Motorola Solutions Files Q2 2024 10-Q

TL;DR

**MSI Q2 10-Q filed. Financials and ops details out.**

AI Summary

Motorola Solutions, Inc. filed its 10-Q for the period ending June 29, 2024. The filing covers the second quarter and first half of the fiscal year. Key financial data and operational details for this period are presented, reflecting the company's performance and financial position.

Why It Matters

This filing provides investors and analysts with the latest financial performance data for Motorola Solutions, crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial disclosures.

Key Players & Entities

• Motorola Solutions, Inc. (company) — Filer of the 10-Q
• 20240629 (date) — End of the reporting period
• 20240801 (date) — Filing date

FAQ

Key Financial Figures

• $0.01 — hange on Which Registered Common Stock $0.01 Par Value MSI New York Stock Exchange

Filing Documents

• msi-20240629.htm (10-Q) — 1859KB
• exhibit31q22024-restatedce.htm (EX-3.1) — 36KB
• exhibit101q22024-descripti.htm (EX-10.1) — 65KB
• msiex311q22024.htm (EX-31.1) — 10KB
• msiex312q22024.htm (EX-31.2) — 10KB
• msiex321q22024.htm (EX-32.1) — 5KB
• msiex322q22024.htm (EX-32.2) — 5KB
• image_0.jpg (GRAPHIC) — 1KB
• image_1.jpg (GRAPHIC) — 0KB
• 0000068505-24-000024.txt ( ) — 11139KB
• msi-20240629.xsd (EX-101.SCH) — 67KB
• msi-20240629_cal.xml (EX-101.CAL) — 106KB
• msi-20240629_def.xml (EX-101.DEF) — 364KB
• msi-20240629_lab.xml (EX-101.LAB) — 805KB
• msi-20240629_pre.xml (EX-101.PRE) — 624KB
• msi-20240629_htm.xml (XML) — 2047KB

FI NANCIAL INFORMATION

PART I. FI NANCIAL INFORMATION Page No.

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) 1 Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 29 , 2024 and July 1, 2023 1 Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 29, 2024 and July 1, 2023 2 Condensed Consolidated Balance Sheets as of June 29, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Stockholders' Equity for the Three and Six Months Ende d June 29, 2024 and July 1, 2023 4 Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 29, 2024 and July 1, 2023 5 Index for Notes to Condensed Consolidated Financial Statements 6 Notes to Condensed Consolidated Financial Statements 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 27

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 39

Controls and Procedures

Item 4. Controls and Procedures 39

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 40

Risk Factors

Item 1A. Risk Factors 40

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 41

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 41

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 41

Other Information

Item 5. Other Information 41

Exhibits

Item 6. Exhibits 42

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Condensed Consolidated Statements of Operations (Unaudited) (In millions, except per share amounts) Three Months Ended Six Months Ended June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023 Net sales from products $ 1,563 $ 1,349 $ 2,968 $ 2,573 Net sales from services 1,065 1,054 2,049 2,001 Net sales 2,628 2,403 5,017 4,574 Costs of products sales 653 636 1,252 1,209 Costs of services sales 636 578 1,234 1,130 Costs of sales 1,289 1,214 2,486 2,339 Gross margin 1,339 1,189 2,531 2,235 Selling, general and administrative expenses 430 390 827 757 Research and development expenditures 220 215 437 426 Other charges 45 66 104 135 Operating earnings 644 518 1,163 917 Other income (expense): Interest expense, net ( 69 ) ( 57 ) ( 113 ) ( 111 ) Gain on sales of investments and businesses, net — — — 1 Other, net 5 26 ( 560 ) 39 Total other expense ( 64 ) ( 31 ) ( 673 ) ( 71 ) Net earnings before income taxes 580 487 490 846 Income tax expense 135 114 83 194 Net earnings 445 373 407 652 Less: Earnings attributable to non-controlling interests 2 2 3 3 Net earnings attributable to Motorola Solutions, Inc. $ 443 $ 371 $ 404 $ 649 Earnings per common share: Basic $ 2.65 $ 2.21 $ 2.43 $ 3.88 Diluted $ 2.60 $ 2.15 $ 2.37 $ 3.76 Weighted average common shares outstanding: Basic 166.9 167.5 166.5 167.4 Diluted 170.3 172.6 170.3 172.5 See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited). 1 Condensed Consolidated Statements of Comprehensive Income (Unaudited) Three Months Ended Six Months Ended (In millions) June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023 Net earnings $ 445 $ 373 $ 407 $ 652 Foreign currency translation adjustments ( 3 ) 27 ( 27 ) 63 Derivative instruments — — 4 — Defined benefit plans 7 13 14 25 Total other comprehensive income (loss), net of tax 4 40 ( 9 ) 88 Comprehensive income 449 413 398 740 Less: Earnings attributable to non-controlling interests 2 2 3

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View this 10-Q filing on SEC EDGAR