Zebra Applied sciences Publicizes 3Q 2022 Outcomes

Zebra Applied sciences introduced outcomes for the third quarter ended Oct. 1, 2022.

Web gross sales had been $1,378 million within the third quarter of 2022 in comparison with $1,436 million within the third quarter of 2021. Web gross sales within the Enterprise Visibility & Mobility (EVM) phase had been $963 million within the third quarter of 2022 in contrast with $1,058 million within the third quarter of 2021. Asset Intelligence & Monitoring (AIT) phase web gross sales had been $415 million within the third quarter of 2022 in comparison with $378 million within the prior 12 months interval.

Consolidated natural web gross sales for the third quarter decreased 3.2%. Third-quarter year-over-year natural web gross sales decreased by 8.8% within the EVM phase and elevated by 12.4% within the AIT phase.

Third quarter 2022 gross revenue was $628 million in comparison with $646 million within the prior 12 months interval. Gross margin elevated to 45.6% for the third quarter of 2022 in comparison with 45% within the prior 12 months interval. The rise was primarily because of favorable enterprise combine and decrease premium provide chain prices partially offset by unfavorable overseas foreign money adjustments.

“We’re recovering from provide chain challenges associated to persistent element shortages and the transition to our new North American distribution heart. These challenges, together with sure giant buyer tasks being deferred, impacted product shipments exiting the quarter, leading to lower-than-expected gross sales and profitability,” mentioned Anders Gustafsson, CEO of Zebra Applied sciences.

“Buyer demand and our order pipeline typically stay stable, but now we have been seeing softening demand and elongated gross sales cycles since late within the third quarter. We’re taking a cautious method to our This fall gross sales outlook and expense administration, whereas working to right-size our working capital ranges within the coming quarters. We’ve got additionally initiated significant actions to enhance our provide chain.”

Working bills elevated within the third quarter of 2022 to $426 million from $409 million within the prior 12 months interval, primarily because of bills related to just lately acquired companies partially offset by decrease incentive compensation expense. Adjusted working bills elevated within the third quarter of 2022 to $356 million from $354 million within the prior 12 months interval.

Adjusted EBITDA for the third quarter of 2022 decreased to $291 million, or 21.1% of adjusted web gross sales, in comparison with $312 million, or 21.7% of adjusted web gross sales for the third quarter of 2021 because of decrease gross revenue and better working bills.

As of Oct. 1, 2022, the corporate had money and money equivalents of $81 million and whole debt of $2,170 million. For the primary 9 months of 2022, the corporate generated $221 million of working money circulation and made capital expenditures of $51 million, leading to free money circulation of $170 million. The corporate made enterprise acquisitions of $878 million, $655 million of share repurchases below its current authorization, and had web debt proceeds of $1,175 million.

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