Trimble Reports First Quarter 2018 Results

 

NEW ACCOUNTING STANDARDS ADOPTION IMPACT

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(In millions, except per share data)

(Unaudited)











Q1'17





As Reported

ASC 606 Adjustments

As Adjusted









Revenue:







Product

$           405.4

$                         4.2

$           409.6




Service

106.8

(0.2)

106.6




Subscription

101.7

(7.3)

94.4


Total revenue

613.9

(3.3)

610.6









Cost of sales:







Product

194.4

(1.0)

193.4




Service

47.1

(0.1)

47.0




Subscription

26.8

0.1

26.9




Amortization of purchased intangible assets

19.0

-

19.0


Total cost of sales

287.3

(1.0)

286.3









Gross margin

326.6

(2.3)

324.3


Gross margin (%)

53.2 %


53.1%









Operating expense:






Research and development

88.7

-

88.7



Sales and marketing

94.8

(0.4)

94.4



General and administrative

69.3

-

69.3



Restructuring charges

2.9

-

2.9



Amortization of purchased intangible assets

14.3

-

14.3




Total operating expense

270.0

(0.4)

269.6
















Operating income

56.6

(1.9)

54.7









Non-operating income (expense), net:






Interest expense, net

(6.1)

-

(6.1)



Foreign currency transaction gain, net

1.4

-

1.4



Income from equity method investments, net

4.2

-

4.2



Other income (loss), net

9.5

-

9.5




Total non-operating income (expense), net

9.0

-

9.0









Income before taxes

65.6

(1.9)

63.7









Income tax provision

15.1

(1.2)

13.9


Net income (loss)

50.5

(0.7)

49.8



Net gain attributable to noncontrolling interests

-

-

-


Net income (loss) attributable to Trimble Inc.

$             50.5

$                       (0.7)

$             49.8









Net income (loss) per share attributable to Trimble Inc.






Basic

$             0.20

$                           -

$             0.20



Diluted

$             0.20

$                     (0.01)

$             0.19









Shares used in calculating net income (loss) per share:






Basic

252.0

-

252.0



Diluted

255.9

-

255.9



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