GAAP TO NON-GAAP RECONCILIATION | ||||||||||||||||
(Dollars in thousands, except per share data) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
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Third Quarter of |
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First Three Quarters of |
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2013 |
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2012 |
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2013 |
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2012 |
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Dollar |
% of |
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Dollar |
% of |
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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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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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$ 295,053 |
53.0% |
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$ 262,868 |
52.1% |
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$ 884,368 |
52.4% |
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$ 789,713 |
51.8% |
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Restructuring |
( A ) |
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8 |
0.0% |
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60 |
0.0% |
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829 |
0.0% |
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139 |
0.0% |
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Amortization of purchased intangible assets |
( B ) |
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20,402 |
3.7% |
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15,728 |
3.1% |
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59,938 |
3.6% |
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42,145 |
2.8% |
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Stock-based compensation |
( C ) |
|
609 |
0.1% |
|
502 |
0.1% |
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1,816 |
0.1% |
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1,480 |
0.1% |
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Amortization of acquisition-related inventory step-up |
( D ) |
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378 |
0.1% |
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547 |
0.1% |
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1,505 |
0.1% |
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677 |
0.0% |
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Non-GAAP gross margin: |
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$ 316,450 |
56.9% |
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$ 279,705 |
55.4% |
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$ 948,456 |
56.2% |
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$ 834,154 |
54.7% |
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OPERATING EXPENSES: |
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GAAP operating expenses: |
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$ 232,024 |
41.7% |
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$ 199,398 |
39.5% |
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$ 699,977 |
41.4% |
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$ 607,474 |
39.8% |
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Restructuring |
( A ) |
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(31) |
0.0% |
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(301) |
-0.1% |
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(4,602) |
-0.3% |
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(1,894) |
-0.1% |
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Amortization of purchased intangible assets |
( B ) |
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(21,216) |
-3.9% |
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(15,712) |
-3.1% |
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(60,775) |
-3.6% |
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(47,170) |
-3.1% |
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Stock-based compensation |
( C ) |
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(8,296) |
-1.5% |
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(7,182) |
-1.3% |
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(24,342) |
-1.4% |
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(22,148) |
-1.5% |
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Acquisition / divestiture items |
( E ) |
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(2,891) |
-0.5% |
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(1,804) |
-0.4% |
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(9,285) |
-0.5% |
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(14,385) |
-0.9% |
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Litigation |
( G ) |
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(1,335) |
-0.2% |
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- |
0.0% |
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(1,335) |
-0.1% |
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- |
0.0% |
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Non-GAAP operating expenses: |
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$ 198,255 |
35.6% |
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$ 174,399 |
34.6% |
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$ 599,638 |
35.5% |
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$ 521,877 |
34.2% |
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OPERATING INCOME: |
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GAAP operating income: |
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$ 63,029 |
11.3% |
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$ 63,470 |
12.6% |
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$ 184,391 |
10.9% |
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$ 182,239 |
12.0% |
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Restructuring |
( A ) |
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39 |
0.0% |
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361 |
0.1% |
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5,431 |
0.3% |
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2,033 |
0.1% |
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Amortization of purchased intangible assets |
( B ) |
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41,618 |
7.5% |
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31,440 |
6.2% |
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120,713 |
7.2% |
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89,315 |
5.9% |
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Stock-based compensation |
( C ) |
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8,905 |
1.6% |
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7,684 |
1.5% |
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26,158 |
1.5% |
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23,628 |
1.6% |
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Amortization of acquisition-related inventory step-up |
( D ) |
|
378 |
0.1% |
|
547 |
0.1% |
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1,505 |
0.1% |
|
677 |
0.0% |
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Acquisition / divestiture items |
( E ) |
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2,891 |
0.5% |
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1,804 |
0.4% |
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9,285 |
0.6% |
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14,385 |
0.9% |
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Litigation |
( G ) |
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1,335 |
0.2% |
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- |
0.0% |
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1,335 |
0.1% |
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- |
0.0% |
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Non-GAAP operating income: |
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$ 118,195 |
21.2% |
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$ 105,306 |
20.9% |
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$ 348,818 |
20.7% |
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$ 312,277 |
20.5% |
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NON-OPERATING INCOME, NET: |
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GAAP non-operating income, net: |
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$ 483 |
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$ 3,352 |
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$ 2,181 |
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$ 8,201 |
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Acquisition / divestiture items |
( E ) |
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14 |
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(334) |
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(846) |
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(447) |
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Foreign exchange loss associated with acquisitions |
( F ) |
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- |
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- |
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- |
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1,578 |
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Non-GAAP non-operating income, net: |
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$ 497 |
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$ 3,018 |
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$ 1,335 |
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$ 9,332 |
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GAAP and |
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GAAP and |
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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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Non-GAAP |
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Non-GAAP |
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Tax Rate % |
( I ) |
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Tax Rate % |
( I ) |
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Tax Rate % |
( I ) |
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Tax Rate % |
( I ) |
INCOME TAX PROVISION: |
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GAAP income tax provision: |
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$ 8,892 |
14% |
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$ 13,022 |
19% |
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$ 28,067 |
15% |
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$ 33,403 |
18% |
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Non-GAAP items tax effected |
( H ) |
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7,725 |
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8,088 |
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24,062 |
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22,873 |
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Non-GAAP income tax provision: |
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$ 16,617 |
14% |
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$ 21,110 |
19% |
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$ 52,129 |
15% |
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$ 56,276 |
18% |
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NET INCOME: |
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GAAP net income attributable to Trimble Navigation Ltd. |
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$ 54,469 |
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$ 53,364 |
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$ 158,858 |
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$ 157,874 |
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Restructuring |
( A ) |
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39 |
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361 |
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5,431 |
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2,033 |
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Amortization of purchased intangible assets |
( B ) |
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41,618 |
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31,440 |
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120,713 |
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89,315 |
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Stock-based compensation |
( C ) |
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8,905 |
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7,684 |
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26,158 |
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23,628 |
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Amortization of acquisition-related inventory step-up |
( D ) |
|
378 |
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547 |
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1,505 |
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677 |
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Acquisition / divestiture items |
( E ) |
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2,905 |
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1,470 |
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8,439 |
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13,938 |
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Foreign exchange loss associated with acquisitions |
( F ) |
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- |
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- |
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- |
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1,578 |
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Litigation |
( G ) |
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1,335 |
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- |
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1,335 |
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- |
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Non-GAAP items tax affected |
( H ) |
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(7,725) |
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(8,088) |
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(24,062) |
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(22,873) |
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Non-GAAP net income attributable to Trimble Navigation Ltd. |
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$ 101,924 |
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$ 86,778 |
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$ 298,377 |
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$ 266,170 |
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DILUTED NET INCOME PER SHARE: |
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GAAP diluted net income per share attributable to Trimble Navigation Ltd. |
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$ 0.21 |
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$ 0.21 |
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$ 0.61 |
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$ 0.62 |
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Restructuring |
( A ) |
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- |
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- |
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0.02 |
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0.01 |
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Amortization of purchased intangible assets |
( B ) |
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0.16 |
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0.12 |
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0.45 |
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0.35 |
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Stock-based compensation |
( C ) |
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0.03 |
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0.03 |
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0.10 |
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0.09 |
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Amortization of acquisition-related inventory step-up |
( D ) |
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- |
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- |
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0.01 |
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- |
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Acquisition / divestiture items |
( E ) |
|
0.01 |
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0.01 |
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0.03 |
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0.05 |
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Foreign exchange loss associated with acquisitions |
( F ) |
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- |
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- |
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- |
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|
0.01 |
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Litigation |
( G ) |
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0.01 |
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|
0.01 |
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- |
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Non-GAAP items tax affected |
( H ) |
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(0.03) |
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(0.03) |
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(0.09) |
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(0.09) |
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Non-GAAP diluted net income per share attributable to Trimble Navigation Ltd. |
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$ 0.39 |
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$ 0.34 |
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$ 1.14 |
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$ 1.04 |
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OPERATING LEVERAGE: |
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Increase in non-GAAP operating income |
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$ 12,889 |
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$ 32,317 |
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$ 36,541 |
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$ 88,859 |
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Increase in revenue |
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$ 51,739 |
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$ 87,330 |
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$ 164,316 |
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$ 315,695 |
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Operating leverage (increase in non-GAAP operating income as a % of increase in revenue) |
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24.9% |
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37.0% |
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22.2% |
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28.1% |
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Trimble Reports Third Quarter 2013 Revenue of $556.5 Million, GAAP EPS of $0.21 and Non-GAAP EPS of $0.39
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