Trimble Announces Record 2019 Financial Results

- Record annual revenue, net income, operating cash flow

SUNNYVALE, Calif., Feb. 12, 2020 — (PRNewswire) —  Trimble Inc. (NASDAQ: TRMB) today announced fourth quarter and fiscal year 2019 financial results.

Fourth Quarter 2019 Financial Summary

Fourth quarter 2019 GAAP revenue of $824.0 million was up 5 percent as compared to the fourth quarter of 2018. Fourth quarter 2019 non-GAAP revenue of $826.7 million was up 4 percent as compared to the fourth quarter of 2018. Fourth quarter 2019 was a 14-week quarter and fourth quarter 2018 was a 13-week quarter.

Buildings and Infrastructure revenue was $313.8 million, up 9 percent. Geospatial revenue was $168.7 million, down 6 percent. Resources and Utilities revenue was $138.1 million, up 6 percent. Transportation revenue was $206.1 million, up 5 percent. Segment revenues reflect the results of Trimble's reportable segments under its management reporting system and are non-GAAP measures.

GAAP operating income was $88.2 million, down 2 percent as compared to the fourth quarter of 2018. GAAP operating margin was 10.7 percent of revenue as compared to 11.4 percent of revenue in the fourth quarter of 2018.

GAAP net income was $279.3 million, up 223 percent as compared to the fourth quarter of 2018. GAAP diluted earnings per share was $1.11 as compared to GAAP diluted income per share of $0.34 in the fourth quarter of 2018.

Non-GAAP operating income of $178.2 million was up 4 percent as compared to the fourth quarter of 2018. Non-GAAP operating margin was 21.6 percent of revenue as compared to 21.7 percent of revenue in the fourth quarter of 2018.

Non-GAAP net income of $134.1 million was up 10 percent as compared to the fourth quarter of 2018. Non-GAAP diluted earnings per share were $0.53 as compared to non-GAAP diluted earnings per share of $0.48 in the fourth quarter of 2018.

The GAAP tax rate benefit for the quarter was 271 percent as compared to a tax rate benefit of 28 percent in the fourth quarter of 2018, and the non-GAAP tax rate was 19 percent both in the fourth quarter of 2019 and 2018.  Consistent with changes in tax laws and to align with our international business operations, a non-U.S. intercompany transfer of intellectual property, completed in the fourth quarter, resulted in a one-time tax benefit for the fourth quarter of 2019.

"Our quarterly results exceeded expectations and we closed the year with good performance," said Rob Painter, Trimble's president and chief executive officer. "Our strategy is more compelling than ever and cash flow and annualized recurring revenue reflected notable expansion."

Fiscal 2019 Financial Summary

Fiscal 2019 GAAP revenue of $3,264.3 million was up 5 percent as compared to fiscal 2018. Fiscal 2019 non-GAAP revenue of $3,271.3 million was up 4 percent as compared to fiscal 2018. Fiscal 2019 was a 53-week year and 2018 was a 52-week year.

Buildings and Infrastructure revenue was $1,258.2 million, up 16 percent. Geospatial revenue was $649.4 million, down 10 percent. Resources and Utilities revenue was $571.4 million, up 1 percent. Transportation revenue was $792.3 million, up 5 percent. Segment revenues reflect the results of Trimble's reportable segments under its management reporting system and are non-GAAP measures.

GAAP operating income was $375.9 million, up 17 percent as compared to fiscal 2018. GAAP operating margin was 11.5 percent of revenue as compared to 10.3 percent of revenue in fiscal 2018.

GAAP net income was $514.3 million, up 82 percent as compared to fiscal 2018. GAAP diluted earnings per share were $2.03 as compared to GAAP diluted earnings per share of $1.12 in fiscal 2018.

Non-GAAP operating income of $667.8 million was up 4 percent as compared to fiscal 2018. Non-GAAP operating margin was 20.4 percent of revenue as compared to 20.6 percent of revenue in fiscal 2018.

Non-GAAP net income of $502.6 million was up 2 percent as compared to fiscal 2018. Non-GAAP diluted earnings per share were $1.99 as compared to non-GAAP diluted earnings per share of $1.94 in fiscal 2018.

The GAAP tax rate benefit for the year was 49 percent, driven by the intellectual property transfer as noted above. The tax rate benefit was 2 percent in fiscal 2018. The non-GAAP tax rate was 20 percent as compared to 19 percent in fiscal 2018.

Operating cash flow for fiscal 2019 was $585.0 million, up 20 percent as compared to fiscal 2018. Deferred revenue for fiscal 2019 was $541.9 million, up 40 percent as compared to fiscal 2018.

During fiscal 2019, Trimble repurchased approximately 4.7 million shares for $180 million. Approximately $172 million remains under the current share repurchase authorization as of the end of the fourth quarter.

Forward Looking Guidance

For the first quarter of 2020, Trimble expects to report GAAP revenue between $778 million and $808 million and GAAP earnings per share of $0.14 to $0.18, and non-GAAP revenue between $780 million and $810 million and non-GAAP earnings per share of $0.40 to $0.45. GAAP guidance assumes a tax rate of 21 to 22 percent and non-GAAP guidance assumes a tax rate of 17 to 18 percent. Both GAAP and non-GAAP earnings per share assume approximately 252 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 schedule attached.

Investor Conference Call / Webcast Details

Trimble will hold a conference call on February 12 at 2:00 p.m. PT to review its fourth quarter 2019 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 2590949. The replay will also be available on the web at the address above.

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