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Trimble Reports Fourth Quarter Revenue Growth of 25 Percent and Fiscal 2006 Revenue Growth of 21 Percent; Announces Two-for-One Stock Split
SUNNYVALE, Calif., Jan 25, 2007 /PRNewswire-FirstCall via COMTEX News Network/ -- Trimble (Nasdaq: TRMB) today announced results for its fourth quarter and fiscal year 2006, ended December 29, 2006. Revenue for the fourth quarter of 2006 was $234.1 million, up 25 percent from revenue of $186.8 million in the fourth quarter of 2005. Fiscal 2006 revenue was $940.2 million, up 21 percent when compared to fiscal 2005 revenue of $774.9 million.
Operating income for the fourth quarter of 2006 was $27.3 million, up 19 percent from the fourth quarter of 2005. Operating income for fiscal 2006 was $135.4 million, up 8 percent from fiscal 2005. For year-over-year comparisons it should be noted that the impact of stock-based compensation expense resulting from the adoption of FAS 123(R) was $3.1 million in the fourth quarter of 2006 and $12.6 million for fiscal 2006. The net impact of transactions with the Caterpillar Trimble Control Technologies (CTCT) joint venture, which were included in non-operating results in 2005, reduced operating results by $3.1 million in the quarter and by $18.2 million for the year. In addition, amortization of purchased intangibles and purchased in-process research and development expense increased by $2.4 million in the fourth quarter of 2006 compared to the fourth quarter of 2005 and by $7.0 million for fiscal 2006 compared to fiscal 2005, due to acquisitions. Adjusting for the above factors, operating income in the fourth quarter of 2006 was up 51 percent compared to the fourth quarter of 2005 and up 36 percent for fiscal 2006, compared to fiscal 2005.
Net income for the fourth quarter of 2006 was $24.0 million, up 3 percent when compared to net income of $23.4 million in the fourth quarter of 2005. Net income for fiscal 2006 was $103.7 million, up 22 percent compared to fiscal 2005. Earnings per share for the fourth quarter of 2006 were $0.41, flat compared to earnings per share of $0.41 in the fourth quarter of 2005. Earnings per share for fiscal 2006 were $1.79, up approximately 20 percent compared to fiscal 2005. Earnings per share in the fourth quarter of 2006 were negatively impacted by approximately $0.04 due to the adoption of FAS 123(R) and by approximately $0.06 due to higher amortization of intangibles and in-process research and development. Earnings per share for fiscal 2006 were negatively impacted by $0.15 due to FAS 123(R) and by $0.18 due to higher amortization of intangibles and purchased in-process research and development expense. It should also be noted that net income in the fourth quarter of 2005 was favorably impacted by the recognition of a deferred gain of $9.3 million related to the CTCT joint venture.
Adjusting for the impact of FAS 123(R) and acquisition-related expenses, non-GAAP net income for the fourth quarter of 2006 was $30.1 million, up 85 percent compared to non-GAAP net income of $16.2 million in the fourth quarter of fiscal 2005. Using the same adjustments, non-GAAP net income for fiscal 2006 was $123.0 million, up 51 percent compared to fiscal 2005. Non-GAAP net income in the fourth quarter of 2006 benefited from a lower tax rate of 25 percent driven by a research and development tax credit and the favorable resolution of an international tax audit.
Non-GAAP earnings per share for the fourth quarter of 2006 were $0.51, up approximately 77 percent from non-GAAP earnings per share of $0.29 in the fourth quarter of 2005. Non-GAAP earnings per share for fiscal 2006 were $2.12, up approximately 48 percent compared to fiscal 2005. GAAP and non-GAAP earnings per share for the fourth quarter and fiscal 2006 were calculated on a diluted basis using approximately 58.6 million shares and 58 million shares, respectively.
"Trimble's growth in 2006 demonstrated successful execution across our segments, particularly in Engineering and Construction and Mobile Solutions. It is encouraging to see our strategic focus on Mobile Solutions beginning to have a significant impact on results," said Steven W. Berglund, Trimble's president and chief executive officer. "Early in 2007 it appears market conditions remain steady. Our 2007 results will be determined by our success with initiatives to further penetrate our markets, integrate acquisitions, and establish new standards of customer satisfaction."
Trimble Results by Business Segment
For year-over-year comparisons it should be noted that 2005 results did not include stock-based compensation expense because FAS 123(R) was not adopted until the first quarter of 2006.
Engineering and Construction
Revenue for Engineering and Construction (E&C) was $160.0 million for the fourth quarter of 2006, up approximately 24 percent compared to the fourth quarter of 2005. Fiscal 2006 revenue for E&C was $637.1 million up approximately 21 percent compared to fiscal 2005.
Operating income margins in E&C were 20 percent in the fourth quarter of 2006, compared to 19 percent in the fourth quarter of 2005. Operating income margins for fiscal 2006 were 21 percent, compared to 22 percent in fiscal 2005. Excluding the impact of FAS 123(R) adoption and the CTCT joint venture transactions discussed above, E&C operating income margins were 23 percent for the fourth quarter and 25 percent for fiscal 2006.
E&C continued to grow throughout 2006 due to successful market segmentation, a steady construction spending environment, and the increasing demand for productivity-enhancing technology.
Field Solutions
Field Solutions (TFS) revenue was $30.6 million in the fourth quarter of 2006, up 21 percent compared to the fourth quarter of 2005. GIS sales in the quarter were particularly strong. TFS revenue for fiscal 2006 was $139.2 million, up 9 percent year-over-year.
TFS operating income margins for the fourth quarter of 2006 were 21 percent, compared to 20 percent in the fourth quarter of 2005. TFS operating income margins for fiscal 2006 were 27 percent, compared to 25 percent in fiscal 2005. Excluding the impact of FAS 123(R) adoption TFS operating income margins were 22 percent for the fourth quarter and 28 percent for fiscal 2006.
Mobile Solutions
Mobile Solutions (TMS) fourth quarter 2006 revenue was $17.0 million, up 63 percent from the fourth quarter of 2005. TMS revenue for fiscal 2006 was $60.9 million, up 93 percent from fiscal 2005. Growth in TMS for 2006 came from increased growth in subscribers and software seats, as well as from acquisitions.
TMS operating income margins were 5 percent for the fourth quarter of 2006, compared to 2 percent in the fourth quarter of 2005. TMS operating income margins for fiscal 2006 were 4 percent, compared to a loss of 10 percent in 2005. Excluding the impact of FAS 123(R) adoption TMS operating income margins were 6 percent for the fourth quarter and 5 percent for fiscal 2006. Improvements in operating income margins were due to increases in higher gross margin subscription revenue.
Advanced Devices
Advanced Devices revenue was $26.5 million, up 20 percent from the fourth quarter of 2005. Advanced Devices revenue for fiscal 2006 was $103.0 million, up 13 percent from fiscal 2005 revenue, primarily due to increased sales in embedded and airborne products and revenue from the licensing of intellectual property to Nokia.
Advanced Devices operating income margins for the fourth quarter of 2006 were 5 percent, compared to 11 percent in the fourth quarter of 2005. Advanced Devices operating income margins for fiscal 2006 were 10 percent, compared to 14 percent in fiscal 2005. Excluding the impact of FAS 123(R) adoption Advanced Devices operating income margins were 7 percent for the fourth quarter and 12 percent for fiscal 2006. Declines in operating income margins for the quarter and the fiscal year were due to product mix and increased development costs.
Two-for-One Stock Split
On January 17, 2007, Trimble's Board of Directors approved a two-for-one split of all outstanding shares of the Company's Common stock, payable February 22, 2007, to stockholders of record on February 8, 2007. Stockholders who receive shares in the acquisition of @Road will have their shares adjusted to reflect the stock split. Earnings per share numbers detailed in this press release do not reflect the stock split.
Non-GAAP vs. GAAP Financials
The Company provides non-GAAP financial measures including "non-GAAP net income," "non-GAAP operating income," and "non-GAAP earnings per share" to supplement its consolidated financial statements presented in accordance with GAAP. These non-GAAP financial measures are intended to supplement the user's overall understanding of the Company's current financial performance and its prospects for the future. In many cases, non-GAAP financial measures are used by analysts and investors to evaluate the Company.
The Company excludes the amortization of purchased intangibles, in-process research and development, restructuring charges, acquisition related step-up charges, write-off of debt issuance costs, and the impact of stock-based compensation in computing non-GAAP measures because the chief executive officer excludes these items when budgeting and evaluating the business and in some cases were applicable to both periods because of acquisitions or accounting change rules. These non-GAAP financial measures are not intended to supersede or replace the Company's GAAP results. Please see the supplemental financial statements, attached to this press release, for a reconciliation of GAAP to non-GAAP results.
Forward Looking Guidance
GAAP guidance for the first quarter of 2007 does not include the impact of the anticipated acquisition of @Road announced on December 11, 2006, which is expected to close in February of 2007.
In the first quarter of 2007, the Company expects revenue to grow 16 to 18 percent compared to the first quarter of 2006, with revenue between $262 million and $267 million. At a 36 percent tax rate, with approximately 59.0 million shares outstanding, the Company expects first quarter 2007 GAAP earnings per share between $0.45 and $0.48.
The above GAAP guidance includes stock-based compensation. On a post-tax basis, the Company expects stock-based compensation for the first quarter of 2007 to be approximately $0.03 per share.
The Company expects non-GAAP earnings per share between $0.54 and $0.57 in the first quarter of 2007. Non-GAAP guidance for the first quarter of 2007 uses a 36 percent tax rate and excludes the amortization of intangibles of $5.1 million in the quarter, as well as the anticipated impact of stock-based compensation expense of $3.3 million. For year-over-year comparisons, it should be noted that the tax rate in the first quarter of 2006 was 28 percent and is forecasted to be 36 percent for the first quarter of 2007. It should also be noted that first quarter 2007 guidance includes the expected impact of deferred revenue write downs for acquisitions made in the fourth quarter of 2006.
As guided in the @Road announcement in December 2006, Trimble currently expects total 2007 company revenue between $1,140 million and $1,170 million, assuming a February 2007 close of the @Road acquisition. Of this amount, approximately $80 million to $85 million in revenue is expected to come from the acquisition of @Road.
Trimble expects full-year 2007 non-GAAP earnings per share of between $2.10 and $2.15. Trimble's baseline outlook for the company, excluding the @Road acquisition, is between $2.30 and $2.35 non-GAAP earnings per share. The @Road transaction is expected to be single-digit dilutive in 2007 on a percent basis due to interest payments on debt, an assumed higher share count and the deferred revenue write down, partially offset by synergy savings and improved business profitability. Trimble will update its total company guidance for 2007 in detail, including the impact from @Road, on its April 2007 conference call.
Investor Conference Call / Webcast Details
Trimble will hold a conference call on January 25, 2007 at 1:30 p.m. PT to review its fourth quarter and fiscal 2006 results. It will be broadcast live on the Web at http://investor.trimble.com. Investors without Internet access may dial into the call at (800) 528-9198 (U.S.) or (706) 634-6089 (international). A replay of the call will be available for thirty days beginning at 8:00 p.m. PT on January 25, 2007. The replay number is (800) 642-1687 (U.S.), or (706) 645-9291 (international), and the pass code is 5782391.
About Trimble
Trimble applies technology to make field and mobile workers in businesses and government significantly more productive. Solutions are focused on applications requiring position or location-including surveying, construction, agriculture, fleet and asset management, public safety and mapping. In addition to utilizing positioning technologies, such as GPS, lasers and optics, Trimble solutions may include software content specific to the needs of the user. Wireless technologies are utilized to deliver the solution to the user and to ensure a tight coupling of the field and the back office. Founded in 1978 and headquartered in Sunnyvale, Calif., Trimble has a worldwide presence with more than 2,800 employees in over 18 countries.
For more information Trimble's Web site at www.trimble.com .
Certain statements made in this press release are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. These statements include the revenue, effective tax rate, stock-based compensation, amortization of purchased intangibles and earnings per share estimates for the first quarter and fiscal 2007 including the expected impact of the @Road acquisition. These forward-looking statements are subject to change, and actual results may materially differ from those set forth in this press release due to certain risks and uncertainties. For example, strong demand for the Company's products may not continue because of a decline in the overall health of the economy and international markets, which may result in reduced capital spending. Fuel and other operating costs could remain high or increase, which could weaken sales into the agricultural market. In addition, the Company's results may be adversely affected if the growth rates and profitability expectations for each of its four segments are not achieved, or its joint ventures and recent acquisitions do not achieve anticipated results, or if the Company is unable to market, manufacture and ship new products. The Company's results would also be negatively impacted by unforeseen costs associated with the acquisition of @Road or delays in integrating the two companies. Any failure to achieve predicted results could negatively impact the Company's revenues, gross margin and other financial results. Whether the Company achieves its guidance for the first fiscal quarter of 2007 will also depend on a number of other factors, including the risks detailed from time to time in reports filed with the SEC, including its quarterly reports on Form 10-Q and its annual report on Form 10- K. Undue reliance should not be placed on any forward-looking statement, contained herein. These statements reflect the Company's position as of the date of this release. The Company expressly disclaims any undertaking to release publicly any updates or revisions to any statements to reflect any change in the Company's expectations or any change of events, conditions, or circumstances on which any such statement is based.
This communication shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
Additional Information About The Merger And Where To Find It
Trimble and @Road filed with the SEC a prospectus/proxy statement and other relevant materials in connection with the proposed acquisition of @Road by Trimble pursuant to the terms of an Agreement and Plan of Merger by and among Trimble, Roadrunner Acquisition Corp., a wholly-owned subsidiary of Trimble, and @Road. The prospectus/proxy statement has been mailed to the stockholders of @Road. The prospectus/proxy statement and other relevant materials, and any other documents filed by Trimble or @Road with the SEC, may be obtained free of charge at the SEC's web site at www.sec.gov. In addition, investors and security holders may obtain free copies of the documents filed with the SEC by Trimble by contacting Trimble Investor Relations, 935 Stewart Drive, Sunnyvale, California 94085, (408) 481-7838. Investors and security holders may obtain free copies of the documents filed with the SEC by @Road by contacting @Road Investor Relations, 47071 Bayside Parkway, Fremont, California 94538, (510) 870-1317. Investors and security holders of @Road are urged to read the prospectus/proxy statement and the other relevant materials, as well as any amendments or supplements to those documents, when they become available before making any voting or investment decision with respect to the proposed merger.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
Three Months Ended Fiscal Year Ended
Dec-29, Dec-30, Dec-29, Dec-30,
2006 2005 2006 2005
Revenue $234,120 $186,821 $940,150 $774,913
Cost of sales 118,349 94,522 479,069 385,108
Gross margin 115,771 92,299 461,081 389,805
Gross margin (%) 49.4% 49.4% 49.0% 50.3%
Operating expenses
Research and development 26,606 20,944 103,840 84,276
Sales and marketing 40,268 31,827 143,623 120,215
General and administrative 18,400 13,933 68,416 52,137
Restructuring charges - - - 278
Amortization of purchased
intangible assets 2,267 1,515 7,906 6,855
In-process research and
development 930 1,100 1,930 1,100
Total operating expenses 88,471 69,319 325,715 264,861
Operating income 27,300 22,980 135,366 124,944
Non-operating income (expense),
net
Interest income (expense),
net 894 185 3,241 (1,495)
Foreign currency transaction
gain, net 724 955 1,719 1,022
Income (expense) for
affiliated operations, net 2,751 7,223 6,989 (291)
Other income, net 368 321 777 608
Total non-operating income
(expense), net 4,737 8,684 12,726 (156)
Income before taxes 32,037 31,664 148,092 124,788
Income tax provision 8,054 8,271 44,434 39,933
Net income $23,983 $23,393 $103,658 $84,855
Earnings per share :
Basic $0.43 $0.43 $1.88 $1.59
Diluted $0.41 $0.41 $1.79 $1.49
Shares used in calculating
earnings per share :
Basic 55,662 53,814 55,022 53,216
Diluted 58,587 56,941 58,036 56,819
EBITDA RECONCILIATION
(Dollars in thousands)
(Unaudited)
Three Months Ended Fiscal Year Ended
Dec-29, Dec-30, Dec-29, Dec-30,
2006 2005 2006 2005
GAAP net income $23,983 $23,393 $103,658 $84,855
Add back :
Interest (income)
expense, net (894) (185) (3,241) 1,495
Income tax provision 8,054 8,271 44,434 39,933
Depreciation expense 3,584 2,781 13,523 10,671
Amortization of
intangibles 4,177 1,561 13,259 7,020
EBITDA $38,904 $35,821 $171,633 $143,974
NON-GAAP RECONCILIATION
(Dollars in thousands, except per share data)
(Unaudited)
Three Months Ended Fiscal Year Ended
Dec-29, Dec-30, Dec-29, Dec-30,
2006 2005 2006 2005
GAAP income before taxes $32,037 $31,664 $148,092 $124,788
Non-GAAP adjustments
Amortization of purchased
intangibles 4,118*(a) 1,515 13,073*(a) 6,855
In-process research and
development 930 1,100 1,930 1,100
Amortization of
acquisition-related
inventory step-up - - - 228
Restructuring charges - - - 278
Write off of Debt Issuance
Costs - - - 918
Deferred gain on joint
venture - (9,304) - (9,304)
Stock-based compensation 3,134*(b) - 12,571*(b) -
Total Non-GAAP
adjustments 8,182 (6,689) 27,574 75
Non-GAAP income before taxes 40,219 24,975 175,666 124,863
Income tax provision 10,111 8,741 52,708 43,702
Non-GAAP net income $30,108 $16,234 $122,958 $81,161
Diluted Non-GAAP earnings per
share $0.51 $0.29 $2.12 $1.43
Shares used in calculating
diluted non-GAAP earnings per
share 58,587 56,941 58,036 56,819
*(a) Amortization of purchased intangibles, includes $1,851K recorded in
cost of sales and $2,267K recorded in operating expense for the three
months ended December 29, 2006 and $5,168K recorded in cost of sales
and $7,905K recorded in operating expense for the year ended
December 29, 2006.
*(b) Stock compensation expense by Segment and GAAP category (in $000's):
Three Months Ended December 29, 2006
('000s)
E&C TFS TMS Advanced Corporate Total
Devices
Cost of sales $108 25 20 13 126 $292
Research &
Development $278 74 66 167 43 $628
Sales &
Marketing 289 66 26 128 191 $700
General &
administrative $288 81 114 115 916 $1,514
Total $963 $246 $225 $423 $1,276 $3,134
Year Ended December 29, 2006
('000s)
E&C TFS TMS Advanced Corporate Total
Devices
Cost of sales $393 $98 $63 $82 $536 $1,173
Research &
Development $1,110 $299 $227 $736 $182 $2,554
Sales &
Marketing $1,225 $245 $102 $479 $763 $2,814
General &
administrative $1,235 $330 $344 $553 $3,567 $6,029
Total $3,964 $973 $736 $1,850 $5,048 $12,571
CONSOLIDATED BALANCE SHEETS
(In thousands)
Unaudited
Dec-29, Dec-30,
2006 2005
Assets
Current assets:
Cash and cash equivalents 129,621 73,853
Accounts receivables, net 172,008 145,100
Other receivables 6,014 6,489
Inventories, net 112,552 107,851
Deferred income taxes 25,905 18,504
Other current assets 13,026 8,580
Total current assets 459,126 360,377
Property and equipment, net 47,998 42,664
Goodwill and other purchased
intangible assets, net 441,682 313,456
Deferred income taxes 399 3,580
Other assets 29,226 23,011
Total non-current assets 519,305 382,711
Total assets $978,431 $743,088
Liabilities and Shareholders' Equity
Current liabilities:
Current portion of long-term loan - 216
Accounts payable 44,148 45,206
Accrued compensation and benefits 47,006 36,083
Accrued liabilities 24,973 16,189
Deferred revenue 28,060 12,588
Accrued warranty expenses 8,607 7,466
Deferred income taxes 4,525 4,087
Income taxes payable 23,814 24,922
Total current liabilities 181,133 146,757
Non-current portion of long-term loan 481 433
Deferred income taxes 21,633 5,602
Other non-current liabilities 27,519 19,041
Total liabilities 230,766 171,833
Shareholders' equity:
Common stock 435,371 384,196
Retained earnings 271,183 167,525
Accumulated other comprehensive
income 41,111 19,534
Total shareholders' equity 747,665 571,255
Total liabilities and
shareholders' equity $978,431 $743,088
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Unaudited
Fiscal Year Ended
Dec-29, Dec-30,
2006 2005
Cash flow from operating activities:
Net Income $103,658 $84,855
Adjustments to reconcile net
income to net cash provided by
operating activities:
Depreciation expense 13,523 10,671
Amortization expense 13,259 7,020
Provision for doubtful
accounts 163 (502)
Amortization of debt
issuance cost 180 1,270
Deferred income taxes 10,368 14,242
Stock-based compensation 12,571 -
In-process research and
development 1,930 1,100
Equity (gain) loss from
joint ventures (6,989) 290
Excess tax benefit for
stock-based compensation (8,761) -
Other 720 (756)
Add decrease (increase) in
assets:
Accounts receivables, net (12,185) (19,018)
Other receivables 1,949 (2,108)
Inventories (374) (17,888)
Other current and non-
current assets (18,692) (2,294)
Add increase (decrease) in
liabilities:
Accounts payable (4,487) 1,078
Accrued compensation and
benefits 7,807 3,408
Accrued liabilities 9,952 6,232
Deferred gain on joint
venture - (9,180)
Deferred revenue 3,263 2,406
Income taxes payable 10,232 12,054
Net cash provided by operating
activities 138,087 92,880
Cash flows from investing
activities:
Acquisitions, net of cash
acquired (99,887) (51,379)
Acquisition of property and
equipment (16,529) (23,436)
Dividends received - -
Other (16) (103)
Net cash used in investing
activities (116,432) (74,918)
Cash flow from financing activities:
Issuance of common stock 26,566 24,463
Excess tax benefit for stock-
based compensation 8,761 -
Proceeds from long-term debt
and revolving credit lines - 6,000
Payments on long-term debt and
revolving credit lines - (44,250)
Other (1,165) 385
Net cash provided (used) in
financing activities 34,162 (13,402)
Effect of exchange rate changes on
cash and cash equivalents (49) (2,579)
Net increase (decrease) in cash and
cash equivalents 55,768 1,981
Cash and cash equivalents -
beginning of period 73,853 71,872
Cash and cash equivalents - end of
period $129,621 $73,853
Q1'05 Q2'05 Q3'05 Q4'05
Actual Actual Actual Actual
Income Statement Metrics
Total Revenue $195,383 $204,225 $188,484 $186,821
Engineering & Construction 120,198 141,096 134,173 128,994
Trimble Field Solutions 45,425 32,187 24,882 25,349
Advanced Devices 22,359 24,505 22,215 22,049
Trimble Mobile Solutions 7,401 6,437 7,214 10,429
Gross Margin 50.1% 50.1% 51.6% 49.4%
Total Segment Income $39,663 $47,916 $40,492 $32,589
Engineering & Construction 21,490 37,173 34,360 24,970
Trimble Field Solutions 15,577 8,044 3,962 4,944
Advanced Devices 3,232 4,578 2,916 2,486
Trimble Mobile Solutions (636) (1,879) (746) 189
Corporate and Other Charges $(9,463) $(9,179) $(7,465) $(9,609)
Non-operating income (expense) $(12,761) $(14,950) $(12,791) $413
and income taxes
Net Income $17,439 $23,787 $20,236 $23,393
GAAP operating margin% 15.5% 19.0% 17.5% 12.3%
Non-GAAP operating margin% 16.9% 20.0% 18.5% 13.7%
GAAP EPS $0.31 $0.42 $0.35 $0.41
Non-GAAP EPS $0.34 $0.44 $0.37 $0.29
Balance Sheet Metrics
Cash & Cash Equivalents $50,193 $56,860 $87,293 $73,853
Accounts Receivables, Net $154,540 $150,590 $146,792 $145,100
Inventories, Net $91,309 $89,853 $93,940 $107,851
Total Debt $28,836 $661 $659 $649
Short Term Debt 12,500 - - 216
Long Term Debt 16,336 661 659 433
Equity $490,188 $513,817 $543,394 $571,255
Cashflow Metrics
Cash Flow from (used in)
Operations $(2,135) $36,570 $35,676 $22,769
Working Capital $197,372 $208,410 $232,985 $213,620
Capital Expenditures $3,164 $4,570 $6,760 $8,942
EBITDA $31,885 $41,126 $35,142 $35,821
Amortization of Intangibles 2,339 2,209 911 1,561
Depreciation 2,512 2,378 3,000 2,781
Financial Ratios
Days Sales Outstanding 62 60 60 66
Inventory Turns (trailing 12
months) 4.3 4.1 4.0 3.9
Current ratio 2.5 2.7 2.8 2.5
Debt to Equity 0.1 0.0 0.0 0.0
Other
Headcount 2,231 2,308 2,347 2,462
FY'05
Actual
Income Statement Metrics
Total Revenue $774,913
Engineering & Construction 524,461
Trimble Field Solutions 127,843
Advanced Devices 91,128
Trimble Mobile Solutions 31,481
Gross Margin 50.3%
Total Segment Income $160,660
Engineering & Construction 117,993
Trimble Field Solutions 32,527
Advanced Devices 13,212
Trimble Mobile Solutions (3,072)
Corporate and Other Charges (35,716)
Non-operating income (expense) (40,089)
and income taxes
Net Income $84,855
GAAP operating margin% 16.1%
Non-GAAP operating margin% 17.2%
GAAP EPS $1.49
Non-GAAP EPS $1.43
Balance Sheet Metrics
Cash & Cash Equivalents
Accounts Receivables, Net
Inventories, Net
Total Debt
Short Term Debt
Long Term Debt
Equity
Cashflow Metrics
Cash Flow from (used in) Operations $92,880
Working Capital
Capital Expenditures $23,436
EBITDA $143,974
Amortization of Intangibles $7,020
Depreciation $10,671
Financial Ratios
Days Sales Outstanding
Inventory Turns (trailing 12
months)
Current ratio
Debt to Equity
Other
Headcount
(a) Impact of moving joint venture transactions from non-operating to
operating income -- reduced gross margin by 1.3 points and operating
income by 1.3 points in Q4'06.
In addition, operating margins were impacted by 1.3 points due to
stock-based compensation expense. (For details, please refer to the
Non-GAAP Reconciliation).
(b) Impact of moving joint venture transactions from non-operating to
operating income -- reduced gross margin by 1.9 points and operating
income by 1.9 points in FY06.
In addition, operating margins were impacted by 1.3 points due to
stock-based compensation expense. (For details, please refer to the
Non-GAAP Reconciliation).
(c) Impact of moving joint venture transactions from non-operating to
operating income -- reduced operating income by 1.3 points in Q4'06.
(d) Impact of moving joint venture transactions from non-operating to
operating income -- reduced operating income by 1.9 points in FY06.
Q1'06 Q2'06 Q3'06 Q4'06
Actual Actual Actual Actual
Income Statement Metrics
Total Revenue $225,854 $245,326 $234,851 $234,120
Engineering & Construction 146,734 168,041 162,370 159,973
Trimble Field Solutions 43,042 36,320 29,236 30,631
Advanced Devices 23,471 26,114 26,819 26,546
Trimble Mobile Solutions 12,607 14,851 16,426 16,970
Gross Margin 47.6% 49.6% 49.5% 49.4%(a)
Total Segment Income $42,831 $52,719 $49,209 $41,406
Engineering & Construction 26,377 38,803 38,337 32,638
Trimble Field Solutions 13,908 11,299 5,634 6,536
Advanced Devices 2,323 2,243 4,113 1,405
Trimble Mobile Solutions 223 374 1,125 827
Corporate and Other Charges $(9,766) $(14,050) $(12,878) $(14,106)
Non-operating income (expense) $(7,237) $(10,166) $(10,989) $(3,317)
and income taxes
Net Income $25,828 $28,503 $25,342 $23,983
GAAP operating margin% 14.6% 15.8% 15.5% 11.7%(a)
Non-GAAP operating margin% 17.1% 19.0% 18.0% 15.2%(c)
GAAP EPS $0.45 $0.49 $0.43 $0.41
Non-GAAP EPS $0.52 $0.59 $0.50 $0.51
Balance Sheet Metrics
Cash & Cash Equivalents $97,648 $107,726 $136,402 $129,621
Accounts Receivables, Net $171,392 $171,942 $173,318 $172,008
Inventories, Net $101,552 $113,925 $114,875 $112,552
Total Debt $603 $890 $757 $481
Short Term Debt 166 431 290 -
Long Term Debt 437 459 467 481
Equity $611,860 $664,739 $708,924 $747,665
Cashflow Metrics
Cash Flow from (used in)
Operations $16,877 $42,492 $26,398 $52,320
Working Capital $249,302 $257,808 $302,045 $277,993
Capital Expenditures $4,972 $5,971 $3,023 $2,563
EBITDA $40,922 $47,747 $44,060 $38,904
Amortization of Intangibles 2,380 3,765 2,937 4,177
Depreciation 3,104 3,385 3,450 3,584
Financial Ratios
Days Sales Outstanding 57 55 59 55
Inventory Turns (trailing 12
months) 4.0 4.0 4.0 4.1
Current ratio 2.6 2.5 2.9 2.5
Debt to Equity 0.0 0.0 0.0 0.0
Other
Headcount 2,543 2,627 2,665 2,842
FY'06
Actual
Income Statement Metrics
Total Revenue $940,150
Engineering & Construction 637,118
Trimble Field Solutions 139,229
Advanced Devices 102,950
Trimble Mobile Solutions 60,854
Gross Margin 49.0%(b)
Total Segment Income $186,165
Engineering & Construction 136,155
Trimble Field Solutions 37,377
Advanced Devices 10,084
Trimble Mobile Solutions 2,549
Corporate and Other Charges (50,800)
Non-operating income (expense) (31,709)
and income taxes
Net Income $103,658
GAAP operating margin% 14.4%(b)
Non-GAAP operating margin% 17.3%(d)
GAAP EPS $1.79
Non-GAAP EPS $2.12
Balance Sheet Metrics
Cash & Cash Equivalents
Accounts Receivables, Net
Inventories, Net
Total Debt
Short Term Debt
Long Term Debt
Equity
Cashflow Metrics
Cash Flow from (used in) Operations $138,087
Working Capital $277,993
Capital Expenditures $16,529
EBITDA $171,633
Amortization of Intangibles $13,259
Depreciation $13,523
Financial Ratios
Days Sales Outstanding
Inventory Turns (trailing 12 months)
Current ratio
Debt to Equity
Other
Headcount
(a) Impact of moving joint venture transactions from non-operating to
operating income -- reduced gross margin by 1.3 points and
operating income by 1.3 points in Q4'06.
In addition, operating margins were impacted by 1.3 points due to
stock-based compensation expense. (For details, please refer to
the Non-GAAP Reconciliation).
(b) Impact of moving joint venture transactions from non-operating to
operating income -- reduced gross margin by 1.9 points and
operating income by 1.9 points in FY06.
In addition, operating margins were impacted by 1.3 points due to
stock-based compensation expense. (For details, please refer to
the Non-GAAP Reconciliation).
(c) Impact of moving joint venture transactions from non-operating to
operating income -- reduced operating income by 1.3 points in
Q4'06.
(d) Impact of moving joint venture transactions from non-operating to
operating income -- reduced operating income by 1.9 points in
FY06.
FTRMB
SOURCE Trimble
Investor Relations, Willa McManmon, +1-408-481-7838, or Media, LeaAnn McNabb, +1-408-481-7808, both of Trimble
http://www.trimble.com/
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