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    Trimble Inc (TRMB)

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    Business Description

    Trimble Inc. is a technology company that provides solutions to enhance work processes across various industries, including architecture, building construction, civil engineering, geospatial, survey and mapping, agriculture, natural resources, utilities, transportation, and government . The company focuses on connecting the digital and physical worlds through core technologies in positioning, modeling, connectivity, and data analytics to improve productivity, quality, safety, transparency, and sustainability . Trimble's business activities are organized into three primary segments: Architects, Engineers, Construction and Owners (AECO), Field Systems, and Transportation and Logistics (T&L) .

    1. Architects, Engineers, Construction and Owners (AECO) - Provides software solutions for the construction industry, significantly contributing to recurring revenue growth with bundled offerings like Trimble Construction One (TC1) .
    2. Field Systems - Includes hardware-centric businesses with revenue equally split between hardware and software, services, and recurring revenue .
    3. Transportation and Logistics (T&L) - Offers mobility, transportation management systems, and mapping solutions, focusing on transitioning from hardware to higher value-added data flows .

    Key Metrics

    View all financials →

    Executive Team

    NamePositionStart DateShort Bio
    Robert G. PainterPresident and Chief Executive OfficerJanuary 2020Robert G. Painter became Trimble's President and CEO in January 2020. He joined the company in 2006 and served as CFO from 2016 to 2019. Before Trimble, he held positions at Cenveo, Rapt Inc., Bain & Company, Whole Foods Market, and Kraft Foods. He holds a bachelor's degree in finance from West Virginia University and an MBA from Harvard University .
    David G. BarnesChief Financial Officer (retiring May 2024)January 2020David G. Barnes joined Trimble as CFO in January 2020. He has over 35 years of financial experience, including roles at MWH Global Inc., Stantec Inc., Western Union, Coors, and YUM Brands. He holds a Bachelor of Science in Applied Mathematics from Yale University and an MBA in Finance and Marketing from the University of Chicago .
    Phillip SawarynskiVice President, Treasurer (upcoming CFO)May 2024 (expected)Phillip Sawarynski is currently VP and Treasurer at Trimble. He joined in 2009 and became Treasurer in 2018. He will assume the role of CFO in May 2024, succeeding David Barnes .
    Jennifer AllisonVice President, General Counsel and SecretaryApril 2023Jennifer Allison became VP, General Counsel, and Secretary in April 2023. She was previously general counsel for Trimble’s Construction Sector and Viewpoint. Her earlier roles include general counsel at Tripwire and EthicsPoint. She holds a Bachelor’s degree in English Literature from Portland State University and a JD from Lewis & Clark Law School .
    Ronald J. BisioSenior Vice PresidentJuly 2022Ronald J. Bisio joined Trimble in 1996 and has held various roles. He was appointed Senior VP responsible for Trimble's transportation businesses in July 2022. He previously led the surveying and geospatial businesses and served as General Manager for Trimble's rail division .
    Peter LargeSenior Vice PresidentNovember 2023Peter Large is Senior VP responsible for strategy, corporate development, and technology innovation since November 2023. He rejoined Trimble in December 2020, having previously served in leadership roles from 1996 to 2014. He holds an Ed.D. from Oklahoma State University and other degrees from Stanford, Oxford, and Newcastle .
    Mark SchwartzSenior Vice PresidentNovember 2023Mark Schwartz is Senior VP responsible for construction enterprise solutions and other sectors since November 2023. He joined Trimble in 2010 and has held several executive roles. He holds a Bachelor of Science from Bryant University .
    Julie A. ShepardChief Accounting OfficerMay 2007Julie A. Shepard joined Trimble in December 2006 as VP of Finance and became Chief Accounting Officer in May 2007. She has over 30 years of finance experience and began her career at Price Waterhouse. She holds a Bachelor of Science in Accounting from California State University and is a Certified Public Accountant .

    Questions to Ask Management

    1. Can you provide more specific reasons for the continued delays in completing the audit review, and what concrete steps are you taking to ensure it is finalized before the upcoming Investor Day?

    2. While you've reported strong ACV bookings in TC1 within AECO, can you elaborate on the challenges you're facing in rolling out TC1 to the owner segment and international markets, and how might this impact your growth projections?

    3. With the divestiture of the mobility business, how do you plan to address potential gaps in your Connect & Scale strategy, and what specific initiatives are you implementing to sustain growth in the Transportation and Logistics segment, particularly in a challenging freight market?

    4. Given the divestiture of hardware-centric low-margin businesses, can you provide more detailed guidance on how you plan to achieve the anticipated 100 basis points of margin expansion over the next few years, and what risks could prevent you from reaching these targets?

    5. Considering your capital allocation priorities between potential M&A opportunities within the AECO segment and your commitment to share buybacks, how do you intend to balance these competing interests, and could this impact your ability to invest in strategic acquisitions?

    Debt Maturity Schedule

    YearAmount Due (in millions)Debt TypeInterest Rate (%)% of Total Debt
    2024$543.4 Senior Notes, 4.75%, Uncommitted Credit Facilities5.38 17.9% = (543.4 / 3,043.4) * 100
    2026$500.0 Term Loan, due April 20266.93 16.4% = (500.0 / 3,043.4) * 100
    2027$143.7 2022 Revolving Credit Facility, due March 20276.68 4.7% = (143.7 / 3,043.4) * 100
    2028$600.0 Senior Notes, 4.90%, Term Loan, due April 20285.04, 7.06 19.7% = (600.0 / 3,043.4) * 100
    2033$800.0 Senior Notes, 6.10%, due March 20336.13 26.3% = (800.0 / 3,043.4) * 100

    Auditor

    NameStart DateEnd DateReason for Change
    Ernst & Young LLP1986 PresentCurrent auditor

    Latest news

    Recent developments and announcements about TRMB.

    Legal & Compliance

      Legal Proceedings

      ·
      Dec 11, 2024, 12:37 PM

      Summary of the Legal Matter Involving Trimble Inc.:

      Key Parties Involved:

      • Trimble Inc.: The company requesting the extension.
      • Bank of America, N.A.: Acting as the Administrative Agent.
      • Lenders: Various financial institutions party to the Credit Agreement, including Bank of America, TD Bank, Nordea Bank, KBC Bank, HSBC Bank, PNC Bank, JPMorgan Chase Bank, The Bank of Nova Scotia, Goldman Sachs Bank, and Wells Fargo Bank .

      Nature of the Proceedings:

      • Trimble Inc. has entered into a Consent and Waiver Agreement dated December 9, 2024, with its lenders and Bank of America, N.A., as the Administrative Agent. This agreement is related to a Credit Agreement initially dated March 24, 2022, and subsequently amended multiple times .
      • The company requested an extension of the Financial Reporting Deadline for the fiscal quarters ending March 29, 2024, June 28, 2024, and September 27, 2024, to January 10, 2025. This extension is to allow more time to deliver the required financial statements and compliance certificates .
      • The agreement also includes a waiver of any Default or Event of Default that might have occurred due to the non-delivery of these financial documents by the original deadlines .

      Potential Financial or Operational Consequences:

      • The extension and waiver prevent any immediate financial penalties or operational disruptions that could arise from a default under the Credit Agreement due to late financial reporting .
      • The company is nearing completion of an assessment of its internal controls over financial reporting, which is expected to be finalized soon, allowing for the filing of the delayed quarterly reports .

      This legal matter primarily revolves around ensuring compliance with financial reporting requirements and maintaining good standing with lenders by obtaining necessary extensions and waivers to avoid defaults under existing credit agreements.