Victory Capital Management Inc. — Sycamore Mid Cap Value Equity on Trimble, Inc.

Trimble reported strong first-quarter revenue and margin improvement, although full-year guidance implied slower growth during the remainder of 2026. Management highlighted macro uncertainty around the Field Systems hardware business and is transitioning software toward a consumption-based hybrid pricing model. Investors are also concerned about changes in the software landscape and possible AI disintermediation, although management believes Trimble is insulated from those disruptions. Sycamore's thesis remains intact.