Trimble: Q1 revenue up 4%, record ARR; discloses new material weakness, delays 10-Q

TRIMBLE INC.

Q1 revenue $953.3M (+4% YoY); GAAP EPS $0.23, non-GAAP EPS $0.64.
Record ARR $2.03B (+23% YoY, +13% organic); gross margin record 62.3% GAAP, 65.8% non-GAAP.
Full-year 2024 guidance: revenue $3.57-3.67B, non-GAAP EPS $2.60-2.80.
EY identified IT control concerns; Company concludes additional material weakness in revenue controls as of Dec 29, 2023.
CEO/CFO deem disclosure controls ineffective; Q1 10-Q delayed; expects Nasdaq non-compliance; will amend 10-K.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

TRIMBLE INC. reported the quarter ended March 29, 2024 results: revenue $953.3 million, net income $57.2 million, EPS $0.23. Guidance initiated.

Period: the quarter ended March 29, 2024
Revenue: $953.3 million
Net income: $57.2 million
EPS: $0.23
Guidance: initiated
Result: reported results

Exact text from the filing

First Quarter 2024 Financial Highlights • Revenue of $953.3 million, up 4 percent on a year-over-year basis, flat on an organic basis • Annualized recurring revenue ("ARR") was $2.03 billion, up 23 percent year-over-year, up 13 percent on an organic basis • GAAP operating income was $109.2 million, 11.5 percent of revenue and non-GAAP operating income was $234.4 million, 24.6 percent of revenue • GAAP net income was $57.2 million and non-GAAP net income was $159.1 million • Diluted earnings per share ("EPS") was $0.23 on a GAAP basis and $0.64 on a non-GAAP basis • Adjusted EBITDA was $250.9 million, 26.3 percent of revenue • Share repurchases of $175.0 million

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Source: SEC EDGAR

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