Symbotic Inc. (Nasdaq: SYM), a leader in A.I.-enabled robotics
technology for the supply chain, announced financial results for
its third fiscal quarter of 2024 ended June 29, 2024. Symbotic
posted revenue of $492 million, a net loss of $14 million and
adjusted EBITDA1 of $15 million for the third quarter of fiscal
2024. In the same quarter of fiscal 2023, Symbotic had revenue of
$312 million, a net loss of $39 million and an adjusted EBITDA
loss1 of $3 million. Cash, cash equivalents and marketable
securities on hand decreased by $81 million from the prior quarter
to $870 million at the end of the third quarter.
“Symbotic continues to innovate. During the quarter, we extended
the future capabilities of SymBot by incorporating an enhanced
sensor array and we advanced development of our new minibot for
BreakPack,” said Rick Cohen, Chairman and Chief Executive Officer
of Symbotic. “Our teams continue to focus on execution of the 39
systems we have in deployment, which is reflected in our record
revenue for the quarter. Our system gross margin fell below
expectations due to elongated construction schedules and
implementation costs. We are focused on improving our planning,
speed of implementation and project management to improve
performance.”
“As planned, system deployments reaccelerated from last quarter.
We started five system deployments and completed three operational
systems,” said Symbotic Chief Financial Officer, Carol Hibbard.
“Looking ahead, improving our deployment process may temporarily
slow our revenue growth. However, we expect system costs to decline
and gross margin to return to historical levels during our fourth
fiscal quarter.”
OUTLOOK
For the fourth quarter of fiscal 2024, Symbotic expects revenue
of $455 million to $475 million, and adjusted EBITDA2 of $28
million to $32 million.
WEBCAST INFORMATION
Symbotic will host a webcast today at 5:00 pm ET to discuss its
third quarter fiscal 2024 results. The webcast link is:
https://edge.media-server.com/mmc/go/Symbotic-Q3-2024.
_______________1 Adjusted EBITDA (earnings before
interest, taxes, depreciation, and amortization) is a non-GAAP
financial measure as defined below under “Use of Non-GAAP Financial
Information.” See the tables below for reconciliations to net loss,
the most comparable GAAP measure.2 Symbotic is not providing
guidance for net loss, which is the most comparable GAAP financial
measure to adjusted EBITDA, because information reconciling
forward-looking adjusted EBITDA to net loss is unavailable to it
without unreasonable effort. Symbotic is not able to provide
reconciliations of adjusted EBITDA to net loss because certain
items required for such reconciliations are outside of Symbotic’s
control and/or cannot be reasonably predicted, such as the
provision for stock-based compensation.
ABOUT SYMBOTIC
Symbotic is an automation technology leader reimagining the
supply chain with its end-to-end, A.I.-powered robotic and software
platform. Symbotic reinvents the warehouse as a strategic asset for
the world’s largest retail, wholesale, and food & beverage
companies. Applying next-generation technology, high-density
storage and machine learning to solve today's complex distribution
challenges, Symbotic enables companies to move goods with unmatched
speed, agility, accuracy and efficiency. As the backbone of
commerce, Symbotic transforms the flow of goods and the economics
of the supply chain for its customers. For more information, visit
www.symbotic.com.
USE OF NON-GAAP FINANCIAL INFORMATION
Symbotic reports its financial results in accordance with
Generally Accepted Accounting Principles in the United States
(“U.S. GAAP”). This press release contains financial measures that
are not recognized under U.S. GAAP (“non-GAAP financial measures”),
including adjusted EBITDA, adjusted gross profit and adjusted gross
profit margin. These non-GAAP financial measures have limitations
as an analytical tool as they do not have a standardized meaning
prescribed by U.S. GAAP. The non-GAAP financial measures Symbotic
uses may not be the same non-GAAP financial measures, and may not
be calculated in the same manner, as that of other companies and,
therefore, are unlikely to be comparable to similar measures
presented by other companies. Rather, these non-GAAP financial
measures are provided as a supplement to corresponding U.S. GAAP
measures to provide additional information regarding the results of
operations from management’s perspective. Accordingly, non-GAAP
financial measures should not be considered a substitute for, in
isolation from, or superior to, the financial information prepared
and presented in accordance with U.S. GAAP. All non-GAAP financial
measures presented in this press release are reconciled to their
closest reported U.S. GAAP financial measures. Symbotic recommends
that investors review the reconciliation of these non-GAAP
financial measures to the most directly comparable GAAP financial
measures provided in the financial statement tables included below
in this press release, and not rely on any single financial measure
to evaluate its business.
Symbotic defines adjusted EBITDA, a non-GAAP financial measure,
as GAAP net loss excluding the following items: interest income;
income taxes; depreciation and amortization; stock-based
compensation; CEO transition charges; joint venture formation fees;
restructuring charges; equity financing transaction costs; equity
method investment; and other non-recurring items that may arise
from time to time. Symbotic defines adjusted gross profit, a
non-GAAP financial measure, as GAAP gross profit excluding the
following items: depreciation; stock-based compensation; and
restructuring charges. Symbotic defines adjusted gross profit
margin, a non-GAAP financial measure, as adjusted gross profit
divided by revenue. In addition to Symbotic’s financial results
determined in accordance with U.S. GAAP, Symbotic believes that
adjusted EBITDA, adjusted gross profit and adjusted gross profit
margin, non-GAAP financial measures, are useful in evaluating the
performance of Symbotic’s business because they highlight trends in
its core business.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
including, but not limited to, Symbotic’s expectations or
predictions of future financial or business performance or
conditions. Forward-looking statements are inherently subject to
risks, uncertainties and assumptions. Generally, statements that
are not historical facts, including statements concerning our
possible or assumed future actions, business strategies, events,
backlog or results of operations, are forward-looking statements.
These statements may be preceded by, followed by or include the
words “believes,” “estimates,” “expects,” “projects,” “forecasts,”
“may,” “will,” “should,” “seeks,” “plans,” “scheduled,”
“anticipates” or “intends” or similar expressions.
Forward-looking statements include, but are not limited to,
statements about the ability of or expectations regarding Symbotic
to:
- meet the technical requirements of
existing or future supply agreements with its customers, including
with respect to existing backlog;
- expand its target customer base and
maintain its existing customer base;
- realize the benefits expected from the
GreenBox joint venture;
- realize its outlook, including its
system gross margin;
- anticipate industry trends;
- maintain and enhance its platform;
- maintain the listing of the Symbotic
Class A Common Stock on Nasdaq;
- execute its growth strategy;
- develop, design and sell systems that
are differentiated from those of competitors;
- execute its research and development
strategy;
- acquire, maintain, protect and enforce
intellectual property;
- attract, train and retain effective
officers, key employees or directors;
- comply with laws and regulations
applicable to its business;
- stay abreast of modified or new laws
and regulations applying to its business;
- successfully defend litigation;
- issue equity securities in connection
with future transactions;
- meet future liquidity requirements and,
if applicable, comply with restrictive covenants related to
long-term indebtedness;
- timely and effectively remediate any
material weaknesses in our internal control over financial
reporting;
- anticipate rapid technological changes;
and
- effectively respond to general economic
and business conditions.
Forward-looking statements also include, but are not limited to,
statements with respect to:
- the future performance of our business
and operations;
- expectations regarding revenues,
expenses, adjusted EBITDA and anticipated cash needs;
- expectations regarding cash flow,
liquidity and sources of funding;
- expectations regarding capital
expenditures;
- the anticipated benefits of Symbotic’s
leadership structure;
- the effects of pending and future
legislation;
- business disruption;
- disruption to the business due to
Symbotic’s dependency on certain customers;
- increasing competition in the warehouse
automation industry;
- any delays in the design, production or
launch of our systems and products;
- the failure to meet customers’
requirements under existing or future contracts or customer’s
expectations as to price or pricing structure;
- any defects in new products or
enhancements to existing products;
- the fluctuation of operating results
from period to period due to a number of factors, including the
pace of customer adoption of our new products and services and any
changes in our product mix that shift too far into lower gross
margin products; and
- any consequences associated with joint
ventures and legislative and regulatory actions and reforms.
Such forward-looking statements involve risks and uncertainties
that may cause actual events, results or performance to differ
materially from those indicated by such statements. Certain of
these risks are identified and discussed in Symbotic’s Annual
Report on Form 10-K filed with the U.S. Securities and Exchange
Commission (the “SEC”) on December 11, 2023, and Symbotic’s
Quarterly Report on Form 10-Q filed with the SEC on February 8,
2024. These risk factors will be important to consider in
determining future results and should be reviewed in their
entirety. These forward-looking statements are expressed in good
faith, and Symbotic believes there is a reasonable basis for them.
However, there can be no assurance that the events, results or
trends identified in these forward-looking statements will occur or
be achieved. Forward-looking statements are provided for the
purposes of assisting the reader in understanding our financial
performance, financial position and cash flows as of and for
periods ended on certain dates and to present information about
management’s current expectations and plans relating to the future,
and the reader is cautioned not to place undue reliance on these
forward-looking statements because of their inherent uncertainty
and to appreciate the limited purposes for which they are being
used by management. While we believe that the assumptions and
expectations reflected in the forward-looking statements are
reasonable based on information currently available to management,
there is no assurance that such assumptions and expectations will
prove to have been correct. Forward-looking statements speak only
as of the date they are made and are based on the beliefs,
estimates, expectations and opinions of management on that date.
Symbotic is not under any obligation, and expressly disclaims any
obligation to update, alter or otherwise revise any forward-looking
statement, whether as a result of new information, future events or
otherwise, except as required by law. Readers should carefully
review the statements set forth in the reports that Symbotic has
filed or will file from time to time with the SEC.
In addition to factors previously disclosed in Symbotic’s Annual
Report on Form 10-K filed with the SEC on December 11, 2023, and
Symbotic’s Quarterly Report on Form 10-Q filed with the SEC on
February 8, 2024, and those identified elsewhere in this press
release, the following factors, among others, could cause actual
results to differ materially from forward-looking statements or
historical performance: failure to realize the benefits expected
from adding to our base of outsourcing partners; risks related to
the GreenBox joint venture and the effects of pending and future
legislation.
Any financial projections in this press release or discussed in
the webcast are forward-looking statements that are based on
assumptions that are inherently subject to significant
uncertainties and contingencies, many of which are beyond
Symbotic’s control. While all projections are necessarily
speculative, Symbotic believes that the preparation of prospective
financial information involves increasingly higher levels of
uncertainty the further out the projection extends from the date of
preparation. The assumptions and estimates underlying the projected
results are inherently uncertain and are subject to a wide variety
of significant business, economic and competitive risks and
uncertainties that could cause actual results to differ materially
from those contained in the projections. The inclusion of
projections in this communication should not be regarded as an
indication that Symbotic, or its representatives, considered or
considers the projections to be a reliable prediction of future
events.
Annualized, projected and estimated numbers are not forecasts
and may not reflect actual results.
This communication is not intended to be all-inclusive or to
contain all the information that a person may desire in considering
an investment in Symbotic and is not intended to form the basis of
an investment decision in Symbotic. The forward-looking statements
contained in this press release and other reports we file with, or
furnish to, the SEC and other regulatory agencies and made by our
directors, officers, other employees and other persons authorized
to speak on our behalf are expressly qualified in their entirety by
these cautionary statements.
INVESTOR RELATIONS CONTACT
Jeff Evanson Vice President, Investor Relations & Corporate
Development ir@symbotic.com
MEDIA INQUIRIES
Kimberly ZminkowskiDirector,
Marketingmediainquiry@symbotic.com
Symbotic Inc. and Subsidiaries |
Unaudited Condensed Consolidated Statements of
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
(in thousands, except
share and per share information) |
June 29, 2024 |
March 30, 2024 |
June 24, 2023 |
|
June 29, 2024 |
June 24, 2023 |
Revenue: |
|
|
|
|
|
|
Systems |
$ |
472,119 |
|
$ |
401,662 |
|
$ |
302,350 |
|
|
$ |
1,229,993 |
|
$ |
757,854 |
|
Software maintenance and support |
|
3,545 |
|
|
2,566 |
|
|
1,768 |
|
|
|
8,280 |
|
|
4,466 |
|
Operation services |
|
16,198 |
|
|
20,073 |
|
|
7,719 |
|
|
|
46,340 |
|
|
22,683 |
|
Total revenue |
|
491,862 |
|
|
424,301 |
|
|
311,837 |
|
|
|
1,284,613 |
|
|
785,003 |
|
Cost of revenue: |
|
|
|
|
|
|
Systems |
|
407,852 |
|
|
359,151 |
|
|
244,660 |
|
|
|
1,053,407 |
|
|
618,651 |
|
Software maintenance and support |
|
2,539 |
|
|
1,936 |
|
|
3,603 |
|
|
|
6,201 |
|
|
7,380 |
|
Operation services |
|
14,065 |
|
|
19,052 |
|
|
10,665 |
|
|
|
43,331 |
|
|
28,022 |
|
Total cost of revenue |
|
424,456 |
|
|
380,139 |
|
|
258,928 |
|
|
|
1,102,939 |
|
|
654,053 |
|
Gross profit |
|
67,406 |
|
|
44,162 |
|
|
52,909 |
|
|
|
181,674 |
|
|
130,950 |
|
Operating expenses: |
|
|
|
|
|
|
Research and development expenses |
|
44,722 |
|
|
46,462 |
|
|
48,845 |
|
|
|
133,327 |
|
|
149,251 |
|
Selling, general, and administrative expenses |
|
47,871 |
|
|
48,652 |
|
|
46,073 |
|
|
|
143,535 |
|
|
150,994 |
|
Total operating expenses |
|
92,593 |
|
|
95,114 |
|
|
94,918 |
|
|
|
276,862 |
|
|
300,245 |
|
Operating loss |
|
(25,187 |
) |
|
(50,952 |
) |
|
(42,009 |
) |
|
|
(95,188 |
) |
|
(169,295 |
) |
Other income, net |
|
11,615 |
|
|
9,812 |
|
|
2,937 |
|
|
|
27,626 |
|
|
7,055 |
|
Loss before income tax and equity method investment |
|
(13,572 |
) |
|
(41,140 |
) |
|
(39,072 |
) |
|
|
(67,562 |
) |
|
(162,240 |
) |
Income tax benefit
(expense) |
|
(95 |
) |
|
188 |
|
|
(5 |
) |
|
|
(24 |
) |
|
(239 |
) |
Loss from equity method
investment |
|
(537 |
) |
|
— |
|
|
— |
|
|
|
(537 |
) |
|
— |
|
Net loss |
|
(14,204 |
) |
|
(40,952 |
) |
|
(39,077 |
) |
|
|
(68,123 |
) |
|
(162,479 |
) |
Net loss attributable to
noncontrolling interests |
|
(11,716 |
) |
|
(34,372 |
) |
|
(34,730 |
) |
|
|
(57,127 |
) |
|
(144,821 |
) |
Net loss attributable to common stockholders |
$ |
(2,488 |
) |
$ |
(6,580 |
) |
$ |
(4,347 |
) |
|
$ |
(10,996 |
) |
$ |
(17,658 |
) |
|
|
|
|
|
|
|
Loss per share of Class A
Common Stock: |
|
|
|
|
|
|
Basic and Diluted |
$ |
(0.02 |
) |
$ |
(0.07 |
) |
$ |
(0.07 |
) |
|
|
(0.12 |
) |
$ |
(0.29 |
) |
Weighted-average shares of
Class A Common Stock outstanding: |
|
|
|
|
|
|
Basic and Diluted |
|
102,414,284 |
|
|
93,043,769 |
|
|
61,782,886 |
|
|
|
92,891,276 |
|
|
60,160,039 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Symbotic Inc. and Subsidiaries |
Reconciliation of Non-GAAP Financial Measures |
|
|
|
|
|
|
|
The following
table reconciles GAAP net loss to adjusted
EBITDA: |
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
(in thousands) |
June 29, 2024 |
March 30, 2024 |
June 24, 2023 |
|
June 29, 2024 |
June 24, 2023 |
Net loss |
$ |
(14,204 |
) |
$ |
(40,952 |
) |
$ |
(39,077 |
) |
|
$ |
(68,123 |
) |
$ |
(162,479 |
) |
Interest income |
|
(11,610 |
) |
|
(9,795 |
) |
|
(2,974 |
) |
|
|
(27,554 |
) |
|
(7,199 |
) |
Income tax (benefit) expense |
|
95 |
|
|
(188 |
) |
|
5 |
|
|
|
24 |
|
|
239 |
|
Depreciation and amortization |
|
10,032 |
|
|
2,468 |
|
|
1,621 |
|
|
|
15,065 |
|
|
4,996 |
|
Stock-based compensation |
|
30,320 |
|
|
34,726 |
|
|
37,068 |
|
|
|
94,508 |
|
|
123,147 |
|
Joint venture formation fees |
|
— |
|
|
— |
|
|
— |
|
|
|
1,089 |
|
|
— |
|
CEO transition charges |
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
2,026 |
|
Restructuring charges |
|
— |
|
|
34,206 |
|
|
— |
|
|
|
34,206 |
|
|
8,373 |
|
Equity financing transaction costs |
|
— |
|
|
1,985 |
|
|
— |
|
|
|
1,985 |
|
|
— |
|
Equity method investment |
|
537 |
|
|
— |
|
|
— |
|
|
|
537 |
|
|
— |
|
Adjusted EBITDA |
$ |
15,170 |
|
$ |
22,450 |
|
$ |
(3,357 |
) |
|
$ |
51,737 |
|
$ |
(30,897 |
) |
|
|
|
|
|
|
|
The following
table reconciles GAAP gross profit to adjusted gross
profit: |
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
(in thousands) |
June 29, 2024 |
March 30, 2024 |
June 24, 2023 |
|
June 29, 2024 |
June 24, 2023 |
Gross profit |
$ |
67,406 |
|
$ |
44,162 |
|
$ |
52,909 |
|
|
$ |
181,674 |
|
$ |
130,950 |
|
Depreciation |
|
5,359 |
|
|
88 |
|
|
178 |
|
|
|
5,540 |
|
|
553 |
|
Stock-based compensation |
|
3,807 |
|
|
5,156 |
|
|
4,124 |
|
|
|
12,394 |
|
|
4,895 |
|
Restructuring charges |
|
— |
|
|
34,206 |
|
|
— |
|
|
|
34,206 |
|
|
5,240 |
|
Adjusted gross profit |
$ |
76,572 |
|
$ |
83,612 |
|
$ |
57,211 |
|
|
$ |
233,814 |
|
$ |
141,638 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit margin |
|
13.7 |
% |
|
10.4 |
% |
|
17.0 |
% |
|
|
14.1 |
% |
|
16.7 |
% |
Adjusted gross profit
margin |
|
15.6 |
% |
|
19.7 |
% |
|
18.3 |
% |
|
|
18.2 |
% |
|
18.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Symbotic Inc. and Subsidiaries |
Supplemental Common Share Information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Common
Shares issued and outstanding at the end of each of the periods
presented: |
|
|
|
|
|
|
|
|
June 29, 2024 |
September 30, 2023 |
Class A Common Stock issued
and outstanding |
|
103,096,119 |
|
|
82,112,881 |
|
Class V-1 Common Stock issued
and outstanding |
|
77,490,386 |
|
|
66,931,097 |
|
Class V-3 Common Stock issued
and outstanding |
|
404,309,196 |
|
|
407,528,941 |
|
|
|
584,895,701 |
|
|
556,572,919 |
|
|
|
|
|
|
|
|
Symbotic Inc. and Subsidiaries |
Unaudited Condensed Consolidated Balance
Sheets |
|
|
|
(in thousands, except share
data) |
June 29, 2024 |
September 30, 2023 |
ASSETS |
Current assets: |
|
|
Cash and cash equivalents |
$ |
870,469 |
|
$ |
258,770 |
|
Marketable securities |
|
— |
|
|
286,736 |
|
Accounts receivable |
|
100,499 |
|
|
69,206 |
|
Unbilled accounts receivable |
|
160,688 |
|
|
121,149 |
|
Inventories |
|
132,111 |
|
|
136,121 |
|
Deferred expenses |
|
6,748 |
|
|
34,577 |
|
Prepaid expenses and other current assets |
|
100,802 |
|
|
85,236 |
|
Total current assets |
|
1,371,317 |
|
|
991,795 |
|
Property and equipment,
net |
|
81,029 |
|
|
34,507 |
|
Intangible assets, net |
|
— |
|
|
217 |
|
Other assets |
|
106,096 |
|
|
24,191 |
|
Total assets |
$ |
1,558,442 |
|
$ |
1,050,710 |
|
LIABILITIES AND EQUITY |
Current liabilities: |
|
|
Accounts payable |
$ |
156,286 |
|
$ |
109,918 |
|
Accrued expenses and other current liabilities |
|
177,166 |
|
|
128,314 |
|
Deferred revenue |
|
714,641 |
|
|
787,227 |
|
Total current liabilities |
|
1,048,093 |
|
|
1,025,459 |
|
Deferred revenue |
|
81,642 |
|
|
— |
|
Other liabilities |
|
49,412 |
|
|
27,967 |
|
Total liabilities |
|
1,179,147 |
|
|
1,053,426 |
|
Commitments and
contingencies |
|
— |
|
|
— |
|
|
|
|
Equity: |
|
|
Class A Common Stock, 3,000,000,000 shares authorized, 103,096,119
and 82,112,881 shares issued and outstanding at June 29, 2024 and
September 30, 2023, respectively |
|
12 |
|
|
8 |
|
Class V-1 Common Stock, 1,000,000,000 shares authorized, 77,490,386
and 66,931,097 shares issued and outstanding at June 29, 2024 and
September 30, 2023, respectively |
|
8 |
|
|
7 |
|
Class V-3 Common Stock, 450,000,000 shares authorized, 404,309,196
and 407,528,941 shares issued and outstanding at June 29, 2024 and
September 30, 2023, respectively |
|
41 |
|
|
41 |
|
Additional paid-in capital - warrants |
|
— |
|
|
58,126 |
|
Additional paid-in capital |
|
1,742,697 |
|
|
1,254,022 |
|
Accumulated deficit |
|
(1,321,431 |
) |
|
(1,310,435 |
) |
Accumulated other comprehensive loss |
|
(2,632 |
) |
|
(1,687 |
) |
Total stockholders' equity |
|
418,695 |
|
|
82 |
|
Noncontrolling interest |
|
(39,400 |
) |
|
(2,798 |
) |
Total equity |
|
379,295 |
|
|
(2,716 |
) |
Total liabilities and
equity |
$ |
1,558,442 |
|
$ |
1,050,710 |
|
|
|
|
|
|
|
|
Symbotic Inc. and Subsidiaries |
Unaudited Condensed Consolidated Statements of Cash
Flows |
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
(in thousands) |
June 29, 2024 |
March 30, 2024 |
June 24, 2023 |
|
June 29, 2024 |
June 24, 2023 |
Cash flows from operating
activities: |
|
|
|
|
|
|
Net loss |
$ |
(14,204 |
) |
$ |
(40,952 |
) |
$ |
(39,077 |
) |
|
$ |
(68,123 |
) |
$ |
(162,479 |
) |
Adjustments to reconcile net loss to net cash provided by operating
activities: |
|
|
|
|
|
|
Depreciation and amortization |
|
10,695 |
|
|
3,155 |
|
|
2,460 |
|
|
|
17,048 |
|
|
6,606 |
|
Foreign currency (gains) / losses |
|
— |
|
|
(30 |
) |
|
72 |
|
|
|
(8 |
) |
|
66 |
|
Loss on disposal of assets |
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
123 |
|
(Gain) on investments |
|
(1,340 |
) |
|
(8,745 |
) |
|
— |
|
|
|
(10,084 |
) |
|
— |
|
Provision for excess and obsolete inventory |
|
(171 |
) |
|
34,206 |
|
|
— |
|
|
|
34,105 |
|
|
6,160 |
|
Stock-based compensation |
|
29,332 |
|
|
28,065 |
|
|
36,999 |
|
|
|
86,858 |
|
|
121,762 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
Accounts receivable |
|
27,166 |
|
|
25,328 |
|
|
50,837 |
|
|
|
(31,295 |
) |
|
(70,300 |
) |
Inventories |
|
(12,179 |
) |
|
(16,353 |
) |
|
(25,928 |
) |
|
|
(30,099 |
) |
|
(80,781 |
) |
Prepaid expenses and other current assets |
|
22,319 |
|
|
(36,369 |
) |
|
(25,793 |
) |
|
|
(55,211 |
) |
|
(421 |
) |
Deferred expenses |
|
(5,580 |
) |
|
2,106 |
|
|
(5,399 |
) |
|
|
(10,626 |
) |
|
(13,128 |
) |
Other assets |
|
1,051 |
|
|
440 |
|
|
(461 |
) |
|
|
(4,415 |
) |
|
(5,944 |
) |
Accounts payable |
|
6,458 |
|
|
43,740 |
|
|
(13,862 |
) |
|
|
46,368 |
|
|
5,856 |
|
Accrued expenses and other current liabilities |
|
49,007 |
|
|
(15,100 |
) |
|
(13,558 |
) |
|
|
48,593 |
|
|
20,044 |
|
Deferred revenue |
|
(60,635 |
) |
|
(272 |
) |
|
85,896 |
|
|
|
9,059 |
|
|
349,360 |
|
Other liabilities |
|
(1,534 |
) |
|
1,853 |
|
|
2,697 |
|
|
|
9,136 |
|
|
9,342 |
|
Net cash provided by operating activities |
|
50,385 |
|
|
21,072 |
|
|
54,883 |
|
|
|
41,306 |
|
|
186,266 |
|
Cash flows from investing
activities: |
|
|
|
|
|
|
Purchases of property and equipment and capitalization of software
development costs |
|
(17,143 |
) |
|
(2,871 |
) |
|
(8,337 |
) |
|
|
(23,007 |
) |
|
(20,363 |
) |
Proceeds from maturities of marketable securities |
|
50,000 |
|
|
140,000 |
|
|
50,000 |
|
|
|
340,000 |
|
|
50,000 |
|
Purchases of marketable securities |
|
— |
|
|
(343 |
) |
|
(97,957 |
) |
|
|
(48,660 |
) |
|
(301,097 |
) |
Purchases of strategic investments |
|
(66,489 |
) |
|
— |
|
|
— |
|
|
|
(66,489 |
) |
|
— |
|
Net cash provided by (used in) investing activities |
|
(33,632 |
) |
|
136,786 |
|
|
(56,294 |
) |
|
|
201,844 |
|
|
(271,460 |
) |
Cash flows from financing
activities: |
|
|
|
|
|
|
Payment for taxes related to net share settlement of stock-based
compensation awards |
|
— |
|
|
(3,125 |
) |
|
— |
|
|
|
(3,181 |
) |
|
(11,713 |
) |
Net proceeds from issuance of common stock under employee stock
purchase plan |
|
— |
|
|
3,435 |
|
|
— |
|
|
|
3,435 |
|
|
987 |
|
Proceeds from issuance of Class A Common Stock |
|
— |
|
|
257,985 |
|
|
— |
|
|
|
257,985 |
|
|
— |
|
Proceeds from exercise of warrants |
|
— |
|
|
— |
|
|
— |
|
|
|
158,704 |
|
|
— |
|
Distributions to Symbotic Holdings LLC partners |
|
(47,654 |
) |
|
— |
|
|
— |
|
|
|
(47,654 |
) |
|
— |
|
Net cash provided by (used in) financing activities |
|
(47,654 |
) |
|
258,295 |
|
|
— |
|
|
|
369,289 |
|
|
(10,726 |
) |
Effect of exchange rate
changes on cash, cash equivalents, and restricted cash |
|
(9 |
) |
|
(13 |
) |
|
(45 |
) |
|
|
(25 |
) |
|
93 |
|
Net increase (decrease) in
cash, cash equivalents, and restricted cash |
|
(30,910 |
) |
|
416,140 |
|
|
(1,456 |
) |
|
|
612,414 |
|
|
(95,827 |
) |
Cash, cash equivalents, and
restricted cash - beginning of period |
|
904,242 |
|
|
488,102 |
|
|
259,086 |
|
|
|
260,918 |
|
|
353,457 |
|
Cash, cash equivalents, and
restricted cash - end of period |
$ |
873,332 |
|
$ |
904,242 |
|
$ |
257,630 |
|
|
$ |
873,332 |
|
$ |
257,630 |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
(in thousands) |
June 29, 2024 |
March 30, 2024 |
June 24, 2023 |
|
June 29, 2024 |
June 24, 2023 |
Reconciliation of cash, cash
equivalents, and restricted cash: |
|
|
|
|
|
|
Cash and cash equivalents |
$ |
870,469 |
|
$ |
901,382 |
|
$ |
255,490 |
|
|
$ |
870,469 |
|
$ |
255,490 |
|
Restricted cash |
|
2,863 |
|
|
2,860 |
|
|
2,140 |
|
|
|
2,863 |
|
|
2,140 |
|
Cash, cash equivalents, and restricted cash |
$ |
873,332 |
|
$ |
904,242 |
|
$ |
257,630 |
|
|
$ |
873,332 |
|
$ |
257,630 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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