NI has announced Q1 revenue of $289 million, up 2 per cent year over year (YOY) in US dollar terms and up 8 per cent YOY in constant currency terms. In Q1 2015, NI received $3 million in orders from its largest customer compared with $12 million in orders from this customer in Q1 2014. Excluding NI’s largest customer, the company’s total orders were up 2 per cent for the quarter with orders under $20,000 down 5 per cent YOY; orders between $20,000 and $100,000 down 4 per cent YOY; and orders above $100,000 up 37 per cent YOY.
Dr James Truchard, NI president, CEO and cofounder, says: “While we continue to adapt to the impact of the US dollar on our results, I am optimistic about our long-term position in the industry and our ability to continue to gain market share. I am confident we are building the new product pipeline, channel and operational excellence necessary to drive the long-term growth and profitability of the company. I am particularly excited about our early success in 5G wireless, where our innovative technology platform is enabling researchers to prototype algorithms for next-generation wireless networks.”
GAAP net income for Q1 was $15 million, with fully diluted earnings per share (EPS) of $0.12, and non-GAAP net income was $23 million, with non-GAAP fully diluted EPS of $0.18. EBITDA, or Earnings Before Interest, Taxes, Depreciation and Amortization, was $37 million, or $0.29 per share in the first quarter.
In Q1, GAAP gross margin was 74 per cent and non-GAAP gross margin was 75 per cent. Total GAAP operating expenses were $193 million, up 2 per cent YOY. Total non-GAAP operating expenses were $186 million, up 2 per cent YOY.
GAAP operating margin was 7 per cent in Q1, with GAAP operating income of $20 million, down 15 per cent YOY. Non-GAAP operating margin was 11 per cent in Q1, with non-GAAP operating income of $31 million, down 10 per cent YOY.
The company’s non-GAAP results exclude the impact of stock-based compensation, amortisation of acquisition-related intangibles and acquisition transaction costs and restructuring charges. Reconciliations of the company’s GAAP and non-GAAP results are included as part of this news release.
Geographic revenue in US dollar terms for Q1 2015 compared with Q1 2014 was up 3 per cent in the Americas, down 4 per cent in Europe, up 5 per cent in East Asia and up 6 per cent in Emerging Markets. In constant currency terms, revenue was up in all regions, with the Americas up 4 per cent, Europe up 10 per cent, East Asia up 7 per cent and the Emerging Markets up 19 per cent.
As of 31 March 2015, NI had $443 million in cash and short-term investments. The NI Board of Directors approved a quarterly dividend of $0.19 per share payable on June 1, 2015, to stockholders of record on May 11, 2015.
Q1 2015 highlights
- Record revenue for a first quarter of $289 million
- Revenue up 2 per cent year over year in US dollar terms and 8 per cent in constant currency terms
- Continued broad adoption of PXI and strong growth in revenue from RF products
- GAAP operating margin of 7 per cent
- Non-GAAP operating margin of 11 per cent
- Fully diluted GAAP EPS of $0.12 and fully diluted non-GAAP EPS of $0.18
- EBITDA of $37 million or $0.29 per share
- Cash and short-term investments of $443 million at 31 March 2015
For further information about NI’s record Q1 revenue, go to www.ni.com.