Trimble Reports Second Quarter 2014 Results

 

GAAP TO NON-GAAP RECONCILIATION


(Dollars in thousands, except per share data)


(Unaudited)
























Second Quarter of


First Two 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:



$ 354,571

55.2%


$ 302,401

52.5%


$ 681,463

54.7%


$ 589,315

52.0%




Restructuring

( A )


170

0.0%


766

0.1%


217

0.0%


821

0.1%




Amortization of purchased intangible assets

( B )


20,018

3.1%


19,855

3.4%


40,906

3.3%


39,536

3.5%




Stock-based compensation

( C )


763

0.2%


607

0.1%


1,510

0.1%


1,207

0.1%




Amortization of acquisition-related inventory step-up

( D )


25

0.0%


524

0.1%


76

0.0%


1,127

0.1%



Non-GAAP gross margin: 



$ 375,547

58.5%


$ 324,153

56.2%


$ 724,172

58.1%


$ 632,006

55.8%



















OPERATING EXPENSES:
















GAAP operating expenses:



$ 257,437

40.1%


$ 237,496

41.2%


$ 508,618

40.8%


$ 467,953

41.3%




Restructuring

( A )


(789)

-0.1%


(2,966)

-0.5%


(1,126)

-0.1%


(4,571)

-0.4%




Amortization of purchased intangible assets

( B )


(17,856)

-2.8%


(19,908)

-3.5%


(37,537)

-3.0%


(39,559)

-3.5%




Stock-based compensation

( C )


(10,212)

-1.6%


(7,828)

-1.4%


(19,577)

-1.6%


(16,046)

-1.4%




Acquisition / divestiture items

( E )


(1,964)

-0.3%


(2,976)

-0.4%


(3,360)

-0.3%


(6,394)

-0.6%



Non-GAAP operating expenses:



$ 226,616

35.3%


$ 203,818

35.4%


$ 447,018

35.8%


$ 401,383

35.4%



















OPERATING INCOME:
















GAAP operating income:



$   97,134

15.1%


$   64,905

11.3%


$ 172,845

13.9%


$ 121,362

10.7%




Restructuring

( A )


959

0.1%


3,732

0.6%


1,343

0.1%


5,392

0.5%




Amortization of purchased intangible assets

( B )


37,874

6.0%


39,763

6.9%


78,443

6.3%


79,095

7.0%




Stock-based compensation

( C )


10,975

1.7%


8,435

1.5%


21,087

1.6%


17,253

1.5%




Amortization of acquisition-related inventory step-up

( D )


25

0.0%


524

0.1%


76

0.0%


1,127

0.1%




Acquisition / divestiture items

( E )


1,964

0.3%


2,976

0.5%


3,360

0.3%


6,394

0.6%



Non-GAAP operating income: 



$ 148,931

23.2%


$ 120,335

20.9%


$ 277,154

22.2%


$ 230,623

20.4%



















NON-OPERATING INCOME, NET:
















GAAP non-operating income, net:



$     1,634



$     3,786



$   14,398



$     1,698





Acquisition / divestiture items

( E )


2,612



(459)



4,305



(860)





Gain on an equity sale

( F )


-



-



(15,091)



-




Non-GAAP non-operating income, net: 



$     4,246



$     3,327



$     3,612



$       838


























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:



$   20,741

21%


$   13,738

20%


$   41,091

22%


$   19,175

16%




Non-GAAP items tax effected

( G )


11,426



10,994



22,430



16,337





Tax on gain on an equity sale

( H )


-



-



(5,836)



-




Non-GAAP income tax provision: 



$   32,167

21%


$   24,732

20%


$   57,685

21%


$   35,512

16%



















NET INCOME:  
















GAAP net income attributable to Trimble Navigation Ltd.



$   77,834



$   54,581



$ 146,458



$ 104,389





Restructuring

( A )


959



3,732



1,343



5,392





Amortization of purchased intangible assets

( B )


37,874



39,763



78,443



79,095





Stock-based compensation

( C )


10,975



8,435



21,087



17,253





Amortization of acquisition-related inventory step-up

( D )


25



524



76



1,127





Acquisition / divestiture items

( E )


4,576



2,517



7,665



5,534





Gain on an equity sale

( F )


-



-



(15,091)



-





Non-GAAP tax adjustments

( G ), ( H )


(11,426)



(10,994)



(16,594)



(16,337)




Non-GAAP net income attributable to Trimble Navigation Ltd.



$ 120,817



$   98,558



$ 223,387



$ 196,453




















DILUTED NET INCOME PER SHARE:
















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



$      0.29



$      0.21



$      0.55



$      0.40





Restructuring

( A )


-



0.01



0.01



0.02





Amortization of purchased intangible assets

( B )


0.14



0.15



0.30



0.30





Stock-based compensation

( C )


0.04



0.04



0.08



0.07





Amortization of acquisition-related inventory step-up

( D )


-



-



-



-





Acquisition / divestiture items

( E )


0.02



0.01



0.03



0.02





Gain on an equity sale

( F )


-



-



(0.06)



-





Non-GAAP tax adjustments

( G ), ( H )


(0.04)



(0.04)



(0.07)



(0.06)




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


$      0.45



$      0.38



$      0.84



$      0.75




















OPERATING LEVERAGE:
















Increase in non-GAAP operating income



$   28,596



$   15,098



$   46,531



$   23,652




Increase in revenue



$   65,906



$   58,733



$ 114,516



$ 112,577




Operating leverage (increase in non-GAAP operating 
















income as a % of increase in revenue)



43.4%



25.7%



40.6%



21.0%




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