Trimble Inc. announced financial results for the second quarter of 2023.
Second Quarter 2023 Financial Highlights
- Revenue of $993.6 million, up 6 percent on a year-over-year basis, up 3 percent year-over-year on an organic basis
- Annualized recurring revenue ("ARR") was $1.88 billion, up 24 percent year-over-year, up 14 percent on an organic basis
- GAAP operating income was $93.6 million and non-GAAP operating income was $231.0 million
- GAAP net income was $44.6 million and non-GAAP net income was $159.0 million
- Diluted earnings per share ("EPS") was $0.18 on a GAAP basis and $0.64 on a non-GAAP basis
- Adjusted EBITDA of $251.5 million, 25.3 percent of revenue
Executive Quote
"Record annualized recurring revenue of $1.88 billion and gross margin of 64.2 percent in the second quarter demonstrates execution of our Connect and Scale strategy," said Rob Painter , Trimble's president and chief executive officer. "Our second quarter results demonstrate how Trimble technology enhances productivity and sustainability outcomes for our customers."
Forward Looking Guidance
For the full-year 2023, Trimble now expects to report revenue between $3,845 million and $3,925 million, GAAP EPS of $1.22 to $1.37, and non-GAAP EPS of $2.57 to $2.73. The full-year 2023 GAAP EPS assumes a tax rate of 18.0 percent, and the non-GAAP EPS assumes a tax rate of 17.5 percent. Both GAAP and non-GAAP EPS assume approximately 250 million shares outstanding.
For the third quarter of 2023, Trimble expects to report revenue between $945 million and $985 million, GAAP EPS of $0.20 to $0.27, and non-GAAP EPS of $0.56 to $0.64. The third quarter of 2023 GAAP EPS assumes a tax rate of 18.0 percent and the non-GAAP EPS assumes a tax rate of 17.3 percent. Both GAAP and non-GAAP EPS assume approximately 250 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 schedule attached.
Investor Conference Call / Webcast Details
Trimble will hold a conference call on August 3, 2023 at 8:00 a.m. ET to review its second 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.
