Start Time: 17:00 January 1, 0000 5:53 PM ET
Symbotic Inc. (NASDAQ:SYM)
Q3 2024 Earnings Conference Call
July 29, 2024, 17:00 PM ET
Company Participants
Rick Cohen - Founder, Chairman and CEO
Carol Hibbard - CFO
Jeff Evanson - VP, IR and Corporate Development
Conference Call Participants
Andy Kaplowitz - Citi
Damian Karas - UBS
Matt Summerville - D.A. Davidson
Ross Sparenblek - William Blair
Greg Palm - Craig-Hallum
Jim Ricchiuti - Needham
Nicole DeBlase - Deutsche Bank
Mark Delaney - Goldman Sachs
Rob Mason - Baird
Ken Newman - KeyBanc Capital Markets
Derek Soderberg - Cantor Fitzgerald
Joe Giordano - TD Cowen
Operator
Good day and thank you for standing by. Welcome to the Symbiotic Third Quarter Fiscal 2024 Financial Results. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions]. Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your speakers today, Jeff Evanson, Vice President of Investor Relations. Please go ahead.
Jeff Evanson
Thank you, Victor. Hello. Welcome to Symbiotic's third quarter 2024 financial results webcast. I am Jeff Evanson, Symbiotic's VP of Investor Relations.
Some of the statements that we make today regarding our business operations and financial performance may be considered forward-looking. Such statements are based on current expectations and assumptions that are subject to a number of risks and uncertainties. Actual results could differ materially. Please refer to our Forms 10-K and 10-Q, including the risk factors. We undertake no obligation to update any forward-looking statements.
In addition, during this call, we will present both GAAP and non-GAAP financial measures. A reconciliation of non-GAAP to GAAP measures is included in today's earnings press release, which is distributed and available to the public through our Investor Relations website, located at ir.symbiotic.com. On today's call, we're joined by Rick Cohen, Symbiotic's Founder, Chairman, and Chief Executive Officer; and Carol Hibbard, Symbiotic's Chief Financial Officer. These executives will discuss our third quarter fiscal 2024 results and our outlook, followed by Q&A.
Rick, I will now turn the call over to you.
Rick Cohen
Thank you, Jeff. Good afternoon, and thank you for joining us to review our most recent results. Our third quarter reflects record revenue growth, strong recurring revenue gross margin and careful management of operating expenses. However, our system gross margin reflects elongated construction schedules and implementation costs associated with last quarter's rapid pace of innovation.