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  "documentTitle": "Zebra Technologies Corp. (ZBRA)",
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  "presentationDate": "2024-08-08 00:00:00",
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      "text": "Zebra's leverage is rising as it has made expensive bets on acquisitions which we will demonstrate are of low quality and are failing to meet lofty expectations.",
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      "text": "Net Debt / Adj. EBITDA: 2.7x",
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      "text": "Zebra's leverage is rising as it has made expensive bets on acquisitions which we will demonstrate are of low quality and are failing to meet lofty expectations. We adjust Zebra's leverage for accrued payments to banks for accounts receivable factoring and foreign cash that is not used to finance operations.",
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      "text": "Source: Zebra financial filings and Spruce Point analysis. Note: 2018 leases based on discounting contractual obligations. 1) Debt includes unremitted cash to banks for A/R factoring and excludes foreign cash which is not available for repatriation to fund operations according to Zebra. Q2'24 foreign cash assumed equal to year end amount.",
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