Zebra Applied sciences Broadcasts First-Quarter 2022 Outcomes

LINCOLNSHIRE, In poor health.–(BUSINESS WIRE)–Zebra Applied sciences Company (NASDAQ: ZBRA), an innovator on the fringe of the enterprise with options and companions that allow companies to realize a efficiency edge, at present introduced outcomes for the primary quarter ended April 2, 2022.

“Our group delivered strong first quarter outcomes, executing effectively in a difficult macro surroundings. Gross sales and earnings exceeded the excessive finish of our steering ranges, regardless of provide chain prices that have been increased than our expectations,”​ mentioned Anders Gustafsson, Chief Govt Officer of Zebra Applied sciences. “Regardless of international macro headwinds, we’re reiterating our full-year 2022 gross sales outlook given our robust order backlog and sturdy pipeline. Because of elevated premium freight and provide chain prices from international pressures since our prior outlook, we’re reducing our full-year 2022 adjusted EBITDA margin information. We proceed to put money into our vibrant enterprise and are enthusiastic about our proposed acquisition of Matrox Imaging which can create a complete portfolio of machine imaginative and prescient options to deal with the elevated wants of producers.”​

$ in hundreds of thousands, besides per share quantities

 

1Q22

 

 

1Q21

 

Change

Choose reported measures:

 

 

 

Web gross sales

$

1,432

 

$

1,347

 

6.3

%

Gross revenue

 

637

 

 

655

 

(2.7

%)

Gross margin

 

44.5

%

 

48.6

%

(410) bps

Web revenue

 

205

 

 

228

 

(10.1

%)

Web revenue margin

 

14.3

%

 

16.9

%

(260) bps

Web revenue per diluted share

$

3.83

 

$

4.22

 

(9.2

%)

 

 

 

 

Choose Non-GAAP measures:

 

 

 

Adjusted internet gross sales

$

1,432

 

$

1,350

 

6.1

%

Natural internet gross sales development

 

 

5.4

%

Adjusted gross revenue

 

638

 

 

660

 

(3.3

%)

Adjusted gross margin

 

44.6

%

 

48.9

%

(430) bps

Adjusted EBITDA

 

285

 

 

341

 

(16.4

%)

Adjusted EBITDA margin

 

19.9

%

 

25.3

%

(540) bps

Non-GAAP internet revenue

$

214

 

$

258

 

(17.1

%)

Non-GAAP earnings per diluted share

$

4.01

 

$

4.79

 

(16.3

%)

Web gross sales have been $1,432 million within the first quarter of 2022 in comparison with $1,347 million within the first quarter of 2021. Web gross sales within the Enterprise Visibility & Mobility (“EVM”) phase have been $1,038 million within the first quarter of 2022 in contrast with $921 million within the first quarter of 2021. Asset Intelligence & Monitoring (“AIT”) phase internet gross sales have been $394 million within the first quarter of 2022 in comparison with $429 million within the prior 12 months interval. Consolidated natural internet gross sales for the primary quarter elevated 5.4%. First-quarter year-over-year natural internet gross sales elevated by 11.6% within the EVM phase and decreased by 8.1% within the AIT phase.

First quarter 2022 gross revenue was $637 million in comparison with $655 million within the prior 12 months interval. Gross margin decreased to 44.5% for the primary quarter of 2022 in comparison with 48.6% within the prior 12 months interval. The lower was primarily resulting from elevated premium freight and part half prices, in addition to unfavorable enterprise combine. These decreases have been partially offset by increased service and software program margin. Adjusted gross margin was 44.6% within the first quarter of 2022 in comparison with 48.9% within the prior 12 months interval.

Working bills elevated within the first quarter of 2022 to $425 million from $383 million within the prior 12 months interval, primarily resulting from just lately acquired companies, in addition to elevated advertising and marketing program actions and worker journey as in-person actions resumed. Adjusted working bills elevated within the first quarter of 2022 to $372 million from $337 million within the prior 12 months interval.

Web revenue for the primary quarter of 2022 was $205 million, or $3.83 per diluted share, in comparison with internet revenue of $228 million, or $4.22 per diluted share, for the primary quarter of 2021. Non-GAAP internet revenue for the primary quarter of 2022 decreased to $214 million, or $4.01 per diluted share, in comparison with $258 million, or $4.79 per diluted share, for the prior 12 months interval.

Adjusted EBITDA for the primary quarter of 2022 decreased to $285 million, or 19.9% of adjusted internet gross sales, in comparison with $341 million, or 25.3% of adjusted internet gross sales for the primary quarter of 2021 resulting from decrease gross revenue and better working bills as a share of gross sales.

Steadiness Sheet and Money Circulate

As of April 2, 2022, the corporate had money and money equivalents of $141 million and complete debt of $1,101 million.

For the primary three months of 2022, the corporate generated $54 million of working money move and made capital expenditures of $14 million, leading to free money move of $40 million. The corporate made $5 million in enterprise investments. As well as, the corporate made $305 million of share repurchases beneath its present authorization and had internet debt borrowings of $105 million.

Outlook

Second Quarter 2022

The corporate expects second quarter 2022 adjusted internet gross sales to extend 3% to 7% in comparison with the second quarter of 2021 which assumes a internet impartial affect from acquisitions and international forex translation.

Adjusted EBITDA margin for the second quarter of 2022 is anticipated to be roughly 20% to 21%, which incorporates roughly $60 million of premium provide chain prices. Non-GAAP earnings per diluted share are anticipated to be within the vary of $4.05 to $4.35. This assumes an adjusted efficient tax price of roughly 18%.

Full 12 months 2022

The Firm continues to count on adjusted internet gross sales to extend 3% to 7% from 2021, which assumes roughly 50 foundation level damaging internet affect from international forex translation and acquisitions.

Adjusted EBITDA margin is now anticipated to be roughly 22% to 23%. This assumes roughly $200 million affect from premium provide chain prices.

Free money move is now anticipated to be at the very least $800 million.

The outlook quantities supplied above don’t embrace any projected outcomes from the acquisition of Matrox Imaging, which is anticipated to shut mid-2022.

The corporate doesn’t present a reconciliation for non-GAAP estimates on a forward-looking foundation the place it’s unable to supply a significant or correct calculation or estimation of reconciling gadgets and the knowledge will not be obtainable with out unreasonable effort. That is as a result of inherent problem of forecasting the timing or quantity of essentially the most instantly comparable forward-looking GAAP monetary measure as mentioned beneath the “Ahead-Trying Statements” caption under. This would come with gadgets that haven’t but occurred, are out of the corporate’s management and/or can’t be fairly predicted, and that might affect diluted internet earnings per share. For a similar causes, the corporate is unable to deal with the possible significance of the unavailable data. Ahead-looking non-GAAP monetary measures supplied with out essentially the most instantly comparable GAAP monetary measures could differ materially from the corresponding GAAP monetary measures.

Convention Name Notification

Buyers are invited to hearken to a reside webcast of Zebra’s convention name concerning the corporate’s monetary outcomes. The convention name can be held at present, Tuesday Might 3, at 7:30 a.m. Central Time (8:30 a.m. Japanese Time). To view the webcast, go to the investor relations part of the corporate’s web site at buyers.zebra.com.

About Zebra

Zebra (NASDAQ: ZBRA) empowers organizations to thrive within the on-demand economic system by making each front-line employee and asset on the edge seen, related and absolutely optimized. With an ecosystem of greater than 10,000 companions throughout greater than 100 nations, Zebra serves prospects of all sizes – together with 94% of the Fortune 100 – with an award-winning portfolio of {hardware}, software program, companies and options that digitize and automate workflows. Provide chains are extra dynamic, prospects and sufferers are higher served, and staff are extra engaged after they make the most of Zebra improvements that assist them sense, analyze and act in actual time. In 2021, Zebra expanded its industrial automation portfolio with its Fetch Robotics acquisition and elevated its machine imaginative and prescient and AI software program capabilities with the acquisitions of Adaptive Imaginative and prescient and antuit.ai. Zebra is #25 on Newsweek’s inaugural checklist of America’s Most Liked Workplaces and on Forbes’ checklist of America’s finest employers for the fifth 12 months. Study extra at zebra.com or join information alerts. Observe Zebra’s Your Edge weblog, LinkedIn, Twitter and Fb, and take a look at our Story Hub: Zebra Views.

Ahead-Trying Statements

This press launch incorporates forward-looking statements, as outlined by the Non-public Securities Litigation Reform Act of 1995, together with, with out limitation, the statements concerning the corporate’s outlook. Precise outcomes could differ from these expressed or implied within the firm’s forward-looking statements. These statements signify estimates solely as of the date they have been made. Zebra undertakes no obligation, apart from as could also be required by legislation, to publicly replace or revise any forward-looking statements, whether or not because of new data, future occasions, modified circumstances or some other motive after the date of this launch.

These forward-looking statements are based mostly on present expectations, forecasts and assumptions and are topic to the dangers and uncertainties inherent in Zebra’s trade, market circumstances, normal home and worldwide financial circumstances, and different components. These components embrace buyer acceptance of Zebra’s choices and rivals’ choices and the potential results of rising applied sciences and adjustments in buyer necessities. The impact of world market circumstances, and the provision of credit score and capital markets volatility could have adversarial results on Zebra, its suppliers and its prospects. As well as, pure disasters, man-made disasters, public well being points (together with pandemics), and cybersecurity incidents could have damaging results on our enterprise and outcomes of operations. Our capacity to buy adequate supplies, elements, and parts in addition to our capacity to supply companies and software program to satisfy buyer demand may negatively affect our outcomes of operations and buyer relationships. Earnings and profitability could also be affected by Zebra’s capacity to regulate manufacturing and working prices. Due to its debt, rates of interest and monetary market circumstances can also have an effect on outcomes. International trade charges, customs duties and commerce insurance policies could affect monetary outcomes due to the big share of our worldwide gross sales. The impacts of adjustments in international and home governmental insurance policies, rules, or legal guidelines, in addition to the end result of litigation or tax issues through which Zebra could also be concerned are different components. The success of integrating acquisitions may additionally have an effect on profitability, reported outcomes and the corporate’s aggressive place in its trade. These and different components may have an adversarial impact on Zebra’s gross sales, gross revenue margins and outcomes of operations and enhance the volatility of our monetary outcomes. When used on this launch and paperwork referenced, the phrases “anticipate,” “imagine,” “outlook,” and “count on” and related expressions, as they relate to the corporate or its administration, are meant to establish such forward-looking statements, however are usually not the unique technique of figuring out these statements. Descriptions of the dangers, uncertainties and different components that might have an effect on the corporate’s future operations and outcomes will be present in Zebra’s filings with the Securities and Change Fee, together with the corporate’s most up-to-date Kind 10-Okay and Kind 10-Q.

Use of Non-GAAP Monetary Info

This press launch incorporates sure Non-GAAP monetary measures, consisting of “adjusted internet gross sales,” “adjusted gross revenue,” “EBITDA,” “Adjusted EBITDA,” “Non-GAAP internet revenue,” “Non-GAAP earnings per share,” “free money move,” “natural internet gross sales development,” and “adjusted working bills.” Administration presents these measures to deal with the on-going operations and believes it’s helpful to buyers as a result of they permit them to carry out significant comparisons of previous and current working outcomes. The corporate believes it’s helpful to current non-GAAP monetary measures, which exclude sure vital gadgets, as a way to grasp the efficiency of its ongoing operations and the way administration views the enterprise. Please see the “Reconciliation of GAAP to Non-GAAP Monetary Measures” tables and accompanying disclosures on the finish of this press launch for extra detailed data concerning non-GAAP monetary measures herein, together with the gadgets mirrored in adjusted internet earnings calculations. These measures, nevertheless, shouldn’t be construed as an alternative choice to some other measure of efficiency decided in accordance with GAAP.

The corporate doesn’t present a reconciliation for non-GAAP estimates on a forward-looking foundation (together with the knowledge beneath “Outlook” above) the place it’s unable to supply a significant or correct calculation or estimation of reconciling gadgets and the knowledge will not be obtainable with out unreasonable effort. That is as a result of inherent problem of forecasting the timing or quantity of assorted gadgets that haven’t but occurred, are out of the corporate’s management and/or can’t be fairly predicted, and that might affect diluted internet earnings per share, essentially the most instantly comparable forward-looking GAAP monetary measure. For a similar causes, the corporate is unable to deal with the possible significance of the unavailable data. Ahead-looking non-GAAP monetary measures supplied with out essentially the most instantly comparable GAAP monetary measures could differ materially from the corresponding GAAP monetary measures.

As a worldwide firm, Zebra’s working outcomes reported in U.S. {dollars} are affected by international forex trade price fluctuations as a result of the underlying foreign exchange through which the corporate transacts change in worth over time in comparison with the U.S. greenback; accordingly, the corporate presents sure natural development monetary data, which incorporates impacts of international forex translation, to supply a framework to evaluate how the corporate’s companies carried out excluding the affect of international forex trade price fluctuations. International forex affect represents the distinction in outcomes which can be attributable to fluctuations within the forex trade charges used to transform the outcomes for companies the place the useful forex will not be the U.S. greenback. This affect is calculated by translating present interval outcomes on the forex trade charges used within the comparable interval within the prior 12 months, reasonably than the trade charges in impact in the course of the present interval. As well as, the corporate excludes the affect of its international forex hedging program within the prior 12 months intervals. The corporate believes these measures ought to be thought of a complement to and never in lieu of the corporate’s efficiency measures calculated in accordance with GAAP.

ZEBRA TECHNOLOGIES CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In hundreds of thousands, besides share knowledge)

 

 

April 2,

2022

 

December 31,

2021

 

(Unaudited)

 

 

Belongings

 

 

 

Present belongings:

 

 

 

Money and money equivalents

$

141

 

 

$

332

 

Accounts receivable, internet of allowances for uncertain accounts of $1 million every as of April 2, 2022 and December 31, 2021

 

808

 

 

 

752

 

Inventories, internet

 

469

 

 

 

491

 

Earnings tax receivable

 

14

 

 

 

8

 

Pay as you go bills and different present belongings

 

137

 

 

 

106

 

Complete Present belongings

 

1,569

 

 

 

1,689

 

Property, plant and tools, internet

 

271

 

 

 

272

 

Proper-of-use lease belongings

 

133

 

 

 

131

 

Goodwill

 

3,266

 

 

 

3,265

 

Different intangibles, internet

 

437

 

 

 

469

 

Deferred revenue taxes

 

226

 

 

 

192

 

Different long-term belongings

 

227

 

 

 

197

 

Complete Belongings

$

6,129

 

 

$

6,215

 

Liabilities and Stockholders’ Fairness

 

 

 

Present liabilities:

 

 

 

Present portion of long-term debt

$

183

 

 

$

69

 

Accounts payable

 

691

 

 

 

700

 

Accrued liabilities

 

459

 

 

 

639

 

Deferred income

 

397

 

 

 

380

 

Earnings taxes payable

 

69

 

 

 

12

 

Complete Present liabilities

 

1,799

 

 

 

1,800

 

Lengthy-term debt

 

913

 

 

 

922

 

Lengthy-term lease liabilities

 

122

 

 

 

121

 

Deferred revenue taxes

 

4

 

 

 

6

 

Lengthy-term deferred income

 

318

 

 

 

315

 

Different long-term liabilities

 

67

 

 

 

67

 

Complete Liabilities

 

3,223

 

 

 

3,231

 

Stockholders’ Fairness:

 

 

 

Most well-liked inventory, $.01 par worth; licensed 10,000,000 shares; none issued

 

 

 

 

 

Class A typical inventory, $.01 par worth; licensed 150,000,000 shares; issued 72,151,857 shares

 

1

 

 

 

1

 

Extra paid-in capital

 

487

 

 

 

462

 

Treasury inventory at price, 19,367,014 and 18,736,582 shares as of April 2, 2022 and December 31, 2021, respectively

 

(1,331

)

 

 

(1,023

)

Retained earnings

 

3,778

 

 

 

3,573

 

Collected different complete loss

 

(29

)

 

 

(29

)

Complete Stockholders’ Fairness

 

2,906

 

 

 

2,984

 

Complete Liabilities and Stockholders’ Fairness

$

6,129

 

 

$

6,215

 

ZEBRA TECHNOLOGIES CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(In hundreds of thousands, besides share knowledge)

(Unaudited)

 

 

Three Months Ended

 

April 2,

2022

 

April 3,

2021

Web gross sales:

 

 

 

Tangible merchandise

$

1,207

 

$

1,153

Companies and software program

 

225

 

 

194

Complete Web gross sales

 

1,432

 

 

1,347

Price of gross sales:

 

 

 

Tangible merchandise

 

681

 

 

591

Companies and software program

 

114

 

 

101

Complete Price of gross sales

 

795

 

 

692

Gross revenue

 

637

 

 

655

Working bills:

 

 

 

Promoting and advertising and marketing

 

152

 

 

134

Analysis and growth

 

137

 

 

140

Basic and administrative

 

99

 

 

82

Amortization of intangible belongings

 

33

 

 

26

Acquisition and integration prices

 

4

 

 

1

Complete Working bills

 

425

 

 

383

Working revenue

 

212

 

 

272

Different revenue, internet:

 

 

 

International trade acquire

 

8

 

 

2

Curiosity revenue, internet

 

30

 

 

2

Complete Different revenue, internet

 

38

 

 

4

Earnings earlier than revenue tax

 

250

 

 

276

Earnings tax expense

 

45

 

 

48

Web revenue

$

205

 

$

228

Fundamental earnings per share

$

3.86

 

$

4.26

Diluted earnings per share

$

3.83

 

$

4.22

ZEBRA TECHNOLOGIES CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In hundreds of thousands)

(Unaudited)

 

 

Three Months Ended

 

April 2,

2022

 

April 3,

2021

Money flows from working actions:

 

 

 

Web revenue

$

205

 

 

$

228

 

Changes to reconcile internet revenue to internet money supplied by working actions:

 

 

 

Depreciation and amortization

 

52

 

 

 

44

 

Share-based compensation

 

17

 

 

 

16

 

Deferred revenue taxes

 

(37

)

 

 

(2

)

Unrealized acquire on ahead rate of interest swaps

 

(38

)

 

 

(12

)

Different, internet

 

(1

)

 

 

(1

)

Modifications in working belongings and liabilities:

 

 

 

Accounts receivable, internet

 

(56

)

 

 

(15

)

Inventories, internet

 

22

 

 

 

(17

)

Different belongings

 

(19

)

 

 

(18

)

Accounts payable

 

(14

)

 

 

(30

)

Accrued liabilities

 

(143

)

 

 

(47

)

Deferred income

 

18

 

 

 

50

 

Earnings taxes

 

51

 

 

 

28

 

Different working actions

 

(3

)

 

 

 

Web money supplied by working actions

 

54

 

 

 

224

 

Money flows from investing actions:

 

 

 

Purchases of property, plant and tools

 

(14

)

 

 

(10

)

Purchases of long-term investments

 

(5

)

 

 

(13

)

Web money utilized in investing actions

 

(19

)

 

 

(23

)

Money flows from financing actions:

 

 

 

Funds of long-term debt

 

(25

)

 

 

(156

)

Proceeds from issuance of long-term debt

 

130

 

 

 

 

Funds for repurchases of widespread inventory

 

(305

)

 

 

 

Web proceeds (funds) associated to share-based compensation plans

 

5

 

 

 

(6

)

Change in unremitted money collections from servicing factored receivables

 

(25

)

 

 

(19

)

Web money utilized in financing actions

 

(220

)

 

 

(181

)

Impact of trade price adjustments on money and money equivalents, together with restricted money

 

(2

)

 

 

(2

)

Web (lower) enhance in money and money equivalents, together with restricted money

 

(187

)

 

 

18

 

Money and money equivalents, together with restricted money, at starting of interval

 

344

 

 

 

192

 

Money and money equivalents, together with restricted money, at finish of interval

$

157

 

 

$

210

 

Much less restricted money, included in Pay as you go bills and different present belongings

 

(16

)

 

 

(33

)

Money and money equivalents at finish of interval

$

141

 

 

$

177

 

Supplemental disclosures of money move data:

 

 

 

Earnings taxes paid

$

29

 

 

$

22

 

Curiosity paid

$

8

 

 

$

9

 

ZEBRA TECHNOLOGIES CORPORATION AND SUBSIDIARIES

RECONCILIATION OF ORGANIC NET SALES GROWTH

(Unaudited)

 

 

 

 

 

 

 

Three Months Ended

 

April 2, 2022

 

AIT

 

EVM

 

Consolidated

Reported GAAP Consolidated Web gross sales development

(8.2

) %

 

12.7

%

 

6.3

%

Changes:

 

 

 

 

 

Affect of international forex translation (1)

0.1

%

 

0.1

%

 

0.1

%

Affect of acquisitions (2)

%

 

(1.2

) %

 

(1.0

) %

Consolidated Natural Web gross sales development

(8.1

) %

 

11.6

%

 

5.4

%

(1)

Working outcomes reported in U.S. {Dollars} are affected by international forex trade price fluctuations. International forex translation affect represents the distinction in outcomes which can be attributable to fluctuations within the forex trade charges used to transform the outcomes for companies the place the useful forex will not be the U.S. Greenback. This affect is calculated by translating the present interval outcomes on the forex trade charges used within the comparable prior 12 months interval, inclusive of the Firm’s international forex hedging program.

 

(2)

For functions of computing Natural Web gross sales development, quantities instantly attributable to the acquisitions of Adaptive Imaginative and prescient, Fetch and Antuit are excluded for twelve months following their respective acquisitions.

ZEBRA TECHNOLOGIES CORPORATION AND SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP GROSS MARGIN

(In hundreds of thousands)

(Unaudited)

 

 

Three Months Ended

 

April 2, 2022

 

April 3, 2021

 

AIT

 

EVM

 

Consolidated

 

AIT

 

EVM

 

Consolidated

GAAP

 

 

 

 

 

 

 

 

 

 

 

Reported Web gross sales (1)

$

394

 

 

$

1,038

 

 

$

1,432

 

 

$

429

 

 

$

921

 

 

$

1,347

 

Reported Gross revenue (1)

 

154

 

 

 

483

 

 

 

637

 

 

 

207

 

 

 

451

 

 

 

655

 

Gross Margin

 

39.1

%

 

 

46.5

%

 

 

44.5

%

 

 

48.3

%

 

 

49.0

%

 

 

48.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP

 

 

 

 

 

 

 

 

 

 

 

Adjusted Web gross sales

$

394

 

 

$

1,038

 

 

$

1,432

 

 

$

429

 

 

$

921

 

 

$

1,350

 

Adjusted Gross revenue (2)

 

154

 

 

 

484

 

 

 

638

 

 

 

207

 

 

 

453

 

 

 

660

 

Adjusted Gross Margin

 

39.1

%

 

 

46.6

%

 

 

44.6

%

 

 

48.3

%

 

 

49.2

%

 

 

48.9

%

(1)

Consolidated outcomes embrace company eliminations associated to enterprise acquisition buy accounting changes that aren’t reported in phase outcomes.

(2)

Adjusted Gross revenue excludes enterprise acquisition buy accounting changes and share-based compensation expense.

ZEBRA TECHNOLOGIES CORPORATION AND SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP NET INCOME

(In hundreds of thousands, besides share knowledge)

(Unaudited)

 

 

Three Months Ended

 

April 2,

2022

 

April 3,

2021

Web revenue

$

205

 

 

$

228

 

Changes to Web gross sales(1)

 

 

 

Buy accounting changes

 

 

 

 

3

 

Complete changes to Web gross sales

 

 

 

 

3

 

Changes to Price of gross sales(1)

 

 

 

Share-based compensation

 

1

 

 

 

2

 

Complete changes to Price of gross sales

 

1

 

 

 

2

 

Changes to Working bills(1)

 

 

 

Amortization of intangible belongings

 

33

 

 

 

26

 

Acquisition and integration prices

 

4

 

 

 

1

 

Share-based compensation

 

16

 

 

 

19

 

Complete changes to Working bills

 

53

 

 

 

46

 

Changes to Different revenue (expense), internet(1)

 

 

 

Amortization of debt issuance prices and reductions

 

 

 

 

1

 

Funding acquire

 

 

 

 

(1

)

International trade acquire

 

(8

)

 

 

(2

)

Ahead rate of interest swap acquire

 

(34

)

 

 

(8

)

Complete changes to Different revenue (expense), internet

 

(42

)

 

 

(10

)

Earnings tax impact of changes(2)

 

 

 

Reported revenue tax expense

 

45

 

 

 

48

 

Much less: Adjusted revenue tax expense

 

(48

)

 

 

(59

)

Complete changes to revenue tax

 

(3

)

 

 

(11

)

Complete changes

 

9

 

 

 

30

 

Non-GAAP Web revenue

$

214

 

 

$

258

 

 

 

 

 

GAAP earnings per share

 

 

 

Fundamental

$

3.86

 

 

$

4.26

 

Diluted

$

3.83

 

 

$

4.22

 

Non-GAAP earnings per share

 

 

 

Fundamental

$

4.04

 

 

$

4.83

 

Diluted

$

4.01

 

 

$

4.79

 

 

 

 

 

Fundamental weighted common shares excellent

 

53,021,423

 

 

 

53,484,265

 

Diluted weighted common and equal shares excellent

 

53,446,740

 

 

 

53,964,330

 

(1)

Offered on a pre-tax foundation.

(2)

Represents changes to GAAP revenue tax expense commensurate with pre-tax non-GAAP changes (together with the ensuing impacts to U.S. BEAT/GILTI provisions), in addition to changes to exclude the impacts of sure discrete revenue tax gadgets and incorporate the anticipated annualized results of present 12 months tax planning.

ZEBRA TECHNOLOGIES CORPORATION AND SUBSIDIARIES

GAAP to NON-GAAP RECONCILIATION TO EBITDA

(In hundreds of thousands)

(Unaudited)

 

 

Three Months Ended

 

April 2,

2022

 

April 3,

2021

Web revenue

$

205

 

 

$

228

 

Add again:

 

 

 

Depreciation

 

19

 

 

 

18

 

Amortization of intangible belongings

 

33

 

 

 

26

 

Complete Different revenue, internet

 

(38

)

 

 

(4

)

Earnings tax expense

 

45

 

 

 

48

 

EBITDA (Non-GAAP)

 

264

 

 

 

316

 

 

 

 

 

Changes to Web gross sales

 

 

 

Buy accounting changes

 

 

 

 

3

 

Complete changes to Web gross sales

 

 

 

 

3

 

Changes to Price of gross sales

 

 

 

Share-based compensation

 

1

 

 

 

2

 

Complete changes to Price of gross sales

 

1

 

 

 

2

 

Changes to Working bills

 

 

 

Acquisition and integration prices

 

4

 

 

 

1

 

Share-based compensation

 

16

 

 

 

19

 

Complete changes to Working bills

 

20

 

 

 

20

 

Complete changes to EBITDA

 

21

 

 

 

25

 

Adjusted EBITDA (Non-GAAP)

$

285

 

 

$

341

 

 

 

 

 

Adjusted EBITDA % of Adjusted Web Gross sales

 

19.9

%

 

 

25.3

%

FREE CASH FLOW

 

 

Three Months Ended

 

April 2,

2022

 

April 3,

2021

Web money supplied by working actions

$

54

 

 

$

224

 

Much less: Purchases of property, plant and tools

 

(14

)

 

 

(10

)

Free money move (Non-GAAP)(1)

$

40

 

 

$

214

 

(1)

Free money move is outlined as Web money supplied by working actions in a interval minus purchases of property, plant and tools (capital expenditures) made in that interval. This measure doesn’t signify residual money flows obtainable for discretionary expenditures because the measure doesn’t deduct the funds required for debt service and different contractual obligations or funds for future enterprise acquisitions. Due to this fact, we imagine it is very important view free money move as a measure that gives supplemental data to our whole statements of money flows.

ZEBRA TECHNOLOGIES CORPORATION AND SUBSIDIARIES

SEGMENT INFORMATION

 

Efficient January 1, 2022, the placement options providing moved from our AIT phase into our EVM phase contemporaneous with a change in our organizational construction and administration of the enterprise. Prior interval outcomes have been revised to evolve to the present phase presentation. This alteration doesn’t have an effect to the Consolidated Monetary Statements. The revised prior interval outcomes set forth under are GAAP measures. The results of our phase change equally impacted the Firm’s related Non-GAAP measures.

 

 

2021

2020

 

Q1 2021

QTD

Q2 2021

QTD

Q3 2021

QTD

This autumn 2021

QTD

This autumn 2021

YTD

Q1 2020

QTD

Q2 2020

QTD

Q3 2020

QTD

This autumn 2020

QTD

This autumn 2020

YTD

Web gross sales:

 

 

 

 

 

 

 

 

 

 

AIT Tangible merchandise

$

407

 

$

390

 

$

354

 

$

412

 

$

1,563

 

$

331

 

$

249

 

$

310

 

$

396

 

$

1,286

 

AIT Companies and software program

 

22

 

 

24

 

 

24

 

 

24

 

 

94

 

 

19

 

 

20

 

 

22

 

 

22

 

 

83

 

Complete AIT gross sales

 

429

 

 

414

 

 

378

 

 

436

 

 

1,657

 

 

350

 

 

269

 

 

332

 

 

418

 

 

1,369

 

EVM Tangible merchandise

 

746

 

 

802

 

 

886

 

 

848

 

 

3,282

 

 

570

 

 

562

 

 

662

 

 

733

 

 

2,527

 

EVM Companies and software program

 

175

 

 

164

 

 

172

 

 

183

 

 

694

 

 

132

 

 

125

 

 

140

 

 

162

 

 

559

 

Complete EVM gross sales

 

921

 

 

966

 

 

1,058

 

 

1,031

 

 

3,976

 

 

702

 

 

687

 

 

802

 

 

895

 

 

3,086

 

Complete phase Web gross sales

 

1,350

 

 

1,380

 

 

1,436

 

 

1,467

 

 

5,633

 

 

1,052

 

 

956

 

 

1,134

 

 

1,313

 

 

4,455

 

Company, eliminations Tangible merchandise

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Company, eliminations Companies and software program

 

(3

)

 

(3

)

 

 

 

 

 

(6

)

 

 

 

 

 

(2

)

 

(5

)

 

(7

)

Complete Web gross sales

 

1,347

 

 

1,377

 

 

1,436

 

 

1,467

 

 

5,627

 

 

1,052

 

 

956

 

 

1,132

 

 

1,308

 

 

4,448

 

 

 

 

 

 

 

 

 

 

 

 

Gross revenue:

 

 

 

 

 

 

 

 

 

 

AIT

 

207

 

 

199

 

 

165

 

 

188

 

 

759

 

 

170

 

 

123

 

 

156

 

 

204

 

 

653

 

EVM

 

451

 

 

462

 

 

481

 

 

481

 

 

1,875

 

 

304

 

 

298

 

 

340

 

 

421

 

 

1,363

 

Company, eliminations

 

(3

)

 

(3

)

 

 

 

 

 

(6

)

 

(1

)

 

(2

)

 

(3

)

 

(7

)

 

(13

)

Complete Gross revenue

 

655

 

 

658

 

 

646

 

 

669

 

 

2,628

 

 

473

 

 

419

 

 

493

 

 

618

 

 

2,003

 

 

 

 

 

 

 

 

 

 

 

 

Gross margin

 

 

 

 

 

 

 

 

 

 

AIT

 

48.3

%

 

48.1

%

 

43.7

%

 

43.1

%

 

45.8

%

 

48.6

%

 

45.7

%

 

47.0

%

 

48.8

%

 

47.7

%

EVM

 

49.0

%

 

47.8

%

 

45.5

%

 

46.7

%

 

47.2

%

 

43.3

%

 

43.4

%

 

42.4

%

 

47.0

%

 

44.2

%

 

 

 

 

 

 

 

 

 

 

 

Working bills

 

 

 

 

 

 

 

 

 

 

AIT

 

96

 

 

99

 

 

87

 

 

95

 

 

377

 

 

84

 

 

69

 

 

76

 

 

93

 

 

322

 

EVM

 

260

 

 

282

 

 

287

 

 

296

 

 

1,125

 

 

213

 

 

211

 

 

221

 

 

261

 

 

906

 

Company, eliminations

 

27

 

 

30

 

 

35

 

 

55

 

 

147

 

 

25

 

 

20

 

 

46

 

 

33

 

 

124

 

Complete Working bills

 

383

 

 

411

 

 

409

 

 

446

 

 

1,649

 

 

322

 

 

300

 

 

343

 

 

387

 

 

1,352

 

 

 

 

 

 

 

 

 

 

 

 

Working revenue:

 

 

 

 

 

 

 

 

 

 

AIT

 

111

 

 

100

 

 

78

 

 

93

 

 

382

 

 

86

 

 

54

 

 

80

 

 

111

 

 

331

 

EVM

 

191

 

 

180

 

 

194

 

 

185

 

 

750

 

 

91

 

 

87

 

 

119

 

 

160

 

 

457

 

Complete phase working revenue

 

302

 

 

280

 

 

272

 

 

278

 

 

1,132

 

 

177

 

 

141

 

 

199

 

 

271

 

 

788

 

Company, eliminations

 

(30

)

 

(33

)

 

(35

)

 

(55

)

 

(153

)

 

(26

)

 

(22

)

 

(49

)

 

(40

)

 

(137

)

Complete Working revenue

$

272

 

$

247

 

$

237

 

$

223

 

$

979

 

$

151

 

$

119

 

$

150

 

$

231

 

$

651

 

 



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