Trimble Announces Second Quarter 2024 Results

 

GAAP TO NON-GAAP RECONCILIATION

(Dollars in millions, except per share data)

(Unaudited)







Second Quarter of


First Two Quarters of






2024


2023


2024


2023






Dollar
Amount

% of
Revenue


Dollar
Amount

% of
Revenue


Dollar
Amount

% of
Revenue


Dollar
Amount

% of
Revenue

REVENUE:















GAAP revenue:



$   870.8



$   993.6



$ 1,824.1



$ 1,909.0


















GROSS MARGIN:















GAAP gross margin:



$   545.9

62.7 %


$   604.5

60.8 %


$ 1,139.5

62.5 %


$ 1,165.3

61.0 %



Amortization of purchased intangible assets

(A)


28.0



30.2



55.8



53.2




Acquisition / divestiture items

(B)




0.2





0.4




Stock-based compensation / deferred compensation

(C)


4.2



4.1



8.5



7.6




Restructuring and other costs

(D)


0.6



(1.0)



2.0



(0.7)



Non-GAAP gross margin:



$   578.7

66.5 %


$   638.0

64.2 %


$ 1,205.8

66.1 %


$ 1,225.8

64.2 %

















OPERATING EXPENSES:















GAAP operating expenses:



$   484.3

55.6 %


$   510.9

51.4 %


$   968.7

53.1 %


$   934.7

49.0 %



Amortization of purchased intangible assets

(A)


(26.5)



(31.9)



(53.2)



(43.6)




Acquisition / divestiture items

(B)


(33.9)



(26.3)



(57.8)



(33.1)




Stock-based compensation / deferred compensation

(C)


(33.9)



(38.0)



(68.4)



(69.9)




Restructuring and other costs

(D)


(5.7)



(7.7)



(12.3)



(19.4)



Non-GAAP operating expenses:



$   384.3

44.1 %


$   407.0

41.0 %


$   777.0

42.6 %


$   768.7

40.3 %

















OPERATING INCOME:















GAAP operating income:



$     61.6

7.1 %


$     93.6

9.4 %


$   170.8

9.4 %


$   230.6

12.1 %



Amortization of purchased intangible assets

(A)


54.5



62.1



109.0



96.8




Acquisition / divestiture items

(B)


33.9



26.5



57.8



33.5




Stock-based compensation / deferred compensation

(C)


38.1



42.1



76.9



77.5




Restructuring and other costs

(D)


6.3



6.7



14.3



18.7



Non-GAAP operating income:



$   194.4

22.3 %


$   231.0

23.2 %


$   428.8

23.5 %


$   457.1

23.9 %

















NON-OPERATING INCOME (EXPENSE), NET:












GAAP non-operating income (expense), net:



$ 1,700.4



$   (36.1)



$ 1,664.2



$   (12.5)




Acquisition / divestiture items

(B)


(1,716.1)



(0.9)



(1,719.5)



(32.5)




Deferred compensation

(C)


(0.7)



(1.7)



(3.1)



(3.7)




Restructuring and other costs

(D)


5.4





5.4



1.3



Non-GAAP non-operating expense, net:



$   (11.0)



$   (38.7)



$   (53.0)



$   (47.4)
























GAAP
and
Non-
GAAP
Tax Rate
%



GAAP
and
Non-
GAAP
Tax Rate
%



GAAP
and
Non-
GAAP
Tax Rate
%



GAAP
and
Non-
GAAP
Tax Rate
%







(G)



(G)



(G)



(G)

INCOME TAX PROVISION:












GAAP income tax provision:



$   445.6

25.3 %


$     12.9

22.4 %


$   461.4

25.1 %


$     44.7

20.5 %



Non-GAAP items tax effected

(E)


(399.4)



30.2



(373.6)



41.4




Difference in GAAP and Non-GAAP tax rate

(F)


(14.7)



(9.8)



(23.0)



(13.3)



Non-GAAP income tax provision:



$     31.5

17.2 %


$     33.3

17.3 %


$     64.8

17.2 %


$     72.8

17.8 %

















NET INCOME:















GAAP net income:



$ 1,316.4



$     44.6



$ 1,373.6



$   173.4




Amortization of purchased intangible assets

(A)


54.5



62.1



109.0



96.8




Acquisition / divestiture items

(B)


(1,682.2)



25.6



(1,661.7)



1.0




Stock-based compensation / deferred compensation

(C)


37.4



40.4



73.8



73.8




Restructuring and other costs

(D)


11.7



6.7



19.7



20.0




Non-GAAP tax adjustments

(E) - (F)


414.1



(20.4)



396.6



(28.1)



Non-GAAP net income:



$   151.9



$   159.0



$   311.0



$   336.9


















DILUTED NET INCOME PER SHARE:












GAAP diluted net income per share:



$     5.34



$     0.18



$     5.56



$     0.70




Amortization of purchased intangible assets

(A)


0.22



0.25



0.45



0.39




Acquisition / divestiture items

(B)


(6.82)



0.10



(6.73)






Stock-based compensation / deferred compensation

(C)


0.15



0.16



0.30



0.29




Restructuring and other costs

(D)


0.05



0.03



0.08



0.08




Non-GAAP tax adjustments

(E) - (F)


1.68



(0.08)



1.60



(0.11)



Non-GAAP diluted net income per share:



$     0.62



$     0.64



$     1.26



$     1.35


















ADJUSTED EBITDA:












GAAP operating income:



$     61.6

7.1 %


$     93.6

9.4 %


$   170.8

9.4 %


$   230.6

12.1 %



Amortization of purchased intangible assets

(A)


54.5



62.1



109.0



96.8




Acquisition / divestiture items

(B)


33.9



26.5



57.8



33.5




Stock-based compensation / deferred compensation

(C)


38.1



42.1



76.9



77.5




Restructuring and other costs

(D)


6.3



6.7



14.3



18.7



Non-GAAP operating income:



194.4

22.3 %


231.0

23.2 %


428.8

23.5 %


457.1

23.9 %



Depreciation expense and cloud computing amortization



12.1



12.5



23.0



23.8




Income from equity method investments, net



7.5



8.0



13.1



19.4



Adjusted EBITDA:



$   214.0

24.6 %


$   251.5

25.3 %


$   464.9

25.5 %


$   500.3

26.2 %






















































Third Quarter of
2024


Year 2024












Low End

High
End


Low End

High
End







FORECASTED DILUTED NET INCOME PER SHARE:











Forecasted GAAP diluted net income per share:



$     0.28

$  0.34


$     6.41

$  6.54









Amortization of purchased intangible assets

(A)


0.18

0.18


0.81

0.81









Acquisition / divestiture items

(B)


0.02

0.02


(6.75)

(6.75)









Stock-based compensation / deferred compensation

(C)


0.14

0.14


0.60

0.60









Restructuring and other costs

(D)


0.02

0.02


0.12

0.12









Non-GAAP tax adjustments

(E) - (F)


(0.06)

(0.06)


1.48

1.49








Forecasted non-GAAP diluted net income per share:


$     0.58

$  0.64


$     2.67

$  2.81







FOOTNOTES TO GAAP TO NON-GAAP RECONCILIATION

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