National Instruments announced Q4 2016 revenue of $329 million and $1.23 billion revenue for his 2016 fiscal year. NI currently expects Q1 revenue to be in the range of $285 million to $315 million.
NI Q4 2016 Highlights
- Revenue of $329 million , down 2 percent year over year with core revenue up 3 percent year over year
- GAAP gross margin of 75 percent, up 80 basis points year over year
- Non-GAAP gross margin of 76 percent, up 60 basis points year over year
- GAAP net income of $34 million
- EBITDA of $65 million
NI FY 2016 Highlights
- Revenue of $1.23 billion
- Core revenue up 3 percent year over year
- GAAP net income of $87 million
- EBITDA of $188 million
In Q4 2016, the impact of foreign currency exchange reduced the year-over-year order growth by 2 percent. NI received $2 million in orders from its largest customer compared with $9 million in orders from this customer in Q4 2015. Excluding NI’s largest customer, the company’s total order growth was up 2 percent year over year for the quarter; orders under $20,000 were down 2 percent year over year; orders between $20,000 and $100,000 were up 4 percent year over year; and orders above $100,000 were up 8 percent year over year.
GAAP net income for Q4 was $34 million , and non-GAAP net income was $44 million. EBITDA, or Earnings Before Interest, Taxes, Depreciation and Amortization, was $65 million.
Geographic revenue in U.S. dollar terms for Q4 2016 compared with Q4 2015 was up 2 percent in the Americas , up 1 percent in APAC, and down 7 percent in EMEIA. Excluding the impact of foreign currency exchange, revenue was up 2 percent in the Americas , up 1 percent in APAC, and relatively flat in EMEIA.
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, acquisition-related fair value adjustments, and restructuring charges.
Guidance for NI Q1 2017
NI currently expects Q1 revenue to be in the range of $285 million to $315 million , up 4.5 percent year-over-year at the midpoint. Based on current exchange rates, the company expects that the impact of the strengthening U.S. dollar will reduce the company’s year-over-year dollar revenue growth rate by approximately 1 percent in Q1.