Trimble Reports Second Quarter 2013 Revenue of $576.3 Million, GAAP EPS of $0.21 and Non-GAAP EPS of $0.38

    

GAAP TO NON-GAAP RECONCILIATION

(Dollars in thousands, except per share data)

(Unaudited)























Second Quarter of


First Two Quarters of







2013


2012


2013


2012







Dollar

% of


Dollar

% of


Dollar

% of


Dollar

% of







Amount

Revenue


Amount

Revenue


Amount

Revenue


Amount

Revenue


GROSS MARGIN:
















GAAP gross margin:



$   302,401

52.5%


$   267,696

51.7%


$   589,315

52.0%


$   526,846

51.7%




Restructuring

( A )


766

0.1%


34

0.0%


821

0.1%


79

0.0%




Amortization of purchased intangible assets

( B )


19,855

3.4%


13,296

2.6%


39,536

3.5%


26,417

2.6%




Stock-based compensation

( C )


607

0.1%


458

0.1%


1,207

0.1%


978

0.1%




Amortization of acquisition-related inventory step-up

( D )


524

0.1%


122

0.0%


1,127

0.1%


130

0.0%



Non-GAAP gross margin: 



$   324,153

56.2%


$   281,606

54.4%


$   632,006

55.8%


$   554,450

54.4%



















OPERATING EXPENSES:
















GAAP operating expenses:



$   237,496

41.2%


$   208,775

40.3%


$   467,953

41.3%


$   408,077

40.0%




Restructuring

( A )


(2,966)

-0.5%


(1,112)

-0.2%


(4,571)

-0.4%


(1,593)

-0.2%




Amortization of purchased intangible assets

( B )


(19,908)

-3.5%


(15,782)

-3.0%


(39,559)

-3.5%


(31,458)

-3.1%




Stock-based compensation

( C )


(7,828)

-1.4%


(7,697)

-1.5%


(16,046)

-1.4%


(14,966)

-1.4%




Acquisition costs

( E )


(2,976)

-0.4%


(7,815)

-1.5%


(6,394)

-0.6%


(12,581)

-1.2%



Non-GAAP operating expenses:



$   203,818

35.4%


$   176,369

34.1%


$   401,383

35.4%


$   347,479

34.1%



















OPERATING INCOME:
















GAAP operating income:



$     64,905

11.3%


$     58,921

11.4%


$   121,362

10.7%


$   118,769

11.6%




Restructuring

( A )


3,732

0.6%


1,146

0.2%


5,392

0.5%


1,672

0.2%




Amortization of purchased intangible assets

( B )


39,763

6.9%


29,078

5.6%


79,095

7.0%


57,875

5.7%




Stock-based compensation

( C )


8,435

1.5%


8,155

1.6%


17,253

1.5%


15,944

1.6%




Amortization of acquisition-related inventory step-up

( D )


524

0.1%


122

0.0%


1,127

0.1%


130

0.0%




Acquisition costs

( E )


2,976

0.5%


7,815

1.5%


6,394

0.6%


12,581

1.2%



Non-GAAP operating income: 



$   120,335

20.9%


$   105,237

20.3%


$   230,623

20.4%


$   206,971

20.3%



















NON-OPERATING INCOME, NET:
















GAAP non-operating income, net:



$      3,786



$      4,370



$       1,698



$      4,849





Acquisition / divestiture gain

( E )


(459)



(557)



(860)



(113)





Foreign exchange loss associated with acquisitions

( F )


-



-



-



1,578




Non-GAAP non-operating income, net: 



$      3,327



$      3,813



$          838



$      6,314


























GAAP and 



GAAP and 



GAAP and 



GAAP and 








Non-GAAP



Non-GAAP



Non-GAAP



Non-GAAP








Tax Rate %

( H )


Tax Rate %

( H )


Tax Rate %

( H )


Tax Rate %

( H )

INCOME TAX PROVISION:
















GAAP income tax provision:



$     13,738

20%


$     10,126

16%


$     19,175

16%


$     20,381

16%




Non-GAAP items tax effected

( G )


10,994



7,321



16,337



14,785




Non-GAAP income tax provision: 



$     24,732

20%


$     17,447

16%


$     35,512

16%


$     35,166

16%



















NET INCOME:  
















GAAP net income attributable to Trimble Navigation Ltd.



$     54,581



$     53,692



$   104,389



$   104,510





Restructuring

( A )


3,732



1,146



5,392



1,672





Amortization of purchased intangible assets

( B )


39,763



29,078



79,095



57,875





Stock-based compensation

( C )


8,435



8,155



17,253



15,944





Amortization of acquisition-related inventory step-up

( D )


524



122



1,127



130





Acquisition / divestiture costs, net

( E )


2,517



7,258



5,534



12,468





Foreign exchange loss associated with acquisitions

( F )


-



-



-



1,578





Non-GAAP items tax affected

( G )


(10,994)



(7,321)



(16,337)



(14,785)




Non-GAAP net income attributable to Trimble Navigation Ltd.



$     98,558



$     92,130



$   196,453



$   179,392




















DILUTED NET INCOME PER SHARE:
















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



$        0.21



$        0.21



$         0.40



$        0.41





Restructuring

( A )


0.01



-



0.02



0.01





Amortization of purchased intangible assets

( B )


0.15



0.11



0.30



0.23





Stock-based compensation

( C )


0.04



0.04



0.07



0.06





Amortization of acquisition-related inventory step-up

( D )


-



-



-



-





Acquisition / divestiture costs, net

( E )


0.01



0.03



0.02



0.05





Foreign exchange loss associated with acquisitions

( F )


-



-



-



0.01





Non-GAAP items tax affected

( G )


(0.04)



(0.03)



(0.06)



(0.07)




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


$        0.38



$        0.36



$         0.75



$        0.70




















OPERATING LEVERAGE:
















Increase in non-GAAP operating income



$     15,098



$     24,910



$     23,652



$     56,542




Increase in revenue



$     58,733



$   110,391



$   112,577



$   228,365




Operating leverage (increase in non-GAAP operating 
















income as a % of increase in revenue)



25.7%



22.6%



21.0%



24.8%




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