Trimble Announces Fourth Quarter and Full Year 2020 Results

 



 

 

GAAP TO NON-GAAP RECONCILIATION

(Dollars in millions, except per share data)

(Unaudited)

 











Fourth Quarter of


Fiscal Years






2020


2019


2020


2019






Dollar
Amount

% of
Revenue


Dollar
Amount

% of
Revenue


Dollar
Amount

% of
Revenue


Dollar
Amount

% of
Revenue

REVENUE:















GAAP revenue:



$

829.7




$

824.0




$

3,147.7




$

3,264.3





Acquired deferred revenue
adjustment

(A)


0.3




2.7




4.3




7.0




Non-GAAP revenue:



$

830.0




$

826.7




$

3,152.0




$

3,271.3



















GROSS MARGIN:















GAAP gross margin:



$

468.5


56.5

%


$

460.0


55.8

%


$

1,754.9


55.8

%


$

1,780.9


54.6

%



Acquired deferred revenue
adjustment

(A)


0.3




2.7




4.3




7.0





Amortization of purchased
intangible assets

(C)


22.3




22.8




92.3




94.1





Acquisition / divestiture items

(D)








1.7








Stock-based compensation /
deferred compensation

(E)


2.0




1.5




7.2




5.9





Restructuring charges

(F)


0.1




0.9




0.8




1.1





COVID-19 expenses

(G)


0.1







0.4







Non-GAAP gross margin:



$

493.3


59.4

%


$

487.9


59.0

%


$

1,861.6


59.1

%


$

1,889.0


57.7

%

















OPERATING EXPENSES:















GAAP operating expenses:



$

346.6


41.8

%


$

371.8


45.1

%


$

1,335.1


42.4

%


$

1,405.0


43.0

%



Amortization of acquired
capitalized commissions

(B)


1.3




1.5




5.5




6.3





Amortization of purchased
intangible assets

(C)


(15.3)




(16.4)




(65.5)




(73.7)





Acquisition / divestiture items

(D)


(5.0)




(9.0)




(19.7)




(20.5)





Stock-based compensation /
deferred compensation

(E)


(26.5)




(23.8)




(83.2)




(75.3)





Restructuring charges /
executive transition costs

(F)


(6.2)




(16.8)




(27.4)




(26.8)





COVID-19 expenses

(G)


1.7







(2.8)







Non-GAAP operating expenses:



$

296.6


35.7

%


$

307.3


37.2

%


$

1,142.0


36.2

%


$

1,215.0


37.1

%

















OPERATING INCOME:















GAAP operating income:



$

121.9


14.7

%


$

88.2


10.7

%


$

419.8


13.3

%


$

375.9


11.5

%



Acquired deferred revenue
adjustment

(A)


0.3




2.7




4.3




7.0





Amortization of acquired
capitalized commissions

(B)


(1.3)




(1.5)




(5.5)




(6.3)





Amortization of purchased
intangible assets

(C)


37.6




39.2




157.8




167.8





Acquisition / divestiture items

(D)


5.0




9.0




21.4




20.5





Stock-based compensation /
deferred compensation

(E)


28.5




25.3




90.4




81.2





Restructuring charges / executive
transition costs

(F)


6.3




17.7




28.2




27.9





COVID-19 expenses

(G)


(1.6)







3.2







Non-GAAP operating income:



$

196.7


23.7

%


$

180.6


21.8

%


$

719.6


22.8

%


$

674.0


20.6

%

















NON-OPERATING INCOME (EXPENSE), NET:












GAAP non-operating income
(expense), net:



$

6.4




$

(12.9)




$

(24.8)




$

(31.1)





Acquisition / divestiture items

(D)


(14.7)




0.4




(12.2)




(12.1)





Deferred compensation

(E)


(2.7)




(2.5)




(7.5)




(6.3)




Non-GAAP non-operating expense,
net:



$

(11.0)




$

(15.0)




$

(44.5)




$

(49.5)

























GAAP and
Non-GAAP
Tax Rate %



GAAP and
Non-GAAP
Tax Rate %



GAAP and
Non-GAAP
Tax Rate %



GAAP and
Non-GAAP
Tax Rate %







(K)



(K)



(K)



(K)

INCOME TAX (BENEFIT) PROVISION:












GAAP income tax (benefit) provision:



$

(52.4)


(40.8)

%


$

(204.1)


(271.0)

%


$

4.4


1.1

%


$

(169.7)


(49.2)

%



Non-GAAP items tax effected

(H)


2.3




8.2




48.5




29.6





Difference in GAAP and Non-
GAAP tax rate

(I)


15.8




21.1




(4.9)




55.6





IP restructuring and tax law
change impacts

(J)


64.0




206.3




64.0




206.3




Non-GAAP income tax provision:



$

29.7


16.0

%


$

31.5


19.0

%


$

112.0


16.6

%


$

121.8


19.5

%

















NET INCOME:















GAAP net income attributable to
Trimble Inc.:



$

180.3




$

279.3




$

389.9




$

514.3





Acquired deferred revenue
adjustment

(A)


0.3




2.7




4.3




7.0





Amortization of acquired
capitalized commissions

(B)


(1.3)




(1.5)




(5.5)




(6.3)





Amortization of purchased
intangible assets

(C)


37.6




39.2




157.8




167.8





Acquisition / divestiture items

(D)


(9.7)




9.4




9.2




8.4





Stock-based compensation /
deferred compensation

(E)


25.8




22.8




82.9




74.9





Restructuring charges / executive
transition costs

(F)


6.3




17.7




28.2




27.9





COVID-19 expenses

(G)


(1.6)







3.2








Non-GAAP tax adjustments

(H) - (J)


(82.1)




(235.6)




(107.6)




(291.5)




Non-GAAP net income attributable
to Trimble Inc.:



$

155.6




$

134.0




$

562.4




$

502.5



















DILUTED NET INCOME PER SHARE:












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



$

0.71




$

1.11




$

1.55




$

2.03





Acquired deferred revenue
adjustment

(A)





0.01




0.02




0.03





Amortization of acquired
capitalized commissions

(B)





(0.01)




(0.02)




(0.02)





Amortization of purchased
intangible assets

(C)


0.15




0.16




0.62




0.66





Acquisition / divestiture items

(D)


(0.04)




0.04




0.04




0.03





Stock-based compensation /
deferred compensation

(E)


0.10




0.09




0.33




0.30





Restructuring charges / executive
transition costs

(F)


0.02




0.07




0.11




0.11





COVID-19 expenses

(G)


(0.01)







0.01








Non-GAAP tax adjustments

(H) - (J)


(0.32)




(0.94)




(0.43)




(1.15)




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



$

0.61




$

0.53




$

2.23




$

1.99



















ADJUSTED EBITDA:












GAAP net income attributable to
Trimble Inc.:



$

180.3




$

279.3




$

389.9




$

514.3





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



(58.4)




(191.1)




29.9




(138.4)




GAAP operating income:



121.9




88.2




419.8




375.9





Acquired deferred revenue
adjustment

(A)


0.3




2.7




4.3




7.0





Amortization of acquired
capitalized commissions

(B)


(1.3)




(1.5)




(5.5)




(6.3)





Amortization of purchased
intangible assets

(C)


37.6




39.2




157.8




167.8





Acquisition / divestiture items

(D)


5.0




9.0




21.4




20.5





Stock-based compensation /
deferred compensation

(E)


28.5




25.3




90.4




81.2





Restructuring charges / executive
transition costs

(F)


6.3




17.7




28.2




27.9





COVID-19 expenses

(G)


(1.6)







3.2







Non-GAAP operating income:



196.7




180.6




719.6




674.0





Depreciation expense



10.3




9.7




39.7




39.4





Income from equity method
investments, net



9.5




5.3




39.4




35.8




Adjusted EBITDA:



$

216.5




$

195.6




$

798.7




$

749.2
























Fiscal Year 2021














Low End

High End










FORECASTED DILUTED NET INCOME PER SHARE:











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



$

1.31


$

1.54













Acquired deferred revenue
adjustment

(A)















Amortization of acquired
capitalized commissions

(B)


(0.02)


(0.02)













Amortization of purchased
intangible assets

(C)


0.55


0.55













Acquisition / divestiture items

(D)


0.06


0.06













Stock-based compensation /
deferred compensation

(E)


0.36


0.36













Restructuring charges / executive
transition costs

(F)


0.05


0.05













Non-GAAP tax adjustments

(H) - (J)


(0.06)


(0.09)












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


$

2.25


$

2.45












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