Trimble revenue in the first quarter was $915 million, down 8 percent from the same period in 2022. Its subscription and services portion of the quarter’s revenue grew 12 percent to $481 million.
Annualized recurring revenue (ARR) was up 13 percent on an organic basis to $1.6 billion. The company says ARR represents the estimated annualized value of recurring revenue, including subscription, maintenance and support revenue, and term license contracts for the quarter.
ARR should be viewed independently of revenue and deferred revenue as it is a performance measure and is not intended to be combined with or to replace either of those items, according to the company.
“Record annualized recurring revenue of $1.65 billion and record gross margin of 64.2 percent in the first quarter demonstrates the quality of our Connect and Scale strategy,” said Rob Painter, president/CEO, in a statement. “Our first quarter total revenue and profitability exceeded expectations that we communicated to shareholders in February.”
Source: Trimble
