Trimble Reports First Quarter 2015 Results

 

GAAP TO NON-GAAP RECONCILIATION

(Dollars in millions, except per share data)

(Unaudited)

                     
         

First Quarter of

 
         

2015

 

2014

 
         

Dollar

% of

 

Dollar

% of

 
         

Amount

Revenue

 

Amount

Revenue

 

GROSS MARGIN:

               
 

GAAP gross margin:

   

$ 307.2

52.7%

 

$  326.9

54.1%

 
   

Restructuring

( A )

 

0.2

0.0%

 

0.1

0.0%

 
   

Amortization of purchased intangible assets

( B )

 

22.5

3.9%

 

20.9

3.4%

 
   

Stock-based compensation

( C )

 

0.9

0.2%

 

0.7

0.1%

 
 

Non-GAAP gross margin: 

   

$ 330.8

56.8%

 

$  348.6

57.6%

 
                     

OPERATING EXPENSES:

               
 

GAAP operating expenses:

   

$ 267.7

45.9%

 

$  251.2

41.5%

 
   

Restructuring

( A )

 

(1.1)

-0.2%

 

(0.3)

-0.1%

 
   

Amortization of purchased intangible assets

( B )

 

(18.2)

-3.1%

 

(19.7)

-3.3%

 
   

Stock-based compensation

( C )

 

(11.6)

-2.0%

 

(9.4)

-1.5%

 
   

Acquisition / divestiture items

( D )

 

(2.8)

-0.5%

 

(1.4)

-0.2%

 
 

Non-GAAP operating expenses:

   

$ 234.0

40.1%

 

$  220.4

36.4%

 
                     

OPERATING INCOME:

               
 

GAAP operating income:

   

$  39.5

6.8%

 

$    75.7

12.5%

 
   

Restructuring

( A )

 

1.3

0.2%

 

0.4

0.1%

 
   

Amortization of purchased intangible assets

( B )

 

40.7

7.0%

 

40.6

6.7%

 
   

Stock-based compensation

( C )

 

12.5

2.1%

 

10.1

1.7%

 
   

Acquisition / divestiture items

( D )

 

2.8

0.5%

 

1.4

0.2%

 
 

Non-GAAP operating income: 

   

$  96.8

16.6%

 

$  128.2

21.2%

 
                     

NON-OPERATING INCOME, NET:

               
 

GAAP non-operating income, net:

   

$    4.7

   

$    12.8

   
   

Acquisition / divestiture items

( D )

 

(5.8)

   

1.7

   
   

Gain on an equity sale

( E )

 

-

   

(15.1)

   
   

Debt issuance cost write-off

( F )

 

(0.1)

   

-

   
 

Non-GAAP non-operating loss, net: 

   

$   (1.2)

   

$     (0.6)

   
                     
           

GAAP and 

   

GAAP and 

 
           

Non-GAAP

   

Non-GAAP

 
           

Tax Rate %

( I )

 

Tax Rate %

( I )

INCOME TAX PROVISION:

               
 

GAAP income tax provision:

   

$  10.2

23%

 

$    20.4

23%

 
   

Non-GAAP items tax effected

( G )

 

12.8

   

11.0

   
   

Tax on gain on an equity sale

( H )

 

-

   

(5.8)

   
 

Non-GAAP income tax provision: 

   

$  23.0

24%

 

$    25.6

20%

 
                     

NET INCOME:  

               
 

GAAP net income attributable to Trimble Navigation Ltd.

   

$  34.1

   

$    68.6

   
   

Restructuring

( A )

 

1.3

   

0.4

   
   

Amortization of purchased intangible assets

( B )

 

40.7

   

40.6

   
   

Stock-based compensation

( C )

 

12.5

   

10.1

   
   

Acquisition / divestiture items

( D )

 

(3.0)

   

3.1

   
   

Gain on an equity sale

( E )

 

-

   

(15.1)

   
   

Debt issuance cost write-off

( F )

 

(0.1)

   

-

   
   

Non-GAAP tax adjustments

( G ), ( H )

 

(12.8)

   

(5.2)

   
 

Non-GAAP net income attributable to Trimble Navigation Ltd.

   

$  72.7

   

$  102.5

   
                     

DILUTED NET INCOME PER SHARE:

               
 

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

   

$  0.13

   

$0.26

   
   

Restructuring

( A )

 

-

   

-

   
   

Amortization of purchased intangible assets

( B )

 

0.16

   

0.16

   
   

Stock-based compensation

( C )

 

0.05

   

0.04

   
   

Acquisition / divestiture items

( D )

 

(0.01)

   

0.01

   
   

Gain on an equity sale

( E )

 

-

   

(0.06)

   
   

Debt issuance cost write-off

( F )

 

-

   

-

   
   

Non-GAAP tax adjustments

( G ), ( H )

 

(0.05)

   

(0.02)

   
 

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

   

$  0.28

   

$    0.39

   
                     

OPERATING LEVERAGE:

               
 

Increase (decrease) in non-GAAP operating income

   

$ (31.4)

   

$    17.9

   
 

Increase (decrease) in revenue

   

$ (22.1)

   

$    48.6

   
 

Operating leverage (increase in non-GAAP operating 

               
 

income as a % of increase in revenue)

   

N/A

   

36.8%

   

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