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  "documentTitle": "Zebra Technologies Corp. (ZBRA)",
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      "kind": "callout",
      "text": "Same or similar business shuffled twice?",
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      "text": "Spruce Point believes that frequent segment shuffling is a classic red flag and we find that Zebra has made multiple shuffles. When we evaluate the revisions, we see that it has twice moved product lines that exhibited declining margins.",
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      "text": "EBIT margin: 1.0%",
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      "text": "Spruce Point believes that frequent segment shuffling is a classic red flag and we find that Zebra has made multiple shuffles. When we evaluate the revisions, we see that it has twice moved product lines that exhibited declining margins.",
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      "text": "In the second quarter of 2023, our advanced location technology solutions business, which is primarily comprised of radio frequency identification devices (\"RFID\") and real-time location solution offerings (\"RTLS\"), moved from our Enterprise Visibility & Mobility (\"EVM\") segment into our Asset Intelligence & Tracking (\"AIT\") segment — Zebra 10-K Annual Report.",
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      "text": "Source: Zebra 10-K Annual Reports and Spruce Point analysis",
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      "text": "We Believe Frequent Segment Reclassifications Are A Classic Red Flag",
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