Motorola Solutions (MSI) FY2019 results: revenue $7.9 billion, up 7.4% on the year
Motorola Solutions, Inc. (MSI) reported revenue of $7.9 billion for fiscal 2019, the year ended 31 December 2019, up 7.4% on the year before. Net income was $868 million, down 10.1%, and diluted earnings per share $4.95. The figures are the company's own, from the 10-K it filed with the SEC on 14 February 2020.
Revenue
$7.9 billion
+7.4% on the year
FY2012FY2019
Operating margin
20.0%
17.1% a year earlier
FY2012FY2019
Net income
$868 million
-10.1% on the year
FY2012FY2019
Diluted EPS
$4.95
-11.9% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
7,887
7,343
6,380
+7.4%
Cost of revenue
3,956
3,863
3,356
+2.4%
Gross profit
3,931
3,480
3,024
+13.0%
Gross margin
49.8%
47.4%
47.4%
Research and development
687
637
568
+7.8%
Selling, general and administrative
1,403
1,254
1,025
+11.9%
Operating income
1,581
1,255
1,282
+26.0%
Operating margin
20.0%
17.1%
20.1%
Interest expense
237
240
215
-1.2%
Pre-tax income
1,001
1,102
1,076
-9.2%
Income tax
130
133
1,227
-2.3%
Effective tax rate
13.0%
12.1%
114.0%
Net income
868
966
-155
-10.1%
Net margin
11.0%
13.2%
-2.4%
Diluted EPS
$4.95
$5.62
-$0.95
-11.9%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
1,823
1,075
1,346
+69.6%
Capital expenditure
248
197
227
+25.9%
Free cash flow
1,575
878
1,119
+79.4%
Free cash flow margin
20.0%
12.0%
17.5%
Cash from investing
-934
-1,266
-448
Cash from financing
-1,144
220
-722
Depreciation and amortisation
394
360
343
+9.4%
Share-based compensation
118
73.0
66.0
+61.6%
Buybacks
315
132
483
+138.6%
Dividends paid
379
337
307
+12.5%
Dividend per share
$2.35
$2.13
$1.93
+10.3%
Diluted shares, weighted
176m
172m
163m
+2.1%
Shares outstanding at period end
170m
164m
161m
+4.3%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
-700
-1,293
-1,742
Non-controlling interest
17.0
17.0
15.0
0.0%
Debt
5,129
5,320
4,471
-3.6%
Operating lease liabilities
497
n/a
n/a
Finance lease liabilities
16.0
n/a
n/a
Other liabilities
5,683
5,365
5,464
+5.9%
Total liabilities and equity
10,642
9,409
8,208
+13.1%
Fixed assets
992
895
856
+10.8%
Goodwill
2,067
1,514
938
+36.5%
Intangible assets
1,327
1,230
861
+7.9%
Investments
159
169
247
-5.9%
Cash and equivalents
1,001
1,257
1,205
-20.4%
Receivables
1,412
1,293
1,523
+9.2%
Inventory
447
356
327
+25.6%
Other assets
3,237
2,695
2,251
+20.1%
Total assets
10,642
9,409
8,208
+13.1%
10-K for the year ended 31 December 2019, filed 14 February 2020: the filing.