Trimble Reports Third Quarter 2014 Results

 

GAAP TO NON-GAAP RECONCILIATION

(Dollars in thousands, except per share data)

(Unaudited)





















Third Quarter of


First Three Quarters of






2014


2013


2014


2013






Dollar

% of


Dollar

% of


Dollar

% of


Dollar

% of






Amount

Revenue


Amount

Revenue


Amount

Revenue


Amount

Revenue


GROSS MARGIN:















GAAP gross margin:


$ 316,773

54.2%


$ 295,053

53.0%


$   998,236

54.5%


$ 884,368

52.4%




Restructuring

( A )

108

0.0%


8

0.0%


325

0.0%


829

0.0%




Amortization of purchased intangible assets

( B )

20,057

3.4%


20,402

3.7%


60,963

3.3%


59,938

3.6%




Stock-based compensation

( C )

776

0.1%


609

0.1%


2,286

0.1%


1,816

0.1%




Amortization of acquisition-related inventory step-up

( D )

586

0.1%


378

0.1%


662

0.1%


1,505

0.1%



Non-GAAP gross margin: 


$ 338,300

57.8%


$ 316,450

56.9%


$1,062,472

58.0%


$ 948,456

56.2%


















OPERATING EXPENSES:















GAAP operating expenses:


$ 305,684

52.3%


$ 232,024

41.7%


$   814,302

44.5%


$ 699,977

41.4%




Restructuring

( A )

(219)

0.0%


(31)

0.0%


(1,345)

-0.1%


(4,602)

-0.3%




Amortization of purchased intangible assets

( B )

(19,269)

-3.3%


(21,216)

-3.9%


(56,806)

-3.1%


(60,775)

-3.6%




Stock-based compensation

( C )

(10,262)

-1.8%


(8,296)

-1.5%


(29,839)

-1.6%


(24,342)

-1.4%




Acquisition / divestiture items

( E )

(4,056)

-0.7%


(2,891)

-0.5%


(7,416)

-0.4%


(9,285)

-0.5%




Litigation

( G )

(52,011)

-8.9%


(1,335)

-0.2%


(52,011)

-2.9%


(1,335)

-0.1%



Non-GAAP operating expenses:


$ 219,867

37.6%


$ 198,255

35.6%


$   666,885

36.4%


$ 599,638

35.5%


















OPERATING INCOME:















GAAP operating income:


$   11,089

1.9%


$   63,029

11.3%


$   183,934

10.0%


$ 184,391

10.9%




Restructuring

( A )

327

0.1%


39

0.0%


1,670

0.1%


5,431

0.3%




Amortization of purchased intangible assets

( B )

39,326

6.7%


41,618

7.5%


117,769

6.4%


120,713

7.2%




Stock-based compensation

( C )

11,038

1.9%


8,905

1.6%


32,125

1.8%


26,158

1.5%




Amortization of acquisition-related inventory step-up

( D )

586

0.1%


378

0.1%


662

0.0%


1,505

0.1%




Acquisition / divestiture items

( E )

4,056

0.7%


2,891

0.5%


7,416

0.4%


9,285

0.6%




Litigation

( G )

52,011

8.9%


1,335

0.2%


52,011

2.9%


1,335

0.1%



Non-GAAP operating income: 


$ 118,433

20.3%


$ 118,195

21.2%


$   395,587

21.6%


$ 348,818

20.7%


















NON-OPERATING INCOME (LOSS), NET:















GAAP non-operating income (loss), net:


$    (3,934)



$       483



$     10,464



$     2,181





Acquisition / divestiture items

( E )

1,699



14



6,004



(846)





Gain on an equity sale

( F )

-



-



(15,091)



-




Non-GAAP non-operating income, net: 


$    (2,235)



$       497



$       1,377



$     1,335
























GAAP and 



GAAP and 



GAAP and 



GAAP and 







Non-GAAP



Non-GAAP



Non-GAAP



Non-GAAP







Tax Rate %

( K )


Tax Rate %

( K )


Tax Rate %

( K )


Tax Rate %

( K )

INCOME TAX PROVISION (BENEFIT):















GAAP income tax provision (benefit):


$    (4,720)

-66%


$     8,892

14%


$     36,371

19%


$   28,067

15%




Non-GAAP items tax effected

( H )

13,930



7,725



36,360



24,062





Tax on gain on an equity sale

( I )

-



-



(5,836)



-





Tax on RDS litigation

( J )

19,840



-



19,840



-




Non-GAAP income tax provision: 


$   29,049

25%


$   16,617

14%


$     86,735

22%


$   52,129

15%


















NET INCOME:  















GAAP net income attributable to Trimble Navigation Ltd.


$   11,832



$   54,469



$   158,290



$ 158,858





Restructuring

( A )

327



39



1,670



5,431





Amortization of purchased intangible assets

( B )

39,326



41,618



117,769



120,713





Stock-based compensation

( C )

11,038



8,905



32,125



26,158





Amortization of acquisition-related inventory step-up

( D )

586



378



662



1,505





Acquisition / divestiture items

( E )

5,755



2,905



13,420



8,439





Gain on an equity sale

( F )

-



-



(15,091)



-





Litigation

( G )

52,011



1,335



52,011



1,335





Non-GAAP tax adjustments

(H ), (I), (J)

(33,770)



(7,725)



(50,364)



(24,062)




Non-GAAP net income attributable to Trimble Navigation Ltd.


$   87,105



$ 101,924



$   310,492



$ 298,377



















DILUTED NET INCOME PER SHARE:















GAAP diluted net income per share attributable to Trimble Navigation Ltd.


$      0.04



$      0.21



$        0.60



$      0.61





Restructuring

( A )

-



-



0.01



0.02





Amortization of purchased intangible assets

( B )

0.15



0.16



0.44



0.45





Stock-based compensation

( C )

0.04



0.03



0.12



0.10





Amortization of acquisition-related inventory step-up

( D )

-



-



-



0.01





Acquisition / divestiture items

( E )

0.02



0.01



0.05



0.03





Gain on an equity sale

( F )

-



-



(0.06)



-





Litigation

( G )

0.20



0.01



0.20



0.01





Non-GAAP tax adjustments

(H ), (I), (J)

(0.12)



(0.03)



(0.19)



(0.09)




Non-GAAP diluted net income per share attributable to Trimble Navigation Ltd.

$      0.33



$      0.39



$        1.17



$      1.14



















OPERATING LEVERAGE:















Increase in non-GAAP operating income


$       238



$   12,889



$     46,769



$   36,541




Increase in revenue


$  28,294



$   51,739



$   142,810



$ 164,316




Operating leverage (increase in non-GAAP operating 















income as a % of increase in revenue)


0.8%



24.9%



32.7%



22.2%




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