摩托羅拉 (MSI) 2025 Q3 法說會逐字稿

Good afternoon, and thank you for holding. Welcome to the Motorola Solutions Third 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 for this call will be available on our website within three hours after the conclusion of this call. The website address is www.motorolasolutions.com/investor. (Operator Instructions) I would now like to introduce Mr. Tim Yocum, Vice President of Investor Relations. Mr. Yocum, you may begin your conference.

下午好，感謝您的耐心等待。歡迎參加摩托羅拉解決方案公司2025年第三季財報電話會議。今天的通話將會被錄音。如有任何異議，請立即斷開連接。簡報資料和其他財務表格已發佈在摩托羅拉解決方案投資者關係網站上。此外，本次電話會議的網路直播回放將在會議結束後三小時內發佈在我們的網站上。網址為 www.motorolaslutions.com/investor。 （操作員說明）現在我謹介紹投資人關係副總裁提姆‧約庫姆先生。約庫姆先生，您可以開始您的會議了。

Good afternoon. Welcome to our 2025 third quarter earnings call. With me today are Greg Brown, Chairman and CEO; Jason Winkler, Executive Vice President and CFO; Jack Molloy, Executive Vice President and COO; and Mahesh Saptharishi, Executive Vice President and CTO.

午安.歡迎參加我們2025年第三季財報電話會議。今天陪同我的有：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；以及執行副總裁兼首席技術長 Mahesh Saptharishi。

Greg and Jason will review our results along with commentary, and Jack and Mahesh will join for Q&A. We've posted an earnings presentation and news release at motorolasolutions.com/investors. These materials include GAAP to non-GAAP reconciliations for your reference. 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.

Greg 和 Jason 將對我們的結果進行評述，Jack 和 Mahesh 將加入問答環節。我們已在 motorolaslutions.com/investors 發布了收益報告和新聞稿。這些資料包含 GAAP 與非 GAAP 的財務報表調整表，供您參考。除非另有說明，否則在電話會議中，我們將參考非GAAP財務業績，包括我們展望中的業績。本次演講和電話會議的問答環節中將做出一些前瞻性陳述。這些聲明是基於當前的預期和假設，但存在各種風險和不確定性。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 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. And now I'll turn it over to Greg.

有關可能導致此類差異的因素的信息，請參閱今天的盈利新聞稿和本次電話會議期間的評論，以及我們 2024 年年度報告（10-K 表格）或任何季度報告（10-Q 表格）的“風險因素”部分，以及我們向美國證券交易委員會提交的其他報告和文件。我們不承擔更新任何前瞻性陳述的義務。現在我把麥克風交給格雷格。

Thanks, Tim, and good afternoon, and thanks for joining us today. First, Q3 was another really strong quarter with revenue and earnings per share exceeding our guidance, highlighted by robust growth in Software and Services across all three technologies as well as a strong start for Silvus.

謝謝你，提姆，下午好，謝謝你今天加入我們。首先，第三季業績表現強勁，營收和每股盈餘都超出預期，這主要得益於所有三個技術領域的軟體和服務業務的強勁成長，以及 Silvus 業務的良好開局。

Revenue was up 8% in the quarter with 11% growth in Software and Services and 6% growth in Products and SI. We also expanded operating margins by 80 basis points, led to record Q3 operating earnings in both segments and just under $800 million of record Q3 operating cash flow.

本季營收成長 8%，其中軟體和服務成長 11%，產品和系統整合成長 6%。我們也提高了營業利潤率 80 個基點，讓兩個業務部門的第三季營業利潤均創歷史新高，第三季營業現金流也創歷史新高，接近 8 億美元。

Second, demand for our safety and security solutions across public safety and defense remained strong and led to record Q3 orders with double-digit orders growth in both segments. We also ended the quarter with our highest Q3 ending backlog ever of $14.6 billion, up $467 million versus last year, which included a record $11 billion of S&S backlog that is increasingly driven by our command center and video solutions.

其次，公共安全和國防領域對我們安全解決方案的需求依然強勁，第三季訂單創下歷史新高，這兩個領域的訂單都實現了兩位數成長。本季末，我們的第三季末積壓訂單金額達到有史以來最高的 146 億美元，比去年同期增加了 4.67 億美元，其中包括創紀錄的 110 億美元的 S&S 積壓訂單，這主要得益於我們的指揮中心和視頻解決方案。

And finally, following our strong Q3 results, we're again raising our guidance for full year earnings per share. I'll now turn the call over to Jason to take you through results and outlook before returning for some final thoughts.

最後，鑑於我們第三季業績強勁，我們再次上調全年每股收益預期。現在我將把電話交給傑森，讓他為大家介紹一下結果和前景，之後我再回來分享一些最後的想法。

Thank you, Greg. Revenue for the quarter grew 8% and was above our guidance with growth in all three technologies. Foreign currency tailwinds during the quarter were $21 million, while acquisitions added $123 million. GAAP operating earnings were $770 million or 25.6% of sales up from 25.5% in the year ago quarter. Non-GAAP operating earnings were $918 million, up 11% from the year ago quarter and non-GAAP operating margin was 30.5% in percent of sales, up 80 basis points driven by higher sales and improved operating leverage, partially offset by higher tariffs.

謝謝你，格雷格。本季營收成長 8%，超出預期，所有三項技術均實現成長。本季外匯流入帶來的收益為 2,100 萬美元，收購帶來的收益為 1.23 億美元。 （GAAP）營業利潤為 7.7 億美元，佔銷售額的 25.6%，高於去年同期的 25.5%。非GAAP營業利潤為9.18億美元，比去年同期成長11%；非GAAP營業利潤率為銷售額的30.5%，成長80個基點，主要得益於銷售額成長和營運槓桿改善，但部分被更高的關稅所抵銷。

GAAP earnings per share was $3.33, up from $3.29 in the year ago quarter. Non-GAAP EPS was $4.06, up 9% from $3.74 last year. The growth in EPS was driven by higher sales and margins and a lower diluted share count offset by higher interest expense in the current year. OpEx in Q3 was $652 million, up $35 million versus last year, primarily due to acquisitions.

以美國通用會計準則計算，每股收益為 3.33 美元，高於去年同期的 3.29 美元。非GAAP每股收益為4.06美元，比去年的3.74美元成長了9%。每股盈餘成長主要得益於銷售額和利潤率的提高以及稀釋後股份數量的減少，但被本年度較高的利息支出所抵銷。第三季營運支出為 6.52 億美元，比去年同期增加 3,500 萬美元，主要原因是收購。

Turning next to cash flow. We achieved record Q3 operating cash flow of $799 million, up $40 million versus last year and free cash flow of $733 million, up $31 million. The increase in year-over-year cash flow was primarily driven by higher earnings, net of noncash charges. Capital allocation during Q3 included $182 million in cash dividends, $121 million in share repurchases and $66 million of CapEx. Additionally, the company closed the acquisition of Silvus for $4.4 billion and settled $70 million of 6.5% senior notes that were due within the quarter.

接下來討論現金流。我們第三季實現了創紀錄的經營現金流 7.99 億美元，比去年同期成長 4,000 萬美元；自由現金流為 7.33 億美元，比去年同期成長 3,100 萬美元。現金流較去年增加主要是因為扣除非現金支出後的收益增加所致。第三季資本配置包括 1.82 億美元的現金股利、1.21 億美元的股票回購和 6,600 萬美元的資本支出。此外，該公司以 44 億美元完成了對 Silvus 的收購，並償還了本季到期的 7,000 萬美元 6.5% 高級票據。

Moving on to our segment results. In the Products and SI segment, sales were up 6% versus last year, driven by growth in MCN and video. Revenue from acquisitions in the quarter was $111 million, while FX tailwinds were $11 million. Operating earnings were $555 million or 29.3% of sales, flat compared to the prior year, primarily driven by higher sales and improved operating leverage, offset by higher tariffs.

接下來是各業務區的業績報告。在產品和系統整合領域，銷售額比去年增長了 6%，這主要得益於 MCN 和視訊業務的成長。本季收購帶來的收入為 1.11 億美元，而外匯利好帶來的收入為 1,100 萬美元。營業利潤為 5.55 億美元，佔銷售額的 29.3%，與上年持平，主要得益於銷售額成長和經營槓桿改善，但被更高的關稅所抵消。

Some notable Q3 wins and achievements in this segment include a $40 million P25 device order for a US Federal customer, a $14 million P25 device in mobile video order for Arlington, Texas, and a $10 million Silvus order for NATO country.

第三季該領域一些值得注意的勝利和成就包括：為美國聯邦客戶贏得價值 4000 萬美元的 P25 設備訂單，為德克薩斯州阿靈頓贏得價值 1400 萬美元的 P25 行動視訊設備訂單，以及為北約國家贏得價值 1000 萬美元的 Silvus 訂單。

In addition, we received three large orders during the quarter for P25 system upgrades to our new D-Series infrastructure, a $110 million order from the State of Colorado, an $84 million order from the Tennessee Department of Safety and an $82 million order for a US state and local customer. These large multiyear orders are further testament to our customers' commitment to investing in our next-generation LMR infrastructure, and we have a large funnel of opportunities over the next several years.

此外，本季度我們還收到了三筆大訂單，用於將 P25 系統升級到我們新的 D 系列基礎設施，其中一筆是來自科羅拉多州的 1.1 億美元訂單，一筆是來自田納西州安全部的 8,400 萬美元訂單，還有一筆是來自美國州和地方客戶的 8,200 萬美元訂單。這些多年期的大額訂單進一步證明了我們的客戶致力於投資我們的下一代陸地移動無線電基礎設施，未來幾年我們將有很多機會。

In Software and Services, revenue was up 11% compared to last year, driven by strong growth across all three technologies. Revenue from acquisitions was $12 million in the quarter, and FX tailwinds were $10 million. Operating earnings in the segment were $363 million or 32.6% of sales, up 200 basis points from last year, driven by higher sales, improved operating leverage, partially offset by acquisitions.

軟體和服務業務的收入比去年增長了 11%，這主要得益於三大技術領域的強勁增長。本季收購帶來的收入為 1,200 萬美元，外匯利好帶來的收入為 1,000 萬美元。該業務部門的營業利潤為 3.63 億美元，佔銷售額的 32.6%，比去年增長了 200 個基點，主要得益於銷售額的增長和經營槓桿的改善，但部分被收購所抵消。

Some notable Q3 highlights in the segment included a $57 million P25 services order for the state of Louisiana, a $25 million command center order for the state of Idaho, a $20 million P25 services order for a US state and local customer, a $14 million mobile video order for the New York State Park police, a $13 million P25 services order for the Buenos Aires police and a $10 million mobile video order for the Bulgarian MOI, yet another win in Europe, where we've had good success in mobile video.

該業務板塊第三季度的一些亮點包括：路易斯安那州獲得價值 5700 萬美元的 P25 服務訂單；愛達荷州獲得價值 2500 萬美元的指揮中心訂單；美國某州和地方客戶獲得價值 2000 萬美元的 P25 服務訂單；紐約州立公園警察獲得價值 1400 萬美元的移動視頻訂單；服務訂單；以及保加利亞內政部獲得價值 1000 萬美元的行動視訊訂單。這再次證明了我們在歐洲行動視訊領域的成功。

In fact, Bulgaria represents the 18th European country, where we will be deploying our mobile video solutions. Moving next to regional results. North America Q3 revenue was $2.1 billion, up 6% versus last year. International Q3 revenue was $888 million, up 13% versus last year. Growth in each region was across both segments and all three technologies.

事實上，保加利亞是我們部署行動視訊解決方案的第 18 個歐洲國家。接下來是區域結果。北美第三季營收為21億美元，比去年同期成長6%。國際業務第三季營收為 8.88 億美元，比去年同期成長 13%。每個地區的成長都體現在兩個細分市場和所有三種技術領域。

Moving to backlog. Ending backlog for Q3 was $14.6 billion, up $467 million or 3% versus last year driven by strong demand in multiyear software and services agreements and favorable FX, partially offset by strong MCN shipments and revenue recognition from the UK Home Office. Sequentially, backlog was up $452 million or 3%. The sequential increase was driven by strong demand in multiyear software and services agreements, partially offset by revenue recognition for the UK Home Office.

移至待辦事項清單。第三季末積壓訂單為 146 億美元，比去年同期增加 4.67 億美元，增幅為 3%，主要得益於多年軟體和服務協議的強勁需求和有利的匯率，但部分被 MCN 的強勁出貨量和英國政府內政部的收入確認所抵消。訂單積壓量較上季成長 4.52 億美元，成長 3%。環比成長主要得益於多年期軟體和服務協議的強勁需求，但部分被英國政府內政部的收入確認所抵消。

In Products and SI, the segment ended backlog with an increase of $148 million sequentially driven by MCN. Year-over-year ending backlog was down $604 million due to strong MCN shipments. In Software and Services backlog increased $1.1 billion from the prior year to $11 billion, an all-time record for the segment and $304 million sequentially up, driven by strong demand for multiyear contracts across all three technologies and favorable FX, partially offset by new recognition for the UK Home Office.

在產品和系統整合方面，該部門的積壓訂單季增 1.48 億美元，主要得益於 MCN 的推動。由於MCN出貨量強勁，年末積壓訂單年減6.04億美元。軟體和服務積壓訂單較上年增加 11 億美元，達到 110 億美元，創下該部門歷史新高，環比增​​長 3.04 億美元，這主要得益於所有三種技術領域多年期合約的強勁需求以及有利的匯率，但部分被英國政府內政部的新確認所抵消。

Turning to our outlook. For Q4, we expect revenue growth of approximately 11% and non-GAAP EPS between $4.30 and $4.36 per share. This assumes an effective tax rate of 24% and a weighted average share count of 169 million shares. And for the full year, we continue to expect revenue of approximately $11.65 billion or 7.7% growth. And based on our year-to-date performance informed by a strong Q3, we are increasing our non-GAAP EPS guidance.

展望未來。我們預計第四季度營收成長約 11%，非 GAAP 每股收益在 4.30 美元至 4.36 美元之間。假設有效稅率為 24%，加權平均股數為 1.69 億股。我們預計全年營收約 116.5 億美元，年增 7.7%。根據我們今年迄今的業績（第三季表現強勁），我們提高了非GAAP每股盈餘預期。

[Audio Gap] assumes a weighted average diluted share count of approximately 169 million shares. -- and now assumes an effective tax rate of approximately 22.5%. Before I turn the call back to Greg, I'd like to provide some perspective on two areas. First, as it relates to the ongoing government shutdown, while the vast majority of our public safety business serves state and local customers who are unaffected by the federal shutdown, we do serve certain federal government agencies, including both DoD and DHS.

[Audio Gap] 假設加權平均稀釋後股份數量約為 1.69 億股。 ——並且現在假設有效稅率約為 22.5%。在把電話轉回給格雷格之前，我想就兩個方面提供一些看法。首先，就目前政府停擺的情況而言，雖然我們絕大多數的公共安全業務服務於不受聯邦政府停擺影響的州和地方客戶，但我們也為某些聯邦政府機構提供服務，包括國防部和國土安全部。

As the extended shutdown continues, we will monitor the potential revenue timing impact to this part of the business closely as it relates to Q4. Secondly, a couple of highlights on the strength of our balance sheet. We ended the quarter with approximately $900 million in cash and are on track to generate $2.75 billion in operating cash flow this year, which will mark the third consecutive year of double-digit growth.

隨著停工期的延長，我們將密切關注第四季度該業務部分收入可能受到的影響。其次，重點介紹一下我們資產負債表的強勁表現。本季末，我們擁有約 9 億美元的現金，並預計在今年產生 27.5 億美元的營運現金流，這將是連續第三年實現兩位數成長。

We maintain significant balance sheet flexibility inclusive of the debt issued for Silvus. We have no senior debt maturities until 2028 and the payment schedule of our $1.5 billion term loan gives us continued flexibility to enable our M&A priorities. I would now like to turn the call back to Greg.

我們保持了相當大的資產負債表靈活性，包括為 Silvus 發行的債務。2028 年之前我們沒有到期的優先債務，我們 15 億美元的定期貸款的還款計劃使我們能夠繼續靈活地推進我們的併購優先事項。現在我想把電話轉回給格雷格。

Thanks, Jason. Let me end with a few thoughts. First, I'm very pleased with our Q3 results, highlight the strength of our portfolio. Revenue was up 8%, highlighted by 11% growth in Software and Services. Additionally, we achieved Q3 operating earnings -- record Q3 operating earnings in both segments, record Q3 operating cash flow of just under $800 million, record Q3 orders that included double-digit growth in both segments and record Q3 backlog of $14.6 billion.

謝謝你，傑森。最後，我想分享幾點想法。首先，我對我們第三季的業績非常滿意，這凸顯了我們產品組合的實力。營收成長 8%，其中軟體和服務業務成長 11%。此外，我們實現了第三季營業利潤——兩個業務部門均創下第三季營業利潤紀錄，第三季營業現金流創下近 8 億美元紀錄，第三季訂單創下紀錄（兩個業務部門均實現兩位數增長），第三季度積壓訂單創下 146 億美元紀錄。

That puts us in a strong position as we move into next year. Second, earlier this month, our teams met with hundreds of customers at two of the largest trade shows in our industry. The Army's USA AUSA Conference in D.C., the International Association of Chiefs of Police in Denver. And what was clear from these discussions, we have the right solutions at the right time to address the evolving challenges that our customers are facing.

這將使我們在邁入明年時處於有利地位。其次，本月初，我們的團隊在業內兩個最大的貿易展上與數百名客戶進行了會面。美國陸軍協會（AUSA）在華盛頓特區召開會議，國際警察局長協會在丹佛召開會議。從這些討論中可以清楚地看出，我們擁有在正確的時間提供正確的解決方案，以應對客戶面臨的不斷變化的挑戰。

In defense, countries around the world are significantly increasing investments in drones and unmanned systems seeking advanced autonomous capabilities to enhance mission effectiveness and operational resilience in complex environments. Our acquisition of Silvus positions us well to support our customers across these areas. I'm really pleased with the momentum we're seeing since closing the acquisition in August. And in public safety agencies, we are harnessing the power of new technologies and artificial intelligence to improve first responder safety, dramatically reduce incident response times and automate routine tasks, thereby freeing up critical time for public safety personnel to focus on high-impact priorities.

在國防領域，世界各國都在大幅增加對無人機和無人系統的投資，以尋求先進的自主能力，從而提高在複雜環境中的任務效率和作戰韌性。收購 Silvus 使我們能夠更好地為這些領域的客戶提供支援。我對我們自8月完成收購以來所取得的進展勢頭感到非常滿意。在公共安全機構中，我們正在利用新技術和人工智慧的力量來提高第一線緊急應變人員的安全，大幅縮短事件回應時間，並實現日常任務的自動化，從而為公共安全人員騰出寶貴的時間，讓他們能夠專注於高影響力的優先事項。

We made significant investments to integrate these new technologies in AI into our solutions, and I anticipate this being a growth driver for the company for years to come. And finally, as we look to close out another exceptional year, we're extremely well positioned for continued growth. We've got the right set of solutions that are highly critical for our safety and security customers, both in the US and abroad.

我們投入巨資將這些人工智慧新技術整合到我們的解決方案中，我預計這將成為公司未來幾年的成長動力。最後，展望又一個非凡的年份即將結束，我們已做好充分準備，迎接持續成長。我們擁有合適的解決方案，這些解決方案對於我們在美國和海外的安全客戶來說至關重要。

Customer funding environment globally for safety and security remains strong. Our deep customer relationships and continued innovation is driving increased scope across customer workflows and our solid balance sheet and cash flow continues to provide us with the flexibility in allocating capital both organically and inorganically. All of this is informing our expectations for another year of strong revenue growth and earnings growth in 2026. And with that, I'll turn it back over to Tim.

全球範圍內，客戶對安全保障的融資環境依然強勁。我們與客戶建立了深厚的合作關係，並不斷進行創新，從而推動了客戶工作流程範圍的擴大；我們穩健的資產負債表和現金流也繼續為我們提供了在有機增長和非有機增長方面靈活分配資本的能力。所有這些都讓我們對2026年營收和利潤的強勁成長充滿期待。那麼，接下來我就把麥克風交還給提姆了。

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

謝謝你，格雷格。在開始回答問題之前，我想提醒各位來電者，請盡量只提一個問題和一個後續問題，以便讓盡可能多的參與者都能有機會提問。

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

接線員，請您提醒一下電話那頭的聽眾如何提問。

(Operator Instructions)

（操作說明）

Tim Long, Barclays.

提姆朗，巴克萊銀行。

Thank you. Yes, two, if I could. Greg, you talked about kind of sustainability of growth into 2026. Curious if you can dig into that a little bit more maintaining this last few years has been kind of high single-digit growth rate. Obviously, you are adding Silvus which is a little inorganic. But can you just give us a sense of what you're seeing as the real puts and takes and what could keep this growth rate above where it had been historically, kind of in line with the last few years. That would be helpful. And then the second one, SVX has been out for a little while. If you could just maybe give us a little sense on how that's doing? And related to it, if you could kind of update us on what you're seeing from software and applications on the APX NEXT, so kind of a little bit on the the newer products and technologies that are out and how they're doing?

謝謝。是的，如果可以的話，我想選兩個。格雷格，你談到了到 2026 年的永續成長。我很想知道，您能否更深入地探討一下，過去幾年來的成長率一直保持在個位數以上。顯然，你添加的是Silvus，它是一種略帶無機特性的物質。但您能否簡要介紹一下您認為真正的利好因素和利空因素是什麼，以及什麼因素可以使這種增長率保持在歷史水平之上，與過去幾年的水平大致相當？那會很有幫助。第二款手機 SVX 也已經上市一段時間了。可否簡單介紹一下進展？另外，能否請您介紹一下您在 APX NEXT 的軟體和應用程式所看到的情況，例如一些新推出的產品和技術，以及它們的表現如何？

Thank you.

謝謝。

Sure, Tim, thanks. I feel good with where we are. I like to set up we're not going to guide '26, but this is usually a time I give some color about it. As we think about next year, we think about [spot] revenue, we think about revenue in the area of $12.6 billion from an expectation standpoint. I say that because we've had strong orders growth in Q2, strong orders growth in Q3, expected strong double-digit orders growth in Q4 and double-digit product orders in Q4 and exiting Q3 with a record backlog.

當然，提姆，謝謝。我對我們目前的狀況感到滿意。我喜歡先說明我們不會指導 '26'，但通常這個時候我會對此做一些補充說明。展望明年，我們預計（現貨）收入將達到 126 億美元左右。我說這話是因為我們在第二季度訂單增長強勁，第三季度訂單增長強勁，預計第四季度訂單將實現兩位數的強勁增長，第四季度產品訂單也將實現兩位數的增長，並且第三季度末的積壓訂單量創下歷史新高。

So Jason talked about the timing of the shutdown, it looks like it's going to be the longest shutdown we've ever had. But whatever impact -- even if there was an impact is timing, the underlying demand is strong. I think we also think about in '26, Tim, continuing to grow operating margin, and that's inclusive of tariffs that would hit as headwinds in the first half that were not there this year, and we expect to continue to grow operating cash flow growth. But I think the overall demand drivers are strong. That's our view for '26.

傑森談到了停工的時間安排，看來這將是我們經歷過的持續時間最長的停工。但無論影響如何——即使有影響，也只是時間上的影響，潛在需求依然強勁。提姆，我認為我們在 2026 年也考慮繼續提高營業利潤率，這其中也包括了今年上半年不會出現的關稅帶來的不利影響，我們預計營業現金流將繼續增長。但我認為整體需求驅動因素依然強勁。這就是我們對2026年的看法。

Sure, Tim. I think the second half of that was really dual question, SVX and APX NEXT app. So first of all, as you know, we started shipping the SVX in July. We've always contended that the market wants an alternative. We're really pleased with the early traction. Our orders are outpacing expectations. In fact, we've doubled the number of agencies that have actually purchased. We've now got 70 different police departments. We view every one of those, and that number will continue to grow as an opportunity to flip those customers to [DEMS] as well. Just last night, and I think what we talked about in the August call was was there's really a dual benefit, meaning upgrading and refreshing the APX NEXT family, in tandem with the SVX device.

當然可以，提姆。我認為後半部分實際上是兩個問題，分別是 SVX 和 APX NEXT 應用程式。首先，如您所知，我們從7月開始出貨SVX。我們一直認為市場需要的是另一個選擇。我們對目前的進展非常滿意。我們的訂單量超出預期。事實上，實際購買產品的機構數量已經翻了一番。我們現在有70個不同的警察部門。我們將每一個這樣的客戶（而且這個數字還會繼續成長）都視為將這些客戶轉化為 [DEMS] 的機會。就在昨晚，我想我們在八月的電話會議上討論過，升級和更新 APX NEXT 系列產品，以及 SVX 設備，實際上會帶來雙重好處。

Last night, we secured an award that we went head to head with our primary competitor. We were awarded the business that's great that we secured the SVX, the AI-driven assistant, but also they refreshed and upgraded the APX NEXT family of radios. And we think that's the strength of our story. As it relates to APX NEXT applications, we had said we would have 200,000 devices by the end of this year online. We'd now like to update you, we'll have 300,000 APX NEXT devices by the end of '26. So I think good momentum, good traction on both ends there.

昨晚，我們擊敗了主要競爭對手，成功獲得了獎項。我們獲得了這項業務，這很棒，因為我們不僅獲得了 SVX（人工智慧驅動的助手），而且他們還更新和升級了 APX NEXT 系列無線電。我們認為這就是我們故事的力量所在。關於 APX NEXT 應用，我們曾說過今年底將有 20 萬台裝置上線。現在我們想向大家報告一下，到 2026 年底，我們將擁有 30 萬台 APX NEXT 設備。所以我認為目前勢頭良好，雙方都進展順利。

Maybe just to add --

或許只需補充一點--

Thank you guys.

謝謝大家。

But, sorry, yeah, Jack already mentioned this, but we do look at the SVX of body-worn assistant. And what we are also seeing is incredibly good traction on real-time translation capabilities. We announced SVX integrated with our assist chat capabilities recently as well. And also at IACP, we announced the ability to be able to summon a BRINC drone for DFR based upon the SVX and the APX NEXT integration as well. So across the board, we see traction in applications for APX NEXT and SPX as well.

但是，抱歉，是的，傑克已經提到過這一點，但我們確實要看看穿戴式助理的 SVX。我們也看到，即時翻譯功能獲得了非常好的發展動能。我們最近也宣布將 SVX 與我們的輔助聊天功能整合在一起。此外，在 IACP 上，我們還宣布了基於 SVX 和 APX NEXT 集成，能夠召喚 BRINC 無人機進行 DFR 的功能。因此，我們看到 APX NEXT 和 SPX 的應用在各個方面都獲得了關注。

Okay. Thank you.

好的。謝謝。

Thanks, Tim.

謝謝你，提姆。

Tomer Zilberman, Bank of America.

托默·齊爾伯曼，美國銀行。

Hey guys, If I do some back of the envelope calculations using your commentary from last quarter that Silvus would be about $185 million this year and the reported acquisition-related revenues from this quarter. I get that the core business grew about 5% this quarter, and I think guiding to 8% next quarter. I guess the question is a two-parter. One, how is Silvus faring versus the 20% growth outline you gave us? And is there anything embedded in the core growth maybe in terms that gives you pause as it relates to the government shutdown as we look into next quarter and 2026?

嘿，各位，如果我根據你們上個季度的評論進行一些粗略的計算，Silvus 今年的收入約為 1.85 億美元，加上本季度報告的收購相關收入。我了解到核心業務本季成長了約 5%，我認為下季有望達到 8%。我想這個問題可以分成兩個部分。第一，Silvus 目前的業績與您之前給出的 20% 的成長目標相比如何？考慮到政府停擺的影響，以及對下一季和 2026 年的展望，核心成長中是否存在某些因素讓您感到擔憂？

I'll answer the Silvus part first. So Silvus is off to a strong start. We talked about on the last call our expectations for it on a calendar basis to achieve $475 million in revenue. That's now looking more like $500 million in part based on a $25 million order that was pulled in from Q4 to Q3. That's going to benefit Ukraine. So our expectations of $500 million have increased. And as we think about next year, given that strong start, continue to expect 20% revenue growth on that bit higher base for '25.

我先回答關於西爾維斯的部分。所以西爾維斯開局表現強勁。我們在上次電話會議上討論了我們對該公司按日曆年實現 4.75 億美元收入的預期。現在看來，這個數字更像是 5 億美元，部分原因是由於從第四季提前到第三季收到的 2,500 萬美元訂單。這將有利於烏克蘭。因此，我們原本預期達到 5 億美元，現在預期會提高。展望明年，鑑於開局強勁，我們預計 2025 年在略高的基數基礎上，營收將成長 20%。

And together with the strong start in sales, we would expect earnings contribution from Silvus next year, but more like $0.30 to $0.40. We had formally given an output of about $0.20. But given its performance, given our debt paydown plans, Silvus itself next year, we view as accretive to $0.30 to $0.40. So we're really pleased with early engagement with that team, working with Jack Maloy, our COO, and how they're executing.

鑑於銷售開局強勁，我們預計Silvus明年的獲利貢獻將達到0.30至0.40美元。此前我們曾正式預測其獲利約為0.20美元。但考慮到其業績表現以及我們的債務償還計劃，我們認為Silvus明年的利潤將增至0.30至0.40美元。因此，我們對與團隊的早期合作、與營運長Jack Maloy的合作以及他們的執行情況感到非常滿意。

Thanks. And maybe just following up on is there anything that might give you pause in any of your segments as it relates to the government shutdown?

謝謝。那麼，接下來我想問的是，在您談到政府停擺的幾個方面中，有沒有什麼事情會讓您感到擔憂？

Well, I mentioned it on the script that we do serve the federal government and select agencies there, the bulk of our business, serve state and local. And we're watching carefully the timing impact. If there were to be an impact, it would likely increase our expectations for next year in the [12/6]. But we've lost five weeks. The government needs to reopen. Budgets need to be approved and the queue and the backlog needs to be worked in an efficient way. Those are our expectations in the guide that we've given for [11650].

我在劇本中提到過，我們確實為聯邦政府及其部分機構提供服務，但我們的大部分業務是服務州和地方政府。我們正在密切關注時機的影響。如果確實產生了影響，可能會提高我們對明年業績的預期。[12/6]但我們已經浪費了五週時間。政府需要重新開放。預算需要獲得批准，積壓的工作和待辦事項需要有效處理。這些是我們指南中所述的預期。[11650]

Yes. And I think that Tomer that point that Jason made is really important. I talked about in answer to Tim's question expected revenue of $12.6 billion. If there is any impact, we expect that to be additive to our $12.6 billion. So the demand is there. and we look to capture if not in Q4 in early next year, but the demand is strong.

是的。我覺得傑森提出的觀點非常重要。在回答提姆的問題時，我談到了預計收入為 126 億美元。如果有任何影響，我們預計這將使我們的損失增加到 126 億美元。所以市場需求是存在的。我們計劃在明年年初，即便第四季無法滿足需求，也要爭取實現，但目前的需求非常強勁。

Great. Thank you so much.

偉大的。太感謝了。

Joseph Cardoso, JPMorgan.

Joseph Cardoso，摩根大通。

Hey, good afternoon, everyone. Thanks for the questions here. Maybe just for the first one, pretty big product order or backlog number this quarter. Is there any way you can contextualize or give us a little bit of color on the contribution from Silvus and whether you're actually starting to see any of [OBBBA] funding tailwinds there just yet? And then maybe just as a second part to that, given we're already at the mid 3s that you provided last quarter, any updated thoughts on how you're thinking about product backlog exiting the year? And then I have a follow-up.

大家好，下午好。感謝大家提出的問題。或許只是第一個，這季度的產品訂單或積壓數量相當大。您能否為我們介紹一下 Silvus 的貢獻，並詳細說明您是否已經開始看到 [OBBBA] 的資金支持帶來任何好處？其次，鑑於我們已經達到了您上個季度提供的 3 年中期目標，您對年底的產品待辦事項清單有什麼最新的想法嗎？然後我還有一個後續問題。

Yes. So Greg mentioned earlier that our orders within the product segment in Q2 grew double digits. They grew in Q3 double digits, and we expect them to grow solid double digits in Q4. That growth is largely ex Silvus. We did have the addition of backlog to Silvus of about $200 million. That's a onetime. But the growth vector of the products in SI is driven by the core. We talked about some large deals on D-Series, devices continue to be a strong driver. The core is what's driving that product orders. And Greg, on backlog?

是的。格雷格先前提到，我們第二季在該產品領域的訂單實現了兩位數的成長。第三季實現了兩季的成長，我們預計第四季也將保持兩位數的穩健成長。這種增長主要來自 Silvus。Silvus 的積壓訂單增加了約 2 億美元。那是一次性的。但SI產品的成長動力來自核心業務。我們討論了一些關於D系列的大宗交易，設備仍然是強勁的驅動力。核心因素是驅動產品訂單的驅動力。格雷格，你的工作積壓了嗎？

Yes. And therefore, while I talked about ending the year in product backlog in the ZIP code of mid-3s, given the strength of the product orders as Jason referenced, we now expect it to be mid- to high 3s product ending backlog by the end of the year. But we're pretty pleased.

是的。因此，雖然我之前提到年底產品積壓量預計在 3 倍中段，但鑑於 Jason 提到的產品訂單強勁，我們現在預計到年底產品積壓量將達到 3 倍中段至高段。但我們相當滿意。

And Joe, specifically to Silvus and [1OB3] for Q3 performance, no. In fact, the overperformance Silvus in Q3 was related to Ukrainian order that was pulled forward. If you think about the growth drivers for Q4 and beyond, it's really the unmanned, the autonomous unmanned system market. I was at AUSA last week and the (inaudible) unmanned. That's a growth driver as well as defense and borders, both in the US and internationally as we kind of move into 2026.

而 Joe，特別是對 Silvus 和 [1OB3] 的第三季業績，不。事實上，Silvus 第三季的超額業績與提前交付的烏克蘭訂單有關。如果考慮第四季及以後的成長驅動因素，那實際上是無人系統，特別是自主無人系統市場。我上週在AUSA，還有（聽不清楚）無人駕駛的。這也是推動經濟成長的因素之一，國防和邊境問題也是如此，無論是在美國還是在國際上，隨著我們邁入 2026 年，這些因素都會發揮作用。

Got it. Super helpful color there. And then maybe as a follow-up, as we think about the various growth drivers that you're highlighting, particularly on the product side of the portfolio. It seems like there's a lot of irons in the fire here. Many parts of the portfolio are doing well and are expected to do well going into next year.

知道了。這個顏色非常實用。然後，作為後續討論，當我們思考您強調的各種成長驅動因素時，特別是產品組合方面的成長驅動因素。看來這裡有很多事情正在同時進行。投資組合中的許多部分錶現良好，預計明年也將繼續保持良好勢頭。

As we think about that evolving product mix, how should we think about the implications to product margins from a high level? Not asking you to guide next year, but just trying to think about as we think -- try to contemplate all these different moving parts across the portfolio. How should we be thinking about the gross margin trajectory here, particularly as it relates to the product portion of the portfolio? Thank you.

當我們思考不斷變化的產品組合時，我們應該如何從宏觀層面考慮其對產品利潤率的影響？我不是叫你指導明年，只是想讓你像我們一樣思考——試著考慮一下投資組合中所有這些不同的變動因素。我們該如何看待這裡的毛利率走勢，特別是與產品組合部分相關的毛利率走勢？謝謝。

Well, within LMR, we talked Jack did about APX NEXT and how that's trending and trending well. Those are more feature-rich devices, and our customers increasingly are choosing those. That is -- that helps. At the same time, we have faced some margin challenges related to tariffs. Those are largely in the second half of this year, somewhere between $70 million and $80 million in the second half of this year. .

在 LMR 中，我們談到了 Jack 對 APX NEXT 的評價，以及它的發展趨勢和良好勢頭。這些設備功能更豐富，我們的客戶也越來越傾向選擇這些設備。也就是說——這很有幫助。同時，我們也面臨與關稅相關的一些利潤率挑戰。這些收入主要集中在今年下半年，預計下半年收入將在 7,000 萬美元到 8,000 萬美元之間。。

But despite those tariffs, the product mix favorability has led to increased margins. And as we look forward in the developments that we have, we have a strong product portfolio.

儘管存在這些關稅，但產品組合的有利性帶來了利潤率的提高。展望未來，我們擁有強大的產品組合。

The other thing to think about, we talk about product, and we typically talk infrastructure devices. But with the success of APX NEXT, we talked earlier, I think a quarter ago, where we thought there would be about 200,000 users subscribed to APX NEXT applications by year-end. And that shows up in the S&S bucket, not necessarily in Product. We now expect that to be about 300,000 or slightly over exiting next year. That's a good trend. And even though Joe, you talked about product, we're also -- we love the fact that Software and Services this year, we now expect to be growing low double digits, up from our earlier guide of 10%, and that's a friendly fact.

還有一點要考慮，我們談論產品，通常談論的是基礎設施設備。但隨著 APX NEXT 的成功，我們之前（大約一個季度前）討論過，我們認為到年底 APX NEXT 應用程式的訂閱用戶將達到 20 萬左右。而且這會出現在 S&S 類別中，但不一定會出現在產品類別中。我們現在預計明年退出人數將達到 30 萬或略高於此。這是一個好趨勢。雖然喬，你談到了產品，但我們也很高興地看到，今年軟體和服務業務預計將實現兩位數的低成長，高於我們之前預測的 10%，這是一個令人欣喜的消息。

No, got it, guys. Thanks for all the color. I appreciate it.

明白了，各位。感謝你們帶來的繽紛色彩。謝謝。

Thank you.

謝謝。

Andrew Spinola, UBS.

瑞銀集團的安德魯·斯皮諾拉。

Thank you.

謝謝。

I wanted to follow up on the comments you just made about the tariffs in the second half and the ability to still raise margins. I think this is going to be about your third year in a row with incremental margins at the operating line of over 40%. And you made the comment that mix is helping and I don't know. Is that -- are you making the comment that it's a temporary shift in mix because I'm getting a sense that there's a longer-term shift obviously to more software and APX NEXT apps. A number of things you've highlighted. So I'm trying to understand, it seems like there's something fundamentally changing in the business. You're outperforming the tariffs and still raising margins. So I'm just wondering if we can think about the 40% incremental margin as where the business can deliver going forward from here?

我想就您剛才提到的下半年關稅以及企業仍能提高利潤率的問題做個補充說明。我認為這將是你們連續第三年營業利潤率超過 40%。你曾說過混合使用會有幫助，但我並不確定。你的意思是說，這只是暫時的組合變化嗎？因為我感覺，從長遠來看，顯然會有更多的軟體和 APX NEXT 應用程式。你提到的幾點都很重要。所以我想弄清楚，感覺這個行業正在發生一些根本性的變化。你不僅沒有受到關稅的影響，而且還在不斷提高利潤率。所以我想知道，我們是否可以將40%的增量利潤率視為企業未來發展的目標？

Well, we see opportunity. And you're right, we continue to expand margins. Some of that is driven by the strong growth within software and the applications as well as services. It's also in part driven by the product portfolio. And keep in mind, we continue to sell while APX NEXT is a very compelling device, it has -- its predecessor. We still - Jack's team sells today. So as we mix there are customers that will into the future continue to buy APX NEXT. The penetration is still low.

我們看到了機會。你說得對，我們一直在擴大利潤空間。部分原因是軟體、應用程式和服務領域的強勁成長。部分原因也在於產品組合。請記住，我們仍在銷售 APX NEXT，它是一款非常有吸引力的設備，而且它還有它的前代產品。我們仍然——傑克的團隊至今仍在銷售。因此，隨著我們不斷融合，未來仍會有一些客戶繼續購買 APX NEXT。滲透率仍然很低。

And so as we -- as customers choose devices every six to eight years, they'll increasingly still choose an APX NEXT device. And Jack and his team, you want to talk about some of the road map items and what you're thinking about for APX into the future, too?

因此，隨著客戶每六到八年更換一次設備，他們越來越會選擇 APX NEXT 設備。傑克和他的團隊，你們想談談路線圖上的一些內容，以及你們對APX未來發展的想法嗎？

Yes, there's a lot. I mean, I think that -- First of all, one of the things we focused on is [tiering], right? We continue to verticalize and there's more places that we can take the APX family. I think about places like critical infrastructure. There's also more that we can do from an application services. Mahesh and his team are developing assist applications that right over-the-top of the standard APX application services. So there's a lot we're going to -- there's a lot -- I think a lot of work to do -- we -- I think if I could capture APX, the APX family in a word, it's towards continued momentum, and I expect that into '26 and beyond.

是的，有很多。我的意思是，我認為——首先，我們關注的重點之一是[分層]，對吧？我們將繼續實現垂直整合，APX 系列產品還可以拓展到更多領域。我想到的是像關鍵基礎設施這樣的地方。我們還可以透過應用程式服務做更多的事情。Mahesh 和他的團隊正在開發輔助應用程序，這些應用程式直接覆蓋在標準的 APX 應用程式服務之上。所以我們有很多事情要做——有很多——我認為有很多工作要做——我們——我想如果我可以用一個詞來概括 APX，APX 家族，那就是持續發展勢頭，我預計這種勢頭會持續到 2026 年及以後。

Thanks. The only other thing --

謝謝。唯一其他的事情--

Andrew, the only other thing I'd add, and maybe it's just we do have a strong commitment. We've got a good P&L that yields well to operating leverage, which is the margin expansion. We've talked about multiple years in a row, which is why we also believe we could continue at operating margin expansion for the firm next year. And we're pretty judicious and thoughtful around budgets and managing expenses and thoughtfully and surgically deploying AI for some commensurate benefit.

安德魯，我唯一想補充的是，也許只是因為我們之間有著強烈的承諾。我們擁有良好的損益表，能夠善用經營槓桿，也就是利潤率擴張。我們已經連續多年討論過這個問題，因此我們也相信公司明年可以繼續實現營業利潤率的成長。我們在預算和支出管理方面非常謹慎周全，並且會深思熟慮、精準地部署人工智慧，以獲得相應的收益。

I think we've rolled it out in certain cases around customer service or whether it's copilot or Cursor and in engineering teams, and I think we'll increase the penetration of AI as well, which will yield some operating expense benefits. But yes, it's the portfolio. Yes, it's tiering. It's all the things that Jason and Jack talked about, but it's also the continued expectation by management that you got to [not just] grow top line, you've got expand operating margins and you got to grow cash flow, and that's our expectation in the next year.

我認為我們已經在客戶服務、副駕駛或遊標等特定場景以及工程團隊中推廣了人工智慧技術，我認為我們還會提高人工智慧的滲透率，這將帶來一些營運成本的好處。沒錯，就是投資組合。是的，這是分層的。傑森和傑克談到的所有事情都包含在內，但管理層也一直期望我們不僅要提高營收，還要擴大營業利潤率，還要增加現金流，這也是我們對明年的期望。

Got it. And just one follow-up. You've talked about the new introduction on the infrastructure side of the -- into the ASTRO platform. I was just wondering, given if I'm not wrong, the upgrade cycle there is very long, possibly 10, 20 years. And I'm just wondering if with your client base knowing that, that upgrade was coming, did that create somewhat of a pause on the infrastructure side prior to the release? And are we going to see a little bit of pent-up demand on infrastructure with that new product in the market? Thank you.

知道了。還有一個後續問題。您已經談到了在基礎設施方面引入 ASTRO 平台的新內容。我只是在想，如果我沒記錯的話，那裡的升級週期非常長，可能長達 10 年、20 年。我只是想知道，由於您的客戶群知道即將進行這次升級，這是否在發布之前對基礎設施方面造成了一定的阻礙？這款新產品上市後，是否會釋放出一些被壓抑的基礎設施需求？謝謝。

Yes. I think the thing -- so as you said, we typically think about infrastructure. I mean, one of the things that we have a very large footprint of statewide networks. So I think we have a great baseline to draw within. We're in regular contact with those customers. In fact, I think one of the really great stories, as you think about infrastructure, the days of infrastructure as a stand-alone investment no longer exists. It's infrastructure and managed services because the [care and feeding] that need to be done on -- when networks became digitized, you have to think about your cyber threat surface.

是的。我認為關鍵在於——正如你所說，我們通常會考慮基礎設施。我的意思是，我們擁有一個覆蓋全州範圍的龐大網路。所以我認為我們有一個很好的基準可以作為參考。我們與這些客戶保持定期聯繫。事實上，我認為，當你思考基礎設施時，你會發現一個非常了不起的故事：將基礎設施作為獨立投資的時代已經不存在了。基礎設施和託管服務，因為當網路數位化時，需要進行的維護和保養工作，就必須考慮網路威脅面。

And we've seen our cybersecurity services up 22%. We manage a lot of these networks. And we've seen a pretty substantial growth in terms of the amount of scope that our customers expect to us to take on. So I think the infrastructure footprint that was out there fueled a lot of our services growth. And now we look at it and we're looking -- our customers are asking for things like, hey, we want to improve coverage. We want more capacity.

我們的網路安全服務成長了 22%。我們管理著很多這樣的網路。我們看到，客戶期望我們承擔的工作範圍也出現了相當大的成長。所以我認為，現有的基礎設施佈局推動了我們許多服務的成長。現在我們審視這個問題，發現我們的客戶提出了這樣的要求：我們希望改善服務覆蓋範圍。我們需要更大的產能。

We want better energy efficiency and more resiliency within the network. And that's really what the D-Series ushered in. But if you think about it, it's a really good question. our two biggest statewide networks being Colorado and Michigan. Michigan upgraded, we got our first upgrade order from Michigan in Q2. Colorado gave us an upgrade order in Q3 and in the state of Tennessee, which has been the highest growth network also gave us a [D series]. So I think it makes us feel good that, number one, they trust us to support their networks and manage them. But number two, that they continue to see reasons to upgrade.

我們希望提高能源效率，增強電網的韌性。而這正是D系列所開啟的時代。但仔細想想，這確實是個好問題。我們最大的兩個州級網路分別是科羅拉多州和密西根州。密西根州進行了升級，我們在第二季度收到了來自密西根州的第一份升級訂單。科羅拉多州在第三季為我們下達了一份升級訂單，而成長最快的田納西州也為我們下達了一份訂單。[D系列]。所以我覺得，首先，他們信任我們，讓我們支持和管理他們的網絡，這讓我們感到很欣慰。但第二點是，他們仍然有理由升級。

And we continue the R&D dollars we spend. I think they realize from an investment standpoint. And they look at it and say, hey, this is a network we're going to look at and [care and feed] for the next 10 to 15 years.

我們將繼續投入研發資金。我認為他們從投資角度意識到了這一點。他們審視之後會說，嘿，這是一個我們將在未來 10 到 15 年內關注和[維護和發展]的網絡。

And Andrew, as Jack mentioned a quarter ago, this new infrastructure upgrade is really the first time we've done that in like 12 years. And these orders of Colorado and Tennessee and Michigan that Molloy is referencing, are large multiyear deployment orders as well. So yes, we are excited. And we think that this next-generation infrastructure upgrade is a multiyear journey with multiyear orders with multiyear deployments. That's a good thing.

安德魯，正如傑克在一個季度前提到的那樣，這次新的基礎設施升級是我們近 12 年來第一次進行這樣的升級。莫洛伊提到的科羅拉多州、田納西州和密西根州的這些命令，也都是多年期的大規模部署命令。是的，我們很興奮。我們認為，下一代基礎設施升級是一個多年過程，需要多年訂單和多年部署。這是件好事。

Yes, It speaks to the durability of LMR. That's what we think about. .

是的，這體現了LMR的耐用性。這就是我們所考慮的。。

Got it. Appreciate the color. Thank you.

知道了。欣賞這種顏色。謝謝。

Thanks, Andrew.

謝謝你，安德魯。

George Notter, Wolfe Research.

喬治諾特，沃爾夫研究公司。

Hey guys, thanks very much. I appreciate it. I want to just dig into the SVX a bit more. Any anecdotes or data that you can give us in terms of just traction with customers turning on the body camera functionality or AI assist or the reporting pieces. I know you have, I think you said 70 or 80 customers. So I'm just curious how many of those are kind of moving beyond just SVX as I speak for this, Mike. Thanks.

嘿，各位，非常感謝。謝謝。我想更深入地了解SVX。任何關於客戶開啟隨身攝影機功能、AI 輔助功能或報告功能的軼事或數據，您都可以提供給我們。我知道你有，我想你說過有70或80位客戶。所以，麥克，我只是好奇，在我說話的此刻，有多少人正在超越 SVX 的範疇。謝謝。

So a couple of things that I think are worth noting. We've had over -- since we launched Assist for digital evidence management last year, we have over 1,000 customers who have actively adopted and are using Assist for them. And by the way, that includes reduction, reduction allowing us to effectively reduce the amount of time it takes for someone to share critical information by over 80%.

所以我覺得有幾點值得注意。自去年推出用於數位證據管理的 Assist 以來，我們已經擁有超過 1,000 名客戶積極採用 Assist 並正在使用它。順便說一句，這包括減少，減少使我們能夠有效地將一個人分享關鍵資訊所需的時間減少 80% 以上。

We've added assisted narrative quite recently to it and assisted narrative allows you to reduce not just the report writing time, but the cycle time that it takes to revise narrative by over 50% as well. And I think that's quite powerful for us.

我們最近為它添加了輔助敘述功能，輔助敘述功能不僅可以減少報告撰寫時間，還可以將修改敘述所需的週期時間縮短 50% 以上。我認為這對我們來說意義重大。

You asked about an anecdote. We launched translation along with SVX. And we have a handful of customers who are now actively using it. And quite recently, there was a domestic disturbance that [an officer] to respond it to. And it was critical that they were able to actually leverage real-time translation to mitigate that situation. So we're hearing a lot of good powerful anecdotes of how translation as a key capability of this body worn assistant in SVX is starting to have an impact along with the APX NEXT application portfolio .

你問的是一個軼事。我們與 SVX 一起推出了翻譯功能。我們目前已有少數客戶正在積極使用它。就在不久前，發生了一起家庭糾紛，[一名警官]出警處理。而他們能夠真正利用即時翻譯來緩解這種情況，這一點至關重要。因此，我們聽到了很多有力的案例，說明翻譯作為SVX這款可穿戴助手的關鍵功能，正與APX NEXT應用組合一起開始產生影響。。

Great. Super. Thank you.

偉大的。極好的。謝謝。

Thanks George.

謝謝你，喬治。

Adam Tindle, Raymond James.

Adam Tindle，Raymond James。

Okay, thanks. I'm going to start off with a little bit more of a challenging question for you, Greg. I know that you're up for the challenge and then a more big picture question. But just near term, if I look at Q3 here from an operational standpoint, obviously, I see EPS upside, but it's mainly below the line items on interest expense. If I look at the operating income line, it was kind of more in line, let's call it.

好的，謝謝。格雷格，我先問你一個稍微有點挑戰性的問題。我知道你樂於接受挑戰，接下來我想問一個更宏觀的問題。但就短期而言，如果我從營運角度來看第三季度，顯然，我認為每股盈餘有成長空間，但這主要是由於利息支出項目所致。如果我看一下營業收入這一項，它就比較符合預期了，這麼說吧。

So I wonder if you could just kind of assess the quarter and the moving parts on the operating line for this quarter. And I ask that in light of your comments on expecting to improve margins from here next year. I guess what gives you the confidence based on what you're seeing here in Q3?

所以我想知道您能否對本季以及本季營運線上的各個環節進行評估。我提出這個問題，是考慮到您曾表示希望明年利潤率能有所提升。我想，是什麼讓你對第三季的情況如此充滿信心？

I think the operating performance and the leverage we had was part operating leverage of the core business, our Silvus, our tax benefits, that's good. But I think that given what we see with customer engagement, the continued movement toward software and services. I'll give you an anecdote on video. Video grew 7%. And this year in Q3, yet we're sticking to the 10% to 12% annual guide. Why? Because [Avigilon Alta], the cloud video solution is growing over 4x faster in Q3 than the 7%.

我認為我們取得的經營業績和槓桿率一部分來自核心業務的經營槓桿，例如我們的 Silvus 業務，還有我們的稅收優惠，這很好。但我認為，鑑於我們在客戶互動方面所看到的趨勢，軟體和服務的發展動能將持續增強。我將透過視訊告訴你一個軼事。影片成長了7%。今年第三季度，我們仍然堅持10%至12%的年度成長目標。為什麼？因為 [Avigilon Alta] 的雲端視訊解決方案在第三季的成長速度是 7% 的 4 倍以上。

When you look at the orders growth of Cloud Video, it's even higher than that. So I think, Adam, when we look at where we exited Q3, the backlog, the composition of it, the increased Software and Services component, the strong demand across the portfolio up leveling Silvus to now $500 million of this year and 20% next year. Maybe it's a little stronger than 20%. We also will have leverage perhaps on when to pay down some of the short-term debt associated with Silvus, which will give us EPS flexibility from that standpoint.

如果你看一下雲端影片的訂單成長情況，你會發現它甚至更高。所以我認為，亞當，當我們回顧第三季末的情況，包括積壓訂單、訂單組成、軟體和服務部分的增加，以及整個產品組合的強勁需求，這些都使得 Silvus 今年的收入達到 5 億美元，明年增長 20%。或許比 20% 還要高。我們或許還能在何時償還與 Silvus 相關的部分短期債務方面擁有一定的籌碼，這將使我們從這個角度獲得每股收益的靈活性。

And I think we've done a good job mitigating tariffs and the incremental tariffs for next year is Q1 and Q2 because we'll be lapping the back half. And I think we know how to manage expenses. So the high-level answer is top-level growth and the confidence of that the existing mix and the composition we see and the expected operating leverage that we think we could continue

我認為我們在緩解關稅方面做得很好，明年的增量關稅將在第一季和第二季增加，因為我們將提前結束下半年的關稅。我認為我們知道如何控制開支。因此，高層次的答案是：高層成長，以及我們對現有產品組合和組成以及預期經營槓桿的信心，我們認為我們可以繼續保持這種成長勢頭。

And Adam, you mentioned Q3, if I expand to the year included in our guidance for the year is over 100 bps of operating earnings expansion. And that's despite $70 million to $80 million of tariffs that we have now absorbed in the P&L in the second half. As we look forward to next year, of course, we'll face some headwinds in Q1 and Q2 because tariffs weren't in place last year at that time, but they'll be more moderated than that $70 million to $80 million. So I think there's opportunity for us to continue to, as Greg mentioned, expand operating margins.

亞當，你提到了第三季度，如果我把範圍擴大到全年，我們全年的業績指引中提到的營業利潤增長將超過 100 個基點。儘管我們在下半年的損益表中已經吸收了 7,000 萬至 8,000 萬美元的關稅，但情況依然如此。展望明年，我們當然會在第一季和第二季面臨一些不利因素，因為去年同期還沒有關稅，但這些不利因素會比 7,000 萬至 8,000 萬美元要溫和得多。所以我認為，正如格雷格所提到的那樣，我們有機會繼續擴大營業利潤率。

Got it. Super helpful. And helpful color on Q1, Q2 as we shape our models, I think we'll try to keep that in mind. Just as a follow-up, Greg, I would love it if you could maybe just take a little bit of time to reflect on early learnings from Silvus now that you have the deal closed and kind of gotten to look further under the covers. A lot of us compare this to the potential for Avigilon and a lot of similarities there. But I wonder if you can maybe just talk about early learnings, similarities and differences, maybe some prior acquisitions like Avigilon in biggest areas that could surprise us when we look back at this. Thanks.

知道了。非常有用。在建立模型時，Q1、Q2 的顏色會很有幫助，我想我們會盡量記住這一點。格雷格，作為後續事宜，既然交易已經完成，並且你已經深入了解了情況，我希望你能抽出一點時間，回顧一下從 Silvus 那裡學到的早期經驗。我們很多人都將此與 Avigilon 的潛力進行比較，兩者有許多相似之處。但我很想知道您是否可以談談早期的經驗、相似之處和不同之處，以及之前在最大領域收購 Avigilon 等公司的一些舉措，這些舉措在我們回顧時可能會讓我們感到驚訝。謝謝。

Yes. high level thematically, Adam, more bullish and more enthusiastic than at the time of the close. That's not a victory lap or a (inaudible) speech, that's a fact. Why? in part, raising the full year expectation from $475 million to $500 million in addition to the commentary Jack provided with the real high-level engagement just in the last few months since we've owned the asset around defense, borders, high bandwidth and all things unmanned. .

是的。從宏觀層面來看，亞當，比收盤時更看漲和熱情。那不是凱旋慶祝，也不是（聽不清楚的）演講，那是事實。為什麼？部分原因是，傑克在過去幾個月裡提供了真正的高層參與評論，將全年預期從 4.75 億美元提高到 5 億美元，因為我們擁有了圍繞國防、邊境、高頻寬和所有無人化事物的資產。。

I think Silvus, other nice thing is the growth is primarily international that we see with Silvus, not necessarily Fed. We think it's super highly complementary. I think of -- Look, the reason we renamed LMR to Mission Critical Networks is we're the market leader in mission critical voice. We're the leader in mission-critical voice through TETRA and P25. Now we are the leader in mission critical data as defined by high speed, low latency mobile ad hoc networking. That's a great complement. As we envision as these new markets we're going after because Silvus Silver gives us new market, new market in defense, new market in autonomous, new market and drone infrastructure, new market in manned.

我認為 Silvus 的另一個優點是，我們看到 Silvus 的成長主要來自國際市場，而不是聯準會。我們認為它們非常互補。我想——你看，我們將 LMR 更名為 Mission Critical Networks 的原因是，我們是任務關鍵型語音領域的市場領導者。我們憑藉 TETRA 和 P25 技術，在關鍵任務語音領域處於領先地位。現在，我們在高速、低延遲的行動自組網所定義的關鍵任務資料領域處於領先地位。這是極高的讚美。我們認為，我們正在開拓的這些新市場，是因為 Silvus Silver 為我們帶來了新的市場，國防領域的新市場，自主領域的新市場，無人機基礎設施領域的新市場，載人領域的新市場。

And they're the market leader. And I think, Adam, the other thing I'd say is since owning the asset, we have seen validation of the lead we thought they had ethically, validated in the engagement with the customers. I think the learning also is Malloy has a first-class sales engine. We will be and Jason mentioned $0.30 to $0.40 of EPS accretive with Silvus anticipated or expected for next year with additional investment in Silvus. We can expand their outreach on international go-to-market. Jack and Babak are looking to fund head count, and we're adding it as we speak. We will put more coals on the fire around their R&D, which is top-class engineering and research.

他們是市場領導者。亞當，我想說的另一點是，自從擁有這項資產以來，我們已經看到，我們之前認為他們擁有的線索在道德上得到了驗證，並在與客戶的互動中得到了驗證。我認為，學習的另一個重要方面是 Malloy 擁有一流的銷售團隊。我們將和 Jason 都提到，隨著對 Silvus 的額外投資，預計明年每股收益將增加 0.30 至 0.40 美元。我們可以擴大他們在國際市場上的影響力。Jack 和 Babak 正在尋求資金來增加人手，我們正在增加人手。我們將加大對他們研發的投入，他們的工程和研究水準一流。

So the learnings are a great asset. We took a long time and we're patient and measured with the due diligence. It's a new market. I think it's complementary. It's defense oriented. I think it's the right market right technology, right place, not going to take anything for granted. We'll invest, go to market, invest sales, invest North America strategic projects and invest in engineering.

所以這些經驗教訓是一筆寶貴的財富。我們花了很長時間，我們耐心而謹慎地進行了盡職調查。這是一個新興市場。我認為它們是互補的。它以防禦為導向。我認為這是合適的市場、合適的技術、合適的地點，但我不會掉以輕心。我們將進行投資、開拓市場、投資銷售、投資北美戰略項目以及投資工程。

And I think there's a lot of room to run.

我認為還有很大的發展空間。

Greg, the only thing I'd add is the thing that I have been just so uniquely impressed with is (inaudible) and his team, no question. Culture will fit within Motorola. They -- everything they do everything when they wake up early and go to work and they leave late at night as they think about the customer and how do we co-create and do something and (inaudible) distance ourselves from the competition with our customers. They do that first class. He's built a great team all they want to do is continue to grow and take care of their customers I tell you, it's just a completely refreshing group of people to work with.

格雷格，我唯一要補充的是，讓我印象最深刻的是（聽不清楚）和他的團隊，這一點毋庸置疑。摩托羅拉的文化將與之相契合。他們——他們每天早起上班，深夜離開，所做的一切都是為了客戶，為了我們如何共同創造和做事，以及（聽不清楚）如何與客戶拉開與競爭對手的距離。他們在這方面做得非常好。他組建了一支優秀的團隊，他們只想不斷發展壯大，用心服務客戶。我跟你說，和他們一起工作真是令人耳目一新。

And by the way, one other Adam, what learning validated to Jack's last point, culture matters. You can look at all these assets on paper, you can justify anything you can do an ROI and IRR and you can have the model sing to whatever answer you want. But one of the most important things that's a difference and it was true with Avigilon and I think it's true with Silvus is there has to be a cultural chemistry and a mission orientation around innovation and the cultural compatibility with the engineering and sales team is very complementary with the core LMR mission-critical people we have here. We felt that way. We sense that that's been proven to be true so far.

順便說一句，還有一位亞當，他的學習證實了傑克的最後一點：文化很重要。你可以從紙上看待所有這些資產，你可以證明任何事情的合理性，你可以計算投資回報率和內部收益率，你可以讓模型得出你想要的任何答案。但最重要的區別之一，也是 Avigilon 和 Silvus 之間的區別，在於必須有文化上的契合度和以創新為導向的使命感，並且與工程和銷售團隊的文化兼容性要與我們這裡的核心 LMR 關鍵任務人員非常互補。我們也有這種感覺。我們認為，到目前為止，事實已經證明了這一點。

Very helpful. Thank you.

很有幫助。謝謝。

Thanks, Adam.

謝謝你，亞當。

Keith Housum from Northcoast Research.

來自 Northcoast Research 的 Keith Housum。

Great, good afternoon, guys. Sticking along the lines of the Silvus acquisition. Jack, can you remind us like what's the breakout between like your international versus domestic business? And what's military versus like state and local? And is the opportunity -- I'm sure the opportunities in both, but how much is the Silvus product used in the local market today? .

太好了，各位下午好。延續收購 Silvus 的思維。傑克，你能提醒我們一下，你們公司的國際業務和國內業務的具體差距是多少嗎？軍隊與州和地方政府有什麼區別？機會—我確信兩者都有機會，但目前 Silvus 產品在當地市場的使用情況如何？。

Yes. So I think right. The majority of their business today, as we stand today, and remember, it is international. Do not -- this is one of the things we want to make sure we get across. When you think about Silvus, the opportunities are international defense US DoD orders, federal police. Those are the opportunities. State and local, there's -- listen in a perfect world, would the FCC authorized MANET spectrum but they haven't. We're focused on what we have. We've got the team focused on. There's a lot of markets to go after an unmanned international DoD, US DoD and border security that's enough for us to say grace over, and that's really where we're focused right.

是的。所以我覺得是對的。就目前情況來看，他們的大部分業務都是國際性的，請記住這一點。不要——這是我們想要確保傳達的訊息之一。提到 Silvus，你會想到國際防務、美國國防部訂單、聯邦警察等機會。這就是機會。州和地方方面——聽著，在理想情況下，FCC 會授權 MANET 頻譜，但他們沒有。我們專注於我們所擁有的。我們已經讓團隊專注於此。有許多市場可以讓我們瞄準無人國際國防部、美國國防部和邊境安全領域，足以讓我們感到欣慰，而這正是我們目前關注的重點。

And by the way, that doesn't mean domestically here in North America, Super Bowl, Presidential inauguration, FIFA World Cup, where there's FCC exemptions on bandwidth, yes, Silvus technology can be used in a multiagency interoperable environment for high speed.

順便說一句，這並不意味著在北美國內，例如超級碗、總統就職典禮、FIFA世界杯，在這些場合，由於FCC對頻寬有豁免，Silvus技術可以在多機構互操作環境中用於高速傳輸。

Exactly Olympic -- and by the way, really proud. I mean, one of the things -- a number of us were out -- we sponsored the Ryder Cup. It was so cool to see Streamcaster Radios, which is the brand -- that's the Silvus brand named Radios to be piping video back from live video feeds, security feeds back to the joint operation center in NASA County, so cool, made us all really proud.

沒錯，就是奧運等級——順便說一句，我真的非常自豪。我的意思是，其中一件事——我們當中很多人都缺席了——我們贊助了萊德杯。看到 Streamcaster Radios（Silvus 旗下的品牌）將即時視訊串流和安保視訊串流傳輸回 NASA 縣的聯合行動中心，真是太酷了，讓我們所有人都感到非常自豪。

Great. I appreciate that. Switching gears a little bit over the command center side, great growth of 16%. Perhaps could you unpack a little bit there about where was the success greatest which is a command center where are you guys getting the best traction right now?

偉大的。我很感激。稍微換個角度來看指揮中心方面，成長了 16%。您能否詳細談談你們取得最大成功的地方，也就是指揮中心，以及你們目前在哪裡獲得了最佳進展？

You're right, Keith, it was 16% growth. Drivers for that. As we talked about earlier, continue to be APX NEXT applications. They are exceeding our expectations. That's why we now outlook already a next year ending number of 300,000 devices connected and subscribed to that package. And additionally, we saw some strength -- additional strength in the control room or 911 international parts of our business. And of course, the continued cloud adoption and subscription is also helping in that business as well.

你說得對，基思，成長率是 16%。司機們。正如我們之前討論的那樣，繼續開發 APX NEXT 應用程式。他們的表現超出了我們的預期。因此，我們現在預測到明年年底，將有 30 萬台設備連接並訂閱該套餐。此外，我們也看到一些優勢——控制室或 911 國際業務部門的額外優勢。當然，雲端運算的持續普及和訂閱模式也對該業務的發展起到了推動作用。

And obviously, we're not going to guide any specifics until the February call. But I think the Q3 command center performance reinforces our confidence in the overall 12% expectation for the year and sets us up well for another strong demand center performance next year. Stay tuned. Thank you.

顯然，在二月的電話會議上，我們不會透露任何具體細節。但我認為第三季的指揮中心業績增強了我們對全年 12% 整體成長預期的信心，並為我們明年再次取得強勁的需求中心業績奠定了良好的基礎。敬請關注。謝謝。

James Fish, Piper Sandler.

詹姆斯·菲什，派珀·桑德勒。

Hey guys, thanks for the question here. Just going back on SVX. Understand the penetration that you're seeing already. But can you just talk to the competitive nature now that you've got that in the market for a full quarter. Are you seeing any change in aggressiveness from competitors on the pricing side given some of the technology that you guys have embedded with SVX?

大家好，感謝你們提出的這個問題。直接回到SVX平台。了解你目前所看到的滲透情況。既然產品已經上市一個季度了，你能談談市場競爭的本質嗎？鑑於你們在 SVX 中嵌入的一些技術，你們是否觀察到競爭對手在定價方面的激進程度有所變化？

Thanks.

謝謝。

Yes. Maybe I'll start, James. First of all, I want to -- SVX is in North America, ultimately Australia, it's a P25 device. I want to make sure. Internationally, you heard Jason talk about we're the market leader internationally in body worn. And I would just break the two apart. If you look at the success we've had the largest deals in Europe, and we continue to pick up countries in Europe. And so North America, the market leader, everybody is aware who the market leader is. We've always felt that the market wants an alternative.

是的。或許我會先開始，詹姆斯。首先，我想說——SVX 在北美，最終在澳大利亞，它是一款 P25 設備。我想確認一下。正如傑森所說，我們在國際上是人體穿戴裝置市場的領導者。然後我就把它們兩個分開。從我們的成功來看，我們在歐洲達成了最大的交易，並且我們也在歐洲不斷拓展業務。因此，北美作為市場領導者，人人都知道誰是市場領導者。我們一直認為市場需要另一種選擇。

Now ultimately, even with the 70 customers we've already secured post announcement over the course of the last few months, even the ones that aren't video -- using video today, they have a decision to make. It comes down to a total cost of ownership, how many devices does a police officer want to wear? It's our contention that they want like to wear one device as opposed to two. [It's hard] that they would like a swappable battery that elongates a useful life. We also think they don't want to pay for two different coverage plans.

現在，最終，即使在我們過去幾個月發佈公告後已經獲得的 70 位客戶中，即使是那些目前不使用影片的客戶，他們也需要做出決定。歸根結底，這取決於總擁有成本，一名警察想要佩戴多少設備？我們認為，他們更希望佩戴一個設備而不是兩個。 [很難]他們希望電池可以更換，從而延長使用壽命。我們也認為他們不想為兩份不同的保險計劃付費。

They can take advantage of the coverage plan that they get inherently with the APX NEXT Radio. And we think that's the discussion that a lot of our customers are going to be navigating. They're going to navigate them today, and we'll continue to be navigating those over the future. And we love the device. More importantly, what Mahesh and his team have continued to drive in this device, it's not a body-worn camera, I think, as he very eloquently said, it's an AI assistant and we'll continue to make sure that we do more and more for our customers in that capacity. So we'll see more to follow.

他們可以利用 APX NEXT 無線電固有的覆蓋範圍計劃。我們認為，這正是我們許多客戶將面臨的討論議題。他們今天將應對這些問題，而我們將來也將繼續應對這些問題。我們非常喜歡這款設備。更重要的是，馬赫什和他的團隊一直在推動這款設備的發展，我認為，正如他雄辯地指出的那樣，它不是一款佩戴式攝像頭，而是一款人工智慧助手，我們將繼續確保我們在這方面為我們的客戶提供越來越多的服務。所以，後續還會有更多內容。

One more thing that I'd add to that is we have a long history of building mission-critical audio quality capabilities. When you think about a body worn assistant, this is not like using your iPhone or your Android device and talking to a voice assistant where there are sirens blazing. There's lots of ambient noise. This is an area that we have historically excelled in the ability to isolate voice, enhance voice and now have it feed to an AI capability. That is something that we are uniquely capable of. We have expertise and that is paying off in the context of SVX and competitively as well.

我還要補充一點，我們在建立關鍵任務音訊品質能力方面有著悠久的歷史。當你想到穿戴式助理時，這與在警笛聲中用 iPhone 或 Android 裝置與語音助理對話是完全不同的。環境噪音很大。我們一直以來都擅長於語音分離、語音增強，現在更擅長將其輸入人工智慧系統。這是我們獨有的能力。我們擁有專業技術，這在 SVX 領域以及競爭中都取得了成效。

Amit Daryanani, Evercore ISI.

Amit Daryanani，Evercore ISI。

This is Irvin Liu on for Amit. I have one and a follow-up. I realize that it's been less than a quarter since you have closed on Silvus, but can you talk about your long-term potential as it relates to developing Silvus specific software and solutions. And does your 20% Silvus growth outlook for next year embed any S&S revenue?

這裡是 Irvin Liu 替 Amit 報道。我有一個問題和一個後續問題。我知道距離您完成對 Silvus 的收購還不到一個季度，但您能否談談您在開發 Silvus 專用軟體和解決方案方面的長期潛力？你們對 Silvus 明年 20% 的成長預期是否包含了 S&S 的收入？

As it begins with us today, Silvus is largely recorded in products in SI. That's the nature of what they have today. Although we see significant opportunity and much like we did with LMR a decade ago, offering more and more software and services around a strong platform, a very, very differentiated hardware or software-enabled devices. So we see opportunity to grow the S&S contribution. But from the beginning of where we're starting from is it's largely products in SI.

從今天開始，Silvus 主要以 SI 產品的形式記錄。這就是他們目前所處境況的本質。儘管我們看到了巨大的機遇，就像十年前我們對 LMR 所做的那樣，圍繞著強大的平台提供越來越多的軟體和服務，以及非常非常差異化的硬體或軟體設備。因此，我們看到了擴大S&S貢獻的機會。但從我們最初的出發點來看，它主要涉及系統整合（SI）產品。

Maybe one important thing to note is within the Silvus Streamcaster Radios, we do introduce things like low probability of detection capabilities, anti-jam capabilities, almost as features or software upgrades. It's important to remember that Silvus is a software-defined radio built on COTS hardware. And I think this allows us very rapidly to include new capabilities into the existing installed base.

或許需要注意的一點是，在 Silvus Streamcaster 收音機中，我們引入了諸如低偵測機率功能、抗干擾功能之類的東西，幾乎是作為功能或軟體升級。需要注意的是，Silvus 是一款基於商用現成硬體建構的軟體定義無線電。我認為這使我們能夠非常迅速地將新功能添加到現有已安裝的基礎中。

Got it. And then for my follow-up, you mentioned that your expectations for APX NEXT installed base reaching 300,000 by next year. But can you confirm whether or not this uptick is an acceleration relative to what you have seen historically in prior LMR product cycles? And just given that a lot of your expanded capabilities related to SVX, AI and VFR are relying on the connectivity provided by APX NEXT. Do you see potential for the percentage of your installed base using flagship devices expanding over time?

知道了。然後，在我的後續問題中，您提到您預計 APX NEXT 的安裝量到明年將達到 30 萬。但您能否確認，與以往LMR產品週期中觀察到的情況相比，這種增長是否是一種加速成長？鑑於您與 SVX、AI 和 VFR 相關的許多擴充功能都依賴 APX NEXT 提供的連接性。您認為隨著時間的推移，使用旗艦設備的用戶群比例是否有可能擴大？

Well, the installed base that we've talked about is about 2 million first responders in the US So even at next year's year-end [we have] 300,000, there's a long opportunity ahead of us in terms of eventually penetrating that entire base.

我們之前提到的已安裝用戶群大約是美國 200 萬一線緊急應變人員。所以即使到明年年底，我們只有 30 萬用戶，但要最終滲透到整個用戶群，我們還有很長的路要走。

Meta Marshall, Morgan Stanley.

Meta Marshall，摩根士丹利。

Great, thanks. I Appreciate the question. I guess just two quick questions for me. On the OBAAA or OBBA impact. Just any impact that you guys are foreseeing to your tax rate just as you guys have looked at it. And then second, just as you look to mitigate some of the tariffs, is that largely being done through pricing? Or just kind of how are you rejiggering manufacturing to accommodate tariffs? Thanks.

太好了，謝謝。感謝您的提問。我想問兩個問題。關於 OBAAA 或 OBBA 的影響。你們預計會對稅率產生哪些影響，就像你們之前分析的那樣。其次，在尋求緩解部分關稅問題時，這主要是透過價格來實現的嗎？或者說，你們是如何調整生產方式以適應關稅的？謝謝。

Thanks, Meta. We've done the analysis around what the tax rate is. There's some small puts and takes at the effective tax rate and the cash tax rate but nothing meaningful. It does afford us with some -- a little bit more flexibility. As I think about the -- what the OBBA means for us, it's really more what it means for our customers and the sources of funds that they have, whether it's governments and the focus on borders and security or even whether it's enterprises and some of the availability around accelerated depreciation and the like, we view it as favorable to our overall selling environment.

謝謝，Meta。我們已經對稅率進行了分析。實際稅率和現金稅率有一些小幅波動，但沒有什麼實質的變化。這確實給了我們一些——更多的靈活性。當我思考《海外銀行資產保護法》(OBBA) 對我們意味著什麼時，我更關注它對我們的客戶以及他們擁有的資金來源意味著什麼，無論是政府關注邊境和安全，還是企業關注加速折舊等，我們都認為它有利於我們的整體銷售環境。

And in terms of mitigating actions, we've done for tariff mitigation inventory acceleration, dual sourcing with two EMSs, there is some load balancing we can do with some lead time. A lot of the manufacturing is USMCA compliant, which is a friendly fact in a way to mitigate tariffs. But the team has done and our supply chain team has done a great job kind of proactively in anticipating what could be in different scenarios and feeding that to the operational improvements of the firm and what actions we need to take.

至於緩解措施，我們已經採取了關稅緩解措施，加快了庫存週轉，採用雙供應商模式，透過提前一段時間進行一些負載平衡。許多製造業都符合美墨加協定（USMCA）的要求，某種程度上有利於減輕關稅。但是團隊已經做到了，我們的供應鏈團隊也做得非常出色，他們積極主動地預測不同情況下可能出現的情況，並將這些資訊回饋給公司的營運改善部門，以及我們需要採取的行動。

Great, thank you.

太好了，謝謝。

(Operator Instructions)

（操作說明）

Ben Bollin, Cleveland Research Company.

本‧博林，克利夫蘭研究公司。

Thanks. Good evening, everyone. Jack, could you talk a little bit about the sales motion with Silvus. How does that look versus other technologies in the portfolio? Specifically, I'm trying to understand the duration, just how similar or different the process is and your overall visibility? And then I had a follow-up as it ties into backlog and how that develops over time. Thanks.

謝謝。各位晚上好。傑克，你能和西爾維斯談談銷售策略嗎？與產品組合中的其他技術相比，它的表現如何？具體來說，我想了解持續時間、流程的相似之處或不同之處以及您的整體可見性？然後我還有一個後續問題，因為它與積壓工作以及積壓工作如何隨時間發展有關。謝謝。

Sure. So there's really -- think of it in terms of where we're going, where we're making it. Greg alluded to the fact that we're making investments into the selling motion. There's really a couple -- there's -- number one, what I would call longer-cycle sales efforts, which is getting on the program of records.

當然。所以，真的要從我們要去的地方，我們要達成的成就來思考這個問題。格雷格暗示我們正在對銷售活動進行投資。實際上有兩種方法——第一種，我稱之為週期較長的銷售努力，那就是爭取進入唱片發行計劃。

We're going to be increasing our sales coverage on all levels as it relates to that. The second piece of it, I think it's been well documented, if you're reading up on what's happening, particularly within the US DoD right now, the DoD is going through going under the current administration going to what I would kind of call some nontraditional procurement. So there's a lot of trialing of new technologies, particularly around products, particularly in around the space, as I talked about earlier on unmanned systems. Silvus has mandate technology for all levels, including down to Class 1 drones right now with the Stream Caster 5200, which is the newest, smallest form factor.

我們將擴大與此相關的各個層面的銷售覆蓋範圍。第二點，我認為已經有很多文獻記載了，如果你了解一下現在發生的事情，特別是美國國防部目前的情況，就會發現國防部在現任政府的領導下，正在經歷一種我稱之為非傳統採購的方式。因此，新技術有許多試驗正在進行，尤其是在產品方面，尤其是在航太領域，就像我之前談到的無人系統一樣。Silvus 為所有級別的無人機都配備了強制性技術，目前甚至包括 1 級無人機，例如最新、最小的 Stream Caster 5200。

so we can play in all of those areas. Internationally, they have grown -- I mean, this is an incredible company that's grown from a technical pedigree. They had kind of limited international coverage. A lot of that was brought to them through partners. We're investing more people, particularly at some of the leading NATO countries to help shepherd long-term benefits there. And then there's just the unmanned system. So I think we mentioned last -- there's around 120 domestic drone manufacturers right now and we are on almost all of those platforms. So there's just the work to do to continue to go and trial and make sure that our technology is validated and being used on all those platforms as well.

所以我們可以在所有這些領域進行比賽。在國際上，他們已經發展壯大——我的意思是，這是一家令人難以置信的公司，它從技術背景發展而來。他們的國際業務覆蓋範圍比較有限。其中很多都是合作夥伴帶給他們的。我們正在投入更多人力，尤其是在一些主要的北約國家，以幫助這些國家獲得長期利益。還有一種是無人系統。所以我覺得我們上次也提到過——目前國內大約有 120 家無人機製造商，而我們幾乎參與了所有這些平台。所以，接下來要做的就是繼續進行試驗，確保我們的技術得到驗證，並在所有這些平台上得到應用。

So there's really -- those are really three different facets that we're focused on right now. Some Silvus was -- had resourced. Some will be incremental investments. And then the last piece of it is all the relationships that we have in the 120 countries that we do business and the relationships we have in defense, in border security, federal, policing in those places and to make sure that we're providing some synergies across the Motorola and Silvus sales teams as well.

所以，我們目前真正關注的其實是這三個不同的面向。西爾維斯的一些資源——已經被利用了。有些將是漸進式投資。最後一點是，我們在開展業務的 120 個國家/地區擁有各種關係，以及我們在國防、邊境安全、聯邦和警務等領域的關係，並確保我們在摩托羅拉和 Silvus 的銷售團隊之間也能發揮協同效應。

That's great. And can you -- I think I heard it earlier, but how much is still this contributing to backlog? Or how does that develop as a backlog contributor over time?

那太棒了。還有，您能告訴我──我好像之前也聽過──這種情況目前對積壓工作的影響有多大嗎？或者說，隨著時間的推移，它如何發展成為積壓工作的一部分？

So this came with about $200 million of backlog.

因此，這帶來了約2億美元的積壓訂單。

Louis DiPalma, William Blair.

路易斯·迪帕爾馬，威廉·布萊爾。

Greg, Jason, Jack, and Mahesh. Good afternoon.

格雷格、傑森、傑克和馬赫什。午安.

Hey, Louis, how are you doing?

嘿，路易斯，你好嗎？

Great. We picked up that AeroVironment is using the Silvus Stream caster radio for their new Switchblade 400 loitering missile. You guys discussed, billed this in terms of how it's well positioned for 20% growth next year. I was wondering how do you view Silvus as positioned for more like longer-term like major Army programs such as the next-generation command and control and the soldier borne Command Center that [Anduril] is prototyping right now.

偉大的。我們了解到，AeroVironment 公司正在使用 Silvus Stream 廣播電台為其新型 Switchblade 400 巡飛飛彈進行廣播。你們討論過，並以此為依據，認為它已做好充分準備，明年將實現 20% 的成長。我想知道您如何看待 Silvus 在更長期的重大陸軍項目（例如下一代指揮控制和士兵隨身指揮中心，而 [Anduril] 目前正在進行原型設計）中的定位。

Yes. So Louis, yes, it's good to see. We're very pleased with the relationship we have with AeroVironment. But specific to the next-generation command and control, we will be a key part of the architecture in both of the [Anduril] and the Lockheed solutions. So we're really pleased there. We think -- by the way, we think we think there's more that we can do within NGC 2 as well.

是的。所以路易斯，是的，很高興看到這種情況。我們對與 AeroVironment 的合作關係非常滿意。但具體到下一代指揮和控制，我們將成為 [Anduril] 和洛克希德解決方案架構的關鍵部分。所以，我們對此非常滿意。順便說一句，我們認為在 NGC 2 中我們還可以做更多的事情。

So stay tuned there, but really good relationships on both fronts there. And then the soldier borne mission Command as you know, that's really been the transition from IVAS to soldier borne mission Command. We're working with both [Anduril] Rivet in the Soldier Borne Mission Command architecture. But I would say with -- particularly with SPMC, it's early days. So I think there's still a lot to do on those fronts. But yes, rest assured, we're involved there. There's also -- there's also a big project going on with the [Bundeswehr] in Germany, the DLBL project. And we're piloting with integrators there. And if you remember, we're a long-standing partner with the JMOD, that we're doing their work both with the Army and Navy, big long-tenured projects, and so we're leveraging our relationships there within Germany there. In fact, some of our team is over in Germany as we speak. So a lot of really interesting projects going on around the globe right now.

所以請繼續關注，但雙方的關係都非常好。然後，正如你所知，士兵攜帶任務指揮系統，這實際上是從 IVAS 向士兵攜帶任務指揮系統的過渡。我們正在與 [Anduril] Rivet 合作，共同開發士兵攜帶任務指揮架構。但我認為，特別是對於SPMC而言，現在還為時過早。所以我覺得在這些方面還有很多工作要做。但是，請放心，我們參與其中。此外，德國聯邦國防軍還有一個大型計畫正在進行，即 DLBL 計畫。我們正在與當地的系統整合商進行試點。如果你還記得的話，我們是聯合國防部的長期合作夥伴，我們與他們一起為陸軍和海軍開展工作，都是一些長期的大型項目，所以我們正在利用我們在德國的人脈關係。事實上，我們團隊的部分成員此刻正在德國。目前全球各地正在進行許多非常有趣的項目。

Fantastic. It seems as though you're involved in all of these big projects.

極好的。你似乎參與了所有這些大型專案。

Thanks, Louis.

謝謝你，路易斯。

Thank you, Louis.

謝謝你，路易斯。

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，請他補充一些意見或作總結發言。

Yes. I simply want to say thank you to all the Motorola people, Motorola Solutions people. All of our partners that work closely with us. Again, welcome Silvus. We couldn't be more proud to have you on our team. We feel good about where we are, like the fact that we had a record Q3 orders and all the other records that we referenced in the underlying demand and momentum of the business. Divis is exceeding our expectations.

是的。我只想對摩托羅拉公司的所有員工，摩托羅拉解決方案公司的所有員工都表示感謝。所有與我們密切合作的合作夥伴。再次歡迎西爾維斯。能有你加入我們的團隊，我們感到無比自豪。我們對目前的狀況感到滿意，例如我們第三季訂單創下歷史新高，以及我們在業務潛在需求和發展勢頭方面提到的所有其他記錄。Divis的表現超出了我們的預期。

I think the portfolio investments that we've made are resonating with our customers, and we're planning for another year of strong revenue and earnings and cash flow growth next year, and we'll talk to you on the next call. Appreciate the questions. Appreciate your engagement.

我認為我們所做的投資組合引起了客戶的共鳴，我們計劃明年繼續保持強勁的收入、盈利和現金流增長，下次電話會議上我們再詳細討論。感謝提問。感謝您的參與。

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

今天的電話會議到此結束。本次通話的錄音將在三小時內透過網路提供。網址是www.motorolaslutions.com/investor。感謝您的參與，請暫時斷開電話線。