MSI
$88.64
Motorola Solutions
$1.28
1.47%
Earnings Details
1st Quarter March 2017
Thursday, May 04, 2017 4:10:05 PM
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Summary

Motorola Solutions Beats

Motorola Solutions (MSI) reported 1st Quarter March 2017 earnings of $0.71 per share on revenue of $1.3 billion. The consensus earnings estimate was $0.57 per share on revenue of $1.2 billion. The Earnings Whisper number was $0.66 per share. Revenue grew 7.4% on a year-over-year basis.

The company said it expects second quarter non-GAAP earnings of $0.98 to $1.03 per share. The current consensus earnings estimate is $1.05 per share for the quarter ending June 30, 2017. The company also said it now expects 2017 earnings of $5.08 to $5.23 per share on revenue of approximately $6.16 billion. The company's previous guidance was earnings of $5.05 to $5.20 per share on revenue of $6.10 billion to $6.16 billion and the current consensus earnings estimate is $5.16 per share on revenue of $6.13 billion for the year ending December 31, 2017.

Motorola Solutions Inc designs, manufactures and sells communications infrastructure, devices, system software and applications, and provide services associated with their use. Its products include bar code scanners, mobile computers, & among others.

Results
Reported Earnings
$0.71
Earnings Whisper
$0.66
Consensus Estimate
$0.57
Reported Revenue
$1.28 Bil
Revenue Estimate
$1.24 Bil
Growth
Earnings Growth
Revenue Growth
Power Rating
Grade
Earnings Release

Motorola Solutions Reports First-Quarter 2017 Financial Results

HIGHLIGHTS

--Sales of $1.3 billion, up 7 percent from a year ago

--Americas growth of 3 percent on strength in Services

--Backlog growth of $129 million from a year ago

--Generated $142 million of operating cash flow, up $129 million

--GAAP earnings per share (EPS) of $0.45

--Non-GAAP EPS(1) of $0.71, up 37 percent

Motorola Solutions, Inc. (MSI) today reported its earnings results for the first quarter of 2017. Click here for a printable news release and financial tables.

SUPPORTING QUOTE

"Q1 was a strong quarter and an excellent start to the year," said Greg Brown, chairman and CEO of Motorola Solutions. "I’m very pleased with our momentum going forward."

KEY FINANCIAL RESULTS (presented in millions, except per share data and percentages)

Q1 2017
Q1 2016
% Change
Sales
$1,281
$1,193
7
%
GAAP
Operating Earnings
$176
$100
76
%
% of Sales
13.7%
8.4%
EPS
$0.45
$0.10
350
%
Non-GAAP
Operating Earnings
$224
$166
35
%
% of Sales
17.5%
13.9%
EPS
$0.71
$0.52
37
%
Product Segment
Sales
$703
$702
--
%
GAAP Operating Earnings
$89
$51
75
%
% of Sales
12.7%
7.3%
Non-GAAP Operating Earnings
$101
$84
20
%
% of Sales
14.4%
12.0%
Services Segment
Sales
$578
$491
18
%
GAAP Operating Earnings
$87
$49
78
%
% of Sales
15.1%
10.0%
Non-GAAP Operating Earnings
$123
$82
50
%
% of Sales
21.3%
16.7%

*Non-GAAP financial information excludes the after-tax impact of approximately $0.26 per diluted share related to share-based compensation, intangible assets amortization expense and highlighted items. Details on these non-GAAP adjustments and the use of non-GAAP measures are included later in this news release.

Revenue - Sales increased 7 percent in total, and 3 percent excluding Airwave. The increase reflects growth in EMEA and the Americas. Product segment sales were up $1 million. The Services segment grew 18 percent, including $58 million of incremental Airwave revenue. Excluding Airwave, Services grew 7 percent.

Operating margin - GAAP operating margin was 13.7 percent of sales, compared with 8.4 percent in the year-ago quarter. The improvement reflects higher sales and gross margin. Non-GAAP operating margin was 17.5 percent of sales, compared with 13.9 percent in the year-ago quarter, driven by higher sales and gross margin as well as lower operating expenses.

Cash flow - The company generated $142 million in operating cash, an increase of $129 million from the year-ago quarter on higher revenue and earnings. Q1 also included a $52 million legal settlement. Free cash flow(2) was up $112 million to $74 million, driven by higher revenue and earnings.

Capital Allocation - The company ended the quarter with cash and cash equivalents of $829 million and a net debt position of approximately $3.6 billion(3). The company repurchased approximately $178 million of its common stock, paid approximately $77 million in cash dividends, and invested $55 million in acquisitions.

Backlog - The company ended the quarter with $8.5 billion of backlog, up $129 million from the year-ago quarter. Products backlog is up $285 million, while Services backlog is down $156 million, driven by a reduction of approximately $650 million in Airwave backlog over the prior 12 months.

KEY HIGHLIGHTS

Strategic wins

-- $80 million to upgrade and manage a nationwide TETRA network in Europe

-- $38 million for Managed Services with Victoria Police in Australia

-- $34 million P25 network with multi-year services in California

-- $10 million P25 system with Central Louisiana Electric Company (CLECO)

Double-digit growth for Command Center software driven by Spillman, Emergency CallWorks, and PremierOne solutions

Innovation and investments in growth

Announced the planned acquisition of Kodiak Networks, a leading provider of broadband push-to-talk for commercial customers, which adds a carrier-integrated, cellular push-to-talk solution for mobile operators around the world

Acquired Interexport, a provider of managed services for communications systems to public safety and commercial customers in Chile

Announced new head of software, Andrew Sinclair, to lead a new integrated Software Enterprise team focused on the development, sales and delivery of software

Launched WAVE OnCloud, which provides instant communications between various devices and networks with a new subscription-based Software-as-a-Service (SaaS) model that reduces adoption barriers

BUSINESS OUTLOOK

Second-quarter 2017 - Motorola Solutions expects revenue growth of 2 to 3 percent compared with the second quarter of 2016. The company expects non-GAAP earnings in the range of $0.98 to $1.03 per share.

Full-year 2017 - The company now expects revenue growth of approximately 2 percent versus the prior outlook of 1 to 2 percent, and raises non-GAAP earnings per share to $5.08 to $5.23 versus the prior outlook of $5.05 to $5.20.

CONFERENCE CALL AND WEBCAST Motorola Solutions will host its quarterly conference call beginning at 4 p.m. U.S. Central Daylight Time (5 p.m. U.S. Eastern Daylight Time) on Thursday, May 4. The conference call will be webcast live with audio and slides at www.motorolasolutions.com/investor.

CONSOLIDATED GAAP RESULTS (presented in millions, except per
share data)
A comparison of results from operations is as follows:
Q1 2017
Q1 2016
Net sales
$1,281
$1,193
Gross margin
570
502
Operating earnings
176
100
Amounts attributable to Motorola Solutions, Inc. common
stockholders
Earnings, net of tax
77
17
Net earnings
77
17
Diluted EPS
$0.45
$0.10
Weighted average diluted common shares outstanding
169.9
177.0
HIGHLIGHTED ITEMS AND SHARE-BASED COMPENSATION EXPENSE
The table below includes highlighted items, share-based compensation
expense and intangible amortization for the first quarter of 2017.
(per diluted common share)
Q1 2017
GAAP Earnings
$0.45
Highlighted Items:
Share-based compensation expense
0.06
Reorganization of business charges
0.09
Intangibles amortization expense
0.16
Gain on legal settlement
(0.15 )
Building impairment
0.05
Non-US pension settlement loss
0.05
Sale of investments
(0.01 )
Acquisition-related transaction fees
0.01
Total Highlighted Items
$0.26
Non-GAAP Diluted EPS
$0.71

USE OF NON-GAAP FINANCIAL INFORMATION

In addition to the GAAP results included in this presentation, Motorola Solutions also has included non-GAAP measurements of results. The company has provided these non-GAAP measurements to help investors better understand its core operating performance, enhance comparisons of core operating performance from period to period and allow better comparisons of operating performance to its competitors. Among other things, management uses these operating results, excluding the identified items, to evaluate performance of the businesses and to evaluate results relative to certain incentive compensation targets. Management uses operating results excluding these items because it believes this measurement enables it to make better period-to-period evaluations of the financial performance of core business operations. The non-GAAP measurements are intended only as a supplement to the comparable GAAP measurements and the company compensates for the limitations inherent in the use of non-GAAP measurements by using GAAP measures in conjunction with the non-GAAP measurements. As a result, investors should consider these non-GAAP measurements in addition to, and not in substitution for or as superior to, measurements of financial performance prepared in accordance with generally accepted accounting principles.

Highlighted items: The company has excluded the effects of highlighted items including, but not limited to, acquisition-related transaction costs, tangible and intangible asset impairments, restructuring charges, non-cash pension adjustments, significant litigation and other contingencies, significant gains and losses on investments, and the income tax effects of significant tax matters, from its non-GAAP operating expenses and net income measurements because the company believes that these historical items do not reflect expected future operating earnings or expenses and do not contribute to a meaningful evaluation of the company’s current operating performance or comparisons to the company’s past operating performance. For the purposes of management’s internal analysis over operating performance, the company uses financial statements that exclude highlighted items, as these charges do not contribute to a meaningful evaluation of the company’s current operating performance or comparisons to the company’s past operating performance. Specifically in regards to its restructuring plans, the company has incurred significant restructuring charges as it reduced operating expenses in the past four years.

Share-based compensation expense: The company has excluded share-based compensation expense from its non-GAAP operating expenses and net income measurements. Although share-based compensation is a key incentive offered to the company’s employees and the company believes such compensation contributed to the revenue earned during the periods presented and also believes it will contribute to the generation of future period revenues, the company continues to evaluate its performance excluding share-based compensation expense primarily because it represents a significant non-cash expense. Share-based compensation expense will recur in future periods.

Intangible assets amortization expense: The company has excluded intangible assets amortization expense from its Non-GAAP operating expenses and net earnings measurements, primarily because it represents a non-cash expense and because the company evaluates its performance excluding intangible assets amortization expense. Amortization of intangible assets is consistent in amount and frequency but is significantly affected by the timing and size of the company’s acquisitions. Investors should note that the use of intangible assets contributed to the company’s revenues earned during the periods presented and will contribute to the company’s future period revenues as well. Intangible assets amortization expense will recur in future periods.

Constant Currency: The company evaluates its results of operations on both an as reported and a constant currency basis. The constant currency presentation, which is a non-GAAP measure, excludes the impact of fluctuations in foreign currency exchange rates. The company calculates constant currency percentages by converting its current period local currency results using prior-period exchange rates, and then comparing these adjusted values to prior period reported results.

Details of the above items and reconciliations of the non-GAAP measurements to the corresponding GAAP measurements can be found at the end of this press release.

BUSINESS RISKS

This news release contains "forward-looking statements" within the meaning of applicable federal securities law. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and generally include words such as "believes," "expects," "intends," "anticipates," "estimates" and similar expressions. The company can give no assurance that any actual or future results or events discussed in these statements will be achieved. Any forward-looking statements represent the company’s views only as of today and should not be relied upon as representing the company’s views as of any subsequent date. Readers are cautioned that such forward-looking statements are subject to a variety of risks and uncertainties that could cause the company’s actual results to differ materially from the statements contained in this release. Such forward-looking statements include, but are not limited to, Motorola Solutions’ financial outlook for the second quarter and full year of 2017 and the enhancement of the company’s offerings through acquisitions. Motorola Solutions cautions the reader that the risk factors below, as well as those on pages 9 through 21 in Item 1A of Motorola Solutions 2016 Annual Report on Form 10-K and in its other SEC filings available for free on the SEC’s website at www.sec.gov and on Motorola Solutions’ website at www.motorolasolutions.com, could cause Motorola Solutions’ actual results to differ materially from those estimated or predicted in the forward-looking statements. Many of these risks and uncertainties cannot be controlled by Motorola Solutions, and factors that may impact forward-looking statements include, but are not limited to: (1) the economic outlook for the government communications industry; (2) the impact of foreign currency fluctuations on the company; (3) the level of demand for the company’s products; (4) the company’s ability to refresh existing and introduce new products and technologies in a timely manner; (5) negative impact on the company’s business from global economic and political conditions, which may include: (i) continued deferment or cancellation of purchase orders by customers; (ii) the inability of customers to obtain financing for purchases of the company’s products; (iii) increased demand to provide vendor financing to customers; (iv) increased financial pressures on third-party dealers, distributors and retailers; (v) the viability of the company’s suppliers that may no longer have access to necessary financing; (vi) counterparty failures negatively impacting the company’s financial position; (vii) changes in the value of investments held by the company’s pension plan and other defined benefit plans, which could impact future required or voluntary pension contributions; and (viii) the company’s ability to access the capital markets on acceptable terms and conditions; (6) the impact of a security breach or other significant disruption in the company’s IT systems, those of its partners or suppliers or those it sells to or operates or maintains for its customers; (7) the outcome of ongoing and future tax matters; (8) the company’s ability to purchase sufficient materials, parts and components to meet customer demand, particularly in light of global economic conditions and reductions in the company’s purchasing power; (9) risks related to dependence on certain key suppliers, subcontractors, third-party distributors and other representatives; (10) the impact on the company’s performance and financial results from strategic acquisitions or divestitures, including the acquisition of Airwave; (11) risks related to the company’s manufacturing and business operations in foreign countries; (12) the creditworthiness of the company’s customers and distributors, particularly purchasers of large infrastructure systems; (13) exposure under large systems and managed services contracts, including risks related to the fact that certain customers require that the company build, own and operate their systems, often over a multi-year period; (14) the ownership of certain logos, trademarks, trade names and service marks including "MOTOROLA" by Motorola Mobility Holdings, Inc.; (15) variability in income received from licensing the company’s intellectual property to others, as well as expenses incurred when the company licenses intellectual property from others; (16) unexpected liabilities or expenses, including unfavorable outcomes to any pending or future litigation or regulatory or similar proceedings; (17) the impact of the percentage of cash and cash equivalents held outside of the United States; (18) the ability of the company to pay future dividends due to possible adverse market conditions or adverse impacts on the company’s cash flow; (19) the ability of the company to repurchase shares under its repurchase program due to possible adverse market conditions or adverse impacts on the company’s cash flow; (20) the impact of changes in governmental policies, laws or regulations; (21) negative consequences from the company’s use of third party vendors for various activities, including certain manufacturing operations, information technology and administrative functions; (22) the impact of the sale of the company’s legacy information systems, including components of the enterprise resource planning (ERP) system and the implementation of a new ERP system; and (23) the company’s ability to settle the par value of its Senior Convertible Notes in cash. Motorola Solutions undertakes no obligation to publicly update any forward-looking statement or risk factor, whether as a result of new information, future events or otherwise

DEFINITIONS

(1)
Q1 Non-GAAP financial information excludes the after-tax impact of
approximately $0.26 per diluted share related to share-based
compensation, intangible assets amortization expense and highlighted
items. Details on these non-GAAP adjustments and the use of non-GAAP
measures are included in this news release.
(2)
Free cash flow represents operating cash flow less capital
expenditures
(3)
Net debt represents cash and cash equivalents less long-term debt,
including current portion

ABOUT MOTOROLA SOLUTIONS

Motorola Solutions (MSI) creates innovative, mission-critical communication solutions and services that help public safety and commercial customers build safer cities and thriving communities. For ongoing news, visit www.motorolasolutions.com/newsroom or subscribe to a news feed.

MOTOROLA, MOTOROLA SOLUTIONS and the Stylized M Logo are trademarks or registered trademarks of Motorola Trademark Holdings, LLC and are used under license. All other trademarks are the property of their respective owners. (C)2017 Motorola Solutions, Inc. All rights reserved.

GAAP-1
Motorola Solutions, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(In millions, except per share amounts)
Three Months Ended
April 1, 2017
April 2, 2016
Net sales from products
$
703
$
702
Net sales from services
578
491
Net sales
1,281
1,193
Costs of products sales
347
366
Costs of services sales
364
325
Costs of sales
711
691
Gross margin
570
502
Selling, general and administrative expenses
232
234
Research and development expenditures
135
135
Other charges
(9 )
20
Intangibles amortization
36
13
Operating earnings
176
100
Other income (expense):
Interest expense, net
(51 )
(49 )
Gains (losses) on sales of investments and businesses, net
3
(21 )
Other
(8 )
(8 )
Total other expense
(56 )
(78 )
Net earnings before income taxes
120
22
Income tax expense
42
5
Net earnings
78
17
Less: Earnings attributable to noncontrolling interests
1
--
Net earnings attributable to Motorola Solutions, Inc.
$
77
$
17
Earnings per common share:
Basic
$
0.47
$
0.10
Diluted
$
0.45
$
0.10
Weighted average common shares
outstanding:
Basic
164.2
174.5
Diluted
169.9
177.0
Percentage of Net Sales*
Net sales from products
54.9 %
58.8 %
Net sales from services
45.1 %
41.2 %
Net sales
100.0 %
100.0 %
Costs of products sales
49.4 %
52.1 %
Costs of services sales
63.0 %
66.2 %
Costs of sales
55.5 %
57.9 %
Gross margin
44.5 %
42.1 %
Selling, general and administrative expenses
18.1 %
19.6 %
Research and development expenditures
10.5 %
11.3 %
Other charges
(0.7 )%
1.7 %
Intangibles amortization
2.8 %
1.1 %
Operating earnings
13.7 %
8.4 %
Other income (expense):
Interest expense, net
(4.0 )%
(4.1 )%
Gains (losses) on sales of investments and businesses, net
0.2 %
(1.8 )%
Other
(0.6 )%
(0.7 )%
Total other expense
(4.4 )%
(6.5 )%
Net earnings before income taxes
9.4 %
1.8 %
Income tax expense
3.3 %
0.4 %
Net earnings
6.1 %
1.4 %
Less: Earnings attributable to noncontrolling interests
0.1 %
-- %
Net earnings attributable to Motorola Solutions, Inc.
6.0 %
1.4 %
* Percentages may not add up due to rounding
GAAP-2
Motorola Solutions, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(In millions)
April 1, 2017
December 31, 2016
Assets
Cash and cash equivalents
$
766
$
967
Restricted cash
63
63
Total cash and cash equivalents
829
1,030
Accounts receivable, net
1,070
1,410
Inventories, net
345
273
Other current assets
829
755
Total current assets
3,073
3,468
Property, plant and equipment, net
820
789
Investments
237
238
Deferred income taxes
2,198
2,219
Goodwill
737
728
Intangible Assets
878
821
Other assets
197
200
Total assets
$
8,140
$
8,463
Liabilities and Stockholders’ Equity
Current portion of long-term debt
$
44
$
4
Accounts payable
433
553
Accrued liabilities
1,908
2,111
Total current liabilities
2,385
2,668
Long-term debt
4,414
4,392
Other liabilities
2,378
2,355
Total Motorola Solutions, Inc. stockholders’ equity (deficit)
(1,050 )
(964 )
Noncontrolling interests
13
12
Total liabilities and stockholders’ equity
$
8,140
$
8,463
Financial Ratios:
Net cash (debt)*
$
(3,629 )
$
(3,366 )
*Net cash (debt) = Total cash - Current portion of long-term debt
- Long-term debt
GAAP-3
Motorola Solutions, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(In millions)
Three Months Ended
April 1, 2017
April 2, 2016
Operating
Net earnings attributable to Motorola Solutions, Inc.
$
77
$
17
Earnings attributable to noncontrolling interests
1
--
Net earnings
78
17
Adjustments to reconcile Net earnings to Net cash provided by
operating activities:
Depreciation and amortization
80
62
Non-cash other charges
15
11
Non-U.S. pension settlement loss
9
--
Share-based compensation expense
17
17
Losses (gains) on sales of investments and businesses, net
(3 )
21
Deferred income taxes
23
35
Changes in assets and liabilities, net of effects of acquisitions,
dispositions, and foreign currency translation adjustments:
Accounts receivable
368
277
Inventories
(69 )
(4 )
Other current assets
(59 )
(43 )
Accounts payable and accrued liabilities
(307 )
(363 )
Other assets and liabilities
(10 )
(17 )
Net cash provided by operating activities
142
13
Investing
Acquisitions and investments, net
(106 )
(1,053 )
Proceeds from sales of investments and businesses, net
53
481
Capital expenditures
(68 )
(51 )
Net cash used for investing activities
(121 )
(623 )
Financing
Repayment of debt
(1 )
(1 )
Net proceeds from issuance of debt
--
673
Issuance of common stock
22
40
Purchase of common stock
(178 )
(64 )
Payment of dividends
(77 )
(71 )
Net cash provided by (used for) financing activities
(234 )
577
Effect of exchange rate changes on cash and cash equivalents
12
(7 )
Net decrease in cash and cash equivalents
(201 )
(40 )
Cash and cash equivalents, beginning of period
1,030
1,980
Cash and cash equivalents, end of period
$
829
$
1,940
Financial Ratios:
Free cash flow*
$
74
$
(38 )
*Free cash flow = Net cash provided by operating activities -
Capital Expenditures
GAAP-4
Motorola Solutions, Inc. and Subsidiaries
Segment Information
(In millions)
Net Sales
Three Months Ended
April 1, 2017
April 2, 2016
% Change
Products
$
703
$
702
--%
Services
578
491
18 %
Total Motorola Solutions
$
1,281
$
1,193
7 %
Operating Earnings
Three Months Ended
April 1, 2017
April 2, 2016
% Change
Products
$
89
$
51
75 %
Services
87
49
78 %
Total Motorola Solutions
$
176
$
100
76 %
Operating Earnings %
Three Months Ended
April 1, 2017
April 2, 2016
Products
12.7 %
7.3 %
Services
15.1 %
10.0 %
Total Motorola Solutions
13.7 %
8.4 %
Non-GAAP-1
Motorola Solutions, Inc. and Subsidiaries
Non-GAAP Adjustments (Intangibles Amortization Expense,
Share-Based Compensation Expense and Highlighted Items)
Q1 2017
Non-GAAP Adjustments
Statement Line
PBT
Tax
PAT
EPS impact
(Inc)/Exp
Inc/(Exp)
(Inc)/Exp
Share-based compensation expense
Cost of sales, SG&A and R&D
$
17
$
6
$
11
$
0.06
Reorganization of business charges
Cost of sales and Other charges
19
4
15
0.09
Intangibles amortization expense
Intangibles amortization
36
9
27
0.16
Gain on legal settlement
Other charges
(42 )
(16 )
(26 )
(0.15 )
Building impairment
Other charges
8
--
8
0.05
Non-US pension settlement loss
Other charges
9
--
9
0.05
Sale of investments
Sale of Investment or Business (Gain) or Loss
(3 )
(1 )
(2 )
(0.01 )
Acquisition-related transaction fees
Other charges
1
--
1
0.01
Total impact on Net earnings
$
45
$
2
$
43
$
0.26
Non-GAAP-2
Motorola Solutions, Inc. and Subsidiaries
Non-GAAP Segment Information
(In millions)
Net Sales
Three Months Ended
April 1, 2017
April 2, 2016
% Change
Products
$
703
$
702
--%
Services
578
491
18 %
Total Motorola Solutions
$
1,281
$
1,193
7 %
Non-GAAP Operating Earnings
Three Months Ended
April 1, 2017
April 2, 2016
% Change
Products
$
101
$
84
20 %
Services
123
82
50 %
Total Motorola Solutions
$
224
$
166
35 %
Non-GAAP Operating Earnings %
Three Months Ended
April 1, 2017
April 2, 2016
Products
14.4 %
12.0 %
Services
21.3 %
16.7 %
Total Motorola Solutions
17.5 %
13.9 %
Non-GAAP-3
Motorola Solutions, Inc. and Subsidiaries
Operating Earnings after Non-GAAP Adjustments
Q1 2017
TOTAL
Products
Services
Net sales
$
1,281
$
703
$
578
Operating earnings ("OE")
$
176
$
89
$
87
Above-OE non-GAAP adjustments:
Share-based compensation expense
17
11
6
Reorganization of business charges
19
13
6
Intangibles amortization expense
36
6
30
Acquisition-related transaction fees
1
--
1
Gain on legal settlement
(42 )
(30 )
(12 )
Building impairment
8
6
2
Non-US pension settlement loss
9
6
3
Total above-OE non-GAAP adjustments
48
12
36
Operating earnings after non-GAAP adjustments
$
224
$
101
$
123
Operating earnings as a percentage of net sales - GAAP
13.7 %
12.7 %
15.1 %
Operating earnings as a percentage of net sales - after non-GAAP
17.5 %
14.4 %
21.3 %
adjustments

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SOURCE: Motorola Solutions, Inc.

MEDIA CONTACT
Tama McWhinney
Motorola Solutions
+1 847-538-1865
tama.mcwhinney@motorolasolutions.com
or
INVESTOR CONTACT
Chris Kutsor
Motorola Solutions
+1 847-576-4995
chris.kutsor@motorolasolutions.com