2000 Annual Report
Five-Year Financial Overview
| FISCAL YEAR ENDED DEC. 31, |
| | 2000 | 1999 | 1998 | 1997 | 1996 |
| OPERATING RESULTS |
| Net revenue | $410.00 | $330.00 | $274.00 | $241.00 | $201.00 |
| Gross margin | $312.00 | $254.00 | $209.00 | $186.00 | $151.00 |
| Operating income | $79.00 | $66.00 | $54.00 | $51.00 | $38.00 |
| Net income | $57.00 | $47.00 | $38.00 | $35.00 | $26.00 |
| Income per common share(2) |
| Basic | $1.13 | $0.95 | 0.77 | 0.71 | 0.54 |
| Diluted | $1.06 | $0.91 | 0.74 | 0.68 | 0.53 |
| |
| PERCENT OF REVENUE |
| Gross margin | 76.00% | 76.90% | 76.20% | 77.10% | 75.20% |
| Operating income | 19.20% | 20.00% | 19.60% | 21.30% | 19.10% |
| Net income | 13.90% | 14.30% | 13.80% | 14.30% | 13.00% |
| Income tax rate | 32.00% | 32.00% | 33.00% | 33.00% | 33.00% |
| Net revenue, by region |
| Americas | 53% | 53% | 56% | 59% | 57% |
| Europe | 32% | 33% | 32% | 27% | 29% |
| Asia/ROW | 15% | 14% | 12% | 14% | 14% |
| FISCAL YEAR ENDED DEC. 31, |
| | 2000 | 1999 | 1998 | 1997 | 1996 |
| FINANCIAL POSITION | $2,000.00 | $1,999.00 | $1,998.00 | $1,997.00 | $1,996.00 |
| Total current assets | $285.00 | $231.00 | $174.00 | $149.00 | $132.00 |
| Property, plant and equipment, net | $85.00 | $70.00 | $66.00 | $47.00 | $32.00 |
| Working capital | $220.00 | $174.00 | $133.00 | $112.00 | $99.00 |
| Total assets | $389.00 | $319.00 | $250.00 | $204.00 | $169.00 |
| Total current liabilities | $64.00 | $57.00 | $41.00 | $37.00 | $32.00 |
| Long-term debt | - | $5.00 | $4.00 | $5.00 | $9.00 |
| Stockholders’ equity | $321.00 | $254.00 | $204.00 | $162.00 | $127.00 |
| Total liabilities and stockholders’ equity | $389.00 | $319.00 | $250.00 | $204.00 | $169.00 |
| |
| KEY RATIOS |
| Current ratio | 4.45 | 4.05 | 4.24 | 4.03 | 4.13 |
| Quick ratio | 3.94 | 3.6 | 3.85 | 3.59 | 3.75 |
| |
| OTHER DATA |
| Employees | 2,511 | 1,955 | 1,554 | 1,371 | 1,142 |
| Investment in R&D | $56.00 | $46.00 | $35.00 | $30.00 | $24.00 |
| Gross margin per employee | 140 K | 145 K | 143 K | 148 K | 139 K |
| Cash flow from operations | $55.00 | $46.70 | $46.20 | $31.70 | $40.30 |
| Weighted average shares outstanding (2) |
| Basic | 50.3 | 49.8 | 49.2 | 48.8 | 48.5 |
| Diluted | 53.6 | 52.2 | 51.2 | 50.5 | 49.4 |
| Common shares outstanding (year-end) (2) | 50.6 | 50 | 49.4 | 49 | 48.7 |
| Closing stock price (Nasdaq: NATI) | $48.56 | $38.25 | $22.75 | $19.33 | $14.22 |
(1) Excluding acquisition charges and cumulative effect of accounting charges.
(2) Share and per-share information has been restated to reflect 3-for-2 splits of the common stock in November 1997 and August 1999.
(3) Excluding Accrual for future patent defense costs.
