Motorola Solutions, Inc.

Good afternoon and thank you for holding. Welcome to the Motorola Solutions fourth quarter 2021 earnings conference call. Today's call is being recorded. If you have any objections, please disconnect at this time. The presentation material and additional financial tables are currently posted on the Motorola Solutions Investor Relations website. In addition, a replay of this call will be available approximately three hours after the conclusion of the call over the internet. The website address is www.motorolasolutions.com slash investor. At this time, all participants have been placed in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. You will have an opportunity to ask questions after today's presentation. I would now like to introduce Mr. Tim Yochum, Vice President of Investor Relations. Mr. Yochum, you may begin your conference.

Good afternoon. Welcome to our 2021 fourth quarter earnings call. With me today are Greg Brown, Chairman and CEO, Jason Winkler, Executive Vice President and CFO, Jack Malloy, Executive Vice President and COO, and Mahesh Saptarishi, Executive Vice President and CTO. Greg and Jason will review our results along with commentary and Jack and Mahesh 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 reference 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 cost us. This could be found in today's earnings news release, in the comments made during this conference call, in the risk factor section of our 20th Annual Report on Form 10-K, and in our other reports and filings with the SEC. We do not undertake any duties to state any for the payment. With that, I'll turn it over to Greg.

Thank you, Tim, and good afternoon, and thanks for joining us today. I'll start off by sharing a few thoughts about the overall business before Jason takes us through our results. and our outlook. First, I'm very pleased with our performance during the quarter, and in particular, our ability to navigate the current supply chain environment to deliver the critical solutions that our customers rely on every day. We achieved revenue at the higher end of our guidance and earnings per share above our guidance, ended the year with record backlog of $13.6 billion, up 19% versus last year, and generated $703 million of operating cash flow during the quarter, and a record $1.8 billion for the full year. Second, our full-year results exemplify the strength and durability of our business and highlight our ability to leverage our large installed base to sell more value-add software and services. For the year, the software and services segment grew 13%, expanded operating margins by 210 basis points, and accounted for 38% of total sales and 54% of total operating earnings for the company. Additionally, revenue was up double digits in all three technologies in the segment, led by 39% growth in video security and access control software, which resulted in approximately $400 million for that category of revenue for the year. And finally, looking ahead to this year, our record backlog and continued demand are informing our expectations for another year of strong revenue earnings and cash flow growth, with growth in both segments, despite the ongoing and fluid supply chain challenges. At this point, I'll now turn the call over to Jason to take you through our results and outlook before returning for some final thoughts.