摩托羅拉 (MSI) 2025 Q2 法說會逐字稿

Good afternoon, and thank you for holding. Welcome to the Motorola Solutions second-quarter 2025 earnings conference call. Today's call is being recorded. If you have any objections, please disconnect at this time. The presentation material and additional financial tables are posted on the Motorola Solutions Investor Relations website. In addition, a webcast replay of this call will be available on our website within three hours after the conclusion of this call. Site address is www.motorolasolutions.com/investor. (Operator Instructions)

下午好，謝謝大家的出席。歡迎參加摩托羅拉系統公司 2025 年第二季財報電話會議。今天的通話正在錄音。如果您有任何異議，請立即斷開連接。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回放將在本次電話會議結束後三小時內在我們的網站上提供。網址是 www.motorolasolutions.com/investor。（操作員指示）

I would now like to introduce Mr. Tim Yocum, Vice President of Investor Relations. Mr. Yocum, you may begin your conference.

現在我想介紹投資者關係副總裁 Tim Yocum 先生。約克姆先生，您可以開始您的會議了。

Good afternoon. Welcome to our 2025 second-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 年第二季財報電話會議。今天與我一起的有董事長兼執行長 Greg Brown、執行副總裁兼財務長 Jason Winkler、執行副總裁兼營運長 Jack Molloy 和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 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 motorolasolutions.com/investor 上發布了收益報告和新聞稿。這些資料包含 GAAP 與非 GAAP 的對帳表，供您參考。

During the call, we reference non-GAAP financial results, including those in our outlook, unless otherwise noted. A number of forward-looking statements will be made during this presentation and during the Q&A portion of the call. These statements are based on current expectations and assumptions that are subject to a variety of risks and uncertainties. Actual results could differ materially from these forward-looking statements.

在電話會議中，除非另有說明，我們都會參考非 GAAP 財務結果，包括我們展望中的財務結果。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 and the comments made during this conference call in the Risk Factors section of our 2024 annual report on Form 10-K for 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和本次電話會議期間在我們 2024 年 10-K 表年度報告的「風險因素」部分或 10-Q 表季度報告中的評論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.

接下來，我將把麥克風交給格雷格。

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

謝謝，蒂姆，下午好，謝謝您今天加入我們。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, Q2 was another outstanding quarter, with record Q2 revenue and earnings per share that exceeded our guidance as we continue to see strong customer demand across all areas of the business. Revenue was up 5% in the quarter, highlighted by 15% growth in software and services. We also expanded operating margins by 80 basis points, which led to record Q2 operating earnings and strong operating cash flow growth, which was a record for the first half of this year.

首先，第二季度又是一個出色的季度，第二季度的營收和每股盈餘創下紀錄，超出了我們的預期，因為我們繼續看到所有業務領域的客戶需求強勁。本季營收成長 5%，其中軟體和服務收入成長 15%。我們還將營業利潤率提高了 80 個基點，從而實現了第二季度創紀錄的營業利潤和強勁的營業現金流增長，創下了今年上半年的最高紀錄。

Second, investments in public safety and security continue to be a priority for our customers, highlighted by our record Q2 orders, up 27% versus last year, inclusive of 10% growth in products, we also ended the quarter with over $14.1 billion of backlog, including $10.7 billion of software and services backlog, which is our highest S&S backlog ever and up $1 billion versus last year.

其次，對公共安全和安保的投資仍然是我們客戶的優先事項，這體現在我們創紀錄的第二季訂單上，比去年增長了 27%，其中產品增長了 10%。本季結束時，我們的積壓訂單超過 141 億美元，其中包括 107 億美元的軟體和服務積壓訂單，這是我們有史以來最高的 S&S 積壓訂單，比去年增加了 10 億美元。

And finally, based on our strong Q2 results and our increased expectation for the remainder of the year, we're raising our full-year guidance for sales, earnings per share, and operating cash flow.

最後，基於我們強勁的第二季業績以及今年剩餘時間的預期提高，我們提高了全年銷售額、每股盈餘和營運現金流的預期。

Now I'll turn the call over to Jason, who will take us through the results and outlook before I return for some final thoughts.

現在我將把電話交給傑森，他將向我們介紹結果和前景，然後我回來做最後的思考。

Thank you, Greg. Revenue for the quarter grew 5% and was above our guidance with growth in all three technologies. Foreign currency tailwinds during the quarter were $9 million, while acquisitions added $39 million.

謝謝你，格雷格。本季營收成長 5%，高於我們的預期，三種技術均實現成長。本季外匯順風為 900 萬美元，而收購則增加了 3,900 萬美元。

GAAP operating earnings were $692 million or 25% of sales, up from 24.5% in the year ago quarter. Non-GAAP operating earnings were $818 million, up 8% from the year-ago quarter and non-GAAP operating margin was 29.6%, up 80 basis points driven by higher sales and improved operating leverage.

公認會計準則營業利潤為 6.92 億美元，佔銷售額的 25%，高於去年同期的 24.5%。非公認會計準則營業利潤為 8.18 億美元，較去年同期成長 8%，非公認會計準則營業利潤率為 29.6%，受銷售額成長和營業槓桿提高的推動，成長 80 個基點。

GAAP earnings per share was $3.04, up from $2.60 in the year-ago quarter. Non-GAAP EPS was $3.57, up 10% from $3.24 last year driven by higher sales and operating margins as well as a lower diluted share count in the current year. OpEx in Q2 was $615 million, up $22 million versus last year, primarily due to acquisitions.

以美國通用會計準則計算，每股收益為 3.04 美元，高於去年同期的 2.60 美元。非公認會計準則每股收益為 3.57 美元，較去年的 3.24 美元增長 10%，這得益於本年度銷售額和營業利潤率的提高以及稀釋股數的減少。第二季的營運支出為 6.15 億美元，比去年增加了 2,200 萬美元，主要原因是收購。

Turning to cash flow. Q2 operating cash flow was $272 million, up $92 million versus last year, and free cash flow was $224 million, up $112 million. The increase in year-over-year cash flow was primarily driven by higher earnings and improved working capital. And for the first half of the year, operating cash flow was a record $783 million, up 39% versus the first half of 2024.

轉向現金流。第二季營運現金流為 2.72 億美元，較去年同期增加 9,200 萬美元；自由現金流為 2.24 億美元，較去年同期增加 1.12 億美元。現金流年增率主要得益於收益增加和營運資本增加。今年上半年，經營現金流達到創紀錄的 7.83 億美元，較 2024 年上半年成長 39%。

For the full year, we're raising our operating cash flow expectations to $2.75 billion up 15% from last year and is inclusive of $75 million of transaction fees related to the Silvus acquisition as well as incremental interest to financing the deal.

我們將全年營運現金流預期提高至 27.5 億美元，較去年增長 15%，其中包括與 Silvus 收購相關的 7,500 萬美元交易費用以及為該交易融資的增量利息。

Capital allocation for Q2 included $218 million in share repurchases at an average price below $415 a share, $182 million in cash dividends, and $48 million of CapEx. And subsequent to the quarter end, we closed the Silvus acquisition for $4.4 billion of upfront consideration, which was primarily funded through $2 billion of long-term notes that we issued in Q2 and $1.5 billion of new term loans drawn subsequent to quarter end. The remaining consideration of $900 million was settled through a combination of cash on hand and issuance of commercial paper.

第二季的資本配置包括 2.18 億美元的股票回購（平均價格低於每股 415 美元）、1.82 億美元的現金股利和 4,800 萬美元的資本支出。在本季末之後，我們以 44 億美元的預付對價完成了對 Silvus 的收購，這筆資金主要來自我們在第二季發行的 20 億美元長期票據和本季末之後提取的 15 億美元新定期貸款。剩餘的 9 億美元對價透過現金和發行商業票據的方式支付。

Moving to our segment results in Products and SI, sales of $1.7 billion was flat compared to the year prior, while operating earnings of $442 million or 26.7% of sales was comparable inclusive of additional tariff costs and the continued investments in video during the current year, offset by lower material costs.

至於產品和 SI 部門的業績，銷售額為 17 億美元，與上年持平，而營業利潤為 4.42 億美元，佔銷售額的 26.7%，其中包括額外的關稅成本和本年度在視頻方面的持續投資，但材料成本的降低抵消了這一影響。

Some notable Q2 wins and achievements in this segment include an $82 million P25 system upgrade for tri-county systems in the St. Louis region, a $30 million P25 device order for the city of Miami, Florida, a $22 million P25 system upgrade for the state of Michigan, a $15 million fixed video order for a US federal customer, and an $11 million P25 device order for the Las Vegas Metro Police department.

該領域第二季度取得的一些顯著勝利和成就包括為聖路易斯地區的三縣系統提供 8,200 萬美元的 P25 系統升級、為佛羅裡達州邁阿密市提供 3000 萬美元的 P25 設備訂單、為密西根州提供 2,200 萬美元的 P25 系統升級、為美國聯邦客戶提供 1,500 萬美元的固定視訊

In Software and Services, revenue was up 15% compared to last year, driven by strong growth across all three technologies. Revenue from acquisitions was $39 million in the quarter. Operating earnings in the segment were $376 million or 33.8% of sales, up from 32.3% last year, driven by higher sales and improved operating leverage, partially offset by acquisitions.

軟體和服務業務的營收較去年同期成長了 15%，這得益於三大技術的強勁成長。本季收購收入為 3,900 萬美元。該部門的營業利潤為 3.76 億美元，佔銷售額的 33.8%，高於去年的 32.3%，這得益於銷售額的成長和經營槓桿的提高，但部分被收購所抵消。

Some notable Q2 highlights in S&S include a $44 million command center order for a US state and local customer, a $29 million P25 system upgrade and LMR services order for the city of Chicago, a $12 million LMR cybersecurity order for the state of Victoria, Australia, an $11 million services order for the state of New Mexico, and finally, a $9 million LMR services order for a US federal customer.

S&S 第二季度的一些值得注意的亮點包括為美國州和地方客戶提供的價值 4400 萬美元的指揮中心訂單、為芝加哥市提供的價值 2900 萬美元的 P25 系統升級和 LMR 服務訂單、為澳大利亞維多利亞州提供的的價值 1200 萬美元的 LMR 網路安全訂單、為新墨西哥州的價值 100 萬美元的訂單LMR 服務訂單。

Looking next at our regional results. North America Q2 revenue was $2 billion, up 6% on growth in all three technologies. International Q2 revenue was $738 million, up 4% versus last year, driven by growth in LMR.

接下來看看我們的區域結果。北美第二季營收為 20 億美元，三種技術均實現成長，年增 6%。國際第二季營收為 7.38 億美元，較去年同期成長 4%，這得益於 LMR 的成長。

Moving to backlog. Ending backlog for Q2 was $14.1 billion, up $150 million versus last year and up $19 million sequentially driven by strong demand, including record Q2 orders, which were up double digits in both of our segments.

轉入積壓狀態。第二季的期末積壓訂單為 141 億美元，比去年增加 1.5 億美元，比上一季增加 1,900 萬美元，這得益於強勁的需求，包括創紀錄的第二季訂單，我們兩個部門的訂單均實現了兩位數成長。

In the Products and SI segment, ending backlog decreased $902 million versus last year and $172 million sequentially due to continued strong LMR shipments. In Software and Services, backlog increased $1 billion compared to last year and $191 million sequentially, driven by strong demand for multiyear contracts across all three technologies and the impact of foreign currency, partially offset by revenue recognition for the UK home office.

在產品和 SI 部門，由於 LMR 出貨量持續強勁，期末積壓訂單較去年同期減少 9.02 億美元，較上一季減少 1.72 億美元。軟體和服務部門的積壓訂單較去年同期增加 10 億美元，較上一季度增加 1.91 億美元，這主要得益於三大技術領域多年期合約的強勁需求以及外匯的影響，但英國總部的收入確認部分抵消了這一增長。

Turning next to our outlook. We expect Q3 sales growth of approximately 7% with non-GAAP EPS between $3.82 and $3.87 per share. This assumes a weighted average diluted share count of approximately 169 million shares and an effective tax rate of approximately 24%.

接下來談談我們的展望。我們預計第三季銷售額將成長約 7%，非 GAAP 每股收益在 3.82 美元至 3.87 美元之間。假設加權平均稀釋股數約為 1.69 億股，有效稅率約為 24%。

For the full year, we now expect revenue of approximately $11.65 billion or 7.7% growth up approximately $250 million from our prior guidance of 5.5% growth and expect non-GAAP EPS between $14.88 and $14.98 per share up from our prior guidance of $14.64 to $14.74. This full-year outlook assumes an effective tax rate of approximately 22%, which is unchanged, and now assumes a weighted average diluted share count of approximately 169 million shares.

我們目前預計全年營收約116.5億美元，增幅7.7%，較先前預期的5.5%增幅高出約2.5億美元；非公認會計準則每股收益預計在14.88美元至14.98美元之間，高於先前預期的14.64美元至14.74美元。本全年展望假設有效稅率約為22%（維持不變），並假設加權平均稀釋股數約為1.69億股。

Before I turn the call back to Greg, I'd like to share a few thoughts regarding the Silvus transaction. First, when we announced the transaction in May, we shared the strong financial profile of Silvus with expectations of $475 million of full-year '25 revenue at approximately 45% adjusted EBITDA margin. Our full-year outlook assumes $185 million of revenue contribution from Silvus representing the stub period following the transaction closed yesterday. It also assumes that Silvus will be slightly dilutive for EPS in Q3 and neutral for 2025.

在我將電話轉回給格雷格之前，我想分享一些關於 Silvus 交易的想法。首先，當我們在五月宣布交易時，我們分享了 Silvus 強勁的財務狀況，預計 25 年全年收入為 4.75 億美元，調整後 EBITDA 利潤率約為 45%。我們的全年展望假設 Silvus 的收入貢獻為 1.85 億美元，這是昨天交易結束後的存根期間。它還假設 Silvus 在第三季的每股收益將略微稀釋，並在 2025 年保持中性。

Second, as it relates to our three technologies, we are expanding our LMR technology category to include service under the new name of Mission Critical Networks, or MCN. With the inclusion of Silvus, this year, we expect MCN to grow mid-single digits. And from a segment perspective, the majority of the business will be reported under products and systems integration.

其次，由於它與我們的三種技術相關，我們正在擴展我們的 LMR 技術類別，以包括新名稱「關鍵任務網路」（MCN）下的服務。隨著 Silvus 的加入，我們預計今年 MCN 的成長速度將達到中等個位數。從細分市場的角度來看，大部分業務將在產品和系統整合下報告。

And finally, our balance sheet remains strong. Following the acquisition of Silvus and the financing plan I described earlier, and all three rating agencies have affirmed our BBB level ratings. We maintain a balanced maturity profile with approximately eight years of duration and an average coupon of just under 4.6% on our senior notes.

最後，我們的資產負債表依然強勁。繼收購Silvus以及我先前描述的融資計畫之後，三家評級機構均確認了我們的BBB級評級。我們的債券期限保持均衡，期限約為八年，優先票據的平均票面利率略低於 4.6%。

Strong growth in our earnings power and cash generation has significantly expanded our leverage capacity, which we expect to continue to grow with Silvus, providing us flexibility to deliver on our capital allocation framework, which includes share repurchases as well as additional acquisitions.

我們的獲利能力和現金產生能力的強勁成長顯著擴大了我們的槓桿能力，我們預計這種能力將隨著 Silvus 而繼續成長，為我們提供靈活性，以實施我們的資本配置框架，其中包括股票回購以及額外收購。

With that, I'd like to turn the call back to Greg.

說完這些，我想把電話轉回給格雷格。

Thanks, Jason. First, I'm very pleased with our Q2 results, which highlight the durability of our business and the strength of our portfolio. We continue to invest both organically and inorganically in solutions that are continuing to provide us with sustainable long-term growth.

謝謝，傑森。首先，我對我們的第二季業績非常滿意，這突顯了我們業務的持久性和產品組合的實力。我們將繼續以有機和無機的方式投資於能夠繼續為我們提供可持續長期增長的解決方案。

Some recent examples include our announcement of SVX, which is a first of its kind video remote P25 speaker mic that converts to secure voice, video and AI and eliminates the need for a separate body-worn camera. We started shipping SVX just a few weeks ago, and the customer feedback has been strong.

最近的一些例子包括我們發布的 SVX，它是同類產品中首款視訊遠端 P25 揚聲器麥克風，可轉換為安全的語音、視訊和 AI，無需單獨的隨身攝影機。我們幾週前才開始發售 SVX，客戶回饋非常強烈。

Since the launch, we've received orders from over 30 agencies with the majority coming from customers that do not currently use a Motorola body camera, highlighting the opportunity we have to capture future market share in the US public safety body-worn camera space.

自推出以來，我們已收到來自 30 多家機構的訂單，其中大多數來自目前未使用摩托羅拉隨身攝影機的客戶，這凸顯了我們有機會在美國公共安全隨身攝影機領域搶佔未來市場份額。

In drones and unmanned systems, we've made several investments this year that allow us to capitalize on this fast-growing space.

在無人機和無人系統領域，我們今年進行了多項投資，使我們能夠利用這個快速發展的領域。

With our acquisition of Silvus, we're now a leader in mobile ad hoc networks which provides the high-speed infrastructure less communications backbone for unmanned systems in the air, on the ground, and in the water that have become increasingly important in today's defense environment as well as border security and public safety.

透過收購 Silvus，我們現在成為行動自組織網路領域的領導者，該網路為空中、地面和水上無人系統提供高速無基礎設施通訊主幹，這些系統在當今的國防環境以及邊境安全和公共安全中變得越來越重要。

In drone is the first responder, our strategic alliance with BRINC provides us with an American-made purpose-built public safety drone that allows customers to reduce emergency response times and deliver critical supplies to those in need. And in drone detection, our alliance with SkySafe integrates their advanced solutions, into our command center software and allows customers to detect, identify, track, and analyze drone activity.

在無人機是第一個響應者的情況下，我們與 BRINC 的戰略聯盟為我們提供了美國製造的專用公共安全無人機，使客戶能夠減少緊急響應時間並向有需要的人提供關鍵物資。在無人機檢測方面，我們與 SkySafe 的聯盟將他們的先進解決方案整合到我們的指揮中心軟體中，並允許客戶檢測、識別、追蹤和分析無人機活動。

And finally, we've introduced our next-generation ASTRO P25 LMR infrastructure featuring our D-Series base stations and access consoles, which bring many benefits, including increased capacity, improved energy efficiency, and greater interoperability through leveraging complementary technologies such as low earth-orbit satellites.

最後，我們推出了下一代 ASTRO P25 LMR 基礎設施，該基礎設施採用我們的 D 系列基地台和接入控制台，可帶來許多好處，包括增加容量、提高能源效率以及透過利用低地球軌道衛星等互補技術實現更高的互通性。

We received several large orders this quarter, including from the St. Louis tri-counties in the State of Michigan, and we're building a strong pipeline of large multiyear network refresh opportunities with expanded scope in software and services that we expect to convert to orders over the next several years.

本季度我們收到了幾份大訂單，包括來自密西根州聖路易斯三縣的訂單，我們正在建立一個強大的多年期大型網路更新機會管道，擴大軟體和服務範圍，我們預計這些機會將在未來幾年轉化為訂單。

Second, I'm very encouraged by our differentiated approach to AI. We began utilizing AI when we entered the fixed video space several years ago to solve complex video security problems, with AI-enabled cameras and video management software, and it continues to be an important driver of growth in video software, which actually grew 25% in Q2 and has grown over 20% annually over the last five years.

其次，我們對人工智慧的差異化方法令我感到非常鼓舞。幾年前，當我們進入固定視訊領域時，我們開始利用人工智慧來解決複雜的視訊安全問題，使用支援人工智慧的攝影機和視訊管理軟體，它仍然是視訊軟體成長的重要驅動力，視訊軟體在第二季度實際上增長了 25%，並且在過去五年中每年的增長率都超過 20%。

Our investments in AI have continued to expand. And just a few months ago, we announced our public safety AI platform, Assist, which is built around the objective of helping everybody involved in the incident workflow from 911 call takers to frontline responders, make better decisions, and save precious time. This comprehensive approach allows us to do things no one else is doing in key areas such as AI-assisted report writing, where our AI solution leverages a holistic view of the incident, including the 911 call, dispatch, and responder voice communications as well as body-worn video recording.

我們對人工智慧的投資不斷擴大。就在幾個月前，我們發布了公共安全人工智慧平台 Assist，其目標是幫助參與事件工作流程的每個人（從 911 接線員到第一線響應者）做出更好的決策並節省寶貴的時間。這種綜合方法使我們能夠在人工智慧輔助報告撰寫等關鍵領域做別人沒有做過的事情，我們的人工智慧解決方案利用事件的整體視圖，包括 911 呼叫、調度和響應者語音通訊以及隨身攜帶的視訊錄製。

When implementing AI, we're also making sure that we continue to build trust both with our customers and the communities they serve, which is reflected in our recent launch of AI labels in industry first. These labels provide transparency as to what, how, and where AI is used in customer workflows, which is a critical step in the path to product trust and adoption, and further differentiates us from our competitors in this area.

在實施人工智慧時，我們也確保繼續與客戶及其服務的社群建立信任，這反映在我們最近在業界率先推出的人工智慧標籤上。這些標籤提供了有關客戶工作流程中使用什麼、如何以及在何處使用 AI 的透明度，這是實現產品信任和採用的關鍵一步，並進一步使我們在該領域有別於競爭對手。

And finally, I'm very excited about the Silvus acquisition, which is the culmination of discussions that lasted more than a year, when allocating capital for acquisitions, we remain committed to a very disciplined approach prioritizing long-term value creation for our shareholders.

最後，我對 Silvus 的收購感到非常興奮，這是持續一年多的討論的結果，在分配收購資金時，我們仍然致力於採取非常嚴謹的方法，優先為股東創造長期價值。

With Silvus, we're acquiring a technology leader in a rapidly growing industry that's seen impressive customer adoption and has a very strong financial profile. Their business complements our leadership in LMR and video and provides us with opportunities to leverage our strong customer relationships.

透過 Silvus，我們收購了快速成長產業的技術領導者，該產業擁有令人印象深刻的客戶採用率和非常強大的財務狀況。他們的業務補充了我們在 LMR 和視訊領域的領導地位，並為我們提供了利用強大客戶關係的機會。

Additionally, I'm particularly excited about the exceptional engineering and technical talent that the Silvus team brings us, and I look forward to working closely with them to drive meaningful revenue and earnings growth for years to come.

此外，我對 Silvus 團隊為我們帶來的傑出工程和技術人才感到特別興奮，我期待與他們密切合作，在未來幾年推動有意義的收入和盈利增長。

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

說完這些，我將把電話轉給蒂姆並開始回答問題。

Thank you, Greg. (Event Instructions)

謝謝你，格雷格。（活動須知）

Operator, would you please remind our callers on the line how to ask a question.

接線員，請您提醒我們的來電者如何提問。

(Operator Instructions) Joseph Cardoso, JP Morgan.

（操作員指示） 摩根大通 (JP Morgan) 的約瑟夫·卡多佐 (Joseph Cardoso)。

Hey, good afternoon, everyone. Thanks for the question. Greg, maybe I just wanted to start off. Last quarter, you put out this mid-3s product or mid-$3 billion product backlog [bogey] out there for year-end. And which based on the 2Q orders looks like you're well on track to. Maybe you can just take a moment and talk about like on a product level, where you're seeing this growth in the product orders across your portfolio?

嘿，大家下午好。謝謝你的提問。格雷格，也許我只是想開始。上個季度，您推出了這款 30 億美元中期產品或 30 億美元中期產品積壓訂單（預計在年底推出）。根據第二季的訂單情況來看，你們的進度似乎很順利。也許您可以花一點時間從產品層面談談，您看到整個產品組合中的產品訂單都出現了成長嗎？

Obviously, it sounds like the P25 devices are doing well. You mentioned a couple of deals on the base stations as well as anything else that you can think of that you think is really driving the momentum there.

顯然，聽起來 P25 設備表現不錯。您提到了有關基地台的幾筆交易，以及您能想到的任何其他真正推動該領域發展的因素。

And then as you kind of think about that by that you put out for a year and how are you feeling about momentum, tracking towards that, and particularly, any update just given now that I guess, solves under the bell. And it sounds like that's going to be leverage towards product side?

然後，當您思考您一年來所付出的努力時，您對發展勢頭有何感覺，如何跟踪這一勢頭，特別是現在給出的任何更新，我猜，這些問題都可以得到解決。聽起來這會對產品方面產生影響嗎？

And then I have a follow-up.

然後我有一個後續問題。

So Joe, in regards to the ZIP code of mid-3s in product backlog, which I mentioned last quarter, if anything, I feel as good, I actually feel better about that. And just to be clear, that color did not include anything associated with Silvus. So I still feel very good about the mid-3s even better than I did in May.

所以喬，關於我上個季度提到的產品積壓中 3 秒中間的郵政編碼，如果有的話，我感覺很好，實際上我對此感覺更好。需要明確的是，該顏色不包含任何與 Silvus 相關的東西。因此，我對 3 月中旬的表現仍然非常滿意，甚至比 5 月時感覺更好。

And you're right, coming out of Q2 with 27% record orders, 10% of that in product, I feel really good about that. I think the strong Q2 orders was driven on the product side by LMR device refresh by LMR infrastructure and the ASTRO next D-Series and APX consoles. I mentioned, we've also had strong fixed video orders and one of the largest Fed orders we've ever had in regards to Silent Sentinel. So it was multiproduct.

你說得對，第二季創紀錄的訂單率為 27%，其中 10% 是產品訂單，我對此感到非常滿意。我認為第二季度訂單的強勁增長是在產品方面受到 LMR 基礎設施的 LMR 設備更新以及 ASTRO 下一代 D 系列和 APX 控制台的推動。我提到過，我們還獲得了大量固定視訊訂單，以及有關 Silent Sentinel 的史上最大聯邦訂單之一。所以它是多產品的。

And on Software and Services, we had one of our largest command center orders ever at $44 million. So it was across the board, really good strength coming out of Q2 which further supplements even more confidence in the mid-3s or slightly better.

在軟體和服務方面，我們獲得了有史以來最大的指揮中心訂單之一，價值 4,400 萬美元。因此，從各方面來看，第二季的實力確實非常強勁，這進一步增強了人們對第三季中期或略好的信心。

No. I appreciate the thoughts there. Sounds wonderful. And maybe as my second question, it's more of a big picture question. Like obviously, it's been like a little bit more than a month since we've had the Beautiful Bill get passed, there's various programs in Europe that are aiming funds towards areas that look right for Motorola, particularly now with Silvus under the covers here.

不。我很欣賞這些想法。聽起來很棒。也許這是我的第二個問題，它更像是宏觀問題。顯然，自《美麗法案》通過以來已經過去了一個多月，歐洲有各種項目將資金投向適合摩托羅拉的領域，尤其是現在 Silvus 的推出。

So just maybe one curious as you look across these opportunities, where are you feeling most excited about and then in both the US as well as internationally and if there's any difference between like the opportunities between the two areas? And then two, how do you think investors should think about the timing around these opportunities materializing from Motorola? And then, I mean, just to kind of hit it on the nose, are you seeing any of these opportunities trickling into your orders today?

因此，當您審視這些機會時，也許有人會好奇，您對哪個領域最感興趣？在美國和國際上，這兩個領域的機會是否有差異？第二，您認為投資人應該如何看待摩托羅拉實現這些機會的時機？然後，我的意思是，直接問這個問題，您是否看到這些機會今天逐漸融入您的訂單中？

Trickling into what?

涓滴到什麼？

Orders.

訂單。

Okay. So let's start with Silvus. I mean, look, we love Silvus. We spend a lot of time on it as a team. I've heard from some people that said, this thing actually looks too good to be true, and we spend a lot of time on it, and we love the fact that it's a market leader. We love the fact that it was the tip of the spear and has been tested from an efficacy and a performance and scale standpoint in Ukraine.

好的。那麼讓我們從 Silvus 開始吧。我的意思是，看，我們喜歡 Silvus。我們作為一個團隊花了很多時間在這上面。我聽到一些人說，這個東西看起來好得令人難以置信，我們花了很多時間在它上面，我們很高興它成為市場領導者。我們很高興看到它是先鋒產品，並且已經在烏克蘭從功效、性能和規模的角度進行了測試。

We expect Silvus to grow about 20% in 2026. It's EPS neutral for the stub period this year, and we expect it to be at least 20% -- sorry, $0.20 accretive in 2026. And I love the fact that, look, Silvus powers a number of defense and military drone platforms, including Anduril and AeroVironment, and it's certified with over 100 leading manufacturers.

我們預計 Silvus 到 2026 年將成長約 20%。今年的存根期間 EPS 為中性，我們預計到 2026 年它將增長至少 20%——抱歉，增長 0.20 美元。我喜歡這樣一個事實，Silvus 為許多國防和軍用無人機平台提供支持，包括 Anduril 和 AeroVironment，並且獲得了 100 多家領先製造商的認證。

When I think about the revenue contribution, particularly around Ukraine and Silvus, you mentioned Europe and international, we expect the revenue from Ukraine as it relates to Silvus's revenue expectations this year to be less than 15% of overall revenues, and we expect Ukraine revenue for Silvus next year to be even less than that.

當我考慮收入貢獻時，特別是在烏克蘭和 Silvus 周圍，您提到了歐洲和國際，我們預計來自烏克蘭的收入與 Silvus 今年的收入預期相關，將不到總收入的 15％，我們預計明年 Silvus 在烏克蘭的收入甚至會低於這個數字。

So I like the fact that it's driven by a wide base of US defense, ex-Ukraine and unmanned systems, and I think there'll be a lot of attention and interest in European allies to invest in technologies that I think Silvus will be front and center as an opportunity.

因此，我喜歡這樣一個事實，即它受到美國國防、前烏克蘭和無人系統的廣泛推動，我認為歐洲盟友會給予大量關注和興趣來投資這些技術，我認為 Silvus 將成為其中的核心機會。

As it relates to the One Big Beautiful Bill, and maybe, Jack, you might want to talk about that a little bit?

因為它與《一個美麗的大法案》有關，也許，傑克，你想稍微談論一下這個？

Sure, Joe. I think the first thing I'd address is, think of the One Big Beautiful Bill, it's funding over the next four years. So it's a four-year horizon, and it's good news for Motorola.

當然，喬。我想我首先要談的是“一項偉大的美麗法案”，它涉及未來四年的資金。所以這是一個四年期的目標，對摩托羅拉來說是個好消息。

From a DoD standpoint, the increased funding $150 billion, which would have been good before, but it's even better now that we've acquired Silvus and as Greg just articulated their defense, border, and unmanned systems trajectory.

從國防部的角度來看，增加 1500 億美元的資金，這在以前就已經很好了，但現在我們收購了 Silvus，而且正如 Greg 剛才闡述的，他們的國防、邊境和無人系統發展軌跡，情況就更好了。

Also, there's money in there, another $70 billion for customs and border to customers -- to a big customer of ours as well as ICE another $75 billion, a lot of that funding is being directed at refreshing technology, both video, secure communications and services as well.

此外，還有另外 700 億美元用於海關和邊境保護，向我們的大客戶以及 ICE 提供另外 750 億美元，其中很大一部分資金用於更新技術，包括視訊、安全通訊和服務。

The last thing I'd say, which probably has been underappreciated is for our enterprise customers. Think of our PCR channel, the accelerated depreciation of CapEx provides them an opportunity to go talk to manufacturing, health care customers and the like, and go talk about refreshing their network and some of the tax benefits that they have.

我要說的最後一件事可能被低估了，那就是我們的企業客戶。想想我們的 PCR 管道，資本支出的加速折舊為他們提供了一個與製造業、醫療保健客戶等進行交談的機會，並談論更新他們的網路和他們擁有的一些稅收優惠。

So we're excited about the One Big Beautiful Bill. I would add the final piece of it is the timing of it, given it was signed on July 4, and that there's a 90-day window, we're expecting a lot of -- some of that funding to actually kick in, in early Q4 this year, and that's implied in our guidance.

因此，我們對《美麗大法案》感到非常興奮。我想補充的是，最後一個因素是時間安排，鑑於該協議是在 7 月 4 日簽署的，並且有 90 天的時間窗口，我們預計其中很大一部分資金將在今年第四季度初真正到位，這在我們的指導中有所暗示。

Andrew Spinola, UBS.

瑞銀的安德魯·斯皮諾拉。

Thank you. I want to follow up on the question on Silvus. The question I've gotten mostly is people are trying to understand why Silvus, and it's interesting. It reminds me a little bit about Avigilon because when you made that acquisition, it wasn't clear why you wanted to be in video that obviously become a much bigger part of public safety.

謝謝。我想跟進有關 Silvus 的問題。我最常被問到的問題是人們試圖理解為什麼是 Silvus，這很有趣。這讓我想起了 Avigilon，因為當你們進行收購時，並不清楚為什麼想要涉足視頻領域，而視頻顯然已成為公共安全中更重要的組成部分。

So are you thinking about Silvus that way? Do you see this technology be becoming something much bigger to public safety and it's going to be incorporated into your LMR technology longer term, or is this a new avenue that you're going down and we're going to see you investing more in defense tech and acquiring more and creating a new business line? How should we think about it?

那麼，您是這樣看待 Silvus 的嗎？您是否認為這項技術對公共安全的影響會越來越大，並且會長期融入您的 LMR 技術？或者這是您正在走的一條新道路，我們會看到您在國防技術方面投入更多資金，收購更多公司，並創建新的業務線？我們該如何思考這個問題？

Yeah. Andrew, I think about it as, first, I love the fact that it's a market leader. And it's a market leader that gives us exposure to a market we don't participate in today, unmanned systems in the air, in the water, on the ground. So it's new.

是的。安德魯，我認為，首先，我喜歡它是市場領導者這一事實。它是一個市場領導者，讓我們接觸到我們目前尚未參與的市場，即空中、水中和地面的無人系統。所以它是新的。

Having said that, it's video and data centric. So it's all about ad hoc high-speed infrastructure list, mobile and data and video communications. We see it in defense, we see it on border security. Obviously, to your point, we see it in mission-critical deployments, primarily on the battlefield and adjacencies where there's intense conflict.

話雖如此，它是以視訊和數據為中心的。所以這一切都與臨時高速基礎設施清單、行動和數據以及視訊通訊有關。我們在國防和邊境安全方面都看到了這一點。顯然，正如您所說，我們在關鍵任務部署中看到了它，主要是在激烈衝突的戰場和鄰近地區。

But having said that, we also see it as complementary. Complementary to LMR and complementary to video. We lead in land mobile radio infrastructure and devices. This gives us an opportunity to lead an infrastructure less ad hoc mesh networks.

但話雖如此，我們也認為它是互補的。與 LMR 互補，與影片互補。我們在陸地行動無線電基礎設施和設備方面處於領先地位。這使我們有機會領導一個無需基礎設施的自組織網狀網路。

Given both Silvus and our heritage in LMR have a radio frequency or RF centricity, I like the fact that I think there's a 1 plus 1 equals 3 proposition in terms of expansion in new markets. This is a great, great product.

鑑於 Silvus 和我們在 LMR 領域的傳統都具有射頻或 RF 中心性，我喜歡這樣一個事實，我認為在新市場擴張方面存在 1 加 1 等於 3 的命題。這是一個非常棒的產品。

I think one of the limiting factors of their growth is their ability to reach outside the United States and capitalize on a global footprint where like in Motorola Solutions, Molloy has people in dozens and dozens and dozens of countries. So I think in the federal business, internationally, it's a new market, but I also think of it as complementary as well to LMR and video.

我認為他們成長的限制因素之一是他們能否將業務拓展到美國以外並利用全球影響力，就像摩托羅拉系統公司一樣，莫洛伊在幾十個國家都有員工。因此，我認為在聯邦業務中，從國際上來說，這是一個新市場，但我還認為它是 LMR 和視頻的補充。

And maybe you want to talk Mahesh, a little bit about the thinking not just in what they do today, but some of the possibilities going forward?

也許您想和馬赫什談談，不僅談談他們今天所做的事情，還談談未來的一些可能性？

So besides really offering highly resilient communication, the other element of Silvus's spectrum monitoring, and it's probably very important to talk about in the context of drones, being able to detect drones in this case. So as part of our overall drone strategy, the ability to detect drones not just with radar, which is the most common way of detecting drones today, but also through RF, we believe really enhances and make -- positions us very uniquely in that space.

因此，除了真正提供高度彈性的通訊之外，Silvus 頻譜監測的另一個要素，在無人機的背景下談論它可能非常重要，在這種情況下能夠檢測無人機。因此，作為我們整體無人機策略的一部分，我們不僅可以透過雷達（這是當今最常用的無人機偵測方式）來偵測無人機，還可以透過射頻來偵測無人機，我們相信這確實增強了我們的能力，並使我們在該領域佔據了非常獨特的地位。

The other very important element about Silvus is that it's -- and Greg mentioned this, it's data. It's data-oriented communication, and it allows for any IP device to be attached to it, including cameras. So we believe that there's an opportunity there with cameras as well that's coming in the future.

Silvus 的另一個非常重要的元素是——Greg 提到了這一點，它是數據。它是面向資料的通信，允許任何 IP 設備連接到它，包括攝影機。因此，我們相信未來相機領域也會出現機會。

The only thing I'd add, and as we've discussed, Greg, is that similar to Motorola Solutions, our LMR business as well as our video security business, there's an opportunity to add recurring revenues by way of service providing just given the nature of the customer base as well.

我唯一要補充的是，正如我們所討論的，格雷格，與摩托羅拉系統公司類似，我們的 LMR 業務以及視頻安全業務，考慮到客戶群的性質，有機會通過提供服務來增加經常性收入。

I agree.

我同意。

Keith Housum, Northcoast Research.

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

Good afternoon, guys. Question for you on maybe a little bit off the wall here, but the base station that you guys are introducing here. I remember perhaps last time you actually introduced a new base station here? And is there a pent-up demand here that could perhaps be a little bit more of a growth driver than someone are thinking here?

大家下午好。這裡的問題可能有點離題，但你們在這裡介紹的是基地台。我記得上次您實際上在這裡引入了一個新的基地台？這裡是否存在著被壓抑的需求，可能比人們想像的更能推動成長？

Yeah. So you're right, Keith. It's been -- I think I'm going to -- you're jogging my memory here, but I think it has been -- it was probably about -- it was about 12 years ago, and we last had our base station, but the D-Series, which we're talking about, does a few things.

是的。所以你是對的，基斯。已經——我想我想要——你在這裡喚起我的記憶，但我認為已經——大概是——大約 12 年前，我們上次有了基站，但我們正在談論的 D 系列做了一些事情。

Number one, better capacity provides better coverage, but also it leverages less capacity. So think of it as a green base station less energy consumption, which a lot of our customers have been asking for. It also adds a layer of redundancy with low earth orbit capability to extend in certain places. But we're really pleased.

首先，更好的容量可以提供更好的覆蓋範圍，但同時也利用更少的容量。因此，可以將其視為一個能耗更低的綠色基地台，這也是我們許多客戶一直要求的。它還增加了一層冗餘，具有延伸至某些地方的低地球軌道能力。但我們真的很高興。

And I think as Greg said, we've got a few big wins out of the gate. We had wins in the state of Ohio. We had wins with the state of Michigan, who is one of the largest LMR customers. And the way to think about it is we've got significant footprint of statewide, county-wide, citywide networks that all need now to be refreshed. It will be a multiyear phenomenon in terms of that growth.

我認為正如格雷格所說，我們已經取得了一些重大勝利。我們在俄亥俄州取得了勝利。我們與密西根州取得了合作，該州是 LMR 最大的客戶之一。我們可以這樣想：我們已經擁有覆蓋全州、全縣、全市的大量網絡，現在都需要更新。從成長角度來看，這將是一個多年的現象。

The other thing to think about is this continues to build -- this continues to extend our capabilities and need for us to deliver more services for our customers, meaning cybersecurity services, which are up substantially for us this year as well as new software monetization services for the new D-Series station.

另一件需要考慮的事情是，這將繼續建立——這將繼續擴展我們的能力，並需要我們為客戶提供更多的服務，這意味著網路安全服務，今年我們的網路安全服務大幅增加，以及為新的 D 系列站提供新的軟體貨幣化服務。

The last piece of it, we're really pleased is the access, which gives us a new dispatch console through these investments we've made. And an example of that is the city of Chicago, really proud our hometown, we went and displaced a competitor and had a significant pickup in a command center win by way of access console.

最後，我們真正高興的是訪問權限，透過我們所做的這些投資，它為我們提供了一個新的調度控制台。芝加哥就是一個例子，我們為自己的家鄉感到非常自豪，我們取代了競爭對手，並透過訪問控制台在指揮中心的勝利中取得了顯著的進步。

So again, great opportunity for us. I think it's a multiyear horizon, but also lends itself to new service selling capabilities as well.

所以這對我們來說又是一次絕佳的機會。我認為這是一個多年的過程，但也有利於新的服務銷售能力。

And Keith, most of our customers are on software agreements that keep them current and ready. What this opportunity presents is in a hardware refresh with a lot of attributes. And to Jack's point, comes with yet another opportunity to sell them additional software and services around that new hardware. So we view it as benefiting us long term for sure.

基思，我們的大多數客戶都簽訂了軟體協議，以使他們保持最新狀態並隨時準備就緒。這次機會帶來的是具有許多屬性的硬體更新。正如傑克所說，這又是一個向他們銷售圍繞新硬體的附加軟體和服務的機會。因此我們認為這肯定會為我們帶來長期利益。

Great, appreciate it. And then if I could just ask one follow-up question on the backlog. Obviously, there's a lot of focus on that recently. But how do we look at the backlog of the makeup of that? Is it similar to the disaggregation of revenue you guys have in the presentation here, or is there a different mix we should be thinking about within that backlog?

太好了，非常感謝。然後我是否可以就積壓問題問一個後續問題。顯然，最近人們對此非常關注。但我們如何看待積壓的化妝問題呢？它是否與你們在此演示中的收入分解類似，或者我們是否應該在積壓訂單中考慮不同的組合？

Well, most of the backlog within S&S, services and software comes from LMR. So I'd say the power hitter in our backlog contribution, particularly for S&S is LMR because of the nature of our long-term contracts and the services and software business that we've built over the years. That would be one indicator. And then the size of LMR includes even products, it's our largest business. So I think those two things give you some insights around the makeup of backlog.

嗯，S&S、服務和軟體中的大部分積壓訂單都來自 LMR。因此，我想說，我們積壓訂單貢獻中的強者，特別是對於 S&S 來說，是 LMR，因為我們的長期合約的性質以及我們多年來建立的服務和軟體業務。這是一個指標。LMR 的規模甚至包括產品，這是我們最大的業務。所以我認為這兩件事讓你對積壓的組成有了一些了解。

And to Greg's point earlier, as we began the year, we expected quick turn to accelerate, and it's done that with our record Q2 orders and 10% growth in products, and we expect that growth to continue into the second half. That's long been a part of our outlook and our outlook has improved.

正如格雷格之前提到的，在年初，我們預計快速轉型將會加速，而我們的第二季訂單創下了歷史新高，產品成長了 10%，我們預計這種成長將持續到下半年。這早已成為我們觀點的一部分，我們的觀點已經得到改善。

Helpful, thank you.

有幫助，謝謝。

Thanks, Keith.

謝謝，基斯。

Tim Long, Barclays.

巴克萊銀行的提姆朗。

Thank you. Two quick ones, if I can. Greg, you talked about SVX and some of their early momentum understanding it's only been out a month or so. Could you guys talk a little bit about what you think that will do from a ramp -- revenue ramp perspective as well as impacting maybe the upgrade cycle to APX NEXT, number one.

謝謝。如果可以的話，我快速說兩句話。格雷格，您談到了 SVX 及其早期發展勢頭，據了解，它才推出一個月左右。你們能否從收入成長的角度稍微談談這會產生什麼影響，以及可能對 APX NEXT 的升級週期產生什麼影響，這是第一點。

And number two, if you can talk about the video business. Still strong growth there, very much driven by the software side. The hardware piece of that is still kind of flat to low-single-digit type of growth. I get there is a cloud impact. But maybe can you just touch a little bit on the product side there and what we could expect to see to potentially reaccelerate growth there?

第二，可以談談視訊業務嗎？那裡仍然保持著強勁的成長勢頭，這主要得益於軟體方面的推動。其中硬體部分仍保持平穩至低個位數的成長。我知道有雲的影響。但也許您能稍微談談產品方面的情況，以及我們可以期待看到哪些方面有可能重新加速成長？

Yeah. Just on the SVX, and Jack and Mahesh can jump in, but as I mentioned, first of all, I'd say the orders are outpacing our expectations. That's number one.

是的。就在 SVX 上，傑克和馬赫什可以加入，但正如我所提到的，首先，我想說訂單超出了我們的預期。這是第一點。

Number two, I love it because we're not selling a product per se, we're selling an ecosystem. And that's just not hyperbole but SVX is anchored and runs off of an APX NEXT. We upgraded that device. We upgraded it to dual banded to include LTE, 4G or 5G, to get all the benefits of a dual-banded radio and you see us enhancing that.

第二，我喜歡它，因為我們銷售的不是產品本身，而是生態系統。這並非誇張，但 SVX 確實依靠 APX NEXT 運行。我們升級了該設備。我們將其升級為雙頻段，包括 LTE、4G 或 5G，以獲得雙頻段無線電的所有優勢，並且您可以看到我們對其進行了增強。

We're driving more applications and recurring revenue off of the APX NEXT, and now we have the speaker mic, which is tied to every radio we sell virtually, and it displaces the need for a body camera. It's kind of like if you want an iPad, buy a body camera.

我們正在透過 APX NEXT 推動更多的應用和經常性收入，現在我們有了揚聲器麥克風，它幾乎與我們銷售的每台收音機相連，它取代了對隨身攝影機的需求。這有點像如果你想要一台 iPad，就買一台隨身攝影機。

But if you want a multidimensional full function device, you would just go with and SVX, and SVX is really an ingestion point that does a lot more than just body cam, which is why I referenced earlier, it's the tipping point that ingests more information on situational awareness, AI around dispatch information, around 911, and audio logs around the radio P25 system, as well as the body cam video. So it does more than that.

但如果您想要一台多維的全功能設備，那麼您可以選擇 SVX，而 SVX 實際上是一個攝取點，其功能遠不止隨身攝影機，這就是我之前提到的，它是一個引爆點，可以攝取更多關於態勢感知的資訊、圍繞調度資訊的人工智慧、圍繞 911 的資訊、圍繞 P25 隨身攝影機系統的音訊以及隨身攝影機系統的音訊以及隨身攝影機系統的音訊。所以它的作用不止於此。

And I like the early traction. It will take time. I also like the fact that we're right in the middle of going through FedRAMP certification process. So that continues to go well, and I'm optimistic about the time line for that, which will, in turn, open up more opportunities for us as well.

我喜歡早期的牽引力。這需要時間。我也很高興我們正處於 FedRAMP 認證過程的中間階段。所以一切進展順利，我對時間表感到樂觀，這反過來也會為我們帶來更多的機會。

Greg, the rest of the portfolio, as I think about internationally and the body worn cameras that we've been refreshing. We've made some pretty significant wins in Romania, Scotland, France, Bulgaria and a number of agencies in the UK. So our international body-worn camera business, which is not SVX attached APX NEXT, which is more North America continues to do well, also.

格雷格，我想到投資組合的其餘部分是國際性的，以及我們一直在更新的隨身攝影機。我們在羅馬尼亞、蘇格蘭、法國、保加利亞和英國的一些機構取得了相當重大的勝利。因此，我們的國際隨身攝影機業務（不是 SVX 附加的 APX NEXT，而是更多的北美業務）也繼續表現良好。

I agree.

我同意。

And perhaps the last thing I'll say on SVX, we believe we're creating a new category here. This is a body-worn assistant versus a body-worn camera. It's not just recording evidence. It is all about capabilities like translation, and SVX is a gateway into Assist. So you can ask questions about either situational awareness questions, it's integrated to Assist chat.

關於 SVX，我最後要說的可能是，我們相信我們正在在這裡創建一個新的類別。這是隨身助手與隨身攝影機的對比。這不僅僅是記錄證據。它全部與翻譯等功能有關，而 SVX 是進入 Assist 的門戶。因此，您可以詢問有關態勢感知問題的問題，它已整合到輔助聊天中。

So at the end of the day, we're creating a new category here, it's not just a body-worn camera.

所以最終，我們在這裡創造了一個新的類別，它不僅僅是一個隨身攜帶的攝影機。

And I think, Tim, the last piece of it is just related to the fixed video business, really pleased with our Q2 performance. And I'd say refreshed portfolio largely with Alta, Alta leading the engine, meaning our cloud business, driving that growth.

提姆，我認為最後一部分與固定影片業務有關，我們對第二季的表現非常滿意。我想說，更新後的投資組合主要由 Alta 主導，Alta 是我們的引擎，也就是我們的雲端業務，推動著這項成長。

And I think we continue to see incremental investments we make in our go-to-market team continue to expand our reach, not only here in the US and in Canada, but also overseas. We've made surgical investments in Europe and in Australia, and we're starting to see the benefits of those investments that we've made there as well.

我認為，我們對行銷團隊的增量投資將繼續擴大我們的業務範圍，不僅在美國和加拿大，而且在海外。我們在歐洲和澳洲進行了外科手術投資，我們也開始看到在那裡進行的投資所帶來的利益。

And those investments continue to show up in higher software growth within video, while the category of video or the technology, we expect to grow 10% to 12%, the software portion of that continues to grow much faster.

這些投資繼續體現在視訊領域軟體的更高成長中，而我們預計視訊類別或技術將成長 10% 至 12%，其中軟體部分將繼續成長得更快。

Meta Marshall, Morgan Stanley.

摩根士丹利的 Meta Marshall。

Great. A couple of smaller questions for me. Just on you guys have been talking about kind of the software transition, particularly on the video side of the business. Is that any meaningful headwind to revenue growth at this point, clearly kind of helping the backlog transition. So just a question there.

偉大的。對我來說有幾個小問題。你們剛才一直在談論軟體轉型，特別是視訊業務方面。目前這對收入成長來說是否是一個有意義的阻力，顯然有助於積壓訂單的轉換。這只是個問題。

And then just second, kind of any update on APX NEXT adoption rates?

其次，APX NEXT 採用率有更新嗎？

So on cloud adoption within video, as Jack mentioned, we continue to see the fastest growth within our cloud platform of Alta. Orders are greater than sales. Although we're able to manage through the deferred revenue transition, we haven't outlined a number this year as to what that is because we're managing through it and still printing significant growth. So I'd say cloud is on path in video.

因此，正如傑克所提到的那樣，在視訊雲端應用方面，我們繼續看到 Alta 雲端平台內最快的成長。訂單量大於銷售額。儘管我們能夠管理遞延收入轉型，但今年我們還沒有確定具體的數字，因為我們正在管理它並且仍然實現顯著的成長。所以我想說雲在影片中處於路徑上。

And then the second question in terms of APX NEXT adoption, Jack?

那麼第二個問題是關於 APX NEXT 的採用，傑克？

Yeah, sure. So APX NEXT couple of things. Q2, let's start there, double-digit order growth with APX NEXT. We just spoke about SVX, but it's important to note that the SVX is exclusive to the APX NEXT family, which helps -- which from the collaborative aspect there benefits both SVX as well as APX NEXT.

是的，當然。因此 APX NEXT 有幾件事。Q2，讓我們從這裡開始，APX NEXT 的訂單實現了兩位數成長。我們剛剛談到了 SVX，但需要注意的是，SVX 是 APX NEXT 系列獨有的，這有助於 - 從協作的角度來看，SVX 和 APX NEXT 都有好處。

The last thing that I would note that we talked about for is, it's also driving our application service business. So for every APX NEXT radio and we've got greater 90% attachment rate, $300 of radio and application services per year. So we continue to see the benefit.

我最後要指出的是，它也推動了我們的應用服務業務。因此，對於每台 APX NEXT 無線電，我們都獲得了超過 90% 的連接率，每年 300 美元的無線電和應用服務。因此我們繼續看到其好處。

I think SVX has also been a tailwind in terms of customers making that conversion and looking to move from APX original to APX NEXT.

我認為 SVX 對於客戶進行轉換並希望從 APX 原版轉向 APX NEXT 也起到了推動作用。

Amit Daryanani, Evercore ISI.

Amit Daryanani，Evercore ISI。

Yeah, thanks. I just have two as well. Maybe to start with operating margins came in better than our and Street expectations. So can you just touch on a, what the tariff headwinds were in the quarter for you folks? And then b, just what's the durability of the levers that helped the operating margins here?

是的，謝謝。我也只有兩個。也許首先營業利益率就好於我們和華爾街的預期。那麼，您能否簡單談談本季你們面臨的關稅阻力有哪些？然後 b，幫助提高營業利潤率的槓桿的耐久性到底有多大？

Yeah, thank you. So gross margins were up on higher S&S sales and operating margins were up on both margins in S&S as well as leverage elsewhere. So an update on tariffs. We are estimating that this year's tariff impact will be about $80 million, down from the $100 million. That's in part due to mitigation and other things that have changed.

是的，謝謝。因此，毛利率隨著 S&S 銷售額的增加而上升，而營業利潤率則隨著 S&S 利潤率和其他部門槓桿率的提高而上升。以下是關於關稅的最新情況。我們估計今年的關稅影響約為 8,000 萬美元，低於 1 億美元。這在一定程度上是由於緩解措施和其他因素的變化。

We began seeing the tariff impact in late Q2. Most of that $80 million is in front of us in the second half. So the operating margin expansion that you saw didn't have a significant impact from tariffs. It was more core to the business on improved mix in S&S.

我們在第二季末開始看到關稅的影響。這 8000 萬美元中的大部分將在下半年到帳。因此，您所看到的營業利潤率擴張並沒有受到關稅的顯著影響。這對於 S&S 業務的改進組合來說更為核心。

And Amit, we -- a quarter ago, we said gross margins would be comparable for the year. We now expect gross margins to be up year on year. And to your point on operating margin expansion, we envision about 100 bps, 100 basis points expansion year over year.

阿米特，我們——一個季度前，我們說過今年的毛利率將與去年持平。我們現在預計毛利率將同比上升。關於您提到的營業利潤率擴張，我們預計將同比擴張將達到 100 個基點。

And that improvement is coming not just from the addition of Silvus, but from also the core business. Both are helping gross margins and operating margins this year.

這種改進不僅來自於 Silvus 的加入，還來自於核心業務。兩者都有助於提高今年的毛利率和營業利潤率。

Super helpful. And then maybe just shift gears a bit. Can you just talk about how do you think you're positioned to address sort of this growing focus in the unmanned systems market as you go forward? And how big do you think this can eventually become for you folks? I get Silvus gives you a really good presence there. But I just want to understand like longer term, how big do you think this unmanned systems market can get?

超有幫助。然後也許只需稍微改變一下方向。您能否談談，在未來的發展中，您如何應對無人系統市場日益增長的關注？您認為這對你們來說最終能有多大影響？我知道 Silvus 會給你帶來非常好的存在感。但我只是想了解從長遠來看，您認為無人系統市場能夠發展到多大？

And then maybe somewhat specific, do you think Silvus enables you to participate in like some of the initiatives that the Pentagon has like replicator or the DIU autonomy pushers are making?

然後也許有些具體，您是否認為 Silvus 使您能夠參與五角大樓的一些舉措，例如複製器或 DIU 自治推動者正在製定的舉措？

Well, Amit, let me just talk about the TAM first. We see the TAM for unmanned at about $3 billion and growing probably one of the fastest-growing TAMs we have now with the addition of Silvus now in the portfolio, and we would expect that TAM not be surprised to double it in the next four years.

好吧，阿米特，讓我先談談 TAM。我們認為無人駕駛的 TAM 約為 30 億美元，隨著 Silvus 加入我們的投資組合，它可能是我們目前成長最快的 TAM 之一，我們預計 TAM 在未來四年內翻一番也就不足為奇了。

And maybe just focusing a bit on drones per se. If you think about our drone strategy right now, we have three elements to it. There's drone as a first responder. This is our strategic alliance with BRINC in North America. We also have a solution for international.

或許只是稍微關心一下無人機本身。如果你現在考慮我們的無人機策略，你會發現它有三個要素。無人機是第一響應者。這是我們與北美BRINC的策略聯盟。我們也有針對國際的解決方案。

Given the increased FAA waivers in 2025, we see that as a significant force and that strategic alliance with BRINC, I think, is important. And we see our mission-critical networks, Silvus, in particular, also integrating with BRINC in that scenario.

鑑於 2025 年 FAA 豁免增加，我們認為這是一股重要力量，我認為與 BRINC 建立策略聯盟非常重要。我們看到，我們的關鍵任務網絡，尤其是 Silvus，在這種情況下也與 BRINC 整合。

For communications, we just talked about it. I think Silvus is dominant in terms of being able to be the most resilient communication mechanisms, low probability of detection, low probability of intercept for drones, which I think is a key driver, and that continues to grow.

對於溝通，我們剛才已經談到了。我認為 Silvus 在最具彈性的通訊機制、低偵測機率、低無人機攔截機率方面佔據主導地位，我認為這是一個關鍵驅動因素，而且還在持續成長。

And finally, drone detection and forensic, we have a partnership with SkySafe and as I mentioned before, with Silvus, we have the ability to detect drones, leveraging their spectrum monitoring functionality as well. So across those three things for drones as a specific instance of unmanned systems, that is our strategy there.

最後，在無人機檢測和取證方面，我們與 SkySafe 建立了合作夥伴關係，正如我之前提到的，透過與 Silvus 合作，我們能夠檢測無人機，並利用其頻譜監控功能。因此，對於無人機作為無人系統的具體實例來說，這三件事就是我們的策略。

Ben Bollin, Cleveland Research Company.

克利夫蘭研究公司的 Ben Bollin。

Good afternoon, everyone. Thank you for taking the question. The first one, I'm interested in your thoughts on what the Silvus sales motion looks like. Could you maybe compare and contrast it to your existing sales motion? And any preliminary thoughts you have on getting your existing sales teams up to speed and out there accelerating this and driving more attach?

大家下午好。感謝您回答這個問題。第一個問題，我對您對 Silvus 銷售動議的看法很感興趣。您能否將其與您現有的銷售動議進行比較和對比？您對讓現有銷售團隊加快速度並加速這一進程以及推動更多聯繫有什麼初步想法？

And then I have a follow-up.

然後我有一個後續問題。

Sure. So their sales motion, they've had -- it's amazing the success that, that team has had. When we first started a year ago, they had a relatively small sales team that was largely focused in the U.S. and some of the US sales resources focused outside the continental United States would call on bases, et cetera, in Europe and other points abroad, it's a direct sales motion largely given the size and the strategic level of the selling process.

當然。所以他們的銷售動議——這個團隊所取得的成功令人驚訝。當我們一年前剛開始的時候，他們的銷售團隊規模相對較小，主要集中在美國，而一些集中在美國大陸以外的美國銷售資源則會拜訪歐洲和其他海外基地等，這在很大程度上是一種直接銷售行為，因為銷售過程的規模和戰略層面。

There's also an element of this that sells to, I think, as Jason or Greg articulated that sells to the primes and the integrators, the Anduril, the AeroVironment, we're going to -- so that's where it was. Where is it going to go? You heard Greg mention earlier, we're going to put a pretty concerted effort to have local resources in allied countries around the world, anywhere we're seeing a dial up in military exercise, we're going to quickly be putting salespeople over there. We've already invested in channel salespeople as well to get after new channels to sell the Silvus MANET software into those elements.

我認為，其中還有一個銷售要素，正如 Jason 或 Greg 所言，即向主要客戶和整合商、Anduril、AeroVironment 銷售，我們將 — — 所以情況就是這樣。它要去哪裡？您聽到格雷格之前提到過，我們將盡全力在世界各地的盟國獲得本地資源，只要我們看到軍事演習的增加，我們就會迅速派遣銷售人員到那裡。我們已經投資了通路銷售人員，以開拓新通路，將 Silvus MANET 軟體銷售給這些產業。

And I think the last component of it is lobbying. They have had limited resources and lobbying, we have a government affairs arm in DC. We will be looking to address not only lobbying on the hill for a probes for DoD, but also lobbying into the different branches of government, where I think we can articulator story. It's US-made technology. It plays really well, I think, with where we want to go.

我認為其中的最後一個組成部分是遊說。他們的資源和遊說能力有限，而我們在華盛頓特區有一個政府事務部門。我們不僅會考慮在國會山莊遊說國防部進行調查，還會遊說各個政府部門，我認為我們可以在這些部門中清晰地闡述我們的故事。這是美國製造的技術。我認為，它確實很符合我們的目標。

But yeah, so we're really excited. We've run this playbook before when we got into the video space, I think it's a different playbook, a different end market, but it starts with just having a strategic idea of where we want to go, where we want to invest. And I think you'll quickly see that we're going to be making moves in the next -- the coming weeks and months ahead there.

但是是的，我們真的很興奮。當我們進入視訊領域時，我們曾經運行過這個劇本，我認為這是一個不同的劇本，不同的終端市場，但它始於對我們想要去哪裡、想要在哪裡投資的戰略想法。我想您很快就會看到我們將在接下來的幾週和幾個月內採取行動。

Okay. That's great. I guess the follow-up, probably more for you, Jack. I'm interested a lot of the US states closed their fiscal year in June. How do you think budgets are coming together into fiscal '26? Just any high-level thoughts on what you're hearing. I understand the orders have been exceptional. Just interested if you've got much visibility into incremental fiscal '26 budgets at this point.

好的。那太棒了。我想後續內容對你來說可能更有意義，傑克。我感興趣的是，美國很多州在六月結束了財政年度。您認為 26 財年的預算將如何整合？只是針對您所聽到的內容提出一些高層次的想法。我了解這些訂單非常特殊。我只是想知道您是否對目前的增量財政 26 預算有了很多了解。

Yeah, sure. So I think as you articulated, record Q2 orders. We've raised our annual guide. But we just took a look because we now have a view to what the '26 state and local budgets look like. And the reality is we just had -- went through this in detail with their strategy team a couple of weeks back. The budgets look very good. So the budget situation remains very strong.

是的，當然。所以我認為正如您所說，記錄第二季的訂單。我們提高了年度指南。但我們只是看了看，因為我們現在對 26 個州和地方的預算狀況有了大致的了解。事實上，幾週前我們才剛與他們的策略團隊詳細討論了這個問題。預算看起來非常好。因此預算狀況仍然非常強勁。

The other piece of it that we always think about is we're a little different because we can tap 911 funds. We get the benefit of the increase in property taxes, sales taxes, because the reality is the selling environment is still good and then we have income tax and income are relatively steady.

我們始終認為的另一點是，我們有點不同，因為我們可以利用 911 基金。我們從財產稅、銷售稅的增加中獲益，因為現實情況是銷售環境仍然良好，而且我們的所得稅和收入相對穩定。

So across the board, the situation looks good, and I think that really advises our confidence in the back half of '25 and beyond.

因此，總體而言，情況看起來不錯，我認為這確實增強了我們對 2025 年下半年及以後的信心。

(Operator Instructions) Tomer Zilberman, Bank of America Securities.

（操作員指示）美國銀行證券的 Tomer Zilberman。

Hey, guys. A question for you on the core LMR business. If I think about the long-term of historical growth trajectory of this market, it's anywhere between 1% to 3%. Last two quarters, you've been growing 3% to 4%. And I believe you previously guided for that similar type of growth rate, 3%, 4% for the rest of the year.

嘿，大家好。我想問您一個有關核心 LMR 業務的問題。如果我考慮這個市場的長期歷史成長軌跡，它的成長率在 1% 到 3% 之間。過去兩個季度，你們的成長率達到了 3% 到 4%。我相信您之前也預測過類似的成長率，今年剩餘時間的成長率將是 3% 或 4%。

My question more so is, as we think about next year or the next few years, are these trends that you're talking about, about in regards to this ecosystem with APX NEXT and SVX and the other positive trends you're seeing enough to sustain these kind of above-market growth rates? Or do you think that these trends have a long enough tail that we might be more exposed to cyclical growth fluctuations of growth over the next few years.

我更想問的是，當我們考慮明年或未來幾年時，您談論的這些趨勢，關於 APX NEXT 和 SVX 的生態系統以及您看到的其他積極趨勢，是否足以維持這種高於市場的成長率？或者您認為這些趨勢具有足夠長的尾部，以至於我們在未來幾年可能會更容易受到週期性成長波動的影響。

Well, from a technology standpoint, we -- as Jason mentioned already, we are relabeling LMR to MCN Mission Critical Networks. And as a result, we now expect Mission Critical Networks, inclusive of LMR to be mid-single digits for this fiscal year. We're obviously not going to comment yet on '26.

嗯，從技術角度來看，正如 Jason 已經提到的，我們將 LMR 重新標記為 MCN 任務關鍵網路。因此，我們現在預計包括 LMR 在內的關鍵任務網路本財年的成長將達到中等個位數。顯然，我們暫時不會對 26 做出評論。

But I think that the strong Q2 orders print the gaining confidence in the product backlog, even though it is transitioning more to a quick turn business, but our confidence is incrementally higher than it was a quarter ago. i.e., vis-à-vis the mid-3s. I like that trend.

但我認為，強勁的第二季訂單顯示人們對產品積壓訂單的信心不斷增強，儘管它正在向快速週轉業務轉型，但我們的信心比一個季度前有所提高。即相對於 3 月中旬而言。我喜歡這種趨勢。

Now, remember also, we're coming off of record years, last year and the year before. So we're -- and as somebody earlier mentioned on the call, given the ecosystem that you just referenced, we're trying to drive more toward recurring revenue, toward more applications revenue, toward more revenue as a service.

現在，也要記住，我們剛剛創下了去年和前年的記錄。因此，正如之前有人在電話中提到的那樣，考慮到您剛才提到的生態系統，我們正努力爭取更多的經常性收入、更多的應用程式收入和更多的服務收入。

So as long as we can continue a healthy, robust company-wide revenue growth and then continue our focus on operating expense, operating leverage, improved cash flow, operating margin expansion, and continuing to build backlog, particularly around multiyear services or recurring apps revenues, that's the profile we want for the firm. So we'll come in and out of quarters, we'll come in and out of years.

因此，只要我們能夠維持全公司範圍內健康、強勁的收入成長，然後繼續專注於營運費用、營運槓桿、改善現金流、擴大營運利潤率，並繼續累積訂單，特別是圍繞多年服務或經常性應用收入，這就是我們希望公司達到的形象。因此，我們會進入或走出各個季度，進入或走出各個年份。

But when we take a look where we are now and going forward, and I think of the long-term durability and the criticality of 13,000 networks for LMR that compose both critical infrastructure and enterprise as well as public safety as well as North America and international.

但是，當我們回顧現在的情況和未來時，我想到 LMR 的 13,000 個網路的長期耐用性和關鍵性，這些網路構成了關鍵基礎設施和企業以及公共安全以及北美和國際。

And again, just to come back to Silvus. I love Silvus because it's intelligent, high-growth, high-performance infrastructure. It can support lots of different drone platforms, lots of different drone manufacturers. We've had a lot of experience and I have in selling devices or commodities. You could call the drone market, depending upon which one you define as a commodity.

再次回到 Silvus。我喜歡 Silvus，因為它是智慧、高成長、高效能的基礎設施。它可以支援許多不同的無人機平台、許多不同的無人機製造商。我們和我在銷售設備或商品方面都有豐富的經驗。您可以稱之為無人機市場，這取決於您將哪個市場定義為商品。

We've been very purposeful to invest where we think we can differentiate, where we think the revenues and the competitive advantage are sticky, and where we can build a competitive advantage in adjacency for public safety, critical infrastructure, and national security. That's the strategy we're implementing. I feel good about it, and I definitely feel good about exiting Q2 and what we need to get done between now and the end of the year.

我們非常有目的地投資於我們認為能夠實現差異化的領域、我們認為收入和競爭優勢具有持久力的領域以及我們能夠在公共安全、關鍵基礎設施和國家安全方面建立競爭優勢的領域。這就是我們正在實施的策略。我對此感覺很好，而且我對第二季的結束以及從現在到年底我們需要完成的工作感到非常滿意。

And Tomer, as you know, we'll update you on next year in November.

托默，如你所知，我們將在 11 月向你通報明年的情況。

Got it. Maybe as a quick follow-up, just a housekeeping question. Apologies if I missed it earlier, your guidance raise includes a mix of the Silvus acquisition, but also core improvements, did you break out what you expect Silvus to contribute in Q3 versus Q4? I know you have this stub period going on. So any direction you can give us would be helpful.

知道了。也許作為一個快速的後續問題，只是一個常規問題。如果我之前錯過了，請原諒，您的指導提升包括 Silvus 收購以及核心改進，您是否詳細說明了您預期 Silvus 在第三季度和第四季度的貢獻？我知道你正處於這個存根期。因此，您能給我們的任何指導都會很有幫助。

So we're flowing through the Q2 beat. We're flowing through the improvement of FX, and we're articulating that Silvus is about $185 million in the stub period of revenue for the remaining five months post-close. We haven't specifically broken out Q3. But --

因此，我們正在順利度過第二季。我們正在推進外匯業務的改善，並且我們明確表示，Silvus 在收盤後剩餘五個月的存根期間收入約為 1.85 億美元。我們還沒有具體公佈第三季的數據。但--

If you want to use weeks, it's a pretty good approximation of where to put the $185 million.

如果你想用幾週的時間，那麼這可以很好地估算出 1.85 億美元的投資金額。

Yes. weeks remaining.

是的，還剩幾週。

Louie DiPalma, William Blair.

路易·迪帕爾馬、威廉·布萊爾。

Greg, Jason, Jack, Mahesh, Tim, and [Vicky], congrats on closing Silvus.

Greg、Jason、Jack、Mahesh、Tim 和 [Vicky]，祝賀你們關閉 Silvus。

Hey, Louie, how you doing? Thanks.

嘿，路易，你好嗎？謝謝。

Great. I was wondering, does Silvus give you a competitive advantage for your drone as a first responder offering on the law enforcement side? Today, nearly all of Silvus revenue is for the battlefield, but it seems you can significantly enhance their first responder capabilities, especially at that scale? Or alternatively, do you today view Silvus as too powerful of a solution for law enforcement? So are you going to focus all of your efforts on the battlefield? What's the strategy there with the Silvus expansion?

偉大的。我想知道，Silvus 是否會為您的無人機作為執法方面的急救產品帶來競爭優勢？如今，Silvus 的幾乎所有收入都來自戰場，但似乎您可以顯著增強他們的第一響應能力，尤其是在如此規模的情況下？或者，您現在是否認為 Silvus 對於執法部門來說是一個過於強大的解決方案？那你要把全部精力都投入戰場嗎？Silvus 擴張的策略是什麼？

Louie, I think in the near term, at least, our biggest limitation is going to be spectrum availability in North America because we need to operate within a certain spectrum to be able to take advantage of Silvus' technology within drones, specifically licensed spectrum. So we think it will happen, but it will happen in the future.

路易，我認為至少在短期內，我們最大的限制將是北美的頻譜可用性，因為我們需要在特定的頻譜內運作才能在無人機中利用 Silvus 的技術，特別是授權頻譜。所以我們認為它會發生，但它會在未來發生。

In the meantime, the other important element of us supporting DFR operations is being able to track and being able to detect drones in air space. And that's where spectrum monitoring comes into play and being able to do that not just with radar, but also to do it with RF. I think that gives us the ability to integrate that as part of our DFR program while we figure out the spectrum challenges.

同時，我們支持 DFR 行動的另一個重要因素是能夠追蹤和偵測空域中的無人機。這就是頻譜監測發揮作用的地方，它不僅能夠用雷達來實現，還能用射頻來實現。我認為這使我們能夠將其作為 DFR 計劃的一部分進行整合，同時解決頻譜挑戰。

And there are a couple of instances with public safety agencies in the US that have had spectrum waivers where they've been implemented and granted, Silvus has played a role there. So there's more we can do.

美國公共安全機構曾多次實施並獲得頻譜豁免，Silvus 在其中發揮了作用。因此我們還可以做更多。

Yeah. And the other thing, I think the last thing I'd say is we can't sleep on the borders because really, I think, as Greg said earlier, what Silvus does is Silvus basically builds a bridge to our LMR or the voice Mission Critical Networks to video, and they're going to secure the borders leveraging this technology. And with that, it's going to pull through video opportunities for us as well.

是的。另外，我認為最後要說的是，我們不能在邊境上睡覺，因為實際上，我認為，正如格雷格之前所說，Silvus 所做的基本上是在我們的 LMR 或語音關鍵任務網絡與視頻之間架設了一座橋樑，他們將利用這項技術來保護邊境安全。有了它，它也將為我們帶來視頻機會。

That makes sense. And Greg, you mentioned LEO satellite connectivity being integrated into your network. Can you elaborate further there? Or maybe Mahesh. Are you partnering with Starlink or FirstNet via AST SpaceMobile there?

這很有道理。格雷格，您提到 LEO 衛星連接已整合到您的網路中。能進一步詳細說明嗎？或者也許是馬赫什。您是否透過 AST SpaceMobile 與 Starlink 或 FirstNet 合作？

So I think it's what Jack referred to in the context of our LMR infrastructure there, Louie. We will support LEO via our base stations because I think that's the better way to attack redundancy and have high bandwidth connectivity with lower orbit satellites. And we are having conversations with all the appropriate LEO providers there to give us that flexibility.

所以我認為這就是傑克在我們那裡的 LMR 基礎設施中提到的，路易。我們將透過我們的基地台支援低地球軌道 (LEO)，因為我認為這是解決冗餘問題並與低軌道衛星實現高頻寬連接的更好方法。我們正在與所有合適的 LEO 提供者進行對話，以提供這種靈活性。

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

我們的問答環節到此結束。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。

Yeah. I just want to close and say thank you to all the people at Motorola and all of our partners. Really pleased with the strong Q2 performance on revenue, earnings per share and cash, record Q2 orders, in particular, up 27%, as we talked about.

是的。最後，我只想向摩托羅拉的所有員工和我們所有的合作夥伴表示感謝。正如我們所說，我們對第二季的營收、每股盈餘和現金的強勁表現感到非常高興，尤其是創紀錄的第二季訂單成長了 27%。

And as was mentioned earlier on the call, it's fairly broad-based, the performance on record orders. So that's even more foundational and gives us even more confidence.

正如之前在電話會議上提到的那樣，它的表現相當廣泛，是基於記錄訂單的。所以這比較基礎，也給了我們更多的信心。

I'm pleased with the fact that midyear here, we're able to raise top line, bottom line, and overall raising operating cash flow in the face of $80 million of tariff headwind, the majority of which is in the back half. And increased interest expense as well as $75 million of fees associated with the Silvus acquisition and expanding gross margins and expanding operating margins.

我很高興看到，在年中面臨 8,000 萬美元關稅逆風（其中大部分發生在下半年）的情況下，我們能夠提高營業收入、淨利潤並整體提高營運現金流。並增加了利息支出以及與 Silvus 收購相關的 7,500 萬美元費用，並擴大了毛利率和營業利潤率。

So I'm excited about Q3 and Q4 and really excited about Silvus joining the firm. All the capabilities, engineering, technical talent, the sales organization that's coming over as well I think it's going to be a great mix and a great team, and I'm excited about it. And I look forward to talking to everybody again in three months.

所以我對第三季和第四季感到很興奮，也對 Silvus 加入公司感到非常興奮。我認為，所有的能力、工程、技術人才以及銷售組織都將是一個偉大的組合和一支偉大的團隊，我對此感到興奮。我期待三個月後能再次與大家交談。

Thanks for listening.

謝謝聆聽。

This does conclude today's teleconference. A replay of this call will be available over the Internet within three hours. 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.motorolasolutions.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。