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Motorola Solutions, Inc. (MSI) SEC Filing 10-K Annual Report for the fiscal year ending Sunday, December 31, 2023

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Motorola Solutions, Inc.

HISTORY TOOLS
CIK: 68505 Ticker: MSI

Exhibit 99.1

Motorola Solutions Reports Fourth-Quarter and Full-Year Financial Results
Company Achieves Record Q4 and Full-Year Sales and Earnings Per Share

•Sales of $2.8 billion, up 5% from Q4 in the prior year; up 10% for full year
◦Products and Systems Integration sales grew 4% in Q4; up 9% for full year
◦Software and Services sales grew 7% in Q4; up 10% for full year
•Generated $1.2 billion of operating cash flow in Q4; $2.0 billion for full year, up 12%
•GAAP Q4 earnings per share (EPS) of $3.47, up 1%; $9.93 for full year, up 25%
•Non-GAAP Q4 EPS* of $3.90, up 8% versus a year ago; $11.95 for full year, up 15%
•Ending backlog of $14.3 billion, inclusive of record Products and Systems Integration backlog
•Announced $2.0 billion increase to the share repurchase authorization
•Acquired IPVideo, creator of the HALO Smart Sensor

CHICAGO - February 8, 2024 - Motorola Solutions, Inc. (NYSE: MSI) today reported its earnings results for the fourth quarter and full year of 2023.

“2023 was an exceptional year, with record sales, earnings and operating cash flow,” said Greg Brown, Chairman and CEO of Motorola Solutions. “The strong growth we achieved reflects the continued robust demand for our safety and security solutions that help protect people, property and places.
The momentum of our business is strong and I’m very pleased with our position for another year of revenue and earnings growth in 2024.”

KEY FINANCIAL RESULTS (presented in millions, except per share data and percentages)
Fourth QuarterFull Year
Q4 2023Q4 2022% Change20232022% Change
Sales$2,848$2,7065 %$9,978$9,11210 %
GAAP
  Operating Earnings$738$6927 %$2,294$1,66138 %
  % of Sales25.9 %25.6 %23.0 %18.2 %
  EPS$3.47$3.431 %$9.93$7.9325 %
Non-GAAP*
  Operating Earnings$870$8226 %$2,784$2,36818 %
  % of Sales30.5 %30.4 %27.9 %26.0 %
  EPS$3.90$3.608 %$11.95$10.3615 %
Products and Systems Integration Segment
  Sales$1,890$1,8104 %$6,242$5,7289 %
  GAAP Operating Earnings$492$4548 %$1,244$91336 %
  % of Sales26.0 %25.1 %19.9 %15.9 %
  Non-GAAP Operating Earnings*$567$51410 %$1,518$1,17230 %
  % of Sales30.0 %28.4 %24.3 %20.5 %
Software and Services Segment
  Sales$958$8967 %$3,736$3,38410 %
  GAAP Operating Earnings$246$2383 %$1,050$74840 %
  % of Sales25.7 %26.6 %28.1 %22.1 %
  Non-GAAP Operating Earnings*$303$308(2)%$1,266$1,1966 %
  % of Sales31.6 %34.4 %33.9 %35.3 %
*Non-GAAP financial information excludes the after-tax impact of approximately $0.43 for Q4 and $2.02 for FY per diluted share related to highlighted items, including share-based compensation expenses and intangible assets amortization expense. Details regarding these non-GAAP adjustments and the use of non-GAAP measures are included later in this news release.
1
The following information was filed by Motorola Solutions, Inc. (MSI) on Thursday, February 8, 2024 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Motorola Solutions, Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income (Loss)
Consolidated Statements Of Operations
Consolidated Statements Of Stockholders' Equity (Deficit)
Commitments And Contingencies
Commitments And Contingencies (Details)
Debt And Credit Facilities
Debt And Credit Facilities - (Tables)
Debt And Credit Facilities - Additional Information (Details)
Debt And Credit Facilities - Long-Term Debt (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Additional Information (Details)
Fair Value Measurements - Changes In Fair Value Of Level 3 Assets (Details)
Fair Value Measurements - Investments And Derivatives (Details)
Fair Value Measurements - Non-U.S. Pension Benefit Plans (Details)
Fair Value Measurements - Postretirement Health Care Plan (Details)
Fair Value Measurements - U.S. Pension Benefit Plans (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Details)
Income Taxes - Components Of Deferred Tax Assets And Liabilities (Details)
Income Taxes - Earnings From Continuing Operations Before Income Taxes (Details)
Income Taxes - Federal Statutory Tax Rate And Income Tax Expense (Details)
Income Taxes - Income Tax Expense (Benefit) (Details)
Income Taxes - Summary Of Tax Credit Carryforwards (Details)
Income Taxes - Unrecognized Tax Benefits, Including Attributable To Discontinued Operations (Details)
Information By Segment And Geographic Region
Information By Segment And Geographic Region (Tables)
Information By Segment And Geographic Region - Additional Information (Details)
Information By Segment And Geographic Region - Corporate Related Expenses And Assets (Details)
Information By Segment And Geographic Region - Geographic Area Information (Details)
Information By Segment And Geographic Region - Net Sales And Operating Earnings By Segment (Details)
Insider Trading Arrangements
Intangible Assets And Goodwill
Intangible Assets And Goodwill (Tables)
Intangible Assets And Goodwill - Amortized Intangible Assets, Excluding Goodwill, By Business Segment (Details)
Intangible Assets And Goodwill - Carrying Amount Of Goodwill (Details)
Intangible Assets And Goodwill - Intangible Assets (Details)
Intangible Assets And Goodwill - Recent Acquisitions (Details)
Leases
Leases (Tables)
Leases - Assets And Liabilities (Details)
Leases - Cash Flows (Details)
Leases - Future Payments (Details)
Leases - Narrative (Details)
Leases - Operating Expenses (Details)
Leases - Terms (Details)
Long-Term Financing And Sales Of Receivables
Long-Term Financing And Sales Of Receivables (Tables)
Long-Term Financing And Sales Of Receivables - Additional Information (Details)
Long-Term Financing And Sales Of Receivables - Credit Quality Of Long-Term Receivables And Allowance For Credit Losses (Details)
Long-Term Financing And Sales Of Receivables - Proceeds Received From Non-Recourse Sales Of Accounts Receivable And Long-Term Receivables (Details)
Long-Term Financing And Sales Of Receivables - Summary (Details)
Other Financial Data
Other Financial Data (Tables)
Other Financial Data - Account Payable, Supplier Finance (Details)
Other Financial Data - Accounts Payable Additional Information (Details)
Other Financial Data - Accounts Receivable, Net (Details)
Other Financial Data - Accrued Liabilities (Details)
Other Financial Data - Accumulated Other Comprehensive Loss (Details)
Other Financial Data - Earnings Per Common Share (Details)
Other Financial Data - Earnings Per Common Share - Additional Information (Details)
Other Financial Data - Inventories, Net (Details)
Other Financial Data - Investments (Details)
Other Financial Data - Investments, Additional Information (Details)
Other Financial Data - Other Assets (Details)
Other Financial Data - Other Charges (Income) (Details)
Other Financial Data - Other Charges (Income) - Additional Information (Details)
Other Financial Data - Other Current Assets (Details)
Other Financial Data - Other Income (Expense) (Details)
Other Financial Data - Other Liabilities (Details)
Other Financial Data - Property, Plant And Equipment, Net (Details)
Other Financial Data - Property, Plant And Equipment, Net, Additional Information (Details)
Other Financial Data - Stockholders' Equity (Details)
Other Financial Data - Stockholders' Equity, Additional Information (Details)
Pay Vs Performance Disclosure
Reorganization Of Businesses
Reorganization Of Businesses (Tables)
Reorganization Of Businesses - Additional Information (Details)
Reorganization Of Businesses - Net Charges Incurred By Business Segment (Details)
Reorganization Of Businesses - Reorganization Of Businesses Accruals (Details)
Retirement Benefits
Retirement Benefits (Tables)
Retirement Benefits - Accumulated And Projected Benefit Obligations For The Plans (Details)
Retirement Benefits - Additional Information (Details)
Retirement Benefits - Expected Future Benefit Payments (Details)
Retirement Benefits - Net Periodic Cost (Benefit) (Details)
Retirement Benefits - Plan Target And Actual Asset Allocation (Details)
Retirement Benefits - Status Of The Company Plans (Details)
Retirement Benefits - Weighted Average Actuarial Assumptions Used To Determine Benefit Obligations For The Plans (Details)
Retirement Benefits - Weighted Average Actuarial Assumptions Used To Determine Costs For The Plans (Details)
Revenue From Contracts With Customers
Revenue From Contracts With Customers (Tables)
Revenue From Contracts With Customers - Contract Balances (Details)
Revenue From Contracts With Customers - Contract Cost Balances (Details)
Revenue From Contracts With Customers - Disaggregation Of Revenue (Details)
Revenue From Contracts With Customers - Remaining Performance Obligation (Details)
Revenue From Contracts With Customers - Schedule Of Contract Balances (Details)
Revenue From Contracts With Customers - Schedule Of Contract Cost Assets (Details)
Risk Management
Risk Management (Tables)
Risk Management - Additional Information (Details)
Risk Management - Effect Of Derivatives Designated As Hedging Instruments (Details)
Risk Management - Schedule Of Largest Notional Amounts Of The Positions To Buy Or Sell Foreign Currency (Details)
Risk Management - Summary Of Fair Values And Location In Condensed Consolidated Balance Sheet (Details)
Share-Based Compensation And Other Incentive Plans
Share-Based Compensation And Other Incentive Plans (Tables)
Share-Based Compensation And Other Incentive Plans - Additional Information (Details)
Share-Based Compensation And Other Incentive Plans - Options, Performance Options, Rsus, And Market Stock Units (Details)
Share-Based Compensation And Other Incentive Plans - Schedule Of Compensation Expense (Details)
Share-Based Compensation And Other Incentive Plans - Stock Options Outstanding And Exercisable (Details)
Share-Based Compensation And Other Incentive Plans - Valuation Assumptions (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies - Additional Information (Details)
Summary Of Significant Accounting Policies - Recent Acquisitions (Details)
Valuation And Qualifying Accounts
Valuation And Qualifying Accounts (Details)
Valuation And Qualifying Accounts (Tables)
Ticker: MSI
CIK: 68505
Form Type: 10-K Annual Report
Accession Number: 0000068505-24-000008
Submitted to the SEC: Thu Feb 15 2024 7:04:17 AM EST
Accepted by the SEC: Thu Feb 15 2024
Period: Sunday, December 31, 2023
Industry: Radio And Tv Broadcasting And Communications Equipment

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