Zebra Technologies Corp. Q2 FY2024 results: revenue $1.2 billion, up 0.2% on the year

Zebra Technologies Corp. (ZBRA) reported revenue of $1.2 billion for Q2 FY2024, the quarter ended 29 June 2024, up 0.2% on the same quarter a year earlier. Net income was $113 million, down 21.5% on the year, and diluted earnings per share $2.17. The figures are the company's own, from the 10-Q it filed with the SEC on 30 July 2024.

Revenue$1.2 billionup 0.2%

Net income$113 milliondown 21.5%

Diluted EPS$2.17

QuarterQ2 FY2024ended 29 June 2024

The quarter, against the one before and a year earlier

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Revenue	1,217	1,175	n/a	n/a
Cost of revenue	628	612	n/a	n/a
Gross profit	589	563	n/a	n/a
Gross margin	48.4%	47.9%	n/a
Research and development	146	138	n/a	n/a
Operating income	167	159	n/a	n/a
Operating margin	13.7%	13.5%	n/a
Pre-tax income	136	142	n/a	n/a
Income tax	23.0	27.0	n/a	n/a
Effective tax rate	16.9%	19.0%	n/a
Net income	113	115	n/a	n/a
Net margin	9.3%	9.8%	n/a
Diluted EPS	$2.17	$2.23	n/a	n/a

$ million except per share. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Operating cash flow	288	125	n/a	n/a
Capital expenditure	10.0	14.0	n/a	n/a
Free cash flow	278	111	n/a	n/a
Free cash flow margin	22.8%	9.4%	n/a
Depreciation and amortisation	42.0	43.0	n/a	n/a
Share-based compensation	37.0	17.0	n/a	n/a
Buybacks	0.0	0.0	n/a	n/a
Diluted shares, weighted	52m	52m	n/a	n/a
Shares outstanding at period end	52m	51m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Total assets	7,490	7,259	n/a	n/a
Cash and equivalents	411	127	n/a	n/a
Receivables	701	599	n/a	n/a
Inventory	678	705	n/a	n/a
Goodwill	3,894	3,894	n/a	n/a
Long-term debt	2,183	2,093	n/a	n/a
Borrowings, as the company tags them	2,183	2,093	n/a	n/a
Operating lease liabilities	145	151	n/a	n/a
Shareholders' equity	3,287	3,169	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	956	1,009	1,175	1,217	1,255	1,334	1,308	1,293	1,320	1,475	1,495	1,557
Cost of revenue	529	561	612	628	642	686	663	677	686	777	753	732
Gross profit	427	448	563	589	613	648	645	616	634	698	742	825
Gross margin	45%	44%	48%	48%	49%	49%	49%	48%	48%	47%	50%	53%
R&D	127	116	138	146	141	138	151	144	146	152	165	159
Operating income	-12.0	74.0	159	167	191	225	195	183	183	139	215	321
Operating margin	-1%	7%	14%	14%	15%	17%	15%	14%	14%	9%	14%	21%
Pre-tax income	-24.0	2.0	142	136	149	208	165	138	159	98.0	167	285
Tax rate	n/a	-750%	19%	17%	8%	22%	18%	19%	36%	29%	19%	18%
Net income	-15.0	17.0	115	113	137	163	136	112	101	70.0	135	233
Net margin	-2%	2%	10%	9%	11%	12%	10%	9%	8%	5%	9%	15%
Diluted EPS	-$0.28	$0.32	$2.23	$2.17	$2.64	$3.14	$2.62	$2.19	$1.97	$1.40	$2.72	$4.85
Operating cash flow	-35.0	141	125	288	294	306	178	147	235	357	176	211
Capital expenditure	14.0	39.0	14.0	10.0	17.0	18.0	20.0	17.0	19.0	30.0	13.0	13.0
Free cash flow	-49.0	102	111	278	277	288	158	130	216	327	163	198
Buybacks	0.0	0.0	0.0	0.0	16.0	31.0	125	125	34.0	303	300	268
Shares outstanding	51m	51m	51m	52m	52m	51m	51m	51m	51m	49m	48m	47m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 29 June 2024, filed 30 July 2024, accession 0000877212-24-000151: the filing on EDGAR. All of Zebra Technologies Corp.'s filings: EDGAR company page.

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