WESTMINSTER, Colo., May 3, 2023 — (PRNewswire) — Trimble Inc. (NASDAQ: TRMB) today announced financial results for the first quarter of 2023.

First Quarter 2023 Financial Highlights

• Revenue of $915.4 million, down 8 percent on a year-over-year basis, down 3 percent year-over-year on an organic basis
• Annualized recurring revenue ("ARR") was $1.65 billion, up 12 percent year-over-year, up 13 percent on an organic basis
• GAAP operating income was $137.0 million and non-GAAP operating income was $226.1 million
• GAAP net income was $128.8 million and non-GAAP net income was $177.9 million
• Diluted earnings per share ("EPS") was $0.52 on a GAAP basis and $0.72 on a non-GAAP basis
• Adjusted EBITDA of $248.8 million, 27.2 percent of revenue

Executive Quote

"Record annualized recurring revenue of $1.65 billion and record gross margin of 64.2 percent in the first quarter demonstrates the quality of our Connect and Scale strategy," said Rob Painter, Trimble's president and chief executive officer. "Our first quarter total revenue and profitability exceeded expectations that we communicated to shareholders in February. We are updating 2023 guidance to reflect the Transporeon acquisition, which closed on April 3, 2023."

Forward Looking Guidance

For the full-year 2023, Trimble now expects to report revenue between $3,835 million and $3,935 million and non-GAAP EPS of $2.52 to $2.72. The full-year 2023 non-GAAP EPS assumes a tax rate of 17.5 percent to 18.0 percent, and approximately 250 million shares outstanding. For the second quarter of 2023, Trimble expects to report revenue between $962 million and $992 million and non-GAAP EPS of $0.55 to $0.61. The second quarter of 2023 non-GAAP EPS assumes a tax rate of 17.5 percent, and approximately 249 million shares outstanding. Trimble is unable to provide a quantitative reconciliation of these measures to GAAP with a reasonable degree of accuracy because Trimble has not estimated the fair value of the assets and liabilities, including intangible assets and related amortization expense, associated with the Transporeon acquisition. An explanation of how we calculate non-GAAP EPS and other information relating to this non-GAAP measure is included in the supplemental schedule attached.

Investor Conference Call / Webcast Details

Trimble will hold a conference call on May 3, 2023 at 8:00 a.m. ET to review its first quarter 2023 results. An accompanying slide presentation will be made available on the "Investors" section of the Trimble website, www.trimble.com, under the subheading "Events & Presentations." The call will be broadcast live on the web at http://investor.trimble.com. Investors without internet access may dial into the call at (888) 660-6347 (U.S.) or (929) 201-6594 (international). The conference ID is 1043223. The replay will also be available on the web at the address above.

About Trimble

Trimble is an industrial technology company transforming the way the world works by delivering solutions that enable our customers to thrive. Core technologies in positioning, modeling, connectivity and data analytics connect the digital and physical worlds to improve productivity, quality, safety, transparency and sustainability. From purpose-built products to enterprise lifecycle solutions, Trimble is transforming industries such as agriculture, construction, geospatial and transportation. For more information about Trimble (NASDAQ: TRMB), visit: www.trimble.com.

Safe Harbor

Certain statements made in this press release 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. 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. 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, adverse geopolitical developments and the potential impact of volatility and conflict in the political and economic environment, including the Russian conflict with 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, and the impact of acquisitions or divestitures. Any failure to achieve predicted results could negatively impact the Company's revenue, cash flow from operations, and other financial results. 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 release. 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.

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