Revenue - Trimble

Trimble (NASDAQ: TRMB)
Corporate Overview

Safe Harbor
The forward-looking statements made in this presentation and
any subsequent Q&A period, are subject to risks
and uncertainties. Trimble's actual results may differ materially
from those currently anticipated due to a number of factors,
including the competitive nature of the marketplace, the
condition of the worldwide economy and other factors detailed
in the company's form 10K for 2005 and subsequent 10Qs or
other documents filed with the Securities and Exchange
Commission.

Our strategy has enabled consistently improving financial
performance and an ability to project ourselves worldwide
Millions of Dollars
Millions of Dollars
Millions of Dollars
$900
$800
$700
$600
$500
$400
$300
$200
$100
$0
$160
$140
$120
$100
$80
$60
$40
$20
$0
-$20
-$40
$100
$90
$80
$70
$60
$50
$40
$30
$20
$10
$0
Revenue
1995 1997 1999 2001 2003 2005 TTM
Non-GAAP OI
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 TTM
R&D Spending
1995 1997 1999 2001 2003 2005 TTM
20%
16%
12%
8%
4%
0%
20.0%
16.0%
12.0%
8.0%
4.0%
0.0%
-4.0%
-8.0%
-12.0%
54% 25% 11%
10%
2005 Revenue
Manufacturing & Hardware R&D
California Germany
Canada Japan
China Ohio
France Sweden
Virginia Oregon
Mexico
Software Development
Arizona Japan
Colorado New Zealand
Germany Oregon
France Virginia
Texas Florida
Australia

Trimble is typically categorized in “GPS Space.” In reality
that space is a collection of applications with differing
requirements & price points.
“System Price”
$25,000
$2,500
$250
Asset & Fleet
Management
Consumer
GIS
Agricultural
Guidance &
Monitoring
Meters Sub-meter Centimeters Millimeters
Accuracy
Construction
Surveying

Trimble’s post 1999 focus has been on capturing the
technically more demanding application solutions space
“System Price”
$25,000
$2,500
$250
Asset & Fleet
Management
Consumer
GIS
Agricultural
Guidance &
Monitoring
Meters Sub-meter Centimeters Millimeters
Accuracy
Construction
Surveying

Trimble’s technology path is built around the
concept of technological convergence as the basis
for solving the application problem
Cellular
Radio
Bluetooth
etc.
Firmware
Applications
ASP or discrete delivery
etc.
GPS
Laser
Optical
Inertial
etc.

Trimble’s “applications centric” concept of the market is
built around a number of defining elements
2005 Revenues
“Box” Products
End User
Solutions
• Productivity improvement is central
• Position or location is part of the solution
• Centered on the field or field to back office
• Underserved – significant penetration potential
• Significant applications software content
• Price reflects value
• Defensibility based on “whole product solution”
• Compelling market leadership
• Pioneering distribution
• Configuration & localization
• Search for adjacencies

Our strategic path requires a management culture
framed around aspiration, intensity, focus and discipline
Trimble’s values:
• Coupling all our efforts to market objectives, staying centered on a clear
definition of our customers and their needs.
• Aggressive entrepreneurship and disciplined risk taking enabled by clear
strategies.
• Brilliant innovation driven by long term vision.
• Speed and decisiveness built on precision in our thinking, planning, and
communication.
• Accountability for our results.
• An organizational environment consistent with the values of teamwork,
transparency, integrity, and respect.

Our strategic focus is on three primary growth platforms.
The fourth leg of the strategy is opportunistic.
Connected Construction Site Precision Agriculture
Mobile & Field Worker Advanced Devices

Trimble’s growth path utilizes multiple mechanisms
• Penetration of existing markets
• Market consolidation
• Product extension
• Market extension
• New businesses
Indicative Market Penetration Levels
Survey

Our portfolio has demonstrated the capability of
sustained growth
IN $ M 2002 2005
CAGR
Engineering & Construction $ 319.6 $ 524.5 18%
Field Solutions $ 67.3 $ 127.8 24%
Mobile Solutions $ 8.5 $ 31.5 55%
Advanced Devices $ 71.3 $ 91.1 9%
TRIMBLE $ 466.6 $ 774.9 18%
Generating 56%
CAGR in operating
earnings

The markets Trimble addresses today have unpenetrated
potential greater than $5 billion
Trimble’s future growth is less defined by traditional
concepts of “market growth” and more by the rate at
which we can penetrate the market
Penetration enablers and constraints:
• Market segmentation and insight
•Product
• Distribution
• Market conservatism & marketing at the frontier

Acquisitions and other deals are not central to our growth
strategy – they provide a targeted role and have tended to
be relatively small
Acquisitions Post 1999
Spectra Precision
TDS
Levelite
Grid Data
Applanix
JEC
Mensi
TracerNet
GeoNav
Pacific Crest
Apache
MobileTech
Advanced Public Safety
XYZ of GPS
Quantm
Ventures
Caterpillar Trimble Control Technologies
Nikon Trimble
Acquisition Criteria
• Market beachhead
• Market extension
• Technology or product gap

Objectives for the Day
• Demonstrate Trimble’s unique capabilities and
characteristics
• Demonstrate Trimble’s emerging management
competency and depth
• Provide the basis of future credibility based on the
soundness of our strategy and the capabilities of our
management to execute that strategy

Mobility solutions…
beyond vehicle tracking

Beyond vehicle tracking…
Hardware
Applications
Software
Integration Services

Fleet market
Local fleet segment:
• 2005-2009 CAGR = 16%
• Penetration = < 10%

Mobile worker market
All workers without
desks
Addressable targets
based on company size
Likely technology
adopters
U.S. Market Opportunity
30 Million
workers
13.5 Million
workers
5 Million
workers

Market trends
• Sophisticated applications
• New compliance rules
• Higher fuel costs
• Combined vehicle and worker solutions

Competitive landscape
Market is fragmented and will consolidate along application lines
C.J. Driscoll & Associates
Local Fleet Units
AirIQ
All other
@Road
Teletrac
Remote Dynamics
Fleetilla
Discrete Wireless
Trimble
Wireless Matrix
Intertrak
Qualcom
UPS Logistics

Sustainable advantages
• High-value, under-served verticals
• Specialized applications
• Integration into back office systems
• Integrated vehicle and worker applications

Integrated applications
Vehicle Productivity
Messaging
Reporting
Tracking
Auto-Status
Vehicle Based Applications Handheld Applications
Compliance/Diagnostics
DOT Logs
Fuel Tax
Parameter changes
Warranty
Route Accounting
DSD
Pre-sales
Merchandising
Settlements
Integrated vehicle and worker applications leads to:
• stronger customer link
• improved competitive position
• long-term recurring revenue
Field Service
Work Orders
Parts ordering
Service Tickets

Our current market segments
• Construction supply
• Utilities
• Municipalities
• Construction
• Direct store delivery
• Public safety
Hardware & Apps Software Integration Services

Cost of Solution
Mobility management value chain
Vehicle Productivity
Mobile Field Work Force Productivity
Automatic Automatic
Vehicle Vehicle Location Location
(AVL) (AVL)
Asset
Tracking
Messaging
Messaging
Dot-on-the-map
- Regular reporting
- Security
- Exception queries
2-way
Driver
Messaging
Fleet
Productivity
Automatic Automatic
Statusing Statusing
Location-based
Sensor-based
Machine-to-machine
Delivery loop
integration
Dispatch Dispatch
Integration
Integration
Complexity and Value
ERP ERP
Integration
Integration
Advanced CRM
Integrated auto
statusing, Cargo
status Delivery status
Dispatch and
Auto-Status
Payroll
Maintenance
Billing
Order Entry
Accounting
Supply Supply Chain Chain
Integration
Integration
Real time asset
allocation
Dynamic rerouting
Supply chain
optimization
Workforce
Management
Enterprise
Direct Store Delivery
Field Service

Server Platform
ASP Platform
Dual platform offerings
Communication
GIS Services
Business logic
Decision support
Geo-coding
Software
Database
Hot-zone logic
Integration
TMS DATA
CENTER
Wireless access
Mapping
Geo-coding
Status
Message routing
Reporting
Device management
Configuration
Over the air
programming
Open databases
Application service

TrimTrac
• Enhanced GPS sensitivity
• Motion sensor
• GSM communications
• Minimum install
• Multiple power options

Core vehicle applications
• Vehicle tracking
• Two-way messaging
• Standard reporting
Last known position
Speeding & Stops
Idle & Start time
Vehicle Activity Summary
Sites
Vehicle Congregation
Driver Activity & Usage
• Auto-status (hot zones)
• DriveSafe
• J-Bus - diagnostics

MobileTech Solutions, Inc.
• Dominant position in direct store
delivery (DSD) market
• Domain expertise in DSD and ERP
system integration
• Large fleet food delivery customer
base of ~160,000
• Customers need fleet and worker
applications
RoutePower

Advanced Public Safety, Inc.
• Next vertical in mobile market
• 400,000 total potential users
• Basis for future software offerings
• Cross-sell vehicle location solutions
• Replace handheld devices with
Trimble units
PocketCitation

Uniquely positioned
Advanced Public Safety
Trimble Construction Services
Trimble Component Technologies
Trimble Mobile Solutions
Mobile Worker
and Fleet
Management
MobileTech Solutions
Trimble Mapping/GIS
Tripod Data Systems
Trimble Outdoors

Focusing on the Future
with the Connected Site
LaVonne Frazier
Trimble Navigation

Construction is an Information Technology Laggard*
• Other industries have
transformed productivity and
quality through information
technology
– Airlines
– Financial services
– Logistics
• Construction has principally
relied on scale factors (bigger
and faster) to create
productivity improvements
– not aggressive in
reengineering processes
Source: ASCE Journal Dec 2003
*Update: 2006 National Construction Technology Survey
39% Aggressive
15% Early Adopters
34% Somewhat Cautious Source: Constructech Magazine

Challenges Facing the Industry
• Engineering and construction are generally separate processes
• Information is traditionally paper based – Manual Process
= EXPENSIVE
• Data integrity is threatened due to manual re-entry
• No standardized data and position information exchange
REWORK!
• Processes supporting project management are typically manual
& labor intensive.

The Connected Site
Providing the surveyor, engineer, and contractor on-demand
location, asset, spatial, business management information and
reporting solutions wherever and whenever needed.

Process Integration and the Connected Site
will provide significant productivity benefits
• Reduced rework
• Efficient asset utilization
• Timely design updates
• Improved billing cycles
• Improved bidding & planning

Seamless:
Technology will enable radical, new solutions
• Precision 3D position (mm/cm)
• High density 3D surface data and imagery
• Inexpensive location (5-10m) data
• Machine control cross slope systems, lasers, sonic, total stations
• Embedded information sensors
• Wireless connectivity
• Real time information networks (internet, other)
• Information rich, geo-referenced data
• Applications software
Leading to new capabilities and seamless
information flow throughout the process

Challenges Facing the Industry
• Engineering and construction are generally separate processes
• Information is traditionally paper based – Manual Process
• Data integrity is threatened due to manual re-entry
• No standardized data and position information exchange
• Processes supporting project management are typically manual
& labor intensive.

In Trimble’s World Today…
Engineering, Surveying and Construction are
integrated processes
Survey
Plan
Process control
through common
project data
Execute
Build
Design
Improve
Finishing
Bulk Earthworks
Manage

Challenges Facing the Industry
• Engineering and construction are generally separate processes
• Information is traditionally paper based – Manual Process
• Data integrity is threatened due to manual re-entry
• No standardized data and position information exchange
• Processes supporting project management are typically manual
& labor intensive.

From… Construction Staking
Traditional Construction
Staking

Today…
To… Construction Positioning
Doha Airport Project
Doha Airport Project

Enabled by…
digital data flow throughout the entire process
OFFICE
Field Systems

Challenges Facing the Industry
• Engineering and construction are generally separate processes
• Information is traditionally paper based – Manual Process
• Data integrity is threatened due to manual re-entry
• No standardized data and position information exchange
• Processes supporting project management are
typically manual & labor intensive.

Today
Discrete sensors
Future
Everything -
platform becomes a
host for a sensor &
a link in a network
Information Sensors:
process changes –Supply Chain
Trimble Trimtrac
GPS location, motion
sensing, cellular link,
RFID tag transceiver.
Active Tags, etc.
for equipment,
containers,
pallets...

Wireless Connectivity:
real time data with unconstrained bandwidth
• Newer communications standards
(GPRS, 3G, etc.) enable large amounts of
data to be shared at relatively low costs
• Critical success factor is avoiding outages
– important to support multiple
techniques (radio, cellular, satellite, etc).

Information Rich, Geo-Referenced Data:
information in context
Sensing technology is moving
beyond traditional airborne
techniques and will include
multiple sensors with high
integration.
Geo-referenced data bases will
become increasingly enabled.

3D Data & Systems
• Real time 3D mapping
• Machine update of plan changes
Machine Mgmt
• Equipment location
• Machine utilization
- Hours of use on project
- Cycle monitoring
Elements of the Connected Site
Asset Management
•Asset location
•Dispatch
•Asset utilization reports
•Equipment status
Future Products

Trimble – Agriculture Division
The line everyone follows

Trimble guidance is a
replacement technology
GPS based guidance solutions
are a replacement technology
to mechanical based guidance
solutions for all field operations
in Agriculture
Spraying
Harvest
Planting
Spraying
Spreading
Field Prep
Row Marker
Foam Marker

Why GPS Guidance?
• Payback is easy to understand
– Increased accuracy provides
• Fuel and input savings
• Time and labor savings
• Existing vehicles used more effectively
• Operate longer hours at critical times

Why GPS Guidance?
• Expands to more solutions
– Growers see payback from guidance – then
interested in expanding their investment
• Higher accuracy
• More precision agriculture features

What’s important in a guidance
system
• Cost
• GPS accuracy
• Cross track error tolerance
– Filtering
– Terrain compensation
• Operational speed
• Farming patterns
– straight, contour, pivot, etc.
• Data logging and transfer
• Precision Ag features
• Platform availability
– tractor, sprayer, combine

AgGPS Guidance Solutions
EZ-Guide ® Plus system
Simple guidance
Save fuel and inputs
EZ-Steer TM system
Affordable
hands-free
farming
Autopilot TM system
Repeatable
performance
with advanced
features

Market segmentation is key to offering
the right solution
High Value Crops
Vegetables & Fruit
$2000/acre
Accuracy: 1”
US Acres: 19M
Broad Acre Crops
Wheat, Barley, Rye
$120/acre
Accuracy: 6”-10”
US Acres: 80M
Row Crops
Corn, Soy
$225/acre
Accuracy: 1” – 3”
US Acres: 156M

Our target customer is the farmer
Prioritized worldwide on market potential, based upon
technology uptake, acreage & economy
– North America, Australia, South America, Europe

Total available guidance market is large,
and penetration to date is small
Examples of total available market estimation variables:
•Less than 20% penetration rate by all competitors, sales cumulative over time
•Some of Trimble’s assumptions on total available market (TAM):
•Assumes 7-10 year vehicle life
•Tractors >100 hp
•Might not count harvesters & sprayers, assuming reuse of equipment between the vehicles
•Sources – Association of Equipment Manufacturers (AEM), and similar publications

Precision Ag Trends in the Market
• Validation & mainstreaming of guidance
• Grower acceptance of guidance is high

Precision Ag Trends in the Market
• Global competition among farmers
• Consolidation of cab electronics

Our strategy continues to be
aggressively capture market share in
the guidance markets by
– partnering with the best distribution partners
– providing greater value (features & price) than the guidance
technology that we are replacing
– continuing towards integration of “best in class” precision
agricultural electronics solutions

Trimble’s competitive
advantages are:
• Product innovation
– EZ-Guide Plus
– EZ-Steer & T2 terrain compensation
– Autopilot & Autosense & Field Manager Display
• Distribution partners
– Trimble independent resellers
– Case IH, New Holland, Ag Leader Technology, HARDI,
etc…
• Market share
– largest Precision Ag electronics after market supplier
– momentum

Trimble – Agriculture Division
The line everyone follows

Survey & Infrastructure
Analyst Day
Pete Large
Survey Division

Surveying: the industry we serve
Utilities, AM/FM
Engineering &
Construction
Public Sector
The land surveying profession
serves a need for high accuracy
data collection, presentation
and management in a diverse
range of industries world-wide
Natural Resources
Mining, Oil & Gas
Land
Management Title
/ Cadastral
Scientific
& Academic

Survey Division Solutions Portfolio
Convenience
Solutions
Entry level brands
offer easy-to-use
solutions at lower
price points
Enabling Solutions
Major capital investment for
permanent fixed infrastructure
Productivity
Solutions
Provide a higher
return on a higher
initial customer
investment

Convenience Solutions
For Land Surveyors who prefer traditional
solutions and lower initial capital outlay

Convenience Solutions
Provide entry level &
conventional survey products
through second distribution
channel
Tripod Data Systems
Nikon-Trimble Co Ltd
Exclusive distribution of
Nikon survey products
outside Japan
Expanding distribution into
low end and emerging
markets world-wide
Distributes Nikon and Spectra Precision
Survey products in North America.
Positioned for market penetration and share
gains with large installed base in N America

Enabling Solutions
The Infrastructure Customer is the
high accuracy data services provider
• Public Sector
– National & Local Government
– Departments of Transportation
– Military
– Scientific
• Private Sector
– Commercial data service providers
– In-house engineering & surveying
– Trimble Distributors
– Natural Resources

Productivity Solutions Customer:
The Professional Land Surveyor
#1 World-Wide
“We’d run 400-500 points a
day using conventional
methods and that would be
a very good day. With
Autolock and the ACU, we’d
easily almost double that.”
-Wyoming DOT
Trimble one-person
productivity solutions
lower fixed crew
labor costs by 50%
while more than
doubling output

Customer Productivity Gains

The Trimble Integrated Surveying
solution combines Trimble market leading
technologies in the field user interface,
field sensors, GNSS Infrastructure, the
wireless internet and office software into a
truly Connected Site
The Trimble IS Rover is a patented
combination of an RTK GPS and a Robotic
total station on a single survey pole

Trimble S6 Mag Drive
A unique, patented, industry leading technology
which integrates the angle encoders and servo
drives into a single, silent, low power unit. It
can turn twice as fast as any other solution on
the market.

Key Survey Industry Trends:
Passive Control to Active Control

Key Survey Industry Trends:
‘2.5D’ to True 3D Surveying

Key Survey Industry Trends:
Shift to Productivity Solutions
“Using GPS reduced the overall project
time…conventional leveling would’ve taken
twice as long.”
“This project was more technology than labor
intense,” Newell says. “Instead of throwing
man hours at the project, we put more
technology on it to reduce labor.”
- Woolpert Engineering

Survey Productivity Solutions: Market
Penetration
• Even in most mature markets,
~35%
• In emerging markets,
penetration is much lower
• The adoption of this technology
by the other 65% of current nonusers
is a significant opportunity
• .

Accelerating the adoption of RTK by surveyors
• Trimble VRS networks cut the cost
of entry by 50% for new RTK
adopters
• Also enhances simplicity and
convenience
• Accelerates market penetration
and adoption of the technology by
current non-users

Trimble VRS Now tm

Trimble: Uniquely Positioned
• #1 Position in productivity solutions
• #1 Position in GNSS Infrastructure
• In-house core technologies with patented
industry leading portfolio
• Multiple global distribution channels

Trimble Analyst Day
Sunnyvale, California
April 21, 2006

Safe Harbor
The forward-looking statements made in this presentation and
any subsequent Q&A period, are subject to risks
and uncertainties. Trimble's actual results may differ materially
from those currently anticipated due to a number of factors,
including the competitive nature of the marketplace, the
condition of the worldwide economy and other factors detailed
in the company's form 10K for 2005 and subsequent 10Qs or
other documents filed with the Securities and Exchange
Commission.

All segments have demonstrated revenue growth &
increased profitability over the last three years
$ Millions
Engineering & Construction
Revenue
Operating Income
Operating Margin
Field Solutions
Revenue
Operating Income
Operating Margin
Mobile Solutions
Revenue
Operating Income
Operating Margin
Advanced Devices
Revenue
Operating Income
Operating Margin
Consolidated Trimble
Revenue
Operating Income
Operating Margin
2002
$319.6
$53.5
16.7%
$67.3
$9.7
14.4%
$8.5
-$12.0
-141.9%
$71.3
$11.2
15.8%
$466.6
$33.8
7.2%
2005
$524.5
$118.0
22.5%
$127.8
$32.5
25.4%
$31.5
-$3.1
-9.8%
$91.1
$13.2
14.5%
$774.9
$124.9
16.1%
3-Year
CAGR
18%
30%
6 pt
24%
50%
11 pt
55%
N/A
132 pt
9%
6%
-1 pt
18%
55%
9 pt

Strong operating leverage has led to
expansion of margins
$Millions
Revenue
Gross Profit
% Rev
Operating Expense
% Rev
Operating Income
% Rev
Non Op Expense
Earnings before Tax
Tax
Net Income
GAAP EPS
NON-GAAP EPS
2002
$466.6
$234.4
50.2%
$200.6
43.0%
$33.8
7.2%
$20.0
$13.8
$3.5
$10.3
0.24
0.36
2005
$774.9
$389.8
50.3%
$264.9
34.2%
$124.9
16.1%
$0.2
$124.8
$39.9
$84.9
1.49
1.43
3-Year
CAGR
18%
18%
10%
55%
-80%
108%
125%
102%
84%
58%

All elements of operating expenses have grown at a
lower rate than revenue growth of 18%
$Millions 2002 2005
3-Year
CAGR
R&D $61.2 $84.3 11%
% Rev 13.1% 10.9%
Marketing $28.7 $41.8 13%
% Rev 6.1% 5.4%
Sales $60.7 $78.4 9%
% Rev 13.0% 10.1%
General & Administrative $40.6 $52.1 9%
% Rev 8.7% 6.7%
Restructuring $1.1 $0.3 -37%
% Rev 0.2% 0.0%
Amortization & In-Process R&D $8.3 $8.0 -1%
% Rev 1.8% 1.0%
Operating Expense $200.6 $264.9 10%
% Rev 43.0% 34.2%

Non-operating expense has been reduced due to
elimination of debt and increased profitability of joint
venture
$Millions 2002 2005
Interest Income $0.7 $0.8
Interest Expense -$14.7 -$2.3
Foreign Currency translation loss -$0.8 $1.0
Expenses for affiliated operations -$4.0 -$0.3
Other income (expense) -$1.2 $0.6
Total Non-Operating Expense -$20.0 -$0.2

Consistent growth in non-GAAP EPS
$0.50
$0.40
$0.30
$0.20
$0.10
$0.00
Q1 Q2 Q3 Q4
CAGR: 104% 49%
73%
33%
2002
2003
2004
2005

Operating leverage drives income growth
50%
40%
30%
20%
10%
0%
Gross Profit - % of Rev
Operating Expense - % of Rev
Operating Income - % of Rev
2002 2003 2004 2005

Financial ratios have improved over time
$ Millions 2002 2003 2004 2005
Inventory Turns * 4.1 3.9 4.5 3.9
DSO * 56 67 64 62
Debt $ 139 $ 90 $ 39 -
Cash $ 29 $ 45 $ 72 $ 74
Shareholder Equity $ 201 $ 348 $ 472 $ 571
ROE 5.7% 13.2% 16.5% 16.0%
Revenue / Employee 228K 252K 310K 330K
*Trailing Twelve Months

Strong cash flow generated by operations used to pay
down debt and fund acquisitions
$ Millions 2002 2003 2004 2005
Opening Balance $ 31 $ 29 $ 45 $ 72
Cash from Operations 32 30 75 93
Capital Spending -6 -11 -12 -23
Acquisitions 2 -11 -13 -51
Options/ESPP 21 51 27 24
Debt Retirement -53 -50 -51 -38
Other 1 9 1 -3
Ending Balance $ 29 $ 45 $ 72 $ 74
Columns do not foot due to rounding

Trimble
Trimble Channel
(Majority of Sales Today)
CTCT
JV
10 11 11 15
Old
Methodology
Revenue 15
Cost 10
Operating Profit 5
CTCT-Profit 2
-Transfer Pricing (3)
Non-Operating Exp (1)
Inc before Tax 4
New
Methodology
15
10 + 3
2
-
2
2
4
Trimble
Dealer
Caterpillar Channel
(Minority of Sales Today)
Trimble
-
-
-
CTCT
JV
10 11 11 15
Old
Methodology
2
1
3
3
New
Methodology
-
11
10
1
2
2
3
CAT
Channel

Impact of CTCT transaction and FAS 123(R)
accounting distorts year-over-year comparisons
$Millions Q1'05 Underlying
CTCT
Accounting
Impact
FAS
123(R) Reported
Gross Profit $97.8 $113.0 ($5.2) ($0.3) $107.5
Operating Income $30.2 $41.5 ($5.2) ($3.2) $33.1
Non-Operating Inc/(Exp):
CTCT - Profit $0.3 $1.6 - -
CTCT - Transfer Price ($3.1) ($5.2) $5.2 -
All Others ($1.0) $1.2 - -
($3.8) ($2.4) $5.2 -
Income before Taxes $26.4 $39.1 -
Q1'06
$1.6
-
$1.2
$2.8
($3.2) $35.9

Results show strong growth versus prior year on an
underlying basis
VS Prior Year
$Millions Q1 '06 Reported Underlying
Revenue $225.9
Gross Margin % 47.6% -2.5 pt 0.4 pt
Operating Income $33.1 9.5% 37.5%
Operating Margin % 14.6% -0.8 pt 3.1 pt
GAAP EPS 0.45 45%
NON-GAAP EPS 0.52 55%

GAAP P&L & Non-GAAP Reconciliation
$Millions (except share & EPS data) Q1'06 Q1'05
Revenue $ 225.9 $ 195.4
Gross Profit 107.5 97.8
Operating expenses 74.4
Operating income 33.1
Non-operating income (expense) 2.8
Income before taxes 35.9
Income tax 10.0
Net income 25.8
67.6
30.2
(3.8)
26.4
EPS (Diluted) $ 0.45 $ 0.31
Shares (Diluted) 57,859 56,371
NON-GAAP RECONCILIATION
GAAP income before taxes $ 35.9 $ 26.4
Non-GAAP adjustments
Amortization 2.3
2.5
Restructuring -
0.3
Stock-based compensation 3.2
-
Total Non-GAAP adjustments 5.6
2.8
-
-
Non-GAAP income before taxes 41.4 29.2
Income tax 11.6 10.2
Non-GAAP net income $ 29.8 $ 19.0
Non-GAAP earnings per share (Diluted) $ 0.52 $
0.34
9.0
17.4

U – Underlying R – Reported
Engineering & Construction
Mobile Solutions
Q1’06 Segment Operating Results
Prior YR %
Q1'06 U R
REVENUE $146.7 22% 22%
GROSS MARGIN 48% 2 pt -2 pt
OPERATING INCOME $26.4 50% 23%
OPERATING MARGIN 18% 4 pt 0 pt
Field Solutions
Advanced Devices

U – Underlying R – Reported
Engineering & Construction
Mobile Solutions
Q1’06 Segment Operating Results
Prior YR %
Q1'06 U R
REVENUE $146.7 22% 22%
GROSS MARGIN 48% 2 pt -2 pt
OPERATING INCOME $26.4 50% 23%
OPERATING MARGIN 18% 4 pt 0 pt
Field Solutions
Advanced Devices
Prior YR %
Q1'06 U R
REVENUE $43.0 (5%) (5%)
GROSS MARGIN 53% -3 pt -3 pt
OPERATING INCOME $13.9 (7%) (11%)
OPERATING MARGIN 32% -1 pt -2 pt

U – Underlying R – Reported
Engineering & Construction
Mobile Solutions
Q1’06 Segment Operating Results
Prior YR %
Q1'06 U R
REVENUE $146.7 22% 22%
GROSS MARGIN 48% 2 pt -2 pt
OPERATING INCOME $26.4 50% 23%
OPERATING MARGIN 18% 4 pt 0 pt
Prior YR %
Q1'06 U R
REVENUE $12.6 70% 70%
GROSS MARGIN 39% 9 pt 9 pt
OPERATING INCOME $0.2 160% 135%
OPERATING MARGIN 2% 12 pt 10 pt
Field Solutions
Advanced Devices
Prior YR %
Q1'06 U R
REVENUE $43.0 (5%) (5%)
GROSS MARGIN 53% -3 pt -3 pt
OPERATING INCOME $13.9 (7%) (11%)
OPERATING MARGIN 32% -1 pt -2 pt

U – Underlying R – Reported
Engineering & Construction
Mobile Solutions
Q1’06 Segment Operating Results
Prior YR %
Q1'06 U R
REVENUE $146.7 22% 22%
GROSS MARGIN 48% 2 pt -2 pt
OPERATING INCOME $26.4 50% 23%
OPERATING MARGIN 18% 4 pt 0 pt
Prior YR %
Q1'06 U R
REVENUE $12.6 70% 70%
GROSS MARGIN 39% 9 pt 9 pt
OPERATING INCOME $0.2 160% 135%
OPERATING MARGIN 2% 12 pt 10 pt
Field Solutions
Advanced Devices
Prior YR %
Q1'06 U R
REVENUE $43.0 (5%) (5%)
GROSS MARGIN 53% -3 pt -3 pt
OPERATING INCOME $13.9 (7%) (11%)
OPERATING MARGIN 32% -1 pt -2 pt
Prior YR %
Q1'06 U R
REVENUE $23.3 4% 4%
GROSS MARGIN 46% 0 pt 0 pt
OPERATING INCOME $2.3 (7%) (22%)
OPERATING MARGIN 10% -1 pt -3 pt

Q2 Guidance
$Millions Guidance
Revenue $231 to $237
GAAP Operating Margins 15% to 16%
Non-Operating Income $2.5
Intangibles $2.3
Stock-based Compensation $3.2
Shares 58.7 million
Tax Rate 34%
CTCT Accounting Impact 2.8 pts
GAAP EPS 43¢ to 46¢
Non-GAAP EPS 49¢ to 52¢

Multi-year Outlook
Guidance
2006 to 2008
Revenue 12 – 15%
Margin Expansion 200-300 basis pts
Capital Spending $15M – 20M
Tax Rate 34%
Acquisitions Small / Mid Sized