NI Reports Record Revenue for a Third Quarter, up 19 Percent YOY

Strong GAAP and non-GAAP earnings growth; Non-GAAP EPS up 83 percent year over year

Q3 2021 Summary

  • Record GAAP revenue for a third quarter of $367 million, up 19 percent year over year
  • All-time record for orders, up 30 percent year over year
  • Strong GAAP operating income of $34 million
  • Non-GAAP operating income of $67 million
  • Strong diluted GAAP EPS of $0.20 and diluted non-GAAP EPS of $0.42, up 83 percent year over year
  • Cash and short-term investments of $231 million as of September 30, 2021

National Instruments Corporation (Nasdaq: NATI) today announced Q3 2021 revenue of $367 million, up 19 percent year over year, a record for a third quarter.

In Q3 2021 the value of the company's orders was up 30 percent year over year. For Q3 2021, year over year orders were up 28 percent in the Americas, up 39 percent in APAC, and up 23 percent in EMEA.

Geographic revenue in U.S. dollar terms for Q3 2021 compared with Q3 2020 was up 17 percent in the Americas, up 20 percent in APAC and up 21 percent in EMEA. Historical revenue from these three regions can be found on NI’s investor website at www.ni.com/nati.

In Q3, GAAP gross margin was 72 percent and non-GAAP gross margin was 75 percent. Total GAAP operating expenses were $230 million, up 6 percent year over year. Total non-GAAP operating expenses were $209 million, up 10 percent year over year. GAAP operating income for Q3 was $34 million with non-GAAP operating income of $67 million. GAAP net income for Q3 was $27 million and non-GAAP net income was $55 million, with GAAP diluted EPS of $0.20 and non-GAAP diluted EPS of $0.42. Our GAAP diluted EPS and non-GAAP diluted EPS were near the high-end of our guidance.

Additionally, the company announced the acquisition of NH Research, Inc. (NHR), a leader in high power test and measurement applications such as electric vehicles and batteries. The transaction closed on October 19, 2021. NI also announced that it recently entered into a definitive agreement to purchase the EV Systems business of Rosenheim, Germany-based Heinzinger GmbH, a European leader in high-current and high-voltage power systems and this deal is expected to close in early Q1 2022, pending regulatory approval. These acquisitions will expand NI’s portfolio of electrification (EV), battery, and sustainable energy capabilities to provide customers with critical power level signal sensing, capture and analysis.

“We reported outstanding results in the third quarter as momentum continued across our business for the fourth consecutive quarter. The strategic changes we’ve made over the last several years are clearly paying off. Our focus on secular growth opportunities such as wireless communications and 5G, electrification, and space technology, is leading to sustainable customer demand. With our recent acquisitions, we will further accelerate growth and profitability by broadening our reach to customers in the fast-growing area of electrification," said Eric Starkloff, NI President and CEO. “Shortly after taking on the role of CEO in 2020, I committed to a 3-year financial model through 2023. Today, we expect to meet or exceed those expectations in 2022, a full year ahead of schedule.”

"We delivered record non-GAAP operating income for the first nine months of the year, up 44 percent year-over-year. We will continue to be intentional with investments that we believe will strengthen our competitive advantage to make our business stronger and more resilient,” said Karen Rapp, NI CFO. “While we continue to navigate supply constraints, our demand remains strong. Our focus to deliver software-connected systems and data analytics solutions enable the data insights our customers need for future success. We remain confident in our ability to accelerate growth, profitability, and shareholder value.”

As of September 30, 2021, NI had $231 million in cash and short-term investments. During the third quarter, NI paid $36 million in dividends. The NI Board of Directors approved a quarterly dividend of $0.27 per share payable on November 29, 2021, to stockholders of record on November 8, 2021.

NI's non-GAAP results exclude, as applicable, the impact of purchase accounting fair value adjustments, stock-based compensation, 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 NI's GAAP and non-GAAP results are included as part of this news release.

YTD 2021 Summary

  • Record GAAP revenue of $1,049 million, up 14 percent year over year
  • Strong GAAP operating income of $68 million
  • Record non-GAAP operating income of $178 million
  • Strong diluted GAAP EPS of $0.37 and diluted non-GAAP EPS of $1.08

Guidance

  • Q4 GAAP revenue to be in the range of $385 million to $425 million, up 10 percent year over year at the midpoint
  • GAAP diluted EPS to be in the range of $0.17 to $0.31 for Q4, up 20 cents year over year at the midpoint
  • Non-GAAP diluted EPS expected to be in the range of $0.47 to $0.61, up 6 percent year over year at the midpoint

Conference Call Information

Today, NI management will host a call with the investment community to discuss recent transactions in more detail in addition to the company's financial performance in the third quarter. Interested parties can listen to the Q3 2021 earnings conference call at ni.com/call or by dial (855) 212-2361 and enter confirmation code 7456239. Replay information is available by calling (855) 859-2056, confirmation code 7456239, shortly after the call through November 2 at 11:59 p.m. CT or by visiting the company’s website at www.ni.com/call.

Non-GAAP Presentation

To supplement NI’s financial statements presented on a GAAP basis, NI has provided non-GAAP financial information, including non-GAAP revenue or net sales, gross profit, gross margin, operating expenses, operating income, operating margin, provision for income taxes, net income, net margin, diluted EPS and EBITDA. A reconciliation of the adjustments to GAAP results is included in the tables below. Non-GAAP financial information is not meant as a substitute for GAAP results, but is included because management believes such information is useful to our investors for informational and comparative purposes. In addition, certain non-GAAP financial information is used internally by management to evaluate and manage the company. The non-GAAP financial information used by NI may differ from that used by other companies. These non-GAAP measures should be considered in addition to, and not as a substitute for, the results prepared in accordance with GAAP.

Forward-Looking Statements

This release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 including without limitation those statements about our expectations of accelerating growth and progress to meet long-term financial model, our continued momentum across regions and business units, our opportunities to drive growth, profitability and efficiency in our business, confidence in our software strategy, our ability to successfully integrate acquisitions and execute our growth strategy, our ability to achieve sustainable customer demand through focus on secular growth opportunities, and our guidance and expectations for our Q4 2021 revenue, diluted EPS, backlog and lead times. These statements are subject to a number of risks and uncertainties, and actual results may differ materially from any future results expressed or implied by the forward-looking statements. Risks and uncertainties include without limitation: the effect of the global economic and geopolitical conditions; our international operations and foreign economies; adverse public health matters, including epidemics and pandemics such as the COVID-19 pandemic; our ability to effectively manage our partners and distribution channels; interruptions in our technology systems; cyber-attacks; the dependency of our product revenue on certain industries and the risk of contractions in such industries; fluctuations in demand for our products including orders from our large customers; concentration of credit risk and uncertain conditions in the global financial markets; our ability to compete in markets that are highly competitive; our ability to release successful new products or achieve expected returns; the risk that our manufacturing capacity and a substantial majority of our warehousing and distribution capacity are located outside of the U.S.; our dependence on key suppliers and distributors; component shortages; longer delivery lead times from our suppliers; risk of product liability claims; dependence on our proprietary rights and risks of intellectual property litigation; the continued service of key management and technical personnel; the ability to comply with environmental laws and associated costs; our ability to maintain our website; the risks of bugs, vulnerabilities, errors or design flaws in our products; our ability to achieve the benefits of employee restructuring plans; our exposure to large orders; our ability to effectively manage our operating expenses and meet budget; expense overruns; manufacturing inefficiencies and the level of capacity utilization; fluctuations in our quarterly results due to factors outside of our control; our outstanding debt; seasonal variation in our revenues; our ability to comply with laws and regulations; changes in tax rates and exposure to additional tax liabilities; our ability to make certain acquisitions or dispositions, integrate the companies we acquire or separate the companies we sold and/or enter into strategic relationships; risks related to currency fluctuations; adverse effects of price changes; and changes in accounting principles. The company directs readers to its Form 10-K for the year ended December 31, 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.

About NI

At NI, we bring together 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.

National Instruments, NI and ni.com and Engineer Ambitiously are trademarks of National Instruments Corporation. Other product and company names listed are trademarks or trade names of their respective companies. (NATI-F)

National Instruments

Condensed Consolidated Balance Sheets

(in thousands)

 

 

September 30,

December 31,

 

2021

2020

 

(unaudited)

 

Assets

 

 

Cash and cash equivalents

$

230,697

 

$

260,232

 

Short-term investments

 

59,923

 

Accounts receivable, net

279,196

 

266,869

 

Inventories, net

236,733

 

194,012

 

Prepaid expenses and other current assets

89,152

 

68,470

 

Total current assets

835,778

 

849,506

 

Property and equipment, net

248,712

 

254,399

 

Goodwill

480,489

 

467,547

 

Intangible assets, net

136,938

 

172,719

 

Operating lease right-of-use assets

56,644

 

67,674

 

Other long-term assets

79,850

 

72,643

 

Total assets

$

1,838,411

 

$

1,884,488

 

 

 

 

Liabilities and Stockholders' Equity

 

 

Accounts payable and accrued expenses

$

63,568

 

$

51,124

 

Accrued compensation

87,802

 

87,068

 

Deferred revenue - current

120,762

 

132,151

 

Operating lease liabilities - current

12,360

 

15,801

 

Other taxes payable

43,673

 

48,129

 

Debt, current

 

5,000

 

Other current liabilities

25,162

 

42,578

 

Total current liabilities

353,327

 

381,851

 

Deferred income taxes

26,023

 

25,288

 

Income tax payable - non-current

54,195

 

61,623

 

Deferred revenue - non-current

32,278

 

36,335

 

Operating lease liabilities - non-current

29,206

 

35,854

 

Debt, noncurrent

100,000

 

92,036

 

Other long-term liabilities

16,910

 

26,630

 

Total liabilities

$

611,939

 

$

659,617

 

Stockholders' equity:

 

 

Common stock

1,326

 

1,312

 

Additional paid-in capital

1,109,918

 

1,033,284

 

Retained earnings

132,404

 

211,101

 

Accumulated other comprehensive loss

(17,176

)

(20,826

)

Total stockholders' equity

1,226,472

 

1,224,871

 

Total liabilities and stockholders' equity

$

1,838,411

 

$

1,884,488

 

National Instruments

Condensed Consolidated Statements of Income

(in thousands, except per share data, unaudited)

 

 

 

 

 

Three Months Ended

Nine Months Ended

 

September 30,

September 30,

 

2021

2020

2021

2020

 

 

 

 

 

Net sales:

 

 

 

 

Product

$

325,724

 

$

269,651

 

$

927,307

 

$

809,890

 

Software maintenance

41,438

 

38,473

 

121,733

 

108,944

 

Total net sales

367,162

 

308,124

 

1,049,040

 

918,834

 

 

 

 

 

 

Cost of sales:

 

 

 

 

Product

99,072

 

88,370

 

286,485

 

254,236

 

Software maintenance

3,643

 

3,893

 

10,882

 

7,689

 

Total cost of sales

102,715

 

92,263

 

297,367

 

261,925

 

 

 

 

 

 

Gross profit

264,447

 

215,861

 

751,673

 

656,909

 

 

72.0

%

70.1

%

71.7

%

71.5

%

Operating expenses:

 

 

 

 

Sales and marketing

117,065

 

109,774

 

345,048

 

330,939

 

Research and development

82,165

 

70,802

 

243,685

 

206,648

 

General and administrative

31,037

 

37,431

 

94,672

 

92,980

 

Total operating expenses

230,267

 

218,007

 

683,405

 

630,567

 

Gain on sale of business/assets

 

 

 

159,753

 

Operating income

34,180

 

(2,146

)

68,268

 

186,095

 

Other expense

(1,820

)

(2,001

)

(9,851

)

(2,584

)

Income before income taxes

32,360

 

(4,147

)

58,417

 

183,511

 

Provision for income taxes

5,183

 

475

 

9,438

 

44,588

 

Net income

$

27,177

 

$

(4,622

)

$

48,979

 

$

138,923

 

 

 

 

 

 

Basic earnings per share

$

0.20

 

$

(0.04

)

$

0.37

 

$

1.06

 

Diluted earnings per share

$

0.20

 

$

(0.04

)

$

0.37

 

$

1.06

 

 

 

 

 

 

Weighted average shares outstanding -

 

 

 

 

Basic

133,031

 

131,419

 

132,657

 

131,017

 

Diluted

133,686

 

131,419

 

133,829

 

131,671

 

 

 

 

 

 

Dividends declared per share

$

0.27

 

$

0.26

 

$

0.81

 

$

0.78

 

Condensed Consolidated Statements of Cash Flows

(in thousands, unaudited)

 

 

 

Nine Months Ended September 30,

 

2021

2020

 

 

Cash flow from operating activities:

 

 

Net income

$

48,979

 

$

138,923

 

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

 

 

Disposal gains on sale of business/asset

 

(159,753

)

Depreciation and amortization

73,418

 

61,228

 

Stock-based compensation

56,064

 

42,556

 

Loss from equity-method investees

5,082

 

2,559

 

Deferred income taxes

(2,030

)

(932

)

Net change in operating assets and liabilities

(95,477

)

24,203

 

Net cash provided by operating activities

86,036

 

108,784

 

 

 

 

Cash flow from investing activities:

 

 

Acquisitions, net of cash received

(19,784

)

(334,981

)

Capital expenditures

(26,147

)

(36,573

)

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

 

160,266

 

Capitalization of internally developed software

(1,246

)

(2,806

)

Additions to other intangibles

(2,317

)

(1,045

)

Payments to acquire equity-method and other investments

(15,753

)

(7,502

)

Purchases of short-term investments

 

(206,330

)

Sales and maturities of short-term investments

59,714

 

351,597

 

Net cash used in investing activities

(5,533

)

(77,374

)

 

 

 

Cash flow from financing activities:

 

 

Proceeds from revolving loan facility

100,000

 

20,000

 

Proceeds from term loan

 

70,000

 

Payments on term loan

(98,750

)

(875

)

Debt issuance costs

(1,993

)

(1,480

)

Proceeds from issuance of common stock

25,438

 

24,971

 

Repurchase of common stock

(25,000

)

(39,244

)

Dividends paid

(107,397

)

(102,396

)

Net cash used in financing activities

(107,702

)

(29,024

)

 

 

 

Impact of changes in exchange rates on cash

(2,336

)

317

 

 

 

 

Net change in cash and cash equivalents

(29,535

)

2,703

 

Cash and cash equivalents at beginning of period

260,232

 

194,616

 

Cash and cash equivalents at end of period

$

230,697

 

$

197,319

 

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 and integration costs, capitalization and amortization of internally developed software costs, restructuring charges, gains on sale of business/assets, and other that were recorded in the line items indicated below (unaudited) (in thousands)

 

 

 

 

 

 

Three Months Ended

Nine Months Ended

 

September 30,

September 30,

 

 

 

 

 

 

2021

2020

2021

2020

Stock-based compensation

 

 

 

 

Cost of sales

$

1,183

 

$

1,051

 

$

3,487

 

$

2,787

 

Sales and marketing

6,332

 

5,184

 

18,949

 

16,826

 

Research and development

5,811

 

4,692

 

17,704

 

12,640

 

General and administrative

5,530

 

4,293

 

16,050

 

10,301

 

Provision for income taxes

(2,798

)

(3,854

)

(10,036

)

(8,260

)

Total

$

16,058

 

$

11,366

 

$

46,154

 

$

34,294

 

 

 

 

 

 

Amortization of acquisition-related intangibles and fair value adjustments

 

 

 

 

Net sales

$

421

 

$

1,299

 

$

1,971

 

$

1,299

 

Cost of sales

4,194

 

4,198

 

12,691

 

5,579

 

Sales and marketing

2,331

 

2,334

 

6,859

 

3,300

 

Research and development

 

28

 

 

84

 

Other expense

529

 

121

 

1,476

 

363

 

Provision for income taxes

(917

)

(1,658

)

(2,870

)

(1,948

)

Total

$

6,558

 

$

6,322

 

$

20,127

 

$

8,677

 

 

 

 

 

 

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

 

 

 

 

Cost of sales

$

(7

)

$

(13

)

$

(50

)

$

7

 

Sales and marketing

584

 

1,158

 

6,071

 

8,771

 

Research and development

386

 

374

 

1,422

 

5,190

 

General and administrative

850

 

10,210

 

7,388

 

12,595

 

Gain on sale of business/assets

 

 

 

(159,753

)

Other expense

316

 

270

 

4,322

 

397

 

Provision for income taxes

(238

)

(712

)

(3,701

)

33,965

 

Total

$

1,891

 

$

11,287

 

$

15,452

 

$

(98,828

)

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

(2): During the first quarter of 2021, we recognized a $3.5 million impairment loss related to one of our equity-method investments.

 

 

 

 

 

Capitalization and amortization of internally developed software costs

 

 

 

 

Cost of sales

$

5,532

 

$

6,769

 

$

18,633

 

$

20,995

 

Research and development

(525

)

302

 

(1,246

)

(2,794

)

Provision for income taxes

(1,192

)

(1,485

)

(3,792

)

(3,822

)

Total

$

3,815

 

$

5,586

 

$

13,595

 

$

14,379

 

National Instruments

Reconciliation of GAAP to Non-GAAP Measures

(in thousands, unaudited)

 

 

 

 

 

 

Three Months Ended

Nine Months Ended

 

September 30,

September 30,

 

2021

2020

2021

2020

 

 

 

 

 

Reconciliation of Net sales to Non-GAAP Net sales

 

 

 

 

Net sales, as reported

$

367,162

 

308,124

 

1,049,040

 

$

918,834

 

plus: Impact of acquisition-related fair value adjustments

421

 

1,299

 

1,971

 

1,299

 

Non-GAAP net sales

$

367,583

 

309,423

 

1,051,011

 

$

920,133

 

 

 

 

 

 

Reconciliation of Gross Profit to Non-GAAP Gross Profit

 

 

Gross profit, as reported

$

264,447

 

$

215,861

 

$

751,673

 

$

656,909

 

Stock-based compensation

1,183

 

1,051

 

3,487

 

2,787

 

Amortization of acquisition-related intangibles and fair value adjustments

4,615

 

5,497

 

14,662

 

6,878

 

Acquisition transaction and integration costs, restructuring charges and other

(7

)

(13

)

(50

)

7

 

Amortization of internally developed software costs

5,532

 

6,769

 

18,633

 

20,995

 

Non-GAAP gross profit

$

275,770

 

$

229,165

 

$

788,405

 

$

687,576

 

Non-GAAP gross margin

75.0

%

74.1

%

75.0

%

74.7

%

 

 

 

 

 

Reconciliation of Operating Expenses to Non-GAAP Operating Expenses

 

 

Operating expenses, as reported

$

230,267

 

$

218,007

 

$

683,405

 

$

630,567

 

Stock-based compensation

(17,673

)

(14,169

)

(52,703

)

(39,767

)

Amortization of acquisition-related intangibles and fair value adjustments

(2,331

)

(2,362

)

(6,859

)

(3,384

)

Acquisition transaction and integration costs, restructuring charges and other

(1,820

)

(11,742

)

(14,881

)

(26,556

)

Capitalization of internally developed software costs

525

 

(302

)

1,246

 

2,794

 

Non-GAAP operating expenses

$

208,968

 

$

189,432

 

$

610,208

 

$

563,654

 

 

 

 

 

 

Reconciliation of Operating Income to Non-GAAP Operating Income

 

 

Operating income, as reported

$

34,180

 

$

(2,146

)

$

68,268

 

$

186,095

 

Stock-based compensation

18,856

 

15,220

 

56,190

 

42,554

 

Amortization of acquisition-related intangibles and fair value adjustments

6,946

 

7,859

 

21,521

 

10,262

 

Acquisition transaction and integration costs, restructuring charges and other

1,813

 

11,729

 

14,831

 

26,563

 

Net amortization of internally developed software costs

5,007

 

7,071

 

17,387

 

18,201

 

Gain on sale of business/assets

 

 

 

(159,753

)

Non-GAAP operating income

$

66,802

 

$

39,733

 

$

178,197

 

$

123,922

 

Non-GAAP operating margin

18.2

%

12.8

%

17.0

%

13.5

%

 

 

 

 

 

Reconciliation of Provision for income taxes to Non-GAAP Provision for income taxes(1)

 

 

Provision for income taxes, as reported

$

5,183

 

$

475

 

$

9,438

 

$

44,588

 

Stock-based compensation

2,798

 

3,854

 

10,036

 

8,260

 

Amortization of acquisition-related intangibles and fair value adjustments

917

 

1,658

 

2,870

 

1,948

 

Acquisition transaction and integration costs, restructuring charges and other

238

 

712

 

3,701

 

2,794

 

Net amortization of internally developed software costs

1,192

 

1,485

 

3,792

 

3,822

 

Gain on sale of business/assets

 

 

 

(36,759

)

Non-GAAP provision for income taxes(1)

$

10,328

 

$

8,184

 

$

29,837

 

$

24,653

 

(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

Nine Months Ended

 

September 30,

September 30,

 

2021

2020

2021

2020

 

 

 

 

 

Net income, as reported

$

27,177

 

$

(4,622

)

$

48,979

 

$

138,923

 

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

 

 

 

 

Stock-based compensation

18,856

 

15,220

 

56,190

 

42,554

 

Amortization of acquisition-related intangibles and fair value adjustments

7,475

 

7,980

 

22,997

 

10,625

 

Acquisition transaction and integration costs, restructuring charges and other

2,129

 

11,999

 

19,153

 

26,960

 

Net amortization of internally developed software costs

5,007

 

7,071

 

17,387

 

18,201

 

Gain on sale of business/assets

 

 

 

(159,753

)

Income tax effects and adjustments(1)

(5,145

)

(7,709

)

(20,399

)

19,935

 

Non-GAAP net income

$

55,499

 

$

29,939

 

$

144,307

 

$

97,445

 

Non-GAAP net margin

15.1

%

9.7

%

13.7

%

10.6

%

 

Diluted EPS, as reported

$

0.20

 

$

(0.04

)

$

0.37

 

$

1.06

 

Adjustment to reconcile diluted EPS to non-GAAP diluted EPS

 

 

 

 

Stock-based compensation

0.14

 

0.12

 

0.42

 

0.32

 

Amortization of acquisition-related intangibles and fair value adjustments

0.06

 

0.06

 

0.17

 

0.08

 

Acquisition transaction and integration costs, restructuring charges and other

0.02

 

0.10

 

0.14

 

0.20

 

Net amortization of internally developed software costs

0.04

 

0.05

 

0.13

 

0.14

 

Gain on sale of business/assets

 

 

 

(1.21

)

Income tax effects and adjustments(1)

(0.04

)

(0.06

)

(0.15

)

0.15

 

Non-GAAP diluted EPS

$

0.42

 

$

0.23

 

$

1.08

 

$

0.74

 

(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.

 

 

Three Months Ended

 

Nine Months Ended

 

 

September 30,

 

September 30,

 

 

2021

 

2020

 

2021

 

2020

Net income, as reported

 

$

27,177

 

 

$

(4,622

)

 

$

48,979

 

 

$

138,923

 

Adjustments to reconcile net income to EBITDA:

 

 

 

 

 

 

 

 

Interest expense (income), net

 

643

 

 

560

 

 

2,296

 

 

(2,608

)

Tax expense

 

5,183

 

 

475

 

 

9,438

 

 

44,588

 

Depreciation and amortization

 

23,394

 

 

22,887

 

 

73,418

 

 

61,228

 

EBITDA

 

$

56,397

 

 

$

19,300

 

 

$

134,131

 

 

$

242,131

 

Weighted average shares outstanding - Diluted

 

133,686

 

 

131,419

 

 

133,829

 

 

131,671

 

Reconciliation of GAAP Diluted EPS to Non-GAAP Diluted EPS Guidance

(unaudited)

 

Three Months Ended

 

December 31, 2021

 

 

 

 

Low

High

GAAP Diluted EPS, guidance

$

0.17

 

$

0.31

 

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

 

 

Stock-based compensation

0.14

 

0.14

 

Amortization of acquisition-related intangibles and fair value adjustments

0.08

 

0.08

 

Acquisition transaction and integration costs, restructuring charges, and other

0.09

 

0.09

 

Net amortization of software development costs

0.05

 

0.05

 

Income tax effects and adjustments(1)

(0.06

)

(0.06

)

Non-GAAP Diluted EPS, guidance

$

0.47

 

$

0.61

 

(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.

 

Contacts

Marissa Vidaurri

Head of Investor Relations

(512) 683-5215

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