- NI (formerly National Instruments) reported fourth quarter 2022 revenue of $448 million (M$), and $1.66 billion for the full year 2022.
- The Texas-based company estimates GAAP revenue of $415 million to $445 million in Q1 2023.
NI results for Q4 2022
– Revenue of $448 million, up 7 percent year over year
– Q4 GAAP operating margin of 13 percent; Q4 non-GAAP operating margin of 25 percent
– Cash and cash equivalents of $140 million as of December 31, 2022
National Instruments Corporation (Nasdaq: NATI) announced Q4 2022 revenue of $448 million, up 7 percent year over year and an all-time quarterly record.
In Q4 2022, the value of the company’s total orders was down 3 percent year over year. Geographic order growth for Q4 2022 compared with Q4 2021 was down 7 percent in the Americas, down 9 percent in APAC and up 7 percent in EMEA.
In Q4, GAAP gross margin was 68 percent and non-GAAP gross margin was 70 percent. Total Q4 GAAP operating expenses were $244 million, down 1 percent year over year. Total Q4 non-GAAP operating expenses were $201 million, down 6 percent year over year. GAAP operating margin was 13 percent in Q4, with GAAP operating income of $60 million, up 21 percent year over year. Non-GAAP operating margin was 25 percent in Q4, with non-GAAP operating income of $112 million, up 16 percent year over year.
GAAP net income for Q4 was $40 million, and non-GAAP net income was $83 million.
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 gain/loss on acquisitions, restructuring charges, tax reform charges, disposal gains on buildings/assets 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 NI’s GAAP and non-GAAP results are included as part of this news release.
NI results for fiscal year 2022
– Revenue of $1.66 billion, up 13 percent year over year
– GAAP operating margin of 12 percent; Non-GAAP operating margin of 20 percent
In 2022, GAAP operating expenses were $964 million, up 4 percent year over year, and non-GAAP operating expenses were $836 million, up 1 percent year over year. GAAP net income in 2022 was $140 million, up 56 percent year over year, and non-GAAP net income was $255 million, up 14 percent year over year.
As of December 31, 2022, NI had $140 million in cash with $43 million in cash generated from operations in 2022. During Q4, NI paid $37 million in dividends. For the year, the company returned $300 million to its stockholders through dividends and stock repurchases, including the repurchase of 3.8 million shares at an average price of $40.04 per share. The NI Board of Directors approved a dividend of $0.28 per share payable on March 6, 2023, to stockholders of record at the close of business on February 13, 2023.