Trimble Reports Second Quarter 2020 Results

- Growth in annualized recurring revenue on a year-over-year basis

SUNNYVALE, Calif., Aug. 5, 2020 — (PRNewswire) — Trimble Inc. (NASDAQ: TRMB) today announced financial results for the second quarter of 2020.

Second Quarter 2020 Financial Summary

Second quarter 2020 GAAP revenue of $733.6 million was down 14 percent as compared to the second quarter of 2019. Second quarter 2020 non-GAAP revenue of $735.2 million was down 14 percent as compared to the second quarter of 2019.

Annualized recurring revenue (ARR) for the second quarter was $1.21 billion, up 6 percent as compared to the second quarter of 2019. Effective this quarter, we are including the annualized value of term licenses in the calculation of ARR for the current and comparable periods.

Buildings and Infrastructure revenue was $295.3 million, down 13 percent. Geospatial revenue was $145.2 million, down 12 percent. Resources and Utilities revenue was $143.8 million, down 6 percent. Transportation revenue was $150.9 million, down 24 percent.

GAAP operating income was $97.6 million, down 11 percent as compared to the second quarter of 2019. GAAP operating margin was 13.3 percent of revenue as compared to 12.8 percent of revenue in the second quarter of 2019.

GAAP net income was $63.0 million, down 33 percent as compared to the second quarter of 2019. GAAP diluted earnings per share were $0.25 as compared to GAAP diluted earnings per share of $0.37 in the second quarter of 2019.

Non-GAAP operating income of $169.9 million was down 3 percent as compared to the second quarter of 2019. Non-GAAP operating margin was 23.1 percent of revenue as compared to 20.5 percent of revenue in the second quarter of 2019.

Non-GAAP net income of $131.5 million was down 2 percent as compared to the second quarter of 2019. Non-GAAP diluted earnings per share were $0.52 as compared to non-GAAP diluted earnings per share of $0.53 in the second quarter of 2019.

The GAAP tax rate for the quarter was 30.5 percent as compared to 18.0 percent in the second quarter of 2019, and the non-GAAP tax rate was 17.1 percent as compared to 20.0 percent in the second quarter of 2019.

Adjusted EBITDA of $189.3 million was down 5 percent as compared to the second quarter of 2019.  Adjusted EBITDA was 25.7 percent of revenue as compared to 23.2 percent in the second quarter of 2019.  Operating cash flow for the first two quarters of 2020 was $303.2 million, down 7 percent as compared to the first two quarters of 2019. Deferred revenue for the second quarter of 2020 was $531.0 million, up 17 percent as compared to the second quarter of 2019.

"The resilience of the Trimble team, the quality of our Connect & Scale 2025 strategy, and the strength of our financial model enabled us to perform despite difficult circumstances," said Rob Painter, Trimble's president and chief executive officer. "While we expect ongoing macroeconomic challenges, we remain committed to our mission to transform the way the world works, as we enable our customers to digitize their businesses and unlock productivity, quality, safety and sustainability."

Forward Looking Guidance

Trimble's financial results for the remainder of 2020 will be impacted by continued global economic uncertainty due to the COVID-19 pandemic. As such, Trimble is not providing a financial outlook for the third quarter of 2020 or the remainder of 2020 at this time.

Investor Conference Call / Webcast Details

Trimble will hold a conference call on August 5 at 2:00 p.m. PT to review its second quarter 2020 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 7791485. The replay will also be available on the web at the address above.

Use of Non-GAAP Financial Information

In addition to financial information prepared in accordance with GAAP, this press release also contains certain non-GAAP financial measures based upon management's view of performance, including:

  • Non-GAAP revenue
  • Non-GAAP recurring revenue
  • Non-GAAP operating income
  • Non-GAAP operating margin
  • Non-GAAP net income
  • Non-GAAP diluted earnings per share
  • Non-GAAP tax rate
  • Adjusted EBITDA

Segment data reflects the results of Trimble's reportable segments under its management reporting system. Segment revenue and operating income are consistent with the respective non-GAAP measures discussed below and in the attached supplemental schedules. Investors are encouraged to review the specific non-GAAP measures, which Trimble uses along with a reconciliation to the nearest comparable GAAP measures and the explanation for why these non-GAAP measures provide useful information to investors regarding the financial condition and results of operations and why management chose to exclude selected items, which can be found at the end of this press release. Additional financial information about Trimble's use of non-GAAP results can be found on the investor relations section of Trimble's website at:  http://investor.trimble.com.

Annualized Recurring Revenue

In addition to providing financial measures, Trimble provides an ARR performance measure in order to provide investors with a supplementary indicator of the value of the Company's current recurring revenue contracts. ARR is calculated by adding the portion of the contract value of all of our term licenses attributable to the current quarter to our non-GAAP recurring revenue for the current quarter and dividing that sum by the number of days in the quarter and then multiplying that quotient by 365. ARR should be viewed independently of revenue and deferred revenue as it is a performance measure and is not intended to be combined with or to replace either of those items.

About Trimble

Trimble is transforming the way the world works by delivering products and services that connect the physical and digital worlds. Core technologies in positioning, modeling, connectivity and data analytics enable customers to improve productivity, quality, safety and sustainability. From purpose built products to enterprise lifecycle solutions, Trimble software, hardware and services are transforming industries such as agriculture, construction, geospatial and transportation. For more information about Trimble (NASDAQ: TRMB ), visit: www.trimble.com .

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