Trimble Inc. announced financial results for the fourth quarter and fiscal year 2023.
Fourth Quarter 2023 Financial Highlights
- Revenue of $932.4 million, up 9 percent on a year-over-year basis, up 3 percent on an organic basis
- Annualized recurring revenue ("ARR") was $1.98 billion, up 24 percent year-over-year, up 13 percent on an organic basis
- GAAP operating income was $96.9 million, 10.4% of revenue and non-GAAP operating income was $226.6 million, 24.3% of revenue
- GAAP net income was $63.0 million and non-GAAP net income was $156.6 million
- Diluted earnings per share ("EPS") was $0.25 on a GAAP basis and $0.63 on a non-GAAP basis
- Adjusted EBITDA was $241.2 million, 25.9 percent of revenue
Executive Quote
"We finished 2023 with a record level of ARR, Gross Margin, and Adjusted EBITDA," said Rob Painter, Trimble's president and chief executive officer. "We enter 2024 with resolve to continue executing our strategy and returning capital to shareholders, while navigating macroeconomic uncertainties."
Fiscal 2023 Financial Highlights
- Revenue of $3,798.7 million, up 3 percent on a year-over-year basis, up 1 percent on an organic basis
- GAAP operating income was $448.8 million, 11.8% of revenue, and non-GAAP operating income was $934.7 million, 24.6% of revenue
- GAAP net income was $311.3 million and non-GAAP net income was $663.7 million
- Diluted EPS was $1.25 on a GAAP basis, and $2.66 on a non-GAAP basis
- Adjusted EBITDA was $1,009.7 million, 26.6 percent of revenue
- During fiscal 2023, Trimble repurchased approximately 2.4 million shares for $100.0 million.
Forward-Looking Guidance
For the full-year 2024, Trimble expects to report revenue between $3,570 million and $3,670 million and non-GAAP EPS of $2.60 to $2.80. The full year 2024 non-GAAP EPS assumes a tax rate of 17.5 percent and approximately 243 million shares outstanding.
For the first quarter of 2024, Trimble expects to report revenue between $905 million and $935 million and non-GAAP EPS of $0.57 to $0.62. The first quarter of 2024 non-GAAP EPS assumes a tax rate of 17.5 percent and approximately 248 million shares outstanding.
Full-year 2024 and first quarter of 2024 guidance both assume that the joint venture with AGCO closes at the beginning of the second quarter of 2024.
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, as well as related tax expense, associated with the agriculture business that will be contributed to the joint venture with AGCO. 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 February 12, 2024 at 8:00 a.m. ET to review its fourth quarter and full year 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 http://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.
