REPORTING SEGMENTS

GAAP TO NON-GAAP RECONCILIATION

(In millions)

(Unaudited)

Reporting Segments

Geospatial

Resources and
Utilities

Transportation

FIRST QUARTER OF 2022:

     Segment revenue

$            397.6

$            207.5

$            229.9

$            158.7

     Segment operating income

$            120.7

$              57.9

$              75.1

$                9.2

     Segment operating income as a percent of segment revenue

30.4 %

27.9 %

32.7 %

5.8 %

FIRST QUARTER OF 2021:

     Segment revenue

$            343.1

$            181.7

$            205.2

$            156.7

     Segment operating income

$              96.4

$              48.7

$              80.1

$                8.4

     Segment operating income as a percent of segment revenue

28.1 %

26.8 %

39.0 %

5.4 %

GAAP TO NON-GAAP RECONCILIATION

(Dollars in millions, except per share data)

(Unaudited)

First Quarter of

2022

2021

Dollar Amount

% of Revenue

Dollar Amount

% of Revenue

REVENUE:

GAAP revenue:

$                  993.7

$                  886.5

Purchase accounting adjustments

(A)

—

0.2

Non-GAAP revenue:

$                  993.7

$                  886.7

GROSS MARGIN:

GAAP gross margin:

$                  549.6

55.3 %

$                  493.3

55.6 %

Purchase accounting adjustments

(A)

22.5

22.3

Stock-based compensation / deferred compensation

(C)

2.2

2.0

Restructuring and other costs

(D)

1.1

—

Non-GAAP gross margin:

$                  575.4

57.9 %

$                  517.6

58.4 %

OPERATING EXPENSES:

GAAP operating expenses:

$                  392.7

39.5 %

$                  352.4

39.8 %

Purchase accounting adjustments

(A)

(12.1)

(12.5)

Acquisition / divestiture items

(B)

(3.9)

(3.5)

Stock-based compensation / deferred compensation

(C)

(22.8)

(26.7)

Restructuring and other costs

(D)

(11.6)

(1.3)

Non-GAAP operating expenses:

$                  342.3

34.4 %

$                  308.4

34.8 %

OPERATING INCOME:

GAAP operating income:

$                  156.9

15.8 %

$                  140.9

15.9 %

Purchase accounting adjustments

(A)

34.6

34.8

Acquisition / divestiture items

(B)

3.9

3.5

Stock-based compensation / deferred compensation

(C)

25.0

28.7

Restructuring and other costs

(D)

12.7

1.3

Non-GAAP operating income:

$                  233.1

23.5 %

$                  209.2

23.6 %

NON-OPERATING EXPENSE, NET:

GAAP non-operating expense, net:

$                   (18.4)

$                     (3.5)

Acquisition / divestiture items

(B)

8.9

(2.1)

Deferred compensation

(C)

3.3

(1.5)

Restructuring and other costs

(D)

0.1

—

Non-GAAP non-operating expense, net:

$                     (6.1)

$                     (7.1)

GAAP and Non-GAAP Tax Rate %

GAAP and Non-GAAP Tax Rate %

(G)

(G)

INCOME TAX PROVISION:

GAAP income tax provision:

$                    28.2

20.4 %

$                    22.8

16.6 %

Non-GAAP items tax effected

(E)

18.1

10.7

Difference in GAAP and Non-GAAP tax rate

(F)

(4.1)

1.5

Non-GAAP income tax provision:

$                    42.2

18.6 %

$                    35.0

17.3 %

NET INCOME:

GAAP net income attributable to Trimble Inc.:

$                  110.3

$                  114.5

Purchase accounting adjustments

(A)

34.6

34.8

Acquisition / divestiture items

(B)

12.8

1.4

Stock-based compensation / deferred compensation

(C)

28.3

27.2

Restructuring and other costs

(D)

12.8

1.3

Non-GAAP tax adjustments

(E) - (F)

(14.0)

(12.2)

Non-GAAP net income attributable to Trimble Inc.:

$                  184.8

$                  167.0

DILUTED NET INCOME PER SHARE:

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

$                    0.44

$                    0.45

Purchase accounting adjustments

(A)

0.14

0.14

Acquisition / divestiture items

(B)

0.05

—

Stock-based compensation / deferred compensation

(C)

0.11

0.11

Restructuring and other costs

(D)

0.05

0.01

Non-GAAP tax adjustments

(E) - (F)

(0.06)

(0.05)

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

$                    0.73

$                    0.66

ADJUSTED EBITDA:

GAAP net income attributable to Trimble Inc.:

$                  110.3

$                  114.5

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

46.6

26.4

GAAP operating income:

156.9

140.9

Purchase accounting adjustments

(A)

34.6

34.8

Acquisition / divestiture items

(B)

3.9

3.5

Stock-based compensation / deferred compensation

(C)

25.0

28.7

Restructuring and other costs

(D)

12.7

1.3

Non-GAAP operating income:

233.1

209.2

Depreciation expense

10.5

10.3

Income from equity method investments, net

9.7

11.8

Adjusted EBITDA:

$                  253.3

25.5 %

$                  231.3

26.1 %