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2014 Annual Report

Six-Year Financial Overview


FISCAL YEAR ENDED DEC. 31, 2013
  2014 2013 2012 20112010 2009 2008
OPERATING RESULTS
Net revenue $1244 $1173 $1,144 $1,024 $873 $677 $821
Gross margin $926 $867 $863 $783 $673 $507 $613
Operating income $145 $99 $117 $113$128 $47 $96
Net income $126 $81 $90 $94 $109 $17 $85
Income per common share(1)        
Basic $0.99 $0.65 $0.74 $0.79 $0.93 $0.15$0.72
Diluted $0.99 $0.64 $0.73 $0.78 $0.92 $0.15 $0.71
PERCENT OF REVENUE
Gross margin 74.4% 74.0% 75.5% 76.5% 77.1% 74.9% 74.8%
Operating income 11.7% 8.4% 10.2% 11.0% 14.7% 6.9% 11.7%
Net income 10.2% 6.9% 7.9% 9.2% 12.5% 2.5% 10.3%
Income tax rate 12.3% 17.1% 21.5% 15.4% 14.8% 66.0% 13.6%
Net revenue, by region
Americas 40% 41% 40% 40% 41% 43% 43%
Europe 27.8% 27% 26% 30% 30% 31% 33%
East Asia(2) 23.6% 22% 25% 21% 21% 19% 17%
Emerging Asia/ROW(2) 8.6% 9% 10% 9% 8% 7%7%
FINANCIAL POSITION
Total current assets $948 $829 $768 $720 $651 $532 529
Property, plant and equipment, net $264 $261 $250 $190 $160 $153 154
Working capital $700 $603 $523 $507 $484 $414 $398
Total assets $1455 $1344 $1,285 $1,154 $960 $813 $833
Total current liabilities $248 $225 $245 $213 $166 $118 131
Long-term debt 0 0 - - - --
Stockholders' equity $1117 $1023 $939 $852 $745 $654 $664
Total liabilities and stockholders' equity $1455 $1344 $1,285 $1,154 $960 $813 $833
KEY RATIOS
Current ratio 3.8 3.7 3.1 3.4 3.9 4.5 4.0
Quick ratio 2.7 2.5 2.1 2.5 2.9 3.3 2.7
OTHER DATA
Employees 7084 7114 6,869 6,235 5,280 5,120 5,157
Investment in R&D $227 $235 $223 $199 $158 $133 $143
Cash flow from operations $195 $169 $133 $170 $145 $136 $122
Weighted average shares outstanding(1)
Basic 127 124.6 122.0 119.8 117.0 116.3117.9
Diluted 127.8 125.6 123.0 121.2 118.6117.0119.3
Common shares outstanding (year-end)(1) 127.8 125.7 122.9 120.7 117.9 116.1115.8
Closing stock price (Nasdaq: NATI) $31.09 $32.02 $25.81 $25.95 $25.09 $19.63 $16.24

(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