Trimble Reports Second 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. These forward-looking statements are subject to change, and actual results may materially differ due to certain risks and uncertainties. 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)



Second Quarter of


First Two Quarters of


2020


2019


2020


2019

Revenue:








Product

$

412.4



$

521.1



$

876.2



$

1,009.5


Service

156.6



174.6



319.0



333.8


Subscription

164.6



159.1



330.7



313.1


Total revenue

733.6



854.8



1,525.9



1,656.4


Cost of sales:








Product

199.4



257.0



409.5



487.7


Service

56.0



69.3



119.6



133.3


Subscription

49.3



44.1



103.4



88.5


Amortization of purchased intangible assets

23.2



23.8



46.7



48.0


Total cost of sales

327.9



394.2



679.2



757.5


Gross margin

405.7



460.6



846.7



898.9


Gross margin (%)

55.3

%


53.9

%


55.5

%


54.3

%

Operating expense:








Research and development

114.0



119.6



232.2



237.8


Sales and marketing

103.6



128.8



235.3



256.2


General and administrative

68.8



79.9



141.8



162.7


Restructuring charges

5.1



2.9



8.0



6.4


Amortization of purchased intangible assets

16.6



19.7



33.5



39.8


Total operating expense

308.1



350.9



650.8



702.9


Operating income

97.6



109.7



195.9



196.0


Non-operating income (expense), net:








Interest expense, net

(19.6)



(20.6)



(40.1)



(42.5)


Income from equity method investments, net

9.7



12.9



19.1



21.7


Other income (expense), net

3.2



13.4



(4.6)



15.4


Total non-operating income (expense), net

(6.7)



5.7



(25.6)



(5.4)


Income before taxes

90.9



115.4



170.3



190.6


Income tax provision

27.7



20.8



45.2



33.6


Net income

63.2



94.6



125.1



157.0


Net gain attributable to noncontrolling interests

0.2





0.2



0.1


Net income attributable to Trimble Inc.

$

63.0



$

94.6



$

124.9



$

156.9


Earnings per share attributable to Trimble Inc.:








Basic

$

0.25



$

0.38



$

0.50



$

0.62


Diluted

$

0.25



$

0.37



$

0.50



$

0.62


Shares used in calculating diluted earnings per share:








Basic

250.0



251.7



250.0



251.6


Diluted

251.2



254.0



251.5



254.0



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