Trimble Inc. announced financial results for the first quarter of 2021.
First Quarter 2021 Financial Highlights
- GAAP revenue of $886.5 million, up 12 percent year over year, and non-GAAP revenue of $886.7 million, up 12 percent year over year
- Annualized recurring revenue (ARR) was $1.32 billion, up 9 percent year over year
- GAAP operating income was $140.9 million and non-GAAP operating income was $209.2 million
- GAAP net income was $114.5 million and non-GAAP net income was $167.0 million
- Diluted earnings per share was $0.45 on a GAAP basis and $0.66 on a non-GAAP basis
- Adjusted EBITDA of $231.3 million, 26.1 percent of revenue
- Operating cash flow on a trailing twelve months basis was $744.5 million, up 26 percent year over year
Executive Quote
"Our first quarter results exceeded expectations," said Rob Painter, Trimble's president and chief executive officer. "Growth in total revenue, annualized recurring revenue, and EBITDA reflect increasing end-market strength and execution of our Connect and Scale 2025 strategy."
Forward Looking Guidance
For the full year 2021, Trimble now expects to report GAAP revenue between $3,399.7 million and $3,499.7 million and GAAP earnings per share of $1.49 to $1.68, and non-GAAP revenue between $3,400.0 million and $3,500.0 million and non-GAAP earnings per share of $2.30 and $2.50. GAAP guidance assumes a tax rate of 18.0 to 19.0 percent and non-GAAP guidance assumes a tax rate of 17.0 to 17.5 percent. Both GAAP and non-GAAP earnings per share assume approximately 255 million shares outstanding. A reconciliation of the non-GAAP measures to the most directly comparable GAAP measures and other information relating to these non-GAAP measures are included in the supplemental reconciliation scheduled attached.
Investor Conference Call / Webcast Details
Trimble will hold a conference call on May 5, 2021 at 2:00 p.m. PT to review its first quarter 2021 results. An accompanying slide presentation will be made available on the "Investors" section of the Trimble website, www.trimble.com, under the subheading "Events & Presentations." The call will be broadcast live on the web at http://investor.trimble.com. Investors without internet access may dial into the call at (800) 528-9198 (U.S.) or (702) 928-6633 (international). The passcode is 1719909. The replay will also be available on the web at the address above.
