0001736946-20-000003.txt : 20200224 0001736946-20-000003.hdr.sgml : 20200224 20200224162232 ACCESSION NUMBER: 0001736946-20-000003 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 16 CONFORMED PERIOD OF REPORT: 20200224 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20200224 DATE AS OF CHANGE: 20200224 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: 20644606 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 arlo2020210-8k.htm 8-K Document
false0001736946 0001736946 2020-02-24 2020-02-24


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): February 24, 2020
 
 
 
 
 
 
 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 February 24, 2020, Arlo Technologies, Inc. issued a press release announcing its financial results for the fourth quarter and full year ended December 31, 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  
 
104
 
Cover Page Interactive Data File (embedded within the Inline XBRL document)


    






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: February 24, 2020    





EX-99.1 2 arloexhibit99119q4earn.htm EXHIBIT 99.1 Exhibit


arlologoa14.jpg
NEWS RELEASE

Arlo Reports Fourth Quarter 2019 and Full Year 2019 Results

Added More Than $100 million to Cash and Equivalents in the Quarter, Ending Year at $256.7 million
Closed the Verisure Partnership to Drive Growth in Europe
Restructuring on Track to Deliver More than $25 Million in Cost Savings
59.7% Paid Account Growth Year over Year


SAN JOSE, California - February 24, 2020 - Arlo Technologies, Inc. (NYSE: ARLO), a global network connected camera company that delivers innovative internet connected products to consumers and businesses, today reported financial results for the fourth quarter and year ended December 31, 2019.

Financial Highlights (1) 

•
Fourth quarter revenue of $122.4 million, an increase of 0.2% year over year.
•
Fourth quarter GAAP gross margin of 11.2%; non-GAAP gross margin of 12.2%.
•
Fourth quarter GAAP net income per diluted share of $0.26, non-GAAP net loss per diluted share of $(0.26).
•
2019 revenue of $370.0 million.
•
2019 GAAP gross margin of 9.7%; non-GAAP gross margin of 10.6%.
•
2019 GAAP net loss per diluted share of $(1.14), non-GAAP net loss per diluted share of $(1.42).

“Arlo finished 2019 with strong execution in the market, meeting or beating our guidance, while delivering on our strategic and operational initiatives to position us to make greater strides in 2020. We closed on our strategic partnership with Verisure, securing future revenue growth and channel expansion opportunities while improving our liquidity and our path to profitability,” said Matthew McRae, Chief Executive Officer of Arlo Technologies. “While the Pro 3 and video doorbell hit retailers in Q4 to instant acclaim, we continued our innovation and expanded our leading product portfolio with the addition of the Floodlight Camera, the first wire-free integrated floodlight camera in the market, and launched Arlo SmartCloud, a SaaS version of our Arlo Smart service platform. Combined with our restructuring plan to drive efficiencies, we have positioned Arlo well for 2020 with greatly improved liquidity and a slate of award winning, best-in-class products.”

 
Three Months Ended
 
Twelve Months Ended
 
December 31, 2019
 
September 29, 2019
 
December 31, 2018
 
December 31, 2019
 
December 31, 2018
 
(in thousands, except percentage and per share data)
Revenue
$
122,413

 
$
106,116

 
$
122,158

 
$
370,007

 
$
464,918

GAAP Gross Margin
11.2
%
 
9.9
%
 
4.1
%
 
9.7
%
 
19.8
%
Non-GAAP Gross Margin
12.2
%
 
10.7
%
 
4.6
%
 
10.6
%
 
20.4
%
GAAP Net Income (Loss) per Diluted Share
$
0.26

 
$
(0.41
)
 
$
(0.53
)
 
$
(1.14
)
 
$
(1.12
)
Non-GAAP Net Income (Loss) per Diluted Share
$
(0.26
)
 
$
(0.32
)
 
$
(0.43
)
 
$
(1.42
)
 
$
(0.49
)
_________________________
(1) Reconciliation of financial measures computed on a GAAP basis to financial measures computed on a non-GAAP basis are provided at the end of this press release.


Page 1


Business Highlights

•
Full year service revenue of $46.8 million, for growth of 23.7% year over year.
•
59.7% year over year paid account growth in Q4.
•
40.9% year over year cumulative registered account growth in Q4.
•
Launched the Arlo SmartCloud, a SaaS version of our Arlo Smart service platform. This robust offering delivers reliable and scalable security cloud services to any company, community, or smart city, making Arlo the ideal choice for those looking to bring intelligent subscription services to their customers.
•
Announced our all-new Arlo Floodlight Camera, the first wire-free integrated floodlight camera on the market, featuring powerful LEDs, an integrated 2K HDR camera, 160-degree field of view, two-way audio, custom lighting configurations, a rechargeable battery, and a built-in siren. The Floodlight Camera is paired with a three month subscription to Arlo Smart.
•
Announced our Privacy Pledge, reaffirming our commitment to our users’ right to privacy and control of their personal information, clearly differentiating Arlo from others in our industry.
•
Arlo products garnered numerous awards at CES, including the CES 2020 Innovation Award Honoree and Best of CES awards for our newly announced Floodlight Camera. Our Video Doorbell was awarded the CNET Editor’s Choice Award, and the Pro 3 camera also was named a CES 2020 Innovation Award Honoree and won numerous Editor’s Choice awards across CNET, PC Magazine, TechHive, Digital Trends, and Gotta Be Mobile.
•
Closed our 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 paid Arlo $50 million for Arlo's European commercial operations. Additionally, Verisure committed to 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.

First Quarter 2020 Business Outlook (2) 

•
Revenue of $60.0 million to $70.0 million.
•
GAAP gross margin between 6.1% and 9.4%, and non-GAAP gross margin between 8.0% and 11.0%.
•
GAAP net loss per diluted share of $(0.44) to $(0.47), and non-GAAP net loss per diluted share of $(0.33) to $(0.36).


Page 2


A reconciliation of our business outlook on a GAAP and non-GAAP basis is provided in the following table:
 
Three Months Ending March 29, 2020
 
Revenue
 
Gross Margin Rate
 
Net Loss per Diluted Share
 
(in millions, except percent and per share data)
GAAP
$60.0 - $70.0
 
6.1% - 9.4%
 
($0.44) - ($0.47)
Estimated adjustments for (2):
 
 
 
 
 
Stock-based compensation expense
—
 
1.2%
 
0.1
Strategic initiative expense
—
 
—
 
0.01
Amortization of intangibles
—
 
0.6%
 
—
Restructuring and other charges
—
 
—
 
—
Tax effects of non-GAAP adjustments
—
 
—
 
—
Non-GAAP
$60.0 - $70.0
 
8.0% - 11.0%
 
($0.33) - ($0.36)
_________________________
(2) 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: 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.

Full Year 2020 Business Outlook (3) 

•
Revenue of $370.0 million to $400.0 million.
•
GAAP loss from operations between $(97.6 million) and $(107.6 million), and non-GAAP loss from operations between $(65.0 million) and $(75.0 million).
A reconciliation of our business outlook on a GAAP and non-GAAP basis is provided in the following table:
 
Year Ending December 31, 2020
 
Revenue
 
Loss from Operations
 
(in millions)
GAAP
$370.0 - $400.0
 
($97.6) - ($107.6)
Estimated adjustments for (3):
 
 
 
Stock-based compensation expense
—
 
30.1
Strategic initiative expense
—
 
0.9
Amortization of intangibles
—
 
1.5
Restructuring and other charges
—
 
0.1
Non-GAAP
$370.0 - $400.0
 
($65.0) - ($75.0)
_________________________
(3) 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: 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.


Page 3


Investor Conference Call / Webcast Details

Arlo will review the fourth quarter of 2019 results and discuss management’s expectations for the first quarter of 2020 today, Monday, February 24, 2020 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 6093615. 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.




Contact:

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


Page 4


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; plans to invest in product innovation; Arlo's future product offerings; and the quote from Arlo's Chief Executive Officer. 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 incur additional costs and charges associated with the transactions contemplated by the Verisure partnership; the Company may not receive the minimum commitment amounts from Verisure; health epidemics and other outbreaks; 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; the actions and financial health of the Company's customers; the anticipated financial capacity under Arlo's revolving credit line may not be available when expected, or at all; and the Company may not be able to carry out its restructuring plan. 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 September 29, 2019, filed with the Securities and Exchange Commission on November 7, 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 U.S. 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 provision for income taxes, 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, strategic initiative and transaction expenses, gain on sale of business, 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 5


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.

Strategic initiative and transaction expenses consist of legal fees associated with the strategic review of the Company and legal fees, accounting fees and other one-time costs incurred to complete the Verisure transaction. 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.

Gain on sale of business represents gain from sale of the Company's commercial operations in Europe. We consider our operating results without this gain when evaluating our ongoing performance and forecasting our earnings trends, and therefore exclude such gain when presenting non-GAAP financial measures. We believe that the assessment of our operations excluding the gain 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 6


ARLO TECHNOLOGIES, INC.
 
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

 
As of
 
December 31,
2019
 
December 31,
2018
 
(in thousands)
ASSETS
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
236,680

 
$
151,290

Short-term investments
19,990

 
49,737

Accounts receivable, net
127,317

 
166,045

Inventories
68,624

 
124,791

Prepaid expenses and other current assets
16,958

 
23,611

Total current assets
469,569

 
515,474

Property and equipment, net
21,352

 
49,428

Operating lease right-of-use assets, net
31,300

 
—

Intangibles, net
1,306

 
2,823

Goodwill
11,038

 
15,638

Restricted cash
4,139

 
4,134

Other non-current assets
4,008

 
8,449

Total assets
$
542,712

 
$
595,946

 
 
 
 
LIABILITIES AND STOCKHOLDERS' EQUITY
 
 
 
Current liabilities:
 
 
 
Accounts payable
$
111,650

 
$
82,542

Deferred revenue
50,362

 
26,678

Accrued liabilities
127,400

 
172,036

Income tax payable
4,489

 
734

Total current liabilities
293,901

 
281,990

Non-current deferred revenue
15,736

 
23,313

Non-current operating lease liabilities
29,001

 
—

Non-current financing lease obligation
—

 
19,978

Non-current income taxes payable
92

 
22

Other non-current liabilities
606

 
1,141

Total liabilities
339,336

 
326,444

Stockholders’ Equity:
 
 
 
Preferred stock: $0.001 par value; 50,000,000 shares authorized; none issued or outstanding
—

 
—

Common stock: : $0.001 par value; 500,000,000 shares authorized; shares issued and outstanding: 75,785,952 at December 31, 2019 and 74,247,250 at December 31, 2018
76

 
74

Additional paid-in capital
334,821

 
315,277

Accumulated other comprehensive income
(2
)
 
—

Accumulated deficit
(131,519
)
 
(45,849
)
Total stockholders’ equity
203,376

 
269,502

Total liabilities and stockholders’ equity
$
542,712

 
$
595,946



Page 7


ARLO TECHNOLOGIES, INC.
 
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

 
Three Months Ended
 
Twelve Months Ended
 
December 31,
2019
 
September 29,
2019
 
December 31,
2018
 
December 31,
2019
 
December 31,
2018
 
(in thousands, except percentage and per share data)
Revenue:
 
 
 
 
 
 
 
 
 
Products
$
109,883

 
$
94,306

 
$
111,435

 
$
323,242

 
$
427,113

Services
12,530

 
11,810

 
10,723

 
46,765

 
37,805

Total revenue
122,413

 
106,116

 
122,158

 
370,007

 
464,918

Cost of revenue:
 
 
 
 
 
 
 
 
 
Products
100,470

 
88,755

 
112,215

 
307,348

 
354,023

Services
8,237

 
6,858

 
4,962

 
26,855

 
18,820

Total cost of revenue
108,707

 
95,613

 
117,177

 
334,203

 
372,843

Gross profit
13,706

 
10,503

 
4,981

 
35,804

 
92,075

Gross margin
11.2
%
 
9.9
 %
 
4.1
 %
 
9.7
 %
 
19.8
 %
Operating expenses:
 
 
 
 
 
 
 
 
 
Research and development
16,928

 
16,701

 
16,865

 
69,384

 
58,794

Sales and marketing
14,596

 
13,657

 
15,470

 
56,985

 
52,593

General and administrative
15,112

 
11,062

 
8,656

 
47,624

 
28,209

Separation expense
153

 
137

 
3,603

 
1,913

 
27,252

Gain on sale of business
(54,881
)
 
—

 
—

 
(54,881
)
 
—

Total operating expenses
(8,092
)
 
41,557

 
44,594

 
121,025

 
166,848

Income (loss) from operations
21,798

 
(31,054
)
 
(39,613
)
 
(85,221
)
 
(74,773
)
Operating margin
17.8
%
 
(29.3
)%
 
(32.4
)%
 
(23.0
)%
 
(16.1
)%
Interest income
567

 
596

 
736

 
2,737

 
1,239

Other income (expense), net
775

 
154

 
(254
)
 
913

 
(1,177
)
Income (loss) before income taxes
23,140

 
(30,304
)
 
(39,131
)
 
(81,571
)
 
(74,711
)
Provision for income taxes
3,525

 
286

 
(58
)
 
4,380

 
772

Net income (loss)
$
19,615

 
$
(30,590
)
 
$
(39,073
)
 
$
(85,951
)
 
$
(75,483
)
Net income (loss) per share:
 
 
 
 
 
 
 
 
 
Basic
$
0.26

 
$
(0.41
)
 
$
(0.53
)
 
$
(1.14
)
 
$
(1.12
)
Diluted
$
0.26

 
$
(0.41
)
 
$
(0.53
)
 
$
(1.14
)
 
$
(1.12
)
Weighted average shares used to compute net income (loss) per share:
 
 
 
 
 
 
 
 
 
Basic
75,805

 
75,337

 
74,247

 
75,074

 
67,231

Diluted
76,090

 
75,337

 
74,247

 
75,074

 
67,231


Page 8


ARLO TECHNOLOGIES, INC.
 
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

 
Twelve Months Ended
 
December 31,
2019
 
December 31,
2018
 
(In thousands)
Cash flows from operating activities:
 
 
 
Net loss
$
(85,951
)
 
$
(75,483
)
Adjustments to reconcile net loss to net cash used in operating activities:
 
 
 
Depreciation and amortization
10,681

 
5,307

Stock-based compensation
22,894

 
8,831

Provision for (release of) bad debts and inventory
(2,921
)
 
6,739

Gain on sale of business
(54,881
)
 
—

Deferred income taxes
(210
)
 
(1,108
)
Premium amortization / discount accretion on investments, net
(461
)
 
(120
)
Changes in assets and liabilities:
 
 
 
Accounts receivable, net
38,247

 
(118,778
)
Inventories
53,604

 
(48,934
)
Prepaid expenses and other assets
11,525

 
(16,592
)
Accounts payable
28,791

 
87,307

Deferred revenue
22,567

 
11,253

Accrued and other liabilities
(34,714
)
 
123,892

Net cash provided by (used in) operating activities
9,171

 
(17,686
)
Cash flows from investing activities:
 
 
 
Purchases of property and equipment
(6,664
)
 
(21,666
)
Proceeds from sale of business
52,694

 
—

Purchases of short-term investments
(29,768
)
 
(54,619
)
Maturities of short-term investments
60,000

 
5,000

Net cash provided by (used in) used in investing activities
76,262

 
(71,285
)
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
(1,875
)
 
—

Net investment from NETGEAR
—

 
70,892

Net cash provided by (used in) financing activities
(38
)
 
244,287

Net increase (decrease) in cash and cash equivalents and restricted cash
85,395

 
155,316

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
$
240,819

 
$
155,424

 
 
 
 
Non-cash investing and financing activities:
 
 
 
Purchases of property and equipment included in accounts payable and accrued liabilities
$
1,086

 
$
16,003

De-recognition of build-to-suit assets and liabilities
$
(21,610
)
 
$
—

Estimated fair value of a facility under build-to-suit lease
$
—

 
$
28,357

Supplemental cash flow information:
 
 
 
Cash paid for income taxes
$
960

 
$
89



Page 9


ARLO TECHNOLOGIES, INC.
 
RECONCILIATIONS OF GAAP MEASURES TO NON-GAAP MEASURES
STATEMENT OF OPERATIONS DATA:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
Twelve Months Ended
 
December 31,
2019
 
September 29,
2019
 
December 31,
2018
 
December 31,
2019
 
December 31,
2018
 
(in thousands, except percentage data)
GAAP gross profit
$
13,706

 
$
10,503

 
$
4,981

 
$
35,804

 
$
92,075

GAAP gross margin
11.2
%
 
9.9
%
 
4.1
%
 
9.7
%
 
19.8
%
Stock-based compensation expense
727

 
467

 
272

 
2,013

 
1,191

Amortization of intangibles
373

 
381

 
382

 
1,517

 
1,526

Restructuring and other charges
69

 
—

 
—

 
69

 
—

Non-GAAP gross profit
$
14,875

 
$
11,351

 
$
5,635

 
$
39,403

 
$
94,792

Non-GAAP gross margin
12.2
%
 
10.7
%
 
4.6
%
 
10.6
%
 
20.4
%
 
 
 
 
 
 
 
 
 
 
GAAP research and development
$
16,928

 
$
16,701

 
$
16,865

 
$
69,384

 
$
58,794

Stock-based compensation expense
(2,367
)
 
(1,569
)
 
(892
)
 
(6,868
)
 
(3,474
)
Restructuring and other charges
(262
)
 
—

 
—

 
(262
)
 
—

Non-GAAP research and development
$
14,299

 
$
15,132

 
$
15,973

 
$
62,254

 
$
55,320

 
 
 
 
 
 
 
 
 
 
GAAP sales and marketing
$
14,596

 
$
13,657

 
$
15,470

 
$
56,985

 
$
52,593

Stock-based compensation expense
(1,137
)
 
(791
)
 
(753
)
 
(3,859
)
 
(2,961
)
Restructuring and other charges
(198
)
 
—

 
—

 
(198
)
 
—

Non-GAAP sales and marketing
$
13,261

 
$
12,866

 
$
14,717

 
$
52,928

 
$
49,632

 
 
 
 
 
 
 
 
 
 
GAAP general and administrative
$
15,112

 
$
11,062

 
$
8,656

 
$
47,624

 
$
28,209

Stock-based compensation expense
(3,402
)
 
(2,392
)
 
(1,578
)
 
(10,154
)
 
(5,253
)
Restructuring and other charges
(102
)
 
—

 
—

 
(102
)
 
(74
)
Strategic initiative and transaction expenses
(1,868
)
 
(502
)
 
—

 
(2,370
)
 
—

Activist shareholder response costs
—

 
—

 
—

 
(237
)
 
—

Litigation reserves, net
(1,287
)
 
(140
)
 
—

 
(1,427
)
 
—

Non-GAAP general and administrative
$
8,453

 
$
8,028

 
$
7,078

 
$
33,334

 
$
22,882

 
 
 
 
 
 
 
 
 
 
GAAP total operating expenses
$
(8,092
)
 
$
41,557

 
$
44,594

 
$
121,025

 
$
166,848

Separation expense
(154
)
 
(136
)
 
(3,603
)
 
(1,913
)
 
(27,252
)
Strategic initiative and transaction expenses
(1,868
)
 
(502
)
 
—

 
(2,370
)
 
—

Stock-based compensation expense
(6,906
)
 
(4,752
)
 
(3,223
)
 
(20,881
)
 
(11,688
)
Restructuring and other charges
(562
)
 
—

 
—

 
(562
)
 
(74
)
Litigation reserves, net
(1,287
)
 
(140
)
 
—

 
(1,427
)
 
—

Activist shareholder response costs
—

 
—

 
—

 
(237
)
 
—

Gain on sale of business
54,881

 
—

 
—

 
54,881

 
—

Non-GAAP total operating expenses
$
36,012

 
$
36,027

 
$
37,768

 
$
148,516

 
$
127,834



Page 10


ARLO TECHNOLOGIES, INC.
 
RECONCILIATIONS OF GAAP MEASURES TO NON-GAAP MEASURES (CONTINUED)

STATEMENT OF OPERATIONS DATA (CONTINUED):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
Twelve Months Ended
 
December 31,
2019
 
September 29,
2019
 
December 31,
2018
 
December 31,
2019
 
December 31,
2018
 
(in thousands, except percentage and per share data)
GAAP operating income (loss)
$
21,798

 
$
(31,054
)
 
$
(39,613
)
 
$
(85,221
)
 
$
(74,773
)
GAAP operating margin
17.8
 %
 
(29.3
)%
 
(32.4
)%
 
(23.0
)%
 
(16.1
)%
Separation expense
154

 
136

 
3,603

 
1,913

 
27,252

Strategic initiative and transaction expenses
1,868

 
502

 
—

 
2,370

 
—

Stock-based compensation expense
7,633

 
5,219

 
3,495

 
22,894

 
12,879

Amortization of intangibles
373

 
381

 
382

 
1,517

 
1,526

Restructuring and other charges
631

 
—

 
—

 
631

 
74

Litigation reserves, net
1,287

 
140

 
—

 
1,427

 
—

Activist shareholder response costs
—

 
—

 
—

 
237

 
—

Gain on sale of business
(54,881
)
 
—

 
—

 
(54,881
)
 
—

Non-GAAP operating loss
$
(21,137
)
 
$
(24,676
)
 
$
(32,133
)
 
$
(109,113
)
 
$
(33,042
)
Non-GAAP operating margin
(17.3
)%
 
(23.3
)%
 
(26.3
)%
 
(29.5
)%
 
(7.1
)%
 
 
 
 
 
 
 
 
 
 
GAAP provision for (benefit from) income taxes
$
3,525

 
$
286

 
$
(58
)
 
$
4,380

 
$
772

GAAP income tax rate
15.2
 %
 
(0.9
)%
 
0.1
 %
 
(5.4
)%
 
(1.0
)%
Tax effects
3,241

 
(46
)
 
200

 
3,337

 
423

Non-GAAP provision for (benefit from) income taxes
$
284

 
$
332

 
$
(258
)
 
$
1,043

 
$
349

Non-GAAP income tax rate
(1.4
)%
 
(1.4
)%
 
—
 %
 
(1.0
)%
 
(1.1
)%
 
 
 
 
 
 
 
 
 
 
GAAP net income (loss)
$
19,615

 
$
(30,590
)
 
$
(39,073
)
 
$
(85,951
)
 
$
(75,483
)
Separation expense
154

 
136

 
3,603

 
1,913

 
27,252

Strategic initiative and transaction expenses
1,868

 
502

 
—

 
2,370

 
—

Stock-based compensation expense
7,633

 
5,219

 
3,495

 
22,894

 
12,879

Amortization of intangibles
373

 
381

 
382

 
1,517

 
1,526

Restructuring and other charges
631

 
—

 
—

 
631

 
74

Litigation reserves, net
1,287

 
140

 
—

 
1,427

 
—

Activist shareholder response costs
—

 
—

 
—

 
237

 
—

Gain on sale of business
(54,881
)
 
—

 
—

 
(54,881
)
 
—

Tax effects
3,241

 
(46
)
 
200

 
3,337

 
423

Non-GAAP net loss
$
(20,079
)
 
$
(24,258
)
 
$
(31,393
)
 
$
(106,506
)
 
$
(33,329
)


Page 11


ARLO TECHNOLOGIES, INC.
 
RECONCILIATIONS OF GAAP MEASURES TO NON-GAAP MEASURES (CONTINUED)

STATEMENT OF OPERATIONS DATA (CONTINUED):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
Twelve Months Ended
 
December 31,
2019
 
September 29,
2019
 
December 31,
2018
 
December 31,
2019
 
December 31,
2018
 
(in thousands, except percentage and per share data)
NET INCOME (LOSS) PER DILUTED SHARE:
 
 
 
 
 
 
GAAP net income (loss) per diluted share
$
0.26

 
$
(0.41
)
 
$
(0.53
)
 
$
(1.14
)
 
$
(1.12
)
Separation expense
—

 
—

 
0.05

 
0.02

 
0.41

Strategic initiative and transaction expenses
0.02

 
0.01

 
—

 
0.03

 
—

Stock-based compensation expense
0.10

 
0.07

 
0.05

 
0.31

 
0.19

Amortization of intangibles
—

 
0.01

 
—

 
0.02

 
0.02

Restructuring and other charges
0.01

 
—

 
—

 
0.01

 
—

Litigation reserves, net
0.02

 
—

 
—

 
0.02

 
—

Activist shareholder response costs
—

 
—

 
—

 
—

 
—

Gain on sale of business
(0.72
)
 
—

 
—

 
(0.72
)
 
—

Tax effects
0.05

 
—

 
—

 
0.04

 
0.01

Non-GAAP net loss per diluted share
$
(0.26
)
 
$
(0.32
)
 
$
(0.43
)
 
$
(1.42
)
 
$
(0.49
)
 
 
 
 
 
 
 
 
 
 
Shares used in computing GAAP net income (loss) per diluted share
76,090

 
75,337

 
74,247

 
75,074

 
67,231

Shares used in computing non-GAAP net income (loss) per diluted share
76,090

 
75,337

 
74,247

 
75,074

 
67,231



Page 12


ARLO TECHNOLOGIES, INC.
 
UNAUDITED SUPPLEMENTAL FINANCIAL INFORMATION
 
Three Months Ended
 
December 31,
2019
 
September 29,
2019
 
June 30,
2019
 
March 31,
2019
 
December 31,
2018
 
(in thousands, except headcount and per share data)
Cash, cash equivalents and short-term investments
$
256,670

 
$
153,811

 
$
137,927

 
$
180,374

 
$
201,027

Cash, cash equivalents and short-term investments per diluted share
$
3.37

 
$
2.04

 
$
1.85

 
$
2.42

 
$
2.71

 
 
 
 
 
 
 
 
 
 
Accounts receivable, net
$
127,317

 
$
99,698

 
$
79,707

 
$
71,566

 
$
166,045

Days sales outstanding
97

 
85

 
87

 
111

 
125

 
 
 
 
 
 
 
 
 
 
Inventories
$
68,624

 
$
74,117

 
$
97,222

 
$
131,227

 
$
124,791

Ending inventory turns
5.9

 
4.8

 
2.8

 
1.5

 
3.6

 
 
 
 
 
 
 
 
 
 
Weeks of channel inventory:
 
 
 
 
 
 
 
 
 
U.S. retail channel
6.3

 
13.3

 
10.1

 
14.5

 
8.1

U.S. distribution channel
8.0

 
3.3

 
8.9

 
8.9

 
10.9

APAC distribution channel
3.6

 
4.3

 
5.1

 
6.7

 
6.0

 
 
 
 
 
 
 
 
 
 
Deferred revenue (current and non-current)
$
66,098

 
$
47,995

 
$
47,464

 
$
47,737

 
$
49,991

 
 
 
 
 
 
 
 
 
 
Cumulative registered accounts (1)
4,015

 
3,691

 
3,397

 
3,126

 
2,850

Cumulative paid accounts (2)
230

 
211

 
187

 
162

*
144

 
 
 
 
 
 
 
 
 
 
Headcount
349

 
406

 
402

 
401

 
386

Non-GAAP diluted shares
76,090

 
75,337

 
74,729

 
74,409

 
74,247

_________________________
* 
We factored in an adjustment to our Q1’19 paid account number and have subsequently revised the Q1’19 total to 162,000.

(1)
We define our registered accounts at the end of a particular period as the number of unique registered accounts on the Arlo platform as of the end of such particular period, and includes accounts owned by Verisure S.a.r.l.. The number of registered accounts does not necessarily reflect the number of end-users on the Arlo platform, as one registered account may be used by multiple people.

(2)
Paid accounts worldwide measured as any account where a subscription to a paid service is being collected (either by the Company or by the Company’s customers or channel partners), plus paid service plans of a duration of more than 3 months bundled with products (such bundles being counted as a paid account after 90 days have elapsed from the date of registration). Paid accounts includes accounts transferred to Verisure S.a.r.l..

Page 13


REVENUE BY GEOGRAPHY
 
Three Months Ended
 
Twelve Months Ended
 
December 31,
2019
 
September 29,
2019
 
December 31,
2018
 
December 31,
2019
 
December 31,
2018
 
(in thousands, except percentage data)
Americas
$
94,668

77
%
 
$
85,562

81
%
 
$
102,552

84
%
 
$
289,160

78
%
 
$
376,805

81
%
EMEA
19,862

16
%
 
13,002

12
%
 
15,046

12
%
 
57,232

15
%
 
65,462

14
%
APAC
7,883

7
%
 
7,552

7
%
 
4,560

4
%
 
23,615

7
%
 
22,651

5
%
Total
$
122,413

100
%
 
$
106,116

100
%
 
$
122,158

100
%
 
$
370,007

100
%
 
$
464,918

100
%


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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,
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Entity Address, Postal Zip Code 95134
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Trading Symbol ARLO
Security Exchange Name NYSE
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