FTRMB
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CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
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(In millions, except per share data) |
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(Unaudited) |
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First Quarter of |
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2017 |
2016 |
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Revenue: |
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Product |
$ 405.4 |
$ 393.6 |
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Service |
106.8 |
101.6 |
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Subscription |
101.7 |
87.8 |
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Total revenue |
613.9 |
583.0 |
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Cost of sales: |
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Product |
194.4 |
190.0 |
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Service |
47.1 |
41.6 |
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Subscription |
26.8 |
26.7 |
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Amortization of purchased intangible assets |
19.0 |
24.1 |
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Total cost of sales |
287.3 |
282.4 |
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Gross margin |
326.6 |
300.6 |
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Gross margin (%) |
53.2 % |
51.6 % |
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Operating expense: |
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Research and development |
88.7 |
87.7 |
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Sales and marketing |
94.8 |
96.7 |
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General and administrative |
69.3 |
68.3 |
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Restructuring charges |
2.9 |
1.8 |
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Amortization of purchased intangible assets |
14.3 |
16.2 |
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Total operating expense |
270.0 |
270.7 |
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Operating income |
56.6 |
29.9 |
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Non-operating income (expense), net: |
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Interest expense, net |
(6.1) |
(6.6) |
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Foreign currency transaction gain (loss), net |
1.4 |
(0.1) |
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Income from equity method investments, net |
4.2 |
2.9 |
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Other income, net |
9.5 |
3.3 |
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Total non-operating income (expense), net |
9.0 |
(0.5) |
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Income before taxes |
65.6 |
29.4 |
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Income tax provision |
15.1 |
9.7 |
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Net income |
50.5 |
19.7 |
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Less: Net loss attributable to noncontrolling interests |
— |
(0.1) |
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Net income attributable to Trimble Inc. |
$ 50.5 |
$ 19.8 |
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Earnings per share attributable to Trimble Inc.: |
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Basic |
$ 0.20 |
$ 0.08 |
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Diluted |
$ 0.20 |
$ 0.08 |
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Shares used in calculating earnings per share: |
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Basic |
252.0 |
251.0 |
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Diluted |
255.9 |
254.0 |
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