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| GAAP TO NON-GAAP RECONCILIATION (Dollars in millions, except per share data) (Unaudited) | |||||||||||||
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| Fourth Quarter of |
| Year of | ||||||||
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| 2023 |
| 2022 |
| 2023 |
| 2022 | ||||
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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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REVENUE: |
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| GAAP revenue: |
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| $ 932.4 |
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| $ 856.5 |
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| $ 3,798.7 |
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| $ 3,676.3 |
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GROSS MARGIN: |
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| GAAP gross margin: |
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| $ 577.3 | 61.9 % |
| $ 503.1 | 58.7 % |
| $ 2,332.8 | 61.4 % |
| $ 2,105.6 | 57.3 % | |
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| Amortization of purchased intangible assets | (A) |
| 27.8 |
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| 21.6 |
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| 108.7 |
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| 85.0 |
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| Acquisition / divestiture items | (B) |
| 0.1 |
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| 0.2 |
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| 0.5 |
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| 0.2 |
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| Stock-based compensation / deferred compensation | (C) |
| 3.6 |
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| 3.4 |
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| 15.0 |
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| 12.1 |
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| Restructuring and other costs | (D) |
| 0.5 |
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| 0.7 |
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| (0.1) |
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| 1.7 |
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| Non-GAAP gross margin: |
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| $ 609.3 | 65.3 % |
| $ 529.0 | 61.8 % |
| $ 2,456.9 | 64.7 % |
| $ 2,204.6 | 60.0 % | |
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OPERATING EXPENSES: |
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| GAAP operating expenses: |
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| $ 480.4 | 51.5 % |
| $ 406.4 | 47.4 % |
| $ 1,884.0 | 49.6 % |
| $ 1,594.7 | 43.4 % | |
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| Amortization of purchased intangible assets | (A) |
| (28.8) |
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| (12.1) |
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| (103.6) |
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| (46.6) |
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| Acquisition / divestiture items | (B) |
| (16.8) |
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| (12.3) |
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| (71.9) |
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| (32.6) |
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| Stock-based compensation / deferred compensation | (C) |
| (32.1) |
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| (25.7) |
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| (136.1) |
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| (99.9) |
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| Restructuring and other costs | (D) |
| (20.0) |
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| (15.1) |
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| (50.2) |
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| (52.5) |
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| Non-GAAP operating expenses: |
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| $ 382.7 | 41.0 % |
| $ 341.2 | 39.8 % |
| $ 1,522.2 | 40.1 % |
| $ 1,363.1 | 37.1 % | |
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OPERATING INCOME: |
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| GAAP operating income: |
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| $ 96.9 | 10.4 % |
| $ 96.7 | 11.3 % |
| $ 448.8 | 11.8 % |
| $ 510.9 | 13.9 % | |
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| Amortization of purchased intangible assets | (A) |
| 56.6 |
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| 33.7 |
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| 212.3 |
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| 131.6 |
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| Acquisition / divestiture items | (B) |
| 16.9 |
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| 12.5 |
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| 72.4 |
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| 32.8 |
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| Stock-based compensation / deferred compensation | (C) |
| 35.7 |
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| 29.1 |
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| 151.1 |
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| 112.0 |
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| Restructuring and other costs | (D) |
| 20.5 |
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| 15.8 |
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| 50.1 |
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| 54.2 |
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| Non-GAAP operating income: |
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| $ 226.6 | 24.3 % |
| $ 187.8 | 21.9 % |
| $ 934.7 | 24.6 % |
| $ 841.5 | 22.9 % | |
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NON-OPERATING INCOME (EXPENSE), NET: |
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| GAAP non-operating income (expense), net: |
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| $ (37.4) |
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| $ (5.6) |
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| $ (91.8) |
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| $ 58.2 |
| |
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| Acquisition / divestiture items | (B) |
| 1.1 |
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| (4.5) |
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| (36.5) |
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| (107.5) |
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| Deferred compensation | (C) |
| (2.9) |
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| (2.0) |
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| (5.8) |
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| 8.5 |
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| Restructuring and other costs | (D) |
| (0.1) |
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| 5.9 |
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| 1.3 |
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| 6.0 |
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| Non-GAAP non-operating expense, net: |
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| $ (39.3) |
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| $ (6.2) |
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| $ (132.8) |
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| $ (34.8) |
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| GAAP
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| GAAP
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| GAAP
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| GAAP
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| (G) |
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| (G) |
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| (G) |
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| (G) |
INCOME TAX PROVISION: |
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| GAAP income tax (benefit) provision: |
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| $ (3.5) | (5.9) % |
| $ 5.5 | 6.0 % |
| $ 45.7 | 12.8 % |
| $ 119.4 | 21.0 % | |
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| Non-GAAP items tax effected | (E) |
| 8.3 |
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| 15.2 |
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| 56.9 |
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| 49.9 |
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| Difference in GAAP and Non-GAAP tax rate | (F) |
| 25.9 |
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| 11.0 |
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| 35.6 |
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| (22.9) |
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| Non-GAAP income tax provision: |
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| $ 30.7 | 16.4 % |
| $ 31.7 | 17.5 % |
| $ 138.2 | 17.2 % |
| $ 146.4 | 18.2 % | |
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NET INCOME: |
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| GAAP net income: |
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| $ 63.0 |
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| $ 85.6 |
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| $ 311.3 |
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| $ 449.7 |
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| Amortization of purchased intangible assets | (A) |
| 56.6 |
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| 33.7 |
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| 212.3 |
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| 131.6 |
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| Acquisition / divestiture items | (B) |
| 18.0 |
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| 8.0 |
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| 35.9 |
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| (74.7) |
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| Stock-based compensation / deferred compensation | (C) |
| 32.8 |
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| 27.1 |
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| 145.3 |
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| 120.5 |
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| Restructuring and other costs | (D) |
| 20.4 |
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| 21.7 |
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| 51.4 |
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| 60.2 |
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| Non-GAAP tax adjustments | (E) - (F) |
| (34.2) |
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| (26.2) |
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| (92.5) |
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| (27.0) |
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| Non-GAAP net income: |
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| $ 156.6 |
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| $ 149.9 |
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| $ 663.7 |
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| $ 660.3 |
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DILUTED NET INCOME PER SHARE: |
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| GAAP diluted net income per share: |
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| $ 0.25 |
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| $ 0.34 |
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| $ 1.25 |
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| $ 1.80 |
| |
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| Amortization of purchased intangible assets | (A) |
| 0.23 |
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| 0.14 |
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| 0.85 |
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| 0.53 |
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| Acquisition / divestiture items | (B) |
| 0.07 |
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| 0.03 |
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| 0.14 |
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| (0.30) |
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| Stock-based compensation / deferred compensation | (C) |
| 0.13 |
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| 0.11 |
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| 0.58 |
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| 0.48 |
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| Restructuring and other costs | (D) |
| 0.08 |
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| 0.09 |
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| 0.21 |
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| 0.24 |
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| Non-GAAP tax adjustments | (E) - (F) |
| (0.13) |
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| (0.11) |
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| (0.37) |
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| (0.11) |
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| Non-GAAP diluted net income per share: |
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| $ 0.63 |
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| $ 0.60 |
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| $ 2.66 |
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| $ 2.64 |
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ADJUSTED EBITDA: |
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| GAAP operating income: |
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| $ 96.9 | 10.4 % |
| $ 96.7 | 11.3 % |
| $ 448.8 | 11.8 % |
| $ 510.9 | 13.9 % | |
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| Amortization of purchased intangible assets | (A) |
| 56.6 |
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| 33.7 |
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| 212.3 |
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| 131.6 |
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| Acquisition / divestiture items | (B) |
| 16.9 |
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| 12.5 |
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| 72.4 |
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| 32.8 |
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| Stock-based compensation / deferred compensation | (C) |
| 35.7 |
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| 29.1 |
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| 151.1 |
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| 112.0 |
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| Restructuring and other costs | (D) |
| 20.5 |
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| 15.8 |
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| 50.1 |
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| 54.2 |
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| Non-GAAP operating income: |
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| 226.6 | 24.3 % |
| 187.8 | 21.9 % |
| 934.7 | 24.6 % |
| 841.5 | 22.9 % | |
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| Depreciation expense and cloud computing amortization |
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| 11.1 |
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| 11.8 |
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| 46.9 |
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| 44.7 |
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| Income from equity method investments, net |
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| 3.5 |
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| 8.8 |
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| 28.1 |
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| 31.1 |
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| Adjusted EBITDA: |
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| $ 241.2 | 25.9 % |
| $ 208.4 | 24.3 % |
| $ 1,009.7 | 26.6 % |
| $ 917.3 | 25.0 % |
Trimble Announces Fourth Quarter and Full Year 2023 Results and Initiates 2024 Guidance
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