Motorola Solutions, Inc. Q1 FY2024 results: revenue $2.4 billion, up 10.0% on the year

Motorola Solutions, Inc. (MSI) reported revenue of $2.4 billion for Q1 FY2024, the quarter ended 30 March 2024, up 10.0% on the same quarter a year earlier. Net income was -$39 million, and diluted earnings per share $-0.23. The figures are the company's own, from the 10-Q it filed with the SEC on 2 May 2024.

Revenue$2.4 billionup 10.0%

Net income-$39 million

Diluted EPS$-0.23

QuarterQ1 FY2024ended 30 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	2,389	2,848	n/a	n/a
Cost of revenue	1,197	1,393	n/a	n/a
Gross profit	1,192	1,455	n/a	n/a
Gross margin	49.9%	51.1%	n/a
Research and development	218	218	n/a	n/a
Selling, general and administrative	397	423	n/a	n/a
Operating income	519	738	n/a	n/a
Operating margin	21.7%	25.9%	n/a
Interest expense	61.0	63.0	n/a	n/a
Pre-tax income	-90.0	709	n/a	n/a
Income tax	-52.0	112	n/a	n/a
Effective tax rate	n/a	15.8%	n/a
Net income	-39.0	596	n/a	n/a
Net margin	-1.6%	20.9%	n/a
Diluted EPS	-$0.23	$3.47	n/a	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. Free 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 and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	382	1,245	n/a	n/a
Capital expenditure	46.0	81.0	n/a	n/a
Free cash flow	336	1,164	n/a	n/a
Free cash flow margin	14.1%	40.9%	n/a
Depreciation and amortisation	83.0	85.0	n/a	n/a
Share-based compensation	56.0	52.0	n/a	n/a
Buybacks	39.0	134	n/a	n/a
Dividends paid	163	146	n/a	n/a
Dividend per share	$0.98	$0.98	n/a	n/a
Diluted shares, weighted	166m	172m	n/a	n/a
Shares outstanding at period end	167m	166m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Total assets	13,326	13,336	n/a	n/a
Cash and equivalents	1,512	1,705	n/a	n/a
Receivables	1,592	1,710	n/a	n/a
Inventory	840	827	n/a	n/a
Goodwill	3,410	3,401	n/a	n/a
Long-term debt	5,994	4,705	n/a	n/a
Borrowings, as the company tags them	6,308	6,019	n/a	n/a
Operating lease liabilities	447	407	n/a	n/a
Shareholders' equity	521	724	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	2,556	2,848	2,389	2,628	2,790	3,010	2,528	2,765	3,009	3,380	2,714	3,133
Cost of revenue	1,276	1,393	1,197	1,289	1,357	1,462	1,228	1,352	1,455	1,612	1,352	1,455
Gross profit	1,280	1,455	1,192	1,339	1,433	1,548	1,300	1,413	1,554	1,768	1,362	1,678
Gross margin	50%	51%	50%	51%	51%	51%	51%	51%	52%	52%	50%	54%
R&D	215	218	218	220	234	245	233	231	237	269	252	260
SG&A	380	423	397	430	439	486	436	450	485	499	439	496
Operating income	639	738	519	644	711	814	582	692	770	944	525	809
Operating margin	25%	26%	22%	25%	25%	27%	23%	25%	26%	28%	19%	26%
Interest expense	60.0	63.0	61.0	87.0	73.0	74.0	69.0	71.0	103	117	111	109
Pre-tax income	592	709	-90.0	580	695	787	547	680	725	860	441	742
Tax rate	21%	16%	n/a	23%	19%	22%	21%	24%	22%	25%	17%	25%
Net income	464	596	-39.0	443	562	611	430	513	562	649	366	557
Net margin	18%	21%	-2%	17%	20%	20%	17%	19%	19%	19%	13%	18%
Diluted EPS	$2.70	$3.47	-$0.23	$2.60	$3.29	$3.57	$2.53	$3.04	$3.33	$3.85	$2.18	$3.33
Operating cash flow	714	1,245	382	180	759	1,070	510	273	798	1,256	451	469
Capital expenditure	65.0	81.0	46.0	68.0	57.0	86.0	37.0	48.0	66.0	114	62.0	55.0
Free cash flow	649	1,164	336	112	702	984	473	225	732	1,142	389	414
Buybacks	306	134	39.0	71.0	31.0	103	325	218	121	490	118	331
Dividends paid	147	146	163	163	164	164	182	182	182	182	201	201
Shares outstanding	166m	166m	167m	167m	167m	167m	167m	167m	167m	166m	166m	166m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 March 2024, filed 2 May 2024, accession 0000068505-24-000016: the filing on EDGAR. All of Motorola Solutions, Inc.'s filings: EDGAR company page.

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