摩托羅拉 (MSI) 2023 Q2 法說會逐字稿

Good afternoon, and thank you for holding. Welcome to the Motorola Solutions Second Quarter 2023 Earnings Conference Call. (Operator Instructions). I would now like to introduce Mr. Tim Yocum, Vice President of Investor Relations. Mr. Yocum, you may begin your conference.

下午好，感謝您的支持。歡迎參加摩托羅拉解決方案 2023 年第二季度收益電話會議。 （操作員說明）。現在我想介紹一下投資者關係副總裁 Tim Yocum 先生。 Yocum 先生，您可以開始會議了。

Good afternoon. Welcome to our 2023 Second Quarter Earnings Call. With me today are Greg Brown, Chairman and CEO; Jason Winkler, Executive Vice President and CFO; and 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。歡迎參加我們的 2023 年第二季度收益電話會議。今天與我在一起的有董事長兼首席執行官格雷格·布朗 (Greg Brown)； Jason Winkler，執行副總裁兼首席財務官；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。格雷格和傑森將審查我們的結果和評論，傑克和馬赫什將參加問答。

We posted an earnings presentation and news release at motorolasolutions.com/investor. These materials include GAAP to non-GAAP reconciliations for your reference. And during the call, we reference non-GAAP financial results, including those in our outlook, unless otherwise noted.

我們在 motorolaso​​lutions.com/investor 上發布了收益演示和新聞稿。這些材料包括 GAAP 與非 GAAP 調節表，供您參考。除非另有說明，在電話會議期間，我們會參考非公認會計準則財務業績，包括我們的展望中的財務業績。

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 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.

本次演示和電話問答部分將做出一些前瞻性陳述。這些陳述基於當前的預期和假設，受到各種風險和不確定性的影響。實際結果可能與這些前瞻性陳述存在重大差異。有關可能導致此類差異的因素的信息，請參閱今天的收益新聞稿以及本次電話會議期間我們 2022 年年度報告 10-K 表格或任何季度報告 10-Q 表格的風險因素部分中發表的評論以及我們向SEC 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責任。

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, and good afternoon, and thanks, everybody, for joining us today. First, Q2 was another outstanding quarter with revenue and earnings per share both exceeding our guidance. In Software and Services, revenue was up 13% and operating earnings were up 15%, driven by strong growth across all 3 technologies. And in Products and Systems Integration, continued robust demand and improved supply chain availability led to a 12% growth in revenue and a 52% growth in operating earnings in the segment. Additionally, we ended the quarter with record Q2 ending backlog of $14.3 billion, up approximately $850 million versus last year and also up approximately $200 million sequentially.

謝謝蒂姆，下午好，感謝大家今天加入我們。首先，第二季度又是一個出色的季度，收入和每股收益均超出了我們的指導。在軟件和服務領域，受所有 3 項技術強勁增長的推動，收入增長了 13%，營業利潤增長了 15%。在產品和系統集成領域，持續強勁的需求和供應鏈可用性的改善導致該領域收入增長 12%，營業利潤增長 52%。此外，我們在本季度末創下了第二季度末積壓訂單 143 億美元的紀錄，比去年增加了約 8.5 億美元，比上一季度增加了約 2 億美元。

Second, our exceptional performance during the quarter was broad-based, with double-digit revenue growth in both segments, both regions and in all 3 technologies, including 20% growth in command center and 17% growth in Video Security. We also saw record Q2 orders in both segments during the quarter, driven by customers prioritizing technology investments to strengthen public safety and enterprise security.

其次，我們在本季度的出色表現是廣泛的，兩個細分市場、兩個地區和所有3 項技術的收入都實現了兩位數的增長，其中指揮中心增長了20%，視頻安全增長了17%。在客戶優先考慮技術投資以加強公共安全和企業安全的推動下，我們在本季度的第二季度訂單也創下了紀錄。

And finally, based on our Q2 results and the continued strong demand we're seeing across the business, we're again raising our full year guidance for both sales and earnings per share.

最後，根據我們第二季度的業績以及我們在整個業務中看到的持續強勁的需求，我們再次提高了全年銷售額和每股收益的指導。

I'll now turn the call over to Jason.

我現在將電話轉給傑森。

Thank you, Greg. Revenue for the quarter grew 12% 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 $23 million, while acquisitions added $20 million. GAAP operating earnings were $518 million or 21.6% of sales, up from 16.7% in the year ago quarter. Non-GAAP operating earnings were $641 million, up 29% from the year ago quarter and non-GAAP operating margin was 26.7%, up 350 basis points. The strong year-over-year increase in both GAAP and non-GAAP operating earnings was driven by higher sales, inclusive of our higher prices -- pricing, lower direct material costs and improved operating leverage.

謝謝你，格雷格。本季度收入增長 12%，高於我們的預期，兩個細分市場、兩個地區和所有 3 項技術均實現兩位數增長。本季度的外匯不利因素為 2,300 萬美元，而收購則增加了 2,000 萬美元。 GAAP 營業利潤為 5.18 億美元，佔銷售額的 21.6%，高於去年同期的 16.7%。非 GAAP 運營利潤為 6.41 億美元，較去年同期增長 29%，非 GAAP 運營利潤率為 26.7%，增長 350 個基點。公認會計原則和非公認會計原則營業利潤的同比強勁增長是由銷售額增加推動的，包括我們更高的價格、更低的直接材料成本和改善的經營槓桿。

GAAP earnings per share was $2.15 compared to $1.33 in the year ago quarter. Non-GAAP EPS was $2.65, up 28% from $2.07 last year. This strong growth in EPS was driven by higher sales and margins, partially offset by a higher effective tax rate in the current year. OpEx in Q2 was $555 million, up $53 million versus last year, primarily due to increased expenses from acquisitions, investments in video and higher employee-related incentives in the current year.

GAAP 每股收益為 2.15 美元，去年同期為 1.33 美元。非 GAAP 每股收益為 2.65 美元，比去年的 2.07 美元增長 28%。每股收益的強勁增長是由較高的銷售額和利潤率推動的，但部分被本年度較高的有效稅率所抵消。第二季度的運營支出為 5.55 億美元，比去年增加 5300 萬美元，主要是由於本年度收購、視頻投資以及更高的員工相關激勵措施導致費用增加。

Turning to cash flow. Q2 operating cash flow was $93 million, up $83 million versus last year, and free cash flow was $40 million, up $89 million. The increase in year-over-year cash flow was primarily driven by higher earnings and improved working capital, partially offset by higher cash taxes. For the full year, we continue to expect approximately $1.9 billion of operating cash flow. The linearity of our cash flow is expected to be consistent with last year with higher earnings and improved working capital driving increased cash flow in the second half.

轉向現金流。第二季度運營現金流為 9300 萬美元，比去年增加 8300 萬美元，自由現金流為 4000 萬美元，比去年增加 8900 萬美元。現金流的同比增長主要是由於收益增加和營運資本改善推動的，但部分被現金稅增加所抵消。我們繼續預計全年運營現金流約為 19 億美元。我們的現金流量的線性預計將與去年一致，收益的增加和營運資本的改善將推動下半年現金流量的增加。

Also, as we previously highlighted, this year's cash flow includes approximately $300 million of additional cash taxes compared to last year, inclusive of a onetime $70 million tax payment that relates to an IP reorganization that we did in 2022. Capital allocation in Q2 included $224 million in share repurchases, $148 million in cash dividends and $53 million of CapEx.

此外，正如我們之前強調的，與去年相比，今年的現金流包括約3 億美元的額外現金稅，其中包括與我們2022 年進行的知識產權重組相關的一次性7000 萬美元的稅款。第二季度的資本分配包括224 美元1.48 億美元的股票回購、1.48 億美元的現金股息和 5300 萬美元的資本支出。

Moving to segment results. In the Products and SI segment, sales were up 12% versus last year, driven by improved supply availability in the current year and the benefit from pricing actions continuing to flow through.

轉向細分結果。在產品和 SI 領域，銷售額比去年增長了 12%，這得益於今年供應可用性的改善以及定價行動持續進行帶來的好處。

Currency headwinds were $10 million and revenue from acquisitions in the quarter was $2 million. Operating earnings were $285 million or 19.8% of sales, up from 14.6% in the prior year, driven by higher sales, lower material costs, inclusive of lower broker spend for semiconductors and improved operating leverage. Some notable Q2 wins and achievements in this segment include $145 million P25 system upgrade for Kern County, California. A $41 million P25 system and device order for a U.S. federal customer, a $31 million P25 system expansion for Ventura County, California, a $19 million P25 device order for a U.S. federal customer and a $6 million fixed video order for a large U.S. health care customer.

貨幣不利因素為 1000 萬美元，本季度收購收入為 200 萬美元。營業利潤為 2.85 億美元，佔銷售額的 19.8%，高於上一年的 14.6%，這主要得益於銷售額增加、材料成本降低（包括半導體經紀支出減少以及運營槓桿提高）。第二季度該領域一些值得注意的勝利和成就包括為加利福尼亞州克恩縣進行價值 1.45 億美元的 P25 系統升級。美國聯邦客戶價值4100 萬美元的P25 系統和設備訂單、加利福尼亞州文圖拉縣價值3100 萬美元的P25 系統擴展訂單、美國聯邦客戶價值1900 萬美元的P25 設備訂單以及美國大型醫療保健機構價值600 萬美元的固定視頻訂單顧客。

In Software and Services, revenue was up 13%, including 20% growth in command center and 19% growth in video. Revenue from acquisitions was $18 million in the quarter, and FX headwinds were $13 million. Operating earnings in the segment were $356 million, up 15% versus last year and operating margins were 36.9%, up from 36.1% last year on higher sales and improved operating leverage, partially offset by higher costs from acquisitions.

軟件和服務收入增長 13%，其中指揮中心收入增長 20%，視頻收入增長 19%。本季度收購收入為 1800 萬美元，外匯不利因素為 1300 萬美元。該部門的營業利潤為3.56 億美元，比去年增長15%，營業利潤率為36.9%，高於去年的36.1%，這得益於銷售額的增加和運營槓桿的改善，但部分被收購成本上升所抵消。

Some notable Q2 highlights in this segment include a $34 million video order for the Virginia State Police, which included our largest in-car video order ever; a $15 million LMR services agreement with City of Baltimore, Maryland; a $13 million managed services agreement for LMR and a renewal in Latin America; a $12 million command center order for a U.S. federal customer and an $8 million LMR service agreement with another U.S. federal customer.

該領域第二季度的一些值得注意的亮點包括為弗吉尼亞州警察局訂購了價值 3400 萬美元的視頻訂單，其中包括我們有史以來最大的車載視頻訂單；與馬里蘭州巴爾的摩市簽訂價值 1500 萬美元的 LMR 服務協議；價值 1300 萬美元的 LMR 託管服務協議以及拉丁美洲的續約；為美國聯邦客戶簽訂的價值 1200 萬美元的指揮中心訂單以及與另一家美國聯邦客戶簽訂的價值 800 萬美元的 LMR 服務協議。

Looking at regional results for the company, North America Q2 revenue was $1.6 billion, up 11% on strong growth in all 3 technologies. International Q2 revenue was $762 million, up 16% versus last year, driven by growth in LMR and Video, partially offset by unfavorable FX.

從該公司的地區業績來看，北美第二季度收入為 16 億美元，由於所有 3 項技術的強勁增長而增長了 11%。第二季度國際收入為 7.62 億美元，比去年增長 16%，這主要得益於 LMR 和視頻的增長，但部分被不利的匯率所抵消。

Moving to our backlog. Ending backlog was a Q2 record of $14.3 billion, up 6% or $856 million versus last year, driven by strong demand in all 3 technologies. Sequentially, backlog was up $211 million, driven by record Q2 orders in both segments. In the Products and SI segment, ending backlog was up $496 million or 11% and year-over-year and up $100 million sequentially, driven primarily by strong LMR demand.

轉向我們的積壓工作。在所有 3 項技術的強勁需求推動下，第二季度的積壓訂單達到 143 億美元，創歷史新高，比去年增長 6%，即 8.56 億美元。隨後，在這兩個領域創紀錄的第二季度訂單的推動下，積壓訂單增加了 2.11 億美元。在產品和 SI 領域，期末積壓訂單增加 4.96 億美元，即 11%，同比增加 1 億美元，這主要是由強勁的 LMR 需求推動的。

And Software and Services backlog was up $360 million compared to last year. Driven by strong demand for multiyear Software and Services contracts in North America, partially offset by revenue recognition for Airwave and the adjustment related to the ESN contract exit. Sequentially, backlog was up $111 million, driven by record Q2 orders in the segment.

與去年相比，軟件和服務積壓訂單增加了 3.6 億美元。受到北美多年期軟件和服務合同強勁需求的推動，但部分被 Airwave 的收入確認和與 ESN 合同退出相關的調整所抵消。隨後，受該領域創紀錄的第二季度訂單推動，積壓訂單增加了 1.11 億美元。

Turning next to our outlook. We expect Q3 sales to be up approximately 6% with non-GAAP earnings per share between $2.99 and $3.04 per share. This assumes a weighted average diluted share count of approximately 172 million shares and an effective tax rate between 23% and 24%.

接下來轉向我們的展望。我們預計第三季度銷售額將增長約 6%，非 GAAP 每股收益將在 2.99 美元至 3.04 美元之間。假設加權平均稀釋股數約為 1.72 億股，有效稅率在 23% 至 24% 之間。

For the full year, we are again increasing both our revenue and EPS guidance. We now expect revenue in the range of $9.875 billion to $9.9 billion, up from our prior range of $9.725 billion to $9.775 billion, and we expect non-GAAP earnings per share between $11.40 and $11.48 per share up from our prior guidance of $11.21 to $11.29 per share. 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%.

對於全年，我們再次提高了收入和每股收益指導。我們目前預計收入範圍為98.75 億美元至99 億美元，高於之前的97.25 億美元至97.75 億美元範圍；我們預計非GAAP 每股收益為11.40 美元至11.48 美元，高於我們之前指導的11.21 美元至11.29 美元。每股。該全年展望假設外匯不利因素為 2500 萬美元，加權平均股數約為 1.72 億股，有效稅率為 23% 至 24%。

Before turning it back to Greg, I wanted to provide some color on a few financial topics. First, an update on the CMA and Airwave. As we've stated previously, we strongly disagree with the CMA's final decision. Earlier this week, the CMA issued its remedies order regarding implementation of their final decision effective on August 1.

在將其轉回給格雷格之前，我想就一些金融主題提供一些見解。首先是 CMA 和 Airwave 的更新。正如我們之前所說，我們強烈不同意 CMA 的最終決定。本週早些時候，CMA 發布了關於執行最終決定的補救令，該決定於 8 月 1 日生效。

This procedural next step does not change our position regarding the ongoing appeal process and our strong belief in our case. However, from an accounting perspective, beginning August 1, we will now defer revenue for the amount above the remedies order price control until the appeals process has been completed. This deferral and resulting lower revenue from Airwave for the remainder of the year is fully incorporated into our increased revenue and earnings guidance for the year.

下一步的程序並不會改變我們對正在進行的上訴程序的立場以及我們對案件的堅定信念。然而，從會計角度來看，從 8 月 1 日開始，我們將推遲高於補救令價格控制金額的收入，直到上訴程序完成。這一推遲以及由此導致的 Airwave 在今年剩餘時間內的收入下降已完全納入我們今年增加的收入和盈利指引中。

Second, earlier this week, Moody's upgraded our credit from -- to Baa2 from Baa3. This higher credit rating underscores the strength of our balance sheet, including the strong liquidity position, our balanced debt maturity profile, significantly improved pension status, along with a track record of consistently growing earnings and cash flow.

其次，本週早些時候，穆迪將我們的信用評級從 Baa3 升級為 Baa2。較高的信用評級凸顯了我們資產負債表的實力，包括強勁的流動性狀況、平衡的債務到期狀況、顯著改善的養老金狀況，以及持續增長的盈利和現金流的記錄。

And finally, our increased guidance for the year highlights the strength of our business as we enter the second half. Our backlog is exceptionally strong, driven by robust customer demand. And based on our current pipeline and supply chain environment, we expect backlog to remain strong going forward.

最後，我們今年增加的指導凸顯了我們進入下半年時的業務實力。在強勁的客戶需求的推動下，我們的積壓訂單異常強勁。根據我們當前的管道和供應鏈環境，我們預計未來積壓訂單將保持強勁。

Additionally, the expected lower semiconductors we articulated in February, the cost related to these semiconductors, coupled with the pricing adjustments in our own portfolio that were implemented in the second half of last year are driving the significant full year margin expansion of approximately 175 basis points that is implied in our increased guidance. I'll now turn the call back to Greg.

此外，我們在 2 月份提出的半導體預期下降、與這些半導體相關的成本，再加上去年下半年實施的我們自己的投資組合的定價調整，正在推動全年利潤率大幅增長約 175 個基點我們增加的指導中暗示了這一點。我現在將電話轉回給格雷格。

Thank you very much. First, our exceptional Q2 results highlight the continued strong momentum we're seeing across the business. We grew revenue double digits in both segments, both regions and in all 3 technologies. We expanded operating margins by 350 basis points, and we achieved record Q2 orders which has led to our highest ending backlog ever for the second quarter and is driving our increased guidance for the full year. Second, we continue to leverage our global installed base to sell more value-add Software and Services to our customers.

非常感謝。首先，我們出色的第二季度業績凸顯了我們在整個業務中看到的持續強勁勢頭。我們在兩個細分市場、兩個地區以及所有 3 項技術中的收入均實現了兩位數增長。我們的營業利潤率擴大了 350 個基點，第二季度訂單創歷史新高，這導致第二季度的最終積壓訂單達到最高水平，並推動我們提高全年指引。其次，我們繼續利用我們的全球安裝基礎向客戶銷售更多增值軟件和服務。

During the quarter, Software and Services revenue was up 13%, with strong growth in all 3 technologies. We also achieved record Q2 orders in this segment, highlighted by our largest in-car video order ever from the Virginia State Police that included automated license plate recognition and digital evidence management. And with our recent Rave acquisition, we've made significant advances in integration across our ecosystem, which is driving strong pipeline demand for Rave together with our command center products.

本季度，軟件和服務收入增長了 13%，所有 3 項技術均強勁增長。我們還在該領域實現了創紀錄的第二季度訂單，其中最突出的是我們從弗吉尼亞州警察局獲得的最大的車載視頻訂單，其中包括自動車牌識別和數字證據管理。通過最近收購 Rave，我們在整個生態系統的集成方面取得了重大進展，這推動了對 Rave 以及我們的指揮中心產品的強勁管道需求。

And finally, I just wanted to spend a little time and provide some color on artificial intelligence. We recognized AI and the potential impact it could have on our customers back a few years ago when we acquired Avigilon, and its AI capabilities, and we've seen and continue to see this technology driving opportunity for both our business and our customers. AI, along with generative AI plays an important role in our solutions to help keep communities safe from actively analyzing live video and alerting humans when something important happens, to assisting a 9-1-1 call with our live translation solution, to automatically redacting evidence. These advancements improve response times, which can help save lives while also enhancing privacy for those involved.

最後，我只是想花一點時間為人工智能提供一些色彩。幾年前，當我們收購Avigilon 及其人工智能功能時，我們就認識到人工智能及其可能對客戶產生的潛在影響，並且我們已經看到並將繼續看到這項技術為我們的業務和客戶帶來機遇。人工智能以及生成式人工智能在我們的解決方案中發揮著重要作用，幫助保護社區安全，避免主動分析實時視頻並在發生重要事件時向人類發出警報，使用我們的實時翻譯解決方案協助9-1 -1 通話，自動編輯證據。這些進步縮短了響應時間，有助於挽救生命，同時也增強了相關人員的隱私。

AI will continue to enhance how our solutions help protect people, property and places. With our ongoing investments and deep expertise, we're very well positioned in this space, and we expect to see increased adoption of these technologies from public safety, enterprises and private organizations alike for a more proactive approach to safety and security.

人工智能將繼續增強我們的解決方案如何幫助保護人員、財產和場所。憑藉我們持續的投資和深厚的專業知識，我們在這一領域處於非常有利的地位，我們期望看到公共安全、企業和私人組織越來越多地採用這些技術，以採取更積極主動的方法來實現安全和保障。

I'll now turn the call back to Tim, and we'll open it up for your questions.

現在我將把電話轉回給蒂姆，然後我們將開始回答您的問題。

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。在我們開始回答問題之前，我想提醒來電者將自己限制在一個問題和一個後續問題上，以容納盡可能多的參與者。接線員，請您提醒一下我們的來電者如何提問？

(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蒂姆·朗。

I'll start with the clarification, Jason, and one for you, Greg. Jason, pretty impressive you're raising numbers despite the change in accounting for Airwave. Just wanted to clarify there, we got the new revenue level that was mandated and that you guys are accounting to. Can you just talk a little bit about expenses. I think you guys have run that network pretty efficiently. So should we assume a comparable expense level to how things have been running or does something change on that side on the EPS impact?

我首先要澄清一下，傑森，還有一個給你的，格雷格。 Jason，令人印象深刻的是，儘管 Airwave 的會計核算發生了變化，但您的數字仍然在增加。只是想澄清一下，我們得到了規定的新收入水平，你們正在考慮這一水平。您能簡單談談費用嗎？我認為你們已經非常有效地運行了該網絡。那麼，我們是否應該假設費用水平與事情的運行情況相當，或者這方面對每股收益的影響是否發生了變化？

And then for Greg, Greg, if you can just talk a little bit about macro. It sounds like everything is going pretty well. But if you could just hit on kind of what you're seeing from the government customers and to what extent you're starting to see federal and ARPA type of dollars flowing into the business that would be great.

然後格雷格，格雷格，如果你能談談宏觀方面的話。聽起來一切都很順利。但是，如果您能從政府客戶那裡看到什麼，以及您開始看到聯邦和 ARPA 類型的資金流入該業務的程度，那就太好了。

Thanks, Tim. So our expectations for Airwave revenues this year with the now deferred revenue effective August 1 are for about $480 million of revenue from Airwave. That will be down from about $560 million last year. To answer your question on cost, we run that network and provide a service level. I wouldn't anticipate significant cost changes. Our cost to run that network and deliver the services are what they are. So we are deferring about $80 million of revenue this year and still raising our guidance from the last time we were together by about $140 million.

謝謝，蒂姆。因此，我們對今年 Airwave 收入的預期（現已遞延收入於 8 月 1 日生效）約為 4.8 億美元。這將低於去年的約 5.6 億美元。為了回答您有關成本的問題，我們運行該網絡並提供服務水平。我預計成本不會發生重大變化。我們運行該網絡和提供服務的成本就是這樣。因此，我們今年推遲了約 8000 萬美元的收入，但仍將我們的指導意見比上次我們在一起時提高了約 1.4 億美元。

And to Jason's point, the $80 million reduction due to accounting and the required treatment of that from $560 million to $480 million is obviously all in the back half of the year starting August 1, running through the remainder of the year. In terms of expenses and investment, we continue to invest in Airwave. By the way, Tim, just a few months ago, the end users gave us feedback and network performance and reliability, which was as high as we've ever achieved on Airwave. So we're proud of that, and we continue to maintain and invest on behalf of our end users.

就傑森而言，由於會計和所需處理而減少的 8000 萬美元（從 5.6 億美元減少到 4.8 億美元）顯然都是從 8 月 1 日開始的下半年，一直持續到今年剩餘時間。從費用和投資來看，我們繼續投資Airwave。順便說一句，蒂姆，就在幾個月前，最終用戶向我們提供了反饋以及網絡性能和可靠性，這是我們在 Airwave 上實現的最高水平。因此，我們對此感到自豪，並且我們將繼續代表最終用戶進行維護和投資。

In terms of macro, high, high level, the business is as good as I've ever seen it. The demand drivers are strong. Jack has talked about, and we'll talk a little bit about today if you want about device refresh. And interestingly, Tim, Molloy mentioned last year, we try to track demand against the orders achieved last year.

從宏觀、高水平來看，生意是我見過的最好的。需求驅動力強勁。傑克已經談到過，如果您想了解設備更新，我們今天將討論一些內容。有趣的是，蒂姆·莫洛伊去年提到，我們試圖根據去年實現的訂單來跟踪需求。

And we believe, as best we could tell, less than 5% of our orders last year were tagged due to ARPA, through the first half of this year, we also believe it's less than 5% as well. So the nice thing about this is we're seeing demand drivers around public safety, video security, access control, command center, software and services that's really underpinning environmental and overall demand. Sure, ARPA helps. But as best we could tell, it's fairly minimal.

我們相信，據我們所知，去年我們的訂單中只有不到 5% 是由於 ARPA 而被標記的，到今年上半年，我們也相信這一比例也低於 5%。因此，好處是我們看到公共安全、視頻安全、訪問控制、指揮中心、軟件和服務方面的需求驅動因素，這些真正支撐了環境和整體需求。當然，ARPA 會有所幫助。但據我們所知，這是相當小的。

I'd agree with that, Greg. The only thing I'd add to that -- and I think you highlighted the benefits from a product standpoint. But from an S&S standpoint, year-over-year, we had a $360 million increase in backlog. In addition to that, we're in receipt of a contract from the State of Illinois for a $300 million frame agreement for a 10-year period for services that's incremental and that's not reflected in our backlog, Tim. So I think that's just another proof point to the conversations we're having with customers really resonate for their needs right now.

我同意這一點，格雷格。我唯一要補充的是——我認為您強調了從產品角度來看的好處。但從 S&S 的角度來看，我們的積壓訂單同比增加了 3.6 億美元。除此之外，我們還收到了伊利諾伊州的一份合同，金額為 3 億美元，為期 10 年，提供增量服務，但沒有反映在我們的積壓訂單中，蒂姆。因此，我認為這只是我們與客戶進行的對話真正滿足他們當前需求的另一個證據。

And our next question comes from George Notter from Jefferies.

我們的下一個問題來自傑富瑞集團的喬治·諾特。

I guess, I wanted to ask about margins and profitability. I think at one point, you guys were looking for about a $50 million benefit this year on lower broker fees and expedite fees. I guess, I'm wondering if that's still the expectation for this year? And then also, I'm curious about what the overall level of broker fees and expedite fees you're carrying for this year would look like? And when do those step back down? Would that be a 2024 event? Or when you see relief there?

我想，我想問的是利潤率和盈利能力。我認為，你們今年曾希望通過降低經紀人費用和加急費用獲得約 5000 萬美元的收益。我想，我想知道這是否仍然是今年的期望？另外，我很好奇你們今年承擔的經紀人費用和加急費用的總體水平是多少？那些人甚麼時候會退縮？那會是 2024 年的活動嗎？或者當你看到那裡有緩解時？

George, thanks for the question. So we began the year with an expectation for $50 million of lower costs related to premiums through brokers. We're trending a bit better than that. We're on path to about a $60 million year-over-year benefit, largely in the first half. We're still spending some investments on brokers. As we look into next year, we would expect a comparable benefit level of about $60 million into 2024 for brokers. Again, the supply chain environment remains fluid. It's incrementally better but we're still using the same tools we've been using for over a year to make sure that we get the supplies that we need. The level of commitment from our suppliers is strong but their lead times remain elevated still. And so from time to time, we will use PPV to secure the parts to match the record demand that we're seeing.

喬治，謝謝你的提問。因此，我們在今年伊始就預計通過經紀人可以降低 5000 萬美元的保費相關成本。我們的趨勢比這要好一些。我們有望實現約 6000 萬美元的同比收益，主要是在上半年。我們仍在經紀人身上進行一些投資。展望明年，我們預計到 2024 年經紀人的可比福利水平將達到約 6000 萬美元。同樣，供應鏈環境仍然不穩定。情況逐漸好轉，但我們仍在使用一年多來使用的相同工具，以確保我們獲得所需的物資。我們的供應商的承諾水平很高，但他們的交貨時間仍然很長。因此，我們有時會使用 PPV 來確保零件的安全，以滿足我們所看到的創紀錄的需求。

And I do have to say thanks to -- for all the engineers in Motorola because as we manage PPV and to Jason's point, we'll achieve now $60 million -- a little higher than $50 million target, and we -- that would be our goal for next year as well, another $60 million.

我確實要感謝摩托羅拉的所有工程師，因為當我們管理 PPV 時，就 Jason 的觀點而言，我們現在將實現 6000 萬美元的目標，略高於 5000 萬美元的目標，而我們——這將是我們明年的目標也是6000 萬美元。

A lot of the engineers in Motorola have done real time under Molloy's leadership and Scott Mottonen and others. They've done product redesign in a way that's allowed us to substitute parts in a matter of months that also have allowed the company to be a depth and firm and responsive to our customers. And I just want everybody to know on the engineering community how grateful we are for that because they were -- they've been superstars.

摩托羅拉的許多工程師在 Molloy 和 Scott Mottonen 等人的領導下完成了實時工作。他們對產品進行了重新設計，使我們能夠在幾個月內更換零件，這也使公司能夠深入、堅定地響應客戶的需求。我只是想讓工程界的每個人都知道我們對此有多麼感激，因為他們曾經是超級明星。

Got it. And then there is a follow-up. If I do the math, I think you're still carrying about $150 million in annualized expedite fees or brokers fees. Is that right for this year?

知道了。然後還有後續行動。如果我算一下，我認為您仍然需要承擔約 1.5 億美元的年化加急費用或經紀人費用。今年適合嗎？

This year's envelope is going to be a little less than that. It's more important that as we look at next year's envelope reducing by $60 million, that's our current thinking as we go through supply planning. There's other offsets that are always in the mix around direct materials costs, some positive, some unfavorable. So as we look to next year, we see a $60 million benefit, particularly related to this opportunity from broker fees.

今年的信封會比這個少一點。更重要的是，當我們看到明年的預算減少 6000 萬美元時，這就是我們當前在製定供應計劃時的想法。圍繞直接材料成本，總是存在其他抵消因素，有些是積極的，有些是不利的。因此，當我們展望明年時，我們會看到 6000 萬美元的收益，特別是與經紀人費用的機會相關。

We'll take our next question from Adam Tindle with Raymond James.

我們將回答 Adam Tindle 和 Raymond James 提出的下一個問題。

I just wanted to start on Airwave. Just a clarification. Admittedly, I think we're all outside of our core competency and trying to read through these legal documents here, but USD 100 million. So I guess the first question would be just to understand how you came up with that $80 million headwind. And then secondly, what -- absent the appeal what that number would go to in 2024 as we try to think about shaping our models for the worst-case scenario?

我只是想從 Airwave 開始。只是一個澄清。誠然，我認為我們都超出了我們的核心能力並試圖閱讀這些法律文件，但價值一億美元。所以我想第一個問題就是要了解你是如何想出 8000 萬美元的逆風的。其次，如果我們沒有考慮到 2024 年這個數字會是多少，那麼當我們試圖考慮針對最壞情況構建我們的模型時，會發生什麼呢？

Yes. So first of all, the beginning date of the deferral for revenue is consistent with remedies order, which is August 1 to the end of the year, that's approximately $80 million. If you do the math on that for next year, it would be approximately another $100 million step down. There are a variety of inputs that go into us servicing Airwave; the usage of the network, the onetime events that go with the network, the number of user communities that subscribe, as well as inflation and other variables that go into how much revenue we recognize from the contract. All those things together last year, $560 million this year on path to $480 million and then you can do the math on the price control into next year for approximately another $100 million decline for the full year.

是的。首先，收入延期的開始日期與補救令一致，即8月1日至年底，大約為8000萬美元。如果你計算一下明年的費用，大約會再減少 1 億美元。我們為 Airwave 提供服務時需要考慮各種投入；網絡的使用情況、與網絡相關的一次性事件、訂閱的用戶社區的數量，以及通貨膨脹和其他影響我們從合同中確認收入的變量。去年所有這些加在一起，今年為 5.6 億美元，預計將達到 4.8 億美元，然後您可以根據明年的價格控制計算，全年將再下降約 1 億美元。

And Adam, what I'd say is like I think this process is proceeding as expected. So we knew that the CMA issued a final decision. In Q2, we knew it would be followed by a remedies order. Statutorily, they could have gone until October to do that as late as October. They did it now. In light of the remedies implementation order that requires the accounting treatment Jason just described. It doesn't change at all our belief and our confidence in this case, by the way, the hearing, the appeal to the Competition Appeals Tribunal was yesterday and today, so that part is done as well. Now we will wait to see what they rule on the appeal. You know -- we have said and I've said we've been very consistent, we think this action is unprecedented overreaching. It effectively is opening up an already agreed on binding legal contract, but we'll see how it plays out.

亞當，我想說的是，我認為這個過程正在按預期進行。所以我們知道 CMA 發布了最終決定。在第二季度，我們知道隨後會發布補救令。按照法律規定，他們本來可以等到十月份才能做到這一點，最遲也可以在十月份完成。他們現在做到了。根據補救措施實施命令，需要進行賈森剛才描述的會計處理。這一點都沒有改變我們對這個案件的信念和信心，順便說一句，聽證會，向競爭上訴法庭的上訴是昨天和今天的，所以這部分也已經完成了。現在我們將等待他們對上訴的裁決。你知道——我們已經說過，我也說過，我們的態度非常一致，我們認為這一行動是前所未有的過度行為。它實際上開放了一份已經商定的具有約束力的法律合同，但我們將看看它如何發揮作用。

In the meantime, we've deferred the revenue through the end of this year as required and to articulate and quantify what it could be, if nothing else changed, it would be another approximately $100 million deferral or reduction of Airwave on a full year basis next year.

與此同時，我們已按要求將收入推遲到今年年底，並闡明和量化其可能的收入，如果沒有其他變化，全年將再次推遲或減少 Airwave 約 1 億美元明年。

Okay. And that $100 million is on revenue, would that also be about approximately that on the EBIT line or any way to think for us to think about EBIT on that $100 million?

好的。這 1 億美元是收入，這是否也大約是息稅前利潤線的數字，或者我們可以用什麼方式來考慮這 1 億美元的息稅前利潤？

So as I mentioned to Tim, the cost structure and our needs to run this network haven't changed. So the lower revenue largely tracks to a lower margin amount as well.

正如我向蒂姆提到的，成本結構和我們運行該網絡的需求沒有改變。因此，收入的下降很大程度上也導致了利潤率的下降。

Got it. Okay. Makes sense. And then absent that, obviously, Greg, as you mentioned, the rest of the business is running incredibly well. Notably, the PSI segment, over 50% operating income growth on 12% revenue growth. And I'm looking at first half margin near 20%, which is I think maybe even unprecedented for that segment in total for the first half.

知道了。好的。說得通。顯然，格雷格，正如你提到的，如果沒有這一點，其他業務就運行得非常好。值得注意的是，PSI 部門的營業收入增長超過 50%，收入增長 12%。我預計上半年利潤率接近 20%，我認為這對於上半年該細分市場來說可能是史無前例的。

So I guess the question on that would be, how do you see the margin trajectory of that piece of the business? I know it's been through a lot, whether it was COVID and pandemic and all that. I wonder if you're coming out the other side with maybe a structurally improved margin profile and how you're thinking about the trajectory of that piece of business?

所以我想問題是，您如何看待該業務的利潤軌跡？我知道它經歷了很多，無論是新冠疫情還是大流行等等。我想知道您是否會從結構上改善利潤狀況，以及您如何看待該業務的發展軌跡？

First of all, I'd say that -- and again, I compliment the team. Jason, Jack, on the improved gross margins, both on cost of goods as well as, as you know, we've taken a series of pricing actions starting last year and coming into this year, we view those pricing actions as sticky, not transient. So the margin profile is better.

首先，我要這麼說——我再次讚揚這個團隊。賈森、傑克，關於毛利率的提高，無論是在商品成本方面，還是如您所知，我們從去年開始到今年採取了一系列定價行動，我們認為這些定價行動是粘性的，而不是短暫的。因此，利潤狀況更好。

In terms of growth of LMR and the technology, we've guided for the full year mid-single digits. We still expect that to be appropriate full year guidance. We're coming off some monster comps in the first half of this year. And by the way, the Airwave accounting treatment of the $80 million reduction or deferral in revenue is in the back half of this year, that would be reflected in the LMR technology.

就 LMR 和技術的增長而言，我們預計全年將實現中個位數增長。我們仍然預計這將是適當的全年指導。今年上半年我們將完成一些怪物比賽。順便說一句，Airwave 對收入減少或遞延 8000 萬美元的會計處理是在今年下半年進行的，這將反映在 LMR 技術中。

Having said that, I'm super proud of the gross margin expansion and operating margin expansion. And while obviously, we're sitting in August. So it's too early to talk about 2024. But it would be my and our expectations to grow operating margins in 2024 as well.

話雖如此，我對毛利率的增長和營業利潤率的增長感到非常自豪。顯然，我們正處於八月。因此，現在談論 2024 年還為時過早。但我和我們的期望是在 2024 年實現營業利潤率的增長。

So it's important to note also in terms of the first half performance, and you're right, we had significant margin expansion in products. That's off of last year's first half, which included our highest broker costs as well as last year's first half didn't include our own pricing increases.

因此，值得注意的是上半年的業績，你是對的，我們的產品利潤率顯著擴大。這是去年上半年的數據，其中包括我們最高的經紀成本，而且去年上半年不包括我們自己的定價上漲。

So the effective July 1 of last year, in our second half, you saw significant and good growth, significant margin step-up in the second half. That's continued through the first half of this year. And as we look to growth in our second half this year, we'll still have margin increases over those records from last year. And really, that's a function of when we implemented the price increases and when the PPV or higher broker costs have come out of our product set.

因此，從去年 7 月 1 日起，在我們的下半年，您看到了顯著且良好的增長，下半年利潤率顯著提高。這種情況一直持續到今年上半年。當我們展望今年下半年的增長時，我們的利潤率仍將比去年的記錄有所增長。事實上，這取決於我們何時實施價格上漲以及何時 PPV 或更高的經紀商成本從我們的產品集中顯現出來。

And we'll move next to Ben Bollin from Cleveland Research.

接下來我們將請來克利夫蘭研究中心的本·博林 (Ben Bollin)。

I was hoping you could -- you made the comment about the overall funding environment being so healthy. And I'm not trying to get to the guide into 2024, but I'm interested in how do you think about just public sector funding overall, the sources of income to public sector. And how do you think that's evolving as you look out over into '24 and beyond.

我希望你能——你對整體融資環境如此健康發表了評論。我並不是想討論 2024 年的指南，但我感興趣的是您如何看待公共部門的總體資金、公共部門的收入來源。展望 24 世紀及以後，您認為這種情況會如何演變？

Well, I like #1, to your point, Ben, thanks for the question. the underlying demand drivers of the business are strong, absent funding. Where you get the funding, and I talked about the -- as best we can tell, the percentage orders in terms of order volume attributed to ARPA is 5% or less. The other thing I like is the multiyear nature of state and local funding, which is, you know, $350 billion in the Inflation Reduction Act and $170 billion of education, which is an absolutely prioritized vertical for us and what Jack Molloy and his team are doing.

嗯，我喜歡#1，就你的觀點而言，Ben，謝謝你的提問。該業務的潛在需求驅動力強勁，但缺乏資金。從哪裡獲得資金，我談到了——據我們所知，ARPA 的訂單量佔訂單量的百分比為 5% 或更少。我喜歡的另一件事是州和地方資金的多年性質，即《通貨膨脹削減法案》中的3500 億美元和1700 億美元的教育資金，這對我們以及Jack Molloy 和他的團隊來說絕對是優先考慮的垂直領域正在做。

So we're not going to guide on '24, but the fact that we had the print we had and record Q2 orders and record Q2 ending backlog and improved 12-month duration of backlog. And the other thing Molloy and I track is pipeline, right? So what's the pipeline and funnel? What's the stuff coming in at the top? How are we doing on order conversion and velocity? And when Jack and I look at that, that's favorable as well. And in terms of the health of the overall state and local budgets, they remain strong, too.

因此，我們不會以 24 年為指導，但事實是我們有印刷品，記錄了第二季度的訂單，記錄了第二季度末的積壓訂單，並改善了 12 個月的積壓訂單持續時間。莫洛伊和我跟踪的另一件事是管道，對嗎？那麼什麼是管道和漏斗呢？上面的東西是什麼？我們在訂單轉化和速度方面做得怎麼樣？當傑克和我看到這一點時，這也是有利的。就整個州和地方預算的健康狀況而言，它們也仍然強勁。

Greg, and I think what I would say there is when we think about top of the pipeline being quoting, bottom of the pipeline being orders. And then the most important metric is the velocity between those two; three, our velocity remains consistent. In fact, it's improved and we've seen a growing number of quoting. So I think that portends well to 2024.

格雷格，我想當我們考慮管道頂部是報價，管道底部是訂單時，我會說。最重要的指標是兩者之間的速度；第三，我們的速度保持一致。事實上，它已經得到了改進，我們看到引用的數量也在增加。所以我認為這對 2024 年來說是個好兆頭。

The other thing that I think is lost on a lot of people when we think about government funding, we've talked about ARPA. But when you think about personal income tax, corporate income tax and sales tax, those 3 funding streams have all been the beneficiary for government from inflation. So inflation for them means they get more tax receipts in. And their costs haven't necessarily gone in parallel. And I think a lot of people don't necessarily understand that, but I just want to mention that. So all things in, I think the funding environment and government remains very strong.

我認為，當我們想到政府資助時，很多人都忽略了另一件事，那就是 ARPA。但當你想到個人所得稅、企業所得稅和銷售稅時，這三種資金來源都是政府從通貨膨脹中受益的。因此，通貨膨脹對他們來說意味著他們可以獲得更多的稅收收入。而他們的成本不一定會同步增加。我想很多人不一定理解這一點，但我只想提一下。因此，我認為融資環境和政府仍然非常強大。

That's helpful. I appreciate that. And then, Jack, I was hoping you could take us through how you see K-12 developing? If you could speak to significance of the deal sizes themselves and the nature of the projects that you're seeing. Just any thoughts there would be helpful. And that's it for me.

這很有幫助。我很感激。然後，傑克，我希望你能告訴我們你如何看待 K-12 的發展？您能否談談交易規模本身的重要性以及您所看到的項目的性質。只要有任何想法都會有幫助。對我來說就是這樣。

So K-12 is -- there's really 2 technologies. It's video security and access control. And depending on the type of school district, we've seen an acceleration into our Alta -- Avigilon Alta, which is cloud. But we've also got larger school districts that continue to buy Unity. But the K-12 education in general, we put the marker in that our video business is growing 15%. And K-12 and that [EDU] market is surpassing that growth level. It did last year, and it continues to grow through the first half of this year very robustly. And I think some of that's the beneficiary of ARPA funding. But I think a lot of it is really much more -- it's much more secular around school security and it's getting prioritized over above everything else.

所以 K-12 確實有 2 種技術。這是視頻安全和訪問控制。根據學區的類型，我們看到了 Alta 的加速發展——Avigilon Alta，即云。但我們也有更大的學區繼續購買 Unity。但總的來說，從 K-12 教育來看，我們的視頻業務增長了 15%。 K-12 和 [EDU] 市場正在超越這一增長水平。去年確實如此，今年上半年繼續強勁增長。我認為其中一些是 ARPA 資金的受益者。但我認為其中很多確實更多——圍繞學校安全更加世俗，並且它的優先級高於其他一切。

One more thing maybe to add to that is just from a safety reimagine standpoint, we're also integrating Rave along with Orchestrates and Rave, we now have integrations going into Aware with the panic button. We also have the capacity to integrate weapons detection. We also launched weapons detection for the schools market. So all in all, we have other headwinds -- tailwinds coming with us there to push the whole story from a school security standpoint.

也許還要補充的一件事是，從安全重新構想的角度來看，我們還將 Rave 與 Orchestrates 和 Rave 集成，現在我們已經通過緊急按鈕集成到 Aware 中。我們還有能力整合武器探測。我們還針對學校市場推出了武器檢測。總而言之，我們還有其他不利因素——從學校安全的角度來看，我們還有其他不利因素推動整個故事的發展。

Our next question from Joseph Cardoso with JPMorgan.

我們的下一個問題來自摩根大通的約瑟夫·卡多佐。

Just one for me. And maybe this is just kind of a broader picture question. If God embeds sort of a normal seasonality in the back half, at least relative to pre-COVID era, however, at the same time, you guys are staring at a much larger backlog now. Can you just walk us through the puts and takes around that, why you're not seeing better seasonal trends as we kind of go through the back half? And I guess, particularly just given that you're seeing better supply headwind -- or sorry, seeing supply headwinds ease more broadly. Just curious whatever thoughts you have on that.

只給我一個。也許這只是一個更廣泛的問題。如果上帝在後半段嵌入了某種正常的季節性，至少相對於新冠疫情之前的時代而言，然而，與此同時，你們現在正面臨著更大的積壓。您能否向我們介紹一下看跌期權和看跌期權，為什麼在我們進入後半段時您沒有看到更好的季節性趨勢？我想，特別是考慮到你看到了更好的供應逆風——或者抱歉，看到供應逆風在更廣泛的範圍內得到緩解。只是好奇你對此有何想法。

Yes, Joseph, just -- I'm sure Jason will jump in as well. But I remind you that you're right. Normally, this business is typically Q3 and Q4 weighted and seasonally dense. I think that's unchanged. But remember, we're guiding an increase in top and bottom, even with the $80 million of Airwave deferral in the back half and another $50 million of PCR light business model change, Jason can elaborate on that.

是的，約瑟夫，只是——我相信傑森也會加入進來。但我提醒你，你是對的。通常情況下，該業務通常是第三季度和第四季度加權且季節性密集。我認為這沒有改變。但請記住，我們正在指導頂部和底部的增加，即使下半年有 8000 萬美元的 Airwave 延期和另外 5000 萬美元的 PCR 輕型商業模式變化，Jason 可以詳細說明這一點。

So that's $130 million of revenue growth that needs to be incorporated into the second half guide, but still informs and allows us to raise. And on the bottom EPS line, we have an incremental $0.30 tax headwind, $0.50 for the year, we had $0.20 headwind first half, $0.30 of EPS structural tax headwind back half. So as you incorporate those ingredients into the blender, it shouldn't take away or distract at all. The demand is strong, the raise is strong and the momentum is strong.

因此，需要將 1.3 億美元的收入增長納入下半年指南，但仍然可以為我們提供信息並允許我們籌集資金。在 EPS 底線中，我們有 0.30 美元的增量稅收逆風，今年 0.50 美元，上半年我們有 0.20 美元的逆風，後半年有 0.30 美元的 EPS 結構性稅收逆風。因此，當您將這些成分加入攪拌機時，它根本不應該被帶走或分散注意力。需求旺盛，漲勢強勁，勢頭強勁。

Business model change in low-end PCR, we mentioned in February, we've gone to a model where we only recognized the margin and the revenue in the product no longer the COGS. So it's OE neutral but did change the revenue line. That was a way to focus our business on higher value efforts. So that's something and a choice -- we did in February, and it's working out quite well.

低端 PCR 的商業模式發生變化，我們在 2 月份提到，我們已經轉向一種只認可產品利潤和收入的模式，不再是 COGS。所以它對原廠設備是中性的，但確實改變了收入線。這是讓我們的業務專注於更高價值工作的一種方式。所以這是一個選擇——我們在二月份就這麼做了，而且效果很好。

The other thing I'd point you to is the lead times from our key semiconductor manufacturers and the commitments they give us for getting us the products and the semiconductors we need support the increased guide and continue to represent opportunity for us as we go forward. But we get commitments from them and we plan the business and how much revenue we can unlock out of backlog based on that.

我要向您指出的另一件事是我們主要半導體製造商的交貨時間以及他們為我們提供所需的產品和半導體而做出的承諾，這些承諾支持增加的指南，並在我們前進的過程中繼續為我們帶來機會。但我們得到了他們的承諾，我們計劃業務，並據此從積壓訂單中釋放多少收入。

The next question comes from Keith Housum with Northcoast Research.

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

Greg, as we look at your Software and Services margins sitting almost 37% this quarter. I guess the question is, like where can those margins go to? And maybe some color on the incremental margins for every buck of business brought in can help us kind of clear the picture.

Greg，我們看看你們本季度的軟件和服務利潤率接近 37%。我想問題是，這些利潤可以去哪裡？也許對每筆業務帶來的增量利潤的一些描述可以幫助我們清晰地了解情況。

Well, we had previously said, Keith, thanks for the question that on the full year we thought we could achieve comparable margins. We had great S&S performance in Q2, and we thought we could have for the full year, as we told you a quarter ago, comparable, maybe slightly down, but I thought we were shooting for comparable operating margins.

好吧，我們之前說過，基思，感謝您提出的問題，我們認為我們可以實現全年的可比利潤率。我們在第二季度的 S&S 業績表現出色，我們認為全年的表現都可以，正如我們一個季度前告訴你的那樣，可比，也許略有下降，但我認為我們正在爭取可比的營業利潤率。

In light of the required accounting treatment on Airwave and the decrement of $80 million starting August 1, that falls obviously to S&S and the requisite profitability that Jason articulated. So I now and we now expect S&S operating margins accounting for that deferral to be down on operating margin year-over-year basis. In terms of next year, it's too early to guide for that. And we have to see ultimately what's decided with the Competition Appeals Tribunal appeal and what the disposition of Airwave is from a financial perspective.

鑑於 Airwave 所需的會計處理以及從 8 月 1 日開始減少 8000 萬美元，這顯然屬於 S&S 和 Jason 所闡述的必要盈利能力。因此，我現在和我們現在預計，由於該延期，S&S 的營業利潤率將同比下降。就明年而言，現在給出指導還為時過早。我們必須看看競爭上訴法庭的上訴最終會做出什麼決定，以及從財務角度對 Airwave 進行怎樣的處置。

That said, we continue to make improvements on synergies and platforming S&S. Maybe Mahesh could talk a little bit about that. We're doing some successful orchestration and integration to get the software sleeves more integrated and working a little bit more seamlessly and a little bit more efficiently. So there's opportunity, Keith, but it would be premature to quantify at this time.

也就是說，我們將繼續改進協同效應和平台化 S&S。也許馬赫什可以談談這一點。我們正在做一些成功的編排和集成，以使軟件套件更加集成，並且工作更加無縫和更加高效。所以基思，機會是存在的，但現在量化還為時過早。

So across our platforms, whether that's cloud or on-prem, (inaudible) synergies in terms of core technology stack. We are optimizing some of our cloud delivery capabilities and really focusing a lot on ease of install as well. So all of that translates to hopefully a good gain for us.

因此，在我們的平台上，無論是雲平台還是本地平台，在核心技術堆棧方面都存在（聽不清）協同效應。我們正在優化一些雲交付功能，並且非常注重安裝的便捷性。因此，所有這些都有望為我們帶來良好的收益。

Got you. And then coming back to the CMA ruling and the appeals process, I guess, Greg, what's the next step? Assuming that you guys lose on appeal, can you provide perhaps a rough time line about how this plays out here over the next year or 2?

明白你了。然後回到 CMA 的裁決和上訴程序，我想，Greg，下一步是什麼？假設你們在上訴中敗訴，您能否提供一個粗略的時間表，說明未來一兩年的情況如何？

Well, in terms of the appeal, it would be our expectation that the CAT rules on the appeal by the end of Q3. I don't really want to get into hypotheticals on if this then that. But we have been consistent, Keith, that said we will exercise all legal avenues available to us. So the next step after the CAT, if the CAT rules against us would be us taking to this to the U.K. Court of Appeals.

嗯，就上訴而言，我們預計 CAT 將在第三季度末對上訴作出裁決。我真的不想就“如果這樣，那麼那樣”進行假設。但基思，我們一直堅持說，我們將運用所有可用的法律途徑。因此，如果 CAT 作出不利於我們的裁決，那麼 CAT 之後的下一步就是我們向英國上訴法院提起訴訟。

And that would be after the CAT ruling. I don't know the time line of what they would do. What happens there is they have to decide up or down, whether they would actually hear the case. I don't know the time line that they have available to them in terms of the window to decide. So this will go on a few more months, and hopefully, we can give you more clarity on the next earnings call.

那是在 CAT 裁決之後。我不知道他們會做什麼的時間線。發生的情況是，他們必須決定是否真正審理此案。我不知道他們可以在什麼時間範圍內做出決定。因此，這種情況將持續幾個月，希望我們能夠在下一次財報電話會議上為您提供更清晰的信息。

We'll move next to Meta Marshall from Morgan Stanley.

接下來我們將請來摩根士丹利的梅塔·馬歇爾。

Just a couple of questions for me. First, obviously, the backlog continues to grow. I guess, I just want to make sure, is there anything that we should be mindful of a peak quarter for a product just in terms of as the supply chain clears and less forward orders? Or is this just really a result of kind of strength in multiyear orders, maybe as a first question.

只是問我幾個問題。首先，顯然，積壓訂單繼續增加。我想，我只是想確定一下，就供應鏈清理和遠期訂單減少而言，我們應該注意產品的高峰季度嗎？或者這實際上只是多年訂單實力的結果，也許是第一個問題。

And then as a second question, just traction on kind of bringing APX NEXT into the mid-market or just kind of adoption trends that you're seeing there?

第二個問題，只是將 APX NEXT 引入中端市場的吸引力還是您在那裡看到的採用趨勢？

Our expectation for backlog and specifically product backlog is for it to remain strong through the duration of the year. That's a function of our expectations for continued strong inbound orders as well as the amount of backlog that we can unlock with the available componentry that we need.

我們對積壓訂單，特別是產品積壓訂單的期望是在今年期間保持強勁。這是我們對持續強勁的入庫訂單的預期以及我們可以通過所需的可用組件釋放的積壓量的函數。

And related to APX NEXT, Meta, we are now -- we have a very strong quarter of new orders in terms of Q2. We received another $80 million now bringing it close to half of -- $500 million in APX NEXT. And when I look at the complexion of those orders, it's not just big cities, but it's starting to hit into the Tier 2 cities as well. So we're really pleased with the performance of that product line.

與 APX NEXT、Meta 相關，我們現在 - 第二季度的新訂單非常強勁。我們又收到了 8000 萬美元，現在接近 APX NEXT 5 億美元的一半。當我觀察這些訂單的情況時，我發現它不僅僅是大城市，而且也開始滲透到二線城市。因此，我們對該產品線的性能非常滿意。

And our next question comes from the line of Louie DiPalma with William Blair.

我們的下一個問題來自路易·迪帕爾瑪和威廉·布萊爾的對話。

As it relates to the LMR device refresh. Last quarter, you discussed how 80% of LMR radio orders were for your older APX radio despite how APX NEXT has had the strongest demand of any new radio that you have ever introduced and how it was introduced way back in October '19. Why are so many customers still adopting the older APX platform? And does this instill confidence that the upgrade cycle for APX NEXT will still potentially be in full effect even a decade from now.

因為它涉及到 LMR 設備刷新。上個季度，您討論了80% 的LMR 無線電訂單是針對您的舊APX 無線電的，儘管APX NEXT 的需求是您推出過的所有新無線電中最強烈的，並且早在19 年10 月就已推出。為什麼這麼多客戶仍然採用舊的 APX 平台？這是否會讓人相信，即使十年後，APX NEXT 的升級週期仍可能全面生效。

So just a couple of points. The first of which is think about the government's procurement cycle, which is one to say it's a long cycle, it's long years. We did not announce the mid-tier APX NEXT until Q3 -- late Q3 of 2022. So Louie, that's really a function of a byproduct when it was announced, what was actually able to be quoted at that point in time. But without question, we're seeing acceleration to the numbers I just -- $80 million in a quarter on the new orders, the type and the striation of customers that are buying those devices, so.

所以只有幾點。第一個是考慮政府的採購週期，可以說是一個很長的周期，很長的時間。我們直到第三季度（即 2022 年第三季度末）才宣布推出中端 APX NEXT。Louie，這實際上是宣佈時的副產品功能，當時實際上可以引用。但毫無疑問，我們看到我剛剛提到的數字正在加速增長——一個季度新訂單、購買這些設備的客戶類型和數量增加了 8000 萬美元。

The other piece of it, just historically speaking, having worked here long enough to see probably 3 pretty large-scale device refreshes, it typically 3 years -- 3 to 5 years post launch to start to alleviate and move those legacy versions down through the cycle.

另一方面，從歷史上看，在這里工作了足夠長的時間，可能會看到 3 次相當大規模的設備更新，通常在發布後 3 年 - 3 到 5 年開始緩解和移動這些遺留版本。循環。

Great. And it seems that the House Committee has approved a $15 billion next-generation 911 funding bill. And on this topic, what is the status of the integration of Rave wireless with your VESTA solution? And has the adoption of Rave accelerated as a result of the combination with Motorola, have you used up Rave's ability to generate orders from the education vertical and enterprise vertical?

偉大的。而且眾議院委員會似乎已經批准了一項 150 億美元的下一代 911 撥款法案。關於這個話題，Rave wireless 與你們的 VESTA 解決方案的集成進展如何？與摩托羅拉的合併是否加速了 Rave 的採用？您是否已經耗盡了 Rave 從教育垂直領域和企業垂直領域產生訂單的能力？

Absolutely so. We -- as of last quarter, we are now bundling the Rave 911 suite along with our VESTA -- new VESTA sales. So it comes part of that as a whole. In addition to that, we have been actively working on -- Rave, remember, is an important bridge for us from enterprise security to public safety. And we're adding more and more lanes to that bridge with every integration that we do here. The VESTA integration is definitely one of those.

絕對如此。截至上個季度，我們現在將 Rave 911 套件與我們的 VESTA（新 VESTA）捆綁銷售。所以它是整體的一部分。除此之外，我們一直在積極致力於——Rave，記住，是我們從企業安全到公共安全的重要橋樑。我們在這裡所做的每一次集成都在為這座橋添加越來越多的車道。 VESTA 集成絕對是其中之一。

I mentioned the panic button integration with Aware being another one. We're integrating Rave into Orchestrate, which now ties that in with the video and access control thesis as well. So together, Rave now plugs into public safety more effectively and then Rave and Aware together actually allows us to connect different instances of CAD as well. So dispatchers instances can communicate with each other as well.

我提到了與 Aware 集成的緊急按鈕是另一個。我們正在將 Rave 集成到 Orchestrate 中，現在它也將其與視頻和訪問控制論文聯繫起來。因此，Rave 現在可以更有效地融入公共安全，然後 Rave 和 Aware 一起實際上還允許我們連接不同的 CAD 實例。因此調度程序實例也可以相互通信。

So -- as you look at the installed base that we have in VESTA, as you look at the installed base that we have in schools, K-12 schools with video and access control, we're leveraging all of that by bringing that together as this bridge between public safety and enterprise security gets wider.

因此，當您查看我們在 VESTA 中的安裝基礎時，當您查看我們在學校、K-12 學校中擁有視頻和訪問控制的安裝基礎時，我們正在通過將所有這些結合在一起來利用所有這些隨著公共安全和企業安全之間的橋樑越來越寬。

Great. And lastly for me, do you have any thoughts on the reported TETRA cybersecurity vulnerabilities.

偉大的。最後，您對報導的 TETRA 網絡安全漏洞有什麼想法嗎？

So I think the first thing is ETSI is the primary spokesman and custodian for the TETRA standard in conjunction with the Critical Communications Authority in Europe. What was reported, I think, it's -- first thing I'd like to point out is what we reported is there was no weaknesses found in the public safety algorithms. There's 3 algorithms TEA1, TEA is actually for general use. It's a little bit more open due to export control issues. But there's been no exploitation of operational networks that we know of.

因此，我認為首先，ETSI 是與歐洲關鍵通信管理局合作的 TETRA 標準的主要發言人和保管人。我認為所報告的內容是——我想指出的第一件事是我們所報告的內容是公共安全算法中沒有發現任何弱點。有3種算法TEA1，TEA實際上是通用的。由於出口管制問題，它更加開放一些。但據我們所知，運營網絡尚未遭到利用。

And essentially, subsequent to those findings, which we knew about even into late last year, there's been software patches and then upgrades to the algorithms that have been done subsequent to that. So this was actually paid. This was a research tank done out of the Netherlands, who actually did the testing. So yes, something we knew about. We had -- primary weakness was in general use, and I think it's been remediated since then.

本質上，在這些發現之後，我們甚至在去年年底就知道了這些發現，隨後出現了軟件補丁，然後升級了隨後完成的算法。所以這實際上是付費的。這是荷蘭的一個研究池，實際上進行了測試。所以是的，我們知道一些事情。我們的主要弱點是普遍使用，我認為從那時起它已經得到修復。

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。我現在請董事長兼首席執行官格雷格·布朗先生髮表任何補充意見或結束語。

Thanks, everybody. Thanks for joining us. But just in closing, I want to make sure I thank all the employees and the people in Motorola Solutions worldwide and all of our channel partners worldwide. I'm proud of you, and we're proud of you most especially what you do, how you do it in the execution. I said in the call, you heard from Jason and Mahesh and Jack, this business is performing as well as I've ever seen it. Demand is strong. It's strong for what we do, public safety, enterprise security.

謝謝大家。感謝您加入我們。最後，我想感謝摩托羅拉系統公司在全球範圍內的所有員工和人員以及我們在全球範圍內的所有渠道合作夥伴。我為你感到驕傲，我們也為你感到驕傲，尤其是你所做的事情以及你在執行中的方式。我在電話中說，你從傑森、馬赫什和傑克那裡聽到，這項業務的表現是我從未見過的。需求強勁。它對於我們所做的事情、公共安全、企業安全來說都很強大。

And I like what we're doing to meet that demand and exceed that demand with the execution of what we do and what we're doing on the portfolio reinvention and device refresh. We talk a lot about APX NEXT and all the great work done there, but there's also great work being done on video security and access control that Mahesh is doing around 911 command center.

我喜歡我們為滿足這一需求所做的事情，並通過執行我們所做的事情以及我們在產品組合重塑和設備更新方面所做的事情來超越這一需求。我們談論了很多關於 APX NEXT 以及在那裡所做的所有出色工作，但 Mahesh 在 911 指揮中心周圍所做的視頻安全和訪問控制方面也做了出色的工作。

And while we're doing that and running the business and lowering PPV costs and incrementally improving supply chain and engineering in real time, doing product redesign, we're expanding gross margins. We're expanding operating margins. We have a record Q2 for orders. We end Q2 with record backlog.

當我們這樣做、經營業務、降低 PPV 成本、實時逐步改進供應鍊和工程、進行產品重新設計時，我們正在擴大毛利率。我們正在擴大營業利潤。我們第二季度的訂單創歷史新高。我們以創紀錄的積壓結束了第二季度。

We talked about the duration of backlog being stronger. And Jack talked about the pipeline activity and the order velocity and conversion, it's excellent. And Jason talked about that we expect backlog to be strong for the balance of the remainder of the year.

我們談到了積壓的持續時間更長。傑克談到了管道活動以及訂單速度和轉化率，這非常好。傑森談到，我們預計今年剩餘時間裡積壓的訂單量將會很大。

The last 2 things I'd say is, we referenced it a little bit. We just talked about Rave. I'm really proud of the acquisitions we've made, the integration work that's been done organizationally and strategically, but also technically.

我要說的最後兩件事是，我們稍微引用了它。我們剛剛談到了 Rave。我對我們所做的收購以及在組織和戰略上以及技術上完成的整合工作感到非常自豪。

And those acquisitions are performing at or above what we expected. We have -- I love the upgrade we just got. We have a strong balance sheet. We continue to be disciplined in capital allocation, and I think we have an excellent opportunity in front of us. I appreciate you joining us, and we'll talk to you again in a few months. Thank you.

這些收購的表現達到或高於我們的預期。我們——我喜歡我們剛剛獲得的升級。我們擁有強大的資產負債表。我們在資本配置方面繼續遵守紀律，我認為我們面前有一個絕佳的機會。感謝您加入我們，幾個月後我們將再次與您交談。謝謝。

Ladies and gentlemen, this does conclude today's teleconference. A replay of this call will be available over the Internet within 3 hours. The website address is www.motorolasolutions.com/investor. We thank you for your participation and ask that you please disconnect your lines at this time.

女士們、先生們，今天的電話會議到此結束。該電話會議的重播將在 3 小時內通過互聯網提供。網站地址是 www.motorolaso​​lutions.com/investor。我們感謝您的參與，並請您此時斷開線路。