Trimble Reports Fourth Quarter and Full Year 2014 Results

 

 

GAAP TO NON-GAAP RECONCILIATION

(Dollars in thousands, except per share data)

(Unaudited)

                                 
         

Fourth Quarter of

 

Fiscal Years

 
         

2014

 

2013

 

2014

 

2013

 
         

Dollar

% of

 

Dollar

% of

 

Dollar

% of

 

Dollar

% of

 
         

Amount

Revenue

 

Amount

Revenue

 

Amount

Revenue

 

Amount

Revenue

 

GROSS MARGIN:

                           
 

GAAP gross margin:

   

$ 292,608

51.9%

 

$319,454

53.3%

 

$1,290,844

53.9%

 

$1,203,822

52.6%

 
   

Restructuring

( A )

 

38

0.0%

 

31

0.0%

 

363

0.0%

 

860

0.0%

 
   

Amortization of purchased intangible assets

( B )

 

21,950

3.9%

 

21,181

3.6%

 

82,913

3.5%

 

81,119

3.6%

 
   

Stock-based compensation

( C )

 

898

0.2%

 

757

0.1%

 

3,184

0.1%

 

2,573

0.1%

 
   

Amortization of acquisition-related inventory step-up

( D )

 

154

0.0%

 

-

0.0%

 

816

0.0%

 

1,505

0.1%

 
 

Non-GAAP gross margin: 

   

$ 315,648

56.0%

 

$ 341,423

57.0%

 

$1,378,120

57.5%

 

$1,289,879

56.4%

 
                                 

OPERATING EXPENSES:

                           
 

GAAP operating expenses:

   

$ 215,719

38.3%

 

$252,108

42.1%

 

$1,030,021

43.0%

 

$952,085

41.6%

 
   

Restructuring

( A )

 

(396)

-0.1%

 

(1,358)

-0.2%

 

(1,741)

-0.1%

 

(5,960)

-0.3%

 
   

Amortization of purchased intangible assets

( B )

 

(18,793)

-3.3%

 

(20,947)

-3.5%

 

(75,599)

-3.1%

 

(81,722)

-3.5%

 
   

Stock-based compensation

( C )

 

(10,375)

-1.9%

 

(9,527)

-1.6%

 

(40,214)

-1.7%

 

(33,869)

-1.4%

 
   

Acquisition / divestiture items

( E )

 

(6,033)

-1.1%

 

(3,910)

-0.7%

 

(13,449)

-0.6%

 

(13,195)

-0.6%

 
   

Litigation

( H )

 

51,300

9.1%

 

-

0.0%

 

(711)

0.0%

 

(1,335)

-0.1%

 
 

Non-GAAP operating expenses:

   

$ 231,422

41.0%

 

$ 216,366

36.1%

 

$   898,307

37.5%

 

$816,004

35.7%

 
                                 

OPERATING INCOME:

                           
 

GAAP operating income:

   

$   76,889

13.6%

 

$67,346

11.2%

 

$   260,823

10.9%

 

$251,737

11.0%

 
   

Restructuring

( A )

 

434

0.1%

 

1,389

0.2%

 

2,104

0.1%

 

6,820

0.3%

 
   

Amortization of purchased intangible assets

( B )

 

40,743

7.2%

 

42,128

7.0%

 

158,512

6.6%

 

162,841

7.1%

 
   

Stock-based compensation

( C )

 

11,273

2.0%

 

10,284

1.7%

 

43,398

1.8%

 

36,442

1.5%

 
   

Amortization of acquisition-related inventory step-up

( D )

 

154

0.0%

 

-

0.0%

 

816

0.0%

 

1,505

0.1%

 
   

Acquisition / divestiture items

( E )

 

6,033

1.1%

 

3,910

0.8%

 

13,449

0.6%

 

13,195

0.6%

 
   

Litigation

( H )

 

(51,300)

-9.1%

 

-

0.0%

 

711

0.0%

 

1,335

0.1%

 
 

Non-GAAP operating income: 

   

$   84,226

14.9%

 

$ 125,057

20.9%

 

$   479,813

20.0%

 

$473,875

20.7%

 
                                 

NON-OPERATING INCOME (LOSS), NET:

                           
 

GAAP non-operating income (loss), net:

   

$    (5,272)

   

($1,054)

   

$       5,192

   

$1,127

   
   

Acquisition / divestiture items

( E )

 

(3,105)

   

2,276

   

2,899

   

1,430

   
   

Gain on an equity sale

( F )

 

-

   

-

   

(15,091)

   

-

   
   

Debt issuance cost write-off

( G )

 

4,205

   

-

   

4,205

   

-

   
 

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

   

$    (4,172)

   

$    1,222

   

$      (2,795)

   

$2,557

   
                                 
           

GAAP and 

   

GAAP and 

   

GAAP and 

   

GAAP and 

 
           

Non-GAAP

   

Non-GAAP

   

Non-GAAP

   

Non-GAAP

 
           

Tax Rate %

( L )

 

Tax Rate %

( L )

 

Tax Rate %

( L )

 

Tax Rate %

( L )

INCOME TAX PROVISION:

                           
 

GAAP income tax provision:

   

$   15,756

22%

 

$6,631

10%

 

$     52,127

20%

 

$34,698

14%

 
   

Non-GAAP items tax effected

( I )

 

7,982

   

6,001

   

44,342

   

30,064

   
   

Tax on gain on an equity sale

( J )

 

-

   

-

   

(5,836)

   

-

   
   

Tax on RDS litigation

( K )

 

(19,840)

   

-

   

-

   

-

   
 

Non-GAAP income tax provision: 

   

$     3,898

5%

 

$  12,632

10%

 

$     90,633

19%

 

$     64,762

14%

 
                                 

NET INCOME:  

                           
 

GAAP net income attributable to Trimble Navigation Ltd.

   

$   55,828

   

$  59,997

   

$   214,118

   

$   218,855

   
   

Restructuring

( A )

 

434

   

1,389

   

2,104

   

6,820

   
   

Amortization of purchased intangible assets

( B )

 

40,743

   

42,128

   

158,512

   

162,841

   
   

Stock-based compensation

( C )

 

11,273

   

10,284

   

43,398

   

36,442

   
   

Amortization of acquisition-related inventory step-up

( D )

 

154

   

-

   

816

   

1,505

   
   

Acquisition / divestiture items

( E )

 

2,928

   

6,186

   

16,348

   

14,625

   
   

Gain on an equity sale

( F )

 

-

   

-

   

(15,091)

   

-

   
   

Debt issuance cost write-off

( G )

 

4,205

   

-

   

4,205

   

-

   
   

Litigation

( H )

 

(51,300)

   

-

   

711

   

1,335

   
   

Non-GAAP tax adjustments

(I), (J), (K)

 

11,858

   

(6,001)

   

(38,506)

   

(30,064)

   
 

Non-GAAP net income attributable to Trimble Navigation Ltd.

   

$   76,123

   

$ 113,983

   

$   386,615

   

$   412,359

   
                                 

DILUTED NET INCOME PER SHARE:

                           
 

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

   

$      0.21

   

$0.23

   

$        0.81

   

$0.84

   
   

Restructuring

( A )

 

-

   

-

   

0.01

   

0.03

   
   

Amortization of purchased intangible assets

( B )

 

0.16

   

0.16

   

0.60

   

0.62

   
   

Stock-based compensation

( C )

 

0.04

   

0.04

   

0.16

   

0.14

   
   

Amortization of acquisition-related inventory step-up

( D )

 

-

   

-

   

-

   

-

   
   

Acquisition / divestiture items

( E )

 

0.01

   

0.02

   

0.06

   

0.06

   
   

Gain on an equity sale

( F )

 

-

   

-

   

(0.06)

   

-

   
   

Debt issuance cost write-off

( G )

 

0.02

   

-

   

0.02

   

-

   
   

Litigation

( H )

 

(0.20)

   

-

   

-

   

0.01

   
   

Non-GAAP tax adjustments

(I), (J), (K)

 

0.05

   

(0.02)

   

(0.14)

   

(0.12)

   
 

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

 

$      0.29

   

$      0.43

   

$        1.46

   

$        1.58

   
                                 

OPERATING LEVERAGE:

                           
 

Increase in non-GAAP operating income

   

$  (40,831)

   

$  39,997

   

$       5,938

   

$     76,538

   
 

Increase in revenue

   

$  (35,388)

   

$  83,695

   

$   107,422

   

$   248,011

   
 

Operating leverage (increase in non-GAAP operating 

                           
 

income as a % of increase in revenue)

   

N/A

   

47.8%

   

5.5%

   

30.9%

   

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