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Zebra Technologies Corporation (ZBRA)
NASDAQ OMX 27th Investor Program
December 7, 2011 08:45 AM ET
Michael Smiley - Chief Financial Officer
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The things that we do is we are known for being a global designer of industrial printing for labels, receipts, and tickets. We are the largest player in our market which is a discrete label printed from the thermal printer. We also sell supplies, accessories and aftermarket parts as part of that business. We are also in the radio identification (RFID) type business, not that we make the labels themselves but we are printing code in those and we will talk a little bit more about that. And then lastly, we're also working in what we call location solutions, so RFID will let you know what something is, the locations solutions will let you know where something is, and we also play in that area of the market.
The value proposition to the customer is a very strong return on invested capital. Our customers are able to see the benefits of the solutions that they invest in, usually very quickly around six months or so and it helps them again, increase the velocity of their throughput so the amount of working capital they have to have goes down and it also helps them to work more efficiently, so the amount of processes and people engaged in that can be managed more effectively and then it also helps us in safety and security and compliance. Actually you will hear a lot more about figuring out where the peanut butter came from and those types of things.
When you look at the trends that we play in one of the big things is obviously globalization, most businesses seem to be going anywhere in the world they can to find the best solution for their customers as those supply chains expand that benefits the solutions that we have because our solutions help manage those extended supply chains. Certainly, we also look for increased efficiencies, cost reductions in supply chains, which we play into, there is continued safety and security concerns, certainly as people go in and out they want to know who is there and who shouldn't be there, know where things came from, make sure the right thing is given to the right person. So the demand for asset information includes what is it, where is it, when is it going to arrive, and that action now moving into house, is it been too cold, is it been too hot, those types of things that are becoming more and more important. So basically what we are engaged in is helping give a voice to assets that gives data to people that allows them to manage those assets. So we sort of view this as a convergence of physical and digital and that's the role that we play.
When you look at our competitive advantages we are the industry leading player in our business. We are probably three times larger than our closest competitor in locating technologies. We have global reach, we will spend a little bit more time with that but we sell around the world, so our customers with a Fortune 500 can get support basically anywhere there are. We have a very strong channel program. What that means is we have a lot of partners who are installing solutions to a lot of end customers that use our printers and that's helpful because it gets us to more end solutions and makes our product more pervasive in the industry. That leads to a large installed base. And a large installed base is good because as those printers expire or come to the end of their life they tend to replace them with similar same brand printers. So what that gives us is almost like an annuity in the business as printers continue to come to the end of the life. We also have the broadest product line. One of the things with our product is you know, if you have a PC and you hook in a HP printer, the HP printer just as plug-and-play, whereas in our industry the operating language is proprietary. So ours is called Zebra Programming Language (ZPL) and so as a result our operating language is within our entire product offering. If you have an installer that knows how to install a tabletop printer, you can also install a desktop printer or a mobile printer. Installer is a value-added reseller having the ability to sort of use your technicians to install our printers really easily, helps a great deal. Again we have a very broad product line so as people get comfortable with one of our printers they gain confidence in investing in another one.