Two Way Radio Industry News Blog

Radio Industry news from around the world.

Motorola Solutions Announces Pricing Terms of its Tender Offers

on Friday, 24 May 2019. Posted in Two Way Radio Industry News Blog

CHICAGO – May 23, 2019 — Motorola Solutions, Inc. (NYSE: MSI) (the “Company”)  announced today the pricing terms of its previously announced tender offers to purchase for cash (i) any and all of the Company’s outstanding securities listed in Table I below (the “Any and All Notes”) (such offer, the “Any and All Offer”), and (ii) up to the Maximum Waterfall Tender Amount (as defined below) in aggregate purchase price of the Company’s outstanding securities listed in Table II below (collectively, the “Waterfall Notes” and, together with the Any and All Notes, the “Securities”), subject to the Acceptance Priority Levels as defined below (such offer, the “Waterfall Offer”). The “Maximum Waterfall Tender Amount” is an aggregate purchase price equal to $650 million less the aggregate purchase price of the Any and All Notes validly tendered and accepted for purchase in the Any and All Offer. The Company also announced the principal amount of each series of Securities that it expects to accept pursuant to the tender offers, subject to the satisfaction of waiver of certain conditions, as described below. The tender offers are being made upon and are subject to the terms and conditions set forth in the Offer to Purchase, dated May 9, 2019, as amended earlier today, and the related Letter of Transmittal (as they may each be further amended or supplemented from time to time, the “Tender Offer Documents”).

The “Total Consideration” for each series of Securities is payable to holders of the Securities who validly tendered and did not properly withdraw their Securities at or prior to 5:00 p.m., New York City time, on May 22, 2019 (the “Early Tender Deadline”) and whose Securities are accepted for purchase by the Company.  The Reference Yields listed in the tables below were determined at 11:00 a.m., New York City time, on May 23, 2019 (the “Price Determination Date”) by the lead dealer managers.  Payments for Securities purchased in connection with the Early Tender Deadline will also include accrued and unpaid interest from and including the last interest payment date applicable to the relevant series of Securities up to, but not including, the early settlement date for such Securities accepted for purchase, which is currently expected to be May 24, 2019 (the “Early Settlement Date”).
 
Table I
Securities Subject to the Any and All Offer
 
Title of Security Principal Amount Outstanding CUSIP/ISIN Principal Amount Expected to be Accepted(1) Reference U.S. Treasury Security Reference Yield Fixed Spread (basis points) Total Consideration(2)

7.500% Senior Notes
due 2025
 
$346,930,000 CUSIP: 620076 AH2
ISIN:US620076AH21
$90,076,000 2.250% U.S.T.
due 04/30/24
2.126% 165 $1,197.52

6.500% Senior Notes
due 2025
 
$117,892,000 CUSIP: 620076 AK5
ISIN: US620076AK59
$45,016,000 2.250% U.S.T.
due 04/30/24
2.126% 170 $1,147.73

6.500% Senior Notes
due 2028
 
$36,463,000 CUSIP: 620076 AP4
ISIN: US620076AP47
$11,501,000 2.625% U.S.T.
due 02/15/29
2.336% 195 $1,170.91

6.625% Senior Notes
due 2037
 
$54,533,000 CUSIP: 620076 BA6
ISIN: US620076BA68
$16,276,000 3.000% U.S.T.
due 02/15/49
2.766% 285 $1,115.07
(1) Expected to be accepted for purchase, and paid for, on the Early Settlement Date.
(2) The total consideration payable for each $1,000 principal amount of Securities validly tendered at or prior to the Expiration Date and accepted for purchase by us includes an early tender premium of $50. In addition, holders whose Securities are accepted will also receive accrued interest on such Securities.
 
Table II
Securities Subject to the Waterfall Offer
 
Title of Security Principal Amount Outstanding CUSIP/ISIN Acceptance
Priority
Level
Principal Amount Expected to be Accepted(1) Reference U.S. Treasury Security Reference Yield Fixed Spread (basis points) Total Consideration(2)

3.500% Senior Notes
due 2021
 
$400,000,000 CUSIP: 620076 BD0
ISIN: US620076BD08
1 $249,683,000 2.250% U.S.T.
due 04/30/21
2.167% 50 $1,018.20

3.750% Senior Notes
due 2022
 
$750,000,000 CUSIP: 620076 BB4
ISIN: US620076BB42
2 $198,233,000 2.250% U.S.T.
due 04/15/22
2.115% 50 $1,032.28

3.500% Senior Notes
due 2023
 
$600,000,000 CUSIP: 620076 BC2
 ISIN: US620076BC25
3 $0 2.250% U.S.T.
due 04/30/24
N/A 80 N/A
(1) Expected to be accepted for purchase, and paid for, on the Early Settlement Date.
(2) The total consideration payable for each $1,000 principal amount of Securities validly tendered at or prior to the Early Tender Deadline and accepted for purchase by us includes an early tender premium of $50. In addition, holders whose Securities are accepted will also receive accrued interest on such Securities.

As listed in the tables above, the Company expects to accept for purchase, and pay for, $90,076,000 aggregate principal amount of its 7.500% Senior Notes due 2025, $45,016,000 aggregate principal amount of its 6.500% Senior Notes due 2025, $11,501,000 aggregate principal amount of its 6.500% Senior Notes due 2028, $16,276,000 aggregate principal amount of its 6.625% Senior Notes due 2037, $249,683,000 aggregate principal amount of its 3.500% Senior Notes due 2021 and $198,233,000 aggregate principal amount of its 3.750% Senior Notes due 2022, on the Early Settlement Date.
 
The Company’s obligation to accept for payment and pay for the Securities validly tendered in the tender offers is subject to the satisfaction or waiver of the conditions described in the Offer to Purchase.
 
Although the tender offers are scheduled to expire at midnight, New York City time, at the end of June 6, 2019, unless extended or terminated, because the Waterfall Offer was fully subscribed as of the Early Tender Deadline, the Company does not expect to accept for purchase any Waterfall Notes tendered after the Early Tender Deadline. Holders of Any and All Notes who validly tender such notes following the Early Tender Deadline and at or prior to the Expiration Date will receive the applicable Total Consideration for Securities accepted for purchase specified in the table above.  Securities not accepted for purchase will be promptly returned or credited to the holder’s account. The withdrawal deadline of 5:00 p.m., New York City time, on May 22, 2019 has passed and, accordingly, Securities validly tendered in the tender offers may no longer be withdrawn except where additional withdrawal rights are required by law.
BofA Merrill Lynch and Mizuho Securities are serving as the Lead Dealer Managers, and Santander, TD Securities and US Bancorp are serving as the Co-Dealer Managers, in connection with the tender offers.  The information agent and tender agent is Global Bondholder Services Corporation.  The full details of the tender offers, including complete instructions on how to tender Securities, are included in the Tender Offer Documents. Holders are strongly encouraged to read carefully the Tender Offer Documents, including materials incorporated by reference therein, because they contain important information. Copies of the Tender Offer Documents and related offering materials are available by contacting the information agent at (212) 430-3774 (banks and brokers) or (866) 807-2200 (all others).  Questions regarding the tender offers should be directed to BofA Merrill Lynch, at (980) 387-3907 or (888) 292-0070 (toll free) or Mizuho Securities, at (212) 205-7736 or (866) 271-7403 (toll free).
 
None of the Company or its affiliates, their respective boards of directors, the dealer managers, the information agent and tender agent or the trustee is making any recommendation as to whether holders should tender any Securities in response to any of the tender offers, and neither the Company nor any such other person has authorized any person to make any such recommendation. Holders must make their own decision as to whether to tender any of their Securities, and, if so, the principal amount of Securities to tender.
 
This news release shall not constitute an offer to sell, a solicitation to buy or an offer to purchase or sell any securities. The tender offers are being made only pursuant to the Offer to Purchase and only in such jurisdictions as is permitted under applicable law.
 
About Motorola Solutions, Inc.
 
Motorola Solutions is a global leader in mission-critical communications. Our technology platforms in communications, command center software, services and video security and analytics make cities safer and help communities and businesses thrive. At Motorola Solutions, we are ushering in a new era in public safety and security. Learn more at www.motorolasolutions.com.
 
Cautionary Note Regarding Forward-Looking Statements
 
This press release contains statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These “forward-looking statements” are statements other than statements of historical fact and may include, among other things, statements in relation to the Company’s current expectations and beliefs as to its ability to consummate the tender offers, including the timing, size, pricing or other terms of the tender offers, and other future events. All information set forth in this release is as of the date hereof. The Company does not intend, and undertakes no duty, to update this information to reflect future events or circumstances. Actual results are subject to a number of risks and uncertainties and may differ materially from the current expectations and beliefs discussed in this press release. Certain potential factors, risks and uncertainties that could affect the Company’s business and financial results and cause actual results to differ materially from those expressed or implied in any forward-looking statements include the Company’s ability to complete the tender offers and satisfy the conditions thereto, and other potential factors, risks and uncertainties under the heading “Risk Factors” in its Annual Report on Form 10-K for the year ended December 31, 2018, which is on file with the Securities and Exchange Commission (“SEC”) and available at the SEC’s website at www.sec.gov.

Motorola Solutions Announces Early Results of Its Tender Offers; Extends Total Consideration to Any and All Notes Tendered Through Expiration Date

on Friday, 24 May 2019. Posted in Two Way Radio Industry News Blog

CHICAGO – May 23, 2019 — Motorola Solutions, Inc. (NYSE: MSI) (the “Company”)  announced today the early results of its previously announced tender offers to purchase for cash (i) any and all of the Company’s outstanding securities listed in Table I below (the “Any and All Notes”) (such offer, the “Any and All Offer”), and (ii) up to the Maximum Waterfall Tender Amount (as defined below) in aggregate purchase price of the Company’s outstanding securities listed in Table II below (collectively, the “Waterfall Notes” and, together with the Any and All Notes, the “Securities”), subject to the Acceptance Priority Levels as defined below (such offer, the “Waterfall Offer”). The “Maximum Waterfall Tender Amount” is an aggregate purchase price equal to $650 million less the aggregate purchase price of the Any and All Notes validly tendered and accepted for purchase in the Any and All Offer.

In addition, the Company announced today that it has amended the terms of the Any and All Offer to change the amount of consideration payable for Any and All Notes validly tendered and accepted for purchase after the Early Tender Deadline from the applicable “Tender Offer Consideration” to the applicable “Total Consideration” for such Securities. Accordingly, Holders of Any and All Notes who validly tender such Securities following the Early Tender Deadline and at or prior to the Expiration Date will now receive the applicable Total Consideration for such Securities accepted for purchase, which includes the applicable Early Tender Premium specified in the table below. Subject to this amendment to the Any and All Offer, the tender offers are being made upon and are subject to the terms and conditions set forth in the Offer to Purchase, dated May 9, 2019, and the related Letter of Transmittal (as they may each be amended or supplemented from time to time, the “Tender Offer Documents”).

As of 5:00 p.m., New York City time, on May 22, 2019 (the “Early Tender Deadline”), $162,869,000 aggregate principal amount of the Any and All Notes and $1,013,023,000 aggregate principal amount of the Waterfall Notes were validly tendered and not properly withdrawn in the tender offers.  The withdrawal deadline of 5:00 p.m., New York City time, on May 22, 2019 has passed and, accordingly, Securities validly tendered in the tender offers may no longer be withdrawn except where additional withdrawal rights are required by law. 

The following tables set forth certain information regarding the tender offers, including the aggregate principal amount of each series of Securities that were validly tendered and not properly withdrawn at or prior to the Early Tender Deadline. 
 
Table I
Securities Subject to the Any and All Offer
 
Title of Security Principal Amount Outstanding CUSIP/ISIN Early Tender Premium(1) Reference U.S. Treasury Security Bloomberg Reference Page/Screen Fixed Spread (basis points) Principal Amount Tendered(2)

7.500% Senior Notes
due 2025
 
$346,930,000 CUSIP: 620076 AH2
ISIN:US620076AH21
$50.00 2.250% U.S.T.
due 04/30/24
PX1 165 $90,076,000

6.500% Senior Notes
due 2025
 
$117,892,000 CUSIP: 620076 AK5
ISIN: US620076AK59
$50.00 2.250% U.S.T.
due 04/30/24
PX1 170 $45,016,000

6.500% Senior Notes
due 2028
 
$36,463,000 CUSIP: 620076 AP4
ISIN: US620076AP47
$50.00 2.625% U.S.T.
due 02/15/29
PX1 195 $11,501,000

6.625% Senior Notes
due 2037
 
$54,533,000 CUSIP: 620076 BA6
ISIN: US620076BA68
$50.00 3.000% U.S.T.
due 02/15/49
PX1 285 $16,276,000
(1) The total consideration payable for each $1,000 principal amount of Securities validly tendered at or prior to the Expiration Date and accepted for purchase by us includes the Early Tender Premium. In addition, holders whose Securities are accepted will also receive accrued interest on such Securities.
(2) As reported by Global Bondholder Services Corporation, the tender and information agent for the tender offers.
 
Table II
Securities Subject to the Waterfall Offer
 
Title of Security Principal Amount Outstanding CUSIP/ISIN Acceptance
Priority
Level
Early Tender Premium(1) Reference U.S. Treasury Security Bloomberg Reference Page/Screen Fixed Spread (basis points) Principal Amount Tendered(2)

3.500% Senior Notes
due 2021
 
$400,000,000 CUSIP: 620076 BD0
ISIN: US620076BD08
1 $50.00 2.250% U.S.T.
due 04/30/21
PX1 50 $249,683,000

3.750% Senior Notes
due 2022
 
$750,000,000 CUSIP: 620076 BB4
ISIN: US620076BB42
2 $50.00 2.250% U.S.T.
due 04/15/22
PX1 50 $454,219,000

3.500% Senior Notes
due 2023
 
$600,000,000 CUSIP: 620076 BC2
 ISIN: US620076BC25
3 $50.00 2.250% U.S.T.
due 04/30/24
PX1 80 $309,121,000
(1) The total consideration payable for each $1,000 principal amount of Securities validly tendered at or prior to the Early Tender Deadline and accepted for purchase by us includes the applicable Early Tender Premium. In addition, holders whose Securities are accepted will also receive accrued interest on such Securities.
(2) As reported by Global Bondholder Services Corporation, the tender and information agent for the tender offers.


Subject to the Maximum Waterfall Tender Amount, the amount of each series of Waterfall Notes that are purchased in the Waterfall Offer will be determined in accordance with the acceptance priority levels specified in Table II above (the “Acceptance Priority Levels”), with 1 being the highest Acceptance Priority Level and 3 being the lowest Acceptance Priority Level. 

Because the aggregate principal amount of validly tendered Waterfall Notes exceeded the Maximum Waterfall Tender Amount, the Waterfall Notes will be purchased subject to Acceptance Priority Levels and proration as described in the Offer to Purchase.

Holders of Securities that were validly tendered and not properly withdrawn at or prior to the Early Tender Deadline and accepted for purchase will receive the applicable “Total Consideration,” which includes the applicable Early Tender Premium specified in the tables above.  Payments for Securities purchased will include accrued and unpaid interest from and including the last interest payment date applicable to the relevant series of Securities up to, but not including, the applicable settlement date for such Securities accepted for purchase.  The settlement date for securities tendered at or prior to the Early Tender Deadline and accepted for purchase is expected to be May 24, 2019 (the “Early Settlement Date”).  The Company expects to issue a press release on May 23, 2019 announcing the Total Consideration payable in connection with the tender offers. 

Although the tender offers are scheduled to expire at midnight, New York City time, at the end of June 6, 2019, unless extended or terminated (the “Expiration Date”), because the Waterfall Offer was fully subscribed as of the Early Tender Deadline, the Company does not expect to accept for purchase any Waterfall Notes tendered after the Early Tender Deadline. Securities not accepted for purchase will be promptly returned or credited to the holder’s account. 

The Company’s obligation to accept for payment and pay for the Securities validly tendered in the tender offers is subject to the satisfaction or waiver of the conditions, including a financing condition, described in the Offer to Purchase.

BofA Merrill Lynch and Mizuho Securities are serving as the Lead Dealer Managers, and Santander, TD Securities and US Bancorp are serving as the Co-Dealer Managers, in connection with the tender offers.  The information agent and tender agent is Global Bondholder Services Corporation.  The full details of the tender offers, including complete instructions on how to tender Securities, are included in the Tender Offer Documents. Holders are strongly encouraged to read carefully the Tender Offer Documents, including materials incorporated by reference therein, because they contain important information. Copies of the Tender Offer Documents and related offering materials are available by contacting the information agent at (212) 430-3774 (banks and brokers) or (866) 807-2200 (all others).  Questions regarding the tender offers should be directed to BofA Merrill Lynch, at (980) 387-3907 or (888) 292-0070 (toll free) or Mizuho Securities, at (212) 205-7736 or (866) 271-7403 (toll free).

None of the Company or its affiliates, their respective boards of directors, the dealer managers, the information agent and tender agent or the trustee is making any recommendation as to whether holders should tender any Securities in response to any of the tender offers, and neither the Company nor any such other person has authorized any person to make any such recommendation. Holders must make their own decision as to whether to tender any of their Securities, and, if so, the principal amount of Securities to tender.

This news release shall not constitute an offer to sell, a solicitation to buy or an offer to purchase or sell any securities.  The tender offers are being made only pursuant to the Offer to Purchase and only in such jurisdictions as is permitted under applicable law.
 
About Motorola Solutions, Inc.
 
Motorola Solutions is a global leader in mission-critical communications. Our technology platforms in communications, command center software, services and video security and analytics make cities safer and help communities and businesses thrive. At Motorola Solutions, we are ushering in a new era in public safety and security. Learn more at www.motorolasolutions.com.
 
Cautionary Note Regarding Forward-Looking Statements
 
This press release contains statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These “forward-looking statements” are statements other than statements of historical fact and may include, among other things, statements in relation to the Company’s current expectations and beliefs as to its ability to consummate the tender offers, including the timing, size, pricing or other terms of the tender offers, and other future events. All information set forth in this release is as of the date hereof. The Company does not intend, and undertakes no duty, to update this information to reflect future events or circumstances. Actual results are subject to a number of risks and uncertainties and may differ materially from the current expectations and beliefs discussed in this press release. Certain potential factors, risks and uncertainties that could affect the Company’s business and financial results and cause actual results to differ materially from those expressed or implied in any forward-looking statements include the Company’s ability to complete the tender offers and satisfy the conditions thereto, and other potential factors, risks and uncertainties under the heading “Risk Factors” in its Annual Report on Form 10-K for the year ended December 31, 2018, which is on file with the Securities and Exchange Commission (“SEC”) and available at the SEC’s website at www.sec.gov.

Motorola Solutions Provides Allegheny County with New Mission Critical Public Safety Solutions

on Wednesday, 22 May 2019. Posted in Two Way Radio Industry News Blog

The addition of radio technologies allows one-to-many critical communications from the time a 9-1-1 call is placed to resolution of an incident

CHICAGO – May 21, 2019 – Motorola Solutions (NYSE:MSI) announced its implementation of APX™ Project 25 (P25) two-way radios into the Maryland FiRST Radio System for Allegheny County. Used by law enforcement, fire departments and emergency medical services (EMS), the radios provide seamless communication across agencies and state borders. For 20 years, Allegany County has used Motorola Solutions for mission critical communications.

“Communications is vital in everything we do from a simple control check to a major incident,” said Captain Chuck Ternent, Cumberland Police, Allegheny County, MD. “It’s great to now be able to pick up your microphone and get a clear message through.”

The entire Maryland FiRST System is using Motorola Solutions’ routing systems, customer premise equipment and now APX™ two-way radios to serve the county’s population of more than 70,000.

“Cross-agency communications is very important,” said Steve Shipley, Chief of Emergency Management, Allegheny County, Maryland. “With Motorola Solutions’ multi-band P25 radios, our officers use one radio to communicate with any law enforcement agencies. This makes a response to a large scale incident that much more seamless; officers don’t have to carry multiple radios to communicate with different agencies.”

“By joining the Maryland FiRST mission-critical radio system, Allegheny County experienced immediate benefits including enhanced coverage and interoperability with first responders across the state,” said Mike Leonard, Mid-Atlantic Territory Vice-President at Motorola Solutions. “Motorola Solutions is honored to work with the county to provide solutions first responders need to help keep people safe.”­

On May 17th, Motorola Solutions Inc. hosted a celebratory event for the county’s public safety responders, agency officials and local representatives.

U.S. Patent and Trademark Office Again Rules in Favor of Motorola Solutions Against Hytera

on Wednesday, 22 May 2019. Posted in Two Way Radio Industry News Blog

Upholds Validity of Additional Motorola Solutions Patent, Clearing Path for District Court Patent Trial
 
Decision Marks Rejection of Hytera’s Fourth Attempt to Invalidate Motorola Solutions’ Patents
 
CHICAGO – May 21, 2019 – Motorola Solutions, Inc. (NYSE: MSI) today announced that the Patent Trial and Appeal Board (the “PTAB”) of the United States Patent and Trademark Office (“USPTO”) issued a final written decision in the reexamination of Motorola Solutions’ U.S. Patent No. 8,279,991 (“the ‘991 patent”), which relates to Motorola Solutions’ time-division multiple access (TDMA) technology. The PTAB rejected all validity challenges related to the patent raised by Hytera Communications Corporation Limited (SHE: 002583) (“Hytera”). Importantly, the ‘991 patent enables key functionality that provides Motorola Solutions’ customers with innovative capabilities that ensure products are highly reliable, safe and efficient.
 
“We are pleased that the USPTO’s Patent and Trial Appeal Board has upheld the validity of all four of our patents, underscoring the strength of our intellectual property and our claims against Hytera,” said Mark Hacker, general counsel and chief administrative officer of Motorola Solutions. “Once again, Hytera has failed in its attempts to undermine the validity of our patents and we will continue to take the necessary actions to defend our intellectual property around the world. We look forward to presenting these patents claims against Hytera’s i-Series products to a jury in Chicago, Illinois, after our trial on Hytera’s trade secret misappropriation and copyright infringement in November.”
 
This decision marks the PTAB’s rejection of Hytera’s fourth attempt to invalidate Motorola Solutions’ patents, including three patents that the International Trade Commission (“ITC”) found Hytera was intentionally infringing. After losing in the ITC, Hytera vigorously pursued its bid in the USPTO to invalidate Motorola Solutions’ patents U.S. Patent Nos. 6,591,111; 7,369,869; 8,116,284; and 8,279,991. With the PTAB’s announcement of its decision on the ‘911 patent, the PTAB has now rejected all four of Hytera’s challenges.
 
All four of these patents are currently asserted by Motorola Solutions against Hytera in a patent litigation lawsuit pending in United States District Court in Chicago, Illinois. In that suit, Motorola Solutions is seeking an injunction against Hytera’s “i-Series” product line. Notably, Hytera’s i-Series was released in response to the ITC orders banning Hytera’s prior products from being imported into the United States. Hytera has removed from its i-Series products key features covered by Motorola Solutions’ patents, significantly impacting performance. As a result of the PTAB’s orders, Hytera will be precluded from raising certain prior art invalidity defenses in the District Court proceedings. 
 
For additional information regarding Motorola Solutions' legal actions against Hytera, please visit https://newsroom.motorolasolutions.com/presskits/motorola-solutions-intellectual-property.htm.

Forward-Looking Statements
This press release contains certain forward-looking statements including statements regarding expectations with respect to litigation filed by Motorola Solutions, Inc., and the outcomes possible if successful. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and depend on circumstances that will or may occur in the future and are outside the control of Motorola Solutions, Inc., and its officers. Actual results may differ from those expressed in such statements depending on a variety of factors including those discussed in this release.
 
About Motorola Solutions
Motorola Solutions is a global leader in mission-critical communications. Our technology platforms in communications, command center software, services and video security and analytics make cities safer and help communities and businesses thrive. At Motorola Solutions, we are ushering in a new era in public safety and security. Learn more at www.motorolasolutions.com.

Media Contact
Andrew Siegel / Aura Reinhard / Aiden Woglom
Joele Frank, Wilkinson Brimmer Katcher
+1 (212) 355-4449
 
Investor Contact
Tim Yocum
Motorola Solutions
This email address is being protected from spambots. You need JavaScript enabled to view it.
+1 (847) 576-6899

Romanian Police Deploys New Communications Technology to Increase Safety

on Wednesday, 22 May 2019. Posted in Two Way Radio Industry News Blog

Motorola Solutions will deliver 10,000 TETRA digital two-way radios to the General Inspectorate of the Romanian Police.

BUCHAREST, Romania – May 21, 2019 – Motorola Solutions’ local partner in Romania, ASTI International, has been selected in a tender by the General Inspectorate for the Romanian Police to equip its police officers with state-of-the art Terrestrial Trunked Radio (TETRA) two-way digital radios.

The 18-month framework contract covers the supply of 10,000 MTP3550 TETRA portable radios from Motorola Solutions. The MTP3000 series radios are packed with features that are essential for safeguarding frontline police officers and ensuring effective operations. The state-of-the-art digital radios provide significant improvements including coverage performance at extreme range and inside buildings, as well as enhanced connectivity and ruggedness that provide the best possible audio during mission-critical operations. In addition, the “man down” functionality enhances officer safety by automatically alerting the command center when an officer is in need of help.

Motorola Solutions has been a trusted partner for public safety organisations in Romania for over 25 years, providing highly reliable and secure TETRA digital radio solutions. In times of growing crime rates and global threats, mission-critical law enforcement solutions that help first responders work effectively and efficiently are more important than ever before.

“We are extremely proud that the Romanian Police continues to see us as a trusted partner, and we remain committed to help keep Romanians citizens and first responders safe,” said Michael Kaae, vice president for Nordics, Russia and Eastern Europe at Motorola Solutions.

Motorola Solutions Declares Quarterly Dividend

on Tuesday, 14 May 2019. Posted in Two Way Radio Industry News Blog

CHICAGO – May 13, 2019 – Motorola Solutions, Inc. (NYSE: MSI) today announced that its board of directors has approved a regular quarterly dividend of 57 cents per share payable in cash on July 15, 2019, to shareholders of record at the close of business on June 14, 2019.

Motorola Solutions Announces Increase in Aggregate Purchase Price of Tender Offers for Certain of its Outstanding Debt

on Friday, 10 May 2019. Posted in Two Way Radio Industry News Blog

CHICAGO– May 9, 2019 – Motorola Solutions, Inc. (NYSE: MSI)  (the “Company”)  announced today that it has increased the aggregate purchase price of its debt tender offers to purchase for cash (i) any and all of the Company’s outstanding securities listed in Table I below (the “Any and All Notes”) (such offer, the “Any and All Offer”), and (ii) up to the Maximum Waterfall Tender Amount (as defined below) in aggregate purchase price of the Company’s outstanding securities listed in Table II below (collectively, the “Waterfall Notes” and, together with the Any and All Notes, the “Securities”), subject to the Acceptance Priority Levels as defined below (such offer, the “Waterfall Offer”).
 
The “Maximum Waterfall Tender Amount” has been increased from (i) an aggregate purchase price equal to $500 million less the aggregate purchase price of the Any and All Notes validly tendered and accepted for purchase in the Any and All Offer to (ii) an aggregate purchase price equal to $650 million less the aggregate purchase price of the Any and All Notes validly tendered and accepted for purchase in the Any and All Offer.  All other terms of tender offers remain unchanged.
 
The tender offers are intended to allow the Company to issue new debt securities to fund the repurchase of the Securities, thereby extending the maturity date of its near-term debt securities and reducing the amounts outstanding under the higher-cost portion of its debt security portfolio. The Company expects to fund the tender offers with the proceeds from the issuance and sale of debt securities in one or more capital markets transactions, together with available cash on hand.
 
 
Table I
Securities Subject to the Any and All Offer
 
Title of Security Principal Amount Outstanding CUSIP/ISIN Early Tender Premium(1) Reference U.S. Treasury Security Bloomberg Reference Page/Screen Fixed Spread (basis points)

7.500% Senior Notes
due 2025
 
$346,930,000 CUSIP: 620076 AH2
ISIN:US620076AH21
$50.00 2.250% U.S.T.
due 04/30/24
PX1 165

6.500% Senior Notes
due 2025
 
$117,892,000 CUSIP: 620076 AK5
ISIN: US620076AK59
$50.00 2.250% U.S.T.
due 04/30/24
PX1 170

6.500% Senior Notes
due 2028
 
$36,463,000 CUSIP: 620076 AP4
ISIN: US620076AP47
$50.00 2.625% U.S.T.
due 02/15/29
PX1 195

6.625% Senior Notes
due 2037
 
$54,533,000 CUSIP: 620076 BA6
ISIN: US620076BA68
$50.00 3.000% U.S.T.
due 02/15/49
PX1 285

 (1) The total consideration payable for each $1,000 principal amount of Securities validly tendered at or prior to the Early Tender Deadline and accepted for purchase by us includes the applicable Early Tender Premium. In addition, holders whose Securities are accepted will also receive accrued interest on such Securities.

 
Table II
Securities Subject to the Waterfall Offer
 
Title of Security Principal Amount Outstanding CUSIP/ISIN Acceptance
Priority
Level
Early Tender Premium(1) Reference U.S. Treasury Security Bloomberg Reference Page/Screen Fixed Spread (basis points)

3.500% Senior Notes
due 2021
 
$400,000,000 CUSIP: 620076 BD0
ISIN: US620076BD08
1 $50.00 2.250% U.S.T.
due 04/30/21
PX1 50

3.750% Senior Notes
due 2022
 
$750,000,000 CUSIP: 620076 BB4
ISIN: US620076BB42
2 $50.00 2.250% U.S.T.
due 04/15/22
PX1 50

3.500% Senior Notes
due 2023
 
$600,000,000 CUSIP: 620076 BC2
 SIN: US620076BC25
3 $50.00 2.250% U.S.T.
due 04/30/24
PX1 80

 (1) The total consideration payable for each $1,000 principal amount of Securities validly tendered at or prior to the Early Tender Deadline and accepted for purchase by us includes the applicable Early Tender Premium. In addition, holders whose Securities are accepted will also receive accrued interest on such Securities.
 
Subject to the Maximum Waterfall Tender Amount, the amounts of each series of Waterfall Notes that are purchased in the Waterfall Offer will be determined in accordance with the acceptance priority levels specified in Table II above (the “Acceptance Priority Levels”), with 1 being the highest Acceptance Priority Level and 3 being the lowest Acceptance Priority Level. 
 
The tender offers are being made pursuant to, and are subject to the satisfaction or waiver of the terms and conditions, including a financing condition relating to the receipt of net proceeds from the completion of our issuance and sale of debt securities in one or more capital markets transactions, set forth in the Offer to Purchase, dated May 9, 2019, and the related Letter of Transmittal (as they may each be amended or supplemented from time to time, the “Offer Documents”).  The tender offers will expire at midnight, New York City time, at the end of June 6, 2019, unless extended or terminated (the “Expiration Date”).  Tenders of Securities may be properly withdrawn at any time at or prior to 5:00 p.m., New York City time, on May 22, 2019, but may not be properly withdrawn thereafter, except where additional withdrawal rights are required by law.
 
Holders of Securities that are validly tendered and not properly withdrawn at or prior to 5:00 p.m., New York City time, on May 22, 2019 (unless extended, the “Early Tender Deadline”) and accepted for purchase will receive the applicable “Total Consideration,” which includes the applicable early tender premium specified in the applicable table above (the “Early Tender Premium”).  Payment for Securities that are validly tendered and not properly withdrawn at or prior to the Early Tender Deadline and accepted for purchase will be made as soon as reasonably practicable following the Early Tender Deadline (such date with respect to the applicable Offer, the “Early Settlement Date”). The Company expects that the Early Settlement Date will be May 24, 2019, the first business day after the Price Determination Date. Holders of Securities who validly tender their Securities following the Early Tender Deadline and at or prior to the Expiration Date will only receive the applicable “Tender Offer Consideration” for Securities accepted for purchase, which is equal to the applicable Total Consideration minus the applicable Early Tender Premium. 
 
The prices to be paid for each series of Securities subject to the tender offers and accepted for purchase will be determined at 11:00 a.m., New York City time, on the first business day following the Early Tender Deadline (as it may be extended with respect to the applicable offer, the “Price Determination Date”). Promptly after 11:00 a.m., New York City time, on the Price Determination Date, the Company will issue a press release specifying, among other things, the Total Consideration for each series of Securities and the aggregate principal amount of Securities validly tendered at or prior to the applicable Early Tender Deadline and accepted for purchase.
 
Payments for Securities purchased will include accrued and unpaid interest from and including the last interest payment date applicable to the relevant series of Securities up to, but not including, the applicable settlement date for such Securities accepted for purchase. 
 
If the Waterfall Offer is not fully subscribed as of the Early Tender Deadline, subject to the Maximum Waterfall Tender Amount, Waterfall Notes validly tendered and not properly withdrawn at or prior to the Early Tender Deadline will be accepted for purchase in priority to other Waterfall Notes tendered following the Early Tender Deadline, even if such Waterfall Notes tendered following the Early Tender Deadline have a higher Acceptance Priority Level than Waterfall Notes tendered at or prior to the Early Tender Deadline.
 
Waterfall Notes of a series may be subject to proration if the aggregate purchase price of the Waterfall Notes of such series validly tendered and not properly withdrawn would cause the Maximum Waterfall Tender Amount to be exceeded.  Furthermore, if the Waterfall Offer is fully subscribed as of the Early Tender Deadline, holders who validly tender Waterfall Notes following the Early Tender Deadline will not have any of their Waterfall Notes accepted for purchase.
 
The Company’s obligation to accept for payment and to pay for the Securities validly tendered in the tender offers is subject to the satisfaction or waiver of the conditions, including a financing condition relating to the receipt of net proceeds from the completion of our issuance and sale of debt securities in one or more capital markets transactions, described in the Offer to Purchase. 
 
The company also announced today that it has retained Santander, TD Securities and US Bancorp to serve as the Co-Dealer Managers in connection with the tender offers. BofA Merrill Lynch and Mizuho Securities are serving as the Lead Dealer Managers in connection with the tender offers.  The information agent and tender agent is Global Bondholder Services Corporation.  The full details of the tender offers, including complete instructions on how to tender Securities, are included in the Offer Documents. Holders are strongly encouraged to read carefully the Offer Documents, including materials incorporated by reference therein, because they will contain important information. Copies of the Offer Documents and related offering materials are available by contacting the information agent at (212) 430-3774 (banks and brokers) or (866) 807-2200 (all others).  Questions regarding the tender offers should be directed to the Lead Dealer Managers, BofA Merrill Lynch, at (980) 387-3907 or (888) 292-0070 (toll free) or Mizuho Securities, at (212) 205-7736 or (866) 271-7403 (toll free).
 
None of the Company or its affiliates, their respective boards of directors, the dealer managers, the information agent and tender agent or the trustee with respect to any Securities is making any recommendation as to whether holders should tender any Securities in response to the tender offers, and neither the Company nor any such other person has authorized any person to make any such recommendation. Holders must make their own decision as to whether to tender any of their Securities, and, if so, the principal amount of Securities to tender.
 
This news release shall not constitute an offer to sell, a solicitation to buy or an offer to purchase or sell any securities.  The tender offers are being made only pursuant to the Offer to Purchase and only in such jurisdictions as is permitted under applicable law.
 
About Motorola Solutions, Inc.
 
Motorola Solutions is a global leader in mission-critical communications. Our technology platforms in communications, command center software, services and video security and analytics make cities safer and help communities and businesses thrive. At Motorola Solutions, we are ushering in a new era in public safety and security. Learn more at www.motorolasolutions.com.
 
Cautionary Note Regarding Forward-Looking Statements
 
This press release contains statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These “forward-looking statements” are statements other than statements of historical fact and may include, among other things, statements in relation to the Company’s current expectations and beliefs as to its ability to consummate the tender offers and redemption, including the timing, size, pricing or other terms of the tender offers, and other future events. All information set forth in this release is as of the date hereof. The Company does not intend, and undertakes no duty, to update this information to reflect future events or circumstances. Actual results are subject to a number of risks and uncertainties and may differ materially from the current expectations and beliefs discussed in this press release. Certain potential factors, risks and uncertainties that could affect the Company’s business and financial results and cause actual results to differ materially from those expressed or implied in any forward-looking statements include the Company’s ability to complete the tender offers and satisfy the conditions thereto, and other potential factors, risks and uncertainties under the heading “Risk Factors” in its Annual Report on Form 10-K for the year ended December 31, 2018, which is on file with the Securities and Exchange Commission (“SEC”) and available at the SEC’s website at www.sec.gov.

Motorola Solutions Announces Tender Offers for up to $500 million Aggregate Purchase Price of Outstanding Debt

on Friday, 10 May 2019. Posted in Two Way Radio Industry News Blog

CHICAGO– May 9, 2019 – Motorola Solutions, Inc. (NYSE: MSI)  (the “Company”)  announced today that it has commenced debt tender offers to purchase for cash (i) any and all of the Company’s outstanding securities listed in Table I below (the “Any and All Notes”) (such offer, the “Any and All Offer”), and (ii) up to the Maximum Waterfall Tender Amount (as defined below) in aggregate purchase price of the Company’s outstanding securities listed in Table II below (collectively, the “Waterfall Notes” and, together with the Any and All Notes, the “Securities”), subject to the Acceptance Priority Levels as defined below (such offer, the “Waterfall Offer”). The “Maximum Waterfall Tender Amount” is an aggregate purchase price equal to $500 million less the aggregate purchase price of the Any and All Notes validly tendered and accepted for purchase in the Any and All Offer.  The tender offers are intended to allow the Company to issue new debt securities to fund the repurchase of the Securities, thereby extending the maturity date of its near-term debt securities and reducing the amounts outstanding under the higher-cost portion of its debt security portfolio. The Company expects to fund the tender offers with the proceeds from the issuance and sale of debt securities in one or more capital markets transactions, together with available cash on hand.
 
Table I
Securities Subject to the Any and All Offer
 
Title of Security Principal Amount Outstanding CUSIP/ISIN Early Tender Premium(1) Reference U.S. Treasury Security Bloomberg Reference Page/Screen Fixed Spread (basis points)

7.500% Senior Notes
due 2025
 
$346,930,000 CUSIP: 620076 AH2
ISIN:US620076AH21
$50.00 2.250% U.S.T.
due 04/30/24
PX1 165

6.500% Senior Notes
due 2025
 
$117,892,000 CUSIP: 620076 AK5
ISIN: US620076AK59
$50.00 2.250% U.S.T.
due 04/30/24
PX1 170

6.500% Senior Notes
due 2028
 
$36,463,000 CUSIP: 620076 AP4
ISIN: US620076AP47
$50.00 2.625% U.S.T.
due 02/15/29
PX1 195

6.625% Senior Notes
due 2037
 
$54,533,000 CUSIP: 620076 BA6
ISIN: US620076BA68
$50.00 3.000% U.S.T.
due 02/15/49
PX1 285

 (1) The total consideration payable for each $1,000 principal amount of Securities validly tendered at or prior to the Early Tender Deadline and accepted for purchase by us includes the applicable Early Tender Premium. In addition, holders whose Securities are accepted will also receive accrued interest on such Securities.

 
Table II
Securities Subject to the Waterfall Offer
 
Title of Security Principal Amount Outstanding CUSIP/ISIN Acceptance
Priority
Level
Early Tender Premium(1) Reference U.S. Treasury Security Bloomberg Reference Page/Screen Fixed Spread (basis points)

3.500% Senior Notes
due 2021
 
$400,000,000 CUSIP: 620076 BD0
ISIN: US620076BD08
1 $50.00 2.250% U.S.T.
due 04/30/21
PX1 50

3.750% Senior Notes
due 2022
 
$750,000,000 CUSIP: 620076 BB4
ISIN: US620076BB42
2 $50.00 2.250% U.S.T.
due 04/15/22
PX1 50

3.500% Senior Notes
due 2023
 
$600,000,000 CUSIP: 620076 BC2
 SIN: US620076BC25
3 $50.00 2.250% U.S.T.
due 04/30/24
PX1 80

 (1) The total consideration payable for each $1,000 principal amount of Securities validly tendered at or prior to the Early Tender Deadline and accepted for purchase by us includes the applicable Early Tender Premium. In addition, holders whose Securities are accepted will also receive accrued interest on such Securities.
 
Subject to the Maximum Waterfall Tender Amount, the amounts of each series of Waterfall Notes that are purchased in the Waterfall Offer will be determined in accordance with the acceptance priority levels specified in Table II above (the “Acceptance Priority Levels”), with 1 being the highest Acceptance Priority Level and 3 being the lowest Acceptance Priority Level. 
 
The tender offers are being made pursuant to, and are subject to the satisfaction or waiver of the terms and conditions, including a financing condition relating to the receipt of net proceeds from the completion of our issuance and sale of debt securities in one or more capital markets transactions, set forth in the Offer to Purchase, dated May 9, 2019, and the related Letter of Transmittal (as they may each be amended or supplemented from time to time, the “Offer Documents”).  The tender offers will expire at midnight, New York City time, at the end of June 6, 2019, unless extended or terminated (the “Expiration Date”).  Tenders of Securities may be properly withdrawn at any time at or prior to 5:00 p.m., New York City time, on May 22, 2019, but may not be properly withdrawn thereafter, except where additional withdrawal rights are required by law.
 
Holders of Securities that are validly tendered and not properly withdrawn at or prior to 5:00 p.m., New York City time, on May 22, 2019 (unless extended, the “Early Tender Deadline”) and accepted for purchase will receive the applicable “Total Consideration,” which includes the applicable early tender premium specified in the applicable table above (the “Early Tender Premium”).  Payment for Securities that are validly tendered and not properly withdrawn at or prior to the Early Tender Deadline and accepted for purchase will be made as soon as reasonably practicable following the Early Tender Deadline (such date with respect to the applicable Offer, the “Early Settlement Date”). The Company expects that the Early Settlement Date will be May 24, 2019, the first business day after the Price Determination Date. Holders of Securities who validly tender their Securities following the Early Tender Deadline and at or prior to the Expiration Date will only receive the applicable “Tender Offer Consideration” for Securities accepted for purchase, which is equal to the applicable Total Consideration minus the applicable Early Tender Premium. 
 
The prices to be paid for each series of Securities subject to the tender offers and accepted for purchase will be determined at 11:00 a.m., New York City time, on the first business day following the Early Tender Deadline (as it may be extended with respect to the applicable offer, the “Price Determination Date”). Promptly after 11:00 a.m., New York City time, on the Price Determination Date, the Company will issue a press release specifying, among other things, the Total Consideration for each series of Securities and the aggregate principal amount of Securities validly tendered at or prior to the applicable Early Tender Deadline and accepted for purchase.
 
Payments for Securities purchased will include accrued and unpaid interest from and including the last interest payment date applicable to the relevant series of Securities up to, but not including, the applicable settlement date for such Securities accepted for purchase. 
 
If the Waterfall Offer is not fully subscribed as of the Early Tender Deadline, subject to the Maximum Waterfall Tender Amount, Waterfall Notes validly tendered and not properly withdrawn at or prior to the Early Tender Deadline will be accepted for purchase in priority to other Waterfall Notes tendered following the Early Tender Deadline, even if such Waterfall Notes tendered following the Early Tender Deadline have a higher Acceptance Priority Level than Waterfall Notes tendered at or prior to the Early Tender Deadline.
 
Waterfall Notes of a series may be subject to proration if the aggregate purchase price of the Waterfall Notes of such series validly tendered and not properly withdrawn would cause the Maximum Waterfall Tender Amount to be exceeded.  Furthermore, if the Waterfall Offer is fully subscribed as of the Early Tender Deadline, holders who validly tender Waterfall Notes following the Early Tender Deadline will not have any of their Waterfall Notes accepted for purchase.
 
The Company’s obligation to accept for payment and to pay for the Securities validly tendered in the tender offers is subject to the satisfaction or waiver of the conditions, including a financing condition relating to the receipt of net proceeds from the completion of our issuance and sale of debt securities in one or more capital markets transactions, described in the Offer to Purchase. 
 
BofA Merrill Lynch and Mizuho Securities are serving as the Dealer Managers in connection with the tender offers.  The information agent and tender agent is Global Bondholder Services Corporation.  The full details of the tender offers, including complete instructions on how to tender Securities, are included in the Offer Documents. Holders are strongly encouraged to read carefully the Offer Documents, including materials incorporated by reference therein, because they will contain important information. Copies of the Offer Documents and related offering materials are available by contacting the information agent at (212) 430-3774 (banks and brokers) or (866) 807-2200 (all others).  Questions regarding the tender offers should be directed to BofA Merrill Lynch, at (980) 387-3907 or (888) 292-0070 (toll free) or Mizuho Securities, at (212) 205-7736 or (866) 271-7403 (toll free).
 
None of the Company or its affiliates, their respective boards of directors, the dealer managers, the information agent and tender agent or the trustee with respect to any Securities is making any recommendation as to whether holders should tender any Securities in response to the tender offers, and neither the Company nor any such other person has authorized any person to make any such recommendation. Holders must make their own decision as to whether to tender any of their Securities, and, if so, the principal amount of Securities to tender.
 
This news release shall not constitute an offer to sell, a solicitation to buy or an offer to purchase or sell any securities. The tender offers are being made only pursuant to the Offer to Purchase and only in such jurisdictions as is permitted under applicable law.
 
About Motorola Solutions, Inc.
 
Motorola Solutions is a global leader in mission-critical communications. Our technology platforms in communications, command center software, services and video security and analytics make cities safer and help communities and businesses thrive. At Motorola Solutions, we are ushering in a new era in public safety and security. Learn more at www.motorolasolutions.com.
 
Cautionary Note Regarding Forward-Looking Statements
 
This press release contains statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These “forward-looking statements” are statements other than statements of historical fact and may include, among other things, statements in relation to the Company’s current expectations and beliefs as to its ability to consummate the tender offers and redemption, including the timing, size, pricing or other terms of the tender offers, and other future events. All information set forth in this release is as of the date hereof. The Company does not intend, and undertakes no duty, to update this information to reflect future events or circumstances. Actual results are subject to a number of risks and uncertainties and may differ materially from the current expectations and beliefs discussed in this press release. Certain potential factors, risks and uncertainties that could affect the Company’s business and financial results and cause actual results to differ materially from those expressed or implied in any forward-looking statements include the Company’s ability to complete the tender offers and satisfy the conditions thereto, and other potential factors, risks and uncertainties under the heading “Risk Factors” in its Annual Report on Form 10-K for the year ended December 31, 2018, which is on file with the Securities and Exchange Commission (“SEC”) and available at the SEC’s website at www.sec.gov.

Motorola Solutions Reports First-Quarter 2019 Financial Results

on Friday, 03 May 2019. Posted in Two Way Radio Industry News Blog

Record Q1 revenue, operating earnings and ending backlog; raises full-year earnings outlook
 
• Revenue of $1.7 billion, up 13% from a year ago
• Operating cash flow of $251 million, up $751 million* from a year ago
• GAAP earnings per share (EPS) of $0.86, up 25%
• Non-GAAP EPS** of $1.28, up 16%
• Backlog of $10.4 billion, up $781 million from a year ago
 
CHICAGO – May 2, 2019 – Motorola Solutions, Inc. (NYSE: MSI) today reported its earnings results for the first quarter of 2019. Click here for a printable news release and financial tables.
 
"Q1 was another outstanding quarter, with record first-quarter revenue, operating earnings and ending backlog,” said Greg Brown, chairman and CEO of Motorola Solutions. “We are well positioned for 2019 with continued demand across our platforms.”
 
KEY FINANCIAL RESULTS (presented in millions, except per share data and percentages)

  Q1 2019  Q1 2018 % Change
  Sales $1,657 $1,468 13%
 
GAAP
  Operating Earnings $229 $171 34%
  % of Sales 13.8% 11.6%  
  EPS $0.86 $0.69 25%
 
Non-GAAP
  Operating Earnings $315 $260 21%
  % of Sales 19.0% 17.7%  
  EPS $1.28 $1.10 16%
 
Products and Systems Integration Segment
  Sales $1,069 $952 12%
  GAAP Operating Earnings $108 $90 20%
  % of Sales 10.1% 9.5%  
  Non-GAAP Operating Earnings $147 $125 18%
  % of Sales 13.8% 13.1%  
 
Services and Software Segment
  Sales $588 $516 14%
  GAAP Operating Earnings $121 $81 49%
  % of Sales 20.6% 15.7%  
  Non-GAAP Operating Earnings $168 $135 24%
  % of Sales 28.6% 26.2%  
* Includes voluntary $500M debt-funded U.S. pension contribution in Q1 2018
**Non-GAAP financial information excludes the after-tax impact of approximately $0.42 per diluted share related to share-based compensation, intangible assets amortization expense and highlighted items. Details on these non-GAAP adjustments and the use of non-GAAP measures are included later in this news release.
 
OTHER SELECTED FINANCIAL RESULTS
 
• Revenue - Sales were $1.7 billion, up $189 million, or 13% from the year-ago quarter, driven by growth in the Americas and EMEA. Revenue from acquisitions was $137 million in the quarter. The Products and Systems Integration segment grew 12%, and the Services and Software segment grew 14%. Both segments were driven by growth in the Americas and EMEA.
• Operating margin - GAAP operating margin was 13.8% of sales, compared with 11.6% in the year-ago quarter. The improvement was primarily due to higher sales and gross margin, partially offset by higher operating expenses related to acquisitions. Non-GAAP operating margin was 19.0% of sales, compared with 17.7% in the year-ago quarter due to higher sales and gross margin partially offset by higher operating expenses related to acquisitions.
• Taxes - The GAAP effective tax rate was 18%, compared with 16% in the year-ago quarter. The non-GAAP effective tax rate was 20% compared with 19% in the year-ago quarter. Rates were favorably impacted by tax benefits on excess share-based compensation.
• Cash flow - Operating cash flow was $251 million, compared with $500 million of operating cash outflow in the year-ago quarter. Free cash flow1 was $185 million, compared with $541 million of free cash outflow in the year-ago quarter. Cash flow for the quarter increased due to a $500 million voluntary pension contribution in the prior year, timing of annual incentive payments, higher earnings and improved working capital.
• Capital allocation - The company invested $445 million of cash and equity to acquire VaaS International Holdings and $136 million in cash for Avtec, Inc., repurchased $145 million of common stock, paid $93 million in cash dividends and $66 million of capital expenditures.
• Backlog - The company ended the quarter with backlog of $10.4 billion, up $781 million from the year-ago quarter. Services and Software was up 14% or $885 million due to growth in EMEA and the Americas. Products and Systems Integration segment backlog was down 3% or $104 million due to large projects in the Middle East and Africa in the prior year, partially offset by growth in the Americas.

KEY HIGHLIGHTS
 
Services and Software wins
• $17 million managed services contract with a mining customer in Latin America
• $7 million computer-aided dispatch (CAD) and records contract for a large government customer in California
• $5 million video services renewal with the Chicago Office of Emergency Management
 
Products and Systems Integration wins
• Selected by North Dakota for a new statewide P25 radio system
• $25 million P25 win with New South Wales Telco Authority
• $8 million TETRA order for a utility customer in Chile


BUSINESS OUTLOOK
• Second-quarter 2019 - Motorola Solutions expects revenue growth of approximately 4 to 5% compared with the second quarter of 2018. The company expects non-GAAP earnings in the range of $1.55 to $1.60 per share. This assumes current foreign exchange rates, approximately 176 million fully diluted shares and an effective tax rate of approximately 24%.
• Full-year 2019 - The company continues to expect revenue growth of approximately 6 to 7% and now expects non-GAAP earnings per share in the range of $7.60 to $7.72, up from the prior guidance of $7.55 to $7.70. This assumes current foreign exchange rates, approximately 176 million fully diluted shares and an effective tax rate of 24 to 25%.
 
CONFERENCE CALL AND WEBCAST Motorola Solutions will host its quarterly conference call beginning at 4 p.m. U.S. Central Daylight Time (5 p.m. U.S. Eastern Daylight Time) on Thursday, May 2. The conference call will be webcast live at www.motorolasolutions.com/investor.
 
CONSOLIDATED GAAP RESULTS (presented in millions, except per share data)
A comparison of results from operations is as follows:
  Q1 2019 Q1 2018
Net sales $1,657 $1,468
Gross margin 773 669
Operating earnings 229 171
Amounts attributable to Motorola Solutions, Inc. common stockholders
Net earnings

151

117
Diluted EPS $0.86 $0.69
Weighted average diluted common shares outstanding 174.6 170.6


HIGHLIGHTED ITEMS AND SHARE-BASED COMPENSATION EXPENSE
The table below includes highlighted items, share-based compensation expense and intangible amortization for the first quarter of 2019.
 

(per diluted common share) Q1 2019
   
GAAP Earnings $0.86
   
Highlighted Items:  
Share-based compensation expense 0.12
Reorganization of business charges 0.04
Intangibles amortization expense 0.23
Legal settlement
(0.01)
Fair value adjustments to equity investments 0.01
Investment impairments 0.04
Sale of investments (0.01)
Acquisition-related transaction fees 0.01
FIN48 release (0.01)
   
Non-GAAP Diluted EPS $1.28

 

USE OF NON-GAAP FINANCIAL INFORMATION
In addition to the GAAP results included in this presentation, Motorola Solutions also has included non-GAAP measurements of results. The company has provided these non-GAAP measurements to help investors better understand its core operating performance, enhance comparisons of core operating performance from period to period and allow better comparisons of operating performance to its competitors. Among other things, management uses these operating results, excluding the identified items, to evaluate performance of the businesses and to evaluate results relative to certain incentive compensation targets. Management uses operating results excluding these items because it believes this measurement enables it to make better period-to-period evaluations of the financial performance of core business operations. The non-GAAP measurements are intended only as a supplement to the comparable GAAP measurements and the company compensates for the limitations inherent in the use of non-GAAP measurements by using GAAP measures in conjunction with the non-GAAP measurements. As a result, investors should consider these non-GAAP measurements in addition to, and not in substitution for or as superior to, measurements of financial performance prepared in accordance with generally accepted accounting principles.
 
Highlighted items: The company has excluded the effects of highlighted items including, but not limited to, acquisition-related transaction costs, tangible and intangible asset impairments, restructuring charges, non-cash pension adjustments, significant litigation and other contingencies, significant gains and losses on investments, and the income tax effects of significant tax matters, from its non-GAAP operating expenses and net income measurements because the company believes that these historical items do not reflect expected future operating earnings or expenses and do not contribute to a meaningful evaluation of the company's current operating performance or comparisons to the company's past operating performance. For the purposes of management's internal analysis over operating performance, the company uses financial statements that exclude highlighted items, as these charges do not contribute to a meaningful evaluation of the company's current operating performance or comparisons to the company's past operating performance.
 
Share-based compensation expense: The company has excluded share-based compensation expense from its non-GAAP operating expenses and net income measurements. Although share-based compensation is a key incentive offered to the company’s employees and the company believes such compensation contributed to the revenue earned during the periods presented and also believes it will contribute to the generation of future period revenues, the company continues to evaluate its performance excluding share-based compensation expense primarily because it represents a significant non-cash expense. Share-based compensation expense will recur in future periods.
 
Intangible assets amortization expense: The company has excluded intangible assets amortization expense from its non-GAAP operating expenses and net earnings measurements, primarily because it represents a non-cash expense and because the company evaluates its performance excluding intangible assets amortization expense. Amortization of intangible assets is consistent in amount and frequency but is significantly affected by the timing and size of the company’s acquisitions. Investors should note that the use of intangible assets contributed to the company’s revenues earned during the periods presented and will contribute to the company’s future period revenues as well. Intangible assets amortization expense will recur in future periods.
 
Details of the above items and reconciliations of the non-GAAP measurements to the corresponding GAAP measurements can be found at the end of this press release.
 
BUSINESS RISKS
 
This news release contains "forward-looking statements" within the meaning of applicable federal securities law. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and generally include words such as “believes,” “expects,” “intends,” “anticipates,” “estimates” and similar expressions. The company can give no assurance that any actual or future results or events discussed in these statements will be achieved. Any forward-looking statements represent the company’s views only as of today and should not be relied upon as representing the company’s views as of any subsequent date. Readers are cautioned that such forward-looking statements are subject to a variety of risks and uncertainties that could cause the company’s actual results to differ materially from the statements contained in this release. Such forward-looking statements include, but are not limited to, Motorola Solutions’ financial outlook for the second quarter and full year of 2019. Motorola Solutions cautions the reader that the risk factors below, as well as those on pages 9 through 21 in Item 1A of Motorola Solutions’ 2018 Annual Report on Form 10-K and in its other SEC filings available for free on the SEC’s website at www.sec.gov and on Motorola Solutions’ website at www.motorolasolutions.com, could cause Motorola Solutions’ actual results to differ materially from those estimated or predicted in the forward-looking statements. Many of these risks and uncertainties cannot be controlled by Motorola Solutions, and factors that may impact forward-looking statements include, but are not limited to: (1) the economic outlook for the government communications industry; (2) the impact of foreign currency fluctuations on the company; (3) the level of demand for the company's products; (4) the company's ability to refresh existing and introduce new products and technologies in a timely manner; (5) exposure under large systems and managed services contracts, including risks related to the fact that certain customers require that the company build, own and operate their systems, often over a multi-year period; (6) negative impact on the company's business from global economic and political conditions, which may include: (i) continued deferment or cancellation of purchase orders by customers; (ii) the inability of customers to obtain financing for purchases of the company's products; (iii) increased demand to provide vendor financing to customers; (iv) increased financial pressures on third-party dealers, distributors and retailers; (v) the viability of the company's suppliers that may no longer have access to necessary financing; (vi) counterparty failures negatively impacting the company’s financial position; (vii) changes in the value of investments held by the company's pension plan and other defined benefit plans, which could impact future required or voluntary pension contributions; and (viii) the company’s ability to access the capital markets on acceptable terms and conditions; (7) the impact of a security breach or other significant disruption in the company’s IT systems, those of its partners or suppliers or those it sells to or operates or maintains for its customers; (8) the outcome of ongoing and future tax matters; (9) the company's ability to purchase sufficient materials, parts and components to meet customer demand, particularly in light of global economic conditions and reductions in the company’s purchasing power; (10) risks related to dependence on certain key suppliers, subcontractors, third-party distributors and other representatives; (11) the impact on the company's performance and financial results from strategic acquisitions or divestitures; (12) risks related to the company's manufacturing and business operations in foreign countries; (13) the creditworthiness of the company's customers and distributors, particularly purchasers of large infrastructure systems; (14) the ownership of certain logos, trademarks, trade names and service marks including “MOTOROLA” by Motorola Mobility Holdings, Inc.; (15) variability in income received from licensing the company's intellectual property to others, as well as expenses incurred when the company licenses intellectual property from others; (16) unexpected liabilities or expenses, including unfavorable outcomes to any pending or future litigation or regulatory or similar proceedings; (17) the impact of the percentage of cash and cash equivalents held outside of the United States; (18) the ability of the company to pay future dividends due to possible adverse market conditions or adverse impacts on the company’s cash flow; (19) the ability of the company to complete acquisitions or repurchase shares under its repurchase program due to possible adverse market conditions or adverse impacts on the company’s cash flow; (20) the impact of changes in governmental policies, laws or regulations; (21) negative consequences from the company's use of third party vendors for various activities, including certain manufacturing operations, information technology and administrative functions; and (22) the company’s ability to settle the par value of its Senior Convertible Notes in cash. Motorola Solutions undertakes no obligation to publicly update any forward-looking statement or risk factor, whether as a result of new information, future events or otherwise.
 
DEFINITIONS
1  Free cash flow represents operating cash flow less capital expenditures.
 
ABOUT MOTOROLA SOLUTIONS
Motorola Solutions is a global leader in mission-critical communications. Our technology platforms in communications, command center software, video and services make cities safer and help communities and businesses thrive. At Motorola Solutions, we are ushering in a new era in public safety and security. Learn more at www.motorolasolutions.com.
 
MEDIA CONTACT
Kate Dyer
Motorola Solutions
+1 224-374-3124
This email address is being protected from spambots. You need JavaScript enabled to view it.
 
INVESTOR CONTACT
Chris Kutsor
Motorola Solutions
+1 847-576-4995
This email address is being protected from spambots. You need JavaScript enabled to view it.

Motorola Solutions joins local partners to deliver advanced communications network in New Zealand

on Friday, 03 May 2019. Posted in Two Way Radio Industry News Blog

Innovative combination of voice and software applications will enable mobile workforces to thrive

AUCKLAND, New Zealand– April 30, 2019 A state-of-the-art digital communications network based on Motorola Solutions’ (NYSE: MSI) technology will enable New Zealand’s commercial organisations to reach new levels of safety and productivity.

The OC3 (Orion Converged Communications Core) will be powered by Motorola Solutions’ advanced, MOTOTRBO Capacity Max technology, providing highly secure and reliable voice communication, extensive coverage and access to feature-rich applications.

Modelled on a similar network in Australia, New Zealand’s Orion Network is being established by long-standing radio network operators and critical communications specialists CSE Genesis, a division of CSE New Zealand Limited, and TL Parker Ltd, in association with Motorola Solutions.

Motorola Solutions General Manager of radio channel for Australia and New Zealand, Dan Leppos, said the new network represents a major advancement for the company in New Zealand.

“With New Zealand’s services sector continuing to thrive and strong employment and GDP growth forecast in coming years, advanced communications will be essential to securing the country’s long-term prosperity,” Leppos said.

“New Zealand’s Orion network and OC3 suite of advanced applications draws on our successful partnership in delivering Australia’s largest commercial digital two-way radio network.

“Each year we invest around USD $500 million in research and development to deliver purpose-built technology for mission critical industries. New Zealand’s commercial organisations will benefit from that investment by accessing the Orion network,” he said.

CSE New Zealand Managing Director, Harry Singh, said the network is designed to meet the needs of any organisation with industrial and critical infrastructure.

“The Orion network will provide converged voice, data and video applications that integrate seamlessly with cellular networks. The infrastructure includes a nationwide radio communications network that can connect with other public and private broadband LTE and Wi-Fi networks, creating a bridge between data and voice services,” he said.

“The network will enable users to access a single platform of technologies to unify workgroups across their entire operations, regardless of the device they carry or where they are located.” Singh said.

TL Parker Limited Director and Owner Garry Parker said The Orion network is suited to a broad range of organisations, from utilities to transport and logistics operations, government departments and beyond.

”Secure and reliable communication between workgroups makes a big difference, especially in times of emergency to keep employees safe and informed as events unfold,” Parker said.

The network has already been rolled out in Auckland, Wellington and Christchurch and will be progressively extended across the nation for completion in 2020.

When complete, the network will also provide trans-Tasman connections linking the Orion network in New Zealand with all Australian states.

Motorola Solutions Foundation, Boeing to Host Chicago ‘STEM Signing Day’

on Friday, 26 April 2019. Posted in Two Way Radio Industry News Blog

April 26 event to recognize Chicago-area students for academic achievements in STEM

CHICAGO – April 25, 2019 – This week, two Chicago companies will come together to host a special event focused on the next generation of tech talent. On Friday, April 26, the Motorola Solutions Foundation (NYSE: MSI) and Boeing (NYSE: BA) will host the annual Chicago Science, Technology, Engineering and Mathematics (STEM) “Signing Day” event to celebrate students from across the Chicagoland area as they make commitments to attend some of the country’s top technical schools, colleges and universities, including Northwestern University, University of Missouri and University of Washington. These students will apply their talents in pursuit of STEM careers in fields such as software development, engineering and user experience design.

During the event at Chicago’s City Hall, students will sign STEM “letters of intent” as part of a ceremony attended by elected officials as well as business and community leaders. Approximately 40 students were selected to participate after applying through the Chicago STEM Pathways Cooperative, a Project Exploration initiative aimed at addressing inequities in the STEM learning landscape from early childhood to career.

The Motorola Solutions Foundation and Boeing partnered with Project Exploration on the second annual event.

“As a Chicago tech company, we believe STEM education is critically important in developing the next generation of innovators and changemakers,” said Cynthia Yazdi, chief of staff to the Motorola Solutions Chairman & CEO and senior vice president of Marketing, Communications and the Motorola Solutions Foundation. “We’re thrilled to recognize this accomplished group of students as they embark on the next phase of their education, and we look forward to seeing their contributions to the tech community in the years to come.”

"Boeing is proud to recognize some of the top young minds in Chicago and commend their commitment to pursuing careers in STEM," said Bea Billups, senior manager of Boeing Global Engagement. "The future innovators we are recognizing today will be leaders in the advancement of technology and innovation tomorrow.”

The Motorola Solutions Foundation and Boeing’s support of students and STEM extends beyond STEM Signing Day. The Motorola Solutions Foundation’s STEM education programs have benefitted millions of teachers and students in more than 30 countries around the world. In 2018, Boeing invested $48 million to support charitable organizations focused on developing tomorrow’s innovators.

"STEM education is helping reveal the inner scientist, technologist, mathematician and engineer in all of our students," said Mayor Rahm Emanuel. "As international companies and local startups alike look to Chicago as a city with top talent, we're grateful to partners like Boeing and Motorola Solutions who recognize that our students are leaving high school with the 21st century skills they need today to secure and succeed in the jobs of tomorrow."

About the Motorola Solutions Foundation

The Motorola Solutions Foundation is the charitable and philanthropic arm of Motorola Solutions, the leading provider of mission-critical communications, software and video solutions that help build safer cities and thriving communities. The Motorola Solutions Foundation makes strategic grants, forges strong community partnerships and fosters innovation by funding programs in public safety education, disaster relief, employee giving programs, and technology education. The Motorola Solutions Foundation provides over $11 million in support to over 250 charitable organizations and universities in over 30 countries annually.

About The Boeing Company

Boeing is the world's largest aerospace company and leading provider of commercial airplanes, defense, space and security systems, and global services. As the top U.S. exporter, the company supports commercial and government customers in more than 150 countries. Boeing employs more than 150,000 people worldwide and leverages the talents of a global supplier base. Building on a legacy of aerospace leadership, Boeing continues to lead in technology and innovation, deliver for its customers and invest in its people and future growth.

Motorola Solutions to Issue First-Quarter 2019 Earnings Results on May 2

on Friday, 26 April 2019. Posted in Two Way Radio Industry News Blog

Webcast presentation by executives to follow earnings release
 
CHICAGO – April 18, 2019 – Motorola Solutions, Inc. (NYSE: MSI) will issue its first-quarter 2019 earnings results after the close of the market on Thursday, May 2.
 
Motorola Solutions will host its quarterly conference call with financial analysts at 4 p.m. CDT (5 p.m. EDT) on May 2. The conference call will be webcast live atwww.motorolasolutions.com/investors.

Motorola Solutions Announces Mapping, Analytics Enhancements to CommandCentral Aware Software

on Thursday, 11 April 2019. Posted in Two Way Radio Industry News Blog

Enhancements to cloud-based application enable first responders to have eyes on a scene in seconds
 
CHICAGO – April 10, 2019 – The moment a 9-1-1 call is received, the influx of data begins: incident information from the caller, dispatcher notes, location of first responders, historical records, sensor data and more. To bring together and make sense of multiple data sources, Motorola Solutions (NYSE:MSI) today announced enhancements to CommandCentral Aware, its situational awareness application that provides one cohesive view of an incident as it unfolds.
 
CommandCentral Aware now offers enhanced:
  

  • Mapping, which provides all location-based data, including incident information from computer-aided dispatch (CAD) systems, in a single map display. Powered by state of the art Environmental Systems Research Institute (Esri)-based technology, this common operating picture can be accessed anywhere, from any internet-connected device.
  • Video and Analytics, which enable real-time access to video feeds near an incident, and video and license plate recognition (LPR) analytics bring a user’s attention to key video content. In addition, CommandCentral Aware is integrated with CommandCentral Vault for digital evidence management, simplifying the process of storing relevant video.
  • Sensors and Alerts, which provide the command center with the real-time location and status of first responders, including alerts for weapon drawn, “man down,” shots fired, vest pierced and vehicle impact.

“CommandCentral Aware enables public safety agencies to have eyes on a scene in seconds and provides critical, actionable information, helping improve safety for both citizens and first responders,” said Andrew Sinclair, corporate vice president and general manager, Motorola Solutions Software Enterprise. “Public safety agencies can tailor the software to their needs, deploy it quickly via the cloud and take advantage of enhanced security and seamless updates.”
 
CommandCentral Aware is part of Motorola Solutions’ comprehensive CommandCentral software suite, which helps agencies work smarter and more efficiently from call to case closure. It is available now in North America

Motorola supports Australian first responders' mental health with Fortem

on Thursday, 04 April 2019. Posted in Two Way Radio Industry News Blog

Mental health support for police and emergency services

 

Australia's 300,000-plus police, security and emergency services personnel will be supported through a range of new mental health initiatives.

The Morrison Government will provide almost $6 million to develop mental health services and support services.

The Police Federation of Australia will receive $2.5 million from the Department of Health to establish a 'Blue Hub' – a national centre of excellence – to develop a national framework for mental health care for emergency service first responders.

A further $3.3 million will be drawn from confiscated 'proceeds of crime' for several initiatives to boost services and educate and support emergency service workers around mental health issues.

The Minister for Home Affairs Peter Dutton said it was fitting to reinvest 'proceeds of crime' back into supporting first responders to emergency situations.

Mr Dutton today launched a new organisation Fortem Australia. It has been formed by the co-founders of Soldier On John Bale and Dr Danielle Clout to do for law enforcement and emergency service workers what Soldier On has done for defence personnel.

Fortem will be a specialised, community-based organisation focussed on the health and wellbeing of frontline workers who deal with confronting situations in their daily work-life.

Initiatives proposed to be funded from 'proceeds of crime' are:

  • $1.88 million over two years to Fortem Australia to improve health and wellbeing of emergency service workers and meet the needs of individuals and families from early intervention to crisis support.
  • $750,000 over one year to the National Police Memorial Co to educate and build resilience in all law enforcement agencies in the areas of social, emotional and psychological health.
  • $648,996 over two years to the Australian Federal Police for development of new mental health policies and health standards.

"Police, fire and ambulance officers, paramedics and volunteers in organisations like the SES that have to deal firsthand with the accidents, crime and crisis incidents on a daily basis. It can take a toll," Mr Dutton said.

"They are there 24/7 working to help and keep us as individuals and a community safe. We rely on them.

"We must do all we can to help them in their jobs, and importantly, to lead happy and healthy lives."

"Having worked closely with Australia's emergency services over the past 50 years, Motorola Solutions understands the significant pressure that first responders face in protecting our communities every day,” said Steve Crutchfield, Vice President and Managing Director Australia and New Zealand, Motorola Solutions.

"We are delighted to join Fortem Australia in supporting the mental health and wellbeing of first responders who do all they can to keep us safe, even when that means dealing with traumatic events that most of us never have to face."

Motorola Solutions Modernises Radio Communications System of Polish Prison Service for Increased Safety

on Wednesday, 27 March 2019. Posted in Two Way Radio Industry News Blog

Project includes new MOTOTRBOTM Digital Mobile Radio (DMR) technology, plus supporting software and services

WARSAW, Poland – March 26, 2019 – Motorola Solutions’ local partners Aksel and Siltec have been selected in a tender by the Polish Prison Service to fulfill the public contract to modernize the communications system. Under the contract all penal institutions in Poland will be equipped with state-of-the-art MOTOTRBOTM Digital Mobile Radio (DMR) technology from Motorola Solutions to replace the analogue radio infrastructure with a proven digital radio communication solution. The experienced consortium will modernise the public safety radio communications systems according to the 2016 Act “Programme for the Modernisation of the Prison Service in 2017-2020.”

The modernisation project represents an important milestone in the deployment of the digital radio communications system for the Polish Prison Service. Within the framework of the project, the consortium of Aksel and Siltec delivers future-leading MOTOTRBO digital radio technology from Motorola Solutions including DM4600e base stations, DP4601e portable, DM4601e mobile two-way radios as well as SLR5500 repeaters. The new system also includes the ConSEL dispatching software to manage the system.

The next-generation technology provides highly improved quality, reliability and coverage as well as secure encryption of voice communications in prison facilities and convoy vehicles of the Polish Prison Service. The GPS tracking function has also crucial functions allowing increased levels of security for officers operating at penal institutions. This is a crucial element for localising the position of convoy vehicles or officers in prison facilities. Moreover, the mission-critical communications system can be expanded for future interoperability with other public safety agencies and organisations in Poland.

“The DMR tender award in Poland reinforces our position as a trusted market and technology leader in providing mission-critical communications solutions together with our longstanding local partners,” adds Viv Francis, vice president, channel sales EMEA at Motorola Solutions. “The transformation of the analogue radio system to the latest digital radio standard means a fundamental qualitative change and improvement in the communications of the Polish Prison Service – today and in the future.”

The complete modernisation of the Polish Prison Service radio system to become a fully functional, next-generation DMR system, will be finalised in 2020.

[12 3 4 5  >>