摩托羅拉 (MSI) 2025 Q1 法說會逐字稿

Good afternoon and thank you for holding. Welcome to Motorola Solutions first-quarter 2005 earnings conference call. Today's call is being recorded. If you have any objections, please disconnect at this time.

下午好，謝謝您的出席。歡迎參加摩托羅拉系統公司 2005 年第一季財報電話會議。今天的通話正在錄音。如果您有任何異議，請立即斷開連接。

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

演示資料和其他財務表格已發佈在摩托羅拉系統投資者關係網站上。此外，本次電話會議的網路直播重播將在本次電話會議結束後的三個小時內在我們的網站上提供。網址是 www.motorolaslutions.com/investor。（操作員指示）

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。

Good afternoon. Welcome to our 2025 first-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 2025 年第一季財報電話會議。今天和我一起的還有董事長兼執行長 Greg Brown； Jason Winkler，執行副總裁兼財務長；傑克‧莫洛伊 (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 和 Jason 將回顧我們的結果並進行評論，Jack 和 Mahesh 將加入問答環節。

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

我們在 motorolaslutions.com/investor 上發布了一條新聞 - 發布了收益報告和新聞稿。這些資料包括 GAAP 與非 GAAP 的對帳和[參考]，在電話會議中，我們參考非 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. These statements are based on current expectations and assumptions that are subject to a variety of risks and uncertainties. Actual results could differ materially from these forward-looking statements.

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。這些聲明是基於目前的預期和假設，受各種風險和不確定性的影響。實際結果可能與這些前瞻性陳述有重大差異。

Information about factors that could cause such differences can be found in today's earnings news release in the comments made during this conference call, in the risk factors section of our 2024 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.

有關可能導致此類差異的因素的資訊可在今天的收益新聞稿、本次電話會議中的評論、我們 2024 年 10-K 表年度報告或 10-Q 表任何季度報告中的風險因素部分以及我們向美國證券交易委員會提交的其他報告和文件中找到。我們不承擔更新任何前瞻性陳述的義務。

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

說完這些，我會把麥克風交給格雷格。

Thanks, Tim, and good afternoon. Thanks, everybody, for joining us today. I'll begin with a few thoughts of the business before turning it over to Jason.

謝謝，蒂姆，下午好。感謝大家今天加入我們。在將話題轉交給傑森之前，我先談談對這項業務的一些想法。

First, Q1 was an excellent start to the year with record first quarter revenue, record operating earnings, and record cash flow in Software & Services. Sales were up 9%, driven by continued strong adoption of software applications across our safety and security ecosystem and by our LMR services. In Products and SI, sales were up 4% with significant operating margin expansion, driven by growth from our higher-tiered public safety devices as well as lower material costs.

首先，第一季是一年中一個良好的開端，軟體和服務業務的第一季營收、營業利潤和現金流均創下歷史新高。銷售額成長了 9%，這得益於我們安全和安保生態系統以及 LMR 服務中軟體應用程式的持續強勁採用。在產品和 SI 方面，銷售額成長了 4%，營業利潤率大幅擴大，這得益於我們更高層級的公共安全設備的成長以及材料成本的降低。

Second, our investments in Video and Software continue to drive meaningful revenue growth for the company. During quarter, our Command Center and Video technologies both grew double digits and achieved record Q1 orders and ending backlog.

其次，我們在影片和軟體方面的投資持續為公司帶來可觀的收入成長。本季度，我們的指揮中心和視訊技術均實現了兩位數成長，並實現了創紀錄的第一季訂單量和期末積壓訂單量。

We also closed on the acquisitions of RapidDeploy and Theatro, adding to our software offerings for both public safety and enterprise customers. And just last week, we launched SVX and Assist to groundbreaking technologies that will transform how public safety officers protect and serve.

我們也完成了對 RapidDeploy 和 Theatro 的收購，增強了我們為公共安全和企業客戶提供的軟體產品。就在上週，我們推出了 SVX 和 Assist 兩項突破性技術，這些技術將改變公共安全官員的保護和服務方式。

And finally, as we navigate the current environment, I like how we are positioned. Our customers are continuing to prioritize investments in safety and security. Our public safety ecosystem continues to expand with new products and solutions, and we're taking actions to offset cost increases related to tariffs. All of this is driving our continued expectation for strong revenue, earnings, and cash flow growth for the year.

最後，當我們在當前環境中前進時，我喜歡我們所處的定位。我們的客戶繼續優先考慮對安全和保障的投資。我們的公共安全生態系統隨著新產品和解決方案的不斷擴展，我們正在採取行動來抵消與關稅相關的成本增加。所有這些都推動著我們對今年強勁的營收、獲利和現金流成長的持續預期。

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

說完這些，我現在將電話轉回給傑森。

Thank you, Greg.

謝謝你，格雷格。

Revenue for the quarter grew 6% and was above our guidance with growth in all three technologies. FX headwinds during the quarter were $25 million, while acquisitions added $32 million. GAAP operating earnings were $582 million or 23% of sales, up from 21.7% in the year-ago quarter. Non-GAAP operate earnings were $716 million, up 12% from the year-ago quarter, and non-GAAP operating margin was 28.3%, up 160 basis points, driven by higher sales, favorable mix, and lower direct material costs, partially offset by acquisitions.

本季營收成長 6%，高於我們的預期，三種技術均實現成長。本季外匯不利因素為 2,500 萬美元，而收購則增加了 3,200 萬美元。公認會計準則營業利潤為 5.82 億美元，佔銷售額的 23%，高於去年同期的 21.7%。非公認會計準則營業利潤為 7.16 億美元，比去年同期增長 12%，非公認會計準則營業利潤率為 28.3%，增長 160 個基點，這得益於銷售額增加、產品組合有利以及直接材料成本降低，但部分被收購所抵消。

GAAP earnings per share was $2.53, up from a $0.23 loss in the year-ago quarter, which then included a non-operating loss due to the accounting treatment for the settlement of our Silver Lake convertible debt. Non-GAAP EPS was $3.18, up 13% from $2.81 last year. The growth in EPS was driven by higher sales and margins in the current year. OpEx in Q1 was $603 million, up $35 million versus last year, driven by investments in Video and acquisitions.

以美國通用會計準則計算，每股收益為 2.53 美元，高於去年同期的 0.23 美元虧損，其中包括因銀湖可轉換債務結算會計處理而產生的非營業性虧損。非公認會計準則每股收益為 3.18 美元，較去年的 2.81 美元成長 13%。每股收益的成長得益於本年度銷售額和利潤率的提高。第一季的營運支出為 6.03 億美元，比去年同期增加了 3,500 萬美元，主要得益於對視訊和收購的投資。

Turning to cash flow, Q1 operating cash flow was $510 million, up $128 million versus last year, and free cash flow was $473 million, up $137 million. The increasing cash flow was primarily driven by higher earnings and improvements in working capital. For the full year, our expectations for double digit operating cash flow growth or approximately $2.7 billion are unchanged. Capital allocation for Q1 included $325 million in share repurchases, $182 million in cash dividends of$ 37 million of CapEx.

談到現金流，第一季營運現金流為 5.1 億美元，比去年增加 1.28 億美元，自由現金流為 4.73 億美元，增加 1.37 億美元。現金流的增加主要得益於收益的增加和營運資本的改善。對於全年而言，我們對兩位數經營現金流成長（約 27 億美元）的預期保持不變。第一季的資本配置包括 3.25 億美元的股票回購、1.82 億美元的現金股利和 3,700 萬美元的資本支出。

During the quarter, we closed two acquisitions for a combined total of $414 million. RapidDeploy, a cloud-native next-generation 9-1-1 provider, and Theatro, a maker of AI and voice-powered communication and digital workflow software for frontline workers. Both acquisitions are included in Command Center within our Software & Services segment.

本季度，我們完成了兩項收購，總額為 4.14 億美元。RapidDeploy 是一家雲端原生的下一代 9-1-1 供應商，Theatro 是一家為前線工作人員提供人工智慧和語音通訊和數位工作流程軟體的製造商。這兩次收購均包含在我們的軟體和服務部門的指揮中心內。

Moving to segment results, in Products and SI, sales were up 4% versus last year, driven by growth in LMR. Currency headwinds were $14 million in the quarter. Operating earnings were $434 million or 28.1% of sales, up from 24.8% in the prior year, driven by higher sales, favorable mix, and lower direct-material costs.

轉向分部業績，在產品和 SI 方面，銷售額較去年同期成長 4%，這得益於 LMR 的成長。本季貨幣逆風為 1,400 萬美元。營業利潤為 4.34 億美元，佔銷售額的 28.1%，高於上年的 24.8%，這得益於銷售額的增加、產品組合的最佳化以及直接材料成本的降低。

Some notable Q1's and achievements in this segment included $19 million TETRA award for customer in Germany, a $10 million fixed video order for Duke Energy, a $10 million P25 system order for a customer in North Africa, a $10 million P25 device order for U.S. state and local customer, and a $7 million P25 device order for Aurora, Colorado.

該領域一些值得注意的第一季業績和成就包括為德國客戶授予的 1900 萬美元 TETRA 合約、為杜克能源授予的 1000 萬美元固定視頻訂單、為北非客戶授予的 1000 萬美元 P25 系統訂單、為美國州和地方客戶授予的 1000 萬美元 P25 設備 P25 系統訂單、為美國州和地方客戶授予的 1000 萬美元 P25 設備訂單以及為科羅拉多州奧拉羅拉 750 萬美元的訂單設備。

And in Software & Services, revenue was up 9% compared to last year, driven by strong growth again across all three technologies. Revenue from acquisitions was $32 million and FX headwinds were $11 million. Operating earnings in the segment were $282 million or 28.7% of sales, down from 29.8% of sales last year, primarily due to acquisitions.

軟體和服務業務的營收較去年同期成長了 9%，這主要得益於三大技術的強勁成長。收購收入為 3,200 萬美元，外匯不利因素為 1,100 萬美元。該部門的營業利潤為 2.82 億美元，佔銷售額的 28.7%，低於去年的 29.8%，主要原因是收購。

Some notable Q1 highlights in Software & Services include a $19 million LMR-managed services extension for an international customer, an $18 million LMR services renewal for a U.S. utility, a $9 million fixed video services contract renewal for the city of Chicago, a $7 million Command Center order for U.S. federal customer, and a $5 million Command Center order for Denver's public transport.

軟體和服務領域第一季的一些顯著亮點包括為國際客戶提供價值 1900 萬美元的 LMR 管理服務擴展、為美國公用事業公司續簽價值 1800 萬美元的 LMR 服務、為芝加哥市續簽價值 900 萬美元的固定視訊服務合約、為美國聯邦客戶提供價值 700 萬美元的指揮中心訂單，以及為丹佛公共交通中心提供價值 500 萬美元的指揮中心訂單。

Moving next to our regional results, North America Q1 revenue was $1.9 billion, up 9% on growth in all three technologies. International Q1 revenue was $676 million, down 3% versus last year, with growth in Video and Command Center, offset by foreign currency headwinds and lower LMR revenue from Ukraine in the current year.

接下來看看我們的區域業績，北美第一季的營收為 19 億美元，三種技術的成長率為 9%。國際第一季營收為 6.76 億美元，較去年下降 3%，視訊和指揮中心收入有所增長，但被本年度外匯逆風和烏克蘭 LMR 收入下降所抵消。

Moving to backlog, ending backlog for Q1 was $14.1 billion, down $306 million or 2% versus last year, driven by strong LMR shipments and revenue recognition from the U.K. Home Office, partially offset by strong growth across all three technologies within Software & Services. Sequentially, backlog was down around $605 million or 4%. The sequential decline was driven by strong LMR shipments, revenue recognition for the U.K. Home Office, as well as order seasonality that's typical of the first quarter of the year.

談到積壓訂單，第一季的期末積壓訂單為 141 億美元，比去年下降 3.06 億美元或 2%，這得益於強勁的 LMR 出貨量和英國內政部的收入確認，但軟體和服務領域所有三種技術的強勁增長部分抵消了這一影響。相比之下，積壓訂單下降了約 6.05 億美元，降幅為 4%。環比下降的原因是 LMR 出貨量強勁、英國內政部的收入確認以及今年第一季典型的訂單季節性。

In the Products & SI segment, ending backlog decreased approximately $1 billion versus last year due to strong LMR shipments and $533 million sequentially, driven by the order seasonality patterns that I just mentioned.

在產品和 SI 部門，由於 LMR 出貨量強勁，期末積壓訂單較去年同期減少約 10 億美元，而受我剛才提到的訂單季節性模式的影響，期末積壓訂單較上一季減少 5.33 億美元。

In Software & and Services, backlog increased $732 million compared to last year, driven by strong demand for multi-year contracts across all three technologies, partially offset by the revenue recognition for the U.K. Home Office. Sequentially, Software &services backlog was down $72 million, primarily driven by revenue recognition for the U.K. Home Office.

軟體和服務領域的積壓訂單較去年同期增加了 7.32 億美元，這主要得益於三種技術的多年期合約的強勁需求，但英國內政部的收入確認部分抵消了這一增長。軟體和服務積壓訂單季減 7,200 萬美元，主要原因是英國內政部的收入確認。

And turning now to our outlook. We expect Q2 sales growth of approximately 4%, with non-GAAP earnings per share between $3.32 and $3.37 per share. This assumes a weighted average share count of approximately 170 million shares and an effective tax rate of approximately 23.5%. For the full year, we continue to expect revenue growth of 5.5% and non-GAAP EPS between $14.64 and $14.74 per share. This full-year outlook assumes $40 million of foreign currency headwinds, a weighted average share count of approximately 170 million shares, and an effective tax rate for the year of approximately 23%.

現在來談談我們的展望。我們預計第二季銷售額將成長約 4%，非 GAAP 每股收益在 3.32 美元至 3.37 美元之間。假設加權平均股數約為 1.7 億股，有效稅率約為 23.5%。就全年而言，我們繼續預期營收成長 5.5%，非 GAAP 每股收益在 14.64 美元至 14.74 美元之間。該全年展望假設外匯逆風為 4,000 萬美元，加權平均股數約為 1.7 億股，年度有效稅率約為 23%。

And before I turn the call back to Greg, I wanted to spend a moment on a few additional topics.

在我將電話轉回給格雷格之前，我想花點時間討論幾個其他主題。

First, with respect to tariffs. As I mentioned earlier, we are reaffirming our full-year guidance by the higher costs from the current tariff environment, which we estimate to be up to $100 million this year. We are navigating this dynamic environment with a number of supply chain actions and we're implementing cost-saving measures along with finding price opportunities as well.

首先，關於關稅。正如我之前提到的，由於當前關稅環境導致成本上升，我們重申全年指導，預計今年成本將高達 1 億美元。我們正在透過一系列供應鏈行動來應對這種動態環境，我們正在實施節約成本的措施，同時也在尋找價格機會。

Second, our continued investments in Software across the entire portfolio are driving strong adoption of our cloud and SaaS offerings, resulting in more revenue -- recurring revenue contributions and having our expectations of strong Software & Services growth this year. One example dimension on this increase in software adoption has been the success of APX NEXT and the suite of software applications that are available on these devices.

其次，我們對整個產品組合中的軟體的持續投資正在推動我們的雲端和 SaaS 產品的強勁採用，從而帶來更多的收入——經常性收入貢獻，並符合我們對今年軟體和服務強勁增長的預期。軟體採用率提高的一個例子是 APX NEXT 以及這些裝置上可用的軟體應用程式套件的成功。

Our customers recognize the operational efficiencies these deliver. And by year end, we expect to have over 200,000 APX NEXT devices with in-app subscription in North America, generating an average $300 per year per device in revenue. This recurring revenue stream and its associated multiyear backlog are recorded within our S&S. segment. Furthermore, the latest extension of APX NEXT platform with the introduction of assistant SVX. provides us with even greater opportunities to deliver value added software applications on the platform.

我們的客戶認可這些技術所帶來的營運效率。今年底，我們預計北美將有超過 20 萬台 APX NEXT 設備具有應用程式內訂閱功能，每台設備每年平均可產生 300 美元的收入。此經常性收入流及其相關的多年積壓訂單均記錄在我們的 S&S 中。部分。此外，APX NEXT 平台的最新擴充也引進了助手 SVX。為我們提供了在平台上提供增值軟體應用程式的更多機會。

And finally, a couple of notes on our balance sheet. Last week, we successfully renewed and extended our $2.25 billion revolving credit facility with improved pricing and flexibility. The new five-year facility extends into 2030 and further complements our maturity profile. This, combined with our $1.6 billion of cash on hand and the $2.7 billion of operations operating cash flow we expect to generate this year, gives us continued flexibility in capital allocation.

最後，對我們的資產負債表做幾點說明。上週，我們成功續簽並延長了 22.5 億美元的循環信貸額度，並提高了定價和靈活性。新的五年貸款期限延長至 2030 年，進一步完善了我們的成熟度狀況。加上我們手頭上的 16 億美元現金和預計今年產生的 27 億美元營運現金流，我們可以繼續靈活地配置資本。

Greg, back to you.

格雷格，回到你身邊。

Thanks, Jason. I'm just going to end really with a few thoughts.

謝謝，傑森。我只想用一些想法來結束我的演講。

First, I'm very pleased with how we're executing in the current environment. Our quarterly results were outstanding with Q1 record sales, earnings, and cash flow. Our pipeline of new opportunities remains strong, and we've implemented mitigation actions to offset higher costs related to tell tariffs.

首先，我對我們在當前環境下的執行情況感到非常滿意。我們的季度業績非常出色，第一季的銷售額、收益和現金流均創下紀錄。我們的新機會管道依然強勁，我們已經實施了緩解措施來抵消與關稅相關的更高成本。

Second, like to take a minute to talk about our latest product launches of SVX and Assist forborne from the trusted foundation of our APX NEXT radio and inspired by who we serve, SVX and Assist represent significant leap forward in public safety technology. SVX is a first-of-its-kind video remote P25 speaker mic that converges secure voice, video, and AI and eliminates the need for a separate body-worn camera.

其次，我想花點時間談談我們最新推出的 SVX 和 Assist 產品，它們以我們 APX NEXT 無線電的可靠基礎為基礎，並受到我們服務對象的啟發，代表了公共安全技術的重大飛躍。SVX 是首款視訊遠端 P25 揚聲器麥克風，它融合了安全語音、視訊和 AI，無需單獨的隨身攝影機。

Assist is our interactive AI platform that bridges AI-enabled features across the portfolio to provide the public safety community with contextual and actionable information when and where are the decision needs to be made. The convergence in the SVX device brings video and even more AI, a first responders' most trusted lifeline, their radio. And it creates a whole new category of technology to reduce response time and save lives.

Assist 是我們互動式人工智慧平台，它將整個產品組合中的人工智慧功能連接起來，為公共安全社群在需要做出決策的時間和地點提供背景和可操作的資訊。SVX 設備的融合帶來了視訊和更多的人工智慧，這是急救人員最信賴的生命線——他們的收音機。它創造了一種全新的技術類別，可以減少回應時間並挽救生命。

In addition, it significantly improves the performance of applications like AI-assisted report writing by utilizing our extensive experience in public safety, audio technology, enhanced by advanced noise cancellation. The SVX will be exclusively available with our APX NEXT family of radios, which we believe will drive increased adoption of these higher-tiered radios and significantly increase our opportunity to provide software apps across the APX NEXT platform. The early engagement with the public safety community has exceeded our expectations, and I'm excited for them to start experiencing the benefits of these game-changing solutions.

此外，它利用我們在公共安全、音訊技術方面的豐富經驗，並透過先進的噪音消除技術，顯著提高了人工智慧輔助報告撰寫等應用程式的性能。SVX 將專門與我們的 APX NEXT 系列無線電設備配合使用，我們相信這將推動這些更高等級無線電設備的普及，並大大增加我們在 APX NEXT 平台上提供軟體應用程式的機會。與公共安全社群的早期合作已經超出了我們的預期，我很高興他們開始體驗這些改變遊戲規則的解決方案帶來的好處。

And finally, I think about the remainder of the year, I'm encouraged on a number of fronts. Our need to have solutions in safety and security are continuing to be prioritized by our customers. The increased adoption for Software & Services apps helps drive continued growth in recurring revenue within our Software & Services segment, which we expect will make up almost 40% of our revenue this year.

最後，想到今年剩餘的時間，我在很多方面都感到鼓舞。我們需要安全和安保解決方案，這始終是客戶優先考慮的事情。軟體和服務應用程式的普及有助於推動我們軟體和服務部門經常性收入的持續成長，我們預計今年該部門將占我們收入的近 40%。

And we had a strong start to the year with regards to capital allocation with over $800 million already deployed between acquisitions and share repurchases year to date. Additionally, we have a very strong balance sheet and robust cash flow that allows us to continue to play offense when the opportunity presents itself.

我們在資本配置方面今年開局強勁，今年迄今已在收購和股票回購中部署了超過 8 億美元。此外，我們擁有非常強大的資產負債表和強勁的現金流，這使我們能夠在機會出現時繼續進攻。

And with that, I'll now turn the call over to Tim and open it up for questions.

現在，我將把電話交給蒂姆，並開始回答問題。

Thanks, Greg. (Operator Instructions)

謝謝，格雷格。（操作員指示）

(Operator Instructions)

（操作員指示）

Tim Long, Barclays.

巴克萊銀行的提姆朗。

Hi, this is Alyssa Shreves on for Tim Long. Just two quick questions, you mentioned the strength and the software services as a service. Can you kind of walk us through the video product revenue performance in the quarter? Was the product weakness kind of driven by the shift to the cloud? And then I have one follow up.

大家好，我是 Alyssa Shreves，為 Tim Long 播報。只要問兩個簡單的問題，您就提到了優勢和軟體服務即服務。您能否向我們介紹本季影片產品的營收表現？產品的弱點是否是由於向雲端運算的轉變而導致的？然後我還有一個後續問題。

Sure, Alyssa, thanks for the question. So I think you're picking up on the fact that video grew nicely for the quarter and is on path for our video growth that we expect for the year, 10% to 12%. Software is leading that growth and has been for a number of quarters. That's consistent with how we've invested in the portfolio. And it's been performing nicely in that regard and we expect continued growth and part of that, yes, is the performance of Alta, our cloud video offer, which is growing quite nicely.

當然，Alyssa，謝謝你的提問。所以我認為你已經意識到了本季視訊業務成長良好，並且有望實現我們預計的全年視訊業務成長 10% 至 12% 的目標。軟體正在引領這一成長，並且已經持續了多個季度。這與我們對投資組合的投資方式一致。在這方面它表現良好，我們預計它將繼續增長，其中一部分是我們的雲端視訊產品 Alta 的表現，它正在相當好地增長。

And Alyssa, even with cloud growing exponentially stronger than product we also still expect products to grow for the full year as well.

還有 Alyssa，即使雲端運算的成長速度比產品快得多，我們仍然預期產品全年也會成長。

You. And then just a quick one on tariffs, are you seeing any change in customer behavior, with this kind of uncertainty? Are you seeing any pullback, any kind of elongation of deals, any color there would be great. Thank you.

你。然後簡單問一下關稅問題，在這種不確定性下，您是否看到客戶行為發生了任何變化？您是否看到任何回調、任何形式的交易延長、任何顏色都會很棒。謝謝。

Alyssa, we're not I mean we're not either internationally or in North America, what's happening in the field right now is pretty consistent of what we've seen over the last number of years.

艾莉莎，我們不是，我的意思是我們既不在國際上，也不在北美，目前該領域發生的事情與我們過去幾年看到的情況非常一致。

I would add in terms of how we're navigating the environment and getting past about $100 million-impact this year proactively dual sourcing, moving around our flexible footprint, we are implementing some discretionary cost controls across the company, as well as some pricing opportunities as I mentioned.

我想補充一點，關於我們如何應對環境，如何在今年克服約 1 億美元的影響，積極主動地進行雙重採購，轉移我們的靈活足跡，我們正在整個公司實施一些可自由支配的成本控制，以及我提到的一些定價機會。

And the tariff, Alyssa, the tariff increased tariff of about $100 million or up to is driven by higher input costs from different theaters, its production associated with Malaysia, and even though we are out of China, as you know from any and all manufacturing and development, we still have a few, very few actually commodity components that are sourced from China and with the rate sitting at 145%, that's included and informing that about $100 million estimate, which by the way, on an EPS basis is about $0.40 of full-year EPS.

關稅，艾麗莎，關稅增加了約 1 億美元或高達，這是由於來自不同劇院的投入成本增加，其生產與馬來西亞有關，儘管我們在中國以外，但正如您從所有製造和開發中所知，我們仍然有一些，實際上很少的商品部件來自中國，稅率為 145%，其中包括並告知約 1 億美元的估計值，順便說一下，按全年每股收益計算的每股收益。

Joseph Cardoso, JPMorgan.

摩根大通的約瑟夫·卡多佐。

Hey, good afternoon, thanks for the question. So maybe the first one here just wanted to touch on the demand trends that you're seeing. I appreciate it sounded like you're not seeing any change in the environment, but if I take a step back and look at the full-year revenue guide and kind of strip out the FX impact that was embedded. 90 days ago versus what you're embedding today, it does look like there's a bit softness embedded there relative to what you're originally expecting and maybe I'm pulling out hairs here, but maybe you could just touch on that with some of the moving pieces what you're seeing across demand in the pipeline.

嘿，下午好，謝謝你的提問。所以也許這裡的第一個人只是想談談你所看到的需求趨勢。我很感激你聽起來好像沒有看到環境有任何變化，但如果我退一步看看全年收入指南，並剔除其中嵌入的外匯影響。與您今天嵌入的情況相比，90 天前的情況確實看起來與您最初預期的情況相比有一些疲軟，也許我在這裡吹毛求疵，但也許您可以根據您在管道需求中看到的一些活動部分來觸及這一點。

And particularly just curious just given kind of what we're seeing in terms of concerns on the macro, can you maybe differentiate between what you're seeing and maybe your core public safety vertical versus maybe on the enterprise side of the business? And then I have a follow up. Thank you.

特別好奇的是，鑑於我們在宏觀方面所看到的擔憂，您能否區分您所看到的情況和您的核心公共安全垂直領域以及企業業務方面的情況？然後我有一個後續行動。謝謝。

Yeah, on the first part, Joseph, yeah, you're right on the FX, but I think in this environment, given the volatility and uncertainty and -- while FX is a good guy now to the difference of the $80 million you talked about. Obviously, it wildly fluctuates, and I think for us to bake it in and just take it to the bank in this volatile and uncertain environment and the 90-day tariff pause supposedly being lifted on June 8 and all the things. flurrying around.

是的，關於第一部分，約瑟夫，是的，你對 FX 的看法是正確的，但我認為在這種環境下，考慮到波動性和不確定性——雖然 FX 現在是一個好人，但與你所說的 8000 萬美元的差距很大。顯然，它波動很大，我認為，在這種動盪和不確定的環境中，以及據稱將於 6 月 8 日取消 90 天的關稅暫停等所有情況下，我們應該將其考慮在內，並將其存入銀行。四處亂竄。

We thought it was prudent to just hang tight on top and bottom line for now. But that should not be interpreted as any softening demand because we don't see that.

我們認為，目前穩住頂線和底線是明智之舉。但這不應被解讀為需求減弱，因為我們並沒有看到這種情況。

Ahead of us, really in the second half.

確實在下半場我們領先。

Exactly. So to quote you, I wouldn't -- you're bit pulling on airs. I'm not concerned about what you described. And in terms of seeing any difference in behavior between North America and international --.

確切地。所以引用你的話，我不會——你有點裝腔作勢。我並不關心你所描述的內容。至於北美和國際之間的行為差異--.

I think the first thing I think I'd notice is Q1 North America, we had record orders. So I think that's a statement to kind of the state of play for public safety in North America. Internationally, I'd remind everybody we have a very resilient revenue source in that our two biggest markets are EMEA and Australia, which are both largely driven by managed service agreements.

我認為我注意到的第一件事是第一季北美，我們有創紀錄的訂單。所以我認為這是對北美公共安全現狀的一種說明。在國際上，我想提醒大家，我們的收入來源非常有彈性，因為我們最大的兩個市場是歐洲、中東和非洲地區和澳大利亞，這兩個市場主要由託管服務協議驅動。

And as it relates to our Commercial and Enterprise market segment, we had, I think, as Jason just pointed out, a very strong Q1 and video security and for a PCR business, if you outboard FX in Ukraine, we expect another year, a very good year in 2025. And I'd also the last thing I'd circle back is remind everybody that are verticals that drive our enterprise security business their healthcare, their critical infrastructure, and education. Those markets tend to be more resilient.

就我們的商業和企業市場領域而言，我認為，正如 Jason 剛才指出的那樣，我們在第一季和視訊安全方面表現非常強勁，而對於 PCR 業務而言，如果你在烏克蘭推出 FX，我們預計 2025 年將是另一年，非常好的一年。最後，我要提醒大家的是，推動我們企業安全業務發展的垂直產業包括醫療保健、關鍵基礎設施和教育。這些市場往往更具彈性。

Fair, guys, and I appreciate the details. Maybe just as a quick follow up on the tariff commentary, like you obviously mentioned Malaysia, but curious if you could just touch on Mexico manufacturing footprint there and any details around whether you're USMCA compliant there and so a little bit less of a concern nowadays.

公平地說，夥計們，我很欣賞這些細節。也許只是對關稅評論進行快速跟進，就像您顯然提到了馬來西亞一樣，但我很好奇您是否可以談談墨西哥在那裡的製造足跡，以及您是否在那裡遵守 USMCA 的任何細節，因此現在不那麼令人擔憂了。

And then the second, part of that question on tariffs is just more around the mitigation that you're embedding in the guide, like is the expectation or the assumption that you're making is that $100 million eventually goes to zero or how should we think about the impact of that as we kind of progress through the year and the mitigation efforts that you're putting in? Thanks for the questions.

然後，關於關稅的問題的第二部分更多是關於您在指南中嵌入的緩解措施，例如，您做出的預期或假設是 1 億美元最終會變為零，或者我們應該如何看待這一影響，因為我們會在全年取得進展，並採取您所做的緩解措施？感謝您的提問。

Yeah, Joseph, good question on Mexico. The good news is overwhelmingly, as Jason mentioned last quarter, we are USMCA compliant. So that's a big factor, which is why I highlighted Malaysia, because with USMCA compliance and looking at the totality of our production outside of the United States, Malaysia would be the single country as it relates to production. That's the biggest driver toward the up to $100 million.

是的，約瑟夫，關於墨西哥的問題問得很好。好消息是，正如 Jason 上個季度提到的那樣，我們完全符合 USMCA 的規定。這是一個重要因素，這就是我強調馬來西亞的原因，因為根據 USMCA 規定，並且考慮到我們在美國以外的整體生產，馬來西亞將是唯一與生產相關的國家。這是達到 1 億美元目標的最大推動力。

And with respect to the second part of the question, the tariff impacts which we've sized it up to $100 million our mitigation plans fully cover that. So that's why we are reaffirming our prior guidance at EPS and expect to cover the impact of tariffs through the three things that I mentioned: discretionary costs, some flexibility and moving around the supply chain that we do have to avoid some tariffs, and thirdly, some pricing across our portfolio, which we continue to look for.

關於問題的第二部分，我們已將關稅影響估計為 1 億美元，我們的緩解計畫完全涵蓋了這一影響。因此，這就是為什麼我們重申我們先前對 EPS 的指導，並希望透過我提到的三件事來彌補關稅的影響：可自由支配的成本、一定的靈活性以及我們必須避免的供應鏈中的一些定價，第三，我們投資組合中的一些定價，我們將繼續尋找。

And the nice thing about that is even with all with all of those ingredients into the blender and maintaining and reaffirming full year, we still expect operating margin expansion for the full year, and I would say for the full year on gross margins to be comparable.

而好處是，即使把所有這些因素都考慮進去，並維持和重申全年業績，我們仍然預計全年營業利潤率將會擴大，而且我認為全年毛利率將保持可比性。

No, that's great to hear. I appreciate the color, Greg and Jason.

不，聽到這個消息真是太好了。我很欣賞這種顏色，格雷格和傑森。

You bet. Thank you.

當然。謝謝。

Meta Marshall, Morgan Stanley.

摩根士丹利的 Meta Marshall。

Hey, good afternoon, everyone. This is, Jamie on from Meta. I guess just, the first question, with the new SVX product and Assist feature, are you able to give us a sense of any sort of like early demand signals that you're seeing or launch or feedback from, early launch customers and then how should we think about kind of the monetization?

嘿，大家下午好。我是來自 Meta 的 Jamie。我想，第一個問題是，對於新的 SVX 產品和輔助功能，您能否讓我們了解您所看到的或發布的早期需求訊號或來自早期發布客戶的回饋，然後我們應該如何考慮貨幣化？

Yeah, I think the first thing I'd point out is we're really excited, but interest is high from both our customers, our body-worn customers, as well as our competitors' body-worn customers. I'll give you an example. I had a I had a phone call with one of our sales executives last night who had just left the meeting with the police department in the Midwest, and there's really dual benefits as we see it.

是的，我想我要指出的第一件事是我們真的很興奮，但我們的客戶、我們的貼身客戶以及我們競爭對手的貼身客戶都對此很感興趣。我給你舉個例子。昨晚我與我們的一位銷售主管進行了電話交談，他剛剛與中西部警察局舉行了會議，我們認為這確實有雙重好處。

This was a customer that's a competitive body-worn camera customer today. They were going to and had planned to buy mid-tier APX radios after the announcement, the demonstration yesterday with the SVX. Their new plan is to unify on our body worn camera solution and actually upgrade to the APX NEXT family of radios. And so those conversations are happening throughout the country.

這位顧客是當今具有競爭力的隨身攝影機顧客。在昨天的 SVX 演示發布後，他們原本打算購買中階 APX 收音機。他們的新計劃是統一我們的隨身攝影機解決方案，並實際升級到 APX NEXT 系列無線電。因此，這些對話正在全國各地進行。

I think as Greg pointed out, the big piece of this where the benefit stands is there's no more need for two devices, no more need for two data plans. And I think our customers come to expect world-class audio with this device. I think many of us, even in the initial demonstrations we saw with the product team were blown away with really the ambient noise reduction capabilities as well as swappable batteries as well to elongate the product life. So really excited, but I think it's more important to look at the excitement through the lens of our customers' eyes. (multiple speakers)

我認為，正如格雷格指出的那樣，這樣做的最大好處是不再需要兩台設備，不再需要兩個數據計劃。我認為我們的客戶期待這款設備能提供世界級的音效。我想我們中的許多人，甚至在與產品團隊一起看到的初步演示中，都對環境噪音降低功能以及可更換電池以延長產品壽命感到震驚。所以真的很興奮，但我認為更重要的是透過客戶的眼睛來看待這種興奮。（多位發言者）

Go ahead.

前進。

You asked about monetization, so we expected to drive further adoption of APX NEXT of course it comes with more software attached opportunities with it. It extends our mobile video portfolio. Those are areas where we're excited about the monetization of what this means for the future. (multiple speakers)

您詢問了貨幣化問題，因此我們希望進一步推動 APX NEXT 的採用，當然它也帶來了更多軟體附加機會。它擴展了我們的行動視訊產品組合。我們對那些將在未來實現貨幣化的領域感到興奮。（多位發言者）

Alright, Jamie, I would just reaffirm the whole strategy there is look, nothing is more important to a first responder than P25 secure voice. So why have two devices when you can have one. And when you can have one, we lower the total cost of ownership. And when you take front end body worn and the radio or the speaker mic and combine it with back-end evidence, we lower the total cost of ownership for the whole experience too.

好吧，傑米，我只想重申整個策略，對於第一個回應者來說，沒有什麼比 P25 安全聲音更重要。那麼，如果可以擁有一個設備，為什麼還要擁有兩個設備呢？當您擁有一台時，我們會降低整體擁有成本。當您將前端佩戴的收音機或揚聲器麥克風與後端證據結合時，我們也會降低整個體驗的總擁有成本。

Plus with this converged device, we're ingesting more critical information in Assist and maybe Mahesh you want to dimensionalize that.

此外，透過這種融合設備，我們可以在 Assist 中獲取更多關鍵信息，也許 Mahesh 想要將其維度化。

Absolutely. So and Jimmy, you mentioned this as part of this SVX which is a critical part of the story. As Jack mentioned that superior audio quality allows us to do more with AI as it applies to SVX. But quite importantly, if you think about helping an officer author a report, a narrative, after an incident. A body worn camera doesn't always hear everything that the officer sees and hears.

絕對地。所以，吉米，你提到這是 SVX 的一部分，也是故事的關鍵部分。正如傑克所提到的，卓越的音訊品質使我們能夠利用 SVX 中的 AI 做更多的事情。但非常重要的是，如果你想在事件發生後幫助一名警官撰寫報告、一份敘述。隨身攜帶的攝影機並不總是能聽到警官看到和聽到的所有聲音。

The SVX very uniquely is capable of listening to everything that the officer may see or hear, inclusive of what is happening on an LMR radio. Perhaps that officer has an earpiece on and listening to everything that that is happening across the talk group. We have access to all of that, including CAD data, including what the dispatcher adds as commentary about the incident, inclusive of radio metadata such as what talk group was the officer part of. What is the battery level, volume? Is there any reason why an officer may not have heard something.

SVX 的獨特之處在於它能夠監聽警官看到或聽到的一切，包括 LMR 無線電上發生的事情。也許那位警官戴著耳機，聽到了通話組中發生的一切。我們可以存取所有這些信息，包括 CAD 數據，包括調度員對事件的評論，以及無線電元數據，例如警官屬於哪個談話組。電池電量、音量是多少？有什麼原因導致警官可能沒有聽到某些事情？

That in totality helps us really create a more authentic and true report for that officer and really make that whole experience way better than what it could be otherwise with the traditional body-worn camera.

總的來說，這有助於我們為警官創建更真實、更全面的報告，並使整個體驗比使用傳統隨身攝影機更好。

Great. Thank you for all the detail. I'll jump back in queue.

偉大的。感謝您提供的所有詳細資訊。我會重新排隊。

Thanks, Jamie.

謝謝，傑米。

Keith Housum, Northcoast Research.

基思·豪瑟姆（Keith Housum），Northcoast Research。

Thank you. Good afternoon, gentlemen. I appreciate it. In terms of like the federal, the business, obviously federal's a fairly important part of your business, especially on the video side. Can you give us any commentary about what you're hearing from your federal customers in terms of bookings in the first quarter and their expectations for the second quarter and the rest of the year based on efforts from Doge and everything else going on right now.

謝謝。先生們，下午好。我很感激。就聯邦、商業而言，聯邦顯然是業務中相當重要的一部分，尤其是在視訊方面。您能否根據 Doge 的努力和目前正在發生的其他一切情況，就您從聯邦客戶那裡聽到的第一季度預訂情況以及他們對第二季度和今年剩餘時間的期望，向我們發表一些評論？

Yeah, I think so for our federal government, they're operating on a CR through 930, by the way, I note that over the course of the last handful of years we've had, great years when we've operated under CR, so this is nothing new for our team. Demand remains very strong within the federal market.

是的，我認為對於我們的聯邦政府來說，他們通過 930 來執行 CR，順便說一句，我注意到，在過去幾年中，我們在 CR 下運營的年份非常好，所以這對我們的團隊來說並不新鮮。聯邦市場的需求依然非常強勁。

We're also keeping an eye on the on the both the House and Senate budget bills that are being passed through because if you look at it, there's going to be a substantial increase with both borders, immigration control. With the particular lens around video technology around next generation LMR communications and body worn, I think there's going to be things like that so we're keeping an eye on that. We've got the teams in place we expect another very strong year with our US federal government team, both here and abroad.

我們也密切關注眾議院和參議院通過的預算法案，因為如果你看一下就會發現，邊境的移民控制力道將會大幅增加。隨著下一代 LMR 通訊和可穿戴設備的視訊技術的發展，我認為會出現類似的產品，因此我們會密切關注。我們已經組建了團隊，我們期待與美國聯邦政府團隊（包括國內外）再創輝煌。

The only thing I'd add to that, Jack is the focus that your team has around law enforcement and law enforcement within federal being a majority of the business and the alignment of priorities around law enforcement and the federal law enforcement agencies we seem to be well aligned there.

傑克，我唯一要補充的是，你的團隊專注於執法，而聯邦執法是主要業務，而且我們在執法和聯邦執法機構的優先事項方面似乎達成了很好的一致。

Okay, great. And then just a secondary question for you guys, I understand that seasonality in terms of the backlog, but I look at your backlog over the past several years. You still have growth year over year in the first quarter, and looked at your notable wins also appear, somewhat lower than what we usually see. Was there any weakness in closing those deals during the quarter, or you're not concerned at all with the prior seasonality here?

好的，太好了。然後我想問你們一個次要問題，我理解積壓訂單的季節性，但我查看了過去幾年的積壓訂單。第一季你們的業績仍然同比增長，但從你們取得的顯著勝利來看，也比我們通常看到的要低一些。本季完成這些交易時是否有任何弱點，或者您根本不擔心之前的季節性？

Not concerned, Keith, and the seasonality, as you mentioned, is a part of our business. The last two years have been a bit different as we navigated through supply chain and eventually unlocked that opportunity through available parts. But just to further dimensionalize it, Q1 orders being a record, as Greg mentioned, ex home office $1.9 billion up 5%.

別擔心，基思，正如你所提到的，季節性是我們業務的一部分。過去兩年的情況略有不同，我們透過供應鏈探索並最終透過可用零件解鎖了這個機會。但為了進一步說明這一點，正如格雷格所提到的，第一季的訂單創下了紀錄，不包括總部，訂單額為 19 億美元，成長 5%。

They were similarly in the prior quarter, Q4, which is always our largest quarter, we're also up 5%, and that was a $3.7 billion ex-home office print. So that gives you the relationship of Q4 to Q1. And additionally, we're growing at a similar rate Q4 and Q1 demand patterns as we expect are continuing.

上一季度，也就是第四季度，情況也類似，第四季始終是我們最大的一個季度，我們也成長了 5%，扣除總部辦公室的營業額為 37 億美元。這樣你就得到 Q4 和 Q1 的關係了。此外，我們預計第四季和第一季的需求模式將以類似的速度成長。

And the thing I would add is, having said all that, we still expect product orders to grow for the full year, even though we're indexing more as we've said to QuickTurn and while product backlog, it'll move around a little bit, our expectation is for it to be, I don't know, in the zip code of the mid-threes by the year end. So I think generally performing as expected and demand remains solid.

我想補充的是，儘管如此，我們仍然預計全年產品訂單將會成長，儘管我們正在編制更多索引，正如我們對 QuickTurn 所說的那樣，雖然產品積壓會有所變動，但我們的預期是，到年底，它將達到郵政編碼的三位數左右。因此我認為整體表現符合預期且需求依然強勁。

Great, thank you.

太好了，謝謝。

Thank you.

謝謝。

Louie DiPalma, William Blair.

路易·迪帕爾馬、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。

Louis, how you doing.

路易斯，你好嗎？

Great, congrats on the launch of SVX and Assist. One of my questions, can you provide more detail in terms of how you are able to attain the superior audio quality for your microphones relative to competitors and does it come from your decades of heritage as a as a radio provider and are there like codecs and AI and software involved or how are you able to achieve that? Thanks.

太好了，恭喜 SVX 和 Assist 的推出。我的一個問題是，您能否更詳細地說明如何讓您的麥克風獲得比競爭對手更出色的音質？這是否源自於您作為廣播提供者數十年的經驗？是否涉及編解碼器、人工智慧和軟體？或者您是如何實現的？謝謝。

You mostly answered the question for me. Yes, it's our decades of experience, with audio in particular, our expertise in microphone design, microphone diaphragm design, understanding the characteristics of the microphone, and then coupling it with the appropriate AI on the back end to effectively do ambient-noise cancellation. All of that plays into, this whole picture.

您基本上回答了我的問題。是的，這是我們數十年的經驗，特別是在音頻方面，我們在麥克風設計、麥克風振膜設計方面的專業知識，了解麥克風的特性，然後將其與後端的適當 AI 相結合，以有效地消除環境噪音。所有這些都影響著整個畫面。

And I think over the past, I would say two years or so, the level to which AI can now parse out what is noise, what is human speech and in this particular case, understanding human speech is quite important, and we have focused on that and I think we have delivered on that with SVX.

我認為在過去大約兩年的時間裡，人工智慧已經能夠分辨出什麼是噪音，什麼是人類語音，在這種特殊情況下，理解人類語音非常重要，我們一直專注於此，我認為我們已經透過 SVX 實現了這一點。

Great, and secondly, for anybody, are you able to share what AI provider you are partnering with for AI Assist? I know that you have a significant cloud partnership with Google, but are you using like an open source like a language learning model generative AI provider or is there like a particular vendor you're using?

太好了，其次，您能否與大家分享您正在與哪家 AI 供應商合作提供 AI Assist 服務？我知道您與 Google 有重要的雲端合作夥伴關係，但您是否使用類似語言學習模式產生 AI 提供者的開源軟體，或者您是否使用特定的供應商？

Sure, and I think we've actually talked about this publicly as well. So we leverage Anthropic's Claude, for much of what we do when it comes to Assist and all that we do with Assist, and we're constantly looking at models. That help us move the ball forward. Some of our biggest concerns in how we design is safety and safeguards that we can put in place. And not all large language models, especially open-source large language models allow us to do that.

當然，我認為我們實際上也公開談論過這個問題。因此，我們利用 Anthropic 的 Claude 來完成我們在 Assist 方面所做的大部分工作以及我們使用 Assist 所做的一切，並且我們一直在研究模型。這有助於我們推動事情向前發展。我們在設計過程中最大的關注點是我們可以實施的安全性和保障措施。並非所有大型語言模型，尤其是開源大型語言模型都允許我們這樣做。

Us being able to apply our domain knowledge to the mix here to understand exactly how we need to apply safeguards to LLMs to allow for Assist. To operate the way it needs to -- especially in the context of authoring, helping the, an officer author reports, being able to understand the cognitive psychology elements of what needs to be done along with the machine learning elements of what needs to be done. We get that through Claude and we get that through the safeguards we have implemented on top of that as well. So that's really how we leverage what we do with Assist.

我們能夠將我們的領域知識應用到這裡，以準確地理解我們需要如何將保護措施應用於 LLM 以提供協助。按照需要的方式運作——特別是在創作的背景下，幫助，一位官員作者報告說，能夠理解需要做的事情的認知心理學元素以及需要做的事情的機器學習元素。我們透過克勞德實現了這一點，我們也透過在此基礎上實施的保障措施實現了這一點。這就是我們真正利用 Assist 的優勢。

Great, and one final one. You announced a partnership with Brink for drones as a first responder, and I was wondering how do you view the TAM and the market roll out for that new product, two of your competitors have been very vocal about the market opportunity and you guys have also invested with your cap software but I was wondering how does Brink expand your existing you know Cape software and platform.

太好了，最後再說一句。你們宣布與 Brink 合作，共同研發用於急救的無人機，我想知道你們如何看待這款新產品的 TAM 和市場推廣，你們的兩個競爭對手都對市場機會直言不諱，而且你們也對 cap 軟體進行了投資，但我想知道 Brink 如何擴展現有的 Cape 軟體和平台。

Thanks. We, the team Mahesh and others, have been involved and engaged with Brink for a while. We're particularly excited by the holistic strategy we've got around drones, the counter drone strategy with SkySafe. And drone is a first responder with Brink.

謝謝。我們，Mahesh 團隊和其他人員，已經參與並參與 Brink 一段時間了。我們對於我們針對無人機製定的整體策略，即與 SkySafe 合作制定的反無人機策略感到特別興奮。無人機是 Brink 的第一響應者。

The thing I love about Brink is it's progressive, it's a nimble company. It is a leading provider specifically for public safety DFR and all of its products are made already in the United States. Great technical architecture, strong partnership, and it does more than just the DFR and it can do delivery of like EpiPens or Narcan. So it does more than competitive drones do today, and we do that as expansive and additional areas for us to ingest and capture in command center aware.

我喜歡 Brink 的一點是它很進步，是一家靈活的公司。它是專門針對公共安全 DFR 的領先供應商，其所有產品均在美國製造。出色的技術架構、強大的合作夥伴關係，它的功能不僅僅是 DFR，還可以輸送 EpiPens 或 Narcan 等藥物。因此，它比當今競爭無人機的功能更多，並且我們將其作為廣闊的附加區域，以便在指揮中心感知中攝取和捕捉。

And Louis, I think the other thing to note that in the second half of 2024, we saw a fairly sharp increase in FAA waivers for DFR. We see that continuing into 2025. Brink offers us a differentiated solution, as Greg, mentioned. In addition to that, we are actively working on integrating Assist, with our DFR program as well, including, with, the SVX platform with the APX NEXT. So all of that combined, I think we have a fairly unique opportunity here.

路易斯，我認為另一件需要注意的事情是，在 2024 年下半年，我們看到 FAA 對 DFR 的豁免數量急劇增加。我們預計這種情況將持續到 2025 年。正如 Greg 所說，Brink 為我們提供了一個差異化的解決方案。除此之外，我們也積極致力於將 Assist 與我們的 DFR 程式結合，包括與 APX NEXT 的 SVX 平台結合。綜合所有這些，我認為我們在這裡擁有一個相當獨特的機會。

Excellent. Thanks, everyone.

出色的。謝謝大家。

Thanks, Louie.

謝謝，路易。

Ben Bollin, Cleveland Research.

克利夫蘭研究公司的 Ben Bollin。

Good afternoon, everyone. Thanks for taking the question. I guess a two-parter.

大家下午好。感謝您回答這個問題。我猜是兩個部分的。

I'm interested in your thoughts on What you're seeing, into the current kind of state budget cycle with respect to federal grant awards, if it looks similar, different versus prior years. And then, the second part. Any thoughts as the majority of states go into the new fiscal year in the back half. Any thoughts on what state budgets are looking like into their fiscal '26?

我對您目前看到的有關聯邦撥款獎勵的州預算週期的看法很感興趣，看看它與前幾年相比是否有相似之處或有何不同。然後是第二部分。大多數州將在下半年進入新的財政年度，您對此有何看法？您對於 26 財年的州預算有何看法？

Yeah, Ben, so hi, it's Jack. I think first of all, public safety technology continues to be prioritized. And actually the budget situation across the board from a state local standpoint on the surface is very good. I'd remind you. Federal transfer dollars are at best complementary in the funding environment. State and local budgets are funded largely by income, sales and property tax, which, including sales tax through Q1, if you look at the receipts are up. So the environment's very good.

是的，本，你好，我是傑克。我認為首先，公共安全技術繼續受到優先重視。實際上，從州和地方的角度來看，整體預算狀況表面上非常好。我要提醒你一下。在融資環境中，聯邦轉移資金最多只能起到補充作用。州和地方預算的資金主要來自所得稅、銷售稅和財產稅，如果你看一下第一季的銷售稅，你會發現收入增加。所以環境非常好。

As we think about the second half of the year because we are in public safety, we're doing a lot of long-cycle selling, upgrading LMR systems where there's a lot of customer excitement around the D series, which essentially gives us another opportunity to refresh infrastructure, leveraging smaller geographic footprint, more power, less energy, improved channel spacing, and more capacity. That that actually pulls in Leo, a satellite capability and things that our customers have asked for.

由於我們從事公共安全領域，因此考慮到下半年的情況，我們正在進行大量長週期銷售，升級 LMR 系統，其中許多客戶對 D 系列感到興奮，這實際上為我們提供了另一個更新基礎設施的機會，利用更小的地理覆蓋範圍、更大的功率、更少的能源、改進的通道間隔和更大的容量。這實際上引入了 Leo、衛星功能以及我們的客戶所要求的東西。

So there's a lot of excitement there, but as we start to think about the second half of this year and beyond, pipeline continues to look robust. And so I think that's really the nature of public safety getting a lot of attention, a lot of priority, and around some of the advances in technology and the R&D investments we continue to make that I think meet the market, right now. So we're very encouraged.

因此，那裡有很多令人興奮的事情，但是當我們開始考慮今年下半年及以後時，管道繼續看起來強勁。因此，我認為公共安全確實受到廣泛關注和重視，而且我們繼續在技術上取得一些進步，並繼續進行研發投資，我認為這可以滿足目前的市場需求。因此我們感到非常鼓舞。

If I could add one follow up. Greg, back in 2013, you guys saw this narrow-banding effort that, kind of supported a bunch of incremental funding and urgency. And I guess I'm curious if you draw any compares to what you've seen with respect to like ARPA for instance or any of the stimulus over the last few years if you see any similarities between the current environment and kind of where we are in that cycle versus what we saw then and that's it for me. Thank you.

如果我可以新增一個後續內容。格雷格，早在 2013 年，你們就看到了這種窄帶努力，它支持了大量增量資金和緊迫性。我很好奇，如果您將當前的情況與 ARPA 或過去幾年的任何刺激措施進行比較，您是否發現當前環境和我們所處的周期與當時的情況有任何相似之處，對我來說就是這樣。謝謝。

Yeah, I mean a little bit, but and we talked and I talked about the funding environment that came out with the, quote unquote, the inflation Reduction Act and the 1.9 trillion. Obviously that the size of that legislation and stimulus coming out of the federal government.

是的，我的意思是有一點，但是我們談論了通貨膨脹削減法案和 1.9 兆美元的融資環境。顯然，這項立法和刺激計劃的規模來自聯邦政府。

In an answer to COVID, nothing was ever larger than that. Having said that, I think we're kind of largely through that, and since we index and orient ourselves more around the continuity of state and local budgets and sales tax and property tax, and coupled with the fact that, as you know Ben, what we do is higher in the food chain of criticality as opposed to discretionary, I think we've reached a level a little bit more that feels steady state.

在應對 COVID 的舉措中，沒有什麼比這更重要了。話雖如此，我認為我們基本上已經度過了難關，而且由於我們更多地圍繞州和地方預算以及銷售稅和財產稅的連續性進行索引和定位，再加上，正如你所知，本，我們所做的事情在關鍵性食物鏈中處於較高位置，而不是可自由支配的位置，我認為我們已經達到了一種感覺更穩定的水平。

And I like the consistency of the demand we see. I do think as we've talked about with video being a higher proportion of our business, we're seeing more quick turn than more long cycle and as we've normalized through the supply chain semiconductor backlog. Kind of kink in the hose were more regular as well, but a little bit, narrow banding was unique, but I think we're a little bit more steady state.

我喜歡我們看到的需求的一致性。我確實認為，正如我們所討論的，視訊在我們的業務中所佔的比例更高，我們看到的快速週轉比長週期要多，而且我們已經通過供應鏈半導體體積壓實現了正常化。軟管中的扭結也更加規則，但有一點，窄帶是獨特的，但我認為我們的狀態更加穩定。

So bend this jack, I just the only thing I'd add on to that if you think about 2013 on the narrow banding, that was a mandated move meaning meeting customer state of Minnesota, state of Michigan. Whoever it might be, you have to move. You have to figure a way to fund an upgrade cycle both on infrastructure and a lot of times devices.

因此，彎曲這個千斤頂，我唯一要補充的是，如果您考慮 2013 年的窄帶，那是一項強制性舉措，意味著要滿足明尼蘇達州、密西根州的客戶需求。無論是誰，你都必須採取行動。您必須想辦法資助基礎設施和許多設備的升級週期。

That's far different than ARPA, which last year, if you looked at our 2024 orders, was less than 1% of our North American orders. So that would be the only thing that I would just add on to Greg's commentary was in my 30-year career in this business, 2013, 2012 was an externality unlike we've never seen because it was a mandates required.

這與 ARPA 大不相同，如果你查看我們去年的 2024 年訂單，你會發現 ARPA 的訂單量還不到我們北美訂單量的 1%。因此，我對 Greg 的評論唯一要補充的是，在我從事這個行業的 30 年職業生涯中，2013 年、2012 年是我們從未見過的外部因素，因為這是強制性的要求。

That's great thanks guys have a great night.

太棒了，謝謝大家，祝大家有個愉快的夜晚。

Thank you, Ben.

謝謝你，本。

Tomer Zilberman, Bank of America Securities.

美國銀行證券公司的托默‧齊爾伯曼 (Tomer Zilberman)。

Hey guys, I want to continue the line of questioning from earlier. If I look at the 2Q guidance, the revenue growth of 4% was, I think, give or take 30 million below the street. Can you just take us through the puts and takes of the growth next quarter? Is there anything in the demand environment that's driving any conservatism?

嘿夥計們，我想繼續之前的提問。如果我看一下第二季的指引，我認為 4% 的營收成長率比預期低 3,000 萬美元左右。您能否向我們介紹下個季度的成長情況？需求環境中是否存在什麼因素導致保守主義？

Our growth expectations for both Q1, which we achieved and the Q2 which we've just guided to are consistent with the first half that we had put forward for our expectations within the firm. If I think about Q1 and Q2, they're coming off some pretty significant comps from the past two years, which is in part behind the guide, and that was due to the supply chain normalization. So looking at the year, our growth expectations are affirmed at 5.5%, Q2 being the 4% that we guided to.

我們對第一季（已實現）和剛剛給出的第二季度的成長預期與我們在公司內部提出的上半年預期一致。如果我考慮第一季和第二季度，它們與過去兩年相比有相當大的差距，這在一定程度上落後於預期，這是由於供應鏈正常化造成的。因此，展望今年，我們的成長預期確認為 5.5%，第二季的成長預期為 4%。

And tell him again. Like, as we always prepare, we always think about where we guide and what we want to do and just given this environment in particular, we just thought it was prudent to keep the full year where it is, at this point in time, even though we have your, I know your question's Q2, even though we have the what was pointed out earlier, a tailwind on FX, let's everybody not get over our skis, be prudent, and continue to have this business perform consistently. That's kind of the psychology that's informing the full year.

然後再告訴他。就像我們總是做好準備一樣，我們總是在思考我們的指導方向和我們想要做的事情，特別是考慮到這種環境，我們認為將全年保持在目前的水平是明智之舉，在目前這個時間點，即使我們有你的，我知道你的問題是第二季度，即使我們有之前指出的外匯順風，讓我們每個人都不要保持謹慎，保持謹慎，繼續放棄業務的持續表現。這就是影響全年的心理現象。

Got it. And as a follow up, if we look at the rest of the year, the second half now that you're maintaining the guidance, can you maybe just share with us some indicators that you're seeing that are giving you the confidence to maintain that full year, especially as we think about as we enter 3Q, that 90-day tariff pause comes to an end.

知道了。接下來，如果我們看一下今年剩餘的時間，既然您維持了下半年的指導，您能否與我們分享一些您看到的指標，這些指標讓您有信心維持全年的指導，特別是當我們想到進入第三季度時，90 天的關稅暫停期即將結束。

Yeah, I think what we're pleased about is record Q1 orders. What we're enthusiastic about is it very continued strong pipeline. I think that things continue to move quite favorably. By the way, even though, we're early in Q2, April is quite good as well. So we like that. And we just want to keep everything off hitting the guardrails and continue to execute, but the indications, the engagements, the pipeline, the quick turn conversion that Molloy's team is successfully doing, I think they're all pretty good indicators, overall.

是的，我認為讓我們高興的是創紀錄的第一季訂單。令我們感到興奮的是，其強勁的銷售管道仍在持續成長。我認為事情正在繼續朝著好的方向發展。順便說一句，儘管我們正處於第二季度初期，但四月份的表現也相當不錯。所以我們喜歡這樣。我們只是希望一切順利，繼續執行，但總體而言，我認為莫洛伊團隊成功完成的跡象、參與、管道和快速轉變都是非常好的指標。

And by the way, and the strong adoption on the cloud, a strong adoption on the cloud as well, which came up earlier. So irrespective of the top line revenue growth number, the more and more this firm indexes to software and services, the more we index the cloud with a vigilant Alta, the more we index to reoccurring, that's a good trend, and we like the markers on that field as well.

順便說一句，雲端運算的採用率很高，雲端運算的採用率也很高，這一點之前就出現了。因此，無論營收成長數字為何，這家公司對軟體和服務的指數化越多，我們對雲端運算的指數化越多，我們對重複出現的指數化越多，這是一個很好的趨勢，我們也喜歡這個領域的標記。

And with the growth we're expecting earnings growth as well.

隨著業務的成長，我們預期獲利也會成長。

Got it. Thank you.

知道了。謝謝。

Thanks, Tomer.

謝謝，托默。

(Operator Instructions)

（操作員指示）

Matt Niknam, Deutsche Bank.

德意志銀行的馬特‧尼克納姆 (Matt Niknam)。

Hey guys, thank you so much for getting me on. So if I could, I guess first, if you can comment on the latest you're seeing on the M&A front just in terms of opportunities and private market valuations, and then secondly, with Europe, I know there's been some talk of increasing defense spend. I know you primarily focused on more state and local, but I'm wondering if the opportunity or prospect of increased. Defense spend in Europe presents any incremental opportunities for the company. Thanks.

嘿夥計們，非常感謝你們邀請我加入。因此，如果可以的話，我想首先，您能否就機會和私人市場估值方面您在併購方面看到的最新情況發表評論？其次，我知道歐洲有一些關於增加國防開支的討論。我知道您主要關注的是州和地方，但我想知道機會或前景是否增加了。歐洲的國防開支為該公司帶來了增量機會。謝謝。

I think the M&A discussions remain active, even though the environment for actual deal completion in general has been lower. I'm not saying for MSI but lower than expected outside. We did close Rapid SOS. We closed Theatro, love both of those. They're a little over $400 million coupled with, as I mentioned, the $400 million-plus to date. In share repo in '21 we bought back about 325 million at a price of 437 and change, so the invest, the opportunity to invest in share repurchase and inorganic remains strong.

我認為，儘管實際交易完成的環境總體較低，但併購討論仍然活躍。我並不是說針對 MSI，而是說低於外界的預期。我們確實關閉了 Rapid SOS。我們關閉了 Theatro，很喜歡這兩個地方。它們略高於 4 億美元，加上我提到的迄今為止的 4​​ 億多美元。在 21 年的股票回購中，我們以 437 元的價格回購了約 3.25 億股，因此投資股票回購和無機投資的機會仍然強勁。

And I think our discussions in the private market opportunities and with more current and realistic valuations than maybe a year ago, I think they're active and I'm pleased with the opportunities that present themselves to us and we'll continue to be opportunistic as we evaluate and or action on any of them between now and the end of the year.

我認為，我們在私人市場機會方面的討論以及比一年前更加現實的估值，我認為他們是活躍的，我對呈現在我們面前的機會感到高興，我們將繼續抓住機會，從現在到年底對其中任何一個機會進行評估或採取行動。

On the second part, I agree with you. I think additional defense spending in Europe overall is good in Germany and specifically. It's good as European countries move toward a higher NATO 3% target of defense spending as a percentage of GDP. We think those are favorable trends and Molloy's team, you may want to talk about Germany. You've done a great job there.

關於第二部分，我同意你的看法。我認為，歐洲增加國防開支總體上對德國來說是件好事。這是件好事，因為歐洲國家正在向北約提出的國防開支佔 GDP 3% 的目標邁進。我們認為這些都是有利的趨勢，莫洛伊的團隊，您可能想談談德國。你在那裡做得很好。

Yeah, Greg. sure. Real proud of the work we've done with the German MOD, both from a military and a naval operation standpoint. We've gone in and by the way, worked with local partners to deploy systems. We think there's opportunities for some scale, to add additional scale to those programs.

是的，格雷格。當然。無論從軍事或海軍作戰的角度來說，我們對於與德國國防部合作所做的工作感到非常自豪。我們已經進入並與當地合作夥伴合作部署系統。我們認為這些項目有機會進一步擴大規模。

The other thing that hasn't been talked a lot is around border security leveraging video, particularly our thermal assets by way of our silent sentinel acquisition. A lot of interest as it relates to that, and so we're excited about that as well. But we're keeping an eye on the budget. It's really important to point out we have teams local that work with our customers, and I think they'll continue to work to execute and help our customers to the greatest extent they can.

另一件還沒有被廣泛討論的事情是利用視訊進行邊境安全，特別是透過我們的無聲哨兵收購的熱資產。很多人對此很感興趣，所以我們也對此感到興奮。但我們正在密切關注預算。需要指出的是，我們在當地有團隊與客戶合作，我認為他們將繼續努力，並盡最大努力幫助我們的客戶。

Thank you.

謝謝。

Thanks, Matt.

謝謝，馬特。

Amit Daryanani, Evercore ISI.

Amit Daryanani，Evercore ISI。

Hi, thank you. This is Irvin Liu on for Amit.

你好，謝謝。我是 Irvin Liu，代替 Amit 發言。

I had one in a follow up. First, I hate to be a dead horse, but on the topic of tariffs, you mentioned pricing as a component of your mitigation strategy. Contractually, are you able to pass through some of your higher costs on current backlog or would this more apply to new orders? And then can you share with us any sort of customer feedback as it relates to potential price increases?

我在後續跟進中也遇到過這種情況。首先，我不想再重複老話，但在關稅問題上，您提到定價是緩解策略的一個組成部分。從合約角度來說，您是否能夠將部分較高的成本轉嫁到當前積壓訂單上，還是更多地用於新訂單？那麼，您能否與我們分享與潛在價格上漲相關的任何客戶回饋？

Our pricing opportunities are within the pipeline that's ahead of us generally on new orders. Jack, if you want to talk about services renewals and maybe how they work every year there's an opportunity there too.

我們的定價機會一般都在我們即將收到的新訂單中。傑克，如果你想談論服務更新以及它們每年如何運作，那麼那裡也有機會。

Yeah, so we do have, we have an opportunity on services. We typically have two big, contractual gating, and that's in, largely in June, and again in January we have done, by the way, we've done, we've added cybersecurity. Capabilities to what I kind of call an enhanced service offering with the price increase we did that last year we're evaluating new opportunities this year.

是的，我們確實有服務方面的機會。我們通常有兩次大的合約門控，主要是在六月份，順便說一下，我們在一月份也做了，我們增加了網路安全。隨著去年我們提高了價格，我們提供了增強型服務，我們正在評估今年的新機會。

You also asked the question as it relates to what our customers are saying and largely our customers have already gotten a lot of price increases, so I think there's an expectation in the marketplace that's what we're hearing not only from our customers. But also from our partners that that that there will be some pricing actions taken in the near term.

您還提出了與我們的客戶所說的內容相關的問題，而且我們的客戶大多已經經歷了大幅價格上漲，因此我認為市場存在這樣的預期，這不僅是我們從客戶那裡聽到的。但我們的合作夥伴也表示，近期將採取一些定價行動。

And, Irvin, just to add one last level of the dimensionalization, we're mitigating about 100 million, but the majority of that mitigation is cost reductions, not pricing opportunities just to dimensionalize it.

而且，歐文，只需添加維度的最後一個級別，我們就會減少大約 1 億，但大部分的減少是成本降低，而不是僅僅為了維度化的定價機會。

Got it. Thank you for the color there.

知道了。感謝那裡的色彩。

And then for my second question, it's great to see our AI innovation address real world use cases out in the field. So I appreciate the color on your monetization efforts as well. I think it's great for your TAM. It's great for your pipeline.

然後，對於我的第二個問題，很高興看到我們的人工智慧創新解決了現實世界的用例。因此，我也欣賞你們在貨幣化方面所做的努力。我認為這對你的 TAM 來說非常棒。這對於您的管道來說非常有用。

But maybe from a customer perspective as it relates to budgets, do you anticipate, budget dollars shifting higher for some of the technology investments that your public safety customers are looking at? I mean, just kind of curious because, yeah, any color on budgets as it relates to AI spend would be helpful. Thanks.

但也許從與預算相關的客戶角度來看，您是否預期公共安全客戶正在考慮的一些技術投資的預算金額會增加？我的意思是，只是有點好奇，因為是的，任何與人工智慧支出相關的預算細節都會有所幫助。謝謝。

Yeah, maybe Mahesh will tag on this, but as it relates, and I mentioned it earlier, but I think what we're seeing in particularly with the com I'm thinking about a couple RFPs that are imminent, but yeah, I think particularly within our major, what I would kind of call tier zero-tier-one cities, they're starting to think about leveraging technology pulling together. The command center providing more mobile capability their officers by way of APX NEXT, our SVX device, we talked about DFR earlier.

是的，也許 Mahesh 會對此進行標記，但就其相關性而言，我之前提到過，但我認為我們所看到的特別是在 com 中，我正在考慮即將發布的幾個 RFP，但是，是的，我認為特別是在我們的主要城市中，我稱之為零線和一線城市，他們開始考慮利用技術進行整合。指揮中心透過 APX NEXT（我們的 SVX 設備）為其官員提供更多的移動能力，我們之前討論過 DFR。

Those are the kind of things that will continue to draw attention and probably appropriate more money, within our big city police forces in the United States, but hey, I don't know if you have anything you want to add on that.

這些事情將繼續引起人們的關注，並且可能會在美國大城市警察部門內撥出更多資金，但是，嘿，我不知道您是否還有什麼要補充的。

So just maybe from a slightly different perspective on this, how users interact with software is just fundamentally changing. AI is redefining what a user interface looks like. What that means is that across all our command center software products, we are embedding Assist, and Assist is part of the solution there. We typically have three tiers of solutions across our, command center products. There's a there's starter, their standard, and there's plus.

因此，也許從稍微不同的角度來看，使用者與軟體的互動方式正在發生根本性的變化。人工智慧正在重新定義使用者介面。這意味著，在我們所有的指揮中心軟體產品中，我們都嵌入了 Assist，並且 Assist 是解決方案的一部分。我們的指揮中心產品通常有三層解決方案。有入門款、標準款，還有加款。

For each of those, we're revealing Assist as a key capability. At the starting of the levels of the first tier, it's everything that's related to search, everything that's related to summarization of information, really making information. Easy to find. And we do this across the entire incident timeline.

對於其中的每一個，我們都將 Assist 作為一項關鍵功能。在第一層級的開始，它涉及一切與搜尋有關的事情，一切與資訊總結有關的事情，真正地製作資訊。很容易找到。我們在整個事件時間線上都這樣做。

And what that really does is it actually encourages cross sell of our solutions across the products. The next year is really proactively surfacing information and as we think about what we have done for Assist for 911, as an example, there was a daughter who called 911, really, because her mother needed help, medical assistance. The location was associated with the daughter's phone. Assist prompted the call taker to confirm whether the mother was in the same location as the daughter, and it did turn out that they were in two different locations. That makes 911 response that much more effective.

而這實際上起到的作用是鼓勵我們解決方案在不同產品間的交叉銷售。接下來的一年我們將積極主動地提供信息，當我們思考我們為 911 援助所做的事情時，例如，有一個女兒真的撥打了 911，因為她的母親需要幫助和醫療援助。該位置與女兒的手機有關。Assist 提示接線員確認母親是否與女兒位於同一地點，結果發現她們位於兩個不同地點。這使得 911 響應更加有效。

And the third level is really where we can start automating multiple tasks now getting closer to agentic AI where, for example, if there's an amber alert and that starts that process is triggered during a call, we can do multiple things including understanding the LPR information, being able to trigger searches through automatically through our LPR network. Searching video networks, being able to dispatch drones, multiple things that can really effectively solve that problem.

第三個級別實際上是我們可以開始自動執行多項任務，現在越來越接近代理 AI，例如，如果有琥珀色警報並且在通話期間觸發該過程，我們可以做多項事情，包括了解 LPR 信息，能夠通過我們的 LPR 網路自動觸發搜索。搜尋視訊網路、能夠調度無人機等多種方法可以真正有效地解決該問題。

Those three levels are embedded into our products and that what we're fundamentally doing is making our core applications that much more powerful and tied together, making them that much more powerful as well. So it's a different perspective as opposed to thinking of Assist purely as a discrete entity that we monetize.

這三個層次都嵌入到我們的產品中，而我們所做的根本就是讓我們的核心應用程式更加強大、更加緊密地聯繫在一起，從而使它們也更加強大。因此，這是一種不同的觀點，而不是將 Assist 純粹視為一個可供我們貨幣化的獨立實體。

Got it. Thanks for the color.

知道了。謝謝你的顏色。

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

我們的問答環節到此結束。現在，我將把發言權交給董事長兼執行長格雷格·布朗先生，請他發表補充評論或結束語。

Thanks and thanks everybody for dialing in and listening. I want to start with thanking all of the Motorola Solutions people and all of our partners. A specific shout out and grateful acknowledgement to the SVX team, Mahesh, and Scott Monin and all the people engineering, development, product, sales, everything, it culminates in an 18-month-plus effort on, just to kind of piggyback on what Mahesh just said. Look, we're interested.

謝謝大家撥入電話收聽。首先我要感謝摩托羅拉系統公司的所有員工和所有合作夥伴。特別感謝 SVX 團隊、Mahesh、Scott Monin 以及所有工程、開發、產品、銷售等人員，這一切都源自於 18 個多月的努力，也是為了延續 Mahesh 剛才所說的話。看，我們很有興趣。

Innovation is the oxygen of our company. We have a robust patent portfolio. Obviously, we defend that voraciously, but we're all about innovation, particularly organic or inorganic, but we're developing around the needs through the lens of our customer. And while we're proud of our individual products, we're doing things in mine with a total safety and security ecosystem that resonates with the public safety community that makes them more productive.

創新是我們公司的氧氣。我們擁有強大的專利組合。顯然，我們極力捍衛這一點，但我們熱衷於創新，特別是有機或無機創新，但我們是透過客戶的視角來圍繞需求進行開發的。雖然我們為自己的個別產品感到自豪，但我們在礦井中開展工作時採用了一種全面的安全生態系統，與公共安全社區產生共鳴，從而提高了他們的生產力。

We have the best products, but we also talk about user interfaces, productivity benefits, total emergency workflow, expanding situational awareness, and just again, in particular the SVX team and all and everybody involved was outstanding. I'm excited by the investments we're making in innovation. Welcome to the Rapid SOS and Theatro employees that joined the Motorola solutions team.

我們擁有最好的產品，但我們也談論使用者介面、生產力優勢、整體緊急工作流程、擴大態勢感知，尤其是 SVX 團隊和所有參與人員都非常出色。我對我們在創新方面所做的投資感到非常興奮。歡迎 Rapid SOS 和 Theatro 員工加入摩托羅拉解決方案團隊。

We talked about our excitement around drones, both counter and drone as a first responder and some of the superior characteristics and attributes that brings us in that partnership. SVX and Assist we talked about. I like the fact that we had record product introductions at ISC West.

我們談到了對無人機的興奮之情，包括反無人機和作為第一個響應者的無人機，以及一些使我們建立合作關係的優越特性和屬性。我們討論過的 SVX 和 Assist。我很高興我們在 ISC West 上推出了創紀錄的產品。

So I like where we are. I'm heartened that the composition of rev of our revenue continues to more index toward recurring and Software & Services, and I appreciate all of you joining us. I appreciate the whole team in Motorola Solutions for your execution, and we'll see you in a quarter again, but thanks for everybody's efforts. I appreciate you.

所以我喜歡我們現在的處境。我很高興看到我們的收入組成繼續更多地向經常性收入和軟體與服務傾斜，我感謝大家的加入我們。我感謝摩托羅拉系統公司整個團隊的執行，我們將在一個季度後再見你們，但感謝大家的努力。我很感激你。

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

今天的電話會議到此結束。這次通話的重播將在三小時內透過網路提供。網址是 www.motorolaslutions.com/investor。

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

我們感謝您的參與，並請您此時斷開線路。