Q3 2002 Earnings Release Presentation

Motorola – Q3 2002
Earnings Release
Conference Call

Q3 2002 Motorola Earnings Conference Call – Oct. 16, 2002

SLIDE 1

Ed Gams
Senior Vice President
Director of Investor Relations
Motorola Inc.


SLIDE 2

Safe Harbor Statement
“ A number of forward-looking statements will be made during this conference call.
Forward-looking statements are any statements that are not historical facts.
These forward-looking statements are based on the current expectations of
Motorola and there can be no assurance that such expectations will prove to be
correct. Because forward-looking statements involve risks and uncertainties,
Motorola’s actual results could differ materially from these statements.
Information about factors that could cause, and in some cases have caused, such
differences can be found in yesterday’s earnings press release, on pages F-35
through F-40 of Motorola’s Proxy Statement for the 2002 annual meeting of
stockholders and in Motorola’s other SEC filings.”
This presentation is being made on the morning of October 16, 2002. The content
of this presentation contains time-sensitive information that is accurate only as of
the time hereof. If any portion of this presentation is rebroadcast, retransmitted or
redistributed at a later date, Motorola will not be reviewing or updating the
material that is contained herein.quot;
MOTOROLA and the Stylized M Logo are registered in the US Patent &
Trademark Office. All other product or service names are the property of their
respective owners. © Motorola, Inc. 2002.


SLIDE 3

Chris Galvin
Chief Executive Officer
Chairman of the Board of Directors
Motorola Inc.


SLIDE 4

Today’s Presentation

“Discussion” Closely Tied to Webcast Slides
!

More Numbers
!

More Time for Q&A
!


SLIDE 5

5-Point Plan for
Building Investor Value
1. Continual Strengthening of Management Team
2. Aggressive Focus on the Balance Sheet
3. Lowering Break-Even Sales Level by Reducing SG&A
and Manufacturing Costs
4. Growth through Innovative Products, Software
Applications, Customer Relationships
5. Constant Evaluation of Strategic Options and
Business Portfolio


SLIDE 6

David Devonshire
Chief Financial Officer
Executive Vice President,
Motorola Inc.


SLIDE 7

Motorola Inc. Financial Results
(Ongoing Operations, Excluding Special Items and Exited Businesses)
% Favorable
(Unfavorable)
Q3 2002 Q3 2001 Q2 2002 Q3 2001 Q2 2002

Sales $M $6,371 $7,230 $6,741 (12%) (5%)

Operating Earnings $M $299 -$114 $193 >100% 55%
Operating Margin 4.7% -1.6% 2.9%

Earnings Per Share $0.06 -$0.07 $0.02

Improved Operating Margin
quot; Higher Gross Margin & Lower SG&A Expense
quot; Every Segment Had Positive Operating Earnings During Q3 2002.
quot; Largest Improvement in Operating Earnings from SPS & PCS


SLIDE 8

Gross Margin
% of Sales
38%
Q3 2002 Sequential Increase
36%
From SPS, PCS and GTSS
34%

32%
30%

28%
Improved 5 Consecutive
Quarters
26%

24%
Q1'01

Q2'01

Q3'01

Q4'01

Q1'02

Q2'02

Q3'02

SLIDE 9

Form 8-K/A Filed
quot; No Change to Sales, Total Expenses or Earnings
quot; Filed to Conform 2001 to 2002 Reporting / 2000-OK
quot; Largely a Reclass of Depreciation From Cost of Sales to SG&A

Q3 2001 Impact April 2002 8-K October 15
Filing Adjusted 8-K Variance
($ in Millions)
Q3 2001 Q3 2001
Sales $7,230 $7,230 $0

Cost of Sales 5,466 5,261 (205)
SG&A 849 1054 205

Net Earnings ($158) ($158) $0

SLIDE 10

Selling, General and Administrative Expenses
$ in Millions

17.3%
$1,600 18.0%
16.7%
15.7% 15.9% 15.8%
$1,500
15.1% 16.0%
14.6% • SG&A declined
14.2%
$1,400
28% from Q4 2000
14.0%
to Q3 2002
$1,300

$1,200 12.0%
• Q2 2002 SG&A
impacted by
$1,100
10.0% receivable write-
$1,000 offs for Worldcom
8.0% and Adelphia
$900

$800 6.0%
Q4'00

Q1'01

Q2'01

Q3'01

Q4'01

Q1'02

Q2'02

Q3'02


SLIDE 11

Motorola Work Force Trend
160 150 147
136
140 125 121
120 111 107
Work Force (Thousands)

102 100
100 93
80
60
40
20
0
Aug-00

Mar-01

Jun-01

Mar-02

Jun-02

Jun-03 Est
Dec-00

Sep-01

Dec-01

Sep-02


SLIDE 12

Research & Development Expenditures
$ in Millions % of Sales
15.5%
$1,200 16.0%
15.1%
14.8%
14.7%
15.0%
14.2%
14.0% 14.0%
$1,100
14.0%

$1,000 13.0%

12.0%
$900
11.0%

$800 10.0%
Q1'01

Q2'01

Q3'01

Q4'01

Q1'02

Q2'02

Q3'02
2002 Annual R&D ~ $3.8B

SLIDE 13

Orders
(Ongoing Operations, Excluding Exited Businesses)

Order % change versus previous year quarter
• Greater Than Expected Industry
0%
Contraction
Q1'01

Q2'01

Q3'01

Q4'01

Q1'02

Q2'02

Q3'02
• Infrastructure
-5%
• Broadband
-10%
• Industries with Slowing Growth
• Personal Communications
-15%
• Semiconductors
-20%
• Strong Order Trend in CGISS
-25%
• Expect Q4 2002 orders to show
growth over Q4 2001
-30%

-35%


SLIDE 14

$ in Billions
Cash and Debt
Sept. 2002 Dec 2001 Dec. 2000
Short Term Debt $1.5 $0.9 $6.4
Long Term Debt $6.2 $7.2 $4.3
Long Term Debt Linked $1.2 $1.2 $0.0
to Equity Units
TOTAL DEBT $8.9 $9.2 $10.7
Cash & Cash Equivalents ($6.4) ($6.2) ($3.7)
NET DEBT $2.5 $3.1 $7.0
NET DEBT/ NET 18.3% 18.4% 27.4%
DEBT+EQUITY

quot; Moved $3.0 B to U.S. during Q3, Cost of Approximately $50 Million Cash Tax
quot; Domestic Cash Increased to $4.2B
quot; Intend to Reduce Gross Debt Over Next Twelve Months


SLIDE 15

Working Capital
Accounts Receivable + Inventory - Accounts Payable
(% to Sales)
25.0% 24.2%
20.3%
18.0% 17.6%
16.7% 16.0% 16.1% 17.5%
20.0%

15.0%

Long Term
10.0%
Target of 12%
Q4 00 Q1 01 Q2 01 Q3 01 Q4 01 Q1 02 Q2 02 Q3 02 Q4 02
Est
Institutionalizing Continuous Improvement
!
Inventory Up in Q3 2002 in Anticipation of Q4 Sales Growth
!
Cash Benefit in 2001 and 2002 Approximately $2B
!


SLIDE 16

Cash Flow
($ in Billions) Q3 2002 2002
2002 YTD FCST 2001 2000

Operating Cash Flow $0.3 $1.7 $2.1 $2.8 ($1.1)
without Restructuring
Cash for Restructuring ($0.2) ($0.9) ($1.3) ($0.8) ($0.1)
Operating Cash Flow $0.1 $0.8 $0.8 $2.0 ($1.2)

Capital Expenditures ($0.1) ($0.4) ($0.8) ($1.3) ($4.1)

Free Cash Flow $0.0 $0.4 $0.0 $0.7 ($5.3)

quot;Emphasis on Cash Continues
quot;Positive Operating Cash Flow for Seventh Consecutive Quarter

SLIDE 17

Elements of 2003 Cash Flow
Earnings: Higher EPS

Depreciation: Approximately $1.7B

Working Capital: Continue to Reduce Ratio to Sales

Cash Needed for Restructuring: Approximately $0.6B vs. $1.3B in 2002

Capital Expenditures: Approximately $1.0 B

Pension Contribution: Approximately $0.15B to $0.2B

Expect Positive Operating and Free Cash Flow in 2003


SLIDE 18

Low Level of Long Term Debt Maturities
2003/2004/2005
$ in Billions
$2.0
~$1.6 2005 Maturities (2025 Note
Puttable in 2005)
$1.5
2004 Maturities

$1.0 2003 Maturities
~$0.5 ~$0.4
$0.5 PURS - Can be Put to
Company Each February
Short Term Debt
$0.0
Debt Maturities Debt Maturities Debt Maturities
in 2003 in 2004 in 2005

quot; Strong Position to Meet Debt Maturities
quot; Expect Continued Positive Free Cash Flow in 2003
quot; Current Cash Balance $6.4B, $4.2 B in U.S.


SLIDE 19

Net Special Items in Q3 2002
$Millions
Special Charges $157
Gain on Sales of Investments (37)
Reduction of Reserves No Longer Necessary (122)
($2)
NET SPECIAL ITEM (Pretax)

Reductions to Reserves Previously Established Through Special Item
Charges Have Been and Will Consistently be Reflected as a Special Item
and not Included in Normal Operating Results.

Complete Reconciliation and Disclosure Provided in our Press Release,
and Quarterly and Annual SEC Filings.


SLIDE 20

Q4 2002 Net Special Items

Net Special Items of Approx. $200M
!

No Change from Estimate Provided on Q2 2002
!
Earnings Release Conference Call

$0.06 Per Share Charge in Q4 2002
!

Restructuring Charges Substantially Complete
!


SLIDE 21

Mike Zafirovski
President and
Chief Operating Officer
Motorola Inc.


SLIDE 22

Key Takeaways
Continued Progress in a Very Tough Environment
!
— “5 Point Plan” Focus In All We Do

Impact of Restructuring/Rebuilding Initiatives
!
Increasingly Reflected in Operating Results

Reduced Visibility For Outlook in Key Market
!
Segments – Particularly in Last 30 Days

Commitment to Earnings And Balance Sheet
!
Improvement, Regardless of External Environment


SLIDE 23

Operating Philosophy/Expectations

Continuing to “Operationalize” the 5 Point Plan
!
Customers, Competitiveness and Balance
—
Sheet Obsession
“Winning Tribes” Expectation For Each Sector
!
“Lean, Enabling, Activist” Corporate Role
!
Pursuit of Few, Big Initiatives Across Motorola
!
Short AND Long Term Focus
!
Prompt/Decisive Actions
!


SLIDE 24

The Operations Philosophy Starts With…

People First

Leaders Exhibiting
Envision, Energize, Edge, Execution,
and Always Ethics

and Always Earnings

SLIDE 25

Segment
Updates & Guidance


SLIDE 26

Personal Communications Sector
(Ongoing Operations, Excluding Special Items)
% Favorable
(Unfavorable)
Q3 2002 Q3 2001 Q2 2002 Q3 2001 Q2 2002
Orders $M $2,481 $2,962 $2,548 (16%) (3%)

Sales $M $2,631 $2,693 $2,622 (2%) Flat
Operating Earnings $M $224 $51 $172 >100% 30%
Operating Margin 8.5% 1.9% 6.5%

quot; Orders Impacted By More Efficient Backlog /Supply Chain Process
quot; Flat Q3 2002 Sales Reflects
quot;Lower than Expected TAM
quot;T720 & C330 Delays
quot; Op. Margin Improvement from Higher Gross Margin & Lower SG&A %


SLIDE 27

Unit Shipments by Technology
High Volume Major New
Q3 2002 YTD 2002 Products Products
Change from Change from Shipping in shipping in
Q3 2001 YTD 2001 Q3 2002 Q3 2002

CDMA Unit Up 4% Up 12% V60, 120c T720
Shipments

V66, V60, C330
GSM Unit Down 4% Up 5%
T191, V70
Shipments

TDMA Unit Up 131% Up 34% V60t, 120t, C331
Shipments 190t

iDEN Unit Up 23% Up 10% i95cl, i90c i95cl
Shipments


SLIDE 28

Units and Market Share
Sept. Sept.
Q3 Q3 Growth 2002 2001 Growth
2002 2001 YTD YTD
Unit 17.0 15.8 8% 47.9 45.2 6%
Shipments Million Million Million Million

Market 18% 17% 18% 16%
Share

quot; Continued Strong Performance Americas Regions
quot; #1 Brand in Several U.S. Handset Surveys
quot; European - Weak End Market Conditions, Small Share Loss
quot; Asia – Mix Shift Towards Entry Level Products
quot; Widened Leadership Position in China


SLIDE 29

Average Selling Price Change Q3 2002

Down 8% from Q3 2001

Down 2% from Q2 2002

For Q4 2002 and Next Year We Expect New Features
Such as Color Screens, EMS, MMS and Imaging to Keep
Price Declines at Modest Levels.


SLIDE 30

C330
Series

V70
E360 T720

A388
i95cl V60i V66i

SLIDE 31

Industry Handset Forecast

Sell In Units Sell Through Units
390 Million 400 Million

quot; Industry Forecast Reduced 10 Million Units Due to Weaker Demand
in Europe and Slightly Weaker Demand in Asia.

quot; Expect Normal Seasonality in Q4 2002, Up Approx. 20%
Sequentially


SLIDE 32

PCS – Other Developments
quot; Tom Lynch Off to A Strong Start

quot; Ron Garriques to Lead PCS European Operations

quot; iDEN i95cl – Strong Demand, Growth in Data
Applications, Improved Nextel Economics

quot; T720 and C330 series Off to Promising Start

quot; UMTS - Close Coordination With Hutchinson

quot; 4th Pass Acquisition Strengthens Java Capabilities


SLIDE 33

Q4 2002 Forecast

Compared to Compared to
Q4 2001 Q3 2002

Sales Up Up

Operating Up Up
Margin %

• Significantly Indicates a Change of Greater than 25%
• Very Significantly Indicates a Change of Greater than 50%
•The Terms Significantly and Very Significantly are only used in forecasting Sales on This Slide


SLIDE 34

Semiconductor Products Sector
% Favorable
(Unfavorable)
Q3 2002 Q3 2001 Q2 2002 Q3 2001 Q2 2002
Orders $M $1,258 $1,106 $1,310 14% (4%)

Sales $M $1,223 $1,080 $1,216 13% Flat
Operating Earnings $M $13 -$311 -$79 >100% >100%
Operating Margin 1.1% -28.8% -6.5%

quot; Returned to Profitability With Higher Gross Margin and Lower SG&A

quot; Breakeven Sales Level Has Been Reduced to $5.0B

quot; Softer Industry Demand Patterns in September Impacted Sales & Orders


SLIDE 35

Book-to-Bill Ratio
quot;Overall Book-To-Bill of 1.03
1.20

quot;Book-to-Bill by End Market
—Wireless/Broadband
1.10
Approximately 1.15

—Transportation and
1.00
Q1’00

Q2'00

Q3'00

Q4'00

Q1'01

Q2'01

Q3'01

Q4'01

Q1'02

Q2'02

Q3'02
Standard Products
Approximately 1.00
0.90
—Networking & Computing
Approximately 0.85
0.80

0.70


SLIDE 36

Wafer Fab Consolidations
25

20
18
16
15
11
9 8
10

5

0
Dec. 2000 Dec. 2001 Sept. 2002 Dec. 2002 March 2003
Estimate Estimate


SLIDE 37

SPS – Other Developments
quot; Major Announcements
— Announced 3 More Customers, Now Totaling 9, for
i250/i300 Wireless Platform
— Integration Between Microsoft’s Window® CE Software
and Motorola’s DragonBall Processor
— The SymphonyTM Digital Radio Chipset
— A New Line of Low-cost Microcontrollers


SLIDE 38

Q4 2002 Forecast

Q4 2001 Q3 2002

Up Flat to Up
Sales

Slight Profit in Flat
Operating
Q4 2002 vs.
Margin %
Loss in Q4 2001



SLIDE 39

Global Telecom Solutions Sector
% Favorable
(Unfavorable)
Q3 2002 Q3 2001 Q2 2002 Q3 2001 Q2 2002
Orders $M $880 $1,567 $1,067 (44%) (18%)

Sales $M $1,014 $1,759 $1,239 (42%) (18%)
Operating Earnings $M $5 $28 $32 (82%) (84%)

quot; Remained Modestly Profitable As a Result of Continued Cost Reductions

quot; Sales Down Significantly in All Regions from Q3 2001

quot; Industry Demand Patterns Weakened as the Quarter Progressed.


SLIDE 40

GTSS – Other Developments
quot; Met all Milestones in UMTS Radio Access Network
Contract for Hutchinson Australia.

quot; CDMA 1X 3G Deployments Continue to See
Success Around the Globe

quot; With the iDEN Technology Made the First Push-To-
Talk Nationwide Roaming Call Between our Labs In
Illinois and Nextel’s Lab in Virginia.

quot; During Q3 Announced a Marketing Agreement With
Winphoria for Packet-Based Softswitch Solutions.


SLIDE 41

Global Telecom Solutions Sector
Q4 2002 Forecast

Q4 2001 Q3 2002

Down Up
Sales

Smaller Loss Slight Loss in
Operating
Q4 2002
Margin %
Slight Profit in
Q3 2002


SLIDE 42

Commercial Govt. and Industrial System Segment
% Favorable
(Unfavorable)
Q3 2002 Q3 2001 Q2 2002 Q3 2001 Q2 2002
Orders $M $987 $898 $847 10% 17%

Sales $M $874 $886 $886 (1%) (1%)
Operating Earnings $M $77 $66 $63 17% 22%

quot; Largest Order Increase in North America

quot; Sequential Operating Margin Improvement From Lower SG&A.


SLIDE 43

CGISS – Other Developments
quot; Introduced FireGround Communications System
quot; Mobile Solution Tailored for Firefighters use at
Fire Scenes

quot; Introduced the industry’s lightest TETRA handset


SLIDE 44

Commercial Govt. and Industrial System Segment
Q4 2002 Forecast

Q4 2001 Q3 2002

Down Up Significantly
Sales

Down Up
Operating
Margin %



SLIDE 45

Broadband Communications Sector
% Favorable
(Unfavorable)
Q3 2002 Q3 2001 Q2 2002 Q3 2001 Q2 2002
Orders $M $385 $647 $420 (40%) (8%)

Sales $M $519 $637 $554 (19%) (6%)
Operating Earnings $M $75 $113 $61 (34%) 23%

quot; Maintained Mid-Teens Operating Margin Despite Sales Decline
quot; Carrier Capital Expenditure Pressure and Shorter Order Cycle Time
quot; Q2 2002 Operating Margin negatively impacted by Adelphia write-off


SLIDE 46

Broadband Communications Sector

Change Change
From From
quot; Maintaining Market Share
Q3 2001 Q2 2002
in Set-Top Boxes
Set Top Box Down 15% Down 11%
Unit Shipments
quot; Continue to Have Market
~1.3 Million
Share that is 2X our Nearest
Cable Modem Up 20% Up 20%
Competitor in Cable Modems.
Unit Shipments
~1.0 Million


SLIDE 47

BCS – Other Developments
quot; Achieved Additional CableLabs Certifications
— Industry Lead with 35 Approved Products

quot;Market Success in Spain
— Chosen As a Key Technology Provider to Spain’s
Leading Broadband Services Provider – ONO
— Selected by Telecable for Advanced Voice and
Data Network


SLIDE 48

Broadband Communications Segment
Q4 2002 Forecast

Q4 2001 Q3 2002

Down Down
Sales

Down Down
Operating
Margin %



SLIDE 49

Integrated Electronic Systems Sector
% Favorable
(Unfavorable)
Q3 2002 Q3 2001 Q2 2002 Q3 2001 Q2 2002
Orders $M $562 $545 $562 3% Flat

Sales $M $544 $513 $566 6% (4%)
Operating Earnings $M $28 -$11 $31 >100% (10%)
Operating Margin 5.2% -2.1% 5.5%

quot; Consistent Results
quot; Automotive Sales Growth vs. Q3 2001
quot; Telecom Market Weakness Continues to Impact Motorola Computer Group


SLIDE 50

IESS – Other Developments
quot; Announced a New Single Chip GPS Device for In-
Vehicle GPS Systems.

quot; Reinforced Continued Leadership in Global
Position System (GPS) Industry by Shipping Five
Millionth GPS Receiver

quot; The Portable Energy Business Continues to
Expand Business in the Notebook PC Market


SLIDE 51

Integrated Electronic Systems Sector
Q4 2002 Forecast

Q4 2001 Q3 2002

Flat Flat
Sales

Profit in Flat
Operating
Q4 2002 vs.
Margin %
Loss in Q4 2001



SLIDE 52

Additional Corporate Drivers for 2003

quot; Digital 6 Sigma (COPQ, Customer Satisfaction,
Growth)

quot; R&D / Engineering Productivity to Drive Growth

quot; Indirect Materials and Services


SLIDE 53

Guidance Update


SLIDE 54

Q4 2002 Guidance
Previous Q4 Q3
Q4 2002 Guidance 2001 2002
Sales $7.1B $7.5B $7.3B $6.4B
Earnings Per Share $0.10 $0.14 ($0.04) $0.06
(Excluding Net Special Items)

Net Special Items Pretax $0.2B $0.2B $1.7B $0.0B

quot; Lowered Revenue and Earnings Guidance Driven By Slowing Industry
Demand, Particularly in Infrastructure, Broadband and Semiconductor
Businesses.
quot; Net Special Items Per Prior Guidance at End of Q2 2002
quot; Solid Earnings Improvement in a “Tough Environment”


SLIDE 55

Annual 2003 Guidance
Previous 2002
2003 Guidance Fcst 2001
Sales $27.5B $29B $26.3B $29.3B
Earnings Per Share $0.40 $0.45 $0.10 ($0.31)
(Excluding Net Special
Items)
Restructuring Status Substantially Substantially ($3.9B) ($2.7B)
Complete Complete

quot; Somewhat Slower Economic Growth now Expected in 2003 (GDP +2%)
quot; Sales Growth Expected in PCS, CGISS, SPS and IESS
quot; Sales Decline Expected in GTSS and BCS
quot; Expect Improved Profitability in a Tough Environment vs. 2002
quot; Earnings Leverage Potential When Served Markets Improve


SLIDE 56

Chris Galvin
Chief Executive Officer
Chairman of the Board of Directors
Motorola,Inc.


SLIDE 57

Key Takeaways
Continued Progress in a Very Tough Environment
!
— “5 Point Plan” Focus In All We Do

Impact of Restructuring/Rebuilding Initiatives
!
Increasingly Reflected in Operating Results

Reduced Visibility For Outlook in Key Market
!
Segments – Particularly in Last 30 Days

Commitment to Earnings And Balance Sheet
!
Improvement, Regardless of External Environment


SLIDE 58

Motorola Q&A Participants

Mike Zafirovski
Chris Galvin
Chief Executive Officer President
Chairman of the Board of Directors Chief Operating Officer

Ed Gams
David Devonshire
Senior Vice President
Executive Vice President
Director of Investor Relations
Chief Financial Officer


SLIDE 59

Safe Harbor Statement
“ During this call we have made a number of forward-looking statements that are based on current
expectations and involve risks and uncertainties. Such forward-looking statements include, but are
not limited to, our comments and answers relating to the following topics: (1) expectations for
Motorola sales and earnings per share for Q4 2002 and full year 2003; (2) the amount and timing
of charges to be taken in connection with our restructuring actions; (3) the expected timing for
completion of our restructuring actions, including the reduction of our employee population and the
closing of facilities; (4) the impact of our restructuring actions on our financial performance,
including cost savings; (5) plans to repatriate cash and reduce debt; (6) research and development
expenses; (7) capital expenditures; (8) depreciation expense; (9) working capital plans; (10) cash
flows; (11) expectations for segment sales, profitability, orders, cash flow, operating earnings,
operating margin and market share; (12) trends in average selling prices; (13) the timing, sales
impact and pricing of new products; (14) order and backlog positions over the next several
quarters, including the impact of new business models on these number; (15) projected worldwide
industry shipments of wireless handsets; (16) worldwide semiconductor industry growth; (17) the
implementation and effectiveness of our “asset-light” semiconductor business model; and (18)
worldwide wireless infrastructure industry growth.
Motorola’s actual results could differ materially from those stated in the forward looking statements
and information about factors that could cause such differences can be found in yesterday’s press
release, on pages F-35 through F-40 of Motorola’s Proxy Statement for the 2002 annual meeting
of stockholders and in Motorola’s other SEC filings.
MOTOROLA and the Stylized M Logo are registered in the US Patent & Trademark Office. All other
product or service names are the property of their respective owners. © Motorola, Inc. 2002.

SLIDE 60


SLIDE 61

Q3 2002 Earnings Release Presentation

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