Third-Quarter Financial Highlights
- Strong net sales of $1,092 million;
year-over-year growth of 16.8%
- Net income of $127 million and net
income per diluted share of $2.34
- Non-GAAP diluted EPS increased 54%
year-over-year to $2.88
- Adjusted EBITDA increased 28%
year-over-year to $230 million; and adjusted EBITDA margin expanded
190 basis points year-over-year to 21.1%
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 third quarter ended September 29, 2018.
“Our exceptional third quarter results were driven by
broad-based demand for our solutions and disciplined operational
execution. We delivered sales, EBITDA margin, and earnings per
share that exceeded our outlook. Strong cash flow funded our
strategic acquisition of Xplore Technologies as well as the
reduction of our net debt leverage ratio to 2.2x,” said Anders
Gustafsson, chief executive officer of Zebra Technologies. “Our
leading portfolio of solutions, investments in our employees and
innovation, and strong order backlog provide us confidence for a
strong finish to the year and solid momentum into 2019. We remain
focused on providing innovative solutions that transform workflows,
enabling every worker and asset on the edge of business operations
to be connected and optimally utilized.”
$ in millions, except per share amounts
3Q18
3Q17 Change Select reported measures:
Net sales $ 1,092 $ 935 16.8 % Gross profit
505 429 17.7 % Net income (loss) 127 (12 ) NM Net income (loss) per
diluted share $ 2.34 $ (0.23 ) NM Select Non-GAAP measures:
Adjusted net sales $ 1,092 $ 936 16.7 % Organic net sales growth
15.1 % Adjusted gross profit 507 431 17.6 % Adjusted gross margin
46.4 % 46.0 % 40 bps Adjusted EBITDA 230 180 27.8 % Adjusted EBITDA
margin 21.1 % 19.2 % 190 bps Non-GAAP net income $ 156 $ 101 54.5 %
Non-GAAP earnings per diluted share $ 2.88 $
1.87 54.0 %
Reported (GAAP) results
Net sales were $1,092 million in the third quarter of 2018
compared to $935 million in the third quarter of 2017. Net sales in
the Enterprise Visibility & Mobility ("EVM") segment were $739
million in the third quarter of 2018 compared with $611 million in
the third quarter of 2017. Asset Intelligence & Tracking
("AIT") segment net sales were $353 million in the third quarter of
2018 compared to $325 million in the prior year period.
Third-quarter 2018 gross profit was $505 million compared to $429
million in the comparable prior year period. Net income for the
third quarter of 2018 was $127 million, or $2.34 per diluted share,
compared to net loss of $12 million, or $0.23 loss per diluted
share, for the third quarter of 2017.
Adjusted (Non-GAAP) results
Consolidated adjusted net sales were $1,092 million in the third
quarter of 2018 compared to $936 million in the prior year period,
an increase of 16.7%. Consolidated organic net sales growth for the
third quarter was 15.1% reflecting growth in all regions, led by
APAC, North America and EMEA. Third-quarter year-over-year organic
net sales growth was 18.8% in the EVM segment and 8.1% in the AIT
segment.
Consolidated adjusted gross margin increased to 46.4% for the
third quarter of 2018, 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. Adjusted operating expenses
increased in the third quarter of 2018 to $297 million from $270
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 third quarter of 2018 increased to $230
million, or 21.1% of adjusted net sales, compared to $180 million,
or 19.2% of adjusted net sales, for the third quarter of 2017
primarily due to operating expense leverage on higher sales and
higher gross profit margin.
Non-GAAP net income for the third quarter of 2018 was $156
million, or $2.88 per diluted share, compared with $101 million, or
$1.87 per diluted share, for the third quarter of 2017. A lower tax
rate and lower interest costs also contributed to the
year-over-year improvement.
Balance Sheet and Cash Flow
As of September 29, 2018, the company had cash and cash
equivalents of $45 million and total debt of $1,912 million.
Free cash flow was $412 million for the first nine months of
2018. The company generated $460 million of operating cash flow and
incurred capital expenditures of $48 million. For the first nine
months of 2018, the company made payments of long-term debt of
$1,307 million and received proceeds from the issuance of long-term
debt of $961 million, resulting in a $346 million net reduction of
total debt. The company made cash interest payments of $73 million
for the first nine months of 2018.
In the third quarter of 2018, the company acquired Xplore
Technologies Corporation. In connection with this acquisition, the
company paid $87 million in cash, which included $72 million for
the net assets acquired, $9 million to retire Xplore debt, and $6
million of other Xplore transaction-related obligations.
Outlook
The company expects fourth-quarter 2018 net sales to increase
approximately 7% to 10% from the fourth quarter of 2017. This
expectation includes an approximately 2 percentage point positive
impact from the acquisition of Xplore Technologies, which closed in
the third quarter of 2018, and a neutral impact from foreign
currency translation.
Adjusted EBITDA margin is expected to be approximately 20% for
the fourth quarter 2018, favorable to the prior year period.
Non-GAAP earnings per diluted share are expected to be in the range
of $2.80 to $3.00. This assumes an adjusted effective tax rate of
approximately 16%.
Additionally, for the full year 2018, the company expects free
cash flow of at least $575 million.
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
third quarter of 2018. The conference call will be held today,
Tuesday, Nov. 6, 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)
September 29, December
31, 2018 2017 (Unaudited) Assets Current
assets: Cash and cash equivalents $ 45 $ 62 Accounts receivable,
net of allowances for doubtful accounts of $3 million as of
September 29, 2018 and December 31, 2017 575 479 Inventories, net
493 458 Income tax receivable 37 40 Prepaid expenses and other
current assets 51 24 Total Current assets 1,201 1,063
Property, plant and equipment, net 251 264 Goodwill 2,496 2,465
Other intangibles, net 260 299 Long-term deferred income taxes 91
119 Other long-term assets 101 65 Total Assets $
4,400 $ 4,275 Liabilities and Stockholders’ Equity
Current liabilities: Current portion of long-term debt $ 71 $ 51
Accounts payable 498 424 Accrued liabilities 285 296 Deferred
revenue 199 186 Income taxes payable 52 43 Total
Current liabilities 1,105 1,000 Long-term debt 1,829 2,176
Long-term deferred revenue 161 148 Other long-term liabilities 92
117 Total Liabilities 3,187 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 282 257 Treasury stock at cost,
18,349,215 and 18,915,762 shares at September 29, 2018 and December
31, 2017, respectively (614 ) (620 ) Retained earnings 1,573 1,248
Accumulated other comprehensive income (loss) (29 ) (52 ) Total
Stockholders’ Equity 1,213 834 Total Liabilities and
Stockholders’ Equity $ 4,400 $ 4,275
ZEBRA
TECHNOLOGIES CORPORATION AND SUBSIDIARIES CONSOLIDATED
STATEMENTS OF OPERATIONS
(In millions, except share data)
(Unaudited)
Three Months Ended
Nine Months Ended September 29, September
30, September 29, September 30,
2018 2017 2018 2017 Net sales: Tangible
products $ 959 $ 810 $ 2,687 $ 2,324 Services and software 133
125 394 372 Total Net sales 1,092
935 3,081 2,696 Cost of sales: Tangible
products 495 420 1,368 1,207 Services and software 92 86
271 248 Total Cost of sales 587 506
1,639 1,455 Gross profit 505 429
1,442 1,241 Operating expenses: Selling and marketing
120 113 361 336 Research and development 113 96 323 291 General and
administrative 75 71 239 214 Amortization of intangible assets 25
49 71 151 Acquisition and integration costs 6 4 8 50 Exit and
restructuring costs 4 5 9 10 Total
Operating expenses 343 338 1,011 1,052
Operating income 162 91 431 189 Other
(expenses) income: Foreign exchange (loss) gain (1 ) 1 (5 ) 2
Interest expense, net (18 ) (95 ) (52 ) (176 ) Other, net —
(4 ) 2 (5 ) Total Other expenses, net (19 ) (98 ) (55 ) (179
) Income (loss) before income tax 143 (7 ) 376 10 Income tax
expense (benefit) 16 5 70 (3 ) Net income
(loss) $ 127 $ (12 ) $ 306 $ 13 Basic earnings
per share $ 2.37 $ (0.23 ) $ 5.72 $ 0.25 Diluted earnings per share
$ 2.34 $ (0.23 ) $ 5.64 $ 0.25
ZEBRA TECHNOLOGIES
CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH
FLOWS
(In millions)
(Unaudited)
Nine Months Ended September 29,
September 30, 2018 2017 Cash
flows from operating activities: Net income $ 306 $ 13 Adjustments
to reconcile net income to net cash provided by operating
activities: Depreciation and amortization 131 209 Amortization of
debt issuance costs and discounts 12 30 Share-based compensation 34
25 Debt extinguishment costs 1 49 Deferred income taxes 17 (19 )
Unrealized gain on forward interest rate swaps (24 ) (2 ) Other,
net 2 3 Changes in operating assets and liabilities: Accounts
receivable, net (93 ) 38 Inventories, net (16 ) (145 ) Other assets
(10 ) 19 Accounts payable 69 10 Accrued liabilities (5 ) (2 )
Deferred revenue 28 25 Income taxes 2 (37 ) Other operating
activities 6 (6 ) Net cash provided by operating activities
460 210 Cash flows from investing activities:
Purchases of property, plant and equipment (48 ) (36 ) Acquisition
of businesses, net of cash acquired (72 ) — Proceeds from sale of
long-term investments 2 — Purchases of long-term investments (2 )
(1 ) Net cash used in investing activities (120 ) (37 ) Cash flows
from financing activities: Payment of debt issuance costs and
discounts (2 ) (5 ) Payments of long-term debt (1,307 ) (1,373 )
Proceeds from issuance of long-term debt 961 1,186 Payments of debt
extinguishment costs (1 ) (49 ) Proceeds from exercise of stock
options and stock purchase plan purchases 8 9 Taxes paid related to
net share settlement of equity awards (10 ) (5 ) Net cash used in
financing activities (351 ) (237 ) Effect of exchange rate changes
on cash (6 ) (4 ) Net increase in cash and cash equivalents (17 )
(68 ) Cash and cash equivalents at beginning of period 62
156 Cash and cash equivalents at end of period $ 45 $
88 Supplemental disclosures of cash flow information: Income
taxes paid $ 46 $ 54 Interest paid $ 73 $ 148
ZEBRA
TECHNOLOGIES CORPORATION AND SUBSIDIARIES RECONCILIATION OF
ORGANIC NET SALES GROWTH
(UNAUDITED)
Three Months Ended September 29,
2018 AIT EVM
Consolidated Reported GAAP Consolidated Net sales growth 8.6
% 20.9 % 16.8 % Adjustments: Impact of
foreign currency translation(1) (0.5 )% (0.9 )% (0.9 )% Impact of
Xplore acquisition(2) — (1.2 )%
(0.8 )% Organic Net sales growth 8.1 % 18.8 %
15.1 %
Nine Months Ended September 29,
2018 AIT EVM
Consolidated Reported GAAP Consolidated Net sales growth
10.0 % 16.4 % 14.3 % Adjustments: Impact of foreign currency
translation(1) (1.9 )% (2.1 )% (2.1 )% Impact of Xplore
acquisition(2) — (0.4 )% (0.3 )%
Organic Net sales growth 8.1 % 13.9 %
11.9 % (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. (2) For purposes of
computing Organic Net Sales, amounts directly attributable to the
Xplore acquisition (included in our consolidated results beginning
August 14, 2018) will be excluded for 12-months following the
acquisition date.
ZEBRA TECHNOLOGIES CORPORATION AND
SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP GROSS
MARGIN
(In millions)
(Unaudited)
Three Months Ended September 29,
2018 September 30, 2017 AIT
EVM Consolidated AIT EVM
Consolidated
GAAP
Reported Net sales (1)
$ 353 $ 739 $ 1,092 $ 325 $ 611 $ 935 Reported Gross profit (2) 172
334 505 154 276 429 Gross Margin 48.7 % 45.2 % 46.2 % 47.4 % 45.2 %
45.9 %
Non-GAAP
Adjusted Net sales $ 353 $ 739 $ 1,092 $ 325 $ 611 $ 936 Adjusted
Gross profit (3) 173 334 507 154 277 431 Adjusted Gross Margin 49.0
% 45.2 % 46.4 % 47.4 % 45.3 % 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) Fiscal 2018 consolidated results
include corporate eliminations which are related to the Xplore
Acquisition in August 2018 and are not reported in segment results.
(3) Adjusted Gross profit excludes purchase accounting adjustments
and share-based compensation expense.
Nine
Months Ended September 29, 2018
September 30, 2017 AIT EVM
Consolidated AIT EVM
Consolidated
GAAP
Reported Net sales (1) $ 1,056 $ 2,025 $ 3,081 $ 960 $ 1,739 $
2,696 Reported Gross profit (2) 528 915 1,442 471 773 1,241 Gross
Margin 50.0 % 45.2 % 46.8 % 49.1 % 44.5 % 46.0 %
Non-GAAP
Adjusted Net sales $ 1,056 $ 2,025 $ 3,081 $ 960 $ 1,739 $ 2,699
Adjusted Gross profit (3) 529 917 1,446 472 774 1,246 Adjusted
Gross Margin 50.1 % 45.3 % 46.9 % 49.2 % 44.5 % 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) Fiscal 2018 consolidated
results include corporate eliminations which are related to the
Xplore Acquisition in August 2018 and are not reported in segment
results. (3) 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
Nine Months Ended September 29, September
30, September 29, September 30,
2018 2017 2018 2017 Net income (loss) $
127 $ (12 ) $ 306 $ 13 Adjustments to Net
sales(1) Purchase accounting adjustments — 1 —
3 Total adjustment to Net sales — 1 — 3
Adjustments to Cost of sales(1) Purchase accounting
adjustments 1 — 1 — Share-based compensation 1 1 3
2 Total adjustments to Cost of sales 2 1
4 2 Adjustments to Operating expenses(1)
Amortization of intangible assets 25 49 71 151 Acquisition and
integration costs 6 4 8 50 Legal Settlement — — 13 — Share-based
compensation 11 10 37 25 Exit and restructuring costs 4 5
9 10 Total adjustments to Operating expenses
46 68 138 236 Adjustments to Other
expenses, net(1) Debt extinguishment costs — 49 — 49 Amortization
of debt issuance costs and discounts 3 20 13 30 Gain on Sale of
Investments — — (1 ) — Foreign exchange loss (gain) 1 (1 ) 5 (2 )
Forward interest rate swaps gain (6 ) — (24 ) (1 ) Total
adjustments to Other expenses, net (2 ) 68 (7 ) 76
Income tax effect of adjustments(2) Reported income tax expense
(benefit) 16 5 70 (3 ) Adjusted income tax (33 ) (30 ) (82 ) (74 )
Total adjustments to income tax (17 ) (25 ) (12 ) (77 ) Total
adjustments 29 113 123 240 Non-GAAP Net
income $ 156 $ 101 $ 429 $ 253
GAAP earnings per share Basic $ 2.37 $ (0.23 ) $ 5.72
$ 0.25 Diluted $ 2.34 $ (0.23 ) $ 5.64 $ 0.25
Non-GAAP earnings per share Basic $ 2.92 $ 1.89
$ 8.02 $ 4.78 Diluted $ 2.88 $ 1.87
$ 7.92 $ 4.72 Non-GAAP weighted average
shares outstanding (3) Basic 53,740,174 53,143,914 53,516,859
52,964,066 Diluted 54,424,880 53,791,541 54,237,553 53,631,499
(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
Nine Months Ended September 29, September
30, September 29, September 30,
2018 2017 2018 2017 Net income (loss) $
127 $ (12 ) $ 306 $ 13 Add back: Depreciation 20 19 60 58
Amortization of intangible assets 25 49 71 151 Total Other
expenses, net 19 98 55 179 Income tax expense (benefit) 16 5
70 (3 ) EBITDA (Non-GAAP) 207 159 562
398 Adjustments to Net sales Purchase
accounting adjustments — 1 — 3 Total
adjustments to Net sales — 1 — 3
Adjustments to Cost of sales Purchase accounting adjustments 1 — 1
— Share-based compensation 1 1 3 2
Total adjustments to Cost of sales 2 1 4 2
Adjustments to Operating expenses Acquisition and
integration costs 6 4 8 50 Legal Settlement — — 13 — Share-based
compensation 11 10 37 25 Exit and restructuring costs 4 5
9 10 Total adjustments to Operating expenses
21 19 67 85 Total adjustments to EBITDA
23 21 71 90 Adjusted EBITDA (Non-GAAP)
$ 230 $ 180 $ 633 $ 488 Adjusted
EBITDA % of Adjusted Net Sales 21.1 % 19.2 % 20.5 % 18.1 %
FREE CASH
FLOW
Nine Months Ended September 29,
September 30, 2018 2017 Net cash
provided by operating activities $ 460 $ 210 Less: Purchases of
property, plant and equipment (48 ) (36 ) Free cash flow
(Non-GAAP)(1) $ 412 $ 174 (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/20181106005152/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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