摩托羅拉 (MSI) 2025 Q4 法說會逐字稿

Good afternoon, and thank you for holding. Welcome to the Motorola Solutions fourth-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.

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 年第四季財報電話會議。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。

In addition, a webcast replay of this call will be available on our website within 3 hours after the conclusion of this call. The website address is www.motorolasolutions.com/investor. (Operator Instructions).

此外，本次電話會議的網路直播回放將在會議結束後 3 小時內發佈在我們的網站上。網址是 www.motorolaslutions.com/investor。（操作說明）

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

現在我謹向大家介紹投資者關係副總裁提姆‧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 fourth-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2025年第四季財報電話會議。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 和 Jason 將對我們的結果進行評述，Jack 和 Mahesh 將加入問答環節。

We posted an earnings presentation and news release at motorolasolutions.com/investor. These materials include GAAP to non-GAAP reconciliations for your reference. And during the call, we reference non-GAAP financial results, including those in our outlook, unless otherwise noted. A number of forward-looking statements will be made during this presentation and during the Q&A portion of the call.

我們已在 motorolaslutions.com/investor 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。在電話會議期間，我們將參考非GAAP財務業績，包括我們展望中的業績，除非另有說明。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。

These statements are based on current expectations and assumptions that are subject to a variety of risks and uncertainty. Actual results could differ materially from these forward-looking statements. Information about factors that could cause such difference can be found in today's earnings news release, in the comments made during this conference call, in the Risk Factors section of our 2024 Annual report on Form 10-K or any quarterly report on Form 10-Q and in our other reports and filings with the SEC. We do not undertake any duty to update any forward-looking statements.

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。有關可能導致這種差異的因素的信息，可以在今天的盈利新聞稿、本次電話會議期間的評論、我們 2024 年 10-K 表格年度報告或任何 10-Q 表格季度報告的“風險因素”部分以及我們向美國證券交易委員會提交的其他報告和文件中找到。我們不承擔更新任何前瞻性陳述的義務。

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

接下來，我將把麥克風交給格雷格。

Thanks, Tim. Good afternoon, and thanks for joining us today. I'm going to start off by sharing a few thoughts about the overall business before Jason takes us through our results and outlook.

謝謝你，提姆。下午好，感謝各位今天收看我們的節目。在 Jason 為我們介紹業績和展望之前，我先想分享一些關於公司整體業務的想法。

First, Q4 was an exceptional quarter across the Board with record revenue in both segments, record operating earnings and record operating margins. We also grew orders by 26% and ended the year with our highest ever backlog of $15.7 billion, up $1 billion year-over-year. Second, our full year results were outstanding. Revenue increased by 8%, EPS by 11%, which marked our fifth consecutive year of double-digit EPS growth. We also achieved record operating cash flow of $2.8 billion, which was up 19%. We expanded operating margins 130 basis points that resulted in our first-ever 30-plus annual operating margin.

首先，第四季整體表現非常出色，兩個業務部門的收入、營業利潤和營業利潤率均創歷史新高。我們的訂單量也成長了 26%，年底積壓訂單金額達到有史以來最高的 157 億美元，比去年增加了 10 億美元。其次，我們全年的業績非常出色。營收成長 8%，每股盈餘成長 11%，這標誌著我們連續第五年實現兩位數的每股盈餘成長。我們也實現了創紀錄的 28 億美元經營現金流，成長了 19%。我們將營業利潤率提高了 130 個基點，實現了有史以來首次超過 30% 的年度營業利潤率。

Finally, as I look to 2026, our record backlog position, strong demand environment and expanding product and services portfolio are all informing our expectations for another strong year of revenue earnings and cash flow growth.

最後，展望 2026 年，我們創紀錄的積壓訂單量、強勁的需求環境以及不斷擴大的產品和服務組合，都讓我們對 2026 年的營收和現金流成長充滿信心。

And now I'm going to turn the call over to Jason.

現在我要把電話交給傑森。

Thank you, Greg. Revenue for the quarter grew 12% and was above our guidance with double-digit growth in both segments and all three technologies. Revenue from acquisitions was $188 million, and the impact of favorable FX was $30 million. GAAP operating earnings were $944 million or 27.9% of sales, up from 27% in the year ago quarter. Non-GAAP operating earnings were $1.1 billion, up 19% from the year ago quarter and non-GAAP operating margin was a record 32.1%, up 170 basis points.

謝謝你，格雷格。本季營收成長 12%，超出預期，兩個業務部門和所有三項技術均實現了兩位數成長。收購帶來的收入為 1.88 億美元，有利的匯率影響為 3,000 萬美元。 （GAAP）營業利潤為 9.44 億美元，佔銷售額的 27.9%，高於去年同期的 27%。非GAAP營業利潤為11億美元，較去年同期成長19%；非GAAP營業利益率創歷史新高，達32.1%，成長170個基點。

The increase in both GAAP and non-GAAP operating margins was driven by higher sales, favorable mix, improved operating leverage and was partially offset by higher tariffs. GAAP earnings per share was $3.86, up from $3.56 in the year ago quarter. Non-GAAP EPS was $4.59, up 14% from $4.04. The growth in EPS was driven by higher sales, higher margins and a lower diluted share count, partially offset by higher interest and a higher tax rate.

GAAP 和非 GAAP 營業利潤率的成長主要得益於銷售額的提高、產品組合的最佳化以及營運槓桿的改善，但部分被更高的關稅所抵消。以美國通用會計準則計算，每股收益為 3.86 美元，高於去年同期的 3.56 美元。非GAAP每股收益為4.59美元，較上年同期的4.04美元成長14%。每股盈餘的成長主要得益於銷售額增加、利潤率提高以及稀釋後股份數量減少，但部分被更高的利息支出和更高的稅率所抵消。

OpEx in Q4 was $700 million, up $48 million versus last year, primarily due to expenses from our acquisitions. And the effective tax rate for the quarter was 23.6% compared to 22% in the year ago quarter, driven by lower benefits from share-based compensation recognized in the current quarter.

第四季營運支出為 7 億美元，比去年同期增加 4,800 萬美元，主要原因是收購產生的費用。本季實際稅率為 23.6%，而去年同期為 22%，主要原因是本季確認的股權激勵收益減少。

Moving to the full year 2025. Revenue was $11.7 billion, up 8% with strong growth in both segments. Revenue from acquisitions was $382 million, and the impact of favorable FX was $35 million. GAAP operating earnings were $3 billion or 25.6% of sales versus 24.8% in the year prior. Non-GAAP operating earnings were $3.5 billion, up $395 million, and non-GAAP operating margins were a record 30.3% of sales, up from 29% of sales in the prior year driven by higher sales, higher gross margins and improved operating leverage.

過渡到2025年全年。營收達 117 億美元，成長 8%，兩個業務板塊均實現強勁成長。收購帶來的收入為 3.82 億美元，有利的匯率影響為 3,500 萬美元。GAAP 營業利潤為 30 億美元，佔銷售額的 25.6%，而去年同期為 24.8%。非GAAP營業利潤為35億美元，增加了3.95億美元；非GAAP營業利潤率達到創紀錄的30.3%，高於上年的29%，這主要得益於銷售額增長、毛利率提高和經營槓桿作用改善。

GAAP earnings per share was $12.75, up 38% compared to $9.23 in the prior year, primarily driven by a loss in the prior year related to the accounting treatment for the settlement of the Silver Lake notes, partially offset by higher earnings in the current year. Non-GAAP EPS was $15.38, up 11% from $13.84 in 2024, driven primarily by higher earnings and a lower diluted share count, partially offset by higher interest expense. For the full year, OpEx was $2.6 billion, up $140 million, primarily driven by higher expenses associated with acquisitions and increased organic investments in our higher-growth businesses, and the effective tax rate for 2025 was 22.3% compared to 22% in the prior year.

GAAP每股收益為12.75美元，比去年的9.23美元增加了38%，主要原因是去年因Silver Lake票據結算的會計處理而造成的損失，部分被本年更高的收益所抵銷。非GAAP每股收益為15.38美元，比2024年的13.84美元增加11%，主要得益於更高的收益和更低的稀釋後股份數量，但部分被更高的利息支出所抵銷。全年營運支出為 26 億美元，增加了 1.4 億美元，主要原因是收購相關的支出增加以及對高成長業務的有機投資增加；2025 年的實際稅率為 22.3%，而上一年為 22%。

Turning to cash flow. Q4 operating cash flow was $1.3 billion compared to $1.1 billion in the prior year, driven by higher earnings. For the full year, we generated record operating cash flow of $2.8 billion, up 19% year-over-year and record free cash flow of $2.6 billion, up 21%. These increases were primarily driven by higher earnings and 2025, marked our third consecutive year of double-digit cash flow growth.

接下來談談現金流。第四季經營現金流為 13 億美元，去年同期為 11 億美元，主要得益於獲利成長。全年來看，我們創造了創紀錄的經營現金流 28 億美元，年增 19%；自由現金流也創下紀錄 26 億美元，年增 21%。這些成長主要得益於更高的收益，2025 年標誌著我們連續第三年實現兩位數的現金流成長。

Capital allocation for 2025 included $4.9 billion for acquisitions, including our acquisition of Cervus, $1.2 billion of share repurchases, including $490 million in the fourth quarter, $728 million in cash dividends and $265 million of CapEx. Additionally, during the year, our Board of Directors approved an 11% increase in our dividend, which is our 14th consecutive year of double-digit increases. We also issued $2 billion of long-term senior notes and $1.5 billion of term loans to fund the Silvus acquisition and repaid $322 million of senior debt during 2025. Subsequent to year-end, we've repaid $200 million of the $1.5 billion term loan, leaving an outstanding balance of $1.3 billion as of today.

2025 年的資本分配包括 49 億美元用於收購（包括我們收購 Cervus），12 億美元用於股票回購（包括第四季的 4.9 億美元），7.28 億美元用於現金股息，以及 2.65 億美元用於資本支出。此外，本年度董事會批准將股息提高 11%，這是我們連續第 14 年實現兩位數成長。我們還發行了 20 億美元的長期優先票據和 15 億美元的定期貸款，為收購 Silvus 提供資金，並在 2025 年償還了 3.22 億美元的優先債務。截至年底，我們已償還 15 億美元定期貸款中的 2 億美元，截至今日，未償還餘額為 13 億美元。

Moving next to our segment results in the Products and SI segment, Q4 sales were up 11% versus last year, with 11% growth in MCN and 12% growth in Video. Revenue from acquisitions was $151 million, while FX was $20 million favorable. Operating earnings were $667 million or 30.9% of sales, up from 30.5% in the year prior, driven by higher sales and improved operating leverage partially offset by higher tariffs.

接下來來看產品和系統整合部門的業績，第四季銷售額比去年同期成長了 11%，其中 MCN 成長了 11%，影片成長了 12%。收購收入為 1.51 億美元，外匯收益為 2,000 萬美元。營業利潤為 6.67 億美元，佔銷售額的 30.9%，高於上年的 30.5%，這主要得益於銷售額的成長和經營槓桿的改善，但部分被更高的關稅所抵消。

Some notable Q4 wins and achievements in this segment include a $180 million P25 system order for the state of Tennessee and expansion of the network upgrade that was announced last quarter. $162 million P25 device and SVX body 1 assistant order from a US Federal customer. An $81 million TETRA system for our customer in North Africa, a $20 million Silvus order for an unmanned systems provider and a $20 million fixed video order for a customer in Argentina.

本季該業務部門取得的一些顯著成果包括：田納西州獲得價值 1.8 億美元的 P25 系統訂單，以及上季度宣布的網路升級項目的擴展；此外，美國聯邦政府客戶還訂購了價值 1.62 億美元的 P25 設備和 SVX Body 1 輔助系統。我們為北非客戶訂購了價值 8,100 萬美元的 TETRA 系統，為一家無人系統供應商訂購了價值 2,000 萬美元的 Silvus 系統，並為阿根廷的一位客戶訂購了價值 2,000 萬美元的固定視訊系統。

For the full year, Products and SI revenue was $7.3 billion, up 5% from the prior year, driven by higher sales in MCN and Video. Revenue from acquisitions was $262 million and the FX impact was $20 million favorable. Full year operating earnings were $2.1 billion or 28.9% of sales, up from 28.1% in the prior year on higher sales and improving gross margins. In Software and Services, Q4 revenue was up 15%, driven by growth in all three technologies.

全年來看，產品和系統整合收入為 73 億美元，比上年成長 5%，主要得益於 MCN 和視訊業務銷售額的成長。收購帶來的收入為 2.62 億美元，匯率影響為 2,000 萬美元的有利影響。全年營業利潤為 21 億美元，佔銷售額的 28.9%，高於上年的 28.1%，主要得益於銷售額的成長和毛利率的提高。軟體和服務業務第四季營收成長 15%，這主要得益於三大技術領域的成長。

Revenue from acquisitions was $37 million, while FX was $10 million favorable. Q4 operating earnings in the segment were $419 million and operating margins were 34.3%, up from 30.3% last year, primarily driven by higher sales, expanding margins, inclusive of favorable mix, and improved operating leverage. Some notable Q4 highlights in the S&S segment include a $201 million 10-year P25 services renewal from the state of Maryland.

收購帶來的收入為 3,700 萬美元，而外匯收益為 1,000 萬美元。該部門第四季營業利潤為 4.19 億美元，營業利潤率為 34.3%，高於去年的 30.3%，主要得益於銷售額成長、利潤率擴大（包括有利的產品組合）以及經營槓桿的改善。S&S 部門第四季度的一些值得注意的亮點包括馬裡蘭州價值 2.01 億美元的 10 年 P25 服務續約。

An $86 million command center order for an international customer, a $79 million P25 services and Command Center order for Prince George's County in Maryland. A $61 million Tetra services order for the London underground in the UK and a $29 million Tetra services order from a European customer.

為國際客戶訂購價值 8600 萬美元的指揮中心，為馬裡蘭州喬治王子縣訂購價值 7900 萬美元的 P25 服務和指揮中心。英國倫敦地鐵獲得了價值 6,100 萬美元的 Tetra 服務訂單，歐洲客戶也獲得了價值 2,900 萬美元的 Tetra 服務訂單。

For the full year, revenue was $4.4 billion, up 13% compared to last year, driven by strong growth in all three technologies. Revenue from acquisitions was $120 million during the year and FX impact was $15 million favorable. Full year operating earnings were $1.4 billion or 32.5% of sales, up 170 basis points versus the prior year, driven by higher sales, expanding margins inclusive of favorable mix and improved operating leverage.

全年營收達 44 億美元，比上年成長 13%，這主要得益於三大技術的強勁成長。本年度收購收入為 1.2 億美元，外匯影響為 1,500 萬美元（有利影響）。全年營業利潤為 14 億美元，佔銷售額的 32.5%，比上年增長 170 個基點，主要得益於銷售額增長、利潤率擴大（包括有利的產品組合）以及經營槓桿的改善。

Looking at regional results. North America revenue was $2.4 billion in Q4, up 7% and $8.4 billion for the full year, also up 7%, driven by growth in both segments and in all three technologies. International Q4 revenue was $1 billion, up 26% versus last year with strong double-digit growth in both segments and all three technologies. For the full year, international revenue was $3.3 billion, up 11% with growth in both segments and double-digit growth in all three technologies.

查看區域結果。第四季北美地區營收為 24 億美元，成長 7%；全年營收為 84 億美元，也成長 7%，這主要得益於兩個業務部門和所有三項技術的成長。國際業務第四季營收達 10 億美元，較去年同期成長 26%，兩個業務部門和所有三項技術均實現了強勁的兩位數成長。全年來看，國際營收為 33 億美元，成長 11%，兩個業務部門均成長，所有三項技術均達到兩位數成長。

Moving next to backlog. Ending backlog for Q4 was an all-time record of $15.7 billion, up $1 billion versus last year and up $1.2 billion sequentially, driven by the record orders we received during both Q4 and during the full year. In the Products and SI segment, ending backlog was up $235 million sequentially, driven by record Q4 orders in both MCN and Video. For the year, backlog was down $323 million or 8% and driven primarily by strong LMR shipments in the first half.

接下來處理待辦事項。第四季末積壓訂單金額創歷史新高，達到 157 億美元，比去年同期增長 10 億美元，環比增長 12 億美元，這主要得益於我們在第四季度和全年都收到了創紀錄的訂單。在產品和系統整合領域，期末積壓訂單季增 2.35 億美元，主要得益於 MCN 和視訊業務在第四季度創紀錄的訂單。今年積壓訂單減少了 3.23 億美元，降幅為 8%，主要原因是上半年 LMR 出貨量強勁。

In Software and Services backlog increased $1.4 billion from last year and $945 million sequentially, with strong growth across all three technologies. Now turning to our outlook. We expect Q1 sales to be up between 6% and 7% with non-GAAP EPS between $3.20 and $3.25 per share. This assumes a weighted average diluted share count of 168 million shares and an effective tax rate of 20.5%.

軟體和服務積壓訂單較去年增加了 14 億美元，環比增加了 9.45 億美元，所有三個技術領域均實現了強勁增長。現在談談我們的展望。我們預計第一季銷售額將成長 6% 至 7%，非 GAAP 每股盈餘將在 3.20 美元至 3.25 美元之間。假設加權平均稀釋股份數為 1.68 億股，有效稅率為 20.5%。

For the full year, we expect revenue of approximately $12.7 billion and non-GAAP EPS between $16.70 and $16.85 per share. This full year outlook assumes an average weighted share count of approximately 168 million shares and an effective tax rate of approximately 22.5%.

我們預計全年營收約 127 億美元，非 GAAP 每股收益在 16.70 美元至 16.85 美元之間。該全年展望假設平均加權股份數約為 1.68 億股，有效稅率約為 22.5%。

It also includes favorable FX of about $100 million, which is unchanged from what we assumed in November when we gave color on 2026. Additionally, we anticipate our strong cash conversion to continue in '26 with expectations of approximately $3 billion in operating cash flow.

其中還包括約 1 億美元的有利外匯影響，這與我們 11 月對 2026 年的預測相比沒有變化。此外，我們預計強勁的現金轉換率將在 2026 年繼續保持，預計營運現金流約為 30 億美元。

And finally, before I turn it back to Greg, I wanted to share two highlights. First, some color on the segment growth expectations that are included in our guidance for this year. In our Software & Services segment, we're anticipating revenue growth of between 10% and 11%, and in the Products and SI segment, our expectations are for revenue growth of 7% to 8%. And for our technologies, we're planning for video growth of 10% to 11% with continued strong adoption of our cloud offerings. And in Command Center, we're anticipating another year of 15% growth. And in MCN, we expect to grow between 7% and 8% with growth accelerating in the second half of the year.

最後，在把麥克風交還給格雷格之前，我想分享兩個亮點。首先，讓我們來詳細了解我們今年業績指引中包含的各細分市場成長預期。在軟體和服務部門，我們預期營收成長10%至11%；在產品和系統整合部門，我們預期營收成長7%至8%。至於我們的技術面，我們計劃在雲端產品持續強勁普及的背景下，實現視訊業務 10% 至 11% 的成長。指揮中心方面，我們預計今年將達到 15% 的成長。在 MCN 領域，我們預計成長率在 7% 到 8% 之間，並且下半年成長速度將加快。

Finally, I'd like to highlight the launch of our first-ever Assist Suites a couple of weeks ago. These suites integrate our most critical AI-powered applications around two key roles in public safety, the dispatcher and the officer. We've tailored these offers to assist these key personnel under a role-based pricing model of $99 per user per month. This package offers our state-of-the-art public safety AI to our customers at a superior value, and much like our APX Next applications platform, we expect Assist to be another driver of recurring revenue growth while expanding our software TAM.

最後，我想重點介紹一下我們幾週前推出的首個輔助套房。這些套件將我們最重要的 AI 應用整合到公共安全領域的兩個關鍵角色——調度員和警官——之中。我們根據角色定價模式，為這些關鍵人員量身定制了這些優惠，每位用戶每月收費 99 美元。這款軟體包以超值的價格向我們的客戶提供我們最先進的公共安全人工智慧，就像我們的 APX Next 應用平台一樣，我們期望 Assist 能夠成為推動經常性收入成長的另一個動力，同時擴大我們的軟體市場規模。

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

現在我將把電話轉回給格雷格。

Thanks, Jason. Let me close with a few thoughts. First, our financial performance last year was outstanding, and I'm encouraged by how we executed on several key product initiatives. We continue to invest in the technologies that our customers depend on. Evidenced by the successful release of SVX, our body-worn assistant, that converges secure voice, video and AI and eliminates the need for a separate body-worn camera.

謝謝你，傑森。最後，我想分享幾點想法。首先，我們去年的財務表現非常出色，我對我們在幾個關鍵產品計劃上的執行感到鼓舞。我們將繼續投資於客戶賴以生存的技術。SVX（我們的穿戴式助理）的成功發布證明了這一點，它融合了安全語音、視訊和人工智慧，無需單獨的穿戴式攝影機。

We've shipped over 15,000 SDX devices since we launched, and we have a robust funnel of opportunities for the coming year. We're also seeing strong interest in our latest generation V-Series mission-critical infrastructure from our P25 LMR customers, and we secured several large upgrades during the year.

自推出以來，我們已經出貨超過 15,000 台 SDX 設備，並且我們為來年準備了充足的銷售機會。我們也看到 P25 LMR 客戶對我們最新一代 V 系列關鍵任務基礎設施表現出濃厚的興趣，並且我們在今年獲得了幾項大型升級。

Furthermore, achieving FedRAMP approval for our APX Next radios, the associated applications and our back-end digital evidence management platform are significant milestones that strengthen our position within the federal space, ensuring our cloud-based solutions meet the highest security standards. Second, we continue to make significant investments in AI and just last month, Jason referenced it -- we launched our first two public safety AI assist suites for 911 dispatchers and first responders, designed specifically to address the unique challenges of each role. The introduction of these two suites is fundamentally about reclaiming the most valuable resource in public safety.

此外，我們的 APX Next 無線電、相關應用程式和後端數位證據管理平台獲得 FedRAMP 認證，是重要的里程碑，鞏固了我們在聯邦領域的地位，確保我們的雲端解決方案符合最高的安全標準。其次，我們繼續在人工智慧領域進行大量投資，就在上個月，Jason 也提到了這一點——我們推出了首批兩款 911 調度員和急救人員的公共安全人工智慧輔助套件，專門針對每個角色的獨特挑戰而設計。引入這兩套方案的根本目的是為了重新奪回公共安全領域最寶貴的資源。

We've built a broad-based ecosystem of public safety solutions and continue to use AI to intelligently ingest multisource data, 911, ad, the radio transcripts and body on information and synthesize it into a unified actionable picture. When we take a police report that used to take an hour to write and drop it to 15 minutes with narrative assist or reduce the redaction time of mobile video footage from 35 hours down to 1. We're helping putting officers back on the street.

我們已經建立了一個廣泛的公共安全解決方案生態系統，並繼續利用人工智慧智慧地攝取多源資料、911、廣告、廣播文字記錄和正文訊息，並將其綜合成一個統一的、可操作的畫面。當我們把以前需要一個小時才能寫完的警方報告，透過敘述輔助縮短到 15 分鐘，或是把手機影片片段的編輯時間從 35 小時縮短到 1 小時。我們正在幫助警員重返街頭。

Our introduction of these two Assist suites, and by the way, there are more to come. underline our comprehensive approach to AI. We don't see these solutions as point products. They're the integrated nerve center of the emergency workflow delivering real, verifiable value of AI to the people who protect our communities every day.

我們推出的這兩款 Assist 套件（順便說一句，未來還會推出更多）凸顯了我們對人工智慧的全面考慮。我們並不把這些解決方案視為孤立的產品。它們是緊急工作流程的整合神經中樞，為每天保護我們社區的人們提供人工智慧的真正、可驗證的價值。

Third, 2025 was a landmark year for capital allocation. We deployed nearly $5 billion towards strategic acquisitions headlined by Silvus, got us into the rapidly growing new defense and unmanned systems market. In addition, we strengthened our portfolio in cloud-native 911 solutions, AI-driven workflows and remote video monitoring.

第三，2025 年是資本配置的里程碑年。我們投入了近 50 億美元用於策略性收購，其中最引人注目的是收購了 Silvus 公司，這使我們進入了快速成長的新型國防和無人系統市場。此外，我們也加強了在雲端原生 911 解決方案、人工智慧驅動的工作流程和遠端視訊監控方面的產品組合。

We did that while also returning almost $2 billion to our shareholders in the form of dividends and share repurchases. I expect our robust liquidity profile, continued solid cash flow generation and strong balance sheet to provide significant flexibility for capital allocation, including M&A and share repurchases. And finally, I believe we're very well positioned entering this year. We're seeing continued prioritization of safety and security from our public safety and defense customers worldwide, driving increased demand for our integrated ecosystem of mission-critical technologies and our record ending backlog and strong orders pipeline continually highlight the trust our customers place in us.

我們做到了這一點的同時，也以股利和股票回購的形式向股東返還了近 20 億美元。我預期我們穩健的流動性狀況、持續穩定的現金流量產生能力和強勁的資產負債表將為資本配置（包括併購和股票回購）提供很大的靈活性。最後，我認為我們已經為今年做好了非常充分的準備。我們看到，全球公共安全和國防客戶持續優先考慮安全保障，這推動了對我們整合式關鍵任務技術生態系統的需求不斷增長，而我們創紀錄的積壓訂單和強勁的訂單儲備也持續凸顯了客戶對我們的信任。

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

現在我將把電話交給提姆，讓他提問。

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 callers on the line how to ask a question?

接線生，請您提醒一下電話那頭的來電者該如何提問？

(Operator Instructions)

（操作說明）

Tim Long, Barclays.

提姆朗，巴克萊銀行。

Yes, two, if I could here. First, Greg or Jack, if you could just give us kind of an update on Silvus. Good to see a nice size order in the quarter. I think you had been looking at about 20% growth for the year. Just curious, given all the developments around unmanned vehicles, if you think there would be upward bias to that?

是的，兩個，如果我能在這裡的話。首先，Greg 或 Jack，能否給我們介紹一下 Silvus 的最新情況？很高興看到本季訂單量不錯。我認為你們之前預計今年的成長率約為 20%。我很好奇，鑑於無人駕駛車輛領域的種種發展，你認為這方面是否有向上傾斜的趨勢？

And then the second question is somewhat related. You got Silvus obviously, with some Federal. A lot of FedRAMP certifications coming through with SVX and APEX Next, and obviously that order that included some SVX. And obviously, that order that included some SDX.

第二個問題與此有些關聯。你顯然有Silvus，還有一些Federal。SVX 和 APEX Next 獲得了許多 FedRAMP 認證，顯然，那份訂單中也包含了一些 SVX。顯然，那份訂單裡包含了一些 SDX。

So maybe, Greg, if you could just level set for us how you're thinking about growth and traction now that you're set up in much better way, it seems for the federal piece of the business here, whereas obviously, a lot of this was state and local. So just curious with all these moves that you made, how you're thinking about federal as a TAM going forward?

所以，格雷格，既然你現在的架構比以前好得多，你現在是如何看待成長和發展前景的呢？尤其是在聯邦業務方面，而顯然，之前很多業務都是州和地方的。所以，我很好奇，在你採取了所有這些舉措之後，你如何看待聯邦政府作為TAM的未來發展？

Yes. Thanks, Tim. Look, I and we couldn't be more pleased with Silvus' performance since we closed that asset and that acquisition in August. I think Molloy and his team have done a really good job on -- and Jason’s, quite frankly, on integration. We're putting more money into R&D. We're putting more money into go-to-market. We're adding engineers. We're adding salespeople. We're improving coverage.

是的。謝謝你，提姆。你看，自從我們在八月完成那項資產收購以來，我對 Silvus 的表現非常滿意。我認為 Molloy 和他的團隊在整合方面做得非常出色——坦白說，Jason 的團隊在整合方面也做得非常出色。我們將加大研發投入。我們將加大市場推廣投入。我們正在增聘工程師。我們正在增加銷售人員。我們正在擴大覆蓋範圍。

Simultaneously, while Silvus is pretty much stand-alone, we are integrating what you would think we would procurement, supply chain, reducing lead times, plus to goods economies to scale. I'm very pleased with what both Jack and Jason have done.

同時，雖然 Silvus 基本上是獨立營運的，但我們正在整合您所認為的採購、供應鏈、縮短交貨時間以及商品規模經濟等要素。我對傑克和傑森的工作都非常滿意。

Look, Silvus had a very good Q4 -- there was Q4 upside that was driven by Ukraine and unmanned systems demand. By the way, Tim, when we look at 2025, revenue all in for Silvus, it was more international versus North America, primarily driven by strong demand in Ukraine, the UK and Germany. We're raising our expectations again for revenue this year in 2026. We expect Silvus' revenue of $675 million in 2026. That's $75 million higher from expectations a quarter ago, and it continues to be a critical litmus test in Ukraine for critical defense and new defense technology in unmanned.

你看，Silvus 第四季業績非常好——第四季業績成長主要得益於烏克蘭市場和無人系統需求。順便說一下，蒂姆，當我們展望 2025 年，Silvus 的總收入將更多地來自國際市場而非北美市場，這主要是由於烏克蘭、英國和德國的強勁需求所驅動的。我們再次提高了對 2026 年營收的預期。我們預計 Silvus 在 2026 年的收入將達到 6.75 億美元。這比一個季度前的預期高出 7500 萬美元，而且它仍然是烏克蘭關鍵國防和無人新型國防技術的重要試金石。

Yes. Tim, and I think just a couple of things to build on. I think is really related to APX Next fraction and SPX traction. So APX Next, as you -- as we've discussed before, we have 2 million first responders in the US that encompasses police fire and we now -- we've stated that we're going to have 300,000 users by the end of 2026. That's up from 200,000 at the end of 2025 that pay $300 a year annually in terms of app services. So good traction on the apps.

是的。提姆，我覺得還有幾點需要進一步探討。我認為這與APX Next分數和SPX牽引力密切相關。所以，APX Next，正如您——正如我們之前討論過的，我們在美國有200萬一應急人員，包括警察、消防員，而我們現在——我們已經聲明，到2026年底，我們將擁有30萬用戶。到 2025 年底，每年支付 300 美元應用程式服務費的用戶數量將達到 20 萬。這些應用程式的用戶反應很好。

As it relates to SPX, just a couple of things. We did get FedRAMP approval for SPX as well as our digital evidence management I will tell you, we've got every field seller equipped with an SPX device. Interest is strong, demand is strong. The units that have been fielded, the feedback has been outstanding.

關於標普500指數，有幾點需要說明。我們已經獲得了 SPX 的 FedRAMP 認證，以及數位證據管理的認證。我可以告訴你，我們已經為每位現場銷售人員配備了 SPX 設備。興趣濃厚，需求旺盛。已部署的部隊回饋非常出色。

And remember, it's a new category in and of itself. It's a body worn assistant. It's multi-sourced. I think that's where it's different. We've shipped over 15,000 units, but we expect significant more traction this year with quotes out to hundreds of customers, Tim. So we're really like we're really excited about SPX.

請記住，這本身就是一個全新的類別。它是一款可穿戴式助手。它是多來源的。我認為這就是不同之處。我們已經發貨超過 15,000 台，但隨著我們向數百名客戶發出報價，我們預計今年的銷量會大幅增長，蒂姆。所以我們對SPX真的非常興奮。

And I think, as we've said, the market wants an alternative. And as a customer told me, that I met with last week, it starts to become a total cost of ownership, and it becomes about platform unification, we know we need to talk, and this does a lot more for us. So I think it's a game on.

而且我認為，正如我們所說，市場需要一種替代方案。正如我上週遇到的一位客戶告訴我的那樣，這開始變成總體擁有成本的問題，並且變成了平台統一的問題，我們知道我們需要談談，這對我們來說意義重大。所以我覺得好戲開始了。

Andrew Spinola, UBS.

瑞銀集團的安德魯·斯皮諾拉。

I have a quick question for Jason. I think the margin continues to outperform our expectations. I think looks like you're guiding to some further improvement next year. Could you talk about your outlook for margin for '26? And maybe specifically about some of the puts and takes from tariffs and memory costs, et cetera, that you have in your outlook?

我有個問題想問傑森。我認為利潤率繼續超出我們的預期。我認為你們正在引領球隊明年取得更大的進步。能否談談2026年利潤率的展望？或許您可以具體談談您對關稅、記憶體成本等方面的看法？

Sure. Thanks, Andrew. So much like in '25, we're planning for another good year. '25 and the margin expansion we saw of 120, 130 basis points at OE included a tariff headwind, which for '25 was in the second half. Now as we enter 2026, we plan for an incremental tariff, which will present itself in the first half, and that's about $60 million.

當然。謝謝你，安德魯。與2025年類似，我們預計今年也將迎來另一個好年。 2025年，我們在營運效率（OE）下實現了120至130個基點的利潤率成長，這其中包含了關稅帶來的不利影響，而2025年的關稅不利影響主要出現在下半年。現在我們進入 2026 年，我們計劃逐步徵收關稅，這將在上半年實施，金額約為 6000 萬美元。

In terms of drivers for overall margin expansion and overcoming tariffs in other parts of the portfolio like memory that we’ll see an increase, it’s about continued customer adoption of our feature-rich devices and some of the devices that Jack just talked about, as well as the continued uptake of APX Next. It’s about mixing to higher growth parts of the portfolio, including services and software. Those growth drivers that drove '25 exist for '26 and will continue to expand margins and, of course, prudently manage costs and OpEx. That’s what’s included in our outlook for 2026 is 100 basis points of operating margin expansion.

就整體利潤率擴張的驅動因素以及克服產品組合其他部分（如內存）的關稅而言，我們將看到利潤率的增長，這取決於客戶繼續採用我們功能豐富的設備以及傑克剛才提到的一些設備，以及 APX Next 的持續普及。關鍵在於將投資組合中成長速度更快的部分進行整合，包括服務和軟體。2025 年推動成長的那些因素在 2026 年依然存在，並將繼續擴大利潤率，當然，也要謹慎地控製成本和營運支出。我們對 2026 年的展望包括營業利潤率成長 100 個基點。

With operating margin expansion in both segments as well.

兩個業務部門的營業利潤率均有所提升。

And just one follow-up. Could you maybe drill down on the acceleration in the command business that you saw in Q3 and then further in Q4? And then maybe just on that question, sort of maybe expand a little bit on your view on the 911 market, given some of the acquisitions that have been done, how do you see yourself positioned against the competition and what’s your outlook for that business?

還有一個後續問題。您能否詳細分析一下您在第三季以及第四季看到的指揮業務加速成長的情況？那麼，就這個問題而言，能否稍微擴展一下您對 911 市場的看法？考慮到已經進行的一些收購，您如何看待自己在競爭中的定位？您對該業務的前景有何展望？

So I'll make one comment around the acceleration of growth, particularly in Q4 where we saw a 19% growth. Keep in mind that within Command Center is included our APX Next applications. And the uptake that we've seen in there has benefited that part of the business -- and we gave an outlook on the last call that the 200,000-plus subscribers that we ended '25 at for APX Next subscribers would grow to 300,000 by end of this year. So part of what you're seeing there is that benefit and Mahesh, there's other things happening.

因此，我想就成長加速發表一點看法，尤其是在第四季度，我們看到了 19% 的成長。請注意，指揮中心中包含了我們的 APX Next 應用程式。我們看到，這部分業務的成長使之受益——我們在上次電話會議上展望，到今年年底，APX Next 的訂閱用戶數量將從 2025 年底的 20 多萬增長到 30 萬。所以你看到的其中一部分是這種好處，而馬赫什，還有其他事情正在發生。

So if you think about a typical PSAP, there are three core workflows. There’s 911, there’s CAD, and there’s consoles. And when we think about our solution, we think about all three, and we think about workflows across all three. So as opposed to having any sort of AI capability that’s an over-the-top instance, we actually embedded within our core workflow applications. And this is critical to our Dispatcher Assist Suite, catering to that persona.

因此，如果你想想一個典型的公共安全應答點 (PSAP)，它有三個核心工作流程。有911警報系統，有CAD軟體，還有遊戲機。當我們思考解決方案時，我們會考慮這三個方面，也會考慮這三個方面的工作流程。因此，我們並沒有採用任何過於複雜的 AI 功能，而是將其嵌入到我們的核心工作流程應用程式中。這對我們的調度員輔助套件至關重要，它正是為了滿足這類使用者的需求而設計的。

And think about it this way. We’ve had transcription and translation now out for a few years. Just last year alone, there were about 33 million assisted calls out there. And now with the dispatcher suite, we’re now able to not only facilitate that 911 call takers workflow, but also do things like create incidents in CAD automatically.

換個角度想。我們的轉錄和翻譯服務已經推出幾年了。光是去年，就有約 3,300 萬通求助電話。現在有了調度員套件，我們不僅可以簡化 911 接線員的工作流程，還可以自動在 CAD 中建立事件等操作。

The Assist Suite is now helping us connect the different pieces of the applications that are critical to that workflow. All of that, I think, is leading to great traction within our APX Next portfolio, which has been key for us. We went live with a couple of large customers as well with that solution. I think those are all things that are leading to growth in the Command Center portfolio.

Assist Suite 現在可以幫助我們連接對該工作流程至關重要的各個應用程式元件。我認為，所有這些都為我們的 APX Next 產品組合帶來了巨大的發展動力，這對我們來說至關重要。我們也為幾家大客戶上線了這個解決方案。我認為這些都是推動指揮中心產品組合成長的因素。

Yes. The thing I'd add is just to remind you, VESTA NXT is Cloud 911 call handling, we've got the product. We've rolled the product. We're implementing the product. Some others are looking to, I think, catch up with us in that regard, that's fine. But we like the portfolio.

是的。我還要補充一點，提醒一下，VESTA NXT 是雲端 911 呼叫處理系統，我們有這款產品。我們已經完成了產品推廣。我們正在實施該產品。我認為，其他一些國家正努力在這方面趕上我們，這很好。但我們喜歡這個投資組合。

The other thing to understand about Command Center 15% growth last year. We're guiding for 15% growth this full year as well. By the way, Q1 is likely to be stronger than that given the timing of certain implementations. But nonetheless, we think the full year will be equally strong, 15% over 15%. It's also important to understand the connective tissue between the technologies and what we're doing with the Assist Suites.

關於指揮中心，還需要了解的是，它去年成長了 15%。我們預計今年全年也將實現15%的成長。順便說一句，考慮到某些實施的時間安排，第一季可能會比這更強。但即便如此，我們認為全年業績仍將保持強勁，成長率將達 15%。了解這些技術之間的聯繫以及我們在輔助套件方面所做的工作也很重要。

So yes, Command Center is growing at 5% -- 15% expected to be for this year. Embedded in that is the expectation around Assist Suites. We're not just rolling out Assist Suites at $99 a month per user, which is much more competitive than some alternatives out there. It does more. It does things like CAD and records.

是的，指揮中心正以 5% 的速度成長——預計今年將達到 15%。其中就包含了對輔助套件的期望。我們不僅以每位用戶每月 99 美元的價格推出 Assist Suites，這比市面上的一些替代方案更具競爭力。它的功能更多。它可以進行CAD和記錄等操作。

By the way, we're the market leader in CAD. We are in almost 2/3 of PSAPs already. We're using our mission-critical network position, the superiority in a converged device with the body worn assistant, to do multisource ingestion and read it to an end-to-end emergency workflow. So there's high connective tissue between the way we go to market, not just in the radio and SVX, but in the command center software as well through one sales force. It will provide users with technology refresh, and I think we're very well positioned to continue to grow that, both businesses in an integrated way.

順便說一句，我們是CAD領域的市場領導者。我們已經進入了近三分之二的公共安全應答中心。我們正在利用我們在關鍵任務網路中的地位，以及與可穿戴式助理整合裝置的優勢，進行多源資料擷取，並將其讀取到端到端的緊急工作流程中。因此，我們在市場推廣方式上有著高度的聯繫，不僅體現在廣播和 SVX 上，也體現在指揮中心軟體上，並透過同一個銷售團隊實現。它將為用戶帶來技術革新，我認為我們完全有能力以整合的方式繼續發展這兩項業務。

Market leader in CAD and 911.

CAD 和 911 領域的市場領導者。

Exactly.

確切地。

Two of the three largest cities in the United States under contract being deployed.

美國三大城市中的兩個已簽訂合約並正在部署中。

Adam Tindle, Raymond James.

Adam Tindle，Raymond James。

Greg, I thought backlog was obviously a highlight here, very strong, and you certainly did what you said you were going to do. I know there was a lot of doubts on product backlog in particular. And you mentioned that -- I think it was record orders -- there was a view that with ARPA funding expiration kind of impending and potential pressure from those that we might see subdued orders or moderation in that.

格雷格，我認為積壓工作顯然是這次工作的一大亮點，非常出色，而且你確實做到了你承諾要做的事情。我知道大家對產品待辦事項清單有很多疑問。你提到過——我認為是創紀錄的訂單——有人認為，隨著 ARPA 資金即將到期，以及來自各方的潛在壓力，我們可能會看到訂單減少或趨於溫和。

I guess as you kind of look at the lens in hindsight, why was that the wrong assumption to make for [bears]? And then going forward, any thoughts on backlog into 2026, product backlog in particular? I know it’s not a guide point, but just kind of general direction on where you’re thinking that goes.

我想，當你事後回過頭來看這件事時，你會覺得當初的假設是錯的。熊？那麼展望未來，對於2026年的待辦事項清單，特別是產品待辦事項清單，您有什麼想法？我知道這不是一個指導點，而只是給你一些大致的方向性思考。

Yes. No problem. I think, look, taking a step back, a lot of the narrative and inquiry around product backlog, you have to remember the context by which we and I talked about it, and that we were and are transitioning from historically record high product backlog that was elevated because of the supply chain semiconductor congestion in previous periods. So what you see us doing, and I've guided it around where I think it would be, we achieved that for '25. I'll talk a little bit more about '26.

是的。沒問題。我認為，退一步講，關於產品積壓的許多敘述和調查，你必須記住我們談論它的背景，以及我們當時正在從歷史最高水平的產品積壓過渡到現在的狀態，而這種積壓是由於前幾個時期半導體供應鏈擁堵造成的。所以你們所看到的，以及我引導它朝著我認為應該達到的方向發展，我們在 2025 年實現了這個目標。我再多談談 26 年的情況。

But underpinning your question is we are getting back to the quick turn rhythm of the way this business operates normalized for the COVID backlog issue. By that, I mean, more than half of our revenues last year were quick turn. Remember, I define that as sold and installed in the same year. We're expecting the same thing in 2026.

但你問題的根本在於，我們正在恢復到疫情積壓問題導致的業務正常運作的快速週轉節奏。我的意思是，去年我們超過一半的收入都是快速週轉的收入。請注意，我指的是同年售出並安裝的產品。我們預計2026年也會出現同樣的情況。

Love the fact that we finished the year with record backlog all in at 15.7%. To your point, we were pretty confident. I'd say highly confident that product backlog would end in the high 3s. We did at $3.8 billion. But also, aside from just backlog, you have to look at orders. We've had three consecutive orders. Q2, Q3, Q4 of double-digit product orders. By the way, we expect double-digit product orders in Q1, and we expect double-digit product orders for the full year in '26.

很高興我們以創紀錄的積壓訂單量（佔全年訂單總量的 15.7%）結束了這一年。你說得對，我們當時確實很有信心。我非常有信心，產品待辦事項清單最終會達到 300 萬件以上。我們做到了，金額為38億美元。但是，除了積壓的工作之外，你還得查看訂單。我們已經連續接到三筆訂單了。第二、三、四季產品訂單量均達到兩位數。順便說一下，我們預計第一季產品訂單量將達到兩位數，並且預計 2026 年全年產品訂單量也將達到兩位數。

When I look out a year from now, I think product backlog will likely be up versus the 3.8% exiting '25. It's going to bounce around as it normally did as it did last year. I think product backlog will decline in Q1 as it typically does from a normal seasonality standpoint. But I'm just thrilled with not just the backlog position, I'm more thrilled with the order performance and the pipeline and the consistency of execution by Molloy's team. That's what gives us confidence.

展望一年後，我認為產品積壓訂單可能會比 2025 年底的 3.8% 增加。它會像去年一樣，繼續波動。我認為，從正常的季節性角度來看，第一季產品積壓訂單量通常會下降。但我不僅對積壓訂單的情況感到興奮，更對訂單表現、流程以及 Molloy 團隊執行的穩定性感到興奮。這就是我們信心的來源。

Adam, let me dimensionalize a little bit, just Q4 and what that meant. Jack’s team drove $2.4 billion of product orders, which was up $500 million from the year prior in Q4. That’s a record, by the way. It’s a very strong indicator of demand.

亞當，讓我稍微解釋一下，就說第四季以及它的意義。Jack 的團隊在第四季創造了 24 億美元的產品訂單，比去年同期成長了 5 億美元。順便說一句，那是一項紀錄。這是需求的一個非常強的指標。

Yes. One other thing I would just say, you talked about backlog. I want to dimensionalize just total revenue for the guide of 2026. We guided $12.7 billion. I think that the revenue will be very similar in 2026. It will come in very similarly as it did in 2025. And when you really look at first half, second half, we expect second half of this year to be significantly stronger than first half, but overall, feel very good about our position and the momentum we have coming into this year.

是的。還有一點我想補充，你剛才提到了積壓工作。我想對 2026 年指南中的總收入進行量化。我們引導了127億美元的投資。我認為2026年的收入將與現在非常相似。它將以與 2025 年非常相似的方式到來。當你真正審視上半年和下半年時，我們預計今年下半年的表現將明顯強於上半年，但總的來說，我們對我們目前的處境以及今年的發展勢頭感到非常滿意。

Great. All very helpful color. Just -- as a follow-up on a different topic, I thought one of the other highlights on the call was the 30-plus percent first ever full year S&S margin. I wonder if you could maybe just talk a little bit more about what's driving that, the trends and trajectory from here? Is there sort of an upper limit? I mean, we're already at very optimal margins for any sort of software business at that level. But just trends and trajectory how you're thinking about it from here and reflect on that milestone?

偉大的。各種顏色都非常實用。順便提一下另一個主題，我認為電話會議的另一個亮點是S&S首次實現全年30%以上的利潤率。我想請您再詳細談談推動這趨勢的因素、未來的發展趨勢和軌跡？是否存在某種上限？我的意思是，就目前的軟體業務水準而言，我們已經達到了非常理想的利潤率。但就趨勢和發展軌跡而言，您如何看待從現在開始的發展，並反思這一里程碑事件？

Yes. By the way, just a quick one. It's not S&S margin. It's 30-plus annual operating margin for MSI for the whole company, which obviously is even stronger than just the segment.

是的。順便提一下，就簡單問一句。這不是股票和股票的利潤率。MSI 整個公司的年度營業利潤率超過 30%，顯然比單一部門的利潤率還要高。

Yes. And if I drill down on S&S, it expanded from 30.8% to 32.5%, based on drivers like mix, like efficiencies in delivering services and software, et cetera. And it's on a path to continue to expand. So we had some years of the impact of Airwave. And since that, and it's now incorporated into our base, we're now growing revenue, and we're growing margins accordingly. So it's on path to grow operating earnings again this year, and the fundamentals are strong for it to continue.

是的。如果我深入分析軟體和服務，會發現它從 30.8% 成長到 32.5%，這主要受多種因素影響，例如產品組合、服務和軟體交付效率的提高等等。而它正走在持續擴張的道路上。所以，我們經歷了 Airwave 帶來的幾年影響。自那以後，這項技術已被納入我們的基礎體系，我們的營收和利潤率也隨之成長。因此，該公司今年預計將再次實現營業利潤成長，而且基本面強勁，足以支撐這一成長勢頭。

Joseph Cardoso, JPMorgan.

Joseph Cardoso，摩根大通。

Maybe if I could start for the first one, I just wanted to flesh out the 1Q guide a little bit. If I take out FX or I make assumptions around FX and acquisitions contribution, I’m calculating an above-seasonal decline sequentially relative to the past couple of years. You’re obviously underscoring strong momentum in the business with 4Q results, backlog, et cetera.

或許我可以先從第一題開始，只是想稍微精進第一題的攻略。如果我剔除外匯因素或對外匯和收購貢獻做出假設，我計算出的相對於過去幾年而言，出現了高於季節性的環比下降。您顯然是在強調公司第四季業績、積壓訂單等帶來的強勁業務發展勢頭。

But so just curious, what’s the puts and takes relative to maybe a slower start to the year when I’m looking at it from a seasonal perspective on an organic basis? Just because I think last quarter we talked about the federal shutdown. Now there’s some DHS in the news and recent events. So just curious if there’s any of these outsized impacts that are still kind of impacting coming into 1Q. And then I have a follow-up.

我只是好奇，如果我從季節性的角度，從有機種植的角度來看待，那麼對於今年開局可能比較慢的情況，有哪些利弊呢？因為我覺得上個季度我們討論過聯邦政府停擺的問題。現在新聞和近期事件中出現了一些關於國土安全部的消息。所以，我只是好奇這些超大影響是否仍會對第一季產生影響。然後我還有一個後續問題。

Yes. So as we mentioned, demand remains strong. We raised the full year from our color last call from 12.6% to 12.7%. Greg mentioned that the revenue growth in the second half, much like this year will be stronger. In terms of observation on seasonality, it really depends on what period you're looking at.

是的。正如我們所說，需求依然強勁。我們將全年最後一天的漲幅從 12.6% 提高到 12.7%。格雷格提到，下半年的營收成長將與今年一樣強勁。就季節性觀察而言，這實際上取決於你觀察的是哪個時期。

As we look at the business pre-COVID, the seasonal decline from Q4 to Q1 is within what we would expect. And what's more important is that the product orders that we expect in the quarter to be up again double digits, which will be the fourth quarter in a row, are informing what's included in our guide for Q1.

當我們回顧新冠疫情前的業務時，從第四季到第一季的季節性下滑符合我們的預期。更重要的是，我們預計本季產品訂單將再次實現兩位數成長，這將是連續第四個季度實現兩位數成長，這為我們第一季的業績指引提供了依據。

Our outlook for the year is strong. It's stronger than it was 90 days ago. And our outlook for Q1 reflects where we are with the product backlog that we have and the orders that the pipeline supports for Q1 and the rest of the year.

我們對今年的前景持樂觀態度。它比90天前更強了。我們對第一季的展望反映了我們目前的產品積壓情況以及第一季和今年剩餘時間的訂單儲備。

It's also worth noting that on an annual basis, 2026 over 2025, we're expecting full year revenue organic growth to be better this year over the last.

值得注意的是，從年度來看，2026 年與 2025 年相比，我們預計今年的全年營收有機成長將比去年更好。

No. Got it, guys. That's fair. And then maybe just wanted to touch back on to the Assist Suites that you guys just announced, like I know it's early days, and you guys just put out these products. But I think, Greg, you mentioned more to come. So just curious like how should we be thinking about kind of the cadence here in terms of new product introductions.

不。明白了，各位。這很合理。然後，我想再簡單提一下你們剛發布的 Assist Suites，我知道現在還處於早期階段，你們也剛推出這些產品。但我想，格雷格，你之前提到還有後續。所以，我很好奇，在新產品推出方面，我們該如何考慮節奏問題。

Should we think about a pipeline that's more on an annual basis? Or is this kind of more pedal to the floor in terms of how you're thinking about introducing new products. And as we think about the new products coming in, should we think about it as additions to the existing dispatcher and responder product suite? Or are you guys thinking about additional suites that you guys can monetize further?

我們是否應該考慮建立一個按年推進的管道系統？或者，這是否意味著你在推出新產品方面採取了更積極主動的態度？當我們考慮即將推出的新產品時，是否應該將其視為現有調度員和響應者產品套件的補充？或者你們是否考慮增加其他套房，以便進一步獲利？

So just as a -- looking at 2025 as an example, in pretty rapid fashion, we launched capabilities that are associated with Assist like translation. We launched -before that Assist for 911 supporting transcription, translation, summarization and other capabilities for 911. Since then, we have launched Assist Chat also last year. All of these happened almost on a quarterly basis through the course of the year.

舉個例子，展望 2025 年，我們以相當快的速度推出了與 Assist 相關的翻譯功能。在此之前，我們推出了 Assist for 911，它支援 911 的轉錄、翻譯、摘要和其他功能。此後，我們去年也推出了 Assist Chat 功能。這些事件幾乎每季都會發生一次，貫穿全年。

What you can expect as we fill out dispatcher and responder is a similar sort of cadence going forward. As Greg had already indicated, there are more personas we are going to attack as well. If you think about the responder suite in particular, think of it in three real significant buckets. One, what does the responder need to do when they’re responding to an incident? This is everything that includes things like translation. It includes capabilities like updating their CAD status.

您可以預期，在填寫調度員和響應員資訊時，接下來的流程將保持類似的節奏。正如格雷格已經指出的那樣，我們還會攻擊更多類型的角色。如果具體考慮響應套件，可以將其分為三個非常重要的部分。第一，當回應事件時，回應人員需要做什麼？這包括翻譯等所有內容。它包含更新其 CAD 狀態等功能。

It includes -- by the way, with voice, the ability to now query records platforms, the ability to query the transcript that was generated during the 911 call. It’s actually very worthwhile to note that there’s a statistic out there that says that 40% of the time when officers actually respond to an incident, they claim that they do not have the right situational information prior to that response. Everything that is involved in making sure that that response is effective is what we’re putting into that response capability for that initial part of the responder suite.

順便一提，它還包括語音功能，現在可以查詢記錄平台，可以查詢 911 通話期間產生的文字記錄。值得注意的是，有一項統計數據顯示，40% 的情況下，警員在實際處理事件時聲稱，他們在做出反應之前並沒有掌握正確的情況資訊。為了確保響應有效，我們正在將一切相關因素融入響應能力中，作為響應套件的初始部分。

The next part is all the administrative tasks. We launched Assisted Narrative, Narrative Assist last year as well. This is everything to help our officers be able to author reports very quickly. And the key point there is we’re assisting them to author the reports as opposed to having a magical AI just have a button pushed and for it to author this capability entirely on its own. Importantly, we’re able to tap into multiple sources in CAD, in records, in other platforms to make sure that report is actually authored accurately.

接下來是所有行政事務。去年我們也推出了輔助敘事（Assisted Narrative）和敘事輔助（Narrative Assist）。這一切都是為了幫助我們的警員能夠快速撰寫報告。關鍵在於，我們是在協助他們撰寫報告，而不是讓神奇的 AI 只需按下一個按鈕就能完全自主地完成這項工作。重要的是，我們能夠利用 CAD、記錄和其他平台中的多個來源，以確保報告的撰寫準確無誤。

Finally, on redaction and investigation, we are able to now accelerate that very significantly as well. All of this, by the way, part of the responder suite. As you can imagine, within response, within administrative efficiencies, within investigations and search, there are multiple other things that we can now do given our full holistic portfolio in public safety to accelerate that even further and you can expect that cadence to continue. So that hopefully gives you some idea on what’s coming next.

最後，在編輯和調查方面，我們現在也能夠大幅加快這一進程。順便一提，所有這些都是響應套件的一部分。正如您所想，在應對、行政效率、調查和搜尋等方面，鑑於我們在公共安全領域擁有全面的整體資源，我們現在還可以做很多其他事情來進一步加快這一進程，您可以期待這種節奏將繼續下去。希望這能讓你對接下來要發生的事情有所了解。

The other thing that’s new and different about Assist Suites is much like we embarked on the APX Next platform business is that it’s a package. And you mentioned pipeline. Mahesh and team have a tremendous pipeline of new features.

Assist Suites 的另一個新穎之處在於，它與我們當初開展 APX Next 平台業務的方式非常相似，它是一個整體解決方案。你還提到了管道。Mahesh 和他的團隊正在籌備一系列全新的功能。

This package gives customers the certainty in the future of what we’re delivering not just now, but into the future. And that’s how we started with APX Next and built that business as well in terms of its applications.

該方案讓客戶對我們未來提供的服務充滿信心，不僅是現在，而且是未來。這就是我們創立 APX Next 並發展其應用業務的方式。

Amit Daryanani, Evercore ISI.

Amit Daryanani，Evercore ISI。

This is Victor Santiago on for Amit. I just wanted to ask about Silvus. Historically, there's been more focus on military and defense applications. But can you talk about the public safety and commercial opportunities as it relates to Silvus and whether these markets would be incremental to the TAM you originally had in mind when you first made the acquisition?

這是維克多·聖地亞哥，他代替阿米特發言。我只是想問關於西爾維斯的事。從歷史上看，人們更關注軍事和國防應用。但是，您能否談談與 Silvus 相關的公共安全和商業機會，以及這些市場是否會超出您最初收購時所設想的潛在市場規模？

Yes. I think -- so the first thing as it relates to Silvus is it still -- we think of it largely our focus today is really around three areas. It's defense, as you alluded to. It's actually borders as well. So there's border police that's adjacent to defense that there's a market for. As it relates to state and local, please, there's some issues just around spectrum with what you do it. You could have a special temporary authorization or stay to do it.

是的。我認為——所以，就 Silvus 而言，首先是——我們認為它主要圍繞著三個領域。正如你所暗示的，這是防禦。實際上，邊界也是其中之一。所以，與國防有關的邊境警察是有市場的。至於州和地方層面，請注意，你們在光譜方面存在一些問題。你可以獲得特別的臨時授權或居留許可來做到這一點。

So Las Vegas PD, Metro PD has a state to use it and they use Silvus' technology. but it would be incremental to the TAMs that we've kind of talked about if it happens, but it needs spectrum. There is so much room to run from us to do DoD business within the United States. Internationally, the expansion we're seeing and the traction, the groundwork we're laying throughout NATO, not just Ukraine, but it's all about NATO, Australian Navy. We're in discussions with them. We've got a lot of opportunities just to run there.

所以拉斯維加斯警察局和都會警察局都獲得了使用該技術的許可，他們使用的是Silvus公司的技術。但如果這項技術真的應用到我們之前討論過的TAM（終端存取管理）專案中，那將是漸進式的，但它需要頻譜資源。在美國境內開展國防部業務，還有很多地方可以逃避我們的責任。在國際上，我們看到了擴張和進展，我們在整個北約地區奠定了基礎，不僅是烏克蘭，而是整個北約，澳洲海軍。我們正在與他們進行磋商。我們有很多機會去那裡跑步。

And then as Greg referred to and Jason referred to, the unmanned systems, the platform modernization in terms of drone technology, Class 1 to Class 5, all different types of drones. We've broadened the portfolio already at Silvus.

然後，正如 Greg 和 Jason 所提到的，無人系統，無人機技術方面的平台現代化，從 1 級到 5 級，所有不同類型的無人機。Silvus 已經擴大了產品組合。

We're constantly thinking about size, weight power, how do we fit those in different classes of unmanned systems. I think we're uniquely -- with our spectrum dominant software suite, we're uniquely positioned to do really well in the unmanned space. So law enforcement is great. We have a team focused on federal enforcement, but that's all incremental to the focus on defense, US and abroad and unmanned systems.

我們一直在思考尺寸、重量、功率，以及如何將這些因素融入不同類型的無人系統中。我認為我們擁有獨特的優勢——憑藉我們頻譜優勢的軟體套件，我們在無人領域擁有獨特的優勢，能夠取得非常好的成績。所以執法部門很棒。我們有一個專注於聯邦執法的團隊，但這與我們專注於國防（包括美國國內和國外）以及無人系統相比，都只是次要的。

Meta Marshall, Morgan Stanley.

Meta Marshall，摩根士丹利。

Congrats on the quarter. Maybe a couple of questions for me. First, you mentioned some of the pricing actions you were taking, probably largely around tariffs, but just wanted to kind of get kind of latest views on memory just as an overhang and kind of availability and just actions that you guys are taking there.

恭喜你本季取得佳績。也許你們有幾個問題想問我。首先，您提到了一些您正在採取的定價措施，可能主要與關稅有關，但我只是想了解內存的最新情況，包括庫存積壓、供應情況以及您正在採取的措施。

And then maybe as a second question, maybe building on Joe’s question, of the kind of $100 million raise it looks like you guys are doing for fiscal '26, the vast majority of that is Silvus, but yet there’s still kind of some across the other businesses. Just wondering what businesses you feel kind of strongest about heading into fiscal '26.

然後，或許可以作為第二個問題，或許可以接著喬的問題繼續問，你們在 2026 財年似乎要籌集 1 億美元，其中絕大部分是 Silvus，但其他業務也有一些。想知道你覺得哪些企業在進入 2026 財年時最有發展潛力。

Well, with respect to memory, Meta, we are planning for increases. The costs have gone up on parts of our portfolio. But across our $6 billion of COGS, memory’s not a significant input for us, probably less than $50 million.

關於記憶體方面，Meta，我們計劃增加記憶體。我們部分投資組合的成本上升。但就我們 60 億美元的銷售成本而言，記憶體並不是我們重要的投入，可能不到 5,000 萬美元。

In terms of how we’ll mitigate the increases that we’re expecting, the same way we did semiconductors. We’re working with our vendors. We’re adding vendors. We’re leaning in on public safety and our customer base being critical, inventory, and to some extent, planning for surgical price increases across the portfolio as well. So with that, we do plan for gross margins to be comparable despite the headwinds of tariffs that I mentioned earlier, as well as what’s to come for memory.

至於我們將如何緩解預期中的成長，我們將採用與半導體產業相同的方法來應對。我們正在與供應商合作。我們正在增加供應商。我們正著力保障公共安全和客戶群，庫存至關重要，並且在某種程度上，我們也在為整個產品組合中的手術價格上漲做準備。因此，儘管面臨我之前提到的關稅逆風以及未來記憶體方面的挑戰，我們仍計劃保持毛利率的可比性。

On the incremental $100 million, it’s 12.6 to 12.7. You’re right. Given what we said earlier, it’s about $75 million for an increase of revenue associated with Silvus, $25 million for the core. Quite frankly, Meta, in answer to your question of how do we feel about forget Silvus for a minute, the rest of the components of the business and the three technologies, really good.

新增的 1 億美元，是 12.6 到 12.7。你說得對。根據我們之前所說，Silvus 帶來的收入成長約為 7,500 萬美元，核心業務約為 2,500 萬美元。坦白說，Meta，對於你提出的「暫且拋開 Silvus，我們對於業務的其他組成部分和三項技術有何感想」這個問題，我們的回答是：非常好。

LMR is being driven by APX Next, applications refresh, the body-worn assistant SVX, the D-Series, mission-critical P25 LMR infrastructure, command center, 15% last year, expected to be 15% this year. Video security, 10% last year, guiding to 10% to11% with increased cloud adoption. And I think Mahesh, in terms of architecture and intentions to unify cloud and prem, we feel good about that as well. And we continue to add salespeople on the frontline video sales force. Candidly, when I look compositely across the portfolio, I think we feel good about all of it, quite frankly.

LMR 的發展動力來自 APX Next、應用更新、穿戴式助理 SVX、D 系列、關鍵任務型 P25 LMR 基礎設施、指揮中心，去年佔 15%，預計今年也佔 15%。視訊安全領域去年佔 10%，隨著雲端技術應用的普及，預計今年將達到 10% 至 11%。而且我認為，就架構和統一雲端與本地部署的意圖而言，Mahesh 也讓我們感到滿意。我們將繼續增加一線視訊銷售人員。坦白說，從整體來看，我對整個投資組合都感到滿意。

Keith Housum, North Coast Research.

Keith Housum，北海岸研究中心。

Hey, your AI solution’s been out there for several months. I remember seeing a preview of that back in May. I guess, can you talk about some of the early adoption that you’ve had and success you’ve had so far before rolling out this AI assist?

嘿，你們的AI解決方案已經推出好幾個月了。我記得五月的時候看過預告片。我想，您能否談談在推出這項人工智慧輔助功能之前，你們在早期應用方面取得的一些進展和成功？

And then I guess the second part of that question, obviously, your competitor has their own AI package as well, which you guys are probably about half the price of that. Do you think your customers will have two different AI plans that they’re going to be willing to use, or do you believe it’s one or the other as you guys start competing in this space with more veracity?

至於問題的第二部分，很明顯，你們的競爭對手也有自己的 AI 軟體包，而你們的價格可能只有他們的一半左右。您認為您的客戶會願意使用兩種不同的AI方案嗎？還是您認為隨著你們在這個領域展開更深入的競爭，他們只會選擇其中一種？

So as I think about the early adopters and such in the space, I think it's important to remember that Assist for 911, we've been out there. We've been out there for over 18 months at this point. And as I mentioned before, there are about 33 million calls that were taken last year alone that benefited with Assist for 911. So that is that is significant for us.

所以，當我思考這個領域的早期採用者等等時，我認為重要的是要記住，Assist for 911，我們已經進入了這個領域。我們已經在那裡待了超過18個月了。正如我之前提到的，光是去年，就有大約 3,300 萬通電話受益於 911 輔助服務。所以這對我們來說意義重大。

We have -- as part of our SVX launch, extensively tested translation capabilities across the board. And by the way, that translation capability is also something we had originally within our 911 portfolio supporting not just transcription, but translation as well. When you have language as a base there, what is very natural to do, and I believe that this is what we have seen across the industry is things like summarization, things like being able to focus the call takers attention on the right pieces of data, all of those pieces become much easier and more straightforward.

作為 SVX 發布的一部分，我們對所有翻譯功能進行了廣泛的測試。順便一提，這種翻譯功能最初也是我們在 911 產品組合中具備的，它不僅支援轉錄，還支援翻譯。以語言為基礎，很自然的事情就會發生，而且我相信我們在整個行業都看到了這一點，例如總結，例如讓接線員的注意力集中在正確的數據上，所有這些事情都會變得更加容易和直接。

But what -- where the magic is is in being able to connect applications across workflows. And so, very specifically, what we have done is leverage AI in this context to not just be something that is resident within a single application for supporting a particular user, but also linking applications across the board. So in this case, leveraging 911 to support a CAD incident data creation, leveraging 911 data straight to the first responder to improve their situational awareness. These are all capabilities that are a consequence of us having the full Command Center and public safety ecosystem that is out there.

但真正的魔力在於能夠將應用程式在工作流程中連接起來。因此，具體來說，我們所做的就是利用人工智慧，使其不僅存在於單一應用程式中以支援特定用戶，而且還能將各個應用程式連接起來。因此，在這種情況下，利用 911 支援 CAD 事件資料的創建，將 911 資料直接提供給第一個回應者，以提高他們的態勢感知能力。這些都是我們擁有完整的指揮中心和公共安全生態系統所帶來的結果。

In terms of do you buy the whole thing, do you buy one thing, we really want to give our customers as much flexibility as possible. Obviously, as they own more of our portfolio, there are more things that are -- that come into play in terms of that tight integration between those capabilities, and there's more time saved as a consequence of those integrations. But we -- customers, we fully expect, given the applications, the core applications they have, they will expand from that point on and they can take it in the direction that they see fit based upon the performance of our solutions, which we are very confident about.

至於你是購買整套產品還是購買單件產品，我們真的希望盡可能為客戶提供最大的彈性。顯然，隨著他們擁有我們投資組合的更多份額，在這些能力之間的緊密整合方面就會有更多因素發揮作用，而這些整合也節省了更多時間。但是，我們——客戶——完全相信，鑑於他們現有的應用，尤其是核心應用，他們會從這一點出發進行擴展，並可以根據我們解決方案的性能（我們對此非常有信心）朝著他們認為合適的方向發展。

Yes. And the only other thing I'd add is, to your point, we're rolling out the responder Assist Suite, we believe it's more comprehensive. You mentioned the attractive price point at about half of the alternative. It's also important to know that the Dispatcher Assist Suite is new. So it is additive to versus anything else that's out there.

是的。我唯一要補充的是，正如您所說，我們正在推出響應者輔助套件，我們相信它更加全面。您曾提過它極具吸引力的價格，大約是同類產品的一半。還要注意的是，調度員輔助套件是新推出的。所以它比市面上任何其他產品都更具優勢。

And of course, remember the interplay between the Assist Suite and the Body-worn Assistant SVX. We've been competing with the incumbent on body-worn camera, but this is a new day, a new day that we literally don't need a separate device.

當然，也要記住輔助套件和可穿戴輔助設備 SVX 之間的相互作用。我們一直在與現有的執法記錄器廠商競爭，但今天是新的一天，我們真的不再需要單獨的設備了。

You can go to one. You can converge it. You can use a more comprehensive set of AI. You’ll get a better total cost of ownership. We talked about just getting FedRAMP approval. If I’m a public safety customer and I’m looking at alternatives, I’d be wary of signing or being asked to sign this locked-in long-term multi-year contract and make sure I stare and compare about what’s really viable as an alternative because we think our value prop’s pretty compelling.

你可以去其中一個。你可以把它收斂。您可以使用更全面的人工智慧系統。您將獲得更低的總體擁有成本。我們討論的是如何獲得 FedRAMP 認證。如果我是公共安全領域的客戶，正在尋找替代方案，我會謹慎簽署或被要求籤署這份鎖定多年的長期合同，並確保仔細比較哪些替代方案真正可行，因為我們認為我們的價值主張非常有說服力。

Great. So the package here for the AI responders. Is that sold separately? Or is that sold as a bundle with your radios?

偉大的。所以這裡是為人工智慧響應者準備的軟體包。這個是單獨販售的嗎？還是它是和收音機捆綁銷售的？

I'm sorry, yes, the bundle is an incremental $99 is incremental to the radio.

抱歉，是的，捆綁包的價格是比收音機貴 99 美元。

In terms of the contract vehicle customers will have the choice.

在合約車輛方面，客戶將有選擇權。

We're not saying you must sign 10 years or anything. It's -- you want to sign up for a year or 3, whatever it might be, but that's -- we're not planning the games. It's $99 and you're going to get more than anything else that's out in the market for $99.

我們並不是說你必須簽10年合約之類的。你想報名參加一年或三年，不管怎樣，但是──我們不負責籌劃比賽。售價 99 美元，您將獲得比市面上任何其他 99 美元的產品都多的東西。

George Notter, Wolfe Research.

喬治諾特，沃爾夫研究公司。

Quite impressed with the growth in the software and services side in the LMR business. Obviously, you've been driving low teens growth and has been for some time now. I guess I'm just curious about what's driving that growth? I assume it's the cyber protection and 24/7 monitoring services. How do you keep driving those kinds of growth rates over time? What's the outlook there? Any more perspective would be great.

LMR業務的軟體和服務方面的成長給我留下了深刻的印象。顯然，你們一直保持著十幾個百分點的低成長率，而且這種情況已經持續了一段時間。我只是好奇是什麼因素推動了這種成長？我猜是網路安全保護和全天候監控服務。如何才能長期維持這樣的成長率？那裡的前景如何？如果能提供更多見解就太好了。

Thanks for the question, George. So you've zoned in on the services part of services and software. And absolutely, part of our growth driver has been doing more for our customers -- and every customer is on a different journey and we can help them solve problems and the portfolio is getting more integrated, and they're looking to us as the vendor of choice to to look after it, in many cases, looking to us to monitor network performance and, in some cases, run the network. So that's absolutely a growth driver and have opportunity ahead of us.

謝謝你的提問，喬治。所以你已經將重點放在服務和軟體中的「服務」部分了。當然，我們成長的部分動力在於為客戶提供更多服務——每個客戶的發展歷程都不同，我們可以幫助他們解決問題，我們的產品組合也越來越一體化，他們把我們視為首選供應商來負責他們的業務，在很多情況下，他們希望我們來監控網絡性能，在某些情況下，甚至希望我們來運行網絡。所以這絕對是成長的驅動力，我們面前有很多機會。

In terms of the software side of Services and Software there, we've talked about the applications, the command center, video software, all of which are strong drivers. And together, the Services and Software segment, which you know is a recurring business. As it grew 13% last year, we're guiding 10% to 11% this year, and with that, we have scale and operating leverage. It’s a terrific business. It’s one where we can do more for our customers.

就服務和軟體的軟體方面而言，我們已經討論過應用程式、指揮中心、視訊軟體，所有這些都是強大的驅動力。再加上服務和軟體部門，您也知道這是一個經常性業務。去年成長了 13%，我們預計今年將成長 10% 至 11%，憑藉規模和營運槓桿，我們就能實現這一目標。這是一項非常棒的生意。這是一個我們可以為客戶提供更多服務的地方。

Just one more thing to add there. So we've seen a 77% year-over-year customer growth in our managed detection and response platform for cybersecurity -- and one of the key drivers there, by the way, is also the fact that we have AI-driven automation within our cybersecurity platform, where we process 1 billion security transactions on a daily basis and 99% of that is actually handled automatically with AI. And that's largely starting with our critical communications infrastructure, and we're just penetrating into the PSAPs and other areas as well. So there's growth possibilities there.

還有一點要補充。因此，我們的網路安全託管偵測和回應平台的客戶數量年增了 77%——順便說一句，其中一個關鍵驅動因素是，我們的網路安全平台擁有人工智慧驅動的自動化功能，我們每天處理 10 億筆安全交易，其中 99% 實際上是由人工智慧自動處理的。這主要從我們的關鍵通訊基礎設施開始，我們正在逐步滲透到公共安全應答點和其他領域。所以那裡存在著發展潛力。

Another area where we’re seeking to assist customers is in remote video monitoring with the recent acquisition of BlueEye. There’s opportunities for our enterprise customers to help them identify false positives and get through signals a lot faster than they’re doing now as well.

我們正在尋求幫助客戶的另一個領域是遠端視訊監控，這得益於我們最近收購了 BlueEye。我們有機會幫助企業客戶識別誤報，並比現在更快處理訊號。

Got it. Again, kind of honing in on the LMR piece of the software and services business, how penetrated do you think you are with these services, cyber or 24/7 monitoring?

知道了。再次強調，讓我們聚焦於軟體和服務業務中的 LMR 部分，您認為您在這些服務（網路安全或 24/7 監控）方面的滲透率如何？

Yeah. So cyber, I would say we are -- for P25 networks, we’re reasonably penetrated, but we have a lot of room to go there. When you start getting into the international market, and I think some of the enterprise security markets, which are massive in terms of the number of actual networks that are out there, particularly in the PCR side. They also -- you think about refineries, hospitals, and the like, they’re also targets for potential network intrusion. They need cybersecurity as well. There's -- it’s pure opportunity as it relates to that part of the business.

是的。所以就網路安全而言，我認為我們——對於 P25 網路來說，我們已經相當滲透了，但我們還有很大的提升空間。當你開始進入國際市場，我認為有些企業安全市場規模龐大，實際存在的網路數量也很多，尤其是在 PCR 方面。想想煉油廠、醫院等等，它們也是潛在網路入侵的目標。他們也需要網路安全。就業務的這一部分而言，這完全是一個機會。

Greg, one other thing I’d point to too is the D-Series and the infrastructure upgrade around P25 and that we’re in the very early stages of. That’s new hardware. With new hardware, customers are opting for more software and longer-duration software agreements around that hardware refresh. So some of the deals that we talked about, like Tennessee and others, aren’t just a hardware refresh. They come with services uplift and extensions.

格雷格，我還想指出一點，那就是 D 系列和 P25 周圍的基礎設施升級，而我們目前還處於非常早期的階段。那是新的硬體。隨著新硬體的推出，客戶傾向於選擇更多軟體以及與硬體更新相關的更長的軟體協定。因此，我們討論的一些交易，例如與田納西州和其他一些州的交易，不僅僅是硬體更新。它們附帶服務升級和擴展功能。

(Operator Instructions)

（操作說明）

Tomer Zilberman, BofA.

Tomer Zilberman，美國銀行。

I wanted to continue on the line of questioning of the LMR growth. If I remove the Silvus contribution this quarter, it looks like the organic growth for your total business was about 7%. LMR was about 5%, which is an improvement from the 3% to 4% that we saw in the last few quarters. Can actually, in fact, at the high end of your previous guidance range of low to mid single digits.

我想繼續探討 LMR 成長的問題。如果剔除 Silvus 本季的貢獻，貴公司整體業務的自然成長率約為 7%。LMR約為5%，比過去幾季的3%至4%有所改善。實際上，確實有可能達到您之前指導範圍（個位數低到中等）的高端。

So I appreciate you mentioned some comments around APX Next and SVX and some of the other opportunities. But really, what changed in the last maybe quarter or two, three quarters, or whatnot that’s driving this accelerated growth for LMR? Is it heightened deployments right now that we’re seeing with DHS? Is it that refresh cycle that you started -- that you were discussing that’s starting to take real legs? What is the opportunity there?

感謝您提及 APX Next 和 SVX 以及其他一些機會。但實際上，在過去的一、兩個、三、四個季度裡，究竟發生了什麼變化，推動了LMR的加速成長？我們現在看到的是國土安全部加強部署嗎？是你之前啟動的那個更新周期——你一直在討論的那個——現在開始真正發揮作用了嗎？那裡有什麼機會？

Look, the way I think about it, it’s more of a -- I don’t necessarily think of acceleration. I think of consistency and durability. Three consecutive quarters of double-digit order growth with the expectation of Q1 being double digits and the full year being double digits while we go through 2025 and execute, build backlog, and then migrate and transition to more of the quick turn model.

你看，我的想法是，這更像是一種——我並不一定會想到加速。我想到的是穩定性和耐用性。連續三個季度訂單增長兩位數，預計第一季和全年也將保持兩位數增長，同時我們將推進到 2025 年，執行計劃，建立積壓訂單，然後遷移和過渡到更快速週轉的模式。

I just think it’s just a consistency of demand. Do I think that’s informed by some new product? Yes. Like the D-Series that Jason just mentioned, in part, obviously, very early with the thousands of units of SVX that are seeded and shipped. But as we monetize software and services, as we continue to get significant cloud adoption, it’s back to Meta’s question. I just see consistency of demand through all three technologies and both segments.

我認為這只是需求持續穩定的結果。我認為這是受到某些新產品的影響嗎？是的。就像 Jason 剛才提到的 D 系列一樣，很顯然，早期就生產並交付了數千台 SVX。但隨著軟體和服務貨幣化，隨著雲端運算的廣泛應用，最終又回到了 Meta 的問題。我看到這三種技術和兩個細分市場的需求都很穩定。

That’s given us more confidence to guide the year up, 12/7 versus 12/6. We feel good about the position we’re in and overall the momentum we have. FedRAMP approval’s another one. I think it’s consequential on APEX Next radio, on SVX, on FedRAMP backend approval of digital evidence management. So that widens the aperture of the addressable market that we can sell LMR into.

這讓我們更有信心將今年的業績預測提高到 12 月 7 日，而不是 12 月 6 日。我們對目前的處境和整體發展動能感到滿意。FedRAMP 認證－又一個。我認為這對 APEX Next 廣播、SVX 以及 FedRAMP 後端對數位證據管理的批准都具有重要意義。這樣就擴大了我們可以銷售 LMR 的目標市場範圍。

Got it. Maybe as a follow-up. I know last quarter, you mentioned that first half of '26 would have about a $450 million headwind related to LMR backlog deployments of last year. I appreciate that's probably a majority 1Q, which is somewhat impacting your guide, at least from a mathematic standpoint. But how much of that is residual left in 2Q, in other words, how much could 2Q theoretically be pressured before we start seeing that double-digit 10% plus order growth kick in, in maybe the back half of the year?

知道了。或許可以作為後續報道。我知道上個季度你提到，由於去年 LMR 積壓部署訂單，2026 年上半年將面臨約 4.5 億美元的不利影響。我知道這可能是多數派 1Q，這在某種程度上影響了你的指南，至少從數學角度來看是如此。但第二季還剩下多少剩餘的訂單量呢？換句話說，在下半年我們可能看到兩位數（10% 以上）的訂單成長之前，第二季理論上會面臨多大的壓力？

In terms of normalization of our backlog, as Greg mentioned earlier, from 4.1% to 3.8%, which we expected, and we've been clear on that. Majority of that, it obviously happens in Q1 as we return to more normal seasonal patterns, which we also covered. So the bulk of the change is reflected in the period of Q1.

就我們的積壓訂單正常化而言，正如 Greg 之前提到的，從 4.1% 降至 3.8%，這是我們預期的，我們也明確表示這一點。大部分這種情況顯然發生在第一季度，因為我們將恢復到更正常的季節性模式，我們也對此進行了報告。因此，大部分變化都體現在第一季。

Got it. So limited impact to Q2.

知道了。因此對第二季的影響有限。

More significant in Q1 than Q2. That's what we anticipate.

第一季比第二季更為顯著。正如我們所預期的。

Ben Bollin, Cleveland Research.

本‧博林，克利夫蘭研究公司。

I wanted to, I guess, piggyback on a lot of these backlog questions. If I recall during the pandemic, you guys had made some adjustments to pre-existing contracts that allowed you to reprice backlog to account for pricing changes. I'm curious, is that contributing at all to what you're seeing in backlog behavior today as you're making price changes? Are we seeing that flow through? Is that a potential future mechanism that you could pull at some point in the future? Just -- any way to think about what that means for the numbers we're looking at today? And then I have a follow-up.

我想藉這些積壓的問題問幾個問題。如果我沒記錯的話，在疫情期間，你們對現有的合約進行了一些調整，允許你們重新計算積壓訂單的價格，以應對價格變化。我很好奇，當您進行價格調整時，這是否對您目前看到的積壓訂單情況有所影響？我們是否看到了這種流動？這是將來某個時候可能會採用的潛在機制嗎？只是——有沒有什麼方法可以思考一下，這對我們今天看到的這些數字意味著什麼？然後我還有一個後續問題。

So Ben, we did not reprice existing contracts during the pandemic. We have contracts with customers at an opportunity for renewal as well as for products, which tends to be a quick-turn business. We do have pricing opportunity, and that's more of the levers that we implemented during COVID.

所以本，我們在疫情期間沒有對現有合約進行重新定價。我們與客戶簽訂了合同，有機會續簽，產品銷售往往是一個快速週轉的業務。我們確實存在定價方面的機會，這也是我們在新冠疫情期間實施的更多策略之一。

So no, there's no sort of residual effect to your question of what's coming through backlog related to actions we took in the past. We'll always look at pricing opportunities. We have them with the advent of new products, including the D-Series, but that’s just in our DNA.

所以，對於你提出的「過去採取的行動會對積壓工作產生什麼影響」這個問題，不存在任何殘留影響。我們會始終關注價格方面的機會。隨著新產品的推出，包括 D 系列，我們擁有了這些產品，但這只是我們 DNA 的一部分。

Okay. That's great. The other one I wanted to ask is a bigger picture, looking at what's going on with the World Cup. Could you talk about how that's contributing to visibility and what you're seeing? And in particular, interested in your perspective on who is funding those investments, Fed, Metro, State, just any thoughts on what you're seeing and how that's going.

好的。那太棒了。我想問的另一個問題則比較宏觀一些，那就是關於世界盃的進展。您能否談談這如何提高知名度以及您所觀察到的情況？尤其想聽聽您對這些投資資金來源的看法，是聯準會、市政府還是州政府？您對目前的情況以及進展如何有什麼想法嗎？

Yes, sure. So we are -- let's start with it's not being -- there's money available at the Federal level. But remember that World Cup is not just a US phenomenon. It's also in Canada and Mexico.

當然可以。所以我們現在——首先要說明的是——聯邦層級並沒有資金可用。但請記住，世界盃並非只是美國的現象。加拿大和墨西哥也有。

The biggest deal that we've actually gotten to date has been in the Vancouver area, network refresh, refresh of fixed video opportunities. That's what we're seeing. The other opportunity as it relates to the World Cup and some of the locations and discussions we're having are the strategic investments we've made with both Brink and SkySafe in terms of drone and counter drone activity.

到目前為止，我們最大的成果是在溫哥華地區，包括網路更新和固定視訊業務的更新。這就是我們所看到的。與世界盃以及我們正在進行的一些地點和討論相關的另一個機會是，我們與 Brink 和 SkySafe 在無人機和反無人機活動方面進行的策略性投資。

Because what we realized when we were partnered with the Ryder Cup is our ability to feed live video and how we incorporate Silvus into those offerings as well. As I alluded to earlier, on special temporary authorization of usage, there's a use case there to do that.

因為我們與萊德杯合作後意識到，我們有能力提供實時視頻，並且我們也意識到 Silvus 也應該融入這些服務中。正如我之前提到的，在特殊的臨時使用授權下，確實存在這樣的用例。

And so, those are the conversations that I think we're uniquely position to have with the cities. But most of that, what we're seeing to date is being driven some Federal grant money available, but largely being required to be planned at the local level and then executed at the local of it.

因此，我認為我們擁有與各城市進行這些對話的獨特優勢。但到目前為止，我們看到的大部分進展都是由一些可用的聯邦撥款資金推動的，但很大程度上需要地方層級進行規劃，然後在地方層級執行。

Louie DiPalma, William Blair.

路易·迪帕爾馬，威廉·布萊爾。

One of Silvus high-profile customers, Anduril, recently received a $1 billion order for Taiwan loitering missiles. And we’ve heard of several other contracts for Silvus customers and customers specifically mentioning that they’re using Silvus for their radios. And I was wondering, for the Silvus guidance raise, is most of that associated with non-Ukraine deployments as this Taiwan potential order is non-Ukraine, and there’s been a lot of other non-Ukraines. But I was wondering, where’s the guidance raise coming from?

Silvus 的一位重要客戶 Anduril 最近收到了一份價值 10 億美元的台灣巡飛飛彈訂單。我們還聽說了其他幾份 Silvus 客戶的合同，客戶也特別提到他們正在使用 Silvus 的無線電設備。我想知道，對於 Silvus 的業績指導上調，大部分是否與非烏克蘭部署有關，因為台灣的潛在訂單並非來自烏克蘭，而且還有很多其他非烏克蘭的訂單。但我很好奇，指導意見的提升是從哪裡來的？

As we kind of alluded to, Louis, it’s a mix of international and unmanned systems. To your point, the Taiwanese loitering munitions, by the way, just -- I’m always going to say -- loitering munitions are typically FPV drones typically less likely to carry a higher-tier radio on them. But that said, I had a really good meeting with some of the leadership at Anduril two weeks ago.

路易斯，正如我們剛才提到的，它是國際系統和無人系統的混合體。順便說一句，台灣的巡彈——我總是要說——巡彈通常是FPV無人機，它們不太可能攜帶更高級的無線電設備。不過話說回來，兩週前我和 Anduril 的一些領導階層進行了一次非常好的會議。

I tell you, I was really -- first of all, I’m really impressed with what Anduril does and how they get product to market. But I was so proud of Bobic and his team because when I went around their product salon and I looked, and I was doing some quick math, and I think two-thirds of their products have or incorporate a Silvus radio into their design.

說實話，首先，我對 Anduril 的所作所為以及他們如何將產品推向市場印象深刻。但我為博比克和他的團隊感到非常自豪，因為當我參觀他們的產品展示廳時，我觀察了一下，并快速計算了一下，我認為他們三分之二的產品在其設計中都包含或採用了 Silvus 收音機。

So we’re really encouraged. We want to deepen that relationship. I think with the funding we’re bringing both from an R&D standpoint, and I think they realize our willingness to scale around the globe, the relationships we have, I think we have an opportunity to really deepen that relationship.

所以我們深受鼓舞。我們希望加深這種關係。我認為，憑藉我們帶來的研發資金，以及他們意識到我們在全球範圍內擴大規模的意願和我們建立的關係，我認為我們有機會真正加深這種關係。

And video had a really strong fourth quarter, and you've been able to maintain double-digit growth for video at a very large scale. I was wondering for hospitals, schools and public venues. Has there been an uptick in demand in response to just recent high-profile tragic incidents in which there were calls that some of these public venues didn't have like enough camera density. And so I was wondering, what have you been hearing from customers in terms of the demand for your video systems.

視訊業務在第四季度表現非常強勁，並且已經能夠在非常大的範圍內保持兩位數的視訊成長。我想了解的是醫院、學校和公共場所的情況。最近發生的幾起備受矚目的悲劇事件，引發了人們對某些公共場所攝影機密度不足的擔憂，這是否導致了對監視器的需求上升？所以我想知道，您從客戶那裡了解到的對您的視訊系統的需求情況如何？

Yeah, it’s a great question. So I think, number one, camera density is important. But I think when people look to us, they’re looking to us because they believe we’re the leader in the AI-driven analytics that actually fuel what you do with the data, how you can go through the video footage that you have and make better decisions in a more mobile and efficient environment.

是的，這是一個很好的問題。所以我認為，首先，攝影機密度很重要。但我認為，人們關注我們是因為他們相信我們在人工智慧驅動的分析領域處於領先地位，這種分析能夠真正推動你如何處理數據，如何瀏覽你擁有的視訊素材，並在更行動化、更有效率的環境中做出更好的決策。

But no, listen, the video team, we’ve been adamant about -- Mahesh’s, first of all, has done a great job in terms of what he’s built on our cloud Alta platform. But we also forgot people we had a really good Unity quarter in Q4, which is our on-prem business. Camera deployments for '25, in terms of camera counts, we’re up slightly. We expect a better 2026 in terms of number of cameras fielded.

但是，不，聽著，視訊團隊，我們一直堅持——首先，Mahesh 在我們雲端平台 Alta 上構建的內容方面做得非常出色。但我們也忘記了，我們在第四季度取得了非常好的 Unity 業績，這是我們的本地部署業務。2025 年的攝影機部署數量，從攝影機數量來看，略有增加。我們預計 2026 年部署的攝影機數量會更多。

I think some of that’s a phenomenon of what you said about we land a deal, and then what we typically see is they expand those networks. And that’s something that we work with our customers on. So I just think all things being equal, safety and security rules the day in the public domain as well as in private enterprise. And I think we’re in a good position to benefit from that.

我認為其中一些現象正如你所說，就是我們達成交易後，通常會看到他們擴大這些網絡。這是我們與客戶共同努力的方向。所以我覺得，在其他條件相同的情況下，安全保障在公共領域和私人企業都至關重要。我認為我們處於一個能夠從中受益的有利位置。

And Louie, the 10% to 11% that we outlooked for '26 in video includes the continued acceleration of the cloud, as Jack mentioned, our cloud-based platform Alta is leading the way. But the portfolio is also through Mahesh's leadership, becoming more hybrid in nature. We're giving customers a choice, which we think is going to position us even better.

路易，我們預測 2026 年視訊產業將成長 10% 到 11%，這其中也包括雲端運算的持續加速發展，正如傑克所提到的，我們的雲端平台 Alta 正引領著這一潮流。但該投資組合也在 Mahesh 的領導下，變得更加混合化。我們為顧客提供選擇，我們認為這將使我們處於更有利的地位。

The only thing I would add to that is that we launched generative AI capabilities last year in support of both Unity and our Alta solutions. One of the key things that that’s enabling is, historically, when we think about video, it’s largely security-oriented use cases. We’re now transitioning also into safety and compliance-oriented use cases. So when you think about healthcare, when you think about some of these other key verticals, safety and compliance also become a significant element of why video cameras are needed and the VMS is needed as a consequence and all of that sort of ties in nicely to a growth story.

我唯一要補充的是，我們去年推出了生成式人工智慧功能，以支援 Unity 和我們的 Alta 解決方案。從歷史上看，當我們想到影片時，它主要指的是安全方面的應用程式場景，而影片的出現正是實現這一目標的關鍵因素之一。我們現在也正在向安全和合規性導向的應用場景轉型。所以，當你想到醫療保健，當你想到其他一些關鍵垂直領域時，安全性和合規性也成為需要視頻攝像頭的重要因素，而視頻管理系統（VMS）也因此成為必需品，所有這些都與增長故事很好地聯繫在一起。

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. Thank you. Look, I just want to say thanks to everybody for joining us, and thanks for the wide-ranging and robust questions. To reiterate, I like where we are as we sit here today heading into the year, the strong demand profile, strong pipeline, especially also like the strong liquidity profile and the robust cash generation and the strategic flexibility that a great balance sheet affords us.

是的。謝謝。首先，我要感謝大家的參與，也感謝大家提出的各種、很有深度的問題。重申一下，我對我們目前所處的環境以及今年的發展前景感到滿意，強勁的需求前景、充足的項目儲備，尤其喜歡我們強勁的流動性、穩健的現金流以及良好的資產負債表所帶來的戰略靈活性。

Want to thank all the Motorola people, all the Motorola partners. But I also want to take a minute and thank Tim Yocum. Tim is transitioning to a critically important role in finance supporting our will be, command center business. He’s been leading IR for seven years, and he’s built a great team. He and I have been through a lot. I really value his candor, his leadership, his willingness to roll up his sleeves. He’s a great give-and-take guy.

感謝所有摩托羅拉員工和合作夥伴。但我還要花點時間感謝提姆·約庫姆。Tim 正在轉型為財務方面一個至關重要的角色，為我們未來的指揮中心業務提供支援。他領導投資者關係部門已有七年，並打造了一支優秀的團隊。我和他經歷了很多。我非常欣賞他的坦誠、領導能力和腳踏實地、親力親為的精神。他是個很會互相妥協的人。

You’ll be meeting Brian Piotrowski, who will be coming into this role and will formally announce next week. But we have plenty of time to transition. But Tim and team, you’ve done an awesome job. I appreciate you a lot. And I know you’re not going far away. But I wanted to make sure that you understood how much I value and we value Tim Yocum and his leadership and look forward to strapping it in with Brian Piotrowski, who I think, along with Vicky and, of course, Wiegard, that you will enjoy. So thanks for dialing in. Thanks for listening. Talk to you in a quarter.

您將會見布萊恩·皮奧特羅夫斯基，他將擔任這一職務，並將在下週正式宣布。但我們有充足的時間進行過渡。但是提姆和他的團隊，你們做得太棒了！我非常感激你。我知道你不會走遠。但我希望確保你們明白我和我們多麼重視蒂姆·約庫姆及其領導才能，並期待與布萊恩·皮奧特羅夫斯基合作，我認為你們會喜歡他，還有維姬，當然還有維加德。謝謝你撥入電話。謝謝收聽。三個月後再跟你談。

This does conclude today's teleconference. A replay of this call will be available over the Internet within 3 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3小時內透過網路提供回放。網址是www.motorolaslutions.com/investor。感謝您的參與，請暫時斷開電話線。