|
|
(State or Other Jurisdiction of Incorporation)
|
(I.R.S. 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))
|
Title of each class
|
Trading
Symbol(s)
|
Name of each exchange on which registered
|
||
Item 2.02
|
Results of Operations and Financial Condition
|
Item 8.01
|
Other Events |
Item 9.01
|
Financial Statements and Exhibits
|
Item
|
Description
|
99.1
|
|
|
|
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
NATIONAL INSTRUMENTS CORPORATION
|
|||
By:
|
/s/ R. Eddie Dixon, Jr.
|
||
Name: R. Eddie Dixon, Jr.
Title: Chief Legal Officer, Senior Vice President & Secretary
|
• |
Revenue of $335 million, up 8 percent year-over-year
|
• |
GAAP gross margin of 72 percent and non-GAAP gross margin of 75 percent
|
• |
Fully diluted GAAP EPS of $0.03 and fully diluted non-GAAP EPS of $0.32
|
• |
Cash and short-term investments of $299 million as of Mar. 31, 2021
|
National Instruments
|
||||||
Condensed Consolidated Balance Sheets
|
||||||
(in thousands)
|
||||||
|
March 31,
|
December 31,
|
||||
|
2021
|
2020
|
||||
|
(unaudited)
|
|
||||
Assets
|
|
|
||||
Cash and cash equivalents
|
$
|
266,712
|
$
|
260,232
|
||
Short-term investments
|
32,171
|
59,923
|
||||
Accounts receivable, net
|
241,088
|
266,869
|
||||
Inventories, net
|
197,179
|
194,012
|
||||
Prepaid expenses and other current assets
|
75,674
|
68,470
|
||||
Total current assets
|
812,824
|
849,506
|
||||
Property and equipment, net
|
252,320
|
254,399
|
||||
Goodwill
|
462,646
|
467,547
|
||||
Intangible assets, net
|
159,639
|
172,719
|
||||
Operating lease right-of-use assets
|
61,478
|
67,674
|
||||
Other long-term assets
|
77,059
|
72,643
|
||||
Total assets
|
$
|
1,825,966
|
$
|
1,884,488
|
||
|
||||||
Liabilities and Stockholders' Equity
|
||||||
Accounts payable and accrued liabilities
|
$
|
54,686
|
$
|
51,124
|
||
Accrued compensation
|
58,201
|
87,068
|
||||
Deferred revenue - current
|
128,740
|
132,151
|
||||
Operating lease liabilities - current
|
14,751
|
15,801
|
||||
Other taxes payable
|
35,836
|
48,129
|
||||
Debt - current
|
5,000
|
5,000
|
||||
Other current liabilities
|
42,221
|
42,578
|
||||
Total current liabilities
|
339,435
|
381,851
|
||||
Deferred income taxes
|
25,050
|
25,288
|
||||
Liability for uncertain tax positions
|
10,933
|
10,868
|
||||
Income tax payable - non-current
|
61,622
|
61,623
|
||||
Deferred revenue - non-current
|
35,065
|
36,335
|
||||
Operating lease liabilities - non-current
|
31,644
|
35,854
|
||||
Debt - non-current
|
90,991
|
92,036
|
||||
Other long-term liabilities
|
9,717
|
15,762
|
||||
Total liabilities
|
$
|
604,457
|
$
|
659,617
|
||
|
||||||
Stockholders' equity:
|
||||||
Preferred stock
|
$
|
—
|
$
|
—
|
||
Common stock
|
1,316
|
1,312
|
||||
Additional paid-in capital
|
1,059,018
|
1,033,284
|
||||
Retained earnings
|
180,063
|
211,101
|
||||
Accumulated other comprehensive loss
|
(18,888)
|
(20,826)
|
||||
Total stockholders' equity
|
1,221,509
|
1,224,871
|
||||
Total liabilities and stockholders' equity
|
$
|
1,825,966
|
$
|
1,884,488
|
National Instruments
|
||||||
Condensed Consolidated Statements of Income
|
||||||
(in thousands, except per share data, unaudited)
|
||||||
|
|
|||||
|
Three Months Ended
|
|||||
|
March 31,
|
|||||
|
2021
|
2020
|
||||
Net sales:
|
||||||
Product
|
$
|
295,092
|
$
|
273,978
|
||
Software maintenance
|
40,090
|
35,403
|
||||
Total net sales
|
335,182
|
309,381
|
||||
|
||||||
Cost of sales:
|
||||||
Product
|
91,657
|
82,071
|
||||
Software maintenance
|
3,757
|
1,690
|
||||
Total cost of sales
|
95,414
|
83,761
|
||||
|
||||||
Gross profit
|
239,768
|
225,620
|
||||
|
|
|||||
Operating expenses:
|
|
|||||
Sales and marketing
|
116,783
|
115,746
|
||||
Research and development
|
80,086
|
71,621
|
||||
General and administrative
|
33,358
|
26,180
|
||||
Total operating expenses
|
230,227
|
213,547
|
||||
Gain on sale of business/assets
|
—
|
159,753
|
||||
Operating income
|
9,541
|
171,826
|
||||
|
||||||
Other (expense) income:
|
(5,070)
|
560
|
||||
|
||||||
Income before income taxes
|
4,471
|
172,386
|
||||
|
||||||
(Benefit) provision for income taxes
|
(24)
|
39,731
|
||||
|
||||||
Net income
|
$
|
4,495
|
$
|
132,655
|
||
|
||||||
Basic earnings per share
|
$
|
0.03
|
$
|
1.02
|
||
Diluted earnings per share
|
$
|
0.03
|
$
|
1.01
|
||
|
||||||
Weighted average shares outstanding -
|
||||||
Basic
|
131,483
|
130,613
|
||||
Diluted
|
132,717
|
131,357
|
||||
|
||||||
Dividends declared per share
|
$
|
0.27
|
$
|
0.26
|
National Instruments
|
||||||
Condensed Consolidated Statements of Cash Flows
|
||||||
(in thousands, unaudited)
|
||||||
Three Months Ended
|
||||||
March 31,
|
||||||
2021
|
2020
|
|||||
Cash flow from operating activities:
|
||||||
Net income
|
$
|
4,495
|
$
|
132,655
|
||
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
||||
Disposal gain on sale of business/assets
|
—
|
(159,753)
|
||||
Depreciation and amortization
|
23,872
|
19,265
|
||||
Stock-based compensation
|
17,189
|
12,104
|
||||
Loss from equity-method investees
|
4,173
|
1,025
|
||||
Deferred income taxes
|
(3,746)
|
(1,599)
|
||||
Net change in operating assets and liabilities
|
(16,142)
|
39,923
|
||||
Net cash provided by operating activities
|
29,841
|
43,620
|
||||
Cash flow from investing activities:
|
||||||
Capital expenditures
|
(8,488)
|
(12,816)
|
||||
Proceeds from sale of business/assets
|
—
|
158,973
|
||||
Capitalization of internally developed software
|
(226)
|
(1,915)
|
||||
Additions to other intangibles
|
(1,018)
|
(112)
|
||||
Acquisitions of equity-method investments
|
(11,539)
|
—
|
||||
Purchases of short-term investments
|
—
|
(206,331)
|
||||
Sales and maturities of short-term investments
|
27,664
|
111,827
|
||||
Net cash provided by investing activities
|
6,393
|
49,626
|
||||
Cash flow from financing activities:
|
||||||
Payments on term loan
|
(1,250)
|
—
|
||||
Proceeds from issuance of common stock
|
8,565
|
8,991
|
||||
Repurchase of common stock
|
—
|
(6,526)
|
||||
Dividends paid
|
(35,533)
|
(33,997)
|
||||
Net cash used by financing activities
|
(28,218)
|
(31,532)
|
||||
|
|
|||||
Impact of changes in exchange rates on cash
|
(1,536)
|
(1,889)
|
||||
Net change in cash and cash equivalents
|
6,480
|
59,825
|
||||
Cash and cash equivalents at beginning of period
|
260,232
|
194,616
|
||||
Cash and cash equivalents at end of period
|
$
|
266,712
|
$
|
254,441
|
The following tables provide details with respect to the amount of GAAP charges related to stock-based compensation, amortization
of acquisition-related intangibles and fair value adjustments, acquisition-related transaction costs, capitalization and amortization of internally developed software costs, disposal gains on sale of business, impairment losses on
equity-method investments and restructuring charges that were recorded in the line items indicated below (unaudited) (in thousands):
|
||||||
Three Months Ended
|
||||||
March 31,
|
||||||
2021
|
2020
|
|||||
Stock-based compensation
|
||||||
Cost of sales
|
$
|
1,113
|
$
|
804
|
||
Sales and marketing
|
5,696
|
5,175
|
||||
Research and development
|
5,714
|
3,520
|
||||
General and administrative
|
4,666
|
2,603
|
||||
Provision for income taxes
|
(3,324)
|
(1,502)
|
||||
Total
|
$
|
13,865
|
$
|
10,600
|
||
Amortization of acquisition-related intangibles and fair value adjustments
|
||||||
Net sales
|
$
|
813
|
$
|
—
|
||
Cost of sales
|
4,272
|
746
|
||||
Sales and marketing
|
2,171
|
486
|
||||
Research and development
|
—
|
28
|
||||
Other (expense) income
|
394
|
124
|
||||
Provision for income taxes
|
(975)
|
(157)
|
||||
Total
|
$
|
6,675
|
$
|
1,227
|
||
Acquisition-related transaction and integration costs, restructuring charges and other(1)
|
||||||
Cost of sales
|
$
|
75
|
$
|
20
|
||
Sales and marketing
|
4,648
|
6,373
|
||||
Research and development
|
488
|
4,669
|
||||
General and administrative
|
5,666
|
(1,014)
|
||||
Gain on sale of business/assets(1)
|
—
|
(159,753)
|
||||
Other (expense) income(2)
|
3,725
|
128
|
||||
Provision for income taxes
|
(2,883)
|
34,754
|
||||
Total
|
$
|
11,719
|
$
|
(114,823)
|
||
(1): During the first quarter of 2020, the company recognized a gain of approximately $160 million related to the divestiture of AWR, presented within
"Gain on sale of business/assets".
|
||||||
(2): During the first quarter of 2021, we recognized a $3.5 million impairment loss related to one of our equity-method investments, presented within
"Other (expense) income"
|
||||||
(Capitalization) and amortization of internally developed software costs
|
||||||
Cost of sales
|
$
|
6,874
|
$
|
7,082
|
||
Research and development
|
(226)
|
(1,915)
|
||||
Provision for income taxes
|
(1,396)
|
(1,085)
|
||||
Total
|
$
|
5,252
|
$
|
4,082
|
National Instruments
|
||||||
Reconciliation of GAAP to Non-GAAP Measures
|
||||||
(in thousands, unaudited)
|
||||||
Three Months Ended
|
||||||
March 31,
|
||||||
2021
|
2020
|
|||||
Reconciliation of Net Sales to Non-GAAP Net Sales
|
||||||
Net sales, as reported
|
$
|
335,182
|
$
|
309,381
|
||
Impact of acquisition-related fair value adjustments
|
813
|
—
|
||||
Non-GAAP net sales
|
$
|
335,995
|
$
|
309,381
|
||
|
|
|||||
Reconciliation of Gross Profit to Non-GAAP Gross Profit
|
||||||
Gross profit, as reported
|
$
|
239,768
|
$
|
225,620
|
||
Stock-based compensation
|
1,113
|
804
|
||||
Amortization of acquisition-related intangibles and fair value adjustments
|
5,085
|
746
|
||||
Acquisition transaction and integration costs. restructuring charges and other
|
75
|
20
|
||||
Amortization of internally developed software costs
|
6,874
|
7,082
|
||||
Non-GAAP gross profit
|
$
|
252,915
|
$
|
234,272
|
||
Non-GAAP gross margin
|
75.3%
|
75.7%
|
||||
Reconciliation of Operating Expenses to Non-GAAP Operating Expenses
|
||||||
Operating expenses, as reported
|
$
|
230,227
|
$
|
213,547
|
||
Stock-based compensation
|
(16,076)
|
(11,298)
|
||||
Amortization of acquisition-related intangibles and fair value adjustments
|
(2,171)
|
(514)
|
||||
Acquisition transaction and integration costs. restructuring charges and other
|
(10,802)
|
(10,028)
|
||||
Capitalization of internally developed software costs
|
226
|
1,915
|
||||
Non-GAAP operating expenses
|
$
|
201,404
|
$
|
193,622
|
||
Reconciliation of Operating Income to Non-GAAP Operating Income
|
||||||
Operating income, as reported
|
$
|
9,541
|
$
|
171,826
|
||
Stock-based compensation
|
17,189
|
12,102
|
||||
Amortization of acquisition-related intangibles and fair value adjustments
|
7,256
|
1,260
|
||||
Acquisition transaction and integration costs. restructuring charges and other
|
10,877
|
10,048
|
||||
Net amortization of internally developed software costs
|
6,648
|
5,167
|
||||
Gain on sale of business/assets
|
—
|
(159,753)
|
||||
Non-GAAP operating income
|
$
|
51,511
|
$
|
40,650
|
||
Non-GAAP operating margin
|
15.3%
|
13.1%
|
||||
Reconciliation of Provision for income taxes to Non-GAAP Provision for income taxes
|
||||||
Provision for income taxes, as reported(1)
|
$
|
(24)
|
$
|
39,731
|
||
Stock-based compensation
|
3,324
|
1,502
|
||||
Amortization of acquisition-related intangibles and fair value adjustments
|
975
|
157
|
||||
Acquisition transaction and integration costs. restructuring charges and other
|
2,883
|
1,615
|
||||
Net amortization of internally developed software costs
|
1,396
|
1,085
|
||||
Gain on sale of business/assets
|
—
|
(36,369)
|
||||
Non-GAAP provision for income taxes(1)
|
$
|
8,554
|
$
|
7,721
|
||
(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.
|
Reconciliation of GAAP Net Income and Diluted EPS to Non-GAAP Net Income and Non-GAAP Diluted EPS
|
||||||
(in thousands, except per share data, unaudited)
|
||||||
|
|
|
||||
|
Three Months Ended
|
|||||
|
March 31,
|
|||||
|
2021
|
2020
|
||||
Net income, as reported
|
$
|
4,495
|
$
|
132,655
|
||
Adjustments to reconcile net income to non-GAAP net income:
|
||||||
Stock-based compensation
|
17,189
|
12,102
|
||||
Amortization of acquisition-related intangibles and fair value adjustments
|
7,650
|
1,384
|
||||
Acquisition transaction and integration costs. restructuring charges and other
|
14,602
|
10,176
|
||||
Net amortization of internally developed software costs
|
6,648
|
5,167
|
||||
Gain on sale of business/assets
|
—
|
(159,753)
|
||||
Income tax effects and adjustments(1)
|
(8,578)
|
32,010
|
||||
Non-GAAP net income
|
$
|
42,006
|
$
|
33,741
|
||
Non-GAAP net margin
|
12.5
|
%
|
10.9
|
%
|
||
|
||||||
Diluted EPS, as reported
|
$
|
0.03
|
$
|
1.01
|
||
Adjustment to reconcile diluted EPS to non-GAAP diluted EPS
|
||||||
Impact of stock-based compensation
|
0.13
|
0.09
|
||||
Impact of amortization of acquisition-related intangibles and fair value adjustments
|
0.06
|
0.01
|
||||
Impact of acquisition transaction and integration costs, restructuring charges and other
|
0.11
|
0.08
|
||||
Impact of amortization of internally developed software costs
|
0.05
|
0.04
|
||||
Impact of gain on sale of business/assets
|
—
|
(1.22)
|
||||
Income tax effects and adjustments(1)
|
(0.06)
|
0.25
|
||||
Non-GAAP diluted EPS
|
$
|
0.32
|
$
|
0.26
|
||
(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
|
131,483
|
130,613
|
||||
Diluted
|
132,717
|
131,357
|
National Instruments
|
||||||
Reconciliation of Net Income to EBITDA
|
||||||
(in thousands, unaudited)
|
||||||
|
|
|
||||
|
Three Months Ended
|
|||||
|
March 31,
|
|||||
|
2021
|
2020
|
||||
Net income, as reported
|
$
|
4,495
|
$
|
132,655
|
||
Adjustments to reconcile net income to EBITDA:
|
|
|
||||
Interest expense (income), net
|
543
|
(2,223)
|
||||
Tax (benefit) expense
|
(24)
|
39,731
|
||||
Depreciation and amortization
|
23,872
|
19,265
|
||||
EBITDA
|
$
|
28,886
|
$
|
189,428
|
||
Weighted average shares outstanding - Diluted
|
132,717
|
131,357
|
||||
|
|
|
Reconciliation of GAAP to Non-GAAP Diluted EPS Guidance
|
||||||
(unaudited)
|
||||||
|
Three Months Ended
|
|||||
|
June 30, 2021
|
|||||
|
|
|
||||
|
Low
|
High
|
||||
GAAP Diluted EPS, guidance
|
$
|
(0.02)
|
$
|
0.12
|
||
Adjustment to reconcile diluted EPS to non-GAAP diluted EPS:
|
|
|||||
Stock-based compensation
|
0.15
|
0.15
|
||||
Amortization of acquisition-related intangibles and fair value adjustments
|
0.06
|
0.06
|
||||
Acquisition transaction and integration costs, restructuring charges and other
|
0.04
|
0.04
|
||||
Net amortization of internally developed software costs
|
0.05
|
0.05
|
||||
Income tax effects and adjustments(1)
|
(0.07)
|
(0.07)
|
||||
Non-GAAP Diluted EPS, guidance
|
$
|
0.21
|
$
|
0.35
|
||
(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.
|
Reconciliation of GAAP Net Sales to Non-GAAP Net Sales, Guidance
|
|||||||
(unaudited)
|
|||||||
Three Months Ended
|
|||||||
June 30,
|
|||||||
2021
|
2020
|
||||||
(midpoint)
|
Percent Inc(Dec)
|
||||||
GAAP Net sales, guidance
|
$
|
319,250
|
$
|
301,329
|
6%
|
||
Impact of purchase accounting fair value adjustments
|
750
|
—
|
|||||
Non-GAAP Net sales, guidance
|
$
|
320,000
|
$
|
301,329
|
6%
|
Document and Entity Information |
Apr. 29, 2021 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Apr. 29, 2021 |
Entity Registrant Name | National Instruments Corporation |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 000-25426 |
Entity Tax Identification Number | 74-1871327 |
Entity Address, Address Line One | 11500 North MoPac Expressway |
Entity Address, City or Town | Austin |
Entity Address, State or Province | TX |
Entity Address, Postal Zip Code | 78759 |
City Area Code | 512 |
Local Phone Number | 683-0100 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0000935494 |
Title of 12(b) Security | Common Stock, $0.01 par value |
Trading Symbol | NATI |
Security Exchange Name | NASDAQ |
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