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

Fourth Quarter of

Years

2022

2021

2022

2021

Dollar
Amount

% of
Revenue

Dollar
Amount

% of
Revenue

Dollar
Amount

% of
Revenue

Dollar
Amount

% of
Revenue

REVENUE:

GAAP revenue:

$    856.5

$    926.0

$ 3,676.3

$ 3,659.1

Purchase accounting adjustments

(A)

—

—

—

0.3

Non-GAAP revenue:

$    856.5

$    926.0

$ 3,676.3

$ 3,659.4

GROSS MARGIN:

GAAP gross margin:

$    503.1

58.7 %

$    511.5

55.2 %

$ 2,105.6

57.3 %

$ 2,034.7

55.6 %

Purchase accounting adjustments

(A)

21.6

21.6

85.0

88.0

Acquisition / divestiture items

(B)

0.2

—

0.2

—

Stock-based compensation /
deferred compensation

(C)

3.4

2.5

12.1

9.8

Restructuring and other costs

(D)

0.7

—

1.7

0.2

Non-GAAP gross margin:

$    529.0

61.8 %

$    535.6

57.8 %

$ 2,204.6

60.0 %

$ 2,132.7

58.3 %

OPERATING EXPENSES:

GAAP operating expenses:

$    406.4

47.4 %

$    383.7

41.4 %

$ 1,594.7

43.4 %

$ 1,473.7

40.3 %

Purchase accounting adjustments

(A)

(12.1)

(10.9)

(46.6)

(46.5)

Acquisition / divestiture items

(B)

(12.3)

(11.5)

(32.6)

(21.8)

Stock-based compensation /
deferred compensation

(C)

(25.7)

(27.0)

(99.9)

(118.8)

Restructuring and other costs

(D)

(15.1)

(3.2)

(52.5)

(10.9)

Non-GAAP operating expenses:

$    341.2

39.8 %

$    331.1

35.8 %

$ 1,363.1

37.1 %

$ 1,275.7

34.9 %

OPERATING INCOME:

GAAP operating income:

$     96.7

11.3 %

$    127.8

13.8 %

$    510.9

13.9 %

$    561.0

15.3 %

Purchase accounting adjustments

(A)

33.7

32.5

131.6

134.5

Acquisition / divestiture items

(B)

12.5

11.5

32.8

21.8

Stock-based compensation /
deferred compensation

(C)

29.1

29.5

112.0

128.6

Restructuring and other costs

(D)

15.8

3.2

54.2

11.1

Non-GAAP operating income:

$    187.8

21.9 %

$    204.5

22.1 %

$    841.5

22.9 %

$    857.0

23.4 %

NON-OPERATING INCOME (EXPENSE), NET:

GAAP non-operating income
(expense), net:

$      (5.6)

$      (9.7)

$     58.2

$     13.6

Acquisition / divestiture items

(B)

(4.5)

(0.3)

(107.5)

(42.1)

Deferred compensation

(C)

(2.0)

(2.1)

8.5

(6.1)

Restructuring and other costs

(D)

5.9

—

6.0

—

Non-GAAP non-operating expense,
net:

$      (6.2)

$    (12.1)

$    (34.8)

$    (34.6)

GAAP and
Non-GAAP
Tax Rate %

GAAP and
Non-GAAP
Tax Rate %

GAAP and
Non-GAAP
Tax Rate %

GAAP and
Non-GAAP
Tax Rate %

(H)

(H)

(H)

(H)

INCOME TAX PROVISION:

GAAP income tax provision:

$       5.5

6.0 %

$       2.8

2.4 %

$    119.4

21.0 %

$     81.8

14.2 %

Non-GAAP items tax effected

(E)

15.2

11.8

49.9

41.4

Difference in GAAP and Non-
GAAP tax rate

(F)

11.0

5.6

(22.9)

7.5

IP restructuring and tax law
change impacts

(G)

—

14.4

—

14.4

Non-GAAP income tax provision:

$     31.7

17.5 %

$     34.6

18.0 %

$    146.4

18.2 %

$    145.1

17.6 %

NET INCOME:

GAAP net income attributable to
Trimble Inc.:

$     85.6

$    115.3

$    449.7

$    492.7

Purchase accounting adjustments

(A)

33.7

32.5

131.6

134.5

Acquisition / divestiture items

(B)

8.0

11.2

(74.7)

(20.3)

Stock-based compensation /
deferred compensation

(C)

27.1

27.4

120.5

122.5

Restructuring and other costs

(D)

21.7

3.2

60.2

11.1

Non-GAAP tax adjustments

(E) - (G)

(26.2)

(31.8)

(27.0)

(63.3)

Non-GAAP net income attributable
to Trimble Inc.:

$    149.9

$    157.8

$    660.3

$    677.2

DILUTED NET INCOME PER SHARE:

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

$     0.34

$     0.45

$     1.80

$     1.94

Purchase accounting adjustments

(A)

0.14

0.13

0.53

0.53

Acquisition / divestiture items

(B)

0.03

0.04

(0.30)

(0.08)

Stock-based compensation /
deferred compensation

(C)

0.11

0.11

0.48

0.48

Restructuring and other costs

(D)

0.09

0.01

0.24

0.04

Non-GAAP tax adjustments

(E) - (G)

(0.11)

(0.12)

(0.11)

(0.25)

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

$     0.60

$     0.62

$     2.64

$     2.66

ADJUSTED EBITDA:

GAAP net income attributable to
Trimble Inc.:

$     85.6

$    115.3

$    449.7

$    492.7

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

11.1

12.5

61.2

68.3

GAAP operating income:

96.7

127.8

510.9

561.0

Purchase accounting adjustments

(A)

33.7

32.5

131.6

134.5

Acquisition / divestiture items

(B)

12.5

11.5

32.8

21.8

Stock-based compensation /
deferred compensation

(C)

29.1

29.5

112.0

128.6

Restructuring and other costs

(D)

15.8

3.2

54.2

11.1

Non-GAAP operating income:

187.8

204.5

841.5

857.0

Depreciation expense and cloud
computing amortization

11.8

11.0

44.7

42.2

Income from equity method
investments, net

8.8

7.4

31.1

37.7

Adjusted EBITDA:

$    208.4

24.3 %

$    222.9

24.1 %

$    917.3

25.0 %

$    936.9

25.6 %

Year 2023

Low End

High End

FORECASTED DILUTED NET INCOME PER SHARE:

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

$     1.59

$      1.79

Purchase accounting adjustments

(A)

0.53

0.53

Acquisition / divestiture items

(B)

0.04

0.04

Stock-based compensation /
deferred compensation

(C)

0.62

0.62

Restructuring and other costs

(D)

0.07

0.07

Non-GAAP tax adjustments

(E) - (G)

(0.19)

(0.19)

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

$     2.66

$      2.86