Trimble Reports Second Quarter 2016 Results

 

GAAP TO NON-GAAP RECONCILIATION
(Dollars in millions, except per share data)
(Unaudited)


















Second Quarter of


First Two Quarters of




2016


2015


2016


2015




Dollar
Amount

% of
Revenue


Dollar
Amount

% of
Revenue


Dollar
Amount

% of
Revenue


Dollar
Amount

% of
Revenue


GROSS MARGIN:















GAAP gross margin:


$  315.6

51.8%


$  303.9

51.9%


$   616.2

51.7%


$  611.1

52.3%




Restructuring charges

( A )

0.4

0.1%


0.3

0.1%


0.7

0.1%


0.5

0.0%




Amortization of purchased intangible assets

( B )

24.0

3.9%


23.0

3.9%


48.1

4.0%


45.5

3.9%




Stock-based compensation

( C )

0.9

0.1%


1.0

0.2%


1.9

0.1%


1.9

0.2%



Non-GAAP gross margin: 


$  340.9

55.9%


$  328.2

56.1%


$   666.9

55.9%


$  659.0

56.4%


















OPERATING EXPENSES:















GAAP operating expenses:


$  275.1

45.1%


$  267.9

45.7%


$   545.8

45.8%


$  535.6

45.8%




Restructuring charges

( A )

(4.5)

-0.7%


(5.2)

-0.9%


(6.3)

-0.5%


(6.3)

-0.5%




Amortization of purchased intangible assets

( B )

(15.6)

-2.6%


(17.8)

-3.0%


(31.8)

-2.7%


(36.0)

-3.1%




Stock-based compensation

( C )

(12.1)

-2.0%


(11.0)

-1.9%


(24.8)

-2.1%


(22.6)

-1.9%




Acquisition / divestiture items

( D )

(0.9)

-0.1%


(2.8)

-0.5%


(2.5)

-0.2%


(5.6)

-0.5%




Executive transition costs

( E )

(0.1)

0.0%


-

0.0%


(1.0)

-0.1%


-

0.0%



Non-GAAP operating expenses:


$  241.9

39.7%


$  231.1

39.4%


$   479.4

40.2%


$  465.1

39.8%


















OPERATING INCOME:















GAAP operating income:


$   40.5

6.7%


$   36.0

6.1%


$     70.4

5.9%


$   75.5

6.5%




Restructuring charges

( A )

4.9

0.8%


5.5

0.9%


7.0

0.6%


6.8

0.6%




Amortization of purchased intangible assets

( B )

39.6

6.5%


40.8

7.0%


79.9

6.7%


81.5

7.0%




Stock-based compensation

( C )

13.0

2.1%


12.0

2.0%


26.7

2.2%


24.5

2.0%




Acquisition / divestiture items

( D )

0.9

0.1%


2.8

0.0%


2.5

0.2%


5.6

0.5%




Executive transition costs

( E )

0.1

0.0%


-

0.6%


1.0

0.1%


-

0.0%



Non-GAAP operating income: 


$   99.0

16.2%


$   97.1

16.6%


$   187.5

15.7%


$  193.9

16.6%


















NON-OPERATING INCOME (EXPENSE), NET:















GAAP non-operating income (expense), net:


$    (2.2)



$    (0.2)



$     (2.7)



$     4.5





Acquisition / divestiture items

( D )

0.4



0.2



(2.7)



(5.6)





Debt issuance cost write-off

( F )

-



0.1



-



-




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


$    (1.8)



$     0.1



$     (5.4)



$    (1.1)
























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:


$     2.7

7%


$   10.0

28%


$     12.4

18%


$   20.2

25%




Non-GAAP items tax effected 

( G )

4.1



17.2



21.0



29.0





Difference in GAAP and Non-GAAP tax rate

( H )

16.4



(3.9)



10.3



(2.9)




Non-GAAP income tax provision: 


$   23.2

24%


$   23.3

24%


$     43.7

24%


$   46.3

24%


















NET INCOME:  















GAAP net income attributable to Trimble Navigation Limited


$   35.7



$   25.9



$     55.5



$   60.0





Restructuring charges

( A )

4.9



5.5



7.0



6.8





Amortization of purchased intangible assets

( B )

39.6



40.8



79.9



81.5





Stock-based compensation

( C )

13.0



12.0



26.7



24.5





Acquisition / divestiture items

( D )

1.3



3.0



(0.2)



-





Executive transition costs

( E )

0.1



-



1.0



-





Debt issuance cost write-off

( F )

-



0.1



-



-





Non-GAAP tax adjustments

( G ) + ( H )

(20.5)



(13.3)



(31.3)



(26.1)




Non-GAAP net income attributable to Trimble Navigation Limited


$   74.1



$   74.0



$   138.6



$  146.7



















DILUTED NET INCOME PER SHARE:















GAAP diluted net income per share attributable to Trimble Navigation Limited


$   0.14



$   0.10



$     0.22



$   0.23





Restructuring charges

( A )

0.02



0.02



0.03



0.03





Amortization of purchased intangible assets

( B )

0.15



0.16



0.31



0.31





Stock-based compensation

( C )

0.05



0.04



0.11



0.09





Acquisition / divestiture items

( D )

0.01



0.01



-



-





Executive transition costs

( E )

-



-



-



-





Debt issuance cost write-off

( F )

-



-



-



-





Non-GAAP tax adjustments

( G ) + ( H )

(0.08)



(0.05)



(0.12)



(0.10)




Non-GAAP diluted net income per share attributable to Trimble Navigation Limited


$   0.29



$   0.28



$     0.55



$   0.56




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