TRIMBLE, INC. REVENUE SUPPLEMENTAL INFORMATION
(Dollars in millions)
(Unaudited)
Three Months | ||||||||||||||||||||||||||||||
Three Months Ended | Fiscal | Three Months Ended | Fiscal | Ended | ||||||||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Year | Q1 | Q2 | Q3 | Q4 | Year | Q1 | ||||||||||||||||||||
2018 | 2018 | 2018 | 2018 | 2018 | 2019 | 2019 | 2019 | 2019 | 2019 | 2020 | ||||||||||||||||||||
Revenue by Type (GAAP)* | ||||||||||||||||||||||||||||||
Hardware | $ | 390.3 | $ | 403.4 | $ | 379.5 | $ | 342.0 | $ | 1,515.2 | $ | 362.3 | $ | 383.9 | $ | 337.6 | $ | 330.7 | $ | 1,414.5 | $ | 334.0 | ||||||||
Software | 107.5 | 127.6 | 120.2 | 129.4 | 484.7 | 126.1 | 137.2 | 121.2 | 135.8 | 520.3 | 129.8 | |||||||||||||||||||
Recurring | 202.6 | 209.6 | 242.9 | 258.5 | 913.6 | 263.7 | 273.2 | 272.3 | 303.0 | 1,112.2 | 284.9 | |||||||||||||||||||
Professional Service and Other | 41.8 | 44.9 | 52.6 | 55.6 | 194.9 | 49.5 | 60.5 | 52.8 | 54.5 | 217.3 | 43.6 | |||||||||||||||||||
Total Company | $ | 742.2 | $ | 785.5 | $ | 795.2 | $ | 785.5 | $ | 3,108.4 | $ | 801.6 | $ | 854.8 | $ | 783.9 | $ | 824.0 | $ | 3,264.3 | $ | 792.3 | ||||||||
Adjustments to reconcile to Non-GAAP | ||||||||||||||||||||||||||||||
Elimination of deferred revenue adjustment in | ||||||||||||||||||||||||||||||
connection with acquisitions | $ | 2.9 | $ | 3.8 | $ | 9.5 | $ | 7.4 | $ | 23.6 | $ | 2.9 | $ | 1.0 | $ | 0.4 | $ | 2.7 | $ | 7.0 | $ | 1.7 | ||||||||
Revenue by Type (Non-GAAP)* | ||||||||||||||||||||||||||||||
Hardware | $ | 390.3 | $ | 403.4 | $ | 379.5 | $ | 342.0 | $ | 1,515.2 | $ | 362.3 | $ | 383.9 | $ | 337.6 | $ | 330.7 | $ | 1,414.5 | $ | 334.0 | ||||||||
Software | 107.5 | 127.6 | 120.2 | 129.4 | 484.7 | 126.1 | 137.2 | 121.2 | 137.7 | 522.2 | 130.8 | |||||||||||||||||||
Recurring | 205.5 | 213.4 | 252.4 | 265.9 | 937.2 | 266.6 | 274.2 | 272.7 | 303.8 | 1,117.3 | 285.6 | |||||||||||||||||||
Professional Service and Other | 41.8 | 44.9 | 52.6 | 55.6 | 194.9 | 49.5 | 60.5 | 52.8 | 54.5 | 217.3 | 43.6 | |||||||||||||||||||
Total Company | $ | 745.1 | $ | 789.3 | $ | 804.7 | $ | 792.9 | $ | 3,132.0 | $ | 804.5 | $ | 855.8 | $ | 784.3 | $ | 826.7 | $ | 3,271.3 | $ | 794.0 | ||||||||
Revenue by Type (Non-GAAP % of Total)* | ||||||||||||||||||||||||||||||
Hardware | 52 % | 51 % | 47 % | 43 % | 48 % | 45 % | 45 % | 43 % | 40 % | 43 % | 42 % | |||||||||||||||||||
Software/Services/Recurring | 48 % | 49 % | 53 % | 57 % | 52 % | 55 % | 55 % | 57 % | 60 % | 57 % | 58 % | |||||||||||||||||||
Total Company | 100 % | 100 % | 100 % | 100 % | 100 % | 100 % | 100 % | 100 % | 100 % | 100 % | 100 % | |||||||||||||||||||
Revenue by Segment (Non-GAAP)** | ||||||||||||||||||||||||||||||
Buildings and Infrastructure | $ | 227.2 | $ | 277.7 | $ | 295.8 | $ | 287.0 | $ | 1,087.7 | $ | 294.7 | $ | 339.9 | $ | 309.8 | $ | 313.8 | $ | 1,258.2 | $ | 296.9 | ||||||||
Geospatial | 174.5 | 184.4 | 185.4 | 178.8 | 723.1 | 161.2 | 164.4 | 155.1 | 168.7 | 649.4 | 146.2 | |||||||||||||||||||
Resources and Utilities | 159.5 | 145.3 | 133.2 | 130.1 | 568.1 | 159.5 | 152.7 | 121.1 | 138.1 | 571.4 | 180.3 | |||||||||||||||||||
Transportation | 183.9 | 181.9 | 190.3 | 197.0 | 753.1 | 189.1 | 198.8 | 198.3 | 206.1 | 792.3 | 170.6 | |||||||||||||||||||
Total Segment | $ | 745.1 | $ | 789.3 | $ | 804.7 | $ | 792.9 | $ | 3,132.0 | $ | 804.5 | $ | 855.8 | $ | 784.3 | $ | 826.7 | $ | 3,271.3 | $ | 794.0 | ||||||||
Revenue by Geography (Non-GAAP) ** | ||||||||||||||||||||||||||||||
North America | $ | 384.9 | $ | 415.2 | $ | 451.4 | $ | 418.5 | $ | 1,670.0 | $ | 422.4 | $ | 485.3 | $ | 437.7 | $ | 449.9 | $ | 1,795.3 | $ | 414.4 | ||||||||
Europe | 226.8 | 223.2 | 203.5 | 220.0 | 873.5 | 248.6 | 236.9 | 205.5 | 229.2 | 920.2 | 241.8 | |||||||||||||||||||
Asia Pacific | 94.5 | 107.4 | 110.8 | 105.6 | 418.3 | 93.4 | 90.0 | 91.4 | 100.3 | 375.1 | 93.8 | |||||||||||||||||||
Rest of World | 38.9 | 43.5 | 39.0 | 48.8 | 170.2 | 40.1 | 43.6 | 49.7 | 47.3 | 180.7 | 44.0 | |||||||||||||||||||
Total Segment | $ | 745.1 | $ | 789.3 | $ | 804.7 | $ | 792.9 | $ | 3,132.0 | $ | 804.5 | $ | 855.8 | $ | 784.3 | $ | 826.7 | $ | 3,271.3 | $ | 794.0 | ||||||||
Revenue by Geography (Non-GAAP % of Total)*** | ||||||||||||||||||||||||||||||
North America | 52 % | 53 % | 56 % | 53 % | 53 % | 52 % | 57 % | 56 % | 54 % | 55 % | 52 % | |||||||||||||||||||
Europe | 30 % | 28 % | 25 % | 28 % | 28 % | 31 % | 28 % | 26 % | 28 % | 28 % | 30 % | |||||||||||||||||||
Asia Pacific | 13 % | 14 % | 14 % | 13 % | 13 % | 12 % | 10 % | 12 % | 12 % | 11 % | 12 % | |||||||||||||||||||
Rest of World | 5 % | 5 % | 5 % | 6 % | 6 % | 5 % | 5 % | 6 % | 6 % | 6 % | 6 % | |||||||||||||||||||
Total Segment | 100 % | 100 % | 100 % | 100 % | 100 % | 100 % | 100 % | 100 % | 100 % | 100 % | 100 % | |||||||||||||||||||
Annualized Recurring Revenue (Non-GAAP)*** | ||||||||||||||||||||||||||||||
ARR | $ | 824.3 | $ | 855.9 | $ | 1,012.4 | $ | 1,066.5 | $ | 1,069.3 | $ | 1,099.8 | $ | 1,093.8 | $ | 1,131.5 | $ | 1,145.5 |
- Recurring revenue includes subscription, maintenance and support revenues. Software includes perpetual and term licenses. Services includes professional and other services.
- Represents reportable operating segments under its management reporting system.
- Annualized Recurring Revenue (ARR) for a given quarter is calculated by dividingnon-GAAP recurring revenue, which includes subscription and maintenance and support, for the quarter by the number of days in the quarter, 1
and multiplying by 365.
GROSS MARGIN SUPPLEMENTAL INFORMATION
(Dollars in millions)
(Unaudited)
Three | ||||||||||||||||||||||||||||
Months | ||||||||||||||||||||||||||||
Three Months Ended | Fiscal | Three Months Ended | Fiscal | Ended | ||||||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Year | Q1 | Q2 | Q3 | Q4 | Year | Q1 | ||||||||||||||||||
2018 | 2018 | 2018 | 2018 | 2018 | 2019 | 2019 | 2019 | 2019 | 2019 | 2020 | ||||||||||||||||||
Gross Margin by Type (GAAP) | ||||||||||||||||||||||||||||
Hardware | $ | 168.3 | $ | 176.5 | $ | 158.3 | $ | 140.5 | $ | 643.6 | $ | 148.0 | $ | 149.4 | $ | 124.9 | $ | 126.0 | $ | 548.3 | $ | 142.0 | ||||||
Software | 94.1 | 104.3 | 103.9 | 115.1 | 417.4 | 109.7 | 114.7 | 103.1 | 119.6 | 447.1 | 111.7 | |||||||||||||||||
Recurring | 147.0 | 155.1 | 174.3 | 188.6 | 665.0 | 190.7 | 200.8 | 197.2 | 218.3 | 807.0 | 204.7 | |||||||||||||||||
Professional Service and Other | 9.9 | 10.7 | 18.6 | 19.0 | 58.2 | 14.1 | 19.5 | 20.1 | 18.9 | 72.6 | 6.1 | |||||||||||||||||
Amortization of purchased intangible assets | (23.1) | (23.9) | (28.2) | (28.0) | (103.2) | (24.2) | (23.8) | (23.3) | (22.8) | (94.1) | (23.5) | |||||||||||||||||
Total Company | $ | 396.2 | $ | 422.7 | $ | 426.9 | $ | 435.2 | $ | 1,681.0 | $ | 438.3 | $ | 460.6 | $ | 422.0 | $ | 460.0 | $ | 1,780.9 | $ | 441.0 | ||||||
Adjustments to reconcile to Non-GAAP | ||||||||||||||||||||||||||||
Acquired deferred revenue adjustment | $ | 2.9 | $ | 3.8 | $ | 9.5 | $ | 7.4 | $ | 23.6 | $ | 2.9 | $ | 1.0 | $ | 0.4 | $ | 2.7 | $ | 7.0 | $ | 1.7 | ||||||
Restructuring charges | (0.2) | 0.6 | 0.1 | - | 0.5 | 0.2 | - | - | 0.9 | 1.1 | 0.3 | |||||||||||||||||
Amortization of purchased intangible assets | 23.1 | 23.9 | 28.2 | 28.0 | 103.2 | 24.2 | 23.8 | 23.3 | 22.8 | 94.1 | 23.5 | |||||||||||||||||
Stock-based compensation and deferred | ||||||||||||||||||||||||||||
compensation | 1.1 | 1.1 | 1.2 | 1.1 | 4.5 | 1.4 | 1.5 | 1.5 | 1.5 | 5.9 | 0.7 | |||||||||||||||||
Amortization of acquisition-related inventory step- | ||||||||||||||||||||||||||||
up | - | - | - | 0.2 | 0.2 | - | - | - | - | - | - | |||||||||||||||||
Acquisition / divestiture items | 2.0 | - | - | - | 2.0 | - | - | - | - | - | 1.7 | |||||||||||||||||
Total Adjustments | $ | 28.9 | $ | 29.4 | $ | 39.0 | $ | 36.7 | $ | 134.0 | $ | 28.7 | $ | 26.3 | $ | 25.2 | $ | 27.9 | $ | 108.1 | $ | 27.9 | ||||||
Gross Margin by Type (Non-GAAP) | ||||||||||||||||||||||||||||
Hardware | $ | 168.6 | $ | 177.3 | $ | 159.0 | $ | 141.1 | $ | 646.0 | $ | 148.8 | $ | 150.0 | $ | 125.0 | $ | 125.4 | $ | 549.2 | $ | 138.9 | ||||||
Software | 94.2 | 104.3 | 103.9 | 115.3 | 417.7 | 109.6 | 114.9 | 103.6 | 121.9 | 450.0 | 114.4 | |||||||||||||||||
Recurring | 152.3 | 159.4 | 184.1 | 196.2 | 692.0 | 193.9 | 202.4 | 198.2 | 220.9 | 815.4 | 207.8 | |||||||||||||||||
Professional Service and Other | 10.0 | 11.1 | 18.9 | 19.3 | 59.3 | 14.7 | 19.6 | 20.4 | 19.7 | 74.4 | 7.8 | |||||||||||||||||
Total Company | $ | 425.1 | $ | 452.1 | $ | 465.9 | $ | 471.9 | $ | 1,815.0 | $ | 467.0 | $ | 486.9 | $ | 447.2 | $ | 487.9 | $ | 1,889.0 | $ | 468.9 | ||||||
Gross Margin % by Type (Non-GAAP) | ||||||||||||||||||||||||||||
Hardware | 43.2 % | 44.0 % | 41.9 % | 41.3 % | 42.6 % | 41.1 % | 39.1 % | 37.0 % | 37.9 % | 38.8 % | 41.6 % | |||||||||||||||||
Software | 87.6 % | 81.7 % | 86.4 % | 89.1 % | 86.2 % | 86.9 % | 83.7 % | 85.5 % | 88.5 % | 86.2 % | 87.5 % | |||||||||||||||||
Recurring | 74.1 % | 74.7 % | 72.9 % | 73.8 % | 73.8 % | 72.7 % | 73.8 % | 72.7 % | 72.7 % | 73.0 % | 72.8 % | |||||||||||||||||
Professional Service and Other | 23.9 % | 24.7 % | 35.9 % | 34.7 % | 30.4 % | 29.7 % | 32.4 % | 38.6 % | 36.1 % | 34.2 % | 17.9 % | |||||||||||||||||
Total Company | 57.1 % | 57.3 % | 57.9 % | 59.5 % | 58.0 % | 58.0 % | 56.9 % | 57.0 % | 59.0 % | 57.7 % | 59.1 % | |||||||||||||||||
2 |
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(In millions, except per share data)
(Unaudited)
Three | ||||||||||||||||||||||||
Months | ||||||||||||||||||||||||
Three Months Ended | Fiscal | Three Months Ended | Fiscal | Ended | ||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Year | Q1 | Q2 | Q3 | Q4 | Year | Q1 | ||||||||||||||
2018 | 2018 | 2018 | 2018 | 2018 | 2019 | 2019 | 2019 | 2019 | 2019 | 2020 | ||||||||||||||
GAAP Income Statement | ||||||||||||||||||||||||
Revenue | $ | 742.2 | $ | 785.5 | $ | 795.2 | $ | 785.5 | $ | 3,108.4 | $ | 801.6 | $ | 854.8 | $ | 783.9 | $ | 824.0 | $ | 3,264.3 | $ | 792.3 | ||
Cost of sales | 346.0 | 362.8 | 368.3 | 350.3 | 1,427.4 | 363.3 | 394.2 | 361.9 | 364.0 | 1,483.4 | 351.3 | |||||||||||||
Gross margin | 396.2 | 422.7 | 426.9 | 435.2 | 1,681.0 | 438.3 | 460.6 | 422.0 | 460.0 | 1,780.9 | 441.0 | |||||||||||||
Operating expense | 332.0 | 333.2 | 349.5 | 345.6 | 1,360.3 | 352.0 | 350.9 | 330.3 | 371.8 | 1,405.0 | 342.7 | |||||||||||||
Operating income | 64.2 | 89.5 | 77.4 | 89.6 | 320.7 | 86.3 | 109.7 | 91.7 | 88.2 | 375.9 | 98.3 | |||||||||||||
Non-operating income (expense), net | 2.5 | (10.3) | (13.3) | (21.6) | (42.7) | (11.1) | 5.7 | (12.8) | (12.9) | (31.1) | (18.9) | |||||||||||||
Income before taxes | 66.7 | 79.2 | 64.1 | 68.0 | 278.0 | 75.2 | 115.4 | 78.9 | 75.3 | 344.8 | 79.4 | |||||||||||||
Income tax provision (benefit) | 8.0 | 15.1 | (9.6) | (18.8) | (5.3) | 12.8 | 20.8 | 0.8 | (204.1) | (169.7) | 17.5 | |||||||||||||
Net income (loss) | 58.7 | 64.1 | 73.7 | 86.8 | 283.3 | 62.4 | 94.6 | 78.1 | 279.4 | 514.5 | 61.9 | |||||||||||||
Less: Net gain attributable to noncontrolling interests | 0.2 | - | - | 0.3 | 0.5 | 0.1 | - | - | 0.1 | 0.2 | - | |||||||||||||
Net income (loss) attributable to Trimble Inc. | $ | 58.5 | $ | 64.1 | $ | 73.7 | $ | 86.5 | $ | 282.8 | $ | 62.3 | $ | 94.6 | $ | 78.1 | $ | 279.3 | $ | 514.3 | $ | 61.9 | ||
Diluted income (loss) per share attributable to Trimble Inc. | $ | 0.23 | $ | 0.25 | $ | 0.29 | $ | 0.34 | $ | 1.12 | $ | 0.25 | $ | 0.37 | $ | 0.31 | $ | 1.11 | $ | 2.03 | $ | 0.25 | ||
Non-GAAP Income Statement * | ||||||||||||||||||||||||
Revenue | $ | 745.1 | $ | 789.3 | $ | 804.7 | $ | 792.9 | $ | 3,132.0 | $ | 804.5 | $ | 855.8 | $ | 784.3 | $ | 826.7 | $ | 3,271.3 | $ | 794.0 | ||
Cost of sales | 320.0 | 337.2 | 338.8 | 321.0 | 1,317.0 | 337.5 | 368.9 | 337.1 | 338.8 | 1,382.3 | 325.1 | |||||||||||||
Gross margin | 425.1 | 452.1 | 465.9 | 471.9 | 1,815.0 | 467.0 | 486.9 | 447.2 | 487.9 | 1,889.0 | 468.9 | |||||||||||||
Operating expense | 283.1 | 288.0 | 297.6 | 303.6 | 1,172.3 | 311.3 | 311.1 | 285.3 | 307.3 | 1,215.0 | 307.7 | |||||||||||||
Operating income | 142.0 | 164.1 | 168.3 | 168.3 | 642.7 | 155.7 | 175.8 | 161.9 | 180.6 | 674.0 | 161.2 | |||||||||||||
Non-operating expense, net | (0.4) | (3.9) | (13.8) | (17.0) | (35.1) | (13.6) | (8.5) | (12.4) | (15.0) | (49.5) | (12.7) | |||||||||||||
Income before taxes | 141.6 | 160.2 | 154.5 | 151.3 | 607.6 | 142.1 | 167.3 | 149.5 | 165.6 | 624.5 | 148.5 | |||||||||||||
Income tax provision | 26.9 | 30.5 | 29.3 | 28.7 | 115.4 | 28.5 | 33.4 | 28.4 | 31.5 | 121.8 | 26.0 | |||||||||||||
Net income | 114.7 | 129.7 | 125.2 | 122.6 | 492.2 | 113.6 | 133.9 | 121.1 | 134.1 | 502.7 | 122.5 | |||||||||||||
Less: Net gain attributable to noncontrolling interests | 0.2 | - | - | 0.3 | 0.5 | 0.1 | - | - | 0.1 | 0.2 | - | |||||||||||||
Net income attributable to Trimble Inc. | $ | 114.5 | $ | 129.7 | $ | 125.2 | $ | 122.3 | $ | 491.7 | $ | 113.5 | $ | 133.9 | $ | 121.1 | $ | 134.0 | $ | 502.5 | $ | 122.5 | ||
Diluted income per share attributable to Trimble Inc. | $ | 0.45 | $ | 0.51 | $ | 0.49 | $ | 0.48 | $ | 1.94 | $ | 0.45 | $ | 0.53 | $ | 0.48 | $ | 0.53 | $ | 1.99 | $ | 0.49 | ||
Adjusted EBITDA ** | ||||||||||||||||||||||||
GAAP operating income | $ | 64.2 | $ | 89.5 | $ | 77.4 | $ | 89.6 | $ | 320.7 | $ | 86.3 | $ | 109.7 | $ | 91.7 | $ | 88.2 | $ | 375.9 | $ | 98.3 | ||
Acquired deferred revenue adjustment | 2.9 | 3.8 | 9.5 | 7.4 | 23.6 | 2.9 | 1.0 | 0.4 | 2.7 | 7.0 | 1.7 | |||||||||||||
Restructuring charges | 1.4 | 2.8 | 2.6 | 1.9 | 8.7 | 3.7 | 2.9 | 3.6 | 17.7 | 27.9 | 3.2 | |||||||||||||
COVID-19 expenses | - | - | - | - | - | - | - | - | - | - | 3.8 | |||||||||||||
Amortization of purchased intangible assets | 40.5 | 42.6 | 49.8 | 46.7 | 179.6 | 44.3 | 43.5 | 40.8 | 39.2 | 167.8 | 40.4 | |||||||||||||
Stock-based compensation and deferred compensation | 17.5 | 17.9 | 20.1 | 20.2 | 75.7 | 19.1 | 18.3 | 18.5 | 25.3 | 81.2 | 4.5 | |||||||||||||
Amortization of acquisition-related inventory step-up | - | - | - | 0.2 | 0.2 | - | - | - | - | - | - | |||||||||||||
Acquisition / divestiture items | 16.0 | 8.1 | 10.7 | 4.1 | 38.9 | 1.1 | 2.0 | 8.4 | 9.0 | 20.5 | 10.8 | |||||||||||||
Amortization of acquired capitalized commissions | (0.5) | (0.6) | (1.8) | (1.8) | (4.7) | (1.7) | (1.6) | (1.5) | (1.5) | (6.3) | (1.5) | |||||||||||||
Non-GAAP operating income | 142.0 | 164.1 | 168.3 | 168.3 | 642.7 | 155.7 | 175.8 | 161.9 | 180.6 | 674.0 | 161.2 | |||||||||||||
Depreciation expense | 8.5 | 8.7 | 9.0 | 9.4 | 35.6 | 10.2 | 10.1 | 9.4 | 9.7 | 39.4 | 9.8 | |||||||||||||
Income from equity method investments, net | 4.9 | 9.5 | 8.8 | 5.5 | 28.7 | 8.8 | 12.9 | 8.8 | 5.3 | 35.8 | 9.4 | |||||||||||||
Adjusted EBITDA | $ | 155.4 | $ | 182.3 | $ | 186.1 | $ | 183.2 | $ | 707.0 | $ | 174.7 | $ | 198.8 | $ | 180.1 | $ | 195.6 | $ | 749.2 | $ | 180.4 |
- See GAAP tonon-GAAP reconciliation of measures on page 6.
- Adjusted EBITDA refers tonon-GAAP operating income plus depreciation plus income from equity method investment, net. 3
REPORTING SEGMENTS
(Dollars in millions)
(Unaudited)
Three Months Ended | Fiscal | Three Months Ended | Fiscal | ||||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Year | Q1 | Q2 | Q3 | Q4 | Year | Q1 | |||||||||||||||
2018 | 2018 | 2018 | 2018 | 2018 | 2019 | 2019 | 2019 | 2019 | 2019 | 2020 | |||||||||||||||
BUILDINGS AND INFRASTRUCTURE | |||||||||||||||||||||||||
Revenues | $ | 227.2 | $ | 277.7 | $ | 295.8 | $ | 287.0 | $ | 1,087.7 | $ | 294.7 | $ | 339.9 | $ | 309.8 | $ | 313.8 | $ | 1,258.2 | $ | 296.9 | |||
Operating income | $ | 45.6 | $ | 70.3 | $ | 68.3 | $ | 72.5 | $ | 256.7 | $ | 62.5 | $ | 84.6 | $ | 81.7 | $ | 91.1 | $ | 319.9 | $ | 60.8 | |||
Operating margin (% of segment external net revenues) | 20.1 % | 25.3 % | 23.1 % | 25.3 % | 23.6 % | 21.2 % | 24.9 % | 26.4 % | 29.0 % | 25.4 % | 20.5 % | ||||||||||||||
GEOSPATIAL | |||||||||||||||||||||||||
Revenues | $ | 174.5 | $ | 184.4 | $ | 185.4 | $ | 178.8 | $ | 723.1 | $ | 161.2 | $ | 164.4 | $ | 155.1 | $ | 168.7 | $ | 649.4 | $ | 146.2 | |||
Operating income | $ | 37.3 | $ | 41.6 | $ | 47.4 | $ | 40.1 | $ | 166.4 | $ | 29.4 | $ | 31.1 | $ | 30.6 | $ | 41.1 | $ | 132.2 | $ | 30.5 | |||
Operating margin (% of segment external net revenues) | 21.4 % | 22.6 % | 25.6 % | 22.4 % | 23.0 % | 18.2 % | 18.9 % | 19.7 % | 24.4 % | 20.4 % | 20.9 % | ||||||||||||||
RESOURCES AND UTILITIES | |||||||||||||||||||||||||
Revenues | $ | 159.5 | $ | 145.3 | $ | 133.2 | $ | 130.1 | $ | 568.1 | $ | 159.5 | $ | 152.7 | $ | 121.1 | $ | 138.1 | $ | 571.4 | $ | 180.3 | |||
Operating income | $ | 51.9 | $ | 42.5 | $ | 38.5 | $ | 35.3 | $ | 168.2 | $ | 51.1 | $ | 45.5 | $ | 34.5 | $ | 38.0 | $ | 169.1 | $ | 66.9 | |||
Operating margin (% of segment external net revenues) | 32.5 % | 29.2 % | 28.9 % | 27.1 % | 29.6 % | 32.0 % | 29.8 % | 28.5 % | 27.5 % | 29.6 % | 37.1 % | ||||||||||||||
TRANSPORTATION | |||||||||||||||||||||||||
Revenues | $ | 183.9 | $ | 181.9 | $ | 190.3 | $ | 197.0 | $ | 753.1 | $ | 189.1 | $ | 198.8 | $ | 198.3 | $ | 206.1 | $ | 792.3 | $ | 170.6 | |||
Operating income | $ | 30.5 | $ | 31.2 | $ | 37.1 | $ | 44.5 | $ | 143.3 | $ | 31.2 | $ | 32.9 | $ | 31.2 | $ | 30.6 | $ | 125.9 | $ | 16.9 | |||
Operating margin (% of segment external net revenues) | 16.6 % | 17.2 % | 19.5 % | 22.6 % | 19.0 % | 16.5 % | 16.5 % | 15.7 % | 14.8 % | 15.9 % | 9.9 % | ||||||||||||||
CORPORATE SUMMARY | |||||||||||||||||||||||||
SEGMENT REVENUES: | |||||||||||||||||||||||||
Buildings and Infrastructure | $ | 227.2 | $ | 277.7 | $ | 295.8 | $ | 287.0 | $ | 1,087.7 | $ | 294.7 | $ | 339.9 | $ | 309.8 | $ | 313.8 | $ | 1,258.2 | $ | 296.9 | |||
Geospatial | 174.5 | 184.4 | 185.4 | 178.8 | 723.1 | 161.2 | 164.4 | 155.1 | 168.7 | 649.4 | 146.2 | ||||||||||||||
Resources and Utilities | 159.5 | 145.3 | 133.2 | 130.1 | 568.1 | 159.5 | 152.7 | 121.1 | 138.1 | 571.4 | 180.3 | ||||||||||||||
Transportation | 183.9 | 181.9 | 190.3 | 197.0 | 753.1 | 189.1 | 198.8 | 198.3 | 206.1 | 792.3 | 170.6 | ||||||||||||||
Total segment revenue | $ | 745.1 | $ | 789.3 | $ | 804.7 | $ | 792.9 | $ | 3,132.0 | $ | 804.5 | $ | 855.8 | $ | 784.3 | $ | 826.7 | $ | 3,271.3 | $ | 794.0 | |||
SEGMENT OPERATING INCOME: | |||||||||||||||||||||||||
Buildings and Infrastructure | $ | 45.6 | $ | 70.3 | $ | 68.3 | $ | 72.5 | $ | 256.7 | $ | 62.5 | $ | 84.6 | $ | 81.7 | $ | 91.1 | $ | 319.9 | $ | 60.8 | |||
Geospatial | 37.3 | 41.6 | 47.4 | 40.1 | 166.4 | 29.4 | 31.1 | 30.6 | 41.1 | 132.2 | 30.5 | ||||||||||||||
Resources and Utilities | 51.9 | 42.5 | 38.5 | 35.3 | 168.2 | 51.1 | 45.5 | 34.5 | 38.0 | 169.1 | 66.9 | ||||||||||||||
Transportation | 30.5 | 31.2 | 37.1 | 44.5 | 143.3 | 31.2 | 32.9 | 31.2 | 30.6 | 125.9 | 16.9 | ||||||||||||||
Total segment operating income before corporate allocations | $ | 165.3 | $ | 185.6 | $ | 191.3 | $ | 192.4 | $ | 734.6 | $ | 174.2 | $ | 194.1 | $ | 178.0 | $ | 200.8 | $ | 747.1 | $ | 175.1 | |||
CORPORATE AND OTHER CHARGES: | |||||||||||||||||||||||||
Unallocated Corporate Expense | $ | (23.3) | $ | (21.5) | $ | (23.0) | $ | (24.1) | $ | (91.9) | $ | (18.5) | $ | (18.3) | $ | (16.1) | $ | (20.2) | $ | (73.1) | $ | (13.9) | |||
Acquired deferred revenue adjustment | (2.9) | (3.8) | (9.5) | (7.4) | (23.6) | (2.9) | (1.0) | (0.4) | (2.7) | (7.0) | (1.7) | ||||||||||||||
Restructuring Charges | (1.4) | (2.8) | (2.6) | (1.9) | (8.7) | (3.7) | (2.9) | (3.6) | (17.7) | (27.9) | (3.2) | ||||||||||||||
COVID-19 expenses | - | - | - | - | - | - | - | - | - | - | (3.8) | ||||||||||||||
Amortization of Purchased Intangible Assets | (40.5) | (42.6) | (49.8) | (46.7) | (179.6) | (44.3) | (43.5) | (40.8) | (39.2) | (167.8) | (40.4) | ||||||||||||||
Stock-based compensation and deferred compensation | (17.5) | (17.9) | (20.1) | (20.2) | (75.7) | (19.1) | (18.3) | (18.5) | (25.3) | (81.2) | (4.5) | ||||||||||||||
Amortization of acquisition-related inventory step-up | - | - | - | (0.2) | (0.2) | - | - | - | - | - | - | ||||||||||||||
Acquisition / divestiture items | (16.0) | (8.1) | (10.7) | (4.1) | (38.9) | (1.1) | (2.0) | (8.4) | (9.0) | (20.5) | (10.8) | ||||||||||||||
Executive transition costs | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||
Amortization of acquired capitalized commissions | 0.5 | 0.6 | 1.8 | 1.8 | 4.7 | 1.7 | 1.6 | 1.5 | 1.5 | 6.3 | 1.5 | ||||||||||||||
CONSOLIDATED OPERATING INCOME | 64.2 | 89.5 | 77.4 | 89.6 | 320.7 | 86.3 | 109.7 | 91.7 | 88.2 | 375.9 | 98.3 | ||||||||||||||
NON-OPERATING EXPENSE, INCOME TAXES, AND | |||||||||||||||||||||||||
NONCONTROLLING INTEREST | (5.7) | (25.4) | (3.7) | (3.1) | (37.9) | (24.0) | (15.1) | (13.6) | 191.1 | 138.4 | (36.4) | ||||||||||||||
NET INCOME ATTRIBUTABLE TO TRIMBLE INC. | $ | 58.5 | $ | 64.1 | $ | 73.7 | $ | 86.5 | $ | 282.8 | $ | 62.3 | $ | 94.6 | $ | 78.1 | $ | 279.3 | $ | 514.3 | $ | 61.9 |
4
FINANCIAL METRICS
(Dollars in millions)
(Unaudited)
Q1 | Q2 | Q3 | Q4 | Fiscal | Q1 | Q2 | Q3 | Q4 | Fiscal | Q1 | ||||||||||||
2018 | 2018 | 2018 | 2018 | 2018 | 2019 | 2019 | 2019 | 2019 | 2019 | 2020 | ||||||||||||
BALANCE SHEET METRICS: | ||||||||||||||||||||||
Cash, cash equivalents and short-term | ||||||||||||||||||||||
investments | $ | 274.5 | $ | 571.0 | $ | 205.4 | $ | 172.5 | $ | 216.7 | $ | 199.6 | $ | 184.6 | $ | 189.2 | $ | 216.8 | ||||
Accounts receivable, net | 475.7 | 446.2 | 476.0 | 512.6 | 525.2 | 516.8 | 488.9 | 608.2 | 546.6 | |||||||||||||
Inventories | 289.1 | 282.4 | 286.3 | 298.0 | 303.7 | 287.9 | 290.1 | 312.1 | 327.2 | |||||||||||||
Short-term debt | 430.5 | 0.4 | 226.1 | 256.2 | 246.8 | 229.3 | 236.3 | 219.0 | 280.7 | |||||||||||||
Long-term debt | 691.8 | 1,286.2 | 1,786.6 | 1,712.3 | 1,647.8 | 1,513.6 | 1,514.0 | 1,624.2 | 1,694.7 | |||||||||||||
Total debt | 1,122.3 | 1,286.6 | 2,012.7 | 1,968.5 | 1,894.6 | 1,742.9 | 1,750.3 | 1,843.2 | 1,975.4 | |||||||||||||
Equity | $ | 2,499.9 | $ | 2,517.6 | $ | 2,648.6 | $ | 2,674.8 | $ | 2,743.0 | $ | 2,825.3 | $ | 2,788.1 | $ | 3,120.4 | $ | 3,102.3 | ||||
CASHFLOW METRICS: | ||||||||||||||||||||||
Net cash provided by operating activities | $ | 82.9 | $ | 184.9 | $ | 117.0 | $ | 101.9 | $ | 486.7 | $ | 147.6 | $ | 177.9 | $ | 137.3 | $ | 122.2 | $ | 585.0 | $ | 155.7 |
Capital expenditures | 18.2 | 17.8 | 17.1 | 14.5 | 67.6 | 14.5 | 24.0 | 16.1 | 14.4 | 69.0 | 16.7 | |||||||||||
Free cash flow | 64.7 | 167.1 | 99.9 | 87.4 | 419.1 | 133.1 | 153.9 | 121.2 | 107.8 | 516.0 | 139.0 | |||||||||||
FINANCIAL RATIOS: | ||||||||||||||||||||||
Days sales outstanding (a) | 58 | 52 | 54 | 59 | 60 | 55 | 57 | 72 | 63 | |||||||||||||
Current ratio | 1.0 | 1.9 | 1.1 | 1.0 | 1.1 | 1.0 | 1.0 | 1.0 | 1.0 | |||||||||||||
Debt to equity ratio | 0.4 | 0.5 | 0.8 | 0.7 | 0.7 | 0.6 | 0.6 | 0.6 | 0.6 | |||||||||||||
Leverage ratio (b) | 1.5 | 1.2 | 2.8 | 2.5 | 2.3 | 2.1 | 2.1 | 2.2 | 2.3 | |||||||||||||
OTHER: | ||||||||||||||||||||||
Headcount | 10,074 | 10,285 | 11,090 | 11,287 | 11,332 | 11,552 | 11,559 | 11,484 | 11,644 | |||||||||||||
- Days sales outstanding is calculated based on ending accounts receivable, net, divided by revenue, times the number of days in the quarter.
- Leverage ratio refers to net debt (i.e. total debt minus cash andshort-term investments) divided by EBITDA on a trailing twelve month basis. EBITDA refers to non-GAAP operating income plus depreciation and income from equity method investments.
To help our readers understand our past financial performance and our future results, we supplement the financial results that we provide in accordance with generally accepted accounting principles, or GAAP, with non-GAAP financial measures. The non-GAAP financial measure included in the table above is leverage ratio, as it includes adjusted EBITDA in its calculation. The method we use to produce non-GAAP results is not computed according to GAAP and may differ from the methods used by other companies. We have provided this ratio as many investors find it to be a valuable metric to measure a company's ability to service indebtedness. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. Our management regularly uses our supplemental non-GAAP financial measures internally to understand, manage, and evaluate our business and make operating decisions. These non-GAAP measures are among the primary factors management uses in planning for and forecasting future periods. We believe that this non-GAAP financial measure reflects an additional way of viewing aspects of our operations that provides a supplemental understanding of factors and trends affecting our liquidity.
5
GAAP TO NON-GAAP RECONCILIATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(In millions, except per share data)
(Unaudited)
Three Months Ended | Fiscal | Three Months Ended | Fiscal | ||||||||||||||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Year | Q1 | Q2 | Q3 | Q4 | Year | Q1 | |||||||||||||||||||||||||
2018 | 2018 | 2018 | 2018 | 2018 | 2019 | 2019 | 2019 | 2019 | 2019 | 2020 | |||||||||||||||||||||||||
Dollar | % of | Dollar | % of | Dollar | % of | Dollar | % of | Dollar | % of | Dollar | % of | Dollar | % of | Dollar | % of | Dollar | % of | Dollar | % of | Dollar | % of | ||||||||||||||
Amount | Revenue | Amount | Revenue | Amount | Revenue | Amount | Revenue | Amount | Revenue | Amount | Revenue | Amount Revenue Amount Revenue Amount | Revenue | Amount | Revenue | Amount | Revenue | ||||||||||||||||||
REVENUE: | |||||||||||||||||||||||||||||||||||
GAAP revenue: | $ | 742.2 | $ | 785.5 | $ | 795.2 | $ | 785.5 | $ | 3,108.4 | $ | 801.6 | $ | 854.8 | $ | 783.9 | $ | 824.0 | $ | 3,264.3 | $ | 792.3 | |||||||||||||
Acquired deferred revenue adjustment | 2.9 | 3.8 | 9.5 | 7.4 | 23.6 | 2.9 | 1.0 | 0.4 | 2.7 | 7.0 | 1.7 | ||||||||||||||||||||||||
Non-GAAP Revenue: | $ | 745.1 | $ | 789.3 | $ | 804.7 | $ | 792.9 | $ | 3,132.0 | $ | 804.5 | $ | 855.8 | $ | 784.3 | $ | 826.7 | $ | 3,271.3 | $ | 794.0 | |||||||||||||
GROSS MARGIN: | |||||||||||||||||||||||||||||||||||
GAAP gross margin: | $ | 396.2 | 53.4 % | $ | 422.7 | 53.8 % | $ | 426.9 | 53.7 % | $ | 435.2 | 55.4 % | $ | 1,681.0 | 54.1 % | $ | 438.3 | 54.7 % | $ | 460.6 | 53.9 % $ | 422.0 | 53.8 % $ | 460.0 | 55.8 % | $ | 1,780.9 | 54.6 % | $ | 441.0 | 55.7 % | ||||
Acquired deferred revenue adjustment | 2.9 | 3.8 | 9.5 | 7.4 | 23.6 | 2.9 | 1.0 | 0.4 | 2.7 | 7.0 | 1.7 | ||||||||||||||||||||||||
Restructuring charges | (0.2) | 0.6 | 0.1 | - | 0.5 | 0.2 | - | - | 0.9 | 1.1 | 0.3 | ||||||||||||||||||||||||
Amortization of purchased intangible assets | 23.1 | 23.9 | 28.2 | 28.0 | 103.2 | 24.2 | 23.8 | 23.3 | 22.8 | 94.1 | 23.5 | ||||||||||||||||||||||||
Stock-based compensation and deferred compensation | 1.1 | 1.1 | 1.2 | 1.1 | 4.5 | 1.4 | 1.5 | 1.5 | 1.5 | 5.9 | 0.7 | ||||||||||||||||||||||||
Amortization of acquisition-related inventory step-up | - | - | - | 0.2 | 0.2 | - | - | - | - | - | - | ||||||||||||||||||||||||
Acquisition / divestiture items | 2.0 | - | - | - | 2.0 | - | - | - | - | - | 1.7 | ||||||||||||||||||||||||
Non-GAAP gross margin: | $ | 425.1 | 57.1 % | $ | 452.1 | 57.3 % | $ | 465.9 | 57.9 % | $ | 471.9 | 59.5 % | $ | 1,815.0 | 58.0 % | $ | 467.0 | 58.0 % | $ | 486.9 | 56.9 % $ | 447.2 | 57.0 % $ | 487.9 | 59.0 % | $ | 1,889.0 | 57.7 % | $ | 468.9 | 59.1 % | ||||
OPERATING EXPENSES: | |||||||||||||||||||||||||||||||||||
GAAP operating expenses: | $ | 332.0 | 44.7 % | $ | 333.2 | 42.4 % | $ | 349.5 | 44.0 % | $ | 345.6 | 44.0 % | $ | 1,360.3 | 43.8 % | $ | 352.0 | 43.9 % | $ | 350.9 | 41.1 % $ | 330.3 | 42.1 % $ | 371.8 | 45.1 % | $ | 1,405.0 | 43.0 % | $ | 342.7 | 43.3 % | ||||
Restructuring charges | (1.6) | (2.2) | (2.5) | (1.9) | (8.2) | (3.5) | (2.9) | (3.6) | (16.8) | (26.8) | (2.9) | ||||||||||||||||||||||||
COVID-19 expenses | - | - | - | - | - | - | - | - | - | - | (3.8) | ||||||||||||||||||||||||
Amortization of purchased intangible assets | (17.4) | (18.7) | (21.6) | (18.7) | (76.4) | (20.1) | (19.7) | (17.5) | (16.4) | (73.7) | (16.9) | ||||||||||||||||||||||||
Stock-based compensation and deferred compensation | (16.4) | (16.8) | (18.9) | (19.1) | (71.2) | (17.7) | (16.8) | (17.0) | (23.8) | (75.3) | (3.8) | ||||||||||||||||||||||||
Acquisition / divestiture items | (14.0) | (8.1) | (10.7) | (4.1) | (36.9) | (1.1) | (2.0) | (8.4) | (9.0) | (20.5) | (9.1) | ||||||||||||||||||||||||
Amortization of acquired capitalized commissions | 0.5 | 0.6 | 1.8 | 1.8 | 4.7 | 1.7 | 1.6 | 1.5 | 1.5 | 6.3 | 1.5 | ||||||||||||||||||||||||
Non-GAAP operating expenses: | $ | 283.1 | 38.0 % | $ | 288.0 | 36.5 % | $ | 297.6 | 37.0 % | $ | 303.6 | 38.3 % | $ | 1,172.3 | 37.4 % | $ | 311.3 | 38.7 % | $ | 311.1 | 36.4 % $ | 285.3 | 36.4 % $ | 307.3 | 37.2 % | $ | 1,215.0 | 37.1 % | $ | 307.7 | 38.8 % | ||||
OPERATING INCOME: | |||||||||||||||||||||||||||||||||||
GAAP operating income: | $ | 64.2 | 8.6 % | $ | 89.5 | 11.4 % | $ | 77.4 | 9.7 % | $ | 89.6 | 11.4 % | $ | 320.7 | 10.3 % | $ | 86.3 | 10.8 % | $ | 109.7 | 12.8 % $ | 91.7 | 11.7 % $ | 88.2 | 10.7 % | $ | 375.9 | 11.5 % | $ | 98.3 | 12.4 % | ||||
Acquired deferred revenue adjustment | 2.9 | 3.8 | 9.5 | 7.4 | 23.6 | 2.9 | 1.0 | 0.4 | 2.7 | 7.0 | 1.7 | ||||||||||||||||||||||||
Restructuring charges | 1.4 | 2.8 | 2.6 | 1.9 | 8.7 | 3.7 | 2.9 | 3.6 | 17.7 | 27.9 | 3.2 | ||||||||||||||||||||||||
COVID-19 expenses | - | - | - | - | - | - | - | - | - | - | 3.8 | ||||||||||||||||||||||||
Amortization of purchased intangible assets | 40.5 | 42.6 | 49.8 | 46.7 | 179.6 | 44.3 | 43.5 | 40.8 | 39.2 | 167.8 | 40.4 | ||||||||||||||||||||||||
Stock-based compensation and deferred compensation | 17.5 | 17.9 | 20.1 | 20.2 | 75.7 | 19.1 | 18.3 | 18.5 | 25.3 | 81.2 | 4.5 | ||||||||||||||||||||||||
Amortization of acquisition-related inventory step-up | - | - | - | 0.2 | 0.2 | - | - | - | - | - | - | ||||||||||||||||||||||||
Acquisition / divestiture items | 16.0 | 8.1 | 10.7 | 4.1 | 38.9 | 1.1 | 2.0 | 8.4 | 9.0 | 20.5 | 10.8 | ||||||||||||||||||||||||
Amortization of acquired capitalized commissions | (0.5) | (0.6) | (1.8) | (1.8) | (4.7) | (1.7) | (1.6) | (1.5) | (1.5) | (6.3) | (1.5) | ||||||||||||||||||||||||
Non-GAAP operating income: | $ | 142.0 | 19.1 % | $ | 164.1 | 20.8 % | $ | 168.3 | 20.9 % | $ | 168.3 | 21.2 % | $ | 642.7 | 20.5 % | $ | 155.7 | 19.4 % | $ | 175.8 | 20.5 % $ | 161.9 | 20.6 % $ | 180.6 | 21.8 % | $ | 674.0 | 20.6 % | $ | 161.2 | 20.3 % | ||||
NON-OPERATING EXPENSE, NET: | |||||||||||||||||||||||||||||||||||
GAAP non-operating income (expense), net: | $ | 2.5 | $ | (10.3) | $ | (13.3) | $ | (21.6) | $ | (42.7) | $ | (11.1) | $ | 5.7 | $ | (12.8) | $ | (12.9) | $ | (31.1) | $ | (18.9) | |||||||||||||
Deferred compensation | (0.1) | (1.0) | (1.3) | 3.6 | 1.2 | (2.8) | (1.1) | 0.1 | (2.5) | (6.3) | 6.2 | ||||||||||||||||||||||||
Acquisition / divestiture items | (2.8) | 0.7 | 0.8 | 1.0 | (0.3) | 0.3 | (13.1) | 0.3 | 0.4 | (12.1) | - | ||||||||||||||||||||||||
Debt issuance costs | - | 6.7 | - | - | 6.7 | - | - | - | - | - | - | ||||||||||||||||||||||||
Non-GAAPnon-operating income (expense), net: | $ | (0.4) | $ | (3.9) | $ | (13.8) | $ | (17.0) | $ | (35.1) | $ | (13.6) | $ | (8.5) | $ | (12.4) | $ | (15.0) | $ | (49.5) | $ | (12.7) | |||||||||||||
6
GAAP TO NON-GAAP RECONCILIATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(In millions, except per share data)
(Unaudited)
Three Months Ended | Fiscal | Three Months Ended | Fiscal | |||||||||||||||||||||||||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Year | Q1 | Q2 | Q3 | Q4 | Year | Q1 | ||||||||||||||||||||||||||||||||||||
2018 | 2018 | 2018 | 2018 | 2018 | 2019 | 2019 | 2019 | 2019 | 2019 | 2020 | ||||||||||||||||||||||||||||||||||||
Dollar | % of | Dollar | % of | Dollar | % of | Dollar | % of | Dollar | % of | Dollar | % of | Dollar | % of | Dollar | % of | Dollar | % of | Dollar | % of | Dollar | % of | |||||||||||||||||||||||||
Amount | Revenue | Amount | Revenue | Amount | Revenue | Amount | Revenue | Amount | Revenue | Amount | Revenue | Amount Revenue Amount Revenue Amount Revenue | Amount | Revenue | Amount | Revenue | ||||||||||||||||||||||||||||||
GAAP | GAAP | GAAP | GAAP | GAAP | GAAP | GAAP | GAAP | GAAP | GAAP | GAAP | ||||||||||||||||||||||||||||||||||||
and Non- | and Non- | and Non- | and Non- | and Non- | and Non- | and Non- | and Non- | and Non- | and Non- | and Non- | ||||||||||||||||||||||||||||||||||||
GAAP | GAAP | GAAP | GAAP | GAAP | GAAP | GAAP | GAAP | GAAP | GAAP | GAAP | ||||||||||||||||||||||||||||||||||||
Tax Rate | Tax Rate | Tax Rate | Tax Rate | Tax Rate | Tax Rate | Tax Rate | Tax Rate | Tax Rate | Tax Rate | Tax Rate | ||||||||||||||||||||||||||||||||||||
% | % | % | % | % | % | % | % | % | % | % | ||||||||||||||||||||||||||||||||||||
INCOME TAX PROVISION (BENEFIT): | ||||||||||||||||||||||||||||||||||||||||||||||
GAAP income tax provision (benefit): | $ | 8.0 | 12.0 % | $ | 15.1 | 19.1 % | $ | (9.6) | (15.0)% | $ | (18.8) | (27.6)% | $ | (5.3) | (1.9)% | $ | 12.8 | 17.0 % | $ | 20.8 | 18.0 % $ | 0.8 | 1.0 % $ | (204.1) | (271.0)% | $ | (169.7) | (49.2)% | $ | 17.5 | 22.0 % | |||||||||||||||
Non-GAAP items tax effected | 9.0 | 15.4 | 12.4 | 11.0 | 47.8 | 11.4 | 9.3 | 13.3 | 7.1 | 41.1 | 15.2 | |||||||||||||||||||||||||||||||||||
Difference in GAAP and Non-GAAP tax rate | 9.9 | - | 8.1 | 9.3 | 27.3 | 4.3 | 3.3 | 0.3 | 22.2 | 30.1 | (6.7) | |||||||||||||||||||||||||||||||||||
Tax reform impacts | - | - | 3.6 | 17.7 | 21.3 | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Reserve release upon statute of limitations expiration | - | - | 14.8 | 9.5 | 24.3 | - | - | 14.0 | - | 14.0 | - | |||||||||||||||||||||||||||||||||||
IP restructuring impacts | - | - | - | - | - | - | - | - | 206.3 | 206.3 | - | |||||||||||||||||||||||||||||||||||
Non-GAAP income tax provision: | $ | 26.9 | 19.0 % | $ | 30.5 | 19.0 % | $ | 29.3 | 19.0 % | $ | 28.7 | 19.0 % | $ | 115.4 | 19.0 % | $ | 28.5 | 20.0 % | $ | 33.4 | 20.0 % $ | 28.4 | 19.0 % $ | 31.5 | 19.0 % | $ | 121.8 | 19.5 % | $ | 26.0 | 17.5 % | |||||||||||||||
NET INCOME: | ||||||||||||||||||||||||||||||||||||||||||||||
GAAP net income (loss) attributable to Trimble Inc.: | $ | 58.5 | $ | 64.1 | $ | 73.7 | $ | 86.5 | $ | 282.8 | $ | 62.3 | $ | 94.6 | $ | 78.1 | $ | 279.3 | $ | 514.3 | $ | 61.9 | ||||||||||||||||||||||||
Acquired deferred revenue adjustment | 2.9 | 3.8 | 9.5 | 7.4 | 23.6 | 2.9 | 1.0 | 0.4 | 2.7 | 7.0 | 1.7 | |||||||||||||||||||||||||||||||||||
Restructuring charges | 1.4 | 2.8 | 2.6 | 1.9 | 8.7 | 3.7 | 2.9 | 3.6 | 17.7 | 27.9 | 3.2 | |||||||||||||||||||||||||||||||||||
COVID-19 expenses | - | - | - | - | - | - | - | - | - | - | 3.8 | |||||||||||||||||||||||||||||||||||
Amortization of purchased intangible assets | 40.5 | 42.6 | 49.8 | 46.7 | 179.6 | 44.3 | 43.5 | 40.8 | 39.2 | 167.8 | 40.4 | |||||||||||||||||||||||||||||||||||
Stock-based compensation and deferred compensation | 17.4 | 16.9 | 18.8 | 23.8 | 76.9 | 16.3 | 17.2 | 18.6 | 22.8 | 74.9 | 10.7 | |||||||||||||||||||||||||||||||||||
Amortization of acquisition-related inventory step-up | - | - | - | 0.2 | 0.2 | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Acquisition / divestiture items | 13.2 | 8.8 | 11.5 | 5.1 | 38.6 | 1.4 | (11.1) | 8.7 | 9.4 | 8.4 | 10.8 | |||||||||||||||||||||||||||||||||||
Amortization of acquired capitalized commissions | (0.5) | (0.6) | (1.8) | (1.8) | (4.7) | (1.7) | (1.6) | (1.5) | (1.5) | (6.3) | (1.5) | |||||||||||||||||||||||||||||||||||
Debt issuance costs | - | 6.7 | - | - | 6.7 | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Non-GAAP tax adjustments | (18.9) | (15.4) | (38.9) | (47.5) | (120.7) | (15.7) | (12.6) | (27.6) | (235.6) | (291.5) | (8.5) | |||||||||||||||||||||||||||||||||||
Non-GAAP net income attributable to Trimble Inc.: | $ | 114.5 | $ | 129.7 | $ | 125.2 | $ | 122.3 | $ | 491.7 | $ | 113.5 | $ | 133.9 | $ | 121.1 | $ | 134.0 | $ | 502.5 | $ | 122.5 | ||||||||||||||||||||||||
DILUTED NET INCOME (LOSS) PER SHARE: | ||||||||||||||||||||||||||||||||||||||||||||||
GAAP diluted net income (loss) per share attributable to Trimble Inc.: | $ | 0.23 | $ | 0.25 | $ | 0.29 | $ | 0.34 | $ | 1.12 | $ | 0.25 | $ | 0.37 | $ | 0.31 | $ | 1.11 | $ | 2.03 | $ | 0.25 | ||||||||||||||||||||||||
Acquired deferred revenue adjustment | 0.01 | 0.01 | 0.04 | 0.03 | 0.09 | 0.01 | - | - | 0.01 | 0.03 | 0.01 | |||||||||||||||||||||||||||||||||||
Restructuring charges | - | 0.01 | 0.01 | 0.01 | 0.04 | 0.02 | 0.01 | 0.01 | 0.07 | 0.11 | 0.01 | |||||||||||||||||||||||||||||||||||
COVID-19 expenses | - | - | - | - | - | - | - | - | - | - | 0.02 | |||||||||||||||||||||||||||||||||||
Amortization of purchased intangible assets | 0.16 | 0.17 | 0.20 | 0.18 | 0.71 | 0.17 | 0.17 | 0.16 | 0.16 | 0.66 | 0.16 | |||||||||||||||||||||||||||||||||||
Stock-based compensation and deferred compensation | 0.07 | 0.07 | 0.07 | 0.10 | 0.30 | 0.06 | 0.07 | 0.07 | 0.09 | 0.30 | 0.04 | |||||||||||||||||||||||||||||||||||
Amortization of acquisition-related inventory step-up | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Acquisition / divestiture items | 0.05 | 0.03 | 0.04 | 0.02 | 0.15 | 0.01 | (0.04) | 0.03 | 0.04 | 0.03 | 0.04 | |||||||||||||||||||||||||||||||||||
Amortization of acquired capitalized commissions | - | - | (0.01) | (0.01) | (0.02) | (0.01) | - | - | (0.01) | (0.02) | (0.01) | |||||||||||||||||||||||||||||||||||
Debt issuance costs | - | 0.03 | - | - | 0.03 | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Non-GAAP tax adjustments | (0.07) | (0.06) | (0.15) | (0.19) | (0.48) | (0.06) | (0.05) | (0.10) | (0.94) | (1.15) | (0.03) | |||||||||||||||||||||||||||||||||||
Non-GAAP diluted net income per share attributable to Trimble Inc.: | $ | 0.45 | $ | 0.51 | $ | 0.49 | $ | 0.48 | $ | 1.94 | $ | 0.45 | $ | 0.53 | $ | 0.48 | $ | 0.53 | $ | 1.99 | $ | 0.49 | ||||||||||||||||||||||||
To help our readers understand our past financial performance and our future results, we supplement the financial results that we provide in accordance with generally accepted accounting principles, or GAAP, with non-GAAP financial measures. The non-GAAP financial measures included in the table above are non- GAAP revenue, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAPnon-operating income (expense), net, non-GAAP income tax provision, non-GAAP net income, and non-GAAP diluted net income per share. The method we use to produce non-GAAP results is not computed according to GAAP and may differ from the methods used by other companies. Our non-GAAP results are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. Our management regularly uses our supplemental non-GAAP financial measures internally to understand, manage and evaluate our business and make operating decisions. These non-GAAP measures are among the primary factors management uses in planning for and forecasting future periods. We believe that these non-GAAP financial measures reflect an additional way of viewing aspects of our operations that, when viewed with our GAAP results, provide a more complete understanding of factors and trends affecting our business. For detailed explanations of the adjustments made to comparable GAAP measures please refer to the individually reported press releases and related Form 8-K.
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Trimble Inc. published this content on 06 May 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 May 2020 09:33:04 UTC
