UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
 
 
____________________

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported)

October 30, 2014

____________________

National Instruments Corporation
(Exact name of registrant as specified in its charter)

Delaware
 
000-25426
 
74-1871327
(State or other jurisdiction of incorporation)
 
(Commission File Number)
 
(IRS Employer
Identification No.)

11500 North MoPac Expressway
Austin, Texas 78759
(Address of principal executive offices, including zip code)

(512) 338-9119
(Registrant’s telephone number, including area code)

N/A
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
 
[  ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
 
[  ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
 
[  ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
 
[  ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 
 
 


 

Item 2.02.  Results of Operations and Financial Conditions
 
Attached hereto as Exhibit 99.1 and incorporated by reference herein is the text of the registrant's press release, dated October 30, 2014, regarding financial results for the registrant's third fiscal quarter ended September 30, 2014.
 
The information in this Current Report on Form 8-K is being furnished and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section.
 
Item 9.01.  Financial Statements and Exhibits

(d)  Exhibits.

Exhibit No.
 
Description
     
99.1
 
Press Release dated October 30, 2014
     

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

   
NATIONAL INSTRUMENTS CORPORATION
     
 
By:
/s/ DAVID G. HUGLEY
 
   
David  G. Hugley
Vice President & General Counsel; Secretary

Date:  October 30, 2014


Contact:       Marissa Vidaurri, Investor Relations, marissa.vidaurri@ni.com
 
NI Reports Record Quarterly Revenue of $314 Million
Company Continued to Drive Significant Operating Leverage
 
Q3 2014 Highlights
· 
 
Quarterly revenue of $314 million, up 8 percent year-over-year
· 
 
Record Q3 revenue for CompactRIO, PXI, and data acquisition products
· 
 
GAAP operating income up 67 percent year-over-year
· 
 
Non-GAAP operating income up 38 percent year-over-year
· 
 
Fully diluted GAAP EPS of $0.31 and fully diluted non-GAAP EPS of $0.37
· 
 
EBITDA of $51 million or $0.40 per share
· 
  Cash and cash equivalents of $448 million, up $46 million from Q2 2014

AUSTIN, Texas – Oct. 30, 2014 – NI (Nasdaq: NATI) today announced Q3 revenue of $314 million, up 8 percent year-over-year. The company’s orders under $20,000 grew 3 percent year-over-year; orders between $20,000 and $100,000 increased 9 percent year-over-year; and orders above $100,000 increased 10 percent year-over-year. In Q3 2014, NI recognized $17 million in revenue from its largest customer, compared with $4 million recognized in Q3 2013. Year-to-date, through Oct. 30, the company has received $56 million in orders from this customer, compared to $35 million at this point last year.
 
GAAP net income for Q3 was $40 million, with fully diluted earnings per share (EPS) of $0.31, and non-GAAP net income was $47 million, with non-GAAP fully diluted EPS of $0.37. As discussed in the NI earnings call on July 29, 2014, the company recognized a tax benefit of $14 million in Q3 related to a settlement with the Internal Revenue Service of the examination of our U.S. income tax returns for 2010 and 2011. EBITDA, or Earnings Before Interest, Taxes, Depreciation and Amortization, was $51 million, or $0.40 per share in the third quarter.
 
In Q3, GAAP gross margin was 74 percent and non-GAAP gross margin was 75 percent, up 40 basis points from Q3 2013. Total GAAP operating expenses were $198 million, up 3 percent year-over-year. Total non-GAAP operating expenses were $192 million, up 4 percent year-over-year.
 
GAAP operating margin was 11 percent in Q3, with GAAP operating income of $34 million, up 67 percent year-over-year. Non-GAAP operating margin was 14 percent in Q3, with non-GAAP operating income of $45 million, up 38 percent year-over-year.
 
The company’s non-GAAP results exclude the impact of stock-based compensation, amortization of acquisition-related intangibles and acquisition transaction costs and restructuring charges. Reconciliations of the company’s GAAP and non-GAAP results are included as part of this news release.
 
“I am pleased with the record revenue delivered in the third quarter and the significant progress made toward improving our operating margin,” said Dr. James Truchard, NI president, CEO and cofounder. “I remain optimistic about our long-term position in the industry, with new products released in Q3 adding capability to our platform to further differentiate our approach in automated test and address new opportunities in areas such as the Industrial Internet of Things.”
 
Geographic revenue in U.S. dollar terms for Q3 2014 compared with Q3 2013 was up 2 percent in the Americas, up 8 percent in Europe, up 34 percent in East Asia and down 14 percent in Emerging Markets. In local currency terms, revenue was up 5 percent in Europe, up 33 percent in East Asia and down 12 percent in Emerging Markets.
 
As of Sept. 30, NI had $448 million in cash and short-term investments, up $46 million from Q2 2014. The company paid $19 million in dividends in the third quarter. The NI Board of Directors also approved a quarterly dividend of $0.15 per share on the company’s common stock payable on Dec. 8, 2014 to stockholders of record on Nov. 17, 2014.
 
Guidance for Q4 2014
 
“I am pleased with the operating leverage we have delivered so far this year and we expect to continue to deliver year-over-year revenue growth and operating leverage in Q4,” said Alex Davern, NI COO and CFO. “Looking forward we are working hard to take advantage of our opportunity and remain committed to driving organic growth.”
 
Gross margins are expected to be up sequentially in Q4. NI currently expects revenue for Q4 2014 to be between $312 million and $342 million, up 9 percent year-over-year at the midpoint. NI expects fully diluted EPS to be in the range of $0.23 to $0.35 for Q4, with non-GAAP fully diluted EPS expected to be in the range of $0.29 to $0.41.
 
Non-GAAP Presentation
 
In addition to disclosing results determined in accordance with GAAP, NI discloses certain non-GAAP operating results and non-GAAP information that exclude certain charges. In this news release, the company has presented its gross profit, gross margin, operating expenses, operating income, operating margin, income before income taxes, provision for income taxes, net income and basic and fully diluted EPS for the three-month periods ending Sept. 30, 2014 and 2013, on a GAAP and non-GAAP basis. NI is also providing guidance on its non-GAAP fully diluted EPS.
 
When presenting non-GAAP information, the company includes a reconciliation of the non-GAAP results to the GAAP results. Management believes that including the non-GAAP results assists investors in assessing the company’s operational performance and its performance relative to its competitors. The company presents these non-GAAP results as a complement to results provided in accordance with GAAP, and these results should not be regarded as a substitute for GAAP. Management uses these non-GAAP measures to manage and assess the profitability and performance of its business and does not consider stock-based compensation expense, amortization of acquisition-related intangibles, acquisition-related adjustments, acquisition-related transaction costs and restructuring charges in managing its operations. Specifically, management uses non-GAAP measures to plan and forecast future periods; to establish operational goals; to compare with its business plan and individual operating budgets; to measure management performance for the purposes of executive compensation, including payments to be made under bonus plans; to assist the public in measuring the company’s performance relative to the company’s long-term public performance goals; to allocate resources; and, relative to the company’s historical financial performance, to enable comparability between periods. Management also considers such non-GAAP results to be an important supplemental measure of its performance.
 
This news release also discloses the company’s EBITDA and EBITDA diluted EPS for the three- and nine-month periods ending Sept. 30, 2014 and 2013. The company believes that including the EBITDA results assists investors in assessing the company’s operational performance relative to its competitors. A reconciliation of EBITDA and EBITDA diluted EPS to GAAP net income and GAAP diluted EPS is included with this news release.
 
Conference Call Information and Availability of Presentation Materials
 
Interested parties can listen to the Q3 2014 conference call today, Oct. 30, at 4:00 p.m. CT at ni.com/call. Replay information is available by calling (855) 859-2056, confirmation code #10295526, shortly after the call through Nov. 1 at 11:00 p.m. CT, or by visiting the company’s website at ni.com/call. You may also view certain presentation materials that we may refer to on the conference call at ni.com/nati.
 
Forward-Looking Statements
 
This release contains “forward-looking statements,” including statements regarding driving significant operating leverage, being optimistic about our long-term position in the industry, our new products released in Q3 adding capability to our platform to address new opportunities, expecting to continue to deliver YOY revenue growth and operating leverage in Q4, working hard to take advantage of our opportunity and remain committed to driving organic growth, gross margins expected to be up sequentially in Q4 and NI’s Q4 guidance for revenue and GAAP and non-GAAP EPS. These statements are subject to a number of risks and uncertainties, including the risk of adverse changes or fluctuations in the global economy, foreign exchange fluctuations, component shortages, delays in the release of new products, fluctuations in customer demand for NI products including orders from NI’s largest customer, fluctuations in average order size and customer mix, the company’s ability to effectively manage its operating expenses, manufacturing inefficiencies and the level of capacity utilization, and the impact of any acquisitions by NI. Actual results may differ materially from the expected results.
 
The company directs readers to its Form 10-K for the fiscal year ended Dec. 31, 2013, and its Form 10-Q for the quarter ended June 30, 2014, 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)
 
CompactRIO, 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,
   
2014
 
 
2013
   
(unaudited)
   
Assets
       
Current assets:
       
Cash and cash equivalents
$
            259,455
$
            230,263
Short-term investments
 
            188,299
 
            163,149
Accounts receivable, net
 
            187,726
 
            180,680
Inventories, net
 
            170,862
 
            172,109
Prepaid expenses and other current assets
 
              71,735
 
              49,001
Deferred income taxes, net
 
              28,425
 
              33,393
Total current assets
 
            906,502
 
            828,595
         
Property and equipment, net
 
            261,622
 
            260,568
Goodwill
 
            145,026
 
            146,520
Intangible assets, net
 
              83,151
 
              82,310
Other long-term assets
 
              24,592
 
              25,558
Total assets
$
         1,420,893
$
         1,343,551
         
Liabilities and Stockholders' Equity
       
Current liabilities:
       
Accounts payable
$
              61,893
$
              56,614
Accrued compensation
 
              37,638
 
              25,189
Deferred revenue - current
 
            101,407
 
              96,117
Accrued expenses and other liabilities
 
              13,728
 
              17,627
Other taxes payable
 
              34,822
 
              29,808
Total current liabilities
 
            249,488
 
            225,355
         
Deferred income taxes
 
              41,885
 
              44,620
Liability for uncertain tax positions
 
              10,412
 
              23,572
Deferred revenue - long-term
 
              24,808
 
              21,389
Other long-term liabilities
 
                7,012
 
                5,531
Total liabilities
 
            333,605
 
            320,467
         
Stockholders' equity:
       
Preferred stock
 
                       -
 
                       -
Common stock
 
                1,276
 
                1,257
Additional paid-in capital
 
            649,794
 
            604,330
Retained earnings
 
            440,785
 
            414,947
Accumulated other comprehensive (loss) income
 
              (4,567)
 
                2,550
Total stockholders' equity
 
         1,087,288
 
         1,023,084
Total liabilities and stockholders' equity
$
         1,420,893
$
         1,343,551

 
 

 
 
National Instruments
Condensed Consolidated Statements of Income
(in thousands, except per share data, unaudited)
                 
   
Three Months Ended
 
Nine Months Ended
   
September 30,
 
September 30,
   
2014
 
2013
 
2014
 
2013
                 
Net sales:
               
Product
$
            287,336
 $
           269,582
$
            837,824
 $
             810,663
Software maintenance
 
              26,365
 
             19,556
 
              73,262
 
               61,089
Total net sales
 
            313,701
 
           289,138
 
            911,086
 
             871,752
                 
Cost of sales:
               
Product
 
              79,266
 
             73,541
 
            229,529
 
             224,954
Software maintenance
 
                1,683
 
               1,665
 
                4,443
 
                 4,307
Total cost of sales
 
              80,949
 
             75,206
 
            233,972
 
             229,261
                 
Gross profit
 
            232,752
 
           213,932
 
            677,114
 
             642,491
                 
Operating expenses:
               
Sales and marketing
 
            116,736
 
           111,253
 
            348,026
 
             337,884
Research and development
 
              58,972
 
             60,791
 
            170,082
 
             180,520
General and administrative
 
              22,741
 
             21,363
 
              68,854
 
               66,363
Acquisition related adjustment
 
                       -
 
                       -
 
                       -
 
               (1,316)
Total operating expenses
 
            198,449
 
           193,407
 
            586,962
 
             583,451
                 
Operating income
 
              34,303
 
             20,525
 
              90,152
 
               59,040
                 
Other income (expense):
               
Interest income
 
                   362
 
                  133
 
                   793
 
                    495
Net foreign exchange (loss) gain
 
                 (452)
 
                  456
 
              (1,005)
 
               (2,057)
Other (loss) income, net
 
                   (70)
 
                  304
 
                   283
 
                    728
                 
Income before income taxes
 
              34,143
 
             21,418
 
              90,223
 
               58,206
                 
(Benefit from) Provision for income taxes
 
              (5,559)
 
               5,654
 
                7,275
 
                 9,421
                 
Net income
$
              39,702
 $
             15,764
$
              82,948
$
               48,785
                 
Basic earnings per share
$
                  0.31
$
                 0.13
$
                  0.65
$
                   0.39
Diluted earnings per share
$
                  0.31
$
                 0.13
$
                  0.65
$
                   0.39
                 
Weighted average shares outstanding -
               
basic
 
            127,478
 
           125,032
 
            126,785
 
             124,244
diluted
 
            127,903
 
           125,608
 
            127,529
 
             125,221
                 
Dividends declared per share
$
                  0.15
$
                 0.14
$
                  0.45
 
 $                0.42
 
 
 

 
National Instruments
Condensed Consolidated Statements of Cash Flows
(in thousands, unaudited)
   
Nine Months Ended September 30,
   
2014
 
2013
Cash flow from operating activities:
       
Net income
$
             82,948
$
               48,785
Adjustments to reconcile net income to net cash provided
       
by operating activities:
       
Depreciation and amortization
 
             51,011
 
               50,897
Stock-based compensation
 
             19,531
 
               21,996
Tax expense/(benefit) expense from deferred income taxes
               2,222
 
                (1,272)
Tax benefit from stock option plans
 
             (1,189)
 
                (2,185)
Changes in operating assets and liabilities:
     
 
Accounts receivable
 
             (7,046)
 
                 4,789
Inventories
 
               1,247
 
                (8,358)
Prepaid expenses and other assets
 
           (24,887)
 
              (18,320)
Accounts payable
 
               5,279
 
              (10,636)
Deferred revenue
 
               8,709
 
                 6,192
Taxes and other liabilities
 
               2,891
 
                 2,834
Net cash provided by operating activities
 
           140,716
 
               94,722
         
Cash flow from investing activities:
       
Capital expenditures
 
           (30,645)
 
              (40,795)
Capitalization of internally developed software
 
           (22,055)
 
              (10,566)
Additions to other intangibles
 
             (2,238)
 
                (4,146)
Purchases of short-term investments
 
          (107,664)
 
              (16,039)
Sales and maturities of short-term investments
 
             82,514
 
               35,299
Net cash used by investing activities
 
           (80,088)
 
              (36,247)
         
Cash flow from financing activities:
       
Proceeds from issuance of common stock
 
             24,483
 
               28,809
AWR earnout payment
 
                     -
 
                (9,016)
Dividends paid
 
           (57,108)
 
              (52,241)
Tax benefit from stock option plans
 
               1,189
 
                 2,185
Net cash used by financing activities
 
           (31,436)
 
              (30,263)
         
Net change in cash and cash equivalents
 
             29,192
 
               28,212
Cash and cash equivalents at beginning of period
 
           230,263
 
              161,996
Cash and cash equivalents at end of period
$
           259,455
$
              190,208
         
 
 
 

 

 
National Instruments
Detail of GAAP charges related to revenue, stock-based compensation, amortization of acquisition intangibles, and acquisition transaction costs and restructuring charges
(in thousands, unaudited)
                 
   
Three Months Ended
 
Nine Months Ended
   
September 30,
 
September 30,
                 
   
2014
 
2013
 
2014
 
2013
Stock-based compensation
               
Cost of sales
 $
           465
 $
           390
 $
      1,264
 $
       1,219
Sales and marketing
 
         2,756
 
        2,908
 
      8,334
 
       8,907
Research and development
 
         2,497
 
        3,803
 
      7,221
 
       9,136
General and administrative
 
           877
 
           889
 
      2,657
 
       2,734
Provision for income taxes
 
       (2,284)
 
       (2,894)
 
    (5,917)
 
     (6,585)
Total
 $
         4,311
 $
        5,096
 $
    13,559
 $
     15,411
                 
                 
Amortization of acquisition intangibles
               
Cost of sales
 $
         2,662
 $
        2,672
 $
      7,991
 $
       8,045
Sales and marketing
 
           433
 
           490
 
      1,351
 
       1,506
Research and development
 
           392
 
           396
 
      1,198
 
       1,638
Other income, net
 
           170
 
           185
 
        507
 
         566
Provision for income taxes
 
       (1,207)
 
       (1,232)
 
    (3,647)
 
     (3,850)
Total
 $
         2,450
 $
        2,511
 $
      7,400
 $
       7,905
                 
Acquisition transaction costs and restructuring charges
               
Cost of sales
 $
           547
 $
              4
 $
        547
 $
             7
Sales and marketing
 
           (24)
 
           146
 
        152
 
         406
Research and development
 
           (42)
 
           281
 
        264
 
         691
General and administrative
 
             38
 
            71
 
        145
 
         246
Acquisition related adjustment
 
               -
 
               -
 
          -
 
     (1,316)
Provision for income taxes
 
          (182)
 
         (153)
 
       (388)
 
        (412)
Total
 $
           337
 $
           349
 $
        720
 $
        (378)

 

 
 

 

 
National Instruments
Reconciliation of GAAP to Non-GAAP Measures
(in thousands, unaudited)
                 
   
Three Months Ended
 
Nine Months Ended
   
September 30,
 
September 30,
   
2014
 
2013
 
2014
 
2013
Reconciliation of Gross Profit to Non-GAAP Gross Profit
Gross profit, as reported
$
         232,752
$
       213,932
$
         677,114
$
           642,491
Stock-based compensation
 
               465
 
             390
 
             1,264
 
               1,219
Amortization of acquisition intangibles
 
             2,662
 
           2,672
 
             7,991
 
               8,045
Acquisition transaction costs and restructuring charges
 
               547
 
                 4
 
               547
 
                     7
Non-GAAP gross profit
$
         236,426
$
       216,998
$
         686,916
$
           651,762
Non-GAAP gross margin
 
75%
 
75%
 
75%
 
75%
                 
Reconciliation of Operating Expenses to Non-GAAP Operating Expenses
Operating expenses, as reported
$
         198,449
$
       193,407
$
         586,962
$
           583,451
Stock-based compensation
 
           (6,130)
 
         (7,600)
 
         (18,212)
 
           (20,777)
Amortization of acquisition intangibles
 
              (825)
 
            (886)
 
           (2,549)
 
             (3,144)
Acquisition related adjustment
 
                   -
 
                 -
 
                   -
 
               1,316
Acquisition transaction costs and restructuring charges
 
                 28
 
            (498)
 
              (561)
 
             (1,343)
Non-GAAP operating expenses
$
         191,522
$
       184,423
$
         565,640
$
           559,503
                 
Reconciliation of Operating Income to Non-GAAP Operating Income
Operating income, as reported
$
           34,303
$
         20,525
$
           90,152
$
             59,040
Stock-based compensation
 
             6,595
 
           7,990
 
           19,476
 
             21,996
Amortization of acquisition intangibles
 
             3,487
 
           3,558
 
           10,540
 
             11,189
Acquisition related adjustment
 
                   -
 
                 -
 
                 -
 
             (1,316)
Acquisition transaction costs and restructuring charges
 
               519
 
             502
 
             1,108
 
               1,350
Non-GAAP operating income
$
           44,904
$
         32,575
$
         121,276
$
             92,259
Non-GAAP operating margin
 
14%
 
11%
 
13%
 
11%
                 
Reconciliation of Income before income taxes to Non-GAAP Income before income taxes
Income before income taxes, as reported
$
           34,143
$
         21,418
$
           90,223
$
             58,206
Stock-based compensation
 
             6,595
 
           7,990
 
           19,476
 
             21,996
Amortization of acquisition intangibles
 
             3,657
 
           3,743
 
           11,047
 
             11,755
Acquisition related adjustment
 
                   -
 
                 -
 
                   -
 
             (1,316)
Acquisition transaction costs and restructuring charges
 
               519
 
             502
 
             1,108
 
               1,350
Non-GAAP income before income taxes
$
           44,914
$
         33,653
$
         121,854
$
             91,991
                 
Reconciliation of Provision for income taxes to Non-GAAP Provision for income taxes
Provision for income taxes, as reported
$
           (5,559)
$
           5,654
$
             7,275
$
               9,421
Stock-based compensation
 
             2,284
 
           2,894
 
             5,917
 
               6,585
Amortization of acquisition intangibles
 
             1,207
 
           1,232
 
             3,647
 
               3,850
Acquisition transaction costs and restructuring charges
 
               182
 
             153
 
               388
 
                 412
Non-GAAP provision for income taxes
$
           (1,886)
$
           9,933
$
           17,227
$
             20,268

 

 
 

 


 
National Instruments
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
 
Nine Months Ended
   
September 30,
 
September 30,
   
2014
 
2013
 
2014
 
2013
                 
Net income, as reported
$
        39,702
 $
           15,764
 $
        82,948
 $
        48,785
Adjustments to reconcile net income to non-GAAP net income:
               
  Stock-based compensation, net of tax effect
 
          4,311
 
             5,096
 
        13,559
 
        15,411
  Amortization of acquisition intangibles, net of tax effect
 
          2,450
 
             2,511
 
          7,400
 
          7,905
Acquisition related adjustment
 
                 -
 
                   -
 
                 -
 
         (1,316)
  Acquisition transaction costs and restructuring charges, net of tax effect
 
             337
 
               349
 
             720
 
             938
Non-GAAP net income
$
        46,800
 $
           23,720
 $
       104,627
 $
        71,723
                 
Basic EPS, as reported
$
            0.31
 $
              0.13
 $
            0.65
 $
            0.39
Adjustment to reconcile basic EPS to non-GAAP
               
basic EPS:
               
  Impact of stock-based compensation, net of tax effect
 
            0.04
 
              0.04
 
            0.11
 
            0.13
  Impact of amortization of acquisition intangibles, net of tax effect
 
            0.02
 
              0.02
 
            0.06
 
            0.06
  Acquisition related adjustment
 
               -
 
                 -
 
               -
 
          (0.01)
  Impact of acquisition transaction costs and restructuring charges,
           net of tax effect
 
               -
 
                 -
 
            0.01
 
            0.01
Non-GAAP basic EPS
$
            0.37
 $
              0.19
 $
            0.83
 $
            0.58
                 
                 
Diluted EPS, as reported
$
            0.31
 $
              0.13
 $
            0.65
 $
            0.39
Adjustment to reconcile diluted EPS to non-GAAP diluted EPS
               
  Impact of stock-based compensation, net of tax effect
 
            0.04
 
              0.04
 
            0.11
 
            0.12
  Impact of amortization of acquisition intangibles, net of tax effect
 
            0.02
 
              0.02
 
            0.06
 
            0.06
  Acquisition related adjustment
 
               -
 
                 -
 
               -
 
          (0.01)
  Impact of acquisition transaction costs and restructuring charges,
           net of tax effect
 
               -
 
                 -
 
               -
 
            0.01
Non-GAAP diluted EPS
$
            0.37
 $
              0.19
 $
            0.82
 $
            0.57
                 
Weighted average shares outstanding -
               
Basic
 
127,478
 
125,032
 
126,785
 
124,244
Diluted
 
127,903
 
125,608
 
127,529
 
125,221

 

 
 

 


 
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
 
Nine Months Ended
   
September 30,
 
September 30,
   
2014
 
2013
 
2014
 
2013
Net income, as reported
$
        39,702
$
        15,764
$
        82,948
$
        48,785
Adjustments to reconcile net income to EBITDA:
               
     Interest income
 
           (362)
 
           (133)
 
           (793)
 
           (495)
     Tax expense
 
         (5,559)
 
          5,654
 
          7,275
 
          9,421
     Depreciation and amortization
 
        17,654
 
        17,342
 
        51,011
 
        50,897
EBITDA
$
        51,435
$
        38,627
$
       140,441
$
       108,608
                 
Diluted EPS, as reported
$
            0.31
$
            0.13
$
            0.65
$
            0.39
Adjustment to reconcile diluted EPS to EBITDA
               
     Interest income
 
          (0.01)
 
               -
 
          (0.01)
 
               -
     Tax expense
 
          (0.04)
 
            0.04
 
            0.06
 
            0.07
     Depreciation and amortization
 
            0.14
 
            0.14
 
            0.40
 
            0.41
EBITDA diluted EPS
$
            0.40
$
            0.31
$
            1.10
$
            0.87
                 
Weighted average shares outstanding - Diluted
 
       127,903
 
       125,608
 
       127,529
 
       125,221
                 

 
Reconciliation of GAAP to Non-GAAP EPS Guidance
(unaudited)
 
Three months ended
 
December 31, 2014
         
   
Low
 
High
GAAP Fully Diluted EPS, guidance
$
            0.23
$
            0.35
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
 
            0.02
 
            0.02
         
Non-GAAP diluted EPS, guidance
$
            0.29
$
            0.41
 
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