GAAP TO NON-GAAP RECONCILIATION

(Dollars in millions, except per share data)

(Unaudited)

Second Quarter of

First Two Quarters of

2021

2020

2021

2020

Dollar
Amount

% of
Revenue

Dollar
Amount

% of
Revenue

Dollar
Amount

% of
Revenue

Dollar
Amount

% of
Revenue

REVENUE:

GAAP revenue:

$

945.2

$

733.6

$

1,831.7

$

1,525.9

Acquired deferred revenue adjustment

(A)

0.1

1.6

0.3

3.3

Non-GAAP revenue:

$

945.3

$

735.2

$

1,832.0

$

1,529.2

GROSS MARGIN:

GAAP gross margin:

$

525.4

55.6

%

$

405.7

55.3

%

$

1,018.7

55.6

%

$

846.7

55.5

%

Acquired deferred revenue adjustment

(A)

0.1

1.6

0.3

3.3

Amortization of purchased intangible assets

(C)

22.0

23.2

44.1

46.7

Acquisition / divestiture items

(D)

—

—

—

1.7

Stock-based compensation / deferred compensation

(E)

2.6

2.0

4.6

2.7

Restructuring and other costs

(F)

0.2

0.4

0.2

0.7

Non-GAAP gross margin:

$

550.3

58.2

%

$

432.9

58.9

%

$

1,067.9

58.3

%

$

901.8

59.0

%

OPERATING EXPENSES:

GAAP operating expenses:

$

380.6

40.3

%

$

308.1

42.0

%

$

733.0

40.0

%

$

650.8

42.7

%

Amortization of acquired capitalized commissions

(B)

1.1

1.4

2.3

2.9

Amortization of purchased intangible assets

(C)

(13.0)

(16.6)

(26.7)

(33.5)

Acquisition / divestiture items

(D)

(6.6)

(1.9)

(10.1)

(11.0)

Stock-based compensation / deferred compensation

(E)

(35.7)

(23.4)

(62.4)

(27.2)

Restructuring and other costs

(F)

(4.7)

(4.6)

(6.0)

(11.3)

Non-GAAP operating expenses:

$

321.7

34.0

%

$

263.0

35.8

%

$

630.1

34.4

%

$

570.7

37.3

%

OPERATING INCOME:

GAAP operating income:

$

144.8

15.3

%

$

97.6

13.3

%

$

285.7

15.6

%

$

195.9

12.8

%

Acquired deferred revenue adjustment

(A)

0.1

1.6

0.3

3.3

Amortization of acquired capitalized commissions

(B)

(1.1)

(1.4)

(2.3)

(2.9)

Amortization of purchased intangible assets

(C)

35.0

39.8

70.8

80.2

Acquisition / divestiture items

(D)

6.6

1.9

10.1

12.7

Stock-based compensation / deferred compensation

(E)

38.3

25.4

67.0

29.9

Restructuring and other costs

(F)

4.9

5.0

6.2

12.0

Non-GAAP operating income:

$

228.6

24.2

%

$

169.9

23.1

%

$

437.8

23.9

%

$

331.1

21.7

%

NON-OPERATING INCOME (EXPENSE), NET:

GAAP non-operating income (expense), net:

$

17.6

$

(6.7)

$

14.1

$

(25.6)

Acquisition / divestiture items

(D)

(20.7)

2.4

(22.8)

2.4

Deferred compensation

(E)

(2.7)

(6.8)

(4.2)

(0.6)

Non-GAAP non-operating expense, net:

$

(5.8)

$

(11.1)

$

(12.9)

$

(23.8)

GAAP
and Non-
GAAP
Tax Rate
%

GAAP
and Non-
GAAP
Tax Rate
%

GAAP
and Non-
GAAP
Tax Rate
%

GAAP
and Non-
GAAP
Tax Rate
%

(I)

(I)

(I)

(I)

INCOME TAX PROVISION:

GAAP income tax provision:

$

23.5

14.5

%

$

27.7

30.5

%

$

46.3

15.4

%

$

45.2

26.5

%

Non-GAAP items tax effected

(G)

8.8

20.7

19.5

35.9

Difference in GAAP and Non-GAAP tax rate

(H)

6.7

(21.3)

8.2

(28.0)

Non-GAAP income tax provision:

$

39.0

17.5

%

$

27.1

17.1

%

$

74.0

17.4

%

$

53.1

17.3

%

NET INCOME:

GAAP net income attributable to Trimble Inc.:

$

138.9

$

63.0

$

253.4

$

124.9

Acquired deferred revenue adjustment

(A)

0.1

1.6

0.3

3.3

Amortization of acquired capitalized commissions

(B)

(1.1)

(1.4)

(2.3)

(2.9)

Amortization of purchased intangible assets

(C)

35.0

39.8

70.8

80.2

Acquisition / divestiture items

(D)

(14.1)

4.3

(12.7)

15.1

Stock-based compensation / deferred compensation

(E)

35.6

18.6

62.8

29.3

Restructuring and other costs

(F)

4.9

5.0

6.2

12.0

Non-GAAP tax adjustments

(G) -
(H)

(15.5)

0.6

(27.7)

(7.9)

Non-GAAP net income attributable to Trimble Inc.:

$

183.8

$

131.5

$

350.8

$

254.0

DILUTED NET INCOME PER SHARE:

GAAP diluted net income per share attributable to Trimble Inc.:

$

0.55

$

0.25

$

1.00

$

0.50

Acquired deferred revenue adjustment

(A)

—

0.01

—

0.01

Amortization of acquired capitalized commissions

(B)

—

(0.01)

(0.01)

(0.01)

Amortization of purchased intangible assets

(C)

0.13

0.16

0.28

0.32

Acquisition / divestiture items

(D)

(0.06)

0.02

(0.05)

0.06

Stock-based compensation / deferred compensation

(E)

0.14

0.07

0.25

0.12

Restructuring and other costs

(F)

0.02

0.02

0.02

0.04

Non-GAAP tax adjustments

(G) -
(H)

(0.06)

—

(0.11)

(0.03)

Non-GAAP diluted net income per share attributable to Trimble Inc.:

$

0.72

$

0.52

$

1.38

$

1.01

ADJUSTED EBITDA:

GAAP net income attributable to Trimble Inc.:

$

138.9

$

63.0

$

253.4

$

124.9

Non-operating income (expense), net, income tax provision,
and net gain attributable to noncontrolling interests

5.9

34.6

32.3

71.0

GAAP operating income:

144.8

97.6

285.7

195.9

Acquired deferred revenue adjustment

(A)

0.1

1.6

0.3

3.3

Amortization of acquired capitalized commissions

(B)

(1.1)

(1.4)

(2.3)

(2.9)

Amortization of purchased intangible assets

(C)

35.0

39.8

70.8

80.2

Acquisition / divestiture items

(D)

6.6

1.9

10.1

12.7

Stock-based compensation / deferred compensation

(E)

38.3

25.4

67.0

29.9

Restructuring and other costs

(F)

4.9

5.0

6.2

12.0

Non-GAAP operating income:

228.6

169.9

437.8

331.1

Depreciation expense

10.7

9.7

21.0

19.5

Income from equity method investments, net

10.0

9.7

21.8

19.1

Adjusted EBITDA:

$

249.3

26.4

%

$

189.3

25.7

%

$

480.6

26.2

%

$

369.7

24.2

%

Fiscal Year 2021

Low End

High End

FORECASTED DILUTED NET INCOME PER SHARE:

Forecasted GAAP diluted net income per share attributable to Trimble Inc.:

$

1.53

$

1.71

Acquired deferred revenue adjustment

(A)

—

—

Amortization of acquired capitalized commissions

(B)

(0.02)

(0.02)

Amortization of purchased intangible assets

(C)

0.55

0.55

Acquisition / divestiture items

(D)

0.07

0.07

Stock-based compensation / deferred compensation

(E)

0.50

0.50

Restructuring and other costs

(F)

0.03

0.03

Non-GAAP tax adjustments

(G) -
(H)

(0.21)

(0.19)

Forecasted non-GAAP diluted net income per share attributable to Trimble Inc.:

$

2.45

$

2.65