NETGEAR® Reports Second Quarter 2018 Results


  • Second quarter 2018 net revenue of $366.8 million, as compared to $330.7 million in the comparable prior year quarter, an increase of 10.9%.
  • Second quarter 2018 GAAP net loss of $5.2 million, as compared to net income of $14.6 million in the comparable prior year quarter.
    • Second quarter 2018 non-GAAP net income of $18.6 million, as compared to $19.9 million in the comparable prior year quarter.
  • Second quarter 2018 GAAP net loss per diluted share of $0.17, as compared to net income per diluted share of $0.44 in the comparable prior year quarter.
    • Second quarter 2018 non-GAAP net income per diluted share of $0.57, as compared to $0.60 in the comparable prior year quarter.
  • Business outlook1: Company expects third quarter 2018 net revenue to be in the range of $380 million to $395 million, with GAAP operating margin in the range of (2.2)% to (1.2)% and non-GAAP operating margin in the range of 4.0% to 5.0%. Additionally, the Company expects the GAAP tax rate to be approximately 108.0% and non-GAAP tax rate to be approximately 23.5%.

SAN JOSE, Calif., July 23, 2018 (GLOBE NEWSWIRE) -- NETGEAR, Inc. (NASDAQ:NTGR), a global networking company that delivers innovative networking and Internet connected products to consumers and growing businesses, today reported financial results for the second quarter ended July 1, 2018.

Net revenue for the second quarter ended July 1, 2018 was $366.8 million, as compared to $330.7 million in the second quarter ended July 2, 2017, and $345.0 million in the first quarter ended April 1, 2018. Net loss, computed in accordance with GAAP, for the second quarter of 2018 was $5.2 million, or $0.17 net loss per diluted share. This compared to GAAP net income of $14.6 million, or $0.44 net income per diluted share, in the second quarter of 2017, and GAAP net income of $5.6 million, or $0.17 net income per diluted share, in the first quarter of 2018. Non-GAAP net income was $0.57 per diluted share in the second quarter of 2018, as compared to non-GAAP net income of $0.60 per diluted share in the second quarter of 2017 and $0.62 per diluted share in the first quarter of 2018.

Operating margin, computed in accordance with GAAP, for the second quarter of 2018 was (0.8)%, as compared to 5.8% in the year ago comparable quarter, and 2.5% in the first quarter of 2018. Non-GAAP operating margin was 5.9% in the second quarter of 2018, as compared to 8.5% in the second quarter of 2017 and 7.5% in the first quarter of 2018.

The accompanying schedules provide a reconciliation of financial measures computed on a GAAP basis to financial measures computed on a non-GAAP basis.

Patrick Lo, Chairman and Chief Executive Officer of NETGEAR, commented, "We had an excellent second quarter in 2018, driven by Arlo, Orbi, the Nighthawk Pro Gaming Router, cable modems and gateways, and our SMB switches. As a result our net revenue for the quarter came in well above the revenue guidance range provided. We are also excited to see year-over-year revenue growth in all three segments for Q2, which drove 10.9% topline growth for NETGEAR overall."

Mr. Lo continued, "We continue to focus on the successful separation of the Arlo business from NETGEAR, as well as driving our subscription services strategy for all three segments."

Christine Gorjanc, Chief Financial Officer of NETGEAR, added, "During the second quarter of 2018, we used cash flow from operations of $16.9 million, which brings our total cash flow generated over the trailing twelve months to $124.2 million."

Business Outlook

Christine Gorjanc, Chief Financial Officer of NETGEAR, commented, "Looking forward to the third quarter of 2018, we expect net revenue to be in the range of $380 million to $395 million. GAAP operating margin is expected to be in the range of (2.2)% to (1.2)%, which includes approximately $11.0 million of one-time costs associated with the separation, including professional services fees for various advisory and audit related costs. Non-GAAP operating margin is expected to be in the range of 4.0% to 5.0%, which includes approximately $19.0 million of costs associated with the separation of Arlo and the corresponding dis-synergies created as we hire talent to duplicate certain roles as that business stands up on its own. Our GAAP tax rate is expected to be approximately 108.0% and our non-GAAP tax rate is expected to be approximately 23.5% for the third quarter of 2018."

A reconciliation between the Business Outlook on a GAAP and non-GAAP basis is provided in the following table:

  Three months ended
  September 30, 2018
  Operating Margin Rate Tax Rate
GAAP (2.2)% - (1.2)% 108.0%
Estimated adjustments for1:    
Amortization of intangibles 0.6% __
Stock-based compensation expense 2.7% __
Separation expense 2.9% __
Tax effects of non-GAAP adjustments __ (84.5)%
Non-GAAP 4.0% - 5.0% 23.5%

1 Business outlook does not include estimates for any currently unknown income and expense items which, by their nature, could arise late in a quarter, including: restructuring and other charges; litigation reserves, net; acquisition-related charges; impairment charges; discrete tax benefits or detriments relating to tax windfalls or shortfalls from equity awards; and any additional impacts relating to the implementation of U.S. tax reform. New material income and expense items such as these could have a significant effect on our guidance and future GAAP results.

This press release does not constitute an offer to sell or the solicitation of an offer to buy securities, and shall not constitute an offer, solicitation, or sale in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.

Investor Conference Call / Webcast Details
NETGEAR will review the second quarter results and discuss management's expectations for the third quarter of 2018 today, Monday, July 23, 2018 at 7:15 a.m. ET (4:15 a.m. PT). The toll free dial-in number for the live audio call is (844) 709-2008. The international dial-in number for the live audio call is (647) 253-8663. The conference ID for the call is 5251829. A live webcast of the conference call will be available on NETGEAR's Investor Relations website at http://investor.netgear.com. A replay of the call will be available via the web at http://investor.netgear.com.

About NETGEAR, Inc.
NETGEAR (NASDAQ:NTGR) is a global networking company that delivers innovative products to consumers, businesses and service providers. The Company's products are built on a variety of proven technologies such as wireless (WiFi and LTE), Ethernet and powerline, with a focus on reliability and ease-of-use. The product line consists of wired and wireless devices that enable networking, broadband access and network connectivity. These products are available in multiple configurations to address the needs of the end-users in each geographic region in which the Company's products are sold. NETGEAR products are sold in approximately 27,000 retail locations around the globe, and through approximately 23,000 value-added resellers, as well as multiple major cable, mobile and wireline service providers around the world. The company's headquarters are in San Jose, Calif., with additional offices in approximately 25 countries. More information is available at http://investor.netgear.com or by calling (408) 907-8000. Connect with NETGEAR at http://twitter.com/NETGEAR and http://www.facebook.com/NETGEAR.

© 2018 NETGEAR, Inc. NETGEAR, the NETGEAR logo, Arlo, Orbi and Nighthawk are trademarks or registered trademarks of NETGEAR, Inc. and its affiliates in the United States and/or other countries. Other brand and product names are trademarks or registered trademarks of their respective holders.  The information contained herein is subject to change without notice. NETGEAR shall not be liable for technical or editorial errors or omissions contained herein.  All rights reserved.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 for NETGEAR, Inc.: 
This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. The words “anticipate,” “expect,” “believe,” “will,” “may,” “should,” “estimate,” “project,” “outlook,” “forecast” or other similar words are used to identify such forward-looking statements. However, the absence of these words does not mean that the statements are not forward-looking. The forward-looking statements represent NETGEAR, Inc.’s expectations or beliefs concerning future events based on information available at the time such statements were made and include statements regarding: the potential separation of the Arlo business, including NETGEAR’s and Arlo’s expected capital structures, future financial flexibility and ability to pursue their long-term strategies, NETGEAR’s future operating performance and financial condition, expected net revenue, GAAP and non-GAAP operating margins, and GAAP and non-GAAP tax rates; expectations regarding the timing, distribution, sales momentum and market acceptance of recent and anticipated new product introductions that position the Company for growth; and expectations regarding seasonal changes in the Company’s business performance. These statements are based on management's current expectations and are subject to certain risks and uncertainties, including the following: future demand for the Company's products may be lower than anticipated; consumers may choose not to adopt the Company's new product offerings or adopt competing products; product performance may be adversely affected by real world operating conditions; the Company may be unsuccessful or experience delays in manufacturing and distributing its new and existing products; telecommunications service providers may choose to slow their deployment of the Company's products or utilize competing products; the Company may be unable to collect receivables as they become due; the Company may fail to manage costs, including the cost of developing new products and manufacturing and distribution of its existing offerings; the Company may fail to successfully continue to effect operating expense savings; changes in the level of NETGEAR's cash resources and the Company's planned usage of such resources, including potential repurchases of the Company’s common stock; changes in the Company's stock price and developments in the business that could increase the Company's cash needs; fluctuations in foreign exchange rates; and the actions and financial health of the Company's customers. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Further information on potential risk factors that could affect NETGEAR and its business are detailed in the Company's periodic filings with the Securities and Exchange Commission, including, but not limited to, those risks and uncertainties listed in the section entitled “Part II - Item 1A. Risk Factors,” pages 53 through 77, in the Company's quarterly report on Form 10-Q for the fiscal quarter ended April 1, 2018, filed with the Securities and Exchange Commission on May 4, 2018. Given these circumstances, you should not place undue reliance on these forward-looking statements. NETGEAR undertakes no obligation to release publicly any revisions to any forward-looking statements contained herein to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Non-GAAP Financial Information:

To supplement our unaudited selected financial data presented on a basis consistent with Generally Accepted Accounting Principles (“GAAP”), we disclose certain non-GAAP financial measures that exclude certain charges, including non-GAAP gross profit, non-GAAP gross margin, non-GAAP research and development, non-GAAP sales and marketing, non-GAAP general and administrative, non-GAAP total operating expenses, non-GAAP operating income, non-GAAP operating margin, non-GAAP other income (expense), net, non-GAAP net income and non-GAAP net income per diluted share. These supplemental measures exclude adjustments for amortization of intangibles, stock-based compensation expense, separation expense, restructuring and other charges, litigation reserves, net, impairment charges to investment, and the related tax effects. These non-GAAP measures are not in accordance with or an alternative for GAAP, and may be different from non-GAAP measures used by other companies. We believe that these non-GAAP measures have limitations in that they do not reflect all of the amounts associated with our results of operations as determined in accordance with GAAP and that these measures should only be used to evaluate our results of operations in conjunction with the corresponding GAAP measures. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the most directly comparable GAAP measures. We compensate for the limitations of non-GAAP financial measures by relying upon GAAP results to gain a complete picture of our performance.

In calculating non-GAAP financial measures, we exclude certain items to facilitate a review of the comparability of our operating performance on a period-to-period basis because such items are not, in our view, related to our ongoing operational performance. We use non-GAAP measures to evaluate the operating performance of our business, for comparison with forecasts and strategic plans, and for benchmarking performance externally against competitors. In addition, management’s incentive compensation is determined using certain non-GAAP measures. Since we find these measures to be useful, we believe that investors benefit from seeing results “through the eyes” of management in addition to seeing GAAP results. We believe that these non-GAAP measures, when read in conjunction with our GAAP financials, provide useful information to investors by offering:

  • the ability to make more meaningful period-to-period comparisons of our on-going operating results;
  • the ability to better identify trends in our underlying business and perform related trend analyses;
  • a better understanding of how management plans and measures our underlying business; and
  • an easier way to compare our operating results against analyst financial models and operating results of competitors that supplement their GAAP results with non-GAAP financial measures.

The following are explanations of the adjustments that we incorporate into non-GAAP measures, as well as the reasons for excluding them in the reconciliations of these non-GAAP financial measures:

Amortization of intangibles consists primarily of non-cash charges that can be impacted by, among other things, the timing and magnitude of acquisitions. We consider our operating results without these charges when evaluating our ongoing performance and forecasting our earnings trends, and therefore exclude such charges when presenting non-GAAP financial measures. We believe that the assessment of our operations excluding these costs is relevant to our assessment of internal operations and comparisons to the performance of our competitors.

Stock-based compensation expense consists of non-cash charges for the estimated fair value of stock options, restricted stock units and shares under the employee stock purchase plan granted to employees. We believe that the exclusion of these charges provides for more accurate comparisons of our operating results to peer companies due to the varying available valuation methodologies, subjective assumptions and the variety of award types. In addition, we believe it is useful to investors to understand the specific impact stock-based compensation expense has on our operating results.

Separation expense consists of expenses that are related to the planned separation of the Arlo business from us. These consist primarily of third-party consulting fees, legal fees, IT costs, employee bonuses for services related to the separation, and other one-time expenses incurred to complete the separation. We consider our operating results without these charges when evaluating our ongoing performance and forecasting our earnings trends, and therefore exclude such charges when presenting non-GAAP financial measures. We believe that the assessment of our operations excluding these costs is relevant to our assessment of internal operations and comparisons to the performance of our competitors.

Other items consist of certain items that are the result of either unique or unplanned events, including, when applicable: restructuring and other charges, litigation reserves, net, and impairment charges to investment. It is difficult to predict the occurrence or estimate the amount or timing of these items in advance. Although these events are reflected in our GAAP financial statements, these unique transactions may limit the comparability of our on-going operations with prior and future periods. The amounts result from events that often arise from unforeseen circumstances, which often occur outside of the ordinary course of continuing operations. Therefore, the amounts do not accurately reflect the underlying performance of our continuing business operations for the period in which they are incurred.

Tax effects consist of the various above adjustments that we incorporate into non-GAAP measures in order to provide a more meaningful measure on non-GAAP net income. We also believe providing financial information with and without the income tax effects relating to our non-GAAP financial measures provides our management and users of the financial statements with better clarity regarding the on-going performance of our business.

Source: NETGEAR-F

-Financial Tables Attached-


NETGEAR, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)


 As of
 July 1,
 2018
 December 31,
 2017
ASSETS   
Current assets:   
Cash and cash equivalents$227,397  $202,870 
Short-term investments128,241  126,926 
Accounts receivable, net343,883  412,798 
Inventories291,459  245,894 
Prepaid expenses and other current assets44,878  27,176 
Total current assets1,035,858  1,015,664 
Property and equipment, net29,137  20,660 
Intangibles, net20,024  24,988 
Goodwill85,463  85,463 
Other non-current assets86,149  61,789 
Total assets$1,256,631  $1,208,564 
    
LIABILITIES AND STOCKHOLDERS' EQUITY   
Current liabilities:   
Accounts payable$107,704  $111,915 
Accrued employee compensation38,825  27,752 
Other accrued liabilities265,990  222,470 
Deferred Revenue30,674  55,284 
Income taxes payable1,359  7,015 
Total current liabilities444,552  424,436 
Non-current income taxes payable32,199  31,544 
Other non-current liabilities24,144  22,099 
Total liabilities500,895  478,079 
Stockholders' equity:   
Common stock32  31 
Additional paid-in capital625,858  603,137 
Accumulated other comprehensive loss(107) (851)
Retained earnings129,953  128,168 
Total stockholders' equity755,736  730,485 
Total liabilities and stockholders' equity$1,256,631  $1,208,564 


NETGEAR, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share and percentage data)
(Unaudited)


 Three Months Ended Six Months Ended
 July 1,
 2018
 April 1,
 2018
 July 2,
 2017
 July 1,
 2018
 July 2,
 2017
          
Net revenue$366,820  $344,973  $330,723  $711,793  $654,380 
Cost of revenue257,648  240,468  238,787  498,116  465,512 
Gross profit109,172  104,505  91,936  213,677  188,868 
Gross margin29.8% 30.3% 27.8% 30.0% 28.9%
Operating expenses:         
Research and development31,371  28,947  23,357  60,318  46,040 
Sales and marketing46,983  43,658  36,461  90,641  74,690 
General and administrative20,448  16,638  12,950  37,086  26,144 
Separation expense11,984  6,784    18,768   
Restructuring and other charges1,376  (9) 22  1,367  59 
Litigation reserves, net5    53  5  53 
Total operating expenses112,167  96,018  72,843  208,185  146,986 
Income (loss) from operations(2,995) 8,487  19,093  5,492  41,882 
Operating margin(0.8)% 2.5% 5.8% 0.8% 6.4%
Interest income1,072  748  482  1,820  887 
Other income (expense), net1,061  (1,252) 383  (191) 718 
Income (loss) before income taxes(862) 7,983  19,958  7,121  43,487 
Provision for income taxes4,368  2,393  5,376  6,761  12,911 
Net income (loss)$(5,230) $5,590  $14,582  $360  $30,576 
          
Net income (loss) per share:         
Basic$(0.17) $0.18  $0.45  $0.01  $0.94 
Diluted$(0.17) $0.17  $0.44  $0.01  $0.91 
          
Weighted average shares used to compute net income (loss) per share:         
Basic31,674  31,427  32,352  31,550  32,650 
Diluted31,674  32,660  33,116  32,722  33,656 


NETGEAR, INC.
RECONCILIATIONS OF GAAP MEASURES TO NON-GAAP MEASURES
(In thousands, except percentage data)
(Unaudited)


STATEMENT OF OPERATIONS DATA:        
          
 Three Months Ended Six Months Ended
 July 1,
 2018
 April 1,
 2018
 July 2,
 2017
 July 1,
 2018
 July 2,
 2017
          
GAAP gross profit$109,172  $104,505  $91,936  $213,677  $188,868 
GAAP gross margin29.8% 30.3% 27.8% 30.0% 28.9%
Amortization of intangibles589  705  1,374  1,294  3,985 
Stock-based compensation expense866  852  542  1,718  978 
Non-GAAP gross profit$110,627  $106,062  $93,852  $216,689  $193,831 
Non-GAAP gross margin30.2% 30.7% 28.4% 30.4% 29.6%
          
GAAP research and development$31,371  $28,947  $23,357  $60,318  $46,040 
Stock-based compensation expense(1,949) (1,575) (1,373) (3,524) (2,692)
Non-GAAP research and development$29,422  $27,372  $21,984  $56,794  $43,348 
          
GAAP sales and marketing$46,983  $43,658  $36,461  $90,641  $74,690 
Amortization of intangibles(1,757) (1,756) (1,772) (3,513) (3,543)
Stock-based compensation expense(2,588) (2,531) (1,438) (5,119) (2,685)
Non-GAAP sales and marketing$42,638  $39,371  $33,251  $82,009  $68,462 
          
GAAP general and administrative$20,448  $16,638  $12,950  $37,086  $26,144 
Stock-based compensation expense(3,567) (3,192) (2,348) (6,759) (4,474)
Non-GAAP general and administrative$16,881  $13,446  $10,602  $30,327  $21,670 
          
GAAP total operating expenses$112,167  $96,018  $72,843  $208,185  $146,986 
Amortization of intangibles(1,757) (1,756) (1,772) (3,513) (3,543)
Stock-based compensation expense(8,104) (7,298) (5,159) (15,402) (9,851)
Separation expense(11,984) (6,784)   (18,768)  
Restructuring and other charges(1,376) 9  (22) (1,367) (59)
Litigation reserves, net(5)   (53) (5) (53)
Non-GAAP total operating expenses$88,941  $80,189  $65,837  $169,130  $133,480 


NETGEAR, INC.
RECONCILIATIONS OF GAAP MEASURES TO NON-GAAP MEASURES (CONTINUED)
(In thousands, except percentage data)
(Unaudited)


STATEMENT OF OPERATIONS DATA (CONTINUED):      
      
 Three Months Ended Six Months Ended
 July 1,
 2018
 April 1,
 2018
 July 2,
 2017
 July 1,
 2018
 July 2,
 2017
          
GAAP operating income (loss)$(2,995) $8,487  $19,093  $5,492  $41,882 
GAAP operating margin(0.8)% 2.5% 5.8% 0.8% 6.4%
Amortization of intangibles2,346  2,461  3,146  4,807  7,528 
Stock-based compensation expense8,970  8,150  5,701  17,120  10,829 
Separation expense11,984  6,784    18,768   
Restructuring and other charges1,376  (9) 22  1,367  59 
Litigation reserves, net5    53  5  53 
Non-GAAP operating income$21,686  $25,873  $28,015  $47,559  $60,351 
Non-GAAP operating margin5.9% 7.5% 8.5% 6.7% 9.2%
          
GAAP other income (expense), net$1,061  $(1,252) $383  $(191) $718 
Impairment charges to investment  1,400    1,400   
Non-GAAP other income (expense), net$1,061  $148  $383  $1,209  $718 
          
GAAP net income (loss)$(5,230) $5,590  $14,582  $360  $30,576 
Amortization of intangibles2,346  2,461  3,146  4,807  7,528 
Stock-based compensation expense8,970  8,150  5,701  17,120  10,829 
Separation expense11,984  6,784    18,768   
Restructuring and other charges1,376  (9) 22  1,367  59 
Litigation reserves, net5    53  5  53 
Impairment charges to investment  1,400    1,400   
Tax effects of above non-GAAP adjustments(839) (3,989) (3,640) (4,828) (7,490)
Non-GAAP net income$18,612  $20,387  $19,864  $38,999  $41,555 


NETGEAR, INC.
RECONCILIATIONS OF GAAP MEASURES TO NON-GAAP MEASURES (CONTINUED)
(In thousands, except per share data)
(Unaudited)


STATEMENT OF OPERATIONS DATA (CONTINUED):      
          
 Three Months Ended Six Months Ended
 July 1,
 2018
 April 1,
 2018
 July 2,
 2017
 July 1,
 2018
 July 2,
 2017
NET INCOME (LOSS) PER DILUTED SHARE:         
GAAP net income (loss) per diluted share$(0.17) $0.17  $0.44  $0.01  $0.91 
Amortization of intangibles0.07  0.08  0.09  0.15  0.22 
Stock-based compensation expense0.27  0.25  0.17  0.52  0.32 
Separation expense0.37  0.21    0.57   
Restructuring and other charges0.04  0.00  0.00  0.04  0.00 
Litigation reserves, net0.00    0.00  0.00  0.00 
Impairment charges to investment  0.04    0.04   
Tax effects of above non-GAAP adjustments(0.03) (0.13) (0.10) (0.14) (0.22)
Non-GAAP net income per diluted share*$0.57  $0.62  $0.60  $1.19  $1.23 
          
Shares used in computing GAAP net income (loss) per diluted share31,674  32,660  33,116  32,722  33,656 
Shares used in computing non-GAAP net income per diluted share32,742  32,660  33,116  32,722  33,656 

* The per share reconciliation of GAAP to non-GAAP may not aggregate due to both calculations utilizing a different share basis. The GAAP net loss per diluted share calculation uses a lower share count as it excludes potentially dilutive shares included in the non-GAAP net income per diluted share calculation.


NETGEAR, INC.
SUPPLEMENTAL FINANCIAL INFORMATION
(In thousands, except per share data, DSO, inventory turns, weeks of channel inventory, headcount and percentage data)
(Unaudited)


 Three Months Ended
 July 1,
 2018
 April 1,
 2018
 December 31,
 2017
 October 1,
 2017
 July 2,
 2017
          
Cash, cash equivalents and short-term investments$355,638  $386,237  $329,796  $372,786  $305,523 
Cash, cash equivalents and short-term investments per diluted share$10.86  $11.83  $10.22  $11.51  $9.23 
          
Accounts receivable, net$343,883  $317,102  $412,798  $295,591  $304,588 
Days sales outstanding (DSO) 85   84   95   76   84 
          
Inventories$291,459  $266,345  $245,894  $249,078  $263,773 
Ending inventory turns 3.5   3.6   4.8   4.1   3.6 
          
Weeks of channel inventory:         
U.S. retail channel 9.0   8.5   6.7   10.5   8.6 
U.S. distribution channel 4.1   4.2   3.9   9.1   4.3 
EMEA distribution channel 4.0   5.8   5.9   5.6   4.7 
APAC distribution channel 9.5   7.0   8.1   6.3   7.0 
          
Deferred revenue (current and non-current)$47,967  $46,494  $69,399  $54,916  $44,727 
          
Headcount1,108  1,047  1,008  982  953 
Non-GAAP diluted shares32,742  32,660  32,270  32,393  33,116 

NET REVENUE BY GEOGRAPHY

 Three Months Ended Six Months Ended
 July 1,
 2018
 April 1,
 2018
 July 2,
 2017
 July 1,
 2018
 July 2,
 2017
Americas$259,826 71% $233,620 68% $226,949 68% $493,446 69% $438,578 67%
EMEA68,681 19% 66,629 19% 55,204 17% 135,310 19% 113,649 17%
APAC38,313 10% 44,724 13% 48,570 15% 83,037 12% 102,153 16%
Total$366,820 100% $344,973 100% $330,723 100% $711,793 100% $654,380 100%


NETGEAR, INC.
SUPPLEMENTAL FINANCIAL INFORMATION (CONTINUED)
(In thousands)
(Unaudited)

NET REVENUE BY SEGMENT

 Three Months Ended Six Months Ended
 July 1,
 2018
 April 1,
 2018
 July 2,
 2017
 July 1,
 2018
 July 2,
 2017
Net revenue:         
Arlo$104,813  $96,209  $78,732  $201,022  $139,444 
Connected Home191,164  177,781  185,905  368,945  380,266 
SMB70,843  70,983  66,086  141,826  134,670 
Total net revenue$366,820  $344,973  $330,723  $711,793  $654,380 

SERVICE PROVIDER NET REVENUE

 Three Months Ended Six Months Ended
 July 1,
 2018
 April 1,
 2018
 July 2,
 2017
 July 1,
 2018
 July 2,
 2017
Arlo$7,591  $8,387  $7,972  $15,978  $9,949 
Connected Home46,333  41,797  48,485  88,130  101,678 
SMB700  1,063  588  1,763  1,378 
Total service provider net revenue$54,624  $51,247  $57,045  $105,871  $113,005 

 


            

Coordonnées