Business
Trimble Reports Second Quarter 2020 Results
- Growth in annualized recurring revenue on a year-over-year basis - Growth in operating margin on a year-over-year basis SUNNYVALE, Calif., Aug. 5, 2020
About this update from Trimble Inc.
[{"type":"text","content":"- Growth in annualized recurring revenue on a year-over-year basis\n - Growth in operating margin on a year-over-year basis\n\n\nSUNNYVALE, Calif., Aug. 5, 2020 /PRNewswire/ -- Trimble Inc. (NASDAQ: TRMB) today announced financial results for the second quarter of 2020.\nSecond Quarter 2020 Financial Summary\nSecond quarter 2020 GAAP revenue of $733.6 million was down 14 percent as compared to the second quarter of 2019. Second quarter 2020 non-GAAP revenue of $735.2 million was down 14 percent as compared to the second quarter of 2019.\nAnnualized recurring revenue (ARR) for the second quarter was $1.21 billion, up 6 percent as compared to the second quarter of 2019. Effective this quarter, we are including the annualized value of term licenses in the calculation of ARR for the current and comparable periods.\nBuildings and Infrastructure revenue was $295.3 million, down 13 percent. Geospatial revenue was $145.2 million, down 12 percent. Resources and Utilities revenue was $143.8 million, down 6 percent. Transportation revenue was $150.9 million, down 24 percent.\nGAAP operating income was $97.6 million, down 11 percent as compared to the second quarter of 2019. GAAP operating margin was 13.3 percent of revenue as compared to 12.8 percent of revenue in the second quarter of 2019.\nGAAP net income was $63.0 million, down 33 percent as compared to the second quarter of 2019. GAAP diluted earnings per share were $0.25 as compared to GAAP diluted earnings per share of $0.37 in the second quarter of 2019.\nNon-GAAP operating income of $169.9 million was down 3 percent as compared to the second quarter of 2019. Non-GAAP operating margin was 23.1 percent of revenue as compared to 20.5 percent of revenue in the second quarter of 2019.\nNon-GAAP net income of $131.5 million was down 2 percent as compared to the second quarter of 2019. Non-GAAP diluted earnings per share were $0.52 as compared to non-GAAP diluted earnings per share of $0.53 in the second quarter of 2019.\nThe GAAP tax rate for the quarter was 30.5 percent as compared to 18.0 percent in the second quarter of 2019, and the non-GAAP tax rate was 17.1 percent as compared to 20.0 percent in the second quarter of 2019.\nAdjusted EBITDA of $189.3 million was down 5 percent as compared to the second quarter of 2019. Adjusted EBITDA was 25.7 percent of revenue as compared to 23.2...