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Apr 02, 2023
Arlo Q1 2023 Earnings Report
Delivered revenue and earnings above guidance, fueled by subscription business growth and strong gross margin.
Key Takeaways
Arlo Technologies reported a strong start to 2023 with revenue and earnings exceeding guidance. The company's performance was driven by its subscription business, which achieved record revenue and gross margin. Arlo delivered non-GAAP operating income of $1.2 million and produced free cash flow of $9 million.
Q1 total revenue reached $111.0 million, reflecting an 11.0% decrease year-over-year.
Service revenue hit a record $43.9 million in Q1, marking a 46.8% increase year-over-year.
ARR ended the quarter at $182.6 million, demonstrating an 80.2% growth year-over-year.
Arlo added 182,000 paid accounts in Q1, bringing the total cumulative paid accounts to over 2.0 million, a 60.7% increase year-over-year.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
For the second quarter of 2023, Arlo expects GAAP revenue to be between $105 million and $115 million, with a GAAP net loss per share between $(0.15) and $(0.09). Non-GAAP revenue is also projected to be between $105 million and $115 million, with non-GAAP earnings per diluted share between $0.01 and $0.07.
Positive Outlook
- Revenue between $105 million and $115 million (GAAP and non-GAAP)
- Non-GAAP earnings per diluted share between $0.01 and $0.07
Challenges Ahead
- GAAP net loss per share between $(0.15) and $(0.09)
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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