Motorola Solutions Reports Third-Quarter 2024 Financial Results

Share-based compensation expenses: The company has excluded share-based compensation expenses 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 expenses primarily because it represents a significant non-cash expense. Share-based compensation expenses 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 income 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.

FORWARD LOOKING STATEMENTS

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 full-year of 2024; the impact of the CMA's final decision and the Airwave Charge Control (including the company's actions in response); and the impact of the company's proceedings in the U.K. High Court relating to the Deferred National Shutdown Notice. Motorola Solutions cautions the reader that the risks and uncertainties below, as well as those in Part I Item 1A of Motorola Solutions' 2023 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: (i) the impact, including increased costs and potential liabilities, associated with changes in laws and regulations regarding privacy, data protection, information security and cybersecurity; (ii) challenges relating to existing or future legislation and regulations pertaining to artificial intelligence (“AI”), AI-enabled products and the use of biometrics and other video analytics; (iii) the impact of government regulation of radio frequencies; (iv) audits and regulations and laws applicable to our U.S. government customer contracts and grants; (v) the impact, including increased costs and additional compliance obligations, associated with existing or future telecommunications-related laws and regulations; (vi) the evolving state of environmental regulation relating to climate change, and the physical risks of climate change; (vii) impact of product regulatory and safety, consumer, worker safety and environmental laws; (viii) impact of tax matters; (ix) increased areas of risk, increased competition and additional compliance obligations associated with the expansion of our technologies within our Products and Systems Integration and Software and Services segments; (x) the effectiveness of our investments in new products and technologies; (xi) impact of catastrophic events on our business or our customers' or suppliers' business; (xii) social, ethical and competitive risks relating to the use of AI in our products and services; (xiii) the effectiveness of our strategic acquisitions, including the integrations of such acquired businesses; (xiv) increased cybersecurity threats, a security breach or other significant disruption of our IT systems or those of our outsource partners, suppliers or customers; (xv) our inability to protect our intellectual property or potential infringement of intellectual property rights of third parties; (xvi) risks relating to intellectual property licenses and intellectual property indemnities in our customer and supplier contracts; (xvii) our license of the MOTOROLA, MOTO, MOTOROLA SOLUTIONS and the Stylized M logo and all derivatives and formatives thereof from Motorola Trademark Holdings, LLC; (xviii) our inability to purchase at acceptable prices a sufficient amount of materials, parts, and components, as well as software and services, to meet the demands of our customers, and any disruption to our suppliers or significant increase in the price of supplies; (xix) risks related to our large, multi-year system and services contracts (including, but not limited to, with respect to the Airwave contract); (xx) the global nature of our employees, customers, suppliers and outsource partners; (xxi) our use of third-parties to develop, design and/or manufacture many of our components and some of our products, and to perform portions of our business operations; (xxii) inability of our subcontractors to perform in a timely and compliant manner or adhere to our Human Rights Policy; (xxiii) inability of our products to meet our customers’ expectations or regulatory or industry standards; (xxiv) increasing scrutiny and evolving expectations from investors, customers, lawmakers, regulators and other stakeholders regarding environmental, social and governance-related practices and disclosures; (xxv) inability to attract and retain senior management and key employees; (xxvi) impact of current global economic and political conditions in the markets in which we operate; (xxvii) impact of returns on pension and retirement plan assets and interest rate changes; (xxviii) inability to access the capital markets for financing on acceptable terms and conditions; (xix) exposure to exchange rate fluctuations on cross-border transactions and the translation of local currency results into U.S. dollars; and (xxx) the return of capital to shareholders through dividends and/or repurchasing shares. 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.

ABOUT MOTOROLA SOLUTIONS

Motorola Solutions is solving for safer. We build and connect technologies to help protect people, property and places. Our solutions enable the collaboration between public safety agencies and enterprises that’s critical for a proactive approach to safety and security. Learn more about how we’re solving for safer communities, safer schools, safer hospitals, safer businesses – safer everywhere – at www.motorolasolutions.com.

				GAAP-1
Motorola Solutions, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(In millions, except per share amounts)

	Three Months Ended
	September 28, 2024			September 30, 2023
Net sales from products	$	1,670		$	1,490
Net sales from services		1,120			1,066
Net sales		2,790			2,556
Costs of products sales		688			658
Costs of services sales		669			618
Costs of sales		1,357			1,276
Gross margin		1,433			1,280
Selling, general and administrative expenses		439			380
Research and development expenditures		234			215
Other charges		11			7
Intangibles amortization		38			39
Operating earnings		711			639
Other income (expense):
Interest expense, net		(58	)		(53	)
Loss on sales of investments and businesses, net		—			(1	)
Other, net		42			7
Total other expense		(16	)		(47	)
Net earnings before income taxes		695			592
Income tax expense		132			127
Net earnings		563			465
Less: Earnings attributable to non-controlling interests		1			1
Net earnings attributable to Motorola Solutions, Inc.		562			464
Earnings per common share:
Basic	$	3.36		$	2.78
Diluted	$	3.29		$	2.70
Weighted average common shares outstanding:
Basic		167.1			166.7
Diluted		170.9			171.7

	Percentage of Net Sales*
Net sales from products		59.9	%		58.3	%
Net sales from services		40.1	%		41.7	%
Net sales		100.0	%		100.0	%
Costs of products sales		41.2	%		44.2	%
Costs of services sales		59.7	%		58.0	%
Costs of sales		48.6	%		49.9	%
Gross margin		51.4	%		50.1	%
Selling, general and administrative expenses		15.7	%		14.9	%
Research and development expenditures		8.4	%		8.4	%
Other charges		0.4	%		0.3	%
Intangibles amortization		1.4	%		1.5	%
Operating earnings		25.5	%		25.0	%
Other income (expense):
Interest expense, net		(2.1	)%		(2.1	)%
Loss on sales of investments and businesses, net		—	%		—	%
Other, net		1.5	%		0.3	%
Total other expense		(0.6	)%		(1.8	)%
Net earnings before income taxes		24.9	%		23.2	%
Income tax expense		4.7	%		5.0	%
Net earnings		20.2	%		18.2	%
Less: Earnings attributable to non-controlling interests		—	%		—	%
Net earnings attributable to Motorola Solutions, Inc.		20.2	%		18.2	%
* Percentages may not add up due to rounding

				GAAP-2
Motorola Solutions, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(In millions, except per share amounts)

	Nine Months Ended
	September 28, 2024			September 30, 2023
Net sales from products	$	4,639		$	4,063
Net sales from services		3,167			3,066
Net sales		7,806			7,129
Costs of products sales		1,941			1,867
Costs of services sales		1,902			1,747
Costs of sales		3,843			3,614
Gross margin		3,963			3,515
Selling, general and administrative expenses		1,265			1,138
Research and development expenditures		671			640
Other charges		39			44
Intangibles amortization		114			137
Operating earnings		1,874			1,556
Other income (expense):
Interest expense, net		(171	)		(164	)
Other, net		(519	)		46
Total other expense		(690	)		(118	)
Net earnings before income taxes		1,184			1,438
Income tax expense		214			321
Net earnings		970			1117
Less: Earnings attributable to non-controlling interests		4			4
Net earnings attributable to Motorola Solutions, Inc.	$	966		$	1113
Earnings per common share:
Basic	$	5.79		$	6.66
Diluted	$	5.66		$	6.46
Weighted average common shares outstanding:
Basic		166.7			167.2
Diluted		170.6			172.2


	Percentage of Net Sales*
Net sales from products		59.4	%		57.0	%
Net sales from services		40.6	%		43.0	%
Net sales		100.0	%		100.0	%
Costs of products sales		41.8	%		46.0	%
Costs of services sales		60.1	%		57.0	%
Costs of sales		49.2	%		50.7	%
Gross margin		50.8	%		49.3	%
Selling, general and administrative expenses		16.2	%		16.0	%
Research and development expenditures		8.6	%		9.0	%
Other charges		0.5	%		0.6	%
Intangibles amortization		1.5	%		1.9	%
Operating earnings		24.0	%		21.8	%
Other income (expense):
Interest expense, net		(2.2	)%		(2.3	)%
Other, net		(6.6	)%		0.6	%
Total other expense		(8.8	)%		(1.7	)%
Net earnings before income taxes		15.2	%		20.2	%
Income tax expense		2.7	%		4.5	%
Net earnings		12.4	%		15.7	%
Less: Earnings attributable to non-controlling interests		0.1	%		0.1	%
Net earnings attributable to Motorola Solutions, Inc.		12.3	%		15.6	%
* Percentages may not add up due to rounding

			GAAP-3
Motorola Solutions, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(In millions)

	September 28, 2024		December 31, 2023
Assets
Cash and cash equivalents	$	1,404	$	1,705
Accounts receivable, net		1,848		1,710
Contract assets		1,301		1,102
Inventories, net		816		827
Other current assets		439		357
Current assets held for disposition		—		24
Total current assets		5,808		5,725
Property, plant and equipment, net		1,024		964
Operating lease assets		551		495
Investments		140		143
Deferred income taxes		1,214		1,062
Goodwill		3,523		3,401
Intangible assets, net		1,295		1,255
Other assets		334		274
Non-current assets held for disposition		—		17
Total assets	$	13,889	$	13,336
Liabilities and Stockholders' Equity
Current portion of long-term debt	$	322	$	1,313
Accounts payable		872		881
Contract liabilities		1,942		2,037
Accrued liabilities		1,529		1,504
Current liabilities held for disposition		—		1
Total current liabilities		4,665		5,736
Long-term debt		5,674		4,705
Operating lease liabilities		444		407
Other liabilities		1,765		1,741
Non-current liabilities held for disposition		—		8
Total Motorola Solutions, Inc. stockholders’ equity		1,326		724
Non-controlling interests		15		15
Total liabilities and stockholders’ equity	$	13,889	$	13,336

				GAAP-4
Motorola Solutions, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(In millions)

	Three Months Ended
	September 28, 2024			September 30, 2023
Operating
Net earnings	$	563		$	465
Adjustments to reconcile Net earnings to Net cash provided by operating activities:
Depreciation and amortization		84			86
Non-cash other charges (income)		(3	)		12
Share-based compensation expenses		61			52
Loss on sales of investments and businesses, net		—			1
Changes in assets and liabilities, net of effects of acquisitions, dispositions, and foreign currency translation adjustments:
Accounts receivable		(64	)		(164	)
Inventories		(8	)		58
Other current assets and contract assets		(96	)		(111	)
Accounts payable, accrued liabilities and contract liabilities		206			217
Other assets and liabilities		1			(20	)
Deferred income taxes		15			118
Net cash provided by operating activities		759			714
Investing
Acquisitions and investments, net		(226	)		(2	)
Proceeds from sales of investments and businesses, net		1			6
Capital expenditures		(57	)		(65	)
Net cash used for investing activities		(282	)		(61	)
Financing
Repayments of debt		(313	)		—
Issuances of common stock		18			40
Purchases of common stock		(31	)		(306	)
Payments of dividends		(164	)		(147	)
Payments of dividends to non-controlling interests		(1	)		(1	)
Net cash used for financing activities		(491	)		(414	)
Effect of exchange rate changes on total cash and cash equivalents		37			(39	)
Net increase in total cash and cash equivalents		23			200
Cash and cash equivalents, beginning of period		1,381			710
Cash and cash equivalents, end of period	$	1,404		$	910

				GAAP-5
Motorola Solutions, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(In millions)

	Nine Months Ended
	September 28, 2024			September 30, 2023
Operating
Net earnings	$	970		$	1,117
Adjustments to reconcile Net earnings to Net cash provided by operating activities:
Depreciation and amortization		250			271
Non-cash other charges		12			8
Share-based compensation expenses		180			160
Loss from the extinguishment of Silver Lake Convertible Debt (Note 5)		585			—
Changes in assets and liabilities, net of effects of acquisitions, dispositions, and foreign currency translation adjustments:
Accounts receivable		(121	)		(154	)
Inventories		21			94
Other current assets and contract assets		(279	)		(140	)
Accounts payable, accrued liabilities and contract liabilities		(125	)		(534	)
Other assets and liabilities		(17	)		(21	)
Deferred income taxes		(155	)		(2	)
Net cash provided by operating activities		1,321			799
Investing
Acquisitions and investments, net		(268	)		(12	)
Proceeds from sales of investments and businesses, net		39			12
Capital expenditures		(171	)		(172	)
Net cash used for investing activities		(400	)		(172	)
Financing
Net proceeds from issuance of debt		1,288			—
Repayments of debt		(1,906	)		(1	)
Issuances of common stock		19			76
Purchases of common stock		(141	)		(670	)
Payments of dividends		(490	)		(443	)
Payments of dividends to non-controlling interests		(4	)		(5	)
Net cash used for financing activities		(1,234	)		(1043	)
Effect of exchange rate changes on total cash and cash equivalents		12			1
Net decrease in total cash and cash equivalents		(301	)		(415	)
Cash and cash equivalents, beginning of period		1,705			1,325
Cash and cash equivalents, end of period	$	1,404		$	910

										Non-GAAP-1
Motorola Solutions, Inc. and Subsidiaries
Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow
(In millions)


	Three Months Ended						Nine Months Ended
	September 28, 2024			September 30, 2023			September 28, 2024			September 30, 2023
Net cash provided by operating activities	$	759		$	714		$	1,321		$	799
Capital expenditures		(57	)		(65	)		(171	)		(172	)
Free cash flow	$	702		$	649		$	1,150		$	627

											Non-GAAP-2
Motorola Solutions, Inc. and Subsidiaries
Reconciliation of Net Earnings Attributable to MSI to Non-GAAP Net Earnings Attributable to MSI
(In millions)

		Three Months Ended						Nine Months Ended
	Statement Line	September 28, 2024			September 30, 2023			September 28, 2024			September 30, 2023
Net earnings attributable to MSI		$	562		$	464		$	966		$	1,113
Non-GAAP adjustments before income taxes:
Share-based compensation expenses	Cost of sales, SG&A and R&D		61			52			180			160
Intangible assets amortization expense	Intangibles amortization		38			39			114			137
Reorganization of business charges	Cost of sales and Other charges (income)		7			6			21			22
Hytera-related legal expenses	SG&A		7			3			14			13
Acquisition-related transaction fees	Other charges (income)		4			1			11			3
Assessments of uncertain tax positions	Interest income, net, Other (income) expense		1			—			22			—
Legal settlements	Other charges (income)		1			1			7			1
Operating lease asset impairments	Other charges (income)		1			—			5			4
Fair value adjustments to equity investments	Other (income) expense		(9	)		7			4			(12	)
Loss from the extinguishment of Silver Lake Convertible Debt	Other (income) expense		—			—			585			—
Investment impairments	Other (income) expense		—			7			3			16
Environmental reserve expense	Other charges (income)		—			—			—			15
Fixed asset impairments	Other charges (income)		—			—			—			3
Loss on sales of investments	(Gain) or loss on sales of investments and businesses, net		—			1			—			—
Total Non-GAAP adjustments before income taxes		$	111		$	117		$	966		$	362
Income tax expense on Non-GAAP adjustments			34			34			259			86
Total Non-GAAP adjustments after income taxes			77			83			707			276
Non-GAAP Net earnings attributable to MSI		$	639		$	547		$	1,673		$	1,389


Calculation of Non-GAAP Tax Rate
(In millions)

		Three Months Ended						Nine Months Ended
		September 28, 2024			September 30, 2023			September 28, 2024			September 30, 2023
Net earnings before income taxes		$	695		$	592		$	1,184		$	1,438
Total Non-GAAP adjustments before income taxes*			111			117			966			362
Non-GAAP Net earnings before income taxes			806			709		$	2,150		$	1,800
Income tax expense			132			127			214			321
Income tax expense on Non-GAAP adjustments**			34			34			259			86
Total Non-GAAP Income tax expense			166			161			473			407
Non-GAAP Tax rate			20.6	%		22.7	%		22.0	%		22.6	%

*See reconciliation on Non-GAAP-2 table above for detail on Non-GAAP adjustments before income taxes
**Income tax impact of highlighted items


Reconciliation of Earnings Per Share to Non-GAAP Earnings Per Share*

		Three Months Ended						Nine Months Ended
	Statement Line	September 28, 2024			September 30, 2023			September 28, 2024			September 30, 2023
Net earnings attributable to MSI		$	3.29		$	2.70		$	5.66		$	6.46
Non-GAAP adjustments before income taxes:
Share-based compensation expenses	Cost of sales, SG&A and R&D		0.35			0.30			1.05			0.92
Intangible assets amortization expense	Intangibles amortization		0.22			0.22			0.67			0.79
Reorganization of business charges	Cost of sales and Other charges (income)		0.04			0.03			0.12			0.13
Hytera-related legal expenses	SG&A		0.04			0.02			0.08			0.08
Acquisition-related transaction fees	Other charges (income)		0.02			0.01			0.07			0.02
Assessments of uncertain tax positions	Interest income, net, Other (income) expense		0.01			—			0.13			—
Legal settlements	Other charges (income)		0.01			0.01			0.04			0.01
Operating lease asset impairments	Other charges (income)		0.01			—			0.03			0.02
Fair value adjustments to equity investments	Other (income) expense		(0.05	)		0.04			0.02			(0.07	)
Loss from the extinguishment of Silver Lake Convertible Debt	Other (income) expense		—			—			3.42			—
Investment impairments	Other (income) expense		—			0.04			0.02			0.09
Environmental reserve expense	Other charges (income)		—			—			—			0.09
Fixed asset impairments	Other charges (income)		—			—			—			0.02
Loss on sales of investments	(Gain) or loss on sales of investments and businesses, net		—			0.01			—			—
Total Non-GAAP adjustments before income taxes		$	0.65		$	0.68		$	5.65		$	2.10
Income tax expense on Non-GAAP adjustments			0.20			0.19			1.52			0.50
Total Non-GAAP adjustments after income taxes			0.45			0.49			4.13			1.60
Non-GAAP Net earnings attributable to MSI		$	3.74		$	3.19		$	9.79		$	8.06

GAAP Diluted Weighted Average Common Shares			170.9			171.7			170.6			172.2
Adjusted for dilutive shares outstanding**			—			—			0.3			—
Non-GAAP Diluted Weighted Average Common Shares			170.9			171.7			170.9			172.2
*Indicates Non-GAAP Diluted EPS
** Under U.S. GAAP, the Silver Lake shares were considered anti-dilutive to earnings per share for the nine months ended September 28, 2024 and were excluded from the computation of GAAP diluted weighted average common shares and diluted earnings per share. The shares are considered dilutive for non-GAAP earnings per share for the nine months ended September 28, 2024 and an adjustment is reflected to include these shares for non-GAAP diluted earnings per share.

																Non-GAAP-3
Motorola Solutions, Inc. and Subsidiaries
Reconciliations of Operating Earnings to Non-GAAP Operating Earnings and Operating Margin to Non-GAAP Operating Margin
(In millions)

	Three Months Ended
	September 28, 2024									September 30, 2023
	Products and Systems Integration			Software and Services			Total			Products and Systems Integration			Software and Services			Total
Net sales	$	1,784		$	1,006		$	2,790		$	1,612		$	944		$	2,556
Operating earnings ("OE")		446			265			711			364			275			639
Above OE non-GAAP adjustments:
Share-based compensation expenses		43			18			61			38			14			52
Intangible assets amortization expense		18			20			38			9			30			39
Reorganization of business charges		6			1			7			5			1			6
Hytera-related legal expenses		7			—			7			3			—			3
Acquisition-related transaction fees		2			2			4			—			1			1
Legal settlements		—			1			1			1			—			1
Operating lease asset impairments		—			1			1			—			—			—
Total above-OE non-GAAP adjustments		76			43			119			56			46			102
Operating earnings after non-GAAP adjustments	$	522		$	308		$	830		$	420		$	321		$	741

Operating earnings as a percentage of net sales - GAAP		25.0	%		26.3	%		25.5	%		22.6	%		29.1	%		25.0	%
Operating earnings as a percentage of net sales - after non-GAAP adjustments		29.3	%		30.6	%		29.7	%		26.1	%		34.0	%		29.0	%

																Non-GAAP-4
Motorola Solutions, Inc. and Subsidiaries
Reconciliations of Operating Earnings to Non-GAAP Operating Earnings and Operating Margin to Non-GAAP Operating Margin
(In millions)

	Nine Months Ended
	September 28, 2024									September 30, 2023
	Products and Systems Integration			Software and Services			Total			Products and Systems Integration			Software and Services			Total
Net sales	$	4,933		$	2,873		$	7,806		$	4,352		$	2,777		$	7,129
Operating earnings ("OE")		1,135			739			1,874			752			804			1,556
Above OE non-GAAP adjustments:
Share-based compensation expenses		126			54			180			116			44			160
Intangible assets amortization expense		35			79			114			32			105			137
Reorganization of business charges		20			1			21			22			—			22
Hytera-related legal expenses		14			—			14			13			—			13
Acquisition-related transaction fees		3			8			11			—			3			3
Legal settlements		1			6			7			1			—			1
Operating lease asset impairments		3			2			5			3			1			4
Environmental reserve expense		—			—			—			10			5			15
Fixed asset impairments		—			—			—			2			1			3
Total above-OE non-GAAP adjustments		202			150			352			199			159			358
Operating earnings after non-GAAP adjustments	$	1,337		$	889		$	2,226		$	951		$	963		$	1,914

Operating earnings as a percentage of net sales - GAAP		23.0	%		25.7	%		24.0	%		17.3	%		29.0	%		21.8	%
Operating earnings as a percentage of net sales - after non-GAAP adjustments		27.1	%		30.9	%		28.5	%		21.9	%		34.7	%		26.8	%

					Non-GAAP-5
Motorola Solutions, Inc. and Subsidiaries
Reconciliation of Revenue to Non-GAAP Organic Revenue
(In millions)

	Three Months Ended
	September 28, 2024		September 30, 2023		% Change
Net sales	$	2,790	$	2,556	9	%
Non-GAAP adjustments:
Sales from acquisitions		36		—
Organic revenue	$	2,754	$	2,556	8	%

	Nine Months Ended
	September 28, 2024		September 30, 2023		% Change
Net sales	$	7,806	$	7,129	9	%
Non-GAAP adjustments:
Sales from acquisitions		58		—
Organic revenue	$	7,748	$	7,129	9	%

															Non-GAAP-6
Motorola Solutions, Inc. and Subsidiaries
Reconciliation of Net Sales to Net Sales Adjusted for the U.K. Home Office
(In millions)



	Three Months Ended								Nine Months Ended
	September 28, 2024			September 30, 2023			% Change		September 28, 2024			September 30, 2023			% Change
Software and Services net sales	$	1,006		$	944		7	%	$	2,873		$	2,777		3	%
U.K. Home Office net sales		(92	)		(138	)				(286	)		(471	)
Software and Services net sales adjusted for the U.K. Home Office	$	914		$	806		13	%	$	2,587		$	2,306		12	%

Net sales	$	2,790		$	2,556		9	%	$	7,806		$	7,129		9	%
U.K. Home Office net sales		(92	)		(138	)				(286	)		(471	)
Net sales adjusted for the U.K. Home Office	$	2,698		$	2,418		12	%	$	7,520		$	6,658		13	%

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