Trimble Reports Second Quarter 2020 Results

 

GAAP TO NON-GAAP RECONCILIATION

(Dollars in millions, except per share data)

(Unaudited)







Second Quarter of


First Two Quarters of






2020


2019


2020


2019






Dollar
Amount

% of
Revenue


Dollar
Amount

% of
Revenue


Dollar
Amount

% of
Revenue


Dollar
Amount

% of
Revenue

REVENUE:















GAAP revenue:



$

733.6




$

854.8




$

1,525.9




$

1,656.4





Acquired deferred revenue adjustment

(A)


1.6




1.0




3.3




3.9




Non-GAAP revenue:



$

735.2




$

855.8




$

1,529.2




$

1,660.3



















GROSS MARGIN:















GAAP gross margin:



$

405.7


55.3

%


$

460.6


53.9

%


$

846.7


55.5

%


$

898.9


54.3

%



Acquired deferred revenue adjustment

(A)


1.6




1.0




3.3




3.9





Restructuring charges

(B)


0.1







0.4




0.2





COVID-19 expenses

(C)


0.3







0.3








Amortization of purchased intangible assets

(D)


23.2




23.8




46.7




48.0





Stock-based compensation and deferred compensation

(E)


2.0




1.5




2.7




2.9





Acquisition / divestiture items

(F)








1.7







Non-GAAP gross margin:



$

432.9


58.9

%


$

486.9


56.9

%


$

901.8


59.0

%


$

953.9


57.5

%

















OPERATING EXPENSES:















GAAP operating expenses:



$

308.1


42.0

%


$

350.9


41.1

%


$

650.8


42.7

%


$

702.9


42.4

%



Restructuring charges

(B)


(5.1)




(2.9)




(8.0)




(6.4)





COVID-19 expenses

(C)


0.5







(3.3)








Amortization of purchased intangible assets

(D)


(16.6)




(19.7)




(33.5)




(39.8)





Stock-based compensation and deferred compensation

(E)


(23.4)




(16.8)




(27.2)




(34.5)





Acquisition / divestiture items

(F)


(1.9)




(2.0)




(11.0)




(3.1)





Amortization of acquired capitalized commissions

(G)


1.4




1.6




2.9




3.3




Non-GAAP operating expenses:



$

263.0


35.8

%


$

311.1


36.4

%


$

570.7


37.3

%


$

622.4


37.5

%

















OPERATING INCOME:















GAAP operating income:



$

97.6


13.3

%


$

109.7


12.8

%


$

195.9


12.8

%


$

196.0


11.8

%



Acquired deferred revenue adjustment

(A)


1.6




1.0




3.3




3.9





Restructuring charges

(B)


5.2




2.9




8.4




6.6





COVID-19 expenses

(C)


(0.2)







3.6








Amortization of purchased intangible assets

(D)


39.8




43.5




80.2




87.8





Stock-based compensation and deferred compensation

(E)


25.4




18.3




29.9




37.4





Acquisition / divestiture items

(F)


1.9




2.0




12.7




3.1





Amortization of acquired capitalized commissions

(G)


(1.4)




(1.6)




(2.9)




(3.3)




Non-GAAP operating income:



$

169.9


23.1

%


$

175.8


20.5

%


$

331.1


21.7

%


$

331.5


20.0

%

















NON-OPERATING INCOME (EXPENSE), NET:












GAAP non-operating income (expense), net:



$

(6.7)




$

5.7




$

(25.6)




$

(5.4)





Deferred compensation

(E)


(6.8)




(1.1)




(0.6)




(3.9)





Acquisition / divestiture items

(F)


2.4




(13.1)




2.4




(12.8)




Non-GAAP non-operating expense, net:



$

(11.1)




$

(8.5)




$

(23.8)




$

(22.1)

























GAAP and
Non-GAAP
Tax Rate %



GAAP and
Non-GAAP
Tax Rate %



GAAP and
Non-GAAP
Tax Rate %



GAAP and
Non-GAAP
Tax Rate %







(J)



(J)



(J)



(J)

INCOME TAX PROVISION:












GAAP income tax provision:



$

27.7


30.5

%


$

20.8


18.0

%


$

45.2


26.5

%


$

33.6


17.6

%



Non-GAAP items tax effected

(H)


20.7




9.3




35.9




20.7





Difference in GAAP and Non-GAAP tax rate

(I)


(21.3)




3.3




(28.0)




7.6




Non-GAAP income tax provision:



$

27.1


17.1

%


$

33.4


20.0

%


$

53.1


17.3

%


$

61.9


20.0

%

















NET INCOME:















GAAP net income attributable to Trimble Inc.:



$

63.0




$

94.6




$

124.9




$

156.9





Acquired deferred revenue adjustment

(A)


1.6




1.0




3.3




3.9





Restructuring charges

(B)


5.2




2.9




8.4




6.6





COVID-19 expenses

(C)


(0.2)







3.6








Amortization of purchased intangible assets

(D)


39.8




43.5




80.2




87.8





Stock-based compensation and deferred compensation

(E)


18.6




17.2




29.3




33.5





Acquisition / divestiture items

(F)


4.3




(11.1)




15.1




(9.7)





Amortization of acquired capitalized commissions

(G)


(1.4)




(1.6)




(2.9)




(3.3)





Non-GAAP tax adjustments

(H)-(I)


0.6




(12.6)




(7.9)




(28.3)




Non-GAAP net income attributable to Trimble Inc.:



$

131.5




$

133.9




$

254.0




$

247.4



















DILUTED NET INCOME PER SHARE:












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



$

0.25




$

0.37




$

0.50




$

0.62





Acquired deferred revenue adjustment

(A)


0.01







0.01




0.01





Restructuring charges

(B)


0.02




0.01




0.03




0.03





COVID-19 expenses

(C)








0.01








Amortization of purchased intangible assets

(D)


0.16




0.17




0.32




0.34





Stock-based compensation and deferred compensation

(E)


0.07




0.07




0.12




0.13





Acquisition / divestiture items

(F)


0.02




(0.04)




0.06




(0.04)





Amortization of acquired capitalized commissions

(G)


(0.01)







(0.01)




(0.01)





Non-GAAP tax adjustments

(H)-(I)





(0.05)




(0.03)




(0.11)




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



$

0.52




$

0.53




$

1.01




$

0.97



















ADJUSTED EBITDA:












GAAP operating income:



$

97.6




$

109.7




$

195.9




$

196.0





Acquired deferred revenue adjustment

(A)


1.6




1.0




3.3




3.9





Restructuring charges

(B)


5.2




2.9




8.4




6.6





COVID-19 expenses

(C)


(0.2)







3.6








Amortization of purchased intangible assets

(D)


39.8




43.5




80.2




87.8





Stock-based compensation and deferred compensation

(E)


25.4




18.3




29.9




37.4





Acquisition / divestiture items

(F)


1.9




2.0




12.7




3.1





Amortization of acquired capitalized commissions

(G)


(1.4)




(1.6)




(2.9)




(3.3)




Non-GAAP operating income:



169.9




175.8




331.1




331.5





 Depreciation expense



9.7




10.1




19.5




20.3





Income from equity income investments, net



9.7




12.9




19.1




21.7




Adjusted EBITDA:



$

189.3




$

198.8




$

369.7




$

373.5



FOOTNOTES TO GAAP TO NON-GAAP RECONCILIATION

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