Symbotic Inc. (Nasdaq: SYM), a leader in A.I.-enabled robotics
technology for the supply chain, today announced financial results
for its fourth quarter and fiscal year ended September 30, 2023.
Symbotic posted revenue of $392 million, a net loss of $45 million
and adjusted EBITDA1 of $13 million for the fourth quarter of
fiscal 2023. In the same quarter of fiscal 2022, Symbotic had
revenue of $244 million, a net loss of $53 million and an adjusted
EBITDA loss1 of $20 million. Cash, cash equivalents, restricted
cash and marketable securities on hand increased by $35 million
from the prior quarter of 2023, to $548 million at the end of the
fourth quarter.
For the full fiscal year 2023, Symbotic reported
revenue of $1,177 million, reflecting 98% growth year over year, a
net loss of $208 million, and an adjusted EBITDA loss1 of $18
million.
“This has been a year of tremendous growth and
progress for Symbotic. Our financial performance is a testament to
the hard work and dedication of our talented team,” said Symbotic
Chairman and Chief Executive Officer, Rick Cohen. “In fiscal 2024,
we will continue to invest in driving innovation, strengthening our
partnerships, and scaling for growth.”
“We are pleased to report another quarter of
strong revenue growth and margins, as we initiated four new system
deployments and completed commissioning of two systems. We also
accelerated the pace of system deployments,” said Symbotic Chief
Financial Officer, Tom Ernst. “We are excited to be reporting our
first quarter of positive adjusted EBITDA1 which demonstrates the
strong operating leverage of our business.”
OUTLOOK
For the first quarter of fiscal 2024, Symbotic
expects revenue of $350 million to $370 million, and adjusted
EBITDA1,2 of $11 million to $14 million.
WEBCAST INFORMATION
Symbotic will host a webcast today at 5:00 pm ET
to discuss its fourth quarter and full year fiscal 2023 results.
The webcast link is:
https://edge.media-server.com/mmc/go/Symbotic-Q4-2023.
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”),
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
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; business combination transaction
expenses; joint venture formation fees; CEO transition charges;
restructuring charges; 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;
- 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;
- backlog;
- expectations regarding revenues,
expenses, adjusted EBITDA and anticipated cash needs;
- expectations regarding cash flow,
liquidity and sources of funding;
- expectations regarding capital
expenditures;
- the effects of pending and future
legislation;
- business disruption, including business
disruption following the GreenBox transaction;
- the occurrence of any event, change or
other circumstance that could give rise to the termination of the
agreements entered into in connection with the GreenBox
transaction;
- the effect of the announcement of the
GreenBox transaction on the Company’s business relationships,
performance, and business generally;
- the amount of the costs, fees, expenses
and other charges related to the GreenBox transaction;
- disruption to the business due to the
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 9, 2022,
and Symbotic’s Quarterly Report on Form 10-Q filed with the SEC on
August 2, 2023. 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 9, 2022, and Symbotic’s Quarterly Report on Form 10-Q
filed with the SEC on August 2, 2023, 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 Symboticir@symbotic.com
MEDIA INQUIRIES
Kimberly ZminkowskiDirector,
MarketingSymboticmediainquiry@symbotic.com
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 measures.
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 GAAP financial measures
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.
Symbotic Inc. and
SubsidiariesConsolidated Statements of
Operations
|
Three Months Ended |
|
Year Ended |
(in thousands, except
share and per share information) |
September 30,2023 |
|
June 24,2023 |
|
September 24,2022 |
|
September 30,2023 |
|
September 24,2022 |
Revenue: |
|
|
|
|
|
|
|
|
|
Systems |
$ |
380,205 |
|
|
$ |
302,350 |
|
|
$ |
237,696 |
|
|
$ |
1,138,059 |
|
|
$ |
567,993 |
|
Software maintenance and support |
|
2,135 |
|
|
|
1,768 |
|
|
|
933 |
|
|
|
6,601 |
|
|
|
3,735 |
|
Operation services |
|
9,548 |
|
|
|
7,719 |
|
|
|
5,783 |
|
|
|
32,231 |
|
|
|
21,584 |
|
Total revenue |
|
391,888 |
|
|
|
311,837 |
|
|
|
244,412 |
|
|
|
1,176,891 |
|
|
|
593,312 |
|
Cost of revenue: |
|
|
|
|
|
|
|
|
|
Systems |
|
321,425 |
|
|
|
244,660 |
|
|
|
199,704 |
|
|
|
940,076 |
|
|
|
464,179 |
|
Software maintenance and support |
|
1,842 |
|
|
|
3,603 |
|
|
|
1,166 |
|
|
|
9,222 |
|
|
|
4,390 |
|
Operation services |
|
9,832 |
|
|
|
10,665 |
|
|
|
6,813 |
|
|
|
37,854 |
|
|
|
25,096 |
|
Total cost of revenue |
|
333,099 |
|
|
|
258,928 |
|
|
|
207,683 |
|
|
|
987,152 |
|
|
|
493,665 |
|
Gross profit |
|
58,789 |
|
|
|
52,909 |
|
|
|
36,729 |
|
|
|
189,739 |
|
|
|
99,647 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
Research and development expenses |
|
45,791 |
|
|
|
48,845 |
|
|
|
43,462 |
|
|
|
195,042 |
|
|
|
124,141 |
|
Selling, general, and administrative expenses |
|
66,933 |
|
|
|
46,073 |
|
|
|
47,575 |
|
|
|
217,927 |
|
|
|
115,881 |
|
Total operating expenses |
|
112,724 |
|
|
|
94,918 |
|
|
|
91,037 |
|
|
|
412,969 |
|
|
|
240,022 |
|
Operating loss |
|
(53,935 |
) |
|
|
(42,009 |
) |
|
|
(54,308 |
) |
|
|
(223,230 |
) |
|
|
(140,375 |
) |
Other income, net |
|
3,661 |
|
|
|
2,937 |
|
|
|
1,050 |
|
|
|
10,716 |
|
|
|
1,286 |
|
Loss before income tax |
|
(50,274 |
) |
|
|
(39,072 |
) |
|
|
(53,258 |
) |
|
|
(212,514 |
) |
|
|
(139,089 |
) |
Income tax benefit
(expense) |
|
4,859 |
|
|
|
(5 |
) |
|
|
— |
|
|
|
4,620 |
|
|
|
— |
|
Net loss |
|
(45,415 |
) |
|
|
(39,077 |
) |
|
|
(53,258 |
) |
|
|
(207,894 |
) |
|
|
(139,089 |
) |
Net loss attributable to
Legacy Warehouse unitholders prior to the Business Combination |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(72,134 |
) |
Net loss attributable to
noncontrolling interests |
|
(39,207 |
) |
|
|
(34,730 |
) |
|
|
(47,709 |
) |
|
|
(184,028 |
) |
|
|
(60,092 |
) |
Net loss attributable to common stockholders |
$ |
(6,208 |
) |
|
$ |
(4,347 |
) |
|
$ |
(5,549 |
) |
|
$ |
(23,866 |
) |
|
$ |
(6,863 |
) |
|
|
|
|
|
|
|
|
|
|
Loss per share of Class A
Common Stock: |
|
|
|
|
|
|
|
|
|
Basic and Diluted |
$ |
(0.08 |
) |
|
$ |
(0.07 |
) |
|
$ |
(0.10 |
) |
|
$ |
(0.37 |
) |
|
$ |
(0.13 |
) |
Weighted-average shares of
Class A Common Stock outstanding: |
|
|
|
|
|
|
|
|
|
Basic and Diluted |
|
76,021,439 |
|
|
|
61,782,886 |
|
|
|
54,800,914 |
|
|
|
64,338,580 |
|
|
|
54,086,381 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Symbotic Inc. and
SubsidiariesReconciliation of Non-GAAP Financial
Measures
The following table reconciles GAAP net loss to Adjusted
EBITDA:
|
Three Months Ended |
|
Year Ended |
(in thousands) |
September 30, 2023 |
|
June 24, 2023 |
|
September 24, 2022 |
|
September 30, 2023 |
|
September 24, 2022 |
Net loss |
$ |
(45,415 |
) |
|
$ |
(39,077 |
) |
|
$ |
(53,258 |
) |
|
$ |
(207,894 |
) |
|
$ |
(139,089 |
) |
Interest income |
|
(4,192 |
) |
|
|
(2,974 |
) |
|
|
(1,083 |
) |
|
|
(11,391 |
) |
|
|
(1,287 |
) |
Income tax (benefit) expense |
|
(4,858 |
) |
|
|
5 |
|
|
|
— |
|
|
|
(4,619 |
) |
|
|
— |
|
Depreciation and amortization |
|
4,479 |
|
|
|
1,621 |
|
|
|
1,789 |
|
|
|
9,475 |
|
|
|
5,989 |
|
Stock-based compensation |
|
33,876 |
|
|
|
37,068 |
|
|
|
30,426 |
|
|
|
157,023 |
|
|
|
40,556 |
|
Business Combination transaction expenses |
|
— |
|
|
|
— |
|
|
|
1,669 |
|
|
|
— |
|
|
|
4,069 |
|
Joint venture formation fees |
|
14,900 |
|
|
|
— |
|
|
|
— |
|
|
|
14,900 |
|
|
|
— |
|
CEO transition charges |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,026 |
|
|
|
— |
|
Restructuring charges |
|
14,526 |
|
|
|
— |
|
|
|
— |
|
|
|
22,899 |
|
|
|
— |
|
Adjusted EBITDA |
$ |
13,316 |
|
|
$ |
(3,357 |
) |
|
$ |
(20,457 |
) |
|
$ |
(17,581 |
) |
|
$ |
(89,762 |
) |
The following table reconciles GAAP gross profit to Adjusted
gross profit:
|
Three Months Ended |
|
Year Ended |
(in thousands) |
September 30, 2023 |
|
June 24, 2023 |
|
September 24, 2022 |
|
September 30, 2023 |
|
September 24, 2022 |
Gross profit |
$ |
58,789 |
|
$ |
52,909 |
|
$ |
36,729 |
|
$ |
189,739 |
|
$ |
99,647 |
Depreciation |
|
86 |
|
|
178 |
|
|
110 |
|
|
639 |
|
|
353 |
Stock-based compensation |
|
1,317 |
|
|
4,124 |
|
|
— |
|
|
6,212 |
|
|
— |
Restructuring charges |
|
14,526 |
|
|
— |
|
|
— |
|
|
19,766 |
|
|
— |
Adjusted gross profit |
$ |
74,718 |
|
$ |
57,211 |
|
$ |
36,839 |
|
$ |
216,356 |
|
$ |
100,000 |
Gross profit margin |
15.0 |
% |
|
17.0 |
% |
|
15.0 |
% |
|
16.1 |
% |
|
16.8 |
% |
Adjusted gross profit
margin |
19.1 |
% |
|
18.3 |
% |
|
15.1 |
% |
|
18.4 |
% |
|
16.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Symbotic Inc. and Subsidiaries
Supplemental Common Share Information
Total Common Shares issued and outstanding:
|
September 30, 2023 |
|
September 24, 2022 |
Class A Common Shares issued
and outstanding |
82,112,881 |
|
57,718,836 |
Class V-1 Common Shares issued
and outstanding |
66,931,097 |
|
79,237,388 |
Class V-3 Common Shares issued
and outstanding |
407,528,941 |
|
416,933,025 |
|
556,572,919 |
|
553,889,249 |
|
Symbotic Inc. and
SubsidiariesConsolidated Balance
Sheets
(in thousands, except share
data) |
September 30, 2023 |
|
September 24, 2022 |
ASSETS |
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
258,770 |
|
|
$ |
353,457 |
|
Marketable securities |
|
286,736 |
|
|
|
— |
|
Accounts receivable |
|
69,206 |
|
|
|
3,412 |
|
Unbilled accounts receivable |
|
121,149 |
|
|
|
101,816 |
|
Inventories |
|
136,121 |
|
|
|
91,900 |
|
Deferred expenses |
|
34,577 |
|
|
|
29,150 |
|
Prepaid expenses and other current assets |
|
85,236 |
|
|
|
25,663 |
|
Total current assets |
|
991,795 |
|
|
|
605,398 |
|
Property and equipment,
net |
|
34,507 |
|
|
|
24,878 |
|
Intangible assets, net |
|
217 |
|
|
|
650 |
|
Other long-term assets |
|
24,191 |
|
|
|
337 |
|
Total assets |
$ |
1,050,710 |
|
|
$ |
631,263 |
|
LIABILITIES AND EQUITY |
Current liabilities: |
|
|
|
Accounts payable |
$ |
109,918 |
|
|
$ |
68,448 |
|
Accrued expenses and other current liabilities |
|
99,992 |
|
|
|
47,312 |
|
Sales tax payable |
|
28,322 |
|
|
|
12,953 |
|
Deferred revenue |
|
787,227 |
|
|
|
394,244 |
|
Total current liabilities |
|
1,025,459 |
|
|
|
522,957 |
|
Deferred revenue |
|
— |
|
|
|
31,465 |
|
Other long-term
liabilities |
|
27,967 |
|
|
|
7,901 |
|
Total liabilities |
|
1,053,426 |
|
|
|
562,323 |
|
Commitments and
contingencies |
|
— |
|
|
|
— |
|
Equity: |
|
|
|
Class A Common Stock, 3,000,000,000 shares authorized, 82,112,881
and 57,718,836 shares issued and outstanding at September 30, 2023
and September 24, 2022, respectively |
|
8 |
|
|
|
6 |
|
Class V-1 Common Stock, 1,000,000,000 shares authorized, 66,931,097
and 79,237,388 shares issued and outstanding at September 30, 2023
and September 24, 2022, respectively |
|
7 |
|
|
|
8 |
|
Class V-3 Common Stock, 450,000,000 shares authorized, 407,528,941
and 416,933,025 shares issued and outstanding at September 30, 2023
and September 24, 2022, respectively |
|
41 |
|
|
|
42 |
|
Additional paid-in capital - warrants |
|
58,126 |
|
|
|
58,126 |
|
Additional paid-in capital |
|
1,254,022 |
|
|
|
1,237,865 |
|
Accumulated deficit |
|
(1,310,435 |
) |
|
|
(1,286,569 |
) |
Accumulated other comprehensive loss |
|
(1,687 |
) |
|
|
(2,294 |
) |
Total stockholders' equity |
|
82 |
|
|
|
7,184 |
|
Noncontrolling interest |
|
(2,798 |
) |
|
|
61,756 |
|
Total equity |
|
(2,716 |
) |
|
|
68,940 |
|
Total liabilities and
equity |
$ |
1,050,710 |
|
|
$ |
631,263 |
|
|
Symbotic Inc. and
SubsidiariesConsolidated Statements of Cash
Flows
|
Three Months Ended |
|
Year Ended |
|
(in
thousands) |
September 30, 2023 |
June 24,2023 |
September 24, 2022 |
|
September 30, 2023 |
September 24, 2022 |
|
Cash flows
from operating activities: |
|
|
|
|
|
|
|
Net loss |
$ |
(45,415 |
) |
$ |
(39,077 |
) |
$ |
(53,258 |
) |
|
$ |
(207,894 |
) |
$ |
(139,089 |
) |
|
Adjustments to reconcile net loss to net cash provided by (used in)
operating activities: |
|
|
|
|
|
|
|
Depreciation and amortization |
|
4,705 |
|
|
2,460 |
|
|
1,789 |
|
|
|
11,311 |
|
|
5,989 |
|
|
Foreign currency (gains) losses, net |
|
(69 |
) |
|
72 |
|
|
47 |
|
|
|
(3 |
) |
|
25 |
|
|
Loss on disposal of assets |
|
2,791 |
|
|
— |
|
|
— |
|
|
|
2,914 |
|
|
4,098 |
|
|
Deferred taxes, net |
|
(4,620 |
) |
|
— |
|
|
— |
|
|
|
(4,620 |
) |
|
— |
|
|
Stock-based compensation |
|
32,465 |
|
|
36,999 |
|
|
26,808 |
|
|
|
154,227 |
|
|
26,858 |
|
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
Accounts receivable |
|
4,483 |
|
|
50,837 |
|
|
(852 |
) |
|
|
(65,817 |
) |
|
(508 |
) |
|
Inventories |
|
30,517 |
|
|
(25,928 |
) |
|
34,372 |
|
|
|
(44,104 |
) |
|
(59,572 |
) |
|
Prepaid expenses and other current assets |
|
(78,485 |
) |
|
(25,793 |
) |
|
(78,074 |
) |
|
|
(78,906 |
) |
|
(121,143 |
) |
|
Deferred expenses |
|
7,700 |
|
|
(5,399 |
) |
|
(28,604 |
) |
|
|
(5,428 |
) |
|
(28,665 |
) |
|
Other long-term assets |
|
(12,691 |
) |
|
(461 |
) |
|
39 |
|
|
|
(18,635 |
) |
|
49 |
|
|
Accounts payable |
|
35,559 |
|
|
(13,862 |
) |
|
(27,563 |
) |
|
|
41,415 |
|
|
41,528 |
|
|
Accrued expenses and other current liabilities |
|
44,699 |
|
|
(13,558 |
) |
|
25,157 |
|
|
|
64,743 |
|
|
37,898 |
|
|
Deferred revenue |
|
12,158 |
|
|
85,896 |
|
|
46,703 |
|
|
|
361,518 |
|
|
80,377 |
|
|
Other long-term liabilities |
|
10,731 |
|
|
2,697 |
|
|
1,918 |
|
|
|
20,073 |
|
|
3,908 |
|
|
Net cash provided by (used in) operating
activities |
|
44,528 |
|
|
54,883 |
|
|
(51,518 |
) |
|
|
230,794 |
|
|
(148,247 |
) |
|
Cash flows
from investing activities: |
|
|
|
|
|
|
|
Purchases of property and equipment and capitalization of software
development costs |
|
(963 |
) |
|
(8,337 |
) |
|
(7,181 |
) |
|
|
(21,326 |
) |
|
(17,950 |
) |
|
Proceeds from sale of assets |
|
71 |
|
|
— |
|
|
— |
|
|
|
71 |
|
|
— |
|
|
Proceeds from maturity of marketable securities |
|
80,000 |
|
|
50,000 |
|
|
— |
|
|
|
130,000 |
|
|
— |
|
|
Purchases of marketable securities |
|
(107,112 |
) |
|
(97,957 |
) |
|
— |
|
|
|
(408,209 |
) |
|
— |
|
|
Net cash used in investing activities |
|
(28,004 |
) |
|
(56,294 |
) |
|
(7,181 |
) |
|
|
(299,464 |
) |
|
(17,950 |
) |
|
Cash flows
from financing activities: |
|
|
|
|
|
|
|
Payment for taxes related to net share settlement of stock-based
compensation awards |
|
(14,961 |
) |
|
— |
|
|
— |
|
|
|
(26,674 |
) |
|
— |
|
|
Net proceeds from issuance of common stock under employee stock
purchase plan |
|
1,586 |
|
|
— |
|
|
— |
|
|
|
2,573 |
|
|
— |
|
|
Net proceeds from equity infusion from the Business
Combination |
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
384,672 |
|
|
Purchase of interest from non-controlling interest |
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
(300,000 |
) |
|
Proceeds from exercise of warrants |
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
277,776 |
|
|
Net cash provided by (used in) financing activities |
|
(13,375 |
) |
|
— |
|
|
— |
|
|
|
(24,101 |
) |
|
362,448 |
|
|
Effect of
exchange rate changes on cash, cash equivalents, and restricted
cash |
|
139 |
|
|
(45 |
) |
|
494 |
|
|
|
232 |
|
|
572 |
|
|
Net increase
(decrease) in cash, cash equivalents, and restricted cash |
|
3,288 |
|
|
(1,456 |
) |
|
(58,205 |
) |
|
|
(92,539 |
) |
|
196,823 |
|
|
Cash, cash
equivalents, and restricted cash - beginning of period |
|
257,630 |
|
|
259,086 |
|
|
411,662 |
|
|
|
353,457 |
|
|
156,634 |
|
|
Cash, cash
equivalents, and restricted cash - end of period |
$ |
260,918 |
|
$ |
257,630 |
|
$ |
353,457 |
|
|
$ |
260,918 |
|
$ |
353,457 |
|
|
|
|
|
|
|
|
|
|
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