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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": "The slide highlights a potential accounting manipulation where factoring is used to mask poor operating cash flow performance.",
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      "text": "Big Increase Post 2021",
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      "text": "Zebra uses accounts receivable (\"A/R\") factoring arrangements. Receivables sold are recorded through cash from operations, and when measured as a percent of sales and total operating cash flow, we see greater usage intensity since 2022.",
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      "text": "Cash Received From Factored A/R As A % of CFO: 35,100%",
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      "text": "Zebra uses accounts receivable (\"A/R\") factoring arrangements. Receivables sold are recorded through cash from operations, and when measured as a percent of sales and total operating cash flow, we see greater usage intensity since 2022.",
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      "text": "During the years ended December 31, 2023, 2022 and 2021, the Company received cash proceeds of $1,404 million, $1,496 million and $1,504 million, respectively, from the sales of accounts receivables under its factoring arrangements. — Zebra 10-K and 10-Q filings",
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      "text": "Accounts Receivable Factoring Intensity Has Increased",
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