Motorola Solutions (MSI) FY2020 results: revenue $7.4 billion, down 6.0% on the year
Motorola Solutions, Inc. (MSI) reported revenue of $7.4 billion for fiscal 2020, the year ended 31 December 2020, down 6.0% on the year before. Net income was $949 million, up 9.3%, and diluted earnings per share $5.45. The figures are the company's own, from the 10-K it filed with the SEC on 12 February 2021.
Revenue
$7.4 billion
-6.0% on the year
FY2013FY2020
Operating margin
18.7%
20.0% a year earlier
FY2013FY2020
Net income
$949 million
+9.3% on the year
FY2013FY2020
Diluted EPS
$5.45
+10.1% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
7,414
7,887
7,343
-6.0%
Cost of revenue
3,806
3,956
3,863
-3.8%
Gross profit
3,608
3,931
3,480
-8.2%
Gross margin
48.7%
49.8%
47.4%
Research and development
686
687
637
-0.1%
Selling, general and administrative
1,293
1,403
1,254
-7.8%
Operating income
1,383
1,581
1,255
-12.5%
Operating margin
18.7%
20.0%
17.1%
Interest expense
233
237
240
-1.7%
Pre-tax income
1,174
1,001
1,102
+17.3%
Income tax
221
130
133
+70.0%
Effective tax rate
18.8%
13.0%
12.1%
Net income
949
868
966
+9.3%
Net margin
12.8%
11.0%
13.2%
Diluted EPS
$5.45
$4.95
$5.62
+10.1%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
1,613
1,823
1,075
-11.5%
Capital expenditure
217
248
197
-12.5%
Free cash flow
1,396
1,575
878
-11.4%
Free cash flow margin
18.8%
20.0%
12.0%
Cash from investing
-437
-934
-1,266
Cash from financing
-966
-1,144
220
Depreciation and amortisation
409
394
360
+3.8%
Share-based compensation
129
118
73.0
+9.3%
Buybacks
612
315
132
+94.3%
Dividends paid
436
379
337
+15.0%
Dividend per share
$2.63
$2.35
$2.13
+11.9%
Diluted shares, weighted
174m
176m
172m
-0.9%
Shares outstanding at period end
169m
170m
164m
-0.6%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
-558
-700
-1,293
Non-controlling interest
17.0
17.0
17.0
0.0%
Debt
5,175
5,129
5,320
+0.9%
Operating lease liabilities
402
497
n/a
-19.1%
Finance lease liabilities
5.0
16.0
n/a
-68.8%
Other liabilities
5,835
5,683
5,365
+2.7%
Total liabilities and equity
10,876
10,642
9,409
+2.2%
Fixed assets
1,022
992
895
+3.0%
Goodwill
2,219
2,067
1,514
+7.4%
Intangible assets
1,234
1,327
1,230
-7.0%
Investments
158
159
169
-0.6%
Cash and equivalents
1,254
1,001
1,257
+25.3%
Receivables
1,390
1,412
1,293
-1.6%
Inventory
508
447
356
+13.6%
Other assets
3,091
3,237
2,695
-4.5%
Total assets
10,876
10,642
9,409
+2.2%
10-K for the year ended 31 December 2020, filed 12 February 2021: the filing.