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  "documentTitle": "Zebra Technologies Corp. (ZBRA)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2024-08-08 00:00:00",
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      "text": "Zebra frequently uses the word \"backlog\" on its conference calls and once in its Annual Report in a bullish tone. However, we warn investors that it does not have a defined meaning, and management won't quantify the value for investors. We believe backlog is also inherently unstable because Zebra depends on what its distributors are communicating regarding orders.",
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      "text": "Zebra frequently uses the word \"backlog\" on its conference calls and once in its Annual Report in a bullish tone. However, we warn investors that it does not have a defined meaning, and management won't quantify the value for investors.",
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      "text": "\"We entered the third quarter with a solid backlog and pipeline of opportunities. That said, we are not anticipating an increase in large order activity considering the conversion rates on our pipeline remain lower than historical levels as customers continue to be cautious in what remains an uncertain environment.\" — CFO, Q2'24",
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      "text": "Source: Company earnings transcripts and 10-K",
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      "kind": "title",
      "text": "We Think Zebra's Backlog Claims Are Lacking Substance",
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