InstrumentStudio software from National Instruments (NI) for PXI automatic test systems.

NI’s first quarter 2023 results

  • NI (formerly National Instruments) reported revenue of $437 million, up 13% year-over-year, for the first quarter of its 2023 fiscal year.
  • Given its pending acquisition by Emerson, NI is not providing a revenue forecast for the upcoming quarter.

For Q1 2023, the value of the company’s total orders was down 10 percent year-over-year, compared to a very strong Q1 2022. For Q1, year-over-year orders in the Americas region were down 12 percent, in EMEA orders were flat, and in APAC orders were down 15 percent.

In Q1, GAAP gross margin was 70 percent and non-GAAP gross margin was 72 percent. GAAP operating expenses were $247 million, up 5 percent year-over-year.

Total non-GAAP operating expenses were up 2 percent year-over-year at $212 million. GAAP operating margin was 13 percent in Q1, with GAAP operating income of $57 million, up 86 percent year-over-year.

Non-GAAP operating margin was 23 percent in Q1, with non-GAAP operating income of $102 million, up 55 percent year-over-year.

GAAP net income for Q1 was $47 million, and non-GAAP net income was $83 million.

As of March 31, 2023, NI had $138 million in cash and cash equivalents. During Q1, NI paid $37 million in dividends.

GAAP : Generally Accepted Accounting Principles
The company’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 gain/loss on acquisitions, restructuring charges, tax reform charges, disposal gain/loss on buildings and related charitable contributions, tax effects related to businesses held for sale, gain/loss on sale of business, remeasurement gains and impairment losses related to equity-method investments, 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.