Delaware
|
|
000-25426
|
|
74-1871327
|
(State or other jurisdiction
of incorporation) |
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(Commission
File Number) |
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(IRS Employer
Identification No.) |
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
Common Stock, $0.01 par value |
NATI |
The Nasdaq Stock Market LLC |
Item 2.02
|
Results of Operations and Financial Condition
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Item 8.01
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Other Events
|
Item 9.01
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Financial Statements and Exhibits
|
Exhibit No.
|
Description
|
|
99.1
|
|
|
104
|
Cover Page Interactive Data File (embedded within the Inline XBRL document)
|
NATIONAL INSTRUMENTS CORPORATION
|
||
By:
|
/s/ R. Eddie Dixon, Jr.
|
|
Name: R. Eddie Dixon, Jr.
Title: Chief Legal Officer, Senior Vice President & Secretary
|
Contact:
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Marissa Vidaurri
|
|
Investor Relations
|
||
(512) 683-5215
|
•
|
Revenue of $437 million, up 13 percent year-over-year
|
•
|
Q1 GAAP operating margin of 13%; non-GAAP operating margin of 23 percent
|
•
|
Diluted GAAP EPS of $0.35 and diluted non-GAAP EPS of $0.62
|
•
|
Cash flow from operations of $99 million
|
National Instruments
|
||||||||
Condensed Consolidated Balance Sheets
|
||||||||
(in thousands)
|
||||||||
|
March 31,
|
December 31,
|
||||||
|
2023
|
2022
|
||||||
|
(unaudited)
|
|||||||
Assets
|
||||||||
Cash and cash equivalents
|
$
|
137,672
|
$
|
139,799
|
||||
Accounts receivable, net
|
415,744
|
445,279
|
||||||
Inventories, net
|
401,060
|
388,164
|
||||||
Prepaid expenses and other current assets
|
117,701
|
115,677
|
||||||
Total current assets
|
1,072,177
|
1,088,919
|
||||||
Property and equipment, net
|
277,706
|
265,380
|
||||||
Goodwill
|
630,879
|
615,734
|
||||||
Intangible assets, net
|
208,207
|
200,850
|
||||||
Operating lease right-of-use assets
|
67,153
|
59,176
|
||||||
Other long-term assets
|
127,737
|
128,479
|
||||||
Total assets
|
$
|
2,383,859
|
$
|
2,358,538
|
||||
|
||||||||
Liabilities and Stockholders' Equity
|
||||||||
Accounts payable
|
$
|
50,351
|
$
|
54,639
|
||||
Accrued compensation
|
50,126
|
71,422
|
||||||
Deferred revenue - current
|
147,774
|
137,208
|
||||||
Operating lease liabilities - current
|
15,507
|
13,834
|
||||||
Other taxes payable
|
61,292
|
67,615
|
||||||
Debt, current
|
25,000
|
25,000
|
||||||
Accrued expenses and other current liabilities
|
169,963
|
153,157
|
||||||
Total current liabilities
|
520,013
|
522,875
|
||||||
Deferred income taxes
|
4,730
|
1,676
|
||||||
Income tax payable - non-current
|
40,646
|
40,646
|
||||||
Deferred revenue - non-current
|
65,263
|
63,066
|
||||||
Operating lease liabilities - non-current
|
36,590
|
30,588
|
||||||
Debt, non-current
|
490,505
|
516,637
|
||||||
Other long-term liabilities
|
31,798
|
26,926
|
||||||
Total liabilities
|
$
|
1,189,545
|
$
|
1,202,414
|
||||
|
||||||||
Stockholders' equity:
|
||||||||
Preferred stock
|
$
|
—
|
$
|
—
|
||||
Common stock
|
1,315
|
1,310
|
||||||
Additional paid-in capital
|
1,231,894
|
1,207,420
|
||||||
Retained deficit
|
(4,627
|
)
|
(14,741
|
)
|
||||
Accumulated other comprehensive loss
|
(34,268
|
)
|
(37,865
|
)
|
||||
Total stockholders' equity
|
1,194,314
|
1,156,124
|
||||||
Total liabilities and stockholders' equity
|
$
|
2,383,859
|
$
|
2,358,538
|
National Instruments
|
||||||||
Condensed Consolidated Statements of Cash Flows
|
||||||||
(in thousands, unaudited)
|
||||||||
Three Months Ended
|
||||||||
March 31,
|
||||||||
2023
|
2022
|
|||||||
Cash flow from operating activities:
|
||||||||
Net income
|
$
|
46,929
|
$
|
25,236
|
||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Depreciation and amortization
|
22,240
|
21,566
|
||||||
Stock-based compensation
|
15,558
|
20,128
|
||||||
Gain from equity-method investees
|
(4,800
|
)
|
(602
|
)
|
||||
Deferred income taxes
|
(1,944
|
)
|
(3,615
|
)
|
||||
Net change in operating assets and liabilities, net of acquisitions
|
20,723
|
(66,561
|
)
|
|||||
Net cash (used in) provided by operating activities
|
98,706
|
(3,848
|
)
|
|||||
Cash flow from investing activities:
|
||||||||
Acquisitions, net of cash received
|
(22,700
|
)
|
(17,510
|
)
|
||||
Capital expenditures
|
(21,419
|
)
|
(10,182
|
)
|
||||
Capitalization of internally developed software
|
(925
|
)
|
(187
|
)
|
||||
Additions to other intangibles
|
(3,125
|
)
|
(1,274
|
)
|
||||
Net cash used in investing activities
|
(48,169
|
)
|
(29,153
|
)
|
||||
Cash flow from financing activities:
|
||||||||
Proceeds from revolving credit
|
—
|
25,000
|
||||||
Payments of revolving credit
|
(20,000
|
)
|
—
|
|||||
Payments on term loan
|
(6,250
|
)
|
—
|
|||||
Proceeds from issuance of common stock
|
8,956
|
9,244
|
||||||
Repurchase of common stock
|
—
|
(31,455
|
)
|
|||||
Dividends paid
|
(36,815
|
)
|
(36,976
|
)
|
||||
Net cash used in financing activities
|
(54,109
|
)
|
(34,187
|
)
|
||||
Impact of changes in exchange rates on cash
|
1,445
|
(1,035
|
)
|
|||||
Net change in cash and cash equivalents
|
(2,127
|
)
|
(68,223
|
)
|
||||
Cash and cash equivalents at beginning of period
|
139,779
|
211,106
|
||||||
Cash and cash equivalents at end of period
|
$
|
137,652
|
$
|
142,883
|
National Instruments
Reconciliation of GAAP to Non-GAAP Measures
(in thousands, unaudited)
|
||||||||
Three Months Ended
|
||||||||
March 31,
|
||||||||
2023
|
2022
|
|||||||
Reconciliation of Gross Profit to Non-GAAP Gross Profit
|
||||||||
Gross profit, as reported
|
$
|
304,118
|
$
|
266,029
|
||||
Stock-based compensation
|
963
|
1,222
|
||||||
Amortization of acquisition-related intangibles and fair value adjustments
|
6,660
|
4,174
|
||||||
Acquisition transaction and integration costs. restructuring charges and other
|
1,520
|
785
|
||||||
Amortization of internally developed software costs
|
732
|
2,033
|
||||||
Non-GAAP gross profit
|
$
|
313,993
|
$
|
274,243
|
||||
Non-GAAP gross margin
|
71.9%
|
|
71.1%
|
|
||||
Reconciliation of Operating Expenses to Non-GAAP Operating Expenses
|
||||||||
Operating expenses, as reported
|
$
|
247,193
|
$
|
235,497
|
||||
Stock-based compensation
|
(14,597
|
)
|
(18,906
|
)
|
||||
Amortization of acquisition-related intangibles and fair value adjustments
|
(4,573
|
)
|
(5,819
|
)
|
||||
Acquisition transaction and integration costs. restructuring charges and other
|
(17,119
|
)
|
(2,692
|
)
|
||||
Capitalization of internally developed software costs
|
910
|
187
|
||||||
Non-GAAP operating expenses
|
$
|
211,814
|
$
|
208,267
|
||||
Reconciliation of Operating Income to Non-GAAP Operating Income
|
||||||||
Operating income, as reported
|
$
|
56,925
|
$
|
30,532
|
||||
Stock-based compensation
|
15,560
|
20,128
|
||||||
Amortization of acquisition-related intangibles and fair value adjustments
|
11,233
|
9,993
|
||||||
Acquisition transaction and integration costs. restructuring charges and other
|
18,639
|
3,477
|
||||||
Net amortization of internally developed software costs
|
(178
|
)
|
1,846
|
|||||
Non-GAAP operating income
|
$
|
102,179
|
$
|
65,976
|
||||
Non-GAAP operating margin
|
23.4%
|
|
17.1%
|
|
||||
Reconciliation of Provision for income taxes to Non-GAAP Provision for income taxes
|
||||||||
Provision for income taxes, as reported(1)
|
$
|
6,976
|
$
|
5,329
|
||||
Stock-based compensation
|
1,801
|
2,655
|
||||||
Amortization of acquisition-related intangibles and fair value adjustments
|
1,491
|
1,355
|
||||||
Acquisition transaction and integration costs. restructuring charges and other
|
4,298
|
658
|
||||||
Net amortization of internally developed software costs
|
(21
|
)
|
407
|
|||||
Non-GAAP provision for income taxes(1)
|
$
|
14,545
|
$
|
10,404
|
||||
(1): The income tax effect related to each non-GAAP item is calculated based on the tax laws and statutory income tax rates applicable in the tax jurisdiction(s) of the underlying non-GAAP adjustment, and
considers the current and deferred tax impact of those adjustments.
|