NI reports record revenue for a first quarter

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.