- National Instruments (NI) announced third quarter 2018 revenue of $346 million, up 8 percent year over year.
- NI expects fourth quarter revenue to be in the range of $360 million to $390 million.
# NI Third Quarter 2018 Highlights
- Revenue of $346 million, up 8 percent year over year
- GAAP gross margin of 74 percent
- Non-GAAP gross margin of 77 percent
- GAAP net income of $43 million, up 29 percent year over year
- Non-GAAP net income of $60 million, up 53 percent year over year
- EBITDA of $65 million
GAAP : Generally Accepted Accounting Principles.
EBITDA : Earnings Before Interest, Taxes, Depreciation and Amortization.
In Q3 2018, the value of the company’s total orders was up 13 percent year over year. Orders under $20,000 were up 5 percent year over year, and orders over $20,000 were up 21 percent year over year.
In Q3, GAAP gross margin was 74 percent and non-GAAP gross margin was 77 percent. Total GAAP operating expenses were $211 million, up 6 percent year over year. Total non-GAAP operating expenses were flat year over year at $199 million in Q3. GAAP operating margin was 13 percent in Q3, with GAAP operating income of $46 million, up 23 percent year over year. Non-GAAP operating margin was 20 percent in Q3, with non-GAAP operating income of $68 million, up 50 percent year over year.
For the first three quarters of 2018, GAAP operating income was $111 million, up 26 percent year over year, and non-GAAP operating income was $162 million, up 48 percent year over year.
GAAP net income for Q3 was $43 million, and non-GAAP net income was $60 million. EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) was $65 million for Q3.
“I expect to achieve our target non-GAAP operating margin for 2018” said Alex Davern, NI CEO.
Geographic revenue in U.S. dollar terms for Q3 2018 compared with Q3 2017 was up 7 percent in the Americas, up 10 percent in APAC and up 7 percent in EMEIA. Excluding the impact of foreign currency exchange, revenue was up 7 percent in the Americas, up 9 percent in APAC and up 6 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, restructuring charges, and capitalization and amortization of internally developed software costs, tax reform charges and other.