Trimble Reports First Quarter 2014 Results

 

GAAP TO NON-GAAP RECONCILIATION


(Dollars in thousands, except per share data)


(Unaudited)


















First Quarter of







2014


2013







Dollar

% of


Dollar

% of







Amount

Revenue


Amount

Revenue


GROSS MARGIN:










GAAP gross margin:



$ 326,892

54.1%


$ 286,914

51.6%




Restructuring

( A )


47

0.0%


55

0.0%




Amortization of purchased intangible assets

( B )


20,888

3.5%


19,681

3.6%




Stock-based compensation

( C )


747

0.1%


600

0.1%




Amortization of acquisition-related inventory step-up

( D )


51

0.0%


603

0.1%



Non-GAAP gross margin: 



$ 348,625

57.7%


$ 307,853

55.4%













OPERATING EXPENSES:










GAAP operating expenses:



$ 251,181

41.5%


$ 230,457

41.4%




Restructuring

( A )


(337)

-0.1%


(1,605)

-0.3%




Amortization of purchased intangible assets

( B )


(19,681)

-3.3%


(19,651)

-3.5%




Stock-based compensation

( C )


(9,365)

-1.5%


(8,218)

-1.5%




Acquisition / divestiture items

( E )


(1,396)

-0.2%


(3,418)

-0.6%



Non-GAAP operating expenses:



$ 220,402

36.4%


$ 197,565

35.5%













OPERATING INCOME:










GAAP operating income:



$  75,711

12.5%


$  56,457

10.2%




Restructuring

( A )


384

0.1%


1,660

0.3%




Amortization of purchased intangible assets

( B )


40,569

6.7%


39,332

7.0%




Stock-based compensation

( C )


10,112

1.7%


8,818

1.6%




Amortization of acquisition-related inventory step-up

( D )


51

0.0%


603

0.1%




Acquisition / divestiture items

( E )


1,396

0.2%


3,418

0.6%



Non-GAAP operating income: 



$ 128,223

21.2%


$ 110,288

19.8%













NON-OPERATING INCOME (LOSS), NET:










GAAP non-operating income (loss), net:



$  12,764



$   (2,088)





Acquisition / divestiture items

( E )


1,693



(401)





Gain on an equity sale

( F )


(15,091)



-




Non-GAAP non-operating loss, net: 



$      (634)



$   (2,489)




















GAAP and 



GAAP and 








Non-GAAP



Non-GAAP








Tax Rate %

( I )


Tax Rate %

( I )

INCOME TAX PROVISION:










GAAP income tax provision:



$  20,350

23%


$    5,437

10%




Non-GAAP items tax effected

( G )


11,004



5,343





Tax on gain on an equity sale

( H )


(5,836)



-




Non-GAAP income tax provision: 



$  25,518

20%


$  10,780

10%













NET INCOME:  










GAAP net income attributable to Trimble Navigation Ltd.



$  68,624



$  49,808





Restructuring

( A )


384



1,660





Amortization of purchased intangible assets

( B )


40,569



39,332





Stock-based compensation

( C )


10,112



8,818





Amortization of acquisition-related inventory step-up

( D )


51



603





Acquisition / divestiture items

( E )


3,089



3,017





Gain on an equity sale

( F )


(15,091)



-





Non-GAAP tax adjustments

( G ), ( H )


(5,168)



(5,343)




Non-GAAP net income attributable to Trimble Navigation Ltd.



$ 102,570



$  97,895














DILUTED NET INCOME PER SHARE:










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



$      0.26



$      0.19





Restructuring

( A )


-



0.01





Amortization of purchased intangible assets

( B )


0.16



0.15





Stock-based compensation

( C )


0.04



0.04





Amortization of acquisition-related inventory step-up

( D )


-



-





Acquisition / divestiture items

( E )


0.01



0.01





Gain on an equity sale

( F )


(0.06)



-





Non-GAAP tax adjustments

( G ), ( H )


(0.02)



(0.02)




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



$      0.39



$      0.38














OPERATING LEVERAGE:










Increase in non-GAAP operating income



$  17,935



$    8,554




Increase in revenue



$  48,610



$  53,844




Operating leverage (increase in non-GAAP operating  income as a % of increase in revenue)



 

36.9%



15.9%















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