Revenue of $378 Million - 42% Growth Year over
Year Record Quarterly Earnings Per Share Expects Strong Demand
Trend to Continue into 2021
NETGEAR, Inc. (NASDAQ: NTGR), a global networking company that
delivers innovative networking and Internet connected products to
consumers and businesses, today reported financial results for the
third quarter ended September 27, 2020.
- Third quarter 2020 net revenue of $378.1 million, an increase
of 42.2% from the comparable prior year quarter.
- Third quarter 2020 GAAP operating income of $32.2 million, or
8.5% of net revenue, as compared to operating income of $12.1
million, or 4.5% of net revenue, in the comparable prior year
quarter.
- Third quarter 2020 non-GAAP operating income of $41.4 million,
or 10.9% of net revenue, as compared to $20.8 million, or 7.8% of
net revenue in the comparable prior year quarter.
- Third quarter 2020 GAAP net income per diluted share of $0.83,
as compared to $0.39 in the comparable prior year quarter.
- Third quarter 2020 non-GAAP net income per diluted share of
$1.13, as compared to $0.65 in the comparable prior year
quarter.
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, “The robust demand for WiFi that reliably covers the
entire household continued in Q3 and signs point to this trend
continuing well into next year. We entered the quarter sharply
focused on delivering to this demand and our team worked tightly
with our supply chain and retail partners to produce outstanding
results. In Q3 we grew revenue 42% year over year to $378 million.
With the elevated revenue level unlocking leverage in the business,
the result was record earnings per share. As the pandemic persists,
it is clear that families are adapting their lives to accommodate
the need to pursue more of their daily activities virtually from
home. This “more from home” transition is stretching well beyond
work and school to include movie premieres, doctor visits, grocery
shopping, fitness classes and visiting loved ones, and they now all
require a whole home, fast and reliable WiFi connection. As the
innovation and technology leader, NETGEAR is uniquely suited to
help families seamlessly adjust to this new environment.”
Mr. Lo continued, “This trend naturally buoys the CHP side of
the business, where our growth is strong across wireless routers
and mesh systems and mobile hot spots. We continued to adapt our
SMB offerings in Q3 to drive more sophisticated home office setups,
including low port count switches and commercial grade WiFi,
generating 23% sequential growth. In Q3 we added seventy six
thousand subscribers for a total of three hundred and sixty nine
thousand, and have already exceeded our full year goal of doubling
our subscribers from the end of last year. We are poised to
continue this momentum.”
Bryan Murray, Chief Financial Officer of NETGEAR, added, “We had
another quarter of strong cash flow, generating $42.9 million in
cash from operations in the third quarter. Preserving strong
liquidity and generating cash are paramount during these uncertain
times, and we are confident in our ability to do so in the near
term. Although the full economic impact and duration of the current
pandemic remain unclear, we believe we remain well positioned to
serve the demand trends we are currently seeing in the
marketplace.”
Business Outlook
Mr. Murray continued, “We expect continued strength in our end
market demand for home networks. With that said, new cases of
COVID-19 have reaccelerated across many countries and there is
still considerable uncertainty around the effects on many of our
major markets. This makes our business difficult to forecast, and
heightens the risk of supply chain disruption. Given this, we feel
it is prudent to continue to suspend our practice of giving
guidance for the fourth quarter of 2020.”
Investor Conference Call / Webcast Details
NETGEAR will review the third quarter results and discuss
management's expectations for the fourth quarter of 2020 today,
Wednesday, October 21, 2020 at 5 p.m. ET (2 p.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 5065579. 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) has pioneered advanced networking
technologies for homes, businesses, and service providers around
the world since 1996 and leads the industry with a broad range of
award-winning products designed to simplify and improve people’s
lives. By enabling people to collaborate and connect to a world of
information and entertainment, NETGEAR is dedicated to delivering
innovative and advanced connected solutions ranging from mobile and
cloud-based services for enhanced control and security, to smart
networking products, video over Ethernet for Pro AV applications,
easy-to-use WiFi solutions and performance gaming routers to
enhance online game play. NETGEAR products are sold in
approximately 24,000 retail locations around the globe, and through
approximately 21,000 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 20 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.
© 2020 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: NETGEAR’s future
operating performance and financial condition, including
expectations regarding continued profitability and cash generation;
expectations regarding continuing market demand for the Company’s
products and the Company’s ability to respond to this demand; the
timing, distribution, sales momentum and market acceptance of
recent and anticipated new product introductions that position the
Company for growth and market share gain; and expectations
regarding NETGEAR's paid subscriber base growth. These statements
are based on management's current expectations and are subject to
certain risks and uncertainties, including the following:
uncertainty surrounding the duration and impact of the global
COVID-19 pandemic; future demand for the Company's products may be
lower than anticipated; the Company may be unsuccessful, or
experience delays, in manufacturing and distributing its new and
existing products; consumers may choose not to adopt the Company's
new product offerings or adopt competing products; the Company may
be unable to continue to grow its number of registered users, its
number of registered app users and/or its paid subscriber base;
product performance may be adversely affected by real world
operating conditions; 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, including the
Company’s ability to collect receivables as they become due.
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” in the Company's
quarterly report on Form 10-Q for the fiscal quarter ended June 28,
2020, filed with the Securities and Exchange Commission on July 31,
2020. 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, except as required by law.
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 other
operating expenses, net, 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, change in fair value of
contingent consideration, restructuring and other charges,
litigation reserves, net, gain/loss on investments, net, 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.
Other items consist of certain items that are the result of
either unique or unplanned events, including, when applicable:
separation expense, change in fair value of contingent
consideration, restructuring and other charges, litigation
reserves, net, and gain/loss on investments, net. 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
NETGEAR, INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(In thousands)
(Unaudited)
As of
September 27, 2020
December 31, 2019
ASSETS
Current assets:
Cash and cash equivalents
$
300,492
$
190,208
Short-term investments
6,326
5,499
Accounts receivable, net
340,004
277,168
Inventories
144,302
235,489
Prepaid expenses and other current
assets
31,588
35,745
Total current assets
822,712
744,109
Property and equipment, net
15,313
17,683
Operating lease right-of-use assets,
net
31,181
28,917
Intangibles, net
5,390
10,104
Goodwill
80,721
80,721
Other non-current assets
72,954
74,279
Total assets
$
1,028,271
$
955,813
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current liabilities:
Accounts payable
$
87,747
$
80,531
Accrued employee compensation
29,772
20,024
Other accrued liabilities
196,297
189,547
Deferred revenue
10,883
6,450
Income taxes payable
1,299
1,839
Total current liabilities
325,998
298,391
Non-current income taxes payable
18,290
15,307
Non-current operating lease
liabilities
27,395
25,434
Other non-current liabilities
10,321
7,988
Total liabilities
382,004
347,120
Stockholders’ equity:
Common stock
30
30
Additional paid-in capital
868,985
831,365
Accumulated other comprehensive income
(loss)
(112
)
21
Accumulated deficit
(222,636
)
(222,723
)
Total stockholders’ equity
646,267
608,693
Total liabilities and stockholders’
equity
$
1,028,271
$
955,813
NETGEAR, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(In thousands, except per
share and percentage data)
(Unaudited)
Three Months Ended
Nine Months Ended
September 27, 2020
June 28, 2020
September 29, 2019
September 27, 2020
September 29, 2019
Net revenue
$
378,114
$
280,052
$
265,858
$
888,129
$
745,792
Cost of revenue
264,620
198,751
188,666
627,093
521,147
Gross profit
113,494
81,301
77,192
261,036
224,645
Gross margin
30.0
%
29.0
%
29.0
%
29.4
%
30.1
%
Operating expenses:
Research and development
24,529
21,144
19,537
65,412
57,183
Sales and marketing
39,794
34,384
33,491
107,209
103,887
General and administrative
16,467
15,481
11,887
45,082
35,467
Other operating expenses, net
538
1,425
212
1,631
1,709
Total operating expenses
81,328
72,434
65,127
219,334
198,246
Income from operations
32,166
8,867
12,065
41,702
26,399
Operating margin
8.5
%
3.2
%
4.5
%
4.7
%
3.5
%
Interest income
98
49
639
409
2,122
Other income (expense), net
(515
)
314
(403
)
(4,787
)
425
Income before income taxes
31,749
9,230
12,301
37,324
28,946
Provision (benefit) for income taxes
6,214
3,247
(228
)
9,979
2,735
Net income
$
25,535
$
5,983
$
12,529
$
27,345
$
26,211
Net income per share:
Basic
$
0.85
$
0.20
$
0.41
$
0.92
$
0.84
Diluted
$
0.83
$
0.20
$
0.39
$
0.90
$
0.81
Weighted average shares used to compute
net income per share:
Basic
30,037
29,617
30,933
29,746
31,221
Diluted
30,741
30,070
31,819
30,341
32,327
NETGEAR, INC.
RECONCILIATIONS OF GAAP
MEASURES TO NON-GAAP MEASURES
(In thousands, except
percentage data)
(Unaudited)
STATEMENT OF OPERATIONS DATA:
Three Months Ended
Nine Months Ended
September 27, 2020
June 28, 2020
September 29, 2019
September 27, 2020
September 29, 2019
GAAP gross profit
$
113,494
$
81,301
$
77,192
$
261,036
$
224,645
GAAP gross margin
30.0
%
29.0
%
29.0
%
29.4
%
30.1
%
Amortization of intangibles
179
179
179
536
536
Stock-based compensation expense
923
1,501
706
3,129
2,129
Non-GAAP gross profit
$
114,596
$
82,981
$
78,077
$
264,701
$
227,310
Non-GAAP gross margin
30.3
%
29.6
%
29.4
%
29.8
%
30.5
%
GAAP research and development
$
24,529
$
21,144
$
19,537
$
65,412
$
57,183
Stock-based compensation expense
(1,138
)
(1,707
)
(1,496
)
(3,879
)
(3,976
)
Non-GAAP research and development
$
23,391
$
19,437
$
18,041
$
61,533
$
53,207
GAAP sales and marketing
$
39,794
$
34,384
$
33,491
$
107,209
$
103,887
Amortization of intangibles
(1,291
)
(1,340
)
(1,341
)
(3,972
)
(4,676
)
Stock-based compensation expense
(1,927
)
(1,890
)
(2,097
)
(5,596
)
(6,223
)
Non-GAAP sales and marketing
$
36,576
$
31,154
$
30,053
$
97,641
$
92,988
GAAP general and administrative
$
16,467
$
15,481
$
11,887
$
45,082
$
35,467
Stock-based compensation expense
(3,230
)
(4,074
)
(2,687
)
(10,122
)
(7,855
)
Non-GAAP general and administrative
$
13,237
$
11,407
$
9,200
$
34,960
$
27,612
GAAP other operating expenses, net
$
538
$
1,425
$
212
$
1,631
$
1,709
Separation expense
—
—
—
—
(264
)
Change in fair value of contingent
consideration
(187
)
(311
)
(199
)
(276
)
(199
)
Restructuring and other charges
(329
)
(1,117
)
77
(1,311
)
(1,146
)
Litigation reserves, net
(22
)
3
(90
)
(44
)
(100
)
Non-GAAP other operating expenses, net
$
—
$
—
$
—
$
—
$
—
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
Nine Months Ended
September 27, 2020
June 28, 2020
September 29, 2019
September 27, 2020
September 29, 2019
GAAP total operating expenses
$
81,328
$
72,434
$
65,127
$
219,334
$
198,246
Amortization of intangibles
(1,291
)
(1,340
)
(1,341
)
(3,972
)
(4,676
)
Stock-based compensation expense
(6,295
)
(7,671
)
(6,280
)
(19,597
)
(18,054
)
Separation expense
—
—
—
—
(264
)
Change in fair value of contingent
consideration
(187
)
(311
)
(199
)
(276
)
(199
)
Restructuring and other charges
(329
)
(1,117
)
77
(1,311
)
(1,146
)
Litigation reserves, net
(22
)
3
(90
)
(44
)
(100
)
Non-GAAP total operating expenses
$
73,204
$
61,998
$
57,294
$
194,134
$
173,807
GAAP operating income
$
32,166
$
8,867
$
12,065
$
41,702
$
26,399
GAAP operating margin
8.5
%
3.2
%
4.5
%
4.7
%
3.5
%
Amortization of intangibles
1,470
1,519
1,520
4,508
5,212
Stock-based compensation expense
7,218
9,172
6,986
22,726
20,183
Separation expense
—
—
—
—
264
Change in fair value of contingent
consideration
187
311
199
276
199
Restructuring and other charges
329
1,117
(77
)
1,311
1,146
Litigation reserves, net
22
(3
)
90
44
100
Non-GAAP operating income
$
41,392
$
20,983
$
20,783
$
70,567
$
53,503
Non-GAAP operating margin
10.9
%
7.5
%
7.8
%
7.9
%
7.2
%
GAAP other income (expense), net
$
(515
)
$
314
$
(403
)
$
(4,787
)
$
425
Gain/loss on investments, net
842
—
223
5,372
223
Non-GAAP other income (expense), net
$
327
$
314
$
(180
)
$
585
$
648
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 27, 2020
June 28, 2020
September 29, 2019
September 27, 2020
September 29, 2019
GAAP net income
$
25,535
$
5,983
$
12,529
$
27,345
$
26,211
Amortization of intangibles
1,470
1,519
1,520
4,508
5,212
Stock-based compensation expense
7,218
9,172
6,986
22,726
20,183
Separation expense
—
—
—
—
264
Change in fair value of contingent
consideration
187
311
199
276
199
Restructuring and other charges
329
1,117
(77
)
1,311
1,146
Litigation reserves, net
22
(3
)
90
44
100
Gain/loss on investments, net
842
—
223
5,372
223
Tax effects of above non-GAAP
adjustments
(912
)
(1,778
)
(725
)
(4,201
)
(4,138
)
Non-GAAP net income
$
34,691
$
16,321
$
20,745
$
57,381
$
49,400
NET INCOME PER DILUTED SHARE:
GAAP net income per diluted share
$
0.83
$
0.20
$
0.39
$
0.90
$
0.81
Amortization of intangibles
0.05
0.05
0.05
0.15
0.16
Stock-based compensation expense
0.23
0.31
0.22
0.75
0.62
Separation expense
—
—
—
—
0.01
Change in fair value of contingent
consideration
0.01
0.01
0.01
0.01
0.00
Restructuring and other charges
0.01
0.04
(0.00
)
0.04
0.04
Litigation reserves, net
0.00
(0.00
)
0.00
0.00
0.00
Gain/loss on investments, net
0.03
—
0.01
0.18
0.01
Tax effects of above non-GAAP
adjustments
(0.03
)
(0.07
)
(0.03
)
(0.14
)
(0.12
)
Non-GAAP net income per diluted share
$
1.13
$
0.54
$
0.65
$
1.89
$
1.53
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
September 27, 2020
June 28, 2020
March 29, 2020
December 31, 2019
September 29, 2019
Cash, cash equivalents and short-term
investments
$
306,818
$
258,552
$
209,714
$
195,707
$
171,917
Cash, cash equivalents and short-term
investments per diluted share
$
9.98
$
8.60
$
6.98
$
6.35
$
5.40
Accounts receivable, net
$
340,004
$
277,490
$
257,582
$
277,168
$
248,070
Days sales outstanding (DSO)
82
90
100
102
85
Inventories
$
144,302
$
150,585
$
180,602
$
235,489
$
275,584
Ending inventory turns
7.3
5.3
3.6
3.1
2.7
Weeks of channel inventory:
U.S. retail channel
5.7
6.4
7.0
8.0
8.6
U.S. distribution channel
2.8
4.2
5.7
4.5
5.4
EMEA distribution channel
6.8
4.7
6.7
5.9
5.8
APAC distribution channel
10.1
11.9
8.3
9.6
7.8
Deferred revenue (current and
non-current)
$
13,813
$
10,792
$
8,963
$
8,511
$
7,712
Headcount
803
788
797
809
802
Non-GAAP diluted shares
30,741
30,070
30,045
30,800
31,819
NET REVENUE BY GEOGRAPHY
Three Months Ended
Nine Months Ended
September 27, 2020
June 28, 2020
September 29, 2019
September 27, 2020
September 29, 2019
Americas
$
277,891
73
%
$
202,246
72
%
$
178,679
67
%
$
638,327
72
%
$
483,878
65
%
EMEA
63,705
17
%
48,359
17
%
49,554
19
%
154,212
17
%
149,608
20
%
APAC
36,518
10
%
29,447
11
%
37,625
14
%
95,590
11
%
112,306
15
%
Total
$
378,114
100
%
$
280,052
100
%
$
265,858
100
%
$
888,129
100
%
$
745,792
100
%
NETGEAR, INC.
SUPPLEMENTAL FINANCIAL
INFORMATION (CONTINUED)
(In thousands)
(Unaudited)
NET REVENUE BY SEGMENT
Three Months Ended
Nine Months Ended
September 27, 2020
June 28, 2020
September 29, 2019
September 27, 2020
September 29, 2019
Connected Home
$
316,739
$
230,017
$
190,672
$
711,419
$
527,532
SMB
61,375
50,035
75,186
176,710
218,260
Total net revenue
$
378,114
$
280,052
$
265,858
$
888,129
$
745,792
SERVICE PROVIDER NET REVENUE
Three Months Ended
Nine Months Ended
September 27, 2020
June 28, 2020
September 29, 2019
September 27, 2020
September 29, 2019
Connected Home
$
73,343
$
44,152
$
35,482
$
144,182
$
99,201
SMB
712
871
972
2,380
3,370
Total service provider net revenue
$
74,055
$
45,023
$
36,454
$
146,562
$
102,571
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201021005950/en/
NETGEAR Investor Relations Erik Bylin investors@netgear.com
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