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2013 Annual Report

Six-Year Financial Overview


FISCAL YEAR ENDED DEC. 31, 2012
  2013 2012 20112010 2009 20082007
OPERATING RESULTS
Net revenue $1173 $1,144 $1,024$873 $677 $821$740
Gross margin $867 $863 $783$673 $507 $613 $555
Operating income $99 $117 $113$128 $47 $96$102
Net income $81 $90 $94 $109 $17 $85$107
Income per common share(1)        
Basic $0.65 $0.74 $0.79 $0.93 $0.15$0.72$0.90
Diluted $0.64 $0.73 $0.78 $0.92 $0.15$0.71$0.88
PERCENT OF REVENUE
Gross margin 74.0% 75.5% 76.5% 77.1% 74.9% 74.8%75.0%
Operating income 8.4% 10.2% 11.0% 14.7% 6.9% 11.7%13.8%
Net income 6.9% 7.9% 9.2% 12.5% 2.5% 10.3%14.5%
Income tax rate 17.1% 21.5% 15.4% 14.8% 66.0% 13.6% 5.6%
Net revenue, by region
Americas 41% 40% 40% 41% 43%43%45%
Europe 27% 26% 30% 30% 31%33%31%
East Asia(2) 22% 25% 21% 21% 19%17%24%
Emerging Asia/ROW(2) 9% 10% 9% 8% 7%7%
FINANCIAL POSITION
Total current assets $829 $768 $720 $651 $532 529$545
Property, plant and equipment, net $261 $250 $190 $160 $153 154$151
Working capital $603 $523 $507 $484 $414 $398$420
Total assets $1344 $1,285 $1,154 $960 $813 $833$819
Total current liabilities $225 $245 $213 $166 $118 131$125
Long-term debt 0 - - - ---
Stockholders' equity $1023 $939 $852 $745 $654 $664$661
Total liabilities and stockholders' equity $1344 $1,285 $1,154 $960 $813 $833$819
KEY RATIOS
Current ratio 3.7 3.1 3.4 3.9 4.54.0 4.3
Quick ratio 2.5 2.1 2.5 2.9 3.32.7 3.4
OTHER DATA
Employees 7114 6,869 6,235 5,280 5,120 5,1574,647
Investment in R&D $235 $223 $199 $158 $133 $143$127
Cash flow from operations $169 $133 $170 $145 $136 $122$147
Weighted average shares outstanding(1)
Basic 124.6 122.0 119.8 117.0 116.3117.9119.2
Diluted 125.6 123.0 121.2 118.6117.0119.3121.6
Common shares outstanding (year-end)(1) 125.7 122.9 120.7 117.9 116.1115.8119.1
Closing stock price (Nasdaq: NATI) $32.02 $25.81 $25.95 $25.09 $19.63 $16.24 $22.22

(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, August 1999, and January 2011.

(2) Sales in East Asia and Emerging Asia/ROW are combined in 2007 as we began breaking these out in the 2012 Form 10-K