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Trimble Announces New Reporting Segments

WESTMINSTER, Colo., April 12, 2024 /PRNewswire/ -- Trimble (NASDAQ: TRMB) announced today that it will change the reporting of its segment financial results to better reflect the Company's organizational structure and business models. Starting with first quarter 2024 results, Trimble will report revenue and operating income based on three operating segments as follows:

  • Architects, Engineers, Construction and Owners ("AECO"). This segment primarily provides software solutions, which sell through a direct channel to customers in the construction industry.
  • Field Systems. This segment primarily includes hardware-centric businesses, which sell through dealer partner channels.
  • Transportation and Logistics ("T&L"). This segment will primarily maintain the historical businesses from the previous Transportation segment, which serves customers working in long haul trucking and freight shipper markets.

Financial segment information for the four quarters and the full year for fiscal years 2023 and 2022, as if reported under the new structure, will be available in an 8-K filed today and is posted in the Investor Relations section of the Company's web site at: http://investor.trimble.com. Also available at http://investor.trimble.com will be pre-recorded prepared remarks and an accompanying slide presentation on the new reporting segments. The new segment financial results for 2022 and 2023 include the Company's agriculture business, which was contributed to its joint venture with AGCO, which closed on April 1, 2024.

About Trimble

Trimble is transforming the ways people move, build and live. Core technologies in positioning, modeling and data analytics connect the digital and physical worlds to improve our customers' productivity, quality, safety, transparency and sustainability. For more information about Trimble (NASDAQ: TRMB), visit: www.trimble.com.

 

REPORTING SEGMENTS

(Dollars in millions)

(Unaudited)

 
 

Three Months Ended

   
 

Q1
2023

 

Q2
2023

 

Q3
2023

 

Q4
2023

 

Year
2023

AECO

                 

Segment revenue

$   288.1

 

$   264.1

 

$   269.6

 

$   288.7

 

$ 1,110.5

Segment operating income

$     95.4

 

$     62.4

 

$     77.8

 

$     93.4

 

$    329.0

Segment operating income as a % of segment revenue

33.1 %

 

23.6 %

 

28.9 %

 

32.4 %

 

29.6 %

                   

Field Systems

                 

Segment revenue

$   479.9

 

$   540.6

 

$   495.4

 

$   452.0

 

$ 1,967.9

Segment operating income

$   137.4

 

$   175.9

 

$   165.0

 

$   125.2

 

$    603.5

Segment operating income as a % of segment revenue

28.6 %

 

32.5 %

 

33.3 %

 

27.7 %

 

30.7 %

                   

Transportation and Logistics

                 

Segment revenue

$   147.4

 

$   188.9

 

$   192.3

 

$   191.7

 

$   720.3

Segment operating income

$     20.3

 

$     26.7

 

$     33.6

 

$     37.6

 

$   118.2

Segment operating income as a % of segment revenue

13.8 %

 

14.1 %

 

17.5 %

 

19.6 %

 

16.4 %

                   

CORPORATE SUMMARY

                 

Segment Revenues:

                 

AECO

$   288.1

 

$   264.1

 

$   269.6

 

$   288.7

 

$ 1,110.5

Field Systems

479.9

 

540.6

 

495.4

 

452.0

 

1,967.9

Transportation and Logistics

147.4

 

188.9

 

192.3

 

191.7

 

720.3

Total Segment Revenue

$   915.4

 

$   993.6

 

$   957.3

 

$   932.4

 

$ 3,798.7

                   

Segment Operating Income:

                 

AECO

$      95.4

 

$      62.4

 

$      77.8

 

$      93.4

 

$   329.0

Field Systems

137.4

 

175.9

 

165.0

 

125.2

 

603.5

Transportation and Logistics

20.3

 

26.7

 

33.6

 

37.6

 

118.2

Total segment operating income before corporate allocations

$   253.1

 

$   265.0

 

$   276.4

 

$   256.2

 

$ 1,050.7

                   

Corporate and Other Charges:

                 

Unallocated Corporate Expense

$    (27.0)

 

$    (34.0)

 

$    (25.4)

 

$    (29.6)

 

$ (116.0)

Purchase accounting adjustments

(34.7)

 

(62.1)

 

(58.9)

 

(56.6)

 

(212.3)

Acquisition / divestiture items

(7.0)

 

(26.5)

 

(22.0)

 

(16.9)

 

(72.4)

Stock-based compensation / deferred compensation

(35.4)

 

(42.1)

 

(37.9)

 

(35.7)

 

(151.1)

Restructuring and other costs

(12.0)

 

(6.7)

 

(10.9)

 

(20.5)

 

(50.1)

Consolidated Operating Income

137.0

 

93.6

 

121.3

 

96.9

 

448.8

Non-operating income (expense) and income taxes

(8.2)

 

(49.0)

 

(46.4)

 

(33.9)

 

(137.5)

Net income

$   128.8

 

$      44.6

 

$      74.9

 

$      63.0

 

$   311.3

 

REPORTING SEGMENTS

(Dollars in millions)

(Unaudited)

 
 

Three Months Ended

   
 

Q1
2022

 

Q2
2022

 

Q3
2022

 

Q4
2022

 

Year
2022

AECO

                 

Segment revenue

$   242.9

 

$   221.6

 

$   226.0

 

$   251.2

 

$   941.7

Segment operating income

$     77.2

 

$     48.1

 

$     59.8

 

$     74.0

 

$   259.1

Segment operating income as a % of segment revenue

31.8 %

 

21.7 %

 

26.5 %

 

29.5 %

 

27.5 %

                   

Field Systems

                 

Segment revenue

$   595.9

 

$   574.7

 

$   519.7

 

$   461.0

 

$ 2,151.3

Segment operating income

$   177.3

 

$   186.6

 

$   165.4

 

$   126.6

 

$   655.9

Segment operating income as a % of segment revenue

29.8 %

 

32.5 %

 

31.8 %

 

27.5 %

 

30.5 %

                   

Transportation and Logistics

                 

Segment revenue

$   154.9

 

$   144.9

 

$   139.2

 

$   144.3

 

$   583.3

Segment operating income

$       8.4

 

$       9.3

 

$     13.2

 

$     18.9

 

$     49.8

Segment operating income as a % of segment revenue

5.4 %

 

6.4 %

 

9.5 %

 

13.1 %

 

8.5 %

                   

CORPORATE SUMMARY

                 

Segment Revenues:

                 

AECO

$   242.9

 

$   221.6

 

$   226.0

 

$   251.2

 

$   941.7

Field Systems

595.9

 

574.7

 

519.7

 

461.0

 

2,151.3

Transportation and Logistics

154.9

 

144.9

 

139.2

 

144.3

 

583.3

Total Segment Revenue

$   993.7

 

$   941.2

 

$   884.9

 

$   856.5

 

$ 3,676.3

                   

Segment Operating Income:

                 

AECO

$     77.2

 

$     48.1

 

$     59.8

 

$     74.0

 

$   259.1

Field Systems

177.3

 

186.6

 

165.4

 

126.6

 

655.9

Transportation and Logistics

8.4

 

9.3

 

13.2

 

18.9

 

49.8

Total segment operating income before corporate allocations

$   262.9

 

$   244.0

 

$   238.4

 

$   219.5

 

$   964.8

                   

Corporate and Other Charges:

                 

Unallocated Corporate Expense

$    (29.8)

 

$    (33.3)

 

$    (28.5)

 

$    (31.7)

 

$ (123.3)

Purchase accounting adjustments

(34.6)

 

(32.3)

 

(31.0)

 

(33.7)

 

(131.6)

Acquisition / divestiture items

(3.9)

 

(7.3)

 

(9.1)

 

(12.5)

 

(32.8)

Stock-based compensation / deferred compensation

(25.0)

 

(26.2)

 

(31.7)

 

(29.1)

 

(112.0)

Restructuring and other costs

(12.7)

 

(10.0)

 

(15.7)

 

(15.8)

 

(54.2)

Consolidated Operating Income

156.9

 

134.9

 

122.4

 

96.7

 

510.9

Non-operating income (expense) and income taxes

(46.6)

 

33.1

 

(36.6)

 

(11.1)

 

(61.2)

Net income

$   110.3

 

$   168.0

 

$      85.8

 

$      85.6

 

$   449.7

 

FTRMB

 

SOURCE Trimble

For further information: Michael Leyba, Investor Relations, 415-309-3127 Mobile, michael_leyba@trimble.com; Eric Harris, Director of Strategic Communications, 303-588-6167 Mobile, eric_harris@trimble.com.