Trimble Reports First Quarter 2020 Results

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 the impact of the COVID-19 pandemic, including impacts upon our financial or operational results, for future financial market and global or local economic conditions, the Company's ongoing transition to recurring revenue business models, the ability to deliver revenue, earnings per share and other financial projections, including the expected tax rate, anticipated impact of stock-based compensation expense, amortization of intangibles related to previous acquisitions, anticipated acquisition costs, debt issuance costs, restructuring charges, the anticipated number of diluted shares outstanding, and the Company's long-term growth targets and operating margins. These forward-looking statements are subject to change, and actual results may materially differ due to certain risks and uncertainties. Trimble's expected tax rate and current expected income are based on the Company's current tax structure, including where the Company's assets are deemed to reside for tax purposes, and current tax law, including current interpretations of recent US tax reform legislation, and may be affected by evolving interpretations of these laws, the resolution of issues arising from tax audits with various tax authorities, and the ability to realize deferred tax assets. The Company's results may be adversely affected if the Company is unable to market, manufacture and ship new products, obtain new customers, or effectively integrate new acquisitions. The Company's results would also be negatively impacted by further deterioration in economic conditions as a result of the COVID-19 pandemic, adverse geopolitical developments, further weakening in the macro environment, foreign exchange fluctuations, critical part supply chain shortages, the imposition of barriers to international trade, and a further softening in the agricultural or oil & gas sectors. 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.

FTRMB

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In millions, except per share data)

(Unaudited)



First Quarter of


2020


2019

Revenue:




Product

$

463.8



$

488.4


Service

162.4



159.2


Subscription

166.1



154.0


Total revenue

792.3



801.6


Cost of sales:




Product

210.1



230.7


Service

63.6



64.0


Subscription

54.1



44.4


Amortization of purchased intangible assets

23.5



24.2


Total cost of sales

351.3



363.3


Gross margin

441.0



438.3


Gross margin (%)

55.7

%


54.7

%

Operating expense:




Research and development

118.2



118.2


Sales and marketing

131.7



127.4


General and administrative

73.0



82.8


Restructuring charges

2.9



3.5


Amortization of purchased intangible assets

16.9



20.1


Total operating expense

342.7



352.0


Operating income

98.3



86.3


Non-operating expense, net:




Interest expense, net

(20.5)



(21.9)


Income from equity method investments, net

9.4



8.8


Other income (expense), net

(7.8)



2.0


Total non-operating expense, net

(18.9)



(11.1)


Income before taxes

79.4



75.2


Income tax provision

17.5



12.8


Net income

61.9



62.4


Net gain attributable to noncontrolling interests



0.1


Net income attributable to Trimble Inc.

$

61.9



$

62.3


Earnings per share attributable to Trimble Inc.:




Basic

$

0.25



$

0.25


Diluted

$

0.25



$

0.25


Shares used in calculating diluted earnings per share:




Basic

249.9



251.5


Diluted

251.7



254.0



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