(State or other jurisdiction of incorporation) | (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/ GORDON MATTINGLY | ||
Gordon Mattingly | ||
Chief Financial Officer |
Three Months Ended | |||||||||||||||||
April 3, 2022 | December 31, 2021 | March 28, 2021 | |||||||||||||||
(in thousands, except percentage and per share data) | |||||||||||||||||
Revenue | $ | 124,751 | $ | 142,861 | $ | 82,556 | |||||||||||
GAAP Gross Margin | 26.9 | % | 22.2 | % | 31.3 | % | |||||||||||
Non-GAAP Gross Margin (1) | 27.6 | % | 22.9 | % | 32.3 | % | |||||||||||
GAAP Net Loss per Diluted Share | $ | (0.10) | $ | (0.08) | $ | (0.13) | |||||||||||
Non-GAAP Net Income (Loss) per Diluted Share (1) | $ | 0.01 | $ | 0.04 | $ | (0.03) |
Three Months Ending July 3, 2022 | |||||||||||
Revenue | Net Loss per Diluted Share | ||||||||||
(in millions, except per share data) | |||||||||||
GAAP | $105.0 - $115.0 | $(0.19) - $(0.14) | |||||||||
Estimated adjustments for (3): | |||||||||||
Stock-based compensation expense | — | 0.11 | |||||||||
Tax effects of non-GAAP adjustments | — | — | |||||||||
Non-GAAP | $105.0 - $115.0 | $(0.08) - $(0.03) |
ARLO TECHNOLOGIES, INC. | ||
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS |
As of | |||||||||||
April 3, 2022 | December 31, 2021 | ||||||||||
(In thousands, except share and per share data) | |||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 100,975 | $ | 175,749 | |||||||
Short-term investments (amortized cost of $44,612 and $—) | 44,566 | — | |||||||||
Accounts receivable, net (net of allowance for credit losses of $339 and $337) | 78,054 | 79,564 | |||||||||
Inventories | 37,038 | 38,390 | |||||||||
Prepaid expenses and other current assets | 9,015 | 9,919 | |||||||||
Total current assets | 269,648 | 303,622 | |||||||||
Property and equipment, net | 8,522 | 9,595 | |||||||||
Operating lease right-of-use assets, net | 13,797 | 14,814 | |||||||||
Goodwill | 11,038 | 11,038 | |||||||||
Restricted cash | 4,114 | 4,107 | |||||||||
Other non-current assets | 4,671 | 4,314 | |||||||||
Total assets | $ | 311,790 | $ | 347,490 | |||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 68,266 | $ | 84,098 | |||||||
Deferred revenue | 16,460 | 29,442 | |||||||||
Accrued liabilities | 91,732 | 97,377 | |||||||||
Income tax payable | 45 | 12 | |||||||||
Total current liabilities | 176,503 | 210,929 | |||||||||
Non-current deferred revenue | 915 | 1,344 | |||||||||
Non-current operating lease liabilities | 20,308 | 21,470 | |||||||||
Non-current income taxes payable | 94 | 94 | |||||||||
Other non-current liabilities | 1,966 | 1,001 | |||||||||
Total liabilities | 199,786 | 234,838 | |||||||||
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: 85,834,841 at April 3, 2022 and 84,453,212 at December 31, 2021 | 86 | 84 | |||||||||
Additional paid-in capital | 409,242 | 401,367 | |||||||||
Accumulated other comprehensive income | (46) | — | |||||||||
Accumulated deficit | (297,278) | (288,799) | |||||||||
Total stockholders’ equity | 112,004 | 112,652 | |||||||||
Total liabilities and stockholders’ equity | $ | 311,790 | $ | 347,490 |
ARLO TECHNOLOGIES, INC. | ||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
Three Months Ended | |||||||||||||||||
April 3, 2022 | December 31, 2021 | March 28, 2021 | |||||||||||||||
(in thousands, except percentage and per share data) | |||||||||||||||||
Revenue: | |||||||||||||||||
Products | $ | 94,825 | $ | 114,396 | $ | 59,761 | |||||||||||
Services | 29,926 | 28,465 | 22,795 | ||||||||||||||
Total revenue | 124,751 | 142,861 | 82,556 | ||||||||||||||
Cost of revenue: | |||||||||||||||||
Products | 80,777 | 100,476 | 47,157 | ||||||||||||||
Services | 10,399 | 10,669 | 9,592 | ||||||||||||||
Total cost of revenue | 91,176 | 111,145 | 56,749 | ||||||||||||||
Gross profit | 33,575 | 31,716 | 25,807 | ||||||||||||||
Gross margin | 26.9 | % | 22.2 | % | 31.3 | % | |||||||||||
Operating expenses: | |||||||||||||||||
Research and development | 16,379 | 13,644 | 14,791 | ||||||||||||||
Sales and marketing | 13,168 | 12,464 | 11,207 | ||||||||||||||
General and administrative | 12,621 | 12,584 | 11,227 | ||||||||||||||
Separation expense | 79 | 254 | 54 | ||||||||||||||
Total operating expenses | 42,247 | 38,946 | 37,279 | ||||||||||||||
Loss from operations | (8,672) | (7,230) | (11,472) | ||||||||||||||
Operating margin | (7.0) | % | (5.1) | % | (13.9) | % | |||||||||||
Interest income (expense), net | (5) | (15) | 24 | ||||||||||||||
Other income (expense), net | 411 | 605 | 909 | ||||||||||||||
Loss before income taxes | (8,266) | (6,640) | (10,539) | ||||||||||||||
Provision for income taxes | 213 | 152 | 180 | ||||||||||||||
Net loss | $ | (8,479) | $ | (6,792) | $ | (10,719) | |||||||||||
Net loss per share: | |||||||||||||||||
Basic | $ | (0.10) | $ | (0.08) | $ | (0.13) | |||||||||||
Diluted | $ | (0.10) | $ | (0.08) | $ | (0.13) | |||||||||||
Weighted average shares used to compute net loss per share: | |||||||||||||||||
Basic | 85,222 | 84,367 | 80,370 | ||||||||||||||
Diluted | 85,222 | 84,367 | 80,370 |
ARLO TECHNOLOGIES, INC. | ||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
Three Months Ended | |||||||||||
April 3, 2022 | March 28, 2021 | ||||||||||
(In thousands) | |||||||||||
Cash flows from operating activities: | |||||||||||
Net loss | $ | (8,479) | $ | (10,719) | |||||||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||
Stock-based compensation expense | 9,589 | 8,340 | |||||||||
Depreciation and amortization | 1,302 | 1,547 | |||||||||
Allowance for credit losses and inventory reserves | (135) | (562) | |||||||||
Deferred income taxes | (9) | (130) | |||||||||
Premium amortization (discount accretion) on investments, net | 28 | (3) | |||||||||
Changes in assets and liabilities: | |||||||||||
Accounts receivable, net | 1,508 | 26,522 | |||||||||
Inventories | 1,490 | 9,296 | |||||||||
Prepaid expenses and other assets | 556 | 361 | |||||||||
Accounts payable | (15,676) | (34,647) | |||||||||
Deferred revenue | (13,411) | (8,101) | |||||||||
Accrued and other liabilities | (1,320) | (22,072) | |||||||||
Net cash used in operating activities | (24,557) | (30,168) | |||||||||
Cash flows from investing activities: | |||||||||||
Purchases of property and equipment | (298) | (803) | |||||||||
Purchases of short-term investments | (44,640) | — | |||||||||
Proceeds from maturities of short-term investments | — | 15,000 | |||||||||
Net cash provided by (used in) investing activities | (44,938) | 14,197 | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds related to employee benefit plans | 1,388 | 6,133 | |||||||||
Restricted stock unit withholdings | (6,660) | (4,177) | |||||||||
Net cash provided by (used in) financing activities | (5,272) | 1,956 | |||||||||
Net decrease in cash and cash equivalents and restricted cash | (74,767) | (14,015) | |||||||||
Cash and cash equivalents and restricted cash, at beginning of period | 179,856 | 190,291 | |||||||||
Cash and cash equivalents and restricted cash, at end of period | $ | 105,089 | $ | 176,276 | |||||||
Non-cash investing and financing activities: | |||||||||||
Purchases of property and equipment included in accounts payable and accrued liabilities | $ | 310 | $ | 82 | |||||||
ARLO TECHNOLOGIES, INC. | ||
RECONCILIATIONS OF GAAP MEASURES TO NON-GAAP MEASURES |
UNAUDITED STATEMENT OF OPERATIONS DATA: | |||||||||||||||||
Three Months Ended | |||||||||||||||||
April 3, 2022 | December 31, 2021 | March 28, 2021 | |||||||||||||||
(in thousands, except percentage data) | |||||||||||||||||
GAAP gross profit: | |||||||||||||||||
Products | $ | 14,048 | $ | 13,920 | $ | 12,604 | |||||||||||
Services | 19,527 | 17,796 | 13,203 | ||||||||||||||
Total GAAP gross profit | 33,575 | 31,716 | 25,807 | ||||||||||||||
GAAP gross margin: | |||||||||||||||||
Products | 14.8 | % | 12.2 | % | 21.1 | % | |||||||||||
Services | 65.3 | % | 62.5 | % | 57.9 | % | |||||||||||
Total GAAP gross margin | 26.9 | % | 22.2 | % | 31.3 | % | |||||||||||
Stock-based compensation expense - Products | 855 | 776 | 874 | ||||||||||||||
Stock-based compensation expense - Services | 55 | 191 | — | ||||||||||||||
Non-GAAP gross profit: | |||||||||||||||||
Products | 14,903 | 14,696 | 13,478 | ||||||||||||||
Services | 19,582 | 17,987 | 13,203 | ||||||||||||||
Total Non-GAAP gross profit | $ | 34,485 | $ | 32,683 | $ | 26,681 | |||||||||||
Non-GAAP gross margin: | |||||||||||||||||
Products | 15.7 | % | 12.9 | % | 22.6 | % | |||||||||||
Services | 65.4 | % | 63.2 | % | 57.9 | % | |||||||||||
Total Non-GAAP gross margin | 27.6 | % | 22.9 | % | 32.3 | % | |||||||||||
GAAP research and development | $ | 16,379 | $ | 13,644 | $ | 14,791 | |||||||||||
Stock-based compensation expense | (2,302) | (2,391) | (2,556) | ||||||||||||||
Non-GAAP research and development | $ | 14,077 | $ | 11,253 | $ | 12,235 | |||||||||||
GAAP sales and marketing | $ | 13,168 | $ | 12,464 | $ | 11,207 | |||||||||||
Stock-based compensation expense | (1,380) | (1,444) | (1,190) | ||||||||||||||
Non-GAAP sales and marketing | $ | 11,788 | $ | 11,020 | $ | 10,017 | |||||||||||
GAAP general and administrative | $ | 12,621 | $ | 12,584 | $ | 11,227 | |||||||||||
Stock-based compensation expense | (4,997) | (5,680) | (3,720) | ||||||||||||||
Litigation reserves, net | (47) | (3) | (10) | ||||||||||||||
Non-GAAP general and administrative | $ | 7,577 | $ | 6,901 | $ | 7,497 |
ARLO TECHNOLOGIES, INC. | ||
RECONCILIATIONS OF GAAP MEASURES TO NON-GAAP MEASURES (CONTINUED) |
UNAUDITED STATEMENT OF OPERATIONS DATA (CONTINUED): | |||||||||||||||||
Three Months Ended | |||||||||||||||||
April 3, 2022 | December 31, 2021 | March 28, 2021 | |||||||||||||||
(in thousands, except percentage and per share data) | |||||||||||||||||
GAAP total operating expenses | $ | 42,247 | $ | 38,946 | $ | 37,279 | |||||||||||
Separation expense | (79) | (254) | (54) | ||||||||||||||
Stock-based compensation expense | (8,679) | (9,515) | (7,466) | ||||||||||||||
Litigation reserves, net | (47) | (3) | (10) | ||||||||||||||
Non-GAAP total operating expenses | $ | 33,442 | $ | 29,174 | $ | 29,749 | |||||||||||
GAAP operating loss | $ | (8,672) | $ | (7,230) | $ | (11,472) | |||||||||||
GAAP operating margin | (7.0) | % | (5.1) | % | (13.9) | % | |||||||||||
Separation expense | 79 | 254 | 54 | ||||||||||||||
Stock-based compensation expense | 9,589 | 10,482 | 8,340 | ||||||||||||||
Litigation reserves, net | 47 | 3 | 10 | ||||||||||||||
Non-GAAP operating income (loss) | $ | 1,043 | $ | 3,509 | $ | (3,068) | |||||||||||
Non-GAAP operating margin | 0.8 | % | 2.5 | % | (3.7) | % | |||||||||||
GAAP other income (expense), net | $ | 411 | $ | 605 | $ | 909 | |||||||||||
Employee Retention Credit | (39) | (103) | — | ||||||||||||||
Non-GAAP other income (expense), net | $ | 372 | $ | 502 | $ | 909 | |||||||||||
GAAP provision for income taxes | $ | 213 | $ | 152 | $ | 180 | |||||||||||
GAAP income tax rate | (2.6) | % | (2.3) | % | (1.7) | % | |||||||||||
Tax effects | — | — | — | ||||||||||||||
Non-GAAP provision for income taxes | $ | 213 | $ | 152 | $ | 180 | |||||||||||
Non-GAAP income tax rate | 15.1 | % | 3.8 | % | (8.4) | % |
ARLO TECHNOLOGIES, INC. | ||
RECONCILIATIONS OF GAAP MEASURES TO NON-GAAP MEASURES (CONTINUED) |
UNAUDITED STATEMENT OF OPERATIONS DATA (CONTINUED): | |||||||||||||||||
Three Months Ended | |||||||||||||||||
April 3, 2022 | December 31, 2021 | March 28, 2021 | |||||||||||||||
(in thousands, except percentage and per share data) | |||||||||||||||||
GAAP net loss | $ | (8,479) | $ | (6,792) | $ | (10,719) | |||||||||||
Separation expense | 79 | 254 | 54 | ||||||||||||||
Stock-based compensation expense | 9,589 | 10,482 | 8,340 | ||||||||||||||
Litigation reserves, net | 47 | 3 | 10 | ||||||||||||||
Employee Retention Credit | (39) | (103) | — | ||||||||||||||
Tax effects | — | — | — | ||||||||||||||
Non-GAAP net income (loss) | $ | 1,197 | $ | 3,844 | $ | (2,315) | |||||||||||
NET LOSS PER SHARE - BASIC AND DILUTED: | |||||||||||||||||
GAAP net loss per share - basic and diluted | $ | (0.10) | $ | (0.08) | $ | (0.13) | |||||||||||
Stock-based compensation expense | 0.11 | 0.12 | 0.10 | ||||||||||||||
Non-GAAP net income (loss) - diluted | $ | 0.01 | $ | 0.04 | $ | (0.03) | |||||||||||
Shares used in computing GAAP net income (loss) - basic | 85,222 | 84,367 | 80,370 | ||||||||||||||
Shares used in computing non-GAAP net income (loss) - diluted | 93,135 | 90,679 | 80,370 |
ARLO TECHNOLOGIES, INC. | ||
UNAUDITED SUPPLEMENTAL FINANCIAL INFORMATION |
Three Months Ended | |||||||||||||||||||||||||||||
April 3, 2022 | December 31, 2021 | October 3, 2021 | June 27, 2021 | March 28, 2021 | |||||||||||||||||||||||||
(in thousands, except headcount and per share data) | |||||||||||||||||||||||||||||
Cash, cash equivalents and short-term investments | $ | 145,541 | $ | 175,749 | $ | 166,057 | $ | 178,698 | $ | 177,113 | |||||||||||||||||||
Cash, cash equivalents and short-term investments per diluted share | $ | 1.56 | $ | 1.94 | $ | 1.98 | $ | 2.18 | $ | 2.20 | |||||||||||||||||||
Accounts receivable, net | $ | 78,054 | $ | 79,564 | $ | 70,124 | $ | 51,890 | $ | 51,121 | |||||||||||||||||||
Days sales outstanding | 58 | 50 | 62 | 48 | 54 | ||||||||||||||||||||||||
Inventories | $ | 37,038 | $ | 38,390 | $ | 39,769 | $ | 43,155 | $ | 55,972 | |||||||||||||||||||
Inventory turns | 8.7 | 10.5 | 7.6 | 5.7 | 3.4 | ||||||||||||||||||||||||
Weeks of channel inventory: | |||||||||||||||||||||||||||||
U.S. retail channel | 15.8 | 7.0 | 14.0 | 8.0 | 12.5 | ||||||||||||||||||||||||
U.S. distribution channel | 10.5 | 8.5 | 8.0 | 12.5 | 9.6 | ||||||||||||||||||||||||
APAC distribution channel | 18.1 | 8.9 | 10.2 | 8.6 | 6.9 | ||||||||||||||||||||||||
Deferred revenue (current and non-current) | $ | 17,375 | $ | 30,786 | $ | 41,686 | $ | 50,903 | $ | 61,604 | |||||||||||||||||||
Cumulative registered accounts (1) | 6,389 | 6,131 | 5,822 | 5,527 | 5,275 | ||||||||||||||||||||||||
Cumulative paid accounts (2) | 1,272 | 1,067 | 877 | 695 | 549 | ||||||||||||||||||||||||
Annual recurring revenue (ARR) (3) | $ | 101,341 | $ | 90,100 | $ | 80,400 | $ | 69,753 | $ | 58,238 | |||||||||||||||||||
Headcount | 358 | 353 | 346 | 349 | 355 | ||||||||||||||||||||||||
Non-GAAP diluted shares | 93,135 | 90,679 | 83,809 | 82,134 | 80,370 |
Three Months Ended | ||||||||||||||||||||||||||
April 3, 2022 | December 31, 2021 | March 28, 2021 | ||||||||||||||||||||||||
(in thousands, except percentage data) | ||||||||||||||||||||||||||
Americas | $ | 68,466 | 55 | % | $ | 80,354 | 56 | % | $ | 49,636 | 60 | % | ||||||||||||||
EMEA | 49,975 | 40 | % | 53,609 | 38 | % | 24,591 | 30 | % | |||||||||||||||||
APAC | 6,310 | 5 | % | 8,898 | 6 | % | 8,329 | 10 | % | |||||||||||||||||
Total | $ | 124,751 | 100 | % | $ | 142,861 | 100 | % | $ | 82,556 | 100 | % |
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Cover Page |
May 10, 2022 |
---|---|
Cover [Abstract] | |
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 | May 10, 2022 |
Entity Registrant Name | ARLO TECHNOLOGIES, INC. |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-38618 |
Entity Address, Address Line Two | Suite #150 |
Entity Address, Address Line One | 2200 Faraday Ave., |
Entity Address, City or Town | Carlsbad, |
Entity Address, State or Province | CA |
Entity Address, Postal Zip Code | 92008 |
Local Phone Number | 890-3900 |
Trading Symbol | ARLO |
Security Exchange Name | NYSE |
Amendment Flag | false |
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