May 25, 2021 / 07:40PM GMT
Ann P. Duignan - JPMorgan Chase & Co, Research Division - MD
Hi. Good afternoon, everybody, and welcome to the Trimble fireside presentation. We're delighted this afternoon to have the CEO, Robert Painter, with us. Rob, I know you've been doing the group meetings all day. So I'm sure my questions will not be unique and probably have been asked by many investors already. But in the interest of time, I'll start right away.
Questions and Answers:
Ann P. Duignan - JPMorgan Chase & Co, Research Division - MDLet's -- just maybe a recap to Q1. You beat expectations by about $0.11, but you raised the guidance by about $0.05. You did cite lower gross margins and increased R&D as the rationale for the revised guidance. Perhaps you could expand on both of those and what you're seeing, both in terms of higher cost, but also in terms of the increased R&D, where specifically you're going to increase R&D spending and why midyear? So I know that's a double-barreled question, but I'll hand it over to you to walk us through those.
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