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

Third Quarter of

First Three 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:

$    884.9

$    901.4

$ 2,819.8

$ 2,733.1

Purchase accounting adjustments

(A)

—

—

—

0.3

Non-GAAP revenue:

$    884.9

$    901.4

$ 2,819.8

$ 2,733.4

GROSS MARGIN:

GAAP gross margin:

$    515.4

58.2 %

$    504.5

56.0 %

$ 1,602.5

56.8 %

$ 1,523.2

55.7 %

Purchase accounting adjustments

(A)

19.9

22.0

63.4

66.4

Stock-based compensation / deferred
compensation

(C)

3.4

2.7

8.7

7.3

Restructuring and other costs

(D)

(0.1)

—

1.0

0.2

Non-GAAP gross margin:

$   538.6

60.9 %

$    529.2

58.7 %

$ 1,675.6

59.4 %

$ 1,597.1

58.4 %

OPERATING EXPENSES:

GAAP operating expenses:

$    393.0

44.4 %

$    357.0

39.6 %

$ 1,188.3

42.1 %

$ 1,090.0

39.9 %

Purchase accounting adjustments

(A)

(11.1)

(11.2)

(34.5)

(35.6)

Acquisition / divestiture items

(B)

(9.1)

(0.2)

(20.3)

(10.3)

Stock-based compensation / deferred
compensation

(C)

(28.3)

(29.4)

(74.2)

(91.8)

Restructuring and other costs

(D)

(15.8)

(1.7)

(37.4)

(7.7)

Non-GAAP operating expenses:

$   328.7

37.1 %

$   314.5

34.9 %

$ 1,021.9

36.2 %

$   944.6

34.6 %

OPERATING INCOME:

GAAP operating income:

$    122.4

13.8 %

$    147.5

16.4 %

$    414.2

14.7 %

$   433.2

15.9 %

Purchase accounting adjustments

(A)

31.0

33.2

97.9

102.0

Acquisition / divestiture items

(B)

9.1

0.2

20.3

10.3

Stock-based compensation / deferred
compensation

(C)

31.7

32.1

82.9

99.1

Restructuring and other costs

(D)

15.7

1.7

38.4

7.9

Non-GAAP operating income:

$    209.9

23.7 %

$    214.7

23.8 %

$    653.7

23.2 %

$   652.5

23.9 %

NON-OPERATING INCOME (EXPENSE), NET:

GAAP non-operating income, net:

$      (4.5)

$       9.2

$     63.8

$     23.3

Acquisition / divestiture items

(B)

(5.6)

(19.0)

(103.0)

(41.8)

Deferred compensation

(C)

0.2

0.2

10.5

(4.0)

Restructuring and other costs

(D)

—

—

0.1

—

Non-GAAP non-operating expense, net:

$      (9.9)

$      (9.6)

$    (28.6)

$    (22.5)

GAAP
and Non-
GAAP
Tax Rate
%

GAAP
and Non-
GAAP
Tax Rate
%

GAAP
and Non-
GAAP
Tax Rate
%

GAAP
and Non-
GAAP
Tax Rate
%

(G)

(G)

(G)

(G)

INCOME TAX PROVISION:

GAAP income tax provision:

$     32.1

27.2 %

$     32.7

20.9 %

$    113.9

23.8 %

$     79.0

17.3 %

Non-GAAP items tax effected

(E)

22.3

10.1

34.7

29.6

Difference in GAAP and Non-GAAP tax rate

(F)

(18.4)

(6.3)

(33.9)

1.9

Non-GAAP income tax provision:

$     36.0

18.0 %

$     36.5

17.8 %

$   114.7

18.3 %

$   110.5

17.5 %

NET INCOME:

GAAP net income attributable to Trimble Inc.:

$     85.8

$    124.0

$    364.1

$   377.4

Purchase accounting adjustments

(A)

31.0

33.2

97.9

102.0

Acquisition / divestiture items

(B)

3.5

(18.8)

(82.7)

(31.5)

Stock-based compensation / deferred
compensation

(C)

31.9

32.3

93.4

95.1

Restructuring and other costs

(D)

15.7

1.7

38.5

7.9

Non-GAAP tax adjustments

(E) - (F)

(3.9)

(3.8)

(0.8)

(31.5)

Non-GAAP net income attributable to Trimble
Inc.:

$    164.0

$    168.6

$    510.4

$   519.4

DILUTED NET INCOME PER SHARE:

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

$     0.34

$     0.49

$     1.45

$     1.48

Purchase accounting adjustments

(A)

0.13

0.13

0.39

0.40

Acquisition / divestiture items

(B)

0.01

(0.07)

(0.33)

(0.12)

Stock-based compensation / deferred
compensation

(C)

0.13

0.12

0.38

0.37

Restructuring and other costs

(D)

0.06

0.01

0.15

0.03

Non-GAAP tax adjustments

(E) - (F)

(0.01)

(0.02)

—

(0.12)

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

$     0.66

$     0.66

$     2.04

$     2.04

ADJUSTED EBITDA:

GAAP net income attributable to Trimble Inc.:

$     85.8

$   124.0

$    364.1

$   377.4

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

36.6

23.5

50.1

55.8

GAAP operating income:

122.4

147.5

414.2

433.2

Purchase accounting adjustments

(A)

31.0

33.2

97.9

102.0

Acquisition / divestiture items

(B)

9.1

0.2

20.3

10.3

Stock-based compensation / deferred
compensation

(C)

31.7

32.1

82.9

99.1

Restructuring and other costs

(D)

15.7

1.7

38.4

7.9

Non-GAAP operating income:

209.9

214.7

653.7

652.5

Depreciation expense and cloud computing
amortization

11.4

10.2

32.9

31.2

Income from equity method investments, net

6.8

8.5

22.3

30.3

Adjusted EBITDA:

$    228.1

25.8 %

$    233.4

25.9 %

$    708.9

25.1 %

$   714.0

26.1 %

Year 2022

Low End

High End

FORECASTED DILUTED NET INCOME PER SHARE:

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

$     1.76

$  1.81

Purchase accounting adjustments

(A)

0.52

0.52

Acquisition / divestiture items

(B)

(0.32)

(0.32)

Stock-based compensation / deferred
compensation

(C)

0.50

0.50

Restructuring and other costs

(D)

0.19

0.19

Non-GAAP tax adjustments

(E) - (F)

(0.04)

(0.03)

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

2.61

2.67