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  "documentTitle": "Zebra Technologies Corp. (ZBRA)",
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      "text": "Our analysis indicates an alarming result: 2021 acquisitions contributed more Adj. EBITDA than revenue despite management claiming that Fetch, the largest deal of the year, was dilutive.",
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      "text": "Our analysis indicates an alarming result: 2021 acquisitions contributed more Adj. EBITDA than revenue despite management claiming that Fetch, the largest deal of the year, was dilutive.",
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      "text": "And similarly -- slightly different with Fetch. So Fetch, just given its maturity and where it's at in its life cycle, was dilutive to EBITDA at the time of acquisition...",
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      "text": "\"And similarly -- slightly different with Fetch. So Fetch, just given its maturity and where it's at in its life cycle, was dilutive to EBITDA at the time of acquisition, but one that, over time, with the subscription model it has, we think both accretive to gross margin as well as profitability as we scale that business.\" — CFO Winters JPMorgan Conf, May 23, 2022",
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      "text": "Source: 2022 Proxy Statement and financial results; Spruce Point red-line emphasis",
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