Q2 2024 AutoStore Holdings Ltd Earnings Call Transcript
Key Points
- Reported a 12% sequential improvement in revenue, reaching $154 million, driven by EMEA and North America.
- Order intake grew by 8% year over year to $324 million for the first half of 2024.
- Achieved a Q2 gross margin of 73%, marking the eighth consecutive quarter of gross margin improvement.
- Maintained an adjusted EBITDA margin of 49%, consistent with the same period last year and up 300 basis points from Q1 2024.
- Expanded leadership team with the addition of Parth Joshi as the new Chief Product Officer, bringing extensive global experience.
- Order intake for Q2 2024 was $141 million, a 23% decrease compared to the strong first quarter of this year.
- Revenue declined by 12% year over year, reflecting longer conversion times from backlog to revenues.
- Challenging market environment with longer evaluation cycles and customers deferring automation projects.
- Increased operating cash flow was negatively affected by higher receivables, contributing to higher working capital.
- Investments in market-facing activities and R&D led to a 20% increase in OpEx, despite revenues being down.
Good morning, and welcome to AutoStore second quarter 2022 -- 2024 presentation. My name is Hiva Flåskjer, and I will be moderating this Webcast. As usual, I'm joined by two members of our executive management team, Mats Hovland Vikse, AutoStore's CEO; and Paul Harrison, AutoStor's CFO. We would like to remind you of the disclaimer with regards to forward-looking statements, it can be read here at your own convenience.
Moving on to the agenda, Mats and Paul will present the quarter's operational and financial developments. And as usual, all financials are stated in US dollars. We will host a Q&A session right after the prepared presentation. (Event Instructions) The teams link is available on our IR website and in the invitation distributed as a stock exchange release a week ago. After the Q&A, Mats will round off with some final remarks.
And with that, I will hand over the words to Mats.
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