Trimble Reports Third Quarter of 2017 Results

About Trimble

Trimble is transforming the way the world works by delivering products and services that connect the physical and digital worlds. Core technologies in positioning, modeling, connectivity and data analytics enable customers to improve productivity, quality, safety and sustainability. From purpose built products to enterprise lifecycle solutions, Trimble software, hardware and services are transforming a broad range of industries such as agriculture, construction, geospatial and transportation and logistics. For more information about Trimble (NASDAQ: TRMB), visit: www.trimble.com.

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 for future financial market and economic conditions, whether the positive trend in financial results will continue in 2018, the impact of acquisitions, the ability to deliver revenue, earnings per share and other financial projections that Trimble has guided for the fourth quarter of 2017, including the expected tax rate, anticipated impact of stock-based compensation expense, amortization of intangibles related to previous acquisitions, anticipated acquisition costs, restructuring charges, and the anticipated number of diluted shares outstanding. These forward-looking statements are subject to change, and actual results may materially differ from those set forth in this press release 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 integrate new acquisitions. The company's results would also be negatively impacted by adverse geopolitical developments, weakening in the macro environment, foreign exchange fluctuations, critical part supply chain shortages, or the imposition of barriers to international trade. Any failure to achieve predicted results could negatively impact the company's revenues, 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, especially in light of greater uncertainty than normal in the economy in general. 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)














Third Quarter of


First Three Quarters of














2017


2016


2017


2016











Revenue:










Product

$  446.1


$  384.9


$  1,297.1


$  1,185.5



Service

115.0


105.6


331.8


316.9



Subscription

108.9


93.6


316.9


274.3

Total revenue

670.0


584.1


1,945.8


1,776.7











Cost of sales:










Product

222.8


186.6


637.0


576.0



Service

46.4


40.7


141.2


126.3



Subscription

28.3


26.0


82.5


79.3



Amortization of purchased intangible assets

23.0


21.8


62.5


69.9

Total cost of sales

320.5


275.1


923.2


851.5











Gross margin

349.5


309.0


1,022.6


925.2

Gross margin (%)

52.2 %


52.9 %


52.6 %


52.1 %











Operating expense:









Research and development

92.6


86.9


272.1


266.6


Sales and marketing

100.6


88.6


295.8


282.7


General and administrative

74.0


59.2


218.4


193.1


Restructuring charges

1.3


3.5


6.5


9.8


Amortization of purchased intangible assets

17.0


15.5


46.6


47.3



Total operating expense

285.5


253.7


839.4


799.5





















Operating income

64.0


55.3


183.2


125.7











Non-operating income (expense), net:









Interest expense, net

(6.3)


(6.6)


(18.4)


(19.8)


Foreign currency transaction gain (loss), net

1.6



3.0


(1.6)


Income from equity method investments, net

8.7


5.2


22.8


13.9


Other income (expense), net

1.6


(1.7)


12.2


1.7



Total non-operating income (expense), net

5.6


(3.1)


19.6


(5.8)











Income before taxes

69.6


52.2


202.8


119.9











Income tax provision

13.9


13.0


46.7


25.4

Net income

55.7


39.2


156.1


94.5


Less: Net loss attributable to noncontrolling interests




(0.2)

Net income attributable to Trimble Inc.

$    55.7


$    39.2


$     156.1


$       94.7











Earnings per share attributable to Trimble Inc.:









Basic

$    0.22


$    0.16


$       0.62


$       0.38


Diluted

$    0.22


$    0.15


$       0.61


$       0.37











Shares used in calculating earnings per share:









Basic

252.6


249.7


252.5


250.5


Diluted

257.9


253.2


257.0


253.7


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