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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Motorola Solutions Inc | NYSE:MSI | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-9.68 | -2.78% | 338.01 | 347.07 | 338.535 | 346.70 | 1,220,823 | 01:00:00 |
Company raises full-year revenue and earnings outlook
Motorola Solutions, Inc. (NYSE: MSI) today reported its earnings results for the second quarter of 2019. Click here for a printable news release and financial tables.
"Our outstanding Q2 results highlight the strength of our business and the value of our unique public safety ecosystem," said Greg Brown, chairman and CEO of Motorola Solutions. “Our strong revenue and earnings growth in the quarter, combined with our record ending backlog, position us well for continued growth in the second half of 2019 and beyond.”
KEY FINANCIAL RESULTS (presented in millions, except per share data and percentages)
Q2 2019
Q2 2018
% Change
Sales
$1,860
$1,760
6%
GAAP
Operating Earnings
$349
$273
28%
% of Sales
18.8%
15.5%
EPS
$1.18
$1.05
12%
Non-GAAP
Operating Earnings
$444
$378
17%
% of Sales
23.9%
21.5%
EPS
$1.69
$1.46
16%
Products and Systems Integration Segment
Sales
$1,238
$1,189
4%
GAAP Operating Earnings
$201
$175
15%
% of Sales
16.2%
14.7%
Non-GAAP Operating Earnings
$242
$226
7%
% of Sales
19.5%
19.0%
Services and Software Segment
Sales
$622
$571
9%
GAAP Operating Earnings
$148
$98
51%
% of Sales
23.8%
17.2%
Non-GAAP Operating Earnings
$202
$152
33%
% of Sales
32.5%
26.6%
*Non-GAAP financial information excludes the after-tax impact of approximately $0.51 per diluted share related to share-based compensation, intangible assets amortization expense and highlighted items. Details on these non-GAAP adjustments and the use of non-GAAP measures are included later in this news release.
OTHER SELECTED FINANCIAL RESULTS
NOTABLE WINS
Services and Software
Products and Systems Integration
BUSINESS OUTLOOK
CONFERENCE CALL AND WEBCAST Motorola Solutions will host its quarterly conference call beginning at 4 p.m. U.S. Central Daylight Time (5 p.m. U.S. Eastern Daylight Time) on Thursday, Aug. 1. The conference call will be webcast live at www.motorolasolutions.com/investor.
CONSOLIDATED GAAP RESULTS (presented in millions, except per share data)
A comparison of results from operations is as follows:
Q2 2019
Q2 2018
Net sales
$1,860
$1,760
Gross margin
931
822
Operating earnings
349
273
Amounts attributable to Motorola Solutions, Inc. common stockholders
Net earnings
207
180
Diluted EPS
$1.18
$1.05
Weighted average diluted common shares outstanding
176.1
171.7
HIGHLIGHTED ITEMS AND SHARE-BASED COMPENSATION EXPENSE
The table below includes highlighted items, share-based compensation expense and intangible amortization for the second quarter of 2019.
(per diluted common share)
Q2 2019
GAAP Earnings
$1.18
Highlighted Items:
Intangibles amortization expense
0.23
Loss from the extinguishment of long-term debt
0.18
Share-based compensation expense
0.13
Reorganization of business charges
0.05
Legal settlements
0.01
Investment impairments
0.01
Sale of a business
(0.01
)
FIN48 releases
(0.02
)
Fair value adjustments to equity investments
(0.07
)
Non-GAAP Diluted EPS
$1.69
USE OF NON-GAAP FINANCIAL INFORMATION
In addition to the GAAP results included in this presentation, Motorola Solutions also has included non-GAAP measurements of results. The company has provided these non-GAAP measurements to help investors better understand its core operating performance, enhance comparisons of core operating performance from period to period and allow better comparisons of operating performance to its competitors. Among other things, management uses these operating results, excluding the identified items, to evaluate performance of the businesses and to evaluate results relative to certain incentive compensation targets. Management uses operating results excluding these items because it believes this measurement enables it to make better period-to-period evaluations of the financial performance of core business operations. The non-GAAP measurements are intended only as a supplement to the comparable GAAP measurements and the company compensates for the limitations inherent in the use of non-GAAP measurements by using GAAP measures in conjunction with the non-GAAP measurements. As a result, investors should consider these non-GAAP measurements in addition to, and not in substitution for or as superior to, measurements of financial performance prepared in accordance with generally accepted accounting principles.
Highlighted items: The company has excluded the effects of highlighted items including, but not limited to, acquisition-related transaction costs, tangible and intangible asset impairments, restructuring charges, non-cash pension adjustments, litigation and other contingencies, gains and losses on investments and businesses, and the income tax effects of significant tax matters, from its non-GAAP operating expenses and net income measurements because the company believes that these historical items do not reflect expected future operating earnings or expenses and do not contribute to a meaningful evaluation of the company's current operating performance or comparisons to the company's past operating performance. For the purposes of management's internal analysis over operating performance, the company uses financial statements that exclude highlighted items, as these charges do not contribute to a meaningful evaluation of the company's current operating performance or comparisons to the company's past operating performance.
Share-based compensation expense: The company has excluded share-based compensation expense from its non-GAAP operating expenses and net income measurements. Although share-based compensation is a key incentive offered to the company’s employees and the company believes such compensation contributed to the revenue earned during the periods presented and also believes it will contribute to the generation of future period revenues, the company continues to evaluate its performance excluding share-based compensation expense primarily because it represents a significant non-cash expense. Share-based compensation expense will recur in future periods.
Intangible assets amortization expense: The company has excluded intangible assets amortization expense from its non-GAAP operating expenses and net earnings measurements, primarily because it represents a non-cash expense and because the company evaluates its performance excluding intangible assets amortization expense. Amortization of intangible assets is consistent in amount and frequency but is significantly affected by the timing and size of the company’s acquisitions. Investors should note that the use of intangible assets contributed to the company’s revenues earned during the periods presented and will contribute to the company’s future period revenues as well. Intangible assets amortization expense will recur in future periods.
Adjusted operating cash flow: Adjusted operating cash flow information reflects operating cash flow under GAAP excluding a $500 million voluntary, debt-funded U.S. pension contribution in the first quarter 2018. The company has excluded the impact of this contribution because the company believes that this item does not reflect expected future operating cash flows and does not contribute to a meaningful evaluation of the company's current operating cash flow performance or comparisons to the company's past operating cash flow performance.
Free cash flow: Free cash flow represents operating cash flow less capital expenditures. We believe that free cash flow is also useful to investors as the basis for comparing our performance and coverage ratios with other companies in our industries, although our measure of free cash flow may not be directly comparable to similar measures used by other companies
Organic Revenue: Organic revenue reflects net sales calculated under GAAP excluding net sales from acquired business owned for less than four full quarters. The company believes non-GAAP organic revenue growth provides useful information for evaluating the periodic growth of the business on a consistent basis and provides for a meaningful period-to-period comparison and analysis of trends in the business.
Details of the above items and reconciliations of the non-GAAP measurements to the corresponding GAAP measurements can be found at the end of this press release.
The company has not quantitatively reconciled its guidance for non-GAAP metrics to their most comparable GAAP measure because the company does not provide specific guidance for the various reconciling items as certain items that impact these measures have not occurred, are out of the company’s control, or cannot be reasonably predicted. Accordingly, a reconciliation to the nearest GAAP financial metric is not available without unreasonable effort. Please note that the unavailable reconciling items could significantly impact the company’s results.
BUSINESS RISKS
This news release contains "forward-looking statements" within the meaning of applicable federal securities law. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and generally include words such as “believes,” “expects,” “intends,” “anticipates,” “estimates” and similar expressions. The company can give no assurance that any actual or future results or events discussed in these statements will be achieved. Any forward-looking statements represent the company’s views only as of today and should not be relied upon as representing the company’s views as of any subsequent date. Readers are cautioned that such forward-looking statements are subject to a variety of risks and uncertainties that could cause the company’s actual results to differ materially from the statements contained in this release. Such forward-looking statements include, but are not limited to, Motorola Solutions’ financial outlook for the third quarter and full year of 2019. Motorola Solutions cautions the reader that the risk factors below, as well as those on pages 9 through 21 in Item 1A of Motorola Solutions’ 2018 Annual Report on Form 10-K and in its other SEC filings available for free on the SEC’s website at www.sec.gov and on Motorola Solutions’ website at www.motorolasolutions.com, could cause Motorola Solutions’ actual results to differ materially from those estimated or predicted in the forward-looking statements. Many of these risks and uncertainties cannot be controlled by Motorola Solutions, and factors that may impact forward-looking statements include, but are not limited to: (1) the economic outlook for the government communications industry; (2) the impact of foreign currency fluctuations on the company; (3) the level of demand for the company's products; (4) the company's ability to refresh existing and introduce new products and technologies in a timely manner; (5) exposure under large systems and managed services contracts, including risks related to the fact that certain customers require that the company build, own and operate their systems, often over a multi-year period; (6) negative impact on the company's business from global economic and political conditions, which may include: (i) continued deferment or cancellation of purchase orders by customers; (ii) the inability of customers to obtain financing for purchases of the company's products; (iii) increased demand to provide vendor financing to customers; (iv) increased financial pressures on third-party dealers, distributors and retailers; (v) the viability of the company's suppliers that may no longer have access to necessary financing; (vi) counterparty failures negatively impacting the company’s financial position; (vii) changes in the value of investments held by the company's pension plan and other defined benefit plans, which could impact future required or voluntary pension contributions; and (viii) the company’s ability to access the capital markets on acceptable terms and conditions; (7) the impact of a security breach or other significant disruption in the company’s IT systems, those of its partners or suppliers or those it sells to or operates or maintains for its customers; (8) the outcome of ongoing and future tax matters; (9) the company's ability to purchase sufficient materials, parts and components to meet customer demand, particularly in light of global economic conditions and reductions in the company’s purchasing power; (10) risks related to dependence on certain key suppliers, subcontractors, third-party distributors and other representatives; (11) the impact on the company's performance and financial results from strategic acquisitions or divestitures; (12) risks related to the company's manufacturing and business operations in foreign countries; (13) the creditworthiness of the company's customers and distributors, particularly purchasers of large infrastructure systems; (14) the ownership of certain logos, trademarks, trade names and service marks including “MOTOROLA” by Motorola Mobility Holdings, Inc.; (15) variability in income received from licensing the company's intellectual property to others, as well as expenses incurred when the company licenses intellectual property from others; (16) unexpected liabilities or expenses, including unfavorable outcomes to any pending or future litigation or regulatory or similar proceedings; (17) the impact of the percentage of cash and cash equivalents held outside of the United States; (18) the ability of the company to pay future dividends due to possible adverse market conditions or adverse impacts on the company’s cash flow; (19) the ability of the company to complete acquisitions or repurchase shares under its repurchase program due to possible adverse market conditions or adverse impacts on the company’s cash flow; (20) the impact of changes in governmental policies, laws or regulations; (21) negative consequences from the company's use of third party vendors for various activities, including certain manufacturing operations, information technology and administrative functions; and (22) the company’s ability to settle the par value of its Senior Convertible Notes in cash. Motorola Solutions undertakes no obligation to publicly update any forward-looking statement or risk factor, whether as a result of new information, future events or otherwise.
ABOUT MOTOROLA SOLUTIONS
Motorola Solutions is a global leader in mission-critical communications. Our technology platforms in communications, command center software, video security solutions and managed and support services make cities safer and help communities and businesses thrive. At Motorola Solutions, we are ushering in a new era in public safety and security. Learn more at www.motorolasolutions.com.
MOTOROLA, MOTOROLA SOLUTIONS and the Stylized M Logo are trademarks or registered trademarks of Motorola Trademark Holdings, LLC and are used under license. All other trademarks are the property of their respective owners. ©2019 Motorola Solutions, Inc. All rights reserved.
GAAP-1 Motorola Solutions, Inc. and Subsidiaries Condensed Consolidated Statements of Operations (In millions, except per share amounts) Three Months Ended June 29, 2019 June 30, 2018 Net sales from products$
1,118
$
1,042
Net sales from services
742
718
Net sales
1,860
1,760
Costs of products sales
490
485
Costs of services sales
439
453
Costs of sales
929
938
Gross margin
931
822
Selling, general and administrative expenses
351
316
Research and development expenditures
170
162
Other charges
9
18
Intangibles amortization
52
53
Operating earnings
349
273
Other income (expense): Interest expense, net
(56
)
(58
)
Gains (losses) on sales of investments and businesses, net
3
(1
)
Other
(21
)
13
Total other expense
(74
)
(46
)
Net earnings before income taxes
275
227
Income tax expense
67
46
Net earnings
208
181
Less: Earnings attributable to non-controlling interests
1
1
Net earnings attributable to Motorola Solutions, Inc.
$
207
$
180
Earnings per common share: Basic
$
1.25
$
1.11
Diluted
$
1.18
$
1.05
Weighted average common shares outstanding: Basic
164.9
162.2
Diluted
176.1
171.7
Percentage of Net Sales* Net sales from products
60.1
%
59.2
%
Net sales from services
39.9
%
40.8
%
Net sales
100.0
%
100.0
%
Costs of products sales
43.8
%
46.5
%
Costs of services sales
59.2
%
63.1
%
Costs of sales
49.9
%
53.3
%
Gross margin
50.1
%
46.7
%
Selling, general and administrative expenses
18.9
%
18.0
%
Research and development expenditures
9.1
%
9.2
%
Other charges
0.5
%
1.0
%
Intangibles amortization
2.8
%
3.0
%
Operating earnings
18.8
%
15.5
%
Other income (expense): Interest expense, net
(3.0
)%
(3.3
)%
Gains (losses) on sales of investments and businesses, net
0.2
%
(0.1
)%
Other
(1.1
)%
0.7
%
Total other expense
(4.0
)%
(2.6
)%
Net earnings before income taxes
14.8
%
12.9
%
Income tax expense
3.6
%
2.6
%
Net earnings
11.2
%
10.3
%
Less: Earnings attributable to non-controlling interests
0.1
%
0.1
%
Net earnings attributable to Motorola Solutions, Inc.
11.1
%
10.2
%
* Percentages may not add up due to rounding GAAP-2 Motorola Solutions, Inc. and Subsidiaries Condensed Consolidated Statements of Operations (In millions, except per share amounts)Six Months Ended
June 29, 2019
June 30, 2018
Net sales from products$
2,063
$
1,842
Net sales from services
1,454
1,385
Net sales
3,517
3,227
Costs of products sales
934
867
Costs of services sales
879
869
Costs of sales
1,813
1,736
Gross margin
1,704
1,491
Selling, general and administrative expenses
676
594
Research and development expenditures
333
314
Other charges
14
44
Intangibles amortization
102
94
Operating earnings
579
445
Other income (expense): Interest expense, net
(111
)
(104
)
Gains on sales of investments and businesses, net
4
10
Other
(12
)
16
Total other expense
(119
)
(78
)
Net earnings before income taxes
460
367
Income tax expense
100
69
Net earnings
360
298
Less: Earnings attributable to non-controlling interests
2
1
Net earnings attributable to Motorola Solutions, Inc.
$
358
$
297
Earnings per common share: Basic
$
2.18
$
1.83
Diluted
$
2.04
$
1.73
Weighted average common shares outstanding: Basic
164.4
161.7
Diluted
175.3
171.1
Percentage of Net Sales* Net sales from products
58.7
%
57.1
%
Net sales from services
41.3
%
42.9
%
Net sales
100.0
%
100.0
%
Costs of products sales
45.3
%
47.1
%
Costs of services sales
60.5
%
62.7
%
Costs of sales
51.5
%
53.8
%
Gross margin
48.5
%
46.2
%
Selling, general and administrative expenses
19.2
%
18.4
%
Research and development expenditures
9.5
%
9.7
%
Other charges
0.4
%
1.4
%
Intangibles amortization
2.9
%
2.9
%
Operating earnings
16.5
%
13.8
%
Other income (expense): Interest expense, net
(3.2
)%
(3.2
)%
Gains on sales of investments and businesses, net
0.1
%
(0.3
)%
Other
(0.3
)%
0.5
%
Total other expense
(3.4
)%
(2.4
)%
Net earnings before income taxes
13.1
%
11.4
%
Income tax expense
2.8
%
2.1
%
Net earnings
10.2
%
9.2
%
Less: Earnings attributable to non-controlling interests
0.1
%
-
%
Net earnings attributable to Motorola Solutions, Inc.
10.2
%
9.2
%
* Percentages may not add up due to rounding GAAP-3 Motorola Solutions, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (In millions) June 29, 2019 December 31, 2018 Assets Cash and cash equivalents$
953
$
1,246
Restricted cash
11
11
Total cash and cash equivalents
964
1,257
Accounts receivable, net
1,206
1,293
Contract assets
913
1,012
Inventories, net
424
356
Other current assets
324
354
Total current assets
3,831
4,272
Property, plant and equipment, net
940
895
Operating lease assets
567
-
Investments
175
169
Deferred income taxes
913
985
Goodwill
1,852
1,514
Intangible Assets
1,332
1,230
Other assets
364
344
Total assets
$
9,974
$
9,409
Liabilities and Stockholders' Equity Current portion of long-term debt
$
28
$
31
Accounts payable
544
592
Contract liabilities
1,187
1,263
Accrued liabilities
1,117
1,210
Total current liabilities
2,876
3,096
Long-term debt
5,315
5,289
Operating lease liabilities
504
-
Other liabilities
2,233
2,300
Total Motorola Solutions, Inc. stockholders’ equity (deficit)
(970
)
(1,293
)
Non-controlling interests
16
17
Total liabilities and stockholders’ equity
$
9,974
$
9,409
GAAP-4 Motorola Solutions, Inc. and Subsidiaries Condensed Consolidated Statements of Cash Flows (In millions) Three Months Ended June 29, 2019 June 30, 2018 Operating Net earnings attributable to Motorola Solutions, Inc.
$
207
$
180
Earnings attributable to non-controlling interests
1
1
Net earnings
208
181
Adjustments to reconcile Net earnings to Net cash provided by (used for) operating activities: Depreciation and amortization
96
96
Non-cash other (income) charges
(6
)
3
Share-based compensation expense
30
17
Losses (gains) on sales of investments and businesses, net
(3
)
1
Loss from the extinguishment of long term debt
43
-
Changes in assets and liabilities, net of effects of acquisitions, dispositions, and foreign currency translation adjustments: Accounts receivable
(58
)
11
Inventories
2
46
Other current assets and contract assets
(8
)
41
Accounts payable, accrued liabilities, and contract liabilities
(84
)
10
Other assets and liabilities
8
(5
)
Deferred income taxes
23
24
Net cash provided by operating activities
251
425
Investing Acquisitions and investments, net
(3
)
(28
)
Proceeds from sales of investments and businesses, net
8
2
Capital expenditures
(63
)
(41
)
Net cash used for investing activities
(58
)
(67
)
Financing Repayment of debt
(658
)
(147
)
Net proceeds from issuance of debt
645
(1
)
Issuance of common stock
25
6
Purchases of common stock
(25
)
-
Payments of dividends
(94
)
(84
)
Payments of dividends to non-controlling interests
(3
)
(1
)
Net cash used for financing activities
(110
)
(227
)
Effect of exchange rate changes on total cash and cash equivalents
(16
)
(48
)
Net increase in total cash and cash equivalents
67
83
Total cash and cash equivalents, beginning of period
897
858
Total cash and cash equivalents, end of period
$
964
$
941
Financial Ratios: Free cash flow*
$
188
$
384
*Free cash flow = Net cash provided by (used for) operating activities - Capital expenditures GAAP-5 Motorola Solutions, Inc. and Subsidiaries Condensed Consolidated Statements of Cash Flows (In millions) Six Months Ended June 29, 2019 June 30, 2018 Operating Net earnings attributable to Motorola Solutions, Inc.
$
358
$
297
Earnings attributable to non-controlling interests
2
1
Net earnings
360
298
Adjustments to reconcile Net earnings to Net cash provided by (used for) operating activities: Depreciation and amortization
191
178
Non-cash other charges
4
6
Share-based compensation expense
57
34
Gains on sales of investments and businesses, net
(4
)
(10
)
Loss from the extinguishment of long term debt
43
-
Changes in assets and liabilities, net of effects of acquisitions, dispositions, and foreign currency translation adjustments: Accounts receivable
110
206
Inventories
(61
)
37
Other current assets and contract assets
128
43
Accounts payable, accrued liabilities, and contract liabilities
(345
)
(340
)
Other assets and liabilities
2
(558
)
Deferred income taxes
17
31
Net cash provided by (used for) operating activities
502
(75
)
Investing Acquisitions and investments, net
(371
)
(1,153
)
Proceeds from sales of investments and businesses, net
10
79
Capital expenditures
(129
)
(82
)
Net cash used for investing activities
(490
)
(1,156
)
Financing Repayment of debt
(666
)
(197
)
Net proceeds from issuance of debt
645
1,295
Issuance of common stock
70
59
Purchases of common stock
(170
)
(66
)
Payments of dividends
(187
)
(168
)
Payments of dividends to non-controlling interests
(3
)
(1
)
Net cash provided by (used for) financing activities
(311
)
922
Effect of exchange rate changes on total cash and cash equivalents
6
(18
)
Net decrease in total cash and cash equivalents
(293
)
(327
)
Total cash and cash equivalents, beginning of period
1,257
1,268
Total cash and cash equivalents, end of period
$
964
$
941
Financial Ratios: Free cash flow*
$
373
$
(157
)
*Free cash flow = Net cash provided by (used for) operating activities - Capital expenditures GAAP-6 Motorola Solutions, Inc. and Subsidiaries Segment Information (In millions) Net Sales Three Months Ended June 29, 2019 June 30, 2018 % Change Products and Systems Integration$
1,238
$
1,189
4
%
Services and Software
622
571
9
%
Total Motorola Solutions$
1,860
$
1,760
6
%
Six Months Ended June 29, 2019 June 30, 2018 % Change Products and Systems Integration$
2,307
$
2,141
8
%
Services and Software
1,210
1,086
11
%
Total Motorola Solutions$
3,517
$
3,227
9
%
Operating Earnings Three Months Ended June 29, 2019 June 30, 2018 % Change Products and Systems Integration$
201
$
175
15
%
Services and Software
148
98
51
%
Total Motorola Solutions$
349
$
273
28
%
Six Months Ended June 29, 2019 June 30, 2018 % Change Products and Systems Integration$
310
$
265
17
%
Services and Software
269
180
49
%
Total Motorola Solutions$
579
$
445
30
%
Operating Earnings % Three Months Ended June 29, 2019 June 30, 2018 Products and Systems Integration
16.2
%
14.7
%
Services and Software
23.8
%
17.2
%
Total Motorola Solutions
18.8
%
15.5
%
Six Months Ended June 29, 2019 June 30, 2018 Products and Systems Integration
13.4
%
12.4
%
Services and Software
22.2
%
16.6
%
Total Motorola Solutions
16.5
%
13.8
%
Non-GAAP Adjustments Non-GAAP-1 Motorola Solutions, Inc. and Subsidiaries Non-GAAP Adjustments (Intangibles Amortization Expense, Share-Based Compensation Expense and Highlighted Items)(In millions)
Q1 2019 Non-GAAP Adjustments Statement Line PBT(Inc)/Exp TaxInc/(Exp) PAT(Inc)/Exp EPS impact Share-based compensation expense Cost of sales, SG&A and R&D$
27
$
6
$
21
$
0.12
Reorganization of business charges Cost of sales and Other charges
8
2
6
0.04
Intangibles amortization expense Intangibles amortization
50
11
39
0.23
Legal settlement Other charges
(1
)
-
(1
)
(0.01
)
Fair value adjustments to equity investments Other expense
1
-
1
0.01
Investment impairments Investment impairments
8
2
6
0.04
Sale of investments (Gain) or loss on sales of investments and businesses, net
(1
)
-
(1
)
(0.01
)
Acquisition-related transaction fees Other charges
2
-
2
0.01
FIN48 release Income tax expense
-
1
(1
)
(0.01
)
Total impact on Net earnings$
94
$
22
$
72
$
0.42
Q2 2019 Non-GAAP Adjustments Statement Line PBT(Inc)/Exp TaxInc/(Exp) PAT(Inc)/Exp EPS impact Share-based compensation expense Cost of sales, SG&A and R&D
$
30
$
7
$
23
$
0.13
Reorganization of business charges Cost of sales and Other charges
12
3
9
0.05
Intangibles amortization expense Intangibles amortization
52
11
41
0.23
Loss from the extinguishment of long-term debt Other expense
43
11
32
0.18
Sale of a business (Gain) or loss on sales of investments and businesses, net
(3
)
(1
)
(2
)
(0.01
)
Legal settlements Other charges
1
-
1
0.01
Investment impairments Investment impairments
3
1
2
0.01
Fair value adjustments to equity investments Other income
(16
)
(4
)
(12
)
(0.07
)
FIN48 releases Other income, Income tax expense
(4
)
(1
)
(3
)
(0.02
)
Total impact on Net earnings$
118
$
27
$
91
$
0.51
Non-GAAP-2 Motorola Solutions, Inc. and Subsidiaries Non-GAAP Segment Information (In millions) Net Sales Three Months Ended June 29, 2019 June 30, 2018 % Change Products and Systems Integration
$
1,238
$
1,189
4
%
Services and Software
622
571
9
%
Total Motorola Solutions$
1,860
$
1,760
6
%
Six Months Ended June 29, 2019 June 30, 2018 % Change Products and Systems Integration$
2,307
$
2,141
8
%
Services and Software
1,210
1,086
11
%
Total Motorola Solutions$
3,517
$
3,227
9
%
Non-GAAP Operating Earnings Three Months Ended June 29, 2019 June 30, 2018 % Change Products and Systems Integration$
242
$
226
7
%
Services and Software
202
152
33
%
Total Motorola Solutions$
444
$
378
17
%
Six Months Ended June 29, 2019 June 30, 2018 % Change Products and Systems Integration$
389
$
350
11
%
Services and Software
370
287
29
%
Total Motorola Solutions$
759
$
637
19
%
Non-GAAP Operating Earnings % Three Months Ended June 29, 2019 June 30, 2018 Products and Systems Integration
19.5
%
19.0
%
Services and Software
32.5
%
26.6
%
Total Motorola Solutions
23.9
%
21.5
%
Six Months Ended June 29, 2019 June 30, 2018 Products and Systems Integration
16.9
%
16.3
%
Services and Software
30.6
%
26.4
%
Total Motorola Solutions
21.6
%
19.7
%
Non-GAAP-3 Motorola Solutions, Inc. and Subsidiaries Operating Earnings after Non-GAAP Adjustments (In millions) Q1 2019 TOTALProducts and
Systems Integration
Services and
Software
Net sales$
1,657
$
1,069
$
588
Operating earnings ("OE")
$
229
$
108
$
121
Above-OE non-GAAP adjustments: Share-based compensation expense
27
21
6
Reorganization of business charges
8
7
1
Intangibles amortization expense
50
11
39
Acquisition-related transaction fees
2
1
1
Legal settlement
(1
)
(1
)
-
Total above-OE non-GAAP adjustments
86
39
47
Operating earnings after non-GAAP adjustments
$
315
$
147
$
168
Operating earnings as a percentage of net sales - GAAP
13.8
%
10.1
%
20.6
%
Operating earnings as a percentage of net sales - after non-GAAP adjustments
19.0
%
13.8
%
28.6
%
Q2 2019TOTAL
Products and
Systems Integration
Services and
Software
Net sales$
1,860
$
1,238
$
622
Operating earnings ("OE")
$
349
$
201
$
148
Above-OE non-GAAP adjustments: Share-based compensation expense
30
19
11
Reorganization of business charges
12
9
3
Intangibles amortization expense
52
12
40
Legal settlements
1
1
-
Total above-OE non-GAAP adjustments
95
41
54
Operating earnings after non-GAAP adjustments
$
444
$
242
$
202
Operating earnings as a percentage of net sales - GAAP
18.8
%
16.2
%
23.8
%
Operating earnings as a percentage of net sales - after non-GAAP adjustments
23.9
%
19.5
%
32.5
%
Non-GAAP-4 Motorola Solutions, Inc. and Subsidiaries Non-GAAP Organic Revenue (In millions) Total Motorola Solutions Three Months Ended June 29, 2019 June 30, 2018 % Change Net sales$
1,860
$
1,760
6
%
Non-GAAP adjustments: Acquisitions
(37
)
(4
)
Organic revenue$
1,823
$
1,756
4
%
Six Months Ended June 29, 2019 June 30, 2018 % Change Net sales$
3,517
$
3,227
9
%
Non-GAAP adjustments: Acquisitions
(196
)
(26
)
Organic revenue$
3,321
$
3,201
4
%
View source version on businesswire.com: https://www.businesswire.com/news/home/20190801005994/en/
MEDIA CONTACT Michael Shore Motorola Solutions +1 847-867-4221 Michael.Shore@motorolasolutions.com
INVESTOR CONTACT Tim Yocum Motorola Solutions +1 847-576-6899 Tim.Yocum@motorolasolutions.com
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