REPORTING SEGMENTS | ||||||||
GAAP TO NON-GAAP RECONCILIATION | ||||||||
(In millions) | ||||||||
(Unaudited) | ||||||||
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| Reporting Segments | ||||||
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| Buildings and
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| Geospatial |
| Resources and
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| Transportation |
FIRST QUARTER OF 2022: |
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Segment revenue |
| $ 397.6 |
| $ 207.5 |
| $ 229.9 |
| $ 158.7 |
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Segment operating income |
| $ 120.7 |
| $ 57.9 |
| $ 75.1 |
| $ 9.2 |
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Segment operating income as a percent of segment revenue |
| 30.4 % |
| 27.9 % |
| 32.7 % |
| 5.8 % |
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FIRST QUARTER OF 2021: |
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Segment revenue |
| $ 343.1 |
| $ 181.7 |
| $ 205.2 |
| $ 156.7 |
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Segment operating income |
| $ 96.4 |
| $ 48.7 |
| $ 80.1 |
| $ 8.4 |
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Segment operating income as a percent of segment revenue |
| 28.1 % |
| 26.8 % |
| 39.0 % |
| 5.4 % |
GAAP TO NON-GAAP RECONCILIATION | |||||||||
(Dollars in millions, except per share data) | |||||||||
(Unaudited) | |||||||||
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| First Quarter of | ||||
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| 2022 |
| 2021 | ||
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| Dollar Amount | % of Revenue |
| Dollar Amount | % of Revenue |
REVENUE: |
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| GAAP revenue: |
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| $ 993.7 |
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| $ 886.5 |
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| Purchase accounting adjustments | (A) |
| — |
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| 0.2 |
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| Non-GAAP revenue: |
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| $ 993.7 |
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| $ 886.7 |
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GROSS MARGIN: |
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| GAAP gross margin: |
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| $ 549.6 | 55.3 % |
| $ 493.3 | 55.6 % | |
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| Purchase accounting adjustments | (A) |
| 22.5 |
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| 22.3 |
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| Stock-based compensation / deferred compensation | (C) |
| 2.2 |
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| 2.0 |
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| Restructuring and other costs | (D) |
| 1.1 |
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| — |
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| Non-GAAP gross margin: |
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| $ 575.4 | 57.9 % |
| $ 517.6 | 58.4 % | |
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OPERATING EXPENSES: |
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| GAAP operating expenses: |
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| $ 392.7 | 39.5 % |
| $ 352.4 | 39.8 % | |
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| Purchase accounting adjustments | (A) |
| (12.1) |
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| (12.5) |
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| Acquisition / divestiture items | (B) |
| (3.9) |
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| (3.5) |
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| Stock-based compensation / deferred compensation | (C) |
| (22.8) |
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| (26.7) |
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| Restructuring and other costs | (D) |
| (11.6) |
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| (1.3) |
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| Non-GAAP operating expenses: |
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| $ 342.3 | 34.4 % |
| $ 308.4 | 34.8 % | |
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OPERATING INCOME: |
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| GAAP operating income: |
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| $ 156.9 | 15.8 % |
| $ 140.9 | 15.9 % | |
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| Purchase accounting adjustments | (A) |
| 34.6 |
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| 34.8 |
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| Acquisition / divestiture items | (B) |
| 3.9 |
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| 3.5 |
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| Stock-based compensation / deferred compensation | (C) |
| 25.0 |
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| 28.7 |
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| Restructuring and other costs | (D) |
| 12.7 |
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| 1.3 |
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| Non-GAAP operating income: |
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| $ 233.1 | 23.5 % |
| $ 209.2 | 23.6 % | |
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NON-OPERATING EXPENSE, NET: |
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| GAAP non-operating expense, net: |
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| $ (18.4) |
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| $ (3.5) |
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| Acquisition / divestiture items | (B) |
| 8.9 |
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| (2.1) |
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| Deferred compensation | (C) |
| 3.3 |
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| (1.5) |
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| Restructuring and other costs | (D) |
| 0.1 |
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| — |
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| Non-GAAP non-operating expense, net: |
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| $ (6.1) |
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| $ (7.1) |
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| GAAP and Non-GAAP Tax Rate % |
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| GAAP and Non-GAAP Tax Rate % |
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| (G) |
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| (G) |
INCOME TAX PROVISION: |
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| GAAP income tax provision: |
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| $ 28.2 | 20.4 % |
| $ 22.8 | 16.6 % | |
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| Non-GAAP items tax effected | (E) |
| 18.1 |
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| 10.7 |
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| Difference in GAAP and Non-GAAP tax rate | (F) |
| (4.1) |
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| 1.5 |
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| Non-GAAP income tax provision: |
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| $ 42.2 | 18.6 % |
| $ 35.0 | 17.3 % | |
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NET INCOME: |
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| GAAP net income attributable to Trimble Inc.: |
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| $ 110.3 |
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| $ 114.5 |
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| Purchase accounting adjustments | (A) |
| 34.6 |
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| 34.8 |
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| Acquisition / divestiture items | (B) |
| 12.8 |
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| 1.4 |
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| Stock-based compensation / deferred compensation | (C) |
| 28.3 |
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| 27.2 |
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| Restructuring and other costs | (D) |
| 12.8 |
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| 1.3 |
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| Non-GAAP tax adjustments | (E) - (F) |
| (14.0) |
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| (12.2) |
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| Non-GAAP net income attributable to Trimble Inc.: |
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| $ 184.8 |
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| $ 167.0 |
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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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| $ 0.44 |
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| $ 0.45 |
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| Purchase accounting adjustments | (A) |
| 0.14 |
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| 0.14 |
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| Acquisition / divestiture items | (B) |
| 0.05 |
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| — |
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| Stock-based compensation / deferred compensation | (C) |
| 0.11 |
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| 0.11 |
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| Restructuring and other costs | (D) |
| 0.05 |
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| 0.01 |
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| Non-GAAP tax adjustments | (E) - (F) |
| (0.06) |
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| (0.05) |
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| Non-GAAP diluted net income per share attributable to Trimble Inc.: |
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| $ 0.73 |
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| $ 0.66 |
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ADJUSTED EBITDA: |
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| GAAP net income attributable to Trimble Inc.: |
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| $ 110.3 |
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| $ 114.5 |
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| Non-operating expense, net, income tax provision, and net gain attributable to noncontrolling interests |
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| 46.6 |
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| 26.4 |
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| GAAP operating income: |
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| 156.9 |
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| 140.9 |
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| Purchase accounting adjustments | (A) |
| 34.6 |
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| 34.8 |
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| Acquisition / divestiture items | (B) |
| 3.9 |
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| 3.5 |
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| Stock-based compensation / deferred compensation | (C) |
| 25.0 |
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| 28.7 |
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| Restructuring and other costs | (D) |
| 12.7 |
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| 1.3 |
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| Non-GAAP operating income: |
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| 233.1 |
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| 209.2 |
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| Depreciation expense |
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| 10.5 |
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| 10.3 |
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| Income from equity method investments, net |
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| 9.7 |
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| 11.8 |
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| Adjusted EBITDA: |
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| $ 253.3 | 25.5 % |
| $ 231.3 | 26.1 % | |
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