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Trimble Inc. (TRMB+1.08%) has submitted its Form 10-Q filing for the quarterly period ended June 28, 2024.
The filing includes financial statements for the quarter, showing total revenue of $870.8 million, a decrease from $993.6 million in the same quarter the previous year. The decline is attributed to a decrease in product revenue, partially offset by an increase in subscription and services revenue.
Operating income for the quarter was $61.6 million, down from $93.6 million in the previous year. The decrease is primarily due to the impact of the Ag divestiture and reduced organic revenue.
Net income for the quarter was $1,316.4 million, significantly higher than $44.6 million in the previous year, primarily due to a $1.7 billion gain from the Ag divestiture.
The company reported a gross margin of $545.9 million for the quarter, compared to $604.5 million in the previous year, with the decline attributed to the Ag divestiture.
Trimble's annualized recurring revenue (ARR) was reported at $2,113.0 million, representing a 12% increase year-over-year.
Cash provided by operating activities was $321.4 million, while cash provided by investing activities was $1,871.1 million, primarily due to proceeds from the Ag divestiture.
The company repaid $1.0 billion of variable-rate debt using proceeds from the Ag divestiture and expects to use the remaining proceeds to repurchase stock.
Trimble identified material weaknesses in its internal controls over financial reporting related to the accounting for the Transporeon acquisition and certain IT general controls.
Trimble continues to focus on its Connect and Scale strategy, emphasizing growth in subscription and services revenue and geographic expansion.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Trimble Inc. quarterly 10-Q report dated January 16, 2025. To report an error, please email earnings@qz.com.