GAAP TO NON-GAAP RECONCILIATION | ||||||||||||||||
(Dollars in millions, except per share data) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
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Third Quarter of |
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First Three Quarters of |
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2016 |
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2015 |
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2016 |
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2015 |
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Dollar |
% of |
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Dollar |
% of |
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Dollar |
% of |
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Dollar |
% of |
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Amount |
Revenue |
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Amount |
Revenue |
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Amount |
Revenue |
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Amount |
Revenue |
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GROSS MARGIN: |
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GAAP gross margin: |
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$ 309.0 |
52.9 % |
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$ 298.0 |
53.0 % |
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$ 925.2 |
52.1 % |
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$ 909.1 |
52.5 % |
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Restructuring charges |
( A ) |
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0.5 |
0.1 % |
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0.3 |
0.1 % |
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1.2 |
0.1 % |
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0.8 |
—% |
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Amortization of purchased intangible assets |
( B ) |
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21.8 |
3.7 % |
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23.3 |
4.1 % |
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69.9 |
3.9 % |
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68.8 |
4.0 % |
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Stock-based compensation |
( C ) |
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0.9 |
0.2 % |
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1.0 |
0.2 % |
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2.8 |
0.1 % |
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2.9 |
0.2 % |
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Non-GAAP gross margin: |
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$ 332.2 |
56.9 % |
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$ 322.6 |
57.4 % |
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$ 999.1 |
56.2 % |
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$ 981.6 |
56.7 % |
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OPERATING EXPENSES: |
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GAAP operating expenses: |
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$ 253.7 |
43.4 % |
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$ 252.0 |
44.8 % |
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$ 799.5 |
45.0 % |
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$ 787.6 |
45.5 % |
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Restructuring charges |
( A ) |
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(3.5) |
(0.6)% |
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(2.7) |
(0.5)% |
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(9.8) |
(0.5)% |
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(9.0) |
(0.5)% |
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Amortization of purchased intangible assets |
( B ) |
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(15.5) |
(2.7)% |
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(17.4) |
(3.1)% |
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(47.3) |
(2.7)% |
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(53.4) |
(3.1)% |
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Stock-based compensation |
( C ) |
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(12.4) |
(2.1)% |
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(11.8) |
(2.1)% |
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(37.2) |
(2.1)% |
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(34.4) |
(2.0)% |
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Acquisition / divestiture items |
( D ) |
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(0.9) |
(0.1)% |
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(2.4) |
(0.4)% |
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(3.4) |
(0.2)% |
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(8.0) |
(0.4)% |
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Executive transition costs |
( E ) |
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— |
—% |
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— |
—% |
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(1.0) |
(0.1)% |
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— |
—% |
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Non-GAAP operating expenses: |
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$ 221.4 |
37.9 % |
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$ 217.7 |
38.7 % |
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$ 700.8 |
39.4 % |
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$ 682.8 |
39.5 % |
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OPERATING INCOME: |
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GAAP operating income: |
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$ 55.3 |
9.5 % |
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$ 46.0 |
8.2 % |
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$ 125.7 |
7.1 % |
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$ 121.5 |
7.0 % |
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Restructuring charges |
( A ) |
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4.0 |
0.7 % |
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3.0 |
0.5 % |
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11.0 |
0.6 % |
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9.8 |
0.6 % |
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Amortization of purchased intangible assets |
( B ) |
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37.3 |
6.4 % |
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40.7 |
7.2 % |
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117.2 |
6.6 % |
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122.2 |
7.1 % |
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Stock-based compensation |
( C ) |
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13.3 |
2.3 % |
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12.8 |
2.3 % |
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40.0 |
2.2 % |
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37.3 |
2.1 % |
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Acquisition / divestiture items |
( D ) |
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0.9 |
0.1 % |
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2.4 |
0.5 % |
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3.4 |
0.2 % |
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8.0 |
0.5 % |
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Executive transition costs |
( E ) |
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— |
—% |
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— |
—% |
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1.0 |
0.1 % |
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— |
—% |
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Non-GAAP operating income: |
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$ 110.8 |
19.0 % |
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$ 104.9 |
18.7 % |
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$ 298.3 |
16.8 % |
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$ 298.8 |
17.3 % |
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NON-OPERATING INCOME (EXPENSE), NET: |
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GAAP non-operating income (expense), net: |
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$ (3.1) |
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$ (2.5) |
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$ (5.8) |
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$ 2.0 |
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Acquisition / divestiture items |
( D ) |
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2.8 |
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(0.2) |
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0.1 |
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(5.8) |
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Non-GAAP non-operating income (expense), net: |
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$ (0.3) |
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$ (2.7) |
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$ (5.7) |
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$ (3.8) |
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GAAP and |
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GAAP and |
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GAAP and |
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GAAP and |
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Non-GAAP |
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Non-GAAP |
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Non-GAAP |
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Non-GAAP |
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Tax Rate % |
( H ) |
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Tax Rate % |
( H ) |
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Tax Rate % |
( H ) |
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Tax Rate % |
( H ) |
INCOME TAX PROVISION: |
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GAAP income tax provision: |
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$ 13.0 |
25 % |
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$ 6.5 |
15 % |
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$ 25.4 |
21 % |
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$ 26.7 |
22 % |
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Non-GAAP items tax effected |
( F ) |
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14.6 |
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8.8 |
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36.3 |
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37.8 |
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Difference in GAAP and Non-GAAP tax rate |
( G ) |
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(1.1) |
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9.2 |
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8.5 |
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6.3 |
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Non-GAAP income tax provision: |
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$ 26.5 |
24 % |
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$ 24.5 |
24 % |
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$ 70.2 |
24 % |
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$ 70.8 |
24 % |
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NET INCOME: |
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GAAP net income attributable to Trimble Navigation Limited |
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$ 39.2 |
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$ 37.1 |
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$ 94.7 |
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$ 97.1 |
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Restructuring charges |
( A ) |
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4.0 |
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3.0 |
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11.0 |
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9.8 |
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Amortization of purchased intangible assets |
( B ) |
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37.3 |
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40.7 |
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117.2 |
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122.2 |
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Stock-based compensation |
( C ) |
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13.3 |
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12.8 |
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40.0 |
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37.3 |
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Acquisition / divestiture items |
( D ) |
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3.7 |
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2.2 |
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3.5 |
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2.2 |
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Executive transition costs |
( E ) |
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— |
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— |
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1.0 |
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— |
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Non-GAAP tax adjustments |
( F ) |
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(13.5) |
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(18.0) |
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(44.8) |
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(44.1) |
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Non-GAAP net income attributable to Trimble Navigation Limited |
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$ 84.0 |
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$ 77.8 |
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$ 222.6 |
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$ 224.5 |
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DILUTED NET INCOME PER SHARE: |
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GAAP diluted net income per share attributable to Trimble Navigation Limited |
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$ 0.15 |
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$ 0.14 |
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$ 0.37 |
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$ 0.37 |
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Restructuring charges |
( A ) |
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0.02 |
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0.01 |
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0.05 |
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0.04 |
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Amortization of purchased intangible assets |
( B ) |
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0.15 |
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0.16 |
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0.46 |
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0.47 |
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Stock-based compensation |
( C ) |
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0.05 |
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0.05 |
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0.16 |
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0.14 |
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Acquisition / divestiture items |
( D ) |
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0.01 |
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0.01 |
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0.02 |
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0.01 |
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Executive transition costs |
( E ) |
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— |
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— |
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— |
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— |
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Non-GAAP tax adjustments |
( F ) |
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(0.05) |
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(0.07) |
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(0.18) |
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(0.17) |
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Non-GAAP diluted net income per share attributable to Trimble Navigation Limited |
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$ 0.33 |
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$ 0.30 |
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$ 0.88 |
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$ 0.86 |
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