GAAP TO NON-GAAP RECONCILIATION | ||||||||||
(Dollars in millions, except per share data) | ||||||||||
(Unaudited) | ||||||||||
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First Quarter of |
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2016 |
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2015 |
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Dollar |
% of |
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Dollar |
% of |
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Amount |
Revenue |
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Amount |
Revenue |
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GROSS MARGIN: |
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GAAP gross margin: |
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$ 300.6 |
51.6% |
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$ 307.2 |
52.7% |
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Restructuring charges |
( A ) |
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0.3 |
0.1% |
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0.2 |
0.0% |
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Amortization of purchased intangible assets |
( B ) |
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24.1 |
4.0% |
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22.5 |
3.9% |
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Stock-based compensation |
( C ) |
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1.0 |
0.2% |
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0.9 |
0.2% |
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Non-GAAP gross margin: |
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$ 326.0 |
55.9% |
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$ 330.8 |
56.8% |
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OPERATING EXPENSES: |
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GAAP operating expenses: |
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$ 270.7 |
46.4% |
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$ 267.7 |
45.9% |
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Restructuring charges |
( A ) |
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(1.8) |
-0.3% |
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(1.1) |
-0.2% |
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Amortization of purchased intangible assets |
( B ) |
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(16.2) |
-2.8% |
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(18.2) |
-3.1% |
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Stock-based compensation |
( C ) |
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(12.7) |
-2.2% |
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(11.6) |
-2.0% |
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Acquisition / divestiture items |
( D ) |
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(1.6) |
-0.3% |
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(2.8) |
-0.5% |
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Executive transition costs |
( E ) |
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(0.9) |
-0.1% |
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- |
0.0% |
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Non-GAAP operating expenses: |
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$ 237.5 |
40.7% |
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$ 234.0 |
40.1% |
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OPERATING INCOME: |
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GAAP operating income: |
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$ 29.9 |
5.1% |
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$ 39.5 |
6.8% |
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Restructuring charges |
( A ) |
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2.1 |
0.4% |
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1.3 |
0.2% |
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Amortization of purchased intangible assets |
( B ) |
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40.3 |
6.8% |
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40.7 |
7.0% |
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Stock-based compensation |
( C ) |
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13.7 |
2.4% |
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12.5 |
2.1% |
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Acquisition / divestiture items |
( D ) |
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1.6 |
0.3% |
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2.8 |
0.5% |
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Executive transition costs |
( E ) |
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0.9 |
0.1% |
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- |
0.0% |
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Non-GAAP operating income: |
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$ 88.5 |
15.1% |
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$ 96.8 |
16.6% |
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NON-OPERATING INCOME (EXPENSE), NET: |
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GAAP non-operating income (expense), net: |
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$ (0.5) |
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$ 4.7 |
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Acquisition / divestiture items |
( D ) |
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(3.1) |
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(5.8) |
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Debt issuance cost write-off |
( F ) |
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- |
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(0.1) |
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Non-GAAP non-operating expense, net: |
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$ (3.6) |
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$ (1.2) |
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GAAP and |
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GAAP and |
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Non-GAAP |
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Non-GAAP |
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Tax Rate % |
( I ) |
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Tax Rate % |
( I ) |
INCOME TAX PROVISION: |
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GAAP income tax provision: |
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$ 9.7 |
33% |
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$ 10.2 |
23% |
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Non-GAAP items tax effected |
( G ) |
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18.3 |
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11.8 |
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Difference in GAAP and Non-GAAP tax rate |
( H ) |
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(7.5) |
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1.0 |
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Non-GAAP income tax provision: |
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$ 20.5 |
24% |
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$ 23.0 |
24% |
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NET INCOME: |
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GAAP net income attributable to Trimble Navigation Limited |
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$ 19.8 |
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$ 34.1 |
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Restructuring charges |
( A ) |
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2.1 |
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1.3 |
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Amortization of purchased intangible assets |
( B ) |
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40.3 |
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40.7 |
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Stock-based compensation |
( C ) |
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13.7 |
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12.5 |
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Acquisition / divestiture items |
( D ) |
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(1.5) |
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(3.0) |
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Executive transition costs |
( E ) |
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0.9 |
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- |
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Debt issuance cost write-off |
( F ) |
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- |
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(0.1) |
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Non-GAAP tax adjustments |
( G ) + ( H ) |
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(10.8) |
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(12.8) |
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Non-GAAP net income attributable to Trimble Navigation Limited |
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$ 64.5 |
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$ 72.7 |
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DILUTED NET INCOME PER SHARE: |
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GAAP diluted net income per share attributable to Trimble Navigation Limited |
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$ 0.08 |
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$ 0.13 |
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Restructuring charges |
( A ) |
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0.01 |
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- |
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Amortization of purchased intangible assets |
( B ) |
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0.16 |
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0.16 |
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Stock-based compensation |
( C ) |
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0.05 |
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0.05 |
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Acquisition / divestiture items |
( D ) |
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(0.01) |
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(0.01) |
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Executive transition costs |
( E ) |
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- |
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- |
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Debt issuance cost write-off |
( F ) |
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- |
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- |
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Non-GAAP tax adjustments |
( G ) + ( H ) |
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(0.04) |
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(0.05) |
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Non-GAAP diluted net income per share attributable to Trimble Navigation Limited |
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$ 0.25 |
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$ 0.28 |
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