0001736946-19-000033.txt : 20190806 0001736946-19-000033.hdr.sgml : 20190806 20190806161625 ACCESSION NUMBER: 0001736946-19-000033 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 16 CONFORMED PERIOD OF REPORT: 20190806 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20190806 DATE AS OF CHANGE: 20190806 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Arlo Technologies, Inc. CENTRAL INDEX KEY: 0001736946 STANDARD INDUSTRIAL CLASSIFICATION: HOUSEHOLD AUDIO & VIDEO EQUIPMENT [3651] IRS NUMBER: 384061754 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-38618 FILM NUMBER: 191002268 BUSINESS ADDRESS: STREET 1: 3030 ORCHARD PARKWAY CITY: SAN JOSE STATE: CA ZIP: 95134 BUSINESS PHONE: (408) 890-3900 MAIL ADDRESS: STREET 1: 3030 ORCHARD PARKWAY CITY: SAN JOSE STATE: CA ZIP: 95134 8-K 1 arlo20190806-8k.htm FORM 8-K Document
false0001736946 0001736946 2019-08-06 2019-08-06


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549  
 
 
 
 
 
 FORM 8-K
 
 
 
 
 
 
 CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): August 6, 2019
 
 
 
 
 
 
 ARLO TECHNOLOGIES, INC.
(Exact name of Registrant as specified in its charter)
Delaware
001-38618
 
38-4061754
(State or other Jurisdiction of Incorporation or Organization)
(Commission file number)
 
(I.R.S. Employer Identification Number)
 
 
 
 
 
 
3030 Orchard Parkway

 


San Jose,
California
 
 
 
95134
(Address of principal executive offices)
 
 
 
(Zip Code)
(408) 890-3900
(Registrant's telephone number, including area code)  
N/A
(Former name, former address and former fiscal year, if changed since last report)
 
 
 
 
 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):  
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
 
 
 
 
 
Title of Each Class 
 
Trading Symbol(s)
 
Name of Each Exchange on Which Registered
Common Stock, par value $0.001 per share
 
ARLO
 
New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company 
☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐




Item 2.02    Results of Operations and Financial Condition.

On August 6, 2019, Arlo Technologies, Inc. issued a press release announcing its financial results for the second quarter ended June 30, 2019, the text of which is furnished herewith as Exhibit 99.1.

The information furnished pursuant to this Item 2.02 and the exhibit to this Current Report are being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that Section. The information furnished pursuant to this Item 2.02 and the exhibit to this Current Report shall not be incorporated by reference in any filing under the Securities Act of 1933, as amended or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
     
Item 9.01    Financial Statements and Exhibits.

(d) Exhibits
    
Exhibit Number
 
Description
99.1  
 


    






SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.    


ARLO TECHNOLOGIES, INC.
Registrant
 
 
 
/s/ CHRISTINE M. GORJANC
Christine M. Gorjanc
Chief Financial Officer

Dated: August 6, 2019    





EX-99.1 2 arloexhibit99119q2earn.htm PRESS RELEASE Exhibit


arlologoa11.jpg
NEWS RELEASE

Arlo Reports Second Quarter 2019 Results

Exceeded Revenue and EPS Guidance
83.3% Paid Subscriber Growth Year Over Year
Right-sized Channel Inventory

SAN JOSE, California - August 6, 2019 - Arlo Technologies, Inc. (NYSE: ARLO), the #1 network connected camera brand (1), today reported financial results for the second quarter ended June 30, 2019.

Second Quarter 2019 Financial Highlights

•
Revenue of $83.6 million
•
GAAP gross margin of 11.5%; non-GAAP gross margin of 12.5%.
•
GAAP net loss per diluted share of $0.45, non-GAAP net loss per diluted share of $0.36.

“In the second quarter, Arlo again delivered a solid quarter through strong execution with a focus on costs, while continuing our innovation. Bringing our channel inventory in line with historical norms allowed us to continue our progress on the top line, achieving 44% sequential growth. Aided by our first full quarter of Ultra in the market, we maintained our leading market share position and performed well against our guidance metrics,” said Matthew McRae, Chief Executive Officer of Arlo Technologies. “We continue to exhibit the innovation Arlo is known for and will be adding a new camera introduction to the doorbell that will hit the market in the coming quarters. I am excited about the trajectory Arlo is on and look forward to accelerating growth in the back half of the year.”

Business Highlights

•
Service revenue of $11.2 million for Q2’19, for growth of 23.3% year over year
•
83.3% year over year paid subscriber growth in Q2
•
54.1% year over year cumulative registered user growth in Q2
•
Ultra named an Editor’s Choice by PC Magazine.
•
Announced that HomeKit, Apple’s smart home platform, is now supported on Arlo Pro and Arlo Pro 2 Security Camera Systems, allowing unique functionality through the Apple Home app and Siri voice commands.
•
Launched direct-to-consumer sales on Arlo.com, enabling a unique platform to engage with our customers, gain new insights into their preferences and drive greater lifetime value.
•
Announcing a new camera with 2K resolution and will include the same great wire-free design, range and battery performance customers enjoy with all of our cameras.









_________________________
(1) The NPD Group, Inc., U.S. Retail Tracking Service, Security & Monitoring, Camera Technology: Decentralized IP Camera and Centralized IP Camera, based on Dollars, Jan 2018-Dec 2018.

Page 1


Third Quarter 2019 Business Outlook (1) 

•
Revenue of $95 million to $105 million
•
GAAP gross margin between 8.1% and 11.1%, and non-GAAP gross margin between 9.0% and 12.0%
•
GAAP net loss per diluted share of ($0.53) to ($0.47), and non-GAAP net loss per diluted share of ($0.43) to ($0.37)

A reconciliation of our business outlook on a GAAP and non-GAAP basis is provided in the following table:
 
Three Months Ending September 29, 2019
 
Gross
Margin Rate
 
Net Loss
per Diluted Share
 
Tax
Expense
 
 
 
 
 
(in thousands)
GAAP
8.1% - 11.1%
 
($0.53) - ($0.47)
 
$300
Estimated adjustments for (1):
 
 
 
 
 
Separation expense
__
 
$0.01
 
__
Stock-based compensation expense
0.5%
 
$0.08
 
__
Amortization of intangibles
0.4%
 
$0.01
 
__
Tax effects of non-GAAP adjustments
__
 
__
 
__
Non-GAAP
9.0% - 12.0%
 
($0.43) - ($0.37)
 
$300
_________________________
(1) Business outlook does not include estimates for any currently unknown income and expense items which, by their nature, could arise late in a quarter, including: restructuring and other charges; litigation reserves, net; acquisition-related charges; impairment charges; discrete tax benefits or detriments relating to tax windfalls or shortfalls from equity awards; and any additional impacts relating to the implementation of U.S. tax reform. New material income and expense items such as these could have a significant effect on our guidance and future results.

Investor Conference Call / Webcast Details

Arlo will review the second quarter of 2019 results and discuss management’s expectations for the third quarter of 2019 today, Tuesday, August 6, 2019 at 5:00 p.m. ET (2:00 p.m. PT). The toll free dial-in number for the live audio call is (866) 393-4306. The international dial-in number for the live audio call is (734) 385-2616. The conference ID for the call is 9492805. A live webcast of the conference call will be available on Arlo’s Investor Relations website at https://investor.arlo.com. A replay of the call will be available via the web at https://investor.arlo.com.


Page 2


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.

Contact:

Arlo Investor Relations
Erik Bylin
investors@arlo.com
(510) 315-1004





Page 3


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.

Page 4



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

-Financial Tables Attached-

Page 5


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



Page 6


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.

Page 7


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
)
 
$
—



Page 8


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



Page 9


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













Page 10




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



Page 11


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
%


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Cover Page
Aug. 06, 2019
Cover page.  
Entity Ex Transition Period false
Entity Central Index Key 0001736946
Entity Emerging Growth Company true
Title of 12(b) Security Common Stock, par value $0.001 per share
Pre-commencement Issuer Tender Offer false
Pre-commencement Tender Offer false
Soliciting Material false
Written Communications false
City Area Code 408
Entity Tax Identification Number 38-4061754
Document Type 8-K
Document Period End Date Aug. 06, 2019
Entity Registrant Name ARLO TECHNOLOGIES, INC.
Entity Incorporation, State or Country Code DE
Entity File Number 001-38618
Entity Address, Address Line One 3030 Orchard Parkway
Entity Address, City or Town San Jose,
Entity Address, State or Province CA
Entity Address, Postal Zip Code 95134
Local Phone Number 890-3900
Trading Symbol ARLO
Security Exchange Name NYSE
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