摩托羅拉 (MSI) 2024 Q2 法說會逐字稿

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（音訊進行中）

Actual results could differ materially from these forward-looking statements. Information about factors that could cause such differences can be found in today's earnings news release and the comments made during this conference call and the Risk Factors section of our 2023 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.

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、本次電話會議期間發表的評論以及我們 2023 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以及我們向SEC 提交的其他報告和文件。我們不承擔更新任何前瞻性陳述的責任。

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

有了這個，我會把它交給格雷格。

Thanks, Tim. And good afternoon, and thanks for joining us today. I'll start off by sharing a few thoughts about the overall business before Jason goes through our results and outlook.

謝謝，蒂姆。下午好，感謝您今天加入我們。在傑森介紹我們的業績和前景之前，我將首先分享一些關於整體業務的想法。

First, Q2 was another outstanding quarter with record Q2 revenue and operating earnings. Products and SI revenue was up 15% and operating earnings were up 56%, driven by continued strong demand and favorable mix within LMR products. In software and services, revenue was flat, excluding the home office, from the UK, revenue was up 11%, driven by strength in all three technologies. And we also increased earnings per share by 22%, generated $180 million of operating cash flow and ended the quarter with $14 billion of backlog, positioning us well for our continued growth.

首先，第二季度又是一個表現優異的季度，第二季營收和營業利潤創歷史新高。在 LMR 產品持續強勁的需求和有利的組合的推動下，產品和 SI 收入增長了 15%，營業利潤增長了 56%。在軟體和服務方面，收入持平（不包括家庭辦公室），在所有三個技術實力的推動下，來自英國的收入增長了 11%。我們還將每股收益提高了 22%，產生了 1.8 億美元的營運現金流，並在本季度結束時積壓了 140 億美元，這為我們的持續成長奠定了良好的基礎。

Second, I'm encouraged by the continued momentum we're seeing across the business. In video security, revenue was up 10%, driven by growth in both our fixed and mobile video solutions and increasing in software and services. In command center, revenue increased 9%, as customers continue to adopt our solutions that help them effectively accelerate response and resolution of incidence. And in LMR, revenue increased 9%, inclusive of the UK home office headwinds driven by LMR products as well as managed and support services.

其次，我對整個業務的持續發展勢頭感到鼓舞。在視訊安全領域，由於固定和行動視訊解決方案的成長以及軟體和服務的成長，收入成長了 10%。在指揮中心，收入增加了 9%，因為客戶繼續採用我們的解決方案，幫助他們有效加速回應和解決事件。 LMR 的收入成長了 9%，其中包括 LMR 產品以及託管和支援服務帶來的英國家庭辦公室不利因素。

And finally, based on our Q2 results, robust demand and continued prioritization for safety and security by our customers, we're again raising both our revenue and earnings guidance for the full year.

最後，根據我們第二季的業績、強勁的需求以及客戶對安全和保障的持續優先考慮，我們再次提高了全年的營收和獲利預期。

I'll now turn the call over to Jason.

我現在將電話轉給傑森。

Thank you, Greg.

謝謝你，格雷格。

Revenue for the quarter grew 9% and was above our guidance with strong growth in all three technologies, Acquisitions added $13 million, while FX headwinds were $5 million during the quarter.

本季營收成長 9%，高於我們的預期，所有三項技術均實現強勁成長，收購增加了 1,300 萬美元，而本季的外匯不利因素為 500 萬美元。

GAAP operating earnings were $644 million or 24.5% of sales, up from 21.6% in the year ago quarter. Non-GAAP operating earnings were $758 million, up 18% from the year ago quarter and non-GAAP operating margin was 28.8%, up 210 basis points, driven by higher sales, favorable mix and improved operating leverage partially offset by the Airwave charge control.

GAAP 營業利潤為 6.44 億美元，佔銷售額的 24.5%，高於去年同期的 21.6%。非GAAP 營業利潤為7.58 億美元，較上年同期成長18%，非GAAP 營業利潤率為28.8%，成長210 個基點，這主要得益於銷售額的增加、有利的組合以及營運槓桿的改善，但Airwave 收費控制部分抵銷了這項影響。

GAAP earnings per share was $2.60, up from $2.15 in the year ago quarter. Non-GAAP earnings per share was $3.24, up 22% from $2.65 last year. The growth in EPS was driven by higher sales and margins and a lower diluted share count, partially offset by a higher effective tax rate in the current quarter.

GAAP 每股收益為 2.60 美元，高於去年同期的 2.15 美元。非 GAAP 每股收益為 3.24 美元，比去年的 2.65 美元增加 22%。每股盈餘的成長是由較高的銷售額和利潤率以及較低的稀釋股數推動的，但部分被本季較高的有效稅率所抵消。

OpEx in Q2 was $593 million, up $38 million versus last year, primarily due to higher employee incentives and acquisitions.

第二季的營運支出為 5.93 億美元，比去年增加 3,800 萬美元，主要是因為員工激勵和收購增加。

Turning to cash flow, Q2 operating cash flow was $180 million, up $87 million versus last year, and free cash flow was $112 million, up $72 million. These increases were primarily driven by higher earnings partially offset by higher employee incentives and higher cash taxes. Our year-to-date operating cash flow was $562 million, up from $85 million in the previous year on higher earnings and significantly improved working capital. And we now expect operating cash flow for the full year to be $2.25 billion, an increase of $50 million versus our prior expectations and double-digit growth expectations over last year.

現金流方面，第二季營運現金流為 1.8 億美元，比去年增加 8,700 萬美元，自由現金流為 1.12 億美元，比去年增加 7,200 萬美元。這些成長主要是由較高的收入推動的，部分被較高的員工激勵和較高的現金稅所抵消。由於收益增加和營運資本顯著改善，我們今年迄今的營運現金流量為 5.62 億美元，高於前一年的 8,500 萬美元。我們現在預計全年營運現金流為 22.5 億美元，比我們先前的預期增加 5,000 萬美元，比去年增長兩位數的預期。

Capital allocation for Q2 included $163 million in cash dividends, $71 million in share repurchases and $68 million of CapEx. Subsequent to the quarter end, we also closed two acquisitions for a total of $223 million. The first is a global provider of critical event management software that expands our command center presence internationally and also complements our Rave acquisition. The second is a provider of vehicle location and management solutions that further builds on our leadership in providing mobile video solutions for the financial services sector. We expect these acquisitions to generate approximately $15 million to $20 million of revenue per quarter primarily in video and to be slightly dilutive to the second half of this year.

第二季的資本分配包括 1.63 億美元的現金股利、7,100 萬美元的股票回購和 6,800 萬美元的資本支出。季度末後，我們也完成了兩項收購，總金額為 2.23 億美元。第一個是關鍵事件管理軟體的全球供應商，該軟體擴大了我們在國際上的指揮中心業務，同時也補充了我們對 Rave 的收購。第二家是車輛定位和管理解決方案提供商，進一步鞏固了我們在為金融服務業提供行動視訊解決方案方面的領先地位。我們預計這些收購將在每季產生約 1,500 萬至 2,000 萬美元的收入，主要是視訊收入，到今年下半年將略有稀釋。

Moving to segment results, products and SI sales were up 15% versus last year, driven by continued demand along with improvements in supply in LMR. Currency headwinds were $2 million in revenue from acquisitions contributed $12 million. Operating earnings were $445 million or 26.8% of sales, up from 19.8%, in the prior year, driven by higher sales, favorable mix and improved operating leverage.

轉向細分市場業績，在持續需求以及 LMR 供應改善的推動下，產品和 SI 銷售額比去年增長了 15%。匯率不利因素是 200 萬美元的收購收入貢獻了 1,200 萬美元。受銷售額增加、有利的產品組合和營運槓桿改善的推動，營業利潤為 4.45 億美元，佔銷售額的 26.8%，高於前一年的 19.8%。

Some notable Q2 wins and achievements in this segment include a $32 million P25 system and device order for the city of Naperville, Illinois, a $19 million P25 system upgrade for Washington County, Virginia, an $18 million P25 system order for a US federal customer, a $17 million P25 device order for a US customer, an $8 million fixed video order for a large state and local customer and a $6 million video order for Newark public schools in New Jersey.

該領域一些值得注意的第二季度勝利和成就包括為伊利諾伊州內珀維爾市價值3200 萬美元的P25 系統和設備訂單、為弗吉尼亞州華盛頓縣價值1900 萬美元的P25 系統升級、為美國聯邦客戶提供價值1800 萬美元的P25 系統訂單、為美國客戶提供1700 萬美元的P25 設備訂單，為大型州和當地客戶提供800 萬美元的固定視頻訂單，以及為新澤西州紐瓦克公立學校提供600 萬美元的影片訂單。

In software and services, revenue was flat compared to last year, excluding the UK home office, revenue was up 11%, driven by strength in all three technologies. Revenue from acquisitions was $1 million in the quarter, and FX headwinds were $3 million. Operating earnings in the segment were $313 million or 32.3% of sales, down from 36.9% last year due to the revenue reduction related to the Airwave charge control. which was partially offset by improved operating leverage elsewhere in the segment. Excluding the UK home office, software and services operating margins increased during the quarter on higher sales and improved operating leverage.

在軟體和服務方面，營收與去年持平，不包括英國總部，在所有三個技術實力的推動下，營收成長了 11%。本季收購收入為 100 萬美元，外匯不利因素為 300 萬美元。由於 Airwave 收費控制相關的收入減少，該部門的營業利潤為 3.13 億美元，佔銷售額的 32.3%，低於去年的 36.9%。該部分其他部門營運槓桿的改善部分抵消了這一影響。不包括英國總部，由於銷售額增加和營運槓桿改善，本季軟體和服務營運利潤率增加。

Some notable Q2 highlights in this segment include a $19 million LMR order for the Victorian state government in Australia, an $18 million LMR order for a US federal customer, a $12 million command center order for the Las Vegas Metro Police Department, an $11 million LMR order for American Airlines, and finally, we received a $16 million mobile video award with Police Scotland. This award was part of a $30 million investment made by Police Scotland to procure body-worn cameras, LMR radios and mobile application software, demonstrating their recognition of the strength of our integrated ecosystem.

該領域第二季一些值得注意的亮點包括為澳洲維多利亞州政府提供的價值1,900 萬美元的LMR 訂單、為美國聯邦客戶提供的價值1,800 萬美元的LMR 訂單、為拉斯維加斯大都會警察局提供的價值1,200 萬美元的指揮中心訂單、為拉斯維加斯大都會警察局提供的價值1,100 萬美元的LMR 訂單。美元的移動視頻獎。該獎項是蘇格蘭警察局投資 3000 萬美元的一部分，用於採購執法記錄器、LMR 無線電和行動應用軟體，表明他們對我們整合生態系統實力的認可。

Looking at regional results, North America Q2 revenue was $1.9 billion, up 17% on growth in all three technologies. International Q2 revenue was $711 million, down 7% versus last year due to the impact of the Airwave charge control. Excluding the UK home office, international revenue was up mid-single digits with growth in all three technologies.

從地區業績來看，北美第二季營收為 19 億美元，由於所有三種技術的成長而成長了 17%。受 Airwave 收費控制影響，第二季國際營收為 7.11 億美元，較去年下降 7%。不包括英國總部，隨著所有三項技術的成長，國際收入成長了中個位數。

Moving to backlog, ending total backlog for Q2 was $14 billion, a decrease of approximately $300 million or 2% versus last year. Excluding the UK home office, total backlog was $12.5 billion, up from $12.4 billion last year. In the products and SI segment, ending backlog decreased $482 million versus last year and $308 million sequentially, driven by strong LMR shipments as supplier lead time improvements enabled us to ship additional products earlier in the year and improve our sales linearity.

至於積壓訂單，第二季末積壓訂單總額為 140 億美元，比去年減少約 3 億美元，即 2%。不包括英國內政部，積壓總額為 125 億美元，高於去年的 124 億美元。在產品和SI 領域，最終積壓訂單比去年減少了4.82 億美元，環比減少了3.08 億美元，這主要是由於LMR 出貨量強勁，因為供應商交貨時間的改善使我們能夠在今年早些時候發貨更多產品並改善我們的銷售線性。

In software and services, backlog increased $164 million compared to last year, driven by multiyear software and services contracts across all three technologies, partially offset by 12 months of revenue recognition from the UK home office. Sequentially, backlog was down $129 million, primarily driven by the quarterly revenue recognition for the UK home office.

在軟體和服務方面，受所有三種技術的多年軟體和服務合約的推動，積壓訂單比去年增加了 1.64 億美元，部分被英國總部 12 個月的收入確認所抵消。隨後，積壓訂單減少了 1.29 億美元，這主要是由於英國總部的季度收入確認所致。

Turning next to our outlook, we expect Q3 sales growth between 7% and 8%, with non-GAAP earnings per share between $3.32 and $3.37 per share. This assumes a weighted average diluted share count of approximately 170 million shares and an effective tax rate of 24%.

接下來是我們的展望，我們預計第三季銷售成長在 7% 到 8% 之間，非 GAAP 每股收益在 3.32 美元到 3.37 美元之間。假設加權平均稀釋股數約為 1.7 億股，有效稅率為 24%。

For the full year, we are again increasing both our revenue and earnings per share guidance. We now expect revenue growth of approximately 8%, up from our prior guidance of approximately 7%, and we expect non-GAAP earnings per share between $13.22 and $13.30 per share, up from our prior guide of $12.98 to $13.08 per share.

對於全年，我們再次提高了收入和每股盈餘指引。我們現在預計收入成長約 8%，高於我們之前約 7% 的指導，我們預計非 GAAP 每股收益在 13.22 美元至 13.30 美元之間，高於我們先前指導的每股 12.98 美元至 13.08 美元。

The full year outlook assumes a weighted average diluted share count of approximately 171 million shares and an effective tax rate of approximately 23.5%. It also assumes operating margin expansion of approximately 100 basis points, up from our prior expectation of 75 basis points, driven by higher sales.

全年展望假設加權平均稀釋後股份數量約為 1.71 億股，有效稅率約為 23.5%。它還假設在銷售額增加的推動下，營業利潤率將擴大約 100 個基點，高於我們先前預期的 75 個基點。

And finally, before turning the call back to Greg, I wanted to share some insights regarding our increased expectations for the year. In video, we now expect approximately 12% of growth for the full year, inclusive of the recent M&A. Video continues to be an exciting opportunity for us with new products like ACCA video management system, H6 cameras, our latest AI-enabled video recorder and both cloud and on-premises offers.

最後，在回電給格雷格之前，我想分享一些關於我們對今年增加的期望的見解。在視訊領域，我們現在預計全年將成長約 12%，包括最近的併購。影片對我們來說仍然是一個令人興奮的機會，新產品包括 ACCA 視訊管理系統、H6 攝影機、我們最新的支援 AI 的錄影機以及雲端和本地產品。

And for LMR, we're increasing our expectations to mid- to high single-digit growth for the full year, which includes the headwinds related to the UK home office that we communicated at the beginning of the year.

對於 LMR，我們將全年成長預期提高至中高個位數成長，其中包括我們在年初傳達的與英國總部相關的不利因素。

On the continued strength of LMR, I'd point to a couple of important drivers. First, in LMR services, we have a significant installed base, and our customers are increasingly relying on our expanded services offerings such as cyber and software upgrade agreements as they continue to invest in their networks for the long term. And second, in LMR products, strong demand for feature-rich devices continues to drive growth and margin expansion. For example, we have thousands of public safety customers who are on multi-year technology refresh cycles. These customers are increasingly adopting advanced devices like our APX NEXT family of devices.

關於 LMR 的持續強勢，我想指出幾個重要的驅動因素。首先，在 LMR 服務中，我們擁有重要的安裝基礎，隨著客戶繼續對其網路進行長期投資，他們越來越依賴我們擴展的服務產品，例如網路和軟體升級協議。其次，在 LMR 產品中，對功能豐富的設備的強勁需求持續推動成長和利潤率擴張。例如，我們有數千名處於多年技術更新周期的公共安全客戶。這些客戶越來越多地採用先進的設備，例如我們的 APX NEXT 系列設備。

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

我現在將把電話轉回給格雷格。

Thanks, Jason. And let me just close with a few thoughts. First, our Q2 results highlight the continued momentum we're seeing across the business. We achieved strong revenue growth in all three technologies. We significantly increased operating margins.

謝謝，傑森。最後讓我來談談幾點想法。首先，我們第二季的業績凸顯了我們在整個業務中看到的持續成長勢頭。我們在所有三項技術上都實現了強勁的收入成長。我們顯著提高了營業利潤。

We grew earnings per share by 22%, and we generated $180 million of operating cash flow. Second, we're continuing to use our strong cash flow and healthy balance sheet to create shareholder value and invest for continued growth. Year to date, we've spent a little over $700 million to reduce our diluted share count. Inclusive of the Silver Lake convertible note and share repurchases, and we've invested more than $250 million on acquisitions, adding solutions like long-range cameras, vehicle location and critical event management software.

我們的每股盈餘成長了 22%，產生了 1.8 億美元的營運現金流。其次，我們將繼續利用強勁的現金流量和健康的資產負債表來創造股東價值並進行投資以實現持續成長。今年迄今為止，我們已經花費了 7 億多美元來減少稀釋後的股票數量。包括銀湖可轉換票據和股票回購，我們在收購上投資了超過 2.5 億美元，增加了遠端攝影機、車輛定位和關鍵事件管理軟體等解決方案。

We also expect to spend approximately $850 million of R&D this year, focused on expanding our powerful safety and security offerings across the business. And we recently announced the opening of the R&D center in Cork, Ireland, which will focus on designing software for the company's comprehensive land mobile radio portfolio.

我們也預計今年將投入約 8.5 億美元的研發費用，重點是在整個業務範圍內擴展我們強大的安全和保全產品。我們最近宣佈在愛爾蘭科克開設研發中心，該中心將專注於為該公司全面的陸地行動無線電產品組合設計軟體。

These investments enhance our powerful ecosystem where video, radio and software work together to improve situational awareness, automate response, and more efficiently manage evidence across the various devices and platforms used by security personnel.

這些投資增強了我們強大的生態系統，視訊、廣播和軟體協同工作，提高態勢感知、自動回應，並更有效地管理安全人員使用的各種設備和平台上的證據。

And finally, as we enter the second half of the year, I really like how we're positioned. Our solutions have never been more important for customers as they continue to prioritize safety and security. We're seeing increased adoption of our cloud offerings in video and command center, which drove record Q2 backlog in those respective technologies. And we've launched several new products including VESTA Next, our new cloud-based 911 call handling solution and our MXP 660 TETRA radio, which is the APX NEXT equivalent for the TETRA market, providing both LMR and LTE capabilities in the same device. All of this is driving continued demand and in orders pipeline that's now about $1 billion higher than it was at this point last year, positioning us very well for growth going forward.

最後，當我們進入下半年時，我真的很喜歡我們的定位。我們的解決方案對客戶來說從未如此重要，因為他們繼續優先考慮安全和保障。我們看到視訊和指揮中心越來越多地採用我們的雲端產品，這推動了這些各自技術的第二季積壓記錄。我們也推出了多種新產品，包括 VESTA Next、基於雲端的新型 911 呼叫處理解決方案和 MXP 660 TETRA 無線電（相當於 TETRA 市場的 APX NEXT），在同一裝置中提供 LMR 和 LTE 功能。所有這些都在推動持續的需求，目前的訂單量比去年同期增加了約 10 億美元，為我們未來的成長奠定了良好的基礎。

And with that, I'll turn the call back over to Tim.

然後，我會將電話轉回給蒂姆。

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

謝謝你，格雷格。 （活動說明）接線員，請您提醒我們的來電者如何提問。

(Operator Instructions) Tim Long, Barclays.

（操作員指示） Tim Long，巴克萊銀行。

Hi. This is actually Alyssa Shreves on for Tim Long. I just wanted to check in given the outperformance we've been seeing in LMR, what inning are we in, in the LMR refresh cycle? We've had two strong quarters on the back of strong quarters from the year prior. Just how should we kind of think about the business moving into 2H? And then I had a quick follow-up.

你好。這其實是艾莉莎·史里夫斯為提姆·朗配音。我只是想檢查一下，鑑於我們在 LMR 中看到的出色表現，我們處於 LMR 刷新周期的哪一局？在上年強勁季度的基礎上，我們已經經歷了兩個強勁的季度。我們該如何看待業務進入 2H？然後我進行了快速跟進。

Yes. I think -- look, we're really pleased with the device refresh and the newer portfolio, we continue to release globally. I think when I think of the APX NEXT family, of devices, it accounts -- we think it will account for less than one-fourth of the public safety device shipments this year. So that dimensionalizes kind of the opportunity for that.

是的。我認為 - 看，我們對設備更新和更新的產品組合非常滿意，我們將繼續在全球發布。我認為，當我想到 APX NEXT 系列裝置時，我們認為它將佔今年公共安全設備出貨量的不到四分之一。因此，這體現了這種機會的維度。

And by the way, we also, as I mentioned in the remarks, also just announced it's equivalent, the MXP 660 for TETRA, which opens up Europe and the international market, and that's a brand-new product. which takes the combination of LMR and LTE capabilities to one device. So I think that is a contributing factor, but the demand for LMR, both product, services, devices, and (inaudible) large, the whole technology portfolio remains quite strong.

順便說一句，正如我在演講中提到的，我們也剛剛宣布了它的同類產品，即用於 TETRA 的 MXP 660，它打開了歐洲和國際市場，這是一個全新的產品。它將 LMR 和 LTE 功能組合到一台設備上。所以我認為這是一個促成因素，但對 LMR 的需求，包括產品、服務、設備和（聽不清楚）整個技術組合仍然相當強勁。

And Alyssa, we mentioned during the call that our outlook for LMR as a whole of the technology this year has gone from mid- to mid- to high. That will include growth in both products for the year as well as software and services (inaudible) office. So strong growth drivers across.

Alyssa，我們在電話會議中提到，今年我們對 LMR 作為整個技術的展望已經從中到高。這將包括今年產品以及軟體和服務（聽不清楚）辦公室的成長。如此強勁的成長動力。

And within the quarter and within the first half, with the supply chain improvements that we saw, products and LMR products specifically, we were able to attain more supply and lead times improved which in part drove the performance for the first half in LMR products.

在本季和上半年，隨著我們看到的供應鏈（產品，特別是LMR 產品）的改進，我們能夠獲得更多的供應並縮短交貨時間，這在一定程度上推動了LMR 產品上半年的業績。

Thanks. And then just a quick follow-up on the video business. Has there been any change in terms of what you've been seeing with customer cadence with customers moving from on-prem to cloud?

謝謝。然後是視訊業務的快速跟進。隨著客戶從本地遷移到雲端，您所看到的客戶節奏是否發生了任何變化？

So we talked about a $40 million headwind, Alyssa, this year kind of incorporating the prem to cloud momentum that you just referenced. In Q2, our video software business grew 24%. Cloud and cloud adoption was exponentially higher than that. So quite frankly, it's performing as expected and cloud adoption remains very strong.

因此，我們討論了 4000 萬美元的逆風，Alyssa，今年有點將您剛才提到的從雲端到雲端的勢頭結合起來。第二季度，我們的視訊軟體業務成長了 24%。雲端和雲端採用率呈指數級增長。坦白說，它的表現符合預期，雲端的採用仍然非常強勁。

Great. Thank you so much.

偉大的。太感謝了。

Matt Niknam, Deutsche Bank.

馬特·尼克南，德意志銀行。

Hi, guys. Thanks for taking the question. First question is on M&A. Greg, I think you've been vocal around, I guess, perhaps an increasing number of opportunities, perhaps more willingness on the part of prospective sellers in the marketplace. We saw -- you talked about the two deals you've recently done. I'm just curious if you can maybe give us a little bit more of an overview in terms of what you're seeing, the latest out there in the M&A front and potential opportunities. And then secondarily, maybe a follow-up on cash flow.

嗨，大家好。感謝您提出問題。第一個問題是關於併購。格雷格，我想你一直在大聲疾呼，也許機會越來越多，也許市場上潛在賣家的意願越來越強。我們看到—您談到了您最近完成的兩筆交易。我只是好奇您能否給我們一些有關您所看到的情況、併​​購領域的最新情況以及潛在機會的更多概述。其次，也許是現金流的後續行動。

So the guide this year is for about $2.25 billion you've done, I believe, $562 million year-to-date. So can you just talk a little bit about the visibility and confidence in that second half ramp? And I guess, in particular, how we should think about working capital in that context? Thank you.

因此，今年的指南費用約為 22.5 億美元，我相信，今年迄今為止，您已經完成了 5.62 億美元。那麼您能談談下半年的可見度和信心嗎？我想，特別是，在這種情況下我們該如何考慮營運資本？謝謝。

But just on the second one first, we increased our operating cash flow expectations from $2.2 billion to $2250 million $2.250 billion. I think that's a reflection of the confidence you're asking about in our ability to generate cash flow. Remember also the linearity of the way cash flow is generated by this business overwhelmingly, it's typically back half -- actually even more heavily weighted in Q4. And we expect the linearity of the cash flow generated and the yield associated to be reflective of that as well.

但就在第二個方面，我們將營運現金流預期從 22 億美元提高到 22.5 億美元，達到 22.5 億美元。我認為這反映了您對我們產生現金流的能力的信心。還要記住，該業務產生現金流的方式呈線性，通常是後半部分——實際上在第四季度的權重更大。我們預期產生的現金流的線性和相關的收益率也能反映這一點。

Actually, Greg, it's even better linearity this year with our first half. We're strongly ahead of where we were last year as inventory working capital have come down. But you're right, the back half is usually significant cash flow contributors, and we're well on path to the 2.25 in the quarter.

事實上，格雷格，今年上半年的線性度甚至更好。由於庫存營運資金下降，我們遠遠領先去年的水準。但你是對的，後半部通常是現金流的重要貢獻者，我們本季有望達到 2.25。

On the M&A front, Matt, we like the two acquisitions we made. We like the fact, and you know I think we're pretty good stewards of capital. And we always think about the deployment of capital along a framework of 55%, 25%, 15%. 55% fungible between share repo and opportunistic M&A, 25% dividend, 15% CapEx. That's kind of a reference framework.

在併購方面，馬特，我們喜歡我們進行的兩次收購。我們喜歡這個事實，而且你知道我認為我們是很好的資本管理者。我們總是按照55%、25%、15%的框架來考慮資本的配置。 55% 可在股票回購和機會性併購之間互換，25% 股息，15% 資本支出。這是一種參考框架。

I do think the M&A funnel, even at this point for us, is quite active. And there's some interesting opportunities. Like anything, we'll see if they materialize, but I like the way the business is performing and the underlying demand drivers organically reflective of the portfolio we have. Equally, I am energized by the opportunity as it presents itself from an M&A funnel standpoint, but we'll see. We certainly have the balance sheet capacity with net debt to net EBITDA of about and a recent upgrade to BBB a quarter ago. So I like the firepower we have, but we'll remain very disciplined and focused on how and where we deploy it.

我確實認為，即使在這一點上，併購漏斗對我們來說也相當活躍。還有一些有趣的機會。就像任何事情一樣，我們會看看它們是否會實現，但我喜歡業務的表現方式以及有機反映我們擁有的投資組合的潛在需求驅動因素。同樣，我對這個機會感到充滿活力，因為它從併購漏斗的角度呈現出來，但我們拭目以待。我們當然擁有淨債務與淨 EBITDA 比率的資產負債表能力，並且最近在一個季度前升級為 BBB。因此，我喜歡我們擁有的火力，但我們將保持非常自律，並專注於如何以及在何處部署它。

George Notter, Jefferies.

喬治諾特，傑弗里斯。

Thanks very much. I wanted to ask about backlog. I guess trying to better understand how we should think about backlog, Greg. There are puts and takes here. I think you said it was down sequentially, but up year on year when we exclude the UK Airwave situation.

非常感謝。我想問一下積壓的情況。我想試著更好地理解我們應該如何考慮積壓，格雷格。這裡有放和取。我想你說過，當我們排除 UK Airwave 的情況時，它是連續下降的，但同比上升。

I think in the year ago quarter, you had some big chunky orders also. There may be some other puts and takes I'm missing as well. But can you kind of walk me through how we should look at your backlog performance this quarter? Thanks.

我認為去年同期，你們也有一些大訂單。我可能還缺少一些其他的 put 和 take 。但您能否告訴我我們應該如何看待您本季的積壓績效？謝謝。

Sure. So first of all, it's a good question, George. Total backlog is up, as Jason referenced year over year when you exclude the home office. That's kind of one reference point. Product backlog, while it deteriorated in Q2, it deteriorated because supply lead times improved really a lot faster than we thought, which informed the 19% print on LMR product growth in Q2.

當然。首先，這是一個好問題，喬治。正如傑森所提到的，當您排除家庭辦公室時，積壓總量逐年增加。這是一種參考點。產品積壓情況雖然在第二季度有所惡化，但之所以惡化，是因為供應交付週期的改善速度確實比我們想像的要快得多，這表明第二季度 LMR 產品增長了 19%。

Having said that, product backlog remains pretty healthy at like $4 billion -- actually $4.3 billion off of a record comp the previous year and as a referenced pipeline, the orders pipeline at this point is about $1 billion higher than a year ago, which I think is quite informative as well.

話雖如此，產品積壓仍然相當健康，大約為40 億美元——實際上比前一年的創紀錄水平低了43 億美元，並且作為參考管道，此時的訂單管道比一年前高出約10 億美元，我認為認為資訊也很豐富。

Having said all that, you put ingredients all into the blender. We expect total backlog comparable to slightly up off of a record last year. So all in all, I feel pretty good about it. The linearity is a little lumpy and bumpy given the accelerated supply lead times that improved dramatically in Q2. But overall, it's pretty good.

說了這麼多，你將所有原料放入攪拌機中。我們預計總積壓量將比去年的紀錄略有上升。所以總而言之，我感覺很好。考慮到第二季供應提前期的加速和顯著改善，線性度有點不穩定。但整體來說還是很不錯的。

And George, you're right. as Q2, we did have two significant product-related orders. The combination of Current County, California, as well as Ukraine order, we're almost $200 million in that quarter, two sizable significant deals in last year's comp.

喬治，你是對的。截至第二季度，我們確實有兩個重要的產品相關訂單。加上加州目前縣的訂單以及烏克蘭的訂單，我們在該季度的銷售額接近 2 億美元，是去年比較中的兩筆相當大的重要交易。

Good point.

好點子。

Got it. And then I assume really no impact from M&A or FX on backlog?

知道了。然後我認為併購或外匯對積壓真的沒有影響嗎？

FX was fairly de minimis.

外匯交易相當微不足道。

And then M&A, I assume, also de minimis?

我想，然後併購也是微乎其微的吧？

Yes, exactly.

對，就是這樣。

Joseph Cardoso, JPMorgan.

約瑟夫‧卡多佐，摩根大通。

Hey. Thanks for the question. I guess just first one for me. Gross margins in the quarter tracked a lot better than as anticipated? And if I look historically, you've been able to expand margins from 2Q levels through the year. But I guess if my math is right on the guide, it would imply a bit more of a muted cadence than what we've typically seen. Can you maybe just help us understand what is (inaudible) that and whether there's anything under the hood in 2Q that we should be appreciating as an outlier? And then I have a follow-up. Thanks.

嘿。謝謝你的提問。我想這對我來說只是第一個。該季度的毛利率比預期好很多？如果我回顧歷史，你已經能夠將利潤率從第二季的水平擴大到全年。但我想如果我的數學在指南上是正確的，這將意味著比我們通常看到的更柔和的節奏。您能否幫助我們理解這是什麼（聽不清楚），以及 2Q 的幕後是否有任何我們應該將其視為異常值的東西？然後我有一個後續行動。謝謝。

Sure. So within the first half -- at operating margin, I'll start there. We're pleased with our margin performance. We saw good growth on supplier lead times improving pretty significantly during the quarter and really in the first half as well. And we talked about on the call that at operating margin, we'll see 100 bps of expansion on the year, that's up from 75%.

當然。因此，在上半年，我將從營業利潤率開始。我們對我們的利潤率表現感到滿意。我們看到供應商交貨時間的良好成長在本季和上半年都有顯著改善。我們在電話會議上談到，以營業利潤率計算，今年我們將看到 100 個基點的擴張，高於 75%。

Within the mix, gross margins will remain comparable, and we'll continue to invest in OpEx whereby now the -- for the year, with the acquisitions that we've announced, our OpEx envelope is expected to be about $130 million more than last year. So good progress on operating margin expansion and healthy gross margins to help drive that.

在這一組合中，毛利率將保持可比，我們將繼續投資於營運支出，今年，隨著我們宣布的收購，我們的營運支出預計將比去年增加約 1.3 億美元。營業利潤率擴張和健康的毛利率方面取得的良好進展有助於推動這一目標。

Got it. I appreciate the color there, Jason. And then maybe for my follow-up, and this is a bit of a big picture one, but you talked about the (inaudible) installed base and specifically the opportunity to address most services opportunity there. Curious if you could parse that out a bit more? And how big of an opportunity that could be for Motorola to better monetize that installed base that you have?

知道了。我很欣賞那裡的顏色，傑森。然後也許是我的後續行動，這是一個大局，但您談到了（聽不清楚）安裝基礎，特別是解決那裡大多數服務機會的機會。好奇能否進一步解析一下嗎？對於摩托羅拉來說，更好地利用現有客戶群獲利的機會有多大？

And how do you see that materializing over time. And maybe just Lastly, and maybe this is a silly question, but like, is this an area where you could potentially acquire? Or is that just far fetched given your position and or other variables?

隨著時間的推移，您如何看待這一點？也許只是最後，也許這是一個愚蠢的問題，但是，這是一個你有可能收購的領域嗎？或考慮到你的立場和/或其他變量，這是否牽強？

Thanks for the question. Yes. So big picture from a services standpoint, I think we've got growth opportunities in a number of different facets, number one, cyber, our networks, particularly the public safety P25 networks in the United States Canada and certain countries abroad. We've got opportunities and our customers have asked us to step up in that capacity.

謝謝你的提問。是的。從服務的角度來看，我認為我們在許多不同的方面都有成長機會，第一，網絡，我們的網絡，特別是美國、加拿大和國外某些國家的公共安全 P25 網路。我們有機會，我們的客戶要求我們加強這項能力。

The second piece of it is just a scope -- just general scope increases across the board globally. The third piece of it is that we manage various networks. We're in discussions right now with two different European countries and a network in South America that we manage for extensions. And to every one of those, it's not apples for apples. It's usually apples plus something.

第二部分只是一個範圍──只是整體範圍在全球範圍內全面擴大。第三部分是我們管理各種網路。我們現在正在與兩個不同的歐洲國家和我們管理的南美網絡進行擴展討論。對其中的每一個來說，這不是以蘋果換蘋果。通常是蘋果加一些東西。

So we're encouraged by the opportunities in front of us from a services standpoint.

因此，從服務的角度來看，我們對眼前的機會感到鼓舞。

I think it's relatively rare -- the last one we did on the services side was TETRA Ireland. We always look for opportunities there. Obviously, that's of interest. That's our power alley and what we do well in provisioning and delivering and own and operating LMR networks. There could be an opportunity or two, but we'll see.

我認為這種情況相對罕見——我們在服務方面所做的最後一個是 TETRA Ireland。我們總是在那裡尋找機會。顯然，這很有趣。這就是我們的力量所在，也是我們在配置、交付、擁有和營運 LMR 網路方面做得很好的地方。可能有一兩個機會，但我們拭目以待。

But I -- they're more -- they're not typically run rate or every year. They're every few years an opportunity.

但我——他們更多的是——他們通常不是按運行率或每年運行。他們每隔幾年就有一次機會。

The only other thing I'd add is just on these managed service networks -- those -- we don't typically just look at those through the lens of LMR. Those actually provide us a platform to go and do things like body worn as a service within national police agencies as well. (inaudible) video contracts that we're looking to start to provide as a service as well. So there's a little bit of a flywheel effect when we get those service opportunities.

我要補充的唯一一件事就是這些託管服務網絡——我們通常不會只透過 LMR 的視角來看待這些網路。這些實際上為我們提供了一個平台，讓我們可以在國家警察機構內開展諸如穿戴式服務之類的事情。 （聽不清楚）我們也希望開始以服務形式提供視訊合約。因此，當我們獲得這些服務機會時，會產生一點飛輪效應。

Adam Tindle, Raymond James.

亞當·廷德爾，雷蒙德·詹姆斯。

Okay, thanks. Good afternoon. Greg, I just wanted to maybe touch on the product revenue growth trajectory from here. If I look at the guidance, obviously, this has been a very, very strong segment for multiple years now. We're going to start getting into the mid- to high single digits in Q4, if my math is right, trying to back into this. And I know that you'll give a greater look into 2025 on the next call typically.

好的謝謝。午安.格雷格，我只是想從這裡談談產品收入成長軌跡。如果我看一下指導意見，顯然，多年來這一直是一個非常非常強勁的細分市場。如果我的數學正確的話，我們將在第四季度開始進入中高個位數，並嘗試回到這一點。我知道您通常會在下次電話會議上更深入地了解 2025 年。

But as I kind of try to map out the trajectory of product revenue growth, do you see a scenario where we're potentially going to have more of a soft landing? Or do you think there could be a greater digestion or growth could end up turning negative beyond Q4?

但當我試圖繪製產品收入成長軌跡時，您是否看到我們可能會實現更多軟著陸的情況？或者您認為可能會有更大的消化，或者第四季度之後增長可能最終變為負數？

Yes. Look, I would say this, kind of stepping back, the demand, the orders pipeline, the backlog, state and local funding, which is good and looks to be good again in 2025, the continued funding environment at the federal level. I mean, Adam, there's a lot of variables here, device refresh systems and services scope. Love the growth, as Jason referenced, we raised it for LMR from mid- to mid- to high that's informing the full year raise to approximately 8%. And I see continued runway here.

是的。聽著，我想說的是，需求、訂單管道、積壓、州和地方資金的退步，這很好，而且看起來在 2025 年會再次良好，聯邦層面的持續融資環境。我的意思是，亞當，這裡有很多變量，設備更新系統和服務範圍。正如 Jason 所提到的，我們喜歡這種成長，我們將 LMR 的成長幅度從中到中到高提高，這意味著全年增幅達到約 8%。我在這裡看到了持續的跑道。

Now you're right, we're obviously not going to talk about 2025. Q2 was particularly strong again because component supply drove improved lead times faster than we thought. We still, Adam, expect continued products growth in the second half of the year. So look, I like the way the business is running, and I -- but not just for the quarter, I like the momentum we have for the balance of this year, and we'll see what happens next year. But I really like the position we're in.

現在你是對的，我們顯然不會談論 2025 年。亞當，我們仍然預計下半年產品將持續成長。所以看，我喜歡業務的運作方式，而且我 - 但不僅僅是本季度，我喜歡我們今年剩餘時間的勢頭，我們將看看明年會發生什麼。但我真的很喜歡我們所處的位置。

and we'll probably give you some color, high level, on the next quarter as you referenced to inform 2025.

正如您所提到的 2025 年情況，我們可能會在下個季度為您提供一些高水準的資訊。

Got it. That's helpful and fair. Maybe just as a follow-up on the increased adoption of cloud in video and command center, and I think we might have Mahesh on the call and in case he wants to weigh in. But I'd be curious what is driving the tipping point to really inflect that adoption now? Also how you would evaluate the competitive environment and Motorola's differentiation in the cloud portion versus the non-cloud portion?

知道了。這很有幫助而且公平。也許只是作為視訊和指揮中心越來越多地採用雲端的後續行動，我想我們可能會讓 Mahesh 參加電話會議，以防他想參與其中。的採用嗎？另外，您如何評估競爭環境以及摩托羅拉在雲端部分與非雲部分的差異化？

And then lastly -- I'm sorry, this is a multi-parter how the financials are impacted in a cloud sale versus a non-cloud sale? Are we in a situation where we might have some cannibalization or change to financials if this happens? Thanks.

最後，我很抱歉，這是一個多方合作，雲端銷售與非雲端銷售對財務有何影響？如果發生這種情況，我們是否處於可能會出現一些蠶食或財務變化的情況？謝謝。

Sure, Adam. To begin with, I think one of the reasons why which one has historically been strong is because of we offer an end-to-end solution, which is video plus access control tightly integrated. And that end-to-end solution in many ways, gets amplified with a cloud story. It's one where the installation, the configuration, and the ability to deploy with the least amount of hardware bids on site become that much more attractive. So we see that as one of the reasons why starting with our smaller customers, but now very quickly going into much larger installations as well, we see a preference and a drift towards the cloud.

當然，亞當。首先，我認為歷史上一直如此強大的原因之一是因為我們提供了端到端的解決方案，即視訊與存取控制緊密整合。端到端解決方案在許多方面都透過雲端故事得到了放大。在這一點上，安裝、配置以及以最少的現場硬體出價進行部署的能力變得更具吸引力。因此，我們認為這是為什麼從較小的客戶開始，但現在也很快進入更大的安裝的原因之一，我們看到了對雲端的偏好和趨勢。

And then on top of that, there are also capabilities AI services and additional capabilities that we're able to deliver the cloud to augment what we already do at the edge, and that's also a motivator here as well.

除此之外，還有人工智慧服務的功能和我們能夠提供雲端的附加功能，以增強我們已經在邊緣所做的工作，這也是這裡的一個動力。

So that's -- I'd say that's in many ways, one of the things that's driving that -- the cloud growth, which, as Greg already said, while software, video software itself is growing at 24%, cloud software, very specifically actually (inaudible) growing even faster.

所以，我想說，這在很多方面都是推動雲端成長的因素之一，正如格雷格已經說過的，軟體、視訊軟體本身正在以 24% 的速度增長，雲端軟體，非常具體（聽不清楚）成長得更快。

Yes. And I think that the growth rate -- the strong cloud adoption of what we call Avigilon Alta, which is the cloud version, Avigilon Unity being prem is a reflection of the success of the Open Path acquisition and Aveva and the successful integration for combined video and access control under the cloud with Mahesh's leadership and Alex Kazerani. So part of the other new inflection point of our continued growth is the successful not only acquisitions, but the integration and the yield and the benefits associated with our cloud platform. I think the team is doing quite well.

是的。我認為，成長率——我們所說的 Avigilon Alta（雲端版本）、Avigilon Unity 的強大雲端應用反映了 Open Path 收購和 Aveva 的成功以及組合影片的成功整合Mahesh 和Alex Kazerani 的領導下的雲端存取控制。因此，我們持續成長的另一個新轉折點不僅是成功的收購，而且是與我們的雲端平台相關的整合、產量和效益。我認為球隊做得很好。

The only thing I'd add, Adam, is our Cloud Connector is a differentiator with our customers. It enables our customers to keep their cameras and move to cloud VMS, it's a great point. It's not a closed system. And I think that's a big value proposition differentiator between us and our cloud competition.

Adam，我唯一要補充的是，我們的雲端連接器對於我們的客戶來說是一個差異化因素。它使我們的客戶能夠保留他們的相機並轉移到雲端 VMS，這是一個很好的點。這不是一個封閉的系統。我認為這是我們與我們的雲端競爭對手之間的一個重要的價值主張差異化因素。

You're right, Jack.

你是對的，傑克。

(inaudible) I think unlike many of our competitors in this space, our direct-to-cloud cameras are actually standards compliant. And they don't get locked out if that access is not present.

（聽不清楚）我認為與該領域的許多競爭對手不同，我們的直接到雲端攝影機實際上符合標準。如果不存在該存取權限，他們也不會被鎖定。

Adam, the second question -- part of your question you had to go with the financial model -- both on-prem and cloud for us are solid business models. They're value propositions to customers. Of course, we've planned for the $40 million impact of the cloud acceleration that's on track. And both have a good margin structure. And as you know, cloud comes with the stickiness with the term license that upon renewal leads to even greater renewal. So we're pleased with both models.

Adam，第二個問題——你的問題的一部分必須採用財務模型——對我們來說，本地部署和雲端運算都是可靠的商業模式。它們是對顧客的價值主張。當然，我們已經為正在進行的雲端加速帶來的 4000 萬美元的影響做好了計劃。兩者都有良好的利潤結構。如您所知，雲端具有術語許可證的黏性，在續訂時會導致更大的續訂。所以我們對這兩種型號都很滿意。

Ben Bollin, Cleveland Research.

本‧博林，克利夫蘭研究中心。

Good evening, and thanks for taking the question. Jason, I wanted to go back to the product gross margin. If you exclude mix from the discussion, where would you say you are on the progress with respect to reducing the BOM supply chain efforts, any logistics optimization. What have you seen? What are your thoughts on where you're at and what might be left there?

晚上好，感謝您提出問題。傑森，我想回到產品毛利率。如果您將混合排除在討論之外，您會說您在減少 BOM 供應鏈工作、任何物流優化方面取得了哪些進展。你看到了什麼？您對目前所處的位置以及可能留下什麼有什麼想法？

Yes. So we mentioned that supply continues to improve and did so in Q2. If I think about the financial benefits that we are planning for and are showing up, we talked about the year's guide included when we opened in February about having about a $60 million improvement in cost relative to semiconductors and PPV. We're actually on a year basis, probably trending closer to $70 million.

是的。所以我們提到供應持續改善，在第二季也是如此。如果我考慮我們正在計劃和正在實現的財務利益，我們談到了 2 月開業時包含的年度指南，內容涉及相對於半導體和 PPV 的成本改善約 6000 萬美元。實際上，我們每年的收入可能接近 7,000 萬美元。

And by the way, that benefits is in both first half and second half. So we're seeing the benefit of prices as well as premiums coming down. In terms of product or mix, we continue to see favorable mix. We see volume growth complemented by mix. Both are helpful in terms of the growth drivers you've seen.

順便說一句，上半場和下半場都有好處。因此，我們看到價格和保費下降的好處。就產品或組合而言，我們繼續看到有利的組合。我們看到銷量的成長與混合相輔相成。就您所看到的成長動力而言，兩者都有幫助。

And then last one for me. Greg or Jack, could you remind us on the overall mix of within backlog, what you see from commercial and public safety and how you would -- just remind us on the integrity of those orders versus maybe a more traditionally enterprise-focused order?

然後是我的最後一張。格雷格或傑克，您能否提醒我們積壓訂單的整體情況，您從商業和公共安全中看到的情況以及您將如何- 只是提醒我們這些訂單的完整性，而不是更傳統的以企業為中心的訂單？

Yes. The backlog composition is almost 95% government direct. Why that's important is our direct sales force, it's a clean line of sight to that backlog, and it's not the channel.

是的。積壓的組成幾乎 95% 是政府直接的。為什麼這很重要是因為我們的直銷隊伍，它是積壓訂單的清晰視線，而不是管道。

And given the funding vehicles and procurements within government, governments order according to their prioritization and they issue a PO to a company like us directly, they don't subsequently order from someone else. So -- and we are fulfilling that backlog. And our backlog, as Jack mentioned, 95% plus comes from our public safety direct customers.

考慮到政府內部的融資工具和採購，政府根據其優先順序進行訂購，並直接向像我們這樣的公司發出採購訂單，他們隨後不會向其他人訂購。所以——我們正在完成積壓的工作。正如傑克所提到的，我們的積壓訂單 95% 以上來自我們的公共安全直接客戶。

Thanks, everyone.

感謝大家。

Amit Daryanani, Evercore.

阿米特·達裡亞納尼（Amit Daryanani），Evercore。

This is actually Irvin Liu on for Amit, and thank you for the question. I wanted to double-click on the international business. I think overall growth in Q2 was mid-single digits, and that was a deceleration versus a quarter ago. And this is all excluding any sort of UK home office impact.

這實際上是歐文·劉 (Irvin Liu) 替阿米特 (Amit) 發言，謝謝你的提問。我想雙擊國際業務。我認為第二季的整體成長為中個位數，與一個季度前相比有所放緩。這一切都不包括任何形式的英國家庭辦公室影響。

Any sense on how the overall macro and/or demand backdrop for international compares versus North American. In the longer term, should we expect international mix to expand as a percentage of total?

關於國際整體宏觀和/或需求背景與北美相比如何的任何感覺。從長遠來看，我們是否應該預期國際組合佔總數的比例擴大？

I think we think international is a great opportunity. I mean if you think about it, it's up single digits in Q2 outside of the home office. There's really three things, we've got -- within Europe, very large managed and support service business there. We've just announced a new device, as Greg alluded to early being the MXP 660, which not only elongates our customers' investment in that managed support service that brings another opportunity from a device standpoint.

我認為我們認為國際化是一個很好的機會。我的意思是，如果你仔細想想，第二季家庭辦公室以外的地區成長了個位數。我們確實擁有三件事——在歐洲，有非常大的管理和支援服務業務。我們剛剛發布了一款新設備，正如 Greg 早期提到的 MXP 660，它不僅延長了客戶對託管支援服務的投資，從設備的角度來看，還帶來了另一個機會。

Australia continues to be a market that we performed quite well. But the other piece, there's two other elements within our video business, we've talked about it before, but mobile video, we compete exceedingly well. Mahesh's team has brought -- recently brought out new device to market another VP device. We talked about Scotland. We've got great opportunities both within the government space, but also in the enterprise space outside of the United States.

澳洲仍然是我們表現良好的市場。但另一方面，我們的視頻業務還有另外兩個要素，我們之前已經討論過，但是移動視頻，我們的競爭非常好。 Mahesh 的團隊最近推出了新設備，向市場推出另一款 VP 設備。我們談論了蘇格蘭。我們在政府領域以及美國以外的企業領域都擁有巨大的機會。

So international continues to be a great market. We've got great leadership there. And I feel -- I think we all collectively feel really good about opportunities for growth.

因此，國際仍然是一個巨大的市場。我們在那裡有出色的領導。我覺得——我認為我們所有人都對成長機會感到非常滿意。

And I know, Amit, and you and team know this, but just to remind everybody, our international revenues over -- almost 75% of them come from EMEA, Australia and New Zealand. That's our strength. That's where we build networks. That's where we have flywheels of growth, and that -- those are great markets for us for Jack and his team.

我知道，阿米特，你和團隊都知道這一點，但只是提醒大家，我們的國際收入 - 幾乎 75% 來自歐洲、中東和非洲、澳洲和紐西蘭。這就是我們的力量。這就是我們建立人脈的地方。這就是我們擁有成長飛輪的地方，對傑克和他的團隊來說，這些對我們來說是巨大的市場。

Got it. And maybe as a follow-up, I also wanted to just get an update on the UK home office. I'm not sure if there's anything new to report versus a quarter ago. But can you just walk us through a range of potential outcomes?

知道了。也許作為後續行動，我也想了解英國總部的最新情況。我不確定與季度前相比是否有任何新內容需要報告。但您能否向我們介紹一系列潛在的結果？

There's actually one new point from a quarter ago, and that is just -- it's a good question to level set, you know the dispute, it's been ongoing. It's been several years. We believe the CMA ruling was unfounded. We think it's disproportionate. We think it's unprecedented.

實際上，一個季度前有一個新的觀點，那就是——這是一個很好的問題，你知道爭論，它一直在持續。已經好幾年了。我們認為 CMA 的裁決毫無根據。我們認為這是不成比例的。我們認為這是前所未有的。

You've heard us talk about that. We appealed that. We lost. So we appealed to the Competition Appeals Tribunal and we lost. So the only last option as it relates to this dispute, on the imposition of the charge control was the UK Court of Appeal, which is their highest court in the UK. And the noteworthy item is they decided to hear the case. So that's a new development. That hearing is November 11 and 12, impossible to predict what that is, but that is something that's new from when we talked about this a quarter ago.

你已經聽我們談論過這個了。我們對此提出上訴。我們失去了。所以我們向競爭上訴法庭提出上訴，但我們輸了。因此，與此糾紛相關的、關於實施收費控制的唯一最後選擇是英國上訴法院，這是他們在英國的最高法院。值得注意的是他們決定審理此案。這是一個新的發展。聽證會將於 11 月 11 日至 12 日舉行，無法預測具體內容，但這是我們一個季度前討論此事時的新內容。

I just want to remind you that as it relates for Q2, the rest of this year, the full year of this year, we are operating under kind of the draconian disproportionately excessive discount. So that's -- we're raising the full year inclusive of kind of that worst-case charge control for this year.

我只是想提醒您，與第二季、今年剩餘時間、今年全年相關，我們正在以不成比例的嚴厲過度折扣進行運營。所以，我們正在提高全年業績，包括今年最壞情況下的充電控制。

What happens in the future? Don't know. I am pleased that the UK Court of Appeal will give this the appropriate audience and review, and we'll see where it goes from there.

未來會發生什麼事？不知道。我很高興英國上訴法院將給予適當的受眾和審查，我們將看看它的發展方向。

Rodney McFall, Northcoast Research.

羅德尼·麥克福爾，北海岸研究中心。

Hey, everyone, and thanks for taking my question on. So I was wondering if you could provide some color on the customer transition to more premium versions of APX NEXT radios. Have they been receptive? And then, just any color on -- in terms of the premium on price compared to legacy versions of the product? Thanks.

大家好，感謝您回答我的問題。因此，我想知道您是否可以提供一些有關客戶過渡到更高級版本的 APX NEXT 無線電的資訊。他們是否樂於接受？然後，與該產品的傳統版本相比，就價格溢價而言，只是任何顏色嗎？謝謝。

I guess from an experience standpoint, we've gotten very positive reviews. We've had multiple large-scale police departments that have made the transition to APX NEXT and the APX NEXT family. The first thing is we contemplate one of the things we always think about when we develop product disease of use. I think we nailed that. The LTE capabilities enable them to get radios programmed and refleeted I don't want to say instantaneously, but was something that took them weeks and months can now be done in a day, which is a positive thing.

我想從體驗的角度來看，我們得到了非常正面的評價。我們有多個大型警察部門已過渡到 APX NEXT 和 APX NEXT 系列。第一件事是我們在開發產品使用疾病時經常考慮的事情之一。我想我們做到了。 LTE 功能使他們能夠對無線電進行編程和轉發（我不想立即說），但以前需要花費數週和數月的時間現在可以在一天內完成，這是一件積極的事情。

It also gives them the capability to extend the network coverage. And what we've seen is a phenomenon is we've got a lot of customers that have mixed fleets and enables those transitions to happen as well.

它還使他們能夠擴展網路覆蓋範圍。我們看到的一個現像是，我們有許多擁有混合車隊的客戶，也能夠實現這些轉變。

Last but not least, we talk about our command center business, but the APX NEXT and its ability to put through higher bandwidth workflows is also very complementary to our Command Central suite -- our Command Central Suite Sweet rather. So we think we've heard really positive things. As Greg and Jason articulated, about 25% of those devices that will ship this year, our APX NEXT. So we are in a multiyear phenomenon as it relates to the upgrade.

最後但並非最不重要的一點是，我們談論我們的指揮中心業務，但 APX NEXT 及其實現更高頻寬工作流程的能力也與我們的 Command Central 套件（我們的 Command Central Suite Sweet）非常互補。所以我們認為我們聽到了非常積極的事情。正如 Greg 和 Jason 所闡述的那樣，今年將發貨的設備中約有 25% 是我們的 APX NEXT。因此，我們正處於與升級相關的多年現象。

Got it. Thank you.

知道了。謝謝。

Louie DiPalma, William Blair.

路易·迪帕爾瑪，威廉·布萊爾。

Thanks, Greg, Jason, Jack, and Mahesh. I'm following up on the several questions regarding the LMR product strength. Should we expect the year-over-year growth rate for the LMR product line to be volatile? Or is this mid-teens level durable. And going deeper, are customers upgrading their radios on the normal six- to seven-year upgrade cycle? Or are the features for APX and APX NEXT so compelling that many customers are upgrading early to get the LTE and the programmable devices, which may be driving an acceleration?

謝謝格雷格、傑森、傑克和馬赫什。我正在跟進有關 LMR 產品強度的幾個問題。我們是否應該預期 LMR 產品線的年成長率會波動？或者這個十幾歲左右的水平是否耐用。更深入地說，客戶是否按照正常的六到七年升級週期升級他們的無線電？或者 APX 和 APX NEXT 的功能是否如此引人注目，以至於許多客戶提前升級以獲得 LTE 和可編程設備，這可能會推動加速？

So a couple of things. Just, Louie, to ground you, the 15% kind of pop the clutch LMR product growth in Q2 was a reflection of lead times, components supply lead times that improved quicker than we thought. So that's why the exceptionally strong 15% print in Q2. Secondly, for the annual year-over-year growth rate, we're saying it's mid- to high single digits for LMR.

有幾件事。只是，Louie，告訴你，第二季度 LMR 產品 15% 的增長反映了交貨時間，零件供應交貨時間的改善速度比我們想像的要快。這就是為什麼第二季 15% 的增幅異常強勁。其次，就年度年成長率而言，我們認為 LMR 的成長率為中高個位數。

Up from mid, I think that, that improvement is in part because of continued strong traction with devices. I do think -- you're right. I think on average, it's about an eight-year, plus or minus, device renewal or refresh. I think that's still in the ZIP code as it relates to a North America refresh. But I'll give you an anecdote.

我認為，從中期開始，這種改進部分是由於設備的持續強勁牽引力。我確實認為——你是對的。我認為平均而言，設備更新或更新大約需要八年（加減）。我認為這仍然在郵政編碼中，因為它與北美刷新有關。但我會幫你講一個軼事。

I was at a large city last week with a senior commander and spent some time with him, and he had his APX NEXT, I had no idea he would have that. He had his APX NEXT device on his desk when we were talking, I said, what do you think of that? And I know this sounds anecdotal and a self-promotion. It's just -- it's really not. He talked about what Jack referenced, the over-the-air reprogramming, having a control channel that you can hear everything about it.

上週我在一個大城市與一位高級指揮官一起度過了一段時間，他有他的 APX NEXT，我不知道他會有那個。當我們談話時，他的桌子上放著 APX NEXT 設備，我說，你覺得怎麼樣？我知道這聽起來像是軼事和自我推銷。只是——事實並非如此。他談到了傑克提到的，無線重新編程，有一個控制頻道，你可以聽到有關它的一切。

the video display capability, the LTE, along with LMR, the adoption rate and the acceptance and the feature functionality that, that device brings, which allows us to price for value is -- has been really, really good. And we're just getting started in the European and international market with the brand-new MX 660, which think of that as the APX NEXT equivalent for Europe and beyond.

影片顯示功能、LTE 以及 LMR、該設備帶來的採用率和接受度以及功能性，使我們能夠按價值定價 - 非常非常好。我們剛開始在歐洲和國際市場推出全新的 MX 660，我們將其視為歐洲及其他地區的 APX NEXT 同等產品。

So I think, look, I love the position we're in. We have thousands of installed networks. We're monetizing the services. As Jack talked about, with expanding scope. We're upselling things like cybersecurity.

所以我想，看，我喜歡我們所處的位置。我們正在將服務貨幣化。正如傑克所說，範圍不斷擴大。我們正在推銷網路安全等產品。

And it's a really good situation. And I think that I like the hand we have.

這是一個非常好的情況。我認為我喜歡我們現有的牌。

Great. And in the past, Greg and Jason, you've provided cumulative APX NEXT orders, have you guys passed the $1 billion mark, in terms of your cumulative APX NEXT orders?

偉大的。 Greg 和 Jason 在過去提供了累積 APX NEXT 訂單，就累計 APX NEXT 訂單而言，你們是否已突破 10 億美元大關？

Talking about orders, we used to reference cumulative orders --

談到訂單，我們過去常指累積訂單——

I think the more important metric that we've shared is that this year, our APX devices total revenues less than one-fourth of those will come from the APX NEXT family. So Jack and team are still selling a very good APX radio. Our customers expect it. They don't like forced migrations. They want graceful migrations.

我認為我們分享的更重要的指標是，今年我們的 APX 設備總收入中不到四分之一來自 APX NEXT 系列。所以 Jack 和他的團隊仍在銷售非常好的 APX 收音機。我們的客戶對此充滿期待。他們不喜歡被迫遷移。他們想要優雅的遷徙。

And Jack's point about mixed fleets evidence is that.

傑克關於混合艦隊證據的觀點就是這樣。

So we have a long way ahead of us. And in the almost $2 billion of devices that will do for public safety, less than 25% of them are in to come this year from APX NEXT.

所以我們還有很長的路要走。在近 20 億美元用於公共安全的設備中，今年只有不到 25% 來自 APX NEXT。

Meta Marshall, Morgan Stanley.

梅塔‧馬歇爾，摩根士丹利。

Great. Maybe as a first question, just in terms of a lot of the acquisitions you've done over the past year. Where are you in terms of integration of those acquisitions? Or are you kind of integration of those teams in order to kind of get better leverage across the platform or across the customer base? Maybe that's the first question.

偉大的。也許作為第一個問題，就您在過去一年中完成的大量收購而言。您在整合這些收購方面處於什麼位置？或者您是否對這些團隊進行了整合，以便在整個平台或整個客戶群中獲得更好的影響力？也許這是第一個問題。

Yes, I'll let Mahesh since the acquisitions are primarily in video and Commander, maybe you could speak to the integration progress.

是的，我會讓 Mahesh 因為收購主要是在視訊和 Commander 領域，也許你可以談談整合進度。

Sure. And maybe just to start out where, Greg, you left off with Alta. So Alta was our brand for Open Path and AVA, which is effectively our cloud-based access control solution and our cloud-based video management solution, both being critical to our portfolio. Both under Alex Kazerani were brought together as Alta. And now we are able to integrate the capabilities of both access control and video I think in fairly unique and powerful ways, ones that our customers are really appreciating and evidenced by the uptake in the market.

當然。格雷格，也許只是從你離開阿爾塔的地方開始。因此，Alta 是我們的 Open Path 和 AVA 品牌，這實際上是我們基於雲端的存取控制解決方案和基於雲端的視訊管理解決方案，兩者對我們的產品組合都至關重要。兩人在亞歷克斯·卡澤拉尼 (Alex Kazerani) 的領導下被合併為阿爾塔 (Alta)。現在我們能夠以相當獨特和強大的方式整合存取控制和視訊的功能，我們的客戶非常欣賞這些功能，而市場的採用也證明了這一點。

Beyond that, Rave would be the other big piece here and Rave is one of those critical elements that's a glue between public safety and enterprise security, and Rave integrated, not just with 911 and CAD solutions, but also integrated with our enterprise security solutions, effectively video, both Alta and Unity. I think that plays a fairly significant role. And we're seeing that impact of that ecosystem going forward as well.

除此之外，Rave 將是這裡的另一個重要部分，而 Rave 是連接公共安全和企業安全的關鍵要素之一，Rave 不僅與 911 和 CAD 解決方案集成，還與我們的企業安全解決方案集成，有效的視頻，Alta 和Unity。我認為這起著相當重要的作用。我們也看到了該生態系的影響。

Pelco, we rationalized our video management platforms into one with the on-prem solution being the Unity video management solution. And our camera platforms across all our brands really operate on basically a shared infrastructure with the best of many things that each brand brought into the table, integrated and offered across the board.

Pelco，我們將視訊管理平台合理化為一個，本地解決方案是 Unity 視訊管理解決方案。我們所有品牌的相機平台基本上都在一個共享的基礎設施上運行，每個品牌都將最好的東西帶入桌面，整合並全面提供。

So I think that's that speaks to some of the key integration examples. Silent sentinel is well on its way right now. And as Noggin comes into play here, which has incident management, which is a key piece of the puzzle for us. Noggin will complement both our fixed video portfolio, but it will also complement Rave quite nicely as well.

所以我認為這就是一些關鍵的整合範例。 《沉默的哨兵》現在正在順利進行中。當 Noggin 在這裡發揮作用時，它具有事件管理功能，這對我們來說是難題的關鍵部分。 Noggin 將補充我們的固定視訊產品組合，但它也將很好地補充 Rave。

I think just -- the only thing I'd add to that, Meta, the only thing I'd add is, when I think about this company and look back over the last several years, I do think that M&A and successful acquisition financially from an accretion standpoint, and a strategic impact standpoint and our ability to integrate and retain talent. Mahesh's Exhibit A, Alex Kazerani, the CEO of OpenPath, Todd Piett, the CEO of Rave, not just retaining them, but having them in contributory senior executive roles that can facilitate and drive integration in addition to the competencies within core Motorola, I'm really pleased. I think it's going quite well.

我想我唯一要補充的是，Meta，我唯一要補充的是，當我想到這家公司併回顧過去幾年時，我確實認為併購和成功的財務收購從增長的角度、戰略影響的角度以及我們整合和留住人才的能力。 Mahesh 的證據 A、OpenPath 首席執行官 Alex Kazerani 和 Rave 首席執行官 Todd Piett 不僅保留了他們，而且讓他們擔任有貢獻的高級管理職位，除了摩托羅拉核心能力之外，還可以促進和推動集成，我'我真的很高興。我認為一切進展順利。

Great. Maybe piggybacking on that answer. Just how are you guys thinking about capital allocation just given that M&A has been such a successful part of the strategy?

偉大的。也許會利用這個答案。鑑於併購是該策略如此成功的一部分，你們如何看待資本配置？

Well, we got off to a fast start in the first half of this year with effectively a little over $700 million in share repurchase and the convert on the Silver Lake settlement, which is great. Nick the Silver Lake settlement, memory tells me was like 33.14 share. We did 71 million of share repurchases in Q2 at 348 and change. So I always like the way we deploy capital, I think, pretty thoughtfully and opportunistically against the discounted share -- the discounted cash flow and the value of the company going forward. And we've now done 40 acquisitions, plus or minus over the last 9 or 10 years.

嗯，我們在今年上半年取得了快速的開局，實際上進行了 7 億多美元的股票回購以及銀湖和解協議的轉換，這非常棒。尼克銀湖結算，記憶告訴我就像是33.14份額。我們在第二季回購了 7,100 萬股股票，回購數量為 348 股。因此，我認為，我總是喜歡我們部署資本的方式，相對於貼現股票——貼現現金流和公司未來的價值，我們是經過深思熟慮和機會主義的。我們現在已經完成了 40 次收購，在過去的 9 年或 10 年裡有增減。

We just completed two that we referenced in Q2. And to your point, Meta, the M&A funnel is attractive.

我們剛剛完成了第二季提到的兩個。就你的觀點而言，Meta，併購漏斗很有吸引力。

So we will be opportunistic along deploying that $2.25 billion of operating cash flow 55% of share repo or acquisitions fungible between the two with 25% dividend, 15% CapEx. So we're well on our way. And I like -- and by the way, I like deploying the capital internally in R&D, too. So $850 million of R&D is giving us the widest and broadest product portfolio through three technologies with land mobile radio, video and command center which is, in turn, powering a unique competitive differentiating safety and security ecosystem.

因此，我們將抓住機會，部署 22.5 億美元的營運現金流，其中 55% 的股票回購或收購可以在兩者之間互換，股息為 25%，資本支出為 15%。所以我們一切順利。我喜歡——順便說一句，我也喜歡在研發內部部署資本。因此，8.5 億美元的研發費用透過陸地行動無線電、視訊和指揮中心這三種技術為我們提供了最廣泛、最廣泛的產品組合，這反過來又推動了獨特的、具有競爭力的差異化安全和安保生態系。

So when I think about the deployment of capital organically, I like the returns. When I think about returning it to the shareholder and the value we've created and the float that we've contracted, I like that. And when I look at the opportunities ahead potentially for acquisition, I'm optimistic about some opportunities that may present themselves.

因此，當我考慮有機地配置資本時，我喜歡回報。當我考慮將其返還給股東以及我們創造的價值和我們簽訂的流通量時，我喜歡這樣。當我審視未來潛在的收購機會時，我對可能出現的一些機會感到樂觀。

Great. Thanks so much.

偉大的。非常感謝。

(Operator Instructions) Tomer Zilberman, Bank of America.

（操作員指示）Tomer Zilberman，美國銀行。

Hey, guys. I wanted to touch on some questions that were asked earlier, but maybe ask them a little bit differently in the video security portfolio, specifically the product portion, you've been growing that roughly mid-single digits over the last few quarters. Are you comfortable with that growth going forward? Or do you expect that to reaccelerate to hit your overall 12% growth for that segment?

大家好。我想談談之前提出的一些問題，但也許在視訊安全產品組合中提出的問題有點不同，特別是產品部分，在過去幾個季度中，您的成長率大約是中個位數。您對未來的成長感到滿意嗎？或者您是否預期該細分市場會重新加速，以實現 12% 的整體成長？

Well, when I look back at the -- to your point, the previous few quarters, we're in the ZIP code of product video performance. So I like that consistency. The most important is really talking about market share. And we gained market share last year in video security and access control is a category. We expect to gain market share again this year.

好吧，當我回顧一下您的觀點時，前幾個季度，我們處於產品視訊效能的郵遞區號中。所以我喜歡這種一致性。最重要的是真正談論市場份額。去年我們在視訊安全和存取控制這一類別中獲得了市場份額。我們預計今年將再次獲得市場份額。

The fact that the growth rate is much higher in cloud as we signaled earlier, I think, is great. And the product video performance quarter-to-quarter, I think, is fine in the ZIP code and against the backdrop of the overall market growth. So I like where we are, and I like the continued execution.

我認為，正如我們之前所暗示的那樣，雲端運算的成長率要高得多，這一事實很棒。我認為，在郵遞區號地區以及整體市場成長的背景下，產品影片的季度業績表現良好。所以我喜歡我們現在的處境，也喜歡持續的執行。

Also, keep in mind, this is an end-to-end systems or solutions business and customers buy the entirety of the portfolio from us products, software, services, and some of the areas we've made investments are in software. So whether it's cloud, whether it's analytics, services and/or mobile video, those are some of the investments we've made. And so to see software growing faster than products is commensurate to that.

另外，請記住，這是一個端到端的系統或解決方案業務，客戶向我們購買整個產品組合、軟體、服務，而我們投資的一些領域是軟體。因此，無論是雲端、分析、服務和/還是行動視頻，這些都是我們所做的一些投資。因此，軟體的成長速度快於產品的成長速度與此相稱。

Got it. And maybe as a follow-up, moving to your implied 4Q guidance. So the implied EPS came in a few cents short of Street expectations. Just curious as to your thoughts on the margin set up as we go into the second half of the year, especially 4Q?

知道了。也許作為後續行動，轉向隱含的第四季指引。因此，隱含的每股盈餘比華爾街的預期低了幾美分。只是好奇您對進入下半年（尤其是第四季）時設定的利潤率有何看法？

So with the raise on the year and the higher volumes, offset by a few dilutive cents from the acquisitions we've made the raise is the performance of Q2 as well as the acquisitions, reflecting the 8% total growth.

因此，隨著今年的成長和銷售的增加，第二季的業績以及收購抵消了我們進行的收購帶來的稀釋性美分，反映了 8% 的總成長。

Yes. I mean we passed through the beat in Q2. And obviously, that informs the full year raise pretty nicely. But also there's -- M&A is slightly dilutive of a couple of cents as well, but we like the position we're in.

是的。我的意思是我們通過了第二季的節奏。顯然，這對全年的加薪很有幫助。但還有——併購也會稍微稀釋幾美分，但我們喜歡我們所處的位置。

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

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

Yes. I just want to say thank you for everybody listening on the call. Obviously, thank you for everybody joining the call. But also thanks for all the Motorola Solutions people and our channel partners and our distributors worldwide appreciate everything you've done for an exceptional quarter. And probably more important than the quarter is the momentum at that quarter -- this quarter informs for the back half of the year and how we'd like to finish the year strong.

是的。我只想對收聽電話會議的所有人表示感謝。顯然，感謝大家加入通話。但也要感謝所有摩托羅拉系統人員以及我們的通路合作夥伴和全球經銷商，感謝你們在這個非凡的季度中所做的一切。也許比本季度更重要的是該季度的勢頭——本季度為下半年提供信息，以及我們希望如何強勁地結束這一年。

I think I think our solving for safer narrative continues to resonate and gain traction. I think that's representative in the results. The customer prioritization for putting an emphasis and a priority on safety and security I think, is self-evident. And as I mentioned, the orders pipeline is up pretty significantly from a period ago. At this point last year, referenced about $1 billion.

我認為我們對更安全敘事的解決方案將繼續引起共鳴並獲得關注。我認為這在結果中具有代表性。我認為，客戶對安全和安保的重視和優先考慮是不言而喻的。正如我所提到的，訂單管道比前一段時間顯著增加。去年此時，參考價值約為 10 億美元。

So -- and finally, I think as I've been asked about capital allocation, I like the strength of our balance sheet. I like the fact that our operating cash flow is expected to grow double digits again for the second year in a row. And look, I think the performance of the business, the organic investment, the acquisitions and the firepower of the balance sheet. Look, I think it provides us good flexibility to continue to execute and drive shareholder value going forward. And I appreciate everybody on what you're doing and how you're helping onward and upward, and I appreciate everything you've done.

因此，最後，我認為當我被問及資本配置時，我喜歡我們資產負債表的實力。我喜歡這樣一個事實：我們的營運現金流預計將連續第二年再次成長兩位數。看，我認為是業務表現、有機投資、收購和資產負債表的火力。看，我認為這為我們提供了良好的靈活性，可以繼續執行並推動股東價值向前發展。我感謝大家所做的事情以及你們如何向前和向上提供幫助，我感謝你們所做的一切。

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

今天的電話會議到此結束。本次通話的重播將在三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。