Trimble Inc. · NASDAQ:TRMB
Trimble — Q1 2019 Earnings Presentation
12 slides from Trimble's earnings presentation, May 1, 2019
Slide 1: Trimble First Quarter 2019 Results Summary
Trimble First Quarter 2019 Results Summary
Slide 2: Forward-looking statements
Forward-looking statements Certain statements made in this presentation and any subsequent Q&A period are forward-looking statements, within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and are made pursuant to the safe harbor provisions of the Securities Litigation
Slide 3: Agenda
Agenda ▪ CEO Overview ▪ CFO Review of Results ▪ Guidance ▪ Q&A 3
Slide 4: First quarter 2019 overview
First quarter 2019 overview ▪ First quarter non-GAAP revenue of $805 million, up 8% total, +3% organic Financial ▪ Annualized recurring revenue of ≈$1.07 billion, up 30% Highlights ▪ Adjusted EBITDA margins of 21.4%, up 60 basis points ▪ Free cash flow up 38% on a trailing twelve month basis ▪ 3-4-3
Slide 5: First quarter 2019 financial summary
First quarter 2019 financial summary $M, Except Per Share First Quarter of ▪ Non-GAAP Revenue: +8% y/y; Non-GAAP Income Statement Highlights 2018 2019 Y/Y Change – Organic +3% Revenue $745.1 $804.5 +8% – Currency translation –2% Gross Margin % of Revenue 57.1% 58.0% +90bps – Acquisitions/divestiture
Slide 6: Financial metric highlights
Financial metric highlights Annualized recurring $1.7B in TTM software, services TTM free cash revenue ≈$1.07B and recurring revenue flow up +38% (+30% growth) (+28% growth) TTM research & development Approx. $1.1B backlog 14.3% of revenue (>65% of R&D in software) $464M deferred Net working capital
Slide 7: Non-GAAP revenue by reporting segment
Non-GAAP revenue by reporting segment TTM Growth $M Q1’19 Q1’19 vs. Q1’18 Growth % Key Factors CAGR % M&A/ Revenue Organic FX Total 1 Year 3 Year Divestiture Strength in end-user sales in both civil and building construction Buildings & $294.7 +11% +21% -3% +30% +33% +18% Subscription conversion
Slide 8: Non-GAAP revenue by region
Non-GAAP revenue by region % of Total % Change Q1’18 Q1’19 Y/Y Quarterly Y/Y TTM North America 52% 52% +10% +16% Europe 30% 31% +10% +19% Asia-Pacific 13% 12% -1% +7% Rest of World 5% 5% +3% +2% Total 100% 100% +8% +15% Figures may vary due to rounding. 8
Slide 9: Non-GAAP revenue mix, trailing 12 month growth
Non-GAAP revenue mix, trailing 12 month growth [ Recurring + Software & Services = SW, Services, Recurring ] + Hardware = Total Revenue $1,704M $1,487M $3,191M $998M $706M $1,449M $2,783M $776M $1,334M $558M TTM Q4'17 TTM TTMQ1’18 Q1’19 TTM Q4'18 TTM TTMQ1’18 TTMQ4'18 Q4'17 TTM Q1’19 TTM Q4'17 TTM T
Slide 10: Non-GAAP operating income by reporting segment
Non-GAAP operating income by reporting segment TTM Growth $M, Non-GAAP Q1’19 TTM Q1’19 Q1’19 Y/Y Key Factors CAGR % Operating Operating Growth vs. Operating Operating 1 Year 3 Year income $ income % Q1’18 income $ income % Mix transitioning to higher Buildings & Infrastructure $62.5 21.2% +37% $27
Slide 11: Guidance and outlook
Guidance and outlook ▪ Non-GAAP revenue of $850-$880 million ▪ +8-12% total growth; +3-7% organic, +7% M&A, -2% FX Second ▪ Non-GAAP EPS of $0.52 to $0.56 Quarter 2019 ▪ Income from equity method investments ≈$11M ▪ Net interest expense ≈$21M ▪ Non-GAAP tax rate of 20%, 254M shares outstanding Fisca
Slide 12: Q&A
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