National Instruments Reports Record Revenue for a First Quarter

National Instruments Reports Record Revenue for a First Quarter of $300 Million

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

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