Trimble Announces Record First Quarter 2022 Results

 

REPORTING SEGMENTS

GAAP TO NON-GAAP RECONCILIATION

(In millions)

(Unaudited)




Reporting Segments



Buildings and
Infrastructure


Geospatial


Resources and
Utilities


Transportation

FIRST QUARTER OF 2022:









     Segment revenue


$            397.6


$            207.5


$            229.9


$            158.7










     Segment operating income


$            120.7


$              57.9


$              75.1


$                9.2










     Segment operating income as a percent of segment revenue


30.4 %


27.9 %


32.7 %


5.8 %










FIRST QUARTER OF 2021:









     Segment revenue


$            343.1


$            181.7


$            205.2


$            156.7










     Segment operating income


$              96.4


$              48.7


$              80.1


$                8.4










     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)







First Quarter of






2022


2021






Dollar Amount

% of Revenue


Dollar Amount

% of Revenue

REVENUE:









GAAP revenue:



$                  993.7



$                  886.5




Purchase accounting adjustments

(A)




0.2



Non-GAAP revenue:



$                  993.7



$                  886.7












GROSS MARGIN:









GAAP gross margin:



$                  549.6

55.3 %


$                  493.3

55.6 %



Purchase accounting adjustments

(A)


22.5



22.3




Stock-based compensation / deferred compensation

(C)


2.2



2.0




Restructuring and other costs

(D)


1.1





Non-GAAP gross margin:



$                  575.4

57.9 %


$                  517.6

58.4 %











OPERATING EXPENSES:









GAAP operating expenses:



$                  392.7

39.5 %


$                  352.4

39.8 %



Purchase accounting adjustments

(A)


(12.1)



(12.5)




Acquisition / divestiture items

(B)


(3.9)



(3.5)




Stock-based compensation / deferred compensation

(C)


(22.8)



(26.7)




Restructuring and other costs

(D)


(11.6)



(1.3)



Non-GAAP operating expenses:



$                  342.3

34.4 %


$                  308.4

34.8 %











OPERATING INCOME:









GAAP operating income:



$                  156.9

15.8 %


$                  140.9

15.9 %



Purchase accounting adjustments

(A)


34.6



34.8




Acquisition / divestiture items

(B)


3.9



3.5




Stock-based compensation / deferred compensation

(C)


25.0



28.7




Restructuring and other costs

(D)


12.7



1.3



Non-GAAP operating income:



$                  233.1

23.5 %


$                  209.2

23.6 %











NON-OPERATING EXPENSE, NET:






GAAP non-operating expense, net:



$                   (18.4)



$                     (3.5)




Acquisition / divestiture items

(B)


8.9



(2.1)




Deferred compensation

(C)


3.3



(1.5)




Restructuring and other costs

(D)


0.1





Non-GAAP non-operating expense, net:



$                     (6.1)



$                     (7.1)


















GAAP and Non-GAAP Tax Rate %



GAAP and Non-GAAP Tax Rate %







(G)



(G)

INCOME TAX PROVISION:






GAAP income tax provision:



$                    28.2

20.4 %


$                    22.8

16.6 %



Non-GAAP items tax effected

(E)


18.1



10.7




Difference in GAAP and Non-GAAP tax rate

(F)


(4.1)



1.5



Non-GAAP income tax provision:



$                    42.2

18.6 %


$                    35.0

17.3 %











NET INCOME:









GAAP net income attributable to Trimble Inc.:



$                  110.3



$                  114.5




Purchase accounting adjustments

(A)


34.6



34.8




Acquisition / divestiture items

(B)


12.8



1.4




Stock-based compensation / deferred compensation

(C)


28.3



27.2




Restructuring and other costs

(D)


12.8



1.3




Non-GAAP tax adjustments

(E) - (F)


(14.0)



(12.2)



Non-GAAP net income attributable to Trimble Inc.:



$                  184.8



$                  167.0












DILUTED NET INCOME PER SHARE:






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



$                    0.44



$                    0.45




Purchase accounting adjustments

(A)


0.14



0.14




Acquisition / divestiture items

(B)


0.05






Stock-based compensation / deferred compensation

(C)


0.11



0.11




Restructuring and other costs

(D)


0.05



0.01




Non-GAAP tax adjustments

(E) - (F)


(0.06)



(0.05)



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



$                    0.73



$                    0.66












ADJUSTED EBITDA:






GAAP net income attributable to Trimble Inc.:



$                  110.3



$                  114.5




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



46.6



26.4



GAAP operating income:



156.9



140.9




Purchase accounting adjustments

(A)


34.6



34.8




Acquisition / divestiture items

(B)


3.9



3.5




Stock-based compensation / deferred compensation

(C)


25.0



28.7




Restructuring and other costs

(D)


12.7



1.3



Non-GAAP operating income:



233.1



209.2




Depreciation expense



10.5



10.3




Income from equity method investments, net



9.7



11.8



Adjusted EBITDA:



$                  253.3

25.5 %


$                  231.3

26.1 %












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