BOISE, Idaho, May 21, 2024 (GLOBE NEWSWIRE) -- Micron Technology, Inc. (Nasdaq: MU), one of the world's largest semiconductor companies and the only U.S.-based manufacturer of memory, today announced a strategic expansion in workforce development initiatives to diversify the semiconductor workforce and build a robust talent pipeline through education and career reentry initiatives. Micron is partnering with GlobalFoundries, the U.S. National Science Foundation (NSF) and additional leaders in industry, gover ...

Motorola Solutions, Inc. (MSI) recently showcased a wide array of groundbreaking solutions at Critical Communications World (CCW) 2024. The latest innovations are engineered to address the requirement of robust communications and security needs for public safety agencies and enterprises. Motorola unveiled the DIMETRA™ Connect solution and MXP660 TETRA radio at CCW. Frontline responders often have to work in challenging locations where efficient collaboration becomes a critical aspect. Emergency situations i ...

Each stock is given an alphabetic rating of A, B, C, D or F based on their value, growth, and momentum qualities. With this system, an A is better than a B, a B is better than a C, and so on, meaning the better the score, the better chance the stock will outperform. The Style Scores are broken down into four categories: For new and old investors, taking full advantage of the stock market and investing with confidence are common goals. Zacks Premium provides lots of different ways to do both. Featuring daily ...

Financial Data and Key Metrics - Revenue growth of 10% in Q1 2024, with earnings per share (EPS) growth of 27% and operating margins expanded by 220 basis points [9] - Record Q1 operating cash flow of $382 million, up $390 million year-over-year [9][18] - GAAP operating earnings were $519 million (21.7% of sales), up from 18.4% in the year-ago quarter, while non-GAAP operating earnings were $638 million (26.7% of sales), up 20% year-over-year [13] - GAAP EPS was a loss of $0.23 due to a $585 million charge related to the settlement of Silver Lake convertible notes, while non-GAAP EPS was $2.81, up 27% from $2.22 last year [15][17] - Ending backlog reached a record $14.4 billion, up $331 million year-over-year, driven by strong demand for multiyear Software and Services contracts [24] Business Segment Performance - Products and SI segment revenue grew 14% year-over-year, with operating margins increasing by 590 basis points, driven by strong demand for LMR products like APX NEXT and refreshed PCR portfolio [10][20] - Software and Services revenue grew 4%, but excluding the U.K. Home Office impact, revenue increased double-digits, driven by strong demand for LMR services and software applications in video security and command center [10][22] - Notable wins in Q1 include a $22 million P25 device order, a $16 million LMR order, and a $13 million mobile video order for North Carolina State Highway Patrol [21] Regional Performance - North America Q1 revenue was $1.7 billion, up 13%, driven by strong double-digit growth in both segments [16] - International Q1 revenue was $696 million, up 3%, with growth in video and LMR offset by lower U.K. Home Office revenues due to the Airwave charge control and exit from the ESN contract [16] - Excluding the U.K. Home Office impact, international revenue increased double-digits year-over-year in both segments [16] Company Strategy and Industry Competition - The company raised its full-year revenue and EPS guidance, expecting revenue growth of approximately 7% and non-GAAP EPS between $12.98 and $13.08 [28][29] - Investments in LMR product portfolio are driving revenue growth and margin expansion, with recurring revenues increasing due to strong demand for services [36] - The company is seeing accelerated adoption of cloud offerings, including Rave and Command Center, and is well-positioned for organic and inorganic growth [37] Management Commentary on Operating Environment and Future Outlook - Management highlighted the strong start to the year, with robust demand across all technologies and regions, leading to increased guidance for the full year [9][11] - The company expects Q2 sales to grow between 7% and 8%, with non-GAAP EPS between $2.97 and $3.02 [28] - Management remains optimistic about the durability and criticality of mission-critical LMR technology, particularly with the extension of the Airwave contract in the U.K. [57] Other Important Information - The company settled $1.59 billion of Silver Lake convertible notes in cash, eliminating potential dilution and reflecting a favorable negotiated settlement price [15] - S&P and Fitch upgraded the company's credit ratings to BBB, and the company issued $1.3 billion of debt to extend its average debt maturity to over eight years [31][32] - The company acquired Silent Sentinel, a provider of specialized long-range cameras, for $37 million net of cash [19] Q&A Session Summary Question: Video Growth and Cloud Adoption - Video growth was strong in Q1, with cloud adoption estimated to create a $40 million headwind for the full year [43][44] - Software within video is growing faster than the product side, driven by analytics, VMS, and cloud subscriptions [46] Question: LMR Growth Cycle - LMR growth is driven by strong demand for feature-rich devices like APX NEXT, with the company still in the middle of the device refresh cycle [48][50] - Applications like SmartConnect and Smart Programming are driving adoption, with customers embracing blended fleets of APX Original and APX NEXT devices [51][53] Question: Airwave Contract and CMA Situation - The U.K. Home Office extended the Airwave contract through 2029, with the company recording backlog at worst-case charge control rates while contesting the CMA decision [57][58] - No evidence of other managed services customers attempting to reprice contracts globally [60] Question: Ukraine Impact and Command Center Growth - The company maintains a $100 million headwind from reduced business in Ukraine, with no change to the full-year outlook despite the recent aid package [62][63] - Command center growth is expected to be 10% for the full year, with strong adoption of cloud-connected products [64][66] Question: Margin Expansion and Backlog Trends - Q1 margins benefited from lower supply chain costs and customer adoption of feature-rich products, with more margin improvement expected throughout the year [70][71] - Excluding the U.K. Home Office impact, total backlog is up over $500 million, with Software and Services backlog up over $600 million [80] Question: Future Margin Drivers - Future margin expansion will be driven by volume mix, surgical price increases, and disciplined OpEx management, with potential contributions from AI and operational efficiencies [72][77]

Exhibit 99.1 Motorola Solutions Reports First-Quarter 2024 Financial Results Company raises full-year revenue and earnings outlook following strong Q1 results CHICAGO – May 2, 2024 – Motorola Solutions, Inc. (NYSE: MSI) today reported its earnings results for the first quarter of 2024. "Q1 was an outstanding quarter, with record Q1 revenue in both segments and record Q1 cash flow," said Greg Brown, chairman and CEO, Motorola Solutions. "Our continued robust backlog and strong balance sheet position us well ...

Motorola Solutions, Inc.'s (MSI) shares have witnessed a steady uptrend since November 2023, barring minor hiccups, driven by improved market demand across its portfolio on the back of a flexible business model and solid cash flow.As a leading provider of mission-critical communication products and services worldwide, Motorola has a steady revenue stream from this niche market. The communications equipment maker intends to boost its position in the public safety domain by entering into strategic alliances w ...

Motorola Solutions (MSI) recently announced the launch of cutting-edge solutions with advanced capabilities and flexible integration that enhance threat detection and simplify security operations. The company is demonstrating the latest suite of cloud-managed and on-premise solutions at Expo Seguridad in Mexico City.The company set out to demonstrate the Avigilon Alta, a cloud-native solution with AI-powered intelligent analytics for video security and access control. The company is introducing an add-on ca ...

Financial Performance - In 2023, Motorola Solutions reported consolidated net sales of $9.9 billion, with the Products and Systems Integration segment contributing $6.2 billion (63%) and the Software and Services segment contributing $3.7 billion (37%) to total sales[21][30]. - The company declared quarterly dividends of $0.88 per share for the first three quarters and $0.98 per share for the fourth quarter of fiscal 2023[198]. - As of December 31, 2023, Motorola Solutions had repurchased approximately $15.5 billion of its shares under a $18.0 billion share repurchase program, leaving about $2.5 billion available for future repurchases[202]. - The five-year cumulative total shareholder return for Motorola Solutions was $292.59 as of December 31, 2023, compared to $207.04 for the S&P 500[204]. Sales Composition - The LMR Communications technology accounted for 82% of the net sales within the Products and Systems Integration segment in 2023[25]. - Video technology represented 18% of the net sales in the Products and Systems Integration segment in 2023[29]. - Within the Software and Services segment, LMR Communications services made up 64% of total segment sales in 2023[33]. - Video technology accounted for 16% of the net sales in the Software and Services segment in 2023[38]. - The Command Center technology represented 20% of the net sales in the Software and Services segment in 2023[46]. Customer Base - The U.S. government and the Home Office of the United Kingdom were the largest customers, contributing approximately 8% and 6% of consolidated net sales in 2023, respectively[49]. Technology and Innovation - Motorola Solutions aims to enhance safety and security through an ecosystem of technologies, including LMR, Video, and Command Center solutions[19][20]. - The company focuses on integrating technologies to improve collaboration and operational efficiency for public safety and enterprise customers[20]. - Motorola Solutions continues to invest in cloud-based and hybrid solutions, cybersecurity services, and managed services to meet evolving customer needs[16][19]. - R&D expenditures increased to $858 million in 2023 from $779 million in 2022, with approximately 8,000 employees engaged in R&D activities[59]. - The company prioritizes investments in R&D to enhance its LMR Communications, Video, and Command Center technologies[58]. Backlog and Revenue Recognition - As of December 31, 2023, the company's backlog was $14,259 million, a slight decrease from $14,347 million in 2022, with 60% of the Products and Systems Integration backlog and 27% of the Software and Services backlog expected to be recognized as revenue in 2024[56]. - Approximately 60% of the backlog in the Products and Systems Integration segment is expected to be recognized as revenue during 2024[56]. Acquisitions - The company made several acquisitions, including Rave Mobile Safety for $553 million in December 2022 and IPVideo Corporation for $170 million in December 2023, enhancing its capabilities in mass notification and video security[57]. - The company issued 15,831 shares of common stock valued at $5 million in connection with the acquisition of IPVideo Corporation on December 15, 2023[199]. Workforce and Employment - As of December 31, 2023, the company employed approximately 21,000 people globally, with 53% in North America and 47% in the International region[78]. - 40% of the total global employees were employed in engineering roles[78]. - The company launched the GO ALL INclusive initiative in 2023 to promote diversity, equity, and inclusion, and designated Juneteenth and National Day for Truth and Reconciliation as paid holidays starting in 2024[83]. - The company offers a comprehensive total rewards package, including stock grants, bonuses, healthcare, and flexible work options, to attract and retain talent[82]. - The company emphasizes structured mentorship and training programs to develop employee skills and foster a supportive workplace[80]. Regulatory and Compliance Risks - The company is subject to complex and changing laws regarding privacy and data protection, which may increase compliance costs and potential liabilities[91]. - The EU's General Data Protection Regulation (GDPR) imposes significant obligations on the company regarding data protection and privacy rights[92]. - The company faces regulatory risks related to AI and biometrics, with potential compliance requirements expected to increase in the coming years[96]. - The company’s business is dependent on U.S. government contracts, which are subject to strict compliance requirements and oversight audits[102]. - Regulatory changes in telecommunications may expose the company to increased costs and potential liabilities if compliance is not maintained[104]. - The company is subject to various international regulations that can increase operational costs and compliance obligations, potentially impacting business performance[106]. - Future legislative and regulatory changes may increase compliance complexity and costs, affecting the company's financial position[107]. - The evolving state of environmental regulations related to climate change may lead to increased costs and operational restrictions, impacting financial performance[108]. - Physical risks from climate change, such as extreme weather, could disrupt supply chains and increase operational costs, including potential damages from such events[109]. - The company faces a wide range of product regulatory and safety compliance laws that could impact growth and financial performance[110]. Market and Economic Risks - Global economic and political conditions, including inflation and conflicts, continue to create uncertainties that could impact the company's financial performance[164]. - Political instability in various markets could significantly impact the company's growth and operational capabilities[166]. - The company faces significant global risks, including currency fluctuations, import/export regulations, and compliance with various laws, which could negatively impact its financial condition and results of operations[149]. Cybersecurity and IT Risks - Increased cybersecurity threats could lead to significant disruptions in IT systems, negatively impacting operations and sales[128]. - The company relies on outsourced partners for IT and network connectivity, which exposes it to elevated risks due to lack of direct oversight[129]. - A cyberattack could result in substantial costs for repairing IT systems and potential loss of critical data, impacting financial condition and cash flow[130]. - The complexity and scale of systems to be protected against cyber threats continue to increase, heightening vulnerability[128]. - The company maintains insurance related to cybersecurity risks and employs various countermeasures to protect its systems[128]. - The company has a comprehensive cybersecurity program to manage risks, including third-party assessments and insurance coverage[171][177]. Supply Chain and Operational Risks - The company’s ability to meet customer demands is dependent on timely procurement of quality materials and components from suppliers[142]. - The company relies on third-party providers for manufacturing and services, which could lead to difficulties in fulfilling orders and negatively impact sales and profits[151]. - Quality issues in products could lead to delays in revenue recognition, increased costs, and damage to the company's reputation[157]. - Suppliers may significantly increase prices in response to raw material costs, potentially impacting the company's financial results[144]. Financial and Tax Risks - The company has large underfunded pension obligations, which are affected by financial market performance and interest rates, potentially requiring additional large contributions in poor market conditions[165]. - Tax policy changes and audits may negatively affect the company's financial condition and results of operations, increasing effective tax rates[113][116]. - The company may face liquidity issues if credit ratings are downgraded, impacting access to capital markets and ability to repay debt[166]. - The company is rated investment grade by all three national rating agencies, and any downgrade could limit access to capital markets and increase borrowing costs[168]. Strategic Challenges - The company anticipates challenges in developing new technologies and products, which could impact market share and financial performance[117][119]. - Strategic acquisitions are expected to continue, but they introduce risks related to integration and achieving anticipated benefits[124]. - Acquisitions may involve higher relative valuations, potentially diluting earnings if pursued[125]. - Retaining key employees from acquired businesses may be challenging, impacting integration efforts[126]. - The company enters large, multi-year contracts that expose it to various risks, including technological, financial, and cybersecurity risks[145]. - The company has experienced challenges in budgeting and forecasting due to economic uncertainties, which could negatively impact financial results[166]. - The company utilizes subcontractors for many contracts, and their inability to perform could negatively affect the company's business and compliance with regulations[154]. - The competition for skilled employees, particularly in software development and engineering, is intense, which could hinder the company's ability to attract and retain talent[162].

Motorola Solutions, Inc. (NYSE:MSI) Q4 2023 Earnings Call Transcript February 8, 2024 5:00 PM ET Company Participants Tim Yocum - VP of IR Greg Brown - Chairman and CEO Jason Winkler - EVP and CFO Jack Molloy - EVP and COO Mahesh Saptharishi - EVP and CTO Conference Call Participants George Notter - Jefferies Tim Long - Barclays Matthew Niknam - Deutsche Bank Adam Tindle - Raymond James Joseph Cardoso - J.P. Morgan Tomer Zilberman - Bank of America Benjamin Bollin - Cleveland Research Keith Housum - Northco ...

| --- | --- | --- | --- | --- | |---------------------------------------------|--------------------------------------------------------------------------------------------|-------|-------|----------------------------------------------------------------------------------------------------------------------| | | | | | | | Q4 2023 | Software & Services | | • | Non-GAAP operating margin* down 280 bps primarily driven by the Airwave revenue reduction, partially offset | | Revenue ($M) | | | • | by improved opera ...