Record revenue at NI

GAAP net income for Q4 was $43 million, with fully diluted earnings per share (EPS) of $0.34, and non-GAAP net income was $51 million, with non-GAAP fully diluted EPS of $0.40. EBITDA, or Earnings Before Interest, Taxes, Depreciation and Amortization, was $73 million, or $0.57 per share in the fourth quarter.

In Q4, GAAP gross margin was 75% and non-GAAP gross margin was 76%, up 10 basis points from Q4 2013. Total GAAP operating expenses were $194 million, up 4% year-over-year. Total non-GAAP operating expenses were $187 million, up 5% year-over-year.

GAAP operating margin was 17 percent in Q4, with GAAP operating income of $55 million, up 39% year-over-year. Non-GAAP operating margin was 20% in Q4, with non-GAAP operating income of $66 million, up 30% year-over-year.

The company's non-GAAP results exclude the impact of stock-based compensation, amortisation of acquisition-related intangibles and acquisition transaction costs and restructuring charges.

"We have built and continue to run our company for long-term, sustainable growth," said Dr. James Truchard, NI president, CEO and cofounder. "Over the course of several decades, we have successfully managed the business through various economic and currency cycles, and we are prepared to navigate the near-term disruptions resulting from currency fluctuations. Our differentiated platform continues to deliver on our strategy of reducing the costs of our customers' systems, while growing our business in the markets we serve."