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
"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%.