Trimble Reports Second Quarter 2018 Results

 

GAAP TO NON-GAAP RECONCILIATION

(Dollars in millions, except per share data)

(Unaudited)























Second Quarter of


First Two Quarters of







2018


2017


2018


2017










* As Adjusted





* As Adjusted







Dollar

% of


Dollar

% of


Dollar

% of


Dollar

% of







Amount

Revenue


Amount

Revenue


Amount

Revenue


Amount

Revenue


GROSS MARGIN:
















GAAP gross margin:



$   422.7

53.8 %


$   342.6

51.9 %


$     818.9

53.6 %


$     666.9

52.5 %




Restructuring charges

( A )


0.6

0.1 %


0.5

0.1 %


0.4

0.1 %


1.0

0.1 %




Amortization of purchased intangible assets

( B )


23.9

3.0 %


20.5

3.1 %


47.0

3.1 %


39.5

3.1 %




Stock-based compensation

( C )


1.1

0.2 %


0.9

0.1 %


2.2

0.1 %


1.7

0.1 %




Amortization of acquisition-related inventory step-up

( D )


—%


0.5

0.1 %


—%


0.6

0.1 %




Acquisition / divestiture items

( E )


—%


—%


2.0

0.1 %


—%



Non-GAAP gross margin:



$   448.3

57.1 %


$   365.0

55.3 %


$     870.5

57.0 %


$     709.7

55.9 %



















OPERATING EXPENSES:
















GAAP operating expenses:



$   333.2

42.4 %


$   283.6

43.0 %


$     665.2

43.5 %


$     553.2

43.6 %




Restructuring charges

( A )


(2.2)

(0.3)%


(2.3)

(0.3)%


(3.8)

(0.2)%


(5.2)

(0.4)%




Amortization of purchased intangible assets

( B )


(18.7)

(2.4)%


(15.3)

(2.3)%


(36.1)

(2.4)%


(29.6)

(2.3)%




Stock-based compensation

( C )


(15.8)

(2.0)%


(14.3)

(2.2)%


(32.1)

(2.1)%


(27.2)

(2.2)%




Acquisition / divestiture items

( E )


(8.1)

(1.0)%


(4.3)

(0.7)%


(22.1)

(1.4)%


(6.4)

(0.5)%



Non-GAAP operating expenses:



$   288.4

36.7 %


$   247.4

37.5 %


$     571.1

37.4 %


$     484.8

38.2 %



















OPERATING INCOME:
















GAAP operating income:



$     89.5

11.4 %


$     59.0

8.9 %


$     153.7

10.1 %


$     113.7

8.9 %




Restructuring charges

( A )


2.8

0.4 %


2.8

0.4 %


4.2

0.3 %


6.2

0.5 %




Amortization of purchased intangible assets

( B )


42.6

5.4 %


35.8

5.4 %


83.1

5.5 %


69.1

5.4 %




Stock-based compensation

( C )


16.9

2.2 %


15.2

2.3 %


34.3

2.2 %


28.9

2.3 %




Amortization of acquisition-related inventory step-up

( D )


—%


0.5

0.1 %


—%


0.6

0.1 %




Acquisition / divestiture items

( E )


8.1

1.0 %


4.3

0.7 %


24.1

1.5 %


6.4

0.5 %



Non-GAAP operating income:



$   159.9

20.4 %


$   117.6

17.8 %


$     299.4

19.6 %


$     224.9

17.7 %



















NON-OPERATING INCOME (EXPENSE), NET:
















GAAP non-operating income (expense), net:



$   (10.3)



$       5.0



$       (7.8)



$       14.0





Acquisition / divestiture items

( E )


0.7



(0.8)



(2.1)



(8.9)





Debt issuance costs

( F )


6.7





6.7






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



$     (2.9)



$       4.2



$       (3.2)



$         5.1


























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:



$     15.1

19 %


$     16.7

26 %


$       23.1

16 %


$       30.6

24 %




Non-GAAP items tax effected

( G )


14.8



15.0



23.5



24.8





Difference in GAAP and Non-GAAP tax rate

( H )


(0.1)



(3.7)



9.7



(2.5)




Non-GAAP income tax provision:



$     29.8

19 %


$     28.0

23 %


$       56.3

19 %


$       52.9

23 %



















NET INCOME:
















GAAP net income attributable to Trimble Inc.:



$     64.1



$     47.3



$     122.6



$       97.1





Restructuring charges

( A )


2.8



2.8



4.2



6.2





Amortization of purchased intangible assets

( B )


42.6



35.8



83.1



69.1





Stock-based compensation

( C )


16.9



15.2



34.3



28.9





Amortization of acquisition-related inventory step-up

( D )




0.5





0.6





Acquisition / divestiture items

( E )


8.8



3.5



22.0



(2.5)





Debt issuance costs

( F )


6.7





6.7







Non-GAAP tax adjustments

( G ) + ( H )


(14.7)



(11.3)



(33.2)



(22.3)




Non-GAAP net income attributable to Trimble Inc.:



$   127.2



$     93.8



$     239.7



$     177.1




















DILUTED NET INCOME PER SHARE:
















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



$     0.25



$     0.18



$       0.49



$       0.38





Restructuring charges

( A )


0.01



0.01



0.02



0.03





Amortization of purchased intangible assets

( B )


0.17



0.14



0.33



0.27





Stock-based compensation

( C )


0.07



0.06



0.13



0.11





Amortization of acquisition-related inventory step-up

( D )












Acquisition / divestiture items

( E )


0.03



0.01



0.09



(0.01)





Debt issuance costs

( F )


0.03





0.02







Non-GAAP tax adjustments

( G ) + ( H )


(0.06)



(0.04)



(0.13)



(0.09)




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



$     0.50



$     0.36



$       0.95



$       0.69





















*  Prior-period information has been restated for the adoption of ASC 606, Revenue from Contracts with Customers.


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