Company Quick10K Filing
National Instruments
Price41.94 EPS1
Shares133 P/E54
MCap5,573 P/FCF37
Net Debt-223 EBIT126
TEV5,351 TEV/EBIT42
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-04
10-Q 2020-03-31 Filed 2020-05-04
10-K 2019-12-31 Filed 2020-02-20
10-Q 2019-09-30 Filed 2019-10-31
10-Q 2019-06-30 Filed 2019-08-02
10-Q 2019-03-31 Filed 2019-05-01
10-K 2018-12-31 Filed 2019-02-21
10-Q 2018-09-30 Filed 2018-10-31
10-Q 2018-06-30 Filed 2018-08-02
10-Q 2018-03-31 Filed 2018-05-01
10-K 2017-12-31 Filed 2018-02-22
10-Q 2017-09-30 Filed 2017-10-31
10-Q 2017-06-30 Filed 2017-08-01
10-Q 2017-03-31 Filed 2017-05-01
10-K 2016-12-31 Filed 2017-02-16
10-Q 2016-09-30 Filed 2016-10-31
10-Q 2016-06-30 Filed 2016-08-01
10-Q 2016-03-31 Filed 2016-05-02
10-K 2015-12-31 Filed 2016-02-19
10-Q 2015-09-30 Filed 2015-10-30
10-Q 2015-06-30 Filed 2015-07-31
10-Q 2015-03-31 Filed 2015-05-01
10-K 2014-12-31 Filed 2015-02-19
10-Q 2014-09-30 Filed 2014-10-31
10-Q 2014-06-30 Filed 2014-08-01
10-Q 2014-03-31 Filed 2014-05-01
10-K 2013-12-31 Filed 2014-02-20
10-Q 2013-09-30 Filed 2013-11-01
10-Q 2013-06-30 Filed 2013-08-01
10-Q 2013-03-31 Filed 2013-05-02
10-K 2012-12-31 Filed 2013-02-19
10-Q 2012-09-30 Filed 2012-11-06
10-Q 2012-06-30 Filed 2012-08-03
10-Q 2012-03-31 Filed 2012-04-30
10-K 2011-12-31 Filed 2012-02-07
10-Q 2011-09-30 Filed 2011-10-27
10-Q 2011-06-30 Filed 2011-07-29
10-Q 2011-03-31 Filed 2011-04-29
10-K 2010-12-31 Filed 2011-02-18
10-Q 2010-09-30 Filed 2010-11-03
10-Q 2010-06-30 Filed 2010-08-06
10-Q 2010-03-31 Filed 2010-05-06
10-K 2009-12-31 Filed 2010-02-17
8-K 2020-07-30 Earnings, Other Events, Exhibits
8-K 2020-07-06 Off-BS Arrangement, Other Events, Exhibits
8-K 2020-06-15
8-K 2020-06-09
8-K 2020-06-02
8-K 2020-05-06
8-K 2020-04-30
8-K 2020-04-17
8-K 2020-04-02
8-K 2020-02-04
8-K 2020-01-30
8-K 2019-12-02
8-K 2019-11-01
8-K 2019-10-29
8-K 2019-07-30
8-K 2019-06-25
8-K 2019-05-14
8-K 2019-04-30
8-K 2019-02-01
8-K 2019-01-23
8-K 2019-01-22
8-K 2018-10-25
8-K 2018-10-25
8-K 2018-09-19
8-K 2018-07-26
8-K 2018-05-08
8-K 2018-04-26
8-K 2018-01-30

NATI 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements
Note 1 - Basis of Presentation
Note 2 - Revenue
Note 3 - Short - Term Investments
Note 4 - Fair Value Measurements
Note 5 - Derivative Instruments and Hedging Activities
Note 6 - Inventories, Net
Note 7 - Intangible Assets and Goodwill, Net
Note 8 - Leases
Note 9 - Income Taxes
Note 10 - Comprehensive Income
Note 11 - Authorized Shares of Common and Preferred Stock and Stock - Based Compensation Plans
Note 12 - Segment and Geographic Information
Note 13 - Debt
Note 14 - Commitments and Contingencies
Note 15 - Restructuring
Note 16 - Litigation
Note 17 - Subsequent Events
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 5. Other Information
EX-2.1 ex21sharepurchaseagree.htm
EX-10.7 exhibit1072020equityin.htm
EX-10.8 exhibit108-rsuawardagr.htm
EX-10.9 exhibit109formofindemn.htm
EX-10.10 exhibit1010offerletter.htm
EX-10.11 exhibit1011-arcreditag.htm
EX-10.12 exhibit1012guarantyagr.htm
EX-10.13 exhibit1013-collateral.htm
EX-31.1 nati-20200630xex311.htm
EX-31.2 nati-20200630xex312.htm
EX-32.1 nati-20200630xex321.htm

National Instruments Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
1.71.41.00.70.30.02012201420172020
Assets, Equity
0.40.30.20.10.0-0.12012201420172020
Rev, G Profit, Net Income
0.10.0-0.0-0.1-0.1-0.22012201420172020
Ops, Inv, Fin

nati-20200630
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UNITED STATES  
SECURITIES AND EXCHANGE COMMISSION  
Washington, D.C. 20549  

FORM 10-Q  
    Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934  
  
For the quarterly period ended: June 30, 2020 or  
  
 Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934  
  
For the transition period from ________________ to ________________    
Commission file number:  0-25426  
    nati-20200630_g1.jpg
NATIONAL INSTRUMENTS CORPORATION  
(Exact name of registrant as specified in its charter)  
Delaware74-1871327
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification Number)
  
11500 North MoPac Expressway 
Austin,78759
Texas
(Address of principal executive offices) (Zip Code)
 
Registrant's telephone number, including area code:  (512) 683-0100  
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of exchange on which registered
Common Stock, $0.01 par valueNATINasdaq Stock Market
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  No   
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No   
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.    
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No  
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.  
ClassOutstanding at July 30, 2020
Common Stock, $0.01 par value131,436,108
1


NATIONAL INSTRUMENTS CORPORATION
INDEX  
Page No.
  
 
  
 
June 30, 2020 (unaudited) and December 31, 2019
  
 
(unaudited) for the three and six months ended June 30, 2020 and 2019
  
 
(unaudited) for the three and six months ended June 30, 2020 and 2019
  
 
(unaudited) for the six months ended June 30, 2020 and 2019
(unaudited) for the three and six months ended June 30, 2020 and 2019
  

  
  
  
  
  
 
  
  
  
  
  

2


PART I - FINANCIAL INFORMATION  

ITEM 1. Financial Statements
NATIONAL INSTRUMENTS CORPORATION  
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share data)
June 30,December 31,
20202019
Assets(unaudited) 
Current assets:  
Cash and cash equivalents$471,205  $194,616  
Short-term investments137,104  237,983  
Accounts receivable, net211,766  248,872  
Inventories, net209,928  200,410  
Prepaid expenses and other current assets65,817  65,477  
Total current assets1,095,820  947,358  
Property and equipment, net247,548  243,717  
Goodwill255,153  262,242  
Intangible assets, net68,975  84,083  
Operating lease right-of-use assets63,895  70,407  
Restricted cash70,000    
Other long-term assets48,424  44,082  
Total assets$1,849,815  $1,651,889  
Liabilities and stockholders' equity  
Current liabilities:  
Accounts payable and accrued expenses$53,247  $52,192  
Accrued compensation44,431  47,732  
Deferred revenue - current113,785  131,445  
Operating lease liabilities - current13,583  13,431  
Other taxes payable39,477  40,607  
Debt, current3,500    
Other current liabilities66,818  20,716  
Total current liabilities334,841  306,123  
Deferred income taxes16,258  14,065  
Income tax payable - non-current61,628  69,151  
Liability for uncertain tax positions6,808  6,652  
Deferred revenue - non-current32,468  33,480  
Operating lease liabilities - non-current34,655  40,650  
Debt, non-current85,020    
Other long-term liabilities8,498  5,418  
Total liabilities580,176  475,539  
Commitments and contingencies
Stockholders' equity:  
Preferred stock:  par value $0.01;  5,000,000 shares authorized; none issued and outstanding 
    
Common stock:  par value $0.01;  360,000,000 shares authorized; 131,436,108 shares and 130,504,535 shares issued and outstanding, respectively 
1,314  1,305  
Additional paid-in capital993,058  953,578  
Retained earnings299,132  242,537  
Accumulated other comprehensive loss(23,865) (21,070) 
Total stockholders’ equity1,269,639  1,176,350  
Total liabilities and stockholders’ equity$1,849,815  $1,651,889  
The accompanying notes are an integral part of the financial statements. 

3


NATIONAL INSTRUMENTS CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
(unaudited)  
  
Three Months EndedSix Months Ended
June 30,June 30,
2020201920202019
    
Net sales:    
Product$266,261  $299,798  $540,239  $577,500  
Software maintenance35,068  34,433  70,470  67,805  
Total net sales301,329  334,231  610,709  645,305  
    
Cost of sales:    
Product83,795  81,741  165,866  155,929  
Software maintenance2,106  2,025  3,796  3,912  
Total cost of sales85,901  83,766  169,662  159,841  
    
Gross profit215,428  250,465  441,047  485,464  
    
Operating expenses:    
Sales and marketing105,419  120,868  221,165  238,419  
Research and development64,225  68,257  135,846  134,423  
General and administrative29,369  29,044  55,549  56,927  
Total operating expenses199,013  218,169  412,560  429,769  
Gain on sale of business    159,753    
Operating income16,415  32,296  188,240  55,695  
    
Other (expense) income(1,143) 555  (583) 3,131  
Income before income taxes15,272  32,851  187,657  58,826  
Provision for income taxes4,383  4,159  44,113  6,914  
    
Net income$10,889  $28,692  $143,544  $51,912  
    
Basic earnings per share$0.08  $0.22  $1.10  $0.39  
    
Weighted average shares outstanding - basic131,014  132,062  130,813  132,156  
    
Diluted earnings per share$0.08  $0.22  $1.09  $0.39  
    
Weighted average shares outstanding - diluted131,602  132,973  131,499  133,172  
    
Dividends declared per share$0.26  $0.25  $0.52  $0.50  
The accompanying notes are an integral part of these financial statements. 
4


NATIONAL INSTRUMENTS CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in thousands)
(unaudited)  
Three Months EndedSix Months Ended
June 30,June 30,
2020201920202019
    
Net income$10,889  $28,692  $143,544  $51,912  
Other comprehensive income (loss), before tax and net of reclassification adjustments:    
Foreign currency translation adjustment3,938  2,265  (1,975) (802) 
Unrealized gain (loss) on securities available-for-sale
2,634  738  (154) 1,913  
Unrealized loss on derivative instruments(74) (1,480) (598) (268) 
Other comprehensive income (loss), before tax6,498  1,523  (2,727) 843  
Tax (benefit) expense related to items of other comprehensive income(56) (268) 68  (58) 
Other comprehensive income (loss), net of tax6,554  1,791  (2,795) 901  
Comprehensive income$17,443  $30,483  $140,749  $52,813  
The accompanying notes are an integral part of these financial statements.

5


NATIONAL INSTRUMENTS CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)  
Six Months Ended
June 30,
20202019
Cash flow from operating activities:  
Net income$143,544  $51,912  
Adjustments to reconcile net income to net cash provided by operating activities:  
Disposal gain on sale of business(159,753)   
Depreciation and amortization38,341  35,984  
Stock-based compensation27,335  24,662  
Deferred income taxes2,711  2,268  
Changes in operating assets and liabilities49,320  (26,189) 
Net cash provided by operating activities101,498  88,637  
  
Cash flow from investing activities:  
Capital expenditures(25,362) (26,048) 
Proceeds from sale of business, net of cash divested160,266    
Capitalization of internally developed software(3,108) (4,497) 
Additions to other intangibles(630) (487) 
Acquisitions of equity-method investments  (9,784) 
Purchases of short-term investments(206,330) (91,777) 
Sales and maturities of short-term investments306,955  117,108  
Net cash provided by (used in) investing activities231,791  (15,485) 
  
Cash flow from financing activities:  
Proceeds from revolving line of credit20,000    
Proceeds from term loan70,000    
Debt issuance costs(1,480)   
Proceeds from issuance of common stock17,252  17,645  
Repurchase of common stock(23,680) (92,375) 
Dividends paid(68,156) (66,067) 
Net cash provided by (used in) financing activities13,936  (140,797) 
  
Effect of exchange rate changes on cash(636) 20  
  
Net change in cash, cash equivalents and restricted cash346,589  (67,625) 
Cash, cash equivalents and restricted cash at beginning of period194,616  259,386  
Cash, cash equivalents and restricted cash at end of period$541,205  $191,761  
 
The accompanying notes are an integral part of these financial statements.   

6



NATIONAL INSTRUMENTS CORPORATION  
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(in thousands, except share data)
(unaudited)
June 30, 2020
(Unaudited)
Common Stock SharesCommon Stock AmountAdditional-Paid in CapitalRetained EarningsAccumulated Other Comprehensive Income/(Loss)Total Stockholders' Equity
Balance at March 31, 2020130,595,203  $1,306  $973,354  $335,876  $(30,419) $1,280,117  
Net income—  —  —  10,889  —  10,889  
Other comprehensive gain, net of tax—  —  —  —  6,554  6,554  
Issuance of common stock under employee plans, including tax benefits1,344,231  13  8,248  —  —  8,261  
Stock-based compensation—  —  15,130  —  —  15,130  
Repurchase of common stock(503,326) (5) (3,674) (13,474) —  (17,153) 
Dividends paid (1)—  —  —  (34,159) —  (34,159) 
Balance at June 30, 2020131,436,108  1,314  993,058  299,132  (23,865) 1,269,639  
Common Stock SharesCommon Stock AmountAdditional-Paid in CapitalRetained EarningsAccumulated Other Comprehensive LossTotal Stockholders' Equity
Balance at December 31, 2019130,504,535  1,305  953,578  242,537  (21,070) 1,176,350  
Net income—  —  —  143,544  —  143,544  
Other comprehensive loss, net of tax—  —  —  —  (2,795) (2,795) 
Issuance of common stock under employee plans, including tax benefits1,599,772  16  17,236  —  —  17,252  
Stock-based compensation—  —  27,124  —  —  27,124  
Repurchase of common stock(668,199) (7) (4,880) (18,793) —  (23,680) 
Dividends paid (1)—  —  —  (68,156) —  (68,156) 
Balance at June 30, 2020131,436,108  $1,314  $993,058  $299,132  $(23,865) $1,269,639  
(1) Cash dividends declared per share of common stock were $0.26 for the three months ended June 30, 2020, and $0.52 for the six months ended June 30, 2020.
 
The accompanying notes are an integral part of these financial statements. 
7



June 30, 2019
(Unaudited)
Common Stock SharesCommon Stock AmountAdditional-Paid in CapitalRetained EarningsAccumulated Other Comprehensive Income/(Loss)Total Stockholders' Equity
Balance at March 31, 2019131,866,173  $