Financial Data and Key Metrics Changes - Q4 revenue grew by 12%, exceeding guidance, with double-digit growth in both segments and all three technologies [9] - Full-year revenue reached $11.7 billion, an 8% increase, with GAAP EPS at $12.75, up 38% from the previous year [11] - Operating cash flow for Q4 was $1.3 billion, compared to $1.1 billion in the prior year, and full-year operating cash flow was a record $2.8 billion, up 19% year-over-year [12] Business Line Data and Key Metrics Changes - In the Products and SI segment, Q4 sales increased by 11%, with operating earnings at $667 million, or 30.9% of sales, up from 30.5% in the prior year [13] - Software and Services segment saw Q4 revenue up 15%, with operating margins at 34.3%, up from 30.3% last year [16] - Full-year revenue for Software and Services was $4.4 billion, up 13%, with operating earnings at $1.4 billion, or 32.5% of sales [17] Market Data and Key Metrics Changes - North America revenue for Q4 was $2.4 billion, up 7%, while international revenue was $1 billion, up 26% [17] - Full-year international revenue was $3.3 billion, up 11%, with strong growth in both segments and double-digit growth in all three technologies [17] Company Strategy and Development Direction - The company plans to leverage its record backlog of $15.7 billion and strong demand environment for continued growth in 2026 [8] - The introduction of AI-powered Assist Suites aims to enhance public safety operations and is expected to drive recurring revenue growth [20][21] - The company is focused on expanding its product and services portfolio, particularly in the defense and unmanned systems market following the acquisition of Silvus [26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong demand for integrated mission-critical technologies, highlighting the importance of safety and security for public safety and defense customers [26] - The company anticipates continued strong cash conversion and expects approximately $3 billion in operating cash flow for 2026 [19] - Management noted that the effective tax rate for 2026 is expected to be approximately 22.5% [19] Other Important Information - The company achieved record operating cash flow and free cash flow for the year, with significant capital allocation towards acquisitions and shareholder returns [12] - The board approved an 11% increase in dividends, marking the 14th consecutive year of double-digit increases [12] Q&A Session Summary Question: Update on Silvus and its growth potential - Management reported strong performance from Silvus, raising revenue expectations for 2026 to $675 million, driven by demand in Ukraine and unmanned systems [30][31] Question: Outlook for margins in 2026 - Management expects operating margin expansion of 100 basis points in 2026, despite anticipated tariff headwinds [36][37] Question: Acceleration in the command business and outlook for the 911 market - The command center business saw 15% growth last year, with expectations for similar growth this year, supported by the uptake of APX NEXT applications [44] Question: Insights on the Assist Suites and future product introductions - Management indicated a rapid cadence of new product launches, with plans to expand capabilities within the dispatcher and responder suites [67][70] Question: Silvus's potential in public safety and commercial markets - Management acknowledged that while Silvus primarily focuses on defense, there are incremental opportunities in public safety and commercial markets [75]