Trimble Earnings 2020-10-02

Balance Sheet	Income Statement	Cash Flow
Assets, Equity	Rev, G Profit, Net Income	Ops, Inv, Fin

trmb-20201002

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

___________________________________________________

FORM 10-Q

___________________________________________________

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED October 2, 2020


☐			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						94-2802192
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification Number)

935 Stewart Drive, Sunnyvale, CA 94085

(Address of principal executive offices) (Zip Code)

Telephone Number (408) 481-8000

(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 Filer	ý	Accelerated 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 class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.001 par value per share	TRMB	NASDAQ Global Select Market

As of November 4, 2020, there were 250,175,639 shares of Common Stock, par value $0.001 per share, outstanding.

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TRIMBLE INC.

FORM 10-Q for the Quarter Ended October 2, 2020

TABLE OF CONTENTS


PART I.	Financial Information	Page

ITEM 1.	Financial Statements (Unaudited):

	Condensed Consolidated Balance Sheets	3

	Condensed Consolidated Statements of Income	4

	Condensed Consolidated Statements of Comprehensive Income	5

	Condensed Consolidated Statements of Stockholders' Equity	6

	Condensed Consolidated Statements of Cash Flows	8

	Notes to Condensed Consolidated Financial Statements	9

ITEM 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	20

ITEM 3.	Quantitative and Qualitative Disclosures about Market Risk	35

ITEM 4.	Controls and Procedures	36

PART II.	Other Information

ITEM 1.	Legal Proceedings	36

ITEM 1A.	Risk Factors	36

ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds	36

ITEM 3.	Defaults Upon Senior Securities	37

ITEM 4.	Mine Safety Disclosures	37

ITEM 5.	Other Information	37

ITEM 6.	Exhibits	38

SIGNATURES		39

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PART I – FINANCIAL INFORMATION

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

TRIMBLE INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)


	Third Quarter of		Fiscal Year End
As of	2020		2019

(In millions, except par value)
ASSETS
Current assets:
Cash and cash equivalents	$	184.0	$	189.2

Accounts receivable, net	488.9		608.2

Inventories	318.5		312.1
Other current assets	109.2		102.3
Total current assets	1,100.6		1,211.8
Property and equipment, net	251.6		241.4
Operating lease right-of-use assets	131.2		140.3
Goodwill	3,837.4		3,680.6
Other purchased intangible assets, net	610.1		678.7
Deferred income tax assets	456.5		475.5
Other non-current assets	236.9		212.4
Total assets	$	6,624.3	$	6,640.7
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Short-term debt	$	279.6	$	219.0
Accounts payable	131.4		159.3
Accrued compensation and benefits	152.7		123.5
Deferred revenue	445.2		490.4

Other current liabilities	182.6		198.1
Total current liabilities	1,191.5		1,190.3
Long-term debt	1,390.6		1,624.2
Deferred revenue, non-current	56.4		51.5
Deferred income tax liabilities	309.4		318.2
Income taxes payable	61.8		69.1
Operating lease liabilities	111.5		114.1
Other non-current liabilities	151.8		152.9
Total liabilities	3,273.0		3,520.3
Commitments and contingencies (Note 14)
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; 250.2 and 249.9 shares issued and outstanding at the end of the third quarter of 2020 and fiscal year end 2019, respectively	0.3		0.2
Additional paid-in-capital	1,778.7		1,692.8
Retained earnings	1,732.0		1,602.8
Accumulated other comprehensive loss	(161.0)		(176.8)
Total Trimble Inc. stockholders' equity	3,350.0		3,119.0
Noncontrolling interests	1.3		1.4
Total stockholders' equity	3,351.3		3,120.4
Total liabilities and stockholders' equity	$	6,624.3	$	6,640.7

See accompanying Notes to the Condensed Consolidated Financial Statements.

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TRIMBLE INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)


	Third Quarter of				First Three Quarters of
(In millions, except per share amounts)	2020		2019		2020		2019

Revenue:
Product	$	461.4	$	458.8	$	1,337.6	$	1,468.3
Service	160.7		168.0		479.7		501.8
Subscription	170.0		157.1		500.7		470.2
Total revenue	792.1		783.9		2,318.0		2,440.3
Cost of sales:
Product	221.2		230.8		630.7		718.5
Service	55.5		58.9		175.1		192.2
Subscription	52.4		48.9		155.8		137.4
Amortization of purchased intangible assets	23.3		23.3		70.0		71.3
Total cost of sales	352.4		361.9		1,031.6		1,119.4
Gross margin	439.7		422.0		1,286.4		1,320.9
Operating expense:
Research and development	117.9		112.3		350.1		350.1
Sales and marketing	111.6		119.7		346.9		375.9
General and administrative	79.4		77.2		221.2		239.9
Restructuring charges	12.1		3.6		20.1		10.0
Amortization of purchased intangible assets	16.7		17.5		50.2		57.3
Total operating expense	337.7		330.3		988.5		1,033.2
Operating income	102.0		91.7		297.9		287.7
Non-operating expense, net:
Interest expense, net	(19.6)		(19.7)		(59.7)		(62.2)

Income from equity method investments, net	10.8		8.8		29.9		30.5
Other income (expense), net	3.2		(1.9)		(1.4)		13.5
Total non-operating expense, net	(5.6)		(12.8)		(31.2)		(18.2)
Income before taxes	96.4		78.9		266.7		269.5
Income tax provision	11.6		0.8		56.8		34.4
Net income	84.8		78.1		209.9		235.1
Net income attributable to noncontrolling interests	0.1		—		0.3		0.1
Net income attributable to Trimble Inc.	$	84.7	$	78.1	$	209.6	$	235.0
Earnings per share attributable to Trimble Inc.:
Basic	$	0.34	$	0.31	$	0.84	$	0.94
Diluted	$	0.34	$	0.31	$	0.83	$	0.93
Shares used in calculating earnings per share:
Basic	250.7		250.4		250.4		251.2
Diluted	252.8		252.1		251.9		253.4

See accompanying Notes to the Condensed Consolidated Financial Statements.

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TRIMBLE INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(UNAUDITED)


	Third Quarter of				First Three Quarters of
	2020		2019		2020		2019

(In millions)
Net income	$	84.8	$	78.1	$	209.9	$	235.1
Foreign currency translation adjustments, net of tax	37.3		(26.9)		15.6		(21.4)
Net unrealized income, net of tax	—		—		0.2		0.2
Comprehensive income	122.1		51.2		225.7		213.9
Comprehensive income attributable to noncontrolling interests	0.1		—		0.3		0.1
Comprehensive income attributable to Trimble Inc.	$	122.0	$	51.2	$	225.4	$	213.8

See accompanying Notes to the Condensed Consolidated Financial Statements.

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TRIMBLE INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

(UNAUDITED)


	Common stock					Retained Earnings		Accumulated Other Comprehensive Loss		Total Stockholders’ Equity		Noncontrolling Interest		Total
	Shares	Amount		Additional Paid-In Capital
(In millions)
Balance at the end of fiscal 2019	249.9	$	0.2	$	1,692.8	$	1,602.8	$	(176.8)	$	3,119.0	$	1.4	$	3,120.4
Net income	—	—		—		61.9		—		61.9		—		61.9
Other comprehensive income	—	—		—		—		(54.1)		(54.1)		—		(54.1)
Comprehensive income										7.8				7.8
Issuance of common stock under employee plans, net of tax withholdings	1.0	—		20.4		(7.7)		—		12.7		—		12.7
Stock repurchases	(1.2)	—		(8.4)		(41.6)		—		(50.0)		—		(50.0)
Stock-based compensation	—	—		11.8		—		—		11.8		—		11.8
Noncontrolling interest investments	—	—		—		—		—		—		(0.4)		(0.4)
Balance at the end of the first quarter of fiscal 2020	249.7	0.2		1,716.6		1,615.4		(230.9)		3,101.3		1.0		3,102.3
Net income	—	—		—		63.0		—		63.0		0.2		63.2
Other comprehensive income	—	—		—		—		32.6		32.6		—		32.6
Comprehensive income										95.6				95.8
Issuance of common stock under employee plans, net of tax withholdings	0.5	—		1.9		(6.0)		—		(4.1)		—		(4.1)

Stock-based compensation	—	—		19.1		—		—		19.1		—		19.1

Balance at the end of the second quarter of fiscal 2020	250.2	0.2		1,737.6		1,672.4		(198.3)		3,211.9		1.2		3,213.1
Net income	—	—		—		84.7		—		84.7		0.1		84.8
Other comprehensive income	—	—		—		—		37.3		37.3		—		37.3
Comprehensive income										122.0				122.1
Issuance of common stock under employee plans, net of tax withholdings	0.6	0.1		17.8		(1.2)		—		16.7		—		16.7
Stock repurchases	(0.6)	—		(4.1)		(23.9)		—		(28.0)		—		(28.0)
Stock-based compensation	—	—		27.4		—		—		27.4		—		27.4
Balance at the end of the third quarter of fiscal 2020	250.2	$	0.3	$	1,778.7	$	1,732.0	$	(161.0)	$	3,350.0	$	1.3	$	3,351.3

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	Common stock					Retained Earnings		Accumulated Other Comprehensive Loss		Total Stockholders’ Equity		Noncontrolling Interest		Total
	Shares	Amount		Additional Paid-In Capital
(In millions)
Balance at the end of fiscal 2018	250.9	$	0.3	$	1,591.9	$	1,268.3	$	(186.1)	$	2,674.4	$	0.4	$	2,674.8
Net income	—	—		—		62.3		—		62.3		0.1		62.4
Other comprehensive income	—	—		—		—		3.6		3.6		—		3.6
Comprehensive income										65.9				66.0
Issuance of common stock under employee plans, net of tax withholdings	1.6	—		33.3		(7.7)		—		25.6		—		25.6
Stock repurchases	(1.0)	—		(6.5)		(33.5)		—		(40.0)		—		(40.0)
Stock-based compensation	—	—		16.6		—		—		16.6		—		16.6
Non-controlling interest investment	—	—		(0.8)		—		—		(0.8)		0.8		—
Balance at the end of the first quarter of fiscal 2019	251.5	0.3		1,634.5		1,289.4		(182.5)		2,741.7		1.3		2,743.0
Net income	—	—		—		94.6		—		94.6		—		94.6
Other comprehensive income	—	—		—		—		2.1		2.1		—		2.1
Comprehensive income										96.7				96.7
Issuance of common stock under employee plans, net of tax withholdings	0.7	—		1.7		(13.5)		—		(11.8)		—		(11.8)
Stock repurchases	(0.4)	—		(2.9)		(16.1)		—		(19.0)		—		(19.0)
Stock-based compensation	—	—		16.4		—		—		16.4		—		16.4
Balance at the end of the second quarter of fiscal 2019	251.8	0.3		1,649.7		1,354.4		(180.4)		2,824.0		1.3		2,825.3
Net income	—	—		—		78.1		—		78.1		—		78.1
Other comprehensive income	—	—		—		—		(26.9)		(26.9)		—		(26.9)
Comprehensive income										51.2				51.2
Issuance of common stock under employee plans, net of tax withholdings	0.6	—		15.5		(0.7)		—		14.8		—		14.8
Stock repurchases	(3.3)	(0.1)		(21.2)		(99.5)		—		(120.8)				(120.8)
Stock-based compensation	—	—		17.6		—		—		17.6				17.6
Balance at the end of the third quarter of fiscal 2019	249.1	$	0.2	$	1,661.6	$	1,332.3	$	(207.3)	$2,786.8		$	1.3	$	2,788.1

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)	2020		2019

Cash flow from operating activities:
Net income	$	209.9	$	235.1
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense	29.4		29.7
Amortization expense	120.2		128.6
Provision for doubtful accounts	7.8		5.4
Deferred income taxes	12.1		4.4
Non-cash restructuring expense	8.7		2.6
Stock-based compensation	57.1		52.1
Income from equity method investments, net of dividends	(22.4)		(9.5)
Provision for excess and obsolete inventories	13.3		4.8
Other, net	21.3		(8.5)
(Increase) decrease in assets:
Accounts receivable, net	108.4		16.8

Inventories	(19.1)		1.7
Other current and non-current assets	12.3		10.4
Increase (decrease) in liabilities:
Accounts payable	(26.7)		13.6
Accrued compensation and benefits	26.1		(52.3)
Deferred revenue	(42.0)		33.4

Other current and non-current liabilities	(32.7)		(5.5)
Net cash provided by operating activities	483.7		462.8
Cash flow from investing activities:
Acquisitions of businesses, net of cash acquired	(198.9)		(28.6)
Acquisitions of property and equipment	(45.1)		(54.6)






Other, net	(0.1)		14.5
Net cash used in investing activities	(244.1)		(68.7)
Cash flow from financing activities:
Issuance of common stock, net of tax withholdings	25.3		28.4
Repurchases of common stock	(78.0)		(179.8)
Proceeds from debt and revolving credit lines	1,030.1		818.0
Payments on debt and revolving credit lines	(1,209.6)		(1,033.6)
Other, net	(10.9)		(10.2)
Net cash used in financing activities	(243.1)		(377.2)
Effect of exchange rate changes on cash and cash equivalents	(1.7)		(4.8)
Net increase (decrease) in cash and cash equivalents	(5.2)		12.1
Cash and cash equivalents - beginning of period	189.2		172.5
Cash and cash equivalents - end of period	$	184.0	$	184.6

See accompanying Notes to the Condensed Consolidated Financial Statements.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – UNAUDITED

NOTE 1. OVERVIEW AND BASIS OF PRESENTATION

Company and Background

Trimble began operations in 1978 and was originally incorporated in California as Trimble Navigation Limited in 1981. On October 1, 2016, Trimble Navigation Limited changed its name to Trimble Inc. ("Trimble" or the "Company" or “we” or “our” or “us”) and changed its state of incorporation from the State of California to the State of Delaware.

Basis of Presentation

We use a 52- to 53-week fiscal year ending on the Friday nearest to December 31. Fiscal 2020 is a 52-week year ending on January 1, 2021, and fiscal 2019 was a 53-week year ended on January 3, 2020. The quarters ended October 2, 2020 and September 27, 2019 each included 13 weeks. Unless otherwise stated, all dates refer to our fiscal year and fiscal periods.

The Condensed Consolidated Financial Statements include our results and our consolidated subsidiaries. Inter-company accounts and transactions have been eliminated. Noncontrolling interests represent the noncontrolling stockholders’ proportionate share of the net assets and results of operations of our consolidated subsidiaries.

The unaudited interim Condensed Consolidated Financial Statements and accompanying notes are prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). In the opinion of management, the unaudited interim Condensed Consolidated Financial Statements reflect all adjustments of a normal recurring nature that are necessary for a fair presentation of the results for the interim periods presented. Interim results are not necessarily indicative of results for the full year. The information included in this Form 10-Q should be read in conjunction with information included in Trimble's Form 10-K filed with the U.S. Securities and Exchange Commission on February 28, 2020.

Use of Estimates

The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in its Condensed Consolidated 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 of performance obligations, allowances for doubtful accounts, sales returns reserve, inventory valuation, warranty costs, investments, acquired intangibles, goodwill and intangibles impairments, other long-lived asset impairments, stock-based compensation, and income taxes. Management bases its estimates on historical experience and various other assumptions believed to be reasonable. The global economic climate and unanticipated effects from the COVID-19 pandemic make these estimates more complex, and actual results could differ materially from those estimates.

NOTE 2. UPDATES TO SIGNIFICANT ACCOUNTING POLICIES

Summary of Significant Accounting Policies

There have been no material changes to our significant accounting polices during the first three quarters of fiscal 2020 from those disclosed in our most recent Form 10-K, except for the adoption of the standards discussed below.

Recently Adopted Accounting Pronouncements

Financial Instruments - Credit Losses

In June 2016, the FASB issued a new standard that requires credit losses on financial assets measured at amortized cost basis to be presented based on the net amount expected to be collected. Application of this standard replaces the incurred loss impairment methodology with a methodology that reflects all expected credit losses. Additionally, credit losses on available-for-sale debt securities are recorded through an allowance for credit losses limited to the amount by which fair value is below amortized cost.

We adopted the new standard at the beginning of fiscal year 2020 by applying a modified retrospective method without restating comparative periods. The adoption did not have a material impact on our Condensed Consolidated Financial Statements. We continue to actively monitor the impact of the COVID-19 pandemic on expected credit losses.

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Intangibles - Goodwill and Other

In January 2017, the FASB issued new guidance that simplifies the accounting for goodwill impairment by requiring impairment charges to be based on the first step in the current two-step impairment test. The impairment test is performed by comparing the fair value of a reporting unit with its carrying amount, and an impairment charge would be recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value.

We adopted the new standard on a prospective basis at the beginning of fiscal year 2020. The adoption did not have a material impact on our Condensed Consolidated Financial Statements.

Intangibles - Internal-Use Software

In August 2018, the FASB issued new guidance that clarifies the accounting for implementation costs incurred in a cloud computing arrangement that is a service contract. This guidance aligns the accounting for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the accounting for implementation costs incurred to develop or obtain internal-use software.

We adopted the guidance on a prospective basis for all implementation costs incurred after the beginning of fiscal year 2020. The adoption of the new guidance did not have a material impact on our Condensed Consolidated Financial Statements.

Recently issued Accounting Pronouncements not ye

Price	38.63	EPS	1
Shares	253	P/E	42
MCap	9,789	P/FCF	30
Net Debt	1,566	EBIT	270
TEV	11,355	TEV/EBIT	42
TTM 2019-09-27, in MM, except price, ratios

10-Q	2020-10-02	Filed 2020-11-06
10-Q	2020-07-03	Filed 2020-08-10
10-Q	2020-04-03	Filed 2020-05-08
10-K	2020-01-03	Filed 2020-02-28
10-Q	2019-09-27	Filed 2019-11-04
10-Q	2019-06-28	Filed 2019-08-02
10-Q	2019-03-29	Filed 2019-05-07
10-K	2018-12-28	Filed 2019-02-22
10-Q	2018-09-28	Filed 2018-11-05
10-Q	2018-06-29	Filed 2018-08-03
10-Q	2018-03-30	Filed 2018-05-09
10-K	2017-12-29	Filed 2018-02-27
10-Q	2017-09-29	Filed 2017-11-07
10-Q	2017-06-30	Filed 2017-08-08
10-Q	2017-03-31	Filed 2017-05-08
10-K	2016-12-30	Filed 2017-02-24
10-Q	2016-09-30	Filed 2016-11-07
10-Q	2016-07-01	Filed 2016-08-10
10-Q	2016-04-01	Filed 2016-05-10
10-K	2016-01-01	Filed 2016-02-24
10-Q	2015-10-02	Filed 2015-11-10
10-Q	2015-07-03	Filed 2015-08-12
10-Q	2015-04-03	Filed 2015-05-12
10-K	2015-01-02	Filed 2015-02-25
10-Q	2014-10-03	Filed 2014-11-07
10-Q	2014-07-04	Filed 2014-08-08
10-Q	2014-04-04	Filed 2014-05-12
10-K	2014-01-03	Filed 2014-02-25
10-Q	2013-09-27	Filed 2013-11-05
10-Q	2013-06-28	Filed 2013-08-05
10-Q	2013-03-29	Filed 2013-05-02
10-K	2012-12-28	Filed 2013-02-25
10-Q	2012-09-28	Filed 2012-11-07
10-Q	2012-06-29	Filed 2012-08-07
10-Q	2012-03-30	Filed 2012-05-08
10-K	2011-12-30	Filed 2012-02-28
10-Q	2011-09-30	Filed 2011-11-08
10-Q	2011-07-01	Filed 2011-08-09
10-Q	2011-04-01	Filed 2011-05-10
10-K	2010-12-31	Filed 2011-03-01
10-Q	2010-10-01	Filed 2010-11-09
10-Q	2010-07-02	Filed 2010-08-10
10-Q	2010-04-02	Filed 2010-05-07
10-K	2010-01-01	Filed 2010-02-26

8-K	2020-11-04
8-K	2020-10-16
8-K	2020-09-29
8-K	2020-08-05
8-K	2020-05-27
8-K	2020-05-06
8-K	2020-05-04
8-K	2020-02-12
8-K	2019-12-13
8-K	2019-11-18
8-K	2019-11-12
8-K	2019-10-30
8-K	2019-10-27
8-K	2019-07-31
8-K	2019-05-07
8-K	2019-05-01
8-K	2019-02-06
8-K	2018-11-01
8-K	2018-10-02
8-K	2018-08-01
8-K	2018-07-02
8-K	2018-06-15
8-K	2018-06-07
8-K	2018-06-04
8-K	2018-05-15
8-K	2018-05-07
8-K	2018-05-01
8-K	2018-04-30
8-K	2018-04-23
8-K	2018-02-08
8-K	2018-02-02
8-K	2018-02-01
8-K	2018-01-03

EX-10.1	ex101directorcomppolicy.htm
EX-10.2	ex102deferredcompplan.htm
EX-31.1	trmb-3rdq2020xex311.htm
EX-31.2	trmb-3rdq2020xex312.htm
EX-32.1	trmb-3rdq2020xex321.htm
EX-32.2	trmb-3rdq2020xex322.htm

TRMB 10Q Quarterly Report

Trimble Earnings 2020-10-02