Trimble Inc. announced financial results for the third quarter of 2023.
Third Quarter 2023 Financial Highlights
- Revenue of $957.3 million, up 8 percent on a year-over-year basis, up 2 percent year-over-year on an organic basis
- Annualized recurring revenue ("ARR") was $1.94 billion, up 25 percent year-over-year, up 13 percent on an organic basis
- GAAP operating income was $121.3 million and non-GAAP operating income was $251.0 million
- GAAP net income was $74.9 million and non-GAAP net income was $170.2 million
- Diluted earnings per share ("EPS") was $0.30 on a GAAP basis and $0.68 on a non-GAAP basis
- Adjusted EBITDA of $268.2 million, 28.0 percent of revenue
Executive Quote
"Record annualized recurring revenue of $1.94 billion and record gross margin of 65.0% in this third quarter demonstrate progression of the Connect & Scale strategy," said Rob Painter, Trimble's president and chief executive officer. "In an increasingly difficult macroeconomic environment, we continue to simplify and focus our business to execute to our full potential."
Forward Looking Guidance
For the full-year 2023, Trimble now expects to report revenue between $3,757 million and $3,797 million, GAAP EPS of $1.15 to $1.23, and non-GAAP EPS of $2.58 to $2.66. The full-year 2023 GAAP EPS assumes a tax rate of 15.0 percent, and the non-GAAP EPS assumes a tax rate of 17.4 percent. Both GAAP and non-GAAP EPS assume approximately 250 million shares outstanding.
For the fourth quarter of 2023, Trimble expects to report revenue between $890 million and $930 million, GAAP EPS of $0.14 to $0.23, and non-GAAP EPS of $0.55 to $0.63. The fourth quarter of 2023 GAAP EPS assumes a tax rate of 9.0 percent and the non-GAAP EPS assumes a tax rate of 16.9 percent. Both GAAP and non-GAAP EPS assume approximately 251 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 November 1, 2023 at 8:00 a.m. ET to review its third 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.
