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  "documentTitle": "Zebra Technologies Corp. (ZBRA)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-08-08 00:00:00",
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  "notes": "The slide uses a table to contrast acquisition costs, goals, and intangible asset amortization periods to support a thesis of speculative M&A.",
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      "text": "By analyzing the allocation of the intangible assets and useful life assumption, we observe that a majority of the acquired companies have very limited customer relationships, and likely limited or no revenue. Notably, five of the past seven acquisitions had customer relationships being amortized over 2 years or less. We believe this is an indication that Zebra is making speculative bets on companies with limited customer adoption and these acquisitions appear to be mostly for adjacent technologies. As a result, we believe Zebra is supplanting R&D in favor of acquisitions.",
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      "text": "As a result, we believe Zebra is supplanting R&D in favor of acquisitions.",
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      "text": "Source: Zebra 10-K filings and press releases. 1) Includes $13 million of acquisition-related costs primarily related to the settlement of Profitect employee stock option awards.",
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      "text": "Zebra Acquisitions And Segment table",
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      "kind": "title",
      "text": "Zebra's Recent Acquisitions",
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