摩托羅拉 (MSI) 2023 Q3 法說會逐字稿

Good afternoon, and thank you for holding. Welcome to the Motorola Solutions Third Quarter 2023 Earnings Conference Call. Today's call is being recorded. If you have any objections, please disconnect at this time.

下午好，感謝您的支持。歡迎參加摩托羅拉解決方案 2023 年第三季財報電話會議。今天的通話正在錄音。如果您有任何異議，請此時斷開連接。

The presentation materials and additional financial tables are posted on the Motorola Solutions Investor Relations website. In addition, a webcast replay of the call will be available on our website within 3 hours after the conclusion of this call. The website address is www.motorolasolutions.com/investor. (Operator Instructions).

簡報資料和其他財務表格發佈在摩托羅拉解決方案投資者關係網站上。此外，電話會議結束後 3 小時內將在我們的網站上提供電話會議的網路廣播重播。網址是 www.motorolaslutions.com/investor。 （操作員說明）。

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

現在我想介紹一下投資人關係副總裁 Tim Yocum 先生。 Yocum 先生，您可以開始會議了。

Good afternoon. Welcome to our 2023 third quarter earnings call?

午安.歡迎參加我們的 2023 年第三季財報電話會議？

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?

今天與我在一起的有董事長兼執行長 Greg Brown； Jason Winkler，執行副總裁兼財務長；傑克‧莫洛伊，執行副總裁兼營運長；以及執行副總裁兼技術長 Mahesh Saptharishi？

Greg and Jason will review our results along with commentary, and Jack and Mahesh will join for Q&A.

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 motorolaslutions.com/investor 上發布了收益演示和新聞稿。這些材料包括 GAAP 與非 GAAP 調整表，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 the 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。這些陳述是基於目前的預期和假設，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有重大差異。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。在我們向SEC 提交的其他報告和文件中。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. Good afternoon, and thanks, everybody, for joining us today.

謝謝，蒂姆。下午好，謝謝大家今天加入我們。

First, Q3 was another strong quarter, with revenue and earnings per share exceeding our guidance driven by continued strong demand and an improving supply chain environment. Revenue was up 8% in the quarter, highlighted by 12% growth in Software and Services and 5% growth in Products and Systems Integration. We also expanded operating margins for the fifth consecutive quarter, which resulted in record Q3 operating earnings in both segments and over $700 million of operating cash flow.

首先，第三季度又是一個強勁的季度，在持續強勁的需求和改善的供應鏈環境的推動下，營收和每股盈餘超出了我們的指導。本季營收成長 8%，其中軟體和服務成長 12%，產品和系統整合成長 5%。我們也連續第五個季度擴大了營業利潤率，這使得兩個部門的第三季營業利潤均創歷史新高，營業現金流超過 7 億美元。

Second, investments in safety and security continue to be a priority for our customers, and we had another record orders quarter in Q3. Year-to-date orders were up 11% driven by strong software and services, record U.S. federal demand and continued adoption of our APX NEXT device by U.S. state and local customers. Additionally, we ended Q3 with record backlog of $14.3 billion, up 6% versus the prior year.

其次，對安全和安保的投資仍然是我們客戶的首要任務，我們在第三季的訂單季度再次創下紀錄。由於強大的軟體和服務、創紀錄的美國聯邦需求以及美國州和當地客戶持續採用我們的 APX NEXT 設備，年初至今的訂單增加了 11%。此外，第三季末，我們的積壓訂單達到創紀錄的 143 億美元，比上年增長 6%。

And finally, based on our Q3 results and continued momentum in the business, we are again raising our full year guidance for both sales and EPS for the third time this year.

最後，根據我們第三季的業績和業務的持續成長勢頭，我們今年第三次提高了銷售額和每股盈餘的全年指引。

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 8% and was above our guidance with growth in both segments, both regions and all 3 technologies. FX tailwinds during the quarter were $13 million, while acquisitions added $19 million.

謝謝你，格雷格。本季營收成長 8%，高於我們的預期，兩個細分市場、兩個地區和所有 3 項技術均實現成長。本季的外匯順勢為 1,300 萬美元，而收購則增加了 1,900 萬美元。

GAAP operating earnings were $639 million or 25% of sales, up from 15.7% in the year-ago quarter, which had the impact of the $147 million fixed asset impairment charge related to our exit from the ESN contract in the U.K. Non-GAAP operating earnings were $741 million, up 10% from the year-ago quarter and non-GAAP operating margin was 29%, up 50 basis points, driven by higher sales, lower material costs and improved operating leverage, partially offset by a higher mix of international product shipments and the revenue deferral related to Airwave.

GAAP 營業利潤為 6.39 億美元，佔銷售額的 25%，高於去年同期的 15.7%，這受到與我們退出英國 ESN 合約相關的 1.47 億美元固定資產減值費用的影響。利潤為7.41 億美元，較去年同期成長10%，非GAAP 營運利潤率為29%，成長50 個基點，主要得益於銷售額增加、材料成本降低和營運槓桿改善，但部分被國際業務組合增加所抵銷產品出貨量和與Airwave 相關的收入遞延。

GAAP earnings per share was $2.70 up from $1.63 in the year-ago quarter, which had the impact of the ESN asset impairment. Non-GAAP EPS was $3.19, up 6% from $3 per share last year. The growth in EPS was driven by higher sales and margins, partially offset by the Airwave deferral and a higher effective tax rate in the current year.

GAAP 每股收益為 2.70 美元，高於去年同期的 1.63 美元，這受到了 ESN 資產減損的影響。非 GAAP 每股收益為 3.19 美元，比去年每股 3 美元成長 6%。每股盈餘的成長是由較高的銷售額和利潤率推動的，但部分被 Airwave 延期和本年度較高的有效稅率所抵消。

OpEx in Q3 was $551 million, up $29 million versus last year, primarily due to acquisitions and higher employee incentives in the current year.

第三季的營運支出為 5.51 億美元，比去年增加 2,900 萬美元，這主要是由於本年度的收購和更高的員工激勵措施。

Turning to cash flow. Q3 operating cash flow was $714 million, up $326 million versus last year, and free cash flow was $649 million, up $331 million. The increase in year-over-year cash flow was primarily driven by higher earnings and improved working capital. And with our Q3 year-to-date operating cash flow of $799 million up significantly from last year, we are solidly on track to deliver on our $1.9 billion of operating cash flow outlook for this year.

轉向現金流。第三季營運現金流為 7.14 億美元，比去年增加 3.26 億美元，自由現金流為 6.49 億美元，比去年增加 3.31 億美元。現金流的年增主要是由於收益增加和營運資本改善所致。今年第三季迄今的營運現金流量為 7.99 億美元，較去年大幅增加，我們可望實現今年 19 億美元的營運現金流量預期。

Capital allocation for Q3 included $147 million in cash dividends, $322 million in share repurchases and $65 million of CapEx.

第三季的資本分配包括 1.47 億美元的現金股利、3.22 億美元的股票回購和 6,500 萬美元的資本支出。

Moving to segments. In the Products and SI segment, sales were up 5% versus last year driven by growth in both LMR and video. Currency tailwinds were $4 million and revenue from acquisitions in the quarter was $1 million. Operating earnings for the segment were $420 million or 26.1% of sales, up from 24.5% in the prior year, driven by higher sales, lower direct material costs and improved operating leverage, partially offset by mix. Some notable Q3 wins and achievements in the Products segment include a $75 million P25 device order for a U.S. Federal customer, a $55 million P25 system order for a Southeast Asia customer, a $42 million P25 device order for the Texas Department of Public Safety, a $30 million P25 device order for a U.S. federal customer, a $20 million P25 device order for Indiana State Police and a $3 million fixed video expansion order for a U.S. federal customer.

轉向細分市場。在產品和 SI 領域，由於 LMR 和視訊的成長，銷售額比去年增長了 5%。貨幣順風因素為 400 萬美元，本季收購營收為 100 萬美元。該部門的營業利潤為4.2 億美元，佔銷售額的26.1%，高於上一年的24.5%，這主要得益於銷售額的增加、直接材料成本的降低和營業槓桿的提高，但部分被混合所抵消。產品領域一些值得注意的第三季勝利和成就包括美國聯邦客戶的7500 萬美元的P25 設備訂單、東南亞客戶的5500 萬美元的P25 系統訂單、德克薩斯州公共安全部的4200 萬美元的P25設備訂單、為美國聯邦客戶訂購 3000 萬美元的 P25 設備訂單，為印第安納州警察訂購 2000 萬美元的 P25 設備訂單，為美國聯邦客戶訂購 300 萬美元的固定視頻擴展訂單。

In Software and Services, revenue was up 12%, inclusive of the Airwave deferral, with 31% growth in command center and 15% growth in video. Revenue from acquisitions was $18 million in the quarter, and FX tailwinds were $9 million. Operating earnings in the segment were $321 million, up 7% versus last year; and operating margins were 34%, down from 35.7% last year. Excluding the Airwave deferral, operating margins for the segment were up driven by higher sales and improved operating leverage. Some notable Q3 highlights in this segment include a $23 million LMR service agreement for a large European customer, a $23 million service agreement for East Bay Regional Communication Systems in California, a $20 million LMR service agreement for the Los Angeles Police Department, a $12 million command center order for Tarrant County 9-1-1 District in Texas and an $8 million body-worn camera order for the Metro Nashville Police.

在軟體和服務方面，營收成長了 12%（包括 Airwave 延期），指揮中心收入成長 31%，影片收入成長 15%。本季收購營收為 1,800 萬美元，外匯推動營收為 900 萬美元。該部門的營業利潤為 3.21 億美元，比去年增長 7%；營業利益率為 34%，低於去年的 35.7%。不包括 Airwave 延期，該部門的營業利潤率因銷售額增加和營業槓桿改善而成長。該領域第三季一些值得注意的亮點包括為歐洲大客戶簽訂的2,300 萬美元的LMR 服務協議、為加州東灣區域通訊系統公司簽訂的2,300 萬美元的服務協議、為洛杉磯警察局簽訂的2000萬美元的LMR 服務協議、為洛杉磯警察局簽訂的2300 萬美元的LMR 服務協議、為洛杉磯警察局簽訂的價值1200 萬美元的LMR 服務協議。德克薩斯州塔蘭特縣9-1-1區指揮中心訂單以及納許維爾地鐵警察局價值800 萬美元的隨身攝影機訂單。

Looking at our regional results. North America Q3 revenue was $1.8 billion, up 6% on growth in all 3 technologies. International Q3 revenue was $773 million, up 13% versus last year driven by growth in LMR and video.

看看我們的區域結果。北美第三季營收為 18 億美元，由於所有 3 項技術的成長而成長 6%。在 LMR 和視訊成長的推動下，第三季國際營收為 7.73 億美元，比去年成長 13%。

Moving to backlog. Ending backlog was a Q3 record of $14.3 billion, up 6% or $764 million versus last year, inclusive of $321 million of favorable currency rates driven by strong demand in North America. Sequentially, backlog was down $4 million, inclusive of $125 million of unfavorable FX, driven by the revenue recognition of Airwave, partially offset by strong demand in North America.

轉向積壓。第三季的積壓訂單達到創紀錄的 143 億美元，比去年增長 6%，即 7.64 億美元，其中包括北美強勁需求推動的 3.21 億美元的優惠匯率。隨後，由於 Airwave 收入確認的推動，積壓訂單減少了 400 萬美元，其中包括 1.25 億美元的不利外匯，但部分被北美的強勁需求所抵消。

In Products and SI, ending backlog was up $62 million or 1% versus last year, driven primarily by strong demand in North America. And sequentially, backlog was up $80 million, also driven by strong demand in North America.

在產品和 SI 方面，最終積壓訂單比去年增加了 6,200 萬美元，即 1%，這主要是由北美的強勁需求推動的。隨後，在北美強勁需求的推動下，積壓訂單增加了 8,000 萬美元。

In Software and Services, backlog increased $702 million compared to last year, inclusive of $294 million of favorable FX, driven by strong demand for multiyear software and services contracts in North America, partially offset by the revenue recognition for Airwave. Sequentially, backlog was down $84 million, driven by unfavorable FX of $96 million, partially offset by growth in multiyear Software and Services contracts in North America.

在軟體和服務方面，積壓訂單與去年相比增加了7.02 億美元，其中包括2.94 億美元的有利外匯，這是由北美對多年軟體和服務合約的強勁需求推動的，但部分被Airwave 的收入確認所抵消。隨後，由於 9,600 萬美元的不利外匯影響，積壓訂單減少了 8,400 萬美元，部分被北美多年軟體和服務合約的成長所抵消。

Turning next to our outlook. We expect Q4 sales growth of approximately 4% with non-GAAP EPS between $3.60 and $3.65 per share. This assumes a weighted average share count of approximately 171 million shares and an effective tax rate of approximately 24%.

接下來轉向我們的展望。我們預計第四季度銷售額將成長約 4%，非 GAAP 每股收益在 3.60 美元至 3.65 美元之間。假設加權平均股數約為 1.71 億股，有效稅率約為 24%。

For the full year, we are again increasing both our revenue and earnings guidance. We now expect revenue in the range of $9.93 billion to $9.945 billion, up from our prior range of $9.875 billion to $9.9 billion; and we expect non-GAAP earnings per share between $11.65 and $11.70, up from our prior guide of $11.40 to $11.48 per share. This full year outlook assumes $40 million of FX headwinds, up $25 million from our prior guidance, a weighted average diluted share count of approximately 172 million shares and an effective tax rate of approximately 23%.

對於全年，我們再次提高了收入和盈利指導。我們現在預計收入範圍為 99.3 億美元至 99.45 億美元，高於先前 98.75 億美元至 99 億美元的範圍；我們預計非 GAAP 每股盈餘將在 11.65 美元至 11.70 美元之間，高於我們先前每股 11.40 美元至 11.48 美元的指引。本全年展望假設外匯不利因素為 4,000 萬美元，比我們先前的指引增加 2,500 萬美元，加權平均稀釋後股票數量約為 1.72 億股，有效稅率約為 23%。

Before I turn the call back to Greg, I'd like to highlight two points. In addition to the strength of our LMR and video business, our command center portfolio performed well during the quarter. In Q3, we achieved strong growth, complemented by a robust contribution from Rave, an acquisition which continues to exceed our expectations. Secondly, our supply chain execution navigating extended lead times for some semiconductors and reducing broker purchases continues to drive year-over-year cost savings. We now expect the impact of lower broker purchases to be a $70 million tailwind for this year, up from our prior estimate of $60 million. As a result, we now expect full year operating margin expansion of approximately 200 basis points, up from our prior guidance of 175 basis points.

在我將電話轉回給格雷格之前，我想強調兩點。除了 LMR 和視訊業務的實力外，我們的指揮中心產品組合在本季也表現良好。第三季度，我們實現了強勁成長，Rave 的強勁貢獻也為我們帶來了補充，此次收購繼續超出了我們的預期。其次，我們的供應鏈執行延長了某些半導體的交貨時間並減少了經紀人的採購，繼續推動逐年節省成本。我們現在預計，經紀商購買量減少的影響將為今年帶來 7,000 萬美元的推動力，高於我們先前估計的 6,000 萬美元。因此，我們現在預計全年營業利潤率將成長約 200 個基點，高於我們先前指導的 175 個基點。

I'll now turn the call back to Greg.

我現在將電話轉回給格雷格。

Thanks, Jason. First, I'm really pleased with our Q3 results, which highlight the durability and criticality of our business and the strength of our portfolio. Revenue was up 8%, and that's inclusive of the revenue deferral related to Airwave that we've talked to you about already. We also achieved record operating earnings in both segments, record Q3 operating cash flow of over $700 million and a Q3 record backlog that is 6% higher than last year, which positions us well as we head into next year?

謝謝，傑森。首先，我對第三季的業績感到非常滿意，這突顯了我們業務的持久性和重要性以及我們投資組合的實力。營收成長了 8%，其中包括我們已經與您討論過的與 Airwave 相關的收入遞延。我們在這兩個領域也實現了創紀錄的營業利潤，第三季營業現金流超過7 億美元，創紀錄的第三季積壓訂單比去年增加了6%，這使我們在進入明年時處於有利地位？

Second, the resilient nature of our business and strong cash flow allows us to continue to be flexible as we deploy capital to drive shareholder value. The strength of our cash flow comes from strong demand from product refresh, consistent margin expansion and improving cash conversion. Through October, we've repurchased just under $800 million of stock, highlighting our conviction in the long-term value of MSI. We also ended the quarter with net debt-to-EBITDA ratio of 1.7, which provides us with a healthy balance sheet and additional firepower to continue to invest both organically and consider inorganic investments as well.

其次，我們業務的彈性和強勁的現金流使我們能夠在部署資本以提高股東價值時繼續保持靈活性。我們現金流的強勁來自於產品更新、持續的利潤擴張和改善現金轉換的強勁需求。截至 10 月份，我們已回購了價值近 8 億美元的股票，這突顯了我們對 MSI 長期價值的信心。本季結束時，我們的淨負債與 EBITDA 比率為 1.7，這為我們提供了健康的資產負債表和額外的火力，可以繼續有機投資並考慮無機投資。

And finally, as we look to close out another record year, I think we're exceptionally well positioned for continued growth. Demand for our solutions remains robust. We're continuing to add value to our customers. Our end markets remain resilient, and our teams continue to execute at a high level.

最後，當我們希望結束另一個創紀錄的一年時，我認為我們已經做好了持續成長的準備。對我們解決方案的需求仍然強勁。我們將繼續為客戶增加價值。我們的終端市場保持彈性，我們的團隊繼續保持高水準的執行力。

I'll now turn the call over to Tim and welcome your questions accordingly.

我現在將把電話轉給蒂姆，並歡迎您提出相應的問題。

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

謝謝你，格雷格。 （接線生指示）接線員，請您提醒我們的來電者如何提問？

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

（操作員說明）我們的第一個問題來自巴克萊銀行的 Tim Long。

Yes, two, if I could. First, maybe on the command center and software side, it sounded pretty strong, obviously, with Rave, a part of that. Could you maybe, Greg, talk a little bit about what's driving that? The addition of Rave seems to be positive. Is it adding to the ability to cross-sell some of the different platforms? Just a little bit more color on what's driving that and how Rave ties into that.

是的，如果可以的話，兩個。首先，也許在指揮中心和軟體方面，聽起來相當強大，顯然，Rave 是其中的一部分。格雷格，你能談談是什麼推動了這一點嗎？ Rave的加入似乎是正面的。它是否增加了交叉銷售某些不同平台的能力？稍微多講一點關於是什麼推動了這一點，以及 Rave 是如何與之聯繫在一起的。

And then the second one, on the backlog still being record, it's pretty impressive. Most companies are seeing backlog coming down. So a little color there and maybe how that makes you feel about next year as far as growth? Do you think you can kind of sustain the type of growth rates you're seeing this year.

然後是第二個，積壓訂單仍在記錄中，這是相當令人印象深刻的。大多數公司的積壓訂單都在減少。那麼，這裡有一點色彩，也許這讓您對明年的成長有何感受？您認為您可以維持今年的成長率嗎？

Just on Rave and then maybe Mahesh can jump in. I would tell you, Tim, I love the acquisition. I think it was well done by the internal team here that found it, did the diligence both technical, strategic as well as financial. I love Todd Piett and his entire team that's come over to the organization. And the performance of Rave since joining Motorola has exceeded the business case and exceeded our expectations.

就在 Rave 上，然後也許 Mahesh 可以加入。我會告訴你，蒂姆，我喜歡這次收購。我認為找到它的內部團隊做得很好，他們在技術、策略和財務方面都進行了盡職調查。我喜歡 Todd Piett和他加入組織的整個團隊。而自從加入摩托羅拉以來，Rave 的表現已經超越了商業案例，超出了我們的預期。

Full year, I would say that we still expect our growth to be 20%. Look, our core platforms, that's NG9-1-1, CAD, Records, Aware, are all doing well as well. As Jason read out in the script, Saint Charles, Missouri just refreshed their call handling solution and adopted our geospatial routing, NGCS solution. Western Australia Police refreshed their CAD.

全年，我想說我們仍然預計成長 20%。看，我們的核心平台，即 NG9-1-1、CAD、Records、Aware，都表現得很好。正如 Jason 在腳本中讀出的那樣，密蘇裡州聖查爾斯剛剛更新了他們的呼叫處理解決方案，並採用了我們的地理空間路由 NGCS 解決方案。西澳大利亞州警方更新了他們的 CAD。

There's also an ecosystem story here. Rave is certainly performing well above our expectations. Arizona is now the 15th state to sign on to Rave Alert as a statewide mass notification system. And as we're doing that, we're also refreshing all the call handling instances across the PSAPs in Arizona. And our call handling system integrated with Rave as appropriate here as well.

這裡還有一個生態系統的故事。 Rave 的表現無疑遠遠超出了我們的預期。亞利桑那州現在是第 15 個簽署 Rave Alert 作為全州範圍通知系統的州。在我們這樣做的同時，我們也刷新了亞利桑那州 PSAP 中的所有呼叫處理實例。我們的呼叫處理系統也在這裡適當地與 Rave 整合。

When you think about a city like Glendale, Glendale now brings in radio, brings in CAD, 9-1-1, Rave, et cetera, now into a state-of-the-art, real-time crime center, all integrated with Aware. And now you can think about orchestration when major incidents happened on the heels of things like active shooter incidents, et cetera, and benefit from the fact that the ecosystem allows you to now respond much faster.

當您想到像格倫代爾這樣的城市時，格倫代爾現在引入了廣播、引入了 CAD、9-1-1、Rave 等，現在變成了最先進的實時犯罪中心，所有這些都與意識到的。現在，當發生重大事件（例如槍擊事件等）之後發生重大事件時，您可以考慮進行協調，並受益於生態系統現在允許您更快地做出回應這一事實。

Tim, on backlog, we remain in a strong backlog position with an 8% revenue print in Q3 and backlog of $14 billion or more being up 6%. Our backlog is very strong. And I'd also point out that our backlog comes, over 95% of it, from government customers who buy what they need, when they need it and count on us to deliver it. And in Q3, inbound orders were also strong. So our backlog position is one of strength. And Greg, I'll turn it to you for further comments.

提姆，在積壓訂單方面，我們仍然處於強勁的積壓地位，第三季營收成長了 8%，積壓訂單量達到 140 億美元或更多，成長了 6%。我們的積壓訂單非常多。我還想指出的是，我們的積壓訂單超過 95% 來自政府客戶，他們在需要時購買他們需要的東西，並依靠我們來交付。第三季度，入境訂單也很強勁。因此，我們的積壓狀況是一種優勢。格雷格，我會將其轉給您以徵求進一步的意見。

Yes. And Tim, as it relates to 2024, obviously, we'll wait until February to give specifics on any kind of detailed guidance. I would tell you, as we sit here today from a high level, we would estimate revenue, again, kind of back-of-the-cocktail napkin to be about $10.5 billion at this point as we sit here today. By the way, that's inclusive of $250 million of incremental revenue headwinds, about $200 million of that out of the U.K. home office. We've talked to you about that before; the deferral of Airwave representing a little bit over $100 million, the balance of that being the formal exit of ESN for a total of $200 million related to the U.K. home office; and anticipated FX headwinds of about $50 million, so high level. As I sit here today and take a look, that's kind of how I would dimensionalize next year and filling in more detail when we get together in February.

是的。提姆，由於這與 2024 年有關，顯然我們會等到 2 月才會給出任何詳細指導的細節。我想告訴你們，當我們今天坐在這裡時，我們會再次估計收入約為 105 億美元。順便說一句，這包括 2.5 億美元的增量收入逆風，其中約 2 億美元來自英國總部。我們之前已經和你談過這個問題了； Airwave 的延期支付了 1 億多美元，其餘部分是 ESN 的正式退出，與英國總部相關的總計 2 億美元；預計外匯逆風約為 5000 萬美元，如此高的水平。當我今天坐在這裡看一看時，這就是我將如何確定明年的維度，並在我們二月份聚會時填寫更多細節。

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

下一個問題來自喬治·諾特和傑弗里斯的對話。

Greg, you mentioned the U.K. I guess I was wondering what the latest and greatest is out of the U.K. I know you guys were going through the CAT tribunal process. I think the release today references it, but you still haven't heard back. I think you had expected to hear back after a number of weeks, and so wondering what's going on there. I'm wondering if the delay in being back with you is potentially good news. But what do you think is going to happen there? And then what does it look like in terms of the appeal processes if that CAT tribunal process did not work out?

格雷格，你提到了英國。我想我想知道英國最新、最棒的是什麼。我知道你們正在經歷 CAT 法庭程序。我認為今天的新聞稿引用了它，但您仍然沒有收到回應。我想您預計會在幾週後收到回复，因此想知道那裡發生了什麼。我想知道延遲回到你身邊是否是一個好消息。但你認為那裡會發生什麼事？那麼，如果《禁止酷刑公約》法庭程序沒有成功，那麼上訴程序會是什麼樣子呢？

Yes. On the U.K., there's really no news to report, George. We had the hearing on August 2 and 3. I think we reiterated the strong case, we feel with a high level of conviction. And you've heard me use adjectives before. I'm very specific with how I would describe the situation. I think it's unprecedented. I think it's overreaching. It's entirely disproportionate. But we made the case. And as a result, we're waiting on that CAT, that Competition Appeals Tribunal, you referenced, that ruling. It's a fairly opaque regulatory process. So I couldn't speculate one way or the other on how to interpret that. We'll wait to get it. I would anticipate getting it certainly between now and the end of the year. And as I've already said as well, if it, in turn, does not go our way, we will continue to exhaust all legal options to defend the position we have, provisioning and delivering outstanding and very reliable emergency communication services throughout the U.K.

是的。在英國，確實沒有什麼消息可報道，喬治。我們在 8 月 2 日和 3 日舉行了聽證會。我認為我們重申了強有力的理由，我們感到很有信心。你以前聽過我使用形容詞。我對如何描述這種情況非常具體。我認為這是前所未有的。我認為這太過分了。這完全不成比例。但我們做到了。因此，我們正在等待您提到的 CAT（競爭上訴法院）的裁決。這是一個相當不透明的監管過程。所以我無法推測如何解釋這一點。我們會等待得到它。我預計從現在到今年年底肯定會得到它。正如我已經說過的，如果它不符合我們的意願，我們將繼續用盡所有法律選擇來捍衛我們的立場，在整個英國提供和提供出色且非常可靠的緊急通訊服務。

Got it. And then just as a quick follow-up. I understand that you guys have made the adjustment in terms of your financials and expectations. But I assume that contract is still going as is while we wait for the CAT tribunal to make a vision and then potentially other appeals processes. Is that correct? Or are you taking to price it now?

知道了。然後作為快速跟進。我知道你們已經根據財務狀況和期望做出了調整。但我認為，在我們等待 CAT 法庭制定願景以及其他可能的上訴程序期間，合約仍將按原樣進行。那是對的嗎？或者你現在準備定價嗎？

That's right. We're still delivering the services. We're still investing in the network. We're still doing all the things that are expected of us to deliver superior reliable emergency communication services. We've referenced this, to your point. We did start the deferral of revenue on Airwave on August 1, so we're deferring that revenue through the balance of this year. And that informs about $200 million of incremental revenue headwinds for next year. Airwave all-in is about $110 million or $115 million of that, with a balance of $85 million or so being ESN. So we are obligated to recognize that accounting consistent with the price control of final remedies order and when we're doing that. If there's a different outcome, then we would change that accordingly?

這是正確的。我們仍在提供服務。我們仍在對網路進行投資。我們仍在盡一切努力提供卓越可靠的緊急通訊服務。我們已經參考過這一點，以滿足您的觀點。我們確實從 8 月 1 日開始推遲 Airwave 的收入，因此我們將把收入推遲到今年的剩餘時間。這意味著明年的增量收入將面臨約 2 億美元的阻力。 Airwave 的總投入約為 1.1 億美元，其中 1.15 億美元為 ESN，餘額約 8,500 萬美元。因此，我們有義務認識到，會計與最終補救措施命令的價格控制以及我們這樣做的時間是一致的。如果有不同的結果，那麼我們會相應地改變嗎？

The next question is from the line of Keith Housum with Northcoast Research.

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

Great quarter. In terms of the supply chain issues that you guys have had in terms of the semiconductor chips, where do we stand with that? I mean do we still have a significant backlog of chips that might carry over into next year? Or is that largely caught up?

很棒的季度。就你們在半導體晶片方面遇到的供應鏈問題而言，我們對此有何立場？我的意思是，我們是否仍有大量積壓的晶片可能會延續到明年？或者說這很大程度上已經被追上了？

Keith, thanks for the question. The supply chain environment for our needs for chips, which I'll remind everyone is for generally 40 nanometers and above, is improving, although it's not to levels of normality. For example, lead times for certain chips are now approaching 25, 26 weeks where they had been double that. But in a normal environment, they should be 15 or 16. So improvements, yes, and that's what's helping us drive the favorability of now $70 million in the P&L, but still some opportunity to improve further. And that's what's incorporated into our expectations for Q4 that we'll continue to use the tools that we've been using for a number of quarters now, looking for substitutes, working with our supplier partners and using the available supply that we can find at lower prices.

基思，謝謝你的提問。我們對晶片需求的供應鏈環境（我要提醒大家的是一般為40奈米及以上）正在改善，儘管還沒有達到正常水平。例如，某些晶片的交貨時間現在接近 25 至 26 週，而之前的交貨時間是原來的兩倍。但在正常環境下，它們應該是 15 或 16。所以改進，是的，這就是幫助我們提高損益表中現在 7000 萬美元的好感度的原因，但仍然有進一步改進的機會。這就是我們對第四季度的預期，我們將繼續使用我們已經使用了幾個季度的工具，尋找替代品，與我們的供應商合作夥伴合作，並使用我們可以在以下位置找到的可用供應：較低的價格。

And we would refer at, Jason, continued PPV benefit in '24 as well.

我們會提到 Jason 在 24 年也繼續享有 PPV 福利。

Yes. Next year, as we told you on the last call, we're planning for about $60 million of '24 incremental PPP relief over '23. So we still have opportunity to capture there and expect that in the P&L. And again, that aligns to our expectations that things will continue to improve into '24.

是的。明年，正如我們在上次電話會議中告訴您的那樣，我們計劃在 23 年期間在 24 年增量 PPP 減免中提供約 6000 萬美元。因此，我們仍然有機會捕捉到這一點，並期望在損益表中看到這一點。這再次符合我們的預期，即情況將在 24 世紀繼續改善。

Great. Appreciate it. If I can just follow up, M&A has been a key part of Motorola's strategy over the years. As you're looking forward, I mean, is there anticipation that you're going to keep with some of these small tuck-in acquisitions? Or is there an appetite for perhaps a larger more transformational acquisition as well?

偉大的。欣賞它。如果我能跟進的話，多年來併購一直是摩托羅拉策略的關鍵組成部分。我的意思是，當您展望未來時，您是否預計會繼續進行一些小型收購？或者是否也有興趣進行規模更大、更具變革性的收購？

Yes. Well, we certainly are in great shape from a balance sheet standpoint and the firepower to do some things inorganically. It's ironic, Keith, because here we're sitting in November, and we have not done an acquisition yet to date. That is certainly not for a lack of an active and a fulsome funnel, but we've been pretty diligent. And quite frankly, some sellers have been reluctant at prices that we thought would be more reasonably valued. That's okay.

是的。嗯，從資產負債表的角度來看，我們確實處於良好的狀態，並且有能力以無機方式做一些事情。基思，這很諷刺，因為我們現在已經是 11 月了，而且迄今為止我們還沒有進行收購。這當然不是因為缺乏活躍和充實的管道，但我們一直都非常勤奮。坦白說，有些賣家不願意接受我們認為更合理的價格。沒關係。

Having said that, do I anticipate some continued M&A tuck-in activity? I do. And the team, Raj, Mahesh, Jack, Jason, Michael Annes are actively working that funnel. I think we still probably emphasize, in general, services and video security and access control as areas of probably higher priority than others that we would look to do inorganically. And if there's something larger for us to consider, we would evaluate that as well, clear eyed, but balance both financially and strategically, and we'll see what comes.

話雖如此，我是否預計會有一些持續的併購活動？我願意。 Raj、Mahesh、Jack、Jason、Michael Annes 團隊正在積極致力於這個漏斗。我認為，總的來說，我們仍然可能會強調，服務、視訊安全和存取控制可能比我們希望無機地做的其他領域具有更高的優先權。如果我們需要考慮更大的事情，我們也會進行評估，頭腦清醒，但在財務和策略上保持平衡，我們會看看會發生什麼。

The next question is from the line of Adam Tindle with Raymond James.

下一個問題來自 Adam Tindle 和 Raymond James。

Greg, I wanted to start with backlog, again, record levels. Just I guess the heart of the question would be how long do you think this can continue? Do you think we're going to exit this year with record backlog again? Or when do you expect to see maybe some level of attenuation or normalization and a slowing in backlog based on what your business looks like right now?

格雷格，我想從積壓的訂單開始，再次達到創紀錄的水平。我想問題的核心是你認為這種情況能持續多久？您認為今年我們會再次以創紀錄的積壓退出嗎？或者，根據您目前的業務情況，您預計什麼時候會看到某種程度的衰減或正常化以及積壓的放緩？

Yes, I certainly wouldn't speculate on backlog because I don't have a crystal ball. Having said that, Q3, we ended record backlog. Q3 was also a record quarter's quarter. So I love the funnel. I love our conversion. I love the record orders, and I think we're well positioned. By the way, when I look at the quality of the backlog in terms of aged or duration, that remains strong as well.

是的，我當然不會猜測積壓的訂單，因為我沒有水晶球。話雖如此，第三季我們結束了創紀錄的積壓。第三季也是創紀錄的季度。所以我喜歡漏斗。我喜歡我們的轉變。我喜歡創紀錄的訂單，而且我認為我們處於有利位置。順便說一句，當我從時間或持續時間考慮積壓的品質時，它仍然很強勁。

As Jason said, we still have to navigate supply chain on the semiconductor front. It's not normalized. Lead times remain elevated. But at the end of the day, I like our end markets. I think they're pretty resilient. I like the demand and criticality for what we do, i.e., public safety and enterprise security informed by video security and access control, as well as all the great work Mahesh is doing on the product side, in command center. So we'll see where we're at. But as we sit here in November, do I like how we're entering into 2024? Absolutely. And if there's any changes to that, obviously, we'll update you in February.

正如傑森所說，我們仍然必須駕馭半導體方面的供應鏈。它沒有標準化。交貨時間仍然較長。但歸根結底，我喜歡我們的終端市場。我認為他們很有彈性。我喜歡我們所做工作的需求和重要性，即透過視訊安全和存取控制來實現公共安全和企業安全，以及 Mahesh 在指揮中心的產品方面所做的所有出色工作。所以我們會看看我們現在處於什麼位置。但當我們 11 月坐在這裡時，我喜歡我們進入 2024 年的方式嗎？絕對地。如果有任何變化，顯然我們會在二月向您更新。

Got it. Okay. And then as we think about that backlog converting to revenue, obviously, supply chain is still challenged but starting to get better, and I'm wondering what that could ultimately mean for 2024 growth in various scenarios. Obviously, you're not guiding to that. I hear you on the $10.5 billion, but if supply were to kind of free up in a blue-sky scenario, are you looking at high single-digit growth or better? What are the kind of the different scenarios based on potential backlog converting to revenue?

知道了。好的。然後，當我們考慮積壓訂單轉化為收入時，顯然，供應鏈仍然面臨挑戰，但開始好轉，我想知道這對 2024 年各種情況下的成長最終意味著什麼。顯然，你並沒有引導到這一點。我聽說你談到了 105 億美元，但如果在藍天情境下供應量有所釋放，你會看到高單位數成長還是更好的成長？基於潛在積壓轉化為收入的不同場景有哪些？

Yes. I think I would just stick to the $10.5 billion as a general high-level anticipated marker and reserve any additional color on either technologies or segments for the February conversation. But again, Adam, and I appreciate the question, but all I would tell you is I feel very good about going into 2024, and we'll update you in about 90 days.

是的。我認為我會堅持將 105 億美元作為整體高層預期指標，並為 2 月的對話保留有關技術或細分市場的任何其他色彩。但亞當，我再次感謝你提出這個問題，但我只想告訴你，我對進入 2024 年感覺非常好，我們將在大約 90 天后向你通報最新情況。

Okay. Yes. Understood. I know you like to stay conservative, which I think we all appreciate. Maybe just one final point on this for Jason. As this backlog comes through, can you maybe speak to the margin profile of that? I can't remember if you're a FIFO or LIFO, but there may be some benefit from higher-priced backlog coming through. I would think that would potentially help margins moving forward. But any finer point you can put on the mechanics of that would be helpful.

好的。是的。明白了。我知道你喜歡保持保守，我想我們都欣賞這一點。也許這只是傑森的最後一點。隨著積壓訂單的完成，您能否談談其利潤狀況？我不記得你是先進先出還是後進先出，但高價積壓訂單可能會帶來一些好處。我認為這可能有助於提高利潤率。但如果你能對其中的機制提出任何更好的觀點，都會很有幫助。

Sure. So beginning in Q3 of last year is when our P&L began to see the benefits of the work that Jack and his team did around strategic pricing. We've seen that continue in the back half of last year as well as the entirety of this year. So continue to focus on price and optimization and some of our new products, which customers really like, also come at a price increase for us. So in terms of backlog, we prioritize around, first of all, customers. Priority goes to public safety. But for the most part, the backlog that we do have in products is representative of the prices that we've implemented circa July of last year. So you've seen it show up in the P&L, and we would expect that to continue with our growth being driven by both volume and price.

當然。因此，從去年第三季開始，我們的損益表開始看到傑克和他的團隊圍繞著策略定價所做的工作的好處。我們看到這種情況在去年下半年以及今年全年都在持續。因此，繼續關注價格和優化，我們的一些客戶真正喜歡的新產品也會漲價。因此，就積壓而言，我們首先優先考慮客戶。公共安全優先。但在大多數情況下，我們積壓的產品代表了我們去年 7 月左右實施的價格。所以你已經看到它出現在損益表中，我們預計這種情況將繼續下去，我們的成長將受到銷售和價格的推動。

And I think we do expect operating margin expansion next year.

我認為我們確實預計明年的營業利潤率會擴大。

Absolutely.

絕對地。

Yes, exactly.

對，就是這樣。

Okay. Appreciate that clarification, Greg.

好的。感謝您的澄清，格雷格。

Thanks, Adam.

謝謝，亞當。

The next question comes from the line of Tomer Zilberman with Bank of America.

下一個問題來自美國銀行的托默·齊伯曼 (Tomer Zilberman)。

Just the first one for me, so your revenue outperformance this quarter versus Street expectations really shone through LMR and command center. But it looks like you fell a little bit short on video product and SI. Can you talk about the weakness there? What drove the 5% growth this quarter?

對我來說這只是第一個，因此 LMR 和指揮中心確實在本季的營收表現優於華爾街預期。但看起來你們在影片產品和SI方面有點欠缺。您能談談那裡的弱點嗎？是什麼推動了本季 5% 的成長？

Sure. Thanks, Tomer. So first of all, I want to highlight the fact that we're actually really pleased with Q3 because the 8% is against the backdrop of a comp last Q3 of 33%. So our full year expectations remain unchanged. It's really a linearity story. And I think leaving that, I think we take a look at it and say, from an alignment standpoint, from the portfolio investments, we just announced the H6A camera. We're now shipping the [ACC8], which is a unified video management solution. And then more importantly, if you think about the verticals that we serve, it's government, which has shown resilience in funding; it's education; it's health care and industrial, which has actually grew 17% for us this quarter. We're really pleased, and we think there's good synergies on the investments we're making in the markets that we serve.

當然。謝謝，托默。首先，我想強調這樣一個事實：我們實際上對第三季度非常滿意，因為 8% 是在上一季 33% 的對比背景下實現的。因此我們的全年預期保持不變。這確實是一個線性故事。我認為拋開這一點，我認為我們會考慮一下，從組合投資的角度來看，我們剛剛發布了 H6A 相機。我們現在正在發貨 [ACC8]，它是一個統一的視訊管理解決方案。更重要的是，如果你考慮我們所服務的垂直產業，那就是政府，它在資金方面展現了彈性；這是教育；它是醫療保健和工業，本季我們實際上成長了 17%。我們真的很高興，我們認為我們在我們服務的市場中進行的投資具有良好的協同效應。

And Tomer, I think you said 5% per video, as Jack said.

托默，我想你說過每個影片 5%，正如傑克所說。

Actually, 8% over 33% comp.

事實上，8% 超過 33%。

In terms of the segment, S&S, I'll probably remind you that includes the decrement and deferral of Airwave revenue, which is important and compresses that. But at the same time, we continue to have great performance in command center software with the strong print for Q3. We have strong managed services performance. And something that's not even reflected in Q3 is Denmark. And Molloy's team did a fabulous job on a multiyear project and a multiyear managed services contract to close on Denmark. So I think that also should inform how you interpret the S&S performance.

就 S&S 部分而言，我可能會提醒您，其中包括 Airwave 收入的減少和延期，這很重要並會壓縮收入。但同時，我們在指揮中心軟體方面繼續表現出色，第三季的列印表現強勁。我們擁有強大的託管服務績效。第三季甚至沒有反映出丹麥。莫洛伊的團隊在一個多年期專案和一項與丹麥簽訂的多年期管理服務合約上表現出色。所以我認為這也應該告訴你如何解釋 S&S 的表現。

Got it. And if I can just follow up. In terms of your 4Q and your fiscal guidance, I'm sure this is just something more with language than anything. Your 4Q guidance of 4% implies the higher end of your revamped fiscal guidance, while the low end of your fiscal guidance would imply around 3.5% growth for 4Q. So can you just talk about what could happen that would draw that incremental 0.5 point weakness?

知道了。如果我能跟進的話。就第四季和財政指導而言，我確信這只是語言上的問題。 4% 的第四季度指導意味著修改後的財政指導的高端，而財政指導的低端則意味著第四季度增長 3.5% 左右。那麼您能否談談可能會發生什麼情況導致 0.5 個百分點的疲軟呢？

Yes. I think what I would say, Tomer, is I kind of focus on the approximately 4%. I understand the math differences of how you disaggregated it. But we're looking and anticipate a 4% revenue growth for Q4. By the way, that's in the face of $105 million of headwind for Q4; $50 million, which is the Airwave deferral that's in that growth; $40 million, which is the business-light business model change that we informed you on a couple of quarters ago; and there's $15 million of additional FX headwinds. So the 4% is actually a pretty healthy quarter, that we're pretty proud of, and that's why we're raising the full year accordingly as well.

是的。托默，我想我想說的是，我關注的是大約 4% 的人。我理解你如何分解它的數學差異。但我們預計第四季的營收將成長 4%。順便說一句，這是第四季面臨 1.05 億美元逆風的情況； 5000 萬美元，這是該增長中的 Airwave 延期； 4000 萬美元，這是我們在幾個季度前通知您的輕業務商業模式變革；還有 1500 萬美元的額外外匯逆風。因此，4% 實際上是一個相當健康的季度，我們對此感到非常自豪，這也是我們相應提高全年業績的原因。

The next question comes from the line of Meta Marshall with Morgan Stanley.

下一個問題來自梅塔·馬歇爾與摩根士丹利的對話。

I just wanted to dive into a couple of your comments on the call. You guys noted that Rave was doing very well. Is that more customers coming on? Is that you're able to kind of cross-sell it? Is that upsizing other products along with it? Just kind of where some of that Rave strength is coming from? And then maybe on the federal side as well, I noted you talked about the $75 million P25 deal, but just is that a broadening of agencies, just faster refreshes? Just kind of commentary on the two sources of upside this quarter would be helpful.

我只是想深入了解您在電話會議中的一些評論。你們注意到 Rave 表現得很好。是不是有更多的顧客進來了？您能夠交叉銷售嗎？是否會同時擴大其他產品的規模？ Rave 的力量是從哪裡來的？然後也許在聯邦方面，我注意到您談到了 7500 萬美元的 P25 協議，但這只是機構的擴大，只是更快的更新嗎？只要對本季的兩個上漲來源進行評論就會有所幫助。

Just to start out with on the integration piece, we announced a quarter ago, I believe, at this point, where we're bundling Rave with all our new VESTA offers going forward. There's an integration between our call handling solution and Rave as well. We have deeper penetration into the education market with our integration with Orchestrate and with our video solutions, Panic Button being a big part of it. We integrated the Panic Button Rave elements with Aware, the CommandCentral Aware for real-time crime center. So all of that acts as a very positive synergy, and I think that helps with really accelerating Rave adoption across the board.

首先從整合部分開始，我們在一個季度前宣布，我相信此時我們將把 Rave 與我們未來所有新的 VESTA 產品捆綁在一起。我們的呼叫處理解決方案和 Rave 之間也有整合。透過與 Orchestrate 和視訊解決方案的集成，我們更深入地滲透到教育市場，緊急按鈕是其中的重要組成部分。我們將 Panic Button Rave 元素與 Aware（用於即時犯罪中心的 CommandCentral Aware）整合。因此，所有這些都起到了非常積極的協同作用，我認為這有助於真正加速 Rave 的全面採用。

As it relates to federal, we're having a record year. And as you know, the federal government close just occurred September 30. We're seeing it, it's broad-based. It's Department of Defense, it's civil, it's law enforcement, it's multiyear. So we're really pleased with what happened in federal. And then when you start to think about some of the federal supplemental requests, one of the items in there is $106 billion for the critical national security, which is going to fund Ukraine and Israel. What I would highlight is during the course of this year, we've actually shipped $100 million into Ukraine, a little greater than $100 million at this point in time. So as you think about it, everything related to federal, Joe Balchune, John Zidar and their team have really done a job we're really pleased with.

就聯邦而言，我們迎來了創紀錄的一年。如您所知，聯邦政府於 9 月 30 日關閉。我們看到了，它的基礎廣泛。這是國防部，是民事部門，是執法部門，是多年的部門。所以我們對聯邦發生的事情非常滿意。然後，當你開始考慮一些聯邦補充請求時，其中一項是 1060 億美元用於關鍵的國家安全，這將資助烏克蘭和以色列。我要強調的是，在今年期間，我們實際上已向烏克蘭運送了 1 億美元，目前略高於 1 億美元。所以當你想到這一點時，與聯邦、喬·巴爾楚恩、約翰·齊達爾和他們的團隊相關的一切都確實完成了我們非常滿意的工作。

And just to remind everybody, the size and scale of our federal business last year was 7% of our total revenues. This year, it's trending slightly higher than that. It's an important market for us. And it remains an area of focus, but it's smaller than state and local.

只是提醒大家，去年我們聯邦業務的規模占我們總收入的 7%。今年，這一數字的趨勢略高於此。這對我們來說是一個重要的市場。它仍然是一個重點領域，但規模小於州和地方。

And 1 final thing that we've talked about is around the NDA and Secure Communications Act, that has essentially been an unfunded mandate. And now there's $450 million for the cybersecurity state and local grant that's going to fund, rip and replace, which should be beneficial from a camera business standpoint.

我們討論的最後一件事是圍繞 NDA 和安全通訊法案，這本質上是一項沒有資金支持的授權。現在，網路安全國家和地方撥款 4.5 億美元，將用於資助、拆除和更換，從相機業務的角度來看，這應該是有利的。

The next question comes from the line of Ben Bollin with Cleveland Research.

下一個問題來自克利夫蘭研究中心的 Ben Bollin。

This is Brian Wilcox on for Ben. I was wondering if you could update us on the APX NEXT refresh cycle, kind of where we are in that and how you see that playing out into '24 and '25.

我是布萊恩·威爾考克斯（Brian Wilcox）代表本。我想知道您是否可以向我們介紹 APX NEXT 刷新週期的最新情況，我們目前所處的位置，以及您如何看待這種情況在 24 年和 25 年的發展。

Sure. So in two words, I'd say, momentum acceleration. We're now in receipt of $600 million of orders since our introduction in late 2020. We actually did $100 million of orders in Q3 '23. I think the thing we're most pleased with is we're having good success within major cities, but we're now starting to see smaller state and local customers place orders against us.

當然。所以我想說的是兩個詞，動量加速。自 2020 年底推出以來，我們現在已收到 6 億美元的訂單。實際上，我們在 23 年第三季就收到了 1 億美元的訂單。我認為我們最高興的是我們在主要城市取得了良好的成功，但我們現在開始看到較小的州和當地客戶向我們下訂單。

I would attribute a few things. It's a lot of the basics, I would call world-class ergonomics, audio quality. But the game changer for us has really been the application adoption customers, the demand to have location that works hand in glove with our command center software and Rave solution, the ease of use by way of smart programming and then the ability to extend the network through SmartConnect have really been a game changer. I think we look at it and say, when we look at our portfolio, APX NEXT family of radios, there's really nothing like it in the public safety domain.

我想說一些事情。這是很多基礎知識，我稱之為世界一流的人體工學、音頻品質。但對我們來說，真正改變遊戲規則的是應用程式採用客戶、對與我們的指揮中心軟體和 Rave 解決方案密切配合的位置的需求、透過智慧程式實現的易用性以及擴展網路的能力透過SmartConnect確實改變了遊戲規則。我認為，當我們審視我們的 APX NEXT 系列無線電產品組合時，我們會說，在公共安全領域確實沒有類似的產品。

And I think you asked a follow-on question around -- we've typically said our LMR business and the device plays into that as it's a mid-single-digit kind of business.

我想你問了一個後續問題——我們通常會說我們的 LMR 業務和設備參與其中，因為它是一種中個位數的業務。

Okay. And one follow-up, if I could, on the surveillance business. I think you called out incremental verticals getting involved there, but would love to hear your perspective on the mix between commercial and public sector in surveillance and kind of how that's shifted and where it's going.

好的。如果可以的話，還有一個關於監視業務的後續行動。我認為您呼籲增量垂直領域參與其中，但很想聽聽您對商業和公共部門在監控方面的混合的看法，以及這種情況如何轉變以及將走向何方。

Sure. So public safety is now 1 of our 2 largest vertical markets in terms of video security. And so I'd remind everybody that when we acquired Avigilon, that was essentially a nascent business. So that's been the function of our sales team's ability to take a new portfolio in the government. So that's the first thing. In the enterprise, our business in enterprise, particularly in video security and access control, is a little different than most. It's really centered around safety and security. The primary verticals that we touch there, as we've said, is education. It's health care. And then business around energy production and utilities and transportation, which have all grown as well. Those are really the core verticals for that business in the enterprise space.

當然。因此，公共安全現在是我們在視訊安全方面最大的兩個垂直市場之一。因此，我要提醒大家，當我們收購 Avigilon 時，這本質上是一項新生業務。這就是我們的銷售團隊在政府中採取新投資組合的能力的作用。這是第一件事。在企業中，我們的企業業務，特別是在視訊安全和存取控制方面，與大多數企業略有不同。它確實以安全和保障為中心。正如我們所說，我們接觸的主要垂直領域是教育。這是醫療保健。然後圍繞能源生產、公用事業和運輸的業務也都在成長。這些確實是企業領域該業務的核心垂直領域。

The next question comes from the line of Joe Cardoso with JPMorgan.

下一個問題來自摩根大通的喬‧卡多佐 (Joe Cardoso)。

I actually just want to follow up on the APX NEXT comment and the momentum you're seeing there in combo with the LMR growing mid-single digits. We're just coming up against some quarters with tough compares. So I just wanted to -- just curious or maybe it's more of a clarification, if you think that mid-single-digit growth is sustainable even on top of the difficult compares over the next couple of quarters? And then I have a follow-up.

實際上，我只是想跟進 APX NEXT 評論以及您所看到的勢頭，以及 LMR 增長的中個位數。我們剛剛遇到了一些難以比較的季度。所以我只是想——只是好奇，或者也許這更多的是一個澄清，如果你認為即使在接下來的幾個季度的困難比較中，中個位數的增長是可持續的？然後我有一個後續行動。

So our portfolio is refreshing itself around APX NEXT, as Jack mentioned, $600 million of orders since introduction in 2020. And we have continued to invest in other parts of the portfolio, too, like TETRA and others. So we're at still early stages of device refresh. And while having had a number of good quarters and continued demand, we would expect to continue to be able to grow that business as well as, as I mentioned earlier, the pricing strategy that supports the investments that we make. And we spend a sizable amount of R&D to innovate and advance the portfolio, it should lead to continued growth in the next year.

因此，正如 Jack 所提到的，我們的投資組合正在圍繞 APX NEXT 進行自我更新，自 2020 年推出以來，訂單已達 6 億美元。我們也繼續投資於投資組合的其他部分，例如 TETRA 等。因此，我們仍處於設備更新的早期階段。儘管經歷了多個良好的季度和持續的需求，但我們預計能夠繼續發展該業務，以及正如我之前提到的支持我們投資的定價策略。我們花費了大量的研發費用來創新和推進產品組合，這應該會帶來明年的持續成長。

Got it. That's great. And then my follow-up actually on free cash flow. You had another solid quarter here. It appears that tailwinds are materializing, example being the elevated levels of inventories that we've seen over the past couple of quarters, that's coming down a bit. I guess if we take a step back and we're starting to cycle past some of the choppy free cash flow generation we've seen over the past couple of quarters, just given kind of that dynamic macro environment and returning more to a consistency type of level we've seen in the past relative to conversions, any thoughts on whether the level of shareholder return can be maintained or accelerated going forward, just given working capital, improving the momentum behind the business, et cetera?

知道了。那太棒了。然後我的後續行動實際上是關於自由現金流。你在這裡又度過了一個堅實的季度。有利因素似乎正在顯現，例如過去幾季我們看到的庫存水準有所上升，但現在有所下降。我想，如果我們退一步，我們將開始擺脫過去幾個季度我們看到的一些不穩定的自由現金流生成，只是考慮到這種動態的宏觀環境，並更多地回歸一致性類型考慮到我們過去看到的相對於轉換的水平，在考慮到營運資金、改善業務背後的動力等情況下，是否可以維持或加快股東回報水平？

Sure. So I'll start with this year. I mentioned that we're solidly on track to deliver on the $1.9 billion in cash flow. That was an aggressive plan that we set at the beginning of the year. We mentioned in February that, that included $300 million of higher cash taxes over 2022. And with cash flow at this point through 3 quarters being up, we are well positioned to deliver on that $1.9 billion. You're also right in that our inventory levels continue to come down. They're down $200 million from this point last year. They're down $85 million sequentially, and they're still at $950 million.

當然。那我就從今年開始吧。我提到我們正在穩步實現 19 億美元的現金流。這是我們在年初制定的積極計劃。我們在 2 月提到，其中包括 2022 年增加 3 億美元的現金稅。鑑於目前三個季度的現金流量都在成長，我們完全有能力兌現這 19 億美元的目標。您說得也對，我們的庫存水準持續下降。與去年相比，他們減少了 2 億美元。他們比上一季減少了 8,500 萬美元，但仍保持在 9.5 億美元。

So as we look into next year and the opportunities, we envision continued opportunity to balance investments in inventory, with record backlog and working capital optimization into the future.

因此，當我們展望明年和機會時，我們預計未來將有繼續平衡庫存投資、創紀錄的積壓和營運資本優化的機會。

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

（操作員說明）我們的問答環節到此結束。現在請董事長兼執行長格雷格·布朗先生發表任何補充意見或結束語。

So first of all, thanks for everybody dialing in and listening, but also thank you to everybody at Motorola Solutions, a great quarter, great execution. A lot of moving parts, but I love the team we've assembled, and I love the collaboration and pristine focus we have, both balancing results and investing for the long term.

首先，感謝大家撥打電話並聆聽，同時也感謝摩托羅拉解決方案的每個人，這是一個出色的季度，出色的執行力。有很多變化，但我喜歡我們組建的團隊，也喜歡我們的合作和原始的專注，平衡結果和長期投資。

I also would say in closing that in a world of challenging and increasing threats, I think the investments we've made in safety and security are as important as ever. In effect, when you think about what we do, we are solving for safer. We're solving for safer communities, safer schools, safer hospitals, safer stadiums. And we do that by linking and integrating public safety with private organizations and private institutions to ensure that the solutions that we deliver and provision, and the bidirectional customized workflow within them, protect people, property and places.

最後我還要說，在一個充滿挑戰和威脅日益增加的世界中，我認為我們在安全和安保方面所做的投資一如既往地重要。事實上，當你思考我們所做的事情時，我們正在解決更安全的問題。我們致力於打造更安全的社區、更安全的學校、更安全的醫院、更安全的體育場。我們透過將公共安全與私人組織和私人機構聯繫和整合來實現這一目標，以確保我們提供和提供的解決方案以及其中的雙向客製化工作流程能夠保護人員、財產和場所。

Again, I'm proud of everybody. I think the outlook for our business is strong: record orders, record backlog, a robust funnel. Lots to do, but also lots of opportunity as well. Look forward to talking to you in February. Thanks.

再次，我為每個人感到驕傲。我認為我們業務的前景是強勁的：創紀錄的訂單、創紀錄的積壓、強大的管道。有很多事情要做，但也有很多機會。期待二月與您交談。謝謝。

Ladies and gentlemen, this does conclude today's teleconference. A replay of the call will be available over the Internet within 3 hours. The website address is www.motorolasolutions.com/investor.

女士們、先生們，今天的電話會議到此結束。通話重播將在 3 小時內透過網路提供。網址是 www.motorolaslutions.com/investor。

We thank you for your participation and ask that you please disconnect your lines at this time.

我們感謝您的參與，並請您此時斷開線路。