A Dark Vector Cognition product

Cover and table of contents

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Cover and table of contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended April 1, 2023

OR

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to

Commission File Number: 000-19406

Zebra Technologies Corporation

(Exact name of registrant as specified in its charter)

Delaware36-2675536
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)

3 Overlook Point, Lincolnshire, IL 60069

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (847) 634-6700

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of exchange on which registered
Class A Common Stock, par value $.01 per shareZBRAThe NASDAQ Stock Market, LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer☒Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of April 25, 2023, there were 51,430,338 shares of Class A Common Stock, $.01 par value, outstanding.

ZEBRA TECHNOLOGIES CORPORATION AND SUBSIDIARIES

QUARTER ENDED APRIL 1, 2023

TABLE OF CONTENTS

PAGE
PART I - FINANCIAL INFORMATION3
Item 1.Consolidated Financial Statements3
Consolidated Balance Sheets as of April 1, 2023 (unaudited) and December 31, 20223
Consolidated Statements of Operations (unaudited) for the three months ended April 1, 2023 and April 2, 20224
Consolidated Statements of Comprehensive Income (unaudited) for the three months ended April 1, 2023 and April 2, 20225
Consolidated Statements of Stockholders’ Equity (unaudited) for the three months ended April 1, 2023 and April 2, 20226
Consolidated Statements of Cash Flows (unaudited) for the three months ended April 1, 2023 and April 2, 20227
Notes to Consolidated Financial Statements (unaudited)7
Note 1: Description of Business and Basis of Presentation8
Note 2: Significant Accounting Policies8
Note 3: Revenues8
Note 4: Inventories9
Note 5: Business Acquisitions9
Note 6: Investments9
Note 7: Exit and Restructuring Costs9
Note 8: Fair Value Measurements10
Note 9: Derivative Instruments11
Note 10: Long-Term Debt13
Note 11: Leases14
Note 12: Accrued Liabilities, Commitments and Contingencies15
Note 13: Income Taxes15
Note 14: Earnings Per Share16
Note 15: Accumulated Other Comprehensive Income (Loss)17
Note 16: Accounts Receivable Factoring17
Note 17: Segment Information & Geographic Data18
Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations19
Overview19
Results of Operations20
Results of Operations by Segment22
Liquidity and Capital Resources24
Significant Customers26
Safe Harbor26
New Accounting Pronouncements27
Non-GAAP Measures27
Item 3.Quantitative and Qualitative Disclosures About Market Risk27
Item 4.Controls and Procedures27
PART II - OTHER INFORMATION29
Item 1.Legal Proceedings29
Item 1A.Risk Factors29
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds29
Item 6.Exhibits30
Signatures31

PART I - FINANCIAL INFORMATION

Next: Item 1. Consolidated Financial Statements