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Trimble Second Quarter 2020 Results Summary
Trimble Second Quarter 2020 Results Summary Second quarter 2020 highlights
▪Revenue -14% Y/Y; recurring revenue resilient with ARR, now inclusive of term licenses, of
▪Expanded gross margins and execution on costs led to adjusted EBITDA margin of 25.7%
▪Healthy cash flow enabled debt paydown in the quarter, Net Debt: TTM EBITDA 2.2X▪Outperformed expectations in the quarter despite COVID -19 challenges -results demonstrated
increased resilience and diversification of portfolio
▪Early and decisive actions fortified the business, financially and strategically
▪We are committed to foster a diverse and inclusive culture and to proactively address
▪Executing on our Connect & Scale 2025 strategy remains our priority
▪Short -term market uncertainty remains high, long -term market conviction remains strong
2ARR refers to annualized recurring revenue, and is calculated by adding the portion of the contract value of all of our term licenses attributable to the current quarter to ournon-GAAP recurring revenue for the
current quarter and dividing that sum by the number of days in the quarter and then multiplying that quotient by 365.
Adjusted EBITDA refers to non -GAAP operating income plus depreciation plus income from equity method investments, net .
TTM refers to trailing twelve months .
Net debt refers to total debt minus total cash and cash equivalents.
Figures may vary due to rounding.3Second quarter income statement
▪Non -GAAP Revenue: -14.1% Y/Y;
–Organic -15%, currency translation
-1%, Acquisitions/divestitures +2%
–ARR +6% YOY, +3% organic; Non -
recurring revenue -23%
▪Non -GAAP gross margin % up due
software/recurring revenue $M, Except Per Share Second Quarter of
Non -GAAP Income Statement Highlights 2019 2020 Y/Y Change
Revenue $855.8 $735. 2 -14%
Gross Margin % of Revenue 56.9% 58.9% +200bps
Adjusted EBITDA $198.8 $189.4 -5%
Adjusted EBITDA % of Revenue 23.2% 25.7% +250bps
Operating Income $175.8 $169.9 -3%
Operating Income % of Revenue 20.5% 23.1% +260bps
Tax Rate 20.0% 17.1% -290bps
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