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Press Release: Motorola Solutions Reports -5-

· 02/04/2021 16:10
expenses 17.4% 17.8% 17.1% Research and development expenditures 9.3% 8.7% 8.7% Other charges 0.4% 0.7% 2.0% Intangibles amortization 2.9% 2.6% 2.6% --- ----- --- --- ------ --- --- ------ --- Operating earnings 18.7% 20.0% 17.1% --- ----- --- --- ------ --- --- ------ --- Other income (expense): Interest expense, net (3.0)% (2.8)% (3.0)% Gains (losses) on sales of investments and businesses, net -% 0.1% 0.2% Other, net 0.2% (4.6)% 0.7% --- ----- --- --- ------ --- ------ --- Total other expense (2.8)% (7.4)% (2.1)% --- ----- --- ------ --- ------ Net earnings before income taxes 15.8% 12.7% 15.0% Income tax expense 3.0% 1.6% 1.8% --- ----- --- --- ------ --- --- ------ --- Net earnings 12.9% 11.0% 13.2% --- ----- --- --- ------ --- --- ------ --- Less: Earnings attributable to noncontrolling interests 0.1% -% -% Net earnings attributable to Motorola Solutions, Inc. 12.8% 11.0% 13.2% --- ----- --- --- ------ --- --- ------ --- * Percentages may not add up due to rounding GAAP-3 Motorola Solutions, Inc. and Subsidiaries Consolidated Balance Sheets (In millions) December 31, 2020 December 31, 2019 --------------------- --------------------- Assets Cash and cash equivalents $ 1,254 $ 1,001 Accounts receivable, net 1,390 1,412 Contract assets 933 1,046 Inventories, net 508 447 Other current assets 242 272 --- ------------ --- ------------ Total current assets 4,327 4,178 --- ------------ --- ------------ Property, plant and equipment, net 1,022 992 Operating lease assets 468 554 Investments 158 159 Deferred income taxes 966 943 Goodwill 2,219 2,067 Intangible assets, net 1,234 1,327 Other assets 482 422 --- ------------ --- ------------ Total assets $ 10,876 $ 10,642 === ============ === ============ Liabilities and Stockholders' Equity (Deficit) Current portion of long-term debt $ 12 $ 16 Accounts payable 612 618 Contract liabilities 1,554 1,449 Accrued liabilities 1,311 1,356 --- ------------ --- ------------ Total current liabilities 3,489 3,439 --- ------------ --- ------------ Long-term debt 5,163 5,113 Operating lease liabilities 402 497 Other liabilities 2,363 2,276 Total Motorola Solutions, Inc. stockholders' equity (deficit) (558) (700) Noncontrolling interests 17 17 --- ------------ --- ------------ Total liabilities and stockholders' equity (deficit) $ 10,876 $ 10,642 === ============ === ============ GAAP-4 Motorola Solutions, Inc. and Subsidiaries Consolidated Statements of Cash Flows (In millions) Three Months Ended -------------------------------------------- December 31, 2020 December 31, 2019 --------------------- --------------------- Operating Net earnings $ 413 $ 244 Adjustments to reconcile Net earnings (loss) to Net cash provided by operating activities: Depreciation and amortization 109 104 Non-cash other charges (income) 15 8 U.S. pension settlement loss - 359 Share-based compensation expense 29 31 Loss (gains) on sales of investments and businesses, net 1 (1) Changes in assets and liabilities, net of effects of acquisitions, dispositions, and foreign currency translation adjustments: Accounts receivable (222) (109) Inventories (16) 14 Other current assets and contract assets 168 (55) Accounts payable, accrued liabilities, and contract liabilities 263 341 Other assets and liabilities (8) (16) Deferred income taxes (49) (125) --- ------------ --- ------------ Net cash provided by operating activities 703 795 --- ------------ --- ------------ Investing Acquisitions and investments, net (4) (86) Proceeds from sales of investments 3 6 Capital expenditures (66) (59) Proceeds from sales of property, plant and equipment - 7 --- ------------ --- ------------ Net cash used for investing activities (67) (132) --- ------------ --- ------------ Financing Repayment of debt (4) (604) Repayment of unsecured revolving credit facility draw (200) - Issuances of common stock 49 32 Purchases of common stock (171) (145) Payment of dividends (109) (98) --- ------------ --- ------------ Net cash used for financing activities (435) (815) --- ------------ --- ------------ Effect of exchange rate changes on cash and cash equivalents 46 13 --- ------------ --- ------------ Net increase (decrease) in cash and cash equivalents 247 (139) Cash and cash equivalents, beginning of period 1,007 1,140 --- ------------ --- ------------ Cash and cash equivalents, end of period $ 1,254 $ 1,001 --- ------------ --- ------------ Financial Ratios: Free cash flow* $ 637 $ 736 *Free cash flow is a non-GAAP financial measure and is calculated as Net cash provided by operating activities - Capital expenditures GAAP-5 Motorola Solutions, Inc. and Subsidiaries Consolidated Statements of Cash Flows (In millions) Years Ended ---------------------------------------------------------- December 31, 2020 December 31, 2019 December 31, 2018 ------------------ ------------------ ------------------ Operating Net earnings $ 953 $ 871 $ 969 Adjustments to reconcile Net earnings (loss) to Net cash provided by operating activities: Depreciation and amortization 409 394 360 Non-cash other charges (income) (13) 35 56 U.S. pension settlement loss - 359 - Share-based compensation expense 129 118 73 Losses (gains) on sales of investments and businesses,

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February 04, 2021 16:10 ET (21:10 GMT)