Zebra Technologies Corporation

Good day and welcome to the third quarter 2025 CEPRA Technologies Earnings Conference Call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. 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.

Good morning and welcome to Zebra's third quarter earnings conference call. This presentation is being simulcast on our website at investors.zebra.com and will be archived there for at least one 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-on-year on a constant currency basis and exclude results from recently acquired businesses for 12 months. This presentation will include prepared remarks from Bill Burns, our Chief Executive Officer, and Nathan Winters, our Chief Financial Officer. Bill will begin with the discussion of our third quarter results. Nathan will then provide additional detail and discuss our outlook. Bill will conclude with progress on advancing our strategic priorities. Following the prepared remarks, Bill and Nathan will take your questions. Now let's turn to slide four as I hand it over to Bill. Thank you, Mike.

Good morning and thank you for joining us. Our team executed well in the third quarter, delivering results above our outlook, driven by solid demand, lower than expected tariffs, and strong operating expense leverage. For the quarter, we realized sales of $1.3 billion, a 5% increase from the prior year, and adjusted EBITDA margin of 21.6%, a 20 basis point improvement, and non-GAAP diluted earnings per share, at $3.88, which was 11% higher than the prior year. We realized solid growth in our Asia Pacific, Latin America, and North America regions and had relative outperformance in printing, mobile computing, and RFID. Our retail and e-commerce end market was a bright spot. Healthcare cycled a strong compare and manufacturing remained relatively soft. We achieved double-digit earnings growth by driving operational efficiencies as they continue to invest in our leading portfolio of solutions. While we see growth across most of our business, our customers continue to navigate in a certain macro environment, resulting in uneven demand across some geographies and vertical markets. As we look at our broader business prospects, we're excited about our profitable growth opportunities, including our recent acquisition of Elo Touch Solutions, which enables us to accelerate our vision for the connected frontline. Our strong balance sheet and free cashflow profile also enables us to commit $500 million to share repurchases over the next 12 months as we drive long-term value for our shareholders. I will now turn the call over to Nathan to review our Q3 financial results and Q4 outlook.