摩托羅拉 (MSI) 2023 Q1 法說會逐字稿

Welcome to the Motorola Solutions First Quarter 2023 Earnings Conference Call. Today's call is being recorded. If you have any objections, please disconnect at this time.

歡迎參加摩托羅拉系統公司 2023 年第一季度收益電話會議。今天的通話正在錄音中。如果您有異議，請此時斷開連接。

The presentation material and additional financial tables are posted on the Motorola Solutions Investor Relations website. 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)

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。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/investor。 （操作員說明）

I would now like to introduce Mr. Tim Yocum, Vice President of Investor Relations. Mr. Yocum, you may begin your conference.

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。

Good afternoon. Welcome to our 2023 first 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 2023 年第一季度財報電話會議。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 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。

We've 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.

我們已在 motorolasolutions.com/investor 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.

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。

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 2022 annual report on Form 10-K or any 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.

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，以及我們在 2022 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本次電話會議期間發表的評論，以及我們向美國證券交易委員會提交的其他報告和文件。我們不承擔更新任何前瞻性陳述的義務。

And with that, I'll turn it over to Greg.

有了這個，我會把它交給格雷格。

Thanks, Tim. Good afternoon, and thank you, everybody, for joining us today. First, let me start by just saying that Q1 was an exceptional start to the year. We achieved revenue and earnings per share above our guidance with revenue up 15% and earnings per share up 31% versus the prior year. We expanded operating margins by 470 basis points, and we had record Q1 orders, which led to record Q1 ending backlog of $14.1 billion, up 5% versus last year, inclusive of $372 million of unfavorable FX.

謝謝，蒂姆。下午好，謝謝大家今天加入我們。首先，讓我先說第一季度是今年的一個特殊開端。我們實現的收入和每股收益高於我們的指導，與上一年相比，收入增長了 15%，每股收益增長了 31%。我們將營業利潤率提高了 470 個基點，第一季度訂單創歷史新高，導致第一季度末積壓訂單達到創紀錄的 141 億美元，比去年增長 5%，其中包括 3.72 億美元的不利外匯。

Second, our outstanding Q1 performance was broad-based, with strong double-digit revenue growth in both segments, all 3 technologies and in both regions, North America and international. Additionally, public safety and enterprise security remains more important than ever, which is driving demand for both our public safety and enterprise customers.

其次，我們出色的第一季度業績基礎廣泛，兩個細分市場、所有 3 種技術以及北美和國際兩個地區的收入都實現了強勁的兩位數增長。此外，公共安全和企業安全仍然比以往任何時候都更加重要，這推動了對我們公共安全和企業客戶的需求。

And finally, based on our strong start to the year and continued robust demand, we're raising both our revenue and earnings guidance for the full year.

最後，基於我們今年的強勁開局和持續強勁的需求，我們提高了全年的收入和盈利預期。

I'll turn the call over to Jason to take you through results and outlook and then be back and return for some final thoughts.

我會把電話轉給傑森，讓你了解結果和前景，然後回來再回來做一些最後的想法。

Thank you, Greg. Revenue for the quarter grew 15% and was above our guidance with double-digit growth in both segments, both regions and in all 3 technologies. FX headwinds during the quarter were $45 million, while acquisitions added $42 million. GAAP operating earnings were $399 million or 18.4% of sales, up from 12.6% in the year ago quarter.

謝謝你，格雷格。本季度的收入增長了 15%，並且在兩個細分市場、兩個地區和所有 3 種技術中均實現了兩位數的增長，超出了我們的預期。本季度外匯逆風為 4500 萬美元，而收購增加了 4200 萬美元。 GAAP 營業收入為 3.99 億美元，佔銷售額的 18.4%，高於去年同期的 12.6%。

Non-GAAP operating earnings were $532 million, up 42% from the year ago quarter and non-GAAP operating margin was 24.5%, up 470 basis points. This strong year-over-year increase in both GAAP and non-GAAP operating earnings was driven by higher sales, lower direct material costs, inclusive of lower broker spend in attaining semiconductors and improved operating leverage.

非 GAAP 營業利潤為 5.32 億美元，比去年同期增長 42%，非 GAAP 營業利潤率為 24.5%，增長 470 個基點。 GAAP 和非 GAAP 營業收入同比強勁增長的原因是銷售額增加、直接材料成本降低，包括經紀人在獲得半導體方面的支出減少以及經營槓桿率提高。

GAAP earnings per share was $1.61 compared to $1.54 in the year ago quarter. Non-GAAP earnings per share was $2.22, up 31% from $1.70 last year. The strong growth in earnings per share was driven by higher sales and margins, partially offset by a higher effective tax rate in the current year.

GAAP 每股收益為 1.61 美元，而去年同期為 1.54 美元。非 GAAP 每股收益為 2.22 美元，比去年的 1.70 美元增長 31%。每股收益的強勁增長是由更高的銷售額和利潤率推動的，但部分被本年度更高的有效稅率所抵消。

OpEx in Q1 was $530 million, up $38 million versus last year, primarily due to acquisitions and higher incentives in the current year.

第一季度的運營支出為 5.3 億美元，比去年增加 3800 萬美元，這主要是由於當年的收購和更高的激勵措施。

Turning to cash flow. Q1 operating cash flow was a usage of $8 million and free cash flow was a usage of $62 million. The cash flow in Q1 was in line with our expectations and included a onetime cash tax payment of $70 million related to an IP reorganization we completed last year.

轉向現金流。第一季度運營現金流使用了 800 萬美元，自由現金流使用了 6200 萬美元。第一季度的現金流符合我們的預期，其中包括與我們去年完成的知識產權重組相關的一次性現金稅款 7000 萬美元。

It also reflects our strategic decision to carry higher inventories. For the full year, we continue to expect operating cash flow to be approximately $1.9 billion, with greater contributions in the second half, consistent with the shape of last year's cash flow.

這也反映了我們進行更高庫存的戰略決策。對於全年，我們繼續預計運營現金流約為 19 億美元，下半年的貢獻更大，與去年現金流的形態一致。

The capital allocation for Q1 included $148 million in cash dividends, $140 million in share repurchases and $54 million of CapEx.

第一季度的資本分配包括 1.48 億美元的現金股息、1.4 億美元的股票回購和 5400 萬美元的資本支出。

Moving to our segment results. In the Products and SI segment, sales were up 18% versus last year, driven by improved supply availability in the current year and the benefit from pricing actions flowing through. Currency headwinds were $19 million and revenue from acquisitions in the quarter added $12 million.

轉到我們的細分結果。在產品和 SI 部門，銷售額比去年增長了 18%，這得益於今年供應可用性的改善以及定價行動帶來的好處。貨幣逆風為 1900 萬美元，本季度收購收入增加了 1200 萬美元。

Operating earnings were $246 million or 18.9% of sales, up from 8.7% in the prior year, driven by higher sales, lower material costs, inclusive of lower broker spend and improved operating leverage.

營業收入為 2.46 億美元，佔銷售額的 18.9%，高於上一年的 8.7%，這主要是由於銷售額增加、材料成本降低，包括經紀人支出減少和經營槓桿提高。

Some notable Q1s and achievements in this segment include a $27 million countywide P25 system for Johnson County, Missouri, a $20 million P25 device order for a U.S. state and local customer, a $17 million P25 system for Wakulla County, Florida, a $16 million fixed video contract for a large health care system and a $15 million APX and APX NEXT devices order for the Kansas Highway Patrol.

該領域一些值得注意的第一季度和成就包括為密蘇里州約翰遜縣價值 2700 萬美元的全縣 P25 系統，為美國州和當地客戶價值 2000 萬美元的 P25 設備訂單，為佛羅里達州沃庫拉縣價值 1700 萬美元的 P25 系統，為佛羅里達州沃庫拉縣的價值 1600 萬美元的固定訂單大型醫療保健系統的視頻合同以及堪薩斯公路巡邏隊價值 1500 萬美元的 APX 和 APX NEXT 設備訂單。

In Software and Services, revenue was up 10%, including 19% growth in Command Center and 20% growth in video. Revenue from acquisitions was $30 million in the quarter, and FX headwinds were $26 million. Operating earnings in the segment were $286 million, up 3% versus last year and operating margins were 32.9%, down from 35.2% last year on mix, higher costs from acquisitions and FX.

在軟件和服務方面，收入增長了 10%，其中指揮中心增長了 19%，視頻增長了 20%。本季度收購收入為 3000 萬美元，外匯逆風為 2600 萬美元。該部門的營業收入為 2.86 億美元，比去年增長 3%，營業利潤率為 32.9%，低於去年的 35.2%，原因包括收購和外匯成本增加。

For the full year, we expect operating margins in this segment to be comparable to last year to slightly down, driven by higher costs from acquisitions, primarily rate. Some notable Q1 highlights in this segment include a $340 million federal IDIQ award to combine existing services and provide new LMR services to the U.S. Air Force, which has long been an important customer of ours.

對於全年，我們預計該部門的營業利潤率將與去年持平或略有下降，原因是收購成本增加，主要是利率。這一領域的一些值得注意的第一季度亮點包括 3.4 億美元的聯邦 IDIQ 獎勵，用於結合現有服務並為美國空軍提供新的 LMR 服務，美國空軍長期以來一直是我們的重要客戶。

Given the nature of this 10-year agreement, we recorded only $11 million of backlog in the first quarter and expect backlog to be recorded ratably over time for the remainder of the contract. Additionally, we expect new services included it to contribute an incremental $60 million of revenue over the 10-year period when compared to the previous service agreements.

鑑於這項為期 10 年的協議的性質，我們在第一季度僅記錄了 1100 萬美元的積壓訂單，並且預計隨著時間的推移，合同剩餘部分的積壓訂單將按比例記錄下來。此外，與以前的服務協議相比，我們預計包括它在內的新服務將在 10 年期間貢獻 6000 萬美元的增量收入。

We also received a $21 million multiyear support services extension for Portugal's nationwide TETRA system, a $10 million LMR services agreement with a federal agency and a $9 million fixed video services contract renewal with the City of Chicago.

我們還獲得了針對葡萄牙全國 TETRA 系統的 2100 萬美元多年支持服務延期、與聯邦機構簽訂的 1000 萬美元 LMR 服務協議以及與芝加哥市的 900 萬美元固定視頻服務合同續簽。

Looking at regional results. North America Q1 revenue was $1.5 billion, up 14% on strong growth in all 3 technologies. International Q1 revenue was $679 million, up 16% versus last year with growth in all 3 technologies, partially offset by unfavorable FX.

查看區域結果。北美第一季度收入為 15 億美元，增長 14%，這得益於所有 3 項技術的強勁增長。第一季度國際收入為 6.79 億美元，比去年增長 16%，所有 3 項技術均有增長，部分被不利的外匯所抵消。

Moving to backlog. Ending backlog was a Q1 record of $14.1 billion, up 5% or $623 million versus last year, inclusive of $372 million of unfavorable FX. These results were driven by strong demand across all 3 technologies.

轉移到積壓。第一季度末積壓訂單達到創紀錄的 141 億美元，比去年增長 5% 或 6.23 億美元，其中包括 3.72 億美元的不利外匯。這些結果是由對所有 3 種技術的強勁需求推動的。

Sequentially, backlog was down $280 million, driven primarily by typical order seasonality in North America. In the Products and SI segment, ending backlog was up $601 million or 15% driven primarily by strong LMR demand. Sequentially, backlog was down $186 million due to North America orders seasonality following a record backlog in Q4.

隨後，積壓訂單減少了 2.8 億美元，這主要是受北美典型訂單季節性的推動。在產品和 SI 部分，期末積壓訂單增加 6.01 億美元或 15%，主要受強勁的 LMR 需求推動。在第四季度創紀錄的積壓訂單之後，由於北美訂單季節性，積壓訂單減少了 1.86 億美元。

In Software and Services, backlog was up $22 million compared to last year, driven by strong demand for multiyear software and services contracts in North America, partially offset by the revenue recognition for Airwave along with $329 million of unfavorable FX and the adjustment related to the exit of ESN contract that we announced last year.

在軟件和服務方面，由於北美對多年期軟件和服務合同的強勁需求，積壓訂單比去年增加了 2200 萬美元，部分被 Airwave 的收入確認以及 3.29 億美元的不利外彙和與退出我們去年宣布的 ESN 合同。

Sequentially, backlog was down $94 million, driven primarily by revenue recognition for Airwave.

隨後，積壓訂單減少了 9400 萬美元，這主要是受 Airwave 收入確認的推動。

Turning now to our outlook. We expect Q2 sales to be up 10% to 11% with non-GAAP earnings per share between $2.49 and $2.54 per share. This assumes a weighted average share count of approximately 173 million shares and an effective tax rate of approximately 24%.

現在轉向我們的展望。我們預計第二季度銷售額將增長 10% 至 11%，非 GAAP 每股收益在 2.49 美元至 2.54 美元之間。這假設加權平均股數約為 1.73 億股，有效稅率約為 24%。

For the full year, we are increasing both our revenue and EPS guidance. We now expect revenue in the range of $9.725 billion to $9.775 billion, up from our prior range of $9.65 billion to $9.7 billion. And we expect non-GAAP earnings per share between $11.21 and $11.29, up from our prior guidance of $11.10 and $11.22 per share.

對於全年，我們正在增加收入和 EPS 指導。我們現在預計收入在 97.25 億美元至 97.75 億美元之間，高於我們之前 96.5 億美元至 97 億美元的範圍。我們預計非 GAAP 每股收益在 11.21 美元至 11.29 美元之間，高於我們之前的每股 11.10 美元和 11.22 美元的指引。

This full year outlook assumes $25 million of FX headwinds, a weighted average share count of approximately 172 million shares and an effective tax rate of 23% to 24%.

這一全年展望假設了 2500 萬美元的外匯逆風，加權平均股數約為 1.72 億股，有效稅率為 23% 至 24%。

As I mentioned on the last call, the increase from our 20.1% tax rate last year is due to lower tax benefits on share comp and a higher U.K. tax rate in the current year, both of which combined represent an approximately $0.50 headwind in our full year earnings per share guide.

正如我在上次電話會議中提到的那樣，我們去年 20.1% 的稅率有所增加，這是由於今年股票補償的稅收優惠減少以及英國的稅率提高，這兩者加在一起代表了我們全額約 0.50 美元的逆風年度每股收益指南。

The increased outlook for the full year is a reflection of the continued strength of our business and demand for our solutions. The revenue guidance reflects expectations for strong double-digit growth in the first half as well as continued growth in the second half of the year, which comes on top of the 15% growth we saw in the second half of last year.

全年增長的前景反映了我們業務的持續實力和對我們解決方案的需求。收入指引反映了對上半年兩位數強勁增長以及下半年持續增長的預期，這是我們在去年下半年看到的 15% 的增長。

I'll now turn the call back to Greg.

我現在將電話轉回給格雷格。

Thanks, Jason. Let me just end with a few thoughts. First and foremost, our business remains very strong. We had record Q1 orders and achieved revenue above our expectations. We expanded operating margins by 470 basis points. We ended the quarter with our highest Q1 ending backlog ever, and our public safety and enterprise customers are continuing to prioritize our solutions to help communities safe, which is driving our increased top and bottom line guidance for the full year.

謝謝，傑森。讓我以一些想法結束。首先，我們的業務仍然非常強勁。我們獲得了創紀錄的第一季度訂單，並實現了超出我們預期的收入。我們將營業利潤率提高了 470 個基點。我們以有史以來最高的第一季度末積壓結束了本季度，我們的公共安全和企業客戶繼續優先考慮我們的解決方案以幫助社區安全，這推動了我們增加全年的收入和利潤指導。

Second, I want to highlight 2 recent announcements in our Video Security business. First, we made the decision to integrate our end-to-end fixed video portfolio, consolidating the majority of our fixed video solutions under 2 platforms: Avigilon Alta and Avigilon Unity. Alta is our cloud-native security suite, consolidating Openpath, and Ava security, while Unity is our on-prem security suite, consolidating Avigilon and IndigoVision. This help streamline our go-to-market channels and further reinforces our vertical focus, particularly in government, but also education and health care, which combine those 3 now represent half of our video security revenues.

其次，我想強調我們的視頻安全業務最近發布的 2 條消息。首先，我們決定整合我們的端到端固定視頻產品組合，將我們的大部分固定視頻解決方案整合到兩個平台下：Avigilon Alta 和 Avigilon Unity。 Alta 是我們的雲原生安全套件，整合了 Openpath 和 Ava 安全性，而 Unity 是我們的本地安全套件，整合了 Avigilon 和 IndigoVision。這有助於簡化我們的上市渠道，並進一步加強我們的垂直重點，特別是在政府、教育和醫療保健領域，這三者現在占我們視頻安全收入的一半。

Additionally, in our mobile video business, we launched our new V700 body-worn camera. The V700 is our first body-worn camera to provide broadband connectivity that facilitates integration with our market-leading in-car video solution, our APX radios and our Command Center software, including live video streaming and location tracking through our Aware product.

此外，在我們的移動視頻業務中，我們推出了全新的 V700 隨身攝像機。 V700 是我們首款提供寬帶連接的隨身攝像頭，有助於與我們市場領先的車載視頻解決方案、我們的 APX 無線電和我們的指揮中心軟件集成，包括通過我們的 Aware 產品進行實時視頻流和位置跟踪。

And finally, our strong start to the year underlines the strength and resiliency of our business. The demand for our products and solutions that keep communities safe remains exceptionally strong. Our continued focus on cost management and inventory optimization, coupled with our previous modest pricing actions that we took earlier continues to drive margin expansion and our strong balance sheet and durable cash flows allow us to be opportunistic with the deployment of capital going forward to create long-term shareholder value.

最後，我們今年的強勁開局凸顯了我們業務的實力和彈性。對我們確保社區安全的產品和解決方案的需求仍然異常強勁。我們繼續專注於成本管理和庫存優化，加上我們之前採取的適度定價行動繼續推動利潤率擴張，我們強大的資產負債表和持久的現金流使我們能夠在未來的資本部署中投機取巧，以創造長期-長期股東價值。

And with that, I'll now turn it over to Tim and open it up for your questions.

有了這個，我現在將它交給蒂姆並打開它來回答你的問題。

Thank you, Greg. (Operator Instructions) Operator, please remind our callers on the line how to ask a question.

謝謝你，格雷格。 （接線員說明）接線員，請提醒我們的在線呼叫者如何提問。

(Operator Instructions) The first question is from Tim Long with Barclays.

（操作員說明）第一個問題來自巴克萊銀行的 Tim Long。

Yes, 2, if I could here. First, just looking at the second half, I know, Jason, you mentioned tough comps, but hoping you could just give a little commentary around moving parts given those pricing benefits and pretty healthy backlog still. So what are the moving parts in that second half?

是的，2，如果我可以的話。首先，只看下半年，我知道，傑森，你提到了艱難的競爭，但希望你能就移動部件給出一些評論，因為這些定價優勢和相當健康的積壓仍然存在。那麼下半場的活動部分是什麼？

And then second, more specifically on video, Greg or Jack, if you could talk a little bit about -- it was good to see above the full year growth rate in Q1. Could you talk a little bit about where we are with cross-sell opportunities and also opportunities in video from NDAA and [RFP safe] schools and things like that?

其次，更具體地說，關於視頻，格雷格或傑克，如果你能談談——很高興看到第一季度高於全年增長率。你能談談我們在交叉銷售機會以及來自 NDAA 和 [RFP 安全] 學校的視頻等方面的機會嗎？

Sure, Tim. So on the second half, so you'll recall that last year in the second half is when the pricing actions that we implemented really began to show up in the P&L, and those really helped last year's growth and profitability expansion in the second half. So our position today, as we look at those 15% comps is that we're still in a supply-constrained environment. We have lead times from our suppliers. We have expectations to grow and with opportunities ahead of us for the second half with the continued demand that we have. Where the pricing actions benefited us particularly in Q1 and expect similar for Q2 is last year's comps. In the first half, did not include those same pricing actions. So as we start to enter July, we're anniversary-ing those pricing actions and still expect growth on top of those.

當然，蒂姆。所以在下半年，你會記得去年下半年是我們實施的定價行動真正開始出現在損益表中的時候，這些確實幫助了去年下半年的增長和盈利擴張。所以我們今天的立場，當我們看到那些 15% 的補償時，我們仍然處於供應受限的環境中。我們有供應商的交貨時間。我們期望在下半年隨著我們的持續需求而增長和機遇。定價行動特別是在第一季度使我們受益，並且預計第二季度類似的是去年的補償。上半年，不包括那些相同的定價行為。因此，當我們開始進入 7 月時，我們將對這些定價行動進行週年紀念，並仍然期望在這些行動之上實現增長。

And Tim, specific to cross-sell, what I would do is highlight 4 specific verticals, starting with government. As we have attested to before, Government was a nascent business. When we acquired Avigilon, we made subsequent acquisitions. But just to put it in context, we've kind of put the marker out there this year for a video security business that we would grow approximately 15%. We expect government to grow in the high teens. And we think we've got opportunities to move that.

蒂姆，具體到交叉銷售，我要做的是突出 4 個特定的垂直領域，從政府開始。正如我們之前證明的那樣，政府是一項新興業務。當我們收購 Avigilon 時，我們進行了後續收購。但只是為了把它放在上下文中，我們已經為今年的視頻安全業務做了一些標記，我們將增長大約 15%。我們期望政府在十幾歲時成長。我們認為我們有機會推動它。

Specifically, I'd also call out health care, we're really, really pleased. We won -- we secured a $16 million deal with the large-scale hospital system. This was an add-on. And the beauty of that is they're not only a video user, but they're also a radio user. Education has been -- we've attested to the fact that numerous school systems are upgrading. Some are going with Avigilon Unity on prime systems, large-scale urban schools. But what we're really seeing is acceleration of growth in the cloud there and the ability to do radioalert and integrate access control, LMR, our command center software product called Compass into school systems is a game changer.

具體來說，我還要呼籲醫療保健，我們真的非常高興。我們贏了——我們與大型醫院系統達成了 1600 萬美元的交易。這是一個附加組件。其美妙之處在於，他們不僅是視頻用戶，而且還是廣播用戶。教育已經——我們已經證明許多學校系統正在升級。有些人在主要係統、大型城市學校上使用 Avigilon Unity。但我們真正看到的是那裡雲計算的加速增長，以及進行無線電警報和集成訪問控制的能力，LMR，我們稱為 Compass 的指揮中心軟件產品進入學校系統是一個遊戲規則的改變者。

And then lastly is the industrial space, namely utilities. We've talked about the fact we've secured a large-scale utility in the past. We've done in the area of $50 million of utility. And I think as utilities start to fortify their power grids and their substations will have incremental cross-sell opportunities there, Tim.

最後是工業空間，即公用事業。我們已經討論過我們在過去獲得了大型公用事業的事實。我們已經完成了 5000 萬美元的公用事業。而且我認為，隨著公用事業開始加強他們的電網，他們的變電站將會有更多的交叉銷售機會，蒂姆。

But I think the highlight is we tie it all into making sure that we incent our sales force to go and cross-sell, and that's just part of the DNA now.

但我認為重點是我們將這一切與確保我們激勵我們的銷售人員進行交叉銷售聯繫起來，這只是現在 DNA 的一部分。

The next question is from the line of George Notter with Jefferies.

下一個問題來自 George Notter 與 Jefferies 的合作。

I guess I think you guys mentioned ARPA in the last question or maybe Tim did, but what are your expectations for the ARPA benefit this year? I know that you've got about $400 million in orders from ARPA related projects last year. I would imagine some of that converted to revenue last year. But what do you think that might look like for 2023? Any sense?

我想我認為你們在上一個問題中提到了 ARPA，或者 Tim 提到了，但是您對今年 ARPA 收益的期望是什麼？我知道你們去年從 ARPA 相關項目中獲得了大約 4 億美元的訂單。我可以想像其中一些會在去年轉化為收入。但你認為 2023 年會是什麼樣子？任何意義？

Yes. So George, I would say ARPA, anytime there's federal stimulus dollars are conducive, and I would say, beneficial to the business. But to kind of put it in context, it's approximately 5% of our orders in North America last year. And that's not to diminish it, but I would take it to a higher level. I've actually gone and looked in sales force. It's -- they've contributed to deals that were secured, but they for the sole purpose of deals that were secured. I think at the end of the day, when you think about mission-critical communications or even a school, we think we're in an area of prioritization in areas, as we've said before, it's a need to have, not a nice to have. So I think it's generally conducive, but it's -- I wouldn't necessarily say it's the largest attributable to our success.

是的。所以喬治，我會說 ARPA，只要有聯邦刺激資金就有利於，而且我會說，對企業有利。但具體來說，這大約占我們去年北美訂單的 5%。這並不是要削弱它，而是我會把它提升到一個更高的水平。我實際上已經去看過銷售人員了。它是 - 他們為有擔保的交易做出了貢獻，但他們的唯一目的是獲得擔保的交易。我認為歸根結底，當您考慮關鍵任務通信甚至一所學校時，我們認為我們處於優先領域，正如我們之前所說，這是需要的，而不是很高興有。所以我認為這通常是有益的，但它是——我不一定會說這是我們成功的最大原因。

Got it. Great. And then just as a quick follow-on. I think the question everyone's been asking is on supply chain, many companies, I think, are going through inventory corrections now. I mean any sense that your customers have been inventorying products? Or is there any risk of supply chain corrections or inventory corrections for you guys as you look forward?

知道了。偉大的。然後就像快速跟進一樣。我認為每個人都在問的問題是關於供應鏈的，我認為許多公司現在都在進行庫存調整。我的意思是您的客戶一直在清點產品嗎？或者你們是否有任何供應鏈修正或庫存修正的風險？

The demand from our customers remains very strong. Our backlog position is at a record level. And that includes backlog that customers are having to wait a bit longer than they'd like and we're working through those delays in getting them products. With the results in Q1, we were able to attain a little bit better supply. We had a good quarter across LMR, Public Safety, had a good quarter with PCR.

我們客戶的需求仍然非常強勁。我們的積壓情況處於創紀錄水平。這包括積壓，客戶不得不等待比他們想要的更長的時間，我們正在努力解決這些延遲問題，讓他們獲得產品。根據第一季度的結果，我們能夠獲得更好的供應。我們在 LMR、公共安全方面有一個很好的季度，在 PCR 方面也有一個很好的季度。

So we're getting after this backlog position and fulfilling the customers demands, both the demand they placed on us in backlog and also the demand they place on us within the quarter. So -- and our inventory position, if I shift to our balance sheet, has helped us mitigate a choppy supply environment, and we continue to be mindful of inventory and its utility in serving what remains a challenging supply environment. It's been a helpful tool.

因此，我們正在處理這個積壓職位並滿足客戶的需求，包括他們對我們積壓的需求以及他們在本季度內對我們的需求。所以 - 如果我轉向我們的資產負債表，我們的庫存狀況幫助我們緩解了不穩定的供應環境，我們繼續關注庫存及其在服務仍然具有挑戰性的供應環境中的效用。這是一個有用的工具。

And we do have expectations for inventory to reduce in the second half. That's in our cash flow expectations, but it remains an important tool to navigate this environment.

我們確實預計下半年庫存會減少。這符合我們的現金流預期，但它仍然是應對這種環境的重要工具。

(Operator Instructions) The next question comes from the line of Meta Marshall with Morgan Stanley.

（操作員說明）下一個問題來自 Meta Marshall 與摩根士丹利的合作。

Great. Maybe just a question on the APX mix. You had mentioned that being targeted towards the high end and then introducing kind of the mid-tier product. I just wanted to get a sense of adoption trends of the various pieces of the portfolio and were they kind of following, the customer adoption types that you expected? And then just maybe an update on Rave integration would be helpful.

偉大的。也許只是關於 APX 組合的問題。您提到過針對高端然後推出某種中端產品。我只是想了解產品組合各個部分的採用趨勢，它們是否遵循您期望的客戶採用類型？然後更新 Rave 集成可能會有所幫助。

Sure, Meta. Maybe I'll start with the APX NEXT, and Mahesh will speak to Rave. First of all, we're in the early innings, as we've said before. And I think it's most important to point out that it's a multiyear introduction for the APX NEXT. What typically happens is we have -- we run the APX Original and the APX Next line in tandem for the foreseeable future.

當然，梅塔。也許我將從 APX NEXT 開始，Mahesh 將與 Rave 交談。首先，正如我們之前所說，我們處於早期階段。我認為最重要的是要指出這是 APX NEXT 的多年介紹。通常發生的情況是——在可預見的未來，我們同時運行 APX Original 和 APX Next 生產線。

In fact, to point that out 80% in Q1 of our device revenue was actually APX Original. So we've got a coexist and strong pipeline for both of them. We've got $410 million orders since we introduced the APX NEXT. But we've just recently, last fall, introduced the N-Series radio, which starts to fill in the portfolio and now we're bringing out international P25 units to bear that will be targeted in Australia, New Zealand and Israel. All in, with the new product, what we're seeing is kind of high single-digit ASP increases as well.

事實上，要指出的是，我們第一季度 80% 的設備收入實際上來自 APX Original。因此，我們為它們提供了一個共存且強大的管道。自推出 APX NEXT 以來，我們已經獲得了 4.1 億美元的訂單。但我們最近，也就是去年秋天，推出了 N 系列收音機，它開始充實我們的產品組合，現在我們正在推出國際 P25 設備，目標市場是澳大利亞、新西蘭和以色列。總而言之，對於新產品，我們看到的是一種高個位數的 ASP 增長。

And I'd also mention other parts of the portfolio, TETRA, PCR are areas where we've focused and have exciting products coming to market and receptive customers to those as well. So we're at an important point and the targeted investments we made in and through COVID that are now producing those exciting products are also an important part of our growth drivers.

我還要提到產品組合的其他部分，TETRA、PCR 是我們關注的領域，並且有令人興奮的產品進入市場，也有接受這些產品的客戶。因此，我們正處於一個重要的時刻，我們在 COVID 中以及通過 COVID 進行的有針對性的投資現在正在生產那些令人興奮的產品，這也是我們增長動力的重要組成部分。

And on Rave. Rave has exceeded our initial expectations for performance. We see strong traction in education, especially higher ed, but also K through 2. And as we previously talked about, Rave bridges enterprise security with public safety and with some of the initiatives that we have undertaken recently, we're making the bridge wider effectively allowing for more data and at a faster rate to go from enterprise security to public safety.

在銳舞上。 Rave 的表現超出了我們最初的預期。我們看到了教育的強大牽引力，尤其是高等教育，還有 K 到 2。正如我們之前談到的，Rave 將企業安全與公共安全聯繫起來，通過我們最近採取的一些舉措，我們正在拓寬橋樑有效地允許更多數據以更快的速度從企業安全轉向公共安全。

So 2 specific examples worth mentioning there. First, with every one of our new VESTA 911 orders, we're actually bundling Rave 911 suite. And what that includes is 2-way texting, caller profile. This is information about individuals, who perhaps need special assistance, facility info, which is blueprints a facility so that responders can respond with greater information as to what to see -- what they will see when they get to the facility and very importantly, caller location. And that is going to be part of our VESTA 911 offer going forward.

因此，有 2 個具體示例值得一提。首先，對於我們每一個新的 VESTA 911 訂單，我們實際上都捆綁了 Rave 911 套件。其中包括雙向短信、來電者資料。這是關於個人的信息，他們可能需要特殊幫助，設施信息，這是設施的藍圖，以便響應者可以用更多的信息來回應要看什麼——他們到達設施時會看到什麼，非常重要的是，呼叫者地點。這將成為我們未來 VESTA 911 報價的一部分。

The second is we're integrating more closely with our enterprise security solution. So Orchestrate is a key enabler for that. And as part of our full Safety Reimagined program, we're bringing Rave much closer in terms of the ability to detect and the ability to alert using Rave alert and the ability to bridge into 911 as appropriate. So those 2 together is really augmenting our path forward in terms of taking advantage of our strength in education, along with our presence with PSAPs.

第二個是我們正在更緊密地與我們的企業安全解決方案集成。因此，Orchestrate 是實現這一目標的關鍵推動因素。作為我們完整的 Safety Reimagined 計劃的一部分，我們在使用 Rave 警報進行檢測和發出警報的能力以及酌情橋接到 911 的能力方面使 Rave 更加接近。因此，就利用我們在教育方面的優勢以及我們在 PSAP 中的存在而言，這 2 個人在一起確實擴大了我們的前進道路。

The next question comes from the line of Sami Badri with Credit Suisse.

下一個問題來自瑞士信貸的 Sami Badri。

All right. I had a couple of questions, some of them modeling, some of them business dynamics. I'll start with business dynamics first. So one on the backlog -- so there obviously are a lot of big deals. And -- maybe you could give us a characterization of how many of these bigger deals are expected? And then maybe taking that question a step further is if we excluded FX impact and excluded big episodic activity, are you still seeing the backlog step up, right, with more of these -- your standard business motion? And then I have a follow-up.

好的。我有幾個問題，其中一些是建模問題，一些是業務動態問題。我將首先從業務動態開始。所以一個積壓 - 所以顯然有很多大交易。而且 - 也許你可以給我們描述一下這些更大的交易中有多少是預期的？然後也許更進一步地問這個問題是，如果我們排除了外匯影響並排除了大的偶發活動，你是否仍然看到積壓增加，對，有更多這些 - 你的標準業務動議？然後我有一個後續行動。

Sami, I think I'd address your inquiry. We've seen strong demand not only big deals but also the usual type and profile of our business. And I'd point to duration. While our backlog is up and at record levels, the duration of our backlog is similar to slightly better than it was last year than it was last quarter.

薩米，我想我會回答你的問題。我們不僅看到了大宗交易的強勁需求，還看到了我們業務的常見類型和概況。我會指出持續時間。雖然我們的積壓工作增加並達到創紀錄水平，但我們積壓工作的持續時間與去年相比略好於上個季度。

So not only are we growing backlog, the opportunities we have to convert that backlog within the year are slightly better. So that's one of the reasons that, again, with our expectations going up for the year, it's driven by that backlog position.

因此，我們不僅在增加積壓，而且我們必須在一年內轉換積壓的機會稍微好一些。因此，這也是我們今年的預期上升的原因之一，它是由積壓情況推動的。

And backlog is up in the unfavorable FX to your other point of $370 million. By the way, the other thing, Sami, is even when we have a large project, much like the Air Force where we talked about earlier on the call, it's a $340 million 10-year order, only $11 million of that is logged in backlog. So I like the composition and the duration of the backlog in addition to it being absolute and at record levels as we exit Q1.

不利的外匯積壓增加到你的另一個點 3.7 億美元。順便說一句，薩米，即使我們有一個大項目，就像我們早些時候在電話會議上談到的空軍一樣，這是一個 3.4 億美元的 10 年期訂單，其中只有 1100 萬美元已登錄積壓。所以我喜歡積壓的構成和持續時間，除了它是絕對的並且在我們退出第一季度時處於創紀錄的水平。

Got it. Also, Greg, Jason, if you guys give us any kind of idea on all video revenue growth targets for 2023. And also, we appreciate the new breakout of the Avigilon segment.

知道了。另外，Greg，Jason，如果你們能給我們關於 2023 年所有視頻收入增長目標的任何想法。而且，我們感謝 Avigilon 細分市場的新突破。

So our expectations for total video remain approximately 15%. That's consistent with our last call. And as Jack mentioned, that growth will be even better in some of our power verticals, which represent over half of the composition of the revenue. So video is performing to our expectations.

因此，我們對總視頻的預期保持在 15% 左右。這與我們上次通話一致。正如傑克所提到的，在我們的一些電力垂直領域，這種增長會更好，這些垂直領域佔收入構成的一半以上。所以視頻的表現符合我們的預期。

And then Sami, to your observation of Greg's comments around our portfolio around Alta and Unity, that's a market-facing change that we will represent the brands and Jack's sales team is positioned to sell video. We're in a great position to sell it either in an on-prem version, which is the way most customers buy today, but also in a cloud version. And as markets move, we're positioned extremely well.

然後 Sami，根據你對 Greg 對我們圍繞 Alta 和 Unity 的產品組合的評論的觀察，這是一個面向市場的變化，我們將代表品牌，而 Jack 的銷售團隊定位於銷售視頻。我們可以很好地以本地版本出售它，這是當今大多數客戶購買的方式，也可以以雲版本出售。隨著市場的變化，我們的定位非常好。

Yes. I think a great example. I got a phone call yesterday, Sami, on that specific to a large-scale metropolitan school district. They had 3 finalists, 2 of the finalists were Avigilon Alta and Avigilon Unity. And I think that's the power that we can meet a customer for their specific needs that no one else in the marketplace has today.

是的。我認為一個很好的例子。薩米，我昨天接到一個電話，是關於一個大型都市學區的。他們有 3 名決賽選手，其中 2 名選手是 Avigilon Alta 和 Avigilon Unity。我認為這就是我們可以滿足客戶特定需求的能力，這是當今市場上其他任何人都沒有的。

This concludes our question-and-answer session. I will 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。我現在將發言權交給董事長兼首席執行官 Greg Brown 先生，請他發表任何補充意見或結束語。

Sure. Thank you. Look, I would just say in closing, it was a great Q1, and I think it highlights the fact that what we do has never been more important. Both the demand environment and execution is strong. I'm really proud of the people. I'm really proud of our channel partners that achieved record Q1 orders, record Q1 backlog.

當然。謝謝。看，最後我只想說，這是一個很棒的第一季度，我認為這凸顯了一個事實，即我們所做的事情從未如此重要。需求環境和執行力都很強。我真的為人民感到驕傲。我真的為我們的渠道合作夥伴感到自豪，他們實現了第一季度訂單記錄，第一季度積壓記錄。

Look, at the end of the day, as we exit Q1, I like our position. More importantly, I like our momentum. And then, again, this is despite the ongoing supply chain challenges that still have to sort of sell through for the next several quarters.

看，在一天結束時，當我們退出 Q1 時，我喜歡我們的位置。更重要的是，我喜歡我們的勢頭。然後，儘管持續存在供應鏈挑戰，但在接下來的幾個季度中仍然需要銷售。

The fact is the intersection, as Mahesh talked about, of public safety and enterprise security, it's critical. And we're building a safety and security technology ecosystem that connects public safety with private institutions, as you heard Jack reference in those key verticals.

正如 Mahesh 所說，事實是公共安全和企業安全的交集，這很關鍵。我們正在構建一個安全和安保技術生態系統，將公共安全與私人機構聯繫起來，正如你在這些關鍵垂直領域聽到傑克提到的那樣。

I couldn't be more proud of this team. and I'm optimistic and enthusiastic about the opportunity in front of us. I appreciate you joining, and I look forward to connecting up with you a quarter from now.

我為這支球隊感到無比自豪。我對擺在我們面前的機會感到樂觀和熱情。感謝您的加入，我期待著從現在開始的一個季度與您聯繫。

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