SOURCE: NETGEAR

NETGEAR

October 24, 2013 16:00 ET

NETGEAR® Reports Third Quarter Results

SAN JOSE, CA--(Marketwired - Oct 24, 2013) - NETGEAR, Inc. (NASDAQ: NTGR)

  • Third quarter 2013 net revenue of $361.9 million, as compared to $315.2 million in the comparable prior year quarter, increase of 14.8% year-over-year
  • Third quarter 2013 non-GAAP net income of $22.9 million, as compared to $25.3 million in the comparable prior year quarter, decrease of 9.4% year-over-year
  • Third quarter 2013 non-GAAP diluted earnings per share of $0.58, as compared to $0.65 in the comparable prior year quarter, decrease of 10.8% year-over-year
  • Company expects fourth quarter 2013 net revenue to be in the range of $340 million to $355 million, with non-GAAP operating margin in the range of 9.5% to 10.5%

NETGEAR, Inc. (NASDAQ: NTGR), a global networking company that delivers innovative products to consumers, businesses and service providers, today reported financial results for the third quarter ended September 29, 2013.

Net revenue for the third quarter ended September 29, 2013 was $361.9 million, as compared to $315.2 million for the third quarter ended September 30, 2012, and $357.7 million in the second quarter ended June 30, 2013. The second and third quarter 2013 results reflect the full quarter effect of the AirCard business acquired from Sierra Wireless at the beginning of the second quarter of 2013. Net income, computed in accordance with GAAP, for the third quarter of 2013 was $14.5 million, or $0.37 per diluted share. This compared to GAAP net income of $23.8 million, or $0.61 per diluted share, for the third quarter of 2012, and GAAP net income of $14.0 million, or $0.36 per diluted share, in the second quarter of 2013. 

Gross margin on a non-GAAP basis in the third quarter of 2013 was 28.9%, as compared to 31.6% in the year ago comparable quarter, and 29.8% in the second quarter of 2013. Non-GAAP operating margin was 9.9% in the third quarter of 2013, as compared to 11.5% in the third quarter of 2012, and 10.3% in the second quarter of 2013. Non-GAAP net income was $0.58 per diluted share in the third quarter of 2013, as compared to non-GAAP net income of $0.65 per diluted share in the third quarter of 2012, and non-GAAP net income of $0.62 per diluted share in the second quarter of 2013. The third quarter 2012 non-GAAP tax rate included a one-time tax rate benefit, which accounted for an incremental $0.05 per diluted share of earnings, which did not occur in the third quarter of 2013. The Company's non-GAAP tax rate was 37.2% in the third quarter 2013, as compared to 30.3% in the third quarter of 2012, and 32.9% in the second quarter of 2013.

The differences between GAAP and non-GAAP financial measures include adjustments, net of any tax effect, for amortization of purchased intangibles, stock-based compensation, restructuring and other charges, acquisition related expense, impact to cost of sales from acquisition accounting adjustments to inventory, gain on sale of cost method investment, impairment charges, and litigation reserves. 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, "Our Retail Business Unit had a successful back-to-school season and continued to take advantage of the 802.11ac upgrade cycle. Our Service Provider Business Unit performed well during the quarter exceeding initial forecast. Our Commercial Business Unit performed below expectations as demand for our storage products was weaker than expected during the quarter. However, we recently introduced additional products in this category, which we believe will strengthen our position in the market."

"We are looking forward to some exciting new product introductions in the fourth quarter. We just introduced the world's fastest 802.11ac router, the Nighthawk. The market excitement generated to date is the highest in NETGEAR history. We believe such ground breaking WiFi routers will help continue to increase our market share. We also recently introduced two high performance rack mount ReadyNAS storage products and an iPhone App for mobile access to ReadyNAS. We believe these new introductions will continue to strengthen our market position in the storage area. We believe leading edge products that satisfy customers' needs better than our competition is what has made us successful in the past and will propel our growth in the future."

Christine Gorjanc, Chief Financial Officer of NETGEAR, added, "Non-GAAP gross margin for the third quarter was down as compared to the comparable prior year quarter, due to the revenue mix being weighted more toward service provider. Looking forward, we have limited visibility driven by the lumpy nature of the service provider business and continued economic headwinds in Europe negatively affecting end-market demand. As such, we are expecting fourth quarter 2013 revenue to be in the range of approximately $340 million to $355 million and operating margin in the range of 9.5% to 10.5%. Additionally, during the fourth quarter we expect to incur a restructuring charge between $3 and $4 million dollars, as we will be realigning resources to better focus on the key growth markets we are pursuing."

Investor Conference Call / Webcast Details
NETGEAR will review the third quarter results and discuss management's expectations for the third quarter of 2013 today, Thursday, October 24, 2013 at 5 p.m. EDT (2 p.m. PDT). 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 Eastern (9 p.m. Pacific) on Thursday, October 31, 2013 by telephone at (858) 384-5517 and via the web at http://investor.netgear.com. The account number to access the phone replay is 10000607.

About NETGEAR, Inc.
NETGEAR (NASDAQ: NTGR) is a global networking company that delivers innovative products to consumers, businesses and service providers. For consumers, the company makes high performance, dependable and easy to use home networking, storage and digital media products to connect people with the Internet and their content and devices. For businesses, NETGEAR provides networking, storage and security solutions without the cost and complexity of Big IT. The company also supplies top service providers with retail proven, whole home solutions for their customers. NETGEAR products are built on a variety of proven technologies such as wireless, Ethernet and powerline, with a focus on reliability and ease-of-use. NETGEAR products are sold in approximately 45,000 retail locations around the globe, and through approximately 39,000 value-added resellers. The company's headquarters are in San Jose, Calif., with additional offices in over 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.

© 2013 NETGEAR, Inc. NETGEAR, ReadyNAS, AirCard, Nighthawk 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 market share gains in various product categories; estimates of sales data and market demand for the Company's new products; the ability of the Company's products to satisfy customers' needs better than competing products; and the timing and magnitude of restructuring charges. 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; 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 52 through 73, in the Company's quarterly report on Form 10-Q for the fiscal quarter ended June 30, 2013, filed with the Securities and Exchange Commission on August 6, 2013. 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 benefits, 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. 

-Financial Tables Attached-

 
 
NETGEAR, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
         
    September 29,
2013
  December 31,
2012
         
ASSETS        
Current assets:        
  Cash and cash equivalents   $ 160,484     $ 149,032
  Short-term investments     140,934       227,845
  Accounts receivable, net     269,964       256,014
  Inventories     211,275       174,903
  Deferred income taxes     25,455       22,691
  Prepaid expenses and other current assets     38,477       33,724
    Total current assets     846,589       864,209
Property and equipment, net     25,450       19,025
Intangibles, net     88,631       27,621
Goodwill     155,916       100,880
Other non-current assets     24,608       22,834
    Total assets   $ 1,141,194     $ 1,034,569
               
LIABILITIES AND STOCKHOLDERS' EQUITY              
Current liabilities:              
  Accounts payable   $ 119,273     $ 87,310
  Accrued employee compensation     17,185       18,338
  Other accrued liabilities     136,707       126,255
  Deferred revenue     26,225       27,645
  Income taxes payable     3,541       1,382
    Total current liabilities     302,931       260,930
Non-current income taxes payable     13,314       13,735
Other non-current liabilities     6,366       5,293
    Total liabilities     322,611       279,958
Stockholders' equity:              
  Common stock     39       38
  Additional paid-in capital     415,254       394,427
  Cumulative other comprehensive income     (151 )     4
  Retained earnings     403,441       360,142
    Total stockholders' equity     818,583       754,611
    Total liabilities and stockholders' equity   $ 1,141,194     $ 1,034,569
 
 
NETGEAR, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
 
 
    Three Months Ended   Nine Months Ended
    September 29,
2013
  June 30,
2013
  September 30,
2012
  September 29,
2013
  September 30,
2012
                     
Net revenue   $ 361,895   $ 357,719     $ 315,210   $ 1,013,013   $ 961,485
Cost of revenue     260,236     254,289       217,522     720,187     669,310
Gross profit     101,659     103,430       97,688     292,826     292,175
Operating expenses:                                
  Research and development     23,320     23,981       17,399     62,639     46,277
  Sales and marketing     39,465     40,406       37,600     116,260     114,247
  General and administrative     11,930     12,319       11,888     36,576     33,520
  Restructuring and other charges     400     1,587       --     1,957     --
  Litigation reserves, net     305     3,555       269     3,908     420
  Impairment charges     2,000     --       --     2,000     --
    Total operating expenses     77,420     81,848       67,156     223,340     194,464
Income from operations     24,239     21,582       30,532     69,486     97,711
Interest income     71     95       109     315     344
Other income (expense), net     511     (548 )     3,070     37     2,823
Income before income taxes     24,821     21,129       33,711     69,838     100,878
Provision for income taxes     10,364     7,144       9,920     26,053     30,418
Net income   $ 14,457   $ 13,985     $ 23,791   $ 43,785   $ 70,460
                                 
Net income per share:                                
  Basic   $ 0.37   $ 0.36     $ 0.62   $ 1.14   $ 1.86
  Diluted   $ 0.37   $ 0.36     $ 0.61   $ 1.12   $ 1.82
                                 
Weighted average shares outstanding used to compute net income per share:                                
  Basic     38,700     38,539       38,162     38,562     37,978
  Diluted     39,198     39,074       38,802     39,127     38,682
                                 
                                 
 
 
NETGEAR, INC.
NON-GAAP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Excluding amortization of purchased intangibles, stock-based compensation, restructuring and other charges, acquisition related expense, impact to cost of sales from acquisition accounting adjustments to inventory, gain on sale of cost method investment, impairment charges, and litigation reserves, net of tax.
(In thousands, except per share data)
(Unaudited)
 
 
    Three Months Ended   Nine Months Ended
    September 29,
2013
  June 30,
2013
  September 30,
2012
  September 29,
2013
  September 30,
2012
                     
Net revenue   $ 361,895   $ 357,719     $ 315,210     $ 1,013,013   $ 961,485  
Cost of revenue     257,343     251,061       215,695       712,406     664,972  
Gross profit     104,552     106,658       99,515       300,607     296,513  
                                     
Operating expenses:                                    
  Research and development     22,273     22,846       16,621       59,785     44,211  
  Sales and marketing     36,109     36,478       36,362       107,746     110,624  
  General and administrative     10,276     10,565       10,358       30,959     29,424  
    Total operating expenses     68,658     69,889       63,341       198,490     184,259  
Income from operations     35,894     36,769       36,174       102,117     112,254  
Interest income     71     95       109       315     344  
Other income (expense), net     511     (548 )     (56 )     37     (303 )
Income before income taxes     36,476     36,316       36,227       102,469     112,295  
Provision for income taxes     13,584     11,944       10,959       35,791     34,315  
Net income   $ 22,892   $ 24,372     $ 25,268     $ 66,678   $ 77,980  
                                     
Net income per share:                                    
  Basic   $ 0.59   $ 0.63     $ 0.66     $ 1.73   $ 2.05  
  Diluted   $ 0.58   $ 0.62     $ 0.65     $ 1.70   $ 2.02  
                                     
Weighted average shares outstanding used to compute net income per share:                                    
  Basic     38,700     38,539       38,162       38,562     37,978  
  Diluted     39,198     39,074       38,802       39,127     38,682  
                                     
                                     
 
 
NETGEAR, INC.
RECONCILIATIONS OF GAAP MEASURES TO NON-GAAP MEASURES
(In thousands, except per share data)
(Unaudited)
 
 
STATEMENT OF OPERATIONS DATA:
 
    Three Months Ended   Nine Months Ended
    September 29,
2013
  June 30,
2013
  September 30,
2012
  September 29,
2013
  September 30,
2012
                     
GAAP gross profit   $ 101,659     $ 103,430     $ 97,688     $ 292,826     $ 292,175  
  Amortization of intangible assets     2,414       2,254       1,354       6,139       3,317  
  Stock-based compensation expense     479       406       473       1,074       1,021  
  Impact to cost of sales from acquisition accounting adjustments to inventory     --       568       --       568       --  
Non-GAAP gross profit   $ 104,552     $ 106,658     $ 99,515     $ 300,607     $ 296,513  
Non-GAAP gross margin     28.9 %     29.8 %     31.6 %     29.7 %     30.8 %
                                         
GAAP research and development   $ 23,320     $ 23,981     $ 17,399     $ 62,639     $ 46,277  
  Stock-based compensation expense     (1,047 )     (1,135 )     (778 )     (2,854 )     (2,066 )
Non-GAAP research and development   $ 22,273     $ 22,846     $ 16,621     $ 59,785     $ 44,211  
                                         
GAAP sales and marketing   $ 39,465     $ 40,406     $ 37,600     $ 116,260     $ 114,247  
  Amortization of intangible assets     (2,025 )     (2,618 )     --       (4,643 )     --  
  Stock-based compensation expense     (1,331 )     (1,310 )     (1,238 )     (3,871 )     (3,623 )
Non-GAAP sales and marketing   $ 36,109     $ 36,478     $ 36,362     $ 107,746     $ 110,624  
                                         
GAAP general and administrative   $ 11,930     $ 12,319     $ 11,888     $ 36,576     $ 33,520  
  Stock-based compensation expense     (1,654 )     (1,540 )     (1,530 )     (4,693 )     (4,096 )
  Acquisition related expense     --       (214 )     --       (924 )     --  
Non-GAAP general and administrative   $ 10,276     $ 10,565     $ 10,358     $ 30,959     $ 29,424  
                                         
GAAP total operating expenses   $ 77,420     $ 81,848     $ 67,156     $ 223,340     $ 194,464  
  Amortization of intangible assets     (2,025 )     (2,618 )     --       (4,643 )     --  
  Stock-based compensation expense     (4,032 )     (3,985 )     (3,546 )     (11,418 )     (9,785 )
  Restructuring and other charges     (400 )     (1,587 )     --       (1,957 )     --  
  Acquisition related expense     --       (214 )     --       (924 )     --  
  Litigation reserves, net     (305 )     (3,555 )     (269 )     (3,908 )     (420 )
  Impairment charges     (2,000 )     --       --       (2,000 )     --  
Non-GAAP total operating expenses   $ 68,658     $ 69,889     $ 63,341     $ 198,490     $ 184,259  
                                         
                                         
 
 
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   Nine Months Ended
    September 29,
2013
  June 30,
2013
  September 30,
2012
  September 29,
2013
  September 30,
2012
                     
GAAP operating income   $ 24,239     $ 21,582     $ 30,532     $ 69,486     $ 97,711  
  Amortization of intangible assets     4,439       4,872       1,354       10,782       3,317  
  Stock-based compensation expense     4,511       4,391       4,019       12,492       10,806  
  Restructuring and other charges     400       1,587       --       1,957       --  
  Acquisition related expense     --       214       --       924       --  
  Impact to cost of sales from acquisition accounting adjustments to inventory     --       568       --       568       --  
  Litigation reserves, net     305       3,555       269       3,908       420  
  Impairment charges     2,000       --       --       2,000       --  
Non-GAAP operating income   $ 35,894     $ 36,769     $ 36,174     $ 102,117     $ 112,254  
Non-GAAP operating margin     9.9 %     10.3 %     11.5 %     10.1 %     11.7 %
                                         
GAAP other income (expense),net   $ 511     $ (548 )   $ 3,070     $ 37     $ 2,823  
  Gain on sale of cost method investment     --       --       (3,126 )     --       (3,126 )
Non-GAAP other income (expense), net   $ 511     $ (548 )   $ (56 )   $ 37     $ (303 )
                                         
GAAP net income   $ 14,457     $ 13,985     $ 23,791     $ 43,785     $ 70,460  
  Amortization of intangible assets     4,439       4,872       1,354       10,782       3,317  
  Stock-based compensation expense     4,511       4,391       4,019       12,492       10,806  
  Restructuring and other charges     400       1,587       --       1,957       --  
  Acquisition related expense     --       214       --       924       --  
  Impact to cost of sales from acquisition accounting adjustments to inventory     --       568       --       568       --  
  Litigation reserves, net     305       3,555       269       3,908       420  
  Impairment charges     2,000       --       --       2,000       --  
  Gain on sale of cost method investment     --       --       (3,126 )     --       (3,126 )
  Tax effect     (3,220 )     (4,800 )     (1,039 )     (9,738 )     (3,897 )
Non-GAAP net income   $ 22,892     $ 24,372     $ 25,268     $ 66,678     $ 77,980  
                                         
                                         
 
 
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   Nine Months Ended
    September 29,
2013
  June 30,
2013
  September 30,
2012
  September 29,
2013
  September 30,
2012
                     
NET INCOME PER DILUTED SHARE:                        
GAAP net income per diluted share   $ 0.37     $ 0.36     $ 0.61     $ 1.12     $ 1.82  
  Amortization of intangible assets     0.11       0.12       0.03       0.28       0.09  
  Stock-based compensation expense     0.12       0.11       0.10       0.32       0.28  
  Restructuring and other charges     0.01       0.04       --       0.05       --  
  Acquisition related expense     --       0.01       --       0.02       --  
  Impact to cost of sales from acquisition accounting adjustments to inventory     --       0.01       --       0.01       --  
  Litigation reserves, net     0.01       0.09       0.01       0.10       0.01  
  Impairment charges     0.05       --       --       0.05       --  
  Gain on sale of cost method investment     --       --       (0.08 )     --       (0.08 )
  Tax effect     (0.09 )     (0.12 )     (0.02 )     (0.25 )     (0.10 )
Non-GAAP net income per diluted share   $ 0.58     $ 0.62     $ 0.65     $ 1.70     $ 2.02  
                                         
                                         
 
 
SUPPLEMENTAL FINANCIAL INFORMATION
(In thousands, except per share data, DSO, inventory turns, weeks of channel inventory and headcount)
(Unaudited)
 
 
    Three Months Ended
    September 29,
2013
  June 30,
2013
  March 31,
2013
  December 31,
2012
  September 30,
2012
                     
Cash, cash equivalents and short-term investments   $ 301,418   $ 288,103   $ 422,412   $ 376,877   $ 362,420
Cash, cash equivalents and short-term investments per diluted share   $ 7.69   $ 7.37   $ 10.82   $ 9.68   $ 9.34
                               
Accounts receivable, net   $ 269,964   $ 288,483   $ 237,896   $ 256,014   $ 248,862
Days sales outstanding (DSO)     68     73     73     76     72
                               
Inventories   $ 211,275   $ 185,383   $ 158,555   $ 174,903   $ 178,916
Ending inventory turns     4.9     5.5     5.2     5.0     4.9
                               
Weeks of channel inventory:                              
  U.S. retail channel     11.5     10.4     9.9     8.8     9.8
  U.S. distribution channel     9.9     9.0     8.9     10.2     8.4
  EMEA distribution channel     4.5     5.1     4.1     4.4     4.4
  APAC distribution channel     8.2     7.3     7.2     7.2     4.7
                               
Deferred revenue   $ 28,049   $ 33,717   $ 28,961   $ 27,645   $ 28,205
                               
Headcount     1,100     1,095     866     850     854
Non-GAAP diluted shares     39,198     39,074     39,050     38,924     38,802
                               
                               
 
 
NET REVENUE BY GEOGRAPHY
    Three Months Ended     Nine Months Ended  
    September 29,
2013
      June 30,
2013
      September 30,
2012
      September 29,
2013
      September 30,
2012
   
Americas   $ 220,487   61 %   $ 200,848   56 %   $ 177,647   56 %   $ 578,011   57 %   $ 509,440   53 %
EMEA     97,220   27 %     108,367   30 %     104,368   33 %     312,712   31 %     347,264   36 %
APAC     44,188   12 %     48,504   14 %     33,195   11 %     122,290   12 %     104,781   11 %
Total   $ 361,895   100 %   $ 357,719   100 %   $ 315,210   100 %   $ 1,013,013   100 %   $ 961,485   100 %
                                                             
                                                             
 
 
NET REVENUE BY SEGMENT
    Three Months Ended    Nine Months Ended  
    September 29,
2013
      June 30,
2013
      September 30,
2012
      September 29,
2013
      September 30,
2012
   
Retail   $ 130,301   36 %   $ 117,395   33 %   $ 123,457   39 %   $ 374,018   37 %   $ 366,258   38 %
Commercial     76,957   21 %     88,446   25 %     79,240   25 %     236,254   23 %     234,498   24 %
Service Provider     154,637   43 %     151,878   42 %     112,513   36 %     402,741   40 %     360,729   38 %
Total   $ 361,895   100 %   $ 357,719   100 %   $ 315,210   100 %   $ 1,013,013   100 %   $ 961,485   100 %
                                                             
                                                             

Contact Information

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