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摩托罗拉的定位缺点摩托罗拉公司（Motorola Inc.），原名Galvin Manufacturing Corporation，成立于1928年。
1947年，改名为Motorola，从1930年代开始作为商标使用。
总部设在美国伊利诺伊州绍姆堡，位于芝加哥市郊。
世界财富百强企业之一，是全球芯片制造、电子通讯的领导者。
谷歌公司2011年8月15日宣布与摩托罗拉移动签署最终协议，将以每股40美元的现金收购后者，总价约125亿美元，该交易已得到两家公司董事会的批准。
2012年2月14日谷歌收购摩托罗拉获欧盟和美国批准。
公司业绩1928年，高尔文兄弟创建摩托罗拉公司。
1930年代，摩托罗拉公司为消费者提供汽车收音机。
1940年代，净销售额：9,936,558美元，雇员人数：985人调频无线通信及半导体技术先驱者丹尼尔.诺布尔（1902-1980）加入摩托罗拉，主持研究工作。
通信部门也建立起来。
一九四一年正式成立一个负责销售的公司-摩托罗拉通信和电子公司。
摩托罗拉为美国陆军通信兵开发出第一个手持双向对讲机——SCR300步话机。
这种轻便双向调幅对讲机后来成为第二次世界大战的一种象征。
摩托罗拉在肯塔基州的保灵格林警察局安装了第一个完整的调幅双向警用无线电通信系统。
摩托罗拉第一个将双向调频无线通信系列产品商品化，这种产品作用距离较远，噪声也较小，因而比调幅设备更有优势。
摩托罗拉的丹尼尔.诺布尔设计出第一个便携式调频双向电台一一种背负式步谈机。
这种步谈机与轻便调幅对讲机一起成为第二次世界大战期间最重要的战场通信设备。
公司第一次公开发行股票。
每股售价为8.50美元。
由于摩托罗拉这个注册商标已有很高的知名度，高尔文制造公司便改名为摩托罗拉公司。
公司还建立起雇员储蓄与利润共享基金。
摩托罗拉开始进入电视机生产业务。
它的VT71金视型电视机售价179美元，是第一个售价低于200美元的电视机。
在一年内，售出了十多万台这种电视机，使摩托罗拉跃居电视制造业第四位。
（财务内部管控）内控标准MOTOROLA内部控制标准１．０一般控制要求２．０收人周期３．０采购周期４．０工资周期５．０制造周期６．０融资周期８．０计算机系统控制一、序言自１９７９年，摩托罗拉就已正式阐明一项公司完善经营和财务控制制度的政策。
内部控制标准的产生，以文件的形式证明哈托罗拉始终不渝地遵守适用的法律和规定，实行可靠的经营和财务报告制度，以及保证本公司业务活动和记录的完整。
“摩托罗拉内部控制制度”及与之相关的外部环境的概述如下。
此版标准的颁布，旨在保证控制标准符合自上一版以来由于不断变化的全球商业环境，新制定的法律规定以及计算机技术和应用的进步使之成为必需的控制要求。
此版亦加强了手册向使用者传达内部控制标准和准则的有效性。
对风险和标准信息进行了修正，以保证在全公司内得以适当地解释和应用。
对上一版未包括的业务活动增设了标准。
对１９８９版的重大更改的概要见附录Ｃ。
二、目标正如总裁和财务总监在引言中所述，良好的内部控制是实现我们的主要创意和目标之根本。
例如，要达到和超过六个西格玛质量和不断地缩短循环作业周期，不仅在我们的工厂，而且在维修中心，销售中心，行政管理部门以及整个组织，都需要良好的程序管理。
运用本文件所述的控制标准可以有助于消除瓶颈，冗余和不必要的步骤。
内部可以防止资源损失，其中包括固定资产，库存，专有资讯及现金。
内部控制可以有助于确保遵守适用的法律和内部规定。
按照内部控制准则定期进行审计，可以确保一个控制过程始终是受到控制的。
此文件的目标旨在确保全公司具备基本的和一致的内部控制。
摩托罗拉内部控制标准第三版是全公司各职能部门众多摩托罗拉同事不懈努力的成果。
其中的控制标准，是以达到我们内部控制制度的基本目标的方式撰写的。
这一制度认识到，必需符合我们的客户、股东的期望，遵循我们的法律规定，例如１９７７年国外反腐败法案（见附录Ｂ）和证券交易委员会条例。
遵循这些控制是义不容辞的。
摩托罗拉董事会审计委员会，公司审计部，以及我们各事业总部，集团和分部的财务部门将监察我们对这些标准的遵守。
联想收购案例分析目录一、内容概要 (2)1.1 收购背景 (2)1.2 收购意义 (3)二、联想收购案例概述 (4)2.1 案例背景 (5)2.2 收购目标与过程 (7)三、联想收购IBM (8)3.1 交易细节 (9)3.2 后续整合与挑战 (10)3.3 收购效果评估 (12)四、联想收购摩托罗拉手机业务 (13)4.1 交易背景与动机 (14)4.2 组织结构调整 (15)4.3 市场表现及战略调整 (16)五、联想收购IBM (18)5.1 交易内容与财务影响 (18)5.2 技术整合与创新 (19)5.3 长期战略价值 (20)六、联想收购案例启示 (21)6.1 投资策略与风险控制 (23)6.2 文化融合与管理协同 (24)6.3 创新驱动与市场竞争 (25)七、结论 (26)7.1 收购活动的总结 (27)7.2 对企业发展的长远影响 (29)一、内容概要本报告旨在分析联想收购案例，从收购背景、收购过程、收购后整合与运营，到最终效果评估等方面进行全面深入的研究。
报告将重点关注联想收购的具体细节，包括收购的动机、策略、交易结构，以及收购过程中遇到的挑战和应对策略。
报告将分析联想如何通过收购实现业务扩展和市场占有率的提升，并评估收购对其长期战略及市场竞争力的影响。
报告还将探讨收购过程中涉及的关键要素，如资金筹措、风险评估、文化差异等，并总结联想收购案例中的经验教训，为其他企业提供借鉴和参考。
1.1 收购背景全球企业并购活动日益频繁，联想集团作为一家具有全球影响力的科技公司，也积极投身于并购的浪潮中。
这些收购案例不仅体现了联想寻求扩大市场份额、增强技术实力、优化产品线、提升品牌影响力的战略意图，也反映了当前全球化背景下，企业为了适应快速变化的市场环境、获取关键技术和资源、实现全球化运营而采取的重要举措。
在此背景下，联想于近期完成了一项重要的收购案——收购了某知名智能硬件制造商的股份。
这项收购不仅使联想获得了该制造商在智能硬件领域的先进技术和创新能力，还为其拓展了新的业务领域和市场渠道。
万达电影[002739]2020年2季度财务分析报告（word可编辑版）目录一．公司简介 (3)二．公司财务分析 (3)2.1 公司资产结构分析 (3)2.1.1 资产构成基本情况 (3)2.1.2 流动资产构成情况 (4)2.1.3 非流动资产构成情况 (5)2.2 负债及所有者权益结构分析 (7)2.2.1 负债及所有者权益基本构成情况 (7)2.2.2 流动负债基本构成情况 (8)2.2.3 非流动负债基本构成情况 (9)2.2.4 所有者权益基本构成情况 (10)2.3利润分析 (12)2.3.1 净利润分析 (12)2.3.2 营业利润分析 (12)2.3.3 利润总额分析 (13)2.3.4 成本费用分析 (14)2.4 现金流量分析 (15)2.4.1 经营活动、投资活动及筹资活动现金流分析 (15)2.4.2 现金流入结构分析 (16)2.4.3 现金流出结构分析 (20)2.5 偿债能力分析 (24)2.5.1 短期偿债能力 (24)2.5.2 综合偿债能力 (25)2.6 营运能力分析 (26)2.6.1 存货周转率 (26)2.6.2 应收账款周转率 (27)2.6.3 总资产周转率 (28)2.7盈利能力分析 (29)2.7.1 销售毛利率 (29)2.7.2 销售净利率 (30)2.7.3 ROE（净资产收益率） (31)2.7.4 ROA（总资产报酬率） (32)2.8成长性分析 (33)2.8.1 资产扩张率 (33)2.8.2 营业总收入同比增长率 (34)2.8.3 净利润同比增长率 (35)2.8.4 营业利润同比增长率 (36)2.8.5 净资产同比增长率 (37)一．公司简介二．公司财务分析2.1 公司资产结构分析2.1.1 资产构成基本情况万达电影2020年2季度末资产总额为24,978,964,783.65元，其中流动资产为8,034,231,041.6元，占总资产比例为32.16%；非流动资产为16,944,733,742.05元，占总资产比例为67.84%；2.1.2 流动资产构成情况流动资产主要包括货币资金、交易性金融资产、应收票据及应收账款、应收款项融资、预付账款、其他应收账款、存货、合同资产、持有待售资产、一年内到期的非流动资产以及其他流动资产科目，万达电影2020年的流动资产主要包括应收票据及应收账款、应收账款以及存货，各项分别占比为24.95%，24.56%和23.74%。
THE BUSINESS CIRCULATE| 商业流通MODERN BUSINESS现代商业20联想跨国并购摩托罗拉移动案例研究雷彩云江苏大学 江苏镇江 212013一、引言我国近年来的各行业市场整合渐趋完成，国内有效并购资源相对减少，规模不断壮大的国内企业逐步进军海外，通过跨国并购等方式实现开拓国际市场的战略目标。
近几年，我国企业跨国并购的规模和数量都在快速增长。
然而，跨国并购的成功率并不高，很多企业并购后的绩效反映欠佳，没有达到预期效果。
值得注意的是，尽管有的跨国并购交易在当时对并购的双方企业都有利，且过程进行顺利，但这并不意味着该交易最终一定能达到预期效果，产生理想的经济效益，其中包含了各种各样的风险因素。
2004年联想集团收购IBM全球PC业务，成为了全球PC行业的霸主，堪称中国企业海外并购案例的典范。
时隔十年，2014年联想宣布29亿美元收购谷歌旗下的摩托罗拉移动，引起业界轰动。
不难发现，联想通过此次并购获得了市场、技术、品牌、人才等优势资源。
但是通过对并购后近年来联想集团的市场和财务绩效两方面的分析，可以发现本次并购绩效不佳。
本文为中国企业如何更好地进行跨国并购活动提供一些经验与建议，希望对今后我国企业的跨国并购活动具有借鉴意义。
二、联想并购摩托罗拉历程(一)跨国并购过程在2011年1月摩托罗拉拆分为摩托罗拉移动和摩托罗拉解决方案公司时，联想集团董事长杨元庆就曾尝试过联系摩托罗拉移动公司高层，表达自己对于收购摩托罗拉的意向，但是当时由于种种原因未能如愿。
2011年8月，谷歌宣布以125亿美元收购摩托罗拉移动，获得了其1.7万项专利技术。
在2012年5月完成并购后不久，摩托罗拉移动公司内部进行了大规模的人事及机构调整，裁员4000人，关闭30家运营机构。
同年12月，Google以24亿美元的价格分拆出售摩托罗拉移动的机顶盒业务，此时，摩托罗拉移动公司仅剩下了移动设备业务。
摩托罗拉从收购以来仍一直处于亏损状态。
行业周报高通财报发布，十四五强化国家战略科技力量电子2020年11月08日强于大市（维持）行情走势图相关研究报告《行业周报*电子*苹果财报发布，持续关注面板上行周期》 2020-11-01 《行业周报*电子*华为Mate40系列发布，海力士收购英特尔存储业务》 2020-10-25《行业周报*电子*台积电三季报发布，苹果新机上市》 2020-10-19 《行业点评*电子*苹果新品发布会：iPhone 12系列发布，5G 起航》 2020-10-14《行业周报*电子*中芯国际回应限制升级，关注电视面板涨价》 2020-10-11证券分析师刘舜逢 投资咨询资格编号 S1060514060002 **************************************.CN徐勇 投资咨询资格编号 S1060519090004 *********************************.CN研究小程序⏹ 行业动态：1）高通财报发布：高通发布2020财年第四季度（对应中国会计期间2020第三季度）业绩报告，第四季度营收83.46亿美元，同比增长73%，净利润29.6亿美元，同比增长485%。
分业务来看，手机基带芯片业务（QCT ）和技术许可业务（QTL ）仍然是营收的主力军。
高通第四财季手机基带业务实现营收49.67亿美元，同比增长38%；高通技术许可业务（QTL ）营收15.07亿美元，同比增长30%。
1）智能手机是基带出货量的主要驱动力，2014-2019年随着华为和三星自研Soc 的占比增加，苹果转用英特尔基带芯片，高通、MTK 的份额出现下降；2）2020年随着苹果和高通和解，苹果iPhone 12的推出带动了高通基带芯片的销售。
2）十四五强化国家战略科技力量：11月3日，《中共中央关于制定国民经济和社会发展第十四个五年规划和二〇三五年远景目标的建议》全文公布。
《建议》中明确提出，强化国家战略科技力量。
MOTOROLA GP328接收机系统设计分析报告——射频部分1、 前言接收机性能指标的优劣极大地影响着最终用户使用的效果，而一个良好的系统设计是保证接收机性能指标的一个重要因素，系统设计的好坏会直接影响产品研发的进度和质量，所以，对系统设计方法的研究和分析是很有必要，而且也是很重要的一项工作。
本文就是以MOTOROLA GP328的接收机系统为例，研究和分析系统设计的一般方法。
2、 接收机性能指标测试及分析 2.1 系统指标测试及分析低端频点系统指标测试结果如下表所列：测试频点(MHz) 参考灵敏度(dBm)音频失真 (%) 接收信噪比(dB)传导杂散辐射(dBm)403.4425-1211.450-82备注：抗干扰指标测试结果及分析详见《MOTOROLA GP328抗干扰指标详细分析报告》参考灵敏度接收机的参考灵敏度指标主要取决于系统的噪声系数、信号带宽以及解调器的解调门限，通过对接收机各级单元电路的测试，计算出系统的噪声系数为6.851dB ，信号带宽为6kHz ，解调器的解调门限为8dB ，则根据灵敏度的计算公式NF NS10logBW 174S +++-= 其中，BW 为信号带宽，单位为HzS/N 为解调门限，单位为dB NF 为系统噪声系数，单位为dB-174为白噪声的功率谱密度，单位为dBm/Hz计算得出S=-121.37dBm 音频失真音频失真主要取决于中频滤波器的带内波动以及解调器的性能指标，一般中频滤波器的带内波动在1dB以内，而且音频处理电路没有明显的不当之处，音频失真都会在1%左右。
接收信噪比接收信噪比主要取决于高频部分的噪声性能以及解调器的输出信噪比，在没有附加噪声引入的情况下解调器的输出信噪比在60dB左右，减去接收机的系统噪声系数7dB，同时考虑本振信号相位噪声的影响，最终的信噪比与上述测试结果基本吻合。
传导杂散辐射接收机的杂散辐射是由于本振信号的泄漏引起的，本振信号的强度在0dBm左右，混频器的隔离度在40dB左右，射频带通的衰减在20dB左右，低噪声放大器的反向隔离度也在20dB 左右，所以，本振信号到天线口的传输损耗在80dB左右，传导杂散辐射也在-80dBm左右。
GAAP 1July 2, 2011April 2, 2011July 3, 2010Net revenues $ 3,337 $ 3,032 $ 2,609 Costs of sales 2,473 2,277 1,945 Gross margin864 755 664 Selling, general and administrative expenses 456 417 385 Research and development expenditures 395 357 372 Other charges (income) 20 1 (223)Intangibles amortization 16 16 14 Operating earnings (loss) (23)(36)116Other income (expense):Interest income (expense), net * 1 2 (18) Gains on sales of investments 10 - - Other, net(5) (17) (6)Total other income (expense) 6 (15) (24)Earnings (loss) before income taxes (17) (51) 92 Income tax expense ** 39 30 15 Net earnings (loss)(56) (81) 77 Less: Loss attributable to non-controlling interests- - (3)Net earnings (loss) attributable to Motorola Mobility Holdings, Inc.(56)$ (81)$ 80$ Basic earnings (loss) per common share ***(0.19)$ (0.27)$ 0.27$ Diluted earnings (loss) per common share ***(0.19)$ (0.27)$ N/AWeighted average common shares outstanding Basic 295.8294.7294.3Diluted295.8294.7N/ANet revenues 100.0%100.0%100.0%Costs of sales 74.1%75.1%74.5%Gross margin25.9%24.9%25.5%Selling, general and administrative expenses 13.7%13.8%14.8%Research and development expenditures 11.8%11.8%14.3%Other charges (income)0.6%0.0%-8.5%Intangibles amortization 0.5%0.5%0.5%Operating earnings (loss)-0.7%-1.2%4.4%Other income (expense):Interest income (expense), net *0.0%0.1%-0.7% Gains on sales of investments 0.3%0.0%0.0% Other, net-0.1%-0.6%-0.2%Total other income (expense)0.2%-0.5%-0.9%Earnings (loss) before income taxes -0.5%-1.7% 3.5%Income tax expense ** 1.2% 1.0%0.6%Net earnings (loss)-1.7%-2.7% 3.0%Less: Loss attributable to non-controlling interests0.0%0.0%-0.1%Net earnings (loss) attributable to Motorola Mobility Holdings, Inc.-1.7%-2.7%3.1%** For periods prior to separation on January 4, 2011, income tax expense was computed as if Motorola Mobility Holdings, Inc. had filed tax returns on a stand-alone basis separate from Motorola, Inc.*** The computation of basic earnings (loss) per common share for all periods through December 31, 2010, is calculated using the number of shares ofMotorola Mobility Holdings, Inc. common stock outstanding on January 4, 2011, following the distribution of Motorola Mobility Holdings, Inc. common stock. No measure of diluted earnings (loss) per share is presented for periods prior to separation.**** Percentages may not add up due to rounding.Percentage of Net Revenues ***** For periods prior to separation on January 4, 2011, interest expense, net represents an allocation to Motorola Mobility Holdings, Inc. of the interest income and interest expense recognized by Motorola, Inc.Motorola Mobility Holdings, Inc.Condensed Consolidated Statements of Operations(In millions, except per share amounts)Three Months EndedGAAP 2July 2, 2011July 3, 2010Net revenues $ 6,369 $ 5,089 Costs of sales 4,750 3,830 Gross margin1,619 1,259 Selling, general and administrative expenses 873 756 Research and development expenditures 752 739 Other charges (income) 21 (207)Intangibles amortization 32 27 Operating loss(59)(56)Other income (expense):Interest income (expense), net * 3 (29) Gains on sales of investments 10 - Other, net(22) (22)Total other income (expense) (9) (51)Loss before income taxes (68) (107)Income tax expense ** 69 27 Net loss(137) (134)Less: Loss attributable to non-controlling interests- (2)Net loss attributable to Motorola Mobility Holdings, Inc.(137)$ (132)$ Basic loss per common share ***(0.46)$ (0.45)$ Diluted loss per common share ***(0.46)$ N/AWeighted average common shares outstanding Basic 295.3294.3Diluted295.3N/ANet revenues 100.0%100.0%Costs of sales 74.6%75.3%Gross margin25.4%24.7%Selling, general and administrative expenses 13.7%14.9%Research and development expenditures 11.8%14.5%Other charges (income)0.3%-4.1%Intangibles amortization 0.5%0.5%Operating loss-0.9%-1.1%Other income (expense):Interest income (expense), net *0.0%-0.6% Gains on sales of investments 0.2%0.0% Other, net-0.3%-0.4%Total other income (expense)-0.1%-1.0%Loss before income taxes -1.1%-2.1%Income tax expense ** 1.1%0.5%Net loss-2.2%-2.6%Less: Loss attributable to non-controlling interests0.0%0.0%Net loss attributable to Motorola Mobility Holdings, Inc.-2.2%-2.6%Motorola Mobility Holdings, Inc.Condensed Consolidated Statements of Operations(In millions, except per share amounts)Six Months Ended** For periods prior to separation on January 4, 2011, income tax expense was computed as if Motorola Mobility Holdings, Inc.had filed tax returns on a stand-alone basis separate from Motorola, Inc.**** Percentages may not add up due to rounding.Percentage of Net Revenues ***** For periods prior to separation on January 4, 2011, interest expense, net represents an allocation to Motorola Mobility Holdings, Inc. of the interest income and interest expense recognized by Motorola, Inc.*** The computation of basic earnings (loss) per common share for all periods through December 31, 2010, is calculated using the number of shares of Motorola Mobility Holdings, Inc. common stock outstanding on January 4, 2011, following the distribution of Motorola Mobility Holdings, Inc. common stock. No measure of diluted earnings (loss) per share is presented for periods prior to separation.GAAP 3July 2,April 2,July 3,201120112010AssetsCash and cash equivalents *3,026$ 3,116$ -$ Accounts receivable, net 1,843 1,551 1,281 Inventories, net744 859 629 Deferred income taxes **80 114 119 Other current assets 620 561 599 Total current assets6,313 6,201 2,628 Cash deposits180 168 - Property, plant and equipment, net 806 810 743 Investments122 143 127 Deferred income taxes **98 58 50 Goodwill 1,423 1,397 1,292 Other assets 614 652 783 Total assets9,556$ 9,429$ 5,623$ Liabilities and Stockholders' Equity Accounts payable 1,728 1,580 1,323 Accrued liabilities 2,276 2,250 1,803 Total current liabilities 4,004 3,830 3,126 Other liabilities648670495Stockholders’ Equity:Common stock3 3 - Additional paid-in capital5,051 5,016 - Accumulated other comprehensive loss (13) (9) (328) Retained earnings (accumulated deficit)(137) (81) - Owner’s net investment, prior to Separation- - 2,305 Total Motorola Mobility Holdings, Inc. stockholders’ equity 4,904 4,929 1,977 Non-controlling interests - - 25 Total stockholders’ equity4,904 4,929 2,002 Total liabilities and stockholders' equity9,556$ 9,429$ 5,623$ ** For periods prior to separation on January 4, 2011, income taxes were computed as if Motorola Mobility Holdings, Inc. had filed tax returns on a stand-alone basis separate from Motorola, Inc.Motorola Mobility Holdings, Inc.Condensed Consolidated Balance Sheets(In millions)* Until separation, the Company participated in Motorola, Inc.'s centralized cash management program. Accordingly, no cash and cash equivalents are presented on the Motorola Mobility Holdings, Inc. Condensed Consolidated Balance Sheet as of any reporting period prior to separation. On January 3, 2011, the Company received a cash contribution of $3.2 billion from Motorola, Inc., which included approximately $168 million of cash deposits.July 2, 2011April 2, 2011July 3, 2010OperatingNet earnings (loss) attributable to Motorola Mobility Holdings, Inc.(56)$ (81)$ 80$ Less: Loss attributable to non-controlling interests --(3) Net earnings (loss)(56) (81) 77 Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:Depreciation and amortization56 54 62 Share-based compensation expense 46 40 40 Non-cash other charges (income)18 (1) - Gains on sales of investments (10) -- Deferred income taxes(4) (11) 4 Changes in assets and liabilities, net of effects of acquisitions and dispositions:Accounts receivable, net (284) 21 (97) Inventories115 (16) (45) Other current assets23 22 9 Accounts payable and accrued liabilities 94 1 112 Other assets and liabilities2 78 (131) Net cash provided by operating activities - 107 31 InvestingAcquisitions and investments(33) (11) - Proceeds from sales of investments 17 -- Capital expenditures (46) (50) (23) Cash deposits (23) -- Other, net1 -2 Net cash used for investing activities (84) (61) (21) FinancingShare-based compensation activity(14) 16 - Capital contribution from Former Parent, net of cash deposits of $168-3,032 - Other, net-15 - Net transfers to Former Parent--23 Net cash provided by (used for) financing activities(14) 3,063 23 Effect of exchange rate changes on cash and cash equivalents 8 7 (33) Net increase (decrease) in cash and cash equivalents (90) 3,116 - Cash and cash equivalents, beginning of period 3,116-- Cash and cash equivalents, end of period3,026$3,116$-$ * Until separation, the Company participated in Motorola, Inc.'s centralized cash management program. Accordingly, no cash and cash equivalents are presented on theMotorola Mobility Holdings, Inc. Condensed Consolidated Balance Sheet as of any reporting period prior to separation. On January 3, 2011, the Company received a cash contribution of $3.2 billion from Motorola, Inc., which included approximately $168 million of cash deposits.(In millions)Three Months EndedMotorola Mobility Holdings, Inc.Condensed Consolidated Statements of Cash FlowsJuly 2, 2011July 3, 2010OperatingNet loss attributable to Motorola Mobility Holdings, Inc.(137)$ (132)$ Less: Loss attributable to non-controlling interests - (2) Net loss(137) (134) Adjustments to reconcile net loss to net cash provided by operating activities:Depreciation and amortization110 111 Share-based compensation expense 86 78 Non-cash other charges17 1 Gains on sales of investments (10) - Deferred income taxes(15) (3) Changes in assets and liabilities, net of effects of acquisitions and dispositions:Accounts receivable, net (263) 51 Inventories99 60 Other current assets45 79 Accounts payable and accrued liabilities 95 (89) Other assets and liabilities80 (97) Net cash provided by operating activities 107 57 InvestingAcquisitions and investments(44) (20) Proceeds from sales of investments 17 - Capital expenditures (96) (42) Cash deposits (23) - Other, net1 6 Net cash used for investing activities (145) (56) FinancingShare-based compensation activity2 - Capital contribution from Former Parent, net of cash deposits of $1683,032 - Other, net15 - Net transfers to Former Parent- (28) Net cash provided by (used for) financing activities3,049 (28) Effect of exchange rate changes on cash and cash equivalents 15 27 Net increase in cash and cash equivalents3,026 - Cash and cash equivalents, beginning of period - - Cash and cash equivalents, end of period3,026$ -$ * Until separation, the Company participated in Motorola, Inc.'s centralized cash management program. Accordingly, no cash and cashequivalents are presented on the Motorola Mobility Holdings, Inc. Condensed Consolidated Balance Sheet as of any reporting period prior toseparation. On January 3, 2011, the Company received a cash contribution of $3.2 billion from Motorola, Inc., which included approximately $168 million of cash deposits.(In millions)Six Months EndedMotorola Mobility Holdings, Inc.Condensed Consolidated Statements of Cash FlowsGAAP 6Three Months EndedJuly 2, 2011Three Months EndedJuly 3, 2010% Change from2010Mobile Devices 2,430$ 1,723$ 41% Home907 886 2% Company Totals3,337$ 2,609$ 28% Six Months EndedJuly 2, 2011Six Months EndedJuly 3, 2010% Change from2010Mobile Devices 4,558$ 3,365$ 35% Home1,811 1,724 5% Company Totals6,369$ 5,089$ 25%Three Months EndedJuly 2, 2011Three Months EndedJuly 3, 2010% Change from2010Mobile Devices (85)$ 87$ (198)% Home62 29 114% Company Totals(23)$ 116$ (120)% Six Months EndedJuly 2, 2011Six Months EndedJuly 3, 2010% Change from2010Mobile Devices (174)$ (105)$ 66% Home115 49 135% Company Totals(59)$ (56)$ 5%Net RevenuesOperating Earnings (Loss)Motorola Mobility Holdings, Inc.Segment Information(In millions)Summarized below are the Company's Net revenues and Operating earnings (loss) by reportable segment for the three months and six months ended July 2, 2011 and July 3, 2010.Net revenues $ 3,337 $ - $ 3,337 $ 3,032 $ - $ 3,032 Costs of sales 2,473 4 2,469 2,277 4 2,273 Gross margin864 (4) 868 755 (4) 759 Selling, general and administrative expenses 456 28 428 417 21 396 Research and development expenditures 395 14 381 357 15 342 Other charges20 20 - 1 - 1 Intangibles amortization 16 16 - 16 16 - Operating earnings (loss)(23)(82)59(36)(56)20Other income (expense): Interest income, net1 -12 -2Gains on sales of investments 10 - 10 - - - Other, net(5) - (5) (17) - (17)Total other income (expense)6 - 6 (15) - (15)Earnings (loss) before income taxes (17) (82) 65 (51) (56) 5 Income tax expense 39 - 39 30 - 30 Net earnings (loss)(56) (82) 26 (81) (56) (25)Less: Earnings attributable to non-controlling interests- - - - - - Net earnings (loss) attributable to Motorola Mobility Holdings, Inc.(56)$ (82)$ 26$ (81)$ (56)$ (25)$ Basic earnings (loss) per common share (0.19)$ (0.28)$ 0.09$ (0.27)$ (0.19)$ (0.08)$ Diluted earnings (loss) per common share (0.19)$ (0.28)$ 0.09$ (0.27)$ (0.19)$ (0.08)$ Weighted average common shares outstanding Basic 295.8295.8295.8294.7294.7294.7Diluted295.8295.8295.8294.7294.7294.7Net revenues 100.0%100.0%100.0%100.0%Costs of sales 74.1%74.0%75.1%75.0%Gross margin25.9%26.0%24.9%25.0%Selling, general and administrative expenses 13.7%12.8%13.8%13.1%Research and development expenditures 11.8%11.4%11.8%11.3%Other charges0.6%0.0%0.0%0.0%Intangibles amortization 0.5%0.0%0.5%0.0%Operating earnings (loss)-0.7%1.8%-1.2%0.7%Other income (expense): Interest income, net0.0%0.0%0.1%0.1% Gains on sales of investments 0.3%0.3%0.0%0.0% Other, net-0.1%-0.1%-0.6%-0.6%Total other income (expense)0.2%0.2%-0.5%-0.5%Earnings (loss) before income taxes -0.5% 1.9%-1.7%0.2%Income tax expense 1.2% 1.2% 1.0% 1.0%Net earnings (loss)-1.7%0.8%-2.7%-0.8%Less: Earnings attributable to non-controlling interests0.0%0.0%0.0%0.0%Net earnings (loss) attributable to Motorola Mobility Holdings, Inc.-1.7%0.8%-2.7%-0.8%Percentage of Net Revenues ** Percentages may not add up due to rounding.Three Months EndedNon-GAAP Results GAAP Results Non-GAAP Adjustments April 2, 2011(In millions, except per share amounts)Three Months EndedJuly 2, 2011GAAP ResultsNon-GAAP Adjustments Non-GAAP ResultsNet revenues $ 3,337 $ - $ 3,337 $ 2,609 $ - $ 2,609 Costs of sales 2,473 4 2,469 1,945 6 1,939 Gross margin864 (4) 868 664 (6) 670 Selling, general and administrative expenses 456 28 428 385 22 363 Research and development expenditures 395 14 381 372 14 358 Other charges (income) 20 20 - (223) (223) - Intangibles amortization 16 16 - 14 14 - Operating earnings (loss)(23) (82) 59 116 167 (51)Other income (expense):- - - - - - Interest income (expense), net * 1 - 1 (18) - (18) Gains on sales of investments 10 - 10 - - - Other, net(5) - (5) (6) - (6)Total other income (expense)6 - 6 (24) - (24)Earnings (loss) before income taxes (17) (82) 65 92 167 (75)Income tax expense ** 39 - 39 15 15 Net earnings (loss)(56) (82) 26 77 167 (90)Less: Loss attributable to non-controlling interests- - - (3)- (3) Net earnings (loss) attributable to Motorola Mobility Holdings, Inc.(56)$ (82)$ 26$ 80$ 167$ (87)$ Basic earnings (loss) per common share ***(0.19)$ (0.28)$ 0.09$ 0.27$ 0.57$ (0.30)$ Diluted earnings (loss) per common share ***(0.19)$ (0.28)$ 0.09$ N/AN/AN/AWeighted average common shares outstanding***Basic 295.8295.8295.8294.3294.3294.3Diluted295.8295.8295.8N/A N/A N/ANet revenues 100.0%100.0%100.0%100.0%Costs of sales 74.1%74.0%74.5%74.3%Gross margin25.9%26.0%25.5%25.7%Selling, general and administrative expenses 13.7%12.8%14.8%13.9%Research and development expenditures 11.8%11.4%14.3%13.7%Other charges (income)0.6%0.0%-8.5%0.0%Intangibles amortization 0.5%0.0%0.5%0.0%Operating earnings (loss)-0.7%1.8%4.4%-2.0%Other income (expense):Interest income (expense), net *0.0%0.0%-0.7%-0.7% Gains on sales of investments 0.3%0.3%0.0%0.0% Other, net-0.1%-0.1%-0.2%-0.2%Total other income (expense)0.2%0.2%-0.9%-0.9%Earnings (loss) before income taxes -0.5% 1.9% 3.5%-2.9%Income tax expense ** 1.2% 1.2%0.6%0.6%Net earnings (loss)-1.7%0.8% 3.0%-3.4%Less: Loss attributable to non-controlling interests0.0%0.0%-0.1%-0.1%Net earnings (loss) attributable to Motorola Mobility Holdings, Inc.-1.7%0.8%3.1%-3.3%Three Months Ended** For periods prior to separation on January 4, 2011, income tax expense was computed as if Motorola Mobility Holdings, Inc. had filed tax returns on a stand-alone basis separate from Motorola, Inc.July 2, 2011GAAP ResultsNon-GAAPAdjustments Non-GAAPResults * For periods prior to separation on January 4, 2011, interest expense, net represents an allocation to Motorola Mobility Holdings, Inc. of the interest income and interest expense recognized by Motorola, Inc.Percentage of Net Revenues ******* The computation of basic earnings (loss) per common share for all periods through December 31, 2010, is calculated using the number of shares of Motorola Mobility Holdings, Inc. common stock outstanding on January 4, 2011, following the distribution of Motorola Mobility Holdings, Inc. common stock. No measure of diluted earnings (loss) per share is presented for periods prior to separation.**** Percentages may not add up due to rounding.Three Months EndedNon-GAAP Results GAAP Results Non-GAAP Adjustments July 3, 2010(In millions, except per share amounts)Non-GAAP 3TOTALMobile Devices HomeNet revenues3,032$ 2,128$ 904$ Operating earnings (loss)(36)$ (89)$ 53$ Non-GAAP adjustments by P&L statement line:Statement Line Stock-based compensation expense Cost of sales 4 2 2 Stock-based compensation expense SG&A and R&D 36 23 13 Intangible assets amortization expense Intangibles amortization16 3 13 Less: Total non-GAAP adjustments56 28 28 Operating earnings (loss) after non-GAAP adjustments20$ (61)$ 81$ Operating earnings (loss) as a percentage of net revenues - GAAP-1.2%-4.2% 5.9% Operating earnings (loss) as a percentage of net revenues - after non-GAAP adjustments0.7%-2.9%9.0%TOTALMobile Devices HomeNet revenues3,337$ 2,430$ 907$ Operating earnings (loss)(23)$ (85)$ 62$ Non-GAAP adjustments by P&L statement line:Statement Line Stock-based compensation expense Cost of sales 4 3 1 Stock-based compensation expense SG&A and R&D 42 29 13 Intangible assets amortization expense Intangibles amortization 16 2 14 Legal claim provisionOther charges (income)20 20- Less: Total non-GAAP adjustments82 5428Operating earnings (loss) after non-GAAP adjustments59$ (31)$ 90$ Operating earnings (loss) as a percentage of net revenues - GAAP-0.7%-3.5% 6.8% Operating earnings (loss) as a percentage of net revenues - after non-GAAP adjustments1.8%-1.3%9.9%Q2 2011Motorola Mobility Holdings, Inc.Operating Earnings (Loss) after Non-GAAP AdjustmentsQ1 2011(In millions)Non-GAAP AdjustmentsStatement LineQ1 2011 PBT (Inc)/Exp Q1 2011 TaxInc/(Exp)Q1 2011 PAT(Inc)/Exp EPS Impact(Incr)/Decr *GAAP Results(51)$ 30$ (81)$ (0.27)$ Stock-based compensation expense Cost of sales, SG&A and R&D 40 - 40 (0.14) Intangible assets amortization expense Intangibles amortization16 - 16 (0.05) Total Impact 56 - 56 (0.19) Non-GAAP Results5$ 30$ (25)$ (0.08)$ Non-GAAP AdjustmentsStatement LineQ2 2011 PBT (Inc)/Exp Q2 2011 TaxInc/(Exp)Q2 2011 PAT(Inc)/Exp EPS Impact(Incr)/Decr *GAAP Results(17)$ 39$ (56)$ (0.19)$ Stock-based compensation expense Cost of sales, SG&A and R&D 46 - 46 (0.16) Intangible assets amortization expense Intangibles amortization 16 - 16 (0.05) Legal claim provision Other charges (income)20 - 20 (0.07) Total Impact 82 - 82 (0.28) Non-GAAP Results65$ 39$ 26$ 0.09$ * EPS impact may not add up due to rounding.Q2 2011(In millions, except per share amounts)Non-GAAP 4Motorola Mobility Holdings, Inc.Non-GAAP Adjustments (Highlighted Items, Stock-Based Compensation Expense and Intangible Assets Amortization Expense)Q1 2011Non-GAAP 5Motorola Mobility Holdings, Inc.Revenue Mix by Region(In millions)Q1 2011TOTAL Mobile Devices HomeNorth America62%56%77% Latin America17%20%11% Greater China11%15%2% EMEA6%5%8% Rest of Asia4%4%2% Total100%100%100%Q2 2011TOTAL Mobile Devices HomeNorth America51%43%73% Latin America21%24%13% Greater China11%14%2% EMEA9%9%9% Rest of Asia8%10%3% Total100%100%100%。
