$TRMB
TRIMBLE INC.

2023 Q3 Form 10-Q Financial Statement

#000086474923000173 Filed on August 04, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $957.3M $993.6M
YoY Change 1.71% -0.01%
Cost Of Revenue $367.1M $389.1M
YoY Change -9.07% -12.38%
Gross Profit $590.2M $604.5M
YoY Change 9.8% 9.99%
Gross Profit Margin 61.65% 60.84%
Selling, General & Admin $263.4M $296.6M
YoY Change 7.16% 27.08%
% of Gross Profit 44.63% 49.07%
Research & Development $162.5M $174.8M
YoY Change 15.99% 24.59%
% of Gross Profit 27.53% 28.92%
Depreciation & Amortization $68.50M $72.20M
YoY Change 61.94% 622.0%
% of Gross Profit 11.61% 11.94%
Operating Expenses $468.9M $503.3M
YoY Change 16.47% 28.16%
Operating Profit $121.3M $101.2M
YoY Change -10.08% -35.5%
Interest Expense -$41.60M -$38.70M
YoY Change 337.89% 514.29%
% of Operating Profit -34.3% -38.24%
Other Income/Expense, Net -$41.90M $1.500M
YoY Change -148.33% -108.15%
Pretax Income $79.40M $57.50M
YoY Change -64.17% -58.48%
Income Tax $4.500M $12.90M
% Of Pretax Income 5.67% 22.43%
Net Earnings $74.90M $44.60M
YoY Change -55.42% -59.56%
Net Earnings / Revenue 7.82% 4.49%
Basic Earnings Per Share $0.30 $0.18
Diluted Earnings Per Share $0.30 $0.18
COMMON SHARES
Basic Shares Outstanding 248.3M shares 247.7M shares
Diluted Shares Outstanding 249.7M shares 249.0M shares

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $216.8M $237.3M
YoY Change -38.07% -33.57%
Cash & Equivalents $216.8M $237.3M
Short-Term Investments
Other Short-Term Assets $196.4M $189.4M
YoY Change 19.83% 24.93%
Inventory $257.2M $371.4M
Prepaid Expenses
Receivables $641.4M $664.1M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.691B $1.462B
YoY Change 14.61% -6.6%
LONG-TERM ASSETS
Property, Plant & Equipment $203.7M $347.1M
YoY Change -10.85% 47.7%
Goodwill $5.280B $5.560B
YoY Change 35.86% 40.01%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $364.7M $783.7M
YoY Change 21.61% 165.3%
Total Long-Term Assets $7.640B $8.094B
YoY Change 40.33% 44.23%
TOTAL ASSETS
Total Short-Term Assets $1.691B $1.462B
Total Long-Term Assets $7.640B $8.094B
Total Assets $9.331B $9.556B
YoY Change 34.85% 33.14%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $179.5M $180.2M
YoY Change -6.36% -15.52%
Accrued Expenses $169.9M $172.0M
YoY Change 0.89% 18.95%
Deferred Revenue $594.2M $640.5M
YoY Change -0.83% 2.86%
Short-Term Debt $58.30M $4.300M
YoY Change
Long-Term Debt Due $58.30M $4.300M
YoY Change -80.57%
Total Short-Term Liabilities $1.338B $1.301B
YoY Change -7.69% 4.34%
LONG-TERM LIABILITIES
Long-Term Debt $2.995B $3.185B
YoY Change 201.32% 146.17%
Other Long-Term Liabilities $168.2M $386.3M
YoY Change 18.7% 161.54%
Total Long-Term Liabilities $3.164B $3.571B
YoY Change 178.53% 2317.74%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.338B $1.301B
Total Long-Term Liabilities $3.164B $3.571B
Total Liabilities $4.988B $5.225B
YoY Change 64.88% 63.82%
SHAREHOLDERS EQUITY
Retained Earnings $2.455B $2.381B
YoY Change 14.43% 9.71%
Common Stock $2.202B $2.144B
YoY Change 10.76% 8.22%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.343B $4.331B
YoY Change
Total Liabilities & Shareholders Equity $9.331B $9.556B
YoY Change 34.85% 33.14%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income $74.90M $44.60M
YoY Change -55.42% -59.56%
Depreciation, Depletion And Amortization $68.50M $72.20M
YoY Change 61.94% 622.0%
Cash From Operating Activities $147.1M $142.4M
YoY Change 201.43% -6.93%
INVESTING ACTIVITIES
Capital Expenditures $13.20M $12.60M
YoY Change -194.29% -13.1%
Acquisitions
YoY Change
Other Investing Activities -$1.000M -$2.010B
YoY Change -100.5% 182618.18%
Cash From Investing Activities -$14.20M -$2.022B
YoY Change -107.65% 14993.28%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -141.3M 1.079B
YoY Change -37.37% -1083.23%
NET CHANGE
Cash From Operating Activities 147.1M 142.4M
Cash From Investing Activities -14.20M -2.022B
Cash From Financing Activities -141.3M 1.079B
Net Change In Cash -8.400M -801.5M
YoY Change -194.38% -2644.44%
FREE CASH FLOW
Cash From Operating Activities $147.1M $142.4M
Capital Expenditures $13.20M $12.60M
Free Cash Flow $133.9M $129.8M
YoY Change 113.22% -6.28%

Facts In Submission

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<div style="margin-top:6pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:6pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We prepared our interim Condensed Consolidated Financial Statements that accompany these notes in conformity with U.S. GAAP, consistent in all material respects with those applied in our Form 10-K filed with the U.S. Securities and Exchange Commission on February 17, 2023 (the “2022 Form 10-K”).</span></div><div style="margin-top:6pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The interim financial information is unaudited, and reflects all normal adjustments that are, in our opinion, necessary to provide a fair statement of results for the interim periods presented. This report should be read in conjunction with our 2022 Form 10-K that includes additional information about our significant accounting policies and the methods and assumptions used in our estimates. </span></div><div style="margin-top:6pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) requires us to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Estimates and assumptions are used for revenue recognition, including determining the nature and timing of satisfaction of performance obligations and determining standalone selling price (“SSP”) of performance obligations, provision for credit losses, sales returns reserve, inventory valuation, warranty costs, investments, acquired intangibles, goodwill and intangible asset impairment analysis, other long-lived asset impairment analysis, stock-based compensation, and income taxes. We base our estimates on historical experience and various other assumptions we believe to be reasonable. Actual results that we experience may differ materially from our estimates.</span></div>
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CY2022Q4 us-gaap Goodwill
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us-gaap Goodwill Acquired During Period
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CY2023Q2 us-gaap Goodwill
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CY2023Q2 us-gaap Inventory Raw Materials Net Of Reserves
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CY2023Q2 us-gaap Inventory Work In Process Net Of Reserves
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CY2022Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
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CY2023Q2 us-gaap Inventory Finished Goods Net Of Reserves
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InventoryFinishedGoodsNetOfReserves
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CY2023Q2 us-gaap Inventory Net
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CY2023Q2 us-gaap Accounts Receivable Net Current
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CY2023Q2 us-gaap Inventory Net
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CY2023Q2 us-gaap Goodwill
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CY2022Q4 us-gaap Goodwill
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CY2023Q2 trmb Acquisition And Divestiture Related Costs
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trmb Share Based Payment Arrangement And Deferred Compensation Arrangement With Individual Compensation Expense
ShareBasedPaymentArrangementAndDeferredCompensationArrangementWithIndividualCompensationExpense
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trmb Share Based Payment Arrangement And Deferred Compensation Arrangement With Individual Compensation Expense
ShareBasedPaymentArrangementAndDeferredCompensationArrangementWithIndividualCompensationExpense
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CY2023Q2 trmb Restructuring Charges And Other Costs
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RestructuringChargesAndOtherCosts
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trmb Restructuring Charges And Other Costs
RestructuringChargesAndOtherCosts
22700000 usd
CY2023Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
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OperatingIncomeLoss
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OperatingIncomeLoss
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OperatingIncomeLoss
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CY2023Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
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CY2022Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
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us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
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us-gaap Nonoperating Income Expense
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CY2023Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
57500000 usd
CY2022Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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300000000.0 usd
CY2023Q2 us-gaap Long Term Debt Noncurrent
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3184700000 usd
CY2022Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
1220000000 usd
CY2023Q2 trmb Short Term Debt Gross
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4300000 usd
CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
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400000000.0 usd
CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
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CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
518800000 usd
CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
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443700000 usd
CY2023Q2 trmb Long Term Debt Maturity After Year Four
LongTermDebtMaturityAfterYearFour
1837500000 usd
CY2023Q2 trmb Debt Long Term And Short Term Combined Amount Gross
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3204300000 usd
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
249000000.0 shares
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
250700000 shares
CY2023Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
760800000 usd
CY2022Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
703900000 usd
CY2022Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
737600000 usd
CY2021Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
631800000 usd
CY2023Q2 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
141700000 usd
CY2022Q3 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
127200000 usd
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
435200000 usd
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
361800000 usd
CY2023Q2 trmb Contract With Customer Liability Billings And Revenue Recognized Net
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126500000 usd
CY2022Q3 trmb Contract With Customer Liability Billings And Revenue Recognized Net
ContractWithCustomerLiabilityBillingsAndRevenueRecognizedNet
108500000 usd
trmb Contract With Customer Liability Billings And Revenue Recognized Net
ContractWithCustomerLiabilityBillingsAndRevenueRecognizedNet
443200000 usd
trmb Contract With Customer Liability Billings And Revenue Recognized Net
ContractWithCustomerLiabilityBillingsAndRevenueRecognizedNet
415200000 usd
CY2023Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
745600000 usd
CY2022Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
685200000 usd
CY2023Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
745600000 usd
CY2022Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
685200000 usd
CY2023Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
1600000000 usd
CY2023Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
1200000000 usd
CY2023Q2 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.71
CY2023Q2 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P12M
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
44600000 usd
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
168000000.0 usd
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NetIncomeLoss
173400000 usd
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NetIncomeLoss
278300000 usd
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
248100000 shares
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
249200000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
247700000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
250000000.0 shares
CY2023Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
900000 shares
CY2022Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1500000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
248900000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
251700000 shares
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.18
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.67
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.70
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.11
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.18
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.67
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.70
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.11
CY2023Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3800000 shares
CY2022Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2100000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1900000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1500000 shares
CY2023Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.224
CY2022Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.242
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.205
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.227
CY2023Q2 us-gaap Unrecorded Unconditional Purchase Obligation Balance Sheet Amount
UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount
731700000 usd
CY2023Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2023Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q2 ecd Non Rule10b51 Arr Trmntd Flag
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false

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