WESTMINSTER, Colo., Feb. 6, 2025 /PRNewswire/ -- Trimble (Nasdaq: TRMB) will hold a conference call on Wednesday, February 19, 2025 at 8 a.m. ET to review its fourth quarter and full year 2024 results. 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.About TrimbleTri ...

No changes have been made to previously reported financial statements Remediation to internal controls well underway WESTMINSTER, Colo., Jan. 16, 2025 /PRNewswire/ -- Trimble (Nasdaq: TRMB) has announced that Ernst & Young LLP (EY), Trimble's independent auditor, has completed its audit procedures relating to Trimble's 2023 financial statements. These additional audit procedures identified no changes to Trimble's previously reported financial results. The company has now filed its amended Annual Report on ...

Financial Performance - Total revenue for the first quarter of 2024 was $953.3 million, an increase of 4.3% compared to $915.4 million in the first quarter of 2023[14]. - Product revenue decreased to $367.1 million, down 15.4% from $434.4 million year-over-year, while subscription and services revenue increased to $586.2 million, up 21.9% from $481.0 million[14]. - Gross margin improved to $593.6 million, compared to $560.8 million in the same quarter last year[14]. - Operating income for the first quarter of 2024 was $109.2 million, a decrease of 20.3% from $137.0 million in the first quarter of 2023[14]. - Net income fell to $57.2 million, down 55.7% from $128.8 million year-over-year, resulting in earnings per share of $0.23[14]. - Cash flow from operating activities increased to $233.8 million in Q1 2024, compared to $208.7 million in Q1 2023[20]. - Basic and diluted earnings per share for Q1 2024 were both $0.23, down from $0.52 in Q1 2023, with net income decreasing to $57.2 million from $128.8 million[64]. Assets and Liabilities - Cash and cash equivalents increased to $255.1 million from $229.8 million at the end of 2023[12]. - Total assets decreased to $9,321.2 million from $9,539.3 million at the end of 2023[12]. - Total liabilities decreased to $4,972.1 million from $5,039.2 million at the end of 2023[12]. - The company’s cash and cash equivalents at the end of Q1 2024 were $261.6 million, down from $1,038.1 million at the end of Q1 2023[20]. - Total debt as of Q1 2024 was $3,030.3 million, slightly down from $3,066.6 million at year-end 2023[50]. - The company’s total liabilities held for sale decreased to $40.6 million in Q1 2024 from $48.3 million at year-end 2023, a decline of about 16.5%[42]. Investments and Acquisitions - The total purchase consideration for the acquisition of Transporeon GmbH was €1.9 billion ($2.1 billion), including the repayment of $339.6 million in outstanding debt[36]. - The company recorded $1,390.1 million of goodwill and $939.8 million of identifiable intangible assets from the Transporeon acquisition[36]. - The company completed the Ag divestiture on April 1, 2024, receiving $1.9 billion in cash proceeds, and recorded a pre-tax gain of $1.7 billion from this transaction[69][81]. - The company repaid $1.0 billion of its variable-rate debt using proceeds from the Ag divestiture, with an outstanding balance of $1.2 billion in variable-rate debt at the end of Q1 2024[71][85]. Revenue Segments - The AECO segment reported revenue of $339.1 million in Q1 2024, a 17.7% increase from $288.1 million in Q1 2023[49]. - The company’s North America segment generated $494.8 million in revenue for Q1 2024, compared to $481.8 million in Q1 2023, marking an increase of approximately 2.1%[49]. - T&L segment revenue grew by 32% to $195.0 million, driven by MAPS and Enterprise subscription revenue growth[107]. - Segment revenue for the first quarter of 2024 reached $953.3 million, up from $915.4 million in the first quarter of 2023, representing a growth of approximately 4.1%[47]. Recurring Revenue - The company is focused on increasing its mix of recurring revenue, which represented 73% of total revenue in Q1 2024, up from 66% in Q1 2023[76]. - Annualized recurring revenue (ARR) of $2,028.6 million, representing a year-over-year growth of 23% at the end of Q1 2024, with organic growth of 13% excluding foreign currency impacts, acquisitions, and divestitures[76]. - The ending balance of deferred revenue increased to $818.6 million in Q1 2024 from $760.8 million in Q1 2023, with billings net of revenue recognized at $356.4 million for Q1 2024[60]. Research and Development - The company plans to continue investing in research and development to introduce new products and enhance recurring revenue streams[5]. - Research and development expenses rose by 7% to $170.2 million, representing 17.9% of total revenue[94]. Tax and Interest - The effective income tax rate increased to 21.6% in Q1 2024 from 19.8% in Q1 2023, primarily due to a decreased tax benefit from foreign-derived intangible income[65]. - A hypothetical 50 basis point increase in interest rates on variable-rate debt would result in an increase of approximately $6.3 million in annual interest expense[136]. Operational Challenges - Macroeconomic conditions, including geopolitical tensions and inflationary pressures, are expected to continue impacting the company's results of operations[84]. - Material weaknesses in internal controls related to the business combination with Transporeon and IT general controls were identified, and remediation actions are currently being taken[142]. - The company is implementing a customer relationship management tool as a strategic initiative to replace legacy systems, which could materially affect internal control over financial reporting[145].

High-level accuracy designed to enhance safety and improve performance for ADAS and C-V2X applicationsWESTMINSTER, Colo., Jan. 6, 2025 /PRNewswire/ -- TrimbleⓇ (Nasdaq: TRMB) announced today it has extended its technology collaboration with Qualcomm Technologies, Inc. to deliver precise positioning solutions for automated vehicles ranging from automobiles to heavy trucking. Trimble's precise positioning engine, Trimble ProPointⓇ Go™, will be integrated with the SnapdragonⓇ Auto 5G Modem-RF Gen 2, a key plat ...

Boston, MA, Dec. 17, 2024 (GLOBE NEWSWIRE) -- MiniLuxe Holding Corp. (TSXV:MNLX) ("MiniLuxe" or the "Company") is pleased to announce its inaugural franchisee operator partner, Ms. Quynh Pham, a Boston-based serial retail entrepreneur and business leader. Ms. Pham will also be investing in the company's upcoming private placement and play a role in advising the Company on the recruitment, development and retention of nail designer talent. Ms. Pham immediately begins her franchising journey with a MiniLuxe l ...

Integrated approach means less hassle and more support for complete slope stability monitoring solutionsWESTMINSTER, Colo. and BRISBANE, Australia, Dec. 16, 2024 /PRNewswire/ -- Trimble® (Nasdaq: TRMB) and GroundProbe, part of Orica Digital Solutions (ASX: ORI) specializing in real-time solutions for measuring and monitoring geohazards, have announced a new collaboration. Instead of working through various suppliers to gain guidance on technology solutions, this joint effort will enable geotechnical mine mo ...

Digitization, cost control and market expansion are among the top priorities for European and North American transportation industryWESTMINSTER, Colo., Dec. 12, 2024 /PRNewswire/ -- Trimble® (Nasdaq: TRMB) has announced the release of the annual Transportation Pulse Report by Transporeon, a Trimble Company, which unveils key developments that will shape the transportation and logistics sector in 2025. Members of Indago's supply chain research community and more than 100 European and North American supply ch ...

Competition fosters innovation in AI and technology development to solve common pain points and drive the architecture, engineering and construction (AEC) industry forward WESTMINSTER, Colo., Dec. 11, 2024 /PRNewswire/ -- Trimble® (Nasdaq: TRMB) announced the winners of the SketchUp® 0-60 Challenge, an initiative created by Trimble SketchUp and Trimble Ventures to foster innovation and discover the next big idea that will transform how architects, designers and project managers work. The 0-60 Challenge invi ...

After years of business transformations, Trimble (NASDAQ: TRMB ) has sharpened its focus on the integration of sensors, software, hardware, and data analytics into connected software applications and cloud platforms. I believe Trimble’s ongoing shift toward a software-driven model and its double-digit annualized revenue growthMore than 15 years of professional investment experience in global equities across all sectors. My investment style is fundamental, bottom-up, long-term, and quality growth-oriented. I ...

Performance Food Group migrates 100 percent of its fleet management business to Trimble Instinct, doubling Trimble-serviced trucks WESTMINSTER, Colo., Nov. 21, 2024 /PRNewswire/ -- Trimble® (Nasdaq: TRMB) announced today that Performance Food Group Company (PFG) (NYSE:PFGC), one of North America's largest food and foodservice distribution companies, has selected Trimble, as its premier fleet management provider — servicing 100 percent of PFG's fleet business and doubling the number of trucks managed with Tr ...