摩托羅拉 (MSI) 2022 Q1 法說會逐字稿

Good afternoon, and thank you for holding. Welcome to the Motorola Solutions First Quarter 2022 Earnings Conference Call. Today's call is being recorded. If you have any objections, please disconnect at this time. The presentation material and additional financial tables are posted on the Motorola Solutions Investor Relations website. In addition, a webcast replay of this call will be available on our website approximately 2 hours after the conclusion of this call. The website address is www.motorolasolutions.com/investor. (Operator Instructions) I would now like to pass the conference over to Mr. Tim Yocum, Vice President of Investor Relations. Mr. Yocum, you may begin your conference.

下午好，感謝您的支持。歡迎參加摩托羅拉解決方案公司 2022 年第一季度收益電話會議。今天的電話正在錄音。如果您有任何異議，請在此時斷開連接。演示材料和其他財務表格發佈在摩托羅拉解決方案投資者關係網站上。此外，本次電話會議結束後約 2 小時，我們的網站上將提供本次電話會議的網絡直播重播。網站地址是 www.motorolasolutions.com/investor。 （操作員說明）我現在想將會議轉交給投資者關係副總裁 Tim Yocum 先生。 Yocum 先生，你可以開始你的會議了。

Good afternoon. Welcome to our 2022 first quarter earnings call. With me today are Greg Brown, Chairman and CEO; Jason Winkler, Executive Vice President and CFO; and 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.

下午好。歡迎來到我們的 2022 年第一季度財報電話會議。今天和我在一起的是董事長兼首席執行官格雷格·布朗； Jason Winkler，執行副總裁兼首席財務官；和執行副總裁兼首席運營官 Jack Molloy；和執行副總裁兼首席技術官 Mahesh Saptharishi。 Greg 和 Jason 將審查我們的結果以及評論，Jack 和 Mahesh 將加入問答環節。

We posted an earnings presentation and news release at motorolasolutions.com/investor. These materials include GAAP to non-GAAP reconciliations for your reference. And during the call, we reference non-GAAP financial results, including those in our outlook, unless otherwise noted.

我們在 motorolasolutions.com/investor 上發布了收益報告和新聞稿。這些材料包括 GAAP 與非 GAAP 對賬，供您參考。在電話會議期間，除非另有說明，否則我們會參考非 GAAP 財務結果，包括我們展望中的財務結果。

A number of forward-looking statements will be made during this presentation and during the Q&A portion of the call. These statements are based on current expectations and assumptions that are subject to a variety of risks and uncertainties. Actual results could differ materially from these forward-looking statements.

在本次演講和電話會議的問答部分中，將發表一些前瞻性陳述。這些陳述基於當前的預期和假設，這些預期和假設受到各種風險和不確定性的影響。實際結果可能與這些前瞻性陳述存在重大差異。

Information about factors that could cause such differences can be found in today's earnings news release, comments made during the conference call, in the Risk Factors section of our 2021 Annual Report on Form 10-K and in our other reports and filings with the SEC. We do not undertake any duty to update any forward-looking statements.

有關可能導致此類差異的因素的信息，請參見今天的收益新聞稿、電話會議期間的評論、我們的 10-K 表格 2021 年年度報告的風險因素部分以及我們向美國證券交易委員會提交的其他報告和文件。我們不承擔任何更新任何前瞻性陳述的義務。

And with that, I'll turn it over to Greg.

有了這個，我會把它交給格雷格。

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

謝謝，蒂姆。下午好，感謝您今天加入我們。在 Jason 向我們介紹我們的結果和展望之前，我將首先分享一些關於整體業務的想法。

First, I'm really pleased with our strong start to the year as we achieved sales and earnings per share above our guidance in spite of the challenging macroeconomic and supply chain environments that we continue to navigate. During the quarter, we saw record Q1 orders and record Q1 sales, highlighted by our Video Security & Access Control business, which grew 21% in revenue, with even higher growth in orders. We also finished the quarter with a record Q1 ending backlog of $13.4 billion, up 19% versus last year.

首先，儘管我們繼續應對充滿挑戰的宏觀經濟和供應鏈環境，但我們的銷售額和每股收益均高於我們的預期，我對我們今年的強勁開局感到非常高興。在本季度，我們看到了創紀錄的第一季度訂單和創紀錄的第一季度銷售額，其中我們的視頻安全和訪問控制業務的收入增長了 21%，訂單增長甚至更高。我們還在本季度末以創紀錄的 134 億美元的第一季度結束積壓，比去年增長 19%。

The second, we continue to see strong demand across all 3 technologies driven, in part, by a robust funding environment for our customers. In land mobile radio, we're seeing continued investment in regional, statewide and even countrywide networks, that further reinforces the longevity and criticality of this technology. And in our higher-growth areas of Video and Command Center Software, our investments in cloud and artificial intelligence are differentiating us from our competitors.

其次，我們繼續看到對所有 3 種技術的強勁需求，部分原因是為我們的客戶提供了強大的融資環境。在陸地移動無線電方面，我們看到對區域、全州甚至全國網絡的持續投資，這進一步加強了這項技術的壽命和重要性。在我們高速增長的視頻和指揮中心軟件領域，我們對雲計算和人工智能的投資使我們與競爭對手區分開來。

Total software revenue was up 17% during the quarter, including 28% growth in software for our Video Security & Access Control business and 9% growth in Command Center Software.

本季度軟件總收入增長 17%，其中視頻安全和訪問控制業務軟件增長 28%，指揮中心軟件增長 9%。

And finally, our expectation for full year guidance remains unchanged. As the year's -- as this year has progressed, we've seen incremental headwinds related to higher freight costs, a stronger dollar and the dilutive impact of the Ava Security acquisition. However, these headwinds are being offset by further pricing actions, stronger demand, favorable mix and targeted cost reductions.

最後，我們對全年指引的預期保持不變。隨著今年的發展，我們已經看到與運費上漲、美元走強以及收購 Ava Security 的稀釋影響有關的不利因素。然而，這些不利因素正在被進一步的定價行動、更強勁的需求、有利的組合和有針對性的成本削減所抵消。

I will now turn the call over to Jason to take you through our results and outlook before returning for some final thoughts.

現在，我將把電話轉給 Jason，讓您了解我們的結果和展望，然後再返回一些最終想法。

Thanks, Greg. Our Q1 results included revenue of $1.9 billion, up 7% and above our guidance driven primarily by better-than-anticipated supply for LMR. Revenue from acquisitions was $17 million, and currency headwinds were $18 million.

謝謝，格雷格。我們的第一季度業績包括 19 億美元的收入，增長 7%，高於我們的預期，這主要是由於 LMR 的供應好於預期。收購收入為 1700 萬美元，貨幣逆風為 1800 萬美元。

GAAP operating earnings of $239 million and operating margins of 12.6% compared to 16.8% of sales in the year ago quarter; non-GAAP operating earnings of $374 million, down $37 million or 9% from the year ago quarter, and non-GAAP operating margins of 19.8% of sales, down from 23.2%.

GAAP 營業收入為 2.39 億美元，營業利潤率為 12.6%，而去年同期為 16.8%；非美國通用會計準則營業收入為 3.74 億美元，比去年同期下降 3700 萬美元或 9%，非美國通用會計準則營業利潤率為 19.8%，低於 23.2%。

This decline in operating earnings was primarily due to the $50 million of higher semiconductor costs that we outlined on our last call related to the acquiring critical supply in the secondary market for semiconductors. Additionally, we saw higher freight costs driven by elevated air freight rates and higher operating expenses related to acquisitions, partially offset by higher sales.

營業收入的下降主要是由於我們在上次電話會議上概述的與在半導體二級市場獲取關鍵供應有關的 5000 萬美元的半導體成本增加。此外，由於空運費率上漲和與收購相關的運營費用增加，我們看到運費上漲，但部分被銷售額增加所抵消。

GAAP earnings per share of $1.54 compared to $1.41 in the year ago quarter. The increase was primarily due to a deferred tax benefit in the current quarter related to the reorganization of intellectual property. Non-GAAP EPS of $1.70 per share compared to $1.87 last year, a decrease primarily due to the operating earnings impact I described related to higher semiconductor and freight costs and increased operating expenses from acquisitions, partially offset by higher sales and a lower tax rate.

GAAP 每股收益為 1.54 美元，而去年同期為 1.41 美元。這一增長主要是由於本季度與知識產權重組相關的遞延稅收優惠。非美國通用會計準則每股收益為 1.70 美元，而去年為 1.87 美元，這主要是由於我所描述的與半導體和運費成本增加以及收購帶來的運營費用增加有關的營業收入影響，部分被銷售額增加和稅率降低所抵消。

OpEx in Q1 was $492 million, up $37 million versus last year, primarily due to higher expenses related to M&A, investments in Video and higher selling costs commensurate with our higher sales.

第一季度的運營支出為 4.92 億美元，比去年增加了 3700 萬美元，這主要是由於與併購相關的費用增加、視頻投資以及與我們更高的銷售額相稱的更高的銷售成本。

Turning next to cash flow. Q1 operating cash flow was $152 million compared with $370 million in the prior year, and free cash flow was $98 million compared to $318 million in the prior year. The decrease in cash flow was primarily due to our planned increase in inventory as we invest to meet the strong product demand we're seeing from our customers in Video and LMR.

轉向現金流。第一季度運營現金流為 1.52 億美元，上年為 3.7 億美元，自由現金流為 9800 萬美元，上年為 3.18 億美元。現金流的減少主要是由於我們計劃增加庫存，因為我們投資以滿足視頻和 LMR 客戶的強勁產品需求。

Capital allocation for Q1 included $493 million in share repurchases, $134 million paid in cash dividends and $54 million of CapEx. Additionally, during the quarter, we closed the acquisitions of Ava Security, for $387 million, and TETRA Ireland for $120 million.

第一季度的資本分配包括 4.93 億美元的股票回購、1.34 億美元的現金股息和 5400 萬美元的資本支出。此外，在本季度，我們以 3.87 億美元完成了對 Ava Security 的收購，並以 1.2 億美元完成了對 TETRA Ireland 的收購。

And subsequent to quarter end, we acquired Calipsa, a leader in cloud-based advanced video analytics, for $40 million. And just earlier today, we announced the acquisition of Videotec, a global supplier of pan-tilt-zoom and explosion-proof cameras, for $22 million. Videotec enhances our portfolio of NDAA-compliant fixed video cameras.

在季度末，我們以 4000 萬美元收購了基於雲的高級視頻分析領域的領導者 Calipsa。就在今天早些時候，我們宣布以 2200 萬美元收購全球雲台變焦和防爆攝像機供應商 Videotec。 Videotec 增強了我們符合 NDAA 標準的固定攝像機產品組合。

Moving next to our segment results. Q1 Products and Systems Integration sales were $1.1 billion, up 9% driven by anticipated strong growth in Video and better supply availability in LMR. Revenue from acquisitions in the quarter was $7 million, and currency headwinds were $8 million. Operating earnings were $96 million or 8.7% of sales, down from 12.9% in the prior year driven by the $50 million of higher semiconductor costs and higher freight costs previously mentioned, partially offset by higher sales.

接下來是我們的細分結果。第一季度產品和系統集成銷售額為 11 億美元，增長 9%，這主要得益於視頻業務的強勁增長和 LMR 更好的供應可用性。本季度收購收入為 700 萬美元，貨幣逆風為 800 萬美元。營業收入為 9600 萬美元，佔銷售額的 8.7%，低於上一年的 12.9%，原因是前面提到的 5000 萬美元的半導體成本和運費增加，部分被銷售額增加所抵消。

Some notable Q1 wins and achievements in this segment include an over $60 million nationwide P25 order for Taiwan National Police, $20 million of P25 upgrade orders for Los Angeles Unified School District, a $14 million TETRA upgrade for the Israeli Railways, an $11 million P25 expansion for a large U.S. customer and a $5 million Video order for a large U.S. public school system.

在這一領域的一些顯著的第一季度勝利和成就包括台灣國家警察超過 6000 萬美元的全國 P25 訂單、洛杉磯聯合學區 2000 萬美元的 P25 升級訂單、以色列鐵路 1400 萬美元的 TETRA 升級、1100 萬美元的 P25 擴建為美國的一個大客戶和一個美國大型公立學校系統的 500 萬美元視頻訂單。

Moving next to our Software and Services segment. Q1 revenue was $789 million, up 4% from last year. Revenue from acquisitions was $10 million, and currency headwinds were also $10 million. Growth in this segment was driven by Video Security and Command Center Software, while LMR services was approximately flat as expected due to the impact of a tough comp related to customers' P25 system upgrades that were concentrated in the first quarter of 2021 due to the COVID delays throughout 2020 and the impact of unfavorable FX.

接下來是我們的軟件和服務部門。第一季度收入為 7.89 億美元，比去年增長 4%。收購收入為 1000 萬美元，貨幣逆風也為 1000 萬美元。該細分市場的增長是由視頻安全和指揮中心軟件推動的，而 LMR 服務與預期大致持平，原因是與客戶的 P25 系統升級相關的艱難競爭的影響，這些升級集中在 2021 年第一季度，由於 COVID整個 2020 年的延誤以及不利外彙的影響。

Operating earnings were $278 million or 35% of sales, down 170 basis points from last year driven by a change in year-over-year mix and higher M&A operating expenses, partially offset by higher sales. For the full year, we still expect Software and Services revenue growth of 10%, and we expect operating margins that are comparable to last year, with the dilutive impact of recent M&A, offset by pricing and improved operating leverage.

營業收入為 2.78 億美元，佔銷售額的 35%，比去年下降 170 個基點，原因是同比結構變化和併購運營費用增加，部分被銷售額增加所抵消。全年，我們仍預計軟件和服務收入增長 10%，我們預計營業利潤率與去年相當，近期併購的攤薄影響被定價和改善的經營槓桿所抵消。

Some notable Q1 highlights in this segment include $27 million Command Center Software order for a customer in Latin America, a $20 million U.S. federal multiyear service contract orders, $8 million Command Center Software record management order for the City of Phoenix and an $8 million services agreement with the City of Chicago.

該細分市場的一些值得注意的第一季度亮點包括為拉丁美洲客戶提供的 2700 萬美元的 Command Center Software 訂單、2000 萬美元的美國聯邦多年服務合同訂單、鳳凰城的 800 萬美元的 Command Center Software 記錄管理訂單和 800 萬美元的服務協議與芝加哥市。

During the quarter, we grew our Video Security & Access Control software revenue by 28%. And subsequent to the quarter end, we launched the Public Safety Threat Alliance, a cybersecurity information sharing and intelligence hub for the public safety community.

在本季度，我們的視頻安全和訪問控制軟件收入增長了 28%。在本季度末，我們啟動了公共安全威脅聯盟，這是公共安全社區的網絡安全信息共享和情報中心。

Looking next at our regional results. North America Q1 revenue was $1.3 billion, up 10% on growth across all 3 technologies. International Q1 revenue was $587 million, flat versus last year with growth in Video Security and Command Center Software, offset by a decline in LMR due to FX. We saw growth in Latin America and Asia Pac, while Europe was slightly down, primarily due to FX.

接下來看看我們的區域結果。北美第一季度收入為 13 億美元，在所有 3 種技術的增長中增長了 10%。國際第一季度收入為 5.87 億美元，與去年持平，視頻安全和指揮中心軟件的增長被 FX 導致的 LMR 下降所抵消。我們看到拉丁美洲和亞太地區的增長，而歐洲略有下降，主要是由於外匯。

Moving to backlog. Ending backlog was a Q1 record of $13.4 billion, up 19% or $2.1 billion compared to last year driven by the Airwave extension recorded in the fourth quarter of '21 and increased demand across all 3 technologies. Sequentially, backlog was down $115 million driven primarily by the Airwave and ESN revenue burn during the quarter, partially offset by growth in LMR and Video products.

轉移到積壓。結束積壓是 134 億美元的第一季度記錄，與去年相比增長 19% 或 21 億美元，這是由於 21 年第四季度記錄的 Airwave 擴展以及所有 3 種技術的需求增加。隨後，主要受本季度 Airwave 和 ESN 收入消耗的推動，積壓訂單減少了 1.15 億美元，部分被 LMR 和視頻產品的增長所抵消。

Software and Services backlog was up $1.3 billion compared to last year driven by the Airwave extension and a $320 million increase in multiyear services and software backlog in North America. Sequentially, backlog was down $221 million or 2% driven primarily by revenue recognition for Airwave and ESN during the quarter and typical order seasonality in North America.

與去年相比，Airwave 擴展的軟件和服務積壓增加了 13 億美元，北美多年服務和軟件積壓增加了 3.2 億美元。隨後，積壓訂單減少了 2.21 億美元或 2%，主要是由於本季度 Airwave 和 ESN 的收入確認以及北美的典型訂單季節性。

Products and SI backlog was $852 million compared to last year and up $106 million sequentially driven primarily by strong LMR and Video demand in both regions.

與去年相比，產品和 SI 積壓訂單為 8.52 億美元，環比增長 1.06 億美元，主要受兩個地區強勁的 LMR 和視頻需求的推動。

We entered the year with a record backlog position, and approximately $2.2 billion of our beginning backlog in the Products segment was scheduled to be delivered in 2022, with over 2/3 of this amount expected to be delivered in the first half.

我們以創紀錄的積壓狀態進入這一年，我們在產品部門的初始積壓訂單中約有 22 億美元計劃於 2022 年交付，其中超過 2/3 預計將在上半年交付。

We saw continued strong demand for new orders during the quarter, with a record Q1 orders total that included comprehensive pricing actions we implemented across our portfolio in January. We expect these new orders at higher prices, together with higher volumes in the second half, to lead to a significant profitability ramp throughout the year.

我們看到本季度對新訂單的需求持續強勁，第一季度訂單總數創歷史新高，其中包括我們在 1 月份在我們的投資組合中實施的全面定價行動。我們預計這些價格更高的新訂單以及下半年的更高銷量將導致全年盈利能力顯著提升。

Turning to our outlook. We expect Q2 sales to be up between 4% and 5%, with non-GAAP EPS between $1.83 and $1.88 per share. This assumes approximately $50 million of FX headwinds, a diluted share count of approximately 173 million shares and an effective tax rate of 22% to 23%. It also includes $50 million of year-over-year increased costs that we described on our last earnings call related to elevated material costs for semiconductor supply from secondary markets.

轉向我們的前景。我們預計第二季度銷售額將增長 4% 至 5%，非公認會計準則每股收益在 1.83 美元至 1.88 美元之間。這假設外匯逆風約為 5,000 萬美元，稀釋後的股票數量約為 1.73 億股，有效稅率為 22% 至 23%。它還包括我們在上次財報電話會議上描述的與二級市場半導體供應材料成本升高有關的 5000 萬美元的同比增加成本。

For the full year, we are maintaining our prior revenue guidance of 7% growth and non-GAAP EPS guidance between $9.80 and $9.95 per share despite the significant strengthening of the U.S. dollar since our last call. We now expect FX to be a headwind of $170 million for the year, up $110 million from our prior guidance. This outlook now assumes a diluted share count of approximately 173 million shares based on the timing of our share repurchases in the year and an effective tax rate of 21% to 21.5%.

儘管自上次電話會議以來美元大幅走強，但全年，我們仍將之前 7% 的收入增長指引和非公認會計原則每股收益指引維持在每股 9.80 美元至 9.95 美元之間。我們現在預計今年外匯將成為 1.7 億美元的逆風，比我們之前的指導增加 1.1 億美元。根據我們當年股票回購的時間和 21% 至 21.5% 的有效稅率，該展望現在假設稀釋後的股票數量約為 1.73 億股。

Additionally, our full year operating cash flow guidance for approximately $1.9 billion and full year OpEx expectations of approximately a $100 million increase over last year are also unchanged, inclusive of the new acquisitions we announced, offset by targeted reductions we're making.

此外，我們的全年運營現金流指導約為 19 億美元，全年運營支出預期比去年增加約 1 億美元，包括我們宣布的新收購，但被我們正在進行的有針對性的削減所抵消。

Before I turn the call back to Greg, I wanted to reiterate some of the proactive measures we've been taking to navigate this dynamic environment. First, amidst strong demand, we've taken further pricing actions across various parts of our portfolio, which we expect to benefit our second half of the year. We remain cost-disciplined, with targeted OpEx costs planned while funding our recent acquisitions.

在我將電話轉回 Greg 之前，我想重申我們為應對這種動態環境而採取的一些積極措施。首先，在需求強勁的情況下，我們對投資組合的各個部分採取了進一步的定價行動，我們預計這將使我們的下半年受益。我們保持成本紀律，在為我們最近的收購提供資金的同時計劃了目標運營支出成本。

We are strategically investing in inventory to maximize the parts availability to fulfill the strong demand that we're seeing. And finally, we continue to be good stewards of capital, maintaining a strong balance sheet, to be opportunistic in deploying capital on acquisitions and shareholder returns.

我們正在戰略性地投資庫存，以最大限度地提高零件可用性，以滿足我們所看到的強勁需求。最後，我們繼續成為資本的好管家，保持強勁的資產負債表，在將資本用於收購和股東回報方面投機取巧。

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

我現在想把電話轉回格雷格。

Thanks, Jason. I thought I would end with a few thoughts on the business.

謝謝，傑森。我想我會以對業務的一些想法結束。

First, business remains really strong. Despite the ongoing macroeconomic and semiconductor challenges, we had record Q1 orders and sales that drove results above our expectations. We ended the quarter with our highest Q1 ending backlog ever. And our higher growth businesses in Video Security and Command Center Software continued to grow at a multiple of their overall markets.

首先，業務仍然非常強勁。儘管宏觀經濟和半導體挑戰持續存在，但我們的第一季度訂單和銷售額創紀錄，推動業績超出預期。我們以有史以來最高的第一季度結束積壓結束了本季度。我們在視頻安全和指揮中心軟件方面的高增長業務繼續在其整體市場的倍數增長。

Second, our healthy balance sheet and durable cash flow provides us with the flexibility to be opportunistic in our deployment of capital. During the quarter, we closed 2 additional acquisitions I'm excited about.

其次，我們健康的資產負債表和持久的現金流為我們提供了靈活配置資本的機會。在本季度，我們完成了另外兩項令我興奮的收購。

TETRA Ireland, the provider of Ireland's nationwide digital radio service for first responders, is a business we've had our eye on for a while actually, and it adds to our strong LMR managed services business.

TETRA Ireland 是愛爾蘭全國范圍內為急救人員提供數字無線電服務的提供商，實際上是我們關注了一段時間的業務，它為我們強大的 LMR 託管服務業務增添了力量。

And Ava Security, a scalable, secure and flexible cloud solution, provides customers with the benefits of an enterprise-grade video security solution, while minimizing the physical footprint of their security infrastructure. Ava complements our on-prem offerings in fixed video security and provides us with the flexibility to meet our customers where they are, with options for both cloud or on-prem solutions.

Ava Security 是一種可擴展、安全且靈活的雲解決方案，可為客戶提供企業級視頻安全解決方案的優勢，同時最大限度地減少其安全基礎設施的物理佔用空間。 Ava 補充了我們在固定視頻安全方面的本地產品，並為我們提供了滿足客戶所在地的靈活性，並提供雲或本地解決方案選項。

And finally, while the macroeconomic environment remains turbulent, I like our position. We're a leader in the markets we serve. We provide need-to-have solutions that are critical for customers. We continue to invest heavily in R&D. And all of this provides us with the ability to take continued pricing actions to manage higher cost pressures. Additionally, we have strong predictable cash flows that allows us to continue to invest in our growth businesses, while simultaneously returning capital to shareholders in the form of share repurchases and dividends.

最後，雖然宏觀經濟環境仍然動盪，但我喜歡我們的立場。我們是我們服務的市場的領導者。我們提供對客戶至關重要的必要解決方案。我們繼續大力投資研發。所有這一切都使我們能夠採取持續的定價行動來管理更高的成本壓力。此外，我們擁有強大的可預測現金流，使我們能夠繼續投資於我們的成長型業務，同時以股票回購和股息的形式向股東返還資本。

I will now turn the call back over to Tim.

我現在將把電話轉回給蒂姆。

Thank you, Greg. (Operator Instructions) Operator, would you please remind our callers on the line how to ask a question?

謝謝你，格雷格。 （操作員說明）接線員，請您提醒一下我們的來電者如何提問？

(Operator Instructions) The first question is from Keith Housum with Northcoast Research.

（操作員說明）第一個問題來自 Northcoast Research 的 Keith Housum。

It sounds like you guys have been able to navigate the supply chain challenges fairly well. I noticed you guys had the $50 million in extra cost for the first quarter. But can you guys talk about the supply visibility and discipline for the rest of the year? Obviously, there have been a lot of upheaval, things going on in Shanghai recently. But any updated thoughts on where supply chain stands today?

聽起來你們已經能夠很好地應對供應鏈挑戰。我注意到你們在第一季度有 5000 萬美元的額外費用。但是你們能談談今年剩餘時間的供應可見性和紀律嗎？顯然，最近在上海發生了很大的動盪。但是關於今天供應鏈的位置有什麼更新的想法嗎？

Hey, Keith. I think our view of supply chain is it's pretty much unchanged from where it was a quarter ago. It's still very challenging. We go through week-by-week negotiations and discussions with critical suppliers on allocations.

嘿，基思。我認為我們對供應鏈的看法與四分之一前相比幾乎沒有變化。這仍然非常具有挑戰性。我們每週與關鍵供應商就分配進行談判和討論。

On the good news side, I think we were more successful in Q1, getting some critical parts sooner than expected. And I think that drove and informed our overperformance in Q1. The overall environment around semiconductor constraints remains challenging. I think, Keith, realistically, we expect those challenges to exist throughout the rest of 2022.

好消息是，我認為我們在第一季度更成功，比預期更快地獲得了一些關鍵部件。我認為這推動並告知了我們在第一季度的超常表現。圍繞半導體限制的整體環境仍然充滿挑戰。我認為，基思，實際上，我們預計這些挑戰將在 2022 年剩餘時間內存在。

And Keith, you mentioned the $50 million in Q1. It's another $50 million in Q2. So as we set out the year and described in the last call, $100 million is elevated costs that we're incurring to buy these parts at a premium in the first half, but the second half is only $20 million. That's in part driven by the elevated costs that we faced last year, so the comp.

基思，你提到了第一季度的 5000 萬美元。第二季度又是 5000 萬美元。因此，正如我們在上一次電話會議中描述的那樣，1 億美元是我們在上半年以溢價購買這些零件的高成本，但下半年只有 2000 萬美元。這部分是由於我們去年面臨的高成本驅動，所以補償。

But secondly, in terms of our supply and what our teams are doing to increase the number of substitutable parts, the engineering and quality teams are doing a good job in finding alternative parts and doing well in that. And we've also shifted to air as our primary means of freight. That's what's elevating our freight costs a little bit, to get the parts in a timely fashion.

但其次，就我們的供應以及我們的團隊為增加可替代零件的數量所做的工作而言，工程和質量團隊在尋找替代零件方面做得很好，並且在這方面做得很好。我們也已將空運作為我們的主要貨運方式。這就是我們的運費稍微提高的原因，以便及時獲得零件。

So the semiconductor constraints -- Keith, semiconductor constraints largely unchanged, as Jason dimensionalized, although freight has incrementally gotten worse as we shift more ocean to air, and the overall cost is higher than was anticipated on our last call, but anticipated and included in our full year guidance.

所以半導體限制——基思，半導體限制基本上沒有變化，正如 Jason 所考慮的那樣，儘管隨著我們將更多的海運轉移到空運，運費逐漸變得更糟，而且總成本高於我們上次通話時的預期，但預期並包含在我們的全年指導。

Got you. Just as a follow-up. You guys had a really strong first quarter for bookings. Is there a capability -- despite the challenges, are you able to get enough supply to get over and above your guidance if the demand was there?

得到你。只是作為一個後續。你們第一季度的預訂量非常強勁。是否有能力——儘管存在挑戰，但如果有需求，您是否能夠獲得足夠的供應以超過您的指導？

Yes, our guidance for the quarter and the year is a compilation of the demand and then matched to the supply that we have and foresee in terms of delivery. So nothing's changed there.

是的，我們對季度和年度的指導是對需求的匯總，然後與我們在交付方面擁有和預見的供應相匹配。所以那裡什麼都沒有改變。

We overperformed in Q1, largely because we were able to get the supply and allocate it purposely to parts of the portfolio, like public safety, that are important to customers. They also happen to have slightly higher ASPs.

我們在第一季度表現出色，主要是因為我們能夠獲得供應並將其有目的地分配給對客戶很重要的部分投資組合，例如公共安全。他們也碰巧有稍高的平均售價。

The next question is from the line of George Notter with Jefferies.

下一個問題來自 George Notter 和 Jefferies 的觀點。

I guess I wanted to just quiz you on the full year guidance. You're keeping the 7%, but it seems like there's a lot of moving parts in there, and I'm just wondering how it all kind of nets out.

我想我只是想問你關於全年指導的問題。你保留了 7%，但其中似乎有很多活動部件，我只是想知道這一切是如何產生的。

So you have $110 million of additional FX headwinds. You've got a bunch of new M&A deals in here. Pricing has gone up. I guess I'm wondering what it looks like when you kind of peel all that back. Is your guidance better or worse than maybe you thought 3 months ago?

所以你有 1.1 億美元的額外外匯逆風。你在這裡有一堆新的併購交易。價格上漲了。我想我想知道當你把所有的東西都剝掉時會是什麼樣子。您的指導比您 3 個月前的想法更好還是更差？

You mentioned $110 million in FX. That's absolutely correct. The incremental M&A, that's -- that we've acquired since we last talked is $60 million. Additionally...

你提到了 1.1 億美元的外匯。這是完全正確的。自上次談話以來，我們收購的增量併購是 6000 萬美元。此外...

Of net new revenue...

淨新收入...

Of net new revenue...

淨新收入...

Right, in the period, yes.

對，在那個時期，是的。

Additionally, in terms of -- you mentioned price, we're absolutely looking at that and have made some changes across the portfolio. And the third item is favorable mix, so what we -- where we prioritize and allocate our supply to.

此外，就您提到的價格而言，我們絕對會關注這一點，並在整個投資組合中進行了一些更改。第三個項目是有利的組合，所以我們 - 我們優先考慮和分配我們的供應。

Yes. And we acquired Ava. And Ava is about $0.10 dilutive to EPS for the full year. So net-net, we've got incremental headwinds, as you talked about, George, of FX, incremental headwinds with freight, some M&A, higher costs than our last call, but that's balanced out by favorable mix, particularly as we index toward higher-tier shipments.

是的。我們收購了 Ava。 Ava 對全年每股收益的稀釋約為 0.10 美元。所以淨網，我們遇到了增量逆風，正如你所說，外彙的喬治，運費的增量逆風，一些併購，比我們上次電話更高的成本，但這被有利的組合所抵消，特別是當我們索引更高層次的出貨量。

We continue to take pricing actions. I think tax rate will be a little bit better. And share count will be lower. So all in all -- and by the way, at the end of the day, I think demand is as strong or maybe even stronger today than it was back in February.

我們繼續採取定價行動。我覺得稅率會好一點。並且股票數量會更少。總而言之 - 順便說一句，在一天結束時，我認為今天的需求與 2 月份一樣強勁，甚至可能更加強勁。

Got it. And then just continuing on that, could you give us a sense for the magnitude of the pricing increases? And I think you said January was the time you instituted those. Is that correct? And then when do you think those will be fully in the model?

知道了。然後繼續說下去，你能告訴我們價格上漲的幅度嗎？我想你說一月份是你制定這些的時間。那是對的嗎？然後你認為這些會在什麼時候完全出現在模型中？

So we've been looking at price for a number of quarters. The most recent ones were January. I mentioned on the call that the backlog that we began the year with was $2.2 billion. That's largely going to fuel the first half. So the orders, January onward, are going to fuel the second half, and that's where we -- our most recent pricing actions are.

所以我們一直在關注價格幾個季度。最近的是一月份。我在電話會議上提到，我們年初的積壓工作是 22 億美元。這在很大程度上將推動上半年。因此，從 1 月開始的訂單將推動下半年的發展，這就是我們最近的定價行動所在。

When I think about products, the segment, in terms of what's driving the growth we expect this year for our Products segment of mid-single-digit growth, within LMR, the driver is largely price and mix favorability. And then within Video, which is the higher-growth part, it's price and volume that are driving the growth we expect there.

當我考慮產品這一細分市場時，就我們預計今年在 LMR 中的中個位數增長的產品細分市場而言，驅動因素主要是價格和組合偏好。然後在視頻中，這是較高增長的部分，價格和數量正在推動我們預期的增長。

The next question is from the line of Paul Silverstein with Cowen.

下一個問題來自 Paul Silverstein 和 Cowen 的觀點。

Guys, I apologize if you answered this in your prepared remarks, but with the improvement in some of your key sectors in your professional -- in your PCR business, are you seeing that translate to an improved outlook?

伙計們，如果您在準備好的評論中回答了這個問題，我深表歉意，但是隨著您專業領域中某些關鍵領域的進步——在您的 PCR 業務中，您是否看到這轉化為前景的改善？

Hospitality has obviously improved significantly. Oil and gas prices are up, albeit I'm not sure how much that's improved that industry. But are you seeing any improvement there?

熱情好客明顯改善。石油和天然氣價格上漲，儘管我不確定該行業的改善程度。但是你看到那裡有任何改善嗎？

So with PCR, we expect it to grow this year mid-single digits. It was flat in Q1. The demand for PCR is very robust. The limiting or gating item is supply around PCR. So Jack, if you want to talk about markets...

因此，對於 PCR，我們預計它今年將增長中個位數。第一季度持平。 PCR的需求非常旺盛。限製或門控項目是圍繞 PCR 提供的。所以傑克，如果你想談談市場...

Paul, I think that the 2 markets that we've seen, the most profound rebound kind of post-COVID have been air, transportation and hospitalities. I think the next to follow will be commercial real estate as we get people back to work in major cities. We're starting to see upgrades even in our building. We'll see upgrades on the communications front there, but it's really been air and hospitality this year.

保羅，我認為我們看到的兩個市場，即後 COVID 後最深刻的反彈類型是航空、交通和酒店業。我認為接下來將是商業房地產，因為我們讓人們在主要城市重返工作崗位。即使在我們的建築中，我們也開始看到升級。我們將在那裡看到通信方面的升級，但今年確實是空氣和熱情好客。

Yes. For my follow-up, I appreciate you just increased prices, but everybody is citing stepped-up component costs. Any thoughts you can share on longer-term margins, where they gap and what time frame on the gross line?

是的。對於我的後續行動，我感謝您只是提高了價格，但每個人都在引用提高的組件成本。您可以分享關於長期利潤率的任何想法，它們的差距以及毛線的時間框架？

Sure. So headline inflation, we're navigating it like all companies and have been planning for a significant inflation number that we've been seeing. We have 2 unique cost inflation items that we believe are temporary.

當然。因此，總體通脹，我們像所有公司一樣駕馭它，並一直在計劃我們已經看到的顯著通脹數字。我們有 2 個獨特的成本通脹項目，我們認為這些項目是暫時的。

One, we're paying a premium for semiconductors that aren't available directly from the manufacturer and getting them through alternative secondary markets. That's $120 million that was in the P&L this year as we get after that critical supply.

第一，我們為無法直接從製造商處獲得的半導體支付溢價，並通過替代二級市場獲得它們。當我們獲得關鍵供應後，今年的損益表中有 1.2 億美元。

Secondly, the freight levels that we're incurring this year are also -- air rates are frankly high. They got higher after the Ukraine invasion, and they remain high. So those are 2 temporary items that are -- we're navigating around as well as general inflation.

其次，我們今年的運費水平也很高——坦率地說，空運價格很高。他們在烏克蘭入侵後變得更高，並且一直保持在高位。所以這些是兩個臨時項目——我們正在四處導航以及總體通貨膨脹。

Yes. And Paul, I would also say that taking all those things into account, we still expect full year gross margins to be comparable for MSI and operating margins to be slightly up for full year 2022.

是的。保羅，我還要說，考慮到所有這些因素，我們仍然預計 MSI 的全年毛利率與 2022 年全年的營業利潤率相當，營業利潤率將略有上升。

The next question is from the line of Meta Marshall with Morgan Stanley.

下一個問題來自摩根士丹利的 Meta Marshall。

Maybe starting -- I noticed you guys talked about strong order activity kind of across the board. But I just wanted to get a sense of was there any changes by region, so anything notable in the Europe region maybe more specifically. Maybe start with that, and then I have a follow-up question.

也許開始 - 我注意到你們談論了全面的強訂單活動。但我只是想了解地區是否有任何變化，所以歐洲地區的任何值得注意的事情可能更具體。也許從那開始，然後我有一個後續問題。

Sure, Meta. I think -- so as it implies to Europe, first of all, I just want to remind you, half of our revenue in Europe is actually recurring revenue, so think large-scale managed service businesses.

當然，梅塔。我認為——正如它對歐洲所暗示的那樣，首先，我只想提醒你，我們在歐洲的一半收入實際上是經常性收入，所以想想大規模的託管服務業務。

In Q1, internationally, we would have been up 3% -- we're up 3% in constant currency. So really, the FX headwind that Jason alluded to really impacted Europe to the greatest extent. But I would say this, our challenges in Europe and really, quite frankly, in international, are not demand-related.

在第一季度，在國際上，我們會上漲 3%——按固定匯率計算，我們會上漲 3%。所以說真的，傑森提到的外匯逆風確實在最大程度上影響了歐洲。但我想說的是，我們在歐洲的挑戰，坦率地說，在國際上，我們的挑戰與需求無關。

Demand remains very robust. It remains very robust in Europe, not only in Video Security & Access Control, but our Command Center Software as well as our land mobile business. So I think the biggest challenge, I would say, is really currency right now.

需求仍然非常強勁。它在歐洲仍然非常強大，不僅在視頻安全和訪問控制方面，而且在我們的指揮中心軟件以及我們的陸地移動業務方面。所以我認為最大的挑戰，我想說，現在真的是貨幣。

And Meta, just as a footnote, as it relates to Russia, contextually, we've exited that market. It was pretty de minimis for us to begin with. Full year revenue on Russia last year was $25 million. So we've exited that market. We don't have Motorola Solutions employees in that theater any longer. So just as a footnote, I thought that could be helpful as well.

Meta，就像一個腳註，因為它與俄羅斯有關，從上下文來看，我們已經退出了那個市場。一開始對我們來說是非常微不足道的。去年俄羅斯的全年收入為 2500 萬美元。所以我們已經退出了那個市場。我們在那個劇院不再有摩托羅拉解決方案的員工。因此，作為一個腳註，我認為這也可能會有所幫助。

Perfect. Very helpful. And then maybe just on the -- I just want to get a sense of, you guys obviously spoke to growing backlog, just how much of the growing backlog is a result of supply chain challenges and inability to ship versus just some longer-term contracts coming in. And that's it for me.

完美的。很有幫助。然後也許就在——我只是想了解一下，你們顯然談到了不斷增長的積壓，有多少不斷增長的積壓是供應鏈挑戰和無法發貨的結果，而不是一些長期合同進來。對我來說就是這樣。

Majority of our backlog is from direct customers, governments, agencies, thousands of customers who order as their procurement cycles permit them. And so we believe that and -- to be a very strong signal for their demand.

我們的大部分積壓訂單來自直接客戶、政府、機構以及在採購週期允許的情況下訂購的數千名客戶。因此，我們相信這和 - 對他們的需求來說是一個非常強烈的信號。

We also have a channels business, where channel inventories are very low, and our channel partners are placing orders on us to replenish that inventory. So our demand signal from our -- both our direct customers and our indirect customers is pretty clean, and as Jack mentioned, is growing in both sides of the business.

我們還有一個渠道業務，渠道庫存非常低，我們的渠道合作夥伴正在向我們下訂單以補充庫存。因此，我們的直接客戶和間接客戶的需求信號都非常乾淨，正如傑克所說，在業務的雙方都在增長。

The next question is from the line of Sam Badri with Credit Suisse.

下一個問題來自瑞士信貸的 Sam Badri。

I was hoping you could elaborate on the ARPA contribution. I know you guys put a couple of senses or a sense in your press release. Can you just walk us through contribution from explicitly ARPA that you guys are estimating?

我希望你能詳細說明 ARPA 的貢獻。我知道你們在新聞稿中提出了幾種感覺或一種感覺。你能告訴我們你們正在估計的明確 ARPA 的貢獻嗎？

Yes. Hey, Sam. It's Jack. First of all, I want to -- I know we said it before, but it's important to, first of all, point out that ARPA will be a multiyear phenomenon. So our team is actually -- when we look at our pipeline, which is our sales funnel, we've actually seen a 3x increase over this period last year. So that's great. And a lot of that is really directed at the $350 billion in state and local, which really, we've never had a problem as it relates to we're a need-to-have business. But what it really does is it draws clarity to how those deals get funded. And so we'll be in that for the next 2.5, 3 years.

是的。嘿，山姆。是傑克。首先，我想——我知道我們之前說過，但首先要指出的是，ARPA 將是一個多年的現象，這一點很重要。所以我們的團隊實際上是 - 當我們查看我們的銷售渠道時，我們實際上看到去年同期增長了 3 倍。那太好了。其中很大一部分實際上是針對州和地方的 3500 億美元，實際上，我們從來沒有遇到過問題，因為它與我們是一個需要擁有的企業有關。但它真正做的是讓這些交易如何獲得資金變得清晰。因此，我們將在接下來的 2.5、3 年內參與其中。

The second area, where it's been very helpful, is with our fixed Video Security & Access Control business, particularly around the education vertical, where people are really trying to -- as they bring kids back to school, trying to make sure those places are safe, actually investing in things like concealed weapons technology with our Evolve partnership as well. So we think the money, at this point, which is $170 billion there will also be -- will benefit us over the course of the next 3 years as well.

第二個非常有用的領域是我們固定的視頻安全和訪問控制業務，特別是在教育垂直領域，人們真正在努力——當他們把孩子帶回學校時，試圖確保這些地方是安全，實際上也與我們的 Evolve 合作夥伴投資於隱蔽武器技術之類的東西。因此，我們認為目前 1700 億美元的資金也將在未來 3 年內使我們受益。

Got it. And then just as a follow-up, maybe for you, Jack, again. Any update on body-worn camera or fixed cameras that go onto the vehicles, like first responder vehicles, can you give us an update on that? And growth rates or any kind of comments on market share?

知道了。然後作為後續行動，也許對你來說，傑克，再一次。隨身攜帶的攝像頭或安裝在車輛上的固定攝像頭有任何更新，比如急救車，你能給我們更新一下嗎？增長率或對市場份額的任何評論？

Absolutely. So first of all, as it relates to body-worn, I talked about last year, from a market share context, last year, we doubled our orders, in 2021, doubled our orders in a market that certainly didn't double. So we felt like we took share. As it relates to Q1 2022, our orders were up double digit. And I think most importantly, they were up double digit against a comp, whereby last year, we grew 65% in orders in Q2.

絕對地。因此，首先，由於它與身體穿戴有關，我去年談到了，從市場份額的角度來看，去年我們的訂單翻了一番，到 2021 年，我們的訂單在一個肯定沒有翻倍的市場上翻了一番。所以我們覺得我們分享了。由於與 2022 年第一季度有關，我們的訂單增長了兩位數。而且我認為最重要的是，它們與競爭對手相比增長了兩位數，去年，我們在第二季度的訂單增長了 65%。

And I think the only thing I would add is we announced our as a Service offer last year, and we've actually seen acceleration in customers' willingness to choose the cloud there. So we've said before, we think that the market wants an alternative. We've got good relationships internationally. In North America, our team continues to fight for their fair share and then some. I think Mahesh has -- yes, sorry...

而且我認為我唯一要補充的是我們去年宣布了我們的即服務產品，我們實際上已經看到客戶選擇雲計算的意願在加速。所以我們之前說過，我們認為市場需要一個替代方案。我們在國際上建立了良好的關係。在北美，我們的團隊繼續為他們的公平份額而戰，然後是一些。我認為 Mahesh 有——是的，對不起……

And just to add to that, we launched the M500 last year and started shipping a few months ago, a little bit earlier this year. The M500, we consider to be a significant leap-up from our prior generation of the 4RE, and it builds upon a lot of the goodness that the 4RE had. And 4RE, from the WatchGuard legacy, really has evolved with a lot of customer feedback.

除此之外，我們去年推出了 M500，並在幾個月前開始發貨，今年早些時候。 M500，我們認為是我們上一代 4RE 的重大飛躍，它建立在 4RE 的許多優點之上。來自 WatchGuard 傳統的 4RE 確實隨著大量客戶反饋而發展。

Critically, for the M500, we have added some significant new AI capabilities. This is a platform that's really meant to deliver AI capabilities. At launch, we launched it with 2 capabilities, effectively officer and passenger safety, but in addition, ALPR as well. And the ALPR stream actually contributes to the other sets of ALPR cameras we have in our portfolio. These feed into one of the largest -- the industry's largest license plate databases that we have.

至關重要的是，對於 M500，我們添加了一些重要的新 AI 功能。這是一個真正旨在提供人工智能功能的平台。在發佈時，我們以 2 項功能啟動了它，有效地提高了官員和乘客的安全，但除此之外，還有 ALPR。 ALPR 流實際上有助於我們產品組合中的其他 ALPR 相機。這些輸入到我們擁有的最大的行業中最大的車牌數據庫之一。

Right now, we're exceeding 50 billion plate reads. And to give you an idea of like the rate at which it gets refreshed, in Q1 of this year, we accounted for about 2.4 billion plate reads. And to give you an understanding of the frequency at which we're growing here compared to the previous year, we doubled the plate read. So overall, from a mobile video standpoint and an ALPR standpoint, we're doing fantastic.

目前，我們的車牌閱讀量已超過 500 億次。為了讓您了解它的刷新率，在今年第一季度，我們的車牌閱讀量約為 24 億。為了讓您了解與上一年相比我們在這裡增長的頻率，我們將板塊讀數翻了一番。所以總的來說，從移動視頻和 ALPR 的角度來看，我們做得非常好。

The next question is from the line of Ben Bollin with Cleveland Research.

下一個問題來自 Cleveland Research 的 Ben Bollin。

First question, I was hoping you could share any thoughts around customer priorities with respect to Command Center Software and refresh and just talk to any execution you're seeing, how you think you're doing, how it's developing, kind of where it's going. And then I had a follow-up for Greg.

第一個問題，我希望你能分享關於指揮中心軟件和更新的客戶優先級的任何想法，並談談你看到的任何執行，你認為你在做什麼，它是如何發展的，它的發展方向.然後我對格雷格進行了跟進。

Sure. So the first point is that we are growing faster than the market. We're taking market share. Over 1/2 of our orders last quarter, in Q1, were suite orders. Effectively, we either added on to existing bundles or we -- the customers bought more than one.

當然。所以第一點是我們的增長速度超過了市場。我們正在搶占市場份額。上一季度，第一季度，我們超過 1/2 的訂單是套房訂單。實際上，我們要么添加到現有的捆綁包中，要么我們 - 客戶購買了多個。

And Jason mentioned 2 of our large opportunities in his bit. The L.A. Unified School District, they bought our CAD and record solution. But not only are we seeing synergies now with our software suite, but one of the key reasons to buy there was location data integration from our LMR side as well. And that had a profound impact in that opportunity.

Jason 提到了我們的兩個大機會。洛杉磯聯合學區，他們購買了我們的 CAD 和記錄解決方案。但是，我們現在不僅看到了與我們的軟件套件的協同作用，而且購買它的關鍵原因之一也是我們 LMR 方面的位置數據集成。這對這個機會產生了深遠的影響。

The City of Phoenix opportunity that Jason mentioned was driven by the national incident-based reporting criteria that the city needed to comply with. And that, along with the fact that we are now integrating with the Aware solution for real-time situational awareness, that added a lot of synergy to that opportunity as well.

Jason 提到的鳳凰城機會是由該市需要遵守的基於事件的國家報告標準推動的。再加上我們現在正在與 Aware 解決方案集成以實現實時態勢感知，這也為這一機會增加了很多協同作用。

We had our summit in April. And the summit was the largest software summit we have ever had in Motorola history, 1,600 attendees, over 300 classes and user group sessions. We had representation across all user types, going from call, to case closure. There are some important themes that we hit there. The first was a fortification theme, and really what resonated there was cybersecurity.

我們在四月舉行了峰會。此次峰會是我們在摩托羅拉歷史上舉辦過的最大的軟件峰會，有 1,600 名與會者，超過 300 場課程和用戶組會議。我們對所有用戶類型都有代表，從呼叫到案例關閉。我們在那裡遇到了一些重要的主題。第一個是設防主題，真正引起共鳴的是網絡安全。

We talked about the Public Safety Threat Alliance that we launched quite recently. And as a consequence of us talking about the Public Safety Threat Alliance, within the first 2 weeks of the creation of it, we've had over 50 members sign up to be part of that, and we expect that to rapidly increase.

我們談到了我們最近推出的公共安全威脅聯盟。由於我們談論公共安全威脅聯盟，在它創建的前兩週內，我們已經有超過 50 名成員註冊成為其中的一員，我們預計這一數字會迅速增加。

We also talked extensively about our innovations and user experience given the pieces -- given the users that were represented there. And some of the -- as an example, some of the AI capabilities that we talked about there really resonated with our customers.

我們還廣泛討論了我們的創新和用戶體驗——考慮到那裡代表的用戶。其中一些——例如，我們在那裡談到的一些人工智能功能確實引起了我們的客戶的共鳴。

Smart transcription is something that we have talked about previously. But smart transcription has become more than just a transcription, a speech-to-text transcription now, but it really has become an application platform for us that we have built alongside our customers.

智能轉錄是我們之前討論過的東西。但智能轉錄已經不僅僅是轉錄，現在是語音到文本的轉錄，但它確實已成為我們與客戶一起構建的應用平台。

So not only is transcription a second pair of ears that makes sure that the call-taker doesn't miss anything, we have now been able to add capabilities where smart transcription allows the call-taker to benefit from the experience of other callers who have responded to similar sorts of events. So to be able to search for similar calls that they've -- others have responded to and for them to be better informed and responding to new types of events.

因此，不僅轉錄是第二對耳朵，可以確保接聽者不會錯過任何內容，我們現在還能夠添加智能轉錄功能，讓接聽者可以從其他呼叫者的經驗中受益。回應了類似的事件。因此，為了能夠搜索他們已經收到的類似電話——其他人已經響應了，並且讓他們能夠更好地了解和響應新類型的事件。

So smart transcription has actually become an experience base for existing customers. On top of that, based upon customer feedback, we've added capabilities for supervisors to know when to support a call-taker during a call as well. And lastly, we're also extending this to now -- or recognizing when call-takers are under stress. So this, smart transcription as a capability, has really expanded our capacity to add applications for our CommandCentral software suite.

所以智能轉錄實際上已經成為現有客戶的體驗基地。最重要的是，根據客戶反饋，我們還為主管添加了在通話期間知道何時支持接聽者的功能。最後，我們還將其擴展到現在——或者識別接聽者何時處於壓力之下。因此，智能轉錄作為一種功能，確實擴展了我們為 CommandCentral 軟件套件添加應用程序的能力。

And the last part that I'll mention here is that mobile has become a significant part of what we have talked about as well. We have invested heavily in mobile CC responder, CommandCentral Responder, has now both an iOS and an Android instance, supporting our on-prem and our cloud installs, hybrid being a key priority there.

我將在這裡提到的最後一部分是移動已經成為我們所討論的重要部分。我們在移動 CC 響應器 CommandCentral Responder 上投入了大量資金，現在它同時擁有 iOS 和 Android 實例，支持我們的本地和雲安裝，混合是那裡的關鍵優先事項。

And with our customer in Western Australia, we recently launched a CarPlay application that was done in collaboration with Apple and the Western Australia Police. And this is the very first public safety application to be launched for CarPlay. All of this, by the way, very much consistent with our hybrid strategy, and we're seeing a fair amount of traction there.

我們最近與西澳大利亞的客戶一起推出了 CarPlay 應用程序，該應用程序是與 Apple 和西澳大利亞警方合作完成的。這是第一個為 CarPlay 推出的公共安全應用程序。順便說一句，所有這些都與我們的混合策略非常一致，我們在那裡看到了相當大的吸引力。

That's great. The follow-up for you, Greg. When you step back and kind of look at the world, and clearly, we're in a surplus demand environment, and at some point, supply starts to catch up. But I'm interested in how you think about monitoring the inbound orders and ensuring that customers aren't running out there and placing a lot of orders, maybe with multiple vendors, perhaps ordering more than they need and just kind of taking what comes first.

那太棒了。格雷格，你的後續行動。當你退後一步，看看世界，很明顯，我們處於需求過剩的環境中，在某個時候，供應開始趕上。但我感興趣的是你如何看待監控入站訂單並確保客戶不會用完並下很多訂單，可能與多個供應商合作，可能訂購的數量超過他們的需要，只是採取先到先得的方式.

How do you think about that? Obviously, I think it's more PCR-related, but just curious, any thoughts you have there. And that's it for me.

你怎麼看？顯然，我認為它與 PCR 更相關，但只是好奇，你有什麼想法。對我來說就是這樣。

Ben, I was just going to say the last part that you said, I think it is more PCR-related. I think the way we do that is, I think Molloy and John Zidar, during this time, worked really closely with the channel partners, particularly in North America, on prioritization, on active conversations, on transparency, on what they really need versus what they may think they want, to try to eliminate any kind of artificial forecasting.

Ben，我只是想說你說的最後一部分，我認為它與 PCR 更相關。我認為我們這樣做的方式是，我認為 Molloy 和 John Zidar 在此期間與渠道合作夥伴密切合作，特別是在北美，就優先級、積極對話、透明度、他們真正需要什麼與什麼他們可能認為他們想要嘗試消除任何形式的人為預測。

So I think it's a reflection of the relationships we have with the channel partners, and I have to tip my hat to John Zidar, who runs that organization under Molloy. I think the way you sort through that is the efficacy and the authenticity of the conversations with the partners during these tough times, and I think Molloy and his team are doing that.

所以我認為這反映了我們與渠道合作夥伴的關係，我必須向 John Zidar 致敬，他在 Molloy 領導下管理著該組織。我認為你解決這個問題的方式是在這些艱難時期與合作夥伴對話的有效性和真實性，我認為 Molloy 和他的團隊正在這樣做。

Greg, the only thing I would add to that is -- and you're right, the PCR channel, by the way, it's also important to note that a lot of our partners are -- carry one brand. So they're not putting orders in against a second one.

格雷格，我唯一要補充的是——你說得對，PCR 渠道，順便說一下，同樣重要的是要注意，我們的很多合作夥伴都是——擁有一個品牌。所以他們不會對第二個下達命令。

The second thing is government customers don't have the wherewithal, meaning they have a limited budget, they're not able to cut multiple purchase orders against the same budget line item. So we wouldn't have any inflation in orders on there. There's an end customer within, for instance, Cook County. If it's the highway department or the sheriff's department, they've got line item 32 is $1 million, they can't spend that twice. So we know that there's clarity of funding there.

第二件事是政府客戶沒有財力，這意味著他們的預算有限，他們無法針對同一個預算項目削減多個採購訂單。所以我們那裡的訂單不會有任何通貨膨脹。例如，庫克縣有一個最終客戶。如果是公路部門或治安部門，他們的第 32 項是 100 萬美元，他們不能花兩次。所以我們知道那裡的資金很明確。

The next question is from Fahad Najam with Loop Capital.

下一個問題來自 Loop Capital 的 Fahad Najam。

I had 2 clarifications first before I can get to my question. What was the FX headwind in the quarter? And also, you highlighted about $170 million in FX headwinds to the revenue, but what's the -- I'm assuming there is a benefit to the OpEx line. So can you maybe tell us what benefit you're seeing on the OpEx from the FX?

在我回答我的問題之前，我先做了兩個澄清。本季度的外匯逆風是什麼？而且，您強調了大約 1.7 億美元的外匯逆風對收入的影響，但這是什麼 - 我假設 OpEx 線有好處。那麼您能否告訴我們您從 FX 的 OpEx 中看到了什麼好處？

So the answer to the first question is, within the quarter, it was $18 million of FX. And on FX, in general, we have some offsets within OpEx to mitigate the effects of the gross margin dollars lost. So there's some relief, if you will, on OpEx.

所以第一個問題的答案是，在本季度內，它是 1800 萬美元的外匯。在外匯方面，一般而言，我們在運營支出中進行了一些抵消，以減輕毛利率損失的影響。因此，如果您願意的話，OpEx 會有所緩解。

But in total, the $110 million degradation in -- from last call to this call comes with an OE impact that we are mitigating through price, through cost targets and through allocation to higher mix.

但總的來說，從上次電話會議到本次電話會議的 1.1 億美元降級帶來了 OE 影響，我們正在通過價格、成本目標和分配到更高的組合來減輕這種影響。

Got it. I wanted to ask you, on the component shortages, maybe if you can double-click on that and maybe provide us some color, what has improved, what has not improved, what's gotten worse. Maybe you can give us a bit of clarity on what your line of sight is. You're clearly thinking that things will improve, but can you just give us some color on what portfolio is getting most impacted by component shortages?

知道了。我想問你，關於組件短缺，也許你可以雙擊那個，也許可以給我們一些顏色，什麼改進了，什麼沒有改進，什麼變得更糟了。也許您可以讓我們清楚地了解您的視線是什麼。您顯然認為情況會有所改善，但您能否告訴我們哪些產品組合受組件短缺的影響最大？

Yes, Fahad, I would say as it relates to semiconductor constraints because that's really what we're referring to, I don't think we see it improving. I think we see it as a constant challenge throughout the remainder of 2022. What improved in Q1 was successfully navigating and negotiating and get some -- getting some increased allocation on some key parts with some key suppliers that moved it from Q2 into Q1, that allowed us to overperform the way we did top and bottom in Q1.

是的，Fahad，我會說它與半導體限制有關，因為這確實是我們所指的，我認為我們沒有看到它有所改善。我認為我們將其視為整個 2022 年剩餘時間內的持續挑戰。第一季度的改進是成功地進行導航和談判並獲得了一些 - 與一些關鍵供應商一起增加了一些關鍵部件的分配，將其從第二季度轉移到第一季度，即使我們能夠超越我們在第一季度的頂部和底部的方式。

I would say that the semiconductor-constrained environment remains unchanged, i.e., still challenging. We think it will be through the remainder of the year. It is primarily around land mobile radio, but quite frankly, Video Security is not immune completely either, but we are managing those accordingly.

我想說的是，受半導體限制的環境保持不變，即仍然具有挑戰性。我們認為這將持續到今年餘下的時間。它主要圍繞陸地移動無線電，但坦率地說，視頻安全也不能完全免疫，但我們正在相應地管理這些。

Within the LMR portfolio, are you seeing a more adverse impact on your higher-margin PCR and LMR -- sorry, APX NEXT portfolio? Just kind of color on what, within your LMR portfolio, has been more adversely impacted. Or is it all universal?

在 LMR 投資組合中，您是否看到更高利潤率的 PCR 和 LMR 受到更不利的影響——抱歉，APX NEXT 投資組合？只是一種顏色，您的 LMR 投資組合中受到了更大的不利影響。還是全都通用？

I think the part of LMR that's the most challenged is PCR because we have a lot of common semiconductor parts that go into all types of radios. So we are working closely with customers around favorable mix, in particular, North America and oftentimes higher-tiered devices that allow us to ship those and fulfill those orders quicker than others. So the main part of the LMR portfolio, I think, that feels it the most acutely is probably PCR.

我認為 LMR 中最具挑戰性的部分是 PCR，因為我們有很多常見的半導體部件可以用於所有類型的無線電。因此，我們正圍繞有利的組合與客戶密切合作，特別是北美和通常更高級別的設備，這使我們能夠比其他人更快地運送這些設備並完成這些訂單。因此，我認為 LMR 產品組合的主要部分，感覺最敏銳的可能是 PCR。

The only thing I would add on the high-tier and APX, APX NEXT, is the complexity of those products and the joint engineering we do and the supply lines we have for semiconductors are unique to those products. And we're doing a good job in getting the security of that supply line. So there are some commonalities, but also some uniqueness. And our key suppliers in public safety LMR are doing a good job of getting us what we need.

我唯一要在高端和 APX、APX NEXT 上添加的是這些產品的複雜性以及我們所做的聯合工程以及我們擁有的半導體供應線對於這些產品來說是獨一無二的。我們在確保供應線安全方面做得很好。所以有一些共性，但也有一些獨特性。我們在公共安全 LMR 領域的主要供應商在為我們提供我們需要的東西方面做得很好。

Agreed.

同意。

The next question is from the line of Louie DiPalma with William Blair.

下一個問題來自路易·迪帕爾馬和威廉·布萊爾的台詞。

The William Blair team heard very positive commentary about Openpath solutions at the commercial real estate tech conference in San Diego. So I was wondering, can you discuss your growth strategy for Access Control in general?

William Blair 團隊在聖地亞哥的商業房地產技術會議上聽到了關於 Openpath 解決方案的非常積極的評論。所以我想知道，你能談談你在訪問控制方面的發展戰略嗎？

And also, I wanted to note that during the quarter, it seemed that Stanley sold its Access Technologies division for $900 million. And related to your strategy, do you expect to be as active with Access Control acquisitions as you have been with Video acquisitions?

此外，我想指出，在本季度，斯坦利似乎以 9 億美元的價格出售了其接入技術部門。與您的戰略相關，您是否希望像收購視頻一樣積極參與訪問控制收購？

Okay. Louie, I'll start, and Mahesh may want to color in some lines. So I think, first of all, as it relates to fixed Video Security & Access Control, we've taken a premise and a look at the market to say we want to make sure we meet our customers for where they are.

好的。 Louie，我開始吧，Mahesh 可能想給一些線條上色。所以我認為，首先，由於它與固定視頻安全和訪問控制有關，我們已經採取了一個前提並審視了市場，說我們希望確保我們滿足我們的客戶所在的位置。

So it started with Avigilon, which is an on-prem end-to-end solution. We've invested in Avigilon Cloud Services. But they had a legacy access control business as well. Actually, that business was actually the highest growth within of the Avigilon portfolio at one point in time. But we really saw a move to cloud and mobility, particularly as people want -- they want smartphones capability to access a building instead of an old keycard.

因此，它從 Avigilon 開始，這是一種本地端到端解決方案。我們投資了 Avigilon 雲服務。但他們也有傳統的訪問控制業務。實際上，該業務在某個時間點實際上是 Avigilon 產品組合中增長最快的。但我們確實看到了向雲計算和移動性的轉變，尤其是人們想要的——他們希望智能手機能夠訪問建築物而不是舊的鑰匙卡。

And well, I would also tell you that Openpath has seen -- it's been -- it's outkicked its business case due to the fact that there's a shortage on card readers right now, like a lot of things in their hardware. So that's really accelerated the growth into the cloud for Openpath. So I think you will hear a lot of good things.

好吧，我還要告訴你，Openpath 已經看到——它已經——它的商業案例超過了它的商業案例，因為現在讀卡器短缺，就像他們的硬件中的很多東西一樣。因此，這確實加速了 Openpath 向雲的增長。所以我想你會聽到很多好話。

The other piece with Openpath, as I said, is it's cloud-native, which is different than the most. So we think we've got a pretty good strategy as it relates to both in terms of a buyer wants a cloud solution or Openpath -- I mean, not the cloud solution or an on-prem solution. Mahesh, anything you want to add to that?

正如我所說，Openpath 的另一部分是雲原生，這與大多數不同。所以我們認為我們有一個非常好的策略，因為它與買家想要雲解決方案或 Openpath 相關——我的意思是，不是雲解決方案或本地解決方案。 Mahesh，你想補充什麼嗎？

Yes. And as I think the Openpath team launched the video intercom reader in Q1 as well, and that sort of is a signal in terms of the convergence between Video and Access Control more broadly. If you look at the architecture of Openpath, cloud-native with endpoints on-prem, like readers, but also the ability to tackle existing readers, support a migration from on-prem to cloud.

是的。我認為 Openpath 團隊也在第一季度推出了視頻對講閱讀器，這在更廣泛的視頻和訪問控制之間的融合方面是一個信號。如果您查看 Openpath 的架構，它是具有本地端點（如閱讀器）的雲原生架構，而且還具有處理現有閱讀器的能力，支持從本地到雲的遷移。

Ava is a very similar model as well, where it can be either entirely cloud-native or support a mix in between as well. The combination of Ava and Openpath gives us the opportunity to convert many of the security and access control use cases and expand that ecosystem. So we see a strong solution there that's end-to-end for security needs.

Ava 也是一個非常相似的模型，它可以完全是雲原生的，也可以支持兩者之間的混合。 Ava 和 Openpath 的結合使我們有機會轉換許多安全和訪問控制用例並擴展該生態系統。所以我們在那裡看到了一個強大的解決方案，它是端到端的安全需求。

The next question is from the line of Jim Suva with Citigroup.

下一個問題來自花旗集團的 Jim Suva。

A question for Greg. Greg, on your prepared comments, you mentioned improved funding. Is that coming from the stimulus plans or from property taxes? And the reason why I ask is a lot of property taxes, or at least where I am here in Silicon Valley, California, get reassessed each year. So people are kind of bracing for a big property tax inflow, maybe in 6 or 9 months, from a big property tax hit in 6 or 12 months from now.

格雷格的一個問題。格雷格，在你準備好的評論中，你提到了資金的改善。這是來自刺激計劃還是來自財產稅？我問的原因是很多財產稅，或者至少我在加利福尼亞州矽谷的地方每年都會重新評估。因此，從現在起 6 或 12 個月內將出現巨額財產稅，人們正在為可能在 6 或 9 個月內出現的巨額財產稅流入做好準備。

So I would assume that a lot of your budgets are more to stimulus, but -- or maybe travel and tourism improving as opposed to real estate property taxes. And if so, does that mean that there's still kind of a second round of improved funding that's coming in?

所以我會假設你的很多預算更多地用於刺激，但是 - 或者可能會改善旅行和旅遊業，而不是房地產稅。如果是這樣，這是否意味著仍有第二輪改進的資金進入？

Yes. Hey, Jim. It's Jack. Maybe I'll take that one. So there's -- we look at the -- if you remember, there's really 3 primary budgets, excluding federal stimulus, and those are operating expense budgets that are annualized. So those things pay for things like maintenance, replacement radios, those kind of things. That's the first piece of it.

是的。嘿，吉姆。是傑克。也許我會拿那個。所以 - 我們看看 - 如果你還記得的話，實際上有 3 個主要預算，不包括聯邦刺激計劃，這些是按年計算的運營費用預算。所以這些東西會為維護、更換收音機之類的東西買單。這是它的第一部分。

The second of which is actually 911 funding. So a lot of what -- a lot of the portfolio our Command Center Software budgets, those get set, and those monies are allocated in a different way, so it's a different funding stream.

第二個實際上是911資助。所以很多東西 - 我們的指揮中心軟件預算的很多投資組合，這些都是固定的，這些資金以不同的方式分配，所以這是一個不同的資金流。

The third, as you said, are real estate and property taxes. There's more of an ebb and flow to those things. And quite frankly, historically, we don't see a big uptick in those things because public safety is a need-to-have, not a nice-to-have. Those are prioritized on an annual basis. And it's really capital or operating expense, and it's 911.

第三，如您所說，是房地產稅和財產稅。這些事情有更多的潮起潮落。坦率地說，從歷史上看，我們並沒有看到這些事情有很大的上升，因為公共安全是必需的，而不是美好的。這些是每年優先考慮的。它實際上是資本或運營費用，它是 911。

Now what's really benefited us, as I pointed out earlier and you heard Greg in his prepared remarks, is the $350 billion for state and local and the $170 billion directed at schools. Those are new funding that's created new opportunities in all aspects of our portfolio.

現在真正使我們受益的是，正如我之前指出的，你在格雷格準備好的講話中聽到的是，3500 億美元用於州和地方，1700 億美元用於學校。這些是新的資金，為我們投資組合的各個方面創造了新的機會。

In terms of state and local budget cycles, I'll remind everyone, we have thousands of customers in North America. A common changeover in-year is around July 1. So they will look at available funds as well as stimulus and set their priorities. So we'll see what those budgets look like, but all indications are with the backstop of funding that will continue.

在州和地方預算週期方面，我要提醒大家，我們在北美有成千上萬的客戶。一年中的一個常見轉變是在 7 月 1 日左右。因此，他們將查看可用資金以及刺激措施並確定優先事項。因此，我們將看看這些預算是什麼樣的，但所有跡像都表明將繼續提供資金支持。

To get real technical, there's also something -- there's also spot taxes, which are specialized purchase things, and they do special taxes to raise money for countywide systems as well. That's the only kind of one-off.

為了獲得真正的技術，還有一些東西——還有現貨稅，這是專門購買的東西，他們還徵收特殊稅來為全縣系統籌集資金。這是唯一一種一次性的。

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

我們的問答環節到此結束。我現在請主席兼首席執行官 Greg Brown 先生髮表任何補充意見或閉幕詞。

Yes. I just want to close. Thank you for that opportunity. I want to close by thanking all of the Motorola Solutions people around the world for their commitment, resolve, perseverance, in what was a strong Q1.

是的。我只想關門。謝謝你給我這個機會。最後，我要感謝世界各地的所有摩托羅拉解決方案人員，感謝他們在強勁的第一季度所付出的承諾、決心和毅力。

Despite the fluid and dynamic environment, demand, it just remains exceptionally strong. The customer funding environment remains robust. We continue to make investments in software and video. And as Jason and others outlined in this call, we continue to take action to offset higher costs.

儘管環境變化多端，但需求仍然異常強勁。客戶融資環境依然穩健。我們繼續在軟件和視頻方面進行投資。正如 Jason 和其他人在本次電話會議中所概述的那樣，我們將繼續採取行動來抵消更高的成本。

I would just say this, macroeconomic turbulence and uncertainty presents opportunity, and we will continue to deploy capital against the backdrop of those opportunities that present themselves.

我只想說，宏觀經濟動盪和不確定性帶來了機會，我們將在這些機會出現的背景下繼續配置資本。

Thank you for joining us. We look forward to talking to you again in a few months. And again, to all the Motorola people, thank you. Thank you, thank you. Much appreciated.

感謝您加入我們。我們期待在幾個月後再次與您交談。再次感謝所有摩托羅拉人，謝謝。謝謝謝謝。非常感激。

Ladies and gentlemen, this does conclude today's teleconference. A replay of this call will be available over the Internet in approximately 2 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.

女士們，先生們，今天的電話會議到此結束。大約 2 小時後，將通過 Internet 重播這次通話。網站地址是 www.motorolasolutions.com/investor。我們感謝您的參與，並要求您此時請斷開您的線路。