Trimble Inc. Q3 FY2023 results: revenue $957 million, up 8.2% on the year

Trimble Inc. (TRMB) reported revenue of $957 million for Q3 FY2023, the quarter ended 29 September 2023, up 8.2% on the same quarter a year earlier. Net income was $75 million, down 12.7% on the year, and diluted earnings per share $0.30. The figures are the company's own, from the 10-Q it filed with the SEC on 3 November 2023.

Revenue$957 millionup 8.2%

Net income$75 milliondown 12.7%

Diluted EPS$0.30

QuarterQ3 FY2023ended 29 September 2023

The quarter, against the one before and a year earlier

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Revenue	957	n/a	n/a	n/a
Cost of revenue	367	n/a	n/a	n/a
Gross profit	590	n/a	n/a	n/a
Gross margin	61.7%	n/a	n/a
Research and development	162	n/a	n/a	n/a
Operating income	121	n/a	n/a	n/a
Operating margin	12.7%	n/a	n/a
Interest expense	46.8	n/a	n/a	n/a
Pre-tax income	79.4	n/a	n/a	n/a
Income tax	4.5	n/a	n/a	n/a
Effective tax rate	5.7%	n/a	n/a
Net income	74.9	n/a	n/a	n/a
Net margin	7.8%	n/a	n/a
Diluted EPS	$0.30	n/a	n/a	n/a

$ million except per share. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Operating cash flow	147	n/a	n/a	n/a
Capital expenditure	13.2	n/a	n/a	n/a
Free cash flow	134	n/a	n/a	n/a
Free cash flow margin	14.0%	n/a	n/a
Depreciation and amortisation	68.5	n/a	n/a	n/a
Share-based compensation	38.6	n/a	n/a	n/a
Buybacks	0.0	n/a	n/a	n/a
Diluted shares, weighted	250m	n/a	n/a	n/a
Shares outstanding at period end	249m	n/a	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Total assets	9,331	n/a	n/a	n/a
Cash and equivalents	217	n/a	n/a	n/a
Receivables	641	n/a	n/a	n/a
Inventory	257	n/a	n/a	n/a
Goodwill	5,280	n/a	n/a	n/a
Total debt, as filed	3,054	n/a	n/a	n/a
Long-term debt	2,995	n/a	n/a	n/a
Operating lease liabilities	104	n/a	n/a	n/a
Shareholders' equity	4,343	n/a	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	957	932	953	871	876	983	841	876	901	970	940	972
Cost of revenue	367	355	360	325	300	302	280	278	280	272	294	297
Gross profit	590	577	594	546	576	681	561	598	621	698	646	675
Gross margin	62%	62%	62%	63%	66%	69%	67%	68%	69%	72%	69%	69%
R&D	162	168	170	162	156	175	158	163	153	156	170	177
Operating income	121	96.9	109	61.6	116	174	97.5	128	150	216	144	132
Operating margin	13%	10%	11%	7%	13%	18%	12%	15%	17%	22%	15%	14%
Interest expense	46.8	n/a	45.2	18.1	14.1	13.3	15.6	19.4	20.7	18.7	19.5	20.9
Pre-tax income	79.4	59.5	73.0	1,762	73.1	97.8	86.4	113	125	185	131	-445
Tax rate	6%	-6%	22%	25%	44%	8%	23%	21%	11%	15%	25%	n/a
Net income	74.9	63.0	57.2	1,316	40.6	90.2	66.7	89.2	112	157	98.9	-472
Net margin	8%	7%	6%	151%	5%	9%	8%	10%	12%	16%	11%	-49%
Diluted EPS	$0.30	$0.25	$0.23	$5.34	$0.16	$0.36	$0.27	$0.37	$0.46	$0.66	$0.42	-$2.02
Operating cash flow	147	98.9	234	87.6	94.9	115	156	-53.5	124	160	275	240
Capital expenditure	13.2	9.8	6.8	14.3	6.4	6.1	6.6	5.9	7.2	5.6	6.1	7.1
Free cash flow	134	89.1	227	73.3	88.5	109	149	-59.4	117	155	269	233
Buybacks	0.0	100	175	0.0	0.0	0.0	627	50.0	50.0	136	323	6.2
Shares outstanding	249m	246m	244m	245m	246m	246m	237m	238m	238m	236m	232m	233m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 29 September 2023, filed 3 November 2023, accession 0000864749-23-000191: the filing on EDGAR. All of Trimble Inc.'s filings: EDGAR company page.

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