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• Q4 Revenue Growth: 6% growth, above guidance, with contributions from both segments and all three technologies.

• Q4 GAAP Operating Earnings: $814 million, 27% of sales, up from 25.9% in the previous year.

• Q4 Non-GAAP Operating Earnings: $916 million, 30.4% margin, slightly down from 30.5% last year.

• Q4 GAAP EPS: $3.56, up from $3.47 in the previous year.

• Q4 Non-GAAP EPS: $4.04, up 4% from $3.90 last year.

• Q4 Operating Expenses: $652 million, up $55 million year-over-year.

• Full-Year 2024 Revenue: $10.8 billion, up 8%.

• Full-Year GAAP Operating Earnings: $2.7 billion, 24.8% of sales, up from 23% last year.

• Full-Year Non-GAAP Operating Earnings: $3.1 billion, 29% margin, up from 27.9% last year.

• Full-Year GAAP EPS: $9.23, down from $9.93 last year.

• Full-Year Non-GAAP EPS: $13.84, up 16% from $11.95 last year.

• Full-Year Operating Cash Flow: $2.4 billion, up 17% year-over-year.

• Q4 Products & SI Sales: Up 3%, driven by LMR and Video growth.

• Q4 Software & Services Revenue: Up 11%, with growth in all three technologies.

• Q4 North America Revenue: $2.2 billion, up 9%.

• Q4 International Revenue: $807 million, down 3% year-over-year.

• Ending Backlog: $14.7 billion, up $438 million year-over-year.

• 2025 Revenue Growth Outlook: Approximately 5.5% growth expected.

• 2025 Non-GAAP EPS Outlook: Between $14.64 and $14.74 per share.

• 2025 Operating Cash Flow Outlook: Expected to be $2.7 billion.

• Warning! GuruFocus has detected 4 Warning Sign with MSI.

Release Date: February 13, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Motorola Solutions Inc (NYSE:MSI) achieved record revenue in both segments and all three technologies, with double-digit growth in Video and Command Center.

• The company ended the year with a record backlog of $14.7 billion, despite unfavorable currency rates.

• Full-year revenue was up 8%, with strong growth in both segments and across all three technologies.

• Motorola Solutions Inc (NYSE:MSI) increased its dividend by 11%, marking the fourteenth consecutive year of double-digit increases.

• The company expects another year of strong revenue, earnings per share, and cash flow growth in 2025, supported by robust demand and a healthy balance sheet.

Negative Points

• GAAP earnings per share decreased from $9.93 to $9.23 due to a pre-tax loss related to the settlement of the Silver Lake convertible notes.

• Operating expenses increased by $197 million for the full year, driven by higher employee incentives, acquisition expenses, and legal costs.

• International revenue declined by 2% for the full year, primarily due to lower revenue from Ukraine and the exit from ESN.

• The Software & Services segment saw a decline in operating margins by 310 basis points due to the Airwave Charge Control and higher expenses from acquisitions.

• The company faces $120 million in foreign exchange headwinds for the full year 2025, impacting revenue growth expectations.