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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Oct. 02, 2022
Oct. 03, 2021
Oct. 02, 2022
Oct. 03, 2021
Revenues:        
Total revenues $ 827,073 [1] $ 950,501 [1] $ 2,423,209 [2] $ 2,817,835
Cost of revenues:        
Total cost of revenues (exclusive of acquired intangible assets amortization shown separately below) 341,694 379,500 976,508 1,138,227
Gross profit 485,379 571,001 1,446,701 1,679,608
Operating expenses:        
Selling and administrative 135,632 134,829 415,351 404,812
Engineering and development 111,715 107,220 331,781 317,644
Acquired intangible assets amortization 4,729 5,355 14,663 16,293
Restructuring and other 1,796 1,197 19,554 (3,426)
Total operating expenses 253,872 248,601 781,349 735,323
Income from operations 231,507 322,400 665,352 944,285
Non-operating (income) expense:        
Interest income (1,318) (626) (2,972) (2,066)
Interest expense 779 3,785 2,704 15,354
Other (income) expense, net 5,849 21,486 20,472 25,223
Income before income taxes [3],[4] 226,197 297,755 645,148 905,774
Income tax provision 42,712 41,037 101,948 115,225
Net income $ 183,485 $ 256,718 $ 543,200 $ 790,549
Net income per common share:        
Basic $ 1.17 $ 1.56 $ 3.41 $ 4.77
Diluted $ 1.1 $ 1.41 $ 3.17 $ 4.26
Weighted average common shares—basic 156,364 164,583 159,325 165,690
Weighted average common shares—diluted 166,733 181,987 171,156 185,492
Product [Member]        
Revenues:        
Total revenues $ 676,252 $ 825,448 $ 2,000,081 $ 2,437,901
Cost of revenues:        
Total cost of revenues (exclusive of acquired intangible assets amortization shown separately below) 277,539 333,229 795,229 989,859
Service [Member]        
Revenues:        
Total revenues 150,821 125,053 423,128 379,934
Cost of revenues:        
Total cost of revenues (exclusive of acquired intangible assets amortization shown separately below) $ 64,155 $ 46,271 $ 181,279 $ 148,368
[1] Includes $3.8 million and $3.8 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 $11.1 million and $11.1 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 nine months ended October 3, 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 nine months ended October 3, 2021, loss on convertible debt conversions.