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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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  "notes": "Uses red boxes and arrows to visually link the discrepancy between 2022 and 2023 financial disclosures.",
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      "text": "Now defining what is a raw material.",
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      "text": "Spruce Point believes that Zebra is understating the impact of a recently disclosed “immaterial” inventory misclassification. When we evaluate the change, we see a $76 million reclassification from raw materials to finished goods. We are puzzled as to how Zebra could confuse raw materials vs. finished goods. The reclassification affected 8.5% of total inventory and increased raw materials by +26% and reduced finished goods by -14%.",
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      "text": "Immaterial? Raw materials: +26% Finished Goods: -14%",
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      "text": "Spruce Point believes that Zebra is understating the impact of a recently disclosed “immaterial” inventory misclassification.",
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      "text": "inventory reclassification: $76 million",
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      "text": "Source: 2023 vs. 2022 10-K",
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      "kind": "title",
      "text": "Immaterial Inventory Misclassification?",
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