Third-Quarter Financial Highlights
- Net sales of $1,255 million; year-over-year increase of
31.3%
- Net income of $137 million and net income per diluted share of
$2.64
- Non-GAAP diluted EPS increased year-over-year to $3.49
- Adjusted EBITDA increased year-over-year to $268 million
- Completed Exit and Restructuring actions to drive $120 million
annualized net expense savings
Zebra Technologies Corporation (NASDAQ: ZBRA), a leading digital
solution provider enabling businesses to intelligently connect
data, assets, and people, today announced results for the third
quarter ended September 28, 2024.
“Our third quarter performance reflects excellent execution by
our teams supported by continuing recovery in demand, strong gross
margin, and the completion of our restructuring actions, enabling
us to deliver sales and earnings results above the high end of our
outlook,” said Bill Burns, Chief Executive Officer of Zebra
Technologies. "Our relentless focus on innovation continues to
drive our competitive differentiation and secure wins."
“We have increased our full year outlook for profitable growth
to reflect our recent performance and continued momentum in
demand," said Burns. "We continue to be well positioned to advance
our industry leadership with our innovative solutions that digitize
and automate our customers’ workflows across the supply chain.”
$ in millions, except per share
amounts
3Q24
3Q23
Change
Select reported measures:
Net sales
$
1,255
$
956
31.3%
Gross profit
613
427
43.6%
Gross margin
48.8
%
44.7
%
410 bps
Net income (loss)
137
(15
)
1,013.3%
Net income (loss) margin
10.9
%
(1.6
)%
1250 bps
Net income (loss) per diluted share
$
2.64
$
(0.28
)
1,042.9%
Select Non-GAAP measures:
Adjusted net sales
$
1,255
$
956
31.3%
Organic net sales growth
30.6%
Adjusted gross profit
616
428
43.9%
Adjusted gross margin
49.1
%
44.8
%
430 bps
Adjusted EBITDA
268
111
141.4%
Adjusted EBITDA margin
21.4
%
11.6
%
980 bps
Non-GAAP net income
$
181
$
45
302.2%
Non-GAAP diluted earnings per share
$
3.49
$
0.87
301.1%
Net sales were $1,255 million in the third quarter of 2024
compared to $956 million in the prior year. Net sales in the
Enterprise Visibility & Mobility ("EVM") segment were $845
million in the third quarter of 2024 compared to $632 million in
the prior year. Asset Intelligence & Tracking ("AIT") segment
net sales were $410 million in the third quarter of 2024 compared
to $324 million in the prior year. Consolidated organic net sales
for the third quarter of 2024 increased 30.6% year-over-year, with
a 33.0% increase in the EVM segment and a 25.8% increase in the AIT
segment.
Third quarter 2024 gross profit was $613 million compared to
$427 million in the prior year. Gross margin increased to 48.8% for
the third quarter of 2024 compared to 44.7% in the prior year due
to volume leverage and business mix. Adjusted gross margin was
49.1% in the third quarter of 2024 compared to 44.8% in the prior
year.
Operating expenses decreased to $422 million in the third
quarter of 2024 from $439 million in the prior year, primarily due
to lower restructuring costs and incremental savings largely
attributed to our restructuring actions, partially offset by higher
incentive compensation expense. Adjusted operating expenses
increased to $364 million in the third quarter of 2024 from $334
million in the prior year.
In the third quarter, the company completed the actions under
its previously announced Exit and Restructuring Plans generating
approximately $120 million of net annualized cost savings primarily
within Operating expenses, of which, the Company has realized $110
million in net savings to date.
Net income for the third quarter of 2024 was $137 million, or
$2.64 per diluted share, compared to net loss of $15 million, or
$0.28 loss per diluted share, in the prior year. Non-GAAP net
income increased to $181 million for the third quarter of 2024, or
$3.49 per diluted share, compared to $45 million, or $0.87 per
diluted share, for the prior year.
Adjusted EBITDA for the third quarter of 2024 was $268 million,
or 21.4% of adjusted net sales, compared to $111 million, or 11.6%
of adjusted net sales in the prior year primarily due to higher
gross margins and lower operating expense as a percentage of
revenue.
Balance Sheet and Cash Flow
As of September 28, 2024, the Company had cash and cash
equivalents of $676 million and total debt of $2,183 million.
For the first nine months of 2024, net cash provided by
operating activities was $707 million and the Company invested $41
million in capital expenditures, resulting in free cash flow of
$666 million. The Company also had net debt payments of $43 million
and share repurchases of $16 million in the first nine months of
2024.
Outlook
The Company expects fourth quarter sales growth between 28% and
31% compared to the prior year. Foreign currency translation is
expected to have approximately a 1 percentage point favorable
impact.
Fourth quarter Adjusted EBITDA margin is expected to be
approximately 22%. Non-GAAP diluted earnings per share are expected
to be in the range of $3.80 to $4.00. This assumes an adjusted
effective tax rate of approximately 17%.
Free cash flow for the full year is expected to be at least $850
million.
The Company does not provide a reconciliation for non-GAAP
estimates on a forward-looking basis where it is unable to provide
a meaningful or accurate calculation or estimation of reconciling
items and the information is not available without unreasonable
effort. This is due to the inherent difficulty of forecasting the
timing or amount of the most directly comparable forward-looking
GAAP financial measure as discussed under the "Forward-Looking
Statements" caption below. This would include items that have not
yet occurred, are out of the Company’s control and/or cannot be
reasonably predicted, and that would impact diluted net earnings
per share. For the same reasons, the Company is unable to address
the probable significance of the unavailable information.
Forward-looking non-GAAP financial measures provided without the
most directly comparable GAAP financial measures may vary
materially from the corresponding GAAP financial measures.
Conference Call Notification
Investors are invited to listen to a live webcast of Zebra’s
conference call regarding the Company’s financial results. The
conference call will be held today at 7:30 a.m. Central Time (8:30
a.m. Eastern Time). To view the webcast, visit the investor
relations section of the Company’s website at
investors.zebra.com.
About Zebra
Zebra (NASDAQ: ZBRA) helps organizations monitor, anticipate,
and accelerate workflows by empowering their frontline and ensuring
that everyone and everything is visible, connected and fully
optimized. Our award-winning portfolio spans software to
innovations in robotics, machine vision, automation and digital
decisioning, all backed by a +50-year legacy in scanning,
track-and-trace and mobile computing solutions. With an ecosystem
of 10,000 partners across more than 100 countries, Zebra's
customers include over 80% of the Fortune 500. Newsweek recently
recognized Zebra as one of America's Most Loved Workplaces and
Greatest Workplaces for Diversity, and we are on Fast Company's
list of the Best Workplaces for Innovators. Learn more at
www.zebra.com or sign up for news alerts. Follow Zebra’s Your Edge
blog, LinkedIn, X and Facebook, and check out our Story Hub: Zebra
Perspectives.
Forward-Looking Statements
This press release contains forward-looking statements, as
defined by the Private Securities Litigation Reform Act of 1995,
including, without limitation, the statements regarding the
company’s outlook. Actual results may differ from those expressed
or implied in the company’s forward-looking statements. These
statements represent estimates only as of the date they were made.
Zebra undertakes no obligation, other than as may be required by
law, to publicly update or revise any forward-looking statements,
whether as a result of new information, future events, changed
circumstances or any other reason after the date of this
release.
These forward-looking statements are based on current
expectations, forecasts and assumptions and are subject to the
risks and uncertainties inherent in Zebra’s industry, market
conditions, general domestic and international economic conditions,
and other factors. These factors include customer acceptance of
Zebra’s offerings and competitors' offerings, and the potential
effects of emerging technologies and changes in customer
requirements. The effect of global market conditions, and the
availability of credit and capital markets volatility may have
adverse effects on Zebra, its suppliers and its customers. In
addition, natural disasters, man-made disasters, public health
issues (including pandemics), and cybersecurity incidents may have
negative effects on Zebra's business and results of operations.
Zebra's ability to purchase sufficient materials, parts, and
components, and ability to provide services, software and products
to meet customer demand could negatively impact Zebra's results of
operations and customer relationships. Profits and profitability
will be affected by Zebra’s ability to control manufacturing and
operating costs. Because of its debt, interest rates and financial
market conditions may also have an adverse impact on results.
Foreign exchange rates, customs duties and trade policies may have
an adverse effect on financial results because of the large
percentage of Zebra's international sales. The impacts of changes
in foreign and domestic governmental policies, regulations, or
laws, as well as the outcome of litigation or tax matters in which
Zebra may be involved are other factors that could adversely affect
Zebra's business and results of operations. The success of
integrating acquisitions could also adversely affect profitability,
reported results and the company’s competitive position in its
industry. These and other factors could have an adverse effect on
Zebra’s sales, gross profit margins and results of operations and
increase the volatility of Zebra's financial results. When used in
this release and documents referenced, the words “anticipate,”
“believe,” “outlook,” and “expect” and similar expressions, as they
relate to the company or its management, are intended to identify
such forward-looking statements, but are not the exclusive means of
identifying these statements. Descriptions of certain risks,
uncertainties and other factors that could adversely affect the
company’s future operations and results can be found in Zebra’s
filings with the Securities and Exchange Commission, including the
company’s most recent Form 10-K and Form 10-Q.
Use of Non-GAAP Financial Information
This press release contains certain Non-GAAP financial measures,
consisting of “adjusted net sales,” “adjusted gross profit,”
“adjusted gross margin,” “EBITDA,” “Adjusted EBITDA,” “Adjusted
EBITDA margin,” “Adjusted EBITDA % of adjusted net sales,”
“Non-GAAP net income,” “Non-GAAP earnings per share,” “Non-GAAP
diluted earnings per share,” “free cash flow,” “organic net sales,”
“organic net sales growth,” “organic net sales growth (decline),”
“organic net sales (decline) growth,” and “adjusted operating
expenses.” Management presents these measures to focus on the
on-going operations and believes it is useful to investors because
they enable them to perform meaningful comparisons of past and
present operating results. The company believes it is useful to
present non-GAAP financial measures, which exclude certain
significant items, as a means to understand the performance of its
ongoing operations and how management views the business. Please
see the “Reconciliation of GAAP to Non-GAAP Financial Measures”
tables and accompanying disclosures at the end of this press
release for more detailed information regarding non-GAAP financial
measures herein, including the items reflected in adjusted net
earnings calculations. These measures, however, should not be
construed as an alternative to any other measure of performance
determined in accordance with GAAP.
The company does not provide a reconciliation for non-GAAP
estimates on a forward-looking basis (including the information
under “Outlook” above) where it is unable to provide a meaningful
or accurate calculation or estimation of reconciling items and the
information is not available without unreasonable effort. This is
due to the inherent difficulty of forecasting the timing or amount
of various items that have not yet occurred, are out of the
company’s control and/or cannot be reasonably predicted, and that
would impact diluted net earnings per share, the most directly
comparable forward-looking GAAP financial measure. For the same
reasons, the company is unable to address the probable significance
of the unavailable information. Forward-looking non-GAAP financial
measures provided without the most directly comparable GAAP
financial measures may vary materially from the corresponding GAAP
financial measures.
As a global company, Zebra's operating results reported in U.S.
dollars are affected by foreign currency exchange rate fluctuations
because the underlying foreign currencies in which the company
transacts change in value over time compared to the U.S. dollar;
accordingly, the company presents certain organic growth financial
information, which includes impacts of foreign currency
translation, to provide a framework to assess how the company’s
businesses performed excluding the impact of foreign currency
exchange rate fluctuations. Foreign currency impact represents the
difference in results that are attributable to fluctuations in the
currency exchange rates used to convert the results for businesses
where the functional currency is not the U.S. dollar. This impact
is calculated by translating current period results at the currency
exchange rates used in the comparable period in the prior year,
rather than the exchange rates in effect during the current period.
In addition, the company excludes the impact of its foreign
currency hedging program in the prior year periods. The company
believes these measures should be considered a supplement to and
not in lieu of the company’s performance measures calculated in
accordance with GAAP.
ZEBRA TECHNOLOGIES CORPORATION
AND SUBSIDIARIES
CONSOLIDATED BALANCE
SHEETS
(In millions, except share
data)
September 28,
2024
December 31, 2023
(Unaudited)
Assets
Current assets:
Cash and cash equivalents
$
676
$
137
Accounts receivable, net of allowances for
doubtful accounts of $1 each as of September 28, 2024 and December
31, 2023
642
521
Inventories, net
639
804
Income tax receivable
67
63
Prepaid expenses and other current
assets
109
147
Total Current assets
2,133
1,672
Property, plant and equipment, net
302
309
Right-of-use lease assets
173
169
Goodwill
3,895
3,895
Other intangibles, net
447
527
Deferred income taxes
501
438
Other long-term assets
239
296
Total Assets
$
7,690
$
7,306
Liabilities and Stockholders’ Equity
Current liabilities:
Current portion of long-term debt
$
89
$
173
Accounts payable
533
456
Accrued liabilities
490
504
Deferred revenue
432
458
Income taxes payable
18
7
Total Current liabilities
1,562
1,598
Long-term debt
2,080
2,047
Long-term lease liabilities
162
152
Deferred income taxes
66
67
Long-term deferred revenue
304
312
Other long-term liabilities
95
94
Total Liabilities
4,269
4,270
Stockholders’ Equity:
Preferred stock, $.01 par value;
authorized 10,000,000 shares; none issued
—
—
Class A common stock, $.01 par value;
authorized 150,000,000 shares; issued 72,151,857 shares
1
1
Additional paid-in capital
653
615
Treasury stock at cost, 20,609,801 and
20,772,995 shares as of September 28, 2024 and December 31, 2023,
respectively
(1,871
)
(1,858
)
Retained earnings
4,697
4,332
Accumulated other comprehensive loss
(59
)
(54
)
Total Stockholders’ Equity
3,421
3,036
Total Liabilities and Stockholders’
Equity
$
7,690
$
7,306
ZEBRA TECHNOLOGIES CORPORATION
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
OPERATIONS
(In millions, except share
data)
(Unaudited)
Three Months Ended
Nine Months Ended
September 28,
2024
September 30,
2023
September 28,
2024
September 30,
2023
Net sales:
Tangible products
$
1,019
$
729
$
2,931
$
2,885
Services and software
236
227
716
690
Total Net sales
1,255
956
3,647
3,575
Cost of sales:
Tangible products
526
419
1,539
1,559
Services and software
116
110
343
341
Total Cost of sales
642
529
1,882
1,900
Gross profit
613
427
1,765
1,675
Operating expenses:
Selling and marketing
151
138
449
445
Research and development
141
127
425
403
General and administrative
96
88
274
256
Amortization of intangible assets
29
26
80
78
Acquisition and integration costs
1
2
3
4
Exit and restructuring costs
4
58
17
82
Total Operating expenses
422
439
1,248
1,268
Operating income (loss)
191
(12
)
517
407
Other (loss) income, net:
Foreign exchange (loss) gain
(9
)
6
(6
)
2
Interest expense, net
(31
)
(16
)
(71
)
(69
)
Other expense, net
(2
)
(2
)
(13
)
(8
)
Total Other expense, net
(42
)
(12
)
(90
)
(75
)
Income (loss) before income tax
149
(24
)
427
332
Income tax expense (benefit)
12
(9
)
62
53
Net income (loss)
$
137
$
(15
)
$
365
$
279
Basic earnings (loss) per share
$
2.65
$
(0.28
)
$
7.09
$
5.44
Diluted earnings (loss) per share
$
2.64
$
(0.28
)
$
7.04
$
5.40
ZEBRA TECHNOLOGIES CORPORATION
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
CASH FLOWS
(In millions)
(Unaudited)
Nine Months Ended
September 28,
2024
September 30,
2023
Cash flows from operating activities:
Net income
$
365
$
279
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization
130
132
Share-based compensation
68
39
Deferred income taxes
(62
)
(35
)
Unrealized gain on forward interest rate
swaps
(31
)
(34
)
Other, net
12
3
Changes in operating assets and
liabilities:
Accounts receivable, net
(120
)
228
Inventories, net
161
7
Other assets
5
(25
)
Accounts payable
79
(402
)
Accrued liabilities
68
(79
)
Deferred revenue
(34
)
(12
)
Income taxes
25
(134
)
Settlement liability
(45
)
(135
)
Cash receipts on forward interest rate
swaps
86
20
Other operating activities
—
3
Net cash provided by (used in) operating
activities
707
(145
)
Cash flows from investing activities:
Purchases of property, plant and
equipment
(41
)
(48
)
Proceeds from sale of short-term
investments
2
—
Purchases of long-term investments
(3
)
(1
)
Net cash used in investing activities
(42
)
(49
)
Cash flows from financing activities:
Payment of debt issuance costs,
extinguishment costs and discounts
(9
)
—
Payments of debt
(694
)
(221
)
Proceeds from issuance of debt
651
469
Payments for repurchases of common
stock
(16
)
(52
)
Net payments related to share-based
compensation plans
(27
)
(8
)
Change in unremitted cash collections from
servicing factored receivables
(35
)
(48
)
Other financing activities
3
—
Net cash (used in) provided by financing
activities
(127
)
140
Effect of exchange rate changes on cash
and cash equivalents, including restricted cash
—
(2
)
Net increase (decrease) in cash and cash
equivalents, including restricted cash
538
(56
)
Cash and cash equivalents, including
restricted cash, at beginning of period
138
117
Cash and cash equivalents, including
restricted cash, at end of period
$
676
$
61
Less restricted cash, included in Prepaid
expenses and other current assets
—
—
Cash and cash equivalents at end of
period
$
676
$
61
Supplemental disclosures of cash flow
information:
Income taxes paid
$
90
$
227
Interest paid inclusive of forward
interest rate swaps
$
3
$
80
Certain prior period amounts included in Net cash provided by
(used in) operating activities have been reclassified to conform
with the current period presentation.
ZEBRA TECHNOLOGIES CORPORATION
AND SUBSIDIARIES
RECONCILIATION OF ORGANIC NET
SALES GROWTH (DECLINE)
(Unaudited)
Three Months Ended
September 28, 2024
AIT
EVM
Consolidated
Reported GAAP Consolidated Net sales
growth
26.5
%
33.7
%
31.3
%
Adjustments:
Impact of foreign currency translations
(1)
(0.7
)%
(0.7
)%
(0.7
)%
Consolidated Organic Net sales growth
25.8
%
33.0
%
30.6
%
Nine Months Ended
September 28, 2024
AIT
EVM
Consolidated
Reported GAAP Consolidated Net sales
(decline) growth
(8.1
)%
7.8
%
2.0
%
Adjustments:
Impact of foreign currency translations
(1)
(0.6
)%
(0.4
)%
(0.5
)%
Consolidated Organic Net sales (decline)
growth
(8.7
)%
7.4
%
1.5
%
(1)
Operating results reported in U.S. Dollars
are affected by foreign currency exchange rate fluctuations.
Foreign currency translation impact represents the difference in
results that are attributable to fluctuations in the currency
exchange rates used to convert the results for businesses where the
functional currency is not the U.S. Dollar. This impact is
calculated by translating the current period results at the
currency exchange rates used in the comparable prior year period,
inclusive of the Company’s foreign currency hedging program.
ZEBRA TECHNOLOGIES CORPORATION
AND SUBSIDIARIES
RECONCILIATION OF GAAP TO
NON-GAAP GROSS MARGIN
(In millions)
(Unaudited)
Three Months Ended
September 28, 2024
September 30, 2023
AIT
EVM
Consolidated
AIT
EVM
Consolidated
GAAP
Reported Net sales
$
410
$
845
$
1,255
$
324
$
632
$
956
Reported Gross profit
199
414
613
145
282
427
Gross Margin
48.5
%
49.0
%
48.8
%
44.8
%
44.6
%
44.7
%
Non-GAAP
Adjusted Net sales
$
410
$
845
$
1,255
$
324
$
632
$
956
Adjusted Gross profit (1)
200
416
616
145
283
428
Adjusted Gross Margin
48.8
%
49.2
%
49.1
%
44.8
%
44.8
%
44.8
%
Nine Months Ended
September 28, 2024
September 30, 2023
AIT
EVM
Consolidated
AIT
EVM
Consolidated
GAAP
Reported Net sales
$
1,199
$
2,448
$
3,647
$
1,305
$
2,270
$
3,575
Reported Gross profit
570
1,195
1,765
628
1,047
1,675
Gross Margin
47.5
%
48.8
%
48.4
%
48.1
%
46.1
%
46.9
%
Non-GAAP
Adjusted Net sales
$
1,199
$
2,448
$
3,647
$
1,305
$
2,270
$
3,575
Adjusted Gross profit (1)
572
1,200
1,772
629
1,050
1,679
Adjusted Gross Margin
47.7
%
49.0
%
48.6
%
48.2
%
46.3
%
47.0
%
(1)
Adjusted Gross profit excludes share-based
compensation expense.
ZEBRA TECHNOLOGIES CORPORATION
AND SUBSIDIARIES
RECONCILIATION OF GAAP TO
NON-GAAP NET INCOME
(In millions, except share
data)
(Unaudited)
Three Months Ended
Nine Months Ended
September 28,
2024
September 30,
2023
September 28,
2024
September 30,
2023
GAAP Net income (loss)
$
137
$
(15
)
$
365
$
279
Adjustments to Cost of sales(1)
Share-based compensation
3
1
7
4
Total adjustments to Cost of
sales
3
1
7
4
Adjustments to Operating expenses(1)
Amortization of intangible assets
29
26
80
78
Acquisition and integration costs
1
2
3
4
Share-based compensation
24
19
78
42
Exit and restructuring costs
4
58
17
82
Total adjustments to Operating
expenses
58
105
178
206
Adjustments to Other expense, net(1)
Amortization of debt issuance costs and
discounts
—
1
1
2
Investment loss
—
—
6
1
Foreign exchange loss (gain)
9
(6
)
6
(2
)
Forward interest rate swap (gain)
—
(23
)
(31
)
(34
)
Total adjustments to Other expense,
net
9
(28
)
(18
)
(33
)
Income tax effect of adjustments(2)
Reported income tax expense (benefit)
12
(9
)
62
53
Adjusted income tax
(38
)
(9
)
(101
)
(90
)
Total adjustments to income tax
(26
)
(18
)
(39
)
(37
)
Total adjustments
44
60
128
140
Non-GAAP Net income
$
181
$
45
$
493
$
419
GAAP earnings (loss) per share
Basic
$
2.65
$
(0.28
)
$
7.09
$
5.44
Diluted
$
2.64
$
(0.28
)
$
7.04
$
5.40
Non-GAAP earnings per share
Basic
$
3.52
$
0.87
$
9.58
$
8.16
Diluted
$
3.49
$
0.87
$
9.51
$
8.10
Basic weighted average shares
outstanding(3)
51,567,216
51,336,645
51,480,812
51,380,876
Diluted weighted average and equivalent
shares outstanding
51,918,055
51,336,645
51,845,572
51,717,731
(1)
Presented on a pre-tax basis.
(2)
Represents adjustments to GAAP income tax
expense commensurate with pre-tax non-GAAP adjustments (including
the resulting impacts to U.S. BEAT/GILTI provisions), as well as
adjustments to exclude the impacts of certain discrete income tax
items and incorporate the anticipated annualized effects of current
year tax planning.
(3)
For GAAP purposes, in periods of a net
loss, restricted stock and performance share awards, which are
participating securities, are excluded from weighted-average shares
outstanding and all unvested share-based awards were anti-dilutive
and therefore excluded from diluted shares. For the three months
ended September 30, 2023, Non-GAAP basic and diluted weighted
average shares outstanding were 51,344,065 and 51,696,702,
respectively.
ZEBRA TECHNOLOGIES CORPORATION
AND SUBSIDIARIES
GAAP to NON-GAAP
RECONCILIATION TO EBITDA
(In millions)
(Unaudited)
Three Months Ended
Nine Months Ended
September 28,
2024
September 30,
2023
September 28,
2024
September 30,
2023
GAAP Net income (loss)
$
137
$
(15
)
$
365
$
279
Add back:
Depreciation (excluding exit and
restructuring)
16
17
50
52
Amortization of intangible assets
29
26
80
78
Total Other expense, net
42
12
90
75
Income tax expense (benefit)
12
(9
)
62
53
EBITDA (Non-GAAP)
236
31
647
537
Adjustments to Cost of sales
Share-based compensation
3
1
7
4
Total adjustments to Cost of sales
3
1
7
4
Adjustments to Operating expenses
Acquisition and integration costs
1
2
3
4
Share-based compensation
24
19
78
42
Exit and restructuring costs
4
58
17
82
Total adjustments to Operating
expenses
29
79
98
128
Total adjustments to EBITDA
32
80
105
132
Adjusted EBITDA (Non-GAAP)
$
268
$
111
$
752
$
669
Adjusted EBITDA % of Adjusted Net Sales
(Non-GAAP)
21.4
%
11.6
%
20.6
%
18.7
%
FREE
CASH FLOW
Nine Months Ended
September 28,
2024
September 30,
2023
Net cash provided by (used in) operating
activities
$
707
$
(145
)
Less: Purchases of property, plant and
equipment
(41
)
(48
)
Free cash flow (Non-GAAP)(1)
$
666
$
(193
)
(1)
Free cash flow, a non-GAAP measure, is
defined as Net cash provided by (used in) operating activities in a
period minus purchases of property, plant and equipment (capital
expenditures) made in that period. This measure does not represent
residual cash flows available for discretionary expenditures as the
measure does not deduct the payments required for debt service and
other contractual obligations or payments for future business
acquisitions. Therefore, we believe it is important to view free
cash flow as a measure that provides supplemental information to
our entire statements of cash flows.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241029828984/en/
Investors Michael Steele, CFA, IRC Vice President, Investor
Relations Phone: + 1 847 518 6432 InvestorRelations@zebra.com
Media Therese Van Ryne Senior Director, External Communications
Phone: + 1 847 370 2317 therese.vanryne@zebra.com
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