Trimble Inc. announced fourth quarter and fiscal year 2021 financial results.
Fourth Quarter 2021 Financial Highlights
- GAAP and non-GAAP revenue of $926.0 million, up 12 percent year over year
- Annualized recurring revenue (ARR) was $1.41 billion, up 9 percent year over year
- GAAP operating income was $127.8 million and non-GAAP operating income was $204.5 million
- GAAP net income was $115.3 million and non-GAAP net income was $157.8 million
- Diluted earnings per share was $0.45 on a GAAP basis, and $0.62 on a non-GAAP basis
- Adjusted EBITDA was $222.9 million, 24.1 percent of non-GAAP revenue
Executive Quote
"Trimble is a purpose-driven company, transforming and digitizing industries that support how we live, what we eat, how we move," said Rob Painter, Trimble's president and chief executive officer. "Record total revenue, annualized recurring revenue, and adjusted EBITDA in 2021 demonstrate the value of our continuing growth and commitment to innovation and sustainability. We enter 2022 with resolve to continue executing our Connect and Scale 2025 strategy."
Fiscal 2021 Financial Highlights
- GAAP revenue of $3,659.1 million, and non-GAAP revenue of $3,659.4 million, both up 16 percent year over year
- GAAP operating income was $561.0 million and non-GAAP operating income was $857.0 million
- GAAP net income was $492.7 million and non-GAAP net income was $677.2 million
- Diluted earnings per share was $1.94 on a GAAP basis, and $2.66 on a non-GAAP basis
- Adjusted EBITDA was $936.9 million, 25.6 percent of non-GAAP revenue
- Operating cash flow was $750.5 million, up 12 percent year over year
- During fiscal 2021, Trimble repurchased approximately 2.1 million shares for $180.0 million. Approximately $610.0 million remains under the current share repurchase authorization as of the end of the fourth quarter.
Forward Looking Guidance
For the full year 2022, Trimble expects to report GAAP revenue between $3,950 million and $4,050 million and GAAP earnings per share of $1.80 to $1.99, and non-GAAP revenue between $3,950 million and $4,050 million and non-GAAP earnings per share of $2.75 to $2.95. GAAP guidance assumes a tax rate of 21.5 percent and non-GAAP guidance assumes a tax rate of 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 schedule attached.
Investor Conference Call / Webcast Details
Trimble will hold a conference call on February 9, 2022 at 5:00 a.m. PT to review its fourth quarter and full year 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 (844) 817-7339 (U.S.) or (409) 231-2959 (international). The passcode is 3766658. The replay will also be available on the web at the address above.
