SUNNYVALE, Calif., Aug. 5, 2022 /PRNewswire/ — Trimble Inc. (NASDAQ:TRMB) today announced financial results for the second quarter of 2022.
Second Quarter 2022 Financial Highlights
- Revenue of $941.2 million, up 6 percent excluding the effects of divestitures, acquisitions, and foreign currency translation
- Annualized recurring revenue (ARR) was $1.51 billion, up 12 percent year over year
- GAAP operating income was $134.9 million and non-GAAP operating income was $210.7 million
- GAAP net income was $168.0 million and non-GAAP net income was $161.6 million
- Diluted earnings per share was $0.67 on a GAAP basis and $0.64 on a non-GAAP basis
- Adjusted EBITDA of $227.5 million, 24.2 percent of revenue
- Share repurchases of $200.0 million
“Our second quarter results exceeded expectations,” said Rob Painter, Trimble’s president and chief executive officer. “Growth in annualized recurring revenue and gross margin demonstrate the potential of our Connect & Scale strategy. We remain committed to investing in our strategy while navigating macroeconomic uncertainties.”
Forward Looking Guidance
For the full-year 2022, Trimble now expects to report revenue between $3,760 million and $3,820 million and GAAP earnings per share of $1.89 to $1.99, and non-GAAP earnings per share between $2.70 and $2.80. GAAP guidance assumes a tax rate of 23% and non-GAAP guidance assumes a tax rate of 18.5%. Both GAAP and non-GAAP earnings per share assume approximately 251 million shares outstanding. A 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 supplemental reconciliation scheduled attached.