SOURCE: NETGEAR

NETGEAR

February 05, 2015 16:00 ET

NETGEAR® Reports Fourth Quarter and Full Year 2014 Results

SAN JOSE, CA--(Marketwired - Feb 5, 2015) - NETGEAR, Inc. (NASDAQ: NTGR)

  • Fourth quarter 2014 net revenue of $353.2 million, as compared to $356.6 million in the comparable prior year quarter, decrease of 1.0% year over year.
  • Fourth quarter 2014 GAAP net loss per diluted share of $1.16, as compared to net income per diluted share of $0.30 in the comparable prior year quarter.
    • Fourth quarter 2014 GAAP net loss includes a non-cash goodwill impairment charge of $74.2 million, resulting in a loss of $1.62 per diluted share, net of tax, relating to the Service Provider Business Unit.
    • Fourth quarter 2014 non-GAAP net income per diluted share of $0.65, as compared to $0.59 in the comparable prior year quarter.
  • 2014 net revenue of $1.39 billion, as compared to $1.37 billion in 2013, increase of 1.7% year over year.
  • 2014 GAAP net income per diluted share of $0.24, as compared to $1.42 in 2013.
    • 2014 GAAP net income includes a non-cash goodwill impairment charge of $74.2 million, resulting in a loss of $1.54 per diluted share, net of tax, relating to the Service Provider Business Unit.
    • 2014 non-GAAP net income per diluted share of $2.54, as compared to $2.29 in 2013.
  • Company expects first quarter 2015 net revenue to be in the range of $300 million to $315 million, with non-GAAP operating margin in the range of 8.5% to 9.5%.

NETGEAR, Inc. (NASDAQ: NTGR), a global networking company that delivers innovative products to consumers, businesses and service providers, today reported financial results for the fourth quarter and full year ended December 31, 2014.

Net revenue for the fourth quarter ended December 31, 2014 was $353.2 million, as compared to $356.6 million in the fourth quarter ended December 31, 2013, and $353.3 million in the third quarter ended September 28, 2014. Net loss, computed in accordance with GAAP, for the fourth quarter of 2014 was $40.4 million, or $1.16 net loss per diluted share. This compared to GAAP net income of $11.4 million, or $0.30 net income per diluted share, in the fourth quarter of 2013, and GAAP net income of $20.0 million, or $0.55 per diluted share, in the third quarter of 2014. Non-GAAP net income was $0.65 per diluted share in the fourth quarter of 2014, as compared to non-GAAP net income of $0.59 per diluted share in the fourth quarter of 2013 and $0.72 per diluted share in the third quarter of 2014.

Operating margin, computed in accordance with GAAP, for the fourth quarter of 2014 was -13.2%, as compared to 6.6% in the year ago comparable quarter, and 7.5% in the third quarter of 2014. Non-GAAP operating margin was 10.1% in the fourth quarter of 2014, as compared to 10.6% in the fourth quarter of 2013 and the third quarter of 2014.

Net revenue for the full year 2014 was $1.39 billion, a 1.7% increase as compared to $1.37 billion for 2013. Net income, computed in accordance with GAAP, for the full year 2014 was $8.8 million, or $0.24 per diluted share. This compared to GAAP net income of $55.2 million, or $1.42 per diluted share, for 2013. Non-GAAP net income was $2.54 per diluted share in the full year of 2014, as compared to non-GAAP net income of $2.29 per diluted share for 2013.

Operating margin, computed in accordance with GAAP, for the full year of 2014 was 2.0%, as compared to 6.8% for 2013. Non-GAAP operating margin was 10.1% in the full year of 2014, as compared to 10.2% for 2013.

The differences between GAAP and non-GAAP financial measures include adjustments, net of any tax effect, for amortization of intangibles, stock-based compensation expense, restructuring and other charges, acquisition-related expense, impact to cost of sales from acquisition accounting adjustments to inventory, litigation reserves, net, goodwill impairment charges, intangibles impairment charges, gain on litigation settlements, and the establishment of a valuation allowance associated with certain deferred tax assets. 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 are very pleased with the fourth quarter performance of our Retail Business Unit and Commercial Business Unit. It was a record quarter for RBU in terms of net revenue, led by unprecedented demand for our high-end line of Nighthawk 802.11ac routers during the holiday season. Meanwhile, CBU grew on a year-over-year and sequential basis, benefiting from increased sales of our switching and storage products. Given the strength of these two business units, we will continue to invest our resources in both product development and sales coverage for these business units in 2015."

Mr. Lo continued, "On the other hand, we saw a decline in our service provider revenue in Q4 and according to our customers, purchase constraints will deteriorate further in 2015 and for the foreseeable future. As such, we are taking definitive steps in two areas: re-sizing the cost structure of SPBU to match the reduced revenue outlook, and concentrating resources on long term and profitable accounts."

Christine Gorjanc, Chief Financial Officer of NETGEAR, added, "NETGEAR's fourth quarter of 2014 GAAP results include a non-cash goodwill impairment charge of $74.2 million relating to our Service Provider Business Unit, as its long-term revenue and profit outlook weakened."

Ms. Gorjanc continued, "During the fourth quarter of 2014, we continued to leverage the strength of our balance sheet and cash position by repurchasing approximately 706,000 shares of NETGEAR common stock for $22.0 million, at an average price of $31.18 per share. We increased capital returns to our shareholders in 2014, which resulted in 2.8 million shares being repurchased for $90.6 million in the year ended December 31, 2014. We plan to continue to repurchase shares opportunistically using the share authorization that was recently approved by our Board of Directors in October 2014. Three million shares remain available for repurchase under this authorization as of the end of 2014."

Mr. Lo continued, "Looking ahead to the first quarter of 2015, we are expecting net revenue to be in the range of $300 million to $315 million. The decline in revenue beyond normal seasonality is primarily due to the challenges faced by our Service Provider Business Unit. Non-GAAP operating margin is expected to be in the range of 8.5% to 9.5%, which includes an unfavorable impact of approximately 100 basis points as a result of the recent appreciation of the U.S. dollar, as compared to the recent fourth quarter."

Investor Conference Call / Webcast Details
NETGEAR will review the fourth quarter results and discuss management's expectations for the first quarter of 2015 today, Thursday, February 5, 2015 at 5 p.m. ET (2 p.m. PT). The dial-in number for the live audio call is (201) 689-8471. A live webcast of the conference call will be available on NETGEAR's website at http://investor.netgear.com. A replay of the call will be available 2 hours following the call through midnight ET (9 p.m. PT) on Thursday, February 12, 2015 by telephone at (858) 384-5517 and via the web at http://investor.netgear.com. The account number to access the phone replay is 13599254.

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, 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 44,000 retail locations around the globe, and through approximately 36,000 value-added resellers. The company's headquarters are in San Jose, Calif., with additional offices in approximately 25 countries. NETGEAR is an ENERGY STAR partner. 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.

© 2015 NETGEAR, Inc. NETGEAR and the NETGEAR logo 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: expected net revenue and non-GAAP operating margin; expectations regarding the timing and market acceptance of recent and anticipated new product introductions that position the Company for growth; expectations regarding the Company's market share and leadership position in various product categories; and expectations regarding repurchases of the Company's common stock. 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 51 through 71, in the Company's quarterly report on Form 10-Q for the fiscal quarter ended September 28, 2014, filed with the Securities and Exchange Commission on November 4, 2014. 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.

Use of Non-GAAP Financial Information:
To supplement our consolidated financial statements presented on a GAAP basis, NETGEAR uses non-GAAP financial measures, which are adjusted to exclude certain expenses and tax adjustments, where applicable. We believe non-GAAP financial measures are appropriate to enhance an overall understanding of our past financial performance and also our prospects for the future. These adjustments to our current period GAAP results are made with the intent of providing both management and investors a more complete understanding of NETGEAR's underlying operational results and trends and our marketplace performance. For example, the non-GAAP results are an indication of our baseline performance before charges that are considered by management to be outside of our core operating results. In addition, these adjusted non-GAAP results are among the primary indicators management uses as a basis for our planning and forecasting of future periods. The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial measures prepared in accordance with generally accepted accounting principles in the United States. 

 
NETGEAR, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
 
    December 31,
 2014
  December 31,
 2013
             
ASSETS            
Current assets:            
  Cash and cash equivalents   $ 141,234   $ 143,009
  Short-term investments     115,895     105,145
  Accounts receivable, net     275,689     266,484
  Inventories     222,883     224,456
  Deferred income taxes     29,039     27,239
  Prepaid expenses and other current assets     38,225     33,778
    Total current assets     822,965     800,111
Property and equipment, net     29,694     27,194
Intangibles, net     66,230     84,118
Goodwill     81,721     155,916
Other non-current assets     48,077     26,591
    Total assets   $ 1,048,687   $ 1,093,930
             
LIABILITIES AND STOCKHOLDERS' EQUITY            
Current liabilities:            
  Accounts payable   $ 106,357   $ 114,531
  Accrued employee compensation     21,588     16,551
  Other accrued liabilities     143,742     143,218
  Deferred revenue     30,023     24,496
  Income taxes payable     2,406     1,287
    Total current liabilities     304,116     300,083
Non-current income taxes payable     15,252     13,804
Other non-current liabilities     7,754     6,260
    Total liabilities     327,122     320,147
Stockholders' equity:            
  Common stock     35     37
  Additional paid-in capital     454,144     421,901
  Accumulated other comprehensive income     38     69
  Retained earnings     267,348     351,776
    Total stockholders' equity     721,565     773,783
    Total liabilities and stockholders' equity   $ 1,048,687   $ 1,093,930
                 
                 
   
NETGEAR, INC.  
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS  
(In thousands, except per share and percentage data)  
(Unaudited)  
   
    Three Months Ended     Twelve Months Ended  
    December 31, 2014     September 28, 2014     December 31, 2013     December 31, 2014     December 31, 2013  
                                         
Net revenue   $ 353,182     $ 353,338     $ 356,620     $ 1,393,515     $ 1,369,633  
Cost of revenue     252,708       251,005       255,831       995,597       976,018  
Gross profit     100,474       102,333       100,789       397,918       393,615  
  Gross margin     28.4 %     29.0 %     28.3 %     28.6 %     28.7 %
Operating expenses:                                        
    Research and development     22,908       23,337       22,529       90,902       85,168  
    Sales and marketing     39,644       39,283       37,544       157,017       153,804  
    General and administrative     11,557       11,726       12,339       46,552       48,915  
    Restructuring and other charges     19       1,360       3,378       2,209       5,335  
    Litigation reserves, net     (1,265 )     69       1,446       (1,011 )     5,354  
    Goodwill impairment charges     74,196       --       --       74,196       --  
    Intangibles impairment charges     --       --       --       --       2,000  
      Total operating expenses     147,059       75,775       77,236       369,865       300,576  
Income (loss) from operations     (46,585 )     26,558       23,553       28,053       93,039  
  Operating margin     (13.2 )%     7.5 %     6.6 %     2.0 %     6.8 %
Interest income     79       68       85       253       400  
Other income (expense), net     544       2,246       (494 )     2,455       (457 )
Income (loss) before income taxes     (45,962 )     28,872       23,144       30,761       92,982  
Provision for income taxes     (5,609 )     8,847       11,712       21,973       37,765  
Net income (loss)   $ (40,353 )   $ 20,025     $ 11,432     $ 8,788     $ 55,217  
                                         
Net income (loss) per share:                                        
    Basic   $ (1.16 )   $ 0.56     $ 0.30     $ 0.25     $ 1.44  
    Diluted   $ (1.16 )   $ 0.55     $ 0.30     $ 0.24     $ 1.42  
                                         
Weighted average shares used to compute net income per share:                                        
    Basic     34,726       35,643       37,845       35,771       38,379  
    Diluted     34,726       36,250       38,408       36,445       38,948  
                                         
                                         
   
NETGEAR, INC.  
RECONCILIATIONS OF GAAP MEASURES TO NON-GAAP MEASURES  
(In thousands, except percentage data)  
(Unaudited)  
   
STATEMENT OF OPERATIONS DATA:  
   
    Three Months Ended     Twelve Months Ended  
    December 31, 2014     September 28, 2014     December 31, 2013     December 31, 2014     December 31, 2013  
                                         
GAAP gross profit   $ 100,474     $ 102,333     $ 100,789     $ 397,918     $ 393,615  
  Amortization of intangibles     2,625       2,625       2,664       10,488       8,803  
  Stock-based compensation expense     504       573       503       2,037       1,577  
  Impact to cost of sales from acquisition accounting adjustments to inventory     --       --       --       --       568  
Non-GAAP gross profit   $ 103,603     $ 105,531     $ 103,956     $ 410,443     $ 404,563  
Non-GAAP gross margin     29.3 %     29.9 %     29.2 %     29.5 %     29.5 %
                                         
GAAP research and development   $ 22,908     $ 23,337     $ 22,529     $ 90,902     $ 85,168  
  Stock-based compensation expense     (1,038 )     (1,255 )     (1,089 )     (4,916 )     (3,943 )
Non-GAAP research and development   $ 21,870     $ 22,082     $ 21,440     $ 85,986     $ 81,225  
                                         
GAAP sales and marketing   $ 39,644     $ 39,283     $ 37,544     $ 157,017     $ 153,804  
  Amortization of intangibles     (1,771 )     (1,771 )     (1,771 )     (7,085 )     (6,414 )
  Stock-based compensation expense     (1,409 )     (1,409 )     (1,508 )     (6,168 )     (5,379 )
Non-GAAP sales and marketing   $ 36,464     $ 36,103     $ 34,265     $ 143,764     $ 142,011  
                                         
GAAP general and administrative   $ 11,557     $ 11,726     $ 12,339     $ 46,552     $ 48,915  
  Stock-based compensation expense     (1,837 )     (1,925 )     (1,870 )     (6,893 )     (6,563 )
  Acquisition related expense     --       --       (16 )     (8 )     (940 )
Non-GAAP general and administrative   $ 9,720     $ 9,801     $ 10,453     $ 39,651     $ 41,412  
                                         
GAAP total operating expenses   $ 147,059     $ 75,775     $ 77,236     $ 369,865     $ 300,576  
  Amortization of intangibles     (1,771 )     (1,771 )     (1,771 )     (7,085 )     (6,414 )
  Stock-based compensation expense     (4,284 )     (4,589 )     (4,467 )     (17,977 )     (15,885 )
  Restructuring and other charges     (19 )     (1,360 )     (3,378 )     (2,209 )     (5,335 )
  Acquisition related expense     --       --       (16 )     (8 )     (940 )
  Litigation reserves, net     1,265       (69 )     (1,446 )     1,011       (5,354 )
  Goodwill impairment charges     (74,196 )     --       --       (74,196 )     --  
  Intangibles impairment charges     --       --       --       --       (2,000 )
Non-GAAP total operating expenses   $ 68,054     $ 67,986     $ 66,158     $ 269,401     $ 264,648  
                                         
                                         
   
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     Twelve Months Ended  
    December 31, 2014     September 28, 2014     December 31, 2013     December 31, 2014     December 31, 2013  
                                         
GAAP operating (loss) income   $ (46,585 )   $ 26,558     $ 23,553     $ 28,053     $ 93,039  
  Amortization of intangibles     4,396       4,396       4,435       17,573       15,217  
  Stock-based compensation expense     4,788       5,162       4,970       20,014       17,462  
  Restructuring and other charges     19       1,360       3,378       2,209       5,335  
  Acquisition-related expense     --       --       16       8       940  
  Impact to cost of sales from acquisition accounting adjustments to inventory     --       --       --       --       568  
  Litigation reserves, net     (1,265 )     69       1,446       (1,011 )     5,354  
  Goodwill impairment charges     74,196       --       --       74,196       --  
  Intangibles impairment charges     --       --       --       --       2,000  
Non-GAAP operating income   $ 35,549     $ 37,545     $ 37,798     $ 141,042     $ 139,915  
Non-GAAP operating margin     10.1 %     10.6 %     10.6 %     10.1 %     10.2 %
                                         
GAAP other income (expense), net   $ 544     $ 2,246     $ (494 )   $ 2,455     $ (457 )
  Gain on litigation settlements     --       (2,800 )     --       (2,800 )     --  
Non-GAAP other income (expense), net   $ 544     $ (554 )   $ (494 )   $ (345 )   $ (457 )
                                         
GAAP net income (loss)   $ (40,353 )   $ 20,025     $ 11,432     $ 8,788     $ 55,217  
  Amortization of intangibles     4,396       4,396       4,435       17,573       15,217  
  Stock-based compensation expense     4,788       5,162       4,970       20,014       17,462  
  Restructuring and other charges     19       1,360       3,378       2,209       5,335  
  Acquisition-related expense     --       --       16       8       940  
  Impact to cost of sales from acquisition accounting adjustments to inventory     --       --       --       --       568  
  Litigation reserves, net     (1,265 )     69       1,446       (1,011 )     5,354  
  Goodwill impairment charges     74,196       --       --       74,196       --  
  Intangibles impairment charges     --       --       --       --       2,000  
  Gain on litigation settlements     --       (2,800 )     --       (2,800 )     --  
  Tax effect and tax related adjustments     (18,898 )     (2,030 )     (3,075 )     (26,477 )     (12,813 )
Non-GAAP net income   $ 22,883     $ 26,182     $ 22,602     $ 92,500     $ 89,280  
                                         
                                         
   
NETGEAR, INC.  
RECONCILIATIONS OF GAAP MEASURES TO NON-GAAP MEASURES (CONTINUED)  
(Unaudited)  
   
STATEMENT OF OPERATIONS DATA (CONTINUED):  
   
    Three Months Ended     Twelve Months Ended  
    December 31, 2014       September 28, 2014     December 31, 2013     December 31, 2014     December 31, 2013  
                                           
NET INCOME (LOSS) PER DILUTED SHARE:                                           
GAAP net income (loss) per diluted share   $ (1.16 )     $ 0.55     $ 0.30     $ 0.24     $ 1.42  
  Amortization of intangibles     0.12         0.12       0.12       0.48       0.39  
  Stock-based compensation expense     0.14         0.14       0.13       0.55       0.45  
  Restructuring and other charges     0.00         0.04       0.09       0.06       0.14  
  Acquisition-related expense     --         --       0.00       0.00       0.02  
  Impact to cost of sales from acquisition accounting adjustments to inventory     --         --       --       --       0.01  
  Litigation reserves, net     (0.04 )       0.00       0.04       (0.03 )     0.14  
  Goodwill impairment charges     2.10         --       --       2.04       --  
  Intangibles impairment charges     --         --       --       --       0.05  
  Gain on litigation settlement     --         (0.08 )     --       (0.08 )     --  
  Tax effect and tax related adjustments     (0.53 )       (0.05 )     (0.09 )     (0.72 )     (0.33 )
Non-GAAP net income per diluted share *   $ 0.65       $ 0.72     $ 0.59     $ 2.54     $ 2.29  
                                           
Shares used in computing GAAP net income (loss) per diluted share     34,726         36,250       38,408       36,445       38,948  
Shares used in computing non-GAAP net income per diluted share     35,348         36,250       38,408       36,445       38,948  
                                           

*The sum of per diluted share impact may not total to non-GAAP net income per diluted share due to different share counts used in calculating GAAP net loss per diluted share and non-GAAP net income per diluted share. The GAAP net loss per diluted share calculation used a lower share count as it excluded potentially dilutive shares which are included in calculating non-GAAP net income per diluted share.

 
 
SUPPLEMENTAL FINANCIAL INFORMATION
(In thousands, except per share data, DSO, inventory turns, weeks of channel inventory, headcount and percentage data)
(Unaudited)
 
    Three Months Ended
    December 31, 2014   September 28, 2014   June 29,
2014
  March 30,
2014
  December 31, 2013
                               
Cash, cash equivalents and short-term investments   $ 257,129   $ 242,648   $ 242,729   $ 240,261   $ 248,154
Cash, cash equivalents and short-term investments per diluted share   $ 7.40   $ 6.69   $ 6.59   $ 6.44   $ 6.46
                               
Accounts receivable, net   $ 275,689   $ 278,568   $ 282,900   $ 291,251   $ 266,484
Days sales outstanding (DSO)     73     72     76     74     69
                               
Inventories   $ 222,883   $ 206,494   $ 194,533   $ 201,630   $ 224,456
Ending inventory turns     4.5     4.9     4.9     5.0     4.6
                               
Weeks of channel inventory:                              
  U.S. retail channel     7.8     7.7     10.5     9.7     9.4
  U.S. distribution channel     12.0     10.6     12.0     9.8     11.2
  EMEA distribution channel     5.4     4.4     4.0     4.1     4.6
  APAC distribution channel     7.2     6.8     9.0     7.1     8.5
                               
Deferred revenue (current and non-current)   $ 31,621   $ 35,654   $ 35,229   $ 32,070   $ 26,433
                               
Headcount     1,038     1,047     1,033     1,023     1,029
Non-GAAP diluted shares     35,348     36,250     36,808     37,305     38,408
                               
                               
   
NET REVENUE BY GEOGRAPHY  
   
    Three Months Ended     Twelve Months Ended  
    December 31,
 2014
    September 28,
 2014
    December 31,
 2013
    December 31,
 2014
    December 31,
 2013
 
Americas   $ 194,673   55 %   $ 193,904   55 %   $ 211,307   59 %   $ 770,890   56 %   $ 789,318   58 %
EMEA     106,237   30 %     108,421   31 %     99,976   28 %     421,887   30 %     412,688   30 %
APAC     52,272   15 %     51,013   14 %     45,337   13 %     200,738   14 %     167,627   12 %
Total   $ 353,182   100 %   $ 353,338   100 %   $ 356,620   100 %   $ 1,393,515   100 %   $ 1,369,633   100 %
                                                             
                                                             
   
NET REVENUE BY SEGMENT  
   
    Three Months Ended     Twelve Months Ended  
    December 31,
 2014
    September 28,
 2014
    December 31,
 2013
    December 31,
 2014
    December 31,
 2013
 
Retail   $ 147,864   42 %   $ 131,341   38 %   $ 135,906   38 %   $ 508,100   36 %   $ 509,924   37 %
Commercial     79,393   22 %     71,974   20 %     75,007   21 %     305,677   22 %     311,261   23 %
Service Provider     125,925   36 %     150,023   42 %     145,707   41 %     579,738   42 %     548,448   40 %
Total   $ 353,182   100 %   $ 353,338   100 %   $ 356,620   100 %   $ 1,393,515   100 %   $ 1,369,633   100 %
                                                             

Contact Information

  • Contact:
    NETGEAR Investor Relations
    Christopher Genualdi
    Email Contact
    (408) 890-3520