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National Instruments Reports Record Quarterly and Annual Revenue

AUSTIN, Texas Jan. 25, 2011

Q4 2010 Highlights

  • $250 million
  • GAAP gross margin of 77.5 percent
  • Non-GAAP gross margin of 78.0 percent
  • GAAP and non-GAAP operating income and net income reached all-time record
  • $0.48
  • $0.53
  • $56 million $0.71
  • $351 million Dec. 31, 2010

$250 million $230 million and $244 million Oct. 25, 2010 $20,000 $5 million Sept. 30 to Dec. 31, 2010

$38 million $0.48 $42 million $0.53 $21.6 million $0.28

In Q4, GAAP gross margin increased 60 basis points year-over-year to 77.5 percent. Non-GAAP gross margin increased by 50 basis points year-over-year to 78.0 percent.

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.

James Truchard

$234 million $16 million

Europe Asia Europe Asia

Dec. 31 $351 million $12 million Sept. 30 $0.15 Feb. 21 Feb. 4

FY 2010 Highlights

  • $873 million
  • GAAP operating margin of 14.7 percent
  • Non-GAAP operating margin of 17.3 percent
  • $1.38
  • $1.58
  • Record annual revenue for NI CompactRIO, RF and PXI modular instruments
  • $145 million
  • $165 million $2.08
  • NI named to FORTUNE magazine’s 100 Best Companies to Work For list for 12th consecutive year

$873 million $109.1 million $1.38 $124.6 million $1.58

Guidance for Q1 2011

Alex Davern

$230 million and $244 million $0.33 and $0.41 $0.38 and $0.46

$0.05

Non-GAAP Presentation

Dec. 31, 2010 Dec. 31, 2010

Conference Call Information

Jan. 25 4:00 p.m. CST www.ni.com/call January 30 7:00 p.m. CST

Forward-Looking Statements

Dec. 31, 2009 Sept. 30, 2010

About National Instruments

www.ni.com . Austin, Texas [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.

National Instruments

Consolidated Balance Sheets

(in thousands)

December 31,

2010

2009

(Unaudited)

Assets

Current assets:

Cash and cash equivalents

$

219,447

$

201,465

Short-term investments

131,215

87,196

Accounts receivable, net

127,214

103,957

Inventories, net

117,765

86,515

Prepaid expenses and other current assets

36,239

36,523

Deferred income taxes, net

18,838

16,522

Total current assets

650,718

532,178

Property and equipment, net

160,410

153,265

Goodwill, net

70,278

64,779

Intangible assets, net

52,816

43,390

Other long-term assets

25,460

19,417

Total assets

$

959,682

$

813,029

Liabilities and Stockholders’ Equity

Current liabilities:

Accounts payable

$

33,544

$

23,502

Accrued compensation

27,734

14,934

Deferred revenue

71,650

57,242

Accrued expenses and other liabilities

16,538

8,560

Other taxes payable

16,846

14,181

Total current liabilities

166,312

118,419

Deferred income taxes

29,477

25,012

Liability for uncertain tax positions

14,953

11,062

Other long-term liabilities

4,395

4,116

Total liabilities

$

215,137

$

158,609

Stockholders’ equity:

Preferred stock

Common stock

786

774

Additional paid-in capital

408,106

336,446

Retained earnings

336,363

303,655

Accumulated other comprehensive income

(710)

13,545

Total stockholders’ equity

$

744,545

$

654,420

Total liabilities and stockholders’ equity

$

959,682

$

813,029

National Instruments

Consolidated Statements of Income

(in thousands, except per share data)

Three Months Ended

Year Ended

December 31,

December 31,

(Unaudited)

(Unaudited)

2010

2009

2010

2009

Net sales:

Product

$

233,973

$

188,388

$

807,386

$

623,736

Software maintenance

15,990

13,209

65,834

52,858

Total net sales

249,963

201,597

873,220

676,594

Cost of sales:

Product

$

55,278

$

45,466

$

195,096

$

164,700

Software maintenance

1,021

1,150

4,987

5,184

Total cost of sales

56,299

46,616

200,083

169,884

Gross profit

$

193,664

$

154,981

$

673,137

$

506,710

Operating expenses:

Sales and marketing

$

86,440

$

70,178

$

319,606

$

269,267

Research and development

43,237

33,722

158,149

132,974

General and administrative

17,368

15,100

67,069

57,938

Total operating expenses

$

147,045

$

119,000

$

544,824

$

460,179

Operating income

$

46,619

$

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