Fourth Quarter 2022 Financial Highlights
- Revenue of $856.5 million was down 8 percent year-over-year, and was flat year-over-year on an organic basis
- Annualized recurring revenue (ARR) was $1.60 billion, up 14 percent year-over-year, up 16 percent on an organic basis
- GAAP operating income was $96.7 million and non-GAAP operating income was $187.8 million
- GAAP net income was $85.6 million and non-GAAP net income was $149.9 million
- Diluted earnings per share was $0.34 on a GAAP basis, and $0.60 on a non-GAAP basis
- Adjusted EBITDA was $208.4 million, 24.3 percent of revenue
Executive Quote
"Trimble is a purpose-driven company, transforming and digitizing industries that support how we live, what we eat, and how we move," said Rob Painter, Trimble's president and chief executive officer. "Record revenue, annualized recurring revenue, and gross margins in 2022 demonstrate progression of our Connect and Scale strategy. We enter 2023 with resolve to continue executing our strategy while navigating macroeconomic uncertainties."
Fiscal 2022 Financial Highlights
- Revenue of $3,676.3 million was flat year-over-year, and was up 7 percent year-over-year on an organic basis
- GAAP operating income was $510.9 million and non-GAAP operating income was $841.5 million
- GAAP net income was $449.7 million and non-GAAP net income was $660.3 million
- Diluted earnings per share was $1.80 on a GAAP basis, and $2.64 on a non-GAAP basis
- Adjusted EBITDA was $917.3 million, 25.0 percent of revenue
- During fiscal 2022, Trimble repurchased approximately 6.0 million shares for $394.7 million.
Forward Looking Guidance
For the full year 2023, Trimble expects to report revenue between $3,700 million and $3,800 million and GAAP earnings per share of $1.59 to $1.79, and non-GAAP earnings per share of $2.66 to $2.86. GAAP guidance assumes a tax rate of 19.5 percent and non-GAAP guidance assumes a tax rate of 18.0 percent. Both GAAP and non-GAAP earnings per share assume approximately 249 million shares outstanding. This guidance does not incorporate the expected financial impacts of the pending acquisition of Transporeon. 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 8, 2023 at 8:00 a.m. ET to review its fourth quarter and full year 2022 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 (888) 660-6347 (U.S.) or (929) 201-6594 (international). The passcode is 1043223. The replay will also be available on the web at the address above.
About Trimble
Trimble is an industrial technology company transforming the way the world works by delivering solutions that enable our customers to thrive. Core technologies in positioning, modeling, connectivity and data analytics connect the digital and physical worlds to improve productivity, quality, safety, transparency and sustainability. From purpose-built products to enterprise lifecycle solutions, Trimble is transforming industries such as agriculture, construction, geospatial and transportation. For more information about Trimble (NASDAQ: TRMB), visit: www.trimble.com.
Safe Harbor
Certain statements made in this press release are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. These statements include expectations about our future financial and operational results. These forward-looking statements are subject to change, and actual results may materially differ due to certain risks and uncertainties. The Company's results may be adversely affected if the Company is unable to market, manufacture and ship new products, obtain new customers, effectively integrate new acquisitions or consummate divestitures in a timely manner. The Company's results would also be negatively impacted due to weakness and deterioration in the US and global macroeconomic outlook, including slowing growth, inflationary pressures and increases in interest rates, which may affect demand for our products and services and increase our costs, adversely affecting our revenues and profitability, adverse effects of the COVID-19 pandemic, supply chain shortages and disruptions, the pace at which our dealers work through their inventory, adverse geopolitical developments and the potential impact of volatility and conflict in the political and economic environment, including the Russian conflict with Ukraine and its direct and indirect impact on our business, foreign exchange fluctuations, the pace we transition our business model towards a subscription model, and the imposition of barriers to international trade. Any failure to achieve predicted results could negatively impact the Company's revenue, cash flow from operations, and other financial results. The Company's financial results will also depend on a number of other factors and risks detailed from time to time in reports filed with the SEC, including its quarterly reports on Form 10-Q and its annual report on Form 10-K. Undue reliance should not be placed on any forward-looking statement contained herein. These statements reflect the Company's position as of the date of this release. The Company expressly disclaims any undertaking to release publicly any updates or revisions to any statements to reflect any change in the Company's expectations or any change of events, conditions, or circumstances on which any such statement is based.
