TRMB - Trimble Inc. (TRMB) Q1 2024 Earnings Call Transcript
2024-05-03 12:45:29 ET
Trimble Inc. (TRMB)
Q1 2024 Earnings Conference Call
May 03, 2024 08:00 AM ET
Company Participants
Rob Painter - Chief Executive Officer
David Barnes - Chief Financial Officer
Phil Sawarynski - Incoming Chief Financial Officer
Conference Call Participants
Chad Dillard - Bernstein
Jason Celino - KeyBanc
Jonathan Hull - William Blair
Jerry Revich - Goldman Sachs
Kristen Owen - Oppenheimer
Justin Pellegrino - Melius Research
Rob Mason - Baird
Joshua Tilton - Wolfe Research
Tami Zakaria - JPMorgan
Presentation
Operator
Thank you for standing by. My name is Krista, and I will be your conference operator today. At this time, I would like to welcome everyone to the Trimble First Quarter 2024 results conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. [Operator Instructions] Thank you.
I would now like to turn the conference over to Rob Painter, President and Chief Executive Officer. Rob, you may begin your conference.
Rob Painter
Welcome, everyone. Before I get started, our presentation is available on our website, and we ask that you refer to the safe harbor at the back. Our financial commentary will reflect non-GAAP performance metrics, including organic growth comparisons, which refer to the corresponding period of last year unless otherwise noted. In addition, our P&L commentary will primarily emphasize our as-adjusted numbers, which exclude our agriculture business, better reflecting Trimble on a go forward basis.
Starting on slide four, during the first quarter, we continued to advance our connect and scale strategy, which involves digitally connecting workflows within targeted industry segments and creating scale across Trimble through shared technology platforms.
Our strategy delivers outcomes in the form of unique value to our customers and sustainable value creation to our shareholders. We want to convey three key messages today, starting with the solid performance in the quarter, where all three segments performed ahead of expectations as detailed on slides five and six.
$2.3 billion of ARR grew 13% organically, as-adjusted revenue grew 8% organically, as-adjusted gross margins were a record 67.5%, as-adjusted EBITDA margin expanded 290 basis points to 27.9% and free cash flow was strong at $227 million.
We are confirming our previous total year guidance despite unfavorable currency moves and we will provide an update in our next call as we build confidence in the months ahead....
Trimble Inc. (TRMB) Q1 2024 Earnings Call Transcript