National Instruments Reports Record Revenue for a First Quarter of $300 Million

The company directs readers to its Form 10-K for the year ended Dec. 31, 2016 and the other documents it files with the SEC for other risks associated with the company’s future performance.

About NI

Since 1976, NI ( www.ni.com) has made it possible for engineers and scientists to solve the world’s greatest engineering challenges with powerful, flexible technology solutions that accelerate productivity and drive rapid innovation. Customers from a wide variety of industries – from healthcare to automotive and from consumer electronics to particle physics – use NI’s integrated hardware and software platform to improve the world we live in. (NATI-F)

National Instruments, NI and ni.com are trademarks of National Instruments. Other product and company names listed are trademarks or trade names of their respective companies.

 
 
National Instruments
Condensed Consolidated Balance Sheets
(in thousands, unaudited)
       
March 31, December 31,
2017 2016
 
Assets
Current assets:
Cash and cash equivalents 279,008 285,283
Short-term investments 86,410 73,117
Accounts receivable, net 224,267 228,686
Inventories, net 194,878 193,608
Prepaid expenses and other current assets 45,970       53,953  
Total current assets 830,533 834,647
 
Property and equipment, net 260,208 260,456
Goodwill 254,523 253,197
Intangible assets, net 113,188 108,663
Other long-term assets 33,471       39,601  
Total assets 1,491,923       1,496,564  
 
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable 55,850 48,800
Accrued compensation 29,001 27,743
Deferred revenue - current 121,597 115,577
Accrued expenses and other liabilities 37,342 32,997
Other taxes payable 19,739       34,958  
Total current liabilities 263,529 260,075
 
Long-term debt 25,000 25,000
Deferred income taxes 37,736 45,386
Liability for uncertain tax positions 12,071 11,719
Deferred revenue - long-term 30,024 29,752
Other long-term liabilities 7,793       10,413  
Total liabilities 376,153       382,345  
 
Stockholders' equity:
Preferred stock

-

-

Common stock 1,296 1,292
Additional paid-in capital 785,666 771,346
Retained earnings 361,327 376,202
Accumulated other comprehensive income (loss) (32,519 )     (34,621 )
Total stockholders' equity 1,115,770       1,114,219  
Total liabilities and stockholders' equity 1,491,923       1,496,564  
 
 
National Instruments
Condensed Consolidated Statements of Income
(in thousands, except per share data, unaudited)
   

Three Months Ended

March 31,
2017     2016
 
Net sales:
Product $ 271,512 $ 259,434
Software maintenance   28,594   27,743  
Total net sales 300,106 287,177
 
Cost of sales:
Product 75,196 74,209
Software maintenance   1,328   1,937  
Total cost of sales 76,524 76,146
   
Gross profit   223,582   211,031  
 
Operating expenses:
Sales and marketing 117,258 113,207
Research and development 58,263 59,340
General and administrative   25,743   24,640  
Total operating expenses   201,264   197,187  
 
Operating income 22,318 13,844
 
Other income (expense):
Interest income 343 253
Net foreign exchange loss 82 574
Other (expense) income, net   431   (2,406 )
 
Income before income taxes 23,174 12,265
 
Provision for income taxes   5,026   2,967  
 
Net income $ 18,148 $ 9,298  
 
Basic earnings per share $ 0.14 $ 0.07  
Diluted earnings per share $ 0.14 $ 0.07  
 
Weighted average shares outstanding -
basic 129,438 127,595
diluted 130,108 128,103
 
Dividends declared per share $ 0.21 $ 0.20
 
 
National Instruments
Condensed Consolidated Statements of Cash Flows
(in thousands, unaudited)
       
Three Months Ended March 31,
 
2017 2016
 
Cash flow from operating activities:
Net income $ 18,148 9,298
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 18,669 19,432
Stock-based compensation 6,402 6,748
Tax benefit from deferred income taxes (2,984 ) (6,915 )
Net change in operating assets and liabilities   6,441   15,801  
Net cash provided by operating activities   46,676   44,364  
 
Cash flow from investing activities:
Capital expenditures (10,811 ) (9,267 )
Capitalization of internally developed software (11,624 ) (8,003 )
Additions to other intangibles (525 ) (363 )
Acquisitions, net of cash received - (549 )
Purchases of short-term investments (25,253 ) (5,008 )
Sales and maturities of short-term investments   11,931   23,589  
Net cash (used by)/provided in investing activities   (36,282 ) 399  
 
Cash flow from financing activities:
Proceeds from revolving line of credit - -
Principal payments on revolving line of credit - (12,000 )
Proceeds from issuance of common stock 7,817 7,445
Repurchase of common stock - (4,642 )
Dividends paid   (27,201 ) (25,556 )
Net cash used by financing activities   (19,384 ) (34,753 )
 
Effect of exchange rate changes on cash 2,715 4,261
 
Net change in cash and cash equivalents (6,275 ) 14,271
Cash and cash equivalents at beginning of period   285,283   251,129  
Cash and cash equivalents at end of period $ 279,008   265,400  
 
 

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