Seen a lot of transition over the last several years and transformation that have been really constructive. Company continues to stack up mid-teen ARR growth and build a very credible software franchise across vast end markets with a lot of addressable opportunities here. We have the company's Chief Financial Officer here to take us through the story. Phil, take it away. It's gonna be a hybrid presentation, if you have some questions, think about them. It'll be about half presentation, Half Q&A. I'd be happy to get to some of your questions on the Q&A part. All right. Thanks, Brian. Hopefully you can all hear me. We're using the podium right now. Yeah, Phillip Sawarynski, Trimble CFO. Take you through high level. Okay, who is Trimble? Trimble, we transform the way the world works. Our software and technology has been used across large global underserved, under-penetrated industries with technology. We look at large addressable markets. Primarily the two platforms that I'll talk about a little bit are construction and transportation and logistics. We've identified about a $72 billion addressable market in the spaces that we cover. Only about 25% of that is penetrated with technology. We see a lot of availability for us to run as far as our growth going forward. Okay, what are some high-level numbers for Trimble? We exited 2025 at just under $3.6 billion of revenue. We're an asset-light model, financial model. Less than 0% net working capital. Our ARR, as Brian said, we continue to grow $2.5 billion of ARR. That, and I'll show a little bit the transformation of the portfolio of the company. 1.1 x net leverage. Our goal is to stay under 2.5 x. That's a number we like to stay investment grade. Roughly our calculations with the ratings agency is about 2.5 x for our internal calculations. The balance sheet's in a really good spot at 1.1 x leverage, gives us a lot of flexibility. That's the financials. On the right-hand side, you'll see some of the other quants. We have $ trillions of construction spend that go through our systems. We have $ billions of freight to go through our systems. We have millions of users of our software and thousands of instruments on the field. What we do that I believe is unique to Trimble is we connect the digital and the physical, the back office to the field. We have hardware in the field through our field systems segment. It's where our data collectors and our information is gathered. It's also where we can push digital models back to the field. I think that's unique in what we do. The millions user software, we have large platforms where we can connect users in a collaborative way. We look at our platforms and our ecosystems. Think about multiple stakeholders being able to connect, collaborate, including third parties. That density of our platforms and that collaboration and that connectivity, is something that's very important to us as we go forward. Here are our three segments that we report on. Our AECO, architects, engineers, construction owners. This is really our construction software portfolio. Our field systems, this is our geospatial solutions, our civil construction solutions. On the hardware side, think about machine control, hardware that goes into dozers, graders, et cetera, to be able to automatically control the blades based on the digital model that's being used. The business is now with the divestiture of the ag business, is over 50% software services and recurring. As I look at on the right, the transportation business, this is our where we connect our customers, again, as stakeholders within a platform. Think about a carrier and a shipper and being able to connect and collaborate to execute freight. Both North America and in Europe, we bought Transporeon in Europe, which is a platform play, and are bringing those businesses together. Within those, we think about two sort of industry platforms, one being construction, and that sort of overlaps the AECO and the field systems. Even though those are separate reporting segments, there's quite a bit of overlap in how the information and the data is connected and how our customers interact on those platforms. Why Trimble? What are some key capabilities that we have? I think about our expertise in our excuse me, the industries that we serve. Construction and transportation, as I mentioned, these are large global industries. They're complex that require experts to be able to solve complex problems. I mentioned before, we solve ROI through efficiency. Think about making our customers being able to move faster, more efficiently, run their operations in a safer and greener way. Within these platforms and within our domain knowledge, we have substantial amounts of data and information. Think about calculations on critical projects or structural problems to solve. On the innovation side, we reinvest in our R&D. Over 17.5%. It was over $600 million last year that we reinvest. Over 1,000 active patents that we own. I mentioned that the hardware and the software that connects the field and the office with the data pipe, that can go back from the digital physical and the digital twin into the physical assets that are being built or maintained. Taking a step back on our history, we've been a very acquisitive company over the years. I mentioned the reinvestment in R&D. A lot of organic and inorganic investments, developed a lot of capabilities over the years. A few years ago, we started our Connect and Scale strategy, and I'll put that in a couple different buckets. One is we take the best point solutions and the best workflows, and we combine those into bundles. What does that do? That allows our customers to buy products that resonate with them, and we look at individual personas within our customer base. In a lot of cases, those bundles are unique to Trimble. When I think about where our competitive advantage is, we can create, again, these bundles that are unique that others can't necessarily replicate. From those bundles, we create connected workflows. This is solving higher order problems. Not just a single workflow within an organization or within a job, but higher order. How do we make businesses more efficient? How do we make the ecosystem and the stakeholders more efficient as we think about the collaboration? That's where the platform comes into play, and we talk about these environments again with the stakeholders to be able to collaborate. If you think about a construction project, for example, where the architect, the engineer, the contractor, the owner, they can all have a source of truth, and that manifests in a digital environment. That digital model can be created from the physical, from a 3D scanner that can create a scan of the room, a 3D model that then if you're looking to, for example, for refurbishment or renovation of a building, you have a source of truth that everybody can collaborate on. Putting that all together, we look at this as Trimble as both an application strategy and our Connect and Scale, sorry, as our application strategy and a platform strategy. We have the individual workflows. We connect those into the greater ecosystem for that greater level of collaboration and problem-solving. I think we can talk a little bit more, but this is actually as we think about AI within the context of this strategy. I see AI as a tool and a complementary tool to Trimble. Our strategy isn't changing, but what AI does, it allows us to provide more tools, more capabilities faster to our customers. It also allows our customers to work faster and more efficient within the platforms by leveraging the tools that we can provide. We talked a little bit about the transformation. I started 16, a little over 16 years ago, and at the time, we were primarily hardware and perpetual licenses. Over time, we've transformed the company into more recurring revenue. We've divested several of our businesses, our ag business, our mobility business, and a series of other assets over time. If you look at the transformation between 2020 and 2025, you can see the ARR trans from $1.3 billion- $2.4 billion. Revenue is up despite over $1 billion of divestiture revenue. You can see the recurring revenue is almost two-thirds now of the total. We have the most visibility we've ever had as a company into our forward-looking revenue. Software services are recurring, closing in on 80%. Gross margin improvement close to 72% from 59%. The margin expansion, the EBITDA margin expansion, almost 400 basis points over that same time period. Really a transformational journey, as Brian mentioned earlier. The last, I mentioned this earlier, the net working capital as a% of revenue, so asset-light model. Really like where the financial model has progressed and how it sets us up as we go forward. I think I'll stop there as a quick overview of the company. That sounds great. Thanks, Phil. I'm going to ask some questions. If there's any in the audience, please feel free to raise your hand and we'll take your questions as well. Just stand over here. Yeah. You can sit down. Could we get another mic? While he's bringing that up, I'll ask the first question here. As a software company, it's inescapable to not bring AI into the conversation. Can you talk maybe about why you think it'll be difficult for AI to disrupt Trimble, some of the opportunities AI brings Trimble, and where you're at in terms of adopting these processes? Yeah. Great question, and it's obviously topical. Think about a few things. I mentioned the decades of experience that Trimble has and the decades of data that we've collected, data about our customers and data from our customers. When I think about us being well-positioned in the world of AI, think about training an agent, for example, and training it on information that's not necessarily publicly available. We believe that that can actually result in better agents that we can provide within our platforms, within our ecosystems for our customers to actually leverage versus developing their own or buying an off-the-shelf because ours will be more capable. I think about the trust. A lot of the things we do are mission-critical. They're systems of record, they're systems of action. Again, Trimble's earned this trust over decades of working with our customers. When we think about, you know, whether it's steel fabrication or concrete fab or structural design, you know, we've got the history of experience. We've got the calculations. We have the knowledge, we have the trust of the customer to be able to do it. A lot of our customers have professional designations, right? They are putting their names and their stamps on things, and they wanna make sure that they're right. Right? I think Trimble's earned that over the years to be well-positioned for that. I think about where we're at today within the AI world, and if you look across our products, we're already there. Within our transportation offerings, we have what's called our Autonomous Procurement or Autonomous Quotation. These are AI-forward products that we are already seeing strong bookings on, this is to allow our customers to, if you're a shipper, to procure freight, leveraging an AI tool. If you're a carrier, you can quote freight, allows for dynamic market conditions. Again, we're already there. Within our SketchUp product, which is our architecture and our design, we've already deployed AI agents within that. It's early. We recently came out with now a bit of a blend of named user licenses and consumption. Within the Tekla offerings, you can buy good, better, or best offerings. Within that are a certain amount of credits that you can now utilize these credits for the use of agents. Because there are already a certain amount is already embedded in the licensing, this is really what we wanna get customers to be able to start to use the agents that are already off-the-shelf and embedded in the products that we're offering. We're already there. If I think about internal use, virtually I think over 90% or probably more by now of our coders are leveraging AI tools to actually develop code. I see us moving faster. I see us reinvesting that, though, because I believe that this is about pace and about bringing more features, about bringing more capabilities to the market faster. That's where I see a lot of the usage as well internally is around how we can get efficiency, but we're redeploying that capital to shorten cycle times in our product development. Makes a lot of sense. Maybe talk a little bit about competitive intensity, your addressable market in each segments. Many investors might know an Autodesk or a Procore. How much overlap is there actually when you go to market? Really how should investors think about the broader market scape? Yeah. I'd start with, I believe Trimble has the most breadth and depth of offerings in the industries that we serve. I think that, you know, within that, I talked about sort of point solutions in any one of those, you can see there's potential competitors within that. Where I see Trimble's advantage is creating unique bundles and creating and integrating workflows. When we go to market and we think about a persona, what we look to do is to create bundles that are natural to you within the business and the way you operate. By creating these bundles that in a lot of ways are unique to Trimble, it's hard to find a natural competitor that can offer the exact same bundles and the capabilities and the connected workflows that Trimble does. That's where I see our advantage. Part of our Connect and Scale strategy as we think to go to market was, we created what was called our TC1, Trimble Construction One, and this is a framework contract with our customers. In the past, where Trimble may have had multiple products with multiple terms and conditions and different salespeople, working with customers, we've moved to account-based selling, where the sellers have access to all the products. Where we lower the friction is with a TC1 framework contract. This is one set of terms and conditions that our customers can now add products to, this unlocks. We talk about a cross-sell and upsell opportunity. We identified at the company level as of Investor Day, over $1.4 billion of cross-sell and upsell opportunity to the customers we already have. The unlock on the go-to-market is create these singular framework contracts, in order to land and expand on customers. That could be starting with a single product. We tend to lead with bundles because we think that's the right answer for the customer. Even if they take a single product and start using that allows our sales folks in the future to go and sell and cross-sell and upsell other products to those customers as well. We really lower the friction point because there isn't a new contract. You can just add it to the existing contract. Great. Let's double-click on that. Help us maybe visualize some of these cross-sells where you're having particular success and the bundles that customers are adopting. Maybe think about that regionally within the segments and help maybe the audience conceptualize what you're talking about on the cross-sells. Sure. Let's use an example. Like in North America, one of our products it's under the Viewpoint. It's an ERP for construction. We sell that, and as you can imagine, an ERP tends to be a very sticky product, and it is for us as well. It's a system of record. It's, it's right or wrong, effectively. Again, this is what's core to actually running a business. What we can do is add other capabilities on top of that. Within that bundle we can add, for example, financial modules. We can our. We did some, a time card, which was an inorganic purchase. We bought a, it's called Traqspera, which is managing time cards out in the field that connects directly into the ERP. There's Trimble Materials, which is another inorganic, so we can talk a little bit about the tuck-in play. We either develop internally or inorganically these capabilities. We connect them back into, for example, the ERP, and as we add these new capabilities, we can go right back to the ERP customer that we already have, show them the ROI, and demonstrate how those connected workflows can work, and that creates that selling motion. As we think about going to other geographies, you know, ERPs tend to be more localized. When we look at Europe, it's a similar play, but it could start in a different place. For example, our ProjectSight, which is our project management software, we've been rolling that out to other locations. That's more of a generic software, generic in the sense that it doesn't need to be localized. It can be scalable across regional boundaries. So that could be a place where we then start with the sale of the project management software and then can add the other capabilities on that land and expand motion. We also have products like our Tekla, which is out of Finland, which has a good European base, some of our Mechanical, Electrical, Plumbing products out of there. The start point can be a little bit different as we think about geographies. The playbook is the same thing, is we wanna start with the bundles that are relevant to the customers, and then to the extent we land those customers, is continue to add, other capabilities and products and go back to them for more cross-sell and upsell capabilities. Let's maybe pivot to some of the financials. Would you help us understand how you think about through-cycle growth rates for Trimble? You know, how much of that is volume, penetration, pricing? Maybe lay out the algorithm for how people should think about that. Yeah, it's a great question. I always start with the upleveling of the addressable market. I mentioned this earlier, but $72 billion at the company level, that's only 25% penetrated. That tells me, one, we have room to go, and that's is where we talk about the geographic expansion, where we talk about looking at different segments of the market that we may not be in that are adjacent. That's a lot of room to run as I think about the long-term growth opportunities. If I double-click on that, the next is this cross-sell and upsell opportunities. The $1.4 billion at the company level, $1 billion in our AECO business, $400 million in our transportation and logistics business. This is where, again, we can use the sales motions I just described to go and cross-sell and upsell, into the customer base we already have, right? Then we talked about a little bit our bookings. Right now from a booking standpoint within AECO or I can say more in general, is about two-thirds to our existing logos and about one-third new. So it's not just about the cross-sell and the upsell. That tends to be the places where we focus and where the easier opportunities are. We also wanna continue to build the base, this is where that other one-third of the new logo bookings, come into play. We're really focused on that as well. As we go forward, you mentioned volume versus price. I look at the, y ou know, we probably have, you know, let's call it, low to mid-single-digit pricing every year. That's sort of on average. Different products can be at different levels within that. We look at churn and reducing churn as I think about our net retention rate going forward. You put all that together into the growth algorithm, and that's how I think about it. That's what we've done within AECO. If I look across, the rest of the business is transportation and logistics. It's gonna be the same playbook. We brought together those, some of the businesses under, or all of the transportation businesses under a single leadership. That AECO playbook around, you know, getting to low friction, cross-sell and upsell with our customers. When we look at the, that $400 million of opportunities and bringing the sales teams together and incentivizing that cross-sell and the upsell, it's gonna be a similar motion. Transportation's a little more behind with AECO. That was intentional. We wanted to build a lot of the systems behind the scenes and do it and, you know, work that out and get a little more consistent with that before rolling it out to the rest of the company. That's the playbook. That's Connect and Scale, and that's where you'll see this again extend into the other businesses. Obviously, the majority of your business is recurring and reoccurring in nature. How do you think about those macro variables that, you know, affect the business at the edge? Maybe talk about them by segment. Maybe an update on where you're seeing freight given some of the global events. Just all of those sorts of factors that we should look for. Yeah. It's a great question. I'd say the first thing we would tend to look at as I think about construction is project backlog, which I'd characterize as healthy for our customers. You know, certainly there's a lot of, you know, the data storage and, the facilities that are being built. What goes along with that is infrastructure that needs to support that as well. I think about our civil construction business, last year performed really well. That's within our field systems group. It actually crosses over civil constructions both within our AECO. That's why I mentioned we have a single platform for both. We see the civil construction projects, I think about some of the funding, whether it be at IIJA or some of the European funds that have been passed recently as opportunities as we go forward. On the other side of the coin, there's certainly a lot of macroeconomic noise, whether it be tariffs, whether it be interest rates, geopolitical risk. That's some things that I, you know, wanna stay on top of and keep an eye on. As I look at transportation logistics, that market, the freight market's been, I'd characterize it's been in a recession. It's been down but stable. In our financial modeling, we haven't been bullish on that. I think we modeled out roughly GDP growth. What's really interesting about our transportation logistics business, in particular Transporeon, which was the acquisition in Europe that we did, is about two-thirds of that business is, I would characterize as consumption or transactional. What that is each of the anytime freight is procured via our platform, we monetize that. Within that business, there's different tiering, and there's a mix element to that. If a freight is procured via contract price, it's, you know, a small amount. It's high volume, low dollar, low EUR amount. Where the capacity gets actually filled in excess of the contracted rates is through the spot market, and that gets monetized as a higher level. That has a mix effect for us that's a positive mix effect. We actually, I mentioned our Autonomous Procurement, our Autonomous Quotation tools, which are AI tools, which actually sit on top of that and actually provide even a higher ROI for our customers. What does all this mean? Well, when the market does come back within freight, that just means, one, more transactions tend to flow through the system. two, the mix tends to improve with a higher mix of the spot pricing. three, on top of that, we're trying to continue to push our AI tools. The incremental margins on that business when the market comes back is extremely high, closing in on 100%. That's where I really see that business being able to inflect over time. What are we doing in the meantime? Well, we can control what we can't control, and that's not the number of or the amount of freight across the market. What we have been doing is continuing to add to the density of our network. We've talked about over 180,000 carriers and logistic service providers that are now on the platform. That's about 10,000 more than what we said at Investor Day. Our shippers think about big multinationals. We grew that by a little over 100. We had 1,400 at Investor Day, now we're over 1,500. The more density we can add to that platform as the market come back should add more transactions and add to that flywheel and the exponential growth and margin expansion within that business. Great. Last one. The company you mentioned is consummated a lot of divestitures, 23, I believe, over the last several years, 13 acquisitions as well. Where do you sit now from a capital deployment standpoint? Are there bolt-ons that you're interested in? Are there platform deals? You wanna return all the capital to shareholders? Help us think about your priorities. Yeah, Sure. High level, as I think about capital allocation, first is obviously putting the cash back into the business and growth. After that, we look at our debt profile. I mentioned we're at 1.1x leverage ratio. That's below our targeted rate. Really not looking to repay any sort of debt at this time. It really comes down to then, okay, what's left? It's really around the share repurchases and M&A. As I think about M&A, I mentioned some of the tuck-ins. I think we wanna be able to quite frankly, accelerate our pace with the tuck-ins. We see that as a high ROI and a short time to ROI. This is where we buy capabilities, and I mentioned the example of Trimble Materials and Traqspera, which is again buying a capability and being able to quickly integrate that and then put that in the hands of our sellers to be able to now cross-sell those products into our existing customer base. We like that motion and we've seen really good demonstrated success, and I think the team's done a really good job developing a muscle on the quick integrations and being able to deploy those capabilities quickly to our customers. As I think about larger M&A, that would probably be more focused on construction software. Where I would think about that is, again, I mentioned some of the geographic expansion, is where could we find a platform or capability that is a land and expand as I think about whether it's Europe or a different geography. Can we find something that's a scalable product capability platform asset, if you will, that again we can run that cross-sell and upsell into a customer base that maybe we're not accessing today. That's how I think about that. It's, think about similar, as I mentioned, the Viewpoint as sort of that land and expand, something similar to that, not necessarily an ERP, but something that has the scale and the stickiness with those customers that again, we can run that cross-sell and upsell play off of. Great. That takes us right to time here. Phil, thanks so much for joining us, and thank you in the audience for joining as well.