$NTGR
NETGEAR, INC.

2024 Q2 Form 10-Q Financial Statement

#000095017024053040 Filed on May 03, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $143.9M $164.6M
YoY Change -20.46%
Cost Of Revenue $112.1M $116.3M
YoY Change -7.01%
Gross Profit $31.82M $48.24M
YoY Change -47.3%
Gross Profit Margin 22.11% 29.31%
Selling, General & Admin $48.94M $48.60M
YoY Change -2.34%
% of Gross Profit 153.8% 100.74%
Research & Development $19.85M $20.23M
YoY Change -10.31%
% of Gross Profit 62.38% 41.93%
Depreciation & Amortization $1.560M $1.488M
YoY Change -22.43%
% of Gross Profit 4.9% 3.08%
Operating Expenses $78.68M $68.82M
YoY Change 8.74%
Operating Profit -$46.86M -$20.59M
YoY Change 291.31%
Interest Expense $101.0K
YoY Change
% of Operating Profit
Other Income/Expense, Net $2.713M $2.749M
YoY Change 92.96%
Pretax Income -$44.15M -$18.80M
YoY Change 317.69%
Income Tax $1.000M -$148.0K
% Of Pretax Income
Net Earnings -$45.18M -$18.65M
YoY Change 365.15%
Net Earnings / Revenue -31.39% -11.33%
Basic Earnings Per Share -$1.56 -$0.63
Diluted Earnings Per Share -$1.56 -$0.63
COMMON SHARES
Basic Shares Outstanding 29.07M 29.66M
Diluted Shares Outstanding 28.88M 29.40M

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $294.3M $289.4M
YoY Change 23.05%
Cash & Equivalents $177.1M $172.7M
Short-Term Investments $117.2M $116.8M
Other Short-Term Assets $27.23M $30.18M
YoY Change -10.69%
Inventory $188.9M $211.3M
Prepaid Expenses
Receivables $147.1M $172.8M
Other Receivables $0.00 $0.00
Total Short-Term Assets $657.6M $703.6M
YoY Change -17.74%
LONG-TERM ASSETS
Property, Plant & Equipment $11.04M $44.07M
YoY Change 33.57%
Goodwill $36.28M $36.28M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments $8.336M $8.266M
YoY Change 6.06%
Other Assets $15.80M $17.29M
YoY Change -84.66%
Total Long-Term Assets $96.51M $97.64M
YoY Change -48.85%
TOTAL ASSETS
Total Short-Term Assets $657.6M $703.6M
Total Long-Term Assets $96.51M $97.64M
Total Assets $754.1M $801.3M
YoY Change -23.68%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $40.13M $38.45M
YoY Change -49.61%
Accrued Expenses $159.6M $176.8M
YoY Change -16.13%
Deferred Revenue $28.68M $28.39M
YoY Change 27.82%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $253.0M $244.3M
YoY Change -20.37%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $8.835M $45.60M
YoY Change 110.41%
Total Long-Term Liabilities $8.835M $45.60M
YoY Change 110.41%
TOTAL LIABILITIES
Total Short-Term Liabilities $253.0M $244.3M
Total Long-Term Liabilities $8.835M $45.60M
Total Liabilities $294.7M $289.9M
YoY Change -20.26%
SHAREHOLDERS EQUITY
Retained Earnings -$520.6M -$462.9M
YoY Change 55.59%
Common Stock $29.00K $29.00K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $459.4M $511.4M
YoY Change
Total Liabilities & Shareholders Equity $754.1M $801.3M
YoY Change -23.68%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income -$45.18M -$18.65M
YoY Change 365.15%
Depreciation, Depletion And Amortization $1.560M $1.488M
YoY Change -22.43%
Cash From Operating Activities $18.44M $17.19M
YoY Change 102.2%
INVESTING ACTIVITIES
Capital Expenditures $2.307M $2.510M
YoY Change 165.17%
Acquisitions
YoY Change
Other Investing Activities $741.0K -$8.829M
YoY Change -105.4%
Cash From Investing Activities -$1.566M -$11.34M
YoY Change -89.27%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -12.43M -9.912M
YoY Change -673.92%
NET CHANGE
Cash From Operating Activities 18.44M 17.19M
Cash From Investing Activities -1.566M -11.34M
Cash From Financing Activities -12.43M -9.912M
Net Change In Cash 4.448M -4.061M
YoY Change -234.42%
FREE CASH FLOW
Cash From Operating Activities $18.44M $17.19M
Capital Expenditures $2.307M $2.510M
Free Cash Flow $16.14M $14.68M
YoY Change 95.56%

Facts In Submission

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17190000
CY2023Q2 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
9122000
CY2024Q1 us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
38829000
CY2023Q2 us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
38733000
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30000000
CY2023Q2 us-gaap Proceeds From Maturities Prepayments And Calls Of Shortterm Investments
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25006000
CY2024Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2510000
CY2024Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
108311000
CY2024Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
0
CY2023Q2 us-gaap Payments To Acquire Property Plant And Equipment
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870000
CY2024Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-11339000
CY2023Q2 us-gaap Net Cash Provided By Used In Investing Activities
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CY2024Q1 us-gaap Payments For Repurchase Of Common Stock
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11444000
CY2023Q2 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0
CY2024Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
454000
CY2023Q2 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
120000
CY2024Q1 us-gaap Proceeds From Stock Plans
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1986000
CY2023Q2 us-gaap Proceeds From Stock Plans
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2286000
CY2024Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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CY2023Q2 us-gaap Net Cash Provided By Used In Financing Activities
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2166000
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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-4061000
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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-3309000
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176717000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
146500000
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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172656000
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
143191000
CY2024Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="text-indent:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Segment Recast</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"><br/></span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">In the first fiscal quarter of 2024, resulting from certain segment structure changes, the Company revised its allocation method by allocating certain historically unallocated operating expenses to its individual operating segments. This change impacted Note 11, </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Segment Information</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">. </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The prior-year segment financial information has been recast to conform to the</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">current-year </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">presentation. None of the changes impact previously reported consolidated net revenue, income (loss) from operations, net income (loss) per share, total assets, or stockholders’ equity.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p>
CY2024Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
38000
CY2024Q1 us-gaap Available For Sale Securities Debt Securities
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108273000
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98499000
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128000
CY2024Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
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P1Y
CY2024Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
53158000
CY2024Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
2908000
CY2024Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
2518000
CY2024Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
58584000
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28393000
CY2023Q4 us-gaap Contract With Customer Liability Current
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27091000
CY2024Q1 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
5321000
CY2023Q4 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
4903000
CY2024Q1 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
12900000
CY2024Q1 us-gaap Deferred Revenue Revenue Recognized1
DeferredRevenueRevenueRecognized1
11200000
CY2024Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
9900000
CY2024Q1 ntgr Number Of Geographic Regions
NumberOfGeographicRegions
3
CY2024Q1 us-gaap Number Of Operating Segments
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2
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NumberOfReportableSegments
2
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RevenueFromContractWithCustomerExcludingAssessedTax
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RevenueFromContractWithCustomerExcludingAssessedTax
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RevenueFromContractWithCustomerExcludingAssessedTax
164586000
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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0
CY2023Q4 us-gaap Available For Sale Securities Debt Securities
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98627000
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500000
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108100000
CY2024Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
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38000
CY2024Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
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0
CY2024Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
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0
CY2024Q1 us-gaap Debt Securities Available For Sale Unrealized Loss Position
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CY2024Q1 us-gaap Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
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38000
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98454000
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CY2023Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
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0
CY2023Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
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CY2023Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position
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CY2023Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
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0
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0
CY2023Q2 ntgr Unrealized Losses On Available For Sale Securities Recognized In Income
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CY2024Q1 us-gaap Other Than Temporary Impairment Loss Debt Securities Available For Sale Recognized In Earnings
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0
CY2023Q2 us-gaap Other Than Temporary Impairment Loss Debt Securities Available For Sale Recognized In Earnings
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3251000
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3343000
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5777000
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5616000
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17294000
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6053000
CY2022Q4 us-gaap Equity Securities Without Readily Determinable Fair Value Amount
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6053000
CY2024Q1 us-gaap Equity Securities Without Readily Determinable Fair Value Amount
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6053000
CY2023Q2 us-gaap Equity Securities Without Readily Determinable Fair Value Amount
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6053000
CY2024Q1 us-gaap Equity Securities Without Readily Determinable Fair Value Impairment Loss Cumulative Amount
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0
CY2024Q1 us-gaap Equity Securities Without Readily Determinable Fair Value Upward Price Adjustment Cumulative Amount
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300000
CY2024Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
11306000
CY2023Q4 us-gaap Operating Lease Liability Current
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65725000
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5087000
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34824000
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37281000
CY2024Q1 us-gaap Accrued Liabilities Current
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154567000
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168084000
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17400000
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16900000
CY2024Q1 ntgr Provisions To Write Down Expected Returned Inventory To Net Realizable Value
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8600000
CY2023Q4 ntgr Provisions To Write Down Expected Returned Inventory To Net Realizable Value
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9700000
CY2024Q1 us-gaap Derivative Fair Value Of Derivative Asset
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168000
CY2023Q4 us-gaap Derivative Fair Value Of Derivative Asset
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291000
CY2024Q1 us-gaap Derivative Fair Value Of Derivative Liability
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45000
CY2023Q4 us-gaap Derivative Fair Value Of Derivative Liability
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1691000
CY2024Q1 us-gaap Profit Loss
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CY2023Q2 us-gaap Profit Loss
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CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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29395000
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
29040000
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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29395000
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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29040000
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2085000
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1318000
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CY2024Q1 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Amount Of Unrecorded Benefit
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700000
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77000000
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42600000
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1100000
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500000
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5738000
CY2022Q4 us-gaap Product Warranty Accrual
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6320000
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608000
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5087000
CY2023Q2 us-gaap Product Warranty Accrual
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6351000
CY2024Q1 ntgr Number Of Existing Cases And Proceedings That Company Currently Believes Are Liking To Have Material Adverse Effect On Its Financial Position
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4000
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240000
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1047000
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588000
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180908000
CY2024Q1 ntgr Segment Contribution Income
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3764000
CY2023Q2 ntgr Segment Contribution Income
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12301000
CY2024Q1 ntgr Corporate And Unallocated Income
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19806000
CY2023Q2 ntgr Corporate And Unallocated Income
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19374000
CY2024Q1 ntgr Amortization Of Intangible Asset
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0
CY2023Q2 ntgr Amortization Of Intangible Asset
AmortizationOfIntangibleAsset
129000
CY2024Q1 us-gaap Share Based Compensation
ShareBasedCompensation
4544000
CY2023Q2 us-gaap Share Based Compensation
ShareBasedCompensation
4665000
CY2024Q1 ntgr Restructuring And Other Charges
RestructuringAndOtherCharges
1032000
CY2023Q2 ntgr Restructuring And Other Charges
RestructuringAndOtherCharges
108000
CY2024Q1 us-gaap Gain Loss Related To Litigation Settlement
GainLossRelatedToLitigationSettlement
-30000
CY2023Q2 us-gaap Gain Loss Related To Litigation Settlement
GainLossRelatedToLitigationSettlement
0
CY2024Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
2850000
CY2023Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1406000
CY2024Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-18798000
CY2023Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-10569000
CY2024Q1 us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
1500000
CY2023Q2 us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
-200000
CY2024Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
164586000
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
180908000
CY2024Q1 us-gaap Noncurrent Assets
NoncurrentAssets
44066000
CY2023Q4 us-gaap Noncurrent Assets
NoncurrentAssets
45558000
CY2024Q1 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
144781000
CY2024Q1 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
45000
CY2023Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
133208000
CY2023Q4 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
1691000
CY2023Q4 us-gaap Restructuring Reserve
RestructuringReserve
287000
CY2024Q1 us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
1032000
CY2024Q1 us-gaap Payments For Restructuring
PaymentsForRestructuring
668000
CY2024Q1 us-gaap Restructuring Reserve Accrual Adjustment1
RestructuringReserveAccrualAdjustment1
128000
CY2024Q1 us-gaap Restructuring Reserve
RestructuringReserve
523000
CY2022Q4 us-gaap Restructuring Reserve
RestructuringReserve
1912000
CY2023Q2 us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
108000
CY2023Q2 us-gaap Payments For Restructuring
PaymentsForRestructuring
1149000
CY2023Q2 us-gaap Restructuring Reserve Accrual Adjustment1
RestructuringReserveAccrualAdjustment1
-21000
CY2023Q2 us-gaap Restructuring Reserve
RestructuringReserve
892000
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
true
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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