Zebra Technologies Corporation (NASDAQ:ZBRA) Q3 2022 Earnings Conference Call November 1, 2022 8:30 AM ET Company Participants Mike Steele - Vice President, Investor Relation Anders Gustafsson - Chief Executive Officer Nathan Winters - Chief Financial Officer Joe Heel - Chief Revenue Officer Conference Call Participants Tommy Moll - Stephens Andrew Buscaglia - Berenberg Jim Ricchiuti - Needham & Company Erik Lapinski - Morgan Stanley Damian Karas - UBS Brian Drab - William Blair Keith Housum - North Coast R ...

Zebra Technologies Third Quarter 2022 Results ZEBRA TECHNOLOGIES November 1, 2022 NIL ZEBRA Insert Section Title Here Safe Harbor Statement Statements made in this presentation which are not statements of historical fact are forward-looking statements and are subject to the safe harbor provisions created by the Private Securities Litigation Reform Act of 1995. Actual results may differ from those expressed or implied in the company's forward-looking statements. Zebra may elect to update forward-looking stat ...

Financial Data and Key Metrics Changes - In Q2 2022, Zebra Technologies reported nearly 7% sales growth, adjusted EBITDA margin of 21.9%, a decrease of 170 basis points, and non-GAAP diluted earnings per share of $4.61, a 1% increase from the prior year [7][15][23] - Adjusted net sales increased 6.4%, with organic growth at 6.9% due to better supply of certain products [11] - Adjusted gross margin declined 200 basis points to 46% due to higher supply chain costs [14] Business Line Data and Key Metrics Changes - The Asset Intelligence & Tracking segment, including printing and supplies, increased 9.7%, driven by a strong recovery in printing [12] - The Enterprise Visibility & Mobility segment sales increased 5.6%, with notable growth in RFID solutions and ruggedized tablets [12][13] - Health care, manufacturing, and retail and e-commerce end markets grew faster than the corporate average [9] Market Data and Key Metrics Changes - EMEA sales increased 17%, Asia Pacific sales grew 14%, and Latin America sales increased 16%, while North America saw a slight decline of 2% [13][14] - The company experienced double-digit sales growth in EMEA, Asia Pacific, and Latin America, with a slight decline in North America due to strong prior year comparisons [8] Company Strategy and Development Direction - Zebra Technologies is focused on advancing its Enterprise Asset Intelligence vision and has established a global strategic alliance with Accenture to address operational challenges in retail and other markets [30][38] - The company is actively investing in growth initiatives while managing supply chain challenges and optimizing capital structure [10][17][26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in strong customer demand and the ability to navigate supply chain challenges, with expectations for improved profitability in the second half of the year [26][24] - The company anticipates Q3 sales growth to be limited to 2% to 4% due to strategic decisions to reduce expedited shipping costs [21][95] - Full-year 2022 sales growth is reaffirmed at 4% to 6%, with expectations for adjusted EBITDA margin around 22% [23][24] Other Important Information - Zebra Technologies generated $123 million of free cash flow in the first half of 2022, lower than the previous year due to increased working capital usage [16] - The company entered a settlement agreement resulting in a $372 million one-time non-GAAP charge, to be paid over eight quarterly installments [15][86] Q&A Session Summary Question: Discussion on omni-channel and e-commerce end markets - Management noted strong growth in retail and e-commerce, with continued investments in technology and automation despite some customers pulling back [48][50] Question: Margin outlook and drivers - Management indicated that Q3 adjusted EBITDA margin is expected to be around 22%, with improvements driven by volume leverage and pricing benefits [54][56] Question: Regional growth drivers - Management highlighted strong digital transformation trends across all regions, with specific strengths in EMEA and Asia Pacific [70][71] Question: Capital allocation and M&A - Management confirmed no changes in capital allocation priorities, focusing on both organic and inorganic investments [75] Question: Visibility into lead times and market challenges - Management stated they have good visibility into customer expectations and a record backlog, indicating strong demand [82] Question: Impact of the Honeywell settlement - Management confirmed the settlement will not impact future competitive dynamics, as it includes a royalty-free cross-license agreement [86] Question: RFID business growth - Management reported double-digit growth in RFID, with expanding applications across various sectors [110]

Zebra Technologies Second Quarter 2022 Results ZEBRA TECHNOLOGIES NI. ZEBRA August 2, 2022 Insert Section Title Here Safe Harbor Statement Statements made in this presentation which are not statements of historical fact are forward-looking statements and are subject to the safe harbor provisions created by the Private Securities Litigation Reform Act of 1995. Actual results may differ from those expressed or implied in the company's forward-looking statements. Zebra may elect to update forward-looking state ...

Zebra Technologies Corporation (NASDAQ:ZBRA) Q1 2022 Earnings Conference Call May 3, 2022 8:30 AM ET Company Participants Mike Steele - Vice President, Investor Relations Anders Gustafsson - Chief Executive Officer Nathan Winters - Chief Financial Officer Joe Heel - Chief Revenue Officer Conference Call Participants Tommy Moll - Stephens Keith Housum - Northcoast Research Andrew Buscaglia - Berenberg Jim Ricchiuti - Needham & Company Meta Marshall - Morgan Stanley Joseph Donahue - Baird Damian Karas - UBS O ...

Zebra Technologies First Quarter 2022 Results ZEBRA TECHNOLOGIES May 3, 2022 No. ZEBRA Insert Section Title Here Safe Harbor Statement Statements made in this presentation which are not statements of historical fact are forward-looking statements and are subject to the safe harbor provisions created by the Private Securities Litigation Reform Act of 1995. Actual results may differ from those expressed or implied in the company's forward-looking statements. Zebra may elect to update forward-looking statement ...

Zebra Technologies Fourth Quarter and Full Year 2021 Results ZEBRA TECHNOLOGIES February 10, 2022 Tr. ZEBRA Insert Section Title Here Safe Harbor Statement 2 Statements made in this presentation which are not statements of historical fact are forward-looking statements and are subject to the safe harbor provisions created by the Private Securities Litigation Reform Act of 1995. Actual results may differ from those expressed or implied in the company's forward-looking statements. Zebra may elect to update fo ...

Financial Data and Key Metrics Changes - Adjusted net sales growth for Q4 2021 was 12%, or 10% on an organic basis, with adjusted EBITDA of $319 million, a 4% year-over-year increase, and an adjusted EBITDA margin of 21.7%, a decrease of 180 basis points [6][10][12] - Non-GAAP diluted earnings per share increased by 2% year-over-year to $4.54, with strong free cash flow generation [6][12] - The company generated over $1 billion in free cash flow for the first time in its history, which was $115 million higher than the prior year [13] Business Line Data and Key Metrics Changes - The Asset Intelligence and Tracking segment grew by 3.1%, while the Enterprise Visibility & Mobility segment sales increased by 13.2%, driven by strong mobile computing growth [10][11] - North America sales increased by 4%, EMEA sales by 9%, Asia Pacific sales grew by 29%, and Latin America saw a 42% increase [11] Market Data and Key Metrics Changes - Sales growth was realized across all four regions, with particularly strong growth in Asia Pacific and Latin America [7][11] - The company expects Q1 2022 adjusted net sales growth of 1% to 3%, constrained by supply chain issues [17] Company Strategy and Development Direction - The company is advancing its enterprise asset intelligence vision and has raised its long-term organic sales growth expectations to 5% to 7% from a previous 4% to 5% [23] - The served market opportunity is approximately $30 billion, supported by trends such as the on-demand economy and automation [24] - The company is focusing on expanding its offerings in RFID solutions, smart supplies, and warehouse automation [25][26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating supply chain challenges and anticipates improvements in component availability and freight capacity throughout 2022 [19][76] - The company expects adjusted EBITDA margin for 2022 to be between 23% and 24%, with total transitory cost impacts of approximately $140 million to $160 million [20] Other Important Information - The company made significant investments in acquisitions and capital expenditures, including $452 million for acquisitions and $257 million for net debt repayments [13] - Premium freight costs significantly impacted gross margin, with an unfavorable gross margin impact of $66 million year-over-year due to supply chain constraints [15] Q&A Session Summary Question: Revenue outlook and assumptions for the first quarter - Management indicated that the first quarter guidance reflects constrained supply due to specific component shortages, not demand, and expects a solid rebound in Q2 [40][41] Question: Long-term growth outlook and expansion opportunities - The long-term growth outlook was raised due to strong market demand and the company's ability to digitize and automate operations [45][46] Question: Margin outlook and pricing strategy - Management confirmed that they are still assuming air freight for shipping and have implemented price increases that contribute less than one point to sales growth [50][51] Question: RFID market opportunity - RFID is seen as an incremental growth opportunity, complementing the core business rather than substituting it [58][59] Question: Core business replacement cycle - The company noted that the refresh cycle for devices has shortened, with many large deployments from 2015-2017 now looking to refresh [90][92]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 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) (State or other jurisdiction of in ...

Zebra Technologies Third Quarter 2021 Results November 2, 2021 Safe Harbor Statement Statements made in this presentation which are not statements of historical fact are forward-looking statements and are subject to the safe harbor provisions created by the Private Securities Litigation Reform Act of 1995. Actual results may differ from those expressed or implied in the company's forward-looking statements. Zebra may elect to update forwardlooking statements but expressly disclaims any obligation to do so, ...