Motorola Solutions (MSI) FY2015 results: revenue $5.7 billion, down 3.2% on the year
Motorola Solutions, Inc. (MSI) reported revenue of $5.7 billion for fiscal 2015, the year ended 31 December 2015, down 3.2% on the year before. Net income was $610 million, down 53.0%, and diluted earnings per share $3.02. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2016.
Revenue
$5.7 billion
-3.2% on the year
FY2008FY2015
Operating margin
17.5%
-17.1% a year earlier
FY2008FY2015
Net income
$610 million
-53.0% on the year
FY2008FY2015
Diluted EPS
$3.02
-42.9% on the year
FY2008FY2015
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Revenue
5,695
5,881
6,227
-3.2%
Cost of revenue
2,976
3,050
3,118
-2.4%
Gross profit
2,719
2,831
3,109
-4.0%
Gross margin
47.7%
48.1%
49.9%
Research and development
620
681
761
-9.0%
Selling, general and administrative
1,021
1,184
1,330
-13.8%
Operating income
994
-1,006
947
Operating margin
17.5%
-17.1%
15.2%
Interest expense
186
147
132
+26.5%
Pre-tax income
917
-1,161
880
Income tax
274
-465
-59.0
Effective tax rate
29.9%
n/a
-6.7%
Net income
610
1,299
1,099
-53.0%
Net margin
10.7%
22.1%
17.6%
Diluted EPS
$3.02
$5.29
$4.06
-42.9%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Operating cash flow
1,021
-637
555
Capital expenditure
175
181
169
-3.3%
Free cash flow
846
-818
386
Free cash flow margin
14.9%
-13.9%
6.2%
Cash from investing
-528
3,208
2,034
Cash from financing
-2,398
-1,763
-842
Depreciation and amortisation
150
173
158
-13.3%
Share-based compensation
78.0
94.0
120
-17.0%
Buybacks
3,177
2,546
1,694
+24.8%
Dividends paid
277
318
292
-12.9%
Dividend per share
$1.43
$1.30
$1.14
+10.0%
Diluted shares, weighted
202m
246m
270m
-17.8%
Shares outstanding at period end
174m
220m
254m
-20.7%
Balance sheet
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Shareholders' equity
-106
2,735
3,659
Non-controlling interest
10.0
31.0
30.0
-67.7%
Debt
4,349
3,400
2,461
+27.9%
Other liabilities
4,093
4,257
5,701
-3.9%
Total liabilities and equity
8,346
10,423
11,851
-19.9%
Fixed assets
487
549
610
-11.3%
Goodwill
420
383
361
+9.7%
Intangible assets
49.0
23.0
6.0
+113.0%
Investments
669
562
234
+19.0%
Cash and equivalents
1,980
3,954
3,225
-49.9%
Receivables
1,362
1,409
1,369
-3.3%
Inventory
296
345
347
-14.2%
Other assets
3,083
3,198
5,699
-3.6%
Total assets
8,346
10,423
11,851
-19.9%
10-K for the year ended 31 December 2015, filed 23 February 2016: the filing.