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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