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• Garmin for industrial-grade precision and automation.
• The 'Intel Inside' for precision construction and agriculture.
• Samsara for heavy construction, agriculture, and surveying.

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• GNSS Receivers & Systems: Provide highly accurate positioning data for surveying, mapping, machine control, and various other industrial applications using satellite navigation technology.
• Total Stations & Laser Scanners: Optical instruments and 3D laser scanning systems used for precise measurement, layout, and data capture in construction, engineering, and geospatial projects.
• Building Information Modeling (BIM) Software: Comprehensive software suites for design, detailing, analysis, and management of construction projects throughout their lifecycle, facilitating collaboration and efficiency.
• Precision Agriculture Solutions: Integrated hardware and software systems for automated guidance, variable rate application, yield monitoring, and data management to optimize farming operations.
• Field & Mobile Computing Devices: Ruggedized handhelds, tablets, and controllers designed for data collection, site layout, and communication in demanding outdoor and industrial environments.
• Fleet & Asset Management Software: Telematics and software services for tracking, optimizing routes, monitoring driver behavior, and managing vehicle and equipment fleets in transportation and logistics.
• Geospatial Software & Services: Solutions for collecting, processing, analyzing, and managing spatial data, supporting surveying, mapping, GIS, and land administration professionals.
• Civil Engineering & Construction Software: Design and analysis software for infrastructure projects such as roads, railways, and land development, aiding in project planning and execution.

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Trimble Inc. (TRMB) primarily sells its advanced technology solutions to other companies and governmental entities (B2B model).

Due to the nature of its business, which involves selling a wide range of hardware, software, and services across various industries globally, Trimble does not publicly disclose specific major customer companies by name. Instead, its customer base consists of a vast number of businesses and organizations within the following major industry categories:

• Construction Companies: This broad category includes general contractors, heavy civil construction firms, specialized subcontractors (e.g., concrete, earthmoving), and building owners. They utilize Trimble solutions for surveying, site preparation, machine control, building information modeling (BIM), project management, and field data capture.

• Agricultural Enterprises: Farmers, large agricultural businesses, and precision agriculture service providers use Trimble's technology for guidance and steering, variable rate application, crop health monitoring, and farm management software to enhance efficiency and yield.

• Geospatial and Surveying Firms: Professional surveyors, mapping companies, utility companies, and government agencies responsible for land administration and infrastructure management rely on Trimble's high-precision GPS/GNSS, total stations, and laser scanning solutions for data collection, mapping, and Geographic Information System (GIS) applications.

• Transportation and Logistics Companies: Fleet operators, trucking companies, and supply chain enterprises use Trimble's solutions for fleet management, asset tracking, route optimization, driver safety, and regulatory compliance.

• Government Agencies: Federal, state, and local governments, including public safety, defense, and infrastructure departments, are also significant customers, utilizing Trimble products for various applications such as land management, emergency response, and infrastructure development.

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Robert G. Painter President and Chief Executive Officer

Robert G. Painter became Trimble's President and Chief Executive Officer in January 2020. He joined Trimble in 2006, having previously served as the company's Chief Financial Officer from 2016 to 2019. Prior to his CFO role, he was Vice President of Trimble Buildings and General Manager of a joint venture with Hilti. Before Trimble, Mr. Painter held management and finance positions at various companies including Cenveo, Rapt Inc., Bain & Company, Whole Foods Market, and Kraft Foods. He holds a Bachelor of Science in Finance from West Virginia University and an MBA from Harvard University.

Phil Sawarynski Chief Financial Officer

Phil Sawarynski joined Trimble in 2009. He has led finance for several of Trimble's divisions and sectors, including Agriculture, Geospatial, Transportation, and Asset Management. He also led the Optical and Imaging business within the Geospatial sector. Before joining Trimble, Mr. Sawarynski served as CFO and VP of National Accounts at Nexus Corporation. His earlier career included various finance and engineering roles at Ford Motor Company, and he worked as a manufacturing engineer for International Paper.

Jennifer Allison Corporate Vice President, General Counsel

Jennifer Allison serves as Corporate Vice President, General Counsel at Trimble, where she oversees all legal matters and ensures compliance with regulatory requirements.

Ronald Bisio Senior Vice President, Field Systems

Ronald Bisio holds the position of Senior Vice President, Field Systems at Trimble.

Mark Schwartz Senior Vice President, AECO Software

Mark Schwartz is the Senior Vice President of AECO Software at Trimble. In this role, he oversees the development and implementation of software solutions for the architecture, engineering, construction, and operations sectors, focusing on digital transformation and operational efficiencies.

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The key risks to Trimble's business include internal control and regulatory compliance deficiencies, intense competition coupled with rapid technological change, and exposure to macroeconomic headwinds and market cyclicality.

1. Internal Control and Regulatory Compliance Deficiencies: Trimble has encountered significant challenges with its internal controls, specifically in IT systems and revenue recognition. These weaknesses led to delays in filing its annual report on Form 10-K and necessitated financial restatements, which brought the company close to non-compliance with Nasdaq listing rules. Although the recent filing averted immediate delisting, the company must undertake sustained remediation efforts, as any unresolved deficiencies could lead to further regulatory scrutiny and negatively impact investor confidence.
2. Intense Competition and Rapid Technological Change: Trimble operates in highly competitive markets across its diverse business segments, facing strong competition from established players like Hexagon AB, Topcon Positioning Systems, and Autodesk, as well as emerging startups in geospatial and agriculture technology. To maintain its market leadership, Trimble must continuously invest in research and development and adapt to rapid technological advancements, including the integration of AI, IoT, and cloud-based solutions. A failure to innovate or effectively compete could result in a loss of market share and decreased profitability.
3. Exposure to Macroeconomic Headwinds and Market Cyclicality: Trimble's business is vulnerable to broader macroeconomic conditions, as its key end markets, such as construction, agriculture, and logistics, are inherently sensitive to economic cycles. Factors such as inflation, rising interest rates, supply chain disruptions, and geopolitical events can adversely affect demand for Trimble's products and services, increase operational costs, and consequently impact its revenue and profitability.

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The rapid development and increasing market adoption of low-cost, AI-powered, sensor-fusion based mobile mapping and positioning systems. These solutions, often integrating advanced consumer-grade sensors (e.g., high-resolution cameras, inexpensive LiDAR, and inertial measurement units) with sophisticated simultaneous localization and mapping (SLAM) algorithms and artificial intelligence, are capable of generating highly accurate 3D spatial data and precise localization at a significantly lower cost and with greater speed than traditional dedicated surveying and mapping equipment. While not yet matching the absolute precision of Trimble’s highest-end solutions for all applications, they are becoming "good enough" for an expanding range of use cases in construction, asset management, indoor mapping, and rapid site documentation. This trend threatens to commoditize parts of Trimble’s hardware and software market, especially in the mid-to-lower precision segments, by offering more accessible and cost-effective alternatives, thereby attracting customers who prioritize speed and affordability over absolute survey-grade precision for certain tasks.

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Trimble (symbol: TRMB) operates in several key markets, providing hardware, software, and services across various industries. The estimated addressable market sizes for their main products and services are as follows:

• Construction Software (Architects, Engineers, Construction and Owners - AECO):
  • The global construction software market size was valued at USD 9.87 billion in 2024 and is projected to reach USD 21.03 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 10.05% during the forecast period. Another report estimates the global construction software market size at USD 11.3 billion in 2024, projected to reach USD 34.2 billion by the end of 2037, at a CAGR of 8.9% from 2025-2037.
  • The U.S. construction software market size was estimated at USD 0.98 billion in 2024 and is projected to be worth around USD 2.41 billion by 2034, growing at a CAGR of 9.36% from 2025 to 2034.
• Geospatial (part of Field Systems):
  • The global geospatial industry market was estimated at USD 127 billion in 2024 and is projected to reach USD 246 billion by 2031, growing at a CAGR of 10.3% during the forecast period 2025-2031.
  • Another estimate for the global geospatial market size is USD 626.13 billion in 2024, projected to reach USD 2,155.72 billion by 2034, expanding at a CAGR of 13.16% from 2025 to 2034.
  • The global geospatial analytics market size was estimated at USD 114.32 billion in 2024 and is projected to reach USD 226.53 billion by 2030, growing at a CAGR of 11.3% from 2025 to 2030.
• Agriculture Technologies (part of Field Systems, though a joint venture with AGCO was formed in April 2024):
  • The global agriculture technologies market size was valued at USD 26.30 billion in 2024 and is expected to reach USD 71.08 billion by 2032, at a CAGR of 13.23%.
  • Another report states the global agritech market size was worth around USD 23.5 billion in 2022 and is predicted to grow to around USD 79.7 billion by 2030 with a CAGR of roughly 16.5% between 2023 and 2030.
  • The global agriculture technology as a service market size reached USD 2.3 billion in 2024 and is expected to reach USD 9.1 billion by 2033, exhibiting a growth rate (CAGR) of 16.01% during 2025-2033.
• Transportation and Logistics (T&L):
  • The global transportation management system (TMS) market was valued at USD 15.25 billion in 2024 and is expected to reach USD 46.01 billion by 2032, growing at a CAGR of 14.80% during the forecast period of 2025 to 2032.
  • Another source estimates the global transportation management system market size at USD 15.88 billion in 2024 and to reach USD 41.57 billion by 2030, growing at a CAGR of 17.5% from 2025 to 2030.
  • The transportation management system market is also forecasted to reach USD 37.04 billion by 2030, up from USD 18.50 billion in 2025, with a CAGR of 14.9% from 2025 to 2030.

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Trimble (NASDAQ: TRMB) is expected to drive future revenue growth over the next two to three years through several key strategies and market trends:

1. Growth in Annual Recurring Revenue (ARR) and Shift to Subscription Models: Trimble is actively transitioning towards a software and subscription-based business model, which is a significant driver of predictable and recurring revenue. The company reported record annualized recurring revenue (ARR) of $2.19 billion in Q3 2024, up 13% year-over-year, and $2.31 billion in Q3 2025, up 15% year-over-year. This shift is also contributing to improved gross margins.
2. Execution of the Connect & Scale Strategy: This overarching strategy aims to digitally connect users, data, and workflows across various industries such as engineering, construction, transportation, and logistics. It also involves developing common back-end systems and shared technology platforms. The Connect & Scale strategy is seen as fundamental to driving ARR growth and unlocking cross-selling opportunities.
3. Expansion of AI-Enabled Solutions: Trimble is investing in and launching new AI-enabled solutions, which are expected to drive future growth. These solutions are designed to provide AI-driven insights and address real-world problems for customers, enhancing the value proposition of Trimble's offerings.
4. Leveraging Cross-Selling and Upsell Opportunities: Management has expressed confidence in continued ARR growth, specifically citing strength across its portfolio, effective go-to-market strategy, and cross-selling opportunities. Within the Transportation & Logistics segment, for example, Trimble identifies approximately $400 million in cross-sell and upsell potential.
5. Strong Performance and Growth in Key Segments (AECO and Field Systems): The Architecture, Engineering, Construction, and Operations (AECO) segment has demonstrated robust performance, with its ARR and revenue growing by 17-18% in recent quarters. Similarly, the Field Systems segment has outperformed expectations, particularly in Civil Construction, driven by strength in geospatial and civil solutions, with an 18% ARR growth. Continued strength and expansion within these core segments are anticipated to be significant revenue drivers.

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Share Repurchases

• Trimble authorized a new share repurchase program of up to $1 billion in February 2025, which replaced the previous $800 million authorization.
• The company repurchased approximately $175.0 million worth of shares during fiscal year 2024.
• During fiscal year 2023, Trimble repurchased approximately $100.0 million worth of shares.

Share Issuance

• Issuance of common stock, net of tax withholdings, resulted in -$6.5 million in fiscal year 2024 and $6.7 million in fiscal year 2023.
• Trimble's shares outstanding saw a decline of 0.76% in 2024 and 0.44% in 2023, indicating that share repurchases generally outpaced issuances during these periods.

Outbound Investments

• In August 2021, Trimble launched Trimble Ventures, a venture fund with $200 million allocated for strategic capital investments in early and growth-stage companies aligned with its mission across various industries.
• Trimble acquired Transporeon for approximately $1.98 billion in December 2022.
• In September 2023, Trimble signed an agreement to contribute its precision agriculture business to a joint venture with AGCO, retaining a 15% ownership stake.