Slide 1: Fourth Quarter and Full Year 2024 Earnings Summary
Trimble Inc. Fourth Quarter and Full Year 2024 Earnings Summary © 2025 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: Q4 2024 Earnings Call Agenda
Q4 2024 Earnings Call Agenda Today’s Agenda “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 1. Fourth quarter and full year AECO Public Sector customer hig
Slide 4: Financial Highlights
Financial Highlights Fourth Quarter of 2024 Revenue ARR Non-GAAP EPS(1) Revenue ARR $983M $2,258M $0.89 As-Adjusted(2) As-Adjusted(2) Above high-end of +14% organic $821M $2,056B Above midpoint of guidance Above high-end of guidance +9% organic +16% organic +17% organic guidance Fiscal Year of 2024
Slide 5: Connect & Scale Progression
Connect & Scale Progression Trimble Strategy Trimble Structural Model Progression Key Statistics 2024 2024 2019 As-Reported As-Adjusted(1) Revenue $3.3B $3.7B $3.2B ARR $ $1.2B $2.26B $2.06B Recurring % of total revenue 36% 62% 62% SW/services/recurring % of 57% 76% 77% total revenue Non-GAAP gross
Slide 6: Q4 2024 and FY'24 Summary
Q4 2024 and FY’24 Summary Fourth Quarter and Fiscal Year Highlights / Drivers As Reported As-Adjusted(1,2) ● As-adjusted figures exclude agriculture business, mobility, and ($M) FY’24 Q4’24 YoY FY’24 YoY the 53rd week of fiscal 2024 Revenue $3,683 $821 +9% organic $3,210 +6% organic ● Q4’24 and FY’24
Slide 7: Balance Sheet and Cash Flow
Balance Sheet and Cash Flow Full Year Cash Flow Balance Sheet Q4’24 ($M) 2024 2023 YoY ($M) Actual Operating Cash Flow $531 $597 -11% Cash and Equivalents $739 Total Debt $1,391 Capital Expenditures $34 $42 -20% Net Debt $652 Free Cash Flow $498 $555 -10% TTM As-Adjusted EBITDA(1) $893 Net Debt / TT
Slide 8: Architects, Engineers, Construction, Owners (AECO)
Architects, Engineers, Construction, Owners (AECO) Fourth Quarter and Fiscal Year Highlights / Drivers As ● Revenue, ARR, and operating margin ahead Reported As-Adjusted(1,2) of expectations ($M) FY’24 Q4’24 YoY FY’24 YoY ● +18% organic ARR growth; +$200M growth in ARR y/y; continued strong bookings
Slide 9: Field Systems
Field Systems Fourth Quarter and Fiscal Year Highlights / Drivers As Reported As-Adjusted(1,2) ● Revenue, ARR, and operating profit were ahead of expectations ($M) FY’24 Q4’24 YoY FY’24 YoY ● Strength in Civil Construction Revenue $1,536 $359 +2% organic $1,447 -2% organic ● ARR growth driven by Posi
Slide 10: Transportation & Logistics
Transportation & Logistics Fourth Quarter and Fiscal Year Highlights / Drivers As Reported As-Adjusted(1,2) ● As-adjusted results exclude Mobility which was divested on February 8, 2025 ($M) FY’24 Q4’24 YoY FY’24 YoY ● 8% organic growth for both revenue and ARR; segment is now 92% recurring Revenue
Slide 11: Full Year 2025 Outlook
Full Year 2025 Outlook As-Reported As-Adjusted (1) FY 2025 Outlook Notes Annualized Recurring +12% to +14% +13% to +15% • Strong organic ARR growth expected to Revenue (ARR) (Organic) (Organic) continue leading to increased predictability and profitability Revenue YoY $3.37 to $3.47B $3.35 to $3.45B
Slide 12: Full Year 2025 Segment Details
Full Year 2025 Segment Details (1) FY 2025 Segment Details and Outlook (As-Adjusted) AECO Field Systems T&L ≈$1.455B ≈$1.44B ≈$505M Revenue (FY’24=$1.283B) (FY’24=$1.447B) (FY’24=$479M) Organic revenue growth Y/Y % +Mid-teens % Flat % +HSD % Organic ARR growth Y/Y % +Mid-teens % +Low/mid teens % +HS
Slide 13: Q1 2025 Outlook
Q1 2025 Outlook As-Reported As-Adjusted (1) Q1’25 Outlook Notes Annualized Recurring +12% to +14% +13% to +15% • Prior year comp has Jan 1 and $50M of Revenue (ARR) (Organic) (Organic) term license revenue in Q1’24; whereas fiscal FY’25 has Jan 1 in Q4’25. Organic Revenue YoY $794 to $824M $774 to $8
Slide 14: Appendix & Reconciliations
Appendix & Reconciliations 14
Slide 15: Historical segment financials (As-Reported)
Historical segment financials (As-Reported) Quarter Ended and Fiscal Year Ended, Revenue ($MMs) Q1-22 Q2-22 Q3-22 Q4-22 FY-22 Q1-23 Q2-23 Q3-23 Q4-23 FY-23 Q1-24 Q2-24 Q3-24 Q4-24 FY-24 AECO $243 $222 $226 $251 $942 $288 $264 $270 $289 $1,111 $339 $300 $306 $414 $1,359 Field Systems 596 575 520 461 2
Slide 16: Historical revenue growth metrics (As-Reported)
Historical revenue growth metrics (As-Reported) Revenue Growth Q1-23 Q2-23 Q3-23 Q4-23 FY-23 Q1-24 Q2-24 Q3-24 Q4-24 FY-24 AECO: Organic 17% 15% 15% 14% 15% 18% 14% 13% 43% 22% Acquisitions 5% 6% 4% 1% 4% 0% 0% 1% 0% 0% Divestitures 0% -1% -1% -1% -1% -1% -1% -1% -1% -1% Foreign Currency -3% -1% 1%
Slide 17: Historical ARR growth metrics (As-Reported)
Historical ARR growth metrics (As-Reported) As-Reported Quarter Ended, ARR ($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 $1
Slide 18: Historical segment financials (As-Adjusted)
Historical segment financials (As-Adjusted) Agriculture Business Q1-22 Q2-22 Q3-22 Q4-22 FY-22 Q1-23 Q2-23 Q3-23 Q4-23 FY-23 Q1-24 Q2-24 Q3-24 Q4-24 FY-24 Agriculture ($MMs) Revenue $172 $151 $134 $122 $579 $146 $134 $119 $110 $508 $85 NA NA NA $85 Operating Income 54 49 45 43 191 56 42 40 33 171 8 N
Slide 19: Historical segment financials (As-Adjusted)
Historical segment financials (As-Adjusted) As-Adjusted, Excluding Ag, Q1-22 Q2-22 Q3-22 Q4-22 FY-22 Q1-23 Q2-23 Q3-23 Q4-23 FY-23 Q1-24 Q2-24 Q3-24 Q4-24 FY-24 Mobility & 53rd Week Revenue (as-adjusted) ($MMs) AECO $243 $222 $226 $251 $942 $288 $264 $270 $289 $1,111 $339 $300 $306 $338 $1,283 Field
Slide 20: Historical revenue growth metrics (As-Adjusted)
Historical revenue growth metrics (As-Adjusted) Revenue Growth (As-Adjusted) Q1-23 Q2-23 Q3-23 Q4-23 FY-23 Q1-24 Q2-24 Q3-24 Q4-24 FY-24 AECO (as-adjusted): Organic 17% 15% 15% 14% 15% 18% 14% 13% 17% 16% Acquisitions 5% 6% 4% 1% 4% 0% 0% 0% 0% 0% Divestitures -1% -1% -1% -1% -1% -1% -1% -1% -1% -1%
Slide 21: Historical ARR growth metrics (As-Adjusted)
Historical ARR growth metrics (As-Adjusted) As-Adjusted Quarter Ended, ARR ($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
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 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)