Trimble Inc. announced financial results for the third quarter of 2021.
Third Quarter 2021 Financial Highlights
- GAAP revenue of $901.4 million, up 14 percent year over year, and non-GAAP revenue of $901.4 million, up 14 percent year over year
- Annualized recurring revenue (ARR) was $1.36 billion, up 8 percent year over year
- GAAP operating income was $147.5 million and non-GAAP operating income was $214.7 million
- GAAP net income was $124.0 million and non-GAAP net income was $168.6 million
- Diluted earnings per share was $0.49 on a GAAP basis and $0.66 on a non-GAAP basis
- Adjusted EBITDA of $233.4 million, 25.9 percent of revenue
- Operating cash flow on a trailing twelve months basis was $783.5 million, up 29 percent year over year
- Share repurchases of $100 million
Executive Quote
"Trimble technology is transforming industries that support how we live, what we eat, how we move," said Rob Painter, Trimble's president and chief executive officer. "Growth in total revenue, annualized recurring revenue, and adjusted EBITDA in the third quarter demonstrate the value of our ongoing commitment to innovation for our end markets as they continue to digitize."
Forward Looking Guidance
For the full-year 2021, Trimble now expects to report GAAP revenue between $3,590 million and $3,640 million and GAAP earnings per share of $1.69 to $1.77, and non-GAAP revenue between $3,590 million and $3,640 million and non-GAAP earnings per share of $2.61 to $2.69. GAAP guidance assumes a tax rate of 17.0 to 18.0 percent and non-GAAP guidance assumes a tax rate of 17.5 to 18.0 percent. Both GAAP and non-GAAP earnings per share assume approximately 254 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 November 3, 2021 at 2:00 p.m. PT to review its third quarter 2021 results. An accompanying slide presentation will be made available on the "Investors" section of the Trimble website, under the subheading "Events & Presentations." Investors without internet access may dial into the call at (844) 817-7339 (U.S.) or (409) 231-2959 (international). The passcode is 5058328. The replay will also be available on the web at the address above.
