Trimble Inc. announced financial results for the first quarter of 2022.
First Quarter 2022 Financial Highlights
- Revenue of $993.7 million, up 12 percent year over year
- Annualized recurring revenue (ARR) was $1.47 billion, up 12 percent year over year
- GAAP operating income was $156.9 million and non-GAAP operating income was $233.1 million
- GAAP net income was $110.3 million and non-GAAP net income was $184.8 million
- Diluted earnings per share was $0.44 on a GAAP basis and $0.73 on a non-GAAP basis
- Adjusted EBITDA of $253.3 million, 25.5 percent of revenue
- Share repurchases of $104.7 million
Executive Quote
"Trimble is a purpose-driven company, transforming and digitizing industries that support how we live, what we eat, how we move," said Rob Painter, Trimble's president and chief executive officer. "Record total revenue and annualized recurring revenue demonstrate the value of our continuing growth and commitment to innovation and sustainability. Excluding the impact of our recently announced divestitures and recent changes in foreign exchange rates, our updated guidance reflects a projection of higher ARR growth, revenue and earnings."
Forward Looking Guidance
After giving effect to the recently announced divestitures of the Time and Frequency, LOADRITE, Spectra Precision Tools, SECO accessories and Beena Vision businesses (the "Divestitures") and effects of recent changes in foreign exchange rates, for the full-year 2022, Trimble now expects to report revenue between $3,800 million and $3,880 million and non-GAAP earnings per share between $2.71 and $2.86. Non-GAAP guidance assumes a tax rate between 18.5 to 19.0 percent. Non-GAAP earnings per share assume approximately 253 million shares outstanding. This guidance range excludes the gain on the anticipated Divestitures. Trimble is unable to provide a quantitative reconciliation of these measures to GAAP with a reasonable degree of accuracy due to certain open adjustments to book value, including working capital changes. The Divestitures are subject to customary closing conditions and are expected to close in the second quarter.
Investor Conference Call / Webcast Details
Trimble will hold a conference call on May 5, 2022 at 5:00 a.m. PT to review its first quarter 2022 results. An accompanying slide presentation will be made available on the "Investors" section of the Trimble website, www.trimble.com, under the subheading "Events & Presentations." The call will be broadcast live on the web at http://investor.trimble.com. Investors without internet access may dial into the call at (844) 817-7339 (U.S.) or (409) 231-2959 (international). The passcode is 1014217. The replay will also be available on the web at the address above.
