GAAP TO NON-GAAP RECONCILIATION |
|||||||||||||||
(Dollars in millions, except per share data) |
|||||||||||||||
(Unaudited) |
|||||||||||||||
First Quarter of |
|||||||||||||||
2020 |
2019 |
||||||||||||||
Dollar
|
% of
|
Dollar
|
% of
|
||||||||||||
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
|
GAAP and
|
||||||||||||||
(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