Trimble : First Quarter 2025 Earnings (Trimble First Quarter 2025 Financial Summary)
TRMB
Published on 05/07/2025 at 09:14
Hardware and perpetual software Subscription and recurring services Professional services and other
(Dollars in millions) (Unaudited)
Trailing Twelve Months (TTM)
$ 1,188.5
2,261.5
120.6
$ 3,570.6
Three Months
Ended Q1
2025
$ 271.6
541.0
28.0
Three Months Ended Q1 Q2 Q3 Q4
2023 2023 2023 2023
Year 2023
Three Months Ended Q1 Q2 Q3 Q4
2024 2024 2024 2024
Year 2024
$ 434.4 $ 490.5 $ 444.0 $ 402.8
$ 1,771.7
$ 367.1 $ 320.4 $ 307.6 $ 288.9
$ 1,284.0
444.1 466.8 476.4 491.6
1,878.9
555.4 518.4 539.9 662.2
2,275.9
36.9 36.3 36.9 38.0
148.1
30.8 32.0 28.3 32.3
123.4
$ 915.4 $ 993.6 $ 957.3 $ 932.4
$ 3,798.7
$ 953.3 $ 870.8 $ 875.8 $ 983.4
$ 3,683.3
$ 288.1 $ 264.1 $ 269.6 $ 288.7
$ 1,110.5
$ 339.1 $ 299.7 $ 306.0 $ 413.8
$ 1,358.6
479.9 540.6 495.4 452.0
1,967.9
419.2 379.3 374.6 362.8
1,535.9
147.4 188.9 192.3 191.7
720.3
195.0 191.8 195.2 206.8
788.8
$ 915.4 $ 993.6 $ 957.3 $ 932.4
$ 3,798.7
$ 953.3 $ 870.8 $ 875.8 $ 983.4
$ 3,683.3
$ 481.8 $ 525.6 $ 518.4 $ 492.7
$ 2,018.5
$ 494.8 $ 506.8 $ 524.5 $ 552.6
$ 2,078.7
267.8 282.7 260.7 265.0
1,076.2
297.2 231.4 232.6 289.1
1,050.3
103.1 110.6 105.9 109.3
428.9
105.7 89.4 75.2 94.9
365.2
62.7 74.7 72.3 65.4
275.1
55.6 43.2 43.5 46.8
189.1
$ 915.4 $ 993.6 $ 957.3 $ 932.4
$ 3,798.7
$ 953.3 $ 870.8 $ 875.8 $ 983.4
$ 3,683.3
53 % 53 % 54 % 53 %
53 %
52 % 58 % 60 % 56 %
56 %
29 % 28 % 27 % 28 %
28 %
31 % 27 % 26 % 29 %
29 %
11 % 11 % 11 % 12 %
12 %
11 % 10 % 9 % 10 %
10 %
7 % 8 % 8 % 7 %
7 %
6 % 5 % 5 % 5 %
5 %
100 % 100 % 100 % 100 %
100 %
100 % 100 % 100 % 100 %
100 %
$ 1,648.1 $ 1,882.9 $ 1,935.1 $ 1,982.3
$ 2,028.6 $2,113.0 $ 2,186.7 $ 2,257.8
Total Company $ 840.6
AECO
Field Systems Transportation and Logistics
$ 335.4
359.2
146.0
Total Company $ 840.6
Asia Pacific Rest of World
$ 505.7
222.7
79.8
32.4
Total Company
North America Europe
Asia Pacific Rest of World Total Company
$ 840.6
60 %
27 %
9 %
4 %
100 %
ARR
$ 2,176.5
*
**
***
Subscription and recurring services include subscription, maintenance and support revenues, term licenses, and recurring transaction revenue.
Represents reportable operating segments under its management reporting system.
ARR is calculated by taking our subscription and maintenance and support revenue for the current quarter and adding the portion of the contract value of all our term licenses attributable to the current quarter, then dividing that sum by the number of days in the quarter and then
multiplying that quotient by 365.
Page 1
Amortization of purchased intangible assets Total Company
Stock-based compensation / deferred compensation Restructuring and other costs
Total Adjustments
Total Company
(Dollars in millions) (Unaudited)
Three Months Ended Q1 Q2 Q3 Q4
2023 2023 2023 2023
Year 2023
Three Months Ended Q1 Q2 Q3 Q4
2024 2024 2024 2024
Year 2024
Three Months
Ended Q1
2025
$ 218.2 $ 256.6 $ 228.4 $ 193.5
$ 896.7
$ 159.6 $ 143.9 $ 146.9 $ 135.3
$ 585.7
$ 127.9
357.5 374.4 383.0 403.3
1,518.2
462.7 427.1 447.5 561.9
1,899.2
447.6
8.1 3.7 6.5 8.3
26.6
(0.9) 2.9 0.1 2.6
4.7
1.7
(23.0) (30.2) (27.7) (27.8)
(108.7)
(27.8) (28.0) (18.9) (18.6)
(93.3)
(16.4)
$ 560.8 $ 604.5 $ 590.2 $ 577.3
$ 2,332.8
$ 593.6 $ 545.9 $ 575.6 $ 681.2
$ 2,396.3
$ 560.8
$ 23.0 $ 30.2 $ 27.7 $ 27.8
$ 108.7
$ 27.8 $ 28.0 $ 18.9 $ 18.6
$ 93.3
$ 16.4
0.2 0.2 - 0.1
0.5
- - - -
-
-
3.5 4.1 3.8 3.6
15.0
4.3 4.2 4.2 4.7
17.4
4.3
0.3 (1.0) 0.1 0.5
$ (0.1)
1.4 0.6 0.9 0.7
3.6
0.2
$ 27.0 $ 33.5 $ 31.6 $ 32.0
$ 124.1
$ 33.5 $ 32.8 $ 24.0 $ 24.0
$ 114.3
$ 20.9
$ 220.2 $ 257.2 $ 229.8 $ 195.7
$ 902.9
$ 163.0 $ 146.0 $ 149.3 $ 137.4
$ 595.7
$ 129.9
358.5 375.9 384.4 404.3
1,523.1
463.9 428.5 448.8 563.5
1,904.7
449.0
9.1 4.9 7.6 9.3
30.9
0.2 4.2 1.5 4.3
10.2
2.8
$ 587.8 $ 638.0 $ 621.8 $ 609.3
$ 2,456.9
$ 627.1 $ 578.7 $ 599.6 $ 705.2
$ 2,510.6
$ 581.7
50.7 % 52.4 % 51.8 % 48.6 %
51.0 %
44.4 % 45.6 % 48.5 % 47.6 %
46.4 %
47.8 %
80.7 % 80.5 % 80.7 % 82.2 %
81.1 %
83.5 % 82.7 % 83.1 % 85.1 %
83.7 %
83.0 %
24.7 % 13.5 % 20.6 % 24.5 %
20.9 %
0.6 % 13.1 % 5.3 % 13.3 %
8.3 %
10.0 %
64.2 % 64.2 % 65.0 % 65.3 %
64.7 %
65.8 % 66.5 % 68.5 % 71.7 %
68.2 %
69.2 %
Page 2
Revenue Cost of sales Gross margin
Operating expense Operating income
Interest expense, net
Income (loss) from equity method investments, net Other non-operating income (expense), net
Income before taxes
Income tax provision (benefit) Net income
Diluted net income per share
Revenue Cost of sales Gross margin
Operating expense Operating income
Interest expense, net
Income from equity method investments, net Other non-operating (expense) income, net
Income before taxes Income tax provision Net income
Diluted net income per share
GAAP operating income
Amortization of purchased intangible assets Acquisition / divestiture items
Stock-based compensation / deferred compensation Restructuring and other costs
Non-GAAP operating income
Depreciation expense and cloud computing amortization Income from equity method investments, net
Adjusted EBITDA Adjusted EBITDA Margin
(In millions, except per share data) (Unaudited)
Three Months Ended Q1 Q2 Q3 Q4
2023 2023 2023 2023
Year 2023
Three Months Ended Q1 Q2 Q3 Q4
2024 2024 2024 2024
Year 2024
Three Months Ended
Trailing Twelve
Months (TTM)
Q1 2025
$ 915.4
$ 993.6
$ 957.3
$ 932.4
$ 3,798.7
$ 953.3
$ 870.8
$ 875.8
$ 983.4
$ 3,683.3
$ 840.6
354.6
389.1
367.1
355.1
1,465.9
359.7
324.9
300.2
302.2
1,287.0
279.8
560.8
604.5
590.2
577.3
2,332.8
593.6
545.9
575.6
681.2
2,396.3
560.8
423.8
510.9
468.9
480.4
1,884.0
484.4
484.3
459.2
507.7
1,935.6
463.3
137.0
93.6
121.3
96.9
448.8
109.2
61.6
116.4
173.5
460.7
97.5
(19.7)
(46.7)
(46.8)
(47.8)
(161.0)
(45.2)
(18.1)
(14.1)
(13.3)
(90.7)
(15.6)
11.4
8.0
5.2
3.5
28.1
5.6
4.3
(0.6)
(57.4)
(48.1)
1.0
31.9
2.6
(0.3)
6.9
41.1
3.4
1,714.2
(28.6)
(5.0)
1,684.0
3.5
160.6
57.5
79.4
59.5
357.0
73.0
1,762.0
73.1
97.8
2,005.9
86.4
31.8
12.9
4.5
(3.5)
45.7
15.8
445.6
32.5
7.6
501.5
19.7
$ 128.8 $ 44.6 $ 74.9 $ 63.0
$ 311.3
$ 57.2
$ 1,316.4
$ 40.6
$ 90.2
$ 1,504.4
$ 66.7
$ 0.52 $ 0.18 $ 0.30 $ 0.25
$ 1.25
$ 0.23
$ 5.34
$ 0.16
$ 0.36
$ 6.09
$ 0.27
$ 915.4
$ 993.6
$ 957.3
$ 932.4
$ 3,798.7
$ 953.3
$ 870.8
$ 875.8
$ 983.4
$ 3,683.3
$ 840.6
327.6
355.6
335.5
323.1
1,341.8
326.2
292.1
276.2
278.2
1,172.7
258.9
587.8
638.0
621.8
609.3
2,456.9
627.1
578.7
599.6
705.2
2,510.6
581.7
361.7
407.0
370.8
382.7
1,522.2
392.7
384.3
374.8
421.6
1,573.4
383.5
226.1
231.0
251.0
226.6
934.7
234.4
194.4
224.8
283.6
937.2
198.2
(18.4)
(46.7)
(46.8)
(47.8)
(159.7)
(45.2)
(15.8)
(14.1)
(13.3)
(88.4)
(15.7)
11.4
8.0
5.2
3.5
28.1
5.6
7.5
0.8
-
13.9
1.9
(1.7)
0.0
(4.5)
5.0
(1.2)
(2.4)
(2.7)
(3.4)
(1.1)
(9.6)
(1.6)
217.4
192.3
204.9
187.3
801.9
192.4
183.4
208.1
269.2
853.1
182.8
39.5
33.3
34.7
30.7
138.2
33.3
31.5
36.2
47.7
148.7
31.4
$ 177.9
$ 159.0
$ 170.2
$ 156.6
$ 663.7
$ 159.1
$ 151.9
$ 171.9
$ 221.5
$ 704.4
$ 151.4
$ 0.72 $ 0.64 $ 0.68
$ 0.63
$ 2.66
$ 0.64
$ 0.62
$ 0.70
$ 0.89
$ 2.85
$ 0.61
$ 137.0
$ 93.6
$ 121.3
$ 96.9
$ 448.8
$ 109.2
$ 61.6
$ 116.4
$ 173.5
$ 460.7
$ 97.5
$ 449.0
34.7
62.1
58.9
56.6
212.3
54.5
54.5
45.4
44.6
199.0
42.0
186.5
7.0
26.5
22.0
16.9
72.4
23.9
33.9
17.4
6.4
81.6
8.9
66.6
35.4
42.1
37.9
35.7
151.1
38.8
38.1
38.1
48.5
163.5
37.5
162.2
12.0
6.7
10.9
20.5
50.1
8.0
6.3
7.5
10.6
32.4
12.3
36.7
226.1
231.0
251.0
226.6
934.7
234.4
194.4
224.8
283.6
937.2
198.2
901.0
11.3
12.5
12.0
11.1
46.9
10.9
12.1
11.8
14.5
49.3
12.0
50.4
11.4
8.0
5.2
3.5
28.1
5.6
7.5
0.8
-
13.9
1.9
10.2
$ 248.8
$ 251.5
$ 268.2
$ 241.2
$ 1,009.7
$ 250.9
$ 214.0
$ 237.4
$ 298.1
$ 1,000.4
$ 212.1
$ 961.6
27.2%
25.3%
28.0%
25.9%
26.6%
26.3%
24.6%
27.1%
30.3%
27.2%
25.2%
26.9%
* See GAAP to non-GAAP reconciliation of measures on page 6.
Adjusted EBITDA refers to non-GAAP operating income plus depreciation expense, cloud computing amortization, and income from equity method investments, net, excluding our proportionate share of items such as goodwill impairment, amortization of purchased
** intangibles, stock-based compensation, and restructuring costs.
Page 3
(Dollars in millions) (Unaudited)
Three Months Ended
Year 2023
Three Months Ended
Year 2024
Three Months Ended
Q1 2023
Q2 2023
Q3 2023
Q4 2023
Q1 2024
Q2 2024
Q3 2024
Q4 2024
Q1 2025
AECO
Revenue
$ 288.1
$ 264.1
$ 269.6
$ 288.7
$ 1,110.5
$ 339.1
$ 299.7
$ 306.0
$ 413.8
$ 1,358.6
$ 335.4
Cost of sales
53.0
54.8
53.2
52.3
213.3
55.3
53.4
53.8
57.9
220.4
58.9
Operating expense
139.7
146.9
138.6
143.0
568.2
157.1
167.2
163.2
187.1
674.6
184.9
Operating income
$ 95.4
$ 62.4
$ 77.8
$ 93.4
$ 329.0
$ 126.7
$ 79.1
$ 89.0
$ 168.8
$ 463.6
$ 91.6
Operating margin (% of segment revenue)
33.1 %
23.6 %
28.9 %
32.4 %
29.6 %
37.4 %
26.4 %
29.1 %
40.8 %
34.1 %
27.3 %
ARR
$ 923.6
$ 985.4
$ 1,021.8
$ 1,067.5
$ 1,093.5
$ 1,163.9
$ 1,209.7
$ 1,268.7
$ 1,293.6
FIELD SYSTEMS
Revenue
$ 479.9
$ 540.6
$ 495.4
$ 452.0
$ 1,967.9
$ 419.2
$ 379.3
$ 374.6
$ 362.8
$ 1,535.9
$ 359.2
Cost of sales
210.6
227.4
207.5
197.9
843.4
195.9
168.5
154.7
147.2
666.3
154.2
Operating expense
131.9
137.3
122.9
128.9
521.0
125.0
101.0
96.2
105.4
427.6
98.4
Operating income
$ 137.4
$ 175.9
$ 165.0
$ 125.2
$ 603.5
$ 98.3
$ 109.8
$ 123.7
$ 110.2
$ 442.0
$ 106.6
Operating margin (% of segment revenue)
28.6 %
32.5 %
33.3 %
27.7 %
30.7 %
23.4 %
28.9 %
33.0 %
30.4 %
28.8 %
29.7 %
ARR
$ 273.1
$ 283.3
$ 289.8
$ 289.2
$ 303.9
$ 308.3
$ 327.6
$ 340.5
$ 358.1
TRANSPORTATION AND LOGISTICS
Revenue
$ 147.4
$ 188.9
$ 192.3
$ 191.7
$ 720.3
$ 195.0
$ 191.8
$ 195.2
$ 206.8
$ 788.8
$ 146.0
Cost of sales
62.8
71.8
73.5
70.7
278.8
73.5
69.3
66.2
71.2
280.2
44.6
Operating expense
64.3
90.4
85.2
83.4
323.3
85.2
86.6
88.0
93.7
353.5
75.3
Operating income
$ 20.3
$ 26.7
$ 33.6
$ 37.6
$ 118.2
$ 36.3
$ 35.9
$ 41.0
$ 41.9
$ 155.1
$ 26.1
Operating margin (% of segment revenue)
13.8 %
14.1 %
17.5 %
19.6 %
16.4 %
18.6 %
18.7 %
21.0 %
20.3 %
19.7 %
17.9 %
ARR
$ 451.2
$ 614.2
$ 623.5
$ 625.6
$ 631.2
$ 640.8
$ 649.4
$ 648.6
$ 524.8
CORPORATE SUMMARY
CORPORATE AND OTHER CHARGES:
Unallocated Corporate Expense
(27.0)
(34.0)
(25.4)
(29.6)
(116.0)
(26.9)
(30.4)
(28.9)
(37.3)
(123.5)
(26.1)
Amortization of purchased intangible assets
(34.7)
(62.1)
(58.9)
(56.6)
(212.3)
(54.5)
(54.5)
(45.4)
(44.6)
(199.0)
(42.0)
Acquisition / divestiture items
(7.0)
(26.5)
(22.0)
(16.9)
(72.4)
(23.9)
(33.9)
(17.4)
(6.4)
(81.6)
(8.9)
Stock-based compensation / deferred compensation
(35.4)
(42.1)
(37.9)
(35.7)
(151.1)
(38.8)
(38.1)
(38.1)
(48.5)
(163.5)
(37.5)
Restructuring and other costs
(12.0)
(6.7)
(10.9)
(20.5)
(50.1)
(8.0)
(6.3)
(7.5)
(10.6)
(32.4)
(12.3)
CONSOLIDATED OPERATING INCOME
137.0
93.6
121.3
96.9
448.8
109.2
61.6
116.4
173.5
460.7
97.5
NON-OPERATING (EXPENSE) INCOME AND INCOME TAXES
(8.2)
(49.0)
(46.4)
(33.9)
(137.5)
(52.0)
1,254.8
(75.8)
(83.3)
1,043.7
(30.8)
NET INCOME
$ 128.8
$ 44.6
$ 74.9
$ 63.0
$ 311.3
$ 57.2
$ 1,316.4
$ 40.6
$ 90.2
$ 1,504.4
$ 66.7
Page 4
(Dollars in millions) (Unaudited)
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
2023
2023
2023
2023
2023
2024
2024
2024
2024
2024
2025
Cash and cash equivalents
$ 1,038.1
$ 237.3
$ 216.8
$ 229.8
$ 255.1
$ 944.1
$ 1,036.9
$ 738.8
$ 290.0
Accounts receivable, net
578.8
664.1
641.4
706.6
633.0
577.0
525.6
725.8
530.4
Inventories
409.4
371.4
257.2
235.7
230.0
223.1
192.1
194.3
187.2
Short-term debt
300.0
4.3
58.3
530.4
543.4
400.0
400.0
-
-
Long-term debt
1,786.9
3,184.7
2,995.4
2,536.2
2,486.9
1,389.7
1,390.2
1,390.6
1,391.0
Total debt
2,086.9
3,189.0
3,053.7
3,066.6
3,030.3
1,789.7
1,790.2
1,390.6
1,391.0
Equity
$ 4,245.2
$ 4,331.3
$ 4,343.0
$ 4,500.1
$ 4,349.1
$ 5,633.4
$ 5,875.1
$ 5,745.3
$ 5,419.1
Net cash provided by operating activities
$ 208.7
$ 142.4
$ 147.1
$ 98.9
$ 597.1
$ 233.8
$ 87.6
$ 94.9
$ 115.1
$ 531.4
$ 155.6
Capital expenditures
6.4
12.6
13.2
9.8
42.0
6.8
14.3
6.4
6.1
33.6
6.6
Free cash flow
202.3
129.8
133.9
89.1
555.1
227.0
73.3
88.5
109.0
497.8
149.0
Days sales outstanding (a)
58
61
61
69
60
60
55
72
57
Current ratio
1.5
1.1
1.3
1.0
1.0
1.0
1.2
1.3
0.8
Debt to equity ratio
0.5
0.7
0.7
0.7
0.7
0.3
0.3
0.2
0.3
Leverage ratio (b)
1.1
3.2
2.9
2.8
2.7
0.9
0.8
0.7
1.1
Headcount
11,799 13,258 12,962 12,735
12,462 12,045 12,070 12,132
11,417
(a)
(b)
Days sales outstanding is calculated based on ending accounts receivable, net, divided by revenue, times the number of days in the quarter.
Leverage ratio refers to net debt (i.e. total debt minus cash and short-term investments) divided by adjusted EBITDA on a trailing twelve month basis. Adjusted EBITDA refers to non-GAAP operating income plus depreciation and cloud computing amortization plus income from equity method investments.
To help our readers understand our past financial performance and our future results, we supplement the financial results that we provide in accordance with generally accepted accounting principles, or GAAP, with non-GAAP financial measures. The non-GAAP financial measure included in the table above is leverage ratio, as it includes adjusted EBITDA in its calculation. The method we use to produce non-GAAP results is not computed according to GAAP and may differ from the methods used by other companies. We have provided this ratio as many investors find it to be a valuable metric to measure a company's ability to service indebtedness. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. Our management regularly uses our supplemental non-GAAP financial measures internally to understand, manage, and evaluate our business and make operating decisions. These non-GAAP measures are among the primary factors management uses in planning for and forecasting future periods. We believe that this non-GAAP financial measure reflects an additional way of viewing aspects of our operations that provides a supplemental understanding of factors and trends affecting our liquidity.
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Trimble Inc. published this content on May 07, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 07, 2025 at 13:12 UTC.