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  "documentTitle": "Zebra Technologies Corp. (ZBRA)",
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  "presentationDate": "2024-08-08 00:00:00",
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  "notes": "Uses a quote-contradiction framework to highlight the gap between management's optimistic tone and the actual financial data.",
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      "kind": "callout",
      "text": "Revenue from period through June 3, 2022 but well off prior quarterly run rate results",
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      "text": "Est. Matrox Revenue: $8.8",
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      "text": "On June 3, 2022, Zebra acquired Matrox for $881 million, a company that develops machine vision components and systems. We think the acquisition was poorly timed and that Matrox's performance has markedly deteriorated since closing.",
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      "kind": "quote",
      "text": "And apologies if you said this already I'm kind of multi-tasking a couple calls here, but can you comment on what Matrox did specifically in a quarter on growth and maybe where they're at year-to-date?",
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      "kind": "quote",
      "text": "So I think that I said earlier in the call that, we're happy with the machine vision progress we've made with the Matrox acquisition... So we're pretty happy with the progress overall, I think that we're excited about the machine vision business overall.",
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      "kind": "quote",
      "text": "“And apologies if you said this already I'm kind of multi-tasking a couple calls here, but can you comment on what Matrox did specifically in a quarter on growth and maybe where they're at year-to-date?” — Analyst Giordano. “So I think that I said earlier in the call that, we're happy with the machine vision progress we've made with the Matrox acquisition... So we're pretty happy with the progress overall, I think that we're excited about the machine vision business overall.” — CEO Burns",
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      "text": "Note: Close dates: Fetch (August 9, 2021), Antuit (October 7, 2021), and Matrox (June 3, 2022) Assumes Antuit and Fetch run-rate revenue of $27m and $10m, respectively Source: Zebra earnings releases and Spruce Point analysis",
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      "text": "Estimated Matrox Revenue Post Closing table",
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      "kind": "title",
      "text": "Matrox Acquisition Appears To Be A Disappointment",
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