Motorola Solutions Reports Second-Quarter Results

Definitions

* Total cash = Cash and cash equivalents + Sigma Fund (current and non-current) and short-term investments

** Amounts attributable to Motorola Solutions, Inc. common stockholders

*** Non-GAAP financial information excludes from GAAP results the effects of stock-based compensation expense, intangible assets amortization expense and highlighted items

Gartner, Inc., MarketScope for the Ruggedized Handheld-Computer Market (Global), Tim Zimmerman, Ken Dulaney, William Clark, March 25, 2011.

About Motorola Solutions

Motorola Solutions is a leading provider of mission-critical communication products and services for enterprise and government customers. Through leading-edge innovation and communications technology, it is a global leader that enables its customers to be their best in the moments that matter. Motorola Solutions trades on the New York Stock Exchange under the ticker “MSI.” To learn more, visit www.motorolasolutions.com. For ongoing news, please visit our media center or subscribe to our news feed.

About Gartner’s MarketScope

The MarketScope is copyrighted 2011 by Gartner, Inc. and is reused with permission. The MarketScope is an evaluation of a marketplace at and for a specific time period. It depicts Gartner's analysis of how certain vendors measure against criteria for that marketplace, as defined by Gartner. Gartner does not endorse any vendor, product or service depicted in the MarketScope, and does not advise technology users to select only those vendors with the highest rating. Gartner disclaims all warranties, express or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

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. ©2011 Motorola Solutions, Inc. All rights reserved.

   
Motorola Solutions, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(In millions, except per share amounts)
     
Three Months Ended
July 2, 2011 July 3, 2010
Net sales from products $ 1,524 $ 1,438
Net sales from services   531     498  
Net sales 2,055 1,936
 
Costs of products sales 685 656
Costs of services sales   331     315  
Costs of sales 1,016 971
   
Gross margin   1,039     965  
 
Selling, general and administrative expenses 492 471
Research and development expenditures 271 269
Other charges 56 14
Intangibles amortization   50     50  
Operating earnings   170     161  
 
Other income (expense):
Interest expense, net (21 ) (35 )
Gain on sales of investments and businesses, net 1 33
Other   (77 )   (30 )
Total other income (expense)   (97 )   (32 )
Earnings from continuing operations before income taxes 73 129
Income tax expense   17     122  
Earnings from continuing operations 56 7
 
Earnings from discontinued operations, net of tax   291     159  
Net earnings 347 166
 
Less: Earnings (loss) attributable to noncontrolling interests   (2 )   4  
Net earnings attributable to Motorola Solutions, Inc. $ 349   $ 162  
 
Amounts attributable to Motorola Solutions, Inc. common shareholders
Earnings from continuing operations, net of tax $ 58 $ 3
Earnings from discontinued operations, net of tax   291     159  
Net earnings $ 349   $ 162  
 

Earnings per common share

Basic:
Continuing operations $ 0.17 $ 0.01
Discontinued operations   0.85     0.48  
$ 1.02   $ 0.49  
 
Diluted:
Continuing operations $ 0.17 $ 0.01
Discontinued operations   0.83     0.47  
$ 1.00   $ 0.48  
 

Weighted average common shares outstanding

Basic 341.2 332.7
Diluted   348.5     337.9  
 
     
Percentage of Net Sales*
Net sales from products 74.2 % 74.3 %
Net sales from services   25.8 %   25.7 %
Net sales   100 %   100 %
 
Costs of products sales 44.9 % 45.6 %
Costs of services sales   62.3 %   63.3 %
Costs of sales   49.4 %   50.2 %
   
Gross margin   50.6 %   49.8 %
 
Selling, general and administrative expenses 23.9 % 24.3 %
Research and development expenditures 13.2 % 13.9 %
Other charges 2.7 % 0.7 %
Intangibles amortization   2.4 %   2.6 %
Operating earnings   8.3 %   8.3 %
 
Other income (expense):
Interest expense, net -1.0 % -1.8 %
Gain on sales of investments and businesses, net 0.0 % 1.7 %
Other   -3.7 %   -1.5 %
Total other income (expense)   -4.7 %   -1.7 %
Earnings from continuing operations before income taxes 3.6 % 6.7 %
Income tax expense   0.8 %   6.3 %
Earnings from continuing operations 2.7 % 0.4 %
 
Earnings from discontinued operations, net of tax   14.2 %   8.2 %
Net earnings 16.9 % 8.6 %
 
Less: Earnings (loss) attributable to noncontrolling interests   -0.1 %   0.2 %
Net earnings attributable to Motorola Solutions, Inc.   17.0 %   8.4 %
 
* Percentages may not add up due to rounding
   
Motorola Solutions, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(In millions, except per share amounts)
     
Six Months Ended
July 2, 2011 July 3, 2010
Net sales from products $ 2,948 $ 2,729
Net sales from services   991     947  
Net sales 3,939 3,676
 
Costs of products sales 1,341 1,250
Costs of services sales   617     608  
Costs of sales 1,958 1,858
   
Gross margin   1,981     1,818  
 
Selling, general and administrative expenses 960 925
Research and development expenditures 520 527
Other charges (income) 61 (16 )
Intangibles amortization   100     101  
Operating earnings   340     281  
 
Other income (expense):
Interest expense, net (41 ) (68 )
Gain on sales of investments and businesses, net 19 40
Other   (72 )   (15 )
Total other income (expense)   (94 )   (43 )
Earnings from continuing operations before income taxes 246 238
Income tax expense (benefit)   (169 )   135  
Earnings from continuing operations 415 103
 
Earnings from discontinued operations, net of tax   423     131  
Net earnings 838 234
 
Less: Earnings (loss) attributable to noncontrolling interests   (8 )   3  
Net earnings attributable to Motorola Solutions, Inc. $ 846   $ 231  
 
Amounts attributable to Motorola Solutions, Inc. common shareholders
Earnings from continuing operations, net of tax $ 423 $ 100
Earnings from discontinued operations, net of tax   423     131  
Net earnings $ 846   $ 231  
 

Earnings per common share

Basic:
Continuing operations $ 1.24 $ 0.30
Discontinued operations   1.25     0.40  
$ 2.49   $ 0.70  
 
Diluted:
Continuing operations $ 1.22 $ 0.30
Discontinued operations   1.22     0.39  
$ 2.44   $ 0.69  
 

Weighted average common shares outstanding

Basic 339.3 331.7
Diluted   346.3     336.1  
 
     
Percentage of Net Sales*
Net sales from products 74.8 % 74.2 %
Net sales from services   25.2 %   25.8 %
Net sales   100 %   100 %
 
Costs of products sales 45.5 % 45.8 %
Costs of services sales   62.3 %   64.2 %
Costs of sales   49.7 %   50.5 %
   
Gross margin   50.3 %   49.5 %
 
Selling, general and administrative expenses 24.4 % 25.2 %
Research and development expenditures 13.2 % 14.3 %
Other charges (income) 1.5 % -0.4 %
Intangibles amortization   2.5 %   2.7 %
Operating earnings   8.6 %   7.6 %
 
Other income (expense):
Interest expense, net -1.0 % -1.8 %
Gain on sales of investments and businesses, net 0.5 % 1.1 %
Other   -1.8 %   -0.4 %
Total other income (expense)   -2.4 %   -1.2 %
Earnings from continuing operations before income taxes 6.2 % 6.5 %
Income tax expense (benefit)   -4.3 %   3.7 %
Earnings from continuing operations 10.5 % 2.8 %
 
Earnings from discontinued operations, net of tax   10.7 %   3.6 %
Net earnings 21.3 % 6.4 %
 
Less: Earnings (loss) attributable to noncontrolling interests   -0.2 %   0.1 %
Net earnings attributable to Motorola Solutions, Inc.   21.5 %   6.3 %
 
* Percentages may not add up due to rounding
   
Motorola Solutions, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(In millions)
   
July 2, December 31,
2011 2010
Assets
Cash and cash equivalents $ 2,203 $ 4,208
Sigma Fund and short-term investments 4,424 4,655
Accounts receivable, net 1,546 1,547
Inventories, net 522 521
Deferred income taxes 729 871
Other current assets 729 748
Current assets held for disposition   116   4,604
Total current assets   10,269   17,154
 
Property, plant and equipment, net 899 922
Sigma Fund 28 70
Investments 175 172
Deferred income taxes 2,063 1,920
Goodwill 1,429 1,429
Other assets 641 734
Non-current assets held for disposition   93   3,176
Total assets $ 15,597 $ 25,577
 
Liabilities and Stockholders' Equity
Notes payable and current portion of long-term debt $ 606 $ 605
Accounts payable 625 731
Accrued liabilities 2,790 2,574
Current liabilities held for disposition   110   4,800
Total current liabilities   4,131   8,710
 
Long-term debt 1,548 2,098
Other liabilities 3,015 3,045
Non-current liabilities held for disposition 79 737
 
Total Motorola Solutions, Inc. stockholders' equity   6,739   10,885
 
Noncontrolling interests   85   102
 
Total liabilities and stockholders' equity $ 15,597 $ 25,577
 
Financial Ratios:
Total cash* $ 6,655 $ 8,933
Net cash** 4,501 6,230
 
*Total cash = Cash and cash equivalents + Sigma Fund (current and non-current) + Short-term investments
**Net cash = Total cash - Notes payable and current portion of long-term debt - Long-term debt
   
Motorola Solutions, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(In millions)
     
Three Months Ended
July 2, 2011 July 3, 2010
Operating
Net earnings attributable to Motorola Solutions, Inc. $ 349 $ 162
Earnings (loss) attributable to the noncontrolling interests   (2 )   4  
Net earnings 347 166
Earnings from discontinued operations, net of tax   291     159  
Earnings from continuing operations 56 7
Adjustments to reconcile earnings from continuing operations to net cash provided by operating activities:
Depreciation and amortization 90 85
Non-cash other charges (income) 53 (5 )
Share-based compensation expense 39 36
Gain on sales of investments and businesses, net (1 ) (33 )
Loss from the extinguishment of long-term debt 81 12
Deferred income taxes 104 237
Changes in assets and liabilities, net of effects of acquisitions and dispositions:
Accounts receivable (87 ) (227 )
Inventories (2 ) (21 )
Other current assets 22 80
Accounts payable and accrued liabilities (117 ) 53
Other assets and liabilities   (136 )   (121 )
Net cash provided by operating activities from continuing operations   102     103  
Investing
Acquisitions and investments, net (2 ) (3 )
Proceeds from sales of investments and businesses, net 1,026 221
Capital expenditures (33 ) (37 )
Proceeds from sales of property, plant and equipment 3 -
Purchases of Sigma Fund investments, net (975 ) (132 )
Proceed from sales (purchases) of short-term investments, net   6     (19 )
Net cash provided by investing activities from continuing operations   25     30  
Financing
Repayment of short-term borrowings, net - (1 )
Repayment of debt (616 ) (480 )
Issuance of common stock 58 5
Distribution from (to) discontinued operations   (136 )   133  
Net cash used for financing activities from continuing operations   (694 )   (343 )
Discontinued Operations
Net cash provided by (used for) operating activities from discontinued operations (153 ) 143
Net cash used for investing activities from discontinued operations (2 ) (39 )
Net cash provided by (used for) financing activities from discontinued operations 136 (133 )
 
Effect of exchange rate changes on cash and cash equivalents from discontinued operations   19     29  
Net cash provided by (used for) financing activities from discontinued operations   -     -  
 
Effect of exchange rate changes on cash and cash equivalents from continuing operations   6     (85 )
Net decrease in cash and cash equivalents (561 ) (295 )
Cash and cash equivalents, beginning of period   2,764     3,188  
Cash and cash equivalents, end of period $ 2,203   $ 2,893  
 
Financial Ratios:
Free cash flow* $ 69 $ 66
 
*Free cash flow = Net cash provided by operating activities - Capital expenditures
   
Motorola Solutions, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(In millions)
     
Six Months Ended
July 2, 2011 July 3, 2010
Operating
Net earnings attributable to Motorola Solutions, Inc. $ 846 $ 231
Earnings (loss) attributable to the noncontrolling interests   (8 )   3  
Net earnings 838 234
Earnings from discontinued operations, net of tax   423     131  

Earnings from continuing operations

415 103
Adjustments to reconcile earnings from continuing operations to net cash provided by operating activities:
Depreciation and amortization 181 172
Non-cash other charges (income) 45 (37 )
Share-based compensation expense 78 69
Gain on sales of investments and businesses, net (19 ) (40 )
Loss from the extinguishment of long-term debt 81 12
Deferred income taxes (10 ) 255
Changes in assets and liabilities, net of effects of acquisitions and dispositions:
Accounts receivable 88 (32 )
Inventories (12 ) (36 )
Other current assets 9 10
Accounts payable and accrued liabilities (338 ) (144 )
Other assets and liabilities   (185 )   (170 )
Net cash provided by operating activities from continuing operations   333     162  
Investing
Acquisitions and investments, net (2 ) (6 )
Proceeds from sales of investments and businesses, net 1,078 239
Capital expenditures (60 ) (74 )
Proceeds from sales of property, plant and equipment 4 27
Proceeds from sales (purchases) of Sigma Fund investments, net 266 (248 )
Proceeds from sales (purchases) of short-term investments, net   6     (23 )
Net cash provided by (used for) investing activities from continuing operations   1,292     (85 )
Financing
Repayment of short-term borrowings, net - (5 )
Repayment of debt (616 ) (481 )
Distribution of Motorola Mobility (3,200 ) -
Issuance of common stock 128 68
Distribution from discontinued operations   75     531  
Net cash provided by (used for) financing activities from continuing operations   (3,613 )   113  
Discontinued Operations
Net cash provided by operating activities from discontinued operations 38 567
Net cash used for investing activities from discontinued operations (8 ) (88 )
Net cash used for financing activities from discontinued operations (75 ) (531 )
 
Effect of exchange rate changes on cash and cash equivalents from discontinued operations   45     52  
Net cash provided by (used for) financing activities from discontinued operations   -     -  
 
Effect of exchange rate changes on cash and cash equivalents from continuing operations   (17 )   (166 )
Net increase (decrease) in cash and cash equivalents (2,005 ) 24
Cash and cash equivalents, beginning of period   4,208     2,869  
Cash and cash equivalents, end of period $ 2,203   $ 2,893  
 
Financial Ratios:
Free cash flow* $ 273 $ 88
 
*Free cash flow = Net cash provided by operating activities - Capital expenditures
     
Motorola Solutions, Inc. and Subsidiaries
Segment Information
(In millions)
 
Summarized below are the Company's Net sales and Operating earnings by reportable segment for the three and six months ended July 2, 2011 and July 3, 2010.
 
             
Net Sales
     
Three Months Ended
     
July 2, 2011 July 3, 2010 % Change
 
Government $ 1,308 $ 1,262 4 %
Enterprise   747   674 11 %
Company Total $ 2,055 $ 1,936 6 %
     
Six Months Ended
     
July 2, 2011 July 3, 2010 % Change
 
Government $ 2,497 $ 2,394 4 %
Enterprise   1,442   1,282 12 %
Company Total $ 3,939 $ 3,676 7 %
 
             
Operating Earnings
     
Three Months Ended
     
July 2, 2011 July 3, 2010 % Change
 
Government $ 111 $ 117 -5 %
Enterprise   59   44 34 %
Company Total $ 170 $ 161 6 %
     
Six Months Ended
     
July 2, 2011 July 3, 2010 % Change
 
Government $ 215 $ 209 3 %
Enterprise   125   72 74 %
Company Total $ 340 $ 281 21 %
           
Motorola Solutions, Inc. and Subsidiaries
Non-GAAP Adjustments Bridge
(In millions, except per share amounts)
                   
Three Months Ended Three Months Ended
July 2, 2011 July 3, 2010
GAAP Results

Non-GAAP
Adjustments and
Discontinued
Operations

Non-GAAP Results GAAP Results

Non-GAAP
Adjustments and
Discontinued
Operations

Non-GAAP Results
           
Net sales $ 2,055 $ - $ 2,055 $ 1,936 $ - $ 1,936
Costs of sales   1,016     5     1,011     971     10     961  
Gross margin   1,039     (5 )   1,044     965     (10 )   975  
 
Selling, general and administrative expenses 492 25 467 471 21 450
Research and development expenditures 271 9 262 269 11 258
Other charges 56 56 - 14 14 -
Intangibles amortization   50     50     -     50     50     -  
Operating earnings   170     (145 )   315     161     (106 )   267  
 
Other income (expense):
Interest expense, net (21 ) - (21 ) (35 ) - (35 )
Gain on sales of investments and businesses, net 1 - 1 33 31 2
Other   (77 )   (81 )   4     (30 )   -     (30 )
Total other income (expense)   (97 )   (81 )   (16 )   (32 )   31     (63 )
Earnings from continuing operations before income taxes 73 (226 ) 299 129 (75 ) 204
Income tax expense   17     (84 )   101     122     46     76  
Earnings from continuing operations 56 (142 ) 198 7 (121 ) 128
 
Earnings from discontinued operations, net of tax   291     291     -     159     159     -  
Net earnings 347 149 198 166 38 128
 
Less: Earnings (loss) attributable to noncontrolling interests   (2 )   -     (2 )   4     -     4  
Net earnings attributable to Motorola Solutions, Inc. $ 349   $ 149   $ 200   $ 162   $ 38   $ 124  
 
Amounts attributable to Motorola Solutions, Inc. common shareholders
Earnings from continuing operations, net of tax $ 58 $ (142 ) $ 200 $ 3 $ (121 ) $ 124
Earnings from discontinued operations, net of tax   291     291     -     159     159     -  
Net earnings $ 349   $ 149   $ 200   $ 162   $ 38   $ 124  
 

Earnings per common share

Basic:
Continuing operations $ 0.17 $ (0.42 ) $ 0.59 $ 0.01 $ (0.36 ) $ 0.37
Discontinued operations   0.85     0.85     -     0.48     0.48     -  
$ 1.02   $ 0.43   $ 0.59   $ 0.49   $ 0.12   $ 0.37  
 
Diluted:
Continuing operations $ 0.17 $ (0.40 ) $ 0.57 $ 0.01 $ (0.36 ) $ 0.37
Discontinued operations   0.83     0.83     -     0.47     0.47     -  
$ 1.00   $ 0.43   $ 0.57   $ 0.48   $ 0.11   $ 0.37  
 

Weighted average common shares outstanding

Basic 341.2 341.2 341.2 332.7 332.7 332.7
Diluted   348.5     348.5     348.5     337.9     337.9     337.9  
 
 
Percentage of Net Sales*          
Net sales 100 % 100 % 100 % 100 %
Costs of sales   49.4 %   49.2 %   50.2 %   49.6 %
Gross margin   50.6 %   50.8 %   49.8 %   50.4 %
 
Selling, general and administrative expenses 23.9 % 22.7 % 24.3 % 23.2 %
Research and development expenditures 13.2 % 12.7 % 13.9 % 13.3 %
Other charges 2.7 % 0.0 % 0.7 % 0.0 %
Intangibles amortization   2.4 %   0.0 %   2.6 %   0.0 %
Operating earnings   8.3 %   15.3 %   8.3 %   13.8 %
 
Other income (expense):
Interest expense, net -1.0 % -1.0 % -1.8 % -1.8 %
Gain on sales of investments and businesses, net 0.0 % 0.0 % 1.7 % 0.1 %
Other   -3.7 %   0.2 %   -1.5 %   -1.5 %
Total other income (expense)   -4.7 %   -0.8 %   -1.7 %   -3.3 %
Earnings from continuing operations before income taxes 3.6 % 14.5 % 6.7 % 10.5 %
Income tax expense   0.8 %   4.9 %   6.3 %   3.9 %
Earnings from continuing operations 2.7 % 9.6 % 0.4 % 6.6 %
 
Earnings from discontinued operations, net of tax   14.2 %   0.0 %   8.2 %   0.0 %
Net earnings 16.9 % 9.6 % 8.6 % 6.6 %
 
Less: Earnings (loss) attributable to noncontrolling interests   -0.1 %   -0.1 %   0.2 %   0.2 %
Net earnings attributable to Motorola Solutions, Inc.   17.0 %   9.7 %   8.4 %   6.4 %
 
* Percentages may not add up due to rounding
     
Motorola Solutions, Inc. and Subsidiaries
Operating Earnings after Non-GAAP Adjustments
               
Q1 2011
     
      TOTAL Government Enterprise
Net sales $ 1,884 $ 1,189 $ 695
Operating earnings     $ 170   $ 104   $ 66  
 
Above-OE non-GAAP adjustments by P&L statement line:

Statement Line

Reorganization of business charges Cost of sales 3 3 -
Stock-based compensation expense Cost of sales 3 2 1
Stock-based compensation expense SG&A and R&D 36 24 12
Reorganization of business charges Other charges (income) 5 5 -
Intangibles amortization expense Intangibles amortization   50     1     49  
Less: Total above-OE non-GAAP adjustments 97 35 62
           
Operating earnings after non-GAAP adjustments     $ 267   $ 139   $ 128  
     
Operating earnings as a percentage of net sales - GAAP 9.0 % 8.7 % 9.5 %
Operating earnings as a percentage of net sales - after non-GAAP adjustments   14.2 %   11.7 %   18.4 %
               
Q2 2011
     
      TOTAL Government Enterprise
Net sales $ 2,055 $ 1,308 $ 747
Operating earnings     $ 170   $ 111   $ 59  
 
Above-OE non-GAAP adjustments by P&L statement line:

Statement Line

Stock-based compensation expense Cost of sales 5 3 2
Stock-based compensation expense SG&A and R&D 34 23 11
Legal matters, net Other charges 48 32 16
Reorganization of business charges Other charges 17 10 7
Pension plan adjustments, net Other charges (9 ) (6 ) (3 )
Intangibles amortization expense Intangibles amortization   50     1     49  
Less: Total above-OE non-GAAP adjustments 145 63 82
           
Operating earnings after non-GAAP adjustments     $ 315   $ 174   $ 141  
     
Operating earnings as a percentage of net sales - GAAP 8.3 % 8.5 % 7.9 %
Operating earnings as a percentage of net sales - after non-GAAP adjustments   15.3 %   13.3 %   18.9 %
           
Motorola Solutions, Inc. and Subsidiaries
Non-GAAP Adjustments (Intangibles Amortization Expense, Stock-Based Compensation Expense and Highlighted Items)
                     
Q1 2011
 
Highlighted Items Statement Line

PBT
(Inc)/Exp

Tax
Inc/(Exp)

PAT
(Inc)/Exp

EPS impact
 
Intangibles amortization expense Intangibles amortization $ 50 $ 18 $ 32 0.09
Stock-based compensation expense Cost of sales, SG&A and R&D 39 11 28 0.08
Reorganization of business charges Cost of sales and Other charges (income) 8 4 4 0.02
Reduction in deferred tax valuation allowance Income tax benefit - 244 (244 ) (0.71 )
        -  
Total continuing operations impact $ 97 $ 277 $ (180 ) $ (0.52 )
                     
Q2 2011
 
Highlighted Items Statement Line

PBT
(Inc)/Exp

Tax
Inc/(Exp)

PAT
(Inc)/Exp

EPS impact
 
Debt extinguishment loss Other income (expense) $ 81 $ 30 $ 51 0.14
Intangibles amortization expense Intangibles amortization 50 18 32 0.09
Legal matters, net Other charges 48 18 30 0.08
Stock-based compensation expense Cost of sales, SG&A and R&D 39 12 27 0.08
Reorganization of business charges Other charges 17 4 13 0.04
Pension plan adjustments, net Other charges (9 ) 2 (11 ) (0.03 )
        -  
Total continuing operations impact $ 226 $ 84 $ 142 $ 0.40

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