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The CEO built\nthe rope; you put it around their own neck.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "141013b7-65ad-47c5-b7f5-18373afd512d", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "When management credibility is the lever", "confidence": null, "extraction": { "at": "2026-04-29 12:07:50.073129+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- **Maximum credibility**: no adjective you could write is as damning as the\n target's own prior statement.\n- **No rebuttal path**: management can't argue they didn't say it.\n- **It forces accountability onto a person**, not an institution — even if\n you aren't explicitly naming a villain elsewhere.\n- **Reporters amplify it**. 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Strong narrative architecture — 14 red-flag summary, track-record anchor (NCR/iRobot), CEO quote contradictions, segment-reshuffling callout, ownership-drain chart, omitted-slide before/after, dense sum-of-parts scenario table. No named human author; attributed only to 'Spruce Point Capital Management'. No stake disclosed (short positions only). Signature Spruce Point template: teal/grey bands, yellow-highlighted abstract boxes, red/yellow callouts over company screenshots.", "kpisCited": [ { "detail": "~1.3% per year despite COVID price hikes and M&A", "metric": "Hardware revenue CAGR 2019-23" }, { "detail": "~360 bps over 2019-23", "metric": "Hardware gross margin contraction" }, { "detail": "51.7% vs. 73.2% SaaS peer average (~20 pts below)", "metric": "Services & software gross margin" }, { "detail": "8 deals, $2.1bn consideration, ~$243m of acquired revenue at 8.8x avg multiple", "metric": "M&A since 2019" }, { "detail": "Net Debt/EBITDA doubled from 1.5x to 2.7x", "metric": "Leverage" }, { "detail": "Fell from 6.5% (2014) to 1.0% (2024)", "metric": "Insider ownership" }, { "detail": "Just 5, down from 8-10 historically", "metric": "Board meetings in 2023" }, { "detail": "$9.0m one-year vest upon CEO transition", "metric": "Gustafsson Executive Chair RSU grant" }, { "detail": "$54.60 low / $84.61 moderate / $113.05 base — 65-83% downside", "metric": "Sum-of-parts share price" }, { "detail": "$365 (+15% consensus upside) — Spruce Point views as too optimistic", "metric": "Sell-side average price target" } ], "closingAsk": "Investors should sell or short ZBRA, as Spruce Point estimates 65-80% downside risk to Zebra's share price based on sum-of-parts valuation.", "extraction": { "at": "2026-04-22 21:54:45+00", "model": "unknown-legacy", "runId": null, "seconds": 110.38771, "promptVersion": null }, "scqaReward": "A sum-of-parts valuation yields a $62.90-$110.00 share price range versus ~$315 today, implying 65-80% downside risk across low, moderate and base-case multiple scenarios.", "thesisTypes": [ "fraud_exposure", "governance_board", "multiple_rerating" ], "top3Reasons": [ "Core hardware revenue grew just 1.3% per year 2019-23 despite COVID tailwinds and M&A", "CAO openly operates in 'gray areas'; segments reshuffled, inventory bloated, license lapsed since 2003", "Sum-of-parts implies $62.90-$110.00 share price vs. ~$315 — 65-80% downside" ], "scqaSituation": "Zebra Technologies is a ~$18bn enterprise-value barcode, printer, RFID and mobile-computing vendor, 80% hardware and 20% services/software, trading at ~$315 on a rerated multiple after a COVID-era boom and eight levered acquisitions.", "thesisSummary": "Spruce Point opens a 'Strong Sell' on Zebra Technologies (NASDAQ: ZBRA) after a forensic review of the barcode/RFID/mobile-computing maker. Hardware, 80% of revenue, has grown just 1.3% annually 2019-23 even with COVID price hikes and M&A, while eight acquisitions totaling $2.1bn (Fetch Robotics, Antuit.ai, Matrox) have underperformed and doubled leverage to 2.7x. Services and software margins sit ~20 points below the 73.2% SaaS peer average. Spruce Point flags accounting red flags — a CAO 'comfortable in gray areas' whose CPA lapsed in 2003, repeated segment reshuffling of declining-margin businesses, A/R factoring misclassified, and cash earnings ~20% below GAAP. Governance looks entrenched: 50% of directors have served over a decade, the Board met only five times in 2023, and outgoing CEO Gustafsson collected a $9m one-year-vest grant. Sum-of-parts implies $62.90-$110.00 per share, 65-80% below the $315 quote.", "primaryDemands": [ "Short ZBRA common stock; Spruce Point rates it a Strong Sell", "Refresh the Board — 50% of directors have been entrenched for over a decade", "Investors should scrutinize accounting, segment reclassifications and inventory practices", "Reassess valuation multiple against sum-of-parts estimate" ], "scqaResolution": "Short ZBRA. Spruce Point argues the multiple should derate toward peer averages on a sum-of-parts basis, with investors pushing for Board refresh, disciplined disclosure and a halt to levered M&A.", "thesisOneLiner": "Zebra's hardware growth is stalling, its accounting and governance are riddled with red flags, and a sum-of-parts valuation implies 65-80% downside to $63-$110 per share.", "precedentsCited": [ "NCR short call (April 2015) — Spruce Point's own track record", "iRobot short call (March 2019) — Spruce Point's own track record", "Perdoceo / Career Education Corp. inflated-enrollment settlement (context for CAO)", "Juniper Networks financial restatement (context for new Audit Committee member)", "Dycom Industries shareholder class action (context for Gustafsson)" ], "scqaComplication": "Core hardware growth has flatlined at 1.3% per year, acquisitions are failing, segments have been reshuffled multiple times, a CAO 'comfortable in gray areas' oversees reporting, and insider ownership has collapsed from 6.5% to 1%.", "narrativeInterest": 4, "notableSlidePages": [ 1, 6, 8, 9, 13, 107, 108 ], "peerCompaniesCited": [ "Honeywell (HON)", "Dell Technologies (DELL)", "Keyence (6861 JT)", "HP Inc. 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Spruce Point also observes a troubling trend of what appears to be less Board engagement. Despite 2023 being a challenging year, the Board met just 5 times, which was a large decrease from prior years when they met between 8 to 10 times. In the past decade, Zebra's insider ownership has plummeted from 6.5% to just 1% of the equity. Over the same period, institutional investors known for doing fundamental research have either exited or materially reduced their stakes. 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Zebra's long-term organic revenue growth objectives of 5% – 7% p.a. appear ambitious given recent results and our research findings. Zebra's most bullish sell-side promoters are a chorus of smaller brokers and appear convinced of management's claims. They believe the share price is worth between $375 – $403. In total, sell-side analysts are divided in their share price opinions and the average consensus price target is $365 per share. Spruce Point believes the analysts fail to conduct a rigorous forensic analysis which points to growing pressures across Zebra's core business and recently acquired \"growth\" segments. Yet, Zebra's NTM revenue valuation multiple has expanded from 2.8x to 3.7x since 2019 despite our findings that between 2019-23 annual hardware sales growth (inclusive of price increases and M&A) has been just 1.3% and margins have contracted 230bps. Zebra has done a good job expanding services and software margin, but the growth rate has been rapidly declining and is now low single digits and is being inappropriately valued. Zebra also has large exposure to the retail and apparel industry, which it has made potentially conflicting representations about. Notably, we find it has exposure to Walgreens (Nasdaq: WBA), which is beleaguered and reducing its physical footprint. Furthermore, we value Zebra's struggling RFID business and acquired \"growth\" from revenue acquisitions separately and argue they should be valued at a discount to peers. While management has done a good job controlling costs and enacting frequent restructuring programs in response to declining revenues, we find that its side-effect is a corporate culture that bemoans low median wages which are below public company peers. In a tight labor workforce where wages are a lever companies can use to attract and retain employees, Zebra may have a difficult time competing. Based on our sum-of-parts potential valuation, we estimate a long-term share price range of $62.90 – $110.00 (65% – 80% downside risk). 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I'm more thinking that retail used to be closer to 40% of revenue and transportation and logistics, (sic: 2025). 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Zebra's acquisitions have also been of smaller companies with potentially smaller customers. Yet, its allowance for doubtful accounts has been in a long-term decline with a modest increase since mid 2022. 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We've seen that throughout the year, which is a good sign of the underlying business. The same business that Anders has talked about is served by our partners and distributors around the globe. And we haven't seen any change there — Burns, Stevens Conf Nov 16, 2022. Particularly (organic net sales growth) strong growth from small business through the channel, partially driven by pent-up demand. — Q2 2021 Earnings Presentation. Yesterday, we announced the launch of Zebra's first cloud connected label printer designed specifically for the small business, home office customer. Featuring eco-friendly cartridges and mobile application software to easily design and print labels from anywhere. With the launch of the ZXP Series printer, we enter an approximately $400 million market with an attractive recurring supplies revenue stream. 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And that's a threat because whenever there's a market like the rugged tablet market is a good example and even the video conferencing market that I'm in, those are very high-margin businesses, like 40%, 50%, 60%, even sometimes 70% margin.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:07:49+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0931-74b9-a31d-595d7bbc0388", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.96, "x": 0.02, "y": 0.16 }, "kind": "paragraph", "text": "Tegus interviewed a former Senior Product Manager at Zebra Technologies who was there during early COVID-19 and left mid 2020. 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However, using the Wayback Machine, we see that Zebra's partner network appears to have declined sharply since 2022...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:27:28.724+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "471fd341-dc19-4603-a821-5c81a95972fa", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.92, "x": 0.04, "y": 0.36 }, "kind": "quote", "text": "So I think the -- first, today, we -- 20% of our revenues, we sell direct, we fulfill direct... 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Clearly track and trace across the supply chain, parcel tracking within T&L, baggage tracking within airlines, so lots of opportunities across RFID.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:27:22.968+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "aa87a8ef-f5a1-48ab-8d34-94ed1ea00a0b", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.38, "x": 0.58, "y": 0.45 }, "kind": "quote", "text": "I would say RFID, clearly, we see as an opportunity in across multiple verticals now, not just retail and retail apparel, where it was originally focused and we're clearly seeing opportunities across track and trace and supply chain.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:27:22.968+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ef959706-eba0-41fc-ae74-7bd8b4c01fd8", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "I would say RFID, clearly, we see as an opportunity in across multiple verticals now, not just retail and retail apparel, where it was originally focused and we're clearly seeing opportunities across track and trace and supply chain. — CEO Burns, Q1 2024", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:07:51+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0931-74b9-a31e-9e07bc67ff36", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.02, "y": 0.95 }, "kind": "source-note", "text": "Source: Zebra RFID news, Avery Presentations, Q1'24 and Q2'24 Conference Calls", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Zebra should heed his warning. While most companies host investor and/or analyst days, Zebra held an \"Innovation Day\" on May 14, 2024. Our interpretation is that Zebra's innovation is lacking. Zebra's research and development (R&D) expenses and R&D headcount declined sharply in 2023. Patent growth is rapidly decelerating while registered trademarks are in sharp decline. 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Today, you'll hear from our management team on how our commitment to innovation, our differentiated portfolio of solutions and our extensive partner ecosystem have positioned us well for long-term profitable growth.\" — IR Opening Comment; \"And innovation is what we're about. 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In fact, the CEO even commented that venture investments are done first to better understand the market. In other words, these investments could be considered market research and/or research and development costs.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:27:29.925+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4625684c-7bfe-4bb1-b6ec-9cd7c25880e3", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.96, "x": 0.02, "y": 0.36 }, "kind": "quote", "text": "But I think -- we think of the market in general, and I think Nate talked a little bit about this. The idea that some of the acquisitions we've done, we've done venture investments first because we're going to understand more about that market.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:27:29.925+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4c3407ab-56dd-4dd4-93ca-2893e87ba8ec", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"The idea that some of the acquisitions we've done, we've done venture investments first because we're going to understand more about that market.\" — CEO Burns, Innovation Day, May 14, 2024", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:07:53+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0931-74b9-a31f-9cc0ffbf4e88", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.96, "x": 0.02, "y": 0.96 }, "kind": "source-note", "text": "Source: Zebra financials and Spruce Point analysis. 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We think the acquisition was poorly timed and that Matrox's performance has markedly deteriorated since closing.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:27:29.112+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7e537bc1-263f-4837-bbc2-b782fb9915df", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.96, "x": 0.02, "y": 0.28 }, "kind": "quote", "text": "And apologies if you said this already I'm kind of multi-tasking a couple calls here, but can you comment on what Matrox did specifically in a quarter on growth and maybe where they're at year-to-date?", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:27:29.112+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "25cb09ab-1c6d-4787-9bb4-a0ed917a0468", "parentComponentId": null }, { "bbox": { "h": 0.13, "w": 0.96, "x": 0.02, "y": 0.36 }, "kind": "quote", "text": "So I think that I said earlier in the call that, we're happy with the machine vision progress we've made with the Matrox acquisition... 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The gross margin and operating profits are accretive overall to Zebra but not quite to where some of the other public companies in the space are at.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:27:32.186+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "41319d55-314e-4c18-a71d-7ee82d2ca651", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“Yes. So on Matrox, again you mentioned it, about $100 million portfolio today. The gross margin and operating profits are accretive overall to Zebra but not quite to where some of the other public companies in the space are at. So again, we think that's, again, a great opportunity for us to grow and expand margins with -- across our machine vision portfolio over time as the business scales.” — CFO Winters, JPMorgan Conf. 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Colleen O’Sullivan holds herself out to the public as a Certified Public Accountant. However, a background check reveals that the status is “Not Renewed” and the license expired in 2003. 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"/decks/019dd923-622c-750b-8b99-8e3ed32b40dc", "deckAnchor": "/decks/019dd923-622c-750b-8b99-8e3ed32b40dc#slide-90", "deckJson": "/decks/019dd923-622c-750b-8b99-8e3ed32b40dc.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Given our concerns with Zebra's inventory disclosures and reclassifications, we find this omission suspicious in context.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:07:57+00", 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"parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.5, "x": 0.475, "y": 0.415 }, "kind": "paragraph", "text": "Mr. Williams joined Zebra in 2018 as its Chief of Global Operations & Services. Prior to joining Zebra, he served in growing levels of responsibility for Cisco Systems, most recently as Vice President, Americas, Supply Chain Operations from 2016 to 2017. Earlier in his career, Mr. Williams held various finance positions at Applied Materials and Banknorth Group. Mr. Williams holds a B.S. degree in business administration from Mansfield University of Pennsylvania.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:27:31.433+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "43ef8be0-3e4f-4e52-9eaf-c9b6c2ac95cd", "parentComponentId": null }, { "bbox": { "h": 0.13, "w": 0.97, "x": 0.015, "y": 0.185 }, "kind": "paragraph", "text": "Stephen Williams was an Executive Officer and Chief of Global Operations & Services. He appeared both on Zebra's website and in the Proxy Statement. His last filing was a FORM 4 stock sale on August 8, 2022. There was no announcement or 8-K filing of his resignation or termination.(1) Tamara Froese became the Chief Supply Officer as denoted with a FORM 3 stock disclosure filing on November 10, 2022. Given our concerns with Zebra's inventory disclosures and reclassifications, we find this omission suspicious in context.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:27:31.433+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "48f94b76-41d3-4a65-b8fe-4da36f06cd53", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.65, "x": 0.015, "y": 0.93 }, "kind": "source-note", "text": "1) Williams was an Executive Officer but not a Named Executive which may explain why no 8-K was filed. Source: Wayback Machine, Proxy Statement, FORM 4, FORM 3", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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"components": [ { "bbox": null, "kind": "callout", "text": "Curiously, ever since the inventory charges stopped, EVM's segment's gross margins have expanded by 540bps in YTD 2024.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:07:58+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0931-74b9-a323-4e33612b4f3c", "parentComponentId": null }, { "bbox": { "h": 0.38, "w": 0.96, "x": 0.02, "y": 0.28 }, "kind": "list", "text": "Consolidated, AIT, and EVM segment commentary on 2023 gross margin performance.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:27:31.657+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7418719c-0565-4755-a107-cc456d00fd68", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Gross Margin %: 540bps", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:07:58+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0931-74b9-a323-54c39fb9cfa1", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.96, "x": 0.02, "y": 0.17 }, "kind": "paragraph", "text": "Based on our analysis, Zebra disclosed, but did not quantify, the inventory charges that affected the EVM segment's gross margin. 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There may be assets and employees overlapping between segments.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:27:37.379+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e42fe8d6-69b9-4189-9768-c61a9e1e9ef0", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "We find it ironic that Zebra, who is in the business of asset tracking, cannot seem to accurately track its segment financial results and inventory.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:07:58+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0931-74b9-a323-39cbf66dfe2a", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.7, "x": 0.02, "y": 0.0036 }, "kind": "image", "text": "Zebra's Segment Reporting (10-K excerpt)", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:27:37.379+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5194adf8-1eee-4f1d-9fa0-2d4d445110b3", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.96, "x": 0.02, "y": 0.0017 }, "kind": "paragraph", "text": "We find it ironic that Zebra, who is in the business of asset tracking, cannot seem to accurately track its segment financial results and inventory. The Company does not review segment assets and does not disclose where capex is spent by segment. As a result, Zebra simply allocates certain expenses as a percentage of sales. In 2018, it revised its methodology of allocating certain expenses “to more accurately reflect where these operating costs are being incurred”. Therefore, we believe reporting of segment gross margins and operating income may still not accurately reflect reality.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:27:37.379+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a9b2a3b6-b494-4e8a-9e88-563d88579bce", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.02, "y": 0.0096 }, "kind": "source-note", "text": "Source: 2023 and 2018 10-K", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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We observe that instead of excluding the impact of foreign currency hedges, Zebra now includes the impact of hedges. Spruce Point believes this is a non-standard reporting practice that makes its organic revenue reporting more difficult to compare with peers. Zebra’s sales outside of North America are ~47% and its foreign currency hedging program frequently has notional cash flow hedges over $500 million. As a result, we believe that foreign currency impacts are important to evaluating Zebra’s organic growth and should be presented in a manner consistent with generally accepted corporate reporting practices. We note that this change was made under the leadership of the previous CFO Olivier Leonetti who later joined Johnson Controls (JCI) in September 2020 and resigned in January 2024 after JCI delayed its 10-K, reported a material weakness of internal controls over financial reporting, and received SEC Comment letters questioning its financial reporting.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:27:31.999+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a5766775-9da1-4d50-88dc-8c832630b9ae", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.8, "x": 0.02, "y": 0.96 }, "kind": "source-note", "text": "Source: Q3'19 10-Q, 2019 10-K, 2019 Conference Call, JCI 10-K Delay, Material Weakness, SEC Comment Letter, Leonetti Resignation", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Factoring fees have been rising with some of the increase likely attributable to rising interest rates and potentially related to changes in the credit discount factor stipulated in the agreement. More interesting, we see that Zebra records factoring fees within “Other expense, net” when there is a strong case to be made that it should record these fees as part of “Interest expense (income), net”. 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The material weakness relates to deficiencies in the design and operation of controls in response to the increased complexity in the legal entity structure of the business following the Enterprise acquisition. 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Zebra has struggled with income tax accounting issues in the past and continues to warn as a \"Critical Audit Matter\" about its income tax accounting given global tax regimes and complexities. Spruce Point observes that book income taxes have been materially below cash taxes over the past five years. 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Low To No Growth Hardware Business... 2. Significant Exposure To Retail... 3. More Competition... 4. Diminishing Advantage... 5. Customers Using Their Own Smartphones... 6. Services and Software Growth Slowing... 7. Growing Slower Than Peers... 8. Cutting R&D... 9. Expensive Acquisitions... 10. Subjective Accounting... 11. Lingering Inventory Bloat... 12. Cash Earnings Well Below GAAP... 13. Entrenched & Disengaged Board... 14. 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