Trimble Inc. · Q2 2023 earnings

Briefing

Reported a revenue increase of 6% year-over-year and record annualized recurring revenue, demonstrating strong execution of the Connect and Scale strategy.

Trimble announced its Q2 2023 financial results, highlighting a 6% year-over-year increase in total revenue to $993.6 million and a record annualized recurring revenue of $1.88 billion, up 24% year-over-year (14% organically). The company's GAAP EPS was $0.18, while non-GAAP EPS reached $0.64. Trimble's performance reflects the effectiveness of its technology in enhancing customer productivity and sustainability.

• Record annualized recurring revenue of $1.88 billion, up 14 percent on an organic basis.
• Total revenue reached $994 million, up 6 percent year-over-year (3 percent organically).
• GAAP gross margin was 60.8 percent, and non-GAAP gross margin was 64.2 percent.
• Adjusted EBITDA was $251.5 million, representing 25.3 percent of revenue.

Headline financials

Revenue & EPS history

For Q3 2023, Trimble expects 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. For the full year 2023, revenue is expected to be 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.