2007 Annual Report
Six-Year Financial Overview
FISCAL YEAR ENDED DEC. 31, 2007
| | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 |
|---|
| OPERATING RESULTS |
| Net revenue | $740 | $660 | $572 | $514 | $426 | $391 |
| Gross margin | $558 | $490 | $423 | $379 | $314 | $286 |
| Operating income | $102 | $88 | $78 | $63 | $40 | $40 |
| Net income | $107 | $73 | $62 | $49 | $33 | $31 |
| Income per common share(1) | | | | | | |
| Basic | $1.35 | $0.91 | $0.78 | $0.62 | $0.43 | $0.41 |
| Diluted | $1.32 | $0.89 | $0.76 | $0.59 | $0.41 | $0.39 |
| PERCENT OF REVENUE |
| Gross margin | 75.4% | 74.2 | 73.9 | 73.6% | 73.8% | 73.1% |
| Operating income | 13.8% | 13.3% | 13.7% | 12.2% | 9.5% | 10.3% |
| Net income | 14.5% | 11.0% | 10.8% | 9.5% | 7.8% | 8.0% |
| Income tax rate | 6.0% | 24.0% | 23.0% | 24.0% | 25.0% | 28.0% |
| Net revenue, by region |
| Americas | 45% | 48% | 48% | 47% | 47% | 50% |
| Europe | 31% | 29% | 30% | 32% | 32% | 31% |
| Asia/ROW | 24% | 23% | 22% | 21% | 21% | 19% |
| FINANCIAL POSITION |
| Total current assets | $545 | $477 | $362 | $392 | $331 | $278 |
| Property, plant and equipment, net | $151 | $145 | $144 | $150 | $152 | $152 |
| Working capital | $420 | $380 | $275 | $310 | $255 | $211 |
| Total assets | $819 | $721 | $608 | $582 | $525 | $459 |
| Total current liabilities | $125 | $97 | $88 | $83 | $76 | $67 |
| Long-term debt | - | - | - | - | - | - |
| Stockholders’ equity | $661 | $597 | $504 | $486 | $439 | $386 |
| Total liabilities and stockholders’ equity | $819 | $721 | $608 | $582 | $525 | $459 |
| KEY RATIOS |
| Current ratio | 4.4 | 4.9 | 4.1 | 4.7 | 4.4 | 4.1 |
| Quick ratio | 3.7 | 4.1 | 3.4 | 4.1 | 3.9 | 3.6 |
| OTHER DATA |
| Employees | 4,647 | 4,149 | 3,812 | 3,465 | 3,078 | 3,008 |
| Investment in R&D | $127 | $113 | $88 | $85 | $71 | $64 |
| Cash flow from operations | $147 | $98 | $88 | $66 | $63 | $49 |
| Weighted average shares outstanding(1) |
| Basic | 79.5 | 79.5 | 78.6 | 78.7 | 77.4 | 76.8 |
| Diluted | 81 | 81.5 | 80.9 | 82.1 | 80.9 | 80.1 |
| Common shares outstanding (year-end)(1) | 79.4 | 79.9 | 79.3 | 78.9 | 78.3 | 76.6 |
| Closing stock price (Nasdaq: NATI) | $33.19 | $27.24 | $32.05 | $27.20 | $30.31 | $21.66 |
(Dollars in millions, except per-share, per-employee data)
(1) Share and per-share information had been restated to reflect 3-for-2 splits of the common stock in February 2004 and August 1999.
