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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jul. 03, 2022
Jul. 04, 2021
Jul. 03, 2022
Jul. 04, 2021
Revenues:        
Total revenues $ 840,766 [1] $ 1,085,728 [1] $ 1,596,136 [2] $ 1,867,334 [2]
Cost of revenues:        
Total cost of revenues (exclusive of acquired intangible assets amortization shown separately below) 334,377 438,739 634,814 758,727
Gross profit 506,389 646,989 961,322 1,108,607
Operating expenses:        
Selling and administrative 139,533 140,187 279,718 269,984
Engineering and development 111,951 110,021 220,067 210,423
Acquired intangible assets amortization 4,871 5,402 9,934 10,938
Restructuring and other 2,044 2,507 17,758 (4,623)
Total operating expenses 258,399 258,117 527,477 486,722
Income from operations 247,990 388,872 433,845 621,885
Non-operating (income) expense:        
Interest income (951) (633) (1,653) (1,441)
Interest expense 913 5,566 1,925 11,569
Other (income) expense, net 9,436 (87) 14,622 3,738
Income before income taxes [3],[4] 238,592 384,026 418,951 608,019
Income tax provision 40,805 55,707 59,236 74,188
Net income $ 197,787 $ 328,319 $ 359,715 $ 533,831
Net income per common share:        
Basic $ 1.24 $ 1.98 $ 2.24 $ 3.21
Diluted $ 1.16 $ 1.76 $ 2.07 $ 2.85
Weighted average common shares—basic 159,563 165,995 160,805 166,243
Weighted average common shares—diluted 171,159 186,750 173,367 187,245
Product [Member]        
Revenues:        
Total revenues $ 697,954 $ 951,945 $ 1,323,829 $ 1,612,453
Cost of revenues:        
Total cost of revenues (exclusive of acquired intangible assets amortization shown separately below) 274,674 388,845 517,690 656,629
Service [Member]        
Revenues:        
Total revenues 142,812 133,783 272,307 254,881
Cost of revenues:        
Total cost of revenues (exclusive of acquired intangible assets amortization shown separately below) $ 59,703 $ 49,894 $ 117,124 $ 102,098
[1] Includes $1.9 million and $4.2 million in 2022 and 2021, respectively, for leases of Teradyne’s systems recognized outside Accounting Standards Codification (“ASC”) 606 “Revenue from Contracts with Customers.”
[2] Includes $4.2 million and $7.3 million in 2022 and 2021, respectively, for leases of Teradyne’s systems recognized outside ASC 606 “Revenue from Contracts with Customers.”
[3] Included in Corporate and Eliminations are: legal and environmental fees, contingent consideration fair value adjustments, interest income, interest expense, severance charges, net foreign exchange gains (losses), acquisition related charges and compensation, pension, intercompany eliminations and for the three and six months ended July 4, 2021, loss on convertible debt conversions.
[4] Included in income (loss) before taxes are charges and credits related to restructuring and other, inventory charges and, for the three and six months ended July 4, 2021, loss on convertible debt conversions.