Trimble Announces Record Second Quarter 2021 Results

 

GAAP TO NON-GAAP RECONCILIATION

(Dollars in millions, except per share data)

(Unaudited)







Second Quarter of


First Two Quarters of






2021


2020


2021


2020






Dollar
Amount

% of
Revenue


Dollar
Amount

% of
Revenue


Dollar
Amount

% of
Revenue


Dollar
Amount

% of
Revenue

REVENUE:















GAAP revenue:



$

945.2




$

733.6




$

1,831.7




$

1,525.9





Acquired deferred revenue adjustment

(A)


0.1




1.6




0.3




3.3




Non-GAAP revenue:



$

945.3




$

735.2




$

1,832.0




$

1,529.2



















GROSS MARGIN:















GAAP gross margin:



$

525.4


55.6

%


$

405.7


55.3

%


$

1,018.7


55.6

%


$

846.7


55.5

%



Acquired deferred revenue adjustment

(A)


0.1




1.6




0.3




3.3





Amortization of purchased intangible assets

(C)


22.0




23.2




44.1




46.7





Acquisition / divestiture items

(D)











1.7





Stock-based compensation / deferred compensation

(E)


2.6




2.0




4.6




2.7





Restructuring and other costs

(F)


0.2




0.4




0.2




0.7




Non-GAAP gross margin:



$

550.3


58.2

%


$

432.9


58.9

%


$

1,067.9


58.3

%


$

901.8


59.0

%

















OPERATING EXPENSES:















GAAP operating expenses:



$

380.6


40.3

%


$

308.1


42.0

%


$

733.0


40.0

%


$

650.8


42.7

%



Amortization of acquired capitalized commissions

(B)


1.1




1.4




2.3




2.9





Amortization of purchased intangible assets

(C)


(13.0)




(16.6)




(26.7)




(33.5)





Acquisition / divestiture items

(D)


(6.6)




(1.9)




(10.1)




(11.0)





Stock-based compensation / deferred compensation

(E)


(35.7)




(23.4)




(62.4)




(27.2)





Restructuring and other costs

(F)


(4.7)




(4.6)




(6.0)




(11.3)




Non-GAAP operating expenses:



$

321.7


34.0

%


$

263.0


35.8

%


$

630.1


34.4

%


$

570.7


37.3

%

















OPERATING INCOME:















GAAP operating income:



$

144.8


15.3

%


$

97.6


13.3

%


$

285.7


15.6

%


$

195.9


12.8

%



Acquired deferred revenue adjustment

(A)


0.1




1.6




0.3




3.3





Amortization of acquired capitalized commissions

(B)


(1.1)




(1.4)




(2.3)




(2.9)





Amortization of purchased intangible assets

(C)


35.0




39.8




70.8




80.2





Acquisition / divestiture items

(D)


6.6




1.9




10.1




12.7





Stock-based compensation / deferred compensation

(E)


38.3




25.4




67.0




29.9





Restructuring and other costs

(F)


4.9




5.0




6.2




12.0




Non-GAAP operating income:



$

228.6


24.2

%


$

169.9


23.1

%


$

437.8


23.9

%


$

331.1


21.7

%

















NON-OPERATING INCOME (EXPENSE), NET:












GAAP non-operating income (expense), net:



$

17.6




$

(6.7)




$

14.1




$

(25.6)





Acquisition / divestiture items

(D)


(20.7)




2.4




(22.8)




2.4





Deferred compensation

(E)


(2.7)




(6.8)




(4.2)




(0.6)




Non-GAAP non-operating expense, net:



$

(5.8)




$

(11.1)




$

(12.9)




$

(23.8)

























GAAP
and Non-
GAAP
Tax Rate
%



GAAP
and Non-
GAAP
Tax Rate
%



GAAP
and Non-
GAAP
Tax Rate
%



GAAP
and Non-
GAAP
Tax Rate
%







(I)



(I)



(I)



(I)

INCOME TAX PROVISION:












GAAP income tax provision:



$

23.5


14.5

%


$

27.7


30.5

%


$

46.3


15.4

%


$

45.2


26.5

%



Non-GAAP items tax effected

(G)


8.8




20.7




19.5




35.9





Difference in GAAP and Non-GAAP tax rate

(H)


6.7




(21.3)




8.2




(28.0)




Non-GAAP income tax provision:



$

39.0


17.5

%


$

27.1


17.1

%


$

74.0


17.4

%


$

53.1


17.3

%

















NET INCOME:















GAAP net income attributable to Trimble Inc.:



$

138.9




$

63.0




$

253.4




$

124.9





Acquired deferred revenue adjustment

(A)


0.1




1.6




0.3




3.3





Amortization of acquired capitalized commissions

(B)


(1.1)




(1.4)




(2.3)




(2.9)





Amortization of purchased intangible assets

(C)


35.0




39.8




70.8




80.2





Acquisition / divestiture items

(D)


(14.1)




4.3




(12.7)




15.1





Stock-based compensation / deferred compensation

(E)


35.6




18.6




62.8




29.3





Restructuring and other costs

(F)


4.9




5.0




6.2




12.0





Non-GAAP tax adjustments

(G) -
(H)


(15.5)




0.6




(27.7)




(7.9)




Non-GAAP net income attributable to Trimble Inc.:



$

183.8




$

131.5




$

350.8




$

254.0



















DILUTED NET INCOME PER SHARE:












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



$

0.55




$

0.25




$

1.00




$

0.50





Acquired deferred revenue adjustment

(A)





0.01







0.01





Amortization of acquired capitalized commissions

(B)





(0.01)




(0.01)




(0.01)





Amortization of purchased intangible assets

(C)


0.13




0.16




0.28




0.32





Acquisition / divestiture items

(D)


(0.06)




0.02




(0.05)




0.06





Stock-based compensation / deferred compensation

(E)


0.14




0.07




0.25




0.12





Restructuring and other costs

(F)


0.02




0.02




0.02




0.04





Non-GAAP tax adjustments

(G) -
(H)


(0.06)







(0.11)




(0.03)




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



$

0.72




$

0.52




$

1.38




$

1.01



















ADJUSTED EBITDA:












GAAP net income attributable to Trimble Inc.:



$

138.9




$

63.0




$

253.4




$

124.9





Non-operating income (expense), net, income tax provision,
and net gain attributable to noncontrolling interests



5.9




34.6




32.3




71.0




GAAP operating income:



144.8




97.6




285.7




195.9





Acquired deferred revenue adjustment

(A)


0.1




1.6




0.3




3.3





Amortization of acquired capitalized commissions

(B)


(1.1)




(1.4)




(2.3)




(2.9)





Amortization of purchased intangible assets

(C)


35.0




39.8




70.8




80.2





Acquisition / divestiture items

(D)


6.6




1.9




10.1




12.7





Stock-based compensation / deferred compensation

(E)


38.3




25.4




67.0




29.9





Restructuring and other costs

(F)


4.9




5.0




6.2




12.0




Non-GAAP operating income:



228.6




169.9




437.8




331.1





Depreciation expense



10.7




9.7




21.0




19.5





Income from equity method investments, net



10.0




9.7




21.8




19.1




Adjusted EBITDA:



$

249.3


26.4

%


$

189.3


25.7

%


$

480.6


26.2

%


$

369.7


24.2

%






















Fiscal Year 2021














Low End

High End










FORECASTED DILUTED NET INCOME PER SHARE:











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



$

1.53


$

1.71













Acquired deferred revenue adjustment

(A)















Amortization of acquired capitalized commissions

(B)


(0.02)


(0.02)













Amortization of purchased intangible assets

(C)


0.55


0.55













Acquisition / divestiture items

(D)


0.07


0.07













Stock-based compensation / deferred compensation

(E)


0.50


0.50













Restructuring and other costs

(F)


0.03


0.03













Non-GAAP tax adjustments

(G) -
(H)


(0.21)


(0.19)












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


$

2.45


$

2.65












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