- National Instruments (NI) reported financial results for the fourth fiscal quarter and fiscal year 2017.
- Its fourth quarter revenue grew 6% to reach $350 million.
- Its fiscal year revenue grew 5% over last year and totaled $1.29 billion.
- NI expects 2018 first quarter revenue to be in the range of $305 million to $335 million.
# 2017 fourth quarter results :
• Revenue of $350 million, up 6% year over year
• GAAP and non-GAAP gross margin of 76%
• GAAP net loss of $(24) million which includes a $70 million tax reform charge
• Non-GAAP net income of $56 million
• EBITDA of $74 million
• Cash and short-term investments of $412 million as of Dec. 31, 2017
# 2017 fiscal year results :
• Revenue of $1.29 billion, up 5% year over year
• GAAP and non-GAAP gross margin of 75%
• GAAP net income of $52 million, down 37% year over year
• Non-GAAP net income of $160 million , up 33% year over year
• EBITDA of $219 million
• Dividends paid of $110 million
GAAP : Generally Accepted Accounting Principles.
EBITDA : Earnings before interest, income taxes, depreciation and amortization
GAAP net loss for Q4 was $(24) million, and non-GAAP net income was $56 million. Because of the Tax Cuts and Jobs Act of 2017, NI recognized a one-time charge of $70 million in Q4 from the estimated impact of the inclusion of foreign earnings and revaluation of deferred tax assets and liabilities. This one-time charge is being excluded from NI’s non-GAAP results. EBITDA was $74 million for Q4.
In Q4, GAAP and non-GAAP gross margin was 76% and total GAAP operating expenses were $207 million, up 5% year over year. Total non-GAAP operating expenses were up 2% year over year at $193 million. GAAP operating margin was 16% in Q4, with GAAP operating income of $57 million, up 16% year over year. Non-GAAP operating margin was 21% in Q4, the highest quarterly result in 20 years. Non-GAAP operating income was $73 million, up 22% year over year.
Geographic revenue in U.S. dollar terms for Q4 2017 compared with Q4 2016 was up 3% in the Americas , up 9% in APAC and up 8% in EMEIA. Excluding the impact of foreign currency exchange, revenue was up 3% in the Americas , up 8% in APAC and up 5% in EMEIA.
In Q4 2017, the value of the company’s total orders was up 5% year over year. Orders under $20,000 were up 3% year over year, and orders over $20,000 were up 7% year over year.
In 2017, GAAP operating expenses were $815 million , up 3% year over year, and non-GAAP operating expenses were $769 million, flat year over year. GAAP net income in 2017 was $52 million, down 37% year over year, and non-GAAP net income in 2017 was $160 million , up 33% year over year.
The company’s non-GAAP results exclude 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, and tax reform charges.