WESTMINSTER, Colo. — Trimble Inc. today announced financial results for the second quarter of 2023. The company reported record annualized recurring revenue of $1.88 billion, up 14% on an organic basis and second quarter total revenue of $994 million, up 6% year-over-year. 

"Record annualized recurring revenue of $1.88 billion and gross margin of 64.2 percent in the second quarter demonstrates execution of our Connect and Scale strategy," said Rob Painter, Trimble's president and chief executive officer. "Our second quarter results demonstrate how Trimble technology enhances productivity and sustainability outcomes for our customers."

Second Quarter 2023 Financial Highlights

  • Revenue of $993.6 million, up 6% on a year-over-year basis, up 3% year-over-year on an organic basis
  • Annualized recurring revenue ("ARR") was $1.88 billion, up 24% year-over-year, up 14% on an organic basis
  • GAAP operating income was $93.6 million and non-GAAP operating income was $231.0 million
  • GAAP net income was $44.6 million and non-GAAP net income was $159.0 million
  • Diluted earnings per share ("EPS") was $0.18 on a GAAP basis and $0.64 on a non-GAAP basis
  • Adjusted EBITDA of $251.5 million, 25.3% of revenue

Forward Looking Guidance

For the full-year 2023, Trimble now expects to report revenue between $3,845 million and $3,925 million, GAAP EPS of $1.22 to $1.37, and non-GAAP EPS of $2.57 to $2.73. The full-year 2023 GAAP EPS assumes a tax rate of 18.0 percent, and the non-GAAP EPS assumes a tax rate of 17.5 percent. Both GAAP and non-GAAP EPS assume approximately 250 million shares outstanding.

For the third quarter of 2023, Trimble expects to report revenue between $945 million and $985 million, GAAP EPS of $0.20 to $0.27, and non-GAAP EPS of $0.56 to $0.64. The third quarter of 2023 GAAP EPS assumes a tax rate of 18.0 percent and the non-GAAP EPS assumes a tax rate of 17.3 percent. Both GAAP and non-GAAP EPS assume approximately 250 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.

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