Trimble said annualized recurring revenue (ARR) at the end of Q1 2024 was $2,028.6 million, representing 23% growth year-over-year, and organic ARR growth excluding the impact of foreign currency, acquisitions, and divestitures was 13%.

10-QQuarterly reportFiled Jan 16, 2025Period of report Mar 29, 2024Summary published (UTC) Oct 10, 2026

Key points

AI summary

Trimble said annualized recurring revenue (ARR) at the end of Q1 2024 was $2,028.6 million, representing 23% growth year-over-year, and organic ARR growth excluding the impact of foreign currency, acquisitions, and divestitures was 13%.
The company said it formed a joint venture, PTx Trimble, with AGCO and contributed its Ag business, excluding certain GNSS and guidance technologies, in exchange for $1.9 billion in cash proceeds, subject to working capital adjustments. Following the closing of the transaction in Q2 2024, Trimble owns 15% of PTx Trimble and recognized a pre-tax gain of $1.7 billion.
Trimble cited increased operating expense as the primary reason for the decrease in operating income and operating income as a percentage of revenue in Q1 2024, partially offset by revenue and gross margin expansion. The company cited operating expense from the Transporeon acquisition, increased amortization of purchased intangibles, and costs associated with the Ag divestiture.
Trimble said its outstanding balance of variable-rate debt at the end of Q1 2024 was $1.2 billion, of which $1.0 billion in term loans were repaid in Q2, and it expects to use the majority of the remaining proceeds after tax to repurchase stock.

Key figures

Quarter ended March 29, 2024

Revenue: $953M
Operating income: $109M
Net income: $57M
EPS: $0.23
Gross profit: $594M
Operating cash flow: $234M

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed the Management's Discussion and Analysis (MD&A) section. Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

ARR $2,028.6 million, Annual 23% Growth

Trimble said annualized recurring revenue (ARR) at the end of Q1 2024 was $2,028.6 million, representing 23% growth year-over-year, and organic ARR growth excluding the impact of foreign currency, acquisitions, and divestitures was 13%.

Source · Based on the MD&A text of the filing

PTx Trimble Joint Venture and $1.9 billion in Cash Proceeds

The company said it formed a joint venture, PTx Trimble, with AGCO and contributed its Ag business, excluding certain GNSS and guidance technologies, in exchange for $1.9 billion in cash proceeds, subject to working capital adjustments. Following the closing of the transaction in Q2 2024, Trimble owns 15% of PTx Trimble and recognized a pre-tax gain of $1.7 billion.

Source · Based on the MD&A text of the filing

Company Explanation for Q1 Operating Income and Operating Income Margin Decline

Trimble cited increased operating expense as the primary reason for the decrease in operating income and operating income as a percentage of revenue in Q1 2024, partially offset by revenue and gross margin expansion. The company cited operating expense from the Transporeon acquisition, increased amortization of purchased intangibles, and costs associated with the Ag divestiture.

Source · Based on the MD&A text of the filing

Variable-Rate Debt Repayment and Stock Repurchase Plan

Trimble said its outstanding balance of variable-rate debt at the end of Q1 2024 was $1.2 billion, of which $1.0 billion in term loans were repaid in Q2, and it expects to use the majority of the remaining proceeds after tax to repurchase stock.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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