Trimble Announces Fourth Quarter and Full Year 2023 Results and Initiates 2024 Guidance

FTRMB

 

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In millions, except per share data)

(Unaudited)



Fourth Quarter of


Year of


2023


2022


2023


2022

Revenue:








Product

$          402.8


$          415.8


$       1,771.7


$       1,986.1

Subscription and services

529.6


440.7


2,027.0


1,690.2

Total revenue

932.4


856.5


3,798.7


3,676.3

Cost of sales:








Product

209.3


225.3


875.0


1,040.8

Subscription and services

118.0


106.5


482.2


444.9

Amortization of purchased intangible assets

27.8


21.6


108.7


85.0

Total cost of sales

355.1


353.4


1,465.9


1,570.7

Gross margin

577.3


503.1


2,332.8


2,105.6

Gross margin (%)

61.9 %


58.7 %


61.4 %


57.3 %

Operating expense:








Research and development

167.7


134.7


664.3


542.1

Sales and marketing

146.1


145.7


583.0


553.6

General and administrative

118.3


104.2


487.5


422.2

Restructuring charges

19.5


9.7


45.6


30.2

Amortization of purchased intangible assets

28.8


12.1


103.6


46.6

Total operating expense

480.4


406.4


1,884.0


1,594.7

Operating income

96.9


96.7


448.8


510.9

Non-operating income (expense), net:








Divestitures (loss) gain, net

(1.4)


(4.1)


9.2


99.0

Interest expense, net

(47.8)


(24.2)


(161.0)


(71.1)

Income from equity method investments, net

3.5


8.8


28.1


31.1

Other income (expense), net

8.3


13.9


31.9


(0.8)

Total non-operating income (expense), net

(37.4)


(5.6)


(91.8)


58.2

Income before taxes

59.5


91.1


357.0


569.1

Income tax (benefit) provision

(3.5)


5.5


45.7


119.4

Net income

$            63.0


$            85.6


311.3


449.7

Earnings per share:








Basic

$            0.25


$            0.35


$            1.26


$            1.81

Diluted

$            0.25


$            0.34


$            1.25


$            1.80

Shares used in calculating earnings per share:








Basic

247.8


246.9


247.9


248.6

Diluted

249.0


248.3


249.1


250.2


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