Trimble Reports Second Quarter 2015 Results

 

GAAP TO NON-GAAP RECONCILIATION

(Dollars in millions, except per share data)

(Unaudited)























Second Quarter of


First Two Quarters of







2015


2014


2015


2014







Dollar

% of


Dollar

% of


 Dollar 

% of


Dollar

% of







Amount

Revenue


Amount

Revenue


 Amount 

Revenue


Amount

Revenue


GROSS MARGIN:
















GAAP gross margin:



$ 303.9

51.9%


$ 354.6

55.2%


$   611.1

52.3%


$ 681.5

54.7%




Restructuring charges

( A )


0.3

0.1%


0.1

0.0%


0.5

0.0%


0.2

0.0%




Amortization of purchased intangible assets

( B )


23.0

3.9%


20.0

3.1%


45.5

3.9%


40.9

3.3%




Stock-based compensation

( C )


1.0

0.2%


0.8

0.2%


1.9

0.2%


1.5

0.1%




Amortization of acquisition-related inventory step-up

( D )


-

0.0%


0.1

0.0%


-

0.0%


0.1

0.0%



Non-GAAP gross margin: 



$ 328.2

56.1%


$ 375.6

58.5%


$   659.0

56.4%


$ 724.2

58.1%



















OPERATING EXPENSES:
















GAAP operating expenses:



$ 267.9

45.7%


$ 257.4

40.1%


$   535.6

45.8%


$ 508.6

40.8%




Restructuring charges

( A )


(5.2)

-0.9%


(0.8)

-0.1%


(6.3)

-0.5%


(1.1)

-0.1%




Amortization of purchased intangible assets

( B )


(17.8)

-3.0%


(17.8)

-2.8%


(36.0)

-3.1%


(37.5)

-3.0%




Stock-based compensation

( C )


(11.0)

-1.9%


(10.2)

-1.6%


(22.6)

-1.9%


(19.6)

-1.6%




Acquisition / divestiture items

( E )


(2.8)

-0.5%


(2.0)

-0.3%


(5.6)

-0.5%


(3.4)

-0.3%



Non-GAAP operating expenses:



$ 231.1

39.4%


$ 226.6

35.3%


$   465.1

39.8%


$ 447.0

35.8%



















OPERATING INCOME:
















GAAP operating income:



$   36.0

6.1%


$   97.2

15.1%


$     75.5

6.5%


$ 172.9

13.9%




Restructuring charges

( A )


5.5

0.9%


0.9

0.1%


6.8

0.6%


1.3

0.1%




Amortization of purchased intangible assets

( B )


40.8

7.0%


37.8

5.9%


81.5

7.0%


78.4

6.3%




Stock-based compensation

( C )


12.0

2.0%


11.0

1.8%


24.5

2.0%


21.1

1.6%




Amortization of acquisition-related inventory step-up

( D )


-

0.0%


0.1

0.0%


-

0.0%


0.1

0.0%




Acquisition / divestiture items

( E )


2.8

0.6%


2.0

0.3%


5.6

0.5%


3.4

0.3%



Non-GAAP operating income: 



$   97.1

16.6%


$ 149.0

23.2%


$   193.9

16.6%


$ 277.2

22.2%



















NON-OPERATING INCOME (LOSS), NET:
















GAAP non-operating income (loss), net:



$    (0.2)



$     1.6



$       4.5



$   14.4





Acquisition / divestiture items

( E )


0.2



2.6



(5.6)



4.3





Gain on an equity sale

( F )


-



-



-



(15.1)





Debt issuance cost write-off

( G )


0.1



-



-



-




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



$     0.1



$     4.2



$      (1.1)



$     3.6


























GAAP and 



GAAP and 



GAAP and 



GAAP and 








Non-GAAP



Non-GAAP



Non-GAAP



Non-GAAP








Tax Rate %

( K )


Tax Rate %

( K )


Tax Rate %

( K )


Tax Rate %

( K )

INCOME TAX PROVISION:
















GAAP income tax provision:



$   10.0

28%


$   20.7

21%


$     20.2

25%


$   41.1

22%




Non-GAAP items tax effected 

( H )


17.2



11.4



29.0



22.4





Difference in GAAP and Non-GAAP tax rate

( I )


(3.9)



-



(2.9)



-





Tax on gain on an equity sale

( J )


-



-



-



(5.8)




Non-GAAP income tax provision: 



$   23.3

24%


$   32.1

21%


$     46.3

24%


$   57.7

21%



















NET INCOME:  
















GAAP net income attributable to Trimble Navigation Ltd.



$   25.9



$   77.9



$     60.0



$ 146.5





Restructuring charges

( A )


5.5



0.9



6.8



1.3





Amortization of purchased intangible assets

( B )


40.8



37.8



81.5



78.4





Stock-based compensation

( C )


12.0



11.0



24.5



21.1





Amortization of acquisition-related inventory step-up

( D )


-



0.1



-



0.1





Acquisition / divestiture items

( E )


3.0



4.6



-



7.7





Gain on an equity sale

( F )


-



-



-



(15.1)





Debt issuance cost write-off

( G )


0.1



-



-



-





Non-GAAP tax adjustments

( H ), ( I ), ( J )


(13.3)



(11.4)



(26.1)



(16.6)




Non-GAAP net income attributable to Trimble Navigation Ltd.



$   74.0



$ 120.9



$   146.7



$ 223.4




















DILUTED NET INCOME PER SHARE:
















GAAP diluted net income per share attributable to Trimble Navigation Ltd.



$   0.10



$   0.29



$     0.23



$   0.55





Restructuring charges

( A )


0.02



-



0.03



0.01





Amortization of purchased intangible assets

( B )


0.16



0.14



0.31



0.30





Stock-based compensation

( C )


0.04



0.04



0.09



0.08





Amortization of acquisition-related inventory step-up

( D )


-



-



-



-





Acquisition / divestiture items

( E )


0.01



0.02



-



0.03





Gain on an equity sale

( F )


-



-



-



(0.06)





Debt issuance cost write-off

( G )


-



-



-



-





Non-GAAP tax adjustments

( H ), ( I ), ( J )


(0.05)



(0.04)



(0.10)



(0.07)




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


$   0.28



$   0.45



$     0.56



$   0.84




















OPERATING LEVERAGE:
















Increase (decrease) in non-GAAP operating income



$  (51.9)



$   28.7



$    (83.3)



$   46.7




Increase (decrease) in revenue



$  (56.4)



$   65.9



$    (78.5)



$ 114.5




Operating leverage (increase in non-GAAP operating income as a % of increase in revenue)



 

N/A



43.6%



 

N/A



40.8%





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