Motorola Solutions, Inc.

Good afternoon, and thank you for holding. Welcome to the Motorola Solutions fourth quarter 2023 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 posted on the Motorola Solutions Investor Relations website. In addition, a webcast replay of the call will be available on our website within three hours after the conclusion of this call. The website address is www.motorolasolutions.com slash investor. All participants have been placed in a listen-only mode. You'll have an opportunity to ask questions after today's presentation. If you'd like to ask a question, please press star 5 on your telephone keypad to be placed in the queue. You may also press star 5 again to remove yourself from the queue. 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 2023 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 Sattarishi, 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've posted an earnings presentation and news release at MotorolaSolutions.com slash investor. These materials include gap to non-gap reconciliations for your reference. And during the call, we reference non-gap 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 2022 annual report on Form 10-K, or any quarterly report on Form 10-Q, and in our other reports and filings with the SEC. We do not undertake any duty to update any forward-looking statements. And with that, I will turn it over to Greg.

Thanks, Tim, and good afternoon, and thanks for joining us today. First, Q4 was an exceptional quarter. We achieved record revenue in both segments and all three technologies, including double-digit growth in video security and command center, highlighting the strength and robust demand for our safety and security solutions that help protect people, property, and places. Additionally, we expanded operating margins for the sixth consecutive quarter, generated over $1.2 billion of operating cash, and strengthened our video security portfolio with the recent acquisition of IP Video, creator of the Halo smart sensor. Second, our full-year results were outstanding. In our products and SI segment, we grew revenue 9%. driven by strong growth in both LMR and video security, and we ended the year with record product backlog. We also expanded operating margins in the segment by 380 basis points, driven in part by higher ASPs and lower product costs. In software and services, revenue was up 10% inclusive of the airwave revenue reduction, highlighted by strong growth in video security, command center, and our services business outside of the UK. And we also generated record operating cash flow of $2 billion, up 12% versus the prior year. And finally, as we enter 2024, our robust backlog position, coupled with the continued strong demand for our safety and security solutions, positions us well for another year of strong revenue and earnings growth. And with that, I'm going to turn the call over to Jason.