Zebra Technologies Announces Fourth-Quarter and Full-Year 2024 Results

Fourth-Quarter Financial Highlights

• Net sales of $1,334 million; year-over-year increase of 32.2%
• Net income of $163 million and net income per diluted share of $3.14, year-over-year increase of 858.8% and 912.9%, respectively
• Non-GAAP diluted EPS increased 133.9% year-over-year to $4.00
• Adjusted EBITDA increased 90.3% year-over-year to $295 million

LINCOLNSHIRE, Ill.--(BUSINESS WIRE)-- Zebra Technologies Corporation (NASDAQ: ZBRA), a global leader in digitizing and automating frontline workflows, today announced results for the fourth quarter and full year ended December 31, 2024.

“Our teams executed well, delivering results that exceeded our outlook. Strong year-end spending by our North American retail customers drove our fourth quarter outperformance,” said Bill Burns, Chief Executive Officer of Zebra Technologies. “As we enter 2025, our backlog supports solid first quarter growth. For the remainder of the year, we remain cautious in our growth outlook as our customers navigate an uncertain environment including a dynamic global trade, geopolitical, and macro-economic backdrop. We remain well positioned to drive sustainable profitable growth while extending our lead in the industry with innovative solutions that digitize and automate workflows across the supply chain."

$ in millions, except per share amounts		4Q24			4Q23		Change			FY24			FY23			Change
Select reported measures:
Net sales	$	1,334		$	1,009		32.2	%		$	4,981		$	4,584		8.7	%
Gross profit		648			448		44.6	%			2,413			2,123		13.7	%
Gross margin		48.6	%		44.4	%	420 bps				48.4	%		46.3	%	210 bps
Net income		163			17		858.8	%			528			296		78.4	%
Net income margin		12.2	%		1.7	%	1050 bps				10.6	%		6.5	%	410 bps
Net income per diluted share	$	3.14		$	0.31		912.9	%		$	10.18		$	5.72		78.0	%
Select Non-GAAP measures:
Adjusted net sales	$	1,334		$	1,009		32.2	%		$	4,981		$	4,584		8.7	%
Organic net sales growth							31.6	%								8.1	%
Adjusted gross profit		650			450		44.4	%			2,422			2,129		13.8	%
Adjusted gross margin		48.7	%		44.6	%	410 bps				48.6	%		46.4	%	220 bps
Adjusted EBITDA		295			155		90.3	%			1,047			824		27.1	%
Adjusted EBITDA margin		22.1	%		15.4	%	670 bps				21.0	%		18.0	%	300 bps
Non-GAAP net income	$	208		$	89		133.7	%		$	701		$	508		38.0	%
Non-GAAP earnings per diluted share	$	4.00		$	1.71		133.9	%		$	13.52		$	9.82		37.7	%

Net sales were $1,334 million in the fourth quarter of 2024 compared to $1,009 million in the prior year. Net sales in the Enterprise Visibility & Mobility ("EVM") segment were $886 million in the fourth quarter of 2024 compared to $663 million in the prior year. Asset Intelligence & Tracking ("AIT") segment net sales were $448 million in the fourth quarter of 2024 compared to $346 million in the prior year. Consolidated organic net sales for the fourth quarter of 2024 increased 31.6% year over year, with a 33.1% increase in the EVM segment and 28.8% increase in the AIT segment.

Fourth-quarter 2024 gross profit was $648 million compared to $448 million in the prior year. Gross margin increased to 48.6% for the fourth quarter of 2024 compared to 44.4% in the prior year. The increase was primarily due to volume leverage. Adjusted gross margin was 48.7% in the fourth quarter of 2024, compared to 44.6% in the prior year.

Operating expenses increased in the fourth quarter of 2024 to $423 million from $374 million in the prior year primarily due to higher employee incentive compensation associated with financial performance and increased investments in the business. Adjusted operating expenses increased in the fourth quarter of 2024 to $373 million from $312 million in the prior year.

Net income for the fourth quarter of 2024 was $163 million, or $3.14 per diluted share, compared to net income of $17 million, or $0.31 per diluted share, in the prior year. Non-GAAP net income for the fourth quarter of 2024 increased to $208 million, or $4.00 per diluted share, compared to $89 million, or $1.71 per diluted share, in the prior year.

Adjusted EBITDA for the fourth quarter of 2024 increased to $295 million, or 22.1% of adjusted net sales, compared to $155 million, or 15.4% of adjusted net sales, in the prior year due to higher gross profit and lower operating expense as a percentage of adjusted net sales.

Balance Sheet and Cash Flow

As of December 31, 2024, the company had cash and cash equivalents of $901 million and total debt of $2,183 million.

For the full year 2024, net cash provided by operating activities was $1,013 million and the Company made capital expenditures of $59 million, resulting in free cash flow of $954 million. The Company made share repurchases under its existing authorization of $47 million and had net debt payments of $43 million.

Outlook

First Quarter 2025

The company expects net sales to grow between 8% and 11% compared to the first quarter of 2024. This expectation includes an approximately 1 point unfavorable impact from foreign currency translation.

Adjusted EBITDA margin for the first quarter of 2025 is expected to be approximately 21%, which includes approximately $7 million gross profit impact from recently announced Mexico and China import tariffs. Non-GAAP diluted earnings per share are expected to be in the range of $3.50 to $3.70.

Full Year 2025

The Company expects net sales to grow between 3% to 7% compared to 2024. This expectation assumes a 130 basis point unfavorable impact from foreign currency translation.

Adjusted EBITDA margin is expected to be between 21% and 22%, which includes approximately $20 million gross profit impact from recently announced Mexico and China import tariffs net of planned mitigation actions. Non-GAAP diluted earnings per share are expected to be the range of $14.75 to $15.25. This assumes an adjusted effective tax rate of approximately 17%.

Free cash flow is expected to be at least $750 million.

This outlook does not include any projected results from the previously announced acquisition of Photoneo, which is expected to close during the first quarter of 2025.

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) provides the tools to help businesses grow with asset visibility, connected frontline workers and intelligent automation. The company operates in more than 100 countries, and our customers include over 80% of the Fortune 500. Designed for the frontline, Zebra’s award-winning portfolio includes hardware, software, and services, all backed by our 50+ year legacy and global partner ecosystem. Follow Zebra on our blog and LinkedIn, visit our newsroom and learn more at www.zebra.com.

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 EBITDA,” “Adjusted EBITDA margin,” “Adjusted EBITDA % of adjusted net sales,” “adjusted gross margin,” “adjusted gross profit,” “adjusted net sales,” “adjusted operating expenses,” “EBITDA,” “free cash flow,” “non-GAAP diluted earnings per share,” “non-GAAP earnings per share,” “non-GAAP net income,” “organic net sales,” and “organic net sales growth (decline).” 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 prior year period as well as removing realized cash flow hedge gains and losses from both the current 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)
	December 31,
		2024				2023
Assets
Current assets:
Cash and cash equivalents	$	901			$	137
Accounts receivable, net of allowances for doubtful accounts of $1 million each as of December 31, 2024 and 2023, respectively		692				521
Inventories, net		693				804
Income tax receivable		20				63
Prepaid expenses and other current assets		134				147
Total Current assets		2,440				1,672
Property, plant and equipment, net		305				309
Right-of-use lease assets		167				169
Goodwill		3,891				3,895
Other intangibles, net		422				527
Deferred income taxes		512				438
Other long-term assets		231				296
Total Assets	$	7,968			$	7,306
Liabilities and Stockholders' Equity
Current liabilities:
Current portion of long-term debt	$	79			$	173
Accounts payable		633				456
Accrued liabilities		503				504
Deferred revenue		453				458
Income taxes payable		36				7
Total Current liabilities		1,704				1,598
Long-term debt		2,092				2,047
Long-term lease liabilities		155				152
Deferred income taxes		57				67
Long-term deferred revenue		304				312
Other long-term liabilities		70				94
Total Liabilities		4,382				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		669				615
Treasury stock at cost, 20,645,798 and 20,772,995 shares as of December 31, 2024 and 2023, respectively		(1,900	)			(1,858	)
Retained earnings		4,860				4,332
Accumulated other comprehensive loss		(44	)			(54	)
Total Stockholders’ Equity		3,586				3,036
Total Liabilities and Stockholders’ Equity	$	7,968			$	7,306

ZEBRA TECHNOLOGIES CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except per share data)
	Three Months Ended								Twelve Months Ended
	(Unaudited)
	December 31, 2024				December 31, 2023				December 31, 2024				December 31, 2023
Net sales:
Tangible products	$	1,085			$	780			$	4,016			$	3,665
Services and software		249				229				965				919
Total Net sales		1,334				1,009				4,981				4,584
Cost of sales:
Tangible products		561				453				2,100				2,012
Services and software		125				108				468				449
Total Cost of sales		686				561				2,568				2,461
Gross profit		648				448				2,413				2,123
Operating expenses:
Selling and marketing		151				136				600				581
Research and development		138				116				563				519
General and administrative		107				78				381				334
Amortization of intangible assets		24				26				104				104
Acquisition and integration costs		3				2				6				6
Exit and restructuring costs		—				16				17				98
Total Operating expenses		423				374				1,671				1,642
Operating income		225				74				742				481
Other income (loss), net:
Foreign exchange gain (loss)		11				(4	)			5				(2	)
Interest expense, net		(27	)			(64	)			(98	)			(133	)
Other expense, net		(1	)			(4	)			(14	)			(12	)
Total Other expense, net		(17	)			(72	)			(107	)			(147	)
Income before income tax		208				2				635				334
Income tax expense (benefit)		45				(15	)			107				38
Net income	$	163			$	17			$	528			$	296
Basic earnings per share	$	3.17			$	0.32			$	10.25			$	5.75
Diluted earnings per share	$	3.14			$	0.31			$	10.18			$	5.72

ZEBRA TECHNOLOGIES CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions)
	Year Ended December 31,
		2024				2023
Cash flows from operating activities:
Net income	$	528			$	296
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization		172				176
Share-based compensation		89				55
Deferred income taxes		(94	)			(36	)
Unrealized gain on forward interest rate swaps		(31	)			(9	)
Other, net		14				3
Changes in operating assets and liabilities:
Accounts receivable, net		(181	)			249
Inventories, net		105				50
Other assets		9				(25	)
Accounts payable		176				(365	)
Accrued liabilities		131				(97	)
Deferred revenue		(13	)			12
Income taxes		68				(168	)
Settlement liability		(45	)			(180	)
Cash receipts on forward interest rate swaps		86				26
Other operating activities		(1	)			9
Net cash provided by (used in) operating activities		1,013				(4	)
Cash flows from investing activities:
Purchases of property, plant and equipment		(59	)			(87	)
Proceeds from sale (purchases) of short-term investments		5				(4	)
Purchases of long-term investments		(3	)			(1	)
Net cash used in investing activities		(57	)			(92	)
Cash flows from financing activities:
Proceeds from issuance of debt		651				440
Payments of debt		(694	)			(245	)
Payment of debt issuance costs, extinguishment costs and discounts		(9	)			—
Payments for repurchases of common stock		(47	)			(52	)
Net payments related to share-based compensation plans		(30	)			(8	)
Change in unremitted cash collections from servicing factored receivables		(61	)			(18	)
Net cash (used in) provided by financing activities		(190	)			117
Effect of exchange rate changes on cash and cash equivalents, including restricted cash		(3	)			—
Net increase in cash and cash equivalents, including restricted cash		763				21
Cash and cash equivalents, including restricted cash, at beginning of period		138				117
Cash and cash equivalents, including restricted cash, at end of period	$	901			$	138
Less restricted cash, included in Prepaid expenses and other current assets		—				(1	)
Cash and cash equivalents at end of period	$	901			$	137
Supplemental disclosures of cash flow information:
Income taxes paid	$	124			$	252
Interest paid inclusive of forward interest rate swaps	$	55			$	111

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
	December 31, 2024
	AIT			EVM			Consolidated
Consolidated Reported GAAP Net sales growth	29.5	%		33.6	%		32.2	%
Adjustments:
Impact of foreign currency translations (1)	(0.7	)%		(0.5	)%		(0.6	)%
Consolidated Organic Net sales growth	28.8	%		33.1	%		31.6	%
	Twelve Months Ended
	December 31, 2024
	AIT			EVM			Consolidated
Consolidated Reported GAAP Net sales (decline) growth	(0.2	)%		13.7	%		8.7	%
Adjustments:
Impact of foreign currency translations (1)	(0.7	)%		(0.5	)%		(0.6	)%
Consolidated Organic Net sales (decline) growth	(0.9	)%		13.2	%		8.1	%

(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 as well as removing realized cash flow hedge gains and losses from 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
	December 31, 2024												December 31, 2023
	AIT				EVM				Consolidated				AIT				EVM				Consolidated
GAAP
Reported Net sales	$	448			$	886			$	1,334			$	346			$	663			$	1,009
Reported Gross profit		223				425				648				159				289				448
Gross Margin		49.8	%			48.0	%			48.6	%			46.0	%			43.6	%			44.4	%
Non-GAAP
Adjusted Net sales	$	448			$	886			$	1,334			$	346			$	663			$	1,009
Adjusted Gross profit (1)		224				426				650				160				290				450
Adjusted Gross Margin		50.0	%			48.1	%			48.7	%			46.2	%			43.7	%			44.6	%
	Twelve Months Ended
	December 31, 2024												December 31, 2023
	AIT				EVM				Consolidated				AIT				EVM				Consolidated
GAAP
Reported Net sales	$	1,647			$	3,334			$	4,981			$	1,651			$	2,933			$	4,584
Reported Gross profit		793				1,620				2,413				787				1,336				2,123
Gross Margin		48.1	%			48.6	%			48.4	%			47.7	%			45.6	%			46.3	%
Non-GAAP
Adjusted Net sales	$	1,647			$	3,334			$	4,981			$	1,651			$	2,933			$	4,584
Adjusted Gross profit (1)		796				1,626				2,422				789				1,340				2,129
Adjusted Gross Margin		48.3	%			48.8	%			48.6	%			47.8	%			45.7	%			46.4	%

(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								Twelve Months Ended
	December 31, 2024				December 31, 2023				December 31, 2024				December 31, 2023
GAAP Net income	$	163			$	17			$	528			$	296
Adjustments to Cost of sales(1)
Share-based compensation		2				2				9				6
Total adjustments to Cost of sales		2				2				9				6
Adjustments to Operating expenses(1)
Amortization of intangible assets		24				26				104				104
Acquisition and integration costs		3				2				6				6
Share-based compensation		23				18				101				60
Exit and restructuring costs		—				16				17				98
Total adjustments to Operating expenses		50				62				228				268
Adjustments to Other income (expense), net(1)
Amortization of debt issuance costs and discounts		1				1				2				3
Investment loss		—				—				6				1
Foreign exchange (gain) loss		(11	)			4				(5	)			2
Forward interest rate swap loss (gain)		—				25				(31	)			(9	)
Total adjustments to Other (expense) income, net		(10	)			30				(28	)			(3	)
Income tax effect of adjustments(2)
Reported income tax expense (benefit)		45				(15	)			107				38
Adjusted income tax		(42	)			(7	)			(143	)			(97	)
Total adjustments to income tax		3				(22	)			(36	)			(59	)
Total adjustments		45				72				173				212
Non-GAAP Net income	$	208			$	89			$	701			$	508
GAAP earnings per share
Basic	$	3.17			$	0.32			$	10.25			$	5.75
Diluted	$	3.14			$	0.31			$	10.18			$	5.72
Non-GAAP earnings per share
Basic	$	4.04			$	1.72			$	13.62			$	9.88
Diluted	$	4.00			$	1.71			$	13.52			$	9.82
Basic weighted average shares outstanding		51,542,093				51,366,299				51,494,957				51,378,051
Diluted weighted average and equivalent shares outstanding		51,986,818				51,687,374				51,879,709				51,710,962

(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.

ZEBRA TECHNOLOGIES CORPORATION AND SUBSIDIARIES GAAP to NON-GAAP RECONCILIATION TO EBITDA ($ in millions) (Unaudited)
	Three Months Ended								Twelve Months Ended
	December 31, 2024				December 31, 2023				December 31, 2024				December 31, 2023
GAAP Net income	$	163			$	17			$	528			$	296
Add back:
Depreciation (excluding exit and restructuring costs)		18				17				68				69
Amortization of intangible assets		24				26				104				104
Total Other expense, net		17				72				107				147
Income tax expense (benefit)		45				(15	)			107				38
EBITDA (Non-GAAP)		267				117				914				654
Adjustments to Cost of sales
Share-based compensation		2				2				9				6
Total adjustments to Cost of sales		2				2				9				6
Adjustments to Operating expenses
Acquisition and integration costs		3				2				6				6
Share-based compensation		23				18				101				60
Exit and restructuring costs		—				16				17				98
Total adjustments to Operating expenses		26				36				124				164
Total adjustments to EBITDA		28				38				133				170
Adjusted EBITDA (Non-GAAP)	$	295			$	155			$	1,047			$	824
Adjusted EBITDA % of Adjusted Net Sales (Non-GAAP)		22.1	%			15.4	%			21.0	%			18.0	%

FREE CASH FLOW
	Twelve Months Ended
	December 31, 2024				December 31, 2023
Net cash provided by (used in) operating activities	$	1,013			$	(4	)
Less: Purchases of property, plant and equipment		(59	)			(87	)
Free cash flow (Non-GAAP)(1)	$	954			$	(91	)

(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.

 

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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

Source: Zebra Technologies Corporation