GAAP TO NON-GAAP RECONCILIATION
(Dollars in millions, except per share data)
(Unaudited)

Second Quarter of

First Two Quarters of

2022

2021

2022

2021

Dollar
Amount

% of
Revenue

Dollar
Amount

% of
Revenue

Dollar
Amount

% of
Revenue

Dollar
Amount

% of
Revenue

REVENUE:

GAAP revenue:

$    941.2

$    945.2

$ 1,934.9

$ 1,831.7

Purchase accounting adjustments

(A)

—

0.1

—

0.3

Non-GAAP revenue:

$    941.2

$    945.3

$ 1,934.9

$ 1,832.0

GROSS MARGIN:

GAAP gross margin:

$    537.5

57.1 %

$    525.4

55.6 %

$ 1,087.1

56.2 %

$ 1,018.7

55.6 %

Purchase accounting adjustments

(A)

21.0

22.1

43.5

44.4

Stock-based compensation / deferred
compensation

(C)

3.1

2.6

5.3

4.6

Restructuring and other costs

(D)

—

0.2

1.1

0.2

Non-GAAP gross margin:

$    561.6

59.7 %

$    550.3

58.2 %

$ 1,137.0

58.8 %

$ 1,067.9

58.3 %

OPERATING EXPENSES:

GAAP operating expenses:

$    402.6

42.8 %

$    380.6

40.3 %

$    795.3

41.1 %

$   733.0

40.0 %

Purchase accounting adjustments

(A)

(11.3)

(11.9)

(23.4)

(24.4)

Acquisition / divestiture items

(B)

(7.3)

(6.6)

(11.2)

(10.1)

Stock-based compensation / deferred
compensation

(C)

(23.1)

(35.7)

(45.9)

(62.4)

Restructuring and other costs

(D)

(10.0)

(4.7)

(21.6)

(6.0)

Non-GAAP operating expenses:

$    350.9

37.3 %

$    321.7

34.0 %

$    693.2

35.8 %

$   630.1

34.4 %

OPERATING INCOME:

GAAP operating income:

$    134.9

14.3 %

$    144.8

15.3 %

$    291.8

15.1 %

$   285.7

15.6 %

Purchase accounting adjustments

(A)

32.3

34.0

66.9

68.8

Acquisition / divestiture items

(B)

7.3

6.6

11.2

10.1

Stock-based compensation / deferred
compensation

(C)

26.2

38.3

51.2

67.0

Restructuring and other costs

(D)

10.0

4.9

22.7

6.2

Non-GAAP operating income:

$    210.7

22.4 %

$    228.6

24.2 %

$    443.8

22.9 %

$   437.8

23.9 %

NON-OPERATING INCOME (EXPENSE), NET:

GAAP non-operating income, net:

$     86.7

$     17.6

$     68.3

$     14.1

Acquisition / divestiture items

(B)

(106.3)

(20.7)

(97.4)

(22.8)

Deferred compensation

(C)

7.0

(2.7)

10.3

(4.2)

Restructuring and other costs

(D)

—

—

0.1

—

Non-GAAP non-operating expense, net:

$    (12.6)

$      (5.8)

$    (18.7)

$    (12.9)

GAAP
and Non-
GAAP
Tax Rate
%

GAAP
and Non-
GAAP
Tax Rate
%

GAAP
and Non-
GAAP T
ax Rate
%

GAAP
and
Non-
GAAP Tax Rate
%

(G)

(G)

(G)

(G)

INCOME TAX PROVISION:

GAAP income tax provision:

$     53.6

24.2 %

$     23.5

14.5 %

$     81.8

22.7 %

$     46.3

15.4 %

Non-GAAP items tax effected

(E)

(5.7)

8.8

12.4

19.5

Difference in GAAP and Non-GAAP tax rate

(F)

(11.4)

6.7

(15.5)

8.2

Non-GAAP income tax provision:

$     36.5

18.4 %

$     39.0

17.5 %

$     78.7

18.5 %

$     74.0

17.4 %

NET INCOME:

GAAP net income attributable to Trimble Inc.:

$    168.0

$    138.9

$    278.3

$   253.4

Purchase accounting adjustments

(A)

32.3

34.0

66.9

68.8

Acquisition / divestiture items

(B)

(99.0)

(14.1)

(86.2)

(12.7)

Stock-based compensation / deferred
compensation

(C)

33.2

35.6

61.5

62.8

Restructuring and other costs

(D)

10.0

4.9

22.8

6.2

Non-GAAP tax adjustments

(E) - (F)

17.1

(15.5)

3.1

(27.7)

Non-GAAP net income attributable to Trimble
Inc.:

$    161.6

$    183.8

$    346.4

$   350.8

DILUTED NET INCOME PER SHARE:

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

$     0.67

$     0.55

$     1.11

$     1.00

Purchase accounting adjustments

(A)

0.13

0.13

0.27

0.27

Acquisition / divestiture items

(B)

(0.39)

(0.06)

(0.34)

(0.05)

Stock-based compensation / deferred
compensation

(C)

0.13

0.14

0.24

0.25

Restructuring and other costs

(D)

0.04

0.02

0.09

0.02

Non-GAAP tax adjustments

(E) - (F)

0.06

(0.06)

0.01

(0.11)

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

$     0.64

$     0.72

$     1.38

$     1.38

ADJUSTED EBITDA:

GAAP net income attributable to Trimble Inc.:

$    168.0

$    138.9

$    278.3

$   253.4

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

(33.1)

5.9

13.5

32.3

GAAP operating income:

134.9

144.8

291.8

285.7

Purchase accounting adjustments

(A)

32.3

34.0

66.9

68.8

Acquisition / divestiture items

(B)

7.3

6.6

11.2

10.1

Stock-based compensation / deferred
compensation

(C)

26.2

38.3

51.2

67.0

Restructuring and other costs

(D)

10.0

4.9

22.7

6.2

Non-GAAP operating income:

210.7

228.6

443.8

437.8

Depreciation expense

11.0

10.7

21.5

21.0

Income from equity method investments, net

5.8

10.0

15.5

21.8

Adjusted EBITDA:

$    227.5

24.2 %

$    249.3

26.4 %

$    480.8

24.8 %

$   480.6

26.2 %

Year 2022

Low End

High End

FORECASTED DILUTED NET INCOME PER SHARE:

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

$     1.89

$  1.99

Purchase accounting adjustments

(A)

0.51

0.51

Acquisition / divestiture items

(B)

(0.32)

(0.32)

Stock-based compensation / deferred compensation

(C)

0.51

0.51

Restructuring and other costs

(D)

0.15

0.15

Non-GAAP tax adjustments

(E) - (F)

(0.04)

(0.04)

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

2.70

2.80