Trimble Reports Third Quarter 2020 Results

 

GAAP TO NON-GAAP RECONCILIATION

(Dollars in millions, except per share data)

(Unaudited)







Third Quarter of


First Three Quarters of






2020


2019


2020


2019






Dollar
Amount

% of Revenue


Dollar
Amount

% of Revenue


Dollar
Amount

% of Revenue


Dollar
Amount

% of Revenue

REVENUE:















GAAP revenue:



$

792.1




$

783.9




$

2,318.0




$

2,440.3





Acquired deferred revenue adjustment

(A)


0.7




0.4




4.0




4.3




Non-GAAP revenue:



$

792.8




$

784.3




$

2,322.0




$

2,444.6



















GROSS MARGIN:















GAAP gross margin:



$

439.7


55.5

%


$

422.0


53.8

%


$

1,286.4


55.5

%


$

1,320.9


54.1

%



Acquired deferred revenue adjustment

(A)


0.7




0.4




4.0




4.3





Restructuring charges

(B)


0.3







0.7




0.2





COVID-19 expenses

(C)








0.3








Amortization of purchased intangible assets

(D)


23.3




23.3




70.0




71.3





Stock-based compensation / deferred compensation

(E)


2.5




1.5




5.2




4.4





Acquisition / divestiture items

(F)








1.7







Non-GAAP gross margin:



$

466.5


58.8

%


$

447.2


57.0

%


$

1,368.3


58.9

%


$

1,401.1


57.3

%

















OPERATING EXPENSES:















GAAP operating expenses:



$

337.7


42.6

%


$

330.3


42.1

%


$

988.5


42.6

%


$

1,033.2


42.3

%



Restructuring charges / executive transition costs

(B)


(13.2)




(3.6)




(21.2)




(10.0)





COVID-19 expenses

(C)


(1.2)







(4.5)








Amortization of purchased intangible assets

(D)


(16.7)




(17.5)




(50.2)




(57.3)





Stock-based compensation / deferred compensation

(E)


(29.5)




(17.0)




(56.7)




(51.5)





Acquisition / divestiture items

(F)


(3.7)




(8.4)




(14.7)




(11.5)





Amortization of acquired capitalized commissions

(G)


1.3




1.5




4.2




4.8




Non-GAAP operating expenses:



$

274.7


34.6

%


$

285.3


36.4

%


$

845.4


36.4

%


$

907.7


37.1

%

















OPERATING INCOME:















GAAP operating income:



$

102.0


12.9

%


$

91.7


11.7

%


$

297.9


12.9

%


$

287.7


11.8

%



Acquired deferred revenue adjustment

(A)


0.7




0.4




4.0




4.3





Restructuring charges / executive transition costs

(B)


13.5




3.6




21.9




10.2





COVID-19 expenses

(C)


1.2







4.8








Amortization of purchased intangible assets

(D)


40.0




40.8




120.2




128.6





Stock-based compensation / deferred compensation

(E)


32.0




18.5




61.9




55.9





Acquisition / divestiture items

(F)


3.7




8.4




16.4




11.5





Amortization of acquired capitalized commissions

(G)


(1.3)




(1.5)




(4.2)




(4.8)




Non-GAAP operating income:



$

191.8


24.2

%


$

161.9


20.6

%


$

522.9


22.5

%


$

493.4


20.2

%

















NON-OPERATING EXPENSE, NET:












GAAP non-operating  expense, net:



$

(5.6)




$

(12.8)




$

(31.2)




$

(18.2)





Deferred compensation

(E)


(4.2)




0.1




(4.8)




(3.8)





Acquisition / divestiture items

(F)


0.1




0.3




2.5




(12.5)




Non-GAAP non-operating expense, net:



$

(9.7)




$

(12.4)




$

(33.5)




$

(34.5)

























GAAP and
Non-GAAP
Tax Rate %



GAAP and
Non-GAAP
Tax Rate %



GAAP and
Non-GAAP
Tax Rate %



GAAP and
Non-GAAP
Tax Rate %







(J)



(J)



(J)



(J)

INCOME TAX PROVISION:












GAAP income tax provision:



$

11.6


12.0

%


$

0.8


1.0

%


$

56.8


21.3

%


$

34.4


12.8

%



Non-GAAP items tax effected

(H)


10.3




0.7




46.2




21.4





Difference in GAAP and Non-GAAP tax rate

(I)


7.3




26.9




(20.7)




34.5




Non-GAAP income tax provision:



$

29.2


16.0

%


$

28.4


19.0

%


$

82.3


16.8

%


$

90.3


19.7

%

















NET INCOME:















GAAP net income attributable to Trimble Inc.:



$

84.7




$

78.1




$

209.6




$

235.0





Acquired deferred revenue adjustment

(A)


0.7




0.4




4.0




4.3





Restructuring charges / executive transition costs

(B)


13.5




3.6




21.9




10.2





COVID-19 expenses

(C)


1.2







4.8








Amortization of purchased intangible assets

(D)


40.0




40.8




120.2




128.6





Stock-based compensation / deferred compensation

(E)


27.8




18.6




57.1




52.1





Acquisition / divestiture items

(F)


3.8




8.7




18.9




(1.0)





Amortization of acquired capitalized commissions

(G)


(1.3)




(1.5)




(4.2)




(4.8)





Non-GAAP tax adjustments

(H)-(I)


(17.6)




(27.6)




(25.5)




(55.9)




Non-GAAP net income attributable to Trimble Inc.:



$

152.8




$

121.1




$

406.8




$

368.5



















DILUTED NET INCOME PER SHARE:












GAAP diluted net income per share attributable to Trimble Inc.:



$

0.34




$

0.31




$

0.83




$

0.93





Acquired deferred revenue adjustment

(A)








0.02




0.01





Restructuring charges / executive transition costs

(B)


0.05




0.01




0.08




0.04





COVID-19 expenses

(C)








0.02








Amortization of purchased intangible assets

(D)


0.16




0.16




0.48




0.51





Stock-based compensation / deferred compensation

(E)


0.11




0.07




0.23




0.20





Acquisition / divestiture items

(F)


0.02




0.03




0.07








Amortization of acquired capitalized commissions

(G)


(0.01)







(0.02)




(0.02)





Non-GAAP tax adjustments

(H)-(I)


(0.07)




(0.10)




(0.10)




(0.22)




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



$

0.60




$

0.48




$

1.61




$

1.45



















ADJUSTED EBITDA:












GAAP net income attributable to Trimble Inc.:



$

84.7




$

78.1




$

209.6




$

235.0





Non-operating expense, net, income tax provision, and net gain attributable to noncontrolling interests



17.3




13.6




88.3




52.7




GAAP operating income:



102.0




91.7




297.9




287.7





Acquired deferred revenue adjustment

(A)


0.7




0.4




4.0




4.3





Restructuring charges / executive transition costs

(B)


13.5




3.6




21.9




10.2





COVID-19 expenses

(C)


1.2







4.8








Amortization of purchased intangible assets

(D)


40.0




40.8




120.2




128.6





Stock-based compensation / deferred compensation

(E)


32.0




18.5




61.9




55.9





Acquisition / divestiture items

(F)


3.7




8.4




16.4




11.5





Amortization of acquired capitalized commissions

(G)


(1.3)




(1.5)




(4.2)




(4.8)




Non-GAAP operating income:



191.8




161.9




522.9




493.4





Depreciation expense



9.9




9.4




29.4




29.7





Income from equity income investments, net



10.8




8.8




29.9




30.5




Adjusted EBITDA:



$

212.5




$

180.1




$

582.2




$

553.6



















FOOTNOTES TO GAAP TO NON-GAAP RECONCILIATION

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