Trimble Announces Filing of Form 10-K/A for 2023 and Issuance of Forms 10-Q for the First, Second and Third Quarters of 2024
Trimble (TRMB) has announced the completion of Ernst & Young's audit procedures for its 2023 financial statements, confirming no changes to previously reported financial results. The company has filed its amended 2023 Form 10-K and Forms 10-Q for the first three quarters of 2024.
The amended Form 10-K identified material weaknesses in controls related to IT general controls, data transfer between systems, and evaluation of standalone selling prices. Trimble reports that remediation efforts for these control deficiencies are well underway.
The company expects to regain compliance with Nasdaq Listing Rule 5250(c)(1) after these filings and upon receiving confirmation from Nasdaq. This rule requires timely filing of all periodic reports with the SEC for companies listed on The Nasdaq Stock Market
Trimble (TRMB) ha annunciato il completamento delle procedure di auditing di Ernst & Young per i suoi bilanci 2023, confermando che non ci sono state modifiche ai risultati finanziari precedentemente riportati. L'azienda ha presentato la sua forma 10-K modificata e le forme 10-Q per i primi tre trimestri del 2024.
La forma 10-K modificata ha identificato debolezze materiali nei controlli riguardanti i controlli generali IT, il trasferimento dei dati tra i sistemi e la valutazione dei prezzi di vendita separati. Trimble riporta che gli sforzi di rimediare a queste carenze di controllo sono già in corso.
L'azienda si aspetta di ripristinare la conformità alla Nasdaq Listing Rule 5250(c)(1) dopo queste presentazioni e dopo aver ricevuto conferma da Nasdaq. Questa regola richiede la presentazione tempestiva di tutti i rapporti periodici alla SEC per le aziende quotate nel Nasdaq Stock Market.
Trimble (TRMB) ha anunciado la finalización de los procedimientos de auditoría de Ernst & Young para sus estados financieros de 2023, confirmando que no hay cambios en los resultados financieros reportados anteriormente. La empresa ha presentado su Formulario 10-K enmendado y los Formularios 10-Q para los primeros tres trimestres de 2024.
El Formulario 10-K enmendado identificó debilidades materiales en los controles relacionados con los controles generales de TI, la transferencia de datos entre sistemas y la evaluación de los precios de venta independientes. Trimble informa que los esfuerzos de remediación para estas deficiencias de control están en marcha.
La empresa espera restablecer el cumplimiento con la Regla de Cotización de Nasdaq 5250(c)(1) después de estas presentaciones y tras recibir confirmación de Nasdaq. Esta regla exige la presentación oportuna de todos los informes periódicos a la SEC para las empresas que cotizan en el Nasdaq Stock Market.
Trimble (TRMB)는 Ernst & Young의 2023년 재무제표 감사 절차 완료를 발표하며, 이전에 보고된 재무 결과에 변경 사항이 없음을 확인했습니다. 회사는 수정된 2023년 Form 10-K 및 2024년 첫 세 분기에 대한 Form 10-Q를 제출했습니다.
수정된 Form 10-K는 IT 일반 통제, 시스템 간 데이터 전송 및 독립 판매 가격 평가와 관련된 통제의 주요 약점을 식별했습니다. Trimble은 이러한 통제 결함에 대한 보완 조치가 잘 진행되고 있다고 보고했습니다.
회사는 이러한 제출 이후 Nasdaq으로부터 확인을 받으면 Nasdaq 상장 규칙 5250(c)(1) 준수를 회복할 것으로 예상하고 있습니다. 이 규칙은 Nasdaq 증권 시장에 상장된 기업이 SEC에 모든 정기 보고서를 신속하게 제출해야 한다고 요구합니다.
Trimble (TRMB) a annoncé l'achèvement des procédures d'audit d'Ernst & Young pour ses états financiers de 2023, confirmant qu'il n'y a eu aucun changement par rapport aux résultats financiers précédemment rapportés. L'entreprise a déposé son Formulaire 10-K modifié et les Formulaires 10-Q pour les trois premiers trimestres de 2024.
Le Formulaire 10-K modifié a identifié des faiblesses matérielles dans les contrôles liés aux contrôles informatiques généraux, au transfert de données entre systèmes et à l'évaluation des prix de vente autonomes. Trimble rapporte que les efforts de remédiation pour ces faiblesses de contrôle sont bien avancés.
L'entreprise s'attend à retrouver sa conformité avec la règle d'inscription de Nasdaq 5250(c)(1) après ces dépôts et après avoir reçu une confirmation de Nasdaq. Cette règle exige le dépôt en temps voulu de tous les rapports périodiques auprès de la SEC pour les entreprises cotées sur le marché boursier Nasdaq.
Trimble (TRMB) hat den Abschluss der Prüfungsverfahren von Ernst & Young für seine Finanzberichte 2023 bekannt gegeben und bestätigt, dass es keine Änderungen zu den zuvor berichteten Finanzergebnissen gibt. Das Unternehmen hat sein geändertes 2023 Form 10-K und die Formulare 10-Q für die ersten drei Quartale von 2024 eingereicht.
Das geänderte Form 10-K identifizierte wesentliche Schwächen in den Kontrollen, die sich auf die allgemeinen IT-Kontrollen, den Datentransfer zwischen Systemen und die Bewertung der eigenständigen Verkaufspreise beziehen. Trimble berichtet, dass die Korrekturmaßnahmen für diese Kontrollmängel bereits gut voranschreiten.
Das Unternehmen erwartet, nach diesen Einreichungen und dem Erhalt einer Bestätigung von Nasdaq die Konformität mit der Nasdaq Listing Rule 5250(c)(1) wiederherzustellen. Diese Regel verlangt die fristgerechte Einreichung aller regelmäßigen Berichte bei der SEC für an der Nasdaq-Börse gelistete Unternehmen.
- No changes required to previously reported financial statements
- Remediation of internal control issues is progressing well
- Expected return to Nasdaq compliance following filings
- Material weaknesses identified in IT general controls
- Deficiencies found in data transfer controls between systems
- Control issues in evaluation of standalone selling prices
Insights
The completion of EY's audit procedures with no changes to previously reported financials is a positive development that removes uncertainty around Trimble's financial statements. The identified material weaknesses in IT controls, while serious, are primarily technical in nature and focus on data transfer controls and revenue recognition methodology rather than actual financial misstatements.
Of particular importance is the validation of standalone selling prices of performance obligations, which directly impacts revenue recognition under ASC 606. The fact that no restatements were required despite these control deficiencies suggests the underlying accounting was correct, even if the control environment needs strengthening.
The remediation process appears to be progressing well and the filing of all outstanding quarterly reports (Q1-Q3 2024) alongside the amended 10-K/A should resolve the Nasdaq compliance issue. This removes a significant regulatory overhang that could have impacted institutional investment mandates.
The material weaknesses identified in Trimble's internal controls represent significant but fixable governance issues. The focus on IT general controls and system data transfer accuracy highlights the growing importance of technology infrastructure in financial reporting integrity. While concerning, these types of control deficiencies are generally more straightforward to remediate compared to issues involving fraud or intentional misstatements.
The swift completion of the audit process and filing of outstanding reports demonstrates strong management responsiveness to regulatory compliance issues. This efficiency in addressing the material weaknesses and maintaining accurate financial reporting despite control deficiencies reflects positively on the company's governance framework and management competence.
The identified IT control weaknesses primarily revolve around data integrity and system integration points - critical areas in today's digitally-driven financial reporting environment. The specific mention of "completeness and accuracy of data transferred between certain systems" suggests gaps in automated validation controls and system interface monitoring.
The remediation effort likely involves implementing enhanced automated controls, improving system integration documentation and strengthening access management protocols. These are standard IT control enhancement projects that, while requiring significant effort, follow well-established frameworks and best practices. The company's confidence in their remediation progress suggests they're implementing appropriate technical solutions.
No changes have been made to previously reported financial statements
Remediation to internal controls well underway
"EY's audit work over the past months confirmed that our financial statements are accurate, and there are no changes to our previously released 2023 or quarterly 2024 financial statements," said Phil Sawarynski, chief financial officer at Trimble. "Our commitment to accurate financial reporting and high standards of internal controls is unwavering and we appreciate the support of the entire Trimble team to get us through this audit."
Trimble expects to regain compliance with Nasdaq Listing Rule 5250(c)(1), which requires companies with securities listed on The Nasdaq Stock Market LLC to timely file all required periodic reports with the SEC, upon submission of these filings and receipt of a letter from Nasdaq, informing the company that it has regained compliance with the listing rules.
About Trimble
Trimble is transforming the ways people move, build and live. Core technologies in positioning, modeling and data analytics connect the digital and physical worlds to improve our customers' productivity, quality, safety, transparency and sustainability. For more information about Trimble (Nasdaq: TRMB), visit: https://www.trimble.com.
Forward-Looking Statements
Certain statements made in this press release contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. These statements include statements regarding the timing and expectations regarding regaining compliance with the Nasdaq listing rules, as well as all statements that are not historical facts. These forward-looking statements are subject to change, and actual results may materially differ from those set forth in this press release due to certain risks and uncertainties. Factors that could cause or contribute to changes in such forward-looking statements include, but are not limited to, the discretion of the Nasdaq staff to determine that the company has regained compliance with the listing rules. Undue reliance should not be placed on any forward-looking statement contained herein. These statements reflect the company's position as of the date hereof. The company expressly disclaims any undertaking to release publicly any updates or revisions to any statements to reflect any change in the company's expectations or any change of events, conditions, or circumstances on which any such statement is based.
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SOURCE Trimble
FAQ
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