Trimble Third Quarter Revenue of $504.8 Million Up 21 Percent and Non-GAAP Earnings Per Share of $0.68 Up 31 Percent Versus Prior Year

 

 

 

GAAP TO NON-GAAP RECONCILIATION

(Dollars in thousands, except per share data)

(Unaudited)























Third Quarter of


First Three Quarters of







2012


2011


2012


2011







Dollar

% of


Dollar

% of


Dollar

% of


Dollar

% of







Amount

Revenue


Amount

Revenue


Amount

Revenue


Amount

Revenue


GROSS MARGIN:
















GAAP gross margin:



$   262,867

52.1%


$   211,559

50.7%


$   789,713

51.8%


$   611,823

50.6%




Restructuring

( A )


60

0.0%


47

0.0%


139

0.0%


335

0.0%




Amortization of purchased intangible assets

( B )


15,728

3.1%


10,321

2.5%


42,145

2.8%


23,918

2.0%




Stock-based compensation

( C )


502

0.1%


491

0.1%


1,480

0.1%


1,461

0.1%




Amortization of acquisition-related inventory step-up

( D )


547

0.1%


1,354

0.3%


677

0.0%


3,063

0.3%



Non-GAAP gross margin: 



$   279,704

55.4%


$   223,772

53.6%


$   834,154

54.7%


$   640,600

53.0%



















OPERATING EXPENSES:
















GAAP operating expenses:



$   199,397

39.5%


$   179,111

42.9%


$   607,474

39.8%


$   484,133

40.0%




Restructuring

( A )


(301)

-0.1%


(647)

-0.2%


(1,894)

-0.1%


(1,775)

-0.1%




Amortization of purchased intangible assets

( B )


(15,712)

-3.1%


(13,785)

-3.3%


(47,170)

-3.1%


(32,829)

-2.7%




Stock-based compensation

( C )


(7,182)

-1.3%


(6,615)

-1.6%


(22,148)

-1.5%


(19,572)

-1.6%




Acquisition costs

( E )


(1,804)

-0.4%


(7,281)

-1.7%


(14,385)

-0.9%


(12,775)

-1.1%



Non-GAAP operating expenses:



$   174,398

34.6%


$   150,783

36.1%


$   521,877

34.2%


$   417,182

34.5%



















OPERATING INCOME:
















GAAP operating income:



$     63,470

12.6%


$    32,448

7.8%


$   182,239

12.0%


$   127,690

10.6%




Restructuring

( A )


361

0.1%


694

0.2%


2,033

0.1%


2,110

0.2%




Amortization of purchased intangible assets

( B )


31,440

6.2%


24,106

5.8%


89,315

5.9%


56,747

4.7%




Stock-based compensation

( C )


7,684

1.5%


7,106

1.7%


23,628

1.6%


21,033

1.6%




Amortization of acquisition-related inventory step-up

( D )


547

0.1%


1,354

0.3%


677

0.0%


3,063

0.3%




Acquisition costs

( E )


1,804

0.4%


7,281

1.7%


14,385

0.9%


12,775

1.1%



Non-GAAP operating income: 



$   105,306

20.9%


$    72,989

17.5%


$   312,277

20.5%


$   223,418

18.5%



















NON-OPERATING INCOME, NET:
















GAAP non-operating income, net:



$      3,352



$     (2,563)



$      8,201



$       8,674





Acquisition gain

( E )


(334)



(1,220)



(447)



(71)





Debt issuance cost write-off

( F )


-



-



-



377





Foreign exchange (gain) loss associated with acquisitions

( G )


-



2,190



1,578



(3,456)




Non-GAAP non-operating income, net: 



$      3,018



$     (1,593)



$      9,332



$       5,524


























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:



$     13,022

19%


$      2,689

9%


$    33,403

18%


$     16,118

12%




Non-GAAP items tax effected:

( H )


8,088



3,737



22,873



10,478




Non-GAAP income tax provision: 



$     21,110

19%


$      6,426

9%


$    56,276

18%


$     26,596

12%



















NET INCOME:  
















GAAP net income attributable to Trimble Navigation Ltd.



$     53,364



$    27,971



$   157,874



$   121,352





Restructuring

( A )


361



694



2,033



2,110





Amortization of purchased intangible assets

( B )


31,440



24,106



89,315



56,747





Stock-based compensation

( C )


7,684



7,106



23,628



21,033





Amortization of acquisition-related inventory step-up

( D )


547



1,354



677



3,063





Acquisition costs

( E )


1,470



6,061



13,938



12,705





Debt issuance cost write-off

( F )


-



-



-



377





Foreign exchange (gain) loss associated with acquisitions

( G )


-



2,190



1,578



(3,456)





Non-GAAP tax adjustments

( H )


(8,088)



(3,737)



(22,873)



(10,478)




Non-GAAP net income attributable to Trimble Navigation Ltd.



$     86,778



$    65,745



$   266,170



$   203,453




















DILUTED NET INCOME PER SHARE:
















GAAP diluted net income per share attributable to Trimble Navigation Ltd.



$        0.42



$        0.22



$        1.23



$         0.96





Restructuring

( A )


-



0.01



0.02



0.02





Amortization of purchased intangible assets

( B )


0.24



0.19



0.70



0.45





Stock-based compensation

( C )


0.06



0.06



0.18



0.17





Amortization of acquisition-related inventory step-up

( D )


-



0.01



0.01



0.02





Acquisition costs

( E )


0.01



0.05



0.11



0.10





Debt issuance cost write-off

( F )


-



-



-



-





Foreign exchange (gain) loss associated with acquisitions

( G )


-



0.01



0.01



(0.03)





Non-GAAP tax adjustments

( H )


(0.05)



(0.03)



(0.18)



(0.08)




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


$        0.68



$        0.52



$        2.08



$         1.61




















OPERATING LEVERAGE:
















Increase in non-GAAP operating income



$     32,317



$    20,417



$    88,859



$     52,137




Increase in revenue



$     87,330



$    99,223



$   315,695



$   238,307




Operating leverage (increase in non-GAAP operating 
















income as a % of increase in revenue)



37.0%



20.6%



28.1%



21.9%




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