Trimble Announces Record Third Quarter 2021 Results

 

GAAP TO NON-GAAP RECONCILIATION

(Dollars in millions, except per share data)

(Unaudited)







Third Quarter of


First Three Quarters of






2021


2020


2021


2020






Dollar
Amount

% of
Revenue


Dollar
Amount

% of Revenue


Dollar
Amount

% of Revenue


Dollar
Amount

% of Revenue

REVENUE:















GAAP revenue:



$

901.4




$

792.1




$

2,733.1




$

2,318.0





Acquired deferred revenue adjustment

(A)





0.7




0.3




4.0




Non-GAAP revenue:



$

901.4




$

792.8




$

2,733.4




$

2,322.0



















GROSS MARGIN:















GAAP gross margin:



$

504.5


56.0

%


$

439.7


55.5

%


$

1,523.2


55.7

%


$

1,286.4


55.5

%



Acquired deferred revenue adjustment

(A)





0.7




0.3




4.0





Amortization of purchased intangible assets

(C)


22.0




23.3




66.1




70.0





Acquisition / divestiture items

(D)











1.7





Stock-based compensation / deferred compensation

(E)


2.7




2.5




7.3




5.2





Restructuring and other costs

(F)





0.3




0.2




1.0




Non-GAAP gross margin:



$

529.2


58.7

%


$

466.5


58.8

%


$

1,597.1


58.4

%


$

1,368.3


58.9

%

















OPERATING EXPENSES:















GAAP operating expenses:



$

357.0


39.6

%


$

337.7


42.6

%


$

1,090.0


39.9

%


$

988.5


42.6

%



Amortization of acquired capitalized commissions

(B)


1.1




1.3




3.4




4.2





Amortization of purchased intangible assets

(C)


(12.3)




(16.7)




(39.0)




(50.2)





Acquisition / divestiture items

(D)


(0.2)




(3.7)




(10.3)




(14.7)





Stock-based compensation / deferred compensation

(E)


(29.4)




(29.5)




(91.8)




(56.7)





Restructuring and other costs

(F)


(1.7)




(14.4)




(7.7)




(25.7)




Non-GAAP operating expenses:



$

314.5


34.9

%


$

274.7


34.6

%


$

944.6


34.6

%


$

845.4


36.4

%

















OPERATING INCOME:















GAAP operating income:



$

147.5


16.4

%


$

102.0


12.9

%


$

433.2


15.9

%


$

297.9


12.9

%



Acquired deferred revenue adjustment

(A)





0.7




0.3




4.0





Amortization of acquired capitalized commissions

(B)


(1.1)




(1.3)




(3.4)




(4.2)





Amortization of purchased intangible assets

(C)


34.3




40.0




105.1




120.2





Acquisition / divestiture items

(D)


0.2




3.7




10.3




16.4





Stock-based compensation / deferred compensation

(E)


32.1




32.0




99.1




61.9





Restructuring and other costs

(F)


1.7




14.7




7.9




26.7




Non-GAAP operating income:



$

214.7


23.8

%


$

191.8


24.2

%


$

652.5


23.9

%


$

522.9


22.5

%

















NON-OPERATING INCOME (EXPENSE), NET:












GAAP non-operating income (expense), net:



$

9.2




$

(5.6)




$

23.3




$

(31.2)





Acquisition / divestiture items

(D)


(19.0)




0.1




(41.8)




2.5





Deferred compensation

(E)


0.2




(4.2)




(4.0)




(4.8)




Non-GAAP non-operating expense, net:



$

(9.6)




$

(9.7)




$

(22.5)




$

(33.5)

























GAAP

and Non-
GAAP
Tax Rate
%



GAAP
and Non-
GAAP

Tax Rate
%



GAAP
and Non-
GAAP
Tax Rate
%



GAAP
and Non-
GAAP
Tax Rate
%







(I)



(I)



(I)



(I)

INCOME TAX PROVISION:












GAAP income tax provision:



$

32.7


20.9

%


$

11.6


12.0

%


$

79.0


17.3

%


$

56.8


21.3

%



Non-GAAP items tax effected

(G)


10.1




10.3




29.6




46.2





Difference in GAAP and Non-GAAP tax rate

(H)


(6.3)




7.3




1.9




(20.7)




Non-GAAP income tax provision:



$

36.5


17.8

%


$

29.2


16.0

%


$

110.5


17.5

%


$

82.3


16.8

%

















NET INCOME:















GAAP net income attributable to Trimble Inc.:



$

124.0




$

84.7




$

377.4




$

209.6





Acquired deferred revenue adjustment

(A)





0.7




0.3




4.0





Amortization of acquired capitalized commissions

(B)


(1.1)




(1.3)




(3.4)




(4.2)





Amortization of purchased intangible assets

(C)


34.3




40.0




105.1




120.2





Acquisition / divestiture items

(D)


(18.8)




3.8




(31.5)




18.9





Stock-based compensation / deferred compensation

(E)


32.3




27.8




95.1




57.1





Restructuring and other costs

(F)


1.7




14.7




7.9




26.7





Non-GAAP tax adjustments

(G) - (H)


(3.8)




(17.6)




(31.5)




(25.5)




Non-GAAP net income attributable to Trimble Inc.:



$

168.6




$

152.8




$

519.4




$

406.8



















DILUTED NET INCOME PER SHARE:












GAAP diluted net income per share attributable to Trimble Inc.:



$

0.49




$

0.34




$

1.48




$

0.83





Acquired deferred revenue adjustment

(A)











0.02





Amortization of acquired capitalized commissions

(B)





(0.01)




(0.01)




(0.02)





Amortization of purchased intangible assets

(C)


0.13




0.16




0.41




0.48





Acquisition / divestiture items

(D)


(0.07)




0.02




(0.12)




0.07





Stock-based compensation / deferred compensation

(E)


0.12




0.11




0.37




0.23





Restructuring and other costs

(F)


0.01




0.05




0.03




0.10





Non-GAAP tax adjustments

(G) - (H)


(0.02)




(0.07)




(0.12)




(0.10)




Non-GAAP diluted net income per share attributable to Trimble Inc.:



$

0.66




$

0.60




$

2.04




$

1.61



















ADJUSTED EBITDA:












GAAP net income attributable to Trimble Inc.:



$

124.0




$

84.7




$

377.4




$

209.6





Non-operating income (expense), net, income tax provision, and net gain attributable to noncontrolling interests



23.5




17.3




55.8




88.3




GAAP operating income:



147.5




102.0




433.2




297.9





Acquired deferred revenue adjustment

(A)





0.7




0.3




4.0





Amortization of acquired capitalized commissions

(B)


(1.1)




(1.3)




(3.4)




(4.2)





Amortization of purchased intangible assets

(C)


34.3




40.0




105.1




120.2





Acquisition / divestiture items

(D)


0.2




3.7




10.3




16.4





Stock-based compensation / deferred compensation

(E)


32.1




32.0




99.1




61.9





Restructuring and other costs

(F)


1.7




14.7




7.9




26.7




Non-GAAP operating income:



214.7




191.8




652.5




522.9





Depreciation expense



10.2




9.9




31.2




29.4





Income from equity method investments, net



8.5




10.8




30.3




29.9




Adjusted EBITDA:



$

233.4


25.9

%


$

212.5


26.8

%


$

714.0


26.1

%


$

582.2


25.1

%






















Year 2021














Low End

High End










FORECASTED DILUTED NET INCOME PER SHARE:











Forecasted GAAP diluted net income per share attributable to Trimble Inc.:



$

1.69


$

1.77













Acquired deferred revenue adjustment

(A)















Amortization of acquired capitalized commissions

(B)


(0.02)


(0.02)













Amortization of purchased intangible assets

(C)


0.55


0.55













Acquisition / divestiture items

(D)


0.06


0.06













Stock-based compensation / deferred compensation

(E)


0.50


0.50













Restructuring and other costs

(F)


0.03


0.03













Non-GAAP tax adjustments

(G) - (H)


(0.20)


(0.20)












Forecasted non-GAAP diluted net income per share attributable to Trimble Inc.:


$

2.61


$

2.69











FOOTNOTES TO GAAP TO NON-GAAP RECONCILIATION

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