![]() ![]() ![]() To view the webcast, visit the investor relations section of the Company’s website at. The conference call will be held today at 7:30 a.m. Investors are invited to listen to a live webcast of Zebra’s conference call regarding the Company’s financial results. Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures. For the same reasons, the Company is unable to address the probable significance of the unavailable information. This would include items that have not yet occurred, are out of the Company’s control and/or cannot be reasonably predicted, and that would impact diluted net earnings per share. This is due to the inherent difficulty of forecasting the timing or amount of the most directly comparable forward-looking GAAP financial measure as discussed under the "Forward-Looking Statements" caption below. The Company does not provide a reconciliation for non-GAAP estimates on a forward-looking basis where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This expectation includes an approximately 1 point negative impact from foreign currency translation and a 50 basis point additive impact from acquisitions.Īdjusted EBITDA margin is expected to be approximately 22%, which includes approximately $40 million of premium supply chain expense.įree cash flow is expected to be between $450-$550 million reflecting lower profitability and elevated inventory, higher cash taxes and is inclusive of the anticipated $180 million of previously announced settlement payments. The Company expects net sales to decrease between 2% and 6% compared to 2022. This assumes an adjusted effective tax rate of approximately 19% reflecting the United Kingdom's corporate tax rate increase. Non-GAAP diluted earnings per share are expected to be in the range of $3.20 to $3.40. This expectation includes an approximately 2 percentage point negative impact from foreign currency translation and an approximately 1 percentage point additive impact from acquisitions.Īdjusted EBITDA margin for the second quarter of 2023 is expected to be approximately 20%. The Company expects second quarter 2023 net sales to decrease between 9% and 11% compared to the prior year. The Company made share repurchases under its existing authorization of $15 million, and had net debt borrowings of $72 million. Non-GAAP net income for the first quarter of 2023 decreased to $204 million, or $3.94 per diluted share, compared to $214 million, or $4.01 per diluted share, for the prior year.Īdjusted EBITDA for the first quarter of 2023 increased to $301 million, or 21.4% of adjusted net sales, compared to $285 million, or 19.9% of adjusted net sales for the prior year primarily due to higher gross profit.Īs of April 1, 2023, the Company had cash and cash equivalents of $85 million and total debt of $2,103 million.įor the first three months of 2023, net cash used in operating activities was $76 million and the Company made capital expenditures of $16 million, resulting in negative free cash flow of $92 million. Net income for the first quarter of 2023 was $150 million, or $2.90 income per diluted share, compared to net income of $205 million, or $3.83 per diluted share, for the prior year. Adjusted operating expenses increased in the first quarter of 2023 to $384 million from $372 million in the prior year. Operating expenses increased in the first quarter of 2023 to $442 million from $425 million in the prior year, primarily due to expenses associated with restructuring activities and recently acquired businesses, partially offset by lower intangible amortization expense. Adjusted gross margin was 47.5% in the first quarter of 2023 compared to 44.6% in the prior year. ![]() The increase was primarily due to lower premium supply chain costs, partially offset by unfavorable foreign currency changes. Gross margin increased to 47.5% for the first quarter of 2023 compared to 44.5% in the prior year. Consolidated organic net sales for the first quarter decreased 0.3% year-over-year, with an 11.2% decrease in the EVM segment and 28.4% increase in the AIT segment.įirst quarter 2023 gross profit was $667 million compared to $637 million in the prior year. Asset Intelligence & Tracking ("AIT") segment net sales were $491 million in the first quarter of 2023 compared to $394 million in the prior year. Net sales in the Enterprise Visibility & Mobility ("EVM") segment were $914 million in the first quarter of 2023 compared with $1,038 million in the prior year. Net sales were $1,405 million in the first quarter of 2023 compared to $1,432 million in the prior year. ![]()
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