Press release
Trimble Announces Second Quarter 2023 Results
Record annualized recurring revenue of $1.88 billion, up 14 percent on an organic basisSecond quarter total revenue of $994 million, up 6 percent on a
About this update from Trimble Inc.
[{"type":"text","content":"Record annualized recurring revenue of $1.88 billion, up 14 percent on an organic basisSecond quarter total revenue of $994 million, up 6 percent on a year-over-year basis, up 3 percent year-over-year on an organic basisGAAP gross margin of 60.8 percent and non-GAAP gross margin of 64.2 percentWESTMINSTER, Colo., Aug. 3, 2023 /PRNewswire/ -- Trimble Inc. (NASDAQ: TRMB) today announced financial results for the second quarter of 2023.\nSecond Quarter 2023 Financial Highlights\nRevenue of $993.6 million, up 6 percent on a year-over-year basis, up 3 percent year-over-year on an organic basisAnnualized recurring revenue (\"ARR\") was $1.88 billion, up 24 percent year-over-year, up 14 percent on an organic basisGAAP operating income was $93.6 million and non-GAAP operating income was $231.0 millionGAAP net income was $44.6 million and non-GAAP net income was $159.0 millionDiluted earnings per share (\"EPS\") was $0.18 on a GAAP basis and $0.64 on a non-GAAP basisAdjusted EBITDA of $251.5 million, 25.3 percent of revenueExecutive Quote\n\"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.\"\nForward Looking Guidance\nFor 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.\nFor 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.\nA 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 supplementa...