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Oct 01, 2023
Arlo Q3 2023 Earnings Report
Arlo's Q3 2023 results were reported, highlighting revenue at the high end of guidance, a significant increase in annual recurring revenue, positive free cash flow, and record non-GAAP EPS.
Key Takeaways
Arlo Technologies reported Q3 2023 results with revenue of $130.0 million. The company's annual recurring revenue (ARR) reached $200.0 million, representing a 59.5% year-over-year growth. Free cash flow was $7.0 million, and the company achieved a record non-GAAP EPS of $0.09.
Total revenue reached $130.0 million, a 1.4% increase year-over-year.
Service revenue hit a record $51.0 million, growing 44.0% year-over-year.
GAAP EPS was $(0.01), while non-GAAP EPS reached a record $0.09.
ARR ended at $200.0 million, up 59.5% year-over-year, with 197,000 paid accounts added in Q3.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
For Q4 2023, Arlo expects GAAP revenue to be between $129 million and $139 million, with a net loss per diluted share between $(0.05) and $0.01. Non-GAAP revenue is also projected to be between $129 million and $139 million, with non-GAAP net income per diluted share between $0.06 and $0.12.
Positive Outlook
- Revenue is expected to be between $129 million and $139 million.
- Non-GAAP net income per diluted share is projected to be between $0.06 and $0.12.
- Guidance reflects the company's expectations for the fourth quarter of 2023.
- The company anticipates continued growth in its services business.
- Arlo is focused on expanding its market reach with new products.
Challenges Ahead
- GAAP net loss per diluted share is expected to be between $(0.05) and $0.01.
- Business outlook does not include estimates for any currently unknown income and expense items.
- New material income and expense items could have a significant effect on guidance and future results.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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