National Instruments Gross profit (Q2, 2018)496.2 M

National Instruments Gross profit margin (Q2, 2018), %76%

National Instruments Net income (Q2, 2018)55.3 M

National Instruments EBIT (Q2, 2018)65 M

National Instruments Cash, 30-Jun-2018217.6 M

National Instruments revenue was $1.29 b in FY, 2017 which is a 5% year over year increase from the previous period.

National Instruments revenue breakdown by business segment: 9.0% from Software Maintenance and 91.0% from Product

National Instruments revenue breakdown by geographic segment: 29.2% from APAC, 31.7% from EMEIA and 39.1% from Americas

USD | FY, 2013 | FY, 2014 | FY, 2015 | FY, 2016 | FY, 2017 |
---|---|---|---|---|---|

## Revenue | 1.2b | 1.2b | 1.2b | 1.2b | 1.3b |

| 6% | (1%) | 0% | 5% | |

## Cost of goods sold | 305.2m | 318.1m | 317.0m | 313.1m | 328.3m |

## Gross profit | 867.3m | 925.7m | 908.5m | 915.1m | 961.1m |

| 74% | 74% | 74% | 75% | 75% |

## Sales and marketing expense | 461.2m | 477.9m | |||

## R&D expense | 235.7m | 231.8m | |||

## General and administrative expense | 98.4m | 105.6m | |||

## Operating expense total | 795.3m | 815.3m | |||

## EBIT | 98.6m | 145.2m | 137.2m | 119.7m | 145.8m |

| 8% | 12% | 11% | 10% | 11% |

## Interest income | 679.0k | 1.1m | 1.4m | 1.1m | 2.3m |

## Pre tax profit | 97.2m | 144.0m | 131.3m | 114.6m | 147.4m |

## Income tax expense | 16.7m | 17.7m | 36.0m | 31.9m | 95.0m |

## Net Income | 80.5m | 126.3m | 95.3m | 82.7m | 52.4m |

- Source: SEC Filings

USD | Q1, 2014 | Q2, 2014 | Q3, 2014 | Q1, 2015 | Q2, 2015 | Q3, 2015 | Q1, 2016 | Q2, 2016 | Q3, 2016 | Q1, 2017 | Q2, 2017 | Q3, 2017 | Q1, 2018 | Q2, 2018 |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|

## Revenue | 301.8m | 299.8m | 287.2m | 306.1m | 306.4m | 300.1m | 318.6m | 320.9m | 311.9m | 652.9m | ||||

## Cost of goods sold | 76.7m | 77.2m | 76.1m | 77.5m | 76.7m | 76.5m | 82.5m | 83.8m | 74.5m | 156.7m | ||||

## Gross profit | 225.1m | 222.6m | 211.0m | 228.6m | 229.6m | 223.6m | 236.1m | 237.2m | 237.4m | 496.2m | ||||

| 75% | 74% | 73% | 75% | 75% | 75% | 74% | 74% | 76% | 76% | ||||

## Sales and marketing expense | 111.9m | 114.5m | 113.2m | 116.4m | 116.7m | 117.3m | 124.4m | 116.7m | 120.1m | 247.3m | ||||

## R&D expense | 55.4m | 52.5m | 59.3m | 59.8m | 59.1m | 58.3m | 56.9m | 56.5m | 61.8m | 128.8m | ||||

## General and administrative expense | 23.2m | 23.3m | 24.6m | 25.1m | 24.5m | 25.7m | 26.2m | 26.5m | 27.3m | 55.2m | ||||

## Operating expense total | 190.4m | 190.3m | 197.2m | 201.3m | 200.3m | 201.3m | 207.5m | 199.7m | 209.2m | 431.2m | ||||

## EBIT | 34.7m | 32.4m | 13.8m | 27.3m | 29.4m | 22.3m | 28.6m | 37.5m | 28.1m | 65.0m | ||||

| 11% | 11% | 5% | 9% | 10% | 7% | 9% | 12% | 9% | 10% | ||||

## Interest income | 341.0k | 396.0k | 253.0k | 258.0k | 276.0k | 343.0k | 509.0k | 657.0k | 1.0m | 2.3m | ||||

## Pre tax profit | 34.5m | 33.2m | 12.3m | 26.3m | 29.2m | 23.2m | 29.4m | 38.1m | 29.6m | 64.6m | ||||

## Income tax expense | (774.0k) | 9.5m | 10.0m | 3.0m | 6.5m | 4.7m | 5.0m | 4.2m | 4.7m | 5.3m | 9.3m | |||

## Net Income | 18.7m | 24.5m | 39.7m | 15.0m | 24.9m | 23.2m | 9.3m | 19.8m | 24.5m | 18.1m | 25.2m | 33.4m | 24.3m | 55.3m |

- Source: SEC Filings

USD | FY, 2013 | FY, 2014 | FY, 2015 | FY, 2016 | FY, 2017 |
---|---|---|---|---|---|

## Cash | 230.3m | 274.0m | 251.1m | 285.3m | 290.2m |

## Accounts Receivable | 180.7m | 202.3m | 216.2m | 228.7m | 248.8m |

## Prepaid Expenses | 48.6m | ||||

## Inventories | 49.0m | 70.1m | 65.4m | 193.6m | 184.6m |

## Current Assets | 828.6m | 947.8m | 799.7m | 834.6m | 894.1m |

## PP&E | 260.6m | 264.1m | 257.9m | 260.5m | 249.7m |

## Goodwill | 146.5m | 144.3m | 257.7m | 253.2m | 266.8m |

## Total Assets | 1.3b | 1.5b | 1.5b | 1.5b | 1.6b |

## Accounts Payable | 56.6m | 58.6m | 51.0m | 48.8m | 49.7m |

## Short-term debt | |||||

## Current Liabilities | 225.4m | 247.7m | 240.2m | 260.1m | 269.3m |

## Long-term debt | 37.0m | 25.0m | |||

## Total Debt | 37.0m | 25.0m | |||

## Total Liabilities | 382.3m | 438.4m | |||

## Common Stock | 1.3m | ||||

## Additional Paid-in Capital | 604.3m | 662.9m | 717.7m | 771.3m | 830.0m |

## Retained Earnings | 414.9m | 465.0m | 400.8m | 376.2m | 313.2m |

## Total Equity | 1.0b | 1.1b | 1.1b | 1.1b | 1.1b |

## Debt to Equity Ratio | 0 x | ||||

## Debt to Assets Ratio | 0 x | ||||

## Financial Leverage | 1.3 x | 1.3 x | 1.3 x | 1.3 x | 1.4 x |

USD | Q3, 2013 | Q1, 2014 | Q2, 2014 | Q3, 2014 | Q1, 2015 | Q2, 2015 | Q3, 2015 | Q1, 2016 | Q2, 2016 | Q3, 2016 | Q1, 2017 | Q2, 2017 | Q3, 2017 | Q1, 2018 | Q2, 2018 |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|

## Cash | 190.2m | 240.7m | 237.5m | 259.5m | 239.5m | 232.8m | 229.2m | 265.4m | 285.3m | 300.7m | 279.0m | 263.2m | 294.2m | 250.4m | 217.6m |

## Accounts Receivable | 182.7m | 181.5m | 210.8m | 187.7m | 191.0m | 205.6m | 185.7m | 207.3m | 222.2m | 206.2m | 224.3m | 231.0m | 235.2m | 242.3m | 249.9m |

## Inventories | 178.9m | 170.3m | 167.3m | 170.9m | 178.0m | 187.4m | 190.0m | 192.1m | 194.6m | 196.4m | 194.9m | 186.2m | 184.6m | 193.3m | 193.4m |

## Current Assets | 798.6m | 849.0m | 885.2m | 906.5m | 916.2m | 926.7m | 879.0m | 793.5m | 820.7m | 810.8m | 830.5m | 838.1m | 855.6m | 915.8m | 928.5m |

## PP&E | 263.0m | 262.5m | 263.7m | 261.6m | 263.3m | 264.1m | 260.8m | 257.0m | 257.9m | 261.9m | 260.2m | 256.8m | 254.9m | 248.8m | 249.8m |

## Goodwill | 147.3m | 146.5m | 146.4m | 145.0m | 167.0m | 167.5m | 169.8m | 262.9m | 260.2m | 261.4m | 254.5m | 261.4m | 265.1m | 269.6m | 263.8m |

## Total Assets | 1.3b | 1.4b | 1.4b | 1.4b | 1.4b | 1.5b | 1.4b | 1.5b | 1.5b | 1.5b | 1.5b | 1.5b | 1.5b | 1.6b | 1.6b |

## Accounts Payable | 54.6m | 62.8m | 64.0m | 61.9m | 57.7m | 57.3m | 53.8m | 54.3m | 50.7m | 53.2m | 55.9m | 54.2m | 51.3m | 52.9m | 52.8m |

## Current Liabilities | 231.2m | 233.1m | 250.5m | 249.5m | 235.1m | 243.8m | 235.9m | 255.1m | 254.2m | 255.9m | 263.5m | 255.2m | 265.4m | 276.0m | 268.2m |

## Long-term debt | 25.0m | 25.0m | 40.0m | 25.0m | 25.0m | 25.0m | 15.0m | ||||||||

## Total Debt | 25.0m | 25.0m | 40.0m | 25.0m | 25.0m | 25.0m | 15.0m | ||||||||

## Total Liabilities | 330.4m | 327.9m | 347.2m | 333.6m | 328.1m | 336.6m | 353.7m | 367.8m | 382.1m | 365.5m | 376.2m | 367.3m | 367.3m | 441.9m | 428.1m |

## Additional Paid-in Capital | 586.4m | 621.2m | 635.6m | 649.8m | 680.2m | 693.1m | 694.8m | 731.0m | 744.8m | 758.4m | 785.7m | 800.8m | 816.2m | 846.7m | 864.3m |

## Retained Earnings | 400.8m | 414.8m | 420.2m | 440.8m | 455.7m | 449.0m | 395.2m | 380.9m | 374.2m | 372.9m | 361.3m | 359.1m | 365.0m | 316.0m | 316.6m |

## Total Equity | 991.2m | 1.0b | 1.1b | 1.1b | 1.1b | 1.1b | 1.1b | 1.1b | 1.1b | 1.1b | 1.1b | 1.1b | 1.2b | 1.1b | 1.2b |

## Debt to Equity Ratio | 0 x | 0 x | 0 x | 0 x | 0 x | 0 x | 0 x | ||||||||

## Debt to Assets Ratio | 0 x | 0 x | 0 x | 0 x | 0 x | 0 x | 0 x | ||||||||

## Financial Leverage | 1.3 x | 1.3 x | 1.3 x | 1.3 x | 1.3 x | 1.3 x | 1.3 x | 1.3 x | 1.4 x | 1.3 x | 1.3 x | 1.3 x | 1.3 x | 1.4 x | 1.4 x |

USD | FY, 2013 | FY, 2014 | FY, 2015 | FY, 2016 | FY, 2017 |
---|---|---|---|---|---|

## Net Income | 80.5m | 126.3m | 95.3m | 82.7m | 52.4m |

## Depreciation and Amortization | 68.0m | 70.2m | 73.3m | 73.4m | 72.7m |

## Accounts Receivable | 6.8m | (22.0m) | (12.0m) | (12.4m) | (15.3m) |

## Inventories | (1.6m) | (943.0k) | (8.4m) | (8.4m) | 10.2m |

## Accounts Payable | (8.6m) | 2.0m | (9.0m) | (2.2m) | 1.6m |

## Cash From Operating Activities | 169.5m | 195.1m | 162.6m | 195.8m | 224.4m |

## Cash From Investing Activities | (57.8m) | (107.6m) | (78.4m) | (70.5m) | (122.4m) |

## Short-term Borrowings | (25.0m) | ||||

## Dividends Paid | (69.8m) | (76.3m) | (97.6m) | (102.9m) | (109.6m) |

## Cash From Financing Activities | (43.4m) | (43.8m) | (107.1m) | (91.2m) | (106.3m) |

## Net Change in Cash | 4.9m | ||||

## Interest Paid | 110.0k | 144.0k | 287.0k | 520.0k | 478.0k |

## Income Taxes Paid | 10.5m | 28.0m | 29.0m | 2.9m | 38.0m |

## Free Cash Flow | 121.7m | 150.2m | 128.7m | 151.4m | 194.2m |

USD | Q3, 2013 | Q1, 2014 | Q2, 2014 | Q3, 2014 | Q1, 2015 | Q2, 2015 | Q3, 2015 | Q1, 2016 | Q2, 2016 | Q3, 2016 | Q1, 2017 | Q2, 2017 | Q3, 2017 | Q1, 2018 | Q2, 2018 |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|

## Net Income | 48.8m | 18.7m | 43.2m | 82.9m | 15.0m | 39.9m | 63.1m | 9.3m | 29.1m | 53.6m | 18.1m | 43.3m | 76.7m | 24.3m | 55.3m |

## Depreciation and Amortization | 50.9m | 17.0m | 33.4m | 51.0m | 17.9m | 36.5m | 55.2m | 19.4m | 38.2m | 55.2m | 18.7m | 35.9m | 54.8m | 17.4m | 35.1m |

## Accounts Receivable | 4.8m | (865.0k) | (30.1m) | (7.0m) | 11.8m | (2.7m) | 17.2m | 8.9m | (6.0m) | 10.1m | |||||

## Inventories | (8.4m) | 1.9m | 4.8m | 1.2m | (2.8m) | (12.2m) | (14.8m) | (6.9m) | (9.4m) | (11.2m) | |||||

## Accounts Payable | (10.6m) | 6.2m | 7.4m | 5.3m | (1.7m) | (2.1m) | (5.6m) | 3.4m | (246.0k) | 2.2m | |||||

## Cash From Operating Activities | 94.7m | 46.1m | 68.4m | 140.7m | 26.4m | 50.8m | 120.5m | 48.6m | 83.7m | 153.1m | 46.7m | 84.8m | 147.5m | 40.0m | 98.9m |

## Cash From Investing Activities | (36.2m) | (26.9m) | (41.4m) | (80.1m) | (44.0m) | (50.0m) | (66.5m) | 399.0k | (10.9m) | (31.5m) | (36.3m) | (73.5m) | (77.1m) | (60.8m) | (124.7m) |

## Dividends Paid | (52.2m) | (18.9m) | (38.0m) | (57.1m) | (24.3m) | (48.9m) | (73.4m) | (25.6m) | (51.3m) | (77.1m) | (27.2m) | (54.6m) | (82.1m) | (30.2m) | (60.6m) |

## Cash From Financing Activities | (30.3m) | (8.8m) | (19.8m) | (31.4m) | (16.9m) | (42.1m) | (98.8m) | (34.7m) | (38.6m) | (72.1m) | (19.4m) | (39.2m) | (69.2m) | (21.6m) | (44.0m) |

## Free Cash Flow | 53.9m | 34.2m | 46.3m | 110.1m | 16.1m | 30.2m | 92.4m | 39.4m | 62.7m | 118.7m | 35.9m | 69.1m | 123.4m | 31.9m | 79.1m |

USD | Y, 2018 |
---|---|

## Financial Leverage | 1.4 x |

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National Instruments's Customers was reported to be 35 k in FY, 2016. National Instruments's Users was reported to be 300 k in Q1, 2017.

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