Second-Quarter Financial Highlights
- Strong net sales of $1,012 million;
year-over-year growth of 12.9%
- Net income of $70 million and net
income per diluted share of $1.29
- Non-GAAP diluted EPS increased 64%
year-over-year to $2.48
- Adjusted EBITDA increased 25%
year-over-year to $199 million; and adjusted EBITDA margin expanded
200 basis points year-over-year to 19.7%
- $140 million reduction of total
debt
Zebra Technologies Corporation
(NASDAQ: ZBRA), an innovator at the edge of the enterprise with
solutions and partners that enable businesses to gain a performance
edge, today announced results for the second quarter ended
June 30, 2018.
“Our second quarter results were driven by strong growth from
our product and service offerings and disciplined operational
execution. Sales and earnings results exceeded our previously
communicated guidance ranges and strong free cash flow allowed us
to reduce our net debt leverage ratio to 2.5x,” said Anders
Gustafsson, chief executive officer of Zebra Technologies. “Given
the strength of our results, we are raising our full-year outlook
for sales growth and free cash flow. We continue to deliver digital
innovation that enables our customers to compete effectively in
today's on-demand economy.”
$ in millions, except per share amounts
2Q18 2Q17 Change
Select reported measures:
Net sales $ 1,012 $ 896 12.9 % Gross profit 472 411
14.8 % Net income 70 17 311.8 % Net income per diluted share $ 1.29
$ 0.32 303.1 % Select Non-GAAP measures: Adjusted net sales
$ 1,012 $ 897 12.8 % Organic net sales growth 10.6 % Adjusted gross
profit 473 413 14.5 % Adjusted gross margin 46.7 % 46.0 % 70 bps
Adjusted EBITDA 199 159 25.2 % Adjusted EBITDA margin 19.7 % 17.7 %
200 bps Non-GAAP net income $ 135 $ 80 68.8 % Non-GAAP earnings per
diluted share $ 2.48 $
1.51 64.2 %
Reported (GAAP) results
Net sales were $1,012 million in the second quarter of 2018
compared to $896 million in the second quarter of 2017. Net sales
in the Enterprise Visibility & Mobility ("EVM") segment were
$661 million in the second quarter of 2018 compared with $584
million in the second quarter of 2017. Asset Intelligence &
Tracking ("AIT") segment net sales were $351 million in the second
quarter of 2018 compared to $313 million in the prior year period.
Second-quarter 2018 gross profit was $472 million compared to $411
million in the comparable prior year period. Net income for the
second quarter of 2018 was $70 million, or $1.29 per diluted share,
compared to net income of $17 million, or $0.32 per diluted share,
for the second quarter of 2017.
Adjusted (Non-GAAP) results
Consolidated adjusted net sales were $1,012 million in the
second quarter of 2018 compared to $897 million in the prior year
period, an increase of 12.8%. Consolidated organic net sales growth
for the second quarter was 10.6% reflecting growth in EMEA, North
America and APAC, and a slight decline in Latin America.
Second-quarter year-over-year organic net sales growth was 10.9% in
the EVM segment and 9.9% in the AIT segment.
Consolidated adjusted gross margin for the second quarter of
2018 was 46.7%, compared to 46.0% in the prior year period. This
increase was primarily due to favorable business mix and the
favorable impact of currency changes, primarily in the EMEA region.
Adjusted operating expenses increased in the second quarter of 2018
to $294 million from $274 million in the prior year period
primarily due to growth in the business and increased incentive
compensation expense related to improved operating results.
Adjusted EBITDA for the second quarter of 2018 increased to $199
million, or 19.7% of adjusted net sales, compared to $159 million,
or 17.7% of adjusted net sales, for the second quarter of 2017
primarily due to operating expense leverage on higher sales and
higher gross profit margin.
Non-GAAP net income for the second quarter of 2018 was $135
million, or $2.48 per diluted share, compared with $80 million, or
$1.51 per diluted share, for the second quarter of 2017. Lower
interest costs and a lower tax rate also contributed to the
year-over-year improvement.
Balance Sheet and Cash Flow
As of June 30, 2018, the company had cash and cash
equivalents of $46 million and total debt of $2,014 million.
As previously disclosed, in the second quarter of 2018, the
company completed a debt restructuring which amended its Term Loan
A, Term Loan B and Revolving Credit facilities. These actions
reduced the interest rate on the Term Loan B by 25 basis points and
increased the available funds under the Revolving Credit Facility
by $300 million to a maximum of $800 million. The company also
prepaid $300 million of the Term Loan B Facility by drawing on the
Revolving Credit Facility.
Free cash flow was $233 million for the first six months of
2018. The company generated $266 million of operating cash flow and
incurred capital expenditures of $33 million. For the first six
months of 2018, the company made payments of long-term debt of
$1,114 million and received proceeds from the issuance of long-term
debt of $879 million, resulting in a $235 million net reduction of
total debt. The company made cash interest payments of $52 million
for the first six months of 2018.
Outlook
Third Quarter 2018
The company expects third-quarter 2018 net sales to increase
approximately 12% to 15% from the third quarter of 2017. This
expectation includes an approximately 1 percentage point positive
impact from foreign currency translation.
Adjusted EBITDA margin is expected to be in the range of 19% to
20% for the third quarter 2018, favorable to the prior year period.
Non-GAAP earnings per diluted share are expected to be in the range
of $2.50 to $2.70. This assumes an adjusted effective tax rate of
approximately 15% to 16%.
Full Year 2018
The company now expects full year 2018 net sales growth to
increase approximately 10% to 12%, which is favorable to our prior
outlook and includes an anticipated 2 percentage point positive
impact from foreign currency translation.
Adjusted EBITDA margin is expected to be approximately 20% for
the full year 2018, an improvement compared to the full year
2017.
For the full year 2018, the company expects free cash flow of at
least $525 million.
The outlook amounts provided above do not include any projected
results from the proposed acquisition of Xplore Technologies
Corporation, which is expected to close in the third quarter of
2018.
Conference Call Notification
Investors are invited to listen to a live webcast of Zebra’s
conference call regarding the company’s financial results for the
second quarter of 2018. The conference call will be held today,
Tuesday, Aug. 7, 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) empowers the front line of business in
retail/ecommerce, manufacturing, transportation and logistics,
healthcare and other industries to achieve a performance edge. With
more than 10,000 partners across 100 countries, we deliver
industry-tailored, end-to-end solutions that intelligently
connect people, assets and data to help our
customers make business-critical decisions. Our
market-leading solutions elevate the shopping experience, track and
manage inventory as well as improve supply chain efficiency and
patient care. Ranked on Forbes’ list of America’s Best Employers
for the last three years, Zebra helps our customers capture their
edge. For more information, visit www.zebra.com or sign up for our news alerts. Follow us on LinkedIn, Twitter and
Facebook.
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 hardware and software products and competitors’ product
offerings, and the potential effects of technological changes. The
continued uncertainty over future global economic conditions, the
availability of credit and capital markets volatility may have
adverse effects on Zebra, its suppliers and its customers. In
addition, a disruption in our ability to obtain products from
vendors as a result of supply chain constraints, natural disasters
or other circumstances could restrict sales and negatively affect
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
will also have an impact on results. Foreign exchange rates will
have an effect on financial results because of the large percentage
of our international sales. The outcome of litigation in which
Zebra may be involved is another factor. The success of integrating
acquisitions could also 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
our 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 the risks, uncertainties and other
factors that could 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,”
“EBITDA,” “Adjusted EBITDA,” “Non-GAAP net income,” “Non-GAAP
earnings per share,” “free cash flow,” “organic net sales 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, for certain currencies, 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 both
the current year and 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)
June 30, December
31, 2018 2017 (Unaudited) Assets Current
assets: Cash and cash equivalents $ 46 $ 62 Accounts receivable,
net of allowances for doubtful accounts of $2 million and $3
million as of June 30, 2018 and December 31, 2017, respectively 502
479 Inventories, net 465 458 Income tax receivable 44 40 Prepaid
expenses and other current assets 52 24 Total Current
assets 1,109 1,063 Property, plant and equipment, net 254 264
Goodwill 2,462 2,465 Other intangibles, net 252 299 Long-term
deferred income taxes 104 119 Other long-term assets 94 65
Total Assets $ 4,275 $ 4,275 Liabilities and
Stockholders’ Equity Current liabilities: Current portion of
long-term debt $ 85 $ 51 Accounts payable 442 424 Accrued
liabilities 238 296 Deferred revenue 198 186 Income taxes payable
51 43 Total Current liabilities 1,014 1,000 Long-term
debt 1,914 2,176 Long-term deferred revenue 150 148 Other long-term
liabilities 124 117 Total Liabilities 3,202
3,441 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 273 257 Treasury stock at
cost, 18,459,879 and 18,915,762 shares at June 30, 2018 and
December 31, 2017, respectively (617 ) (620 ) Retained earnings
1,446 1,248 Accumulated other comprehensive loss (30 ) (52 ) Total
Stockholders’ Equity 1,073 834 Total Liabilities and
Stockholders’ Equity $ 4,275 $ 4,275
ZEBRA
TECHNOLOGIES CORPORATION AND SUBSIDIARIES CONSOLIDATED
STATEMENTS OF OPERATIONS
(In millions, except share data)
(Unaudited)
Three Months Ended Six
Months Ended June 30, July 1, June
30, July 1, 2018 2017 2018
2017 Net sales: Net sales of tangible products $ 889 $ 779 $
1,728 $ 1,514 Revenue from services and software 123 117
261 247 Total Net sales 1,012 896
1,989 1,761 Cost of sales: Cost of sales of
tangible products 450 408 873 787 Cost of services and software 90
77 179 162 Total Cost of sales 540
485 1,052 949 Gross profit 472
411 937 812 Operating expenses: Selling and
marketing 121 114 241 223 Research and development 109 99 210 195
General and administrative 93 68 164 143 Amortization of intangible
assets 23 52 46 102 Acquisition and integration costs — 19 2 46
Exit and restructuring costs 1 1 5 5
Total Operating expenses 347 353 668 714
Operating income 125 58 269 98
Other (expenses) income: Foreign exchange (loss) gain (4 ) 2 (4 ) 1
Interest expense, net (23 ) (40 ) (34 ) (81 ) Other, net 2
(1 ) 2 (1 ) Total Other expenses, net (25 ) (39 ) (36 ) (81
) Income before income tax expense 100 19 233 17 Income tax expense
(benefit) 30 2 54 (8 ) Net income $ 70
$ 17 $ 179 $ 25 Basic earnings per share $
1.31 $ 0.33 $ 3.35 $ 0.49 Diluted earnings per share $ 1.29 $ 0.32
$ 3.30 $ 0.48 Basic weighted average shares outstanding 53,537,876
51,996,353 53,414,267 51,928,911 Diluted weighted average and
equivalent shares outstanding 54,255,707 53,128,657 54,134,110
53,037,956
ZEBRA TECHNOLOGIES CORPORATION AND
SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
Six Months Ended June 30,
July 1, 2018 2017 Cash flows from
operating activities: Net income $ 179 $ 25 Adjustments to
reconcile net income to net cash provided by operating activities:
Depreciation and amortization 86 141 Amortization of debt issuance
costs and discounts 9 10 Share-based compensation 24 15 Deferred
income taxes 3 (10 ) Unrealized gain on forward interest rate swaps
(18 ) (1 ) Other, net 2 2 Changes in operating assets and
liabilities: Accounts receivable, net (26 ) 104 Inventories, net
(11 ) (68 ) Other assets (9 ) 15 Accounts payable 21 13 Accrued
liabilities (48 ) (21 ) Deferred revenue 22 20 Income taxes 24 (35
) Other operating activities 8 (7 ) Net cash provided by
operating activities 266 203 Cash flows from
investing activities: Purchases of property, plant and equipment
(33 ) (22 ) Proceeds from sale of long-term investments 2 —
Purchases of long-term investments (2 ) — Net cash used in
investing activities (33 ) (22 ) Cash flows from financing
activities: Payment of debt issuance costs and discounts (2 ) —
Payments of long-term debt (1,114 ) (240 ) Proceeds from issuance
of long-term debt 879 — Payments of debt extinguishment costs (1 )
— Proceeds from exercise of stock options and stock purchase plan
purchases 6 7 Taxes paid related to net share settlement of equity
awards (10 ) (5 ) Net cash used in financing activities (242 ) (238
) Effect of exchange rate changes on cash (7 ) (4 ) Net increase in
cash and cash equivalents (16 ) (61 ) Cash and cash equivalents at
beginning of period 62 156 Cash and cash equivalents
at end of period $ 46 $ 95 Supplemental disclosures
of cash flow information: Income taxes paid $ 21 $ 43 Interest paid
$ 52 $ 70
ZEBRA TECHNOLOGIES CORPORATION AND
SUBSIDIARIES RECONCILIATION OF ORGANIC NET SALES GROWTH
(UNAUDITED)
Three Months Ended June 30, 2018
AIT EVM
Consolidated Reported GAAP Consolidated Net sales growth
12.1 % 13.2 % 12.9 % Adjustments:
Impact of foreign currency translation(1) (2.2 )%
(2.3 )% (2.3 )% Organic Net sales growth 9.9 %
10.9 % 10.6 %
Six Months Ended
June 30, 2018 AIT EVM
Consolidated Reported GAAP Consolidated Net sales
growth 10.7 % 14.0 % 12.9 % Adjustments: Impact of foreign currency
translation(1) (2.6 )% (2.7 )% (2.7 )%
Organic Net sales growth 8.1 % 11.3 %
10.2 % (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, for certain currencies, the current
period results at the currency exchange rates used in the
comparable prior year period, rather than the exchange rates in
effect during the current period. In addition, we exclude the
impact of the company’s foreign currency hedging program in both
the current and prior year periods.
ZEBRA TECHNOLOGIES
CORPORATION AND SUBSIDIARIES RECONCILIATION OF GAAP TO
NON-GAAP GROSS MARGIN
(In millions)
(Unaudited)
Three Months Ended June 30, 2018
July 1, 2017 AIT EVM
Consolidated AIT EVM
Consolidated
GAAP
Reported Net sales (1) $ 351 $ 661 $ 1,012 $ 313 $ 584 $ 896
Reported Gross profit 173 299 472 155 257 411 Gross Margin 49.3 %
45.2 % 46.6 % 49.5 % 44.0 % 45.9 %
Non-GAAP
Adjusted Net sales $ 351 $ 661 $ 1,012 $ 313 $ 584 $ 897 Adjusted
Gross profit (2) 173 300 473 155 258 413 Adjusted Gross Margin 49.3
% 45.4 % 46.7 % 49.5 % 44.2 % 46.0 % (1) Fiscal 2017
consolidated results include corporate eliminations which are
related to the Enterprise Acquisition in October 2014 and are not
reported in segment results. (2) Adjusted Gross profit excludes
purchase accounting adjustments and share-based compensation
expense.
Six Months Ended June 30,
2018 July 1, 2017 AIT
EVM Consolidated AIT EVM
Consolidated
GAAP
Reported Net sales (1) $ 703 $ 1,286 $ 1,989 $ 635 $ 1,128 $ 1,761
Reported Gross profit 356 581 937 317 497 812 Gross Margin 50.6 %
45.2 % 47.1 % 49.9 % 44.1 % 46.1 %
Non-GAAP
Adjusted Net sales $ 703 $ 1,286 $ 1,989 $ 635 $ 1,128 $ 1,763
Adjusted Gross profit (2) 356 583 939 317 498 815 Adjusted Gross
Margin 50.6 % 45.3 % 47.2 % 49.9 % 44.1 % 46.2 % (1) Fiscal
2017 consolidated results include corporate eliminations which are
related to the Enterprise Acquisition in October 2014 and are not
reported in segment results. (2) Adjusted Gross profit excludes
purchase accounting adjustments and 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 Six
Months Ended June 30, July 1, June
30, July 1, 2018 2017 2018
2017 Net income $ 70 $ 17 $ 179 $ 25
Adjustments to Net sales(1) Purchase accounting adjustments
— 1 — 2 Total adjustment to Net sales —
1 — 2 Share-based compensation 1
1 2 1 Total adjustments to Cost of sales 1
1 2 1 Adjustments to Operating
expenses(1) Amortization of intangible assets 23 52 46 102
Acquisition and integration costs — 19 2 46 Legal Settlement 13 —
13 — Share-based compensation 16 7 26 15 Exit and restructuring
costs 1 1 5 5 Total adjustments to
Operating expenses 53 79 92 168
Adjustments to Other expenses, net(1) Amortization of debt issuance
costs and discounts 8 6 10 10 Gain on Sale of Investments (1 ) — (1
) — Foreign exchange loss 4 (2 ) 4 (1 ) Forward interest rate swaps
gain (6 ) (1 ) (18 ) (1 ) Total adjustments to Other expenses, net
5 3 (5 ) 8 Income tax effect of adjustments(2)
Reported income tax expense (benefit) 30 2 54 (8 ) Adjusted income
tax expense (24 ) (23 ) (49 ) (44 ) Total adjustments to income tax
6 (21 ) 5 (52 ) Total adjustments 65 63
94 127 Non-GAAP Net income $ 135 $ 80 $
273 $ 152 GAAP earnings per share Basic $ 1.31
$ 0.33 $ 3.35 $ 0.49 Diluted $ 1.29
$ 0.32 $ 3.30 $ 0.48 Non-GAAP earnings
per share Basic $ 2.51 $ 1.54 $ 5.10 $ 2.93
Diluted $ 2.48 $ 1.51 $ 5.04 $ 2.87
Non-GAAP weighted average shares outstanding (3)
Basic 53,537,876 51,996,353 53,414,267 51,928,911 Diluted
54,255,707 53,128,657 54,134,110 53,037,956 (1) Presented on
a pre-tax basis. (2) Represents the adjustment to the GAAP basis
tax provision commensurate with non-GAAP adjustments. (3) In
periods of loss, Non-GAAP weighted-average shares exclude
restricted stock awards and performance stock awards within basic
and dilutive weighted-average share computations. Share-based
compensation awards that are dilutive in nature are included within
weighted-average dilutive share computations.
ZEBRA
TECHNOLOGIES CORPORATION AND SUBSIDIARIES GAAP to NON-GAAP
RECONCILIATION
(In millions)
(Unaudited)
EBITDA
Three Months Ended Six
Months Ended June 30, July 1, June
30, July 1, 2018 2017 2018
2017 Net income $ 70 $ 17 $ 179 $ 25 Add back: Depreciation
20 20 40 39 Amortization of intangible assets 23 52 46 102 Total
Other expenses, net 25 39 36 81 Income tax expense 30 2
54 (8 ) EBITDA (Non-GAAP) 168 130 355
239 Adjustments to Net sales Purchase
accounting adjustments — 1 — 2 Total
adjustments to Net sales — 1 — 2
Adjustments to Cost of sales Share-based compensation 1 1
2 1 Total adjustments to Cost of sales 1
1 2 1 Adjustments to Operating expenses
Acquisition and integration costs — 19 2 46 Legal Settlement 13 —
13 — Share-based compensation 16 7 26 15 Exit and restructuring
costs 1 1 5 5 Total adjustments to
Operating expenses 30 27 46 66 Total
adjustments to EBITDA 31 29 48 69
Adjusted EBITDA (Non-GAAP) $ 199 $ 159 $ 403 $
308 Adjusted EBITDA % of Adjusted Net Sales 19.7 %
17.7 % 20.3 % 17.5 %
FREE CASH
FLOW
Six Months Ended June 30,
July 1, 2018 2017 Net cash provided by
operating activities $ 266 $ 203 Less: Purchases of property, plant
and equipment (33 ) (22 ) Free cash flow (Non-GAAP)(1) $ 233
$ 181 (1) Free cash flow is defined as Net cash
provided by 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/20180807005110/en/
Zebra Technologies CorporationInvestorsMichael Steele, CFA, IRCVice President,
Investor RelationsPhone: + 1 847 793 6707orMediaTherese Van RyneDirector, Global Public
RelationsPhone: + 1 847 370 2317
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