Motorola Solutions, Inc.

Good afternoon and welcome to the first quarter 2020 Motorola Solutions earnings conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your touchtone phone. To withdraw your question, please press star then two. Please note this event is being recorded. I would now like to turn the conference over to Tim Yocum, Vice President of Investor Relations. Please go ahead.

Good afternoon. Welcome to our 2020 first quarter earnings call. With me today are Greg Brown, Chairman and CEO, Gino Bonanotte, Executive Vice President and CFO, Jack Malloy, Executive Vice President, Products and Sales, and Kelly Mark, Executive Vice President, Software and Services. Greg and Gino will review our results along with commentary, and Jack and Kelly will join for Q&A. We posted an earnings presentation and news release at MotorolaSolutions.com slash investor. These materials include GAAP to non-GAAP reconciliations for your reference. And during the call, we referenced non-GAAP financial results, including those in our outlook, unless otherwise noted. A number of forward-looking statements will be made during this presentation and during the Q&A portion of the call. These statements are based on current expectations and assumptions that are subject to a variety of risks and uncertainties. Actual results could differ materially from these forward-looking statements. Information about factors that could cause such differences can be found in today's earnings news release, in the comments made during this conference call, in the risk factor section of our 2019 annual report on Form 10-K, and in our other reports and filings with the SEC. We do not undertake any duty to update any forward-looking statement. And with that, I'll turn it over to Greg.

Thanks, Tim. Good afternoon, and thanks for joining us today. I'll start off by sharing a few thoughts on the business before Gino takes us through our Q1 results and second quarter outlook. First, I'd like to start by thanking our more than 17,000 people around the world for their resilience, adaptability, and unwavering commitment to our customers. We made the decision in mid-March to have the vast majority of our workforce do their jobs remotely, and they've successfully and smoothly transitioned to their new environments. Those who needed to work on site have shown a fearless dedication to our customers, leaving the safety of their homes to ensure that our mission-critical operation centers and customer sites remain reliable and always on. I'd also like to say that we're deeply thankful for the actions of the public safety and healthcare professionals that are keeping us and our communities safe, and we're acutely aware of our responsibility to them during these unprecedented times. Because of this, our employees have gone to great lengths to continue to support them, and I could not be more proud of their efforts. Second, despite the challenges brought on by COVID-19, we grew earnings per share by 16% during the quarter, expanded operating margins by 200 basis points, and generated $308 million of operating cash flow, an increase of 23% versus the prior year. Additionally, we continued to see strong demand for our video security solutions, highlighted by a $28 million order from a large utility in North America, the single largest order in the history of the Avigilon business. And our software and services segment grew sales by 13% and expanded operating margins by 520 basis points. And finally, while the COVID-19 pandemic has confirmed the fundamental need for our mission-critical solutions. It's also brought uncertainties surrounding its severity, impact, and duration. So as a result, we've made the decision to withdraw our full-year guidance at this time. We'll reassess this decision at the end of the second quarter based on the information and clarity we have at that time. And with that, I'll now turn the call over to Gino to provide additional details on Q1 and our second-quarter outlook. before returning for some closing thoughts.