Trimble Announces Third Quarter 2024 Results

 



GAAP TO NON-GAAP RECONCILIATION

(Dollars in millions, except per share data)

(Unaudited)









Third Quarter of


First Three Quarters of






2024


2023


2024


2023






Dollar
Amount

% of
Revenue


Dollar
Amount

% of
Revenue


Dollar
Amount

% of
Revenue


Dollar
Amount

% of
Revenue

REVENUE:















GAAP revenue:



$   875.8



$   957.3



$ 2,699.9



$ 2,866.3


















GROSS MARGIN:















GAAP gross margin:



$   575.6

65.7 %


$   590.2

61.7 %


$ 1,715.1

63.5 %


$ 1,755.5

61.2 %



Amortization of purchased intangible assets

(A)


18.9



27.7



74.7



80.9




Acquisition / divestiture items

(B)








0.4




Stock-based compensation / deferred compensation

(C)


4.2



3.8



12.7



11.4




Restructuring and other costs

(D)


0.9



0.1



2.9



(0.6)



Non-GAAP gross margin:



$   599.6

68.5 %


$   621.8

65.0 %


$ 1,805.4

66.9 %


$ 1,847.6

64.5 %

















OPERATING EXPENSES:















GAAP operating expenses:



$   459.2

52.4 %


$   468.9

49.0 %


$ 1,427.9

52.9 %


$ 1,403.6

49.0 %



Amortization of purchased intangible assets

(A)


(26.5)



(31.2)



(79.7)



(74.8)




Acquisition / divestiture items

(B)


(17.4)



(22.0)



(75.2)



(55.1)




Stock-based compensation / deferred compensation

(C)


(33.9)



(34.1)



(102.3)



(104.0)




Restructuring and other costs

(D)


(6.6)



(10.8)



(18.9)



(30.2)



Non-GAAP operating expenses:



$   374.8

42.8 %


$   370.8

38.7 %


$ 1,151.8

42.7 %


$ 1,139.5

39.8 %

















OPERATING INCOME:















GAAP operating income:



$   116.4

13.3 %


$   121.3

12.7 %


$   287.2

10.6 %


$   351.9

12.3 %



Amortization of purchased intangible assets

(A)


45.4



58.9



154.4



155.7




Acquisition / divestiture items

(B)


17.4



22.0



75.2



55.5




Stock-based compensation / deferred compensation

(C)


38.1



37.9



115.0



115.4




Restructuring and other costs

(D)


7.5



10.9



21.8



29.6



Non-GAAP operating income:



$   224.8

25.7 %


$   251.0

26.2 %


$   653.6

24.2 %


$   708.1

24.7 %

















NON-OPERATING (EXPENSE) INCOME, NET:












GAAP non-operating (expense) income, net:



$   (43.3)



$   (41.9)



$ 1,620.9



$   (54.4)




Acquisition / divestiture items

(B)


26.8



(5.1)



(1,692.7)



(37.6)




Deferred compensation

(C)


(1.6)



0.8



(4.7)



(2.9)




Restructuring and other costs

(D)


1.4



0.1



6.8



1.4



Non-GAAP non-operating expense, net:



$   (16.7)



$   (46.1)



$   (69.7)



$   (93.5)
























GAAP
and
Non-
GAAP
Tax Rate
%



GAAP
and
Non-
GAAP
Tax Rate
%



GAAP
and
Non-
GAAP
Tax Rate
%



GAAP
and
Non-
GAAP
Tax Rate
%







(G)



(G)



(G)



(G)

INCOME TAX PROVISION:












GAAP income tax provision:



$     32.5

44.5 %


$       4.5

5.7 %


$   493.9

25.9 %


$     49.2

16.5 %



Non-GAAP items tax effected

(E)


60.1



7.2



(313.5)



48.6




Difference in GAAP and Non-GAAP tax rate

(F)


(56.4)



23.0



(79.4)



9.7



Non-GAAP income tax provision:



$     36.2

17.4 %


$     34.7

16.9 %


$   101.0

17.3 %


$   107.5

17.5 %

















NET INCOME:















GAAP net income:



$     40.6



$     74.9



$ 1,414.2



$   248.3




Amortization of purchased intangible assets

(A)


45.4



58.9



154.4



155.7




Acquisition / divestiture items

(B)


44.2



16.9



(1,617.5)



17.9




Stock-based compensation / deferred compensation

(C)


36.5



38.7



110.3



112.5




Restructuring and other costs

(D)


8.9



11.0



28.6



31.0




Non-GAAP tax adjustments

(E) - (F)


(3.7)



(30.2)



392.9



(58.3)



Non-GAAP net income:



$   171.9



$   170.2



$   482.9



$   507.1


















DILUTED NET INCOME PER SHARE:












GAAP diluted net income per share:



$     0.16



$     0.30



$     5.73



$     1.00




Amortization of purchased intangible assets

(A)


0.18



0.24



0.63



0.63




Acquisition / divestiture items

(B)


0.18



0.07



(6.56)



0.07




Stock-based compensation / deferred compensation

(C)


0.15



0.15



0.45



0.45




Restructuring and other costs

(D)


0.04



0.04



0.12



0.12




Non-GAAP tax adjustments

(E) - (F)


(0.01)



(0.12)



1.59



(0.23)



Non-GAAP diluted net income per share:



$     0.70



$     0.68



$     1.96



$     2.04


















ADJUSTED EBITDA:












GAAP operating income:



$   116.4

13.3 %


$   121.3

12.7 %


$   287.2

10.6 %


$   351.9

12.3 %



Amortization of purchased intangible assets

(A)


45.4



58.9



154.4



155.7




Acquisition / divestiture items

(B)


17.4



22.0



75.2



55.5




Stock-based compensation / deferred compensation

(C)


38.1



37.9



115.0



115.4




Restructuring and other costs

(D)


7.5



10.9



21.8



29.6



Non-GAAP operating income:



224.8

25.7 %


251.0

26.2 %


653.6

24.2 %


708.1

24.7 %



Depreciation expense and cloud computing amortization



11.8



12.0



34.8



35.8




Income from equity method investments, net



0.8



5.2



13.9



24.6



Adjusted EBITDA:



$   237.4

27.1 %


$   268.2

28.0 %


$   702.3

26.0 %


$   768.5

26.8 %






















































Fourth Quarter of 2024


Year 2024












Low End

High End


Low End

High End







FORECASTED DILUTED NET INCOME PER SHARE:











Forecasted GAAP diluted net income per share:



$     0.52

$  0.61


$     6.25

$  6.32









Amortization of purchased intangible assets

(A)


0.18

0.18


0.81

0.81









Acquisition / divestiture items

(B)


0.02

0.02


(6.52)

(6.52)









Stock-based compensation / deferred compensation

(C)


0.18

0.18


0.63

0.63









Restructuring and other costs

(D)


0.02

0.02


0.13

0.13









Non-GAAP tax adjustments

(E) - (F)


(0.09)

(0.10)


1.49

1.50








Forecasted non-GAAP diluted net income per share:


$     0.83

$  0.91


$     2.79

$  2.87







FOOTNOTES TO GAAP TO NON-GAAP RECONCILIATION

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