(State or other Jurisdiction of Incorporation or Organization) | (Commission file number) | (I.R.S. Employer Identification Number) | |||
(Address of principal executive offices) | (Zip Code) |
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 | ||
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. |
Exhibit Number | Description | |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
ARLO TECHNOLOGIES, INC. |
Registrant |
/s/ CHRISTINE M. GORJANC |
Christine M. Gorjanc |
Chief Financial Officer |
• | Revenue of $106.1 million. |
• | GAAP gross margin of 9.9%; non-GAAP gross margin of 10.7%. |
• | GAAP net loss per diluted share of $0.41, non-GAAP net loss per diluted share of $0.32. |
• | Service revenue of $11.8 million for Q3’19, for growth of 20.2% year over year. |
• | 68.8% year over year paid subscriber growth in Q3. |
• | 47.8% year over year cumulative registered user growth in Q3. |
• | Launched the Arlo Pro 3, the newest camera in our popular Pro line with 2K resolution, color night vision, integrated spotlight, 160° field of view and mid-level price point paired with a three month subscription to Arlo Smart. |
• | Commenced shipping of the Video Doorbell into the channel for late November availability, our first video integrated product in this fast-growing space, which features an industry-leading vertical field-of-view with a unique 1:1 aspect ratio, and SIP technology for true video calls to your mobile device. |
• | Announced definitive agreements to enter into a strategic partnership with Verisure, a leading provider of professionally monitored security solutions. This partnership will provide cash, revenue, and diversification for Arlo on both a regional and channel basis. Verisure will pay Arlo $50 million for Arlo's European commercial operations, creating the first European multi-channel go to market strategy for consumer security and surveillance services. Additionally, Verisure will purchase a minimum of $500 million cumulatively of Arlo products over the next five years to be distributed by Verisure and will also purchase associated Arlo cloud services. |
• | Announced a restructuring plan that has already resulted in lower operating expenses in Q3. We anticipate that savings from the restructuring plan will be fully actualized by the second quarter of 2020, and estimate that such savings will lower ongoing GAAP operating expenses to an annualized run rate of approximately $39.0-$40.0 million per quarter, and ongoing non-GAAP operating expenses to an annualized run rate of approximately $33.0-$34.0 million per quarter, contingent on the successful closing of the Verisure transaction.(2) |
• | Secured a $40 million revolving credit line. |
• | As previously disclosed, in April 2019 the Company’s Board of Directors commenced a comprehensive strategic review of the Company. On November 7, 2019, the Company announced that the strategic review had formally concluded, but that the Company will continue to evaluate a wide range of strategic alternatives available to the Company to optimize the value of the Company and to improve returns to its stockholders. |
• | Revenue of $115 million to $125 million |
• | GAAP gross margin between 9.9% and 12.9%, and non-GAAP gross margin between 10.5% and 13.5% |
• | GAAP net loss per diluted share of ($0.45) to ($0.39), and non-GAAP net loss per diluted share of ($0.34) to ($0.28) |
• | GAAP Operating loss of $35 million to $30 million and non-GAAP operating loss of $26 million to $21 million. |
• | GAAP and non-GAAP tax expense of $0.4 million |
Three Months Ending December 31, 2019 | |||||||
Gross Margin Rate | Net Loss per Diluted Share | Tax Expense | Operating Loss | ||||
(in millions) | (in millions) | ||||||
GAAP | 9.9% - 12.9% | ($0.45) - ($0.39) | $0.4 | ($34.8) - ($30.0) | |||
Estimated adjustments for (3): | |||||||
Separation expense | __ | $0.01 | __ | $0.5 | |||
Stock-based compensation expense | 0.3% | $0.07 | __ | $5.5 | |||
Strategic initiative expense | __ | $0.01 | $1.0 | ||||
Amortization of intangibles | 0.3% | $0.00 | __ | $0.4 | |||
Restructuring and other charges | __ | $0.02 | __ | $1.5 | |||
Tax effects of non-GAAP adjustments | __ | __ | __ | __ | |||
Non-GAAP | 10.5% - 13.5% | ($0.34) - ($0.28) | $0.4 | ($25.9) - ($21.1) |
ARLO TECHNOLOGIES, INC. |
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS |
As of | |||||||
September 29, 2019 | December 31, 2018 | ||||||
(in thousands) | |||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 113,870 | $ | 151,290 | |||
Short-term investments | 39,941 | 49,737 | |||||
Accounts receivable, net | 99,698 | 166,045 | |||||
Inventories | 74,117 | 124,791 | |||||
Prepaid expenses and other current assets | 16,088 | 23,611 | |||||
Total current assets | 343,714 | 515,474 | |||||
Property and equipment, net | 24,216 | 49,428 | |||||
Operating lease right-of-use assets, net | 32,008 | — | |||||
Intangibles, net | 1,679 | 2,823 | |||||
Goodwill | 15,638 | 15,638 | |||||
Restricted cash | 4,130 | 4,134 | |||||
Other non-current assets | 5,610 | 8,449 | |||||
Total assets | $ | 426,995 | $ | 595,946 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 57,772 | $ | 82,542 | |||
Deferred revenue | 28,443 | 26,678 | |||||
Accrued liabilities | 110,071 | 172,036 | |||||
Income tax payable | 995 | 734 | |||||
Total current liabilities | 197,281 | 281,990 | |||||
Non-current deferred revenue | 19,552 | 23,313 | |||||
Non-current operating lease liabilities | 30,484 | — | |||||
Non-current financing lease obligation | — | 19,978 | |||||
Non-current income taxes payable | 58 | 22 | |||||
Other non-current liabilities | 14 | 1,141 | |||||
Total liabilities | 247,389 | 326,444 | |||||
Stockholders’ Equity: | |||||||
Common stock | 76 | 74 | |||||
Additional paid-in capital | 330,618 | 315,277 | |||||
Accumulated other comprehensive income | 46 | — | |||||
Accumulated deficit | (151,134 | ) | (45,849 | ) | |||
Total stockholders’ equity | 179,606 | 269,502 | |||||
Total liabilities and stockholders’ equity | $ | 426,995 | $ | 595,946 |
ARLO TECHNOLOGIES, INC. |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 29, 2019 | June 30, 2019 | September 30, 2018 | September 29, 2019 | September 30, 2018 (1) | |||||||||||||||
(in thousands, except percentage and per share data) | |||||||||||||||||||
Revenue: | |||||||||||||||||||
Products | $ | 94,306 | $ | 72,445 | $ | 121,347 | $ | 213,359 | $ | 315,678 | |||||||||
Services | 11,810 | 11,153 | 9,827 | 34,235 | 27,082 | ||||||||||||||
Total revenue | 106,116 | 83,598 | 131,174 | 247,594 | 342,760 | ||||||||||||||
Cost of revenue: | |||||||||||||||||||
Products | 88,755 | 67,839 | 96,754 | 206,878 | 241,808 | ||||||||||||||
Services | 6,858 | 6,109 | 4,673 | 18,618 | 13,858 | ||||||||||||||
Total cost of revenue | 95,613 | 73,948 | 101,427 | 225,496 | 255,666 | ||||||||||||||
Gross profit | 10,503 | 9,650 | 29,747 | 22,098 | 87,094 | ||||||||||||||
Gross margin | 9.9 | % | 11.5 | % | 22.7 | % | 8.9 | % | 25.4 | % | |||||||||
Operating expenses: | |||||||||||||||||||
Research and development | 16,701 | 17,594 | 16,100 | 52,456 | 41,929 | ||||||||||||||
Sales and marketing | 13,657 | 14,511 | 12,843 | 42,389 | 37,123 | ||||||||||||||
General and administrative | 11,062 | 10,914 | 8,357 | 32,512 | 19,553 | ||||||||||||||
Separation expense | 137 | 717 | 5,823 | 1,760 | 23,649 | ||||||||||||||
Total operating expenses | 41,557 | 43,736 | 43,123 | 129,117 | 122,254 | ||||||||||||||
Loss from operations | (31,054 | ) | (34,086 | ) | (13,376 | ) | (107,019 | ) | (35,160 | ) | |||||||||
Operating margin | (29.3 | )% | (40.8 | )% | (10.2 | )% | (43.2 | )% | (10.3 | )% | |||||||||
Interest income | 596 | 712 | 503 | 2,170 | 503 | ||||||||||||||
Other income (expense), net | 154 | 31 | (129 | ) | 138 | (923 | ) | ||||||||||||
Loss before income taxes | (30,304 | ) | (33,343 | ) | (13,002 | ) | (104,711 | ) | (35,580 | ) | |||||||||
Provision for income taxes | 286 | 349 | 223 | 855 | 830 | ||||||||||||||
Net loss | $ | (30,590 | ) | $ | (33,692 | ) | $ | (13,225 | ) | $ | (105,566 | ) | $ | (36,410 | ) | ||||
Net loss per share: | |||||||||||||||||||
Basic | $ | (0.41 | ) | $ | (0.45 | ) | $ | (0.19 | ) | $ | (1.41 | ) | $ | (0.56 | ) | ||||
Diluted | $ | (0.41 | ) | $ | (0.45 | ) | $ | (0.19 | ) | $ | (1.41 | ) | $ | (0.56 | ) | ||||
Weighted average shares used to compute net loss per share: | |||||||||||||||||||
Basic | 75,337 | 74,729 | 69,600 | 74,831 | 64,867 | ||||||||||||||
Diluted | 75,337 | 74,729 | 69,600 | 74,831 | 64,867 |
ARLO TECHNOLOGIES, INC. |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
Nine Months Ended | |||||||
September 29, 2019 | September 30, 2018 | ||||||
(In thousands) | |||||||
Cash flows from operating activities: | |||||||
Net loss | $ | (105,566 | ) | $ | (36,410 | ) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
Depreciation and amortization | 10,950 | 3,406 | |||||
Premium amortization / discount accretion on investments, net | (391 | ) | (3 | ) | |||
Stock-based compensation | 15,261 | 5,336 | |||||
Deferred income taxes | (109 | ) | (438 | ) | |||
Changes in assets and liabilities: | |||||||
Accounts receivable, net | 66,348 | (69,724 | ) | ||||
Inventories | 50,675 | (50,009 | ) | ||||
Prepaid expenses and other assets | (1,729 | ) | (17,319 | ) | |||
Accounts payable | (24,381 | ) | 53,717 | ||||
Deferred revenue | (1,996 | ) | 7,169 | ||||
Accrued and other liabilities | (51,777 | ) | 57,966 | ||||
Net cash used in operating activities | (42,715 | ) | (46,309 | ) | |||
Cash flows from investing activities: | |||||||
Purchases of property and equipment | (5,023 | ) | (10,854 | ) | |||
Purchases of short-term investments | (29,768 | ) | (39,774 | ) | |||
Maturities of short-term investments | 40,000 | — | |||||
Net cash provided by (used in) used in investing activities | 5,209 | (50,628 | ) | ||||
Cash flows from financing activities: | |||||||
Proceeds from initial public offering, net of offering costs | — | 173,395 | |||||
Proceeds related to employee benefit plans | 1,837 | — | |||||
Restricted stock unit withholdings | (1,755 | ) | — | ||||
Net investment from parent | — | 71,507 | |||||
Net cash provided by (used in) financing activities | 82 | 244,902 | |||||
Net increase (decrease) in cash and cash equivalents and restricted cash | (37,424 | ) | 147,965 | ||||
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 | $ | 118,000 | $ | 148,073 | |||
Non-cash investing and financing activities: | |||||||
Purchases of property and equipment included in accounts payable and accrued liabilities | $ | 1,578 | $ | 5,279 | |||
De-recognition of build-to-suit assets and liabilities | $ | (21,610 | ) | $ | — | ||
Estimated fair value of a facility under build-to-suit lease | $ | — | $ | 21,858 |
ARLO TECHNOLOGIES, INC. |
RECONCILIATIONS OF GAAP MEASURES TO NON-GAAP MEASURES |
STATEMENT OF OPERATIONS DATA: | |||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 29, 2019 | June 30, 2019 | September 30, 2018 | September 29, 2019 | September 30, 2018 | |||||||||||||||
(in thousands, except percentage data) | |||||||||||||||||||
GAAP gross profit | $ | 10,503 | $ | 9,650 | $ | 29,747 | $ | 22,098 | $ | 87,094 | |||||||||
GAAP gross margin | 9.9 | % | 11.5 | % | 22.7 | % | 8.9 | % | 25.4 | % | |||||||||
Stock-based compensation expense | 467 | 450 | 236 | 1,286 | 919 | ||||||||||||||
Amortization of intangibles | 381 | 382 | 381 | 1,144 | 1,144 | ||||||||||||||
Non-GAAP gross profit | $ | 11,351 | $ | 10,482 | $ | 30,364 | $ | 24,528 | $ | 89,157 | |||||||||
Non-GAAP gross margin | 10.7 | % | 12.5 | % | 23.1 | % | 9.9 | % | 26.0 | % | |||||||||
GAAP research and development | $ | 16,701 | $ | 17,594 | $ | 16,100 | $ | 52,456 | $ | 41,929 | |||||||||
Stock-based compensation expense | (1,569 | ) | (1,635 | ) | (872 | ) | (4,501 | ) | (2,582 | ) | |||||||||
Non-GAAP research and development | $ | 15,132 | $ | 15,959 | $ | 15,228 | $ | 47,955 | $ | 39,347 | |||||||||
GAAP sales and marketing | $ | 13,657 | $ | 14,511 | $ | 12,843 | $ | 42,389 | $ | 37,123 | |||||||||
Stock-based compensation expense | (791 | ) | (991 | ) | (754 | ) | (2,722 | ) | (2,208 | ) | |||||||||
Non-GAAP sales and marketing | $ | 12,866 | $ | 13,520 | $ | 12,089 | $ | 39,667 | $ | 34,915 | |||||||||
GAAP general and administrative | $ | 11,062 | $ | 10,914 | $ | 8,357 | $ | 32,512 | $ | 19,553 | |||||||||
Stock-based compensation expense | (2,392 | ) | (2,313 | ) | (1,575 | ) | (6,752 | ) | (3,675 | ) | |||||||||
Restructuring and other charges | — | — | — | — | (74 | ) | |||||||||||||
Strategic initiative | (502 | ) | — | — | (502 | ) | — | ||||||||||||
Litigation reserves, net | (140 | ) | — | — | (140 | ) | — | ||||||||||||
Non-GAAP general and administrative | $ | 8,028 | $ | 8,601 | $ | 6,782 | $ | 25,118 | $ | 15,804 | |||||||||
GAAP total operating expenses | $ | 41,557 | $ | 43,736 | $ | 43,123 | $ | 129,117 | $ | 122,254 | |||||||||
Separation expense | (136 | ) | (717 | ) | (5,823 | ) | (1,759 | ) | (23,649 | ) | |||||||||
Strategic initiative expense | (502 | ) | — | — | (502 | ) | — | ||||||||||||
Stock-based compensation expense | (4,752 | ) | (4,939 | ) | (3,201 | ) | (13,975 | ) | (8,465 | ) | |||||||||
Restructuring and other charges | — | — | — | — | (74 | ) | |||||||||||||
Legal settlement | (140 | ) | — | — | (140 | ) | — | ||||||||||||
Activist shareholder response costs | — | (237 | ) | — | (237 | ) | — | ||||||||||||
Non-GAAP total operating expenses | $ | 36,027 | $ | 37,843 | $ | 34,099 | $ | 112,504 | $ | 90,066 |
ARLO TECHNOLOGIES, INC. |
RECONCILIATIONS OF GAAP MEASURES TO NON-GAAP MEASURES (CONTINUED) |
STATEMENT OF OPERATIONS DATA (CONTINUED): | |||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 29, 2019 | June 30, 2019 | September 30, 2018 | September 29, 2019 | September 30, 2018 | |||||||||||||||
(in thousands, except percentage and per share data) | |||||||||||||||||||
GAAP operating loss | $ | (31,054 | ) | $ | (34,086 | ) | $ | (13,376 | ) | $ | (107,019 | ) | $ | (35,160 | ) | ||||
GAAP operating margin | (29.3 | )% | (40.8 | )% | (10.2 | )% | (43.2 | )% | (10.3 | )% | |||||||||
Separation expense | 136 | 717 | 5,823 | 1,759 | 23,649 | ||||||||||||||
Strategic initiative expense | 502 | — | — | 502 | — | ||||||||||||||
Stock-based compensation expense | 5,219 | 5,389 | 3,437 | 15,261 | 9,384 | ||||||||||||||
Amortization of intangibles | 381 | 382 | 381 | 1,144 | 1,144 | ||||||||||||||
Restructuring and other charges | — | — | — | — | 74 | ||||||||||||||
Legal settlement | 140 | — | — | 140 | — | ||||||||||||||
Activist shareholder response costs | — | 237 | — | 237 | — | ||||||||||||||
Non-GAAP operating income (loss) | $ | (24,676 | ) | $ | (27,361 | ) | $ | (3,735 | ) | $ | (87,976 | ) | $ | (909 | ) | ||||
Non-GAAP operating margin | (23.3 | )% | (32.7 | )% | (2.8 | )% | (35.5 | )% | (0.3 | )% | |||||||||
GAAP provision for income taxes | $ | 286 | $ | 349 | $ | 223 | $ | 855 | $ | 830 | |||||||||
GAAP income tax rate | (0.9 | )% | (1.0 | )% | (1.7 | )% | (0.8 | )% | (2.3 | )% | |||||||||
Tax effects | (46 | ) | 142 | 223 | 96 | 223 | |||||||||||||
Non-GAAP provision for income taxes | $ | 332 | $ | 207 | $ | — | $ | 759 | $ | 607 | |||||||||
Non-GAAP income tax rate | (1.4 | )% | (0.8 | )% | — | % | (0.9 | )% | (45.7 | )% | |||||||||
GAAP net loss | $ | (30,590 | ) | $ | (33,692 | ) | $ | (13,225 | ) | $ | (105,566 | ) | $ | (36,410 | ) | ||||
Separation expense | 136 | 717 | 5,823 | 1,759 | 23,649 | ||||||||||||||
Strategic initiative expense | 502 | — | — | 502 | — | ||||||||||||||
Stock-based compensation expense | 5,219 | 5,389 | 3,437 | 15,261 | 9,384 | ||||||||||||||
Amortization of intangibles | 381 | 382 | 381 | 1,144 | 1,144 | ||||||||||||||
Restructuring and other charges | — | — | — | — | 74 | ||||||||||||||
Legal settlement | 140 | — | — | 140 | — | ||||||||||||||
Activist shareholder response costs | — | 237 | — | 237 | — | ||||||||||||||
Tax effects | (46 | ) | 142 | 223 | 96 | 223 | |||||||||||||
Non-GAAP net income (loss) | $ | (24,258 | ) | $ | (26,825 | ) | $ | (3,361 | ) | $ | (86,427 | ) | $ | (1,936 | ) |
ARLO TECHNOLOGIES, INC. |
RECONCILIATIONS OF GAAP MEASURES TO NON-GAAP MEASURES (CONTINUED) |
STATEMENT OF OPERATIONS DATA (CONTINUED): | |||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 29, 2019 | June 30, 2019 | September 30, 2018 | September 29, 2019 | September 30, 2018 | |||||||||||||||
(in thousands, except percentage and per share data) | |||||||||||||||||||
NET INCOME (LOSS) PER DILUTED SHARE: | |||||||||||||||||||
GAAP net loss per diluted share | $ | (0.41 | ) | $ | (0.45 | ) | $ | (0.19 | ) | $ | (1.41 | ) | $ | (0.56 | ) | ||||
Separation expense | 0.00 | 0.01 | 0.08 | 0.02 | 0.36 | ||||||||||||||
Strategic initiative expense | 0.01 | — | — | 0.01 | — | ||||||||||||||
Stock-based compensation expense | 0.07 | 0.07 | 0.05 | 0.21 | 0.15 | ||||||||||||||
Amortization of intangibles | 0.01 | 0.01 | 0.01 | 0.02 | 0.02 | ||||||||||||||
Restructuring and other charges | — | — | — | — | 0.00 | ||||||||||||||
Legal settlement | 0.00 | — | — | 0.00 | — | ||||||||||||||
Activist shareholder response costs | 0.00 | 0.00 | — | 0.00 | — | ||||||||||||||
Tax effects | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||
Non-GAAP net income (loss) per diluted share | $ | (0.32 | ) | $ | (0.36 | ) | $ | (0.05 | ) | $ | (1.15 | ) | $ | (0.03 | ) | ||||
Shares used in computing GAAP net loss per diluted share | 75,337 | 74,729 | 69,600 | 74,831 | 64,867 | ||||||||||||||
Shares used in computing non-GAAP net income (loss) per diluted share | 75,337 | 74,729 | 69,600 | 74,831 | 64,867 |
ARLO TECHNOLOGIES, INC. |
UNAUDITED SUPPLEMENTAL FINANCIAL INFORMATION |
Three Months Ended | |||||||||||||||||||
September 29, 2019 | June 30, 2019 | March 31, 2019 | December 31, 2018 | September 30, 2018 | |||||||||||||||
(in thousands, except headcount and per share data) | |||||||||||||||||||
Cash, cash equivalents and short-term investments | $ | 153,811 | $ | 137,927 | $ | 180,374 | $ | 201,027 | $ | 187,846 | |||||||||
Cash, cash equivalents and short-term investments per diluted share | $ | 2.04 | $ | 1.85 | $ | 2.42 | $ | 2.71 | $ | 2.70 | |||||||||
Accounts receivable, net | $ | 99,698 | $ | 79,707 | $ | 71,566 | $ | 166,045 | $ | 117,119 | |||||||||
Days sales outstanding | 85 | 87 | 111 | 125 | 81 | ||||||||||||||
Inventories | $ | 74,117 | $ | 97,222 | $ | 131,227 | $ | 124,791 | $ | 132,479 | |||||||||
Ending inventory turns | 4.8 | 2.8 | 1.5 | 3.6 | 2.9 | ||||||||||||||
Weeks of channel inventory: | |||||||||||||||||||
U.S. retail channel | 13.3 | 10.1 | 14.5 | 8.1 | 13.5 | ||||||||||||||
U.S. distribution channel | 3.3 | 8.9 | 8.9 | 10.9 | 9.1 | ||||||||||||||
EMEA distribution channel | 5.6 | 2.7 | 4.4 | 6.7 | 4.4 | ||||||||||||||
APAC distribution channel | 4.3 | 5.1 | 6.7 | 6.0 | 9.2 | ||||||||||||||
Deferred revenue (current and non-current) | $ | 47,995 | $ | 47,464 | $ | 47,737 | $ | 49,991 | $ | 45,906 | |||||||||
Cumulative registered users | 3,691 | 3,397 | 3,126 | 2,850 | 2,498 | ||||||||||||||
Paid subscribers | 211 | 187 | 162 | * | 144 | 125 | |||||||||||||
Headcount | 406 | 402 | 401 | 386 | 344 | ||||||||||||||
Non-GAAP diluted shares | 75,337 | 74,729 | 74,409 | 74,247 | 69,600 |
* | We factored in an adjustment to our Q1’19 paid subscriber number and have subsequently revised the Q1’19 total to 162,000. |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
September 29, 2019 | June 30, 2019 | September 30, 2018 | September 29, 2019 | September 30, 2018 | |||||||||||||||||||||||||
(in thousands, except percentage data) | |||||||||||||||||||||||||||||
Americas | $ | 85,562 | 81 | % | $ | 64,564 | 77 | % | $ | 112,849 | 86 | % | $ | 194,492 | 79 | % | $ | 274,253 | 80 | % | |||||||||
EMEA | 13,002 | 12 | % | 15,066 | 18 | % | 11,760 | 9 | % | 37,370 | 15 | % | 50,416 | 15 | % | ||||||||||||||
APAC | 7,552 | 7 | % | 3,968 | 5 | % | 6,565 | 5 | % | 15,732 | 6 | % | 18,091 | 5 | % | ||||||||||||||
Total | $ | 106,116 | 100 | % | $ | 83,598 | 100 | % | $ | 131,174 | 100 | % | $ | 247,594 | 100 | % | $ | 342,760 | 100 | % |
Cover Page |
Nov. 07, 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 | Nov. 07, 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 |
Amendment Flag | false |