Trimble Reports Second Quarter 2016 Results

 

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

 
                           
   

Second Quarter of

 

First Two Quarters of

 
   

2016

 

2015

 

2016

 

2015

 
   

Dollar
Amount

% of
Revenue

 

Dollar
Amount

% of
Revenue

 

Dollar
Amount

% of
Revenue

 

Dollar
Amount

% of
Revenue

 

GROSS MARGIN:

                         
 

GAAP gross margin:

 

$  315.6

51.8%

 

$  303.9

51.9%

 

$   616.2

51.7%

 

$  611.1

52.3%

 
   

Restructuring charges

( A )

0.4

0.1%

 

0.3

0.1%

 

0.7

0.1%

 

0.5

0.0%

 
   

Amortization of purchased intangible assets

( B )

24.0

3.9%

 

23.0

3.9%

 

48.1

4.0%

 

45.5

3.9%

 
   

Stock-based compensation

( C )

0.9

0.1%

 

1.0

0.2%

 

1.9

0.1%

 

1.9

0.2%

 
 

Non-GAAP gross margin: 

 

$  340.9

55.9%

 

$  328.2

56.1%

 

$   666.9

55.9%

 

$  659.0

56.4%

 
                               

OPERATING EXPENSES:

                         
 

GAAP operating expenses:

 

$  275.1

45.1%

 

$  267.9

45.7%

 

$   545.8

45.8%

 

$  535.6

45.8%

 
   

Restructuring charges

( A )

(4.5)

-0.7%

 

(5.2)

-0.9%

 

(6.3)

-0.5%

 

(6.3)

-0.5%

 
   

Amortization of purchased intangible assets

( B )

(15.6)

-2.6%

 

(17.8)

-3.0%

 

(31.8)

-2.7%

 

(36.0)

-3.1%

 
   

Stock-based compensation

( C )

(12.1)

-2.0%

 

(11.0)

-1.9%

 

(24.8)

-2.1%

 

(22.6)

-1.9%

 
   

Acquisition / divestiture items

( D )

(0.9)

-0.1%

 

(2.8)

-0.5%

 

(2.5)

-0.2%

 

(5.6)

-0.5%

 
   

Executive transition costs

( E )

(0.1)

0.0%

 

-

0.0%

 

(1.0)

-0.1%

 

-

0.0%

 
 

Non-GAAP operating expenses:

 

$  241.9

39.7%

 

$  231.1

39.4%

 

$   479.4

40.2%

 

$  465.1

39.8%

 
                               

OPERATING INCOME:

                         
 

GAAP operating income:

 

$   40.5

6.7%

 

$   36.0

6.1%

 

$     70.4

5.9%

 

$   75.5

6.5%

 
   

Restructuring charges

( A )

4.9

0.8%

 

5.5

0.9%

 

7.0

0.6%

 

6.8

0.6%

 
   

Amortization of purchased intangible assets

( B )

39.6

6.5%

 

40.8

7.0%

 

79.9

6.7%

 

81.5

7.0%

 
   

Stock-based compensation

( C )

13.0

2.1%

 

12.0

2.0%

 

26.7

2.2%

 

24.5

2.0%

 
   

Acquisition / divestiture items

( D )

0.9

0.1%

 

2.8

0.0%

 

2.5

0.2%

 

5.6

0.5%

 
   

Executive transition costs

( E )

0.1

0.0%

 

-

0.6%

 

1.0

0.1%

 

-

0.0%

 
 

Non-GAAP operating income: 

 

$   99.0

16.2%

 

$   97.1

16.6%

 

$   187.5

15.7%

 

$  193.9

16.6%

 
                               

NON-OPERATING INCOME (EXPENSE), NET:

                         
 

GAAP non-operating income (expense), net:

 

$    (2.2)

   

$    (0.2)

   

$     (2.7)

   

$     4.5

   
   

Acquisition / divestiture items

( D )

0.4

   

0.2

   

(2.7)

   

(5.6)

   
   

Debt issuance cost write-off

( F )

-

   

0.1

   

-

   

-

   
 

Non-GAAP non-operating income (expense), net: 

 

$    (1.8)

   

$     0.1

   

$     (5.4)

   

$    (1.1)

   
                               
         

GAAP and 

   

GAAP and 

   

GAAP and 

   

GAAP and 

 
         

Non-GAAP

   

Non-GAAP

   

Non-GAAP

   

Non-GAAP

 
         

Tax Rate %

( I )

 

Tax Rate %

( I )

 

Tax Rate %

( I )

 

Tax Rate %

( I )

INCOME TAX PROVISION:

                         
 

GAAP income tax provision:

 

$     2.7

7%

 

$   10.0

28%

 

$     12.4

18%

 

$   20.2

25%

 
   

Non-GAAP items tax effected 

( G )

4.1

   

17.2

   

21.0

   

29.0

   
   

Difference in GAAP and Non-GAAP tax rate

( H )

16.4

   

(3.9)

   

10.3

   

(2.9)

   
 

Non-GAAP income tax provision: 

 

$   23.2

24%

 

$   23.3

24%

 

$     43.7

24%

 

$   46.3

24%

 
                               

NET INCOME:  

                         
 

GAAP net income attributable to Trimble Navigation Limited

 

$   35.7

   

$   25.9

   

$     55.5

   

$   60.0

   
   

Restructuring charges

( A )

4.9

   

5.5

   

7.0

   

6.8

   
   

Amortization of purchased intangible assets

( B )

39.6

   

40.8

   

79.9

   

81.5

   
   

Stock-based compensation

( C )

13.0

   

12.0

   

26.7

   

24.5

   
   

Acquisition / divestiture items

( D )

1.3

   

3.0

   

(0.2)

   

-

   
   

Executive transition costs

( E )

0.1

   

-

   

1.0

   

-

   
   

Debt issuance cost write-off

( F )

-

   

0.1

   

-

   

-

   
   

Non-GAAP tax adjustments

( G ) + ( H )

(20.5)

   

(13.3)

   

(31.3)

   

(26.1)

   
 

Non-GAAP net income attributable to Trimble Navigation Limited

 

$   74.1

   

$   74.0

   

$   138.6

   

$  146.7

   
                               

DILUTED NET INCOME PER SHARE:

                         
 

GAAP diluted net income per share attributable to Trimble Navigation Limited

 

$   0.14

   

$   0.10

   

$     0.22

   

$   0.23

   
   

Restructuring charges

( A )

0.02

   

0.02

   

0.03

   

0.03

   
   

Amortization of purchased intangible assets

( B )

0.15

   

0.16

   

0.31

   

0.31

   
   

Stock-based compensation

( C )

0.05

   

0.04

   

0.11

   

0.09

   
   

Acquisition / divestiture items

( D )

0.01

   

0.01

   

-

   

-

   
   

Executive transition costs

( E )

-

   

-

   

-

   

-

   
   

Debt issuance cost write-off

( F )

-

   

-

   

-

   

-

   
   

Non-GAAP tax adjustments

( G ) + ( H )

(0.08)

   

(0.05)

   

(0.12)

   

(0.10)

   
 

Non-GAAP diluted net income per share attributable to Trimble Navigation Limited

 

$   0.29

   

$   0.28

   

$     0.55

   

$   0.56

   

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