Q1 2024 Arteris Inc Earnings Call Transcript
Key Points
- Arteris Inc (AIP) reported a solid first quarter of 2024 with annual contract value plus royalties of $58.2 million.
- The company delivered a positive free cash flow quarter and reaffirmed its target of achieving positive free cash flow in 2024.
- Arteris Inc (AIP) saw robust licensing activity across all verticals, particularly in enterprise computing and automotive sectors.
- The company announced significant system IP deals, including one with a top 10 semiconductor company, expanding deployment of Arteris network on chip IPs.
- Arteris Inc (AIP) released the latest version of its anchor cache coherent network on chip IP, supporting multiple protocols and functional safety, utilized by Mobileye.
- Total revenue for the first quarter was $12.9 million, down 2% year over year.
- GAAP operating loss for the first quarter was $9.1 million, indicating ongoing challenges in achieving profitability.
- Non-GAAP operating loss was $5.3 million, although slightly improved from the prior year, still reflects operational losses.
- Geopolitical uncertainties and U.S.-China trade restrictions continue to impact the business, although no further deterioration was noted at this time.
- The company faces intense competition and rapid changes in technology, particularly in AI and machine learning, requiring fast adaptation and innovation.
Good afternoon, everyone, and welcome to the Arteris First Quarter 2024 earnings call. Please note, this call is being recorded and simultaneously webcast. All material contained in the webcast is sole property and copyright of the Arcturus, Inc. with all rights reserved for opening remarks and introductions, I will now turn the call over to Erica Mannion of Sapphire Investor Relations. Please go ahead.
Thank you and good afternoon. With me today from our tariffs are Charlie Janac, Chief Executive Officer, and Nick Hawkins, Chief Financial Officer. Charlie will begin with a brief review of the business results for the first quarter ended March 31, 2024. Nick will review the financial results for the first quarter, followed by the company's outlook for the second quarter and full year of 2024. We will then open the call for questions.
Before we begin, I'd like to remind you that management will make statements during this call that are forward-looking statements within the meaning of federal
Access to All Earning Calls and Stock Analysis | |
30-Year Financial on one screen | |
All-in-one Stock Screener with unlimited filters | |
Customizable Stock Dashboard | |
Real Time Insider Trading Transactions | |
8,000+ Institutional investors’ 13F holdings | |
Powerful Excel Add-in and Google sheets Add-on | |
All data downloadable | |
Quick customer support | |
And much more... |