Motorola Solutions(US:MSI)2024-02-09 00:05Financial Performance - Full Year 2023 - Sales reached $10 billion, a 10% year-over-year increase, with both Products and Systems Integration and Software and Services contributing equally to the growth[8] - GAAP EPS increased by 25% year-over-year to $9.93, while Non-GAAP EPS rose by 15% to $11.95[8] - Operating cash flow increased by 12% year-over-year to $2 billion, and free cash flow increased by 14% to $1.8 billion[8] Financial Performance - Q4 2023 - Sales increased by 5% year-over-year to $2.8 billion[34] - Non-GAAP EPS increased by 8% year-over-year to $3.90[34] - The company acquired IPVideo, the creator of the HALO Smart Sensor, for $170 million[34] Segment Performance - Q4 2023 - Products and Systems Integration revenue increased by 4%, driven by growth in LMR and Video, with Non-GAAP operating margin up 160 bps[35] - Software and Services experienced a 280 bps decrease in Non-GAAP operating margin, primarily due to Airwave revenue reduction[1] Backlog and Regional Revenue - Q4 2023 - Software & Services backlog decreased by $181 million year-over-year, primarily due to a ~$1 billion reduction related to Airwave and ESN[3] - North America revenue increased by 6%, driven by LMR, Video, and Command Center[36] - International revenue increased by 3%, driven by Video and LMR, partially offset by the Airwave revenue reduction[36] Outlook - Q1 2024 revenue growth is projected at approximately 8%, with Non-GAAP EPS between $2.50 and $2.55[37] - Full-year 2024 revenue growth is projected at approximately 6%, with Non-GAAP EPS between $12.62 and $12.72[37]