Trimble Inc. announced fourth quarter and fiscal year 2020 financial results.
Fourth Quarter 2020 Financial Highlights
- GAAP revenue of $829.7 million, up 1 percent year over year, and non-GAAP revenue of $830.0 million, flat year over year. Fourth quarter 2020 was a 13-week quarter and fourth quarter 2019 was a 14-week quarter.
- Annualized recurring revenue (ARR) of $1.3 billion, up 9 percent year over year
- GAAP operating income was $121.9 million and non-GAAP operating income was $196.7 million
- GAAP net income was $180.3 million and non-GAAP net income was $155.6 million
- Diluted earnings per share was $0.71 on a GAAP basis, and $0.61 on a non-GAAP basis
- Adjusted EBITDA was $216.5 million, 26.1 percent of non-GAAP revenue
Executive Quote
"Our fourth quarter results exceeded expectations, enabling us to finish the year with solid financial performance," said Rob Painter, Trimble's president and chief executive officer. "We experienced growth in annualized recurring revenue, adjusted EBITDA and operating cash flow. While we enter 2021 expecting ongoing market ambiguities, we enter with confidence and resolve to execute our Connect and Scale 2025 strategy."
Fiscal 2020 Financial Highlights
- GAAP revenue of $3,147.7 million, and non-GAAP revenue of $3,152.0 million, both down 4 percent year over year. Fiscal 2020 was a 52-week year and 2019 was a 53-week year.
- GAAP operating income was $419.8 million and non-GAAP operating income was $719.6 million
- GAAP net income was $389.9 million and non-GAAP net income was $562.4 million
- Diluted earnings per share was $1.55 on a GAAP basis, and $2.23 on a non-GAAP basis
- Adjusted EBITDA was $798.7 million, 25.3 percent of non-GAAP revenue
- Operating cash flow was $672.0 million, up 15 percent year over year
- During fiscal 2020, Trimble repurchased approximately 1.9 million shares for $81.6 million. Approximately $90.7 million remains under the current share repurchase authorization as of the end of the fourth quarter.
Forward Looking Guidance
For the full year 2021, Trimble expects to report GAAP revenue between $3,299.7 million and $3,399.7 million and GAAP earnings per share of $1.31 to $1.54, and non-GAAP revenue between $3,300.0 million and $3,400.0 million and non-GAAP earnings per share of $2.25 and $2.45. GAAP guidance assumes a tax rate of 21 to 22 percent and non-GAAP guidance assumes a tax rate of 16 to 17 percent. Both GAAP and non-GAAP earnings per share assume approximately 254 million shares outstanding. A reconciliation of the non-GAAP measures to the most directly comparable GAAP measures and other information relating to these non-GAAP measures are included in the supplemental reconciliation scheduled attached.
