Arlo Technologies, Inc. Files 10-Q for Period Ending March 31, 2024
Ticker: ARLO · Form: 10-Q · Filed: 2024-05-09T00:00:00.000Z
Sentiment: neutral
Topics: 10-Q, Arlo Technologies, Financial Report, Q1 2024, Smart Home Devices
TL;DR
<b>Arlo Technologies, Inc. filed its Q1 2024 10-Q report detailing financial performance and business operations.</b>
AI Summary
Arlo Technologies, Inc. (ARLO) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. Arlo Technologies, Inc. filed its quarterly report on Form 10-Q for the period ended March 31, 2024. The filing covers the fiscal quarter from January 1, 2024, to March 31, 2024. The company's principal executive offices are located at 2200 Faraday Ave., Suite 150, Carlsbad, CA 92008. Arlo Technologies, Inc. is classified under SIC code 3651 (Household Audio & Video Equipment). The filing includes financial data for the periods ending March 31, 2024, December 31, 2023, and April 2, 2023.
Why It Matters
For investors and stakeholders tracking Arlo Technologies, Inc., this filing contains several important signals. This 10-Q filing provides investors with the latest financial snapshot of Arlo Technologies, Inc., crucial for assessing recent performance and future outlook. Understanding the details within this report allows stakeholders to evaluate the company's financial health, operational efficiency, and any emerging risks or opportunities.
Risk Assessment
Risk Level: medium — Arlo Technologies, Inc. shows moderate risk based on this filing. The company's financial performance and future prospects are subject to market conditions and competitive pressures within the smart home device industry, as indicated by its SIC code and business focus.
Analyst Insight
Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand Arlo's revenue trends, profitability, and strategic initiatives.
Key Numbers
- 2024-03-31 — Reporting Period End Date (Quarterly report filing)
- 2024-01-01 — Quarterly Report Start Date (Q1 2024 period)
- 2023-04-02 — Prior Year Comparable Period End Date (Comparison period for Q1 2023)
- 001-38618 — SEC File Number (SEC filing identifier)
Key Players & Entities
- Arlo Technologies, Inc. (company) — Filer of the 10-Q report
- 2200 Faraday Ave., Suite 150, Carlsbad, CA 92008 (location) — Business and mailing address
- 3651 (industry_code) — Standard Industrial Classification code
- Verisure S.a.r.l (company) — Mentioned in relation to product segment
- CustomerOne (company) — Mentioned in relation to accounts receivable and customer concentration risk
FAQ
When did Arlo Technologies, Inc. file this 10-Q?
Arlo Technologies, Inc. filed this Quarterly Report (10-Q) with the SEC on May 9, 2024.
What is a 10-Q filing?
A 10-Q is a quarterly financial report with unaudited financials, management discussion, and interim business updates. This particular 10-Q was filed by Arlo Technologies, Inc. (ARLO).
Where can I read the original 10-Q filing from Arlo Technologies, Inc.?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by Arlo Technologies, Inc..
What are the key takeaways from Arlo Technologies, Inc.'s 10-Q?
Arlo Technologies, Inc. filed this 10-Q on May 9, 2024. Key takeaways: Arlo Technologies, Inc. filed its quarterly report on Form 10-Q for the period ended March 31, 2024.. The filing covers the fiscal quarter from January 1, 2024, to March 31, 2024.. The company's principal executive offices are located at 2200 Faraday Ave., Suite 150, Carlsbad, CA 92008..
Is Arlo Technologies, Inc. a risky investment based on this filing?
Based on this 10-Q, Arlo Technologies, Inc. presents a moderate-risk profile. The company's financial performance and future prospects are subject to market conditions and competitive pressures within the smart home device industry, as indicated by its SIC code and business focus.
What should investors do after reading Arlo Technologies, Inc.'s 10-Q?
Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand Arlo's revenue trends, profitability, and strategic initiatives. The overall sentiment from this filing is neutral.
How does Arlo Technologies, Inc. compare to its industry peers?
Arlo Technologies operates in the household audio and video equipment sector, specifically focusing on smart home security devices.
Are there regulatory concerns for Arlo Technologies, Inc.?
The company is subject to standard SEC reporting requirements for publicly traded entities, including the filing of quarterly 10-Q reports.
Risk Factors
- Customer Concentration Risk [medium — financial]: The company faces risk due to concentration with a specific customer, 'CustomerOne', as indicated by the mention of accounts receivable related to this entity.
Industry Context
Arlo Technologies operates in the household audio and video equipment sector, specifically focusing on smart home security devices.
Regulatory Implications
The company is subject to standard SEC reporting requirements for publicly traded entities, including the filing of quarterly 10-Q reports.
What Investors Should Do
- Analyze the revenue and profitability trends for Arlo's product and service segments.
- Assess the company's cash flow and liquidity position based on the balance sheet and cash flow statement.
- Evaluate any disclosed risks, particularly customer concentration, and their potential impact on future performance.
Key Dates
- 2024-05-09: Filing Date — Submission of the Q1 2024 10-Q report
- 2024-03-31: Period End Date — End of the first fiscal quarter of 2024
Year-Over-Year Comparison
This filing represents the first 10-Q report for the fiscal year 2024, providing updated financial information compared to the previous year's filings.
Filing Stats: 4,577 words · 18 min read · ~15 pages · Grade level 14.1 · Accepted 2024-05-09 16:23:19
Key Financial Figures
- $0.001 — ich registered Common Stock, par value $0.001 per share ARLO New York Stock Exchange
Filing Documents
- arlo-20240331.htm (10-Q) — 877KB
- arlo-ex311_20240331.htm (EX-31.1) — 11KB
- arlo-ex312_20240331.htm (EX-31.2) — 11KB
- arlo-ex321_20240331.htm (EX-32.1) — 6KB
- arlo-ex322_20240331.htm (EX-32.2) — 6KB
- 0001736946-24-000023.txt ( ) — 5732KB
- arlo-20240331.xsd (EX-101.SCH) — 42KB
- arlo-20240331_cal.xml (EX-101.CAL) — 73KB
- arlo-20240331_def.xml (EX-101.DEF) — 224KB
- arlo-20240331_lab.xml (EX-101.LAB) — 597KB
- arlo-20240331_pre.xml (EX-101.PRE) — 405KB
- arlo-20240331_htm.xml (XML) — 703KB
: FINANCIAL INFORMATION
PART I: FINANCIAL INFORMATION Page
Financial Statements
Item 1. Financial Statements 3 Unaudited Condensed Consolidated Balance Sheets 3 Unaudited Condensed Consolidated Statements of Comprehensive Loss 4 Unaudited Condensed Consolidated Statements of Stockholders' Equity 5 Unaudited Condensed Consolidated Statements of Cash Flows 6 Notes to Unaudited Condensed Consolidated Financial Statements 7
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 22
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk 32
Controls and Procedures
Item 4. Controls and Procedures 32
: OTHER INFORMATION
PART II: OTHER INFORMATION
Legal Proceedings
Item 1. Legal Proceedings 33
Risk Factors
Item 1A. Risk Factors 33
Other Information
Item 5. Other Information 33
Exhibits
Item 6. Exhibits 34
Signatures
Signatures 35 2 Table of Contents
: FINANCIAL INFORMATION
PART I: FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements ARLO TECHNOLOGIES, INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS As of March 31, 2024 December 31, 2023 (In thousands, except share and per share data) ASSETS Current assets: Cash and cash equivalents $ 62,054 $ 56,522 Short-term investments 80,809 79,974 Accounts receivable, net 56,496 65,360 Inventories 44,676 38,408 Prepaid expenses and other current assets 11,896 10,271 Total current assets 255,931 250,535 Property and equipment, net 4,311 4,761 Operating lease right-of-use assets, net 10,697 11,450 Goodwill 11,038 11,038 Restricted cash 4,183 4,131 Other non-current assets 3,602 3,623 Total assets $ 289,762 $ 285,538 LIABILITIES AND STOCKHOLDERS ' EQUITY Current liabilities: Accounts payable $ 69,878 $ 55,201 Deferred revenue 21,394 18,041 Accrued liabilities 79,100 88,209 Total current liabilities 170,372 161,451 Non-current operating lease liabilities 16,133 17,021 Other non-current liabilities 3,320 3,790 Total liabilities 189,825 182,262 Commitments and contingencies (Note 8) 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: 97,202,042 at March 31, 2024 and 95,380,281 at December 31, 2023 97 95 Additional paid-in capital 476,665 470,322 Accumulated other comprehensive income 280 320 Accumulated deficit ( 377,105 ) ( 367,461 ) Total stockholders' equity 99,937 103,276 Total liabilities and stockholders' equity $ 289,762 $ 285,538 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 3 Table of Contents ARLO TECHNOLOGIES, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS Three Months Ended March 31, 2024 April 2, 2023 (In thousands, except per share data) Revenue: Products $ 67,493 $ 67,060 Services 56,707 43,944 Total revenue 12