What the changes say
- Supply-chain risk now emphasizes long-lead components, forecasting errors, geopolitical disruptions, shortages, excess inventory, and shipping delays.
- New compliance exposure spans export controls, dealer conduct, cross-border data, AI training datasets, and local data-storage requirements.
- Management disclosed additional internal-control weaknesses after filing the 2023 Form 10-K, increasing financial-reporting risk.
- Subscription retention now depends more explicitly on customer satisfaction, budgets, competition, and emerging AI offerings.
What changed since the prior 10-K
New
- NewRisks related to our business
Further, certain components used in our products require long lead times for ordering, and if we do not accurately forecast the need for such components, we may end up with component shortages or excess inventory
Long-lead components, inaccurate forecasting, geopolitical events, pandemics, wars, and disasters could cause shortages, excess inventory, higher costs, and customer shipping delays.
- NewRegulatory risks
As a global company, our business is subject to a complex and evolving set of international and U.S. laws and regulations, including export control laws, import and trade restrictions or sanctions, anti-bribery laws, anti-competition regulations, data privacy requirements, labor relations laws, and tax laws
Complex export, trade, anti-bribery, competition, privacy, labor, and tax rules could trigger fines, sanctions, business restrictions, or dealer-related liability.
- NewRegulatory risks
In addition, our use of AI and machine learning relies on access to large datasets, which creates novel data privacy challenges. Evolving laws and regulations governing AI may impose new restrictions on how we collect and use data to train our models, potentially limiting our ability to innovate
AI training datasets and cross-border data transfers face evolving privacy and localization rules that could restrict innovation, complicate cloud delivery, and increase costs.
- NewRisks related to ownership of our stock
Claims and lawsuits against us, negative regulatory outcomes, or other events that adversely affect our reputation, could harm our business
Lawsuits, regulatory outcomes, reputational harm, inadequate reserves, or unexpected liabilities could cause damages, injunctions, financial-statement impacts, and business disruption.
Dropped
- DroppedRisks related to our business
These disruptions had an adverse effect on our ability to meet customer demand and have resulted in delays in shipping products to customers and dealers
- DroppedRisks related to our business
about data privacy, current subscription terms, customer preference, and industry adoption. If customers do not renew their contracts for our products, our maintenance and subscription revenue will decline, and our financial results will suffer
Broad supply-chain disruption examples, including inflation, tariffs, wages, raw materials, currency, and transportation failures.
- DroppedRisks related to our technology and products
and other countries are rapidly evolving and are subject to significant uncertainty, and could impose significant compliance costs, restrict certain AI applications, or require us to alter our AI-related practices
- DroppedRisks related to ownership of our stock
We have claims and lawsuits against us that may result in adverse outcomes
- DroppedRisks related to ownership of our stock
Damage to our reputation could significantly harm our businesses, competitive position, and prospects for growth
Customer nonrenewals of maintenance and subscription contracts could reduce recurring revenue.
- DroppedRisks related to ownership of our stock
Climate change could disrupt or harm our business
Reworded
- 86% rewrittenRisks related to our business
Changes in our software and subscription businesses may adversely affect our revenue
The risk now focuses on retaining subscriptions and declining acquisition or renewal rates, citing budgets, economic conditions, competition, AI offerings, and customer satisfaction.
- 72% rewrittenRisks related to ownership of our stock
Catastrophic events or geopolitical conditions could disrupt our operations
Pandemics were added, and geopolitical disruption now expressly includes trade interruptions alongside work stoppages and transaction restrictions.
- 69% rewrittenRisks related to our business
We have experienced disruption in our supply chain and related events, and are subject to ongoing supply chain risks
The risk now identifies suppliers that are the sole source of certain materials, adding a specific concentration vulnerability.
- 50% rewrittenRisks related to our business
Any such effects from acquisitions could be costly and place a significant strain on our management systems and resources
No substantive change; the acquisition-related goodwill, intangible-asset, and investment-valuation impairment risk is materially unchanged.
- 46% rewrittenRisks related to our business
We have identified material weaknesses in our internal control over financial reporting, and if our remediation of such material weaknesses is not effective, it could impact our ability to produce timely and accurate financial statements or comply with applicable laws and regulations
The filing now states that management identified additional internal-control weaknesses after filing the 2023 Form 10-K, beyond the business-combination accounting weakness.
- 32% rewrittenRisks related to our technology and products
Our products are highly technical and may contain undetected errors, product defects, or security vulnerabilities
The wording changes defects from singular to plural but otherwise retains the same technical-product error, security, warranty, and litigation risks.
- 28% rewrittenRisks related to ownership of our stock
Our stock price is volatile
The 2025 stock-price range changed to $52.91–$87.50 from $48.60–$76.97, and AI products were added among volatility drivers.
- 21% rewrittenFinancial and tax risks
The jurisdictions where we do business may change tax laws, regulations, and interpretations on a prospective or retroactive basis and these potential changes could adversely affect our effective tax rates and impact our financial results
The OECD minimum-tax discussion now refers to fiscal 2025 results, whose impact was minimal, rather than 2024 results.
Was: The jurisdictions where we do business may change tax laws, regulations, and interpretations on a prospective or retroactive basis and these potential changes could adversely affect our effective tax rates and impact our financial results. For example, the Tax Cuts and Jobs Act of 2017 is set to expire in 2025
- 20% rewrittenRisks related to our business
We face substantial competition in our markets, which could decrease our revenue and growth rates
All 21 risk factors
Headings as the filing states them, in filing order.
Risks related to our business
- 01We have experienced disruption in our supply chain and related events, and are subject to ongoing supply chain risks69% rewritten
- 02Further, certain components used in our products require long lead times for ordering, and if we do not accurately forecast the need for such components, we may end up with component shortages or excess inventoryNew
- 03Lastly, due to supply chain issues, we have in the past and may in the future accumulate excess inventories if we inaccurately forecast demand for our products, or if dealers are unable to work through their excess inventory
- 04Changes in our software and subscription businesses may adversely affect our revenue86% rewritten
- 05We have identified material weaknesses in our internal control over financial reporting, and if our remediation of such material weaknesses is not effective, it could impact our ability to produce timely and accurate financial statements or comply with applicable laws and regulations46% rewritten
- 06We may not be able to continue to enter into or maintain important alliances and distribution relationships
- 07Any such effects from acquisitions could be costly and place a significant strain on our management systems and resources50% rewritten
- 08We face substantial competition in our markets, which could decrease our revenue and growth rates20% rewritten
- 09If we are unable to attract and retain qualified personnel, our business could be harmed
Risks related to our technology and products
- 10Our products are highly technical and may contain undetected errors, product defects, or security vulnerabilities32% rewritten
- 11We are dependent on proprietary technology, which could result in litigation that could divert significant valuable resources
Regulatory risks
- 12As a global company, our business is subject to a complex and evolving set of international and U.S. laws and regulations, including export control laws, import and trade restrictions or sanctions, anti-bribery laws, anti-competition regulations, data privacy requirements, labor relations laws, and tax lawsNew
- 13In addition, our use of AI and machine learning relies on access to large datasets, which creates novel data privacy challenges. Evolving laws and regulations governing AI may impose new restrictions on how we collect and use data to train our models, potentially limiting our ability to innovateNew
Financial and tax risks
- 14Our debt could adversely affect our cash flow and prevent us from fulfilling our financial obligations
- 15Changes in our effective tax rate may reduce our net income in future periods
- 16The jurisdictions where we do business may change tax laws, regulations, and interpretations on a prospective or retroactive basis and these potential changes could adversely affect our effective tax rates and impact our financial results21% rewritten
- 17We may be affected by fluctuations in currency exchange rates
Risks related to ownership of our stock
- 18Our stock price is volatile28% rewritten
- 19Our annual and quarterly performance fluctuates, which can adversely impact our stock price
- 20Claims and lawsuits against us, negative regulatory outcomes, or other events that adversely affect our reputation, could harm our businessNew
- 21Catastrophic events or geopolitical conditions could disrupt our operations72% rewritten
Other Trimble 10-Ks
- FY2024 10-K risk factors23 risks
Supply chain reliance on limited contract manufacturers and component suppliers threatens shipping and customer demand.
Filed Apr 25, 2025
About this page
The headings are the filing's own. The one-line readings and the overview are automated and can be wrong: read Item 1A of the 10-K for the exact wording.