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 .
