Trimble Reports First Quarter 2019 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 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, the ability to deliver revenue, earnings per share and other financial projections that Trimble has guided for the second quarter of 2019, and fiscal 2019, including the expected tax rate, anticipated impact of stock-based compensation expense, amortization of intangibles related to previous acquisitions, anticipated acquisition costs, restructuring charges, the anticipated number of diluted shares outstanding, 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 current tax law, including current interpretations of the Tax Cuts and Jobs Act of 2017 ("TCJA"), and may be affected by evolving interpretations of TCJA, the jurisdictions in which profits are determined to be earned and taxed, changes in the estimates of credits, benefits and deductions, the resolution of issues arising from tax audits with various tax authorities, including payment of interest and penalties, 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 adverse geopolitical developments, weakening in the macro environment, foreign exchange fluctuations, critical part supply chain shortages, and the imposition of barriers to international trade. 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




2019


2018







Revenue:





Product

$   488.4


$   497.8


Service

159.2


128.8


Subscription

154.0


115.6

Total revenue

801.6


742.2







Cost of sales:





Product

230.7


235.4


Service

64.0


59.6


Subscription

44.4


27.9


Amortization of purchased intangible assets

24.2


23.1

Total cost of sales

363.3


346.0







Gross margin

438.3


396.2

Gross margin (%)

54.7 %


53.4 %







Operating expenses:





Research and development

118.2


109.3


Sales and marketing

127.4


122.1


General and administrative

82.8


81.6


Restructuring charges

3.5


1.6


Amortization of purchased intangible assets

20.1


17.4



Total operating expenses

352.0


332.0













Operating income

86.3


64.2







Non-operating income (expense), net:





Interest expense, net

(21.9)


(9.5)


Foreign currency transaction gain (loss), net

(0.9)


3.7


Income from equity method investments, net

8.8


4.9


Other income, net

2.9


3.4



Total non-operating income (expense), net

(11.1)


2.5







Income before taxes

75.2


66.7







Income tax provision

12.8


8.0

Net income

62.4


58.7


Net gain attributable to noncontrolling interests

0.1


0.2

Net income attributable to Trimble Inc.

$    62.3


$    58.5







Earnings per share attributable to Trimble Inc.:





Basic

$    0.25


$    0.24


Diluted

$    0.25


$    0.23







Shares used in calculating earnings per share:





Basic

251.5


248.8


Diluted

254.0


253.2


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