Trimble has announced financial results for the first quarter of 2021.

First Quarter 2021 Financial Highlights

• GAAP revenue of $886.5 million, up 12% year-over-year, and non-GAAP revenue of $886.7 million, up 12% year-over-year
• Annualized recurring revenue (ARR) was $1.32 billion, up 9% year over year
• GAAP 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 million
• Adjusted EBITDA of $231.3 million, 26.1% of revenue
• Operating cash flow on a trailing twelve months basis was $744.5 million, up 26% year over year

Executive Quote

"Our first quarter results exceeded expectations," said Rob Painter, Trimble's president and chief executive officer. "Growth in total revenue, annualized recurring revenue, and EBITDA reflect increasing end-market strength and execution of our Connect and Scale 2025 strategy."

Forward Looking Guidance

For the full year 2021, Trimble now expects to report GAAP revenue between $3,399.7 million and $3,499.7 million, and non-GAAP revenue between $3,400 million and $3,500 million. GAAP guidance assumes a tax rate of 18-19% and non-GAAP guidance assumes a tax rate of 17-17.5%.