Trimble Inc. announced fourth quarter and fiscal year 2022 financial results.
Fourth Quarter 2022 Financial Highlights
- Revenue of $856.5 million was down 8 percent year-over-year, and was flat year-over-year on an organic basis
- Annualized recurring revenue (ARR) was $1.60 billion, up 14 percent year-over-year, up 16 percent on an organic basis
- GAAP operating income was $96.7 million and non-GAAP operating income was $187.8 million
- GAAP net income was $85.6 million and non-GAAP net income was $149.9 million
- Diluted earnings per share was $0.34 on a GAAP basis, and $0.60 on a non-GAAP basis
- Adjusted EBITDA was $208.4 million, 24.3 percent of revenue
Executive Quote
"Trimble is a purpose-driven company, transforming and digitizing industries that support how we live, what we eat, and how we move," saidRob Painter, Trimble's president and chief executive officer. "Record revenue, annualized recurring revenue, and gross margins in 2022 demonstrate progression of our Connect and Scale strategy. We enter 2023 with resolve to continue executing our strategy while navigating macroeconomic uncertainties."
Fiscal 2022 Financial Highlights
- Revenue of $3,676.3 million was flat year-over-year, and was up 7 percent year-over-year on an organic basis
- GAAP operating income was $510.9 million and non-GAAP operating income was $841.5 million
- GAAP net income was $449.7 million and non-GAAP net income was $660.3 million
- Diluted earnings per share was $1.80 on a GAAP basis, and $2.64 on a non-GAAP basis
- Adjusted EBITDA was $917.3 million, 25.0 percent of revenue
- During fiscal 2022, Trimble repurchased approximately 6.0 million shares for $394.7 million.
Forward Looking Guidance
For the full year 2023, Trimble expects to report revenue between $3,700 million and $3,800 million and GAAP earnings per share of $1.59 to $1.79, and non-GAAP earnings per share of $2.66 to $2.86. GAAP guidance assumes a tax rate of 19.5 percent and non-GAAP guidance assumes a tax rate of 18.0 percent. Both GAAP and non-GAAP earnings per share assume approximately 249 million shares outstanding. This guidance does not incorporate the expected financial impacts of the pending acquisition of Transporeon. 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 schedule attached.
Investor Conference Call / Webcast Details
Trimble will hold a conference call on February 8, 2023 at 8:00 a.m. ET to review its fourth quarter and full year 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 https://investor.trimble.com. Investors without internet access may dial into the call at (888) 660-6347 (U.S.) or (929) 201-6594 (international). The passcode is 1043223. The replay will also be available on the web at the address above.
