The company directs readers to its Form 10-K for the year ended Dec. 31, 2016 and the other documents it files with the SEC for other risks associated with the company’s future performance.
About NI
Since 1976, NI ( www.ni.com) has made it possible for engineers and scientists to solve the world’s greatest engineering challenges with powerful, flexible technology solutions that accelerate productivity and drive rapid innovation. Customers from a wide variety of industries – from healthcare to automotive and from consumer electronics to particle physics – use NI’s integrated hardware and software platform to improve the world we live in. (NATI-F)
National Instruments, NI and ni.com are trademarks of National Instruments. Other product and company names listed are trademarks or trade names of their respective companies.
National Instruments | ||||||||
Condensed Consolidated Balance Sheets | ||||||||
(in thousands, unaudited) | ||||||||
March 31, | December 31, | |||||||
2017 | 2016 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | 279,008 | 285,283 | ||||||
Short-term investments | 86,410 | 73,117 | ||||||
Accounts receivable, net | 224,267 | 228,686 | ||||||
Inventories, net | 194,878 | 193,608 | ||||||
Prepaid expenses and other current assets | 45,970 | 53,953 | ||||||
Total current assets | 830,533 | 834,647 | ||||||
Property and equipment, net | 260,208 | 260,456 | ||||||
Goodwill | 254,523 | 253,197 | ||||||
Intangible assets, net | 113,188 | 108,663 | ||||||
Other long-term assets | 33,471 | 39,601 | ||||||
Total assets | 1,491,923 | 1,496,564 | ||||||
Liabilities and Stockholders' Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | 55,850 | 48,800 | ||||||
Accrued compensation | 29,001 | 27,743 | ||||||
Deferred revenue - current | 121,597 | 115,577 | ||||||
Accrued expenses and other liabilities | 37,342 | 32,997 | ||||||
Other taxes payable | 19,739 | 34,958 | ||||||
Total current liabilities | 263,529 | 260,075 | ||||||
Long-term debt | 25,000 | 25,000 | ||||||
Deferred income taxes | 37,736 | 45,386 | ||||||
Liability for uncertain tax positions | 12,071 | 11,719 | ||||||
Deferred revenue - long-term | 30,024 | 29,752 | ||||||
Other long-term liabilities | 7,793 | 10,413 | ||||||
Total liabilities | 376,153 | 382,345 | ||||||
Stockholders' equity: | ||||||||
Preferred stock |
- |
- |
||||||
Common stock | 1,296 | 1,292 | ||||||
Additional paid-in capital | 785,666 | 771,346 | ||||||
Retained earnings | 361,327 | 376,202 | ||||||
Accumulated other comprehensive income (loss) | (32,519 | ) | (34,621 | ) | ||||
Total stockholders' equity | 1,115,770 | 1,114,219 | ||||||
Total liabilities and stockholders' equity | 1,491,923 | 1,496,564 | ||||||
National Instruments | |||||||||
Condensed Consolidated Statements of Income | |||||||||
(in thousands, except per share data, unaudited) | |||||||||
Three Months Ended |
|||||||||
March 31, | |||||||||
2017 | 2016 | ||||||||
Net sales: | |||||||||
Product | $ | 271,512 | $ | 259,434 | |||||
Software maintenance | 28,594 | 27,743 | |||||||
Total net sales | 300,106 | 287,177 | |||||||
Cost of sales: | |||||||||
Product | 75,196 | 74,209 | |||||||
Software maintenance | 1,328 | 1,937 | |||||||
Total cost of sales | 76,524 | 76,146 | |||||||
Gross profit | 223,582 | 211,031 | |||||||
Operating expenses: | |||||||||
Sales and marketing | 117,258 | 113,207 | |||||||
Research and development | 58,263 | 59,340 | |||||||
General and administrative | 25,743 | 24,640 | |||||||
Total operating expenses | 201,264 | 197,187 | |||||||
Operating income | 22,318 | 13,844 | |||||||
Other income (expense): | |||||||||
Interest income | 343 | 253 | |||||||
Net foreign exchange loss | 82 | 574 | |||||||
Other (expense) income, net | 431 | (2,406 | ) | ||||||
Income before income taxes | 23,174 | 12,265 | |||||||
Provision for income taxes | 5,026 | 2,967 | |||||||
Net income | $ | 18,148 | $ | 9,298 | |||||
Basic earnings per share | $ | 0.14 | $ | 0.07 | |||||
Diluted earnings per share | $ | 0.14 | $ | 0.07 | |||||
Weighted average shares outstanding - | |||||||||
basic | 129,438 | 127,595 | |||||||
diluted | 130,108 | 128,103 | |||||||
Dividends declared per share | $ | 0.21 | $ | 0.20 | |||||
National Instruments | |||||||||
Condensed Consolidated Statements of Cash Flows | |||||||||
(in thousands, unaudited) | |||||||||
Three Months Ended March 31, | |||||||||
2017 | 2016 | ||||||||
Cash flow from operating activities: | |||||||||
Net income | $ | 18,148 | 9,298 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Depreciation and amortization | 18,669 | 19,432 | |||||||
Stock-based compensation | 6,402 | 6,748 | |||||||
Tax benefit from deferred income taxes | (2,984 | ) | (6,915 | ) | |||||
Net change in operating assets and liabilities | 6,441 | 15,801 | |||||||
Net cash provided by operating activities | 46,676 | 44,364 | |||||||
Cash flow from investing activities: | |||||||||
Capital expenditures | (10,811 | ) | (9,267 | ) | |||||
Capitalization of internally developed software | (11,624 | ) | (8,003 | ) | |||||
Additions to other intangibles | (525 | ) | (363 | ) | |||||
Acquisitions, net of cash received | - | (549 | ) | ||||||
Purchases of short-term investments | (25,253 | ) | (5,008 | ) | |||||
Sales and maturities of short-term investments | 11,931 | 23,589 | |||||||
Net cash (used by)/provided in investing activities | (36,282 | ) | 399 | ||||||
Cash flow from financing activities: | |||||||||
Proceeds from revolving line of credit | - | - | |||||||
Principal payments on revolving line of credit | - | (12,000 | ) | ||||||
Proceeds from issuance of common stock | 7,817 | 7,445 | |||||||
Repurchase of common stock | - | (4,642 | ) | ||||||
Dividends paid | (27,201 | ) | (25,556 | ) | |||||
Net cash used by financing activities | (19,384 | ) | (34,753 | ) | |||||
Effect of exchange rate changes on cash | 2,715 | 4,261 | |||||||
Net change in cash and cash equivalents | (6,275 | ) | 14,271 | ||||||
Cash and cash equivalents at beginning of period | 285,283 | 251,129 | |||||||
Cash and cash equivalents at end of period | $ | 279,008 | 265,400 | ||||||