摩托羅拉 (MSI) 2022 Q3 法說會逐字稿

Good afternoon, and thank you for holding. Welcome to the Motorola Solutions Third Quarter 2022 Earnings Conference Call. Today's call is being recorded. (Operator Instructions) The presentation material and additional financial tables are posted on the Motorola Solutions Investor Relations website.

下午好，感謝您的支持。歡迎參加摩托羅拉解決方案 2022 年第三季度收益電話會議。今天的電話正在錄音。 （操作員說明）演示材料和其他財務表格發佈在摩托羅拉解決方案投資者關係網站上。

In addition, a webcast replay of this call will be available on our website within 2 hours after the conclusion of this call. The website address is www.motorolasolutions.com/investor. (Operator Instructions)I would now like to introduce Mr. Tim Yocum, Vice President of Investor Relations. Mr. Yocum, you may begin your conference.

此外，本次電話會議結束後 2 小時內，我們的網站上將提供本次電話會議的網絡直播重播。網站地址是 www.motorolasolutions.com/investor。 （操作員須知）我現在想介紹一下投資者關係副總裁 Tim Yocum 先生。 Yocum 先生，你可以開始你的會議了。

Good afternoon. Welcome to our 2022 Third Quarter Earnings call. With me today are Greg Brown, Chairman and CEO; Jason Winkler, Executive Vice President and CFO; Jack Molloy, Executive Vice President and COO; and Mahesh Saptharishi, Executive Vice President and CTO. Greg and Jason will review our results along with commentary, and Jack and Mahesh will join for Q&A.

下午好。歡迎來到我們的 2022 年第三季度收益電話會議。今天和我在一起的是董事長兼首席執行官格雷格·布朗； Jason Winkler，執行副總裁兼首席財務官； Jack Molloy，執行副總裁兼首席運營官；和執行副總裁兼首席技術官 Mahesh Saptharishi。 Greg 和 Jason 將審查我們的結果並發表評論，Jack 和 Mahesh 將加入問答環節。

We posted an earnings presentation and news release at motorolasolutions.com/investor. These materials include GAAP to non-GAAP reconciliations for your reference. And during the call, we reference non-GAAP financial results, including those in our outlook, unless otherwise noted. A number of forward-looking statements will be made during this presentation and during the Q&A portion of the call.

我們在 motorolasolutions.com/investor 上發布了收益報告和新聞稿。這些材料包括 GAAP 與非 GAAP 對賬，供您參考。在電話會議期間，除非另有說明，否則我們會參考非 GAAP 財務結果，包括我們展望中的財務結果。在本次演講和電話會議的問答部分中，將發表一些前瞻性陳述。

Statements are based on current expectations and assumptions that are subject to a variety of risks and uncertainties. Actual results could differ materially from these forward-looking statements. Information about factors that could cause such differences can be found in today's earnings news release and the comments made during this conference call in the Risk Factors section of our 2021 annual report on Form 10-K or any other quarterly report on Form 10-Q and in our other reports and filings with the SEC. We do not undertake any duty to update any forward-looking statements. And with that, I'll turn it over to Greg.

陳述基於當前的預期和假設，這些預期和假設受到各種風險和不確定性的影響。實際結果可能與這些前瞻性陳述存在重大差異。有關可能導致此類差異的因素的信息，請參閱今天的收益新聞稿以及本次電話會議期間我們關於 10-K 表格的 2021 年年度報告或 10-Q 表格的任何其他季度報告的風險因素部分的風險因素部分的評論，以及在我們向 SEC 提交的其他報告和文件中。我們不承擔任何更新任何前瞻性陳述的義務。有了這個，我會把它交給格雷格。

Thank you, Tim, and good afternoon, and thanks for joining us today. First, our Q3 results highlight the continued strong demand and robust funding environment that we're seeing across the business. We grew revenue 13%, EPS 28% and expanded operating margins by 220 basis points. Additionally, we ended the quarter with record Q3 ending backlog of $13.5 billion, up 19% from last year, inclusive of over $800 million of unfavorable currency impact.

謝謝蒂姆，下午好，感謝您今天加入我們。首先，我們的第三季度業績突出了我們在整個業務中看到的持續強勁的需求和強勁的融資環境。我們的收入增長了 13%，每股收益增長了 28%，營業利潤率提高了 220 個基點。此外，我們以創紀錄的第三季度結束積壓 135 億美元結束本季度，比去年增長 19%，其中包括超過 8 億美元的不利貨幣影響。

Second, we achieved record Q3 revenue in both segments, in products and systems integration, increased demand for video security and land mobile radio technologies and continued solid execution in our supply chain led to revenue growth of 15% during the quarter. And in Software and Services revenue was up 8% and 13% when normalized for FX. And finally, based on our exceptionally strong Q3 results and our expectations for the remainder of the year, we're raising our full year guidance for both sales and EPS and for the second consecutive time, despite full year FX headwinds that now total about $220 million, up $50 million from our expectations last quarter.

其次，我們在產品和系統集成這兩個領域都實現了創紀錄的第三季度收入，對視頻安全和陸地移動無線電技術的需求增加以及我們供應鏈的持續穩健執行導致該季度收入增長了 15%。當外匯標準化時，軟件和服務收入分別增長了 8% 和 13%。最後，基於我們異常強勁的第三季度業績和我們對今年剩餘時間的預期，我們連續第二次上調全年銷售和每股收益指引，儘管全年外匯逆風現在總計約 220 美元百萬美元，比我們上一季度的預期高出 5,000 萬美元。

So at this point, I'll now turn the call over to Jason to take you through our results and outlook before returning for some final thoughts.

因此，在這一點上，我現在將電話轉給 Jason，讓您了解我們的結果和展望，然後再返回一些最終想法。

Thank you, Greg. Revenue for the quarter grew 13% and was above our guidance with record third quarter revenue in both segments. We also saw growth across all 3 technologies led by 33% growth in video security and access control. In LMR, which grew 9%, our supply chain execution during the quarter enabled us to ship additional product revenue. FX headwinds during the quarter were $66 million, while acquisitions added $32 million. GAAP operating earnings were $373 million, inclusive of a $147 million noncash fixed asset impairment charge recognized during the quarter related to the now-planned exit from the ESN contract.

謝謝你，格雷格。該季度的收入增長了 13%，高於我們的預期，兩個部門的第三季度收入均創歷史新高。我們還看到所有 3 種技術的增長，其中視頻安全和訪問控制增長了 33%。在增長 9% 的 LMR 中，我們在本季度的供應鏈執行使我們能夠運送額外的產品收入。本季度的外匯逆風為 6600 萬美元，而收購增加了 3200 萬美元。 GAAP 營業收入為 3.73 億美元，包括本季度確認的與現在計劃退出 ESN 合同相關的 1.47 億美元非現金固定資產減值費用。

GAAP operating margins were 15.7%. Non-GAAP operating earnings were $676 million, up 22% from the year ago quarter and non-GAAP operating margin was 28.5%, up from 26.3%. This increase in operating margin was driven by higher sales, higher gross margins and improved operating leverage, particularly in the Products and SI segment. GAAP earnings per share were $1.63 and compared to $1.76 per share in the year-ago quarter, primarily due to the impairment charge related to the expected early exit of the ESN contract. Non-GAAP EPS was $3 per share, up 28% from $2.35 last year.

GAAP 營業利潤率為 15.7%。非美國通用會計準則營業利潤為 6.76 億美元，比去年同期增長 22%，非美國通用會計準則營業利潤率為 28.5%，高於 26.3%。營業利潤率的增長是由更高的銷售額、更高的毛利率和改善的經營槓桿推動的，特別是在產品和 SI 部門。 GAAP 每股收益為 1.63 美元，而去年同期為每股 1.76 美元，主要是由於與預期提前退出 ESN 合同相關的減值費用。非美國通用會計準則每股收益為 3 美元，比去年的 2.35 美元增長 28%。

This strong growth in EPS was driven by higher sales and margins as well as a lower effective tax rate related to higher benefits from stock comp recognized in the current year. OpEx in Q3 was $521 million, up $25 million versus last year primarily due to acquisitions. Turning to cash flow. Q3 operating cash flow was $388 million, up $12 million compared with the prior year, and free cash flow was $318 million, up $3 million.

每股收益的強勁增長是由較高的銷售額和利潤率以及較低的有效稅率推動的，這與本年度確認的股票補償收益增加有關。第三季度的運營支出為 5.21 億美元，比去年增加了 2500 萬美元，主要是由於收購。轉向現金流。第三季度經營現金流為 3.88 億美元，比上年增加 1200 萬美元，自由現金流為 3.18 億美元，增加 300 萬美元。

For the full year, we expect operating cash flow to be approximately $100 million lower than our prior guidance, primarily due to our continued investment in inventory, which is helping us execute in a dynamic supply chain environment and deliver against the continued record demand we're seeing in video security and LMR. Capital allocation for Q3 included $132 million in cash dividends, $94 million in share repurchases and $70 million of CapEx.

全年，我們預計運營現金流將比我們之前的指導低約 1 億美元，這主要是由於我們對庫存的持續投資，這有助於我們在動態的供應鏈環境中執行並滿足我們持續創紀錄的需求。重新看到視頻安全和 LMR。第三季度的資本分配包括 1.32 億美元的現金股息、9400 萬美元的股票回購和 7000 萬美元的資本支出。

Additionally, during the quarter, we closed the acquisition of Barrett Communications, a specialty supplier of high-frequency and tactical communications equipment for $18 million net of cash. Moving to segment results, in the Products and SI segment, we continue to see strong demand across both LMR and video. Sales during the quarter were up 15% versus last year and orders were up 29%, including record Q3 orders for both LMR and video.

此外，在本季度，我們以淨現金 1800 萬美元完成了對高頻和戰術通信設備專業供應商 Barrett Communications 的收購。轉向細分結果，在產品和 SI 細分市場中，我們繼續看到 LMR 和視頻的強勁需求。本季度的銷售額與去年相比增長了 15%，訂單增長了 29%，其中包括創紀錄的第三季度 LMR 和視頻訂單。

Currency headwinds were $28 million and revenue from acquisitions in the quarter contributed $13 million. Operating earnings were $375 million or 24.5% of sales, up from 20.6% in the prior year, driven primarily by higher sales and operating leverage, partially offset by higher material costs. The impact from our pricing actions increased in Q3 as expected, and we continue to expect full-year operating margins in this segment to be higher than last year.

貨幣逆風為 2800 萬美元，本季度的收購收入貢獻了 1300 萬美元。營業收入為 3.75 億美元，佔銷售額的 24.5%，高於上年的 20.6%，這主要是由於較高的銷售和經營槓桿，部分被較高的材料成本所抵消。我們定價行動的影響在第三季度有所增加，我們繼續預計該部門的全年營業利潤率將高於去年。

Some notable Q3 wins and achievements in the segment include an order in Israel valued at over $400 million for a duration of 25 years. This unique system integration project also includes over $30 million of fixed video equipment and software and is our single largest order ever for Avigilon; a $165 million P25 system and APX NEXT devices award received from Miami-Dade County that includes a new customer for us in the state of Florida; a $67 million P25 order from Southeastern Pennsylvania transit authority; a $45 million P25 order from a customer in Africa; a $29 million P25 devices ordered from a U.S. federal customer; an $18 million TETRA order from a customer in Europe; and a $5 million fixed video order from a major transportation company in North Africa.

該領域的一些顯著的第三季度勝利和成就包括在以色列的價值超過 4 億美元、為期 25 年的訂單。這個獨特的系統集成項目還包括超過 3000 萬美元的固定視頻設備和軟件，是我們對 Avigilon 的最大單筆訂單；從邁阿密戴德縣獲得價值 1.65 億美元的 P25 系統和 APX NEXT 設備獎，其中包括我們在佛羅里達州的新客戶；來自賓夕法尼亞州東南部交通管理局的價值 6700 萬美元的 P25 訂單；來自非洲客戶的 4500 萬美元 P25 訂單；從美國聯邦客戶訂購的價值 2900 萬美元的 P25 設備；來自歐洲客戶的 1800 萬美元 TETRA 訂單；以及來自北非一家大型運輸公司的 500 萬美元的固定視頻訂單。

In service -- software and services, revenue was up 8%, which includes $38 million of FX headwinds and $19 million of revenue from acquisitions. Total software revenue was up 17%, driven by strong demand in video while in LMR services, revenue was up 4% after $33 million of FX headwinds. Operating earnings in the segment were $301 million or 35.7% of sales, down 30 basis points from last year, driven by higher acquisition expenses.

在服務——軟件和服務方面，收入增長了 8%，其中包括 3800 萬美元的外匯逆風和 1900 萬美元的收購收入。在視頻需求強勁的推動下，軟件總收入增長了 17%，而在 LMR 服務方面，在 3300 萬美元的外匯逆風中，收入增長了 4%。由於收購費用增加，該部門的營業收入為 3.01 億美元，佔銷售額的 35.7%，比去年下降 30 個基點。

Some notable Q3 highlights in the segment include 2 large multiyear LMR service renewals; a $43 million won with the State of Maryland; and $15 million with the City of Phoenix\; also, a $17 million push-to-talk over broadband order from a customer in the Middle East; a $7 million command center software renewal with Will County, Illinois; a $4 million body-worn camera order for the Texas Department of Public Safety; and a $4 million command center software suite order from Ellis County, Texas.

該細分市場中一些值得注意的第三季度亮點包括 2 次大型多年 LMR 服務更新；與馬里蘭州合作的 4300 萬韓元；和鳳凰城的 1500 萬美元；此外，還有來自中東客戶的 1700 萬美元的寬帶一鍵通訂單；與伊利諾伊州威爾縣進行 700 萬美元的指揮中心軟件更新；德克薩斯州公共安全部 400 萬美元的隨身相機訂單；以及來自德克薩斯州埃利斯縣的價值 400 萬美元的指揮中心軟件套件訂單。

Looking at regional results. North America Q3 revenue was $1.7 billion, up 16% on growth in all 3 technologies. International Q3 revenue was $686 million, up 4% versus last year, with growth in all 3 technologies, partially offset by unfavorable FX. Moving to our backlog. Ending backlog was a Q3 record of $13.5 billion, up 19% or $2.1 billion compared to last year, inclusive of approximately $826 million of unfavorable FX and a $99 million orders reduction related to the planned exit from the ESN contract.

看區域結果。北美第三季度收入為 17 億美元，在所有 3 項技術的增長中增長了 16%。第三季度國際收入為 6.86 億美元，比去年增長 4%，所有 3 項技術均實現增長，部分被不利的外匯所抵消。轉到我們的積壓工作。期末積壓是 135 億美元的創紀錄的 135 億美元，與去年相比增長 19% 或 21 億美元，其中包括約 8.26 億美元的不利外彙和與計劃退出 ESN 合同相關的 9900 萬美元的訂單減少。

The growth was driven by the Airwave extension recorded in the fourth quarter of 2021 and increased demand across all 3 technologies. Sequentially, backlog was up $87 million, driven by several large orders received during the quarter, partially offset by $411 million of unfavorable FX and the $99 million adjustment for ESN.

這一增長是由 2021 年第四季度記錄的 Airwave 擴展以及所有 3 種技術的需求增加推動的。隨後，在本季度收到的幾筆大訂單的推動下，積壓訂單增加了 8700 萬美元，部分被 4.11 億美元的不利外彙和 9900 萬美元的 ESN 調整所抵消。

In the Products and SI segment, robust order demand in both LMR and video continues to drive record backlog, which was up $1.2 billion or 35% compared to last year. Sequentially, backlog was up $513 million which was our ninth consecutive quarter of sequential backlog growth in this segment. In Software and Services backlog was up $876 million compared to last year, driven by the Airwave extension and a $288 million increase in multiyear services and software contracts in North America, partially offset by $722 million of unfavorable FX and the adjustment related to ESN. So sequentially, backlog was down $426 million or 5%, driven primarily by unfavorable FX, the ESN adjustment and revenue recognition for Airwave and ESN during the quarter.

在產品和 SI 領域，LMR 和視頻的強勁訂單需求繼續推動創紀錄的積壓，與去年相比增加了 12 億美元或 35%。隨後，積壓訂單增加了 5.13 億美元，這是我們在該細分市場連續第九個季度連續積壓訂單增長。與去年相比，軟件和服務積壓增加了 8.76 億美元，這得益於 Airwave 的延期以及北美多年服務和軟件合同增加 2.88 億美元，部分被 7.22 億美元的不利外彙和與 ESN 相關的調整所抵消。因此，由於不利的外匯、ESN 調整以及本季度 Airwave 和 ESN 的收入確認，積壓訂單依次減少了 4.26 億美元或 5%。

Turning now to our outlook. We expect Q4 sales to be up approximately 9% and with non-GAAP earnings per share between $3.40 and $3.45 per share. This assumes $90 million of FX headwinds, a weighted average share count of approximately 172 million shares and an effective tax rate of approximately 23%.

現在轉向我們的前景。我們預計第四季度銷售額將增長約 9%，非 GAAP 每股收益在每股 3.40 美元至 3.45 美元之間。這假設有 9000 萬美元的外匯逆風，加權平均股數約為 1.72 億股，有效稅率約為 23%。

For the full year, we are increasing both our revenue and EPS guidance again. We now expect revenue growth between 9.25% and 9.5%, up from our prior guidance of 8% and we expect non-GAAP earnings per share to be between $10.17 and $10.22 per share, up from our prior guidance of $10.3 to $10.13 per share. This updated guidance now includes full-year FX headwinds of $220 million, up $50 million from our prior guidance, a weighted average share count of approximately 172 million shares and an effective tax rate of approximately 20.5%. This now also assumes $150 million of higher costs for the full year related to the procurement of semiconductors from secondary markets at a premium. This is a $30 million increase over what we indicated earlier in the year and supports the increased revenue included in our updated guidance today.

對於全年，我們將再次增加我們的收入和每股收益指導。我們現在預計收入增長將在 9.25% 至 9.5% 之間，高於我們之前 8% 的指引，我們預計非公認會計準則每股收益將在 10.17 美元至 10.22 美元之間，高於我們之前的每股 10.3 美元至 10.13 美元的指引。這份更新後的指引現在包括 2.2 億美元的全年外匯逆風，比我們之前的指引增加了 5000 萬美元，加權平均股數約為 1.72 億股，有效稅率約為 20.5%。現在，這還假設與從二級市場溢價採購半導體相關的全年成本增加 1.5 億美元。這比我們今年早些時候指出的增加了 3000 萬美元，並支持我們今天更新的指導中包含的增加的收入。

And finally, as I reflect on where we stand today with just 2 months left in another dynamic year, I'm encouraged with how our teams have been navigating the supply chain environment and overcoming the impact of a historically strong U.S. dollar. At the beginning of the year, we expected currency headwinds to have a $60 million translation impact on our full-year revenues.

最後，當我回顧我們在又一個充滿活力的一年僅剩 2 個月的今天所處的位置時，我對我們的團隊如何在供應鏈環境中駕馭並克服歷史上強勢美元的影響感到鼓舞。今年年初，我們預計貨幣逆風將對我們的全年收入產生 6000 萬美元的折算影響。

The full-year FX headwind has increased by $160 million since then. The decisions we've made to carry higher inventory, pay premiums for semiconductors and the pricing actions we implemented have enabled us to drive higher product revenues that not only offset these significant FX headwinds and but have materially increased our revenue and EPS expectations during the year. I'll now turn the call back over to Greg.

自那時以來，全年外匯逆風增加了 1.6 億美元。我們做出的增加庫存、支付半導體溢價的決定以及我們實施的定價行動使我們能夠推動更高的產品收入，這不僅抵消了這些重大的外匯逆風，而且大大提高了我們今年的收入和每股收益預期.我現在將電話轉回給 Greg。

Thanks, Jason. I'm really pleased with our Q3 results, and I'm extremely proud of the people here at Motorola and how our team continues to execute across all areas of the business. We achieved record Q3 sales in both segments. EPS is up by 28%. We expanded operating margins by 220 basis points, and we ended the quarter with a record-ending backlog of $13.5 billion, up 19%. And again, that's in the face of some significant FX headwinds.

謝謝，傑森。我對我們第三季度的業績感到非常滿意，我為摩托羅拉的員工以及我們的團隊如何在業務的各個領域繼續執行感到非常自豪。我們在這兩個領域都實現了創紀錄的第三季度銷售額。每股收益增長了 28%。我們將營業利潤率提高了 220 個基點，在本季度末，我們的積壓訂單達到創紀錄的 135 億美元，增長 19%。再一次，這是面對一些重大的外匯逆風。

Second, we continue to deliver these strong results while also continuing to invest in both new products and strengthening our ecosystem. During the quarter, we extended our successful APX NEXT device portfolio with 3 additional radios that support agencies of all sizes, personnel needs and budgets.

其次，我們繼續取得這些強勁的業績，同時繼續投資新產品並加強我們的生態系統。在本季度，我們擴展了我們成功的 APX NEXT 設備組合，增加了 3 款無線電，支持各種規模、人員需求和預算的機構。

We announced several new video integrations into CommandCentral Aware, bringing body-worn, in-car and emergency drone video feeds into the command center and we expanded our suite of cloud-connected cameras with the Ava Quad a cloud-native forehead camera with built-in analytics.

我們宣布將幾項新的視頻集成到 CommandCentral Aware 中，將穿戴式、車載和緊急無人機視頻輸入帶入指揮中心，並且我們使用 Ava Quad 擴展了我們的雲連接攝像頭套件，這是一款雲原生前額攝像頭，內置在分析中。

And finally, as I look ahead, the momentum of our business is strong. Our investments in the portfolio, combined with a robust funding environment are driving increased demand for our solutions. Our supply chain execution and higher inventory is helping us navigate a continually challenging environment to meet this record demand, and our record Q3 backlog positions us well for another year of strong revenue and earnings growth into 2023. I'll now turn the call back over to Tim, and we'll open it up for your questions.

最後，展望未來，我們的業務發展勢頭強勁。我們對投資組合的投資，加上穩健的融資環境，正在推動對我們解決方案的需求增加。我們的供應鏈執行和更高的庫存正在幫助我們應對不斷挑戰的環境，以滿足這一創紀錄的需求，而我們創紀錄的第三季度積壓工作使我們在 2023 年實現又一年的強勁收入和盈利增長。我現在將電話轉回給蒂姆，我們會為你的問題打開它。

Thank you, Greg. Before we begin taking questions, I'd like to remind callers to limit themselves to one question and 1 follow-up to accommodate as many participants as possible. Operator, would you please remind our callers on the line how to ask a question?

謝謝你，格雷格。在我們開始提問之前，我想提醒來電者將自己限制在一個問題和 1 個後續行動中，以容納盡可能多的參與者。接線員，請您提醒我們的來電者如何提問？

(Operator Instructions) Our first question today comes from Tim Long from Barclays.

（操作員說明）我們今天的第一個問題來自巴克萊的 Tim Long。

This is Alyssa Shreves on for Tim Long. I have 2 questions, if I may. You guys had mentioned in your release and prepared remarks about exiting your ESN contract. And just kind of trying to get a little bit more color there. Is that just managing the contract? Or would that also be inclusive of the Kodiak revenue?

這是蒂姆·朗的艾莉莎·什里夫斯。如果可以的話，我有 2 個問題。你們在發布中提到並準備了關於退出 ESN 合同的評論。只是試圖在那裡獲得更多的顏色。這只是管理合同嗎？或者這是否也包括科迪亞克的收入？

And is there anything more you think you'll need to kind of concede in negotiations with the home office? And then just kind of given the raised guidance now, how should we kind of high-level think about 2023 expectations?

在與總部的談判中，您認為還有什麼需要讓步的嗎？然後只是給出了現在提出的指導意見，我們應該如何看待 2023 年的預期？

In terms of ESN, Alyssa, I think it's a result of ongoing conversations with the customer. I think more recently, they reached an advanced stage kind of a late-stage negotiation where, at this point, we think it's more likely than not that we will be exiting ESN earlier than the expiration of 2024.

就 ESN 而言，Alyssa，我認為這是與客戶持續對話的結果。我認為最近，他們進入了後期談判的高級階段，在這一點上，我們認為我們更有可能在 2024 年到期之前退出 ESN。

We don't have an agreement signed with them at this point. But I think there's mutual interest in reaching that conclusion, and we continue to work toward that end. So I think we both think it's the right thing to do and a reasonable way forward.

我們目前沒有與他們簽署協議。但我認為達成這一結論符合共同利益，我們將繼續朝著這一目標努力。所以我認為我們都認為這是正確的做法，也是合理的前進方向。

Look, in terms of 2023, and I know we have a lot of good news for the Q3 print. It's a little bit early to think about. There's still a lot of moving parts. I think at this point in time, we think about revenue of about $9.5 billion in 2023. We expect at that level, we could grow with -- in all 3 technologies.

看，就 2023 年而言，我知道我們有很多關於 Q3 印刷品的好消息。現在想起來有點早。還有很多活動部件。我認為在這個時間點，我們認為 2023 年的收入約為 95 億美元。我們預計，在這個水平上，我們可以在所有 3 種技術中實現增長。

But it's also worth noting that there are still some things that we'll be dealing with into 2023. I think that the supply chain constraints around semiconductor, which we're still experiencing, which is 1 example of why Jason referenced, we're carrying higher inventory purposely and carrying -- and paying more higher PPV premiums.

但同樣值得注意的是，到 2023 年，我們仍將處理一些事情。我認為圍繞半導體的供應鏈限制，我們仍在經歷，這是 Jason 提到的一個例子，我們正在故意攜帶更高的庫存並攜帶——並支付更高的 PPV 溢價。

But I think that those semiconductor supply chain challenges continue into next year, and therefore, I think our higher inventory levels will continue well into 2023. I also think, again, at the moment, we have FX headwinds that look about $150 million, of which, by the way, more than half of that would be actually in Q1 alone.

但我認為這些半導體供應鏈挑戰將持續到明年，因此，我認為我們較高的庫存水平將持續到 2023 年。我還認為，目前，我們面臨的外匯逆風約為 1.5 億美元，順便說一句，其中一半以上實際上僅發生在第一季度。

And then 1 other just thing to think about for all of us in terms of 2023 is we expect about 200 to 300 basis points of higher tax rate headwinds in 2023 that will inform our thinking. But those are high-level chalk-the-field thoughts at this moment, and we would -- we'll obviously give you the specifics in February.

然後，就 2023 年而言，我們所有人都需要考慮的另一件事是，我們預計 2023 年將出現約 200 至 300 個基點的高稅率逆風，這將影響我們的思考。但目前這些都是高水平的粉筆場思想，我們會 - 我們顯然會在 2 月份向您提供具體細節。

Alyssa, if I could also add color to your question around ESN. So the revenues this year for ESN are going to be approximately $65 million. That includes some of the MCPTT as well as the integration and the project. As Greg mentioned, with the exit of the contract, that'll go to 0 in 2024.

Alyssa，如果我也可以為您關於 ESN 的問題添加顏色。因此，ESN 今年的收入將約為 6500 萬美元。這包括一些 MCPTT 以及集成和項目。正如 Greg 所說，隨著合同的退出，到 2024 年將變為 0。

We're working through, as part of the negotiation, what transition services and what that looks like in terms of revenue for next year. So we'll update you on that as it concludes. But $65 million in this year's top line results from ESN.

作為談判的一部分，我們正在研究哪些過渡服務以及明年的收入情況。因此，我們將在結束時向您更新。但今年的收入中有 6500 萬美元來自 ESN。

We now turn to George Notter from Jefferies.

我們現在轉向杰富瑞的 George Notter。

Congratulations on all the growth and crisp execution here. I guess I wanted to just keep going on the same line of questioning. Does the exit of the ESN contract help you in the renegotiation with Airwave? Obviously, you're negotiating with the home office and the CMA. I presume about a revised contract extension, but is this a negotiating point in that negotiation? How do you see it?

祝賀這裡的所有成長和清晰的執行。我想我想繼續進行同樣的提問。 ESN合同的退出是否有助於您與Airwave的重新談判？顯然，您正在與總部辦公室和 CMA 進行談判。我推測修改後的合同延期，但這是談判中的一個談判點嗎？你怎麼看？

Yes. I think just to remind you, look, the CMA investigation was undertaken with 2 tenants. One is our returns on Airwave and the evaluation of that. And secondarily, the apparent potential structural dual role of us being both in Airwave and ESN. We talked about the decision working with the customer to exit ESN earlier than the expiration of 2024.

是的。我想提醒你一下，看，CMA 調查是對 2 個租戶進行的。一個是我們對 Airwave 的回報以及對此的評估。其次，我們在 Airwave 和 ESN 中明顯的潛在結構性雙重角色。我們談到了與客戶合作在 2024 年到期之前退出 ESN 的決定。

I think the Airwave return issue obviously remains on the table. And while it's related to ESN, it's separate. Now having said that, around the provisional decision that came out more recently, we disagree with the CMA's provisional decision and their findings.

我認為 Airwave 回歸問題顯然仍然存在。雖然它與 ESN 有關，但它是獨立的。話雖如此，圍繞最近出台的臨時決定，我們不同意 CMA 的臨時決定及其調查結果。

We still are convicted in our position. I think that the -- I think we feel the CMA's provisional decision is legally and economically flawed. I think it's not proportional. It's unprecedented and overreaching. That said, we continue to stay in close conversation with the CMA and with the U.K. home office.

我們仍然在我們的立場上被定罪。我認為 - 我認為我們認為 CMA 的臨時決定在法律和經濟上存在缺陷。我認為這不成比例。這是史無前例的，而且影響深遠。也就是說，我們將繼續與 CMA 和英國總部保持密切對話。

It's kind of also ironic that as we are in the middle of this on Airwave, we coincidentally had the highest customer satisfaction score we've ever had for network performance of Airwave in the month of September, which included and incorporated all the planning around the Queen's funeral. So look, we'll continue to work it, and we will defend our position and pursue all legal avenues that are available to us, including appeals, if we think that's the right thing to do.

具有諷刺意味的是，當我們在 Airwave 上處於中間階段時，我們巧合地在 9 月份獲得了 Airwave 網絡性能最高的客戶滿意度得分，其中包括並整合了圍繞女王的葬禮。所以看，我們將繼續努力，我們將捍衛我們的立場並尋求我們可用的所有法律途徑，包括上訴，如果我們認為這是正確的做法。

Our next question comes from Erik Lapinski from Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Erik Lapinski。

I wanted to go back a little bit to the supply chain piece and just to make sure I fully understand some of the dynamics. It sounds like maybe things haven't really improved, but you did see a pretty good ramp in hardware sales during the quarter and maybe you're able to at least get supply, but at a higher price.

我想回到供應鏈部分，只是為了確保我完全理解一些動態。聽起來情況可能並沒有真正改善，但是您確實看到本季度硬件銷售的增長相當不錯，也許您至少能夠以更高的價格獲得供應。

So maybe if you could just give us a bit of an update on exactly kind of where you feel like we are in the supply environment. And then as we think about that in the context of backlog, just trying to understand a little bit better, because hardware backlog ramped a lot. Was that due to supply constraints? Is that due to just a factor of kind of the growth you're seeing in shipping times? And just maybe some more details there would be really helpful.

因此，也許您可以向我們提供一些關於您認為我們在供應環境中的確切位置的最新信息。然後當我們在積壓的背景下考慮這一點時，只是想更好地理解一點，因為硬件積壓很多。是因為供應限制嗎？這僅僅是由於您在運輸時間方面看到的一種增長因素嗎？也許還有更多的細節會很有幫助。

Yes. Sure. I think we'll tag team this. But as I mentioned, I think the semiconductor supply constraints remain. Now there are a lot that's been said and written about softening demand, and we're heading towards a recession, laptops, smartphones and PCs, that doesn't apply to us.

是的。當然。我想我們會標記這個團隊。但正如我所提到的，我認為半導體供應限制仍然存在。現在有很多關於需求疲軟的說法和文章，我們正走向衰退，筆記本電腦、智能手機和個人電腦對我們並不適用。

The more legacy silicon and semiconductor supply that we embed into our solutions is more analogous to the automotive industry. And as you've seen there, the automotive industry continues to be supply constrained, so we don't see a lot of relief.

我們嵌入到解決方案中的傳統矽和半導體供應越多，就越類似於汽車行業。正如您在那裡看到的那樣，汽車行業繼續受到供應限制，因此我們看不到很多緩解。

The progress we're making in satisfying this record demand is the decision to carry higher inventory to meet this record demand, pay more in PPV premiums, we had said we thought we'd spend $120 million for the full year. Jason just referenced, we're going to spend $150 million. That incremental $30 million is paying PPV premiums to satisfy demand. And the third leg of the stool is product redesign.

我們在滿足這一創紀錄需求方面取得的進展是決定攜帶更高的庫存以滿足這一創紀錄的需求，支付更多的 PPV 保費，我們曾說過我們認為全年將花費 1.2 億美元。傑森剛剛提到，我們將花費 1.5 億美元。增加的 3000 萬美元用於支付 PPV 保費以滿足需求。凳子的第三條腿是產品重新設計。

So I think the environment on supply is on the margins, very slightly better, but still challenging and stiff for us. We're doing the inventory, higher inventory, increased PPV spend and continued product redesign I've referenced in earlier calls to satisfy this record demand.

所以我認為供應環境處於邊緣，稍微好一點，但對我們來說仍然充滿挑戰和僵硬。我們正在進行庫存、更高的庫存、增加的 PPV 支出和我在之前的電話會議中提到的持續產品重新設計，以滿足這一創紀錄的需求。

I would add, Greg, that on the automotive front, most of the LMR componentry that we are looking to get is in 40 nanometers and greater. That supports what's going on in automotive and heavy industry. And we're having success in getting what we need.

Greg，我要補充一點，在汽車方面，我們希望獲得的大部分 LMR 組件都是 40 納米或更大。這支持汽車和重工業正在發生的事情。我們在獲得我們需要的東西方面取得了成功。

The $30 million incremental is not only a good business decision, it also aligns to customer prioritization and us needing to fulfill backlog that customers have been waiting for. So in particular, this quarter, in Q3 and again in Q4, we anticipate strong PCR shipments where we're getting to parts of the portfolio that had been delayed in getting componentry for.

3000 萬美元的增量不僅是一個好的業務決策，而且還符合客戶的優先級，我們需要完成客戶一直在等待的積壓訂單。因此，特別是在本季度、第三季度和第四季度，我們預計 PCR 出貨量將強勁增長，我們將獲得部分產品組合，這些產品在獲得組件方面已被延遲。

So PCR, for example, this year, while we thought it could grow or would grow with constraints at 15% last quarter for the year, we now anticipate it's going to grow 20%. So we're getting access to the components necessary to unlock some of that PCR backlog as an example.

因此，例如，今年的 PCR，雖然我們認為它可能會增長，或者會在今年上個季度 15% 的限制條件下增長，但我們現在預計它將增長 20%。因此，作為示例，我們正在訪問解鎖一些 PCR 積壓所需的組件。

By the way, it also has helped -- the higher inventory decisions has also helped in video security and access control as well. We now expect that growth annually to be 25% for this year, up from 20%. And the higher inventory has afforded us a position to take some incremental share both in video and PCR because of the available product.

順便說一句，它也有所幫助——更高的庫存決策也有助於視頻安全和訪問控制。我們現在預計今年的年增長率為 25%，高於 20%。由於可用的產品，較高的庫存使我們能夠在視頻和 PCR 中獲得一些增量份額。

Lead times or -- can be a competitive advantage in this market for sure.

交貨時間或 - 肯定可以成為這個市場的競爭優勢。

Awesome. Congrats on the execution.

驚人的。祝賀執行。

Our next question comes from Sami Badri from Credit Suisse.

我們的下一個問題來自瑞士信貸的 Sami Badri。

This his Ryan Cui on for Sami. So I have 2 questions. First is can you remind us how many rounds of price increase have been done so far? And is there another round of price increase should we, like, expected considering the -- like, the inflation level?

這是他的瑞安崔為薩米。所以我有2個問題。首先是你能提醒我們到目前為止已經進行了多少輪漲價嗎？考慮到通貨膨脹水平，我們是否應該預期會出現另一輪價格上漲？

So our results for the year are going to be driven by both volume and price. The second half of this year will be even more supported by price because many of the actions we put into place earlier in the year have begun to impact the second half as we churn through prior backlog.

因此，我們今年的業績將受到數量和價格的雙重推動。今年下半年將更加受到價格的支持，因為我們在今年早些時候採取的許多行動已經開始影響下半年，因為我們處理了之前的積壓。

So we've done a variety of value-based pricing across the portfolio. They're helping enable, as we expected, our growth and our results in the second half. We'll continue to look at that, Jack and team around the -- near $800 million of R&D that we spend per year does differentiate our solutions and the work the team is doing on pricing to price-to-value.

因此，我們在整個投資組合中進行了各種基於價值的定價。正如我們預期的那樣，他們正在幫助我們實現下半年的增長和業績。我們將繼續關注這一點，Jack 和團隊圍繞我們每年花費的近 8 億美元的研發費用確實區分了我們的解決方案以及團隊在定價方面所做的工作。

Got you. I appreciate that. If I can squeeze in another one. So are you seeing any, like, signs of, like, potential slowdown, especially in the EU market considering the broad, like, concern from macroeconomic risk.

得到你。我很感激。如果我能擠進另一個。那麼，考慮到宏觀經濟風險帶來的廣泛擔憂，您是否看到任何潛在放緩的跡象，尤其是在歐盟市場。

We're not. We're not seeing that. I think that the Q3 print, I think, speaks for itself. And again, I can't thank the people across Motorola Solutions enough. I think the execution and focus has been superb. And there are a lot of moving parts, right?

不是。我們沒有看到這一點。我認為第三季度的印刷品不言自明。再一次，我對摩托羅拉解決方案公司的員工表示感謝。我認為執行力和專注力非常出色。而且有很多活動部件，對吧？

The historical pressure on the dollar, continued supply challenges, a lot of moving parts, but we're not. And also further reinforced by ending the quarter with record Q3 backlog. So I think demand remains strong.

美元的歷史壓力，持續的供應挑戰，很多活動部件，但我們不是。並且通過以創紀錄的第三季度積壓結束本季度進一步加強。所以我認為需求仍然強勁。

Just to piggyback on that, when you really -- when you think about our business outside of public safety, our next biggest vertical is education, which obviously, given the initiatives around safe schools, around access control, analytics, that's been a hot market and there's not only funding through the American rescue plan, there's also funding being pointed at that through the Bipartisan Safe Cities Act, which directly addresses access, egress, ingress issues at schools.

順便說一句，當你真正考慮我們在公共安全之外的業務時，我們的下一個最大垂直領域是教育，顯然，考慮到圍繞安全學校、訪問控制、分析的舉措，這是一個熱門市場不僅通過美國的救援計劃提供資金，還通過兩黨安全城市法案提供資金，該法案直接解決了學校的出入問題。

We now turn to Adam Tindle from Raymond James.

我們現在轉向 Raymond James 的 Adam Tindle。

Okay. I wanted to, Greg, return to the ESN conversation on the exit. I think a lot of investors view that as kind of the hedge to Airwave potentially going away at some point, kind of like having both LTE and LMR, so I wanted to understand why the strategic business decision to exit, given it seemed like a hedge that you had?

好的。我想，格雷格，回到出口處的 ESN 對話。我認為很多投資者認為 Airwave 的對沖可能會在某個時候消失，有點像同時擁有 LTE 和 LMR，所以我想了解為什麼戰略性商業決策退出，因為它看起來像是一種對沖你有嗎？

And then what does that mean for ESN? Is that network retired? Does it change hands? What becomes the Airwave alternative after this? And Jason, if you could talk about $65 million -- go ahead, Greg. I don't mean to throw too much out there.

那麼這對 ESN 意味著什麼？那個網絡退役了嗎？會轉手嗎？在此之後，什麼會成為 Airwave 的替代品？還有傑森，如果你能談一談 6500 萬美元——請繼續，格雷格。我並不是要扔太多。

No, I'm sorry. I'm sorry, I keep going, Adam. We want to get everything to the other. Go ahead. I'm sorry.

不，我很抱歉。對不起，我繼續，亞當。我們想把一切都給對方。前進。對不起。

I was just going to sneak in for Jason. He said $65 million of revenue, but my understanding was this wasn't the highest profitability. So I just wanted to understand the profitability impact of this.

我只是想偷偷溜進去找傑森。他說收入為 6500 萬美元，但我的理解是這不是最高的盈利能力。所以我只是想了解這對盈利能力的影響。

Yes. On the first question, I don't think we ever looked at ESN as a hedge. We were asked way back when to bid on it. We did. I think we've fulfilled our deliverables. We've been fully committed to this project. and we've worked closely with the customer.

是的。關於第一個問題，我認為我們從未將 ESN 視為對沖工具。我們被問到什麼時候出價。我們做到了。我認為我們已經完成了我們的可交付成果。我們已經完全致力於這個項目。我們與客戶密切合作。

And again, what I said, they're -- obviously, they're interrelated, Airwave and ESN. They're the same customer and ESN has plans to be a certain network by the U.K. home office. But I never viewed ESN as a hedge. I viewed it as building lot, too, and -- from MSI and delivering on the expectations they had for us.

同樣，正如我所說，它們是——顯然，它們是相互關聯的，Airwave 和 ESN。他們是同一個客戶，ESN 計劃成為英國家庭辦公室的特定網絡。但我從未將 ESN 視為對沖工具。我也將其視為構建地塊，並且——來自 MSI 並實現了他們對我們的期望。

As the discussions advance this year and more recently in the past quarter, I think there's a mutual agreement. It's the right thing to do to exit. Now the original contract, it was expiring at the end of 2024 anyway. So I think we both felt it was the right thing to do.

隨著今年討論的推進以及最近一個季度的討論，我認為雙方達成了共識。退出是正確的做法。現在原來的合同，反正到 2024 年底就到期了。所以我認為我們都認為這是正確的做法。

As Jason said, $65 million of revenue about this year and goes to 0 in 2024. And for next year, it's obviously less than 65, but that has to be worked out in a final agreement with transition terms that predicate exactly what that looks like for next year.

正如 Jason 所說，今年的收入約為 6500 萬美元，到 2024 年將變為 0。而明年，顯然低於 65，但這必須在最終協議中製定，過渡條款準確地預測了它的樣子明年。

And in terms of margin, you're right, it's lower than the rest of S&S. You think of it as a custom integration project in addition to us supplying them to MCPTT. So it's an integration-like margin profile on that $65 million.

就利潤率而言，你是對的，它低於 S&S 的其他公司。除了我們將它們提供給 MCPTT 之外，您還可以將其視為自定義集成項目。因此，在這 6500 萬美元上，這是一個類似於整合的利潤率。

And Adam, I'd point to you to the U.S. where we are a subcontractor to AT&T for all things FirstNet, which is a 4G now evolving to 5G high-speed LTE network, and we participate in that. And at the same time, we continue to grow and build LMR here domestically in the states. And in fact, we see record demand for LMR here in the U.S., while simultaneously participating in FirstNet. So I don't see it as a hedge, and I don't see it as a trade-off per se.

亞當，我要向你指出美國，我們是 AT&T 的分包商，負責 FirstNet 的所有業務，這是一個 4G 現在正在演變為 5G 高速 LTE 網絡，我們參與其中。與此同時，我們繼續在美國本土發展和建設 LMR。事實上，我們看到美國對 LMR 的需求創紀錄，同時參與了 FirstNet。所以我不認為它是一種對沖，我也不認為它本身是一種權衡。

Got it. Okay. And then on the other subject, I wanted to talk about the price-cost equation in your business model. I mean, we can debate when the $150 million of cost comes out of the model from a timing perspective, but I think we can all agree that, that's probably not permanent. It's going to come out at some point.

知道了。好的。然後在另一個主題上，我想談談你的商業模式中的價格-成本方程。我的意思是，我們可以從時間的角度討論 1.5 億美元的成本何時從模型中出來，但我認為我們都可以同意，這可能不是永久性的。它會在某個時候出來。

And I'm wondering when that happens, what's your intention with price at that point? You've implemented all these price increases. Would there be a need to reduce price at that point? Or do you think price sticks $150 million comes out and we might be looking at a structurally different level of margin in your business?

我想知道什麼時候發生這種情況，那時你對價格的打算是什麼？你已經實施了所有這些價格上漲。到時候有必要降價嗎？還是您認為價格保持在 1.5 億美元，我們可能會在您的業務中看到結構上不同的利潤率水平？

We view the price increases on our products as stickier than the $150 million of temporary market conditions that really are driven by brokers and third parties extracting maximum value in a scarce commodity play right now. So we've had good success in looking through the portfolio and engaging with our customers, and we'll continue to procure the parts that we need to at the parts -- at the prices that are market-driven right now. But as we look forward, there's opportunity there.

我們認為我們產品的價格上漲比 1.5 億美元的臨時市場條件更具粘性，這些條件實際上是由經紀人和第三方在目前稀缺商品中獲取最大價值推動的。因此，我們在查看產品組合和與客戶互動方面取得了巨大成功，我們將繼續以目前市場驅動的價格採購我們需要的零件。但正如我們所期待的那樣，那裡有機會。

Yes. The other thing I would remind you, when you think about 2023, is, as we said, we expect inventory to remain at elevated levels well into 2023. And second, we've prioritized public safety shipments this year, so we have some lower-tier PCR sitting in backlog that will have to flush through in Q4 and also into next year being a little bit of a counterweight to just the peel off of that $150 million.

是的。當您想到 2023 年時，我要提醒您的另一件事是，正如我們所說，我們預計到 2023 年庫存將保持在較高水平。其次，我們今年優先考慮公共安全發貨，所以我們有一些較低的積壓的 PCR 層將不得不在第四季度和明年完成，這對僅剝離 1.5 億美元起到了一點平衡作用。

Is there a simple way to think about the price spend? I mean the $150 million is really easy for us to understand. Is there a way to think -- price was x dollars in '22 and an incremental X dollars in '23? Or is it just too complicated to do that?

有沒有一種簡單的方法來考慮價格支出？我的意思是 1.5 億美元對我們來說真的很容易理解。有沒有辦法思考——22 年的價格是 x 美元，而 23 年的價格是 X 美元？還是這樣做太複雜了？

No, I would say this. For 2022, the growth we've had is both volume and price year-to-date. For the full year, Adam, we expect the growth to be volume and price increases, but with volumes still being a little bit more than half. It would be maybe appropriate to dimensionalize some further thoughts around pricing in February, but that's the best we could give you at this point in time.

不，我會這麼說。對於 2022 年，我們的增長是年初至今的數量和價格。亞當，我們預計全年的增長將是銷量和價格的增長，但銷量仍略高於一半。在 2 月份對定價進行一些進一步的思考可能是合適的，但這是我們目前能給你的最好的。

We now turn to Fahad Najam from Loop Capital.

我們現在轉向 Loop Capital 的 Fahad Najam。

I wanted to ask you first, for fuller clarification. Also, your S&S backlog, how much of it is from ESN? Is that about $100 million?

我想先問你，以獲得更全面的說明。另外，你們的 S&S 積壓，有多少來自 ESN？這大約是1億美元嗎？

$99 million of the contract value was reduced. So that's a reduction in backlog. Yes.

合同價值減少了 9900 萬美元。所以這是積壓的減少。是的。

Okay. So that's the entirety of the ESN backlog you were carrying in the S&S. There's no additional related projects from that, right, in that $99 million.

好的。這就是您在 S&S 中攜帶的全部 ESN 積壓工作。在這 9900 萬美元中，沒有其他相關項目。

That's right. The decision to exit the ESN contract, as most probable, reduced our backlog by $99 million for future contract as well as we had a noncash charge of $147 million off the balance sheet, corresponding to our project and the delivery. Those are the 2 numbers that I think are most relevant to financially what we've decided is the most likely outcome.

這是正確的。最有可能的是，退出 ESN 合同的決定為我們的未來合同減少了 9900 萬美元的積壓，並且我們在資產負債表外有 1.47 億美元的非現金費用，對應於我們的項目和交付。這些是我認為與我們認為最有可能的結果在財務上最相關的兩個數字。

Got it. Now to my questions. Greg, in terms of how much of your revenue you're being in benefit from stimulus funds? Are you still expecting the majority of funds to show up next year? Just kind of paint us through how you're thinking about calendar '23. I appreciate the initial outlook you shared with us. But maybe if you could double-click your business, what's driving that?

知道了。現在回答我的問題。格雷格，就您從刺激資金中受益的收入而言，您有多少？您是否仍然期望大部分資金會在明年出現？只是通過您對日曆'23的想法來描繪我們。我很欣賞您與我們分享的初步前景。但也許如果你可以雙擊你的業務，是什麼驅動了它？

Sure. So it's always important to probably take it back and point out that what we do, it's a need-to-have and not a nice-to-have. But with that said, we've got $200 million year-to-date through Q3 in revenue that's tied in some way to the American Rescue Plan. The bigger thing to point to is this is a multiyear phenomenon. The ARP funds run through 2024. In all likelihood, some element of that will be extended as well.

當然。因此，可能收回並指出我們所做的事情總是很重要的，它是需要擁有的，而不是美好的擁有。但話雖如此，截至第三季度，我們今年迄今已獲得 2 億美元的收入，這在某種程度上與美國救援計劃有關。更重要的是，這是一個多年的現象。 ARP 資金將持續到 2024 年。很可能其中的一些要素也將得到擴展。

I think it's actually $200 million in year-to-date orders.

我認為今年迄今為止的訂單實際上是 2 億美元。

Orders. You're right. Yes. Good clarification.

訂單。你是對的。是的。很好的澄清。

(Operator Instructions) We now turn to Paul Chung from JPMorgan.

（操作員說明）我們現在轉向摩根大通的 Paul Chung。

You mentioned you feel comfortable with that $9.5 billion in '23 initially. Can you kind of expand on the pace of growth you expect between segments? Can we still see that 20% type growth in video? And as we start to think about gross margins for next year, can you kind of quantify the uplift we should kind of expect as, hopefully, you start to see some component pricing come down and supply chain costs also come down?

你提到你對 23 年最初的 95 億美元感到滿意。您能否擴大您對細分市場之間預期的增長速度？我們還能看到視頻中 20% 的類型增長嗎？當我們開始考慮明年的毛利率時，您能否量化一下我們應該期待的提升，因為希望您開始看到一些組件價格下降，供應鏈成本也下降？

Yes. I think, Paul, the color I'm giving in the $9.5 million is really that. It's meant to be more directional than specific. I think we'll reserve the individual specifics around segments and technologies when we have the next earnings call in February.

是的。我認為，保羅，我在 950 萬美元中給出的顏色確實如此。它意味著比具體更具方向性。我認為，當我們在 2 月份召開下一次財報電話會議時，我們將保留有關細分市場和技術的個別細節。

I would say, though, it has been our ongoing goal and history, from a margin standpoint anyway, and I'd say operating margins, that aspirationally, we would look to expand operating margins again in 2023. But we want to see the Q4 print, the disposition of the backlog that will inform us better on the specifics in February around more detail from a segment and technology view.

不過，我想說，無論如何，從利潤率的角度來看，這一直是我們持續的目標和歷史，我想說的是營業利潤率，我們希望在 2023 年再次擴大營業利潤率。但我們希望看到第四季度打印，積壓的處理將在 2 月份從細分和技術角度讓我們更好地了解具體細節。

Got you. I appreciate that. And then just to follow up on free cash flow guide, that kind of implies a record ramp here in 4Q. What are some risks here across working cap to hitting that guide and your visibility into cash flows? And are you starting to see some component pricing easing a bit helping in '23?

得到你。我很感激。然後只是跟進自由現金流指南，這意味著第四季度創紀錄的增長。在達到該指南和您對現金流的可見性方面，工作上限有哪些風險？您是否開始看到一些組件定價在 23 年有所緩解？

Our Q4 cash flow call and -- is supported by almost $900 million of higher sales in the second half. So a tremendous AR opportunity. We've had better linearity we did in Q3, and we'll have it again in Q4 anticipate. So around getting products out the door sooner in the quarter such that they can turn to cash within the quarter, we call it quick-turn.

我們的第四季度現金流電話和 - 得到了下半年近 9 億美元的更高銷售額的支持。這是一個巨大的 AR 機會。我們在第三季度獲得了更好的線性度，並且我們將在第四季度再次擁有它。因此，圍繞在本季度盡快推出產品以便它們可以在本季度內變現，我們稱之為快速周轉。

And then, of course, we are anticipating lower payments and slightly lower inventory to end the year off of our current elevated $1.157 billion inventory level. So we anticipate we had a good Q3 operating cash flow and we anticipate having another very good Q4 in getting to the $17.75 that we talked about during my portion of the call.

然後，當然，我們預計到今年年底，我們將支付較低的付款和略低的庫存，而我們目前的庫存水平為 11.57 億美元。因此，我們預計第三季度的運營現金流良好，我們預計第四季度的運營現金流會非常好，達到我們在電話會議中談到的 17.75 美元。

Our next question comes from Keith Housum from Northcoast Research.

我們的下一個問題來自 Northcoast Research 的 Keith Housum。

Greg, you mentioned that the Airwave, perhaps the appeals process, can you provide a little bit of color about what options actually Motorola will have if the CMA is successful coming through with these proposal adjustments for the Airwave?

格雷格，你提到了 Airwave，也許是上訴過程，如果 CMA 成功通過對 Airwave 的這些提案調整，你能否提供一些關於摩托羅拉實際有哪些選擇的顏色？

Yes. Thank you, Keith. Again, the decision that came out was provisional. We don't expect a final decision until early next year. To your question, it's worth mentioning that after a final decision, there is then a remedy implementation phase that actually takes a few more months to sort out what the final ruling is in terms of how to implement.

是的。謝謝你，基思。同樣，做出的決定是臨時的。我們預計要到明年年初才能做出最終決定。對於你的問題，值得一提的是，在最終決定之後，還有一個補救實施階段，實際上需要幾個月的時間來理清最終裁定在如何實施方面是什麼。

I think statutorily, that has to be done no later than I think it's 9 or 10 months after the final decision. So that takes time to do that. I told you that we are convicted in our position. And while we are obviously going to continue to work with the CMA and the customer, we think the foundings (sic) [findings] in the provisional are unfounded and overreaching and unprecedented.

我認為從法律上講，這必須在我認為最終決定後的 9 或 10 個月內完成。所以這需要時間來做到這一點。我告訴過你，我們在我們的位置上被定罪。雖然我們顯然將繼續與 CMA 和客戶合作，但我們認為臨時的成立（原文如此）[調查結果] 是沒有根據的、過度的和史無前例的。

By the way, it's worth also mentioning, there is a notation in the actual provisional decision that includes a potential invitation for the home office and us to agree to a different arrangement than what the CMA has proposed. That's explicit and referenced embedded in the provisional. We would certainly be open to that conversation. And so we'll see how things develop. But there's several more months to go here.

順便說一句，還值得一提的是，實際臨時決定中有一個註釋，其中包括可能邀請總部和我們同意與 CMA 提出的不同安排。這是明確的，並在臨時文件中引用。我們當然願意接受這種對話。因此，我們將看到事情如何發展。但這裡還有幾個月的時間。

Appreciate it. And then I'm going to ask -- I'll ask a different question for my follow-up, if I could. The video surveillance going from 20% to 25% growth for the year. I guess, could you just provide a little bit of color about some of that strength there. Obviously, it's been notable that some of your Chinese competitors are getting some more challenges, I guess, for lack of a better word, around the world. Is that contributing to that growth?

欣賞它。然後我要問——如果可以的話，我會問一個不同的問題。視頻監控全年增長 20% 至 25%。我想，你能不能提供一點關於那裡的一些力量的顏色。顯然，值得注意的是，你們的一些中國競爭對手正在世界範圍內面臨更多挑戰，我猜是因為沒有更好的詞。這是否有助於這種增長？

I think -- you were clipping in and out, but I think that the direction of your question is the -- kind of the inertia against some Chinese suppliers adding to our growth this year. I think the answer is yes, but actually, it's kind of measured. Because remember, under the NDAA, the National Defense Authorization Act at the Fed level, it prohibits future procurement from Huawei, Hytera, Hikvision, Dahua ZTE. It is not a rip-and-replace.

我認為 - 你在進進出出，但我認為你的問題的方向是 - 對一些中國供應商的慣性增加了我們今年的增長。我認為答案是肯定的，但實際上，它是有衡量的。因為請記住，根據 NDAA（美聯儲級別的國防授權法案），它禁止未來從華為、海能達、海康威視、大華中興採購。它不是一個淘汰和替換。

So I don't think there's a pop-the-clutch moment of big growth there, which is the same thing in terms of the NDAA provision around grant money. The other positive move that could help as a potential tailwind kind of circumstantially will be the Secure Equipment Act at the FCC level, which, by the way, could be as early as November, but it also could take more time.

所以我不認為那裡有一個大增長的關鍵時刻，這與 NDAA 關於撥款的條款是一樣的。另一個可能有助於作為潛在順風的積極舉措將是 FCC 級別的《安全設備法》，順便說一句，該法案最早可能在 11 月出台，但也可能需要更多時間。

But if the FCC follows along the lines or contours of the NDAA, that could potentially prohibit in the case of LMR-Hytera procurement. And in the case of video security, Hikvision and Dahua future procurement for the enterprise, that would be favorable. So clearly, it's a favorable trend. But -- and I think it's a contributor, but I don't think it's an overwhelming driver to the results we're printing to date.

但是，如果 FCC 遵循 NDAA 的路線或輪廓，則可能會禁止 LMR-Hytera 採購。而在視頻安防的情況下，海康威視和大華未來的採購對企業來說是有利的。很明顯，這是一個有利的趨勢。但是 - 我認為它是一個貢獻者，但我不認為它是我們迄今為止打印結果的壓倒性驅動因素。

Our final question comes from Jim Suva from Citigroup.

我們的最後一個問題來自花旗集團的 Jim Suva。

Education, you highlighted, Greg, on your comments, which is great to hear. Can you give us a little bit of insight about, like, percent of sales now versus importantly, outlook. It seems like that's a growing area. I mean, just recently, our school PTA had a meeting talking about the situation of putting in technology, and I actually recommended your type of products and -- but it's a long discussion.

格雷格，教育，你在你的評論中強調，很高興聽到。您能否給我們一些關於現在銷售百分比與重要的前景的見解。這似乎是一個不斷增長的領域。我的意思是，就在最近，我們學校的 PTA 開會討論了技術投入的情況，我實際上推薦了你們的產品類型，而且——但這是一個很長的討論。

And so can you talk about kind of the time line there on what you're seeing and the profitability, I assume, continues to increase as certain other school districts start to seed solutions to other school districts and it kind of starts to self-market itself at some point, but the initial kickoff seems pretty hard.

所以你能談談你所看到的時間線嗎？我認為，隨著某些其他學區開始為其他學區提供解決方案並開始自我營銷，盈利能力會繼續增加本身在某些時候，但最初的啟動似乎相當困難。

Jim, you nailed it. It is a game of inertia. But just to dimensionalize it, think of it as around 25% of our fixed video security and access control business. The one thing that we've been very thoughtful around the investments we've made not only organically. It started with Avigilon and the investments we've made organically there, but the acquisitions by way of Ava and Openpath.

吉姆，你成功了。這是一種慣性遊戲。但只是為了對其進行維度化，將其視為我們固定視頻安全和訪問控制業務的 25% 左右。我們對我們所做的投資不僅有機地進行了非常周到的一件事。它始於 Avigilon 和我們在那裡進行的有機投資，但通過 Ava 和 Openpath 進行的收購。

Because what we're seeing, and as you pointed out, larger school districts may want an on-prem solution. And a lot of the moneys that are being directed now are actually at a private and smaller schools, and they might want a cloud-based solution. So we feel like we've got -- obviously, we've got the ability to meet the customers depending on their needs for where they are.

因為我們所看到的，正如您所指出的，較大的學區可能需要本地解決方案。現在被引導的很多資金實際上是在私立和規模較小的學校，他們可能想要一個基於雲的解決方案。所以我們覺得我們已經 - 顯然，我們有能力根據客戶對他們所在位置的需求來滿足他們的需求。

In terms of growth rate, you've seen in the print, we had 33% growth. Education is growing in that category. So it's roughly 1/4 of our fixed video security business growing approximately 30% this year.

就增長率而言，您已經在印刷品中看到，我們增長了 33%。該類別的教育正在增長。因此，這大約是我們固定視頻安全業務的 1/4，今年增長了約 30%。

And this is also an area of investment as we further integrate all of our portfolio in and around safer schools. Mahesh, maybe you could talk about some of the things we're doing to integrate the portfolio so to better position our portfolio to keep schools safe.

這也是一個投資領域，因為我們進一步將我們所有的投資組合整合到更安全的學校及其周圍。 Mahesh，也許您可以談談我們為整合作品集所做的一些事情，以便更好地定位我們的作品集以確保學校安全。

Introduced a program called Safety Reimagined not too long ago. And the key elements -- a technology element of Safety Reimagined was a solution called orchestrate. And one of the things that orchestrate enables us to do is to really coordinate the detection capabilities of our AI-enabled fixed cameras to actions that are possible within the school, including notifications to radios as well.

不久前推出了一個名為 Safety Reimagined 的程序。關鍵要素——重新構想的安全技術要素是一種稱為協調的解決方案。編排使我們能夠做的一件事就是將我們支持 AI 的固定攝像頭的檢測能力真正協調到學校內可能採取的行動，包括向無線電發出的通知。

And all of this enables effective public-private partnership even during a response time frame. So when you put it all together, it actually takes advantage of the entirety of the Motorola Solutions portfolio, and we are uniquely positioned to go in and solve specific problems for schools.

即使在響應時間範圍內，所有這些都可以實現有效的公私合作夥伴關係。因此，當您將它們放在一起時，它實際上利用了整個摩托羅拉解決方案產品組合，並且我們具有獨特的優勢，可以進入並為學校解決特定問題。

This concludes our question-and-answer session. I'll now turn the floor over to Mr. Greg Brown, Chairman and Chief Executive Officer for any additional comments or closing remarks.

我們的問答環節到此結束。我現在請主席兼首席執行官 Greg Brown 先生髮表任何補充意見或閉幕詞。

Thank you very much. I appreciate everybody joining us Thursday afternoon. Look, I just want to summarize and just say thank you to everybody. Despite ongoing supply chain challenges, significant FX headwinds, increasing inflation and the Fed raising interest rates, despite all of that, we continue to grow.

非常感謝。感謝大家星期四下午加入我們。看，我只是想總結一下，對大家說聲謝謝。儘管存在持續的供應鏈挑戰、重大的外匯逆風、通貨膨脹加劇和美聯儲加息，儘管如此，我們仍在繼續增長。

We continue to grow based on volume and some pricing power. We're raising expectations on top and bottom for the full year. We've delivered on capital allocation strategy year-to-date, investing more than $1.3 billion. But most importantly, we continue to meet the needs of our customers. I mean, the environment's strong, exceptionally strong, strong funding, record orders, record backlog.

我們繼續根據數量和一些定價能力增長。我們正在提高對全年的預期。年初至今，我們已經實施了資本配置策略，投資超過 13 億美元。但最重要的是，我們繼續滿足客戶的需求。我的意思是，環境的強大，異常強大，強大的資金，創紀錄的訂單，創紀錄的積壓。

And while we're really proud of the print, I'm also equally proud of that we're printing these results while still investing in the business and in the portfolio to differentiate ourselves accordingly. I like our position heading into 2023, and I am deeply grateful and thankful to everybody at Motorola Solutions, a hell of a quarter.

雖然我們為印刷品感到非常自豪，但我同樣為我們在印刷這些結果的同時仍然投資於業務和投資組合以相應地區分自己而感到自豪。我喜歡我們進入 2023 年的職位，我非常感謝和感謝摩托羅拉解決方案的每個人，一個季度的地獄。

And by the way, particularly all of those of you in Florida, the systems integration team, the services team during Hurricane Ian, the strength of our LMR networks shone through, but even more importantly, the courage and the pride of our people showed through, too, time and time again. I'm grateful and I'm proud of you. Thanks for joining us, and we'll talk to you again in a few months.

順便說一句，特別是在佛羅里達州的所有人，系統集成團隊，伊恩颶風期間的服務團隊，我們的 LMR 網絡的實力得到了體現，但更重要的是，我們人民的勇氣和自豪感通過，同樣，一次又一次。我很感激，我為你感到驕傲。感謝您加入我們，我們將在幾個月後再次與您交談。

Ladies and gentlemen, this does conclude today's teleconference. A replay of this call will be available over the Internet within 2 hours. The website address is www.motorolasolutions.com/investor. We thank you for your participation and ask that you please disconnect your lines at this time.

女士們，先生們，今天的電話會議到此結束。該電話的重播將在 2 小時內通過 Internet 提供。網站地址是 www.motorolasolutions.com/investor。我們感謝您的參與，並要求您此時請斷開您的線路。