Trimble Reports $3.7 Billion in FY21 Revenue

Fourth Quarter 2021 Financial Highlights

  • GAAP and non-GAAP revenue of $926 million, up 12% year-over-year
  • Annualized recurring revenue (ARR) was $1.41 billion, up 9% year-over-year
  • GAAP operating income was $127.8 million and non-GAAP operating income was $204.5 million
  • GAAP net income was $115.3 million and non-GAAP net income was $157.8 million
  • Diluted earnings per share was $0.45 on a GAAP basis, and $0.62 on a non-GAAP basis
  • Adjusted EBITDA was $222.9 million, 24.1% of non-GAAP revenue

Executive Quote

“Trimble is a purpose-driven company, transforming and digitizing industries that support how we live, what we eat, how we move,” said Rob Painter, Trimble’s president and chief executive officer. “Record total revenue, annualized recurring revenue and adjusted EBITDA in 2021 demonstrate the value of our continuing growth and commitment to innovation and sustainability. We enter 2022 with resolve to continue executing our Connect and Scale 2025 strategy.”

Fiscal 2021 Financial Highlights

  • GAAP revenue of $3,659.1 million, and non-GAAP revenue of $3,659.4 million, both up 16% year-over-year
  • GAAP operating income was $561 million and non-GAAP operating income was $857 million
  • GAAP net income was $492.7 million and non-GAAP net income was $677.2 million
  • Diluted earnings per share was $1.94 on a GAAP basis, and $2.66 on a non-GAAP basis
  • Adjusted EBITDA was $936.9 million, 25.6% of non-GAAP revenue
  • Operating cash flow was $750.5 million, up 12% year-over-year
  • During fiscal 2021, Trimble repurchased approximately 2.1 million shares for $180 million. Approximately $610 million remains under the current share repurchase authorization as of the end of the fourth quarter.

Forward Looking Guidance

For the full year 2022, Trimble expects to report GAAP revenue between $3,950-$4,050 million and GAAP earnings per share of $1.80-$1.99, and non-GAAP revenue between $3,950-$4,050 million and non-GAAP earnings per share of $2.75-$2.95. GAAP guidance assumes a tax rate of 21.5% and non-GAAP guidance assumes a tax rate of 18%. 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 schedule attached.

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