Highlights:
- Net revenue of $144.7 million, compared to $204.5 million in the comparable prior year quarter
- Non-GAAP net loss of $522,000, compared to net income of $14.5 million in the comparable prior year quarter
- Non-GAAP diluted loss per share of $0.02, compared to diluted earnings per share of $0.41 in the comparable prior year quarter
- Third quarter 2009 net revenue guidance in the range of $150 million to $160 million, with non-GAAP operating margin guidance in the range of 5% to 7%
- While there is no impact on the estimated annual tax provision based on the current projections, the Company is restating its Q1 2009 financials due to misapplication of FASB Interpretation No. 18 on interim quarter tax provisions
SAN JOSE, Calif., July 22 /PRNewswire-FirstCall/ -- NETGEAR, Inc. (Nasdaq: NTGR), a worldwide provider of technologically innovative, branded networking products, today reported financial results for the second quarter ended June 28, 2009.
Net revenue for the second quarter ended June 28, 2009 was $144.7 million, compared to $204.5 million for the second quarter ended June 29, 2008, and $152.0 million in the first quarter ended March 29, 2009. Net loss, computed in accordance with GAAP, for the second quarter of 2009 was $3.3 million, or $0.10 per diluted share. This compared to net income of $11.1 million for the second quarter of 2008 and net loss of $3.8 million in the first quarter of 2009. Diluted loss per share, computed in accordance with GAAP, was $0.11 for the first quarter of 2009 and diluted earnings per share, computed in accordance with GAAP, was $0.31 for the second quarter of 2008.
Gross margin on a non-GAAP basis in the second quarter of 2009 was 29.6%, compared to 33.2% in the second quarter of 2008, and 29.2% in the first quarter of 2009. Non-GAAP operating margin was 3.7% in the second quarter of 2009, compared to 11.5% in the second quarter of 2008, and 3.7% in the first quarter of 2009. Non-GAAP net loss was $0.02 per diluted share in the second quarter of 2009, compared to non-GAAP net income of $0.41 per diluted share in the second quarter of 2008, and non-GAAP net income of $0.04 per diluted share in the first quarter of 2009.
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, acquisition related compensation, 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, "Due to normal seasonality, the second quarter is generally the slowest quarter of our fiscal year. Given this, we are pleased to achieve net revenue of $144.7 million, especially in light of the worldwide macroeconomic downturn, while at the same time reducing our "on-hand" and our distribution channels' inventory levels. Our net revenue from service providers was approximately 30% of total net revenue, as compared to 27% in the second quarter of 2008, and 27% in the first quarter of 2009. In addition, we are excited to have added Megacable of Mexico to our service provider customer list in the second quarter of 2009."
"We are keeping pace with our expectations in new product introductions and announced 12 new products in the second quarter. Among the notable launches, we introduced Stackable Power over Ethernet Smart Switches, High Performance Rackmount ReadyNAS network storage, Home Theater Powerline / Ethernet Connection Kit, and wireless router and DSL gateways for the Asian and African markets. We continue to focus on product development and will continue to launch new products. We intend to introduce another 12-15 new products in the third quarter in order to distance NETGEAR from our competition in technology and product leadership."
Christine Gorjanc, Chief Financial Officer of NETGEAR, said, "We ended the second quarter of 2009 with $224.5 million in cash, cash equivalents and short-term investments, compared to $200.3 million at the end of the first quarter of 2009, and $186.8 million at the end of the second quarter of 2008. Our net inventory ended at $75.0 million, compared to $92.0 million at the end of the first quarter of 2009 and $106.4 million at the end of the second quarter of 2008. We are also pleased to announce that our current year-to-date operating expense cost reductions is approximately $6.6 million, as compared to our total 2009 operating expense cost reduction target of $10.0 million, which was based on our annualized fourth quarter 2008 run rate."
Net revenue by geography comprises gross revenue less items such as marketing incentives paid to customers, sales returns and price protection. The following table shows net revenue by geography for the periods indicated:
Net revenue by geography:
Three months ended
------------------------------------------------
June 28, 2009 March 29, 2009 June 29, 2008
------------- -------------- -------------
North America $69,438 48% $65,219 43% $75,900 37%
Europe, Middle-East
and Africa 54,249 37% 74,166 49% 97,582 48%
Asia Pacific 20,987 15% 12,633 8% 30,982 15%
------ -- ------ - ------ --
$144,674 100% $152,018 100% $204,464 100%
-------- ---- -------- ---- -------- ----
NETGEAR also announced today that the Company will restate its financial statements for the first quarter ended March 29, 2009, due to a misapplication of FASB Interpretation No. 18, Accounting for Income Taxes in Interim Periods (FIN 18). As a result, the Audit Committee of the Board of Directors today has concluded that investors should no longer rely on the Company's previously filed financial statements for the quarter ended March 29, 2009.
The restatement relates solely to the correction of the recorded tax expense for the first quarter ended March 29, 2009. In its previously filed financial statements for the first quarter ended March 29, 2009, the Company incorrectly included a particular foreign entity with anticipated losses in calculating the Company's estimated annualized tax provision instead of calculating tax for that entity independently in accordance with FIN 18. As a result, based on the Company's preliminary analysis, the Company believes that it overstated the previously recorded tax benefit in the quarter ended March 29, 2009, by $3.8 million. Based on current projections, the Company does not expect its overall annual estimated tax provision to be affected for the entire year. The tax provision will, however, be allocated differently among the four quarters. Consequently, for the quarter ended March 29, 2009, the Company expects net income and earnings per share computed in accordance with GAAP to be negatively impacted by $3.8 million and $0.11 per share, respectively, and non-GAAP net income and earnings per share to decrease by $431,000 and $0.01 per share, respectively.
The Company will correct this misapplication by filing an amendment to its Quarterly Report on Form 10-Q with the Securities and Exchange Commission. We anticipate this amendment will be filed no later than July 30, 2009.
Mr. Lo said, "While we are disappointed to announce the restatement of our Q1 2009 financials, we would like to emphasize that this has no effect on our estimated annual 2009 tax provision based on current projections. FIN 18 requires us to allocate our overall annual tax expense among the four quarters of our fiscal year differently than how we allocated it in our previously filed Q1 2009 financials."
Looking ahead, Mr. Lo commented, "With inventory at healthy levels and currency exchange rates becoming more favorable, we expect improvement in both gross and operating margin in the third quarter of 2009. During the second half of 2009, we anticipate that sales into the channel will be roughly equivalent to sales out to end customers. In the third quarter 2009, we will introduce our full line of ProSecure security appliances and 12-Bay Super Performance Rackmount ReadyNAS network storage. Also, we anticipate that we will add several new service provider customers in the third quarter 2009. Finally, we believe we can continue to grow and gain market share in the U.S., Asia Pacific and other emerging markets. Specifically, for the third quarter 2009, we expect net revenue in the range of approximately $150 million to $160 million and non-GAAP operating margin to be in the range of 5% to 7%."
Investor Conference Call / Webcast Details
NETGEAR will review the second quarter 2009 results and discuss management's expectations for the third quarter of 2009 today, Wednesday, July 22, 2009 at 5 p.m. EDT (2 p.m. PDT). The dial-in number for the live audio call is (201) 689-8560. A live webcast of the conference call will be available on NETGEAR's website at www.netgear.com. A replay of the call will be available 2 hours following the call through midnight EDT (9 p.m. PDT) on Wednesday, July 29, 2009 by telephone at (201) 612-7415 and via the web at www.netgear.com. The account number to access the phone replay is 3055 and the conference ID number is 327526.
About NETGEAR, Inc.
NETGEAR (Nasdaq: NTGR) designs innovative, branded technology solutions that address the specific networking, storage, and security needs of small- to medium-sized businesses and home users. The company offers an end-to-end networking product portfolio to enable users to share Internet access, peripherals, files, multimedia content, and applications among multiple computers and other Internet-enabled devices. 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 over 29,000 retail locations around the globe, and via more than 41,000 value-added resellers. The company's headquarters are in San Jose, Calif., with additional offices in 25 countries. NETGEAR is an ENERGY STAR(R) partner. More information is available by visiting www.netgear.com or calling (408) 907-8000.
(C) 2009 NETGEAR, Inc. NETGEAR, the NETGEAR logo, ProSecure and ReadyNAS are trademarks or registered trademarks of NETGEAR, Inc. in the United States and/or other countries. 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.
Contact:
Joseph Villalta
The Ruth Group
(646) 536-7003
jvillalta@theruthgroup.com
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, among others, regarding NETGEAR's expected revenue, earnings, gross and operating margin and operating income on both a GAAP and non-GAAP basis, the effect of the global economic environment on the company's business, our ability to continue implementing cost cutting measures to counteract the effects of the current economic environment, the long term future of NETGEAR's business, our ability to innovate new product offerings and continue product development efforts, current and future demand for the Company's existing and anticipated new products, our ability to continue channel inventory sales, our ability to increase distribution and market share for the Company's products domestically and worldwide and our filing of an amendment to our Form 10-Q for the quarter ended March 29, 2009 and the restated financial information therein. These statements are based on management's current expectations and are subject to certain risks and uncertainties, including, without limitation, 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, channel inventory information reported is estimated based on the average number of weeks of inventory on hand on the last Saturday of the quarter, as reported by certain of NETGEAR's customers; 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 our 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 29 through 43, in the Company's Quarterly Report on Form 10-Q for the quarter ended March 29, 2009, filed with the Securities and Exchange Commission on May 7, 2009. 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 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)
June 28, December 31,
2009 2008
------- -----------
ASSETS
Current assets:
Cash and cash equivalents $224,496 $192,839
Short-term investments - 10,170
Accounts receivable, net 110,231 138,275
Inventories 75,039 112,240
Deferred income taxes 12,074 13,129
Prepaid expenses and other current
assets 15,489 22,695
------ ------
Total current assets 437,329 489,348
Property and equipment, net 17,486 20,292
Intangibles, net 10,804 13,311
Goodwill 61,439 61,400
Other non-current assets 4,767 1,858
----- -----
Total assets $531,825 $586,209
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $25,986 $60,073
Accrued employee compensation 8,108 7,177
Other accrued liabilities 72,857 87,747
Deferred revenue 15,267 21,508
------ ------
Total current liabilities 122,218 176,505
Non-current income taxes payable 13,741 12,357
Other non-current liabilities 6,450 6,389
----- -----
Total liabilities 142,409 195,251
Stockholders' equity:
Common stock 34 34
Additional paid-in capital 271,832 266,070
Cumulative other comprehensive
income 44 67
Retained earnings 117,506 124,787
------- -------
Total stockholders' equity 389,416 390,958
------- -------
Total liabilities and
stockholders' equity $531,825 $586,209
======== ========
NETGEAR, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
Three months ended Six months ended
------------------------------- ----------------
June 28, March 29, June 29, June 28, June 29,
2009 2009 2008 2009 2008
(As Restated)
-------- ----------- -------- -------- --------
Net revenue $144,674 $152,018 $204,464 $296,692 $402,618
Cost of revenue 103,414 109,087 138,055 212,501 272,346
------- ------- ------- ------- -------
Gross profit 41,260 42,931 66,409 84,191 130,272
------ ------ ------ ------ -------
Operating expenses:
Research and
development 7,496 7,353 8,584 14,849 17,322
Sales and
marketing 24,464 25,902 31,192 50,366 64,220
General and
administrative 7,855 8,237 7,877 16,092 15,190
Restructuring 18 676 - 694 -
Litigation
reserves, net 8 2,532 - 2,540 51
------ ------ ------ ------ ------
Total operating
expenses 39,841 44,700 47,653 84,541 96,783
------ ------ ------ ------ ------
Income (loss) from
operations 1,419 (1,769) 18,756 (350) 33,489
Interest income 178 304 1,040 482 2,552
Other income
(expense), net (443) 1,047 (14) 604 2,829
---- ----- --- --- -----
Income (loss) before
income taxes 1,154 (418) 19,782 736 38,870
Provision for
income taxes 4,434 3,352 8,718 7,786 16,580
----- ----- ----- ----- ------
Net income (loss) $(3,280) $(3,770) $11,064 $(7,050) $22,290
======= ======= ======= ======= =======
Net income (loss)
per share:
Basic $(0.10) $(0.11) $0.31 $(0.21) $0.63
====== ====== ===== ====== =====
Diluted $(0.10) $(0.11) $0.31 $(0.21) $0.62
====== ====== ===== ====== =====
Weighted average
shares outstanding
used to compute
net income
(loss) per share:
Basic 34,399 34,351 35,354 34,375 35,335
====== ====== ====== ====== ======
Diluted 34,399 34,351 35,792 34,375 35,881
====== ====== ====== ====== ======
Stock-based
compensation
expense was
allocated as
follows:
Cost of revenue $238 $242 $219 $480 $441
Research and
development 512 520 863 1,032 1,664
Sales and
marketing 1,027 1,055 881 2,082 1,728
General and
administrative 919 1,099 978 2,018 1,906
NETGEAR, INC.
NON-GAAP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Excluding amortization of purchased intangibles,
stock-based compensation, restructuring, acquisition related
compensation, and litigation reserves, net of tax.
(In thousands, except per share data)
(Unaudited)
Three months ended Six months ended
------------------------------- ------------------
June 28, March 29, June 29, June 28, June 29,
2009 2009 2008 2009 2008
(As Restated)
-------- ----------- -------- -------- -------
Net revenue $144,674 $152,018 $204,464 $296,692 $402,618
Cost of revenue 101,922 107,592 136,652 209,514 269,538
------- ------- ------- ------- -------
Gross profit 42,752 44,426 67,812 87,178 133,080
------ ------ ------ ------ -------
Operating expenses:
Research and
development 6,984 6,833 7,178 13,817 15,057
Sales and
marketing 23,437 24,847 30,311 48,284 62,492
General and
administrative 6,936 7,138 6,899 14,074 13,284
------ ------ ------ ------ ------
Total operating
expenses 37,357 38,818 44,388 76,175 90,833
------ ------ ------ ------ ------
Income from
operations 5,395 5,608 23,424 11,003 42,247
Interest income 178 304 1,040 482 2,552
Other income
(expense), net (443) 1,047 (14) 604 2,829
---- ----- --- --- -----
Income before
income taxes 5,130 6,959 24,450 12,089 47,628
Provision for income
taxes 5,652 5,544 9,925 11,196 18,999
----- ----- ----- ------ ------
Net income (loss) $(522) $1,415 $14,525 $893 $28,629
===== ====== ======= ==== =======
Net income (loss)
per share:
Basic $(0.02) $0.04 $0.41 $0.03 $0.81
====== ===== ===== ===== =====
Diluted $(0.02) $0.04 $0.41 $0.03 $0.80
====== ===== ===== ===== =====
Weighted average
shares outstanding
used to compute
net income (loss)
per share:
Basic 34,399 34,351 35,354 34,375 35,335
====== ====== ====== ====== ======
Diluted 34,399 34,602 35,792 34,691 35,881
====== ====== ====== ====== ======
NETGEAR, INC.
RECONCILIATIONS OF GAAP MEASURES TO NON-GAAP MEASURES
(In thousands, except per share data)
(Unaudited)
STATEMENT OF
OPERATIONS DATA:
Three months ended Six months ended
------------------------------- ------------------
June 28, March 29, June 29, June 28, June 29,
2009 2009 2008 2009 2008
(As Restated)
-------- ----------- -------- -------- --------
GAAP gross profit $41,260 $42,931 $66,409 $84,191 $130,272
Amortization
of intangible
assets 1,254 1,253 1,184 2,507 2,367
Stock-based
compensation
expense 238 242 219 480 441
--- --- --- --- ---
Non-GAAP gross
profit $42,752 $44,426 $67,812 $87,178 $133,080
======= ======= ======= ======= ========
Non-GAAP gross
margin 29.6% 29.2% 33.2% 29.4% 33.1%
GAAP research and
development $7,496 $7,353 $8,584 $14,849 $17,322
Stock-based
compensation
expense (512) (520) (863) (1,032) (1,664)
Acquisition
related
compensation - - (543) - (601)
-- -- ---- -- ----
Non-GAAP research
and development $6,984 $6,833 $7,178 $13,817 $15,057
====== ====== ====== ======= =======
GAAP sales and
marketing $24,464 $25,902 $31,192 $50,366 $64,220
Stock-based
compensation
expense (1,027) (1,055) (881) (2,082) (1,728)
------ ------ ---- ------ ------
Non-GAAP sales and
marketing $23,437 $24,847 $30,311 $48,284 $62,492
======= ======= ======= ======= =======
GAAP general and
administrative $7,855 $8,237 $7,877 $16,092 $15,190
Stock-based
compensation
expense (919) (1,099) (978) (2,018) (1,906)
---- ------ ---- ------ ------
Non-GAAP general and
administrative $6,936 $7,138 $6,899 $14,074 $13,284
====== ====== ====== ======= =======
GAAP total
operating
expenses $39,841 $44,700 $47,653 $84,541 $96,783
Stock-based
compensation
expense (2,458) (2,674) (2,722) (5,132) (5,298)
Restructuring (18) (676) - (694) -
Acquisition
related
compensation - - (543) - (601)
Litigation
reserves (8) (2,532) - (2,540) (51)
-- ------ -- ------ ---
Non-GAAP total
operating
expenses $37,357 $38,818 $44,388 $76,175 $90,833
======= ======= ======= ======= =======
NETGEAR, INC.
RECONCILIATIONS OF GAAP MEASURES TO NON-GAAP MEASURES (CONTINUED)
(In thousands, except per share data)
(Unaudited)
STATEMENT OF OPERATIONS
DATA (CONTINUED):
Three months ended Six months ended
------------------------------- -------------------
June 28, March 29, June 29, June 28, June 29,
2009 2009 2008 2009 2008
(As Restated)
------ ----------- ------- ------- -------
GAAP operating
income (loss) $1,419 $(1,769) $18,756 $(350) $33,489
Amortization
of intangible
assets 1,254 1,253 1,184 2,507 2,367
Stock-based
compensation
expense 2,696 2,916 2,941 5,612 5,739
Restructuring 18 676 - 694 -
Acquisition
related
compensation - - 543 - 601
Litigation
reserves 8 2,532 - 2,540 51
-- ----- -- ----- --
Non-GAAP operating
income $5,395 $5,608 $23,424 $11,003 $42,247
====== ====== ======= ======= =======
Non-GAAP operating
margin 3.7% 3.7% 11.5% 3.7% 10.5%
GAAP net income
(loss) $(3,280) $(3,770) $11,064 $(7,050) $22,290
Amortization
of intangible
assets 1,254 1,253 1,184 2,507 2,367
Stock-based
compensation
expense 2,696 2,916 2,941 5,612 5,739
Restructuring 18 676 - 694 -
Acquisition
related
compensation - - 543 - 601
Litigation
reserves 8 2,532 - 2,540 51
Tax effect (1,218) (2,192) (1,207) (3,410) (2,419)
------ ------ ------ ------ ------
Non-GAAP net income
(loss) $(522) $1,415 $14,525 $893 $28,629
===== ====== ======= ==== =======
NET INCOME PER SHARE:
Three months ended Six months ended
------------------------------- ------------------
June 28, March 29, June 29, June 28, June 29,
2009 2009 2008 2009 2008
(As Restated)
------ ----------- ------ ------ ------
GAAP net income
(loss) per
diluted share $(0.10) $(0.11) $0.31 $(0.21) $0.62
Amortization
of intangible
assets 0.04 0.04 0.03 0.07 0.07
Stock-based
compensation
expense 0.08 0.08 0.08 0.16 0.16
Restructuring 0.00 0.02 - 0.02 -
Acquisition
related
compensation - - 0.02 - 0.02
Litigation
reserves 0.00 0.07 - 0.07 0.00
Tax effect (0.04) (0.06) (0.03) (0.08) (0.07)
----- ----- ----- ----- -----
Non-GAAP net income
(loss) per diluted
share $(0.02) $0.04 $0.41 $0.03 $0.80
====== ===== ===== ===== =====
NETGEAR, INC.
SUPPLEMENTAL FINANCIAL INFORMATION
(In thousands, except per share data)
(Unaudited)
Three months ended
-----------------------------------------------------
June 28, March 29, December 31, September 28, June 29,
2009 2009 2008 2008 2008
---- ---- ---- ---- ----
Cash, cash
equivalents and
short-term
investments $224,496 $200,298 $203,009 $202,187 $186,828
Cash, cash
equivalents and
short-term
investments per
diluted share $6.53 $5.79 $5.84 $5.66 $5.22
Accounts
receivable, net $110,231 $127,984 $138,275 $150,552 $159,039
Days sales
outstanding (DSO) 69 74 81 76 71
Inventories $75,039 $92,023 $112,240 $125,711 $106,387
Ending inventory
turns 5.5 4.7 4.0 3.7 5.2
Weeks of channel
inventory:
U.S. retail
channel 12.6 10.0 9.6 11.4 13.6
U.S.
distribution
channel 3.8 5.4 5.2 5.5 5.1
EMEA
distribution
channel 5.0 5.6 5.7 5.1 6.0
APAC
distribution
channel 4.8 5.7 6.7 7.2 6.0
Deferred revenue $15,267 $19,375 $21,508 $13,346 $4,339
Headcount 567 568 579 568 563
Non-GAAP Diluted
shares 34,399 34,602 34,780 35,721 35,792
SOURCE NETGEAR, Inc.
