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National Instruments Corp (NATI) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

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NATI Quarterly Reports

National Instruments Corp

CIK: 935494 Ticker: NATI


Contact:    Marissa Vidaurri        
Investor Relations
(512) 683-5215    


National Instruments Reports Q1 2020 Revenue of $309 Million
Company in a position of strength with steady year-over-year revenue results and strong balance sheet

Q1 2020 Highlights

Revenue of $309 million, down less than 1 percent year-over-year
Organic revenue growth of approximately 2 percent year-over-year
GAAP gross margin of 73 percent and non-GAAP gross margin of 76 percent
GAAP net income of $133 million, which includes $123 million gain, net of tax, related to AWR divestment
Non-GAAP net income of $34 million, down 15 percent year-over-year
Fully diluted GAAP EPS of $1.01 and fully diluted non-GAAP EPS of $0.26
EBITDA of $189 million
Cash and short-term investments of $584 million as of Mar. 31, 2020

AUSTIN, Texas - April 30, 2020 - National Instruments (Nasdaq: NATI) today announced Q1 2020 revenue of $309 million, down less than 1% year-over-year. The sale of our AWR subsidiary to Cadence closed on January 15, 2020. Organic revenue, which we define as GAAP revenue excluding the impact of acquisitions and divestitures completed within the past twelve months, grew approximately 2 percent year-over-year.

For Q1, organic order growth, defined as growth in the value of the company’s orders excluding the impact of acquisitions and divestitures noted above, was up 1 percent year over year. For Q1, the Americas region had year-over-year organic order growth of 8 percent. EMEIA orders were down 3 percent with weakness toward the end of the quarter; in APAC, where COVID-19 disrupted customer purchasing behaviors most significantly during the quarter, orders were down 5 percent year-over-year in Q1; Greater China orders were down 12 percent year-over-year in the first quarter but as travel and other restrictions started to be lifted, business returned to more normal levels as orders were up 3 percent year-over-year for March 2020.

In Q1 2020, on an organic order growth basis, orders over $20,000 were up 7 percent year-over-year and orders under $20,000 were down 8 percent year over year; demonstrating the continued relative strength of the company's systems level business.

Geographic revenue in U.S. dollar terms for Q1 2020 compared with Q1 2019 was up 2 percent in the Americas, up 5 percent in APAC and down 8 percent in EMEIA. Excluding the impact of foreign currency exchange, revenue was up 2 percent in the Americas, up 6 percent in APAC and down 7 percent in EMEIA. Historical revenue from these three regions can be found on NI’s investor website at www.ni.com/nati

In Q1, GAAP gross margin was 73 percent and non-GAAP gross margin was 76 percent. The recent divestiture of AWR reduced our margin by 50 basis points year-over-year and will continue to do so at approximately that level through 2020. In Q1, Gross margin is also down year-over-year by approximately one percent due to an operational change in our services offerings that moved cost from Sales and Marketing expense to Cost of Sales. This has no impact on operating margin.

Excluding the gain from the divestment of AWR, GAAP operating expenses were $214 million, up 1 percent year-over-year. Total non-GAAP operating expenses were down 3 percent year-over-year at $194 million. Our GAAP operating income of $172 million includes a gain of approximately $160 million related to the sale of our AWR business. GAAP operating margin, excluding the gain from the divestment of AWR, was 4 percent in Q1, with GAAP operating income of $12 million excluding the gain from the divestiture of AWR, down 48 percent from Q1



The following information was filed by National Instruments Corp (NATI) on Thursday, April 30, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside National Instruments Corp's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income
Consolidated Statements Of Stockholders' Equity
Consolidated Statements Of Stockholders' Equity (Parenthetical)
Authorized Shares Of Common And Preferred Stock And Stock-Based Compensation Plans
Authorized Shares Of Common And Preferred Stock And Stock-Based Compensation Plans (Details)
Basis Of Presentation
Basis Of Presentation - Narrative (Details)
Basis Of Presentation - Schedule Of Earnings Per Share (Details)
Basis Of Presentation (Policies)
Basis Of Presentation (Tables)
Basis Of Presentation - Disposal Groups, Including Discontinued Operations (Details)
Commitments And Contingencies
Commitments And Contingencies - Narrative (Details)
Commitments And Contingencies - Schedule Of Warranty Reserve (Details)
Commitments And Contingencies (Tables)
Comprehensive Income
Comprehensive Income (Details)
Comprehensive Income (Tables)
Debt
Debt (Details)
Derivative Instruments And Hedging Activities
Derivative Instruments And Hedging Activities - Effect Of Derivative Instruments On Consolidated Statements Of Income (Details)
Derivative Instruments And Hedging Activities - Fair Value Of Derivative Instruments On Consolidated Balance Sheets (Details)
Derivative Instruments And Hedging Activities - Narrative (Details)
Derivative Instruments And Hedging Activities - Summary Of Notional Amounts Of Derivative Instruments (Details)
Derivative Instruments And Hedging Activities (Tables)
Fair Value Measurements
Fair Value Measurements (Details)
Fair Value Measurements (Tables)
Income Taxes
Income Taxes (Details)
Intangible Assets And Goodwill
Intangible Assets And Goodwill - Narrative (Details)
Intangible Assets And Goodwill - Schedule Of Finite-Lived Intangible Assets (Details)
Intangible Assets And Goodwill (Tables)
Intangible Assets And Goodwill - Schedule Of Goodwill (Details)
Inventories, Net
Inventories, Net (Details)
Inventories, Net (Tables)
Leases
Leases (Tables)
Leases - Maturities Of Operating Lease Liabilities (Details)
Leases - Summary Of Components Of Lease Expense And Other Information (Details)
Litigation
Restructuring
Restructuring - Narrative (Details)
Restructuring - Restructuring Related Costs (Details)
Restructuring - Restructuring Reserve (Details)
Restructuring (Tables)
Revenue
Revenue - Narrative (Details)
Revenue - Schedule Of Changes In Unearned Revenue (Details)
Revenue - Schedule Of Disaggregation Of Revenues (Details)
Revenue (Tables)
Segment And Geographic Information
Segment And Geographic Information (Details)
Short-Term Investments
Short-Term Investments - Contractual Maturities Of Short-Term Investments Designated As Available-For-Sale (Details)
Short-Term Investments - Unrealized Gains And Losses Related To Short-Term Investments Designated As Available-For-Sale (Details)
Short-Term Investments (Tables)
Subsequent Events
Subsequent Events (Details)

Material Contracts, Statements, Certifications & more

National Instruments Corp provided additional information to their SEC Filing as exhibits

Ticker: NATI
CIK: 935494
Form Type: 10-Q Quarterly Report
Accession Number: 0000935494-20-000018
Submitted to the SEC: Mon May 04 2020 11:36:23 AM EST
Accepted by the SEC: Mon May 04 2020
Period: Tuesday, March 31, 2020
Industry: Prepackaged Software

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