National Instruments (NATI) Q4 2021 Earnings Call Transcript

National Instruments (NATI)
Q4 2021 Earnings Call
Jan 27, 2022, 5:00 p.m. ET

Contents:

• Prepared Remarks
• Questions and Answers
• Call Participants

Prepared Remarks:

Operator

Thank you for standing by, and welcome to the National Instruments fourth quarter 2021 earnings conference call. At this time, all participants are in listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator instructions] As a reminder, today's program is being recorded.

I would now like to introduce your host for today's program, Marissa Vidaurri, head of investor relations. Please go ahead.

Marissa Vidaurri -- Head of Investor Relations

Good afternoon. Thank you for joining our Q4 2021 earnings call. I'm joined today by Eric Starkloff, president and chief executive officer; and Karen Rapp, chief financial officer. We will start with an update on our performance in the quarter before opening up for your questions.

Our discussion today will include forward-looking statements, including, without limitation, those regarding revenue, earnings, gross margin, operating expenses, capital allocation, targets, and future business outlook and guidance, including expected demands for our products, supply chain constraints, backlog, the potential impact of COVID-19 on the company's business and results of operations, successful integration of the acquisitions and future results of acquired companies and execution on our strategy. We wish to caution you that such statements are just predictions and that actual events or results may differ materially and could be negatively impacted by numerous factors. We refer you to the documents that the company files regularly with the Securities and Exchange Commission, including the company's annual report on Form 10-K filed on February 23, 2021, and our quarterly report on Form 10-Q filed on November 1, 2021. These documents contain and identify important factors that could cause our actual results to differ materially from those contained in our forward-looking statements.

We assume no duty to update any forward-looking statement to conform the statement to actual results or changes in our expectations. A reconciliation of our non-GAAP financial measures disclosed in this call to the most directly comparable GAAP financial measures or related disclosures are contained in our press release on our ni.com/nati. We are excited to announce that Drita Roggenbuck has been appointed senior vice president and general manager for the transportation business. Most recently serving as the senior vice president and chief customer and strategy officer at HFI, Drita joins NI with more than two decades of experience in the automotive industry.

In the coming months, NI management will be hosting meetings at the conferences for Needham, Susquehanna, and Morgan Stanley. Please visit ni.com/nati for presentation times. We look forward to speaking with you. In addition, you can find the press release and quarterly presentation to supplement today's discussion on our website at ni.com/nati.

With that, I will now turn the call over to Chief Executive Officer Eric Starkloff.

Eric Starkloff -- President and Chief Executive Officer

Thank you, Marissa. Good afternoon. We appreciate everyone joining us today. In Q4, we reported our fifth consecutive quarter of strong performance.

We achieved multiple all-time performance records in our business, including record quarterly revenue and record quarterly non-GAAP operating income. For Q4 year over year, orders were up 19%, revenue was up 14%, non-GAAP EPS was up 18% and non-GAAP operating income was up 22%. 2021 represents an inflection point of performance for NI. We continue to deliver on our commitment to accelerate growth and improve profitability.

Our strong financial performance is a direct result of strategic changes we've made over the last several years. First, we focus to enhance our software capability to drive new long-term opportunities. In addition to our own organic investments, we acquired OptimalPlus in 2020 to serve as the core of our data and product analytics capability and open new market opportunities. We also partnered with Cadence, Ansys, and the MathWorks to connect design and simulation with test.

And starting in 2022, we have made the decision to shift our single-seat software licenses to subscription, which will lead to more recurring revenue and better predictability in our business. Second, we focus to capitalize on secular trends by targeting system-level offerings to accelerate our growth. We targeted these offerings at 5G and wireless, electrification and autonomy, and new space applications. We restructured our sales force to increase direct engagement with top accounts in these domains.

And today, these applications and our focus accounts are growing significantly faster than the company and driving our overall growth. Third, we streamlined our business to create a more efficient engagement with customers and to drive scale and leverage in our broad-based business. We invested for multiple years in ni.com, and these investments showed strong return with online order growth up 44% in 2021. We shifted our Tier 3 customers to utilize global distribution partners, and the results from this shift exceeded our expectations in 2021.

Next, we focus on inorganic opportunities to accelerate our growth strategy. Last quarter, we announced two acquisitions in the high-growth application of electric vehicles, which we expect will add approximately 4% of revenue in 2022. NH Research delivered to plan in Q4, and we are targeting to close on the EV business of Heinzinger in late Q1 2022. I have high expectations for our multiyear growth in this industry focused on the large EV and ADAS investments of our customers.

We will continue to prioritize inorganic investments that strategically align to our business in order to accelerate growth. And lastly, we delivered on our commitment to drive efficiency across our cost structure. We better aligned our people to the critical needs of our growth strategy with headcount down 3% year over year in 2021 and a plan to remain approximately flat in headcount in 2022 in a year of expected strong revenue growth. And as I've said, we expect earnings to outpace revenue for the foreseeable future.

The effect of these changes brings increased confidence in our business as we enter 2022. We're in a position of strength with strong demand, record backlog, and disciplined expense management. So our expectation is to now meet or exceed our previous 2023 financial model in 2022, a full year ahead of schedule. As I said last quarter, we expect to deliver 16% to 18% revenue growth year over year in 2022, and we exceed our financial target of 20% non-GAAP operating margin.

Now onto our industry results for the full year 2021. The areas of intentional focus are delivering to our expectations. I believe this is a proof point that we are focused on the right areas to accelerate growth. We expect double-digit growth across all of our business units in 2022.

Semiconductor and electronics revenue was $394 million, up 21% year over year. We saw continued strength in our focus area of 5G and wireless communication, which represents more than 50% of revenue for this business, and we continue to see success in new offerings for automated labs in this space. Transportation revenue was $212 million, up 27% year over year. While this business previously correlated primarily to automotive production rates, our shift in focus to EV and ADAS where our customers are making significant investments, has shifted the trajectory of this business.

We expect by the end of 2022, these fast-growing applications will represent more than 50% of the revenue in transportation. Aerospace, defense, and government revenue was $370 million, up 8% year over year. This business remains a steady and profitable growth engine delivering year-over-year growth in both 2020 and 2021, led by strength in defense applications and new space investments. And our portfolio business, which represents the majority of our broad-based customers, achieved revenue of $496 million, up 10%.

In addition to the favorable macro, our focus on optimizing the channel and better positioning our offerings to these broad customers has gained traction. Our shift to subscription software will also provide more resiliency in this area of our business. In summary, it's clear that our customers are facing major technology inflections, including wireless communication and 5G, autonomous and electric vehicles and new technology for space innovation. Each of these is a major technology hurdle that for many customers is a once-in-a-career inflection point.

Our unmatched expertise in modular systems, test automation software, and product analytics make NI uniquely positioned to help our customers navigate these challenges to improve their development and manufacturing operations. With that, I'll turn it over to Karen to discuss our Q4 results and our outlook for Q1.

Karen Rapp -- Chief Financial Officer

Thanks, Eric. Hello, everyone. NI delivered another consecutive quarter of strong financial results. Q4 revenue was a record at $421 million, up 14% year over year and at the high end of our guidance.

Demand continued to be strong, and our supply chain organization went above and beyond to manage through continued component constraints to meet customer needs. We ended the year with over $150 million in backlog, keeping our lead times very competitive at about five weeks. Total orders in Q4 were an all-time record for the company and up 19% year over year. In the Americas, orders were up 34% year over year, and in EMEA, orders were up 20% year over year, both representing records for our fourth quarter.

In Asia-Pacific, orders were down 2% year over year, primarily due to a strong compare in Q4 2020. In Q4, we generated $50 million of GAAP operating income and $96 million of non-GAAP operating income, translating into a non-GAAP operating margin of 23% for the quarter. Q4 non-GAAP gross margin remained solid at 74%. Non-GAAP operating expenses were up 9% year over year driven by an increase in variable pay, which is aligned to our strong business performance.

We reported Q4 GAAP net income of $40 million and diluted earnings per share of $0.30. Q4 non-GAAP net income was $80 million and diluted non-GAAP earnings per share was $0.60 at the high end of our guidance and an increase of 18% year over year. Now shifting to full year 2021 performance. Customer demand was strong with orders up 24% year over year, enabling a six times increase in backlog.

We delivered on the targets shared at our investor conference in August with record revenue of $1.5 billion, up 14% year over year. Our 2021 non-GAAP gross margin was 75%, continuing to demonstrate the value our customers see in our software-connected systems. GAAP operating margin was 8%. Non-GAAP operating margin was the highest in the last 20 years at 18.6% and up 290 basis points from 2020 despite an increase of $45 million in variable pay year over year, demonstrating the focus we have had on driving efficiency in our cost structure.

In 2021, GAAP net income was $89 million. We delivered record non-GAAP net income of $224 million, up 37% year over year. Now let me comment on capital management. Our balance sheet remains strong with $211 million of cash at the end of the fourth quarter.

Cash flow from operations was $143 million for fiscal year 2021. In the fourth quarter, we returned $66 million to shareholders through dividends and share repurchases. For the full year 2021, we returned $198 million to our shareholders, reinforcing our commitment to shareholder value. Our capital allocation strategy remains balanced.

We will continue to invest in organic capabilities to ensure we stay ahead of our customers' technology needs. We will also prioritize inorganic investments that strategically align to the business in order to accelerate growth. We believe we have proven success in our growth strategy and enter 2022 in a position of strength. We're confident in our ability to accelerate growth while returning excess cash to shareholders through dividends and share repurchases.

The board of directors authorized a new stock repurchase program of $250 million. The new program was effective immediately and is in addition to the previously authorized program. The NI Board of Directors also approved a quarterly dividend of $0.28 per share, an increase of 4% and payable on February 28, 2022 to stockholders of record on February 7, 2022. We expect our dividend to represent approximately half of our non-GAAP net income in 2022.

Now shifting to guidance for Q1 '22. The momentum in customer demand for our software and systems, combined with the durability of our backlog gives us confidence for strong revenue growth in 2022. While we expect our software subscription-based recurring revenue and cash flow to increase over time as a result of our software licensing model transition, we do expect some headwinds to our net sales and operating profitability during the transition period, and we've built that into our guidance. With our current visibility and expectations of the macro-environment, for the first quarter of 2022, we expect revenue to be in the range of $385 million to $415 million.

At the midpoint, this represents 19% revenue growth. We expect our 2022 revenue profile to return to our pre-COVID seasonality with approximately 23% of our revenue in Q1. This guidance is based on our current understanding of supply issues and assumes no manufacturing shutdowns due to COVID-19. We expect GAAP diluted earnings per share will be in the range of $0.13 to $0.27 for Q1, with non-GAAP diluted earnings per share expected to be in the range of $0.35 to $0.49, an increase of 31% year over year at the midpoint.

In Q1, we expect the current component pricing environment and our software transition to cause gross margin to temporarily be below our long-term average. Our plan is to offset this near-term headwind through pricing and robust operating expense management, leading to an improvement in operating margin year over year. We currently expect to exceed our financial target of 20% non-GAAP operating margin in 2022 and are targeting earnings-per-share growth above our revenue growth for the year. In closing, we will continue to strengthen our competitive advantages and make our business scalable and more resilient.

We remain committed to accelerating growth, improving profitability, and maximizing shareholder value. Now, I'll turn the call back over to Eric for some closing comments.

Eric Starkloff -- President and Chief Executive Officer

Thank you, Karen. As we closed out the year, I took some time to reflect on my last two years as CEO. I'm really proud of the resiliency of our business and our strong financial performance, which is a direct result of the strategic changes we made over the last several years and the hard work and determination of our people, and I continue to be inspired by the work that they do every day. One initiative that is very important to me personally is the impact we have on society, and that's long been a part of our culture at NI.

One thing I focused on was to make our effort in this area more transparent and more intentional. And so in 2020, we established the first corporate impact strategy that includes 10-year goals to ensure our positive influence on society. Our focus is rooted in three pillars: changing the faces of engineering, building an equitable and thriving society, and engineering a healthy planet. These are critical pursuits, and I'm honored to share that just this month, NI was named the Newsweek's most responsible company.

This is great recognition and a big accomplishment in the first year of our corporate impact strategy. I want to sincerely thank all of our employees for their commitment to our purpose and for their multiple years of hard work and perseverance. Your work enabled us to achieve our fifth consecutive quarter of strong financial performance and has put us in a position to exceed our 2023 financial goals a full year ahead of schedule. With that, we will now take your questions.

Questions & Answers:

Operator

Certainly. [Operator instructions] We also ask that you please limit yourself to one question and one follow-up. You may get back in the queue as time allows. Our first question comes from the line of Meta Marshall from Morgan Stanley.

Your question, please.

Meta Marshall -- Morgan Stanley -- Analyst

Great. Thanks. I appreciate the presentation and congrats on the quarter. I just wanted to dig into the supply chain briefly.

You mentioned it clearly as, you know, something that you're working to mitigate and maybe there's a small gross margin impact for you guys. But just wanted to get a sense of is there any end customer demand that's impacted by their ability to kind of get chips that we should be mindful of? And then maybe just a second question for me. You know, obviously, it's a strong 2022 guide, just wanted to contextualize how you measure the headwind that comes from kind of the transition in the software license model to subscription? Thank you.

Karen Rapp -- Chief Financial Officer

Sure. Yeah, this is Karen. Let me maybe start and see if Eric wants to add more to this. The near-term headwinds that we're seeing in supply chain are primarily driven by component costs.

We saw that through the end of 2021 and really through the first half of 2022 as a short-term headwind. We're hoping that type of inflationary pressure levels off over time and then becomes more of a tailwind back to historic levels, and we also have the temporary software impact built into the guidance that we provided as well. So again, that again, we look at as kind of a near-term current timing issue that we're working through to drive even more upside as we come out a bit on the back end. From a customer perspective, there's not any one that we're causing headwinds or issues for.

We tend to have such a large diverse customer base and our lead times still remain incredibly competitive at about five weeks on average. So there may be some that are a little longer than that, but others that are shorter. And we believe based on the feedback and the interactions we've had with our customers that that's not creating significant issues for them. We're being very deliberate about making sure that we're managing across that entire customer base.

Eric Starkloff -- President and Chief Executive Officer

And Meta, maybe I'll add a little bit of color on the software transition question that you have. I want to just kind of calibrate that. So first, today, a majority of our software business is already recurring. Over the last few years, we have been shifting through our volume license agreements or enterprise agreements, particularly at our larger customers so that those are time-based licenses.

What we've decided to do at the beginning of this year is to shift the remaining part of our software portfolio, which is the single feed licenses to be subscription-based, so that will be primarily recurring. It does have a small impact to revenue for 2022, as Karen said, that's built into guidance. And then, of course, it becomes more and more favorable as time goes on. We believe that our software is very valuable to our customers, that it's very sticky, that renewal rates will remain very high.

So it's lucrative from that point of view. And it also gives our customers the ability to kind of onramp onto our software easier with that subscription model. So I think it has benefits for the customer and for us. But just to calibrate, it's a relatively small revenue impact that's built into guidance.

Meta Marshall -- Morgan Stanley -- Analyst

Got it. Just circling back on the supply chain question. It was less of a question of whether you were having problems getting equipment to customers. Or it was more are your customers has their demand of your product has been impacted at all by their ability to kind of get chips within their products?

Eric Starkloff -- President and Chief Executive Officer

Well, yeah.

Meta Marshall -- Morgan Stanley -- Analyst

I guess that was more of the question whether it was impacting customer demand?

Eric Starkloff -- President and Chief Executive Officer

Yeah. Let me make just one comment on that. I mean as we've said, overall, the demand environment remains really robust, very strong last year. We believe it will continue to be strong.

In general, across our business, most of our segments are more correlated to the R&D budgets of our customers. Of course, we serve both R&D and production, but it's more correlated to R&D. So in that case, those don't really have any near-term impact. And we're not really seeing any substantial impact in terms of customer demand from those supply issues.

Meta Marshall -- Morgan Stanley -- Analyst

Great. I'll pass it on. Thanks.

Eric Starkloff -- President and Chief Executive Officer

Yeah. Thanks, Meta.

Operator

Thank you. [Operator instructions] Our next question comes from the line of Mark Delaney from Goldman Sachs. Your question, please.

Mark Delaney -- Goldman Sachs -- Analyst

Yes and good afternoon. Thanks very much for taking the question. First on orders, I was hoping you could be a little bit more specific. I know you mentioned it was a record level and broad-based end-market strength.

I didn't catch the absolute number. I think last quarter, it was just over $400 million. So perhaps you could clarify where orders overall came in on an absolute basis? And if you could be any more specific around how you're expecting orders to trend into 1Q and if you still think book-to-bill remains above line?

Karen Rapp -- Chief Financial Officer

Sure. Mark, this is Karen. Yes, we ended Q4 just over $470 million in orders, which puts us for the year at something over $1,630 million, right around that level. So that was the 14% growth, both for in revenue that we saw is what fell through as a result of that.

For the forward look, we expect book-to-bill to still be higher than one in Q1, especially where we've started the quarter and where we see so far. So that's leading to the confidence that we have to be able to guide the 19% growth in revenue at the midpoint is based on still strong demand plus some backlog build potentially in Q1 as a result of the strong demand. 

Mark Delaney -- Goldman Sachs -- Analyst

My follow-up on that topic a little bit more broadly, but orders are strong, you talked about supply constraints continuing. So maybe you could kind of square that with lead times. I think came in a little bit. I think it was six weeks and now five weeks.

So maybe just talk through what is aligned for the slight shortening of those times? Thank you.

Karen Rapp -- Chief Financial Officer

Sure, yeah. We're currently -- it's got around but five, five and a half weeks lead time coming out of Q4, I expect that to actually hold through 2022. It's our intent to be very strategic about our lead times going forward and really drive expectations with our customers that they can rely on the lead times that we quote to them. So, driving that consistency with our customers is incredibly important for us and giving them credibility and understanding when they'll receive product from us.

So, the models that we've built out and the guidance we've provided is built on the holding the lead times at about five weeks in 2022. It will flex. That will fluctuate a little bit quarter to quarter, right? Like I said, we'll build a little bit more, I think, first half, but then that will fluctuate out through the year.

Mark Delaney -- Goldman Sachs -- Analyst

Thank you.

Eric Starkloff -- President and Chief Executive Officer

Thanks, Mark.

Operator

Our next question comes from the line of Mehdi Hosseini from Susquehanna. Your question, please.

Mehdi Hosseini -- Susquehanna International Group -- Analyst

Yeah, thanks for taking my question and two for me. The first one is for Eric. Help me understand how supply chain disruption is impacting you? What if you're willing to pay the premium it takes to procure all the components or what would be the revenue for March if supply chain disruption wasn't there? How much of a revenue has been impacted because of supply chain disruption? And I have a follow-up.

Eric Starkloff -- President and Chief Executive Officer

OK. Well, Karen, and I can tag team on this. So yes, I think some of the comments that Karen just made kind of give you an idea of it. It's still there.

It's stabilized quite a bit. It's a few key components that are the majority of the challenge that we still have, given our expectation that Karen just shared maybe book-to-bill slightly over one, but not significantly over. It's not a major impact to Q1. And we -- and as we said all along, we think the five weeks -- approximately five-week lead time is highly competitive.

And so we're comfortable with where that is. The component pricing and procuring the right components, especially given our margin, everything is a priority. And that is one of the things that is a short-term headwind to margin that Karen mentioned. We do mitigate that to an extent with pricing, but there's a time delay, right? So we've already announced some price changes to our end customers.

But there's a time delay between the component price increases often and our ability to get that in the market. So that's why that's a margin impact in the short term. And that's all-built guidance, of course.

Mehdi Hosseini -- Susquehanna International Group -- Analyst

Sure. And you highlighted your leverage to R&D budgets. And in that context, what are the near-term opportunities? We had the infrastructure build, maybe there will be some impact to infrastructure for ADAS. You're well leveraged there.

There's also Release 17 that is going to be finalized soon on the 5G wireless communication. Are these two catalysts, infrastructure build and Release 17, are there two factors that are positively or materially impacting your near-term business as it relates to R&Ds?

Eric Starkloff -- President and Chief Executive Officer

Yeah, both of those. Yes. So certainly, 5G, we said still -- 5G and wireless overall continues to be a growth driver, primarily in our semi electronics business. That has been for a couple of years.

I mentioned that's about 50% of the business. And it's fairly evenly split between labs and production. So we view that as continuing to be a growth driver. We do expect consistent with the market that the rate of growth may moderate some in 2022.

It's been a very strong growth performer, but we still expect it to be double-digit growth and be in that 10% to 15% range that we set as the long-term expectation for that BU. In transportation, those EV and ADAS investments are pretty substantial. Those are very high-growth areas. Those two, you know, EV approximately doubled for us last year in business.

ADAS was close behind in growth rates. And we think those are multiyear investments that we're still early innings. The customers' type of infrastructure that they ultimately need to build for, say, battery labs, for example, in EV given the ambitions that those customers have, they have a long way to go. And so it's our opinion that that's a multiyear growth opportunity where there will be a fairly significant investment over the next few years, and we're positioning ourselves to capitalize.

And as I've said, really improve the mix of that business where more than half of it by the end of this year is in those areas where we see large investments continuing for multiple years. So those are the primary growth drivers. And Mehdi, you got it right.

Mehdi Hosseini -- Susquehanna International Group -- Analyst

Thank you.

Eric Starkloff -- President and Chief Executive Officer

Thank you.

Operator

Thank you. Our next question comes from the line of Rob Mason from Baird. Your question, please.

Rob Mason -- Baird -- Analyst

Yes, good evening. Thanks for taking the question, and nice strong quarter. Eric, you had mentioned earlier that you expected all of these -- your four main end markets to grow double digits. And you touched on this briefly, I guess, around semiconductor.

But how are you thinking about how the growth would be distributed across these end markets in the context of say, a 12% to 14% organic growth level, how those might look, I guess, in the other three end markets, such as semi?

Eric Starkloff -- President and Chief Executive Officer

Yes. Yeah, I'll give some color -- yeah, is that it, Rob?

Rob Mason -- Baird -- Analyst

Yes.

Eric Starkloff -- President and Chief Executive Officer

I'll give some color on that. So I sort of mentioned semi already, you know, maybe moderating the growth a bit, but it's been a very strong multiyear growth trajectory, and we still see good growth drivers in that area and expect to double digit. Then you have ADG, which as I mentioned, that's been sort of a steady growth area for us. We think it will be double digit this year, and it's coming off a too strong single-digit -- kind of high single-digit growth years, the defense budgets our big driver of that.

Those are still strong and steady. And then new space is a little bit more of a growth driver within that. We see some increasing investments happening. So we think that's a favorable trend.

Portfolio business, which really recovered significantly last year, and I mentioned that in my prepared remarks, getting a double-digit growth after a few years of a declining trajectory. We do expect another year of growth as that kind of flows through. Now longer term, as we've said before, that's kind of a mid-single-digit growth trajectory is what we think long term. We're doing some things to make that growth more predictable and resilient from the software licensing model that I mentioned and the way we're positioning the products.

And then the area where we're seeing the biggest change in growth is in transportation. So that really started to inflect about this time last year, right? So as we came into Q4, we saw a big sequential jump. That was really as we started to put a lot of our focus on electrification that ADAS actually brought product to market in that space around that time, we started to see traction. That's all fantastic growth.

I just quoted some of those growth numbers. We're expecting that to be at higher growth in the other areas for 2022. And our current perspective is that that's a multiyear kind of high-growth opportunity ahead of us. And so yes, that's how we see it playing out at this point, which is really consistent with what we've invested in, right? So that matches the long-term expectations and kind of the expectations we've said over the last few years.

So it is -- when I talk about the sort of strategy playing out or coming to fruition and sort of the areas we've invested in, we're achieving the growth expectations that we have when we made those investments.

Rob Mason -- Baird -- Analyst

Excellent. Excellent. And just as a follow-up, Karen, you had mentioned the variable pay component for 2021 and that impact. How does that affect 2022 as a swing factor for [Inaudible]

Karen Rapp -- Chief Financial Officer

Yes. That's -- we've absorbed most of that in 2021, Rob. So when I go into 2022, the increases or the various -- the things that flex there are going to be more about wage inflation types of issues as you're seeing, you know, the attrition that's happening globally and trying to stay ahead of that and make sure we retain our top-performing employees. And also, we'll be bringing in more travel in 2022 than we've seen in the last couple of years.

So those will be the increases in 2022 that I'm expecting. We've climbed the hill already on the variable pay. So, with the results we're looking at in '22, I expect that to stay relatively consistent to '21.

Rob Mason -- Baird -- Analyst

OK. Very good. Thank you.

Eric Starkloff -- President and Chief Executive Officer

Thanks, Rob.

Operator

Thank you. This does conclude the question-and-answer session of today's program. I'd like to hand the program back to Eric Starkloff for any further remarks.

Eric Starkloff -- President and Chief Executive Officer

Thank you, all, for joining us today. We look forward to seeing you at a future conference or at the next earnings call in April. Have a great day.

Operator

[Operator signoff]

Duration: 33 minutes

Call participants:

Marissa Vidaurri -- Head of Investor Relations

Eric Starkloff -- President and Chief Executive Officer

Karen Rapp -- Chief Financial Officer

Meta Marshall -- Morgan Stanley -- Analyst

Mark Delaney -- Goldman Sachs -- Analyst

Mehdi Hosseini -- Susquehanna International Group -- Analyst

Rob Mason -- Baird -- Analyst

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