• NI (formerly National Instruments) reported first-quarter 2021 revenue of $335 million, up 8% year-over-year.
• The company expects its second-quarter revenue to be constrained by component availability, with estimated order growth in the range of 20% to 25% annually.
• Its second quarter non-GAAP sales will be in the range of $305 million to $335 million. Non-GAAP sales are GAAP sales adjusted to exclude the impact of accounting for the amount of acquisitions, which, for the second quarter of 2021, is expected to relate to the acquisition of the OptimalPlus subsidiary.

 
# 1st quarter 2021 figures
– Revenues of $335 million, up 8% year-over-year.
– GAAP gross margin of 72% and non-GAAP gross margin of 75%.
– GAAP net income of $4 million
– Non-GAAP net income of $42 million.
 

GAAP: Generally Accepted Accounting Principles.
EBITDA: Earnings Before Interest, Taxes, Depreciation and Amortization.

“The momentum continued with an all-time high for orders in the first quarter. Demand was above typical seasonality, with orders up year-over-year in all regions and business units,” said Eric Starkloff, NI CEO.
 
“Due to general supply chain constraints in our industry, not all orders were shipped during the quarter, resulting in an increase in backlog. We remain confident in our ability to ultimately ship our backlog,” said Karen Rapp, NI’s CFO.

For the first quarter of 2021, the company’s orders increased 19% year-over-year. For the first quarter, year-over-year orders in the Americas region increased 8%, orders in the Europe Middle East & Africa (EMEA) region increased 2% and orders in the Asia Pacific (APAC) region increased 51%.

Sales in U.S. dollars increased 1% in the Americas region in the first quarter of 2021 compared to the first quarter of 2020, 26% in the APAC region and 1% in the EMEA region.

In the first quarter, GAAP gross margin was 72% and non-GAAP gross margin was 75%. GAAP operating expenses were $230 million, an 8% increase over the prior year. Total non-GAAP operating expenses increased 4% year-over-year to $201 million.

GAAP operating margin was 3% in the first quarter, with GAAP operating income of $10 million, down 94% year-over-year, primarily due to the sale of the AWR subsidiary in Q1 2020. Non-GAAP operating margin was 15% in the first quarter, with non-GAAP operating income of $52 million, up 27% year-over-year.

The company’s non-GAAP results exclude, where applicable, the impact of stock-based compensation, amortization of acquisition-related intangible assets, acquisition-related transaction and integration costs, taxes levied on the transfer of acquired intellectual property, foreign exchange gain/loss on acquisitions, restructuring charges tax reform charges, gain/loss on disposal of real estate and related charitable contributions, tax effects related to businesses held for sale, gain/loss on sale of a business, impairment losses on equity-based investments, and capitalization and amortization of internally developed software costs.