GAAP TO NON-GAAP RECONCILIATION
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| Third Quarter of |
| First Three Quarters of | ||||||||
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| 2022 |
| 2021 |
| 2022 |
| 2021 | ||||
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REVENUE: |
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| GAAP revenue: |
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| $ 884.9 |
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| $ 901.4 |
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| $ 2,819.8 |
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| $ 2,733.1 |
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| Purchase accounting adjustments | (A) |
| — |
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| — |
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| — |
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| 0.3 |
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| Non-GAAP revenue: |
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| $ 884.9 |
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| $ 901.4 |
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| $ 2,819.8 |
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| $ 2,733.4 |
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GROSS MARGIN: |
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| GAAP gross margin: |
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| $ 515.4 | 58.2 % |
| $ 504.5 | 56.0 % |
| $ 1,602.5 | 56.8 % |
| $ 1,523.2 | 55.7 % | |
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| Purchase accounting adjustments | (A) |
| 19.9 |
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| 22.0 |
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| 63.4 |
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| 66.4 |
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| Stock-based compensation / deferred
| (C) |
| 3.4 |
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| 2.7 |
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| 8.7 |
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| 7.3 |
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| Restructuring and other costs | (D) |
| (0.1) |
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| — |
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| 1.0 |
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| 0.2 |
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| Non-GAAP gross margin: |
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| $ 538.6 | 60.9 % |
| $ 529.2 | 58.7 % |
| $ 1,675.6 | 59.4 % |
| $ 1,597.1 | 58.4 % | |
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OPERATING EXPENSES: |
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| GAAP operating expenses: |
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| $ 393.0 | 44.4 % |
| $ 357.0 | 39.6 % |
| $ 1,188.3 | 42.1 % |
| $ 1,090.0 | 39.9 % | |
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| Purchase accounting adjustments | (A) |
| (11.1) |
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| (11.2) |
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| (34.5) |
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| (35.6) |
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| Acquisition / divestiture items | (B) |
| (9.1) |
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| (0.2) |
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| (20.3) |
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| (10.3) |
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| Stock-based compensation / deferred
| (C) |
| (28.3) |
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| (29.4) |
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| (74.2) |
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| (91.8) |
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| Restructuring and other costs | (D) |
| (15.8) |
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| (1.7) |
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| (37.4) |
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| (7.7) |
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| Non-GAAP operating expenses: |
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| $ 328.7 | 37.1 % |
| $ 314.5 | 34.9 % |
| $ 1,021.9 | 36.2 % |
| $ 944.6 | 34.6 % | |
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OPERATING INCOME: |
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| GAAP operating income: |
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| $ 122.4 | 13.8 % |
| $ 147.5 | 16.4 % |
| $ 414.2 | 14.7 % |
| $ 433.2 | 15.9 % | |
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| Purchase accounting adjustments | (A) |
| 31.0 |
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| 33.2 |
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| 97.9 |
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| 102.0 |
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| Acquisition / divestiture items | (B) |
| 9.1 |
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| 0.2 |
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| 20.3 |
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| 10.3 |
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| Stock-based compensation / deferred
| (C) |
| 31.7 |
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| 32.1 |
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| 82.9 |
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| 99.1 |
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| Restructuring and other costs | (D) |
| 15.7 |
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| 1.7 |
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| 38.4 |
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| 7.9 |
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| Non-GAAP operating income: |
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| $ 209.9 | 23.7 % |
| $ 214.7 | 23.8 % |
| $ 653.7 | 23.2 % |
| $ 652.5 | 23.9 % | |
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NON-OPERATING INCOME (EXPENSE), NET: |
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| GAAP non-operating income, net: |
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| $ (4.5) |
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| $ 9.2 |
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| $ 63.8 |
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| $ 23.3 |
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| Acquisition / divestiture items | (B) |
| (5.6) |
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| (19.0) |
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| (103.0) |
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| (41.8) |
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| Deferred compensation | (C) |
| 0.2 |
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| 0.2 |
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| 10.5 |
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| (4.0) |
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| Restructuring and other costs | (D) |
| — |
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| — |
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| 0.1 |
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| — |
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| Non-GAAP non-operating expense, net: |
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| $ (9.9) |
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| $ (9.6) |
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| $ (28.6) |
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| $ (22.5) |
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| GAAP
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| GAAP
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| GAAP
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| GAAP
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| (G) |
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| (G) |
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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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| $ 32.1 | 27.2 % |
| $ 32.7 | 20.9 % |
| $ 113.9 | 23.8 % |
| $ 79.0 | 17.3 % | |
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| Non-GAAP items tax effected | (E) |
| 22.3 |
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| 10.1 |
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| 34.7 |
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| 29.6 |
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| Difference in GAAP and Non-GAAP tax rate | (F) |
| (18.4) |
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| (6.3) |
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| (33.9) |
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| 1.9 |
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| Non-GAAP income tax provision: |
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| $ 36.0 | 18.0 % |
| $ 36.5 | 17.8 % |
| $ 114.7 | 18.3 % |
| $ 110.5 | 17.5 % | |
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NET INCOME: |
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| GAAP net income attributable to Trimble Inc.: |
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| $ 85.8 |
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| $ 124.0 |
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| $ 364.1 |
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| $ 377.4 |
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| Purchase accounting adjustments | (A) |
| 31.0 |
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| 33.2 |
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| 97.9 |
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| 102.0 |
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| Acquisition / divestiture items | (B) |
| 3.5 |
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| (18.8) |
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| (82.7) |
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| (31.5) |
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| Stock-based compensation / deferred
| (C) |
| 31.9 |
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| 32.3 |
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| 93.4 |
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| 95.1 |
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| Restructuring and other costs | (D) |
| 15.7 |
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| 1.7 |
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| 38.5 |
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| 7.9 |
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| Non-GAAP tax adjustments | (E) - (F) |
| (3.9) |
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| (3.8) |
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| (0.8) |
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| (31.5) |
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| Non-GAAP net income attributable to Trimble
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| $ 164.0 |
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| $ 168.6 |
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| $ 510.4 |
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| $ 519.4 |
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DILUTED NET INCOME PER SHARE: |
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| GAAP diluted net income per share attributable to
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| $ 0.34 |
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| $ 0.49 |
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| $ 1.45 |
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| $ 1.48 |
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| Purchase accounting adjustments | (A) |
| 0.13 |
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| 0.13 |
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| 0.39 |
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| 0.40 |
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| Acquisition / divestiture items | (B) |
| 0.01 |
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| (0.07) |
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| (0.33) |
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| (0.12) |
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| Stock-based compensation / deferred
| (C) |
| 0.13 |
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| 0.12 |
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| 0.38 |
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| 0.37 |
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| Restructuring and other costs | (D) |
| 0.06 |
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| 0.01 |
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| 0.15 |
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| 0.03 |
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| Non-GAAP tax adjustments | (E) - (F) |
| (0.01) |
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| (0.02) |
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| (0.12) |
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| Non-GAAP diluted net income per share
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| $ 0.66 |
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| $ 0.66 |
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| $ 2.04 |
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| $ 2.04 |
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ADJUSTED EBITDA: |
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| GAAP net income attributable to Trimble Inc.: |
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| $ 85.8 |
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| $ 124.0 |
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| $ 364.1 |
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| $ 377.4 |
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| Non-operating income (expense), net, income
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| 36.6 |
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| 23.5 |
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| 50.1 |
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| 55.8 |
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| GAAP operating income: |
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| 122.4 |
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| 147.5 |
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| 414.2 |
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| 433.2 |
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| Purchase accounting adjustments | (A) |
| 31.0 |
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| 33.2 |
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| 97.9 |
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| 102.0 |
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| Acquisition / divestiture items | (B) |
| 9.1 |
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| 0.2 |
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| 20.3 |
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| 10.3 |
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| Stock-based compensation / deferred
| (C) |
| 31.7 |
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| 32.1 |
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| 82.9 |
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| 99.1 |
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| Restructuring and other costs | (D) |
| 15.7 |
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| 1.7 |
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| 38.4 |
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| 7.9 |
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| Non-GAAP operating income: |
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| 209.9 |
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| 214.7 |
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| 653.7 |
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| 652.5 |
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| Depreciation expense and cloud computing
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| 11.4 |
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| 10.2 |
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| 32.9 |
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| 31.2 |
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| Income from equity method investments, net |
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| 6.8 |
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| 8.5 |
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| 22.3 |
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| 30.3 |
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| Adjusted EBITDA: |
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| $ 228.1 | 25.8 % |
| $ 233.4 | 25.9 % |
| $ 708.9 | 25.1 % |
| $ 714.0 | 26.1 % | |
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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
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| $ 1.76 | $ 1.81 |
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| Purchase accounting adjustments | (A) |
| 0.52 | 0.52 |
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| Acquisition / divestiture items | (B) |
| (0.32) | (0.32) |
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| Stock-based compensation / deferred
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| 0.50 | 0.50 |
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| Restructuring and other costs | (D) |
| 0.19 | 0.19 |
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| Non-GAAP tax adjustments | (E) - (F) |
| (0.04) | (0.03) |
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| Forecasted non-GAAP diluted net income per share
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| 2.61 | 2.67 |
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