We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Zebra Technologies Corp | NASDAQ:ZBRA | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
4.87 | 1.66% | 297.40 | 296.24 | 298.56 | 299.15 | 292.78 | 293.50 | 461,539 | 00:18:01 |
ý
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
|
36-2675536
|
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification No.)
|
|
Large accelerated filer
|
ý
|
Accelerated filer
|
¨
|
|
Non-accelerated filer
|
¨
(Do not check if smaller reporting company)
|
Smaller reporting company
|
¨
|
|
|
|
Emerging growth company
|
¨
|
|
|
PAGE
|
|
|
|
|
||
|
|
|
Item 1.
|
|
|
|
|
|
|
Consolidated Balance Sheets as of September 29, 2018 (unaudited) and December 31, 2017
|
|
|
|
|
|
Consolidated Statements of Operations (unaudited) for the three and nine months ended September 29, 2018 and September 30, 2017
|
|
|
|
|
|
Consolidated Statements of Comprehensive Income (Loss) (unaudited) for the three and nine months ended September 29, 2018 and September 30, 2017
|
|
|
|
|
|
Consolidated Statements of Cash Flows (unaudited) for the nine months ended September 29, 2018 and September 30, 2017
|
|
|
|
|
|
||
|
|
|
Item 2.
|
||
|
|
|
Item 3.
|
||
|
|
|
Item 4.
|
||
|
|
|
|
||
|
|
|
Item 1.
|
||
|
|
|
Item 1A.
|
||
|
|
|
Item 2.
|
||
|
|
|
Item 6.
|
||
|
|
|
Item 1.
|
Consolidated Financial Statements
|
|
September 29,
2018 |
|
December 31,
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
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 29,
2018 |
|
September 30,
2017 |
|
September 29,
2018 |
|
September 30,
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
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 29,
2018 |
|
September 30,
2017 |
|
September 29,
2018 |
|
September 30,
2017 |
||||||||
Net income (loss)
|
$
|
127
|
|
|
$
|
(12
|
)
|
|
$
|
306
|
|
|
$
|
13
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
|
||||||||
Unrealized gain (loss) on anticipated sales hedging transactions
|
—
|
|
|
(1
|
)
|
|
22
|
|
|
(15
|
)
|
||||
Unrealized gain on forward interest rate swap hedging transactions
|
1
|
|
|
1
|
|
|
8
|
|
|
3
|
|
||||
Foreign currency translation adjustment
|
—
|
|
|
2
|
|
|
(7
|
)
|
|
2
|
|
||||
Comprehensive income (loss)
|
$
|
128
|
|
|
$
|
(10
|
)
|
|
$
|
329
|
|
|
$
|
3
|
|
|
Nine Months Ended
|
||||||
|
September 29,
2018 |
|
September 30,
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 decrease 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
|
|
|
As Reported December 31, 2017
|
|
Adjustment
|
|
As Adjusted January 1, 2018
|
||||||
Assets:
|
|
|
|
|
|
||||||
Inventories, net
(1)
|
$
|
458
|
|
|
$
|
(3
|
)
|
|
$
|
455
|
|
Prepaid expenses and other current assets
(2)
|
24
|
|
|
7
|
|
|
31
|
|
|||
Long-term deferred income taxes
(3)
|
119
|
|
|
(5
|
)
|
|
114
|
|
|||
Other long-term assets
(4)
|
65
|
|
|
12
|
|
|
77
|
|
|||
|
|
|
|
|
|
||||||
Liabilities:
|
|
|
|
|
|
||||||
Deferred revenue
(5)
|
186
|
|
|
(2
|
)
|
|
184
|
|
|||
Long-term deferred revenue
(6)
|
148
|
|
|
(6
|
)
|
|
142
|
|
|||
|
|
|
|
|
|
||||||
Stockholders’ Equity:
|
|
|
|
|
|
||||||
Retained earnings
|
1,248
|
|
|
19
|
|
|
1,267
|
|
(1)
|
Reflects an adjustment of
$(3) million
related to changes in revenue recognition patterns.
|
(2)
|
Reflects an adjustment of
$7 million
related to changes in revenue recognition patterns.
|
(3)
|
Reflects the income tax effect of
$(5) million
related to the adjustments made for the adoption of ASC 606.
|
(4)
|
Reflects an adjustment of
$12 million
related to the capitalization of costs to obtain contracts (primarily comprised of sales commissions associated with longer term support service contracts).
|
(5)
|
Reflects an adjustment of
$(3) million
related to reallocation of revenue between performance obligations and
$1 million
related to changes in the timing of revenue recognition.
|
(6)
|
Reflects an adjustment of
$(6) million
related to reallocation of revenue between performance obligations.
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||||||||||
|
September 29,
2018 |
|
September 29,
2018 |
||||||||||||||||||||
|
Product Category
|
|
Product Category
|
||||||||||||||||||||
Segment
|
Tangible Products
|
|
Services and Software
|
|
Total
|
|
Tangible Products
|
|
Services and Software
|
|
Total
|
||||||||||||
AIT
|
$
|
325
|
|
|
$
|
28
|
|
|
$
|
353
|
|
|
$
|
960
|
|
|
$
|
96
|
|
|
$
|
1,056
|
|
EVM
|
634
|
|
|
105
|
|
|
739
|
|
|
1,727
|
|
|
298
|
|
|
2,025
|
|
||||||
Total
|
$
|
959
|
|
|
$
|
133
|
|
|
$
|
1,092
|
|
|
$
|
2,687
|
|
|
$
|
394
|
|
|
$
|
3,081
|
|
|
September 29,
2018 |
|
December 31,
2017 |
||||
Raw material
|
$
|
132
|
|
|
$
|
116
|
|
Work in process
|
5
|
|
|
1
|
|
||
Finished goods
|
356
|
|
|
341
|
|
||
Total
|
$
|
493
|
|
|
$
|
458
|
|
Accounts receivable
|
$
|
10
|
|
Inventory
|
23
|
|
|
Identifiable intangible assets
|
32
|
|
|
Other assets acquired
|
4
|
|
|
Debt
|
(9
|
)
|
|
Accounts payable
|
(8
|
)
|
|
Deferred revenues
|
(7
|
)
|
|
Other liabilities assumed
|
(6
|
)
|
|
Net Assets Acquired
|
$
|
39
|
|
Goodwill on acquisition
|
33
|
|
|
Total consideration
|
$
|
72
|
|
|
Fair Value
(in millions)
|
|
Life
(in years)
|
||
Customer-related assets
|
$
|
16
|
|
|
9
|
Technology-based assets
|
15
|
|
|
7
|
|
Trademarks
|
1
|
|
|
3
|
|
Total identifiable intangible assets
|
$
|
32
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 29,
2018 |
|
September 30,
2017 |
|
September 29,
2018 |
|
September 30,
2017 |
||||||||
Balance at the beginning of the period
|
$
|
4
|
|
|
$
|
7
|
|
|
$
|
8
|
|
|
$
|
10
|
|
Charged to earnings
|
4
|
|
|
5
|
|
|
9
|
|
|
10
|
|
||||
Cash paid
|
(3
|
)
|
|
(4
|
)
|
|
(12
|
)
|
|
(12
|
)
|
||||
Balance at the end of the period
|
$
|
5
|
|
|
$
|
8
|
|
|
$
|
5
|
|
|
$
|
8
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Foreign exchange contracts
(1)
|
$
|
—
|
|
|
$
|
16
|
|
|
$
|
—
|
|
|
$
|
16
|
|
Forward interest rate swap contracts
(2)
|
—
|
|
|
14
|
|
|
—
|
|
|
14
|
|
||||
Money market investments related to the deferred compensation plan
|
18
|
|
|
—
|
|
|
—
|
|
|
18
|
|
||||
Total Assets at fair value
|
$
|
18
|
|
|
$
|
30
|
|
|
$
|
—
|
|
|
$
|
48
|
|
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Liabilities related to the deferred compensation plan
|
18
|
|
|
—
|
|
|
—
|
|
|
18
|
|
||||
Total Liabilities at fair value
|
$
|
18
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
18
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Money market investments related to the deferred compensation plan
|
$
|
15
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
15
|
|
Total Assets at fair value
|
$
|
15
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
15
|
|
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Forward interest rate swap contracts
(2)
|
$
|
—
|
|
|
$
|
18
|
|
|
$
|
—
|
|
|
$
|
18
|
|
Foreign exchange contracts
(1)
|
2
|
|
|
9
|
|
|
—
|
|
|
11
|
|
||||
Liabilities related to the deferred compensation plan
|
15
|
|
|
—
|
|
|
—
|
|
|
15
|
|
||||
Total Liabilities at fair value
|
$
|
17
|
|
|
$
|
27
|
|
|
$
|
—
|
|
|
$
|
44
|
|
(1)
|
The fair value of the foreign exchange contracts is calculated as follows:
|
a.
|
Fair value of a put option contract associated with forecasted sales hedges is calculated using bid and ask rates for similar contracts.
|
b.
|
Fair value of regular forward contracts associated with forecasted sales hedges is calculated using the period-end exchange rate adjusted for current forward points.
|
c.
|
Fair value of hedges against net assets is calculated at the period-end exchange rate adjusted for current forward points unless the hedge has been traded but not settled at period end (Level 2). If this is the case, the fair value is calculated at the rate at which the hedge is being settled (Level 1).
|
(2)
|
The fair value of forward interest rate swaps is based upon a valuation model that uses relevant observable market inputs at the quoted intervals, such as forward yield curves, and is adjusted for the Company’s credit risk and the interest rate swap terms. See gross balance reporting in Note 8,
Derivative Instruments
.
|
|
Asset / (Liability)
|
||||||||
|
|
|
Fair Values as of
|
||||||
|
Balance Sheet Classification
|
|
September 29,
2018 |
|
December 31,
2017 |
||||
Derivative instruments designated as hedges:
|
|
|
|
|
|
||||
Foreign exchange contracts
|
Prepaid expenses and other current assets
|
|
$
|
15
|
|
|
$
|
—
|
|
Foreign exchange contracts
|
Accrued liabilities
|
|
—
|
|
|
(9
|
)
|
||
Forward interest rate swaps
|
Accrued liabilities
|
|
(1
|
)
|
|
(2
|
)
|
||
Forward interest rate swaps
|
Other long-term liabilities
|
|
—
|
|
|
(8
|
)
|
||
Total derivative instruments designated as hedges
|
|
|
$
|
14
|
|
|
$
|
(19
|
)
|
|
|
|
|
|
|
||||
Derivative instruments not designated as hedges:
|
|
|
|
|
|
||||
Foreign exchange contracts
|
Prepaid expenses and other current assets
|
|
$
|
1
|
|
|
$
|
—
|
|
Forward interest rate swaps
|
Other long-term assets
|
|
17
|
|
|
—
|
|
||
Foreign exchange contracts
|
Accrued liabilities
|
|
—
|
|
|
(2
|
)
|
||
Forward interest rate swaps
|
Accrued liabilities
|
|
(2
|
)
|
|
(1
|
)
|
||
Forward interest rate swaps
|
Other long-term liabilities
|
|
—
|
|
|
(7
|
)
|
||
Total derivative instruments not designated as hedges
|
|
|
$
|
16
|
|
|
$
|
(10
|
)
|
Total net derivative asset (liability)
|
|
|
$
|
30
|
|
|
$
|
(29
|
)
|
|
Gain (Loss) Recognized in Income
|
||||||||||||||||
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
Statements of Operations Classification
|
|
September 29,
2018 |
|
September 30,
2017 |
|
September 29, 2018
|
|
September 30, 2017
|
||||||||
Derivative instruments not designated as hedges:
|
|
|
|
|
|
|
|
|
|
||||||||
Foreign exchange contracts
|
Foreign exchange (loss) gain
|
|
$
|
1
|
|
|
$
|
(6
|
)
|
|
$
|
2
|
|
|
$
|
(22
|
)
|
Forward interest rate swaps
|
Interest expense, net
|
|
6
|
|
|
1
|
|
|
24
|
|
|
2
|
|
||||
Total gain (loss) recognized in income
|
|
|
$
|
7
|
|
|
$
|
(5
|
)
|
|
$
|
26
|
|
|
$
|
(20
|
)
|
|
September 29,
2018 |
|
December 31,
2017 |
||||
Notional balance of outstanding contracts:
|
|
|
|
||||
British Pound/U.S. Dollar
|
£
|
7
|
|
|
£
|
13
|
|
Euro/U.S. Dollar
|
€
|
—
|
|
|
€
|
108
|
|
British Pound/Euro
|
£
|
—
|
|
|
£
|
5
|
|
Canadian Dollar/U.S. Dollar
|
$
|
2
|
|
|
$
|
12
|
|
Czech Koruna/U.S. Dollar
|
Kč
|
|
|
|
Kč
|
361
|
|
Brazilian Real/U.S. Dollar
|
R$
|
—
|
|
|
R$
|
34
|
|
Australian Dollar/U.S. Dollar
|
A$
|
26
|
|
|
A$
|
55
|
|
Swedish Krona/U.S. Dollar
|
kr
|
—
|
|
|
kr
|
13
|
|
Japanese Yen/U.S. Dollar
|
¥
|
166
|
|
|
¥
|
151
|
|
Singapore Dollar/U.S. Dollar
|
S$
|
6
|
|
|
S$
|
4
|
|
Mexican Peso/U.S. Dollar
|
Mex$
|
124
|
|
|
Mex$
|
|
|
Chinese Yuan/U.S. Dollar
|
¥
|
59
|
|
|
¥
|
|
|
Net fair value of asset (liability) of outstanding contracts
|
$
|
1
|
|
|
$
|
(2
|
)
|
Year 2018
|
$
|
—
|
|
Year 2019
|
1,344
|
|
|
Year 2020
|
1,072
|
|
|
Year 2021
|
1,072
|
|
|
Year 2022
|
800
|
|
|
Notional balance of outstanding contracts
|
$
|
4,288
|
|
|
September 29,
2018 |
|
December 31,
2017 |
||||
Term Loan B
|
$
|
695
|
|
|
$
|
1,160
|
|
Term Loan A
|
608
|
|
|
679
|
|
||
Revolving Credit Facility
|
473
|
|
|
275
|
|
||
Receivables Financing Facility
|
136
|
|
|
135
|
|
||
Total debt
|
$
|
1,912
|
|
|
$
|
2,249
|
|
Less: Debt issuance costs
|
(5
|
)
|
|
(7
|
)
|
||
Less: Unamortized discounts
|
(7
|
)
|
|
(15
|
)
|
||
Less: Current portion of long-term debt
|
(71
|
)
|
|
(51
|
)
|
||
Total long-term debt
|
$
|
1,829
|
|
|
$
|
2,176
|
|
2018
|
$
|
—
|
|
2019
|
153
|
|
|
2020
|
54
|
|
|
2021
|
1,705
|
|
|
2022
|
—
|
|
|
Thereafter
|
—
|
|
|
Total future maturities of long-term debt
|
$
|
1,912
|
|
|
Nine Months Ended
|
||||||
|
September 29,
2018 |
|
September 30,
2017 |
||||
Balance at the beginning of the period
|
$
|
18
|
|
|
$
|
21
|
|
Warranty expense
|
25
|
|
|
21
|
|
||
Warranty payments
|
(23
|
)
|
|
(23
|
)
|
||
Balance at the end of the period
|
$
|
20
|
|
|
$
|
19
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
September 29,
2018 |
|
September 30,
2017 |
|
September 29,
2018 |
|
September 30,
2017 |
||||||||
Basic:
|
|
|
|
|
|
|
|
|
||||||||
Net income (loss)
|
|
$
|
127
|
|
|
$
|
(12
|
)
|
|
$
|
306
|
|
|
$
|
13
|
|
Weighted-average shares outstanding
|
|
53,740,174
|
|
|
52,220,868
|
|
|
53,516,859
|
|
|
52,964,066
|
|
||||
Basic earnings per share
|
|
$
|
2.37
|
|
|
$
|
(0.23
|
)
|
|
$
|
5.72
|
|
|
$
|
0.25
|
|
|
|
|
|
|
|
|
|
|
||||||||
Diluted:
|
|
|
|
|
|
|
|
|
||||||||
Net income (loss)
|
|
$
|
127
|
|
|
$
|
(12
|
)
|
|
$
|
306
|
|
|
$
|
13
|
|
Weighted-average shares outstanding
|
|
53,740,174
|
|
|
52,220,868
|
|
|
53,516,859
|
|
|
52,964,066
|
|
||||
Dilutive shares
|
|
684,706
|
|
|
—
|
|
|
720,694
|
|
|
667,433
|
|
||||
Diluted weighted-average shares outstanding
|
|
54,424,880
|
|
|
52,220,868
|
|
|
54,237,553
|
|
|
53,631,499
|
|
||||
Diluted earnings per share
|
|
$
|
2.34
|
|
|
$
|
(0.23
|
)
|
|
$
|
5.64
|
|
|
$
|
0.25
|
|
•
|
Unrealized gain (loss) on anticipated sales hedging transactions
relates to derivative instruments used to hedge the exposure related to currency exchange rates for forecasted Euro sales. These hedges are designated as cash flow hedges, and the Company defers income statement recognition of gains and losses until the hedged transaction occurs. See Note 8,
Derivative Instruments
for more details.
|
•
|
Unrealized (loss) gain on forward interest rate swaps hedging transactions
refers to the hedging of the interest rate risk exposure associated with the variable rate commitment entered into for the Enterprise Acquisition. See Note 8,
Derivative Instruments
for more details.
|
•
|
Foreign currency translation adjustments
relate to the Company’s non-U.S. subsidiary companies that have designated a functional currency other than the U.S. dollar. The Company is required to translate the subsidiary functional currency financial statements to dollars using a combination of historical, period-end, and average foreign exchange rates. This combination of rates creates the foreign currency translation adjustment component of Accumulated other comprehensive income (loss).
|
|
|
Unrealized gain (loss) on sales hedging
|
|
Unrealized (loss) gain on forward interest rate swaps
|
|
Currency translation adjustments
|
|
Total
|
||||||||
Balance at December 31, 2016
|
|
$
|
6
|
|
|
$
|
(15
|
)
|
|
$
|
(36
|
)
|
|
$
|
(45
|
)
|
Other comprehensive (loss) income before reclassifications
|
|
(22
|
)
|
|
(2
|
)
|
|
2
|
|
|
(22
|
)
|
||||
Amounts reclassified from AOCI
(1)
|
|
4
|
|
|
6
|
|
|
—
|
|
|
10
|
|
||||
Tax benefit (expense)
|
|
3
|
|
|
(1
|
)
|
|
—
|
|
|
2
|
|
||||
Other comprehensive (loss) income
|
|
(15
|
)
|
|
3
|
|
|
2
|
|
|
(10
|
)
|
||||
Balance at September 30, 2017
|
|
$
|
(9
|
)
|
|
$
|
(12
|
)
|
|
$
|
(34
|
)
|
|
$
|
(55
|
)
|
|
|
|
|
|
|
|
|
|
||||||||
Balance at December 31, 2017
|
|
$
|
(9
|
)
|
|
$
|
(9
|
)
|
|
$
|
(34
|
)
|
|
$
|
(52
|
)
|
Other comprehensive income (loss) before reclassifications
|
|
27
|
|
|
7
|
|
|
(7
|
)
|
|
27
|
|
||||
Amounts reclassified from AOCI
(1)
|
|
(1
|
)
|
|
3
|
|
|
—
|
|
|
2
|
|
||||
Tax (expense)
|
|
(4
|
)
|
|
(2
|
)
|
|
—
|
|
|
(6
|
)
|
||||
Other comprehensive income (loss)
|
|
22
|
|
|
8
|
|
|
(7
|
)
|
|
23
|
|
||||
Balance at September 29, 2018
|
|
$
|
13
|
|
|
$
|
(1
|
)
|
|
$
|
(41
|
)
|
|
$
|
(29
|
)
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 29,
2018 |
|
September 30,
2017 |
|
September 29,
2018 |
|
September 30,
2017 |
||||||||
Net sales:
|
|
|
|
|
|
|
|
||||||||
AIT
|
$
|
353
|
|
|
$
|
325
|
|
|
$
|
1,056
|
|
|
$
|
960
|
|
EVM
|
739
|
|
|
611
|
|
|
2,025
|
|
|
1,739
|
|
||||
Total segment net sales
|
1,092
|
|
|
936
|
|
|
3,081
|
|
|
2,699
|
|
||||
Corporate, eliminations
(1)
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(3
|
)
|
||||
Total net sales
|
$
|
1,092
|
|
|
$
|
935
|
|
|
$
|
3,081
|
|
|
$
|
2,696
|
|
Operating income:
|
|
|
|
|
|
|
|
||||||||
AIT
(3)
|
$
|
81
|
|
|
$
|
64
|
|
|
$
|
241
|
|
|
$
|
199
|
|
EVM
(3)
|
117
|
|
|
86
|
|
|
279
|
|
|
204
|
|
||||
Total segment operating income
|
198
|
|
|
150
|
|
|
520
|
|
|
403
|
|
||||
Corporate, eliminations
(2)
|
(36
|
)
|
|
(59
|
)
|
|
(89
|
)
|
|
(214
|
)
|
||||
Total operating income
|
$
|
162
|
|
|
$
|
91
|
|
|
$
|
431
|
|
|
$
|
189
|
|
(1)
|
Amounts included in Corporate, eliminations consist of purchase accounting adjustments related to the Enterprise Acquisition.
|
(2)
|
Amounts included in Corporate, eliminations consist of purchase accounting adjustments, amortization of intangible assets, acquisition and integration costs, and exit and restructuring costs.
|
(3)
|
During 2018, the Company revised its methodology for allocating certain operating expenses across its two reportable segments to more accurately reflect where these operating costs are being incurred. The reallocations relate primarily to facilities, information technology, marketing and human resources expenses. All periods are presented on a comparable basis and reflect these changes. There was no impact to the Consolidated Financial Statements as a result of these reallocations.
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 29,
2018 |
|
September 30,
2017 |
|
September 29,
2018 |
|
September 30,
2017 |
||||||||
Europe, Middle East and Africa
|
$
|
348
|
|
|
$
|
306
|
|
|
$
|
1,034
|
|
|
$
|
872
|
|
Latin America
|
62
|
|
|
58
|
|
|
175
|
|
|
168
|
|
||||
Asia-Pacific
|
140
|
|
|
119
|
|
|
389
|
|
|
350
|
|
||||
North America
|
542
|
|
|
452
|
|
|
1,483
|
|
|
1,306
|
|
||||
Total Net sales
|
$
|
1,092
|
|
|
$
|
935
|
|
|
$
|
3,081
|
|
|
$
|
2,696
|
|
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||||||||||||||||
|
September 29,
2018 |
|
September 30,
2017 |
|
$ Change
|
|
% Change
|
|
September 29,
2018 |
|
September 30,
2017 |
|
$ Change
|
|
% Change
|
||||||||||||||
Net sales
|
$
|
1,092
|
|
|
$
|
935
|
|
|
$
|
157
|
|
|
16.8
|
%
|
|
$
|
3,081
|
|
|
$
|
2,696
|
|
|
$
|
385
|
|
|
14.3
|
%
|
Gross profit
|
505
|
|
|
429
|
|
|
76
|
|
|
17.7
|
%
|
|
1,442
|
|
|
1,241
|
|
|
201
|
|
|
16.2
|
%
|
||||||
Operating expenses
|
343
|
|
|
338
|
|
|
5
|
|
|
1.5
|
%
|
|
1,011
|
|
|
1,052
|
|
|
(41
|
)
|
|
(3.9
|
)%
|
||||||
Operating income
|
$
|
162
|
|
|
$
|
91
|
|
|
$
|
71
|
|
|
78.0
|
%
|
|
$
|
431
|
|
|
$
|
189
|
|
|
$
|
242
|
|
|
128.0
|
%
|
Gross margin
|
46.2
|
%
|
|
45.9
|
%
|
|
|
|
|
|
46.8
|
%
|
|
46.0
|
%
|
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||||||||||||||||
|
September 29,
2018 |
|
September 30,
2017 |
|
$ Change
|
|
% Change
|
|
September 29,
2018 |
|
September 30,
2017 |
|
$ Change
|
|
% Change
|
||||||||||||||
EMEA
|
$
|
348
|
|
|
$
|
306
|
|
|
$
|
42
|
|
|
13.7
|
%
|
|
$
|
1,034
|
|
|
$
|
872
|
|
|
$
|
162
|
|
|
18.6
|
%
|
Latin America
|
62
|
|
|
58
|
|
|
4
|
|
|
6.9
|
%
|
|
175
|
|
|
168
|
|
|
7
|
|
|
4.2
|
%
|
||||||
Asia-Pacific
|
140
|
|
|
119
|
|
|
21
|
|
|
17.6
|
%
|
|
389
|
|
|
350
|
|
|
39
|
|
|
11.1
|
%
|
||||||
Total International
|
550
|
|
|
483
|
|
|
67
|
|
|
13.9
|
%
|
|
1,598
|
|
|
1,390
|
|
|
208
|
|
|
15.0
|
%
|
||||||
North America
|
542
|
|
|
452
|
|
|
90
|
|
|
19.9
|
%
|
|
1,483
|
|
|
1,306
|
|
|
177
|
|
|
13.6
|
%
|
||||||
Total net sales
|
$
|
1,092
|
|
|
$
|
935
|
|
|
$
|
157
|
|
|
16.8
|
%
|
|
$
|
3,081
|
|
|
$
|
2,696
|
|
|
$
|
385
|
|
|
14.3
|
%
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||||||||||||||||
|
September 29,
2018 |
|
September 30,
2017 |
|
$ Change
|
|
% Change
|
|
September 29,
2018 |
|
September 30,
2017 |
|
$ Change
|
|
% Change
|
||||||||||||||
Selling and marketing
|
$
|
120
|
|
|
$
|
113
|
|
|
$
|
7
|
|
|
6.2
|
%
|
|
$
|
361
|
|
|
$
|
336
|
|
|
$
|
25
|
|
|
7.4
|
%
|
Research and development
|
113
|
|
|
96
|
|
|
17
|
|
|
17.7
|
%
|
|
323
|
|
|
291
|
|
|
32
|
|
|
11.0
|
%
|
||||||
General and administrative
|
75
|
|
|
71
|
|
|
4
|
|
|
5.6
|
%
|
|
239
|
|
|
214
|
|
|
25
|
|
|
11.7
|
%
|
||||||
Amortization of intangible assets
|
25
|
|
|
49
|
|
|
(24
|
)
|
|
(49.0
|
)%
|
|
71
|
|
|
151
|
|
|
(80
|
)
|
|
(53.0
|
)%
|
||||||
Acquisition and integration costs
|
6
|
|
|
4
|
|
|
2
|
|
|
50.0
|
%
|
|
8
|
|
|
50
|
|
|
(42
|
)
|
|
(84.0
|
)%
|
||||||
Exit and restructuring costs
|
4
|
|
|
5
|
|
|
(1
|
)
|
|
(20.0
|
)%
|
|
9
|
|
|
10
|
|
|
(1
|
)
|
|
(10.0
|
)%
|
||||||
Total operating expenses
|
$
|
343
|
|
|
$
|
338
|
|
|
$
|
5
|
|
|
1.5
|
%
|
|
$
|
1,011
|
|
|
$
|
1,052
|
|
|
$
|
(41
|
)
|
|
(3.9
|
)%
|
|
Three Months Ended
|
|
Nine Months Ended
|
||
|
September 29, 2018
|
|
September 29, 2018
|
||
Reported GAAP Consolidated Net sales growth
|
16.8
|
%
|
|
14.3
|
%
|
Adjustments:
|
|
|
|
||
Impact of foreign currency translation
(1)
|
(0.9
|
)%
|
|
(2.1
|
)%
|
Impact of Xplore acquisition
(2)
|
(0.8
|
)%
|
|
(0.3
|
)%
|
Consolidated Organic Net sales growth
|
15.1
|
%
|
|
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.
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||||||||||||||||
|
September 29,
2018 |
|
September 30,
2017 |
|
$ Change
|
|
% Change
|
|
September 29,
2018 |
|
September 30,
2017 |
|
$ Change
|
|
% Change
|
||||||||||||||
Net sales
|
$
|
353
|
|
|
$
|
325
|
|
|
$
|
28
|
|
|
8.6
|
%
|
|
$
|
1,056
|
|
|
$
|
960
|
|
|
$
|
96
|
|
|
10.0
|
%
|
Gross profit
|
172
|
|
|
154
|
|
|
18
|
|
|
11.7
|
%
|
|
528
|
|
|
471
|
|
|
57
|
|
|
12.1
|
%
|
||||||
Operating expenses
|
91
|
|
|
90
|
|
|
1
|
|
|
1.1
|
%
|
|
287
|
|
|
272
|
|
|
15
|
|
|
5.5
|
%
|
||||||
Operating income
|
$
|
81
|
|
|
$
|
64
|
|
|
$
|
17
|
|
|
26.6
|
%
|
|
$
|
241
|
|
|
$
|
199
|
|
|
$
|
42
|
|
|
21.1
|
%
|
Gross margin
|
48.7
|
%
|
|
47.4
|
%
|
|
|
|
|
|
50.0
|
%
|
|
49.1
|
%
|
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||
|
September 29, 2018
|
|
September 29, 2018
|
||
AIT Reported GAAP Net sales growth
|
8.6
|
%
|
|
10.0
|
%
|
Adjustments:
|
|
|
|
||
Impact of foreign currency translations
(1)
|
(0.5
|
)%
|
|
(1.9
|
)%
|
AIT Organic Net sales growth
|
8.1
|
%
|
|
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, 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.
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||||||||||||||||
|
September 29,
2018 |
|
September 30,
2017 |
|
$ Change
|
|
% Change
|
|
September 29,
2018 |
|
September 30,
2017 |
|
$ Change
|
|
% Change
|
||||||||||||||
Net sales
|
$
|
739
|
|
|
$
|
611
|
|
|
$
|
128
|
|
|
20.9
|
%
|
|
$
|
2,025
|
|
|
$
|
1,739
|
|
|
$
|
286
|
|
|
16.4
|
%
|
Gross profit
|
334
|
|
|
276
|
|
|
58
|
|
|
21.0
|
%
|
|
915
|
|
|
773
|
|
|
142
|
|
|
18.4
|
%
|
||||||
Operating expenses
|
217
|
|
|
190
|
|
|
27
|
|
|
14.2
|
%
|
|
636
|
|
|
569
|
|
|
67
|
|
|
11.8
|
%
|
||||||
Operating income
|
$
|
117
|
|
|
$
|
86
|
|
|
$
|
31
|
|
|
36.0
|
%
|
|
$
|
279
|
|
|
$
|
204
|
|
|
$
|
75
|
|
|
36.8
|
%
|
Gross margin
|
45.2
|
%
|
|
45.2
|
%
|
|
|
|
|
|
45.2
|
%
|
|
44.5
|
%
|
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||
|
September 29, 2018
|
|
September 29, 2018
|
||
EVM Reported GAAP Net sales growth
|
20.9
|
%
|
|
16.4
|
%
|
Adjustments:
|
|
|
|
||
Impact of foreign currency translation
(1)
|
(0.9
|
)%
|
|
(2.1
|
)%
|
Impact of Xplore acquisition
(2)
|
(1.2
|
)%
|
|
(0.4
|
)%
|
EVM Organic Net sales growth
|
18.8
|
%
|
|
13.9
|
%
|
(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, the Company excludes 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.
|
|
Nine Months Ended
|
|||||||||||||
Cash flows provided by (used in) from:
|
September 29,
2018 |
|
September 30,
2017 |
|
$ Change
|
|
% Change
|
|||||||
Operating activities
|
$
|
460
|
|
|
$
|
210
|
|
|
$
|
250
|
|
|
119.0
|
%
|
Investing activities
|
(120
|
)
|
|
(37
|
)
|
|
(83
|
)
|
|
224.3
|
%
|
|||
Financing activities
|
(351
|
)
|
|
(237
|
)
|
|
(114
|
)
|
|
48.1
|
%
|
|||
Effect of exchange rates on cash
|
(6
|
)
|
|
(4
|
)
|
|
(2
|
)
|
|
50.0
|
%
|
|||
Net decrease in cash and cash equivalents
|
$
|
(17
|
)
|
|
$
|
(68
|
)
|
|
$
|
51
|
|
|
(75.0
|
)%
|
•
|
Cash flow provided by operating activities increased by
$250 million
compared to the prior year period. The increase was primarily due to higher net income, lower cash payments for interest and income taxes as well as improved inventory management and favorable timing of accounts payable, that was partially offset by timing of accounts receivable collections.
|
•
|
The increase in net cash used in investing activities was driven by cash payments for the net assets of the Xplore acquisition and higher capital expenditures.
|
•
|
Net cash used in financing activities during the
nine-month period ended
September 29, 2018
consisted primarily of net debt repayments of
$346 million
compared to $236 million (including $49 million of debt extinguishment payments) in the
nine-month period ended
September 30, 2017
.
|
|
Nine Months Ended
|
||||||||||||||||
|
September 29, 2018
|
|
September 30, 2017
|
||||||||||||||
|
AIT
|
|
EVM
|
|
Total
|
|
AIT
|
|
EVM
|
|
Total
|
||||||
Customer A
|
6.2
|
%
|
|
14.0
|
%
|
|
20.2
|
%
|
|
6.5
|
%
|
|
14.8
|
%
|
|
21.3
|
%
|
Customer B
|
6.1
|
%
|
|
7.6
|
%
|
|
13.7
|
%
|
|
6.3
|
%
|
|
6.8
|
%
|
|
13.1
|
%
|
Customer C
|
5.5
|
%
|
|
9.9
|
%
|
|
15.4
|
%
|
|
5.2
|
%
|
|
8.5
|
%
|
|
13.7
|
%
|
•
|
Market acceptance of the Company’s products and solution offerings and competitors’ offerings and the potential effects of technological changes,
|
•
|
The effect of global market conditions, including North America; EMEA; Latin America; and Asia-Pacific regions in which we do business,
|
•
|
The impact of foreign exchange rates due to the large percentage of our sales and operations being outside the United States (“U.S.”),
|
•
|
Our ability to control manufacturing and operating costs,
|
•
|
Risks related to the manufacturing of the Company’s products and conducting business operations in non-U.S. countries, including the risk of depending on key suppliers who are also in non-U.S. countries,
|
•
|
The Company’s ability to purchase sufficient materials, parts, and components to meet customer demand, particularly in light of global economic conditions,
|
•
|
The availability of credit and the volatility of capital markets, which may affect our suppliers, customers, and ourselves,
|
•
|
Success of integrating acquisitions,
|
•
|
Interest rate and financial market conditions,
|
•
|
Access to cash and cash equivalents held outside the U.S.,
|
•
|
The effect of natural disasters on our business,
|
•
|
The impact of changes in foreign and domestic governmental policies, laws, or regulations,
|
•
|
The outcome of litigation in which the Company may be involved, particularly litigation or claims related to infringement of third-party intellectual property rights, and
|
•
|
The outcome of any future tax matters or tax law changes.
|
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk
|
Item 4.
|
Controls and Procedures
|
Item 1.
|
Legal Proceedings
|
Item 1A.
|
Risk Factors
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
Item 6.
|
Exhibits
|
31.1
|
|
|
|
31.2
|
|
|
|
32.1
|
|
|
|
32.2
|
|
|
|
101
|
The following financial information from Zebra Technologies Corporation Quarterly Report on Form 10-Q, for the quarter ended September 29, 2018, formatted in XBRL (Extensible Business Reporting Language): (i) the consolidated balance sheets; (ii) the consolidated statements of operations; (iii) the consolidated statements of comprehensive income (loss); (iv) the consolidated statements of cash flows; and (v) notes to consolidated financial statements.
|
|
ZEBRA TECHNOLOGIES CORPORATION
|
||
|
|
|
|
Date: November 6, 2018
|
By:
|
|
/s/ Anders Gustafsson
|
|
|
|
Anders Gustafsson
|
|
|
|
Chief Executive Officer
|
|
|
|
|
Date: November 6, 2018
|
By:
|
|
/s/ Olivier Leonetti
|
|
|
|
Olivier Leonetti
|
|
|
|
Chief Financial Officer
|
1 Year Zebra Technologies Chart |
1 Month Zebra Technologies Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions