Trimble Reports First Quarter 2016 Results

 

GAAP TO NON-GAAP RECONCILIATION

(Dollars in millions, except per share data)

(Unaudited)

















First Quarter of







2016


2015







Dollar

% of


Dollar

% of







Amount

Revenue


Amount

Revenue


GROSS MARGIN:










GAAP gross margin:



$  300.6

51.6%


$  307.2

52.7%




Restructuring charges

( A )


0.3

0.1%


0.2

0.0%




Amortization of purchased intangible assets

( B )


24.1

4.0%


22.5

3.9%




Stock-based compensation

( C )


1.0

0.2%


0.9

0.2%



Non-GAAP gross margin: 



$  326.0

55.9%


$  330.8

56.8%













OPERATING EXPENSES:










GAAP operating expenses:



$  270.7

46.4%


$  267.7

45.9%




Restructuring charges

( A )


(1.8)

-0.3%


(1.1)

-0.2%




Amortization of purchased intangible assets

( B )


(16.2)

-2.8%


(18.2)

-3.1%




Stock-based compensation

( C )


(12.7)

-2.2%


(11.6)

-2.0%




Acquisition / divestiture items

( D )


(1.6)

-0.3%


(2.8)

-0.5%




Executive transition costs

( E )


(0.9)

-0.1%


-

0.0%



Non-GAAP operating expenses:



$  237.5

40.7%


$  234.0

40.1%













OPERATING INCOME:










GAAP operating income:



$   29.9

5.1%


$   39.5

6.8%




Restructuring charges

( A )


2.1

0.4%


1.3

0.2%




Amortization of purchased intangible assets

( B )


40.3

6.8%


40.7

7.0%




Stock-based compensation

( C )


13.7

2.4%


12.5

2.1%




Acquisition / divestiture items

( D )


1.6

0.3%


2.8

0.5%




Executive transition costs

( E )


0.9

0.1%


-

0.0%



Non-GAAP operating income: 



$   88.5

15.1%


$   96.8

16.6%













NON-OPERATING INCOME (EXPENSE), NET:










GAAP non-operating income (expense), net:



$    (0.5)



$     4.7





Acquisition / divestiture items

( D )


(3.1)



(5.8)





Debt issuance cost write-off

( F )


-



(0.1)




Non-GAAP non-operating expense, net: 



$    (3.6)



$    (1.2)




















GAAP and 



GAAP and 








Non-GAAP



Non-GAAP








Tax Rate %

( I )


Tax Rate %

( I )

INCOME TAX PROVISION:










GAAP income tax provision:



$     9.7

33%


$   10.2

23%




Non-GAAP items tax effected 

( G )


18.3



11.8





Difference in GAAP and Non-GAAP tax rate

( H )


(7.5)



1.0




Non-GAAP income tax provision: 



$   20.5

24%


$   23.0

24%













NET INCOME:  










GAAP net income attributable to Trimble Navigation Limited



$   19.8



$   34.1





Restructuring charges

( A )


2.1



1.3





Amortization of purchased intangible assets

( B )


40.3



40.7





Stock-based compensation

( C )


13.7



12.5





Acquisition / divestiture items

( D )


(1.5)



(3.0)





Executive transition costs

( E )


0.9



-





Debt issuance cost write-off

( F )


-



(0.1)





Non-GAAP tax adjustments

( G ) + ( H )


(10.8)



(12.8)




Non-GAAP net income attributable to Trimble Navigation Limited



$   64.5



$   72.7














DILUTED NET INCOME PER SHARE:










GAAP diluted net income per share attributable to Trimble Navigation Limited



$   0.08



$   0.13





Restructuring charges

( A )


0.01



-





Amortization of purchased intangible assets

( B )


0.16



0.16





Stock-based compensation

( C )


0.05



0.05





Acquisition / divestiture items

( D )


(0.01)



(0.01)





Executive transition costs

( E )


-



-





Debt issuance cost write-off

( F )


-



-





Non-GAAP tax adjustments

( G ) + ( H )


(0.04)



(0.05)




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



$   0.25



$   0.28




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