Symbotic (SYM)2023-02-03 21:02Revenue Performance - Total revenue for the three months ended December 24, 2022, was 77.1 million for the same period in 2021 [128]. - Systems revenue increased by 178% to 1.2 million, attributed to two additional sites under maintenance contracts [132]. - Operation services revenue grew by 47% to 1.8 million for the three months ended December 24, 2022, an increase of 22,000 in the same period in 2021 [141]. Profitability - Gross profit for the three months ended December 24, 2022, was 14.5 million in the same period in 2021, reflecting a significant increase in systems gross profit [135]. - The increase in software maintenance and support gross profit was negatively impacted by higher costs associated with an expanded technical support team [136]. - Adjusted EBITDA for the three months ended December 24, 2022 was a loss of 21.3 million for the same period in 2021 [149]. - Gross profit increased to 14.5 million for the same period in 2021 [149]. Expenses - Research and development expenses rose by 129% to 38.7 million (252%) to 15.4 million for the same period in 2021 [139]. - Total cost of revenue for the three months ended December 24, 2022, was 62.6 million in the same period in 2021 [128]. Cash Flow and Financial Position - Net cash provided by operating activities was 40.0 million for the same period in 2021 [154]. - Cash and cash equivalents balance was 96.8 million [160]. - The company expects its current cash and cash equivalents, unrestricted marketable securities, and forecasted cash flows to meet foreseeable cash needs for at least the next 12 months [161]. - Vendor commitments total 774.4 million due within the next year [162]. Tax and Compliance - The company incurred an income tax expense of $0.3 million for the three months ended December 24, 2022, related to state income taxes [142]. - As of December 24, 2022, the company had no off-balance sheet arrangements [164]. - The company is classified as a smaller reporting company and is not required to provide certain market risk disclosures [166]. Future Outlook - The company is expected to continue generating systems revenue from the ongoing Master Automation Agreement with Walmart, which involves installations across all 42 regional distribution centers [131]. - The increase in employee-related costs was primarily due to headcount growth to support system deployments and business transformation [139].