Motorola Solutions (MSI) FY2017 results: revenue $6.4 billion, up 5.7% on the year
Motorola Solutions, Inc. (MSI) reported revenue of $6.4 billion for fiscal 2017, the year ended 31 December 2017, up 5.7% on the year before. Net income was -$155 million, and diluted earnings per share $-0.95. The figures are the company's own, from the 10-K it filed with the SEC on 16 February 2018.
Revenue
$6.4 billion
+5.7% on the year
FY2010FY2017
Operating margin
20.1%
17.4% a year earlier
FY2010FY2017
Net income
-$155 million
FY2010FY2017
Diluted EPS
-$0.95
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
6,380
6,038
5,695
+5.7%
Cost of revenue
3,356
3,169
2,976
+5.9%
Gross profit
3,024
2,869
2,719
+5.4%
Gross margin
47.4%
47.5%
47.7%
Research and development
568
553
620
+2.7%
Selling, general and administrative
1,025
1,044
1,021
-1.8%
Operating income
1,282
1,048
994
+22.3%
Operating margin
20.1%
17.4%
17.5%
Interest expense
215
225
186
-4.4%
Pre-tax income
1,076
844
917
+27.5%
Income tax
1,227
282
274
+335.1%
Effective tax rate
114.0%
33.4%
29.9%
Net income
-155
560
610
Net margin
-2.4%
9.3%
10.7%
Diluted EPS
-$0.95
$3.24
$3.02
$ 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
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
1,346
1,165
1,021
+15.5%
Capital expenditure
227
271
175
-16.2%
Free cash flow
1,119
894
846
+25.2%
Free cash flow margin
17.5%
14.8%
14.9%
Cash from investing
-448
-1,002
-528
Cash from financing
-722
-1,042
-2,398
Depreciation and amortisation
343
295
150
+16.3%
Share-based compensation
66.0
68.0
78.0
-2.9%
Buybacks
483
842
3,177
-42.6%
Dividends paid
307
280
277
+9.6%
Dividend per share
$1.93
$1.70
$1.43
+13.5%
Diluted shares, weighted
163m
173m
202m
-5.9%
Shares outstanding at period end
161m
165m
174m
-2.1%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
-1,742
-964
-106
Non-controlling interest
15.0
12.0
10.0
+25.0%
Debt
4,471
4,396
4,349
+1.7%
Other liabilities
5,464
5,019
4,093
+8.9%
Total liabilities and equity
8,208
8,463
8,346
-3.0%
Fixed assets
856
789
487
+8.5%
Goodwill
938
728
420
+28.8%
Intangible assets
861
821
49.0
+4.9%
Investments
247
284
669
-13.0%
Cash and equivalents
1,205
967
1,980
+24.6%
Receivables
1,523
1,410
1,362
+8.0%
Inventory
327
273
296
+19.8%
Other assets
2,251
3,191
3,083
-29.5%
Total assets
8,208
8,463
8,346
-3.0%
10-K for the year ended 31 December 2017, filed 16 February 2018: the filing.