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National Instruments Reports Record First Quarter Revenue

AUSTIN, Texas April 26, 2012

Q1 2012 Highlights

  • $261 million
  • $262 million
  • Record revenue for a first quarter in software, PXI and NI CompactRIO products
  • GAAP gross margin of 77 percent and non-GAAP gross margin of 78 percent
  • $0.15
  • $0.22
  • $38 million $0.31
  • $377 million March 31

$262 million $6 million $20,000 $4,400

$19 million $0.15 $27 million $0.22 $38 million $0.31

In Q1, GAAP gross margin increased to 77 percent and non-GAAP gross margin reached 78 percent, up sequentially from 76 and 77 percent, respectively.

The company’s non-GAAP results exclude the impact of stock-based compensation, amortization of acquisition-related intangibles, acquisition accounting for deferred revenue and acquisition-related transaction costs. Reconciliations of the company’s GAAP and non-GAAP results are included as part of this news release.

April 25, 2012 $17 million $10 million to $15 million $3 million

James Truchard

Europe Asia Europe Asia $9 million

March 31 $377 million $0.14 May 25 May 7

Guidance for Q2 2012

China Europe

Alex Davern

$270 million and $290 million $0.15 to $0.25 $0.22 to $0.32

Non-GAAP Presentation

March 31, 2012

March 31, 2012

Conference Call Information

April 26 4:00 p.m. CDT www.ni.com/call May 1 7:00 p.m. CDT

Forward-Looking Statements

This release contains "forward-looking statements," including statements related to application gearing up for high volume production, receiving additional application orders, recognizing the remainder of the large application sale revenue over the coming quarters, significant transition toward graphical system design, leading the industry to the era of software-designed instrumentation, continued weakness of the Global PMI, early evidence that this weakness has continued into April, expected continued revenue growth in Q2, growth in non-GAAP operating expenses continuing to moderate through Q3, plan to leverage the investments the company made in 2011 to enable sustained revenue growth and drive toward the company’s long-term 18 percent non-GAAP operating margin target and the company’s Q2 guidance for revenue, 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 effectively manage its operating expenses, manufacturing inefficiencies, adjustments to acquisition earn-out accruals, foreign exchange fluctuations, the outcome of the company’s dispute with the U.S. government on its GSA contract and the impact of NI’s recent and any future acquisitions. Actual results may differ materially from the expected results.

Dec. 31, 2011

About National Instruments

www.ni.com [email protected] www.ni.com/nati

CompactRIO, 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:

Caitlin Gursslin 

Investor Relations 

(512) 683-8456

National Instruments

Consolidated Balance Sheets

(in thousands)

March 31,

Dec. 31,

2012

2011

(unaudited)

Assets

Current assets:

Cash and cash equivalents

$

238,510

$

142,608

Short-term investments

138,896

223,504

Accounts receivable, net

155,386

157,056

Inventories, net

140,408

131,995

Prepaid expenses and other current assets

32,911

38,082

Deferred income taxes, net

27,767

26,304

Total current assets

733,878

719,549

Property and equipment, net

192,944

190,148

Goodwill

130,975

130,747

Intangible assets, net

81,042

83,866

Other long-term assets

31,916

29,984

Total assets

$

1,170,755

$

1,154,294

Liabilities and Stockholders’ Equity

Current liabilities:

Accounts payable

$

41,629

$

41,111

Accrued compensation

24,656

29,616

Deferred revenue

95,448

90,074

Accrued expenses and other liabilities

34,619

37,612

Other taxes payable

20,047

24,507

Total current liabilities

216,399

222,920

Deferred income taxes

43,058

43,186

Liability for uncertain tax positions

20,270

19,494

Other long-term liabilities

15,714

16,683

Total liabilities

$

295,441

$

302,283

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