The 'New' Motorola Solutions Is Taking On the Critical Need for Safety | At Barron's

Summary

In an interview with Andy Serwer, Greg Brown, CEO of Motorola Solutions, discusses the company's transformation from a mobile phone manufacturer to a leader in mission-critical communications, focusing on emergency services and private networks. Brown highlights their global leadership in private networks, 911 software, and video security. He attributes the company's success to strategic focus, new leadership, and smart acquisitions. Brown also addresses the impact of global security concerns, the importance of their technology in crisis situations, and the company's growth potential in a $66 billion addressable market.

Takeaways

• 📡 Motorola Solutions focuses on mission-critical communications, providing emergency radio systems for sectors like public safety, including police, fire, ambulance, and military.
• 🔐 The company specializes in private networks that remain operational during natural disasters or cellular congestion, ensuring reliable communication for emergency services.
• 🌐 Motorola Solutions is a global leader in private networks, with approximately 13,000 networks worldwide, offering encryption, security, and device refresh services.
• 🚔 They also provide 911 software solutions, managing emergency call handling, dispatch, and records in almost two-thirds of the 911 centers in North America.
• 📹 The company is involved in video security and access control, offering services for smart cities, enterprise security, and license plate recognition.
• 📈 Under Greg Brown's 17-year tenure as CEO, the company has grown significantly by focusing on mission-critical technologies and divesting from non-core areas like cell phones and cable TV set-top boxes.
• 💹 Motorola Solutions has a market cap of $64 billion and an addressable market of $66 billion, indicating substantial growth potential, especially with a strategy that excludes China.
• 🌟 The company's success is attributed to strategic decisions, focusing on public safety and security, and a commitment to superior products and operational excellence.
• 🤝 Motorola Solutions faces competition from Chinese firms like Hytera in radio communications and Hikvision and Dahua in video security, but maintains a strong position in the market.
• 🔋 The company is investing in organic growth, particularly in video and radio products, and expanding its sales force to capture opportunities in the growing public safety technology market.

Q & A

What is the primary focus of Motorola Solutions' business today?

The primary focus of Motorola Solutions is on emergency communications and mission-critical radio systems for public safety, including police, fire, ambulance, and military services. They also provide private networks that are always reliable and operational even during natural disasters or cellular congestion.

How does Motorola Solutions differentiate their radios from traditional 'walkie-talkies'?

While their products are sometimes referred to as 'walkie-talkies', Motorola Solutions emphasizes that their radios are much more sophisticated. They are designed for mission-critical communications, ensuring reliability and security, and are part of a broader system that Motorola Solutions installs, encrypts, secures, and maintains.

What role does Motorola Solutions play in the 911 software sector?

Motorola Solutions is a significant player in the 911 software sector, primarily in North America. They offer software for emergency workflow in 911 command centers, including call handling, CAD dispatch, and evidentiary management, with their software present in nearly two-thirds of the 911 centers in North America.

How does Motorola Solutions approach video security and access control?

Motorola Solutions offers video security and access control solutions for smart cities, physical security, and private security enterprises. This includes positioning cameras for security purposes and providing services like license plate recognition.

What has been the key to Motorola Solutions' success and growth under Greg Brown's leadership?

The success and growth of Motorola Solutions have been attributed to strategic decisions such as focusing on mission-critical communications and public safety, divesting from non-core areas like cell phones and cable TV set-top boxes, and investing in organic development and accretive acquisitions.

What is the addressable market size for Motorola Solutions, and how does it compare to their current revenue?

The addressable market for Motorola Solutions is $66 billion, not including China. Their revenue for 2024 is just under $11 billion, indicating significant room for growth within their target market.

How does Motorola Solutions compete against Chinese firms in international markets?

Motorola Solutions faces tough competition from Chinese firms like Hytera in radio communications and Hikvision and Dahua in video security. However, they are in the seventh year of litigation against Hytera for using their technology. Additionally, the U.S. and other Western democracies are increasingly cautious about using Chinese technology due to concerns over intellectual property theft and ties to the Communist Party.

What is Motorola Solutions' stance on the integration of 4G and 5G with their radio communications?

Motorola Solutions views the integration of 4G and 5G as an enhancement to their private radio communications. They have developed a new radio that combines private land mobile radio (LMR) with 4G or 5G, allowing for software programming over the air, improved location management, and seamless call handover to LTE networks.

How does Motorola Solutions ensure interoperability between different public safety agencies?

Motorola Solutions supports the P25 standard, which ensures interoperability between different radio systems and agencies. This standard allows any radio to work with any infrastructure and enables seamless communication between different public safety agencies.

What are some of the metrics Motorola Solutions uses to benchmark its business performance?

Motorola Solutions primarily uses Total Shareholder Return (TSR) as a key metric, focusing on how it compares to the market and peer groups. Other factors include superior product quality, operational excellence, revenue growth, margin and cash flow expansion, and strategic capital allocation.

What are the main opportunities and areas where Motorola Solutions is investing for future growth?

Motorola Solutions is investing in organic growth, particularly in video and radio product areas, as well as expanding its distribution and sales forces. They are also actively looking at acquisition opportunities that align strategically, financially, and culturally with the company.

Outlines

00:00

📡 Overview of Motorola Solutions' Core Business

In this segment, Andy Serwer interviews Greg Brown, CEO of Motorola Solutions, discussing the company's transition away from mobile phones to focusing on emergency communications, critical radio systems for public safety, and private networks. Brown explains that their services are designed to be reliable even during natural disasters or cellular congestion. The company provides infrastructure, security, and maintenance for these networks, which are owned by clients like police, fire, and military departments. Motorola Solutions is a global leader in this sector, with around 13,000 private networks. They also provide 911 software for emergency call handling and video security for smart cities and enterprises. Brown highlights the company's growth and success under his leadership since 2007, attributing it to strategic decisions to focus on mission-critical communications and public safety.

05:01

🌐 Motorola Solutions' Global Market and Challenges

Greg Brown discusses the global market for Motorola Solutions, which has an addressable market of $66 billion, not including China due to their exit over a decade ago. The company is projected to have revenues just under $11 billion in 2024. Brown emphasizes the importance of focusing on emergency and mission-critical communications, which have a long-term durability and provide a stable earnings and cash flow. He also touches on the company's success in acquisitions, which has been a core competency under his leadership. Brown addresses the challenges of competing with Chinese firms, especially in less developed countries, and the impact of geopolitical issues like the conflict in Ukraine and Gaza on the demand for security solutions. He also reflects on how the company's success is partly due to the world's increasing need for security and their position as the best in their field.

10:03

🚔 Motorola Solutions' Role in Public Safety Technology

The conversation continues with Brown explaining how Motorola Solutions' products are critical for public safety, especially during emergencies when cellular networks may fail. He discusses the importance of their private land mobile radio (LMR) networks, which are designed to work even without infrastructure, ensuring continuous communication during crises. Brown also addresses the integration of 4G and 5G technologies with their LMR networks to enhance capabilities like software programming over the air, location management, and video situational awareness. He mentions the interoperability standard P25, which allows seamless communication between different agencies and infrastructures, solving past communication barriers. Brown also talks about the company's entry into the body-worn camera market for both public safety and enterprise clients, highlighting the growing demand for video security in various sectors.

15:05

📈 Capital Allocation and Future Outlook for Motorola Solutions

In this final segment, Brown discusses the company's capital allocation strategy, emphasizing organic investment in video and radio products, as well as expanding market reach through sales forces. He is proud of Motorola Solutions' track record in share repurchase and acquisitions, which have contributed to the company's growth. Brown expresses his continued engagement and enthusiasm for his role as CEO, despite having been in the position since the financial crisis. He outlines the company's future opportunities, including the global demand for safety, technology refresh funding, and the ongoing device refresh cycle in public safety. Brown makes a case for investors to consider the company's strong growth drivers, addressable market, and commitment to innovation and customer focus as reasons to invest in Motorola Solutions.

Keywords

💡Motorola Solutions

Motorola Solutions is the main subject of the video, a company that has transitioned away from making phones to focusing on mission-critical communication and public safety. The company provides emergency communication systems, private networks, and software for 911 call handling, emphasizing reliability and security. In the script, CEO Greg Brown discusses the company's current focus and its role in public safety, illustrating how Motorola Solutions has evolved to meet the needs of emergency services and secure communications.

💡Mission Critical Radio Systems

Mission Critical Radio Systems are a core product of Motorola Solutions, designed for emergency services such as police, fire, and ambulance services. These systems are characterized by their reliability and ability to function during natural disasters or cellular congestion. The script mentions these systems as the 'nucleus of the company,' highlighting their importance in ensuring continuous communication for emergency responders.

💡Private Networks

Private Networks are a significant part of Motorola Solutions' business, as they are dedicated communication systems owned and operated by the customer, separate from public cellular networks. These networks are crucial for maintaining secure and reliable communication, especially in emergency situations. The script emphasizes that Motorola Solutions is a worldwide leader in providing these networks, with around 13,000 private networks in operation.

💡911 Software

The 911 Software mentioned in the script refers to the software solutions provided by Motorola Solutions for emergency call handling, dispatch, and records management. This software is vital for the efficient operation of 911 centers, which are the lifeline for emergency services in North America. The script notes that Motorola Solutions has a significant market presence in this area, with its software in nearly two-thirds of 911 centers.

💡Video Security and Access Control

Video Security and Access Control are part of Motorola Solutions' offerings, which include surveillance systems for smart cities, physical security, and private security. These systems are used to monitor and secure areas, with capabilities like license plate recognition. The script discusses how these technologies are integral to modern security needs, both in public safety and private enterprise contexts.

💡Acquisitions

Acquisitions are a strategic method by which Motorola Solutions has expanded its product offerings and market reach. The script highlights the company's successful track record in acquisitions, which have been crucial in strengthening the company's position in areas like 911 software, video security, and access control. CEO Greg Brown emphasizes the importance of making smart acquisition decisions that align with the company's strategic goals.

💡Public Safety

Public Safety is a central theme of the video, as Motorola Solutions' primary focus is on providing technology and services that enhance the safety and security of communities. This includes emergency communication systems, 911 software, and video security solutions. The script underscores the company's commitment to public safety by discussing its products and services that are designed to connect people in need with those who can help.

💡Smart Cities

Smart Cities are mentioned in the context of video security, where Motorola Solutions provides technology to enhance urban security and management. Smart cities utilize advanced technologies, including video surveillance and data analytics, to improve services, safety, and sustainability. The script positions Motorola Solutions as a key player in enabling these capabilities for modern urban environments.

💡Body-worn Cameras

Body-worn Cameras are a product line that Motorola Solutions has entered, offering an alternative to the existing market leaders. These cameras are used by law enforcement and other public safety personnel to record incidents, providing transparency and evidence. The script discusses how Motorola Solutions is expanding into this market, both for public safety and enterprise use, highlighting the growing demand for such technology.

💡Total Shareholder Return (TSR)

Total Shareholder Return (TSR) is a key performance metric used by Motorola Solutions to measure its success and is described in the script as the company's 'North Star.' TSR takes into account not only the stock price appreciation but also dividends paid to shareholders. The script emphasizes the company's focus on TSR as a reflection of its commitment to creating value for investors, with the CEO's role being crucial in capital allocation and people management to drive TSR.

💡Capital Allocation

Capital Allocation refers to the decision-making process regarding how a company's funds are invested or spent. In the script, CEO Greg Brown discusses the importance of capital allocation in driving the company's growth and success. He mentions investing in organic development, sales forces, and strategic acquisitions as key areas where Motorola Solutions allocates its capital to enhance its product offerings and market position.

Highlights

Motorola Solutions focuses on emergency communications and mission-critical radio systems for public safety.

The company provides private networks and radios for police, fire, ambulance, and military services.

Greg Brown has been CEO since 2008, leading the company through significant changes.

Motorola Solutions is a worldwide leader with approximately 13,000 private networks.

The company's 911 software is used in nearly two-thirds of the 911 centers in North America.

Motorola Solutions also specializes in video security and access control for smart cities and enterprises.

The company has a market cap of $64 billion and an addressable market of $66 billion, excluding China.

Motorola Solutions has been successful by focusing on mission-critical technologies and divesting from commoditized areas.

The company has a strong leadership team and a core competency in acquisitions.

Motorola Solutions competes against Chinese firms like Hytera and Hikvision in international markets.

The company's success is partly due to increasing global security concerns and the need for reliable emergency communications.

Motorola Solutions' products are designed to work even when cellular infrastructure is down, ensuring continuous communication during emergencies.

The company is investing in video and radio products, as well as expanding its sales force and distribution reach.

Motorola Solutions has a trailing PE of over 40, reflecting its strong growth and market position.

Greg Brown expresses his commitment to continuing as CEO, driven by the company's potential and his passion for the industry.

The company has a strong focus on total shareholder return (TSR) as a key performance metric.

Motorola Solutions has a robust capital allocation strategy, prioritizing organic investment and strategic acquisitions.

The company is well-positioned to benefit from the global trend towards increased safety and security needs.

Transcripts

[Music]

hello everyone and welcome to at Barons

I'm Andy serwer and Welcome to our guest

Greg Brown CEO of Motorola Solutions

Greg it's great to see you thanks for

having me Andy so Motorola Solutions

hasn't made phones Motorola hasn't made

phones in a very long time some people

still associate the name with phones

indeed what exactly are you doing right

now talk to us about the company so the

nucleus of the company uh is designed

around the anchor tenant is emergency

communications Radio Systems Mission

critical Radio Systems so think police

fire ambulance military NYPD Chicago PD

LA and and the like the private networks

the emergency always reliable always on

in spite of a natural disaster without

without cellular congestion these

networks are provisioned installed and

dedicated by Motorola Solutions along

with the radios some call them

walkie-talkie you don't like to say

walkie-talkies well people relate to it

but it's a much more sophisticated

product that's why I avoid it but that's

the majority of what we do and we are

the worldwide leader with there are

about

13,000 private networks not cellular not

AT&T not Verizon not T-Mobile but

private owned by the customer customer

and we put the infrastructure in we

encrypt it we secure it we monetize the

services and we refresh the devices I.E

radios and we're the leader in that

business worldwide additionally we do

911 software primarily in North America

there's about

6,000 uh 911 centers so you think 911

call handling CAD dispatch records and

evidentiary management we have a

software portfolio that does basically

emergency workflow in 911 command

centers we have software that's in

almost 2third of the 911 centers in

North America and the Third Leg of the

stool we do video security and access

control so think either smart cities

with video security think physical

security or private security where you

will have cameras positioned to secure

your Enterprise we do that

we do license plate recognition so the

new Motorola if you will I.E Motorola

Solutions is grounded in public safety

right and physical security and we

connect people in need with those who

can help that's what we do you have been

CEO I think since what 2007 200 one of8

this is my 17th year right we've talked

about previously about your trials and

tribulations and Scar Tissue right

exactly going through the business at

that point which was very challenging

and I'm wondering I mean the company's

been incredibly successful we'll talk

more about that is is this a reflection

of a growing concern and need to provide

security I mean what accounts for the

company's incredible growth over those

17 years I think it's a combination of

things um if you go back and rewind the

tape the foundation that was laid for

growth was because we knew what not to

do let's not do cell phones let's not do

commoditized cellular infrastructure

let's not do a deteriorating physical

cable TV setop box and let's focus on

all things be emergency Mission critical

emergency communications networks that I

and we knew most others didn't that had

an incredible durability and longevity

for literally decades and decades right

that would provide a

stickiness a durability of earnings and

cash flow and could be the flywheel to

re-engineer a new Motorola Solutions

around Public Safety and Security so the

reason the company has been successful

is we made the right bet on which

technology to keep and which ones to

devest and it's not necessarily the most

sexy sounding business particularly back

then and also some might say that the

opportunity was not so big how big of a

market is it I mean now you guys have a

market cap of what 64 billion something

like that but how big is the The Tam in

terms of sales so the market cap of the

firm as you said is 64 billion the

Enterprise Value is just under 70

billion and the addressable market for

all the things that we do is 66 billion

that's a 2024 addressable market number

and Andy very importantly it's zeroing

out China so Motorola was one of the

very first companies in China and we

were one of the very first companies to

leave China over a decade ago before it

was in more in Vogue and people had a uh

a greater appreciation of what was

happening around intellectual property

theft and trade secrets so the street

has Motorola doing Revenue just under 11

billion in

2024 with a $66 billion addressable

market so there's tremendous room to run

the other reason I think the company has

prospered is we have a new leadership

team motor Roland that got promoted up

from within and in the last I would say

decade we have been able to make a core

competency of the company Acquisitions

we didn't do a lot of them historically

Motorola was a conglomerate we were

cutting we weren't adding well once we

cut to the powerful muscular nucleus of

the company now we've added both organic

development and inorganic in a very

accretive way and in a way that's made

the company stronger and allows us to

prosper in markets like 911 software

video security physical Access Control

and markets and adjacencies to Public

Safety that we weren't in a decade ago

great people great Acquisitions security

more critical than ever and by the way

not just domestically but

internationally as well with the

conflict in Ukraine and Gaza and

migration and other uh considerations

going on I want to ask about that

International Peace cig you mentioned

China and not being there but are you

competing against Chinese firms say in

Europe in other in other markets besides

the United States and how's that playing

out it's tough the primary competitor is

a company called hia it's a radio

competitor and Chinese Chinese and they

compete with us in they compete with us

everywhere but we are in our seventh

year of

pursuing and uh closing out a

long-standing litigation it's coming

home to roost in 2024 and

2025 but outside of the US yes because

in less developed countries where rules

are more cloudy and ambiguous they still

compete but they in in the case of haera

they're doing it with our technology we

also compete with the Chinese in video

security hick vision and dawa outside of

the US but Andy there's one other very

important point the US in the National

Defense authorization act has looked at

these Chinese companies and there are

five Huawei ZTE

haera hick vision and dawa they are

banned from the US federal government

and the US federal government has banned

any use of Federal grant money to buy

those products I think other Western

like democracies whether it's the UK

Australia of course Canada and others

are very reticent and concerned about

these Chinese actors and their

relationship with the Communist party

and at all considering them either an

emergency community Communications or

video for Public Safety or critical

infrastructure this may be a funny

question to ask you Greg but in a way

isn't the success of your business

somewhat a reflection of troubles in the

world you mentioned Ukraine and Gaza but

also just increased security

concerns in the United States and

globally also climate change affecting

weather which means natural disasters so

is the bad news good news for you guys

the answer is yes um in part that's part

of why we're growing but the other half

of that loaf Andy is we're the best at

what we do and I don't mean that to be

arrogant but we've been 70 years doing

Mission critical Communications we have

a superior product portfolio we have

Market leadership we have uh spectral

efficiency by the way there was the

thesis 10 10 years ago was this boring

non-sexy Motorola walkie-talkie company

is a melting Ice Cube and the future

will be smartphones whether Android or

iOS and you'll put a posh to talk button

everybody will use them and those ugly

bricks will be in a history museum

someday the opposite is

true these why is that because these

networks these power management the

design of these networks and this

equipment is not a cellular network it

is a private Network meaning what

meaning it's dedicated to nothing but

Emergency Services meaning what meaning

that if a bomb went off for all if the

cellular infrastructure goes down in New

York City your Verizon phone going to

work or AT&T you already know the answer

in our networks they are designed where

they actually can work without

infrastructure you could eliminate the

infrastructure and still have

peer-to-peer Communications which is why

these devices are larger because they

have power management design technology

and repeater engineering so that they

can make maintain emergency

communications without an infrastructure

so yes bad news can lead to good news

for our company but that's also kind of

masks the quality the criticality and

what we do is a need to have not a nice

to have and that has elevated to the top

of the food chain lastly 4G 5G the

networks that were purported to

potentially damage or impair our

business has helped it why why because

First Responders have a brand new radio

which is LMR a private land mobile radio

network and we put 4G or 5G on it so you

could do software programming over the

air you can have improved location

management and if you roam out of the

coverage area as a police officer in

Queens or Staten Island that call can

seamlessly stay picked up by roaming

onto LTE and it can provide video

situational awareness so LTE augments

the performance of private radio

communications hence our Rising tide

what about problems where various police

forces fire safety EMS can't communicate

with each other yesterday's news not

true anymore really uh there's a new

standard well new it's probably 15 or 20

years old now p25 myself maybe p25 is

the interoperable standard where any

radio will work with any infrastructure

and there'll be interoperable between

infrastructure and radio and there'll be

interoperable inter agency so I would

say that was a problem more in the '90s

maybe 25 years ago but that that problem

has been eliminated in terms of seamless

interoperability are you in the business

of video cameras for police and other

agencies yes we're a second provider we

got into the business about four or five

years ago so we do body warn cameras as

a viable alternative to the dominant

number one who basically was in that

market 8 or 10 years without a

competitor we are now an emerging

competitor and a viable one in addition

we're doing body warn cameras for

Enterprise so uh there's High concern

around retail Smash and grab retail uh

service Personnel being concerned about

their safety Healthcare

nurses um so we are selling a lot of

body warn camera into the Enterprise

which is newer to the market bodyw warn

camera in public safety has been used

for several years being used in

commercial Enterprises is new lastly

we've had great success on Public Safety

bodyw warn video internationally Romania

Finland so whether it's bodyw warn video

Enterprise or Public Safety dash cam

video if you're in a squad car it could

be license fight recog video where we

are the market leader um video is more

and more and more critical you have to

ingest all these input points and sensor

points you have to be able to process it

and store it in a 911 Command Center and

extract critical information and maybe

on occasion push it to a first responder

to his or her radio we have that full

Suite what metrics do you use to

Benchmark the business well number one

total shareholder return

total shareholder TSR TSR TSR is our

North Star now I know it's an

output but we are we management and the

board are maniacally focused on TSR in a

healthy way but it's not just TSR it's

TSR against the market and TSR against

your peer group so if the stock goes

from A to B and we're all happy I don't

know if that's good or bad because if

the Market's growing faster we're

underperforming if the peer group's

growing faster we're underperforming

pering now how do you get TSR Superior

product great people worldclass

intellectual property and patent

portfolio operational excellence and

revenue growth margin expansion cash

flow expansion my job Andy as CEO is two

things Capital allocation and people

that's it where do we spend the money

R&D organically inorganically and which

people lead this company and who's on

the bench to lead it in the future I was

going to ask you about Capital

allocation Greg what are the biggest

opportunities for your business in your

company and where are you laying your

bets well right now uh the biggest

opportunities are organic investment so

we're investing more in video we're

investing more in radio in the product

areas Andy we're also investing more on

uh the goto Market distribution reach

and the sales forces direct and indirect

to sell that that expanded product line

I am very proud of the fact that um one

of my favorite stats Andy mhm we've done

just under 16 billion of share

repurchase over the course of Motorola

Solutions at an aggregate price of just

under

69 and the stock is in the high 380s

today and most companies get share repo

wrong and most companies get

Acquisitions wrong 70 or 80% of the

Acquisitions in general don't meet the

business case so the other

prioritization of capital is

Acquisitions we've had a fantastic track

record we have a lot more work to do but

as I sit here with you today investing

in The Firm organically and expanding

our distribution and we have a very

attractive funnel of opportunities for

Acquisitions but we have to make sure

they make sense

strategically financially it's a

creative operationally it's culturally

compatible and we can

execute you've been CEO since the

financial crisis that's been a while are

you still engaged and want to stay in

the seat absolutely I love what I do

this is the best company in the world I

get the nvidias and the apples and the

microsofts I get that I have great

respect in two or three trillion dollar

companies but it's not about necessarily

size it's about the value you've created

and the value that you can in the future

I am very proud of everything we've 've

done to date but it doesn't matter it's

about the next year three and five and I

look at the environment I look at the

product portfolio I look at the team I

look at the opportunity the Strategic

decisions of where we play without China

and where we're focused and I'm as

energized as I've ever been to continue

to do this it's a privilege and an honor

and final question Greg we've talked

about the company's success I think the

stock is up uh what over 1,00%

over your 10 as of Friday I think it

was, 149% count I don't know versus say

400% Plus for the S&P 500 you're

relative Benchmark we talked about the

market cap you do have a trailing PE of

over 40 so make the case for us for

investors out there why they should own

the stock going forward sure well do you

think to an earlier point you made do

you think the world will be more safe

going forward or less

safe question one question two we didn't

talk about this but in the inflation

reduction act there's $350 billion that

are available in multi-e for funding for

technology refresh this runs through

2026 many of these approved funding

categories we expect it to be extended

beyond that number three you replace

your smartphone every two or three years

maybe longer Public Safety radios

typically are 7 to eight years we are in

the early stages of a device

refresh in North America in Europe and

Beyond and by the way that device

refresh captures both the emergency LMR

characteristics that are second to none

and they incorporate LTE the new higher

speed Broadband so the funding is

available the world continues to be a

challenging place you see what's

happening at the border you see what's

happening in Big City crime do we think

video will play a more prominent role

all things video bodyw warn dash cam

Enterprise Public Safety and so the

underlying growth drivers are as strong

as ever and then to the addressable

Market if you're 10 A5 billion in change

against a $66 billion addressable Market

I would suggest there's a lot of

opportunity off the top of my head those

are some compelling reasons but by the

way I want to make sure we're our own

worst critic we're not going to be

complacent we're staying continually

focused on the customer MH and having

the best talent in The Firm execute to

those needs in the market I'm excited

about our future Greg Brown CEO of

Motorola Solutions thank you so much for

joining us thank you Andy this is at

Barons I'm Andy serwer we'll catch you

next time

[Music]