NATIONAL INSTRUMENTS CORP

No Longer Reporting

The company has not filed an annual or quarterly report since its Q2 FY2023 10-Q, filed Jul 28, 2023. Its latest SEC filing is a 15-12G from Oct 23, 2023.

The sections below describe the company as of the FY2022 annual report.

What Did They Do?

Sells software and modular hardware for automated testing and measurement to manufacturers in semiconductor and electronics, transportation, and aerospace, defense and government.

How Did They Make Money?

Customers buy modular hardware and software licenses, paying within 30 to 90 days of shipment for hardware and within 30 to 90 days after a software license starts. Maintenance and service warranties are typically paid within 30 to 90 days of the contract start, while support is provided over the contract term.

Who Were Their Customers?

NI sells primarily through its direct sales organization, and also markets products through independent distributors, equipment makers, resellers, system integrators and consultants.

Did Revenues Turn Into Profits?

Yes. It kept 8 cents of every revenue dollar as net income in FY2022, but spent more cash than it brought in: free cash flow was −$5.2M.

How Were They Changing?

Grew. Revenue grew 22% in 4 years, from $1.4B in FY2018 to $1.7B in FY2022, about 5% a year.

Who Did They Compete With?

Competes with Advantest, Anritsu, Fortive, Keysight, Rohde & Schwarz, and Teradyne