Trimble Reports First Quarter 2018 Results

- First Quarter 2018 Revenue $742.2 million

SUNNYVALE, Calif., May 7, 2018 — (PRNewswire) —  Trimble Inc. (NASDAQ: TRMB) today announced financial results for the first quarter of 2018.

First Quarter 2018 Financial Summary

First quarter 2018 revenue of $742.2 million was up 22 percent as compared to the first quarter of 2017. Buildings and Infrastructure revenue was $224.7 million, up 20 percent. Geospatial revenue was $174.5 million, up 17 percent. Resources and Utilities revenue was $159.2 million, up 32 percent. Transportation revenue was $183.8 million, up 19 percent.

GAAP operating income was $64.2 million, up 17 percent as compared to the first quarter of 2017. GAAP operating margin was 8.6 percent of revenue as compared to 9.0 percent of revenue in the first quarter of 2017.

GAAP net income was $58.5 million, up 17 percent as compared to the first quarter of 2017. Diluted GAAP earnings per share were $0.23 as compared to diluted GAAP earnings per share of $0.19 in the first quarter of 2017.

Non-GAAP operating income of $139.5 million was up 30 percent as compared to the first quarter of 2017. Non-GAAP operating margin was 18.8 percent of revenue as compared to 17.6 percent of revenue in the first quarter of 2017.

Non-GAAP net income of $112.5 million was up 35 percent as compared to the first quarter of 2017. Diluted non-GAAP earnings per share were $0.44 as compared to diluted non-GAAP earnings per share of $0.33 in the first quarter of 2017.

The GAAP tax rate for the quarter was 12 percent as compared to 22 percent in the first quarter of 2017, and the non-GAAP tax rate was 19 percent as compared to 23 percent in the first quarter of 2017. 

Operating cash flow for the first quarter of 2018 was $82.9 million, down 20 percent as compared to the first quarter of 2017. Deferred revenue for the first quarter of 2018 was $360.4 million, up 19 percent as compared to the first quarter of 2017.

During the first quarter, Trimble repurchased approximately 1.3 million shares of its common stock for $50.0 million. Approximately $392 million remains under the current share repurchase authorization as of the end of the first quarter. As previously announced, Trimble has temporarily suspended its stock buyback program.

"The strength of the first quarter reflects our improving competitive position and strong execution in every segment," said Steven W. Berglund, Trimble's president and chief executive officer.  "Our strategic evolution, which is expected to accelerate with the recently announced Viewpoint and e-Builder acquisitions, will lead to higher value added solutions and higher revenue growth.  These acquisitions are expected to be accretive to operating margins and cash flow in 2019."

Forward Looking Guidance

For the second quarter of 2018, Trimble expects revenue to be between $755 million and $785 million with GAAP earnings per share of $0.21 to $0.26 and non-GAAP earnings per share of $0.42 to $0.46. Non-GAAP guidance excludes the amortization of intangibles of $42 million related to previous acquisitions, anticipated acquisition costs of $8 million, the anticipated impact of stock-based compensation expense of $15 million, and $2 million in anticipated restructuring charges. GAAP guidance assumes a tax rate of 15 percent and non-GAAP guidance assumes a tax rate of 19 percent. Both GAAP and non-GAAP earnings per share assume approximately 253 million shares outstanding.

New Accounting Standard

Trimble adopted a new accounting standard, ASC 606, starting with the first quarter of fiscal 2018, which primarily affects recognition of revenue and related costs of sales for software term licenses, custom professional services contracts, and contracts with non-standard terms and conditions.  Trimble is utilizing the full retrospective method of transition, and prior periods presented here have been restated to reflect adoption of this new standard.

Investor Conference Call / Webcast Details

Trimble will hold a conference call on May 7 at 2:00 p.m. PT to review its first quarter 2018 results. An accompanying slide presentation will be made available on the "Investors" section of the Trimble Website, www.trimble.com, under the subheading "Events & Presentations". The call will be broadcast live on the Web at http://investor.trimble.com. Investors without Internet access may dial into the call at (800) 528-9198 (U.S.) or (702) 928-6633 (international). The passcode is 6279819. The replay will also be available on the Web at the address above.

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