Delaware
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000-25426
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74-1871327
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(State or other jurisdiction of incorporation)
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(Commission File Number)
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(IRS Employer
Identification No.)
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[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Exhibit No.
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Description
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99.1
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Press Release dated April 28, 2011
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99.2 | Press Release dated April 28, 2011 |
NATIONAL INSTRUMENTS CORPORATION
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|||
By:
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/s/ DAVID G. HUGLEY
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||
David G. Hugley
Vice President & General Counsel; Secretary
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Contact:
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Veronica Garza
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Investor Relations
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(512) 683-6873
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·
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Revenue of $238 million, up 24 percent year-over-year
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·
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Record revenue for a first quarter in software, data acquisition, PXI and NI CompactRIO products
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·
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Record GAAP gross margin of 77.9 percent and non-GAAP gross margin of 78.5 percent
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·
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Record GAAP and non-GAAP operating income for a first quarter
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·
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Fully diluted GAAP EPS of $0.25
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·
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Fully diluted non-GAAP EPS of $0.28
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·
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Record EBITDA of $ 47.7 million, or $0.40 per share for a first quarter
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·
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Cash and short-term investments of $385 million as of March 31, 2011
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April 28, 2011
Page 4
National Instruments
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||||||||
Consolidated Balance Sheets
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||||||||
(in thousands)
|
||||||||
March 31,
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December 31,
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|||||||
2011
|
2010
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|||||||
(unaudited)
|
||||||||
Assets
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$ | 254,594 | $ | 219,447 | ||||
Short-term investments
|
130,460 | 131,215 | ||||||
Accounts receivable, net
|
132,148 | 127,214 | ||||||
Inventories, net
|
134,408 | 117,765 | ||||||
Prepaid expenses and other current assets
|
25,459 | 36,239 | ||||||
Deferred income taxes, net
|
19,792 | 18,838 | ||||||
Total current assets
|
696,861 | 650,718 | ||||||
Property and equipment, net
|
164,288 | 160,410 | ||||||
Goodwill
|
70,768 | 70,278 | ||||||
Intangible assets, net
|
51,928 | 52,816 | ||||||
Other long-term assets
|
27,584 | 25,460 | ||||||
Total assets
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$ | 1,011,429 | $ | 959,682 | ||||
Liabilities and Stockholders' Equity
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$ | 36,615 | $ | 33,544 | ||||
Accrued compensation
|
22,952 | 27,734 | ||||||
Deferred revenue
|
77,787 | 71,650 | ||||||
Accrued expenses and other liabilities
|
14,081 | 16,538 | ||||||
Other taxes payable
|
14,805 | 16,846 | ||||||
Total current liabilities
|
166,240 | 166,312 | ||||||
Deferred income taxes
|
29,697 | 29,477 | ||||||
Liability for uncertain tax positions
|
16,416 | 14,953 | ||||||
Other long-term liabilities
|
4,694 | 4,395 | ||||||
Total liabilities
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$ | 217,047 | $ | 215,137 | ||||
Stockholders' equity:
|
||||||||
Preferred stock
|
- | - | ||||||
Common stock
|
1,190 | 786 | ||||||
Additional paid-in capital
|
431,726 | 408,106 | ||||||
Retained earnings
|
354,956 | 336,363 | ||||||
Accumulated other comprehensive income (loss)
|
6,510 | (710) | ||||||
Total stockholders' equity
|
$ | 794,382 | $ | 744,545 | ||||
Total liabilities and stockholders' equity
|
$ | 1,011,429 | $ | 959,682 |
April 28, 2011
Page 5
National Instruments
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||||||||
Consolidated Statements of Income
|
||||||||
(in thousands, except per share data)
|
||||||||
Three Months Ended
|
||||||||
March 31,
|
||||||||
(Unaudited)
|
||||||||
2011
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2010
|
|||||||
Net sales:
|
||||||||
Product
|
$ | 218,610 | $ | 175,395 | ||||
Software maintenance
|
19,240 | 15,696 | ||||||
Total net sales
|
237,850 | 191,091 | ||||||
Cost of sales:
|
||||||||
Cost of product
|
$ | 50,958 | $ | 42,262 | ||||
Cost of software maintenance
|
1,518 | 980 | ||||||
Total cost of sales
|
52,476 | 43,242 | ||||||
Gross profit
|
$ | 185,374 | $ | 147,849 | ||||
Operating expenses:
|
||||||||
Sales and marketing
|
$ | 87,155 | $ | 74,441 | ||||
Research and development
|
42,868 | 38,546 | ||||||
General and administrative
|
18,839 | 15,340 | ||||||
Total operating expenses
|
$ | 148,862 | $ | 128,327 | ||||
Operating income
|
$ | 36,512 | $ | 19,522 | ||||
Other income (expense):
|
||||||||
Interest income
|
$ | 341 | $ | 300 | ||||
Net foreign exchange (loss)
|
(223 | ) | (698 | ) | ||||
Other income, net
|
446 | 348 | ||||||
Income before income taxes
|
$ | 37,076 | $ | 19,472 | ||||
Provision for income taxes
|
6,615 | 1,119 | ||||||
Net income
|
$ | 30,461 | $ | 18,353 | ||||
Basic earnings per share
|
$ | 0.26 | $ | 0.16 | ||||
Diluted earnings per share
|
$ | 0.25 | $ | 0.16 | ||||
Weighted average shares outstanding -
|
||||||||
basic
|
118,693 | 116,070 | ||||||
diluted
|
120,443 | 117,652 | ||||||
Dividends declared per share
|
$ | 0.10 | $ | 0.09 |
April 28, 2011
Page 6
National Instruments
|
||||||||
Consolidated Statements of Cash Flows
|
||||||||
(in thousands)
|
||||||||
Three Months Ended
|
||||||||
March, 31
|
||||||||
(Unaudited)
|
||||||||
2011
|
2010
|
|||||||
Cash flow from operating activities:
|
||||||||
Net income
|
$ | 30,461 | $ | 18,353 | ||||
Adjustments to reconcile net income to net cash provided
|
||||||||
by operating activities:
|
||||||||
Depreciation and amortization
|
10,973 | 9,442 | ||||||
Stock-based compensation
|
4,590 | 4,916 | ||||||
Tax expense (benefit) from deferred income taxes
|
(560) | 1,709 | ||||||
Tax expense (benefit) from stock option plans
|
(1,327) | 1,587 | ||||||
Changes in operating assets and liabilities:
|
||||||||
Accounts receivable
|
(4,933) | (613) | ||||||
Inventories
|
(16,643) | (3,006) | ||||||
Prepaid expenses and other assets
|
14,995 | (297) | ||||||
Accounts payable
|
3,071 | 3,618 | ||||||
Deferred revenue
|
6,137 | 3,730 | ||||||
Taxes and other liabilities
|
(5,134) | 2,162 | ||||||
Net cash provided by operating activities
|
$ | 41,630 | $ | 41,601 | ||||
Cash flow from investing activities:
|
||||||||
Capital expenditures
|
(9,580) | (5,271) | ||||||
Capitalization of internally developed software
|
(3,731) | (3,404) | ||||||
Additions to other intangibles
|
(436) | (543) | ||||||
Acquisition, net of cash received
|
- | (2,191) | ||||||
Purchases of short-term investments
|
(27,176) | (35,823) | ||||||
Sales and maturities of short-term investments
|
27,931 | 9,037 | ||||||
Net cash (used by) investing activities
|
$ | (12,992) | $ | (38,195) | ||||
Cash flow from financing activities:
|
||||||||
Proceeds from issuance of common stock
|
17,050 | 22,341 | ||||||
Repurchase of common stock
|
- | (30,935) | ||||||
Dividends paid
|
(11,868) | (10,072) | ||||||
Tax (expense) benefit from stock option plans
|
1,327 | (1,587) | ||||||
Net cash provided (used) by financing activities
|
$ | 6,509 | $ | (20,253) | ||||
Net change in cash and cash equivalents
|
35,147 | (16,847) | ||||||
Cash and cash equivalents at beginning of period
|
219,447 | 201,465 | ||||||
Cash and cash equivalents at end of period
|
$ | 254,594 | $ | 184,618 |
April 28, 2011
Page 7
Detail of GAAP charges related to stock-based compensation and
|
||||
amortization of acquisition intangibles
|
||||
(Unaudited)
|
||||
Three Months Ended
|
||||
March 31,
|
||||
2011
|
2010
|
|||
Stock-based compensation
|
||||
Cost of sales
|
$
|
317
|
$
|
362
|
Sales and marketing
|
1,922
|
2,104
|
||
Research and development
|
1,686
|
1,765
|
||
General and administrative
|
665
|
685
|
||
Provision for income taxes
|
(1,840)
|
(1,545)
|
||
Total
|
$
|
2,750
|
$
|
3,371
|
Amortization of acquisition intangibles
|
||||
Cost of sales
|
$
|
1,004
|
$
|
722
|
Sales and marketing
|
77
|
122
|
||
Research and development
|
-
|
-
|
||
General and administrative
|
-
|
-
|
||
Provision for income taxes
|
(350)
|
(253)
|
||
Total
|
$
|
731
|
$
|
591
|
April 28, 2011
Page 8
National Instruments
|
||||
Reconciliation of GAAP to Non-GAAP Measures
|
||||
(in thousands, except per share data)
|
||||
(unaudited)
|
||||
Three Months Ended
|
||||
March 31,
|
||||
2011
|
2010
|
|||
Reconciliation of Gross Profit to Non-GAAP Gross Profit
|
||||
Gross profit, as reported
|
$
|
185,374
|
$
|
147,849
|
Stock-based compensation
|
317
|
362
|
||
Amortization of acquisition intangibles
|
1,004
|
722
|
||
Non-GAAP gross profit
|
$
|
186,695
|
$
|
148,933
|
Reconciliation of Operating Expenses to Non-GAAP Operating Expenses
|
||||
Operating expenses, as reported
|
$
|
148,862
|
$
|
128,327
|
Stock-based compensation
|
(4,273)
|
(4,554)
|
||
Amortization of acquisition intangibles
|
(77)
|
(122)
|
||
Non-GAAP operating expenses
|
$
|
144,512
|
$
|
123,651
|
Reconciliation of Operating Income to Non-GAAP Operating Income
|
||||
Operating income, as reported
|
$
|
36,512
|
$
|
19,522
|
Stock-based compensation
|
4,590
|
4,916
|
||
Amortization of acquisition intangibles
|
1,081
|
844
|
||
Non-GAAP operating income
|
$
|
42,183
|
$
|
25,282
|
Reconciliation of Income before Income Taxes to Non-GAAP Income before Income Taxes
|
||||
Income before income taxes, as reported
|
$
|
37,076
|
$
|
19,472
|
Stock-based compensation
|
4,590
|
4,916
|
||
Amortization of acquisition intangibles
|
1,081
|
844
|
||
Non-GAAP income before income taxes
|
$
|
42,747
|
$
|
25,232
|
Reconciliation of Provision for Income Taxes to Non-GAAP Provision For Income Taxes
|
||||
Provision for income taxes, as reported
|
$
|
6,615
|
$
|
1,119
|
Stock-based compensation
|
1,840
|
1,545
|
||
Amortization of acquisition intangibles
|
350
|
253
|
||
Non-GAAP provision for income taxes
|
$
|
8,805
|
$
|
2,917
|
April 28, 2011
Page 9
Reconciliation of GAAP Net Income, Basic EPS and Diluted EPS to Non-GAAP Net Income, Basic EPS and Diluted EPS
|
||||
(unaudited)
|
||||
Three Months Ended
|
||||
March 31,
|
||||
2011
|
2010
|
|||
Net income, as reported
|
$
|
30,461
|
$
|
18,353
|
Adjustments to reconcile net income to non-GAAP net income:
|
||||
Stock-based compensation, net of tax effect
|
2,750
|
3,371
|
||
Amortization of acquisition intangibles, net of tax effect
|
731
|
591
|
||
Non-GAAP net income
|
$
|
33,942
|
$
|
22,315
|
Basic EPS, as reported
|
$
|
0.26
|
$
|
0.16
|
Adjustment to reconcile basic EPS to non-GAAP
|
||||
basic EPS:
|
||||
Impact of stock-based compensation, net of tax effect
|
$
|
0.02
|
$
|
0.03
|
Impact of amortization of acquisition intangibles, net of tax effect
|
$
|
0.01
|
$
|
0.00
|
Non-GAAP basic EPS
|
$
|
0.29
|
$
|
0.19
|
Diluted EPS, as reported
|
$
|
0.25
|
$
|
0.16
|
Adjustment to reconcile diluted EPS to non-GAAP
|
||||
diluted EPS:
|
||||
Impact of stock-based compensation, net of tax effect
|
$
|
0.02
|
$
|
0.03
|
Impact of amortization of acquisition intangibles, net of tax effect
|
$
|
0.01
|
$
|
0.00
|
Non-GAAP diluted EPS
|
$
|
0.28
|
$
|
0.19
|
Weighted average shares outstanding -
|
||||
Basic
|
118,693
|
116,070
|
||
Diluted
|
120,443
|
117,652
|
||
Reconciliation of Net Income and Diluted EPS to EBITDA and EBITDA Diluted EPS
|
||||
(unaudited)
|
||||
Three Months Ended
|
||||
March 31,
|
||||
2011
|
2010
|
|||
Net income, as reported
|
$
|
30,461
|
$
|
18,353
|
Adjustments to reconcile net income to EBITDA:
|
||||
Interest income
|
(341)
|
(300)
|
||
Taxes
|
6,615
|
1,119
|
||
Depreciation and amortization
|
10,973
|
9,442
|
||
EBITDA
|
$
|
47,708
|
$
|
28,614
|
Diluted EPS, as reported
|
$
|
0.25
|
$
|
0.16
|
Adjustment to reconcile diluted EPS to EBITDA
|
||||
Interest income
|
$
|
(0.00)
|
$
|
(0.00)
|
Taxes
|
$
|
0.06
|
$
|
0.00
|
Depreciation and amortization
|
$
|
0.09
|
$
|
0.08
|
EBITDA diluted EPS
|
$
|
0.40
|
$
|
0.24
|
Weighted average shares outstanding - Diluted
|
120,443
|
117,652
|
April 28, 2011
Page 10
National Instruments
|
|||||
Reconciliation of GAAP to Non-GAAP EPS Guidance
|
|||||
(unaudited)
|
|||||
Three months ended
|
|||||
June 30, 2011
|
|||||
Low
|
High
|
||||
GAAP Fully Diluted EPS, guidance
|
$
|
0.19
|
$
|
0.27
|
|
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, net of tax effect
|
$
|
0.01
|
$
|
0.01
|
|
Non-GAAP diluted EPS, guidance
|
$
|
0.23
|
$
|
0.31
|
Contact:
|
Veronica Garza
|
Investor Relations
|
|
(512) 683-6873
|