- NI (formerly National Instruments) announced Q2 2023 revenue of $417 million, up 5 percent year over year, a record for a second quarter.
# Q2 2023 Summary
– GAAP revenue of $417 million, up 5 percent year over year
– GAAP operating margin of 10%
– Non-GAAP operating margin of 22%
GAAP : Generally Accepted Accounting Principles
In Q2, the total value of the company’s orders was down 17 percent year over year. Orders were down 20 percent in the Americas, down 26 percent in APAC, and flat in EMEA year over year.
In Q2, GAAP gross margin was 72 percent and non-GAAP gross margin was 74 percent. Total GAAP operating expenses were $257 million and non-GAAP operating expenses were $218 million. GAAP operating income for Q2 was $41 million with non-GAAP operating income of $91 million. In Q2, GAAP operating margin was 10 percent with non-GAAP operating margin of 22 percent.
In Q2, GAAP net income for Q2 was $30 million and non-GAAP net income was $68 million.
As of June 30, 2023, NI had $139 million in cash and cash equivalents.
NI’s non-GAAP results exclude, as applicable, the impact of purchase accounting fair value adjustments, stock-based compensation, amortization of acquisition-related intangibles, acquisition-related transaction and integration costs, taxes levied on the transfer of acquired intellectual property, foreign exchange loss on acquisitions, restructuring charges, tax reform charges, disposal gains on buildings and related charitable contributions, tax effects related to businesses held for sale, gain on sale of businesses, and capitalization and amortization of internally developed software costs. Reconciliations of the NI’s GAAP and non-GAAP results are included as part of this news release.