Delaware
|
000-25426
|
74-1871327
|
||
(State or other jurisdiction of incorporation)
|
(Commission File Number)
|
(IRS Employer
Identification No.)
|
|
[ ] 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))
|
Exhibit No.
|
Description
|
|
99.1
|
Press Release dated January 31, 2013
|
|
NATIONAL INSTRUMENTS CORPORATION
|
|||
By:
|
/s/ DAVID G. HUGLEY
|
||
David G. Hugley
Vice President & General Counsel; Secretary
|
Contact:
|
Caitlin Gursslin
|
|
Investor Relations
|
||
(512) 683-8456
|
·
|
Record revenue of $300 million, up 8 percent year-over-year on a GAAP basis and 7 percent year-over-year on a non-GAAP basis
|
·
|
GAAP gross margin of 75.2 percent and non-GAAP gross margin of 76.0 percent
|
·
|
Fully diluted GAAP EPS of $0.17
|
·
|
Fully diluted non-GAAP EPS of $0.29
|
·
|
EBITDA of $45 million, or $0.37 per share
|
·
|
$335 million in cash and short-term investments as of Dec. 31, 2012
|
·
|
Record revenue of $1.14 billion, up 12 percent year-over-year on a GAAP basis and up 10 percent year-over-year on a non-GAAP basis
|
·
|
GAAP gross margin of 75.5 percent
|
·
|
Non-GAAP gross margin of 76.4 percent
|
·
|
GAAP operating margin of 10 percent
|
·
|
Non-GAAP operating margin of 14.4 percent
|
·
|
Fully diluted GAAP EPS of $0.73
|
·
|
Fully diluted non-GAAP EPS of $1.03
|
·
|
Record annual revenue for PXI, CompactRIO and CompactDAQ products
|
·
|
NI named to the Great Place to Work Institute’s 25 Best Multinational Companies to Work For list for the second consecutive year and its 100 Best Companies to Work For list for the 14th consecutive year
|
National Instruments
|
||||
Consolidated Balance Sheets
|
||||
(in thousands)
|
||||
Dec. 31, 2012
|
Dec. 31,
|
|||
(unaudited)
|
2011
|
|||
Assets
|
||||
Current assets:
|
||||
Cash and cash equivalents
|
$
|
161,996
|
$
|
142,608
|
Short-term investments
|
173,166
|
223,504
|
||
Accounts receivable, net
|
187,060
|
157,056
|
||
Inventories, net
|
169,990
|
131,995
|
||
Prepaid expenses and other current assets
|
48,009
|
38,082
|
||
Deferred income taxes, net
|
27,479
|
26,304
|
||
Total current assets
|
767,700
|
719,549
|
||
Property and equipment, net
|
249,721
|
190,148
|
||
Goodwill
|
147,258
|
130,747
|
||
Intangible assets, net
|
93,913
|
83,866
|
||
Other long-term assets
|
26,177
|
29,984
|
||
Total assets
|
$
|
1,284,769
|
$
|
1,154,294
|
Liabilities and Stockholders’ Equity
|
||||
Current liabilities:
|
||||
Accounts payable
|
$
|
65,080
|
$
|
41,111
|
Accrued compensation
|
29,978
|
29,616
|
||
Deferred revenue – current
|
90,714
|
80,059
|
||
Accrued expenses and other liabilities
|
34,373
|
37,612
|
||
Other taxes payable
|
24,811
|
24,507
|
||
Total current liabilities
|
244,956
|
212,905
|
||
Deferred income taxes
|
47,630
|
43,186
|
||
Liability for uncertain tax positions
|
20,920
|
19,494
|
||
Deferred revenue – long-term
|
20,446
|
10,015
|
||
Other long-term liabilities
|
11,689
|
16,683
|
||
Total liabilities
|
$
|
345,641
|
$
|
302,283
|
Stockholders’ equity:
|
||||
Preferred stock
|
$
|
-
|
$
|
-
|
Common stock
|
1,229
|
1,207
|
||
Additional paid-in capital
|
532,845
|
471,830
|
||
Retained earnings
|
404,210
|
382,474
|
||
Accumulated other comprehensive income (loss)
|
844
|
(3,500)
|
||
Total stockholders’ equity
|
$
|
939,128
|
$
|
852,011
|
Total liabilities and stockholders’ equity
|
$
|
1,284,769
|
$
|
1,154,294
|
National Instruments
|
||||||||||
Consolidated Statements of Income
|
||||||||||
(in thousands, except per share data)
|
||||||||||
Three Months Ended
|
12 Months Ended
|
|||||||||
Dec. 31,
|
Dec. 31,
|
|||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||
2012
|
2011
|
2012
|
2011
|
|||||||
Net sales:
|
||||||||||
Product
|
$
|
278,641
|
$
|
256,606
|
$
|
1,054,849
|
$
|
955,613
|
||
Software maintenance
|
21,685
|
21,445
|
87,494
|
81,667
|
||||||
GSA accrual
|
-
|
-
|
1,349
|
(13,107)
|
||||||
Total net sales
|
300,326
|
278,051
|
1,143,692
|
1,024,173
|
||||||
Cost of sales:
|
||||||||||
Product
|
$
|
73,465
|
$
|
66,499
|
$
|
274,839
|
$
|
235,839
|
||
Software maintenance
|
1,116
|
888
|
5,435
|
5,125
|
||||||
Total cost of sales
|
74,581
|
67,387
|
280,274
|
240,964
|
||||||
Gross profit
|
$
|
225,745
|
$
|
210,664
|
$
|
863,418
|
$
|
783,209
|
||
Operating expenses:
|
||||||||||
Sales and marketing
|
$
|
111,447
|
$
|
102,221
|
$
|
431,468
|
$
|
388,768
|
||
Research and development
|
58,066
|
54,502
|
222,994
|
199,071
|
||||||
General and administrative
|
21,649
|
21,439
|
85,239
|
82,658
|
||||||
Acquisition-related adjustment
|
6,783
|
-
|
6,783
|
-
|
||||||
Total operating expenses
|
$
|
197,945
|
$
|
178,162
|
$
|
746,484
|
$
|
670,497
|
||
Operating income
|
$
|
27,800
|
$
|
32,502
|
$
|
116,934
|
$
|
112,712
|
||
Other income (expense):
|
||||||||||
Interest income
|
$
|
221
|
$
|
280
|
$
|
716
|
$
|
1,319
|
||
Net foreign exchange (loss)
|
(107)
|
(1,338)
|
(2,246)
|
(2,755)
|
||||||
Other income, net
|
77
|
78
|
(567)
|
(142)
|
||||||
Income before income taxes
|
$
|
27,991
|
$
|
31,522
|
$
|
114,837
|
$
|
111,134
|
||
Provision for (benefit from) income taxes
|
7,278
|
7,195
|
24,700
|
17,062
|
||||||
Net income
|
$
|
20,713
|
$
|
24,327
|
$
|
90,137
|
$
|
94,072
|
||
Basic earnings per share
|
$
|
0.17
|
$
|
0.20
|
$
|
0.74
|
$
|
0.79
|
||
Diluted earnings per share
|
$
|
0.17
|
$
|
0.20
|
$
|
0.73
|
$
|
0.78
|
||
Weighted average shares outstanding –
|
||||||||||
Basic
|
122,754
|
120,582
|
121,973
|
119,836
|
||||||
Diluted
|
123,375
|
121,453
|
122,977
|
121,220
|
||||||
Dividends declared per share
|
$
|
0.14
|
$
|
0.10
|
$
|
0.56
|
$
|
0.40
|
Consolidated Statements of Cash Flows
|
||||
(in thousands)
|
||||
12 Months Ended
|
||||
Dec. 31,
|
||||
(Unaudited)
|
||||
2012
|
2011
|
|||
Cash flow from operating activities:
|
||||
Net income
|
$
|
90,137
|
$
|
94,072
|
Adjustments to reconcile net income to net cash provided
|
||||
by operating activities:
|
||||
Depreciation and amortization
|
58,686
|
49,897
|
||
Stock-based compensation
|
27,796
|
23,219
|
||
Tax expense (benefit) from deferred income taxes
|
1,853
|
(8,581)
|
||
Tax (benefit) from stock option plans
|
(2,198)
|
(5,151)
|
||
Changes in operating assets and liabilities:
|
||||
Accounts receivable
|
(26,007)
|
(21,957)
|
||
Inventories
|
(36,154)
|
(11,817)
|
||
Prepaid expenses and other assets
|
(7,037)
|
(1,350)
|
||
Accounts payable
|
23,419
|
5,573
|
||
Deferred revenue
|
604
|
16,953
|
||
Taxes and other liabilities
|
1,417
|
29,041
|
||
Net cash provided by operating activities
|
$
|
132, 516
|
$
|
169,899
|
Cash flow from investing activities:
|
||||
Capital expenditures
|
(89,073)
|
(54,830)
|
||
Capitalization of internally developed software
|
(11,721)
|
(12,065)
|
||
Additions to other intangibles
|
(1,890)
|
(5,035)
|
||
Acquisitions, net of cash received
|
(25,481)
|
(73,558)
|
||
Purchases of short-term investments
|
(188,098)
|
(257,449)
|
||
Sales and maturities of short-term investments
|
238,436
|
166,104
|
||
Net cash provided/(used) by investing activities
|
$
|
(77,827)
|
$
|
(236,833)
|
Cash flow from financing activities:
|
||||
Proceeds from issuance of common stock
|
30,902
|
32,905
|
||
Dividends paid
|
(68,401)
|
(47,961)
|
||
Tax benefit from stock option plans
|
2,198
|
5,151
|
||
Net cash used by financing activities
|
$
|
(35,301)
|
$
|
(9,905)
|
Net change in cash and cash equivalents
|
19,388
|
(76,839)
|
||
Cash and cash equivalents at beginning of period
|
142,608
|
219,447
|
||
Cash and cash equivalents at end of period
|
$
|
161,996
|
$
|
142,608
|
Amortization of Acquisition Intangibles and Acquisition-Related Transaction Costs
|
||||||||
(in thousands)
|
||||||||
(unaudited)
|
||||||||
Three Months Ended
|
12 Months Ended
|
|||||||
Dec. 31,
|
Dec. 31,
|
|||||||
2012
|
2011
|
2012
|
2011
|
|||||
Revenue
|
||||||||
Acquisition-related deferred revenue
|
$
|
-
|
$
|
1,912
|
$
|
2,156
|
$
|
4,730
|
GSA accrual
|
-
|
-
|
(1,349)
|
13,107
|
||||
Provision for income taxes
|
-
|
(669)
|
(282)
|
(6,242)
|
||||
Total
|
$
|
-
|
$
|
1,243
|
$
|
525
|
$
|
11,595
|
Stock-based compensation
|
||||||||
Cost of sales
|
$
|
430
|
$
|
411
|
$
|
1,719
|
$
|
1,527
|
Sales and marketing
|
3,033
|
2,702
|
11,612
|
9,711
|
||||
Research and development
|
2,919
|
2,625
|
10,909
|
8,870
|
||||
General and administrative
|
908
|
831
|
3,556
|
3,111
|
||||
Provision for income taxes
|
(2,193)
|
(2,041)
|
(7,579)
|
(6,827)
|
||||
Total
|
$
|
5,097
|
$
|
4,528
|
$
|
20,217
|
$
|
16,392
|
Amortization of acquisition intangibles
|
||||||||
Cost of sales
|
$
|
2,165
|
$
|
2,469
|
$
|
8,926
|
$
|
7,064
|
Sales and marketing
|
476
|
447
|
1,819
|
1,071
|
||||
Research and development
|
217
|
-
|
217
|
-
|
||||
Other income, net
|
194
|
190
|
765
|
955
|
||||
Provision for income taxes
|
(964)
|
(993)
|
(3,717)
|
(2,736)
|
||||
Total
|
$
|
2,088
|
$
|
2,113
|
$
|
8,010
|
$
|
6,354
|
Acquisition-related transaction costs
|
||||||||
Cost of sales
|
$
|
(56)
|
$
|
32
|
$
|
(24)
|
$
|
54
|
Sales and marketing
|
177
|
220
|
606
|
1,349
|
||||
Research and development
|
165
|
106
|
360
|
176
|
||||
General and administrative
|
355
|
47
|
393
|
505
|
||||
Acquisition-related adjustment
|
6,783
|
-
|
6,783
|
-
|
||||
Provision for income taxes
|
(105)
|
(142)
|
(348)
|
(288)
|
||||
Total
|
$
|
7,319
|
$
|
263
|
$
|
7,770
|
$
|
1,796
|
Reconciliation of GAAP to Non-GAAP Measures
|
|||||||||||||||
(in thousands, except per share data)
|
|||||||||||||||
(unaudited)
|
|||||||||||||||
Three Months Ended
|
12 Months Ended
|
||||||||||||||
Dec. 31,
|
Dec. 31,
|
||||||||||||||
2012
|
2011
|
2012
|
2011
|
||||||||||||
Reconciliation of Net Sales to Non-GAAP Net Sales
|
|||||||||||||||
Net sales, as reported
|
$
|
300,326
|
$
|
278,051
|
$
|
1,143,692
|
$
|
1,024,173
|
|||||||
Acquisition-related deferred revenue
|
-
|
1,912
|
2,156
|
4,730
|
|||||||||||
GSA accrual
|
-
|
-
|
(1,349)
|
13,107
|
|||||||||||
Non-GAAP net sales
|
$
|
300,326
|
$
|
279,963
|
$
|
1,144,499
|
$
|
1,042,010
|
|||||||
Reconciliation of Gross Profit to Non-GAAP Gross Profit
|
|||||||||||||||
Gross profit, as reported
|
$
|
225,745
|
$
|
210,664
|
$
|
863,418
|
$
|
783,209
|
|||||||
Acquisition-related deferred revenue and GSA accrual
|
-
|
1,912
|
807
|
17,837
|
|||||||||||
Stock-based compensation
|
430
|
411
|
1,719
|
1,527
|
|||||||||||
Amortization of acquisition intangibles
|
2,165
|
2,469
|
8,926
|
7,064
|
|||||||||||
Acquisition-related transaction costs
|
(56)
|
32
|
(24)
|
54
|
|||||||||||
Non-GAAP gross profit
|
$
|
228,284
|
$
|
215,488
|
$
|
874,846
|
$
|
809,691
|
|||||||
Non-GAAP gross margin
|
76%
|
77%
|
76%
|
78%
|
|||||||||||
Reconciliation of Operating Expenses to Non-GAAP Operating Expenses
|
|||||||||||||||
Operating expenses, as reported
|
$
|
197,945
|
$
|
178,162
|
$
|
746,484
|
$
|
670,497
|
|||||||
Stock-based compensation
|
(6,860)
|
(6,158)
|
(26,077)
|
(21,692)
|
|||||||||||
Amortization of acquisition intangibles
|
(693)
|
(447)
|
(2,036)
|
(1,071)
|
|||||||||||
Acquisition-related adjustment
|
(6,783)
|
-
|
(6,783)
|
-
|
|||||||||||
Acquisition-related transaction costs
|
(697)
|
(373)
|
(1,359)
|
(2,030)
|
|||||||||||
Non-GAAP operating expenses
|
$
|
182,912
|
$
|
171,184
|
$
|
710,229
|
$
|
645,704
|
|||||||
Reconciliation of Operating Income to Non-GAAP Operating Income
|
|||||||||||||||
Operating income, as reported
|
$
|
27,800
|
$
|
32,502
|
$
|
116,934
|
$
|
112,712
|
|||||||
Acquisition-related deferred revenue and GSA accrual
|
-
|
1,912
|
807
|
17,837
|
|||||||||||
Stock-based compensation
|
7,290
|
6,569
|
27,796
|
23,219
|
|||||||||||
Amortization of acquisition intangibles
|
2,858
|
2,916
|
10,962
|
8,135
|
|||||||||||
Acquisition-related adjustment
|
6,783
|
-
|
6,783
|
-
|
|||||||||||
Acquisition-related transaction costs
|
641
|
405
|
1,335
|
2,084
|
|||||||||||
Non-GAAP operating income
|
$
|
45,372
|
$
|
44,304
|
$
|
164,617
|
$
|
163,987
|
|||||||
Non-GAAP operating margin
|
15%
|
16%
|
14%
|
16%
|
|||||||||||
Reconciliation of Income Before Income Taxes to Non-GAAP Income Before Income Taxes
|
|||||||||||||||
Income before income taxes, as reported
|
$
|
27,991
|
$
|
31,522
|
$
|
114,837
|
$
|
111,134
|
|||||||
Acquisition-related deferred revenue and GSA accrual
|
-
|
1,912
|
807
|
17,837
|
|||||||||||
Stock-based compensation
|
7,290
|
6,569
|
27,796
|
23,219
|
|||||||||||
Amortization of acquisition intangibles
|
3,052
|
3,106
|
11,727
|
9,090
|
|||||||||||
Acquisition-related adjustment
|
6,783
|
-
|
6,783
|
-
|
|||||||||||
Acquisition-related transaction costs
|
641
|
405
|
1,335
|
2,084
|
|||||||||||
Non-GAAP income before income taxes
|
$
|
45,757
|
$
|
43,514
|
$
|
163,285
|
$
|
163,364
|
|||||||
Reconciliation of Provision for Income Taxes to Non-GAAP Provision for Income Taxes
|
|||||||||||||||
Provision for (benefit from) income taxes, as reported
|
$
|
7,278
|
$
|
7,195
|
$
|
24,700
|
$
|
17,062
|
|||||||
Acquisition-related deferred revenue and GSA accrual
|
-
|
669
|
282
|
6,242
|
|||||||||||
Stock-based compensation
|
2,193
|
2,041
|
7,579
|
6,827
|
|||||||||||
Amortization of acquisition intangibles
|
964
|
993
|
3,717
|
2,736
|
|||||||||||
Acquisition-related transaction costs
|
105
|
142
|
348
|
288
|
|||||||||||
Non-GAAP provision for income taxes
|
$
|
10,540
|
$
|
11,040
|
$
|
36,626
|
$
|
33,155
|
Reconciliation of GAAP Net Income, Basic EPS and Diluted EPS to Non-GAAP Net Income, Basic EPS and Diluted EPS
|
|||||||||||||
(in thousands, except per share data)
|
|||||||||||||
(unaudited)
|
|||||||||||||
Three Months Ended
|
12 Months Ended
|
||||||||||||
Dec. 31,
|
Dec. 31,
|
||||||||||||
2012
|
2011
|
2012
|
2011
|
||||||||||
Net income, as reported
|
$
|
20,713
|
$
|
24,327
|
$
|
90,137
|
$
|
94,072
|
|||||
Adjustments to reconcile net income to non-GAAP net income:
|
|||||||||||||
Acquisition-related deferred revenue and GSA accrual,
net of tax effect
|
-
|
1,243
|
525
|
11,595
|
|||||||||
Stock-based compensation, net of tax effect
|
5,097
|
4,528
|
20,217
|
16,392
|
|||||||||
Amortization of acquisition intangibles, net of tax effect
|
2,088
|
2,113
|
8,010
|
6,354
|
|||||||||
Acquisition-related adjustment
|
6,783
|
-
|
6,783
|
-
|
|||||||||
Acquisition-related transaction costs, net of tax effect
|
536
|
263
|
987
|
1,796
|
|||||||||
Non-GAAP net income
|
$
|
35,217
|
$
|
32,474
|
$
|
126,659
|
$
|
130,209
|
|||||
Basic EPS, as reported
|
$
|
0.17
|
$
|
0.20
|
$
|
0.74
|
$
|
0.79
|
|||||
Adjustment to reconcile basic EPS to non-GAAP basic EPS:
|
|||||||||||||
Impact of acquisition-related deferred revenue and GSA accrual,
net of tax effect
|
-
|
0.01
|
0.00
|
0.10
|
|||||||||
Impact of stock-based compensation, net of tax effect
|
0.04
|
0.04
|
0.16
|
0.14
|
|||||||||
Impact of amortization of acquisition intangibles, net of tax effect
|
0.02
|
0.02
|
0.07
|
0.05
|
|||||||||
Impact of acquisition-related adjustment
|
0.06
|
-
|
0.06
|
-
|
|||||||||
Impact of acquisition-related transaction costs, net of tax effect
|
-
|
-
|
0.01
|
0.01
|
|||||||||
Non-GAAP basic EPS
|
$
|
0.29
|
$
|
0.27
|
$
|
1.04
|
$
|
1.09
|
|||||
Diluted EPS, as reported
|
$
|
0.17
|
$
|
0.20
|
$
|
0.73
|
$
|
0.78
|
|||||
Adjustment to reconcile diluted EPS to non-GAAP diluted EPS:
|
|||||||||||||
Impact of acquisition-related deferred revenue, net of tax effect
|
-
|
0.01
|
0.00
|
0.10
|
|||||||||
Impact of stock-based compensation, net of tax effect
|
0.04
|
0.04
|
0.16
|
0.13
|
|||||||||
Impact of amortization of acquisition intangibles, net of tax effect
|
0.02
|
0.02
|
0.07
|
0.05
|
|||||||||
Impact of acquisition-related adjustment
|
0.06
|
-
|
0.06
|
-
|
|||||||||
Impact of acquisition-related transaction costs, net of tax effect
|
-
|
-
|
0.01
|
0.01
|
|||||||||
Non-GAAP diluted EPS
|
$
|
0.29
|
$
|
0.27
|
$
|
1.03
|
$
|
1.07
|
|||||
Weighted average shares outstanding -
|
|||||||||||||
Basic
|
122,754
|
120,582
|
121,973
|
119,836
|
|||||||||
Diluted
|
123,375
|
121,453
|
122,977
|
121,220
|
Reconciliation of Net Income and Diluted EPS to EBITDA and EBITDA Diluted EPS
|
||||||||
(in thousands, except per share data)
|
||||||||
(unaudited)
|
||||||||
Three Months Ended
|
12 Months Ended
|
|||||||
Dec. 31,
|
Dec. 31,
|
|||||||
2012
|
2011
|
2012
|
2011
|
|||||
Net income, as reported
|
$
|
20,713
|
$
|
24,327
|
$
|
90,137
|
$
|
94,072
|
Adjustments to reconcile net income to EBITDA:
|
||||||||
Interest income
|
(221)
|
(280)
|
(716)
|
(1,319)
|
||||
Taxes
|
7,278
|
7,195
|
24,700
|
17,062
|
||||
Depreciation and amortization
|
17,657
|
14,152
|
58,686
|
49,897
|
||||
EBITDA
|
$
|
45,427
|
$
|
45,394
|
$
|
172,807
|
$
|
159,712
|
Diluted EPS, as reported
|
$
|
0.17
|
$
|
0.20
|
$
|
0.73
|
$
|
0.78
|
Adjustment to reconcile diluted EPS to EBITDA:
|
||||||||
Interest income
|
-
|
(0.01)
|
(0.00)
|
(0.01)
|
||||
Taxes
|
0.06
|
0.06
|
0.20
|
0.14
|
||||
Depreciation and amortization
|
0.14
|
0.12
|
0.48
|
0.41
|
||||
EBITDA diluted EPS
|
$
|
0.37
|
$
|
0.37
|
$
|
1.41
|
$
|
1.32
|
Weighted average shares outstanding - diluted
|
123,375
|
121,453
|
122,977
|
121,220
|
National Instruments
|
|||||
Reconciliation of GAAP to Non-GAAP EPS Guidance
|
|||||
(unaudited)
|
|||||
Three months ended
|
|||||
March 31, 2013
|
|||||
Low
|
High
|
||||
GAAP fully diluted EPS, guidance
|
$
|
0.12
|
$
|
0.22
|
|
Adjustment to reconcile diluted EPS to non-GAAP diluted EPS:
|
|||||
Impact of stock-based compensation, net of tax effect
|
0.05
|
0.05
|
|||
Impact of amortization of acquisition intangibles, net of tax effect
|
0.02
|
0.02
|
|||
Non-GAAP diluted EPS, guidance
|
$
|
0.19
|
$
|
0.29
|