NEW ACCOUNTING STANDARDS ADOPTION IMPACT | |||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||
(In millions, except per share data) | |||||||||||||
(Unaudited) | |||||||||||||
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As Reported |
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ASC 606 & ASU 2017-07 Adjustments |
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As Adjusted | ||||||
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Fiscal Year |
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Fiscal Year |
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Fiscal Year |
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Fiscal Year |
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Fiscal Year |
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Fiscal Year |
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2017 |
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2016 |
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2017 |
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2016 |
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2017 |
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2016 |
Revenue: |
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Product |
$ 1,763.8 |
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$ 1,562.0 |
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$ - |
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$ 8.6 |
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$ 1,763.8 |
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$ 1,570.6 |
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Service |
461.6 |
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430.2 |
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13.8 |
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6.5 |
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475.4 |
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436.7 |
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Subscription |
428.8 |
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370.0 |
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(21.5) |
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(15.2) |
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407.3 |
|
354.8 |
Total revenue |
2,654.2 |
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2,362.2 |
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(7.7) |
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(0.1) |
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2,646.5 |
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2,362.1 | ||
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Cost of sales: |
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Product |
866.5 |
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760.8 |
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9.1 |
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3.2 |
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875.6 |
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764.0 |
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Service |
196.3 |
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169.9 |
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(1.9) |
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0.2 |
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194.4 |
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170.1 |
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Subscription |
113.0 |
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104.9 |
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0.1 |
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- |
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113.1 |
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104.9 |
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Amortization of purchased intangible assets |
85.8 |
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88.6 |
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- |
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- |
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85.8 |
|
88.6 |
Total cost of sales |
1,261.6 |
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1,124.2 |
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7.3 |
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3.4 |
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1,268.9 |
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1,127.6 | ||
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Gross margin |
1,392.6 |
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1,238.0 |
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(15.0) |
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(3.5) |
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1,377.6 |
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1,234.5 | ||
Gross margin (%) |
52.5% |
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52.4% |
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52.1% |
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52.3% | ||
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Operating expense: |
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Research and development |
370.2 |
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349.6 |
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- |
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- |
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370.2 |
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349.6 | |
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Sales and marketing |
404.2 |
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377.6 |
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(4.1) |
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(2.9) |
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400.1 |
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374.7 | |
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General and administrative |
302.3 |
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256.0 |
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(0.6) |
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- |
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301.7 |
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256.0 | |
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Restructuring charges |
6.9 |
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11.6 |
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- |
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- |
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6.9 |
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11.6 | |
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Amortization of purchased intangible assets |
63.0 |
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62.2 |
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- |
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- |
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63.0 |
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62.2 | |
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Total operating expense |
1,146.6 |
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1,057.0 |
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(4.7) |
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(2.9) |
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1,141.9 |
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1,054.1 |
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Operating income |
246.0 |
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181.0 |
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(10.3) |
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(0.6) |
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235.7 |
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180.4 | ||
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Non-operating income (expense), net: |
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Interest expense, net |
(25.0) |
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(25.9) |
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(0.2) |
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- |
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(25.2) |
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(25.9) | |
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Foreign currency transaction gain (loss), net |
3.3 |
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(1.9) |
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- |
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- |
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3.3 |
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(1.9) | |
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Income from equity method investments, net |
29.5 |
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17.6 |
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- |
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- |
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29.5 |
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17.6 | |
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Other income, net |
5.3 |
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5.9 |
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(0.4) |
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- |
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4.9 |
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5.9 | |
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Total non-operating income (expense), net |
13.1 |
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(4.3) |
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(0.6) |
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- |
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12.5 |
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(4.3) |
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Income before taxes |
259.1 |
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176.7 |
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(10.9) |
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(0.6) |
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248.2 |
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176.1 | ||
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Income tax provision |
137.9 |
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44.5 |
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(8.2) |
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(0.6) |
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129.7 |
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43.9 | ||
Net income |
121.2 |
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132.2 |
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(2.7) |
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- |
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118.5 |
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132.2 | ||
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Net gain (loss) attributable to noncontrolling interests |
0.1 |
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(0.2) |
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- |
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- |
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0.1 |
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(0.2) | |
Net income attributable to Trimble Inc. |
$ 121.1 |
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$ 132.4 |
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$ (2.7) |
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$ - |
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$ 118.4 |
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$ 132.4 | ||
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Net income per share attributable to Trimble Inc. |
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Basic |
$ 0.48 |
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$ 0.53 |
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$ (0.01) |
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$ - |
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$ 0.47 |
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$ 0.53 | |
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Diluted |
$ 0.47 |
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$ 0.52 |
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$ (0.01) |
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$ - |
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$ 0.46 |
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$ 0.52 | |
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Shares used in calculating net income per share: |
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Basic |
252.1 |
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250.5 |
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- |
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- |
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252.1 |
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250.5 | |
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Diluted |
256.7 |
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253.9 |
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- |
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- |
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256.7 |
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253.9 |