|
GAAP TO NON-GAAP RECONCILIATION |
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(Dollars in millions, except per share data) |
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(Unaudited) |
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Second Quarter of |
First Two Quarters of |
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2017 |
2016 |
2017 |
2016 |
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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: |
$ 346.5 |
52.3 % |
$ 315.6 |
51.8 % |
$ 673.1 |
52.8 % |
$ 616.2 |
51.7 % |
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|
Restructuring charges |
( A ) |
0.5 |
0.1 % |
0.4 |
0.1 % |
1.0 |
0.1 % |
0.7 |
0.1 % |
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|
Amortization of purchased intangible assets |
( B ) |
20.5 |
3.1 % |
24.0 |
3.9 % |
39.5 |
3.1 % |
48.1 |
4.0 % |
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|
Stock-based compensation |
( C ) |
0.9 |
0.1 % |
0.9 |
0.1 % |
1.7 |
0.1 % |
1.9 |
0.1 % |
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|
Amortization of acquisition-related inventory step-up |
( D ) |
0.5 |
0.1 % |
— |
—% |
0.6 |
—% |
— |
—% |
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|
Non-GAAP gross margin: |
$ 368.9 |
55.7 % |
$ 340.9 |
55.9 % |
$ 715.9 |
56.1 % |
$ 666.9 |
55.9 % |
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OPERATING EXPENSES: |
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GAAP operating expenses: |
$ 283.9 |
42.8 % |
$ 275.1 |
45.1 % |
$ 553.9 |
43.5 % |
$ 545.8 |
45.8 % |
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|
Restructuring charges |
( A ) |
(2.3) |
(0.3)% |
(4.5) |
(0.7)% |
(5.2) |
(0.4)% |
(6.3) |
(0.5)% |
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Amortization of purchased intangible assets |
( B ) |
(15.3) |
(2.3)% |
(15.6) |
(2.6)% |
(29.6) |
(2.3)% |
(31.8) |
(2.7)% |
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|
Stock-based compensation |
( C ) |
(14.3) |
(2.2)% |
(12.1) |
(2.0)% |
(27.2) |
(2.2)% |
(24.8) |
(2.1)% |
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|
Acquisition / divestiture items |
( E ) |
(4.3) |
(0.6)% |
(0.9) |
(0.1)% |
(6.4) |
(0.6)% |
(2.5) |
(0.2)% |
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|
Executive transition costs |
( F ) |
— |
—% |
(0.1) |
—% |
— |
—% |
(1.0) |
(0.1)% |
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|
Non-GAAP operating expenses: |
$ 247.7 |
37.4 % |
$ 241.9 |
39.7 % |
$ 485.5 |
38.0 % |
$ 479.4 |
40.2 % |
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OPERATING INCOME: |
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|
GAAP operating income: |
$ 62.6 |
9.5 % |
$ 40.5 |
6.7 % |
$ 119.2 |
9.3 % |
$ 70.4 |
5.9 % |
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|
Restructuring charges |
( A ) |
2.8 |
0.4 % |
4.9 |
0.8 % |
6.2 |
0.5 % |
7.0 |
0.6 % |
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Amortization of purchased intangible assets |
( B ) |
35.8 |
5.4 % |
39.6 |
6.5 % |
69.1 |
5.4 % |
79.9 |
6.7 % |
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|
Stock-based compensation |
( C ) |
15.2 |
2.3 % |
13.0 |
2.1 % |
28.9 |
2.3 % |
26.7 |
2.2 % |
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|
Amortization of acquisition-related inventory step-up |
( D ) |
0.5 |
0.1 % |
— |
—% |
0.6 |
—% |
— |
—% |
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|
Acquisition / divestiture items |
( E ) |
4.3 |
0.6 % |
0.9 |
0.1 % |
6.4 |
0.6 % |
2.5 |
0.2 % |
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|
Executive transition costs |
( F ) |
— |
—% |
0.1 |
—% |
— |
—% |
1.0 |
0.1 % |
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|
Non-GAAP operating income: |
$ 121.2 |
18.3 % |
$ 99.0 |
16.2 % |
$ 230.4 |
18.1 % |
$ 187.5 |
15.7 % |
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NON-OPERATING INCOME (EXPENSE), NET: |
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|
GAAP non-operating income (expense), net: |
$ 5.0 |
$ (2.2) |
$ 14.0 |
$ (2.7) |
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Acquisition / divestiture items |
( E ) |
(0.8) |
0.4 |
(8.9) |
(2.7) |
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Non-GAAP non-operating income (expense), net: |
$ 4.2 |
$ (1.8) |
$ 5.1 |
$ (5.4) |
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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 % |
( I ) |
Tax Rate % |
( I ) |
Tax Rate % |
( I ) |
Tax Rate % |
( I ) |
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INCOME TAX PROVISION: |
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GAAP income tax provision: |
$ 17.7 |
26 % |
$ 2.7 |
7 % |
$ 32.8 |
25 % |
$ 12.4 |
18 % |
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Non-GAAP items tax effected |
( G ) |
15.0 |
4.1 |
25.2 |
21.0 |
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Difference in GAAP and Non-GAAP tax rate |
( H ) |
(3.8) |
16.4 |
(3.8) |
10.3 |
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Non-GAAP income tax provision: |
$ 28.9 |
23 % |
$ 23.2 |
24 % |
$ 54.2 |
23 % |
$ 43.7 |
24 % |
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NET INCOME: |
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GAAP net income attributable to Trimble Inc. |
$ 49.9 |
$ 35.7 |
$ 100.4 |
$ 55.5 |
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Restructuring charges |
( A ) |
2.8 |
4.9 |
6.2 |
7.0 |
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Amortization of purchased intangible assets |
( B ) |
35.8 |
39.6 |
69.1 |
79.9 |
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|
Stock-based compensation |
( C ) |
15.2 |
13.0 |
28.9 |
26.7 |
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Amortization of acquisition-related inventory step-up |
( D ) |
0.5 |
— |
0.6 |
— |
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|
Acquisition / divestiture items |
( E ) |
3.5 |
1.3 |
(2.5) |
(0.2) |
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|
Executive transition costs |
( F ) |
— |
0.1 |
— |
1.0 |
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Non-GAAP tax adjustments |
( G ) + ( H ) |
(11.2) |
(20.5) |
(21.4) |
(31.3) |
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Non-GAAP net income attributable to Trimble Inc. |
$ 96.5 |
$ 74.1 |
$ 181.3 |
$ 138.6 |
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DILUTED NET INCOME PER SHARE: |
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|
GAAP diluted net income per share attributable to Trimble Inc. |
$ 0.19 |
$ 0.14 |
$ 0.39 |
$ 0.22 |
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Restructuring charges |
( A ) |
0.01 |
0.02 |
0.03 |
0.03 |
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Amortization of purchased intangible assets |
( B ) |
0.14 |
0.15 |
0.27 |
0.31 |
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|
Stock-based compensation |
( C ) |
0.06 |
0.05 |
0.11 |
0.11 |
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Amortization of acquisition-related inventory step-up |
( D ) |
— |
— |
— |
— |
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|
Acquisition / divestiture items |
( E ) |
0.01 |
0.01 |
(0.01) |
— |
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|
Executive transition costs |
( F ) |
— |
— |
— |
— |
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Non-GAAP tax adjustments |
( G ) + ( H ) |
(0.03) |
(0.08) |
(0.08) |
(0.12) |
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|
Non-GAAP diluted net income per share attributable to Trimble Inc. |
$ 0.38 |
$ 0.29 |
$ 0.71 |
$ 0.55 |
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