Q3 2024 Symbotic Inc Earnings Call Transcript
Key Points
- Symbotic Inc (SYM) reported record revenue growth of 58% year-over-year, reaching $492 million for the third quarter.
- The company successfully started five new system deployments and completed three, bringing the total to 21 fully operational systems.
- Symbotic Inc (SYM) generated $50 million in cash from operating activities during the quarter.
- The backlog of committed contracted orders remained strong at $22.8 billion.
- The company made significant progress on new innovations, including a new minibot and the first Symbotic system deployment for GreenBox.
- System gross margin fell below expectations due to elongated construction schedules and higher labor costs.
- Revenue growth may temporarily slow as the company reabsorbs a portion of the construction management process to reduce costs.
- The company faced delays in construction and implementation, leading to inefficiencies and higher costs.
- Retrofit costs for SymBots in the field with new sensor arrays impacted financial performance.
- Cash and equivalents declined to $81 million, partly due to the first investment in GreenBox.
Good day and thank you for standing by. And welcome to the Symbotic third-quarter fiscal 2024 financial results. (Operator Instructions) Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your speakers today, Jeff Evanson, Vice President of Investor Relations. Please go ahead.
Thank you, Victor. Hello, welcome to Symbotic's third-quarter 2024 financial results webcast. I am Jeff Evanson, Symbotic's VP of Investor Relations.
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
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