NI Reports Record Quarterly Revenue
Company saw strong sequential growth in revenue and orders in fourth quarter
Q4 2020 Highlights
-
Revenue of
$368 million - Orders up 7 percent year over year
-
Diluted GAAP EPS of
$0.04 -
Diluted non-GAAP EPS of
$0.51 -
Cash and short-term investments of
$320 million as ofDec. 31, 2020
In Q4 2020, the value of the company’s total orders were up 7 percent year over year; orders over
“This year was a stress test for our strategy and it proved resilient. We delivered a strong close to a challenging year with record quarterly revenue above the high end of guidance," said
Geographic revenue in
In Q4, GAAP gross margin was 70 percent and non-GAAP gross margin was 74 percent. Total Q4 GAAP operating expenses were
GAAP net income for Q4 was
"I believe our strong close to 2020 is proof in our ability to adapt quickly to the global pandemic. We were diligent in managing expenses and achieved the 2020 annual targets shared at our investor conference in August," said
As of
The company’s non-GAAP results exclude, as applicable, the impact of purchase accounting fair value adjustments, stock-based compensation expense, amortization of acquisition-related intangibles, acquisition-related transaction and integration 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 businesses, 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.
FY 2020 Highlights
-
Revenue of
$1.29 billion , down 5 percent year over year - GAAP gross margin of 71 percent
- Non-GAAP gross margin of 75 percent
-
Diluted GAAP EPS of
$1.09 -
Diluted non-GAAP EPS of
$1.24 -
Dividends paid of
$137 million , or$1.04 per share
In 2020, GAAP operating expenses were
Guidance
NI currently expects Q1 revenue to be in the range of
Conference Call Information
Interested parties can listen to the Q4 2020 earnings conference call with NI management today,
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, provision for income taxes, net income, net margin and diluted EPS for the three-month and 12-month periods ending
This news release discloses the company’s EBITDA for the three-month and 12-month periods ending
Forward-Looking Statements
This release contains “forward-looking statements” including statements regarding as we expand our systems and software offerings, we may see larger differences between bookings and revenue on a quarterly basis; the areas where we have focused showed strength and momentum increased throughout the year; I believe we enter 2021 in a position of strength and poised to accelerate growth and deliver increased value to all our stakeholders; I believe our strong close to 2020 is proof in our ability to adapt quickly to the global pandemic; we remain committed to our 2023 financial model; in order to accelerate growth, we will continue to align investments to our higher growth opportunities within our four strategic pillars; I believe our strong balance sheet gives us the opportunity to capitalize on inorganic investments to meet our growth targets faster and deliver shareholder returns; expecting Q1 revenue to be in the range of
All information in this release is as of the date above. The company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the company’s expectations.
About NI
At NI, we bring together the people, ideas and technology so forward thinkers and creative problem solvers can take on humanity’s biggest challenges. From data and automation to research and validation, we provide the tailored, software-connected systems engineers and enterprises need to Engineer Ambitiously™ every day. (NATI-F)
|
|||||||
Condensed Consolidated Balance Sheets |
|||||||
(in thousands) |
|||||||
|
|
|
|||||
|
2020 |
2019 |
|||||
|
(unaudited) |
|
|||||
ASSETS |
|
|
|||||
Current assets: |
|
|
|||||
Cash and cash equivalents |
$ |
260,232 |
|
$ |
194,616 |
|
|
Short-term investments |
59,923 |
|
237,983 |
|
|||
Accounts receivable, net |
266,869 |
|
248,872 |
|
|||
Inventories, net |
194,012 |
|
200,410 |
|
|||
Prepaid expenses and other current assets |
68,470 |
|
65,477 |
|
|||
Total current assets |
849,506 |
|
947,358 |
|
|||
Property and equipment, net |
254,399 |
|
243,717 |
|
|||
|
467,547 |
|
262,242 |
|
|||
Intangible assets, net |
172,719 |
|
84,083 |
|
|||
Operating lease right-of-use assets |
67,674 |
|
70,407 |
|
|||
Other long-term assets |
79,670 |
|
44,082 |
|
|||
Total assets |
1,891,515 |
|
1,651,889 |
|
|||
|
|
|
|||||
LIABILITIES AND EQUITY |
|
|
|||||
Current liabilities: |
|
|
|||||
Accounts payable and accrued liabilities |
51,124 |
|
52,192 |
|
|||
Accrued compensation |
87,068 |
|
47,732 |
|
|||
Deferred revenue - current |
132,151 |
|
131,445 |
|
|||
Other lease liabilities - current |
15,801 |
|
13,431 |
|
|||
Other taxes payable |
48,129 |
|
40,607 |
|
|||
Debt - current |
5,000 |
|
— |
|
|||
Other current liabilities |
42,578 |
|
20,716 |
|
|||
Total current liabilities |
381,851 |
|
306,123 |
|
|||
Deferred income taxes |
25,287 |
|
14,065 |
|
|||
Liability for uncertain tax positions |
10,868 |
|
6,652 |
|
|||
Income tax payable - non-current |
61,623 |
|
69,151 |
|
|||
Deferred revenue - long-term |
36,335 |
|
33,480 |
|
|||
Operating lease liabilities - non-current |
35,854 |
|
40,650 |
|
|||
Debt, non-current |
92,036 |
|
— |
|
|||
Other long-term liabilities |
22,789 |
|
5,418 |
|
|||
Total liabilities |
666,643 |
|
475,539 |
|
|||
|
|
|
|||||
Stockholders' equity: |
|
|
|||||
Preferred stock |
— |
|
— |
|
|||
Common stock |
1,312 |
|
1,305 |
|
|||
Additional paid-in capital |
1,033,285 |
|
953,578 |
|
|||
Retained earnings |
211,101 |
|
242,537 |
|
|||
Accumulated other comprehensive loss |
(20,826) |
|
(21,070) |
|
|||
Total stockholders' equity |
1,224,872 |
|
1,176,350 |
|
|||
Total liabilities and stockholders' equity |
$ |
1,891,515 |
|
$ |
1,651,889 |
|
|
|||||||||||||||
Condensed Consolidated Statements of Income |
|||||||||||||||
(in thousands, except per share data, unaudited) |
|||||||||||||||
|
|
|
|
|
|||||||||||
|
Three Months Ended |
|
Years Ended |
||||||||||||
|
|
|
|
||||||||||||
|
2020 |
|
2019 |
|
2020 |
|
2019 |
||||||||
|
|
|
|
|
|
||||||||||
Net sales: |
|
|
|
|
|
||||||||||
Product |
$ |
327,714 |
|
$ |
332,267 |
|
|
$ |
1,137,603 |
|
$ |
1,215,014 |
|
||
Software maintenance |
40,124 |
|
35,201 |
|
|
149,068 |
|
138,201 |
|
||||||
Total net sales |
367,838 |
|
367,468 |
|
|
1,286,671 |
|
1,353,215 |
|
||||||
|
|
|
|
|
|
||||||||||
Cost of sales: |
|
|
|
|
|
||||||||||
Product |
105,625 |
|
89,308 |
|
|
359,861 |
|
329,364 |
|
||||||
Software maintenance |
3,571 |
|
1,827 |
|
|
11,260 |
|
7,527 |
|
||||||
Total cost of sales |
109,196 |
|
91,135 |
|
|
371,121 |
|
336,891 |
|
||||||
|
|
|
|
|
|
||||||||||
Gross profit |
258,642 |
|
276,333 |
|
|
915,550 |
|
1,016,324 |
|
||||||
|
70% |
75% |
|
71% |
75% |
||||||||||
Operating expenses: |
|
|
|
|
|
||||||||||
Sales and marketing |
134,570 |
|
121,052 |
|
|
465,509 |
|
473,392 |
|
||||||
Research and development |
73,733 |
|
71,471 |
|
|
280,381 |
|
272,452 |
|
||||||
General and administrative |
36,883 |
|
30,129 |
|
|
129,863 |
|
122,768 |
|
||||||
Total operating expenses |
245,186 |
|
222,652 |
|
|
875,753 |
|
868,612 |
|
||||||
Gain on sale of business/asset |
— |
|
— |
|
|
159,753 |
|
26,842 |
|
||||||
Operating income |
13,456 |
|
53,681 |
|
|
199,550 |
|
174,554 |
|
||||||
|
|
|
|
|
|
||||||||||
Other income (expense) |
1,797 |
|
611 |
|
|
(788) |
|
5,990 |
|
||||||
|
|
|
|
|
|
||||||||||
Income before income taxes |
15,253 |
|
54,292 |
|
|
198,762 |
|
180,544 |
|
||||||
|
|
|
|
|
|
||||||||||
Provision (Benefit) for income taxes |
10,515 |
|
(4,304) |
|
|
55,103 |
|
18,393 |
|
||||||
|
|
|
|
|
|
||||||||||
Net income |
$ |
4,738 |
|
$ |
58,596 |
|
|
$ |
143,659 |
|
$ |
162,151 |
|
||
|
|
|
|
|
|
||||||||||
Basic earnings per share |
$ |
0.04 |
|
$ |
0.45 |
|
|
$ |
1.10 |
|
$ |
1.23 |
|
||
Diluted earnings per share |
$ |
0.04 |
|
$ |
0.45 |
|
|
$ |
1.09 |
|
$ |
1.22 |
|
||
|
|
|
|
|
|
||||||||||
Weighted average shares outstanding - |
|
|
|
|
|
||||||||||
Basic |
131,277 |
|
130,776 |
|
|
131,082 |
|
131,722 |
|
||||||
Diluted |
131,732 |
|
131,432 |
|
|
131,799 |
|
132,734 |
|
||||||
|
|
|
|
|
|
||||||||||
Dividends declared per share |
$ |
0.26 |
|
$ |
0.25 |
|
|
$ |
1.04 |
|
$ |
1.00 |
|
|
|||||||
Condensed Consolidated Statements of Cash Flows |
|||||||
(in thousands) |
|||||||
|
Years Ended |
||||||
|
2020 |
|
2019 |
||||
|
(unaudited) |
|
|
||||
Cash flow from operating activities: |
|
|
|||||
Net income |
$ |
143,659 |
|
$ |
162,151 |
|
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|||||
Depreciation and amortization |
87,064 |
|
73,541 |
|
|||
Stock-based compensation |
58,376 |
|
51,438 |
|
|||
Disposal gain on sale of business/asset |
(159,753) |
|
(26,842) |
|
|||
Deferred income taxes |
7,089 |
|
(12,680) |
|
|||
Net change in operating assets and liabilities |
44,332 |
|
(23,203) |
|
|||
Net cash provided by operating activities |
180,767 |
|
224,405 |
|
|||
|
|
|
|||||
Cash flow from investing activities: |
|
|
|||||
Capital expenditures |
(49,652) |
|
(60,857) |
|
|||
Proceeds from sale of assets/business, net of cash divested |
160,266 |
|
32,492 |
|
|||
Capitalization of internally developed software |
(4,054) |
|
(9,065) |
|
|||
Additions to other intangibles |
(1,441) |
|
(1,209) |
|
|||
Acquisitions of equity-method investments |
(9,761) |
|
(13,670) |
|
|||
Acquisitions, net of cash received |
(334,981) |
|
— |
|
|||
Purchases of short-term investments |
(206,330) |
|
(185,267) |
|
|||
Sales and maturities of short-term investments |
384,652 |
|
219,628 |
|
|||
Net cash used by investing activities |
(61,301) |
|
(17,948) |
|
|||
|
|
|
|||||
Cash flow from financing activities: |
|
|
|||||
Proceeds from term loan |
170,000 |
|
— |
|
|||
Payments of term loan |
(71,250) |
|
— |
|
|||
Proceeds from revolving line of credit |
20,000 |
|
— |
|
|||
Payments of revolving line of credit |
(20,000) |
|
— |
|
|||
Debt issuance costs |
(1,893) |
|
— |
|
|||
Proceeds from issuance of common stock |
31,947 |
|
33,191 |
|
|||
Repurchase of common stock |
(48,713) |
|
(171,316) |
|
|||
Dividends paid |
(136,545) |
|
(131,855) |
|
|||
Other |
— |
|
(837) |
|
|||
Net cash used by financing activities |
(56,454) |
|
(270,817) |
|
|||
|
|
|
|||||
Impact of changes in exchange rates on cash |
2,604 |
|
(410) |
|
|||
|
|
|
|||||
Net change in cash and cash equivalents |
65,616 |
|
(64,770) |
|
|||
Cash and cash equivalents at beginning of period |
194,616 |
|
259,386 |
|
|||
Cash and cash equivalents at end of period |
$ |
260,232 |
|
$ |
194,616 |
|
The following tables provide details with respect to the amount of GAAP charges related to stock-based compensation, amortization of acquisition-related intangibles and fair value adjustments, acquisition-related transaction costs, disposal gains on sale of business/assets and related charitable contributions, tax effects related to businesses held-for-sale, 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 |
|
Years Ended |
||||||||||||
|
|
|
|
||||||||||||
|
2020 |
|
2019 |
|
2020 |
|
2019 |
||||||||
Stock-based compensation |
|
|
|
|
|
||||||||||
Cost of sales |
$ |
979 |
|
$ |
887 |
|
|
$ |
3,766 |
|
$ |
3,475 |
|
||
Sales and marketing |
5,462 |
|
4,868 |
|
|
22,288 |
|
19,612 |
|
||||||
Research and development |
5,129 |
|
4,236 |
|
|
17,769 |
|
16,265 |
|
||||||
General and administrative |
4,251 |
|
3,393 |
|
|
14,552 |
|
12,086 |
|
||||||
Provision for income taxes |
(445) |
|
(1,433) |
|
|
(8,705) |
|
(9,337) |
|
||||||
Total |
$ |
15,376 |
|
$ |
11,951 |
|
|
$ |
49,670 |
|
$ |
42,101 |
|
||
|
|
|
|
|
|
||||||||||
Amortization of acquisition-related intangibles and fair value adjustments |
|
|
|
|
|
||||||||||
Net sales |
$ |
1,961 |
|
$ |
— |
|
|
$ |
3,260 |
|
$ |
— |
|
||
Cost of sales |
4,313 |
|
823 |
|
|
9,892 |
|
3,348 |
|
||||||
Sales and marketing |
1,965 |
|
485 |
|
|
5,264 |
|
1,970 |
|
||||||
Research and development |
9 |
|
28 |
|
|
94 |
|
112 |
|
||||||
General and administrative |
846 |
|
— |
|
|
846 |
|
— |
|
||||||
Other expense (income) |
124 |
|
124 |
|
|
487 |
|
409 |
|
||||||
Provision for income taxes |
(606) |
|
(127) |
|
|
(2,554) |
|
(703) |
|
||||||
Total |
$ |
8,612 |
|
$ |
1,333 |
|
|
$ |
17,289 |
|
$ |
5,136 |
|
||
|
|
|
|
|
|
||||||||||
Acquisition related transaction and integration costs, restructuring charges, and other(1)(2)(3)(4) |
|
|
|
|
|
||||||||||
Cost of sales |
$ |
1,620 |
|
$ |
— |
|
|
$ |
1,626 |
|
$ |
— |
|
||
Sales and marketing |
23,309 |
|
5,356 |
|
|
32,079 |
|
13,646 |
|
||||||
Research and development |
1,184 |
|
3,266 |
|
|
6,374 |
|
4,166 |
|
||||||
General and administrative (1)(4) |
8,685 |
|
2,002 |
|
|
21,279 |
|
11,527 |
|
||||||
Gain on sale of business/asset (1)(2) |
— |
|
— |
|
|
(159,753) |
|
(26,842) |
|
||||||
Other expense (income) |
191 |
|
— |
|
|
589 |
|
— |
|
||||||
Provision for income taxes(3) |
(1,602) |
|
(13,477) |
|
|
32,364 |
|
(12,237) |
|
||||||
Total |
$ |
33,387 |
|
$ |
(2,853) |
|
|
$ |
(65,442) |
|
$ |
(9,740) |
|
||
(1): During the third quarter of 2019, the company recognized a gain of |
|||||||||||||||
(2): During the first quarter of 2020, we recognized a gain of |
|||||||||||||||
(3): During the fourth quarter of 2019, we recognized an income tax benefit of |
|||||||||||||||
(4): During the third quarter of 2020, we recognized |
|||||||||||||||
|
|
|
|
|
|
||||||||||
(Capitalization) and amortization of internally developed software costs |
|
|
|
|
|
||||||||||
Cost of sales |
$ |
6,936 |
|
$ |
7,012 |
|
|
$ |
27,931 |
|
$ |
27,085 |
|
||
Research and development |
(1,248) |
|
(1,887) |
|
|
(4,043) |
|
(9,066) |
|
||||||
Provision for income taxes |
(1,195) |
|
(1,076) |
|
|
(5,017) |
|
(3,784) |
|
||||||
Total |
$ |
4,493 |
|
$ |
4,049 |
|
|
$ |
18,871 |
|
$ |
14,235 |
|
||
|
|
|
|
|
|
|
|||||||||||||||
Reconciliation of GAAP to Non-GAAP Measures |
|||||||||||||||
(in thousands, unaudited) |
|||||||||||||||
|
|
|
|
|
|
|
|
||||||||
|
Three Months Ended |
|
Years Ended |
||||||||||||
|
|
|
|
||||||||||||
|
2020 |
|
2019 |
|
2020 |
|
2019 |
||||||||
Reconciliation of Net sales to Non-GAAP Net sales |
|
|
|
|
|
||||||||||
Net sales, as reported |
$ |
367,838 |
|
$ |
367,468 |
|
|
$ |
1,286,671 |
|
$ |
1,353,215 |
|
||
Impact of acquisition related fair value adjustments |
1,961 |
|
— |
|
|
3,260 |
|
— |
|
||||||
Non-GAAP net sales |
$ |
369,799 |
|
$ |
367,468 |
|
|
$ |
1,289,931 |
|
$ |
1,353,215 |
|
||
|
|
|
|
|
|
||||||||||
Reconciliation of Gross Profit to Non-GAAP Gross Profit |
|
|
|
|
|
||||||||||
Gross profit, as reported |
$ |
258,642 |
|
$ |
276,333 |
|
|
$ |
915,550 |
|
$ |
1,016,324 |
|
||
Stock-based compensation |
979 |
887 |
|
3,766 |
3,475 |
||||||||||
Amortization of acquisition-related intangibles and fair value adjustments |
6,274 |
823 |
|
13,152 |
3,348 |
||||||||||
Acquisition transaction and integration costs, restructuring charges and other |
1,620 |
|
— |
|
1,626 |
|
— |
||||||||
Amortization of internally developed software costs |
6,936 |
|
7,012 |
|
|
27,931 |
|
27,085 |
|
||||||
Non-GAAP gross profit |
$ |
274,451 |
|
$ |
285,055 |
|
|
$ |
962,025 |
|
$ |
1,050,232 |
|
||
Non-GAAP gross margin |
74% |
78% |
|
75% |
78% |
||||||||||
|
|
|
|
|
|
||||||||||
Reconciliation of Operating Expenses to Non-GAAP Operating Expenses |
|
|
|
||||||||||||
Operating expenses, as reported |
$ |
245,186 |
|
$ |
222,652 |
|
|
$ |
875,753 |
|
$ |
868,612 |
|
||
Stock-based compensation |
(14,842) |
|
(12,497) |
|
|
(54,609) |
|
(47,963) |
|
||||||
Amortization of acquisition-related intangibles and fair value adjustments |
(2,820) |
|
(513) |
|
|
(6,204) |
|
(2,082) |
|
||||||
Acquisition transaction and integration costs, restructuring charges and other |
(33,178) |
|
(10,624) |
|
|
(59,732) |
|
(29,339) |
|
||||||
Capitalization of internally developed software costs |
1,248 |
|
1,887 |
|
|
4,043 |
|
9,066 |
|
||||||
Non-GAAP operating expenses |
$ |
195,594 |
|
$ |
200,905 |
|
|
$ |
759,251 |
|
$ |
798,294 |
|
||
|
|
|
|
|
|
||||||||||
Reconciliation of Operating Income to Non-GAAP Operating Income |
|
|
|
||||||||||||
Operating income, as reported |
$ |
13,456 |
|
$ |
53,681 |
|
|
$ |
199,550 |
|
$ |
174,554 |
|
||
Stock-based compensation |
15,821 |
|
13,384 |
|
|
58,375 |
|
51,438 |
|
||||||
Amortization of acquisition-related intangibles and fair value adjustments |
9,094 |
|
1,336 |
|
|
19,356 |
|
5,430 |
|
||||||
Acquisition transaction and integration costs, restructuring charges and other |
34,798 |
|
10,624 |
|
|
61,358 |
|
29,339 |
|
||||||
Net amortization of internally developed software costs |
5,688 |
|
5,125 |
|
|
23,888 |
|
18,019 |
|
||||||
Gain on sale of business/assets |
— |
|
— |
|
|
(159,753) |
|
(26,842) |
|
||||||
Non-GAAP operating income |
$ |
78,857 |
|
$ |
84,150 |
|
|
$ |
202,774 |
|
$ |
251,938 |
|
||
Non-GAAP operating margin |
21% |
23% |
|
16% |
19% |
||||||||||
|
|
|
|
|
|
||||||||||
Reconciliation of Provision for income taxes to Non-GAAP Provision for income taxes |
|
|
|
||||||||||||
Provision for income taxes, as reported(1) |
$ |
10,515 |
|
$ |
(4,304) |
|
|
$ |
55,103 |
|
$ |
18,393 |
|
||
Stock-based compensation |
445 |
|
1,433 |
|
|
8,705 |
|
9,337 |
|
||||||
Amortization of acquisition-related intangibles and fair value adjustments |
606 |
|
127 |
|
|
2,554 |
|
703 |
|
||||||
Acquisition transaction and integration costs, restructuring charges and other |
1,328 |
|
2,715 |
|
|
4,122 |
|
7,136 |
|
||||||
Net amortization of internally developed software costs |
1,195 |
|
1,076 |
|
|
5,017 |
|
3,784 |
|
||||||
Gain on sale of business/assets |
274 |
|
10,762 |
|
|
(36,486) |
|
5,101 |
|
||||||
Tax reform charge (benefit) |
— |
|
— |
|
|
— |
|
(2,774) |
|
||||||
Non-GAAP provision for income taxes(1) |
$ |
14,363 |
|
$ |
11,809 |
|
|
$ |
39,015 |
|
$ |
41,680 |
|
||
(1): The income tax effect related to each non-GAAP item is calculated based on the tax laws and statutory income tax rates applicable in the tax jurisdiction(s) of the underlying non-GAAP adjustment, and considers the current and deferred tax impact of those adjustments. |
Reconciliation of GAAP Net Income and Diluted EPS to Non-GAAP Net Income, Non-GAAP Diluted EPS, and EBITDA |
|||||||||||||||
(in thousands, except per share data, unaudited) |
|||||||||||||||
|
|
|
|
|
|
||||||||||
|
Three Months Ended |
|
Years Ended |
||||||||||||
|
|
|
|
||||||||||||
|
2020 |
|
2019 |
|
2020 |
|
2019 |
||||||||
|
|
|
|
|
|
||||||||||
Net income, as reported |
$ |
4,738 |
|
$ |
58,596 |
|
|
$ |
143,659 |
|
$ |
162,151 |
|
||
Adjustments to reconcile net income to non-GAAP net income: |
|
|
|
|
|
||||||||||
Stock-based compensation |
15,821 |
|
13,384 |
|
|
58,375 |
|
51,438 |
|
||||||
Amortization of acquisition-related intangibles and fair value adjustments |
9,218 |
|
1,460 |
|
|
19,843 |
|
5,839 |
|
||||||
Acquisition transaction and integration costs, restructuring charges and other |
34,989 |
|
10,624 |
|
|
61,947 |
|
29,339 |
|
||||||
Net amortization of internally developed software costs |
5,688 |
|
5,125 |
|
|
23,888 |
|
18,019 |
|
||||||
Gain on sale of business/asset |
— |
|
— |
|
|
(159,753) |
|
(26,842) |
|
||||||
Income tax effects and adjustments(1) |
(3,848) |
|
(16,113) |
|
|
16,088 |
|
(23,287) |
|
||||||
Non-GAAP net income |
$ |
66,606 |
|
$ |
73,076 |
|
|
$ |
164,047 |
|
$ |
216,657 |
|
||
Non-GAAP net margin |
18.0% |
19.9% |
|
12.7% |
16.0% |
||||||||||
|
|
|
|
|
|
||||||||||
Diluted EPS, as reported |
$ |
0.04 |
|
$ |
0.45 |
|
|
$ |
1.09 |
|
$ |
1.22 |
|
||
Adjustment to reconcile diluted EPS to non-GAAP diluted EPS |
|
|
|
|
|
||||||||||
Stock-based compensation |
0.12 |
|
0.10 |
|
|
0.44 |
|
0.39 |
|
||||||
Amortization of acquisition-related intangibles and fair value adjustments |
0.07 |
|
0.01 |
|
|
0.15 |
|
0.04 |
|
||||||
Acquisition transaction and integration costs, restructuring charges and other |
0.27 |
|
0.08 |
|
|
0.47 |
|
0.22 |
|
||||||
Net amortization of internally developed software costs |
0.04 |
|
0.04 |
|
|
0.18 |
|
0.14 |
|
||||||
Gain on sale of business/asset |
— |
|
— |
|
|
(1.21) |
|
(0.20) |
|
||||||
Income tax effects and adjustments(1) |
(0.03) |
|
(0.12) |
|
|
0.12 |
|
(0.18) |
|
||||||
Non-GAAP diluted EPS |
$ |
0.51 |
|
$ |
0.56 |
|
|
$ |
1.24 |
|
$ |
1.63 |
|
||
(1): The income tax effect related to each non-GAAP item is calculated based on the tax laws and statutory income tax rates applicable in the tax jurisdiction(s) of the underlying non-GAAP adjustment, and considers the current and deferred tax impact of those adjustments. |
|||||||||||||||
|
|
|
|
|
|
||||||||||
Net income, as reported |
$ |
4,738 |
|
$ |
58,596 |
|
|
$ |
143,659 |
|
$ |
162,151 |
|
||
Adjustments to reconcile net income to EBITDA: |
|
|
|
|
|
||||||||||
Interest expense (income), net |
592 |
|
(1,934) |
|
|
(2,016) |
|
(8,089) |
|
||||||
Tax expense (benefit) |
10,515 |
|
(4,304) |
|
|
55,103 |
|
18,393 |
|
||||||
Depreciation and amortization |
25,836 |
|
18,995 |
|
|
87,064 |
|
73,541 |
|
||||||
EBITDA |
$ |
41,681 |
|
$ |
71,353 |
|
|
$ |
283,810 |
|
$ |
245,996 |
|
||
|
|
|
|
|
|
||||||||||
Weighted average shares outstanding |
|
|
|
|
|
||||||||||
Basic |
131,277 |
|
130,776 |
|
|
131,082 |
131,722 |
|
|||||||
Diluted |
131,732 |
|
131,432 |
|
|
131,799 |
132,734 |
|
Reconciliation of GAAP to Non-GAAP Diluted EPS Guidance |
||||||
(unaudited) |
||||||
|
Three Months Ended |
|||||
|
|
|||||
|
|
|
||||
|
Low |
High |
||||
GAAP Diluted EPS, guidance |
$ |
(0.05 |
) |
$ |
0.09 |
|
Adjustment to reconcile diluted EPS to non-GAAP diluted EPS: |
|
|
||||
Stock-based compensation |
0.13 |
|
0.13 |
|
||
Amortization of acquisition-related intangibles and fair value adjustments |
0.06 |
|
0.06 |
|
||
Acquisition transaction and integration costs, restructuring charges and other |
0.12 |
|
0.12 |
|
||
Net amortization of internally developed software costs |
0.05 |
|
0.05 |
|
||
Income tax effects and adjustments(1) |
(0.07 |
) |
(0.07 |
) |
||
Non-GAAP Diluted EPS, guidance |
$ |
0.24 |
|
$ |
0.38 |
|
(1): The income tax effect related to each non-GAAP item is calculated based on the tax laws and statutory income tax rates applicable in the tax jurisdiction(s) of the underlying non-GAAP adjustment, and considers the current and deferred tax impact of those adjustments. |
Reconciliation of GAAP |
|||||||
(unaudited) |
|||||||
|
Three Months Ended |
|
|||||
|
|
|
|||||
|
2021 |
2020 |
|
||||
|
(midpoint) |
|
|
||||
GAAP Net sales, guidance |
$ |
339,000 |
|
$ |
309,381 |
|
10% |
Impact of purchase accounting fair value adjustments |
1,000 |
|
— |
|
|
||
Non-GAAP Net sales, guidance |
$ |
340,000 |
|
$ |
309,381 |
|
10% |
View source version on businesswire.com: https://www.businesswire.com/news/home/20210128006082/en/
Head of Investor Relations
(512) 683-5215
Source: