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Form 8-K NATIONAL INSTRUMENTS For: Oct 30

October 30, 2014 4:41 PM



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

____________________

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported)

October 30, 2014

____________________

National Instruments Corporation
(Exact name of registrant as specified in its charter)

Delaware
000-25426
74-1871327
(State or other jurisdiction of incorporation)
(Commission File Number)
(IRS Employer
Identification No.)

11500 North MoPac Expressway
Austin, Texas 78759
(Address of principal executive offices, including zip code)

(512) 338-9119
(Registrants telephone number, including area code)

N/A
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
[��] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[��] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[��] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[��] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))



Item 2.02.��Results of Operations and Financial Conditions
Attached hereto as Exhibit 99.1 and incorporated by reference herein is the text of the registrant's press release, dated October 30, 2014, regarding financial results for the registrant's third fiscal quarter ended September 30, 2014.
The information in this Current Report on Form 8-K is being furnished and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section.
Item 9.01.��Financial Statements and Exhibits

(d)��Exhibits.

ExhibitNo.
Description
99.1
Press Release dated October 30, 2014

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

NATIONAL INSTRUMENTS CORPORATION
By:
/s/ DAVID G. HUGLEY
David��G. Hugley
Vice President & General Counsel; Secretary

Date:��October 30, 2014
Contact:�������Marissa Vidaurri, Investor Relations, [email protected]
NI Reports Record Quarterly Revenue of $314 Million
Company Continued to Drive Significant Operating Leverage
Q3 2014 Highlights
Quarterly revenue of $314 million, up 8 percent year-over-year
Record Q3 revenue for CompactRIO, PXI, and data acquisition products
GAAP operating income up 67 percent year-over-year
Non-GAAP operating income up 38 percent year-over-year
Fully diluted GAAP EPS of $0.31 and fully diluted non-GAAP EPS of $0.37
EBITDA of $51 million or $0.40 per share
Cash and cash equivalents of $448 million, up $46 million from Q2 2014

AUSTIN, Texas  Oct. 30, 2014  NI (Nasdaq: NATI) today announced Q3 revenue of $314 million, up 8 percent year-over-year. The companys orders under $20,000 grew 3 percent year-over-year; orders between $20,000 and $100,000 increased 9 percent year-over-year; and orders above $100,000 increased 10 percent year-over-year. In Q3 2014, NI recognized $17 million in revenue from its largest customer, compared with $4 million recognized in Q3 2013. Year-to-date, through Oct. 30, the company has received $56 million in orders from this customer, compared to $35 million at this point last year.
GAAP net income for Q3 was $40 million, with fully diluted earnings per share (EPS) of $0.31, and non-GAAP net income was $47 million, with non-GAAP fully diluted EPS of $0.37. As discussed in the NI earnings call on July 29, 2014, the company recognized a tax benefit of $14 million in Q3 related to a settlement with the Internal Revenue Service of the examination of our U.S. income tax returns for 2010 and 2011. EBITDA, or Earnings Before Interest, Taxes, Depreciation and Amortization, was $51million, or $0.40 per share in the third quarter.
In Q3, GAAP gross margin was 74 percent and non-GAAP gross margin was 75 percent, up 40 basis points from Q3 2013. Total GAAP operating expenses were $198 million, up 3 percent year-over-year. Total non-GAAP operating expenses were $192 million, up 4 percent year-over-year.
GAAP operating margin was 11 percent in Q3, with GAAP operating income of $34million, up 67 percent year-over-year. Non-GAAP operating margin was 14 percent in Q3, with non-GAAP operating income of $45million, up 38 percent year-over-year.
The companys non-GAAP results exclude the impact of stock-based compensation, amortization of acquisition-related intangibles and acquisition transaction costs and restructuring charges. Reconciliations of the companys GAAP and non-GAAP results are included as part of this news release.
I am pleased with the record revenue delivered in the third quarter and the significant progress made toward improving our operating margin, said Dr. James Truchard, NI president, CEO and cofounder. I remain optimistic about our long-term position in the industry, with new products released in Q3 adding capability to our platform to further differentiate our approach in automated test and address new opportunities in areas such as the Industrial Internet of Things.
Geographic revenue in U.S. dollar terms for Q3 2014 compared with Q3 2013 was up 2 percent in the Americas, up 8 percent in Europe, up 34 percent in East Asia and down 14 percent in Emerging Markets. In local currency terms, revenue was up 5percent in Europe, up 33 percent in East Asia and down 12 percent in Emerging Markets.
As of Sept. 30, NI had $448 million in cash and short-term investments, up $46 million from Q2 2014. The company paid $19 million in dividends in the third quarter. The NI Board of Directors also approved a quarterly dividend of $0.15 per share on the companys common stock payable on Dec. 8, 2014 to stockholders of record on Nov. 17, 2014.
Guidance for Q4 2014
I am pleased with the operating leverage we have delivered so far this year and we expect to continue to deliver year-over-year revenue growth and operating leverage in Q4, said Alex Davern, NI COO and CFO. Looking forward we are working hard to take advantage of our opportunity and remain committed to driving organic growth.
Gross margins are expected to be up sequentially in Q4.NI currently expects revenue for Q4 2014 to be between $312 million and $342 million, up 9 percent year-over-year at the midpoint. NI expects fully diluted EPS to be in the range of $0.23 to $0.35 for Q4, with non-GAAP fully diluted EPS expected to be in the range of $0.29 to $0.41.
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, income before income taxes, provision for income taxes, net income and basic and fully diluted EPS for the three-month periods ending Sept. 30, 2014 and 2013, on a GAAP and non-GAAP basis. NI is also providing guidance on its non-GAAP fully diluted EPS.
When presenting non-GAAP information, the company includes a reconciliation of the non-GAAP results to the GAAP results. Management believes that including the non-GAAP results assists investors in assessing the companys 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 stock-based compensation expense, amortization of acquisition-related intangibles, acquisition-related adjustments, acquisition-related transaction costs and restructuring charges 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 companys performance relative to the companys long-term public performance goals; to allocate resources; and, relative to the companys 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 also discloses the companys EBITDA and EBITDA diluted EPS for the three- and nine-month periods ending Sept. 30, 2014 and 2013. The company believes that including the EBITDA results assists investors in assessing the companys operational performance relative to its competitors. A reconciliation of EBITDA and EBITDA diluted EPS to GAAP net income and GAAP diluted EPS is included with this news release.
Conference Call Information and Availability of Presentation Materials
Interested parties can listen to the Q3 2014 conference call today, Oct. 30, at 4:00 p.m. CT at ni.com/call. Replay information is available by calling (855) 859-2056, confirmation code #10295526, shortly after the call through Nov. 1 at 11:00 p.m. CT, or by visiting the companys website at ni.com/call. You may also view certain presentation materials that we may refer to on the conference call at ni.com/nati.
Forward-Looking Statements
This release contains forward-looking statements, including statements regarding driving significant operating leverage, being optimistic about our long-term position in the industry, our new products released in Q3 adding capability to our platform to address new opportunities, expecting to continue to deliver YOY revenue growth and operating leverage in Q4, working hard to take advantage of our opportunity and remain committed to driving organic growth, gross margins expected to be up sequentially in Q4 and NIs Q4 guidance for revenue and 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, foreign exchange fluctuations, component shortages, delays in the release of new products, fluctuations in customer demand for NI products including orders from NIs largest customer, fluctuations in average order size and customer mix, the companys ability to effectively manage its operating expenses, manufacturing inefficiencies and the level of capacity utilization, and the impact of any acquisitions by NI. Actual results may differ materially from the expected results.
The company directs readers to its Form 10-K for the fiscal year ended Dec. 31, 2013, and its Form 10-Q for the quarter ended June 30, 2014, and the other documents it files with the SEC for other risks associated with the companys future performance.
About NI
Since 1976, NI (www.ni.com) has made it possible for engineers and scientists to solve the worlds greatest engineering challenges with powerful, flexible technology solutions that accelerate productivity and drive rapid innovation. Customers from a wide variety of industries  from healthcare to automotive and from consumer electronics to particle physics  use NIs integrated hardware and software platform to improve the world we live in. (NATI-F)
CompactRIO, 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)
September 30,
December 31,
2014
2013
(unaudited)
Assets
Current assets:
Cash and cash equivalents
$
������������259,455
$
������������230,263
Short-term investments
������������188,299
������������163,149
Accounts receivable, net
������������187,726
������������180,680
Inventories, net
������������170,862
������������172,109
Prepaid expenses and other current assets
��������������71,735
��������������49,001
Deferred income taxes, net
��������������28,425
��������������33,393
Total current assets
������������906,502
������������828,595
Property and equipment, net
������������261,622
������������260,568
Goodwill
������������145,026
������������146,520
Intangible assets, net
��������������83,151
��������������82,310
Other long-term assets
��������������24,592
��������������25,558
Total assets
$
���������1,420,893
$
���������1,343,551
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable
$
��������������61,893
$
��������������56,614
Accrued compensation
��������������37,638
��������������25,189
Deferred revenue - current
������������101,407
��������������96,117
Accrued expenses and other liabilities
��������������13,728
��������������17,627
Other taxes payable
��������������34,822
��������������29,808
Total current liabilities
������������249,488
������������225,355
Deferred income taxes
��������������41,885
��������������44,620
Liability for uncertain tax positions
��������������10,412
��������������23,572
Deferred revenue - long-term
��������������24,808
��������������21,389
Other long-term liabilities
����������������7,012
����������������5,531
Total liabilities
������������333,605
������������320,467
Stockholders' equity:
Preferred stock
�����������������������-
�����������������������-
Common stock
����������������1,276
����������������1,257
Additional paid-in capital
������������649,794
������������604,330
Retained earnings
������������440,785
������������414,947
Accumulated other comprehensive (loss) income
��������������(4,567)
����������������2,550
Total stockholders' equity
���������1,087,288
���������1,023,084
Total liabilities and stockholders' equity
$
���������1,420,893
$
���������1,343,551


National Instruments
Condensed Consolidated Statements of Income
(in thousands, except per share data, unaudited)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2014
2013
2014
2013
Net sales:
Product
$
������������287,336
�$
�����������269,582
$
������������837,824
�$
�������������810,663
Software maintenance
��������������26,365
�������������19,556
��������������73,262
���������������61,089
Total net sales
������������313,701
�����������289,138
������������911,086
�������������871,752
Cost of sales:
Product
��������������79,266
�������������73,541
������������229,529
�������������224,954
Software maintenance
����������������1,683
���������������1,665
����������������4,443
�����������������4,307
Total cost of sales
��������������80,949
�������������75,206
������������233,972
�������������229,261
Gross profit
������������232,752
�����������213,932
������������677,114
�������������642,491
Operating expenses:
Sales and marketing
������������116,736
�����������111,253
������������348,026
�������������337,884
Research and development
��������������58,972
�������������60,791
������������170,082
�������������180,520
General and administrative
��������������22,741
�������������21,363
��������������68,854
���������������66,363
Acquisition related adjustment
�����������������������-
�����������������������-
�����������������������-
���������������(1,316)
Total operating expenses
������������198,449
�����������193,407
������������586,962
�������������583,451
Operating income
��������������34,303
�������������20,525
��������������90,152
���������������59,040
Other income (expense):
Interest income
�������������������362
������������������133
�������������������793
��������������������495
Net foreign exchange (loss) gain
�����������������(452)
������������������456
��������������(1,005)
���������������(2,057)
Other (loss) income, net
�������������������(70)
������������������304
�������������������283
��������������������728
Income before income taxes
��������������34,143
�������������21,418
��������������90,223
���������������58,206
(Benefit from) Provision for income taxes
��������������(5,559)
���������������5,654
����������������7,275
�����������������9,421
Net income
$
��������������39,702
�$
�������������15,764
$
��������������82,948
$
���������������48,785
Basic earnings per share
$
������������������0.31
$
�����������������0.13
$
������������������0.65
$
�������������������0.39
Diluted earnings per share
$
������������������0.31
$
�����������������0.13
$
������������������0.65
$
�������������������0.39
Weighted average shares outstanding -
basic
������������127,478
�����������125,032
������������126,785
�������������124,244
diluted
������������127,903
�����������125,608
������������127,529
�������������125,221
Dividends declared per share
$
������������������0.15
$
�����������������0.14
$
������������������0.45
�$����������������0.42

National Instruments
Condensed Consolidated Statements of Cash Flows
(in thousands, unaudited)
Nine Months Ended September 30,
2014
2013
Cash flow from operating activities:
Net income
$
�������������82,948
$
���������������48,785
Adjustments to reconcile net income to net cash provided
by operating activities:
Depreciation and amortization
�������������51,011
���������������50,897
Stock-based compensation
�������������19,531
���������������21,996
Tax expense/(benefit) expense from deferred income taxes
���������������2,222
����������������(1,272)
Tax benefit from stock option plans
�������������(1,189)
����������������(2,185)
Changes in operating assets and liabilities:
Accounts receivable
�������������(7,046)
�����������������4,789
Inventories
���������������1,247
����������������(8,358)
Prepaid expenses and other assets
�����������(24,887)
��������������(18,320)
Accounts payable
���������������5,279
��������������(10,636)
Deferred revenue
���������������8,709
�����������������6,192
Taxes and other liabilities
���������������2,891
�����������������2,834
Net cash provided by operating activities
�����������140,716
���������������94,722
Cash flow from investing activities:
Capital expenditures
�����������(30,645)
��������������(40,795)
Capitalization of internally developed software
�����������(22,055)
��������������(10,566)
Additions to other intangibles
�������������(2,238)
����������������(4,146)
Purchases of short-term investments
����������(107,664)
��������������(16,039)
Sales and maturities of short-term investments
�������������82,514
���������������35,299
Net cash used by investing activities
�����������(80,088)
��������������(36,247)
Cash flow from financing activities:
Proceeds from issuance of common stock
�������������24,483
���������������28,809
AWR earnout payment
���������������������-
����������������(9,016)
Dividends paid
�����������(57,108)
��������������(52,241)
Tax benefit from stock option plans
���������������1,189
�����������������2,185
Net cash used by financing activities
�����������(31,436)
��������������(30,263)
Net change in cash and cash equivalents
�������������29,192
���������������28,212
Cash and cash equivalents at beginning of period
�����������230,263
��������������161,996
Cash and cash equivalents at end of period
$
�����������259,455
$
��������������190,208


National Instruments
Detail of GAAP charges related to revenue, stock-based compensation, amortization of acquisition intangibles, and acquisition transaction costs and restructuring charges
(in thousands, unaudited)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2014
2013
2014
2013
Stock-based compensation
Cost of sales
�$
�����������465
�$
�����������390
�$
������1,264
�$
�������1,219
Sales and marketing
���������2,756
��������2,908
������8,334
�������8,907
Research and development
���������2,497
��������3,803
������7,221
�������9,136
General and administrative
�����������877
�����������889
������2,657
�������2,734
Provision for income taxes
�������(2,284)
�������(2,894)
����(5,917)
�����(6,585)
Total
�$
���������4,311
�$
��������5,096
�$
����13,559
�$
�����15,411
Amortization of acquisition intangibles
Cost of sales
�$
���������2,662
�$
��������2,672
�$
������7,991
�$
�������8,045
Sales and marketing
�����������433
�����������490
������1,351
�������1,506
Research and development
�����������392
�����������396
������1,198
�������1,638
Other income, net
�����������170
�����������185
��������507
���������566
Provision for income taxes
�������(1,207)
�������(1,232)
����(3,647)
�����(3,850)
Total
�$
���������2,450
�$
��������2,511
�$
������7,400
�$
�������7,905
Acquisition transaction costs and restructuring charges
Cost of sales
�$
�����������547
�$
��������������4
�$
��������547
�$
�������������7
Sales and marketing
�����������(24)
�����������146
��������152
���������406
Research and development
�����������(42)
�����������281
��������264
���������691
General and administrative
�������������38
������������71
��������145
���������246
Acquisition related adjustment
���������������-
���������������-
����������-
�����(1,316)
Provision for income taxes
����������(182)
���������(153)
�������(388)
��������(412)
Total
�$
�����������337
�$
�����������349
�$
��������720
�$
��������(378)




National Instruments
Reconciliation of GAAP to Non-GAAP Measures
(in thousands, unaudited)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2014
2013
2014
2013
Reconciliation of Gross Profit to Non-GAAP Gross Profit
Gross profit, as reported
$
���������232,752
$
�������213,932
$
���������677,114
$
�����������642,491
Stock-based compensation
���������������465
�������������390
�������������1,264
���������������1,219
Amortization of acquisition intangibles
�������������2,662
�����������2,672
�������������7,991
���������������8,045
Acquisition transaction costs and restructuring charges
���������������547
�����������������4
���������������547
���������������������7
Non-GAAP gross profit
$
���������236,426
$
�������216,998
$
���������686,916
$
�����������651,762
Non-GAAP gross margin
75%
75%
75%
75%
Reconciliation of Operating Expenses to Non-GAAP Operating Expenses
Operating expenses, as reported
$
���������198,449
$
�������193,407
$
���������586,962
$
�����������583,451
Stock-based compensation
�����������(6,130)
���������(7,600)
���������(18,212)
�����������(20,777)
Amortization of acquisition intangibles
��������������(825)
������������(886)
�����������(2,549)
�������������(3,144)
Acquisition related adjustment
�������������������-
�����������������-
�������������������-
���������������1,316
Acquisition transaction costs and restructuring charges
�����������������28
������������(498)
��������������(561)
�������������(1,343)
Non-GAAP operating expenses
$
���������191,522
$
�������184,423
$
���������565,640
$
�����������559,503
Reconciliation of Operating Income to Non-GAAP Operating Income
Operating income, as reported
$
�����������34,303
$
���������20,525
$
�����������90,152
$
�������������59,040
Stock-based compensation
�������������6,595
�����������7,990
�����������19,476
�������������21,996
Amortization of acquisition intangibles
�������������3,487
�����������3,558
�����������10,540
�������������11,189
Acquisition related adjustment
�������������������-
�����������������-
�����������������-
�������������(1,316)
Acquisition transaction costs and restructuring charges
���������������519
�������������502
�������������1,108
���������������1,350
Non-GAAP operating income
$
�����������44,904
$
���������32,575
$
���������121,276
$
�������������92,259
Non-GAAP operating margin
14%
11%
13%
11%
Reconciliation of Income before income taxes to Non-GAAP Income before income taxes
Income before income taxes, as reported
$
�����������34,143
$
���������21,418
$
�����������90,223
$
�������������58,206
Stock-based compensation
�������������6,595
�����������7,990
�����������19,476
�������������21,996
Amortization of acquisition intangibles
�������������3,657
�����������3,743
�����������11,047
�������������11,755
Acquisition related adjustment
�������������������-
�����������������-
�������������������-
�������������(1,316)
Acquisition transaction costs and restructuring charges
���������������519
�������������502
�������������1,108
���������������1,350
Non-GAAP income before income taxes
$
�����������44,914
$
���������33,653
$
���������121,854
$
�������������91,991
Reconciliation of Provision for income taxes to Non-GAAP Provision for income taxes
Provision for income taxes, as reported
$
�����������(5,559)
$
�����������5,654
$
�������������7,275
$
���������������9,421
Stock-based compensation
�������������2,284
�����������2,894
�������������5,917
���������������6,585
Amortization of acquisition intangibles
�������������1,207
�����������1,232
�������������3,647
���������������3,850
Acquisition transaction costs and restructuring charges
���������������182
�������������153
���������������388
�����������������412
Non-GAAP provision for income taxes
$
�����������(1,886)
$
�����������9,933
$
�����������17,227
$
�������������20,268





National Instruments
Reconciliation of GAAP Net Income, Basic EPS and Diluted EPS to Non-GAAP Net Income, Non-GAAP Basic EPS and Non-GAAP Diluted EPS
(in thousands, except per share data, unaudited)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2014
2013
2014
2013
Net income, as reported
$
��������39,702
�$
�����������15,764
�$
��������82,948
�$
��������48,785
Adjustments to reconcile net income to non-GAAP net income:
��Stock-based compensation, net of tax effect
����������4,311
�������������5,096
��������13,559
��������15,411
��Amortization of acquisition intangibles, net of tax effect
����������2,450
�������������2,511
����������7,400
����������7,905
Acquisition related adjustment
�����������������-
�������������������-
�����������������-
���������(1,316)
��Acquisition transaction costs and restructuring charges, net of tax effect
�������������337
���������������349
�������������720
�������������938
Non-GAAP net income
$
��������46,800
�$
�����������23,720
�$
�������104,627
�$
��������71,723
Basic EPS, as reported
$
������������0.31
�$
��������������0.13
�$
������������0.65
�$
������������0.39
Adjustment to reconcile basic EPS to non-GAAP
basic EPS:
��Impact of stock-based compensation, net of tax effect
������������0.04
��������������0.04
������������0.11
������������0.13
��Impact of amortization of acquisition intangibles, net of tax effect
������������0.02
��������������0.02
������������0.06
������������0.06
��Acquisition related adjustment
���������������-
�����������������-
���������������-
����������(0.01)
��Impact of acquisition transaction costs and restructuring charges,
�����������net of tax effect
���������������-
�����������������-
������������0.01
������������0.01
Non-GAAP basic EPS
$
������������0.37
�$
��������������0.19
�$
������������0.83
�$
������������0.58
Diluted EPS, as reported
$
������������0.31
�$
��������������0.13
�$
������������0.65
�$
������������0.39
Adjustment to reconcile diluted EPS to non-GAAP diluted EPS
��Impact of stock-based compensation, net of tax effect
������������0.04
��������������0.04
������������0.11
������������0.12
��Impact of amortization of acquisition intangibles, net of tax effect
������������0.02
��������������0.02
������������0.06
������������0.06
��Acquisition related adjustment
���������������-
�����������������-
���������������-
����������(0.01)
��Impact of acquisition transaction costs and restructuring charges,
�����������net of tax effect
���������������-
�����������������-
���������������-
������������0.01
Non-GAAP diluted EPS
$
������������0.37
�$
��������������0.19
�$
������������0.82
�$
������������0.57
Weighted average shares outstanding -
Basic
127,478
125,032
126,785
124,244
Diluted
127,903
125,608
127,529
125,221





National Instruments
Reconciliation of Net Income and Diluted EPS to EBITDA and EBITDA Diluted EPS
(in thousands, except per share data, unaudited)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2014
2013
2014
2013
Net income, as reported
$
��������39,702
$
��������15,764
$
��������82,948
$
��������48,785
Adjustments to reconcile net income to EBITDA:
�����Interest income
�����������(362)
�����������(133)
�����������(793)
�����������(495)
�����Tax expense
���������(5,559)
����������5,654
����������7,275
����������9,421
�����Depreciation and amortization
��������17,654
��������17,342
��������51,011
��������50,897
EBITDA
$
��������51,435
$
��������38,627
$
�������140,441
$
�������108,608
Diluted EPS, as reported
$
������������0.31
$
������������0.13
$
������������0.65
$
������������0.39
Adjustment to reconcile diluted EPS to EBITDA
�����Interest income
����������(0.01)
���������������-
����������(0.01)
���������������-
�����Tax expense
����������(0.04)
������������0.04
������������0.06
������������0.07
�����Depreciation and amortization
������������0.14
������������0.14
������������0.40
������������0.41
EBITDA diluted EPS
$
������������0.40
$
������������0.31
$
������������1.10
$
������������0.87
Weighted average shares outstanding - Diluted
�������127,903
�������125,608
�������127,529
�������125,221

Reconciliation of GAAP to Non-GAAP EPS Guidance
(unaudited)
Three months ended
December 31, 2014
Low
High
GAAP Fully Diluted EPS, guidance
$
������������0.23
$
������������0.35
Adjustment to reconcile diluted EPS to non-GAAP
diluted EPS:
��Impact of stock-based compensation, net of tax effect
������������0.04
������������0.04
��Impact of amortization of acquisition intangibles, net of tax effect
������������0.02
������������0.02
Non-GAAP diluted EPS, guidance
$
������������0.29
$
������������0.41

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