NI’s third quarter 2022 results

  • NI (formerly National Instruments) reported third-quarter 2022 revenue of $428 million (M$), up 17% year-over-year.
  • The Texas-based company estimates its fourth-quarter GAAP revenue to be between $435 million and $465 million.

# Q3 2022 Summary
– GAAP revenue of $428 million, up 17 percent year over year
– Orders for a third quarter, up 12 percent year over year
– Cash and cash equivalents of $149 million as of September 30, 2022

In Q3 2022, the total value of the company’s orders was up 12 percent year over year. For Q3, year over year orders were up 16 percent in the Americas, down 1 percent in APAC, and up 23 percent in EMEA.

In Q3, GAAP gross margin was 66 percent and non-GAAP gross margin was 70 percent. Total GAAP operating expenses were $237 million and non-GAAP operating expenses were $208 million. GAAP operating income for Q3 was $80 million with non-GAAP operating income of $92 million. In Q3, GAAP operating margin was 19 percent with non-GAAP operating margin of 21 percent.

GAAP net income for Q3 was $62 million and non-GAAP net income was $71 million. GAAP net income includes $26 million of gains, net of tax, related to real estate sales that were completed during the third quarter of 2022.

As of September 30, 2022, NI had $149 million in cash and cash equivalents. During the third quarter, NI paid $37 million in dividends and repurchased approximately 2 million shares of its common stock at an average price of $40.25 per share. The NI Board of Directors approved a quarterly dividend of $0.28 per share payable on November 28, 2022, to stockholders of record as of the close of business on November 7, 2022.

GAAP : Generally Accepted Accounting Principles
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 properties and 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.