GAAP TO NON-GAAP RECONCILIATION

(Dollars in millions, except per share data)

(Unaudited)

Third Quarter of

First Three 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:

$

901.4

$

792.1

$

2,733.1

$

2,318.0

Acquired deferred revenue adjustment

(A)

—

0.7

0.3

4.0

Non-GAAP revenue:

$

901.4

$

792.8

$

2,733.4

$

2,322.0

GROSS MARGIN:

GAAP gross margin:

$

504.5

56.0

%

$

439.7

55.5

%

$

1,523.2

55.7

%

$

1,286.4

55.5

%

Acquired deferred revenue adjustment

(A)

—

0.7

0.3

4.0

Amortization of purchased intangible assets

(C)

22.0

23.3

66.1

70.0

Acquisition / divestiture items

(D)

—

—

—

1.7

Stock-based compensation / deferred compensation

(E)

2.7

2.5

7.3

5.2

Restructuring and other costs

(F)

—

0.3

0.2

1.0

Non-GAAP gross margin:

$

529.2

58.7

%

$

466.5

58.8

%

$

1,597.1

58.4

%

$

1,368.3

58.9

%

OPERATING EXPENSES:

GAAP operating expenses:

$

357.0

39.6

%

$

337.7

42.6

%

$

1,090.0

39.9

%

$

988.5

42.6

%

Amortization of acquired capitalized commissions

(B)

1.1

1.3

3.4

4.2

Amortization of purchased intangible assets

(C)

(12.3)

(16.7)

(39.0)

(50.2)

Acquisition / divestiture items

(D)

(0.2)

(3.7)

(10.3)

(14.7)

Stock-based compensation / deferred compensation

(E)

(29.4)

(29.5)

(91.8)

(56.7)

Restructuring and other costs

(F)

(1.7)

(14.4)

(7.7)

(25.7)

Non-GAAP operating expenses:

$

314.5

34.9

%

$

274.7

34.6

%

$

944.6

34.6

%

$

845.4

36.4

%

OPERATING INCOME:

GAAP operating income:

$

147.5

16.4

%

$

102.0

12.9

%

$

433.2

15.9

%

$

297.9

12.9

%

Acquired deferred revenue adjustment

(A)

—

0.7

0.3

4.0

Amortization of acquired capitalized commissions

(B)

(1.1)

(1.3)

(3.4)

(4.2)

Amortization of purchased intangible assets

(C)

34.3

40.0

105.1

120.2

Acquisition / divestiture items

(D)

0.2

3.7

10.3

16.4

Stock-based compensation / deferred compensation

(E)

32.1

32.0

99.1

61.9

Restructuring and other costs

(F)

1.7

14.7

7.9

26.7

Non-GAAP operating income:

$

214.7

23.8

%

$

191.8

24.2

%

$

652.5

23.9

%

$

522.9

22.5

%

NON-OPERATING INCOME (EXPENSE), NET:

GAAP non-operating income (expense), net:

$

9.2

$

(5.6)

$

23.3

$

(31.2)

Acquisition / divestiture items

(D)

(19.0)

0.1

(41.8)

2.5

Deferred compensation

(E)

0.2

(4.2)

(4.0)

(4.8)

Non-GAAP non-operating expense, net:

$

(9.6)

$

(9.7)

$

(22.5)

$

(33.5)

GAAP

and Non-
GAAP
Tax Rate
%

GAAP
and Non-
GAAP

Tax Rate
%

GAAP
and Non-
GAAP
Tax Rate
%

GAAP
and Non-
GAAP
Tax Rate
%

(I)

(I)

(I)

(I)

INCOME TAX PROVISION:

GAAP income tax provision:

$

32.7

20.9

%

$

11.6

12.0

%

$

79.0

17.3

%

$

56.8

21.3

%

Non-GAAP items tax effected

(G)

10.1

10.3

29.6

46.2

Difference in GAAP and Non-GAAP tax rate

(H)

(6.3)

7.3

1.9

(20.7)

Non-GAAP income tax provision:

$

36.5

17.8

%

$

29.2

16.0

%

$

110.5

17.5

%

$

82.3

16.8

%

NET INCOME:

GAAP net income attributable to Trimble Inc.:

$

124.0

$

84.7

$

377.4

$

209.6

Acquired deferred revenue adjustment

(A)

—

0.7

0.3

4.0

Amortization of acquired capitalized commissions

(B)

(1.1)

(1.3)

(3.4)

(4.2)

Amortization of purchased intangible assets

(C)

34.3

40.0

105.1

120.2

Acquisition / divestiture items

(D)

(18.8)

3.8

(31.5)

18.9

Stock-based compensation / deferred compensation

(E)

32.3

27.8

95.1

57.1

Restructuring and other costs

(F)

1.7

14.7

7.9

26.7

Non-GAAP tax adjustments

(G) - (H)

(3.8)

(17.6)

(31.5)

(25.5)

Non-GAAP net income attributable to Trimble Inc.:

$

168.6

$

152.8

$

519.4

$

406.8

DILUTED NET INCOME PER SHARE:

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

$

0.49

$

0.34

$

1.48

$

0.83

Acquired deferred revenue adjustment

(A)

—

—

—

0.02

Amortization of acquired capitalized commissions

(B)

—

(0.01)

(0.01)

(0.02)

Amortization of purchased intangible assets

(C)

0.13

0.16

0.41

0.48

Acquisition / divestiture items

(D)

(0.07)

0.02

(0.12)

0.07

Stock-based compensation / deferred compensation

(E)

0.12

0.11

0.37

0.23

Restructuring and other costs

(F)

0.01

0.05

0.03

0.10

Non-GAAP tax adjustments

(G) - (H)

(0.02)

(0.07)

(0.12)

(0.10)

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

$

0.66

$

0.60

$

2.04

$

1.61

ADJUSTED EBITDA:

GAAP net income attributable to Trimble Inc.:

$

124.0

$

84.7

$

377.4

$

209.6

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

23.5

17.3

55.8

88.3

GAAP operating income:

147.5

102.0

433.2

297.9

Acquired deferred revenue adjustment

(A)

—

0.7

0.3

4.0

Amortization of acquired capitalized commissions

(B)

(1.1)

(1.3)

(3.4)

(4.2)

Amortization of purchased intangible assets

(C)

34.3

40.0

105.1

120.2

Acquisition / divestiture items

(D)

0.2

3.7

10.3

16.4

Stock-based compensation / deferred compensation

(E)

32.1

32.0

99.1

61.9

Restructuring and other costs

(F)

1.7

14.7

7.9

26.7

Non-GAAP operating income:

214.7

191.8

652.5

522.9

Depreciation expense

10.2

9.9

31.2

29.4

Income from equity method investments, net

8.5

10.8

30.3

29.9

Adjusted EBITDA:

$

233.4

25.9

%

$

212.5

26.8

%

$

714.0

26.1

%

$

582.2

25.1

%

Year 2021

Low End

High End

FORECASTED DILUTED NET INCOME PER SHARE:

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

$

1.69

$

1.77

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)

0.06

0.06

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)

(0.20)

(0.20)

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

$

2.61

$

2.69