Slide 1: First Quarter 2024 Earnings Summary
Trimble Inc. First Quarter 2024 Earnings Summary © 2024 Trimble, Inc - All Rights Reserved 1
Slide 2: Forward Looking Statements
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
Slide 3: Q1 2024 Earnings Call Agenda
Q1 2024 Earnings Call Agenda Today’s Agenda “This Trimble RTX systems rocks…Trimble RTX delivers highly consistent results…in the remote areas where we are working, it would take significantly longer to get accurate measurements…the field guys love using CenterPoint RTX” - Engineering & Design firm 1.
Slide 4: Key Messages
Key Messages Solid Start Agriculture JV New reporting to FY 2024 Completed segment & organizational structure Executing Connect and Scale Strategy for Sustainable Value Creation 4
Slide 5: Q1 2024 Financial Highlights
Q1 2024 Financial Highlights Revenue ARR $953M $2,029M Non-GAAP Gross Margin(3) Above high end of guidance +13% organic as-reported(1) 65.8% Flat organic as-reported(1) +14% organic as-adjusted(2) 67.5% as-adjusted(2) +8% organic as-adjusted(2) Adjusted EBITDA(3) Non-GAAP EPS Free Cash Flow $251M $0
Slide 6: Q1 2024 Summary
Q1 2024 Summary As-adjusted, excluding Agriculture ($M)(1) Highlights / Drivers ● Strong start to the year with all First Quarter, As-Adjusted, excluding Agriculture three segments performing ahead of expectations ($M) 2024 2023 YoY ● On April 1 closed PTx Trimble joint venture Revenue $868 $769 +8%
Slide 7: Company Organization & New Segment Reporting
Company Organization & New Segment Reporting Simplified, focused Architects Engineers Construction Owners organization AECO (Architects, Engineers, ● Change in reporting reflects our Construction, Owners) new organizational structure ● Brings businesses with similar operating models together, GNSS Pos
Slide 8: Architects, Engineers, Construction, Owners (AECO)
Architects, Engineers, Construction, Owners (AECO) ($M) First Quarter Highlights / Drivers ($M) 2024 2023 YoY ● Strong start to year with revenue and Revenue $339 $288 +18% organic ARR better than expectations ● Record first quarter ACV bookings ARR $1,094 $924 +18% organic ● Revenue growth and profit
Slide 9: Field Systems
Field Systems As-adjusted, excluding Agriculture ($M)(1) First Quarter, As-adjusted, excluding Ag Highlights / Drivers ($M) 2024 2023 YoY ● Organic revenue improved, with Revenue $334 $334 +1% organic strong growth in ARR ● Software, services and recurring ARR $288 $255 +14% organic revenue 48% of t
Slide 10: Transportation & Logistics
Transportation & Logistics ($M) First Quarter Highlights / Drivers ($M) 2024 2023 YoY ● Record Transporeon first quarter Revenue $195 $147 +4% organic bookings ● Organic ARR growth of 4%; double ARR $631 $451 +4% organic digit ARR growth in Transporeon, Operating Income Enterprise and MAPS 18.6% 13.8
Slide 11: Balance Sheet and Cash Flow
Balance Sheet and Cash Flow ($M) Q1 Free Cash Flow Balance Sheet Q1’24 Q1’24 ($M) 2024 2023 YoY ($M) Actual Pro forma(1) Net Income (non-GAAP) $159 $178 -11% Cash and Equivalents $255 $895 Total Debt $3,030 $1,800 Cash from Operating Activities $234 $209 +12% Net Debt $2,775 $905 Capital Expenditure
Slide 12: Full Year 2024 Outlook
Full Year 2024 Outlook As-Reported(1) As-Adjusted(2) FY 2024 Outlook Notes Annualized Recurring +11% to +13% +11% to +13% Revenue (ARR) (Organic) (Organic) • Maintaining full year guidance Revenue YoY(1) $3.57 to $3.67B $3.49 to $3.59B • Strong organic ARR growth expected to continue leading to incr
Slide 13: Q2 2024 Outlook
Q2 2024 Outlook Q2’24 Q2 2024 Outlook Notes Annualized Recurring Revenue (ARR) +11% to +13% organic • Q2 revenue sequentially down from Revenue YoY $845 to $875M as-reported Q1 revenue due to -15% to -12% as-reported(1) formation of Ag JV, as well as the positive Total Growth -2% to +2% as-adjusted(
Slide 14: Appendix & Reconciliations
Appendix & Reconciliations 14
Slide 15: Segment Details and Outlook
Segment Details and Outlook(1),(2),(3),(4) AECO Field Systems Transportation and Logistics FY’23 FY’24 FY’23 FY’24 FY’23 FY’24 Actual Outlook Actual Outlook Actual Outlook $1.46B as-adjusted ≈$1.45B as-adjusted Revenue $1.11B ≈$1.32B $720M ≈$770M $1.97B as-reported ≈$1.53B as-reported +High teens/Lo
Slide 16: FY'24 Outlook Assumptions
FY’24 Outlook Assumptions As-Reported(1) FY’24 Growth by Segment Assumptions FY’24(1) Total Revenue Growth: As-Reported As-Adjusted Revenue Growth: AECO +High teens/low 20s +High teens/low 20s Organic 2% to 5% Field Systems Minus low 20%s Flat Acquisition 2% Transportation & Logistics +MSD/HSD% +MSD
Slide 17: Historical segment financials (As-Reported)
Historical segment financials (As-Reported) Quarter Ended and Fiscal Year Ended, Revenue ($MMs) Q1-22 Q2-22 Q3-22 Q4-22 FY-22 Q1-23 Q2-23 Q3-23 Q4-23 FY-23 Q1-24 AECO $243 $222 $226 $251 $942 $288 $264 $270 $289 $1,111 $339 Field Systems 596 575 520 461 2,151 480 541 495 452 1,968 419 Transport. & Lo
Slide 18: Historical revenue growth metrics
Historical revenue growth metrics (As-Reported) Revenue Growth Q1-23 Q2-23 Q3-23 Q4-23 FY-23 Q1-24 AECO: Organic 17% 15% 15% 14% 15% 18% Acquisitions 5% 6% 4% 1% 4% 0% Divestitures 0% -1% -1% -1% -1% -1% Foreign Currency -3% -1% 1% 1% 0% +1% Total 19% 19% 19% 15% 18% 18% Field Systems: Organic -11%
Slide 19: Historical ARR growth metrics
Historical ARR growth metrics (As-Reported) Quarter Ended, ARR ($MMs) Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 AECO $924 $985 $1,022 $1,067 $1,094 Field Systems 273 283 290 289 304 Transportation & Logistics 451 614 624 626 631 Total $1,648 $1,883 $1,935 $1,982 $2,029 Organic ARR Growth % AECO 19% 19% 18% 17%
Slide 20: Historical segment financials (As-Adjusted)
Historical segment financials (As-Adjusted) Agriculture Business Q1-22 Q2-22 Q3-22 Q4-22 FY-22 Q1-23 Q2-23 Q3-23 Q4-23 FY-23 Q1-24 Agriculture ($MMs) Revenue $172 $151 $134 $122 $579 $146 $134 $119 $110 $508 $85 Operating Income 54 49 45 43 191 56 42 40 33 171 8 Operating Margin 31.4% 32.5% 34.0% 35.
Slide 21: Historical revenue growth metrics (As-Adjusted)
Historical revenue growth metrics (As-Adjusted) Revenue Growth Q1-23 Q2-23 Q3-23 Q4-23 FY-23 Q1-24 (As-Adjusted) Field Systems: Organic (as-adjusted) -10% 0% -3% 2% -3% 1% Acquisitions (as-adjusted) 0% 0% 0% 0% 0% 0% Divestitures (as-adjusted) -10% -4% 0% -2% -4% -1% Foreign Currency (as-adjusted) -
Slide 22: As-Adjusted Reconciliation
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 Revenue, As-Reported $994 $941 $885 $857 $3,676 $915 $994 $957 $932 $3,799 $953 Less: Agriculture ($172) ($151) ($134) ($122) ($579) ($146) ($134) ($119) ($110) ($508) ($85) Revenue, As-Adjusted for