Trimble Reports First Quarter 2013 Results

 

GAAP TO NON-GAAP RECONCILIATION

(Dollars in thousands, except per share data)

(Unaudited)

















First Quarter of







2013


2012







Dollar

% of


Dollar

% of







Amount

Revenue


Amount

Revenue


GROSS MARGIN:










GAAP gross margin:



$ 286,914

51.6%


$ 259,150

51.6%




Restructuring

( A )


55

0.0%


45

0.0%




Amortization of purchased intangible assets

( B )


19,681

3.6%


13,121

2.6%




Stock-based compensation

( C )


600

0.1%


520

0.1%




Amortization of acquisition-related inventory step-up

( D )


603

0.1%


8

0.0%



Non-GAAP gross margin: 



$ 307,853

55.4%


$ 272,844

54.3%













OPERATING EXPENSES:










GAAP operating expenses:



$ 230,457

41.4%


$ 199,302

39.7%




Restructuring

( A )


(1,605)

-0.3%


(481)

-0.1%




Amortization of purchased intangible assets

( B )


(19,651)

-3.5%


(15,676)

-3.2%




Stock-based compensation

( C )


(8,218)

-1.5%


(7,269)

-1.4%




Acquisition costs

( E )


(3,418)

-0.6%


(4,766)

-0.9%



Non-GAAP operating expenses:



$ 197,565

35.5%


$ 171,110

34.1%













OPERATING INCOME:










GAAP operating income:



$   56,457

10.2%


$   59,848

11.9%




Restructuring

( A )


1,660

0.3%


526

0.1%




Amortization of purchased intangible assets

( B )


39,332

7.0%


28,797

5.7%




Stock-based compensation

( C )


8,818

1.6%


7,789

1.6%




Amortization of acquisition-related inventory step-up

( D )


603

0.1%


8

0.0%




Acquisition costs

( E )


3,418

0.6%


4,766

1.0%



Non-GAAP operating income: 



$ 110,288

19.8%


$ 101,734

20.3%













NON-OPERATING INCOME, NET:










GAAP non-operating income (expense), net:



$    (2,088)



$       479





Acquisition / divestiture (gain) loss

( E )


(401)



444





Foreign exchange loss associated with acquisitions

( F )


-



1,578




Non-GAAP non-operating income (expense), net: 



$    (2,489)



$     2,501




















GAAP and 



GAAP and 








Non-GAAP



Non-GAAP








Tax Rate %

( H )


Tax Rate %

( H )

INCOME TAX PROVISION:










GAAP income tax provision:



$     5,437

10%


$   10,255

17%




Non-GAAP items tax effected

( G )


5,343



7,464




Non-GAAP income tax provision: 



$   10,780

10%


$   17,719

17%













NET INCOME:  










GAAP net income attributable to Trimble Navigation Ltd.



$   49,808



$   50,818





Restructuring

( A )


1,660



526





Amortization of purchased intangible assets

( B )


39,332



28,797





Stock-based compensation

( C )


8,818



7,789





Amortization of acquisition-related inventory step-up

( D )


603



8





Acquisition / divestiture costs, net

( E )


3,017



5,210





Foreign exchange loss associated with acquisitions

( F )


-



1,578





Non-GAAP items tax affected

( G )


(5,343)



(7,464)




Non-GAAP net income attributable to Trimble Navigation Ltd.



$   97,895



$   87,262














DILUTED NET INCOME PER SHARE:










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



$      0.19



$      0.20





Restructuring

( A )


0.01



-





Amortization of purchased intangible assets

( B )


0.15



0.11





Stock-based compensation

( C )


0.04



0.03





Amortization of acquisition-related inventory step-up

( D )


-



-





Acquisition / divestiture costs, net

( E )


0.01



0.02





Foreign exchange loss associated with acquisitions

( F )


-



0.01





Non-GAAP items tax affected

( G )


(0.02)



(0.03)




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


$      0.38



$      0.34














OPERATING LEVERAGE:










Increase in non-GAAP operating income



$     8,554



$   31,632




Increase in revenue



$   53,844



$ 117,974




Operating leverage (increase in non-GAAP operating 










income as a % of increase in revenue)



15.9%



26.8%




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