Trimble Announces Record 2018 Financial Results

 

GAAP TO NON-GAAP RECONCILIATION

(Dollars in millions, except per share data)

(Unaudited)























Fourth Quarter of


Fiscal Years







2018


2017


2018


2017










* As Adjusted





* As Adjusted







Dollar

% of


Dollar

% of


Dollar

% of


Dollar

% of







Amount

Revenue


Amount

Revenue


Amount

Revenue


Amount

Revenue


REVENUE:
















GAAP revenue:



$         785.5



$    699.8



$       3,108.4



$    2,646.5





Acquired deferred revenue adjustment

( A )


7.4



1.3



23.6



2.8




Non-GAAP Revenue:



$         792.9



$    701.1



$       3,132.0



$    2,649.3




















GROSS MARGIN:
















GAAP gross margin:



$         435.2

55.4 %


$    359.5

51.4 %


$       1,681.0

54.1 %


$    1,377.6

52.1 %




Acquired deferred revenue adjustment

( A )


7.4



1.3



23.6



2.8





Restructuring charges

( B )




2.3



0.5



3.6





Amortization of purchased intangible assets

( C )


28.0



23.3



103.2



85.8





Stock-based compensation

( D )


1.2



1.1



4.5



3.9





Amortization of acquisition-related inventory step-up

( E )


0.2





0.2



2.8





Acquisition / divestiture items

( F )






2.0






Non-GAAP gross margin:



$         472.0

59.5 %


$    387.5

55.3 %


$       1,815.0

58.0 %


$    1,476.5

55.7 %



















OPERATING EXPENSES:
















GAAP operating expenses:



$         345.6

44.0 %


$    303.8

43.4 %


$       1,360.3

43.8 %


$    1,141.9

43.1 %




Restructuring charges

( B )


(1.9)



(0.4)



(8.2)



(6.9)





Amortization of purchased intangible assets

( C )


(18.7)



(16.4)



(76.4)



(63.0)





Stock-based compensation

( D )


(22.6)



(18.7)



(72.4)



(60.9)





Acquisition / divestiture items

( F )


(4.1)



(1.3)



(36.9)



(7.4)





Amortization of acquired capitalized commissions

( G )


1.8



0.4



4.7



1.3




Non-GAAP operating expenses:



$         300.1

37.8 %


$    267.4

38.1 %


$       1,171.1

37.4 %


$    1,005.0

37.9 %



















OPERATING INCOME:
















GAAP operating income:



$           89.6

11.4 %


$     55.7

8.0 %


$         320.7

10.3 %


$       235.7

8.9 %




Acquired deferred revenue adjustment

( A )


7.4



1.3



23.6



2.8





Restructuring charges

( B )


1.9



2.7



8.7



10.5





Amortization of purchased intangible assets

( C )


46.7



39.7



179.6



148.8





Stock-based compensation

( D )


23.8



19.8



76.9



64.8





Amortization of acquisition-related inventory step-up

( E )


0.2





0.2



2.8





Acquisition / divestiture items

( F )


4.1



1.3



38.9



7.4





Amortization of acquired capitalized commissions

( G )


(1.8)



(0.4)



(4.7)



(1.3)




Non-GAAP operating income:



$         171.9

21.7 %


$    120.1

17.1 %


$         643.9

20.6 %


$       471.5

17.8 %



















NON-OPERATING INCOME (EXPENSE), NET:
















GAAP non-operating income (expense), net:



$          (21.6)



$      (7.1)



$          (42.7)



$        12.5





Acquisition / divestiture items

( F )


1.0



8.6



(0.3)



(0.3)





Debt issuance costs

( H )






6.7






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



$          (20.6)



$       1.5



$          (36.3)



$        12.2


























GAAP and



GAAP and



GAAP and



GAAP and








Non-GAAP



Non-GAAP



Non-GAAP



Non-GAAP








Tax Rate %

( M )


Tax Rate %

( M )


Tax Rate %

( M )


Tax Rate %

( M )

INCOME TAX PROVISION (BENEFIT):
















GAAP income tax provision (benefit):



$          (18.8)

(28)%


$     84.4

174 %


$            (5.3)

(2)%


$       129.7

52 %




Non-GAAP items tax effected

( I )


11.0



10.1



47.8



46.9





Difference in GAAP and Non-GAAP tax rate

( J )


9.3



13.6



27.3



14.8





Tax reform impacts

( K )


17.7



(80.2)



21.3



(80.2)





Reserve release upon statute of limitations expiration

( L )


9.5





24.3






Non-GAAP income tax provision:



$           28.7

19 %


$     27.9

23 %


$         115.4

19 %


$       111.2

23 %



















NET INCOME (LOSS):
















GAAP net income (loss) attributable to Trimble Inc.:



$           86.5



$    (35.9)



$         282.8



$       118.4





Acquired deferred revenue adjustment

( A )


7.4



1.3



23.6



2.8





Restructuring charges

( B )


1.9



2.7



8.7



10.5





Amortization of purchased intangible assets

( C )


46.7



39.7



179.6



148.8





Stock-based compensation

( D )


23.8



19.8



76.9



64.8





Amortization of acquisition-related inventory step-up

( E )


0.2





0.2



2.8





Acquisition / divestiture items

( F )


5.1



9.9



38.6



7.1





Amortization of acquired capitalized commissions

( G )


(1.8)



(0.4)



(4.7)



(1.3)





Debt issuance costs

( H )






6.7







Non-GAAP tax adjustments

( I ) + ( J ) + ( K ) + ( L )


(47.5)



56.5



(120.7)



18.5




Non-GAAP net income attributable to Trimble Inc.:



$         122.3



$     93.6



$         491.7



$       372.4




















DILUTED NET INCOME (LOSS) PER SHARE:
















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



$           0.34



$    (0.14)



$           1.12



$        0.46





Acquired deferred revenue adjustment

( A )


0.03



0.01



0.09



0.01





Restructuring charges

( B )


0.01



0.01



0.04



0.04





Amortization of purchased intangible assets

( C )


0.18



0.15



0.71



0.58





Stock-based compensation

( D )


0.10



0.08



0.30



0.25





Amortization of acquisition-related inventory step-up

( E )








0.01





Acquisition / divestiture items

( F )


0.02



0.04



0.15



0.03





Amortization of acquired capitalized commissions

( G )


(0.01)





(0.02)







Debt issuance costs

( H )






0.03







Non-GAAP tax adjustments

( I ) + ( J )+ ( K ) + ( L )


(0.19)



0.22



(0.48)



0.07




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



$           0.48



$     0.37



$           1.94



$        1.45





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