Trimble Reports Fourth Quarter and Full Year 2017 Results

 

GAAP TO NON-GAAP RECONCILIATION

(Dollars in millions, except per share data)

(Unaudited)

                                 
         

Fourth Quarter of

 

Fiscal Years

 
         

2017

 

2016

 

2017

 

2016

 
         

Dollar

% of

 

Dollar

% of

 

Dollar

% of

 

Dollar

% of

 
         

Amount

Revenue

 

Amount

Revenue

 

Amount

Revenue

 

Amount

Revenue

 

GROSS MARGIN:

                           
 

GAAP gross margin:

   

$  370.0

52.2 %

 

$  312.8

53.4 %

 

$  1,392.6

52.5 %

 

$  1,238.0

52.4 %

 
   

Restructuring charges

( A )

 

2.3

0.3 %

 

0.5

0.1 %

 

3.6

0.1 %

 

1.7

0.1 %

 
   

Amortization of purchased intangible assets

( B )

 

23.3

3.3 %

 

18.7

3.2 %

 

85.8

3.2 %

 

88.6

3.8 %

 
   

Stock-based compensation

( C )

 

1.1

0.2 %

 

1.0

0.2 %

 

3.9

0.2 %

 

3.8

0.1 %

 
   

Amortization of acquisition-related inventory step-up

( D )

 

—%

 

—%

 

2.8

0.1 %

 

—%

 
 

Non-GAAP gross margin:

   

$  396.7

56.0 %

 

$  333.0

56.9 %

 

$  1,488.7

56.1 %

 

$  1,332.1

56.4 %

 
                                 

OPERATING EXPENSES:

                           
 

GAAP operating expenses:

   

$  307.2

43.3 %

 

$  257.5

44.0 %

 

$  1,146.6

43.2 %

 

$  1,057.0

44.7 %

 
   

Restructuring charges

( A )

 

(0.4)

(0.1)%

 

(1.8)

(0.3)%

 

(6.9)

(0.2)%

 

(11.6)

(0.5)%

 
   

Amortization of purchased intangible assets

( B )

 

(16.4)

(2.2)%

 

(14.9)

(2.5)%

 

(63.0)

(2.4)%

 

(62.2)

(2.6)%

 
   

Stock-based compensation

( C )

 

(18.7)

(2.6)%

 

(11.6)

(2.0)%

 

(60.9)

(2.3)%

 

(48.8)

(2.1)%

 
   

Acquisition / divestiture items

( E )

 

(1.3)

(0.2)%

 

(3.4)

(0.6)%

 

(7.4)

(0.3)%

 

(6.8)

(0.3)%

 
   

Executive transition costs

( F )

 

—%

 

—%

 

—%

 

(1.0)

—%

 
 

Non-GAAP operating expenses:

   

$  270.4

38.2 %

 

$  225.8

38.6 %

 

$  1,008.4

38.0 %

 

$     926.6

39.2 %

 
                                 

OPERATING INCOME:

                           
 

GAAP operating income:

   

$    62.8

8.9 %

 

$    55.3

9.4 %

 

$     246.0

9.3 %

 

$     181.0

7.7 %

 
   

Restructuring charges

( A )

 

2.7

0.4 %

 

2.3

0.4 %

 

10.5

0.3 %

 

13.3

0.6 %

 
   

Amortization of purchased intangible assets

( B )

 

39.7

5.5 %

 

33.6

5.7 %

 

148.8

5.6 %

 

150.8

6.4 %

 
   

Stock-based compensation

( C )

 

19.8

2.8 %

 

12.6

2.2 %

 

64.8

2.5 %

 

52.6

2.2 %

 
   

Amortization of acquisition-related inventory step-up

( D )

 

—%

 

—%

 

2.8

0.1 %

 

—%

 
   

Acquisition / divestiture items

( E )

 

1.3

0.2 %

 

3.4

0.6 %

 

7.4

0.3 %

 

6.8

0.3 %

 
   

Executive transition costs

( F )

 

—%

 

—%

 

—%

 

1.0

—%

 
 

Non-GAAP operating income:

   

$  126.3

17.8 %

 

$  107.2

18.3 %

 

$     480.3

18.1 %

 

$     405.5

17.2 %

 
                                 

NON-OPERATING INCOME (EXPENSE), NET:

                           
 

GAAP non-operating income (expense), net:

   

$     (6.5)

   

$      1.5

   

$       13.1

   

$       (4.3)

   
   

Acquisition / divestiture items

( E )

 

8.6

   

(3.6)

   

(0.3)

   

(3.5)

   
 

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

   

$      2.1

   

$     (2.1)

   

$       12.8

   

$       (7.8)

   
                                 
           

GAAP and

   

GAAP and

   

GAAP and

   

GAAP and

 
           

Non-GAAP

   

Non-GAAP

   

Non-GAAP

   

Non-GAAP

 
           

Tax Rate %

( J )

 

Tax Rate %

( J )

 

Tax Rate %

( J )

 

Tax Rate %

( J )

INCOME TAX PROVISION:

                           
 

GAAP income tax provision:

   

$    91.2

162 %

 

$    19.1

34 %

 

$     137.9

53 %

 

$       44.5

25 %

 
   

Non-GAAP items tax effected

( G )

 

7.9

   

16.4

   

45.0

   

55.3

   
   

Difference in GAAP and Non-GAAP tax rate

( H )

 

15.5

   

(10.2)

   

15.5

   

(4.3)

   
   

Tax reform impacts

( I )

 

(85.0)

   

   

(85.0)

   

   
 

Non-GAAP income tax provision:

   

$    29.6

23 %

 

$    25.3

24 %

 

$     113.4

23 %

 

$       95.5

24 %

 
                                 

NET INCOME (LOSS):

                           
 

GAAP net income (loss) attributable to Trimble Inc.

   

$   (35.0)

   

$    37.7

   

$     121.1

   

$     132.4

   
   

Restructuring charges

( A )

 

2.7

   

2.3

   

10.5

   

13.3

   
   

Amortization of purchased intangible assets

( B )

 

39.7

   

33.6

   

148.8

   

150.8

   
   

Stock-based compensation

( C )

 

19.8

   

12.6

   

64.8

   

52.6

   
   

Amortization of acquisition-related inventory step-up

( D )

 

   

   

2.8

   

   
   

Acquisition / divestiture items

( E )

 

9.9

   

(0.2)

   

7.1

   

3.3

   
   

Executive transition costs

( F )

 

   

   

   

1.0

   
   

Non-GAAP tax adjustments

( G ) - ( I )

 

61.6

   

(6.2)

   

24.5

   

(51.0)

   
 

Non-GAAP net income attributable to Trimble Inc.

   

$    98.7

   

$    79.8

   

$     379.6

   

$     302.4

   
                                 

DILUTED NET INCOME (LOSS) PER SHARE:

                           
 

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

   

$   (0.14)

   

$    0.15

   

$       0.47

   

$       0.52

   
   

Restructuring charges

( A )

 

0.01

   

0.01

   

0.04

   

0.06

   
   

Amortization of purchased intangible assets

( B )

 

0.16

   

0.13

   

0.58

   

0.59

   
   

Stock-based compensation

( C )

 

0.08

   

0.04

   

0.25

   

0.20

   
   

Amortization of acquisition-related inventory step-up

( D )

 

   

   

0.01

   

   
   

Acquisition / divestiture items

( E )

 

0.04

   

   

0.03

   

0.01

   
   

Executive transition costs

( F )

 

   

   

   

   
   

Non-GAAP tax adjustments

( G ) - ( I )

 

0.24

   

(0.02)

   

0.10

   

(0.19)

   
 

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

   

$    0.39

   

$    0.31

   

$       1.48

   

$       1.19

   

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