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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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  "notes": "Uses red boxes to highlight specific periods of accounting change and recent impairment.",
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      "text": "Finally marking down the value of the investments and reported a loss of $6M in YTD 2024",
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      "text": "We believe there is further evidence that Zebra is a maturing company with increasingly limited avenues to grow. We analyzed Zebra's venture investments and observe that its venture investment activity declined along with its ability to harvest gains. The carrying value of its investment portfolio was stable since 2022 but just declined in Q2'24 and a $6 million loss was recorded. We also question if an interpretation of a recent accounting change in 2018 enabled Zebra to delay impairment of venture investments.",
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      "text": "Source: Zebra 10-K's and 10-Q filings",
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