Trimble Reports Fourth Quarter and Full Year 2013 Results

 

GAAP TO NON-GAAP RECONCILIATION

(Dollars in thousands, except per share data)

(Unaudited)























Fourth Quarter of


Fiscal Years







2013


2012


2013


2012







Dollar

% of


Dollar

% of


Dollar

% of


Dollar

% of







Amount

Revenue


Amount

Revenue


Amount

Revenue


Amount

Revenue


GROSS MARGIN:
















GAAP gross margin:



$   319,454

53.3%


$   256,464

49.7%


$   1,203,822

52.6%


$ 1,046,177

51.3%




Restructuring

( A )


31

0.0%


17

0.0%


860

0.0%


156

0.0%




Amortization of purchased intangible assets

( B )


21,181

3.6%


18,132

3.5%


81,119

3.6%


60,277

3.0%




Stock-based compensation

( C )


757

0.1%


525

0.1%


2,573

0.1%


2,005

0.1%




Amortization of acquisition-related inventory step-up

( D )


-

0.0%


1,680

0.4%


1,505

0.1%


2,357

0.1%



Non-GAAP gross margin: 



$   341,423

57.0%


$   276,818

53.7%


$   1,289,879

56.4%


$ 1,110,972

54.5%



















OPERATING EXPENSES:
















GAAP operating expenses:



$   252,108

42.1%


$   226,135

43.9%


$     952,085

41.6%


$    833,609

40.9%




Restructuring

( A )


(1,358)

-0.2%


(333)

-0.1%


(5,960)

-0.3%


(2,227)

-0.1%




Amortization of purchased intangible assets

( B )


(20,947)

-3.5%


(18,260)

-3.5%


(81,722)

-3.5%


(65,430)

-3.2%




Stock-based compensation

( C )


(9,527)

-1.6%


(8,507)

-1.7%


(33,869)

-1.4%


(30,655)

-1.5%




Acquisition / divestiture items

( E )


(3,910)

-0.7%


(7,277)

-1.4%


(13,195)

-0.6%


(21,662)

-1.1%




Litigation

( H )


-

0.0%


-

0.0%


(1,335)

-0.1%


-

0.0%



Non-GAAP operating expenses:



$   216,366

36.1%


$   191,758

37.2%


$     816,004

35.7%


$    713,635

35.0%



















OPERATING INCOME:
















GAAP operating income:



$    67,346

11.2%


$     30,329

5.9%


$     251,737

11.0%


$    212,568

10.4%




Restructuring

( A )


1,389

0.2%


350

0.0%


6,820

0.3%


2,383

0.1%




Amortization of purchased intangible assets

( B )


42,128

7.0%


36,392

7.1%


162,841

7.1%


125,707

6.2%




Stock-based compensation

( C )


10,284

1.7%


9,032

1.8%


36,442

1.5%


32,660

1.6%




Amortization of acquisition-related inventory step-up

( D )


-

0.0%


1,680

0.3%


1,505

0.1%


2,357

0.1%




Acquisition / divestiture items

( E )


3,910

0.8%


7,277

1.4%


13,195

0.6%


21,662

1.1%




Litigation

( H )


-

0.0%


-

0.0%


1,335

0.1%


-

0.0%



Non-GAAP operating income: 



$   125,057

20.9%


$     85,060

16.5%


$     473,875

20.7%


$    397,337

19.5%



















NON-OPERATING INCOME, NET:
















GAAP non-operating income (loss), net:



$     (1,054)



$      8,655



$         1,127



$      16,856





Acquisition / divestiture items

( E )


2,276



(6,810)



1,430



(7,257)





Debt issuance cost write-off

( F )


-



82



-



82





Foreign exchange loss associated with acquisitions

( G )


-



-



-



1,578




Non-GAAP non-operating income, net: 



$      1,222



$      1,927



$         2,557



$      11,259


























GAAP and 



GAAP and 



GAAP and 



GAAP and 








Non-GAAP



Non-GAAP



Non-GAAP



Non-GAAP








Tax Rate %

( J )


Tax Rate %

( J )


Tax Rate %

( J )


Tax Rate %

( J )

INCOME TAX PROVISION:
















GAAP income tax provision:



$      6,631

10%


$      6,305

16%


$       34,698

14%


$      39,708

17%




Non-GAAP items tax effected

( I )


6,001



7,762



30,064



30,635




Non-GAAP income tax provision: 



$    12,632

10%


$     14,067

16%


$       64,762

14%


$      70,343

17%



















NET INCOME:  
















GAAP net income attributable to Trimble Navigation Ltd.



$    59,997



$     33,186



$     218,855



$    191,060





Restructuring

( A )


1,389



350



6,820



2,383





Amortization of purchased intangible assets

( B )


42,128



36,392



162,841



125,707





Stock-based compensation

( C )


10,284



9,032



36,442



32,660





Amortization of acquisition-related inventory step-up

( D )


-



1,680



1,505



2,357





Acquisition / divestiture items

( E )


6,186



467



14,625



14,405





Debt issuance cost write-off

( F )


-



82



-



82





Foreign exchange loss associated with acquisitions

( G )


-



-



-



1,578





Litigation

( H )


-



-



1,335



-





Non-GAAP items tax affected

( I )


(6,001)



(7,762)



(30,064)



(30,635)




Non-GAAP net income attributable to Trimble Navigation Ltd.



$   113,983



$     73,427



$     412,359



$    339,597




















DILUTED NET INCOME PER SHARE:
















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

$        0.23



$        0.13



$           0.84



$         0.74





Restructuring

( A )


-



-



0.03



0.01





Amortization of purchased intangible assets

( B )


0.16



0.14



0.62



0.49





Stock-based compensation

( C )


0.04



0.03



0.14



0.13





Amortization of acquisition-related inventory step-up

( D )


-



0.01



-



0.01





Acquisition / divestiture items

( E )


0.02



-



0.06



0.05





Debt issuance cost write-off

( F )


-



-



-



-





Foreign exchange loss associated with acquisitions

( G )


-



-



-



0.01





Litigation

( H )


-



-



0.01



-





Non-GAAP items tax affected

( I )


(0.02)



(0.03)



(0.12)



(0.12)




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

$        0.43



$        0.28



$           1.58



$         1.32




















OPERATING LEVERAGE:
















Increase in non-GAAP operating income



$    39,997



$     16,275



$       76,538



$    105,134




Increase in revenue



$    83,695



$     80,353



$     248,011



$    396,048




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



 

47.8%



20.3%



 

30.9%



26.5%




« Previous Page 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10  Next Page »
Featured Video
Jobs
Business Development Manager for Berntsen International, Inc. at Madison, Wisconsin
Machine Learning Engineer 3D Geometry/ Multi-Modal for Autodesk at San Francisco, California
Senior Principal Mechanical Engineer for General Dynamics Mission Systems at Canonsburg, Pennsylvania
Manufacturing Test Engineer for Google at Prague, Czechia, Czech Republic
Senior Principal Software Engineer for Autodesk at San Francisco, California
Mechanical Manufacturing Engineering Manager for Google at Sunnyvale, California



© 2024 Internet Business Systems, Inc.
670 Aberdeen Way, Milpitas, CA 95035
+1 (408) 882-6554 — Contact Us, or visit our other sites:
AECCafe - Architectural Design and Engineering EDACafe - Electronic Design Automation TechJobsCafe - Technical Jobs and Resumes  MCADCafe - Mechanical Design and Engineering ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy PolicyAdvertise