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1 © 2025 Trimble, Inc - All Rights Reserved Trimble Inc. Fourth Quarter and Full Year 2024 Earnings Summary
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22 Forward-Looking Statements Certain statements made in this presentation and any subsequent Q&A period are forward-looking statements, within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. These statements include expectations about our future financial and operational results, expectations regarding the execution and progress of the Connect and Scale strategy and expectations about continued expansion. These forward-looking statements are subject to change, and actual results may materially differ due to certain risks and uncertainties. The Company's results may be adversely affected if the Company is unable to market, manufacture and ship new products, obtain new customers, effectively integrate new acquisitions or consummate divestitures in a timely manner, or get the benefits it is expecting from its joint ventures and partnerships, including with AGCO and Platform Science. The Company's results would also be negatively impacted due to weakness and deterioration in the US and global macroeconomic outlook, including slowing growth, inflationary pressures and increases in interest rates, which may affect demand for our products and services and increase our costs, adversely affecting our revenues and profitability, supply chain shortages and disruptions, the pace at which our dealers work through their inventory, changes in our distribution channels, adverse geopolitical developments and the potential impact of volatility and conflict in the political and economic environment, including the conflict between Russia and Ukraine and its direct and indirect impact on our business, foreign exchange fluctuations, the pace we transition our business model towards a subscription model, the imposition of barriers to international trade, the impact of acquisitions or divestitures, and our ability to maintain effective internal controls over financial reporting, including our ability to remediate our material weaknesses in our internal controls over financial reporting. Any failure to achieve predicted results could negatively impact the Company's revenue, cash flow from operations, and other financial results. In addition, the Company may not repurchase all of the authorized $1 billion of shares of its common stock, and the stock repurchase program may be suspended or discontinued at any time without notice. The Company's financial results will also depend on a number of other factors and risks detailed from time to time in reports filed with the SEC, including its quarterly reports on Form 10-Q and its annual report on Form 10-K. Undue reliance should not be placed on any forward-looking statement contained herein. These statements reflect the Company’s position as of the date of this presentation. The Company expressly disclaims any undertaking to release publicly any updates or revisions to any statements to reflect any change in the Company’s expectations or any change of events, conditions, or circumstances on which any such statement is based. To help our investors understand our past financial performance and our future results, as well as our performance relative to competitors, we supplement the financial results that we provide in accordance with generally accepted accounting principles, or GAAP, with non-GAAP financial measures. The following pages contain non-GAAP measures including non-GAAP revenue, Adjusted EBITDA, free cash flow, non-GAAP operating income, non-GAAP gross margin, non-GAAP tax rate, non-GAAP net income, and non-GAAP diluted earnings per share. The specific non-GAAP measures, which we use along with a corresponding reconciliation to the nearest comparable GAAP measures can be found on our website at http://investor.trimble.com.
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3 Q4 2024 Earnings Call Agenda “You guys have created a killer system and the Trimble (mobile mapping) systems are the best on the market.” - Geospatial customer “The new Trimble MS976 GNSS antennas are so robust and connect twice as fast as our older models, working effectively in environments where GNSS usually struggles. They’ve been a great addition to our fleet, and we’ve already ordered more for our new machines“ - UK Geospatial customer “Integrating Market Insights gave [us] real-time market data, enabling better contract pricing and strategic decisions. This data-driven approach improved cost management, supported market expansion, and strengthened the company’s competitive edge.” - Transporeon customer “With Trimble’s help, we’ve significantly reduced the costs it takes to ‘keep the lights on,’ and have also reduced the manpower it needs to keep our systems running so our technology professionals can instead focus on projects and initiatives that can add additional value.” -CTO, Transportation customer 1. Fourth quarter and full year highlights 2. Q4’24 and FY’24 Financial Results 3. Segment Financial Results Today’s Agenda President and Chief Executive Officer Rob Painter Chief Financial Officer Phil Sawarynski 4. Fiscal 2025 and Q1 2025 Financial Outlook “Trimble enables us to track our assets from design and construction through operations and maintenance, allowing us to confidently manage our data throughout the entire asset lifecycle.“ - USA AECO Public Sector customer
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4 ARR As-Adjusted(2) $2,056B +16% organic Non-GAAP EPS(1) $0.89 Above midpoint of guidance Financial Highlights 1. See http://investor.trimble.com for a reconciliation to the appropriate GAAP measure. 2. As-adjusted figures exclude the financial results from the agriculture business (divested in Q1’24), mobility business (divested in Q1’25), and the 53rd week of fiscal 2024. Trimble had 53 weeks in fiscal 2024, compared to 52 weeks in most fiscal years. The as-adjusted numbers provide comparative information for fiscal 2025 organic growth. Note: Organic growth rates exclude the impact of foreign currency translation, M&A and divestitures. Supply agreement revenue is treated as M&A/inorganic in the calculation of organic growth. Fourth Quarter of 2024 ARR $2,258M +14% organic Above high-end of guidance ARR As-Adjusted(2) $2,056B +16% organic Non-GAAP EPS(1) $2.85 Above midpoint of guidance Fiscal Year of 2024 Revenue $983M Above high-end of guidance +17% organic Revenue $3,683(1) Above high-end of guidance +5% organic as-reported Revenue As-Adjusted(2) $821M +9% organic Revenue As-Adjusted(2) $3,210 +6% organic ARR $2,258M +14% organic Above high-end of guidance
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5 Connect & Scale Progression Key Statistics 2019 2024 As-Reported 2024 As-Adjusted(1) Revenue $3.3B $3.7B $3.2B ARR $ $1.2B $2.26B $2.06B Recurring % of total revenue 36% 62% 62% SW/services/recurring % of total revenue 57% 76% 77% Non-GAAP gross margin % 57.7% 68.2% 70.2% Adjusted EBITDA margin % 22.9% 27.2% 27.8% Trimble Structural Model Progression 1. As-adjusted figures exclude the financial results from the agriculture business (divested in Q1’24), mobility business (divested in Q1’25), and the 53rd week of fiscal 2024. Note: See appendix for a reconciliation to the appropriate GAAP measure. 3 | 4 | 30 by 2027 $3B in ARR | $4B in revenue | 30% EBITDA Margin Trimble Strategy
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6 Highlights / Drivers ● As-adjusted figures exclude agriculture business, mobility, and the 53rd week of fiscal 2024 ● Q4’24 and FY’24 organic revenue and ARR growth were ahead of expectations, driven by strong AECO growth and better than expected growth in Field Systems and T&L ● Non-GAAP gross margin and operating margin expansion driven by growth and software mix 1. As-adjusted figures exclude the financial results from the agriculture business (divested in Q1’24), mobility business (divested in Q1’25), and the 53rd week of fiscal 2024. 2. Organic growth rates exclude the impact of foreign currency translation, M&A and divestitures. Supply agreement revenue is treated as M&A/inorganic in the calculation of organic growth. See Appendix for a reconciliation to the appropriate GAAP measure. Q4 2024 and FY’24 Summary Fourth Quarter and Fiscal Year As Reported As-Adjusted(1,2) ($M) FY’24 Q4’24 YoY FY’24 YoY Revenue $3,683 $821 +9% organic $3,210 +6% organic ARR $2,258 $2,056 +16% organic $2,056 +16% organic Non-GAAP Gross Margin 68.2% 71.7% +300 bps 70.2% +250 bps Non-GAAP Operating Income Margin 25.4% 26.1% +100 bps 25.9% +120 bps Adjusted EBITDA Margin 27.2% 27.8% +90 bps 27.8% +80 bps
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7 Balance Sheet and Cash Flow Balance Sheet ($M) Q4’24 Actual Cash and Equivalents $739 Total Debt $1,391 Net Debt $652 TTM As-Adjusted EBITDA(1) $893 Net Debt / TTM As-Adjusted EBITDA(1) 0.7x NWC % of Revenue <0% Full Year Cash Flow ($M) 2024 2023 YoY Operating Cash Flow $531 $597 -11% Capital Expenditures $34 $42 -20% Free Cash Flow $498 $555 -10% Net Debt: TTM As-Adjusted EBITDA2024 operating cash flow and free cash flow include approximately $122M in cash tax payments related to the gain on sale from the Ag JV, as well as $82M in M&A transaction costs; free cash flow ≈1X net income after adjusting for these non-recurring cash flows (1) As-adjusted figures exclude the financial results from the agriculture business (divested in Q1’24), mobility business (divested in Q1’25), and the 53rd week of fiscal 2024. Free cash flow refers to cash flow from operating activities minus capital expenditures. Figures may vary due to rounding. Long-Term target leverage <2.5X
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8 ● Revenue, ARR, and operating margin ahead of expectations ● +18% organic ARR growth; +$200M growth in ARR y/y; continued strong bookings growth ● Operating margin expansion for FY24 driven by growth and strong gross margins (>80%) ● Q4 operating margin down due to higher variable compensation and timing of marketing and sales transformation investments; expect continued expansion in FY25 ● Strong performance of our Trimble Construction One offerings as well as growth in cross selling and upselling initiatives 1. As-adjusted figures exclude the financial results from the agriculture business (divested in Q1’24), mobility business (divested in Q1’25), and the 53rd week of fiscal 2024. 2. Organic growth rates exclude the impact of foreign currency translation, M&A and divestitures. Supply agreement revenue is treated as M&A/inorganic in the calculation of organic growth. 3. “Rule of” = organic ARR growth % + operating income margin % See Appendix for a reconciliation to the appropriate GAAP measure. Architects, Engineers, Construction, Owners (AECO) Fourth Quarter and Fiscal Year As Reported As-Adjusted(1,2) ($M) FY’24 Q4’24 YoY FY’24 YoY Revenue $1,359 $338 +17% organic $1,283 +16% organic ARR $1,269 $1,269 +18% organic $1,269 +18% organic Operating Income Margin 34.1% 31.2% -110 bps 31.2% +160 bps Scaled $1.3B ARR business, operating in excess of “Rule of 40”(3) (>45 in Q4’24/FY’24) Highlights / Drivers
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9 ● Revenue, ARR, and operating profit were ahead of expectations ● Strength in Civil Construction ● ARR growth driven by Positioning Services and increased sales of Civil Construction and Geospatial subscription offerings ● Recurring revenue conversions were a ≈150 bps headwind to revenue growth ● Q4 margin expansion driven by increased recurring revenue mix and cost containment 1. As-adjusted figures exclude the financial results from the agriculture business (divested in Q1’24), mobility business (divested in Q1’25), and the 53rd week of fiscal 2024. 2. Organic growth rates exclude the impact of foreign currency translation, M&A and divestitures. Supply agreement revenue is treated as M&A/inorganic in the calculation of organic growth. See Appendix for a reconciliation to the appropriate GAAP measure. Field Systems Fourth Quarter and Fiscal Year As Reported As-Adjusted(1,2) ($M) FY’24 Q4’24 YoY FY’24 YoY Revenue $1,536 $359 +2% organic $1,447 -2% organic ARR $341 $341 +21% organic $341 +21% organic Operating Income Margin 28.8% 31.2% +420 bps 30.1% +50 bps Differentiating at the intersection of the digital and physical worlds with a growing recurring revenue component Highlights / Drivers
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10 ● As-adjusted results exclude Mobility which was divested on February 8, 2025 ● 8% organic growth for both revenue and ARR; segment is now 92% recurring revenue ● Transporeon and Maps were primary drivers of growth in FY’24 ● Record Transporeon bookings for the fiscal year. Business well positioned to benefit from improvement in the freight markets 1. As-adjusted figures exclude the financial results from the agriculture business (divested in Q1’24), mobility business (divested in Q1’25), and the 53rd week of fiscal 2024. 2. Organic growth rates exclude the impact of foreign currency translation, M&A and divestitures. Supply agreement revenue is treated as M&A/inorganic in the calculation of organic growth. See Appendix for a reconciliation to the appropriate GAAP measure. Transportation & Logistics Fourth Quarter and Fiscal Year As Reported As-Adjusted(1,2) ($M) FY’24 Q4’24 YoY FY’24 YoY Revenue $789 $123 +8% organic $479 +8% organic ARR $649 $446 +8% organic $446 +8% organic Operating Income Margin 19.7% 24.2% -230 bps 24.1% +220 bps Strong revenue growth at Transporeon and Maps Highlights / Drivers
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11 As-Reported As-Adjusted(1) Annualized Recurring Revenue (ARR) +12% to +14% (Organic) +13% to +15% (Organic) Revenue YoY $3.37 to $3.47B $3.35 to $3.45B Total Growth (9%) to (6%) +4.5% to +7.5% Organic Growth +2% to +5% +5.5% to +8.5% Non-GAAP Operating Margin 26.2% to 27.2% 26.3% to 27.3% Adj. EBITDA Margin 27.7% to 28.7% 27.8% to 28.8% Non-GAAP EPS $2.76 to $2.98 Free cash flow ≈0.6X Non-GAAP Net Income (≈1X ex. adjustments) • Strong organic ARR growth expected to continue leading to increased predictability and profitability • As-adjusted organic revenue growth ≈+7% at midpoint; holding $3.4B midpoint of as-adjusted revenue despite FX headwind of ≈$50M to revenue (-1.5%) • As-adjusted operating margins ≈+90 bps Y:Y at midpoint, EBITDA ≈+50 bps, driven by gross margin expansion expected near 200 bps • Free cash flow guide ≈0.60X non-GAAP net income. ≈1X with adjustment for ≈$250M Q2’25 cash tax payment for gain on sale on Ag JV and ≈$30M of M&A transaction costs • Net interest expense ≈$73M and average share count of 243M; buyback expected to resume in Q1’25 FY 2025 Outlook Notes Full Year 2025 Outlook 1. As-adjusted figures exclude the financial results from the agriculture business (divested in Q1’24), mobility business (divested in Q1’25), and the 53rd week of fiscal 2024. Trimble had 53 weeks in fiscal 2024, compared to 52 weeks in most fiscal years. Note: See appendix for detailed assumptions for guidance and as-adjusted figures.
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12 FY 2025 Segment Details and Outlook (As-Adjusted)(1) AECO Field Systems T&L Revenue ≈$1.455B (FY’24=$1.283B) ≈$1.44B (FY’24=$1.447B) ≈$505M (FY’24=$479M) Organic revenue growth Y/Y % +Mid-teens % Flat % +HSD % Organic ARR growth Y/Y % +Mid-teens % +Low/mid teens % +HSD % Operating income margin % ≈32% ≈31% ≈24% Full Year 2025 Segment Details 1. As-adjusted figures exclude the financial results from the agriculture business (divested in Q1’24), mobility business (divested in Q1’25), and the 53rd week of fiscal 2024. 2. Note: Figures shown represent the midpoint of the guidance ranges.
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13 • Prior year comp has Jan 1 and $50M of term license revenue in Q1’24; whereas fiscal FY’25 has Jan 1 in Q4’25. Organic growth in Q1’25 would be ≈+8% at the midpoint adjusted for this timing • ≈$20M of Mobility revenue in Q1 as-reported guidance (prior to divestiture) • Operating margins are lowest in Q1, and increase through the year, reflecting recurring revenue growth and the impact of Jan 1 in Q425 • Net interest expense ≈$14M and average share count of 246M; buyback expected to resume in Q125 Q1’25 Outlook Notes Q1 2025 Outlook 1. As-adjusted figures exclude the financial results from the agriculture business (divested in Q1’24), mobility business (divested in Q1’25), and the 53rd week of fiscal 2024. Trimble had 53 weeks in fiscal 2024, compared to 52 weeks in most fiscal years. Note: See appendix for detailed assumptions for guidance and as-adjusted figures. As-Reported As-Adjusted(1) Annualized Recurring Revenue (ARR) +12% to +14% (Organic) +13% to +15% (Organic) Revenue YoY $794 to $824M $774 to $804B Total Growth (17%) to (14%) -2% to +2% Organic Growth -2% to +2% -1% to +3% Non-GAAP Operating Margin 22.4% to 23.7% 22.7% to 24.1% Adj. EBITDA Margin 24.0% to 25.3% 24.4% to 25.7% Non-GAAP EPS $0.55 to $0.61
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14 Appendix & Reconciliations
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15 Historical segment financials (As-Reported) Quarter Ended and Fiscal Year Ended, Revenue ($MMs) Q1-22 Q2-22 Q3-22 Q4-22 FY-22 Q1-23 Q2-23 Q3-23 Q4-23 FY-23 Q1-24 Q2-24 Q3-24 Q4-24 FY-24 AECO $243 $222 $226 $251 $942 $288 $264 $270 $289 $1,111 $339 $300 $306 $414 $1,359 Field Systems 596 575 520 461 2,151 480 541 495 452 1,968 419 379 375 363 1,536 Transport. & Logistics 155 145 139 144 583 147 189 192 192 720 195 192 195 207 789 Total $994 $941 $885 $857 $3,676 $915 $994 $957 $932 $3,799 $953 $871 $876 $983 $3,683 Operating Income ($MMs) AECO $77 $48 $60 $74 $259 $95 $62 $78 $93 $329 $127 $79 $89 $169 $464 Field Systems 177 187 165 127 656 137 176 165 125 603 98 110 124 110 442 Transport. & Logistics 8 9 13 19 50 20 27 34 38 118 36 36 41 42 155 Unallocated Corporate (30) (33) (29) (32) (123) (27) (34) (25) (30) (116) (27) (30) (29) (37) (123) Total $233 $211 $210 $188 $841 $226 $231 $251 $227 $935 $234 $194 $225 $284 $937 Operating Income Margin % AECO 31.8% 21.7% 26.5% 29.5% 27.5% 33.1% 23.6% 28.9% 32.4% 29.6% 37.4% 26.4% 29.1% 40.8% 34.1% Field Systems 29.8% 32.5% 31.8% 27.5% 30.5% 28.6% 32.5% 33.3% 27.7% 30.7% 23.4% 28.9% 33.0% 30.4% 28.8% Transport. & Logistics 5.4% 6.4% 9.5% 13.1% 8.5% 13.8% 14.1% 17.5% 19.6% 16.4% 18.6% 18.7% 21.0% 20.3% 19.7% Total 23.5% 22.4% 23.7% 21.9% 22.9% 24.7% 23.2% 26.2% 24.3% 24.6% 24.6% 22.3% 25.7% 28.8% 25.4% Note: Figures may vary due to rounding.
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16 Historical revenue growth metrics (As-Reported) Revenue Growth Q1-23 Q2-23 Q3-23 Q4-23 FY-23 Q1-24 Q2-24 Q3-24 Q4-24 FY-24 AECO: Organic 17% 15% 15% 14% 15% 18% 14% 13% 43% 22% Acquisitions 5% 6% 4% 1% 4% 0% 0% 1% 0% 0% Divestitures 0% -1% -1% -1% -1% -1% -1% -1% -1% -1% Foreign Currency -3% -1% 1% 1% 0% +1% 0% 1% 1% 1% Total 19% 19% 19% 15% 18% 18% 13% 14% 43% 22% Field Systems: Organic -11% -3% -5% -2% -6% -12% -6% -2% 3% -4% Acquisitions 0% 0% 0% 0% 0% 0% 2% 2% 2% 1% Divestitures -7% -3% 0% -1% -3% -1% -26% -24% -25% -19% Foreign Currency -1% 0% 0% 1% 0% 0% 0% 0% 0% 0% Total -19% -6% -5% -2% -9% -13% -30% -24% -20% -22% Transport. & Logistics: Organic 1% 6% 9% 2% 4% 4% 3% 3% 9% 5% Acquisitions 0% 27% 29% 30% 21% 29% 0% 0% 0% 6% Divestitures -5% -3% -1% 0% -2% -1% -1% -1% 0% -1% Foreign Currency -1% 0% 1% 1% 0% 0% 0% 0% -1% 0% Total -5% 30% 38% 33% 23% 32% 2% 2% 8% 10% Total Trimble: Organic -3% 3% 2% 3% 1% 0% 1% 3% 17% 5% Acquisitions 1% 6% 6% 5% 4% 5% 1% 1% 1% 2% Divestitures -5% -3% -1% -1% -2% -1% -14% -13% -13% -10% Foreign Currency -1% 0% 1% 1% 0% 0% 0% 0% 0% 0% Total -8% 6% 8% 9% 3% 4% -12% -9% 5% -3% Note: Figures may vary due to rounding.
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17 Historical ARR growth metrics (As-Reported) Note: Figures may vary due to rounding. As-Reported Quarter Ended, ARR ($MMs) Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 AECO $924 $985 $1,022 $1,067 $1,094 $1,164 $1,210 $1,269 Field Systems 273 283 290 289 304 308 328 341 Transportation & Logistics 451 614 624 626 631 641 649 649 Total $1,648 $1,883 $1,935 $1,982 $2,029 $2,113 $2,187 $2,258 Organic ARR Growth % AECO 19% 19% 18% 17% 18% 18% 18% 18% Field Systems 12% 12% 12% 12% 13% 16% 18% 21% Transportation & Logistics 4% 5% 5% 4% 4% 6% 5% 5% Total 13% 14% 13% 13% 13% 14% 14% 14%
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18 Historical segment financials (As-Adjusted) Agriculture Business Q1-22 Q2-22 Q3-22 Q4-22 FY-22 Q1-23 Q2-23 Q3-23 Q4-23 FY-23 Q1-24 Q2-24 Q3-24 Q4-24 FY-24 Agriculture ($MMs) Revenue $172 $151 $134 $122 $579 $146 $134 $119 $110 $508 $85 NA NA NA $85 Operating Income 54 49 45 43 191 56 42 40 33 171 8 NA NA NA 8 Operating Margin 31.4% 32.5% 34.0% 35.0% 33.0% 38.3% 31.5% 33.8% 29.8% 33.6% 9.8% NA NA NA 9.8% Note: As-adjusted figures exclude the financial results from the agriculture business (divested in Q1’24), mobility business (divested in Q1’25), and the 53rd week of fiscal 2024. Note: Figures may vary due to rounding. Mobility Business Q1-22 Q2-22 Q3-22 Q4-22 FY-22 Q1-23 Q2-23 Q3-23 Q4-23 FY-23 Q1-24 Q2-24 Q3-24 Q4-24 FY-24 Mobility ($MMs) Revenue $80 $73 $72 $75 $299 $77 $76 $80 $76 $310 $79 $74 $73 $72 $298 Operating Income 1 2 6 4 13 8 5 8 7 28 9 9 10 8 35 Operating Margin 1.5% 2.7% 8.4% 4.8% 4.3% 10.2% 7.0% 9.9% 9.3% 9.1% 11.2% 12.1% 13.2% 10.8% 11.8% 53rd Week Q1-22 Q2-22 Q3-22 Q4-22 FY-22 Q1-23 Q2-23 Q3-23 Q4-23 FY-23 Q1-24 Q2-24 Q3-24 Q4-24 FY-24 53rd Week ($MMs) Revenue NA NA NA NA NA NA NA NA NA NA NA NA NA $90 $90 Operating Income NA NA NA NA NA NA NA NA NA NA NA NA NA 62 62 Operating Margin NA NA NA NA NA NA NA NA NA NA NA NA NA 68.5% 68.5% Total Adjustments Q1-22 Q2-22 Q3-22 Q4-22 FY-22 Q1-23 Q2-23 Q3-23 Q4-23 FY-23 Q1-24 Q2-24 Q3-24 Q4-24 FY-24 Ag, Mobility, 53rd Week ($MMs) Revenue $252 $223 $206 $197 $877 $223 $210 $199 $186 $818 $164 $74 $73 $163 $474 Operating Income 55 51 51 46 204 64 47 48 40 199 17 9 10 70 105 Operating Margin 22.0% 22.8% 25.0% 23.5% 23.2% 28.6% 22.6% 24.2% 21.4% 24.3% 10.5% 12.1% 13.2% 42.9% 22.3%
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19 Historical segment financials (As-Adjusted) Note: As-adjusted figures exclude the financial results from the agriculture business (divested in Q1’24), mobility business (divested in Q1’25), and the 53rd week of fiscal 2024. Note: Figures may vary due to rounding. As-Adjusted, Excluding Ag, Mobility & 53rd Week Q1-22 Q2-22 Q3-22 Q4-22 FY-22 Q1-23 Q2-23 Q3-23 Q4-23 FY-23 Q1-24 Q2-24 Q3-24 Q4-24 FY-24 Revenue (as-adjusted) ($MMs) AECO $243 $222 $226 $251 $942 $288 $264 $270 $289 $1,111 $339 $300 $306 $338 $1,283 Field Systems 424 424 386 339 1,573 334 407 376 342 1,460 334 379 375 359 1,447 Transport. & Logistics 75 72 67 70 285 70 112 113 115 410 116 117 122 123 479 Total $742 $718 $679 $660 $2,799 $692 $784 $759 $746 $2,981 $790 $796 $803 $821 $3,210 Operating Income (as-adjusted) ($MMs): AECO $77 $48 $60 $74 $259 $95 $62 $78 $93 $329 $127 $79 $89 $105 $400 Field Systems 123 138 120 84 465 81 134 125 92 432 90 110 124 112 436 Transport. & Logistics 7 7 7 15 37 12 21 26 30 90 27 27 31 30 116 Unallocated Corporate (30) (33) (29) (32) (123) (27) (34) (25) (30) (116) (27) (30) (29) (34) (120) Total $178 $160 $159 $141 $638 $162 $184 $203 $187 $736 $217 $185 $215 $214 $832 Operating Income Margin % (as-adjusted): AECO 31.8% 21.7% 26.5% 29.5% 27.5% 33.1% 23.6% 28.9% 32.4% 29.6% 37.4% 26.4% 29.1% 31.2% 31.2% Field Systems 29.1% 32.5% 31.1% 24.8% 29.6% 24.4% 32.9% 33.1% 27.0% 29.6% 26.9% 28.9% 33.0% 31.2% 30.1% Transport. & Logistics 9.5% 10.1% 10.6% 22.2% 13.0% 17.8% 18.9% 22.9% 26.4% 21.9% 23.6% 23.0% 25.7% 24.2% 24.1% Total 24.0% 22.2% 23.3% 21.4% 22.8% 23.4% 23.4% 26.7% 25.0% 24.7% 27.5% 23.3% 26.8% 26.1% 25.9%
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20 Historical revenue growth metrics (As-Adjusted) Revenue Growth (As-Adjusted) Q1-23 Q2-23 Q3-23 Q4-23 FY-23 Q1-24 Q2-24 Q3-24 Q4-24 FY-24 AECO (as-adjusted): Organic 17% 15% 15% 14% 15% 18% 14% 13% 17% 16% Acquisitions 5% 6% 4% 1% 4% 0% 0% 0% 0% 0% Divestitures -1% -1% -1% -1% -1% -1% -1% -1% -1% -1% Foreign Currency -3% -1% 1% 1% 0% 0% 0% 0% 0% 0% Total 19% 19% 19% 15% 18% 18% 13% 14% 17% 16% Field Systems (as-adjusted): Organic -10% 0% -3% 2% -3% 1% -8% -2% 2% -2% Acquisitions 0% 0% 0% 0% 0% 0% 3% 2% 4% 2% Divestitures -10% -4% -1% -2% -4% -1% -1% -1% -1% -1% Foreign Currency -1% 0% 1% 1% 0% 0% 0% 0% 0% 0% Total -21% -4% -2% 1% -7% 0% -7% -1% 5% -1% Transportation & Logistics (as-adjusted): Organic 4% 6% 8% 5% 6% 7% 7% 10% 8% 8% Acquisitions 0% 56% 61% 62% 44% 62% 0% 0% 0% 11% Divestitures -9% -7% -3% -2% -5% -3% -2% -1% -1% -1% Foreign Currency -1% -1% 1% 1% 0% 0% -1% 0% -1% 0% Total -7% 55% 67% 66% 44% 66% 4% 8% 7% 17% Total Trimble (as-adjusted): Organic 0% 5% 4% 7% 4% 8% 1% 5% 9% 6% Acquisitions 2% 7% 7% 7% 6% 6% 1% 1% 2% 3% Divestitures -7% -3% -1% -1% -3% -1% -1% -1% -1% -1% Foreign Currency -2% 0% 1% 1% 0% 0% 0% 0% 0% 0% Total -7% 9% 12% 13% 6% 14% 2% 6% 10% 8% Note: As-adjusted figures exclude the financial results from the agriculture business (divested in Q1’24), mobility business (divested in Q1’25), and the 53rd week of fiscal 2024. Note: Figures may vary due to rounding.
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21 Historical ARR growth metrics (As-Adjusted) As-Adjusted Quarter Ended, ARR ($MMs) Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 AECO $924 $985 $1,022 $1,067 $1,094 $1,164 $1,210 $1,269 Field Systems 255 266 274 281 288 308 328 341 Transportation & Logistics 242 405 411 420 425 435 444 446 Total $1,421 $1,656 $1,707 $1,768 $1,807 $1,908 $1,981 $2,056 Organic ARR Growth % AECO 19% 19% 18% 17% 18% 18% 18% 18% Field Systems 12% 12% 13% 15% 14% 17% 19% 21% Transportation & Logistics 7% 9% 7% 7% 10% 9% 9% 8% Total 15% 16% 15% 15% 16% 16% 16% 16% Note: As-adjusted figures exclude the financial results from the agriculture business (divested in Q1’24), mobility business (divested in Q1’25), and the 53rd week of fiscal 2024. Note: Figures may vary due to rounding.
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22 As-Adjusted reconciliation $ in MMs Q1’22 Q2’22 Q3’22 Q4’22 FY’22 Q1’23 Q2’23 Q3’23 Q4’23 FY’23 Q1’24 Q2’24 Q3’24 Q4’24 FY’24 Revenue, As-Reported $994 $941 $885 $857 $3,676 $915 $994 $957 $932 $3,799 $953 $871 $876 $983 $3,683 Less: Agriculture (172) (151) (134) (122) (579) (146) (134) (119) (110) (508) (85) NA NA NA (85) Less: Mobility (80) (73) (72) (75) (299) (77) (76) (80) (76) (310) (79) (74) (73) (72) (298) Les: 53rd Week 0 0 0 0 0 0 0 0 0 0 0 0 0 (90) (90) Revenue, As-Adjusted $742 $718 $679 $660 $2,799 $692 $784 $759 $746 $2,981 $790 $796 $803 $821 $3,210 GAAP Operating Income, As-Reported $157 $135 $122 $97 $511 $137 $94 $121 $97 $449 $109 $62 $117 $174 $461 Add: Amortization of purchased intangible assets 35 32 31 34 132 35 62 59 57 212 55 54 45 45 199 Add: Acquisition / divestiture items 4 7 9 13 33 7 27 22 17 72 24 34 17 6 82 Add: Stock-based comp. / deferred comp. 25 26 32 29 112 35 42 38 36 151 39 38 38 49 164 Add: Restructuring and other costs 13 10 16 16 54 12 7 11 20 50 8 6 8 11 32 Non-GAAP Operating Income, As-Reported $233 $211 $210 $188 $841 $226 $231 $251 $227 $935 $234 $194 $225 $284 $937 Less: Agriculture Non-GAAP Operating Income (54) (49) (45) (43) (191) (56) (42) (40) (33) (171) (8) NA NA NA (8) Less: Mobility Non-GAAP Operating Income (1) (2) (6) (4) (13) (8) (5) (8) (7) (28) (9) (9) (10) (8) (35) Less: 53rd Week Non-GAAP Operating Income 0 0 0 0 0 0 0 0 0 0 0 0 0 (62) (62) Non-GAAP Operating Income, As-Adjusted $178 $160 $159 $141 $638 $162 $184 $203 $187 $736 $217 $185 $215 $214 $832 Non-GAAP Operating Income, As-Reported $233 $211 $210 $188 $841 $226 $231 $251 $227 $935 $234 $194 $225 $284 $937 Add: Depreciation & cloud computing amort. 10 11 11 12 45 11 12 12 11 47 11 12 12 15 49 Add: Income from equity method investments, net 10 6 7 9 31 11 8 5 4 28 6 8 1 0 14 Adjusted EBITDA, As-Reported $253 $227 $228 $208 $917 $249 $251 $268 $241 $1,010 $251 $214 $237 $298 $1,000 Less: Agriculture EBITDA (55) (50) (46) (44) (194) (57) (43) (41) (33) (174) (8) NA NA NA (8) Less: Mobility EBITDA (2) (2) (7) (4) (15) (8) (6) (8) (8) (30) (10) (10) (10) (8) (37) Less: 53rd Week EBITDA 0 0 0 0 0 0 0 0 0 0 0 0 0 (62) (62) Adjusted EBITDA, As-Adjusted $197 $175 $176 $161 $709 $184 $203 $219 $201 $806 $233 $204 $227 $228 $893 Note: Non-GAAP measures, which we use along with a corresponding reconciliation to the nearest comparable GAAP measures can be found on our website at http://investor.trimble.com. Note: As-adjusted figures exclude the financial results from the agriculture business (divested in Q1’24), mobility business (divested in Q1’25), and the 53rd week of fiscal 2024. Note: Figures may vary due to rounding.