If everybody can go ahead and please take their seats, we're going to get started with the next session. I'm Matt Niknam, Comm Infrastructure and Networking Analyst here at Truist, and we're very pleased to be joined by Jack Molloy, EVP and Chief Operating Officer at Motorola Solutions. Jack, welcome to the conference. Hey, thanks for having me, Matt. So maybe just to start, from a high level for investors who may be less familiar with the company, how would you describe what Motorola Solutions is today, and how do your mission-critical networks, video, and command center businesses work together as one ecosystem rather than three distinct product lines? Yeah. I think Motorola Solutions, in a word, global leader in public safety, enterprise security, and now we're a provisioner of defense security solutions around the globe. You'll hear the term, and you'll hear me reference the term ecosystem. I think it's a perfect example of we're focused on our end user markets, providing outcomes that bring together not just the mission-critical network solution, which was fundamentally the bedrock of our company, but the command center software, as well as video. It's really the culmination and convergence of voice, data, video, everything in terms of how you do incident response, if that's the NYPD, FDNY, resident here where we're at today, who are two great customers. But really broadening what we do, Matt, to serve border security, ministry of defenses around the world, as well as critical infrastructure. Places like Duke Energy, a large-scale client in the critical infrastructure space. Critical infrastructure, and I think the way that we have to secure all things private and public are done in a much different way today, and I think we sit in the epicenter of solving a lot of those needs for our customers. Got it. So maybe if we can hit top priorities, what are you most focused on in terms of top priorities for the organization over the next 12 - 18 months? The thing I'm always focused on, and we're focused in a word, it's execution. We think a lot about we're in the three businesses that I just alluded to. We're global in scale, over 125 countries around the world, thousands of salespeople, over 10,000 partners. It's executing in the day, organic growth, as we say. The second thing that I'm personally very attuned to and very prioritized right now is we've acquired Silvus just a little over 12 months ago. It was August 4th of 2025, we acquired, and it's all about a scale game there. Not only scale from a go to market and the investments we made, research and development, but the supply investments we've made there. Similarly, we just closed D-Fend, who's the leading provisioner of cyber mitigation counter drone technology. In fact, most recently, they were used in 11 of 12 of the FIFA sites. Focused in a similar way on bringing the revenue synergies and bringing them into the fold to help them thrive within the Motorola family as well. You've seen very strong order growth. That translated to re-accelerating revenue growth last quarter. I think you've got more implied in the second half of the year relative to the first half. What's genuinely different about the demand backdrop today relative to maybe a year ago across your state and local, federal, and enterprise customer sets? Yeah. We go through an exercise mid-year every year, and we pull, there's a lot of data, obviously, on state budgets. Some of those, by the way, some of those budgets started in July of this year, and some are run on a calendar year. But the reality is, when we think about state budgets, we're in a good position. We've seen budgets grow, but more importantly, we've seen public safety and technology within public safety grow faster than public safety and state budgets in general. Similarly, you sit and you have city budgets. Some cities are in a difficult fiscal situation. But I'd elevate that to say we often talk about the fact on our earnings calls and some of these meetings, Matt, you've heard me say it before, but we're a need to have and not a nice to have. Now that sounds like a great word, but the reality is it is. You look at NG9-1-1 systems and the ability to ingest text messaging, videos, those kind of things. These are at the forefront of every urban command center, and they're thinking about the investment there. You think about the investments we've made to refresh our mission-critical networks, particularly the P25 networks, and we've talked about the litany of D-Series upgrades, the APX NEXT upgrades that we've gone through, and we're really pleased with that. But the last thing is, it's great that we have those, but we also have the One Big Beautiful Bill Act, which is actually a multi-year tailwind to our business. Interestingly, the U.S. federal government had some older fleets in terms of not only devices, but actually infrastructure as well. I think as it lends itself into 2027, we've had good success this year in 2026. I think we're also in a good fiscal situation and budget situation as we play it forward federally as well. I think on the last call, you talked about 2027 state and local public safety budgets growing faster than overall government budgets. Right. Software growing even faster within that. What are some of the proof points you've seen so far that inform that view? Yeah. First of all, the here and now. We had record Q2 orders, just the print that we just had last quarter. We've had double-digit order growth on top of double-digit order growth in the first half, and we've also talked about the second half of the year product growth, having double-digit product growth. That's how we've guided. That's what's in the rearview mirror. I also think it's critical to look at Request for proposal activity, quoting activity, things that I thought, not in a typical marketing sense, top of the funnel, but things that drive. It's a prospecting, and as you start to move these things through the funnel, what's the interest level and engagement, and what we're seeing there is obviously extremely positive across all three technologies. I think one of the things that we're most proud of as we look at this year, our mission-critical networks, we've guided the fact that we're going to grow 10%-11%. Our video security business, both mobile and fixed, we've talked about that video segment growing 11%. Then we've talked about command center software growing 15%. It's also interesting the fact that mission-critical networks is where we actually report the APX NEXT device revenue. But remember when we talk about the ecosystem and the hand-feeding the glove, command center software, 15% growth, is now comprised of and includes $100 million as we exit fiscal year 2026 of APX NEXT applications. That, we talk about ecosystem that's doing more. How do you connect your network? How do you extend your network? How do you get location information, smart programming? Things that used to take weeks for municipal radio administrator fleets, they are now done instantaneously in hours. We are obviously working on the next tranche of applications, things that we are doing to provide more actionable intelligence, drive more efficiency and outcome to the first responders. We are excited about what that brings into the future as well, Matt. Let us talk about Silvus. As you mentioned, a little over a year post-acquisition, they did about $210 million in 1Q sales, $230 million last quarter. You have guided the year to about $850 million. Are you still capacity constrained in 2026? What does the Salt Lake City facility actually add once it comes online? Yeah. As you alluded to, we have guided up. FY 2026, we have guided $850 million, and our current capacity is implied in there. I think that is the first thing. We have, even subsequent to our acquisition of Silvus, we have added capacity in Los Angeles. We have added another line in Culver City. Salt Lake City will come online, and we will begin to get the benefit of Salt Lake City in Q1 2027. If you think about it is not like, hey, we have built this and this is the capacity we have. It is modular, and I think we will continue to have more room to invest and build on more lines within Salt Lake City. As we think about the growth that we are creating with more than doubling our sales force, adding to R&D to continue to distance not only the waveform, but to distance what they call the spectrum dominance, which is a secret sauce in terms of its ability to reject detection, interception, and ultimately anti-jamming. I think that has been the inflection point of that has been in the Ukraine. In all the testing that is being done in the Department of War, I think Silvus continues to be the best in breed as it relates to MANET technology, Matt. We are excited about what we are doing in Salt Lake City. We've already expanded in terms of L.A., and I think we're going to be very well suited next year to continue the trend because what we're seeing not only here in the Department of War, but we're seeing particularly within NATO, within the Indo-Pacific, is people are thinking about, number one, they're thinking about securing their borders. They're thinking about modernizing their defense efforts. They're thinking about global conflict is not something that is on the horizon. It's something we're all dealing with today. Then more importantly, unmanned systems, UxV, surface vessels on the water, aerial vessels and unmanned systems in the air. That's an area that continues to be invested in, and I think Silvus continually in those congested and contested environments exceeds expectations and I think continues to be the market leader there. There's a lot of benefits, obviously, that I think accrue to Silvus being part of the broader Motorola Solutions ecosystem. Maybe we can speak a little bit about some of the changes, some of the benefits that you've introduced. Then I guess perhaps from a revenue synergy perspective, is there an opportunity where Silvus and the public safety business can intersect commercially, if at all? Let me take the first part. It's interesting because this is not the first kind of adjacent vertical we entered. Some of you remember, who you've been, know our story from 2018. We weren't in the video security and access control space until we acquired Avigilon. The first thing we thought about when we went into Silvus is, hey, defense, new market, but we had a billion-dollar business with the federal government. So we were very familiar with Silvus, their story, what we did. In fact, before we acquired Silvus, we had been looking at them for over a year and meeting with their team. First thing we did is we looked and said, hey, they had representation in North America within the Department of Defense, but that was largely, Matt, just Army and some minimal coverage in the Marines. We've done a comprehensive investment in terms of taking on all four branches, and then we brought in some people who have branch-specific knowledge, meaning retired generals, recently retired generals and colonels, who I think give us some more fulsome representation, not only into the day-to-day business, but to position us on programs of record. That's the first thing. We then have done some pretty expansive investment internationally. I think they had a couple resources that lived outside the States when we acquired them. Now to my point, we've got a sales leader that we promoted within Motorola who runs all international, and he's done an outstanding job. He's a German national, was actually in the Bundeswehr, and he's gone and systematically added to the team. So go to market, one piece of it. We've dialed up pretty significantly their research and development, broadened their SKU level. We talk about size, weight, and power in the waveform, but we've also added part of Culver City, Matt, is we've also added a lower cost with some little bit more minimal software added on that to get into some of the different part of the market for more of the attritable space and drone dominance and those kind of things. Because we think there's a market for us to play in the broader market there as well. Then last but not least, Matt, we talked about it, and I won't belabor it, is just the supply capacity we've added. But as you think about it's one thing to note, we really think about Silvus categorically as defense. Public safety, we've had opportunities, things like the Super Bowl, presidential inaugurations, the Ryder Cup last year, where they get what's called a special temporary authorization to operate. But largely, there's not spectrum that's allocated today to Silvus. So we think there's a lot of room to run in defense, both in the U.S. and internationally. That's where we've been focused. If at some point in time, spectrum became available, we think there's a lot of applicable applications, but the focus today has been defense. Got it. So we know that demand, you've talked about NATO, EU budgets, Germany, Ukraine, U.S., Indo-Pacific. How much of that is programs of record relative to maybe more urgent operational needs? And I guess what I'm getting at is how durable is the growth here if the conflict environment changes at all? We think it's really durable because obviously when we bought it, if you remember when we closed Silvus, it was just on the heels of really the new president, and there was talk about, well, this war could end immediately. I think maybe it was weeks or months where we talked about it. But the reality is we have built a business that is durable, and a lot of that is if you think about the Motorola philosophy, we've got really two tranches of approaches. We've got people that get up and think about long-tail visibility, programs of record, or in the state and local government strategic project, setting up statewide and anchor tenants. That's critical, and that sets the foundation for future success. And then there's the operating in the here and now, and some of these, to your point, things that are currently budgeted. Conflicts, how quick can we spin something up for something that might be taking place in the Strait of Hormuz? We want to be able to meet both things. If you think about it, we want to broaden capabilities everywhere. We did not even talk about some of the things we are doing, spinning up resources in Latin American places who are also going through modernization and platform modernization programs. As we think about it, I think we are set up for sustained success. We are always going to think of things holistically and strategically and make sure we can act fast in the day, but really encouraged. I would never say, "Hey, Silvus is a function of any isolated event." Actually, it is interesting. We think Ukraine, one of the things we always talk about Ukraine is we said, this is the inflection point for the future of warfare, meaning electronic warfare. The way that is been tested, I think has been, quite frankly, one of the greatest. It has been indicative of, I think, Silvus's success on all those who have witnessed the game of cat and mouse that is electronic warfare. It is power inflecting different power. It is moving frequency, all the things that takes place, and I think we have seen those things. By the way, Matt, there is a lot of those tests that are happening right now within the DoW, and Silvus continues to perform exceedingly well. We talked about Silvus last August. This past August, about a month ago, you closed the D-Fend acquisition. That deal specializes in counter-drone solutions. What are the first 90 days of integration priorities, and how does the platform sit organizationally alongside Silvus? Silvus, we still run as a standalone operation, and Babak, who is the Founder and CEO, is a partner to me, and he and I work closely together. Very much like we did with video, so we run that. We are doing the same play with D-Fend. Zohar, who came over, he is now, I think, believe this is his third company that he sold. Again, also very much like Babak, an incredible innovator. He and his team will come over, and we are going to run that as a business. It is very important to think about D-Fend being different. End point for D-Fend is public safety. Think about it as keeping cities safe. It is airports, it is critical infrastructure, and it is entertainment venues. I mentioned FIFA, but also the US Open. I was at the US Open a couple of weeks ago, and it was great to see the D-Fend solution keeping Arthur Ashe Stadium and the adjacent stadium safe there. That is kind of the end markets. We are going to run them as a business. There is a significant and probably a different level of revenue synergy with our North America public safety team led by John Zidar and Michael Kaae's international sales team. They have got relationships at every city, every county, every state who might be looking to invest in these counter-drone systems. We are going to leverage those relationships. Zohar has got a really great sales team. As we think about adding new resources, we can leverage the resources we have today there. Similar story internationally, where we have got relationships at international police and all the international airports as well who are looking at these kind of things. It is great. There are two other things I would highlight for D-Fend. As we were closing this, we got some really good news on the heels of the closure, and some of you may have read it, but the U.S. Department of Homeland Security had a $1.5 billion counter-drone grant program, and we were really proud of Zohar and his team. There are two different tranches. There are essentially system players, and then there are service providers. Zohar's team was the only cyber mitigation C-UAS vendor that actually was awarded the solution. There were other vendors that can detect and identify. Think about it. If you can detect and identify something, knowledge is important, but being able to mitigate and nullify a threat without damaging or causing any injury to the public is more important, and that is what D-Fend does. It has the ability to cyber control, cyber takeover a drone, be it nefarious or if it is a hobbyist, but they protect the airspace above the aforementioned critical infrastructure, entertainment venues, airports, et c, and they can land those. That is critically important as we are thinking about here. No police chief or anything, they do not want things flying in the sky, but they do not want people blowing things out of the sky and people getting injured, and I think that is where D-Fend has got a very elegant solution for what people are trying to do, both here and abroad. Let us pivot to the sort of core LMR business. D-Series. It is your first infrastructure refresh, I believe, in about 12 years. Infrastructure, I believe, is a little under a quarter of the LMR business. Where are we in that cycle relative to the 40+ statewide U.S. networks, 10 Canadian provincial networks, and at what pace can you actually deliver every year? Yeah. As it relates to D, think about this, and I've always used D-Series example. To Matt's point, we have 40 statewide networks, 10 provincial networks, but remember, think of those as almost operators or carriers of public safety technology at the state and provincial level. Said differently, there's 1,300 P25 networks that essentially are underlying to those or connect to those statewide networks. You ask a question, Jack, what is it? We've talked about D-Series as really been. I look at this as a multi-year, and I'm not talking about multi-year through the lens of three years. This is probably a five- to seven-year refresh. Depending on the vintage of the system, we just recently, over the course of the last 12 months, state of Colorado, we've got part of state of Michigan, but state of Michigan still has incremental D-Series that they're going to be buying into different. They're going to roll out the state kind of in regions. That's an example. Everybody's funding these upgrades in a little bit different way. Some of them are doing multi-year. Some of them, like state of Tennessee, did it, I think, in two phases. City of Chicago upgraded all of their radio consoles in one deal. There's a point in time where those cities and counties and states are then going to want to go upgrade to D-Series. It's a multi-year kind of opportunity for us. What I would also say, it's multi-year, those things, but also our incumbency is an advantage because if you think about if you're a competitor, you've now got to go identify radio sites. We may or may not have already structured long-term leases. Sometimes the customers own them, but oftentimes those things are privatized. I think they put us in a good example to provide good value as our customers look to refresh. I think we're in a very good competitive standpoint as it relates to refreshing these networks that are out there in existence, to your point, 40 in the States, and all the underlying systems and then 10 provincial networks as well. Is there a specific catalyst that triggers agencies to move? Whether it's coverage efficiency, energy consumption with sites, end of life? What actually gets somebody to get moving? There's a few things. Like anything else, we introduce new features. First of all, there's greater efficiency, channel efficiency. There's less power consumption. By the way, as any of our customers think about, they're thinking about the greening effect and how they use less energy. That's important. We've also developed features like ASTRO Site Resiliency. Think about it. P25 networks are purpose-built, bespoke networks. Over the long time that I've been in this role, we've been asked different things, but the reality is they're built for, we talked about coverage, capacity, control, which is obviously important. They're built for when things are really in the most difficult environments. It's hurricanes, it's flooding, it's things like that. You build them for the very most difficult situations. I've gone around one early in my career and watched fire people go into basements of buildings, and firemen are hanging upside down trying to make sure the radios still work. They're the toughest of tough networks. I say that to say resiliency. We've added our ASTRO Site Resiliency to say, "Hey, if we lose a site, how does the site tie to another? How do we get backup, backhaul, and we can use low Earth orbit and things like that?" We're always thinking about resiliency and adding those things. It's really a culmination of a lot of those different things, Matt. Interest level's been high, engagement's been really good, and we think, as I said earlier, we're in a good funding situation as well. Infrastructure wins typically come with a longer services wrapper. Maybe we can speak to some of the attached economics in terms of how much software and services revenue follows an incremental dollar of infrastructure. If there's any sort of time period these come with, associated with. Yeah. Our services business, which has grown nicely. It's interesting. Think of customers as being at different tiers. We have certain states, like two of the states that I highlighted there, we actually own the Illinois network and the South Carolina network. Those are called build-own operate networks for us. We've also got things where we build, transfer to the customer, and then operate the network, and then we've also got build, transfer, and maintain. You're asking the question, the managed services. Some customers say, "Hey, Motorola, we want to turn over all of our hardware maintenance, software maintenance, cybersecurity. We want 24 by seven monitor. We want a customer support manager on site here." There's that level of service. We've also got certain customers of ours who are, maybe they have a union shop for various reasons, and they're saying, "Hey, we want a customer support manager. We want cyber, but we're going to do a lot of our own programming and those things." Matt, so they all come in different shapes and forms. But the reality is we've built a services business to meet our customers for what their needs are,- Yeah. ... how they need us. But one of the things we've seen a real substantial increase in is we're concerned about the threat surface, and I think we've seen those private networks. They've asked us to do more cyber monitoring. That's been an area of growth for us. We obviously invest in our network operation centers. We have the ability to manage, detect, and respond to those networks with our partners, et c. I think that's critically important. We've seen more and more of our customers uptake those things. I want to pivot to the video business. That business grew, I believe, 12% last quarter. You've talked about growth this year at about 11%. It was pretty interesting. I think on the last call, you talked about some notable new wins that were competitive flips at new customers. What's helping you win those RFPs? If we can maybe speak a little bit about that. Well, I'd be hard-pressed not to take the, we're really proud. You're right. We talked about the state of Florida, tier one state patrol, was a competitive opportunity, competitive win for Motorola Solutions, Kansas City, NFL City. We secured that business in a highly competitive environment. Just yesterday, we announced what I would call a critical ecosystem win, and to answer your question, Matt, State of Louisiana Highway Patrol and a lot of adjacent agencies, parks and recreation, transportation, et c, body-worn in-car video, P25 refresh, and we think about that, highly competitive. It was one of our video competitors' first state patrols. We were able to obviously go in, influence that customer to put their future with Motorola Solutions for a few things. Number one, the end-to-end ecosystem. How does an APX device work with body-worn camera? How does information flow, workflow, critically important. Also total cost of ownership. I think that's the one thing when you look at one device versus multiple devices. I think when they looked at a partner they wanted to trust for the future, the next 10 years, they bet on Motorola Solutions. We're really in a total cost of ownership, end-to-end ecosystem. I think also the AI, the embedded AI workflow, Matt, if you think about the SVX story with digital evidence management, how that ties into all things within the workflow, translation, transcription, all the things that first responders have to contend with today. I think our story, everybody's talking about AI, but we're very much embedding AI where it provides incremental value and different outcomes for our first responders. That's what we're thinking about every day. Listen, I think customers have a choice. They've always wanted a choice. Maybe they didn't have a choice seven or eight years ago, but you've got a public safety and global security leader who's investing thoughtfully to make sure that they're getting the best value, as well as the best technology. You referenced the ecosystem. Obviously, now you've got counter-drone technology in the portfolio alongside radio, video, command center. How often are you selling three technologies together? I wonder, is there any procurement pushback you run into at all against municipalities or customers who are buying the entire stack from one vendor? Louisiana is a great opportunity, and a real credit to our team and the trusted advisor status that they built in there, where they went in, and really it was a full ecosystem sale over a long term. That's great. Some customers want to buy, they may just have a video opportunity, like Kansas City was a video opportunity. Arlington, Texas, was a similar deal where they wanted multiple different things, DFR and the like. We haven't had any issues because our modus operandi is to meet customers and to enable the technologies the customers need at the time they do. We think we go in, improve, and execute for them, and we get incremental opportunities. We talk a lot about that as creating the flywheel and starts with trust, and it was really built on our mission-critical network, the legacy and heritage there. No, Matt, I think some of the things, the civil liberties and some of the cases that we've seen, we don't go out and it's not bundle first, this is how you must buy. It's just not the way we do things, so we think ultimately there'll be enough opportunities for us, but we have not run into those issues with our customers. Oh, I want to dig in a little bit to the cost structure. As your role in COO, we've read and heard about memory costs, a little bit of cost inflation. It's about a $150 million cost, I believe, this year that was relative to $50 million a year ago. It hits a little bit harder in video, I believe, relative to LMR. We know DRAM pricing has kept climbing on maybe forces outside of your control. What are the offsets that you're employing? Yeah. Is it pricing? Is it redesign, pre-buys? Maybe we can start there. Yeah. So to your point, really the portion of our portfolio that's been most acutely kind of impacted is the video business. And you're right, it's DRAM, it's Flash, it's at the network video recorder for a lot of the on-prem opportunities, but it's also Flash, which is at the device and the camera level. So we've done, and really credit to Jason and the supply chain team and the work they've done. There's a few things. Number one, we've accelerated inventory purchases to put ourselves in a position, because in reality, Matt, if you look back and you wind the tape back nine months, it actually just continues to get more expensive. So I think we've positioned ourselves well. We've taken on some more inventory to serve our customers in a way. That's the first thing. We've also worked closely with our vendors on continuity of supply, making sure we had available supply. There's some people within our space who they might not have had the inventory, might not have had the relationships, and they've been unable to fulfill some opportunities. The third thing, and this is really important, and we learned this through the legacy semiconductor thing that we went through with our mission-critical networks, but we have been very dynamic in terms of pricing increases. In fact, we've had three kind of substantial price increases in video, and we've continued to hold the line. I say all that to say, we've kept gross margins comparable, we've still had an operating margin. We've had 170 basis points expansion this year. I think all things being equal, it's an imperfect world, it's an imperfect market in terms of demand and price that we're dealing with, but I think we've reacted, been proactive with our customers and with our suppliers, and I think all things being equal, I really credit the team because I think we've navigated it fairly well. You talked a little bit about carrying more inventory. Just curious, are there any implications for lead times, working capital, and then how should we read backlog and book-to-bill from here? No. I think back, it's interesting because we talked. Backlog was something in this business. Listen, we'll always have large-scale businesses. First of all, on video, it's never been a backlog-driven business. It's very much, pardon my French, but it's a quick turn. It's kind of a get a deal within a quarter, and you're basically shipping it to our partners in the quarter. That's essentially the dynamic. Our backlog function has always been the services business and our long-scale infrastructure, some of the D-Series, big statewide things. There'll be some of that that's in the backlog. But the reality is we've really demand from a demand standpoint. We've pivoted to more of a quick turn thing. When I say quick turn, I think about it as being because we're in government and public safety and defense and kind of critical infrastructure, we have great visibility to these projects and the funding status of these projects. It gives me great confidence. I always look at, it's very important for us to be looking out the windshield all the time. As I alluded to earlier, this double-digit orders growth, double-digit product orders growth in the second half, and kind of the consecutive quarters we've spun up where we've kind of printed record orders, I mean, that's encouraging. That gives us great confidence as we enter 2027. You're not Jason, but I'm going to ask you a question on cap allocation. How do you and the team think about just uses of free cash post-dividend? I say this in the context of a company that has done two fairly sizable deals. D-Fend maybe was a little bit smaller, but Silvus, fairly sizable. As you think about M&A opportunities, share buybacks, deleveraging, and within M&A, is there a size limit you consider just given how active you've been of late? Matt, so we've talked about our capital allocation framework has remained, first of all, 60% on M&A and share repo. There's some within quarters. You look, there's some fungibility in terms of if we're more active in M&A standpoint, 30% dividends and 10% OpEx. The answer is really when you look at it, even though we did a debt issuance and great work by Uygar and his team for the D-Fend, we'll exit this year from a net debt to EBITDA standpoint ratio very similar to where we exited fiscal year 2025. So when it comes to M&A, we're thinking about two things. Number one, it's all the good deals that we've done, and we've done over 50 since 2015. Most of those are germinated and originate from the field. They're not brought by banks. We're always looking from, we talk to our customers, we talk to our go-to-market teams and our engineers and say, "What are the ideas we should be looking at? What are the companies that we think culturally, portfolio, and from a vertical market fit best within here?" Matt, when I think about a deal that's too big, I don't think it's too big as long as it fits within those three things within our company. So we'll see. We're acquisitive, we're also innovative, and I think we'll just continue to scour and scan the market for the best possible opportunities. In the time we have left, two questions I want to hit on. First, what do you think is most misunderstood from your vantage point by the investor community around Motorola Solutions in the story? The durability, the longevity, and the bedrock, which is the mission-critical networks business. It has enabled us to create the ecosystem that I mentioned earlier. When we talk and our teams are all talk and I met with a state DPS director three weeks ago in the Midwest. When they are thinking about it, this is the lifeblood, and actually they think about this is the lifeblood, their communication lifeblood. They had some forest fires they were contending with and some brush fires, and they said, "It is not just for us, but we have enabled every community, every fire department, and we need this. This is something that it is not an if to, it is a got to." The fact that Motorola, you guys are investing in more thoughtfully how we can use this, and we had kind of shared with them some of the features that are under development. I think that is what is probably misunderstood. I think more than anything, it has created a great trusted advisor position from us to build, acquire, and do other things on top of those networks, and I think there is more we can do. Last question, if we are sitting here a year from now, what would you like to look back on as key achievements or milestones you achieved at MSI over the next year? Number one, the balance of growth that I talked about earlier, that's table stakes. We have to grow across not only mission-critical networks, command center software, video security. We've got the right leadership team in place to do that. Specifically as it speaks, I feel it's my role to make sure that we continue to operate the right playbook for Silvus, give Babak and his team what they need to grow, to thrive from an innovation standpoint, but also from a field and customer execution. I'd say the same thing for Silvus. I think about how my job over the years and the job that Greg's asked me to do has evolved, and it's number one. It started, as you know, Matt, a long time ago in run worldwide sales, and now it's making sure when we bring these great companies in, that I put them in a position to scale up as quickly, as effectively as possible. I think a year from now, I'll look back and I'll be proud of the fact that our team accomplished that. Great. Thank you so much, Jack. Appreciate it.