Trimble Inc. (NASDAQ: TRMB) today announced financial results for the third quarter of 2020.
Third Quarter 2020 Financial Highlights
- Trimble achieved GAAP revenue of $792.1 million, up 1% year over year, and non-GAAP revenue of $792.8 million, up 1% year over year
- Annualized recurring revenue (ARR) was $1.26 billion, up 10% year over year
- GAAP operating income was $102 million, and non-GAAP operating income was $191.8 million
- GAAP net income was $84.7 million and non-GAAP net income was $152.8 million
- Adjusted EBITDA of $212.5 million, 26.8% of revenue
- Operating cash flow on a trailing twelve months basis was $605.9 million, up 7% year over year
"Trimble is transforming the way the world works by delivering solutions that connect the physical and digital worlds," said Rob Painter, Trimble's president and chief executive officer. "Our strong third quarter results demonstrate that Trimble technology is enabling customers to do their work more productively and sustainably. Despite a challenging macroeconomic environment, the Trimble financial model proved resilient and we will continue to focus on executing our Connect & Scale 2025 strategy."
Forward Looking Guidance
Trimble's financial results for the remainder of 2020 will be impacted by continued global economic uncertainty due to the COVID-19 pandemic. As such, Trimble is not providing a financial outlook for the fourth quarter of 2020 at this time.