What changed in this filing

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Item 1. Business

2024-02-26 compared with 2023-02-17 · 149 added, 193 removed, 251 unchanged (58% of the section changed)

(“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.

Trimble 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.

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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.

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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.

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

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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.

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 construction, geospatial, agriculture, utilities, and transportation.

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

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.

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◦ 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.

Cloud enablement raises the bar with shared, on-demand services that empower network participants to proactively contribute to organic value creation and delivery, directly and with fewer intermediaries.

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

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 enhanced by our cloud capabilities.

Our Trimble Construction Cloud creates 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, while our Transporeon business creates a marketplace for shippers, forwarders, carriers, and retailers to connect online and digitize their end-to-end transportation management processes.

◦ The second element, Scale, allows cloud enablement, which raises the bar with shared, on-demand services that empower network participants to proactively contribute to organic value creation and delivery, directly and with fewer intermediaries.

When end users interact on a shared, online platform, the overall value that is created increases as the number of end-user participants increases.

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.

◦ 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.

Scale also 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.

• Increasing focus on software and services.

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We focus on large markets historically underserved by technology that offer significant potential for long-term revenue growth, profitability, and market leadership.

Our core industries, such as construction, agriculture, and transportation, are each multi-trillion dollar global industries that operate in demanding environments with technology adoption in the early phases relative to other industries.

Our core industries, such as construction, agriculture, and transportation, are each multitrillion-dollar global industries that operate in demanding environments with technology adoption in the early phases relative to other industries.

With the emergence of mobile and cloud computing capabilities, the increasing technological know-how of end users, and compelling return on investment, we believe many of our markets are attractive for substituting Trimble’s technology and solutions in place of traditional operating methods .

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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.

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.

Products are sold in more than 150 countries, through dealers, joint ventures, original equipment manufacturers (“OEM”), and other channels throughout the world, as well as direct sales to end users.

Sales are supported by our own offices located in over 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, 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.

These go-to-market capabilities include independent dealers, joint ventures including with Caterpillar and Nikon, OEM, and distribution alliances with key partners, 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, joint ventures, and 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.

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.

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.

To further grow and position the Company, we partner with leaders in various fields by investing in early-to-growth stage companies through our venture fund and through strategic formation of joint ventures.

In September 2023, we signed a definitive agreement to contribute our Trimble precision agriculture (“Trimble Ag”) business, excluding certain Global Navigation Satellite System (“GNSS”) and guidance technologies, to a JV with AGCO, of which we will retain a 15% ownership stake.

Trimble and AGCO’s shared vision is to create a global leader in mixed fleet smart farming and autonomy solutions that delivers on our collective strategy to better serve farmers with factory fit and aftermarket applications in the mixed fleet precision agriculture market.

T he proposed transaction is expected to close in the first half of 2024.

• Sustainability.

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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;

The suite also includes applications for sub-contractors and construction trades such as steel, concrete, and Mechanical, Electrical and Plumbing (“MEP”);

project coordination;

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During 2023, 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.

(i) new versions of our Tekla Structure software for improved user experience such as extended collaboration with BIM model data;

(ii) new AI features in Sketchup such as AI-powered image search capabilities to access 3D models on 3D Warehouse, as well as generative AI utilizing text prompts to convert a SketchUp 3D model to a rendered image in seconds with SketchUp Diffusion;

(iii) new MEP products including Fabrication Smart Tools for use with native Autodesk users;

and (iv) AI functionality for Viewpoint Vista and Spectrum to assist users with injection of PDF invoices.

Civil Engineering Construction and Asset Management.

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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 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.

collaboration.

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

Our suite of integrated solutions and technologies in this area includes field and office software for optimized route selection and design;

Our suite of integrated solutions and technologies in this area includes field and office software for estimating and job cost management and optimized project design and visualization;

software for 3D design and data sharing;

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This includes data from site positioning and machine control systems, construction asset management equipment and services, and various software applications.

Utilizing wireless and internet-based site communications infrastructure, our solutions include the ability to track and control equipment, to deploy a 3D model to machines and to track progress of work in real-time, and to reduce re-work.

Utilizing wireless and internet-based site communications infrastructure, our solutions include the ability to track and control equipment, deploy a 3D model to machines, track progress of work in real-time, and reduce re-work.

By leveraging our technology, contractors gain greater insight into their operations helping them to lower costs and improve productivity, worker safety, and asset utilization.

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During 2023, we announced a number of developments, including:

(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.

(i) the introduction of Trimble Siteworks Machine Guidance Module, extending the capabilities of Trimble Siteworks Software from surveying and layout to support on-machine excavator guidance and operator assistance;

(ii) completion of the first test of a fully autonomous soil compactor on a live jobsite, taking another important step on the path toward Trimble’s autonomous vision;

and (iii) release of the Trimble DA2 GNSS Smart Antenna for construction surveying as part of the Trimble Works Subscription program, which provides contractors access to construction technology at a lower upfront cost.

We sell and distribute our products in the Building and Infrastructure segment through both a direct sales force and global networks of independent distributors 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, to asset owners and clients, contractors, sub-contractors, and consulting engineers.

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

The Geospatial segment primarily serves customers working in surveying, engineering, and government.

The Geospatial segment primarily serves customers working in surveying, mapping, engineering, and government.

Within this segment, our most substantial product portfolios are focused on surveying and geospatial and geographic information systems (“GIS”).

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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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Our office-based products include software for planning, data processing and editing, quality control, 3D modeling, intelligent data analysis and feature extraction, deformation monitoring, project reporting, and data export.

Our customers in this area gain benefits from the use of our products including significantly improved productivity in both field and office activities, improved safety through non-contact measurement and detection of potentially dangerous ground or structure movement, and improved data flow that enables better decision making.

Our customers in this area benefit from using our products including significantly improved productivity in both field and office activities, improved safety through non-contact measurement and detection of potentially dangerous ground or structure movement, and improved data flow that enables better decision making.

Geographic Information Systems .

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This capability provides significant advantages to users, including improved productivity, accuracy, and access to information in the field.

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

(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.

During 2023, we announced several new developments, including:

(i) the scalable and configurable Trimble R580 GNSS Integrated Receiver that includes our industry-leading ProPoint engine;

(ii) the newest addition to our scanning portfolio, the Trimble X9 3D laser scanning system;

and (iii) the Trimble T10x model 2 tablet for survey and mapping professionals.

Additionally, we delivered multiple feature releases in our powerful Trimble Access field software, Trimble Business Center office software, Trimble 4D Control Monitoring software, as well as TerraFlex and TerraOffice enabling productivity gains through improved connectivity, simplicity, and efficiency enhancements for survey, mapping, and construction professionals.

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

Major competitors in this segment are typically survey instrument companies that provide software-driven 3D measurement and imaging solutions.

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

We compete principally based on innovation, differentiated products, integrated workflow solutions, domain expertise, service, quality, and geographic reach.

Resources and Utilities

The Resources and Utilities segment primarily serves customers working in agriculture, forestry, and utilities.

Within this segment, our most substantial product portfolio addresses the agriculture market.

Within this segment, our most substantial product portfolio addresses the agriculture market, including our Trimble Ag and Positioning Services businesses.

In September, we signed a definitive agreement to contribute our Trimble Ag business, excluding certain GNSS and guidance technologies, to a JV with AGCO, of which we will retain a 15% stake.

T he proposed transaction is expected to close in the first half of 2024.

See Note 4 “Divestitures” of this report for additional discussion of this transaction.

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.

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

The benefits to the farmer include faster machine operation, higher yields, and lower consumption of fuel and chemicals, lower carbon footprint, and improved soil health than conventional equipment.

The benefits to the farmer include faster machine operation, higher yields, lower consumption of fuel and chemicals, lower carbon footprint, and improved soil health as compared to conventional equipment.

In addition, we provide solutions to automate application of pesticide and seeding.

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Trimble Positioning Services serves customers in a variety of end markets, including agriculture, construction, geospatial, and other markets, with a majority of its customers being in agriculture.

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

(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.

Our aftermarket solutions address both new equipment as well as equipment already in the field.

In 2023, the following changes occurred in the Ag distribution channels as follows:

• In February, 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.

• In December, we gave CNH a 12-month notification that we will no longer supply hardware for their factory installations.

When the proposed transaction with AGCO closes, the JV will be the exclusive distributor in the agriculture market.

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 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 enterprise transportation management system automates business processes spanning the entire 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) 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.

During 2023, we had a number of important developments, including:

(i) the acquisition and integration of Transporeon, a leading European cloud-based transportation management software platform;

(ii) the wide-scale launch of our new in-cab platform, Instinct, that improves the driver experience and can support both Trimble and third-party apps;

and (iii) 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 Connected Workflows.

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

Although sales cycles tend to be months long, the products are difficult to replace once implemented.

Competitors in this segment are typically companies that provide fleet mobility services, transportation management software, and digital freight matching.

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Our agricultural equipment revenue, within our Resources and Utilities segment, has historically been the highest in the first quarter, followed by the second quarter, reflecting buying in anticipation of the spring planting season in the Northern hemisphere.

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

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

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

Manufacturing

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.

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

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

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

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

Danderyd, Sweden;

and Salzkotten, Germany.

We manufacture our optics-based products, as well as some of our GPS products, at our plants in Dayton, Ohio and Danderyd, Sweden .

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

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Sunnyvale, California;

Danderyd, Sweden;

Eindhoven, Netherlands;

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

and Danderyd, Sweden 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 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.

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

O ur 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.

As part of our technology development practices, we actively establish and maintain our intellectual property rights through the use of patents, copyrights, trademarks, and trade secret laws.

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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.

We organize our ESG efforts around five pillars:

(1) Solutions, (2) People, (3) Communities, (4) Environment, and (5) Governance.

Highlights of each of these pillars are discussed below.

These pillars are reflective of our commitment to ESG and are fundamentally embedded into our business and culture.

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

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.

Inspired by our mission of “Transforming the Way the World Works,” and fueled by the dedication of our employees, we are working to build momentum and strive for continual improvement and measurable progress in shaping a sustainable future.

Sustainability is deeply integrated into our business strategy, threaded throughout our products and solutions and our people and culture.

It’s what guides our innovations and investments.

It’s what drives us to build resilience for our company and our customers, to empower people, including our employees and partners, and to lead with integrity in all that we do.

Building Resilience

• Drive, Enable, and Contribute to Decarbonization

• Drive toward a net-zero future

Empowering People

Belong, Grow, and Innovate

• Key Pillars:

Diversity, Equity, Inclusion, Leaders, and Communities

Leading with Integrity

• Corporate and Sustainability Governance

• Ethical Business Practices

• Privacy and Cybersecurity

Building Resilience.

Building resilience is about enabling ourselves, our customers, and the essential industries we serve to adapt, grow, and thrive in the face of change.

We continue to invest in innovation, research, and development in order to adapt, prepare, and expand capabilities that help transform our industries and accelerate toward a net zero future.

In 2022, we received approval of our carbon reduction targets from the Science Based Targets initiative (SBTi), the predominant third-party net-zero target assessment entity.

Our goals are consistent with requirements to keep global warming to 1.5°C in accordance with the Paris Climate Agreement.

To help us drive toward a net-zero future, we are working to (i) cut our Greenhouse Gas (GHG) footprint in half by 2030, (ii) source 100% renewable energy by 2025, and (iii) engage 70% of our suppliers to set their own science-based targets by 2026.

Our customers trust us to deliver solutions that drive their productivity, safety, transparency, quality, and ultimately, their sustainability and profitability.

Our technologies enable precision and efficiency for the world’s essential industries by helping our customers to build, move, and feed the world while minimizing waste and consumption—ultimately generating sustainable outcomes for people and communities on a global scale.

Empowering People.

Together, our diverse community of innovators and problem solvers create opportunities for our employees, customers, and community members to thrive.

We extend our commitment to empowering people in the communities where we do business, collectively addressing challenges in alignment with our values.

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.

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 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 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.

Leading with Integrity.

We are dedicated to leadership principles that ensure excellence in all we do.

Through transparency, good governance, and a deep commitment to sustainability and ethics, we continue operating from a strong foundation of integrity now and in the future.

Supported by the Audit Committee, People and Compensation Committee, and Nominating and Corporate Governance Committee, the Board of Directors has oversight for our sustainability strategy, commitments, and accountability for risk management.

The Code of Business Conduct provides the tools and information necessary for our team and partners to make the right decisions while working for or with Trimble, acting lawfully, ethically, fairly, complying with our policies, and avoiding even the appearance of impropriety.

Enhancing cybersecurity and data protection, maintaining system integrity, and ensuring availability are key to our overall security at Trimble.

We make significant investments in technology safety across our value chain, ensuring our customers benefit from our cybersecurity investment as well.

Human Capital

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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.

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

At Trimble, we value being yourself and thriving together;

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This mindset shapes how we treat one another and how we serve our customers, colleagues, and stockholders.

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 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, 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.

At the end of 2023, we employed over 12,700 full-time and part-time employees, the overwhelming majority of which were full-time employees.

Approximately 42%, 37%, 17%, 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.

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

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

Diversity, Equity, and Inclusion (“DEI”)

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Our focus on diversity starts at the top.

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.

Three out of our ten board members are female or ethnically diverse, and we are making progress towards our goal of increasing 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 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.

We are committed to inspiring and attracting extraordinary and diverse talent.

The hiring and retention of top talent is always a strategic priority, and increasingly, a challenging one.

In addition, our increasing focus on technologies, such as cloud and autonomy, requires us to compete against leading companies in the technology sector.

Colleges and universities remain an important source of talented recruits.

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 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.

A number of employee resource networks exist in Trimble 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.

In 2023, we continued our investments in community partners by serving as a Board of Corporate Affiliates sponsor for the National Society of Black Engineers, sponsoring Out & Equal, a non-profit organization working on LGBTQ+ workplace equality, and increasing our presence at events like AfroTech and Colorado Technology Association’s Women in Tech annual summit.

Compensation and Benefits

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gender affirmation, family and caregiver support;

flexible work schedules;

flexible work arrangements;

education assistance;

and on-site services such as health centers and fitness centers at some sites.

Talent Development

Talent Development and Building Connections

We are committed to providing every employee with the opportunity to learn, grow, and excel in a respectful and collaborative workplace.

Part of our people development mission is to create a culture of continuous learning and curiosity.

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

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.

We have a framework for people development that is employee-centric and evidence-based.

Employees and managers have frequent, casual conversations based upon employee survey data that drive engagement, career growth, and retention.

These surveys also include questions oriented around the Company’s mission, vision, values, and purpose, work environment, diversity and inclusion, career development, and employee-manager relations.

Our internal worldwide training portal, Learn.Trimble.com, provides a set of resources that is easy to access anytime and anywhere, with a range of focus areas from new employees to existing employee development to manager development.

Building Connections

Through our internal global talent platform, we 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 resilience that is essential for accomplishment.

We believe that building connections between our employees, their families, and our communities creates a more meaningful, fulfilling, and enjoyable workplace.

Since our employees are passionate about a variety of causes, our company giving and volunteering programs support and encourage employees by engaging with those causes.

In our offices around the world, our employee-led committees select local organizations to support, often in the form of grants and employee fundraising.

We also frequently collaborate with these organizations on volunteer activities for our employees.

Lastly, we encourage and provide our employees with a day of service as a benefit to help our communities.

Our Trimble Foundation aligns international philanthropic efforts by giving back to the communities where Trimble does business and helping those in need.

We do this by supporting three focus areas, disaster and climate resilience;

female education and empowerment;

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

Our Trimble Foundation Fund (the “Foundation”) aligns international philanthropic efforts by giving back to the communities where Trimble does business and helping those in need.

The Foundation focuses on three key areas within our communities (i) Disaster and Climate Resilience, (ii) Female Education and Empowerment, and (iii) Advancing Diversity, Equity, and Inclusion.

Health, Safety, and Wellness

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Accordingly, we are committed to the health, safety, and wellness of our employees.

We provide our employees and their families with access to a variety of innovative, flexible, and convenient health and wellness programs, including benefits that provide protection and security so they can have peace of mind concerning events that may require time away from work or that impact their financial well-being;

that support their physical and mental health by providing tools and resources to help them improve or maintain their health status and encourage engagement in healthy behaviors;

and that offer choice where possible so they can customize their benefits to meet their needs and the needs of their families.

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.

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

We provide our employees and their families with access to a variety of innovative, flexible, and convenient health and wellness programs that offer choice where possible, so they can customize their benefits to meet their needs and the needs of their families.

Available Information

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Name Age Position

Berglund 71 Executive Chairman

Painter 52 President and Chief Executive Officer

Barnes 62 Chief Financial Officer

Jennifer Allison

51 Vice President, General Counsel and Secretary

Bisio 55 Senior Vice President

Kirkland 63 Senior Vice President, General Counsel and Secretary

Peter Large 54 Senior Vice President

Lin 52 Chief Platform Officer

Matthews 55 Senior Vice President

Phillip Sawarynski

51 Vice President, Treasurer

Mark Schwartz

49 Senior Vice President

Shepard 66 Chief Accounting Officer

Berglund —Steven Berglund was appointed executive chairman of Trimble’s board in January 2020, and previously served as the president and chief executive officer of Trimble since March 1999.

Prior to joining Trimble, he was president of Spectra Precision, a group within Spectra Physics AB.

His business experience includes a variety of senior leadership positions with Spectra Physics, and manufacturing and planning roles at Varian Associates.

He began his career as a process engineer at Eastman Kodak.

Berglund attended the University of Oslo and the University of Minnesota, where he received a Bachelor of Science in chemical engineering.

He received an MBA from the University of Rochester.

He is a member of the board of directors of the Silicon Valley Leadership Group and the Association of Equipment Manufacturers (AEM), as well as chairman of AEM's construction sector board.

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

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Barnes joined Trimble as chief financial officer in January 2020 with more than 35 years of financial and strategic management experience, including treasury, tax, investor relations, and risk management.

Barnes will retire from the Company in May 2024, and Phillip Sawarynski will be his successor at that time.

Prior to Trimble, he served as chief financial officer at MWH Global Inc., a global provider of engineering and construction services, from January 2009 to May 2016.

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

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

Jennifer Allison — Jennifer Allison became Trimble's general counsel and corporate secretary in April 2023, having served as general counsel for Trimble’s Construction Sector since July 2018, when Trimble acquired Viewpiont, where she had served as general counsel since 2016.

Previously, Ms.

Allison was general counsel at Tripwire, and prior to that she was the assistant general counsel and director of human resources and corporate compliance for EthicsPoint (now NAVEX Global).

Prior to those roles, Ms.

Allison clerked for the Oregon Supreme Court.

Allison received a Bachelor’s degree in English Literature from Portland State University and her JD from Lewis & Clark Law School.

Bisio — Ronald Bisio currently serves as senior vice president in charge of advanced positioning, agriculture industry solutions, civil construction field systems, and geospatial business operations.

From July 2022 to November 2023, he served as senior vice president responsible for Trimble’s transportation businesses.

Prior to that, Mr.

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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.

Kirkland —James Kirkland currently serves as Trimble’s senior vice president, general counsel, and secretary.

He joined Trimble as vice president and general counsel in July 2008.

Prior to joining Trimble, he served as general counsel and executive vice president, strategic development at Covad Communications.

He also served as senior vice president of spectrum development and general counsel at Clearwire Technologies, Inc.

He began his career in 1984 as an associate at Mintz Levin, and in 1992 he was promoted to partner.

Kirkland received a Bachelor of Arts from Georgetown University in Washington, D.C.

from Harvard Law School.

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.

Peter Large —Peter Large currently serves as senior vice president in charge of strategy, corporate development, corporate partnerships and alliances, and Trimble’s office of technology innovation.

From October 2022 to November 2023, he served as senior vice president responsible for Trimble's buildings and infrastructure segment, and from July 2021 to October 2022, as senior vice president responsible for our civil infrastructure solutions businesses, including Trimble’s joint ventures with Caterpillar and Hilti.

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

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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.

From 2010 to 2015, he served as president and general manager of the NAFTA Region for Nufarm Americas, Inc., a subsidiary of Nufarm Limited, a publicly-traded multinational agricultural chemical company.

From 2008 to 2010, he served as general manager of Nufarm Agriculture Inc., the Canadian subsidiary of Nufarm Limited.

He began his career at Dow AgroSciences in Canada, where he held management roles in sales and marketing.

From 2010 to 2015, he served on the Board of Directors for CropLife America.

Matthews received an Honors Bachelor of Science in Agriculture majoring in Horticultural Science and Business from the University of Guelph in Ontario, Canada.

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

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 degree from the University of Newcastle Upon Tyne, U.K.

Phillip Sawarynski —Phillip Sawarynski has accepted the position of chief financial officer of Trimble Inc., to be effective in May 2024, replacing David Barnes who will be retiring from the Company at that time.

Sawarynski served as the Company’s treasurer since 2018, as well as managing director and co-head of Trimble Ventures since 2021, and vice president of corporate development since 2022.

From 2015 to 2018, he served as sector vice president of finance in the Company’s mobility and intelligent transportation division, and from 2013 to 2015, as general manager of the Company’s imaging division.

Sawarynski joined the Company in 2009 as a finance director, first in the Company’s agriculture division from 2009 to 2011 and then in the Company’s geospatial business segment from 2011 to 2013.

Prior to joining the Company, Mr.

Sawarynski served as CFO of Nexus Corporation and held a variety of finance and engineering positions at Ford Motor Company, The Dow Chemical Company, and International Paper Company.

He holds a Bachelor of Science degree in chemical engineering from the University of Michigan, and an MBA from Carnegie Mellon University.

Mark Schwartz — Mark Schwartz was appointed senior vice president in November 2023 responsible for Trimble’s construction enterprise solutions, civil infrastructure design and engineering, and owner and public sector businesses.

Prior to that, Mr.

Schwartz served as senior vice president responsible for construction enterprise solutions from October 2022 until November 2023, and as Trimble’s chief digital officer from September 2020 through October 2022, leading the transformation initiatives of Trimble's business systems, processes, and infrastructure to better serve the customer through the transition to “as-a-service” business models.

Schwartz served as vice president and general manager of Trimble’s civil construction software business

from January 2020 until September 2020 and as chief operating officer of virtual site solutions, a joint venture between Trimble and Caterpillar from April 2017 to January 2020.

He joined Trimble in 2010 and has held several executive roles across Trimble’s construction businesses.

Schwartz holds a Bachelor of Science from Bryant University in Smithfield, Rhode Island.

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