Trimble Reports Second Quarter of 2017 Results

 

 

GAAP TO NON-GAAP RECONCILIATION

(Dollars in millions, except per share data)

(Unaudited)

                                 
         

Second Quarter of

 

First Two Quarters of

 
         

2017

 

2016

 

2017

 

2016

 
         

Dollar

% of

 

Dollar

% of

 

Dollar

% of

 

Dollar

% of

 
         

Amount

Revenue

 

Amount

Revenue

 

Amount

Revenue

 

Amount

Revenue

 

GROSS MARGIN:

                           
 

GAAP gross margin:

   

$  346.5

52.3 %

 

$  315.6

51.8 %

 

$    673.1

52.8 %

 

$    616.2

51.7 %

 
   

Restructuring charges

( A )

 

0.5

0.1 %

 

0.4

0.1 %

 

1.0

0.1 %

 

0.7

0.1 %

 
   

Amortization of purchased intangible assets

( B )

 

20.5

3.1 %

 

24.0

3.9 %

 

39.5

3.1 %

 

48.1

4.0 %

 
   

Stock-based compensation

( C )

 

0.9

0.1 %

 

0.9

0.1 %

 

1.7

0.1 %

 

1.9

0.1 %

 
   

Amortization of acquisition-related inventory step-up

( D )

 

0.5

0.1 %

 

—%

 

0.6

—%

 

—%

 
 

Non-GAAP gross margin:

   

$  368.9

55.7 %

 

$  340.9

55.9 %

 

$    715.9

56.1 %

 

$    666.9

55.9 %

 
                                 

OPERATING EXPENSES:

                           
 

GAAP operating expenses:

   

$  283.9

42.8 %

 

$  275.1

45.1 %

 

$    553.9

43.5 %

 

$    545.8

45.8 %

 
   

Restructuring charges

( A )

 

(2.3)

(0.3)%

 

(4.5)

(0.7)%

 

(5.2)

(0.4)%

 

(6.3)

(0.5)%

 
   

Amortization of purchased intangible assets

( B )

 

(15.3)

(2.3)%

 

(15.6)

(2.6)%

 

(29.6)

(2.3)%

 

(31.8)

(2.7)%

 
   

Stock-based compensation

( C )

 

(14.3)

(2.2)%

 

(12.1)

(2.0)%

 

(27.2)

(2.2)%

 

(24.8)

(2.1)%

 
   

Acquisition / divestiture items

( E )

 

(4.3)

(0.6)%

 

(0.9)

(0.1)%

 

(6.4)

(0.6)%

 

(2.5)

(0.2)%

 
   

Executive transition costs

( F )

 

—%

 

(0.1)

—%

 

—%

 

(1.0)

(0.1)%

 
 

Non-GAAP operating expenses:

   

$  247.7

37.4 %

 

$  241.9

39.7 %

 

$    485.5

38.0 %

 

$    479.4

40.2 %

 
                                 

OPERATING INCOME:

                           
 

GAAP operating income:

   

$    62.6

9.5 %

 

$    40.5

6.7 %

 

$    119.2

9.3 %

 

$      70.4

5.9 %

 
   

Restructuring charges

( A )

 

2.8

0.4 %

 

4.9

0.8 %

 

6.2

0.5 %

 

7.0

0.6 %

 
   

Amortization of purchased intangible assets

( B )

 

35.8

5.4 %

 

39.6

6.5 %

 

69.1

5.4 %

 

79.9

6.7 %

 
   

Stock-based compensation

( C )

 

15.2

2.3 %

 

13.0

2.1 %

 

28.9

2.3 %

 

26.7

2.2 %

 
   

Amortization of acquisition-related inventory step-up

( D )

 

0.5

0.1 %

 

—%

 

0.6

—%

 

—%

 
   

Acquisition / divestiture items

( E )

 

4.3

0.6 %

 

0.9

0.1 %

 

6.4

0.6 %

 

2.5

0.2 %

 
   

Executive transition costs

( F )

 

—%

 

0.1

—%

 

—%

 

1.0

0.1 %

 
 

Non-GAAP operating income:

   

$  121.2

18.3 %

 

$    99.0

16.2 %

 

$    230.4

18.1 %

 

$    187.5

15.7 %

 
                                 

NON-OPERATING INCOME (EXPENSE), NET:

                           
 

GAAP non-operating income (expense), net:

   

$      5.0

   

$     (2.2)

   

$      14.0

   

$       (2.7)

   
   

Acquisition / divestiture items

( E )

 

(0.8)

   

0.4

   

(8.9)

   

(2.7)

   
 

Non-GAAP non-operating income (expense), net:

   

$      4.2

   

$     (1.8)

   

$        5.1

   

$       (5.4)

   
                                 
           

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:

   

$    17.7

26 %

 

$      2.7

7 %

 

$      32.8

25 %

 

$      12.4

18 %

 
   

Non-GAAP items tax effected

( G )

 

15.0

   

4.1

   

25.2

   

21.0

   
   

Difference in GAAP and Non-GAAP tax rate

( H )

 

(3.8)

   

16.4

   

(3.8)

   

10.3

   
 

Non-GAAP income tax provision:

   

$    28.9

23 %

 

$    23.2

24 %

 

$      54.2

23 %

 

$      43.7

24 %

 
                                 

NET INCOME:

                           
 

GAAP net income attributable to Trimble Inc.

   

$    49.9

   

$    35.7

   

$    100.4

   

$      55.5

   
   

Restructuring charges

( A )

 

2.8

   

4.9

   

6.2

   

7.0

   
   

Amortization of purchased intangible assets

( B )

 

35.8

   

39.6

   

69.1

   

79.9

   
   

Stock-based compensation

( C )

 

15.2

   

13.0

   

28.9

   

26.7

   
   

Amortization of acquisition-related inventory step-up

( D )

 

0.5

   

   

0.6

   

   
   

Acquisition / divestiture items

( E )

 

3.5

   

1.3

   

(2.5)

   

(0.2)

   
   

Executive transition costs

( F )

 

   

0.1

   

   

1.0

   
   

Non-GAAP tax adjustments

( G ) + ( H )

 

(11.2)

   

(20.5)

   

(21.4)

   

(31.3)

   
 

Non-GAAP net income attributable to Trimble Inc.

   

$    96.5

   

$    74.1

   

$    181.3

   

$    138.6

   
                                 

DILUTED NET INCOME PER SHARE:

                           
 

GAAP diluted net income per share attributable to Trimble Inc.

   

$    0.19

   

$    0.14

   

$      0.39

   

$      0.22

   
   

Restructuring charges

( A )

 

0.01

   

0.02

   

0.03

   

0.03

   
   

Amortization of purchased intangible assets

( B )

 

0.14

   

0.15

   

0.27

   

0.31

   
   

Stock-based compensation

( C )

 

0.06

   

0.05

   

0.11

   

0.11

   
   

Amortization of acquisition-related inventory step-up

( D )

 

   

   

   

   
   

Acquisition / divestiture items

( E )

 

0.01

   

0.01

   

(0.01)

   

   
   

Executive transition costs

( F )

 

   

   

   

   
   

Non-GAAP tax adjustments

( G ) + ( H )

 

(0.03)

   

(0.08)

   

(0.08)

   

(0.12)

   
 

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

   

$    0.38

   

$    0.29

   

$      0.71

   

$      0.55

   

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