NI Reports Record Quarterly Revenue

National Instruments (Nasdaq: NATI) today announced Q4 2020 revenue of $368 million, up slightly year over year for an all-time quarterly record.

In Q4 2020, the value of the company’s total orders were up 7 percent year over year; orders over $20,000 were up 13 percent year over year; and orders under $20,000 were down 4 percent year over year. As we expand our systems and software offerings, we may see larger differences between bookings and revenue on a quarterly basis.

“This year was a stress test for our strategy and it proved resilient. We delivered a strong close to a challenging year with record quarterly revenue above the high end of guidance," said Eric Starkloff, NI president and CEO. "The areas where we have focused showed strength and momentum increased throughout the year with fourth quarter orders up sequentially across all regions and business units. I believe we enter 2021 in a position of strength and poised to accelerate growth and deliver increased value to all our stakeholders."

Geographic revenue in U.S. dollar terms for Q4 2020 compared with Q4 2019 was down 6 percent in the Americas, up 5 percent in APAC and up 3 percent in EMEA. Excluding the impact of foreign currency exchange, revenue was down 6 percent in the Americas, up 5 percent in APAC and up 1 percent in EMEA. Historical revenue from these three regions can be found on NI’s investor website at www.ni.com/nati.

In Q4, GAAP gross margin was 70 percent and non-GAAP gross margin was 74 percent. Total Q4 GAAP operating expenses were $245 million, up 10 percent year over year, which includes approximately $30 million of restructuring-related charges. Total Q4 non-GAAP operating expenses were $196 million, down 3 percent year over year. GAAP operating margin was 4 percent in Q4, with GAAP operating income of $13 million, down 75 percent year over year. Non-GAAP operating margin was 21 percent in Q4, with non-GAAP operating income of $79 million, down 6 percent year over year.

GAAP net income for Q4 was $5 million, with diluted earnings per share ("EPS") of $0.04, and non-GAAP net income was $67 million, with non-GAAP diluted EPS of $0.51. EBITDA, or Earnings Before Interest, Taxes, Depreciation and Amortization, was $42 million for Q4. GAAP EPS includes higher restructuring charges than previously expected.

"I believe our strong close to 2020 is proof in our ability to adapt quickly to the global pandemic. We were diligent in managing expenses and achieved the 2020 annual targets shared at our investor conference in August," said Karen Rapp, NI CFO. "We remain committed to our 2023 financial model. In order to accelerate growth, we will continue to align investments to our higher growth opportunities within our four strategic pillars. I believe our strong balance sheet also gives us the opportunity to capitalize on inorganic investments to meet our growth targets faster and deliver shareholder returns."

As of Dec. 31, 2020, NI had $320 million in cash and short-term investments with $181 million in cash generated from operations in 2020. During Q4, NI paid $34 million in dividends and repurchased approximately 275,000 shares of our common stock at an average price of $34.39 per share. For the year, we returned over $185 million to our shareholders through dividends and stock repurchases, including the repurchase of 1.4 million shares at an average price of $35.04 per share. The NI Board of Directors approved a dividend of $0.27 per share payable on March 1, 2021, to stockholders of record on February 8, 2021. This represents an increase of 4 percent per share.

The company’s non-GAAP results exclude, as applicable, the impact of purchase accounting fair value adjustments, stock-based compensation expense, amortization of acquisition-related intangibles, acquisition-related transaction and integration costs, taxes levied on the transfer of acquired intellectual property, foreign exchange loss on acquisitions, restructuring charges, tax reform charges, disposal gains on buildings and related charitable contributions, tax effects related to businesses held for sale, gain on sale of businesses, and capitalization and amortization of internally developed software costs. Reconciliations of the company’s GAAP and non-GAAP results are included as part of this news release.

FY 2020 Highlights

  • Revenue of $1.29 billion, down 5 percent year over year
  • GAAP gross margin of 71 percent
  • Non-GAAP gross margin of 75 percent
  • Diluted GAAP EPS of $1.09
  • Diluted non-GAAP EPS of $1.24
  • Dividends paid of $137 million, or $1.04 per share

In 2020, GAAP operating expenses were $876 million, up 1 percent year over year, and non-GAAP operating expenses were $759 million, down 5 percent year over year. GAAP net income in 2020 was $144 million, down 11 percent year over year, and non-GAAP net income in 2020 was $164 million, down 24 percent year over year.

Guidance

NI currently expects Q1 revenue to be in the range of $324 million to $354 million and Q1 non-GAAP revenue, which we define as GAAP revenue adjusted to exclude the impact of purchase accounting fair value adjustments (for Q4 2020 these adjustments related to our recently acquired OptimalPlus subsidiary), to be in the range of $325 million to $355 million. The company currently expects that GAAP diluted EPS will be in the range of $(0.05) to $0.09 for Q1, with non-GAAP diluted EPS expected to be in the range of $0.24 to $0.38. For 2021, NI estimates its non-GAAP effective tax rate to be approximately 17 percent to 18 percent.

Conference Call Information

Interested parties can listen to the Q4 2020 earnings conference call with NI management today, January 28, at 4:00 p.m. CT at www.ni.com/call or dial (855) 212-2361 and enter confirmation code 3484087. Replay information is available by calling (855) 859-2056, confirmation code 3484087, shortly after the call through January 31, at 11:59 p.m. CT or by visiting the company’s website at www.ni.com/call.

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, gross margin, operating expenses, operating income, operating margin, provision for income taxes, net income, net margin and diluted EPS for the three-month and 12-month periods ending Dec. 31, 2020 and 2019, on a GAAP and non-GAAP basis. In this news release the company has also presented its non-GAAP revenue, and guidance for its Q1 non-GAAP revenue. In this news release revenue is also referred to as net sales, and non-GAAP revenue is also referred to as non-GAAP net sales. In this news release the company has also presented its estimated non-GAAP effective tax rate for 2021. When presenting non-GAAP information, the company includes a reconciliation of the non-GAAP results to the GAAP results. The company is not able to provide guidance on its GAAP tax rate or a related reconciliation without unreasonable efforts since its future GAAP tax rate depends on its future stock price and related information that is not currently available. 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 purchase accounting fair value adjustments, stock-based compensation expense, amortization of acquisition-related intangibles, acquisition-related transaction and integration costs, taxes levied on the transfer of acquired intellectual property, foreign exchange loss on acquisitions, restructuring charges, tax reform charges, disposal gains on buildings and related charitable contributions, tax effects related to businesses held-for-sale, gain on sale of businesses, and capitalization and amortization of internally developed software costs 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 the 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 discloses the company’s EBITDA for the three-month and 12-month periods ending Dec. 31, 2020 and 2019. The company believes that including the EBITDA results assists investors in assessing the company’s operational performance relative to its competitors. A reconciliation of EBITDA to GAAP net income is included with this news release.

Forward-Looking Statements

This release contains “forward-looking statements” including statements regarding as we expand our systems and software offerings, we may see larger differences between bookings and revenue on a quarterly basis; the areas where we have focused showed strength and momentum increased throughout the year; I believe we enter 2021 in a position of strength and poised to accelerate growth and deliver increased value to all our stakeholders; I believe our strong close to 2020 is proof in our ability to adapt quickly to the global pandemic; we remain committed to our 2023 financial model; in order to accelerate growth, we will continue to align investments to our higher growth opportunities within our four strategic pillars; I believe our strong balance sheet gives us the opportunity to capitalize on inorganic investments to meet our growth targets faster and deliver shareholder returns; expecting Q1 revenue to be in the range of $324 million to $354 million; expecting Q1 non-GAAP revenue to be in the range of $325 million to $355 million; expecting that GAAP diluted EPS will be in the range of $(0.05) to $0.09 for Q1, with non-GAAP diluted EPS expected to be in the range of $0.24 to $0.38; and estimating its non-GAAP effective tax rate to be approximately 17 percent to 18 percent for 2021. These statements are subject to a number of risks and uncertainties, including risks and uncertainties related to the COVID-19 virus and further economic and market disruptions resulting from COVID-19; further adverse changes or fluctuations in the global economy; further adverse fluctuations in our industry, foreign exchange fluctuations, changes in the current global trade regulatory environment; fluctuations in customer demands and markets; fluctuations in demand for our products including orders from our large customers; component shortages; delays in the release of new products; our ability to effectively manage our operating expenses; manufacturing inefficiencies and the level of capacity utilization; the impact of any recent or future acquisitions or divestitures by NI (including the ability to successfully operate or integrate the acquired company’s business into NI, the ability to retain and integrate the acquired company’s employees into NI, and the ability to realize the expected benefits of the acquisition); our ability to achieve the benefits of employee restructuring plans and possible changes in the size and timing of the related charges; cyber-attacks; expense overruns; and adverse effects of price changes or effective tax rates. Actual results may differ materially from the expected results. The company directs readers to its Form 10-K for the year ended Dec. 31, 2019, its Form 10-Q for the quarter ended Sept. 30, 2020 and the other documents it files with the SEC for other risks associated with the company’s future performance. These documents contain and identify important factors that could cause our actual results to differ materially from those contained in our forward-looking statements.

All information in this release is as of the date above. The company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the company’s expectations.

About NI

At NI, we bring together the people, ideas and technology so forward thinkers and creative problem solvers can take on humanity’s biggest challenges. From data and automation to research and validation, we provide the tailored, software-connected systems engineers and enterprises need to Engineer Ambitiously™ every day. (NATI-F)

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.

 

National Instruments

Condensed Consolidated Balance Sheets

(in thousands)

December 31,

December 31,

2020

2019

(unaudited)

ASSETS

Current assets:

Cash and cash equivalents

$

260,232

$

194,616

Short-term investments

59,923

237,983

Accounts receivable, net

266,869

248,872

Inventories, net

194,012

200,410

Prepaid expenses and other current assets

68,470

65,477

Total current assets

849,506

947,358

Property and equipment, net

254,399

243,717

Goodwill

467,547

262,242

Intangible assets, net

172,719

84,083

Operating lease right-of-use assets

67,674

70,407

Other long-term assets

79,670

44,082

Total assets

1,891,515

1,651,889

LIABILITIES AND EQUITY

Current liabilities:

Accounts payable and accrued liabilities

51,124

52,192

Accrued compensation

87,068

47,732

Deferred revenue - current

132,151

131,445

Other lease liabilities - current

15,801

13,431

Other taxes payable

48,129

40,607

Debt - current

5,000

Other current liabilities

42,578

20,716

Total current liabilities

381,851

306,123

Deferred income taxes

25,287

14,065

Liability for uncertain tax positions

10,868

6,652

Income tax payable - non-current

61,623

69,151

Deferred revenue - long-term

36,335

33,480

Operating lease liabilities - non-current

35,854

40,650

Debt, non-current

92,036

Other long-term liabilities

22,789

5,418

Total liabilities

666,643

475,539

Stockholders' equity:

Preferred stock

Common stock

1,312

1,305

Additional paid-in capital

1,033,285

953,578

Retained earnings

211,101

242,537

Accumulated other comprehensive loss

(20,826)

(21,070)

Total stockholders' equity

1,224,872

1,176,350

Total liabilities and stockholders' equity

$

1,891,515

$

1,651,889

 

National Instruments

Condensed Consolidated Statements of Income

(in thousands, except per share data, unaudited)

Three Months Ended

Years Ended

December 31,

December 31,

2020

2019

2020

2019

Net sales:

Product

$

327,714

$

332,267

$

1,137,603

$

1,215,014

Software maintenance

40,124

35,201

149,068

138,201

Total net sales

367,838

367,468

1,286,671

1,353,215

Cost of sales:

Product

105,625

89,308

359,861

329,364

Software maintenance

3,571

1,827

11,260

7,527

Total cost of sales

109,196

91,135

371,121

336,891

Gross profit

258,642

276,333

915,550

1,016,324

70%

75%

71%

75%

Operating expenses:

Sales and marketing

134,570

121,052

465,509

473,392

Research and development

73,733

71,471

280,381

272,452

General and administrative

36,883

30,129

129,863

122,768

Total operating expenses

245,186

222,652

875,753

868,612

Gain on sale of business/asset

159,753

26,842

Operating income

13,456

53,681

199,550

174,554

Other income (expense)

1,797

611

(788)

5,990

Income before income taxes

15,253

54,292

198,762

180,544

Provision (Benefit) for income taxes

10,515

(4,304)

55,103

18,393

Net income

$

4,738

$

58,596

$

143,659

$

162,151

Basic earnings per share

$

0.04

$

0.45

$

1.10

$

1.23

Diluted earnings per share

$

0.04

$

0.45

$

1.09

$

1.22

Weighted average shares outstanding -

Basic

131,277

130,776

131,082

131,722

Diluted

131,732

131,432

131,799

132,734

Dividends declared per share

$

0.26

$

0.25

$

1.04

$

1.00

 

National Instruments

Condensed Consolidated Statements of Cash Flows

(in thousands)

Years Ended December 31,

2020

2019

(unaudited)

Cash flow from operating activities:

Net income

$

143,659

$

162,151

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

87,064

73,541

Stock-based compensation

58,376

51,438

Disposal gain on sale of business/asset

(159,753)

(26,842)

Deferred income taxes

7,089

(12,680)

Net change in operating assets and liabilities

44,332

(23,203)

Net cash provided by operating activities

180,767

224,405

Cash flow from investing activities:

Capital expenditures

(49,652)

(60,857)

Proceeds from sale of assets/business, net of cash divested

160,266

32,492

Capitalization of internally developed software

(4,054)

(9,065)

Additions to other intangibles

(1,441)

(1,209)

Acquisitions of equity-method investments

(9,761)

(13,670)

Acquisitions, net of cash received

(334,981)

Purchases of short-term investments

(206,330)

(185,267)

Sales and maturities of short-term investments

384,652

219,628

Net cash used by investing activities

(61,301)

(17,948)

Cash flow from financing activities:

Proceeds from term loan

170,000

Payments of term loan

(71,250)

Proceeds from revolving line of credit

20,000

Payments of revolving line of credit

(20,000)

Debt issuance costs

(1,893)

Proceeds from issuance of common stock

31,947

33,191

Repurchase of common stock

(48,713)

(171,316)

Dividends paid

(136,545)

(131,855)

Other

(837)

Net cash used by financing activities

(56,454)

(270,817)

Impact of changes in exchange rates on cash

2,604

(410)

Net change in cash and cash equivalents

65,616

(64,770)

Cash and cash equivalents at beginning of period

194,616

259,386

Cash and cash equivalents at end of period

$

260,232

$

194,616

The following tables provide details with respect to the amount of GAAP charges related to stock-based compensation, amortization of acquisition-related intangibles and fair value adjustments, acquisition-related transaction costs, disposal gains on sale of business/assets and related charitable contributions, tax effects related to businesses held-for-sale, capitalization and amortization of internally developed software costs, and restructuring charges that were recorded in the line items indicated below (unaudited) (in thousands):

Three Months Ended

Years Ended

December 31,

December 31,

2020

2019

2020

2019

Stock-based compensation

Cost of sales

$

979

$

887

$

3,766

$

3,475

Sales and marketing

5,462

4,868

22,288

19,612

Research and development

5,129

4,236

17,769

16,265

General and administrative

4,251

3,393

14,552

12,086

Provision for income taxes

(445)

(1,433)

(8,705)

(9,337)

Total

$

15,376

$

11,951

$

49,670

$

42,101

Amortization of acquisition-related intangibles and fair value adjustments

Net sales

$

1,961

$

$

3,260

$

Cost of sales

4,313

823

9,892

3,348

Sales and marketing

1,965

485

5,264

1,970

Research and development

9

28

94

112

General and administrative

846

846

Other expense (income)

124

124

487

409

Provision for income taxes

(606)

(127)

(2,554)

(703)

Total

$

8,612

$

1,333

$

17,289

$

5,136

Acquisition related transaction and integration costs, restructuring charges, and other(1)(2)(3)(4)

Cost of sales

$

1,620

$

$

1,626

$

Sales and marketing

23,309

5,356

32,079

13,646

Research and development

1,184

3,266

6,374

4,166

General and administrative (1)(4)

8,685

2,002

21,279

11,527

Gain on sale of business/asset (1)(2)

(159,753)

(26,842)

Other expense (income)

191

589

Provision for income taxes(3)

(1,602)

(13,477)

32,364

(12,237)

Total

$

33,387

$

(2,853)

$

(65,442)

$

(9,740)

(1): During the third quarter of 2019, the company recognized a gain of $27 million related to the sale of an office building, presented within "Gain on sale of business/assets". The company also recognized a charitable contribution expense of $7 million related to an infrequent donation using a portion of the proceeds from the sale of the building, presented within "General and administrative".

(2): During the first quarter of 2020, we recognized a gain of $160 million related to the divestiture of AWR, presented within "Gain on sale of business/assets".

(3): During the fourth quarter of 2019, we recognized an income tax benefit of $11 million related to the recognition of deferred taxes on the outside basis difference of our AWR business, which was held-for-sale as of December 31, 2019.

(4): During the third quarter of 2020, we recognized $5 million of compensation expense related to the replacement of unvested options acquired from OptimalPlus. These amounts were accounted for as post-combination expense and will be recognized over the required service period.

(Capitalization) and amortization of internally developed software costs

Cost of sales

$

6,936

$

7,012

$

27,931

$

27,085

Research and development

(1,248)

(1,887)

(4,043)

(9,066)

Provision for income taxes

(1,195)

(1,076)

(5,017)

(3,784)

Total

$

4,493

$

4,049

$

18,871

$

14,235

 

National Instruments

Reconciliation of GAAP to Non-GAAP Measures

(in thousands, unaudited)

Three Months Ended

Years Ended

December 31,

December 31,

2020

2019

2020

2019

Reconciliation of Net sales to Non-GAAP Net sales

Net sales, as reported

$

367,838

$

367,468

$

1,286,671

$

1,353,215

Impact of acquisition related fair value adjustments

1,961

3,260

Non-GAAP net sales

$

369,799

$

367,468

$

1,289,931

$

1,353,215

Reconciliation of Gross Profit to Non-GAAP Gross Profit

Gross profit, as reported

$

258,642

$

276,333

$

915,550

$

1,016,324

Stock-based compensation

979

887

3,766

3,475

Amortization of acquisition-related intangibles and fair value adjustments

6,274

823

13,152

3,348

Acquisition transaction and integration costs, restructuring charges and other

1,620

1,626

Amortization of internally developed software costs

6,936

7,012

27,931

27,085

Non-GAAP gross profit

$

274,451

$

285,055

$

962,025

$

1,050,232

Non-GAAP gross margin

74%

78%

75%

78%

Reconciliation of Operating Expenses to Non-GAAP Operating Expenses

Operating expenses, as reported

$

245,186

$

222,652

$

875,753

$

868,612

Stock-based compensation

(14,842)

(12,497)

(54,609)

(47,963)

Amortization of acquisition-related intangibles and fair value adjustments

(2,820)

(513)

(6,204)

(2,082)

Acquisition transaction and integration costs, restructuring charges and other

(33,178)

(10,624)

(59,732)

(29,339)

Capitalization of internally developed software costs

1,248

1,887

4,043

9,066

Non-GAAP operating expenses

$

195,594

$

200,905

$

759,251

$

798,294

Reconciliation of Operating Income to Non-GAAP Operating Income

Operating income, as reported

$

13,456

$

53,681

$

199,550

$

174,554

Stock-based compensation

15,821

13,384

58,375

51,438

Amortization of acquisition-related intangibles and fair value adjustments

9,094

1,336

19,356

5,430

Acquisition transaction and integration costs, restructuring charges and other

34,798

10,624

61,358

29,339

Net amortization of internally developed software costs

5,688

5,125

23,888

18,019

Gain on sale of business/assets

(159,753)

(26,842)

Non-GAAP operating income

$

78,857

$

84,150

$

202,774

$

251,938

Non-GAAP operating margin

21%

23%

16%

19%

Reconciliation of Provision for income taxes to Non-GAAP Provision for income taxes

Provision for income taxes, as reported(1)

$

10,515

$

(4,304)

$

55,103

$

18,393

Stock-based compensation

445

1,433

8,705

9,337

Amortization of acquisition-related intangibles and fair value adjustments

606

127

2,554

703

Acquisition transaction and integration costs, restructuring charges and other

1,328

2,715

4,122

7,136

Net amortization of internally developed software costs

1,195

1,076

5,017

3,784

Gain on sale of business/assets

274

10,762

(36,486)

5,101

Tax reform charge (benefit)

(2,774)

Non-GAAP provision for income taxes(1)

$

14,363

$

11,809

$

39,015

$

41,680

(1): The income tax effect related to each non-GAAP item is calculated based on the tax laws and statutory income tax rates applicable in the tax jurisdiction(s) of the underlying non-GAAP adjustment, and considers the current and deferred tax impact of those adjustments.

 

Reconciliation of GAAP Net Income and Diluted EPS to Non-GAAP Net Income, Non-GAAP Diluted EPS, and EBITDA

(in thousands, except per share data, unaudited)

Three Months Ended

Years Ended

December 31,

December 31,

2020

2019

2020

2019

Net income, as reported

$

4,738

$

58,596

$

143,659

$

162,151

Adjustments to reconcile net income to non-GAAP net income:

Stock-based compensation

15,821

13,384

58,375

51,438

Amortization of acquisition-related intangibles and fair value adjustments

9,218

1,460

19,843

5,839

Acquisition transaction and integration costs, restructuring charges and other

34,989

10,624

61,947

29,339

Net amortization of internally developed software costs

5,688

5,125

23,888

18,019

Gain on sale of business/asset

(159,753)

(26,842)

Income tax effects and adjustments(1)

(3,848)

(16,113)

16,088

(23,287)

Non-GAAP net income

$

66,606

$

73,076

$

164,047

$

216,657

Non-GAAP net margin

18.0%

19.9%

12.7%

16.0%

Diluted EPS, as reported

$

0.04

$

0.45

$

1.09

$

1.22

Adjustment to reconcile diluted EPS to non-GAAP diluted EPS

Stock-based compensation

0.12

0.10

0.44

0.39

Amortization of acquisition-related intangibles and fair value adjustments

0.07

0.01

0.15

0.04

Acquisition transaction and integration costs, restructuring charges and other

0.27

0.08

0.47

0.22

Net amortization of internally developed software costs

0.04

0.04

0.18

0.14

Gain on sale of business/asset

(1.21)

(0.20)

Income tax effects and adjustments(1)

(0.03)

(0.12)

0.12

(0.18)

Non-GAAP diluted EPS

$

0.51

$

0.56

$

1.24

$

1.63

(1): The income tax effect related to each non-GAAP item is calculated based on the tax laws and statutory income tax rates applicable in the tax jurisdiction(s) of the underlying non-GAAP adjustment, and considers the current and deferred tax impact of those adjustments.

Net income, as reported

$

4,738

$

58,596

$

143,659

$

162,151

Adjustments to reconcile net income to EBITDA:

Interest expense (income), net

592

(1,934)

(2,016)

(8,089)

Tax expense (benefit)

10,515

(4,304)

55,103

18,393

Depreciation and amortization

25,836

18,995

87,064

73,541

EBITDA

$

41,681

$

71,353

$

283,810

$

245,996

Weighted average shares outstanding

Basic

131,277

130,776

131,082

131,722

Diluted

131,732

131,432

131,799

132,734

 

Reconciliation of GAAP to Non-GAAP Diluted EPS Guidance

(unaudited)

Three Months Ended

March 31, 2021

Low

High

GAAP Diluted EPS, guidance

$

(0.05

)

$

0.09

Adjustment to reconcile diluted EPS to non-GAAP diluted EPS:

Stock-based compensation

0.13

0.13

Amortization of acquisition-related intangibles and fair value adjustments

0.06

0.06

Acquisition transaction and integration costs, restructuring charges and other

0.12

0.12

Net amortization of internally developed software costs

0.05

0.05

Income tax effects and adjustments(1)

(0.07

)

(0.07

)

Non-GAAP Diluted EPS, guidance

$

0.24

$

0.38

(1): The income tax effect related to each non-GAAP item is calculated based on the tax laws and statutory income tax rates applicable in the tax jurisdiction(s) of the underlying non-GAAP adjustment, and considers the current and deferred tax impact of those adjustments.

 

Reconciliation of GAAP Net Sales to Non-GAAP Net Sales, Guidance

(unaudited)

Three Months Ended

March 31,

2021

2020

(midpoint)

Percent Inc(Dec)

GAAP Net sales, guidance

$

339,000

$

309,381

10%

Impact of purchase accounting fair value adjustments

1,000

Non-GAAP Net sales, guidance

$

340,000

$

309,381

10%

Contacts:

Marissa Vidaurri
Head of Investor Relations
(512) 683-5215

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