What changed in this filing

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Item 1. Business

2023-02-17 compared with 2022-02-23 · 174 added, 166 removed, 270 unchanged (56% of the section changed)

(“Trimble” or “the Company” or “we” or “our” or “us”) is a leading provider of technology solutions that enable professionals and field mobile workers to improve or transform their work processes and drive a more sustainable future.

Our comprehensive work process solutions are used across a range of industries including architecture, building construction, civil engineering, geospatial, survey and mapping, agriculture, natural resources, utilities, transportation, and government.

Our representative customers include construction owners, contractors, engineering and construction firms, surveying companies, farmers and agricultural companies, energy and utility companies, trucking companies, and state, federal, and municipal governments.

For more than 40 years, sustainability has been at the heart of who we are as a company.

Positive sustainability impacts are woven into our work, realized both internally and through our customers' application of our technology.

Ensuring a sustainable future is one of the defining issues of our generation, and current realities require even more accelerated focus and stepped-up ambitions for our strategic approach and process for managing the material environmental, social, and governance (“ESG”) aspects of our business.

We believe our efforts will make us a better and more resilient company positioned to take on our most pressing environmental and social issues while creating even greater benefits for the customers and stakeholders we serve in the months and years to come.

We transform the way the world works by delivering products and services that connect the physical and digital worlds.

Core technologies used in positioning, modeling, connectivity, and data analytics enable customers to improve productivity, quality, safety, and sustainability.

Our products are sold based on return on investment and provide benefits such as lower operational costs, higher productivity, improved quality, enhanced safety and regulatory compliance, and reduced environmental impact, ranging from reduced greenhouse gas emissions (GHG) to reduced water use.

Our representative products include equipment that automates and enables increased precision within large industrial machines such as tractors and bulldozers;

integrated systems that track and manage fleets of vehicles and workers and provide real-time information and analytics to the back-office;

data collection systems that enable the management of large amounts of geo-referenced information;

software solutions that connect all aspects of a construction site or a farm;

and building information modeling (“BIM”) software that is used throughout the design, build, and operation of buildings.

We focus on integrating our broad technological and application capabilities to create vertically-focused, system-level solutions that transform how work is done within the industries we serve.

The integration of sensors, software, connectivity, and information in our portfolio gives us the unique ability to provide an information model specific to the customer’s workflow.

Our strategy incorporates a platform strategy, which we are executing in part by partnering to build ecosystems to better serve our customers.

For example, in construction, our strategy is centered on the concept of a “constructible model” that is at the center of our “Connected Construction” solutions, which provide real-time, connected, and cohesive information environments for the design, build, and operational phases of construction projects.

In agriculture, we continue to develop “Connected Farm” solutions to optimize operations across the agriculture workflow.

In long haul trucking, our “Connected Supply Chain” solutions provide transportation companies with tools to enhance fuel efficiency, safety, transparency, and sustainability through connected vehicles and fleets across the enterprise.

Software is a key element for our solutions and accounts for a steadily increasing portion of our business.

Our software products and services range from embedded real-time firmware to application software that integrates field data with large-scale enterprise back-office applications.

Many of our software solutions are built on configurable and enterprise-grade scalable platforms that can be tailored to the workflows that our customers follow to implement their customized business processes.

Our software capabilities include extensive three-dimensional (“3D”) modeling, analysis, and design solutions;

design and data preparation software;

BIM software;

enterprise resource planning and project management solutions;

cloud-based collaboration solutions;

applications for advanced surveying, data collection, and analysis for farm productivity solutions;

fleet management solutions for transportation;

as well as a large suite of domain-specific software applications used across a host of industries including agriculture, construction, utilities, and transportation.

Our software is sold as perpetual or term licenses or as a subscription and can be delivered for on-premise installation or in a hosted environment as Software as a Service (“SaaS”).

Our subscription-based offerings are also increasingly being extended into offerings that include both hardware and software, providing a complete customer solution together with customer technology assurance as new generations of hardware become available.

We are extending these offerings to run across diverse environments, including cloud environments, and we will continue to focus on delivering our differential value in providing domain-specific workflows and enhancing lifecycle management across our target industries.

Our software products allow our customers to optimize their work processes for targeted outcomes, improve their productivity, and gain insight into their projects and operations to enhance their decision-making and to gain maximum benefit from a broad range of other Trimble products and systems.

Many of our products integrate real-time positioning or location technologies with wireless communications and software or information technologies.

Information about location or position is transmitted via a wireless link to a domain-specific software application, which enhances the productivity of the worker, asset, or work process.

Position is provided through a number of technologies including the U.S.

Global Positioning System (“GPS”), other Global Navigation Satellite Systems (“GNSS”) and their augmentation systems, and systems that use laser, optical, inertial, or other technologies to establish real-time position.

Integration of wireless communications in our solutions facilitates real-time data flow, communication, and situational awareness within sites and between work sites or vehicles and offices.

Our global operations include major development, manufacturing, or logistics operations in the United States, the Netherlands, India, Germany, Finland, Canada, New Zealand, the United Kingdom, and Sweden.

Products are sold in more than 150 countries, through dealers, representatives, joint ventures, and other channels throughout the world, as well as direct sales to end users.

(“Trimble” or “the Company” or “we” or “our” or “us”) is a leading technology solutions provider that enables office and mobile professionals to connect their workflows and asset lifecycles to drive a more productive, sustainable future.

With a focus on the industries that feed, build, and move the world, the comprehensive depth and breadth of our solutions is transforming the way the world works, making it easier for Trimble customers to focus on what matters—getting the job done right.

We innovate at the intersection of the digital and physical worlds with solutions that span the world’s foundational industries including building, civil and infrastructure construction, geospatial, survey and mapping, agriculture, natural resources, utilities, transportation, and government.

We exist to empower our customers:

asset owners, general and specialty contractors, engineers and designers, surveyors, agricultural companies and farmers, energy and utility companies, trucking companies and drivers, as well as state, federal, and municipal governments.

Productivity and sustainability are at the heart of who we are—woven into our work internally and through our customers’ application of our technologies.

The state of the world today requires us to step up with an accelerated focus on our strategic approach to manage the environmental, social, and governance (“ESG”) aspects of our business.

These efforts will make us a better, more resilient company and motivate us to create greater sustainability solutions for the customers and stakeholders we serve.

Our solutions provide customers with the ability to improve their work quality while being safe, efficient, and sustainable.

More than that, our products enable reduced environmental impact in our markets, ranging from reduced greenhouse gas (“GHG”) emissions to improved water stewardship.

Today’s work requires solutions for an interconnected world, no matter the industry.

Trimble offers a diverse range of coherent capabilities that connect applications, data, workflows, and mobile technologies to more efficiently orchestrate work, often in mixed fleet environments.

Our advanced positioning and autonomous guidance capabilities enable increased precision with large equipment, such as tractors and bulldozers.

We offer integrated systems that track and manage fleets of vehicles, improve the driver experience, and provide real-time logistical analytics and insights back to the office.

Our connected reality capture systems enable the management of large amounts of geo-referenced information, and our software solutions connect all aspects of a fleet, a farm, or a lane, while our collaborative building information modeling (“BIM”) solutions are used throughout the design, build, and operation of the built environment.

We focus on integrating our software application and cloud capabilities to create vertically-focused, system-wide solutions that transform how work is done.

The integration of sensors, software, hardware, and data in our portfolio gives us a unique ability to provide detailed insights for our customers to improve their specific workflows.

Our strategy is centered on the concept of open industry clouds and underlying common data environments as the nucleus of our connected solutions, allowing all stakeholders to collaborate and make decisions based on the same information.

In construction, we connect teams across the design, build, and operational phases of a project.

In agriculture, we continue to develop connected farm solutions to optimize operations for agricultural production and protection.

Meanwhile, our connected supply chain solutions provide transportation companies and their drivers with tools to enhance fuel efficiency, safety, transparency, and sustainability throughout their connected fleets.

Connected software applications and cloud platform services are key elements of our solutions and account for a steadily increasing portion of our business.

Our software enhances a broad range of other products and systems to allow our customers to optimize their work toward targeted outcomes and improve their decision-making and productivity.

Ranging from embedded, real-time firmware to software that integrates data with large-scale enterprise back-office systems, many of our solutions are extensible and can be tailored by users for customized business processes and workflows.

Trimble software capabilities include extensive three-dimensional (“3D”) modeling, analysis, planning and design solutions as well as a large suite of domain-specific software applications used across industries including agriculture, construction, geospatial, utilities, and transportation.

Our software is sold as perpetual, term, or subscription and can be provisioned for on-premise, and increasingly, hosted as Software as a Service (“SaaS”).

Our tiered subscription offerings can include both hardware and software, providing a complete customer solution with technology assurance as new generations of hardware become available.

We are extending our capabilities to run in multi-cloud environments, while delivering our unique value via domain-specific workflows and lifecycle management in our target industries.

Our global operations include major research, development, manufacturing, and logistics operations in the United States, the Netherlands, India, Germany, Finland, Canada, New Zealand, the United Kingdom, and Sweden.

Business Strategy

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This strategy contains two elements.

The first element, Connect, aims to connect more customer workflows, industry life cycles, and solution offerings, so that we can continue to transform the way our customers work.

◦ The first element, Connect, aims to connect more customer workflows, industry lifecycles, and solution offerings, so that we can continue to transform the way our customers work.

This includes integrating more of our customers’ data through cloud offerings and making more of our solutions available over time on a subscription basis.

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This network effect means that the willingness of developers, partners, or end users to engage increases as the number of network participants grows, which further enhances the platform experience and end-user value.

For example, our flagship design and construction platform solution,Trimble Connect, enables entire project teams to collaborate in real-time between the office and the field to make efficient decisions around the same data-rich design model.

And, our recently released Trimble Construction Cloud includes capabilities such as a connected data environment for online collaboration, the ability to author unique workflows that connect the digital and physical worlds, and the power to dynamically orchestrate design coordination in the cloud from wherever project stakeholders may be.

Meanwhile in our Transportation business, the Trimble Transportation Cloud, for example, provides shippers and carriers with the critical information they need to make more informed bid and contract award decisions.

◦ The second element, Scale, aims to invest in the people, processes, and technologies that are necessary to streamline and standardize our internal processes, provide a seamless experience for our customers as they engage with our connected solutions, and enable us to continue to grow our business efficiently and effectively for many years into the future.

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We currently have over 1,000 unique patents reflective of our technology portfolio and deep domain knowledge to deliver specific, targeted solutions quickly and cost-effectively to each of the vertical markets we serve.

Our patent portfolio is continuously updated with new patent grants that emerge from our investments in research and development.

We look for opportunities where the opportunity for technological change is high and that have a requirement for the integration of multiple technologies into complete vertical solutions.

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We view international expansion as an important element of our strategy, and we continue to position ourselves in geographic markets that will serve as important sources of future growth.

We currently have distribution channels in over 85 countries, and sales are supported by our own offices located in over 40 countries around the world.

Products are sold in more than 150 countries, through dealers, representatives, joint ventures, and other channels throughout the world, as well as direct sales to end users.

Sales are supported by our own offices located in approximately 40 countries around the world.

• Optimized go-to-market strategies to best access our markets.

We utilize vertically focused go-to-market strategies that leverage domain expertise to best serve the needs of individual markets both domestically and abroad.

These go-to-market capabilities include independent dealers, joint ventures, original equipment manufacturers (“OEM”), and distribution alliances with key partners, such as CNH Industrial, Caterpillar, and Nikon, as well as direct sales to end users, which provide us with broad market reach and localization capabilities to effectively serve our markets.

• Strategic acquisitions.

Organic growth continues to be our primary focus, while acquisitions serve to enhance our market position.

These go-to-market capabilities include independent dealers, joint ventures, original equipment manufacturers (“OEM”), and

distribution alliances with key partners, including Caterpillar and Nikon, as well as direct sales to end users, which provide us with broad market reach and localization capabilities to effectively serve our markets.

• Strategic acquisitions and venture fund investments.

O rganic growth continues to be our primary focus, while acquisitions serve to enhance our market position.

We acquire businesses that bring domain expertise, geographic presence, technology, products, and distribution capabilities that augment our portfolio and allow us to penetrate existing markets more effectively, or to establish a market beachhead.

Our success in targeting and effectively integrating acquisitions is an important aspect of our growth strategy.

• Venture fund investments.

In 2021, we announced a newly formed strategic venture fund.

In December 2022, we signed a definitive agreement to acquire Transporeon valued at approximately €1.88 billion or $2.0 billion , which is expected to close in the first half of 2023, subject to regulatory approvals.

Transporeon, a Germany-based company, is a leading cloud-based transportation management software platform that connects key stakeholders across the industry lifecycle to positively impact the optimization of global supply chains, in alignment with our Connect and Scale strategy.

We believe the acquisition will advance our sustainability strategy by reducing under-utilized carrier capacity and “empty miles” and increase our international footprint and long-term Transportation opportunities.

We also formed a strategic venture fund in 2021 (“Trimble Ventures”).

With this fund, we expect to invest up to $200 million in early- to growth-stage companies that can accelerate innovation and effectively bring new solutions to our customers and the industries that we serve and would give us an early, inside look and stake in emerging business and technology solutions.

To date, we have invested a total of $20.5 million in early stage companies.

• Sustainability.

The global economy is experiencing a fundamental shift toward sustainability driven through broad stakeholder engagement, with a focus on decarbonization.

Historically, through delivering productivity and efficiency gains, Trimble products have delivered sustainability for our customers, and we envision more opportunities to deliver expanded carbon reductions and other sustainability benefits, such as water management in agriculture and utilities, for our customers through our Connect and Scale and the other strategies we have described.

Historically, through delivering productivity and efficiency gains, Trimble products have delivered sustainability for our customers, and we envision more opportunities to deliver expanded carbon reductions and other sustainability benefi ts, such as water management in agriculture and utilities.

Our focus on these growth drivers has led over time to growth in revenue and profitability and an increasingly diversified business model.

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Buildings and Infrastructure, Geospatial, Resources and Utilities, and Transportation.

For further financial information about our segments, see Note 5 to the Consolidated Financial Statements in this Annual Report on Form 10-K.

For further financial information about our segments, see Note 6 “ Reporting Segment and Geographic Information ” of this report.

Buildings and Infrastructure

The Buildings and Infrastructure segment primarily serves customers working in architecture, engineering, construction, and operations and maintenance.

Within this segment, our most substantial product portfolios are focused on building construction and civil engineering and construction.

The Buildings and Infrastructure segment primarily serves customers working in architecture, engineering, construction, design, asset management, operations, and maintenance.

Within this segment, our most substantial product portfolios are focused on building and civil engineering construction, design, capital planning, and asset management.

Building Construction.

Our building construction portfolio of solutions for the residential, commercial, and industrial building industry spans the entire life cycle of a building and is used by construction owners, architects, designers, general contractors, sub-contractors, and engineers.

Our building construction portfolio of solutions for the residential, commercial, and industrial building industry spans the entire lifecycle of a building and is used by construction owners, architects, designers, general contractors, sub-contractors, and engineers.

These solutions serve to improve productivity and to enhance data sharing and collaboration across different teams and stakeholders to help keep projects within cost, time, and quality targets.

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enterprise resource planning, project management, and project collaboration for general contractors;

advanced integrated site layout and measurement systems;

cost estimating;

and project controls solutions for contractors.

and advanced integrated site layout and measurement systems, cost estimating, scheduling, and project controls solutions for contractors.

The suite also includes applications for sub-contractors and construction trades such as steel, concrete, and mechanical, electrical and plumbing;

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Our solutions provide customer benefits such as reduced costs, reduced waste and re-work, increased worker safety and efficiencies, faster project completion times, improved information flow, better decision making, enhanced quality control, and multiple sustainability benefits for our customers.

During 2021, we announced new developments in several of our software offerings, including:

(i) the release of Tekla 2021 Structural BIM software solutions, which include new software features and enhancements to power data-driven, collaborative, and connected workflows across all project phases, (ii) the introduction of Trimble Construction One TM , a connected, cloud-based construction management platform, (iii) the formation of a strategic partnership with Microsoft to drive digital transformation across industries, and (iv) collaboration with One Click LCA to add an embodied carbon assessment tool into Tekla Structures to help customers understand the carbon from the materials they use and help them optimize among early design choices.

Civil Engineering and Construction.

During 2022, we announced a number of new developments including:

(i) the Trimble Construction Cloud powered by Microsoft Azure, an industry cloud to streamline construction projects by connecting project teams, data, workflows, processes, and stakeholders, further enhancing our Trimble Construction One commercial offering, (ii) the launch of WinEst Essentials, a new cloud-hosted estimating subscription that facilitates an end-to-end workflow for general contractors, (iii) Trimble Connect2Fab, a web-based application within the Trimble Connect collaboration platform that enables a seamless connection

between design and fabrication workflows for mechanical, electrical, and plumbing (“MEP”) contractors and the Project MEP solution for greater efficiency, collaboration, and visibility across projects, (iv) the FieldLink MR mixed-reality solution for construction layout and the new Trimble Ri robotic total station for construction layout, and (v) in partnership with the Hilti Group, we announced a data integration between Trimble’s Viewpoint Vista ERP and Hilti’s ON!Track asset management system to streamline tool tracking and job allocation for contractors.

Civil Engineering Construction and Asset Management.

Our civil engineering and construction portfolio spans the lifecycle of civil infrastructure assets from feasibility and capital budgeting, to planning and design, to construction, through to long-term operation and maintenance.

Our solutions serve the key industry stakeholders including the asset owners or clients, design engineers, consultants, contractors, sub-contractors, and suppliers.

Our technological suite is employed across the entire project life cycle to improve productivity, reduce waste and re-work, including reduced carbon emissions, and enable more informed decision making through enhanced situational awareness, data flow, data-driven insights and decision support, and project collaboration.

Our technological suite is employed across the entire project lifecycle to improve productivity, reduce waste and re-work, including reduced carbon emissions, and enable more informed decision making through enhanced situational awareness, data flow, data-driven insights and decision support, and project collaboration.

At the same time, our solutions can improve worker safety and reduce environmental impact.

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During 2022, we announced a number of developments, including:

(i) the availability of Trimble civil construction field software globally on a subscription basis, giving contractors the ability to implement and scale Trimble's machine control and construction surveying solutions more easily and with no large up-front costs, (ii) the availability of a new version of Trimble Earthworks Grade Control Platform, which includes support for soil compactors, and (iii) the introduction of Siteworks SE Starter Edition, which is an entry-level, easy-to-use construction surveying software solution.

(i) the acquisition of B2W Software, a leading provider of estimating and operations solutions for the heavy civil construction industry, (ii) the industry’s first automated horizontal steering control for soil compactors, which represents a step toward our autonomous vision, (iii) the Trimble Roadworks paving control platform for asphalt compactors, which enables operators to accurately control the compaction process, (iv) the availability of additional mixed-fleet systems, including a Trimble Ready factory option for new ABI GmbH piling and drilling machines, and (v) the availability of the Trimble Groundworks machine control system for piling machines as a factory option on Junttan Oy foundation machines.

We sell and distribute our products in the Building and Infrastructure segment through both a direct sales force and global networks of independent dealers with expertise and customer relationships in the respective markets, including SITECH Technology dealers, which serve the civil construction industry, and BuildingPoint dealers, which serve the building construction industry.

We also sell many of our software solutions through our own direct sales force.

We also sell many of our software solutions through our own direct sales force, to asset owners and clients, contractors, sub-contractors, and consulting engineers.

Competitors in this segment are typically companies that provide optical, laser, or GNSS positioning products as well as companies that produce software specific to the construction process.

As we extend our software and services offerings to cover the full set of construction life cycle management solutions used by construction owners, designers, and construction companies, we increasingly compete with large established companies that offer similar systems across all industries.

As we extend our software and services offerings to cover the full set of construction lifecycle management solutions used by construction owners, designers, and construction companies, we increasingly compete with large established companies that offer similar systems across all industries.

We compete principally on the basis of innovation, differentiated products, domain expertise, service, quality, and geographic reach.

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Our survey solutions replace less productive conventional methods of surveying, mapping, 2D or 3D modeling, monitoring, measurement, reporting, and analysis.

Our suite of solutions includes field-based data collection systems and field software, real time communications systems, and back-office software for data processing, modeling, monitoring, reporting, and analysis.

Our suite of solutions includes field-based data collection systems and field software, real time

communications systems, and back-office software for data processing, modeling, monitoring, reporting, and analysis.

Our field-based technologies are used in handheld, land mobile, and airborne applications and incorporate technologies such as mobile application software, high precision GNSS, robotic measurement systems, inertial positioning, 3D laser scanning, digital imaging, and optical or laser measurement.

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During 2022, we announced a number of new developments, including:

(i) the introduction of the Trimble R750 GNSS Modular Receiver, a connected base station for use in civil construction, geospatial, and agricultural applications, (ii) the launch of the Trimble DA2 GNSS receiver for the Trimble Catalyst ® positioning service, (iii) the introduction of the MX50 mobile mapping system for asset management and mapping, (iv) the introduction of the Trimble SX12 Scanning Total Station, which is the next iteration of our 3D scanning total station, and (v) the introduction of the FOCUS 50 high-performance robotic total station under the Spectra brand.

As of 2021, we also offer our key software packages:

Trimble Business Center for the office and Trimble Access for the field both offered under term and perpetual licenses, which provides our customers flexible options.

(i) the introduction of the scalable and configurable Trimble R780 GNSS Modular Receiver that includes our industry-leading ProPoint engine and tilt technology, (ii) the launch of the newest addition to our scanning portfolio, the Trimble X12 3D laser scanning system, and (iii) the introduction of the Trimble TDC650 handheld data collector for mapping professionals.

Additionally, we delivered multiple feature releases in our powerful Trimble Business Center office software, adding productivity gains through improved connectivity, simplicity, and efficiency enhancements for survey and construction professionals.

We sell and distribute our products in the Geospatial segment primarily through a global network of independent dealers and business partners.

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Our precision agriculture products and services consist of guidance and positioning systems, including autonomous steering systems, automated and variable-rate application and technology systems, and information management solutions that enable farmers and their partners to improve crop performance, profitability, and environmental quality.

Our precision agriculture solutions can assist farmers throughout every step of their farming process beginning with land preparation and continuing through the planting, nutrient, pest management, and harvesting phases of a crop cycle.

We provide manual and automated navigation guidance for tractors and other farm equipment used in spraying, planting, cultivating, and harvesting applications.

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During 2022, we announced a number of new developments, including:

(i) significant enhancements to the Trimble Centerpoint RTX correction service, giving farmers the ease of use of the satellite-delivered corrections and RTK horizontal performance in less time, and (ii) a collaboration with HORSCH focused on developing solutions that enable autonomy in agriculture with the goal of building a future for autonomous machines and workflows in the industry.

We use multiple distribution approaches to access the agricultural market including independent dealers and direct selling to enterprise accounts.

A significant portion of our sales are through CNH Industrial and affiliated dealer networks.

Our distributors provide a premier level of technical expertise, customer service and support capabilities, and operate with a strategy that fosters technology interoperability in mixed fleets used on a farm.

Our distributors are committed to providing reliable, responsive, and dedicated in-field service and support as well as creating a hassle-free experience for the grower and their advisors when implementing advanced technology solutions.

They also provide training to help farmers and advisors gain a better understanding of how to use the technology in a way that best meets their needs.

(i) the acquisition of Bilberry, a selective spray technology company, and (ii) an investment in Sabanto, an autonomous farming-as-a-service company, through Trimble

Lastly, we launched our next generation agriculture displays (GFX-1060 and GFX-1260), which provide improved performance and connectivity for in-field operations.

We use multiple distribution approaches to access the mixed fleet agricultural market including independent dealers and direct selling to enterprise accounts.

A significant portion of our aftermarket sales have historically been generated through CNH Industrial (“CNH”), which resells our aftermarket products through its dealer network.

Moving forward, as part of our Connect and Scale strategy, we will directly manage, and further build out, our independent dealer network to ensure better access, service, and support for our customers.

Our aftermarket solutions address both new equipment as well as equipment already in the field, and we will reach customers through these independent dealer partners, who are focused on selling the full portfolio of Trimble-branded precision agriculture solutions.

Aligned with this strategy, in February 2023, we gave CNH a 12-month notification that we will no longer supply aftermarket precision agriculture products to CNH for resale through the CNH dealer network.

We will continue to supply hardware to CNH for their factory installations.

While we do not expect this action to have a material effect on our revenues in 2023, there c an be no assurance that our revenue from our independent dealer network will offset the reduction in revenue resulting from our discontinuance of sales of aftermarket products to CNH.

Competitors in the agricultural market are vertically integrated farm equipment and implement companies, agricultural instrumentation companies, and companies that provide agricultural software and services.

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The transportation management system serves as a central hub from which the core operations of transportation organizations are managed, data is stored and analyzed, and mission critical business processes are automated.

Our enterprise transportation management system automates business processes spanning the entire surface transportation life cycle for shippers, carriers and intermediaries, delivering visibility, control, and decision support for the intricate relationships and complex processes involved in the movement of freight.

Our enterprise transportation management system automates business processes spanning the entire surface transportation lifecycle for shippers, carriers and intermediaries, delivering visibility, control, and decision support for the intricate relationships and complex processes involved in the movement of freight.

Our products also provide truck routing, mileage, and mapping solutions, as well as a voice-guided turn-by-turn navigation solution.

During 2022, we announced a number of new developments, including:

(i) our eDriver Logs electronic logging device (“ELD”) software was certified to comply with the technical requirements of the Canadian ELD mandate, (ii) technical enhancements were made to ELDs to address U.S.

markets, and (iii) a new strategic relationship with Procter & Gamble was formed to enhance how shippers and carriers partner during the transportation procurement process.

(i) the pending acquisition of Transporeon, a leading European cloud-based transportation management software platform, (ii) the launch of the Engage Lane collaborative procurement platform that was developed through our strategic partnership with Procter & Gamble, (iii) commercial availability of our new in-cab platform, Instinct, that improves the driver experience and can support both Trimble and third-party apps, and (iv) significant progress in integrating data and connecting workflows, from our own unique set of capabilities and a growing network of partners, and through the Trimble Transportation Cloud (TTC).

Market facing solutions enabled by TTC include Connected Maintenance, Connected Locations, and the previously mentioned Engage Lane.

The Transportation segment generally sells directly to end users and OEMs.

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However, overall, as a company, as a result of diversification of our businesses across segments and the increased impact of software and subscription revenue, we are experiencing less seasonality.

Changes in global macroeconomic conditions could also impact the level of seasonality we experience.

In 2021, COVID-19 and its variants, disrupted our normal seasonality because of global supply chain constraints, parts and labor shortages, and strong demand for our offerings.

We anticipate these conditions will continue to impact our financial results during 2022.

Changes in global macroeconomic

conditions could also impact the level of seasonality we experience.

In 2021 and into 2022, the COVID-19 pandemic disrupted our normal seasonality because of global supply chain constraints and parts and labor shortages.

Manufacturing

We outsource the manufacturing of many of our hardware products to our key contract manufacturing partners that include Flex Ltd., Benchmark Electronics Inc., and Jabil.

We outsource the manufacturing of many of our hardware products to our key contract manufacturing partners that include Jabil and Flex Ltd.

Our products are manufactured at their Mexico locations.

Our contract manufacturing partners are responsible for significant material procurement, assembly, and testing.

We continue to manage product design through pilot production for the subcontracted products, and we are directly involved in qualifying suppliers and key components used in all our products.

Our current contract with Flex Ltd.

continues in effect until either party gives the other ninety days written notice.

We also utilize original design manufacturers for some of our products.

We manufacture our laser and optics-based products, as well as some of our GPS products, at our plants in Dayton, Ohio;

We manufacture our optics-based products, as well as some of our GPS products, at our plants in Dayton, Ohio;

Danderyd, Sweden;

and Shanghai, China.

and Salzkotten, Germany.

Some of these products or portions of these products are also subcontracted to third parties for assembly.

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Eindhoven, Netherlands;

Auckland, New Zealand, and Shanghai, China are registered to ISO9001:2015 covering the design, production, distribution, and servicing of our products.

and Salzkotten, Germany are registered to ISO9001:2015 covering the design, production, distribution, and servicing of our products.

Research and Development and Intellectual Property

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Our platform investments allow us to extend our differentiation in positioning and sensing, modeling, and analytics into emerging industry solutions and to drive ecosystem collaboration across our target industries.

This improves our value over the customer life cycle, while enhancing our leadership in software and services, which already account for over 65% of our R&D investment.

This improves our value over the customer lifecycle, while enhancing our leadership in software and services, which already account fo r over 65% of our R&D investment.

Our investments enable us to push the state-of-the-art in key technology areas and to connect other leading technologies to solve customer problems in new and unique ways.

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We hold over 1,000 unique issued and enforceable patents covering key technology areas, including precision GNSS, optical and inertial positioning solutions, artificial intelligence and machine learning, IoT, cloud computing, laser scanning, 3D modeling, point cloud processing, augmented reality, and many others.

Our patent portfolio is continuously updated with new patent grants that emerge from our investments in research and development.

We actively manage the intellectual property used in the development, operations, and sales of our products and services.

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Environmental, Social, and Governance

We recognize that we are living in a time of increasing urgency for action on sustainability, and we are intent on moving quickly and harnessing our potential to address global challenges, including further developing our own strategic approach and process for managing the material ESG aspects of our business.

We recognize that we are living in a time of increasing urgency for action on sustainability, and we are moving quickly and harnessing our potential to address global challenges.

Inspired by our mission—“Transforming the Way the World Works,”—and fueled by the dedication of our employees, we will work to build momentum and strive for continual improvement and measurable progress.

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We believe this approach creates value that benefits all our stakeholders, including our employees, stockholders, customers, communities, and the world at large.

For further information on our five pillars and other ESG-related matters, see our Sustainability Report available on our website.

Since 1978, our industry-specific solutions have helped customers achieve economic breakthroughs while enhancing safety, boosting compliance, and reducing environmental impact—from feeding the growing global population and moving the goods of commerce to next-generation building and infrastructure.

Our solutions enable greater accuracy, reduction of rework, and increased efficiency, thus yielding fuel savings.

As further described in the below Human Capital section, we are committed to providing every employee with the opportunity to learn, grow, and excel in a respectful, collaborative, and inclusive workplace.

Our hardware, software, and service solutions empower customers to drive sustainability across our industries for the benefit of people today and future generations.

We are committed to ensuring our solutions align with and support the objectives of the 17 United Nations Sustainable Development Goals (“UN SDGs”).

Our industry-specific solutions impact the UN SDGs by:

• Greenhouse gas reduction via (i) efficient use of machine time on construction sites, (ii) better construction design to minimize carbon intensive materials and improve asset operations, (iii) improved long-term asset management to extend the life of assets, (iv) more efficient field navigation and utilization of agricultural inputs, and (v) improved capacity utilization and route optimization that reduces fuel use;

• Resource management via (i) protecting and managing critical water assets and infrastructure, (ii) helping minimize scrap, rework, and resource waste, and (iii) managing land, water and inputs through variable rate technology and land forming solutions.

Our ambition for a sustainable future is made possible when we celebrate the unique characteristics of our people.

At Trimble, we transform how we work together to inspire and engage all employees to achieve their full potential and celebrate their individuality.

As further described in the below Human Capital section, we are focused on building a welcoming, diverse, equitable, and inclusive workplace.

We are committed to providing every employee with the opportunity to learn, grow, and excel.

We believe our diversity makes us stronger and better able to solve complex problems for our customers.

At the same time, we believe there are characteristics that unite us, centered on a growth mindset.

We strive to contribute to our communities in a myriad of ways through the Trimble Foundation Fund, nonprofit and non-governmental organization (“NGO”) partners, and other philanthropic efforts.

We strive to contribute to the collective work needed to address the world’s most pressing sustainable development issues through partnering with non-profit organizations and academic institutions who serve communities and society in powerful ways.

The Trimble Foundation Fund is a donor-advised fund that focuses its charitable giving across three areas—natural disaster recovery and relief and climate resilience;

female education and empowerment;

and diversity, equity, and inclusion—while also supporting the philanthropic efforts of our local offices.

In addition, we invest in aspiring professionals via our Education and Outreach Programs that aim to create a diverse next-gen workforce equipped and empowered to transform the construction, geospatial, and agriculture industries.

These programs do so by providing Trimble technology labs, visiting industry lecturers and mentors, academic research funding, student scholarships, and other resources to promote professional skill development and career opportunities.

As a global company, we accept and embrace our responsibility to steward our environment and use our ambition and know-how to solve looming issues that give rise to new opportunities.

We have established a complete greenhouse gas emissions inventory across Scope 1, 2, and 3, and we have set science-based targets that are currently under review by the Science Based Targets Initiative.

Our Green Team, an employee-led group, applies our passion for sustainability to raising awareness and facilitating positive environmental changes within the company and in our communities.

We adhere to sound corporate governance principles, ethics, and compliance in all aspects of our business.

and advancing diversity, equity, and inclusion—while also supporting the philanthropic efforts of our local offices.

In addition, we are partnering with educational institutions worldwide to democratize education and to ensure that future industries are accessible, equitable, and sustainable.

We are committed to decarbonization and a net zero future.

We live this commitment within our operations and value chain, which is reflected in our science-based targets.

We help impact this transition through our products and services that generate productivity and efficiency gains that can reduce customers’ GHG emissions.

In 2022, the Science Based Targets initiative (“SBTi”) approved our near-term science-based emissions reduction targets, which are aligned with requirements to keep warming to 1.5°C, the most ambitious goal of the Paris Agreement.

The approved targets are as follows:

• Reduce absolute scopes 1 and 2 GHG emissions by 50 percent by 2030 from a 2019 base year including achieving 100 percent annual sourcing of renewable electricity by 2025;

• Reduce absolute scope 3 GHG emissions (includes emissions from fuel and energy-related activities, business travel, and upstream transportation and distribution) by 50 percent by 2030 from a 2019 base year;

• Commit to partner with 70 percent of our suppliers by emissions covering purchased goods and services and capital goods to set science-based targets by 2026.

We continue to enhance our sustainability program management and monitoring.

Our sustainability team works in conjunction with our executive leadership and Board of Directors to fortify the governance and decision-making structure and provide beneficial impacts to the business, the planet, and our stakeholders while mitigating elements of risk.

Our sustainability team works under the supervision of our executive leadership team, with oversight by the Board of Directors, both of which fortify the governance and decision-making structure, while mitigating elements of risk.

We have taken progressive measures to align business accountability with sustainability performance.

Executive pay is linked to progress against climate action and diversity goals.

We also secured a revolving credit facility that links to our sustainability commitment.

Human Capital

Our culture reflects our guiding principles at work and is fundamental to sustaining our success.

A company’s culture describes how people behave in the work environment and is closely tied to leadership.

That company culture is foundational to a thriving workplace;

it is the behaviors and values of leaders and employees that are the foundation to who we are.

At Trimble, we value being yourself and thriving together;

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These attributes serve as a common foundation across the global organization and also adapt locally to diverse geographic and operational business models.

Commitment to these behaviors unites our employees.

Commitment to these behaviors connects our employees.

In the technology space, intellectual property and know-how derived from employees fosters innovation and serves as a competitive advantage.

To continue producing the innovative technologies for which we are known, it is crucial that we continue to attract, engage, and retain top talent.

We strive to make Trimble a diverse, equitable, inclusive, and safe workplace and provide opportunities for our employees to grow and develop in their careers, supported by competitive compensation, benefits, and health and wellness programs, and by programs that build connections between our employees and their communities.

To continue producing the innovative technologies for which we are known, it is crucial that we continue to attract, engage, develop, and retain top talent.

We strive to make Trimble a diverse, equitable, inclusive, and safe workplace and provide opportunities for our employees to grow and develop in their careers, supported by competitive compensation, benefits, health and wellness programs, and by programs that build connections between our employees and their communities.

At the end of 2022, we employed 11,825 full-time and part-time employees, the overwhelming majority of which were full-time employees.

Approximately 49%, 30%, 17%, and 4% of employees reside in North America, Europe, Asia-Pacific, and the rest of the world, respectively.

Our employees are working in over 200 locations in over 40 countries.

Approximately 48%, 30%, 18%, and 4% of employees reside in North America, Europe, Asia-Pacific, and the rest of the world.

Our employees are working in around 200 locations in over 40 countries.

Collectively, we speak more than 45 different languages.

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Our focus on diversity starts at the top.

Four out of our eleven board members are female or ethnically diverse, placing us in a select group of companies.

In 2021, we activated many new initiatives focused on infusing diversity, equity, and inclusion in the fabric of our connected culture.

Our Vice President of Diversity, Equity, and Inclusion and a DEI core team cascade objectives that are aligned with our Trimble values, while also encouraging local teams to focus on aspects of diversity that foster meaningful inclusion and belonging.

In quarterly business reviews, we review gender and U.S.

ethnicity demographics and trends for every business within Trimble, as well as region and business-led initiatives that will lead toward future progress.

Four out of our eleven board members are female or ethnically diverse, and we are making progress to increase global female employees and U.S.

ethnically diverse employees in our workforce and in our leadership positions across the company.

In 2022, we made progress on many new initiatives focused

on infusing diversity, equity, and inclusion in the fabric of our connected culture.

Our Vice President of DEI and her core team cascade objectives that are aligned with our Trimble values and multi-year goals, while also encouraging local teams to focus on aspects of diversity that foster meaningful inclusion and belonging.

In business reviews, we discuss gender and U.S.

ethnicity demographics and inclusion survey score trends for every business within Trimble, as well as region and business-led initiatives that are contributing toward our goals and progress.

We have a number of employee resource networks that enhance our inclusive and diverse culture, including networks that support women, caregivers, Black, Hispanic/Latinx and Indian professionals, veterans, employees with disabilities, and our LGBTQ+ community.

We are focused on measuring and increasing gender representation, as well as race and ethnic diversity in high-impact roles such as front-line management, engineering, product management, and sales.

We are focused on measuring and increasing gender representation, as well as race and ethnic diversity in high-impact roles such as people leaders, engineering and technical positions, and sales.

We have provided increased access to diversity and inclusion educational resources, training, assessments, articles, and other employee forums to help us work together and more effectively across a variety of cultures globally.

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We aim to transform and re-invent the way Trimble attracts and hires employees to increase diversity.

Initiative s include modifications to our recruiting process to ensure the inclusion of diverse, underrepresented candidates, developing relationships with universities with higher underrepresentation, creating diverse talent pools, and increasing networking and referrals with diverse professional organizations.

In 2021, we created our Renew Returnship program that provides employment opportunities for those who have taken a break in their careers to look after their families.

We engaged in new relationships with the National Society of Black Engineers, participated in national and local diversity career fairs, and sponsored new engagements focused on increasing gender and race/ethnic diversity in the industries we serve through groups like Construction and Transportation Girl.

We announced the Dr.

Gladys West Scholarship Program through the Trimble Foundation to honor a GPS technology pioneer and woman of color by awarding scholars at three universities serving underrepresented students, and we also added new Trimble technology labs at Minority Serving Institutions.

Initiative s include modifications to our recruiting process to ensure the inclusion of diverse, underrepresented candidates, developing relationships with universities with higher underrepresented student populations, creating diverse talent networks to promote Trimble job opportunities, and increasing networking and referrals with diverse professional organizations.

In 2022, we launched our second Renew Returnship program cohort that provides employment opportunities for those who have taken a break in their careers to look after their families.

We built new relationships with the National Society of Black Engineers and became a sponsor to Out & Equal, a non profit organization working on LGBTQ+ workplace equality.

We participated in many new national and local diversity career fairs and sponsored engagements focused on increasing gender and race/ethnic diversity in the industries we serve through groups like Transportation and Construction Girl.

We also increased our investments in education through new Trimble technology labs at Minority Serving Institutions and the Dr.

Gladys West Scholarship Program through the Trimble Foundation, which honors a GPS technology pioneer and woman of color, and we award scholars at three universities serving underrepresented students.

Compensation and Benefits

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In addition to base salaries, certain roles are eligible to participate in short-term and long-term incentive plans .

We offer market competitive benefit programs (which vary by country/region), which include health and wellness benefits, life insurance and disability benefits, flexible savings accounts, paid time off, parental and family leave, employee support programs, retirement plans, and an employee stock purchase plan.

We offer market competitive benefit programs (that vary by country/region), which include health and wellness benefits, life insurance and disability benefits, flexible savings accounts, paid time off, parental and family leave, employee support programs, retirement plans, and an employee stock purchase plan.

Other benefits include fertility, adoption, and surrogacy education assistance;

gender dysphoria, family and caregiver support;

gender affirmation, family and caregiver support;

flexible work schedules;

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We believe that skills and abilities can be developed through training, relationships, and experiential learning.

We are launching new career growth and development initiatives to empower employees to identify skill development resources, and provide projects and job opportunities to achieve their personal goals and full potential.

We launched new career growth and development initiatives in 2022 to empower employees to identify internal job opportunities, skill development resources, and projects to achieve their personal development goals and full potential.

We encourage employees to nurture a love of continuous learning and a resilience that is essential for accomplishment.

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female education and empowerment;

and diversity, equity, and inclusion, as well as by supporting the philanthropic efforts of our local offices.

and DEI, as well as by supporting the philanthropic efforts of our local offices.

Health, Safety, and Wellness

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In response to the COVID-19 pandemic, we implemented changes that we determined were in the best interest of our employees, as well as the communities in which we operate, and which comply with government regulations.

This includes having the vast majority of our employees work from home, while implementing additional safety measures for employees continuing critical on-site work.

As COVID-related lockdowns subsided, we are supporting employees in transition to return to office and flexible working arrangements.

Available Information

This Annual Report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and all amendments to these reports are available free of charge on our website through investor.trimble.com , as soon as reasonably practicable after such material is electronically filed with or furnished to the Securities and Exchange Commission.

Financial news and reports and related information about our Company, GAAP to non-GAAP reconciliations, as well as our Sustainability report, a re also found on this website.

Information contained on our website is not part of this Annual Report on Form 10-K.

Financial news and reports and related information about our Company, GAAP to non-GAAP reconciliations, as well as our Sustainability report and DEI report, a re also found on this website.

Information contained on our website is not part of this report.

In addition, you may request a copy of these filings (excluding exhibits) at no cost by writing or telephoning us at our principal executive offices at the following address or telephone number:

935 Stewart Drive, Sunnyvale, CA 94085

10368 Westmoor Drive, Westminster, CO 80021

Investor Relations

(303) 635-8551

The URLs in this Annual Report on Form 10-K are intended to be inactive textual references only.

The URLs in this report are intended to be inactive textual references only.

They are not intended to be active hyperlinks to websites.

The information on such websites, even if it might be accessible through a hyperlink resulting from the URLs or referenced herein, is not and shall not be deemed to be incorporated into this Annual Report on Form 10-K.

The information on such websites, even if it might be accessible through a hyperlink resulting from the URLs or referenced herein, is not and shall not be deemed to be incorporated into this report.

No assurance or representation is given as to the suitability or reliability for any purpose whatsoever of any information on such websites.

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Kirkland 63 Senior Vice President, General Counsel and Secretary

Kotzabasakis 62 Senior Vice President

James Langley 47 Senior Vice President

Matthews 54 Senior Vice President

Peter Large 53 Senior Vice President

Lin 52 Chief Platform Officer

Matthews 55 Senior Vice President

Shepard 65 Chief Accounting Officer

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He is also a member of the board of directors and audit committee of Belden Inc., a global provider of end-to-end signal transmission solutions.

Painter —Robert Painter was appointed Trimble’s president and chief executive officer in January 2020.

From 2016 through 2019, he served as our chief financial officer, where he was responsible for Trimble’s worldwide finance operations.

In 2015, he was appointed vice president of Trimble buildings businesses, a group focused on BIM-centric divisions that span the design-build-operate continuum of the building life cycle.

From 2011 to 2014, he served as general manager of our joint venture with Hilti, which was created to foster collaborative development of product innovations for the building construction industry.

From 2009 to 2010, he served as general manager of our construction services division.

He joined Trimble in 2006 and assumed leadership of Trimble’s business development, leading all acquisition and corporate strategy activities.

Prior to joining Trimble, he served in a variety of management and finance positions at Cenveo, Rapt Inc., Bain & Company, Whole Foods Market, and Kraft Foods.

Painter earned a Bachelor of Science in Finance from West Virginia University and an MBA in Business from Harvard University.

Painter —Robert Painter became Trimble’s president and chief executive officer in January 2020.

From 2016 through 2019, he served as the Company’s chief financial officer.

Prior to that, Mr.

Painter held a variety of positions in the Company, including vice president of Trimble Buildings construction software, general manager of the Intelligent Construction Tools international joint venture, general manager of Construction Services, and leadership positions in corporate development and corporate strategy.

Before joining the Company in 2006, Mr.

Painter served in a variety of management and finance positions at Cenveo, Rapt Inc., Bain & Company, Whole Foods Market, and Kraft Foods.

Painter holds a bachelor’s degree in finance from West Virginia University and an MBA from Harvard University.

Barnes —David G.

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Barnes also serves as a board member and chair of the Audit Committee of CSG Systems International.

Bisio — In February 2019, Ronald Bisio was appointed senior vice president responsible for Trimble’s surveying and geospatial businesses, where he had previously served as vice president since April 2015.

Prior to this role, he served as general manager for Trimble’s rail division from January 2011 until April 2015.

He joined Trimble in 1996 and has held several marketing, sales, and general management positions since then at Trimble.

Bisio — Ronald Bisio was appointed senior vice president responsible for Trimble’s transportation sector in July 2022.

Prior to that, Mr.

Bisio was responsible for Trimble’s surveying and geospatial businesses since April 2015, first as vice president and then as senior vice president as of February 2019.

From January 2011 until April 2015, he served as general manager for Trimble’s rail division.

He joined Trimble in 1996 and has also held several marketing, sales, and general management positions while at Trimble.

Bisio earned an MBA from the University of Denver, a Master of Regional Planning from the University of Massachusetts, and a Bachelor of Science in Cartography from Salem State University in Salem, Massachusetts.

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from Harvard Law School.

Kotzabasakis —Manolis Kotzabasakis currently serves as a senior vice president responsible for Trimble’s Construction Enterprise Solutions.

He was appointed to this role in April 2021.

He joined Trimble as part of the Viewpoint acquisition in 2018, where he served as the Chairman and CEO until 2015.

Between the years of 1997 and 2015, he was part of the Aspen Technology executive team, a publicly traded global software company serving the Oil & Gas and Chemical Industries, where he served in various roles, including as an executive vice president for Products (2010 to 2015), senior vice president Sales and Strategy (2005 to 2010), and other senior roles.

Kotzabasakis received a Bachelor of Science in Chemical Engineering from the National Technical University of Athens, in Greece, and a PhD in Chemical Engineering from the University of Manchester, in England.

James Langley —James Langley currently serves as a senior vice president responsible for Trimble’s transportation businesses.

He was appointed to this role in September 2019 and before that served as Trimble’s general manager of Trimble transportation enterprise since April 2019.

Prior to that, he was with Dart Transit Company, a transportation and tractor fleet company based in Eagan, Minnesota, where he served as president from December 2017 until March 2019, and chief operating officer from January 2016 until March 2019.

Before Dart, he was with TMW Systems, one of Trimble’s transportation businesses, as vice president and general manager of business intelligence and optimization from May 2011 until December 2015.

He has extensive experience in the transportation industry, having also held positions at US Xpress, Transcard, and JB Hunt, where he worked in the areas of operations, IT, engineering, and analytics.

Langley holds a degree from the University of Arkansas in transportation and logistics.

Peter Large — Peter Large currently serves as senior vice president responsible for Trimble’s buildings and infrastructure group, which encompasses Trimble’s construction enterprise, civil infrastructure, and owner and public sector businesses.

From July 2021 to October 2022, he was senior vice president responsible for civil infrastructure solutions businesses, which includes Trimble’s civil engineering, construction field systems and software, as well as Trimble’s joint ventures with Caterpillar and Hilti.

Prior to that, he was vice president responsible for Trimble’s construction field solutions businesses.

He was appointed to that position when he rejoined Trimble in December 2020, having earlier served with the Company as described below.

Prior to re-joining Trimble, he was a research solutions strategist with Boeing’s Digital Solutions and Analytics business from 2019 to 2020.

While pursuing a doctoral degree between 2015 to 2019, he engaged in consulting projects with Inmarsat plc, and was also employed as an executive director of Inmarsat from 2016 until 2018.

Between 1996 and 2014, he served in a number of leadership roles at Trimble, including as vice president of channel development;

as general manager for the mapping, GIS, and utilities business;

and in a variety of product management, marketing, and sales management roles.

He began his career in civil engineering with Jackson Group and as a surveyor with Parkman Consulting Engineers.

Large holds an Ed.D.

from Oklahoma State University, a Master of Science in Management from the Stanford University Graduate School of Business, a Postgraduate Diploma in Strategy and Innovation from the University of Oxford, and a Bachelor of Science (Honors) in Surveying and Mapping Science from the University of Newcastle Upon Tyne.

Lin —Jennifer Lin joined Trimble in September 2021 as chief platform officer.

Lin joined Google in 2016 where she served as vice president of product and user experience focused on their cloud services platform roadmap and go-to-market strategy.

Prior to Google, she was on the founding team and led product at Contrail Systems, a cloud automation startup that was acquired by Juniper Networks in 2012.

Before that, she managed various product teams at Cisco Systems, focused on wireless sensor networks, Internet of Things (IoT), mobility services, and security.

Previously, she has led teams in technical, operational and strategic roles at Intel, Merck and a number of Silicon Valley startups.

Lin received a Bachelor of Science in Engineering & Architecture from Princeton University and a Master of Science in Engineering from Stanford University.

Matthews —Darryl Matthews currently serves as senior vice president responsible for Trimble’s natural resources businesses, which includes agriculture, forestry, and global services divisions.

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He is also a member of the Association of Equipment Manufacturers.

Peter Large —Peter Large was appointed in July 2021 as senior vice president responsible for Trimble’s construction field solutions businesses, which includes Trimble’s civil engineering, construction field systems and software, as well as Trimble’s joint ventures with Caterpillar and Hilti.

He re-joined Trimble in December 2020 as vice president responsible for Trimble’s construction field solutions businesses.

He previously served in a number of leadership roles within the company between 1996 and 2014, including vice president of channel development;

as general manager for the mapping, GIS and utilities business;

and in a variety of product management, marketing and sales management roles.

Prior to re-joining Trimble, he served as a research solutions strategist with Boeing’s Digital Solutions and Analytics business in 2019 to 2020.

While pursuing a doctoral degree, he formed AirSpatial LLC in 2015 along with other consulting projects with Inmarsat, then in 2016 he accepted the role as director until 2018.

He began his career in civil engineering with Jackson Group and as a surveyor with Parkman Consulting Engineers.

Large holds an Ed.D.

Shepard —Julie Shepard currently serves as Trimble’s chief accounting officer.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business