Press release
Trimble Announces Fourth Quarter and Full Year 2022 Results and Initiates 2023 Guidance
Record annualized recurring revenue of $1.60 billion, up 16 percent on an organic basisFull year total revenue of $3.68 billion, flat on a year-over-year
About this update from Trimble Inc.
[{"type":"text","content":"Record annualized recurring revenue of $1.60 billion, up 16 percent on an organic basisFull year total revenue of $3.68 billion, flat on a year-over-year basis, and up 7 percent year-over-year on an organic basisRecord full year GAAP gross margin of 57.3 percent and record non-GAAP gross margin of 60.0 percentWESTMINSTER, Colo., Feb. 8, 2023 /PRNewswire/ -- Trimble Inc. (NASDAQ: TRMB) today announced fourth quarter and fiscal year 2022 financial results.\nFourth Quarter 2022 Financial Highlights\nRevenue of $856.5 million was down 8 percent year-over-year, and was flat year-over-year on an organic basisAnnualized recurring revenue (ARR) was $1.60 billion, up 14 percent year-over-year, up 16 percent on an organic basisGAAP operating income was $96.7 million and non-GAAP operating income was $187.8 millionGAAP net income was $85.6 million and non-GAAP net income was $149.9 millionDiluted earnings per share was $0.34 on a GAAP basis, and $0.60 on a non-GAAP basisAdjusted EBITDA was $208.4 million, 24.3 percent of revenueExecutive Quote\n\"Trimble is a purpose-driven company, transforming and digitizing industries that support how we live, what we eat, and how we move,\" said Rob 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.\"\nFiscal 2022 Financial Highlights\nRevenue of $3,676.3 million was flat year-over-year, and was up 7 percent year-over-year on an organic basisGAAP operating income was $510.9 million and non-GAAP operating income was $841.5 millionGAAP net income was $449.7 million and non-GAAP net income was $660.3 millionDiluted earnings per share was $1.80 on a GAAP basis, and $2.64 on a non-GAAP basisAdjusted EBITDA was $917.3 million, 25.0 percent of revenueDuring fiscal 2022, Trimble repurchased approximately 6.0 million shares for $394.7 million.Forward Looking Guidance\nFor 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. ...