Symbotic Inc. (NASDAQ:SYM) Q4 2024 Earnings Conference Call November 18, 2024 5:00 PM ET

Company Participants

Charlie Anderson - VP, IR
Rick Cohen - Founder, Chairman & CEO
Carol Hibbard - CFO
Jeff Evanson - VP, IR & Corporate Development

Conference Call Participants

Jim Ricchiuti - Needham
Ross Sparenblek - William Blair
Ken Newman - KeyBanc Capital Markets
Damian Karas - UBS
Matt Summerville - D.A. Davidson
Derek Soderberg - Cantor Fitzgerald
Rob Mason - Baird
Greg Palm - Craig-Hallum
Michael Latimore - Northland Capital Markets
Guy Hardwick - Freedom Capital Markets

Operator

Thank you for standing by, and welcome to Symbotic's Fourth Quarter and Fiscal 2024 Financial Results Conference Call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question-and-answer session. [Operator Instructions]

I would now like to hand the call over to Charlie Anderson, VP, Investor Relations. Please go ahead.

Charlie Anderson

Thank you. Hello. Welcome to Symbotic’s fourth quarter 2024 financial results webcast. I'm Charlie Anderson, Symbotic'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 Form 10-K, 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 GAAP to non-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.symbotic.com. On today's call, we are joined by Rick Cohen, Symbotic's Founder, Chairman and Chief Executive Officer; and Carol Hibbard, Symbotic's Chief Financial Officer. These executives will discuss our fourth quarter and full year fiscal 2024 results and our outlook followed by Q&A.

With that, I'll turn it over to Rick to begin. Rick?

Rick Cohen

Thank you, Charlie. Good afternoon, and thank you for joining us to review our most recent results. We had a strong finish to the year, delivering on our commitment to quickly return to high growth and historical gross margin levels. This was highlighted by completing a record number of system deployments in the fourth quarter, reflecting solid project execution.

System starts also reaccelerated to a record level. For the full year, we grew revenue 55% more than double the number of sites in operation and more than doubled our software revenue reflecting our ability to convert our backlog and scale. Importantly, we expect to maintain a high rate of year-over-year revenue growth, while continuing to stabilize our gross margin in our first quarter. Carol will expand on this in the guidance.