National Instruments Reports Record Revenue and Record Net Income for a Second Quarter
Value of orders up 11 percent year over year in the second quarter
Q2 2018 Highlights
- Revenue of
$341 million , up 7 percent year over year - GAAP gross margin of 76 percent
- Non-GAAP gross margin of 78 percent
- Fully diluted GAAP EPS of
$0.23 and fully diluted non-GAAP EPS of$0.34 - GAAP net income of
$31 million , up 23 percent year over year - Record Non-GAAP net income of
$45 million , up 49 percent year over year - EBITDA of
$51 million - Cash and short-term investments of
$428 million as of June 30, 2018
H1 2018 Highlights
- Revenue of
$653 million , up 6 percent year over year - GAAP net income up 28 percent year over year through first six months of 2018
- Non-GAAP net income up 47 percent year over year through first six months of 2018
In Q2 2018, the value of the company's total orders was up 11 percent year over year; orders under
GAAP net income for Q2 was
In Q2, GAAP gross margin was 76 percent and non-GAAP gross margin was 78 percent. Total GAAP operating expenses were
“We have made tremendous progress toward our profitability goal over the last 18 months. I am proud of what our team has accomplished,” said
As of June 30, 2018, NI had
Geographic revenue in U.S. dollar terms for Q2 2018 compared with Q2 2017 was up 7 percent in the
The company’s non-GAAP results exclude the impact of stock-based compensation, amortization of acquisition-related intangibles, acquisition-related transaction costs, restructuring charges, 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.
Guidance
NI currently expects Q3 revenue to be in the range of
NI has not completed its accounting for the tax effects of the Tax Cuts and Jobs Act (the “Tax Act”). NI previously made a reasonable estimate of the effects of the Tax Act and expects to finalize its analysis in Q3 2018. NI’s guidance does not include any estimate related to the finalization of this calculation.
Non-GAAP Presentation
In the quarter ended
As a result, beginning with its non-GAAP metrics for the three months ended
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 basic and fully diluted EPS for the three and six months ended
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, restructuring charges, 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 and six months ended
Conference Call Information and Availability of Presentation Materials
Interested parties can listen to the Q2 2018 earnings conference call with NI management today,
Forward-Looking Statements
This release contains “forward-looking statements” including statements regarding tremendous progress toward our profitability goal, plan to continue to align our investments and our business behind our new Core Strategic Vision with the goal of driving improved revenue growth while maintaining the discipline needed to hit our long term operating model, being encouraged by our focus on growth and profitability, remaining committed to our operating model shared at our investor conference on
The company directs readers to its Form 10-K for the year ended
About NI
NI (ni.com) empowers engineers and scientists with a software-defined platform that incorporates modular hardware and an expansive ecosystem. This proven approach puts users firmly in control of defining what they need to accelerate their system design within test, measurement and control. NI’s solution helps build high-performance systems that exceed requirements, quickly adapt to change and ultimately improve the world. (NATI-F)
National Instruments | ||||||||||
Condensed Consolidated Balance Sheets | ||||||||||
(in thousands) | ||||||||||
June 30, | December 31, | |||||||||
2018 | 2017 | |||||||||
(unaudited) | ||||||||||
Assets | ||||||||||
Current assets: | ||||||||||
Cash and cash equivalents | $ | 217,619 |
$ |
290,164 | ||||||
Short-term investments | 210,804 | 121,888 | ||||||||
Accounts receivable, net | 249,910 | 248,825 | ||||||||
Inventories, net | 193,417 | 184,592 | ||||||||
Prepaid expenses and other current assets | 56,740 | 48,621 | ||||||||
Total current assets | 928,490 | 894,090 | ||||||||
Property and equipment, net | 249,834 | 249,715 | ||||||||
Goodwill | 263,796 | 266,783 | ||||||||
Intangible assets, net | 121,270 | 123,293 | ||||||||
Other long-term assets | 30,349 | 32,553 | ||||||||
Total assets | $ | 1,593,739 |
$ |
1,566,434 | ||||||
Liabilities and Stockholders' Equity | ||||||||||
Current liabilities: | ||||||||||
Accounts payable and accrued expenses | $ | 52,769 |
$ |
49,733 | ||||||
Accrued compensation | 43,200 | 43,309 | ||||||||
Deferred revenue - current | 125,451 | 120,638 | ||||||||
Other current liabilities | 14,795 | 23,782 | ||||||||
Other taxes payable | 32,013 | 31,793 | ||||||||
Total current liabilities | 268,228 | 269,255 | ||||||||
Deferred income taxes | 37,381 | 33,609 | ||||||||
Liability for uncertain tax positions | 10,938 | 10,158 | ||||||||
Income tax payable - long-term | 74,015 | 81,515 | ||||||||
Deferred revenue - long-term | 31,550 | 33,742 | ||||||||
Other long-term liabilities | 5,949 | 10,134 | ||||||||
Total liabilities | 428,061 | 438,413 | ||||||||
Stockholders' equity: | ||||||||||
Preferred stock | — | — | ||||||||
Common stock | 1,322 | 1,310 | ||||||||
Additional paid-in capital | 864,314 | 829,979 | ||||||||
Retained earnings | 316,607 | 313,241 | ||||||||
Accumulated other comprehensive loss | (16,565 | ) | (16,509 | ) | ||||||
Total stockholders' equity | 1,165,678 | 1,128,021 | ||||||||
Total liabilities and stockholders' equity | $ | 1,593,739 | $ | 1,566,434 | ||||||
National Instruments | |||||||||||||||||||||
Condensed Consolidated Statements of Income | |||||||||||||||||||||
(in thousands, except per share data, unaudited) | |||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||||||||
Net sales: | |||||||||||||||||||||
Product | $ | 306,780 | $ | 289,817 | $ | 587,139 | $ | 561,328 | |||||||||||||
Software maintenance | 34,229 | 28,792 | 65,767 | 57,386 | |||||||||||||||||
Total net sales | 341,009 | 318,609 | 652,906 | 618,714 | |||||||||||||||||
Cost of sales: | |||||||||||||||||||||
Product | 79,806 | 79,153 | 152,122 | 154,349 | |||||||||||||||||
Software maintenance | 2,353 | 3,307 | 4,560 | 4,635 | |||||||||||||||||
Total cost of sales | 82,159 | 82,460 | 156,682 | 158,984 | |||||||||||||||||
Gross profit | 258,850 | 236,149 | 496,224 | 459,730 | |||||||||||||||||
75.9 | % | 74.1 | % | 76.0 | % | 74.3 | % | ||||||||||||||
Operating expenses: | |||||||||||||||||||||
Sales and marketing | 127,138 | 124,414 | 247,255 | 241,674 | |||||||||||||||||
Research and development | 66,908 | 56,913 | 128,751 | 115,175 | |||||||||||||||||
General and administrative | 27,892 | 26,191 | 55,170 | 51,933 | |||||||||||||||||
Total operating expenses | 221,938 | 207,518 | 431,176 | 408,782 | |||||||||||||||||
Operating income | 36,912 | 28,631 | 65,048 | 50,948 | |||||||||||||||||
10.8 | % | 9.0 | % | 10.0 | % | 8.2 | % | ||||||||||||||
Other income (expense): | |||||||||||||||||||||
Interest income | 1,290 | 509 | 2,305 | 852 | |||||||||||||||||
Net foreign exchange gain (loss) | (2,105 | ) | 447 | (1,126 | ) | 529 | |||||||||||||||
Other (loss) income, net | (1,095 | ) | (235 | ) | (1,613 | ) | 197 | ||||||||||||||
Income before income taxes | 35,002 | 29,352 | 64,614 | 52,526 | |||||||||||||||||
Provision for income taxes | 3,948 | 4,197 | 9,292 | 9,223 | |||||||||||||||||
Net income | $ | 31,054 | $ | 25,155 | $ | 55,322 | $ | 43,303 | |||||||||||||
Basic earnings per share | $ | 0.24 | $ | 0.19 | $ | 0.42 | $ | 0.33 | |||||||||||||
Diluted earnings per share | $ | 0.23 | $ | 0.19 | $ | 0.42 | $ | 0.33 | |||||||||||||
Weighted average shares outstanding - | |||||||||||||||||||||
basic | 131,877 | 130,197 | 131,504 | 129,820 | |||||||||||||||||
diluted | 133,054 | 131,117 | 132,838 | 130,619 | |||||||||||||||||
Dividends declared per share | $ | 0.23 | $ | 0.21 | $ | 0.46 | $ | 0.42 | |||||||||||||
National Instruments | ||||||||||
Condensed Consolidated Statements of Cash Flows | ||||||||||
(in thousands, unaudited) | ||||||||||
Six Months Ended June 30, | ||||||||||
2018 | 2017 | |||||||||
Cash flow from operating activities: | ||||||||||
Net income | $ | 55,322 |
$ |
43,303 |
||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||
Depreciation and amortization | 35,098 | 35,915 | ||||||||
Stock-based compensation | 17,936 | 13,726 | ||||||||
Deferred income taxes | 1,766 | (875 | ) | |||||||
Net change in operating assets and liabilities | (11,270 | ) | (7,284 | ) | ||||||
Net cash provided by operating activities | 98,852 | 84,785 | ||||||||
Cash flow from investing activities: | ||||||||||
Capital expenditures | (19,764 | ) | (15,727 | ) | ||||||
Capitalization of internally developed software | (11,344 | ) | (24,816 | ) | ||||||
Additions to other intangibles | (3,936 | ) | (1,124 | ) | ||||||
Purchases of short-term investments | (137,275 | ) | (52,807 | ) | ||||||
Sales and maturities of short-term investments | 47,634 | 21,017 | ||||||||
Net cash used by investing activities | (124,685 | ) | (73,457 | ) | ||||||
Cash flow from financing activities: | ||||||||||
Proceeds from issuance of common stock | 16,622 | 15,407 | ||||||||
Dividends paid | (60,575 | ) | (54,595 | ) | ||||||
Net cash used by financing activities | (43,953 | ) | (39,188 | ) | ||||||
Impact of changes in exchange rates on cash | (2,759 | ) | 5,727 | |||||||
Net change in cash and cash equivalents | (72,545 | ) | (22,133 | ) | ||||||
Cash and cash equivalents at beginning of period | 290,164 | 285,283 | ||||||||
Cash and cash equivalents at end of period | $ | 217,619 |
$ |
263,150 |
||||||
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, and restructuring charges that were recorded in the line items indicated below (unaudited) (in thousands) | |||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||||||||
Stock-based compensation | |||||||||||||||||||||
Cost of sales | $ | 846 | $ | 650 | $ | 1,571 | $ | 1,226 | |||||||||||||
Sales and marketing | 3,617 | 2,884 | 6,956 | 5,509 | |||||||||||||||||
Research and development | 3,255 | 2,170 | 5,773 | 4,224 | |||||||||||||||||
General and administrative | 2,013 | 1,620 | 3,636 | 2,844 | |||||||||||||||||
Provision for income taxes | (2,955 | ) | (3,344 | ) | (4,663 | ) | (5,020 | ) | |||||||||||||
Total | $ | 6,776 |
$ |
3,980 |
$ |
13,273 |
$ |
8,783 | |||||||||||||
Amortization of acquisition intangibles | |||||||||||||||||||||
Cost of sales | $ | 846 | $ | 1,556 | $ | 1,747 | $ | 3,146 | |||||||||||||
Sales and marketing | 533 | 486 | 1,070 | 964 | |||||||||||||||||
Research and development | 28 | 267 | 56 | 531 | |||||||||||||||||
Provision for income taxes | (178 | ) | (556 | ) | (370 | ) | (1,110 | ) | |||||||||||||
Total | $ | 1,229 |
$ |
1,753 |
$ |
2,503 |
$ |
3,531 | |||||||||||||
Acquisition transaction costs, restructuring charges, and other | |||||||||||||||||||||
Cost of sales | $ | — | $ | 574 | $ | 29 | $ | 909 | |||||||||||||
Sales and marketing | 3,033 | 4,024 | 4,678 | 6,399 | |||||||||||||||||
Research and development | 893 | 1,182 | 1,103 | 1,581 | |||||||||||||||||
General and administrative | 553 | 419 | 1,165 | 596 | |||||||||||||||||
Other (income) loss, net | 709 | — | 709 | — | |||||||||||||||||
Provision for income taxes | (1,630 | ) | (1,870 | ) | (2,183 | ) | (2,934 | ) | |||||||||||||
Total | $ | 3,558 | $ | 4,329 | $ | 5,501 | $ | 6,551 | |||||||||||||
Capitalization and amortization of internally developed software costs | |||||||||||||||||||||
Cost of sales | $ | 6,494 | $ | 5,196 | $ | 12,324 | $ | 10,176 | |||||||||||||
Research and development | (3,676 | ) | (13,192 | ) | (11,343 | ) | (24,816 | ) | |||||||||||||
Provision for income taxes | (592 | ) | 2,799 | (206 | ) | 5,124 | |||||||||||||||
Total | $ | 2,226 | $ | (5,197 | ) | $ | 775 | $ | (9,516 | ) | |||||||||||
National Instruments | |||||||||||||||||||||
Reconciliation of GAAP to Non-GAAP Measures | |||||||||||||||||||||
(in thousands, unaudited) | |||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||||||||
Reconciliation of Gross Profit to Non-GAAP Gross Profit | |||||||||||||||||||||
Gross profit, as reported | $ | 258,850 |
$ |
236,149 |
$ |
496,224 |
$ |
459,730 |
|||||||||||||
Stock-based compensation | 846 | 650 | 1,571 | 1,226 | |||||||||||||||||
Amortization of acquisition intangibles | 846 | 1,556 | 1,747 | 3,146 | |||||||||||||||||
Acquisition transaction costs and restructuring charges | 0 | 574 | 29 | 909 | |||||||||||||||||
Amortization of internally developed software costs | 6,494 | 5,196 | 12,324 | 10,176 | |||||||||||||||||
Non-GAAP gross profit | $ | 267,036 |
$ |
244,125 |
$ |
511,895 |
$ |
475,187 |
|||||||||||||
Non-GAAP gross margin | 78.3 | % | 76.6 | % | 78.4 | % | 76.8 | % | |||||||||||||
Reconciliation of Operating Expenses to Non-GAAP Operating Expenses | |||||||||||||||||||||
Operating expenses, as reported | $ | 221,938 |
$ |
207,518 |
$ |
431,176 |
$ |
408,782 |
|||||||||||||
Stock-based compensation | (8,885 | ) | (6,674 | ) | (16,365 | ) | (12,577 | ) | |||||||||||||
Amortization of acquisition intangibles | (561 | ) | (753 | ) | (1,126 | ) | (1,495 | ) | |||||||||||||
Acquisition transaction costs and restructuring charges | (4,479 | ) | (5,625 | ) | (6,946 | ) | (8,576 | ) | |||||||||||||
Capitalization of internally developed software costs | 3,676 | 13,192 | 11,343 | 24,816 | |||||||||||||||||
Non-GAAP operating expenses | $ | 211,689 |
$ |
207,658 |
$ |
418,082 |
$ |
410,950 |
|||||||||||||
Reconciliation of Operating Income to Non-GAAP Operating Income | |||||||||||||||||||||
Operating income, as reported | $ | 36,912 |
$ |
28,631 |
$ |
65,048 |
$ |
50,948 |
|||||||||||||
Stock-based compensation | 9,731 | 7,324 | 17,936 | 13,803 | |||||||||||||||||
Amortization of acquisition intangibles | 1,407 | 2,309 | 2,873 | 4,641 | |||||||||||||||||
Acquisition transaction costs and restructuring charges | 4,479 | 6,199 | 6,975 | 9,485 | |||||||||||||||||
Net (capitalization) and amortization of internally developed software costs | 2,818 | (7,996 | ) | 981 | (14,640 | ) | |||||||||||||||
Non-GAAP operating income | $ | 55,347 |
$ |
36,467 |
$ |
93,813 |
$ |
64,237 |
|||||||||||||
Non-GAAP operating margin | 16.2 | % | 11.4 | % | 14.4 | % | 10.4 | % | |||||||||||||
Reconciliation of Income before income taxes to Non-GAAP Income before income taxes | |||||||||||||||||||||
Income before income taxes, as reported | $ | 35,002 |
$ |
29,352 |
$ |
64,614 |
$ |
52,526 |
|||||||||||||
Stock-based compensation | 9,731 | 7,324 | 17,936 | 13,803 | |||||||||||||||||
Amortization of acquisition intangibles | 1,407 | 2,309 | 2,873 | 4,641 | |||||||||||||||||
Acquisition transaction costs and restructuring charges | 5,188 | 6,199 | 7,684 | 9,485 | |||||||||||||||||
Net (capitalization) amortization of internally developed software costs | 2,818 | (7,996 | ) | 981 | (14,640 | ) | |||||||||||||||
Non-GAAP income before income taxes | $ | 54,146 |
$ |
37,188 |
$ |
94,088 |
$ |
65,815 |
|||||||||||||
Reconciliation of Provision for income taxes to Non-GAAP Provision for income taxes | |||||||||||||||||||||
Provision for income taxes, as reported | $ | 3,948 |
$ |
4,197 |
$ |
9,292 |
$ |
9,223 |
|||||||||||||
Stock-based compensation | 2,955 | 3,344 | 4,663 | 5,020 | |||||||||||||||||
Amortization of acquisition intangibles | 178 | 556 | 370 | 1,110 | |||||||||||||||||
Acquisition transaction costs, restructuring charges, and other | 1,630 | 1,870 | 2,183 | 2,934 | |||||||||||||||||
Net (capitalization) amortization of internally developed software costs | 592 | (2,799 | ) | 206 | (5,124 | ) | |||||||||||||||
Non-GAAP provision for income taxes | $ | 9,303 |
$ |
7,168 |
$ |
16,714 |
$ |
13,163 |
|||||||||||||
Reconciliation of GAAP Net Income, Basic EPS and Diluted EPS to Non-GAAP Net Income, Non-GAAP Basic EPS and Non-GAAP Diluted EPS | |||||||||||||||||||
(in thousands, except per share data, unaudited) | |||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||||||
Net income, as reported | $ | 31,054 | $ | 25,155 | $ | 55,322 | $ | 43,303 | |||||||||||
Adjustments to reconcile net income to non-GAAP net income: | |||||||||||||||||||
Stock-based compensation, net of tax effect | 6,776 | 3,980 | 13,273 | 8,783 | |||||||||||||||
Amortization of acquisition intangibles, net of tax effect | 1,229 | 1,753 | 2,503 | 3,531 | |||||||||||||||
Acquisition transaction costs, restructuring, and other, net of tax effect | 3,558 |
|
4,329 | 5,501 | 6,551 | ||||||||||||||
Net (capitalization)/amortization of internally developed software costs, net of tax | 2,226 | (5,197 | ) | 775 | (9,516 | ) | |||||||||||||
Non-GAAP net income | $ | 44,843 | $ | 30,020 | $ | 77,374 | $ | 52,652 | |||||||||||
Basic EPS, as reported | $ | 0.24 | $ | 0.19 | $ | 0.42 | $ | 0.33 | |||||||||||
Adjustment to reconcile basic EPS to non-GAAP | |||||||||||||||||||
basic EPS: | |||||||||||||||||||
Impact of stock-based compensation, net of tax effect | 0.05 | 0.03 | 0.10 | 0.07 | |||||||||||||||
Impact of amortization of acquisition intangibles, net of tax effect | — | 0.01 | 0.02 | 0.03 | |||||||||||||||
Impact of acquisition transaction costs, restructuring, and other, net of tax effect | 0.03 | 0.04 | 0.04 | 0.05 | |||||||||||||||
Impact of (capitalization)/amortization of internally developed software costs, net | 0.02 | (0.04 | ) | 0.01 | (0.07 | ) | |||||||||||||
Non-GAAP basic EPS | $ | 0.34 | $ | 0.23 | $ | 0.59 | $ | 0.41 | |||||||||||
Diluted EPS, as reported | $ | 0.23 | $ | 0.19 | $ | 0.42 | $ | 0.33 | |||||||||||
Adjustment to reconcile diluted EPS to non-GAAP diluted EPS | |||||||||||||||||||
Impact of stock-based compensation, net of tax effect | 0.05 | 0.03 | 0.10 | 0.07 | |||||||||||||||
Impact of amortization of acquisition intangibles, net of tax effect | 0.01 | 0.01 | 0.02 | 0.03 | |||||||||||||||
Impact of acquisition transaction costs, restructuring, and other, net of tax effect | 0.03 | 0.04 | 0.04 | 0.05 | |||||||||||||||
Impact of (capitalization)/amortization of internally developed software costs, net of tax effect | 0.02 | (0.04 | ) | — | (0.08 | ) | |||||||||||||
Non-GAAP diluted EPS | $ | 0.34 | $ | 0.23 | $ | 0.58 | $ | 0.40 | |||||||||||
Weighted average shares outstanding - | |||||||||||||||||||
Basic | 131,877 | 130,197 | 131,504 | 129,820 | |||||||||||||||
Diluted | 133,054 | 131,117 | 132,838 | 130,619 | |||||||||||||||
National Instruments | |||||||||||||||||||||
Reconciliation of Net Income to EBITDA | |||||||||||||||||||||
(in thousands, unaudited) | |||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||||||||
Net income, as reported | $ | 31,054 | $ | 25,155 | $ | 55,322 | $ | 43,303 | |||||||||||||
Adjustments to reconcile net income to EBITDA: | |||||||||||||||||||||
Interest income, net | (1,253 | ) | (313 | ) | (2,180 | ) | (399 | ) | |||||||||||||
Tax expense | 3,948 | 4,197 | 9,292 | 9,223 | |||||||||||||||||
Depreciation and amortization | 17,662 | 17,246 | 35,098 | 35,915 | |||||||||||||||||
EBITDA | $ | 51,411 | $ | 46,285 | $ | 97,532 | $ | 88,042 | |||||||||||||
Weighted average shares outstanding - Diluted | 133,054 | 131,117 | 132,838 | 130,619 | |||||||||||||||||
Reconciliation of GAAP to Non-GAAP EPS Guidance | ||||||||
(unaudited) | ||||||||
Three months ended | ||||||||
September 30, 2018 | ||||||||
Low | High | |||||||
GAAP Diluted EPS, guidance | $ | 0.20 | $ | 0.34 | ||||
Adjustment to reconcile diluted EPS to non-GAAP | ||||||||
diluted EPS: | ||||||||
Impact of stock-based compensation, net of tax effect | 0.06 | 0.06 | ||||||
Impact of amortization of acquisition intangibles and acquisition accounting adjustments, net of tax effect | 0.01 | 0.01 | ||||||
Impact of acquisition transaction costs, restructuring, and other, net of tax effect | 0.02 | 0.02 | ||||||
Impact of capitalization/amortization of software development costs, net of tax effect | 0.03 | 0.03 | ||||||
Non-GAAP Diluted EPS, guidance | $ | 0.32 | $ | 0.46 | ||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20180726005834/en/
Source:
National Instruments
Marissa Vidaurri, 512-683-6873
Investor Relations