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Trimble Trimble Reports First Quarter 2021 Results and Increases Full Year Guidance May 5 , 2021 - Record total revenue of $ 887 million , up 12 percent - Annualized recurring revenue of $ 1.32 billion , up 9 percent SUNNYVALE , Calif . , May 5 , 2021 / PRNewswire / -- Trimble Inc. ( NASDAQ : TRMB ) today announced financial results for the first quarter of 2021 . First Quarter 2021 Financial Highlights • GAAP revenue of $ 886.5 million , up 12 percent year over year , and non - GAAP revenue of $ 886.7 million , up 12 percent year over year • Annualized recurring revenue ( ARR ) was $ 1.32 billion , up 9 percent 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 $ 167.0 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 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 GAAP earnings per share of $ 1.49 to $ 1.68 , and non - GAAP revenue between $ 3,400.0 million and $ 3,500.0 million and non - GAAP earnings per share of $ 2.30 and $ 2.50 . GAAP guidance assumes a tax rate of 18.0 to 19.0 percent and non - GAAP guidance assumes a tax rate of 17.0 to 17.5 percent . Both GAAP and non - GAAP earnings per share assume approximately 255 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 in the supplemental reconciliation scheduled attached . Investor Conference Call / Webcast Details Trimble will hold a conference call on May 5 , 2021 at 2:00 p.m. PT to review its first quarter 2021 results . An accompanying slide presentation will be made available on the " Investors " section of the Trimble website , www.trimble.com , under the subheading " Events & Presentations . " The call will be broadcast live on the web at http://investor.trimble.com . Investors without internet access may dial into the call at ( 800 ) 528-9198 ( U.S. ) or ( 702 ) 928-6633 ( international ) . The passcode is 1719909. The replay will also be available on the web at the address above . About Trimble Trimble is transforming the way the world works by delivering products and services that connect the physical and digital worlds . Core technologies in positioning , modeling , connectivity and data analytics enable customers to improve productivity , quality , safety and sustainability . From purpose built products to enterprise lifecycle solutions , Trimble software , hardware and services are transforming a broad range of industries such as agriculture , construction , geospatial and transportation . For more information about Trimble ( NASDAQ : TRMB ) , visit : www.trimble.com . Safe Harbor Certain statements made in this press release are forward - looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 , as amended , and are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. These statements include expectations about our future financial and operational results . These forward - looking statements are subject to change , and actual results may materially differ due to certain risks and uncertainties . The Company's results may be adversely affected if the Company is unable to market , manufacture and ship new products , obtain new customers , or effectively integrate new acquisitions . The Company's results would also be negatively impacted by further deterioration in economic conditions as a result of the COVID - 19 pandemic , supply chain shortages and disruptions , resulting in increases in costs and reduced revenue , adverse geopolitical developments , further weakening in the macro environment , foreign exchange fluctuations , the pace we transition our business model towards a subscription model , and the imposition of barriers to international trade . Any failure to achieve predicted results could negatively impact the Company's revenue , cash flow from operations , and other financial results . The Company's financial results will also depend on a number of other factors and risks detailed from time to time in reports filed with the SEC , including its quarterly reports on Form 10 - Q and its annual report on Form 10 - K . Undue reliance should not be placed on any forward - looking statement contained herein . These statements reflect the Company's position as of the date of this release . The Company expressly disclaims any undertaking to release publicly any updates or revisions to any statements to reflect any change in the Company's expectations or any change of events , conditions , or circumstances on which any such statement is based . FTRMB CONDENSED CONSOLIDATED STATEMENTS OF INCOME ( In millions , except per share data )