|
GAAP TO NON-GAAP RECONCILIATION | ||||||||||||||||
|
(Dollars in thousands, except per share data) | ||||||||||||||||
|
(Unaudited) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth Quarter of |
|
Fiscal Years |
| ||||||||
|
|
|
|
|
|
2012 |
|
2011 |
|
2012 |
|
2011 |
| ||||
|
|
|
|
|
|
Dollar |
% of |
|
Dollar |
% of |
|
Dollar |
% of |
|
Dollar |
% of |
|
|
|
|
|
|
|
Amount |
Revenue |
|
Amount |
Revenue |
|
Amount |
Revenue |
|
Amount |
Revenue |
|
|
GROSS MARGIN: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
GAAP gross margin: |
|
|
$ 256,464 |
49.7% |
|
$ 217,758 |
50.0% |
|
$ 1,046,177 |
51.3% |
|
$ 829,581 |
50.5% |
| |
|
|
|
Restructuring |
( A ) |
|
17 |
0.0% |
|
131 |
0.0% |
|
156 |
0.0% |
|
466 |
0.0% |
|
|
|
|
Amortization of purchased intangible assets |
( B ) |
|
18,132 |
3.5% |
|
13,279 |
3.1% |
|
60,277 |
3.0% |
|
37,197 |
2.3% |
|
|
|
|
Stock-based compensation |
( C ) |
|
525 |
0.1% |
|
494 |
0.1% |
|
2,005 |
0.1% |
|
1,955 |
0.1% |
|
|
|
|
Amortization of acquisition-related inventory step-up |
( D ) |
|
1,680 |
0.4% |
|
739 |
0.2% |
|
2,357 |
0.1% |
|
3,802 |
0.2% |
|
|
|
Non-GAAP gross margin: |
|
|
$ 276,818 |
53.7% |
|
$ 232,401 |
53.4% |
|
$ 1,110,972 |
54.5% |
|
$ 873,001 |
53.1% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
GAAP operating expenses: |
|
|
$ 226,135 |
43.9% |
|
$ 189,046 |
43.4% |
|
$ 833,609 |
40.9% |
|
$ 673,179 |
40.9% |
| |
|
|
|
Restructuring |
( A ) |
|
(333) |
-0.1% |
|
(513) |
-0.1% |
|
(2,227) |
-0.1% |
|
(2,288) |
-0.1% |
|
|
|
|
Amortization of purchased intangible assets |
( B ) |
|
(18,260) |
-3.5% |
|
(15,876) |
-3.6% |
|
(65,430) |
-3.2% |
|
(48,705) |
-3.0% |
|
|
|
|
Stock-based compensation |
( C ) |
|
(8,507) |
-1.7% |
|
(6,924) |
-1.6% |
|
(30,655) |
-1.5% |
|
(26,496) |
-1.6% |
|
|
|
|
Acquisition costs |
( E ) |
|
(7,277) |
-1.4% |
|
(2,117) |
-0.5% |
|
(21,662) |
-1.1% |
|
(14,892) |
-0.9% |
|
|
|
Non-GAAP operating expenses: |
|
|
$ 191,758 |
37.2% |
|
$ 163,616 |
37.6% |
|
$ 713,635 |
35.0% |
|
$ 580,798 |
35.3% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING INCOME: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
GAAP operating income: |
|
|
$ 30,329 |
5.9% |
|
$ 28,712 |
6.6% |
|
$ 212,568 |
10.4% |
|
$ 156,402 |
9.5% |
| |
|
|
|
Restructuring |
( A ) |
|
350 |
0.0% |
|
644 |
0.1% |
|
2,383 |
0.1% |
|
2,754 |
0.2% |
|
|
|
|
Amortization of purchased intangible assets |
( B ) |
|
36,392 |
7.1% |
|
29,155 |
6.7% |
|
125,707 |
6.2% |
|
85,902 |
5.2% |
|
|
|
|
Stock-based compensation |
( C ) |
|
9,032 |
1.8% |
|
7,418 |
1.7% |
|
32,660 |
1.6% |
|
28,451 |
1.8% |
|
|
|
|
Amortization of acquisition-related inventory step-up |
( D ) |
|
1,680 |
0.3% |
|
739 |
0.2% |
|
2,357 |
0.1% |
|
3,802 |
0.2% |
|
|
|
|
Acquisition costs |
( E ) |
|
7,277 |
1.4% |
|
2,117 |
0.5% |
|
21,662 |
1.1% |
|
14,892 |
0.9% |
|
|
|
Non-GAAP operating income: |
|
|
$ 85,060 |
16.5% |
|
$ 68,785 |
15.8% |
|
$ 397,337 |
19.5% |
|
$ 292,203 |
17.8% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-OPERATING INCOME, NET: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
GAAP non-operating income, net: |
|
|
$ 8,655 |
|
|
$ 2,378 |
|
|
$ 16,856 |
|
|
$ 11,052 |
|
| |
|
|
|
Acquisition / divestiture gain |
( E ) |
|
(6,810) |
|
|
(194) |
|
|
(7,257) |
|
|
(264) |
|
|
|
|
|
Debt issuance cost write-off |
( F ) |
|
82 |
|
|
- |
|
|
82 |
|
|
377 |
|
|
|
|
|
Foreign exchange (gain) loss associated with acquisitions |
( G ) |
|
- |
|
|
1,688 |
|
|
1,578 |
|
|
(1,768) |
|
|
|
|
Non-GAAP non-operating income, net: |
|
|
$ 1,927 |
|
|
$ 3,872 |
|
|
$ 11,259 |
|
|
$ 9,397 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP and |
|
|
GAAP and |
|
|
GAAP and |
|
|
GAAP and |
|
|
|
|
|
|
|
|
Non-GAAP |
|
|
Non-GAAP |
|
|
Non-GAAP |
|
|
Non-GAAP |
|
|
|
|
|
|
|
|
Tax Rate % |
( I ) |
|
Tax Rate % |
( I ) |
|
Tax Rate % |
( I ) |
|
Tax Rate % |
( I ) |
|
INCOME TAX PROVISION: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
GAAP income tax provision: |
|
|
$ 6,305 |
16% |
|
$ 2,427 |
8% |
|
$ 39,708 |
17% |
|
$ 18,545 |
11% |
| |
|
|
|
Non-GAAP items tax effected: |
( H ) |
|
7,762 |
|
|
3,218 |
|
|
30,635 |
|
|
13,696 |
|
|
|
|
Non-GAAP income tax provision: |
|
|
$ 14,067 |
16% |
|
$ 5,645 |
8% |
|
$ 70,343 |
17% |
|
$ 32,241 |
11% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
GAAP net income attributable to Trimble Navigation Ltd. |
|
|
$ 33,186 |
|
|
$ 29,403 |
|
|
$ 191,060 |
|
|
$ 150,755 |
|
| |
|
|
|
Restructuring |
( A ) |
|
350 |
|
|
644 |
|
|
2,383 |
|
|
2,754 |
|
|
|
|
|
Amortization of purchased intangible assets |
( B ) |
|
36,392 |
|
|
29,155 |
|
|
125,707 |
|
|
85,902 |
|
|
|
|
|
Stock-based compensation |
( C ) |
|
9,032 |
|
|
7,418 |
|
|
32,660 |
|
|
28,451 |
|
|
|
|
|
Amortization of acquisition-related inventory step-up |
( D ) |
|
1,680 |
|
|
739 |
|
|
2,357 |
|
|
3,802 |
|
|
|
|
|
Acquisition / divestiture costs, net |
( E ) |
|
467 |
|
|
1,921 |
|
|
14,405 |
|
|
14,627 |
|
|
|
|
|
Debt issuance cost write-off |
( F ) |
|
82 |
|
|
- |
|
|
82 |
|
|
377 |
|
|
|
|
|
Foreign exchange (gain) loss associated with acquisitions |
( G ) |
|
- |
|
|
1,688 |
|
|
1,578 |
|
|
(1,768) |
|
|
|
|
|
Non-GAAP tax adjustments |
( H ) |
|
(7,762) |
|
|
(3,218) |
|
|
(30,635) |
|
|
(13,696) |
|
|
|
|
Non-GAAP net income attributable to Trimble Navigation Ltd. |
|
|
$ 73,427 |
|
|
$ 67,750 |
|
|
$ 339,597 |
|
|
$ 271,204 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DILUTED NET INCOME PER SHARE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
GAAP diluted net income per share attributable to Trimble Navigation Ltd. |
|
|
$ 0.26 |
|
|
$ 0.23 |
|
|
$ 1.49 |
|
|
$ 1.20 |
|
| |
|
|
|
Restructuring |
( A ) |
|
- |
|
|
0.01 |
|
|
0.02 |
|
|
0.02 |
|
|
|
|
|
Amortization of purchased intangible assets |
( B ) |
|
0.28 |
|
|
0.23 |
|
|
0.98 |
|
|
0.67 |
|
|
|
|
|
Stock-based compensation |
( C ) |
|
0.07 |
|
|
0.06 |
|
|
0.25 |
|
|
0.23 |
|
|
|
|
|
Amortization of acquisition-related inventory step-up |
( D ) |
|
0.01 |
|
|
0.01 |
|
|
0.02 |
|
|
0.03 |
|
|
|
|
|
Acquisition / divestiture costs, net |
( E ) |
|
- |
|
|
0.02 |
|
|
0.11 |
|
|
0.12 |
|
|
|
|
|
Debt issuance cost write-off |
( F ) |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
|
|
|
Foreign exchange (gain) loss associated with acquisitions |
( G ) |
|
- |
|
|
0.01 |
|
|
0.01 |
|
|
(0.01) |
|
|
|
|
|
Non-GAAP tax adjustments |
( H ) |
|
(0.05) |
|
|
(0.03) |
|
|
(0.23) |
|
|
(0.11) |
|
|
|
|
Non-GAAP diluted net income per share attributable to Trimble Navigation Ltd. |
|
$ 0.57 |
|
|
$ 0.54 |
|
|
$ 2.65 |
|
|
$ 2.15 |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING LEVERAGE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
Increase in non-GAAP operating income |
|
|
$ 16,275 |
|
|
$ 22,399 |
|
|
$ 105,134 |
|
|
$ 74,537 |
|
| |
|
|
Increase in revenue |
|
|
$ 80,353 |
|
|
$ 111,821 |
|
|
$ 396,048 |
|
|
$ 350,128 |
|
| |
|
|
Operating leverage (increase in non-GAAP operating |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
income as a % of increase in revenue) |
|
|
20.3% |
|
|
20.0% |
|
|
26.5% |
|
|
21.3% |
|
| |
