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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": "Spruce Point believes Zebra's venture investments and some of its immaterial revenue acquisitions should be considered operating costs for analytical purposes.",
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      "text": "Adjusted Free Cash Flow: ($92)",
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      "text": "Spruce Point believes Zebra's venture investments and some of its immaterial revenue acquisitions should be considered operating costs for analytical purposes. 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.",
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      "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.",
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      "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",
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      "text": "Source: Zebra financials and Spruce Point analysis. Note: 2019 acquisition is Profitect and 2021 includes Cortexica Vision ($7m) and Adaptive Vision ($18m).",
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      "text": "Zebra's Adjusted Free Cash Flow table showing 2018-2023 data for Cash From Operations, Capex, Venture Investments, and Acquisitions.",
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