National Instruments Reports Record Revenue for a Third Quarter of $321 Million

The company directs readers to its Form 10-K for the year ended Dec. 31, 2016, its Form 10-Q for the quarter ended June 30, 2017 and the other documents it files with the SEC for other risks associated with the company’s future performance.

About NI

NI (ni.com) empowers engineers and scientists with a software-centric platform that incorporates modular hardware and an expansive ecosystem. This proven approach puts users firmly in control of defining what they need to accelerate their system design within test, measurement and control. NI’s solution helps build high-performance systems that exceed requirements, quickly adapt to change and ultimately improve the world.

(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)
 
      September 30,     December 31,
2017 2016
(unaudited)
 
Assets
Current assets:
Cash and cash equivalents $ 294,194 $ 285,283
Short-term investments 91,223 73,117
Accounts receivable, net 235,177 228,686
Inventories, net 184,641 193,608
Prepaid expenses and other current assets   50,325         53,953  
Total current assets 855,560 834,647
 
Property and equipment, net 254,918 260,456
Goodwill 265,091 253,197
Intangible assets, net 122,681 108,663

Other long-term assets

  32,878         39,601  
Total assets $ 1,531,128       $ 1,496,564  
 
Liabilities and Stockholders' Equity
Current liabilities:

Accounts payable and accrued liabilities

$ 51,274 $ 48,800
Accrued compensation 45,231 27,743
Deferred revenue - current 120,271 115,577

Other current liabilities

17,802 32,997
Other taxes payable   30,832         34,958  
Total current liabilities 265,410 260,075
 
Long-term debt 15,000 25,000
Deferred income taxes 37,074 45,386
Liability for uncertain tax positions 9,284 11,719
Deferred revenue - long-term 31,405 29,752
Other long-term liabilities   9,156         10,413  
Total liabilities   367,329         382,345  
 
Stockholders' equity:
Preferred stock
Common stock 1,307 1,292
Additional paid-in capital 816,152 771,346
Retained earnings 365,021 376,202

Accumulated other comprehensive loss

 

(18,681

)

     

(34,621

)

Total stockholders' equity   1,163,799         1,114,219  
Total liabilities and stockholders' equity $ 1,531,128       $ 1,496,564  
 
 
National Instruments
Condensed Consolidated Statements of Income
(in thousands, except per share data, unaudited)
             
Three Months Ended Nine Months Ended
September 30, September 30,
2017 2016 2017     2016
 
Net sales:
Product $ 291,891 $ 278,521 $ 853,219 $ 816,486
Software maintenance   29,030     27,843     86,416     83,161  
Total net sales 320,921 306,364 939,635 899,647
 
Cost of sales:
Product 81,641 74,734 235,989 225,261
Software maintenance   2,110     1,998     6,744     5,126  
Total cost of sales 83,751 76,732 242,733 230,387
       
Gross profit   237,170     229,632     696,902     669,260  

74

%

75

%

74

%

74

%

Operating expenses:
Sales and marketing 116,661 116,662 358,335 346,230
Research and development 56,526 59,066 171,701 178,244
General and administrative   26,468     24,537     78,400    

74,308

 
Total operating expenses   199,655     200,265     608,436     598,782  
 
Operating income 37,515 29,367 88,466 70,478

12

%

10

%

9

%

8

%

Other income (expense):
Interest income 657 276 1,509 787
Net foreign exchange gain (loss) 1,096

(760

)

1,624

(1,471

)

Other (expense) income, net  

(1,153

)

  301    

(957

)

 

(2,052

)

 
Income before income taxes 38,115 29,184 90,642 67,742
 
Provision for income taxes   4,726     4,695     13,949     14,155  
 
Net income $ 33,389   $ 24,489   $ 76,693   $ 53,587  
 
Basic earnings per share $ 0.26   $ 0.19   $ 0.59   $ 0.42  
Diluted earnings per share $ 0.25   $ 0.19   $ 0.59   $ 0.42  
 
Weighted average shares outstanding -
basic 130,660 128,815 130,103 128,233
diluted 131,617 129,047 131,050 128,738
 
Dividends declared per share $ 0.21 $ 0.20 $ 0.63 $ 0.60
 
 
National Instruments
Condensed Consolidated Statements of Cash Flows
(in thousands, unaudited)
      Nine Months Ended September 30,
2017     2016
 
Cash flow from operating activities:
Net income $ 76,693 $ 53,587
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 54,794 55,164
Stock-based compensation 21,272 19,635
Tax expense/(benefit) expense from deferred income taxes

(4,290

)

(7,321

)

Net change in operating assets and liabilities  

(1,013

)

  28,951  
Net cash provided by operating activities   147,456     150,016  
 
Cash flow from investing activities:
Capital expenditures

(24,084

)

(34,408

)

Capitalization of internally developed software

(34,406

)

(24,048

)

Additions to other intangibles

(1,379

)

(1,969

)

Acquisitions, net of cash received

(549

)

Purchases of short-term investments

(62,845

)

(9,054

)

Sales and maturities of short-term investments   45,582     38,566  
Net cash used by investing activities  

(77,132

)

 

(31,462

)

 
Cash flow from financing activities:
Proceeds from revolving line of credit 15,000
Principal payments on revolving line of credit (10,000 ) (27,000 )
Proceeds from issuance of common stock 22,870 22,157
Repurchase of common stock (5,635 )
Dividends paid   (82,051 )   (77,056

)

Net cash used by financing activities   (69,181 )   (72,534 )
 
Impact of changes in exchange rates on cash 7,768 3,503
 
Net change in cash and cash equivalents 8,911 49,523
Cash and cash equivalents at beginning of period   285,283     251,129  
Cash and cash equivalents at end of period $ 294,194   $ 300,652  
 

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