Trimble Announces Fourth Quarter and Full Year 2022 Results and Initiates 2023 Guidance

 



GAAP TO NON-GAAP RECONCILIATION
(Dollars in millions, except per share data)
(Unaudited)









Fourth Quarter of


Years






2022


2021


2022


2021






Dollar
Amount

% of
Revenue


Dollar
Amount

% of
Revenue


Dollar
Amount

% of
Revenue


Dollar
Amount

% of
Revenue

REVENUE:















GAAP revenue:



$    856.5



$    926.0



$ 3,676.3



$ 3,659.1




Purchase accounting adjustments

(A)








0.3



Non-GAAP revenue:



$    856.5



$    926.0



$ 3,676.3



$ 3,659.4


















GROSS MARGIN:















GAAP gross margin:



$    503.1

58.7 %


$    511.5

55.2 %


$ 2,105.6

57.3 %


$ 2,034.7

55.6 %



Purchase accounting adjustments

(A)


21.6



21.6



85.0



88.0




Acquisition / divestiture items

(B)


0.2





0.2






Stock-based compensation /
deferred compensation

(C)


3.4



2.5



12.1



9.8




Restructuring and other costs

(D)


0.7





1.7



0.2



Non-GAAP gross margin:



$    529.0

61.8 %


$    535.6

57.8 %


$ 2,204.6

60.0 %


$ 2,132.7

58.3 %

















OPERATING EXPENSES:















GAAP operating expenses:



$    406.4

47.4 %


$    383.7

41.4 %


$ 1,594.7

43.4 %


$ 1,473.7

40.3 %



Purchase accounting adjustments

(A)


(12.1)



(10.9)



(46.6)



(46.5)




Acquisition / divestiture items

(B)


(12.3)



(11.5)



(32.6)



(21.8)




Stock-based compensation /
deferred compensation

(C)


(25.7)



(27.0)



(99.9)



(118.8)




Restructuring and other costs

(D)


(15.1)



(3.2)



(52.5)



(10.9)



Non-GAAP operating expenses:



$    341.2

39.8 %


$    331.1

35.8 %


$ 1,363.1

37.1 %


$ 1,275.7

34.9 %

















OPERATING INCOME:















GAAP operating income:



$     96.7

11.3 %


$    127.8

13.8 %


$    510.9

13.9 %


$    561.0

15.3 %



Purchase accounting adjustments

(A)


33.7



32.5



131.6



134.5




Acquisition / divestiture items

(B)


12.5



11.5



32.8



21.8




Stock-based compensation /
deferred compensation

(C)


29.1



29.5



112.0



128.6




Restructuring and other costs

(D)


15.8



3.2



54.2



11.1



Non-GAAP operating income:



$    187.8

21.9 %


$    204.5

22.1 %


$    841.5

22.9 %


$    857.0

23.4 %

















NON-OPERATING INCOME (EXPENSE), NET:












GAAP non-operating income
(expense), net:



$      (5.6)



$      (9.7)



$     58.2



$     13.6




Acquisition / divestiture items

(B)


(4.5)



(0.3)



(107.5)



(42.1)




Deferred compensation

(C)


(2.0)



(2.1)



8.5



(6.1)




Restructuring and other costs

(D)


5.9





6.0





Non-GAAP non-operating expense,
net:



$      (6.2)



$    (12.1)



$    (34.8)



$    (34.6)
























GAAP and
Non-GAAP
Tax Rate %



GAAP and
Non-GAAP
Tax Rate %



GAAP and
Non-GAAP
Tax Rate %



GAAP and
Non-GAAP
Tax Rate %







(H)



(H)



(H)



(H)

INCOME TAX PROVISION:












GAAP income tax provision:



$       5.5

6.0 %


$       2.8

2.4 %


$    119.4

21.0 %


$     81.8

14.2 %



Non-GAAP items tax effected

(E)


15.2



11.8



49.9



41.4




Difference in GAAP and Non-
GAAP tax rate

(F)


11.0



5.6



(22.9)



7.5




IP restructuring and tax law
change impacts

(G)




14.4





14.4



Non-GAAP income tax provision:



$     31.7

17.5 %


$     34.6

18.0 %


$    146.4

18.2 %


$    145.1

17.6 %

















NET INCOME:















GAAP net income attributable to
Trimble Inc.:



$     85.6



$    115.3



$    449.7



$    492.7




Purchase accounting adjustments

(A)


33.7



32.5



131.6



134.5




Acquisition / divestiture items

(B)


8.0



11.2



(74.7)



(20.3)




Stock-based compensation /
deferred compensation

(C)


27.1



27.4



120.5



122.5




Restructuring and other costs

(D)


21.7



3.2



60.2



11.1




Non-GAAP tax adjustments

(E) - (G)


(26.2)



(31.8)



(27.0)



(63.3)



Non-GAAP net income attributable
to Trimble Inc.:



$    149.9



$    157.8



$    660.3



$    677.2


















DILUTED NET INCOME PER SHARE:












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



$     0.34



$     0.45



$     1.80



$     1.94




Purchase accounting adjustments

(A)


0.14



0.13



0.53



0.53




Acquisition / divestiture items

(B)


0.03



0.04



(0.30)



(0.08)




Stock-based compensation /
deferred compensation

(C)


0.11



0.11



0.48



0.48




Restructuring and other costs

(D)


0.09



0.01



0.24



0.04




Non-GAAP tax adjustments

(E) - (G)


(0.11)



(0.12)



(0.11)



(0.25)



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



$     0.60



$     0.62



$     2.64



$     2.66


















ADJUSTED EBITDA:












GAAP net income attributable to
Trimble Inc.:



$     85.6



$    115.3



$    449.7



$    492.7




Non-operating income (expense),
net, income tax provision, and net
gain attributable to noncontrolling
interests



11.1



12.5



61.2



68.3



GAAP operating income:



96.7



127.8



510.9



561.0




Purchase accounting adjustments

(A)


33.7



32.5



131.6



134.5




Acquisition / divestiture items

(B)


12.5



11.5



32.8



21.8




Stock-based compensation /
deferred compensation

(C)


29.1



29.5



112.0



128.6




Restructuring and other costs

(D)


15.8



3.2



54.2



11.1



Non-GAAP operating income:



187.8



204.5



841.5



857.0




Depreciation expense and cloud
computing amortization



11.8



11.0



44.7



42.2




Income from equity method
investments, net



8.8



7.4



31.1



37.7



Adjusted EBITDA:



$    208.4

24.3 %


$    222.9

24.1 %


$    917.3

25.0 %


$    936.9

25.6 %






















Year 2023














Low End

High End










FORECASTED DILUTED NET INCOME PER SHARE:











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



$     1.59

$      1.79












Purchase accounting adjustments

(A)


0.53

0.53












Acquisition / divestiture items

(B)


0.04

0.04












Stock-based compensation /
deferred compensation

(C)


0.62

0.62












Restructuring and other costs

(D)


0.07

0.07












Non-GAAP tax adjustments

(E) - (G)


(0.19)

(0.19)











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


$     2.66

$      2.86











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