摩托羅拉 (MSI) 2026 Q2 法說會逐字稿

Good afternoon, and thank you for holding. Welcome to the Motorola Solutions second-quarter 2026 earnings conference call. Today's call is being recorded. If you have any objections, please disconnect at this time.

下午好，感謝您耐心等候。歡迎參加 Motorola Solutions 2026 年第二季財報電話會議。今天的電話會議將被錄音。如您有任何異議，請此刻中斷連線。

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

簡報資料與其他財務表格已張貼於 Motorola Solutions 投資人關係網站。此外，本次電話會議的網路重播將於會議結束後三小時內在我們的網站上提供。網站網址為 www.motorolasolutions.com/investor。(接線員指示)

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

現在我想介紹投資人關係副總裁 Brian Piotrowski 先生。Piotrowski 先生，您可以開始會議。

Good afternoon. Welcome to our 2026 second-quarter earnings call. With me today are Greg Brown, Chairman and CEO; Jason Winkler, Executive Vice President and CFO; Jack Molloy, Executive Vice President and COO; and Mahesh Saptharishi, Executive Vice President and CTO.

下午好。歡迎參加我們 2026 年第二季財報電話會議。今天與我一同出席的有：董事長暨執行長 Greg Brown；執行副總裁暨財務長 Jason Winkler；執行副總裁暨營運長 Jack Molloy；以及執行副總裁暨技術長 Mahesh Saptharishi。

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

Greg 與 Jason 將回顧我們的業績並提供評論，Jack 與 Mahesh 將加入問答環節。我們已在 motorolasolutions.com/investors 發布財報簡報與新聞稿。這些資料包含 GAAP 與非 GAAP 的調節表，供您參考。

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

在本次電話會議中，除非另有說明，我們將引用非 GAAP 財務結果，包括我們的展望。本次簡報及問答環節將包含若干前瞻性陳述。這些陳述係基於目前的預期與假設，並可能受到各種風險與不確定性影響。

Actual results could differ materially from these forward-looking statements. Information about factors that could cause such differences can be found in today's earnings news release, in the comments made during this conference call, in the Risk Factor section of our 2025 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.

實際結果可能與這些前瞻性陳述存在重大差異。可能導致差異的因素資訊可見於今日的財報新聞稿、本次電話會議中的評論、我們 2025 年 Form 10-K 年報的風險因素章節或任何 Form 10-Q 季報，以及我們向 SEC 提交的其他報告與申報文件。我們不承擔更新任何前瞻性陳述的義務。

I'll now turn it over to Greg.

接下來交給 Greg。

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

謝謝你，Brian。下午好，感謝各位今天加入我們。在 Jason 帶領我們檢視業績與展望之前，我先分享幾點對業務的看法。

First, Q2 was an exceptional quarter with record sales and earnings. Revenue was up 13%, driven by double-digit growth in both segments and all three technologies. Products and Systems Integration delivered an outstanding quarter, growing 15%, highlighted by mission-critical network sales that exceeded our expectations in public safety LMR, along with continued strength in Silvus. And Software and Services also continues to perform well, growing 10% in the quarter.

首先，第二季表現非常出色，創下銷售與獲利新高。營收成長 13%，兩大事業部門與三項技術皆呈現雙位數成長。產品與系統整合（Products and Systems Integration）交出亮眼成績，成長 15%；其中以關鍵任務網路（mission-critical network）銷售最為突出，公共安全 LMR 的表現超出我們預期，同時 Silvus 也持續強勁。軟體與服務（Software and Services）同樣維持良好表現，本季成長 10%。

Additionally, Q2 included operating margin expansion of 140 basis points, excluding the benefit of the IEEPA tariff refunds.

此外，第二季營業利益率擴張 140 個基點（不含 IEEPA 關稅退稅的利益）。

Second, our Q2 results and broad-based demand provide strong momentum for continued growth heading into the second half of this year, led by our APX NEXT devices and next-generation D-Series infrastructure.

第二，我們第二季的業績與廣泛的需求，為今年下半年持續成長提供強勁動能，主要由 APX NEXT 裝置與新一代 D-Series 基礎設施所帶動。

Our latest-generation APX NEXT devices continue to redefine mission-critical reliability and are increasingly integrated with new features that leverage our entire ecosystem.

我們最新一代 APX NEXT 裝置持續重新定義關鍵任務的可靠性，並日益整合運用我們整體生態系的新功能。

On the P25 network side, interest in D-Series is growing as agencies prioritize the modernization of their core mission-critical communications platforms.

在 P25 網路方面，隨著各機構優先推動其核心關鍵任務通訊平台的現代化，對 D-Series 的興趣正在升溫。

And finally, demand for our safety and security ecosystem remains robust, fueled by record Q2 orders in all three technologies. As a result, we achieved a record Q2 ending backlog of $15.6 billion, which is up 11% versus a year ago.

最後，我們的安全與保全生態系需求仍然強勁，三項技術在第二季皆創下訂單新高。因此，我們第二季期末在手訂單（backlog）達到創紀錄的 156 億美元，較去年同期成長 11%。

As a result of the strong Q2 performance and growing momentum, we're again raising our full-year guidance for both sales and EPS.

基於第二季的強勁表現與持續升溫的動能，我們再次上調全年營收與每股盈餘（EPS）指引。

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

接下來我把電話會議交給 Jason。

Thank you, Greg. Revenue for the quarter grew 13% and was above our guidance, with double-digit growth in both segments and in all three technologies, primarily driven by strong LMR demand and accelerated quick-turn conversion. Revenue from acquisitions was $243 million, while foreign currency tailwinds were $35 million during the quarter, consistent with our expectations.

謝謝你，Greg。本季營收成長 13%，高於我們的指引；兩大事業部門與三項技術皆呈現雙位數成長，主要由強勁的 LMR 需求與加速的快速交付（quick-turn）轉換所帶動。併購帶來的營收為 2.43 億美元，而外匯順風在本季貢獻 3,500 萬美元，符合我們的預期。

GAAP operating earnings were $809 million, or 25.8% of sales, up from 25.0% in the year-ago quarter. Non-GAAP operating earnings were just over $1 billion, up 26% from the year-ago quarter, and non-GAAP operating margin was 32.9%, up 330 basis points.

GAAP 營業利益為 8.09 億美元，占銷售額 25.8%，高於去年同期的 25.0%。非 GAAP 營業利益略高於 10 億美元，較去年同期成長 26%；非 GAAP 營業利益率為 32.9%，提升 330 個基點。

The increase in both GAAP and non-GAAP operating margin was driven by higher sales and improved operating leverage, inclusive of higher direct material costs and a $60 million benefit from the IEEPA refunds recorded during the quarter. Excluding the refunds, non-GAAP operating margins expanded by 140 basis points.

GAAP 與非 GAAP 營業利益率的提升，主要來自更高的銷售額與更佳的營運槓桿，並已包含直接材料成本上升以及本季認列的 IEEPA 退稅帶來的 6,000 萬美元利益。若排除退稅影響，非 GAAP 營業利益率擴張 140 個基點。

GAAP earnings per share was $3.33, up from $3.04 in the year-ago quarter. Non-GAAP EPS was $4.41, up $0.84, or 24%, from $3.57 last year. The growth in EPS was driven by higher operating earnings and a $0.25 benefit from the IEEPA refunds, partially offset by higher interest expense in the current quarter. OpEx in Q2 was $673 million, up $58 million versus last year, primarily due to acquisitions.

GAAP 每股盈餘為 3.33 美元，高於去年同期的 3.04 美元。非 GAAP EPS 為 4.41 美元，較去年的 3.57 美元增加 0.84 美元（或 24%）。EPS 成長主要由更高的營業利益與 IEEPA 退稅帶來的 0.25 美元利益所驅動，但部分被本季較高的利息費用所抵銷。第二季營業費用（OpEx）為 6.73 億美元，較去年增加 5,800 萬美元，主要因併購所致。

Turning to cash flow, Q2 operating cash flow was $469 million, up $197 million from last year, and free cash flow was $414 million, up $190 million. The increase in both operating and free cash flows was primarily driven by our higher earnings, partially offset by higher investments in inventory.

就現金流而言，第二季營運現金流為 4.69 億美元，較去年增加 1.97 億美元；自由現金流為 4.14 億美元，增加 1.90 億美元。營運現金流與自由現金流的增加主要來自更高的獲利，但部分被對存貨的較高投資所抵銷。

Capital allocation for Q2 included $326 million in share repurchases at an average price of $413.53 per share, $201 million in cash dividends and $55 million in CapEx.

第二季資本配置包括：以每股平均 413.53 美元回購股票 3.26 億美元、發放現金股利 2.01 億美元，以及資本支出（CapEx）5,500 萬美元。

During the quarter, we also entered into a definitive agreement to acquire D-Fend, an industry leader in counter-drone solutions, for $1.5 billion, which we expect to close during the second half of this year. And we are targeting to close the previously announced acquisition of Bell Canada's LMR network services business in late Q4.

本季我們亦簽署具約束力的最終協議，以 15 億美元收購反無人機解決方案的產業領導者 D-Fend，預計將於今年下半年完成交割。我們也目標在第四季末完成先前宣布的收購案，即收購 Bell Canada 的 LMR 網路服務業務。

Moving to segment results. In the Products and SI segment, sales were up 15% versus last year, driven by growth in MCN and video, with MCN exceeding our expectations in public safety LMR and continued strength in Silvus. Revenue from acquisitions was $210 million, and foreign currency tailwinds were $19 million during the quarter.

接著看事業部門表現。在產品與系統整合（Products and SI）部門，銷售額較去年成長 15%，主要由 MCN 與影像（video）成長帶動；其中 MCN 在公共安全 LMR 的表現超出我們預期，Silvus 亦持續強勁。本季併購帶來的營收為 2.10 億美元，外匯順風為 1,900 萬美元。

Operating earnings were $599 million, or 31.4% of sales, up 470 basis points from 26.7% in the prior year, driven by higher sales and improved operating leverage, inclusive of higher direct material costs and the IEEPA refunds. Excluding the refunds, operating margin expanded 150 basis points during the quarter.

營業利益為 5.99 億美元，占銷售額 31.4%，較前一年 26.7% 提升 470 個基點；主要由更高的銷售額與更佳的營運槓桿所帶動，並已包含直接材料成本上升與 IEEPA 退稅影響。若排除退稅影響，本季營業利益率擴張 150 個基點。

Some notable Q2 wins and achievements in this segment include a $36 million P25 device and SVX order for a US federal customer; a $20 million P25 device order for Atlanta, Georgia; and a $17 million P25 device order for Miami-Dade Corrections in Florida.

本部門第二季一些值得一提的得標與成果包括：向美國聯邦客戶取得 3,600 萬美元的 P25 裝置與 SVX 訂單；向喬治亞州亞特蘭大取得 2,000 萬美元的 P25 裝置訂單；以及向佛羅里達州 Miami-Dade 矯正機構取得 1,700 萬美元的 P25 裝置訂單。

We also won three large awards for our next-generation P25 infrastructure: a $52 million order from a US federal customer; a $34 million order with a state and local customer in the Southeast region; and a $22 million order for St. Louis County, Missouri. All of these demonstrate the continuing customer demand for D-Series and a strong foundation for future software and services growth.

我們也在下一代 P25 基礎設施方面拿下三筆大型獎項：來自美國聯邦客戶的 5,200 萬美元訂單；與東南部地區州與地方客戶的 3,400 萬美元訂單；以及為密蘇里州聖路易斯郡取得的 2,200 萬美元訂單。這些都展現了客戶對 D 系列持續的需求，以及未來軟體與服務成長的堅實基礎。

In Software and Services, revenue was up 10% compared to last year, driven by growth across all three technologies. Revenue from acquisitions was $33 million and foreign currency tailwinds were $16 million in the quarter. Operating earnings in the segment were $433 million, or 35.3% of sales, up from 33.8% last year, driven by higher sales, inclusive of a favorable mix.

在軟體與服務方面，營收較去年成長 10%，主要由三大技術全面成長所帶動。本季併購帶來的營收為 3,300 萬美元，外匯順風（有利匯率）貢獻為 1,600 萬美元。該部門營業利益為 4.33 億美元，約占銷售額的 35.3%，高於去年的 33.8%，主要受惠於較高的銷售額（包含有利的產品組合）。

Some notable Q2 highlights in this segment include a $24 million P25 services order for a North American energy company; a $20 million Command Center order for the State of Montana Department of Justice; a $16 million P25 services order for Fulton County, Georgia; and a $14 million Command Center order for Hillsborough County, Florida.

本部門第二季一些值得一提的亮點包括：為一家北美能源公司取得 2,400 萬美元的 P25 服務訂單；為蒙大拿州司法部取得 2,000 萬美元的 Command Center 訂單；為喬治亞州富爾頓郡取得 1,600 萬美元的 P25 服務訂單；以及為佛羅里達州希爾斯伯勒郡取得 1,400 萬美元的 Command Center 訂單。

During the quarter, we also secured two large wins for our mobile video ecosystem, a $25 million order with the Florida Highway Patrol and a $24 million order with the Kansas City Police Department, successfully converting these two high-profile agencies, inclusive of our Core Responder AI assist capabilities.

本季我們也在行動影像生態系取得兩筆大型勝利：與佛羅里達州公路巡警（Florida Highway Patrol）的 2,500 萬美元訂單，以及與堪薩斯市警察局（Kansas City Police Department）的 2,400 萬美元訂單，成功轉換這兩個高知名度機構，並包含我們的 Core Responder AI 輔助能力。

Looking at regional results, North America Q2 revenue was $2.2 billion, up 9%, with growth across all three technologies. And International Q2 revenue was $923 million, up 25% versus last year, driven by strong double-digit growth across all three technologies.

從區域表現來看，北美第二季營收為 22 億美元，成長 9%，三大技術皆呈現成長。國際市場第二季營收為 9.23 億美元，較去年成長 25%，主要由三大技術皆達雙位數的強勁成長所帶動。

Moving to backlog. Ending backlog for Q2 was $15.6 billion, up $1.5 billion, or 11%, versus last year, driven by record Q2 orders. Sequentially, backlog declined $71 million, primarily driven by revenue recognition for the UK Home Office.

接著談積壓訂單（backlog）。第二季期末積壓訂單為 156 億美元，較去年增加 15 億美元（或 11%），主要由第二季創紀錄的訂單所帶動。按季比較，積壓訂單減少 7,100 萬美元，主要因英國內政部（UK Home Office）的營收認列所致。

In the Products and SI segment, backlog increased $329 million versus last year due to strong demand in MCN and video. Sequentially, backlog decreased $99 million, driven by strong MCN shipments during the quarter.

在產品與系統整合（SI）部門，積壓訂單較去年增加 3.29 億美元，反映 MCN 與影像業務的強勁需求。按季比較，積壓訂單減少 9,900 萬美元，主要因本季 MCN 出貨強勁所致。

In Software and Services, backlog increased $1.2 billion compared to last year, driven by strong demand for multi-year contracts across all three technologies. Sequentially, backlog increased $28 million, primarily driven by strong demand in Command Center and video, partially offset by revenue recognition for the UK Home Office.

在軟體與服務部門，積壓訂單較去年增加 12 億美元，主要由三大技術的多年期合約需求強勁所帶動。按季比較，積壓訂單增加 2,800 萬美元，主要由 Command Center 與影像需求強勁所帶動，但部分被英國內政部的營收認列所抵銷。

Turning next to our outlook. We expect Q3 sales growth of approximately 8%, with non-GAAP earnings per share between $4.39 and $4.44 per share. This assumes a weighted average diluted share count of approximately 168 million shares and an effective tax rate of approximately 23%.

接著談我們的展望。我們預期第三季銷售額約成長 8%，非 GAAP 每股盈餘介於每股 4.39 至 4.44 美元。此假設加權平均稀釋後股數約為 1.68 億股，且有效稅率約為 23%。

For the full year, we now expect revenue of approximately $12.975 billion, up from our prior guidance of $12.8 billion, along with non-GAAP earnings per share between $17.62 and $17.72 per share, up from our prior guide of $16.87 to $16.99 per share.

就全年而言，我們目前預期營收約為 129.75 億美元，高於先前指引的 128 億美元；同時非 GAAP 每股盈餘介於每股 17.62 至 17.72 美元，高於先前指引的每股 16.87 至 16.99 美元。

This full-year outlook assumes a weighted average diluted share count of approximately 168 million shares and an effective tax rate between 22% and 22.5%. It also assumes favorable FX of about $100 million, which is unchanged from our prior expectations.

此全年展望假設加權平均稀釋後股數約為 1.68 億股，且有效稅率介於 22% 至 22.5%。同時也假設有利匯率（FX）約 1 億美元，與我們先前預期一致。

The $175 million raise in our full-year revenue expectations is driven by MCN, including approximately $100 million from Silvus, which we now expect to generate approximately $850 million in full year revenue. The remainder of the increase we expect in MCN is a reflection of the continued strong demand for public safety LMR.

我們將全年營收預期上調 1.75 億美元，主要由 MCN 帶動，其中約 1 億美元來自 Silvus；我們目前預期 Silvus 全年營收約為 8.5 億美元。其餘 MCN 的增幅，反映公共安全 LMR 持續強勁的需求。

With these increased top-line expectations, we now expect double-digit growth for both segments and all three technologies for the full year. Products and SI is expected to now grow 11%, up from our prior guidance of 8% to 9%, and Software and Services is expected to grow 11%, up from our prior guidance of 10% to 11%.

在上調營收預期後，我們目前預期全年兩大部門與三大技術皆可達雙位數成長。產品與 SI 目前預期成長 11%，高於先前 8% 至 9% 的指引；軟體與服務目前預期成長 11%，高於先前 10% 至 11% 的指引。

And from a technology perspective, MCN is now expected to grow between 10% and 11%, up from our prior expectations of 8% to 9%. Video is expected to grow 11%, while in Command Center we continue to expect approximately 15% growth.

從技術面來看，MCN 目前預期成長 10% 至 11%，高於先前 8% 至 9% 的預期。影像（Video）預期成長 11%，而 Command Center 我們仍預期約成長 15%。

Before I turn the call back to Greg, I wanted to provide an update around tariffs and memory costs. We now expect the tariff impact to be neutral for the full year, as the IEEPA refunds we recorded in Q2 offsets the $60 million in tariff headwinds that we had planned for this year.

在把電話會議交回給 Greg 之前，我想就關稅與記憶體成本提供最新進展。我們目前預期全年關稅影響將為中性，因為我們在第二季認列的 IEEPA 退款抵銷了原先規劃今年將承受的 6,000 萬美元關稅逆風。

And regarding memory, we now anticipate our direct memory spend to be approximately $150 million this year, up from $50 million last year. Our teams continue to successfully navigate this challenging supply environment, carrying higher inventory and collaborating closely with our key suppliers to secure continuity of supply.

至於記憶體方面，我們目前預期今年直接記憶體支出約為 1.5 億美元，高於去年的 5,000 萬美元。我們的團隊持續成功因應這個具挑戰性的供應環境，維持較高庫存，並與關鍵供應商緊密合作，以確保供應的連續性。

We still expect gross margins to be comparable to last year, as the now-improved tariff outlook I mentioned offsets the increased memory cost expectations since our last call. And for full-year operating margins, we now expect approximately 170 basis points of expansion, up from 100 basis points previously.

我們仍預期毛利率將與去年相當，因為我剛提到的關稅展望改善，抵銷了自上次電話會議以來對記憶體成本上升的預期。至於全年營業利益率，我們目前預期約擴張 170 個基點，高於先前的 100 個基點。

Finally, our balance sheet remains strong and gives us plenty of headroom and flexibility on capital allocation. As we previously highlighted, we expect to issue approximately $1 billion of incremental debt in the form of senior notes and term loans to finance the D-Fend acquisition. And we still expect to finish the year with a net debt-to-EBITDA leverage at approximately 2x, which is similar to where we ended last year.

最後，我們的資產負債表依然強健，讓我們在資本配置上有充足的空間與彈性。如先前所強調，我們預期將以優先票據與定期貸款的形式，新增發行約 10 億美元的增量負債，以資助 D-Fend 的收購。我們仍預期年底淨負債對 EBITDA 槓桿比約為 2 倍，與去年年底水準相近。

With that, I would now like to turn the call back to Greg.

接下來，我想把電話會議交回給 Greg。

Thanks, Jason. I'd like to conclude with a few final thoughts before we open it up for Q&A.

謝謝，Jason。在進入問答之前，我想做幾點最後的總結。

First, Q2 was superb, and I'm extremely pleased with our execution. Revenue was up 13% with significant operating margin expansion, and we drove just under $500 million in operating cash flow. Additionally, we achieved record Q2 orders and backlog, putting us in a strong position heading into the second half of this year.

第一，第二季表現非常出色，我對我們的執行力感到非常滿意。營收成長 13%，營業利益率顯著擴張，且我們帶動了接近 5 億美元的營業現金流。此外，我們創下第二季訂單與積壓訂單的新高，使我們在邁入今年下半年時處於有利位置。

Second, we're seeing strength across our safety and security ecosystem. Our video business continues to perform well, particularly in mobile video, where, as Jason mentioned, we secured two significant orders from Florida Highway Patrol and Kansas City Police Department. These deals were highly competitive, and what's most encouraging is that both of these large agencies are first-time users for body-worn camera and in-car video solutions.

第二，我們在安全與保安生態系各領域都看到強勁動能。我們的影像業務持續表現良好，尤其是行動影像；如 Jason 所提，我們取得佛羅里達州公路巡警與堪薩斯市警察局兩筆重要訂單。這些交易競爭非常激烈，而最令人鼓舞的是，這兩個大型機構都是首次採用隨身攝影機與車載影像解決方案的客戶。

In addition, Command Center continues its strong momentum, as customers are increasingly adopting our software and AI assist solutions to simplify their complex emergency response workflows.

此外，Command Center 也持續保持強勁動能，因為客戶正日益採用我們的軟體與 AI 輔助解決方案，以簡化其複雜的緊急應變工作流程。

Third, Silvus is performing exceptionally well, powering leading-edge MANET connectivity for unmanned systems and battlefield communications. And pending regulatory approvals, we're also looking forward to the acquisition of D-Fend, an industry leader in counter-drone solutions, which goes beyond simple detection and differentiates itself through non-kinetic cyber takeover mitigation capabilities that are increasingly critical for public safety.

第三，Silvus 表現極為出色，為無人系統與戰場通訊提供領先的 MANET 連線能力。此外，在取得監管核准後，我們也期待完成對 D-Fend 的收購；D-Fend 是反無人機解決方案的產業領導者，其能力不僅止於偵測，並透過非動能的網路接管式緩解能力形成差異化，而這對公共安全而言日益關鍵。

When you consider Silvus's leading-edge MANET communications for defense and D-Fend's leading-edge detection and mitigation for public safety, I think we're very well-positioned to address our customers' rapidly growing needs for unmanned systems in defense and counter-drone solutions in public safety.

綜合 Silvus 在國防領域的領先 MANET 通訊能力，以及 D-Fend 在公共安全領域的領先偵測與緩解能力，我認為我們已具備非常有利的定位，可滿足客戶在國防無人系統與公共安全反無人機解決方案方面快速成長的需求。

And finally, in addition to our strong results and momentum, our balance sheet and continued robust cash flow enable us to be flexible in how we deploy capital and drive long-term value, both organically and through targeted acquisitions.

最後，除了強勁的業績與動能之外，我們的資產負債表與持續強健的現金流，讓我們能以更具彈性的方式部署資本，無論是透過內生成長或鎖定式併購，皆可推動長期價值。

I feel very good about where we are, and the increased guidance for the year reflects our confidence.

我對我們目前的狀況感到非常樂觀，而我們上調全年指引也反映了我們的信心。

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

接下來我把電話交回給 Brian。

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

謝謝你，Greg。在開始提問之前，我想提醒各位來電者，為了讓更多與會者有機會發問，請每位來電者限制為一個問題以及一個追問。

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

接線員，麻煩您提醒線上的來電者如何提問，好嗎？

(Operator Instructions) Tim Long, Barclays.

(接線員指示) Tim Long，Barclays。

Thank you. Got a question on Silvus, and then I'll follow up with one on video.

謝謝。我有一個關於 Silvus 的問題，接著我會再追問一個關於影像（video）的問題。

For Silvus, obviously another raise here that's great to see, and demand seems really strong there. Greg or Jack, could you just touch upon some of the capacity increases you guys are undertaking? What does that mean for the flow of this business? Are we still limited by capacity? And what would that mean for Silvus as we look out the next year or two? And then I'll follow up after that.

就 Silvus 而言，顯然你們這次又上調了，這很高興看到，而且那邊的需求看起來非常強勁。Greg 或 Jack，你們能否談談正在進行的一些產能提升措施？這對這項業務的出貨/營運節奏意味著什麼？我們目前仍然受限於產能嗎？展望未來一到兩年，這對 Silvus 會意味著什麼？之後我再追問。

Sure, Tim. Let me just dimensionalize Silvus, too, in terms of its performance. It did about $210 million in Q1, about $230 million in Q2. And as you heard us on the call, we raised the year to about $850 million.

當然可以，Tim。我也先把 Silvus 的表現量化一下。第一季約 2.10 億美元，第二季約 2.30 億美元。而且如同你在電話會議上聽到的，我們把全年上調到約 8.50 億美元。

And Jack can talk about some of the things we're doing around capacity expansion.

Jack 可以談談我們在產能擴張方面正在做的一些事情。

Yeah, Tim. So the first thing we did was within our Los Angeles site, we added capacity there, specifically a second floor. I think you read, Tim, that we announced the construction of a facility, a new manufacturing facility in Salt Lake City, which we're very excited about and consistent with what we said before. We'll start to see the benefit of that in 2027. But the increased guide for Silvus this year takes into account our current capacity, and we're living within that.

好的，Tim。我們做的第一件事是在洛杉磯據點增加產能，具體來說是新增了二樓。我想你也看到，Tim，我們宣布在鹽湖城興建一座新製造工廠，我們對此非常興奮，也與我們先前所說的一致。我們將在 2027 年開始看到其效益。不過，我們今年對 Silvus 上調的指引已經把目前的產能納入考量，我們也會在這個產能範圍內運作。

I think one of the things we're also pleased with, Tim, is we've doubled the size of the sales force. So it just continues to put more balls in play for us.

Tim，我想我們也很高興的一點是，我們把銷售團隊規模擴大了一倍。因此我們能持續讓更多機會進入管道。

Okay. That's great. Thanks. Just wanted to touch on the video business. Could you talk a little bit about that mix and what that means in the quarter? And does that lead us towards a little bit more growth in the software side in the future? Anything on that mix and the take from that? Appreciate it.

好的。很棒。謝謝。我想再談一下影像（video）業務。你們能否多談談那個組合（mix）以及它在本季的意義？這是否會讓我們在未來看到軟體端有更多成長？關於這個組合以及你們從中得到的觀察，有什麼可以分享的嗎？感謝。

You broke up a little bit, but I think you're asking about the mix and performance of Software versus Products and SI there?

你剛剛訊號有點斷，但我理解你是在問軟體相對於產品與系統整合（SI）的組合與表現？

Yeah, video.

對，影像（video）。

Video, okay. First of all, we're very pleased with where we're at, and we actually grew 12% during the quarter in total, and we bumped up our guide to 11% from 10% to 11%. So overall, performing even better than we had expected.

影像（video），好的。首先，我們對目前的狀況非常滿意，本季整體成長 12%，而我們也把指引從 10% 上調到 11%。所以整體表現甚至比我們原先預期更好。

In terms of the mix, at the half, both Software and Services and Products are performing well. S&S software, specifically for that part of the business, is up double digits, and we expect software to be up double digits in the second half as well.

就組合而言，在上半年，軟體與服務以及產品兩者表現都不錯。S&S 的軟體（就該業務部分而言）成長達雙位數，我們也預期下半年軟體同樣會有雙位數成長。

We've seen strong camera sales. That's what's in part driving two quarters in a row now of strong Products. But the overall mix, as we step back to the year, it reflects what we expect, the investments that the Mahesh team are making in our cloud and hybrid offer and the increased sales coverage that Molloy has. So we're happy with where we're at.

我們看到相機銷售強勁。這也是推動產品連續兩季表現強勁的部分原因。但若把視角拉回全年，整體組合反映了我們的預期：Mahesh 團隊在雲端與混合式方案上的投資，以及 Molloy 擴大銷售覆蓋所帶來的效益。因此我們對目前的狀況感到滿意。

By the way, mobile video, as we mentioned on the call, also expectations are very good.

順帶一提，行動影像（mobile video）如同我們在電話會議上提到的，預期也非常好。

Okay, thank you, guys. Appreciate it.

好的，謝謝各位。感謝。

Joseph Cardoso, JPMorgan.

Joseph Cardoso，JPMorgan。

Hey, good afternoon, and thanks for the question here.

嗨，午安，謝謝讓我提問。

Maybe for my personal one, and perhaps maybe I'm jumping ahead here and looking at the fourth quarter, but when I do the back-of-the-envelope math on the implied fourth quarter revenue outlook and embed the pretty nice acceleration, both sequentially and year over year. So maybe you can just help me think through the drivers behind that uptick that you guys are embedding into the guide, maybe thinking about it from a demand perspective across the portfolio. Is there anything in particular that's driving that acceleration here as you think about the exit trajectory for the year?

第一個問題可能比較偏我個人的觀察，也許我有點超前，看到第四季：但我用簡單的估算去看你們隱含的第四季營收展望，裡面包含了相當不錯的加速，不論是季比季或年比年。所以也許你們可以幫我理解一下，你們在指引中所嵌入的這個上升幅度背後的驅動因素，從整體產品組合的需求面來看。在你們思考今年收官的走勢時，有沒有什麼特別因素在推動這個加速？

And then also maybe just a quick clarification, are you guys including acquisitions that haven't been closed yet into that guidance? And then I do have a follow-up.

另外也想快速釐清一下：你們的指引是否包含尚未完成交割的併購案？我之後還有一個追問。

So Joe, to answer the last part first, the guidance we're providing for the full year and the beat and the raise reflect the assets we have today.

Joe，我先回答你最後那一部分：我們提供的全年指引，以及本次的優於預期與上調，都是反映我們目前已擁有的資產。

Love the fact that we're, as Jason mentioned, guiding the year up $175 million for the full year on top-line revenue. All of that is pretty much MCN, of which $100 million is Silvus, $75 million of LMR.

我很高興，如 Jason 提到的，我們把全年營收（top-line revenue）指引上調了 1.75 億美元。這幾乎全部來自 MCN，其中 1.00 億美元來自 Silvus，7,500 萬美元來自 LMR。

The confidence is also informed by the overperformance in Q2, which we beat consensus by $130 million. Why did we do that? It's because of better conversion and strong demand.

我們的信心也來自第二季的超預期表現，我們比市場共識高出 1.30 億美元。為什麼能做到？因為轉換（conversion）更好且需求強勁。

That said, the second half as we look remains unchanged. We've always planned for a strong second half. That's informed by the visibility of what we have. It's informed by double-digit orders growth again expected in Q2, expected double-digit orders in the second half.

話雖如此，我們對下半年的看法仍維持不變。我們一直都規劃下半年會很強。這是基於我們目前掌握的能見度。也反映我們預期第二季訂單仍將是雙位數成長，以及下半年也預期訂單為雙位數成長。

And when you decompose kind of our expectations, there are some specific ship acceptance and product releases around the infrastructure D-Series that are coming in Q4 that marry up with the conversion expectations of Jack's sales team, which informs that strong Q4.

當你拆解我們的預期時，第四季在基礎設施 D-Series 方面會有一些特定的出貨驗收（ship acceptance）與產品發佈，這與 Jack 的銷售團隊對轉換的預期相互吻合，因而支撐第四季的強勁表現。

And lastly, I'd say LMR is strong. LMR was stronger than we thought in Q2. But by the way, we still expect the LMR business to grow in the second half of this year 10% as well.

最後我想說，LMR 也很強。LMR 在第二季比我們原先想的更強。不過順帶一提，我們仍預期今年下半年 LMR 業務也將成長 10%。

So just really strong growth, great orders performance, and feel good about where we are now with our expectations between now and the end of the year.

所以就是非常強勁的成長、很好的訂單表現，而且我們對目前的位置以及從現在到年底的預期都感到很有信心。

No, awesome color, Greg. Really appreciate all of that. And then maybe as my second one here, gross margin stepped up meaningfully in the quarter, even excluding the tariff benefit, but you guys are still guiding stable gross margin outlook for the full year. Maybe can you bridge the Q2 performance against that? Like what are the puts and takes relative to the headwinds from the cost inflation that you're highlighting versus maybe the tailwinds from mix and pricing levers? And how does that shake out as we progress through the year to get us to this more stable gross margin outlook for the full year? Thanks for the question.

不，這些說明很棒，Greg。非常感謝。接著第二個問題：本季毛利率顯著提升，即使排除關稅帶來的好處也是如此，但你們對全年仍指引毛利率展望維持穩定。你們能否把第二季的表現與這個全年展望串起來說明？例如，相對於你們提到的成本通膨逆風，與產品組合與定價槓桿帶來的順風之間，各有哪些拉鋸？隨著年度推進，這些因素如何作用，讓全年毛利率展望呈現較為穩定？謝謝。

Sure. So favorable mix has been a growth driver for us for a number of quarters. We expect that to continue. Customers are adopting more feature-rich solutions, and that's in part what helps drive our growth.

當然。有利的產品組合（mix）已經連續好幾季成為我們的成長驅動因素。我們預期這個趨勢會持續。客戶正在採用功能更豐富的解決方案，而這也在一定程度上有助於推動我們的成長。

In terms of headwinds, I mentioned on the call that memory, which last year was $50 million, we now expect to be $150 million. That's up from 90 days ago.

就逆風因素而言，我在電話會議上提到，記憶體去年是5,000萬美元，我們現在預期會是1.5億美元。這比90天前的預期更高。

So that $100 million of increase, a large part of that can be faced in the second half because of timing, because of inventory and the positions we had to begin the year. So that's a little color around the headwinds. And that's with the offsets we're planning. We're still able to maintain comparable gross margins for the year and to grow OE for the company at 170 bps, with contributions at OE from both segments.

因此，這增加的1億美元，其中很大一部分因為時點因素，因為庫存以及我們在年初就持有的部位，可能會在下半年反映出來。以上是關於逆風因素的一些補充說明。而這也已納入我們規劃的抵銷措施。我們仍然能夠維持全年可比的毛利率，並讓公司OE成長170個基點，且OE的貢獻來自兩個事業部門。

Andrew Spinola, UBS.

Andrew Spinola，瑞銀（UBS）。

Thank you. I think there is obviously a lot of interest in the second-half ramp in the LMR business coming into this quarter. But the second question that I typically have been getting is trying to understand if you put all this COVID backlog shifting behind us and this sharp ramp in the second half, how are we looking in terms of increases in officers or international markets, anything that can drive that or infrastructure D-Series, anything that can drive that business to an accelerated growth rate over the medium term?

謝謝。我認為大家顯然對LMR業務在下半年加速爬坡、並進入本季的表現非常關注。但我通常收到的第二個問題是：如果把這些COVID積壓訂單的移轉都拋在腦後，再加上下半年這麼快速的拉升，從中期來看，在警務人員數量增加或國際市場方面，或是任何能推動該業務、例如基礎建設D-Series等，是否有因素能帶動該業務加速成長？

Thanks for the question. So certainly, coming out of the last call, there's been a lot of interest in LMR. We're pleased with where public safety LMR is, which is MCN, the technology, minus Silvus.

謝謝你的問題。確實，從上次電話會議後，市場對LMR的關注度很高。我們對公共安全LMR（也就是MCN這項技術，不含Silvus）的現況感到滿意。

We had growth in the quarter. We had continued order strength, as Greg mentioned. We overperformed in the quarter, and we increased the year $75 million, whereas now we expect this year's LMR growth to be better than last year's.

本季我們實現成長。如Greg所提到，我們的訂單動能持續強勁。我們本季表現優於預期，並將全年上調7,500萬美元；而目前我們預期今年的LMR成長會優於去年。

And we've always planned for a ramp in the second half. And that's consistent with, in part, product releases. The D-Series deals that we've been talking about, we talked about three of them on the call and more prior to that, require staging and implementation and going and getting to sites. That's planned for the second half.

而且我們一直都有規劃下半年會加速爬坡。這部分也與產品發表節奏一致。我們一直在談的D-Series案子——我們在電話會議上談了其中三個，之前也談過更多——需要進行前置準備與導入，並前往各站點落地部署。這些都規劃在下半年進行。

And in addition, Jack, you've got some product releases happening in D-Series that'll make it available to more customers in the second half.

此外，Jack，D-Series也會有一些產品發表，讓它在下半年能提供給更多客戶。

UHF will be -- should start, begin shipping Q4, Jason, yeah.

UHF將會——應該會在第四季開始出貨，Jason，對。

So nothing's changed in our expectations for first-half, second-half contribution. If anything, we've overperformed our expectations in the first half.

所以我們對上半年、下半年貢獻的預期沒有改變。如果要說有什麼不同，那就是我們上半年的表現反而優於預期。

And Andrew, I would say just overall, when you think about the trend of public safety systems, or let's just call it LMR, and what those platforms afford our customers, historically, it was always around mission-critical voice. Now with the adoption of APX NEXT, it incorporates broadband for 5G and broadband applications.

Andrew，我想整體來說，當你思考公共安全系統的趨勢——或就稱為LMR——以及這些平台能為客戶帶來什麼時，過去一直都圍繞在任務關鍵語音通訊。現在隨著APX NEXT的採用，它整合了寬頻（5G）與寬頻應用。

Now, our latest APX NEXT radio is LEO compatible, adding another band for rural coverage for low Earth orbit satellite.

而我們最新的APX NEXT無線電也相容LEO，新增另一個頻段，用於低地球軌道衛星的鄉村覆蓋。

You have the device refreshes with APX NEXT. Now, we introduce the D-Series, which is the first time we've upgraded the infrastructure in a dozen years. And that's informing part of the strong growth in Q4, given ship release of new infrastructure.

你也看到APX NEXT帶來的裝置汰換更新。現在我們推出D-Series，這是我們12年來首次升級基礎建設。而這也在一定程度上推動第四季的強勁成長，因為新的基礎建設將進入出貨釋出。

And then, look, you're going to see us continue to do things around this multi-dimensional, multi-modal platform called public safety LMR. And I just think that more and more customers see the criticality of LMR. They're making investments in LMR and MCN. We, too, are as well, both organically and inorganically.

再者，你會看到我們持續圍繞這個稱為公共安全LMR的多維度、多模態平台做更多事情。我認為越來越多客戶看見LMR的關鍵性。他們正在投資LMR與MCN。我們也同樣在投資，無論是有機或無機成長。

And while we mentioned D-Fend and the announcement of that deal, that D-Fend was this highly sought-after asset, it's all about meeting counter-drone technology, not just detect and track and identify, but surgically do cyber takeover, which very few people do, and we think D-Fend does the best.

至於我們提到的D-Fend以及該交易的公告，D-Fend是一項備受追捧的資產；其核心在於滿足反無人機技術需求，不僅是偵測、追蹤與辨識，更是能精準地進行網路接管（cyber takeover），能做到的人非常少，而我們認為D-Fend做得最好。

We'll work the traps on the regulatory approvals, and there's still work to be done there. But we're excited about that asset as well, which we had mentioned to you at the time we announced the deal. We expect it to be about $185 million in revenue. It has historically a CAGR revenue growth of 50% over the last three years.

我們會處理監管核准的各項關卡，這方面仍有工作要完成。但我們也對這項資產感到興奮，正如我們在宣布交易時就向你提到的。我們預期其營收約為1.85億美元。過去三年其營收年複合成長率（CAGR）為50%。

But again, as you think about LMRs, you think about critical networks, as you think about public safety platforms and the unique ecosystem and capability we're building, it's not just what we have today, but what we expect to have shortly, and that's exciting as well.

但再說一次，當你思考LMR、思考關鍵網路、思考公共安全平台，以及我們正在打造的獨特生態系與能力時，重點不只是我們今天擁有什麼，也包括我們很快將擁有什麼，而這同樣令人振奮。

Appreciate that. One follow-up question, Greg. AI has been in the market now. You've had a product for maybe a couple quarters. Some of the competitors have had different types of products similar to yours, some more analytical. How is the industry accepting AI? Is it performing to expectations, both your product and across the industry in terms of acceptance and just performance?

感謝說明。我有一個追問，Greg。AI現在已經在市場上了。你們的產品可能推出了幾個季度。一些競爭對手也有不同類型、與你們類似的產品，有些更偏分析型。產業對AI的接受度如何？無論是你們的產品或整個產業，在接受度與實際表現上，是否符合預期？

I think it's performing well. We talk about AI in the context of embedding it in pretty much everything we do, specifically in the context of public safety around the individual personas. So how does AI get implemented and productized through the lens of a public safety responder law enforcement offer? How does it get instantiated with a dispatcher? How does it get implemented through a real-time crime center? And I think Mahesh has done a great job of building it out both on-prem as well as hybrid solutions. And I think our traction is quite good.

我認為表現良好。我們談AI時，是在把它嵌入幾乎所有我們做的事情的脈絡下，尤其是在公共安全領域，圍繞不同角色（persona）。也就是說，AI如何透過公共安全第一線應變人員、執法人員的視角被落地並產品化？它如何在接線員（dispatcher）端被具體化？它如何透過即時犯罪中心（real-time crime center）被導入？我認為Mahesh在建構這些能力方面做得很好，涵蓋本地部署（on-prem）以及混合式解決方案。而我認為我們的推進成效相當不錯。

The other thing I would say, and maybe echoing one of the key points that Greg just made, is AI is no longer a nice-to-have. It's a need-to-have within each of our applications. And we have taken that philosophy right from the beginning, where it's not an over-the-top solution. It is embedded deeply within each of our platforms.

另外我想說的一點，也許呼應Greg剛才提到的一個重點：AI不再是「有了更好」的選配。它已經是我們每個應用中「必須具備」的能力。我們從一開始就採取這樣的理念：它不是一個額外疊加（over-the-top）的解決方案。它是深度嵌入在我們每一個平台之中。

It's integrated.

它是整合式的。

And just to punctuate that point, 100% of our VESTA emergency call handling solutions in Q2 were at the assist tier, which is effectively the tier of our solution that includes all the AI capabilities.

再強調一下這點：我們第二季所有的VESTA緊急來電處理解決方案，100%都採用assist等級；這基本上就是包含所有AI能力的解決方案等級。

The same is true across CAD records as well. So it is becoming something that is key and embedded within each of those platforms. And that in turn is meaningfully raising our ASPs across the board.

CAD紀錄方面也是如此。因此，它正成為每個平台中關鍵且內嵌的一部分。而這也正在顯著推升我們整體的ASP（平均銷售價格）。

A couple of other things that I think that we have done and we take great pride in is we introduced this notion of AI labels. And that is, I think, quite important for our customers because they would like to know what the status of data ownership is, what type of models are being used, does it run on-prem, does it run on cloud, what elements of data are used to compute various things that they are seeing from a decision standpoint.

另外幾點我認為我們做得很好、也引以為傲的是：我們引入了「AI標籤」這個概念。我認為這對客戶非常重要，因為他們想知道資料所有權的狀態、使用的是哪種類型的模型、是跑在本地端還是雲端、以及從決策角度來看，他們所看到的各種結果是使用哪些資料元素來計算的。

We are very transparent and open about what it is that they do. And across the board, we also offer free training on demand for our customers to effectively use those capabilities in whatever workflows that they choose to use it for, and we are seeing great acceptance across the board with that.

我們對我們所做的事情非常透明、也非常開放。此外，我們也全面提供客戶免費的隨選訓練，讓他們能在自己選擇的各種工作流程中有效使用這些能力；我們也看到整體接受度非常高。

Thank you.

謝謝。

Adam Tindle, Raymond James.

Adam Tindle，Raymond James。

Okay, thanks. Good afternoon. I just wanted to maybe start. This time last quarter, I think a lot of us were surprised by the PSI operating margin in Q1. SNS had an upside to offset, but I think the composition of that quarter was a little different than investors thought.

好的，謝謝。下午好。我想也許先從這裡開始。上季這個時候，我想我們很多人都對第一季 PSI 的營業利益率感到意外。SNS 有上行表現可以抵消，但我認為那一季的組成和投資人原先想的有些不同。

Here we are 90 days later with a huge rebound in PSI margins on a sequential basis. So maybe just as a starting point, Jason, could you walk through the drivers that led to this level of improvement?

現在 90 天後，我們看到 PSI 利潤率在季比基礎上大幅反彈。所以也許先作為起點，Jason，你能否說明一下促成這種改善幅度的驅動因素？

And you've mentioned memory costs increasing. I know in the past, as you had cost increases, it makes sense for you to start raising price to correspond with that. So I wonder how you're thinking about pricing as a lever as well going forward.

你也提到記憶體成本在上升。我知道過去當你們面臨成本上升時，調漲價格以對應成本是合理的。所以我想了解你們未來如何把定價也視為一個槓桿來運用。

Sure, Adam. So part of Q2, as we mentioned, was stronger conversion with orders brought in by the sales team that we were able to execute in. A lot of that has to do with devices, and so we had more device shipments. We have a higher inventory position, by the way, that's helping us get to strong quick-turn levels. It's helping us navigate the memory challenges on pricing.

當然，Adam。如我們提到的，第二季的一部分來自更強的轉換率，銷售團隊把訂單拉進來，而我們也能在當季執行交付。這很大一部分與裝置有關，因此我們的裝置出貨更多。順帶一提，我們目前的庫存水位較高，這有助於我們達到強勁的快速交付（quick-turn）水準。也幫助我們在定價上因應記憶體的挑戰。

So part of the improvement in op margin quarter over quarter had to do with the mix towards devices, which we were able to turn within the quarter. That's a key driver as to the overperformance and the better margins.

因此，營業利益率季比改善的一部分，來自產品組合偏向裝置，而我們能在當季完成周轉。這是超預期表現與更佳利潤率的關鍵驅動因素。

The second part of your question around levers that we have. Memory as a content to LMR is pretty small. It's a more material contributor item in video. We have made some surgical price increases on high-memory-content items in video, for example, like video servers. And we'll continue to look at that as an overall offset for the portfolio, but continuing to secure the supply that we need, of course, paying higher prices, but it's enabling us to meet the demand that we're seeing. We'll continue to look at it as a possibility going forward.

你問題的第二部分是我們有哪些槓桿可用。記憶體在 LMR 的內容占比其實很小。但在影像（video）產品中，它是更重要的成本貢獻項目。我們已針對影像中高記憶體含量的品項做了一些精準的漲價，例如影像伺服器。我們會持續把這視為整體產品組合的抵消手段之一；同時也會持續確保所需供應，當然這意味著要支付更高價格，但這讓我們能滿足目前看到的需求。未來我們也會持續評估這個可能性。

Got it. Maybe just continuing that thought as a follow-up, Greg. Investors are looking at the product backlog being down sequentially, but also your positive commentary on the outlook for the product business in particular. And I think Jason's guidance suggests that the back half is actually going to accelerate in terms of the product growth. So with product backlog down sequentially versus this acceleration implied in revenue, what are investors may be missing if they over-fixate on the backlog trend thing?

了解。也許延續這個想法追問一下，Greg。投資人看到產品積壓訂單（backlog）季比下降，但你們對產品業務、特別是前景的評論又很正面。而且我認為 Jason 的指引暗示下半年產品成長其實會加速。所以在產品 backlog 季比下降、但營收隱含加速的情況下，如果投資人過度聚焦 backlog 趨勢，可能忽略了什麼？

No, we're thrilled. I know you're focused on the sequential, but we love the year-over-year performance. And at the end of the day, this is more about, as Jason and we have said since the beginning of the year, the MSI revenue story becomes more one of conversion than backlog.

不，我們非常振奮。我知道你關注的是季比，但我們很喜歡年比的表現。歸根結底，正如 Jason 和我們自年初以來所說，MSI 的營收故事將更偏向「轉換」而非「積壓訂單」。

Now, having said that, love the fact that Q2 was another double-digit orders quarter. I love the fact that the back half on orders growth is expected to be double digits. But if you want to specifically look at product backlog, as we sit here in August, at the end of the day, I expect product backlog to be up at the end of this year versus last year.

話雖如此，我很喜歡第二季又是一個訂單雙位數成長的季度。我也很喜歡我們預期下半年訂單成長仍將是雙位數。但如果你要特別看產品 backlog，以我們現在 8 月的情況來看，最終我預期今年年底的產品 backlog 會高於去年。

But I think backlog is a component, but the story more about our growth is overall demand, which is stronger; conversion, which is stronger; and double-digit orders growth.

但我認為 backlog 只是其中一個構成；我們成長的故事更多在於整體需求更強、轉換更強，以及訂單雙位數成長。

And Adam, to your point, the product backlog of the high threes is a strong place to be, complemented by the double-digit orders.

而且 Adam，正如你所說，產品 backlog 在 3 億多美元的高檔區間是一個很強的位置，再加上訂單雙位數成長作為補充。

Exactly.

沒錯。

That's in front of us and that we've been capturing and that the pipeline supports going forward. And that's the setup for how we expect things to play out in the second half of the year.

這些都在我們眼前，我們也一直在掌握，而且未來管線（pipeline）也支持。這就是我們預期今年下半年發展的基礎。

Helpful. Congrats on an awesome quarter.

很有幫助。恭喜你們交出一個非常出色的季度。

Yeah, thank you, Adam. Appreciate it.

是的，謝謝你，Adam。感謝。

George Notter, Wolfe Research.

George Notter，Wolfe Research。

Hi, guys. Thanks very much. I wanted to dig into the Silvus progress a bit more. Obviously, it continues to really do well. I know I think you said, Jack, that you increased the sales force or doubled the size of the sales force, but I'm just curious, as you look out, where are you seeing opportunities? What geos, what applications? Anything more you can tell us about the underlying demand trends there and customer interest would be great. Thanks.

嗨，各位。非常感謝。我想再深入了解一下 Silvus 的進展。顯然它持續表現得非常好。我記得你說過，Jack，你們增加了銷售人力或把銷售團隊規模加倍；但我很好奇，往前看你們在哪裡看到機會？哪些地區、哪些應用？如果能再多分享一些那邊的底層需求趨勢與客戶興趣就太好了。謝謝。

So we could tag team it, but contextually, George, I think the good news is the overall demand is driven by international demand and what I would characterize as a macro global defense modernization.

我們可以分工回答，但就背景而言，George，我認為好消息是整體需求是由國際需求以及我所稱的「全球國防現代化」這種宏觀趨勢所驅動。

I think you see our growth driven by NATO countries, EU defense spending, Germany as a theater in particular that's strong, obviously Ukraine that's in conflict, and growing demand in the US and Indo-Pacific. You take that strong demand and couple it with the earlier question around capacity expansion.

我想你會看到我們的成長由北約國家、歐盟國防支出所帶動；德國作為特定戰區尤其強勁；當然還有處於衝突中的烏克蘭，以及美國與印太地區日益增長的需求。把這股強勁需求，與先前關於產能擴張的問題結合起來看。

Jack's done a great job more than doubling the sales force. I think you'll see supply chain efficiencies increase as well.

Jack 做得非常出色，銷售團隊規模增加到兩倍以上。我認為你也會看到供應鏈效率提升。

We have the new capacity facility in Salt Lake City that comes online in early Q1. Could not be more pleased with that asset. It's been a year, like a year tomorrow or a year the following day, that we actually closed on it. It's performing better than we thought. We knew demand would be strong. It's even stronger than we thought.

我們在鹽湖城的新產能設施將在第一季初投入運作。我們對這項資產再滿意不過。我們實際完成收購大概是去年今天、或明天、或後天剛好滿一年。它的表現比我們預期更好。我們知道需求會很強。但實際上比我們想的還要更強。

And I think a tip of the hat to Jack and his team and Babak and the Silvus team in LA It's been superb and thrilled to have it. And look, it's proving out, I think, the thesis behind. We were very disciplined and intentional with that Silvus acquisition.

我也要向 Jack 與他的團隊、以及 Babak 和洛杉磯的 Silvus 團隊致敬——表現非常出色，我們很高興擁有它。而且你看，我認為這也驗證了背後的投資論點。我們在收購 Silvus 時非常自律且有明確目的。

I would say the same thing about D-Fend. We think in Silvus, it's the leading player and the leading-edge technology in unmanned. And similarly, once we run the traps on the regulatory approvals, we think D-Fend is unique specifically around cyber takeover and mitigation, which is a unique characteristic, and we love both of those assets.

我對 D-Fend 也會這麼說。我們認為在 Silvus 方面，它是無人系統領域的領先者，且擁有最前沿的技術。同樣地，一旦我們完成監管核准流程，我們認為 D-Fend 在「網路接管（cyber takeover）與緩解（mitigation）」方面具有獨特性，這是一個獨特特徵，我們非常喜歡這兩項資產。

Yeah. The only thing I'd build on is the secret sauce here is Spectrum Dominance 2.0 software. It's not only, we talked about MANET technology being high bandwidth, which enables various forms of multimodal throughput on the battlefield, but it's anti-jam. It's low probability intercept and detect.

是的。我唯一想補充的是，這裡的關鍵祕訣在於 Spectrum Dominance 2.0 軟體。不只是我們談到 MANET 技術具備高頻寬，能在戰場上支援各種多模態的傳輸吞吐；它也具備抗干擾（anti-jam）能力。而且具備低截收與低偵測概率（low probability intercept and detect）。

But just specifically, the US DOW just ran some trials, and Silvus received exceptional scoring in terms of anti-jam testing results. And I think as we see in highly contested environments, when us versus our competition get put to the test, I think it's just further testament to what Babak and the technical team have built there.

更具體地說，美國國防部（US DOD）剛做了一些測試，而 Silvus 在抗干擾測試結果方面獲得了極高評分。我認為在高度對抗的環境中，當我們與競爭對手被拿來實測比較時，這進一步證明了 Babak 與技術團隊所打造的成果。

And then we've added, as we talked about being a scale player, we're investing in additional capacity, go-to-market. We continue to extend and invest in R&D, not only in the waveform, but in the software aspects of it. And they're firing on all cylinders.

然後我們也如先前所說，作為具規模的參與者，我們正在投資額外產能與市場推進（go-to-market）。我們持續擴大並投資研發，不僅在波形（waveform），也在其軟體層面。他們正全速運轉、火力全開。

And I think just to echo what Greg said, we're really proud of what they've accomplished.

我想呼應 Greg 所說的，我們對他們所達成的成果感到非常自豪。

Super. Thank you very much.

太好了。非常感謝。

Meta Marshall, Morgan Stanley.

Meta Marshall，摩根士丹利。

Great. Thanks. Wanted to ask a question on APX NEXT and just the software subscriptions that you're seeing attached to that. In the past, you've noted somewhere around $300 per year. Just wanted to see what applications are either getting the most traction or if there's any updates to that number.

很好。謝謝。想請教一個關於 APX NEXT 的問題，以及你們看到與其綁定的軟體訂閱情況。過去你們曾提到大約每年 300 美元。想了解目前哪些應用程式獲得最多採用，或是那個數字是否有任何更新。

And then maybe as a follow-up question, just kind of any traction with the SVX. Thanks.

另外作為追問，SVX 方面是否也有一些進展？謝謝。

Sure. Thanks, Meta. And you're right. We expect 300,000 subscribers by the year-end 2026. That would be up from about 200,000 by end of 2025. So strong growth.

當然。謝謝你，Meta。你說得沒錯。我們預期到 2026 年底會有 30 萬名訂閱戶。相較於 2025 年底約 20 萬名會再增加。因此成長力道很強。

The pricing of the apps is around $300. It's gone up a little bit with the advent of some new apps. And I'll let Jack talk about where the apps that the customers like best. But they are definitely, it's a driver. It's now going to be almost $100 million ARR business by year's end.

這些應用程式的定價大約是 300 美元。隨著一些新應用推出，價格略有上調。我會請 Jack 談談客戶最喜歡哪些應用。但它們確實是推動因素。到今年底，這將接近 1 億美元 ARR 的業務。

Yeah, I think just, Meta, in terms of those things, it's SmartConnect, which essentially enables a user who may be going out of their jurisdiction to expand their coverage capacity, SmartProgramming, and then location continues to be, as we think about accountability, location continues to be an application that gets consumed.

是的，Meta，我想就這些來說，包含 SmartConnect，它基本上讓可能要跨出其轄區的使用者能擴大其覆蓋能力；SmartProgramming；另外就定位而言，當我們思考問責時，定位仍然是一個被使用、被消耗的應用。

Related to SVX, and Mahesh, that's been something you want to add. On the SVX, really proud. We've now got 150 customers operational with the SVX. You heard Greg and Jason talk about Florida Highway Patrol and Kansas City, Missouri.

至於 SVX，Mahesh，你有想補充的。在 SVX 方面，我們真的很自豪。目前已有 150 家客戶在 SVX 上線運作。你也聽到 Greg 和 Jason 提到佛羅里達州公路巡警以及密蘇里州堪薩斯市。

I want to point out that those, we didn't go in and extend. Those customers are not existing customers. We extended those were new RFPs that we secured against our competition.

我想指出的是，那些案子我們並不是在既有客戶上做延伸。那些客戶不是既有客戶。我們所延伸的是新取得的 RFP，並且是在與競爭對手的競標中勝出。

In addition, St. Joseph County, Indiana, who used to deal with one of our competitors, now signed on because they love the story of our full ecosystem. That's just a North American Q2.

此外，印第安納州聖約瑟夫郡（St. Joseph County）過去使用我們某個競爭對手的產品，現在也簽約加入，因為他們很喜歡我們完整生態系的故事。這些都只是北美第二季的成果。

You look at what we've done internationally. We're over 20 countries right now in body-worn camera. Name a couple of big ones, over 20,000 users with the São Paulo Military Police, Moroccan Gendarmerie, a Nordic National Police Department. And I think we continue to get momentum with our reach and trust that we have internationally.

再看我們在國際市場的表現。目前我們的隨身攝影機已進入超過 20 個國家。舉幾個大型案例：聖保羅軍警（São Paulo Military Police）超過 20,000 名使用者、摩洛哥憲兵隊（Moroccan Gendarmerie）、以及某個北歐國家警察部門。我認為我們在國際上的觸及與信任持續帶來動能。

And those successes were competitive flips.

而那些成功案例都是從競爭對手手上翻轉過來的。

They absolutely were.

完全是。

Right. The other point I'd make around APX NEXT and SVX is they are paired together. So when we talk about an SVX win, that's paired with customers that are using APX NEXT. So it's yet another combination that's powerful for both parts of the portfolio.

對。我還想補充 APX NEXT 與 SVX 的另一點：它們是搭配在一起的。所以當我們談到 SVX 的得標，那是與使用 APX NEXT 的客戶配套。因此這又是一種強而有力的組合，能同時帶動產品組合的兩個部分。

Great. Thanks so much.

很好。非常感謝。

Tomer Zilberman, Bank of America.

Tomer Zilberman，美國銀行。

Hey, guys. I wanted to go back to the LMR discussion. I think you mentioned earlier that you expect the segment to grow 10% in the second half, and that's a really strong number. That's on par with the growth that you were seeing a couple of years ago when you had the benefit of both the North American refresh cycle and also the supply chain environment, which is driving up orders.

嗨，各位。我想回到 LMR 的討論。我記得你們先前提到，預期該部門在下半年成長 10%，這是非常強勁的數字。這大致相當於幾年前你們看到的成長水準，當時同時受惠於北美更新週期，以及供應鏈環境推升訂單。

But the question is, as it pertains to your commentary around APX NEXT, is that driving another cycle this time around? And I think a while ago you gave us a disclosure that APX NEXT was about 25% of public safety shipments. Is there any update to that number you can give us?

但問題是，回到你們對 APX NEXT 的評論，這次是否正在推動另一輪週期？而且我記得不久前你們曾揭露 APX NEXT 約占公共安全出貨量的 25%。這個數字是否有任何更新可以提供？

Sure. So we talked about a growth driver of the second-half ramp being infrastructure, which is D-Series and the timing of the deployments and the new offer of UHF, which is coming to market.

當然。我們談到下半年加速成長的驅動因素之一是基礎設施，也就是 D-Series，以及部署時點，還有即將上市的 UHF 新產品。

Conversion and quick-turn for devices continues to be strong. It was stronger than we expected in Q2, and we expect it to be strong in the second half with continued momentum and customers choosing APX NEXT, which comes to us at a premium at the time of sale and also with the ARR subscription that Meta just asked about.

設備的換機與快速交付（quick-turn）需求仍然強勁。第二季比我們預期更強，我們也預期下半年在持續動能下仍會強勁，且客戶會選擇 APX NEXT；它在銷售當下能帶來溢價，同時也帶來 Meta 剛剛問到的 ARR 訂閱。

Yeah. The only other thing that we haven't talked about is APX NEXT has historically been a police phenomenon and accredited Mahesh and his team. In Q2, we announced the APX NEXT XN, which actually puts us in the first NFPA 1930 certification. So we have an APX NEXT device we can now bring to the fire market as well.

是的。另外一點我們還沒談到的是，APX NEXT 過去主要是警用市場的現象，這要歸功於 Mahesh 和他的團隊。在第二季，我們宣布了 APX NEXT XN，這讓我們取得首個 NFPA 1930 認證。因此我們現在也有一款 APX NEXT 裝置可以帶進消防市場。

Thanks.

謝謝。

James Fish, Piper Sandler.

James Fish，Piper Sandler。

Thanks for taking my question. This is Ryan on for James Fish. On the drone side, any pickup and pipeline post-World Cup? And now that you have D-Fend and Silvus as pillars here, how are you feeling about mitigation and prevention strategies that we could see MSI add organically or inorganically going forward?

謝謝讓我提問。我是 Ryan，代 James Fish 提問。在無人機方面，世界盃之後是否有任何回升與案源管線（pipeline）？另外，既然你們現在把 D-Fend 與 Silvus 視為兩大支柱，對於未來 MSI 可能以內生成長或併購方式新增的緩解與預防策略，你們的看法如何？

Well, Ryan, we don't have D-Fend yet. We are expecting that transaction to close in the second half. Think about it. Silvus is unmanned defense. D-Fend is counter-drone technology for public safety. So different technologies and different verticals of emphasis.

Ryan，我們目前還沒有完成 D-Fend 的併購。我們預期該交易會在下半年完成交割。想想看：Silvus 是無人系統防衛。D-Fend 是面向公共安全的反無人機技術。因此技術不同、著重的垂直領域也不同。

I love D-Fend. It was an engagement that took multiple months, as I mentioned a few minutes ago. It's a leading-edge, highly sought-after asset. Because look, we hear all these things about drones. It's one thing to detect them. A lot of people can do that.

我很喜歡 D-Fend。如我幾分鐘前提到的，這是一段歷時數月的接觸與評估。它是領先前沿、需求非常高的資產。因為你看，我們聽到很多關於無人機的議題。偵測是一回事。很多人都能做到。

D-Fend can detect, it can track, it can identify, but then how do you mitigate it? And how do you mitigate it in a public safety context or critical infrastructure context without collateral damage? You can't use bombs or bullets or kinetic. You have to find a different way.

D-Fend 能偵測、能追蹤、能辨識，但接下來要如何緩解？而且要如何在公共安全或關鍵基礎設施的情境下，在不造成附帶損害的前提下進行緩解？你不能用炸彈、子彈或動能手段。你必須找到不同的方法。

What we loved about D-Fend and their creativity and ingenuity is they do it through surgical cyber takeover. So they track it, identify it, take it over and take the communications link over and then neutralize that threat with no residual damage, no threat to public safety communities. That's what we think is best in class. So I think there's a lot of that.

我們喜歡 D-Fend 及其創意與巧思之處，在於他們透過精準的網路接管來做到。也就是追蹤、辨識後接管，接著接管通訊鏈路，然後在沒有殘留損害、也不會對公共安全社群造成威脅的情況下中和該威脅。這就是我們認為的同級最佳（best in class）。所以我認為這裡面有很多可看之處。

By the way, if you look at FIFA, you mentioned, Ryan, World Cup, D-Fend was in virtually all of those theaters, all of those stadiums providing cyber mitigation, which played a critical role. And I read a report several days ago that there was over 700 different drones detected over multiple sites during the course of FIFA. I think D-Fend was a meaningful component to that detection and mitigation. So we feel very good about it.

順帶一提，Ryan，你提到 FIFA 世界盃，如果你去看那段期間，D-Fend 幾乎在所有場域、所有球場都部署，提供網路層面的緩解措施，並扮演關鍵角色。我幾天前讀到一份報告指出，FIFA 期間在多個場地總共偵測到超過 700 架不同的無人機。我認為 D-Fend 在偵測與緩解上是其中一個重要組成。所以我們對此感覺非常好。

Yeah, and if you look at just in the last seven days, the Department of Homeland Security came out and announced a $1.5 billion unmanned aircraft contract, two tiers, first of which was systems, the second of which was comprehensive services. It's important to point out that there were multi-vendors selected on the systems, but only one D-Fend that actually provides cyber mitigation systems.

是的，而且如果你只看過去七天，國土安全部出來宣布了一份15億美元的無人機合約，分兩個層級，第一個是系統，第二個是全面性服務。重要的是要指出，系統層級選了多家供應商，但真正提供網路（資安）緩解系統的只有一家：D-Fend。

As Greg, I think, eloquently pointed out, to keep the public safe, to bring the drone down safely, there's only one way to do it, and that's cyber, and they were the companies selected there.

正如我認為 Greg 很精闢地指出的，為了保障大眾安全、讓無人機安全降落，只有一種方式，就是透過網路（資安）手段，而他們就是在那裡被選中的公司。

Thank you. And then a quick follow-up. How are state and local municipal budgets holding up for 2026? And are you seeing any hesitation in large-scale APX NEXT upgrades, or is the funding environment still highly supportive?

謝謝。接著一個簡短追問。2026 年州與地方市政預算的狀況如何？你們是否看到大型 APX NEXT 升級有任何猶豫，還是資金環境仍然高度支持？

No. So 2026, the budgets continue to be very good. Actually, what we do this time of year, midyear, because we start to look at 2027 budgets, which have now been floated, in some cases approved.

沒有。所以 2026 年，預算仍然非常不錯。其實我們每年這個時候、年中會做的事情，是開始看 2027 年的預算，而這些預算現在已經提出，在某些情況下也已獲核准。

The good news for us is in 2027, for state and local, public safety budgets are growing faster than government budgets, both state and local.

對我們來說的好消息是，2027 年在州與地方層級，公共安全預算的成長速度快於政府預算，無論是州政府或地方政府都是如此。

And then if we think about software, as it relates to public safety, the funding attributed to software for public safety, that's growing even faster than the money that's being allocated to public safety. So we think all in for 2027, generally conducive to our business.

再來如果我們談到軟體、以及其與公共安全的關聯，歸屬於公共安全的軟體資金，成長速度甚至比分配給公共安全的整體資金還要快。所以我們認為 2027 年整體而言，普遍有利於我們的業務。

Thank you very much.

非常感謝。

Matt Niknam, Truist.

Truist 的 Matt Niknam。

Hey, thanks so much for taking the question. Congrats on the quarter. I have one follow-up and one, I guess, more main question. So the follow-up is we talked about double-digit order growth in the second half of the year. I just want to clarify, is that for the Products and SI segment, or is that for the total business?

嗨，謝謝讓我提問。恭喜本季表現。我有一個追問，以及一個我想算是主要的問題。追問是：我們談到下半年訂單將有雙位數成長。我想確認一下，這是指 Products and SI（產品與系統整合）部門，還是指整體業務？

And then broadly speaking around supply chain, just wondering if you can talk about the visibility you've got with your suppliers in terms of being able to procure what you need to accommodate demand and whether there could be upside to the guide if you're able to get access to more this year? Thanks.

然後更廣泛地談供應鏈，想請你們談談：就供應商而言，你們在可視性上如何，能否採購到滿足需求所需的物料？以及如果今年能取得更多供應，指引是否可能有上行空間？謝謝。

Matt, I'll answer the second question first. I think you're getting at memory. Memory for us is a challenge in what we're having to pay for it. We're paying more. This year, we're going to spend $150 million. Last year was $50 million.

Matt，我先回答第二個問題。我想你指的是記憶體。對我們來說，記憶體的挑戰在於我們必須支付的價格。我們付得更多。今年我們將花 1.5 億美元。去年是 5,000 萬美元。

The availability has been good and continues to be good because we're working with our vendors to secure the continuity of supply. We are carrying higher inventory and capturing its availability.

供應可得性一直不錯，且仍然不錯，因為我們正與供應商合作以確保供應的連續性。我們也持有更高的庫存，以掌握供應可得性。

And I remind those on the call that our LMR, specifically MCN portfolio, does use a simpler form of RAM. It's not the latest, greatest high-speed DRAM, and we can substitute it. And so that's allowing us to have more shots on goal, and we are attaining and getting the continuity supply we need.

我也提醒與會者，我們的 LMR（陸地行動無線電），特別是 MCN 產品組合，使用的是較簡單形式的 RAM。它不是最新、最高速的 DRAM，而且我們可以替代。因此這讓我們有更多選項，而我們也正在達成並取得所需的供應連續性。

We are having to pay more. That said, we're still growing operating margins, 170 bps expected this year, with comparable gross margins.

我們確實必須付更多。即便如此，我們仍在提升營業利益率，今年預期增加 170 個基點（bps），同時毛利率大致相當。

To answer the first part of your question, the double-digit growth is expected in Products, specifically Products and SI, in the second half.

回答你第一個問題的部分：預期雙位數成長是在 Products（產品），具體來說是 Products and SI，在下半年。

Thank you.

謝謝。

(Operator Instructions) Irvin Liu, Evercore ISI.

（接線員指示）Evercore ISI 的 Irvin Liu。

Hi, thank you, and congrats on the nice set of numbers. I had one and a follow-up as well. Just given the continued outperformance of Silvus, I wanted to check whether you held an updated view on where the Silvus TAM stands today. I think most recently, you indicated the TAM is currently about $3 billion and expected to double over the next four to five years. But I guess, I just wanted to better understand whether your growth here on Silvus was more TAM-driven or share-driven. I mean, it sounds like the latter to me.

嗨，謝謝，也恭喜這組很漂亮的數字。我也有一個問題和一個追問。鑑於 Silvus 持續超預期表現，我想確認你們是否更新了對 Silvus TAM（可服務總市場）的看法。我記得你們最近表示 TAM 目前約 30 億美元，並預期在未來四到五年翻倍。但我想更清楚了解，Silvus 的成長更多是由 TAM 驅動，還是由市占率提升驅動。聽起來對我而言比較像是後者。

Yeah, I would say it's more share-driven, actually, than TAM-driven. We don't have any information that would materially change the TAM that you just outlined that we have quantified. I think the performance of Silvus is around share gain and execution and not addressable market expansion per se.

是的，我會說其實更多是由市占率提升驅動，而不是 TAM 驅動。我們沒有任何資訊會實質改變你剛才概述、且我們已量化的 TAM。我認為 Silvus 的表現主要來自市占提升與執行力，而非可觸及市場本身的擴張。

Got it. And thank you. And for my follow-up, you discussed the D-Series infrastructure product as a contributor of LMR strengthening for Q4. Looking ahead, just given that this is the first infrastructure product in 12 years, are you seeing any sort of benefit of a pent-up demand for infrastructure broadly that can potentially unlock multiyear infrastructure refresh cycle?

了解。謝謝。我的追問是：你們提到 D-Series 基礎設施產品將成為第四季 LMR 走強的貢獻因素。往前看，鑑於這是 12 年來第一個基礎設施產品，你們是否看到基礎設施整體存在某種累積（遞延）需求的效益，可能開啟多年期的基礎設施汰換更新週期？

Yes, we are. Just to dimensionalize it, infrastructure is a little less than a quarter of the LMR business.

是的，我們有看到。為了量化一下，基礎設施在 LMR 業務中占比略低於四分之一。

And to have a D-Series, as Greg mentioned, that's new, refreshed, Jack can talk about the customer attributes they like the best. And to have them investing in it means that it's expected to be a growth driver, not only for Products and SI, by the way. Most of the customers that are investing in this infrastructure are signing up for a new 5- or 10-year software and services wrappers around it. So we'll see the benefit of that over time as well.

而有了 D-Series，如 Greg 提到的，它是新的、更新過的；Jack 可以談談客戶最喜歡的屬性。客戶願意投資它，意味著它預期將成為成長動能，而且不只是對 Products and SI 而已。順帶一提，多數投資這套基礎設施的客戶，也會同時簽下新的 5 年或 10 年期軟體與服務合約（包裝）來搭配。因此我們也會隨時間看到這方面的效益。

Jack, in terms of features and what's really uptake.

Jack，就功能面以及真正帶動採用的因素來說呢？

I think we've made coverage more efficient. It's more energy efficient at the site, which is critically important to a lot of customers right now as they think about greening their networks.

我認為我們讓覆蓋更有效率。在站點端也更節能，這對許多客戶目前非常關鍵，因為他們在思考如何讓其網路更綠色化。

We also introduced our ASTRO Site satellite resiliency, which essentially improves the resiliency and redundancy of the networks. That incorporates low Earth orbit satellite just as a backup to a backup, if you will.

我們也導入了 ASTRO Site 的衛星韌性功能，基本上是提升網路的韌性與備援。其中納入低軌道衛星，作為某種「備援的備援」。

But I think the most important thing for us as we look at it is our customers are betting on us for the long term. It's Minnesota Department of Transportation for five years, Maryland, a 10-year renewal. It's Australia -- we have a customer down in Australia signing on for 10 years. So I think it's a continued validation.

但我認為對我們而言最重要的是，從我們的角度來看，客戶是在長期押注我們。例如明尼蘇達州交通運輸部簽了 5 年，馬里蘭州續約 10 年。還有澳洲——我們在澳洲也有客戶簽了 10 年。所以我認為這是持續的驗證。

We've had three big states that have signed on with D-Series in the last three quarters, three major American cities that have signed up. We think there's more to come. Our customers are excited about it.

過去三個季度，我們已有三個大型州政府採用 D-Series 簽約，還有三個美國主要城市也簽了。我們認為後續還會有更多。客戶對此感到興奮。

And by the way, there's two rails. They're investing in the network, but they're also, as Jason pointed out earlier, continuing to think about the refreshing of the devices. I think it's testament to our product team on how they envision these things working together, and then obviously, the services that we provision for our customers are wrapped around those things.

另外，這裡有兩條軌道。他們一方面投資網路，但同時也如 Jason 先前指出的，持續思考終端設備的更新換代。我認為這證明了我們產品團隊如何構想這些東西協同運作，當然也包括我們為客戶提供、並圍繞這些項目所配置的服務。

Thank you.

謝謝。

Louie DiPalma, William Blair.

William Blair 的 Louie DiPalma。

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

Greg、Jason、Jack 和 Mahesh，下午好。

How are you?

你好嗎？

Great. Following up on the last question, should the D-Series upgrade cycle be considered a one-time boost to the second-half growth rate for this year, or should it carry over into next year such that LMR will remain in positive growth territory?

很好。延續上一個問題，D 系列升級週期應該被視為今年下半年成長率的一次性提振，還是會延續到明年，使得 LMR 仍能維持在正成長區間？

So think of D-Series and infrastructure as a slower-moving building part of our growth story. It's because if you, just, I talked about three states. We have over 40 statewide networks in the United States, and we have 10 of the provincial networks in Canada. And so you can just do the math in that, Louie. We got a lot more to do, and these are multiyear plans.

所以把 D 系列和基礎設施視為我們成長故事中較慢推進的建置部分。因為如果你——我剛才談到三個州。我們在美國有超過 40 個州級網路，在加拿大有 10 個省級網路。所以你可以自己算一算，Louie。我們還有很多要做，而這些都是多年期計畫。

And the reality of it is, a lot of these people sit down, particularly with infrastructure, and look at a 10-year plan. And so they're all not going to happen at once. It won't be just a fourth quarter thing. This will be something that will continue to refresh networks, quite frankly, into the 2030s.

而現實是，很多這些客戶坐下來，特別是在基礎設施方面，會看的是一個 10 年計畫。所以不會同時全部發生。不會只是第四季的事情。坦白說，這將會是持續更新網路的事情，一路延續到 2030 年代。

Great. So it should be a positive catalyst also for next year, right?

很好。所以這也應該會是明年的正向催化劑，對吧？

Yes.

是的。

Great. And my second question, the Silvus acquisition has been a home run, and many investors have wondered why Silvus didn't go the IPO path rather than selling to you because the growth has been so exceptionally strong. I wanted to ask about this Motorola effect and your ability to supercharge growth.

很好。我的第二個問題，Silvus 的收購非常成功，許多投資人一直在想，既然成長如此強勁，Silvus 為什麼不走 IPO 路徑，而是賣給你們。我想請教這種「Motorola 效應」以及你們讓成長加速的能力。

So D-Fend has elite technology for radio frequency counter-drone mitigation. And do you expect the combination of D-Fend's technology with Motorola's brand and the cross-selling and the manufacturing capacity that you can replicate with D-Fend what you've done with Silvus?

所以 D-Fend 在射頻反無人機（counter-drone）干擾/反制方面擁有頂尖技術。你是否預期把 D-Fend 的技術與 Motorola 的品牌、交叉銷售，以及你們的製造產能結合後，能像對 Silvus 那樣，複製在 D-Fend 上的成果？

Yeah, and you hit on it. It's exactly right. So I think Silvus -- we think Silvus is a one-of-one asset. I mentioned that, and that acquisition took a long time. We were really thorough. It was almost a year in its engagement. We were very intentional. We were very thorough.

是的，你說到重點了。完全正確。所以我認為 Silvus——我們認為 Silvus 是獨一無二的資產。我提過，那筆收購花了很長時間。我們做得非常徹底。從接觸到完成幾乎花了一年。我們非常有目的性。我們非常徹底。

What is it about Motorola Solutions that can make Silvus grow better than they can on their own?

Motorola Solutions 有哪些特質，能讓 Silvus 的成長比他們單打獨鬥更好？

Number one is the brand equity and the install base to the customers that we have, in this case, particularly MODs internationally, where we immediately give that asset, which is, you call it elite, agree, visibility into theaters maybe they didn't have initially.

第一是品牌資產與我們既有的客戶裝機基礎；在這個案例中，特別是國際上的國防部（MODs），我們能立刻讓這項資產——你稱之為頂尖，我同意——在某些戰區獲得他們一開始可能沒有的能見度。

Second, it's go-to-market sales motion. Molloy's already more than doubled the sales force.

第二是市場進入（go-to-market）的銷售打法。Molloy 已經把銷售團隊規模增加到原來的兩倍以上。

Third is coals on the fire and expansion and focus around government affairs, both in North America and internationally.

第三是加大投入並擴張、聚焦政府事務（government affairs），涵蓋北美與國際市場。

Fourth is being able to buy supply chain components, efficiency, capacity in a way that Motorola can bring to bear, the back office, the IT, the systems, the manufacturing, low unit cost component acquisition. So net-net, we can have its growth, it can grow faster through sales, and it can scale faster with the infrastructure of Motorola Solutions.

第四是我們能以 Motorola 的規模去採購供應鏈零組件、提升效率與產能；後勤支援、IT、系統、製造，以及以較低單位成本取得零組件。總而言之，我們可以保有它的成長動能，透過銷售讓它成長更快，並藉由 Motorola Solutions 的基礎設施讓它更快規模化。

And lastly, highly culturally compatible, RF centricity, different market, great product.

最後，文化高度相容、以射頻（RF）為核心、不同的市場、很棒的產品。

The Silvus team has been superb, not just because of the revenue and the growth, and we love all that, it's great. The people are outstanding. The technical depth, superb. They see around corners. They look and we look to extend the lead we believe we have even further from a technology expansion point.

Silvus 團隊非常出色，不只是因為營收與成長，我們也很喜歡那些，確實很棒。人員非常優秀。技術深度一流。他們能預見未來趨勢。他們在看、我們也在看，從技術擴張的角度，去把我們自認擁有的領先優勢再拉得更大。

And I think we feel very similarly about D-Fend. The elite technology around cyber takeover, around not just detection and tracking and identification, but unique mitigation.

而我想我們對 D-Fend 也有非常相似的感受。其在網路接管（cyber takeover）方面的頂尖技術，不僅是偵測、追蹤與識別，還有獨特的反制能力。

Once again, by the way, an Israeli company. We've been in Israel over 60 years. We have 600 people there, plus or minus. So the density of our presence in Israel, the commonality around cultural innovation, not just in Israel, but in RF and that cultural creativity that Mahesh's LMR team and mission-critical team brings, I think it'll be a similar story with D-Fend.

順帶一提，又是一家以色列公司。我們在以色列已經超過 60 年。我們在那裡有約 600 名員工，上下浮動一些。所以我們在以色列的據點密度、在文化創新上的共通性——不只是在以色列，也在射頻（RF）領域——以及 Mahesh 的 LMR 團隊與關鍵任務（mission-critical）團隊所帶來的那種文化創造力，我認為在 D-Fend 上也會是類似的故事。

I think we can do more with D-Fend than anyone else can, or they could do on their own. And I think that was largely in part why the two companies decided to get together. I'm super excited about the opportunities in public safety counter-drone for that asset once we're able to close it after regulatory approval.

我認為我們能為 D-Fend 做到的事情，比任何其他人都多，也比他們自己單獨能做到的更多。我想這在很大程度上也是兩家公司決定走到一起的原因。一旦在監管核准後完成交割，我對這項資產在公共安全反無人機領域的機會感到非常興奮。

Thanks, Greg.

謝謝你，Greg。

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.

問答環節到此結束。接下來我將把時間交給董事長兼執行長 Greg Brown 先生，請他做任何補充意見或結語。

I just want to say thank you to all the Motorola people listening in, to our customers. Thank you to our partners.

我只想對所有正在收聽的 Motorola 同仁，以及我們的客戶說聲謝謝。也謝謝我們的合作夥伴。

It was a great quarter. Great quarter with double-digit orders, strong revenue growth, operating margin expansion, generating just under $500 million just in Q2 of cash flow.

這是一個很棒的季度。訂單雙位數成長、營收強勁成長、營業利益率擴張，僅在第二季就產生接近 5 億美元的現金流。

We talked about the strength of mission-critical networks and land mobile radio specifically. That informed our beat in Q2, which was $130 million, which was $100 million from LMR and $30 million driven by Silvus. That's informing the full-year raise of $175 million, $100 million from Silvus, generally $75 million from LMR.

我們談到關鍵任務網路與陸地行動無線電（LMR）尤其強勁。這也反映在我們第二季的超預期表現：1.3 億美元，其中 1 億美元來自 LMR，3,000 萬美元由 Silvus 帶動。這也支撐我們把全年上調 1.75 億美元：其中 1 億美元來自 Silvus，約 7,500 萬美元來自 LMR。

The business is strong. The product refresh cycle is good, both on devices and on infrastructure. I think the supply chain team, I want to say thank you as well to Motorola. We made a conscious decision to carry more inventory. We were thoughtful about getting ahead of memory and aligning that with conversion that allowed us to execute. I think that will continue in the back half.

業務表現強勁。產品更新週期良好，無論是終端設備或基礎設施。我也想對 Motorola 的供應鏈團隊說聲謝謝。我們做了有意識的決定，持有更多庫存。我們審慎地提前布局記憶體，並把它與轉換（conversion）對齊，使我們得以順利執行。我認為這在下半年仍會持續。

And lastly, I just love the momentum we have as we sit here today for the rest of this year.

最後，我非常喜歡我們此刻面對今年剩餘時間所展現的動能。

Thanks for listening. Look forward to talking to you next November.

謝謝收聽。期待明年 11 月再與各位交流。

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.

今天的電話會議到此結束。本次電話會議的重播將在三小時內於網路上提供。網站地址為 www.motorolasolutions.com/investor。

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

感謝各位的參與，並請此刻掛斷您的線路。