SUNNYVALE, Calif. — Trimble Inc. (TRMB) today announced financial results for the second quarter of 2021.

Second Quarter 2021 Financial Highlights

• GAAP revenue of $945.2 million, up 29% year over year, and non-GAAP revenue of $945.3 million, up 29% year over year
• Annualized recurring revenue (ARR) was $1.35 billion, up 11% 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% of revenue

Operating cashflow on a trailing twelve months basis was $797.6 million, up 42% 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% and non-GAAP guidance assumes a tax rate of 17.5%. 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.

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