$NTGR
NETGEAR, INC.

2021 Q1 Form 10-Q Financial Statement

#000156459021022544 Filed on April 30, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $317.9M $230.0M
YoY Change 38.25% -7.68%
Cost Of Revenue $207.0M $163.7M
YoY Change 26.43% -2.01%
Gross Profit $110.9M $66.24M
YoY Change 67.42% -19.23%
Gross Profit Margin 34.88% 28.81%
Selling, General & Admin $52.30M $46.17M
YoY Change 13.29% -5.73%
% of Gross Profit 47.16% 69.69%
Research & Development $23.80M $19.74M
YoY Change 20.57% 4.82%
% of Gross Profit 21.46% 29.8%
Depreciation & Amortization $4.661M $4.630M
YoY Change 0.67% -7.92%
% of Gross Profit 4.2% 6.99%
Operating Expenses $79.61M $65.57M
YoY Change 21.41% -3.57%
Operating Profit $31.33M $669.0K
YoY Change 4582.66% -95.22%
Interest Expense $100.0K $300.0K
YoY Change -66.67% -76.92%
% of Operating Profit 0.32% 44.84%
Other Income/Expense, Net -$552.0K -$4.586M
YoY Change -87.96% -1444.87%
Pretax Income $30.78M -$3.700M
YoY Change -931.76% -124.5%
Income Tax $7.800M $500.0K
% Of Pretax Income 25.35%
Net Earnings $22.96M -$4.173M
YoY Change -650.2% -132.49%
Net Earnings / Revenue 7.22% -1.81%
Basic Earnings Per Share $0.75 -$0.14
Diluted Earnings Per Share $0.72 -$0.14
COMMON SHARES
Basic Shares Outstanding 30.67M 29.58M
Diluted Shares Outstanding 31.81M 29.58M

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $370.7M $209.7M
YoY Change 76.78% -1.41%
Cash & Equivalents $363.5M $204.3M
Short-Term Investments $7.100M $5.400M
Other Short-Term Assets $31.60M $29.80M
YoY Change 6.04% -14.37%
Inventory $215.7M $180.6M
Prepaid Expenses
Receivables $312.9M $257.6M
Other Receivables $0.00 $0.00
Total Short-Term Assets $930.9M $677.6M
YoY Change 37.38% -20.97%
LONG-TERM ASSETS
Property, Plant & Equipment $14.90M $16.38M
YoY Change -9.06% -20.65%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $8.700M $3.900M
YoY Change 123.08% -51.85%
Other Assets $80.77M $68.54M
YoY Change 17.84% -3.79%
Total Long-Term Assets $206.5M $201.8M
YoY Change 2.33% -10.15%
TOTAL ASSETS
Total Short-Term Assets $930.9M $677.6M
Total Long-Term Assets $206.5M $201.8M
Total Assets $1.137B $879.4M
YoY Change 29.34% -18.72%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $87.30M $39.20M
YoY Change 122.7% -43.42%
Accrued Expenses $220.3M $172.9M
YoY Change 27.42% -17.81%
Deferred Revenue $15.13M $6.669M
YoY Change 126.93% -43.24%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $361.3M $234.2M
YoY Change 54.27% -40.69%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $51.70M $47.40M
YoY Change 9.07% 681.28%
Total Long-Term Liabilities $51.70M $47.40M
YoY Change 9.07% 681.28%
TOTAL LIABILITIES
Total Short-Term Liabilities $361.3M $234.2M
Total Long-Term Liabilities $51.70M $47.40M
Total Liabilities $413.0M $281.6M
YoY Change 46.66% -38.03%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $724.4M $597.8M
YoY Change
Total Liabilities & Shareholders Equity $1.137B $879.4M
YoY Change 29.34% -18.72%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income $22.96M -$4.173M
YoY Change -650.2% -132.49%
Depreciation, Depletion And Amortization $4.661M $4.630M
YoY Change 0.67% -7.92%
Cash From Operating Activities $13.74M $29.01M
YoY Change -52.64% -177.99%
INVESTING ACTIVITIES
Capital Expenditures $1.588M $1.275M
YoY Change 24.55% -78.6%
Acquisitions
YoY Change
Other Investing Activities -$158.0K -$19.00K
YoY Change 731.58% -100.05%
Cash From Investing Activities -$1.770M -$1.506M
YoY Change 17.53% -104.2%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $15.01M
YoY Change -100.0% 0.05%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 5.087M -13.42M
YoY Change -137.92% -4.28%
NET CHANGE
Cash From Operating Activities 13.74M 29.01M
Cash From Investing Activities -1.770M -1.506M
Cash From Financing Activities 5.087M -13.42M
Net Change In Cash 17.05M 14.08M
YoY Change 21.09% -191.65%
FREE CASH FLOW
Cash From Operating Activities $13.74M $29.01M
Capital Expenditures $1.588M $1.275M
Free Cash Flow $12.15M $27.73M
YoY Change -56.19% -164.26%

Facts In Submission

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CY2020Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
324000
CY2021Q1 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
200000
CY2020Q4 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
2382000
CY2021Q1 us-gaap Profit Loss
ProfitLoss
22960000
CY2020Q1 us-gaap Profit Loss
ProfitLoss
-4173000
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
30665000
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
29583000
CY2021Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1149000
CY2020Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
31814000
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
29583000
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.75
CY2020Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.14
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.72
CY2020Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.14
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
287000
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2485000
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
7800000
CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.254
CY2020Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
500000
CY2020Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.142
CY2021Q1 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Amount Of Unrecorded Benefit
SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleAmountOfUnrecordedBenefit
500000
CY2021Q1 us-gaap Purchase Commitment Remaining Minimum Amount Committed
PurchaseCommitmentRemainingMinimumAmountCommitted
166200000
CY2021Q1 ntgr Number Of Days For Non Cancellation Of Purchase Obligations Prior To Expected Shipment Date
NumberOfDaysForNonCancellationOfPurchaseObligationsPriorToExpectedShipmentDate
P30D
CY2020Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
9240000
CY2019Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
10556000
CY2021Q1 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
963000
CY2020Q1 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
1683000
CY2021Q1 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
2027000
CY2020Q1 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
2316000
CY2021Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
8176000
CY2020Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
9923000
CY2021Q1 ntgr Liability For Director And Officer Indemnification Agreements
LiabilityForDirectorAndOfficerIndemnificationAgreements
0
CY2021Q1 ntgr Liability For Customers Distributors And Resellers Indemnification Agreements
LiabilityForCustomersDistributorsAndResellersIndemnificationAgreements
0
CY2021Q1 ntgr Number Of Existing Cases And Proceedings That Company Currently Believes Are Liking To Have Material Adverse Effect On Its Financial Position
NumberOfExistingCasesAndProceedingsThatCompanyCurrentlyBelievesAreLikingToHaveMaterialAdverseEffectOnItsFinancialPosition
0
CY2021Q1 ntgr Future Length Company Currently Considered Regarding Existing Cases And Proceedings That Are Likely To Have Material Adverse Effect On It In Months
FutureLengthCompanyCurrentlyConsideredRegardingExistingCasesAndProceedingsThatAreLikelyToHaveMaterialAdverseEffectOnItInMonths
P12M
CY2019Q1 ntgr Number Of Class Action Lawsuits
NumberOfClassActionLawsuits
6
CY2021Q1 us-gaap Stock Repurchase Program Remaining Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramRemainingNumberOfSharesAuthorizedToBeRepurchased
2600000
CY2021Q1 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
0
CY2020Q1 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
600000
CY2020Q1 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
15000000.0
CY2021Q1 us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
48000
CY2020Q1 us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
54000
CY2021Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
2000000.0
CY2020Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
1300000
CY2020Q4 us-gaap Aoci Tax Attributable To Parent
AociTaxAttributableToParent
-9000
CY2021Q1 us-gaap Other Comprehensive Income Loss Before Reclassifications Tax
OtherComprehensiveIncomeLossBeforeReclassificationsTax
-82000
CY2021Q1 us-gaap Oci Before Reclassifications Net Of Tax Attributable To Parent
OciBeforeReclassificationsNetOfTaxAttributableToParent
-289000
CY2021Q1 us-gaap Reclassification From Aoci Current Period Tax
ReclassificationFromAociCurrentPeriodTax
-88000
CY2021Q1 us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
ReclassificationFromAociCurrentPeriodNetOfTaxAttributableToParent
-330000
CY2021Q1 us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
OtherComprehensiveIncomeLossTaxPortionAttributableToParent1
6000
CY2021Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
41000
CY2021Q1 us-gaap Aoci Tax Attributable To Parent
AociTaxAttributableToParent
-3000
CY2019Q4 us-gaap Aoci Tax Attributable To Parent
AociTaxAttributableToParent
-1000
CY2020Q1 us-gaap Other Comprehensive Income Loss Before Reclassifications Tax
OtherComprehensiveIncomeLossBeforeReclassificationsTax
175000
CY2020Q1 us-gaap Oci Before Reclassifications Net Of Tax Attributable To Parent
OciBeforeReclassificationsNetOfTaxAttributableToParent
810000
CY2020Q1 us-gaap Reclassification From Aoci Current Period Tax
ReclassificationFromAociCurrentPeriodTax
122000
CY2020Q1 us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
ReclassificationFromAociCurrentPeriodNetOfTaxAttributableToParent
460000
CY2020Q1 us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
OtherComprehensiveIncomeLossTaxPortionAttributableToParent1
53000
CY2020Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
350000
CY2020Q1 us-gaap Aoci Tax Attributable To Parent
AociTaxAttributableToParent
52000
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6960000
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6336000
CY2021Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2
CY2021Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
229963000
CY2021Q1 ntgr Segment Contribution Income
SegmentContributionIncome
63587000
CY2020Q1 ntgr Segment Contribution Income
SegmentContributionIncome
27154000
CY2021Q1 ntgr Corporate And Unallocated Income
CorporateAndUnallocatedIncome
21290000
CY2020Q1 ntgr Corporate And Unallocated Income
CorporateAndUnallocatedIncome
18962000
CY2021Q1 ntgr Amortization Of Intangible Asset
AmortizationOfIntangibleAsset
1445000
CY2020Q1 ntgr Amortization Of Intangible Asset
AmortizationOfIntangibleAsset
1519000
CY2021Q1 us-gaap Share Based Compensation
ShareBasedCompensation
6960000
CY2020Q1 us-gaap Share Based Compensation
ShareBasedCompensation
6336000
CY2021Q1 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
0
CY2020Q1 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
-222000
CY2021Q1 ntgr Restructuring And Other Charges
RestructuringAndOtherCharges
2270000
CY2020Q1 ntgr Restructuring And Other Charges
RestructuringAndOtherCharges
-135000
CY2021Q1 us-gaap Gain Loss Related To Litigation Settlement
GainLossRelatedToLitigationSettlement
-295000
CY2020Q1 us-gaap Gain Loss Related To Litigation Settlement
GainLossRelatedToLitigationSettlement
-25000
CY2021Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
10000
CY2020Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
262000
CY2021Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-562000
CY2020Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-4586000
CY2021Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
30775000
CY2020Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-3655000
CY2021Q1 us-gaap Gain Loss On Investments
GainLossOnInvestments
-49000
CY2020Q1 us-gaap Gain Loss On Investments
GainLossOnInvestments
-4500000
CY2021Q1 us-gaap Noncurrent Assets
NoncurrentAssets
42640000
CY2020Q4 us-gaap Noncurrent Assets
NoncurrentAssets
45491000
CY2021Q1 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
168633000
CY2021Q1 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
3200000
CY2020Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
165237000
CY2020Q4 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
5382000
CY2021Q1 ntgr Remaining Liabilities Of Restructuring And Related Activities Paid Off Date
RemainingLiabilitiesOfRestructuringAndRelatedActivitiesPaidOffDate
2021-07
CY2020Q4 us-gaap Restructuring Reserve
RestructuringReserve
314000
CY2021Q1 us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
2260000
CY2021Q1 us-gaap Payments For Restructuring
PaymentsForRestructuring
295000
CY2021Q1 us-gaap Restructuring Reserve Accrual Adjustment1
RestructuringReserveAccrualAdjustment1
89000
CY2021Q1 us-gaap Restructuring Reserve
RestructuringReserve
2190000
CY2021Q1 ntgr Restructuring Non Cash Charges And Adjustments Net
RestructuringNonCashChargesAndAdjustmentsNet
75000
CY2021Q1 ntgr Non Cancelable Leases Expiration Date
NonCancelableLeasesExpirationDate
December 2026
CY2021Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
2394000
CY2020Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
2880000
CY2021Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
330000
CY2020Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
114000
CY2021Q1 us-gaap Lease Cost
LeaseCost
2724000
CY2020Q1 us-gaap Lease Cost
LeaseCost
2994000
CY2021Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
2109000
CY2020Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
3074000
CY2021Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
394000
CY2020Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
1295000

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