense.
Working capital	¥115.12B	Current assets - current liabilities.
Goodwill and intangibles / assets	21.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	¥82.26B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.65x	Revenue / average total assets.
Fixed asset turnover	4.17x	Revenue / average property, plant and equipment.
Inventory turnover	2.16x	Cost of revenue / average inventory.
Days inventory	169 days	365 x average inventory / cost of revenue.
Receivables turnover	7.20x	Revenue / average receivables.
Days sales outstanding	51 days	365 x average receivables / revenue.
Days payables	76 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	143 days	Days inventory + days sales outstanding - days payables.
FCF conversion	164.1%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	13.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	¥67.16	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	¥74.31	Net income per basic share, as reported (split-adjusted).
Revenue per share	¥848.31	Revenue / diluted weighted shares.
FCF per share	¥110.38	Free cash flow / diluted weighted shares.
Operating cash flow per share	¥127.15	Cash from operations / diluted weighted shares.
Book value per share	¥732.01	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	¥427.26	Tangible book value / shares outstanding.
Cash per share	¥506.79	(Cash + short-term investments) / shares outstanding.
Payout ratio	13.5%	Dividends paid / net income, when net income is positive.
Dividends / FCF	8.2%	Dividends paid / free cash flow, when free cash flow is positive.

What was ADVANTEST CORP's revenue in fiscal 2014?

ADVANTEST CORP reported revenue of ¥163.33B for fiscal 2014, 46% higher than the year before.

Was ADVANTEST CORP profitable in fiscal 2014?

Yes. Net income was ¥12.95B, a net margin of 7.9%.

How much free cash flow did ADVANTEST CORP generate in fiscal 2014?

Cash from operations of ¥24.48B minus capital expenditures of ¥3.23B left free cash flow of ¥21.25B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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