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Trimble Trimble Announces Record Second Quarter 2021 Results August 4 , 2021 SUNNYVALE , Calif . , Aug. 4 , 2021 / PRNewswire / -- Trimble Inc. ( NASDAQ : TRMB ) today announced financial results for the second quarter of 2021 . Second Quarter 2021 Financial Highlights • GAAP revenue of $ 945.2 million , up 29 percent year over year , and non - GAAP revenue of $ 945.3 million , up 29 percent year over year • Annualized recurring revenue ( ARR ) was $ 1.35 billion , up 11 percent year over year • GAAP operating income was $ 144.8 million and non - GAAP operating income was $ 228.6 million . GAAP net income was $ 138.9 million and non - GAAP net income was $ 183.8 million • Diluted earnings per share was $ 0.55 on a GAAP basis and $ 0.72 on a non - GAAP basis • Adjusted EBITDA of $ 249.3 million , 26.4 percent of revenue • Operating cash flow on a trailing twelve months basis was $ 797.6 million , up 42 percent year over year Executive Quote " Our second quarter results exceeded expectations , " said Rob Painter , Trimble's president and chief executive officer . " Growth in total revenue , annualized recurring revenue , and adjusted 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 $ 3,550 million and $ 3,650 million and GAAP earnings per share of $ 1.53 to $ 1.71 , and non - GAAP revenue between $ 3,550 million and $ 3,650 million and non - GAAP earnings per share of $ 2.45 and $ 2.65 . GAAP guidance assumes a tax rate of 17.0 to 18.0 percent and non - GAAP guidance assumes a tax rate of 17.5 percent . 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 the supplemental reconciliation scheduled attached . Investor Conference Call / Webcast Details Trimble will hold a conference call on August 4 , 2021 at 2:00 p.m. PT to review its second 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 6077528. The replay will also be available on the web at the address above . About Trimble Trimble is an industrial technology company transforming the way the world works by delivering solutions that enable our customers to thrive . Core technologies in positioning , modeling , connectivity and data analytics connect the digital and physical worlds to improve productivity , quality , safety , transparency and sustainability . From purpose - built products to enterprise lifecycle solutions , Trimble is transforming 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 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 , 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 Revenue : Product Service Subscription Total revenue Cost of sales : Product Service Subscription Amortization of purchased intangible assets Total cost of sales Gross margin Gross margin ( % ) Operating expense : CONDENSED CONSOLIDATED STATEMENTS OF INCOME ( In millions , except per share data ) ( Unaudited ) Research and development Sales and marketing General and administrative Restructuring charges Amortization of purchased intangible assets Total operating expense Operating income Non - operating income ( expense ) , net : Interest expense , net Income from equity method investments , net Other income ( expense ) , net Total non - operating income ( expense ) , net Income before taxes Income tax provision Net income Record total revenue of $ 945 million , up 29 percent - Annualized recurring revenue of $ 1.35 billion , up 11 percent - Raises full year guidance $ Second Quarter of 2021 594.9 162.1 188.2 945.2 286.0 58.0 53.8 22.0 419.8 525.4 55.6 % 138.3 125.2 99.6 4.5 13.0 380.6 144.8 ( 16.6 ) 10.0 24.2 17.6 162.4 23.5 138.9 2020 $ 412.4 156.6 164.6 733.6 199.4 56.0 49.3 23.2 327.9 405.7 55.3 % 114.0 103.6 68.8 5.1 16.6 308.1 97.6 ( 19.6 ) 9.7 3.2 ( 6.7 ) 90.9 27.7 63.2 First Two Quarters of 2021 2020 $ 1,134.3 324.4 373.0 1,831.7 541.7 117.6 109.6 44.1 813.0 1,018.7 55.6 % 267.7 247.6 185.0 6.0 26.7 733.0 285.7 ( 33.5 ) 21.8 25.8 14.1 299.8 46.3 253.5 $ 876.2 319.0 330.7 1,525.9 409.5 119.6 103.4 46.7 679.2 846.7 55.5 % 232.2 235.3 141.8 8.0 33.5 650.8 195.9 ( 40.1 ) 19.1 ( 4.6 ) ( 25.6 ) 170.3 45.2 125.1