摩托羅拉 (MSI) 2024 Q3 法說會逐字稿

Good afternoon, and thank you for holding. Welcome to the Motorola Solutions third-quarter 2024 earnings conference call. Today is being recorded. If you have any objections, please disconnect at this time. The presentation material and additional financial tables are posted on the Motorola Solutions Investor Relations website. In addition, a webcast replay of this call will be available on our website within three hours after the conclusion of this call. The website address is www.motorolasolutions.com/investor. (Operator Instructions)

下午好，感謝您的支持。歡迎參加摩托羅拉解決方案 2024 年第三季財報電話會議。今天正在記錄中。如果您有任何異議，請此時斷開連接。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，本次電話會議結束後三小時內將在我們的網站上提供本次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 2024 third-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.

午安.歡迎參加我們的 2024 年第三季財報電話會議。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。

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

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

Actual results could differ materially from these forward-looking statements. Information about factors that could cause such differences can be found in today's earnings news release and the comments made during this conference call in the Risk Factors section of our 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以及本次電話會議期間我們 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中發表的評論以及我們向SEC 提交的其他報告和文件。我們不承擔更新任何前瞻性陳述的責任。

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

有了這個，我會把它交給格雷格。

Thanks, Tim, and good afternoon, and thanks for joining us today. I'm going to share a few thoughts before Jason takes you through our results and outlook. First, Q3 was another outstanding quarter with record Q3 revenue and earnings per share that exceeded our guidance. Revenue was up 9% in the quarter, highlighted by 11% growth in products and SI and 7% growth in software and services, inclusive of the U.K. home office revenue reduction.

謝謝蒂姆，下午好，謝謝您今天加入我們。在傑森向您介紹我們的結果和展望之前，我將分享一些想法。首先，第三季度是另一個出色的季度，第三季度收入和每股收益創歷史新高，超出了我們的指導。本季營收成長 9%，其中產品和 SI 成長 11%，軟體和服務成長 7%（包括英國家庭辦公室收入減少）。

We also expanded operating margins year over year for the ninth consecutive quarter, increased earnings per share by 17% and generated record Q3 operating cash flow of over $750 million. Second, demand for our solutions remains robust as we achieved record Q3 orders in all three of our technologies. In LMR, we continue to see customers investing for the long-term with many choosing us to provide software upgrades and value-added services on their networks via multiyear agreements as well as upgrading their devices to our latest APX NEXT family of radios.

我們也連續第九個季度實現營業利潤年增，每股收益成長 17%，第三季營業現金流創歷史新高，超過 7.5 億美元。其次，對我們解決方案的需求仍然強勁，因為我們在所有三項技術上都實現了創紀錄的第三季訂單。在 LMR，我們繼續看到客戶進行長期投資，許多客戶選擇我們透過多年協議在其網路上提供軟體升級和增值服務，並將他們的設備升級到我們最新的 APX NEXT 系列無線電。

And in our video and command center technologies, the powerful integration of our software applications across our ecosystem is driving strong demand and contributing to record ending backlog and software and services. And finally, based on our Q3 results and the strong momentum we see across the business.

在我們的視訊和指揮中心技術中，我們的軟體應用程式在整個生態系統中的強大整合正在推動強勁的需求，並有助於結束創紀錄的積壓以及軟體和服務。最後，根據我們第三季的業績和我們在整個業務中看到的強勁勢頭。

We're again raising our estimates for revenue, earnings per share and cash flow for the full year.

我們再次上調全年收入、每股盈餘和現金流的預期。

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

然後，我會將電話轉給傑森。

Thank you, Greg. Revenue for the quarter grew 9% and was above our guidance with growth in both segments, both regions and all three technologies. Acquisitions added $36 million during the quarter, while FX headwinds were $4 million. GAAP operating earnings were $711 million or 25.5% of sales up from 25% in the year ago quarter.

謝謝你，格雷格。本季營收成長 9%，高於我們的預期，兩個細分市場、兩個地區和所有三項技術均實現成長。本季收購增加了 3,600 萬美元，而外匯不利因素增加了 400 萬美元。 GAAP 營業利潤為 7.11 億美元，佔銷售額的 25.5%，高於去年同期的 25%。

Non-GAAP operating earnings were $830 million, up 12% from the year ago quarter and non-GAAP operating margin was 29.7%, up 70 basis points, driven by higher sales, favorable mix and lower direct material costs, partially offset by the Airwave charge control, higher expenses related to investments in video and higher employee incentives.

非GAAP 營業利潤為8.3 億美元，較上年同期成長12%，非GAAP 營業利潤率為29.7%，成長70 個基點，這主要得益於銷售額增加、有利的產品組合和較低的直接材料成本（部分被Airwave 抵銷）收費控制、與影片投資相關的更高費用以及更高的員工激勵。

GAAP earnings per share was $3.29, up from $2.70 in the year ago quarter. Non-GAAP EPS was $3.74, up 17% from $3.19 last year. The growth in EPS was driven by higher sales, favorable mix and a lower effective tax rate. OpEx in Q3 was $617 million, up $66 million versus last year, primarily due to continued investments in video and higher employee incentives.

GAAP 每股收益為 3.29 美元，高於去年同期的 2.70 美元。非 GAAP 每股收益為 3.74 美元，比去年的 3.19 美元增加 17%。每股盈餘的成長是由更高的銷售額、有利的組合和更低的有效稅率所推動的。第三季的營運支出為 6.17 億美元，比去年增加 6,600 萬美元，這主要是由於對視訊的持續投資和更高的員工激勵措施。

Turning to our cash flow. Q3 operating cash flow was $759 million, up $45 million versus last year, and free cash flow was $702 million, up $53 million. The increase in year-over-year cash flow was primarily driven by higher earnings. For the full year, we are again raising our operating cash flow guide. We now expect full year operating cash flow of approximately $2.3 billion, up from our previous guide of $2.25 billion.

轉向我們的現金流。第三季營運現金流為 7.59 億美元，比去年增加 4,500 萬美元，自由現金流為 7.02 億美元，比去年增加 5,300 萬美元。現金流的年增主要是由於收益增加所致。對於全年，我們再次提高了營運現金流指南。我們目前預計全年營運現金流約為 23 億美元，高於我們先前預測的 22.5 億美元。

Capital allocation in Q3 included $164 million in cash dividends, $31 million in share repurchases and $57 million in CapEx. Additionally, we closed and funded two acquisitions that we announced on our previous earnings call for $223 million, settled $313 million of 4% senior notes that were due within the quarter, and subsequent to quarter end, we acquired 3TC, an international provider of command center software solutions for $22 million.

第三季的資本配置包括 1.64 億美元的現金股利、3,100 萬美元的股票回購和 5,700 萬美元的資本支出。此外，我們在先前的財報電話會議上宣布了兩項收購，並以2.23 億美元的價格完成並資助了兩項收購，結算了本季到期的3.13 億美元的4% 優先票據，在季度末之後，我們收購了國際指揮供應商3TC中心軟體解決方案價值 2,200 萬美元。

Moving to our segment results. In the products and SI segment, sales were up 11% versus last year, driven primarily by growth in LMR. Revenue from acquisitions in the quarter was $11 million, while FX headwinds were $1 million. Operating earnings were $522 million or 29.3% of sales, up from 26.1% in the prior year, driven by higher sales, favorable mix and lower direct material costs.

轉向我們的細分結果。在產品和 SI 領域，銷售額比去年增長了 11%，這主要是由 LMR 的成長所推動的。本季收購收入為 1,100 萬美元，而外匯不利因素為 100 萬美元。營業利潤為 5.22 億美元，佔銷售額的 29.3%，高於上一年的 26.1%，這得益於較高的銷售額、有利的產品組合和較低的直接材料成本。

Some notable Q3 wins and achievements in this segment include an $88 million P25 system and device order for a customer in North Africa, a $31 million P25 system for a US state local customer, a $31 million P25 system for a county in Wisconsin, a $25 million P25 system expansion order for Tennessee's statewide network, a $23 million P25 device order for a US federal customer and a $4 million fixed video order or a US federal customer.

該領域一些值得注意的第三季勝利和成就包括為北非客戶提供8,800 萬美元的P25 系統和設備訂單、為美國州本地客戶提供3,100 萬美元的P25 系統、為威斯康辛州的一個縣提供3,100 萬美元的P25 系統、為威斯康辛州的一個縣提供3100 萬美元的P25 系統、為威斯康辛州的一個縣提供3100 萬美元的P25 系統、為威斯康星州的一個縣提供3100 萬美元的P25 系統、為威斯康星州的一個縣提供3,100 萬美元的P25 系統、為威斯康辛州的一個縣提供3,100 萬美元的P25 系統、為威斯康辛州的一個縣提供3,100 萬美元的P25 系統、為北非客戶提供8,800 萬美元的P25 系統和設備訂單。

In software and services, revenue was up 7% compared to last year. And when excluding the U.K. home office revenue grew 13% with growth in all three technologies. Revenue from acquisitions was $25 million in the quarter and FX headwinds were $3 million. Operating earnings in this segment were $308 million or 30.6% of sales, down from 34% last year due to the impact of the Airwave charge control.

軟體和服務方面的收入比去年增長了 7%。如果不包括英國家庭辦公收入，隨著所有三項技術的成長，收入成長了 13%。本季收購收入為 2,500 萬美元，外匯不利因素為 300 萬美元。由於 Airwave 收費控制的影響，該部門的營業利潤為 3.08 億美元，佔銷售額的 30.6%，低於去年的 34%。

Some notable Q3 highlights in the segment of S&S include a $30 million command center order for the state of Utah, an $18 million mobile video order for Sao Paulo State Government in Brazil and a $24 million command center order for Maricopa County Sheriff's Office, which is a significant win, highlighting the demand for our new recurring license model.

S&S 領域第三季一些值得注意的亮點包括猶他州 3000 萬美元的指揮中心訂單、巴西聖保羅州政府 1800 萬美元的行動視訊訂單以及馬里科帕縣治安官辦公室 2400 萬美元的指揮中心訂單。一場重大勝利，凸顯了對我們新的經常性授權模式的需求。

The solution purchase included our CAD and Records platform as well as numerous cloud-connected capabilities, including the Rave suite. We also were awarded three large LMR contract renewals during the quarter, $191 million from the U.S. Navy, over $100 million for South Carolina statewide network and $84 million for the federal law enforcement agency. Less than $30 million of these $375 million of contracts is in our Q3 ending backlog with the remainder to be recorded ratably over the term of the contracts.

購買的解決方案包括我們的 CAD 和記錄平台以及眾多雲端連接功能，包括 Rave 套件。本季度我們還獲得了三項大型 LMR 續約合同，其中來自美國海軍的 1.91 億美元、針對南卡羅來納州全州網絡的超過 1 億美元以及針對聯邦執法機構的 8400 萬美元。在這 3.75 億美元的合約中，我們第三季末的積壓合約中只有不到 3,000 萬美元，其餘合約將在合約期限內按比例記錄。

Looking at regional results. Next, North America Q3 revenue was $2 billion, up 13% on growth in all three technologies. International Q3 revenue was $783 million, up 1% versus last year, driven by growth in all three technologies offset by the U.K. home office revenue reduction. Excluding the U.K.

看看區域結果。接下來，北美第三季營收為 20 億美元，由於所有三種技術的成長而成長 13%。第三季國際營收為 7.83 億美元，比去年成長 1%，這主要得益於所有三項技術的成長，但被英國家庭辦公室收入的減少所抵消。不包括英國

Home Office, our international revenue grew high single digits.

內政部，我們的國際收入成長了高個位數。

Moving to our backlog. Ending backlog for Q3 was $14.1 billion, down $178 million or 1% versus last year due to strong LMR shipments and revenue recognition for the U.K. Home Office, partially offset by multiyear software and service agreements and favorable FX. Sequentially, backlog was up $135 million or 1%, driven by strong growth in multiyear service and software contracts in North America and favorable FX, partially offset by strong LMR shipments and revenue recognition for the U.K. Home Office.

轉向我們的積壓工作。第三季末的積壓訂單為141 億美元，比去年減少1.78 億美元，即1%，原因是LMR 出貨量強勁以及英國內政部的收入確認，但多年軟體和服務協議以及有利的外匯匯率部分抵消了這一影響。隨後，由於北美多年服務和軟體合約的強勁增長以及有利的匯率，積壓訂單增加了 1.35 億美元，即 1%，但部分被強勁的 LMR 出貨量和英國內政部的收入確認所抵消。

In the products and SI segment backlog decreased $712 million versus last year and $151 million sequentially, driven by strong LMR shipments. In software and services backlog increased $534 million compared to last year and $286 million sequentially, driven by strong demand for multiyear software and services contracts, favorable FX partially offset by revenue recognition for the U.K. Home Office.

在 LMR 出貨量強勁的推動下，產品和 SI 領域的積壓訂單與去年相比減少了 7.12 億美元，比上一季減少了 1.51 億美元。由於對多年軟體和服務合約的強勁需求，軟體和服務積壓訂單與去年相比增加了 5.34 億美元，比上一季增加了 2.86 億美元，有利的匯率被英國內政部的收入確認部分抵消。

Turning next to our outlook. For the full year, we now expect revenue growth of 8.25%, up from our prior guidance of approximately 8% and we expect non-GAAP earnings per share between $13.63 and $13.68 per share, up from our prior guidance of $13.22 per share to $13.30 per share. This full year outlook assumes a weighted average diluted share count of approximately 171 million shares and an effective tax rate of approximately 22.5%. Additionally, we now expect full year OpEx of approximately $2.4 billion, driven by higher employee incentives aligned to our performance increased legal spend inclusive of the CMA appeal process and acquisitions.

接下來轉向我們的展望。對於全年，我們目前預計收入增長8.25%，高於我們之前約8% 的指導，我們預計非GAAP 每股收益將在13.63 美元至13.68 美元之間，高於我們之前指導的每股13.22 美元至13.30美元每股。本全年展望假設加權平均稀釋後股份數約 1.71 億股，有效稅率約 22.5%。此外，我們現在預計全年營運支出約為 24 億美元，這得益於與我們的業績一致的更高的員工激勵措施以及增加的法律支出（包括 CMA 上訴流程和收購）。

And finally, before turning the call back to Greg, I would like to share a couple of insights on our segments. The strong demand we're seeing for our technologies and our performance is reflected in both of our segments. In products and SI, the improved supply chain environment has helped us expand margins while normalizing supplier lead times have enabled us to improve our customer delivery times. And in S&S, we've grown double digits year-to-date, excluding the impact of the U.K. Home Office, which began in August of last year.

最後，在將電話轉回給格雷格之前，我想分享一些關於我們細分市場的見解。我們看到對我們的技術和性能的強烈需求反映在我們的兩個細分市場中。在產品和 SI 方面，改善的供應鏈環境幫助我們擴大了利潤，同時規範供應商交貨時間使我們能夠縮短客戶交貨時間。在 S&S 方面，我們今年迄今已實現兩位數成長，不包括去年 8 月開始的英國內政部的影響。

In LMR, our customers continue to choose us as a trusted partner to invest in their networks through long-term multiyear agreements. And in Video and Command Center, cloud solutions continue to grow at a faster pace than on-prem and the investments we've made in the portfolio position us well for this to continue. Finally, our strong cash generation liquidity profile, together with a net debt to EBITDA ratio of 1.4 gives us significant flexibility in our capital allocation strategy.

在 LMR，我們的客戶繼續選擇我們作為值得信賴的合作夥伴，透過長期多年協議投資他們的網路。在視訊和指揮中心，雲端解決方案繼續以比本地部署更快的速度成長，我們在產品組合中所做的投資使我們能夠繼續保持這一趨勢。最後，我們強大的現金產生流動性狀況以及 1.4 的淨債務與 EBITDA 比率為我們的資本配置策略提供了極大的靈活性。

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. Let me end with a few thoughts. First, I'm really pleased with how we continue to execute. During the quarter, we generated strong revenue growth in both segments, expanded operating margins by 70 basis points, grew EPS by 17%, generated over $750 million of operating cash flow, and we achieved record Q3 orders in all three technologies. Second, as customers continue to invest in leading-edge technologies our solutions, integrating voice, video and data across public safety and enterprise workflows are becoming increasingly more important to them.

謝謝，傑森。讓我以一些想法作為來結束。首先，我對我們繼續執行的方式感到非常滿意。本季度，我們在這兩個領域都實現了強勁的收入增長，營業利潤率擴大了70 個基點，每股收益增長了17%，產生了超過7.5 億美元的營業現金流，並且我們在所有三種技術上都實現了創紀錄的第三季訂單。其次，隨著客戶繼續投資領先技術，我們的解決方案在公共安全和企業工作流程中整合語音、視訊和數據對他們來說變得越來越重要。

Adoption of our command center and video applications that leverage cloud and AI continues to accelerate, which in turn is driving higher recurring revenue in those respective technologies. And in LMR, we're also seeing strong adoption for the broadband-enabled applications on our APX NEXT family of radios.

我們利用雲端和人工智慧的指揮中心和視訊應用程式的採用不斷加速，這反過來又推動了這些各自技術的更高的經常性收入。在 LMR 中，我們還看到我們的 APX NEXT 系列無線電中支援寬頻的應用程式得到了廣泛採用。

Many of these new applications were on display last month at the annual IACP Conference in Boston and the customer feedback from the event has been overwhelmingly positive. And finally, as we look to close out another record year, I feel really good about the business and our opportunities for continued growth. The prioritization of safety and security remains robust. We're continuing to add value for our customers through new offerings. Our end markets remain resilient, and our strong balance sheet with the lowest net debt-to-EBITDA ratio in almost a decade positions us well for organic and inorganic investments to drive long-term shareholder value.

其中許多新應用程式已於上個月在波士頓舉行的年度 IACP 會議上展出，此次活動的客戶回饋非常積極。最後，當我們希望結束又一個創紀錄的一年時，我對我們的業務和我們持續成長的機會感到非常滿意。安全和安保的優先事項仍然堅定。我們將繼續透過新產品為客戶增加價值。我們的終端市場保持彈性，我們強大的資產負債表和近十年來最低的淨債務與 EBITDA 比率使我們能夠進行有機和無機投資，以推動長期股東價值。

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

我現在將把電話轉回給蒂姆。

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, could you please remind callers on the line how to ask a question.

格雷格，在我們開始提問之前，我想提醒來電者將自己限制在一個問題和一個後續行動上，以容納盡可能多的參與者。接線員，請您提醒一下線路上的來電者如何提問。

(Operator Instructions) Ben Bollin, Cleveland Research.

（操作員說明）Ben Bollin，克利夫蘭研究中心。

Greg, if I recall, I think in prior years, at the end of 3Q, you've given some thoughts into subsequent to forward year. You shared some thoughts, big picture on funding and growth overall. Curious if you have any more granularity about how you're thinking about '25 as we're going into it and any individual perspectives within LMR surveillance command center within that? And then I just have a follow-up.

格雷格，如果我記得的話，我認為在前幾年，在第三季末，您已經對接下來的一年提出了一些想法。您分享了一些關於融資和整體成長的想法、大局。想知道您是否對我們正在討論的“25”以及 LMR 監視指揮中心內的任何個人觀點有更詳細的了解？然後我有一個後續行動。

Yes, Ben, thanks for the question. You're right. I think, look, as we sit here in November, I think the color I would give you looking forward to next year is revenue growth of, I'd say, 5% to 6% as we sit here today. That's a prudent view. But that's our current thinking.

是的，本，謝謝你的提問。你說得對。我想，看，當我們 11 月坐在這裡時，我想我會給你們展望明年的顏色是收入增長，我想說，當我們今天坐在這裡時，收入增長 5% 到 6%。這是一個謹慎的觀點。但這是我們目前的想法。

I think that as it relates to this year, supply chain lead times normalized faster, which is a good thing, which drove a strong 2024. Demand remains strong. As I mentioned just now in comments with both Jason and I, I'm particularly pleased, really pleased that we had record Q3 orders in all three technologies.

我認為，與今年相關，供應鏈交貨時間更快正常化，這是一件好事，推動了 2024 年的強勁增長。正如我剛才在與傑森和我的評論中提到的，我特別高興，真的很高興我們在所有三種技術中都創下了第三季的訂單記錄。

And as we think about kind of exiting this year into next year, we now expect total backlog to be up versus a quarter ago when we said comparable to slightly up. And while we won't dimensionalize the individual technologies and we'll give you more color in February, I would expect -- obviously, we expect revenue growth in both S&S and products.

當我們考慮從今年到明年退出時，我們現在預計總積壓量將比季度前增加，當時我們所說的「略有上升」。雖然我們不會對個別技術進行維度化，並且我們會在 2 月份為您提供更多信息，但我預計 - 顯然，我們預計 S&S 和產品的收入都會增長。

High level, I see software and services growing about two times products and SI for 2025. But I like the overall backlog position, which we now expect to be up, love the record orders position exiting Q3. And if anything, I feel better today than I was a quarter ago, obviously, both about the full-year '24 and the momentum heading into next year and we'll give you the details in February.

高水準上，我預計到 2025 年，軟體和服務的成長將是產品和 SI 的兩倍。如果有什麼不同的話，那就是我今天的感覺比一個季度前要好，顯然，無論是對 24 年全年還是明年的勢頭，我們將在 2 月份向您提供詳細信息。

And Greg, I'd add that we expect operating margin expansion as well within S&S. Next year in '25, we'll have the financial comparability of this year having had the Airwave price control relative to next year. So the S&S segment will have a clean comp. And we'll continue to do what it's done, which is grow and grow operating leverage.

Greg，我想補充一點，我們預期 S&S 內部的營業利潤率也會擴大。明年 25 年，我們將獲得今年與明年的 Airwave 價格控制後的財務可比性。因此，S&S 部門將有一個乾淨的競爭。我們將繼續做已經做過的事情，即不斷提高營運槓桿。

And then secondly, even within products, while this year in '24, we had a $70 million benefit for lower semiconductor or PPV relief, we'll have about $20 million and the tail end of it into next year, which should also help operating margins as well.

其次，即使在產品內部，雖然今年24 年，我們因半導體或PPV 減免而獲得了7000 萬美元的收益，但我們將獲得約2000 萬美元，並將其尾部留到明年，這也應該有助於營運邊距也是如此。

That's right. So Ben, high level, 5% to 6% next year sitting here in November, software and service is growing about two times product. And as Jason just appropriately added, we expect continued operating margin expansion and expected cash flow growth with a much smaller PPV contribution in '25. Thanks for the question.

這是正確的。 Ben，高層，明年 11 月坐在這裡，軟體和服務將成長 5% 到 6%，大約是產品的兩倍。正如 Jason 剛剛適當補充的那樣，我們預計 25 年營業利潤率將繼續擴大，現金流量將成長，而 PPV 貢獻將小得多。謝謝你的提問。

That's great. One follow-up for me would be, where are your thoughts, where we stand today on mix of recurring revenue and how you feel about that going forward? That's it for me.

那太棒了。我的一個後續問題是，您的想法是什麼，我們今天在經常性收入方面的情況如何，以及您對未來的看法如何？對我來說就是這樣。

Yes. As you know, we talk about software and services as kind of a proxy for recurring revenue. That's kind of why I mentioned our thinking about 2025 with the U.K. Home Office financially from a comp standpoint, pretty much being normalized through the comparable previous periods. We now expect S&S to grow about two times product.

是的。如您所知，我們將軟體和服務視為經常性收入的代理。這就是為什麼我從比較的角度提到我們與英國內政部在財務上考慮 2025 年的原因，透過先前的可比較時期，我們幾乎已經實現了正常化。我們現在預計 S&S 產品將成長約兩倍。

We also see continued adoption on cloud, particularly around video. And we also see more cloud adoption on command center. We think both those trends are favorable. So recurring revenue is healthy and then reoccurring revenue around device refresh and multiyear services as strong as well.

我們也看到雲端技術的持續採用，特別是在視訊方面。我們也看到指揮中心更多地採用雲。我們認為這兩種趨勢都是有利的。因此，經常性收入是健康的，並且圍繞設備更新和多年服務的經常性收入也很強勁。

And the backlog that supports the recurring nature of that business within S&S is at record levels and continues to grow.

支持 S&S 內該業務經常性性質的積壓訂單達到了創紀錄的水平，並且還在繼續增長。

Exactly.

確切地。

Adam Tindle, Raymond James.

亞當·廷德爾，雷蒙德·詹姆斯。

Okay. I just wanted to ask now that we're post election, I think there's been some confusion from investors on rhetoric regarding potentially reducing public sector spending and the potential impact to MSI. I'm just recalling the last Trump regime was actually fairly helpful to state and local and your core customer base. But it might be a good opportunity to clear the air here. I'm sure you reviewed potential impacts from a variety of outcomes just expected results and impact on your business from the election, understanding it will be a dynamic situation. And I have a follow-up.

好的。我只是想問，現在我們已經大選結束了，我認為投資者對於可能減少公共部門支出以及對 MSI 的潛在影響的言論感到困惑。我只是回想起上屆川普政權實際上對州和地方以及您的核心客戶群相當有幫助。但這可能是澄清誤會的好機會。我確信您已經審查了各種結果的潛在影響（只是預期結果）以及選舉對您的業務的影響，並了解這將是一個動態的情況。我有一個後續行動。

Yes. First, I think that state and local budgets remain very healthy and strong as Jack could opine on if he wants to jump in. As I talked about, the end user markets are strong, 70% North America is our revenue composition, 75% public safety government. So we are optimistic in terms of that perspective. From a Trump administration, I think it's positive that thematically, he has been consistent in prioritizing public safety and looking to mitigate crime in large cities and also stem the tide of an open border on immigration, which would require probably head count and technology deployment to help on both those fronts.

是的。首先，我認為州和地方預算仍然非常健康和強勁，如果傑克想加入的話，他可以發表意見。收入佔75%。因此，我們對這個觀點持樂觀態度。從川普政府的角度來看，我認為積極的主題是，他始終如一地優先考慮公共安全，尋求減少大城市的犯罪，並阻止移民開放邊境的浪潮，這可能需要人數和技術部署在這兩個方面提供幫助。

The administrations referred to tariffs, high level. I remind you that we're pretty unique as it relates to China specifically. We have de minimis revenue exposure to China less than 1% and minimal exposure to them from an end market perspective.

主管部門提到了高水準的關稅。我提醒您，我們非常獨特，因為它與中國特別相關。我們對中國的最低收入敞口不到 1%，從終端市場的角度來看，我們對中國的曝險也很小。

And with the Trump administration, we like the fact that there looks like there's certainty now of continuity of corporate tax rate continuity and continuation, which allows a predictable environment, which is always good, I think, from a capital allocation standpoint. And the last thing I'd say is, thematically, I think it will be a more favorable M&A environment versus the current administration. So all ingredients into the mix with this administration, coupled with the continuity of robust state and local budgets, I think it's positive.

對於川普政府來說，我們喜歡這樣一個事實：企業稅率的連續性和持續性現在看起來具有確定性，這使得可預測的環境成為可能，我認為從資本配置的角度來看，這總是好的。我要說的最後一件事是，從主題上講，我認為這將是一個比現任政府更有利的併購環境。因此，本屆政府的所有要素，再加上州和地方預算強勁的連續性，我認為這是正面的。

The only thing I'd add just on that, Adam, is, as you know, state local but have essentially been funded and it's been a tailwind in terms of inflation. Income tax has been benefited. And we've seen the income tax coffers drive up property taxes have gone up, and that's been beneficial to state and local government. And then sales tax. Revenues are up, which means budgets are up. So the revenues are a good order, as Greg articulated, the prioritization on our spending is in good order. And I think as we said, the last administration, we had good years between 2016 and 2020 as well.

亞當，我唯一要補充的是，正如你所知，這是州地方的，但基本上已經得到了資助，就通貨膨脹而言，這是一個順風車。所得稅已受益。我們看到所得稅金庫推高了財產稅，這對州和地方政府有利。然後是銷售稅。收入增加，意味著預算增加。因此，正如格雷格所闡述的那樣，收入秩序良好，我們支出的優先順序也秩序良好。我認為正如我們所說，上屆政府在 2016 年至 2020 年之間也度過了美好的時光。

Joseph Cardoso, JPMorgan.

約瑟夫‧卡多佐，摩根大通。

Just apologies, I've been jumping on a couple of calls this evening. But maybe just one question for me, and maybe you already had this asked, but curious if you could flesh out any color if it was already asked. Can you just provide an update on where you're expecting the backlog to exit this year from last quarter, I think you said to slightly up?

抱歉，今晚我接了幾通電話。但也許這對我來說只是一個問題，也許你已經被問過這個問題，但很好奇你是否可以充實任何顏色（如果已經被問到）。您能否提供最新信息，說明您預計今年積壓訂單將在上季度結束後的情況，我想您說過會略有增加？

And maybe more specifically, curious if you could flush out any color on contribution from product and services and maybe more specifically on the product side, how you're thinking about the drivers from a portfolio perspective there, just given the easing of the supply chain you're seeing and the drawdown in the backlog you're seeing today?

也許更具體地說，好奇您是否可以消除產品和服務貢獻的任何顏色，也許更具體地說在產品方面，考慮到供應鏈的寬鬆，您如何從投資組合的角度思考驅動因素您今天看到的積壓訂單減少了嗎？

Thanks for the question. So yes, on the last call, we indicated that by year's end this year, we would have expected total backlog to be comparable to slightly up. As we update you on this call with the strong Q3 orders we had with records in all three technologies, we now expect that the total backlog for the company ending this year will be up. and it will be up from last year's record levels. So the indicators around backlog continue to be strong, supported by the sales funnel and the work that the team is doing in a strong demand environment.

謝謝你的提問。所以，是的，在上次電話會議上，我們表示，到今年年底，我們預計總積壓量將略有上升。當我們在這次電話會議上向您通報我們在所有三種技術上都有記錄的強勁第三季訂單時，我們現在預計公司今年年底的總積壓訂單將會增加。並將高於去年的創紀錄水準。因此，在銷售管道和團隊在強勁需求環境中所做的工作的支持下，圍繞積壓的指標繼續強勁。

In terms of its composition, it's largely consistent with what it's been. And backlog is an important part of how we plan for any one given year. I mentioned earlier, S&S is at record levels and continues to grow. And product backlog remains healthy at over $4 billion as well. So we're on track to end the year up from last year.

就其構成而言，它與過去的情況基本一致。積壓工作是我們為任何一年制定計劃的重要組成部分。我之前提到過，S&S 處於創紀錄的水平，並且還在繼續增長。產品積壓也維持在超過 40 億美元的健康水準。因此，我們有望比去年結束今年。

Tim Long, Barclays.

提姆朗，巴克萊銀行。

This is Alyssa Shreves on for Tim Long. I had just two quick questions. Gross margins were, I think, a record for this quarter. How should we kind of think about gross margins now moving forward, kind of giving supply chain normalization, you have the APX NEXT product cycle is there kind of anything we should be aware of in terms of Q4 and kind of moving into next year? And then I have a follow-up.

我是艾莉莎·什里夫斯 (Alyssa Shreves) 為蒂姆·朗 (Tim Long) 配音。我只有兩個簡單的問題。我認為本季的毛利率創歷史新高。我們應該如何考慮現在的毛利率，供應鏈正常化，APX NEXT 產品週期，在第四季度和進入明年方面，我們應該注意什麼？然後我有一個後續行動。

Alyssa, I would point to the fact that the PPV $70 million of relief is largely behind us. in Q3 ending. And next year, I mentioned on the color that it's pretty small. It's around $20 million. The margin profile but for those items continues to be positive in terms of a mix variable.

Alyssa，我想指出這樣一個事實：PPV 7000 萬美元的救濟金基本上已經過去。在第三季結束時。明年，我在顏色上提到它很小。大約是2000萬美元。但就混合變數而言，這些項目的利潤狀況仍然是正面的。

And with the advent of some of our newer APX NEXT devices, and we're early, early stage on the conversion to those, we would expect continued opportunities for favorable mix. And then complemented by the backlog, OpEx update that we gave, thinking about operating margins continuing to grow. We will have a bit higher OpEx this year. The biggest driver of that is our incentive structure is aligned to our now higher performance.

隨著我們一些較新的 APX NEXT 設備的出現，而且我們正處於向這些設備轉換的早期階段，我們預計將繼續有機會實現有利的組合。然後，我們提供了積壓訂單和營運支出更新，考慮到營運利潤率繼續增長。今年我們的營運支出將會更高一些。最大的推動力是我們的激勵結構與我們現在更高的績效一致。

That's helpful. And then just a quick follow-up. You noticed some nice federal wins in products and SI this quarter. Can you kind of dimensionalize how large is the federal business now?

這很有幫助。然後進行快速跟進。您注意到本季度聯邦在產品和 SI 方面取得了一些不錯的勝利。您能估算一下聯邦業務現在有多大嗎？

Last year, it was around $900 million. It's growing this year. And I'll remind everybody that the $900 million is distributed across two components: DoD and then, of course, DHS law enforcement, civil and the likes. But Jack, if you want to talk, you had a strong close to the federal business in Q3, that's in part what drove our Q3 overperformance.

去年，這一數字約為 9 億美元。今年還在成長。我要提醒大家，這 9 億美元分配給兩個部門：國防部，當然還有國土安全部執法部門、民事部門等。但是傑克，如果你想談談，你在第三季度與聯邦業務有很強的密切關係，這在一定程度上推動了我們第三季的超常表現。

Yes, we did. I think a strong close highlighted by a couple of the services orders but also a strong device refresh. We continue to get uptake from APX to APX NEXT customers. The other thing we're really excited about is we begin shipping the B Series, which gives us another refresh cycle from an infrastructure standpoint as well.

是的，我們做到了。我認為，幾項服務訂單以及強勁的設備更新凸顯了強勁的收盤。我們不斷吸引 APX 客戶到 APX NEXT 客戶。另一件讓我們真正興奮的事情是我們開始推出 B 系列，從基礎設施的角度來看，這也為我們提供了另一個更新周期。

So opportunities there, as well as the US federal government has been a growth engine for us from a video security standpoint. Very good quarter. The last thing I'd leave you with is that the way the schedule is aligned as we got off to a good start to Q4 with the federal government in terms of new orders as well.

因此，從視訊安全的角度來看，那裡的機會以及美國聯邦政府一直是我們的成長引擎。非常好的季度。我要留給大家的最後一件事是時間表的調整方式，因為我們在新訂單方面也與聯邦政府在第四季有了良好的開端。

Yes. The other nice thing, Alyssa is, I think Joe Balchune, who works for Alloy has done a great job. As Jason mentioned, we expect it to be over $900 million in revenue this year. The other nice thing, and I'll call it out to what we just talked about earlier, there's two orders comprised in federal for the U.S. Navy and US law enforcement that are about $275 million, of which less than $20 million to $30 million are even recorded in backlog based on the way we record backlog and kind of amortize it over a period of time that's reflected more of the way the projects are funded.

是的。另一件好事是，Alyssa，我認為為 Alloy 工作的 Joe Balchune 做得很好。正如 Jason 所提到的，我們預計今年的收入將超過 9 億美元。另一件好事，我要指出的是我們剛才談到的，美國海軍和美國執法部門有兩項聯邦訂單，價值約 2.75 億美元，其中不到 2000 萬至 3000 萬美元甚至根據我們記錄積壓的方式記錄在積壓中，並在一段時間內攤銷它，這更多地反映了項目的資助方式。

So in addition to the strength in federal over $900 million, the strong close, the strong order activity. I think it's even better in that some of these recent large orders, 90% of them are not reflected in backlog given the way we record it.

因此，除了聯邦資金超過 9 億美元的強勁表現之外，收盤強勁，訂單活動也強勁。我認為更好的是，考慮到我們記錄的方式，最近的一些大訂單中，90% 都沒有反映在積壓訂單中。

George Notter, Jefferies.

喬治諾特，傑弗里斯。

Guys, this is Brendan on for George. I wanted some color around the video business for next year. I think you guys had cited the $40 million headwind for 2024. Any idea if that's going to grow for next year as customers continue to shift to the cloud?

夥計們，這是喬治的布倫丹。我希望明年的視訊業務能有一些色彩。我想你們已經提到了 2024 年將面臨 4000 萬美元的逆風。

I think it's too early to tell. I think we'll give you that color in February. We're focused -- the video business has done really well. We're pleased with the width and breadth of our portfolio, both fixed and mobile, prem, on-prem and cloud. We did talk about the $40 million headwind, which actually, I think, is favorable because it dimensionalizes customers' acceleration toward cloud and capitalizing on what we have there.

我認為現在說還為時過早。我想我們會在二月給你那種顏色。我們很專注——視訊業務做得非常好。我們對我們的產品組合（固定和移動、本地、本地和雲端）的廣度和廣度感到滿意。我們確實談到了 4000 萬美元的逆風，我認為這實際上是有利的，因為它維度化了客戶對雲端的加速並利用我們現有的資源。

But that's really all the detail we'd give you at this point in terms of 2025. Having said that, we're on track and expect to meet the full year guidance we gave on video for this year for '24, which is another good thing.

但這確實是我們目前要向您提供的關於 2025 年的所有細節。

Awesome. And then just one more for me. Last quarter, you guys talked about 25% of shipments coming from APX NEXT next. Is that still the right way to think about it? Or is this continued mix shift? Is there any upside there from the last couple of quarters of strength?

驚人的。然後再給我一個。上個季度，你們談到 25% 的出貨量來自 APX NEXT 接下來。這仍然是正確的思考方式嗎？或者這是一個持續的混合轉變？過去幾季的強勢有什麼好處嗎？

You're right. Last quarter, we did talk about how our devices business was about 25% of it was coming a little less from APX NEXT that's largely still the case in Q3. And as we look forward, with only 25% of the devices we're shipping today of that variety, there's a long opportunity ahead of us for continuing to deliver those devices to customers.

你說得對。上個季度，我們確實談到了我們的設備業務中約 25% 的業務來自 APX NEXT，但第三季度的情況基本上仍然如此。展望未來，我們今天出貨的設備中只有 25% 屬於此類設備，因此我們還有很長的機會繼續向客戶提供這些設備。

Yes. And I think that's just -- Jason hit it. I think that just speaks to this is a multiyear horizon of an opportunity for us. That's really with the 25%. You'll continue to see opportunities. We just reviewed it with the team as we look through '25, '26. We'll start to see a continued shift in momentum to APX NEXT. Yes, internationally, we launched the MXP660. Think of that as the TETRA APX NEXT, if you will and we'll start to see a pickup in that. We're already seeing orders, but we'll see a pickup in that in 2025.

是的。我認為這只是——傑森擊中了它。我認為這說明這對我們來說是一個多年的機會。這確實是 25% 的人。您將繼續看到機會。我們剛剛與團隊一起回顧了 25、26 年的情況。我們將開始看到 APX NEXT 的勢頭持續轉變。是的，我們在國際上推出了 MXP660。如果你願意的話，可以將其視為 TETRA APX NEXT，我們將開始看到它的崛起。我們已經看到了訂單，但到 2025 年我們會看到訂單量增加。

Amit Daryanani, Evercore.

阿米特·達裡亞納尼（Amit Daryanani），Evercore。

I have two as well. I guess, first off on the video product line item, I think your product revenues in video were down like 3% year over year. Can you just talk about what drove the decline? Because one of your peers, I think, reported recently in that number was recorded up double digits in that segment. So I'm just trying to reconcile the difference. Is it mostly just regions or markets? Or maybe just talk about what drove the decline in the video side.

我也有兩個。我想，首先在視訊產品線專案上，我認為你們的視訊產品收入比去年同期下降了 3% 左右。能談談是什麼導致了下降嗎？我認為，因為您的一位同行最近報告的數字在該細分市場中達到了兩位數。所以我只是想調和差異。主要是地區還是市場？或者只是談談是什麼導致了視頻方面的下滑。

Yes. So I think the question was specific to video products. I want to first of all, highlight the fact that our expectations for the full year for the video security remain unchanged, part of the dynamic here is higher software attachment rate. And think about that our H6A, which is our AI-related camera, the ACC8, we're seeing more software attachment as well as with telco, the Elevate the cloud analytics platform there.

是的。所以我認為這個問題是針對視訊產品的。我想首先強調一個事實，即我們對全年視訊安全的期望保持不變，其中部分動態是更高的軟體附著率。想想我們的 H6A，也就是我們的 AI 相關相機 ACC8，我們看到更多的軟體配件以及電信公司的雲端分析平台。

This is, I think, just a little bit of a trend that we're seeing reflective of the momentum to the cloud. The last thing I'd highlight is, within video security, there's also a mobile security reported in our numbers. And last year, we had a 24% growth in terms of mobile video products, which presented from a product standpoint, a little bit of a lumpy comp that we're measured against.

我認為，這只是我們所看到的一點點趨勢，反映了雲端運算的發展動能。我要強調的最後一件事是，在視訊安全領域，我們的數據中也報告了行動安全。去年，我們的行動視訊產品成長了 24%，從產品的角度來看，我們的衡量標準有點不穩定。

Yes. So Amit, I think Jack's right, higher software content, the 24% component previous base comp. And then as we said, aggressive adoption of cloud, I think Mahesh, we view favorably.

是的。所以阿米特，我認為傑克是對的，更高的軟體含量，24％的組件以前的基礎補償。然後，正如我們所說，我們對積極採用雲端技術持積極態度。

That's right. And on the mobile video aspect that Jack highlighted, 60% of our customers today are as a service. And that's a big part of this as well.

這是正確的。在 Jack 強調的行動影片方面，我們今天 60% 的客戶都是作為一種服務。這也是其中很重要的一部分。

Perfect. That's really helpful. And then Greg, when you were talking about just things post election, you sort of talked about a more favorable M&A environment, I think, in your answer. I'd love to understand as you think about '25 and maybe even beyond that. This capital allocation do you change fundamentally under a different administration versus what you've had before.

完美的。這真的很有幫助。然後格雷格，當你談論選舉後的事情時，我認為你在回答中談到了更有利的併購環境。我很想了解你對 25 歲甚至更久之後的想法。與以前相比，在不同的政府領導下，這種資本分配會發生根本性的變化嗎？

And how do you sort of think about M&A going forward versus what you've done in the past? I'm really wondering like are there larger deals that you are perhaps hesitant to do because you thought you're going to get them through the finish line that you might be more open to do now? Let me just understand how this cap allocation, M&A appetite change under a different administration.

與過去所做的相比，您如何看待未來的併購？我真的很想知道是否有一些更大的交易你可能會猶豫是否要做，因為你認為你會讓它們通過終點線，而你現在可能更願意做？讓我來了解在不同的政府領導下，上限分配、併購偏好如何改變。

It's a good question. I was describing more the M&A environment from a macro standpoint. I don't think it changes per se for us, even though we've only done a couple of deals, I will tell you, we and I have been as engaged on M&A this year as ever before. The funnel is robust. The opportunities are numerable.

這是一個好問題。我更多的是從宏觀角度描述併購環境。我認為這對我們來說本身並沒有改變，儘管我們只完成了幾筆交易，但我會告訴你，我們和我今年一如既往地致力於併購。漏斗很堅固。機會是無數的。

And as you know, the capital allocation framework, 55%, 25%, 15%, 55% of operating cash flow is always available in a normalized way to either do share repo or inorganic acquisition. We've been in a number of conversations, and I think the environment is healthy. My commentary around the Trump administration was more around the leadership in the FTC and the overall climate, I don't think it changes much for us this year versus next year in the sense that I think the M&A environment is attractive.

如您所知，資本配置框架，55%、25%、15%、55% 的營運現金流量始終以標準化方式用於股票回購或無機收購。我們進行了多次對話，我認為環境是健康的。我對川普政府的評論更多是圍繞聯邦貿易委員會的領導力和整體氣候，我認為今年與明年相比對我們來說沒有太大變化，因為我認為併購環境很有吸引力。

The reasons we haven't gotten some things done I think, are -- because we want to not just do the right thing, but do it the right way, make sure we are getting something that can generate long-term value has cultural compatibility. We can deliver on the synergies. We minimize technical debt. We can integrate it into the architecture. It's flexible around cloud adoption.

我認為我們沒有完成一些事情的原因是——因為我們不僅想做正確的事情，而且想以正確的方式做，確保我們得到的東西能夠產生長期價值並具有文化兼容性。我們可以發揮協同效應。我們最大限度地減少技術債。我們可以將其整合到架構中。它在雲端採用方面非常靈活。

We can retain talent, we can add talent. But we've invested over $6 billion of inorganic acquisition over the last nine years. And as I mentioned, I think the opportunities are significant, and I'm optimistic about that. And coupled with what Jason mentioned, right, our balance sheet also is in as good a shape as it's been in a long time. with net debt to EBITDA and the ratio being as good as it's been in about 10 years. So I think the dry powder, the opportunities, the engagements are very good. I think the environment is good for us today, and I think it will be as good, maybe incrementally more favorable tomorrow.

我們可以留住人才，我們可以增加人才。但在過去 9 年裡，我們已經投資了超過 60 億美元的無機收購。正如我所提到的，我認為機會是巨大的，我對此感到樂觀。再加上傑森提到的，對吧，我們的資產負債表也處於很長一段時間以來的良好狀態。淨債務與 EBITDA 比率達到近 10 年來的最高水準。所以我認為乾粉、機會和參與都非常好。我認為今天的環境對我們有利，明天也會一樣好，甚至可能逐漸變得更有利。

Rodney McFall, Northcoast Research.

羅德尼·麥克福爾，北海岸研究中心。

Just a quick one on the recent acquisition of 3TC. I don't believe this is your first UK control room software acquisition. So just curious, what does this provide for you? And how does this work with your prior acquisitions?

簡單介紹一下最近收購 3TC 的情況。我不認為這是您第一次收購英國控制室軟體。所以只是好奇，這能為您提供什麼？這與您先前的收購有何關係？

Rodney, the control room solutions that we sell in the US are growing for us. is part of that. There are two components to it, one called integrated call control systems, and the other part is CAD and CAD is what 3TC provides. And we have actually been selling 3TC as an integrated part of our control room solutions for a while. And this acquisition just enables us to bring that in-house, improve our margins and also give us the right platform for growth going forward.

羅德尼，我們在美國銷售的控制室解決方案正在為我們成長。是其中的一部分。它有兩個元件，一個稱為整合呼叫控制系統，另一部分是 CAD，而 CAD 是 3TC 提供的。實際上，我們將 3TC 作為控制室解決方案的一部分進行銷售已有一段時間了。此次收購使我們能夠將其引入內部，提高我們的利潤率，並為我們未來的成長提供合適的平台。

Got it. I guess just a quick follow-up. Just curious on command center adoption in the US. What's the penetration rate there? And what is the barrier to growing that business faster? And maybe just some color on how that business is going internationally.

知道了。我想只是快速跟進。只是對美國指揮中心的採用感到好奇。那裡的滲透率是多少？阻礙該業務更快發展的障礙是什麼？也許只是關於該業務如何走向國際的一些色彩。

We are now number one both in CAD and Records in North America. Cloud is starting to catch on. Maricopa County Sheriff's office deal that Jason mentioned is, I think, a key part of what we're seeing both in terms of more customers preferring a recurring revenue model, a subscription model and adding on SaaS solutions on top of it. Overall, over 60% of our customers today have at least one cloud attached component, and that's continuing to grow. And we expect to see a full 9% growth this year for command center.

我們現在在北美的 CAD 和記錄領域均排名第一。雲開始流行。我認為 Jason 提到的馬里科帕縣警長辦公室協議是我們所看到的關鍵部分，因為更多的客戶更喜歡經常性收入模式、訂閱模式以及在此基礎上添加 SaaS 解決方案。總體而言，目前超過 60% 的客戶至少擁有一個雲端附加元件，而這一數字還在持續成長。我們預計指揮中心今年將成長 9%。

Got you.

明白你了。

So just to add on market share. I mean the market is growing less than that. I think the command center outlook for the year is 10%, Q3 was 9%. But in those numbers, we're taking shares. The market is not growing at those rates. So positive with the cloud investments.

所以只是為了增加市場佔有率。我的意思是市場的成長速度低於這個數字。我認為指揮中心今年的前景是10%，第三季是9%。但在這些數字中，我們正在持有股票。市場並沒有以這樣的速度成長。對雲端投資非常積極。

Tomer Zilberman, Bank of America.

托默·齊伯曼，美國銀行。

Maybe going back to some of the earlier backlog questions that were asked. When you think about -- and maybe I'm getting ahead of myself here, but when you think about the '25 guide for 5% to 6% growth, what do you think the product backlog contribution is if we assume that we get to maybe a $4 billion level this year, will this go back to your historical $3 billion level. And how does that impact your thoughts around the LMR growth rate? Do you think that we still sustain that mid- to high single-digit growth rate going into next year?

也許回到一些早期提出的積壓問題。當你想到——也許我在這裡有點超前了，但是當你想到 25 年增長 5% 到 6% 的指南時，如果我們假設我們達到了，你認為產品積壓的貢獻是多少也許今年是40 億美元的水平，這會回到歷史上30 億美元的水平嗎？這對您對 LMR 成長率的看法有何影響？您認為明年我們是否仍能維持中高個位數成長率？

So we do expect LMR to grow. We matured to dimensionalize. We talked about total backlog. We now expect it to grow up year over year. That's a good thing. Product backlog remains healthy. Even sequentially, it's still north of $4 billion. I think the record orders in all three technologies, although in this case in the context of your question, LMR, record orders is another favorable indication.

因此，我們確實預期 LMR 會成長。我們成熟到維度化。我們討論了總積壓。我們現在預計它會逐年增長。這是一件好事。產品積壓保持健康。即使按順序計算，它仍然超過 40 億美元。我認為所有三種技術中的記錄訂單，儘管在這種情況下，在您的問題 LMR 的背景下，記錄訂單是另一個有利的跡象。

So too early to give you that dimensionalization. But I feel good about the momentum of the business, the segment momentum of the business and the technology momentum of the business. And maybe that gives you a little bit more granularity. It may not fully scratch the itch, but that's the best I can give you, but we'll update you in February.

所以給你這個維度還為時過早。但我對業務的勢頭、業務的細分業務勢頭和業務的技術勢頭感到良好。也許這會給你更多的粒度。它可能無法完全解決問題，但這是我能為您提供的最好的信息，但我們會在二月份更新您的信息。

Sure. No worries. And maybe asking another question, shifting gears a bit. You've talked before about getting more aggressive on subscription sales. And if I'm not mistaken, I think you've informed your sales force to try and sell everything now as a subscription.

當然。不用擔心。也許會問另一個問題，稍微改變態度。您之前曾談到要更加積極地進行訂閱銷售。如果我沒記錯的話，我想您已經通知您的銷售人員現在嘗試以訂閱方式銷售所有內容。

Just wanted to talk about how that's going. Any changes in the go-to-market that you're making to enable that? I believe you put the Rave CEO as Head of Subscription Sales. So just any commentary you can give on trends you see there?

只是想談談事情進展如何。為了實現這一目標，您在進入市場方面做出了哪些改變？我相信您將 Rave 執行長任命為訂閱銷售主管。那麼您可以對您在那裡看到的趨勢發表任何評論嗎？

Yes. Just to clarify, Tomer, we're not pushing everything as a subscription. What I would tell you, if you think about SaaS or cloud, I mean, we talked about video and Avigilon Alta, growing exponentially faster than prem video. We like that trend. We talked about command center, just a few minutes ago, which we've always offered as a hybrid solution, which I think is really good because it allows customers to evolve at their pace. And we see and Mahesh just talked about increased adoption around command center cloud, things -- yes like Rave, but also things like call handling.

是的。托默，澄清一下，我們不會將所有內容都以訂閱的形式推出。我想告訴您的是，如果您想到 SaaS 或雲，我的意思是，我們討論了視頻和 Avigilon Alta，其增長速度比 prem 視頻呈指數級增長。我們喜歡這種趨勢。就在幾分鐘前，我們討論了指揮中心，我們一直將其作為混合解決方案提供，我認為這非常好，因為它允許客戶按照自己的步調發展。我們看到，Mahesh 剛剛談到了指揮中心雲的採用率不斷提高，例如 Rave，還有呼叫處理之類的東西。

And we also talked about even though APX NEXT family of devices shipped is less than 25%, I love the fact that a lot of those APX NEXT family shipments come with the broadband adoption of applications. We love that. A, it's recurring revenue; B, it's sticky; and C, it provides connective tissue with those critical applications in the APX NEXT device that communicate and interoperate with the command center and the integrated workflow applications that Mahesh is building.

我們也談到，儘管 APX NEXT 系列裝置的出貨量不到 25%，但我喜歡這樣一個事實，即許多 APX NEXT 系列出貨量都伴隨著寬頻應用的採用。我們喜歡這樣。 A、經常性收入； B、有黏性； C，它為結締組織提供了 APX NEXT 設備中的那些關鍵應用程序，這些應用程式與指揮中心以及 Mahesh 正在構建的整合工作流程應用程式進行通訊和互通。

So we didn't wave a wand and said, force everything SaaS. We meet our customers where they are. Video recurring and cloud is growing fast, a number faster as a multiple than prem, love the adoption of Command Center, love the APX NEXT application broadband apps uptick and adoption rate, we think those trends are favorable.

所以我們並沒有揮舞魔杖說，強制一切都採用 SaaS。我們在客戶所在的地方與他們會面。視訊循環和雲端正在快速增長，比本地更快，喜歡 Command Center 的採用，喜歡 APX NEXT 應用程式寬頻應用程式的上升和採用率，我們認為這些趨勢是有利的。

(Operator Instructions) Meta Marshall, Morgan Stanley.

（操作員指令）Meta Marshall，摩根士丹利。

You guys noted strong traction with the MXP660 earlier in the call kind of ramping in 2025. But just any way to kind of contextualize that versus some of the ramps we've seen throughout the APX NEXT portfolio? And then just as a second question, any kind of change to how you guys are viewing kind of resolution of kind of the U.K. Home Office Airwave type situations?

你們在早些時候的電話會議中註意到 MXP660 在 2025 年的成長中具有強大的吸引力。作為第二個問題，你們對英國內政部電波類型情況的解決方案的看法有什麼改變嗎？

Yes. Meta, in terms of the MXP660, I think the horse just left the starting gate and is kind of coming through the first turn a little bit. So a little too early to kind of extrapolate or give you any kind of predictive traction. We love the fact that it's an available option in European markets now that capitalize on broadband, both for LMR and 4G integrated into one device that gives you enhanced location broadband applications over-the-air software reprogramming and roaming on an LMR TETRA and/or 4G networks. So we love all the available features that that brings, but it's still early.

是的。 Meta，就 MXP660 而言，我認為這匹馬剛剛離開起跑門，並且正在通過第一個轉彎。因此，現在進行推斷或為您提供任何預測牽引力還為時過早。我們喜歡這樣一個事實：它現在是歐洲市場上的一個可用選項，利用寬頻，將 LMR 和 4G 整合到一個設備中，為您提供增強的定位寬頻應用、無線軟體重新編程和在 LMR TETRA 和/或4G網路。因此，我們喜歡它帶來的所有可用功能，但現在還為時過早。

In terms of the UK, there's a hearing next Monday, Tuesday in the UK on our multiyear challenge to the CMA and the cat ruling. Really nothing to report. The hearing will take place Monday, Tuesday. After that, they'll reach some decision.

就英國而言，下週一和週二將在英國舉行聽證會，討論我們對 CMA 和貓裁決的多年挑戰。確實沒什麼好報告的。聽證會將於週一、週二舉行。之後，他們會做出一些決定。

My expectation is a decision either by the end of the year or early 2025 that would give us a little more color that in turn, we would, of course share with you transparently. But it's the long winding road of challenging what we think is an unlawful action that was taken on a contract, a binding multiyear agreement that we had with the U.K. Home Office. So stay tuned.

我的期望是在今年年底或 2025 年初做出決定，這將為我們帶來更多色彩，而我們當然會透明地與您分享。但挑戰我們認為對合約採取的非法行動是一條漫長而曲折的道路，合約是我們與英國內政部簽訂的具有約束力的多年協議。所以請繼續關注。

Bryce Sandberg, William Blair.

布萊斯桑德伯格，威廉布萊爾。

Another one on M&A. As you look out at the market, are there any particular product or market areas that you're focusing on or they look particularly attractive? Or is it kind of broad-based across the portfolio?

另一篇關於併購。當您觀察市場時，是否有您關注的特定產品或市場領域或它們看起來特別有吸引力？或者它在整個投資組合中是否具有廣泛的基礎？

I think it's primarily around video software and services that we focus on from a product standpoint or a more -- less product, more category. I think it's an active funnel. We've had engagements with multiple companies of varying sizes. But those are kind of the lanes that we continue to pursue and our conversations are around video software services.

我認為它主要圍繞著視訊軟體和服務，我們從產品的角度關注這些軟體和服務，或更多地——更少的產品，更多的類別。我認為這是一個活躍的漏斗。我們與多家不同規模的公司都有過合作。但這些是我們繼續追求的途徑，我們的對話是圍繞著視訊軟體服務進行的。

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

我們的問答環節到此結束。我現在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. I just, first of all, want to thank all the employees of Motorola, particularly our sales and support teams for driving record Q3 orders. The other thing I would be remiss in not recognizing especially this past quarter after severe hurricanes of Helene and Milton that were devastating. I'm proud of our people. I'm proud of our channel partners that worked tirelessly and around the clock to ensure that our systems were up and available as they always are in these devastating natural disasters. I appreciate all of their hard work.

是的，謝謝。首先，我要感謝摩托羅拉的所有員工，特別是我們的銷售和支援團隊，他們推動了第三季訂單的創紀錄成長。另一件事是我的疏忽，尤其是在上個季度發生了毀滅性的海倫和米爾頓颶風之後。我為我們的人民感到自豪。我為我們的通路合作夥伴感到自豪，他們日以繼夜地不知疲倦地工作，以確保我們的系統在這些毀滅性的自然災害中一如既往地正常運作和可用。我感謝他們的辛勤工作。

And then lastly, I would just say I'm encouraged as we are sitting here in November with what the rest of the year holds and the momentum I see into next year, our vibrant end markets. We expect the year to close with total backlog up off of record levels, and I'm encouraged by the continued high demand and the active engagements around the globe. I appreciate all the Motorola employees channel partners and everybody that does their part in having to spend a great quarter and us continuing our momentum. I really appreciate it.

最後，我想說的是，當我們在 11 月坐在這裡，看到今年剩餘時間的情況以及我看到的明年我們充滿活力的終端市場的勢頭時，我感到受到鼓舞。我們預計今年結束時，積壓總量將突破創紀錄的水平，持續的高需求和全球各地的積極參與令我感到鼓舞。我感謝所有摩托羅拉員工、通路合作夥伴以及為我們度過了一個美好的季度而做出貢獻的每個人，並讓我們繼續保持我們的勢頭。我真的很感激。