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GAAP TO NON-GAAP RECONCILIATION | ||||||||||
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(Dollars in thousands, except per share data) | ||||||||||
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(Unaudited) | ||||||||||
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First Quarter of |
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2012 |
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2011 |
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Dollar |
% of |
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Dollar |
% of |
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Amount |
Revenue |
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Amount |
Revenue |
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GROSS MARGIN: |
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GAAP gross margin: |
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$ 259,150 |
51.6% |
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$ 191,530 |
49.8% |
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Restructuring |
( A ) |
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45 |
0.0% |
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99 |
0.0% |
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Amortization of purchased intangible assets |
( B ) |
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13,121 |
2.6% |
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6,888 |
1.9% |
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Stock-based compensation |
( C ) |
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520 |
0.1% |
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468 |
0.1% |
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Amortization of acquisition-related inventory step-up |
( D ) |
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8 |
0.0% |
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508 |
0.1% |
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Non-GAAP gross margin: |
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$ 272,844 |
54.3% |
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$ 199,493 |
51.9% |
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OPERATING EXPENSES: |
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GAAP operating expenses: |
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$ 199,302 |
39.7% |
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$ 147,855 |
38.5% |
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Restructuring |
( A ) |
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(481) |
-0.1% |
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(767) |
-0.2% |
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Amortization of purchased intangible assets |
( B ) |
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(15,676) |
-3.2% |
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(9,177) |
-2.4% |
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Stock-based compensation |
( C ) |
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(7,269) |
-1.4% |
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(6,330) |
-1.6% |
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Acquisition costs |
( E ) |
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(4,766) |
-0.9% |
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(2,190) |
-0.6% |
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Non-GAAP operating expenses: |
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$ 171,110 |
34.1% |
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$ 129,391 |
33.7% |
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OPERATING INCOME: |
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GAAP operating income: |
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$ 59,848 |
11.9% |
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$ 43,675 |
11.4% |
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Restructuring |
( A ) |
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526 |
0.1% |
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866 |
0.2% |
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Amortization of purchased intangible assets |
( B ) |
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28,797 |
5.7% |
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16,065 |
4.2% |
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Stock-based compensation |
( C ) |
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7,789 |
1.6% |
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6,798 |
1.8% |
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Amortization of acquisition-related inventory step-up |
( D ) |
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8 |
0.0% |
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508 |
0.1% |
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Acquisition costs |
( E ) |
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4,766 |
1.0% |
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2,190 |
0.5% |
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Non-GAAP operating income: |
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$ 101,734 |
20.3% |
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$ 70,102 |
18.2% |
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NON-OPERATING INCOME, NET: |
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GAAP non-operating income, net: |
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$ 479 |
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$ 2,606 |
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Acquisition loss |
( E ) |
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444 |
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765 |
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Foreign exchange loss associated with acquisition |
( F ) |
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1,578 |
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- |
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Non-GAAP non-operating income, net: |
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$ 2,501 |
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$ 3,371 |
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GAAP and |
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GAAP and |
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Non-GAAP |
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Non-GAAP |
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Tax Rate % |
( H ) |
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Tax Rate % |
( H ) |
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INCOME TAX PROVISION: |
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GAAP income tax provision: |
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$ 10,255 |
17% |
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$ 7,409 |
16% |
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Non-GAAP items tax effected: |
( G ) |
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7,464 |
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4,353 |
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Non-GAAP income tax provision: |
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$ 17,719 |
17% |
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$ 11,762 |
16% |
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NET INCOME: |
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GAAP net income attributable to Trimble Navigation Ltd. |
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$ 50,818 |
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$ 39,703 |
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Restructuring |
( A ) |
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526 |
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866 |
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Amortization of purchased intangible assets |
( B ) |
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28,797 |
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16,065 |
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Stock-based compensation |
( C ) |
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7,789 |
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6,798 |
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Amortization of acquisition-related inventory step-up |
( D ) |
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8 |
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508 |
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Acquisition costs |
( E ) |
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5,210 |
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2,955 |
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Foreign exchange loss associated with acquisition |
( F ) |
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1,578 |
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- |
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Non-GAAP tax adjustments |
( G ) |
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(7,464) |
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(4,353) |
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Non-GAAP net income attributable to Trimble Navigation Ltd. |
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$ 87,262 |
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$ 62,542 |
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DILUTED NET INCOME PER SHARE: |
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GAAP diluted net income per share attributable to Trimble Navigation Ltd. |
$ 0.40 |
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$ 0.32 |
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Restructuring |
( A ) |
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- |
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0.01 |
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Amortization of purchased intangible assets |
( B ) |
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0.23 |
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0.13 |
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Stock-based compensation |
( C ) |
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0.06 |
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0.05 |
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Amortization of acquisition-related inventory step-up |
( D ) |
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- |
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- |
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Acquisition costs |
( E ) |
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0.04 |
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0.02 |
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Foreign exchange loss associated with acquisition |
( F ) |
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0.01 |
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- |
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Non-GAAP tax adjustments |
( G ) |
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(0.06) |
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(0.03) |
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Non-GAAP diluted net income per share attributable to Trimble Navigation Ltd. |
$ 0.68 |
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$ 0.50 |
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OPERATING LEVERAGE: |
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Increase in non-GAAP operating income |
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$ 31,632 |
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$ 13,048 |
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Increase in revenue |
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$ 117,974 |
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$ 65,278 |
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Operating leverage (increase in non-GAAP operating |
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income as a % of increase in revenue) |
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26.8% |
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20.0% |
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