Exceeded Revenue and EPS Guidance
83.3% Paid Subscriber Growth Year Over Year Right-sized
Channel Inventory
Arlo Technologies, Inc. (NYSE: ARLO), the #1 network connected
camera brand (1), today reported financial results for the second
quarter ended June 30, 2019.
Second Quarter 2019 Financial Highlights
- Revenue of $83.6 million
- GAAP gross margin of 11.5%; non-GAAP gross margin of
12.5%.
- GAAP net loss per diluted share of $0.45, non-GAAP net loss per
diluted share of $0.36.
“In the second quarter, Arlo again delivered a solid quarter
through strong execution with a focus on costs, while continuing
our innovation. Bringing our channel inventory in line with
historical norms allowed us to continue our progress on the top
line, achieving 44% sequential growth. Aided by our first full
quarter of Ultra in the market, we maintained our leading market
share position and performed well against our guidance metrics,”
said Matthew McRae, Chief Executive Officer of Arlo Technologies.
“We continue to exhibit the innovation Arlo is known for and will
be adding a new camera introduction to the doorbell that will hit
the market in the coming quarters. I am excited about the
trajectory Arlo is on and look forward to accelerating growth in
the back half of the year.”
Business Highlights
- Service revenue of $11.2 million for Q2’19, for growth of 23.3%
year over year
- 83.3% year over year paid subscriber growth in Q2
- 54.1% year over year cumulative registered user growth in
Q2
- Ultra named an Editor’s Choice by PC Magazine.
- Announced that HomeKit, Apple’s smart home platform, is now
supported on Arlo Pro and Arlo Pro 2 Security Camera Systems,
allowing unique functionality through the Apple Home app and Siri
voice commands.
- Launched direct-to-consumer sales on Arlo.com, enabling a
unique platform to engage with our customers, gain new insights
into their preferences and drive greater lifetime value.
- Announcing a new camera with 2K resolution and will include the
same great wire-free design, range and battery performance
customers enjoy with all of our cameras.
_________________________
(1) The NPD Group, Inc., U.S. Retail Tracking Service, Security
& Monitoring, Camera Technology: Decentralized IP Camera and
Centralized IP Camera, based on Dollars, Jan 2018-Dec 2018.
Third Quarter 2019 Business Outlook (1)
- Revenue of $95 million to $105 million
- GAAP gross margin between 8.1% and 11.1%, and non-GAAP gross
margin between 9.0% and 12.0%
- GAAP net loss per diluted share of ($0.53) to ($0.47), and
non-GAAP net loss per diluted share of ($0.43) to ($0.37)
A reconciliation of our business outlook on a GAAP and non-GAAP
basis is provided in the following table:
Three Months Ending September
29, 2019
Gross
Margin Rate
Net Loss
per Diluted Share
Tax
Expense
(in thousands)
GAAP
8.1% - 11.1%
($0.53) - ($0.47)
$300
Estimated adjustments for (1):
Separation expense
__
$0.01
__
Stock-based compensation expense
0.5%
$0.08
__
Amortization of intangibles
0.4%
$0.01
__
Tax effects of non-GAAP adjustments
__
__
__
Non-GAAP
9.0% - 12.0%
($0.43) - ($0.37)
$300
_________________________
(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 results.
Investor Conference Call / Webcast Details
Arlo will review the second quarter of 2019 results and discuss
management’s expectations for the third quarter of 2019 today,
Tuesday, August 6, 2019 at 5:00 p.m. ET (2:00 p.m. PT). The toll
free dial-in number for the live audio call is (866) 393-4306. The
international dial-in number for the live audio call is (734)
385-2616. The conference ID for the call is 9492805. A live webcast
of the conference call will be available on Arlo’s Investor
Relations website at https://investor.arlo.com. A replay of the
call will be available via the web at
https://investor.arlo.com.
About Arlo Technologies, Inc.
Arlo (NYSE: ARLO) is the award-winning, industry leader that is
transforming the way people experience the connected lifestyle.
Arlo’s deep expertise in product design, wireless connectivity,
cloud infrastructure and cutting-edge AI capabilities focuses on
delivering a seamless, smart home experience for Arlo users that is
easy to setup and interact with every day. Arlo’s cloud-based
platform provides users with visibility, insight and a powerful
means to help protect and connect in real-time with the people and
things that matter most, from any location with a Wi-Fi or a
cellular connection. To date, Arlo has launched several categories
of award-winning smart connected devices, including wire-free smart
Wi-Fi and LTE-enabled cameras, advanced baby monitors and smart
security lights.
© 2019 Arlo Technologies, Inc., Arlo and the Arlo logo are
trademarks and/or registered trademarks of Arlo Technologies, Inc.
and/or certain of its affiliates in the United States and/or other
countries. Other brand and product names are for identification
purposes only and may be trademarks or registered trademarks of
their respective holder(s). The information contained herein is
subject to change without notice. Arlo 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:
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 Arlo Technologies, Inc.’s expectations or beliefs
concerning future events based on information available at the time
such statements were made and include statements regarding: Arlo’s
future operating performance and financial condition, expected
revenue, GAAP and non-GAAP gross margins, operating margins, and
tax expense; expectations regarding market expansion and future
growth; and plans to invest in product innovation. 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 Arlo'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 Arlo 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 March 31, 2019, filed with the Securities
and Exchange Commission on May 3, 2019. Given these circumstances,
you should not place undue reliance on these forward-looking
statements. Arlo 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 (loss), non-GAAP
operating margin, non-GAAP net income(loss) and non-GAAP net income
(loss) per diluted share. These supplemental measures exclude
adjustments for separation expense, stock-based compensation
expense, amortization of intangibles, activist shareholder response
costs, restructuring and other charges, litigation reserves, and
the related tax effects. These non-GAAP measures are not in
accordance with or an alternative for GAAP, and may be different
from similarly-titled 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 measures, 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:
Separation expense consists of expenses that are related to the
separation of our business from NETGEAR. 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.
Stock-based compensation expense consists of non-cash charges
for the estimated fair value of stock options, performance-based
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.
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
an assessment of our internal operations and comparisons to our
prior and future periods and to the performance of our
competitors.
Activist shareholder response costs primarily consist of legal
fees and third-party consulting costs incurred. 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 are the result of either unique or unplanned events,
including, when applicable: restructuring and other charges and
litigation reserves, 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: Arlo-F
ARLO TECHNOLOGIES,
INC.
UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS
As of
June 30, 2019
December 31, 2018
(in thousands)
ASSETS
Current assets:
Cash and cash equivalents
$
93,050
$
151,290
Short-term investments
44,877
49,737
Accounts receivable, net
79,707
166,045
Inventories
97,222
124,791
Prepaid expenses and other current
assets
11,459
23,611
Total current assets
326,315
515,474
Property and equipment, net
27,964
49,428
Operating lease right-of-use assets,
net
32,654
—
Intangibles, net
2,060
2,823
Goodwill
15,638
15,638
Restricted cash
4,134
4,134
Other non-current assets
6,697
8,449
Total assets
$
415,462
$
595,946
LIABILITIES AND STOCKHOLDERS'
EQUITY
Current liabilities:
Accounts payable
$
22,312
$
82,542
Deferred revenue
26,854
26,678
Accrued liabilities
110,040
172,036
Income tax payable
792
734
Total current liabilities
159,998
281,990
Non-current deferred revenue
20,610
23,313
Non-current operating lease
liabilities
31,592
—
Non-current financing lease obligation
—
19,978
Non-current income taxes payable
22
22
Other non-current liabilities
10
1,141
Total liabilities
212,232
326,444
Stockholders’ Equity:
Common stock
75
74
Additional paid-in capital
323,648
315,277
Accumulated other comprehensive income
51
—
Accumulated deficit
(120,544
)
(45,849
)
Total stockholders’ equity
203,230
269,502
Total liabilities and stockholders’
equity
$
415,462
$
595,946
ARLO TECHNOLOGIES,
INC.
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended
Six Months Ended
June 30, 2019
March 31, 2019
July 1,
2018 (1)
June 30, 2019
July 1,
2018 (1)
(in thousands, except
percentage and per share data)
Revenue:
Products
$
72,445
$
46,608
$
101,900
$
119,053
$
194,331
Services
11,153
11,272
9,048
22,425
17,255
Total revenue
83,598
57,880
110,948
141,478
211,586
Cost of revenue:
Products
67,839
50,284
77,211
118,123
145,054
Services
6,109
5,651
5,443
11,760
9,185
Total cost of revenue
73,948
55,935
82,654
129,883
154,239
Gross profit
9,650
1,945
28,294
11,595
57,347
Gross margin
11.5
%
3.4
%
25.5
%
8.2
%
27.1
%
Operating expenses:
Research and development
17,594
18,161
13,804
35,755
25,829
Sales and marketing
14,511
14,221
13,068
28,732
24,280
General and administrative
10,914
10,536
6,318
21,450
11,196
Separation expense
717
906
11,269
1,623
17,826
Total operating expenses
43,736
43,824
44,459
87,560
79,131
Loss from operations
(34,086
)
(41,879
)
(16,165
)
(75,965
)
(21,784
)
Operating margin
(40.8
)%
(72.4
)%
(14.6
)%
(53.7
)%
(10.3
)%
Interest income
712
862
—
1,574
—
Other income (expense), net
31
(47
)
(1,369
)
(16
)
(794
)
Loss before income taxes
(33,343
)
(41,064
)
(17,534
)
(74,407
)
(22,578
)
Provision for income taxes
349
220
288
569
607
Net loss
$
(33,692
)
$
(41,284
)
$
(17,822
)
$
(74,976
)
$
(23,185
)
Net loss per share:
Basic
$
(0.45
)
$
(0.55
)
$
(0.29
)
$
(1.01
)
$
(0.37
)
Diluted
$
(0.45
)
$
(0.55
)
$
(0.29
)
$
(1.01
)
$
(0.37
)
Weighted average shares used to compute
net loss per share:
Basic
74,729
74,409
62,500
74,569
62,500
Diluted
74,729
74,409
62,500
74,569
62,500
________________________
(1) The three and six months ended July 1, 2018 were based on
carve-out financials whereas financial periods after July 1, 2018
were based on standalone financials. Further detail regarding
carve-out financials was contained in our SEC filings, including
our previously filed Form 10-K, Form S-1 and related public
offering prospectus, standalone financials represents our actual
results for the period as a standalone public company.
ARLO TECHNOLOGIES,
INC.
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
Six Months Ended
June 30, 2019
July 1, 2018
(In thousands)
Cash flows from operating
activities:
Net loss
$
(74,976
)
$
(23,185
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization
7,087
1,956
Premium amortization / discount accretion
on investments, net
(274
)
—
Stock-based compensation
10,042
1,899
Deferred income taxes
74
—
Changes in assets and liabilities:
Accounts receivable, net
86,338
47,395
Inventories
27,569
(40,620
)
Prepaid expenses and other assets
1,784
(4,558
)
Accounts payable
(59,865
)
4,385
Deferred revenue
(2,527
)
4,553
Accrued and other liabilities
(49,913
)
5,437
Net cash used in operating activities
(54,661
)
(2,738
)
Cash flows from investing
activities:
Purchases of property and equipment
(7,116
)
(7,534
)
Purchases of short-term investments
(24,793
)
—
Maturities of short-term investments
30,000
—
Net cash used in investing activities
(1,909
)
(7,534
)
Cash flows from financing
activities:
Proceeds related to employee benefit
plans
12
—
Restricted stock unit withholdings
(1,682
)
—
Net investment from parent
—
10,297
Net cash provided by (used in) financing
activities
(1,670
)
10,297
Net increase (decrease) in cash and cash
equivalents and restricted cash
(58,240
)
25
Cash and cash equivalents and restricted
cash, at beginning of period
155,424
108
Cash and cash equivalents and restricted
cash, at end of period
$
97,184
$
133
Non-cash investing and financing
activities:
Purchases of property and equipment
included in accounts payable and accrued liabilities
$
(2,753
)
$
2,166
De-recognition of build-to-suit assets and
liabilities
$
(21,610
)
$
—
ARLO TECHNOLOGIES,
INC.
RECONCILIATIONS OF GAAP
MEASURES TO NON-GAAP MEASURES
STATEMENT OF OPERATIONS DATA:
Three Months Ended
Six Months Ended
June 30, 2019
March 31, 2019
July 1, 2018
June 30, 2019
July 1, 2018
(in thousands, except
percentage data)
GAAP gross profit
$
9,650
$
1,945
$
28,294
$
11,595
$
57,347
GAAP gross margin
11.5
%
3.4
%
25.5
%
8.2
%
27.1
%
Stock-based compensation expense
450
369
347
819
683
Amortization of intangibles
382
381
381
763
763
Non-GAAP gross profit
$
10,482
$
2,695
$
29,022
$
13,177
$
58,793
Non-GAAP gross margin
12.5
%
4.7
%
26.2
%
9.3
%
27.8
%
GAAP research and development
$
17,594
$
18,161
$
13,804
$
35,755
$
25,829
Stock-based compensation expense
(1,635
)
(1,297
)
(977
)
(2,932
)
(1,710
)
Non-GAAP research and development
$
15,959
$
16,864
$
12,827
$
32,823
$
24,119
GAAP sales and marketing
$
14,511
$
14,221
$
13,068
$
28,732
$
24,280
Stock-based compensation expense
(991
)
(940
)
(782
)
(1,931
)
(1,454
)
Non-GAAP sales and marketing
$
13,520
$
13,281
$
12,286
$
26,801
$
22,826
GAAP general and administrative
$
10,914
$
10,536
$
6,318
$
21,450
$
11,196
Stock-based compensation expense
(2,313
)
(2,047
)
(1,146
)
(4,360
)
(2,100
)
Restructuring and other charges
—
—
(74
)
—
(74
)
Non-GAAP general and administrative
$
8,601
$
8,489
$
5,098
$
17,090
$
9,022
GAAP total operating expenses
$
43,736
$
43,824
$
44,459
$
87,560
$
79,131
Separation expense
(717
)
(906
)
(11,269
)
(1,623
)
(17,826
)
Stock-based compensation expense
(4,939
)
(4,284
)
(2,905
)
(9,223
)
(5,264
)
Restructuring and other charges
—
—
(74
)
—
(74
)
Activist shareholder response costs
(237
)
—
—
(237
)
—
Non-GAAP total operating expenses
$
37,843
$
38,634
$
30,211
$
76,477
$
55,967
ARLO TECHNOLOGIES,
INC.
RECONCILIATIONS OF GAAP
MEASURES TO NON-GAAP MEASURES (CONTINUED)
STATEMENT OF OPERATIONS DATA (CONTINUED):
Three Months Ended
Six Months Ended
June 30, 2019
March 31, 2019
July 1, 2018
June 30, 2019
July 1, 2018
(in thousands, except
percentage and per share data)
GAAP operating loss
$
(34,086
)
$
(41,879
)
$
(16,165
)
$
(75,965
)
$
(21,784
)
GAAP operating margin
(40.8
)%
(72.4
)%
(14.6
)%
(53.7
)%
(10.3
)%
Separation expense
717
906
11,269
1,623
17,826
Stock-based compensation expense
5,389
4,653
3,252
10,042
5,947
Amortization of intangibles
382
381
381
763
763
Restructuring and other charges
—
—
74
—
74
Activist shareholder response costs
237
—
—
237
—
Non-GAAP operating income (loss)
$
(27,361
)
$
(35,939
)
$
(1,189
)
$
(63,300
)
$
2,826
Non-GAAP operating margin
(32.7
)%
(62.1
)%
(1.1
)%
(44.7
)%
1.3
%
GAAP provision for income taxes
$
349
$
220
$
288
$
569
$
607
GAAP income tax rate
(1.0
)%
(0.5
)%
(1.6
)%
(0.8
)%
(2.7
)%
Tax effects
142
—
—
142
—
Non-GAAP provision for income taxes
$
207
$
220
$
288
$
427
$
607
Non-GAAP income tax rate
(0.8
)%
(0.6
)%
(11.3
)%
(0.7
)%
29.9
%
GAAP net loss
$
(33,692
)
$
(41,284
)
$
(17,822
)
$
(74,976
)
$
(23,185
)
Separation expense
717
906
11,269
1,623
17,826
Stock-based compensation expense
5,389
4,653
3,252
10,042
5,947
Amortization of intangibles
382
381
381
763
763
Restructuring and other charges
—
—
74
—
74
Activist shareholder response costs
237
—
—
237
—
Tax effects
142
—
—
142
—
Non-GAAP net income (loss)
$
(26,825
)
$
(35,344
)
$
(2,846
)
$
(62,169
)
$
1,425
ARLO TECHNOLOGIES,
INC.
RECONCILIATIONS OF GAAP
MEASURES TO NON-GAAP MEASURES (CONTINUED)
STATEMENT OF OPERATIONS DATA (CONTINUED):
Three Months Ended
Six Months Ended
June 30, 2019
March 31, 2019
July 1, 2018
June 30, 2019
July 1, 2018
(in thousands, except
percentage and per share data)
NET INCOME (LOSS) PER DILUTED SHARE:
GAAP net loss per diluted share
$
(0.45
)
$
(0.55
)
$
(0.29
)
$
(1.01
)
$
(0.37
)
Separation expense
0.01
0.01
0.18
0.02
0.28
Stock-based compensation expense
0.07
0.06
0.05
0.15
0.10
Amortization of intangibles
0.01
0.01
0.01
0.01
0.01
Restructuring and other charges
—
—
0.00
—
0.00
Activist shareholder response costs
0.00
—
—
0.00
—
Tax effects
0.00
—
—
0.00
—
Non-GAAP net income (loss) per diluted
share
$
(0.36
)
$
(0.47
)
$
(0.05
)
$
(0.83
)
$
0.02
Shares used in computing GAAP net loss per
diluted share
74,729
74,409
62,500
74,569
62,500
Shares used in computing non-GAAP net
income (loss) per diluted share
74,729
74,409
62,500
74,569
62,500
ARLO TECHNOLOGIES,
INC.
UNAUDITED SUPPLEMENTAL
FINANCIAL INFORMATION
Three Months Ended
June 30, 2019
March 31, 2019
December 31, 2018
September 30, 2018
July 1, 2018
(in thousands, except
headcount and per share data)
Cash, cash equivalents and short-term
investments
$
137,927
$
180,374
$
201,027
$
187,846
$
133
Cash, cash equivalents and short-term
investments per diluted share
$
1.85
$
2.42
$
2.71
$
2.70
$
0.00
Accounts receivable, net
$
79,707
$
71,566
$
166,045
$
117,119
$
111,113
Days sales outstanding
87
111
125
81
91
Inventories
$
97,222
$
131,227
$
124,791
$
132,479
$
123,195
Ending inventory turns
2.8
1.5
3.6
2.9
2.5
Weeks of channel inventory:
U.S. retail channel
10.1
14.5
8.1
13.5
9.5
U.S. distribution channel
8.9
8.9
10.9
9.1
3.9
EMEA distribution channel
2.7
4.4
6.7
4.4
3.6
APAC distribution channel
5.1
6.7
6.0
9.2
17.4
Deferred revenue (current and
non-current)
$
47,464
$
47,737
$
49,991
$
45,906
$
42,389
Cumulative registered users
3,397
3,126
2,850
2,498
2,204
Paid subscribers
187
162
*
144
125
102
Headcount
402
401
386
344
153
Non-GAAP diluted shares
74,729
74,409
74,247
69,600
62,500
_________________________
* We recently factored in an adjustment to our Q1’19 paid
subscriber number and have subsequently revised the Q1’19 total to
162,000.
REVENUE BY GEOGRAPHY
Three Months Ended
Six Months Ended
June 30, 2019
March 31, 2019
July 1, 2018
June 30, 2019
July 1, 2018
(in thousands, except
percentage data)
Americas
$
64,564
77
%
$
44,366
77
%
$
86,681
79
%
$
108,930
77
%
$
161,404
77
%
EMEA
15,066
18
%
9,302
16
%
19,390
17
%
24,368
17
%
38,656
18
%
APAC
3,968
5
%
4,212
7
%
4,877
4
%
8,180
6
%
11,526
5
%
Total
$
83,598
100
%
$
57,880
100
%
$
110,948
100
%
$
141,478
100
%
$
211,586
100
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190806005907/en/
Arlo Investor Relations Erik Bylin investors@arlo.com (510)
315-1004
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