Second Quarter 2024 Financial Highlights

• Revenue of $870.8 million, down 12 percent on a year-over-year basis, up 1 percent on an organic basis
• Annualized recurring revenue (“ARR”) was $2.11 billion, up 12 percent year-over-year, up 14 percent on an organic basis
• GAAP operating income was $61.6 million, 7.1 percent of revenue and non-GAAP operating income was $194.4 million, 22.3 percent of revenue
• GAAP net income was $1,316.4 million and non-GAAP net income was $151.9 million
• Diluted earnings per share (“EPS”) was $5.34 on a GAAP basis and $0.62 on a non-GAAP basis
• Adjusted EBITDA was $214.0 million, 24.6 percent of revenue

Source:

AGCO has acquired an 85% stake in PTx Trimble, and Trimble will hold a 15% stake. Going forward, the PTx Trimble JV will be consolidated into AGCO’s financial statements.

“Farmers worldwide need technologies that support them to be more productive and profitable while minimizing the environmental impact of their operations,” said Eric Hansotia, AGCO’s Chairman, President and Chief Executive Officer. “PTx Trimble will provide farmers greater access to next-generation precision ag tools, no matter what brands of tractors and implements they operate.”

Source:

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Third Quarter 2023 Financial Highlights

• Revenue of $957.3 million, up 8% on a year-over-year basis, up 2% year-over-year on an organic basis
• Annualized recurring revenue (“ARR”) was $1.94 billion, up 25% year-over-year, up 13% on an organic basis
• GAAP operating income was $121.3 million and non-GAAP operating income was $251 million
• GAAP net income was $74.9 million and non-GAAP net income was $170.2 million
• Adjusted EBITDA of $268.2 million, 28% of revenue

Forward Looking Guidance

For the full-year 2023, Trimble now expects to report revenue between $3,757 million and $3,797 million.

Source:

The addition of Bilberry鈥檚 AI technology and extensive worldwide weed database will extend Trimble鈥檚 crop protection portfolio by providing selective spraying to identify differences in plants (green-on-green) and can be used throughout the spraying season as well as prior to crops emerging.聽

Second Quarter 2022 Financial Highlights

• Revenue of $941.2 million, up 6 percent excluding the effects of divestitures, acquisitions, and foreign currency translation
• Annualized recurring revenue (ARR) was $1.51 billion, up 12 percent year over year
• GAAP operating income was $134.9 million and non-GAAP operating income was $210.7 million
• GAAP net income was $168.0 million and non-GAAP net income was $161.6 million
• Diluted earnings per share was $0.67 on a GAAP basis and $0.64 on a non-GAAP basis
• Adjusted EBITDA of $227.5 million, 24.2 percent of revenue
• Share repurchases of $200.0 million

Executive Quote

“Our second quarter results exceeded expectations,” said Rob Painter, Trimble’s president and chief executive officer. “Growth in annualized recurring revenue and gross margin demonstrate the potential of our Connect & Scale strategy. We remain committed to investing in our strategy while navigating macroeconomic uncertainties.”

Forward Looking Guidance

For the full-year 2022, Trimble now expects to report revenue between聽$3,760 million聽and聽$3,820 million聽and GAAP earnings per share of聽$1.89聽to聽$1.99, and non-GAAP earnings per share between聽$2.70聽and聽$2.80. GAAP guidance assumes a tax rate of 23% and non-GAAP guidance assumes a tax rate of 18.5%. Both GAAP and non-GAAP earnings per share assume approximately 251 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 scheduled attached.

Third Quarter 2020 Financial Highlights

• Trimble achieved GAAP revenue of $792.1 million, up 1 percent year over year, and non-GAAP revenue of $792.8 million, up 1 percent year over year
• Annualized recurring revenue (ARR) was $1.26 billion, up 10 percent year over year
• GAAP operating income was $102.0 million, and non-GAAP operating income was $191.8 million
• GAAP net income was $84.7 million and non-GAAP net income was $152.8 million
• Diluted earnings per share was $0.34 on a GAAP basis, and $0.60 on a non-GAAP basis
• Adjusted EBITDA of $212.5 million, 26.8 percent of revenue
• Operating cash flow on a trailing twelve months basis was $605.9 million, up 7 percent year over year

Executive Quote

“Trimble is transforming the way the world works by delivering solutions that connect the physical and digital worlds,” said Rob Painter, Trimble’s president and chief executive officer. “Our strong third quarter results demonstrate that Trimble technology is enabling customers to do their work more productively and sustainably. Despite a challenging macroeconomic environment, the Trimble financial model proved resilient and we will continue to focus on executing our Connect & Scale 2025 strategy.”

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 fourth quarter of 2020 at this time.