Motorola Solutions Reports Third-Quarter 2024 Financial Results
Motorola Solutions (MSI) reported strong Q3 2024 results with sales reaching $2.8 billion, up 9% year-over-year. The company achieved record Q3 revenue, earnings, and cash flow. Products and Systems Integration sales increased 11%, while Software and Services sales grew 7%. GAAP EPS rose 22% to $3.29, and Non-GAAP EPS increased 17% to $3.74. Operating cash flow improved to $759 million. Following these results, Motorola Solutions raised its full-year 2024 guidance, now expecting revenue growth of 8.25% and Non-GAAP EPS between $13.63 and $13.68 per share.
Motorola Solutions (MSI) ha riportato risultati solidi per il terzo trimestre del 2024, con vendite che hanno raggiunto 2,8 miliardi di dollari, in aumento del 9% rispetto all'anno precedente. L'azienda ha ottenuto entrate, utili e flusso di cassa record nel Q3. Le vendite di Prodotti e Integrazione dei Sistemi sono aumentate dell'11%, mentre le vendite di Software e Servizi sono cresciute del 7%. L'EPS GAAP è aumentato del 22% a 3,29 dollari e l'EPS Non-GAAP è salito del 17% a 3,74 dollari. Il flusso di cassa operativo è migliorato raggiungendo 759 milioni di dollari. A seguito di questi risultati, Motorola Solutions ha alzato le sue previsioni per l'intero anno 2024, ora prevedendo una crescita dei ricavi dell'8,25% e un EPS Non-GAAP compreso tra 13,63 e 13,68 dollari per azione.
Motorola Solutions (MSI) reportó resultados sólidos para el tercer trimestre de 2024, con ventas que alcanzaron 2.8 mil millones de dólares, un aumento del 9% en comparación con el año anterior. La compañía logró ingresos, ganancias y flujo de caja récord en el Q3. Las ventas de Productos e Integración de Sistemas aumentaron un 11%, mientras que las ventas de Software y Servicios crecieron un 7%. El EPS GAAP aumentó un 22% a 3.29 dólares, y el EPS No-GAAP aumentó un 17% a 3.74 dólares. El flujo de caja operativo mejoró a 759 millones de dólares. Tras estos resultados, Motorola Solutions elevó su perspectiva para todo el año 2024, ahora esperando un crecimiento de ingresos del 8.25% y un EPS No-GAAP entre 13.63 y 13.68 dólares por acción.
모토로라 솔루션즈 (MSI)는 2024년 3분기 강력한 실적을 보고하며 매출이 28억 달러에 달해 전년 대비 9% 증가했다고 발표했습니다. 회사는 3분기 수익, 수익 및 현금 흐름 모두 기록을 경신했습니다. 제품 및 시스템 통합 판매는 11% 증가했으며, 소프트웨어 및 서비스 판매는 7% 성장했습니다. GAAP 기준 EPS는 22% 증가하여 3.29달러에 이르렀고, 비 GAAP EPS는 17% 증가하여 3.74달러에 도달했습니다. 운영 현금 흐름은 7억 5900만 달러로 개선되었습니다. 이러한 결과에 따라 모토로라 솔루션즈는 2024년 전체 연간 전망을 상향 조정했으며, 이제 매출 성장률을 8.25%로 예상하고 있으며 비 GAAP EPS는 주당 13.63달러에서 13.68달러 사이로 예상하고 있습니다.
Motorola Solutions (MSI) a annoncé de solides résultats pour le troisième trimestre 2024, avec des ventes atteignant 2,8 milliards de dollars, en hausse de 9% par rapport à l'année précédente. L'entreprise a réalisé des revenus, des bénéfices et des flux de trésorerie record au T3. Les ventes de Produits et d'Intégration de Systèmes ont augmenté de 11%, tandis que les ventes de Logiciels et de Services ont crû de 7%. Le BPA GAAP a augmenté de 22% pour atteindre 3,29 dollars, et le BPA Non-GAAP a progressé de 17% pour s'établir à 3,74 dollars. Le flux de trésorerie opérationnel s'est amélioré pour atteindre 759 millions de dollars. Suite à ces résultats, Motorola Solutions a relevé ses prévisions pour l'ensemble de l'année 2024, s'attendant désormais à une croissance des revenus de 8,25% et un BPA Non-GAAP compris entre 13,63 et 13,68 dollars par action.
Motorola Solutions (MSI) meldete starke Q3 2024-Ergebnisse, mit einem Umsatz von 2,8 Milliarden Dollar, was einem Anstieg von 9% im Vergleich zum Vorjahr entspricht. Das Unternehmen erzielte Rekordumsätze, Gewinne und Cashflow im Q3. Der Umsatz aus Produkten und Systemintegration stieg um 11%, während der Software- und Dienstleistungsumsatz um 7% wuchs. Der GAAP-EPS stieg um 22% auf 3,29 Dollar, und der Non-GAAP-EPS erhöhte sich um 17% auf 3,74 Dollar. Der operative Cashflow verbesserte sich auf 759 Millionen Dollar. Nach diesen Ergebnissen hob Motorola Solutions seine Prognose für das Gesamtjahr 2024 an und erwartet nun ein Umsatzwachstum von 8,25% und einen Non-GAAP-EPS zwischen 13,63 und 13,68 Dollar pro Aktie.
- Q3 sales increased 9% YoY to $2.8 billion
- GAAP EPS grew 22% to $3.29
- Non-GAAP EPS rose 17% to $3.74
- Operating cash flow improved to $759 million, up $45 million YoY
- Products and Systems Integration segment grew 11%
- Company raised full-year 2024 guidance
- Strong backlog of $14.1 billion
- Software and Services segment GAAP Operating Earnings declined 4%
- Products and Systems Integration backlog decreased 15% YoY
- Total backlog down 1% from year-ago quarter
Insights
The Q3 results showcase exceptional performance with notable metrics:
Key strengths include growth across both major segments: Products & Systems Integration (
The strategic wins across diverse sectors strengthen Motorola Solutions' market position. Notable contracts include a
The balanced growth across LMR Communications, Video Security and Command Center solutions indicates successful market diversification. Strong North American performance and international growth suggest effective geographical expansion, though U.K. operations face some headwinds from the Airwave Charge Control impact.
Company again raises full-year revenue and earnings outlook following strong Q3 results
-
Sales of
, up$2.8 billion 9% versus a year ago-
Products and Systems Integration sales up
11% -
Software and Services sales up
7% ; up13% 1 excludingU.K. Home Office sales
-
Products and Systems Integration sales up
-
GAAP earnings per share ("EPS") of
, up$3.29 22% versus a year ago -
Non-GAAP EPS2 of
, up$3.74 17% versus a year ago -
Operating cash flow of
, up$759 million versus a year ago$45 million -
Subsequent to quarter end, acquired an international provider of Command Center software solutions for
, net of cash acquired.$22 million
“Our third-quarter results were exceptional, with record Q3 revenue, earnings and cash flow,” said Greg Brown, chairman and CEO, Motorola Solutions. “We achieved strong growth across the board, and I’m pleased with the momentum of our business. As a result, we’re again raising our revenue and earnings expectations for the full year.”
KEY FINANCIAL RESULTS (presented in millions, except per share data and percentages)
|
Q3 2024 |
|
Q3 2023 |
% Change |
|
Sales |
|
|
|
9 % |
|
GAAP |
|
|
|
|
|
Operating Earnings |
|
|
|
11 % |
|
% of Sales |
25.5 % |
|
25.0 % |
|
|
EPS |
|
|
|
22 % |
|
Non-GAAP |
|
|
|
|
|
Operating Earnings |
|
|
|
12 % |
|
% of Sales |
29.7 % |
|
29.0 % |
|
|
EPS |
|
|
|
17 % |
|
Products and Systems Integration Segment |
|
|
|
|
|
Sales |
|
|
|
11 % |
|
GAAP Operating Earnings |
|
|
|
23 % |
|
% of Sales |
25.0 % |
|
22.6 % |
|
|
Non-GAAP Operating Earnings |
|
|
|
24 % |
|
% of Sales |
29.3 % |
|
26.1 % |
|
|
Software and Services Segment |
|
|
|
|
|
Sales |
|
|
|
7 % |
|
GAAP Operating Earnings |
|
|
|
(4) % |
|
% of Sales |
26.3 % |
|
29.1 % |
|
|
Non-GAAP Operating Earnings |
|
|
|
(4) % |
|
% of Sales |
30.6 % |
|
34.0 % |
|
|
1 Details regarding this non-GAAP measure and the use of non-GAAP measures are included later in this news release. |
|||||
2 Non-GAAP financial information excludes the after-tax impact of approximately |
OTHER SELECTED FINANCIAL RESULTS
-
Revenue - Sales were
, up$2.8 billion 9% from the year-ago quarter driven by growth inNorth America and International. Revenue from acquisitions was and currency headwinds were$36 million in the quarter. The Products and Systems Integration segment grew$4 million 11% , driven by growth in Land Mobile Radio Communications ("LMR"). The Software and Services segment grew7% , driven by growth in Video Security and Access Control ("Video") and Command Center, partially offset by lower revenue in theU.K. related to the Airwave Charge Control and the exit from the Emergency Services Network ("ESN") contract. Excluding theU.K. Home Office, Software and Services grew13% with growth in all three technologies.
-
Operating margin - GAAP operating margin was
25.5% of sales, up from25.0% in the year-ago quarter. Non-GAAP operating margin was29.7% of sales, up 70 basis points from29.0% in the year-ago quarter. The increase in both GAAP and non-GAAP operating margins was driven by higher sales, favorable mix and lower material costs, partially offset by the Airwave Charge Control and higher expenses related to investments in video and employee incentives.
-
Taxes - The GAAP effective tax rate during the quarter was
19.0% , down from21.5% in the year-ago quarter. The non-GAAP effective tax rate was20.6% , down from22.7% in the year-ago quarter. Both the GAAP and non-GAAP rates decreased primarily due to higher benefits from share-based compensation recognized in the current quarter.
-
Cash flow - Operating cash flow was
, compared to$759 million in the year-ago quarter and free cash flow was$714 million , up from$702 million in the year-ago quarter. Both the operating cash flow and free cash flow for the quarter increased primarily due to higher earnings in the current year, net of non-cash charges.$649 million
-
Capital allocation - During the quarter, the company paid
in cash dividends, repurchased$164 million of common stock and incurred$31 million of capital expenditures. Additionally, the company closed the acquisitions of Noggin and a provider of vehicle location and management solutions in the financial services vertical for$57 million , net of cash acquired, and settled$223 million of senior notes that were due within the quarter. Subsequent to the quarter, the company acquired an international provider of Command Center software solutions, for$313 million , net of cash acquired.$22 million
-
Backlog - The company ended the quarter with backlog of
, down$14.1 billion 1% or from the year-ago quarter. Products and Systems Integration segment backlog was down$178 million , or$712 million 15% , driven primarily by strong LMR shipments. Software and Services segment backlog was up , or$534 million 6% , driven by strong demand in all three technologies and favorable foreign currency rates, partially offset by the revenue recognition for theU.K. Home Office.
NOTABLE WINS AND ACHIEVEMENTS
Software and Services
-
five-year LMR services award from the$191M U.S. Navy -
$100M + five-year LMR services award forSouth Carolina's statewide network -
five-year LMR services award from a$84M U.S. federal law enforcement agency -
Command Center order for the$30M State of Utah -
Command Center order for Maricopa County Sheriff's Office, AZ$24M -
mobile video order from São Paulo State Government,$18M Brazil
Products and Systems Integration
-
P25 system and device order for a customer in$88M North Africa -
P25 system order for a$31M U.S. state and local customer -
P25 system order for a county in$31M Wisconsin -
P25 system expansion for$25M Tennessee's statewide network -
P25 device order for a$23M U.S. federal customer -
fixed video order for a$4M U.S. federal customer
BUSINESS OUTLOOK
-
Full-year 2024 - The company now expects revenue growth of
8.25% , up from its prior guidance of approximately8% , and non-GAAP EPS of between and$13.63 per share, up from its prior guidance of between$13.68 and$13.22 per share. This outlook assumes a fully diluted share count of approximately 171 million shares and a non-GAAP effective tax rate of approximately$13.30 22.5% .
The company has not quantitatively reconciled its guidance for forward-looking non-GAAP metrics to their most comparable GAAP measures because the company does not provide specific guidance for the various reconciling items as certain items that impact these measures have not occurred, are out of the company’s control, or cannot be reasonably predicted. Accordingly, a reconciliation to the most comparable GAAP financial metric is not available without unreasonable effort. Please note that the unavailable reconciling items could significantly impact the company’s results.
RECENT EVENTS
In October 2021, the Competition and Markets Authority ("CMA") opened a market investigation into the Mobile Radio Network Services market. This investigation included Airwave, the company's private mobile radio communications network that it acquired in 2016. Airwave provides mission-critical voice and data communications to emergency services and other agencies in
In 2023, the CMA imposed a legal order on Airwave which implemented a prospective price control on Airwave ("Airwave Charge Control"). After the Competition Appeal Tribunal ("CAT") dismissed the company's appeal of the CMA's final decision on December 22, 2023, the company filed an application with the
On March 13, 2024, the company received a notice of contract extension (the “Deferred National Shutdown Notice”) from the
The company's backlog for Airwave services contracted with the
CONFERENCE CALL AND WEBCAST Motorola Solutions will host its quarterly conference call beginning at 4 p.m.
CONSOLIDATED GAAP RESULTS (presented in millions, except per share data)
A comparison of results from operations is as follows:
|
Q3 2024 |
Q3 2023 |
Net sales |
|
|
Gross margin |
|
|
Operating earnings |
|
|
Amounts attributable to Motorola Solutions, Inc. common stockholders |
|
|
Net earnings |
|
|
Diluted EPS |
|
|
Weighted average diluted common shares outstanding |
170.9 |
171.7 |
USE OF NON-GAAP FINANCIAL INFORMATION
In addition to the results presented in accordance with accounting principles generally accepted in the
Reconciliations: Details and reconciliations of such non-GAAP measurements to the corresponding GAAP measurements can be found at the end of this news release.
Free cash flow: Free cash flow represents net cash provided by operating activities less capital expenditures. The company believes that free cash flow is useful to investors as the basis for comparing its performance and coverage ratios with other companies in the company's industries, although the company's measure of free cash flow may not be directly comparable to similar measures used by other companies. This measure is also used as a component of incentive compensation.
Organic revenue: Organic revenue reflects net sales calculated under GAAP excluding net sales from acquired business owned for less than four full quarters. The company believes organic revenue provides useful information for evaluating the periodic growth of the business on a consistent basis and provides for a meaningful period-to-period comparison and analysis of trends in the business.
Net sales adjusted for the
Non-GAAP operating earnings, non-GAAP EPS and non-GAAP operating margin each excludes highlighted items, including share-based compensation expenses and intangible assets amortization expense, as follows:
Highlighted items: The company has excluded the effects of highlighted items including, but not limited to, acquisition-related transaction fees, tangible and intangible asset impairments, reorganization of business charges, certain non-cash pension adjustments, legal settlements and other contingencies, gains and losses on investments and businesses, Hytera-related legal expenses, gains and losses on the extinguishment of debt and the income tax effects of significant tax matters, from its non-GAAP operating expenses and net income measurements because the company believes that these historical items do not reflect expected future operating earnings or expenses and do not contribute to a meaningful evaluation of the company's current operating performance or comparisons to the company's past operating performance. For the purposes of management's internal analysis over operating performance, the company uses financial statements that exclude highlighted items, as these charges do not contribute to a meaningful evaluation of the company's current operating performance or comparisons to the company's past operating performance.
Hytera-Related Legal Expenses: On March 14, 2017, the company filed a complaint in the
On December 17, 2020, the District Court held that Hytera must pay the company a forward-looking reasonable royalty on products that use the company’s stolen trade secrets, and on December 15, 2021, set royalty rates for Hytera's sale of relevant products from July 1, 2019 forward. On July 5, 2022, the District Court ordered that Hytera pay into a third-party escrow on July 31, 2022, the royalties owed to the company based on the sale of relevant products from July 1, 2019 to June 30, 2022. Hytera failed to make the required royalty payment on July 31, 2022. On August 1, 2022, Hytera filed a motion to modify or stay the District Court’s previous July 5, 2022 royalty order, which the District Court denied on July 11, 2023. On August 3, 2022, the company filed a motion seeking to hold Hytera in civil contempt for violating the royalty order by not making the required royalty payment on July 31, 2022. On August 26, 2023, the District Court granted the company's contempt motion. As a result, on September 1, 2023, Hytera made a payment of
Following the February 14, 2020 verdict and judgment in the company's favor, Hytera appealed to the
In 2024, the parties engaged in competing litigation in the District Court and a court in
Management typically considers legal expenses associated with defending the company's intellectual property as “normal and recurring” and accordingly, Hytera-related legal expenses were included in both the company's GAAP and non-GAAP operating income for fiscal years 2017, 2018 and 2019. The company anticipates further expenses associated with Hytera-related litigation; however, as of 2020, the company believes that these expenses are no longer a part of the “normal and recurring” legal expenses incurred to operate its business. In addition, as any contingent or actual gains associated with the Hytera litigation are recognized, they will be similarly excluded from the company's non-GAAP operating income, consistent with the company's treatment of the
Share-based compensation expenses: The company has excluded share-based compensation expenses from its non-GAAP operating expenses and net income measurements. Although share-based compensation is a key incentive offered to the company’s employees and the company believes such compensation contributed to the revenue earned during the periods presented and also believes it will contribute to the generation of future period revenues, the company continues to evaluate its performance excluding share-based compensation expenses primarily because it represents a significant non-cash expense. Share-based compensation expenses will recur in future periods.
Intangible assets amortization expense: The company has excluded intangible assets amortization expense from its non-GAAP operating expenses and net income measurements primarily because it represents a non-cash expense and because the company evaluates its performance excluding intangible assets amortization expense. Amortization of intangible assets is consistent in amount and frequency but is significantly affected by the timing and size of the company’s acquisitions. Investors should note that the use of intangible assets contributed to the company’s revenues earned during the periods presented and will contribute to the company’s future period revenues as well. Intangible assets amortization expense will recur in future periods.
FORWARD LOOKING STATEMENTS
This news release contains "forward-looking statements" within the meaning of applicable federal securities law. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and generally include words such as “believes,” “expects,” “intends,” “anticipates,” “estimates” and similar expressions. The company can give no assurance that any actual or future results or events discussed in these statements will be achieved. Any forward-looking statements represent the company’s views only as of today and should not be relied upon as representing the company’s views as of any subsequent date. Readers are cautioned that such forward- looking statements are subject to a variety of risks and uncertainties that could cause the company’s actual results to differ materially from the statements contained in this release. Such forward-looking statements include, but are not limited to, Motorola Solutions’ financial outlook for the full-year of 2024; the impact of the CMA's final decision and the Airwave Charge Control (including the company's actions in response); and the impact of the company's proceedings in the
ABOUT MOTOROLA SOLUTIONS
Motorola Solutions is solving for safer. We build and connect technologies to help protect people, property and places. Our solutions enable the collaboration between public safety agencies and enterprises that’s critical for a proactive approach to safety and security. Learn more about how we’re solving for safer communities, safer schools, safer hospitals, safer businesses – safer everywhere – at www.motorolasolutions.com.
GAAP-1 | ||||||
Motorola Solutions, Inc. and Subsidiaries | ||||||
Condensed Consolidated Statements of Operations | ||||||
(In millions, except per share amounts) | ||||||
Three Months Ended | ||||||
September 28, 2024 | September 30, 2023 | |||||
Net sales from products | $ |
1,670 |
|
$ |
1,490 |
|
Net sales from services |
|
1,120 |
|
|
1,066 |
|
Net sales |
|
2,790 |
|
|
2,556 |
|
Costs of products sales |
|
688 |
|
|
658 |
|
Costs of services sales |
|
669 |
|
|
618 |
|
Costs of sales |
|
1,357 |
|
|
1,276 |
|
Gross margin |
|
1,433 |
|
|
1,280 |
|
Selling, general and administrative expenses |
|
439 |
|
|
380 |
|
Research and development expenditures |
|
234 |
|
|
215 |
|
Other charges |
|
11 |
|
|
7 |
|
Intangibles amortization |
|
38 |
|
|
39 |
|
Operating earnings |
|
711 |
|
|
639 |
|
Other income (expense): | ||||||
Interest expense, net |
|
(58 |
) |
|
(53 |
) |
Loss on sales of investments and businesses, net |
|
— |
|
|
(1 |
) |
Other, net |
|
42 |
|
|
7 |
|
Total other expense |
|
(16 |
) |
|
(47 |
) |
Net earnings before income taxes |
|
695 |
|
|
592 |
|
Income tax expense |
|
132 |
|
|
127 |
|
Net earnings |
|
563 |
|
|
465 |
|
Less: Earnings attributable to non-controlling interests |
|
1 |
|
|
1 |
|
Net earnings attributable to Motorola Solutions, Inc. |
|
562 |
|
|
464 |
|
Earnings per common share: | ||||||
Basic | $ |
3.36 |
|
$ |
2.78 |
|
Diluted | $ |
3.29 |
|
$ |
2.70 |
|
Weighted average common shares outstanding: | ||||||
Basic |
|
167.1 |
|
|
166.7 |
|
Diluted |
|
170.9 |
|
|
171.7 |
|
Percentage of Net Sales* | ||||||
Net sales from products |
|
59.9 |
% |
|
58.3 |
% |
Net sales from services |
|
40.1 |
% |
|
41.7 |
% |
Net sales |
|
100.0 |
% |
|
100.0 |
% |
Costs of products sales |
|
41.2 |
% |
|
44.2 |
% |
Costs of services sales |
|
59.7 |
% |
|
58.0 |
% |
Costs of sales |
|
48.6 |
% |
|
49.9 |
% |
Gross margin |
|
51.4 |
% |
|
50.1 |
% |
Selling, general and administrative expenses |
|
15.7 |
% |
|
14.9 |
% |
Research and development expenditures |
|
8.4 |
% |
|
8.4 |
% |
Other charges |
|
0.4 |
% |
|
0.3 |
% |
Intangibles amortization |
|
1.4 |
% |
|
1.5 |
% |
Operating earnings |
|
25.5 |
% |
|
25.0 |
% |
Other income (expense): | ||||||
Interest expense, net |
|
(2.1 |
)% |
|
(2.1 |
)% |
Loss on sales of investments and businesses, net |
|
— |
% |
|
— |
% |
Other, net |
|
1.5 |
% |
|
0.3 |
% |
Total other expense |
|
(0.6 |
)% |
|
(1.8 |
)% |
Net earnings before income taxes |
|
24.9 |
% |
|
23.2 |
% |
Income tax expense |
|
4.7 |
% |
|
5.0 |
% |
Net earnings |
|
20.2 |
% |
|
18.2 |
% |
Less: Earnings attributable to non-controlling interests |
|
— |
% |
|
— |
% |
Net earnings attributable to Motorola Solutions, Inc. |
|
20.2 |
% |
|
18.2 |
% |
* Percentages may not add up due to rounding |
|
GAAP-2 | |||||
Motorola Solutions, Inc. and Subsidiaries |
||||||
Condensed Consolidated Statements of Operations |
||||||
(In millions, except per share amounts) |
||||||
Nine Months Ended | ||||||
September 28, 2024 | September 30, 2023 | |||||
Net sales from products | $ |
4,639 |
|
$ |
4,063 |
|
Net sales from services |
|
3,167 |
|
|
3,066 |
|
Net sales |
|
7,806 |
|
|
7,129 |
|
Costs of products sales |
|
1,941 |
|
|
1,867 |
|
Costs of services sales |
|
1,902 |
|
|
1,747 |
|
Costs of sales |
|
3,843 |
|
|
3,614 |
|
Gross margin |
|
3,963 |
|
|
3,515 |
|
Selling, general and administrative expenses |
|
1,265 |
|
|
1,138 |
|
Research and development expenditures |
|
671 |
|
|
640 |
|
Other charges |
|
39 |
|
|
44 |
|
Intangibles amortization |
|
114 |
|
|
137 |
|
Operating earnings |
|
1,874 |
|
|
1,556 |
|
Other income (expense): | ||||||
Interest expense, net |
|
(171 |
) |
|
(164 |
) |
Other, net |
|
(519 |
) |
|
46 |
|
Total other expense |
|
(690 |
) |
|
(118 |
) |
Net earnings before income taxes |
|
1,184 |
|
|
1,438 |
|
Income tax expense |
|
214 |
|
|
321 |
|
Net earnings |
|
970 |
|
|
1117 |
|
Less: Earnings attributable to non-controlling interests |
|
4 |
|
|
4 |
|
Net earnings attributable to Motorola Solutions, Inc. | $ |
966 |
|
$ |
1113 |
|
Earnings per common share: | ||||||
Basic | $ |
5.79 |
|
$ |
6.66 |
|
Diluted | $ |
5.66 |
|
$ |
6.46 |
|
Weighted average common shares outstanding: | ||||||
Basic |
|
166.7 |
|
|
167.2 |
|
Diluted |
|
170.6 |
|
|
172.2 |
|
Percentage of Net Sales* | ||||||
Net sales from products |
|
59.4 |
% |
|
57.0 |
% |
Net sales from services |
|
40.6 |
% |
|
43.0 |
% |
Net sales |
|
100.0 |
% |
|
100.0 |
% |
Costs of products sales |
|
41.8 |
% |
|
46.0 |
% |
Costs of services sales |
|
60.1 |
% |
|
57.0 |
% |
Costs of sales |
|
49.2 |
% |
|
50.7 |
% |
Gross margin |
|
50.8 |
% |
|
49.3 |
% |
Selling, general and administrative expenses |
|
16.2 |
% |
|
16.0 |
% |
Research and development expenditures |
|
8.6 |
% |
|
9.0 |
% |
Other charges |
|
0.5 |
% |
|
0.6 |
% |
Intangibles amortization |
|
1.5 |
% |
|
1.9 |
% |
Operating earnings |
|
24.0 |
% |
|
21.8 |
% |
Other income (expense): | ||||||
Interest expense, net |
|
(2.2 |
)% |
|
(2.3 |
)% |
Other, net |
|
(6.6 |
)% |
|
0.6 |
% |
Total other expense |
|
(8.8 |
)% |
|
(1.7 |
)% |
Net earnings before income taxes |
|
15.2 |
% |
|
20.2 |
% |
Income tax expense |
|
2.7 |
% |
|
4.5 |
% |
Net earnings |
|
12.4 |
% |
|
15.7 |
% |
Less: Earnings attributable to non-controlling interests |
|
0.1 |
% |
|
0.1 |
% |
Net earnings attributable to Motorola Solutions, Inc. |
|
12.3 |
% |
|
15.6 |
% |
* Percentages may not add up due to rounding |
GAAP-3 | ||||||
Motorola Solutions, Inc. and Subsidiaries | ||||||
Condensed Consolidated Balance Sheets | ||||||
(In millions) | ||||||
September 28, 2024 | December 31, 2023 | |||||
Assets | ||||||
Cash and cash equivalents | $ |
1,404 |
$ |
1,705 |
||
Accounts receivable, net |
|
1,848 |
|
|
1,710 |
|
Contract assets |
|
1,301 |
|
|
1,102 |
|
Inventories, net |
|
816 |
|
|
827 |
|
Other current assets |
|
439 |
|
|
357 |
|
Current assets held for disposition |
|
— |
|
|
24 |
|
Total current assets |
|
5,808 |
|
|
5,725 |
|
Property, plant and equipment, net |
|
1,024 |
|
|
964 |
|
Operating lease assets |
|
551 |
|
|
495 |
|
Investments |
|
140 |
|
|
143 |
|
Deferred income taxes |
|
1,214 |
|
|
1,062 |
|
Goodwill |
|
3,523 |
|
|
3,401 |
|
Intangible assets, net |
|
1,295 |
|
|
1,255 |
|
Other assets |
|
334 |
|
|
274 |
|
Non-current assets held for disposition |
|
— |
|
|
17 |
|
Total assets | $ |
13,889 |
|
$ |
13,336 |
|
Liabilities and Stockholders' Equity | ||||||
Current portion of long-term debt | $ |
322 |
|
$ |
1,313 |
|
Accounts payable |
|
872 |
|
|
881 |
|
Contract liabilities |
|
1,942 |
|
|
2,037 |
|
Accrued liabilities |
|
1,529 |
|
|
1,504 |
|
Current liabilities held for disposition |
|
— |
|
|
1 |
|
Total current liabilities |
|
4,665 |
|
|
5,736 |
|
Long-term debt |
|
5,674 |
|
|
4,705 |
|
Operating lease liabilities |
|
444 |
|
|
407 |
|
Other liabilities |
|
1,765 |
|
|
1,741 |
|
Non-current liabilities held for disposition |
|
— |
|
|
8 |
|
Total Motorola Solutions, Inc. stockholders’ equity |
|
1,326 |
|
|
724 |
|
Non-controlling interests |
|
15 |
|
|
15 |
|
Total liabilities and stockholders’ equity | $ |
13,889 |
|
$ |
13,336 |
|
GAAP-4 | ||||||
Motorola Solutions, Inc. and Subsidiaries | ||||||
Condensed Consolidated Statements of Cash Flows | ||||||
(In millions) | ||||||
Three Months Ended | ||||||
September 28, 2024 | September 30, 2023 | |||||
Operating | ||||||
Net earnings | $ |
563 |
|
$ |
465 |
|
Adjustments to reconcile Net earnings to Net cash provided by operating activities: | ||||||
Depreciation and amortization |
|
84 |
|
|
86 |
|
Non-cash other charges (income) |
|
(3 |
) |
|
12 |
|
Share-based compensation expenses |
|
61 |
|
|
52 |
|
Loss on sales of investments and businesses, net |
|
— |
|
|
1 |
|
Changes in assets and liabilities, net of effects of acquisitions, dispositions, and foreign currency translation adjustments: | ||||||
Accounts receivable |
|
(64 |
) |
|
(164 |
) |
Inventories |
|
(8 |
) |
|
58 |
|
Other current assets and contract assets |
|
(96 |
) |
|
(111 |
) |
Accounts payable, accrued liabilities and contract liabilities |
|
206 |
|
|
217 |
|
Other assets and liabilities |
|
1 |
|
|
(20 |
) |
Deferred income taxes |
|
15 |
|
|
118 |
|
Net cash provided by operating activities |
|
759 |
|
|
714 |
|
Investing | ||||||
Acquisitions and investments, net |
|
(226 |
) |
|
(2 |
) |
Proceeds from sales of investments and businesses, net |
|
1 |
|
|
6 |
|
Capital expenditures |
|
(57 |
) |
|
(65 |
) |
Net cash used for investing activities |
|
(282 |
) |
|
(61 |
) |
Financing | ||||||
Repayments of debt |
|
(313 |
) |
|
— |
|
Issuances of common stock |
|
18 |
|
|
40 |
|
Purchases of common stock |
|
(31 |
) |
|
(306 |
) |
Payments of dividends |
|
(164 |
) |
|
(147 |
) |
Payments of dividends to non-controlling interests |
|
(1 |
) |
|
(1 |
) |
Net cash used for financing activities |
|
(491 |
) |
|
(414 |
) |
Effect of exchange rate changes on total cash and cash equivalents |
|
37 |
|
|
(39 |
) |
Net increase in total cash and cash equivalents |
|
23 |
|
|
200 |
|
Cash and cash equivalents, beginning of period |
|
1,381 |
|
|
710 |
|
Cash and cash equivalents, end of period | $ |
1,404 |
|
$ |
910 |
|
GAAP-5 | ||||||
Motorola Solutions, Inc. and Subsidiaries | ||||||
Condensed Consolidated Statements of Cash Flows | ||||||
(In millions) | ||||||
Nine Months Ended | ||||||
September 28, 2024 | September 30, 2023 | |||||
Operating | ||||||
Net earnings | $ |
970 |
|
$ |
1,117 |
|
Adjustments to reconcile Net earnings to Net cash provided by operating activities: | ||||||
Depreciation and amortization |
|
250 |
|
|
271 |
|
Non-cash other charges |
|
12 |
|
|
8 |
|
Share-based compensation expenses |
|
180 |
|
|
160 |
|
Loss from the extinguishment of Silver Lake Convertible Debt (Note 5) |
|
585 |
|
|
— |
|
Changes in assets and liabilities, net of effects of acquisitions, dispositions, and foreign currency translation adjustments: | ||||||
Accounts receivable |
|
(121 |
) |
|
(154 |
) |
Inventories |
|
21 |
|
|
94 |
|
Other current assets and contract assets |
|
(279 |
) |
|
(140 |
) |
Accounts payable, accrued liabilities and contract liabilities |
|
(125 |
) |
|
(534 |
) |
Other assets and liabilities |
|
(17 |
) |
|
(21 |
) |
Deferred income taxes |
|
(155 |
) |
|
(2 |
) |
Net cash provided by operating activities |
|
1,321 |
|
|
799 |
|
Investing | ||||||
Acquisitions and investments, net |
|
(268 |
) |
|
(12 |
) |
Proceeds from sales of investments and businesses, net |
|
39 |
|
|
12 |
|
Capital expenditures |
|
(171 |
) |
|
(172 |
) |
Net cash used for investing activities |
|
(400 |
) |
|
(172 |
) |
Financing | ||||||
Net proceeds from issuance of debt |
|
1,288 |
|
|
— |
|
Repayments of debt |
|
(1,906 |
) |
|
(1 |
) |
Issuances of common stock |
|
19 |
|
|
76 |
|
Purchases of common stock |
|
(141 |
) |
|
(670 |
) |
Payments of dividends |
|
(490 |
) |
|
(443 |
) |
Payments of dividends to non-controlling interests |
|
(4 |
) |
|
(5 |
) |
Net cash used for financing activities |
|
(1,234 |
) |
|
(1043 |
) |
Effect of exchange rate changes on total cash and cash equivalents |
|
12 |
|
|
1 |
|
Net decrease in total cash and cash equivalents |
|
(301 |
) |
|
(415 |
) |
Cash and cash equivalents, beginning of period |
|
1,705 |
|
|
1,325 |
|
Cash and cash equivalents, end of period | $ |
1,404 |
|
$ |
910 |
|
Non-GAAP-1 | |||||||||||||
Motorola Solutions, Inc. and Subsidiaries | |||||||||||||
Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow | |||||||||||||
(In millions) | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
September 28, 2024 | September 30, 2023 | September 28, 2024 | September 30, 2023 | ||||||||||
Net cash provided by operating activities | $ |
759 |
|
$ |
714 |
|
$ |
1,321 |
|
$ |
799 |
|
|
Capital expenditures |
|
(57 |
) |
|
(65 |
) |
|
(171 |
) |
|
(172 |
) |
|
Free cash flow | $ |
702 |
|
$ |
649 |
|
$ |
1,150 |
|
$ |
627 |
|
Non-GAAP-2 | |||||||||||||||
Motorola Solutions, Inc. and Subsidiaries | |||||||||||||||
Reconciliation of Net Earnings Attributable to MSI to Non-GAAP Net Earnings Attributable to MSI | |||||||||||||||
(In millions) | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
Statement Line | September 28, 2024 |
September 30, 2023 |
September 28, 2024 |
September 30, 2023 |
|||||||||||
Net earnings attributable to MSI | $ |
562 |
|
$ |
464 |
|
$ |
966 |
|
$ |
1,113 |
|
|||
Non-GAAP adjustments before income taxes: | |||||||||||||||
Share-based compensation expenses | Cost of sales, SG&A and R&D |
|
61 |
|
|
52 |
|
|
180 |
|
|
160 |
|
||
Intangible assets amortization expense | Intangibles amortization |
|
38 |
|
|
39 |
|
|
114 |
|
|
137 |
|
||
Reorganization of business charges | Cost of sales and Other charges (income) |
|
7 |
|
|
6 |
|
|
21 |
|
|
22 |
|
||
Hytera-related legal expenses | SG&A |
|
7 |
|
|
3 |
|
|
14 |
|
|
13 |
|
||
Acquisition-related transaction fees | Other charges (income) |
|
4 |
|
|
1 |
|
|
11 |
|
|
3 |
|
||
Assessments of uncertain tax positions | Interest income, net, Other (income) expense |
|
1 |
|
|
— |
|
|
22 |
|
|
— |
|
||
Legal settlements | Other charges (income) |
|
1 |
|
|
1 |
|
|
7 |
|
|
1 |
|
||
Operating lease asset impairments | Other charges (income) |
|
1 |
|
|
— |
|
|
5 |
|
|
4 |
|
||
Fair value adjustments to equity investments | Other (income) expense |
|
(9 |
) |
|
7 |
|
|
4 |
|
|
(12 |
) |
||
Loss from the extinguishment of Silver Lake Convertible Debt | Other (income) expense |
|
— |
|
|
— |
|
|
585 |
|
|
— |
|
||
Investment impairments | Other (income) expense |
|
— |
|
|
7 |
|
|
3 |
|
|
16 |
|
||
Environmental reserve expense | Other charges (income) |
|
— |
|
|
— |
|
|
— |
|
|
15 |
|
||
Fixed asset impairments | Other charges (income) |
|
— |
|
|
— |
|
|
— |
|
|
3 |
|
||
Loss on sales of investments | (Gain) or loss on sales of investments and businesses, net |
|
— |
|
|
1 |
|
|
— |
|
|
— |
|
||
Total Non-GAAP adjustments before income taxes | $ |
111 |
|
$ |
117 |
|
$ |
966 |
|
$ |
362 |
|
|||
Income tax expense on Non-GAAP adjustments |
|
34 |
|
|
34 |
|
|
259 |
|
|
86 |
|
|||
Total Non-GAAP adjustments after income taxes |
|
77 |
|
|
83 |
|
|
707 |
|
|
276 |
|
|||
Non-GAAP Net earnings attributable to MSI | $ |
639 |
|
$ |
547 |
|
$ |
1,673 |
|
$ |
1,389 |
|
|||
|
|||||||||||||||
Calculation of Non-GAAP Tax Rate | |||||||||||||||
(In millions) | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
September 28, 2024 |
September 30, 2023 |
September 28, 2024 |
September 30, 2023 |
||||||||||||
Net earnings before income taxes | $ |
695 |
|
$ |
592 |
|
$ |
1,184 |
|
$ |
1,438 |
|
|||
Total Non-GAAP adjustments before income taxes* |
|
111 |
|
|
117 |
|
|
966 |
|
|
362 |
|
|||
Non-GAAP Net earnings before income taxes |
|
806 |
|
|
709 |
|
$ |
2,150 |
|
$ |
1,800 |
|
|||
Income tax expense |
|
132 |
|
|
127 |
|
|
214 |
|
|
321 |
|
|||
Income tax expense on Non-GAAP adjustments** |
|
34 |
|
|
34 |
|
|
259 |
|
|
86 |
|
|||
Total Non-GAAP Income tax expense |
|
166 |
|
|
161 |
|
|
473 |
|
|
407 |
|
|||
Non-GAAP Tax rate |
|
20.6 |
% |
|
22.7 |
% |
|
22.0 |
% |
|
22.6 |
% |
|||
*See reconciliation on Non-GAAP-2 table above for detail on Non-GAAP adjustments before income taxes | |||||||||||||||
**Income tax impact of highlighted items | |||||||||||||||
Reconciliation of Earnings Per Share to Non-GAAP Earnings Per Share* | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
Statement Line | September 28, 2024 |
September 30, 2023 |
September 28, 2024 |
September 30, 2023 |
|||||||||||
Net earnings attributable to MSI | $ |
3.29 |
|
$ |
2.70 |
|
$ |
5.66 |
|
$ |
6.46 |
|
|||
Non-GAAP adjustments before income taxes: | |||||||||||||||
Share-based compensation expenses | Cost of sales, SG&A and R&D |
|
0.35 |
|
|
0.30 |
|
|
1.05 |
|
|
0.92 |
|
||
Intangible assets amortization expense | Intangibles amortization |
|
0.22 |
|
|
0.22 |
|
|
0.67 |
|
|
0.79 |
|
||
Reorganization of business charges | Cost of sales and Other charges (income) |
|
0.04 |
|
|
0.03 |
|
|
0.12 |
|
|
0.13 |
|
||
Hytera-related legal expenses | SG&A |
|
0.04 |
|
|
0.02 |
|
|
0.08 |
|
|
0.08 |
|
||
Acquisition-related transaction fees | Other charges (income) |
|
0.02 |
|
|
0.01 |
|
|
0.07 |
|
|
0.02 |
|
||
Assessments of uncertain tax positions | Interest income, net, Other (income) expense |
|
0.01 |
|
|
— |
|
|
0.13 |
|
|
— |
|
||
Legal settlements | Other charges (income) |
|
0.01 |
|
|
0.01 |
|
|
0.04 |
|
|
0.01 |
|
||
Operating lease asset impairments | Other charges (income) |
|
0.01 |
|
|
— |
|
|
0.03 |
|
|
0.02 |
|
||
Fair value adjustments to equity investments | Other (income) expense |
|
(0.05 |
) |
|
0.04 |
|
|
0.02 |
|
|
(0.07 |
) |
||
Loss from the extinguishment of Silver Lake Convertible Debt | Other (income) expense |
|
— |
|
|
— |
|
|
3.42 |
|
|
— |
|
||
Investment impairments | Other (income) expense |
|
— |
|
|
0.04 |
|
|
0.02 |
|
|
0.09 |
|
||
Environmental reserve expense | Other charges (income) |
|
— |
|
|
— |
|
|
— |
|
|
0.09 |
|
||
Fixed asset impairments | Other charges (income) |
|
— |
|
|
— |
|
|
— |
|
|
0.02 |
|
||
Loss on sales of investments | (Gain) or loss on sales of investments and businesses, net |
|
— |
|
|
0.01 |
|
|
— |
|
|
— |
|
||
Total Non-GAAP adjustments before income taxes | $ |
0.65 |
|
$ |
0.68 |
|
$ |
5.65 |
|
$ |
2.10 |
|
|||
Income tax expense on Non-GAAP adjustments |
|
0.20 |
|
|
0.19 |
|
|
1.52 |
|
|
0.50 |
|
|||
Total Non-GAAP adjustments after income taxes |
|
0.45 |
|
|
0.49 |
|
|
4.13 |
|
|
1.60 |
|
|||
Non-GAAP Net earnings attributable to MSI | $ |
3.74 |
|
$ |
3.19 |
|
$ |
9.79 |
|
$ |
8.06 |
|
|||
GAAP Diluted Weighted Average Common Shares |
|
170.9 |
|
|
171.7 |
|
|
170.6 |
|
|
172.2 |
|
|||
Adjusted for dilutive shares outstanding** |
|
— |
|
|
— |
|
|
0.3 |
|
|
— |
|
|||
Non-GAAP Diluted Weighted Average Common Shares |
|
170.9 |
|
|
171.7 |
|
|
170.9 |
|
|
172.2 |
|
|||
*Indicates Non-GAAP Diluted EPS | |||||||||||||||
** Under |
Non-GAAP-3 | |||||||||||||||||||
Motorola Solutions, Inc. and Subsidiaries | |||||||||||||||||||
Reconciliations of Operating Earnings to Non-GAAP Operating Earnings and Operating Margin to Non-GAAP Operating Margin | |||||||||||||||||||
(In millions) | |||||||||||||||||||
Three Months Ended | |||||||||||||||||||
September 28, 2024 | September 30, 2023 | ||||||||||||||||||
Products and Systems Integration |
Software and Services |
Total | Products and Systems Integration |
Software and Services |
Total | ||||||||||||||
Net sales | $ |
1,784 |
|
$ |
1,006 |
|
$ |
2,790 |
|
$ |
1,612 |
|
$ |
944 |
|
$ |
2,556 |
|
|
Operating earnings ("OE") |
|
446 |
|
|
265 |
|
|
711 |
|
|
364 |
|
|
275 |
|
|
639 |
|
|
Above OE non-GAAP adjustments: | |||||||||||||||||||
Share-based compensation expenses |
|
43 |
|
|
18 |
|
|
61 |
|
|
38 |
|
|
14 |
|
|
52 |
|
|
Intangible assets amortization expense |
|
18 |
|
|
20 |
|
|
38 |
|
|
9 |
|
|
30 |
|
|
39 |
|
|
Reorganization of business charges |
|
6 |
|
|
1 |
|
|
7 |
|
|
5 |
|
|
1 |
|
|
6 |
|
|
Hytera-related legal expenses |
|
7 |
|
|
— |
|
|
7 |
|
|
3 |
|
|
— |
|
|
3 |
|
|
Acquisition-related transaction fees |
|
2 |
|
|
2 |
|
|
4 |
|
|
— |
|
|
1 |
|
|
1 |
|
|
Legal settlements |
|
— |
|
|
1 |
|
|
1 |
|
|
1 |
|
|
— |
|
|
1 |
|
|
Operating lease asset impairments |
|
— |
|
|
1 |
|
|
1 |
|
|
— |
|
|
— |
|
|
— |
|
|
Total above-OE non-GAAP adjustments |
|
76 |
|
|
43 |
|
|
119 |
|
|
56 |
|
|
46 |
|
|
102 |
|
|
Operating earnings after non-GAAP adjustments | $ |
522 |
|
$ |
308 |
|
$ |
830 |
|
$ |
420 |
|
$ |
321 |
|
$ |
741 |
|
|
Operating earnings as a percentage of net sales - GAAP |
|
25.0 |
% |
|
26.3 |
% |
|
25.5 |
% |
|
22.6 |
% |
|
29.1 |
% |
|
25.0 |
% |
|
Operating earnings as a percentage of net sales - after non-GAAP adjustments |
|
29.3 |
% |
|
30.6 |
% |
|
29.7 |
% |
|
26.1 |
% |
|
34.0 |
% |
|
29.0 |
% |
Non-GAAP-4 | |||||||||||||||||||
Motorola Solutions, Inc. and Subsidiaries | |||||||||||||||||||
Reconciliations of Operating Earnings to Non-GAAP Operating Earnings and Operating Margin to Non-GAAP Operating Margin | |||||||||||||||||||
(In millions) | |||||||||||||||||||
Nine Months Ended | |||||||||||||||||||
September 28, 2024 | September 30, 2023 | ||||||||||||||||||
Products and Systems Integration |
Software and Services |
Total | Products and Systems Integration |
Software and Services |
Total | ||||||||||||||
Net sales | $ |
4,933 |
|
$ |
2,873 |
|
$ |
7,806 |
|
$ |
4,352 |
|
$ |
2,777 |
|
$ |
7,129 |
|
|
Operating earnings ("OE") |
|
1,135 |
|
|
739 |
|
|
1,874 |
|
|
752 |
|
|
804 |
|
|
1,556 |
|
|
Above OE non-GAAP adjustments: | |||||||||||||||||||
Share-based compensation expenses |
|
126 |
|
|
54 |
|
|
180 |
|
|
116 |
|
|
44 |
|
|
160 |
|
|
Intangible assets amortization expense |
|
35 |
|
|
79 |
|
|
114 |
|
|
32 |
|
|
105 |
|
|
137 |
|
|
Reorganization of business charges |
|
20 |
|
|
1 |
|
|
21 |
|
|
22 |
|
|
— |
|
|
22 |
|
|
Hytera-related legal expenses |
|
14 |
|
|
— |
|
|
14 |
|
|
13 |
|
|
— |
|
|
13 |
|
|
Acquisition-related transaction fees |
|
3 |
|
|
8 |
|
|
11 |
|
|
— |
|
|
3 |
|
|
3 |
|
|
Legal settlements |
|
1 |
|
|
6 |
|
|
7 |
|
|
1 |
|
|
— |
|
|
1 |
|
|
Operating lease asset impairments |
|
3 |
|
|
2 |
|
|
5 |
|
|
3 |
|
|
1 |
|
|
4 |
|
|
Environmental reserve expense |
|
— |
|
|
— |
|
|
— |
|
|
10 |
|
|
5 |
|
|
15 |
|
|
Fixed asset impairments |
|
— |
|
|
— |
|
|
— |
|
|
2 |
|
|
1 |
|
|
3 |
|
|
Total above-OE non-GAAP adjustments |
|
202 |
|
|
150 |
|
|
352 |
|
|
199 |
|
|
159 |
|
|
358 |
|
|
Operating earnings after non-GAAP adjustments | $ |
1,337 |
|
$ |
889 |
|
$ |
2,226 |
|
$ |
951 |
|
$ |
963 |
|
$ |
1,914 |
|
|
Operating earnings as a percentage of net sales - GAAP |
|
23.0 |
% |
|
25.7 |
% |
|
24.0 |
% |
|
17.3 |
% |
|
29.0 |
% |
|
21.8 |
% |
|
Operating earnings as a percentage of net sales - after non-GAAP adjustments |
|
27.1 |
% |
|
30.9 |
% |
|
28.5 |
% |
|
21.9 |
% |
|
34.7 |
% |
|
26.8 |
% |
Non-GAAP-5 | ||||||||||
Motorola Solutions, Inc. and Subsidiaries | ||||||||||
Reconciliation of Revenue to Non-GAAP Organic Revenue | ||||||||||
(In millions) | ||||||||||
Three Months Ended | ||||||||||
September 28, 2024 | September 30, 2023 | % Change | ||||||||
Net sales | $ |
2,790 |
$ |
2,556 |
9 |
% |
||||
Non-GAAP adjustments: | ||||||||||
Sales from acquisitions |
|
36 |
|
|
— |
|
||||
Organic revenue | $ |
2,754 |
|
$ |
2,556 |
|
8 |
% |
||
Nine Months Ended | ||||||||||
September 28, 2024 | September 30, 2023 | % Change | ||||||||
Net sales | $ |
7,806 |
|
$ |
7,129 |
|
9 |
% |
||
Non-GAAP adjustments: | ||||||||||
Sales from acquisitions |
|
58 |
|
|
— |
|
||||
Organic revenue | $ |
7,748 |
|
$ |
7,129 |
|
9 |
% |
Non-GAAP-6 |
|||||||||||||||||||
Motorola Solutions, Inc. and Subsidiaries | |||||||||||||||||||
Reconciliation of Net Sales to Net Sales Adjusted for the |
|||||||||||||||||||
(In millions) | |||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 28, 2024 |
September 30, 2023 |
% Change | September 28, 2024 |
September 30, 2023 |
% Change | ||||||||||||||
Software and Services net sales | $ |
1,006 |
|
$ |
944 |
|
7 |
% |
$ |
2,873 |
|
$ |
2,777 |
|
3 |
% |
|||
|
(92 |
) |
|
(138 |
) |
|
(286 |
) |
|
(471 |
) |
||||||||
Software and Services net sales adjusted for the |
$ |
914 |
|
$ |
806 |
|
13 |
% |
$ |
2,587 |
|
$ |
2,306 |
|
12 |
% |
|||
Net sales | $ |
2,790 |
|
$ |
2,556 |
|
9 |
% |
$ |
7,806 |
|
$ |
7,129 |
|
9 |
% |
|||
|
(92 |
) |
|
(138 |
) |
|
(286 |
) |
|
(471 |
) |
||||||||
Net sales adjusted for the |
$ |
2,698 |
|
$ |
2,418 |
|
12 |
% |
$ |
7,520 |
|
$ |
6,658 |
|
13 |
% |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241107798701/en/
MEDIA CONTACT
Alexandra Reynolds
Motorola Solutions
+1 312-965-3968
Alexandra.Reynolds@motorolasolutions.com
INVESTOR CONTACT
Tim Yocum
Motorola Solutions
+1 847-576-6899
Tim.Yocum@motorolasolutions.com
Source: Motorola Solutions, Inc.
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