Zebra Technologies Corporation (NASDAQ:ZBRA) Q1 2024 Earnings Conference Call April 30, 2024 8:30 AM ET

Company Participants

Mike Steele - Vice President of Investor Relations
Bill Burns - Chief Executive Officer
Nathan Winters - Chief Financial Officer

Conference Call Participants

Jamie Cook - Truist Securities
Damian Karas - UBS
Keith Housum - Northcoast Research
Tommy Moll - Stephens
Brad Hewitt - Wolfe Research
Jim Ricchiuti - Needham & Company
Joe Giordano - TD Cowen
Andrew Buscaglia - BNP Paribas
Brian Drab - William Blair
Meta Marshall - Morgan Stanley
Rob Mason - Baird
Ken Newman - KeyBanc Capital Markets

Operator

Good day and welcome to the First Quarter 2024 Zebra Technologies Earnings Conference Call. [Operator Instructions] Please note, this event is being recorded.

I would now like to turn the conference over to Mike Steele, Vice President, Investor Relations. Please go ahead.

Mike Steele

Good morning and welcome to Zebra's first quarter earnings conference call. This presentation is being simulcast on our website at investors.zebra.com and will be archived there for at least 1 year.

Our forward-looking statements are based on current expectations and assumptions and are subject to risks and uncertainties. Actual results could differ materially and we refer you to the factors discussed in our SEC filings. During this call, we will reference non-GAAP financial measures as we describe our business performance. You can find reconciliations at the end of this slide presentation and in today's earnings press release. Throughout this presentation, unless otherwise indicated, our references to sales performance are year-over-year and on a constant currency basis.

This presentation will include prepared remarks from Bill Burns, our Chief Executive Officer; and Nathan Winters, our Chief Financial Officer. Bill will begin with a discussion of our first quarter results and strategic actions. Nathan will then provide additional detail on the financials and discuss our second quarter and full year outlook. Bill will conclude with progress on advancing our vision. Following the prepared remarks, Bill and Nathan will take your questions.

Now let's turn to Slide 4 as I hand it over to Bill.

Bill Burns

Thank you, Mike. Good morning and thank you for joining us. As expected, our first quarter performance was impacted by continued broad-based softness across our end markets and regions which we began to experience in the second quarter of last year, resulting in a double-digit decline in sales and profitability. However, we are beginning to see a modest recovery in demand as we saw sequential improvement from the fourth quarter. We are particularly encouraged by the better-than-expected large order activity which drove the upside for the quarter. That said, we are not yet seeing a broad-based recovery. And as a result, we continue to take an agile approach to navigating the current environment.