Motorola Solutions (MSI) 47th Annual Raymond James Institutional Investor Conference summary

Leadership philosophy and capital allocation

• Emphasis on capital allocation and people as core to value creation, focusing on strategy, R&D, sales, marketing, dividends, buybacks, and acquisitions.

• Total shareholder return (TSR) is the primary metric, with a focus on top-line growth, margin expansion, cash flow, and innovation.

• Transparent, information-rich culture is prioritized to ensure accurate decision-making and risk management.

Strategic transformation and historical decisions

• Shifted focus from size to value, exiting consumer electronics and concentrating on public safety as the core business.

• Spun off the cellphone business, leading to a TSR of over 1,560% since 2011.

• Embraced activist investors and private equity on the board, leveraging their input for governance and value creation.

Recent investments and acquisitions

• Entered video security through the Avigilon acquisition, integrating end-to-end systems and leveraging existing sales channels.

• Avigilon revenue grew from $400M+ to over $1B, with significant expansion in government sales.

• Largest acquisition to date: Silvus, a leader in mission-critical broadband mobile ad hoc networks, for $4.4B in cash plus earnout.