Trimble Reports First Quarter 2020 Results

 

GAAP TO NON-GAAP RECONCILIATION

(Dollars in millions, except per share data)

(Unaudited)

 
         

First Quarter of

         

2020

 

2019

         

Dollar
Amount

% of
Revenue

 

Dollar
Amount

% of
Revenue

REVENUE:

             
 

GAAP revenue:

   

$

792.3

     

$

801.6

   
   

Acquired deferred revenue adjustment

(A)

 

1.7

     

2.9

   
 

Non-GAAP revenue:

   

$

794.0

     

$

804.5

   
                   

GROSS MARGIN:

             
 

GAAP gross margin:

   

$

441.0

 

55.7

%

 

$

438.3

 

54.7

%

   

Acquired deferred revenue adjustment

(A)

 

1.7

     

2.9

   
   

Restructuring charges

(B)

 

0.3

     

0.2

   
   

Amortization of purchased intangible assets

(D)

 

23.5

     

24.2

   
   

Stock-based compensation and deferred compensation

(E)

 

0.7

     

1.4

   
   

Acquisition / divestiture items

(F)

 

1.7

     

   
 

Non-GAAP gross margin:

   

$

468.9

 

59.1

%

 

$

467.0

 

58.0

%

                   

OPERATING EXPENSES:

             
 

GAAP operating expenses:

   

$

342.7

 

43.3

%

 

$

352.0

 

43.9

%

   

Restructuring charges

(B)

 

(2.9)

     

(3.5)

   
   

COVID-19 expenses

(C)

 

(3.8)

     

   
   

Amortization of purchased intangible assets

(D)

 

(16.9)

     

(20.1)

   
   

Stock-based compensation and deferred compensation

(E)

 

(3.8)

     

(17.7)

   
   

Acquisition / divestiture items

(F)

 

(9.1)

     

(1.1)

   
   

Amortization of acquired capitalized commissions

(G)

 

1.5

     

1.7

   
 

Non-GAAP operating expenses:

   

$

307.7

 

38.8

%

 

$

311.3

 

38.7

%

                   

OPERATING INCOME:

             
 

GAAP operating income:

   

$

98.3

 

12.4

%

 

$

86.3

 

10.8

%

   

Acquired deferred revenue adjustment

(A)

 

1.7

     

2.9

   
   

Restructuring charges

(B)

 

3.2

     

3.7

   
   

COVID-19 expenses

(C)

 

3.8

     

   
   

Amortization of purchased intangible assets

(D)

 

40.4

     

44.3

   
   

Stock-based compensation and deferred compensation

(E)

 

4.5

     

19.1

   
   

Acquisition / divestiture items

(F)

 

10.8

     

1.1

   
   

Amortization of acquired capitalized commissions

(G)

 

(1.5)

     

(1.7)

   
 

Non-GAAP operating income:

   

$

161.2

 

20.3

%

 

$

155.7

 

19.4

%

                   

NON-OPERATING EXPENSE, NET:

       
 

GAAP non-operating expense, net:

   

$

(18.9)

     

$

(11.1)

   
   

Deferred compensation

(E)

 

6.2

     

(2.8)

   
   

Acquisition / divestiture items

(F)

 

     

0.3

   
 

Non-GAAP non-operating expense, net:

   

$

(12.7)

     

$

(13.6)

   
                   
           

GAAP and
Non-GAAP
Tax Rate %

   

GAAP and
Non-GAAP
Tax Rate %

           

(J)

   

(J)

INCOME TAX PROVISION:

       
 

GAAP income tax provision:

   

$

17.5

 

22.0

%

 

$

12.8

 

17.0

%

   

Non-GAAP items tax effected

(H)

 

15.2

     

11.4

   
   

Difference in GAAP and Non-GAAP tax rate

(I)

 

(6.7)

     

4.3

   
 

Non-GAAP income tax provision:

   

$

26.0

 

17.5

%

 

$

28.5

 

20.0

%

                   

NET INCOME:

             
 

GAAP net income attributable to Trimble Inc.:

   

$

61.9

     

$

62.3

   
   

Acquired deferred revenue adjustment

(A)

 

1.7

     

2.9

   
   

Restructuring charges

(B)

 

3.2

     

3.7

   
   

COVID-19 expenses

(C)

 

3.8

     

   
   

Amortization of purchased intangible assets

(D)

 

40.4

     

44.3

   
   

Stock-based compensation and deferred compensation

(E)

 

10.7

     

16.3

   
   

Acquisition / divestiture items

(F)

 

10.8

     

1.4

   
   

Amortization of acquired capitalized commissions

(G)

 

(1.5)

     

(1.7)

   
   

Non-GAAP tax adjustments

(H)-(I)

 

(8.5)

     

(15.7)

   
 

Non-GAAP net income attributable to Trimble Inc.:

   

$

122.5

     

$

113.5

   
                   

DILUTED NET INCOME PER SHARE:

       
 

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

   

$

0.25

     

$

0.25

   
   

Acquired deferred revenue adjustment

(A)

 

0.01

     

0.01

   
   

Restructuring charges

(B)

 

0.01

     

0.02

   
   

COVID-19 expenses

(C)

 

0.02

     

   
   

Amortization of purchased intangible assets

(D)

 

0.16

     

0.17

   
   

Stock-based compensation and deferred compensation

(E)

 

0.04

     

0.06

   
   

Acquisition / divestiture items

(F)

 

0.04

     

0.01

   
   

Amortization of acquired capitalized commissions

(G)

 

(0.01)

     

(0.01)

   
   

Non-GAAP tax adjustments

(H)-(I)

 

(0.03)

     

(0.06)

   
 

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

   

$

0.49

     

$

0.45

   

FOOTNOTES TO GAAP TO NON-GAAP RECONCILIATION

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