摩托羅拉 (MSI) 2023 Q4 法說會逐字稿

Good afternoon, and thank you for holding. Welcome to the Motorola Solutions Fourth 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 年第四季財報電話會議。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 material 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 would 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 Fourth quarter earnings call. With me today are Greg Brown, Chairman and CEO; Jason Winkler, Executive Vice President and CFO; Jack Molloy, Executive Vice President and COO; and Mahesh Saptharishi, Executive Vice President and CTO. Greg and Jason will review our results along with commentary, and Jack and Mahesh will join for Q&A. We've posted an earnings presentation and news release at motorolasolutions.com/investor.

午安.歡迎參加我們的 2023 年第四季財報電話會議。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；執行副總裁兼技術長 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。我們已在 motorolaslutions.com/investor 上發布了收益演示和新聞稿。

These materials include GAAP to non-GAAP reconciliations for your reference. And during the call, we reference non-GAAP financial results, including those in our outlook, unless otherwise noted. A number of forward-looking statements will be made during this presentation and during the Q&A portion of the call. 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.

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。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。

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. And with that, I will turn it over to Greg.

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。有了這個，我會把它交給格雷格。

Thanks, Tim, and good afternoon, and thanks for joining us today. First, Q4 was an exceptional quarter. We achieved record revenue in both segments and all 3 technologies, including double-digit growth in Video Security and Command Center highlighting the strength and robust demand for our Safety and Security Solutions that help protect people, property and places. Additionally, we expanded operating margins for the sixth consecutive quarter generated over $1.2 billion of operating cash flow and strengthened our Video Security portfolio with the recent acquisition of IPVideo, creator of the HALO Smart Sensor.

謝謝蒂姆，下午好，謝謝您今天加入我們。首先，第四季是一個特殊的季度。我們在這兩個領域和所有3 項技術上都實現了創紀錄的收入，其中視頻安全和指揮中心的兩位數增長凸顯了我們的安全和安保解決方案的實力和強勁需求，這些解決方案有助於保護人員、財產及場所。此外，我們連續第六個季度擴大了營業利潤，產生了超過 12 億美元的營業現金流，並透過最近收購 HALO 智慧感測器的創建者 IPVideo 加強了我們的視訊安全產品組合。

Second, our full year results were outstanding. In our Products and SI segment, we grew revenue 9%, driven by strong growth in both LMR and Video Security, and we ended the year with record product backlog. We also expanded operating margins in the segment by 380 basis points, driven in part by higher ASPs and lower product costs.

二是全年業績突出。在我們的產品和 SI 領域，在 LMR 和視訊安全領域強勁成長的推動下，我們的收入成長了 9%，並且我們在年底創下了創紀錄的產品積壓。我們也將該部門的營業利潤率擴大了 380 個基點，部分原因是平均售價上升和產品成本下降。

In Software and Services, revenue was up 10%, inclusive of the Airwave revenue reduction, highlighted by strong growth in Video Security, Command Center and our Services business outside of the U.K. And we also generated record operating cash flow of $2 billion, up 12% versus the prior year. And finally, as we enter 2024, our robust backlog position coupled with the continued strong demand for our safety and security solutions positions us well for another year of strong revenue and earnings growth. And with that, I'm going to turn the call over to Jason.

在軟體和服務方面，營收成長了10%，其中包括Airwave 收入的減少，其中視訊安全、指揮中心和我們在英國以外的服務業務的強勁成長凸顯了這一點。我們還創造了創紀錄的20 億美元營運現金流，成長了12%與前一年相比的百分比。最後，隨著我們進入 2024 年，我們強勁的積壓狀況加上對我們的安全和安保解決方案的持續強勁需求，使我們能夠在新的一年實現強勁的收入和盈利增長。就這樣，我要把電話轉給傑森。

Thank you, Greg. Revenue for the quarter grew 5% and was above our guidance with growth in both segments, both regions and all 3 technologies. FX tailwinds during the quarter were $16 million, while acquisitions added $17 million. GAAP operating earnings were $738 million or 25.9% of sales up from 25.6% in the year ago quarter. Non-GAAP operating earnings were $870 million, up 6% from the year ago quarter and non-GAAP operating margin was 30.5%, up 10 basis points. The increase in both GAAP and non-GAAP operating earnings was driven by higher sales and lower direct material costs.

謝謝你，格雷格。本季營收成長 5%，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 1,600 萬美元，而收購則增加了 1,700 萬美元。 GAAP 營業利潤為 7.38 億美元，佔銷售額的 25.9%，高於去年同期的 25.6%。非 GAAP 營運利潤為 8.7 億美元，較去年同期成長 6%，非 GAAP 營運利潤率為 30.5%，成長 10 個基點。公認會計原則和非公認會計原則營業利潤的成長是由銷售額增加和直接材料成本下降所推動的。

GAAP earnings per share was $3.47, up from $3.43 in the year ago quarter. Non-GAAP EPS was $3.90, up 8% from $3.60 last year. The growth in EPS was driven by higher sales and higher margins. OpEx in Q4 was $597 million, up $60 million versus last year, primarily due to higher incentives and acquisitions in the current quarter -- current year. For the full year 2023, revenue was $10 billion, up 10%, with strong growth in both segments and across all 3 technologies.

GAAP 每股收益為 3.47 美元，高於去年同期的 3.43 美元。非 GAAP 每股收益為 3.90 美元，比去年的 3.60 美元增加 8%。每股收益的成長是由更高的銷售額和更高的利潤率推動的。第四季的營運支出為 5.97 億美元，比去年增加 6,000 萬美元，這主要是由於本季（即今年）的激勵措施和收購增加。 2023 年全年營收為 100 億美元，成長 10%，這兩個細分市場和所有 3 項技術均實現強勁成長。

Revenue from acquisitions was $98 million and the impact of unfavorable foreign currency rates was $38 million. GAAP operating earnings were $2.3 billion or 23% of sales versus 18.2% in the prior year. The increase was primarily driven by lower direct material costs, higher sales, the $147 million ESN fixed asset impairment charge in the prior year and lower intangible amortization expense in the current year. Non-GAAP operating earnings were $2.8 billion, up $416 million and non-GAAP operating margins were 27.9% of sales, up from 26% of sales in the prior year, driven by lower direct material costs, higher sales, inclusive of higher ASPs and improved operating leverage.

收購收入為 9,800 萬美元，不利外幣匯率的影響為 3,800 萬美元。 GAAP 營業利潤為 23 億美元，佔銷售額的 23%，而前一年為 18.2%。這一成長主要是由於直接材料成本降低、銷售額增加、上一年 1.47 億美元的 ESN 固定資產減損費用以及本年度無形攤銷費用降低所致。非GAAP 營業利潤為28 億美元，增加4.16 億美元，非GAAP 營業利潤率佔銷售額的27.9%，高於前一年銷售額的26%，這是由於直接材料成本降低、銷售額增加（包括平均售價提高）和經營槓桿有所改善。

GAAP earnings per share was $9.93, up 25% compared to $7.93 in the prior year, primarily driven by higher earnings and the asset impairment charge related to the exit of ESN in the prior year, partially offset by a higher effective tax rate in the current year. Non-GAAP earnings per share was $11.95, up 15% from $10.36 in 2022 on higher earnings, partially offset by a higher effective tax rate. For the full year, OpEx was $2.2 billion, up $178 million versus 2022, primarily driven by higher employee incentives and higher expenses associated with investments in Video and Rave. And the effective tax rate for 2023 was 21.9% compared to 20.1% in the prior year due to lower benefits from employee stock-based compensation in the current year.

GAAP 每股收益為 9.93 美元，較上一年的 7.93 美元增長 25%，主要是由於收益增加以及上一年退出 ESN 相關的資產減值費用，部分被當前較高的有效稅率所抵消。年。非 GAAP 每股收益為 11.95 美元，較 2022 年的 10.36 美元增長 15%，原因是收益增加，但有效稅率提高部分抵消了這一影響。全年營運支出為 22 億美元，比 2022 年增加 1.78 億美元，主要是由於員工激勵措施提高以及與 Video 和 Rave 投資相關的費用增加。由於本年度員工股票薪酬福利減少，2023 年的有效稅率為 21.9%，而前一年為 20.1%。

Turning to our cash flow. Q4 operating cash flow was $1.2 billion, driven by higher earnings, partially offset by higher cash taxes. And for the full year, we generated record operating cash flow of $2 billion and record free cash flow of $1.8 billion. The increase was driven by higher earnings, partially offset by higher cash taxes.

轉向我們的現金流。第四季營運現金流為 12 億美元，主要受到收益增加的推動，但部分被現金稅增加所抵銷。全年，我們創造了創紀錄的 20 億美元營運現金流和創紀錄的 18 億美元自由現金流。這一增長是由收入增加所推動的，但部分被現金稅增加所抵消。

Capital allocation for 2023 included $804 million in share repurchases, $589 million in cash dividends and $253 million of CapEx. Additionally, during the quarter, our Board of Directors approved a $2 billion increase to the share repurchase program and an 11% increase in our dividend, which is the 13th consecutive year of double-digit increases.

2023 年的資本分配包括 8.04 億美元的股票回購、5.89 億美元的現金股利和 2.53 億美元的資本支出。此外，本季度，我們的董事會批准了股票回購計畫增加 20 億美元，並將股息增加 11%，這是連續 13 年實現兩位數成長。

Moving next to segment results. In the Products and SI segment, Q4 sales were up 4% versus last year, driven by growth in LMR and Video. Operating earnings were $567 million or 30.0% of sales, up from 28.4% in the prior year driven by higher sales and lower direct material costs. Some notable Q4 wins and achievements in this segment include a $90 million P25 system and devices order from a U.S. customer. A $67 million P25 device order for Emergency Services Telecommunications Authority in Australia, a $57 million P25 APX NEXT devices order for a U.S. customer. A $38 million P25 system order for the State of Arizona Department of Public Safety, a $31 million TETRA system order for a European customer and a $13 million fixed video order for an international customer.

接下來轉向細分結果。在產品和 SI 領域，受 LMR 和視訊成長的推動，第四季度銷售額較去年增長 4%。由於銷售額增加和直接材料成本下降，營業利潤為 5.67 億美元，佔銷售額的 30.0%，高於前一年的 28.4%。第四季度該領域一些值得注意的勝利和成就包括來自美國客戶的價值 9000 萬美元的 P25 系統和設備訂單。澳洲緊急服務電信管理局價值 6,700 萬美元的 P25 設備訂單，美國客戶價值 5,700 萬美元的 P25 APX NEXT 設備訂單。亞利桑那州公共安全部價值 3,800 萬美元的 P25 系統訂單、歐洲客戶價值 3,100 萬美元的 TETRA 系統訂單以及國際客戶價值 1,300 萬美元的固定視訊訂單。

And for the full year, Products and SI revenue was $6.2 billion, up 9% from the prior year, driven by higher sales of LMR and Video. Revenue from acquisitions was $15 million and currency headwinds were $19 million. Full year operating earnings were $1.5 billion or 24.3% of sales, up from 20.5% in the prior year on higher sales, inclusive of higher ASPs and lower direct material costs.

受 LMR 和視訊銷售額成長的推動，全年產品和 SI 收入為 62 億美元，比上年增長 9%。收購收入為 1,500 萬美元，貨幣不利因素為 1,900 萬美元。全年營業利潤為 15 億美元，佔銷售額的 24.3%，高於上年的 20.5%，原因是銷售額增加，其中包括較高的平均售價和較低的直接材料成本。

In Software and Services, Q4 revenue was up 7%, driven by growth in Video, Command Center and LMR. Revenue from acquisitions was $15 million in the quarter, and FX tailwinds were $11 million. Q4 operating earnings in the segment were $303 million and operating margins were 31.6%, down from 34.4% last year, primarily driven by the Airwave revenue reduction related to the price control. Some notable Q4 highlights in the segment include a $330 million LMR managed services renewal through 2034 for Denmark's nationwide public safety communications network. A $48 million Command Center order for the City of Chicago's Office of Public Safety Administration. A $20 million LMR service agreement for Spokane, Washington, Regional Emergency Communications and a $19 million mobile video order from a U.S. customer, and finally, a $10 million Command Center order for the City and County of San Francisco.

在軟體和服務方面，受視訊、指揮中心和 LMR 成長的推動，第四季度營收成長了 7%。本季收購營收為 1,500 萬美元，外匯推動營收為 1,100 萬美元。該部門第四季營業利潤為 3.03 億美元，營業利潤率為 31.6%，低於去年的 34.4%，主要是由於與價格管制相關的 Airwave 收入減少所致。該領域第四季度的一些值得注意的亮點包括到 2034 年為丹麥全國公共安全通訊網路提供價值 3.3 億美元的 LMR 託管服務更新。芝加哥市公共安全管理局指揮中心訂單價值 4,800 萬美元。為華盛頓州斯波坎地區緊急通訊部門提供價值 2,000 萬美元的 LMR 服務協議，以及來自美國客戶的價值 1,900 萬美元的行動視訊訂單，最後，為舊金山市和縣提供價值 1,000 萬美元的指揮中心訂單。

For the full year, revenue was $3.7 billion, up 10% on growth in LMR services, Command Center and Video. Revenue from acquisitions was $83 million and currency headwinds were $19 million. For the full year, operating earnings were $1.3 billion or 33.9% of sales, down 140 basis points versus the prior year driven by the Airwave revenue reduction and higher acquisition-related expenses.

全年收入為 37 億美元，由於 LMR 服務、指揮中心和視訊的增長而增長了 10%。收購收入為 8,300 萬美元，貨幣不利因素為 1,900 萬美元。全年營業利潤為 13 億美元，佔銷售額的 33.9%，由於 Airwave 收入減少和收購相關費用增加，較上年下降 140 個基點。

Looking next at our regional results. North America revenue was $2 billion in Q4, up 6% and $6.9 billion for the full year, up 9% driven by growth in both segments and across all 3 technologies. And in international, Q4 revenue was $832 million, up 3% versus last year, driven by growth in Video and LMR. And for the full year, international revenue was $3 billion, up 11% versus last year, driven by growth in LMR and Video.

接下來看看我們的區域結果。第四季北美營收為 20 億美元，成長 6%，全年營收為 69 億美元，在這兩個細分市場和所有 3 項技術的成長推動下成長 9%。在國際市場，受視訊和 LMR 成長的推動，第四季營收為 8.32 億美元，比去年成長 3%。在 LMR 和視訊成長的推動下，全年國際收入為 30 億美元，比去年增長 11%。

Moving to backlog. Ending backlog for Q4 was $14.3 billion, down $88 million versus last year, inclusive of approximately $1 billion of backlog reduction related to the Airwave price control and revenue recognition for Airwave and ESN. Sequentially, backlog was down $15 million, inclusive of the Airwave and ESN reduction and $160 million of favorable FX.

轉向積壓。第四季末積壓訂單為 143 億美元，比去年減少 8,800 萬美元，其中包括與 Airwave 價格控制以及 Airwave 和 ESN 收入確認相關的約 10 億美元積壓訂單減少。隨後，積壓訂單減少了 1500 萬美元，其中包括 Airwave 和 ESN 的減少以及 1.6 億美元的優惠外匯。

In the Products and SI segment, ending backlog was up $93 million or 2%, driven primarily by strong demand in North America. Sequentially, backlog was up $99 million, also driven by demand in North America. In Software and Services backlog decreased $181 million from last year and $114 million sequentially. Excluding Airwave and ESN, Software and Services backlog was up almost $800 million versus last year, driven by strong multiyear agreements in both regions.

在產品和 SI 領域，期末積壓訂單增加了 9,300 萬美元，即 2%，這主要是由北美的強勁需求推動的。隨後，積壓訂單增加了 9,900 萬美元，這也是受到北美需求的推動。軟體和服務的積壓訂單比去年減少了 1.81 億美元，比上一季減少了 1.14 億美元。不包括 Airwave 和 ESN 在內，在兩個地區強有力的多年協議的推動下，軟體和服務積壓訂單比去年增加了近 8 億美元。

Turning now to our outlook. We expect Q1 sales to be up approximately 8% with non-GAAP earnings per share between $2.50 and $2.55 per share. This assumes a weighted average diluted share count of approximately 172 million shares and an effective tax rate of approximately 23%. And for the full year, we expect revenue growth of approximately 6%, and non-GAAP earnings per share between $12.62 and $12.72 per share.

現在轉向我們的展望。我們預計第一季銷售額將成長約 8%，非 GAAP 每股盈餘將在 2.50 美元至 2.55 美元之間。假設加權平均稀釋股數約為 1.72 億股，有效稅率約為 23%。我們預計全年營收成長約 6%，非 GAAP 每股收益在 12.62 美元至 12.72 美元之間。

This full year outlook assumes a weighted average diluted share count of approximately 171 million shares and an effective tax rate between 23% and 24%. Additionally, we expect another strong year of operating cash flow with 2024 expectations of $2.2 billion in operating cash flow. And before I turn it back to Greg, I wanted to share some additional highlights. First, I want to give you some color on the technology growth expectations that are included in the sales guidance for the year. In Video Security & Access Control, we're planning for 10% growth, which is informed by the acceleration and strong adoption of our cloud offerings. For Command Center, we also expect 10% growth consistent with last year's organic growth rate. And in LMR, we expect to grow mid-single digits or high single digits when normalized for the impact of the U.K. home office. Second, I would like to share with you some exciting updates about our Video business.

本全年展望假設加權平均稀釋股數約為 1.71 億股，有效稅率介於 23% 至 24% 之間。此外，我們預計營運現金流將再次強勁，2024 年營運現金流預計將達到 22 億美元。在我把它轉回給格雷格之前，我想分享一些額外的亮點。首先，我想向您介紹今年銷售指導中包含的技術成長預期。在視訊安全和存取控制方面，我們計劃實現 10% 的成長，這得益於我們的雲端產品的加速和廣泛採用。對於指揮中心，我們也預期 10% 的成長與去年的有機成長率一致。在 LMR 中，我們預計在根據英國總部的影響進行標準化後將實現中個位數或高個位數的成長。其次，我想與您分享有關我們視訊業務的一些令人興奮的最新動態。

In light of 2 recent partnerships that support our growth expectations, 1 with [Jabil] and another with Google. With Jabil , we've entered into a strategic manufacturing agreement where Jabil will assume responsibility for our manufacturing operations at our sites in Canada and Texas. This agreement further optimizes our video supply chain, provides redundancy, future cost savings and scalability.

鑑於最近的 2 項合作夥伴關係支持了我們的成長預期，其中 1 項與 [Jabil] 合作，另一項與 Google 合作。我們與捷普公司簽訂了一項策略製造協議，捷普公司將負責我們在加拿大和德州工廠的製造業務。該協議進一步優化了我們的視訊供應鏈，提供了冗餘、未來成本節約和可擴展性。

Additionally, it allows us to focus on engineering, designing and bringing to market video solutions that serve our customer security needs while continuing to enable regulatory compliance with NDAA rules for the procurement of secure equipment. And with Google, yesterday, we announced a new strategic agreement with Google Cloud that harnesses the power of their latest cloud advancements to enable assistive intelligence, such as accurate and reliable video content, mapping and other AI capabilities. Google Cloud also enables Avigilon Alta, our fast-growing cloud native fixed video and access control platform, which we introduced a little more than a year ago. Alta combines the power of our AI analytics with the ease and simplicity of a cloud-delivered VMS that is increasingly preferred by some verticals like education.

此外，它使我們能夠專注於工程、設計並將視訊解決方案推向市場，以滿足客戶的安全需求，同時繼續確保安全設備採購符合 NDAA 規則的監管要求。昨天，我們與Google宣布了一項與Google雲端的新戰略協議，利用其最新雲端技術進步的力量來實現輔助智能，例如準確可靠的視訊內容、地圖和其他人工智慧功能。 Google Cloud 也支援 Avigilon Alta，這是我們快速成長的雲端原生固定影片和存取控制平台，我們在一年多前推出了這個平台。 Alta 將我們人工智慧分析的強大功能與雲端交付的 VMS 的易用性相結合，而雲端交付的 VMS 越來越受到教育等垂直行業的青睞。

The rapid adoption in Alta contributed almost 1/4 of our growth last year to total video and includes a higher subscription attachment compared to a traditional Avigilon Unity sale. And finally, we ended the year with a very strong balance sheet, including $1.7 billion in cash, a fixed rate balance debt maturity profile and our net debt-to-EBITDA ratio of 1.4 is our lowest since 2015, providing us with ample flexibility to continue to deploy capital and drive shareholder value. I'll now turn the call back to Greg.

Alta 的快速採用貢獻了我們去年視頻總量增長的近 1/4，並且與傳統的 Avigilon Unity 銷售相比，包括更高的訂閱附件。最後，我們以非常強勁的資產負債表結束了這一年，其中包括17 億美元現金、固定利率餘額債務到期情況，淨債務與EBITDA 比率為1.4，是2015 年以來的最低水平，這為我們提供了充足的靈活性繼續配置資本並提升股東價值。我現在將電話轉回給格雷格。

Thanks, Jason. First, 2023 was a phenomenal year for the company. We achieved record sales in both segments and all 3 technologies, significantly expanded operating margins, grew earnings per share by 15% and generated record operating cash flow of $2 billion. We also returned $1.4 billion to our shareholders through dividends and share repurchases, and we strengthened our Video Security portfolio with the recent acquisition of IPVideo.

謝謝，傑森。首先，2023 年對該公司來說是非凡的一年。我們在這兩個細分市場和所有3 項技術中均實現了創紀錄的銷售額，顯著擴大了營業利潤，每股收益增長了15%，並產生了創紀錄的20 億美元運營現金流。我們也透過股利和股票回購向股東返還 14 億美元，並透過最近收購 IPVideo 加強了我們的視訊安全產品組合。

Second, this past November, we announced our new brand narrative Solving for Safer. This reflects our purposeful transformation centered on public safety and enterprise security and our sharpened focus on solving for safer communities, safer schools and safer businesses. Our solutions across LMR, Video Security & Command Center that are powered by artificial intelligence, enable collaboration between public safety agencies and enterprises, connecting those in need with those who can help. And while we recognize technology is not the only way to a safer future, it does play a vital role.

其次，去年 11 月，我們宣布了新的品牌故事「Solving for Safer」。這反映了我們以公共安全和企業安全為中心的有針對性的轉型，以及我們更加重視解決更安全的社區、更安全的學校和更安全的企業的問題。我們的 LMR、視訊安全和指揮中心解決方案由人工智慧提供支持，可實現公共安全機構和企業之間的協作，將有需要的人和可以提供幫助的人聯繫起來。儘管我們認識到科技並不是實現更安全未來的唯一途徑，但它確實發揮著至關重要的作用。

And finally, as we enter 2024, the momentum of our business remains strong. Funding for public safety continues to be a priority, investments we've made in the portfolio, including our APX NEXT device and by the way, the software applications that run on this device are driving higher ASPs for our products and strong growth in Software and Services. We're also seeing a noticeable acceleration of cloud adoption and video security that is driving margin accretive revenues in Software and Services. And with our exceptionally strong balance sheet, we have the opportunity to continue to deploy capital to drive long-term shareholder value. I'm extremely pleased how we're positioned, and I expect 2024 to be another year of strong revenue and earnings growth for our company.

最後，隨著我們進入 2024 年，我們的業務勢頭依然強勁。為公共安全提供資金仍然是優先事項，我們在產品組合中進行的投資，包括我們的APX NEXT 設備，順便說一句，在該設備上運行的軟體應用程式正在推動我們產品的平均售價更高，以及軟體和應用領域的強勁成長。服務。我們也看到雲端採用和視訊安全的顯著加速，這正在推動軟體和服務的利潤成長收入。憑藉我們異常強勁的資產負債表，我們有機會繼續部署資本來推動長期股東價值。我對我們的定位感到非常滿意，我預計 2024 年將是我們公司收入和盈利強勁增長的另一年。

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

我現在將把電話轉回給蒂姆。

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, 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，請提醒我們的來電者如何提問。

(Operator Instructions) The first question is from George Notter with Jefferies.

（操作員說明）第一個問題來自 Jefferies 的 George Notter。

I have a question on the margin expansion in the business. I guess I wanted to ask about what kind of headwinds you guys still have running through the business in 2023. I'm thinking about things like expedite fees and even freight costs. I know that a lot of those fees didn't come out of the model until you guys had burn down some backlog. So I guess I'm wondering how much of the headwind was in the 2023 numbers? And then I assume that will be all out fully for the 2024 year, I'm just kind of wondering what kind of benefit you might get on margins there? And then just as a follow-up, a second question just on Silver Lake. I'm just curious about, is there any update there on what those guys might do? And how might you kind of fund the unwind of that position?

我對業務利潤率擴張有疑問。我想我想問一下你們在 2023 年的業務中仍然面臨著什麼樣的阻力。我正在考慮諸如加急費甚至運費之類的事情。我知道，在你們燒掉一些積壓訂單之前，很多費用都不會從模型中產生。所以我想知道 2023 年的數據中有多少阻力？然後我假設這將在 2024 年全力以赴，我只是想知道你可能會從那裡的利潤中獲得什麼樣的好處？作為後續行動，第二個問題是關於銀湖的。我只是好奇，這些人可能會做什麼有任何更新嗎？您如何為解除該頭寸提供資金？

George, so just to reconfirm, we do expect operating margin expansion for 2024. That's in part by informed continued improvement in PPV. I have to compliment Jason and the supply team and Jack's ops team did a great job exceeding what we set out as targets last year. And to remind you, we are expecting another $60 million of PPV improvement in this year in '24. From a gross margin standpoint, for the firm, we expect them to be comparable to slightly up. So I think we do a pretty good job on the operating leverage side of this business, both on gross margin and operating margin.

喬治，再次確認一下，我們確實預計 2024 年營業利潤率會擴大。這在一定程度上是由於 PPV 的持續改善。我必須讚揚傑森和供應團隊以及傑克的營運團隊做得很好，超出了我們去年設定的目標。提醒您一下，我們預計 2024 年的 PPV 會再提高 6,000 萬美元。從毛利率的角度來看，我們預計該公司的毛利率將略有上升。因此，我認為我們在這項業務的營運槓桿方面做得非常好，無論是毛利率還是營業利潤率。

By the way, the OpEx envelope year-over-year is probably going to be up about $80 million '24 over '23 of which half is organic, $40 million and $40 million is inorganic. As it relates to Silver Lake, really no update that they are in the final year of their second 5-year pipe. It expires in September. The diluted share count is already calculated into our EPS expectations. So really nothing to report at this point. The partnership remains good, and we'll see how that plays forward for the balance of the year. By the way, we do expect, as we think about Silver Lake on the expiration of the pipe, we do expect higher interest expense this year to be about $40 million which includes the assumption of $1.3 billion of refinancing, of which $1 billion is the Silver Lake note and $300 million is debt that expires in September this year.

順便說一句，24 年營運支出可能比 23 年年增約 8,000 萬美元，其中一半是有機支出，4,000 萬美元和 4,000 萬美元是無機支出。至於銀湖，確實沒有任何更新表明他們正處於第二個五年管道的最後一年。九月到期。稀釋後的股數已計入我們的每股盈餘預期。所以目前確實沒有什麼好報告的。雙方的合作關係仍然良好，我們將看看今年餘下的時間裡這種合作關係會如何發展。順便說一句，當我們考慮銀湖管道到期時，我們確實預計今年的利息支出將增加約 4000 萬美元，其中包括 13 億美元再融資的假設，其中 10 億美元是銀湖票據和3 億美元的債務將於今年9 月到期。

The next question comes from the line of Tim Long with Barclays.

下一個問題來自蒂姆·朗與巴克萊銀行的對話。

Just wanted to ask a little bit on the top line. Maybe, Greg, for you the Q1 guide looks pretty strong, but the full year is a little bit lower on growth. So maybe can you talk about visibility or what you're kind of expecting in the back half of the year? Is it just compares or conservatism or anything else we need to be aware of for that little discrepancy in growth rates? And then I did want to, secondly, follow-up on the Video 10% growth. I mean, obviously, the numbers are getting bigger here. But can you kind of put that in context of where you are with share gains? And getting into deeper into the government verticals and getting some benefits this year from ARPA funding, say, on safe schools and other areas, if you can, just put that into context with some of those drivers, that would be great.

只是想問上面的問題。也許，格雷格，對你來說，第一季的指導看起來相當強勁，但全年的成長有點低。那麼您能否談談能見度或您對今年下半年的期望？對於成長率的微小差異，這只是比較還是保守主義，還是我們需要注意的其他因素？其次，我確實想跟進影片 10% 的成長。我的意思是，顯然，這裡的數字越來越大。但你能否將其與你的股票收益情況連結起來？更深入了解政府垂直領域，並從今年 ARPA 的資金中獲得一些好處，例如在安全學校和其他領域，如果可以的話，只要將其與其中一些驅動因素結合起來，那就太好了。

So let's take the full year first. I think it's important to say that I'm super proud of last year. But to your point, as we're sitting here in February, backlog is strong, but Tim, so is the pipeline. So we're in a good aged backlog position, but the pipeline remains strong as well, which makes me feel good about where we sit here for the balance of the year. I'd also tell you that when we think about the full year guide, it's coming off of a Q4 that exceeded our guidance. It's coming off of a full year that exceeded our guidance. And if you anchor it to the color I gave last time at about $10.5 billion, it's about $75 million higher than that reference a quarter ago.

那我們先來看看全年的情況。我認為有必要說我對去年感到非常自豪。但就你的觀點而言，正如我們在二月坐在這裡一樣，積壓情況很嚴重，但蒂姆，管道也是如此。因此，我們處於良好的積壓狀態，但管道也仍然強勁，這讓我對我們今年剩餘時間的處境感到滿意。我還想告訴你，當我們考慮全年指南時，第四季度的業績超出了我們的指導。這一整年都超越了我們的指導。如果你把它與我上次給出的大約 105 億美元的顏色掛鉤，那麼它比一個季度前的參考值高出大約 7500 萬美元。

Now having said all that, so we guide for full year 6%. I remind you that $200 million is a headwind related to the U.K. Home Office. So year-over-year, we expect Airwave revenue to be about $375 million. But if you take year-over-year, you add in the $200 million full year U.K. Home Office headwind that can normalize the year-over-year comparison. Additionally, one other thing worth mentioning is, and Jack talked about this a quarter ago, we had exceptionally strong revenue contribution from Ukraine of $150 million last year. And based on what's expected to be shipped in backlog, we expect that to be $50 million. So you take the year-over-year 6%, you take $200 million decrement for U.K. Home Office headwind. You normalize for Ukraine, and I think our growth is quite solid and a prudent guide at this point in time.

話雖如此，我們預計全年將成長 6%。我提醒您，2 億美元是與英國內政部相關的逆風。因此，我們預計 Airwave 的年收入約為 3.75 億美元。但如果你比較去年同期，你會加上英國內政部全年 2 億美元的逆風，這可以使年比比較正常化。此外，另一件事值得一提，傑克在一個季度前談到了這一點，去年我們來自烏克蘭的收入貢獻異常強勁，達到 1.5 億美元。根據積壓訂單的預計出貨量，我們預計該金額將達到 5,000 萬美元。因此，如果你考慮年比 6%，那麼你會因為英國內政部的逆風而減少 2 億美元。你對烏克蘭進行正常化，我認為我們的成長相當穩健，目前是一個謹慎的指導。

One other insight into the Video growth of approximately 10% this year. Within that, we're really pleased with the Cloud growth that we're seeing. Alta, which we talked about on the call as a platform, which is cloud native is growing exceptionally well. We've also made a decision to rationalize some of our on-prem VMS. And the combination of that growth rate in '24 and rationalizing the VMS is about $40 million of impact in 2024. So we're continuing to grow, and Jack, if you want to talk about the market and how we're doing in Video?

另一項關於今年影片成長約 10% 的見解。其中，我們對所看到的雲端成長感到非常滿意。 Alta，我們在電話會議上談到的雲端原生平台，發展得非常好。我們也決定對一些本地 VMS 進行合理化調整。 24 年的成長率和 VMS 合理化相結合，到 2024 年將產生約 4000 萬美元的影響。因此，我們將繼續成長，傑克，如果您想談談市場以及我們在視訊領域的表現？

Yes. Tim, I'd also dimensionalize both. Jason alluded to it both in script and his comments. Cloud's growing, but we also, our expectations are also that are on-prem business is very healthy, continues to grow. As it relates to share, we believe we're continuing to take market share. You also asked a question, Tim, in government. Total government video sales, that encompasses both mobile and fixed video, are now at $500 million in 2023. And I would highlight our government video growth is growing faster than our overall total business. So I think -- I don't think it's being driven at all by ARPA. I think it's being driven by prioritization and really building more and more efficiency and mobility within police forces as they have to contend with more and more crime.

是的。提姆，我也會對兩者進行維度化。傑森在劇本和評論中都提到了這一點。雲端運算正在不斷成長，但我們也期望本地業務非常健康，持續成長。就份額而言，我們相信我們將繼續佔據市場份額。提姆，你還在政府中提出了一個問題。到 2023 年，政府視訊總銷售額（包括行動視訊和固定視訊）將達到 5 億美元。我要強調的是，我們的政府視訊成長速度快於我們整體業務的成長速度。所以我認為——我認為它根本不是由 ARPA 驅動的。我認為這是由優先順序推動的，當警察部隊必須應對越來越多的犯罪時，他們確實提高了警察部隊的效率和機動性。

Tim, one other thing, just because we're still to George's question, weaning off PPV, and we'll have some commensurate benefits this year. If you take last year and this year, as we're working through this supply chain and elevated inventory and improved freight in PPV. If you look at first half and second half, Tim, to your point about guide and linearity, it's very similar to last year. So I'm not concerned about anything as we sit here with our expectation for the full year performance.

提姆，另一件事，只是因為我們仍在回答喬治的問題，停止 PPV，今年我們將獲得一些相應的好處。如果你以去年和今年為例，我們正在研究這個供應鏈，並增加了 PPV 的庫存和改善了貨運。提姆，如果你看看上半場和下半場，就你關於指導和線性的觀點而言，它與去年非常相似。所以我不擔心任何事情，因為我們坐在這裡對全年的表現充滿期待。

The next question comes from the line of Matthew Niknam with Deutsche Bank.

下一個問題來自德意志銀行的 Matthew Niknam。

One question, one follow-up. So just on the supply chain. I think this was alluded to a little bit, but just if you can give any more color on the latest you're seeing there? And any noticeable impact from some of the disruption we've seen on the Red Sea front, if that's impacted you guys at all in terms of costs? And then secondarily, can you just talk a little bit more about the [Jabil] agreements, strategic rationale there and any cost implications we should keep in mind?

一個問題，一個後續。所以只是在供應鏈上。我認為這已經被提及了一點，但是你能否對你在那裡看到的最新消息提供更多的色彩？我們在紅色海岸線看到的一些破壞是否有任何明顯的影響，如果這對你們的成本有影響的話？其次，您能否多談談[捷普]協議、其中的戰略原理以及我們應該牢記的任何成本影響？

Sure. I'll answer the second one first. The [Jabil] agreement is for them in 2024 to operate the 2 factories that will be transitioning to them. So not a significant change in cost profile in '24. But as we look to '25 and with our growth expectations, there will be opportunities for cost as well as an efficient way to scale the growth that we're expecting. So it was an agreement in us looking into the future and we're very pleased with it and providing us additional redundancy as well. It will help us scale, grow and also manage our cost envelope as we grow.

當然。我先回答第二個問題。 [Jabil] 協議要求他們在 2024 年運營將過渡到他們手中的 2 家工廠。因此，24 年成本狀況並沒有重大變化。但當我們展望 25 世紀並根據我們的成長預期時，將會有成本機會以及擴大我們預期的成長的有效方法。因此，這是我們展望未來的一項協議，我們對此感到非常滿意，並為我們提供了額外的冗餘。它將幫助我們擴大規模、發展並隨著我們的發展管理我們的成本範圍。

And the Red Sea?

那麼紅海呢？

The Red Sea, we remain primarily on air as our mode of transportation. And so as a result, not a lot on the ocean and the impact of higher container rates is negligible for us. So given the state of the supply chain, while it's improving, we found that air and air rates are a good investment to make. And make sure that we're getting everything we need when we need it. We've seen continued improvement from supply chain and our vendors, particularly in semiconductors. And they have some improvements to make, and we expect them to continue to improve on the deliveries of, in particular, nanometer chips of 40 nanometers and above in some cases. So improving and working through it. And as we work through the year, it would be our expectation at the end of the year, to have overall inventory reduced again this year as things normalize and improve.

在紅海，我們仍然主要以航空作為我們的交通方式。因此，海洋上的影響並不大，貨櫃費率上漲的影響對我們來說可以忽略不計。因此，考慮到供應鏈的狀況，雖然它正在改善，但我們發現空運和空運費率是一項很好的投資。並確保我們在需要時獲得所需的一切。我們看到供應鏈和供應商的持續改進，特別是在半導體領域。他們還有一些改進要做，我們期望他們在某些情況下繼續改進特別是 40 奈米及以上奈米晶片的交付。所以改進並解決它。隨著我們全年的工作，我們預計，隨著情況正常化和改善，今年的整體庫存將再次減少。

That's relative to the [$827 million] you ended last year at?

這與您去年的收盤價 [8.27 億美元] 有關嗎？

That's right...

這是正確的...

That's right. The [$827 million was down $200 million] from a 12-month predecessor, and we expect to drive the [$827 million] down even further by year's end as we navigate an improving environment.

這是正確的。與 12 個月的前任相比，[8.27 億美元減少了 2 億美元]，隨著環境不斷改善，我們預計到年底將進一步減少 [8.27 億美元]。

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

下一個問題來自亞當·廷德爾（Adam Tindle）和雷蒙德·詹姆斯（Raymond James）的對話。

Okay. Jason, I just wanted to start on backlog trends for a clarification. I know reported backlog in total appears -- the headline appears to be down. But I think there's a lot of impact from Airwave in that. Could you just give us a sense of what backlog looks like ex Airwave? And then just as a follow-up on that topic, either Jack or Greg or if you want to both weigh in. This is just a metric that I think investors are watching very closely because backlog builds and records have happened across tech hardware, whether it's Cisco and Networking or PCs before that and led to a sharper digestion period than initially anticipated once that backlog started softening. So I wonder if you could maybe just double-click on the current state of supply and demand and address how you think about the similarities or differences in what you're seeing in your business? And the time and shape of normalization if and when that does happen?

好的。傑森，我只想從積壓趨勢開始澄清。我知道報告的積壓總數出現了——標題似乎有所下降。但我認為 Airwave 在這方面有很大的影響。您能否讓我們了解 Airwave 的積壓情況？然後，作為該主題的後續行動，無論是傑克還是格雷格，或者如果你們都想參與其中。這只是我認為投資者正在密切關注的一個指標，因為積壓的構建和記錄已經發生在科技硬體上，無論是在此之前是思科和網路或個人電腦，一旦積壓開始軟化，消化期就比最初預期的要快。因此，我想知道您是否可以雙擊當前的供需狀態，並說明您如何看待您在業務中看到的相似點或差異？如果這種情況真的發生的話，正常化的時間和形式是什麼？

Yes. I would start, Adam, and tell you that this is one of the things I'm most proud of when I look at the trend for the full year. Overall backlog of $14.3 billion, ending year from a year ago with absorbing just under $800 million decrement for the calculation of Airwave. And the 3-year plus or 3-year backlog that, that sits. So be able to keep that at the same level or comparable levels with that reduction is pretty significant.

是的。亞當，我首先要告訴你，當我審視全年的趨勢時，這是我最自豪的事情之一。總體積壓金額為 143 億美元，與去年同期相比，根據 Airwave 計算，減少了近 8 億美元。還有 3 年以上或 3 年積壓的訂單。因此，能夠將其保持在相同水平或可比水平，並且減少是相當重要的。

The other thing that gives me optimism is the exceptionally strong product backlog that we exited Q4 and the aged backlog that we sit in the position of as we enter. But I also remind you, so I love the backlog position, but I also love the pipeline. And the ongoing demand and what I see in the funnel and when I look at Molloy and his team's conversion rates, I'm optimistic by what's in backlog. I'm also optimistic what's in pipeline.

另一件讓我樂觀的事情是我們退出第四季度時異常強勁的產品積壓以及我們進入時所處的老化積壓情況。但我也提醒你，所以我喜歡積壓職位，但我也喜歡管道。持續的需求以及我在漏斗中看到的內容，當我查看莫洛伊和他的團隊的轉換率時，我對積壓的情況感到樂觀。我也對即將發生的事情感到樂觀。

Couple of attributes, I think, that are important to understand in our backlog. First, over 95% of our backlog comes to us from our government customers and our public safety customers. So -- and the majority of that is a direct relationship and a contractual one between us and an end customer, that is very important. And secondly, as you think about our backlog, we entered the year much like last year in a position where about half of our revenues for the year, a little bit more than that, will come to us from backlog. And with that strength, combined with the pipeline strength, that's what informs our guide for our 6% growth.

我認為，在我們的積壓工作中理解幾個屬性很重要。首先，我們 95% 以上的積壓訂單來自政府客戶和公共安全客戶。因此，其中大部分是我們和最終客戶之間的直接關係和合約關係，這一點非常重要。其次，當你考慮我們的積壓訂單時，我們進入這一年的情況與去年非常相似，今年我們收入的大約一半（略多一點）將來自積壓訂單。憑藉這一實力，再加上管道實力，這就是我們 6% 成長的指導方針。

Exactly.

確切地。

Very helpful. Just quickly, Jason, sorry if I missed it. Did you talk about free cash flow expectations in 2024? And any benefit from working capital with the [Jabil] agreement? I know sometimes that could have some transitional working capital that may be favorable. So free cash flow and the potential benefit?

很有幫助。傑森，快點，如果我錯過了，抱歉。您是否談到了 2024 年的自由現金流預期？透過[捷普]協議從營運資金中獲得什麼好處？我知道有時可能會有一些有利的過渡性營運資金。那麼自由現金流和潛在的好處是什麼？

Yes. Given the '24 is an operating place kind of steady agreement, the working capital benefits are minimal in terms of that agreement. That said, we do expect working capital improvement. We talked about inventory, our outlook for operating cash flow is $2.2 billion. That's up off of last year's record $2 billion. And within that operating cash flow, the contribution for our CapEx continues to be 15% or less. So we're expecting another strong year of cash flow.

是的。鑑於 '24 是一種穩定的營運場所協議，因此根據該協議，營運資金收益微乎其微。也就是說，我們確實預期營運資金會有所改善。我們談到了庫存，我們對營運現金流的展望是 22 億美元。這高於去年創紀錄的 20 億美元。在該營運現金流量中，我們的資本支出貢獻仍為 15% 或更少。因此，我們預期現金流又將強勁。

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

下一個問題來自約瑟夫·卡多佐（Joseph Cardoso）與摩根大通的對話。

I just wanted to follow up on the last free cash flow question. I guess when I'm taking a look at it kind of implies that you're going to have a nice step up in free cash flow generation, which, in combination, exiting 2023 with, I think, $1.7 billion of cash on the balance sheet. It looks like you'll have a fair bit of dry powder. Can you just help us think about the appetite in '24 to deploy cash buybacks, M&A? Like should we be thinking about a more aggressive than typical nature? Any color would be appreciated.

我只是想跟進最後一個自由現金流問題。我想，當我看到它時，它有點意味著你將在自由現金流生成方面取得一個很好的進步，我認為，到 2023 年，現金餘額將達到 17 億美元床單。看起來你會有相當多的乾粉。您能否幫我們思考一下 24 年部署現金回購、併購的意願？就像我們應該考慮比典型的性格更具攻擊性的性格嗎？任何顏色都會受到讚賞。

Just in terms of capital allocation, we always think of it, and I love the fact that we have the balance sheet that we do, Jason, in his remarks talked about 1.4 net debt to adjusted EBITDA. So I love the opportunity, the flexibility that, that gives us. I'm proud of the way we are good stewards of capital, both returning it to the shareholder and share repo and dividend but being surgical and thoughtful to accretive acquisitions as well. So you think about this cash flow, and I always think the wheel of 55/30/15. 55% of that cash flow is available for share repo or acquisition, fungible between the 2, representative of the opportunities that come our way. 30% is dividend and 15%, as Jason just referenced, is CapEx. Even though we made only 1 acquisition at the end of the year in IPVideo, it certainly wasn't reflective of the engagements that we had. I think there's a lot of opportunity.

就資本配置而言，我們總是會想到這一點，我喜歡我們擁有的資產負債表這一事實，賈森在他的演講中談到了 1.4 的淨債務與調整後 EBITDA 之比。所以我喜歡它帶給我們的機會和靈活性。我為我們良好的資本管理方式感到自豪，既將資本返還給股東，又進行股票回購和股息，同時對增值性收購也採取外科手術和深思熟慮的態度。所以你想想這個現金流，我總是想到55/30/15的輪子。 55% 的現金流可用於股票回購或收購，兩者之間可以互換，這代表了我們面臨的機會。 30% 是股息，15%（如 Jason 剛才提到的）是資本支出。儘管我們在年底只進行了 1 次 IPVideo 收購，但這肯定不能反映我們的業務。我認為有很多機會。

I love the fact that we have the organic opportunity (inaudible), whether it's device refresh, public safety prioritization, ARPA funding, enterprise opportunity, video and government. You know the opportunities that are in front of us organically, which are consequential. Equally, I'm excited about acquisition opportunities that can make our portfolio stronger, particularly around either Video, Software or Services. So that's how we think about it.

我喜歡這樣一個事實：我們擁有有機機會（聽不清楚），無論是設備更新、公共安全優先級、ARPA 資金、企業機會、影片和政府。您自然知道擺在我們面前的機會，這些機會是重要的。同樣，我對收購機會感到興奮，這些機會可以使我們的產品組合更加強大，特別是在視訊、軟體或服務方面。這就是我們的想法。

The other thing that was noteworthy in '23, given the strength of our balance sheet is that we did earn an upgrade from Moody's to Baa2, and as Greg mentioned, we'll be in the debt markets this year, refinancing $1.3 billion. And so having taken note of the strength of the cash flow in '23 as well as our expectations in '24, that will help us as we refinance.

23 年另一件值得注意的事情是，考慮到我們資產負債表的實力，我們確實獲得了從穆迪評級到Baa2 的升級，正如格雷格提到的，我們今年將進入債務市場，再融資13億美元。因此，考慮到 23 年現金流的強勁狀況以及我們對 24 年的預期，這將有助於我們進行再融資。

I appreciate the color there. And then just for my follow-up, can we just get an update on Airwave? I noticed in the press release, it sounded like you guys have the option to file an application with the U.K. court of appeal. Like are you guys actually taking that step? Can you provide any color around that? And then any color in terms of the next steps beyond the filing and what other options you have at your disposal?

我很欣賞那裡的顏色。接下來我想問一下，我們可以取得 Airwave 的最新消息嗎？我在新聞稿中註意到，聽起來你們可以選擇向英國上訴法院提出申請。你們真的踏出了這一步嗎？你能提供周圍的任何顏色嗎？然後，除了備案之外，接下來的步驟有什麼顏色以及您可以使用的其他選項嗎？

Yes, we will pursue the next step, which is appealing to the U.K. Court of Appeals. We anticipate doing that next week. I've said all along, and we remain pretty consistent that, this whole thing is beyond unique. We still believe it's unprecedented. We think it's legally flawed, but I'm not going to wine about it. I'm consistent in our description we're going to pursue all the avenues available to us to defend our position. So to your point, that will be the filing of the appeal to the U.K. Court of Appeals next week, unclear how long that will take. Probably several months, but that remains to be seen. The only other thing I'd say is in public commentary that has been made with the CMA and other Parliamentary hearings. It's pretty obvious that they believe that Airwave will be needed well beyond 2026.

是的，我們將採取下一步行動，即向英國上訴法院提出上訴。我們預計下週會這樣做。我一直以來都說過，而且我們始終一致認為，這整件事是獨一無二的。我們仍然相信這是前所未有的。我們認為這在法律上是有缺陷的，但我不會對此大肆宣揚。我的描述是一致的，我們將採取一切可用的途徑來捍衛我們的立場。因此，就您而言，下週將向英國上訴法院提起上訴，目前尚不清楚需要多長時間。可能要幾個月，但這還有待觀察。我唯一要說的另一件事是 CMA 和其他議會聽證會發表的公開評論。很明顯，他們相信 2026 年後仍將需要 Airwave。

The references have been made by different parties to either needing it through 2029 or 2030. So we will continue to move forward as best we can, engaging where we can, maintaining the investments that we need to make in this network and customer service levels is as high as they've ever been.

不同各方都提到到 2029 年或 2030 年都需要它。因此，我們將繼續盡最大努力向前推進，盡我們所能，維持我們需要對該網路和客戶服務水準進行的投資。和以前一樣高。

And just as a reminder, our current backlog with the adjustment we mentioned in Q4 has our contract with the U.K. Home Office through 2026.

提醒一下，我們目前在第四季提到的調整後的積壓工作與英國內政部的合約到 2026 年為止。

That's right.

這是正確的。

There's opportunity for us to serve that account beyond that.

除此之外，我們還有機會為該客戶提供服務。

The next question is 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 wanted to start off first with ARPA. I just want to get an update what it contributed to orders this year and your expectations going into next year? I know you previously noted it was 5% contribution in '22, and I think you said in the first half of this year, it was also 5%.

只是想先從 ARPA 開始。我只是想了解最新情況，它對今年的訂單有何貢獻以及您對明年的期望？我知道您之前提到 22 年貢獻率為 5%，我想您今年上半年也說過，貢獻率也是 5%。

Yes, Tomer, that's consistent with what we've said before. I think, the key thing I would say as it relates to budgets right now is public safety #1 continues -- public safety spend, it continues to get prioritized. Number two, I've just scoured through the state and local budget drafts of 2025. By and large, the situation remains very solid, even the states that have had an influx of immigrants have actually appropriated more dollars to public safety, which is interesting. But in generally speaking, when we look at it, the budget situation in state and local is very solid.

是的，托默，這與我們之前所說的一致。我認為，我現在要說的與預算相關的關鍵是公共安全#1繼續下去——公共安全支出，它繼續得到優先考慮。第二，我剛剛瀏覽了2025年的州和地方預算草案。總的來說，情況仍然非常穩固，即使是移民大量湧入的州實際上也撥款更多的資金用於公共安全，這很有趣。但總的來說，當我們觀察時，州和地方的預算狀況非常穩定。

Got it. And then maybe just as a quick follow-up. I know you've touched on backlog already, but curious how the duration of the backlog has improved in the last 3 months and maybe the start of this year?

知道了。然後也許只是作為一個快速的後續行動。我知道您已經談到了積壓的問題，但很好奇積壓的持續時間在過去 3 個月甚至今年年初是如何改善的？

To begin this year, its duration is similar to slightly improved from the beginning of where we were entering last year. So the duration and the quality attributes of the backlog are as good or better than they were last year.

從今年開始，其持續時間與我們去年進入時相比略有改善。因此，積壓訂單的持續時間和品質屬性與去年一樣好，甚至更好。

The next question is from the line of Benjamin Bollin with Cleveland Research.

下一個問題來自克利夫蘭研究中心的本傑明·博林。

Greg, bigger picture question. Going into an election year, curious how that has any impact, if at all, on how you guys thought about 2024 in your top line target? And then a secondary question would be, could you share your thoughts around the typical refresh that you see in the fixed video deployments? And how you think about replacement versus net new placements in the wild and how that kind of comes together in that 10% figure that you're talking about for Video growth this year?

格雷格，更大的問題。進入選舉年，想知道這對你們如何看待 2024 年的最高目標有何影響（如果有的話）？第二個問題是，您能否分享一下您對固定視訊部署中看到的典型刷新的想法？您如何看待替代品與淨新投放量之間的關係，以及您所說的今年影片成長 10% 的數字是如何綜合起來的？

Yes. Ben, in terms of the election year, it's interesting, we always talk about this, too. If you kind of look back over the history of this business, we do pretty well irrespective of a Republican or a Democratic administration. So we've had great success in 2023. We expect to have another strong year this year. When there is a presidential change, there's always some period of transition. They'll typically operate under a continuing resolution. But in the main, generally speaking, we have a pretty solid foundational level of performance, with kind of low beta risk given the backlog and the continual high priority demand in public safety.

是的。本，就選舉年而言，這很有趣，我們也總是談論這個。如果你回顧這個行業的歷史，你會發現無論是共和黨還是民主黨政府，我們都做得很好。因此，我們在 2023 年取得了巨大成功。我們預計今年將又是強勁的一年。當總統更迭時，總會有一段過渡期。他們通常會在持續的解決方案下運作。但總的來說，總的來說，我們有相當堅實的基礎績效水平，考慮到積壓的工作和公共安全方面持續的高優先級需求，貝塔風險較低。

On fixed video, and we talked about, Jason articulated, the 10% target for this year. Look, I actually like the fact that we have the width and breadth of the portfolio that we do. So we have the broadest portfolio in Video, fixed or mobile, prem or cloud, and we can meet the customer wherever they want to be met to buy. Most of our customers have both cloud and prem. If, in fact, that there's a notable acceleration of cloud adoption, which we've seen and we are seeing that moves more toward cloud, that's great. If that moderates the top line growth from 15% to 10%, that's okay too, because of the long-term value of that dollar of revenue, the stickiness with the customer relationship. And as Molloy said, he and we still believe we're taking share. So we feel good about the position. In terms of refresh on cameras, Jack, maybe you want to talk about that?

在固定影片中，我們討論了 Jason 闡述的今年 10% 的目標。聽著，我實際上喜歡這樣一個事實：我們擁有我們所做的投資組合的寬度和廣度。因此，我們在視訊領域擁有最廣泛的產品組合，無論是固定還是移動、前置還是雲，我們都可以在客戶想要的任何地方滿足他們的購買需求。我們的大多數客戶都擁有雲端和本地。事實上，如果雲端的採用顯著加速（我們已經看到了這一點，並且我們正在看到更多地轉向雲端），那就太好了。如果這將收入成長從 15% 降低到 10%，那也沒關係，因為這美元收入的長期價值以及與客戶關係的黏性。正如莫洛伊所說，他和我們仍然相信我們正在分享份額。所以我們對這個職位感覺良好。關於相機的更新，傑克，也許你想談談這個？

Yes, Ben, it obviously varies if there's citywide deployments, meaning outside cameras, you start to see a replacement cycle of anywhere to kind of 3 to 5 years in the networks that we manage. Internally, those upgrades are more driven by the R&D investments that Mahesh and team have made around analytics. I would note one thing. The acquisition we made in Pelco, we were actually very pleased in 2023 with the growth that Pelco had. But as we think about competitive VMSs that are out there, the work that we have ahead of us this year is to go and leverage our Pelco portfolio to drive new opportunities in the camera replacement cycle.

是的，Ben，如果有全市範圍的部署，這顯然會有所不同，這意味著在我們管理的網路中，外部攝影機的更換週期為 3 到 5 年。在內部，這些升級更多是由 Mahesh 和團隊圍繞分析進行的研發投資所驅動的。我要注意一件事。我們對 Pelco 進行的收購實際上對 2023 年 Pelco 的成長感到非常滿意。但當我們考慮現有的具有競爭力的 VMS 時，我們今年面臨的工作是利用我們的 Pelco 產品組合來推動攝影機更換週期中的新機會。

Just one more thing to add to that is just to support our Alta growth with Video. One of our initial acquisition thesis was just the ability to expand the camera portfolio that Alta supports. And something that we did towards the end of last year was to expand the entire H6SL line, which is one of the more popular within the Avigilon camera family, now that is entirely supported with an Alta Video. And I think that's also going to help with the refresh cycles and also help with some of the transition to cloud. Unity 8, we introduced that last year, and Unity 8, one of the special things about it is it's not just an on-prem solution. It's actually an on-prem solution that can bridge into the cloud as well. So as we think about those transitions, the boundary between on-prem and cloud is a bit fuzzy and I think, in a good way for us.

還要補充的一件事就是透過影片支持我們 Alta 的發展。我們最初的收購主題之一就是擴展 Alta 支援的相機產品組合的能力。我們去年年底所做的事情是擴展整個 H6SL 系列，它是 Avigilon 攝影機系列中最受歡迎的產品之一，現在完全支援 Alta Video。我認為這也將有助於刷新周期，並有助於向雲端的過渡。 Unity 8，我們去年推出的，Unity 8 的特別之處之一是它不僅僅是一個本地解決方案。它實際上是一個本地解決方案，也可以橋接到雲端。因此，當我們考慮這些轉變時，本地部署和雲端之間的界線有點模糊，我認為這對我們來說是件好事。

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

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

Great job on the quarter and for the year. I guess, question for you on the IPVideo acquisition. Perhaps just walk us through some of the rationale for that acquisition and perhaps where you see some of the cross-selling opportunities and growth opportunities going forward?

本季和全年的工作都非常出色。我想，我想向您詢問有關 IPVideo 收購的問題。也許只是向我們介紹一下這次收購的一些理由，也許您在哪裡看到了未來的一些交叉銷售機會和成長機會？

Sure. So the HALO Video Sensor or [health] Halo Sensor is actually not a new thing for us. We have -- Avigilon had partnered with IPVideo for quite some years. We have actually been reselling the IPVideo solution. And the key reason there is that there are plenty of situations like in schools where video cannot be used in certain locations, but these sensors can. So think of it as the detection of smoking vape sensors, et cetera, in bathrooms, in areas where we typically do not install cameras, but become quite important from a security and a safety standpoint. HALO is sort of the leading sensor when it comes to air quality, vape sensing, audio analytics, including gunshot detection. And so as we think about really expanding our capability within education and beyond. This was just a natural fit for us to bring in and integrate more closely with our Unity and Alta platforms.

當然。所以HALO視訊感測器或[健康] Halo感測器對我們來說其實並不是什麼新鮮事。我們—Avigilon 與 IPVideo 合作已有多年。我們實際上一直在轉售IPVideo 解決方案。關鍵原因是，在很多情況下，例如在學校，某些地方無法使用視頻，但這些感測器可以。因此，可以將其視為在浴室、我們通常不安裝攝影機的區域中檢測吸煙電子煙感測器等，但從安全和安全的角度來看，這些感測器變得非常重要。在空氣品質、電子煙感測、音頻分析（包括槍擊檢測）方面，HALO 是領先的傳感器。因此，當我們考慮真正擴大我們在教育內外的能力時。這對我們來說是很自然的選擇，可以引入 Unity 和 Alta 平台並與其更緊密地整合。

The only thing I can add on that, and just in terms of cross-sell would be that they've done very well in education. It's our role to get in and expand that business into health care into workplaces, into transit areas where you have issues with people smoking and those kind of things as well. We think we've got the relationships to extend into those markets as well.

我唯一可以補充的是，就交叉銷售而言，他們在教育方面做得非常好。我們的職責是進入並將業務擴展到醫療保健、工作場所、交通區域，這些區域有吸煙等問題。我們認為我們也已經將關係擴展到這些市場。

Okay. Makes sense. It's helpful. I appreciate it. As a follow-up question, changing gears on you slightly here. Another conversation on PCR. I know there's been some moving pieces throughout the year in terms of getting out in some of the areas like Asia, but perhaps just give an update on where PCR stands? I know there's been also some issues with supply chain earlier in the year. Any update would be helpful there?

好的。說得通。這很有幫助。我很感激。作為後續問題，在這裡稍微改變一下你的態度。另一場關於 PCR 的對話。我知道今年在亞洲等一些地區的發展方面發生了一些變化，但也許只是提供 PCR 的最新情況？我知道今年早些時候供應鏈也出現了一些問題。任何更新會有幫助嗎？

Yes. PCR actually did great in '23, Keith, about $1.1 billion of revenue last year, and it was a record in full year '23. So the performance by that team was exceptional. And I would expect PCR to be comparable levels this year that's informed into the LMR mid-single-digit technology growth or actually high single digit when you normalize for Airwave. So PCR is quite resilient and doing well.

是的。 PCR 實際上在 23 年表現出色，基思，去年的收入約為 11 億美元，這是 23 年全年的記錄。所以該團隊的表現非常出色。我預計 PCR 今年將達到可比較的水平，這將影響 LMR 中個位數的技術成長，或者當你對 Airwave 進行標準化時實際上會達到高個位數。因此 PCR 具有相當的彈性並且表現良好。

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

下一個問題來自路易·迪帕爾瑪和威廉·布萊爾的對話。

I was wondering, does Google bring any special benefits for partnering with them for Alta versus the other major cloud providers. I know you have, I think, a partnership with Azure for your Command Center business?

我想知道，與其他主要雲端供應商相比，Google 與 Alta 合作是否會帶來任何特殊好處。我知道您與 Azure 就您的指揮中心業務建立了合作關係？

Yes, Louie. So to begin with, Avigilon Alta video is already on Google Cloud today. And this is really a scale story and especially a scale around some key vectors, for example, AI. And so as we think about expanding Alta geographically as we think about expanding Alta and more broadly, video across our capability set. AI was important. Mapping capabilities was important, low latency data delivery, video delivery was important, and we thought that Google would be a good partner as we expand our installation and our capability of deploying within Google Cloud.

是的，路易。首先，Avigilon Alta 影片現已在 Google Cloud 上。這確實是一個規模故事，尤其是圍繞著一些關鍵向量的規模，例如人工智慧。因此，當我們考慮在地理上擴展 Alta 時，就像我們考慮在我們的能力範圍內擴展 Alta 以及更廣泛的影片一樣。人工智慧很重要。地圖功能很重要，低延遲資料傳輸、視訊傳輸也很重要，我們認為，當我們擴展我們的安裝和在 Google Cloud 中部署的能力時，Google 將是一個很好的合作夥伴。

In terms of sort of more a broader comment on this, look, there's lots of stuff happening in the cloud world today, whether that's on the AI side, core cloud services, et cetera. And we want to be able to provide our customers with the best performance at the best price point. And so this Google partnership is really part of our multi-cloud strategy at the end of it all. So that's really what drove it.

從對此更廣泛的評論來看，當今雲端世界中發生了很多事情，無論是人工智慧方面、核心雲端服務等等。我們希望能夠以最優惠的價格為客戶提供最佳的性能。因此，歸根結底，與Google的合作確實是我們多雲策略的一部分。所以這才是真正的推手。

Great. And are the economics significantly different for Alta versus Unity? Are you actively pushing for one instead of the other?

偉大的。 Alta 與 Unity 的經濟效益是否有顯著差異？您是否積極推動其中一項而不是另一項？

We're positioned to offer our customers a choice, as Jack mentioned, we have growth expectations for both Unity, the on-prem as well as Alta customers like those in education, we mentioned on the call are increasingly choosing Alta. The difference between the two is really how the VMS or software layers delivered. In the case of Alta, the VMS is delivered and deployed through the cloud under a term license. And in the case of Unity, it's an on-prem and more of a perpetual with a maintenance arrangement. So those are the two models we have, Jack? Customers are.

我們的定位是為客戶提供選擇，正如 Jack 所提到的，我們對 Unity、本地客戶以及 Alta 客戶（例如教育領域的客戶）都有成長預期，我們在電話中提到越來越多地選擇 Alta。兩者之間的差異實際上在於 VMS 或軟體層的交付方式。就 Alta 而言，VMS 是根據定期的授權透過雲端交付和部署。就 Unity 而言，它是本地部署的，並且更多的是具有維護安排的永久部署。這就是我們擁有的兩個模型，傑克？客戶是。

Two things there, Louie, is the purchase decision remains very dynamic up until the last, call it, 2 to 3 weeks of a decision. But it's interesting as we look at win-loss data, one of the interesting things is that we've had competitors who are more point solution providers who have been eliminated from decisions, and we've had both Alta and Unity is finalist decisions, which, again, I think speaks to the breadth and the advantage that gives us in the marketplace.

路易，有兩件事是，購買決定直到最後（稱之為 2 到 3 週的決定）仍然非常動態。但有趣的是，當我們查看輸贏數據時，有趣的事情之一是，我們的競爭對手更多是點解決方案提供商，但他們已被排除在決策之外，而且Alta 和Unity 都是決賽入圍決策，我認為這再次說明了我們在市場上的廣度和優勢。

And Louie, while the customer decides, it's not so much what we push, it's what they want. And as Jack said many customers deployed, they deploy both. Cloud fixed video is smaller from our overall revenue contribution than prem fixed video, but it's noteworthy to say that the growth of cloud fixed video is a strong multiple of the prem solution.

路易，當客戶做出決定時，重要的不是我們要推動什麼，而是他們想要什麼。正如傑克所說，許多客戶都部署了，他們都部署了。雲端固定視頻對我們整體收入的貢獻小於本地固定視頻，但值得注意的是，雲端固定視頻的成長是本地解決方案的強勁倍數。

Yes. Is there increasing momentum for Alta? I think you mentioned how 25% of the growth for 2023 with Video is from Alta. Do you think that 25% is going to increase to 35% or something like that in 2024?

是的。 Alta 的勢頭是否正在增強？我想您提到了 2023 年影片成長的 25% 來自 Alta。您認為 2024 年 25% 會增加到 35% 或類似的水平嗎？

I don't know. It depends on what '24's growth composition ultimately ends up being. But what I will say is the cloud solution, in our case, Alta is growing significantly faster than prem. So it's hard to predict the composition at the end of year '24 until we see how things settle.

我不知道。這取決於24世紀的成長構成最終如何。但我要說的是雲端解決方案，在我們的例子中，Alta 的成長速度明顯快於本地部署。因此，在我們看到事情如何解決之前，很難預測 24 年底的組成。

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

（操作員指令）我們的下一個問題來自摩根士丹利的 Meta Marshall 線。

You've got [Jamie] on for Meta. Similar to one of the earlier questions and understanding that you're still seeing strong growth and some impressive wins in the quarter. The Q4 growth and accompanying 2024 outlook and Command Center, just looked a little bit lower than what we've been modeling. So I guess, is there any additional detail you can provide as to what you're seeing there and what's driving that outlook on '24? And then as a follow-up, how should we think about the contribution from pricing broadly and the growth outlook for '24?

你已經為 Meta 準備了 [Jamie]。與之前的問題之一類似，並且了解您在本季度仍然看到強勁的增長和一些令人印象深刻的勝利。第四季的成長以及相應的 2024 年展望和指揮中心看起來比我們建模的要低一些。所以我想，您是否可以提供任何其他詳細資訊來說明您所看到的情況以及推動 24 世紀展望的因素是什麼？接下來，我們該如何思考整體定價的貢獻以及 24 世紀的成長前景？

And maybe we could tag team this. But Command Center, that's another one I was particularly proud of because we grew 21% for the year. Now obviously, Rave was a key driver in that. And Rave has turned out to be a great acquisition for us actually exceeding its business case. If you take that out, [Jamie], and you normalize for organic growth, the organic growth is another solid year of 10% growth. And by the way, that's inclusive of the growth of a $25 million headwind that actually represents the transitioning out of ESN. So when you think about the overall 10% growth of Command Center, you do have to include the normalization of the exit of ESN that's worth $25 million, but growth remains pretty strong in that segment as well.

也許我們可以給團隊貼上這個標籤。但是 Command Center，這是我特別自豪的另一個項目，因為我們今年成長了 21%。顯然，Rave 是其中的關鍵推動者。事實證明，Rave 對我們來說是一次偉大的收購，實際上超出了其商業案例。如果你把這個去掉，[Jamie]，並且你將有機增長標準化，那麼有機增長又是 10% 增長的堅實一年。順便說一句，這包括 2500 萬美元逆風的增長，這實際上代表了 ESN 的轉型。因此，當您考慮 Command Center 整體 10% 的成長時，您確實必須包括價值 2500 萬美元的 ESN 退出的正常化，但該領域的成長仍然相當強勁。

And in terms of growth drivers for '24, we would expect growth from both volume and price, inclusive of ASPs continuing to grow as they did in '23 as our customers adopt more of the feature-rich part of the portfolio, including APX NEXT, in other parts of the portfolio, we would expect that to continue, and that's included in our growth expectations.

就 24 年的成長動力而言，我們預計銷量和價格都會出現成長，包括 ASP 會像 23 年一樣繼續成長，因為我們的客戶更常採用產品組合中功能豐富的部分，包括 APX NEXT在投資組合的其他部分，我們預計這種情況將持續下去，這已包含在我們的成長預期中。

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

我們的問答環節到此結束。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。

Yes. Thanks. Listen, thank you for dialing in and listening. I would just close by saying that I think as we're entering 2024 or in it now in February, it's pretty clear that public safety and enterprise security have never been more important. I love the fact that we've got the broadest and most comprehensive product portfolio. I like the fact that as customers index to a more notable adoption on cloud acceleration. We're able to capitalize on that with our Alta solution.

是的。謝謝。聽著，感謝您撥通並收聽。最後我想說的是，我認為當我們進入 2024 年或現在 2 月時，很明顯公共安全和企業安全從未如此重要。我喜歡我們擁有最廣泛、最全面的產品組合。我喜歡這樣一個事實，即客戶對雲端加速的採用更加顯著。我們能夠透過 Alta 解決方案充分利用這一點。

I love the fact that we have the APX NEXT refresh cycle, in particular, continue to march forward, and that remains robust. And as was mentioned on the call, I am particularly excited about our partnership with Google. For all of the Motorolans listening in on the call, I'm really proud of you. I'm proud of our team's execution in '23, and I'm anticipating another strong year in 2024, and I appreciate everything you're doing. I look forward to catching up and talking with you and debriefing in a quarter. Thanks again for all the great work.

我喜歡這樣一個事實：我們有 APX NEXT 更新周期，特別是繼續前進，而且仍然強勁。正如電話中提到的，我對我們與Google的合作關係感到特別興奮。對於所有收聽電話會議的摩托羅拉人來說，我真的為你們感到驕傲。我為我們團隊在 23 年的執行力感到自豪，我預計 2024 年又將是強勁的一年，我感謝你們所做的一切。我期待在一個季度內與您交談並報告情況。再次感謝所有出色的工作。

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. 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。通話重播將在 3 小時內透過網路提供。網址是 www.motorolaslutions.com/investor。我們感謝您的參與，並請您此時斷開線路。