FTRMB
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
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| Fourth Quarter of |
| Years | ||||
|
| 2022 |
| 2021 |
| 2022 |
| 2021 |
Revenue: |
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|
|
|
|
|
|
Product | $ 462.0 |
| $ 562.0 |
| $ 2,152.0 |
| $ 2,247.5 |
Service | 163.9 |
| 165.1 |
| 641.3 |
| 649.4 |
Subscription | 230.6 |
| 198.9 |
| 883.0 |
| 762.2 |
Total revenue | 856.5 |
| 926.0 |
| 3,676.3 |
| 3,659.1 |
Cost of sales: |
|
|
|
|
|
|
|
Product | 227.1 |
| 281.7 |
| 1,046.1 |
| 1,090.1 |
Service | 55.1 |
| 56.8 |
| 235.7 |
| 229.9 |
Subscription | 49.6 |
| 54.4 |
| 203.9 |
| 216.7 |
Amortization of purchased intangible assets | 21.6 |
| 21.6 |
| 85.0 |
| 87.7 |
Total cost of sales | 353.4 |
| 414.5 |
| 1,570.7 |
| 1,624.4 |
Gross margin | 503.1 |
| 511.5 |
| 2,105.6 |
| 2,034.7 |
Gross margin (%) | 58.7 % |
| 55.2 % |
| 57.3 % |
| 55.6 % |
Operating expense: |
|
|
|
|
|
|
|
Research and development | 134.7 |
| 136.4 |
| 542.1 |
| 536.6 |
| Sales and marketing | 145.7 |
| 133.7 |
| 553.6 |
| 506.8 |
| General and administrative | 104.2 |
| 98.9 |
| 422.2 |
| 369.1 |
| Restructuring charges | 9.7 |
| 2.8 |
| 30.2 |
| 10.3 |
| Amortization of purchased intangible assets | 12.1 |
| 11.9 |
| 46.6 |
| 50.9 |
| Total operating expense | 406.4 |
| 383.7 |
| 1,594.7 |
| 1,473.7 |
| Operating income | 96.7 |
| 127.8 |
| 510.9 |
| 561.0 |
| Non-operating income (expense), net: |
|
|
|
|
|
|
|
| Divestitures (loss) gain, net | (4.1) |
| (0.1) |
| 99.0 |
| 41.4 |
| Interest expense, net | (24.2) |
| (16.0) |
| (71.1) |
| (65.4) |
| Income from equity method investments, net | 8.8 |
| 7.4 |
| 31.1 |
| 37.7 |
| Other income (expense), net | 13.9 |
| (1.0) |
| (0.8) |
| (0.1) |
| Total non-operating (expense) income, net | (5.6) |
| (9.7) |
| 58.2 |
| 13.6 |
| Income before taxes | 91.1 |
| 118.1 |
| 569.1 |
| 574.6 |
| Income tax provision | 5.5 |
| 2.8 |
| 119.4 |
| 81.8 |
| Net income | 85.6 |
| 115.3 |
| 449.7 |
| 492.8 |
| Net gain attributable to noncontrolling interests | — |
| — |
| — |
| 0.1 |
| Net income attributable to Trimble Inc. | $ 85.6 |
| $ 115.3 |
| $ 449.7 |
| $ 492.7 |
| Earnings per share attributable to Trimble Inc.: |
|
|
|
|
|
|
|
| Basic | $ 0.35 |
| $ 0.46 |
| $ 1.81 |
| $ 1.96 |
| Diluted | $ 0.34 |
| $ 0.45 |
| $ 1.80 |
| $ 1.94 |
| Shares used in calculating earnings per share: |
|
|
|
|
|
|
|
| Basic | 246.9 |
| 251.2 |
| 248.6 |
| 251.4 |
| Diluted | 248.3 |
| 254.1 |
| 250.2 |
| 254.3 |
