Press Release Details

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--(BUSINESS WIRE)--Apr. 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 2019 operating income. Non-GAAP operating margin was 13 percent in Q1, with non-GAAP operating income of $41 million, down 7 percent year-over-year.

GAAP net income for Q1 was $133 million, with fully diluted earnings per share (EPS) of $1.01, and non-GAAP net income was $34 million, with non-GAAP fully diluted EPS of $0.26. EBITDA, or Earnings Before Interest, Taxes, Depreciation and Amortization, was $189 million for Q1.

“I am proud of the resiliency within our business and from our employees as we delivered results within expectations for Q1 at a time of crisis due to COVID-19. I believe this is a testament to the stability provided by our broad customer base, end-market diversity, and the value our customers see in our innovative platform,” said Eric Starkloff, NI CEO. “With the right strategy in place and our experience navigating in tough times, I remain confident we can maintain stability in the short-term while staying focused on our long-term growth ambitions.”

“Our ability to close the quarter within guidance during this unprecedented crisis brings me confidence. Our strategic focus is clear and our current outlook for long-term growth remains positive," said Karen Rapp, NI CFO. "We remain cautious to what lies ahead with a high degree of uncertainty for the industrial economy. In 2020, we plan to preserve strategic investments while continuing to demonstrate disciplined expense management. Our strong balance sheet and record cash position provides us the capability to keep our capital allocation priorities unchanged."

As of Mar. 31, 2020, NI had $584 million in cash and short-term investments. During Q1, NI paid $34 million in dividends and repurchased approximately 165,000 shares of our common stock at an average price of $39.58 per share. The NI Board of Directors approved a dividend of $0.26 per share payable on June 8, 2020, to stockholders of record on May 18, 2020. On April 16, 2020, we increased our revolving credit line with Wells Fargo from $5 million to $95 million to provide additional liquidity and flexibility. We have not drawn on the revolver at this time.

The company’s non-GAAP results exclude, as applicable, the impact of stock-based compensation, amortization of acquisition-related intangibles, acquisition-related transaction costs, taxes levied on the transfer of acquired intellectual property, foreign exchange loss on acquisitions, restructuring charges, tax reform charges, disposal gain on buildings and related charitable contributions, tax effects related to businesses held for sale, gain on sale of business, and capitalization and amortization of internally developed software costs. Reconciliations of the company’s GAAP and non-GAAP results are included as part of this news release.

Outlook

The total impact of COVID-19 on our economy remains highly uncertain and we have limited visibility into the second quarter making the impact hard to quantify. As a result, we will not provide guidance for Q2 2020 at this time. We do plan to release a business update on June 9 when we expect to have clearer insight into the quarter.

With so much uncertainty for 2020, our goal is to focus on our profitability while maintaining our capacity to accelerate our growth in the future. On the expense side, we will continue to be diligent in managing expenses. Some of the actions we will take include significantly limiting hiring, cutting discretionary spending, shifting marketing from in-person events to a more virtual experience, temporarily reducing executive pay, pushing out our merit cycle to 2021, and prioritizing travel for customer visits. In addition, our variable pay will adjust with actual business results. We believe these actions will enable us to avoid layoffs and maintain capacity in order to accelerate our growth in the future. For Q2, we are currently estimating non-GAAP operating expenses to be down 1 percent to 2 percent sequentially.

Conference Call Information

Interested parties can listen to the Q1 2020 earnings conference call with NI Management today at 4:00 CT at www.ni.com/call or dial (855) 212-2361 and enter confirmation code 4779981. Replay information is available by calling (855) 859-2056, confirmation code 4779981, shortly after the call through May 5 at 11:59 p.m. CT or by visiting the company’s website at www.ni.com/call.

Non-GAAP Presentation

In addition to disclosing results determined in accordance with GAAP, NI discloses certain non-GAAP operating results and non-GAAP information that exclude certain charges. In this news release, the company has presented its gross profit, gross margin, operating expenses, operating income, operating margin, income before income taxes, provision for income taxes, net income and fully diluted EPS for the three-month periods ending Mar. 31, 2020 and 2019, on a GAAP and non-GAAP basis. This news release also discloses the year-over-year change in the company’s non-GAAP organic revenue for Q1.

When presenting non-GAAP information, the company includes a reconciliation of the non-GAAP results to the GAAP results. Management believes that including the non-GAAP results assists investors in assessing the company’s operational performance and its performance relative to its competitors. The company presents these non-GAAP results as a complement to results provided in accordance with GAAP, and these results should not be regarded as a substitute for GAAP. Management uses these non-GAAP measures to manage and assess the profitability and performance of its business and does not consider stock-based compensation expense, amortization of acquisition-related intangibles, acquisition-related transaction 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 business, and capitalization and amortization of internally developed software costs in managing its operations. Specifically, management uses non-GAAP measures to plan and forecast future periods; to establish operational goals; to compare with its business plan and individual operating budgets; to measure management performance for the purposes of executive compensation, including payments to be made under bonus plans; to assist the public in measuring the company’s performance relative to the company’s long-term public performance goals; to allocate resources; and, relative to the company’s historical financial performance, to enable comparability between periods. Management also considers such non-GAAP results to be an important supplemental measure of its performance.

This news release discloses the company’s EBITDA for the three-month periods ending Mar. 31, 2020 and 2019. The company believes that including the EBITDA results assists investors in assessing the company’s operational performance relative to its competitors. A reconciliation of EBITDA to GAAP net income is included with this news release. This news release also discloses the year-over-year change in the company's organic revenue for Q1. The company believes that including its year-over-year change in organic revenue assists investors in assessing the company's operational performance. A reconciliation of its year-over-year change in organic revenue to its year-over-year change in GAAP revenue is included with this news release.

Forward-Looking Statements

This release contains “forward-looking statements” including statements regarding the company being in a position of strength with steady year-over-year revenue results and a strong balance sheet, continued relative strength of the company's systems level business, 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, belief that the resiliency within our business and from our employees as we delivered results within expectations for Q1 at a time of crisis due to COVID-19 is a testament to the stability provided by our broad customer base, end-market diversity, and the value our customers see in our innovative platform, with the right strategy in place and our experience navigating in tough times, I remain confident we can maintain stability in the short-term while staying focused on our long-term growth ambitions, our ability to close the quarter within guidance during this unprecedented crisis brings me confidence, that our strategic focus is clear and our current outlook for long-term growth remains positive, we remain cautious to what lies ahead with a high degree of uncertainty for the industrial economy, that in 2020, we plan to preserve strategic investments while continuing to demonstrate disciplined expense management, our strong balance sheet and record cash position provides us the capability to keep our capital allocation priorities unchanged, that the total impact of COVID-19 on our economy remains highly uncertain and we have limited visibility into the second quarter making the impact hard to quantify, that we plan to release a business update on June 9 when we expect to have clearer insight into the quarter, with so much uncertainty for 2020, our goal is to focus on our profitability while maintaining our capacity to accelerate our growth in the future, that we will continue to be diligent in managing expenses, some of the actions we will take include significantly limiting hiring, cutting discretionary spending, shifting marketing from in-person events to a more virtual experience, temporarily reducing executive pay, pushing out our merit cycle to 2021, and prioritizing travel for customer visits, we believe these actions will enable us to avoid layoffs to maintain capacity in order to accelerate our growth in the future, and for Q2, we are currently estimating non-GAAP operating expenses to be down 1 percent to 2 percent sequentially. These statements are subject to a number of risks and uncertainties, including the risk of uncertainties related to the COVID-19 virus, any further adverse changes or fluctuations in the global economy, foreign exchange fluctuations, fluctuations in demand for NI products including orders from NI’s large customers, component shortages, delays in the release of new products, the company’s ability to effectively manage its operating expenses, manufacturing inefficiencies and the level of capacity utilization, the impact of any recent or future acquisitions by NI, expense overruns, adverse effects of price changes or effective tax rates. Actual results may differ materially from the expected results.

The company directs readers to its Form 10-K for the year ended Dec. 31, 2019 and the other documents it files with the SEC for other risks associated with the company’s future performance.

About NI

NI (ni.com) develops high-performance automated test and automated measurement systems to help you solve your engineering challenges now and into the future. Our open, software-defined platform uses modular hardware and an expansive ecosystem to help you turn powerful possibilities into real solutions. (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)

 

March 31,

 

December 31,

 

2020

 

2019

 

(unaudited)

 

 

 

 

 

Assets

 

 

Current assets:

 

 

Cash and cash equivalents

$

254,441

 

$

194,616

 

Short-term investments

329,573

 

237,983

 

Accounts receivable, net

213,015

 

248,872

 

Inventories, net

208,493

 

200,410

 

Prepaid expenses and other current assets

64,972

 

65,477

 

Total current assets

1,070,494

 

947,358

 

 

 

 

Property and equipment, net

245,166

 

243,717

 

Goodwill

253,191

 

262,242

 

Intangible assets, net

76,308

 

84,083

 

Operating lease right-of-use assets

66,245

 

70,407

 

Other long-term assets

51,461

 

44,082

 

Total assets

$

1,762,865

 

$

1,651,889

 

 

 

 

Liabilities and Stockholders' Equity

 

 

Current liabilities:

 

 

Accounts payable and accrued liabilities

$

50,259

 

$

52,192

 

Accrued compensation

38,808

 

47,732

 

Deferred revenue - current

117,598

 

131,445

 

Operating lease liabilities - current

13,942

 

13,431

 

Other current liabilities

60,065

 

40,607

 

Other taxes payable

33,064

 

20,716

 

Total current liabilities

313,736

 

306,123

 

 

 

 

Deferred income taxes

12,475

 

14,065

 

Liability for uncertain tax positions

6,756

 

6,652

 

Income tax payable - non-current

69,151

 

69,151

 

Deferred revenue - non-current

32,853

 

33,480

 

Operating lease liabilities - non-current

36,429

 

40,650

 

Other long-term liabilities

11,348

 

5,418

 

Total liabilities

$

482,748

 

$

475,539

 

 

 

 

Stockholders' equity:

 

 

Preferred stock

$

 

$

 

Common stock

1,306

 

1,305

 

Additional paid-in capital

973,354

 

953,578

 

Retained earnings

335,876

 

242,537

 

Accumulated other comprehensive loss

(30,419

)

(21,070

)

Total stockholders' equity

1,280,117

 

1,176,350

 

Total liabilities and stockholders' equity

$

1,762,865

 

$

1,651,889

 

National Instruments

Condensed Consolidated Statements of Income

(in thousands, except per share data, unaudited)

 

 

 

 

Three Months Ended

 

March 31,

 

2020

 

2019

Net sales:

 

 

Product

$

273,978

 

$

277,702

 

Software maintenance

35,403

 

33,372

 

Total net sales

309,381

 

311,074

 

 

 

 

Cost of sales:

 

 

Product

82,071

 

74,188

 

Software maintenance

1,690

 

1,887

 

Total cost of sales

83,761

 

76,075

 

 

 

 

Gross profit

225,620

 

234,999

 

 

 

 

Operating expenses:

 

 

Sales and marketing

115,746

 

117,551

 

Research and development

71,621

 

66,166

 

General and administrative

26,180

 

27,883

 

Total operating expenses

213,547

 

211,600

 

Gain on sale of business

159,753

 

 

Operating income

171,826

 

23,399

 

 

 

 

Other income (expense):

 

 

Interest income

2,299

 

2,234

 

Net foreign exchange (loss) gain

(505

)

366

 

Other loss, net

(1,234

)

(24

)

 

 

 

Income before income taxes

172,386

 

25,975

 

 

 

 

Provision for income taxes

39,731

 

2,755

 

 

 

 

Net income

$

132,655

 

$

23,220

 

 

 

 

Basic earnings per share

$

1.02

 

$

0.18

 

Diluted earnings per share

$

1.01

 

$

0.17

 

 

 

 

Weighted average shares outstanding -

 

 

Basic

130,613

 

132,252

 

Diluted

131,357

 

133,367

 

 

 

 

Dividends declared per share

$

0.26

 

$

0.25

 

National Instruments

Condensed Consolidated Statements of Cash Flows

(in thousands, unaudited)

 

Three Months Ended

 

March 31,

 

2020

 

2019

Cash flow from operating activities:

 

 

Net income

$

132,655

 

$

23,220

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

Disposal gain on sale of business

(159,753

)

 

Depreciation and amortization

19,265

 

18,012

 

Stock-based compensation

12,104

 

11,034

 

Tax benefit from deferred income taxes

(1,599

)

(1,650

)

Net change in operating assets and liabilities

40,948

 

(8,469

)

Net cash provided by operating activities

43,620

 

42,147

 

 

 

 

Cash flow from investing activities:

 

 

Capital expenditures

(12,816

)

(10,936

)

Proceeds from sale of business

158,973

 

 

Capitalization of internally developed software

(1,915

)

(2,279

)

Additions to other intangibles

(112

)

(106

)

Acquisitions of equity-method investments

 

(9,784

)

Purchases of short-term investments

(206,331

)

(60,094

)

Sales and maturities of short-term investments

111,827

 

81,151

 

Net cash provided by (used by) investing activities

49,626

 

(2,048

)

 

 

 

Cash flow from financing activities:

 

 

Proceeds from issuance of common stock

8,991

 

9,213

 

Repurchase of common stock

(6,526

)

(46,404

)

Dividends paid

(33,997

)

(33,110

)

Net cash used by financing activities

(31,532

)

(70,301

)

 

 

 

Impact of changes in exchange rates on cash

(1,889

)

(418

)

 

 

 

Net change in cash and cash equivalents

59,825

 

(30,620

)

Cash and cash equivalents at beginning of period

194,616

 

259,386

 

Cash and cash equivalents at end of period

$

254,441

 

$

228,766

 

The following tables provide details with respect to the amount of GAAP charges related to stock-based compensation, amortization of acquisition-related intangibles, acquisition-related transaction costs, capitalization and amortization of internally developed software costs, restructuring charges and gain on sale of business that were recorded in the line items indicated below (unaudited) (in thousands)

 

Three Months Ended

 

March 31,

 

2020

 

2019

Stock-based compensation

 

 

Cost of sales

$

804

 

$

793

 

Sales and marketing

5,175

 

4,375

 

Research and development

3,520

 

3,550

 

General and administrative

2,603

 

2,316

 

Provision for income taxes

(1,502

)

(1,836

)

Total

$

10,600

 

$

9,198

 

 

 

 

Amortization of acquisition intangibles

 

 

Cost of sales

$

746

 

$

851

 

Sales and marketing

486

 

499

 

Research and development

28

 

28

 

Other loss, net

124

 

 

Provision for income taxes

(157

)

(194

)

Total

$

1,227

 

$

1,184

 

 

 

 

Acquisition transaction costs, restructuring charges, and other

 

 

Cost of sales

$

20

 

$

 

Sales and marketing

6,373

 

2,143

 

Research and development

4,669

 

345

 

General and administrative

(1,014

)

912

 

Other loss, net

128

 

 

Gain on sale of business(1)

(159,753

)

 

Provision for income taxes

34,754

 

(840

)

Total

$

(114,823

)

$

2,560

 

(1): During the first quarter of 2020, the company recognized a gain of $160 million related to the divestiture of AWR, presented within "Gain on sale of business".

 

 

 

Capitalization and amortization of internally developed software costs

 

 

 

Cost of sales

$

7,082

 

$

6,582

 

Research and development

(1,915

)

(2,280

)

Provision for income taxes

(1,085

)

(903

)

Total

$

4,082

 

$

3,399

 

National Instruments

 

 

Reconciliation of GAAP to Non-GAAP Measures

 

 

(in thousands, unaudited)

 

 

 

Three Months Ended

 

March 31,

 

2020

 

2019

Reconciliation of Gross Profit to Non-GAAP Gross Profit

Gross profit, as reported

$

225,620

 

$

234,999

 

Stock-based compensation

 

804

 

 

793

 

Amortization of acquisition intangibles

 

746

 

 

851

 

Acquisition transaction costs and restructuring charges

20

 

 

Amortization of internally developed software costs

7,082

 

6,582

 

Non-GAAP gross profit

$

234,272

 

$

243,225

 

Non-GAAP gross margin

 

75.7

%

78.2

%

 

 

 

Reconciliation of Operating Expenses to Non-GAAP Operating Expenses

Operating expenses, as reported

$

213,547

 

$

211,600

 

Stock-based compensation

(11,298

)

(10,241

)

Amortization of acquisition intangibles

(514

)

(527

)

Acquisition transaction costs and restructuring charges

(10,028

)

(3,400

)

Capitalization of internally developed software costs

1,915

 

2,280

 

Non-GAAP operating expenses

$

193,622

 

$

199,712

 

 

 

 

Reconciliation of Operating Income to Non-GAAP Operating Income

Operating income, as reported

$

171,826

 

$

23,399

 

Stock-based compensation

12,102

 

11,034

 

Amortization of acquisition intangibles

1,260

 

1,378

 

Acquisition transaction costs and restructuring charges

10,048

 

3,400

 

Net amortization of internally developed software costs

5,167

 

4,302

 

Gain on sale of business(1)

(159,753

)

 

Non-GAAP operating income

$

40,650

 

$

43,513

 

Non-GAAP operating margin

 

13.1

%

 

14.0

%

 

 

 

Reconciliation of Income before income taxes to Non-GAAP Income before income taxes

Income before income taxes, as reported

$

172,386

 

$

25,975

 

Stock-based compensation

12,102

 

11,034

 

Amortization of acquisition intangibles

1,384

 

1,378

 

Acquisition transaction costs and restructuring charges

10,176

 

3,400

 

Net amortization of internally developed software costs

5,167

 

4,302

 

Gain on sale of business(1)

(159,753

)

 

Non-GAAP income before income taxes

$

41,462

 

$

46,089

 

 

 

 

Reconciliation of Provision for income taxes to Non-GAAP Provision for income taxes

Provision for income taxes, as reported

$

39,731

 

$

2,755

 

Stock-based compensation

1,502

 

1,836

 

Amortization of acquisition intangibles

157

 

194

 

Acquisition transaction costs, and restructuring charges

1,615

 

840

 

Net amortization of internally developed software costs

1,085

 

903

 

Gain on sale of business(1)

(36,369

)

 

Non-GAAP provision for income taxes

$

7,721

 

$

6,528

 

(1): During the first quarter of 2020, the company recognized a gain of $160 million related to the divestiture of AWR, presented within "Gain on sale of business".

Reconciliation of GAAP Net Income and Diluted EPS to Non-GAAP Net Income and Non-GAAP Diluted EPS

(in thousands, except per share data, unaudited)

 

 

 

 

Three Months Ended

 

March 31,

 

2020

 

2019

Net income, as reported

$

132,655

 

$

23,220

 

Adjustments to reconcile net income to non-GAAP net income:

 

 

Stock-based compensation, net of tax effect

10,600

 

9,198

 

Amortization of acquisition intangibles, net of tax effect

1,227

 

1,184

 

Acquisition transaction costs and restructuring, net of tax effect

8,561

 

2,560

 

Net amortization of internally developed software costs, net of tax effect

4,082

 

3,399

 

Gain on sale of business(1), net of tax effect

(123,384

)

 

Non-GAAP net income

33,741

 

39,561

 

Non-GAAP net margin

10.9

%

12.7

%

 

 

 

Diluted EPS, as reported

1.01

 

0.17

 

Adjustment to reconcile diluted EPS to non-GAAP diluted EPS

 

 

Impact of stock-based compensation, net of tax effect

0.08

 

0.07

 

Impact of amortization of acquisition intangibles, net of tax effect

0.01

 

0.01

 

Impact of acquisition transaction costs and restructuring, net of tax effect

0.07

 

0.02

 

Impact of amortization of internally developed software costs, net of tax effect

0.03

 

0.03

 

Impact of gain on sale of business(1), net of tax effect

(0.94

)

 

Non-GAAP diluted EPS

0.26

 

0.30

 

(1): During the first quarter of 2020, the company recognized a gain of approximately $160 million related to the divestiture of AWR, presented within "Gain on sale of business".

 

 

 

 

 

 

Weighted average shares outstanding -

 

 

Basic

130,613

 

132,252

 

Diluted

131,357

 

133,367

 

National Instruments

Reconciliation of Net Income to EBITDA

(in thousands, unaudited)

 

 

 

 

Three Months Ended

 

March 31,

 

2020

 

2019

Net income, as reported

132,655

 

23,220

 

Adjustments to reconcile net income to EBITDA:

 

 

Interest income, net

(2,223

)

(2,220

)

Tax expense

39,731

 

2,755

 

Depreciation and amortization

19,265

 

18,012

 

EBITDA

189,428

 

41,767

 

Weighted average shares outstanding - Diluted

131,357

 

133,367

 

 

 

 

Reconciliation of GAAP Revenue Growth to Organic Revenue Growth (Non-GAAP)

(unaudited)

 

 

Three Months Ended

 

 

March 31,

 

 

2020

 

2019

 

Percent

Inc/(Dec)

GAAP Revenue

 

$

309,381

 

$

311,074

 

(0.5)%

less: Net sales from acquisitions or divestitures closed within the last twelve months

 

(1,337

)

(7,601

)

 

Organic Revenue (Non-GAAP)

 

$

308,044

 

$

303,473

 

1.5%

 

 

 

 

 

 

Marissa Vidaurri
Investor Relations
(512) 683-5215

Source: National Instruments

Contact Investor Relations

Marissa Vidaurri, Head of Investor Relations

marissa.vidaurri@ni.com or 512-683-5215

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