NATIONAL INSTRUMENTS CORPORATION NATI Income Statement

National instruments corporation (NATI)

Income statement / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Dec'10	Sep'10	Jun'10	Mar'10	Sep'09	Jun'09
Net sales:
Total net sales
309,381	367,468	340,442	334,231	311,074	360,099	346,127	341,009	311,897	349,750	320,921	318,609	300,106	328,533	306,364	306,105	287,177	334,340	299,812	301,791	289,513	332,776	313,701	312,711	284,674	300,806	289,138	296,126	286,488	300,326	289,974	292,259	261,133	278,051	254,988	253,284	237,850	249,963	220,449	211,717	191,091	165,035	152,163
GSA accrual
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,349	-	-	-13,107	-	-	-	0	-	-	-	-
Cost of sales:
Total cost of sales
83,761	91,135	85,915	83,766	76,075	88,030	89,015	82,159	74,523	85,589	83,751	82,460	76,524	82,735	76,732	77,508	76,146	86,779	77,166	76,675	76,336	84,160	80,949	81,821	71,202	75,982	75,206	83,815	70,240	74,581	73,494	70,851	61,348	67,387	65,215	55,886	52,476	56,299	51,903	48,639	43,242	41,899	40,486
Gross profit
225,620	276,333	254,527	250,465	234,999	272,069	257,112	258,850	237,374	264,161	237,170	236,149	223,582	245,798	229,632	228,597	211,031	247,561	222,646	225,116	213,177	248,616	232,752	230,890	213,472	224,824	213,932	212,311	216,248	225,745	216,480	221,408	199,785	210,664	189,773	197,398	185,374	193,664	168,546	163,078	147,849	123,136	111,677
Operating expenses:
Sales and marketing
115,746	121,051	113,922	120,868	117,551	117,101	118,220	127,138	120,117	119,588	116,661	124,414	117,258	115,006	116,662	116,361	113,207	116,347	114,507	111,855	109,553	113,819	116,736	119,374	111,916	109,916	111,253	112,561	114,070	111,447	109,213	110,756	100,052	102,221	103,195	96,197	87,155	86,440	79,494	79,231	74,441	65,126	65,137
Research and development
71,621	71,471	66,558	68,257	66,166	66,151	66,170	66,908	61,843	60,059	56,526	56,913	58,263	57,461	59,066	59,839	59,340	56,669	52,533	55,409	60,520	57,351	58,972	55,851	55,259	54,276	60,791	58,473	61,256	58,066	56,627	54,286	54,015	54,502	54,674	47,027	42,868	43,237	39,971	36,395	38,546	35,016	29,447
General and administrative
26,180	30,130	35,711	29,044	27,883	26,997	26,712	27,892	27,277	27,200	26,468	26,191	25,743	24,083	24,537	25,130	24,640	24,544	23,255	23,165	22,971	22,411	22,741	23,640	22,473	21,055	21,363	22,156	22,844	21,649	20,714	21,502	21,374	21,439	21,148	21,232	18,839	17,368	17,392	16,969	15,340	12,306	14,752
Gain on sale of assets
-	-	26,842	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Acquisition related adjustment
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-1,316	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Total operating expenses
213,547	222,652	189,349	218,169	211,600	210,249	211,102	221,938	209,237	206,847	199,655	207,518	201,264	196,550	200,265	201,330	197,187	197,560	190,295	190,429	193,044	193,581	198,449	198,865	189,648	185,247	193,407	193,190	196,854	197,945	186,554	186,544	175,441	178,162	179,017	164,456	148,862	147,045	136,857	132,595	128,327	112,448	109,336
Gain on sale of business
159,753	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating income
171,826	53,681	65,178	32,296	23,399	61,820	46,010	36,912	28,137	57,314	37,515	28,631	22,318	49,248	29,367	27,267	13,844	50,001	32,351	34,687	20,133	55,035	34,303	32,025	23,824	39,577	20,525	19,121	19,394	27,800	29,926	34,864	24,344	32,502	10,756	32,942	36,512	46,619	31,689	30,483	19,522	10,688	2,341
Other income:
Interest income
2,299	1,942	1,930	2,023	2,234	2,052	1,539	1,290	1,015	767	657	509	343	335	276	258	253	313	396	341	353	340	362	234	197	184	133	177	185	221	133	132	230	280	354	344	341	340	380	371	300	339	407
Net foreign exchange (loss) gain
-505	-223	-378	-1,611	366	-1,341	-956	-2,105	979	-733	1,096	447	82	-3,161	-760	-1,285	574	-5,110	286	-577	-1,674	-1,245	-452	-603	50	-521	456	-1,051	-1,462	-107	-235	-1,016	-888	-1,338	-708	-486	-223	-110	426	-2,203	-698	940	1,063
Other loss, net
-1,234	-1,109	697	143	-24	933	1,782	-1,095	-519	-609	-1,153	-235	431	471	301	53	-2,406	-1,007	133	25	628	-352	-70	265	88	-278	304	400	24	77	-899	151	104	78	-95	-571	446	23	160	462	348	482	334
Income before income taxes
172,386	54,291	67,427	32,851	25,975	63,464	48,375	35,002	29,612	56,739	38,115	29,352	23,174	46,893	29,184	26,293	12,265	44,197	33,166	34,476	19,440	53,778	34,143	31,921	24,159	38,962	21,418	18,647	18,141	27,991	28,925	34,131	23,790	31,522	10,307	32,229	37,076	46,872	32,655	29,113	19,472	12,449	4,145
Provision for income taxes
39,731	-4,304	15,783	4,159	2,755	6,923	5,181	3,948	5,344	81,020	4,726	4,197	5,026	17,746	4,695	6,493	2,967	12,059	9,988	9,534	4,436	10,393	-5,559	7,398	5,436	7,234	5,654	4,226	-459	7,277	4,585	7,690	5,148	7,195	-2,429	5,681	6,615	8,844	4,522	4,511	1,119	2,518	-285
Net income
132,655	58,595	51,644	28,692	23,220	56,541	43,194	31,054	24,268	-24,281	33,389	25,155	18,148	29,147	24,489	19,800	9,298	32,138	23,178	24,942	15,004	43,385	39,702	24,523	18,723	31,728	15,764	14,421	18,600	20,714	24,340	26,441	18,642	24,327	12,736	26,548	30,461	38,028	28,133	24,602	18,353	9,931	4,430
Basic earnings per share (in dollars per share)
1.02	0.44	0.39	0.22	0.18	0.41	0.33	0.24	0.19	-0.19	0.26	0.19	0.14	0.23	0.19	0.15	0.07	0.25	0.18	0.19	0.12	0.34	0.31	0.19	0.15	0.25	0.13	0.12	0.15	0.17	0.20	0.22	0.15	0.20	0.11	0.22	0.26	0.32	0.24	0.21	0.16	0.13	0.06
Weighted average shares outstanding - basic (in shares)
130,613	131,189	131,385	132,062	132,252	132,587	132,357	131,877	131,127	130,905	130,660	130,197	129,438	129,120	128,815	128,282	127,595	127,331	127,935	128,682	128,040	127,782	127,478	126,887	125,973	125,517	125,032	124,377	123,306	122,781	122,402	121,801	120,908	120,607	120,308	119,736	118,693	117,660	117,264	116,898	116,070	77,653	77,556
Diluted earnings per share (in dollars per share)
1.01	0.44	0.39	0.22	0.17	0.43	0.32	0.23	0.18	-0.18	0.25	0.19	0.14	0.23	0.19	0.15	0.07	0.25	0.18	0.19	0.12	0.34	0.31	0.19	0.15	0.24	0.13	0.12	0.15	0.16	0.20	0.22	0.15	0.20	0.11	0.22	0.25	0.31	0.24	0.21	0.16	0.13	0.06
Weighted average shares outstanding - diluted (in shares)
131,357	132,707	131,889	132,973	133,367	134,221	133,197	133,054	132,624	132,706	131,617	131,117	130,108	130,136	129,047	128,746	128,103	128,430	128,229	129,337	128,676	129,056	127,903	127,512	126,725	127,041	125,608	125,270	124,365	124,103	123,074	122,759	121,972	122,174	121,102	121,161	120,443	119,855	118,293	118,488	117,652	78,103	77,824
Dividends declared per share (in dollars per share)
0.26	0.25	0.25	0.25	0.25	0.23	0.23	0.23	0.23	0.21	0.21	0.21	0.21	0.20	0.20	0.20	0.20	0.19	0.19	0.19	0.19	0.15	0.15	0.15	0.15	0.14	0.14	0.14	0.14	0.14	0.14	0.14	0.14	0.10	0.10	0.10	0.10	0.08	0.09	0.09	0.09	0.12	0.12
Product
Total net sales
273,978	332,267	305,247	299,798	277,702	322,672	310,216	306,780	280,359	320,256	291,891	289,817	271,512	300,218	278,521	278,530	259,434	306,526	271,683	273,807	261,574	305,176	287,336	288,224	262,264	280,523	269,582	275,663	265,418	278,641	267,894	268,979	239,335	256,606	247,256	233,141	218,610	233,973	203,188	194,830	175,395	152,106	139,792
Total cost of sales
82,071	89,308	84,127	81,741	74,188	86,003	87,082	79,806	72,317	82,873	81,641	79,153	75,196	82,593	74,734	75,194	74,209	85,580	75,144	75,621	74,881	83,094	79,266	80,642	69,621	74,900	73,541	82,787	68,626	73,465	71,796	69,787	59,791	66,499	63,579	54,803	50,958	55,278	50,380	47,176	42,262	40,476	39,202
Software maintenance
Total net sales
35,403	35,201	35,195	34,433	33,372	37,427	35,911	34,229	31,538	29,494	29,030	28,792	28,594	28,315	27,843	27,575	27,743	27,814	28,129	27,984	27,939	27,600	26,365	24,487	22,410	20,283	19,556	20,463	21,070	21,685	22,080	21,931	21,798	21,445	20,839	20,143	19,240	15,990	17,261	16,887	15,696	12,929	12,371
Total cost of sales
1,690	1,827	1,788	2,025	1,887	2,027	1,933	2,353	2,206	2,716	2,110	3,307	1,328	142	1,998	2,314	1,937	1,199	2,022	1,054	1,455	1,066	1,683	1,179	1,581	1,082	1,665	1,028	1,614	1,116	1,698	1,064	1,557	888	1,636	1,083	1,518	1,021	1,523	1,463	980	1,423	1,284