- National Instruments announced revenues of $334 million for the second quarter (Q2) of 2019. They decreased by 2% compared to the same period last year and by 7% compared to the first quarter of 2019.
- The Texas-based company expects sales to be between $325 million and $355 million in the third quarter of 2019.
# Q2 2019 Highlights:
- Revenue of $334 million
- GAAP gross margin of 75 percent
- Non-GAAP gross margin of 77 percent
- GAAP net income of $29 million, down 8 percent year over year
- Non-GAAP net income of $46 million, up 3 percent year over year
- GAAP net income down 6 percent year over year through first six months
- Non-GAAP net income up 11 percent year over year through first six months
- EBITDA of $49 million
GAAP : Generally Accepted Accounting Principles.
EBITDA : Earnings Before Interest, Taxes, Depreciation and Amortization.
In Q2 2019 the value of the company’s total orders was down 4 percent year over year; orders under $20,000 were down 6 percent year over year; and orders over $20,000 were down 2 percent year over year.
In Q2, GAAP gross margin was 75 percent and non-GAAP gross margin was 77 percent. Total GAAP operating expenses were $218 million, down 2 percent year over year. Total non-GAAP operating expenses were down 4 percent year over year at $203 million. GAAP operating margin was 10 percent in Q2, with GAAP operating income of $32 million, down 13 percent year over year. Non-GAAP operating margin was 17 percent in Q2, with non-GAAP operating income of $56 million, up 1 percent year over year. For the first half of 2019, GAAP operating expenses were $430 million, flat year over year, and non-GAAP operating expenses were $403 million, down 4 percent year over year. GAAP operating income for the first half of 2019 was $56 million, down 14 percent year over year, and non-GAAP operating income for the first half of 2019 was $99 million, up 6 percent year over year.
GAAP net income for Q2 was $29 million, and non-GAAP net income was $46 million. EBITDA, or Earnings Before Interest, Taxes, Depreciation and Amortization, was $49 million for Q2.
Geographic revenue in U.S. dollar terms for Q2 2019 compared with Q2 2018 was down 1 percent in the Americas, up 5 percent in APAC and down 10 percent in EMEIA. Excluding the impact of foreign currency exchange, revenue was flat in the Americas, up 8 percent in APAC and down 6 percent in EMEIA.
The company’s non-GAAP results exclude, as applicable, 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, tax reform charges, and capitalization and amortization of internally developed software costs.