Trimble has reported Q1 revenue of $886.5 million, up 12 percent year over year, and annualized recurring revenue (ARR) of $1.32 billion, up 9 percent year over year.
"Our first quarter results exceeded expectations," said Rob Painter, Trimble's president and CEO. "Growth in total revenue, annualized recurring revenue, and EBITDA reflect increasing end-market strength and execution of our Connect and Scale 2025 strategy."
Other highlights included:
- GAAP (Generally Accepted Accounting Principles) 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.
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 million and $3,500 million and non-GAAP earnings per share of $2.30 and $2.50.