ZEBRA TECHNOLOGIES CORP
For the period ended Dec 31, 2023. Filed Feb 15, 2024.
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FY2023 · Filed Feb 15, 2024
ZBRA$321.38-1.6%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 · 2022 · 2021 | |||
| Cash flows from operating activities: | |||
| Net income | $296 | $463 | $837 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 176 | 204 | 187 |
| Share-based compensation | 55 | 88 | 76 |
| Deferred income taxes | (36) | (210) | (69) |
| Unrealized loss (gain) on forward interest rate swaps | 17 | (89) | (30) |
| Other, net | 3 | 5 | 1 |
| Changes in operating assets and liabilities: | |||
| Accounts receivable, net | 249 | (5) | (239) |
| Inventories, net | 50 | (341) | 18 |
| Other assets | (25) | (48) | (23) |
| Accounts payable | (365) | 92 | 96 |
| Accrued liabilities | (97) | (51) | 110 |
| Deferred revenue | 12 | 60 | 113 |
| Income taxes | (168) | 108 | 1 |
| Settlement liability | (180) | 225 | — |
| Other operating activities | 9 | (13) | (9) |
| Net cash (used in) provided by operating activities | (4) | 488 | 1,069 |
| Cash flows from investing activities: | |||
| Acquisition of businesses, net of cash acquired | — | (881) | (452) |
| Purchases of property, plant and equipment | (87) | (75) | (59) |
| Purchases of short-term investments | (4) | — | (1) |
| Purchases of long-term investments | (1) | (12) | (34) |
| Net cash used in investing activities | (92) | (968) | (546) |
| Cash flows from financing activities: | |||
| Proceeds from issuance of long-term debt | 440 | 1,284 | 46 |
| Payments of long term-debt | (245) | (247) | (303) |
| Payment of debt issuance costs, extinguishment costs and discounts | — | (8) | — |
| Payments for repurchases of common stock | (52) | (751) | (57) |
| Net payments related to share-based compensation plans | (8) | (14) | (56) |
| Change in unremitted cash collections from servicing factored receivables | (18) | (11) | (1) |
| Net cash provided by (used in) financing activities | 117 | 253 | (371) |
| Effect of exchange rate changes on cash and cash equivalents, including restricted cash | — | — | — |
| Net increase (decrease) in cash and cash equivalents, including restricted cash | 21 | (227) | 152 |
| Cash and cash equivalents, including restricted cash, at beginning of period | 117 | 344 | 192 |
| Cash and cash equivalents, including restricted cash, at end of period | $138 | $117 | $344 |
| Less restricted cash, included in Prepaid expenses and other current assets | (1) | (12) | (12) |
| Cash and cash equivalents at end of period | $137 | $105 | $332 |
| Supplemental disclosures of cash flow information: | |||
| Income taxes paid | $252 | $168 | $199 |
| Interest paid | $111 | $58 | $32 |
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