Trimble Inc. has announced its fourth quarter and fiscal year 2020 financial results.

Fourth Quarter 2020 Financial Highlights

  • GAAP revenue of $829.7 million, up 1% year-over-year, and non-GAAP revenue of $830 million, flat year-over-year. Fourth quarter 2020 was a 13-week quarter and fourth quarter 2019 was a 14-week quarter.
  • Annualized recurring revenue (ARR) of $1.3 billion, up 9% year-over-year
  • GAAP operating income was $121.9 million and non-GAAP operating income was $196.7 million
  • GAAP net income was $180.3 million and non-GAAP net income was $155.6 million
  • Adjusted EBITDA was $216.5 million, 26.1% of non-GAAP revenue

"Our fourth quarter results exceeded expectations, enabling us to finish the year with solid financial performance," said Rob Painter, Trimble's president and chief executive officer. "We experienced growth in annualized recurring revenue, adjusted EBITDA and operating cash flow. While we enter 2021 expecting ongoing market ambiguities, we enter with confidence and resolve to execute our Connect and Scale 2025 strategy."

Fiscal 2020 Financial Highlights

  • GAAP revenue of $3,147.7 million, and non-GAAP revenue of $3,152 million, both down 4% year over year. Fiscal 2020 was a 52-week year and 2019 was a 53-week year.
  • GAAP operating income was $419.8 million and non-GAAP operating income was $719.6 million
  • GAAP net income was $389.9 million and non-GAAP net income was $562.4 million
  • Adjusted EBITDA was $798.7 million, 25.3% of non-GAAP revenue
  • Operating cash flow was $672 million, up 15% year over year
  • During fiscal 2020, Trimble repurchased approximately 1.9 million shares for $81.6 million. Approximately $90.7 million remains under the current share repurchase authorization as of the end of the fourth quarter.

Forward Looking Guidance

For the full year 2021, Trimble expects to report GAAP revenue between $3,299.7 million and $3,399.7 million and non-GAAP revenue between $3,300 million and $3,400 million. GAAP guidance assumes a tax rate of 21-22% and non-GAAP guidance assumes a tax rate of 16-17%. Both GAAP and non-GAAP earnings per share assume approximately 254 million shares outstanding. 


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