Trimble's 3Q22 Total Revenue Down 2%, Subscription Revenue Up 17%

Third Quarter 2022 Financial Highlights

• Revenue of $884.9 million, down 2% on a year-over-year basis, up 6%year-over-year, excluding the effects of divestitures, acquisitions and foreign currency translation
• Annualized recurring revenue (ARR) was $1.55 billion, up 13% year-over-year, up 16%on an organic basis
• GAAP operating income was $122.4 million and non-GAAP operating income was $209.9 million
• GAAP net income was $85.8 million and non-GAAP net income was $164.0 million

While total revenue for the quarter was down, Trimble's subscription revenue was up 17% to $222.7 million in the third quarter. Subscription revenue made up 25.2% of revenue in the third quarter 2022 vs. 21.1% of revenue in the third quarter 2021.

Executive Quote

"Trimble is 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. "Our third quarter results simultaneously reflect the quality of the Trimble financial model and the reality of evolving macroeconomic challenges. We remain committed to executing our Connect and Scale strategy, which enhances productivity and sustainability outcomes for our customers."

Forward Looking Guidance

For the full-year 2022, Trimble now expects to report revenue between $3,665 million and $3,715 million and GAAP earnings per share of $1.76 to $1.81, and non-GAAP earnings per share between $2.61 and $2.67. GAAP guidance assumes a tax rate of 23.5% and non-GAAP guidance assumes a tax rate of 18.3%.