National Instruments Reports Record Quarterly Revenue, Up 34 Percent Year-Over-Year
Record Operating Income for a Third Quarter and Strong Gross Margins
AUSTIN, Texas, Oct. 25, 2010 /PRNewswire-FirstCall/ --
Q3 2010 Highlights
- Record quarterly revenue of $220 million, up 34 percent year-over-year
- Record operating income for a third quarter
- GAAP gross margin of 76.5 percent and non-GAAP gross margin of 77.0 percent
- Fully diluted GAAP EPS of $0.36 and fully diluted non-GAAP EPS of $0.41
- Record cash and short-term investments of $339 million as of Sept. 30
National Instruments (Nasdaq: NATI) reported quarterly revenue for Q3 2010 of $220 million, representing a 34 percent year-over-year increase and a 4 percent sequential increase. For the first nine months of 2010, the company reported a 31 percent year-over-year increase in revenue and a significant year-over-year increase in operating margins. Also during the quarter, backlog increased by $7 million.
Net income for Q3 2010 was $28.1 million, with GAAP fully diluted earnings per share (EPS) of $0.36. Non-GAAP net income was $32.3 million, with non-GAAP fully diluted EPS of $0.41. GAAP and non-GAAP operating income set a record for a third quarter, and operating margins improved significantly over Q3 2009. The company's non-GAAP results exclude the impact of both stock-based compensation and the amortization of acquisition-related intangibles. Reconciliations of the company's GAAP and non-GAAP results are included as part of this news release.
In Q3, GAAP gross margin increased 1.9 percentage points year-over-year to 76.5 percent. Non-GAAP gross margin increased by 1.7 percentage points year-over-year to 77.0 percent.
"I am extremely pleased with our Q3 performance and believe our long-term focus on innovation and operational excellence has helped differentiate NI from other players in the markets we serve," said Dr. James Truchard, co-founder, president and CEO. "I believe the many new opportunities created by our expanding product and services portfolio, together with the strong business momentum we saw in Q3, validate our strategy in the marketplace."
NI virtual instrumentation and graphical system design product sales were up 34 percent year-over-year. NI instrument control product sales were up 25 percent year-over-year but remain 11 percent below Q3 2008 levels. Product revenue was $203 million, up 34 percent year-over-year, and software maintenance revenue was $17 million, up 34 percent year-over-year. Geographically, revenue in U.S. dollar terms for Q3 2010 compared to Q3 2009 was up 29 percent in the Americas, up 28 percent in Europe and up 48 percent in Asia. In local currency terms, revenue was up 40 percent in Europe and up 45 percent in Asia.
As of Sept. 30, NI had a record $339 million in net cash and short-term investments, up $22 million from June 30. During the quarter, the company paid $10 million in dividends and used approximately $11 million to repurchase 379,000 shares of its common stock at an average price of $28.87 per share. National Instruments announced that its board of directors approved a dividend of $0.13 per share payable on Nov. 29 to shareholders of record on Nov. 8.
Outlook
In Q3, the global purchasing manager's index (PMI) averaged 53.5, down from a quarterly average of 56.7 in Q2. This moderation was in line with the company's expectation that the global PMI would move toward its long-term average of 51.7 in Q3 and Q4. The company currently expects that the global PMI will continue to trend toward its historical average during Q4. Given the relatively low levels of global inventory, the company believes the industrial economy is positioned to manage the moderation of the global PMI, and that NI is positioned to grow revenue through this moderating trend.
"We are confident that we will deliver record revenue and profitability in 2010 and I would like to thank all of our employees for their hard work and commitment during the recession," said Alex Davern, EVP, COO and CFO. "We have delivered a rapid recovery in our profitability, and assuming 2011 is a normal revenue growth year we will be targeting only a modest increase in operating margins. We will instead be making significant focused investments in key regions and applications to support sustained growth of the company."
NI expects strong Q4 year-over-year revenue growth, with revenue expected to be between $230 million and $244 million. The company expects fully diluted GAAP EPS between $0.38 and $0.48, with non-GAAP fully diluted EPS expected to be between $0.43 and $0.53.
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, operating expenses, operating income, income before income taxes, provision for (benefit from) income taxes, net income and basic and fully diluted EPS for the three- and nine-month periods ending Sept. 30, 2010 and 2009, on a GAAP and non-GAAP basis. 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 or amortization of acquired intangibles that are non-cash charges 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 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 also discloses our earnings before interest, taxes, depreciation and amortization (EBITDA) and EBITDA diluted EPS for the three- and nine- month periods ended Sept. 30, 2010 and 2009. We also believe that including the EBITDA results assists investors in assessing the company's operational performance relative to its competitors. A reconciliation of EBITDA and EBITDA diluted EPS to GAAP net income and GAAP diluted EPS is included with this news release.
Conference Call Information
Interested parties can listen to the Q3 2010 conference call today, Oct. 25, beginning at 4:00 p.m. CDT, at www.ni.com/call. Replay information is available by calling (888) 203-1112, confirmation code #8494302, from Oct. 25 at 7:00 p.m. CDT through Oct. 30 at 7:00 p.m. CDT.
Forward-Looking Statements
This release contains "forward-looking statements," including statements related to our long-term focus on innovation and operational excellence differentiating NI from other players, the many new opportunities created by our expanding product and services portfolio, together with the strong business momentum validating our strategy, expecting that the global PMI will continue to trend toward its historical average during Q4, our belief that the industrial economy is well positioned to manage the moderation of the global PMI, that NI is positioned to grow revenue through this moderating trend, being confident that we will deliver record revenue and profitability in 2010, targeting a modest increase in operating margins, making significant focused investments in key regions and applications to support our sustained growth, expecting strong Q4 revenue growth and our outlook for Q4 revenue and Q4 GAAP and non-GAAP EPS. These statements are subject to a number of risks and uncertainties, including the risk of adverse changes or fluctuations in the global economy, component shortages, delays in the release of new products, fluctuations in customer demand for NI products, the company's ability to continue to control its operating expenses, manufacturing inefficiencies and foreign exchange fluctuations. Actual results may differ materially from the expected results. The company directs readers to its Form 10-K for the fiscal year ended December 31, 2009, its Form 10-Q for the quarter ended June 30, 2010, and the other documents it files with the SEC for other risks associated with the company's future performance.
About National Instruments
National Instruments (www.ni.com) is transforming the way engineers and scientists design, prototype and deploy systems for measurement, automation and embedded applications. NI empowers customers with off-the-shelf software such as NI LabVIEW and modular cost-effective hardware, and sells to a broad base of more than 30,000 different companies worldwide, with no one customer representing more than 3 percent of revenue and no one industry representing more than 15 percent of revenue. Headquartered in Austin, Texas, NI has more than 5,000 employees and direct operations in more than 40 countries. For the past 11 years, FORTUNE magazine has named NI one of the 100 best companies to work for in America. Readers can obtain investment information from the company's investor relations department by calling (512) 683-5090, e-mailing [email protected] or visiting www.ni.com/nati. (NATI-F)
LabVIEW, National Instruments, NI and ni.com are trademarks of National Instruments. Other product and company names listed are trademarks or trade names of their respective companies.
Contact: |
Veronica Garza |
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Investor Relations |
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(512) 683-6873 |
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National Instruments |
|||||
Consolidated Balance Sheets |
|||||
(in thousands) |
|||||
September |
December 31, |
||||
2010 |
2009 |
||||
(unaudited) |
|||||
Assets |
|||||
Current assets: |
|||||
Cash and cash equivalents |
$ |
226,844 |
$ |
201,465 |
|
Short-term investments |
111,903 |
87,196 |
|||
Accounts receivable, net |
121,503 |
103,957 |
|||
Inventories, net |
101,532 |
86,515 |
|||
Prepaid expenses and other current assets |
42,132 |
36,523 |
|||
Deferred income taxes, net |
15,449 |
16,522 |
|||
Total current assets |
619,363 |
532,178 |
|||
Property and equipment, net |
151,667 |
153,265 |
|||
Goodwill, net |
69,383 |
64,779 |
|||
Intangible assets, net |
52,553 |
43,390 |
|||
Other long-term assets |
19,269 |
19,417 |
|||
Total assets |
$ |
912,235 |
$ |
813,029 |
|
Liabilities and Stockholders' Equity |
|||||
Current liabilities: |
|||||
Accounts payable |
$ |
33,005 |
$ |
23,502 |
|
Accrued compensation |
39,075 |
14,934 |
|||
Deferred revenue |
63,940 |
57,242 |
|||
Accrued expenses and other liabilities |
18,313 |
8,560 |
|||
Other taxes payable |
15,324 |
14,181 |
|||
Total current liabilities |
169,657 |
118,419 |
|||
Deferred income taxes |
24,725 |
25,012 |
|||
Liability for uncertain tax position |
11,608 |
11,062 |
|||
Other long-term liabilities |
5,225 |
4,116 |
|||
Total liabilities |
$ |
211,215 |
$ |
158,609 |
|
Stockholders' equity: |
|||||
Preferred stock |
- |
- |
|||
Common stock |
780 |
774 |
|||
Additional paid-in capital |
388,502 |
336,446 |
|||
Retained earnings |
308,535 |
303,655 |
|||
Accumulated other comprehensive income |
3,203 |
13,545 |
|||
Total stockholders' equity |
$ |
701,020 |
$ |
654,420 |
|
Total liabilities and stockholders' equity |
$ |
912,235 |
$ |
813,029 |
|
National Instruments |
|||||||||
Consolidated Statements of Income |
|||||||||
(in thousands, except per share data) |
|||||||||
Three Months Ended |
Nine Months Ended |
||||||||
September 30, |
September 30, |
||||||||
(Unaudited) |
(Unaudited) |
||||||||
2010 |
2009 |
2010 |
2009 |
||||||
Net sales: |
|||||||||
Products |
$ |
203,188 |
$ |
152,106 |
$ |
573,413 |
$ |
435,348 |
|
Software maintenance |
17,261 |
12,929 |
49,844 |
39,649 |
|||||
Total net sales |
220,449 |
165,035 |
623,257 |
474,997 |
|||||
Cost of sales: |
|||||||||
Cost of products |
$ |
50,380 |
$ |
40,476 |
$ |
139,818 |
$ |
119,234 |
|
Cost of software maintenance |
1,523 |
1,423 |
3,966 |
4,034 |
|||||
Total cost of sales |
51,903 |
41,899 |
143,784 |
123,268 |
|||||
Gross profit |
$ |
168,546 |
$ |
123,136 |
$ |
479,473 |
$ |
351,729 |
|
Operating expenses: |
|||||||||
Sales and marketing |
$ |
79,494 |
$ |
65,126 |
$ |
233,166 |
$ |
199,089 |
|
Research and development |
39,971 |
35,016 |
114,912 |
99,252 |
|||||
General and administrative |
17,392 |
12,306 |
49,701 |
42,838 |
|||||
Total operating expenses |
$ |
136,857 |
$ |
112,448 |
$ |
397,779 |
$ |
341,179 |
|
Operating income |
$ |
31,689 |
$ |
10,688 |
$ |
81,694 |
$ |
10,550 |
|
Other income (expense): |
|||||||||
Interest income |
$ |
380 |
$ |
339 |
$ |
1,051 |
$ |
1,335 |
|
Net foreign exchange gain (loss) |
426 |
940 |
(2,475) |
1,301 |
|||||
Other income, net |
160 |
482 |
970 |
979 |
|||||
Income before income taxes |
$ |
32,655 |
$ |
12,449 |
$ |
81,240 |
$ |
14,165 |
|
Provision for (benefit from) income taxes |
4,522 |
2,518 |
10,152 |
(554) |
|||||
Net income |
$ |
28,133 |
$ |
9,931 |
$ |
71,088 |
$ |
14,719 |
|
Basic earnings per share |
$ |
0.36 |
$ |
0.13 |
$ |
0.91 |
$ |
0.19 |
|
Diluted earnings per share |
$ |
0.36 |
$ |
0.13 |
$ |
0.90 |
$ |
0.19 |
|
Weighted average shares outstanding - |
|||||||||
basic |
78,176 |
77,653 |
77,832 |
77,497 |
|||||
diluted |
78,862 |
78,103 |
78,848 |
77,842 |
|||||
Dividends declared per share |
$ |
0.13 |
$ |
0.12 |
$ |
0.39 |
$ |
0.36 |
|
National Instruments |
|||||
Consolidated Statements of Cash Flows |
|||||
(in thousands) |
|||||
Nine Months Ended |
|||||
September 30, |
|||||
(Unaudited) |
|||||
2010 |
2009 |
||||
Cash flow from operating activities: |
|||||
Net income |
$ |
71,088 |
$ |
14,719 |
|
Adjustments to reconcile net income to net cash provided |
|||||
by operating activities: |
|||||
Depreciation and amortization |
28,220 |
28,536 |
|||
Stock-based compensation |
14,194 |
15,238 |
|||
Tax expense (benefit) from deferred income taxes |
1,174 |
(6,802) |
|||
Tax expense stock option plans |
599 |
1,445 |
|||
Changes in operating assets and liabilities: |
|||||
Accounts receivable |
(17,298) |
30,758 |
|||
Inventories |
(14,712) |
18,632 |
|||
Prepaid expenses and other assets |
(15,328) |
3,920 |
|||
Accounts payable |
9,171 |
(5,444) |
|||
Deferred revenue |
6,698 |
3,588 |
|||
Taxes and other liabilities |
33,938 |
(14,245) |
|||
Net cash provided by operating activities |
$ |
117,744 |
$ |
90,345 |
|
Cash flow from investing activities: |
|||||
Capital expenditures |
(14,404) |
(12,331) |
|||
Capitalization of internally developed software |
(14,300) |
(10,611) |
|||
Additions to other intangibles |
(2,253) |
(4,009) |
|||
Acquisition, net of cash received |
(2,191) |
- |
|||
Purchases of short-term and long-term investments |
(88,226) |
(38,876) |
|||
Sales and maturities of short-term and long-term investments |
63,519 |
10,034 |
|||
Net cash (used by) provided by investing activities |
$ |
(57,855) |
$ |
(55,793) |
|
Cash flow from financing activities: |
|||||
Proceeds from issuance of common stock |
38,368 |
16,351 |
|||
Repurchase of common stock |
(41,862) |
(18,200) |
|||
Dividends paid |
(30,417) |
(27,958) |
|||
Tax (benefit) from stock option plans |
(599) |
(1,445) |
|||
Net cash (used by) financing activities |
$ |
(34,510) |
$ |
(31,252) |
|
Net change in cash and cash equivalents |
25,379 |
3,300 |
|||
Cash and cash equivalents at beginning of period |
201,465 |
229,400 |
|||
Cash and cash equivalents at end of period |
$ |
226,844 |
$ |
232,700 |
|
Detail of GAAP charges related to stock-based compensation and |
|||||||||
amortization of acquisition intangibles |
|||||||||
(Unaudited) |
|||||||||
Three Months Ended |
Nine Months Ended |
||||||||
September 30, |
September 30, |
||||||||
2010 |
2009 |
2010 |
2009 |
||||||
Stock-based compensation |
|||||||||
Cost of sales |
$ |
332 |
$ |
335 |
$ |
1,014 |
$ |
975 |
|
Sales and marketing |
1,960 |
2,210 |
6,060 |
6,626 |
|||||
Research and development |
1,771 |
1,929 |
5,129 |
5,349 |
|||||
General and administrative |
672 |
728 |
1,991 |
2,288 |
|||||
Provision for income taxes |
(1,295) |
(409) |
(4,422) |
(5,288) |
|||||
Total |
$ |
3,440 |
$ |
4,793 |
$ |
9,772 |
$ |
9,950 |
|
Amortization of acquisition intangibles |
|||||||||
Cost of sales |
$ |
921 |
$ |
853 |
$ |
2,565 |
$ |
2,593 |
|
Sales and marketing |
89 |
125 |
311 |
377 |
|||||
Research and development |
- |
- |
- |
- |
|||||
General and administrative |
- |
- |
- |
- |
|||||
Provision for income taxes |
(324) |
(277) |
(904) |
(834) |
|||||
Total |
$ |
686 |
$ |
701 |
$ |
1,972 |
$ |
2,136 |
|
National Instruments |
|||||||||
Reconciliation of GAAP to Non-GAAP Measures |
|||||||||
(in thousands, except per share data) |
|||||||||
(unaudited) |
|||||||||
Three Months Ended |
Nine Months Ended |
||||||||
September 30, |
September 30, |
||||||||
2010 |
2009 |
2010 |
2009 |
||||||
Reconciliation of Gross Profit to Non-GAAP Gross Profit |
|||||||||
Gross profit, as reported |
$ |
168,546 |
$ |
123,136 |
$ |
479,473 |
$ |
351,729 |
|
Stock-based compensation |
332 |
335 |
1,014 |
975 |
|||||
Amortization of acquisition intangibles |
921 |
853 |
2,565 |
2,593 |
|||||
Non-GAAP gross profit |
$ |
169,799 |
$ |
124,324 |
$ |
483,052 |
$ |
355,297 |
|
Reconciliation of Operating Expenses to Non-GAAP Operating Expenses |
|||||||||
Operating expenses, as reported |
$ |
136,857 |
$ |
112,448 |
$ |
397,779 |
$ |
341,179 |
|
Stock-based compensation |
(4,403) |
(4,867) |
(13,180) |
(14,263) |
|||||
Amortization of acquisition intangibles |
(89) |
(125) |
(311) |
(377) |
|||||
Non-GAAP operating expenses |
$ |
132,365 |
$ |
107,456 |
$ |
384,288 |
$ |
326,539 |
|
Reconciliation of Operating Income to Non-GAAP Operating Income |
|||||||||
Operating income, as reported |
$ |
31,689 |
$ |
10,688 |
$ |
81,694 |
$ |
10,550 |
|
Stock-based compensation |
4,735 |
5,202 |
14,194 |
15,238 |
|||||
Amortization of acquisition intangibles |
1,010 |
978 |
2,876 |
2,970 |
|||||
Non-GAAP operating income |
$ |
37,434 |
$ |
16,868 |
$ |
98,764 |
$ |
28,758 |
|
Reconciliation of Income Before Income Taxes to Non-GAAP Income Before Income Taxes |
|||||||||
Income before income taxes, as reported |
$ |
32,655 |
$ |
12,449 |
$ |
81,240 |
$ |
14,165 |
|
Stock-based compensation |
4,735 |
5,202 |
14,194 |
15,238 |
|||||
Amortization of acquisition intangibles |
1,010 |
978 |
2,876 |
2,970 |
|||||
Non-GAAP income before income taxes |
$ |
38,400 |
$ |
18,629 |
$ |
98,310 |
$ |
32,373 |
|
Reconciliation of Provision for (Benefit From) Income Taxes to Non-GAAP Provision for Income Taxes |
|||||||||
Provision for (benefit from) income taxes, as reported |
$ |
4,522 |
$ |
2,518 |
$ |
10,152 |
$ |
(554) |
|
Stock-based compensation |
1,295 |
409 |
4,422 |
5,288 |
|||||
Amortization of acquisition intangibles |
324 |
277 |
904 |
834 |
|||||
Non-GAAP provision for income taxes |
$ |
6,141 |
$ |
3,204 |
$ |
15,478 |
$ |
5,568 |
|
Reconciliation of GAAP Net Income, Basic EPS and Diluted EPS to Non-GAAP Net Income, Basic EPS and Diluted EPS |
|||||||||
(unaudited) |
|||||||||
Three Months Ended |
Nine Months Ended |
||||||||
September 30, |
September 30, |
||||||||
2010 |
2009 |
2010 |
2009 |
||||||
Net income, as reported |
$ |
28,133 |
$ |
9,931 |
$ |
71,088 |
$ |
14,719 |
|
Adjustments to reconcile net income to non-GAAP net income: |
|||||||||
Stock-based compensation, net of tax effect |
3,440 |
4,793 |
9,772 |
9,950 |
|||||
Amortization of acquisition intangibles, net of tax effect |
686 |
701 |
1,972 |
2,136 |
|||||
Non-GAAP net income |
$ |
32,259 |
$ |
15,425 |
$ |
82,832 |
$ |
26,805 |
|
Basic EPS, as reported |
$ |
0.36 |
$ |
0.13 |
$ |
0.91 |
$ |
0.19 |
|
Adjustment to reconcile basic EPS to non-GAAP |
|||||||||
basic EPS: |
|||||||||
Impact of stock-based compensation, net of tax effect |
$ |
0.04 |
$ |
0.06 |
$ |
0.12 |
$ |
0.13 |
|
Impact of amortization of acquisition intangibles, net of tax effect |
$ |
0.01 |
$ |
0.01 |
$ |
0.03 |
$ |
0.03 |
|
Non-GAAP basic EPS |
$ |
0.41 |
$ |
0.20 |
$ |
1.06 |
$ |
0.35 |
|
Diluted EPS, as reported |
$ |
0.36 |
$ |
0.13 |
$ |
0.90 |
$ |
0.19 |
|
Adjustment to reconcile diluted EPS to non-GAAP |
|||||||||
diluted EPS: |
|||||||||
Impact of stock-based compensation, net of tax effect |
$ |
0.04 |
$ |
0.06 |
$ |
0.12 |
$ |
0.13 |
|
Impact of amortization of acquisition intangibles, net of tax effect |
$ |
0.01 |
$ |
0.01 |
$ |
0.03 |
$ |
0.03 |
|
Non-GAAP diluted EPS |
$ |
0.41 |
$ |
0.20 |
$ |
1.05 |
$ |
0.35 |
|
Weighted average shares outstanding - |
|||||||||
Basic |
78,176 |
77,653 |
77,832 |
77,497 |
|||||
Diluted |
78,862 |
78,103 |
78,848 |
77,842 |
|||||
Reconciliation of Net Income and Diluted EPS to EBITDA and EBITDA Diluted EPS |
|||||||||
(unaudited) |
|||||||||
Three Months Ended |
Nine Months Ended |
||||||||
September 30, |
September 30, |
||||||||
2010 |
2009 |
2010 |
2009 |
||||||
Net income, as reported |
$ |
28,133 |
$ |
9,931 |
$ |
71,088 |
$ |
14,719 |
|
Adjustments to reconcile net income to EBITDA: |
|||||||||
Interest income |
(380) |
(339) |
(1,051) |
(1,335) |
|||||
Taxes |
4,522 |
2,518 |
10,152 |
(554) |
|||||
Depreciation and amortization |
9,232 |
9,513 |
28,220 |
28,536 |
|||||
EBITDA |
$ |
41,507 |
$ |
21,623 |
$ |
108,409 |
$ |
41,366 |
|
Diluted EPS, as reported |
$ |
0.36 |
$ |
0.13 |
$ |
0.90 |
$ |
0.19 |
|
Adjustment to reconcile diluted EPS to EBITDA |
|||||||||
Interest income |
$ |
(0.01) |
$ |
(0.00) |
$ |
(0.01) |
$ |
(0.02) |
|
Taxes |
$ |
0.06 |
$ |
0.03 |
$ |
0.13 |
$ |
(0.01) |
|
Depreciation and amortization |
$ |
0.12 |
$ |
0.12 |
$ |
0.35 |
$ |
0.37 |
|
EBITDA diluted EPS |
$ |
0.53 |
$ |
0.28 |
$ |
1.37 |
$ |
0.53 |
|
Weighted average shares outstanding - Diluted |
78,862 |
78,103 |
78,848 |
77,842 |
|||||
National Instruments |
|||||
Reconciliation of GAAP Diluted EPS Guidance to Non-GAAP Diluted EPS Guidance |
|||||
(unaudited) |
|||||
Three months ended |
|||||
December 31, 2010 |
|||||
Low |
High |
||||
GAAP Diluted EPS, guidance |
$ |
0.38 |
$ |
0.48 |
|
Adjustment to reconcile diluted EPS to non-GAAP |
|||||
diluted EPS: |
|||||
Impact of stock-based compensation, net of tax effect |
$ |
0.04 |
$ |
0.04 |
|
Impact of amortization of acquisition intangibles, net of tax effect |
$ |
0.01 |
$ |
0.01 |
|
Non-GAAP Diluted EPS, guidance |
$ |
0.43 |
$ |
0.53 |
|
SOURCE National Instruments
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