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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Arlo Technologies Inc | NYSE:ARLO | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 13.95 | 0 | 09:20:30 |
Record fourth quarter service revenue of $55.9 million, growing 45.9% year over year
Record GAAP net earnings per diluted share (EPS) of $0.01 and record non-GAAP EPS of $0.11 in the fourth quarter
Annual recurring revenue (ARR) ended at $210.1 million, growing 52.5% year over year (1)
Full year service revenue of $201.2 million, growing 47.4% year over year
Full year free cash flow (FCF) of $35.5 million with FCF margin of 7.2% (2)
Full year GAAP net loss per share of $(0.24); record non-GAAP EPS of $0.28
Arlo Technologies, Inc. (NYSE: ARLO), a leading smart home security company, today reported financial results for the fourth quarter and full year ended December 31, 2023.
“Arlo finished the year strong with the largest product launch in our company history contributing to solid revenue growth of 14% and ARR growth of over 50% compared to Q4 of the prior year. This culminated in record non-GAAP earnings of $0.11 per share and our first ever profit on a GAAP basis,” said Matthew McRae, Chief Executive Officer of Arlo technologies. “The growth is even more impressive when looking at Arlo’s full year results with our annual service revenue growing 47% to more than $200 million and an $83 million increase in our free cash flow from the prior year. Arlo is clearly well positioned for success in 2024 as evidenced by our announcement that we crossed the 3 million subscribers milestone, substantially earlier than originally projected in our Long-Range Plan.”
Financial and Business Highlights
Q4 2023 Summary
FY2023 Summary
Three Months Ended
Twelve Months Ended
December 31, 2023
October 1, 2023
December 31, 2022
December 31, 2023
December 31, 2022
(In thousands, except percentage and per share data)
Revenue
$
135,093
$
130,003
$
118,527
$
491,176
$
490,414
GAAP Gross Margin
35.0
%
33.2
%
27.0
%
34.1
%
27.7
%
Non-GAAP Gross Margin (3)
35.8
%
34.0
%
28.0
%
35.0
%
28.7
%
GAAP Net Income (Loss) per Share - Basic and Diluted
$
0.01
$
(0.01
)
$
(0.25
)
$
(0.24
)
$
(0.65
)
Non-GAAP Net Income (Loss) per Share - Basic and Diluted (3)
$
0.11
$
0.09
$
(0.04
)
$
0.28
$
(0.07
)
_________________________
(1)
ARR is calculated by taking our recurring paid service revenue for the last calendar month in the fiscal quarter, multiplied by 12 months. Recurring paid service revenue represents the revenue we recognized from our paid accounts and excludes prepaid service revenue.
(2)
FCF is calculated as net cash provided by (used in) operating activities less capital expenditures. FCF margin is the FCF divided by revenue.
(3)
Reconciliation of financial measures computed on a GAAP basis to the most directly comparable financial measures computed on a non-GAAP basis is provided at the end of this press release.
First Quarter 2024 Business Outlook (4)
A reconciliation of our business outlook on a GAAP and non-GAAP basis is provided in the following table:
Three Months Ended March 31, 2024
Revenue
Net Income (Loss)
per Diluted Share
(In millions, except per share data)
GAAP
$117 - $127
$(0.08) - $(0.02)
Estimated adjustment for stock-based compensation and other expense
—
0.13
Non-GAAP
$117 - $127
$0.05 - $0.11
_________________________(4)
Business outlook does not include estimates for any currently unknown income and expense items which, by their nature, could arise late in a quarter, including: litigation reserves, net; impairment charges; discrete tax benefits or detriments relating to tax windfalls or shortfalls from equity awards; and any additional impacts relating to the implementation of U.S. tax reform. New material income and expense items such as these could have a significant effect on our guidance and future results.
Investor Conference Call / Webcast Details
Arlo will review the fourth quarter and full-year 2023 results, discuss management’s expectations for the first quarter and full-year 2024, and discuss new long-range plan targets today, Thursday, February 29, 2024 at 5:00 p.m. ET (2:00 p.m. PT). To view the accompanying presentation a live webcast of the conference call will be available on Arlo’s Investor Relations website at https://investor.arlo.com. The toll-free dial-in number for the live audio call is (888) 660-6387. The international dial-in number for the live audio call is +1 (929) 203-1909. The conference ID for the call is 7749064. A replay of the call will be available via the web at https://investor.arlo.com.
About Arlo Technologies, Inc.
Arlo is an award-winning, industry leader that is transforming the ways in which people can protect everything that matters to them with advanced home, business, and personal security solutions. Arlo’s deep expertise in AI- and CV-powered analytics, cloud services, user experience and product design, and innovative wireless and RF connectivity enables the delivery of a seamless, smart security experience for Arlo users that is easy to set up and interact with every day. Arlo’s cloud-based platform provides users with visibility, insight and a powerful means to help protect and connect in real-time with the people and things that matter most, from any location with a Wi-Fi or a cellular connection. To date, Arlo has launched several categories of award-winning connected devices, software and services. These include wire-free, smart Wi-Fi and LTE-enabled security cameras, video doorbells, floodlights, security system, and Arlo's subscription services: Arlo Secure, and Arlo Safe.
With a mission to bring users peace of mind, Arlo is as passionate about protecting user privacy as it is about safeguarding homes and families. Arlo is committed to implementing industry standards for data protection designed to keep users' personal information private and in their control. Arlo does not monetize personal data, provides enhanced controls for user data, supports privacy legislation, keeps user data safely secure, and puts security at the forefront of company culture.
© 2024 Arlo Technologies, Inc., Arlo and the Arlo logo are trademarks and/or registered trademarks of Arlo Technologies, Inc. and/or certain of its affiliates in the United States and/or other countries. Other brand and product names are for identification purposes only and may be trademarks or registered trademarks of their respective holder(s). The information contained herein is subject to change without notice. Arlo shall not be liable for technical or editorial errors or omissions contained herein. All rights reserved.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995 for Arlo Technologies, Inc.:
This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. The words “anticipate,” “expect,” “believe,” “will,” “may,” “should,” “estimate,” “project,” “outlook,” “forecast” or other similar words are used to identify such forward-looking statements. However, the absence of these words does not mean that the statements are not forward-looking. The forward-looking statements represent our expectations or beliefs concerning future events based on information available at the time such statements were made and include statements regarding our potential future business, operating performance and financial condition, including descriptions of our expected revenue and profitability (and related timing), GAAP and non-GAAP gross margins, operating margins, tax rates, expenses, cash outlook, free cash flow and free cash flow margins; the ability of our subscription services and security product portfolio to position us for a successful 2024; strategic objectives and initiatives; the recurring revenue business model; expectations regarding market expansion and future growth; and others. These statements are based on management's current expectations and are subject to certain risks and uncertainties, including the following: future demand for our products may be lower than anticipated, including due to inflation, fluctuating consumer confidence, banking failures and rising interest rates; we may be unsuccessful in developing and expanding our sales and marketing capabilities; we may not be able to increase sales of our paid subscription services; consumers may choose not to adopt our new product offerings or adopt competing products; product performance may be adversely affected by real world operating conditions; we may be unsuccessful or experience delays in manufacturing and distributing our new and existing products; we may fail to manage costs and cost saving initiatives, the cost of developing new products and manufacturing and distribution of our existing offerings. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Further information on potential risk factors that could affect our business are detailed in our periodic filings with the Securities and Exchange Commission, including, but not limited to, those risks and uncertainties listed in the section entitled “Risk Factors” in the most recently filed Annual Report and Quarterly Report filed with the Securities and Exchange Commission (the “SEC”) and subsequent filings with the SEC. Given these circumstances, you should not place undue reliance on these forward-looking statements. We undertake no obligation to release publicly any revisions to any forward-looking statements contained herein to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Non-GAAP Financial Information:
To supplement our unaudited selected financial data presented on a basis consistent with U.S. Generally Accepted Accounting Principles (“GAAP”), we disclose certain non-GAAP financial measures that exclude certain charges, including non-GAAP gross profit, non-GAAP gross margin, non-GAAP research and development, non-GAAP sales and marketing, non-GAAP general and administrative, non-GAAP total operating expenses, non-GAAP operating income (loss), non-GAAP operating margin, non-GAAP other income (expenses), net, non-GAAP provision for income taxes, non-GAAP net income (loss) and non-GAAP net income (loss) per diluted share. These supplemental measures exclude adjustments for stock-based compensation expense, restructuring charges, impairment charges, separation expense, amortization of development of software cost, litigation reserves, net, employee retention credit and the related tax effects. In addition, we use free cash flow as non-GAAP measure when assessing the sources of liquidity, capital resources, and quality of earnings. We believe that free cash flow (usage) is helpful in understanding our capital requirements and provides an additional means to reflect the cash flow trends in our business. These non-GAAP measures are not in accordance with or an alternative for GAAP, and may be different from similarly-titled non-GAAP measures used by other companies. We believe that these non-GAAP measures have limitations in that they do not reflect all of the amounts associated with our results of operations as determined in accordance with GAAP and that these measures should only be used to evaluate our results of operations in conjunction with the corresponding GAAP measures. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the most directly comparable GAAP measures. We compensate for the limitations of non-GAAP financial measures by relying upon GAAP results to gain a complete picture of our performance.
In calculating non-GAAP financial measures, we exclude certain items to facilitate a review of the comparability of our operating performance on a period-to-period basis because such items are not, in our view, related to our ongoing operational performance. We use non-GAAP measures to evaluate the operating performance of our business, for comparison with forecasts and strategic plans, and for benchmarking performance externally against competitors. In addition, management’s incentive compensation is determined using certain non-GAAP measures. Since we find these measures to be useful, we believe that investors benefit from seeing results “through the eyes” of management in addition to seeing GAAP results. We believe that these non-GAAP measures, when read in conjunction with our GAAP measures, provide useful information to investors by offering:
The following are explanations of the adjustments that we incorporate into non-GAAP measures, as well as the reasons for excluding them in the reconciliations of these non-GAAP financial measures:
Stock-based compensation expense consists of non-cash charges for the estimated fair value of stock options, performance-based stock options, restricted stock units (RSU), performance-based restricted stock units, shares under the employee stock purchase plan granted to employees and employees' annual bonus in RSU form. We believe that the exclusion of these charges provides for more accurate comparisons of our operating results to peer companies due to the varying available valuation methodologies, subjective assumptions and the variety of award types. In addition, we believe it is useful to investors to understand the specific impact stock-based compensation expense has on our operating results.
Other non-GAAP items are the result of either unique or unplanned events, including, when applicable: restructuring charges, impairment charges, separation expense, amortization of development of software cost, litigation reserves, net and employee retention credit. It is difficult to predict the occurrence or estimate the amount or timing of these items in advance. Although these events are reflected in our GAAP financial statements, these unique transactions may limit the comparability of our on-going operations with prior and future periods. The amounts result from events that often arise from unforeseen circumstances, which often occur outside of the ordinary course of continuing operations. Therefore, the amounts do not accurately reflect the underlying performance of our continuing business operations for the period in which they are incurred.
Source: Arlo-F
ARLO TECHNOLOGIES, INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
As of December 31,
2023
2022
(In thousands, except share and per share data)
ASSETS
Current assets:
Cash and cash equivalents
$
56,522
$
84,024
Short-term investments
79,974
29,700
Accounts receivable, net
65,360
65,960
Inventories
38,408
46,554
Prepaid expenses and other current assets
10,271
6,544
Total current assets
250,535
232,782
Property and equipment, net
4,761
7,336
Operating lease right-of-use assets, net
11,450
12,809
Goodwill
11,038
11,038
Restricted cash
4,131
4,155
Other non-current assets
3,623
4,081
Total assets
$
285,538
$
272,201
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable
$
55,201
$
52,132
Deferred revenue
18,041
11,291
Accrued liabilities
88,209
98,855
Total current liabilities
161,451
162,278
Non-current operating lease liabilities
17,021
19,279
Other non-current liabilities
3,790
2,949
Total liabilities
182,262
184,506
Commitments and contingencies
Stockholders’ Equity:
Preferred stock: $0.001 par value; 50,000,000 shares authorized; none issued or outstanding
—
—
Common stock: $0.001 par value; 500,000,000 shares authorized; shares issued and outstanding: 95,380,281 at December 31, 2023 and 88,887,139 at December 31, 2022
95
89
Additional paid-in capital
470,322
433,138
Accumulated other comprehensive income (loss)
320
(107
)
Accumulated deficit
(367,461
)
(345,425
)
Total stockholders’ equity
103,276
87,695
Total liabilities and stockholders’ equity
$
285,538
$
272,201
ARLO TECHNOLOGIES, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended
Twelve Months Ended
December 31, 2023
October 1, 2023
December 31, 2022
December 31, 2023
December 31, 2022
(In thousands, except percentage and per share data)
Revenue:
Products
$
79,168
$
78,961
$
80,199
$
289,938
$
353,935
Services
55,925
51,042
38,328
201,238
136,479
Total revenue
135,093
130,003
118,527
491,176
490,414
Cost of revenue:
Products
73,143
73,335
74,700
270,663
308,692
Services
14,601
13,529
11,857
52,950
45,687
Total cost of revenue
87,744
86,864
86,557
323,613
354,379
Gross profit
47,349
43,139
31,970
167,563
136,035
Gross margin
35.0
%
33.2
%
27.0
%
34.1
%
27.7
%
Operating expenses:
Research and development
16,450
16,829
14,457
68,647
64,709
Sales and marketing
18,004
15,863
20,214
66,141
70,081
General and administrative
13,282
12,460
17,909
56,371
55,932
Others
71
263
1,815
1,307
2,192
Total operating expenses
47,807
45,415
54,395
192,466
192,914
Loss from operations
(458
)
(2,276
)
(22,425
)
(24,903
)
(56,879
)
Operating margin
(0.3
)%
(1.8
)%
(18.9
)%
(5.1
)%
(11.6
)%
Interest income, net
1,199
1,175
512
3,935
926
Other income (loss), net
84
10
(12
)
107
302
Income (loss) before income taxes
825
(1,091
)
(21,925
)
(20,861
)
(55,651
)
Provision for income taxes
133
29
230
1,175
975
Net income (loss)
$
692
$
(1,120
)
$
(22,155
)
$
(22,036
)
$
(56,626
)
Net income (loss) per share:
Basic
$
0.01
$
(0.01
)
$
(0.25
)
$
(0.24
)
$
(0.65
)
Diluted
$
0.01
$
(0.01
)
$
(0.25
)
$
(0.24
)
$
(0.65
)
Weighted average shares used to compute net income (loss) per share:
Basic
94,819
94,243
88,743
92,754
87,173
Diluted
101,938
94,243
88,743
92,754
87,173
ARLO TECHNOLOGIES, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Year Ended December 31,
2023
2022
(In thousands)
Cash flows from operating activities:
Net loss
$
(22,036
)
$
(56,626
)
Adjustments to reconcile net loss to net cash provided by (used in)
operating activities:
Stock-based compensation expense
47,948
48,476
Depreciation and amortization
4,661
4,768
Allowance for credit losses and inventory reserves
279
(190
)
Deferred income taxes
112
181
Others
(2,005
)
24
Changes in assets and liabilities:
Accounts receivable, net
690
13,517
Inventories
7,777
(7,887
)
Prepaid expenses and other assets
(1,498
)
3,427
Accounts payable
3,723
(32,520
)
Deferred revenue
6,610
(19,281
)
Accrued and other liabilities
(7,959
)
149
Net cash provided by (used in) operating activities
38,302
(45,962
)
Cash flows from investing activities:
Purchases of property and equipment
(2,847
)
(2,010
)
Purchases of short-term investments
(149,870
)
(69,305
)
Proceeds from maturities of short-term investments
102,031
39,542
Net cash used in investing activities
(50,686
)
(31,773
)
Cash flows from financing activities:
Proceeds related to employee benefit plans
8,493
4,260
Restricted stock unit withholdings
(23,635
)
(18,202
)
Net cash used in financing activities
(15,142
)
(13,942
)
Net decrease in cash, cash equivalents and restricted cash
(27,526
)
(91,677
)
Cash, cash equivalents and restricted cash, at beginning of period
88,179
179,856
Cash, cash equivalents and restricted cash, at end of period
$
60,653
$
88,179
Non-cash investing activities:
Purchases of property and equipment included in accounts payable and accrued liabilities
$
189
$
946
Supplemental cash flow information:
Cash paid for income taxes, net
$
1,196
$
415
ARLO TECHNOLOGIES, INC.
RECONCILIATIONS OF GAAP MEASURES TO NON-GAAP MEASURES
UNAUDITED STATEMENT OF OPERATIONS DATA:
Three Months Ended
Twelve Months Ended
December 31, 2023
October 1, 2023
December 31, 2022
December 31, 2023
December 31, 2022
(In thousands, except percentage data)
GAAP gross profit:
Products
$
6,025
$
5,626
$
5,499
$
19,275
$
45,243
Services
41,324
37,513
26,471
148,288
90,792
Total GAAP gross profit
47,349
43,139
31,970
167,563
136,035
GAAP gross margin:
Products
7.6
%
7.1
%
6.9
%
6.6
%
12.8
%
Services
73.9
%
73.5
%
69.1
%
73.7
%
66.5
%
Total GAAP gross margin
35.0
%
33.2
%
27.0
%
34.1
%
27.7
%
Stock-based compensation expense - Products
692
723
1,001
3,175
4,136
Stock-based compensation expense - Services
145
145
230
358
705
Amortization of development of software cost - Services
151
152
—
605
—
Non-GAAP gross profit:
Products
6,717
6,349
6,500
22,450
49,379
Services
41,620
37,810
26,701
149,251
91,497
Total Non-GAAP gross profit
$
48,337
$
44,159
$
33,201
$
171,701
$
140,876
Non-GAAP gross margin:
Products
8.5
%
8.0
%
8.1
%
7.7
%
14.0
%
Services
74.4
%
74.1
%
69.7
%
74.2
%
67.0
%
Total Non-GAAP gross margin
35.8
%
34.0
%
28.0
%
35.0
%
28.7
%
GAAP research and development
$
16,450
$
16,829
$
14,457
$
68,647
$
64,709
Stock-based compensation expense
(2,631
)
(2,847
)
(3,715
)
(12,700
)
(12,317
)
Non-GAAP research and development
$
13,819
$
13,982
$
10,742
$
55,947
$
52,392
Percentage of revenue
10.2
%
10.8
%
9.1
%
11.4
%
10.7
%
GAAP sales and marketing
$
18,004
$
15,863
$
20,214
$
66,141
$
70,081
Stock-based compensation expense
(1,283
)
(1,224
)
(1,731
)
(5,899
)
(6,290
)
Non-GAAP sales and marketing
$
16,721
$
14,639
$
18,483
$
60,242
$
63,791
Percentage of revenue
12.4
%
11.3
%
15.6
%
12.3
%
13.0
%
GAAP general and administrative
$
13,282
$
12,460
$
17,909
$
56,371
$
55,932
Stock-based compensation expense
(5,346
)
(5,348
)
(10,012
)
(25,816
)
(25,028
)
Litigation reserves, net
—
—
(30
)
—
(147
)
Non-GAAP general and administrative
$
7,936
$
7,112
$
7,867
$
30,555
$
30,757
Percentage of revenue
5.9
%
5.5
%
6.6
%
6.2
%
6.3
%
ARLO TECHNOLOGIES, INC.
RECONCILIATIONS OF GAAP MEASURES TO NON-GAAP MEASURES (CONTINUED)
UNAUDITED STATEMENT OF OPERATIONS DATA (CONTINUED):
Three Months Ended
Twelve Months Ended
December 31, 2023
October 1, 2023
December 31, 2022
December 31, 2023
December 31, 2022
(In thousands, except percentage data)
GAAP total operating expenses
$
47,807
$
45,415
$
54,395
$
192,466
$
192,914
Stock-based compensation expense
(9,260
)
(9,419
)
(15,458
)
(44,415
)
(43,635
)
Others
(71
)
(263
)
(1,845
)
(1,307
)
(2,339
)
Non-GAAP total operating expenses
$
38,476
$
35,733
$
37,092
$
146,744
$
146,940
GAAP operating loss
$
(458
)
$
(2,276
)
$
(22,425
)
$
(24,903
)
$
(56,879
)
GAAP operating margin
(0.3
)%
(1.8
)%
(18.9
)%
(5.1
)%
(11.6
)%
Stock-based compensation expense
10,097
10,287
16,689
47,948
48,476
Others
222
415
1,845
1,912
2,339
Non-GAAP operating income (loss)
$
9,861
$
8,426
$
(3,891
)
$
24,957
$
(6,064
)
Non-GAAP operating margin
7.3
%
6.5
%
(3.3
)%
5.1
%
(1.2
)%
GAAP other income (loss), net
$
84
$
10
$
(12
)
$
107
$
302
Employee retention credit
—
—
—
—
(65
)
Non-GAAP other income (loss), net
$
84
$
10
$
(12
)
$
107
$
237
GAAP provision for income taxes
$
133
$
29
$
230
$
1,175
$
975
GAAP income tax rate
16.1
%
(2.7
)%
(1.0
)%
(5.6
)%
(1.8
)%
Non-GAAP provision for income taxes
$
133
$
29
$
230
$
1,175
$
975
Non-GAAP income tax rate
1.2
%
0.3
%
(6.8
)%
4.1
%
(19.9
)%
ARLO TECHNOLOGIES, INC.
RECONCILIATIONS OF GAAP MEASURES TO NON-GAAP MEASURES (CONTINUED)
UNAUDITED STATEMENT OF OPERATIONS DATA (CONTINUED):
Three Months Ended
Twelve Months Ended
December 31, 2023
October 1, 2023
December 31, 2022
December 31, 2023
December 31, 2022
(In thousands, except percentage and per share data)
GAAP net income (loss)
$
692
$
(1,120
)
$
(22,155
)
$
(22,036
)
$
(56,626
)
Stock-based compensation expense
10,097
10,287
16,689
47,948
48,476
Others
222
415
1,845
1,912
2,274
Non-GAAP net income (loss)
$
11,011
$
9,582
$
(3,621
)
$
27,824
$
(5,876
)
GAAP net income (loss) per share - basic and diluted
$
0.01
$
(0.01
)
$
(0.25
)
$
(0.24
)
$
(0.65
)
Stock-based compensation expense
0.10
0.10
0.19
0.52
0.56
Others
—
—
0.02
—
0.02
Non-GAAP net income (loss) - diluted
$
0.11
$
0.09
$
(0.04
)
$
0.28
$
(0.07
)
Shares used in computing GAAP net income (loss) - basic
94,819
94,243
88,743
92,754
87,173
Shares used in computing non-GAAP net income (loss) - diluted
101,938
102,116
88,743
100,217
87,173
Free cash flow (usage):
Net cash provided by (used in) operating activities
$
7,935
$
7,459
$
(11,181
)
$
38,302
$
(45,962
)
Less: Purchases of property and equipment
(399
)
(494
)
(1,194
)
(2,847
)
(2,010
)
Free cash flow (usage) (1)
$
7,536
$
6,965
$
(12,375
)
$
35,455
$
(47,972
)
Free cash flow (usage) margin (1)
5.6
%
5.4
%
(10.4
)%
7.2
%
(9.8
)%
_________________________
(1)
Free cash flow (usage) is calculated as net cash provided by (used in) operating activities less capital expenditures. Free cash flow (usage) margin is the free cash flow (usage) divided by revenue.
ARLO TECHNOLOGIES, INC.
UNAUDITED SUPPLEMENTAL FINANCIAL INFORMATION
Three Months Ended
December 31, 2023
October 1, 2023
July 2, 2023
April 2, 2023
December 31, 2022
(In thousands, except headcount and per share data)
Cash, cash equivalents and short-term investments
$
136,496
$
126,049
$
123,675
$
118,673
$
113,724
Cash, cash equivalents and short-term investments per diluted share
$
1.34
$
1.23
$
1.25
$
1.27
$
1.28
Accounts receivable, net
$
65,360
$
70,313
$
57,327
$
52,837
$
65,960
Days sales outstanding
44
49
45
44
50
Inventories
$
38,408
$
53,496
$
39,429
$
39,922
$
46,554
Inventory turns
7.6
5.5
6.1
6.4
6.4
Weeks of channel inventory:
U.S. retail channel
11.1
10.9
9.7
14.6
11.9
U.S. distribution channel
20.5
7.4
9.3
17.6
14.1
APAC distribution channel
3.9
7.2
7.7
5.8
4.7
Deferred revenue
(current and non-current)
$
18,114
$
17,706
$
17,702
$
15,289
$
11,503
Cumulative registered accounts (1)
8,652
8,193
7,860
7,510
7,220
Cumulative paid accounts (2)
2,813
2,486
2,289
2,044
1,862
Annual recurring revenue (ARR) (3)
$
210,078
$
199,993
$
193,633
$
182,583
$
137,764
Headcount
363
353
345
334
343
Non-GAAP diluted shares
101,938
102,116
99,187
93,236
88,743
_________________________
(1)
We define our registered accounts at the end of a particular period as the number of unique registered accounts on the Arlo platform as of the end of such period. The number of registered accounts does not necessarily reflect the number of end-users on the Arlo platform as one registered account may be used by multiple end-users to monitor the devices attached to that household.
(2)
Paid accounts are defined as any account worldwide where a subscription to a paid service is being collected (either by us or by our customers or channel partners, including Verisure).
(3)
ARR represents the amount of paid service revenue that we expect to recur annually and is calculated by taking our recurring paid service revenue for the last calendar month in the fiscal quarter, multiplied by 12 months. Recurring paid service revenue represents the revenue we recognize from our paid accounts and excludes prepaid service revenue. ARR is a performance metric and should be viewed independently of revenue and deferred revenue, and is not intended to be a substitute for, or combined with, any of these items.
REVENUE BY GEOGRAPHY
Three Months Ended
Twelve Months Ended
December 31, 2023
October 1, 2023
December 31, 2022
December 31, 2023
December 31, 2022
(In thousands, except percentage data)
Americas
$
86,702
64.2
%
$
79,948
61.5
%
$
74,131
62.5
%
$
301,418
61.4
%
$
273,981
55.8
%
EMEA
42,433
31.4
%
42,887
33.0
%
39,464
33.3
%
164,750
33.5
%
196,465
40.1
%
APAC
5,958
4.4
%
7,168
5.5
%
4,932
4.2
%
25,008
5.1
%
19,968
4.1
%
Total
$
135,093
100.0
%
$
130,003
100.0
%
$
118,527
100.0
%
$
491,176
100.0
%
$
490,414
100.0
%
View source version on businesswire.com: https://www.businesswire.com/news/home/20240229980205/en/
Arlo Investor Relations Tahmin Clarke investors@arlo.com
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