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Trimble Trimble Announces Record Third Quarter 2021 Results November 3 , 2021 SUNNYVALE , Calif . , Nov. 3 , 2021 / PRNewswire / -- Trimble Inc. ( NASDAQ : TRMB ) today announced financial results for the third quarter of 2021 . Third Quarter 2021 Financial Highlights • GAAP revenue of $ 901.4 million , up 14 percent year over year , and non - GAAP revenue of $ 901.4 million , up 14 percent year over year • Annualized recurring revenue ( ARR ) was $ 1.36 billion , up 8 percent 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 percent of revenue Operating cash flow on a trailing twelve months basis was $ 783.5 million , up 29 percent year over year • Share repurchases of $ 100 million Executive Quote " 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 digitize . " Forward Looking Guidance For the full - year 2021 , Trimble now expects to report GAAP revenue between $ 3,590 million and $ 3,640 million and GAAP earnings per share of $ 1.69 to $ 1.77 , and 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 percent and non - GAAP guidance assumes a tax rate of 17.5 to 18.0 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 in the supplemental reconciliation scheduled attached . Investor Conference Call / Webcast Details Trimble will hold a conference call on November 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 , 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 ( 844 ) 817-7339 ( U.S. ) or ( 409 ) 231-2959 ( international ) . The passcode is 5058328. 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 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 : - Record third quarter total revenue of $ 901 million , up 14 percent - Annualized recurring revenue of $ 1.36 billion , up 8 percent and 11 percent on an organic basis - Raises full - year guidance Product Service Gross margin Gross margin ( % ) Subscription Amortization of purchased intangible assets Total cost of sales 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 Third Quarter of 2021 $ 551.2 159.9 190.3 901.4 266.7 55.5 52.7 22.0 396.9 504.5 56.0 % 132.5 125.5 85.2 1.5 12.3 357.0 147.5 ( 15.9 ) 8.5 16.6 9.2 156.7 2020 $ 461.4 160.7 170.0 792.1 221.2 55.5 52.4 23.3 352.4 439.7 55.5 % 117.9 111.6 79.4 12.1 16.7 337.7 102.0 ( 19.6 ) 10.8 3.2 ( 5.6 ) 96.4 First Three Quarters of 2021 2020 $ 1,685.5 484.3 563.3 2,733.1 808.4 173.1 162.3 66.1 1,209.9 1,523.2 55.7 % 400.2 373.1 270.2 7.5 39.0 1,090.0 433.2 ( 49.4 ) 30.3 42.4 23.3 456.5 $ 1,337.6 479.7 500.7 2,318.0 630.7 175.1 155.8 70.0 1,031.6 1,286.4 55.5 % 350.1 346.9 221.2 20.1 50.2 988.5 297.9 ( 59.7 ) 29.9 ( 1.4 ) ( 31.2 ) 266.7