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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Arlo Technologies Inc | NYSE:ARLO | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.155 | 1.25% | 12.535 | 12.58 | 12.365 | 12.38 | 157,964 | 16:36:22 |
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
“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
_________________________
(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)
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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