Analysis of Geographic Areas
Motorola Solutions Inc. operates in 4 regions: United States; United Kingdom; Canada; and Other, net of eliminations.
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- Income Statement
- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Short-term (Operating) Activity Ratios
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Net Profit Margin since 2005
- Operating Profit Margin since 2005
- Analysis of Revenues
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Area Asset Turnover
Motorola Solutions Inc., asset turnover by geographic area
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| United States | |||||
| United Kingdom | |||||
| Canada | |||||
| Other, net of eliminations |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
- United States
- The asset turnover ratio exhibits a downward trend from 0.74 in 2019 to 0.56 in 2021, indicating a decline in asset efficiency during this period. A moderate recovery occurs in 2022 and 2023, with ratios rising to 0.65 and 0.64 respectively, though the ratios do not return to the 2019 level.
- United Kingdom
- The ratio increases steadily from 0.28 in 2019 to a peak of 0.53 in 2021, suggesting improved asset utilization. However, this is followed by a decline to 0.34 in 2022 before a slight rebound to 0.38 in 2023, indicating some volatility but an overall positive trend compared to the initial value.
- Canada
- The asset turnover ratio remains relatively stable at around 0.25 to 0.34 between 2019 and 2021. A significant improvement is evident in 2022 and 2023, with ratios sharply increasing to 0.93 and 1.03 respectively, reflecting a substantial enhancement in asset efficiency within this market.
- Other, net of eliminations
- This category shows considerable fluctuation over the analyzed period. The ratio decreases from 4.88 in 2019 to 4.22 in 2020, then sharply increases to 7.63 in 2021. A strong decline follows in 2022 to 2.24, with a subsequent increase to 3.11 in 2023. These variations indicate significant changes in asset utilization, possibly due to one-time events or adjustments within this aggregated segment.
Area Asset Turnover: United States
Motorola Solutions Inc.; United States; area asset turnover calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net sales | |||||
| Assets | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Area asset turnover = Net sales ÷ Assets
= ÷ =
- Net Sales
- Net sales demonstrated an overall upward trend over the five-year period. Initially, sales decreased from 5006 million US dollars in 2019 to 4770 million in 2020. Following this decline, net sales recovered and experienced consistent growth, reaching 5236 million in 2021, 6008 million in 2022, and 6559 million in 2023. This pattern suggests a recovery phase starting in 2021 and a steady increase in the geographic area's market performance.
- Assets
- The asset base showed progressive growth throughout the period. From 6749 million US dollars in 2019, assets increased to 7009 million in 2020, followed by a significant rise to 9420 million in 2021. Although there was a slight decrease to 9227 million in 2022, assets rebounded and reached the highest value of 10207 million in 2023. This indicates ongoing investment and accumulation of resources in this geographic area, with a minor contraction only in 2022.
- Area Asset Turnover Ratio
- The asset turnover ratio, representing efficiency in generating sales from assets, declined from 0.74 in 2019 to 0.68 in 2020, continuing downward to 0.56 in 2021. This decline indicates reduced efficiency in that period despite asset growth. However, there was an improvement in 2022, with the ratio rising to 0.65, though it slightly decreased to 0.64 in 2023. Overall, the ratio remained below the 2019 level, suggesting a partial recovery in asset utilization efficiency but not a full return to earlier standards.
- Summary of Trends
- Over the observed period, net sales generally increased after an initial decline, reflecting stronger market activity in the later years. Asset levels expanded substantially, supporting growth initiatives despite a small dip in 2022. The asset turnover ratio trends signal that the growth in assets outpaced sales increases at times, leading to lower efficiency in converting assets to sales, but some recovery in efficiency was noted in the final years. The combination of rising sales and asset accumulation alongside fluctuating turnover ratios indicates a strategic focus on growth and investment, with efficiency improvements following periods of adjustment.
Area Asset Turnover: United Kingdom
Motorola Solutions Inc.; United Kingdom; area asset turnover calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net sales | |||||
| Assets | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Area asset turnover = Net sales ÷ Assets
= ÷ =
- Net Sales
- Net sales exhibited an overall upward trend from 2019 through 2021, increasing from 692 million US dollars in 2019 to a peak of 849 million in 2021. However, this was followed by a decline over the next two years, falling to 789 million in 2022 and further to 769 million in 2023. Despite the decrease post-2021, sales levels in 2023 remained above those recorded at the beginning of the period.
- Assets
- Assets showed fluctuation over the five-year period, initially remaining steady at 2460 million US dollars from 2019 to 2020. This was succeeded by a significant reduction to 1588 million in 2021. Assets then increased again in 2022 to 2321 million but declined once more in 2023 to 2034 million. The pattern indicates instability in asset levels with a notable dip in 2021 and partial recovery thereafter.
- Area Asset Turnover
- The area asset turnover ratio, which measures efficiency in using assets to generate sales, initially rose slightly from 0.28 in 2019 to 0.30 in 2020. There was a substantial improvement in 2021, reaching 0.53, corresponding with the year of asset reduction and peak sales. This was followed by a decrease in 2022 to 0.34 and a moderate rebound to 0.38 in 2023. This trend suggests the highest operational efficiency occurred in 2021, with a decline in subsequent years despite remaining higher than the starting points.
- Overall Insights
- The period shows that net sales and asset utilization peaked in 2021, coinciding with a reduction in the asset base, which may indicate improved asset efficiency or restructuring. The decline in sales and asset turnover in the following years suggests some challenges in maintaining this efficiency. Asset levels themselves have not stabilized, indicating potential volatility or strategic changes in asset management within the United Kingdom geographic segment.
Area Asset Turnover: Canada
Motorola Solutions Inc.; Canada; area asset turnover calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net sales | |||||
| Assets | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Area asset turnover = Net sales ÷ Assets
= ÷ =
- Net Sales
- Net sales exhibited a fluctuating but overall upward trend over the analyzed period. Starting at 270 million USD in 2019, net sales decreased slightly to 254 million USD in 2020, which could be attributed to external factors impacting the market during that year. Following this decline, there was a significant increase to 324 million USD in 2021, continuing to grow to 366 million USD in 2022 and reaching 373 million USD in 2023. This recovery and growth suggest a strengthening performance in the Canada geographic area, with increasing revenue generation capabilities over the last three years.
- Assets
- The asset base in the Canada geographic area showed a consistent downward trend. Assets decreased from 1040 million USD in 2019 to 1016 million USD in 2020, followed by a further decline to 950 million USD in 2021. In 2022, assets dropped sharply to 394 million USD and continued to decline to 362 million USD in 2023. This significant reduction in assets alongside increasing net sales may indicate improved asset efficiency or a strategic divestment of assets in this region.
- Area Asset Turnover
- The area asset turnover ratio displayed a notable increase throughout the period. Beginning at a low of 0.26 times in 2019, the ratio remained relatively stable in 2020 at 0.25 times. From 2021 onward, a marked improvement is evident, with turnover rising to 0.34 times, then sharply increasing to 0.93 times in 2022, and further up to 1.03 times in 2023. This rising trend indicates that the company has become significantly more effective in utilizing its assets within the Canada region to generate sales.
- Summary
- Overall, the data reflects a shift towards greater operational efficiency in the Canada area, where revenues have grown steadily despite a substantial contraction in asset levels. The rapid improvement in area asset turnover suggests that the company is generating higher sales volumes per unit of asset, possibly through streamlining operations or reallocating resources more effectively. The decreasing asset base may warrant further investigation to understand whether it stems from asset sales, write-downs, or other strategic decisions, but it does not appear to have hindered revenue growth. This pattern points to a stronger asset management focus, contributing positively to the financial performance in the geographic area under review.
Area Asset Turnover: Other, net of eliminations
Motorola Solutions Inc.; Other, net of eliminations; area asset turnover calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net sales | |||||
| Assets | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Area asset turnover = Net sales ÷ Assets
= ÷ =
- Net Sales
- Over the five-year period, net sales in the specified geographic area experienced fluctuations with an initial decline from 1919 million US dollars in 2019 to 1650 million in 2020. This was followed by a gradual recovery and growth phase, increasing to 1762 million in 2021, then to 1949 million in 2022, and reaching a peak of 2277 million in 2023. Overall, net sales demonstrated a positive upward trend from 2020 onward, surpassing the 2019 level by 2023.
- Assets
- The asset base exhibited variability during the period under review. Beginning with 393 million US dollars in 2019, assets remained relatively stable through 2020 at 391 million. However, there was a significant decrease to 231 million in 2021, followed by a sharp increase to 872 million in 2022. In 2023, assets declined to 733 million but remained considerably higher than the 2019 and 2020 levels. This suggests periods of substantial asset reallocation or investment activity within this area.
- Area Asset Turnover
- The area asset turnover ratio, which measures the efficiency of asset use in generating sales, showed notable volatility. Starting at a ratio of 4.88 in 2019, it decreased to 4.22 in 2020, then surged to a high of 7.63 in 2021. This peak was followed by a pronounced decline to 2.24 in 2022 and a slight recovery to 3.11 in 2023. The sharp increase in 2021 corresponds with the significant drop in assets during that year, while the decrease in turnover in 2022 aligns with the asset increase. These fluctuations indicate changes in asset utilization efficiency possibly influenced by asset base changes and sales performance.
Net sales
Motorola Solutions Inc., net sales by geographic area
US$ in millions
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| United States | |||||
| United Kingdom | |||||
| Canada | |||||
| Other, net of eliminations | |||||
| Total |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
- United States Net Sales
- The net sales in the United States show a generally positive trend over the five-year period. After a slight decline from 5006 million USD in 2019 to 4770 million USD in 2020, sales increased steadily, reaching 6559 million USD by 2023. This represents an overall growth of approximately 31% from 2019 to 2023, indicating a strong recovery and expansion in the domestic market.
- United Kingdom Net Sales
- Net sales in the United Kingdom exhibit moderate fluctuations. From 692 million USD in 2019, sales rose to a peak of 849 million USD in 2021 before declining slightly to 789 million USD in 2022 and further to 769 million USD in 2023. Despite the recent declines, the overall trend from 2019 to 2023 shows a net increase of about 11%, reflecting relative stability with some variability in this market.
- Canada Net Sales
- Sales in Canada demonstrated consistent growth throughout the period. Starting at 270 million USD in 2019, sales declined slightly in 2020 to 254 million USD but subsequently increased year-over-year, reaching 373 million USD in 2023. This represents a cumulative increase of roughly 38% over five years, indicating gradual expansion in the Canadian market.
- Other Regions (Net of Eliminations) Net Sales
- Sales in other geographic areas, net of eliminations, show variable dynamics. After decreasing from 1919 million USD in 2019 to 1650 million USD in 2020, sales rebounded to 1762 million USD in 2021 and continued to increase to 2277 million USD by 2023. This results in an overall growth of nearly 19% from 2019 to 2023, suggesting recovery and expansion in diverse international markets outside of the primary regions listed.
- Total Net Sales
- Total net sales reflect the aggregate effect of the above trends. Beginning at 7887 million USD in 2019, there was a decline to 7414 million USD in 2020 followed by a consistent upward trend through to 9978 million USD in 2023. The total growth over the period amounts to approximately 26.5%, indicating overall positive performance and recovery after the initial dip in 2020.
- Summary of Trends
- The data reveals an initial decline in net sales for most regions in 2020, likely reflecting broader economic or industry-specific challenges. Subsequent years demonstrate recovery and growth, with the United States and Canada markets showing particularly strong increases. The United Kingdom market experiences some volatility, with recent sales slightly decreasing. Other international markets contribute positively with steady growth after 2020. Collectively, the total net sales growth points toward an effective rebound and expansion strategy across geographic areas after the 2020 downturn.
Assets
Motorola Solutions Inc., assets by geographic area
US$ in millions
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| United States | |||||
| United Kingdom | |||||
| Canada | |||||
| Other, net of eliminations | |||||
| Total |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
The annual geographic area assets data exhibit several notable trends over the five-year period from 2019 to 2023. The total assets show a steady increase each year, rising from $10,642 million in 2019 to $13,336 million in 2023, indicating overall growth in the asset base across all regions combined.
- United States
- The assets based in the United States have consistently grown over the period. Starting at $6,749 million in 2019, there was moderate growth to $7,009 million in 2020, followed by a significant jump to $9,420 million in 2021. A slight decline occurred in 2022 to $9,227 million, but the figure rebounded and reached the highest point of $10,207 million in 2023. This trend suggests a strong and increasing asset allocation in the United States, with a temporary dip in 2022.
- United Kingdom
- Assets in the United Kingdom remained stable between 2019 and 2020 at $2,460 million. However, there was a marked decrease to $1,588 million in 2021, followed by a recovery to $2,321 million in 2022. The assets slightly decreased again in 2023 to $2,034 million. This pattern reflects fluctuations in asset levels, with a significant dip in 2021 but partial recovery thereafter.
- Canada
- Canadian assets decline steadily over the period. The values dropped from $1,040 million in 2019 to $1,016 million in 2020, followed by a further decrease to $950 million in 2021. A sharp decline occurred in 2022, reducing assets to $394 million, and continued down slightly to $362 million in 2023. The downward trend indicates a consistent reduction in assets in this geographic region.
- Other, net of eliminations
- This category showed relatively stable values around $390 million during 2019 and 2020, before decreasing to $231 million in 2021. It then experienced a significant increase to $872 million in 2022, followed by a decrease to $733 million in 2023. This volatility suggests fluctuations in "Other" geographic assets, with a pronounced peak in 2022.
Overall, the data reveal a general increase in total assets driven primarily by growth in the United States and recovery in the United Kingdom, despite declines in Canada and fluctuations in Other regions. The asset allocation appears to be shifting, with the United States increasingly dominating the asset base by 2023.