• |
Revenue of $385 million, up 15 percent year-over-year in a challenging supply chain environment |
• |
Record orders for a first quarter, up 27 percent year over year |
• |
Strong double digit order growth across all business units amd regions |
• |
Diluted GAAP EPS of $0.19 and diluted non-GAAP EPS of $0.41
|
• |
GAAP revenue to be in the range of $370 million to $410 million |
• |
GAAP diluted EPS to be in the range of $0.01 to $0.15
|
• |
Non-GAAP diluted EPS expected to be in the range of $0.25 to $0.39
|
March 31,
2022
|
December 31,
2021
| |||||||
(unaudited)
| ||||||||
Assets
| ||||||||
Cash and cash equivalents
|
$
|
142,883
|
$
|
211,106
| ||||
Accounts receivable, net
|
312,939
|
341,275
| ||||||
Inventories, net
|
307,892
|
289,243
| ||||||
Prepaid expenses and other current assets
|
109,764
|
89,925
| ||||||
Total current assets
|
873,478
|
931,549
| ||||||
Property and equipment, net
|
253,976
|
253,668
| ||||||
Goodwill
|
592,074
|
575,992
| ||||||
Intangible assets, net
|
216,292
|
220,418
| ||||||
Operating lease right-of-use assets
|
60,931
|
58,641
| ||||||
Other long-term assets
|
74,717
|
74,717
| ||||||
Total assets
|
$
|
2,071,468
|
$
|
2,114,985
| ||||
Liabilities and Stockholders' Equity
| ||||||||
Accounts payable and accrued liabilities
|
$
|
81,824
|
$
|
83,218
| ||||
Accrued compensation
|
51,461
|
111,261
| ||||||
Deferred revenue - current
|
134,640
|
137,818
| ||||||
Operating lease liabilities - current
|
13,265
|
13,137
| ||||||
Other taxes payable
|
57,600
|
59,109
| ||||||
Other current liabilities
|
51,154
|
40,671
| ||||||
Total current liabilities
|
389,944
|
445,214
| ||||||
Deferred income taxes
|
11,583
|
14,249
| ||||||
Income tax payable - non-current
|
54,195
|
54,195
| ||||||
Deferred revenue - non-current
|
35,766
|
32,822
| ||||||
Operating lease liabilities - non-current
|
32,584
|
30,468
| ||||||
Debt - non-current
|
325,000
|
300,000
| ||||||
Other long-term liabilities
|
14,958
|
14,340
| ||||||
Total liabilities
|
$
|
864,030
|
$
|
891,288
| ||||
Stockholders' equity:
| ||||||||
Preferred stock
|
$
|
-
|
$
|
-
| ||||
Common stock
|
1,319
|
1,323
| ||||||
Additional paid-in capital
|
1,152,349
|
1,129,647
| ||||||
Retained earnings
|
76,264
|
112,858
| ||||||
Accumulated other comprehensive loss
|
(22,494
|
)
|
(20,131
|
)
| ||||
Total stockholders' equity
|
1,207,438
|
1,223,697
| ||||||
Total liabilities and stockholders' equity
|
$
|
2,071,468
|
$
|
2,114,985
|
Three Months Ended
March 31,
| ||||||||
2022
|
2021
| |||||||
Net sales:
| ||||||||
Product
|
$
|
343,685
|
$
|
295,092
| ||||
Software maintenance
|
41,571
|
40,090
| ||||||
Total net sales
|
385,256
|
335,182
| ||||||
Cost of sales:
| ||||||||
Product
|
115,024
|
91,657
| ||||||
Software maintenance
|
4,203
|
3,757
| ||||||
Total cost of sales
|
119,227
|
95,414
| ||||||
Gross profit
|
266,029
|
239,768
| ||||||
Operating expenses:
| ||||||||
Sales and marketing
|
120,157
|
116,783
| ||||||
Research and development
|
82,161
|
80,086
| ||||||
General and administrative
|
33,179
|
33,358
| ||||||
Total operating expenses
|
235,497
|
230,227
| ||||||
Operating income
|
30,532
|
9,541
| ||||||
Other income (expense)
|
33
|
(5,070
|
)
| |||||
Income before income taxes
|
30,565
|
4,471
| ||||||
Provision (benefit) for income taxes
|
5,329
|
(24
|
)
| |||||
Net income
|
$
|
25,236
|
$
|
4,495
| ||||
Basic earnings per share
|
$
|
0.19
|
$
|
0.03
| ||||
Diluted earnings per share
|
$
|
0.19
|
$
|
0.03
| ||||
Weighted average shares outstanding -
| ||||||||
Basic
|
132,105
|
131,483
| ||||||
Diluted
|
133,175
|
132,717
| ||||||
Dividends declared per share
|
$
|
0.28
|
$
|
0.27
|
Three Months Ended
March 31,
| ||||||||
2022
|
2021
| |||||||
Cash flow from operating activities:
| ||||||||
Net income
|
$
|
25,236
|
$
|
4,495
| ||||
Adjustments to reconcile net income to net cash provided by operating activities:
| ||||||||
Depreciation and amortization
|
21,566
|
23,872
| ||||||
Stock-based compensation
|
20,128
|
17,189
| ||||||
(Gain) loss from equity-method investees
|
(602
|
)
|
4,173
| |||||
Deferred income taxes
|
(3,615
|
)
|
(3,746
|
)
| ||||
Net change in operating assets and liabilities
|
(66,561
|
)
|
(16,142
|
)
| ||||
Net cash (used in) provided by operating activities
|
(3,848
|
)
|
29,841
| |||||
Cash flow from investing activities:
| ||||||||
Acquisitions, net of cash received
|
(17,510
|
)
|
-
| |||||
Capital expenditures
|
(10,182
|
)
|
(8,488
|
)
| ||||
Capitalization of internally developed software
|
(187
|
)
|
(226
|
)
| ||||
Additions to other intangibles
|
(1,274
|
)
|
(1,018
|
)
| ||||
Acquisitions of equity-method investments
|
-
|
(11,539
|
)
| |||||
Sales and maturities of short-term investments
|
-
|
27,664
| ||||||
Net cash (used in) provided by investing activities
|
(29,153
|
)
|
6,393
| |||||
Cash flow from financing activities:
| ||||||||
Proceeds from revolving line of credit
|
25,000
|
-
| ||||||
Payments on term loan
|
-
|
(1,250
|
)
| |||||
Proceeds from issuance of common stock
|
9,244
|
8,565
| ||||||
Repurchase of common stock
|
(31,455
|
)
|
-
| |||||
Dividends paid
|
(36,976
|
)
|
(35,533
|
)
| ||||
Net cash used in financing activities
|
(34,187
|
)
|
(28,218
|
)
| ||||
Impact of changes in exchange rates on cash
|
(1,035
|
)
|
(1,536
|
)
| ||||
Net change in cash and cash equivalents
|
(68,223
|
)
|
6,480
| |||||
Cash and cash equivalents at beginning of period
|
211,106
|
260,232
| ||||||
Cash and cash equivalents at end of period
|
$
|
142,883
|
$
|
266,712
|
Three Months Ended
March 31,
| ||||||||
2022
|
2021
| |||||||
Stock-based compensation
| ||||||||
Cost of sales
|
$
|
1,222
|
$
|
1,113
| ||||
Sales and marketing
|
7,089
|
5,696
| ||||||
Research and development
|
6,088
|
5,714
| ||||||
General and administrative
|
5,729
|
4,666
| ||||||
Provision for income taxes
|
(2,655
|
)
|
(3,324
|
)
| ||||
Total
|
$
|
17,473
|
$
|
13,865
| ||||
Amortization of acquisition-related intangibles and fair value adjustments
| ||||||||
Net sales
|
$
|
371
|
$
|
813
| ||||
Cost of sales
|
3,803
|
4,272
| ||||||
Sales and marketing
|
6,139
|
2,171
| ||||||
Research and development
|
(320
|
)
|
-
| |||||
Other (expense) income
|
516
|
394
| ||||||
Provision for income taxes
|
(1,355
|
)
|
(975
|
)
| ||||
Total
|
$
|
9,154
|
$
|
6,675
| ||||
Acquisition-related transaction and integration costs, restructuring charges and other
| ||||||||
Cost of sales
|
$
|
785
|
$
|
75
| ||||
Sales and marketing
|
307
|
4,648
| ||||||
Research and development
|
614
|
488
| ||||||
General and administrative
|
1,771
|
5,666
| ||||||
Other (expense) income
|
(1,866
|
)
|
3,725
| |||||
Provision for income taxes
|
(658
|
)
|
(2,883
|
)
| ||||
Total
|
$
|
953
|
$
|
11,719
| ||||
(Capitalization) and amortization of internally developed software costs
| ||||||||
Cost of sales
|
$
|
2,033
|
$
|
6,874
| ||||
Research and development
|
(187
|
)
|
(226
|
)
| ||||
Provision for income taxes
|
(407
|
)
|
(1,396
|
)
| ||||
Total
|
$
|
1,439
|
$
|
5,252
|
Three Months Ended
March 31,
| ||||||||
2022
|
2021
| |||||||
Reconciliation of Net Sales to Non-GAAP Net Sales Net sales, as reported
|
$
|
385,256
|
$
|
335,182
| ||||
Impact of acquisition-related fair value adjustments
|
371
|
813
| ||||||
Non-GAAP net sales
|
$
|
385,627
|
$
|
335,995
| ||||
Revenue
|
309,381
|
311,074
| ||||||
Reconciliation of Gross Profit to Non-GAAP Gross Profit Gross profit, as reported
|
$
|
266,029
|
$
|
239,768
| ||||
Stock-based compensation
|
1,222
|
1,113
| ||||||
Amortization of acquisition-related intangibles and fair value adjustments
|
4,174
|
5,085
| ||||||
Acquisition transaction and integration costs. restructuring charges and other
|
785
|
75
| ||||||
Amortization of internally developed software costs
|
2,033
|
6,874
| ||||||
Non-GAAP gross profit
|
$
|
274,243
|
$
|
252,915
| ||||
Non-GAAP gross margin
|
71.1
|
%
|
75.3
|
%
| ||||
Reconciliation of Operating Expenses to Non-GAAP Operating Expenses Operating expenses, as reported
|
$
|
235,497
|
$
|
230,227
| ||||
Stock-based compensation
|
(18,906
|
)
|
(16,076
|
)
| ||||
Amortization of acquisition-related intangibles and fair value adjustments
|
(5,819
|
)
|
(2,171
|
)
| ||||
Acquisition transaction and integration costs. restructuring charges and other
|
(2,692
|
)
|
(10,802
|
)
| ||||
Capitalization of internally developed software costs
|
187
|
226
| ||||||
Non-GAAP operating expenses
|
$
|
208,267
|
$
|
201,404
| ||||
Reconciliation of Operating Income to Non-GAAP Operating Income Operating income, as reported
|
$
|
30,532
|
$
|
9,541
| ||||
Stock-based compensation
|
20,128
|
17,189
| ||||||
Amortization of acquisition-related intangibles and fair value adjustments
|
9,993
|
7,256
| ||||||
Acquisition transaction and integration costs. restructuring charges and other
|
3,477
|
10,877
| ||||||
Net amortization of internally developed software costs
|
1,846
|
6,648
| ||||||
Non-GAAP operating income
|
$
|
65,976
|
$
|
51,511
| ||||
Non-GAAP operating margin
|
17.1
|
%
|
15.3
|
%
| ||||
Reconciliation of Provision for income taxes to Non-GAAP Provision for income taxes Provision for income taxes, as reported(1) |
$
|
5,329
|
$
|
(24
|
)
| |||
Stock-based compensation
|
2,655
|
3,324
| ||||||
Amortization of acquisition-related intangibles and fair value adjustments
|
1,355
|
975
| ||||||
Acquisition transaction and integration costs. restructuring charges and other
|
658
|
2,883
| ||||||
Net amortization of internally developed software costs
|
407
|
1,396
| ||||||
Non-GAAP provision for income taxes(1) |
$
|
10,404
|
$
|
8,554
|
(1): |
The income tax effect related to each non-GAAP item is calculated based on the tax laws and statutory income tax rates applicable in the tax jurisdiction(s) of the underlying non-GAAP adjustment, and considers the current and deferred tax impact of those adjustments.
|
Three Months Ended
March 31,
| ||||||||
2022
|
2021
| |||||||
Net income, as reported
|
$
|
25,236
|
$
|
4,495
| ||||
Adjustments to reconcile net income to non-GAAP net income:
| ||||||||
Stock-based compensation
|
20,128
|
17,189
| ||||||
Amortization of acquisition-related intangibles and fair value adjustments
|
10,509
|
7,650
| ||||||
Acquisition transaction and integration costs. restructuring charges and other
|
1,611
|
14,602
| ||||||
Net amortization of internally developed software costs
|
1,846
|
6,648
| ||||||
Income tax effects and adjustments(1) |
(5,075
|
)
|
(8,578
|
)
| ||||
Non-GAAP net income
|
$
|
54,255
|
$
|
42,006
| ||||
Non-GAAP net margin
|
14.1
|
%
|
12.5
|
%
| ||||
Diluted EPS, as reported
|
$
|
0.19
|
$
|
0.03
| ||||
Adjustments to reconcile diluted EPS to non-GAAP diluted EPS
| ||||||||
Impact of stock-based compensation
|
0.15
|
0.13
| ||||||
Impact of amortization of acquisition-related intangibles and fair value adjustments
|
0.08
|
0.06
| ||||||
Impact of acquisition transaction and integration costs, restructuring charges and other
|
0.01
|
0.11
| ||||||
Impact of amortization of internally developed software costs
|
0.02
|
0.05
| ||||||
Income tax effects and adjustments(1) |
(0.04
|
)
|
(0.06
|
)
| ||||
Non-GAAP diluted EPS
|
$
|
0.41
|
$
|
0.32
|
(1): |
The income tax effect related to each non-GAAP item is calculated based on the tax laws and statutory income tax rates applicable in the tax jurisdiction(s) of the underlying non-GAAP adjustment, and considers the current and deferred tax impact of those adjustments.
|
Weighted average shares outstanding -
| ||||||||
Basic
|
132,105
|
131,483
| ||||||
Diluted
|
133,175
|
132,717
|
Three Months Ended
June 30, 2022
| ||||||||
Low
|
High
| |||||||
GAAP Diluted EPS, guidance
|
$
|
0.01
|
$
|
0.15
| ||||
Adjustments to reconcile diluted EPS to non-GAAP diluted EPS:
| ||||||||
Stock-based compensation
|
0.16
|
0.16
| ||||||
Amortization of acquisition-related intangibles and fair value adjustments
|
0.09
|
0.09
| ||||||
Acquisition transaction and integration costs, restructuring charges and other
|
0.02
|
0.02
| ||||||
Net amortization of internally developed software costs
|
0.01
|
0.01
| ||||||
Income tax effects and adjustments(1) |
(0.04
|
)
|
(0.04
|
)
| ||||
Non-GAAP Diluted EPS, guidance
|
$
|
0.25
|
$
|
0.39
|
(1): |
The income tax effect related to each non-GAAP item is calculated based on the tax laws and statutory income tax rates applicable in the tax jurisdiction(s) of the underlying non-GAAP adjustment, and considers the current and deferred tax impact of those adjustments.
|
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Disclaimer
National Instruments Corporation published this content on 28 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 April 2022 22:46:17 UTC.