Motorola Solutions (MSI) 7 Nov 242024 Q3 Earnings call transcript

Good afternoon, and thank you for holding. Welcome to the Motorola Solutions Third Quarter 2024 Earnings Conference Call. Today 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.

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

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

any We comments call. presentation undertake the quarterly our our with Q&A and cause duty during conference the of do are factors such SEC. report this to the in and And Executive today XX-Q release Winkler, made Executive report Welcome materially afternoon. Saptharishi, statements. Executive XX-K Jack will found Greg and today's differ variety update Form the any and and non-GAAP and reference and results, Jack for Molloy, me news Vice and Annual President CTO. will join XXXX be the results Brown, include other and XXXX number Chairman Mahesh call, Earnings Q&A. of earnings including Call. presentation motorolasolutions.com/investor. on Third in financial are along could our outlook, not President from statements forward-looking those filings President at Good expectations to Actual statements or Factors Greg on Quarter A news an section assumptions the be could reference. These and noted. materials portion forward-looking Vice and COO; our earnings uncertainties. made during Information our review reconciliations call subject in and With a with reports to on Form and are of Risk unless during forward-looking Mahesh these any Vice that release statements. of non-GAAP risks this otherwise GAAP we and CEO; Jason that based CFO; . We've and commentary, will to Jason during in posted current your These results for about differences can

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

today. Thanks, Tim, takes to and outlook. good a share afternoon, you us thoughts Jason results and few for our and through I'm going joining thanks before

was X% home Revenue record quarter, XX% and outstanding the that office and highlighted reduction. revenue guidance. up inclusive growth growth U.K. was exceeded services, share quarter SI another First, revenue our in in in QX by QX X% earnings of and software and with the Products per

expanded flow operating XX% operating by also QX ninth quarter, year-over-year record and $XXX earnings We margins of the per cash for consecutive generated over increased million. share

as LMR, on in momentum robust achieved our our devices our our the cash their many all to based contributing technologies, full center finally, command Second, long-term latest to technologies. with and their multiyear family upgrades us upgrading as orders investing of via networks value-added see well for services of demand as remains agreements our record QX our APX the for choosing X software radios. we NEXT In solutions QX in to we provide applications continue the customers again and flow strong services. and per we and results of record driving powerful the revenue, estimates to integration software ending and see share video year. And our We're demand and ecosystem earnings software for across for business. on and backlog is the raising strong our And across

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

the guidance earnings GAAP sales, in during growth $XXX The higher our were EPS all year million earnings $XX employee operating in quarter year. technologies. lower investments Acquisitions regions and up and up segments, the offset of million, XX% charge and was continued QX driven $X non-GAAP year higher points, versus in XX million expenses were from direct XX.X%, Non-GAAP EPS up mix basis sales, up driven related XX% video for ago rate. effective Revenue last by X tax in the Greg. grew was earnings in in quarter, from and Non-GAAP while $X.XX lower from margin both and ago with higher both million, primarily growth you, higher the and was were in control, incentives. GAAP by due quarter. million. mix favorable XX% to quarter incentives. $X.XX, higher to $X.XX investments by X% $XXX FX per employee the Airwave favorable Thank was $XX or share above year million the headwinds was up operating XX.X% up costs, sales material OpEx and partially quarter. video was operating year, added ago a from $X.XX, $XXX last

up Turning driven by higher cash earnings. and million, $XX operating year, was million, million flow up was million. flow in flow to The free QX our versus year-over-year increase primarily last cash cash $XX $XXX cash was $XXX flow.

operating from $XX For up billion, $X.XX the in of operating expect guide CapEx. QX cash share in full million year year, flow $X.X million we raising are our allocation now and approximately guide. full again in cash dividends, billion. cash million of Capital repurchases flow We $XXX in our included previous $XX

that command and X on quarter, and that quarter for settled were to due end, solutions XTC, an acquisitions software closed we million, funded center $XX $XXX acquired our $XXX million of X% announced provider for of call senior subsequent million. within international we previous Additionally, earnings we notes the

year, costs. in to up year, SI FX and while was the were of $XX Revenue in $XXX Operating Moving In growth lower the direct million from segment $X earnings favorable our were LMR. XX.X% higher acquisitions material up headwinds mix by million. segment, the sales, sales, million, prior in sales by driven XX.X% or driven XX% primarily quarter from last results. versus and were Products

a million million in and order network, Tennessee's North expansion fixed million U.S. order video customer $XX million state federal QX $XX wins a this PXX $XX segment order or notable federal system Some million for customer customer. device and million U.S. $X achievements local a include customer, system an system and $XX statewide in a for for Africa, a $XX county in for a a PXX PXX a U.S. for PXX a system order device Wisconsin, a PXX

In Services X% home And from control. the impact all and quarter revenue revenue XX% and the FX was Revenue earnings U.K. $XXX million office growth Operating in were in to the Software headwinds sales, X up grew technologies. or were $XX $X due Airwave compared last of when segment in acquisitions last the excluding year with year. from this XX.X% million. XX% to million charge of was down

Utah, is for Government Sao of mobile million command Sheriff's order order center and in highlighting $XX a order Paulo our center million Some $XX $XX win, S&S recurring for a notable for demand video Brazil significant the highlights State Office, QX command new license a include segment the state in County for of which the model. million Maricopa an

numerous Rave solution CAD platform including as The as well cloud-connected included the capabilities, Records and suite. our purchase

ratably also renewals for We contracts LMR agency. network enforcement the Carolina ending large and law the with of Less these in be were of $XX U.S. of million X statewide federal to during awarded over million the remainder $XXX $XXX for quarter, backlog $XXX contracts. the the million recorded term contract over is than QX our $XX the million million South Navy, from

results. Looking at regional

year, revenue revenue in technologies XX% X% International the million, $X was versus revenue billion, last X in office by U.K. QX all offset North driven up X Next, America up $XXX on home reduction. growth was growth QX by all technologies.

Excluding revenue our high the digits. international single Office, U.K. Home grew

by was strong shipments FX. shipments partially Moving U.K. or versus America growth by million and favorable software and agreements multiyear favorable to FX, LMR last our revenue due in or offset Home year QX offset X% Office. recognition backlog. and and the strong billion, $XXX Sequentially, was contracts to for service for Home backlog U.K. recognition $XX.X for Ending the in software strong up million service down and X%, LMR partially by and backlog driven $XXX Office, revenue North multiyear

the partially million the to and year sequentially, backlog by strong million segment services driven Home million In shipments. compared and demand last recognition for In FX offset by contracts, by for $XXX decreased sequentially, LMR multiyear million SI and software favorable U.K. last backlog Software year revenue increased driven strong $XXX and Services and $XXX Office. Products $XXX versus

next outlook. to our Turning

tax year, per share, $XX.XX full our prior to revenue approximately rate expect a guidance prior expect of count effective share assumes of our we approximately growth $XX.XX up of from X% between now $XX.XX shares year from of $XX.XX approximately X.XX%, per per the and This and share outlook XX.X%. up share share. guidance weighted we an non-GAAP XXX and million diluted For full of earnings average per

acquisitions. legal now expect process to by driven approximately of our the appeal and CMA of we full billion, year higher aligned incentives employee increased OpEx $X.X inclusive spend performance Additionally,

our segments. in position call for as a a the Greg, LMR, of to the a is And investments networks couple we're of strong The turning seeing for of double last Home our both choose well lead chain us year. solutions digits Command on-prem demand and customer before our on insights finally, their And to August expand through us times. in Center, And us this delivery impact year-to-date, invest made continue. technologies Office, like segments. has than of normalizing which trusted to at SI, portfolio agreements. the reflected performance continue would our have I and grow faster share multiyear the In back In the improved S&S, Video began in improve cloud supplier in excluding long-term grown Products helped to times the and and to customers environment in our while we've margins U.K. to us continue to enabled in partner pace our we've supply

flexibility profile, ratio our gives of together EBITDA Finally, liquidity in generation strategy. X.X to net our strong a capital us with debt significant cash allocation

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

Thanks, Jason.

end me few with thoughts. Let a

we really to pleased how I'm First, with continue execute.

segments, by basis we we by over margins in achieved $XXX and quarter, operating of record X EPS both flow, technologies. XX%, cash expanded growth strong in the grew operating all million points, orders generated generated During QX revenue XX

And AI we're higher of APX seeing those invest respective our enterprise strong for radios. in important cloud Adoption of that accelerate, broadband-enabled Second, in to public our to command applications driving which continues voice, leading-edge also and more family and solutions, leverage workflows them. and becoming data are video in center NEXT integrating turn revenue recurring technologies video technologies. LMR, is as our the on customers increasingly adoption continue applications in across safety and to

another for value add to prioritization for the business opportunities and I feel offerings. year, record safety from at annual close IACP Many in overwhelmingly and new last were applications display to as these the feedback been And look of customers out Boston continued We're good our our finally, the growth. of new on continuing robust. month The we security and really about has customer remains the event Conference through positive.

remain sheet value. end balance and well net almost a and ratio investments inorganic debt-to-EBITDA Our resilient, our positions the markets long-term in organic strong decade to lowest us with shareholder for drive

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

to remind Greg, callers the begin participants themselves question. ask question follow-up we callers and taking how questions, you as I'd could possible. please like remind to . to Operator, to one before accommodate many to a as one on line limit

[Operator Instructions] Cleveland Ben question Research. with first The is from Bollin

think prior recall, I some subsequent given you've I year. if forward Greg, XQ, thoughts at years, to of in into the end

You shared any command a and XX Curious within how picture I individual into center about LMR within have going about growth more that? have if on funding And big just some it overall. as follow-up. then surveillance you're thoughts, we're perspectives you any thinking and granularity

question. for Ben, Yes, the thanks

right. You're

think, But I current to year I sit forward thinking. is That's as here that's I to we I'd growth revenue would in next as of, color view. think sit you today. X% look, give X% we our looking a prudent here November, say, the

I a XXXX. think this times strong. supply which relates that remains good as thing, drove it faster, Demand a chain is lead which year, to normalized strong

be I growing details and the and year up, expect in pleased, while And we overall we Products revenue obviously, we about now see now both As record I to Jason that backlog S&S I'm into growth which QX High products. particularly But Xx level, XXXX. think backlog for just I SI comparable versus really services in software the position, year, up a about color the and to like won't I and said year total dimensionalize we love pleased I all technologies. And of record expect exiting in both you position ago February. I, feel the X and orders expect expect exiting you individual next momentum anything, we in mentioned was to if comments ago, give had obviously, we orders more give the this as in slightly year technologies now we'll kind QX. 'XX into a quarter we'll and next better we than today And heading both would up. be quarter February, when with and I -- the full about

that And expansion add within Greg, as I'd margin we expect well operating S&S.

financial 'XX, the year have in year. next having to had comparability we'll Next of year relative the Airwave control this price

So a $XX then we'll next had what lower PPV have tail the year, also within And margins while we help about we'll into this secondly, segment continue comp. 'XX, benefit million even S&S And will to end a products, should and which and semiconductor year it's is which relief, as million $XX operating for have or clean well. of the leverage. it done, grow -- in operating grow within do

That's right.

Jason and service a Thanks operating as growing just added, level, margin expansion high contribution PPV X% smaller Ben, much the expected question. Xx continued cash expect X% And flow here next growth and 'XX. appropriately software So year we November, with in product. is about sitting for in to

for for great. me. how your are That's about going you would That's be, feel One it revenue forward? that where recurring today follow-up mix we thoughts, and of me on where stand

Yes.

about talk We revenue. a That's know, Xx the being for home now office a thinking grow kind of kind why much standpoint, as XXXX U.K. about software expect pretty from financially we mentioned you services of through and to periods. I the recurring with As normalized S&S comparable previous about product. comp proxy our

And We cloud, both more adoption particularly those We are video. we think see cloud center. trends continued also adoption command see on favorable. also on around

So recurring reoccurring well. multiyear refresh services then as healthy device strong and is and around revenue as revenue

that S&S to supports that the continues backlog business is of grow. And the nature and recurring within record at levels

Exactly.

Adam Our next with question Raymond James. Tindle from comes

rhetoric core think will impact I customer I'm investors Okay. reviewed I'm was your sector And potential business confusion expected from sure to regime state outcomes on be election, reducing public been actually spending regarding helpful to the good have understanding fairly the some ask air opportunity of the on results and to potential just base. variety and impact that a wanted election, local and potentially now here. situation. But a it I a post there's Trump just be might it we're the recalling clear impacts and I to from a just follow-up. last MSI. your you dynamic from

Yes.

he and budgets and strong First, could opine local to I think that state wants remain as in. jump Jack very if on healthy

talked composition, North I strong, end user about, As safety the are markets public XX% XX% America is revenue government. our

terms deployment require Trump the large positive immigration, of prioritizing would So tide count fronts. been has in consistent open stem in are I looking safety it's an and to a those crime we both that and on help cities perspective. think on also and which he administration, public in mitigate probably border thematically, head optimistic technology of From that to

China specifically. administrations relates to unique The pretty it that tariffs, high we're referred I to you remind as level.

de than perspective. with of an fact and looks the we We will current rate exposure And predictable the less minimal favorable from say minimis think, continuity Trump now there continuity it administration. last standpoint. and end I have which which good, China certainty of there's market like continuation, tax X% versus a is, corporate environment, always administration, revenue to a them capital more from the like exposure environment And that allows I'd think is I M&A the be thing a thematically, allocation to

it's with into the I positive. local all of state this continuity So budgets, administration, coupled ingredients the with robust and mix think

funded Income know, drive has just tax tax taxes which essentially only up, terms are but and sales to you on local been seen And up, income been tailwind Adam, state been the tax. inflation. up then in and is, it's and add that's of a we've benefited. have And thing government. that, been property beneficial The gone I'd have coffers means state up. local budgets are Revenues as

the years prioritization we well. think as Greg order. XXXX good administration, order, good as and XXXX in between our a in last is are -- we said, I the spending as And revenues the articulated, So good on had

JPMorgan. come from will question Cardoso Joseph next Our with

any Just this an apologies, curious asked. just if just maybe exit how side, more in asked, already you're could flush drivers And the quarter, supply seeing from you any it contribution provide if question perspective on product I've this you given portfolio maybe on said chain slightly could of from been update and from of But you product you're about out and the out on Can backlog couple you but on if the flesh and think the evening. calls X had more the a you're color there, and for I up? to curious me, expecting a jumping easing maybe to just year was this services you're maybe thinking you seeing color last specifically backlog where already today? the the specifically, drawdown

question. the for Thanks

the indicated to -- have yes, up. call, So to be would expected that we this on year, backlog last comparable by year's total backlog end we slightly

will update this up. As in QX year with you technologies, now on we we ending orders be year's will last records this X with total the levels. for company we up the it backlog record call be had from and expect that all strong the

the indicators funnel to the doing backlog strong, a team and be is by supported continue demand So work strong around the sales in that the environment.

it's it's is I any composition, plan its $X consistent an And been. with well. remains billion over grow. backlog at S&S of earlier, backlog one product And we healthy levels mentioned part to how given important terms for and continues year. what record is largely In of at as

from up last year. year track So to the we're on end

Appreciate the color.

Long Our with from next Tim question Barclays. will come

Long. giving How questions. of QX should this record terms year? is should kind gross supply aware forward, margins product of APX kind moving now I think you of Gross kind have quick And Alyssa about we normalization, chain in for a NEXT X into there and moving Tim follow-up. we anything for Shreves just I quarter. is have kind cycle were, on think, of next This the be a margins then of I of had

fact Alyssa, $XX largely I QX us. would point in is the that behind ending. relief to million of PPV the

APX a with next those on million. around for but mix it's color the some to year, that of early opportunities the we're variable. of mix. small. expect to in So to conversion favorable would that And -- newer positive early, $XX and stage complemented It's I those, grow. thinking The of NEXT then and profile terms OpEx our margin be continues pretty the items the advent gave, mentioned we And on margins update we devices, continuing about operating continued for backlog, by

We will now to that higher year. aligned incentive biggest our structure bit is this performance. The OpEx higher a is have our driver of

That's follow-up. helpful. then And just a quick

of kind noticed You Products Can and SI large is quarter. wins federal some you how federal the dimensionalize nice business this now? in

that X you then, business likes. law It's $XXX federal But QX part drove QX, this of DoD million was want the that's Jack, Last strong course, and in the a components: civil year, what it if enforcement, is $XXX around I'll And to to distributed growing year. you DHS and million. the across our overperformance. remind had everybody close talk, in

Yes, we did.

of strong close a a orders by a services think strong device I refresh. the also highlighted but couple

to We NEXT continue from customers. to uptake APX get APX

which B is about gives we're thing Series, standpoint as the another an refresh begin excited from we shipping other well. really infrastructure cycle us The

start government -- the quarter. way last is is with federal as government orders for got I'd in been a U.S. the good off of leave QX the new schedule that The well. well federal you a video has aligned the with federal to as thing there, to a us Very terms from we growth standpoint. opportunities as engine security as good So

Yes.

The who great Alyssa a is, I Alloy other job. think nice works Balchune, Joe for thing, done has

As in we're $XXX -- it mentioned, we million expect year. be Jason this to over revenue

even X just U.S. law of I'll record it talked a amortize the less million nice over that's comprised $XX backlog what based $XX and are out thing, and are backlog about of the reflected other about way time we million funded. it to U.S. in Navy are earlier, which kind on The in recorded $XXX enforcement orders there's of and projects to of period federal the we for that call than more the million, way

in the close, strength $XXX the to the strong federal addition activity. in strong So over million, order

that are them reflected some we backlog of orders, given I in think these it's even record way XX% large it. of recent better not the . in

next question with from Jefferies. will Our George Notter come

wanted Guys, video some year. this is the business for color Brendan on for next I around George.

idea next I to think going guys had headwind customers for Any the the to continue year shift million $XX as grow to that's you if for XXXX. cited cloud?

think to early I it's too tell.

what of acceleration this have meet good detail 'XX, that, focused there. our track terms expect really width and guidance on in for thing. which cloud. full you on to fixed color prem, I is is breadth video portfolio, $XX -- talk year and really has we're point business that's cloud done But all did in dimensionalizes said the both with actually, February. think think, we that you the We're year We're gave we'd We million another we'll video on-prem on Having the pleased I about it this give toward and headwind, XXXX. for give mobile, customers' of capitalizing well. which we and the the and because favorable at

quarter, just this that XX% last continued me. talked the next. strength? more of think mix is any of shipments APX about then Is from upside for guys to Is the of there And one quarters it? still Or you about coming from NEXT there Awesome. shift? Last way couple right

we of the case You're XX% devices continuing less us shipping right. devices ahead how And we're that's long was devices those variety, the of deliver largely QX. business we today quarter, our of look in talk APX a about about coming customers. Last to it was that XX% of NEXT from to still a with for there's only forward, as opportunity little did

Yes. hit just think it. And that's Jason I --

opportunity this for to XX%. That's with an us. the of that is multiyear a really horizon think just I speaks

reviewed APX We'll see the opportunities. momentum team Yes, through NEXT. as it the 'XX. MXPXXX. orders, we'll you in start We're a a in see but with in of see XXXX. continued just that as will 'XX, that. continue APX look TETRA and to to see launched a to we pickup You'll already that NEXT, we shift pickup start We the to seeing Think if in we'll internationally,

next Our question from Evercore. Amit comes from Daryanani

I product as Because first have the think recently down your in product X I double well. revenues just off Can digits that what of I on up video video line like you reported year-over-year. talk about that item, guess, X% was in your were think, decline? I one drove number recorded peers, segment. the in

So about difference. I'm talk drove regions maybe decline in mostly side. the markets? just Is or trying to Or video just the just reconcile it what the

Yes.

So ACCX, to seeing attachment specific software products. fact platform of is HXA, And rate. that unchanged, part full is all, year our first software think the our I want for well video analytics the with attachment highlight I expectations we're of camera, that part to there. -- as our think question the video Elevate for the telco, was that the cloud here security which dynamic of more about the AI-related higher the the as remain

within little little I'd last reflective just also the that a the is, comp of against. thing The a mobile security, bit This of numbers. measured is, highlight lumpy from products, of security presented of reported standpoint, we're I in video last there's our momentum mobile trend a think, to that we're a product seeing video a growth cloud. a had in a which And bit we terms year, XX%

Yes.

content, we Amit, said, adoption So of right, we think as base I higher think component the view cloud, aggressive XX% comp. I software Jack's And Mahesh, previous then favorably.

mobile highlighted, a . video Jack our today of And And a are right. this XX% that's that service. on of as well. as customers part the That's aspect big

more allocation that. the to do 'XX thought done fundamentally talking different change think really really larger election, when do talked there think are a of This what love beyond a you forward of to helpful. get line maybe then you even things And allocation, were you might different And post you're to favorable sort them you more Let you what M&A just your That's under versus about that sort just as that hesitant how finish you've under a understand appetite answer. before. think, now? capital open versus you you've about cap you I'm environment, I administration. and deals had administration past? going do this Greg, are you in change about perhaps M&A be in M&A I'd Perfect. me understand wondering because going through do like the to how about

as either FTC the the good overall you even framework, we've in in was I administration sense I I more available and year the think the don't conversations, much M&A always in been per year My from the don't We've funnel environment The acquisition. for the changes question. healthy. in opportunities -- I is are changes leadership inorganic it climate, flow number it's tell the you, and around And us is know, I attractive. I M&A we think and deals, before. The environment is is of a couple capital allocation more commentary XX%, Trump think of a I describing around only that se have the been don't repo versus to as engaged numerable. XX% XX%, on I it us, this operating macro cash will M&A think this year do way XX%, a standpoint. environment or a a next ever as done of for though normalized the robust. was share

is the thing, I -- are some as EBITDA right And acquisition our mentioned, billion We the it are generate not deliver sure cloud in add X a we debt also think, we've the something XX around gotten integrate we balance the has reasons can been that. but synergies. I about sheet to invested just do done about net It's coupled and we mentioned, talent, the optimistic minimize cultural want think what long shape into can inorganic time. of The long-term been because can way, Jason value and technical years. $X right, things the with And debt. haven't ratio as retain opportunities a that in it's can But We flexible significant, as over as good right adoption. on We we make with are do over years. good the compatibility. in architecture. as it's We last can I'm getting to it I being talent.

are So I think engagements the the good. opportunities, very dry powder, the

good I the environment think us today, tomorrow. it maybe I will is good, favorable incrementally be for more as think and

Northcoast Our with from comes next Rodney Research. question McFall

Just one don't I a first recent XTC. on acquisition this the believe software U.K. is room your of acquisition. control quick

this what just And acquisitions? does you? prior So for this your with curious, how does work provide

the enables solutions and right room is part the the X us. sell our control platform components XTC actually have we our bring a to room and as also Rodney, X give solutions part that integrated of improve called while. control are is And us provides. we in this growing integrated been us other U.S. for part the growth call just and of going to margins forward. And an selling for acquisition that. are control CAD XTC what it, that for systems, There CAD in-house, is

it. guess follow-up. just I Got a quick

color to command just going faster? maybe business the center Just how rate is What's And barrier there? the on U.S. internationally. the penetration what that on some that is curious growing business And adoption in

more revenue of have today think, preferring Overall, customers catch America. that's we continuing adding and #X a solutions year Maricopa mentioned SaaS North what in model, both And this full deal Jason in XX% attached it. least CAD grow. over subscription model we we're cloud of Records a X% Cloud now seeing part County of our in terms on of on a growth for is So are see and top office to component, at to a that Sheriff's recurring center. starting customers command key one to I expect both is, and on. this --

you. Got

the So mean than I add market is that. market growing share. just to on less

in -- X%. taking those numbers, The those is I was market XX%, rates. think not at for growing the center year command we're we're QX outlook the shares. But is

cloud the investments. with positive So

from next Bank comes Zilberman Tomer question of America. Our from

get ahead of back about think maybe asked. you here, 'XX to myself the When do -- X% the -- what that X% but think about think your do billion is guide rate growth going we the the were for Maybe around how earlier growth, think questions you where back contribution we backlog backlog level. this think getting $X if that some and maybe to product single-digit level historical to Do high I'm of LMR you sustain when you a you impact year, to will And to does that thoughts going go $X we rate? that growth still this your that next assume mid- year? the billion into

backlog. it So talked We we still do to dimensionalize. backlog remains about to grow. matured expect healthy. LMR up We a total to thing. it's sequentially, now of billion. year-over-year. That's We expect $X Even grow good north Product

context indication. the in orders although technologies, favorable orders record record this all case the in think in question, of LMR, your another is I X

So It and that February. business in And gives of bit but but give granularity. to the . we'll business. of scratch good update But the dimensionalization. fully momentum itch, give the maybe the segment the you best the little too more that's early the you I the I that momentum business, may a technology not momentum you can about you, of feel

And another Sure. question, No asking shifting gears worries. a bit. maybe

force everything And getting to sales try think You've about now talked before aggressive your and on mistaken, you've a if more not I'm sell I subscription. sales. subscription as informed

talk go-to-market wanted that? to making you I Sales. Subscription how the believe enable changes Just put CEO about of the Rave Any that going. as Head to in that's you're

you you there? trends on give just commentary any see So can

Yes.

just tell Tomer, about really I which think video everything we've it evolve offered cloud, We also clarify, command things and as than increased Alta, growing their because handling. hybrid we're is like to to and which ago, Rave, pace. like few I good center adoption things around a but prem minutes a talked What would subscription. And if We yes pushing not allows or think a about solution, you, see cloud, we faster about always talked like as talked I call -- about Mahesh at customers just exponentially mean, that command we Just trend. video. you SaaS Avigilon center,

talked Mahesh NEXT XX%, center a A, that. applications. with it's recurring the revenue; of come connective is fact APX about with also tissue and the We with that NEXT love family of and I b, provides it's NEXT of even those we communicate the that the applications is And that interoperate love lot sticky and applications APX adoption see integrated less family workflow though building. it the APX devices than those critical shipped device shipments broadband command in

and wave the than Video as where Center, apps multiple adoption application and favorable. is of a We SaaS. those Command growing think APX the and meet wand said, didn't So are force our broadband customers we they number love adoption fast, trends NEXT prem, are. love faster we a everything a uptick cloud recurring rate,

Meta from next Morgan Stanley. Instructions] Our Marshall [Operator question comes with

portfolio? ramping call You NEXT guys APX XXXX. strong a of situations? in we've with kind to then kind the you of resolution of traction to any home Airwave any of kind second contextualize the change ramps some kind office type earlier kind guys of noted way versus how the viewing throughout as seen that the MXPXXX of just of just And are the in U.K. But question,

MXPXXX, kind Meta, turn Yes. left the first bit. through a think coming I starting of is the of little the horse in just gate and terms the

roaming integrated and/or option and you that the LMR available device one and or of TETRA LMR kind XG of to traction. in predictive both gives markets it's over-the-air an software reprogramming extrapolate enhanced broadband, fact early too any little into European love you We that a now capitalize on location applications So for XG that broadband networks. give kind on an

that, early. we So brings, still available that all it's the but love features

winding of terms the My decision. The and is nothing or they'll cat the expectation Monday, some After the end the our hearing reach In to to a the Really the will U.K. Tuesday. in multiyear give challenge report. U.K., we there's unlawful had a multiyear of that place that Office. what in XXXX you would color taken an road us But on Home of share with that we binding more was long U.K. challenging action Monday, would, course a Tuesday is that, think the ruling. we take by CMA hearing the turn, next transparently. a little year with on agreement decision early it's contract, either that of a

So tuned. stay

from comes with question William next Bryce Our Blair. Sandberg

M&A. one Another on

kind across that look any Or broad-based particularly portfolio? look you is areas focusing the at out market of the they attractive? on are market, or particular As product or you're it there

it's software that a product a think around primarily we video product, I on less or and services category. more from -- focus standpoint more

our to funnel. of engagements it's companies think But of varying continue I multiple lanes had those We've and the are services. around software video that are kind with active sizes. pursue an we conversations

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

Motorola, first Yes, the QX thanks. all, all driving and I of want thank to particularly teams record for orders. just, sales employees of support our

I people. of proud quarter devastating. this up clock systems and the devastating and ensure not recognizing they disasters. The of are these available hurricanes I'm appreciate after our in of worked other to thing channel remiss especially hard around that Helene Milton all work. our were natural in of past that always our I'm as severe were that tirelessly I would partners be proud and their

with sitting I the as we momentum and into our the year end next year, vibrant I here lastly, encouraged just the And I'm November what rest are of say see holds then markets. would in

active the having does channel that the momentum. quarter total up by everybody their around and year appreciate spend I I appreciate off with the continuing continued levels, it. to globe. a engagements the and great all our high us to of really Motorola the and close in record backlog I'm expect We and encouraged demand partners employees part