Trimble Reports Third Quarter 2019 Results

 

GAAP TO NON-GAAP RECONCILIATION

(Dollars in millions, except per share data)

(Unaudited)

 
         

Third Quarter of

 

First Three 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:

   

$

783.9

     

$

795.2

     

$

2,440.3

     

$

2,322.9

   
   

Acquired deferred revenue adjustment

(A)

 

0.4

     

9.5

     

4.3

     

16.2

   
 

Non-GAAP revenue:

   

$

784.3

     

$

804.7

     

$

2,444.6

     

$

2,339.1

   
                               

GROSS MARGIN:

                         
 

GAAP gross margin:

   

$

422.0

 

53.8

%

 

$

426.9

 

53.7

%

 

$

1,320.9

 

54.1

%

 

$

1,245.8

 

53.6

%

   

Acquired deferred revenue adjustment

(A)

 

0.4

     

9.5

     

4.3

     

16.2

   
   

Restructuring charges

(B)

 

     

0.1

     

0.2

     

0.5

   
   

Amortization of purchased intangible assets

(C)

 

23.3

     

28.2

     

71.3

     

75.2

   
   

Stock-based compensation

(D)

 

1.5

     

1.1

     

4.2

     

3.3

   
   

Acquisition / divestiture items

(E)

 

     

     

     

2.0

   
 

Non-GAAP gross margin:

   

$

447.2

 

57.0

%

 

$

465.8

 

57.9

%

 

$

1,400.9

 

57.3

%

 

$

1,343.0

 

57.4

%

                               

OPERATING EXPENSES:

                   
 

GAAP operating expenses:

   

$

330.3

 

42.1

%

 

$

349.5

 

44.0

%

 

$

1,033.2

 

42.3

%

 

$

1,014.7

 

43.7

%

   

Restructuring charges

(B)

 

(3.6)

     

(2.5)

     

(10.0)

     

(6.3)

   
   

Amortization of purchased intangible assets

(C)

 

(17.5)

     

(21.6)

     

(57.3)

     

(57.7)

   
   

Stock-based compensation

(D)

 

(17.1)

     

(17.7)

     

(47.9)

     

(49.8)

   
   

Acquisition / divestiture items

(E)

 

(8.4)

     

(10.7)

     

(11.5)

     

(32.8)

   
   

Amortization of acquired capitalized commissions

(F)

 

1.5

     

1.8

     

4.8

     

2.9

   
 

Non-GAAP operating expenses:

   

$

285.2

 

36.4

%

 

$

298.8

 

37.1

%

 

$

911.3

 

37.3

%

 

$

871.0

 

37.2

%

                               

OPERATING INCOME:

                   
 

GAAP operating income:

   

$

91.7

 

11.7

%

 

$

77.4

 

9.7

%

 

$

287.7

 

11.8

%

 

$

231.1

 

9.9

%

   

Acquired deferred revenue adjustment

(A)

 

0.4

     

9.5

     

4.3

     

16.2

   
   

Restructuring charges

(B)

 

3.6

     

2.6

     

10.2

     

6.8

   
   

Amortization of purchased intangible assets

(C)

 

40.8

     

49.8

     

128.6

     

132.9

   
   

Stock-based compensation

(D)

 

18.6

     

18.8

     

52.1

     

53.1

   
   

Acquisition / divestiture items

(E)

 

8.4

     

10.7

     

11.5

     

34.8

   
   

Amortization of acquired capitalized commissions

(F)

 

(1.5)

     

(1.8)

     

(4.8)

     

(2.9)

   
 

Non-GAAP operating income:

   

$

162.0

 

20.7

%

 

$

167.0

 

20.8

%

 

$

489.6

 

20.0

%

 

$

472.0

 

20.2

%

                               

NON-OPERATING EXPENSE, NET:

                   
 

GAAP non-operating expense, net:

   

$

(12.8)

     

$

(13.3)

     

$

(18.2)

     

$

(21.1)

   
   

Acquisition / divestiture items

(E)

 

0.3

     

0.8

     

(12.5)

     

(1.3)

   
   

Debt issuance costs

(G)

 

     

     

     

6.7

   
 

Non-GAAP non-operating expense, net:

   

$

(12.5)

     

$

(12.5)

     

$

(30.7)

     

$

(15.7)

   
                               
           

GAAP and
Non-GAAP
Tax Rate %

   

GAAP and
Non-GAAP
Tax Rate %

   

GAAP and
Non-GAAP
Tax Rate %

   

GAAP and
Non-GAAP
Tax Rate %

           

(L)

   

(L)

   

(L)

   

(L)

INCOME TAX PROVISION (BENEFIT):

                   
 

GAAP income tax provision (benefit):

   

$

0.8

 

1

%

 

$

(9.6)

 

(15)

%

 

$

34.4

 

13

%

 

$

13.5

 

6

%

   

Non-GAAP items tax effected

(H)

 

13.3

     

12.4

     

34.0

     

36.8

   
   

Difference in GAAP and Non-GAAP tax rate

(I)

 

0.3

     

8.1

     

7.9

     

18.0

   
   

Tax reform impacts

(J)

 

     

3.6

     

     

3.6

   
   

Reserve release upon statute of limitations expiration

(K)

 

14.0

     

14.8

     

14.0

     

14.8

   
 

Non-GAAP income tax provision:

   

$

28.4

 

19

%

 

$

29.3

 

19

%

 

$

90.3

 

20

%

 

$

86.7

 

19

%

                               

NET INCOME:

                       
 

GAAP net income attributable to Trimble Inc.:

   

$

78.1

     

$

73.7

     

$

235.0

     

$

196.3

   
   

Acquired deferred revenue adjustment

(A)

 

0.4

     

9.5

     

4.3

     

16.2

   
   

Restructuring charges

(B)

 

3.6

     

2.6

     

10.2

     

6.8

   
   

Amortization of purchased intangible assets

(C)

 

40.8

     

49.8

     

128.6

     

132.9

   
   

Stock-based compensation

(D)

 

18.6

     

18.8

     

52.1

     

53.1

   
   

Acquisition / divestiture items

(E)

 

8.7

     

11.5

     

(1.0)

     

33.5

   
   

Amortization of acquired capitalized commissions

(F)

 

(1.5)

     

(1.8)

     

(4.8)

     

(2.9)

   
   

Debt issuance costs

(G)

 

     

     

     

6.7

   
   

Non-GAAP tax adjustments

(H)-(K)

 

(27.6)

     

(38.9)

     

(55.9)

     

(73.2)

   
 

Non-GAAP net income attributable to Trimble Inc.:

   

$

121.1

     

$

125.2

     

$

368.5

     

$

369.4

   
                               

DILUTED NET INCOME PER SHARE:

                   
 

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

   

$

0.31

     

$

0.29

     

$

0.93

     

$

0.78

   
   

Acquired deferred revenue adjustment

(A)

 

     

0.04

     

0.01

     

0.06

   
   

Restructuring charges

(B)

 

0.01

     

0.01

     

0.04

     

0.03

   
   

Amortization of purchased intangible assets

(C)

 

0.16

     

0.20

     

0.51

     

0.52

   
   

Stock-based compensation

(D)

 

0.07

     

0.07

     

0.20

     

0.21

   
   

Acquisition / divestiture items

(E)

 

0.03

     

0.04

     

     

0.13

   
   

Amortization of acquired capitalized commissions

(F)

 

     

(0.01)

     

(0.02)

     

(0.01)

   
   

Debt issuance costs

(G)

 

     

     

     

0.03

   
   

Non-GAAP tax adjustments

(H)-(K)

 

(0.10)

     

(0.15)

     

(0.22)

     

(0.29)

   
 

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

   

$

0.48

     

$

0.49

     

$

1.45

     

$

1.46

   
                               
         

Fourth 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.:

   

$

0.20

 

$

0.24

   

$

1.08

 

$

1.13

             
   

Acquired deferred revenue adjustment

(A)

 

0.01

 

0.01

   

0.02

 

0.02

             
   

Restructuring charges

(B)

 

0.05

 

0.05

   

0.09

 

0.09

             
   

Amortization of purchased intangible assets

(C)

 

0.16

 

0.16

   

0.67

 

0.67

             
   

Stock-based compensation

(D)

 

0.10

 

0.10

   

0.31

 

0.31

             
   

Acquisition / divestiture items

(E)

 

0.01

 

0.01

   

0.06

 

0.06

             
   

Amortization of acquired capitalized commissions

(F)

 

(0.01)

 

(0.01)

   

(0.02)

 

(0.02)

             
   

Non-GAAP tax adjustments

(H)-(K)

 

(0.06)

 

(0.06)

   

(0.30)

 

(0.31)

             
 

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

   

$

0.46

 

$

0.50

   

$

1.91

 

$

1.95

             

FOOTNOTES TO GAAP TO NON-GAAP RECONCILIATION

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