National Instruments reports revenue for 2017 second quarter

  • National Instruments announced Q2 2017 revenue of $319 million.
  • NI currently expects Q3 revenue to be in the range of $304 million to $334 million.

Q2 2017 Highlights

  • Revenue of $319 million
  • GAAP (*) gross margin of 74 percent
  • Non-GAAP gross margin of 75 percent
  • GAAP net income of $25 million
  • Non-GAAP net income of $35 million
  • EBITDA of $46 million
  • Cash and short-term investments of $368 million as of June 30, 2017

(*) GAAP : Generally Accepted Accounting Principles.

National Instruments announced Q2 2017 revenue of $319 million, up 4 percent year over year with core revenue up 7 percent year over year. The company’s definition of core revenue is GAAP revenue excluding the impact of NI’s largest customer and the impact of foreign currency exchange.

In Q2 2017, NI received $12 million in orders from its largest customer compared with $18 million in orders from this customer in Q2 2016. Excluding NI’s largest customer, the value of the company’s total orders was up 8 percent year over year for the quarter; orders under $20,000 were flat year over year; orders between $20,000 and $100,000 were up 1 percent year over year; and orders above $100,000 were up 42 percent year over year.

GAAP net income for Q2 was $25 million, and non-GAAP net income was $35 million, a record for a second quarter. Included in NI’s GAAP net income for Q2 is $4 million related to restructuring charges. EBITDA, or Earnings Before Interest, Taxes, Depreciation and Amortization, was $46 million for Q2.

Geographic revenue in U.S. dollar terms for Q2 2017 compared with Q2 2016 was up 6 percent in the Americas, down 1 percent in APAC and up 6 percent in EMEIA. Excluding the impact of foreign currency exchange, revenue was up 6 percent in the Americas , flat in APAC and up 10 percent 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, and restructuring charges.