Trimble Announces First Quarter 2012 Revenue of $502.3 Million, Up 31 Percent; Non-GAAP Earnings per Share of $0.68, Up 36 Percent, as Compared to First Quarter 2011

 

 

GAAP TO NON-GAAP RECONCILIATION

(Dollars in thousands, except per share data)

(Unaudited)

















First Quarter of







2012


2011







Dollar

% of


Dollar

% of







Amount

Revenue


Amount

Revenue


GROSS MARGIN:










GAAP gross margin:



$ 259,150

51.6%


$ 191,530

49.8%




Restructuring

( A )


45

0.0%


99

0.0%




Amortization of purchased intangible assets

( B )


13,121

2.6%


6,888

1.9%




Stock-based compensation

( C )


520

0.1%


468

0.1%




Amortization of acquisition-related inventory step-up

( D )


8

0.0%


508

0.1%



Non-GAAP gross margin: 



$ 272,844

54.3%


$ 199,493

51.9%













OPERATING EXPENSES:










GAAP operating expenses:



$ 199,302

39.7%


$ 147,855

38.5%




Restructuring

( A )


(481)

-0.1%


(767)

-0.2%




Amortization of purchased intangible assets

( B )


(15,676)

-3.2%


(9,177)

-2.4%




Stock-based compensation

( C )


(7,269)

-1.4%


(6,330)

-1.6%




Acquisition costs

( E )


(4,766)

-0.9%


(2,190)

-0.6%



Non-GAAP operating expenses:



$ 171,110

34.1%


$ 129,391

33.7%













OPERATING INCOME:










GAAP operating income:



$  59,848

11.9%


$  43,675

11.4%




Restructuring

( A )


526

0.1%


866

0.2%




Amortization of purchased intangible assets

( B )


28,797

5.7%


16,065

4.2%




Stock-based compensation

( C )


7,789

1.6%


6,798

1.8%




Amortization of acquisition-related inventory step-up

( D )


8

0.0%


508

0.1%




Acquisition costs

( E )


4,766

1.0%


2,190

0.5%



Non-GAAP operating income: 



$ 101,734

20.3%


$  70,102

18.2%













NON-OPERATING INCOME, NET:










GAAP non-operating income, net:



$       479



$    2,606





Acquisition loss

( E )


444



765





Foreign exchange loss associated with acquisition

( F )


1,578



-




Non-GAAP non-operating income, net: 



$    2,501



$    3,371




















GAAP and 



GAAP and 








Non-GAAP



Non-GAAP








Tax Rate %

( H )


Tax Rate %

( H )

INCOME TAX PROVISION:










GAAP income tax provision:



$  10,255

17%


$    7,409

16%




Non-GAAP items tax effected:

( G )


7,464



4,353




Non-GAAP income tax provision: 



$  17,719

17%


$  11,762

16%













NET INCOME:  










GAAP net income attributable to Trimble Navigation Ltd.



$  50,818



$  39,703





Restructuring

( A )


526



866





Amortization of purchased intangible assets

( B )


28,797



16,065





Stock-based compensation

( C )


7,789



6,798





Amortization of acquisition-related inventory step-up

( D )


8



508





Acquisition costs

( E )


5,210



2,955





Foreign exchange loss associated with acquisition

( F )


1,578



-





Non-GAAP tax adjustments

( G )


(7,464)



(4,353)




Non-GAAP net income attributable to Trimble Navigation Ltd.


$  87,262



$  62,542














DILUTED NET INCOME PER SHARE:










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

$      0.40



$      0.32





Restructuring

( A )


-



0.01





Amortization of purchased intangible assets

( B )


0.23



0.13





Stock-based compensation

( C )


0.06



0.05





Amortization of acquisition-related inventory step-up

( D )


-



-





Acquisition costs

( E )


0.04



0.02





Foreign exchange loss associated with acquisition

( F )


0.01



-





Non-GAAP tax adjustments

( G )


(0.06)



(0.03)




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

$       0.68



$      0.50














OPERATING LEVERAGE:










Increase in non-GAAP operating income



$   31,632



$  13,048




Increase in revenue



$ 117,974



$  65,278




Operating leverage (increase in non-GAAP operating 










income as a % of increase in revenue)



26.8%



20.0%




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