Trimble Inc. announced financial results for the first quarter of 2023.
First Quarter 2023 Financial Highlights
- Revenue of $915.4 million, down 8 percent on a year-over-year basis, down 3 percent year-over-year on an organic basis
- Annualized recurring revenue ("ARR") was $1.65 billion, up 12 percent year-over-year, up 13 percent on an organic basis
- GAAP operating income was $137.0 million and non-GAAP operating income was $226.1 million
- GAAP net income was $128.8 million and non-GAAP net income was $177.9 million
- Diluted earnings per share ("EPS") was $0.52 on a GAAP basis and $0.72 on a non-GAAP basis
- Adjusted EBITDA of $248.8 million, 27.2 percent of revenue
Executive Quote
"Record annualized recurring revenue of $1.65 billion and record gross margin of 64.2 percent in the first quarter demonstrates the quality of our Connect and Scale strategy," said Rob Painter, Trimble's president and chief executive officer. "Our first quarter total revenue and profitability exceeded expectations that we communicated to shareholders in February. We are updating 2023 guidance to reflect the Transporeon acquisition, which closed on April 3, 2023."
Forward Looking Guidance
For the full-year 2023, Trimble now expects to report revenue between $3,835 million and $3,935 million and non-GAAP EPS of $2.52 to $2.72. The full-year 2023 non-GAAP EPS assumes a tax rate of 17.5 percent to 18.0 percent, and approximately 250 million shares outstanding. For the second quarter of 2023, Trimble expects to report revenue between $962 million and $992 million and non-GAAP EPS of $0.55 to $0.61. The second quarter of 2023 non-GAAP EPS assumes a tax rate of 17.5 percent, and approximately 249 million shares outstanding. Trimble is unable to provide a quantitative reconciliation of these measures to GAAP with a reasonable degree of accuracy because Trimble has not estimated the fair value of the assets and liabilities, including intangible assets and related amortization expense, associated with the Transporeon acquisition. An explanation of how we calculate non-GAAP EPS and other information relating to this non-GAAP measure is included in the supplemental schedule attached.
Investor Conference Call / Webcast Details
Trimble will hold a conference call on May 3, 2023 at 8:00 a.m. ET to review its first quarter 2023 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 conference ID is 1043223. The replay will also be available on the web at the address above.
