Delaware |
000-25426 |
74-1871327 | ||
(State or other jurisdiction of incorporation)
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
Common Stock, $0.01 par value |
NATI |
The Nasdaq Stock Market LLC |
Preferred Stock Purchase Rights |
N/A |
The Nasdaq Stock Market LLC |
Item 8.01 |
Other Events.
|
Date
Announced |
Acquiror
|
Target
|
Transaction
Value
(in millions) |
EV / LTM
Adj.
EBITDA
|
EV / NTM
Adj.
EBITDA
| |||||||||||
01/04/21 |
Teledyne Technologies Incorporated
|
FLIR Systems, Inc.
|
$
|
8,285
|
17.1x
|
17.4x
| ||||||||||
07/25/19 |
Advent International
|
Cobham plc
|
$
|
4,812
|
14.4x
|
13.2x
| ||||||||||
06/24/19 |
Nanometrics Incorporated
|
Rudolph Technologies, Inc.
|
$
|
713
|
15.8x
|
14.4x
| ||||||||||
03/19/18 |
KLA-Tencor Corporation
|
Orbotech Ltd.
|
$
|
3,517
|
17.7x
|
16.6x
| ||||||||||
01/30/17 |
Keysight Technologies, Inc.
|
Ixia
|
$
|
1,746
|
21.0x
|
15.9x
| ||||||||||
11/14/16 |
Siemens AG
|
Mentor Graphics Corporation
|
$
|
4,775
|
21.9x
|
16.5x
|
Date
Announced |
Acquiror
|
Target
|
Transaction
Value
(in millions) |
EV / LTM
Adj.
EBITDA
|
EV / NTM
Adj.
EBITDA
| |||||||||||
02/28/22 |
Spectris plc
|
Oxford Instruments plc
|
$
|
2,400
|
33.4x
|
31.5x
| ||||||||||
10/11/21 |
Emerson Electric Co.
|
Aspen Technology, Inc.
|
$
|
10,851
|
26.7x
|
28.2x
| ||||||||||
09/30/21 |
Thomas H. Lee Partners, L.P.
|
Brooks Automation, Inc., Semiconductor Solutions Group
|
$
|
3,000
|
20.5x
|
NA
| ||||||||||
06/25/21 |
Rockwell Automation, Inc.
|
Plex Systems, Inc.
|
$
|
2,220
|
NM
|
NA
| ||||||||||
02/12/21 |
II-VI Incorporated
|
Coherent, Inc.
|
$
|
7,690
|
49.5x
|
28.4x
| ||||||||||
08/31/20 |
Emerson Electric Co.
|
Open Systems International, Inc.
|
$
|
1,600
|
28.0x
|
23.5x
| ||||||||||
08/25/20 |
AVEVA Group plc
|
OSIsoft, LLC
|
$
|
5,020
|
34.2x
|
29.6x
| ||||||||||
10/30/18 |
MKS Instruments Inc.
|
Electro Scientific Industries, Inc.
|
$
|
1,107
|
7.1x
|
8.8x
| ||||||||||
07/31/18 |
Fortive Corporation
|
Accruent
|
$
|
2,000
|
20.0x
|
17.4x
|
• |
publicly available equity research analyst price targets then published by seven analystsfor NI common stock available as of January 12, 2023, which had a price target range (discounted one year by a 9.9% cost of equity) of $39.12 to $47.31 per share; and
|
Fiscal Years
| ||||||||||||||||||||||||||||
2022E
|
2023E
|
2024E
|
2025E
|
2026E
|
2027E
|
2028E
| ||||||||||||||||||||||
Revenue
|
$
|
1,703
|
$
|
2,116
|
$
|
2,192
|
$
|
2,376
|
$
|
2,554
|
$
|
2,741
|
$
|
2,938
| ||||||||||||||
Adjusted EBITDA(1) |
$
|
388
|
$
|
581
|
$
|
583
|
$
|
660
|
$
|
741
|
$
|
827
|
$
|
931
| ||||||||||||||
Depreciation & Amortization |
$
|
55
|
$
|
65
|
$
|
70
|
$
|
76
|
$
|
82
|
$
|
88
|
$
|
94
| ||||||||||||||
Stock-Based Compensation |
$
|
80
|
$
|
80
|
$
|
80
|
$
|
80
|
$
|
80
|
$
|
80
|
$
|
80
| ||||||||||||||
Adjusted EBIT(2) | (6) |
$
|
437
|
$
|
434
|
$
|
505
|
$
|
579
|
$
|
660
|
$
|
758
| |||||||||||||||
Taxes | (6) |
$
|
79
|
$
|
78
|
$
|
91
|
$
|
104
|
$
|
119
|
$
|
136
| |||||||||||||||
Tax-Effected EBIT(3) | (6) |
$
|
358
|
$
|
356
|
$
|
414
|
$
|
475
|
$
|
542
|
$
|
621
| |||||||||||||||
Adjusted Diluted Earnings Per Share(24) |
$
|
2.05
|
$
|
3.17
|
$
|
3.15
|
$
|
3.59
|
$
|
4.05
|
$
|
4.55
|
$
|
5.14
| ||||||||||||||
Unlevered Free Cash Flow(35) |
$
|
92
|
$
|
399
|
$
|
399
|
$
|
461
|
$
|
526
|
$
|
596
|
$
|
679
|
Fiscal Years
| ||||||||||||||||||||||||||||
2022E
|
2023E
|
2024E
|
2025E
|
2026E
|
2027E
|
2028E
| ||||||||||||||||||||||
Revenue
|
$
|
1,660
|
$
|
2,003
|
$
|
2,143
|
$
|
2,329
|
$
|
2,504
|
$
|
2,691
|
$
|
2,893
| ||||||||||||||
Adjusted EBITDA(1) |
$
|
356
|
$
|
607
|
$
|
665
|
$
|
756
|
$
|
822
|
$
|
893
|
$
|
980
| ||||||||||||||
Depreciation & Amortization |
$
|
40
|
$
|
41
|
$
|
41
|
$
|
40
|
$
|
39
|
$
|
39
|
$
|
47
| ||||||||||||||
Stock-Based Compensation |
$
|
81
|
$
|
76
|
$
|
73
|
$
|
79
|
$
|
85
|
$
|
92
|
$
|
98
| ||||||||||||||
Adjusted EBIT(2) | (6) |
$
|
491
|
$
|
552
|
$
|
637
|
$
|
697
|
$
|
763
|
$
|
835
| |||||||||||||||
Taxes | (6) |
$
|
97
|
$
|
106
|
$
|
122
|
$
|
133
|
$
|
145
|
$
|
159
| |||||||||||||||
Tax-Effected EBIT(3) | (6) |
$
|
394
|
$
|
446
|
$
|
515
|
$
|
564
|
$
|
618
|
$
|
676
| |||||||||||||||
Adjusted Diluted Earnings Per Share(24) |
$
|
1.91
|
$
|
3.46
|
$
|
3.87
|
$
|
4.48
|
$
|
4.90
|
$
|
5.35
|
$
|
5.84
| ||||||||||||||
Unlevered Free Cash Flow(35) |
$
|
50
|
$
|
404
|
$
|
471
|
$
|
541
|
$
|
559
|
$
|
621
|
$
|
690
|
Fiscal Years
| ||||||||||||||||||||||||
2023E
|
2024E
|
2025E
|
2026E
|
2027E
|
2028E
| |||||||||||||||||||
Revenue
|
$
|
2,003
|
$
|
2,143
|
$
|
2,329
|
$
|
2,504
|
$
|
2,691
|
$
|
2,893
| ||||||||||||
Adjusted EBITDA(1) |
$
|
609
|
$
|
670
|
$
|
763
|
$
|
833
|
$
|
909
|
$
|
991
| ||||||||||||
Depreciation & Amortization |
$
|
42
|
$
|
46
|
$
|
48
|
$
|
50
|
$
|
52
|
$
|
49
| ||||||||||||
Stock-Based Compensation |
$
|
76
|
$
|
73
|
$
|
79
|
$
|
85
|
$
|
92
|
$
|
98
| ||||||||||||
Adjusted EBIT(2) | (6) |
$
|
551
|
$
|
636
|
$
|
698
|
$
|
765
|
$
|
844
| |||||||||||||
Taxes | (6) |
$
|
102
|
$
|
118
|
$
|
129
|
$
|
142
|
$
|
156
| |||||||||||||
Tax-Effected EBIT(3) | (6) |
$
|
449
|
$
|
518
|
$
|
569
|
$
|
623
|
$
|
688
| |||||||||||||
Adjusted Diluted Earnings Per Share(24) |
$
|
3.30
|
$
|
3.82
|
$
|
4.40
|
$
|
4.90
|
$
|
5.35
|
$
|
5.84
| ||||||||||||
Unlevered Free Cash Flow(35) |
$
|
422
|
$
|
472
|
$
|
522
|
$
|
564
|
$
|
609
|
$
|
648
|
NATIONAL INSTRUMENTS CORPORATION
| ||
By:
|
/s/ R. Eddie Dixon, Jr.
| |
Name: R. Eddie Dixon, Jr.
| ||
Title: Chief Legal Officer, Senior Vice President & Secretary
| ||
Date: June 22, 2023
|
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Disclaimer
National Instruments Corporation published this content on 22 June 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 June 2023 21:02:08 UTC.