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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jul. 02, 2023
Jun. 30, 2024
Jul. 02, 2023
Revenues:        
Total revenues $ 729,879 [1] $ 684,437 [1] $ 1,329,698 [2] $ 1,301,966 [2]
Cost of revenues:        
Total cost of revenues (exclusive of acquired intangible assets amortization shown separately below) 304,035 281,945 564,572 543,054
Gross profit 425,844 402,492 765,126 758,912
Operating expenses:        
Selling and administrative 154,470 145,695 303,658 296,650
Engineering and development 111,816 105,706 215,015 211,468
Acquired intangible assets amortization 4,664 4,825 9,361 9,627
Restructuring and other 2,012 6,358 6,440 8,395
Gain on sale of business (57,486) 0 (57,486) 0
Total operating expenses 215,476 262,584 476,988 526,140
Income from operations 210,368 139,908 288,138 232,772
Non-operating (income) expense:        
Interest income (6,715) (6,354) (14,582) (11,613)
Interest expense 1,530 1,045 2,190 2,031
Other (income) expense, net (3,850) 815 8,225 868
Income before income taxes [3],[4] 219,403 144,402 292,305 241,486
Income tax provision 33,130 24,352 41,835 37,905
Net income $ 186,273 $ 120,050 $ 250,470 $ 203,581
Net income per common share:        
Basic $ 1.18 $ 0.78 $ 1.61 $ 1.31
Diluted $ 1.14 $ 0.73 $ 1.54 $ 1.23
Weighted average common shares—basic 157,804 154,760 155,426 155,332
Weighted average common shares—diluted 163,470 164,751 162,909 165,530
Product [Member]        
Revenues:        
Total revenues $ 596,877 $ 540,375 $ 1,055,310 $ 1,013,793
Cost of revenues:        
Total cost of revenues (exclusive of acquired intangible assets amortization shown separately below) 250,236 217,011 450,999 415,675
Service [Member]        
Revenues:        
Total revenues 133,002 144,062 274,388 288,173
Cost of revenues:        
Total cost of revenues (exclusive of acquired intangible assets amortization shown separately below) $ 53,799 $ 64,934 $ 113,573 $ 127,379
[1] Includes $0.8 million and $1.3 million in 2024 and 2023, respectively, for leases of Teradyne’s systems recognized outside Accounting Standards Codification (“ASC”) 606 “Revenue from Contracts with Customers.”
[2] Includes $1.7 million and $2.5 million in 2024 and 2023, respectively, for leases of Teradyne’s systems recognized outside Accounting Standards Codification (“ASC”) 606 “Revenue from Contracts with Customers.”
[3] Included in Corporate and Eliminations are: interest income, interest expense, net foreign exchange gains (losses), intercompany eliminations, severance charges, pension, acquisition and divestiture related fees, and an expense for the modification of outstanding equity awards.
[4] Included in income (loss) before taxes are charges related to restructuring and other, expense for the modification of outstanding equity awards, and inventory charges.