SUNNYVALE, Calif., Nov. 3, 2021 — Trimble reported a record third quarter total revenue of $901 million in 2021, up 14% year over year. The technology company's annualized recurring revenue is $1.36 billion, up 8% and 11% on an organic basis.

Third Quarter 2021 Financial Highlights

  • GAAP revenue of $901.4 million, up 14% year over year, and non-GAAP revenue of $901.4 million, up 14% year over year
  • Annualized recurring revenue (ARR) was $1.36 billion, up 8% year over year
  • GAAP operating income was $147.5 million and non-GAAP operating income was $214.7 million
  • GAAP net income was $124.0 million and non-GAAP net income was $168.6 million
  • Diluted earnings per share was $0.49 on a GAAP basis and $0.66 on a non-GAAP basis
  • Adjusted EBITDA of $233.4 million, 25.9% of revenue
  • Operating cash flow on a trailing 12-months basis was $783.5 million, up 29% year over year
  • Share repurchases of $100 million

"Trimble technology is transforming industries that support how we live, what we eat, how we move," said Rob Painter, Trimble's president and chief executive officer. "Growth in total revenue, annualized recurring revenue and adjusted EBITDA in the third quarter demonstrate the value of our ongoing commitment to innovation for our end markets as they continue to digitize."

Forward Looking Guidance

For the full-year 2021, Trimble now expects to report GAAP revenue between $3,590 million and $3,640 million, GAAP earnings per share of $1.69 to $1.77, non-GAAP revenue between $3,590 million and $3,640 million, and non-GAAP earnings per share of $2.61 to $2.69. GAAP guidance assumes a tax rate of 17.0 to 18.0%, and non-GAAP guidance assumes a tax rate of 17.5  to 18.0%. 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 here.

Trimble will hold a conference call on Nov. 3, 2021, at 2:00 p.m. PT to review its third quarter 2021 results. An accompanying slide presentation will be made available on the "Investors" section of the Trimble website under the subheading "Events & Presentations." The replay will also be available on the web.

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