Trimble Reports First Quarter 2018 Results

 

NEW ACCOUNTING STANDARDS ADOPTION IMPACT

CONDENSED CONSOLIDATED STATEMENTS OF INCOME 

(In millions, except per share data)

(Unaudited)


















As Reported


ASC 606 & ASU 2017-07 Adjustments 


As Adjusted




Fiscal Year 


Fiscal Year 


Fiscal Year 


Fiscal Year 


Fiscal Year 


Fiscal Year 




2017


2016


2017


2016


2017


2016

Revenue:














Product

$      1,763.8


$      1,562.0


$                -


$          8.6


$      1,763.8


$      1,570.6



Service

461.6


430.2


13.8


6.5


475.4


436.7



Subscription

428.8


370.0


(21.5)


(15.2)


407.3


354.8

Total revenue

2,654.2


2,362.2


(7.7)


(0.1)


2,646.5


2,362.1















Cost of sales:














Product

866.5


760.8


9.1


3.2


875.6


764.0



Service

196.3


169.9


(1.9)


0.2


194.4


170.1



Subscription

113.0


104.9


0.1


-


113.1


104.9



Amortization of purchased intangible assets

85.8


88.6


-


-


85.8


88.6

Total cost of sales

1,261.6


1,124.2


7.3


3.4


1,268.9


1,127.6















Gross margin

1,392.6


1,238.0


(15.0)


(3.5)


1,377.6


1,234.5

Gross margin (%)

52.5%


52.4%






52.1%


52.3%















Operating expense:













Research and development

370.2


349.6


-


-


370.2


349.6


Sales and marketing

404.2


377.6


(4.1)


(2.9)


400.1


374.7


General and administrative

302.3


256.0


(0.6)


-


301.7


256.0


Restructuring charges

6.9


11.6


-


-


6.9


11.6


Amortization of purchased intangible assets

63.0


62.2


-


-


63.0


62.2



Total operating expense

1,146.6


1,057.0


(4.7)


(2.9)


1,141.9


1,054.1





























Operating income

246.0


181.0


(10.3)


(0.6)


235.7


180.4















Non-operating income (expense), net:













Interest expense, net

(25.0)


(25.9)


(0.2)


-


(25.2)


(25.9)


Foreign currency transaction gain (loss), net

3.3


(1.9)


-


-


3.3


(1.9)


Income from equity method investments, net

29.5


17.6


-


-


29.5


17.6


Other income, net

5.3


5.9


(0.4)


-


4.9


5.9



Total non-operating income (expense), net

13.1


(4.3)


(0.6)


-


12.5


(4.3)















Income before taxes

259.1


176.7


(10.9)


(0.6)


248.2


176.1















Income tax provision

137.9


44.5


(8.2)


(0.6)


129.7


43.9

Net income 

121.2


132.2


(2.7)


-


118.5


132.2


Net gain (loss) attributable to noncontrolling interests

0.1


(0.2)


-


-


0.1


(0.2)

Net income attributable to Trimble Inc.

$         121.1


$         132.4


$            (2.7)


$             -


$         118.4


$         132.4















Net income per share attributable to Trimble Inc.













Basic

$           0.48


$           0.53


$          (0.01)


$             -


$           0.47


$           0.53


Diluted

$           0.47


$           0.52


$          (0.01)


$             -


$           0.46


$           0.52















Shares used in calculating net income per share:













Basic

252.1


250.5


-


-


252.1


250.5


Diluted

256.7


253.9


-


-


256.7


253.9


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