NI Reports Record Revenue for a Second Quarter
Strong execution in challenging macro environment
Q2 2023 Summary
-
Record GAAP revenue for a second quarter of
$417 million -
Solid Q2 GAAP operating margin of
10% -
Record Q2 Non-GAAP operating margin of
22% -
Strong diluted GAAP EPS of
$0.23 $0.51
In Q2, the total value of the company's orders was down 17 percent year over year. Orders were down 20 percent in the
In Q2, GAAP gross margin was 72 percent and non-GAAP gross margin was 74 percent. Total GAAP operating expenses were
In Q2, GAAP net income for Q2 was
“I am pleased with our results in the second quarter. We delivered record revenue for a second quarter, along with strong operating margin and EPS, which demonstrates the operating leverage we have developed through our ongoing transformation. Revenue was up 5 percent year-over-year and was bolstered by our strong backlog, even as orders weakened more than we initially anticipated throughout the quarter,” said Eric Starkloff, NI President and CEO. “Despite the challenging macro environment, we executed our strategy. Our performance is a testament to our continued focus on high growth subsegments and global execution.”
"Our focus on operational execution and expense management continued, resulting in second quarter GAAP operating margin up over 450 bps and non-GAAP operating margin up over 600 bps as compared to the same quarter last year," said Daniel Berenbaum, NI CFO. "While we still see difficulty in obtaining reliable supply of a few specific parts, a general easing of supply chain constraints combined with the laser-focus of our team enabled more shipments from our strong backlog, offsetting a difficult bookings environment."
As of June 30, 2023, NI had
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 2023 Summary
-
Record GAAP revenue of
$854 million -
Strong GAAP operating margin of
11% and record non-GAAP operating margin of23% -
Strong diluted GAAP EPS of
$0.58 $1.13
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 and diluted EPS. 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 Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act that are subject to risks and uncertainties. These statements include those set forth above relating to our ability to execute on our strategy. All forward-looking statements are based on current expectations and projections of future events. We claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 for all forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, forward-looking statements are not guarantees of performance and actual results could differ materially from those projected in the forward-looking statements as a result of a number of important factors which could affect our future results and could cause those results or other outcomes to differ materially from those expressed or implied in the forward-looking statements. Risks and uncertainties include without limitation: the global shortage of key components; 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 or cyber-attacks on our systems; the dependency of our product revenue on certain industries and the risk of contractions in such industries; 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
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) |
||||||
|
June 30, |
December 31, |
||||
|
|
2023 |
|
|
2022 |
|
|
(unaudited) |
|
||||
Assets |
|
|
||||
Cash and cash equivalents |
$ |
139,243 |
|
$ |
139,799 |
|
Accounts receivable, net |
|
389,926 |
|
|
445,279 |
|
Inventories, net |
|
401,626 |
|
|
388,164 |
|
Prepaid expenses and other current assets |
|
123,949 |
|
|
115,677 |
|
Total current assets |
|
1,054,744 |
|
|
1,088,919 |
|
Property and equipment, net |
|
283,907 |
|
|
265,380 |
|
Goodwill |
|
638,459 |
|
|
615,734 |
|
Intangible assets, net |
|
192,904 |
|
|
200,850 |
|
Operating lease right-of-use assets |
|
68,062 |
|
|
59,176 |
|
Other long-term assets |
|
124,918 |
|
|
128,479 |
|
Total assets |
$ |
2,362,994 |
|
$ |
2,358,538 |
|
|
|
|
||||
Liabilities and Stockholders' Equity |
|
|
||||
Accounts payable and accrued expenses |
$ |
60,514 |
|
$ |
54,639 |
|
Accrued compensation |
|
49,575 |
|
|
71,422 |
|
Deferred revenue - current |
|
158,247 |
|
|
137,208 |
|
Operating lease liabilities - current |
|
16,608 |
|
|
13,834 |
|
Other taxes payable |
|
55,622 |
|
|
67,615 |
|
Debt, current |
|
25,000 |
|
|
25,000 |
|
Other current liabilities |
|
58,833 |
|
|
153,157 |
|
Total current liabilities |
|
424,399 |
|
|
522,875 |
|
Deferred income taxes |
|
5,983 |
|
|
1,676 |
|
Income tax payable - non-current |
|
22,581 |
|
|
40,646 |
|
Deferred revenue - non-current |
|
60,094 |
|
|
63,066 |
|
Operating lease liabilities - non-current |
|
36,486 |
|
|
30,588 |
|
Debt - non-current |
|
564,373 |
|
|
516,637 |
|
Other long-term liabilities |
|
31,558 |
|
|
26,926 |
|
Total liabilities |
$ |
1,145,474 |
|
$ |
1,202,414 |
|
|
|
|
||||
Stockholders' equity: |
|
|
||||
Common stock |
|
1,328 |
|
|
1,310 |
|
Additional paid-in capital |
|
1,251,971 |
|
|
1,207,420 |
|
Retained earnings |
|
(11,295 |
) |
|
(14,741 |
) |
Accumulated other comprehensive loss |
|
(24,484 |
) |
|
(37,865 |
) |
Total stockholders' equity |
|
1,217,520 |
|
|
1,156,124 |
|
Total liabilities and stockholders' equity |
$ |
2,362,994 |
|
$ |
2,358,538 |
|
National Instruments |
||||||||||||
Condensed Consolidated Statements of Income |
||||||||||||
(in thousands, except per share data, unaudited) |
||||||||||||
|
|
|
|
|||||||||
|
Three Months Ended |
Six Months Ended |
||||||||||
|
June 30, |
June 30, |
||||||||||
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
||||||||
Net sales: |
|
|
|
|
||||||||
Product |
$ |
379,436 |
|
$ |
354,805 |
|
$ |
779,835 |
|
$ |
698,489 |
|
Software maintenance |
|
37,368 |
|
|
40,710 |
|
|
73,794 |
|
|
82,281 |
|
Total net sales |
|
416,804 |
|
|
395,515 |
|
|
853,629 |
|
|
780,770 |
|
|
|
|
|
|
||||||||
Cost of sales: |
|
|
|
|
||||||||
Product |
|
113,625 |
|
|
123,307 |
|
|
241,181 |
|
|
238,332 |
|
Software maintenance |
|
4,862 |
|
|
4,167 |
|
|
10,012 |
|
|
8,370 |
|
Total cost of sales |
|
118,487 |
|
|
127,474 |
|
|
251,193 |
|
|
246,702 |
|
|
|
|
|
|
||||||||
Gross profit |
|
298,317 |
|
|
268,041 |
|
|
602,436 |
|
|
534,068 |
|
|
|
|
|
|
||||||||
Operating expenses: |
|
|
|
|
||||||||
Sales and marketing |
|
123,101 |
|
|
124,908 |
|
|
240,443 |
|
|
245,064 |
|
Research and development |
|
83,801 |
|
|
85,589 |
|
|
170,438 |
|
|
167,750 |
|
General and administrative |
|
50,504 |
|
|
36,772 |
|
|
93,719 |
|
|
69,949 |
|
Total operating expenses |
|
257,406 |
|
|
247,269 |
|
|
504,600 |
|
|
482,763 |
|
Operating income |
|
40,911 |
|
|
20,772 |
|
|
97,836 |
|
|
51,305 |
|
Other expense |
|
(8,500 |
) |
|
(3,505 |
) |
|
(11,519 |
) |
|
(3,473 |
) |
Income before income taxes |
|
32,411 |
|
|
17,267 |
|
|
86,317 |
|
|
47,832 |
|
Provision for income taxes |
|
1,919 |
|
|
4,833 |
|
|
8,896 |
|
|
10,162 |
|
Net income |
$ |
30,492 |
|
$ |
12,434 |
|
$ |
77,421 |
|
$ |
37,670 |
|
|
|
|
|
|
||||||||
Basic earnings per share |
$ |
0.23 |
|
$ |
0.09 |
|
$ |
0.59 |
|
$ |
0.29 |
|
Diluted earnings per share |
$ |
0.23 |
|
$ |
0.09 |
|
$ |
0.58 |
|
$ |
0.28 |
|
|
|
|
|
|
||||||||
Weighted average shares outstanding - |
|
|
|
|
||||||||
Basic |
|
132,369 |
|
|
131,973 |
|
|
131,850 |
|
|
132,039 |
|
Diluted |
|
134,171 |
|
|
132,708 |
|
|
133,693 |
|
|
132,948 |
|
|
|
|
|
|
||||||||
Dividends declared per share |
$ |
0.28 |
|
$ |
0.28 |
|
$ |
0.56 |
|
$ |
0.56 |
|
|
||||||
Condensed Consolidated Statements of Cash Flows |
||||||
(in thousands, unaudited) |
||||||
|
Six Months Ended June 30, |
|||||
|
|
2023 |
|
|
2022 |
|
|
|
|||||
Cash flow from operating activities: |
|
|
||||
Net income |
$ |
77,421 |
|
$ |
37,670 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
||||
Depreciation and amortization |
|
45,541 |
|
|
45,742 |
|
Stock-based compensation |
|
30,388 |
|
|
40,804 |
|
Loss from equity-method investees |
|
(5,597 |
) |
|
(131 |
) |
Deferred income taxes |
|
2,488 |
|
|
943 |
|
Net change in operating assets and liabilities |
|
(75,368 |
) |
|
(169,930 |
) |
Net cash (used in) provided by operating activities |
|
74,873 |
|
|
(44,902 |
) |
|
|
|
||||
Cash flow from investing activities: |
|
|
||||
Acquisitions, net of cash received |
|
(23,024 |
) |
|
(72,802 |
) |
Capital expenditures |
|
(35,477 |
) |
|
(24,509 |
) |
Capitalization of internally developed software |
|
(925 |
) |
|
(187 |
) |
Additions to other intangibles |
|
(3,811 |
) |
|
(2,478 |
) |
Net cash used in investing activities |
|
(63,237 |
) |
|
(99,976 |
) |
|
|
|
||||
Cash flow from financing activities: |
|
|
||||
Proceeds from revolving loan facility |
|
120,000 |
|
|
175,000 |
|
Payments on revolving line of credit |
|
(60,000 |
) |
|
— |
|
Proceeds from term loan |
|
— |
|
|
— |
|
Payments on term loan |
|
(12,500 |
) |
|
— |
|
Debt issuance costs |
|
— |
|
|
— |
|
Proceeds from issuance of common stock |
|
17,376 |
|
|
17,859 |
|
Repurchase of common stock |
|
— |
|
|
(70,000 |
) |
Dividends paid |
|
(73,975 |
) |
|
(74,034 |
) |
Other |
|
(3,075 |
) |
|
— |
|
Net cash used in financing activities |
|
(12,174 |
) |
|
48,825 |
|
|
|
|
||||
Impact of changes in exchange rates on cash |
|
(18 |
) |
|
(4,180 |
) |
|
|
|
||||
Net change in cash and cash equivalents |
|
(556 |
) |
|
(100,233 |
) |
Cash and cash equivalents at beginning of period |
|
139,799 |
|
|
211,106 |
|
Cash and cash equivalents at end of period |
$ |
139,243 |
|
$ |
110,873 |
|
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 |
Six Months Ended |
||||||||||
|
June 30, |
June 30, |
||||||||||
|
|
|
|
|
||||||||
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Stock-based compensation |
|
|
|
|
||||||||
Cost of sales |
$ |
467 |
|
$ |
1,253 |
|
$ |
1,429 |
|
$ |
2,475 |
|
Sales and marketing |
|
5,792 |
|
|
7,202 |
|
|
10,727 |
|
|
14,291 |
|
Research and development |
|
5,146 |
|
|
6,271 |
|
|
10,264 |
|
|
12,359 |
|
General and administrative |
|
3,424 |
|
|
5,951 |
|
|
7,967 |
|
|
11,680 |
|
Provision for income taxes |
|
(6,020 |
) |
|
(1,993 |
) |
|
(7,821 |
) |
|
(4,648 |
) |
Total |
$ |
8,809 |
|
$ |
18,684 |
|
$ |
22,566 |
|
$ |
36,157 |
|
|
|
|
|
|
||||||||
Amortization of acquisition-related intangibles and fair value adjustments |
|
|
|
|
||||||||
Net sales |
$ |
— |
|
$ |
371 |
|
$ |
— |
|
$ |
742 |
|
Cost of sales |
|
8,402 |
|
|
6,415 |
|
|
15,062 |
|
|
10,218 |
|
Sales and marketing |
|
4,694 |
|
|
5,573 |
|
|
9,267 |
|
|
11,712 |
|
Research and development |
|
— |
|
|
— |
|
|
— |
|
|
(320 |
) |
Other (expense) income |
|
320 |
|
|
503 |
|
|
753 |
|
|
1,019 |
|
Provision for income taxes |
|
(2,014 |
) |
|
(2,094 |
) |
|
(3,505 |
) |
|
(3,530 |
) |
Total |
$ |
11,402 |
|
$ |
10,768 |
|
$ |
21,577 |
|
$ |
19,841 |
|
|
|
|
|
|
||||||||
Acquisition transaction and integration costs, restructuring charges, and other(1) |
|
|
|
|
||||||||
Cost of sales |
$ |
982 |
|
$ |
1,159 |
|
$ |
2,502 |
|
$ |
1,944 |
|
Sales and marketing |
|
3,225 |
|
|
2,339 |
|
|
9,169 |
|
|
2,646 |
|
Research and development |
|
497 |
|
|
487 |
|
|
3,735 |
|
|
1,102 |
|
General and administrative |
|
16,555 |
|
|
1,248 |
|
|
24,492 |
|
|
3,019 |
|
Other (expense) income |
|
48 |
|
|
(265 |
) |
|
(2,449 |
) |
|
(2,132 |
) |
Provision for income taxes |
|
(4,569 |
) |
|
(779 |
) |
|
(8,867 |
) |
|
(1,356 |
) |
Total |
$ |
16,738 |
|
$ |
4,189 |
|
$ |
28,582 |
|
$ |
5,223 |
|
(1) Includes costs related to our announced merger with Emerson Electric Co. incurred during the first and second quarter of 2023 |
||||||||||||
|
|
|
|
|
||||||||
(Capitalization) and amortization of internally developed software costs |
|
|
|
|
||||||||
Cost of sales |
$ |
659 |
|
$ |
1,896 |
|
$ |
1,390 |
|
$ |
3,929 |
|
Research and development |
|
— |
|
|
— |
|
|
(910 |
) |
|
(187 |
) |
Provision for income taxes |
|
(153 |
) |
|
(436 |
) |
|
(132 |
) |
|
(843 |
) |
Total |
$ |
506 |
|
$ |
1,460 |
|
$ |
348 |
|
$ |
2,899 |
|
National Instruments |
||||||||||||
Reconciliation of GAAP to Non-GAAP Measures |
||||||||||||
(in thousands, unaudited) |
||||||||||||
|
|
|
|
|
||||||||
|
Three Months Ended |
Six Months Ended |
||||||||||
|
June 30, |
June 30, |
||||||||||
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
||||||||
Reconciliation of Gross Profit to Non-GAAP Gross Profit |
|
|
||||||||||
Gross profit, as reported |
$ |
298,317 |
|
$ |
268,041 |
|
$ |
602,436 |
|
$ |
534,068 |
|
Stock-based compensation |
|
467 |
|
|
1,253 |
|
|
1,429 |
|
|
2,475 |
|
Amortization of acquisition-related intangibles and fair value adjustments |
|
8,402 |
|
|
6,786 |
|
|
15,062 |
|
|
10,960 |
|
Acquisition transaction and integration costs, restructuring charges and other |
|
982 |
|
|
1,159 |
|
|
2,502 |
|
|
1,944 |
|
Amortization of internally developed software costs |
|
659 |
|
|
1,896 |
|
|
1,390 |
|
|
3,929 |
|
Non-GAAP gross profit |
$ |
308,827 |
|
$ |
279,135 |
|
$ |
622,819 |
|
$ |
553,376 |
|
Non-GAAP gross margin |
|
|
|
|
||||||||
|
|
|
|
|
||||||||
Reconciliation of Operating Expenses to Non-GAAP Operating Expenses |
|
|
||||||||||
Operating expenses, as reported |
$ |
257,406 |
|
$ |
247,269 |
|
$ |
504,600 |
|
$ |
482,763 |
|
Stock-based compensation |
|
(14,362 |
) |
|
(19,424 |
) |
|
(28,958 |
) |
|
(38,330 |
) |
Amortization of acquisition-related intangibles and fair value adjustments |
|
(4,694 |
) |
|
(5,573 |
) |
|
(9,267 |
) |
|
(11,392 |
) |
Acquisition transaction and integration costs, restructuring charges and other |
|
(20,277 |
) |
|
(4,074 |
) |
|
(37,396 |
) |
|
(6,767 |
) |
Capitalization of internally developed software costs |
|
— |
|
|
— |
|
|
910 |
|
|
187 |
|
Non-GAAP operating expenses |
$ |
218,073 |
|
$ |
218,198 |
|
$ |
429,889 |
|
$ |
426,461 |
|
|
|
|
|
|
||||||||
Reconciliation of Operating Income to Non-GAAP Operating Income |
|
|
||||||||||
Operating income, as reported |
$ |
40,911 |
|
$ |
20,772 |
|
$ |
97,836 |
|
$ |
51,305 |
|
Stock-based compensation |
|
14,829 |
|
|
20,677 |
|
|
30,387 |
|
|
40,805 |
|
Amortization of acquisition-related intangibles and fair value adjustments |
|
13,096 |
|
|
12,359 |
|
|
24,329 |
|
|
22,352 |
|
Acquisition transaction and integration costs, restructuring charges and other |
|
21,259 |
|
|
5,233 |
|
|
39,898 |
|
|
8,711 |
|
Net amortization of internally developed software costs |
|
659 |
|
|
1,896 |
|
|
480 |
|
|
3,742 |
|
Non-GAAP operating income |
$ |
90,754 |
|
$ |
60,937 |
|
$ |
192,930 |
|
$ |
126,915 |
|
Non-GAAP operating margin |
|
|
|
|
||||||||
|
|
|
|
|
||||||||
Reconciliation of Provision for income taxes to Non-GAAP Provision for income taxes(1) |
|
|
||||||||||
Provision for income taxes, as reported |
$ |
1,919 |
|
$ |
4,833 |
|
$ |
8,896 |
|
$ |
10,162 |
|
Stock-based compensation |
|
6,020 |
|
|
1,993 |
|
|
7,821 |
|
|
4,648 |
|
Amortization of acquisition-related intangibles and fair value adjustments |
|
2,014 |
|
|
2,094 |
|
|
3,505 |
|
|
3,530 |
|
Acquisition transaction and integration costs, restructuring charges and other |
|
4,569 |
|
|
779 |
|
|
8,867 |
|
|
1,356 |
|
Net amortization of internally developed software costs |
|
153 |
|
|
436 |
|
|
132 |
|
|
843 |
|
Non-GAAP provision for income taxes(1) |
$ |
14,675 |
|
$ |
10,135 |
|
$ |
29,221 |
|
$ |
20,539 |
|
(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 and Non-GAAP Diluted EPS |
||||||||||||
(in thousands, except per share data, unaudited) |
||||||||||||
|
|
|
|
|
||||||||
|
Three Months Ended |
Six Months Ended |
||||||||||
|
June 30, |
June 30, |
||||||||||
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
||||||||
Net income, as reported |
$ |
30,492 |
|
$ |
12,434 |
|
$ |
77,421 |
|
$ |
37,670 |
|
Adjustments to reconcile net income to non-GAAP net income: |
|
|
|
|
||||||||
Stock-based compensation |
|
14,829 |
|
|
20,677 |
|
|
30,387 |
|
|
40,805 |
|
Amortization of acquisition-related intangibles and fair value adjustments |
|
13,416 |
|
|
12,862 |
|
|
25,082 |
|
|
23,371 |
|
Acquisition transaction and integration costs, restructuring charges and other |
|
21,307 |
|
|
4,968 |
|
|
37,449 |
|
|
6,579 |
|
Net amortization of internally developed software costs |
|
659 |
|
|
1,896 |
|
|
480 |
|
|
3,742 |
|
Income tax effects and adjustments(1) |
|
(12,756 |
) |
|
(5,302 |
) |
|
(20,325 |
) |
|
(10,377 |
) |
Non-GAAP net income |
$ |
67,947 |
|
$ |
47,535 |
|
$ |
150,494 |
|
$ |
101,790 |
|
Non-GAAP net margin |
|
|
|
|
||||||||
|
||||||||||||
Diluted EPS, as reported |
$ |
0.23 |
|
$ |
0.09 |
|
$ |
0.58 |
|
$ |
0.28 |
|
Adjustment to reconcile diluted EPS to non-GAAP diluted EPS |
|
|
|
|
||||||||
Stock-based compensation |
|
0.11 |
|
|
0.16 |
|
|
0.23 |
|
|
0.31 |
|
Amortization of acquisition-related intangibles and fair value adjustments |
|
0.10 |
|
|
0.10 |
|
|
0.19 |
|
|
0.18 |
|
Acquisition transaction and integration costs, restructuring charges and other |
|
0.16 |
|
|
0.04 |
|
|
0.28 |
|
|
0.05 |
|
Net amortization of internally developed software costs |
|
0.01 |
|
|
0.01 |
|
|
— |
|
|
0.03 |
|
Income tax effects and adjustments(1) |
|
(0.10 |
) |
|
(0.04 |
) |
|
(0.15 |
) |
|
(0.08 |
) |
Non-GAAP diluted EPS |
$ |
0.51 |
|
$ |
0.36 |
|
$ |
1.13 |
|
$ |
0.77 |
|
(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. |
||||||||||||
Weighted average shares outstanding - Diluted |
|
134,171 |
|
|
132,708 |
|
|
133,693 |
|
|
132,948 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20230727176881/en/
Marissa Vidaurri
Vice President of Investor Relations
(512) 683-5215
Source: NI
