fundamentals of corporate finance 11th canadian edition test bank.docx
Q1 2006 Motorola Inc. Earnings Conference Call Presentation
1. Motorola Q1 2006 Earnings
Release Conference Call
April 18, 2006
Slide - 1
Q1 2006 Earnings Release- April 18, 2006
MOTOROLA and the Stylized M Logo are registered in the US Patent & Trademark Office.
.
2. Ed Gams
Corporate Vice President
of Investor Relations
Slide - 2
Q1 2006 Earnings Release- April 18, 2006
MOTOROLA and the Stylized M Logo are registered in the US Patent & Trademark Office.
.
4. Ed Zander
Chief Executive Officer
Slide - 4
Q1 2006 Earnings Release- April 18, 2006
MOTOROLA and the Stylized M Logo are registered in the US Patent & Trademark Office.
.
5. Q1 2006 Earnings Release- April 18, 2006 Slide -- 5
MOTOROLA and the Stylized M Logo are registered in the US Patent & Trademark Office.
6. David Devonshire
Chief Financial Officer
Slide - 6
Q1 2006 Earnings Release- April 18, 2006
MOTOROLA and the Stylized M Logo are registered in the US Patent & Trademark Office.
.
7. Motorola Inc. Financial Results
Q1 2006 Q1 2005 Q1'06 vs. Q1'05
Sales $M $ 10,013 $ 8,161 Up 23%
Operating Margin 8.9% 10.6% Down 1.7 pts
Earnings Per Share $ 0.27 $ 0.28 Down 4%
Excluding Significant Items
Operating Margin 10.3% 10.6% Down 0.3 pts
Earnings Per Share $ 0.28 $ 0.22 Up 27%
Q1 2006 Earnings Release- April 18, 2006 Slide -- 7
MOTOROLA and the Stylized M Logo are registered in the US Patent & Trademark Office.
8. Significant Items Discussed in the Earnings Press Release
Q1 2006 Reported EPS * $ 0.27
Includes:
Gain on Investments Net of Derivative Loss 0.03
Reorganization of Business Charges (0.02)
Stock Compensation Expense (0.02)
$ (0.01)
Q1 2005 Reported EPS * $ 0.28
Includes:
Gains on Sales of Investments and Businesses 0.06
* See appendix for reconciliation
Q1 2006 Earnings Release- April 18, 2006 Slide -- 8
MOTOROLA and the Stylized M Logo are registered in the US Patent & Trademark Office.
9. Motorola Sales Trend
$ Billions
12
10.4 * Midpoint of Guidance 10.4
10.0
9.4
10
8.8 8.8
8.2
7.5 7.5
7.4
8
2004
6 2005
2006
4
2
0
Q1 Q2 Q3 Q4
Sales Increased ~23% Q1 2006 vs. 2005
Q1 2006 Earnings Release- April 18, 2006 Slide -- 9
MOTOROLA and the Stylized M Logo are registered in the US Patent & Trademark Office.
10. Revenue Per Employee
$(000)’s
$600
$560
$550 $534
$513
$500 $486
$472
$450
$400
$350
$300
Q1 '05 Q2 '05 Q3 '05 Q4 '05 Q1 '06
4 Quarter Rolling Average
Q1 2006 Earnings Release- April 18, 2006 Slide -- 10
MOTOROLA and the Stylized M Logo are registered in the US Patent & Trademark Office.
11. Cash Flow and Debt
Cash Flow Cash & Debt
Q1 Year End
($ in Billions) Q1 2006 ($ in Billions) 2006 2005
Operating Cash Flow $ 0.7 Cash/Equiv/Mkt Sec $ 14.7 $ 14.8
Short Term/ Current Debt $ (0.5) $ (0.5)
Free Cash Flow $ 0.6
Long Term Debt $ (3.8) $ (3.8)
Total Debt $ (4.3) $ (4.3)
Net Cash/ (Net Debt) $ 10.4 $ 10.5
Debt to Total Capital Now At 20.4% vs. 20.3% at 12/31/05 *
* Debt to Total Capital = Debt/ Debt + Stockholders Equity
Q1 2006 Earnings Release- April 18, 2006 Slide -- 11
MOTOROLA and the Stylized M Logo are registered in the US Patent & Trademark Office.
12. Stock Repurchase Update
• May 19, 2005 Authorized to Purchase $4B of
Stock over 3 Years
• In Q1: Purchased ~37M Shares, Average
Price of $21.99, Cash Used ~$815M
• Inception to Date: Purchased 78.7M Shares,
Cash Used ~ $1.7B
Q1 2006 Earnings Release- April 18, 2006 Slide -- 12
MOTOROLA and the Stylized M Logo are registered in the US Patent & Trademark Office.
13. Q2 2006 Guidance
Sales $10.3B-$10.5B
Earnings Per Share $.30-.32
(excluding Stock Compensation Expense, any
Telsim recovery, impact of Auto business sale,
and any further reorganization expenses)
Tax Rate 36%
2.55 Billion
Shares Outstanding
Stock Compensation Expense $.02 Per Share
Q1 2006 Earnings Release- April 18, 2006 Slide -- 13
MOTOROLA and the Stylized M Logo are registered in the US Patent & Trademark Office.
14. Comments on 2006
• Stock Compensation Expense Estimated
Annual Impact of $275M - $300M
• Estimated Tax Rate is 36%
• Additional Collection of ~$400M Related to
Telsim Expected in Q2
• Completion of Automotive Business Sale
Expected in Q2
• Further Reorganization Expenses Expected
Related to Global Supply Chain
Consolidation and Operating Expense
Reduction Initiatives
Q1 2006 Earnings Release- April 18, 2006 Slide -- 14
MOTOROLA and the Stylized M Logo are registered in the US Patent & Trademark Office.
15. mobile devices business
earnings results
Q1 2006 Earnings Release- April 18, 2006 Slide -- 15
MOTOROLA and the Stylized M Logo are registered in the US Patent & Trademark Office.
16. Q1 earnings release - highlights
a great start for 2006!
Mobile Devices Business Results
All-time Motorola record for units!
All-time record for Mobile Devices Q1 sales!
All-time record for Mobile Devices Q1 operating earnings!
6th consecutive quarter of Y/Y OE% improvement!*
6th consecutive quarter of Q/Q market-share growth!
… and we increased global market share to 21%
while sequentially expanding GM%!
* Excluding Reorganization Charges
Q1 2006 Earnings Release- April 18, 2006 Slide -- 16
MOTOROLA and the Stylized M Logo are registered in the US Patent & Trademark Office.
17. Q1 earnings release - highlights
wickedly cool products
RAZR continues as world’s best-selling clamshell
… Motorola will sell 50 millionth RAZR in Q2!
Ultra-slim SLVR is redefining the “candy bar”
MOTOmusic is hot! … 6-million-unit milestone!
3G units are up nearly 400% vs. Q1 2005
iDEN is strong! … record Q1 units performance!
GSMA award is opening doors and driving sales
across price tiers in High-Growth Markets
… and new launches: 2 GSM, 3 CDMA and 1 iDEN
Q1 2006 Earnings Release- April 18, 2006 Slide -- 17
MOTOROLA and the Stylized M Logo are registered in the US Patent & Trademark Office.
18. mobile devices – Q1
Q1 2006 Q1’06 vs. Q1’05
Sales $M $6,400 Up 45%
Operating Earnings $M $702 Up 60%
year over
Operating Margin 11.0% 1.0 ppt
Units Q1 46.1M Up 61%
year
Market Share Est. – Q1 21% Up ~5 ppts
Up ~2 ppts vs. Q4’05
Q1 2006 Earnings Release- April 18, 2006 Slide -- 18
MOTOROLA and the Stylized M Logo are registered in the US Patent & Trademark Office.
19. north america – Q1
#1 at top 3 wireless operators
#1 in sell-through to consumers
Source: Motorola, Inc. Shares are calculated on Q1 06 Unit Shipments, includes iDEN.
Q1 2006 Earnings Release- April 18, 2006 Slide -- 19
MOTOROLA and the Stylized M Logo are registered in the US Patent & Trademark Office.
20. latin america – Q1
#1 at top 2 wireless operators
#1 in sell-through to consumers
Source: Motorola, Inc. Shares are calculated on Q1 06 Unit Shipments, includes iDEN.
Q1 2006 Earnings Release- April 18, 2006 Slide -- 20
MOTOROLA and the Stylized M Logo are registered in the US Patent & Trademark Office.
21. europe – Q1
strong #2 and growing
up 4 points vs. Q1 2005
Source: Motorola, Inc. Shares are calculated on Q1 06 Unit Shipments, includes iDEN.
Q1 2006 Earnings Release- April 18, 2006 Slide -- 21
MOTOROLA and the Stylized M Logo are registered in the US Patent & Trademark Office.
22. north asia – Q1
strong #2 and growing
up 8 points vs. Q1 2005
Source: Motorola, Inc. Shares are calculated on Q1 06 Unit Shipments, includes iDEN.
Q1 2006 Earnings Release- April 18, 2006 Slide -- 22
MOTOROLA and the Stylized M Logo are registered in the US Patent & Trademark Office.
23. high-growth markets – Q1
strong #2 and growing
up 12 points vs. Q1 2005
Source: Motorola, Inc. Shares are calculated on Q1 06 Unit Shipments, includes iDEN.
Q1 2006 Earnings Release- April 18, 2006 Slide -- 23
MOTOROLA and the Stylized M Logo are registered in the US Patent & Trademark Office.
24. Q1: RAZR – the “gold standard”
Spectrum of Technologies:
GSM, GPRS, Edge,
CDMA 1X, EV-DO, UMTS, Dual-
Mode UMA
Array of Colors:
Silver, Black,
Pink, Hot Pink,
Lavendar Pink, Blue,
Gold, & Gun-Metal Grey
Cool Experiences:
Style, Imaging, Music
Q1 2006 Earnings Release- April 18, 2006 Slide -- 24
MOTOROLA and the Stylized M Logo are registered in the US Patent & Trademark Office.
25. Q1: SLVR – redefining candy ba
SLVR L7 and L6
each outpaced
RAZR’s first 180
days in market!
Q1 2006 Earnings Release- April 18, 2006 Slide -- 25
MOTOROLA and the Stylized M Logo are registered in the US Patent & Trademark Office.
26. Q1: PEBL – the precious stone
PEBL U6 units
more than
doubled vs. Q4!
Q1 2006 Earnings Release- April 18, 2006 Slide -- 26
MOTOROLA and the Stylized M Logo are registered in the US Patent & Trademark Office.
27. Q1: MING – the smart phone
We are China’s smart-phone leader.
During Q1, MING joined the
Motorola A780 – China’s
best-selling smart phone.
Q1 2006 Earnings Release- April 18, 2006 Slide -- 27
MOTOROLA and the Stylized M Logo are registered in the US Patent & Trademark Office.
28. Q1: Q – countdown to launch
Final software and hardware are
in pre-launch tests
with a leading customer.
Q1 2006 Earnings Release- April 18, 2006 Slide -- 28
MOTOROLA and the Stylized M Logo are registered in the US Patent & Trademark Office.
29. Q1: RDIO – design for the mass
“connecting the unconnected”
FM-equipped style – a new
Motorola “must have”
for the masses.
Q1 2006 Earnings Release- April 18, 2006 Slide -- 29
MOTOROLA and the Stylized M Logo are registered in the US Patent & Trademark Office.
30. mobile devices business
our commitment
grow profitably with …
wickedly compelling products …
and rich experiences …
with quality and efficiency
Q1 2006 Earnings Release- April 18, 2006 Slide -- 30
MOTOROLA and the Stylized M Logo are registered in the US Patent & Trademark Office.
31. mobile devices business
Q2 outlook
market share – up vs. prior year & Q1
sales – up vs. prior year
operating profits – up vs. prior year
operating margin – up vs. prior year
Q1 2006 Earnings Release- April 18, 2006 Slide -- 31
MOTOROLA and the Stylized M Logo are registered in the US Patent & Trademark Office.
32. Government & Enterprise Mobility Solutions – Q1
Sales $M $ 1,539 Up 2%
Operating Earnings $M $ 171 Up 2%
Operating Margin 11.1% Flat -
Excluding Reorganization Charge
Operating Earnings $M $ 179 Up 7%
Operating Margin 11.6% Up 0.5 pts
Q1 2006 Earnings Release- April 18, 2006 Slide -- 32
MOTOROLA and the Stylized M Logo are registered in the US Patent & Trademark Office.
33. Motorola Announces Agreement to Sell
Automotive Electronics Business
Definitive Agreement with Continental AG
• Approximately $1 Billion in Cash
• Includes: Controls, Sensor, Interior Electronics,
Telematics
• Subject to Customary Closing and Regulatory
Conditions
• Great Fit for Customers, Employees
• Sharpens Motorola’s Strategic Focus on
Seamless Mobility
Q1 2006 Earnings Release- April 18, 2006 Slide -- 33
MOTOROLA and the Stylized M Logo are registered in the US Patent & Trademark Office.
34. Q1 - Government Market Activity
United States
• New York City
• Pierce County, Washington
• King County, Washington
• San Diego
• State of New Hampshire
Latin America
• Military Police/State of Sao Paulo, Brazil
Europe
• O2 Airwave – London Underground
Asia
• Completed Command & Control
Communications System for Hong Kong Police
Q1 2006 Earnings Release- April 18, 2006 Slide -- 34
MOTOROLA and the Stylized M Logo are registered in the US Patent & Trademark Office.
35. Q1 – Mesh and Enterprise Market Activity
MOTOMESH 4.9 GHz Solution
• Delaware County, PA
• Thomasville, GA
• Port Orange, FL
• Ohio (multi-agency project)
Q1: Enterprise Activity
• Wireless Valley Acquisition Gaining Traction
• Focus on Next-Generation Technologies
• Fixed Mobile Convergence
• Began Shipping Commercial-off-the-Shelf
Mobile Computing Device (HC700-L) and
Building out Mobile Computing Channel
Q1 2006 Earnings Release- April 18, 2006 Slide -- 35
MOTOROLA and the Stylized M Logo are registered in the US Patent & Trademark Office.
36. Government & Enterprise Mobility Solutions
Q2 Outlook
Up Slightly vs. Prior Year
Sales
Up Slightly vs. Prior Year
Operating Earnings
Up Slightly vs. Prior Year
Operating Margin
Q1 2006 Earnings Release- April 18, 2006 Slide -- 36
MOTOROLA and the Stylized M Logo are registered in the US Patent & Trademark Office.
37. Networks – Q1
Sales $M $ 1,431 Down 14%
Operating Earnings $M $ 132 Down 44%
Operating Margin 9.2% Down 4.9 pts
Excluding Reorganization Charge
Operating Earnings $M $ 153 Down 35%
Operating Margin 10.7% Down 3.4 pts
Q1 2006 Earnings Release- April 18, 2006 Slide -- 37
MOTOROLA and the Stylized M Logo are registered in the US Patent & Trademark Office.
38. Q1 - Networks Market Activity
• Earthlink/Google to use Canopy for San Francisco Metro Wi Fi
• Canopy Network for the Indian State of Rajasthan
• IP Core Network Solution for Vistream for MVNOs in Germany
• Continued to Strengthen Leadership in the Push-to-Talk Over Cellular with
Recent Contracts:
-Vodafone (Spain)
-Public Telecommunications Corp (Yemen)
• 5-Year Access Network Deal with MTC Namibia Encompassing GSM, GPRS,
EDGE and Canopy
Q1 2006 Earnings Release- April 18, 2006 Slide -- 38
MOTOROLA and the Stylized M Logo are registered in the US Patent & Trademark Office.
39. Networks – New Initiatives/ Future Revenue
• CDMA 1X EV-DO Rev A
• MOTOwi4 WiMAX Solutions
• Canopy
• Softswitch: Push to Everything
• FTTP
• M-Wallet
• Services: GAMA Architecture
Q1 2006 Earnings Release- April 18, 2006 Slide -- 39
MOTOROLA and the Stylized M Logo are registered in the US Patent & Trademark Office.
40. Networks Q2 Outlook
Flat vs. Prior Year, Up vs. Q1
Sales
Down vs. Prior Year, Up vs. Q1
Operating Earnings
Down vs. Prior Year, Up vs. Q1
Operating Margin
Q1 2006 Earnings Release- April 18, 2006 Slide -- 40
MOTOROLA and the Stylized M Logo are registered in the US Patent & Trademark Office.
41. Motorola Combines GEMS & Networks
Businesses Into One Segment
The Networks & Enterprise Segment
• Strengthen Our Position in End-to-End Network Infrastructure
Solutions to Private, Public and Enterprise Customers
• Leverage Key Current and Next-Generation
Technologies
• Improve Cost Structure
• Seamless Inside
Q1 2006 Earnings Release- April 18, 2006 Slide -- 41
MOTOROLA and the Stylized M Logo are registered in the US Patent & Trademark Office.
42. Connected Home – Q1
Q1 2006 Q1'06 vs. Q1'05
Sales $M $ 710 Up 7%
Operating Earnings $M $ 15 Down 21%
Operating Margin 2.1% Down 0.8 pts
Excluding Reorganization Charge
Operating Earnings $M $ 58 Up 205%
Operating Margin 8.2% Up 5.3 pts
Q1 2006 Earnings Release- April 18, 2006 Slide -- 42
MOTOROLA and the Stylized M Logo are registered in the US Patent & Trademark Office.
43. Connected Home – Q1 Highlights
▪ ShippedOver 2 Million Digital Entertainment Devices, 38% Increase over
Q105, Record for a Single Quarter
▪ Completed Acquisition of Kreatel Communications, Leading Developer of
IPTV Based Set-Tops
▪ Shipped Quarterly Record of ~ 630K Voice Modems; Total Modem
Shipments Were 2.6 Million
▪ Introduced a Residential Seamless Mobility Gateway Allowing Consumers
to Use the Same Mobile Device and Phone Number Inside and Outside of the
Home
▪ Starhub (Singapore) to Upgrade Hybrid Fiber Coaxial Cable Network to
DOCSIS® 3.0-Compatible Leveraging Motorola’s Channel Bonding
Technology
Q1 2006 Earnings Release- April 18, 2006 Slide -- 43
MOTOROLA and the Stylized M Logo are registered in the US Patent & Trademark Office.
44. Connected Home – Q1 Highlights
The Connected Home Belongs to Motorola
Delivering Seamless Video and Voice Solutions Today!
Operators are Becoming Engaged
The Motorola Experience – MOTO ME
Q1 2006 Earnings Release- April 18, 2006 Slide -- 44
MOTOROLA and the Stylized M Logo are registered in the US Patent & Trademark Office.
45. Connected Home – Q2 Outlook
Up vs. Prior Year
Sales
Up vs. Prior Year
Operating Earnings
Up vs. Prior Year
Operating Margin
Q1 2006 Earnings Release- April 18, 2006 Slide -- 45
MOTOROLA and the Stylized M Logo are registered in the US Patent & Trademark Office.
46. Q1 2006 Summary
√
Market Share
√
Revenue
√
Profit
√
Cash Flow
√
Balance Sheet
√
Cost Structure
√
Innovation
√
Outlook
Q1 2006 Earnings Release- April 18, 2006 Slide -- 46
MOTOROLA and the Stylized M Logo are registered in the US Patent & Trademark Office.
47. Motorola Q&A Participants
David Devonshire
Ed Zander
Chief Financial Officer
Chief Executive Officer
Greg Brown
Ron Garriques
President, Networks and Enterprise
President, Mobile Devices Business
Business
Dan Moloney Ed Gams
Vice President, Investor Relations
President, Connected Home
Business
Q1 2006 Earnings Release- April 18, 2006 Slide -- 47
MOTOROLA and the Stylized M Logo are registered in the US Patent & Trademark Office.
48. Use of Non-GAAP Measurements
In addition to the GAAP results provided during this conference call, Motorola has presented certain
non-GAAP measurements. Motorola has provided these non-GAAP measurements as a measure to
help investors better understand its core operating performance, enhance comparisons of Motorola’s
core operating performance from period to period and to allow better comparisons of Motorola’s
operating performance to that of its competitors. Among other things, the Company’s management
uses these operating results, excluding the identified items, to evaluate the performance of its
businesses and to evaluate results relative to incentive compensation targets. Management uses
operating results excluding these items because they believe this measure enables them to make
better period-to-period evaluations of the financial performance of its core business operations. There
are inherent limitations in the use of operating results excluding these items because the company's
GAAP results do include the impact of these items. The non-GAAP measures are intended only as a
supplement to the comparable GAAP measures and the company compensates for the limitations
inherent in the use of non-GAAP measures by using GAAP measures in conjunction with the non-
GAAP measures. As a result, investors should consider these non-GAAP measures in addition to,
and not in substitution for, or as superior to, measures of financial performance prepared in
accordance with GAAP.
Details of the these items and reconciliations of the non-GAAP measurements provided during this
call to GAAP measurements can be found: (i) in the Form 8-K filed by Motorola on April 18, 2006
(which is attached to this afternoon’s earnings press release), (ii) within the text of the slides that
accompany this webcast, or (iii) on the company’s website. Each of these items can be found on
Motorola’s website at www.motorola.com/investor.
Q1 2006 Earnings Release- April 18, 2006 Slide -- 48
MOTOROLA and the Stylized M Logo are registered in the US Patent & Trademark Office.
49. Significant Items Discussed
Q1 2006
Q1 2006 PBT Q1 2006 Tax Q1 2006 PAT
(Inc)/Exp Inc/(Exp) (Inc)/Exp EPS impact
Gains on sales of investments, net of derivative loss (118) (45) (73) 0.03
Reorganization of business charges 71 15 56 (0.02)
Stock compensation expense 70 23 47 (0.02)
TOTAL IMPACT $ 23 $ (7) $ 30 (0.01)
Q1 2005
Q1 2005 PBT Q1 2005 Tax Q1 2005 PAT
(Inc)/Exp Inc/(Exp) (Inc)/Exp EPS impact
Gains on sales of investments (234) (89) (145) 0.06
TOTAL IMPACT $ (234) $ (89) $ (145) $ 0.06
Q1 2006 Earnings Release- April 18, 2006 Slide -- 49
MOTOROLA and the Stylized M Logo are registered in the US Patent & Trademark Office.
50. OE Reconciliation of Significant Items
Q1 2006
Net Sales $ 10,013
Operating earnings $ 894
Operating earnings as a percentage of net sales 8.9%
Operating earnings $ 894
Less: Significant items discussed 141
Operating earnings excluding significant items discussed $ 1,035
Operating earnings as a percentage of net sales 10.3%
Q1 2005
Net Sales $ 8,161
Operating earnings $ 865
Operating earnings as a percentage of net sales 10.6%
Operating earnings $ 865
Less: Significant items discussed 0
Operating earnings excluding significant items discussed $ 865
Operating earnings as a percentage of net sales 10.6%
Q1 2006 Earnings Release- April 18, 2006 Slide -- 50
MOTOROLA and the Stylized M Logo are registered in the US Patent & Trademark Office.
51. OE Reconciliation By Segment of Significant
Items From Continuing Operations
Q1 2006
TOTAL Mobile Devices GEMS Networks Conn.Home Other/Elims
Net Sales $ 10,013 $ 6,400 $ 1,539 $ 1,431 $ 710 $ (67)
Operating earnings 894 702 171 132 15 (126)
Operating earnings as a percentage of net sales 8.9% 11.0% 11.1% 9.2% 2.1% 188.1%
Operating earnings 894 702 171 132 15 (126)
Less: Significant items discussed 141 (1) 8 21 43 70
Operating earnings excluding significant items discussed $ 1,035 $ 701 $ 179 $ 153 $ 58 $ (56)
Operating earnings as a percentage of net sales 10.3% 11.0% 11.6% 10.7% 8.2% 83.6%
Q1 2005
TOTAL Mobile Devices GEMS Networks Conn.Home Other/Elims
Net Sales $ 8,161 $ 4,414 $ 1,503 $ 1,657 $ 662 $ (75)
Operating earnings 865 440 167 234 19 5
Operating earnings as a percentage of net sales 10.6% 10.0% 11.1% 14.1% 2.9% -6.7%
Operating earnings 865 440 167 234 19 5
Less: Significant items discussed 0 0 0 0 0 0
Operating earnings excluding significant items discussed $ 865 $ 440 $ 167 $ 234 $ 19 $ 5
Operating earnings as a percentage of net sales 10.6% 10.0% 11.1% 14.1% 2.9% -6.7%
Q1 2006 Earnings Release- April 18, 2006 Slide -- 51
MOTOROLA and the Stylized M Logo are registered in the US Patent & Trademark Office.
52. Reconciliation of Revenue Per Headcount
2004 2005 Q1 '05 Q2 '05 Q3 '05 Q4 '05 Q1 '06
Headcount 67,641 68,971 67,952 68,568 68,777 68,971 69,142
Rolling 12 Months of Sales 31,323 36,843 32,043 33,326 35,252 36,843 38,698
*Revenue / HC (In 000's) 463 534 472 486 513 534 560
* Revenue Per Head = Rolling 12 Months of Sales / Qtr Ending Headcount
Q1 2006 Earnings Release- April 18, 2006 Slide -- 52
MOTOROLA and the Stylized M Logo are registered in the US Patent & Trademark Office.