• Record annualized recurring revenue, reflecting ongoing execution of the Connect & Scale strategy
• Record gross margin, demonstrating continued business transformation and favorable mix shift
• Continued simplification and focusing of business via recently completed Mobility divestiture
• $1 billion share repurchase authorized
• Establishing full year guidance

WESTMINSTER, Colo., Feb. 19, 2025 /PRNewswire/ — Trimble Inc. (Nasdaq: TRMB) today announced financial results for the fourth quarter and fiscal year 2024.

Fourth Quarter 2024 Financial Highlights

• Revenue of $983.4 million, up 5 percent on a year-over-year basis, up 17 percent on an organic basis
• Annualized recurring revenue (“ARR”) was $2.26 billion, up 14 percent year-over-year, up 14 percent on an organic basis
• GAAP operating income was $173.5 million, 17.6 percent of revenue and non-GAAP operating income was $283.6 million, 28.8 percent of revenue
• GAAP net income was $90.2 million and non-GAAP net income was $221.5 million
• Diluted earnings per share (“EPS”) was $0.36 on a GAAP basis and $0.89 on a non-GAAP basis
• Adjusted EBITDA was $298.1 million, 30.3 percent of revenue

Executive Quote

“Fiscal 2024 was a transformative year for Trimble. We simplified and focused the Company through portfolio moves and re-segmentation. We also delivered for our customers while strengthening the Company — as evidenced by record levels of software as a percent of total revenue, and record levels of ARR, gross margin and profitability,” said Rob Painter, president and CEO of Trimble. “We thank all of our Trimble colleagues for their dedication and hard work in 2024, and we look forward to further executing and progressing Connect & Scale in 2025 and beyond.”

Fiscal 2024 Financial Highlights

• Revenue of $3,683.3 million, down 3 percent on a year-over-year basis, up 5 percent on an organic basis
• GAAP operating income was $460.7 million, 12.5 percent of revenue, and non-GAAP operating income was $937.2 million, 25.4 percent of revenue
• GAAP net income was $1,504.4 million and non-GAAP net income was $704.4 million
• Diluted EPS was $6.09 on a GAAP basis, and $2.85 on a non-GAAP basis
• Adjusted EBITDA was $1,000.4 million, 27.2 percent of revenue
• During fiscal 2024, Trimble repurchased approximately 2.9 million shares for $175.0 million.

Forward-Looking Guidance

For the full-year 2025, Trimble expects to report revenue between $3,370 million and $3,470 million, GAAP earnings per share of $1.46 to $1.67, and non-GAAP earnings per share of $2.76 to $2.98. GAAP guidance assumes a tax rate of 22.0 percent and non-GAAP guidance assumes a tax rate of 17.4 percent. Both GAAP and non-GAAP earnings per share assume approximately 243 million shares outstanding.

For the first quarter of 2025, Trimble expects to report revenue between $794 million and $824 million, GAAP earnings per share of $0.21 to $0.27, and non-GAAP earnings per share of $0.55 to $0.61. GAAP guidance assumes a tax rate of 23.0 percent and non-GAAP guidance assumes a tax rate of 17.4 percent. Both GAAP and non-GAAP earnings per share assume approximately 246 million shares outstanding.

Full-year 2025 and first quarter of 2025 guidance both reflect the closing of the mobility divestiture, which closed on February 8, 2025. 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.

Share Repurchase Authorization

The Board of Directors has authorized a common stock repurchase authorization of up to $1 billion, which replaces the Company’s existing authorization and goes into effect immediately.

Investor Conference Call / Webcast Details

Trimble will hold a conference call on February 19, 2025 at 8:00 a.m. ET to review its fourth quarter and full year 2024 results. An accompanying slide presentation will be made available on the “Investors” section of the Trimble website, https://www.trimble.com, under the subheading “Events & Presentations.” The call will be broadcast live on the web at https://investor.trimble.com. Investors and participants who wish to dial into the call may do so by first registering at https://registrations.events/direct/Q4I841133938. Upon registration, dial-in details will be sent via email to the registrant. A replay will also be available on the web at the address above.

About Trimble

Trimble is transforming the ways people move, build and live. Core technologies in positioning, modeling and data analytics connect the digital and physical worlds to improve our customers’ productivity, quality, safety, transparency and sustainability. For more information about Trimble (Nasdaq: TRMB), visit: https://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 and expectations regarding the execution and progress of the Connect and Scale strategy. 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, effectively integrate new acquisitions or consummate divestitures in a timely manner, or get the benefits it is expecting from its joint ventures and partnerships, including with AGCO and Platform Science. The Company’s results would also be negatively impacted due to weakness and deterioration in the US and global macroeconomic outlook, including slowing growth, inflationary pressures and increases in interest rates, which may affect demand for our products and services and increase our costs, adversely affecting our revenues and profitability, supply chain shortages and disruptions, the pace at which our dealers work through their inventory, changes in our distribution channels, adverse geopolitical developments and the potential impact of volatility and conflict in the political and economic environment, including the conflict between Russia and Ukraine and its direct and indirect impact on our business, foreign exchange fluctuations, the pace we transition our business model towards a subscription model, the imposition of barriers to international trade, the impact of acquisitions or divestitures, and our ability to maintain effective internal controls over financial reporting, including our ability to remediate our material weaknesses in our internal controls over financial reporting. Any failure to achieve predicted results could negatively impact the Company’s revenue, cash flow from operations, and other financial results. In addition, the Company may not repurchase all of the authorized $1 billion of shares of its common stock and the stock repurchase program may be suspended or discontinued at any time without notice. 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