Trimble Announces Fourth Quarter and Full Year 2021 Results and Initiates 2022 Guidance

 

GAAP TO NON-GAAP RECONCILIATION

(Dollars in millions, except per share data)

(Unaudited)







Fourth Quarter of


Years






2021


2020


2021


2020






Dollar Amount

% of Revenue


Dollar Amount

% of Revenue


Dollar Amount

% of Revenue


Dollar Amount

% of Revenue

REVENUE:















GAAP revenue:



$    926.0



$    829.7



$ 3,659.1



$ 3,147.7




Purchase accounting adjustments

(A)




0.3



0.3



4.3



Non-GAAP revenue:



$    926.0



$    830.0



$ 3,659.4



$ 3,152.0


















GROSS MARGIN:















GAAP gross margin:



$    511.5

55.2  %


$    468.5

56.5  %


$ 2,034.7

55.6  %


$ 1,754.9

55.8  %



Purchase accounting adjustments

(A)


21.6



22.6



88.0



96.6




Acquisition / divestiture items

(B)








1.7




Stock-based compensation / deferred compensation

(C)


2.5



2.0



9.8



7.2




Restructuring and other costs

(D)




0.2



0.2



1.2



Non-GAAP gross margin:



$    535.6

57.8  %


$    493.3

59.4  %


$ 2,132.7

58.3  %


$ 1,861.6

59.1  %

















OPERATING EXPENSES:















GAAP operating expenses:



$    383.7

41.4  %


$    346.6

41.8  %


$ 1,473.7

40.3  %


$ 1,335.1

42.4  %



Purchase accounting adjustments

(A)


(10.9)



(14.0)



(46.5)



(60.0)




Acquisition / divestiture items

(B)


(11.5)



(5.0)



(21.8)



(19.7)




Stock-based compensation / deferred compensation

(C)


(27.0)



(26.5)



(118.8)



(83.2)




Restructuring and other costs

(D)


(3.2)



(4.5)



(10.9)



(30.2)



Non-GAAP operating expenses:



$    331.1

35.8  %


$    296.6

35.7  %


$ 1,275.7

34.9  %


$ 1,142.0

36.2  %

















OPERATING INCOME:















GAAP operating income:



$    127.8

13.8  %


$    121.9

14.7  %


$    561.0

15.3  %


$    419.8

13.3  %



Purchase accounting adjustments

(A)


32.5



36.6



134.5



156.6




Acquisition / divestiture items

(B)


11.5



5.0



21.8



21.4




Stock-based compensation / deferred compensation

(C)


29.5



28.5



128.6



90.4




Restructuring and other costs

(D)


3.2



4.7



11.1



31.4



Non-GAAP operating income:



$    204.5

22.1  %


$    196.7

23.7  %


$    857.0

23.4  %


$    719.6

22.8  %

















NON-OPERATING INCOME (EXPENSE), NET:












GAAP non-operating income (expense), net:



$      (9.7)



$       6.4



$     13.6



$    (24.8)




Acquisition / divestiture items

(B)


(0.3)



(14.7)



(42.1)



(12.2)




Deferred compensation

(C)


(2.1)



(2.7)



(6.1)



(7.5)



Non-GAAP non-operating expense, net:



$    (12.1)



$    (11.0)



$    (34.6)



$    (44.5)
























GAAP
and
Non-GAAP
Tax Rate %



GAAP
and
Non-GAAP
Tax Rate %



GAAP
and
Non-GAAP
Tax Rate %



GAAP
and
Non-GAAP
Tax Rate %







(H)



(H)



(H)



(H)

INCOME TAX (BENEFIT) PROVISION:












GAAP income tax (benefit) provision:



$       2.8

2.4     %


$    (52.4)

(40.8)         %


$     81.8

14.2  %


$       4.4

1.1     %



Non-GAAP items tax effected

(E)


11.8



2.3



41.4



48.5




Difference in GAAP and Non-GAAP tax rate

(F)


5.6



15.8



7.5



(4.9)




IP restructuring and tax law change impacts

(G)


14.4



64.0



14.4



64.0



Non-GAAP income tax provision:



$     34.6

18.0  %


$     29.7

16.0  %


$    145.1

17.6  %


$    112.0

16.6  %

















NET INCOME:















GAAP net income attributable to Trimble Inc.:



$    115.3



$    180.3



$    492.7



$    389.9




Purchase accounting adjustments

(A)


32.5



36.6



134.5



156.6




Acquisition / divestiture items

(B)


11.2



(9.7)



(20.3)



9.2




Stock-based compensation / deferred compensation

(C)


27.4



25.8



122.5



82.9




Restructuring and other costs

(D)


3.2



4.7



11.1



31.4




Non-GAAP tax adjustments

(E) - (G)


(31.8)



(82.1)



(63.3)



(107.6)



Non-GAAP net income attributable to Trimble Inc.:



$    157.8



$    155.6



$    677.2



$    562.4


















DILUTED NET INCOME PER SHARE:












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



$     0.45



$     0.71



$     1.94



$     1.55




Purchase accounting adjustments

(A)


0.13



0.15



0.53



0.62




Acquisition / divestiture items

(B)


0.04



(0.04)



(0.08)



0.04




Stock-based compensation / deferred compensation

(C)


0.11



0.10



0.48



0.33




Restructuring and other costs

(D)


0.01



0.01



0.04



0.12




Non-GAAP tax adjustments

(E) - (G)


(0.12)



(0.32)



(0.25)



(0.43)



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



$     0.62



$     0.61



$     2.66



$     2.23


















ADJUSTED EBITDA:












GAAP net income attributable to Trimble Inc.:



$    115.3



$    180.3



$    492.7



$    389.9




Non-operating income (expense), net, income tax provision (benefit),
and net gain attributable to noncontrolling interests



12.5



(58.4)



68.3



29.9



GAAP operating income:



127.8



121.9



561.0



419.8




Purchase accounting adjustments

(A)


32.5



36.6



134.5



156.6




Acquisition / divestiture items

(B)


11.5



5.0



21.8



21.4




Stock-based compensation / deferred compensation

(C)


29.5



28.5



128.6



90.4




Restructuring and other costs

(D)


3.2



4.7



11.1



31.4



Non-GAAP operating income:



204.5



196.7



857.0



719.6




Depreciation expense



11.0



10.3



42.2



39.7




Income from equity method investments, net



7.4



9.5



37.7



39.4



Adjusted EBITDA:



$    222.9

24.1  %


$    216.5

26.1  %


$    936.9

25.6  %


$    798.7

25.3  %






















Year 2022














Low End

High End










FORECASTED DILUTED NET INCOME PER SHARE:











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



$     1.80

$      1.99












Purchase accounting adjustments

(A)


0.49

0.49












Acquisition / divestiture items

(B)


0.06

0.06












Stock-based compensation / deferred compensation

(C)


0.50

0.50












Restructuring and other costs

(D)


0.02

0.02












Non-GAAP tax adjustments

(E) - (G)


(0.12)

(0.11)











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


$     2.75

$      2.95










FOOTNOTES TO GAAP TO NON-GAAP RECONCILIATION

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