Symbotic (SYM) - 2024 Q4 - Annual Report

Financial Position - As of September 28, 2024, cash and cash equivalents totaled $727.3 million, up from$258.8 million as of September 30, 2023[184]. - The company had no off-balance sheet arrangements as of September 28, 2024[184]. - The company has high investment-grade credit ratings for its financial institutions, mitigating risks related to deposits exceeding federally insured limits[184]. - Total current assets rose to $1,355,537 as of September 28, 2024, compared to$991,795 as of September 30, 2023, marking a 36.6% increase[207]. - Total liabilities decreased slightly to $1,188,422 as of September 28, 2024, from$1,053,426 as of September 30, 2023[207]. - Total assets increased to $1,578,552 as of September 28, 2024, from$1,050,710 as of September 30, 2023, reflecting strong growth in the asset base[209]. - The company reported a net loss of $72,134,000 pre-business combination[220]. - The company had an accumulated deficit of$1,154,944,000[220]. - The total amount of redeemable preferred units was $144,975,000[220]. - The company reported a provision for excess and obsolete inventory of$33.330 million, indicating proactive management of inventory levels[224]. - The company recorded a valuation allowance of $690.2 million as of September 28, 2024, with$679.8 million related to the United States and $10.4 million in foreign jurisdictions[280]. - The Company had total deferred tax assets before valuation allowance of$692.3 million as of September 28, 2024, compared to $493.4 million in the previous year[277]. - The net deferred tax asset as of September 28, 2024 was$994 thousand, compared to $4,918 thousand in the previous year[277]. - Total assets as of September 28, 2024, amounted to$725.3 million, a significant increase from $506.7 million as of September 30, 2023, representing a growth of approximately 43.2$1,788,179, an increase of 51.8% compared to $1,176,891 for the year ended September 30, 2023[212]. - Gross profit for the year ended September 28, 2024, was$245,666, representing a gross margin of approximately 13.7%[212]. - The company reported a basic and diluted loss per share of $0.14 for the year ended September 28, 2024, compared to a loss of$0.37 for the year ended September 30, 2023[212]. - The company reported a net income attributable to common stockholders of $2,836 thousand for the three months ended September 28, 2024, a significant improvement from a net loss of$4,681 thousand in the previous quarter[254]. - The Company reported a net loss attributable to common shareholders of $13.49 million for the year ended September 28, 2024, compared to a net loss of$23.87 million for the year ended September 30, 2023[306]. - The net loss for the year ended September 30, 2023, was $84.672 million, compared to a net loss of$207.894 million for the previous year[224]. - The Company recorded a net income (loss) before income tax and equity method investment of $20,304 thousand for the three months ended September 28, 2024, compared to a loss of$26,005 thousand in the previous quarter[254]. Expenses and Cost Management - Research and development expenses for the year ended September 28, 2024, were $173,457, down from$195,042 for the year ended September 30, 2023, indicating a focus on cost management[212]. - Selling, general, and administrative expenses decreased to $188,934 for the year ended September 28, 2024, from$217,927 for the year ended September 30, 2023[212]. - The company reported stock-based compensation of $112.208 million for the year ended September 28, 2024, down from$154.227 million in the previous year[224]. - The total depreciation and amortization for the year was $23.480 million, an increase from$11.311 million in the previous year[224]. - The Company incurred $1.1 million,$0.9 million, and $0.7 million in aircraft usage expenses for the years ended September 28, 2024, September 30, 2023, and September 24, 2022, respectively[288]. Cash Flow and Liquidity - Cash flows from operating activities resulted in a net cash used of$58.077 million, a significant decrease from the net cash provided of $230.794 million in the prior year[224]. - The net cash provided by investing activities was$156.481 million, a turnaround from the net cash used of $299.464 million in the prior year[224]. - The net cash provided by financing activities was$371.036 million, compared to a net cash used of $(24.101) million in the previous period[226]. - The company reported a net increase in cash of$469.436 million, contrasting with a decrease of $(92.539) million in the prior period[226]. - Cash, cash equivalents, and restricted cash at the end of the period totaled$730.354 million, up from $260.918 million at the beginning of the period, representing an increase of 179$12.00, $14.00, and$16.00, all of which were met by September 30, 2023[258]. - The Company classified its redeemable Preferred Units as mezzanine equity due to liquidation features not solely within the Company's control[304]. Management and Governance - Management is committed to remediating material weaknesses in internal controls over financial reporting and has engaged third-party consultants for evaluation and simplification of business processes[327]. - Corey Dufresne, Senior Vice President and General Counsel, has a Rule 10b5-1 trading plan allowing for the sale of up to 62,362 shares of Class A Common Stock, expiring on August 31, 2025[327]. - William Boyd, Chief Strategy Officer, has a Rule 10b5-1 trading plan allowing for the sale of up to 105,665 shares of Class A Common Stock, expiring on December 31, 2025[327]. - Michael Dunn, Senior Vice President, Sales, Marketing and Product Strategy, has a Rule 10b5-1 trading plan allowing for the sale of up to 106,596 shares of Class A Common Stock, expiring on June 30, 2025[327].