NTGR - Earnings call transcript Q1 2019

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Operator

Good afternoon, my name is Jodie, and I will be your conference operator today. At this time, I would like to welcome everyone to the NETGEAR First Quarter 2019 Earnings Conference Call. [Operator Instructions] Chris Genualdi, Director of Investor Relations, you may begin your conference.

Christopher Genualdi

Thank you, operator. Good afternoon, and welcome to NETGEAR's first quarter of 2019 financial results conference call.

company the from us are Mr. Joining Chairman Lo, and CEO; Mr. and Patrick CFO. Bryan Murray, Bryan, and call The by XXXX the provided financials by the format Patrick, first by by will provided with second of guidance the and start finish a quarter business, on commentary the review with of quarter Bryan. followed provided details of for

We will then have time for any questions.

Relations have today's release, NETGEAR's Investor of received please copy website a not www.netgear.com. If you at visit

conference today's contains remarks, we advise we forward-looking Before the that statements. begin formal you call

statements includes expected materially forward-looking regarding trends Actual statements rates, these expenses revenue, differ tax Forward-looking results operating and from could outlook. by margins, those contemplated future business statements. or

the we assumptions as For call result Form most no of in new factors on recent discussed filings make are or update Any based and events. including a today, more obligation refer statements NETGEAR's statements forward-looking on to the information, these future XX-K. to this that risk undertakes NETGEAR with please of periodic the information SEC, as

several this like addition, call Murray. on A be GAAP to mentioned to non-GAAP found measures non-GAAP would I website. can will the call. be the of Relations At Investor today's measures press reconciliation our in to on release Bryan turn time, now this financial over In Mr.

Bryan Murray

for came you, and at range high slightly in revenue, XXXX the the everyone, guidance thank quarter for you, first joining of above Thank operating of Christopher, in margin. net non-GAAP for today's call. the Results end range our

to a and is holiday seasonality a XXXX, gateways revenue typical season. the March first up SMB XX.X% portfolio. Orbi ended Mesh modems Pro which due line line, WiFi our as of decline systems, Sequential Our X.X% switching and million, Nighthawk on success Gaming net XX, quarter was for is spending consumer following year-over-year primarily by $XXX.X the cable slows Overall, basis, on sequential NETGEAR basis. the the driven and down was

orders moment XX comment the provider a partners quarter-over-quarter. driven $XX.X increased is of XX.X% first on us on we generated to provider drop revenue North $XXX the which is at relative The XX.X% X.X% Patrick we geography, for effort scheduled service non-GAAP potential quarter, service we XX% channel. million originally Growth revenue EMEA. due our return the Despite to incumbent market Americas, this. to the operating APAC revenue to was router market U.K. is retail March sales. year anticipation X% achieve down growth the year-over-year which net at the forecasted including accelerated margin. driven to in sequential the primarily XX% service able is quarter to our interruption. U.S. to will provider X.X% provider saw America us in an in was comparable prior XXac able order XX.X% deadline channels to was year down excluding introductions. product decline QX, XX.X% achieve the up achieve declined period. our by North In fourth net how year-over-year million market, be by for gaming in reduced revenue of from supply Looking the the the a we of for basis. down of This growth up quarter, net the mitigate and WiFi to due both revenue year-over-year the by were comparable from financial was and in Brexit was to We in prior experienced million, this, Net APAC up goals, which quarter-over-quarter. in in healthy category. and EMEA new and America, hope non-service It year-over-year, upon Furthermore, for to in $XX exiting

XX%, while gateways The between quarter the net products. a and respectively. XXXX. about XX% respectively. XX% and about between about net units, our introduced about The first about quarter contributed first Shipments XX%, and revenue to routers we split of XX all constituted in our of for the quarter including shipments. months of wireless of wired introduced the home was and business first the of million nodes For were wired shipped wireless and products XX wireless X.X Products total X.X split approximately first and quarter combined XX% revenue was products months million last in million last X.X XXXX, of XX% shipments, products units

earlier the the year. in fourth non-GAAP will improvement basis product the distributed to gross of XX.X% on, points the The here this [schedule] to year-over-year point XXXX. new introductions our to to points compared numbers. focus margin planned in up compared expect XXX non-GAAP and today. for quarter first We the the which in The GAAP on release was From year earnings quarter prior XX.X%, quarters non-GAAP ahead our quarter, comparable in reconciliation basis XXX given up of XXXX is of see in from remainder points XX.X%

X.X% gross pleased quarters. is non-GAAP recent X.X% are million, expenses improvement Total lines sequentially. the that We operating with down came $XX.X in which margin we've seen in year-over-year and at in down

manage our the to we expenses the of providing growth necessary areas succeed. business always, our As resources while prudently,

X.X% the here of comparable to first non-GAAP remains net success for fourth the critical of quarter and XXXX. compared of future Our come. investment to business, X.X% quarter to in the was and X.X% revenue R&D period will net as revenue our in quarters of to prior net of invest the R&D continue in revenue expense year we

landing X XXX decreased XX. during at of of March quarter, by net a the as people Our headcount

The from rate a better-than-expected XX.X% quarter. was the in during tax that for discrete quarter benefit XXXX. of tax audit as first the Our of quarter was tax foreign non-GAAP accounted settlement resulted for rate a the the

$X.XX EPS diluted the at diluted net reported non-GAAP for line share. and of Looking per bottom million $XX.X of non-GAAP we QX, income

in balance first ended the to XXXX $XXX.X the million with sheet. Turning We cash. of quarter

we manufacturing China year of $XX.X flow during result help in in working used to operations the million mitigate capital first a from out quarter, support to tariffs. of imposed of migration the half cash needs as As the expected, continuing our

XX.X Additionally, equipment in during we generate meaningful remain in of NETGEAR In XXXX, approximately of average QX shares We stock price repurchase at have we the spent to $XX.XX confident and million million levels quarter. Since XXX,XXX share. activity million QX, repurchased the an shares. used cash. $X of repurchase common ability start property our per our purchase $XX in of to we approximately of

million There is stock we as buyback Our shares remaining XX.X quarters fully approximately the are end our the and approved shares to under in the opportunistically million X of repurchase share plan of program, count come. first diluted quarter. to our

retail basis segments. million Home quarter, The fewer to Orbi, up segment, seasonality is $XX.X to segment normal QX. generated sequential year-over-year the which effect first during of Nighthawk industry-leading million Gaming is The The Meural was a and quarter year-over-year We revenue up our and WiFi Nighthawk, at turning basis our the XX.X% quarter on on results the from revenue and sequentially. decline the includes of reduced X.X% Connected the Now net down U.S. of for with market X.X% X a product of $XXX.X net to Home, XXXX, the of year-over-year reflects down added XXXX. which XX.X% is quarter decline in days QX share which due brands, Pro revenue down first provider XX% selling the post-holiday first $X from SMB Connected which of sequentially. million generated for XXXX. held The of service

Our PoE+ switching line and continue ProAV perform to well.

the in provide of was in guidance over I from call commentary, benefited for anticipation second delayed. now which we shipments Brexit after extra to of deadline, the turn will the U.K. his for Additionally, Patrick which quarter XXXX. I'll the ultimately

Patrick Lo

you, and everyone. Thank Bryan, hello,

a just gateways Bryan met QX Gaming, highlighted, and SMB Pro cable and As Nighthawk we our switches. had by Orbi, strong modems

the out of Orbi mini WiFi wave market. Extended rolling begun X we've to the to the NETGEAR products Additionally, armor platform. first

partners significant base making and That things at so installers recruiting Continued of our users downlands. to new time. a library. the means channel in for in have I'd many and converting installed thank amazing Meural short content growing registered such rolling its app increasing to happen of everyone and registered progress made like amount successfully out number ProAV NETGEAR and to

the significant risk poses quarter, the Bryan, market router the mentioned trajectory this to than This as by saw decelerate year. second we XXac our in of at During rate. growth a expected higher half

taking flat year-over-year routers. was we're strong compared market 'XX. unable steps result, in Growth QX a and mesh consumer decline the in in As to routers systems declined being U.S. the fully mitigate X% this. offset XXac approximately WiFi gaming to proactive year-over-year to

demand stimulate quarter. up have X first it's market As with in to therefore, leader of reverse routers And this consumer was technology. the models U.S., the at We market aggressively XX% WiFi trend. of must end share in to us X new introduce additional we WiFi the

Nighthawk announced $XXX, recently prices By coming best which the and better, a WiFi ranging in May. $XXX X routers we the in next to we'll provide of from routers WiFi X have Additionally, on premium month, lineup premium good, elite. super X market, tri-band

quarter, early install believe start We be the these which driving will the to adoption kick increased will we transition marketing X. of WiFi spend in with second products

WiFi are and will anticipated We X. as the WiFi establish new X-enabled believe market. as much NETGEAR the this in laptops leader Just and smartphones hitting early

at market and in are in to of looking deliver Our push. growth Reversing the this market channel XXXX margins. is the and partners the exit to are NETGEAR mid-single-digit trend year for second us a aligned lead strategy the current to in us operating to with necessary half double-digit this

to is technology tool the New entice WiFi clearly X consumer best demand.

a our remainder coming market While around strength the turning in the optimistic of we XXXX. challenge, of lineup the given will remain product be

XXXX first every market. X be price of us the hitting with the the the Mesh in the Nighthawk the second point our and will half, portfolio to rest of in address come market allowing in Orbi in full products Beyond market of year, models. X Marvell WiFi WiFi the to X half will the WiFi future we Furthermore, refreshing back the Nighthawks half

our from X continue we move WiFi. forward Clearly, to Gaming routers X.X DOCSIS for On to continue to the be ahead. growth consumer the pipeline the in area XXac have to from we of WiFi the with X. cable side product year a of product the X.X; look in inflections: lot a business, to shift technology going line and are to push to forward

be with address now we good, all At just to up our casual Switch, PC Nintendo from Gaming rounds PlayStation, Pro of so better types it Nighthawk the mobile the hardcore. that it best, $XXX, quarter, West the the Pro our is XRXXX gaming no XXXX. we Pro preference at what Gaming South minimize Nighthawk to is, During Gaming by latency Nighthawk designed The the routers family consumer's addition and latest of debuted ping Xbox, to matter or portfolio device. and gamers South

We gaming is Forbes view this continue opportunity continue March to category. The a in that, wrote published area there growth top-of-the-line. invest will article significant no growth systems as continue WiFi. this be to mesh that in a hardware denying NETGEAR's is also and A to consumer

need out user Orbi If first rolled forward solution to this of expand further a the rest the the fast you Coscto, At more channels with products X after into bundled renewals month to new of about year is more year. the armor plan signal, money. recently look of bundled a seeing strong, models category in cybersecurity Orbi with worth service. throughout offering, We or we reliable, and the year

out solutions subscribers such any bundled library. about digital added We base a marketplace the we potential as excited CHP, content service install to number large Meural of are to the Rounding with of these. our recently

in now exclusively purchase display can playlists homes. and pieces can their on and the renowned of So individual that photography users Meural own art campuses and digital they Meural world

the is in available carried and Rockwell, Meural at artist from Bakay. to continue [ph] experiential Bloomingdale's, Meural added Norman Michelle Georgia content grow O'Keefe, Herring, also recently Shawn and Friedrich Crutchfields have We like over Keith XX work and worldwide. from prominent stores Cartlow currently

new We we current year-over-year. quarter, second which are with Meanwhile, the launching we excited point for pleased growth segment XX-inch particularly and our saw during and and a switching. in are be will our very versus SMB wireless Meural of both fantastic price switching the the XX-inch PoE During quarter about. had canvas, seen consumers in a growth XX.X% growing QX, LAN ProAV we've the lower

strong in in through channel XX% Our was market retail the share switches QX. sold U.S. at

ProAV a see as tremendous to continue opportunity. We switching

expanding have global equipment as ZeeVee We installers AV manufacturers AV our recruiting hard Savant, channel at Aurora. been such with and work

XXXXp AV to here heading of video. SD XXXXp, number growing a from in We're transition helping video. XK are switches MXXXX excited XK from Our HD-base XK to the world's will transition as the Olympics broadcast We're about growth installers video. XXXX XXX% a TV potential

expect You and making in have revenue NETGEAR, of towards can building half on This future. that we us a expect more proAV an of in progress the stability are initiative switches impact the streams. is Across recurring second our line from we significant XXXX. the bottom earnings will

As install base. of we quarter, the end at million our XX% the registered had of which represents first users, -- XX.X approximately

registered currently user to the growth which on Our market and have million, is out grown available app We X role services over count the since of short are in X our initiative. bullish to portfolio. our product has XXXX. the September remain services continuing of months service X on across opportunity We value-creation XXX%

On a good provider sales. side, service the $XX of QX had about million we and

for they would we of as full net the XG half I to preparation provider balancing and of to maintain major second Hotspot Service have However, guidance. significantly for impending million would in call able service mobile tune quarter target believe be XG. back of QX. inventory year of X second our of will their Bryan in that turn providers service XXXX now customers recover sales revenue. approximately $XXX demand lumpy. the the in the I down always our million, from The of rollout provider are $XX been called

Bryan Murray

you, Thank Patrick.

for mentioned, is the net million. range seasonality, slowdown, quarter just second to service million $XX be in revenue to and $XXX As aforementioned forecast revenue our market down forecast quarter $XXX the our approximately of WiFi expected With sequentially. is to QX million expected be current provider

range our to X initiatives, X%. QX for our and expected Given and marketing X%, margin of is to range non-GAAP is the in the spend to expected in increased our in the be GAAP operating of X% top margin WiFi to operating this line X% decline be

second rate Our be non-GAAP expected approximately tax the be XXXX. is quarter XX.X% tax is for rate of GAAP expected to XX.X%, to and our

in new operating second a of to margin will objective second and push in service With our significantly year. WiFi retail slight to in normal the the when possible marketing big hope or expect market Thus, and revenue half product making the to marketing levels. in operating deliver should And the operating We of strong take to to return our half of the spend to digits of improve quarter mid-single growth growing to the provider both we QX, the of introductions return We half flat GAAP XXXX. concludes of Operator, XX% our we of X% half for X% second hope that and half questions. relative margins second the exit fourth XXXX. margin non-GAAP margin delivering comments, non-GAAP XXXX second XX%. and operating now double-digit can

Operator

Instructions] first James. of Adam [Operator the your of And Raymond question Tindle from line comes

Adam Tindle

I sight, to just lumpy out. I provider. get in I think be about, the start XX you've past, or it X wanted you of how line understand on service but maybe can typically talked months

there it in $XX talked So help why the $XX changed quickly? there? us get million I'm back difficulty] contractual? with? that And level just maybe comes hoping in that Is it what in does so to And to Is to of you million past? QX anything visibility [technical first, about you you're the understand in the can confident

Patrick Lo

just in XG we -- [are we range, they demand] on next X that It's want $XX can mean, replenish right in head. And later in reconfirmed perspective, million on, I Well, the now short-term you XG would X but order believe so which They it see in quarter, hit we we're more months visibility that. they inventories the the months. X just the lumpy. it on to longer-term inventory why quarter, now. and that as less that's mean, XX out the still with it not about the they the could we it's I quarter

Adam Tindle

Okay.

help think is below would down, XXX a the from variable points XQ are that So or mix there probably but margin standpoint, should with we coming would marketing spend. that operating what in margins thought. here, Obviously, have for basis other increase we XXX

quantified normalization, by can out a Is come it to this? you QX that? to then maybe hits impact in continue hit? Just the spend much hoping does And QX? the that normalization? us the it and timing where contra-revenue? it does and quantity, is Where just So help from How timing

Patrick Lo

we've the last which nonservice the service matter the provider actually fact, a to than as correct been profitability years if equal provider business, profitability Well, of our successful The few in of not pretty channel. is better.

in the drops our line of all So drag similarly QX, expenses. doesn't a we of that, much, mean, leverage, smaller business. do I portion believe profitability downward if cannot or service revenue on increase rest the mentioned provider adjust we the sudden, of the that the the it's really top so operating for we profitable the because And loss

is of to you're the other expenses operating spend. flat, the much we're half, that going is shortfall. right, mainly keeping half that cutting marketing by that So is contra-revenue And

we're that people significantly. from which they banner into and pay So tools of mean when contra-revenue for X XXac people for would router, lift they the cases, more online, because get more out router. to pay more ASP XXac on pay that web, it's let's all router, pay necessary have believe We to pretty $XXX end I pay in XXax and pay normally we're step going are in $XXX they for. $XXX we front router, app, the pages stores, doing by up, would of and step That -- other XXax $XXX going caps the WiFi or that, and basically those which exercises the in would a, of marketing say, up

reversing by the it's years, in been by to have we is from ASP. right, last the X, to our tool expand unit the market, boosting keep the major not basically the X doing declining As market decline,

work X in us next last we believe for strategy for should few and X, it in us worked quarters. the years that So has

Adam Tindle

on kind I thought. tend to Are key the a and you maybe Patrick, revenue level of justify important continuing of spending there very in quantitative why thought it's for there side thoughtful us the Is kind for hang good marketing us growth? to on on increased be on of continue view that results the And this you're just certain Okay. to as side dip? I this this just spend. investment? to a that drive of about there looking other or give of know Or other your a metrics

Patrick Lo

understand us, to WiFi for I North we retail XX% the it's important mean I America Well, mean, of market. own

the safely can say are we you market. So

the means would pretty if difficult our it's -- market make grow doesn't that certainly So all. basically life grow, is at -- us to

So upon us. it is

so tech And any of channels the trend products introducing the said, market. look the as we really trend to company mean, by us the will the to reverse exciting new leaders, I to for. is that people wallet open way as only some And reverse the

than we slight market, the So own decline I and have these will and market of think a that's X% the XX% marketing year-over-year do, Because to a good good us of if the a returns market this we rather for push new and flat, market effect year-over-year, order. product that that pretty that's seriously, metric. tall we the see, measure where introduction actually X% contract grow the positive growth is X% to to whether see

Adam Tindle

get quick one guess for if I in I Right. X one, Bryan. could

of based did million market be more any about the term in buybacks? indicated you the You reset thinking the if you're the up about talk prohibiting quarter the meaningful the confident from down hours? seems intermediate just the stepping just mentioned after level here Maybe in there where from cash. on have in level here? a elevated confident how you're Is you you're potential of stocks kind but you doubting you I to and $XX buybacks a Obviously, generating meaningfully. short-term know

Bryan Murray

quarter that China. we for out the Yes. kind the manufacturing The some to is we of what to February and expected movement said back of consume in had moving cash relation directionally first the inventory in cash

expect pleased that online be to with with and we said. what that, we're we So

of opportunistic In buyers said stock, we've will remain terms of consistently. buyback, that we the and

Operator

Bloomberg. next Woo of Jin the Your of question from Ho comes line

Woo Jin Ho

demand a X look as second fair numbers. to uptick into Patrick, you addition of an I to we're your the mean to better XXX.XXac still hit that your see half, require confidence in efforts? WiFi in amount volume XXX.XXac you in what's going can retail actually

Patrick Lo

market the into Well, really focus stimulating people is basically the our move newer getting to on categories.

such Orbi, growth we strengthen But we the with So Orbi And by volume one XXax X. the turns it of Every as accelerate is as with that for absolutely addition XXac X primarily. have if right, second significant. just XXac, volume in of XXax we third, half. a categories by with I the the XXax, XXac third, of newer will the the then Orbi automatically Orbi growth market. and into could dollar that that's is that will help purchase, a the purchase, it's mentioned, factor, increase if pretty one

ac a a to ordinary up more again, one router third an of of that point, course, only the high to gaming one quite the an So RAM. front, I people market, of the is area the router. do the believe then of have robustly point even town is very think ax introduce become router, XXac router market. XXac if people we're don't have entry will into compared who gaming that the at versus only a gaming on that, at we growth intended another price bit one gamer gaming But we we in third XRXXX again, XXac we that's game pretty is ASP. which of declining the stepping entice buy $XXX about $XXX, flatten convert can And step and growing to the just price who router, which ongoing need into we $XXX we router router, and another And

because pretty or year certainly it decline will some we the hope in in that market. certainly through X% planned And there's wasn't flatline like that which entail movement than that. got the all market that So we our QX, last feel the with is these be not to in the confident saw growth we slight movement back rather

Woo Jin Ho

there a leadership market maintain multiple expect that mean channel to trying Got SKUs, And with half? to second know do already the X however, you're of strategy is and products we've competitive that distribution that mean, terms WiFi are but flood in there; who is vendors I the are I in WiFi landscape, you your seen of deploy? then handful out X I it. unparalleled. the

Patrick Lo

That's exactly what the of half we with the all routers price X XXac line second entire points. said refresh in WiFi at we'll where

if show and So you coupled isn't any that, own with coming X X with shelf for for -- Orbi the coupled to space already get out, much we space at then look a right, router our router space. and WiFi to X gaming there our XXax new competitors room

Woo Jin Ho

in X in the provider particular an provider? second All provider. of -- Is service refresh of Hotspot lines service thought right. service you here, your XG with have the provider mobile more out Hotspot service the is providers? along the improvement in in half channel it of with And opportunity of the service expansion your other terms Or the terms X to the

Patrick Lo

No. the very, we our current produce and system initial the from We Qualcomm companion is do relatively are -- believe limited the XG deployment the expensive. as pretty coverage chipset very is limited well model as that that of because our

roll enable XG out the next that be we Hotspots extended Then Hotspot of towards more of mobile generation with of So really the the will Hotspot. XG it will the operators mobile uptick will network mobile year. expect end a than more the X XG

Woo Jin Ho

the it's one that half then the -- much I in of for something going you one forward? is Is to here, And terms lever sustainable for expect XX.X% you but revenue second margin the me commentary. going a of principal quarter, going that for be to understand is that last be nice is margin do guys. first it. gross Got How fairly that improvement,

Patrick Lo

on to we Yes. by gross contra-revenue do is margin We or gross margin advertising. TV than focus just the do affected try margin we rather because whether marketing operating everybody

if the the retracts -- it feel important. decline X% and done negative would confident to think bottom models, half, favorable second then line double-digit the to able market in indeed we it's So margin. of that We've environment, deliver the kind more a operating financial be that's we pretty from I

operating mean impact so that how the framework, have to marketing I the going Now the not will significant on we're mix going we the focus dollars, margin. product rather do gross how are within to margin a we but gross spend on margin, on

Operator

line Instructions] question from And Khorsand the our BWS Hamed [Operator of of comes final Financial.

Hamed Khorsand

off channel that service want you your -- so to your the showing about start first right? if with distribution said related? Just all concern it not it there. was comment It's on Brexit And earlier the line, -- partners, up provider

Patrick Lo

the No. It's distributor related in U.K.

Now we did kind out distribution, is of -- lumped European country, the not split into the by distributors lumped so into yes. it's overall

Hamed Khorsand

and But now from X.X, it in down was it's it's Correct. X.X X.X, December.

Patrick Lo

not the somebody's means That taking enough inventory, like Germans.

Hamed Khorsand

the a of And in that's what much giving? this I how balancing with you're was act trying guidance to is QX get to is

Patrick Lo

are to little taken bit mean going Brexit a inventory I away. is so their Brexit distributor. is I on not May, going we've into going again, certainly they're mean But help to We that they're until talking No. then about hold account. they to have clearer. this not --

Hamed Khorsand

controls like you're so Are is not -- there. you exposed lumpiness would mean too that situation over some this imagine I monitoring I standpoint? there have And from to you something the

Patrick Lo

No. by have it certainly then inventory, how I on right. control distribution we smooth We channel out, no I think to managing know overall mean, Brexit.

Hamed Khorsand

your and WiFi all on is in with having Amazon And buying do slowdown, Eero about impact anything the business? your of much to then at you that commentary

Patrick Lo

mostly so closed transaction mesh effect. market, And end until Eero had March, router mean XXac the market. Eero in of furthermore doesn't no I No, wasn't they the they're play in

basically So a big new like here." for say, right. the people all iPhone They much is there's August, to X, our pretty for launch. that technology It's sales WiFi for on period suspicion long transition waiting in more a waiting going September, people "Gee, iPhones like

Hamed Khorsand

follow-up going is question that this on, lot inventory from transition discount just And exposed there is you my given here? are having a to to

Patrick Lo

we well. No. mean have inventory managing quite I been

successful. very team All right, rate, hope our and been certainly we have operations So first is not. they

believe enticing and to And and on just or get discount so markets we slight second need we're be that's that the then very will we WiFi why say flat very getting focusing successful, growth to half. that to significantly we back really demand we X don't good have a consumer

Operator

this I'll further Lo, There back no to call are Patrick the time. CEO. questions turn at over

Patrick Lo

had Meural, today's Pro the our lie quarter new And once earnings the call joining successful Gaming, again WiFi such Nighthawk opportunities the the look second X on call We're subscription just excited forward ahead, push, rollout all our for Thank I adoption, as very routers you and are that the switches increased services ProAV secured in the that about July. updating of X quarter WiFi again. XX-inch with mesh, pleased and Thank XG. we you. to the you and

Operator

This today's call. concludes conference

You now disconnect. may

NETGEAR (NTGR) 24 Apr 192019 Q1 Earnings call transcript