GAAP TO NON-GAAP RECONCILIATION | |||||||||||||||
(Dollars in millions, except per share data) | |||||||||||||||
(Unaudited) | |||||||||||||||
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| First Quarter of | ||||||||||
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| 2020 |
| 2019 | ||||||||
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REVENUE: |
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| GAAP revenue: |
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| $ | 792.3 |
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| $ | 801.6 |
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| Acquired deferred revenue adjustment | (A) |
| 1.7 |
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| 2.9 |
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| Non-GAAP revenue: |
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| $ | 794.0 |
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| $ | 804.5 |
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GROSS MARGIN: |
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| GAAP gross margin: |
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| $ | 441.0 |
| 55.7 | % |
| $ | 438.3 |
| 54.7 | % | |
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| Acquired deferred revenue adjustment | (A) |
| 1.7 |
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| 2.9 |
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| Restructuring charges | (B) |
| 0.3 |
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| 0.2 |
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| Amortization of purchased intangible assets | (D) |
| 23.5 |
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| 24.2 |
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| Stock-based compensation and deferred compensation | (E) |
| 0.7 |
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| 1.4 |
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| Acquisition / divestiture items | (F) |
| 1.7 |
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| — |
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| Non-GAAP gross margin: |
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| $ | 468.9 |
| 59.1 | % |
| $ | 467.0 |
| 58.0 | % | |
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OPERATING EXPENSES: |
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| GAAP operating expenses: |
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| $ | 342.7 |
| 43.3 | % |
| $ | 352.0 |
| 43.9 | % | |
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| Restructuring charges | (B) |
| (2.9) |
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| (3.5) |
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| COVID-19 expenses | (C) |
| (3.8) |
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| — |
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| Amortization of purchased intangible assets | (D) |
| (16.9) |
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| (20.1) |
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| Stock-based compensation and deferred compensation | (E) |
| (3.8) |
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| (17.7) |
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| Acquisition / divestiture items | (F) |
| (9.1) |
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| (1.1) |
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| Amortization of acquired capitalized commissions | (G) |
| 1.5 |
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| 1.7 |
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| Non-GAAP operating expenses: |
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| $ | 307.7 |
| 38.8 | % |
| $ | 311.3 |
| 38.7 | % | |
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OPERATING INCOME: |
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| GAAP operating income: |
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| $ | 98.3 |
| 12.4 | % |
| $ | 86.3 |
| 10.8 | % | |
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| Acquired deferred revenue adjustment | (A) |
| 1.7 |
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| 2.9 |
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| Restructuring charges | (B) |
| 3.2 |
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| 3.7 |
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| COVID-19 expenses | (C) |
| 3.8 |
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| — |
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| Amortization of purchased intangible assets | (D) |
| 40.4 |
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| 44.3 |
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| Stock-based compensation and deferred compensation | (E) |
| 4.5 |
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| 19.1 |
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| Acquisition / divestiture items | (F) |
| 10.8 |
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| 1.1 |
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| Amortization of acquired capitalized commissions | (G) |
| (1.5) |
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| (1.7) |
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| Non-GAAP operating income: |
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| $ | 161.2 |
| 20.3 | % |
| $ | 155.7 |
| 19.4 | % | |
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NON-OPERATING EXPENSE, NET: |
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| GAAP non-operating expense, net: |
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| $ | (18.9) |
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| $ | (11.1) |
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| Deferred compensation | (E) |
| 6.2 |
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| (2.8) |
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| Acquisition / divestiture items | (F) |
| — |
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| 0.3 |
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| Non-GAAP non-operating expense, net: |
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| $ | (12.7) |
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| $ | (13.6) |
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| GAAP and
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| GAAP and
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| (J) |
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| (J) | ||||||
INCOME TAX PROVISION: |
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| GAAP income tax provision: |
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| $ | 17.5 |
| 22.0 | % |
| $ | 12.8 |
| 17.0 | % | |
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| Non-GAAP items tax effected | (H) |
| 15.2 |
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| 11.4 |
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| Difference in GAAP and Non-GAAP tax rate | (I) |
| (6.7) |
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| 4.3 |
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| Non-GAAP income tax provision: |
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| $ | 26.0 |
| 17.5 | % |
| $ | 28.5 |
| 20.0 | % | |
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NET INCOME: |
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| GAAP net income attributable to Trimble Inc.: |
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| $ | 61.9 |
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| $ | 62.3 |
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| Acquired deferred revenue adjustment | (A) |
| 1.7 |
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| 2.9 |
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| Restructuring charges | (B) |
| 3.2 |
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| 3.7 |
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| COVID-19 expenses | (C) |
| 3.8 |
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| — |
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| Amortization of purchased intangible assets | (D) |
| 40.4 |
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| 44.3 |
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| Stock-based compensation and deferred compensation | (E) |
| 10.7 |
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| 16.3 |
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| Acquisition / divestiture items | (F) |
| 10.8 |
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| 1.4 |
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| Amortization of acquired capitalized commissions | (G) |
| (1.5) |
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| (1.7) |
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| Non-GAAP tax adjustments | (H)-(I) |
| (8.5) |
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| (15.7) |
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| Non-GAAP net income attributable to Trimble Inc.: |
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| $ | 122.5 |
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| $ | 113.5 |
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DILUTED NET INCOME PER SHARE: |
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| GAAP diluted net income per share attributable to Trimble Inc.: |
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| $ | 0.25 |
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| $ | 0.25 |
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| Acquired deferred revenue adjustment | (A) |
| 0.01 |
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| 0.01 |
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| Restructuring charges | (B) |
| 0.01 |
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| 0.02 |
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| COVID-19 expenses | (C) |
| 0.02 |
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| — |
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| Amortization of purchased intangible assets | (D) |
| 0.16 |
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| 0.17 |
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| Stock-based compensation and deferred compensation | (E) |
| 0.04 |
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| 0.06 |
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| Acquisition / divestiture items | (F) |
| 0.04 |
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| 0.01 |
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| Amortization of acquired capitalized commissions | (G) |
| (0.01) |
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| (0.01) |
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| Non-GAAP tax adjustments | (H)-(I) |
| (0.03) |
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| (0.06) |
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| Non-GAAP diluted net income per share attributable to Trimble Inc.: |
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| $ | 0.49 |
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| $ | 0.45 |
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FOOTNOTES TO GAAP TO NON-GAAP RECONCILIATION