Trimble Inc. (NASDAQ:TRMB) today announced financial results for the second quarter of 2022.

Second Quarter 2022 Financial Highlights

• Revenue of $941.2 million, up 6 percent excluding the effects of divestitures, acquisitions, and foreign currency translation
• Annualized recurring revenue (ARR) was $1.51 billion, up 12 percent year over year
• GAAP operating income was $134.9 million and non-GAAP operating income was $210.7 million
• GAAP net income was $168.0 million and non-GAAP net income was $161.6 million
• Diluted earnings per share was $0.67 on a GAAP basis and $0.64 on a non-GAAP basis
• Adjusted EBITDA of $227.5 million, 24.2 percent of revenue
• Share repurchases of $200.0 million

Executive Quote

“Our second quarter results exceeded expectations,” said Rob Painter, Trimble’s president and chief executive officer. “Growth in annualized recurring revenue and gross margin demonstrate the potential of our Connect & Scale strategy. We remain committed to investing in our strategy while navigating macroeconomic uncertainties.”