WHAT WE ACHIEVED IN 2022 Reinforced Smart City leadership position through new market expansion and new business areas Expanded Smart City capabilities and moved up the Smart Mobility value chain Focused on satellite ground technology innovations URBAN SOLUTIONS & SATCOM OPERATING REVIEW & OUTLOOK 2022 marked a year of uneven post-pandemic recovery with geopolitical tensions, supply chain bottlenecks and global inflation that continued to pose challenges for our Smart City business. Ongoing chip supply challenges continued to impact revenue opportunities for our Internet of Things (IoT) and Satellite Communications (Satcom) businesses, with the latter facing additional pressures due to the lingering effects of COVID-19 on travel-related segments. Despite the headwinds, the impetus to build more resilient and sustainable cities in the wake of the pandemic unlocked opportunities. We saw encouraging business resumption in the areas of Smart Mobility, IoT and Smart Security in Asia, the Middle East and the Americas, enabling us to track well against our Smart City revenue target of $3.5b by 2026. We maintained a steady contract win momentum, contributing to our Smart City track record of over 800 projects in more than 150 global cities. To maintain technology leadership, we kept our focus on capability building and R&D, introducing innovations that help cities address their urban challenges. In March, we completed our TransCore acquisition and welcomed over 3,000 new members to our global ST Engineering family.
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