Trimble Reports Q2 Results
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
Executive Quote
“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.