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
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250213833974/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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