摩托羅拉 (MSI) 2026 Q3 法說會逐字稿

Good afternoon and thank you for holding.

下午好，感謝您耐心等候。

Welcome to the Motorola Solutions third quarter 2026 earnings conference call. Today's call is being recorded. If you have any objections, please disconnect at this time.

歡迎參加 Motorola Solutions 2026 年第三季財報電話會議。今天的電話會議將被錄音。如您有任何異議，請於此時中斷連線。

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.

簡報資料與其他財務表格已公布於 Motorola Solutions 投資人關係網站。此外，本次電話會議結束後三小時內，網站上將提供本次電話會議的網路直播重播。網站網址為 www.motorolasolutions.com/investor。

(Operator Instructions)

（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 third quarter earnings call.

下午好。歡迎參加我們 2026 年第三季財報電話會議。

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.

今天與我一同出席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；以及執行副總裁兼技術長 Mahesh Saptharishi。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。

We have posted an earnings presentation and news release at motorolasolutions.com/investors. These materials include GAAP to non-GAAP reconciliations for your reference. During the call, we reference non-GAAP financial results, including those in our outlook unless otherwise noted. A number of forward-looking statements will be made during this presentation and during the Q&A portion of the call. These statements are based on current expectations and assumptions that are subject to a variety of risks and uncertainties. Actual results could differ materially from these forward-looking statements.

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。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。在本次簡報以及電話會議的問答部分，我們將作出若干前瞻性陳述。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的影響。實際結果可能與這些前瞻性陳述存在重大差異。

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

可能導致此類差異的因素資訊，載於今日的財報新聞稿。亦可見於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、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 the call over to Greg.

接下來我把電話交給 Greg。

Thanks, Brian, and good afternoon, and thanks for joining us today.

謝謝你，Brian。各位下午好，也感謝大家今天加入我們。

I'm going to start off by sharing a few thoughts about the business before Jason takes us through our results and our outlook.

在 Jason 帶大家檢視我們的業績與展望之前，我先分享幾點對業務的看法。

First, Q3 was another outstanding quarter, highlighted by record revenue in both segments and across all three technologies. Revenue and earnings per share exceeded our guidance as we continue to see strong momentum across our entire safety and security ecosystem. Both segments grew double-digits with products in SI growing 12%, driven by growth in public safety LMR and continued robust demand for Silvus while Software & Services grew 13%. Additionally, we expanded operating margins 200 basis points with strong contributions from both segments, and that's inclusive of higher supply chain costs.

首先，第三季再次表現亮眼，兩大事業部門以及三項技術皆創下營收新高。在我們持續看到整個安全與保安生態系統強勁動能的情況下，營收與每股盈餘均超越我們的指引。兩個部門皆呈現雙位數成長，其中 SI 的產品成長 12%，主要受公共安全 LMR 成長以及 Silvus 持續強勁需求帶動；而軟體與服務成長 13%。此外，在兩個部門的強勁貢獻下，我們的營業利益率擴張 200 個基點，且已包含較高的供應鏈成本。

Second, demand remains exceptionally strong with our record Q3 orders and our highest ever-ending backlog of $16.6 billion, up approximately $1 billion from last quarter. Orders grew over 20% versus last year with broad-based growth in both segments demonstrating the critical need and continued trust customers put in our solutions.

第二，需求仍然異常強勁；第三季訂單創新高，期末在手訂單（backlog）亦創歷史新高達 166 億美元，較上季增加約 10 億美元。訂單較去年成長超過 20%，兩個部門皆呈現廣泛成長，顯示客戶對我們解決方案的關鍵需求以及持續的信任。

And finally, following our strong Q3 performance, we are again raising full-year guidance for both revenue and EPS as well as now increasing our full-year cash flow expectations.

最後，在第三季強勁表現之後，我們再次上調全年營收與 EPS 指引，並且也提高了全年現金流預期。

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

接下來我把電話交給 Jason。

Thank you, Greg.

謝謝你，Greg。

Revenue for the quarter grew 12% and was above our guidance with double-digit growth in both segments and in all three technologies. Revenue growth from acquisitions was $211 million during the quarter, while FX tailwinds were $11 million. GAAP operating earnings were $777 million or 23% of sales, down from 25.6% in the year-ago quarter, which included an $87 million non-cash charge. For the increase in the Silvus earn-out provision, driven by the continued strong performance of the business.

本季營收成長 12%，高於我們的指引；兩個部門以及三項技術皆呈現雙位數成長。本季併購帶來的營收成長為 2.11 億美元，而匯率順風為 1,100 萬美元。GAAP 營業利益為 7.77 億美元，占銷售額 23%，低於去年同期的 25.6%；去年同期包含 8,700 萬美元的非現金費用。該費用係因 Silvus 或有對價（earn-out）準備金增加，主要由於該業務持續強勁的表現所致。

Non-GAAP operating earnings were almost $1.1 billion, up 19% from the year-ago quarter and non-GAAP operating margin was 32.5%, up 200 basis points, driven by higher sales and improved operating leverage, partially offset by higher supply chain costs.

非 GAAP 營業利益接近 11 億美元，較去年同期成長 19%；非 GAAP 營業利益率為 32.5%，上升 200 個基點，主要受較高銷售與營運槓桿改善帶動，但部分被較高的供應鏈成本所抵銷。

GAAP earnings per share was $3.06, down from $3.33 in the year-ago quarter, primarily driven by the $0.52 non-cash charge for the Silvus earnout that I mentioned earlier. Non-GAAP EPS was $4.69, up 16% from $4.06 last year. The growth in EPS was driven by higher operating margins, partially offset by higher interest and taxes in the current quarter. OpEx in Q3 was $696 million, up $44 million versus last year due to acquisitions.

GAAP 每股盈餘為 3.06 美元，低於去年同期的 3.33 美元，主要是受到我先前提到的 Silvus 或有對價 0.52 美元非現金費用影響。非 GAAP EPS 為 4.69 美元，較去年的 4.06 美元成長 16%。EPS 的成長主要由較高的營業利益率帶動，但部分被本季較高的利息與稅負所抵銷。第三季營業費用（OpEx）為 6.96 億美元，較去年增加 4,400 萬美元，主要因併購所致。

Turning to cash flow, Q3 operating cash flow was $662 million and free cash flow was $589 million. Our year-to-date operating cash flow was almost $1.6 billion, up versus last year, inclusive of investments that we've made in inventory and we're now raising our operating cash flow expectations $50 million from $3 billion to $3.05 billion for the year.

談到現金流，第三季營運現金流為 6.62 億美元，自由現金流為 5.89 億美元。年初至今的營運現金流接近 16 億美元，較去年增加，且已包含我們在存貨上的投資；我們也將全年營運現金流預期上調 5,000 萬美元，從 30 億美元提高至 30.5 億美元。

Capital allocation for Q3 included $200 million of cash dividends, $94 million in share repurchases and $73 million of CapEx. Additionally, during the quarter, our Board of Directors approved a $2 billion increase to the share repurchase program.

第三季的資本配置包括 2 億美元現金股利、9,400 萬美元庫藏股回購，以及 7,300 萬美元資本支出（CapEx）。此外，本季董事會核准將股票回購計畫額度增加 20 億美元。

Moving to segment results.

接著看各部門業績。

In Products & SI, sales were up 12% versus last year, driven by double-digit growth in both MCN and video. Revenue growth from acquisitions was $169 million and FX tailwinds were $7 million during the quarter. Operating earnings were $671 million or 31.7% of sales, up from 29.3% in the prior year, primarily driven by higher sales and improved operating leverage, partially offset by higher supply chain costs.

在產品與系統整合（Products & SI）方面，銷售額較去年成長 12%，主要由 MCN 與影像（video）皆呈現雙位數成長所帶動。本季併購帶來的營收成長為 1.69 億美元，匯率順風為 700 萬美元。營業利益為 6.71 億美元，占銷售額 31.7%，高於去年同期的 29.3%；主要受較高銷售與營運槓桿改善帶動，但部分被較高的供應鏈成本所抵銷。

Some notable Q3 wins and achievements in this segment include $140 million P25 systems and device order with the Federal Bureau of Prisons, a $98 million P25 device and SVX order for a US federal customer, a $63 million P25 systems and device order for the Metro government of Nashville and Davidson County, a $56 million fixed video order for a large convenience store chain and a $39 million Silvus order for a German unmanned systems provider.

本部門第三季一些值得注意的得標與成果包括：與美國聯邦監獄局（Federal Bureau of Prisons）簽下 1.4 億美元的 P25 系統與設備訂單；為某美國聯邦客戶取得 9,800 萬美元的 P25 設備與 SVX 訂單；為納許維爾與戴維森郡（Nashville and Davidson County）都會政府取得 6,300 萬美元的 P25 系統與設備訂單；為大型連鎖便利商店取得 5,600 萬美元的固定式影像訂單；以及為一家德國無人系統供應商取得 3,900 萬美元的 Silvus 訂單。

In Software & Services, revenue was up 13% compared to last year, driven by double-digit growth in all three technologies. Revenue growth from acquisitions was $42 million and foreign currency tailwinds were $4 million in the quarter. Operating earnings in the segment were $425 million or 33.8% of sales, up from 32.6% of sales last year driven by higher sales and improved operating leverage.

在軟體與服務（Software & Services）方面，營收較去年成長 13%，主要由三項技術皆呈現雙位數成長所帶動。本季併購帶來的營收成長為 4,200 萬美元，外幣順風為 400 萬美元。該部門營業利益為 4.25 億美元，占銷售額 33.8%，高於去年的 32.6%，主要受較高銷售與營運槓桿改善帶動。

Some notable Q3 highlights from this segment include a $139 million order that included P25 services, mobile video and command center solutions for the state of Louisiana over a 10-year period, a $78 million eight-year mobile video award with a US federal customer, a $59 million six-year LMR P25 services order for a state and local customer, $51 million command center CAD and records management order for the Los Angeles Police Department, and a $27 million LMR P25 services renewal for the North Carolina State Highway Patrol.

本部門第三季的一些值得注意的亮點包括：一筆1.39億美元的訂單，內容涵蓋P25服務、行動視訊以及為路易斯安那州提供為期10年的指揮中心解決方案；一筆與美國聯邦客戶簽訂、為期八年的7,800萬美元行動視訊合約；一筆為州與地方客戶提供、為期六年的5,900萬美元LMR P25服務訂單；一筆為洛杉磯警察局提供的5,100萬美元指揮中心CAD與紀錄管理訂單；以及一筆為北卡羅來納州公路巡警提供的2,700萬美元LMR P25服務續約。

Looking next at our regional results, North America Q3 revenue was $2.3 billion, up 10% with growth driven by all three technologies. International Q3 revenue was $1 billion, up 18% versus last year, driven by double-digit growth in all three technologies.

接著看我們的區域表現，北美第三季營收為23億美元，年增10%，成長由三大技術全面帶動。國際市場第三季營收為10億美元，較去年成長18%，同樣由三大技術皆呈雙位數成長所驅動。

Moving next to our backlog, Q3 ending backlog was an all-time record of $16.6 billion, up $2.1 billion or 14% versus last year and up $1 billion sequentially, driven by record Q3 orders in all three technologies. In the Products & SI segment, ending backlog increased $635 million versus last year and $454 million sequentially due to strong demand in MCN and video. In Software & Services, backlog increased $1.4 billion compared to last year and $575 million sequentially driven by strong demand in all three technologies.

接著看我們的在手訂單（backlog），第三季期末在手訂單創下歷史新高，達166億美元，較去年增加21億美元或14%，並較前一季增加10億美元，主要由三大技術第三季訂單皆創新高所帶動。在產品與系統整合（Products & SI）部門，期末在手訂單較去年增加6.35億美元、較前一季增加4.54億美元，原因是MCN與視訊需求強勁。在軟體與服務（Software & Services）部門，在手訂單較去年增加14億美元、較前一季增加5.75億美元，主要由三大技術需求全面強勁所驅動。

Turning to our outlook, we expect Q4 sales growth of approximately 13% with non-GAAP EPS between $5.47 and $5.52 per share. This assumes a diluted share count of approximately 168 million shares and an effective tax rate of approximately 22.5% for the full year. We now expect revenue of approximately $13.050 billion, up from our prior guidance of $12.975 billion and non-GAAP EPS between $17.94 and $17.99 per share, up from our prior guide of between $17.62 and $17.72 per share.

談到展望，我們預期第四季銷售成長約13%，非GAAP每股盈餘（EPS）介於每股5.47至5.52美元。此預估假設稀釋後股數約為1.68億股，且全年有效稅率約為22.5%。我們目前預期營收約為130.50億美元，高於先前指引的129.75億美元；非GAAP EPS介於每股17.94至17.99美元，高於先前指引的每股17.62至17.72美元。

This full year outlook assumes a diluted share count of approximately 168 million shares and an effective tax rate between 21.5% and 22%. With our increased guidance for the year, Products & SI is now expected to grow 12%, up from our prior guidance of 11% and MCN is now expected to grow 11%, up from 10% to 11% previously. And we now expect operating margin expansion of 190 bps, up from our prior expectations of 170 bps, which also includes expectations for gross margins now being up.

此全年展望假設稀釋後股數約為1.68億股，且有效稅率介於21.5%至22%。隨著我們上調全年指引，產品與系統整合（Products & SI）目前預期成長12%，高於先前指引的11%；MCN目前預期成長11%，高於先前的10%至11%。此外，我們目前預期營業利益率擴張190個基點，高於先前預期的170個基點，其中也包含目前對毛利率上升的預期。

Before I turn the call over to Greg, I wanted to touch on a couple of key topics. First, on the M&A front, we are excited about the acquisition of D-Fend, which we closed for $1.3 billion net of cash acquired. D-Fend expands our radio frequency capabilities into drone detection and cyber takeover-based mitigation and will be included in our mission-critical networks technology along with LMR and Silvus. Our full-year outlook contemplates approximately $45 million of revenue contribution from D-Fend this year during the stub period. Bell Canada's LMR Network Services business, an acquisition we previously expected to close in Q4, is now expected to close in Q1 or Q2 as we continue to work through customer and regulatory approvals.

在我把電話會議交給Greg之前，我想先談幾個關鍵主題。首先，在併購（M&A）方面，我們很高興完成對D-Fend的收購，扣除取得的現金後，交易金額為13億美元。D-Fend將我們的無線電頻（RF）能力延伸至無人機偵測與基於網路接管（cyber takeover）的反制措施，並將與LMR及Silvus一同納入我們的任務關鍵網路（mission-critical networks）技術。我們的全年展望已納入D-Fend在今年過渡期間（stub period）約4,500萬美元的營收貢獻。Bell Canada的LMR網路服務業務（我們先前預期於第四季完成的收購案），目前預期將於第一季或第二季完成，因我們仍在推進客戶與監管核准流程。

Finally, regarding our balance sheet, in August, we raised $950 million of new long-term senior debt at attractive rates to fund the D-Fend acquisition and refinance $300 million of Silvus term loans that matured during the quarter. With continued strong cash generation expected in Q4, we remain well on track to end the year at around 2x of net debt to EBITDA leverage in line with the expectations that we have shared with you previously.

最後，關於資產負債表方面，8月我們以具吸引力的利率新增發行9.5億美元長期優先債務，用以資助D-Fend收購案，並再融資本季到期的3億美元Silvus定期貸款。在預期第四季持續強勁的現金創造下，我們仍非常有把握在年底將淨負債對EBITDA槓桿比率降至約2倍，符合我們先前與各位分享的預期。

I would now like to turn the call back to Greg.

我現在把電話會議交回給Greg。

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

謝謝，Jason。在我們開放提問之前，我想做幾點最後的總結。

First, I'm extremely pleased with our execution in the quarter. We achieved double-digit revenue growth in both segments while also driving significant operating margin expansion. Additionally, we saw record Q3 orders, ended the quarter with an all-time record backlog of $16.6 billion and continued to generate strong operating cash flow.

第一，我對我們本季的執行表現非常滿意。我們在兩個部門都達成雙位數營收成長，同時也推動營業利益率顯著擴張。此外，我們第三季訂單創新高，期末在手訂單達166億美元、創歷史新高，並持續產生強勁的營運現金流。

Second, over the last month, our teams met with hundreds of customers at the Army's AUSA conference in DC and the International Association of Chiefs of Police in Orlando. The energy customer engagement and momentum coming out of both events was outstanding. At AUSA, Silvus was front and center, underscoring the critical need for high throughput, jam-resistant tactical communications, powering unmanned systems in contested environments. And at IACP, it was abundantly clear that our safety and security ecosystem is resonating as public safety and defense leaders increasingly look to us to help simplify their mission-critical emergency workloads.

第二，在過去一個月，我們的團隊在華盛頓特區的美國陸軍AUSA年會，以及奧蘭多的國際警察首長協會（IACP）大會上，與數百位客戶會面。兩場活動帶來的客戶互動熱度與動能都非常出色。在AUSA，Silvus成為焦點，凸顯高吞吐量、抗干擾的戰術通訊之關鍵需求，為爭奪環境中的無人系統提供支援。而在IACP，我們的安全與保安生態系統所引發的共鳴非常明顯，因為公共安全與國防領導者愈來愈希望我們協助簡化其任務關鍵的緊急應變工作負載。

Our multi-year award for the State of Louisiana this quarter was yet another example of the momentum we're seeing, and continued competitive wins like this one demonstrate how customers are recognizing the compelling value of complementing our next-generation LMR devices and infrastructure with our mobile video and command center solutions. In those ecosystem wins, our purpose-built Assist AI amplifies the integration across these technologies, streamlining the end-to-end emergency workflow from incoming 911 calls all the way through case closure.

我們本季獲得路易斯安那州的多年期合約，是我們所見動能的另一個例證；而像這樣持續的競爭性勝出，也顯示客戶正認可：將我們新一代LMR裝置與基礎設施，搭配我們的行動視訊與指揮中心解決方案，具有極具吸引力的價值。在這些生態系統型的勝出案例中，我們專為此打造的Assist AI強化了跨技術的整合，將端到端的緊急應變流程加以精簡，從接入的911來電一路到案件結案。

And third, we closed on the acquisition of D-Fend, which brings industry-leading counter-UAS technology into our portfolio, specializing in drone mitigation via cyber takeover capabilities. As drone detection and mitigation becomes an urgent priority for public safety and critical infrastructure, integrating this differentiated cyber takeover counter UAS technology into our mission critical networks and command center platforms provides a critical highly differentiated tool for our federal, state, and local public safety customers globally.

第三，我們完成了對D-Fend的收購，將業界領先的反無人機（counter-UAS）技術納入我們的產品組合，專精於透過網路接管能力進行無人機反制。隨著無人機偵測與反制成為公共安全與關鍵基礎設施的迫切優先事項，將這項差異化的網路接管反無人機技術整合至我們的任務關鍵網路與指揮中心平台，能為我們在全球的聯邦、州與地方公共安全客戶提供一項關鍵且高度差異化的工具。

And finally, as we look to close out another record year and head into 2027, I feel very good about our position. The overall demand profile for safety and security remains robust. Our record backlog provides us with strong multi-year visibility and our core foundation of innovative and impactful solutions position us exceptionally well to serve an addressable market that is now approaching $100 billion.

最後，當我們準備以另一個創紀錄的年度作結並邁向2027年時，我對我們的定位感到非常有信心。整體安全與保安需求態勢仍然強勁。我們創紀錄的在手訂單為我們提供強勁的多年期能見度，而我們以創新且具影響力的解決方案為核心的基礎，也使我們在服務目前正逼近1,000億美元的可服務市場（addressable market）方面具備極佳優勢。

I'll now turn the call over to Brian and we'll open it up for your questions.

我現在把電話會議交給Brian，接著我們將開放各位提問。

(Event Instructions)

（活動說明）

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

接線員，請您提醒線上的來電者要如何提問，好嗎？

(Operator Instructions)

（接線員指示）

Tim Long, Barclays.

Tim Long，巴克萊（Barclays）。

Thank you. Yes, two for me, if I could. First, on Silvus. Maybe if you just touch on kind of the near-term strength here, where you're seeing the most activity. And related to that, if you could just update us on the capacity, the new plant and the past capacity increases and what that would mean as we head into 2027.

謝謝。好的，如果可以的話我有兩個問題。第一個關於Silvus。也許請您談談近期的強勁動能，您看到活動最熱絡的地方在哪裡。以及與此相關的，能否請您更新一下產能狀況、新工廠、以及過去的產能提升，並說明當我們邁向2027年時這些將意味著什麼。

And the second, maybe for Greg, talking about 2027, Q4 is a solid year-over-year growth number. Obviously, a lot of visibility, a lot of good orders here, a lot of momentum in the business. So just give us a sense on how you're thinking about kind of growth into next year to the extent that you can at this point?

第二個問題，可能是給 Greg 的，談到 2027 年，第四季的年增率數字很扎實。顯然可見度很高、這裡有很多不錯的訂單，業務動能也很強。所以在你目前能分享的範圍內，請給我們一些你如何看待成長延伸到明年的想法？

Yes, Tim, I'll start. So first of all, with Silvus, I think you asked what the strengths we're seeing. I mean, unmanned systems is clearly been a strength, not only internationally but here in the States. And I think as Greg just mentioned, it's high bandwidth. It's been tested. The Ukraine is a litmus test and I think in the most contested, congested environments, it's the market leader and I think that's the first thing.

好的，Tim，我先開始。首先，關於 Silvus，我想你問的是我們看到的優勢是什麼。我的意思是，無人系統顯然一直是強項，不僅在國際上，在美國本土也是如此。而且我想正如 Greg 剛提到的，它是高頻寬。它已經過測試驗證。烏克蘭是一個試金石，我認為在最具對抗性、最擁擠的環境中，它是市場領導者，我想這是第一點。

The second thing is we've doubled the sales force. So we had a presence, a heavy presence in the US within the DoD. We've expanded internationally. We're starting to get some significant traction in NATO given what's happening in the Ukraine and we've also seen we're seeing an uptick in activity in Indo-Pacific as well. So I think and the last thing I would say is the spectrum-dominant software, I think, continues to be a difference maker there. We continue to feed that, invest from an R&D standpoint. So we brought scale, we brought coverage and from a supply constraints, we've actually doubled our Los Angeles capacity. So just to meet and bring down lead times in the second-half of the year, we've added an [LC] line, which puts us front and center in programs like Drone Dominance. And then Salt Lake City, which we announced, I think, 60 days ago, will start to come online and get some benefits for that as we roll into 2027.

第二點是我們把銷售團隊規模加倍了。所以我們原本在美國國防部（DoD）體系內就有據點，而且是很深的佈局；我們也擴展到國際市場。鑑於烏克蘭正在發生的事情，我們在北約（NATO）開始取得一些顯著進展，同時我們也看到印太地區的活動量有所上升。所以我想，最後我會說的是「頻譜主導」軟體，我認為仍然是那裡的關鍵差異化因素。我們持續在這方面投入，從研發（R&D）的角度持續加碼。因此我們帶來了規模、帶來了覆蓋面；而在供應限制方面，我們實際上把洛杉磯的產能加倍了。所以為了在下半年滿足需求並縮短交期，我們新增了一條 [LC] 產線，讓我們在像「Drone Dominance」這類專案中處於核心位置。另外，我們大約 60 天前宣布的鹽湖城據點，將開始上線，並在我們邁入 2027 年時帶來一些效益。

In terms of its expectations for the year, Tim, with all the performance that we've had and what Jack just mentioned, it's on pace to do probably a little more than $900 million this year.

就今年的預期而言，Tim，基於我們目前的表現以及 Jack 剛提到的情況，它今年的進度大概會做到略高於 9 億美元。

$900 million .

9 億美元。

And by the way, in terms of 2027, obviously we're not going to guide specifics for next year. We'll update you in February. But kind of taking a step back, I think at this point, we're expecting, again, high level, Tim, revenue approximately in the zip code of $14.25 billion. I would also say it's worth mentioning that with that expectation, we believe organic growth will be stronger in '27 over 2026. And we also would expect again to expand operating margins. And that's in the face of increasing memory costs and supply chain headwinds. I mean, it wouldn't surprise us if memory costs, they could very well double 2027 over 2026. But even with that, we would expect to provide operating leverage and grow operating margins in 2027 over 2026. That's my view at this point in time.

順帶一提，談到 2027 年，顯然我們不會對明年提供具體指引。我們會在二月更新你們。但退一步從更高層次來看，Tim，我認為目前我們預期營收大約在 142.5 億美元這個區間。我也想提一下，在這個預期之下，我們相信 2027 年的有機成長會比 2026 年更強。而且我們也同樣預期會擴大營業利益率。即便面臨記憶體成本上升與供應鏈逆風。我的意思是，如果 2027 年的記憶體成本相較 2026 年翻倍，我們也不會感到意外。但即便如此，我們仍預期能提供營運槓桿，並在 2027 年相較 2026 年提升營業利益率。這是我目前這個時間點的看法。

Keith Hausmann, North Coast Research.

Keith Hausmann，North Coast Research。

Good afternoon, guys, and thanks.

各位下午好，謝謝。

Greg, if you could just unpack that memory cost that you just kind of threw in there. What was the impact of that for the third quarter and the expectation for fourth quarter? You say doubling in '27 versus 2026. Maybe give us a baseline for what that 2026 number is.

Greg，你能不能把你剛剛順口提到的記憶體成本再拆解說明一下？第三季的影響是什麼？第四季的預期又是什麼？你說 2027 年相較 2026 年會翻倍。也許可以給我們一個 2026 年那個數字的基準。

Yeah, high level, we did about $50 million in 2025 of direct memory components. Last quarter, we talked about it being about $150 million, $150 million, $160 million, I think we said $150 million. My commentary is related to that base number. So as we go into 2027, that could effectively double. And obviously, we will continue to do the things we do around that, whether it's accelerating inventory, working with suppliers to secure continuity of supply. Maybe there's some surgical price increases, although we're very mindful to remain quite competitive on that front. But I think overall, the supply chain team and Jack's sales and operations team have done a very good job. But even in the face of those headwinds, we still expect to grow operating margins in 2027.

可以，先用高層次來說，我們在 2025 年直接記憶體元件大約是 5,000 萬美元。上一季我們提到大約是 1.5 億美元，1.5 億到 1.6 億美元，我想我們說的是 1.5 億美元。我剛剛的評論是以那個基準數為出發點。所以當我們進入 2027 年，那個數字可能實質上會翻倍。當然，我們會持續做我們一貫會做的事情來因應，包括加速備貨、與供應商合作以確保供應連續性。也許會有一些精準的價格調整，雖然我們非常注意在這方面仍要保持相當競爭力。但我認為整體而言，供應鏈團隊以及 Jack 的銷售與營運團隊做得非常好。即便面對這些逆風，我們仍預期在 2027 年提升營業利益率。

And to dimensionalize how that $100 million of increase this year over last year in memory is presenting itself in the P&L. More of it is in the second half as we went through inventory and the price, as Keith, has gone up. So we're having more of it impact Q3 and Q4 than was there in the first half.

而為了更具體說明今年相較去年記憶體增加的那 1 億美元，是如何反映在損益表（P&L）上：其中較大部分發生在下半年，因為我們在消化庫存，而價格也如 Keith 所說已經上升。所以相較於上半年，我們在第三季與第四季受到的影響更大。

By the way, one other thing, Keith, I'd add is I think back to Tim's question on 2027, again, high level, probably expect revenue linearity. As we look out at this point in time in November to 2027 to be very similar to linearity in 2026, just high level.

順帶一提，Keith，我還想補充一點：回到 Tim 對 2027 年的問題，同樣用高層次來看，我們大概會預期營收的季節性／線性（linearity）。以目前 11 月這個時間點往 2027 年看，2027 年的線性表現會非常接近 2026 年的線性表現，就高層次而言。

One other point around Keith, the IEEPA tariff, which we booked in Q2, which we were very clear on in Q2, also helped Q2's margin offset from memory. So as we think about next year, of course, that's about a $75 million good guy this year. That, of course, doesn't present itself next year.

另外一點，Keith，關於 IEEPA 關稅，我們在第二季入帳，而且我們在第二季已經講得很清楚，它也幫助第二季的毛利率／利潤率，抵銷了部分記憶體的影響。所以當我們思考明年時，當然，今年那大約是 7,500 萬美元的正面因素。但那當然不會在明年再出現。

I appreciate the reminder there.

謝謝你提醒這點。

And then if we just go back to Silvus and the expansion of the manufacturing capacity, I think you guys referenced lead times coming down and the capacity expansion in Salt Lake City. Perhaps maybe just give us a little bit more color on how it's coming down, any concerns about being able to meet demand for next year?

那如果我們回到 Silvus 以及製造產能的擴充，我想你們提到交期正在縮短，以及鹽湖城的產能擴張。也許能否再多給我們一些細節：交期是怎麼降下來的？對於明年能否滿足需求，有沒有任何疑慮？

So number one, we have no concerns. We have not had any loss of business, which I think is really important in the face of increased demand. We've been able to remediate from what was at one point in time around 2021, 22 weeks, we're down around 12 weeks right now, 12 to 14 weeks, depending on the line. And obviously, as I alluded to earlier, Salt Lake City puts us in a better position as we roll into '27. So I tell you what, between the Motorola supply chain team (technical difficulty) public supply chain team at Silvus, we have had escalation in demand and we've been able to meet the need of the OEM, the unmanned OEMs, as well as the end-user environment that we've been invested in as well. So I'm really pleased with the work we've done.

第一，我們沒有任何疑慮。在需求增加的情況下，我們沒有流失任何業務，我認為這點非常重要。我們已經把交期從一度在 2021 年左右的約 22 週，改善到目前大約 12 週，約 12 到 14 週，視產線而定。而且如我先前提到的，鹽湖城讓我們在邁入 '27 時處於更有利的位置。所以我跟你說，在 Motorola 供應鏈團隊（技術問題）以及 Silvus 的供應鏈團隊之間，我們面對需求升級，但仍能滿足 OEM（原始設備製造商）、無人系統 OEM，以及我們也投入的終端使用者環境的需求。所以我對我們所做的工作非常滿意。

Joseph Cardoso, JPMorgan.

Joseph Cardoso，摩根大通。

Hi. This is Margaret Tenzin on for Joseph Cardoso.

嗨。我是 Margaret Tenzin，代替 Joseph Cardoso 發言。

Thanks for the 2027 commentary. I guess with regards to 1Q, there's typically a pretty steep step down from 4Q to 1Q and 4Q happens to be pretty strong as guided this year. So how should we think about the magnitude of that step down and some of the kind of puts and takes that take us into the linearity that was described? And then I have a follow-up.

感謝對 2027 年的評論。我想就 1Q 而言，通常從 4Q 到 1Q 會有相當明顯的下滑，而今年的 4Q 依照指引看起來也特別強勁。那麼我們應該如何看待這個下滑幅度，以及有哪些此消彼長的因素，讓我們走向你們所描述的線性表現？另外我還有一個追問。

Well, as Greg mentioned, the linearity that we see at this point for next year reflects the linearity that's playing out this year. So as you pointed out, Q1 is typically our smallest quarter of the year and reflects the seasonal patterns in our business. We expect that next year will look a lot like this year in terms of how growth represents itself. We have strong demand, strong backlog, and the continued ability to convert that is included in the color that we gave and in November.

嗯，正如 Greg 提到的，我們目前看到的明年線性表現，反映的是今年正在呈現的線性走勢。所以如你所指出，Q1 通常是我們一年中最小的季度，反映了我們業務的季節性模式。我們預期明年在成長呈現方式上會很像今年。我們有強勁的需求、強勁的在手訂單（backlog），以及持續將其轉化的能力；這些都已包含在我們所提供的補充說明中，也在 11 月提到過。

Got it. Thank you.

了解。謝謝。

And then follow-up, going into the drone space now that you have D-Fend, are there any other parts of the market that you're interested in going into organically that might look attractive to you or is it now an opportunity to invest organically and grow from within? Thank you.

接著追問，既然你們現在透過 D-Fend 進入無人機領域，是否還有其他你們有興趣以內生成長方式切入、看起來對你們具吸引力的市場？或者現在是一個機會，讓你們以內部投資、由內而外成長？謝謝。

Yeah, we're pleased with where we are. And, people call the category, quote-unquote, drone, but just to clarify, Silvus is MANET drone infrastructure, mobile ad hoc networking infrastructure. And it's agnostic and it powers a lot of primes and a lot of other integrators. And it's a preferred technology, proven technology, and the tip of the spear often used in conflict.

是的，我們對目前的狀況很滿意。而且大家把這個類別稱作所謂的「無人機」，但我想澄清一下，Silvus 是 MANET 無人機基礎設施，也就是行動自組網（mobile ad hoc networking）基礎設施。它是平台無關的，能為許多主承包商（primes）以及其他整合商提供支援。這是一項首選技術、已被驗證的技術，而且常在衝突中作為最前線的尖兵使用。

And on D-Fend, it's counter drone public safety and critical infrastructure driven. Our focus right now, Mark, is on integrating those. Jack and the team have done a phenomenal job growing Silvus. As Jason mentioned, we now expect Silvus to be a little over $900 million for the year. We're investing in the sales force, we're investing in R&D, we're investing in capacity, lead times are coming down and demand remains very strong.

至於 D-Fend，它是以反無人機的公共安全與關鍵基礎設施需求為驅動。Mark，我們目前的重點在於整合這兩者。Jack 和團隊在推動 Silvus 成長方面做得非常出色。如 Jason 所提到，我們現在預期 Silvus 全年營收會略高於 9 億美元。我們正在投資銷售團隊、投資研發、投資產能；交期正在縮短，而需求仍然非常強勁。

And on D-Fend, they're obviously a relatively newer acquisition. We're focused on integrating them. And we love the fact that they have leading edge mitigation cyber takeover technology, which is much more than just jamming mitigation, which I think. Is differentiated. Now, having said that, we'll always look at the funnel of inorganic opportunities, but our focus around kind of things in unmanned, I would continue to characterize as defense and public safety centric, and we'll see how things unfold.

至於 D-Fend，顯然它是相對較新的併購案。我們的重點是把它整合進來。我們很喜歡他們具備領先的緩解（mitigation）「網路接管」技術，這遠不只是干擾（jamming）式的緩解，我認為。這是有差異化的。話雖如此，我們也會持續關注外延式成長（inorganic）的機會漏斗；但就無人系統相關領域而言，我仍會把我們的重點描述為以國防與公共安全為核心，後續就看情勢如何發展。

Meta Marshall, Morgan Stanley.

Meta Marshall，摩根士丹利。

Hey, guys. Thanks for the question. It's Antonio on for Meta. I wanted to go back to the backlog here. Nice to see that accelerate on the quarter. I was wondering if you could unpack some of the key drivers behind that and if you saw any type of impact leading up to the midterms?

嗨，各位。謝謝讓我提問。我是 Antonio，代替 Meta。我想回到在手訂單（backlog）的部分。很高興看到本季加速成長。想請你們拆解一下背後的主要驅動因素，以及在期中選舉之前是否看到任何影響？

Sure, so we're definitely very pleased with the $16.6 billion, which we mentioned is its highest ever. That was driven sequentially by record orders in all three technologies, the biggest of which was MCN, which includes not only Silvus, but also our LMR public safety business and the strength of those orders continuing.

當然。我們對 166 億美元的數字非常滿意，我們也提到這是歷史新高。這主要是由三大技術領域的訂單皆創下紀錄、帶動其季比成長；其中最大的是 MCN，這不僅包含 Silvus，也包含我們的 LMR 公共安全業務，而這些訂單的強勁動能仍在延續。

And our backlog position now as well as where we anticipate it to be at the end of this year informs the revenue color that we gave entering for next year as well.

此外，我們目前的在手訂單水位，以及我們預期今年底的在手訂單水位，也為我們在展望明年時所提供的營收補充說明提供了依據。

That's helpful. And then as a follow-up (technical difficulty), thanks for those breadcrumbs into 2027. Could you maybe double-click into some of like the key drivers that you see for growth next year just across all parts of your business?

這很有幫助。接著追問（技術問題），謝謝你們提供一些關於 2027 年的線索。你們能否再更深入說明一下，明年在你們各個業務板塊中，你們看到的成長主要驅動因素有哪些？

At this point, I think it's pretty broad-based. I mean, we obviously have LMR that continues to grow robustly. LMR, we expect to grow strong double-digits in Q4. Backlog is driven handsomely, as Jason referenced, driven by mission-critical networks. Again, a lot of which is land mobile radio as well. We talked about Silvus, I think D-Fend is relatively nascent and early on. I would expect that we -- D-Fend is still expected to be about $185 million of revenue for fiscal full year 2026. And as we look into 2027, we would expect that to grow 40% to 50% given the wide aperture of opportunity that sits in front of that.

就目前來看，我認為是相當廣泛的。我的意思是，我們的 LMR 顯然仍在強勁成長。LMR 我們預期在 Q4 會有強勁的雙位數成長。在手訂單也如 Jason 所提到，受到任務關鍵網路（mission-critical networks）的有力帶動。其中很大一部分同樣也是陸地行動無線電（land mobile radio）。我們談到 Silvus；我認為 D-Fend 相對仍在萌芽階段、還很早期。我預期我們——D-Fend 在 2026 財年全年營收仍預計約為 1.85 億美元。而展望 2027 年，我們預期在其面前有很大的機會窗口，因此將成長 40% 到 50%。

Obviously, we're doing D-series infrastructure refresh, we're doing device refresh, services, multi-year services continues to be in high demand, and Mahesh has done a great job embedding and integrating AI throughout the portfolio with a focus around kind of an emergency workflow. So MCN is growing nice, LMR is growing nice, Silvus is growing nice. D-Fend, as I mentioned, 40% to 50%. Video is growing double-digits again this year. Command center is going to grow 15% this year. And the backlog growth is broad based. And by the way, orders, overall orders are up 25%. So it's been a really good, I think, performance to date. I like the position we're in, the visibility we have and the momentum.

另外，我們正在進行 D 系列基礎設施汰換更新、裝置更新，以及服務；多年期服務仍然需求很高。Mahesh 也在整個產品組合中導入並整合 AI，並聚焦於緊急事件工作流程，做得非常出色。所以 MCN 成長良好，LMR 成長良好，Silvus 成長良好。D-Fend 如我所說，成長 40% 到 50%。Video 今年再次呈現雙位數成長。Command center 今年將成長 15%。在手訂單的成長是全面性的。順帶一提，整體訂單總量年增 25%。所以我認為截至目前表現非常好。我喜歡我們所處的位置、我們的可見度，以及這股動能。

And also, I think that we're a bit indifferent to the political ebb and flow. Obviously, there was the quote-unquote, blue wave or blue tsunami yesterday, but often, and Jack could probably comment on this, he's got more data than I do, but public safety bubbles to the consistently. In blue administrations, in red administrations, funding remains really strong at state and local. I think DHS is funded through 2029. So demand is strong, funding is strong. I think that there's a lot of wind at our back.

另外，我認為我們對政治上的起伏變化相對不太受影響。顯然，昨天出現了所謂的「藍潮」或「藍色海嘯」，但通常——Jack 可能可以對此評論，他掌握的數據比我多——公共安全的需求一向相當穩定。不論是民主黨執政或共和黨執政，州與地方層級的資金都仍然非常充裕。我認為國土安全部（DHS）的資金已確定到 2029 年。所以需求強、資金也強。我認為我們背後有很多順風。

Now, having said all that, we've got to execute. We got to run through the tape on Q4, don't take anything for granted. We talked about memory things we'll manage through and continue to manage through, but you've got more data on midterms than I do.

不過，即便如此，我們仍必須把執行做好。我們必須在 Q4 全力衝刺到終點，不要把任何事視為理所當然。我們也談到記憶體相關的事項，我們會持續管理並度過，但你對期中選舉的數據比我多。

Yes, I think, Greg, you kind of hit some really good points. I think the one thing I'd always stress is that when you think about our government business, the state and local business is the majority of that business. And what gives us great balance there is we've got like think about P25, kind of our anchor tenant from an LMR standpoint, we got 1,300 networks. So there's a lot of balance. There's a lot of balance in funding, meaning local funding, sales, income, real estate taxes, and then there's 911 fees so we have that.

是的，我認為，Greg，你確實點出了一些非常好的重點。我想我一直會強調的一點是，當你想到我們的政府業務時，州與地方政府業務占了其中的大多數。而讓我們在那裡取得很好的平衡的是——例如想想 P25，從 LMR 的角度來看，它算是我們的主力支柱客戶（anchor tenant），我們有 1,300 個網路。所以平衡性很高。資金來源也很均衡，意思是地方資金、銷售稅、所得稅、不動產稅，另外還有 911 費用，所以我們具備這些。

The other piece of it is we look back, we went back and did an analysis over 20 years. And in the years where you've seen a midterm flip, we've still had better than expected growth rates. And by the way, some of those years we weren't in a funding environment conducive as we are right now with a portfolio as good as we have right now. So I think all things being equal, we feel pretty good as we enter '27.

另外一個部分是我們回頭看——我們回去做了 20 年的分析。而在你看到期中選舉政黨翻轉的那些年份，我們的成長率仍然優於預期。順帶一提，其中有些年份，我們所處的資金環境並不像現在這樣有利，而且當時我們也沒有像現在這麼好的產品組合。所以我認為在其他條件相同的情況下，當我們邁入 2027 年時，我們感覺相當不錯。

Ben Bollin, Cleveland Research Company.

Ben Bollin，Cleveland Research Company。

Good afternoon, everyone. Thank you for taking the question.

各位下午好。謝謝讓我提問。

Greg, I wanted to hit on a couple of items you just mentioned. When we look at the LMR refresh cycle, P25, D-Series and the subscriber trends, interest in your thoughts, like where are we, how much we've got left, just any high-level thoughts on that, and then I have a follow-up.

Greg，我想針對你剛剛提到的幾個項目追問一下。當我們看 LMR 的更新週期、P25、D-Series 以及用戶端（subscriber）的趨勢時，很想聽聽你的看法，例如我們目前進展到哪裡、還剩下多少空間，以及任何高層次的觀點；然後我還有一個追問。

Well, I think I'll start with the network piece of a D-Series. As I mentioned, we've got over 1,300 P25 networks. We are very much in the early stages of a multi-year refresh. I'd remind you there that a lot of this is vintage driven, meaning it's a longer refresh cycle depending on the age of the system that was actually fielded. When I think about it, I would dimensionalize a couple of things. Interest is high, engagement is robust, and I think I look at our pipeline and it's healthy. If you just look over the last four quarters, we've had three of our biggest statewide networks, Tennessee, Michigan and Colorado that have signed new agreements.

好的，我想我先從 D-Series 的網路部分談起。如我提到的，我們有超過 1,300 個 P25 網路。我們目前確實處於一個為期多年的更新（refresh）早期階段。我也提醒各位，這裡面很多是由「機齡／世代（vintage）」所驅動，也就是更新週期會更長或更短，取決於當初實際部署的系統年齡。當我思考這件事時，我會用幾個面向來描述。市場興趣很高、互動參與度很強，而我看我們的商機管線（pipeline）也很健康。如果只看過去四個季度，我們有三個最大的州級網路——田納西、密西根與科羅拉多——都簽署了新的協議。

Good things there. Yes, they've signed new infrastructure, but with those refresh cycles, they come long-term support and service contracts that typically add -- they're accretive because they're adding new things like cyber services, software agreement plans. So that's that.

這些都是好消息。是的，他們簽了新的基礎設施，但在這些更新週期中，通常也會帶來長期支援與服務合約，而且一般會帶來增益（accretive），因為會加入新的內容，例如資安服務、軟體協議方案等。所以這部分就是這樣。

As it relates to the APX NEXT journey. We've talked -- there's roughly 2 million first responders in the United States. We've still got great opportunities ahead of us. I think the highlight there that we probably don't talk about enough, we did probably earlier this year, but it's the recurring revenue that, by the way, gets reported in command center software. We've talked about the fact that we will now have 300,000 users that are consuming those application. By the end of 2026.

至於 APX NEXT 的推進歷程。我們談過——美國大約有 200 萬名第一線應變人員（first responders）。我們前方仍有很大的機會。我認為其中一個亮點是我們可能談得不夠多——我們今年稍早可能有提到——那就是經常性收入（recurring revenue），而且順帶一提，這部分會在 Command Center 軟體中呈報。我們也談過，到 2026 年底，我們將會有 300,000 名使用者在使用這些應用程式。

And again, APX NEXT, early days, we had good traction with state and local. We've now seen good traction this year, as we've highlighted with some of the wins within DHS. We had a $96 million deal APX with SVX in Q3. So like I said, I think I'll reiterate my point. As we sit and we look at our mission critical networks business and the foundation, which is LMR, devices, we've got new. We continuously create competitive wins. We think we're in a good position there. And then infrastructure, we've got a lot of room to run.

再說一次，APX NEXT 還在早期階段，我們在州與地方政府端已經有不錯的進展。而今年我們也看到不錯的動能，如同我們強調的，在 DHS 內部的一些得標案；我們在第三季拿下了一筆 9,600 萬美元的 APX 搭配 SVX 的交易。所以如我所說，我想重申我的觀點。當我們坐下來檢視我們的任務關鍵網路（mission critical networks）業務與其基礎——也就是 LMR、終端設備——我們有新的動能。我們持續創造具競爭力的勝利。我們認為在那裡我們處於良好位置。而在基礎設施方面，我們還有很大的成長空間。

That's great. Thanks, Jack. Last one for me, when we look at Silvus, could you talk about -- what does that mix look like today, international versus domestic? And how do you feel about your actual execution thus far in the domestic D-Fend complex? When does that really start to scale and ramp in a bigger way from the US customers?

很好。謝謝你，Jack。我最後一題：當我們看 Silvus 時，你能談談——目前組合大概長什麼樣子，國際與美國本土的占比如何？以及你如何看待你們迄今在美國本土 D-Fend 業務整合（complex）上的實際執行表現？美國客戶端何時會真正開始以更大的幅度擴張與放量（scale and ramp）？

It has. So as we've talked about, largely so since we've acquired last August 4. Early days, it was more international and even early late last year in the third quarter, a lot of that was Ukraine. We have seen significant expansion into NATO, into the Indo-Pacific internationally. So good momentum there, but I think one of the things I'm most proud of is the growth we're getting in the US. They were doing business within the Army, but we've made pretty significant investments not at the executive levels, but also at the business development levels.

已經開始了。所以如同我們談過的，自從我們在去年 8 月 4 日收購以來，整體上確實如此。在早期階段，國際占比更高，甚至到去年第三季的早期／後期，其中很大一部分來自烏克蘭。我們已看到在國際上顯著擴展到北約（NATO）以及印太地區（Indo-Pacific）。所以那裡的動能很好，但我最自豪的一點是我們在美國取得的成長。他們原本就在陸軍體系內做生意，但我們做了相當顯著的投資，不僅在高階主管層級，也在業務開發層級。

We're now doing work, we're in tests at the Marine Corps, within the Air Force, and I mentioned the Army, but also at the Navy as well, so we're doing business in more broad efforts. As if you follow the defense sector right now, I would categorize a lot of what's happening within the US is there's a lot of testing. We've comported very well in those testing because they're doing a lot of testing, the testing in highly contested environments. And a lot of what succeeded for us, we talked about the litmus test of Ukraine and things like [Radio Rodeo] and some of the other tests that have happened, we performed exceptionally well. I think it relates to some within our peer group. So by the way, so a lot of work to do there, but we're really pleased not only what's happening internationally, but what's happened in the US as well.

我們現在也在海軍陸戰隊進行工作與測試，在空軍體系內也有；我提過陸軍，另外在海軍也同樣有，所以我們在更廣泛的專案上展開業務。如果你現在有關注國防產業，我會把美國正在發生的很多事情歸類為：大量測試。我們在這些測試中的表現非常好，因為他們做了很多測試——而且是在高度對抗的環境中進行測試。而我們之所以能成功，很大一部分原因是——我們談過烏克蘭作為試金石（litmus test），以及像 [Radio Rodeo] 和其他一些已經進行的測試——我們的表現都非常出色。我認為這也反映在我們同業群（peer group）之中。所以順帶一提，這裡還有很多工作要做，但我們對於國際上的進展，以及在美國發生的事情，都感到非常滿意。

Matt Niknam, Truist.

Matt Niknam，Truist。

Hey, guys. Thanks so much for taking my question. Congrats on a great quarter. My question is more related to this year's guide. So if I think about Silvus, I think last quarter you were expecting [$850 for the year, now it's a little over $900] including D-Fend, I think that collectively is an incremental $95 million and obviously third quarter came in a lot stronger than expectations, yet the annual guide only moved up by about $75 million, so I'm just trying to figure out what changed, were there any more material pull-ins into third quarter or maybe what was anticipated in the fourth quarter. And then just really quickly on the one follow-up on the $211 million from M&A, how did that break down between Silvus and a little over a month from D-Fend?

嗨，各位。非常感謝讓我提問。恭喜本季表現很棒。我的問題比較是關於今年的財測指引。如果我想 Silvus，我記得上季你們預期今年是 [$850 for the year, now it's a little over $900]，且包含 D-Fend；我想合計來看這相當於增加了 9,500 萬美元的增量，而第三季的表現顯然也遠強於預期，但全年指引只上調了大約 7,500 萬美元，所以我想釐清到底改變了什麼——是否有更多較重大的訂單提前拉進第三季（pull-ins），或是第四季原本預期的內容有變動？另外很快追問一下，關於併購（M&A）帶來的 2.11 億美元，那在 Silvus 與 D-Fend（收購後一個多月）之間是如何拆分的？

So as we think about the full-year guide, Matt, obviously, which includes Q4, anchored in your question, love the fact that we've beat and raised, obviously, a third time now, contemplated in the $13.050 billion, would be our strongest and best Q4 ever. Also included in that is the expectation for LMR to grow strong double-digits with product orders and backlog also informing that and being very strong as we head into 2027.

因此，Matt，當我們思考全年指引時，顯然也包含第四季（Q4），呼應你問題的核心；我們很高興我們已經「超預期並上調」——顯然這已是第三次——而在 130.50 億美元的規劃中，我們預期將迎來史上最強、最好的第四季。其中也包含 LMR 預期將以強勁的雙位數成長，產品訂單與在手訂單（backlog）也提供了支撐，並且在我們邁向 2027 年之際仍將非常強勁。

I think the other thing I would just simply say is it's a prudent view at this point and we are focused on finishing the year successfully, executing and closing the business we need to, continuing to drive orders and backlog and then get a running start into 2027 to continue revenue growth, operating margin expansion and additional cash flow generation. It's kind of the context and the color.

我想另外我只想簡單說的是，就目前而言這是一個審慎的觀點，而我們專注於成功完成今年：把需要執行與結案的業務做好、持續推動訂單與在手訂單，然後在邁入 2027 年時取得良好開局，以延續營收成長、營業利潤率擴張，以及帶來更多現金流。這大概就是相關背景與補充說明。

And Matt, on the $211 million that was growth driven by acquisitions. D-Fend was pretty small. We were expecting [45] on the year. But given the timing of the close, most of that $211 million is Silvus.

另外，Matt，關於那 2.11 億美元的成長是由併購所帶動。D-Fend 的規模相當小。我們原本預期全年是 [45]。但由於交割時間點的關係，那 2.11 億美元大多數來自 Silvus。

George Notter, Wolfe Research.

George Notter，Wolfe Research。

Brenden Rogers on for George.

我是 Brenden Rogers，代 George 發問。

I have a question on the AI Assist progress that you guys have seen over the last couple of quarters. You guys have a pretty broad portfolio, so if you could just sort of walk us through where attach rates are the highest within that sort of emergency workflow and sort of which specific products you guys feel most differentiated in. And then I'll just ask another one on defense. Any exciting synergy opportunities that you guys see with sort of your existing portfolio as you guys spend more time with those guys? Thanks.

我想問一下你們在過去幾個季度看到的 AI Assist 進展。你們的產品組合相當廣，所以如果可以的話，請帶我們了解一下在那種緊急事件工作流程中，附加採用率（attach rates）最高的是哪些環節，以及你們認為最具差異化的具體產品是哪些。然後我再問一個關於國防的問題。當你們與那些團隊相處更久、投入更多時間後，有沒有看到任何令人興奮的協同機會，能與你們既有的產品組合結合？謝謝。

So on AI Assist, I would say that as opposed to sort of other models of how AI gets deployed, we embed AI in our core workflow applications. AI is an inherent part of the application. And what we have seen over the past many quarters is that customers are opting in for the Assist tier, which is our premium tier of every workflow application and almost 100% of every one of those applications across all of them have been at the Assist tier.

關於 AI Assist，我會說，與其他 AI 部署模式不同的是，我們把 AI 內嵌在核心工作流程應用中。AI 是應用程式的內建組成部分。而我們在過去許多個季度看到的是，客戶會選擇採用 Assist 等級（tier），也就是我們每一個工作流程應用的高階版本；而且幾乎所有這些應用在各個產品線中，採用的幾乎都是 Assist 等級。

In terms of differentiation, I think of it as Assist really brings together, it's almost a connectivity fabric that brings together the core of our applications. So from a PSAP standpoint, a public safety answering point standpoint, where you have 911, CAD, and consoles, those three pieces tightly getting integrated with AI Assist, that is one of the key differentiator that separates us from the rest out there.

就差異化而言，我的看法是 Assist 真正把各項能力整合在一起；它幾乎像是一個連接的「織網」（connectivity fabric），把我們應用的核心串接起來。因此，從 PSAP（公共安全接警中心）的角度，也就是有 911、CAD 與控制台（consoles）的場景，這三個部分透過 AI Assist 緊密整合，這就是將我們與其他競爭者區隔開來的關鍵差異點之一。

Not only that now going into our APX NEXT devices where a summary of an incident, conversations that happened during the incident getting pushed proactively right into the radios, connects everything in the field now back into what's happening at the PSAP. Now going beyond that, once the SVX and our body-worn camera portfolios gather evidence, the ability now for us to generate reports, the ability for us to leverage AI for redaction, those are the capabilities now that thread in the full story. And on the SVX and the APX NEXT integration, critically, we have mentioned this before, the key is that we have access to the right data sources to generate the most accurate reports.

不僅如此，現在延伸到我們的 APX NEXT 裝置：事件摘要、事件期間發生的對話內容，會主動推送到無線電中，讓現場的一切再度連回 PSAP 正在發生的狀況。再往下延伸，一旦 SVX 與我們的隨身攝影機（body-worn camera）產品組合蒐集到證據，我們就能生成報告，也能運用 AI 進行遮蔽/去識別（redaction）；這些能力把完整故事串起來。而在 SVX 與 APX NEXT 的整合上，關鍵是——我們之前也提過——我們能存取正確的資料來源，以生成最精準的報告。

And even if an officer is wearing a ear piece, we're able to capture all the audio conversations that otherwise would not have been captured with just a standalone body-worn camera. So that is how we're seeing traction across the entire ecosystem. And the successes that we have highlighted in this call talk about ecosystem acquisitions more than a product acquisition. And I think much of it is also driven by the fact that Assist brings all these products together.

即使員警戴著耳機，我們也能捕捉到所有音訊對話；若只有單一的隨身攝影機，這些對話原本可能無法被收錄。因此，我們看到的是整個生態系的全面動能。而我們在本次電話會議中強調的成功案例，談的更多是「生態系併購」，而不只是單一產品併購。我認為其中很大一部分也來自 Assist 把這些產品整合在一起的能力。

And then talking about D-Fend Synergy.

接著談談 D-Fend 的協同效益。

So in terms of D-Fend. We are tightly integrating D-Fend into our RTCC solution, our AWARE platform. And what we see there is that within the real-time crime center, the key point of attraction there is in fact drones, both DFR, drone as first responder capability, and very specifically D-Fend, which is counter UAS integration into that same framework, both for detection purposes, but also for mitigation, which is really the unique that D-Fend plays into this mix.

就 D-Fend 而言，我們正把 D-Fend 與我們的 RTCC 解決方案、AWARE 平台進行緊密整合。我們看到的是，在即時犯罪中心（real-time crime center）裡，主要的吸引點其實是無人機：包括 DFR（drone as first responder，無人機作為第一到場應變者）的能力；以及非常具體地，D-Fend 在同一架構中的反無人機（counter UAS）整合——不僅用於偵測，也用於反制/處置（mitigation），而這正是 D-Fend 在這個組合中扮演的獨特角色。

And just talking about the ecosystem integration a little bit more, when we think about mission-critical networks, for us, mission-critical networks is not just a communications platform, it's actually a sensing platform as well. And within the context of the sensing platform, we have capabilities now within our APX NEXT radios, where the APX NEXT radios are able to detect drones.

再多談一點生態系整合：當我們思考任務關鍵網路（mission-critical networks）時，對我們而言，它不只是通訊平台，實際上也是一個感測平台。而在感測平台的脈絡下，我們的 APX NEXT 無線電現在具備能力，可以偵測無人機。

Now, that data feeding back into Aware and allowing the RTCC operator to identify drones that potentially need to be mitigated and defend bringing in the mitigation capability into the mix as well. So overall, within our mission critical networks portfolio, it's not just the communication story, it's a sensing story as well.

接著，這些資料回饋到 Aware，讓 RTCC 操作員能辨識可能需要處置的無人機，而 D-Fend 也把反制/處置能力納入整體方案。因此整體而言，在我們的任務關鍵網路產品組合中，這不只是通訊的故事，同時也是感測的故事。

Tomer Zilberman, Bank of America.

Tomer Zilberman，美國銀行（Bank of America）。

Hey guys, just wanted to unpack some of the numbers further that were discussed on the Q&A earlier. Jason, I think earlier you said that Silvus is shaping up to be about $900 million for the year. Last quarter, you disclosed $210 million in 1Q, $230 million in 2Q. I appreciate that you guys are lapping the acquisition this quarter, so there's probably more limited disclosure you can give us. But if I look historically over the last four quarters, Silvus was about 90% to 95% of the gross sales of acquisitions. If I assume a similar contribution this quarter, it means that Silvus was within the range of, call it, $290 million to $300 million this quarter. So the question is, as we look to next quarter, the remainder would only be about $160 million. I guess the first question in that would be, is that directionally sound? And two, is there anything in terms of seasonality, capacity constraint until the Salt Lake facility comes online in 1Q that gives you any pause to Silvus growth in the next quarter?

嗨，各位，我想把先前 Q&A 討論的一些數字再拆解得更清楚。Jason，我想你先前提到 Silvus 今年看起來大約是 9 億美元。上季你們揭露第一季（1Q）是 2.10 億美元、第二季（2Q）是 2.30 億美元。我理解你們這一季是在併購比較基期（lapping the acquisition），所以能提供的揭露可能比較有限。但如果我回看過去四個季度的歷史，Silvus 大約占併購帶來的總銷售額（gross sales of acquisitions）的 90% 到 95%。如果我假設本季也是類似的貢獻度，那代表 Silvus 本季大概落在 2.90 億到 3.00 億美元的區間。所以問題是，若看向下季，剩餘金額就只會約 1.60 億美元。我想第一個問題是：這個方向性的推估是否合理？第二，是否有任何季節性因素、或在鹽湖城（Salt Lake）廠區於第一季（1Q）啟用前的產能限制，會讓你們對 Silvus 下季成長有所保留或疑慮？

Your numbers are definitely directionally correct as to what we've disclosed, and Silvus had a very good quarter of near $300 million in Q3. It's always, as we've described it, been a nonlinear business. Some of the deals that Jack mentioned benefited of us in Q3. With it now looking to be $900 million or maybe a bit more than $900 million, that puts it in a zip code of having a good Q4 to finish and then be on pace to perform again next year.

就我們已揭露的內容而言，你的數字在方向性上確實正確；Silvus 在第三季（Q3）表現非常好，接近 3 億美元。正如我們所描述的，這一直是一個非線性的業務。Jack 提到的一些交易在第三季對我們有利。若現在看起來全年會是 9 億美元、或可能略高於 9 億美元，那就意味著第四季只要再有一個不錯的收尾，接著就能以良好節奏在明年再次展現表現。

Maybe a follow-up looking to the next year guide. You talked before about the D Series infrastructure, if I move to LMR segment for a second, kind of driving growth above historical kind of 1% to 3% LMR growth, maybe closer to 4% to 5% range, is that still the right framework for next year?

也許接著追問一下，關於明年指引。你之前談到 D 系列基礎建設；如果我先切到 LMR 部門，推動成長高於過往約 1% 到 3% 的 LMR 成長、也許更接近 4% 到 5% 的區間，這仍然是明年的正確框架嗎？

I think we're going to stick, Tomer, primarily at this point on the higher level of color. We'll dimensionalize the segments and the technologies when we get into February. But maybe just providing a little bit more color and connected to your last inquiry on Silvus and the numbers Jason outlined. I think as we look forward to 2027, again, higher level, we would expect Silvus, it's performed above the business case. It is nonlinear, but just to be clear, the investments Jack is making will improve capacity, and we certainly don't see any slowdown of demand at all on Silvus. But as high level, we expect Silvus to grow about 30% next year, and our expectation is that we continue to take share.

我想我們目前主要會維持在較高層次的說明，Tomer。等到二月時，我們會把各個部門與技術面向做更細的拆解。不過也許可以再補充一點脈絡，並連結到你上一個關於 Silvus 的提問，以及 Jason 所概述的數字。我想當我們展望 2027 年時，同樣先以高層次來看，我們預期 Silvus 的表現已經優於原先的商業案例。它是非線性的，但要說清楚的是，Jack 正在進行的投資會提升產能，而我們也完全沒有看到 Silvus 的需求有任何放緩。但以高層次來說，我們預期 Silvus 明年約成長 30%，而我們的預期是我們會持續拿下市占。

Irvin Liu, Evercore ISI.

Irvin Liu，Evercore ISI。

Hi. Thank you for the question. I have one and a follow-up.

嗨，謝謝讓我提問。我有一個問題以及一個追問。

On Silvus, I wanted to get your view on sort of the industry mix shift toward lower cost expendable or attritable unmanned systems. Just from a product perspective, how is Silvus positioned to address the kind of lower end of the market that offer a higher unit volume opportunity, but perhaps at a lower ASP?

關於 Silvus，我想請教你們對於產業組合轉向較低成本、可消耗或可損耗（attritable）的無人系統的看法。就產品角度而言，Silvus 如何定位以因應市場較低端的需求？那一端可能有更高的出貨量機會，但 ASP 也可能較低。

As we've kind of continually talked about, where we've excelled within the portfolio is in the unmanned systems business. There's a lot of -- to your point, there's some focus on attritable drones, but the reality is the contested environment ultimately is where this thing is won and lost, and that's won and lost through low probability of intercept, detection, ability to resist jam and to get the right throughput.

如同我們一直在談的，我們在產品組合中表現最突出的領域是在無人系統業務。如你所說，市場確實有一些焦點放在可損耗型無人機，但現實是，最終勝負是在受爭奪的環境（contested environment）中決定，而勝負取決於低截收率、低偵測率、抗干擾能力，以及取得正確的吞吐量。

As I mentioned, though, because to your point, we want to participate in broader parts of the market. We added a facility in Culver City that's focused on a mesh radio called LC. And by the way, that does not come with all the same software capabilities to highlight it from spectrum dominance. So we're carving out certain speed, security features and those for those things. So we'll price points that will play at most parts of the market. But really, we're focused on the contested environment. We think that's been the game, set, match. In fact, we haven't seen any degradation at all. Our price points continue to hold and appreciate. And I think that just speaks to performance and execution.

不過如我提到的，因為如你所說，我們也希望參與更廣泛的市場區塊。我們在 Culver City 新增了一個據點，專注於一款名為 LC 的 mesh 無線電。順帶一提，它並不具備同樣完整的軟體能力，若從頻譜主導（spectrum dominance）的角度來強調的話。因此我們會針對某些速度與安全性等特性做取捨與切分。所以我們會有能在市場多數區塊競爭的定價帶。但我們真正聚焦的是受爭奪的環境。我們認為那才是決勝關鍵。事實上，我們完全沒有看到任何劣化。我們的價格水準持續守住，甚至還在提升。我想這反映的就是效能與執行力。

Got it. Thanks. And then for my follow-up, you're delivering on very, very impressive margin expansion despite higher memory costs. I think the magnitude of the overall margin expansion is actually larger than that of prior years where you didn't have to contend with this type of component cost headwinds. So can you just share with us some of the underlying drivers of improving profitability, pricing mix, better execution? Any color here would be helpful.

了解。謝謝。接著追問，你們在記憶體成本上升的情況下，仍交出非常、非常亮眼的毛利率擴張。我認為整體毛利率擴張的幅度，甚至比過去幾年（當時你們不必面對這類零組件成本逆風）還要大。所以能否跟我們分享一下獲利能力改善的底層驅動因素：是定價/產品組合、執行更好，還是其他？任何補充說明都會很有幫助。

Sure. So as I mentioned earlier, the $100 million increase in memory costs that we're expected to bear this year, in part, the IEEPA refunds helped offset a decent chunk of that. In terms of what we're doing to continue to navigate a very dynamic environment, additional suppliers, qualifying additional components, continuing to get the supply lines that we need, paying higher prices, that's a function of the market as we see it.

當然。如我先前提到的，今年我們預期需要承擔的記憶體成本增加 1 億美元，其中一部分由 IEEPA 退款協助抵銷了相當一部分。至於我們如何持續因應非常動態的環境：增加供應商、認證更多零組件、持續取得我們需要的供應線、支付更高價格——這些都是我們所看到的市場狀況所致。

In terms of the P&L and our own sales, we're also, in some cases, reflecting those higher prices and making some adjustments to our sales prices. And that, in turn, along with mix favorability is what's helping offset and create the margin expansion that you noted.

就損益表以及我們自身的銷售而言，我們在某些情況下也會反映這些較高的成本，並對我們的銷售價格做一些調整。而這一點再加上產品組合的有利變化，正是協助抵銷並帶來你所提到的毛利率擴張的原因。

(Operator Instructions)

（接線員指示）

Ryan Abbott, Piper Sandler.

Ryan Abbott，Piper Sandler。

Hi, guys. Thanks for taking my question. Ryan on for James Fish.

嗨，各位。謝謝讓我提問。我是 Ryan，代 James Fish 提問。

What early feedback are you guys receiving on the integration of AI-driven analytics into your dispatch and body-worn camera workflows?

你們在把 AI 驅動的分析整合進派遣（dispatch）與隨身攝影機（body-worn camera）工作流程方面，目前收到哪些早期回饋？

Can you repeat the question once more, please?

可以請你再重複一次問題嗎？

Yeah. What early feedback are you guys receiving on the integration of AI-driven analytics into your dispatch and body-worn camera workflows?

可以。你們在把 AI 驅動的分析整合進派遣與隨身攝影機工作流程方面，目前收到哪些早期回饋？

Oh, yeah.

喔，好。

Right now, without the ability for us to have critical workflow acceleration, whether that be redaction, whether that be report writing capabilities, whether that be just search through AssistChat, we have those as basically fundamental capabilities within our application set.

目前，若沒有關鍵的工作流程加速能力——不論是去識別化/遮蔽（redaction）、報告撰寫能力，或是透過 AssistChat 進行搜尋——我們都已把這些作為我們應用程式套件中的基本能力。

In terms of thinking about traction, these are no longer just nice to have capabilities. These are essential capabilities that are part of our applications. And the feedback we're continuing to get is that it is critical and the usability is there. It does what it needs to do in terms of simplifying workflows to begin with and also acting as the glue that integrates -- into other parts of our ecosystem effectively as workflows flow not just from one person working in the context of one application, but a team of individuals more effectively responding to incidents.

就推進力（traction）而言，這些已不再只是「有了更好」的功能。它們是我們應用程式不可或缺的核心能力。我們持續收到的回饋是：這些功能非常關鍵，而且可用性也到位。它一方面能先把工作流程簡化到位，另一方面也能作為「黏著劑」把我們生態系的其他部分有效整合起來——讓工作流程不只是單一人在單一應用情境中運作，而是讓一個團隊能更有效地回應事件。

And then following up, how are you guys expecting D-Fend to impact your margin profile into '27 and what does that look like at steady state? Any color you guys could consider would be great.

接著追問，你們預期 D-Fend 對你們到 2027 年的毛利率結構會有什麼影響？在穩態下會長什麼樣子？如果你們能提供一些說明就太好了。

Sure. So Greg mentioned on a full-year calendar view, they're expected to do $185 million. We'll get about $45 million on the stub. They have been growing at 50% historically, so good growth rate. In terms of its margin contributions, we expect it will be 40% to 50% growth next year in terms of sales and its contributions to our overall margin profile of the company are positive and it will be accretive next year.

當然。Greg 提到以完整年度（曆年）來看，他們預期可做到 1.85 億美元。我們在這個短期併入期間（stub）大約會拿到 4,500 萬美元。他們過去的成長率約 50%，因此成長動能不錯。就毛利率貢獻而言，我們預期明年其銷售將成長 40% 到 50%，而它對公司整體毛利率結構的貢獻是正面的，並且明年將具增益性（accretive）。

Louie DiPalma, William Blair.

Louie DiPalma，William Blair。

Greg, Jason, Jack, Mahesh, and Brian, good afternoon and it was great seeing the team at AUSA.

Greg、Jason、Jack、Mahesh 和 Brian，午安；在 AUSA 見到團隊很高興。

I was wondering, LMR had very strong orders for its radios and the D series, and maybe some of that strength was related to SVX. And on the topic of SVX, are there plans for Motorola to offer the SVX speaker microphone with the AI Assist internationally to take advantage of strong relationships that you have for Motorola's body cameras internationally.

我想請教，LMR 的無線電與 D 系列訂單非常強勁，其中部分強勢可能與 SVX 有關。談到 SVX，Motorola 是否有計畫在國際市場推出搭載 AI Assist 的 SVX 揚聲器麥克風，以利用你們在 Motorola 隨身攝影機國際市場的強大客戶關係？

So Louie, I'll take the first part of that question and you're absolutely right, LMR had a very strong quarter, 25% product orders growth most of that driven by LMR, as well as some Silvus and MCN. So very strong orders growth and much of the overperformance during the quarter relative to our guide was driven by that important part of the business LMR. In terms of SVX, so--

所以，Louie，我先回答這個問題的第一部分，你說得完全正確，LMR 本季表現非常強勁，產品訂單成長 25%，其中大部分由 LMR 帶動，另外也有部分來自 Silvus 和 MCN。因此訂單成長非常強，且本季相較於我們指引的超預期表現，很大一部分是由業務中這個重要板塊——LMR——所驅動。至於 SVX，這個——

Yeah, there's two things and Mahesh might want to jump in and piggyback on. So SVX traction, we got 200 agencies. That have ordered to date, a third of those are now utilizing DEMS. We've talked about our, we've won some major competitive deals in Florida Highway Patrol, Kansas City, Missouri, St. Joseph County, but I also want to highlight, we've talked a lot about the seating strategy.

是的，有兩點，Mahesh 也許想補充並接著說。關於 SVX 的進展，我們已經有 200 個機構截至目前下單。其中三分之一現在正在使用 DEMS。我們也談過，我們在佛羅里達州公路巡警、密蘇里州堪薩斯城、聖約瑟夫郡等地贏得了一些重大的競爭性案子，但我也想強調，我們談了很多關於「鋪設（seating）策略」。

Jason mentioned during the script, we won $139 million deal, 10-year deal with the state of Louisiana, it isn't just one customer, it's actually five customers and in that two of the -- three of the customers actually went with the V700 out of the gate. But it's critical to point out that part of the refresh over 10 years is they are all matriculating to the SVX device because of all the benefits that it brings from an ecosystem standpoint.

Jason 在講稿中提到，我們贏得了路易斯安那州一筆 1.39 億美元、為期 10 年的合約；這不只是單一客戶，實際上是五個客戶，而且其中兩個——三個客戶一開始就選擇了 V700。但必須指出的是，這 10 年更新換代計畫中的關鍵之一，是他們都會因為 SVX 裝置在生態系層面帶來的各項優勢，而逐步轉換到 SVX。

Internationally, we continue to compete very well. We're the market leader. We believe we're the market leader internationally in 20-plus countries in Europe alone. Related to, I think we probably SVX, it's obviously, it's a TETRA, most of those countries internationally, except for really Australia, which is a P25, the rest are TETRA, so there's some things to think about, but I don't know, Mahesh, if you get any thoughts on top of that.

在國際市場方面，我們持續競爭得非常好。我們是市場領導者。我們相信在國際市場上，僅歐洲就有 20 多個國家我們是市場領導者。至於——我想可能與 SVX 有關，顯然它是 TETRA；國際上大多數國家（除了基本上是 P25 的澳洲之外）其餘都是 TETRA，所以有一些因素需要考量。不過我不知道，Mahesh，你是否還有其他想法補充。

For sure. I think. Our V500 body-worn camera that we sell internationally, one of the key capabilities within the V500 is integrated with our TETRA radios. So the integration and the synergy between the radio and the body-worn camera is certainly a capability that our customers are asking for. And as we think about successive generations of SVX, we are thinking about it more broadly, not just from a North America market, but from an international market where we feel like there is going to be more capabilities that we can bring to bear, not just with P25 networks, but TETRA DIMETRA networks as well.

當然。我想。我們在國際市場銷售的 V500 隨身攝影機，其關鍵能力之一就是與我們的 TETRA 無線電整合。因此，無線電與隨身攝影機之間的整合與協同，確實是客戶正在要求的一項能力。而當我們思考 SVX 的後續世代時，我們會更廣泛地看待它，不僅是北美市場，也包括國際市場；我們認為在那裡我們能帶來更多能力，不僅適用於 P25 網路，也適用於 TETRA DIMETRA 網路。

Great. And one final one, as it relates to Silvus growth, I know that every single analyst before me has asked about Silvus, so I also want to get in my fill of Silvus, but the US Navy recently awarded a series of contracts for unmanned surface vessels across the maritime segment. And everybody knows that Silvus has established itself as the leading provider of mesh networks for unmanned aircraft. But I was wondering, what has been the traction with Silvus on the maritime end market? And does it have the opportunity to have that same leadership with maritime as it's demonstrated with unmanned aircraft? Thanks.

很好。最後一個問題，關於 Silvus 的成長，我知道在我之前每一位分析師都問了 Silvus，所以我也想把 Silvus 的問題問到位。不過，美國海軍最近在海事領域為無人水面載具授予了一系列合約。而大家都知道，Silvus 已經確立自己是無人航空器網狀網路的領先供應商。但我想請問，Silvus 在海事終端市場的進展如何？它是否有機會在海事領域也取得與其在無人航空器上所展現的同樣領導地位？謝謝。

So we're pleased, as you're well aware, a lot of the -- really one of the leaders there has been Saronic from a maritime standpoint. And we -- as we do with a lot of the OEMs, we've got a great relationship. We're specified, utilized on a number of Saronic's different vessels. And in fact, even in the Gulf and some of the challenges that are going on there now, it's Silvus' communications platform that's powering those unmanned surface vessels. So really pleased with the work, the penetration that we're getting into the Navy, and I think there's more room for us to run there.

我們很高興，如你所知，那裡——從海事角度來看，真正的領導者之一是 Saronic。而我們——就像我們與許多 OEM 的合作方式一樣——我們有很好的合作關係。我們被指定並應用在 Saronic 多款不同的船艇上。事實上，即便是在波斯灣以及目前那裡正在發生的一些挑戰中，為那些無人水面載具提供動力的正是 Silvus 的通訊平台。因此我們對這項工作、以及我們在海軍端取得的滲透率感到非常滿意，我認為我們在那裡還有更大的成長空間。

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。我現在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。

Thanks. I just simply close by saying we're really pleased with an exceptionally strong Q3, but more importantly, we're very pleased with the way things look going forward. We've talked about strong momentum and we talked about the customer engagement, particularly just within the last few weeks at AUSA and IACP. Demand is strong and it's broad-based. We have record Q3 orders and record Q3 ending backlog. The pipeline of visibility is also strong.

謝謝。我最後簡單做個結語：我們對第三季異常強勁的表現感到非常滿意，但更重要的是，我們對未來的展望也非常樂觀。我們談到了強勁的動能，也談到了客戶互動，特別是在過去幾週於 AUSA 和 IACP 的活動中。需求強勁且涵蓋面廣。我們第三季訂單創下紀錄，第三季期末在手訂單（backlog）也創下紀錄。可視性（visibility）管線同樣強勁。

We've had three raises this year and importantly, strong operating margin expansion this year and our expectations for continued operating margin expansion next year. The balance sheet is in great shape, operating cash flow, capital allocation gives us a lot of opportunity. So I just think we're very well positioned. I want to welcome the D-Fend team to Motorola Solutions, and I want to thank all of the employees and partners that continue to make this a very special mission-driven company and put up the results we continue to post onward and upward.

今年我們已經三度上調（指引/預期），而且重要的是，今年營業利益率顯著擴張，我們也預期明年營業利益率將持續擴張。資產負債表狀況非常良好，營運現金流與資本配置為我們帶來很多機會。所以我認為我們的定位非常好。我也要歡迎 D-Fend 團隊加入 Motorola Solutions，並感謝所有員工與合作夥伴，持續讓這家公司成為一個非常特別、以使命驅動的企業，並推動我們持續交出亮眼成果，持續向前、再創高峰。

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

今天的電話會議到此結束。本次電話會議的重播將於三小時內在網際網路上提供。網站地址為 www.motorolasolutions.com/investor。感謝各位的參與，並請各位此時掛斷電話線。