Trimble Reports Second Quarter 2019 Results

 

GAAP TO NON-GAAP RECONCILIATION

(Dollars in millions, except per share data)

(Unaudited)

 
         

Second Quarter of

 

First Two Quarters of

         

2019

 

2018

 

2019

 

2018

         

Dollar
Amount

% of
Revenue

 

Dollar
Amount

% of
Revenue

 

Dollar
Amount

% of
Revenue

 

Dollar
Amount

% of
Revenue

REVENUE:

                         
 

GAAP revenue:

   

$

854.8

     

$

785.5

     

$

1,656.4

     

$

1,527.7

   
   

Acquired deferred revenue adjustment

(A)

 

1.0

     

3.8

     

3.9

     

6.7

   
 

Non-GAAP revenue:

   

$

855.8

     

$

789.3

     

$

1,660.3

     

$

1,534.4

   
                               

GROSS MARGIN:

                         
 

GAAP gross margin:

   

$

460.6

 

53.9

%

 

$

422.7

 

53.8

%

 

$

898.9

 

54.3

%

 

$

818.9

 

53.6

%

   

Acquired deferred revenue adjustment

(A)

 

1.0

     

3.8

     

3.9

     

6.7

   
   

Restructuring charges

(B)

 

     

0.6

     

0.2

     

0.4

   
   

Amortization of purchased intangible assets

(C)

 

23.8

     

23.9

     

48.0

     

47.0

   
   

Stock-based compensation

(D)

 

1.4

     

1.1

     

2.7

     

2.2

   
   

Acquisition / divestiture items

(E)

 

     

     

     

2.0

   
 

Non-GAAP gross margin:

   

$

486.8

 

56.9

%

 

$

452.1

 

57.3

%

 

$

953.7

 

57.4

%

 

$

877.2

 

57.2

%

                               

OPERATING EXPENSES:

                         
 

GAAP operating expenses:

   

$

350.9

 

41.1

%

 

$

333.2

 

42.4

%

 

$

702.9

 

42.4

%

 

$

665.2

 

43.5

%

   

Restructuring charges

(B)

 

(2.9)

     

(2.2)

     

(6.4)

     

(3.8)

   
   

Amortization of purchased intangible assets

(C)

 

(19.7)

     

(18.7)

     

(39.8)

     

(36.1)

   
   

Stock-based compensation

(D)

 

(15.8)

     

(15.8)

     

(30.8)

     

(32.1)

   
   

Acquisition / divestiture items

(E)

 

(2.0)

     

(8.1)

     

(3.1)

     

(22.1)

   
   

Amortization of acquired capitalized commissions

(F)

 

1.6

     

0.6

     

3.3

     

1.1

   
 

Non-GAAP operating expenses:

   

$

312.1

 

36.5

%

 

$

289.0

 

36.6

%

 

$

626.1

 

37.7

%

 

$

572.2

 

37.3

%

                               

OPERATING INCOME:

                         
 

GAAP operating income:

   

$

109.7

 

12.8

%

 

$

89.5

 

11.4

%

 

$

196.0

 

11.8

%

 

$

153.7

 

10.1

%

   

Acquired deferred revenue adjustment

(A)

 

1.0

     

3.8

     

3.9

     

6.7

   
   

Restructuring charges

(B)

 

2.9

     

2.8

     

6.6

     

4.2

   
   

Amortization of purchased intangible assets

(C)

 

43.5

     

42.6

     

87.8

     

83.1

   
   

Stock-based compensation

(D)

 

17.2

     

16.9

     

33.5

     

34.3

   
   

Acquisition / divestiture items

(E)

 

2.0

     

8.1

     

3.1

     

24.1

   
   

Amortization of acquired capitalized commissions

(F)

 

(1.6)

     

(0.6)

     

(3.3)

     

(1.1)

   
 

Non-GAAP operating income:

   

$

174.7

 

20.4

%

 

$

163.1

 

20.7

%

 

$

327.6

 

19.7

%

 

$

305.0

 

19.9

%

                               

NON-OPERATING INCOME (EXPENSE), NET:

                   
 

GAAP non-operating income (expense), net:

   

$

5.7

     

$

(10.3)

     

$

(5.4)

     

$

(7.8)

   
   

Acquisition / divestiture items

(E)

 

(13.1)

     

0.7

     

(12.8)

     

(2.1)

   
   

Debt issuance costs

(G)

 

     

6.7

     

     

6.7

   
 

Non-GAAP non-operating expense, net:

   

$

(7.4)

     

$

(2.9)

     

$

(18.2)

     

$

(3.2)

   
                               
           

GAAP and
Non-GAAP
Tax Rate %

   

GAAP and
Non-GAAP
Tax Rate %

   

GAAP and
Non-GAAP
Tax Rate %

   

GAAP and
Non-GAAP
Tax Rate %

           

(J)

   

(J)

   

(J)

   

(J)

INCOME TAX PROVISION:

                         
 

GAAP income tax provision:

   

$

20.8

 

18

%

 

$

15.1

 

19

%

 

$

33.6

 

18

%

 

$

23.1

 

16

%

   

Non-GAAP items tax effected

(H)

 

9.3

     

15.4

     

20.7

     

24.4

   
   

Difference in GAAP and Non-GAAP tax rate

(I)

 

3.4

     

     

7.6

     

9.9

   
 

Non-GAAP income tax provision:

   

$

33.5

 

20

%

 

$

30.5

 

19

%

 

$

61.9

 

20

%

 

$

57.4

 

19

%

                               

NET INCOME:

                         
 

GAAP net income attributable to Trimble Inc.:

   

$

94.6

     

$

64.1

     

$

156.9

     

$

122.6

   
   

Acquired deferred revenue adjustment

(A)

 

1.0

     

3.8

     

3.9

     

6.7

   
   

Restructuring charges

(B)

 

2.9

     

2.8

     

6.6

     

4.2

   
   

Amortization of purchased intangible assets

(C)

 

43.5

     

42.6

     

87.8

     

83.1

   
   

Stock-based compensation

(D)

 

17.2

     

16.9

     

33.5

     

34.3

   
   

Acquisition / divestiture items

(E)

 

(11.1)

     

8.8

     

(9.7)

     

22.0

   
   

Amortization of acquired capitalized commissions

(F)

 

(1.6)

     

(0.6)

     

(3.3)

     

(1.1)

   
   

Debt issuance costs

(G)

 

     

6.7

     

     

6.7

   
   

Non-GAAP tax adjustments

(H)+(I)

 

(12.7)

     

(15.4)

     

(28.3)

     

(34.3)

   
 

Non-GAAP net income attributable to Trimble Inc.:

   

$

133.8

     

$

129.7

     

$

247.4

     

$

244.2

   
                               

DILUTED NET INCOME PER SHARE:

                   
 

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

   

$

0.37

     

$

0.25

     

$

0.62

     

$

0.49

   
   

Acquired deferred revenue adjustment

(A)

 

     

0.01

     

0.01

     

0.03

   
   

Restructuring charges

(B)

 

0.01

     

0.01

     

0.03

     

0.02

   
   

Amortization of purchased intangible assets

(C)

 

0.17

     

0.17

     

0.34

     

0.33

   
   

Stock-based compensation

(D)

 

0.07

     

0.07

     

0.13

     

0.13

   
   

Acquisition / divestiture items

(E)

 

(0.04)

     

0.03

     

(0.04)

     

0.09

   
   

Amortization of acquired capitalized commissions

(F)

 

     

     

(0.01)

     

   
   

Debt issuance costs

(G)

 

     

0.03

     

     

0.02

   
   

Non-GAAP tax adjustments

(H)+(I)

 

(0.05)

     

(0.06)

     

(0.11)

     

(0.14)

   
 

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

   

$

0.53

     

$

0.51

     

$

0.97

     

$

0.97

   
                               
         

Third Quarter of 2019

 

Fiscal Year 2019

           
         

Low End

High End

 

Low End

High End

           

FORECASTED DILUTED NET INCOME PER SHARE:

                 
 

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

   

$

0.24

 

$

0.28

   

$

1.10

 

$

1.18

             
   

Acquired deferred revenue adjustment

(A)

 

 

   

0.02

 

0.02

             
   

Restructuring charges

(B)

 

0.01

 

0.01

   

0.05

 

0.05

             
   

Amortization of purchased intangible assets

(C)

 

0.16

 

0.16

   

0.66

 

0.66

             
   

Stock-based compensation

(D)

 

0.08

 

0.08

   

0.31

 

0.31

             
   

Acquisition / divestiture items

(E)

 

0.01

 

0.01

   

0.04

 

0.04

             
   

Amortization of acquired capitalized commissions

(F)

 

(0.01)

 

(0.01)

   

(0.03)

 

(0.03)

             
   

Non-GAAP tax adjustments

(H)+(I)

 

(0.04)

 

(0.04)

   

(0.24)

 

(0.24)

             
 

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

 

$

0.45

 

$

0.49

   

$

1.91

 

$

1.99

             

FOOTNOTES TO GAAP TO NON-GAAP RECONCILIATION

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