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2015 Annual Report

5-Year Financial Overview


FISCAL YEAR ENDED DEC. 31, 2014
  2015 2014 2013 2012 2011
OPERATING RESULTS
Net revenue $1225 $1244 $1173 $1,144 $1,024
Gross margin $909 $926 $867 $863 $783
Operating income $137 $145 $99 $117 $113
Net income $95 $126 $81 $90 $94
Income per common share(1)      
Basic $0.74 $0.99 $0.65 $0.74 $0.79
Diluted $0.74 $0.99 $0.64 $0.73 $0.78
PERCENT OF REVENUE
Gross margin 74.2% 74.4% 74.0% 75.5% 76.5%
Operating income 11.2% 11.7% 8.4% 10.2% 11.0%
Net income 7.8% 10.2% 6.9% 7.9% 9.2%
Income tax rate 27.4% 12.3% 17.1% 21.5% 15.4%
Net revenue, by region
Americas 41% 40% 41% 40% 40%
AMEIA 33% 33% 33% 32% 36%
APAC 26% 27% 26% 28% 24%
FINANCIAL POSITION
Total current assets $800 $948 $829 $768 $720
Property, plant and equipment, net $258 $264 $261 $250 $190
Working capital $560 $700 $603 $523 $507
Total assets $1454 $1455 $1344 $1,285 $1,154
Total current liabilities $240 $248 $225 $245 $213
Long-term debt 37 - - - -
Stockholders' equity $1082 $1117 $1023 $939 $852
Total liabilities and stockholders' equity $1454 $1455 $1344 $1,285 $1,154
KEY RATIOS
Current ratio 3.3 3.8 3.7 3.1 3.4
Quick ratio 2.3 2.7 2.5 2.1 2.5
OTHER DATA
Employees 7441 7084 7114 6,869 6,235
Investment in R&D $225 $227 $235 $223 $199
Cash flow from operations $163 $195 $169 $133 $170
Weighted average shares outstanding(1)
Basic 128 127 124.6 122.0 119.8
Diluted 128.7 127.8 125.6 123.0 121.2
Common shares outstanding (year-end)(1) 127.5 127.8 125.7 122.9 120.7
Closing stock price (Nasdaq: NATI) $28.69 $31.09 $32.02 $25.81 $25.95

(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.