Q2 2024 Symbotic Inc Earnings Call Transcript
Key Points
- Revenue grew to $424 million, up 59% compared to the same quarter last year, driven by significant progress across 37 systems in deployment.
- Initiated 3 new system deployments and completed 3 systems, bringing the total to 18 fully operational systems.
- Backlog of committed contracted orders stands at $22.8 billion, reflecting strong future revenue potential.
- Combined recurring revenue streams grew 85% sequentially and 145% year-on-year, indicating robust growth in stable revenue sources.
- Operating leverage improved, achieving a 5.3% adjusted EBITDA rate, up from 3.8% last quarter, due to rapid revenue growth and gross margin expansion.
- Non-GAAP gross margin was down slightly from last quarter, impacted by innovations deployed during the quarter.
- Recognized a non-GAAP restructuring charge of $34 million due to outsourcing bot assembly and component inventory management.
- System adjusted gross margin remained stable at 20%, reflecting the burden of pass-through costs and lower-margin innovation projects.
- Some system deployments may take longer than the 20-month target due to varying size and complexity.
- Several lower-margin projects currently in flow, which are expected to weigh on gross margins until they are completed later in the year.
Good day, and thank you for standing by. Welcome to Symbotic Second Quarter 2024 Financial Results Conference Call. (Operator Instructions) Please be advised that, today's conference is being recorded.
I would now like to turn the call over to your speaker for today Jeff Evanson, Vice President of Investor Relations. Please go ahead.
Thank you, Lisa. As a reminder, some of the statements that we make today regarding our business operations and financial performance may be considered forward-looking. Such statements are based on current expectations and assumptions that are subject to a number of risks and uncertainties. Actual results could differ materially.
Please refer to our Forms 10-K and 10-Q, including the risk factors. We undertake no obligation to update any forward-looking statements. In addition, during this call, we will present both GAAP and non-GAAP financial measures. A reconciliation of non-GAAP to GAAP measures is included in today's earnings release,
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