证券研究报告 | 海外市场周报 2025 年 06 月 16 日 [Table_Main] 海外市场周报 证券分析师 薛威 资格编号：S0120523080002 邮箱：xuewei＠tebon.com.cn 谭诗吟 资格编号：S0120523070007 邮箱：tansy＠tebon.com.cn 如何应对事件冲击？ [Table_Summary] 投资要点： 请务必阅读正文之后的信息披露和法律声明 上周全球股市涨少跌多。美股三大指数集体下跌，标普 500、纳指和道指涨跌幅分 别为-0.4%、-0.6%和-1.3%；欧洲市场三大主要指数表现分化，英国富时 100 小幅 上涨，德国 DAX 和法国 CAC40 指数回调；亚太地区表现分化。 美国 5 月 CPI 低于市场预期。根据美国劳工部公布数据显示，美国 5 月份 CPI 同 比增长 2.4%，剔除食品和能源价格的 5 月份核心 CPI 同比上涨 2.8%。美国 CPI 数据公布后，市场预期美联储年内仍将降息，但重启降息时点或有所推迟。 伊以局势点燃油价，全球市场面临考验。就在美国 5 月通胀数据保持平稳，一年期 通胀预期显著回落的同时，以色列针对伊朗的军 ...

Motorola Solutions (MSI) 2025 Conference June 04, 2025 12:20 PM ET Speaker0 My name is Tomer Zilberman. I'm joined today by Jack Malloy, chief operating officer of Motorola Solutions. Jack, first of all, thank you for being here with us. Before we get into it, I wanted to just talk about your role as COO. Maybe you could talk about your purview, kind of what part of the Speaker1 business that you own. Okay, sure, Tomer. Thanks. And it's good to see everybody. So from a day to day standpoint, I oversee, you ...

Motorola Solutions (MSI) Q1 2025 Earnings Call May 01, 2025 05:00 PM ET Company Participants Tim Yocum - Vice President-Investor RelationsGreg Brown - Chairman and Chief Executive OfficerJason Winkler - Executive VP & CFOAlyssa Shreves - Vice President - Equity ResearchJoseph Cardoso - Vice President, Equity ResearchJamie Reynolds - Senior Equity Research AssociateMahesh Saptharishi - Executive VP & CTOJack Molloy - Executive Vice President and Chief Operating OfficerTomer Zilberman - Equity Research Associ ...

Financial Data and Key Metrics Changes - The company reported record first quarter revenue, operating earnings, and cash flow, with revenue growth of 6% compared to the previous year [7][11] - GAAP operating earnings were $582 million, representing 23% of sales, an increase from 21.7% in the prior year [11] - Non-GAAP operating earnings were $716 million, up 12% year-over-year, with a non-GAAP operating margin of 28.3%, an increase of 160 basis points [11][12] - GAAP earnings per share (EPS) was $2.53, up from a loss of $0.23 in the year-ago quarter, while non-GAAP EPS was $3.18, a 13% increase from $2.81 [11][12] - Operating cash flow for Q1 was $510 million, up $128 million from last year, and free cash flow was $473 million, an increase of $137 million [12] Business Line Data and Key Metrics Changes - In the Software and Services segment, sales increased by 9%, driven by strong adoption of software applications [7][14] - The Products and SI segment saw a 4% increase in sales, with significant operating margin expansion due to growth in higher-tier public safety devices and lower material costs [8][14] - Notable achievements included various large orders in both segments, indicating strong demand across product lines [14][15] Market Data and Key Metrics Changes - North America Q1 revenue was $1.9 billion, up 9%, while international revenue was $676 million, down 3% due to currency headwinds and lower LMR revenue from Ukraine [15] - Ending backlog for Q1 was $14.1 billion, down 2% year-over-year, driven by strong LMR shipments and revenue recognition [16] Company Strategy and Development Direction - The company is focused on expanding its public safety ecosystem with new products and solutions, including recent acquisitions and product launches [8][24] - Investments in video and software are expected to drive meaningful revenue growth, with a strong emphasis on cloud and SaaS offerings [18][19] - The company is navigating tariff-related cost increases through supply chain actions and cost-saving measures [18][32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's positioning, noting that customers continue to prioritize investments in safety and security [9][21] - The outlook for Q2 includes expected sales growth of approximately 4% and non-GAAP EPS guidance between $3.32 and $3.37 [17] - For the full year, the company anticipates revenue growth of 5.5% and non-GAAP EPS between $14.64 and $14.74 [17] Other Important Information - The company successfully renewed its $2.25 billion revolving credit facility, enhancing its financial flexibility [20] - The introduction of new technologies like SVX and Assist is expected to transform public safety operations and drive further adoption of higher-tier radios [22][23] Q&A Session Summary Question: Can you walk us through the video product revenue performance in the quarter? - Video revenue grew nicely, with software leading that growth, and the cloud video offer, Alta, performing well [27][28] Question: Are you seeing any change in customer behavior due to tariffs? - There has been no significant change in customer behavior, and the company is proactively managing tariff impacts [30][31] Question: Can you comment on demand trends and the full-year revenue guide? - Demand remains strong, with record orders in Q1, and the company does not see any softening in demand [36][38] Question: What are the early demand signals for the new SVX product? - There is high interest from customers, with some planning to upgrade to the APEX NEXT family of radios after seeing the SVX demonstration [47][48] Question: How is the company navigating the current budget cycle and federal grant awards? - The public safety technology continues to be prioritized, and state and local budgets appear to be in good shape [84][85]

Earnings Presentation Q1 2025 Results | May 1, 2025 Safe Harbor A number of forward-looking statements will be made during this presentation. Forward-looking statements are any statements that are not historical facts. These forward-looking statements are based on the current expectations of Motorola Solutions, and we can give no assurance that any future results or events discussed in these statements will be achieved. Any forward-looking statements represent our views only as of today and should not be re ...