GAAP TO NON-GAAP RECONCILIATION | |||||||||||||||
(Dollars in millions, except per share data) | |||||||||||||||
(Unaudited) | |||||||||||||||
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| Fourth Quarter of |
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| 2021 |
| 2020 |
| 2021 |
| 2020 | ||||
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| Dollar Amount | % of Revenue |
| Dollar Amount | % of Revenue |
| Dollar Amount | % of Revenue |
| Dollar Amount | % of Revenue |
REVENUE: |
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| GAAP revenue: |
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| $ 926.0 |
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| $ 829.7 |
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| $ 3,659.1 |
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| $ 3,147.7 |
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| Purchase accounting adjustments | (A) |
| — |
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| 0.3 |
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| 0.3 |
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| 4.3 |
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| Non-GAAP revenue: |
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| $ 926.0 |
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| $ 830.0 |
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| $ 3,659.4 |
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| $ 3,152.0 |
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GROSS MARGIN: |
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| GAAP gross margin: |
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| $ 511.5 | 55.2 % |
| $ 468.5 | 56.5 % |
| $ 2,034.7 | 55.6 % |
| $ 1,754.9 | 55.8 % | |
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| Purchase accounting adjustments | (A) |
| 21.6 |
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| 22.6 |
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| 88.0 |
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| 96.6 |
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| Acquisition / divestiture items | (B) |
| — |
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| — |
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| — |
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| 1.7 |
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| Stock-based compensation / deferred compensation | (C) |
| 2.5 |
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| 2.0 |
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| 9.8 |
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| 7.2 |
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| Restructuring and other costs | (D) |
| — |
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| 0.2 |
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| 0.2 |
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| 1.2 |
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| Non-GAAP gross margin: |
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| $ 535.6 | 57.8 % |
| $ 493.3 | 59.4 % |
| $ 2,132.7 | 58.3 % |
| $ 1,861.6 | 59.1 % | |
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OPERATING EXPENSES: |
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| GAAP operating expenses: |
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| $ 383.7 | 41.4 % |
| $ 346.6 | 41.8 % |
| $ 1,473.7 | 40.3 % |
| $ 1,335.1 | 42.4 % | |
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| Purchase accounting adjustments | (A) |
| (10.9) |
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| (14.0) |
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| (46.5) |
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| (60.0) |
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| Acquisition / divestiture items | (B) |
| (11.5) |
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| (5.0) |
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| (21.8) |
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| (19.7) |
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| Stock-based compensation / deferred compensation | (C) |
| (27.0) |
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| (26.5) |
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| (118.8) |
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| (83.2) |
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| Restructuring and other costs | (D) |
| (3.2) |
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| (4.5) |
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| (10.9) |
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| (30.2) |
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| Non-GAAP operating expenses: |
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| $ 331.1 | 35.8 % |
| $ 296.6 | 35.7 % |
| $ 1,275.7 | 34.9 % |
| $ 1,142.0 | 36.2 % | |
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OPERATING INCOME: |
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| GAAP operating income: |
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| $ 127.8 | 13.8 % |
| $ 121.9 | 14.7 % |
| $ 561.0 | 15.3 % |
| $ 419.8 | 13.3 % | |
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| Purchase accounting adjustments | (A) |
| 32.5 |
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| 36.6 |
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| 134.5 |
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| 156.6 |
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| Acquisition / divestiture items | (B) |
| 11.5 |
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| 5.0 |
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| 21.8 |
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| 21.4 |
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| Stock-based compensation / deferred compensation | (C) |
| 29.5 |
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| 28.5 |
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| 128.6 |
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| 90.4 |
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| Restructuring and other costs | (D) |
| 3.2 |
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| 4.7 |
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| 11.1 |
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| 31.4 |
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| Non-GAAP operating income: |
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| $ 204.5 | 22.1 % |
| $ 196.7 | 23.7 % |
| $ 857.0 | 23.4 % |
| $ 719.6 | 22.8 % | |
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NON-OPERATING INCOME (EXPENSE), NET: |
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| GAAP non-operating income (expense), net: |
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| $ (9.7) |
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| $ 6.4 |
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| $ 13.6 |
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| $ (24.8) |
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| Acquisition / divestiture items | (B) |
| (0.3) |
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| (14.7) |
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| (42.1) |
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| (12.2) |
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| Deferred compensation | (C) |
| (2.1) |
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| (2.7) |
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| (6.1) |
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| (7.5) |
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| Non-GAAP non-operating expense, net: |
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| $ (12.1) |
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| $ (11.0) |
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| $ (34.6) |
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| $ (44.5) |
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| GAAP
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| GAAP
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| GAAP
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| GAAP
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| (H) |
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| (H) |
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| (H) |
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| (H) |
INCOME TAX (BENEFIT) PROVISION: |
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| GAAP income tax (benefit) provision: |
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| $ 2.8 | 2.4 % |
| $ (52.4) | (40.8) % |
| $ 81.8 | 14.2 % |
| $ 4.4 | 1.1 % | |
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| Non-GAAP items tax effected | (E) |
| 11.8 |
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| 2.3 |
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| 41.4 |
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| 48.5 |
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| Difference in GAAP and Non-GAAP tax rate | (F) |
| 5.6 |
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| 15.8 |
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| 7.5 |
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| (4.9) |
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| IP restructuring and tax law change impacts | (G) |
| 14.4 |
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| 64.0 |
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| 14.4 |
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| 64.0 |
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| Non-GAAP income tax provision: |
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| $ 34.6 | 18.0 % |
| $ 29.7 | 16.0 % |
| $ 145.1 | 17.6 % |
| $ 112.0 | 16.6 % | |
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NET INCOME: |
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| GAAP net income attributable to Trimble Inc.: |
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| $ 115.3 |
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| $ 180.3 |
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| $ 492.7 |
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| $ 389.9 |
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| Purchase accounting adjustments | (A) |
| 32.5 |
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| 36.6 |
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| 134.5 |
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| 156.6 |
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| Acquisition / divestiture items | (B) |
| 11.2 |
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| (9.7) |
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| (20.3) |
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| 9.2 |
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| Stock-based compensation / deferred compensation | (C) |
| 27.4 |
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| 25.8 |
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| 122.5 |
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| 82.9 |
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| Restructuring and other costs | (D) |
| 3.2 |
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| 4.7 |
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| 11.1 |
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| 31.4 |
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| Non-GAAP tax adjustments | (E) - (G) |
| (31.8) |
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| (82.1) |
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| (63.3) |
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| (107.6) |
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| Non-GAAP net income attributable to Trimble Inc.: |
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| $ 157.8 |
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| $ 155.6 |
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| $ 677.2 |
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| $ 562.4 |
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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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| $ 0.45 |
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| $ 0.71 |
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| $ 1.94 |
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| $ 1.55 |
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| Purchase accounting adjustments | (A) |
| 0.13 |
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| 0.15 |
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| 0.53 |
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| 0.62 |
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| Acquisition / divestiture items | (B) |
| 0.04 |
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| (0.04) |
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| (0.08) |
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| 0.04 |
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| Stock-based compensation / deferred compensation | (C) |
| 0.11 |
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| 0.10 |
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| 0.48 |
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| 0.33 |
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| Restructuring and other costs | (D) |
| 0.01 |
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| 0.01 |
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| 0.04 |
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| 0.12 |
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| Non-GAAP tax adjustments | (E) - (G) |
| (0.12) |
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| (0.32) |
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| (0.25) |
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| (0.43) |
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| Non-GAAP diluted net income per share attributable to Trimble Inc.: |
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| $ 0.62 |
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| $ 0.61 |
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| $ 2.66 |
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| $ 2.23 |
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ADJUSTED EBITDA: |
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| GAAP net income attributable to Trimble Inc.: |
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| $ 115.3 |
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| $ 180.3 |
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| $ 492.7 |
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| $ 389.9 |
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| Non-operating income (expense), net, income tax provision (benefit),
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| 12.5 |
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| (58.4) |
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| 68.3 |
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| 29.9 |
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| GAAP operating income: |
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| 127.8 |
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| 121.9 |
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| 561.0 |
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| 419.8 |
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| Purchase accounting adjustments | (A) |
| 32.5 |
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| 36.6 |
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| 134.5 |
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| 156.6 |
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| Acquisition / divestiture items | (B) |
| 11.5 |
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| 5.0 |
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| 21.8 |
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| 21.4 |
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| Stock-based compensation / deferred compensation | (C) |
| 29.5 |
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| 28.5 |
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| 128.6 |
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| 90.4 |
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| Restructuring and other costs | (D) |
| 3.2 |
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| 4.7 |
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| 11.1 |
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| 31.4 |
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| Non-GAAP operating income: |
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| 204.5 |
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| 196.7 |
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| 857.0 |
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| 719.6 |
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| Depreciation expense |
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| 11.0 |
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| 10.3 |
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| 42.2 |
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| 39.7 |
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| Income from equity method investments, net |
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| 7.4 |
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| 9.5 |
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| 37.7 |
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| 39.4 |
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| Adjusted EBITDA: |
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| $ 222.9 | 24.1 % |
| $ 216.5 | 26.1 % |
| $ 936.9 | 25.6 % |
| $ 798.7 | 25.3 % | |
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| Year 2022 |
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| Low End | High End |
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FORECASTED DILUTED NET INCOME PER SHARE: |
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| Forecasted GAAP diluted net income per share attributable to Trimble Inc.: |
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| $ 1.80 | $ 1.99 |
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| Purchase accounting adjustments | (A) |
| 0.49 | 0.49 |
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| Acquisition / divestiture items | (B) |
| 0.06 | 0.06 |
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| Stock-based compensation / deferred compensation | (C) |
| 0.50 | 0.50 |
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| Restructuring and other costs | (D) |
| 0.02 | 0.02 |
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| Non-GAAP tax adjustments | (E) - (G) |
| (0.12) | (0.11) |
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| Forecasted non-GAAP diluted net income per share attributable to Trimble Inc.: |
| $ 2.75 | $ 2.95 |
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FOOTNOTES TO GAAP TO NON-GAAP RECONCILIATION