$ARLO
Arlo Technologies Inc

2024 Q3 Form 10-Q Financial Statement

#000173694624000035 Filed on August 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $127.4M
YoY Change 14.81%
Cost Of Revenue $80.59M
YoY Change 6.34%
Gross Profit $46.85M
YoY Change 33.04%
Gross Profit Margin 36.76%
Selling, General & Admin $39.13M
YoY Change 26.32%
% of Gross Profit 83.51%
Research & Development $19.56M
YoY Change 10.2%
% of Gross Profit 41.75%
Depreciation & Amortization $800.0K
YoY Change -30.37%
% of Gross Profit 1.71%
Operating Expenses $59.66M
YoY Change 20.86%
Operating Profit -$12.80M
YoY Change -9.47%
Interest Expense $1.495M
YoY Change 105.92%
% of Operating Profit
Other Income/Expense, Net -$18.00K
YoY Change -53.85%
Pretax Income -$11.32M
YoY Change -15.83%
Income Tax $236.0K
% Of Pretax Income
Net Earnings -$11.56M
YoY Change -18.85%
Net Earnings / Revenue -9.07%
Basic Earnings Per Share -$0.12
Diluted Earnings Per Share -$0.12
COMMON SHARES
Basic Shares Outstanding 99.94M shares 97.58M shares
Diluted Shares Outstanding 97.84M shares

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $144.0M
YoY Change 21.35%
Cash & Equivalents $62.93M
Short-Term Investments $81.08M
Other Short-Term Assets $12.25M
YoY Change 65.25%
Inventory $45.23M
Prepaid Expenses
Receivables $61.75M
Other Receivables $0.00
Total Short-Term Assets $263.2M
YoY Change 20.28%
LONG-TERM ASSETS
Property, Plant & Equipment $3.771M
YoY Change -46.55%
Goodwill $11.04M
YoY Change 0.35%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.900M
YoY Change -2.08%
Total Long-Term Assets $32.58M
YoY Change -14.81%
TOTAL ASSETS
Total Short-Term Assets $263.2M
Total Long-Term Assets $32.58M
Total Assets $295.8M
YoY Change 15.06%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $74.08M
YoY Change 60.94%
Accrued Expenses $80.02M
YoY Change -9.29%
Deferred Revenue $23.51M
YoY Change 54.89%
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $177.6M
YoY Change 18.87%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $3.526M
YoY Change 8.76%
Total Long-Term Liabilities $3.526M
YoY Change 8.76%
TOTAL LIABILITIES
Total Short-Term Liabilities $177.6M
Total Long-Term Liabilities $3.526M
Total Liabilities $196.5M
YoY Change 15.05%
SHAREHOLDERS EQUITY
Retained Earnings -$388.7M
YoY Change 8.06%
Common Stock $98.00K
YoY Change 7.69%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $99.27M
YoY Change
Total Liabilities & Shareholders Equity $295.8M
YoY Change 15.06%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -$11.56M
YoY Change -18.85%
Depreciation, Depletion And Amortization $800.0K
YoY Change -30.37%
Cash From Operating Activities $6.462M
YoY Change -37.44%
INVESTING ACTIVITIES
Capital Expenditures $295.0K
YoY Change -68.04%
Acquisitions
YoY Change
Other Investing Activities $467.0K
YoY Change -102.15%
Cash From Investing Activities $172.0K
YoY Change -100.76%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -6.319M
YoY Change 34.7%
NET CHANGE
Cash From Operating Activities 6.462M
Cash From Investing Activities 172.0K
Cash From Financing Activities -6.319M
Net Change In Cash 315.0K
YoY Change -101.85%
FREE CASH FLOW
Cash From Operating Activities $6.462M
Capital Expenditures $295.0K
Free Cash Flow $6.167M
YoY Change -34.44%

Facts In Submission

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dei Trading Symbol
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us-gaap Allocated Share Based Compensation Expense
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
904000 shares
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RevenueFromContractWithCustomerIncludingAssessedTax
127447000 usd
CY2023Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
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us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
251647000 usd
CY2024Q2 arlo Property Plant And Equipment Net And Operating Lease Right Of Use Asset
PropertyPlantAndEquipmentNetAndOperatingLeaseRightOfUseAsset
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CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
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CY2024Q2 us-gaap Research And Development Expense
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CY2023Q3 us-gaap Research And Development Expense
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CY2024Q2 us-gaap Operating Expenses
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59655000 usd
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88179000 usd
dei Document Type
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10-Q
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2024
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Amendment Flag
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false
dei Current Fiscal Year End Date
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dei Entity Shell Company
EntityShellCompany
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62928000 usd
CY2024Q2 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
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CY2024Q2 us-gaap Goodwill
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3624000 usd
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3900000 usd
CY2024Q2 us-gaap Assets
Assets
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23505000 usd
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18041000 usd
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177613000 usd
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15399000 usd
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3526000 usd
CY2024Q2 us-gaap Liabilities
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CY2024Q2 us-gaap Commitments And Contingencies
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CY2023Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
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CY2024Q2 us-gaap Additional Paid In Capital
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CY2024Q2 us-gaap Stockholders Equity
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CY2024Q2 us-gaap Liabilities And Stockholders Equity
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dei Entity Central Index Key
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CY2024Q2 us-gaap Inventory Net
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45227000 usd
CY2024Q2 us-gaap Preferred Stock Shares Outstanding
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CY2023Q4 us-gaap Preferred Stock Shares Issued
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CY2024Q2 us-gaap Common Stock Shares Issued
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98000 usd
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RevenueFromContractWithCustomerIncludingAssessedTax
127447000 usd
CY2024Q2 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
80593000 usd
CY2024Q2 us-gaap Gross Profit
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46854000 usd
CY2024Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
21430000 usd
CY2024Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-12801000 usd
CY2024Q2 us-gaap Interest Income Expense Net
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CY2024Q2 us-gaap Other Nonoperating Income Expense
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CY2024Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2024Q2 us-gaap Income Tax Expense Benefit
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236000 usd
CY2024Q2 us-gaap Net Income Loss
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CY2024Q2 us-gaap Earnings Per Share Diluted
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us-gaap Earnings Per Share Basic
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CY2024Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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97051000 shares
CY2024Q2 us-gaap Net Income Loss
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CY2024Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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CY2024Q2 us-gaap Comprehensive Income Net Of Tax
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CY2024Q1 us-gaap Stockholders Equity
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CY2024Q2 us-gaap Stockholders Equity
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us-gaap Net Income Loss
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us-gaap Share Based Compensation
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39470000 usd
us-gaap Depreciation Depletion And Amortization
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1684000 usd
arlo Accounts Receivable Credit Loss Expense Reversal And Inventory Reserves Non Cash
AccountsReceivableCreditLossExpenseReversalAndInventoryReservesNonCash
225000 usd
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
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us-gaap Other Noncash Income Expense
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1615000 usd
us-gaap Increase Decrease In Accounts Receivable
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us-gaap Increase Decrease In Inventories
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6785000 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
2254000 usd
us-gaap Increase Decrease In Accounts Payable
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18785000 usd
us-gaap Increase Decrease In Contract With Customer Liability
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5582000 usd
us-gaap Increase Decrease In Other Accrued Liabilities
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-10970000 usd
us-gaap Increase Decrease In Other Accrued Liabilities
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us-gaap Net Cash Provided By Used In Operating Activities
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26268000 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
651000 usd
us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
111519000 usd
us-gaap Proceeds From Sale Maturity And Collection Of Shortterm Investments
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111902000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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us-gaap Proceeds From Repayment Of Loans By Employee Stock Ownership Plans
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2380000 usd
us-gaap Payments Related To Tax Withholding For Share Based Compensation
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22481000 usd
us-gaap Net Cash Provided By Used In Financing Activities
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5899000 usd
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
60653000 usd
CY2024Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2024Q2 us-gaap Restricted Cash Noncurrent
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3624000 usd
CY2024Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
66552000 usd
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
233000 usd
arlo Numberof Geographic Regions
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us-gaap Fiscal Period
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<div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Fiscal Periods </span></div><div style="text-indent:18pt"><span><br/></span></div><div style="text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our fiscal year begins on January 1 of the year stated and ends on December 31 of the same year. We report the results on a fiscal quarter basis rather than on a calendar quarter basis. Under the fiscal quarter basis, each of the first three fiscal quarters ends on the Sunday closest to the calendar quarter end, with the fourth quarter ending on December 31.</span></div>
us-gaap Use Of Estimates
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<div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates </span></div>The preparation of these unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported periods. Management bases its estimates on various assumptions believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ materially from those estimates and operating results for the three and six months ended June 30, 2024 and are not necessarily indicative of the results that may be expected for the year ending December 31, 2024 or any future period.
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P1Y
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P1Y
arlo Contractwith Customer Liability Increase Dueto Unsatisfied Performance Obligations
ContractwithCustomerLiabilityIncreaseDuetoUnsatisfiedPerformanceObligations
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arlo Contractwith Customer Liability Increase Dueto Unsatisfied Performance Obligations
ContractwithCustomerLiabilityIncreaseDuetoUnsatisfiedPerformanceObligations
87600000 usd
arlo Contract With Customer Liability Revenue Recognized Including Current Period
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arlo Contract With Customer Liability Revenue Recognized Including Current Period
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us-gaap Contract With Customer Liability Revenue Recognized
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15200000 usd
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
9800000 usd
arlo Numberof Geographic Regions
NumberofGeographicRegions
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RevenueFromContractWithCustomerIncludingAssessedTax
127447000 usd
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RevenueFromContractWithCustomerIncludingAssessedTax
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us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
251647000 usd
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
226080000 usd
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34221000 usd
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PropertyPlantAndEquipmentNet
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PropertySubjectToOrAvailableForOperatingLeaseNet
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18701000 usd
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80024000 usd
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CY2021Q4 us-gaap Restructuring Reserve
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CY2022 us-gaap Restructuring Charges
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1805000 usd
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48000 usd
CY2022Q4 us-gaap Restructuring Reserve
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CY2023 us-gaap Restructuring Reserve Translation And Other Adjustment
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CY2023Q4 us-gaap Restructuring Reserve
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452000 usd
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484000 usd
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640000 usd
CY2024Q1 us-gaap Restructuring Reserve
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296000 usd
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CY2024Q2 us-gaap Restructuring Reserve
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641000 usd
us-gaap Restructuring And Related Cost Incurred Cost
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3917000 usd
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us-gaap Operating Lease Expense
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us-gaap Operating Lease Payments
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CY2023Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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CY2023Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
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LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
2616000 usd
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1065000 usd
CY2024Q2 arlo Lessee Operating Lease Liability Payments Net Of Sublease Payments Remainder Of Fiscal Year
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1551000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
4587000 usd
CY2024Q2 us-gaap Lessor Operating Lease Payments To Be Received Next Twelve Months
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2006000 usd
CY2024Q2 arlo Lessee Operating Lease Liability Payments Net Of Sublease Payments Due Year One
LesseeOperatingLeaseLiabilityPaymentsNetOfSubleasePaymentsDueYearOne
2581000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
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2663000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
4633000 usd
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LessorOperatingLeasePaymentsToBeReceivedThreeYears
2322000 usd
CY2024Q2 arlo Lessee Operating Lease Liability Payments Net Of Sublease Payments Due Year Three
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2311000 usd
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LesseeOperatingLeaseLiabilityPaymentsDueYearFour
3655000 usd
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2392000 usd
CY2024Q2 arlo Lessee Operating Lease Liability Payments Net Of Sublease Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsNetOfSubleasePaymentsDueYearFour
1263000 usd
CY2024Q2 arlo Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
1750000 usd
CY2024Q2 arlo Lessor Operating Lease Payment To Be Received After Year Four
LessorOperatingLeasePaymentToBeReceivedAfterYearFour
1228000 usd
CY2024Q2 arlo Lessee Operating Lease Liability Payments Net Of Sublease Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsNetOfSubleasePaymentsDueAfterYearFour
522000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
21970000 usd
CY2024Q2 us-gaap Lessor Operating Lease Payments To Be Received
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11079000 usd
CY2024Q2 arlo Lessee Operating Lease Liability Payments Net Of Sublease Payments Due
LesseeOperatingLeaseLiabilityPaymentsNetOfSubleasePaymentsDue
10891000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
2654000 usd
CY2024Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
19316000 usd
CY2024Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
3917000 usd
CY2024Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
15399000 usd
CY2024Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
19316000 usd
arlo Number Of Days For Non Cancellation Of Purchase Obligations Prior To Expected Shipment Date
NumberOfDaysForNonCancellationOfPurchaseObligationsPriorToExpectedShipmentDate
P30D
CY2024Q2 us-gaap Purchase Commitment Remaining Minimum Amount Committed
PurchaseCommitmentRemainingMinimumAmountCommitted
51700000 usd
arlo Purchase Commitment Remaining Term Expected
PurchaseCommitmentRemainingTermExpected
P12M
us-gaap Long Term Purchase Commitment Amount
LongTermPurchaseCommitmentAmount
33300000 usd
CY2024Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
1265000 usd
us-gaap Standard Product Warranty Accrual Period Increase Decrease
StandardProductWarrantyAccrualPeriodIncreaseDecrease
9000 usd
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
4759901 shares
CY2024Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
20920000 usd
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
12973000 usd
us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Restricted Stock Units Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition
6900000 usd
us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Restricted Stock Units Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition
6700000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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us-gaap Effective Income Tax Rate Continuing Operations
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us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1000000.0 usd
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.049
CY2024Q2 us-gaap Net Income Loss
NetIncomeLoss
-11560000 usd
CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
97843000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
97051000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
90984000 shares
CY2024Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.12
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.24
CY2024Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
733000 shares
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
CY2023Q4 arlo Property Plant And Equipment Net And Operating Lease Right Of Use Asset
PropertyPlantAndEquipmentNetAndOperatingLeaseRightOfUseAsset
16211000 usd
CY2024Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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