Arlo Technologies (ARLO) FY2022 results: revenue $490 million, up 12.7% on the year

Arlo Technologies, Inc. (ARLO) reported revenue of $490 million for fiscal 2022, the year ended 31 December 2022, up 12.7% on the year before. Net income was -$57 million, and diluted earnings per share $-0.65. The figures are the company's own, from the 10-K it filed with the SEC on 7 March 2023.

Revenue

$490 million

+12.7% on the year

FY2016FY2022

Operating margin

-11.6%

-13.8% a year earlier

FY2016FY2022

Net income

-$57 million

FY2016FY2022

Diluted EPS

-$0.65

FY2016FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	490	435	357	+12.7%
Cost of revenue	354	327	302	+8.3%
Gross profit	136	108	55.4	+25.9%
Gross margin	27.7%	24.8%	15.5%
Research and development	64.7	59.1	60.1	+9.6%
Operating income	-56.9	-60.1	-105
Operating margin	-11.6%	-13.8%	-29.4%
Pre-tax income	-55.7	-55.4	-101
Income tax	1.0	0.7	0.6	+44.0%
Net income	-56.6	-56.0	-101
Net margin	-11.5%	-12.9%	-28.3%
Diluted EPS	-$0.65	-$0.68	-$1.30

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2022	FY2021	FY2020	On the year
Operating cash flow	-46.0	-23.2	-46.5
Capital expenditure	2.0	2.3	3.9	-11.4%
Free cash flow	-48.0	-25.5	-50.4
Free cash flow margin	-9.8%	-5.9%	-14.1%
Cash from investing	-31.8	17.7	-4.0
Cash from financing	-13.9	-5.0	-0.0
Depreciation and amortisation	4.8	6.0	10.2	-20.2%
Share-based compensation	48.5	38.0	35.2	+27.5%
Buybacks	0.0	n/a	n/a
Diluted shares, weighted	87m	83m	78m	+5.4%
Shares outstanding at period end	89m	84m	79m	+5.3%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	87.7	113	134	-22.2%
Debt	0.0	0.0	0.0
Operating lease liabilities	19.3	21.5	25.0	-10.2%
Other liabilities	165	213	255	-22.6%
Total liabilities and equity	272	347	414	-21.7%
Fixed assets	7.3	9.6	15.8	-23.5%
Goodwill	11.0	11.0	11.0	0.0%
Intangible assets	n/a	n/a	0.0
Securities held for sale or to maturity	29.7	0.0	20.0
Cash and equivalents	84.0	176	186	-52.2%
Receivables	66.0	79.6	77.6	-17.1%
Inventory	46.6	38.4	64.7	+21.3%
Other assets	27.6	33.2	38.6	-16.8%
Total assets	272	347	414	-21.7%

10-K for the year ended 31 December 2022, filed 7 March 2023: the filing.