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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 29, 2024
Oct. 01, 2023
Sep. 29, 2024
Oct. 01, 2023
Revenues:        
Total revenues $ 737,298 [1] $ 703,732 [1] $ 2,066,996 [2] $ 2,005,699 [2]
Cost of revenues:        
Total cost of revenues (exclusive of acquired intangible assets amortization shown separately below) 300,784 305,441 865,357 848,495
Gross profit 436,514 398,291 1,201,639 1,157,204
Operating expenses:        
Selling and administrative 157,649 138,330 461,307 434,979
Engineering and development 117,474 104,413 332,489 315,881
Acquired intangible assets amortization 4,748 4,720 14,108 14,348
Restructuring and other 4,578 6,856 11,018 15,251
Gain on sale of business 0 0 (57,486) 0
Total operating expenses 284,449 254,319 761,436 780,459
Income from operations 152,065 143,972 440,203 376,745
Non-operating (income) expense:        
Interest income (5,076) (6,873) (19,658) (18,486)
Interest expense 808 963 2,998 2,994
Other (income) expense, net (2,651) 5,602 5,574 6,470
Income before income taxes and equity in net earnings of affiliate 158,984 144,280 451,289 385,767
Income tax provision 12,260 16,164 54,095 54,069
Income before equity in net earnings of affiliate 146,724 128,116 397,194 331,698
Equity in net earnings of affiliate (1,075)   (1,075)  
Net income $ 145,649 $ 128,116 $ 396,119 $ 331,698
Net income per common share:        
Basic $ 0.89 $ 0.83 $ 2.51 $ 2.14
Diluted $ 0.89 $ 0.78 $ 2.42 $ 2.01
Weighted average common shares—basic 163,002 153,762 157,951 154,809
Weighted average common shares—diluted 164,253 164,050 163,357 165,037
Product [Member]        
Revenues:        
Total revenues $ 612,871 $ 551,982 $ 1,668,181 $ 1,565,776
Cost of revenues:        
Total cost of revenues (exclusive of acquired intangible assets amortization shown separately below) 253,129 239,827 704,129 655,502
Service [Member]        
Revenues:        
Total revenues 124,427 151,750 398,815 439,923
Cost of revenues:        
Total cost of revenues (exclusive of acquired intangible assets amortization shown separately below) $ 47,655 $ 65,614 $ 161,228 $ 192,993
[1] Includes $0.8 million and $1.4 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 $2.5 million and $3.9 million in 2024 and 2023, respectively, for leases of Teradyne’s systems recognized outside Accounting Standards Codification (“ASC”) 606 “Revenue from Contracts with Customers.”