摩托羅拉 (MSI) 2022 Q4 法說會逐字稿

Good afternoon, and thank you for holding. Welcome to the Motorola Solutions Fourth Quarter 2022 Earnings Conference Call. Today's call is being recorded. If you have any objections, please disconnect at this time. The presentation material and additional financial tables are posted on the Motorola Solutions Investor Relations website.

下午好，謝謝你的支持。歡迎參加摩托羅拉系統 2022 年第四季度收益電話會議。今天的通話正在錄音中。如果您有異議，請此時斷開連接。演示材料和其他財務表格發佈在摩托羅拉系統投資者關係網站上。

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/investors. (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。網址為 www.motorolasolutions.com/investors。 （操作員說明）我現在想介紹投資者關係副總裁 Tim Yocum 先生。 Yocum 先生，您可以開始您的會議了。

Welcome to our 2022 fourth 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.

歡迎來到我們的 2022 年第四季度財報電話會議。今天和我在一起的是董事長兼首席執行官 Greg Brown；執行副總裁兼首席財務官 Jason Winkler；執行副總裁兼首席運營官 Jack Molloy；執行副總裁兼首席技術官 Mahesh Saptharishi。

Greg and Jason will review our results along with commentary, and Jack and Mahesh will join for Q&A. We've posted an earnings presentation and news release at motorolasolutions.com/investors. 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.

Greg 和 Jason 將審查我們的結果並發表評論，Jack 和 Mahesh 將參加問答環節。我們已在 motorolasolutions.com/investors 上發布了收益介紹和新聞稿。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，否則我們參考了非 GAAP 財務結果，包括我們展望中的財務結果。

A number of forward-looking statements will be made during this presentation and during the Q&A portion of the call. These 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, in the comments made during this conference call, in the Risk Factors section of our 2021 annual report on Form 10-K or any quarterly report on Form 10-Q and in our other reports and filings with the SEC.

在本次演示和電話問答環節中，將發表一些前瞻性陳述。這些陳述基於受各種風險和不確定性影響的當前預期和假設。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，請參見今天的收益新聞稿、本次電話會議的評論、我們 2021 年 10-K 表年度報告或任何 10-Q 表季度報告的風險因素部分以及我們向美國證券交易委員會提交的其他報告和文件。

We do not undertake any duty to update any forward-looking statements. I'll now turn it over to Greg.

我們不承擔更新任何前瞻性陳述的義務。我現在將其交給 Greg。

Thanks, Tim. Good afternoon, and thanks for joining us today. I'm going to start off by sharing a few thoughts about the overall business before Jason takes us through our results and the outlook. First, our record Q4 results highlight the continued robust demand we're seeing for our public safety and enterprise security solutions.

謝謝，蒂姆。下午好，感謝您今天加入我們。在 Jason 向我們介紹我們的結果和展望之前，我將首先分享一些關於整體業務的想法。首先，我們創紀錄的第四季度業績突顯了我們對公共安全和企業安全解決方案的持續強勁需求。

During the quarter, we grew revenue 17%, earnings per share, 26%, expanded operating margins by 150 basis points and generated a record $1.3 billion of operating cash flow. Additionally, orders remained strong, which led to record ending backlog of $14.3 billion, up $800 million versus last year.

本季度，我們的收入增長了 17%，每股收益增長了 26%，營業利潤率提高了 150 個基點，並產生了創紀錄的 13 億美元營業現金流。此外，訂單依然強勁，導致積壓訂單達到創紀錄的 143 億美元，比去年增加 8 億美元。

Second, 2022 was an outstanding year across the board. In our Products and Systems Integration segment, we grew revenue 14% driven by strong growth in both LMR and video security and we ended the year with record backlog up 22% versus last year. We also expanded operating margins in the segment by 110 basis points despite higher costs related to semiconductors.

其次，2022 年是全面出色的一年。在我們的產品和系統集成部門，在 LMR 和視頻安全的強勁增長的推動下，我們的收入增長了 14%，並且我們在年底的積壓訂單比去年增加了 22%，創下歷史新高。儘管與半導體相關的成本較高，但我們還將該部門的營業利潤率提高了 110 個基點。

In Software and Services, revenue was up 8% and 12% when normalized for FX headwinds, highlighted by double-digit growth in both Video Security and Command Center. And finally, as I look to 2023 our record backlog position, coupled with a robust funding environment positions us well for another year of strong revenue and earnings growth. I'll now turn the call over to Jason to take you through our results and outlook.

在軟件和服務方面，當外匯逆風標準化時，收入分別增長了 8% 和 12%，視頻安全和指揮中心的兩位數增長突顯了這一點。最後，當我展望 2023 年時，我們創紀錄的積壓狀況，加上強勁的融資環境，使我們能夠在又一年實現強勁的收入和盈利增長。我現在將電話轉給傑森，讓您了解我們的結果和展望。

Thank you, Greg. Revenue for the quarter grew 17% with record fourth quarter revenue in both segments and in all 3 technologies. Revenue exceeded our guidance and was driven by supply chain execution during the quarter, enabling higher product revenues in LMR. FX headwinds during the quarter were $87 million, while acquisitions added $39 million. GAAP operating earnings were $692 million, up 26% versus last year, and GAAP operating margins were 25.6% compared with 23.7% in the prior year.

謝謝你，格雷格。本季度的收入增長了 17%，兩個部門和所有 3 項技術的第四季度收入均創歷史新高。收入超出了我們的指導，並且受到本季度供應鏈執行的推動，從而使 LMR 的產品收入更高。本季度外匯逆風為 8700 萬美元，而收購增加了 3900 萬美元。 GAAP 營業收入為 6.92 億美元，比去年增長 26%，GAAP 營業利潤率為 25.6%，而去年同期為 23.7%。

Non-GAAP operating earnings were $822 million, up 23% from the year ago quarter and non-GAAP operating margin was 30.4%, up from 28.9%. This was Motorola Solutions' first ever quarter of over 30% operating margin and was driven by the higher sales in both segments and the improved operating leverage, particularly in the Products and SI segment. GAAP earnings per share was $3.43, up from $2.30 in the year ago quarter on higher sales and in a lower effective tax rate, driven primarily by a $47 million or $0.27 per share tax benefit from the release of a valuation allowance against U.S. foreign tax credits.

非 GAAP 營業利潤為 8.22 億美元，比去年同期增長 23%，非 GAAP 營業利潤率為 30.4%，高於 28.9%。這是 Motorola Solutions 有史以來第一個營業利潤率超過 30% 的季度，這得益於這兩個部門的銷售額增加以及運營槓桿率的提高，尤其是在產品和 SI 部門。 GAAP 每股收益為 3.43 美元，高於去年同期的 2.30 美元，原因是銷售額增加和有效稅率降低，這主要是由於美國外國稅收抵免的估值津貼釋放帶來的 4700 萬美元或每股 0.27 美元的稅收優惠.

Non-GAAP EPS was $3.60, up 26% from $2.85 last year, driven by higher sales and improved operating leverage. OpEx in Q4 was $541 million, up $21 million versus last year, primarily due to acquisitions and higher incentives. For the full year 2022, revenue was $9.1 billion, up 12% with strong growth in both segments and across all 3 technologies.

非 GAAP 每股收益為 3.60 美元，較去年的 2.85 美元增長 26%，這主要是由於銷售額增加和經營槓桿率提高。第四季度的運營支出為 5.41 億美元，比去年增加 2100 萬美元，這主要是由於收購和更高的激勵措施。 2022 年全年收入為 91 億美元，增長 12%，兩個細分市場和所有 3 項技術均實現強勁增長。

The impact from unfavorable currency was $216 million, and revenue from acquisitions was $121 million. GAAP operating earnings were $1.7 billion or 18.2% of sales versus 20.4% in the year prior. The decrease was primarily driven by the $147 million noncash fixed asset impairment recognized in the current year related to our exit of ESN.

不利貨幣的影響為 2.16 億美元，收購收入為 1.21 億美元。 GAAP 營業收入為 17 億美元，佔銷售額的 18.2%，上年同期為 20.4%。減少的主要原因是本年度確認的與我們退出 ESN 相關的 1.47 億美元非現金固定資產減值。

Non-GAAP operating earnings were $2.4 billion, up $251 million, and non-GAAP operating margins were 26% of sales, up from 25.9% in the year prior driven by higher sales and improved operating leverage, partially offset by higher material costs and higher expenses from acquisitions. GAAP earnings per share was $7.93, up 11% compared to the $7.17 in the year prior, driven by higher sales, a lower effective tax rate and partially offset by the asset impairment charge related to the ESN exit and higher material costs.

非美國通用會計準則營業利潤為 24 億美元，增加了 2.51 億美元，非美國通用會計準則營業利潤率為銷售額的 26%，高於上年同期的 25.9%，這主要是由於銷售額增加和經營槓桿提高，部分被材料成本增加和更高的成本所抵消收購費用。 GAAP 每股收益為 7.93 美元，與上年同期的 7.17 美元相比增長 11%，這是由於銷售額增加、有效稅率降低以及與 ESN 退出相關的資產減值費用和材料成本增加所部分抵消。

Non-GAAP earnings per share was $10.36, up 13% from $9.15 in 2021 on higher sales and improved operating leverage, partially offset by higher material costs. For the full year, our operating expenses were $2.1 billion, up $107 million from 2021, primarily driven by acquisitions and investments into our video business. And the effective tax rate for '22 was 20% compared to 21% in the year prior due to higher benefits from stock-based compensation in the current year.

非 GAAP 每股收益為 10.36 美元，較 2021 年的 9.15 美元增長 13%，原因是銷售額增加和運營槓桿提高，部分被材料成本增加所抵消。全年，我們的運營費用為 21 億美元，比 2021 年增加 1.07 億美元，這主要是由於對視頻業務的收購和投資。由於當年股票薪酬帶來的更高收益，22 年的實際稅率為 20%，而前一年為 21%。

Turning next to cash flow. Q4 operating cash flow was a record $1.3 billion, up $570 million compared with the prior year, and free cash flow was $1.2 billion, up $565 million from 2021. Our record cash flow performance during the quarter was driven by improved working capital and higher earnings. And for the full year, operating cash flow was $1.8 billion, with free cash flow of $1.6 billion, consistent with the prior year.

接下來轉向現金流。第 4 季度運營現金流達到創紀錄的 13 億美元，比上年增加 5.7 億美元，自由現金流為 12 億美元，比 2021 年增加 5.65 億美元。本季度我們創紀錄的現金流表現得益於營運資本的改善和收益的增加.全年運營現金流為 18 億美元，自由現金流為 16 億美元，與上年持平。

Higher earnings in 2022 were offset by the cash payments related to the increase in annual incentive payments earned in 2021 and higher inventory. Capital allocation for 2022 included $1.2 billion for acquisitions, $836 million in share repurchases at an average price of $225 per share, and $530 million in cash dividends. Additionally, during the year, we issued $600 million of new long-term debt and repaid $275 million of outstanding debt. We also increased our dividend 11%, our 12th consecutive year of double-digit increases.

2022 年較高的收益被與 2021 年獲得的年度激勵付款增加和庫存增加相關的現金支付所抵消。 2022 年的資本配置包括 12 億美元的收購、8.36 億美元的股票回購（平均每股 225 美元）以及 5.3 億美元的現金股息。此外，在這一年中，我們發行了 6 億美元的新長期債務並償還了 2.75 億美元的未償債務。我們還將股息提高了 11%，這是我們連續第 12 年實現兩位數增長。

Moving next to our segment results. In Products and SI, strong demand continued with Q4 sales up 21%, including record revenue in both LMR and video. Currency headwinds were $43 million, and revenue from acquisitions in the quarter was $20 million. Operating earnings in Q4 were $514 million or 28.4% of sales, up from 25.3% in the year prior, driven primarily by higher sales and operating leverage partially offset by higher material costs.

接下來是我們的細分結果。在產品和 SI 方面，第四季度銷售額增長 21%，需求持續強勁，包括 LMR 和視頻的創紀錄收入。貨幣逆風為 4300 萬美元，本季度收購收入為 2000 萬美元。第四季度營業收入為 5.14 億美元，佔銷售額的 28.4%，高於去年同期的 25.3%，這主要是由於較高的銷售額和運營槓桿部分被較高的材料成本所抵消。

Some notable Q4 wins and achievement in this segment include several large APX NEXT device orders, including $45 million from the city of Houston, $39 million from a large U.S. customer, $30 million from the city of Dallas and a $21 million add-on order from a large U.S. customer that previously purchased APX NEXT devices. Additionally, during the quarter, we received a $20 million APX NEXT and Command Center order from Kansas City, a $19 million P25 system order for a large international customer and a $3 million fixed order for metro Metra Rail in Chicago.

該領域第四季度的一些顯著勝利和成就包括幾筆大型 APX NEXT 設備訂單，包括來自休斯敦市的 4500 萬美元、來自美國大客戶的 3900 萬美元、來自達拉斯市的 3000 萬美元以及來自美國的 2100 萬美元附加訂單。以前購買過 APX NEXT 設備的美國大客戶。此外，在本季度，我們還收到了堪薩斯城 2000 萬美元的 APX NEXT 和指揮中心訂單、一家大型國際客戶的 1900 萬美元 P25 系統訂單以及芝加哥地鐵 Metra Rail 的 300 萬美元固定訂單。

For the full year, Products and SI revenue was $5.7 billion, up 14% from the prior year, driven by higher sales of LMR and video. Revenue from acquisitions was $53 million and currency headwinds were $98 million. Full year operating earnings were $1.2 billion or 20.5% of sales, up from 19.4% in the year prior on higher sales and improved operating leverage, partially offset by higher material costs.

全年，產品和 SI 收入為 57 億美元，比上年增長 14%，這主要受 LMR 和視頻銷售額增加的推動。收購收入為 5300 萬美元，貨幣逆風為 9800 萬美元。全年營業收入為 12 億美元，佔銷售額的 20.5%，高於上年同期的 19.4%，原因是銷售額增加和經營槓桿率提高，部分被材料成本增加所抵消。

In Software and Services, Q4 revenue was 9% -- up 9%, which included $44 million of FX headwinds and $19 million of revenue from acquisitions. Total software revenue was up 17%, with double-digit growth in both Video and Command Center while in LMR services, revenue was up 5% after a $39 million FX headwind. Q4 operating earnings in the segment were $308 million or 34.4% of sales, down 100 basis points from last year, driven by unfavorable mix and higher acquisition expenses.

在軟件和服務方面，第四季度收入增長 9%，增長 9%，其中包括 4400 萬美元的外匯逆風和 1900 萬美元的收購收入。軟件總收入增長 17%，視頻和命令中心均實現兩位數增長，而 LMR 服務收入在 3900 萬美元的逆風之後增長了 5%。該部門第四季度營業收入為 3.08 億美元，佔銷售額的 34.4%，比去年下降 100 個基點，原因是不利的組合和更高的收購費用。

Some notable Q4 highlights in this segment include a $56 million P25 multiyear extension of the managed services operations at Interexport, which serves the Chilean National Law Enforcement Police; a $25 million P25 software upgrade renewal for a large U.S. customer; a $22 million Next-Generation 911 expansion and renewal order for the Greater Harris County, Texas area; a $21 million system upgrade and multiyear services renewal for Lane County, Oregon; a $15 million P25 and Command Center upgrade order for Columbus, Georgia; and a $15 million license plate recognition camera system expansion order from the Illinois state police.

該部分第四季度的一些值得注意的亮點包括 Interexport 的託管服務業務的 5600 萬美元 P25 多年期擴展，該業務為智利國家執法警察提供服務；為一家美國大客戶提供價值 2500 萬美元的 P25 軟件升級更新；德克薩斯州大哈里斯縣的價值 2200 萬美元的下一代 911 擴建和續約訂單；俄勒岡州萊恩縣耗資 2100 萬美元的系統升級和多年服務更新；喬治亞州哥倫布市價值 1500 萬美元的 P25 和指揮中心升級訂單；以及來自伊利諾伊州警方的價值 1500 萬美元的車牌識別攝像頭系統擴展訂單。

For the full year, revenue was $3.4 billion, up 8% on growth in Video, LMR services and Command Center. Revenue from acquisitions was $68 million and currency headwinds were $118 million. Full year operating earnings were $1.2 billion or 35.3% of sales, down 110 basis points versus the prior year, driven by mix and higher acquisition expenses.

全年收入為 34 億美元，由於視頻、LMR 服務和指揮中心的增長而增長 8%。收購收入為 6800 萬美元，貨幣逆風為 1.18 億美元。全年營業收入為 12 億美元，佔銷售額的 35.3%，較上年下降 110 個基點，這主要是由於業務組合和更高的收購費用。

Looking at our regional results. North America in Q4 revenue was $1.9 billion, up 18% on strong growth in both segments and in all 3 technologies. For the full year, North America revenue was $6.4 billion, up 15% with double-digit growth in both segments and in all 3 technologies. International Q4 revenue was $808 million, up 15% versus last year with growth in all 3 technologies.

查看我們的區域結果。北美第四季度收入為 19 億美元，增長 18%，這得益於這兩個細分市場和所有 3 項技術的強勁增長。全年，北美收入為 64 億美元，增長 15%，兩個細分市場和所有 3 項技術均實現兩位數增長。國際第四季度收入為 8.08 億美元，比去年增長 15%，這三項技術均有增長。

And for the full year, international revenue was $2.7 billion, up 5%, inclusive of the significant FX headwinds. Moving to backlog. Ending backlog with a record $14.3 billion, up $788 million or 6% compared to last year, inclusive of $418 million of unfavorable FX and a $99 million reduction related to the exit of the ESN contract.

全年國際收入為 27 億美元，增長 5%，其中包括重大的外匯逆風。轉移到積壓。以創紀錄的 143 億美元結束積壓訂單，比去年增加 7.88 億美元或 6%，其中包括 4.18 億美元的不利外彙和與退出 ESN 合同相關的 9900 萬美元減少。

The backlog growth was driven by the continued record demand we're seeing across all 3 technologies. Sequentially, backlog was up $837 million despite the record Q4 sales with growth in both segments. In the Products and SI segment, robust order demand in both LMR and Video continues to drive record backlog, which was up $894 million or 22% compared to last year.

積壓增長是由我們在所有 3 種技術中看到的持續創紀錄的需求推動的。因此，儘管第四季度銷售額創下歷史新高，兩個細分市場均有所增長，但積壓訂單仍增加了 8.37 億美元。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訂單，與去年相比增加了 8.94 億美元或 22%。

Sequentially, Products and SI backlog was up $68 million. This was our 10th consecutive quarter of sequential backlog growth in this segment. In Software and Services, backlog was down $106 million compared to last year, which included $367 million of unfavorable FX, driven by Airwave and ESN revenue recognition and ESN exit, partially offset by strong growth in North America multiyear services and software contracts.

隨後，產品和 SI 積壓訂單增加了 6800 萬美元。這是我們在該領域連續第 10 個季度積壓訂單增長。在軟件和服務方面，積壓訂單比去年減少了 1.06 億美元，其中包括 3.67 億美元的不利外匯，這是由 Airwave 和 ESN 收入確認以及 ESN 退出推動的，部分被北美多年服務和軟件合同的強勁增長所抵消。

Sequentially, Software and Services backlog was up $769 million or 9%, driven by strong orders in North America and favorable FX adjustment from the prior quarter. Turning now to our outlook. We expect Q1 sales to be up between 12% and 13%, with non-GAAP earnings per share between $2.02 and $2.07 per share. This assumes $40 million of FX headwinds, a weighted average share count of approximately 172 million shares and an effective tax rate of approximately 23%.

受北美強勁訂單和上一季度有利的外匯調整的推動，軟件和服務積壓訂單增加了 7.69 億美元或 9%。現在轉向我們的展望。我們預計第一季度銷售額將增長 12% 至 13%，非 GAAP 每股收益在 2.02 美元至 2.07 美元之間。這假設有 4000 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 expect sales between $9.65 billion and $9.7 billion and non-GAAP earnings per share between $11.10 and $11.22 per share. This assumes $40 million of FX headwinds, a weighted average share count of approximately 172 million shares and an effective tax rate between 23% and 24%. We expect full year OpEx to be up approximately $150 million versus last year, driven by acquisitions we've made and our continued investments in Video, and we expect full year operating cash flow of approximately [$1.9 billion]. And finally, the reason our effective tax rate is expected to be up 300 to 400 basis points over last year is due to lower excess tax benefits on share-based compensation in 2023 and a higher U.K. tax rate that takes effect in April.

對於全年，我們預計銷售額在 96.5 億美元至 97 億美元之間，非 GAAP 每股收益在 11.10 美元至 11.22 美元之間。這假設有 4000 萬美元的外匯逆風，加權平均股數約為 1.72 億股，有效稅率在 23% 至 24% 之間。在我們進行的收購和對視頻的持續投資的推動下，我們預計全年運營支出將比去年增加約 1.5 億美元，我們預計全年運營現金流約為 [19 億美元]。最後，我們的實際稅率預計將比去年高 300 至 400 個基點，原因是 2023 年基於股份的薪酬的超額稅收優惠減少以及 4 月份生效的英國稅率提高。

We're also anticipating approximately $300 million of higher cash taxes compared to last year, inclusive of a onetime $75 million tax payment that relates to an IP reorganization we did in 2022. And before I turn the call back to Greg, I wanted to update you on some strategic decisions we've made with respect to our PCR business. First, in order to further optimize our supply chain, we have moved the lowest part of PCR, which is sold to small businesses and some consumers to a licensed model with a third-party manufacturer.

與去年相比，我們還預計現金稅將增加約 3 億美元，其中包括與我們在 2022 年進行的知識產權重組相關的一次性 7500 萬美元稅款。在我將電話轉回給格雷格之前，我想更新一下您就我們就 PCR 業務做出的一些戰略決策發表了意見。首先，為了進一步優化我們的供應鏈，我們將銷售給小企業和一些消費者的 PCR 的最低部分轉移到與第三方製造商的授權模型。

As a result of this change, we will only recognize revenues equal to the margin from the product. In addition, we made a decision to exit some PCR markets in Asia. We expect these changes together to constitute an $80 million headwind to our '23 revenues which is fully contemplated in our full year revenue guidance for 2023. And finally, we entered the new year with an even stronger balance sheet. We ended 2022 with $1.3 billion of cash and a net debt to adjusted EBITDA ratio of less than 2x.

由於這一變化，我們將只確認與產品利潤相等的收入。此外，我們還決定退出亞洲的一些 PCR 市場。我們預計這些變化將對我們 23 年的收入構成 8000 萬美元的逆風，這在我們 2023 年的全年收入指導中得到了充分考慮。最後，我們以更強大的資產負債表進入了新的一年。到 2022 年，我們擁有 13 億美元的現金和淨債務與調整後 EBITDA 的比率不到 2 倍。

In addition, our U.S. pension is in a strong funding position with over 80% funded, reflecting the numerous actions we've implemented over the last several years. We have also proactively refinanced our debt maturities with fixed rate long-term debt and established a balanced maturity profile with an average duration of approximately 8 years. All of this gives us the flexibility to continue to deliver on our capital allocation framework and be opportunistic in M&A.

此外，我們的美國養老金資金狀況良好，資金到位率超過 80%，這反映了我們在過去幾年中採取的眾多行動。我們還積極通過固定利率長期債務為我們的債務到期再融資，並建立了平均期限約為 8 年的平衡期限結構。所有這些使我們能夠靈活地繼續履行我們的資本配置框架，並在併購中投機取巧。

I'll now turn the call back over to Greg.

我現在將電話轉回給格雷格。

Thanks, Jason. First 2022 was a phenomenal year for the company. We achieved double-digit revenue growth for the second consecutive year with record sales in both segments and all 3 technologies. We expanded operating margins despite the continued supply challenges related to semiconductors, and we ended the year with a record $14.3 billion of backlog, up almost $800 million versus the prior year.

謝謝，傑森。首先，2022 年對公司來說是非凡的一年。我們連續第二年實現兩位數的收入增長，兩個細分市場和所有 3 項技術的銷售額均創歷史新高。儘管與半導體相關的供應挑戰持續存在，但我們擴大了營業利潤率，並且我們在年底以創紀錄的 143 億美元積壓訂單結束，比上一年增加了近 8 億美元。

Second, our acquisition of Rave Mobile Safety during Q4 was our seventh acquisition last year. Rave adds approximately $70 million of annual recurring revenue for 2023 and expands the company's addressable market by approximately $7 billion. Whether it's a student or a teacher alerting public safety with the push of a button or 911 call-takers coordinating a more informed response, Rave Mobile Safety amplifies the connection between our video security and Command Center portfolios.

其次，我們在第四季度收購了 Rave Mobile Safety，這是我們去年的第七次收購。 Rave 為 2023 年增加了約 7000 萬美元的年度經常性收入，並將公司的潛在市場擴大了約 70 億美元。無論是學生或教師按下按鈕提醒公共安全，還是 911 接線員協調更明智的響應，Rave Mobile Safety 都加強了我們的視頻安全和指揮中心產品組合之間的聯繫。

Since 2015, we've invested almost $6 billion in acquiring companies that have helped us create a broad set of public safety and enterprise security solutions. These assets have helped accelerate our revenue growth, diversify the composition of our revenue streams and more than quadrupled our addressable market to what we now estimate to be $60 billion. And finally, as I look ahead, the momentum of our business remains strong.

自 2015 年以來，我們已投資近 60 億美元收購幫助我們創建廣泛的公共安全和企業安全解決方案的公司。這些資產幫助加速了我們的收入增長，使我們的收入流構成多樣化，並將我們的目標市場擴大了四倍多，達到我們現在估計的 600 億美元。最後，展望未來，我們的業務勢頭依然強勁。

The funding environment for public safety and enterprise security remains exceptional. Our investments in APX NEXT device portfolio are driving a refresh cycle that is still in the very early days with less than 10% of customers installed base upgraded to date. Our AI and cloud solutions continue to help drive market share gains in Video Security and Command Center software, and we'll continue to navigate the ongoing supply chain challenges. I'm extremely pleased with how we're positioned as we enter this year, and I expect it to be another year of strong revenue and earnings growth for the company.

公共安全和企業安全的資金環境仍然特殊。我們對 APX NEXT 設備組合的投資正在推動更新周期，該更新周期仍處於早期階段，迄今為止只有不到 10% 的客戶安裝基礎進行了升級。我們的人工智能和雲解決方案繼續幫助推動視頻安全和指揮中心軟件的市場份額增長，我們將繼續應對持續的供應鏈挑戰。我對進入今年以來的定位感到非常滿意，我預計今年將是公司收入和盈利強勁增長的又一年。

And with that, I'll now turn the call back over to Tim and we'll take your questions.

有了這個，我現在把電話轉回給蒂姆，我們會回答你的問題。

Thanks, Greg. Before we begin taking questions, I'd like to remind callers to limit themselves to one question and one 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，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一項跟進中，以容納盡可能多的參與者。接線員，請您提醒我們的在線呼叫者如何提問。

(Operator Instructions) And our first question will come from Tim Long with Barclays.

（操作員說明）我們的第一個問題將來自巴克萊銀行的 Tim Long。

Greg, maybe could you just give us a little sense of the backdrop as it sounds like, obviously, backlog is pretty strong, but talk a little bit about kind of federal ARPA and other revenue sources. How is that starting to flow-through? How are your customers taking advantage of that? And what do you think that means to visibility over the next few years.

格雷格，也許你能給我們介紹一下背景嗎？顯然，積壓情況非常嚴重，但請談談聯邦 ARPA 和其他收入來源。那是如何開始流動的？您的客戶如何利用它？您認為這對未來幾年的知名度意味著什麼。

And then Jason, for you on the clarification, just talk a little bit about gross margins. Maybe walk us through the next year. At some point, we should be getting some bounce back from components and logistics. And maybe just touch on price increases that we've seen and how that would flow through the model and hit the gross margins next year.

然後傑森，為了你的澄清，只談一點毛利率。也許帶我們度過明年。在某個時候，我們應該從零部件和物流中獲得一些反彈。也許只是觸及我們所看到的價格上漲以及這將如何通過模型流動並影響明年的毛利率。

So this is Jack. I'll take the first question. I think it was regarding the federal funding, but really good news. So we had over [$400 million] of orders in 2022. But I think most importantly, the $350 billion that was allocated to state and local is a multiyear funding phenomenon. So we look at our multiyear funnel out through 2026 at being north of $1 billion. Some of the deals that Jason cited were funded in part or -- completely funded by ARPA dollar.

所以這是傑克。我先回答第一個問題。我認為這是關於聯邦資金的，但確實是個好消息。所以我們在 2022 年有超過 [4 億美元] 的訂單。但我認為最重要的是，分配給州和地方的 3500 億美元是一個多年的資金現象。因此，我們預計到 2026 年我們的多年漏斗將超過 10 億美元。 Jason 引用的一些交易部分或完全由 ARPA 美元資助。

So we've had good success. Our team is really -- our sales team in North America traditionally really understands funding models, and I think they're working it well, and we've seen good results.

所以我們取得了很好的成功。我們的團隊真的——我們在北美的銷售團隊傳統上真正了解融資模式，我認為他們運作得很好，我們已經看到了很好的結果。

And Tim, I'll also remind you that the ARPA funding $350 billion for state and local, $170 billion earmarked for education. But most importantly, it's multiyear funding. And much of this will go into and through 2026. So the foundation of funding, and that's the strong environment, Jack described. We capitalized in 2022 as he talked about the robustness of the funnel this year. But the best part of all is its multiyear dimension in nature.

蒂姆，我還要提醒你，ARPA 為州和地方撥款 3500 億美元，其中 1700 億美元專門用於教育。但最重要的是，它是多年期資金。其中大部分將持續到 2026 年並持續到 2026 年。傑克描述說，資金的基礎就是強大的環境。當他談到今年漏斗的穩健性時，我們在 2022 年進行了投資。但最好的部分是它在自然界中的多年維度。

And Tim, I'll take the second part of your question. So as you recall, as we navigated through 2022 and having to secure parts from brokers, that year 2022 last year, we incurred about $165 million of higher costs for semiconductors in '22 than '21. That was a headwind for us. We were able to get access to some parts in Q4. That's in part what helped our Q4 performance.

蒂姆，我將回答你問題的第二部分。因此，正如您所記得的那樣，當我們度過 2022 年並不得不從經紀人那裡獲得零件時，去年 2022 年，我們在 22 年的半導體成本比 21 年高出約 1.65 億美元。這對我們來說是一個逆風。我們能夠在第四季度訪問某些部分。這在一定程度上幫助了我們第四季度的表現。

So as we plan for '23 now, we anticipate still needing to run the play of buying broker parts. It still remains a difficult environment, particularly for automotive-grade semiconductors. But we do believe and are planning for about a $50 million tailwind, total amount of dollars that we will allocate and spend to secure parts as -- for the plans we have in '23. So $50 million tailwind in '23 relative to '22's cost profile.

因此，當我們現在為 23 年計劃時，我們預計仍需要進行購買經紀人零件的活動。這仍然是一個艱難的環境，特別是對於汽車級半導體而言。但我們確實相信併計劃獲得大約 5000 萬美元的順風，我們將分配和花費的總美元來確保零件安全——我們在 23 年的計劃。因此，相對於 22 年的成本概況，23 年有 5000 萬美元的順風。

And Tim, from a gross margin perspective, overall, for MSI, we expect gross margins to be up in 2023. We also expect operating margins to be up in 2023.

蒂姆，從毛利率的角度來看，總體而言，對於 MSI，我們預計毛利率將在 2023 年上升。我們還預計營業利潤率將在 2023 年上升。

Our next question will come from George Notter with Jefferies.

我們的下一個問題將來自 Jefferies 的 George Notter。

It sort of feels like somebody forgot to tell you guys that we're in a recessionary environment. The business seems to be cranking on all cylinders here. Greg, anything you worry about in terms of recessionary environment at all? I mean I get it, the ARPA funds are kind of backfilling maybe for any softness that you could see out over the horizon. But any thoughts about tax receipts, whether it's property tax or income tax receipts ultimately slowing down 1 year or 2 from now impacting the business?

感覺就像有人忘了告訴你們我們正處於衰退環境中。這裡的生意似乎開足馬力。格雷格，你對經濟衰退環境有什麼擔心嗎？我的意思是我明白了，ARPA 基金可能是一種回填，可能是為了彌補你在地平線上看到的任何疲軟。但是關於稅收的任何想法，無論是財產稅還是所得稅收入最終會在 1 年或 2 年後放緩，從而影響業務？

George, the answer is no, to be candid with you. The environment is strong. The funding environment, as we talked about, is exceptional. 75% of our business, as you know, is government and public safety; 25% is enterprise. We still see continued strength. This year, we expect growth in all 3 technologies, LMR to be mid-single digits. Video Security to be about 15%, Command Center to be about 20%.

喬治，老實說，答案是否定的。環境很強。正如我們所說，融資環境非常出色。如您所知，我們 75% 的業務是政府和公共安全； 25% 是企業。我們仍然看到持續的力量。今年，我們預計所有 3 種技術的增長，LMR 將達到中等個位數。視頻安全約佔 15%，指揮中心約佔 20%。

And there was an article in the Journal last weekend, state budgets are as flush as they had been in several years. We've talked already about the multiyear funding horizon for ARPA. Now, nobody is immune from a recession. We've always been diligent in managing the expense structure of the firm. The majority of the driver of higher OpEx for this company year-on-year and period-on-period is generally acquisitions.

上週末在《華爾街日報》上發表了一篇文章，國家預算與幾年前一樣充裕。我們已經討論過 ARPA 的多年資助期限。現在，沒有人能倖免於衰退。我們一直在努力管理公司的費用結構。該公司同比和同期較高的運營支出的主要驅動因素通常是收購。

So I think we have a great portfolio, a fantastic environment, strong demand, and we are acutely focused on continued execution, new product development, acquisition integration, and growing faster than the market versus our competitors. So now look, sometimes I worry that I'm not worried, okay? But the team is aligned, and we feel really good about where we are. I appreciate the question.

因此，我認為我們擁有出色的產品組合、絕佳的環境、強勁的需求，並且我們非常專注於持續執行、新產品開發、收購整合，以及比我們的競爭對手更快地增長市場。所以現在看，有時候我擔心我並不擔心，好嗎？但是團隊是一致的，我們對自己所處的位置感覺非常好。我很欣賞這個問題。

And then just one quick follow-up, if I could. Any -- what kind of impact are you getting in the business from higher pricing, just thinking about the growth rate as we look out to 2023?

如果可以的話，然後只是一個快速跟進。任何 - 你從更高的定價中獲得什麼樣的影響，只是考慮我們展望 2023 年的增長率？

So I would say the growth that we had last year Full year was driven by both volume and price increase. I'd weight it a little bit more toward volume last year. That composition that drives our growth rate overall for this year is also volume and price. And I would weight it slightly toward volume again this year. We've exercised surgically and responsibly certain price increases that we've talked about a number of times last year. So I think we're well positioned going forward.

所以我想說我們去年全年的增長是由數量和價格增長推動的。去年我會更偏重於數量。推動我們今年整體增長率的構成也是數量和價格。今年我會再次略微偏重於數量。我們已經通過外科手術和負責任的方式實施了我們去年多次談到的某些價格上漲。所以我認為我們已經做好了前進的準備。

Greg, the other thing that offers insights into our PCR business, which in 2022 grew nicely, it's now back to 2019 levels. And a part of our backlog or unfulfilled orders for us or delays are in PCR. So we have a sizable amount of PCR backlog and demand, which we will continue to fulfill into '23.

格雷格，另一件事提供了我們 PCR 業務的見解，該業務在 2022 年增長良好，現在又回到了 2019 年的水平。我們的部分積壓訂單或未完成的訂單或延誤都在 PCR 中。因此，我們有大量的 PCR 積壓和需求，我們將在 23 年繼續完成。

And it's a great point, Jason. Because despite the fact that we had a great PCR Q4, really strong growth for the full year to Jason's point, back to 2019 prepandemic levels and he referenced an $80 million PC-oriented headwind, which represents a business model change, even with those -- all those ingredients into the blender, we still are expecting PCR growth for 2023.

這是一個很好的觀點，傑森。因為儘管我們在第 4 季度的 PCR 表現出色，但對於 Jason 而言，全年增長非常強勁，回到了 2019 年大流行前的水平，他提到了 8000 萬美元的面向 PC 的逆風，這代表了商業模式的改變，即使有那些 - - 所有這些成分都進入攪拌機，我們仍然期待 2023 年 PCR 增長。

Our next question will come from Adam Tindle with Raymond James.

我們的下一個問題將來自 Adam Tindle 和 Raymond James。

I wanted to start with a question, Greg, if there was any potential updates that we could give or guardrails on the potential outcomes for Airwave at this point? We understand, obviously, you've got some tailwinds to the model from managing costs and supply chain, the potential headwind looming is what could happen with Airwave. So just want to make sure that we're netting those things out and any guardrails you can give us on where that could potentially shape out?

我想從一個問題開始，格雷格，此時我們是否可以提供任何潛在的更新或對 Airwave 的潛在結果進行護欄？我們知道，很明顯，您在管理成本和供應鏈方面對模型有一些順風，潛在的逆風迫在眉睫是 Airwave 可能發生的事情。因此，只是想確保我們將這些東西排除在外，以及您可以為我們提供的任何護欄，以了解可能形成的地方？

What I'd say is -- I'd remind you that CMA, their stated intention is to make a final decision this month, maybe it's next month, but it's relatively soon. We remain unchanged in our finding and belief that with full conviction that their effort is disproportionate. It's unprecedented. It's overreaching. So our view on that is unchanged.

我要說的是——我想提醒你，CMA，他們明確表示的意圖是在本月做出最終決定，也許是下個月，但時間相對較快。我們的發現和信念保持不變，我們堅信他們的努力是不成比例的。這是前所未有的。這太過分了。所以我們對此的看法沒有改變。

Now recall, the investigation -- the market investigation is grounded around Airwave and ESN. What I can update you on is that we have successfully signed a contract with the U.K. Home Office to exit ESN. I think it was a good, multi-month effort where both of us are satisfied. That will result, Adam, in us exiting ESN earlier than anticipated. We are doing a transition services agreement in 2023.

現在回想一下，調查——市場調查是圍繞 Airwave 和 ESN 進行的。我可以告訴你的最新消息是，我們已經與英國內政部成功簽署了退出 ESN 的合同。我認為這是一個很好的、持續數月的努力，我們雙方都感到滿意。亞當，這將導致我們比預期更早退出 ESN。我們正在製定 2023 年的過渡服務協議。

But then effectively, after 2023, we are out of ESN. So I think that is an update that's worthy of sharing because a quarter ago, we talked about our intention to do that, but that was before we actually codified and signed the agreement. Now having said all that, I think, look, as we guide the full year, we guide the full year with the $80 million business model change around PCR.

但實際上，在 2023 年之後，我們將脫離 ESN。所以我認為這是一個值得分享的更新，因為一個季度前，我們談到了我們這樣做的意圖，但那是在我們實際編纂和簽署協議之前。現在說了這麼多，我想，看，當我們指導全年時，我們通過圍繞 PCR 的 8000 萬美元商業模式變化來指導全年。

We guide the year both top and bottom with continued supply constraints. And I think it's important to know that because there's a lot of reports that supply chain is a lot better. But for the businesses that we're in, and we compete primarily with industrial providers or automotive. For the semiconductors that we're contending for, it's not that changed. Lead times actually are largely unchanged. So that informs our guidance as well.

我們在持續的供應限制下指導今年的頂部和底部。而且我認為了解這一點很重要，因為有很多報告表明供應鏈要好得多。但對於我們所從事的業務，我們主要與工業供應商或汽車行業競爭。對於我們正在爭奪的半導體，它並沒有改變。交貨時間實際上基本上沒有變化。因此，這也為我們的指導提供了信息。

And as we sit here on February 9, we think all in, it's a prudent and balanced view of the year, all things considered.

當我們在 2 月 9 日坐在這裡時，我們認為所有的事情都是審慎和平衡的一年。

All right. And maybe just a follow-up on Rave. Obviously, spending over $0.5 billion. I'm sure there was a lot that went into that decision. Greg, I'd love for you to maybe just talk about the expected ROI and any financial metrics, sorry, if I missed any that you could provide related to that acquisition to justify that level of capital allocation.

好的。也許只是 Rave 的後續。顯然，花費超過 5 億美元。我敢肯定，做出這個決定有很多因素。格雷格，我希望你能談談預期的投資回報率和任何財務指標，抱歉，如果我遺漏了任何你可以提供的與該收購相關的信息，以證明該水平的資本配置是合理的。

Yes. So we are very excited about the asset. And the important thing, Adam, is it's an asset that's worth more to us than anyone else. So when you think about the capital deployed against the backdrop of an addressable market that expands $7 billion and all ARR, annual recurring revenue, with a run rate of $70 million that we like those attributes.

是的。所以我們對這項資產感到非常興奮。重要的是，亞當，這是一項對我們來說比其他任何人都更有價值的資產。因此，當你考慮在一個擴大 70 億美元的可尋址市場和所有 ARR 的背景下部署的資本時，年度經常性收入，運行率為 7000 萬美元，我們喜歡這些屬性。

Their verticals, 80% of the business is profiled around state and local and education, which that too is absolutely in the sweet spot of what we do and how [Molloy] goes to market. So the asset we're excited about, I think it's worth -- and we think it's worth more to us than anyone else, and we've done an extensive view of the industry as well, and we're excited about what it means.

他們的垂直領域，80% 的業務圍繞州和地方以及教育展開，這也絕對是我們所做工作和 [Molloy] 如何進入市場的最佳位置。所以我們感到興奮的資產，我認為它是值得的——我們認為它對我們來說比任何人都更有價值，我們也對這個行業進行了廣泛的了解，我們對它的意義感到興奮.

A few more things to add on this. Greg already mentioned the vertical alignment that we have here, state and local government; education, which is significant for us; health care; and corporate buildings. All of these are key areas where Rave plays a very important part. In Rave very critically, as we mentioned before, connects enterprise security with public safety in some very unique ways and augments both sides of the portfolio.

還有一些事情要補充。格雷格已經提到了我們這裡的垂直對齊方式，即州和地方政府；教育，這對我們很重要；衛生保健;和公司大樓。所有這些都是 Rave 發揮非常重要作用的關鍵領域。正如我們之前提到的，在 Rave 中非常關鍵，它以一些非常獨特的方式將企業安全與公共安全聯繫起來，並增強了產品組合的雙方。

Probably 3 areas, technology areas that I want to highlight. The first is Rave enhances individual safety with mobile apps. So think about that as the Rave Prepare capability where people with special needs can actually create a profile and offer information ahead of potentially something happening so that the response can actually be more effective.

可能有 3 個領域，我想強調的技術領域。首先是 Rave 通過移動應用程序增強個人安全。因此，將其視為 Rave Prepare 功能，有特殊需求的人實際上可以創建一個配置文件並在可能發生的事情發生之前提供信息，以便響應實際上可以更有效。

The second is a panic button, the ability to push a button and get help as needed, benefiting from what profile was created previously as needed as well. We've Alert, which is a mass notification capability to keep people informed. So think about that as everything that covers people in safety, individual safety. The second area is facility preparedness. So think about the Rave Facility capability where information about a facility can better inform a public safety response, including keeping responders safe.

第二個是緊急按鈕，按下按鈕並根據需要獲得幫助的能力，也可以根據需要從之前創建的配置文件中受益。我們有警報，這是一種讓人們了解情況的群發通知功能。因此，請將其視為涵蓋人們安全、個人安全的一切。第二個領域是設施準備。因此，請考慮 Rave Facility 功能，其中有關設施的信息可以更好地為公共安全響應提供信息，包括確保響應者的安全。

And that's a very critical capability. Rave Collaborate helps set up standard operating procedures of how someone should respond for various incidents ahead of when an incident actually happens. This very uniquely enables us to coordinate the ability that we have on the Video Security side and the Command Center side to make sure that the standard operating procedure, along with the automation that sits behind it, can orchestrate a very successful and capable response.

這是一項非常關鍵的能力。 Rave Collaborate 幫助建立標準的操作程序，在事件實際發生之前，人們應該如何應對各種事件。這非常獨特地使我們能夠協調我們在視頻安全方面和指揮中心方面的能力，以確保標準操作程序及其背後的自動化能夠協調非常成功和有效的響應。

And lastly, the third area is that it accelerates response as a whole. The Rave 911 Suite provides very critical information to both 911 and dispatchers in terms of location information of where individuals are, other information so there is video directly from the site and also Rave allows for cross-jurisdictional information sharing. You take all those 3 capabilities with Enterprise Security and Command Center, it really enhances our overall portfolio. And as Greg said, the 1 plus 1 here is actually much greater than 2.

最後，第三個方面是加快整體響應。 Rave 911 Suite 向 911 和調度員提供非常重要的信息，包括個人所在位置的位置信息，以及其他信息，因此可以直接從站點獲取視頻，而且 Rave 還允許跨轄區信息共享。您通過企業安全和命令中心獲得所有這 3 種功能，它確實增強了我們的整體產品組合。正如格雷格所說，這裡的 1 加 1 實際上比 2 大得多。

Our next question will come from Meta Marshall with Morgan Stanley.

我們的下一個問題將來自摩根士丹利的 Meta Marshall。

Maybe following up on kind of that Rave response, which was very helpful just kind of in laying out the integration. I guess, just is there any time line to kind of integrating the solution, your Video solution or Command Center could kind of interoperate more seamlessly with Rave? Or is that already kind of built into the solution? Just kind of getting a sense of when the 1 to 1 really does become more than 2 and if there's any time line to that?

也許跟進那種狂歡的回應，這對佈局集成非常有幫助。我想，是否有任何時間線來集成解決方案，您的視頻解決方案或命令中心可以與 Rave 更無縫地互操作？還是已經內置到解決方案中？只是想了解 1 比 1 何時真正超過 2，是否有任何時間線？

And then maybe just a second question. Obviously, the backlog has grown pretty significantly. Are there any meaningful changes to duration that we should just be mindful of when thinking about that backlog and how it would peel off ?

然後可能只是第二個問題。顯然，積壓的數量已經顯著增加。在考慮積壓工作以及它如何剝離時，我們應該注意的持續時間是否有任何有意義的變化？

Just starting with the time line elements. There are many elements of what I just outlined that already exist today, and they are integrated in various ways today. What we would like to do, and that's the future-looking element of it where we unify more of these solutions within our Command Center product portfolio, but also the Video Security and Access Control portfolio. And that is to come, and that it helps us enhance the use cases and make our products more differentiated.

剛從時間線元素開始。我剛才概述的內容中有許多元素今天已經存在，並且它們今天以各種方式整合在一起。我們想做的是它的未來元素，我們將更多這些解決方案統一到我們的指揮中心產品組合中，還有視頻安全和訪問控制組合。那即將到來，它可以幫助我們增強用例並使我們的產品更加差異化。

But some of the key capabilities in terms of being able to connect a detection that happens on the public safety side, and that's leading to an informed response on the Command Center side, whether that's 911 or dispatch, those capabilities exist today. And along with the incident mass notification capability, being able to appropriately alert people, inform people during a situation, all those capabilities exist today. So there's more to come on this, but the base capability where the 1 plus 1 is greater than 2, that's today.

但是，就能夠連接在公共安全方面發生的檢測而言，一些關鍵功能會導致指揮中心方面做出明智的響應，無論是 911 還是調度，這些功能今天已經存在。連同事件群發通知功能，能夠適當地提醒人們，在某種情況下通知人們，所有這些功能今天都存在。所以還有更多的事情要做，但是 1 加 1 大於 2 的基本能力，就是今天。

On the backlog. So our backlog, not only is it up in total to the $14.3 billion. It's up $900 million in Products. And the duration of our backlog is even better than it had been last year. So we're in a strong position for backlog as well as the continued expectation for the orders that we execute on during the year.

關於積壓。所以我們的積壓，不僅總計達到 143 億美元。它的產品增加了 9 億美元。我們積壓的持續時間甚至比去年更好。因此，我們在積壓以及對我們在這一年中執行的訂單的持續期望方面處於有利地位。

Our next question will come from Sami Badri with Credit Suisse.

我們的下一個問題將來自瑞士信貸的 Sami Badri。

Congrats to what's a very robust 4Q and very robust 2023 guidance. My question has to do with the APX NEXT orders and just the typical refresh rates of public safety institutions and how they order your radios. The question is, are the ARPA funds and are the elevated levels of state and local budget catalyzing a compression and the typical refresh rate of LMR radios, which is partially explaining the strength you're seeing in LMR. .

恭喜什麼是非常穩健的 4Q 和非常穩健的 2023 年指導。我的問題與 APX NEXT 訂單有關，只是公共安全機構的典型刷新率以及他們如何訂購您的無線電。問題是，ARPA 資金以及州和地方預算水平的提高是否促進了 LMR 無線電的壓縮和典型刷新率，這部分解釋了您在 LMR 中看到的優勢。 .

Sami, it's Jack. So as I said, I believe it was in the August call that we're in the early innings of the P25 upgrade cycle in North America. A couple of things to point out. Number one, APX NEXT was introduced at the highest tier of the market, and that's where it's been focused.

薩米，是傑克。正如我所說，我相信正是在 8 月的電話會議中，我們才處於北美 P25 升級週期的早期階段。有幾件事需要指出。第一，APX NEXT 是在市場的最高層引入的，而這正是它所關注的地方。

Just recently, meaning the second half of 2022, we've filled in that portfolio. So now we have a mid-tier APX NEXT available. That in and of itself will be an accelerant for a lot of what you call suburban and county municipalities outside of the big cities. We've done $370 million of orders since the product was announced.

就在最近，也就是 2022 年下半年，我們已經填寫了該投資組合。所以現在我們有一個中端的 APX NEXT 可用。這本身將成為大城市以外許多所謂的郊區和縣市的催化劑。自該產品發布以來，我們已經完成了 3.7 億美元的訂單。

To give you a feel for the accelerant, $210 million of orders in 2022. And without question, the ARPA funding will be an accelerant to -- it used to be a 10-year kind of refresh cycle, we've seen that pull into like a 7-year refresh cycle. But I'd point you to the city of Houston that actually leverage largely ARPA funds, but actually use some budgets that they had surpluses in their own budget to move forward with this device. I think there's a few things that really drive in this.

2022 年將有 2.1 億美元的訂單，讓您感受一下促進劑。毫無疑問，ARPA 資金將成為促進劑——它曾經是一個 10 年的更新周期，我們已經看到它進入就像一個 7 年的更新周期。但我要指出的是休斯頓市實際上主要利用 ARPA 資金，但實際上使用他們自己預算中有盈餘的一些預算來推進該設備。我認為有幾件事真正推動了這一點。

People want to do more with their device. And so clearly, the ability to extend the network as people go to do Mutual Aid Event, SmartConnect, the owner experience. I mean a big city police department, it's tough to get technicians. It used to take them 10,000 man hours to actually upgrade software, cyber fixes and those kind of bug refreshes, that can be done in 10 minutes now, leveraging the LTE compatibility.

人們希望使用他們的設備做更多事情。很明顯，隨著人們去參加互助活動、智能連接、業主體驗，網絡的能力得到了擴展。我的意思是一個大城市的警察局，很難找到技術人員。他們過去需要花費 10,000 個工時來實際升級軟件、網絡修復和那些類型的錯誤更新，現在可以在 10 分鐘內完成，利用 LTE 兼容性。

And the last thing is location matters. And what we've seen is GPS provisioning that capability even through our CAD networks, has been a big app for our customers. And so there's clearly been a lot of excitement. You've seen a lot of very marquee police departments. And I think with the mid-tier series launching, I think we're going to continue to see that accelerant. And just to be clear, we did $210 million of orders last year. I expect to do double that this year. And it's fair to say...

最後一件事是位置問題。我們所看到的是，GPS 甚至通過我們的 CAD 網絡提供該功能，這對我們的客戶來說是一個重要的應用程序。所以顯然有很多興奮。你見過很多非常大牌的警察部門。而且我認為隨著中端系列的推出，我認為我們將繼續看到這種促進劑。需要明確的是，我們去年完成了 2.1 億美元的訂單。我希望今年能翻一番。公平地說...

I think APX NEXT is probably the most successful LMR product we've launched, certainly in my tenure and the most successful for all of the reasons that Jack talked about, private network, public network, seamless roaming, LMR to LTE and all the operational cost savings. Yes, obviously, the funding environment helps, but the product itself is so strong in what it does and unique in its capabilities, I think, that is as significant as anything.

我認為 APX NEXT 可能是我們推出的最成功的 LMR 產品，當然是在我任職期間，而且由於 Jack 談到的所有原因，私有網絡、公共網絡、無縫漫遊、LMR 到 LTE 以及所有運營節約成本。是的，顯然，融資環境有所幫助，但我認為，產品本身的功能如此強大且功能獨特，這與任何事物一樣重要。

Got it. The one other follow-up question is, I think we can clearly see where you guys are going with Rave Mobility. But I think the bigger question for analysts is when we look at Rave, when we look at Ava Security, and we look at a bunch of these other acquisitions you have made, they all look like they're going to have to be integrated on the back end and then offered in a much more broader way to a lot of your customers a much bigger type of consumption model. How far away are you guys from offering this or being market-ready with a fully integrated suite in the back end that can really service the front-end consumption side.

知道了。另一個後續問題是，我認為我們可以清楚地看到你們對 Rave Mobility 的看法。但我認為分析師面臨的更大問題是，當我們審視 Rave、Ava Security 以及你們進行的一系列其他收購時，它們看起來都必須整合到後端，然後以更廣泛的方式為您的許多客戶提供更大類型的消費模型。你們離提供這個或在後端完全集成的套件可以真正服務於前端消費端的市場準備有多遠。

So -- think we've talked about our Safety Reimagined program a few times before. And a key element of that Safety Reimagine program is actually to bring all these elements together in an integrated fashion and facilitate the orchestration of incident response in a manner where that response is more effective.

所以 - 想想我們之前已經多次討論過我們的 Safety Reimagined 計劃。該 Safety Reimagine 計劃的一個關鍵要素實際上是以一種集成的方式將所有這些要素結合在一起，並以一種響應更有效的方式促進事件響應的編排。

So with that in mind, we have actually spent time developing a piece of software called, Orchestrate, which actually starts connecting these different pieces together and very visually allows enterprise security professionals and even public safety professionals to be able to say, this is how the automation behind the scenes of events going from, say, us being able to detect a weapon visually in the field of view of camera should trigger, say, an access control lockdown, that access control lockdown in turn can perhaps trigger a mass notification to people in the facility, that mass notification -- then following that triggers a call to 911, dispatchers are now informed as to where individuals are. This is -- these are capabilities that between our Collaborate platform, our Orchestrate platform, we're able to do today. And I think as a solution, we are starting to sell Safety Reimagined as a solution.

因此，考慮到這一點，我們實際上已經花時間開發了一款名為 Orchestrate 的軟件，它實際上開始將這些不同的部分連接在一起，並且非常直觀地讓企業安全專家甚至公共安全專家能夠說，這就是事件幕後的自動化，例如，我們能夠在攝像機的視野中直觀地檢測到武器，應該觸發訪問控制鎖定，訪問控制鎖定反過來可能會觸發對人們的大規模通知在該設施中，該大規模通知 - 然後觸發撥打 911 的呼叫，調度員現在被告知個人在哪裡。這是 - 這些是我們今天能夠在我們的 Collaborate 平台和 Orchestrate 平台之間實現的功能。我認為作為一種解決方案，我們開始將 Safety Reimagined 作為一種解決方案進行銷售。

In addition to the product integration and the road map that Mahesh described, I think, as Greg mentioned earlier, we're excited about Rave because it allows us to extend our sales channel to selling into public safety and education. So immediately, that organization gets the power of Jack Molloy's entire sales organization selling the product as it is today into those accounts. And that in part is why we believe we're the most valuable owner of that asset.

除了 Mahesh 描述的產品集成和路線圖，我認為，正如 Greg 之前提到的，我們對 Rave 感到興奮，因為它使我們能夠將銷售渠道擴展到公共安全和教育領域。因此，該組織立即獲得了 Jack Molloy 的整個銷售組織的權力，可以將產品按今天的樣子銷售到這些客戶中。這部分是為什麼我們相信我們是該資產最有價值的所有者。

I mean just a couple of other points I think are important to point out. We see the video security market, in particular, fixed video security. There really is a little bit of divergence in terms of you have on-prem customers that want an on-prem solution for certain critical infrastructure markets. And then you've seen another market that without question, from VMS -- from video security, but also from an access control standpoint, they are starting to accelerate to cloud.

我的意思是我認為需要指出的其他幾點很重要。我們看到視頻安全市場，特別是固定視頻安全。就您的本地客戶而言，確實存在一些分歧，他們希望為某些關鍵基礎設施市場提供本地解決方案。然後你看到了另一個市場，毫無疑問，從 VMS——從視頻安全，但也從訪問控制的角度來看，他們開始加速到雲。

We've done a couple of things to take advantage. So -- moving forward, we're going to have the capabilities to deliver, if you're an on-prem customer or you're a cloud customer, you'll be able to leverage the analytics that we've cultivated within our camera portfolio. That's important. The other thing that's important as you remember, we also acquired IndigoVision and Pelco. And we had 3 different essentially VMSs that we had to support. We've unified that experience under ACC8, Avigilon Control Center 8, which is our VMS. So there has been progress to your point. I just want to make sure you understood a couple of those things as well.

我們已經做了一些事情來利用。所以 - 向前邁進，我們將有能力交付，如果您是本地客戶或云客戶，您將能夠利用我們在我們內部培養的分析相機組合。這很重要。您還記得另一件重要的事情，我們還收購了 IndigoVision 和 Pelco。我們必須支持 3 個本質上不同的 VMS。我們在 ACC8、Avigilon Control Center 8 下統一了這種體驗，這是我們的 VMS。所以你的觀點已經取得了進展。我只是想確保您也了解其中的一些內容。

Our next question will come from Fahad Najam with Loop Capital.

我們的下一個問題將來自 Loop Capital 的 Fahad Najam。

I wanted to kind of look at the linearity of your outlook, you're guiding 1Q '23 revenue to grow 12% to 13%, yet full year, you're guiding maybe at 7% year-on-year growth. So kind of I understand lead times haven't changed for your supply chain, but the global supply chain outlook is indeed improving, you might see it later in the year. But still, I'm trying to question the linearity that you're implying, implies almost like a slowdown in the second half of the year which sounds counterintuitive. So can you walk me through your assumptions?

我想看看你的前景的線性，你指導 23 年第一季度的收入增長 12% 到 13%，而全年，你指導的同比增長可能為 7%。所以我知道你的供應鏈的交貨時間沒有改變，但全球供應鏈前景確實在改善，你可能會在今年晚些時候看到它。但是，我仍然試圖質疑你所暗示的線性，暗示幾乎就像下半年的放緩，這聽起來違反直覺。那麼你能告訴我你的假設嗎？

Sure. Fahad, I would point you to, first, the comp set from last year where in the first half, we grew at a rate of 8% and the second half a rate of almost double that. So if you look at last year's comps, it in part informs our expectations for growth this year. Secondly, we talked about this $80 million PCR business model change moving to license. The majority of that impact is occurring in the second half for us.

當然。 Fahad，我要指出的是，首先，去年上半年，我們以 8% 的速度增長，下半年幾乎翻了一番。因此，如果您查看去年的業績，它在一定程度上反映了我們對今年增長的預期。其次，我們談到了這個價值 8000 萬美元的 PCR 商業模式變更轉向許可。對我們來說，這種影響的大部分發生在下半年。

That helps inform what we expect for growth all year, but higher growth in the first half. And as Greg mentioned, with lead times unchanged, we forecast the business based on the lead times that our suppliers commit to us, and we update it as the year progresses. And our current guide is informed by our supply commitments. We just had a summit with our top 20 suppliers yesterday and have the latest information and commitments from them. And we'll continue to work the supply environment proactively, which we did in 2022.

這有助於告知我們對全年增長的預期，但上半年的增長會更高。正如 Greg 提到的那樣，在交貨時間不變的情況下，我們根據供應商向我們承諾的交貨時間預測業務，並隨著時間的推移對其進行更新。我們當前的指南以我們的供應承諾為依據。我們昨天剛剛與我們的前 20 大供應商舉行了峰會，並從他們那裡獲得了最新信息和承諾。我們將繼續積極改善供應環境，就像我們在 2022 年所做的那樣。

For my follow-up, I wanted to ask your thoughts on your revenue growth outlook for Video surveillance. You've been talking 20% growth. But over the last 2 years, you've grown that business 30-plus percent. If I'm not mistaken, the FCC has now recently announced a more wider ban of data, Hikvision and in Dahua products that has far bigger implications probably favorably for your business. So how should we be thinking about and how are you thinking about your video surveillance revenue growth in '23? And how does this new FCC ban impact your business?

對於我的後續行動，我想問問您對視頻監控收入增長前景的看法。你一直在談論 20% 的增長。但在過去 2 年中，您的業務增長了 30% 以上。如果我沒記錯的話，FCC 最近宣布了更廣泛的數據禁令、海康威視和大華產品，這可能對您的業務產生更大的影響。那麼我們應該如何考慮以及您如何考慮 23 年的視頻監控收入增長？這項新的 FCC 禁令對您的業務有何影響？

Sure, Fahad. So our outlook for the 2023 is 15% growth. But I'd point out 15% off a pretty significantly difficult comp. We grew 24% in 2022. We've kind of said in general, we think the NDAA is generally conducive. And we think it's -- within the mix, it's a tailwind to the business. But we don't think it's going to have any real profound impact over the course of 2023. But we're really excited, particularly the things I just outlined. Our portfolio is coming together. We now have offerings from an on-prem standpoint as well as a cloud standpoint.

當然，法赫德。因此，我們對 2023 年的展望是增長 15%。但我會指出 15% 的折扣是相當困難的。我們在 2022 年增長了 24%。總的來說，我們認為 NDAA 是有利的。我們認為這是 - 在組合中，它是業務的順風。但我們認為它不會對 2023 年產生任何真正深遠的影響。但我們真的很興奮，尤其是我剛才概述的事情。我們的產品組合正在整合。我們現在從內部部署的角度和雲的角度提供產品。

But again, I think 15%, I also think it's important to take a look at where we're getting that -- where we're generating that growth. Government and education are 2 largest verticals. And we think they're a little bit insulated in terms of if there is any kind of economic slowdown. And the other piece of it is health care in the commercial market space as well.

但同樣，我認為是 15%，我也認為重要的是要看看我們從哪裡得到它——我們在哪裡產生了這種增長。政府和教育是兩個最大的垂直領域。而且我們認為，就是否存在任何經濟放緩而言，他們有點孤立。另一部分也是商業市場空間中的醫療保健。

Fahad, I'd also point out that some of the higher growth rates of Video Security, like in 2022 or before, the top revenue growth rate was in part driven by acquisitions. As you normalize those acquisitions and they go into the base and you look at the underlying strength of the growth rate between '21 and '22 and into '23, it's much more comparable on a year-over-year basis.

Fahad，我還要指出，視頻安全的一些較高增長率，比如在 2022 年或之前，最高收入增長率部分是由收購推動的。當您將這些收購正常化並進入基礎時，您會看到 21 年和 22 年以及 23 年之間增長率的潛在實力，它在同比基礎上更具可比性。

Our next question will come from Paul Chung with JPMorgan.

我們的下一個問題將來自摩根大通的 Paul Chung。

So can you talk about kind of the operating leverage benefits you're seeing in the model. And I mean, you saw kind of modest growth in OpEx despite record revenues this year and very strong organic top line. So as we think about next year, how do we think about the pace of spend, kind of incremental costs related to Rave and other acquisitions. And you also mentioned gross margins up this year. Can you expand on the magnitude of your expectations there and the shape throughout the year? And I have one follow-up.

那麼你能談談你在模型中看到的那種運營槓桿優勢嗎？我的意思是，儘管今年收入創紀錄且有機收入非常強勁，但您看到運營支出略有增長。因此，當我們考慮明年時，我們如何考慮支出速度、與 Rave 和其他收購相關的增量成本。你還提到了今年的毛利率。你能擴展你在那裡的期望值和全年的形狀嗎？我有一個後續行動。

Sure. So I'll start with OpEx. I mentioned that we expect OpEx to be up $150 million this year. The primary drivers of that are, in fact, Rave the, recent acquisition, combined with investments that we continue to make within Video, which is our fastest-growing technology.

當然。所以我將從 OpEx 開始。我提到我們預計今年的運營支出將增加 1.5 億美元。事實上，這主要的驅動因素是 Rave the，最近的收購，以及我們繼續在視頻領域進行的投資，這是我們發展最快的技術。

In terms of leverage, we saw the leverage that we expected in the second half of 2022 on the operating line, and we expect continued operating margin expansion in '23. I mentioned in part, $50 million of a tailwind in lower costs for us to attain the supply in '23, then what we had to pay in '22, that will largely benefit the product segment. And we'll continue to expand operating margins with both the volume and price growth drivers that Greg mentioned earlier.

在槓桿方面，我們在 2022 年下半年的經營線上看到了我們預期的槓桿，我們預計 23 年營業利潤率將繼續擴大。我部分提到，我們在 23 年獲得供應的成本降低了 5000 萬美元，然後是 22 年我們必須支付的費用，這將在很大程度上有利於產品領域。我們將繼續通過格雷格之前提到的數量和價格增長驅動因素來擴大營業利潤率。

Okay. Great. And then on free cash flow, very strong performance here to end the year and despite $300 million working cap drag. It's always nice to see very strong earnings contribution kind of driving that free cash flow. But as we look to '23, how do we think about working cap dynamics and overall trends for '23, which could be a record year for free cash flow?

好的。偉大的。然後在自由現金流方面，儘管有 3 億美元的工作上限拖累，但今年年底的表現非常強勁。很高興看到非常強勁的收益貢獻推動了自由現金流。但當我們展望 23 年時，我們如何看待 23 年的工作上限動態和總體趨勢，這可能是自由現金流創紀錄的一年？

Sure. So we outlooked $1.9 billion in operating cash flow. CapEx will be pretty similar to last year. For a number of years now, our CapEx as a percent of OCF is around 15%. It's actually less than the 20% that we have in our capital allocation model, and that's likely to continue. We are a low CapEx asset-light kind of model. So as OCF, we expect growth in OCF, we'll have higher earnings. I did mention $225 million higher cash tax amount that we are incorporating into 2023 as well. But we'll see good earnings growth, good cash flow growth, and we'll continue to work through inventory.

當然。因此，我們預計運營現金流為 19 億美元。資本支出將與去年非常相似。多年來，我們的資本支出佔 OCF 的百分比約為 15%。它實際上低於我們資本配置模型中的 20%，而且這種情況可能會持續下去。我們是一種低資本支出的輕資產模型。因此，作為 OCF，我們預計 OCF 會增長，我們將獲得更高的收益。我確實提到了我們也將納入 2023 年的 2.25 億美元現金稅額。但我們會看到良好的盈利增長，良好的現金流增長，我們將繼續努力解決庫存問題。

Inventory has been a helpful investment for us as we navigated 2022. We'll plan and are planning for it to come down in '23 as we fulfill record demand, but we'll continue to use it as an asset. It served us well in getting customer and meeting customer demand, but we'll continue to work through lower inventories in '23.

在 2022 年的航行中，庫存對我們來說是一項有益的投資。我們將計劃並正在計劃在 23 年隨著我們滿足創紀錄的需求而減少庫存，但我們將繼續將其用作資產。它在吸引客戶和滿足客戶需求方面為我們提供了很好的服務，但我們將在 23 年繼續努力降低庫存。

Our next question will come from Keith Housum with Northcoast Research.

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

Congratulations on a great quarter, another consistent performance for you guys. As we think about your Products and System Integration business, obviously, we saw you guys call out a lot of the APX NEXT refreshes, but -- there's only 1 systems update that was included in that list. Can you guys kind of talk about the mix between the system upgrades versus the device upgrades that you guys are going through? And are you guys seeing more of a movement back toward device upgrades?

祝賀一個偉大的季度，你們又一次穩定的表現。當我們考慮你們的產品和系統集成業務時，很明顯，我們看到你們提出了很多 APX NEXT 更新，但是 - 該列表中只包含 1 個系統更新。你們能談談你們正在經歷的系統升級與設備升級之間的混合嗎？你們是否看到更多的設備升級趨勢？

We're seeing both, Keith. The one thing I'd point to is that over the past several years, our customers have been transitioning to an always current upgrade arrangement, we call it an SUA. It's a more predictable arrangement for them and keeps them on their journey technology-wise. That revenue stream is more predictable for us. And a large number of customers in North America are on that journey for their infrastructure needs, which is a less lumpy systems business for us.

我們都看到了，基思。我要指出的一件事是，在過去幾年中，我們的客戶一直在過渡到始終最新的升級安排，我們稱之為 SUA。這對他們來說是一種更可預測的安排，並使他們在技術方面保持領先。這種收入流對我們來說更容易預測。北美的大量客戶都在滿足他們的基礎設施需求，這對我們來說是一個不太起伏的系統業務。

So we'll continue to see devices upgrades. We told you where we are in the early innings of that. and we'll see systems upgrades, but we'll see it come through the P&L in both a product-related upgrade, but in some cases, higher services revenue for systems upgrades.

因此，我們將繼續看到設備升級。我們告訴過你我們在早期的幾局中的位置。我們會看到系統升級，但我們會看到它通過與產品相關的升級的損益來實現，但在某些情況下，系統升級帶來更高的服務收入。

Jason, that's a good point. It's also -- this is pivoted more into a recurring revenue model and it will. There'll be elements of it in terms of replacing base stations for these networks that will continue to be an opportunity for us. But largely, it's come into software, meaning it's an SUA program, as Jason pointed out, but also it's been an accelerant for our Managed and Support Services business as well.

傑森，這是一個很好的觀點。它也是 - 這更多地轉向了經常性收入模式，而且它會。在為這些網絡更換基站方面，它的某些元素將繼續為我們提供機會。但在很大程度上，它進入了軟件領域，這意味著它是一個 SUA 程序，正如 Jason 指出的那樣，但它也一直是我們託管和支持服務業務的促進劑。

Follow-up question here. I noticed in the guidance here, Command Center growth expectation is above 20% for 2023. Is the primary driver of that integration of Rave or are you guys seeing success elsewhere starting to pay dividends?

後續問題在這裡。我在這裡的指南中註意到，指揮中心 2023 年的增長預期超過 20%。是 Rave 整合的主要驅動力，還是你們看到其他地方的成功開始帶來紅利？

20% includes the inorganic addition of Rave, but the rest of Command Center software also expected to grow low double digits which is consistent with the expectation that we had and executed to in 2022.

20% 包括 Rave 的無機添加，但 Command Center 軟件的其餘部分也預計將增長低兩位數，這與我們在 2022 年擁有並執行的預期一致。

Our next question will come from Louie DiPalma with William Blair.

我們的下一個問題將來自 Louie DiPalma 和 William Blair。

Well, related to your Video division, the topic of artificial intelligence and machine learning has been in the financial mainstream recently with ChatGPT. Can you discuss how Motorola deserves to be in the conversation of leading AI vendors with some of your video analysis automation tech that you showcased at the IACP conference. And in general, how powerful are your AI tools now? And how has that progressed over the past couple of years?

好吧，與您的視頻部門相關，人工智能和機器學習的主題最近已成為金融主流，與 ChatGPT 相關。您能否討論摩托羅拉如何在領先的 AI 供應商的對話中與您在 IACP 會議上展示的一些視頻分析自動化技術進行討論？總的來說，你的人工智能工具現在有多強大？這在過去幾年中進展如何？

Sure. So ChatGPT, the technology that -- I think has been in development for quite a long time, and it really benefits from lots of advances in natural language understanding, reinforcement learning, the GPT there stands for Generative Pretrained Transformers. And it's the third generation of that tool.

當然。所以 ChatGPT，我認為這項技術已經開發了很長時間，它確實受益於自然語言理解、強化學習方面的許多進步，GPT 代表生成預訓練變形金剛。這是該工具的第三代。

Now if you kind of break that up a little bit, the natural language elements of it, think of what we do on the smart transcription side, where we understand natural language, we are able to pick out entities that address names, license plate numbers, et cetera, and then map that into a capability to fill out forms, give supervisors a heads-up when a call taker potentially needs help, et cetera.

現在，如果你稍微分解一下，它的自然語言元素，想想我們在智能轉錄方面所做的，我們理解自然語言，我們能夠挑選出地址名稱、車牌號的實體等等，然後將其映射到填寫表格的能力，在接聽者可能需要幫助時提醒主管，等等。

On the video side, think of it as what we're doing, where we're taking video and actually converting that to language, so facilitating things like natural language searches. So being able to understand what is the user asking for and mapping that effectively into a set of results that are returned based upon our automated analysis of video. And we're able to do that at the edge. And with our acquisition of Calipsa, we're able to extend that capability into the cloud. And one of the things that Calipsa with the cloud AI allows us to do is very rapidly give -- provide this capability to multiple different cameras across the board, across all our portfolios, Pelco specifically, Avigilon inclusive of that as well.

在視頻方面，把它想像成我們正在做的事情，我們正在拍攝視頻並將其實際轉換為語言，從而促進自然語言搜索等事情。因此能夠理解用戶的需求並將其有效地映射到一組基於我們對視頻的自動分析返回的結果中。我們能夠在邊緣做到這一點。通過收購 Calipsa，我們能夠將該功能擴展到雲中。帶有云 AI 的 Calipsa 允許我們做的一件事是非常迅速地提供——在我們所有的產品組合中，為多台不同的攝像機提供這種能力，特別是 Pelco，Avigilon 也包括在內。

So those 2 things together give us the capability now to say, okay, if there's particular events that are happening, we can alert on them, unusual activity being another one of them. So ChatGPT, I think, is just an indicator of one element or one area of machine learning that is really advanced. We're benefiting from multiple pieces of that across video understanding, across language understanding and audio understanding to the point where we're now implementing it across all our products. So hopefully, that's a rough answer to your question.

所以這兩件事一起讓我們現在有能力說，好吧，如果有特定事件正在發生，我們可以提醒他們，不尋常的活動是其中之一。因此，我認為 ChatGPT 只是機器學習的一個元素或一個領域真正先進的指標。我們從視頻理解、語言理解和音頻理解的多個方面受益，以至於我們現在正在所有產品中實施它。希望這是對您問題的粗略回答。

That was helpful. I'm sure you could talk for dozens of hours on that topic. One more question. Last week -- yes, last week, the city of East Chicago in Indiana announced that it was deploying portable solar-powered video analytics platform from Avigilon. I was wondering, do you view solar-powered cameras as a significant growth area for the Motorola Video group? .

那很有幫助。我相信你可以就那個話題談上幾十個小時。還有一個問題。上週——是的，上週，印第安納州東芝加哥市宣布，它正在部署 Avigilon 的便攜式太陽能視頻分析平台。我想知道，您是否認為太陽能相機是摩托羅拉視頻集團的重要增長領域？ .

So there's probably 2 areas, I'm not entirely sure of the specific opportunity you're talking about. But more broadly, we do have Avigilon cameras that are deployed today with solar platforms for Quick Deploy applications. Many times, this is for construction sites for sort of sports events that happen or concert events that happen and you need a rapidly deployed solution. That is one part of it. .

所以可能有兩個方面，我不完全確定你所說的具體機會。但更廣泛地說，我們確實擁有 Avigilon 攝像機，這些攝像機今天部署在用於快速部署應用程序的太陽能平台上。很多時候，這是針對正在發生的體育賽事或正在發生的音樂會活動的建築工地，您需要一個快速部署的解決方案。這是其中的一部分。 .

The other part of it is on our automatic license plate recognition solution. We introduced the L6Q camera towards the end of last year. And that is a fully wireless solution. So it is a camera that is equipped with both video and radar as a detection mechanism. It is solar powered. It can be solar powered or it can be powered with a regular AC or DC connection. It also is LTE capable. So it is fully wireless in all its capabilities. And we are seeing a fairly rapid uptake in that solution because of its ease of install. It is probably the easiest to install video camera device out there today.

另一部分是關於我們的自動車牌識別解決方案。我們在去年年底推出了 L6Q 相機。這是一個完全無線的解決方案。因此它是一種同時配備視頻和雷達作為檢測機制的攝像機。它是太陽能供電的。它可以由太陽能供電，也可以通過常規交流或直流連接供電。它還支持 LTE。因此，它的所有功能都是完全無線的。由於該解決方案易於安裝，我們看到該解決方案得到了相當快的採用。它可能是當今最容易安裝的攝像機設備。

Perfect. Exactly what I was looking for.

完美的。正是我要找的。

Our next question will come from Ben Bollin with Cleveland Research.

我們的下一個問題將來自 Cleveland Research 的 Ben Bollin。

The first item I had is, I'm curious, could you talk through the K-12 trends that you've seen as of late, talk to maybe materiality and how some of the COVID relief funding is starting to manifest. Mahesh talked about Safety Reimagined, but any other types of projects that you're seeing in that space would be helpful.

我有的第一個項目是，我很好奇，你能談談你最近看到的 K-12 趨勢，談談可能的重要性以及一些 COVID 救濟資金是如何開始顯現的。 Mahesh 談到了 Safety Reimagined，但您在該領域看到的任何其他類型的項目都會有所幫助。

Sure. So I pointed out earlier, but education is -- it's our largest vertical in terms of Video Security & Access Control. There's been $170 billion allocated to funding school safety. And it continues to outpace -- as much as we grew 24% last year, education continues to even outpace our growth in the overall business.

當然。所以我之前指出，但教育是——它是我們在視頻安全和訪問控制方面最大的垂直領域。已撥款 1700 億美元用於資助學校安全。而且它繼續超過——儘管我們去年增長了 24%，教育甚至繼續超過我們整體業務的增長。

It's one that school safety is paramount to what everyone is doing. And it's not only video security, it's access control, but it also brings in PCR radios and their ability to interoperate, to provide intelligence in terms of if there's an ingress/egress at a door, there's things that happen. I mean analytics play a huge role in driving a lot of our education success in terms of unusual motion detection, if there's an altercation in a cafeteria, think of things like that. Stadiums, things happen with teenage kids in stadiums and those kind of things. So all those things have kind of culminated into a great opportunity.

學校安全對每個人的工作都至關重要。它不僅是視頻安全，它是訪問控制，而且還引入了 PCR 無線電及其互操作能力，以提供有關門是否有入口/出口的情報，會發生什麼事情。我的意思是，分析在推動我們在異常運動檢測方面的許多教育成功方面發揮著巨大作用，如果在自助餐廳發生爭執，想想這樣的事情。體育館，十幾歲的孩子在體育館裡會發生諸如此類的事情。所以所有這些事情最終都變成了一個很好的機會。

One of the things we did early days is we actually went out, hired a team to -- all they do is get up and focus every day in the educational space because one of our core beliefs here is we believe domain expertise, market knowledge matters in terms of going back and work with the product group and making sure we're making the right definition. The other thing I'd add, public schools get a lot of attention. But one of the reasons we look at Ava is we actually looked at a lot of private schools who actually wanted a cloud solution. We didn't have a solution before we bought Ava and we've identified opportunities to accelerate growth in the private education system as well there.

我們早期做的一件事就是我們實際上出去了，聘請了一個團隊——他們所做的就是每天起床並專注於教育領域，因為我們在這裡的核心信念之一是我們相信領域專業知識、市場知識很重要在返回並與產品組合作並確保我們做出正確定義方面。我要補充的另一件事是，公立學校得到了很多關注。但我們關注 Ava 的原因之一是我們實際上關注了很多真正想要雲解決方案的私立學校。在收購 Ava 之前，我們沒有解決方案，我們已經找到了加速私立教育系統發展的機會。

Okay. That's great. The follow-up is within Command Center, Greg, you spoke to 20% growth in '23. Jason, I think you said ex Rave low doubles. If you look at Command Center as a percentage of mix, it's been pretty stable, about 7 points of revenue over the last several years. A lot of things going on. Could you talk a little bit about the sales motion there, the complexity of the systems and longer term, when you think that might be a bigger driver to the overall mix or grow as a percentage of the total, if you get a more widespread investment among those customers.

好的。那太棒了。後續行動在指揮中心內進行，格雷格，你談到 23 年增長了 20%。 Jason，我想你說的是 ex Rave low doubles。如果您將 Command Center 視為混合的百分比，它一直非常穩定，在過去幾年中大約佔收入的 7 個百分點。發生了很多事情。你能談談那裡的銷售動議，系統的複雜性和長期性嗎，當你認為這可能是整體組合的更大驅動力或占總數的百分比增長時，如果你得到更廣泛的投資在那些客戶中。

Yes. I think the primary thing I'd point to there is we have -- you have to think about the Command Central market in terms of its very widespread. There are 6,500 public safety answering points in North America. And what you see taking place, and I think where we've talked about is, you've got -- historically, you had 3 to 4 different RFP cycles, meaning CAD RMS, you had a 911 system. You had consoles and radio consoles in some respect as well as Aware platform, which is more of a proactive mechanism to look at police.

是的。我認為我要指出的主要事情是我們有——你必須從它非常廣泛的角度來考慮指揮中心市場。北美有 6,500 個公共安全接聽點。你看到發生的事情，我認為我們討論過的是，你有 - 從歷史上看，你有 3 到 4 個不同的 RFP 週期，這意味著 CAD RMS，你有一個 911 系統。在某些方面，您擁有控制台和無線電控制台以及 Aware 平台，這更像是一種查看警察的主動機制。

And what we're seeing, I think, particularly as we start to see newer and probably more technology savvy dispatchers enter the market, they want a unified experience. They want to look at a piece of software that is commonality instead of looking at 4 different things, operating with multiple different screens, different ways to interface to the technology. So I know that everybody would like this thing just to turn on and everybody go to kind of a Microsoft suite, the reality is, they've made investments. Some of them maybe just bought a new RMS system 3 years ago. And there's a cycle to that. But we think there's a cycle, and it's a benefit to us.

我認為，我們所看到的，尤其是當我們開始看到更新的、可能更精通技術的調度員進入市場時，他們想要統一的體驗。他們想看一個通用的軟件，而不是看 4 個不同的東西，在多個不同的屏幕上運行，以不同的方式與技術交互。所以我知道每個人都希望打開這個東西，每個人都去微軟套件，現實是，他們已經進行了投資。他們中的一些人可能在 3 年前剛剛購買了新的 RMS 系統。這是一個循環。但我們認為有一個週期，這對我們有好處。

And I think one of the things that Mahesh and his team have done a great job of is they put us in a position to have a conversation with a customer. It isn't bad for us if they buy those things in 3 different cycles because they buy from us. As long as they like the experience we deliver, we think there's a margin opportunity there as well.

我認為 Mahesh 和他的團隊做得很好的一件事是他們讓我們能夠與客戶進行對話。如果他們在 3 個不同的周期內購買這些東西，對我們來說也不錯，因為他們從我們這裡購買。只要他們喜歡我們提供的體驗，我們認為那裡也有利潤機會。

(inaudible) And just looking at how we performed over 2022, our [SaaS] growth was actually 2x that of Command Center total revenue. And today, about 1/3 of our Command Center software customers are actually they have at least 1 cloud-hosted hybrid solution in the mix there. And then we mentioned Greater Harris County as one of the deals this year -- or last quarter. An important element of that solution was the Smart Transcription solution that I mentioned previously and Greater Harris County is actually the largest Smart Transcription deployment to date. And so we are seeing more adoption of hybrid solutions going into that, and that's growing well for us.

（聽不清）看看我們在 2022 年的表現，我們的 [SaaS] 增長實際上是 Command Center 總收入的 2 倍。而今天，我們大約 1/3 的 Command Center 軟件客戶實際上至少有 1 個雲託管混合解決方案。然後我們提到大哈里斯縣是今年或上個季度的交易之一。該解決方案的一個重要元素是我之前提到的智能轉錄解決方案，而大哈里斯縣實際上是迄今為止最大的智能轉錄部署。因此，我們看到越來越多的人採用混合解決方案，這對我們來說發展良好。

Our last question will come from Paul Silverstein with Cowen.

我們的最後一個問題將來自 Paul Silverstein 和 Cowen。

I appreciate that. I hope going the last that I could ask an awful lot of questions. But on a serious note, Greg, the guidance you give in organic terms, what does that translate to stripping out what you're expecting from Rave or any other contemplated acquisitions? And how does that compare to organic growth in '22? I assume Rave is the only -- or the biggest inorganic piece this year?

我很感激。我希望最後能問很多問題。但嚴肅地說，格雷格，你以有機的方式給出的指導，這如何轉化為剝離你對 Rave 或任何其他預期收購的期望？這與 22 年的有機增長相比如何？我假設 Rave 是今年唯一的——或者是今年最大的無機作品？

Yes. It's largely Rave. Last year, inorganic revenues contributed $121 million to our -- and this year, it's largely the Rave of around $70-plus million from Rave. So that's the bridge.

是的。這主要是狂歡。去年，無機收入為我們貢獻了 1.21 億美元——而今年，主要是來自 Rave 的 70 多萬美元的 Rave。這就是橋樑。

You don't have -- in that guidance, you're not putting in anything in terms of prospective acquisitions other than Rave that was disclosed, and it's obviously less -- a fair deal less than what acquisitions contributed?

你沒有 - 在該指導中，除了披露的 Rave 之外，你沒有在潛在收購方面投入任何東西，而且它顯然更少 - 比收購貢獻的公平交易更少？

It's the business as we see it and have it today. That's right.

這是我們今天所看到和擁有的業務。這是正確的。

All right. I appreciate that. And which ties into the next question, your LMR business just grew 9% last year following 7.6% growth the year before and 3.9% before that for a business that you historically have characterized understandably, I think it's low single digit. And so it came off a very strong year and had even strong growth.

好的。我很感激。與下一個問題相關的是，您的 LMR 業務在前一年增長 7.6% 之後去年僅增長 9%，而在此之前對於您歷史上可以理解的業務特徵的增長為 3.9%，我認為這是低個位數。因此，它經歷了非常強勁的一年，甚至實現了強勁增長。

In terms of -- relative to the mid-single-digit guidance on LMR, trying to understand the upside potential of that. I assume the downside of this is limited. Trying to understand upside potential, can you just review -- I know you've touched on it throughout the call, but can you review what were the key drivers in that? You mentioned that PCR was up. I don't think you gave us a number. I assume it was back up to the $1 billion level that you referenced in '19. I think that was the level. But can you go through the various drivers, APX, PCR, et cetera, that contributed to that awfully strong growth? And what you're expecting going forward?

就-相對於 LMR 的中個位數指導而言，試圖了解其上行潛力。我認為這樣做的缺點是有限的。試圖了解上行潛力，你能不能回顧一下——我知道你在整個電話會議中都提到了它，但你能回顧一下其中的關鍵驅動因素是什麼嗎？你提到 PCR 已經啟動。我不認為你給了我們一個數字。我假設它回到了你在 19 年提到的 10 億美元的水平。我認為那是水平。但是，您能否了解促成這種強勁增長的各種驅動因素，如 APX、PCR 等？你對未來有什麼期待？

So Paul, I'd say let's start foundationally and thematically. I think it's a statement about the strength and durability of land mobile radio, first and foremost as a platform. LMR versus an LTE or cellular alternative, number one. Number two, we talk a lot about APX NEXT, APX NEXT being the premier high-tier device, most successful product launch MSI has ever had. Where customers are clamoring for it given the feature functionality, the LTE roaming, the over-the-air software efficiency that eliminates or minimizes their operating expense.

所以保羅，我想說讓我們從基礎和主題開始。我認為這是關於陸地移動無線電的強度和耐用性的聲明，首先是作為一個平台。 LMR 與 LTE 或蜂窩替代方案，排名第一。第二，我們經常談論 APX NEXT，APX NEXT 是首屈一指的高端設備，是 MSI 有史以來最成功的產品發布。考慮到特性功能、LTE 漫遊、可消除或最小化運營費用的無線軟件效率，客戶強烈要求它。

And then we're taking APX NEXT, and we're introducing the APX NEXT mid-tier refresh. So you think about more broadly, there's 13,000 LMR networks around the world. You take a subset of that within North American and centric and P25 and you have a whole device portfolio refresh high-end led by APX NEXT, mid-tier then APX NEXT mid-tier. By the way, we're refreshing the TETRA portfolio as well, and we've continued to add and enhance the PCR portfolio.

然後我們將採用 APX NEXT，我們將介紹 APX NEXT 中層更新。所以你想得更廣泛一點，全世界有 13,000 個 LMR 網絡。你在北美和中心和 P25 中取其中的一個子集，你有一個完整的設備組合更新由 APX NEXT 領導的高端，中端然後 APX NEXT 中端。順便說一句，我們也在更新 TETRA 產品組合，並且我們繼續添加和增強 PCR 產品組合。

Then you add the backdrop of ARPA funding and state budgets that are as strong as they've been in years and PCR up and the best quarter it's ever had in Q4 and it has returned to prepandemic levels. And to your point, it's back to about $1 billion. And even with the business model change around PCR exiting certain countries in Asia, recognizing margin instead of full top end revenue, we still not expect to grow off of a record 2022.

然後你加上 ARPA 資金和國家預算的背景，這些資金和國家預算與多年來一樣強勁，PCR 上升，這是第四季度有史以來最好的一個季度，它已經恢復到大流行前的水平。就你的觀點而言，它又回到了大約 10 億美元。即使圍繞 PCR 退出亞洲某些國家的商業模式發生變化，承認利潤而不是全部高端收入，我們仍然預計 2022 年的增長不會超過創紀錄的水平。

So you have device portfolio refresh, best-in-class product. This is a need to have, not a nice to have. That's not just a slogan. That's a reality and the demand for LMR [writ large] and the platforms and the feature functionality that comes with that, not to mention the integration of the Command Center and things like Video security and Access Control are powering this technology forward. Now why mid-single digit? Because I remind you, we're still in a supply-constrained environment. Lead times are still the same as they were a quarter or 2 ago. if there's relief on that front or that changes throughout the year, we'll inform you. But that's what's driving that guide.

因此，您擁有更新的設備組合、一流的產品。這是一個需要，而不是一個很好的擁有。這不僅僅是一個口號。這是現實，對 LMR [明顯] 的需求以及隨之而來的平台和功能，更不用說指揮中心的集成以及視頻安全和訪問控制等正在推動這項技術向前發展的東西。現在為什麼是中個位數？因為我提醒你，我們仍然處於供應受限的環境中。交貨時間仍與一兩個季度前相同。如果這方面有所緩解或全年發生變化，我們會通知您。但這就是驅動該指南的原因。

Greg, I think you just told us that if supply permits, demand would accommodate more than that mid-single digit 5% guidance. But my last question, any update with respect to you all being able to collect on that not in substantial Hytera litigation award?

格雷格，我想你剛剛告訴我們，如果供應允許，需求將容納超過中個位數 5% 的指導。但我的最後一個問題是，關於你們都能夠收集到的不是實質性的 Hytera 訴訟裁決的任何更新嗎？

Work in progress. By the way, it's worth saying, Paul, that our expectation for cash flow in fiscal 2023 assumes no collection in that year. They owe us about $680 million. We've collected some a relatively de minimis amount. Our trial is the civil trial. They have a 21 [county] criminal trial that begins at the DOJ federal level in February of 2024. We've asked the court to hold Hytera in contempt for failing to make a royalty payment.

工作正在進行中。順便說一下，保羅，我們對 2023 財年現金流量的預期假設當年沒有收款。他們欠我們大約 6.8 億美元。我們已經收集了一些相對微量的。我們的審判是民事審判。他們有一個 21 [縣] 刑事審判，將於 2024 年 2 月在 DOJ 聯邦一級開始。我們已經要求法院判 Hytera 藐視法庭，因為它沒有支付特許權使用費。

Look, it's a long slog. It's a multiyear fight against Hytera, but it's the right thing to do. We're going to protect the intellectual property of this firm. We'll see how it plays out. We had, by the way, their defendant, switch his plea and plead guilty in the U.K., that's the senior engineering executive for Hytera that reported to the CEO, he changed his plea several months ago to guilty. So I know it takes long, and the wheels of justice grind relatively slowly, but we'll stay tuned and update you accordingly. But in terms of our forecasting or assumptions for fiscal '23, there's 0 from a cash standpoint.

看，這是一個漫長的過程。這是與 Hytera 的多年鬥爭，但這是正確的做法。我們將保護這家公司的知識產權。我們將看看結果如何。順便說一句，我們有他們的被告，在英國改變了他的認罪並認罪，這是向首席執行官報告的 Hytera 高級工程主管，他幾個月前改變了他的認罪。所以我知道這需要很長時間，而且正義的車輪磨得相對緩慢，但我們會繼續關注並相應地為您更新。但就我們對 23 財年的預測或假設而言，從現金的角度來看是 0。

I appreciate that. Guys, can I just clarify one thing going back to one more question. Greg, I think you and Jack and Jason have made the point historically previously that the new APX handsets accommodate the richer applications that require the new APX handset in order for your customers to deploy. I trust that's still the case, assuming the fact that there's a strong take-up of APX NEXT bodes well for take-up of the incremental Command Center software and LMR services, et cetera, and so one goes hand in hand with the other.

我很感激。伙計們，我可以澄清一件事回到另一個問題嗎？ Greg，我想你和 Jack 和 Jason 之前已經提出了歷史觀點，即新的 APX 手機可以容納更豐富的應用程序，這些應用程序需要新的 APX 手機才能讓你的客戶部署。我相信情況仍然如此，假設 APX NEXT 的大量使用預示著增量指揮中心軟件和 LMR 服務等的使用是個好兆頭，所以一個與另一個齊頭並進。

Well, the fact that the APX NEXT has software applications that are embedded in the capability of the device themselves. That platform is there to upgrade and add apps over time.

好吧，事實上 APX NEXT 具有嵌入在設備本身功能中的軟件應用程序。隨著時間的推移，該平台可以升級和添加應用程序。

This does conclude the question-and-answer session. I would now like to turn the floor back over to Greg Brown, Chairman and Chief Executive Officer for any additional and closing remarks.

這確實結束了問答環節。我現在想把發言權轉回給董事長兼首席執行官 Greg Brown，聽取任何補充和結束語。

Thank you, everybody, for joining the call. I would just summarize by saying what we do has never been more important than it is now. I mean, last year was a truly outstanding year. Second consecutive year of double-digit top line revenue growth. We expanded operating margins despite the higher input costs around semiconductors. We acquired 7 companies for the deployment and utilization of capital of $1.2 billion.

謝謝大家加入電話會議。我只想說，我們所做的事情從未像現在這樣重要。我的意思是，去年是真正傑出的一年。收入連續第二年實現兩位數增長。儘管半導體的投入成本較高，但我們擴大了營業利潤率。我們收購了 7 家公司，用於部署和使用 12 億美元的資金。

The demand environment remains exceptionally strong, heading into this year. We've got strong multiyear funding. We've got record orders. We got record backlog. The exciting part is, we're at the intersection of public safety and enterprise security. And the width and breadth of our technology ecosystem, I think, further fortifies our role as a trusted adviser to our customers. I want to thank every single Motorolan that's listening into this call. This is an incredible company with a very strong purpose, passion, reengineering, innovation mentality.

進入今年，需求環境依然異常強勁。我們有強大的多年資金。我們有創紀錄的訂單。我們有創紀錄的積壓。令人興奮的是，我們正處於公共安全和企業安全的交叉點。我認為，我們技術生態系統的寬度和廣度進一步鞏固了我們作為客戶值得信賴的顧問的角色。我要感謝每一位聆聽此電話的摩托羅拉人。這是一家令人難以置信的公司，具有非常強烈的目標、熱情、再造和創新心態。

And as we heard yesterday in the supplier conference that Jason referenced and Jack, Mahesh and I participated in, these are special people with a commitment to serve and the commitment to the community. It's above and beyond. I appreciate everybody on the call. Thank you for joining, and we look forward to updating you again in a few months. I appreciate you all.

正如我們昨天在 Jason 提到的供應商會議上聽到的那樣，Jack、Mahesh 和我參加了會議，這些人都是特別的人，他們致力於服務和社區。它超越了。我感謝通話中的每一個人。感謝您的加入，我們期待在幾個月後再次為您更新。我感謝你們所有人。

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/investors. 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。將在 2 小時內通過 Internet 提供此通話的重播。網址為 www.motorolasolutions.com/investors。我們感謝您的參與，請您此時斷開您的線路。