Trimble Announces Third Quarter 2022 Results

 

GAAP TO NON-GAAP RECONCILIATION
(Dollars in millions, except per share data)
(Unaudited)







Third Quarter of


First Three Quarters of






2022


2021


2022


2021






Dollar
Amount

% of
Revenue


Dollar
Amount

% of
Revenue


Dollar
Amount

% of
Revenue


Dollar
Amount

% of
Revenue

REVENUE:















GAAP revenue:



$    884.9



$    901.4



$ 2,819.8



$ 2,733.1




Purchase accounting adjustments

(A)








0.3



Non-GAAP revenue:



$    884.9



$    901.4



$ 2,819.8



$ 2,733.4


















GROSS MARGIN:















GAAP gross margin:



$    515.4

58.2 %


$    504.5

56.0 %


$ 1,602.5

56.8 %


$ 1,523.2

55.7 %



Purchase accounting adjustments

(A)


19.9



22.0



63.4



66.4




Stock-based compensation / deferred
compensation

(C)


3.4



2.7



8.7



7.3




Restructuring and other costs

(D)


(0.1)





1.0



0.2



Non-GAAP gross margin:



$   538.6

60.9 %


$    529.2

58.7 %


$ 1,675.6

59.4 %


$ 1,597.1

58.4 %

















OPERATING EXPENSES:















GAAP operating expenses:



$    393.0

44.4 %


$    357.0

39.6 %


$ 1,188.3

42.1 %


$ 1,090.0

39.9 %



Purchase accounting adjustments

(A)


(11.1)



(11.2)



(34.5)



(35.6)




Acquisition / divestiture items

(B)


(9.1)



(0.2)



(20.3)



(10.3)




Stock-based compensation / deferred
compensation

(C)


(28.3)



(29.4)



(74.2)



(91.8)




Restructuring and other costs

(D)


(15.8)



(1.7)



(37.4)



(7.7)



Non-GAAP operating expenses:



$   328.7

37.1 %


$   314.5

34.9 %


$ 1,021.9

36.2 %


$   944.6

34.6 %

















OPERATING INCOME:















GAAP operating income:



$    122.4

13.8 %


$    147.5

16.4 %


$    414.2

14.7 %


$   433.2

15.9 %



Purchase accounting adjustments

(A)


31.0



33.2



97.9



102.0




Acquisition / divestiture items

(B)


9.1



0.2



20.3



10.3




Stock-based compensation / deferred
compensation

(C)


31.7



32.1



82.9



99.1




Restructuring and other costs

(D)


15.7



1.7



38.4



7.9



Non-GAAP operating income:



$    209.9

23.7 %


$    214.7

23.8 %


$    653.7

23.2 %


$   652.5

23.9 %

















NON-OPERATING INCOME (EXPENSE), NET:












GAAP non-operating income, net:



$      (4.5)



$       9.2



$     63.8



$     23.3




Acquisition / divestiture items

(B)


(5.6)



(19.0)



(103.0)



(41.8)




Deferred compensation

(C)


0.2



0.2



10.5



(4.0)




Restructuring and other costs

(D)






0.1





Non-GAAP non-operating expense, net:



$      (9.9)



$      (9.6)



$    (28.6)



$    (22.5)
























GAAP
and Non-
GAAP
Tax Rate
%



GAAP
and Non-
GAAP
Tax Rate
%



GAAP
and Non-
GAAP
Tax Rate
%



GAAP
and Non-
GAAP
Tax Rate
%







(G)



(G)



(G)



(G)

INCOME TAX PROVISION:












GAAP income tax provision:



$     32.1

27.2 %


$     32.7

20.9 %


$    113.9

23.8 %


$     79.0

17.3 %



Non-GAAP items tax effected

(E)


22.3



10.1



34.7



29.6




Difference in GAAP and Non-GAAP tax rate

(F)


(18.4)



(6.3)



(33.9)



1.9



Non-GAAP income tax provision:



$     36.0

18.0 %


$     36.5

17.8 %


$   114.7

18.3 %


$   110.5

17.5 %

















NET INCOME:















GAAP net income attributable to Trimble Inc.:



$     85.8



$    124.0



$    364.1



$   377.4




Purchase accounting adjustments

(A)


31.0



33.2



97.9



102.0




Acquisition / divestiture items

(B)


3.5



(18.8)



(82.7)



(31.5)




Stock-based compensation / deferred
compensation

(C)


31.9



32.3



93.4



95.1




Restructuring and other costs

(D)


15.7



1.7



38.5



7.9




Non-GAAP tax adjustments

(E) - (F)


(3.9)



(3.8)



(0.8)



(31.5)



Non-GAAP net income attributable to Trimble
Inc.:



$    164.0



$    168.6



$    510.4



$   519.4


















DILUTED NET INCOME PER SHARE:












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



$     0.34



$     0.49



$     1.45



$     1.48




Purchase accounting adjustments

(A)


0.13



0.13



0.39



0.40




Acquisition / divestiture items

(B)


0.01



(0.07)



(0.33)



(0.12)




Stock-based compensation / deferred
compensation

(C)


0.13



0.12



0.38



0.37




Restructuring and other costs

(D)


0.06



0.01



0.15



0.03




Non-GAAP tax adjustments

(E) - (F)


(0.01)



(0.02)





(0.12)



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



$     0.66



$     0.66



$     2.04



$     2.04


















ADJUSTED EBITDA:












GAAP net income attributable to Trimble Inc.:



$     85.8



$   124.0



$    364.1



$   377.4




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



36.6



23.5



50.1



55.8



GAAP operating income:



122.4



147.5



414.2



433.2




Purchase accounting adjustments

(A)


31.0



33.2



97.9



102.0




Acquisition / divestiture items

(B)


9.1



0.2



20.3



10.3




Stock-based compensation / deferred
compensation

(C)


31.7



32.1



82.9



99.1




Restructuring and other costs

(D)


15.7



1.7



38.4



7.9



Non-GAAP operating income:



209.9



214.7



653.7



652.5




Depreciation expense and cloud computing
amortization



11.4



10.2



32.9



31.2




Income from equity method investments, net



6.8



8.5



22.3



30.3



Adjusted EBITDA:



$    228.1

25.8 %


$    233.4

25.9 %


$    708.9

25.1 %


$   714.0

26.1 %






















































Year 2022














Low End

High End










FORECASTED DILUTED NET INCOME PER SHARE:











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



$     1.76

$  1.81












Purchase accounting adjustments

(A)


0.52

0.52












Acquisition / divestiture items

(B)


(0.32)

(0.32)












Stock-based compensation / deferred
compensation

(C)


0.50

0.50












Restructuring and other costs

(D)


0.19

0.19












Non-GAAP tax adjustments

(E) - (F)


(0.04)

(0.03)











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


2.61

2.67











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