Trimble Reports Fourth Quarter and Full Year 2013 Results

 

GAAP TO NON-GAAP RECONCILIATION

(Dollars in thousands, except per share data)

(Unaudited)























Fourth Quarter of


Fiscal Years







2013


2012


2013


2012







Dollar

% of


Dollar

% of


Dollar

% of


Dollar

% of







Amount

Revenue


Amount

Revenue


Amount

Revenue


Amount

Revenue


GROSS MARGIN:
















GAAP gross margin:



$   319,454

53.3%


$   256,464

49.7%


$   1,203,822

52.6%


$ 1,046,177

51.3%




Restructuring

( A )


31

0.0%


17

0.0%


860

0.0%


156

0.0%




Amortization of purchased intangible assets

( B )


21,181

3.6%


18,132

3.5%


81,119

3.6%


60,277

3.0%




Stock-based compensation

( C )


757

0.1%


525

0.1%


2,573

0.1%


2,005

0.1%




Amortization of acquisition-related inventory step-up

( D )


-

0.0%


1,680

0.4%


1,505

0.1%


2,357

0.1%



Non-GAAP gross margin: 



$   341,423

57.0%


$   276,818

53.7%


$   1,289,879

56.4%


$ 1,110,972

54.5%



















OPERATING EXPENSES:
















GAAP operating expenses:



$   252,108

42.1%


$   226,135

43.9%


$     952,085

41.6%


$    833,609

40.9%




Restructuring

( A )


(1,358)

-0.2%


(333)

-0.1%


(5,960)

-0.3%


(2,227)

-0.1%




Amortization of purchased intangible assets

( B )


(20,947)

-3.5%


(18,260)

-3.5%


(81,722)

-3.5%


(65,430)

-3.2%




Stock-based compensation

( C )


(9,527)

-1.6%


(8,507)

-1.7%


(33,869)

-1.4%


(30,655)

-1.5%




Acquisition / divestiture items

( E )


(3,910)

-0.7%


(7,277)

-1.4%


(13,195)

-0.6%


(21,662)

-1.1%




Litigation

( H )


-

0.0%


-

0.0%


(1,335)

-0.1%


-

0.0%



Non-GAAP operating expenses:



$   216,366

36.1%


$   191,758

37.2%


$     816,004

35.7%


$    713,635

35.0%



















OPERATING INCOME:
















GAAP operating income:



$    67,346

11.2%


$     30,329

5.9%


$     251,737

11.0%


$    212,568

10.4%




Restructuring

( A )


1,389

0.2%


350

0.0%


6,820

0.3%


2,383

0.1%




Amortization of purchased intangible assets

( B )


42,128

7.0%


36,392

7.1%


162,841

7.1%


125,707

6.2%




Stock-based compensation

( C )


10,284

1.7%


9,032

1.8%


36,442

1.5%


32,660

1.6%




Amortization of acquisition-related inventory step-up

( D )


-

0.0%


1,680

0.3%


1,505

0.1%


2,357

0.1%




Acquisition / divestiture items

( E )


3,910

0.8%


7,277

1.4%


13,195

0.6%


21,662

1.1%




Litigation

( H )


-

0.0%


-

0.0%


1,335

0.1%


-

0.0%



Non-GAAP operating income: 



$   125,057

20.9%


$     85,060

16.5%


$     473,875

20.7%


$    397,337

19.5%



















NON-OPERATING INCOME, NET:
















GAAP non-operating income (loss), net:



$     (1,054)



$      8,655



$         1,127



$      16,856





Acquisition / divestiture items

( E )


2,276



(6,810)



1,430



(7,257)





Debt issuance cost write-off

( F )


-



82



-



82





Foreign exchange loss associated with acquisitions

( G )


-



-



-



1,578




Non-GAAP non-operating income, net: 



$      1,222



$      1,927



$         2,557



$      11,259


























GAAP and 



GAAP and 



GAAP and 



GAAP and 








Non-GAAP



Non-GAAP



Non-GAAP



Non-GAAP








Tax Rate %

( J )


Tax Rate %

( J )


Tax Rate %

( J )


Tax Rate %

( J )

INCOME TAX PROVISION:
















GAAP income tax provision:



$      6,631

10%


$      6,305

16%


$       34,698

14%


$      39,708

17%




Non-GAAP items tax effected

( I )


6,001



7,762



30,064



30,635




Non-GAAP income tax provision: 



$    12,632

10%


$     14,067

16%


$       64,762

14%


$      70,343

17%



















NET INCOME:  
















GAAP net income attributable to Trimble Navigation Ltd.



$    59,997



$     33,186



$     218,855



$    191,060





Restructuring

( A )


1,389



350



6,820



2,383





Amortization of purchased intangible assets

( B )


42,128



36,392



162,841



125,707





Stock-based compensation

( C )


10,284



9,032



36,442



32,660





Amortization of acquisition-related inventory step-up

( D )


-



1,680



1,505



2,357





Acquisition / divestiture items

( E )


6,186



467



14,625



14,405





Debt issuance cost write-off

( F )


-



82



-



82





Foreign exchange loss associated with acquisitions

( G )


-



-



-



1,578





Litigation

( H )


-



-



1,335



-





Non-GAAP items tax affected

( I )


(6,001)



(7,762)



(30,064)



(30,635)




Non-GAAP net income attributable to Trimble Navigation Ltd.



$   113,983



$     73,427



$     412,359



$    339,597




















DILUTED NET INCOME PER SHARE:
















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

$        0.23



$        0.13



$           0.84



$         0.74





Restructuring

( A )


-



-



0.03



0.01





Amortization of purchased intangible assets

( B )


0.16



0.14



0.62



0.49





Stock-based compensation

( C )


0.04



0.03



0.14



0.13





Amortization of acquisition-related inventory step-up

( D )


-



0.01



-



0.01





Acquisition / divestiture items

( E )


0.02



-



0.06



0.05





Debt issuance cost write-off

( F )


-



-



-



-





Foreign exchange loss associated with acquisitions

( G )


-



-



-



0.01





Litigation

( H )


-



-



0.01



-





Non-GAAP items tax affected

( I )


(0.02)



(0.03)



(0.12)



(0.12)




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

$        0.43



$        0.28



$           1.58



$         1.32




















OPERATING LEVERAGE:
















Increase in non-GAAP operating income



$    39,997



$     16,275



$       76,538



$    105,134




Increase in revenue



$    83,695



$     80,353



$     248,011



$    396,048




Operating leverage (increase in non-GAAP operating income as a % of increase in revenue)



 

47.8%



20.3%



 

30.9%



26.5%




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