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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
TrimbleR-Horiz-RGB-Blue.jpg
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 29, 2023
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____ to _____
Commission file number: 001-14845
TRIMBLE INC.
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation or organization)
 
94-2802192
(I.R.S. Employer Identification Number)
10368 Westmoor Drive, Westminster, CO 80021
(Address of principal executive offices) (Zip Code)
(720887-6100
(Registrant’s telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ý    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ý    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definition of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large Accelerated FilerýAccelerated Filer
¨
Non-accelerated Filer
¨
Smaller Reporting Company
Emerging Growth Company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  ý
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.001 par value per shareTRMBNASDAQ Global Select Market
As of October 30, 2023, there were 248,767,565 shares of Common Stock, par value $0.001 per share, outstanding.


Table of Contents
SPECIAL NOTE ON FORWARD-LOOKING STATEMENTS
This report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are subject to the “safe harbor” created by those sections. These statements include, among other things:
general U.S. and global macroeconomic outlook, including slowing growth, inflationary pressures, and increases in interest rates;
economic disruptions caused by potential impact of volatility and conflict in the political and economic environment, including the conflicts in the Middle East and between Russian and Ukraine;
our belief that inflationary cost pressures will diminish over time as supply chain conditions continue to normalize;
fluctuations in foreign currency exchange rates;
the cyclical nature of our hardware revenue and our expectation that our inventory levels will normalize over the first half of 2024;
our expectations that we will experience less seasonality in the future;
the portion of our revenue expected to come from sales to customers located in countries outside of the U.S.;
our plans to continue to invest in research and development for the active development and introduction of new products and to deliver targeted solutions to the markets we serve;
our shift towards a more significant mix of recurring revenue;
our belief that increases in recurring revenue will provide us with enhanced business visibility over time;
risks associated with our growth strategy, focusing on historically underserved large markets;
any anticipated benefits or impact to our results of operations and financial conditions from our acquisitions and our ability to successfully integrate the acquired businesses;
any anticipated benefits associated with the pending contribution of our precision agriculture business, excluding certain products and technologies, to a newly formed joint venture (the “JV”) and the sale of the majority interest in the JV to AGCO Corporation (“AGCO”);
our belief that our cash and cash equivalents and borrowings, along with cash provided by operations, will be sufficient in the foreseeable future to meet our anticipated operating cash needs, debt service, expenditures related to our Connect and Scale strategy, and any acquisitions;
tax payments or refunds related to research and development (“R&D”) costs;
our belief that our gross unrecognized tax benefits will not materially change in the next twelve months; and
our commitments to environmental, social, and governance matters.
The forward-looking statements regarding future events and the future results of Trimble Inc. (“the Company” or “we” or “our” or “us”) are based on current expectations, estimates, forecasts, and projections about the industries in which we operate, and the beliefs and assumptions of our management. Discussions containing such forward-looking statements may be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section of this report. In some cases, forward-looking statements can be identified by terminology such as “may,” “will,” “should,” “could,” “predicts,” “potential,” “continue,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” and similar expressions. These forward-looking statements involve certain risks and uncertainties that could cause actual results, levels of activity, performance, achievements, and events to differ materially from those implied by such forward-looking statements, including but not limited to those discussed in this report under the section entitled “Risk Factors” and elsewhere, and in other reports we file with the Securities and Exchange Commission (“SEC”), specifically the most recent Form 10-K for 2022 (the “2022 Form 10-K”) and in other reports we file with the SEC, each as it may be amended from time to time. These forward-looking statements are made as of the date of this report. We reserve the right to update these forward-looking statements for any reason, including the occurrence of material events, but assume no duty to update these statements to reflect subsequent events.


Table of Contents
TRIMBLE INC.
FORM 10-Q for the Quarter Ended September 29, 2023
TABLE OF CONTENTS
Page
PART I.
ITEM 1.
ITEM 2.
ITEM 3.
ITEM 4.
PART II.
ITEM 1.
ITEM 1A.
ITEM 2.
ITEM 3.
ITEM 4.
ITEM 5.
ITEM 6.
3

Table of Contents
PART I – FINANCIAL INFORMATION
ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Index
Page
4

Table of Contents
TRIMBLE INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
As ofAs of
Third Quarter of Year End
20232022
(In millions, except par value)  
ASSETS
Current assets:
Cash and cash equivalents$216.8 $271.0 
Accounts receivable, net641.4 643.3 
Inventories257.2 402.5 
Other current assets196.4 201.4 
Assets held for sale378.7  
Total current assets1,690.5 1,518.2 
Property and equipment, net203.7 219.0 
Operating lease right-of-use assets114.5 121.2 
Goodwill5,279.7 4,137.9 
Other purchased intangible assets, net1,259.6 498.1 
Deferred income tax assets418.0 438.4 
Other non-current assets364.7 336.2 
Total assets$9,330.7 $7,269.0 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Short-term debt$58.3 $300.0 
Accounts payable179.5 175.5 
Accrued compensation and benefits169.9 159.4 
Deferred revenue594.2 639.1 
Income taxes payable104.923.7 
Other current liabilities184.3 164.4 
Liabilities held for sale46.9  
Total current liabilities1,338.0 1,462.1 
Long-term debt2,995.4 1,220.0 
Deferred revenue, non-current98.4 98.5 
Deferred income tax liabilities283.6 157.8 
Operating lease liabilities104.1 105.1 
Other non-current liabilities168.2 175.3 
Total liabilities4,987.7 3,218.8 
Commitments and contingencies (Note 13)
Stockholders' equity:
Preferred stock, $0.001 par value; 3.0 shares authorized; none issued and outstanding
  
Common stock, $0.001 par value; 360.0 shares authorized; 248.8 and 246.9 shares issued and outstanding at the end of the third quarter of 2023 and year end 2022
0.2 0.2 
Additional paid-in-capital2,201.5 2,054.9 
Retained earnings2,455.4 2,230.0 
Accumulated other comprehensive loss(314.1)(234.9)
Total stockholders' equity4,343.0 4,050.2 
Total liabilities and stockholders' equity$9,330.7 $7,269.0 
See accompanying Notes to the Condensed Consolidated Financial Statements.
5

Table of Contents

TRIMBLE INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
 
  Third Quarter of First Three Quarters of
(In millions, except per share amounts) 2023202220232022
Revenue:
Product$444.0 $472.5 $1,368.9 $1,570.3 
Subscription and services513.3 412.4 1,497.4 1,249.5 
Total revenue957.3 884.9 2,866.3 2,819.8 
Cost of sales:
Product215.6 239.8 665.7 815.5 
Subscription and services123.8 109.8 364.2 338.4 
Amortization of purchased intangible assets27.7 19.9 80.9 63.4 
Total cost of sales367.1 369.5 1,110.8 1,217.3 
Gross margin590.2 515.4 1,755.5 1,602.5 
Operating expense:
Research and development162.5 127.0 496.6 407.4 
Sales and marketing146.2 137.1 436.9 407.9 
General and administrative117.2 109.6 369.2 318.0 
Restructuring11.8 8.2 26.1 20.5 
Amortization of purchased intangible assets31.2 11.1 74.8 34.5 
Total operating expense468.9 393.0 1,403.6 1,188.3 
Operating income 121.3 122.4 351.9 414.2 
Non-operating income (expense), net:
Divestitures gain, net5.5 6.0 10.6 103.1 
Interest expense, net(46.8)(15.6)(113.2)(46.9)
Income from equity method investments, net5.2 6.8 24.6 22.3 
Other income (expense), net(5.8)(1.7)23.6 (14.7)
Total non-operating income (expense), net(41.9)(4.5)(54.4)63.8 
Income before taxes79.4 117.9 297.5 478.0 
Income tax provision4.5 32.1 49.2 113.9 
Net income$74.9 $85.8 $248.3 $364.1 
Earnings per share:
Basic$0.30 $0.35 $1.00 $1.46 
Diluted$0.30 $0.34 $1.00 $1.45 
Shares used in calculating earnings per share:
Basic248.6 247.5 248.0 249.1 
Diluted249.7 248.9 249.1 250.8 
See accompanying Notes to the Condensed Consolidated Financial Statements.
6

Table of Contents
TRIMBLE INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(UNAUDITED)
 
 Third Quarter of First Three Quarters of
 2023202220232022
(In millions)    
Net income$74.9 $85.8 $248.3 $364.1 
Foreign currency translation adjustments, net of tax(119.7)(95.6)(75.6)(173.0)
Net change related to derivatives and other, net of tax(0.2) (3.6) 
Comprehensive (loss) income
$(45.0)$(9.8)$169.1 $191.1 
See accompanying Notes to the Condensed Consolidated Financial Statements.
7

Table of Contents
TRIMBLE INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(UNAUDITED)
 Common stockRetained
Earnings
Accumulated
Other
Comprehensive
Loss
Total
Stockholders’
Equity
 SharesAmountAdditional Paid-In Capital
(In millions)     
Balance at the end of 2022246.9 $0.2 $2,054.9 $2,230.0 $(234.9)$4,050.2 
Net income— — — 128.8 — 128.8 
Other comprehensive income— — — — 16.5 16.5 
Issuance of common stock under employee plans, net of tax withholdings0.5 — 16.9 (2.9)— 14.0 
Stock-based compensation— — 35.7 — — 35.7 
Balance at the end of the first quarter of 2023247.4 $0.2 $2,107.5 $2,355.9 $(218.4)$4,245.2 
Net income— — — 44.6 — 44.6 
Other comprehensive income— — — — 24.2 24.2 
Issuance of common stock under employee plans, net of tax withholdings0.9 — (4.2)(19.4)— (23.6)
Stock-based compensation— — 40.9 — — 40.9 
Balance at the end of the second quarter of 2023248.3 $0.2 $2,144.2 $2,381.1 $(194.2)$4,331.3 
Net income— — — 74.9 — 74.9 
Other comprehensive loss— — — — (119.9)(119.9)
Issuance of common stock under employee plans, net of tax withholdings0.5 — 18.2 (0.6)— 17.6 
Stock-based compensation— — 39.1 — — 39.1 
Balance at the end of the third quarter of 2023248.8 $0.2 $2,201.5 $2,455.4 $(314.1)$4,343.0 
 Common stockRetained
Earnings
Accumulated
Other
Comprehensive
Loss
Total
Stockholders’
Equity
 SharesAmountAdditional Paid-In Capital
(In millions)     
Balance at the end of 2021250.9 $0.3 $1,935.6 $2,170.5 $(161.7)$3,944.7 
Net income— — — 110.3 — 110.3 
Other comprehensive loss— — — — (2.2)(2.2)
Issuance of common stock under employee plans, net of tax withholdings0.7 — 15.2 (17.6)— (2.4)
Stock repurchases(1.5)— (11.8)(92.9)— (104.7)
Stock-based compensation— — 42.2 — — 42.2 
Balance at the end of the first quarter of 2022250.1 $0.3 $1,981.2 $2,170.3 $(163.9)$3,987.9 
Net income— — — 168.0 — 168.0 
Other comprehensive loss— — — — (75.2)(75.2)
Issuance of common stock under employee plans, net of tax withholdings0.6 — (2.3)(17.1)— (19.4)
Stock repurchases(3.1)(0.1)(24.4)(175.5)— (200.0)
Stock-based compensation— — 33.2 — — 33.2 
Balance at the end of the second quarter of 2022247.6 $0.2 $1,987.7 $2,145.7 $(239.1)$3,894.5 
Net income— — — 85.8 — 85.8 
Other comprehensive loss— — — — (95.6)(95.6)
Issuance of common stock under employee plans, net of tax withholdings0.4 — 17.9 (0.9)— 17.0 
Stock repurchases(1.4)— (11.4)(78.6)— (90.0)
Stock-based compensation— — 33.1 — — 33.1 
Balance at the end of the third quarter of 2022246.6 $0.2 $2,027.3 $2,152.0 $(334.7)$3,844.8
See accompanying Notes to the Condensed Consolidated Financial Statements.
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TRIMBLE INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
 First Three Quarters of
(In millions)20232022
Cash flow from operating activities:
Net income$248.3 $364.1 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense29.5 30.1 
Amortization expense155.7 97.9 
Deferred income taxes(104.0)(41.3)
Stock-based compensation112.5 93.2 
Divestitures gain, net(10.6)(103.1)
Other, net(5.9)22.7 
(Increase) decrease in assets:
Accounts receivable, net24.0 13.2 
Inventories46.3 (99.5)
Other current and non-current assets(35.5)(31.7)
Increase (decrease) in liabilities:
Accounts payable5.0 (3.8)
Accrued compensation and benefits12.3 (52.9)
Deferred revenue(39.7)14.3 
Income taxes payable62.5 (16.6)
Other current and non-current liabilities(2.2)(1.5)
Net cash provided by operating activities498.2 285.1 
Cash flow from investing activities:
Acquisitions of businesses, net of cash acquired(2,088.9)(318.1)
Purchases of property and equipment(32.2)(36.6)
Net proceeds from divestitures15.1 214.3 
Other, net41.6 (11.8)
Net cash used in investing activities(2,064.4)(152.2)
Cash flow from financing activities:
Issuance of common stock, net of tax withholdings8.0 (4.8)
Repurchases of common stock (394.7)
Proceeds from debt and revolving credit lines3,398.8 529.3 
Payments on debt and revolving credit lines(1,856.8)(235.9)
Other, net(29.3)(8.9)
Net cash provided by (used in) financing activities1,520.7 (115.0)
Effect of exchange rate changes on cash and cash equivalents(2.6)(34.9)
Net decrease in cash and cash equivalents(48.1)(17.0)
Cash and cash equivalents - beginning of period271.0 325.7 
Cash and cash equivalents - end of period (1)
$222.9 $308.7 
(1) Includes $6.1 million of cash and cash equivalents classified as held for sale as of September 29, 2023.
See accompanying Notes to the Condensed Consolidated Financial Statements.
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1. OVERVIEW AND ACCOUNTING POLICIES
Basis of Presentation
The Condensed Consolidated Financial Statements include our results of our consolidated subsidiaries. Intercompany accounts and transactions have been eliminated.
We use a 52- to 53-week year ending on the Friday nearest to December 31. Both 2023 and 2022 are 52-week years. The third quarter of 2023 and 2022 ended on September 29, 2023 and September 30, 2022. Unless otherwise stated, all dates refer to these periods.
Use of Estimates
We prepared our interim Condensed Consolidated Financial Statements that accompany these notes in conformity with U.S. GAAP, consistent in all material respects with those applied in our Form 10-K filed with the U.S. Securities and Exchange Commission on February 17, 2023 (the “2022 Form 10-K”).
The interim financial information is unaudited, and reflects all normal adjustments that are, in our opinion, necessary to provide a fair statement of results for the interim periods presented. This report should be read in conjunction with our 2022 Form 10-K that includes additional information about our significant accounting policies and the methods and assumptions used in our estimates.
The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) requires us to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Estimates and assumptions are used for revenue recognition, including determining the nature and timing of satisfaction of performance obligations and determining standalone selling price (“SSP”) of performance obligations, provision for credit losses, sales returns reserve, inventory valuation, warranty costs, investments, acquired intangibles, goodwill and intangible asset impairment analysis, other long-lived asset impairment analysis, stock-based compensation, and income taxes. We base our estimates on historical experience and various other assumptions we believe to be reasonable. Actual results that we experience may differ materially from our estimates.
Change in Presentation
During the first quarter of 2023, we changed the presentation of revenue and cost of sales in the Condensed Consolidated Statements of Income. This change was made to better reflect our Connect and Scale strategy and business model evolution with a continued shift toward a more significant mix of recurring revenue, which includes subscription, maintenance and support, recurring transactions, and term licenses. As such, we revised our presentation, including (a) the combination of subscription and services into one line item, and (b) moving term licenses from product to subscription and services. The subscription and services line item is more aligned with our performance measures, how we manage our business, and is helpful to investors and others to better understand our results.
Previously, we presented revenue and cost of sales on three lines as follows:
product, which included hardware and software licenses (both perpetual and term licenses);
service, which included hardware and software maintenance and support and professional services;
subscription, which included Software as a Service (“SaaS”), data, and hosting services.
The revised categories are as follows:
product, which includes hardware and perpetual software licenses;
subscription and services, which includes SaaS, data, and hosting services, as well as term licenses, hardware and software maintenance and support, and professional services.
Prior period amounts have been revised to conform to the current period presentation. This change in presentation did not affect the total revenue or total cost of sales. The effect of the changes on the Condensed Consolidated Statements of Income for the third quarter and first three quarters of 2022 were as follows:
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Third Quarter of 2022First Three Quarters of 2022
(In millions)
As Previously ReportedEffect of Change in PresentationAs Reported HereinAs Previously ReportedEffect of Change in PresentationAs Reported Herein
Revenue:
Product$503.9 $(31.4)$472.5 $1,690.0 $(119.7)$1,570.3 
Subscription and services— 412.4 412.4 — 1,249.5 1,249.5 
Service158.3 (158.3)— 477.4 (477.4)— 
Subscription222.7 (222.7)— 652.4 (652.4)— 
Total revenue$884.9 $— $884.9 $2,819.8 $— $2,819.8 
Cost of sales:
Product$240.7 $(0.9)$239.8 $819.0 $(3.5)$815.5 
Subscription and services— 109.8 109.8 — 338.4 338.4 
Service53.9 (53.9)— 180.6 (180.6)— 
Subscription55.0 (55.0)— 154.3 (154.3)— 
Amortization of purchased intangible assets19.9 — 19.9 63.4 — 63.4 
Total cost of sales$369.5 $— $369.5 $1,217.3 $— $1,217.3 
Recently issued Accounting Pronouncements not yet Adopted
There are no recently issued accounting pronouncements applicable to us not yet adopted.
Recently Adopted Accounting Pronouncements
There are no recently adopted accounting pronouncements.
NOTE 2. COMMON STOCK REPURCHASE
In August 2021, our Board of Directors approved a new stock repurchase program (“2021 Stock Repurchase Program”), authorizing up to $750.0 million in repurchases of our common stock. The 2021 Stock Repurchase Program’s authorization does not have an expiration date.
Under the 2021 Stock Repurchase Program, we may repurchase stock from time to time through open market transactions, privately-negotiated transactions, accelerated stock repurchase plans, or by other means. The timing and actual number of any stock repurchased will depend on a variety of factors, including market conditions, our stock price, other available uses of capital, applicable legal requirements, and other factors. The 2021 Stock Repurchase Program may be suspended, modified, or discontinued at any time at the Company’s discretion without notice. At the end of the third quarter of 2023, the 2021 Stock Repurchase Program had remaining authorized funds of $215.3 million.
In the fourth quarter of 2023, we plan to reinstate share repurchases, which were temporarily discontinued in the fourth quarter of 2022.
During the third quarter and first three quarters of 2022, we repurchased approximately 1.4 million and 6.0 million shares of common stock in open market purchases at an average price of $64.23 and $65.90 per share for a total of $90.0 million and $394.7 million under the 2021 Stock Repurchase Program.
Stock repurchases are reflected as a decrease to common stock based on par value and additional-paid-in-capital, determined by the average book value per share of outstanding stock, calculated at the time of each individual repurchase transaction. The excess of the purchase price over this average for each repurchase was charged to retained earnings. Common stock repurchases under the program were recorded based upon the trade date for accounting purposes.
NOTE 3. ACQUISITION
On April 3, 2023, we acquired all of the issued and outstanding shares of TP Group Holding GmbH and Sixfold GmbH, which owned Transporeon, in an all-cash transaction. Transporeon is a Germany-based company and leading cloud-based transportation management software platform that connects key stakeholders across the industry lifecycle to positively impact the optimization of global supply chains, which aligns with our Connect and Scale strategy. Transporeon is reported as part of our Transportation segment.
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The total purchase consideration was €1.9 billion or $2.1 billion, which included the repayment of outstanding Transporeon debt of $339.6 million. The acquisition was funded through a combination of cash on hand and debt. See Note 8 “Debt” of this report for more information.
Purchase Price Allocation
The fair value of identifiable assets acquired and liabilities assumed was determined under the acquisition method of accounting for business combinations. The excess of purchase consideration over the fair value of net tangible and identifiable intangible assets acquired was recorded as goodwill. The fair value of intangible assets acquired is generally determined based on a discounted cash flow analysis.
The following table summarizes the consideration transferred to acquire Transporeon and the preliminary allocation of the purchase price among the assets acquired and liabilities assumed, as well as the estimated useful lives of the identifiable intangible assets as of the date of the acquisition. The allocation of the purchase price is still preliminary as we finalize deferred income taxes, certain tangible assets and liabilities acquired, and valuations of intangible assets. Preliminary estimates will be finalized within one year of the acquisition date.
Fair Value as of the Acquisition DateEstimated Useful Life
(In millions)
Total purchase consideration$2,082.6 
Net tangible assets acquired:
Cash and cash equivalents12.9 
Accounts receivable, net41.8 
Other current assets28.0 
Non-current assets24.7 
Accounts payable(4.1)
Accrued compensation and benefits(9.7)
Deferred revenue(16.5)
Other current liabilities(47.2)
Non-current liabilities(22.3)
Total net tangible assets acquired7.6 
Intangible assets acquired:
Customer relationships759.5 11 years
Developed product technology168.4 7 years
Trade name11.9 1 year
Total intangible assets acquired939.8 
Deferred tax liability(256.6)
Fair value of all assets/liabilities acquired690.8 
Goodwill$1,391.8 
Goodwill consists of growth potential, synergies, and economies of scale expected from combining Transporeon’s operations with ours, together with the highly skilled and valuable assembled workforce. We do not expect the goodwill to be deductible for income tax purposes.
Financial Information
The following table presents the amounts of revenue and net loss included in the Condensed Consolidated Statements of Income resulting from Transporeon since the acquisition date, which includes the effects of purchase accounting, primarily amortization of intangible assets and other adjustments.
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 Third Quarter of First Three Quarters of
 20232023
(In millions)  
Total revenue$41.0 $81.5 
Net loss
(12.4)(27.0)
Pro Forma Financial Information
The pro forma financial information presented in the following table was computed by combining the historical financial information of Trimble and Transporeon along with the effects from business combination accounting and the associated debt resulting from this acquisition as if the companies were combined on January 1, 2022. This information is presented for informational purposes only, and is not necessarily indicative of the operating results that would have occurred if the acquisition had been consummated as of that date. This information should not be used as a predictive measure of our future financial position, results of operations, or liquidity.
 Third Quarter of First Three Quarters of
 2023202220232022
(In millions)    
Total revenue$957.3 $922.7 $2,906.8 $2,936.3 
Net income74.9 56.7 210.0 252.2 
NOTE 4. ASSETS HELD FOR SALE
On September 28, 2023, we executed a definitive agreement with AGCO that provides for the formation of a JV with AGCO in the mixed fleet precision agriculture market (the “Trimble Ag JV Transaction”). Under the terms of the agreement, we will contribute our precision agriculture business (“Trimble Ag”), excluding certain Global Navigation Satellite System (“GNSS”) and guidance technologies, and AGCO will contribute its JCA Technologies business to the JV. We will sell an interest in the JV to AGCO for $2.0 billion in pre-tax cash proceeds, subject to working capital adjustments. Immediately following the closing of the Trimble Ag JV Transaction, we will own 15% of the JV and AGCO will own 85% of the JV.
Additionally, we plan to enter into the following agreements with AGCO as part of the overall transaction:
a seven-year, renewable Supply Agreement through which we will provide key GNSS and guidance technologies to the JV for use in professional agriculture machines sold by AGCO, on an exclusive basis with limited exceptions;
a Technology Transfer and License Agreement to govern the licensing of certain non-divested intellectual property and technology for use by the JV in the agriculture field and, upon expiration of the Supply Agreement, to govern fixed and variable royalty payments made to us by the JV;
a Trademark License Agreement to govern the licensing of certain Trimble trademarks for use by the JV in the agriculture field;
a Positioning Services Agreement through which the JV will serve as our channel partner for the positioning services in the agriculture market; and
a Transition Services Agreement to provide contract manufacturing services for the divested products for two years following the closing of the transaction.
The transaction is expected to close in the first half of 2024 and is subject to customary closing conditions, including regulatory approvals. Trimble Ag is reported as a part of our Resources and Utilities segment.
Following the closing of the Trimble Ag JV Transaction, our 15% ownership interest in the JV is expected to be reported as an equity method investment.
The assets and liabilities of Trimble Ag that are subject to the transaction were classified as held for sale in the third quarter of 2023. The following table presents the carrying values of the major classes of assets and liabilities classified as held for sale in our Condensed Consolidated Balance Sheets at the end of the third quarter of 2023:
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As of
Third Quarter of
(In millions)2023
Cash and cash equivalents$6.1 
Accounts receivable, net11.7 
Inventories, net
85.8 
Other current assets3.0 
Property and equipment, net18.8 
Other purchased intangible assets, net19.3 
Goodwill
231.1 
Other non-current assets2.9 
Total Assets Held for Sale
$378.7 
Accounts payable$3.7 
Deferred revenue, current
13.3 
Other current liabilities14.8 
Deferred revenue, non-current8.3 
Long-term liabilities
6.8 
Total Liabilities Held for Sale
$46.9 
NOTE 5. INTANGIBLE ASSETS AND GOODWILL
Intangible Assets
The following table presents a summary of our intangible assets:
Third Quarter of 2023Year End 2022
 Gross  Gross  
CarryingAccumulatedNet CarryingCarryingAccumulatedNet Carrying
(In millions)AmountAmortizationAmountAmountAmortizationAmount
Developed product technology$927.2 $(554.1)$373.1 $1,004.8 $(722.7)$282.1 
Customer relationships1,347.1 (469.8)877.3 654.1 (445.9)208.2 
Trade names and trademarks44.8 (36.6)8.2 39.5 (32.7)6.8 
Distribution rights and other intellectual property4.4 (3.4)1.0 8.0 (7.0)1.0 
$2,323.5 $(1,063.9)$1,259.6 $1,706.4 $(1,208.3)$498.1 
The estimated future amortization expense of intangible assets at the end of the third quarter of 2023 was as follows:
(In millions)
2023 (Remaining)$57.5 
2024200.1 
2025162.8 
2026157.7 
2027144.0 
Thereafter537.5 
Total$1,259.6 
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Goodwill
The changes in the carrying amount of goodwill by segment for the first three quarters of 2023 were as follows: 
Buildings and InfrastructureGeospatialResources and UtilitiesTransportationTotal
(In millions)     
Balance as of year end 2022$2,300.1 $382.1 $471.8 $983.9 $4,137.9 
Additions due to acquisitions28.1   1,391.8 1,419.9 
Assets held for sale
 (1.7)(229.4) (231.1)
Foreign currency translation and other adjustments(2.2)(3.6)2.0 (43.2)(47.0)
Balance as of the end of the third quarter of 2023$2,326.0 $376.8 $244.4 $2,332.5 $5,279.7 
NOTE 6. INVENTORIES
The components of inventory, net were as follows:
Third Quarter of Year End
As of20232022
(In millions)  
Raw materials$92.0 $154.9 
Work-in-process9.8 13.1 
Finished goods155.4 234.5 
Total inventories$257.2 $402.5 
NOTE 7. SEGMENT INFORMATION
We determined our operating segments based on how our Chief Operating Decision Maker (“CODM”) views and evaluates operations. Our reportable segments are described below:
Buildings and Infrastructure. This segment primarily serves customers working in architecture, engineering, construction, and operations and maintenance.
Geospatial. This segment primarily serves customers working in surveying, engineering, and government.
Resources and Utilities. This segment primarily serves customers working in agriculture, forestry, and utilities.
Transportation. This segment primarily serves customers working in long haul trucking and freight shipper markets.
The following Reporting Segment tables reflect the results of our reportable operating segments under our management reporting system. These results are not necessarily in conformity with U.S. GAAP. This is consistent with the way the CODM evaluates each of the segment's performance and allocates resources.
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 Reporting Segments
 Buildings and InfrastructureGeospatialResources and UtilitiesTransportationTotal
(In millions)     
Third Quarter of 2023
Segment revenue$395.1 $180.7 $184.9 $196.6 $957.3 
Segment operating income113.5 57.9 69.2 35.8 276.4 
Third Quarter of 2022
Segment revenue$363.6 $184.2 $191.7 $145.4 $884.9 
Segment operating income96.7 61.5 64.2 16.0 238.4 
First Three Quarters of 2023
Segment revenue$1,204.6 $526.0 $589.5 $546.2 $2,866.3 
Segment operating income 332.6 162.3 209.6 90.0 794.5 
First Three Quarters of 2022
Segment revenue$1,143.8 $585.4 $636.4 $454.2 $2,819.8 
Segment operating income 318.8 177.2 212.3 37.0 745.3 
 Reporting Segments
 Buildings and InfrastructureGeospatialResources and UtilitiesTransportationTotal
(In millions)     
As of the end of the Third Quarter of 2023
Accounts receivable, net$255.9 $133.0 $78.8 $173.7 $641.4 
Inventories68.8 124.0 11.0 53.4 257.2 
Goodwill2,326.0 376.8 244.4 2,332.5 5,279.7 
As of Year End 2022
Accounts receivable, net $305.1 $137.2 $79.2 $121.8 $643.3 
Inventories 93.2 146.1 100.3 62.9 402.5 
Goodwill2,300.1 382.1 471.8 983.9 4,137.9 
A reconciliation of our condensed consolidated segment operating income to condensed consolidated income before income taxes was as follows: 
 Third Quarter of First Three Quarters of
 2023202220232022
(In millions)    
Consolidated segment operating income$276.4 $238.4 $794.5 $745.3 
Unallocated general corporate expenses(25.4)(28.5)(86.4)(91.6)
Amortization of purchased intangible assets(58.9)(31.0)(155.7)(97.9)
Acquisition / divestiture items(22.0)(9.1)(55.5)(20.3)
Stock-based compensation / deferred compensation(37.9)(31.7)(115.4)(82.9)
Restructuring and other costs(10.9)(15.7)(29.6)(38.4)
Consolidated operating income121.3 122.4 351.9 414.2 
Total non-operating income (expense), net(41.9)(4.5)(54.4)63.8 
Consolidated income before taxes$79.4 $117.9 $297.5 $478.0 
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The disaggregation of revenue by geography is summarized in the tables below. Revenue is defined as revenue from external customers attributed to countries based on the location of the customer and is consistent with the Reporting Segment tables above.
 Reporting Segments
 Buildings and InfrastructureGeospatialResources and UtilitiesTransportationTotal
(In millions)     
Third Quarter of 2023
North America$256.1 $85.8 $55.1 $121.4 $518.4 
Europe78.3 51.2 74.6 56.6 260.7 
Asia Pacific51.3 33.2 12.1 9.3 105.9 
Rest of World9.4 10.5 43.1 9.3 72.3 
Total segment revenue $395.1 $180.7 $184.9 $196.6 $957.3 
Third Quarter of 2022
North America$235.8 $84.1 $55.5 $113.0 $488.4 
Europe67.6 52.9 79.6 18.1 218.2 
Asia Pacific52.8 33.8 8.6 7.1 102.3 
Rest of World7.4 13.4 48.0 7.2 76.0 
Total segment revenue $363.6 $184.2 $191.7 $145.4 $884.9 
First Three Quarters of 2023
North America$773.9 $233.0 $159.8 $359.1 $1,525.8 
Europe259.4 158.8 254.9 138.1 811.2 
Asia Pacific148.4 104.7 42.6 23.9 319.6 
Rest of World22.9 29.5 132.2 25.1 209.7 
Total segment revenue$1,204.6 $526.0 $589.5 $546.2 $2,866.3 
First Three Quarters of 2022
North America$710.6 $255.4 $178.8 $354.9 $1,499.7 
Europe263.9 185.4 291.3 58.2 798.8 
Asia Pacific149.6 108.6 41.3 22.1 321.6 
Rest of World19.7 36.0 125.0 19.0 199.7 
Total segment revenue$1,143.8 $585.4 $636.4 $454.2 $2,819.8 
Total revenue in the United States as included in the Condensed Consolidated Statements of Income was $478.6 million and $444.5 million for the third quarter of 2023 and 2022, and $1,401.2 million and $1,358.9 million for the first three quarters of 2023 and 2022. No single customer or country other than the United States accounted for 10% or more of our total revenue.
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NOTE 8. DEBT
Debt consisted of the following:
Third Quarter of Year End
InstrumentDate of Issuance20232022
(In millions)Effective interest rate
Senior Notes:
   Senior Notes, 4.15%, due June 2023
June 2018$ $300.0 
   Senior Notes, 4.75%, due December 2024
November 20144.95%400.0 400.0 
   Senior Notes, 4.90%, due June 2028
June 20185.04%600.0 600.0 
   Senior Notes, 6.10%, due March 2033
March 20236.13%800.0  
Credit Facilities:
2022 Revolving Credit Facility, due March 2027September 20226.68%210.0 225.0 
Term Loan, due April 2026April 20236.94%500.0  
Term Loan, due April 2028April 20237.03%500.0  
Uncommitted Credit Facilities, floating rate6.38%58.3  
Unamortized discount and issuance costs(14.6)(5.0)
Total debt$3,053.7 $1,520.0 
Less: Short-term debt58.3 300.0 
Long-term debt$2,995.4 $1,220.0 
Debt Maturities
At the end of the third quarter of 2023, our debt maturities based on outstanding principal were as follows (in millions):
Year Payable
2023 (Remaining)$58.3 
2024400.0 
2025 
2026518.8 
2027253.7 
Thereafter1,837.5 
Total$3,068.3 
Senior Notes
All of our senior notes are unsecured obligations. Interest on the senior notes is payable semi-annually in June and December of each year, except for the interest on the 2033 senior notes payable in March and September. Additional details are unchanged from the information disclosed in Note 7 “Debt” of the 2022 Form 10-K.
During the second quarter of 2023, the $300 million senior notes due June 2023 matured and were repaid in full.
2033 Senior Notes
In March 2023, we issued an aggregate principal amount of $800.0 million in senior notes that will mature in March 2033. The proceeds were partly used to finance our acquisition of Transporeon. The interest is payable semi-annually in March and September of each year, commencing in September 2023.
Credit Facilities
2022 Term Loan Credit Agreement
On December 27, 2022, we entered into a $1.0 billion unsecured, delayed draw term loan credit agreement comprised of commitments for a 3-year tranche of $500.0 million and a 5-year tranche of $500.0 million. On April 3, 2023, both variable-rate term loans were drawn to fund the acquisition of Transporeon.
Prepayments are allowed without penalty and cannot be reborrowed.
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2022 Credit Facility and Amendment
In March 2022, we entered into a credit agreement maturing in March 2027. The 2022 credit facility provides for a five-year, unsecured revolving credit facility in an aggregate principal amount of $1.25 billion, and permits us, subject to the satisfaction of certain conditions, to increase the commitments for revolving loans by an aggregate principal amount of up to $500.0 million. The variable interest rate and commitment fees are based on our current long-term, senior unsecured debt ratings, our leverage ratio, and certain specified sustainability targets.
On December 27, 2022, we entered into an amendment to the 2022 credit facility that made available up to $600.0 million of the existing commitments for the acquisition of Transporeon and increased our maximum permitted leverage ratio following the closing of the acquisition. On April 3, 2023, we borrowed $225.0 million as part of the proceeds to finance the acquisition. For additional information related to the Transporeon acquisition, see Note 3 “Acquisition” of this report.
Uncommitted Facilities
At the end of the third quarter of 2023, we had two $75.0 million, one100.0 million, and one £55.0 million revolving credit facilities, which are uncommitted. Generally, these variable-rate uncommitted facilities may be redeemed upon demand. Borrowings under the uncommitted facilities are classified as short-term debt in the Condensed Consolidated Balance Sheet.
Covenants
The 2022 term loan credit agreement and 2022 credit facility, as amended, contain customary covenants including, among other requirements, limitations that restrict the Company’s and its subsidiaries’ abilit