ZEBRA TECHNOLOGIES CORP
For the period ended Sep 28, 2024. Filed Oct 29, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 28, 2024 · Filed Oct 29, 2024
ZBRA$321.38-1.6%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 1. Consolidated Financial Statements
CONSOLIDATED BALANCE SHEETS
| September 28,2024 | December 31,2023 | |
|---|---|---|
| (Unaudited) | ||
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $676 | $137 |
| Accounts receivable, net of allowances for doubtful accounts of $1 each as of September 28, 2024 and December 31, 2023 | 642 | 521 |
| Inventories, net | 639 | 804 |
| Income tax receivable | 67 | 63 |
| Prepaid expenses and other current assets | 109 | 147 |
| Total Current assets | 2,133 | 1,672 |
| Property, plant and equipment, net | 302 | 309 |
| Right-of-use lease assets | 173 | 169 |
| Goodwill | 3,895 | 3,895 |
| Other intangibles, net | 447 | 527 |
| Deferred income taxes | 501 | 438 |
| Other long-term assets | 239 | 296 |
| Total Assets | $7,690 | $7,306 |
| Liabilities and Stockholders’ Equity | ||
| Current liabilities: | ||
| Current portion of long-term debt | $89 | $173 |
| Accounts payable | 533 | 456 |
| Accrued liabilities | 490 | 504 |
| Deferred revenue | 432 | 458 |
| Income taxes payable | 18 | 7 |
| Total Current liabilities | 1,562 | 1,598 |
| Long-term debt | 2,080 | 2,047 |
| Long-term lease liabilities | 162 | 152 |
| Deferred income taxes | 66 | 67 |
| Long-term deferred revenue | 304 | 312 |
| Other long-term liabilities | 95 | 94 |
| Total Liabilities | 4,269 | 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 | 653 | 615 |
| Treasury stock at cost, 20,609,801 and 20,772,995 shares as of September 28, 2024 and December 31, 2023, respectively | (1,871) | (1,858) |
| Retained earnings | 4,697 | 4,332 |
| Accumulated other comprehensive loss | (59) | (54) |
| Total Stockholders’ Equity | 3,421 | 3,036 |
| Total Liabilities and Stockholders’ Equity | $7,690 | $7,306 |
CONSOLIDATED STATEMENTS OF OPERATIONS
| Three Months Ended | Nine Months Ended | |||
|---|---|---|---|---|
| September 28,2024 | September 30,2023 | September 28,2024 | September 30,2023 | |
| Net sales: | ||||
| Tangible products | $1,019 | $729 | $2,931 | $2,885 |
| Services and software | 236 | 227 | 716 | 690 |
| Total Net sales | 1,255 | 956 | 3,647 | 3,575 |
| Cost of sales: | ||||
| Tangible products | 526 | 419 | 1,539 | 1,559 |
| Services and software | 116 | 110 | 343 | 341 |
| Total Cost of sales | 642 | 529 | 1,882 | 1,900 |
| Gross profit | 613 | 427 | 1,765 | 1,675 |
| Operating expenses: | ||||
| Selling and marketing | 151 | 138 | 449 | 445 |
| Research and development | 141 | 127 | 425 | 403 |
| General and administrative | 96 | 88 | 274 | 256 |
| Amortization of intangible assets | 29 | 26 | 80 | 78 |
| Acquisition and integration costs | 1 | 2 | 3 | 4 |
| Exit and restructuring costs | 4 | 58 | 17 | 82 |
| Total Operating expenses | 422 | 439 | 1,248 | 1,268 |
| Operating income (loss) | 191 | (12) | 517 | 407 |
| Other (loss) income, net: | ||||
| Foreign exchange (loss) gain | (9) | 6 | (6) | 2 |
| Interest expense, net | (31) | (16) | (71) | (69) |
| Other expense, net | (2) | (2) | (13) | (8) |
| Total Other expense, net | (42) | (12) | (90) | (75) |
| Income (loss) before income tax | 149 | (24) | 427 | 332 |
| Income tax expense (benefit) | 12 | (9) | 62 | 53 |
| Net income (loss) | $137 | $(15) | $365 | $279 |
| Basic earnings (loss) per share | $2.65 | $(0.28) | $7.09 | $5.44 |
| Diluted earnings (loss) per share | $2.64 | $(0.28) | $7.04 | $5.40 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In millions)
| Three Months Ended | Nine Months Ended | |||
|---|---|---|---|---|
| September 28,2024 | September 30,2023 | September 28,2024 | September 30,2023 | |
| Net income (loss) | $137 | $(15) | $365 | $279 |
| Other comprehensive income (loss), net of tax: | ||||
| Changes in unrealized (losses) gains on sales hedging | (16) | 23 | (6) | 24 |
| Foreign currency translation adjustment | 9 | (7) | 1 | (2) |
| Comprehensive income | $130 | $1 | $360 | $301 |
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
| Class A Common Stock Shares | Class A Common Stock Value | Additional Paid-in Capital | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Loss | Total | |
|---|---|---|---|---|---|---|---|
| Balance at December 31, 2023 | 51,378,862 | $1 | $615 | $(1,858) | $4,332 | $(54) | $3,036 |
| Issuances of treasury shares related to share-based compensation plans, net of forfeitures | 21,312 | — | (3) | — | — | — | (3) |
| Shares withheld to fund withholding tax obligations related to share-based compensation plans | (206) | — | — | — | — | — | — |
| Share-based compensation | — | — | 17 | — | — | — | 17 |
| Net income | — | — | — | — | 115 | — | 115 |
| Changes in unrealized gains and losses on sales hedging (net of income taxes) | — | — | — | — | — | 9 | 9 |
| Foreign currency translation adjustment | — | — | — | — | — | (5) | (5) |
| Balance at March 30, 2024 | 51,399,968 | $1 | $629 | $(1,858) | $4,447 | $(50) | $3,169 |
| Issuances of treasury shares related to share-based compensation plans, net of forfeitures | 170,023 | — | (27) | 3 | — | — | (24) |
| Share-based compensation | — | — | 31 | — | — | — | 31 |
| Net income | — | — | — | — | 113 | — | 113 |
| Changes in unrealized gains and losses on sales hedging (net of income taxes) | — | — | — | — | — | 1 | 1 |
| Foreign currency translation adjustment | — | — | — | — | — | (3) | (3) |
| Balance at June 29, 2024 | 51,569,991 | $1 | $633 | $(1,855) | $4,560 | $(52) | $3,287 |
| Issuances of treasury shares related to share-based compensation plans, net of forfeitures | 22,369 | — | — | — | — | — | — |
| Share-based compensation | — | — | 20 | — | — | — | 20 |
| Repurchase of common stock | (50,304) | — | — | (16) | — | — | (16) |
| Net income | — | — | — | — | 137 | — | 137 |
| Changes in unrealized gains and losses on sales hedging (net of income taxes) | — | — | — | — | — | (16) | (16) |
| Foreign currency translation adjustment | — | — | — | — | — | 9 | 9 |
| Balance at September 28, 2024 | 51,542,056 | $1 | $653 | $(1,871) | $4,697 | $(59) | $3,421 |
=
| Class A Common Stock Shares | Class A Common Stock Value | Additional Paid-in Capital | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Loss | Total | |
|---|---|---|---|---|---|---|---|
| Balance at December 31, 2022 | 51,451,500 | $1 | $561 | $(1,799) | $4,036 | $(66) | $2,733 |
| Issuances of treasury shares related to share-based compensation plans, net of forfeitures | 29,784 | — | 5 | — | — | — | 5 |
| Shares withheld to fund withholding tax obligations related to share-based compensation plans | (504) | — | — | — | — | — | — |
| Share-based compensation | — | — | 18 | — | — | — | 18 |
| Repurchase of common stock | (55,811) | — | — | (15) | — | — | (15) |
| Net income | — | — | — | — | 150 | — | 150 |
| Changes in unrealized gains and losses on sales hedging (net of income taxes) | — | — | — | — | — | (3) | (3) |
| Foreign currency translation adjustment | — | — | — | — | — | 3 | 3 |
| Balance at April 1, 2023 | 51,424,969 | $1 | $584 | $(1,814) | $4,186 | $(66) | $2,891 |
| Issuances of treasury shares related to share-based compensation plans, net of forfeitures | 75,271 | — | (6) | 1 | — | — | (5) |
| Shares withheld to fund withholding tax obligations related to share-based compensation plans | (28,795) | — | — | (9) | — | — | (9) |
| Share-based compensation | — | — | 2 | — | — | — | 2 |
| Repurchase of common stock | (138,508) | — | — | (37) | — | — | (37) |
| Net income | — | — | — | — | 144 | — | 144 |
| Changes in unrealized gains and losses on sales hedging (net of income taxes) | — | — | — | — | — | 4 | 4 |
| Foreign currency translation adjustment | — | — | — | — | — | 2 | 2 |
| Balance at July 1, 2023 | 51,332,937 | $1 | $580 | $(1,859) | $4,330 | $(60) | $2,992 |
| Issuances of treasury shares related to share-based compensation plans, net of forfeitures | 26,506 | — | — | 1 | — | — | 1 |
| Shares withheld to fund withholding tax obligations related to share-based compensation plans | (159) | — | — | — | — | — | — |
| Share-based compensation | — | — | 19 | — | — | — | 19 |
| Net loss | — | — | — | — | (15) | — | (15) |
| Changes in unrealized gains and losses on sales hedging (net of income taxes) | — | — | — | — | — | 23 | 23 |
| Foreign currency translation adjustment | — | — | — | — | — | (7) | (7) |
| Balance at September 30, 2023 | 51,359,284 | $1 | $599 | $(1,858) | $4,315 | $(44) | $3,013 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.