NI’s third quarter 2021 results

  • NI (formerly National Instruments) reported third-quarter 2021 revenue of $367 million (M$), up 19% year-over-year.
  • The Texas-based company expects its fourth-quarter GAAP revenue to be between $385 million and $425 million.

# Q3 2021 Summary
– GAAP revenue for a third quarter of $367 million
– GAAP operating income of $34 million
– Non-GAAP operating income of $67 million
– Cash and short-term investments of $231 million as of September 30, 2021.

GAAP : Generally Accepted Accounting Principles

In Q3 2021 the value of the company’s orders was up 30 percent year over year. For Q3 2021, year over year orders were up 28 percent in the Americas, up 39 percent in APAC, and up 23 percent in EMEA.

Geographic revenue in U.S. dollar terms for Q3 2021 compared with Q3 2020 was up 17 percent in the Americas, up 20 percent in APAC and up 21 percent in EMEA.

In Q3, GAAP gross margin was 72 percent and non-GAAP gross margin was 75 percent. Total GAAP operating expenses were $230 million, up 6 percent year over year. Total non-GAAP operating expenses were $209 million, up 10 percent year over year. GAAP operating income for Q3 was $34 million with non-GAAP operating income of $67 million. GAAP net income for Q3 was $27 million and non-GAAP net income was $55 million.

Additionally, the company announced the acquisition of NH Research, Inc. (NHR), a specialist in high power test and measurement applications such as electric vehicles and batteries. The transaction closed on October 19, 2021. NI also announced that it recently entered into a definitive agreement to purchase the EV Systems business of Heinzinger GmbH, Germany-based Rosenheim , an European specialist in high-current and high-voltage power systems and this deal is expected to close in early Q1 2022, pending regulatory approval.

As of September 30, 2021, NI had $231 million in cash and short-term investments. During the third quarter, NI paid $36 million in dividends.

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.