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

Detail of GAAP charges related to stock-based compensation, amortization of acquisition intangibles, acquisition related transaction costs, restructuring charges, foreign exchange loss on acquisitions and taxes levied on the transfer of acquired intellectual property (in thousands, unaudited)

    Three Months Ended
March 31,
   
2017 2016
Stock-based compensation
Cost of sales $ 575 $ 548
Sales and marketing 2,626 2,937
Research and development 2,054 2,349
General and administrative   1,224     908  
Provision for income taxes   (1,675 )   (2,093 )
Total $ 4,804   $ 4,649  
 
Amortization of acquisition intangibles
Cost of sales $ 1,590 $ 3,042
Sales and marketing 478 819
Research and development 263 261
Other income, net   -     -  
Provision for income taxes   (554 )   221  
Total $ 1,777   $ 4,343  
 
Acquisition transaction costs, restructuring charges, and other
Cost of sales $ 336 $ 106
Sales and marketing 2,375 57
Research and development 399 258
General and administrative 177 30
Foreign exchange loss on acquisition - 94
Taxes levied on transfer of acquired intellectual property   -     2,474  
Provision for income taxes   (1,065 )   (1,041 )
Total $ 2,222   $ 1,978  
 
       
National Instruments
Reconciliation of GAAP to Non-GAAP Measures
(in thousands, unaudited)
 
Reconciliation of Gross Profit to Non-GAAP Gross Profit
 
Three Months Ended
March 31,
 
2017 2016
 
Gross profit, as reported $ 223,582 $ 211,031
Stock-based compensation 575 548
Amortization of acquisition intangibles 1,590 3,042
Acquisition transaction costs, restructuring charges and other   336     106  
Non-GAAP gross profit $ 226,083   $ 214,727  
Non-GAAP gross margin 75 % 75 %
 
Reconciliation of Operating Expenses to Non-GAAP Operating Expenses
 
Three Months Ended
March 31,
 
2017 2016
 
Operating expenses, as reported $ 201,264 $ 197,187
Stock-based compensation (5,904 ) (6,194 )
Amortization of acquisition intangibles (741 ) (1,080 )
Acquisition transaction costs, restructuring charges and other   (2,951 )   (345 )
Non-GAAP operating expenses $ 191,668   $ 189,568  
 
Reconciliation of Operating Income to Non-GAAP Operating Income
 
Three Months Ended
March 31,
 
2017 2016
 
Operating income, as reported $ 22,318 $ 13,844
Stock-based compensation 6,479 6,742
Amortization of acquisition intangibles 2,331 4,122
Acquisition transaction costs, restructuring charges and other   3,287     451  
Non-GAAP operating income $ 34,415   $ 25,159  
Non-GAAP operating margin 11.5 % 8.8 %
 

Reconciliation of Income before income taxes to Non-GAAP Income before income taxes

 
Three Months Ended
March 31,
 
2017 2016
 
Income before income taxes, as reported $ 23,174 $ 12,265
Stock-based compensation 6,479 6,742
Amortization of acquisition intangibles 2,331 4,122
Acquisition transaction costs, restructuring charges and other 3,287 451
Foreign exchange loss on acquisitions - 94
Taxes levied on transfer of acquired intellectual property   -     2,474  
Non-GAAP income before income taxes $ 35,271   $ 26,148  
 
Reconciliation of Provision for income taxes to Non-GAAP Provision for income taxes
 
Three Months Ended
March 31,
 
2017 2016
 
Provision for income taxes, as reported $ 5,026 $ 2,967
Stock-based compensation 1,675 2,093
Amortization of acquisition intangibles 554 (221 )
Acquisition transaction costs, restructuring charges and other   1,065     1,041  
Non-GAAP provision for income taxes $ 8,320   $ 5,880  
 
 
Reconciliation of GAAP Net Income, Basic EPS and Diluted EPS to Non-GAAP Net Income, Non-
GAAP Basic EPS and Non-GAAP Diluted EPS (in thousands, except per share data, unaudited)
       
Three Months Ended
March 31,
 
2017 2016
 
Net income, as reported $ 18,148 $ 9,298
Adjustments to reconcile net income to non-GAAP net income:
Stock-based compensation, net of tax effect 4,804 4,649
Amortization of acquisition intangibles, net of tax effect 1,777 4,343
Acquisition transaction costs, restructuring charges and other, net of tax effect   2,222   1,978
Non-GAAP net income $ 26,951 $ 20,268
 
Basic EPS, as reported $ 0.14 $

0.07

Adjustment to reconcile basic EPS to non-GAAP basis EPS:
 
Impact of stock-based compensation, net of tax effect 0.04 0.04
Impact of amortization of acquisition intangibles, net of tax effect 0.01 0.03
Impact of acquisition transaction costs, restructuring charges and other, net of tax effect   0.02   0.02
Non-GAAP basic EPS $ 0.21 $ 0.16
 
 
Diluted EPS, as reported $ 0.14 $ 0.07
Adjustment to reconcile diluted EPS to non-GAAP diluted EPS:
 
Impact of stock-based compensation, net of tax effect 0.04 0.04
Impact of amortization of acquisition intangibles, net of tax effect 0.01 0.03
Impact of acquisition transaction costs, restructuring charges and other, net of tax effect   0.02   0.02
Non-GAAP diluted EPS $ 0.21 $ 0.16
 
Weighted average shares outstanding -
Basic 129,438 127,595
Diluted 130,108 128,103
 
 
National Instruments
Reconciliation of Net Income and Diluted EPS to EBITDA and EBITDA Diluted EPS
(in thousands, except per share data, unaudited)
       
Three Months Ended
March 31,
2017 2016
Net income, as reported $ 18,148 $ 9,298
Adjustments to reconcile net income to EBITDA:
Interest income, net of interest expense (86 ) (62 )
Tax expense 5,026 2,967
Depreciation and amortization   18,669     19,432  
EBITDA $ 41,757   $ 31,635  
   
Weighted average shares outstanding - Diluted   130,108     128,103  
 
 
Reconciliation of GAAP to Non-GAAP EPS Guidance
(unaudited)
   
Three Months Ended
June 30, 2017
   
Low High
GAAP Fully Diluted EPS, guidance $ 0.12 $ 0.26
Adjustment to reconcile diluted EPS to non-GAAP diluted EPS:
Impact of stock-based compensation, net of tax effect

0.03

0.03

Impact of amortization of acquisition intangibles, restructuring charges and other, net of tax effect  

0.04

 

0.04

Non-GAAP diluted EPS, guidance $ 0.19 $ 0.33
 
 
National Instruments
Reconciliation of GAAP Revenue Growth to Core Revenue Growth
(unaudited)
   
Three Months Ended
March 31,
2017
YoY GAAP revenue growth, as reported

 

4.5 %
Effect of excluding our current largest customer   1.7 %
YoY GAAP revenue growth, excluding our largest customer   6.2 %
Effect of excluding the impact of foreign currency exchange   0.4 %
YoY Core revenue growth

 

6.6 %
 
 
National Instruments
Reconciliation of GAAP Revenue Growth Guidance to Core Revenue Growth Guidance
(unaudited)
   
Three Months Ended
June 30,
2017
Expected YoY GAAP revenue growth

 

5 %
Expected effect of excluding our current largest customer   2 %
Expected YoY GAAP revenue growth, excluding our largest customer   7 %
Expected effect of excluding the impact of foreign currency exchange   1 %
Expected YoY Core revenue growth

 

8 %
 

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