|
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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|
Fourth Quarter of |
Fiscal Years |
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|
2013 |
2012 |
2013 |
2012 |
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|
Dollar |
% of |
Dollar |
% of |
Dollar |
% of |
Dollar |
% of |
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|
Amount |
Revenue |
Amount |
Revenue |
Amount |
Revenue |
Amount |
Revenue |
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|
GROSS MARGIN: |
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|
GAAP gross margin: |
$ 319,454 |
53.3% |
$ 256,464 |
49.7% |
$ 1,203,822 |
52.6% |
$ 1,046,177 |
51.3% |
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|
Restructuring |
( A ) |
31 |
0.0% |
17 |
0.0% |
860 |
0.0% |
156 |
0.0% |
|||||||
|
Amortization of purchased intangible assets |
( B ) |
21,181 |
3.6% |
18,132 |
3.5% |
81,119 |
3.6% |
60,277 |
3.0% |
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|
Stock-based compensation |
( C ) |
757 |
0.1% |
525 |
0.1% |
2,573 |
0.1% |
2,005 |
0.1% |
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|
Amortization of acquisition-related inventory step-up |
( D ) |
- |
0.0% |
1,680 |
0.4% |
1,505 |
0.1% |
2,357 |
0.1% |
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|
Non-GAAP gross margin: |
$ 341,423 |
57.0% |
$ 276,818 |
53.7% |
$ 1,289,879 |
56.4% |
$ 1,110,972 |
54.5% |
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|
OPERATING EXPENSES: |
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|
GAAP operating expenses: |
$ 252,108 |
42.1% |
$ 226,135 |
43.9% |
$ 952,085 |
41.6% |
$ 833,609 |
40.9% |
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|
Restructuring |
( A ) |
(1,358) |
-0.2% |
(333) |
-0.1% |
(5,960) |
-0.3% |
(2,227) |
-0.1% |
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|
Amortization of purchased intangible assets |
( B ) |
(20,947) |
-3.5% |
(18,260) |
-3.5% |
(81,722) |
-3.5% |
(65,430) |
-3.2% |
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|
Stock-based compensation |
( C ) |
(9,527) |
-1.6% |
(8,507) |
-1.7% |
(33,869) |
-1.4% |
(30,655) |
-1.5% |
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|
Acquisition / divestiture items |
( E ) |
(3,910) |
-0.7% |
(7,277) |
-1.4% |
(13,195) |
-0.6% |
(21,662) |
-1.1% |
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|
Litigation |
( H ) |
- |
0.0% |
- |
0.0% |
(1,335) |
-0.1% |
- |
0.0% |
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|
Non-GAAP operating expenses: |
$ 216,366 |
36.1% |
$ 191,758 |
37.2% |
$ 816,004 |
35.7% |
$ 713,635 |
35.0% |
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|
OPERATING INCOME: |
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|
GAAP operating income: |
$ 67,346 |
11.2% |
$ 30,329 |
5.9% |
$ 251,737 |
11.0% |
$ 212,568 |
10.4% |
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|
Restructuring |
( A ) |
1,389 |
0.2% |
350 |
0.0% |
6,820 |
0.3% |
2,383 |
0.1% |
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|
Amortization of purchased intangible assets |
( B ) |
42,128 |
7.0% |
36,392 |
7.1% |
162,841 |
7.1% |
125,707 |
6.2% |
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|
Stock-based compensation |
( C ) |
10,284 |
1.7% |
9,032 |
1.8% |
36,442 |
1.5% |
32,660 |
1.6% |
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|
Amortization of acquisition-related inventory step-up |
( D ) |
- |
0.0% |
1,680 |
0.3% |
1,505 |
0.1% |
2,357 |
0.1% |
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|
Acquisition / divestiture items |
( E ) |
3,910 |
0.8% |
7,277 |
1.4% |
13,195 |
0.6% |
21,662 |
1.1% |
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|
Litigation |
( H ) |
- |
0.0% |
- |
0.0% |
1,335 |
0.1% |
- |
0.0% |
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|
Non-GAAP operating income: |
$ 125,057 |
20.9% |
$ 85,060 |
16.5% |
$ 473,875 |
20.7% |
$ 397,337 |
19.5% |
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|
NON-OPERATING INCOME, NET: |
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|
GAAP non-operating income (loss), net: |
$ (1,054) |
$ 8,655 |
$ 1,127 |
$ 16,856 |
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|
Acquisition / divestiture items |
( E ) |
2,276 |
(6,810) |
1,430 |
(7,257) |
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|
Debt issuance cost write-off |
( F ) |
- |
82 |
- |
82 |
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|
Foreign exchange loss associated with acquisitions |
( G ) |
- |
- |
- |
1,578 |
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|
Non-GAAP non-operating income, net: |
$ 1,222 |
$ 1,927 |
$ 2,557 |
$ 11,259 |
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|
GAAP and |
GAAP and |
GAAP and |
GAAP and |
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|
Non-GAAP |
Non-GAAP |
Non-GAAP |
Non-GAAP |
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|
Tax Rate % |
( J ) |
Tax Rate % |
( J ) |
Tax Rate % |
( J ) |
Tax Rate % |
( J ) |
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|
INCOME TAX PROVISION: |
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|
GAAP income tax provision: |
$ 6,631 |
10% |
$ 6,305 |
16% |
$ 34,698 |
14% |
$ 39,708 |
17% |
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|
Non-GAAP items tax effected |
( I ) |
6,001 |
7,762 |
30,064 |
30,635 |
|||||||||||
|
Non-GAAP income tax provision: |
$ 12,632 |
10% |
$ 14,067 |
16% |
$ 64,762 |
14% |
$ 70,343 |
17% |
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|
NET INCOME: |
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|
GAAP net income attributable to Trimble Navigation Ltd. |
$ 59,997 |
$ 33,186 |
$ 218,855 |
$ 191,060 |
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|
Restructuring |
( A ) |
1,389 |
350 |
6,820 |
2,383 |
|||||||||||
|
Amortization of purchased intangible assets |
( B ) |
42,128 |
36,392 |
162,841 |
125,707 |
|||||||||||
|
Stock-based compensation |
( C ) |
10,284 |
9,032 |
36,442 |
32,660 |
|||||||||||
|
Amortization of acquisition-related inventory step-up |
( D ) |
- |
1,680 |
1,505 |
2,357 |
|||||||||||
|
Acquisition / divestiture items |
( E ) |
6,186 |
467 |
14,625 |
14,405 |
|||||||||||
|
Debt issuance cost write-off |
( F ) |
- |
82 |
- |
82 |
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|
Foreign exchange loss associated with acquisitions |
( G ) |
- |
- |
- |
1,578 |
|||||||||||
|
Litigation |
( H ) |
- |
- |
1,335 |
- |
|||||||||||
|
Non-GAAP items tax affected |
( I ) |
(6,001) |
(7,762) |
(30,064) |
(30,635) |
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|
Non-GAAP net income attributable to Trimble Navigation Ltd. |
$ 113,983 |
$ 73,427 |
$ 412,359 |
$ 339,597 |
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|
DILUTED NET INCOME PER SHARE: |
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|
GAAP diluted net income per share attributable to Trimble Navigation Ltd. |
$ 0.23 |
$ 0.13 |
$ 0.84 |
$ 0.74 |
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|
Restructuring |
( A ) |
- |
- |
0.03 |
0.01 |
|||||||||||
|
Amortization of purchased intangible assets |
( B ) |
0.16 |
0.14 |
0.62 |
0.49 |
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|
Stock-based compensation |
( C ) |
0.04 |
0.03 |
0.14 |
0.13 |
|||||||||||
|
Amortization of acquisition-related inventory step-up |
( D ) |
- |
0.01 |
- |
0.01 |
|||||||||||
|
Acquisition / divestiture items |
( E ) |
0.02 |
- |
0.06 |
0.05 |
|||||||||||
|
Debt issuance cost write-off |
( F ) |
- |
- |
- |
- |
|||||||||||
|
Foreign exchange loss associated with acquisitions |
( G ) |
- |
- |
- |
0.01 |
|||||||||||
|
Litigation |
( H ) |
- |
- |
0.01 |
- |
|||||||||||
|
Non-GAAP items tax affected |
( I ) |
(0.02) |
(0.03) |
(0.12) |
(0.12) |
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|
Non-GAAP diluted net income per share attributable to Trimble Navigation Ltd. |
$ 0.43 |
$ 0.28 |
$ 1.58 |
$ 1.32 |
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|
OPERATING LEVERAGE: |
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|
Increase in non-GAAP operating income |
$ 39,997 |
$ 16,275 |
$ 76,538 |
$ 105,134 |
||||||||||||
|
Increase in revenue |
$ 83,695 |
$ 80,353 |
$ 248,011 |
$ 396,048 |
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|
Operating leverage (increase in non-GAAP operating income as a % of increase in revenue) |
47.8% |
20.3% |
30.9% |
26.5% |
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