Executive Summary


2015 was a very successful year. In our first full year following the acquisition of the Enterprise business, we delivered strong sales growth, improved profitability, and enhanced cash flow generation. We have also established Zebra as the global leader in Enterprise Asset Intelligence, well positioned at the intersection of several key mega-trends including mobility, cloud computing, and the Internet of Things.

Our breadth and depth of products, services, and technologies are unmatched in the industry and provide enterprises with the visibility to improve productivity and deliver better experiences for their customers. Today, I can confidently say that we have become a more strategic and trusted advisor to leading enterprise customers and partners. Furthermore, we continue to enhance the financial profile of Zebra through the realization of cost synergies associated with the transaction, and debt pay-down.

As we look forward, we remain focused on our four strategic priorities:

  • Delivering Profitable Growth
  • Realizing Cost Synergies
  • De-levering the Balance Sheet
  • Operating as One Zebra

Customers in retail, manufacturing, transportation and logistics, and healthcare recognize the importance of our technology in achieving their long-term goals. This focus will continue to be critical for enterprises as they are investing for growth or looking to streamline their operations to improve efficiencies and profitability. Our healthy pipeline of innovative products and solutions will continue to make us a more strategic partner with customers.

In terms of bolstering our financial strength, we expect to realize additional cost synergies in 2016, improve free cash flow, and further reduce debt. We will also continue to make meaningful progress on our transition to One Zebra as we execute on the remaining steps of our integration, bolster the Zebra brand, and implement our new channel partner program.

We believe the execution of these priorities will enable achievement of our long-term financial goals to grow sales at least 4% - to - 5% over a cycle, expand adjusted EBITDA margin to 18% - to - 20% by the end of 2017, and reduce our net - debt - to - adjusted - EBITDA ratio to below three times.

I want to conclude by thanking our employees for their continued support and their tireless efforts over the last year. Without their strong commitment, we would not have been able to achieve integration milestones and drive continued growth in the business during this past year. I also want to recognize our partners and customers for their ongoing support. We are excited about the opportunities ahead of us and we look forward to providing updates on our progress.


Anders Gustafsson
Anders Gustafsson