Motorola Solutions, Inc.

Good afternoon and thank you for holding. Welcome to the Motorola Solutions fourth quarter 2024 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 this call will be available on our website within three hours after the conclusion of the call. The website address is www.motorolasolutions.com slash investor. All participants have been placed in a listen-only mode. You will have an opportunity to ask questions after today's presentation. If you would 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 2024 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've 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 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 on our 2023 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. I'm going to start off by sharing a few thoughts about the overall business before Jason takes us through results and our outlook. First, Q4 was another exceptional quarter. We achieved record revenue in both segments and all three technologies, including double-digit growth in video and command center, highlighting the depth and breadth of our safety and security ecosystem that helps us protect people, property, and places. Additionally, we generated Q4 record operating earnings in both segments and ended the year with record backlog of $14.7 billion, up $438 million, inclusive of $226 million of unfavorable currency rates. Second, our full-year results were outstanding. In product and SI, revenue was up 10%. Driven by growth in both LMR and video, we also expanded operating margins in the segment by 380 basis points, driven in part by continued favorable mix to our feature-rich devices and lower material costs. In software and services, revenue was up 5% or 13%, excluding UK home office, driven by strong growth in video, command center, and our LMR services businesses outside of the U.S., We also grew earnings per share 16%, operating cash flow by 17%, and strengthened our safety and security offerings with four acquisitions in our video and command center technologies. And subsequent to quarter end, we announced that we've entered into a definitive agreement to acquire Theatro, a maker of AI and voice-powered communication and digital workflow software for frontline workers. And finally, as we enter 2025, The continued robust demand for our solutions coupled with our record backlog and healthy balance sheet positions us well for another year of strong revenue, earnings per share, and cash flow growth. And with that, I'll now turn the call over to Jason.