National Instruments’ results for the 4th quarter and full year 2019

  • National Instruments announced Q4 2019 revenue of $367 million, up 2 percent year over year and an all-time quarterly record.
  • For the full year 2019, revenues were flat year-over-year at $1.35 billion and net income was $162 million, up 5 percent year-over-year.
  • National Instruments (NI) expects its sales in the first quarter of 2020 to be between $308 million and $338 million.

 
# Fiscal Year 2019 Highlights
– Revenue of $1.35 billion
– GAAP gross margin of 75 percent
– Non-GAAP gross margin of 78 percent
– GAAP net income of $162 million
– Non-GAAP net income of $217 million
– EBITDA of $246 million

In 2019, GAAP operating expenses were $842 million, down 1 percent year over year, and non-GAAP operating expenses were $798 million, down 2 percent year over year. GAAP net income in 2019 was $162 million, up 5 percent year over year, and non-GAAP net income in 2019 was $217 million, up 4 percent year over year.
 
# Q4 2019 Highlights
– Revenue of $367 million
– GAAP gross margin of 75 percent
– Non-GAAP gross margin of 78 percent
– GAAP net income of $59 million
– Non-GAAP net income of $73 million
– EBITDA of $71 million

In Q4 2019, the value of the company’s total orders was up 9 percent year over year; orders over $20,000 were up 19 percent year over year; and orders under $20,000 were down 5 percent year over year.

GAAP net income for Q4 was $59 million, and non-GAAP net income was $73 million. EBITDA, or Earnings Before Interest, Taxes, Depreciation and Amortization, was $71 million for Q4.

In Q4, GAAP gross margin was 75 percent and non-GAAP gross margin was 78 percent. Total Q4 GAAP operating expenses were $223 million, up 6 percent year over year. Total Q4 non-GAAP operating expenses were $201 million, up 1 percent year over year. GAAP operating margin was 15 percent in Q4, with GAAP operating income of $54 million, down 13 percent year over year. Non-GAAP operating margin was 23 percent in Q4, with non-GAAP operating income of $84 million, up 3 percent year over year.

Geographic revenue in U.S. dollar terms for Q4 2019 compared with Q4 2018 was down 1 percent in the Americas, up 18 percent in APAC and down 7 percent in EMEIA. Excluding the impact of foreign currency exchange, revenue was down 1 percent in the Americas, up 19 percent in APAC and down 5 percent in EMEIA. Historical revenue from these three regions can be found on NI’s investor website at www.ni.com/nati.

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, disposal gain on buildings and related charitable contributions, tax effects related to businesses held for sale, gain on divestment, and capitalization and amortization of internally developed software costs. Reconciliations of the company’s GAAP and non-GAAP results are included as part of this news release.