Trimble Inc. announced financial results for the first quarter of 2024.
First Quarter 2024 Financial Highlights
- Revenue of $953.3 million, up 4 percent on a year-over-year basis, flat on an organic basis
- Annualized recurring revenue ("ARR") was $2.03 billion, up 23 percent year-over-year, up 13 percent on an organic basis
- GAAP operating income was $109.2 million, 11.5 percent of revenue and non-GAAP operating income was $234.4 million, 24.6 percent of revenue
- GAAP net income was $57.2 million and non-GAAP net income was $159.1 million
- Diluted earnings per share ("EPS") was $0.23 on a GAAP basis and $0.64 on a non-GAAP basis
- Adjusted EBITDA was $250.9 million, 26.3 percent of revenue
- Share repurchases of $175.0 million
Executive Quote
"We had a strong start to the year, delivering record annualized recurring revenue of $2.03 billion and record first quarter gross margin. And on April 1, we closed our agriculture joint venture with AGCO," said Rob Painter, Trimble's president and chief executive officer. "With our new reporting segment and organization structure in place, we have further simplified and focused the Company to enable our customers to transform how they work, while creating value for our shareholders."
Forward-Looking Guidance
For the full-year 2024, Trimble expects to report revenue between $3,570 million and $3,670 million and non-GAAP EPS of $2.60 to $2.80. The full year 2024 non-GAAP EPS assumes a tax rate of 17.3 percent and approximately 244 million average shares outstanding.
For the second quarter of 2024, Trimble expects to report revenue between $845 million and $875 million and non-GAAP EPS of $0.56 to $0.60. The second quarter of 2024 non-GAAP EPS assumes a tax rate of 17.3 percent and approximately 247 million average shares outstanding.
Full-year 2024 and second quarter of 2024 guidance both reflect the closing of the joint venture with AGCO which closed at the beginning of the second quarter of 2024.
Trimble is unable to provide a quantitative reconciliation of these measures to GAAP with a reasonable degree of accuracy because Trimble has not determined all assets, liabilities, and other adjustments, as well as related tax expense to calculate a gain associated with the agriculture business that was contributed to the joint venture with AGCO. Additionally the fair value of our 15 percent investment in the joint venture with AGCO has not been reasonably determined. An explanation of how we calculate non-GAAP EPS and other information relating to this non-GAAP measure is included in the supplemental schedule attached.
Investor Conference Call / Webcast Details
Trimble will hold a conference call on May 3, 2024 at 8:00 a.m. ET to review its first quarter of 2024 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 (888) 660-6347 (U.S.) or (929) 201-6594 (international). The conference ID is 1043223. The replay will also be available on the web at the address above.
