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Supplementary Information (Tables)
 12 Months Ended
Dec. 31, 2019
Consolidated Quarterly Statements of Operations
The following sets forth certain unaudited consolidated quarterly statements of operations data for each of Teradyne’s last eight quarters. In management’s opinion, this quarterly information reflects all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement for the periods presented. Such quarterly results are not necessarily indicative of future results of operations and should be read in conjunction with the audited consolidated financial statements of Teradyne and the notes thereto included elsewhere herein.
 
2019
 
  
1st Quarter
 
  
2nd Quarter
 
  
3rd Quarter
 
  
4th Quarter
 
  
(1)
 
  
(2)
 
  
(3)
 
  
(4)(5)
(
6
)
 
  
(in thousands, except per share amounts)
 
Revenues:
   
     
     
     
 
Products
  $
393,442
    $
457,511
    $
488,170
    $
548,552
 
Services
   
100,657
     
106,667
     
93,868
     
106,098
 
                                 
Total revenues
   
494,099
     
564,178
     
582,038
     
654,650
 
Cost of revenues:
   
     
     
     
 
Cost of products
   
165,368
     
193,299
     
197,196
     
226,184
 
Cost of services
   
41,096
     
46,961
     
39,804
     
45,228
 
                                 
Total cost of revenues (exclusive of acquired intangible assets amortization shown separately below)
   
206,464
     
240,260
     
237,000
     
271,412
 
                                 
Gross profit
   
287,635
     
323,918
     
345,038
     
383,238
 
                                 
Operating expenses:
   
     
     
     
 
Selling and administrative
   
102,013
     
108,811
     
109,166
     
117,092
 
Engineering and development
   
76,791
     
81,434
     
77,804
     
86,794
 
Acquired intangible assets amortization
   
10,634
     
10,083
     
9,647
     
9,784
 
Restructuring and other
   
5,112
      
(10,404
 )    
(6,500
 )    
(2,088
 )
                                 
Total operating expenses
   
194,550
     
189,924
     
190,117
     
211,582
 
                                 
Income from operations
   
93,085
     
133,994
     
154,921
     
171,656
 
Non-operating
(income) expense:
    
     
     
     
 
Interest income
   
(8,052
 )    
(5,430
 )    
(5,159
 )    
(6,145
 )
Interest expense
   
5,713
     
5,800
     
5,682
     
5,950
 
Other (income) expense, net
   
1,445
     
2,447
     
2,665
     
22,965
 
                                 
Income before income taxes
   
93,979
     
131,177
     
151,733
     
148,886
 
Income tax
(benefit)
provision
   
(15,159
 )    
33,780
     
15,873
     
23,811
 
                                 
Net income
   $
109,138
    $
97,397
    $
135,860
    $
125,075
 
                                 
Net income per common share—basic
  $
0.63
    $
0.57
    $
0.80
    $
0.75
 
                                 
Net income per common share—diluted
  $
0.62
    $
0.55
    $
0.75
    $
0.69
 
                                 
Cash dividend declared per common share
  $
0.09
    $
0.09
    $
0.09
    $
0.09
 
                                 
 
(1)
Restructuring and other includes a $3.0 million fair value adjustment to increase the MiR acquisition contingent consideration, $1.3 million of acquisition related expenses and compensation and $0.8 million of employee severance charges.
(2) Restructuring and other includes a $11.7 million gain for the decrease in the fair value of the
MiR
contingent consideration liability, partially offset by $0.8 million of employee severance charges and $0.5 million of acquisition related expenses and compensation.
(3) Restructuring and other includes
a
$7.8 
million gain for the decrease in the fair value of
 Mi
R
 
contingent consideration liability, partially offset by
$0.8 million
of employee severance charges and
$0.5 million
of acquisition related expenses an
d compensa
t
ion
.
(4) Restructuring and other includes a $5.8 
million gain for the decrease in the fair value adjustment to the MiR acquisition contingent consideration, partially offset by a $3.0
 
million fair value adjustment to increase the AutoGuide acquisition contingent consideration, $0.5 million of employee severance charges and $0.2 million of acquisition related expenses and compensation
.
(5) Teradyne recorded pension and post retirement net actuarial losses of $7.7 million for the fourth quarter in 2019. See Note B: “Accounting Policies” for a discussion of Teradyne’s accounting policy.
(6)
Other (income) expense, net includes a $15.0 million charge for the impairment of the investment in RealWear.
  
2018
 
  
1st Quarter
 
  
2nd Quarter
 
  
3rd Quarter
 
  
4th Quarter
 
  
(1)
 
  
(2)
 
  
(3)
 
  
(4)(5)
 
  
(in thousands, except per share amounts)
 
Revenues:
   
     
     
     
 
Products
  $
403,925
    $
434,051
    $
470,994
    $
420,652
 
Services
   
83,542
     
92,878
     
95,854
     
98,906
 
                                 
Total revenues
   
487,467
     
526,929
     
566,848
     
519,558
 
Cost of revenues:
   
     
     
     
 
Cost of products
   
180,958
     
180,777
     
195,339
     
170,064
 
Cost of services
   
36,677
     
38,818
     
37,816
     
39,959
 
                                 
Total cost of revenues (exclusive of acquired intangible assets amortization shown separately below)
   
217,635
     
219,595
     
233,155
     
210,023
 
                                 
Gross profit
   
269,832
     
307,334
     
333,693
     
309,535
 
                                 
Operating expenses:
   
     
     
     
 
Selling and administrative
   
90,505
     
99,410
     
100,202
     
100,552
 
Engineering and development
   
74,408
     
75,342
     
77,049
     
74,706
 
Acquired intangible assets amortization
   
7,698
     
9,793
     
11,142
     
10,558
 
Restructuring and other
   
(313
 )    
2,389
      
1,710
      
11,446
  
                                 
Total operating expenses
   
172,298
     
186,934
     
190,103
     
197,262
 
                                 
Income from operations
   
97,534
     
120,400
     
143,590
     
112,273
 
Non-operating
(income) expense:
    
     
     
     
 
Interest income
   
(5,981
 )    
(5,427
 )    
(6,213
 )    
(9,083
 )
Interest expense
   
6,890
     
5,639
     
5,557
     
13,182
 
Other (income) expense, net
   
805
     
176
     
3,405
     
(2,954
 )
                                 
Income before income taxes
   
95,820
     
120,012
     
140,841
     
111,128
 
Income tax provision (benefit)
   
8,846
     
18,975
     
20,863
     
(32,662
 )
                                 
Net income 
   $
86,974
    $
101,037
    $
119,978
    $
143,790
 
                                 
Net income per common share—basic
  $
0.45
    $
0.53
    $
0.65
    $
0.80
 
                                 
Net income per common share—diluted
  $
0.43
    $
0.52
    $
0.63
    $
0.79
 
                                 
Cash dividend declared per common share
  $
0.09
    $
0.09
    $
0.09
    $
0.09
 
                                 
 
(1) Restructuring and other includes a $3.5 million gain for the decrease in the fair value of the Universal Robots contingent consideration liability, partially offset by $2.5 million of acquisition related expenses and compensation and $2.4 million of employee severance charges.
(2) Restructuring and other includes a $5.0 million gain for the decrease in the fair value of the Universal Robots contingent consideration liability, partially offset by $3.9 million of employee severance charges and $0.8 million of acquisition related expenses and compensation.
(3) Restructuring and other includes $1.7 million of employee severance charges, $0.8 million of acquisition related expenses and compensation, partially offset by a $0.8 million gain for the decrease in the fair value of the Universal Robots contingent consideration liability.
(4) Restructuring and other includes a $17.7 million fair value adjustment to increase the MiR acquisition contingent consideration, $0.8 million of employee severance charges, and $0.5 million acquisition related expenses and compensation, partially offset by a $7.4 million gain for the decrease in the fair value of the Universal Robots contingent consideration liability.
(5) Teradyne recorded pension and post retirement net actuarial gains of $3.5 million for the fourth quarter in 2018. See Note B: “Accounting Policies” for a discussion of Teradyne’s accounting policy.