Business
Trimble Announces Record 2019 Financial Results
- Record annual revenue, net income, operating cash flow - Annualized recurring revenue of $1.13 billion, up 6 percent SUNNYVALE, Calif., Feb. 12, 2020
About this update from Trimble Inc.
[{"type":"text","content":"- Record annual revenue, net income, operating cash flow\n - Annualized recurring revenue of $1.13 billion, up 6 percent\n\n\nSUNNYVALE, Calif., Feb. 12, 2020 /PRNewswire/ -- Trimble Inc. (NASDAQ: TRMB) today announced fourth quarter and fiscal year 2019 financial results.\nFourth Quarter 2019 Financial Summary\nFourth quarter 2019 GAAP revenue of $824.0 million was up 5 percent as compared to the fourth quarter of 2018. Fourth quarter 2019 non-GAAP revenue of $826.7 million was up 4 percent as compared to the fourth quarter of 2018. Fourth quarter 2019 was a 14-week quarter and fourth quarter 2018 was a 13-week quarter.\nBuildings and Infrastructure revenue was $313.8 million, up 9 percent. Geospatial revenue was $168.7 million, down 6 percent. Resources and Utilities revenue was $138.1 million, up 6 percent. Transportation revenue was $206.1 million, up 5 percent. Segment revenues reflect the results of Trimble's reportable segments under its management reporting system and are non-GAAP measures.\nGAAP operating income was $88.2 million, down 2 percent as compared to the fourth quarter of 2018. GAAP operating margin was 10.7 percent of revenue as compared to 11.4 percent of revenue in the fourth quarter of 2018.\nGAAP net income was $279.3 million, up 223 percent as compared to the fourth quarter of 2018. GAAP diluted earnings per share was $1.11 as compared to GAAP diluted income per share of $0.34 in the fourth quarter of 2018.\nNon-GAAP operating income of $178.2 million was up 4 percent as compared to the fourth quarter of 2018. Non-GAAP operating margin was 21.6 percent of revenue as compared to 21.7 percent of revenue in the fourth quarter of 2018.\nNon-GAAP net income of $134.1 million was up 10 percent as compared to the fourth quarter of 2018. Non-GAAP diluted earnings per share were $0.53 as compared to non-GAAP diluted earnings per share of $0.48 in the fourth quarter of 2018.\nThe GAAP tax rate benefit for the quarter was 271 percent as compared to a tax rate benefit of 28 percent in the fourth quarter of 2018, and the non-GAAP tax rate was 19 percent both in the fourth quarter of 2019 and 2018. Consistent with changes in tax laws and to align with our international business operations, a non-U.S. intercompany transfer of intellectual property, completed in the fourth quarter, resulted in a one-time tax benefit for...