Hey, thank you all for being here today. Thank you for all of you who are out, virtually with us today. A special thank you for those of you who made the effort to be, with us here in person. Really appreciate all of you taking the time. Hey, we're excited for this. It's been a while since we've done this. We love to talk about what we're doing and what we're up to, here at Trimble. Speaking of how it's been a while, May of 2018 was the last time we did this. We did it here in Colorado. If I think about what's happened since May of 2018, pandemic, supply chain crises, trade wars, actual wars, there's a reason why companies safe harbor. Now that we're through that, let's talk about the agenda for the day. I'm going to start us off for the first 30 minutes today. David Barnes will be the bookend, so don't leave for the iPhone reveal. David Barnes will be our big reveal later in the morning. In between, you're gonna get a chance to see a number of our operators. These are the folks who are really making it happen. I feel like I get to be the spokesperson for Trimble, but the folks who really make this happen every day, you're gonna get to meet a number of them. That's always a good reason to do these kind of meetings in person. To manage expectations and set up a bit of the conversation, you're gonna hear us talk about some of our major industries that we serve. We'll talk about engineering and construction. We'll talk about agriculture. We'll talk about transportation. Take those as a proxy for the reporting segment. We felt it was more instructive rather than to talk about a reporting segment-led conversation, to really talk about the industries that we're serving. I'll warn you that the slides that you'll see today are dense. There's a lot of material on these slides. I made the call on that. That is on purpose. These slides live in perpetuity. I think will provide a good basis for us to come back to, over time. We'll do 2 Q&A sessions. We'll do a Q&A session after we go through my presentation, Jennifer's, and then the engineering and construction. We'll do a set of Q&A there before we take a break. We'll keep the questions contained to those topics, and then we'll do another one at the end of the day, which I think you'll probably wanna really click on the financials at that point. For those of you who are here in person, after we have lunch, we're gonna do some show and tell. I could see some good engagement already this morning. If you didn't see what we have, we're gonna take you out to a demonstration site we have here at our office, and we're in Colorado if you're out there. We're in Colorado today. At our office, we have a demonstration site where we can show you some of what we're up to in autonomy. Out front, we'll show you what we're doing with selective spraying in agriculture, and then it looks like a number of you already took advantage of seeing what we have inside. We're showing you a SketchUp that we took to iPad. We're showing you some of the innovations in our survey business with the SX12. You saw or you will see a demonstration of Trimble Construction One. You'll hear more about that as well. From the transportation business, you'll see Instinct, which is a new platform we have on the mobility side of the business. There's a lot to see, a lot to talk about. Please take advantage of being here to do that. Hey, let's jump right in. The audience today is you. It's the investment community. That's who we've got in mind as we walk through this. If I think about the job you have, you got a tough job in volatile markets to try and sort through a lot of data out there and to make your investment decisions. If I think about the bookends of what we'll talk about today, the bookends for me are purpose and the business model. I think about purpose. We're a mission-driven company. I wanna talk about that. That's to translate on the other side into a compelling business model. In between, I see that business model as the output. In between are 3 key things. You see them labeled number 2, 3, and 4. Gotta believe that we're serving attractive markets, that we've got a strategy that differentiates and wins, and that we've got a team who can execute. Our goal today is to walk you through that and make the case that Trimble is a very solid investment. Let me give you some details on this. This is a double-click. If I have a long elevator ride with you, this is my elevator, long elevator ride pitch. If I can capture only 5 minutes of your attention, here we go. Purpose. We are driven by a mission to transform the way the world works. When you walked in the lobby of our building this morning, you would see on the wall, you see we talk about productivity, quality, safety, transparency, and environmental sustainability. Said more plainly, better, faster, safer, cheaper, greener. This is what we do. When we look at the markets that we serve, we're serving markets that are compelling markets that are attractive. We see over $60 billion of addressable market opportunity. We see markets that are digitizing. We see a fundamental secular growth opportunity for us here at Trimble. When we look at strategy, Connect and Scale is our strategy, so we'll walk through that. I'll give you a corporate view on Connect and Scale, and then you'll see it manifested and translated into the individual businesses that you hear from today. You'll hear that also described as a platform strategy. With that strategy, what we are doing is leveraging what we can uniquely do. That is, happens at the intersection of the physical and the digital worlds. We'll talk about that technology stack that powers that. We'll also talk about the starting position that we have as a company. The breadth and depth, the scope, the scale, the reach of Trimble provides an incredible basis for us to pursue this strategy that's aims to connect industry life cycles and connect stakeholders across each of these industries that we're serving. We've got the team to execute this. You'll hear from a number of us today. This team leads a world-class culture. I'm really proud of this team. I'm proud of the culture that we've had for many decades now, and that we continue to build, nurture, and grow. We see our role, our fundamental role, as capital allocators. I think you, as investors, pay us to be a capital allocator, to put that money to its best possible use, and so we'll go through that. All this translates into a resilient and compelling business model. We are very much forward-looking in the commentary that we'll have today, as we're taking a 5-year view on the financials that David will put forward later. Inevitably, I know you're going to ask about recession and resilience of our business model. We can talk about that. This business model is compelling through Connect and Scale. We see an opportunity to well outgrow the underlying market growth rate. We see cross-sell, upsell opportunities. You know we're transitioning more and more of our business models to recurring business models, and how attractive those are, but we think they're attractive both and important for our customers, as well as for ourselves, and as well, as for you, the investors in Trimble. This business model is asset light. I wanna make sure that also sits with the investment community as well. Okay. With that elevator ride over, let's go through those 5 pieces in a little more detail. The industries we're serving at Trimble, they impact how we move, what we eat, how we live. Purpose runs deep here. It's not hard to find purpose at Trimble. I think purpose matters more than ever. It matters more than ever to people we recruit to come work for us at Trimble. I think purpose matters when you think about going that extra 1% every single day. It's easy to find meaning in the work that we do. We're delivering transformation. I talked about that better, faster, safer, cheaper. Let's give a few examples. I'll give you the second example from the left. You take the survey and mapping the geospatial business of Trimble. I mean, this is the legacy. This is the root. This is the origin story of Trimble. Look at the Earth. You got 15 billion habitable acres that need to be mapped and need to be digitized. We're in the business of turning the physical Earth into a digital model. That model begets a number of workflows and industries that we serve. You look at the problem that's in front of the construction industry. It's one of the largest and most global industries in the world. You look at the productivity delta between construction and all other industries. That delta of productivity measures about $1.6 trillion. That's the GDP of Canada. We address this. You look at the world of transportation. If you could save drivers an average of 20 minutes a day, we don't have a driver shortage. This is what we do. Look at the world of agriculture. We're gonna need 69% more calories to feed a world's growing population by the year 2050, and we're gonna need to do so at the same time, to take better care of our land and water. We do this. This is the transformation we deliver. We also do this greener. Once I talk to customers, sustainability is increasingly at the very top of the agenda that our customers are talking to us about. If we look at a snapshot of solutions that you see on the screen, what I would tell you in aggregate is that we're driving about 30% efficiency improvements through the use of a snapshot of the technologies you see on the screen. If fully adopted in the industry, we could prevent over 250 million metric tons of greenhouse gas emissions every year. That's the annual output emissions of the country of France. This is what we do. This is just a snapshot of technologies. If you want, I'll double-click on construction. If we designed better, if we designed for performance, we could take 4 times the amount of carbon out of the atmosphere. Like, design to perform, we do that. A lot of purpose, a lot of meaning, a lot of value in what we do at Trimble. We also looked in the mirror at ourselves, and we set our own level of climate reduction targets. About a year ago, we submitted our own targets to the Science Based Targets initiative. On August 31st, we announced that our targets were approved by the Science Based Targets initiative. I'm proud of the work of the team here. If we go earlier in the year or rewind a few months to earlier in the year, we announced a $1.25 billion revolver that links to ESG metrics, namely improving our level of greenhouse gas emissions as well as increasing gender diversity at Trimble. I double-click again. We aligned long-term incentive compensation of our named executive officers to ESG improvements as well on top of the financial metrics. We're not just talking about this, we're acting around this. We are making this part of the fabric of how we do business at Trimble. Okay, the addressable markets. I don't need to say more. These are large markets. They're global, they're underserved, they're under-penetrated. Point number 1 of 2, attractive markets. These markets are and point number 2 is that we see these as a secular trend as these markets digitize and undergo their own digital transformations. Let's now set context for our Connect and Scale strategy. I'm gonna set context with our underlying technology stack. Jennifer will pick it up from here and go deeper with that. What I want you to hear from me is that we have a history of innovation at the intersection of the physical and the digital worlds. You hear a lot of people these days talking about the physical and digital worlds. Here's the difference, is that we can actually do it. I take you back to 1978. Charlie Trimble founds this company. The innovations during Charlie's era were predominantly in positioning and sensing technologies. When centimeters matter, talk to us. That same level of innovation we had around positioning and sensing, that begat saying, "What if we put that positioning technology on a dozer or a grader?" That created the machine control and guidance business. Once we could figure that out, that begat putting it on a tractor and how we could automate that. It also begat how we got into the telematics business, when we were understanding how those positioning sensors were used on onboard computers to manage and optimize fleets. That underlying technology stack started with where. We moved up that technology stack. I just gave you a few examples, starting in the late 90's, early 2000's, and we really started thinking about the what. If we knew the where, we knew that geometry, that power of position, what's it being used for? That took us more to really consider markets and customers and vertical industries, and to move more and more into modeling technologies. We fast-forward to today, and I see us really at the bull's eye of thinking about the why. All of this is about the intersection of the where, the what, and the why. This is connected tissue across Trimble. This tissue cuts across 30% to 40% of Trimble, which is to say we're leveraging our R&D spend across Trimble. We were an IoT company before we called it IoT. We were an autonomy company before there was a word autonomy. This technology is rather pervasive and is quite leveraged across the company. We've got a basis of technology. Let's look at the starting position we have as a company. I like the starting position of Trimble in this journey. I call this the eye candy chart. You look at engineering and construction. We serve over $1 trillion, $1 trillion of capital funding projects run through our systems. We have millions of users of our technology. We've got hundreds of thousands of instruments and machines out in the field that run on Trimble technology. When you landed, for those of you who flew in last night, when you landed at the runway at Denver last night, built with Trimble technology. You only get that kind of accuracy by using technology. When you walked in that terminal that's being renovated, Trimble technology is being used in that. When you drove here last night, guess what? Trimble technology being used on that highway build. If you took the toll road to get here last night, you saw some farms. Trimble technology on it. You probably passed a few trucks along the way, Trimble technology on it. In transportation, we manage over 90% of the top 200 trucking companies in North America with our technology. In the world of agriculture, we have over 180 million acres of farmland that are operated with our technology. We work with over 100 OEMs, we serve thousands of platform kits. Our technology is pervasive. I like the starting position of Trimble when I look at the breadth and depth of what we do in the markets that we serve. We take that connective tissue, and now you have the basis for Connect and Scale. How do we connect all this stuff I'm talking about better together? This is the pivot of Trimble. This is Connect and Scale. This is also the humility to recognize that what got us here over the last 40 years won't get us to where we wanna go. It won't unlock the full potential and capability of this company. What Connect and Scale does is it compels us to connect stakeholders that we serve across the industry life cycles. It compels us to connect the data, to reinvent how work is done and reinvent the workflows in these served industries. When we talk about Scale, I think about making ourselves easier to do business with. We're investing in the underlying systems and processes at Trimble. We aligned our organizational structure to serve industries. We've got singular points of accountability to deliver upon this strategy. I'll talk more about the culture in a few minutes as well. Okay, I get asked often, like, "Okay, I get it, Rob, where are you on this journey?" Buckle up because, okay, here comes some detailed slides your way. We think of strategy at Trimble by working backwards from the market opportunity and from our customers. When we work backwards from that, I first get to a translation of what's it look like at a product strategy level, and what does it look like for the customer value delivery? We see more and more as we connect the technology we have at Trimble. Customers are able to move from task optimization to systems optimization. More and more, this is what customers are asking us to help them do. As we deliver the products to market, our history would be around that point solution. I prefer to call it a purpose-built solution, but a point solution is an easy way to think about it. More and more as we move into the present and into the future, and we become really more of a platform company, you get the solution bundles. More and more, when you're buying and working with us at Trimble as a customer, that comes to the form of the solution bundles. This is what customers are asking us to do. It looks more and more like everything as a service, and then ultimately by the time you're at a platform. Platform to me implies ecosystem of Trimble and non-Trimble players inside that ecosystem. Okay, so if I got you there, saying it doesn't make it so. You actually have to transform the way we work in order to transform the way the world works. If we look at the technology stack that we talked about, the where, the what, and the why, and the power of that, instead of that being separate, that we sell something that's about the where, the what, or the why, it happens at the intersection of the where, what, and the why. This is something we can uniquely do. You move fully more towards the platform side, and that where, what, why intersection is to the power of N because you're bringing in more industry participants into that. Our go-to-market transforms along the way. We've historically been very divisionally organized around that go-to-market. That looks more like organizing at the industry level or the total company level, and increasingly, we'll bring more and more partners into this. You know the business model. You're here. If you're here, you certainly know where we've been moving the business model more and more towards recurring. I think the end game looks a mix of recurring as well as usage-based metrics over time as you get more partners into an ecosystem. Think APIs, think calls to those APIs, and how you monetize there. You can't do all this unless you've got the underlying systems and processes. What would have been a very diverse set of systems and processes in the future, increasingly, it looks like more unified and automated 'cause this is what we're up to. Now, you're still probably asking yourself, where are you in this journey? Punchline, early innings. Early innings in this journey. We like what we're seeing so far. I think there's a really bright runway in front of us. We're learning along this journey. We make mistakes along this journey, for sure. Let me tell you, if I take 2 of those rows from the last slide. The first row is the product strategy, and the second row is around this enabling system. I'll start with the product strategy group over here. If I take the product strategy group, you heard us talking about Trimble Construction One. Now, let me double-click and clarify that. When we talk about Trimble Construction One, we've been talking about a predominantly North American offering, and really an experience that's tailored to serve contractors. We do more than that. Where do we go next with that? Okay, you're the product strategy team. What you'll see from us next in construction is an architect and engineering experience. You'll see an owner experience. You'll see us taking this to the transportation business and to our agriculture business. We're in the early innings with that, I'll say that re-release. Okay, now you're the team with enabling systems and processes, over here. If you've heard us talk about where we have the systems today, and you follow the scripts, we've talked about France and Benelux, and the early work we're doing there. Notice I just said Trimble Construction One's in North America, over here, and we're doing the early systems work in France and Benelux. Those are not the same places. We did that on purpose because we wanted a contained, discrete market where we could get a high set, high velocity set of learnings, and we're doing that. The next step, guess what, is merge the 2 together. The next release takes that underlying enabling systems work to North America and to the Trimble Construction One offering. Now we're cooking with gas. What's the proof points we're seeing on this? Let me start, 'cause I think that's important. This is one of the things I read in the prep notes from the sell-side. You're looking to hear those proof points from us. We talk about the proof points we're seeing with Trimble Construction One, and Manolis and Pete will go into more detail on this. Hey, what we're seeing is customers are buying best of breed when they're buying from us. They're getting access and easier access to our technology, and we're helping enable their own digital transformation. Okay, these are the proof points of success we're seeing with the business model offering that product strategy. What are we seeing for ourselves? Manolis is gonna walk you through how we're reducing the length of the sales cycle. We're increasing the size of the, you know, contract value bookings, and we're increasing our win rates. I'll take that. That's a good proof point that we're seeing in Trimble Construction One that gives us conviction we're heading in the right direction. I look at that system side. Okay, you say, what are the customer value delivery that's coming from the systems that we're delivering? Customers are able to work with us with a single contract, with a single invoice, with a single customer success team. This is what they're asking for. What are we seeing internally? We're seeing our sellers reduce the level of the sales cycle. We're seeing sellers become more efficient because it becomes a lot less manual, and a lot more digitized and a lot more automated. We're getting actually a real 360 view of the customers that do business with us. We see proof points at a customer level internally, both at the product level, and enabling systems level, early innings. Just remember 2 words, early innings. Actually 2 more words, proof points, okay, along this path. Our customers are validating the direction that we're going. All of us actually in the room from Trimble, we're with customers every week. This isn't some abstract intellectual exercise. We are with our customers every week. I spent 3 weeks in July in Europe talking to customers throughout the continent. I was at Farm Progress last week, meeting with customers in that market. I get on a plane this weekend to Asia for 3 weeks to do the same thing with customers and partners. We are getting the validation from our customers about the direction that we're heading. Inevitably you would have to ask, how are we thinking about go-to-market as we deliver this? You know, some of you have started to ask me a little bit more about this over time, and it's a really good question. We do also have to evolve our go-to-market to capture the opportunity we talked about. It's not enough to just have the right product. You gotta have the right go-to-market and intersect the 2. That go-to-market historically for us looked very divisionally based, whether you're divisionally delivering that point solution or even a bundled offering. You move more and more from that left to right, from that previous slide, and we manifest as a platform company, an ecosystem company. This is providing a unified platform experience to our customers. This is the ability to open up a channel that's cloud-delivered technology. This is working with our customers with unified customer support agreements. Please don't be mistaken, our global distribution partners are as important to us as ever in this model. They provide a scope, a scale, and a reach at Trimble that we very much want to intersect with all the direct selling efforts that we have. We'll continue to shift that platform experience over time. We'll continue to work with OEMs. Inevitably, that's a question that comes up a lot, is how do we think about go-to-market. How do we think about product in a world where OEMs wanna assert more of their own digital future? We see ourselves becoming more. We are a mixed fleet provider. We'll become more and more. I think we'll see a balance of our revenue shifts more and more towards the aftermarket. We will continue to work with OEMs. Mixed fleet are 2 more words that I'd wanna have in your head on that conversation that we'll come to. You can't do this without this team. The 14 people on the screen up on the screen, excuse me, have collectively over 190 years of experience working at Trimble. You can do the math. We've collectively been here a long time. We've been up to this for a while. This is our executive team. I wanna give you a quick run-through. You're gonna meet the folks who are highlighted in yellow today. I wish we had time for you to talk to every single one of them. We don't, because what they bring to the table is incredible. You'll meet David Barnes, our CFO. You know, we brought David in when I stepped into this role in January of 2020, and we did that. I brought David in from outside 'cause he'd been an experienced CFO. By the way, he'd been a CFO at an engineering and construction company. I wanted that domain knowledge. I wanted an experienced CFO with me. Ron Bisio, you'll hear from today. Ron's got more than a couple decades of experience at Trimble. He's worked and turned around our survey business in the last few years, and now we asked him to step into the transportation business to do the same thing. Patty Boothe is in the room with us today. Patty looks after all of our autonomy efforts at Trimble. should be up with us during Q&A, and she'll and her team will lead us through some of the demos out in the field. Cyndee Hoagland. There's $1.2 trillion reasons why I put Cyndee in this role, and because that's the size of the infrastructure bill. Cyndee's looking after, we call it, our owner and public sector market, and she's done incredible work over the last few years, both at the federal government side as well as the state department of transportation level. Chris Keating looks after strategy. He's in the room with us today. Chris came to us over 10 years ago when we bought the product SketchUp from Google. Chris led one of the first SaaS transformations we had in Trimble, and I wanted that DNA at a strategy level in Trimble working across all of our businesses. Jim Kirkland's our General Counsel. Jim, he's an unusual General Counsel in that he loves to be in the mix of, I'll say, the deals. He has led a lot of the creation of joint ventures that we have. Unique joint ventures, actually, I think we have at Trimble. I'm grateful for the way he engages in the business. Manolis, you're gonna hear from Manolis in a little bit. Manolis is the godfather of Trimble Construction One, so go find him and talk to him. This is inspiration for all of us at Trimble. I'm just so. I can't express the level of enthusiasm I have. It's hard to express it. It comes from him, and he should be acknowledged as such for it. Leah Lamberson looks after operations for Trimble. Supply chain crisis, I'm incredibly grateful to Leah and her team, and the leadership that they've provided for us over these last few years. Pete Large, he looks after our civil business. Pete was originally a Trimble customer a couple decades ago, like old school surveyor. You know, now been at Trimble. Has actually left Trimble and then came back to lead our civil business. Jennifer Lin is our Chief Platform Officer, Jennifer came to Trimble just over a year ago. Actually, about exactly a year ago. Brought Jennifer to Trimble because I wanted that Silicon Valley view of cloud and digital transformation, and boy, she's brought it in spades to us. She's got a deep history in the valley, and she's a civil engineer and an architect by degree. Darryl Matthews. Darryl's with us today. Darryl grew up on a farm. You're gonna find that at Trimble, like, people actually come from the industries that we serve. Jaime Nielsen's our Chief People Officer. Jaime, in the last couple of years, we promoted her a couple years ago. Jaime's brought such a fresh look to culture at Trimble and to well-being, employee well-being, and, boy, if there's ever been a context and a time for that, we're living it. Also really sharpened our focus on how we think about aligning compensation to appropriate levels of outcomes. Mark Schwartz is our Chief Digital Officer. We promoted Mark from within. He's been a finance leader at Trimble as well as an operational leader. I wanted that person who really understood the depths and the guts of Trimble because there's a lot of complexity underneath the surface. We needed somebody from within to lead us through that. They say that culture is the shadow of a leader. These leaders create and foster an incredible culture. I'll give you a couple highlights on this as, I'd say, points of evidence about the culture. We're a leading global culture as voted on by our own employees. If you're an investor, I think so. What and why you should care about this is because we're only as good as the people we surround ourselves with. In a technology company, the people to me are the IP. The people are the know-how. This is a highly engaged culture. We're regularly surveying our people, getting that pulse back from them, so we engage in our people. Our people, by the way, are 11,000, over 11,500 people, who do business in over 150 countries, who live in over 40 countries, so we've got a very global footprint of our workforce. I think that's also important in times of big FX disruptions, that you can see a match between where our revenue base is and what our cost base is. I think that's a strength that we have in the diversity of Trimble. We also believe in engaging in the future users of our technology as well as in our communities, and we talk about the Trimble Foundation at the bottom right-hand of the screen. We are capital allocators. Every single one of us from Trimble in this room are an investor in Trimble. Our interests are aligned with your interests. We know that we are paid to effectively allocate capital. Look at our long-term track record both of executing as well as creating value. That value has been created organically and inorganically over that timeframe. I stand behind the return of Trimble, and I hope that we have your confidence to continue to allocate our capital on your behalf. I have 1 more slide before I turn it over. One of the things I read in a number of the prep notes for this meeting were around the desire to see KPIs that we're gonna talk about, so it's key performance indicators and proof points. Those are 2 of my big takeaways in what you set up for us. I'll start on the right-hand side, and I'll give you my view of the KPIs. David Barnes is going to take you through those in much more detail. Wait for it, wait for it. H ey, here's what I want you to hear from me on the KPIs. ARR, the annualized recurring revenue, cash flow, profitability in the form of EBITDA, and then I put sustainability on my agenda as a KPI. Okay, ARR, $1.51 billion, and it grew 15% year-over-year last quarter. $1.51 billion, I submit that puts us amongst the rarest of ARR territory, in terms of the level of not only total software revenue we have, which is over $2 billion, but you look at vertical application companies, you're not gonna find a long list of companies with $1.5 billion. It's even a shorter list where that $1.5 billion is growing double-digit. That is the fundamental top-line metric that you're gonna hear from me today, and from us today, is the focus on delivering that recurring revenue growth. The cash flow, I think about the bookends, I think about the recurring revenue, and I think about the cash flow. I used to get asked when I was CFO in 2016, "Are you a technology company or are you an industrial company?" I used to say, "Yes." We really do manifest as a technology company. The surest way I could talk to an investor and sort of make them realize that which one we are is when I go, "You know we run negative working capital. You know we have put less than 2% of revenue into CapEx. We're a technology company." That manifests through the cash flow. That cash flow allows us to reinvest back into the business. That EBITDA level last year closed at a record level, 25.6%. You're gonna hear from David, as we believe we've got an opportunity to continue to grow that profitably over time. This is built on a foundation like, you know, they say, you know, a journey of 1,000 miles begins with a single step. I think I'm not sure that Connect and Scale has actually, like, ever has a particular end date to it, you know, that journey. I think it's important and instructive every now and then to step back and say, "Hey, we are making progress on that path and on that journey." I've talked about a number of the progress points and proof points from a perspective of strategy people and execution. I'll hit a few of them that maybe I didn't talk about so much. You're gonna hear from my colleagues today about the industry clouds that we're building. Look for that and look for Jennifer to really anchor us in that. We announced a partnership with Microsoft a year ago to really help accelerate our work on that. Capital allocation, and somebody's gonna ask about divestitures. We divested 11 businesses over the last couple of years. 11. Go do a word search in a 10-K, in the years before that on the word divestiture, and you wouldn't find a lot. We've sharpened our focus on the businesses that we want to be in. I look at the people of Trimble. We've talked about that. You know, if we wanna be a platform company, I wanted that DNA, and Jennifer's gonna come talk to us about that next. Then you can see from an execution perspective, we've been delivering on the numbers. Jennifer, I'm gonna ask you to come up and wow the group with what we're doing with technology and platform. No pressure. All right. Thanks so much. Thank you. All right. Thanks, Rob, and hello, everyone. I'm thrilled to be here today. There's a lot going on, but in this session, I'm gonna expand on why platforms are critical for our real-time businesses and why this approach plays to Trimble's strengths. I'll also cover a little bit on some specific examples where our strategy is really helping our customers work better, faster, and more sustainably. We'll talk a little bit more about why we're helping build healthy ecosystems and why we think this will propel growth not just for Trimble, but for our partners and customers. As Rob mentioned, I joined Trimble just about a year ago, and I'm really thrilled to be here. Trimble is definitely a company with purpose. I believe they're solving some of the world's most interesting challenges. As far as a technology company, there's lots of balancing sort of agility and innovation with large scale. As far as my background, I've done a lot of product and engineering at various companies in hardware, software, and cloud. I'm also grateful to have helped drive a lot of very interesting transitions around internet, mobility, and SaaS. Most recently, I was VP of Product and User Experience at Google Cloud. We were working with a lot of verticals going through a transformation. Companies like online financial, healthcare, retail companies, they were really looking to build mobile-first applications and really relate to their users who, increasingly, consumers are very demanding. They want a good user experience, they want high-speed analytics, they want a lot of data access, and they want it now. Prior to Google, I helped start a company that was acquired in 2012. We were building a lot of software capabilities for companies like AT&T Mobility, Workday, Riot Games. A lot of the gaming companies were making a major transition from hardware-centric platforms to more software-defined environments. Before that, I did a lot of product work at Cisco over a decade there, running various businesses in networking, wireless, location services, and industrial IoT. Lot of market inflections, in some cases, very large, $6 billion core businesses. When Smart Grid, we were incubating that and really going after the utilities, highly regulated industries with sensor technologies. Interestingly, I spent some time at Intel. I worked there full time, but prior to that, as a grad student, they were building more custom software to really build their new global fab and chip manufacturing capabilities, marrying that with a new unproven wafer fabrication technology. They really had to get it right. They had to move very quickly, and they were building essentially 3D CAD models with overlay of a lot of the data on environmental conditions. You can imagine Class 1 clean rooms where nobody had done this before, and they had to scale very quickly. That was at the time of 90 nanometer technologies. Now we're at 5. Things have been moving very quickly. I'm really excited about our platform strategy. We are really grounded in shared principles and coherent rules of engagement to drive the ecosystem forward. We're thinking about how we create and capture new value with new online routes to market. As Rob mentioned, that's an incremental channel for us. Connected domain workflows, where we can really bring our domain expertise to the table, and really doing this at the ecosystem level with a collaborative ecosystem where we can realize the network effects. While technology is very core, what I find super interesting in the culture of Trimble, we can lead a transformation that really changes how people collaborate and work. As we evolve from point products to more shared services, we're building a connected data platform that really helps us to continuously develop, deliver, and learn along the way. As Rob mentioned, this is a journey. Trimble is really aligned with a lot of the key technology trends. This is actually data from McKinsey's 2022 Technology Trends Outlook, and I think it aligns really nicely with where we're thinking about our innovation. Innovation in computing. A lot of this is about immersive experiences, things like mixed reality. How do we create better human and machine interactions? A lot of the advanced connectivity trends lately around 5G and 6G cellular and satellite connectivity, this is very relevant to our industries who often are in remote areas with not so much online access. The cloud and edge resources, as Rob mentioned, we signed a very strategic partnership with Microsoft that gives us a lot of capabilities in terms of online compute and storage, but also brings us to the edge where we can do a lot of pre-processing and create new experiences out in the field. Finally, AI and machine learning. This is super relevant. The more data that you have, the more, obviously, you can use automation to your advantage. Given the accelerating pace of change, we really do want to lead how the company and how our industry empathetically incorporates these technologies to drive human productivity. Platforms really excel in their ability to deliver highly connected experiences, and this is particularly important when you have distributed users who expect to iterate on shared models. We're moving from linear and opaque transactions to more transparent and resilient distributed interactions across the digital supply chain. This minimizes friction for users, but also creates increasingly powerful network effects. Intermediaries that do not add value in this value chain will be cut. The need for more dynamic user interface and user interactions means that historical data as well as real-time data needs to be served up at the right place, at the right time, and it needs to be correct. The more efficiently that we can power our domain experts at the point of work, the more effectively we can move the whole industry forward. We're starting to see the emergence of things like data clean rooms, data vaults, data collectives at the industry level, and this really changes how people used to work, where a lot of time and overhead was spent copying data or importing, exporting data across different proprietary vendor products. This change is happening very quickly, and it impacts every industry. Our platform is really grounded in helping industry workflows across what is increasingly distributed users, data, and services. We first had to, as Rob mentioned, digitally transform Trimble itself. We're actively investing in modernizing our business processes, modernizing our back-end data systems, and really rethinking how we engage with our customers. A year ago, we announced this strategic partnership with Microsoft. This gives us a lot of global go-to-market reach and an online cloud footprint that is bigger than any cloud provider, 60 regions across the world. On top of that, obviously, we can introduce this notion of industry clouds, which is the next phase of where cloud goes. We believe that industry clouds, as we focus with the domain experts, really modernizes not only the technology, but the business models. It really introduces much more efficient ecosystem interactions that I talked about before. Unlike many verticals, our target verticals are often using field operations and people in the field that don't have online access and lack connectivity. This is changing very rapidly, and with sort of a huge checkbook, the hyperscale cloud providers are really driving also ubiquitous access out to the edge. They have proven the economic advantages over private clouds and on-prem environments in providing global compute and storage, and that's what makes a lot of this online data possible. With Trimble, what they cannot do, and the reason that it's a very strategic partnership with Microsoft, is bring that domain expertise and actually increase productivity at the point of work. We're also very invested, as Rob mentioned, with the decades of history that we have, really interacting with our users to make this transition as seamless as possible. There's a lot of underlying complexity. Our goal is to hide all of that from our customers, so essentially we can be the platform to make this transition smoothly. We're really managing the application modernization outside in, going for a seamless domain-centric user experience. Along the way, we're discovering, you know, new industry opportunities that Trimble can uniquely serve. As Rob mentioned, we lead at the intersection of the where, what, and why. Our strengths in positioning, sensing, and location deliver first-class spatial data. We're developing and publishing domain-specific application interfaces and modeling physical and virtual representations with a lot of context that helps our users be more productive in the field or the site or the firm. We're driving much better decision-making with advanced analytics and optimization so that users and machines can perform better with data that is truly trusted. Clearly, we're Oh, there we go. Clearly, we're excited about bringing the digital and physical worlds and bridging those two. Let me expand on Trimble's leadership in each of those dimensions. First, the where. As Rob mentioned, we've been innovating in field data and spatial insights since Trimble's inception. Geospatial data is at the heart of what Trimble does. We deliver the most precise site survey, scan, and image data, and we can perform point cloud processing and render scans of up to 26,000 points per second. You'll see the SX12 total station in the demos. These highly accurate physical representations enable georeferencing and allows our customers to build on top and actually get their projects done. Our industry use cases need this absolute reference in order to better orchestrate field and cross-project collaboration. That ground truth is often that geospatial data, which is highly accurate, and it's normalized into a common coordinate reference system that people use to get their work done. Increasingly, our customers are taking this and putting it into a cloud-based common data environment and creating what is referred to often these days as a digital twin, a virtual representation of a physical environment. Next, we're defining highly collaborative data models, and this improves continuous learning. This slide highlights some examples. Whoops. Clicking the wrong way here. Sorry. This slide highlights some examples from architecture, engineering, and construction, but the notion of interactive models, obviously, is pervasive across all industries. The design process requires diverse stakeholders to collaborate on shared interactive models, and designers and engineers can often struggle to be productive and communicate across distributed teams if files are locked in proprietary vendor formats. Trimble has always pioneered this notion of more constructible models moved upstream so that we can exchange data more efficiently and be more productive in delivery and construction. The notion of Industry Foundation Classes or these ISO global standards, we're working in and our current products today interoperate obviously not only with Trimble products, but many other third parties. Microsoft and Trimble have also been collaborating on how to use spatial context to build live cross-platform and mixed reality applications. These immersive technologies have gotten very trendy lately. Think industrial metaverse. We've been doing this for some time. Spatial anchors enable developers to essentially work with designated points of interest and for users to retrieve those points of interest via mobile device. With spatial anchors, more accurate physical and digital assets can coexist with spatial awareness. Similarly, with augmented reality, our Trimble Connect product, we can already take and overlay data, 3D models in an actual physical environment. Beyond tighter project execution, users can use this for training and quality control across all of the stages, design, fabrication, construction, as-built, and into the operational life cycle. Finally, our analytics and optimization capabilities use real-world feedback or what we call situational intelligence to turn traditional machines into autonomous vehicles. Our autonomy services are using advanced perception, planning, and control capabilities to optimize construction and agriculture field operations. Machine learning models are taking and training with classified data to guide path planning and steering control. This helps augment safety but also helps humans in project execution. In addition to steering control, we have map-based localization, which augments the sensor data in the machine, to provide better correction services. GM Super Cruise, HORSCH, and many others are already using this for advanced driver assistance and vehicle autonomy today. Industry clouds need to collect and process very diverse environmental inputs, things like terrain data, weather data, image data, et cetera, and this helps to accurately model the environment itself, think connected site, connected farm, and ensure the feedback and ultimately reinforcement learning. This, once again, becomes an ongoing learning platform capability for sustainable operations. The previous slides, I talked about how we're taking user field and machine data and overlaying the spatial context. Once we've captured all of this digital data and modeled the representations in the physical world, we can apply the user context, and this is where now we can automate workflows and drive better business outcomes. These outcomes are subject to increasingly unpredictable conditions, and so an online platform empowers users to continuously verify and measure success. As soon as I got here, I hit the road and visited some customers, and one of our very large European customers was building out a cloud-based common data environment that was ingesting a lot of their machine control data, 3D model data, a lot of their drone data, ERP data with cost and asset information. They had already put that into an Azure environment, but they really needed to drive these operational workflows. We're co-creating with them right now, and they're able to think through some really innovative things. For example, they're taking a lot of that point cloud drone data and using it to do more timely progress payments for their contractors. You can imagine today, payments is actually a pretty laborious process and manual. Now, contractors can get paid a lot more quickly with much more accurate data. Modular services are key to platform extensibility and how we think about the ecosystem. This is a little bit of a blueprint for how we're thinking about the platform and industry clouds. At the top, you can see a lot of the industry domain-specific workflows that we'll talk about a little bit more. In the middle there, platform services. These are shared services that help to simplify, unify, and automate how the platform comes together. Things like user access, data governance, API management, data and event processing, data governance, machine learning. These are all things the development teams don't have to reinvent the wheel on. They can get right to delivering the core value proposition on top of these shared services. This is not just our Trimble development teams, but the third-party ecosystem. Our development teams for some time have been working to publish to the third-party ecosystem, these application interfaces. This allows not only the whole industry to move forward faster, but the platform essentially is where we build a lot of these industry workflows and embrace essentially our partners into that, so we can modernize the entire industry a lot faster. Quotes like this, we went out to Europe and one of the largest construction and engineering firms really embraced our willingness to open data standards and how we're collaborating with a multi-vendor ecosystem around creating that frictionless user experience. Unlike in the U Unlike in the U.S., some large projects in Europe are already starting to mandate the use of international data exchange standards. This is a huge change. Things like ISO 19650 for global building information models. In these types of large projects, capital projects, contractors must adopt these data exchange standards in order to actually bid on the projects. That's a precondition. There's financial incentives for early completion. Now, instead of in many projects in the U.S. where contractors will bid low and make money on change orders, people are very incented to be aligned up front, shift left way upstream, and make sure that essentially it comes together and construction can happen in some cases, 6 months earlier in terms of completion. With more open protocols and more collaboration, very progressive owners are starting to rewrite the rules to streamline procurement, delivery, and lifecycle optimization. This paves the way for even more advanced value add and definitely increased platform lifetime value. Let's talk a little bit more about how this changes the business model. With online marketplaces, developers and producers can publish directly to the platform. You get constant innovation and a constant feedback loop. End users essentially can discover, try and buy, self-deploy, self-provision from that same marketplace with essentially a back-end online commerce engine. This allows us to create richer user interactions and more targeted subscription models. We can accelerate time to value and measure end user experience with this closed feedback loop. This really simplifies the industry value chain. Once again, intermediaries that are not adding value are not in this value chain. We talk a lot about workflows. Trimble's been doing workflows for since its inception. What we're talking about is digitizing these workflows. Before, users had to stitch together a lot of the data domain experience and the actual project conditions in their head. Now we're able to digitally encode who are the users that are authenticating, what data, distributed data do they need to access when, what are the desired outcomes, and we can declaratively close that loop so we can better automate over time. The next few slides will show some of these workflows in action. Collaborative models, this example once again is for our Construction Cloud, but it really simplifies how we think about the design, build, and operate continuum. We're publishing these models and APIs, and this really creates this common data environment, so instead of using very fragmented models and data, we can extend rule-based parametric designs on the left and go even further with rich data to what's known as generative design. We can take AI-assisted modeling with the best that the industry and market has to offer to create better recommendations to designers. Trimble's already unlocking a lot of the digital supply chain efficiencies with shared models and APIs. We can send design data directly to fabricators, and we can bring a lot of the as-built conditions into life cycle and asset inventories. We did a recent acquisition of a company, AgileAssets, that really is helping us close the loop into the life cycle of running these assets with better design data and the actual conditions of what's built in the field. With even more context and feedback, we can extend 3D models into richer immersive experiences. On the top right, you see an example. We've always been at the forefront of mixed reality. We didn't necessarily call it that, but now, these notions of industrial metaverse, unlike the consumer metaverse, we can actually drive industry productivity by overlaying the design data on the actual physical environment. This obviously helps productivity in the field. Things like simulating site logistics or field design and installation alternatives. This saves a lot of money and time and complexity and rework in the field. We're already modeling embodied carbon as part of the design process. Decarbonization takes more than just sustainability policy. We're working to decarbonize construction with curated environmental construction datasets, in this case, with partners like One Click LCA. This dataset is available today and has over 95,000 classified and verified data points, and it integrates with globally available environmental product EPD-declaration sources. We've already integrated this into our Connect and Tekla design products, and we'll continue to evolve it as a platform service. We're helping the industry to think about this as an inherent part of the design and construction workflow. Just like we manage cost, where we're constantly measuring, reporting, and optimizing the state of a model, we're now pulling in and decarbonizing construction. Our transportation cloud also uses dynamic data models for freight procurement and optimized routing. A digital supply chain in transportation has been pretty difficult because shipper and carrier capacity data has not yet been fully digitized. Now we're actively developing dynamic freight procurement workflows so that shippers can fill capacity holes with contracted carrier rates. This improves onboarding from months to days. There's a lot of dynamic variables that, especially today, that people need to manage with inflation, fuel prices, driver wages, equipment costs. Makes it very complex. I'm particularly excited about our dynamic procurement capabilities, which Ron will talk about more in a bit. Our transportation team is also extending highly differentiated online data as a service. Our Places API exposes rich online mapping and location data so that drivers have rich information about specific points of interest. Think hours of operation or entrance and parking logistics, even things like amenities, et cetera. You can see how driver productivity is directly improved with this type of real-time data to the mobile user. Our agriculture business supports mixed fleet operations and diverse crop protection workflows, things like path planning, precision spraying, and auto guidance, which you'll hear more about. As discussed, autonomy on farms and orchestration across a mixed fleet of machines is rapidly maturing. Continuous field-level data and market domain intelligence is being synthesized to digitally transform the entire food supply chain. Cloud-enabled platforms are becoming the default for many of these providers because of the volume of data needed to maximize crop yields. 1 large seed provider, who's also a Trimble user, has data scientists performing over 2 million field tests across 500,000 seed varieties every year. They've asked for help and are embracing cloud as they build their digital twins for better seed breeding initiatives. You'll hear much more from Darryl about our leadership in agriculture. I hope you'll agree that this next phase brings generational opportunities that really play to Trimble's strengths. We wanna raise the bar on collaboration across the industry and evolve from outdated and inefficient norms. Beyond the data-driven workflows that we discussed, we can improve application delivery, analytics, and lifecycle operations. We're actively simplifying what are really complex systems today and empowering trusted domain experts to achieve much, much more. Trimble is a natural leader to pave the way for what we call life's work. We're excited to Connect and Scale emerging ecosystems and modernize the people, process, and technology, and they're all codependent. Ultimately, the next generation really needs a more agile platform where user interactions, data exchange, and business incentives are much more aligned. We feel the urgency to ask the hard questions, accelerate execution, and innovate very effectively so that the whole ecosystem can learn, grow, and thrive together. With that, I'm gonna hand it off to Pete and Manolis. They're gonna talk about buildings, infrastructure, and geospatial. Thank you so much. Thank you, Jennifer. Good morning. Welcome. Thanks for joining us here in Colorado and to all of you online out there. I'm Pete Large. I'm responsible for the civil infrastructure businesses at Trimble, and I'll be presenting this together with my colleague, Manolis Kotzabasakis, the godfather of Trimble Construction One, apparently. You'll hear about it from the godfather himself, Trimble Construction One. Hey, before I forget, so we did want to let you know that the slides that you're seeing are already posted on Trimble's investor website, so investor.trimble.com. You have to scroll down a little bit to Events, and you'll see September the 7th, and there's links there to these slides. As Rob mentioned, I returned to Trimble just at the end of 2020. I've known the company for almost 30 years. I was a customer in the early 90's, and I was with the company for 18 years before. I'm excited to be back. One of the things I can say in all sincerity that was exciting for me to come back to the company is our Connect and Scale strategy, 'cause I really believe this is the right strategy for Trimble going forward. We're gonna talk a little bit about that now as to how we're deploying this strategy into the industry and why we see this as such a huge growth driver for the company. As Jennifer just mentioned, we're gonna talk about both the construction side, which is our buildings and infrastructure businesses, and the geospatial business, with the technologies we use to map and measure the Earth and how it's changing, as well as all the vast suite of capabilities and technologies we have in the building construction and civil infrastructure construction and operations maintenance world. Key messages, what we really want to get across in this session, is on the left-hand side there, really about our uniqueness. Okay? Trimble really is unique in some ways that really matter. Okay? And that uniqueness, which we'll walk through here, is both about how we're positioned in the industry, our footprint across the whole ecosystem, and it's about our capability set. I'll expand on that a little bit, but who we compete with in our business depends on which stakeholders you're talking about and which technology capabilities you're talking about. What that means is we don't compete with anyone across everything we do. That's going to become an increasingly important differentiator for us as we deploy the Connect and Scale strategy. On the right-hand side, we wanna talk about the things we are doing, right? It's all about execution. This is the right strategy. There's no doubt about that. We're all aligned on that. We'll talk about how we're executing on that strategy. Trimble Construction One. The Trimble Construction Cloud, Jennifer just explained a lot about the underlying technologies here, but this is going to be, and is already becoming a very important enabler for us to scale, how we connect together workflows and data flows in our industry between various point solutions, assembly, and solutions. Something else I'd like to get across is we're very practical innovators, okay? We have wonderful technologies. Jennifer was just showing there some of the amazing things we can do in parametric design and augmented reality. W e take those technologies to solve really practical problems, right? I own a pair of steel-toe CAT boots, so do many of my colleagues, right? Actually, you'll get a chance for those here to come out the back and see what we do out there on site as well. We solve really practical problems, and we solve end-to-end workflow problems for our customers in this industry. We'll talk a little bit about network effects that that we're generating. This is a large attractive industry for us, okay? There's $15 trillion every year spent globally in construction. It's growing, okay? Our growth has been much higher than that. Our growth is really driven by the secular adoption of technology than it is the industry cycles. Rob mentioned the $1.6 trillion. That's our friends at McKinsey have studied the industry. That's a productivity gap that the construction industry has relative to other industries. Fundamentally, what we do in our business at the end of the day is bring our capability set, our knowledge, our domain knowledge, our broad technological capabilities, and we go after that problem, okay? We go after that 1.6 trillion of lost productivity. That's how we really create value for our customers, and that's also how we claim some of that value. There are other things that are important. Productivity and quality are important value proposition items for us, but safety is important in our industry. Sustainability is becoming increasingly important. Transparency of information, better transparency across the stakeholders on a project is becoming more important. We have a $30 billion addressable market, and we're still relatively under-penetrated in technology in our industry. Okay? That gives us a lot of runway ahead in the digital transformation that we are a part of driving in the industry. The construction industry, you know, it does have a productivity gap. You can see some of the stats there, right? More than 85% of projects exceed budget, 92% of projects exceed the schedule. We have a lot of opportunity for improvement. It's a complex business. We like complexity. Okay. We do complexity well. We understand the complexities in this industry because of our footprint, because of our breadth of capabilities. These are places where we can really add value. Everybody has a labor shortage today, right? Construction is no exception. There is a talent shortage in the industry. A lot of what we do, particularly on the site where we bring automation and increasingly high levels of autonomy, we've been working on autonomy, by the way, for decades, replacing what a manual operator would do with technology in stages of autonomy. These are gonna become more and more important to us in our industry as the industry faces the labor shortages that it does, and that's having impact today. In the contractor space, single-digit margins are the norm, okay. It's a very competitive business. Having said that, if you can save a few percent on a project, you can double your profit margin. Okay. We can have big impact to our customers with the technologies that we bring. On the right-hand side there, okay, there is hope for our industry. A project being completed 6 months ahead of schedule, you can see from the statistics there that, you know, more than 90% of projects go over schedule. It's very unusual for a project to be finished 6 months ahead of schedule. This is an example in Norway. Norwegian Public Roads Administration is an important owner customer for us. Skanska was a contractor, an important contractor for us. This isn't by accident, okay? This happens when you do it right. This kind of project is, I would say, the leading light in the world on how you do this better. We're proud to be providing a lot of technology into these kinds of projects, but we're also learning a lot from how this really can be done, and we see the future in these kind of projects. Norway, by the way, for a whole set of reasons, I've got another example from Norway later, is the most advanced construction market in the world, I would say, certainly for civil engineering. Sustainability is a challenge for the industry. We as an industry across the whole supply chain generate about 25% of all the greenhouse gas emissions. We're a big contributor to greenhouse gas emissions. We use a lot of energy. This is becoming more important for our customers. In certain parts of the world, certainly in Europe, your sustainability story as a contractor can make a difference whether you win a project or not. For the bigger global publicly traded contractors, this is becoming more of an issue with shareholders as well. Sustainability is an important consideration now, and it's something that we provide a lot of impact, a positive impact on. We're quite modest as a company, right? Our culture is to be a little bit modest, so we don't always tell the story as well as we should be telling it, 'cause we are having a positive impact right across the whole workflow, in how buildings and infrastructure projects are designed, in operations where, you know, some customers are recycling road materials now instead of taking old ones away, bringing them in. We're there enabling them to do this, okay? In the bottom left there, we recently did a controlled study. This is a compactor that steers itself. It's kind of mum-mum, no hands, okay? This is a technology that we dropped out of our autonomy development program. We did a controlled study of a human operator, a skilled human operator, steering that compactor manually and then using the automated steering. What we saw there is a 25% reduction in carbon emissions. Not by coincidence, we also saw a 25% reduction in fuel, 'cause the 2 things are very closely related, as you can imagine. That's just 1 technology on steering. This is an example of where we have a meaningful impact on sustainability. For those of you here in Colorado, you'll get to see an autonomous compactor out the back. You'll see a compactor driving itself and the fruits of our R&D there. Okay. Construction is a mixed fleet world. We think of mixed fleet as equipment, okay. Lots of contractors use different brands of construction equipment. That's mixed fleet. That's an important thing for us because we serve that mixed fleet. It's also a mixed fleet beyond the machines. It's a mixed fleet of software. It's a mixed fleet of data. It's a mixed fleet of technology. Our customers, whether they're asset owners and clients, consulting engineers or contractors, have a mixed fleet of technology. They have different kinds of data, and often their data is sitting in standalone point solutions in proprietary formats. Part of the challenge the industry has today is getting more value out of the data it has, better transparency of what's actually happening across those different data types, better connected workflows and data flows across their operation. When we think about mixed fleet and our mixed fleet strategy going forward, it includes what Jennifer was talking about, how we create common data environments, how we connect together different kinds of data. Because we understand those different kinds of data in a way that's unique, we're positioned to create those workflows and connect that data together and solve these problems for our customers in a way that I would argue nobody else is. Rob talked. Rob and Jennifer both talked about the what, where, why, right? This points to our uniqueness and our breadth of capabilities. On the 3D model side, you saw some of that from Jennifer. We have amazing capabilities in 3D modeling, okay? We understand that 3D model data flow from the digital world to the physical world and back. We also have an amazing set of capabilities out there on site in positioning, control, sensing, measurement, 3D scanning. We have in the why bucket an amazing set of technologies in construction management, right? ERP, scheduling, cost, budget, estimation. These are 3 buckets of technology that we are well established in that we understand well. Our real opportunity in the platform is to connect those things together, right? Getting a model to the site, right? Where the digital and physical worlds meet is when you're actually guiding the blade of a machine or a shovel, or you're guiding the placement of a structural column using digital technologies, right? That data flow is important. We can take that back into the back office to understand what happened when. That's the kind of transparency and the kind of connected workflow and connected data flow that the industry now needs. Another way to look at our uniqueness is our footprint. We think of the industry as these 3 stakeholders. Okay. The asset owner and the client, that's. That $15 trillion, that's ultimately where it comes from. Those are the asset owners. They fund it, and they maintain it over its lifetime. The lifetime of an asset can be well over 100 years, right? There's the owners and clients. There's the architects and design engineers. These are the consultants that design things. T hen there's the contractors, the subcontractors and the whole supply chain when something actually gets built. We have built not only the technological capabilities to serve these stakeholders, but we've built a big footprint with each of these stakeholders. Okay. In the asset owner and client space, Rob mentioned this before, but there's more than $1 trillion of capital funding, which is managed in our Trimble solutions today. There's huge amounts of lane miles and assets like bridges and other structures that are managed using our technology in the asset space. We've got a serious footprint with that stakeholder. The architects and design engineers, we've got 10's of millions of users, and you saw some of the capabilities we have there, but we're well established with that set of stakeholders as well. With each of these stakeholders, we have a Trimble Construction One solution. We have a portfolio of solutions that provides a suite for them, which again, we don't compete with anybody else on across that whole suite of solutions. True, of course, also in the contractor space, there's $500,000,000,000 Of construction projects being managed in Manolis' solutions today. We've got hundreds of thousands of assets out there in the field, whether those are machine control systems, surveying systems, field data collection systems, well deployed, well established there. More than 60%, so the Engineering News-Record, the top 400 engineering construction companies in the world, more than 60% of them are our customers. I would say you'd probably be hard to find any of them that don't have something from Trimble somewhere, okay? We've been in this business a long time. We've been in this business for decades. We understand the domain. A lot of people in our business come from the domain. They understand the workflows. They understand the complexity. This is an important part of our uniqueness. Again, within each of these stakeholders, we can connect. We have a suite of solutions which provides a capability set across their operation. We have opportunities to connect together within those stakeholders, but we also have an opportunity to connect together across them, which is how we think about optimizing projects. Another way to look at that is the workflow of the industry. It starts with capital planning, pre-design, design, pre-construction, construction, as built, and then the lifetime asset management of the asset. We're positioned right across that workflow, okay? Historically, with purpose-built solutions. Where we're going with the platform strategy is connecting it together. What we'll show you is examples of where we're getting very positive feedback from the market as we engage on this, that that is what they're looking for. They're looking for better workflow. They're looking for better data connection, data flow, and they're looking for better transparency. Again, we can do that within the stakeholders, and we can do it across them. What Jennifer talked about in Platform Core is a key technological enabler for us because we have to do that on a common set of services on a common platform base. That's how we do it at scale. Asset owners, as I mentioned, are very influential. We have a portfolio there across the whole life cycle, with our asset management solutions, with our geospatial capabilities, with our capital planning solutions. We have a Trimble Construction One strategy for the asset owners. What's also important is how influential they are in the industry. When we solve a common data environment problem, when we solve a workflow problem for the owner, that also extends out into the contractors and into the engineers. An example of that is the California Department of Transportation, Caltrans, which is the biggest DOT in the U.S., where we're working with them to connect together various systems of record that they have, but to connect together those workflows, to connect together those data flows, to get them better insight and visibility into what's actually happening. To help them develop a real-time digital twin of their assets and to maintain that. As we're successful there, that also extends out into thousands of contractors that they work with. Hundreds of design engineer companies. That's where we create a network effect because the more owners we have on that platform, the more value contractors and consultants get on the same platform. With that, I'm gonna hand over to the godfather of Trimble Construction One, Manolis Kotzabasakis. All right. From that perspective. Thanks, Pete, and nice to be with you this morning. So far the session has actually managed to answer one of the key questions that I had for the last few months, which is, when I was working in the office, people were kissing my right hand. I was wondering why. Now I know. You know, being the godfather, then that's what people do. All right. Anyway, on a serious note, my name is Manolis Kotzabasakis. I have been with Trimble for 4 years. Before that, with Viewpoint. I have spent all my previous career in the software industry overall. I very excited the next couple of minutes to discuss about TC1, Trimble Construction One. This presents a tremendous opportunity, an amazing opportunity for our customers and for Trimble. If there was 1 key thing we have been discussing all this morning, here is so many great solutions that we have in Trimble. We have some amazing products, from design to steel fabrication, to ERP, to project management, many different solutions. What we have done recently is bring them together into 1 unified environment for easy access, subscription-based, highly differentiated offering. It's not just easy access and easy deployment and provisioning that enables our customers to use these technologies. Excuse me. It's also the ability to use data between the different applications to get insights about the project and solve critical workflows. In a minute, I'm going to show an example there that help our customers capture the real value which is well beyond using best-in-class solutions and moving to using best-in-class suite, and this Trimble Construction One is definitely by far the best construction suite in the industry. Why is this excitement? Let's talk for a moment about customer value. Our customers are facing every day very complicated decisions, and their world is quite complicated, moving from design to payroll, to invoicing, to project management, and many other challenges that they have. Their world is complicated. What we are here for is to make that very simple, solve complicated problems for our customers. That is being done with our integrated solution, TC1. We are at the early stages. We are about 1 year into this journey, but the results for our customers and for us have been very significant. This is a busy slide. It's got a lot of information, but I would like to highlight some key things here. The first one is a significant increase in our win rates. Another key thing we have observed is significant increase in the average deal size. Other opportunity that we have seen is a significant reduction in the sales cycle, how long does it take us to close a deal. Finally, 1 thing that we have also managed to do, by the way, is the ability to bring hardware as a subscription into our offering. Another very unique differentiator against our competition. When you look in our installed base, we have hundreds of millions dollars in construction, a lot of that perpetual maintenance, some term subscription contracts. What we are doing is we are bringing them together into a unified commercial model with Trimble Construction One, and what we are seeing is 2 to 4 times increase in the annual recurring revenue at the point of them start using Trimble Construction One. What is even more interesting is actually what happens after. Customers have access to all our solutions. Easy access, they can learn easily and start using solutions they couldn't use before to connect field, for instance, with the back office that they were not doing before. We are seeing that multiple increase even more. Really exciting. We are the start of this journey. You are going to see a lot more from this, from that. Here's an example, Dave Steel. This is a customer. It's got a lot of words there. I will just highlight the key conclusion from this example, which is, this is a customer that is doing design, fabrication, and construction of steel structures. You might have noticed, I mentioned 3 things, design, fabrication, construction. These are not fully connected. They were using our great individual solution, standalone solution, the design of fab, and fabrication of steel, but they were not connected to the construction site. When they had access to Trimble Construction One and they could connect real-time construction with the shop, the fab shop, and get real-time data and information, they decided immediately, within a few weeks, to change their existing ERP solution and start using the Trimble ERP solution. We are seeing this. This is not an isolated incident. We are seeing this continuously with our customers. Once they see the value easily available to them, they start using our solution. With that, I will stop. By the way, we have a demo outside in the lobby area with a few additional examples, and actually, a Trimble Construction One actual demo, so I will encourage you to come along, and we will give you more information. Thank you. Pete. Okay, thank you, Manolis. I'll give you the express version of the last couple of slides here, and I'm gonna give my colleagues a notice here that we'll be coming up for the first Q&A session, panel here in just a second. Great example there from Manolis on how workflow matters, right? Customers making decisions about an ERP based on the integration of a workflow. Another high-profile story here covered by Fast Company. A customer here broke a record for building the longest bridge, nearly a half-mile long concrete bridge without a single 2D paper drawing. Okay? This is the future of how construction will be done. Doesn't sound like a big deal without a drawing, but most construction today is done using paper drawings and plumb bobs and tape and string, eyeballs. This is a completely digital workflow end to end. We're empowering that, and this is another project in Norway that shows you how the future of construction is gonna be done, right? We're there. I mentioned mixed fleet. Mixed fleet is very important for us in the equipment world, but it's also important for us in the technology and data and software world, and our platform strategy serves a mixed fleet of technology. We will be interoperable with competitors as well as partners and complementors, because that is the platform strategy that we believe will win in the mixed fleet world of equipment, technology, and data. Then finally, just to kind of bring this home is, you know, at the bottom there, you know, we've built a business on optimizing tasks on a best-of-breed strategy, point solution versus the world. The results speak for themselves. We've been successful on that, and we've established ourselves as a serious player in different kinds of technologies and different stakeholders. There's a lot of runway ahead of us, by the way. There's a lot of technology adoption where it's still under-penetrated, and there's still a lot of growth there. Okay? You go to that next level, what we're doing there with Trimble Construction One is bringing a best-of-suite strategy into the customers. Part of the power of that is just the ability to get a broad solution from 1 provider. Part of the value of that is now connecting together the workflow across those point solutions. Our early experience and engagement with the market is extremely encouraging that this is really what the customers are looking for. You go to that next level, this is about doing that not within a contractor or owner or engineer, but across them, right? That's how you optimize a project. The Randselva Bridge is an example of that. There's other examples we have now, where the collaboration and the data flow and the transparency between the stakeholders on a project is what really enables optimization of the project. It's by optimizing. We're doing this today, right? There's a lot more opportunity there as well, and moves us up the value chain. By optimizing projects, lots of projects across lots of stakeholders all around the world, is how we're really going to have an impact on the industry. That's really the escalating growth story here. With that, I will thank you and invite my colleagues to join me. We're gonna have our first Q&A session before the first break. Hey, Gerry. We've got just shy of 20 minutes for this session and we'll stay in the engineering and construction zone. I invited Patty up if you got questions around autonomy. Michael, he's got a mic. Do me a favor and go to Gerry. If I can't hear the question, or I can repeat it for those online. Gerry. Please introduce your name and your firm. Thank you, Michael. Good morning, everyone. Jerry Revich, Goldman Sachs. Really staggering ARR increase in the case studies on Trimble Construction One, you know, tripling. Rob, how representative is that of what you expect across the business as you lay out Connect and Scale across the franchises? Because if it is representative, I mean, I'd suggest it could be at a $4.5 billion ARR run rate, you know, by 2025, essentially, which, you know, I know that's not what the outlook is today, but maybe can you just talk about how representative the Trimble Construction One results are versus what you expect in other businesses? Yeah. Well, I'm glad you saw what we see, which is the. Well, first of all, we start from a great basis at that $1.51 billion. As you know, we talk about on the calls, we've been continuing to book at a double-digit level of growth that's delivering. That's the precursor to deliver the ARR at a double-digit level. We do think that the construction market represents the biggest opportunity for that model conversion. Yes, it is instructive and constructive for the rest of Trimble, and David will walk us through that at a financial model level. In the construction business, Buildings and Infrastructure reporting segment has the highest amount of ARR in all of Trimble today. We would go to our transportation business, then that to the resources sector, or resources reporting segment, and then the geospatial business. They each start from a different, I'll say, starting gate, as it were. I think that there's differential levels of growth that we can see in all of them, but we're quite optimistic. This is such a great case study for us to learn from. Like, we are making mistakes along the way. You know, you learn, you pivot, and then we have the opportunity to leverage that learning across all of Trimble. You know, from a capital deployment standpoint, you know, you folks have invested in ARR pretty aggressively via e-Builder and Viewpoint and other acquisitions. As you think about the capital deployment leg of the story from here, are there any meaningful platforms that you view as key over, you know, this 5-year planning horizon? Thanks. Sure. I mean, the bulk of I mean, we've clearly been a company that has grown a lot through acquisition over the year. Now, those acquisitions have turned into strong organic growth themselves, so it's not just growth through acquisition or growth for the sake of acquiring. Clearly, the bias has a software tilt to it as we go forward. I wouldn't say that, like, in a mutually exclusive way. I think both are important. This, to me, the idea of own the rails is important. That ability to have the connection in the real world, the physical world, to link that data out into the field and connect it to the office, that is singularly unique with Trimble. I don't wanna lose that. I wouldn't, you know, I wouldn't call it a hard no. I would just say in the bias of capital allocation, it would have a software bent to it for sure. Hi, Jason Celino from KeyBanc Capital Markets. Maybe I'll just ask 1 question related to competition on the construction side. You know, companies like, you know, Procore and Autodesk, they'll say that they've got complete platforms too. Obviously, they don't have the hardware and the equipment angle. Outside of the equipment angle, what would you say TC1, you know, does better or at least leads with? Well, I'll start, and then maybe, Manolis, why don't you take it from there? Look, I'd go back to the slide that talks about the level of coverage we have serving architects, engineers, contractors, and owners. We tend to compete with companies who do 1, I'll say, discrete persona workflow. Not only, but if you look at the basis on which we start with the breadth across those industries, that's singularly unique. I should say, we work with the companies you mentioned. I think that's an important point as well. We tend to label a set of companies as straight up competitors to Trimble or to one another, and I actually think something's off in that narrative. I think there's a fair amount of co-opetition. We have customers that regularly move products or move capabilities, I should say, from it starts in a CAD workflow, and as you need to get from 2D to 3D, you need to be interoperable with Trimble. That Pete talked about the mixed fleet of technology is very much out there. T hat openness to the ecosystem is important. There's you know, it's a fragmented industry. If you look at the stakeholders in it, guess what? There's fragmented technology. That openness is a bias that we have that we think is differentiating as well. Manolis, what would you add? I would say echo what you mentioned, Rob. In addition to that, our presence in the field, in the actual construction site, it's a very, very unique differentiator, which you mentioned. The other technologies that we have from payroll to HR management, onboarding of labor force and other solutions that our competitors do not have. That gives us the opportunity to introduce some amazing innovations in terms of workflows that nobody else can do it as well as we can. While we will, of course, be an open system, and we will integrate with our competitors, we think we will stay always a couple of steps ahead because we have access to these solutions. Thank you. It's Rob Wertheimer, Melius Research. Hello, everybody. I'm not sure if this is a technical question or a marketing question, and Jennifer, I thought maybe you might be best poised to address it. When you think about moving to the cloud, when you think about the Microsoft relationship, when you think about go to market, you know, how does the future look different from today in capability or speed or pace or strategy? I mean, just what does that really unlock for you? I mean, I think as we think about industry clouds, you know, I talked a little bit about it. It's a balance of technology and business differentiation. The industry cloud, the proposition is really around business agility, speed, and differentiation, really focused on sort of the domain workflow. Cloud is a horizontal layer. I think we've seen most enterprises, I think the statistic says 95% of enterprises globally are already embracing sort of a cloud mentality, and many of them are multi-cloud, so not tying into 1 vendor. I think for these industry clouds, the value as you move up the stack is in the domain experience, right? To some extent, you know, the bottom of the stack is more commodity, and a lot of the cloud providers essentially do put their capital infrastructure forward to do the hardware layer at cost and then essentially capture value up at the application layer. Because we have, you know, very unique understanding of what that point of work is, and to Manolis' point, how do we tie together the entire supply chain? This is something I felt it from the outside, and then I joined Trimble, and it's even more true from the inside. You know, as I talk to customers, people are like, "If Trimble doesn't do this, who can do this?" Right? That's why I think this notion of industry clouds as the evolution of that horizontal cloud infrastructure is huge opportunity. I think it is a technology and go to market. I think the balance of that, yes, we're changing how we deliver software, how our customers can self-provision and consume it, how they expect to do over time, more usage-based, you know, payments for the actual services, not just for sort of course products or point products. Yeah, a lot of change going on, and it's not gonna be overnight. If I had a follow-up, that was gonna be it. Just what's the timeline on when that really rolls through? Thank you. You have a follow-up? He has a follow-up. Oh, I thought that was a statement, not a question. How long does it take? Like, what's the timeline like on the Microsoft relationship/go to market? Yeah, I mean, we announced the Microsoft relationship a year ago, and I think, for instance, this year at our Dimensions sort of user conference, we'll essentially show Construction Cloud and what we're doing with some initial customers. Un der the subscription model, this kinda keeps going. That's one of the actual benefits. As we move from sort of point product and a perpetual license to a subscription, the expectation of the customers is they get ongoing value, right? That delivery model is very different. I spent 10 years in hardware. You know, you buy it once, you set and forget, and then you come back for a hardware refresh cycle, and the customers are amortizing the cost of that hardware over 5 or 10 years. Customers don't do that with software subscriptions, right? You have to constantly, you know, provide the value, and I think a lot of what Manolis Kotzabasakis talked about, you know, we're seeing the benefits of that with TC1. People don't wanna make a buying decision for every feature. They essentially want to trust that their providers are gonna understand their pains and evolve with them. That's where I think a lot of this platform mindset of it's a continuous learning capability. I mean, last month, we had Scott Guthrie, who leads all of cloud and AI for Microsoft, at our transportation user conference. Even for that large an organization, everybody is in the mode of not 1 vendor can do it themselves, and everyone needs to have the humility to say, "We're all learning." A lot of the things that Rob mentioned that we're dealing with, nobody's done that before. You know, you can't build 100-year models anymore because they break very quickly. Hi, this is Chad Dillard from Bernstein. My question is about what are the margin implications for scaling TC1, as a share of your revenue? I have to imagine that, the customer acquisition costs of going from, you know, point solution to platform, you know, there must be some sort of difference there. Also just, you know, what does it mean from, like, a sales force standpoint, you know, going from selling individual point solutions to, you know, more of a platform, what do you need to do? What more needs to be done? I'll start, and then Manolis. I think from a metric perspective, Chad, I think about lifetime value over the customer acquisition cost. Do we think, you know, we wanna see that over 3, when we do that? You can then break down each of those, the lifetime value and the customer acquisition cost. Clearly, from a lifetime value perspective, you look at things like net retention and the ability to sell more and to grow customers' usage over time. That ability to grow customer usage over time correlates to our ability to deliver value over time, continuous value over time. Manolis, you wanna take it from there? Yeah, I think there's 2 phases to TC1. The first one is the acquisition, if you want, for customer to get into TC1. We are doing a very methodical planning, especially for next year. We have been doing it this year. How many additional sales team members we need, and how we are going to change our go-to-market strategy overall, the marketing and other things. There is actually a lot of efficiencies that they are coming out, because on one hand, you can assume that selling an individual solution, it's a lower cost. When you add it up with all the other activities we do with every customer, it's quite a lot. We definitely are going to do some very wise kind of investment expansion there. The other thing that I will encourage you to go and see the demos that we have in the lobby is actually moving from 2 to 4 times to, let's say, 6, 7 times with self-provisioning, self-discovery, and what we call customer success and inside kind of sales teams, which give us the other side of the phase II, which is a much lower cost of growing the customers by giving them more value and using our products. Hi. Arsenije Matovic, Wolfe Research. Last quarter, I think you mentioned that construction software bookings, 20% of it was from cross-sell opportunity. When we're thinking about maybe end market dynamics shifting, is there any kind of difference when we're talking about maybe what that cross-sell opportunity looks like when end markets maybe become a little bit less favorable? Also when we think about dynamic, is there some kind of maybe pull forward for tech budgets when labor markets still kinda remain tight? Is there kind of some of that stuff that is still persisting that maybe leads into maybe ARR expansion from penetrating that cross-sell opportunity? Thank you. I'll take that one. If I think about if we're in a recession or we're coming into a recession, whatever you wanna call it, and by the way, we're global, so you know, I have, I think about depending on where the sun is setting, I could have a different point of view on that. Listen, we sell productivity and sustainability. That's ergo the secular aspect of Trimble. I f you've got tighter labor markets, you need productivity. You got tighter labor markets, you need Pete's technology that makes an inexperienced operator good and a good operator great. I'm not kidding when we say we've taken operators that worked at Subway, and in a matter of weeks, they are competent operators on machinery. No joke. That takes months or years in the absence of technology. Tight labor market, you know, we can get the operators going. You're in a tight market, guess what? You got big iron. That iron isn't moving, it's a fixed cost, you're in trouble quick if it isn't moving. You need to be efficient, and you need to be able to win jobs. The technology helps you to do that. If to the extent, you know, and I sort of build on Manolis's previous answer, I think there's a segmentation, kinda Chad, going back to your question, of existing customers and new logos. If you're already an existing customer of Trimble, and guess what? There's a lot of existing customers of Trimble. One of the things that Manolis' team is doing is getting those customers onto a TC1 frame agreement. It's like, you know, he calls it, you know, entering the club. Now you're in the club, and you have access to other technology. You can always do the 2 by 2 of, you know, existing new customers, existing technology, or new technology. There's an easier place to start in that. I think that's also a leg up that we have in any kind of, well, I would say in any market environment, but let's say the one that, you know, we might be finding ourselves in. I'd like starting with existing customers. I can imagine that new logos might be harder to get. Hi, I'm Thomas from Gildert. Manolis, one of the most surprising metrics that you sort of pointed out was the fact that 30% of bookings were created interquarterly. My question for you, and then I have a broader one for Rob, is how long are contract or, like, licenses in TC1, and, like, do upsells happen on these renewals, or do they happen on you just reaching out to existing customers? Could we expect a large uplift from cross-sells? Then maybe generally for Rob, as the rest of Trimble's arms, like, follow TC1's model, how will selling Trimble change in, like, the next 3 to 5 years as you become more software-oriented and you might follow this hardware subscription model? Rob, do you want to go first? Okay. All right. Regarding the in-quarter created bookings, the 30% that I mentioned has both existing customers increasing the use of our products, mostly the TC1 customers, the ones that they have access to the products they wouldn't have before. Our model is to give them access, and then we true it up every quarter, that's what we do. Having said that, as I said earlier, I came to construction through Viewpoint. When I first walked in the office, they told me no customer ever is going to make a decision to change their ERP system, I'm giving an example here, in less than 6 months. We are seeing those times going now to weeks. Recently, we had a sale that happened in 8 days. We are selling also without visiting the customer with inside sales teams. The reason is the much more additional value that comes from the integration of not just selling 1 ERP, but selling a steel fabrication solution together with the ERP, with a critical workflow there that gives so much incentive to a customer that they want to make a decision because they see this additional value. The value of the integrations and workflows have increased the speed of decision-making to a level that, frankly, exceeded my own expectations. People know me as somebody who I'm very optimistic, but it has definitely exceeded my own expectations. I think you're asking how will the sales model go-to-market model evolve as we evolve on this path. Yeah, I think about segmentation. Always think about customer and market segmentation. Not all customers are created equal around the world. We have, for example, a team today that focuses on emerging markets and funded projects. They work with the World Bank, IMF, those projects that are mostly engineering construction projects, actually agriculture as well, around the world. It's a dedicated team who works, you know, in developing regions for that. We have sellers who are project-based. F or some of the largest projects in the world, think about some of the mega projects in Saudi, or think about nuclear projects in the UK. Think about Grand Paris in France, who are dedicated at a project level. We have sellers who are dedicated to serve the largest companies in the world, whether that's in Darryl's business serving enterprise farms, or that's in the construction business, serving some of the largest contractors, global contractors, in the world. When you're at that larger contractor level, you have to. You're doing business. Actually, as Manolis Kotzabasakis on that TC1 slide. You're going up the elevator to the C-suite, you are starting to sell to a different part of the company. You have to have a seller, a team, but you have to have a seller who's a lead on that account, who then has access to the resources and the breadth and depth of Trimble. It is not reasonable to ask a seller of Trimble or me to understand every single thing that we do that could be applicable to a given customer, because there are multiple stakeholders and users within these large companies. We bring the sales engineers, and we put a team around people who have account management, and then ultimately customer success. Let's make sure we get 1 more question, and then we'll take the break. Yep. This is Tami Zakaria from JPMorgan. I have a couple of basic questions. Can you help me understand the cyclicality of a service like Construction One? From a customer's perspective, is it a fixed overhead that they pay for a year, and then they don't have to pay up for more projects or more end users? What I'm trying to understand is, if there is an uptick in construction projects for a specific firm, do you get an upside from that uptick in activity? Yeah. If your question is how does the evolution of ARR happens throughout the year, we have usually our contracts, we do a true-up every quarter because we don't want our customers to come as a surprise. We will see an increase in ARR every quarter. We have some other customers that we do it only yearly, and we are trying right now to gravitate what is the right model. We prefer the quarterly because it gives us much more opportunity to interact with customers. Our customer success teams that we are creating to help our customers get more value, they can be, and they will be in full motion working with to deliver value. It's predominantly on a named user license basis. Okay, got it. Okay. Again, from the customer's perspective, how expensive is it to switch to Construction One from, let's say, a different suite that they're currently using, and how long does it take to onboard a fresh new customer? Yeah. I mentioned the uplift of 2 to 4 times. Of course, that's the average. We have customers that they are higher and some other customers that they are lower. We are usually getting the higher uplift in the beginning based if the customer wants to move to cloud, especially an existing ERP system. The number 1 reason that our customers move to cloud, for instance, for ERP, is because of cybersecurity. There is a lot of ransomware and other problems that our customers are facing, so we're seeing a huge demand in that area. We usually also identify customers who either want to replace a competitive solution and or internal systems and the other things that they're using right now. The net effect, if you look in the customer outlay, is not really that much higher, but we take advantage, for instance, of them getting rid of a server, an IT person or some competitive solutions, and this way it gives us the uplift. As I said, as the customer gets into using the technology, they see much more value. How long does it take to, like, onboard someone fully? It depends on the initial step they want to take. If it is, let's say, a project. Let's assume that they already have an ERP on the cloud, and they want to start using our project management. It's a couple of weeks. If they want to use an HR solution, it's a week, et cetera. If it's the most lengthy one, it's the ERP, if they are changing an ERP, and the average time is somewhere between 2 to 6 months or whatever, if it's a complete replacement of the ERP and a competitive ERP. If it's moving to the cloud, an existing system, it's only a matter of a couple of weeks. Okay. Okay. In true Trimble style, we give you a very short break. Run while you can. We're gonna stop now. We're gonna start at the top of the hour, 11:00 A.M., here in Colorado. It's 11? Yeah. My name is Ron Bisio, and as Rob mentioned, I took over the Transportation segment in July of this year. I've been in the seat for about 2 months now, and but I joined Trimble back in 1996. I've actually been with the company in roles in product management, marketing, sales leadership, and business unit general management. I actually took over responsibility for Geospatial segment back in Q2 of 2015. In the period since, we've actually grown the revenue in mid-single digits over that time. The important thing is we've doubled the operating margin in the Geospatial segment over that period, and it's now approaching 30%. It's really, really strong performance by the Geospatial team over the period since 2015. My focus in transportation is going to be to help the team execute on the strategy you're gonna see today while improving the short-term financial metrics. We're gonna do both of those things, and we're gonna talk about both of them today. Okay. We have a strong focus on execution. That's gonna mean it's gonna require us to determine what we're going to do and, just as importantly, what we're not going to do. Let's take a look at the strategy. We're working in a transportation industry continuum with 2 major stakeholders, the shippers and the carriers. Carriers you can think of as, for those of us outside the industry, we can think of carriers as the trucking companies. Both of these stakeholders, the shippers and the carriers, are striving toward a goal of 100%. I want you to keep the 100% in mind 'cause I'm gonna keep coming back to that 100%. Carriers want 100% of their assets and drivers utilized. They want all their trucks full, driving around the highways of North America. Shippers want 100% of their freight covered at a reasonable price. Both of them trying to get to that 100%. As we help both of these stakeholders get to their goal of 100%, society benefits, we're gonna have a more resilient global supply chain, and the environment benefits because we're gonna reduce unnecessary carbon emissions. Okay. Let's talk about some of our key messages. Our customers are challenged by working in a disconnected supply chain. A lot of this stems from the fact that there are data silos all over the transportation industry continuum. Most of these result from the fact that there's a lot of on-premise implementations. Carriers are lacking visibility to the freight that's going to be on offer. What's gonna be available for me? Let's say I'm hauling from Denver to Phoenix. What's gonna be available for me to bring back from Phoenix to Denver? Shippers are lacking visibility to the operational capacity of the carriers. They wanna know where the trucks are, how much capacity the trucks have, how much unused capacity the carriers have. What we're gonna do is we're gonna leverage the platform that Jennifer mentioned to build a transportation industry cloud to help both of these sides achieve better visibility across the transportation industry continuum. The first thing we're doing with Trimble Transportation Cloud, and you're gonna hear a lot about that, is 2 connected workflows. I'm gonna talk about 2 of them today. The first one, really excited about this one. It's called Engage Lane. We developed Engage Lane with collaboration with Procter & Gamble. What it is, it allows carriers and shippers to come together in a marketplace and have better visibility into each other's operations. Carriers understand more about what freight's coming up, shippers understand more about what the carrier's capacity is going to be. The second workflow I'm gonna talk about today is Connected Maintenance. That's an ecosystem we're building of service providers, parts OEMs, truck OEMs, carriers to help facilitate data back and forth between the service centers and the carriers. Jennifer mentioned the transportation conference we had in Orlando, Insight. This was a great opportunity for me, a month into the job, to go to Florida and to meet with many of the customers in this ecosystem. We brought together the shippers, the carriers, the OEM partners, such as big OEMs such as PACCAR. We brought together strategic partners such as Microsoft. We brought them all together, and we presented this vision to them. We got great feedback from our customer advisory board, where we have some of the biggest carriers in North America on that board. I had a chance to sit down in a small room in Florida with 15 executives of these carriers, and the thing that struck me as I sat there in all of these meetings was the huge cross-sell opportunity we have. Even 30 days into it, I could see that we had carriers that are using our transportation management systems, our TMS. They wanna reduce the risk of operating their fleet. They could actually leverage our camera-based video systems, putting our cameras on their tractors and their trailers to get a full view of the truck as it moves down the road, reducing their risk and having a record of where what happened with that truck out on the road. That was one of the cross-sell opportunities that I happened to see when we were down at Insight. I'm gonna talk about more of those throughout the morning. We have 2 significant challenges that are facing the transportation industry. Let's talk about those. Chris? Thanks. Shippers. The shippers have a goal of 100% freight capacity at a fair price. What are the shippers lacking? They're lacking on-time delivery information. They're lacking information about quality. They need quality service, and they need real-time visibility. The carriers I mentioned, they have a goal of 100% asset and driver utilization. What's interesting is carriers are only planning 50% of their capacity the day the truck leaves the facility. Imagine that, 50% of the trucks in North American highways, they don't actually know where they're going when the day begins. They need better visibility. They can improve their operations with better visibility, and they also need better business intelligence about the freight that's on offer. I gave that example of Denver to Phoenix. If I've now brought on a bunch of freight that I'm gonna be taking from Denver down to Phoenix, I wanna know if there's gonna be freight for me in Phoenix that I can take back to Denver at the right price. The reason why is, if not, my trucks are driving empty miles. There's over 100 billion empty miles driven in North America by the carriers. 15% of their capacity is empty miles. Truck's empty. $125 billion lost opportunity, and there's a societal impact of that. Our supply chain strain because of this, and there's an environmental impact because of that. These empty miles, that 15% of capacity that I mentioned, that results in 165 billion pounds of CO2 being released into the atmosphere unnecessarily. The second industry problem is driver turnover. The average North American carrier has 100% driver turnover in a year. Imagine if your companies had 100% turnover of your employees. Imagine the cost in recruiting, training, retention. This is what these carriers are facing. Anything we can do to improve the driver experience, get the driver home, make them safe, make it so they can, their favorite truck stop that they have where they like the pie. Anything we can do to make the driver experience better is going to help them reduce turnover. Churn. As you're driving down the highway and you see the back of trucks, and by the way, my family's sick of me staring at 18 wheels, going, "Yeah, that's one of ours, that's one of ours." But as you sit behind the truck, look up and see every single one of them has hiring drivers and a 1 to 800 number to call. It's an amazing trend that's actually happening in the industry. Anything we can do to do that. Things we can do is we can help route them to their destination. We can reduce the time they spend idle sitting in facilities. We could reduce the time through Connected Maintenance that they're spent broken down on the side of the road, all with the goal of getting them home safely. By addressing this opportunity, we are looking at an $11 billion addressable opportunity, which we estimate is less than 50% penetrated. What we've done is in the transportation segment, we've organized into 3 business units. Enterprise, which is focused on carrier and shipper optimization. Mobility, you're gonna see the solution from our mobility business unit out there, Instinct. They're focused on telematics, video, all of that critical information coming off of the truck. Maps. We actually began really in Trimble MAPS. Our ALK acquisition really is the backbone of North American routing and navigation, and we'll talk about that. These 3 business units are collaborating together to bring solutions which are going to bring carriers and shippers into this ecosystem that I'm gonna talk about. We're in a unique position to solve the challenges of the transportation supply chain. The reason why is because we serve both shippers and carriers. Gentlemen, I missed your name. Chad. Chad asked the question, though, "Are we gonna be a broker?" No, we're not a broker. We're not a shipper, we're not a carrier, we're not a broker. We're a neutral technology provider building an ecosystem that actually allows us to have a position of trust. As Rob mentioned, our business unit solutions are serving 90% of the top 200 trucking fleets. Millions of shipments are processed through our systems. This ecosystem we're building plus the partnerships we have with OEMs such as PACCAR and the strategic partnership that Jennifer referred to with Microsoft, this is what makes this such a compelling place for us to be. It really goes back to the roots of Trimble. We have an attribute-rich geospatial database at the heart of this that just it harkens back to the company's early days in the 80s and 90s. The important thing is these solutions, they're an on-ramp into the ecosystem. Every new carrier we sign up, every new shipper we sign up, we bring them into that ecosystem, and they and both sides benefit from that network effect that I'm gonna talk about. We're uniquely positioned between the physical and digital world. What is more physical than an 18-wheeler driving down a highway? We have rich information on the truck and the driver, what is really happening en route. This is a critical awareness. It's awareness plus because it's a lot of attributes about that truck, everything happening around it. I talked about the real-time visibility. Our mobility business provides positioning, fault codes, video off these trucks, near real-time visibility that the carriers need to optimize their fleets and the shippers need because we all wanna know where our Amazon packages are. Shippers need better data about where their freight is. This situational awareness that we provide through all this is a key enabler of the global supply chain. Our mapping, routing, and navigation solutions, again, really underpin all of this. Some of the amazing things that we can do for the industry, we can help carriers route their trucks around low bridges, tunnels, how to route hazardous materials. This one I really love. We're actually incorporating weather data in now. If a truck's approaching a storm, drivers have X number of miles that they can drive before they need to take a rest. Well, if they're approaching a storm, should they pull into a rest stop because this storm's coming up and wait it out, rest, get their miles back? This is the kind of thing that's really. This is the kind of intelligence that we can provide to the industry by taking that geospatial data, which is at our core of Trimble, that's our DNA, and then adding things like real-time weather feeds. All of this with the goal of improving operational efficiency and safety and helping carriers to retain drivers, so they're not looking up at the truck in front of them and calling that 1 to 800 number and moving over to another carrier. Trimble Transportation Cloud. Again, a couple months into this, I am really excited about what we're doing. We're leveraging the core investment that Trimble is making in Trimble Cloud, and we've built the first Trimble Transportation Cloud. Really excited about this, working very closely with Jennifer's team, taking all of that she's bringing at a corporate level, adding a functionality that's really specific that you see here from a services perspective, things that are unique to the transportation industry. We're taking this, and then we're bringing that ecosystem of shippers, carriers, service centers, and OEMs into this Trimble Transportation Cloud. I mentioned before, why Trimble? You asked the question before. Again, we're not a shipper, we're not a carrier, we're a neutral provider of this technology platform. Why the cloud? It complements the existing resources that the carriers and shippers have. Some of these carriers have. 1 carrier, actually, I think it was a 2,000-person IT department. They've got the capacity. We're just complementing that. We're bringing additional capabilities, we're bringing staff, servers. We're complementing the space they have, the power they have, and the backup they have. I think a really key point of this is we're leveraging the investment that Trimble's making. We're not starting from scratch. We're building out this Transportation Cloud, much as we're doing with our Construction Cloud, and the things you'll see coming up in agriculture. First instance of this is Engage Lane. I I was talking about this before. Again, we developed this in collaboration with Procter & Gamble. Procter & Gamble, obviously, one of the biggest shippers. They bring an entire network of carriers with them into the system. That's how we seeded the system. Engage Lane is a collaborative procurement platform. What it does is it enables shippers to dynamically contract freight with a bunch of carriers that are connected into the platform. This is the most important word in this phrase, connected carriers. These carriers have now been through the EDI or electronic data interchange mapping. They've agreed to the master service agreement, so the carrier is now there. The carriers, on the other hand, benefit from seeing all this freight. They can go in and use business intelligence to assess, "Is that the freight that I wanna haul from Phoenix back up to Denver?" There's a network effect. Every new shipper we bring in brings in carriers. We bring in a carrier, they've got shipper relationships. All of that comes in as a really great benefit of this one-to-many relationship. How do we do this? Again, we collaborated with Procter & Gamble, but what we did is we enabled first the transportation management systems we have. We are the industry leader in building back-office transportation management systems. These are essentially the ERP of the trucking industry. We brought those in, and we brought all that capacity in. The other thing we did, and Rob mentioned this idea of coopetition, we actually brought in our competitors' TMSs as well. We actually invited our competitors to come to Insight, our Trimble Transportation conference, because we wanna provide an ecosystem for all the shippers and carriers to come together in Engage Lane. We've brought in that capacity. Again, we standardized master service agreements. Imagine the negotiation that goes on between a carrier and shipper. Do I trust you as a shipper? Do I trust you as a carrier to haul my freight? We bring all that together, and we standardize the master service agreement, get that out of the way. We map the EDIs one time. That probably is. It's a lightly spoken thing, but anybody who's ever actually had to deal with EDI mapping, we're really reducing the amount of time that we save with that. Speaking of reducing time, what we've estimated is a 75% time savings between passing Excel files back and forth between carriers and shippers as in the freight RFP process. The other thing we've done is we've reduced the onboarding process from 4 to 6 months to 4 to 6 weeks. Some of the proof points of Trimble Transportation Cloud. Procter & Gamble is live. They have a significant number of carriers they brought in. They're processing transactions right now. We have other shippers that are coming on board, nationwide grocers, nationwide high-end retailers. They'll be coming in. As the numbers continue to grow, the network effect grows, the benefits to both shippers and carriers grow, and the monetization opportunity for Trimble grows, okay? Second one. I'm gonna speed up a little bit here as I know I'm running a little bit light on time. Connected Maintenance. This is focused on the repair and maintenance between fleets, operators, and the service centers. This is another ecosystem. It's the service centers. Places you drive by on the side of the highway, like TravelCenters of America, Petro, Love's. You'll see them as you drive down the highway. We're bringing those together. We're bringing truck OEMs together. We're bringing parts OEMs, such as tire manufacturers, Michelin, Goodyear. All of those companies together are coming into this ecosystem. Our goal is to keep assets, drivers, and freight moving. We've started by bringing TravelCenters of America and Navistar, one of the truck OEMs. We brought their International 360 communication platform together, and what we're doing is we're optimizing what's called a vendor repair order. Vendor repair order is when I say, "I want this truck repaired in this facility, and then I'm gonna need to have this work done." The ROI for a vendor repair order for us right now, it's about $30 to $50 to process a vendor repair order between the carrier and the service center. We can reduce that to $3 to $5 per vendor repair order, and we're bringing on additional stakeholders into the ecosystem. We're bringing on Petro, Love's. We're bringing on other OEMs such as Volvo, Goodyear. What we're gonna do is we're gonna develop alongside Engage Lane freight marketplace, we're gonna develop an automated workflow for repair and maintenance. Critical for keeping the trucks moving. Again, we'll have a network effect from this. Both sides are going to benefit from being in the ecosystem, the service centers as well as the carriers. Actually, also the parts OEMs because even the truck OEMs are going to, again, benefit from being in here because they can know when they're gonna schedule their trucks and do warranty service. Again, great benefit, significant network effect, and again, another great monetization opportunity for Trimble. This is a pretty exciting vision. This is not just a future vision. These are live now. In addition to doing Trimble Transportation Cloud and Connected Maintenance and Engage Lane, we're gonna improve the transportation sector's performance. In mobility, we launched the US ELD. ELD is electronic logging device, for those of you who aren't familiar with the trucking. We launched the US ELD. We've closed the feature gaps there. We launched Canadian ELD. We were the first one to meet the mandate in the industry. We've launched Instinct. You're gonna see Instinct in the demos today. That is really exciting. It's an open ecosystem for the in-cab of the truck. Imagine if you've decided to bring on Walmart's freight. Walmart has a driver app they need. They need their drivers interfacing with a Walmart app. Our open ecosystem is going to allow that Walmart app to be easily added into that ecosystem, and then be used in the cab by the driver. This is a really, really important step for us. I think of this. I'm looking to see if there's anybody here who can date this with me. Nokia and RIM BlackBerry, when we went from Nokia and RIM closed operating systems to Android, iOS. That is the equivalent of what we're doing. Megan's like, "I don't even know what she's talking about with Nokia and RIM." Don't look at me, Megan. There was this thing called Nokia and RIM. It came before iOS and Android, trust me. Yeah. This open ecosystem is really important for us, and you're gonna get to see that out there. Matthew Carter's gonna be able to walk you through that. The other thing we're gonna do is in enterprise. We're gonna convert our carriers over to over from perpetual to the cloud. When we convert them over, this is a great opportunity for ARR for us, but it also puts them in that ecosystem, and that ecosystem begins to build. Maps, we're gonna defend our market-leading position within routing, mapping, and navigation, and we're gonna expand through geographic opportunities and those cross-sell opportunities like I mentioned that I saw in Florida. Let's take a look quickly at a couple of case studies. Rail Transport. Rail Transport, top 100 North American carrier out of Wisconsin, 2,000 tractors, 5,000 trailers, 3,000 employees. What we are doing, this is a definition of us connecting physical and digital. Trimble Maps enables the routing and dispatch from the back office through to the navigation solutions running in their cab. We underpin their navigation systems, their back-office routing, and we're in the cabs of their trucks. What's key is we've developed a digital representation of the optimal entry and exit points for a customer's facility. If you ever go by a distribution center, and I have 1 up in near Longmont, near where I go through, there's 1 entrance way where the cars go when you're visiting that place. In 10-point Helvetica, just beyond that, is a sign that says, "Trucks enter here." Imagine if you're that truck. If you miss that entrance, you're driving forever till you can actually turn that 18-wheeler around. Now you're off in a community that doesn't particularly want an 18-wheeler there. What we're doing is our spatial database, our attribute-rich spatial database, is helping them navigate directly to the correct location to get them to the dock. Reducing driver frustration, keeping trucks out of communities, and optimizing the fleet operations. We're making it safer for everybody in that scenario. I think really the key thing that I've mentioned before is this is really right back to what Trimble comes from. These attribute-rich spatial databases are a key part of what we do here. What's interesting is what we're doing at Trimble Maps not only can get an 18-wheeler to a dock, we can also power operations across utilities, agriculture, forestry, all of the other businesses as well. Attribute-rich spatial databases underpin so much of what we actually do at Trimble. Critical visibility to the truck and the freight onboard it is really, really important as we improve the global supply chain. Second example, NFI Industries. NFI Industries is an owner-operator. They're celebrating their 90th year. They're out of Camden, New Jersey. Significant number of trucks, 3,500 tractors, 13,000 trailers, and what's interesting, 50 million sq ft of warehousing. What we're doing there is NFI Industries is the proof point. They're using our mobility solutions, our enterprise solutions, as well as our map solutions. They're growing leaps and bounds, organically and through acquisition. What we've done recently is we've helped transition their solutions into Microsoft Azure. We've brought them into the cloud, and they're getting all those benefits we talked about before. Their transportation management system or their TMS is underway, and we're gonna transition their maintenance solution as well. This is a great example of Trimble and Microsoft helping a company prepare for their next 90 years of growth through acquisition and organically. Finally, I've talked about a lot today. Development of Trimble Transportation Cloud, couple of connected workflows that we're beginning with. There'll be more connected workflows coming. We're gonna take all those platform services, and we're gonna bring them together. I talked about that ecosystem. These are the key enablers of digital transformation that we are helping the transportation industry move through. This is a great opportunity for the shippers, for the carriers, and again, huge monetization opportunity for us at Trimble. There's gonna be benefits to all shippers, carriers, and as I mentioned, society and to the environment as well. With that, I would like to talk about what a lot of these trucks are hauling, which is food, and Darryl Matthews is gonna come up and talk about food just before lunch. Thank you. Thanks, Rob. Appreciate it. Can't get anything more exciting than food and agriculture, 'cause we all like food, right? We're gonna talk about that today. My name's Darryl Matthews. I lead the agriculture and forestry divisions for Trimble. I've worked in agriculture for over 25 years in both the crop protection side or crop input side of the business, and in precision technology. I'm gonna take you through our agricultural strategy today, and we're gonna dig into some key areas on key pieces of the business. Key messages that I want you to hear today is that productivity solutions are more important than ever. I'm gonna take you through our innovation and the key pieces that we're doing in agriculture on innovation. We're gonna talk about autonomy, connectivity, and how important that is, and an improved customer experience, and why that is critically important. I'm also gonna talk about regions outside of North America and how large they are in precision agriculture. We all get focused on North America. I'm gonna talk about some other regions of the world and why they are growing so fast. Agricultural food is moving quickly in where it's being produced. Agriculture is a mixed fleet challenge. We heard about that earlier from Pete, and I'm gonna talk about that and why it's important in agriculture and how much of a mixed fleet challenge it is. Trimble is the largest global provider to this type of a segment or farmer in a mixed fleet environment. Precision agriculture market is global, and it's extensive and compelling. It's $20 billion in size with less than 25% penetration. The available market is ag technology and input savings that we are focusing on. Europe and Latin America are larger markets than North America. I want you to understand that as a key component. I spoke earlier about there are regions in the world that are very large, and these regions have very large mixed fleets. It's critically important to understand that for agriculture. These regions are growing fast, rapidly. Latin America, in particular, is a larger soybean producer today than the U.S. You need to know where food is moving to, why that's happening. We are well-positioned to continue to accelerate in these regions of the world. 50% of Trimble's agricultural revenue is generated outside of North America. It's critical to understand that. Our ARR in the business today is 27%, and it will grow to 35% in the resources and utility segment by 2025. What's happening? What do we see coming at us? Rob mentioned earlier that we need a 69% increase in our calorie production to feed the population by 2025. We need to do that on the same land and same water that we have today. Also what's happening is we're seeing significant increases in the cost of inputs for agriculture, rapid increases. That chart that is up there are the increases since January of 2021 to present. You can see substantial increases. Anhydrous ammonia or nitrogen went up 200% in this period. Offset by that is that the USDA recently reported that in 2022 will be a record year for net farm income. What's offsetting that is production costs are chewing up significantly more of that net farm income. Farmers are asking for productivity solutions. All of these challenges will accelerate precision ag technology adoption, and Trimble is well-positioned to win. At the same time, what's coming in is regulators continue to call for reduction in inputs like fertilizer and herbicides. New regulation that's coming in, particularly the European Green Deal, is asking for a 20% fertilizer reduction and a 50% herbicide reduction. When technology is adopted, fully adopted, it can bring forward a reduction in herbicides of 77%, a reduction in fossil fuel consumption by 6%, and a reduction in fertilizer or nitrogen by 32% when fully adopted. There's a significant growth opportunity for precision agriculture technology going forward, and we've got a long history at Trimble bringing technology to the farm. Agriculture is also faced with a mixed fleet challenge. We talked about the mixed fleet challenge. Pete brought it up in construction, in the key components of a mixed fleet environment in construction. What we in agriculture have that makes us unique is that we have a power unit or a tractor which pulls 6 to 7 implements per year. You can see that in the slide. It needs to be very versatile. Power units or tractors are becoming agnostic. All the precision technology is being done at the tine or at the implement. What that means is seed, fertilizer, and pesticides are being applied by the implement, and quickly we are seeing technology move from the tractor to the implement. That's a key message for today, is to understand that that technology is moving to the implement. There is also a continued and growing aftermarket segment. A typical tractor has a lifespan of 15 years, and it receives a technology upgrade every 5 to 7 years. That is a significant and large aftermarket opportunity. In North America, there are 300,000 new tractors sold every year, but there are 3 million units in operation today with an average lifespan of 3 to 15 years that all require an aftermarket technology upgrade. There is an aftermarket segment that is compelling and large. Farmers are demanding an open system to operate their mixed fleet of implements and power units because there are a significant number of challenges when you get into the field to attach an implement and then attach that to a tractor. It gets very challenging. We are developing solutions using open industry standards like TIM. TIM is called Tractor Implement Management System. It's a barrier-free open system. The number of TIM-compliant machines is rapidly increasing between now and 2024, and Trimble is accelerating our mixed fleet solution and access to machines through this type of platform and these open solutions, and this is where we're focusing our investments. Let me give you an example of a large mixed fleet. Raízen is a 3.2-million-acre sugarcane customer in Brazil. They run a large mixed fleet of 900 tractors and 600 harvesters. Could you imagine trying to manage that if you did not have 1 unified technology solution? Along with that, you wanna attach to that 4 to 5 implements. It gets very confusing. Somebody in the field phones you at the head office and says, "I can't get the technology to work." You first need to have a conversation of which tractor do you have? The second question is, which implement do you have? The third question is, what version of it do you have? The fourth question is, do you have connectivity? When you move to a Trimble solution, it improves productivity by 10%, and there's 1 environment for you to look at and have the conversation around. That is why mixed fleet is so important and critical to understand in agriculture. There is a lot of variables you're trying to manage. Our Connect and Scale strategy builds on our large installed base. We have 180 million acres using Trimble technology. We have 400,000 connectable Trimble displays in the field, and we have over 10,000 different models that are supported in our platform from 73 different brands. We're the largest mixed fleet technology platform in the world, which is very hard to replicate. You have to replicate it 10,000 times. Trimble has an extensive global market reach through our channels and partners. More than 2,400 retailers, 100+ OEM equipment manufacturers, and 1,000+ machine platforms. We've got close relationship with 76 enterprise farm operations that cover 40 million acres. You can see the logos there. We continue to diversify our channel of partners to accelerate our access to new and growing markets. Our breadth and depth of our solutions cover every aspect of the annual crop production cycle with our advanced technologies. Why is this important? This is so that a farmer has 1 user experience. An example of that is that seeding is only done once a year. You need to go out once a year and remember how to set up that technology. Coming over the horizon is a rain cloud, and you've got 2 weeks to make sure this field gets seeded. You need to be able to understand that that user experience is very similar to what you've used in other environments in the last work that you did with your technology. Trimble provides that for the customer. It makes it easier when you can do that. You want to spend 10 minutes with your technology, not 10 hours. We've all done that at home, trying to get connected to the internet. Imagine trying to do that in a field. It gets even harder. You want to spend 10 minutes, not 10 hours. Trimble technology is reliable and well understood by the farming community. Jan and Rob showed this slide earlier, and I really want to take the Connect in our digital and physical strategy and talk about it in agriculture, and what does it mean. The what is our crop production plans. Everything starts with a plan, and what you want to do on your field. The where is the field execution, and really taking that equipment and making it do the stuff that you want it to do from the production plan. The last part of that is the reporting of what actually happened in the field. Believe it or not, what you plan to do and what actually happened can be different because there'll be areas of the field that you drive around, there'll be areas that are flooded at certain times of the year. Your reporting out can be different than what you actually did, what you planned to do. Today, we have 125 million acres using Trimble agricultural software, and this continues to expand as we see regulators and consumers ask for more information on how their food is being produced. We continue to see that that's what it needs, what needs to happen. Connected workflows across the value chain is critical for all stakeholders. It's critical for the retailer advisor, it's critical for the farmer, and it's critical for the food processor. A complete workflow solution for all the major field operations brings efficiency to the industry. We are a technology-focused channel partner enabling farmers to choose the best solution in a mixed fleet environment. We've got effective partnerships that we bring into our agricultural cloud that's unbiased. We don't make inputs. We don't make machinery. We provide technology. Farmers look for that and want that. Connected workflows is key to our strategy. Data is often left stranded, and our agricultural cloud connects the industry stakeholders across the value chain. Next, I'm gonna transition into talking about our innovations and where we're going in agriculture. Our innovations address farmer pain points, and we've got 3 areas that I'm gonna dig into, autonomy, connectivity, and customer experience. Autonomy is about automating the entire workflow, implements, tender vehicles, and input resupply timing. We see a lot of autonomy today that the vehicle moves a grain cart, but then it stops. It doesn't go any further, and somebody has to intervene. It's critical to build an entire workflow so the autonomous vehicle can complete all the activities that need to be done on the field. We are building an autonomous solution for completing the crop protection field work. I'll state that again. Crop protection field work. That is the application of pesticides on the field. We're focused on this area because it's complex, done several times in a growing season. Therefore, there's a significant amount of value. We are launching and building several solutions to bring autonomy to the crop protection field work. Full path planning is one of our first tools that we've just launched. It is a tool that allows the farmer to say, "Build me the optimal path to complete the work that needs to be done in this field." What does it do for a benefit? Less labor-intensive, uniform application, and it reduces soil compaction. It eliminates guesswork on where and when to refill the machine. That's step 1 of the autonomy process. Our HORSCH partnership is focusing on an automated self-propelled sprayer solution using multiple decision engines that optimize the precision application of crop protection inputs. Really pulling together this 4-wheel guide and speed control perception tank level. Our recent acquisition, which we announced on August 30, is our Bilberry, which is automating the spray application at the nozzle. All of these solutions are being tied together to build out an autonomous spray solution for the industry. We also have additional investments that we've done recently through our Trimble Ventures. Sabanto is a low horsepower, small horsepower, company focusing on farming as a service and swarm farming. Farming as a service is where a farmer can purchase autonomous services to get tillage, seeding, and mowing done through an autonomous service to come onto the farm. Swarm farming is where you synchronize several tractors to complete the work 24 hours a day, all in unison. They're working on this technology. We also have an investment in Monarch Tractor through Trimble Ventures, which is focusing on electrification, and they also have a focus in specialty crop acres like almonds and grapes. We're learning from that, understanding new disruptive technology that is coming to agriculture. Lower horsepower is something that is being investigated as a way to complete field work. That is new and disruptive and different, and a different approach to doing farming. Second piece of this that I wanna talk about is connectivity. Connectivity in agriculture is a challenge, but vital to the next evolution of agriculture and technology. We're driving connectivity using a variety of solutions, cellular, satellite, store and forward, helping with private farm networks. Benefits to the customer are faster innovation, improved customer experience, and the other part is instantaneous virtual in-field support and service for the farmer. When we moved into the COVID piece, we all learned that we'd wanted support that was virtual. Farmers want the same thing. Connectivity is important, and we're driving that. We're supporting industry initiatives like ConectarAGRO Brazil, and the American Connection Project Broadband Coalition. Trimble Cloud is the only open, unbiased API platform that connects the entire industry. I talked about customer experience, and customer experience is critical, and I've talked a lot about this. Technology for farmers is frustrating, but they rely on it. It's critically important. It brings them a lot of efficiencies. They want their technology to be easy to use on any device, on any vehicle, and for anyone that touches it. We're highly focused on this every day, pulling together a mixed fleet into 1 customer experience on our technology. We understand the farmer well and how they want to work. The other piece that I get asked a lot and was in the questions that came through is what's gonna happen and how are you gonna continue to have access to machines and how is Trimble technology going to fit into machines as we go forward? This is one of the approaches that we are doing. We are extending our technology to the industry through flexible and modular libraries. These technology libraries are modular and flexible for OEM customers to easily integrate our technology into their equipment. OEM customers can pick a piece of the puzzle or feature they want from Trimble to integrate into their precision ag solution. This is taking Trimble technology and putting it into their hardware system that they have installed on that machine today, and it may be a piece of our technology that is sitting in there. Trimble Inside is what we're talking about here. This modular approach brings new opportunities for different revenue models also, like ARR. Our recent announcement that we just announced in August here is our OEM integration with CLAAS, and our technology is integrated into their CEMIS 1200 terminal today. It's a new embedded modular form of architecture to our libraries, an easier integration of our technology into the OEM's existing precision agriculture hardware today. We're bringing new innovative approaches to drive faster innovation for the industry. I'm gonna change gears completely now. I've talked a lot about agriculture and components. I'm gonna talk about sustainability, and a key piece that we don't talk about often a lot. We have been in a carbon trading business, carbon credit trading business for over 15 years. In that period, we have paid over $50 million to participating farmers. We've had 0 audits during that period. Our Trimble Cloud has a 15-year history of carbon trading. The Trimble Cloud platform gives farmers and industry partners the ability to aggregate, audit, and verify carbon credits. We're currently working and partnering with North American ag retailers to build new sustainability protocols aligned to farmers' needs and our long-term goals. Trimble has credibility, a 15-year history, and knows how farmers wanna work with sustainability. We're one of the largest players in carbon credit trading in agriculture today. We understand how to do this. We know how to build a cloud. Last slide that I wanna take you through and just summarize on what you heard today. We're accelerating the digital transformation in agriculture through several pieces. Efficient workflows and complete workflows, facilitating data exchange across the value chain. Our innovations are tackling farmer pain points, creating a more efficient industry. Our industry scale, breadth, gives us ability to digitize agriculture and capitalize on significant growth in agriculture that we see coming in precision technology. Thank you very much. I'm gonna bring up David Barnes, our CFO, and he's gonna take us through the real numbers and the components of our business. Thank you, David. Thank you, Darryl. Is this working? Yes, it's working. Okay, we're set. Good. Hello, everybody. My name is David Barnes. As Rob mentioned, I joined Trimble in 2020 when he stepped up to the CEO role. That's right before COVID, so there are many of you I've never seen in the real world. It's nice to see you. As Rob mentioned, before Trimble, I spent over a decade as a CFO and an operations leader in a large engineering and construction company, so I can vouch from first-hand experience all the pain points that Pete and Manolis told you about. Now, I'm really excited to be part of a team that's solving big problems in the industry I've worked in and a number of others to make these industries more productive and more sustainable. My topics today will be 2 chapters. First, I'll take you through our financial performance over a 10-year period and then more recently since our last Investor Day in 2018. I'll provide you with our financial outlook going forward for the next 5 years. 2 key messages. First, our business has transformed dramatically in recent years, and it's that transformation that drove the incredible shareholder value creation numbers Rob shared with you earlier. A n equally important message is that going forward, we as a team see even more growth and transformation ahead of us. Rob used the term early innings. I'll say it another way. We're just getting started, and we believe we have a clear path going forward to additional opportunity for shareholder value creation. First, with a little history lesson, look at some numbers over the 10-year period from 2011 to 2021. In that period, our revenue more than doubled, and the percent of revenue coming from hardware went from 80%, to less than half. Much of our revenue growth was driven by growth in recurring revenue sources. Our ARR was a little over $350 million in 2011, and it grew fourfold, to the numbers Rob talked about in 2021. We became much more profitable over this decade period. Our EBITDA dollars annually nearly tripled, and our margins grew by over 500 basis points. I'll dial in a little more on ARR, and I'll look over a 4-year period. Pre-COVID, when I joined the company, ARR was growing at a mid- to high-single-digit%. I'm pleased to tell you that ARR grew every quarter, even through the worst of COVID. Q2 of 2020, we saw ARR growth. Since then, ARR has accelerated. Last quarter, we reported 15% year-on-year ARR growth, and our guidance outlook is for higher than that, for the back half of the year. A few quick comments on the evolution of our business mix, both in total and for each of our 4 reported operating segments. You can see on the left side of the page, as of year-end 2021, less than 10% of our revenues as a total company came from OEMs. Those of you who were at our Investor Day 4 years ago will likely recall that OEM revenue made up about 15% of revenue at that time. Our dependence on OEMs as customers has declined over time. Director aftermarket sales make up a majority of our revenues across all 4 of our reporting segments. Turning to the right side of the page, we look at our mix by hardware versus software. For the whole company in 2021, hardware was 45% of revenue. If you look at the segments, recurring and software revenues make up a very large majority of our revenue in both the buildings and infrastructure and the transportation segments. Geospatial and resources and utilities segments are more hardware-centric, but as you've heard from my colleagues, there, too, the mix of software is growing. Few quick words on the drivers of our margin increase. The biggest driver of the 500-point increase in margins over this decade came from gross margin improvement, and that's principally driven by the increasing mix of software and subscription revenue. Although I will note that our hardware gross margins over this 10-year period were stable. We saw some operating leverage across sales, marketing, and G&A expenses as those costs grew more slowly than our revenues. With the growth of our software business and our commitment to maintain and grow our technology leadership, we invested against R&D ahead of our revenue growth. Now looking at cash flow. Fueled by this transformation in our business model, our cash flow generation improved a lot over this 10-year period. Our annual free cash flow more than tripled from 2011 to 2021. Rob already told you about the principal driver of that. That's the reducing working capital complexity of our business. As you can see, we were pretty working capital intensive when we were a majority hardware business, and we now have a negative working capital position. With all that cash flow, we had the resources to invest against acquisitions. I'll talk now about the 5 largest deals that we have completed since the end of 2017, and I'll talk about them as a group. Strategically, each of these businesses has a model focused on recurring revenue. Collectively, these businesses have added meaningfully to the power of our connected industry platforms. Financially, these businesses are bigger and more profitable than they were when we acquired them. Revenue and ARR of these companies collectively is growing at a double-digit rate. The margins are a lot higher than they were when we bought them. I f you do the math here, you can see that the operating profit from these businesses is more than 2 and a half times what it was when we acquired them. Collectively, it's my view these big deals have made us strategically stronger, and they've added to financial shareholder value. We at Trimble are proud of our capability to buy great companies and to bring them into our business model, and as I will share with you in a moment, M&A remains a major focus of our capital allocation framework. I'll make a brief comment now on capital structure. Our approach to capital structure is rooted in the belief that access to the investment-grade debt markets is important. Investment-grade rating keeps us resilient and gives us the flexibility to invest when we see big opportunities. With this in mind, we target leverage measured by net debt to EBITDA to be at or below 2.5 times over an extended period. We're comfortable going higher than 2.5 times after a large transaction with a commitment and a plan to delever in subsequent years. As you can see, we stayed in this envelope over the last decade. Our leverage went to 2.5 times after the e-Builder and Viewpoint acquisitions, but we've successfully delevered since then. The key point here is that, as of today, we have significant dry powder to invest against our strategy. Okay. I'll wrap up my history lesson here by comparing our actuals against the goals we established in our 2018 Investor Day. The high-level story here is that despite unanticipated factors, including geopolitical developments, a pandemic, and supply chain disruption, we've been broadly successful against the objectives we set in 2018. On business mix, margins, and cash flow, we met or exceeded the goals, and the best story there is margins. We ended 2021 well ahead of where we projected 4 years ago. Our revenue trends were impacted by the supply chain crisis and the unexpectedly high backlog that we ended 2021 with. If we extend the revenue growth calculation from 2018 through our forecast to 2022, we will be within the revenue growth framework from our 2018 Investor Day. Our ARR has grown significantly since then, and while ARR was not clearly called out as a target in our 2018 Investor Day model, we've consciously traded off short-term revenue growth to achieve the ARR momentum I mentioned earlier. Overall, we're really pleased with our financial performance over the last 4 years, and we enter the next phase of our company's journey in a really strong financial position. Okay, now I'll turn to our model going forward. No more history. Projections I share with you today are rooted in the view of our markets and our strategy that you've heard about from my colleagues. Short story is that we believe the markets we serve are poised for continued growth and that our strategy gives us the opportunity to outgrow our markets through our connected industry platforms. Our financial model reflects the expectations of sustained high ARR growth throughout the coming 5 years with a continued mix shift toward more software and more recurring solutions. As you'll see in a moment, our ARR growth going forward is supported by our plans to continue to transition perpetual software to recurring revenue models. We project continued strong cash flow growth, and that we will be increasingly resilient over time to disruptions in the macroeconomic environment. I'll set up the remaining model conversion opportunity. The data here shows our perpetual software revenue over a 4-year period of time, including our forecast for this year, and the dark blue part of each bar is the perpetual software that's bundled with hardware. Think of that as the software that makes the hardware work. While the light blue portion is software sold on a standalone basis, i.e., not bundled with hardware. The key point here is that we are largely complete with our standalone software model conversions to either a term license or to subscription. The perpetual software revenue bundled with hardware has grown meaningfully in the last several years and now makes up nearly all of our $500,000,000 perpetual software revenue. This is the next frontier for Trimble's model conversion opportunity. As we convert these models, Trimble will be leading the way among our competitors and our peers. I'd like to spend a minute here to dive deeper into the mechanics of our ongoing model conversions of software bundled with hardware. I'll compare how we go to market for these solutions today with the direction going forward. The first point I'll make from the photographs you can see here is that the concept of generating ARR from our hardware offerings is relevant across the breadth of our hardware businesses, from building construction field solutions to civil construction machine control to technology on a tractor in a farmer's field. In a solution sale worth $100,000 today, roughly $75,000 would be recorded as a sale of the hardware, and $25,000 would be the value of the perpetual software. All of that would be recognized upfront when the solution is shipped. Today, we might not do any business with that same end customer for several years. Going forward, we're testing and deploying a number of different models to establish a recurring relationship with that same end customer. 1 approach is to allocate more of the value of the bundle from the hardware to the software and then convert the software to a recurring term license. Another approach is to sell the whole hardware and software bundle as a recurring service. In either model, both Trimble and our end customer stand to benefit from a recurring relationship. For the end customer, there's less upfront capital expenditure, which is replaced by a more manageable annual operating expense. From our experience in software, we know that this approach expands the addressable market for technology. For Trimble, we position ourselves to capture the value of this ongoing customer relationship, and this ongoing relationship gives us a platform to sell additional software offerings to the same end customer. The bottom line here is that this strategy opens up a new opportunity for us to grow ARR, but as with all model transitions, it will reduce revenue in the short run. We estimate that these model conversions will reduce revenue growth for the next 5 years by approximately 150 to 200 basis points annually. Okay. I'd like to now talk another key component of our ARR growth plan, and that's our digital transformation. Historically, our technology infrastructure was designed with transactional businesses in mind and decentralized across our operating divisions. This approach worked for transactional business models and the sale of point solutions, but it's not suited to a strategy that's focused on bundled and recurring offerings. As Rob mentioned earlier, we're investing in the development of a common technology platform and shared business processes geared to our Connect and Scale strategy. We've rolled out this new tech stack in our first test market. You've heard about it a couple times, the building software business in France and Benelux. We are a few months into that test, and we have a number of very encouraging results. First, our sales operations now are much more efficient and effective in selling bundled solutions than they were beforehand. What used to take weeks of work and a series of emails and workarounds now can be achieved in an automated way in minutes. Partly a result of this automated approach to bundling, our average deal size in France and Benelux and our average revenue per account are growing, which is a strong indicator that we're now getting a higher share of wallet of these customers. From the back office perspective, we're seeing efficiency, as we have less effort involved in order fulfillment and billing. We're moving forward with our digital transformation. We plan to roll out this new digital platform to our North American construction software business in early 2023. With this rollout, going forward, Manolis Kotzabasakis will have the Trimble Construction One bundle available through our optimized business process in a modern and connected digital platform. As you can see in the bar chart, our plan is to extend the digital transformation to the majority of Trimble businesses by the end of 2024. Okay. I'll shift to talking about our expectations of our business mix over the next 5 years. As you can see here, we expect the proportion of our revenue from hardware professional services and perpetual licenses to decline meaningfully from now through 2027, with subscription and term license revenue to grow as a percent of our total. Another way of looking at this is, the right side of the page here. Business models which are transactional in nature, i.e., they're not components of our ARR calculation, are expected to decline, from 63% of our revenue to less than 40% in 2027. By contrast, revenue models that are included in ARR will grow from 37% of our revenue today to over 60%. Now when you apply these numbers to the forecast I'm gonna share with you in just a moment, you'll see the transactional revenue will be flat to slightly down over a 5-year period, and that all of our expected go-forward revenue growth will come from recurring sources. I wanna emphasize this does not mean that we plan to sell fewer hardware units. In fact, we expect our sales of hardware units to grow meaningfully over this 5-year period of time. M ore of the revenue from those bundles will be delivered in recurring revenue offerings. Now I'll turn a little bit to capital allocation, and I'll start by focusing on how we allocate capital within the context of our annual operating budgets. Going forward, we expect R&D to be stable or to grow modestly as a percent of revenue. Our R&D will be increasingly spent against a number of key themes that you've heard about today, including enhancing the capability of our industry platforms and extending our leadership in automation to autonomy in agriculture and civil construction. Our sales and marketing resources going forward will be increasingly allocated to the sale of bundled solutions and to our Trimble branded offerings like Trimble Construction One. We expect to generate operating leverage going forward in the efficiency of our G&A, especially as our digital transformation is rolled out to the majority of the company. Turning now to our strategic capital allocation or how we expect to allocate cash flow from operations. The data on the bar chart here, you can see, shows our capital allocation since our 2018 investor day, but we expect our allocation framework going forward to be similar to the last 4 years. We will remain an asset-light model with limited needs for capital expenditure. We'll use share repurchase to offset equity issuance and to return capital to shareholders within our investment-grade framework. By far, the principal focus of our strategic capital allocation is to support inorganic growth via acquisitions that add to our connected industry platforms. As Rob mentioned earlier, the KPIs that we follow and will focus on when we're speaking with our investors will tie closely to our strategy. The most important measure of our top-line progress in the markets that we serve will be ARR growth. As we assess ARR performance of each of our operating businesses, we'll be heavily focused on a number of operational drivers, including net customer retention, our success in cross-selling, and our share of wallet at key customers. Our second key financial metric is our operating margins, and our targets will be set with a heavy focus on operating leverage for each of our businesses. Then finally, we believe that cash flow is a critical measure of our financial success, and there we'll be looking to sustain the efficiency of our working capital model. Now I'll with drumroll get to the targets, although I sense some of you may have looked ahead. Here are financial targets for the next 5 years. I'll start by pointing out that the numbers here are organic, i.e., without mergers and acquisitions, so I would expect acquisitions to provide upside to these numbers. I'll start with ARR. We are projecting mid-teens organic ARR growth through this coming 5-year period. The ARR growth will be supported by strong end markets, by growing sales of connected industry platforms through cross-sell and ongoing model conversions. Our expectation of organic revenue growth is 5% to 8%, with growth at the higher end of that range after 2024 as we benefit from an improving macroeconomic environment and as the digital transformation rolls out across the majority of our business. I'll draw attention again here to the fact that model transitions are expected to adversely impact revenue growth through this period by 150 to 200 basis points. From a margin perspective, in 5 years, we project operating margin in the 26% to 27% range with EBITDA margins in the 28% to 29% range. This represents about 350 basis points improvement over 5 years. Achieving these goals translates to 30% to 35% operating leverage, which is higher than the 25% to 30% operating leverage range we presented at our last Investor Day. Here again, the momentum is forecast to improve after 2024 as we benefit from the leverage of our technology investment and as our business mix improves. EPS is projected to grow at or modestly above 10% over this period, while we project free cash flow to be at or modestly above non-GAAP net income. From a segment perspective, buildings and infrastructure will continue to be our largest and fastest-growing business, with our expectation of ARR growth in the high teens to low 20's. Our transportation segment assumes improved ARR growth, driven by cross-sell and the other initiatives that Ron mentioned earlier. Geospatial revenue growth will moderate from the very high levels of recent years. We expect segment revenue growth going forward to be in the low to mid-single digit range. For resources and utilities, we expect revenue to grow at a mid-single digit rate off the very strong base that we have now with more software and less reliance over time on hardware sold through OEMs. In summary, Trimble is a very different business from the one many of you visited 4 years ago. We're bigger, we're more software-centric, we have a lot more ARR, and we're much more profitable. The future holds the potential for continued growth and transformation. The path we're on will yield high ARR growth, less dependence on transactional revenue, and an improved outlook for margin and operating leverage. We're excited about the potential to drive shareholder value in the next 5 years. With that, I will invite my colleagues to come up for the next Q&A round. Okay. I'll say a couple of things just as we're closing up and folks are coming up. I started at the beginning and had Investor Day in the middle and had the 5 things that we wanted to communicate. From the investors and you as the audience, in the middle of that, if I think about the sweet spot of investors for us at Trimble, it's gonna be those who see the secular trends of digitization, see the secular trends of the adoption of technology. Those who have a long-term view, that's the view we have for this. See the power of the business models that we're pursuing and who have a bent towards an ESG thematic. Hopefully that came out today. We had the bookends of purpose and the business model. If I talk about the business model, you know, David just went through. Okay, looking back over the last 10 years, tripled the amount of EBITDA, 3.2x times the amount of free cash flow, 4 times the ARR growth. We look where we are today, we start with $1.51 billion of data ARR. We have more diversification of our end markets and our geographies than we've ever had at Trimble. If we look forward, you note that ARR as a percent of total revenue, it's at 37%, starting today, with an eye towards that having a 6 in front of it, greater than 60% in the years to come. Go back to then the things in the middle with the markets, the strategy, and the team. If you look at the markets we're serving, I hope we've made the case that these markets are large and that they're global and that they're under-penetrated. Hope we were able to demonstrate that you see connective tissue on the problems that we're solving. These are high-order customer problems that we address. These address at the intersection of productivity and sustainability. This is what we do. We leverage a common technology stack that has that intersection of where, what, why, and I hope you saw that across the different presenters today. We start from a very strong base of penetration into the markets that we're in as we pursue this Connect and Scale strategy, and I hope and trust you saw the conviction and the belief from our team to go do so. Let's open it up for about 15 minutes or so for questions, and Mike will get us started. Hi, Kristen Owen from Oppenheimer. Wanted to ask at a high level, as you move towards more of this platform-based model, you know, the onus really falls on Trimble to continue to innovate and continue to provide value to the end user. In the context of the financial framework that you've provided, is that sort of 13.9% to 14% R&D as a percent of revenue, does that keep pace with the innovation that you need to provide the value within the context of the platform? David will give the financial framework overview. I also say that I think as we move more towards a platform, we also think more about partnerships along the way. The joint ventures that we have, and that actually doesn't show up in R&D, it shows up in non-OpEx. T here's actually even more R&D that happens at Trimble that shows below the line as it were. Partnerships like the nature of Microsoft get you more platform thinking and development, and you're extending an ecosystem. I'd say at a numeric standpoint, R&D is a proxy for COGS in a software company, or, right, in business. It's below the gross margin instead, above it. As we have a higher mix of software going forward, I would expect to see, you know, some R&D expansion as a% of sales, just by the nature of the gross margin increasing. There's some you're gonna give a little bit of that on R&D. David? Yeah. I think the simple way to think about the model is with the 350 basis points of margin improvement we expect, all or maybe more than all of that will come from gross margin improvement driven by the business mix. We do expect that R&D is likely to grow and likely grow as a% of revenue. Our model does reflect what we think the businesses need. If I look at some of the other areas of opportunity for that EBITDA margin expansion, transportation and logistics obviously becomes an area of opportunity. You talked about some of the new platform products within that category. Can you help us understand what the monetization opportunities are for something like an Engage Lane, how you participate in that, and how you see sort of the margin performance in that business improving? Thank you. Engage Lane's a great opportunity. For example, the way we're beginning the monetization opportunity with that is we're actually charging the carriers a transaction every single time they procure a load of freight from one of the shippers. I think it's $8.50 per transaction. That gives us a great opportunity. That obviously grows the more and more freight that they're procuring in there, the more that happens. Now, what we haven't even done yet is to begin to monetize the shipper side, 'cause we just wanna get shippers into the ecosystem. Once the shippers are in there, we can then start to charge both the subscription and the transaction on the shipper side as well. Of course, you know, any kind of cloud services like that, great margin opportunity for the segment. Does that answer your question? Hi, Jason Celino from KeyBanc again. You know, great presentations today. Thanks a lot for those. When we think about the business transformation, you know, how do you want us to measure progress? It seems like you want us to anchor on ARR in the mid-teens and the operating leverage as a barometer. I s that correct? And then of the 2 targets, which one do you think is more important to prove out that the transformation was successful? Look, we focus on ARR. What we don't focus on internally is revenue growth, particularly when we're deliberately sacrificing revenue growth to fuel ARR. The number's key. Just as you think about the model, we've got $500,000,000 in perpetual software. It's gonna take time, much or all of this 5-year period, to convert that. We're happy to sacrifice short-term revenue growth and to convert some of that perpetual license and effectively some of that hardware revenue as we move the hardware, the value from the hardware to software, and then we make the software recurring. We're happy to make that trade-off. We think that's shareholder value accretive. ARR growth is unquestionably the metric we focus. There's some businesses like the geospatial business that are and will continue to be hardware or transactionally centric. Every meeting starts with ARR growth, and that's how we will evaluate ourselves, and we think that's what our shareholders should focus on as well. Maybe the 1 follow-up question to upside. You've been kind of already growing ARR in the mid-teens this year, and ex-transportation last year was in the mid-teens. When we think about the uplift from those, business transformations, you know, what is the upside? Is it more than mid-teens? That's fair, a fair question. You know, the law of large numbers takes over, the bigger and bigger it gets, and I think, some of you posed the question. One of the analyst notes, at some point, when you start with over $1.5 billion of ARR, each% gets more challenging. Effectively, we can think about the plan as fully offsetting the law of large number impact. You know, the math is that, and someone asked earlier, 15% means you double ARR in 5 years. We think that's a really lofty goal and will be a great thing to shoot for. Hi, Rob Wertheimer from Melius. I have 2 questions, 1 for David and 1 for David or Rob. First, I apologize if I misunderstood, but the 150 to 200 basis points of headwind, is that incremental to whatever headwind that you have had over the past year through model transition? If not, what is the incremental headwind? Yeah. We're at about 100- Yeah. 100 basis points this year. It's not incremental. It's the total. I mean, what you can see happening is that the 100 basis points we have now is principally the tail end of that standalone software that's converting. We're nearly done with that. We won't be talking about that much if at all, going forward. The $150 to $200 is from this emerging idea of the software that's bundled with hardware. Most of the gap in the core growth, you know, outlook prior versus current, you have 100 basis points at the midpoint, and this is like 75. Yeah. Well, I mean, obviously, we know a lot that we didn't know 4 years ago. This is a deliberate choice we're making. We're deliberately sacrificing short-term revenue growth to achieve the ARR growth. It's sort of pretty good math to say that if we didn't make that thoughtful choice, the 5% to 8% would be 6.5% to 10%. Yeah. We think that's a good formula. Perfect. Begging your pardon. Then, for either of you, the capital allocation remains similar. Your margins are going up, your working capital is going down, so you have a lot of cash flow to deploy. Is the acquisition opportunity set as fruitful as it was over the last 5 years? Maybe there's a short-term effect of software valuations have come down, and is the strategic need as big as you've assembled a pretty good portfolio that maybe you didn't have, you know, 6, 7 years ago, or 5, 6 years ago. Should we expect acquisitions to be as active as what you've seen? My baseline view is that we will continue to be active on the acquisition front. I'd say that's the punch line. I'm not sure that the private market's gotten the same memo that you did on valuations, by the way. Let me know when you hear about that. You know, when we think about the strategy, there's both product we think a product functionality gap level as well as a geographic level. Those are kind of the 2 axes that we think about. You know, we see the strategy as global. Darryl gave it a good example in agriculture, where you take a market like Brazil, that is the, you know, really one of the largest markets, or Europe is actually technically the largest, but at a country level, you know, and Brazil is an extraordinary market. We may think about extending, you know, using the balance sheet there to extend capabilities in a market like that to secure or maintain a position that we have. T here tends to be a little bit of a mix of the two. When you have a global ambition set, it tends to redefine a set of available opportunities out there. Thanks, Michael. Jerry Revich, Goldman Sachs. Ron, I'm wondering if you could just talk about the margin path in transportation. Where do you think you can get margins within the planning horizon that you outlined? You know, what's the path to get there between, you know, the new opportunities you outlined versus other moving pieces? I think some areas for margin improvement, clearly, in the hardware side. You know, for us to make different decisions on the hardware side, going to more standard industry hardware, things like Instinct, the ecosystem which runs on multiple different types of platforms, allows us to approach hardware in a different way and improve our margins through the hardware. Obviously, anything we do in cloud offerings is also, you know, really helpful for us on the margin side. I think it's really one of the things I've noticed in the beginning of my time in transportation, is the opportunities we have around the hardware side and getting lift from improvement there. Question for the broader panel, the transition to hardware as a service, can you just talk about the receptivity of the customer base? Because in a lot of markets, customers prefer to pay upfront for a lot of the products that they consume now in those areas. Where do you anticipate, you know, the highest adoption rates and, you know, what's embedded in the plan? Yeah. No, I mean, we are, no pun intended, paving new territory with the model in the hardware business, for sure. We have already launched it in the civil construction business, so it's not a PowerPoint or, you know, an empty vision. It is something we actually do offer today in the business. It is different, right? There's a different level of customer adoption. We have to lead the market this way. I'd say, you know, if you take the world of software, there's a well-trodden path on that. I don't think we're trailblazers, per se, on the transition of the models. We are more so on the hardware. We see pockets and certain types of customers who are asking for it. One of Darryl's largest customers in the world is on an everything-as-a-service basis for us, and one of the ways they compete and differentiate is through staying current with the technology. You have to take it from a customer perspective. A customer doesn't care about a subscription per se. A customer cares about what's the cost of adoption, if they can turn into OpEx versus CapEx. By the way, back to the recession question, I think that may be an opportunity to see more adoption of the hardware going to this model as we move forward, based on that, if it's a lower cost of acquisition. It's technology assurance. That's the fundamental value proposition and the rate at which technology moves, in these markets, for customers who wanna stay current with the technology, this provides them a really strong basis to do so. We see it in other markets. Take the automotive markets. You know, we're not gonna charge for a heated seat, by the way, so don't worry about that. You know, you see more and more of the value is software delivered within a given set of sensors. It will be a slower path, for sure, than what we've seen on the software. I go back to TC-1, and what Manolis and Pete were talking about, our ability to uniquely connect the hardware and the software, we cannot forget that. That, like, where that blade is on dirt, that's profound situational awareness. To bring that situational awareness back to the project plan, to connect that project plan to the job cost system. Create that loop back to go optimize the labor equipment and materials in order to get that work done. When we're selling that, it's redefining the basis, you know, of the value delivery. I think that we think that will be like a tailwind to adoption. That's the bet we're making. Hi, Patrick Moore from Lazard. I have a question for Ron. I was just wondering, thinking back in your time, turning around Geospatial, what lessons you learned and how you feel they might be applicable to Transportation going forward? If there are similarities and, you know, perhaps what went wrong and what you might be able to fix, and what gives you the confidence that it can work similarly? Yeah, great question. I think something I saw in geospatial was we were probably trying to do too many things at the time. We really focused that team on really 3 core strategic initiatives. We put our effort behind that, and we were successful there. We spent a lot of time meeting with customers and partners. We brought them along. We were very transparent with them about where we were going, and we brought them along with us. That process has begun with the transportation business. I've been traveling around and visiting all of the offices, determining the things we're going to put our weight behind, all our effort behind. The process began in Orlando at our Insight transportation conference, talking to the customers, our customer advisory board about what we were going to do and what we were not going to do. Tami Zakaria, J.P. Morgan. Can you remind us of your go-to-market strategy for Precision Ag Solutions? The reason I ask, when we talk to farmers, the number 1 or probably one of the top considerations is that they want the after-sales support from dealers. They want a strong dealer network to help them. How are you ensuring that farmers get that support for your mixed fleet solutions? Is anything changing there? Are you enhancing number of partnerships and stuff like that? Sure. I'll take that question. Great question. Part of the piece that we're hearing in the industry is technology is confusing for the farmer, and it's challenging. We're working and continuing to build out our Vantage network. Our Vantage network is our premium Trimble dealer in agriculture that is highly focused on training and understanding and building the solution for the farm. We call it the Geek Squad of the farm, and really connecting all the pieces that happen on the farm. We're building that technology and continuing to expand our Vantage network and our dealers around that and the technology that we're providing them and the training that we're doing that. We're doing a lot more online support of that, video training, components to ability for a farmer to quickly get to the solution, possibly on their own. If not, our Vantage dealer network and upskilling them is a significant strategy that we're continuing to work on. How many touchpoints do you have, let's say, in North America? Of Vantage dealers? Yes. Of Vantage dealers, I wanna say in North America, about 10. Overall dealers. Overall dealers? We've got 2,400 dealers. We've got 150 that are Trimble. Then throughout the globe, we've got about 60 that are Vantage dealers. Well, thank you. Okay. We've got time for about 2 more questions. Thank you. Erik Lapinski at Morgan Stanley. If we could maybe just go back to the idea of moving more of a bundled value to kind of the software side. Could you maybe help us better understand what that could mean for the hardware side in terms of, is there opportunity to standardize more of the portfolio more broadly within hardware? I know if you take transportation, for example, you have, you know, a decade worth of models that may be within some trucks. Just in terms of how often those are refreshed and such. You know, is that also part of what you're thinking about with the strategy there? Is there a margin benefit or efficiency benefit from that over time? I'll get us started on this. Somebody ask Patty an autonomy question next. I don't want you to be lonely up here. Hey, if I looked at our survey and mapping business, I think that's a good example of platform or hardware consolidation. You know, that business serves all of, really almost all of Trimble. Historically, we've had a lot of, I'll say, a fair amount of differentiation, and so some different SKUs and products, product lines, let's call it that we were creating for the different parts of Trimble. Okay, there's some goodness in that, but then there's also a lot of redundancy that we created. Over the last, gosh, 2 to 3 years, I think we've taken dozens and dozens of product lines and consolidated them. There's a lot more operational efficiency. If you think about every part number or product that you gotta have a totally different setup for, that ends up needing a space in a warehouse. Then you need more shelf space for that. Then you just keep working back. There's the kind of rooting out of complexity that we've done at the call it the hardware product level. The team's done an exceptional job of, and I give special credit to the survey team. We can do a lot more of that differentiation. The final mile differentiation can happen more and more with the software. It could be the accuracy level of an instrument. It can be a software-defined level of accuracy. That's more of the kind of consolidation, Eric, that I would see in this as we go forward. Thank you. Okay. Kristen's right in front of you, and we can take about 1 more. I would love to ask Patty about autonomy. I f we think about where you sit within the autonomous system stack, a lot of foundational technology of autonomy before it was autonomy. If I think about where you sit within construction, where you sit within agriculture, I'm wondering if you can talk a little bit about the opportunity within transportation and logistics. If it's not so much let's be the Trimble Inside of letting the truck drive itself, can you more backward integrate maybe with the warehouse management systems or capture incremental value by leveraging that sort of mixed fleet solution? All right. I'll answer some of that, and maybe Ron can help me out a little bit. When I think about autonomy opportunities in transportation, and particularly what we're doing in this trucking segment, I think it's very similar to what we're seeing in the agriculture industries and the construction industry. We've got labor shortages. We have needs for improved safety. We need better positioning or improved positioning to enhance lane guidance and all those things. I think everything we're doing in the other industries is very portable over to Ron's segment. I was also at the Insight conference. I met with several customers there, and it's the exact same conversation that I'm hearing through agriculture and construction. I think we have a lot of opportunity and a lot of value we can add in that segment. The only thing I'd add to what Patty said is I think a key asset that we have as this industry moves towards autonomy is gonna be that attribute-rich spatial database, Trimble Maps. That attribute-rich spatial database is going to be key as autonomous vehicles start to be moving around. It may even start in ports and warehouses and yards, like you mentioned, and then expand out from there. Having that attribute-rich database of where's the dock, where's the entry point, where are those key attributes, that's gonna be a really, really big asset that Trimble has as we move into autonomous trucking. At this point, I'm gonna wrap us up. I will say thank you to all of you for being here online, being here in person. I'm gonna call it a wrap for the virtual, and then I'm gonna explain how we're feeding you and what happens next here in the room. That's not gonna be as much interest to all of you out there. Thank you. Thank you all. Hey, as that is wound down, I wanna a huge thanks.