Trimble Reports First Quarter 2018 Results

 

GAAP TO NON-GAAP RECONCILIATION

(Dollars in millions, except per share data)

(Unaudited)

















First Quarter of







2018


2017








* As Adjusted







Dollar

% of


Dollar

% of







Amount

Revenue


Amount

Revenue


GROSS MARGIN:










GAAP gross margin:



$   396.2

53.4 %


$   324.3

53.1 %




Restructuring charges

( A )


(0.2)

—%


0.5

0.1 %




Amortization of purchased intangible assets

( B )


23.1

3.1 %


19.0

3.1 %




Stock-based compensation

( C )


1.1

0.1 %


0.8

0.2 %




Amortization of acquisition-related inventory step-up

( D )


—%


0.1

—%




Acquisition / divestiture items

( E )


2.0

0.3 %


—%



Non-GAAP gross margin:



$   422.2

56.9 %


$   344.7

56.5 %













OPERATING EXPENSES:










GAAP operating expenses:



$   332.0

44.8 %


$   269.6

44.1 %




Restructuring charges

( A )


(1.6)

(0.2)%


(2.9)

(0.5)%




Amortization of purchased intangible assets

( B )


(17.4)

(2.3)%


(14.3)

(2.3)%




Stock-based compensation

( C )


(16.3)

(2.3)%


(12.9)

(2.1)%




Acquisition / divestiture items

( E )


(14.0)

(1.9)%


(2.1)

(0.3)%



Non-GAAP operating expenses:



$   282.7

38.1 %


$   237.4

38.9 %













OPERATING INCOME:










GAAP operating income:



$     64.2

8.6 %


$     54.7

9.0 %




Restructuring charges

( A )


1.4

0.2 %


3.4

0.6 %




Amortization of purchased intangible assets

( B )


40.5

5.4 %


33.3

5.4 %




Stock-based compensation

( C )


17.4

2.4 %


13.7

2.3 %




Amortization of acquisition-related inventory step-up

( D )


—%


0.1

—%




Acquisition / divestiture items

( E )


16.0

2.2 %


2.1

0.3 %



Non-GAAP operating income:



$   139.5

18.8 %


$   107.3

17.6 %













NON-OPERATING INCOME (EXPENSE), NET:










GAAP non-operating income, net:



$       2.5



$       9.0





Acquisition / divestiture items

( E )


(2.8)



(8.1)




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



$     (0.3)



$       0.9




















GAAP and



GAAP and








Non-GAAP



Non-GAAP








Tax Rate %

( H )


Tax Rate %

( H )

INCOME TAX PROVISION:










GAAP income tax provision:



$       8.0

12 %


$     13.9

22 %




Non-GAAP items tax effected

( F )


8.7



9.8





Difference in GAAP and Non-GAAP tax rate

( G )


9.8



1.2




Non-GAAP income tax provision:



$     26.5

19 %


$     24.9

23 %













NET INCOME:










GAAP net income attributable to Trimble Inc.:



$     58.5



$     49.8





Restructuring charges

( A )


1.4



3.4





Amortization of purchased intangible assets

( B )


40.5



33.3





Stock-based compensation

( C )


17.4



13.7





Amortization of acquisition-related inventory step-up

( D )




0.1





Acquisition / divestiture items

( E )


13.2



(6.0)





Non-GAAP tax adjustments

( F ) + ( G )


(18.5)



(11.0)




Non-GAAP net income attributable to Trimble Inc.:



$   112.5



$     83.3














DILUTED NET INCOME PER SHARE:










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



$     0.23



$     0.19





Restructuring charges

( A )




0.01





Amortization of purchased intangible assets

( B )


0.16



0.13





Stock-based compensation

( C )


0.07



0.05





Amortization of acquisition-related inventory step-up

( D )








Acquisition / divestiture items

( E )


0.05



(0.02)





Non-GAAP tax adjustments

( F ) + ( G )


(0.07)



(0.03)




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



$     0.44



$     0.33















*  Prior-period information has been restated for the adoption of ASC 606, Revenue from Contracts with Customers.





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