AUSTIN, TX – National Instruments reported fourth quarter revenue of $368 million, up 0.27% year-over-year for an all-time quarterly record. GAAP net income was $5 million, down 91.5% year-over-year.

During the quarter, the value of the company’s total orders was up 7% year-over-year. Orders over $20,000 were up 13% compared to the fourth quarter of 2019. Orders under $20,000 were down 4%.

“This year was a stress test for our strategy, and it proved resilient,” said Eric Starkloff, NI president and CEO. “We delivered a strong close to a challenging year with record quarterly revenue above the high end of guidance. The areas where we have focused showed strength, and momentum increased throughout the year, with fourth quarter orders up sequentially across all regions and business units. I believe we enter 2021 in a position of strength and poised to accelerate growth and deliver increased value to all our stakeholders."

Geographic revenue in US dollar terms for the fourth quarter was down 6% in the Americas, up 5% in APAC and up 3% in EMEA year-over-year. Excluding the impact of foreign currency exchange, revenue was down 6% in the Americas, up 5% in APAC and up 1% in EMEA.

"I believe our strong close to 2020 is proof in our ability to adapt quickly to the global pandemic. We were diligent in managing expenses and achieved the 2020 annual targets shared at our investor conference in August," said Karen Rapp, NI CFO. "We remain committed to our 2023 financial model. In order to accelerate growth, we will continue to align investments to our higher growth opportunities within our four strategic pillars. I believe our strong balance sheet also gives us the opportunity to capitalize on inorganic investments to meet our growth targets faster and deliver shareholder returns."

As of Dec. 31, NI had $320 million in cash and short-term investments, with $181 million in cash generated from operations in 2020.

During the fourth quarter, NI paid $34 million in dividends and repurchased approximately 275,000 shares of common stock at an average price of $34.39 per share.

For the year, the firm returned over $185 million to its shareholders through dividends and stock repurchases, including the repurchase of 1.4 million shares at an average price of $35.04 per share.

For the full year 2020, revenue was $1.29 billion, down 5% year-over-year. GAAP net income was $144 million, down 11% compared to 2019. In 2020, GAAP operating expenses were $876 million, up 1% year-over-year.

NI currently expects first quarter revenue in the range of $324 million to $354 million.

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