摩托羅拉 (MSI) 2024 Q4 法說會逐字稿

Good afternoon and thank you for holding.

下午好，感謝您的出席。

Welcome to the Motorola Solutions' fourth-quarter 2024 earnings conference call.

歡迎參加摩托羅拉系統公司 2024 年第四季財報電話會議。

Today's call is being recorded.

今天的通話正在錄音。

If you have any objections, please disconnect, at this time.

如果您有任何異議，請立即斷開連接。

The presentation material and additional financial tables are posted on the Motorola Solutions' Investor Relations website.

演示資料和其他財務表已發佈在摩托羅拉系統公司的投資者關係網站上。

In addition, a webcast replay of this call will be available, on our website, within three hours after the conclusion of the call.

此外，本次電話會議的網路回放將在通話結束後三小時內在我們的網站上提供。

The website address is www.motorolasolutions.com/investor.

網址是 www.motorolaslutions.com/investor。

(Operator Instructions)

（操作員指令）

I would now like to introduce Mr. Tim Yocum, Vice President of Investor Relations.

現在我想介紹投資者關係副總裁 Tim Yocum 先生。

Mr. Yocum, you may begin your conference.

約克姆先生，您可以開始您的會議了。

Good afternoon.

午安.

Welcome to our 2024 fourth-quarter earnings call.

歡迎參加我們的 2024 年第四季財報電話會議。

With me, today, are Greg Brown, Chairman and CEO; Jason Winkler, Executive Vice President and CFO; Jack Molloy, Executive Vice President and COO; and Mahesh Saptharishi, Executive Vice President and CTO.

今天與我在一起的還有董事長兼執行長 Greg Brown；傑森溫克勒（Jason Winkler），執行副總裁兼財務長；傑克‧莫洛伊（Jack Molloy），執行副總裁兼營運長；以及執行副總裁兼首席技術長 Mahesh Saptharishi。

Greg and Jason will review our results, along with commentary.

Greg 和 Jason 將審查我們的結果並發表評論。

And Jack and Mahesh will join for Q&A.

傑克 (Jack) 和馬赫什 (Mahesh) 也將參加問答環節。

We've posted an earnings presentation and news release at motorolasolutions.com/investor. These materials include GAAP to non-GAAP reconciliations for your reference.

我們已在 motorolaslutions.com/investor 上發布了收益報告和新聞稿。這些資料包括 GAAP 與非 GAAP 的對賬，供您參考。

And, during the call, we reference non-GAAP financial results, including those in our outlook, unless otherwise noted.

並且，在電話會議中，我們會參考非 GAAP 財務結果，包括我們展望中的結果，除非另有說明。

A number of forward-looking statements will be made during this presentation and during the Q&A portion of the call.

本次演示和電話會議的問答部分將會做出一些前瞻性的陳述。

These statements are based on current expectations and assumptions that are subject to a variety of risks and uncertainties.

這些聲明是基於目前的預期和假設，且受各種風險和不確定性的影響。

Actual results could differ, materially, from these forward-looking statements.

實際結果可能與這些前瞻性陳述有重大差異。

Information about factors that could cause such differences can be found in today's earnings news release.

有關可能導致此類差異的因素的資訊可以在今天的收益新聞稿中找到。

And the comments made during this conference call, in the risk factor section on 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.

以及在本次電話會議中、在我們 2023 年 10-K 表年度報告或 10-Q 表季度報告的風險因素部分中以及在我們向美國證券交易委員會提交的其他報告和文件中所發表的評論。

We do not undertake any duty to update any forward-looking statements.

我們不承擔更新任何前瞻性陳述的責任。

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

現在我將把麥克風交給 Greg。

Thanks, Tim.

謝謝，蒂姆。

Good afternoon and thanks for joining us today.

下午好，感謝您今天加入我們。

I'm going to start off by sharing a few thoughts about the overall business, before Jason takes us through results and our outlook.

在 Jason 向我們介紹業績和展望之前，我將先分享一些關於整體業務的想法。

First, Q4 was another exceptional quarter.

首先，第四季又是一個特別的季度。

We achieved record revenue in both segments and all three technologies, including double-digit growth in Video and Command Center, highlighting the depth and breadth of our safety and security ecosystem that helps us protect people, property, and places.

我們在兩個部門和所有三種技術上都實現了創紀錄的收入，其中視頻和指揮中心實現了兩位數的增長，突顯了我們的安全和安保生態系統的深度和廣度，幫助我們保護人員、財產和場所。

Additionally, we generated Q4 record operating earnings in both segments and ended the year with record backlog of $14.7 billion, up $438 million, inclusive of $226 million of unfavorable currency rates.

此外，我們在兩個部門的第四季度都創造了創紀錄的營業利潤，並以創紀錄的 147 億美元積壓訂單結束了這一財年，增長了 4.38 億美元，其中包括 2.26 億美元的不利匯率影響。

Second, our full-year results were outstanding.

第二，我們全年業績十分出色。

In Products & SI, revenue was up 10%, driven by growth in both LMR and Video.

在產品和 SI 方面，收入增長了 10%，這得益於 LMR 和視頻的增長。

We also expanded operating margins in the segment by 380 basis points, driven, in part, by continued favorable mix to our feature-rich devices and lower material costs.

我們還將該部門的營業利潤率擴大了 380 個基點，部分原因是我們功能豐富的設備繼續保持良好的產品組合，以及材料成本的降低。

In Software & Services, revenue was up 5% -- or 13%, excluding UK Home Office -- driven by strong growth and Video and Command Center and our LMR services businesses outside of the US.

軟體和服務部門的收入成長了 5%（不包括英國總部則成長了 13%），這得益於強勁的成長以及視訊和指揮中心以及我們在美國以外的 LMR 服務業務。

We also grew earnings per share, 16%; operating cash flow by 17%; and strengthened our safety and security offerings with four acquisitions in our Video and Command Center technologies.

我們的每股盈餘也成長了16%；經營現金流增加17%；並透過對視訊和指揮中心技術的四次收購增強了我們的安全和安保服務。

Subsequent to quarter end, we announced that we've entered into a definitive agreement to acquire Theatro, a maker of AI and voice-powered communication and digital workflow software for frontline workers.

季度末之後，我們宣布已達成最終協議，收購 Theatro，這是一家為第一線工人生產人工智慧和語音通訊及數位工作流程軟體的製造商。

And, finally, as we enter 2025, the continued robust demand for our solutions, coupled with our record backlog and healthy balance sheet, positions us well for another year of strong revenue, earnings per share, and cash flow growth.

最後，隨著我們進入 2025 年，對我們解決方案的持續強勁需求，加上我們創紀錄的積壓訂單和健康的資產負債表，將使我們在未來一年實現強勁的收入、每股收益和現金流增長。

With that, I'll now turn the call over to Jason.

說完這些，我現在將電話轉給傑森。

Thanks, Greg.

謝謝，格雷格。

Revenue for the quarter grew 6% and was above our guidance, with growth in both segments and all three technologies.

本季營收成長 6%，高於我們的預期，兩個部門和三種技術均實現成長。

Revenue from acquisitions was $37 million and the impact of favorable foreign currency rates was $6 million.

收購收入為 3,700 萬美元，有利的外匯匯率的影響為 600 萬美元。

GAAP

公認會計準則

operating earnings were $814 million, or 27% of sales, up from 25.9% in a year ago quarter, driven, primarily, by a recovery related to the Hytera litigation.

營業收入為 8.14 億美元，佔銷售額的 27%，高於去年同期的 25.9%，主要得益於海能達訴訟相關的復甦。

Non-GAAP operating earnings were $916 million, up 5% from the year ago quarter.

非公認會計準則營業利潤為 9.16 億美元，較去年同期成長 5%。

And non-GAAP operating margin was 30.4% versus 30.5% in the year ago quarter.

非公認會計準則營業利益率為 30.4%，去年同期為 30.5%。

GAAP earnings per share was $3.56, up from $3.47 in the year ago quarter.

以美國通用會計準則計算，每股收益為 3.56 美元，高於去年同期的 3.47 美元。

Non-GAAP EPS was $4.04, up 4% from $3.90 last year, driven by higher sales and favorable mix.

非公認會計準則每股收益為 4.04 美元，較去年的 3.90 美元上漲 4%，這得益於銷售額成長和產品組合有利。

OpEx in Q4 was $652 million, up $55 million versus the prior year, primarily due to higher employee incentives, investments in Video, and higher expenses from acquisitions.

第四季的營運支出為 6.52 億美元，比上年增加 5,500 萬美元，主要原因是員工激勵措施增加、對影片的投資以及收購費用增加。

For the full-year 2024, revenue was $10.8 billion, up 8%, with strong growth in both segments and across all three technologies.

2024 年全年營收為 108 億美元，成長 8%，兩個部門和三種技術均實現強勁成長。

Revenue from acquisitions was $95 million and the impact of unfavorable foreign currency rates was $2 million.

收購收入為 9,500 萬美元，不利外匯匯率的影響為 200 萬美元。

GAAP operating earnings were $2.7 billion, or 24.8% of sales, versus 23% in the prior year.

根據 GAAP，營業利潤為 27 億美元，佔銷售額的 24.8%，而去年同期為 23%。

Non-GAAP operating earnings were $3.1 billion, up $358 million.

非公認會計準則營業利潤為 31 億美元，成長 3.58 億美元。

And non-GAAP operating margins were 29% of sales, up from 27.9% of sales in the prior year, driven by higher sales, favorable mix, and lower direct material costs, partially offset by the Airwave Charge Control and the impact of acquisitions.

非公認會計準則下的營業利潤率的 29%，高於去年的 27.9%，這得益於銷售額的增加、良好的產品組合以及直接材料成本的降低，但被 Airwave 充電控制和收購的影響部分抵消。

GAAP earnings per share was $9.23, down from $9.93 in the prior year, primarily due to the $3.42 per share pre-tax loss booked in Q1, related to the accounting treatment for the settlement of the Silver Lake convertible notes.

每股 GAAP 收益為 9.23 美元，低於去年同期的 9.93 美元，主要由於第一季每股 3.42 美元的稅前虧損，與銀湖可轉換票據結算的會計處理有關。

Non-GAAP EPS was $13.84, up 16% from $11.95 in 2023, driven, primarily, by higher earnings.

非公認會計準則每股收益為 13.84 美元，較 2023 年的 11.95 美元增加 16%，主要得益於收益增加。

For the full year, OpEx was $2.4 billion, up $197 million versus 2023, primarily driven by higher employee incentives, higher expenses associated with acquisitions, and higher legal costs inclusive of the CMA appeal.

全年營運支出為 24 億美元，較 2023 年增加 1.97 億美元，主要由於員工激勵措施增加、收購相關費用增加以及包括 CMA 上訴在內的法律成本增加。

And the effective tax rate, for 2024, was 22% compared to 21.9% in the prior year.

2024 年的有效稅率為 22%，而前一年為 21.9%。

Turning the cash flow, Q4 operating cash flow was $1.1 billion, down from $1.2 billion in the prior year, as the linearity of cash generation improved and resulted in full-year record operating cash flow of $2.4 billion and record free cash flow of $2.1 billion.

現金流方面，第四季營運現金流為 11 億美元，低於去年同期的 12 億美元，因為現金產生的線性改善導致全年營運現金流創下 24 億美元的紀錄，自由現金流創下 21 億美元的紀錄。

The 17% year-over-year operating cash flow increase was driven by higher earnings.

營業現金流較去年同期成長 17%，主要得益於獲利成長。

And marks the second consecutive year of double-digit operating cash flow growth.

這也是連續第二年實現兩位數的經營現金流成長。

Capital allocation in '24 included $654 million in dividends, $282 million for acquisitions, $244 million in share repurchases, and $257 million of CapEx.

'24 年的資本配置包括 6.54 億美元的股息、2.82 億美元的收購、2.44 億美元的股票回購和 2.57 億美元的資本支出。

We also used $593 million of cash to settle the Silver Lake convertible premium in Q1.

我們還在第一季使用了 5.93 億美元現金來結算銀湖可轉換債券溢價。

And increased our dividend by 11% in November, which was our fourteenth consecutive year of double-digit increases.

11月份我們的股息增加了11%，這是我們連續第十四年達到兩位數的成長。

Moving to segment results in Products.

轉向產品中的細分結果。

Q4 sales were up 3% versus last year, driven by growth in LMR and Video.

受 LMR 和視訊成長的推動，第四季銷售額較去年同期成長 3%。

Revenue from acquisitions was $11 million in the quarter, while the impact of favorable foreign currency rates was $1 million.

本季收購收入為 1,100 萬美元，有利的外匯匯率影響為 100 萬美元。

Operating earnings were $594 million, or 30.5% of sales, up from 30% in the prior year, driven by higher sales, favorable mix, and lower direct material costs.

營業利潤為 5.94 億美元，佔銷售額的 30.5%，高於去年的 30%，這得益於銷售額的增加、良好的產品組合以及直接材料成本的降低。

Some notable wins and achievements, in this segment, include a $53 million P25 device order from a US state and local customer; a $52 million P25 system and device order for a Canadian customer; a $36 million P25 device order for Broward Sheriff's Office in Florida; a $33 million P25 system order from the Kentucky State Police; a $32 million P25 device order for the City of Phoenix Police & Fire; and a $16 million fixed video order for Duke Energy.

在該領域取得的一些顯著勝利和成就包括來自美國州和當地客戶的價值 5,300 萬美元的 P25 設備訂單；為加拿大客戶簽訂了價值 5,200 萬美元的 P25 系統和設備訂單；佛羅裡達州布勞沃德縣警長辦公室獲得價值 3,600 萬美元的 P25 設備訂單；肯塔基州警察局簽訂的價值 3,300 萬美元的 P25 系統訂單；菲尼克斯市警察和消防局獲得的價值 3,200 萬美元的 P25 設備訂單；以及杜克能源公司價值 1,600 萬美元的固定影片訂單。

And for the full year, Products & SI revenue was $6.9 billion, up 10% from the prior year, driven by higher sales and LMR and Video.

全年來看，產品和 SI 收入為 69 億美元，比上年增長 10%，這得益於銷售額以及 LMR 和視頻的增長。

Revenue from acquisitions was $43 million and the impact of unfavorable foreign currency rates was $2 million.

收購收入為 4,300 萬美元，不利外匯匯率的影響為 200 萬美元。

Full-year operating earnings were $1.9 billion, or 28.1% of sales, up from 24.3% in the prior year, on higher sales, favorable mix, and lower direct material costs.

全年營業利潤為 19 億美元，佔銷售額的 28.1%，高於上年的 24.3%，這得益於銷售額的增加、良好的產品組合以及直接材料成本的降低。

In Software & Services, Q4 revenue was up 11%, driven by growth in all three technologies.

在軟體和服務方面，第四季營收成長了 11%，這得益於三種技術的成長。

Revenue from acquisitions was $26 million, while the impact of favorable foreign currency rates was $5 million. Q4

收購收入為 2,600 萬美元，而有利的外匯匯率的影響為 500 萬美元。 Q4

operating earnings, in this segment, were $322 million.

該部門的營業利潤為 3.22 億美元。

And operating margins were 30.3% of sales, down from 31.6% last year, primarily driven by acquisitions.

營業利益率為銷售額的 30.3%，低於去年的 31.6%，主要原因是收購。

Some notable Q4 highlights, in this segment, include a $329 million ten-year services renewal for Melbourne, Australia's LMR network; a $160 million five-year LMR-managed services renewal from Norway's nationwide public safety network; a $68 million LMR services order for a US state and local customer; a $40 million Command Center order from the Scottish Fire Service; and, finally, a $16 million fixed video order for the São Paulo State Government in Brazil.

該領域第四季度的一些值得注意的亮點包括為澳大利亞墨爾本的 LMR 網路續簽價值 3.29 億美元的十年服務；挪威全國公共安全網路簽訂了一份為期五年、價值 1.6 億美元的 LMR 管理服務續約合約；為美國某州和地方客戶提供的價值 6,800 萬美元的 LMR 服務訂單；蘇格蘭消防局簽訂的價值 4000 萬美元的指揮中心訂單；最後，還獲得了巴西聖保羅州政府一份價值 1,600 萬美元的固定影片訂單。

For the full-year, S&S revenue was $3.9 billion, up 5% compared to last year.

全年，S&S 營收為 39 億美元，較去年同期成長 5%。

When excluding the UK Home Office, revenue grew 13%, with the growth in all three technologies.

若不包括英國內政部，營收成長了 13%，三種技術均實現成長。

Revenue from acquisitions was $52 million, during the year.

本年度，收購收入為 5,200 萬美元。

Full-year operating earnings were $1.2 billion, or 30.8% of sales, down 310 basis points versus the prior year, driven by the Airwave Charge Control and higher expenses associated with acquired businesses during the year.

全年營業利潤為 12 億美元，佔銷售額的 30.8%，較上年下降 310 個基點，主要原因是 Airwave Charge Control 和年內收購業務相關的費用增加。

Looking at regional results, North America revenue was $2.2 billion in Q4, up 9%; and 7.8 billion for the full year, up 13%, driven by growth in both segments and in all three technologies.

從區域業績來看，第四季北美地區營收為 22 億美元，成長 9%；全年營收為 78 億歐元，成長 13%，這得益於兩個部門和三種技術的共同成長。

International Q4 revenue was $807 million, down 3% versus last year, primarily driven by lower Ukraine revenue, in the current year, and our exit from ESN, which was in the year ago quarter -- offset by growth in Video and Command Center.

國際第四季營收為 8.07 億美元，較去年下降 3%，主要原因是本年度烏克蘭收入下降，以及我們退出 ESN（去年同期），但視訊和指揮中心的成長抵消了這一影響。

For the full year, international revenue was $3 billion, down 2%.

全年國際收入為 30 億美元，下降 2%。

Excluding the UK Home Office, international revenue was up mid-single digits, driven by growth in all three technologies.

除英國內政部外，國際收入成長了中等個位數，這得益於三大技術的成長。

Moving, next, to backlog, ending backlog for Q4 was $14.7 billion, up $438 million versus last year, inclusive of $226 million of foreign currency headwinds.

接下來是積壓訂單，第四季期末積壓訂單為 147 億美元，比去年增加 4.38 億美元，其中包括 2.26 億美元的外匯逆風。

Sequentially, backlog was up $602 million, inclusive of $319 million of foreign currency headwinds.

與上一季相比，積壓訂單增加了 6.02 億美元，其中包括 3.19 億美元的外匯逆風。

And in the Products & SI segment, ending backlog was down $858 million, driven, primarily, by strong LMR shipments during the year.

在產品和 SI 部門，期末積壓訂單下降了 8.58 億美元，這主要受到年內 LMR 出貨量強勁的影響。

Sequentially, backlog was down $46 million, primarily driven by unfavorable FXs.

與上一季相比，積壓訂單下降了 4,600 萬美元，主要原因是外匯交易不利。

In Software & Services, backlog increased $1.3 billion from last year and $648 million sequentially.

在軟體和服務方面，積壓訂單比去年增加了 13 億美元，比上一季增加了 6.48 億美元。

The growth was driven by strong demand in all three technologies, inclusive of foreign currency headwinds of $195 million year over year and $281 million sequentially.

成長主要由三種技術的強勁需求推動，其中包括年比 1.95 億美元和季比 2.81 億美元的外匯逆風。

Turning, next, to our outlook, we expect Q1 sales to be up between 5% and 5.5%, with non-GAAP EPS between $2.98 and $3.03 per share.

接下來，談到我們的展望，我們預計第一季銷售額將成長 5% 至 5.5%，非 GAAP 每股盈餘將介於 2.98 美元至 3.03 美元之間。

This assumes approximately $25 million in foreign exchange headwinds, $171 million diluted shares, and a non-GAAP effective tax rate of approximately 21%.

假設外匯逆風約 2,500 萬美元、稀釋股份為 1.71 億美元、非 GAAP 有效稅率約為 21%。

And for the full year, we expect revenue growth of approximately 5.5%, inclusive of our expectations for $120 million of FX headwinds, driven by the US dollar strength over the last few months.

我們預計全年營收將成長約 5.5%，其中包括預計的 1.2 億美元外匯逆風，這主要是受過去幾個月美元走強的影響。

And for non-GAAP earnings per share, between $14.64 and $14.74 per share.

非公認會計準則每股收益在 14.64 美元至 14.74 美元之間。

The full-year outlook also assumes 171 million shares and a non-GAAP effective tax rate of approximately 23%.

全年預期也假設股票數量為 1.71 億股，非 GAAP 有效稅率約為 23%。

Additionally, the outlook assumes tariff rates that are in effect, today.

此外，展望假設關稅稅率仍然有效。

And, finally, with respect to cash flow, we expect to generate $2.7 billion in [OCF], which we would expect make 2025 our third consecutive year of double-digit operating cash flow growth.

最後，關於現金流，我們預計將產生 27 億美元的 [OCF]，我們預計 2025 年將使我們連續第三年實現兩位數的經營現金流成長。

Before I turn it over to Greg, I wanted to share just a few other things.

在將其交給格雷格之前，我想分享一些其他的事情。

First, with the UK Home Office headwinds behind us, on a full-year basis, and the strong momentum we are seeing in cloud adoption and SaaS, we expect our S&S segment growth to be high-single digits or double digits, where, normalized for FX.

首先，從全年來看，英國內政部面臨的逆風已經過去，而雲端運算和 SaaS 領域呈現強勁發展勢頭，我們預計 S&S 部門的成長率將達到高個位數或兩位數（已根據外匯標準化）。

And on the Product segment, we are expecting low- to mid-single-digit growth coming off a record 2024.

在產品領域，我們預計到 2024 年將實現創紀錄的低至中等個位數成長。

Secondly, I would provide you with some color on the technology growth expectations as well.

其次，我也會為您提供一些有關技術成長預期的資訊。

In Video, we're planning for another strong year of approximately 10% to 12% growth, inclusive of the increased cloud adoption we're seeing from our customers.

在影片方面，我們計劃再創輝煌一年，實現約 10% 至 12% 的成長，其中包括我們看到的客戶越來越多地採用雲端運算技術。

In Command Center, we're planning for 12% growth, driven, in part, by continued strong adoption for our SaaS offerings there.

在指揮中心，我們計劃實現 12% 的成長，部分原因是我們的 SaaS 產品在那裡繼續大力推廣。

And in LMR, we expect low- to mid-single-digit growth, inclusive of the majority of the FX headwinds that I mentioned earlier.

在 LMR 方面，我們預計成長率將達到低至中等個位數，其中包括我之前提到的大部分外匯逆風。

And, finally, I'd highlight the strength of our balance sheet, which includes over $2 billion in cash at year end, a fixed rate debt maturity profile with no significant maturities until 2028, and a solid investment grade credit rating.

最後，我想強調我們資產負債表的實力，其中包括年末超過 20 億美元的現金、固定利率債務到期情況（直到 2028 年都沒有重大到期日）以及穩健的投資級信用評級。

All of which gives us significant flexibility in capital allocation.

所有這些都使我們在資本配置方面具有極大的靈活性。

Greg, I'd like to turn it back to you.

格雷格，我想把它還給你。

Thanks, Jason.

謝謝，傑森。

And let me just end with some final thoughts.

最後，請容許我發表一些最後的想法。

First, 2024 was another exceptional year for the company.

首先，2024年對公司來說又是個特別的一年。

We achieved record sales in both segments in all three technologies; significantly expanded operating margins; grew EPS by 16%; generated record operating cash flow of $2.4 billion, up 17% from the prior year; and we also returned almost $1.5 billion to our shareholders through dividends, share repurchases; and the settlement of the Silver Lake convertible note, at less than $320 a share; and we added four acquisitions within our Video and Command Center technologies.

我們在三種技術的兩個領域都實現了創紀錄的銷售額；大幅提高營業利潤率；每股收益成長16%；產生了創紀錄的 24 億美元營運現金流，較上年增長 17%；我們也透過股利、股票回購等方式向股東返還了近 15 億美元；以及以低於每股 320 美元的價格結算銀湖可轉換票據；我們在視訊和指揮中心技術領域又進行了四次收購。

Second, the investments we're making in Software & Services continue to drive strong recurring revenue growth for the company.

其次，我們在軟體和服務方面的投資持續推動公司強勁的經常性收入成長。

Software & Services' revenue was up 13% during the year, excluding UK Home Office, driven, in part, by accelerating demand for our software solutions in Command Center, Video, and our suite of applications running on our APX NEXT family of devices.

不包括英國內政部，軟體和服務的收入在年內增長了 13%，部分原因是對我們的指揮中心、視訊和運行在我們 APX NEXT 系列設備上運行的應用程式套件的軟體解決方案的需求不斷增長。

We also finished the year with S&S backlog of $10.6 billion, up 14%, including record backlog in all three technologies, which is informing our guide for another strong year of growth in 2025.

今年，我們的 S&S 積壓訂單量達到 106 億美元，成長 14%，其中包括三種技術的創紀錄積壓訂單量，這為我們預測 2025 年將是另一個強勁增長的年份提供了依據。

And, finally, as we enter this year, we're very well positioned for another outstanding year.

最後，在進入今年之際，我們已經準備好迎接另一個輝煌的一年。

Our customers are continuing to invest in LMR for the long term, highlighted by the numerous large multi-year contracts that we received over the last year.

我們的客戶正在繼續對 LMR 進行長期投資，去年我們簽訂的眾多大型多年期合約就是明證。

We're also seeing strong interest in our latest generation [B-series] ASTRO infrastructure, which is creating a healthy pipeline of upgrade opportunities and is a further testament to the foundational longevity of this technology.

我們也看到人們對我們最新一代 [B 系列] ASTRO 基礎設施的濃厚興趣，它正在創造健康的升級機會管道，進一步證明了這項技術的基礎壽命。

And, additionally, the upgrade cycle to our APX NEXT family of devices continues to drive product and recurring revenue growth via the applications that are on each device.

此外，我們 APX NEXT 系列裝置的升級週期將繼續透過每台裝置上的應用程式推動產品和經常性收入的成長。

And in Video and Command Center, we continue to see robust demand and are expecting another year of double-digit growth in both of those technologies as well.

在視訊和指揮中心，我們繼續看到強勁的需求，並預計這兩種技術明年都將實現兩位數的成長。

Finally, our healthy cash generation and strong balance sheet with a net debt-to-EBITDA ratio of 1.1 -- probably the lowest we've seen in almost a decade -- provides us with significant flexibility to deploy capital opportunistically and drive value for our shareholders in our total addressable market, which is, now, approximately 72 billion.

最後，我們健康的現金產生能力和強勁的資產負債表，淨債務與 EBITDA 比率為 1.1——可能是近十年來最低的——為我們提供了極大的靈活性，可以適時部署資本，並為我們的股東在我們總目標市場（目前約為 720 億美元）中創造價值。

So, now, I'll give the call back to Tim.

所以，現在，我會把電話回給提姆。

And we can take your questions.

我們可以回答您的問題。

Thank you, Greg.

謝謝你，格雷格。

Before we begin taking questions, I'd like to remind callers to limit themselves to one question, one follow-up to accommodate as many participants as possible.

在我們開始回答問題之前，我想提醒來電者將自己限制在一個問題和一個後續問題上，以盡可能容納參與者。

Operator, would you please remind our callers, online, how to ask a question?

接線員，您能否提醒我們的線上來電者如何提問？

(Operator Instructions)

（操作員指令）

Tim Long, Barclays.

巴克萊銀行的提姆朗。

Hi.

你好。

This is Alyssa, on for Tim.

這是 Alyssa，代表 Tim。

I just wanted to quickly touch base on -- with all the recent Trump administration federal spending shifts and DOGE, are you, guys, seeing any impact, in terms of customer behavior or timing of deployment?

我只是想快速地了解一下——最近川普政府的聯邦支出變化和 DOGE，你們是否看到客戶行為或部署時間方面的任何影響？

And I have one follow-up to that.

我對此還有一個後續問題。

No, we're not.

不，我們不是。

I think that -- my view and our view of DOGE -- we like the opportunity where the government is deploying that organization to get after frivolous and wasteful spending, which, I think, is a good thing, overall.

我認為——我的觀點以及我們對 DOGE 的看法——我們喜歡政府部署該組織來追查輕率和浪費支出的機會，我認為總體而言這是一件好事。

But, in direct answer to your question, we're not seeing any changes in customer behavior as a result of that effort, at this point in time.

但是，直接回答您的問題，目前我們還沒有看到客戶行為因為這項努力而發生任何變化。

Okay.

好的。

That's helpful.

這很有幫助。

And then, just want to follow up on the Video piece.

然後，只想跟進影片片段。

Given the 10% to 12% is inclusive of customers' move to the cloud, how should we think about if there wasn't a move to the cloud, would the growth be a point or two higher?

鑑於 10% 到 12% 是包括客戶轉向雲端的，我們應該如何思考，如果沒有轉向雲端，成長率是否會高出一兩個百分點？

If we didn't count those headwinds of customers moved to the cloud?

如果我們不計算客戶遷移到雲端所帶來的不利影響呢？

How should we think about the growth rate for Video, with the move to cloud?

隨著向雲端的遷移，我們該如何看待影片的成長率？

We love the fact that customers are moving to the cloud.

我們很高興看到客戶轉向雲端。

We offer solutions for both Prem and cloud.

我們為 Prem 和雲端提供解決方案。

We talked about it, last year, that there was a pretty good acceleration to the cloud.

去年我們就討論過這個問題，雲端運算的發展有一個相當好的加速。

We are seeing a continuation of that, which is a good thing.

我們看到這種情況正在持續，這是一件好事。

And we love the fact that we're still able to grow double digits, 10% to 12%, even with the cloud adoption.

我們很高興看到，即使採用了雲端運算，我們仍然能夠實現兩位數的成長，即 10% 到 12%。

Which, of course, smooths out revenue

這當然會平滑收入

[rep].

[代表]

So we see it as a favorable trend.

因此我們認為這是一個有利的趨勢。

We like the continued momentum.

我們喜歡這種持續的勢頭。

And we think we're well positioned.

我們認為我們處於有利地位。

And the cloud adoption continues in other parts of the portfolio (multiple speakers) Command Center and the work that Mahesh has done there.

雲端的採用仍在作品集的其他部分（多位發言者）指揮中心以及 Mahesh 在那裡所做的工作。

And with the further integration of Video and Command Center and the likes, we view that the cloud adoption of our customers to be a strength indicator across, really, the entire platform.

隨著視訊和指揮中心等的進一步整合，我們認為客戶對雲端的採用實際上成為整個平台的實力指標。

Thank you.

謝謝。

Meta Marshall, Morgan Stanley.

摩根士丹利的 Meta Marshall。

Hi.

你好。

This is [Mary], for Meta.

我是 Meta 的 [Mary]。

Another question on federal.

關於聯邦的另一個問題。

What are you seeing in terms of the federal budget approval?

您對聯邦預算批准有何看法？

And any upside from immigration efforts?

移民工作有什麼好處嗎？

And any expectation of Ukraine revenue, in this year?

今年烏克蘭的收入有何預期？

By the way, just as it relates to Ukraine, really, no revenue expectation for this year.

順便說一句，就像與烏克蘭有關一樣，今年確實沒有收入預期。

We had about $80 million last year so we don't have expectations for, really, any Ukrainian revenue, at this point, in 2025.

去年我們的收入約為 8000 萬美元，因此目前為止，我們對 2025 年烏克蘭的收入沒有任何預期。

Most of the Ukraine revenues were in PCR.

烏克蘭的大部分收入都來自PCR。

That's true.

這是真的。

And, [Mary], most of our engagement with the federal government is DOJ, DHS, and DOD.

而且，[瑪麗]，我們與聯邦政府的大部分合作是與司法部、國土安全部和國防部合作。

And, I would say, DOD -- it's base security (inaudible) enterprise security at base security operations.

我想說，國防部 — — 它是基地安全（聽不清楚）基地安全行動的企業安全。

Multi-year pipeline, we've got P25, both systems and device opportunities.

多年的管道，我們有 P25，包括系統和設備機會。

I think it's important to highlight that, yesterday, we were given go-ahead and FedRAMP high classification, which enables us to sell APX NEXT -- our application services on APX NEXT.

我認為值得強調的是，昨天，我們獲得了批准和 FedRAMP 高級分類，這使我們能夠在 APX NEXT 上銷售我們的應用服務。

We're excited about that because, actually, that'll open up incremental opportunities to sell high-tier devices into said agencies.

我們對此感到興奮，因為實際上，這將為向上述機構銷售高端設備帶來增量機會。

And then the last thing I'd highlight is Video engagement.

我最後要強調的是影片參與。

Government has outpaced video security growth for the company and federal government has certainly been an area of brightness for us.

政府的視訊安全成長速度超過了公司，而聯邦政府無疑是我們重點關注的領域。

And I think the engagement with our customers, with the new administration, continues to look very positive.

我認為我們與客戶以及新政府之間的合作仍然保持著非常積極的勢頭。

And if you think about Video, all-in for us, it was a little over $550 million last year in the government vertical.

如果你考慮視頻，那麼對於我們來說，去年在政府垂直領域的總收入略高於 5.5 億美元。

The government vertical remains our largest for Video.

政府垂直市場仍然是我們最大的視訊市場。

And we expect in 2025, all-in video growth to grow faster than the 10% to 12%, for the technology as a whole.

我們預計，到 2025 年，整個視訊技術的成長速度將超過 10% 至 12%。

Great.

偉大的。

Thank you.

謝謝。

Joseph Cardoso, J.P. Morgan.

約瑟夫·卡多佐，J.P. 摩根。

Hey.

嘿。

Thanks for the question.

謝謝你的提問。

Maybe just wanted to follow up on that last one and just -- maybe it's more of a clarification.

也許只是想跟進最後一個問題 — — 也許這更像是一個澄清。

But, Greg, we saw some interviews, towards the end of the year, where, essentially, post the election, you're sounding a little bit more positive about the operating environment, highlighting some of the topics and focus around police and border patrol, obviously.

但是，格雷格，我們看到了年底的一些採訪，基本上，在選舉之後，你對營運環境的看法聽起來更加積極一些，顯然強調了一些主題並關注警察和邊境巡邏。

And, obviously, we see the rhetoric out there.

顯然，我們看到了外界的言論。

But just curious, could you just dimensionalize like how tangible this is, today, in terms of, potentially, upside to spending across some of those areas of focus?

但只是好奇，您能否具體說明一下，就目前而言，這對某些重點領域的支出可能有多大好處？

And if you're actually seeing it in orders or, at least, is there any early discussions with customers that is tied into that upside, around that?

您是否確實在訂單中看到了這一點，或者至少是否與客戶進行與此相關的早期討論？

And then, I have a quick follow-up for Jason.

然後，我會快速跟進一下傑森的情況。

Sure, Jo.

當然，喬。

So let's start with -- since we last talked in November and I gave high level color, of 5% to 6%, all-in for the firm.

那麼讓我們開始吧——自從我們去年 11 月上次談話以來，我為公司提供了 5% 到 6% 的高額注資。

We got it, obviously, at 5.5%.

顯然，我們的得分是 5.5%。

But when you incorporate the expectations for $120 million of FX, it's actually a stronger view, today, in February than I had in 2025 that I had in in November.

但是，當你考慮到 1.2 億美元外匯的預期時，今天（2 月）的觀點實際上比我在 2025 年 11 月的觀點更為強烈。

So I think, also, the positive feeling about the year is informed, not just by the record backlog but by the pipeline.

因此，我認為，人們對今年的積極情緒不僅來自於創紀錄的訂單積壓，還來自管道。

The pipeline continues to grow.

管道還在持續增長。

So with the pipeline growing and the setup for this year, I feel pretty good about where we are.

因此，隨著今年的管道不斷增長和設置，我對我們所處的狀況感到相當滿意。

I think that, in addition to growing the top line 5.5%, absorbing expectations for FX, we expect gross margins to be comparable to slightly up.

我認為，除了營收成長 5.5%、吸收外匯預期之外，我們預期毛利率也將保持相當或略有上升。

We still expect operating margin expansion -- that's inclusive of about $25 million of headwind associated with higher interest and a little bit of a higher tax rate.

我們仍然預計營業利潤率將擴大——其中包括因利息上升和稅率略有上升而產生的約 2500 萬美元的不利因素。

So, all-in, Jo, I like the setup.

所以，總而言之，喬，我喜歡這個設定。

I think the Trump administration's continued orientation around public safety, around border security, and the work they've done, tactically, since then -- since election -- and to now is generally favorable.

我認為川普政府自大選以來一直致力於公共安全和邊境安全，並且到目前為止，在戰術上所做的工作總體上是有利的。

And they're looking - I got an earlier question about DOGE -- about efficiencies and work flow.

他們正在研究——我之前曾問過一個關於 DOGE 的問題——關於效率和工作流程。

And a lot of what we do in public safety and security speaks to workflow efficiencies and doing more with less.

我們在公共安全和安保領域所做的許多工作都與工作流程效率以及如何用更少的資源做更多的事情有關。

So I feel good about where we are.

所以我對我們的現狀感到很滿意。

And we'll operate accordingly with this administration.

我們將依照本屆政府的安排來進行工作。

That's great, Greg.

太好了，格雷格。

Thank you for the insights there.

感謝您的見解。

And then, just a quick one for Jason, on the tariffs.

然後，傑森再簡單談談關稅問題。

Can you just quantify how much of a headwind you're embedding from a tariff impact?

您能否量化一下關稅影響為您帶來了多大的阻力？

And then, the second part of that is any way you can help us think about if you're more biased to any of the particular regions that are under the scope, here?

然後，第二部分是，您是否能以任何方式幫助我們思考，您是否對範圍內的任何特定區域有偏見？

Sure.

當然。

Thanks.

謝謝。

Clearly, supply chain is an ever-changing environment -- having tackled semiconductor challenges over the last two years, now, it's tariffs.

顯然，供應鏈是一個不斷變化的環境——過去兩年我們已經解決了半導體的挑戰，現在又面臨關稅問題。

We like our footprint -- the flexibility of it -- and where we're positioned.

我們喜歡我們的足跡——它的靈活性——以及我們的定位。

Outside the USA, we're in Mexico, Malaysia, and then, Canada, in that order.

除美國外，我們還在墨西哥、馬來西亞、加拿大（以這個順序）。

China is not a risk for us.

中國對我們來說不構成風險。

The 301 Tariffs, we've navigated with minimal impact because we don't have operations or manufacturing there.

301關稅對我們影響很小，因為我們在那裡沒有業務或製造業務。

So, as we look forward, the guide we gave is reflective of the tariff rates that we're paying, today.

因此，展望未來，我們給出的指南反映了我們今天支付的關稅稅率。

We'll continue to monitor and navigate, with flexibility, in the footprint we have and ROI-based decisions, with facts on the ground, as they present themselves.

我們將繼續靈活地監控和導航，在現有的足跡和基於投資回報率的決策範圍內，根據實際情況進行調整。

So we'll continue to be nimble in that regard

因此我們將繼續在這方面保持靈活

And Jo, just an adder, even though it's a tariff/supply chain question.

喬，這只是一個補充，儘管這是一個關稅/供應鏈問題。

Jason's team and Chad Werkema did a great job over the last year or two.

Jason 的團隊和 Chad Werkema 在過去一兩年裡做得非常出色。

We did end up benefiting $65 million to $70 million of PPV benefit, which we said we would achieve last year.

我們最終獲得了 6500 萬至 7000 萬美元的 PPV 收益，正如我們去年所說的那樣。

Baked into the forward-looking guidance for this year, we're expecting a PPV benefit of about $25 million.

根據今年的前瞻性指引，我們預計 PPV 收益約為 2,500 萬美元。

That would help you dimensionalize the current trend, in that regard.

這將有助於您從這個方面具體化當前趨勢。

Got it, guys.

明白了，夥計們。

Thank you for all the color.

感謝你們帶來的所有色彩。

Appreciate it.

非常感謝。

Keith Housman, Northcoast Research.

基思·豪斯曼（Keith Housman），Northcoast Research。

Good afternoon, guys.

大家下午好。

Hopefully, you know Jason, are -- can you, guys, unpack the Theatro acquisition a little bit more for us, in terms of what it brings to the table, in terms of its capabilities?

希望您知道 Jason，您能否為我們更詳細地介紹一下 Theatro 的收購，就其帶來的好處和能力而言？

And how you plan on, expanding the business, from here?

那麼您計劃如何拓展業務呢？

Keith, in terms of revenue contributions, we expect it to close this year.

基思，就收入貢獻而言，我們預計它將在今年完成。

It'll be pretty small.

它會非常小。

And we will record it.

我們會記錄下來。

And it'll be part of our Command Center offer.

它將成為我們指揮中心服務的一部分。

We're really excited about the technology that it represents.

我們對它所代表的技術感到非常興奮。

And I think Mahesh is best positioned to give you some insights as to why.

我認為馬赫什 (Mahesh) 最有資格向您解釋其中的原因。

It's -- for frontline workers, 'eyes up, hands free' is important.

對於第一線工作人員來說，「抬頭、解放雙手」非常重要。

But they would like to benefit from AI as well.

但他們也希望從人工智慧中受益。

And audio ends up being a very significant interface into AI and Theatro has an entire solution that is turnkey, today, specifically optimized for frontline worker workflows.

音訊最終成為人工智慧的一個非常重要的接口，而 Theatro 擁有一整套交鑰匙解決方案，目前已專門針對第一線工作人員的工作流程進行了最佳化。

They're very strong in retail.

他們在零售業方面非常強大。

And we feel like we can expand them into other markets as well.

我們覺得我們也可以將它們擴展到其他市場。

So we're pretty excited.

所以我們非常興奮。

Great.

偉大的。

Appreciate it.

非常感謝。

And if I can just expand, Jason, on the tariff question from before?

傑森，我能否就之前的關稅問題進一步闡述呢？

I know your commentary was that tariffs are in place, today.

我知道你的評論是，今天關稅已經生效。

But it sounds like Canadian and Mexico tariffs could [come] here, really quick.

但聽起來加拿大和墨西哥的關稅可能很快就會到來。

Is it possible to give some context of what that, perhaps, would mean for you, guys?

大家好，我是否可以為大家介紹一下這對你們來說意味著什麼？

I think, with the flexible footprint, Keith, we would, first of all, need to understand what the tariffs are.

我認為，有了靈活的足跡，基思，我們首先需要了解關稅是多少。

We're working through that.

我們正在努力解決這個問題。

As well as what, where, and how we would switch positioning.

以及我們將在何處、如何改變定位。

So the tariffs that have been discussed, we're working through them.

我們正在努力解決已經討論過的關稅問題。

In terms of what's in our guide, it's the tariffs that are in effect, right now.

就我們的指南而言，這是目前有效的關稅。

And, as early as today, there was mention of more.

而且，早在今天，就有更多內容被提及。

We'll continue to work through those and see what options we have to navigate the footprint we have.

我們將繼續努力解決這些問題，並看看我們有哪些選擇來探索現有的足跡。

As you know, we use a global manufacturing footprint, across EMSs, that can afford us flexibility, could take some investment, could take a little time, but we'll continue to monitor this.

如您所知，我們利用跨 EMS 的全球製造足跡，這可以為我們提供靈活性，可能需要一些投資，也可能需要一些時間，但我們會繼續監控這一點。

But what's reflected now is what's in paper, right now.

但現在反映的是目前紙面上的內容。

Okay.

好的。

Thank you.

謝謝。

(Operator Instructions)

（操作員指令）

Louis de Palma, William Blair.

路易斯·德·帕爾馬，威廉·布萊爾。

Greg, Jason, Jack, Mahesh, and Tim, good afternoon.

格雷格、傑森、傑克、馬赫什和提姆，下午好。

Hey, Louis, how are you?

嘿，路易斯，你好嗎？

Doing well.

做得很好。

There's been a lot of questions on DOGE, which relates to federal spending and efficiency.

關於 DOGE 有很多疑問，它與聯邦支出和效率有關。

But I was wondering how is the local and state spending environment, right now, in the US?

但我想知道目前美國地方和州的支出環境如何？

I think it was a year or two years ago, you said it was the strongest spending environment that you've ever seen, Greg.

我想那是一兩年前的事了，格雷格，您說過那是您所見過的最強勁的消費環境。

But how do you categorize it, now, two years later?

但是現在，兩年過去了，您如何對其進行分類？

Hey, Louis.

嘿，路易斯。

It's Jack.

是傑克。

First of all, I think the most important point here is what's happening in urban American cities across the country.

首先，我認為這裡最重要的一點是美國全國各地城市正在發生的事情。

Public safety technology continues to get prioritized.

公共安全科技繼續受到重視。

So that's the overarching narrative.

這就是整體敘述。

As it applies to funding, it's still a very good, I'd say, it's a great funding environment.

就融資而言，我認為它仍然非常好，這是一個非常好的融資環境。

Because, if you think about it, local revenues, essentially, come from income, sales and property taxes.

因為，如果你仔細想想，地方收入基本上來自於所得稅、銷售稅和財產稅。

There's been a tailwind.

出現了順風。

And, actually, inflation has put more money into state and local coffers, as it relates to that.

事實上，與此相關的是，通貨膨脹為州和地方金庫注入了更多的資金。

In addition, 911 funding, the environment is strong there.

此外，911 資金支持，那裡的環境很強大。

So 2025 used to be, historically, and I've been doing business in state and local for 25 years, it's as good as an environment as Greg articulated two years ago.

所以從歷史上看，2025 年曾經是，而且我已經在州和地方做了 25 年的生意，它的環境就像格雷格兩年前所說的一樣好。

I agree.

我同意。

And I think the point is we look at a lot of things.

我認為重點是我們要關注很多事情。

Our pipeline, as Jason and Greg indicated, continues to be strong.

正如傑森和格雷格所說，我們的頻道持續強勁。

But we're also looking at bottom-of-funnel things ,quoting an activity which is up substantially year over year.

但我們也在關注漏斗底部的情況，引用逐年大幅增加的活動。

And I think that's a measure, not only of sales activity but customer demand and what they need to keep their municipality safe.

我認為這不僅衡量了銷售活動，也衡量了客戶需求以及他們保障城市安全所需的條件。

Thanks, Jack.

謝謝，傑克。

And on several earnings calls and fireside chats, Mahesh, you have discussed Motorola's robust investments in AI for, like, video preventive alerts and 911 transcription and many other applications.

馬赫什，在幾次財報電話會議和爐邊談話中，您討論了摩托羅拉在人工智慧方面的大力投資，例如視訊預防警報和 911 轉錄以及許多其他應用。

I was wondering the LMR side , Apple has launched Apple Intelligence at the edge, does Motorola have plans to also bring AI apps to your edge radios, beyond what you already have?

我想知道 LMR 方面，蘋果已經在邊緣推出了 Apple Intelligence，摩托羅拉是否有計劃將 AI 應用程式引入你們的邊緣無線電，超越你們現有的功能？

Is that a big focus area for the company?

這是公司的重點領域嗎？

If I, maybe, take a step back there, Louis -- today, like -- you take a generative AI model, a large language model of some sort, you can get it to summarize, you can chat with it, et cetera.

如果我，也許，退一步來說，路易斯——今天，就像——你採取一個生成式人工智慧模型，某種大型語言模型，你可以讓它進行總結，你可以與它聊天，等等。

It's pretty easy to implement those capabilities.

實現這些功能非常容易。

But taking it to the mission critical problems that is quite different -- and it's much harder, specifically because you are not catering to the typical circumstances, you're actually catering to the somewhat typical and atypical circumstances.

但將其應用於關鍵任務問題則截然不同——而且要困難得多，具體來說，因為你不是在迎合典型情況，而是在迎合某種典型和非典型情況。

And, oftentimes, those atypical circumstances are actually the life critical problems that we deal with.

而且很多時候，這些非典型情況其實是我們要處理的關鍵生活問題。

When it comes to AI, for us, we actually already played not just in the cloud, but also at the edge.

對我們來說，就人工智慧而言，我們實際上不僅在雲端發揮作用，而且在邊緣也發揮作用。

The majority of our Video platforms today, over 90% of our cameras, actually have edge intelligence built into them.

目前，我們大多數的視訊平台（超過 90％ 的攝影機）實際上都內建了邊緣智慧。

Most of them run vision transformers and other AI technologies, both to -- mainly for computer vision type of applications.

它們中的大多數都運行視覺轉換器和其他人工智慧技術，主要用於電腦視覺類型的應用。

So as we think about what we do on the radio side, we introduced ViQi quite a few years ago, along with APX NEXT.

因此，當我們思考我們在無線電方面所做的事情時，我們在幾年前就推出了 ViQi 以及 APX NEXT。

And we feel like that, combined with generative AI capabilities, gets us more capabilities.

我們覺得，這與生成式人工智慧能力結合，可以為我們帶來更多能力。

We are thinking about that and we are planning for it.

我們正在考慮這個問題並正在為此做計劃。

Audio quality ends up being a very significant part of it.

音頻品質是其中非常重要的一部分。

And that, we believe, is a significant strength of APX NEXT and our radio products, as a whole.

我們相信，這是 APX NEXT 和我們的無線電產品整體的顯著優勢。

So there's a lot to be excited about that.

因此，有很多值得興奮的事情。

Great.

偉大的。

And are you using AI to improve the existing high-audio quality of your LMR network?

您是否正在使用 AI 來改善 LMR 網路現有的高音訊品質？

We use AI, actively, for background noise cancellation.

我們積極使用人工智慧來消除背景噪音。

And we also use it to improve the audio codec itself.

我們也用它來改進音訊編解碼器本身。

Along with a beam steering for the multiple microphones we have on our RSMs.

我們也為 RSM 上的多個麥克風配備了波束控制功能。

Excellent.

出色的。

Thanks.

謝謝。

That's exactly what I was looking for.

這正是我所尋找的。

Thanks, Mahesh.

謝謝，馬赫什。

Tomer Zilberman, Bank of America.

美國銀行的托默·齊爾伯曼（Tomer Zilberman）。

Hey, guys.

嘿，大家好。

Sorry I joined a little bit late.

抱歉我加入得有點晚了。

So apologies if these questions have already been asked.

如果這些問題已經被問過了，我深感抱歉。

But looking at the P&L, looks like the product portion of your video security business actually picked up this quarter.

但從損益表來看，似乎你們的視訊安全業務的產品部分本季實際上有所回升。

I just wanted to see what the trends were, there, specifically around video security products?

我只是想看看那裡的趨勢是什麼，特別是視訊安全產品的趨勢是什麼？

So you're picking up on it, right?

那麼，你意識到了這一點，對嗎？

It did grow in Q4.

它在第四季度確實增長了。

And, as we mentioned last quarter, the solution in Video is not only products but also software.

而且，正如我們上個季度提到的，視訊解決方案不僅是產品，還有軟體。

And the software rate of growth, within Video, has, for the entirety of '24, grew faster than that of products.

在整個 24 年裡，視訊軟體的成長速度一直快於產品的成長速度。

So the product growth, we're pleased with, in Q4, represents a bit more cameras and contribution towards products.

因此，我們對第四季度的產品成長感到滿意，這意味著相機數量增加，產品貢獻也有所增加。

And the software that's embedded with them, follows.

隨後是嵌入其中的軟體。

Understood.

明白了。

And, maybe, as a follow-up, asking about backlog.

並且，也許，作為後續行動，詢問有關積壓的情況。

More philosophically, where do you think the product portion of your backlog, not where it ends up this year, but going forward over the next few years, do you get back to a roughly $3 billion historical level?

從哲學角度來說，您認為積壓訂單中的產品部分佔比是多少？

Or because there's an increased video security portion, does that have elevated levels versus historical?

還是因為視訊安全部分增加了，其水準與歷史相比是否有所提升？

Well, the video part of our business, which is growing, and we expect, this year, to be over $2 billion, is largely a quick-turn business and doesn't come from backlog.

嗯，我們業務的影片部分正在成長，我們預計今年的收入將超過 20 億美元，這基本上是一項快速週轉的業務，而不是來自積壓訂單。

So that is changing the mix of what we would expect to do.

所以，這改變了我們期望做的事情的組合。

But, I think, stepping back, demand continues to be strong.

但我認為，退一步來看，需求仍然強勁。

It's reflective in not only our backlog position, but also a growing pipeline.

這不僅反映了我們的積壓情況，也反映了不斷增長的管道。

And this quick-turner, in your orders, is something that, in any year, is important to be a contributor to our outlook expectations.

而您的訂單中的這種快速週轉在任何一年都對於我們展望預期具有重要貢獻。

So it's both backlog and pipeline.

因此，這既是積壓任務，也是管道任務。

Exactly.

確切地。

Understood.

明白了。

Thank you very much.

非常感謝。

Thanks, Tomer.

謝謝，托默。

This concludes our question-and-answer session.

我們的問答環節到此結束。

I will now turn the floor over to Mr. Greg Brown, Chairman and Chief Executive Officer, for any additional comments or closing remarks.

現在，我將把發言權交給董事長兼執行長格雷格·布朗先生，請他發表其他評論或結束語。

I just want to say thank you to all the people and the partners in Motorola Solutions that made this past year a great year.

我只想對摩托羅拉系統公司的所有員工和合作夥伴說謝謝，因為你們讓過去的一年成為了偉大的一年。

I appreciate everything you do.

我感謝你所做的一切。

As importantly or more importantly, I appreciate what you continue to do, as we start this year with a growing pipeline, a strong balance sheet, and operating a company where safety and security remains prioritized with a lot of our end-user customers.

同樣重要或更重要的是，我感謝您繼續做的一切，因為我們今年的開端就是不斷增長的產品線、強勁的資產負債表，並且我們在運營公司時仍然將許多最終用戶客戶的安全和保障放在首位。

And I think that informs our excitement about the year, informs our prudent guide.

我認為這讓我們對這一年感到興奮，也讓我們有了審慎的指引。

And it leads me to anticipate another year of record revenue, of record earnings.

這讓我預計今年的營收和獲利將再創紀錄。

And I love the fact that we're set up and we expect a third consecutive year of double-digit operating cash flow.

我很高興我們已經做好了準備，我們預計連續第三年實現兩位數的營運現金流。

I also do want to point out and thank all the people associated with the LA fires and the terrorist attack in New Orleans.

我還要指出並感謝所有與洛杉磯火災和新奧爾良恐怖攻擊有關的人。

By the way, there's some employees that were impacted, within our company, by those tragedies.

順便說一句，我們公司的一些員工受到了這些悲劇的影響。

But every single time something like that occurs, inevitably, I hear from Jack and the team about countless examples of selfless employees who go above and beyond and I'm reminded around the criticality of the solutions that we sell, in all things public safety and mission critical communications.

但每次發生這樣的事情時，我不可避免地會從傑克和團隊那裡聽到無數無私的員工的例子，他們超越自我，讓我意識到我們所銷售的解決方案在所有公共安全和關鍵任務通信領域的重要性。

And I appreciate that.

我對此表示感謝。

Thank you for joining us, today.

感謝您今天加入我們。

I look forward to talking to you all, again, with our team in May.

我期待著五月與我們的團隊再次與大家交談。

And I appreciate you.

我很感謝你。

Thanks.

謝謝。

This does conclude today's teleconference.

今天的電話會議到此結束。

A replay of this call will be available, over the internet, within three hours.

這次通話的重播將在三小時內透過網路提供。

The website address is www.motorolasolutions.com/investor.

網址是 www.motorolaslutions.com/investor。

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

我們感謝您的參與，並請您此時斷開您的線路。