National Instruments (Nasdaq: NATI) today announced Q1 2019 revenue of
$311 million, flat year over year. Timing and mix of orders resulted in
a $10 million increase in backlog during the quarter.
In Q1 2019, the value of the company’s orders over $20,000 was up 6
percent year over year as the company saw continued growth in system
level business; orders under $20,000 were down 6 percent year over year
in line with the weakening global PMI; and total orders were up 1
percent year over year. Foreign exchange rate changes reduced revenue by
$6 million year over year.
GAAP net income for Q1 was $23 million, with fully diluted earnings per
share (EPS) of $0.17, and non-GAAP net income was $40 million, with
non-GAAP fully diluted EPS of $0.30 which was at the midpoint of the
company’s guidance. EBITDA, or Earnings Before Interest, Taxes,
Depreciation and Amortization, was $42 million for Q1.
In Q1, GAAP gross margin was 76 percent and non-GAAP gross margin was 78
percent. Total Q1 GAAP operating expenses were $212 million, up 1
percent year over year. Total Q1 non-GAAP operating expenses were down 3
percent year over year at $200 million. GAAP operating margin was 8
percent in Q1, with GAAP operating income of $23 million. Non-GAAP
operating margin was 14 percent in Q1, with non-GAAP operating income of
$44 million.
“I am proud of the team’s execution in the first quarter, despite the
weakened industrial economy, especially in Europe. We delivered record
Non-GAAP net income for a first quarter, up 21 percent year-over-year,”
said Alex Davern, NI CEO. “We remain focused on our long-term strategy
and we believe we are well positioned to deliver record non-GAAP net
income in 2019.”
Karen Rapp, NI CFO, said, “I am pleased with our earnings performance in
Q1. With NI’s culture of operational efficiency, we were able to deliver
a 21 percent year over year increase in non-GAAP net income on flat
revenue. We believe our strong gross margins remain a testament to the
value of our brand and the benefits our platform provides to our
customers. In Q1, we returned almost $80 million to our shareholders
through dividends and stock repurchases. We remain focused on key
industries where we believe our platform is best suited to take
advantage of major technology disruptions.”
Geographic revenue in U.S. dollar terms for Q1 2019 compared with Q1
2018 was up 2 percent in the Americas, up 3 percent in APAC and down 6
percent in EMEIA. Excluding the impact of foreign currency exchange,
revenue was up 3 percent in the Americas, up 6 percent in APAC and down
3 percent in EMEIA. Historical revenue from these three regions can be
found on NI’s investor website at ni.com/nati.
As of March 31, 2019, NI had $480 million in cash and short-term
investments. During Q1, NI paid $33 million in dividends. The NI Board
of Directors approved a dividend of $0.25 per share payable on June 3,
2019, to stockholders of record on May 13, 2019. During Q1 2019, NI used
$46 million to repurchase 1.035 million shares of the company’s
outstanding common stock.
The company’s non-GAAP results exclude, as applicable, the impact of
stock-based compensation, amortization of acquisition-related
intangibles, acquisition-related transaction costs, taxes levied on the
transfer of acquired intellectual property, foreign exchange loss on
acquisitions, restructuring charges, tax reform charges, and
capitalization and amortization of internally developed software costs.
Reconciliations of the company’s GAAP and non-GAAP results are included
as part of this news release.
Guidance
NI currently expects Q2 revenue to be in the range of $326 million to
$356 million. The company currently expects that GAAP fully diluted EPS
will be in the range of $0.16 to $0.30 for Q2, with non-GAAP fully
diluted EPS expected to be in the range of $0.28 to $0.42. For 2019, NI
estimates its non-GAAP effective tax rate to be approximately 17 to 18
percent.
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 March 31, 2019 and 2018, on a GAAP and
non-GAAP basis. NI is also providing guidance on its non-GAAP fully
diluted EPS and expected effective tax rate. The company is not able to
provide guidance on its GAAP tax rate or a related reconciliation
without unreasonable efforts since its future GAAP tax rate depends on
its future stock price and related information that is not currently
available.
In the quarter ended June 30, 2018, NI began moving toward more frequent
releases for many of its software products. Specifically, for many of
its software development projects, NI started applying agile development
methodologies, which are characterized by a more dynamic development
process with more frequent and iterative revisions to a product
release’s features and functions as the software is being developed. Due
to the shorter development cycle and focus on rapid production
associated with agile development, NI expects that for a significant
majority of its software development projects the costs incurred
subsequent to the achievement of technological feasibility will be
immaterial in future periods and it expects to record significantly less
capitalized software development costs than recorded under its
historical software development approaches. NI also expects amortization
of previously capitalized software development costs to steadily decline
as previously capitalized software development costs become fully
amortized over the next four years. As a result, beginning with its
non-GAAP metrics for the three months ended June 30, 2018, NI has been
excluding the net effects of capitalization and amortization of software
development costs from its non-GAAP operating results, along with its
previously excluded non-GAAP items, and providing a reconciliation of
such non-GAAP results to its GAAP results. NI believes these changes are
useful to investors as they provide greater comparability between its
R&D spend in future periods. NI also makes available on its website its
historical non-GAAP results, excluding the effects of software
capitalization and amortization together with other applicable non-GAAP
adjustments, for the fiscal quarters ended March 31, 2005 through Dec.
31, 2018.
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 transaction costs, taxes levied on the transfer of
acquired intellectual property, foreign exchange loss on acquisitions,
restructuring charges, tax reform charges, and capitalization and
amortization of internally developed software costs 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 discloses the company’s EBITDA for the three-month
periods ending March 31, 2019 and 2018. 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 to GAAP net income is included with this news
release. This news release also discloses the company’s free cash flow
(which the company defines as cash flow from operating activities minus
capital expenditures) for the twelve-month periods ended March 31, 2019
and March 31, 2018. The company believes that including its free cash
flow assists investors in assessing the company’s operational
performance. A reconciliation of free cash flow to cash flow from
operating activities is included with this news release.
Conference Call Information
Interested parties can listen to the Q1 2019 earnings conference call
with NI management today, April 30, at 4:00 p.m. CT at ni.com/call or by
dialing 855-212-2361 and entering confirmation code 4338878 ten minutes
prior to the call start time. Replay information is available by calling
(855) 859-2056 and entering confirmation code 4338878, shortly after the
call through May 3 at 10:00 p.m. CT or by visiting the company’s website
at ni.com/call.
Forward-Looking Statements
This release contains “forward-looking statements” including statements
that we remain focused on our long-term strategy, that we believe we are
well positioned to deliver record non-GAAP net income in 2019, our
belief that our strong gross margins remain a testament to the value of
our brand and the benefits our platform provides to our customers, that
we remain focused on key industries where we believe our platform is
best suited to take advantage of major technology disruptions, our Q2
revenue guidance, expecting that GAAP fully diluted EPS will be in the
range of $0.16 to $0.30 for Q2, with non-GAAP fully diluted EPS expected
to be in the range of $0.28 to $0.42, and that our estimated non-GAAP
effective tax rate will be approximately 17 to 18 percent in 2019. 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, fluctuations in demand for NI products
including orders from NI’s large customers, component shortages, delays
in the release of new products, the company’s ability to effectively
manage its operating expenses, manufacturing inefficiencies and the
level of capacity utilization, the impact of any recent or future
acquisitions by NI, expense overruns, adverse effects of price changes
or effective tax rates. Actual results may differ materially from the
expected results.
The company directs readers to its Form 10-K for the year ended Dec. 31,
2018 and the other documents it files with the SEC for other risks
associated with the company’s future performance.
About NI
NI (ni.com) develops high-performance automated test and automated
measurement systems to help you solve your engineering challenges now
and into the future. Our open, software-defined platform uses modular
hardware and an expansive ecosystem to help you turn powerful
possibilities into real solutions. (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) | |||||||||||
| March 31, | December 31, | ||||||||||
| 2019 | 2018 | ||||||||||
| (unaudited) | |||||||||||
| Assets | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 228,766 | $ | 259,386 | |||||||
| Short-term investments | 251,297 | 271,396 | |||||||||
| Accounts receivable, net | 215,012 | 242,955 | |||||||||
| Inventories, net | 204,710 | 194,146 | |||||||||
| Prepaid expenses and other current assets | 66,434 | 54,337 | |||||||||
| Total current assets | 966,219 | 1,022,220 | |||||||||
| Property and equipment, net | 228,164 | 245,201 | |||||||||
| Goodwill | 262,384 | 264,530 | |||||||||
| Intangible assets, net | 104,066 | 110,783 | |||||||||
| Operating lease ROU assets | 70,861 | — | |||||||||
| Other long-term assets | 39,644 | 28,501 | |||||||||
| Total assets | $ | 1,671,338 |
$ |
1,671,235 |
|||||||
| Liabilities and Stockholders’ Equity | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable and accrued liabilities | $ | 50,576 | $ | 48,388 | |||||||
| Accrued compensation | 35,148 | 45,821 | |||||||||
| Deferred revenue – current | 130,336 | 127,288 | |||||||||
| Operating lease liabilities – current | 16,088 | — | |||||||||
| Other current liabilities | 27,807 | 25,913 | |||||||||
| Other taxes payable | 28,001 | 35,574 | |||||||||
| Total current liabilities | 287,956 | 282,984 | |||||||||
| Deferred income taxes | 24,268 | 25,457 | |||||||||
| Liability for uncertain tax positions | 8,025 | 9,775 | |||||||||
| Income tax payable – non-current | 74,546 | 74,546 | |||||||||
| Deferred revenue – non-current | 32,393 | 32,636 | |||||||||
| Operating lease liabilities – non-current | 38,154 | — | |||||||||
| Other long-term liabilities | 4,743 | 7,479 | |||||||||
| Total liabilities | $ | 470,085 | $ | 432,877 | |||||||
| Stockholders’ equity: | |||||||||||
| Preferred stock | $ | — | $ | — | |||||||
| Common stock | 1,319 | 1,327 | |||||||||
| Additional paid-in capital | 910,602 | 897,544 | |||||||||
| Retained earnings | 307,153 | 356,418 | |||||||||
| Accumulated other comprehensive loss | (17,821 | ) | (16,931 | ) | |||||||
| Total stockholders’ equity | 1,201,253 | 1,238,358 | |||||||||
| Total liabilities and stockholders’ equity | $ | 1,671,338 | $ | 1,671,235 | |||||||
| National Instruments | |||||||||||
| Condensed Consolidated Statements of Income | |||||||||||
| (in thousands, except per share data, unaudited) | |||||||||||
| Three Months Ended | |||||||||||
| March 31, | |||||||||||
| 2019 | 2018 | ||||||||||
| Net sales: | |||||||||||
| Product | $ | 277,702 | $ | 280,359 | |||||||
| Software maintenance | 33,372 | 31,538 | |||||||||
| Total net sales | 311,074 | 311,897 | |||||||||
| Cost of sales: | |||||||||||
| Product | 74,188 | 72,317 | |||||||||
| Software maintenance | 1,887 | 2,206 | |||||||||
| Total cost of sales | 76,075 | 74,523 | |||||||||
| Gross profit | 234,999 | 237,374 | |||||||||
| Operating expenses: | |||||||||||
| Sales and marketing | 117,551 | 120,117 | |||||||||
| Research and development | 66,166 | 61,843 | |||||||||
| General and administrative | 27,883 | 27,277 | |||||||||
| Total operating expenses | 211,600 | 209,237 | |||||||||
| Operating income | 23,399 | 28,137 | |||||||||
| Other income (expense): | |||||||||||
| Interest income | 2,234 | 1,015 | |||||||||
| Net foreign exchange gain | 366 | 979 | |||||||||
|
Other loss, net |
(24 | ) | (519 | ) | |||||||
| Income before income taxes | 25,975 | 29,612 | |||||||||
| Provision for income taxes | 2,755 | 5,344 | |||||||||
| Net income | $ | 23,220 | $ | 24,268 | |||||||
| Basic earnings per share | $ | 0.18 | $ | 0.19 | |||||||
| Diluted earnings per share | $ | 0.17 | $ | 0.18 | |||||||
| Weighted average shares outstanding – | |||||||||||
| Basic | 132,252 | 131,127 | |||||||||
| Diluted | 133,367 | 132,624 | |||||||||
| Dividends declared per share |
$ |
0.25 |
$ |
0.23 | |||||||
| National Instruments | |||||||||||
| Condensed Consolidated Statements of Cash Flows | |||||||||||
| (in thousands, unaudited) | |||||||||||
| Three Months Ended | |||||||||||
| March 31, | |||||||||||
| 2019 | 2018 | ||||||||||
| Cash flow from operating activities: | |||||||||||
| Net income | $ | 23,220 | $ | 24,268 | |||||||
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|||||||||||
| Depreciation and amortization | 18,012 | 17,436 | |||||||||
| Stock-based compensation | 11,034 | 8,204 | |||||||||
| Tax benefit from deferred income taxes | (1,650 | ) | (2,046 | ) | |||||||
| Net change in operating assets and liabilities | (8,469 | ) | (7,879 | ) | |||||||
| Net cash provided by operating activities | 42,147 | 39,983 | |||||||||
| Cash flow from investing activities: | |||||||||||
| Capital expenditures | (10,936 | ) | (8,115 | ) | |||||||
| Capitalization of internally developed software | (2,279 | ) | (7,668 | ) | |||||||
| Additions to other intangibles | (106 | ) | (2,855 | ) | |||||||
| Acquisition of equity-method investment | (9,784 | ) | — | ||||||||
| Purchases of short-term investments | (60,094 | ) | (52,355 | ) | |||||||
| Sales and maturities of short-term investments | 81,151 | 10,211 | |||||||||
| Net cash used by investing activities | (2,048 | ) | (60,782 | ) | |||||||
| Cash flow from financing activities: | |||||||||||
| Proceeds from issuance of common stock | 9,213 | 8,600 | |||||||||
| Repurchase of common stock | (46,404 | ) | — | ||||||||
| Dividends paid | (33,110 | ) | (30,177 | ) | |||||||
| Net cash used by financing activities | (70,301 | ) | (21,577 | ) | |||||||
| Impact of changes in exchange rates on cash | (418 | ) | 2,577 | ||||||||
| Net change in cash and cash equivalents | (30,620 | ) | (39,799 | ) | |||||||
| Cash and cash equivalents at beginning of period | 259,386 | 290,164 | |||||||||
| Cash and cash equivalents at end of period | $ | 228,766 | $ | 250,365 | |||||||
|
The following tables provide details with respect to the amount of GAAP charges related to stock-based compensation, amortization of acquisition-related intangibles, acquisition-related transaction costs, restructuring charges, and capitalization and amortization of internally developed software costs that were recorded in the line items indicated below (unaudited) (in thousands) |
|||||||||||
| Three Months Ended | |||||||||||
| March 31, | |||||||||||
| 2019 | 2018 | ||||||||||
| Stock-based compensation | |||||||||||
| Cost of sales | $ | 793 | $ | 724 | |||||||
| Sales and marketing | 4,375 | 3,338 | |||||||||
| Research and development | 3,550 | 2,518 | |||||||||
| General and administrative | 2,316 | 1,623 | |||||||||
| Provision for income taxes | (1,836 | ) | (1,658 | ) | |||||||
| Total | $ | 9,198 | $ | 6,545 | |||||||
| Amortization of acquisition intangibles | |||||||||||
| Cost of sales | $ | 851 | $ | 902 | |||||||
| Sales and marketing | 499 | 537 | |||||||||
| Research and development | 28 | 28 | |||||||||
| Provision for income taxes | (194 | ) | (192 | ) | |||||||
| Total | $ | 1,184 | $ | 1,275 | |||||||
| Acquisition transaction costs, restructuring charges, and other | |||||||||||
| Cost of sales | $ | — | $ | 28 | |||||||
| Sales and marketing | 2,143 | 1,645 | |||||||||
| Research and development | 345 | 209 | |||||||||
| General and administrative | 912 | 612 | |||||||||
| Provision for income taxes | (840 | ) | (553 | ) | |||||||
| Total | $ | 2,560 | $ | 1,941 | |||||||
|
Capitalization and amortization of internally developed software costs |
|||||||||||
| Cost of Sales | $ | 6,582 | $ | 5,829 | |||||||
| Research and Development | (2,280 | ) | (7,667 | ) | |||||||
| Provision for income taxes | (903 | ) | 386 | ||||||||
| Total | $ | 3,399 | $ | (1,452 | ) | ||||||
| National Instruments | |||||||||||
| Reconciliation of GAAP to Non-GAAP Measures | |||||||||||
| (in thousands, unaudited) | |||||||||||
| Three Months Ended | |||||||||||
| March 31, | |||||||||||
| 2019 | 2018 | ||||||||||
| Reconciliation of Gross Profit to Non-GAAP Gross Profit | |||||||||||
| Gross profit, as reported | $ | 234,999 | $ | 237,374 | |||||||
| Stock-based compensation | 793 | 724 | |||||||||
| Amortization of acquisition intangibles | 851 | 902 | |||||||||
| Acquisition transaction costs, restructuring charges, and other | — | 28 | |||||||||
| Amortization of internally developed software costs | 6,582 | 5,829 | |||||||||
| Non-GAAP gross profit | $ | 243,225 | $ | 244,857 | |||||||
| Non-GAAP gross margin | 78.2 | % | 78.5 | % | |||||||
|
Reconciliation of Operating Expenses to Non-GAAP Operating Expenses |
|||||||||||
| Operating expenses, as reported | $ | 211,600 | $ | 209,237 | |||||||
| Stock-based compensation | (10,241 | ) | (7,479 | ) | |||||||
| Amortization of acquisition intangibles | (527 | ) | (565 | ) | |||||||
| Acquisition transaction costs, restructuring charges, and other | (3,400 | ) | (2,466 | ) | |||||||
| Capitalization of internally developed software costs | 2,280 | 7,667 | |||||||||
| Non-GAAP operating expenses | $ | 199,712 | $ | 206,394 | |||||||
| Reconciliation of Operating Income to Non-GAAP Operating Income | |||||||||||
| Operating income, as reported | $ | 23,399 | $ | 28,137 | |||||||
| Stock-based compensation | 11,034 | 8,203 | |||||||||
| Amortization of acquisition intangibles | 1,378 | 1,467 | |||||||||
| Acquisition transaction costs, restructuring charges, and other | 3,400 | 2,494 | |||||||||
|
Net amortization (capitalization) of internally developed software costs |
4,302 | (1,838 | ) | ||||||||
| Non-GAAP operating income | $ | 43,513 | $ | 38,463 | |||||||
| Non-GAAP operating margin | 14.0 | % | 12.3 | % | |||||||
|
Reconciliation of Income before income taxes to Non-GAAP Income before income taxes |
|||||||||||
| Income before income taxes, as reported | $ | 25,975 | $ | 29,612 | |||||||
| Stock-based compensation | 11,034 | 8,203 | |||||||||
| Amortization of acquisition intangibles | 1,378 | 1,467 | |||||||||
| Acquisition transaction costs, restructuring charges, and other | 3,400 | 2,494 | |||||||||
|
Net amortization (capitalization) of internally developed software costs |
4,302 | (1,838 | ) | ||||||||
| Non-GAAP income before income taxes | $ | 46,089 | $ | 39,938 | |||||||
|
Reconciliation of Provision for income taxes to Non-GAAP Provision for income taxes |
|||||||||||
| Provision for income taxes, as reported | $ | 2,755 | $ | 5,344 | |||||||
| Stock-based compensation | 1,836 | 1,658 | |||||||||
| Amortization of acquisition intangibles | 194 | 192 | |||||||||
| Acquisition transaction costs, restructuring charges, and other | 840 | 553 | |||||||||
| Capitalization and amortization, net of tax | 903 | (386 | ) | ||||||||
| Non-GAAP provision for income taxes | $ | 6,528 | $ | 7,361 | |||||||
|
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, | ||||||||||
| 2019 | 2018 | |||||||||
| Net income, as reported | $ | 23,220 | $ | 24,268 | ||||||
| Adjustments to reconcile net income to non-GAAP net income: | ||||||||||
| Stock-based compensation, net of tax effect | 9,198 | 6,545 | ||||||||
| Amortization of acquisition intangibles, net of tax effect | 1,184 | 1,275 | ||||||||
|
Acquisition transaction costs, restructuring, and other, net of tax effect |
2,560 | 1,941 | ||||||||
|
Net amortization/(capitalization) of internally developed software costs, net of tax |
3,399 | (1,452 | ) | |||||||
| Non-GAAP net income | $ | 39,561 | $ | 32,577 | ||||||
| Basic EPS, as reported | $ | 0.18 | $ | 0.19 | ||||||
| Adjustment to reconcile basic EPS to non-GAAP | ||||||||||
| basic EPS: | ||||||||||
| Impact of stock-based compensation, net of tax effect | 0.07 | 0.05 | ||||||||
| Impact of amortization of acquisition intangibles, net of tax effect | 0.01 | 0.01 | ||||||||
|
Impact of acquisition transaction costs, restructuring, and other, net of tax effect |
0.02 | 0.01 | ||||||||
|
Impact of (capitalization)/amortization of internally developed software costs, net of tax effect |
0.02 | (0.01 | ) | |||||||
| Non-GAAP basic EPS | $ | 0.30 | $ | 0.25 | ||||||
| Diluted EPS, as reported | $ | 0.17 | $ | 0.18 | ||||||
| Adjustment to reconcile diluted EPS to non-GAAP diluted EPS | ||||||||||
| Impact of stock-based compensation, net of tax effect | 0.07 | 0.05 | ||||||||
| Impact of amortization of acquisition intangibles, net of tax effect | 0.01 | 0.01 | ||||||||
|
Impact of acquisition transaction costs, restructuring, and other, net of tax effect |
0.02 | 0.02 | ||||||||
|
Impact of amortization/(capitalization) of internally developed software costs, net of tax effect |
0.03 | (0.01 | ) | |||||||
| Non-GAAP diluted EPS | $ | 0.30 | $ | 0.25 | ||||||
| Weighted average shares outstanding – | ||||||||||
| Basic | 132,252 | 131,127 | ||||||||
| Diluted | 133,367 | 132,624 | ||||||||
| National Instruments | |||||||||||
| Reconciliation of Net Income to EBITDA | |||||||||||
| (in thousands, unaudited) | |||||||||||
| Three Months Ended | |||||||||||
| March 31, | |||||||||||
| 2019 | 2018 | ||||||||||
| Net income, as reported | $ | 23,220 | $ | 24,268 | |||||||
| Adjustments to reconcile net income to EBITDA: | |||||||||||
| Interest income, net | (2,220 | ) | (927 | ) | |||||||
| Tax expense | 2,755 | 5,344 | |||||||||
| Depreciation and amortization | 18,012 | 17,436 | |||||||||
| EBITDA | $ | 41,767 | $ | 46,121 | |||||||
| Weighted average shares outstanding – Diluted | 133,367 | 132,624 | |||||||||
| National Instruments | |||||||||||
|
Reconciliation of Cash Flow from Operations to Non-GAAP Free Cash Flow |
|||||||||||
| (in thousands, unaudited) | |||||||||||
| TTM1 Ended | |||||||||||
| March 31, | |||||||||||
| 2019 | 2018 | ||||||||||
| Cash Flow From Operations, as reported | $ | 276,744 | $ | 217,748 | |||||||
| Less: Capital Expenditures, as reported | (40,130 | ) | (32,274 | ) | |||||||
| Non-GAAP Free Cash Flow | $ | 236,614 | $ | 185,474 | |||||||
|
1 TTM represents trailing twelve months and a simple summation of the current and the immediate past three quarters information. |
|||||||||||
| Reconciliation of GAAP to Non-GAAP EPS Guidance | |||||||||||
| (unaudited) | |||||||||||
| Three Months Ended | |||||||||||
| June 30, 2019 | |||||||||||
| Low | High | ||||||||||
| GAAP Fully Diluted EPS, guidance |
$ |
0.16 |
$ |
0.30 | |||||||
| Adjustment to reconcile diluted EPS to non-GAAP | |||||||||||
| diluted EPS: | |||||||||||
| Impact of stock-based compensation, net of tax effect | 0.07 | 0.07 | |||||||||
|
Impact of amortization of acquisition intangibles and acquisition accounting adjustments, net of tax effect |
0.01 | 0.01 | |||||||||
|
Impact of acquisition transaction costs, restructuring, and other, net of tax effect |
0.02 | 0.02 | |||||||||
|
Impact of capitalization and amortization of internally developed |
0.02 | 0.02 | |||||||||
| Non-GAAP diluted EPS, guidance | $ | 0.28 | $ | 0.42 | |||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20190430006073/en/