Motorola Solutions Inc
For the period ended Sep 28, 2024. Filed Nov 7, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 28, 2024 · Filed Nov 7, 2024
MSI$514.51-0.5%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-06-29; filed 2024-08-01.
0000068505-24-000024
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2024-09-28; filed 2024-11-07.
0000068505-24-000034
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 171 previous paragraphs and 170 current paragraphs.
69 unchanged; 82 reworded; 17 added; 14 removed; 6 previous and 2 current paragraphs rearranged.
Tables are not compared: 23 previous and 23 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (17)
Current report
Third Quarter Financial Results
Current report
•Operating earnings were $711 million in the third quarter of 2024 compared to $639 million in the third quarter of 2023.
Current report
•an increase in the Products and Systems Integration segment, inclusive of $11 million of revenue from acquisitions, driven by an increase in LMR, partially offset by a decrease in Video;
Current report
•a 1% increase in the International region, inclusive of revenue from acquisitions, driven by an increase in Video, Command Center and LMR, inclusive of the revenue reduction on Airwave services in accordance with the Charge Control and the ESN Exit.
Current report
The 11% increase in the Products and Systems Integration segment was driven by the following:
Current report
The 7% increase in the Software and Services segment was driven by the following:
Current report
•$55 million, or 36% growth in Video, inclusive of revenue from acquisitions, driven by the North America and International regions; and
Current report
•higher gross margin as a percentage of net sales in the Products and Systems Integration segment, inclusive of acquisitions, primarily driven by higher sales, favorable mix and lower direct material costs; partially offset by
Current report
•a $10 million decrease in the Software and Services segment, primarily driven by the revenue reduction on Airwave services in accordance with the Charge Control, higher employee incentive costs, including share-based compensation, and higher expenses related to legal matters, partially offset by higher sales.
Current report
Results of Operations—Nine months ended September 28, 2024 compared to Nine months ended September 30, 2023
Current report
•inclusive of $8 million from unfavorable currency rates.
Current report
The 13% increase in the Products and Systems Integration segment was driven by the following:
Current report
The 3% increase in the Software and Services segment was driven by the following:
Current report
•$118 million, or 27% growth in Video, inclusive of revenue from acquisitions, driven by the North America and International regions; and
Current report
•$68 million, or 4% decrease in LMR services, driven by the International region due to the revenue reduction on Airwave services in accordance with the Charge Control and the ESN Exit, partially offset by an increase in the North America region; and
Current report
•higher gross margin as a percentage of net sales in the Products and Systems Integration segment, inclusive of acquisitions, primarily driven by higher sales, favorable mix and lower direct material costs; partially offset by
Current report
During the three months ended September 28, 2024, we repaid the $313 million aggregate principal amount of our 4.0% senior notes due 2024.
Removed paragraphs (14)
Previous report
Second Quarter Financial Results
Previous report
•Operating earnings were $644 million in the second quarter of 2024 compared to $518 million in the second quarter of 2023.
Previous report
The 15% increase in the Products and Systems Integration segment was driven by the following:
Previous report
•$213 million, or 19% growth in LMR, driven by the North America and International regions, primarily due to an increase in devices;
Previous report
The Software and Services segment was flat driven by the following:
Previous report
•$35 million, or 24% growth in Video, driven by the North America and International regions; and
Previous report
•$48 million, or 8% decrease in LMR, driven by the International region, the revenue reduction on Airwave services in accordance with the Charge Control, and the exit of ESN, partially offset by growth in the North America region; and
Previous report
•$41 million decrease in the Software and Services segment, driven by the revenue reduction on Airwave services in accordance with the Charge Control, partially offset by improved operating leverage.
Previous report
Results of Operations—Six months ended June 29, 2024 compared to Six months ended July 1, 2023
Previous report
•a 2% decrease in the International region, inclusive of revenue from acquisitions, driven by a decrease in LMR due to the revenue reduction on Airwave services in accordance with the Charge Control and the exit of ESN, partially offset by an increase in Video and Command Center.
Previous report
The 15% increase in the Products and Systems Integration segment was driven by the following:
Previous report
The 2% increase in the Software and Services segment was driven by the following:
Previous report
•$63 million, or 22% growth in Video, inclusive of revenue from acquisitions, driven by the North America and International regions; and
Previous report
•$3 million of fixed asset impairments in the first half of 2023 that did not occur in the first half of 2024; partially offset by
Reworded paragraphs (82)
Previous wording
This commentary should be read in conjunction with the condensed consolidated financial statements and related notes thereto of Motorola Solutions, Inc. (“Motorola Solutions,” the “Company,” “we,” “our,” or “us”) for the three and six months ended June 29, 2024 and July 1, 2023, as well as our consolidated financial statements and related notes thereto and management’s discussion and analysis of financial condition and results of operations in our Annual Report on Form 10-K for the year ended December 31, 2023 (the "Form 10-K").
Current wording
This commentary should be read in conjunction with the condensed consolidated financial statements and related notes thereto of Motorola Solutions, Inc. (“Motorola Solutions,” the “Company,” “we,” “our,” or “us”) for the three and nine months ended September 28, 2024 and September 30, 2023, as well as our consolidated financial statements and related notes thereto and management’s discussion and analysis of financial condition and results of operations in our Annual Report on Form 10-K for the year ended December 31, 2023 (the "Form 10-K").
Previous wording
Statements in this Quarterly Report on Form 10-Q for the quarter ended June 29, 2024 (this “Form 10-Q”) which are not historical in nature are 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,” “aims,” “estimates” and similar expressions. We can give no assurance that any future results or events discussed in these statements will be achieved. Any forward-looking statements represent our views only as of today and should not be relied upon as representing our 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 our actual results to differ materially from the statements contained in this Form 10-Q. Some of these risks and uncertainties include, but are not limited to, those discussed in Part I, Item 1A “Risk Factors” of the Form 10-K, and those described elsewhere in our other SEC filings. Forward-looking statements include, but are not limited to, statements included in: (1) “Management's Discussion and Analysis of Financial Condition and Results of Operations,” about: (a) the impact of the United Kingdom's Competition and Markets Authority's legal order regarding Airwave (including our actions in response); (b) the impact of our proceedings in the UK High Court regarding the notice of contract extension from the UK Home Office relating to Airwave; (c) the impact of acquisitions on our business; (d) the return of capital to shareholders through dividends and/or repurchasing shares; (e) the impact and success of our business strategy and portfolio; (f) future payments, charges, and use of accruals associated with our reorganization of business programs and employee separation costs; (g) expected payments of exit costs related to our exit of the Emergency Services Network ("ESN") contract with the UK Home Office; (h) our ability and cost to repatriate funds; (i) the liquidity of our investments; (j) our ability and cost to access the capital markets; (k) our ability to borrow under our credit facilities; (l) adequacy of internal resources to generate an adequate amount of cash to meet expected working capital, capital expenditure and cash requirements; (m) future cash flows generated from operations, and future uses of such cash; and (n) the impact of the adoption of accounting pronouncements on our financial results; (2) “Quantitative and Qualitative Disclosures about Market Risk,” about: (a) the impact of foreign currency risk; (b) the impact of interest rate risk; and (c) future hedging activity and expectations of the Company; and (3) “Legal Proceedings,” about the ultimate disposition of legal matters and timing. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new i…
Excerpt shortened here; the source contains the full paragraph.
Current wording
Statements in this Quarterly Report on Form 10-Q for the quarter ended September 28, 2024 (this “Form 10-Q”) which are not historical in nature are 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,” “aims,” “estimates” and similar expressions. We can give no assurance that any future results or events discussed in these statements will be achieved. Any forward-looking statements represent our views only as of today and should not be relied upon as representing our 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 our actual results to differ materially from the statements contained in this Form 10-Q. Some of these risks and uncertainties include, but are not limited to, those discussed in Part I, Item 1A “Risk Factors” of the Form 10-K, and those described elsewhere in our other SEC filings. Forward-looking statements include, but are not limited to, statements included in: (1) “Management's Discussion and Analysis of Financial Condition and Results of Operations,” about: (a) the impact of the United Kingdom's Competition and Markets Authority's legal order regarding Airwave (including our actions in response); (b) the impact of our proceedings in the UK High Court regarding the notice of contract extension from the UK Home Office relating to Airwave; (c) the impact of acquisitions on our business; (d) the return of capital to shareholders through dividends and/or repurchasing shares; (e) future payments, charges, and use of accruals associated with our reorganization of business programs and employee separation costs; (f) expected payments of exit costs related to our exit of the Emergency Services Network ("ESN") contract with the UK Home Office; (g) our ability and cost to repatriate funds; (h) the liquidity of our investments; (i) our ability and cost to access the capital markets; (j) our ability to borrow under our credit facilities; (k) adequacy of internal resources to generate an adequate amount of cash to meet expected working capital, capital expenditure and cash requirements; (l) future cash flows generated from operations, and future uses of such cash; and (m) the impact of the adoption of accounting pronouncements on our financial results; (2) “Quantitative and Qualitative Disclosures about Market Risk,” about: (a) the impact of foreign currency risk; (b) the impact of interest rate risk; and (c) future hedging activity and expectations of the Company; and (3) “Legal Proceedings,” about the ultimate disposition of legal matters and timing. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise, except as legally requ…
Excerpt shortened here; the source contains the full paragraph.
Previous wording
•Video: Cameras (fixed, body-worn, in-vehicle), access control, infrastructure, video management, software and artificial intelligence (AI)-powered analytics that help enable visibility “on scene” and bring attention to what’s important.
Current wording
•Video: Cameras (fixed, body-worn, in-vehicle), access control, infrastructure, video management, software and artificial intelligence (AI)-powered analytics that help enable visibility and bring attention to what’s important.
Previous wording
•Net sales were $2.6 billion in the second quarter of 2024 compared to $2.4 billion in the second quarter of 2023.
Current wording
•Net sales were $2.8 billion in the third quarter of 2024 compared to $2.6 billion in the third quarter of 2023.
Previous wording
•Net earnings attributable to Motorola Solutions, Inc. was $443 million, or $2.60 per diluted common share, in the second quarter of 2024, compared to net earnings of $371 million, or $2.15 per diluted common share, in the second quarter of 2023.
Current wording
•Net earnings attributable to Motorola Solutions, Inc. was $562 million, or $3.29 per diluted common share, in the third quarter of 2024, compared to net earnings of $464 million, or $2.70 per diluted common share, in the third quarter of 2023.
Previous wording
•Operating cash flow increased $477 million to $562 million in the first half of 2024 compared to $85 million in the first half of 2023.
Current wording
•Operating cash flow increased $522 million to $1.3 billion in the first nine months of 2024 compared to $799 million in the first nine months of 2023.
Previous wording
•We repurchased $110 million of common stock and paid $326 million in dividends in the first half of 2024.
Current wording
•We repurchased $141 million of common stock and paid $490 million in dividends in the first nine months of 2024.
Previous wording
The results of operations for the second quarter of 2024 are not necessarily indicative of the operating results to be expected for the full year. Historically, we have experienced higher revenues in the fourth quarter as compared to the rest of the quarters of our fiscal year as a result of the purchasing patterns of our customers.
Current wording
The results of operations for the third quarter of 2024 are not necessarily indicative of the operating results to be expected for the full year. Historically, we have experienced higher revenues in the fourth quarter as compared to the rest of the quarters of our fiscal year as a result of the purchasing patterns of our customers.
Previous wording
The Products and Systems Integration segment’s net sales represented 63% of our net sales in the second quarter of 2024 and 60% in the second quarter of 2023. The Software and Services segment’s net sales represented 37% of our net sales in the second quarter of 2024 and 40% in the second quarter of 2023.
Current wording
The Products and Systems Integration segment’s net sales represented 64% of our net sales in the third quarter of 2024 and 63% in the third quarter of 2023. The Software and Services segment’s net sales represented 36% of our net sales in the third quarter of 2024 and 37% in the third quarter of 2023.
Previous wording
Net sales increased $225 million, or 9%, in the second quarter of 2024 compared to the second quarter of 2023. The $221 million, or 15%, increase in net sales within the Products and Systems Integration segment was driven by an increase of 21% in the North America region. The $4 million increase in net sales within the Software and Services segment was driven by an increase of 9% in the North America region and partially offset by a decrease of 15% in the International region. Net sales includes:
Current wording
Net sales increased $234 million, or 9%, in the third quarter of 2024 compared to the third quarter of 2023. The $172 million, or 11%, increase in net sales within the Products and Systems Integration segment was driven by an increase of 13% in the North America region and an increase of 5% in the International region. The $62 million, or 7% increase in net sales within the Software and Services segment was driven by an increase of 12% in the North America region, partially offset by a decrease of 4% in the International region. Net sales includes:
Previous wording
•an increase in the Software and Services segment, inclusive of $1 million of revenue from acquisitions, driven by an increase in Video and Command Center, partially offset by a decrease LMR services due to the revenue reduction on Airwave services in accordance with the Charge Control and the exit of ESN; and
Current wording
•an increase in the Software and Services segment, inclusive of $25 million of revenue from acquisitions, driven by an increase in Video and Command Center, partially offset by a decrease in LMR services due to the revenue reduction on Airwave services in accordance with the Charge Control and the Company's exit of the ESN contract with the UK Home Office in 2022, inclusive of twelve months of transition services through the end of 2023 (the "ESN Exit"); and
Previous wording
•a 17% increase in the North America region, inclusive of revenue from acquisitions, driven by an increase in LMR, Video and Command Center; and
Current wording
•a 13% increase in the North America region, inclusive of revenue from acquisitions, driven by an increase in LMR, Video and Command Center; and
Previous wording
•higher gross margin as a percentage of net sales in the Products and Systems Integration segment, inclusive of acquisitions, primarily driven by higher sales and favorable mix; partially offset by
Current wording
•$180 million, or 14% growth in LMR, driven by the North America and International regions due to improved supply and favorable mix; partially offset by
Previous wording
•$8 million, or 3% growth in Video, inclusive of revenue from acquisitions, driven by the North America and International regions; and
Current wording
•$8 million, or 3% decrease in Video, inclusive of revenue from acquisitions, driven by the International and North America regions; and
Previous wording
•$17 million, or 9% growth in Command Center, driven by the North America and International regions; partially offset by
Current wording
•$16 million, or 9% growth in Command Center, inclusive of revenue from acquisitions, driven by the North America and International regions; partially offset by
Previous wording
•$59 million, or 5% decrease in LMR, driven by the International region due to the revenue reduction on Airwave services in accordance with the Charge Control and the exit of ESN, partially offset by the North America region; and
Current wording
•$9 million, or 1% decrease in LMR services, driven by the International region due to the revenue reduction on Airwave services in accordance with the Charge Control and the ESN Exit, partially offset by an increase in the North America region; and
Previous wording
Gross margin was 51.0% of net sales in the second quarter of 2024 compared to 49.5% in the second quarter of 2023. The primary drivers of this increase in gross margin as a percentage of net sales were:
Current wording
Gross margin was 51.4% of net sales in the third quarter of 2024 compared to 50.1% in the third quarter of 2023. The primary drivers of this increase in gross margin as a percentage of net sales were:
Previous wording
SG&A expenses increased 10% in the second quarter of 2024 compared to the second quarter of 2023. The increase in SG&A expenses was primarily due to higher employee incentive costs and an expansion of headcount in the sales force. SG&A expenses were 16.4% of net sales in the second quarter of 2024 compared to 16.2% of net sales in the second quarter of 2023.
Current wording
SG&A expenses increased 16% in the third quarter of 2024 compared to the third quarter of 2023. The increase in SG&A expenses was primarily due to higher employee incentive costs, including share-based compensation, higher expenses related to legal matters and higher expenses associated with acquired businesses. SG&A expenses were 15.7% of net sales in the third quarter of 2024 compared to 14.9% of net sales in the third quarter of 2023.
Previous wording
R&D expenditures increased 2% in the second quarter of 2024 compared to the second quarter of 2023 primarily due to higher employee incentive costs including share-based compensation. R&D expenditures were 8.4% of net sales in the second quarter of 2024 compared to 8.9% of net sales in the second quarter of 2023.
Current wording
R&D expenditures increased 9% in the third quarter of 2024 compared to the third quarter of 2023 primarily due to higher employee incentive costs, including share-based compensation, and higher expenses associated with acquired businesses. R&D expenditures were 8.4% of net sales in each of the third quarter of 2024 and in the third quarter of 2023.
Previous wording
•$4 million of acquisition-related transaction fees in the second quarter of 2024 that did not occur in the second quarter of 2023.
Current wording
Other charges increased by $3 million in the third quarter of 2024 compared to the third quarter of 2023. The change was driven primarily by $4 million of acquisition-related transaction fees in the third quarter of 2024 compared to $1 million of acquisition-related transaction fees in third quarter of 2023.
Previous wording
Operating earnings increased $126 million, or 24%, in the second quarter of 2024 compared to the second quarter of 2023. The increase in Operating earnings was due to:
Current wording
Operating earnings increased $72 million, or 11%, in the third quarter of 2024 compared to the third quarter of 2023. The increase in Operating earnings was due to:
Previous wording
•$167 million increase in the Products and Systems Integration segment, primarily driven by higher sales, favorable change in year-over-year mix, and improved operating leverage, partially offset by higher employee incentive costs; partially offset by
Current wording
•an $82 million increase in the Products and Systems Integration segment, primarily driven by higher sales, favorable change in year-over-year mix and lower direct material costs, partially offset by higher employee incentive costs, including share-based compensation, and higher expenses related to legal matters; partially offset by
Previous wording
The $12 million increase in Interest expense, net in the second quarter of 2024 compared to the second quarter of 2023 was primarily driven by higher outstanding debt and an interest accrual related to audits with taxing authorities in foreign jurisdictions, partially offset by higher interest income.
Current wording
The $5 million increase in Interest expense, net in the third quarter of 2024 compared to the third quarter of 2023 was primarily driven by higher interest rates on outstanding debt, partially offset by higher interest income.
Previous wording
The $21 million decrease in Other, net in the second quarter of 2024 compared to the second quarter of 2023 was primarily driven by:
Current wording
The $35 million increase in Other, net in the third quarter of 2024 compared to the third quarter of 2023 was primarily driven by:
Previous wording
•$5 million loss on derivatives in the second quarter of 2024 compared to a $9 million gain on derivatives in the second quarter of 2023; and
Current wording
•$22 million gain on derivatives in the third quarter of 2024 compared to a $26 million loss on derivatives in the third quarter of 2023;
Previous wording
•$11 million loss on fair value adjustments to equity investments in the second quarter of 2024 compared to a $16 million gain on fair value adjustments to equity investments in the second quarter of 2023;
Current wording
•$9 million gain on fair value adjustments to equity investments in the third quarter of 2024 compared to a $7 million loss on fair value adjustments to equity investments in the third quarter of 2023;
Previous wording
•$31 million of net periodic pension and postretirement benefit in the second quarter of 2024 compared to $24 million of net periodic pension and postretirement benefit in the second quarter of 2023; and
Current wording
•$32 million of net periodic pension and postretirement benefit in the third quarter of 2024 compared to $24 million of net periodic pension and postretirement benefit in the third quarter of 2023; and
Previous wording
•$3 million loss on investment impairments in the second quarter of 2023 that did not occur in the second quarter of 2024.
Current wording
•$7 million loss on investment impairments in the third quarter of 2023 that did not occur in the third quarter of 2024; partially offset by
Previous wording
•$3 million of foreign currency gains in the second quarter of 2024 compared to $21 million of foreign currency losses in the second quarter of 2023;
Current wording
•$26 million of foreign currency losses in the third quarter of 2024 compared to $23 million of foreign currency gains in the third quarter of 2023.
Previous wording
Income tax expense increased by $21 million in the second quarter of 2024 compared to the second quarter of 2023, resulting in an effective tax rate of 23%. Our effective tax rate for the three months ended June 29, 2024 of 23% was equal to the effective tax rate for the three months ended July 1, 2023 of 23%, primarily due to tax benefits recognized upon settlement of audits with taxing authorities in foreign jurisdictions in 2024, offset by lower excess tax benefits of share-based compensation in 2024.
Current wording
Income tax expense increased by $5 million in the third quarter of 2024 compared to the third quarter of 2023, resulting in an effective tax rate of 19%. Our effective tax rate for the three months ended September 28, 2024 of 19% was lower than the effective tax rate for the three months ended September 30, 2023 of 21%, primarily due to higher excess tax benefits of share-based compensation and tax benefits recognized upon settlement of audits with taxing authorities in foreign jurisdictions in 2024.
Previous wording
The Products and Systems Integration segment's net sales represented 63% of our net sales in the first half of 2024 and 60% in the first half of 2023. Net sales from the Software and Services segment represented 37% of our net sales in the first half of 2024 and 40% in the first half of 2023.
Current wording
The Products and Systems Integration segment's net sales represented 63% of our net sales in the first nine months of 2024 and 61% in the first nine months of 2023. Net sales from the Software and Services segment represented 37% of our net sales in the first nine months of 2024 and 39% in the first nine months of 2023.
Previous wording
Net sales increased $443 million, or 10%, in the first half of 2024 compared to the first half of 2023. The $409 million, or 15%, increase in net sales within the Products and Systems Integration segment was driven by an increase of 18% in the North America region and an increase of 7% in the International region. The $34 million, or 2%, increase in net sales within the Software and Services segment was driven by an increase of 11% in the North America region, partially offset by a decrease of 13% in the International region. Net sales includes:
Current wording
Net sales increased $677 million, or 9%, in the first nine months of 2024 compared to the first nine months of 2023. The $581 million, or 13%, increase in net sales within the Products and Systems Integration segment was driven by an increase of 16% in the North America region and an increase of 7% in the International region. The $96 million, or 3%, increase in net sales within the Software and Services segment was driven by an increase of 11% in the North America region, partially offset by a decrease of 10% in the International region. Net sales includes:
Previous wording
•an increase in the Products and Systems Integration segment, inclusive of $12 million of revenue from acquisitions, driven by an increase in LMR and Video;
Current wording
•an increase in the Products and Systems Integration segment, inclusive of $32 million of revenue from acquisitions, driven by an increase in LMR and Video;
Previous wording
•an increase in Software and Services, inclusive of $1 million of revenue from acquisitions, driven by an increase in Video and Command Center, partially offset by a decrease in LMR driven by the revenue reduction on Airwave services in accordance with the Charge Control and the exit of ESN; and
Current wording
•an increase in Software and Services, inclusive of $26 million of revenue from acquisitions, driven by an increase in Video and Command Center, partially offset by a decrease in LMR services driven by the revenue reduction on Airwave services in accordance with the Charge Control and the ESN Exit; and
Previous wording
•a 15% increase in the North America region, inclusive of revenue from acquisitions, driven by an increase in LMR, Video and Command Center; and
Current wording
•a 14% increase in the North America region, inclusive of revenue from acquisitions, driven by an increase in LMR, Video and Command Center; partially offset by
Previous wording
•a 7% decrease in the International region, inclusive of revenue from acquisitions, driven by a decrease in LMR due to the revenue reduction on Airwave services in accordance with the Charge Control and the exit of ESN, partially offset by an increase in Video and Command Center.
Current wording
•a 1% decrease in the International region, inclusive of revenue from acquisitions, driven by a decrease in LMR due to the revenue reduction on Airwave services in accordance with the Charge Control and the ESN Exit, partially offset by an increase in Video and Command Center.
Previous wording
•$390 million, or 17% growth in LMR, driven by both the North America and International regions, primarily due to an increase in devices;
Current wording
•$570 million, or 16% growth in LMR, driven by both the North America and International regions;
Previous wording
•$19 million, or 4% growth in Video, inclusive of revenue from acquisitions, driven by both the North America and International regions; and
Current wording
•$11 million, or 1% growth in Video, inclusive of revenue from acquisitions, driven by both the North America and International regions; and
Previous wording
•$30 million, or 9% growth in Command Center, driven by the North America and International regions; partially offset by
Current wording
•$46 million, or 9% growth in Command Center, inclusive of revenue from acquisitions, driven by the North America and International regions; partially offset by
Previous wording
Gross margin was 50.4% of net sales in the first half of 2024 compared to 48.9% in the first half of 2023. The primary drivers of this increase in gross margin as a percentage of net sales were:
Current wording
Gross margin was 50.8% of net sales in the first nine months of 2024 compared to 49.3% in the first nine months of 2023. The primary drivers of this increase in gross margin as a percentage of net sales were:
Showing the first 40 of 82 pairs. Open the source sections for the rest.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
•inclusive of $1 million from unfavorable currency rates.
Current report — wording carried from elsewhere
•inclusive of $3 million from unfavorable currency rates.
Rearranged previous paragraphs (6)
Previous report — wording carried elsewhere
Other charges decreased by $21 million in the second quarter of 2024 compared to the second quarter of 2023. The change was driven primarily by the following:
Previous report — wording carried elsewhere
•$15 million of environmental reserve expense in the second quarter of 2023 that did not occur in the second quarter of 2024; and
Previous report — wording carried elsewhere
•$36 million of intangible asset amortization expense in the second quarter of 2024 compared to $43 million of intangible asset amortization expense in the second quarter of 2023; partially offset by
Previous report — wording carried elsewhere
•$11 million loss on assessments of uncertain tax positions in the second quarter of 2024 that did not occur in the second quarter of 2023; partially offset by
Previous report — wording carried elsewhere
•an increase in the Products and Systems Integration segment, inclusive of $21 million of revenue from acquisitions, driven by an increase in LMR and Video;
Previous report — wording carried elsewhere
•higher gross margin as a percentage of net sales in the Products and Systems Integration segment, inclusive of acquisitions, primarily driven by higher sales and favorable mix; partially offset by