Motorola Solutions Reports Fourth-Quarter and Full-Year Financial Results

ABOUT MOTOROLA SOLUTIONS

Motorola Solutions is solving for safer. We build and connect technologies to help protect people, property and places. Our solutions enable the collaboration between public safety agencies and enterprises that’s critical for a proactive approach to safety and security. Learn more about how we’re solving for safer communities, safer schools, safer hospitals, safer businesses – safer everywhere – at www.motorolasolutions.com.

GAAP-1
Motorola Solutions, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(In millions, except per share amounts)
 
Three Months Ended
December 31, 2023 December 31, 2022
Net sales from products

$

1,750

 

$

1,671

 

Net sales from services

 

1,098

 

 

1,035

 

Net sales

 

2,848

 

 

2,706

 

Costs of products sales

 

724

 

 

751

 

Costs of services sales

 

669

 

 

604

 

Costs of sales

 

1,393

 

 

1,355

 

Gross margin

 

1,455

 

 

1,351

 

Selling, general and administrative expenses

 

424

 

 

381

 

Research and development expenditures

 

218

 

 

201

 

Other charges

 

35

 

 

14

 

Intangibles amortization

 

40

 

 

63

 

Operating earnings

 

738

 

 

692

 

Other income (expense):
Interest expense, net

 

(52

)

 

(54

)

Other, net

 

21

 

 

25

 

Total other expense

 

(31

)

 

(29

)

Net earnings before income taxes

 

707

 

 

663

 

Income tax expense

 

111

 

 

73

 

Net earnings

 

596

 

 

590

 

Less: Earnings attributable to noncontrolling interests

 

1

 

 

1

 

Net earnings attributable to Motorola Solutions, Inc.

$

595

 

$

589

 

Earnings per common share:
Basic

$

3.58

 

$

3.52

 

Diluted

$

3.47

 

$

3.43

 

Weighted average common shares outstanding:
Basic

 

166.1

 

 

167.4

 

Diluted

 

171.5

 

 

171.9

 

 
Percentage of Net Sales*
Net sales from products

 

61.4

%

 

61.8

%

Net sales from services

 

38.6

%

 

38.2

%

Net sales

 

100.0

%

 

100.0

%

Costs of products sales

 

41.4

%

 

44.9

%

Costs of services sales

 

60.9

%

 

58.4

%

Costs of sales

 

48.9

%

 

50.1

%

Gross margin

 

51.1

%

 

49.9

%

Selling, general and administrative expenses

 

14.9

%

 

14.1

%

Research and development expenditures

 

7.7

%

 

7.4

%

Other charges

 

1.2

%

 

0.5

%

Intangibles amortization

 

1.4

%

 

2.3

%

Operating earnings

 

25.9

%

 

25.6

%

Other income (expense):
Interest expense, net

 

(1.8

)%

 

(2.0

)%

Other, net

 

0.7

%

 

0.9

%

Total other expense

 

(1.1

)%

 

(1.1

)%

Net earnings before income taxes

 

24.8

%

 

24.5

%

Income tax expense

 

3.9

%

 

2.7

%

Net earnings

 

20.9

%

 

21.8

%

Less: Earnings attributable to noncontrolling interests

 

-

%

 

-

%

Net earnings attributable to Motorola Solutions, Inc.

 

20.9

%

 

21.8

%

* Percentages may not add up due to rounding
GAAP-2
Motorola Solutions, Inc. and Subsidiaries
Consolidated Statements of Operations
(In millions, except per share amounts)
 
Years Ended
December 31, 2023 December 31, 2022 December 31, 2021
Net sales from products

$

5,814

 

$

5,368

 

$

4,606

 

Net sales from services

 

4,164

 

 

3,744

 

 

3,565

 

Net sales

 

9,978

 

 

9,112

 

 

8,171

 

Costs of products sales

 

2,591

 

 

2,595

 

 

2,104

 

Costs of services sales

 

2,417

 

 

2,288

 

 

2,027

 

Costs of sales

 

5,008

 

 

4,883

 

 

4,131

 

Gross margin

 

4,970

 

 

4,229

 

 

4,040

 

Selling, general and administrative expenses

 

1,561

 

 

1,450

 

 

1,353

 

Research and development expenditures

 

858

 

 

779

 

 

734

 

Other charges

 

80

 

 

82

 

 

50

 

Intangibles amortization

 

177

 

 

257

 

 

236

 

Operating earnings

 

2,294

 

 

1,661

 

 

1,667

 

Other income (expense):
Interest expense, net

 

(216

)

 

(226

)

 

(208

)

Gains on sales of investments and businesses, net

 

-

 

 

3

 

 

1

 

Other, net

 

68

 

 

77

 

 

92

 

Total other expense

 

(148

)

 

(146

)

 

(115

)

Net earnings before income taxes

 

2,146

 

 

1,515

 

 

1,552

 

Income tax expense

 

432

 

 

148

 

 

302

 

Net earnings

 

1,714

 

 

1,367

 

 

1,250

 

Less: Earnings attributable to noncontrolling interests

 

5

 

 

4

 

 

5

 

Net earnings attributable to Motorola Solutions, Inc.

$

1,709

 

$

1,363

 

$

1,245

 

Earnings per common share:
Basic

$

10.23

 

$

8.14

 

$

7.36

 

Diluted

$

9.93

 

$

7.93

 

$

7.17

 

Weighted average common shares outstanding:
Basic

 

167.0

 

 

167.5

 

 

169.2

 

Diluted

 

172.1

 

 

171.9

 

 

173.6

 

 
Percentage of Net Sales*
Net sales from products

 

58.3

%

 

58.9

%

 

56.4

%

Net sales from services

 

41.7

%

 

41.1

%

 

43.6

%

Net sales

 

100.0

%

 

100.0

%

 

100.0

%

Costs of products sales

 

44.6

%

 

48.3

%

 

45.7

%

Costs of services sales

 

58.0

%

 

61.1

%

 

56.9

%

Costs of sales

 

50.2

%

 

53.6

%

 

50.6

%

Gross margin

 

49.8

%

 

46.4

%

 

49.4

%

Selling, general and administrative expenses

 

15.6

%

 

15.9

%

 

16.6

%

Research and development expenditures

 

8.6

%

 

8.5

%

 

9.0

%

Other charges

 

0.8

%

 

0.9

%

 

0.6

%

Intangibles amortization

 

1.8

%

 

2.8

%

 

2.9

%

Operating earnings

 

23.0

%

 

18.2

%

 

20.4

%

Other income (expense):
Interest expense, net

 

(2.2

)%

 

(2.5

)%

 

(2.5

)%

Gains on sales of investments and businesses, net

 

-

%

 

-

%

 

-

%

Other, net

 

0.7

%

 

0.8

%

 

1.1

%

Total other expense

 

(1.5

)%

 

(1.6

)%

 

(1.4

)%

Net earnings before income taxes

 

21.5

%

 

16.6

%

 

19.0

%

Income tax expense

 

4.3

%

 

1.6

%

 

3.7

%

Net earnings

 

17.2

%

 

15.0

%

 

15.3

%

Less: Earnings attributable to noncontrolling interests

 

0.1

%

 

-

%

 

0.1

%

Net earnings attributable to Motorola Solutions, Inc.

 

17.1

%

 

15.0

%

 

15.2

%

* Percentages may not add up due to rounding
GAAP-3
Motorola Solutions, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(In millions)
 
December 31, 2023 December 31, 2022
Assets
Cash and cash equivalents

$

1,705

$

1,325

Accounts receivable, net

 

1,710

 

1,518

Contract assets

 

1,102

 

974

Inventories, net

 

827

 

1,055

Other current assets

 

357

 

383

Current assets held for disposition

 

24

 

-

Total current assets

 

5,725

 

5,255

Property, plant and equipment, net

 

964

 

927

Operating lease assets

 

495

 

485

Investments

 

143

 

147

Deferred income taxes

 

1,062

 

1,036

Goodwill

 

3,401

 

3,312

Intangible assets, net

 

1,255

 

1,342

Other assets

 

274

 

310

Non-current assets held for disposition

 

17

 

-

Total assets

$

13,336

$

12,814

Liabilities and Stockholders' Equity (Deficit)
Current portion of long-term debt

$

1,313

$

1

Accounts payable

 

881

 

1,062

Contract liabilities

 

2,037

 

1,859

Accrued liabilities

 

1,504

 

1,638

Current liabilities held for disposition

 

1

 

-

Total current liabilities

 

5,736

 

4,560

Long-term debt

 

4,705

 

6,013

Operating lease liabilities

 

407

 

419

Other liabilities

 

1,741

 

1,691

Non-current liabilities held for disposition

 

8

 

-

Total Motorola Solutions, Inc. stockholders’ equity

 

724

 

116

Non-controlling interests

 

15

 

15

Total liabilities and stockholders’ equity

$

13,336

$

12,814

GAAP-4
Motorola Solutions, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(In millions)
 
Three Months Ended
December 31, 2023 December 31, 2022
Operating
Net earnings

$

596

 

$

590

 

Adjustments to reconcile Net earnings to Net cash provided by operating activities:
Depreciation and amortization

 

85

 

 

109

 

Non-cash other charges

 

6

 

 

4

 

Exit of video manufacturing operations

 

24

 

 

-

 

Share-based compensation expenses

 

52

 

 

46

 

Changes in assets and liabilities, net of effects of acquisitions, dispositions, and foreign currency translation adjustments:
Accounts receivable

 

(26

)

 

(117

)

Inventories

 

106

 

 

118

 

Other current assets and contract assets

 

58

 

 

37

 

Accounts payable, accrued liabilities and contract liabilities

 

390

 

 

634

 

Other assets and liabilities

 

(18

)

 

(26

)

Deferred income taxes

 

(28

)

 

(122

)

Net cash provided by operating activities

 

1,245

 

 

1,273

 

Investing
Acquisitions and investments, net

 

(168

)

 

(587

)

Proceeds from sales of investments

 

7

 

 

8

 

Capital expenditures

 

(81

)

 

(73

)

Net cash used for investing activities

 

(242

)

 

(652

)

Financing
Repayment of debt

 

-

 

 

(2

)

Issuances of common stock

 

28

 

 

19

 

Purchases of common stock

 

(134

)

 

(87

)

Payment of dividends

 

(146

)

 

(132

)

Net cash used for financing activities

 

(252

)

 

(202

)

Effect of exchange rate changes on cash and cash equivalents

 

44

 

 

84

 

Net increase in cash and cash equivalents

 

795

 

 

503

 

Cash and cash equivalents, beginning of period

 

910

 

 

822

 

Cash and cash equivalents, end of period

$

1,705

 

$

1,325

 

GAAP-5
Motorola Solutions, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(In millions)
 
Years Ended
December 31, 2023 December 31, 2022 December 31, 2021
Operating
Net earnings

$

1,714

 

$

1,367

 

$

1,250

 

Adjustments to reconcile Net earnings to Net cash provided by operating activities:
Depreciation and amortization

 

356

 

 

440

 

 

438

 

Non-cash other charges

 

14

 

 

23

 

 

3

 

Exit of video manufacturing operations

 

24

 

 

-

 

 

-

 

Loss on ESN fixed asset impairment

 

-

 

 

147

 

 

-

 

Share-based compensation expenses

 

212

 

 

172

 

 

129

 

Gains on sales of investments and businesses, net

 

-

 

 

(3

)

 

(1

)

Losses from the extinguishment of long-term debt

 

-

 

 

6

 

 

18

 

Changes in assets and liabilities, net of effects of acquisitions, dispositions, and foreign currency translation adjustments:
Accounts receivable

 

(180

)

 

(112

)

 

3

 

Inventories

 

200

 

 

(242

)

 

(284

)

Other current assets and contract assets

 

(82

)

 

(1

)

 

(205

)

Accounts payable, accrued liabilities and contract liabilities

 

(144

)

 

451

 

 

578

 

Other assets and liabilities

 

(38

)

 

(91

)

 

(126

)

Deferred income taxes

 

(32

)

 

(334

)

 

34

 

Net cash provided by operating activities

 

2,044

 

 

1,823

 

 

1,837

 

Investing
Acquisitions and investments, net

 

(180

)

 

(1,177

)

 

(521

)

Proceeds from sales of investments

 

19

 

 

46

 

 

16

 

Capital expenditures

 

(253

)

 

(256

)

 

(243

)

Proceeds from sales of property, plant and equipment

 

-

 

 

-

 

 

6

 

Net cash used for investing activities

 

(414

)

 

(1,387

)

 

(742

)

Financing
Net proceeds from issuance of debt

 

-

 

 

595

 

 

844

 

Repayment of debt

 

(1

)

 

(285

)

 

(353

)

Revolving credit facility renewal fees

 

-

 

 

-

 

 

(7

)

Issuances of common stock

 

104

 

 

156

 

 

102

 

Purchases of common stock

 

(804

)

 

(836

)

 

(528

)

Payment of dividends

 

(589

)

 

(530

)

 

(482

)

Payment of dividends to noncontrolling interests

 

(5

)

 

(6

)

 

(5

)

Net cash used for financing activities

 

(1,295

)

 

(906

)

 

(429

)

Effect of exchange rate changes on cash and cash equivalents

 

45

 

 

(79

)

 

(46

)

Net increase (decrease) in total cash and cash equivalents

 

380

 

 

(549

)

 

620

 

Cash and cash equivalents, beginning of period

 

1,325

 

 

1,874

 

 

1,254

 

Cash and cash equivalents, end of period

$

1,705

 

$

1,325

 

$

1,874

 

Non-GAAP-1
Motorola Solutions, Inc. and Subsidiaries
Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow
(In millions)
 
 
Three Months Ended Years Ended
 
December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022
Net cash provided by operating activities

$

1,245

 

$

1,273

 

$

2,044

 

$

1,823

 

Capital expenditures

 

(81

)

 

(73

)

 

(253

)

 

(256

)

Free cash flow

$

1,164

 

$

1,200

 

$

1,791

 

$

1,567

 

Non-GAAP-2
Motorola Solutions, Inc. and Subsidiaries
Reconciliation of Net Earnings Attributable to MSI to Non-GAAP Net Earnings Attributable to MSI
(In millions)
 
Three Months Ended Years Ended
Statement Line December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022
Net earnings attributable to MSI

$

595

$

589

 

$

1,709

 

$

1,363

 

Non-GAAP adjustments before income taxes:
Share-based compensation expenses Cost of sales, SG&A and R&D

$

52

$

46

 

$

212

 

$

172

 

Intangible assets amortization expense Intangibles amortization

 

40

 

63

 

 

177

 

 

257

 

Reorganization of business charges Cost of sales and Other charges (income)

 

7

 

5

 

 

29

 

 

36

 

Exit of video manufacturing operations Other charges (income)

 

24

 

-

 

 

24

 

 

-

 

Investment impairments Other (income) expense

 

-

 

-

 

 

16

 

 

1

 

Environmental reserve expense Other charges (income)

 

-

 

-

 

 

15

 

 

-

 

Hytera-related legal expenses SG&A

 

-

 

3

 

 

13

 

 

28

 

Acquisition-related transaction fees Other charges (income)

 

4

 

7

 

 

7

 

 

23

 

Operating lease asset impairments Other charges (income)

 

2

 

8

 

 

6

 

 

24

 

Legal settlements Other charges (Income)

 

3

 

-

 

 

4

 

 

23

 

Fixed asset impairments Other charges (income)

 

-

 

-

 

 

3

 

 

12

 

Loss on ESN fixed asset impairment Cost of sales

 

-

 

-

 

 

-

 

 

147

 

Loss from the extinguishment of long-term debt Other (income) expense

 

-

 

-

 

 

-

 

 

6

 

Adjustments to uncertain tax positions Interest income, net

 

-

 

(2

)

 

-

 

 

(3

)

Gain on sales of investments (Gain) or loss on sales of investments and businesses, net

 

-

 

-

 

 

-

 

 

(3

)

Gain on Hytera legal settlement Other charges (income)

 

-

 

(2

)

 

-

 

 

(15

)

Gain on TETRA Ireland equity method investment Other (income) expense

 

-

 

-

 

 

-

 

 

(21

)

Fair value adjustments to equity investments Other (income) expense

 

-

 

(5

)

 

(13

)

 

30

 

Total Non-GAAP adjustments before income taxes

$

132

$

123

 

$

493

 

$

717

 

Income tax expense on Non-GAAP adjustments

 

59

 

94

 

 

145

 

 

300

 

Total Non-GAAP adjustments after income taxes

 

73

 

29

 

 

348

 

 

417

 

Non-GAAP Net earnings attributable to MSI

$

668

$

618

 

$

2,057

 

$

1,780

 

Calculation of Non-GAAP Tax Rate
(In millions)
 
Three Months Ended Years Ended
December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022
Net earnings before income taxes

$

707

 

$

663

 

$

2,146

 

$

1,515

 

Total Non-GAAP adjustments before income taxes*

 

132

 

 

123

 

 

493

 

 

717

 

Non-GAAP Net earnings before income taxes

 

839

 

 

786

 

 

2,639

 

 

2,232

 

Income tax expense

 

111

 

 

73

 

 

432

 

 

148

 

Income tax expense on Non-GAAP adjustments**

 

59

 

 

94

 

 

145

 

 

300

 

Total Non-GAAP Income tax expense

 

170

 

 

167

 

 

577

 

 

448

 

Non-GAAP Tax rate

 

20.3

%

 

21.2

%

 

21.9

%

 

20.1

%

 
*See reconciliation on Non-GAAP-2 table above for detail on Non-GAAP adjustments before income taxes
**Income tax impact of highlighted items
Reconciliation of Earnings Per Share to Non-GAAP Earnings Per Share*
 
Three Months Ended Years Ended
Statement Line December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022
Net earnings attributable to MSI

$

3.47

$

3.43

 

$

9.93

 

$

7.93

 

Non-GAAP adjustments before income taxes:
Share-based compensation expenses Cost of sales, SG&A and R&D

$

0.30

$

0.27

 

$

1.23

 

$

1.00

 

Intangible assets amortization expense Intangibles amortization

 

0.24

 

0.36

 

 

1.03

 

 

1.50

 

Reorganization of business charges Cost of sales and Other charges (income)

 

0.04

 

0.03

 

 

0.17

 

 

0.21

 

Exit of video manufacturing operations Other charges (income)

 

0.14

 

-

 

 

0.14

 

 

-

 

Investment impairments Other (income) expense

 

-

 

-

 

 

0.09

 

 

0.01

 

Environmental reserve expense Other charges (income)

 

-

 

-

 

 

0.09

 

 

-

 

Hytera-related legal expenses SG&A

 

-

 

0.02

 

 

0.08

 

 

0.16

 

Acquisition-related transaction fees Other charges (income)

 

0.02

 

0.04

 

 

0.04

 

 

0.13

 

Operating lease asset impairments Other charges (income)

 

0.01

 

0.05

 

 

0.03

 

 

0.14

 

Legal settlements Other charges (Income)

 

0.02

 

-

 

 

0.02

 

 

0.14

 

Fixed asset impairments Other charges (income)

 

-

 

-

 

 

0.02

 

 

0.07

 

Loss on ESN fixed asset impairment Cost of sales

 

-

 

-

 

 

-

 

 

0.86

 

Loss from the extinguishment of long-term debt Other (income) expense

 

-

 

-

 

 

-

 

 

0.03

 

Adjustments to uncertain tax positions Interest income, net

 

-

 

(0.01

)

 

-

 

 

(0.02

)

Gain on sales of investments (Gain) or loss on sales of investments and businesses, net

 

-

 

-

 

 

-

 

 

(0.02

)

Gain on Hytera legal settlement Other charges (income)

 

-

 

(0.01

)

 

-

 

 

(0.09

)

Gain on TETRA Ireland equity method investment Other (income) expense

 

-

 

-

 

 

-

 

 

(0.12

)

Fair value adjustments to equity investments Other (income) expense

 

-

 

(0.03

)

 

(0.08

)

 

0.18

 

Total Non-GAAP adjustments before income taxes

$

0.77

$

0.72

 

$

2.86

 

$

4.18

 

Income tax expense on Non-GAAP adjustments

 

0.34

 

0.55

 

 

0.84

 

 

1.75

 

Total Non-GAAP adjustments after income taxes

 

0.43

 

0.17

 

 

2.02

 

 

2.43

 

Non-GAAP Net earnings attributable to MSI

$

3.90

$

3.60

 

$

11.95

 

$

10.36

 

 
Diluted Weighted Average Common Shares

 

171.5

 

171.9

 

 

172.1

 

 

171.9

 

*Indicates Non-GAAP Diluted EPS

Non-GAAP-3

Motorola Solutions, Inc. and Subsidiaries
Reconciliations of Operating Earnings to Non-GAAP Operating Earnings and Operating Margin to Non-GAAP Operating Margin
(In millions)
 
Three Months Ended
December 31, 2023 December 31, 2022
Products and Systems Integration Software and Services Total Products and Systems Integration Software and Services Total
Net sales

$

1,890

 

$

958

 

$

2,848

 

$

1,810

 

$

896

 

$

2,706

 

Operating earnings

$

492

 

$

246

 

$

738

 

$

454

 

$

238

 

$

692

 

Above OE non-GAAP adjustments:
Share-based compensation expenses

 

38

 

 

14

 

 

52

 

 

34

 

 

12

 

 

46

 

Intangible assets amortization expense

 

9

 

 

31

 

 

40

 

 

15

 

 

48

 

 

63

 

Exit of video manufacturing operations

 

17

 

 

7

 

 

24

 

 

-

 

 

-

 

 

-

 

Reorganization of business charges

 

6

 

 

1

 

 

7

 

 

4

 

 

1

 

 

5

 

Acquisition-related transaction fees

 

2

 

 

2

 

 

4

 

 

1

 

 

6

 

 

7

 

Legal settlements

 

2

 

 

1

 

 

3

 

 

-

 

 

-

 

 

-

 

Operating lease asset impairments

 

1

 

 

1

 

 

2

 

 

5

 

 

3

 

 

8

 

Hytera-related legal expenses

 

-

 

 

-

 

 

-

 

 

3

 

 

-

 

 

3

 

Gain on Hytera legal settlement

 

-

 

 

-

 

 

-

 

 

(2

)

 

-

 

 

(2

)

Total above-OE non-GAAP adjustments

 

75

 

 

57

 

 

132

 

 

60

 

 

70

 

 

130

 

Operating earnings after non-GAAP adjustments

$

567

 

$

303

 

$

870

 

$

514

 

$

308

 

$

822

 

 
Operating earnings as a percentage of net sales - GAAP

 

26.0

%

 

25.7

%

 

25.9

%

 

25.1

%

 

26.6

%

 

25.6

%

Operating earnings as a percentage of net sales - after non-GAAP adjustments

 

30.0

%

 

31.6

%

 

30.5

%

 

28.4

%

 

34.4

%

 

30.4

%

Non-GAAP-4
Motorola Solutions, Inc. and Subsidiaries
Reconciliations of Operating Earnings to Non-GAAP Operating Earnings and Operating Margin to Non-GAAP Operating Margin
(In millions)
 
Years Ended
December 31, 2023 December 31, 2022
Products and Systems Integration Software and Services Total Products and Systems Integration Software and Services Total
Net sales

$

6,242

 

$

3,736

 

$

9,978

 

$

5,728

 

$

3,384

 

$

9,112

 

Operating earnings

$

1,244

 

$

1,050

 

$

2,294

 

$

913

 

$

748

 

$

1,661

 

Above OE non-GAAP adjustments:
Share-based compensation expenses

 

154

 

 

58

 

 

212

 

 

126

 

 

46

 

 

172

 

Intangible assets amortization expense

 

41

 

 

136

 

 

177

 

 

60

 

 

197

 

 

257

 

Reorganization of business charges

 

28

 

 

1

 

 

29

 

 

21

 

 

15

 

 

36

 

Exit of video manufacturing operations

 

17

 

 

7

 

 

24

 

 

-

 

 

-

 

 

-

 

Environmental reserve expense

 

10

 

 

5

 

 

15

 

 

-

 

 

-

 

 

-

 

Hytera-related legal expenses

 

13

 

 

-

 

 

13

 

 

28

 

 

-

 

 

28

 

Acquisition-related transaction fees

 

2

 

 

5

 

 

7

 

 

9

 

 

14

 

 

23

 

Operating lease asset impairments

 

4

 

 

2

 

 

6

 

 

18

 

 

6

 

 

24

 

Legal settlements

 

3

 

 

1

 

 

4

 

 

3

 

 

20

 

 

23

 

Fixed asset impairments

 

2

 

 

1

 

 

3

 

 

9

 

 

3

 

 

12

 

Loss on ESN fixed asset impairment

 

-

 

 

-

 

 

-

 

 

-

 

 

147

 

 

147

 

Gain on Hytera legal settlement

 

-

 

 

-

 

 

-

 

 

(15

)

 

-

 

 

(15

)

Total above-OE non-GAAP adjustments

 

274

 

 

216

 

 

490

 

 

259

 

 

448

 

 

707

 

Operating earnings after non-GAAP adjustments

$

1,518

 

$

1,266

 

$

2,784

 

$

1,172

 

$

1,196

 

$

2,368

 

 
Operating earnings as a percentage of net sales - GAAP

 

19.9

%

 

28.1

%

 

23.0

%

 

15.9

%

 

22.1

%

 

18.2

%

Operating earnings as a percentage of net sales - after non-GAAP adjustments

 

24.3

%

 

33.9

%

 

27.9

%

 

20.5

%

 

35.3

%

 

26.0

%

Non-GAAP-5
Motorola Solutions, Inc. and Subsidiaries
Reconciliation of Revenue to Non-GAAP Organic Revenue
(In millions)
 
Three Months Ended
 
December 31, 2023 December 31, 2022 % Change
Net sales

$

2,848

$

2,706

5

%

Non-GAAP adjustments:
Sales from acquisitions

 

20

 

3

Organic revenue

$

2,828

$

2,703

5

%

 
 
Years Ended
 
December 31, 2023 December 31, 2022 % Change
Net sales

$

9,978

$

9,112

10

%

Non-GAAP adjustments:
Sales from acquisitions

 

107

 

9

Organic revenue

$

9,871

$

9,103

8

%


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