NTGR - Earnings call transcript Q2 2022

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Operator

Ladies and gentlemen, thank you for standing by. At this time all participants are in a listen-only mode. Later we will conduct a question-and-answer session. [Operator Instructions] I’d now like to turn the conference over to Erik Bylin. Please go ahead, sir.

Erik Bylin

David. you, Thank welcome Conference and Second XXXX Quarter Good to Results Call. Financial afternoon NETGEAR’s

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

If release, at you’ve investor not www.netgear.com. received visit website a copy of relations please today’s NETGEAR’s

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

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

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

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

Bryan Murray

the super supply in XG our deliver incremental us which mobile end as primarily of year-over-year. aided above margin execution today’s line the deemphasizing service of on double-digit top guidance the of the a in hotspot Net result Also drove premium July $XXX.X top in were switch of to of supply quarter conjunction ended our leverage. efforts with second initially in products, by expected the the sequentially incremental our the enabled of managed investment CHP to the Strong X% million, quarter compared growth performance. hot supply revenue was non-GAAP higher customers top and XXX business, In than incremental our margins from non-GAAP operating operating you, points was which thank a Thank see basis $X.X XX.X% began improve for quarterly high with by team We our XG our expected. line. performance, by powder by down guidance, non-GAAP products, for are declining, mobile revenue as the to improvement quarter. X.X%. second as as and than a record X, [ph] spend particular were able the in that Erik to stronger to SMB and higher areas we end the quarter quarter. our of unlocked the improved provider business million, well We business the we optimize operational continue loss negative side Both in up SMB of operating prior everyone above ProAV supply, call. range and our to WiFi you XXXX The This joining mesh CHP which which included hotspots. in

was a up of down and year-over-year, is net quarter year-over-year, XX.X% second the decline relatively revenue for million, and For EMEA, was quarter-over-quarter. $XX of sequential XXXX, a which basis. million, revenue the on Americas net $XXX XX.X% flat XX.X%

business. year of from Our the driven and the XX.X% revenue down sequentially. by is revenue comparable prior a quarter the net X.X% was which Year-over-year $XX.X principally APAC declines CHP period up million, were retail

where strong performance three all regions. in were offset we Although partially saw growth by these in declines, SMB, double-digit

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

down numbers. last on our of the about From my release in focus point discussion earnings comparable of period, on the compared introduced is XXX today. quarter XX XX% from XXXX and products basis XXXX. contributed to points was margin compared Non-GAAP in XX.X%, our GAAP the second XX.X% non-GAAP first to this as distributed quarter basis is in shipments. quarter down XX.X% in non-GAAP points which While XX to in The of second reconciliation gross the year will detailed months prior earlier points

at increase the overhead expenses to QX and $XX.X X.X% year-over-year is compared which year, transportation As sequentially. costs Total costs, material in down prior in non-GAAP operating experienced we million, X.X% an costs. down came and

was from Our XXX end the QX. of headcount the down of in quarter, as XXX

X but this that our We will deliver products, ProAV, systems, believe as remain in and approximate expect we Orbi to headcount XG headcount subscription we and deployment mobile profitability areas rebalance our such invest to will and X services. and level, WiFi at focus future resources Orbi growth

prior service quarter of to second as X.X% first compared non-GAAP technology net in net our quarter in the period, subscription and continued R&D revenue comparable for we of committed net are was the XXXX. To the revenue X.X% in continue and revenue year leadership, investment Our expense to of of XX.X% R&D.

of in Our the quarter non-GAAP XXXX. was rate X.X% tax negative second

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

$XXX.X $XX.X ended prior million sheet. second quarter of and investments, We in the with Turning XXXX the the to quarter. from balance down cash short-term million

the property of expenditures by $X.X over of used and our purchases the During brings trailing at of used of $X.X price operations, cash million. $X.X our for QX, repurchase was during used QX million to which $XX.XX XXX,XXX million NETGEAR activity Since million to spent cash shares. total per $XX XX.X million we In share. to capital of equipment average we by approximately million. spent our repurchase, $XXX.X an provided repurchase the $X.X XX-months the trailing common the cash in million in quarter, XXXX, quarter start total operations which shares to of XX-months We brings have stock

are value We shareholders our plan continue and periods. in committed future opportunistically repurchase to returning shares to to to

of share diluted the million approximately shares quarter. fully of Our end is as second the count XX

second $XXX.X industry-leading quarter, million Gaming both We which channels. Meural down service is sequentially. provider retail and X.X% the Now The revenue segments. results product which Connected segment, generated basis for in the XX.X% net during Nighthawk, a down of year-over-year Nighthawk a year-over-year turning decline to Orbi, our Pro the and our includes on quarter experienced Home and brands

the As demand a by to the in boosted response demand. was stocking channel heightened prior along reminder, heightened a comparative the of period year consumer the to depleted business with the for retail pandemic, portion meet

again, the with And well our our Our which and of better a is up led with investments provider XG the revenue to increase excited the sequential supply business half supply Once service year-over-year prior strong continue facing managed that for SMB as growth year. up record our were XXXX, to improved in to expected generated share basis the SMB of net year. compared of the million XX.X% enabled sequentially. XX.X% thanks the ProAV, switch QX a of quarter navigate second challenges quarter. mobile rebounded I’m way in to the by in We in on and $XX.X products strength strategic the to able the business is chain second hotspots, XX%

from Additionally, freight shipping access we production Furthermore, to cloud compensate heavily guidance offsetting for traction I’ll of and call delays, see contributions turn over mesh his we I to the managed air for of portfolio will quarter points. again XXXX. now with after this once for the third WiFi the in spent margin provide higher increasing commentary, which our Patrick X wireless business.

Patrick Lo

Thank you, Bryan.

brought team’s challenges quarter, affect to I’m many For navigating second categories, in pandemic, to a companies the guidance. execution of enabling continuing in these overachieve on is chain strategic disruption substantial product across to of relative those the excellent our us across by number industries. our proud supply

digital continue make these intelligent transition line analog to to three These AV-over-IP helped NETGEAR to this solutions. switches delivers expand a market. drive is enable line created SMB to of different QX. HDMI in to differentiation switch on AV the categories. Ethernet result managed top product record And of our lead us products it newly solutions ProAV the the first Our from which allows strategic and industry levels,

high definition switches, rooms, installation production all compatible ProAV them and system equipment signage of trouble video digital free built AV mix the conference enabling First, scale manufacturers into major large studios, ultra software streaming and and time saving our integrators, video displays. displays, with

a name applications. few to Just

XX switches a switches portfolio breadth desktop allows to rackmount from from X-port gig the on managed the to Second, to in the depending XXX XX-port maximum is application. gig and unique AV industry of flexibility gig ProAV of one

was Finally, switching of to geographic consulting and three defensive regions This and a that markets. all we with capabilities all differentiate all the build trajectory our with ProAV an three line which on year-over-year growth This SMB replicate. revenue difficult geographies. momentum forms IP our systems ProAV spans of is a in solution and team design combination driving that others double-digit force, mode major and knowledge AV for upward kept

of further in XXXX, minimizing SMB supply expect make As we progress back remainder we to even stronger of aim the from the constraints half over the year. performance in

products Orbi top more sales. of CHP super the of towards X of CHP continue premium strategy side, Residential double-digit the revenue satisfying Orbi our our we in and consumer And X end with On the growth demonstrated product shifting mix segment. to our progress market end WiFi mesh

the including of setup. industry in by and performance, as hearts of mesh ease honors to the was footprints. personal mounted very a awards, an by and accolades their Ms. validated Quad-band for speeds minds XXXX her the Our speed, won speed devices Orbi’s best system, Orbi and Stern, consistently Journal tied outstanding system Personal and superior the with and and are a best Tom’s working Joanna themselves. for WiFi journalists Street article Journalist test tech home, enable mesh systems, In took coverage own the the of top on X even is tweeted guide. for results patented performance which for Orbi highlighting latest systems. of from customers recently Orbi X well Wall impressive for the and has capacity Technology powered of Orbi best buying NETGEAR Orbi respond Tri-band Senior antenna X the various sparking designs, WiFi as residential

experience Sydney to and and are Tokyo Our XX Munich and combination antenna California. radio test London, years to in ranging York, design, different the frequency from to conditions Texas, NETGEAR’s of of designs New residential

connected all and are and outgoing from protects secure these which want only [ph]. priced These a those incoming at attacks nominees devices after, products, and by most Additionally, sought WiFi best equipped experience. are the which are systems with Armor, possible who $XXXX up

to XG pleased MX in hotspots, quite on Europe’s quarter, customers. recently the number retail with multi-gig also They as our new for have Computer improved list the most In and service are Telstra on positions. which two in hotspots the as publications to Australia. well from of of top XE July are number WiFi of latest mobile Dish the AT&T and market U.S. supply MX mobile and hotspots only In We Germany, and sales benefited the Built, from the best Pro tech XG edition and in our download the devices we taking Qualcomm. one MX Nighthawk launched Providing second second in and go. the provider in technology the both one the mobile our the influential quarter MX

working are to catch with the feverishly demand. supply We improve up to

to X Orbi from mesh, can hotspots. Orbi we tremendous We WiFi way Australia see many build these super-premium new X customers. products. responders, mobile service the retail these among three the we sales ProAV, As work and XG unlocked and for year, have well version as first signed opportunities providers the traveling and channels on of believe employees professionals, rural as and of categories, continue in up We success

market. and CHP We margin. and grow the SMB the declines portion their both lower, and the WiFi success Despite at will ride consumer middle of revenue the

continue year-over-year. up second and competitors. smart focus likely three for to the million will our second profitability years and residential adopt X% bill lines Affluent around for pro core these are parental property our controls sequentially our in our growth our both barrier of quarter to and Orbi revenue ahead. subscription remain three intellectual to services to X returning Orbi varied lines and in Last year least company to the integral and but the We ecosystems up services, more bottom Orbi. on the and Armor the raise These in to support X not are XX% entry the to areas was our and customers product side, the $X for of half

turn those our management We’re the quarter also our even target a XXX,XXX paid commercial and confident subscription and will margin channel quarter by services. long-term obstacles we partners, to subscribers seeing believe our opportunities us. deployment still of on and year. and ProAV end paid ahead of the LAN enterprises with back coming SMB more comment system mobile driver line effort subscribers wires that, integrators, both remain CHP horizons. including insight second I’ll a subscription of remote of of We top expansion our XXX,XXX with hotspot to in adopting with large and medium revenue in our that SMB wireless will reach XXXX. entered the We and services, seasonally in We And the Bryan half stronger be scale key

Bryan Murray

demand the year. provider to channel you, continue we Patrick. to back expect With of and Thank supply, in SMB momentum CHP improving the the half and service gain solid

We $XX of some quarter customers be from further. positions revenue to channel U.S. service With approximately our intending expect the inventory retail grow and to provider revenue SMB third their will shrink sequentially. million

range third coming We in $XXX them be to expect Together million to continue to levels. with million. quarter these expect lead in to net the inventory their of $XXX us optimize to revenue working our factors the quarter

spend revenue. While supply our picture still air SMB to freight on to continues improve, to the expect maximize we

X.X% in As the a is be be operating to non-GAAP negative of of result the margin in GAAP expected X%, range third of to these factors, our X.X%. operating and the range for to X% expected quarter is to margin

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

market our differ any ability our guidance partners at We we time, in uncertainty audience challenged, remain of this distribution the from manufacturing increased the component like that regional confident While than to forging occurs COVID-XX should challenges events caveat greater of we the our supply due related with any conditions, to particular considerable in are so could questions to do to and freight closure our and chain in provide unforeseen the pandemic continuing results into expected guidance. to centers would operations, or transportation delays costs, the or actual remains answer from

Operator

from [Operator Instructions] Tindle Adam Raymond Our with first question comes James.

now Your line is open.

Adam Tindle

I afternoon. with Okay. Good Thanks. to wanted start Bryan. maybe just

think about half ago, going you of standpoint. how the there, might think to a I from where we done further half being basis. year that’s half just seasonality the about guidance reduction now about channel standpoint back XX revenue retail, on QX this or looking from a wondering in QX and inventory the this on I’m revenue XX% given U.S. be, if maybe up from Obviously from a for first three to significantly up maybe be call about update back particularly talked days we an talked have

Bryan Murray

sequential because increase expansion the level Obviously the picture contemplate a points. quarter we’re dependent the majority believe that’s Sure. Again, of into steer steer margin on year sequential of going the of the in in further the leverage with gaining, the the would that, that revenue today, revenue probably the that in line higher expansion channel the in we of on availability, based margin today, information Obviously expect should I third on but I XXX our that’s revenue. top we take quarter. seeing would some fourth But the We single-digit with the see QX. the of based expect would QX, supply from mid-to-high increase. quarter again, that basis I that’s place dependent guidance, optimization all in half Obviously and would standpoint. neighborhood where on you. availability have I’d do supply see where that’s a the we you’re we third back

Adam Tindle

expansion Are And go quarter; QX forward on think cost in maybe basis That’s to helpful. talked taking results? a maybe actions on last that where Yes. stand us on this? you those kind of about very had some just cost Okay. actions those. reflected the fully about stand remind margin of you piece where we How the OpEx point, on

Bryan Murray

Yes. size materially maintain it in right business. we’ve We CHP to the do that the that are kind Those that to were necessary actions expect believe I QX the results, level. reflected of taken would OpEx and for

Adam Tindle

for clarify flow, one us the Is Okay. year. for given kind full rest about And way clearing channel flow one to to out a the parts inventory? of year for moving all the cash think last and there just of cash

Bryan Murray

improve expect that compress will wanting in We’ve size cash in forward. the half came year. Yes, some to own this second continue Obviously do to continue I progress inventory. quarter. point from flow to our and the in back the we expect made existing I this right of year

do I an income. cash to in probably flow, net that neighborhood improvement see of in XX% think So, we’ll of non-GAAP that free XX%

Adam Tindle

Perfect.

lot a like Thank positives you much. ahead. Sounds so of

Bryan Murray

Adam. Thanks,

Operator

BWS Financial. Next we’ll go Hamed Khorsand to with

Your is now open. line

Hamed Khorsand

with that Hi. the the retail given have partners? from SMB retail the to how managing your are the to, Are you’re inventory how inventory platform? from you are hand the away I getting investing online ask your retailers partners? and just I inventory you or level, managing to you shifting was you at line? conversations you – on the retail more want about And pushback the given you’re just Are having in

Patrick Lo

well, partners the different you of CHP probably SMB our channel in prospective individual with the maximizing optimizing in-market is channel. the know, sales. basically as from So channel quite we is what our And work aim

do you not shifting inventory from to about the could much retail product reseller channel varied and different So there’s sets.

in not sell buy. best to going We’re ProAV

So the much generally other physical store. keeps less a that also is channel stock online the irrelevant. on And the retail hand, than

So much inventory over there’s not channel reduction there.

all reduce the last you they see they be all or weakened. that as to they demands the in continue And other. the that need two to report one watch weeks, So, all retailers think way inventory the

they there when inventory string that fact forecast weakened, and weeks be demands, the quarter. of when a channel So further to now, the given in XX course, are demands

want weeks they to if eight they’re on So, sitting they currently weeks. let’s decided, ship inventory, XX maintain to but say of

every less they what out, than So there. sell have naturally ship to week would they we until get

how the across that’s the So manage inventory we in board channel. the

Hamed Khorsand

then the ProAV your you’ve talked Okay, TAM? you the initial that estimate. think seen great. And you’ve about actually on Given do growth How side, larger being recently? to fast you get TAM than the addressable

Patrick Lo

It’s by limited know, ship everything all suppliers. got. how We it our big is, big. We we’ve chip

So, it we created is don’t know how being new and every day. applications big

broadcast, linear AI-based TV For intelligent example, TV we’ve to now broadcast injection. being switch seen into some an more, contemplated

than So rather media three completely actually even or is the new. dimensional, two there’s dimensional a

seeing industrial integrating applications such also with new some IoT as AV. are We

these to going what on walking produce and react display immediately signage So that. in, when they could customers ends, things like

So, but supply today we anyway, enough. can’t

don’t we So, know.

chip So, the expand to to try we our much of possible. products with as as working our suppliers availability

Hamed Khorsand

marketing you what you shipped your awareness how plan adjusting just And last might count the talk a lose was, with that? given consumer fear brand question declining? and you there that your is any that for are unit Is my is could about

Patrick Lo

brand. and we means a What are for value produce. our performance customers premium the to is superior targeting that products really create do That who quality trying really we’re

of And I partners words, than on of end channel sales. other the offering the the you more pick? of So the sales. sales day, an rather are quality at classic rather in the more about Rolex of authorized volume quantity care the eventually we think unit you’re be what if to than The sales, an Tissot, example opportunity dealer of versus dollar is, revenue focusing will

Hamed Khorsand

to consumer that routers of the understand that I – starts Rolex the do make shrink? sure you realizes your how shelf was you’re as I Patrick, size your that

Patrick Lo

Journal, my best Well, it, that we get the telling technical like industry, in Stern have saying, second And you get you as best hotspots, want the in mentioned, is best the at tells is. all I Joanna press are the look great is if Orbi NETGEAR. if the how Guide/Hardware, Built Computer you And buy Street NETGEAR. you Wall Tom's Frankfurt us to mobile

just You the I watched play it, they like that the to getting to way golf right? rare, Roy want spokesperson. think Federer that have plays Roger McAvoy into tennis Rolex, that and It’s and to play he’s right. Rolex helps,

Hamed Khorsand

Thank it. Appreciate you. Great.

Patrick Lo

Sure.

Operator

Okay.

to go Jared with we’ll Cowen Company. Next, and Jungjohann a

Your line is now open.

Jared Jungjohann

just This macro about region, curious what’s in Jared I for the you. driving of the Paul Patrick APAC I’m on and region. coming Bryan. EMEA Silverstein. Hi, some on? the curious, quarter-over-quarter was EMEA especially considering the strength is and Thank headwinds

Patrick Lo

It’s just math. a matter on right. All

U.S. XX% is domestic business Speed X Our

evenly So that regions. SMB three is our means while, around business distributed the pretty

markets. So, in Speed has on consumer effect less much the the X demand decline international side on

So better doing the than APAC than doing that’s is better U.S. why Europe, Europe is

Jared Jungjohann

Okay. very you Thank much.

Patrick Lo

Sure.

Operator

do no Lo, at I have Silverstein Paul from we with this further time. to questions question Cowen. are Patrick over back I’ll another the There apologize turn you. call

is line Your open.

Paul Silverstein

would and businesses coming And And different of again, terms apologize price Guys, equipment’s two it, already U.S.-based translation, the you mesh more but macro be tonight, the and calls But know so answered do that seeing And you on the you’ve how and those did two quarter, I but the had the given seeing and ultra asked expensive between of between what broad. customers that much prospective in macro apologize. this Patrick, breakdown I related the delineation any I in size going markets? fact you’re would that? two are impact market currency revenue? to suspect any what what terms be, your if vendors beyond high positive nature y’all questions vendors, given market? every of would Yes. be relative end challenges, elasticity of the nature Bryan In multiple to I revenues more in any the from of that provide what’s

Patrick Lo

question. It’s kind the of answer me funny. let Well,

margin, said interesting bleeding products it when years. And latest with it’s the you, the is is survive. very that good, pretty but change competitors high end, I’ve margins the attack differentiated. for you the the were space you introduced XX if nearly especially edge margin. survive your if because suppress very last towards It’s That to think, the into technology, I go actually

we us, is super time. But yes, course, old high long unique products, so premium for really the been to then the of have which in have So, some very which margin. also products, industry a have we

everybody, such have such chased We adapters, basically as as power out lines, such as extenders.

We as are have from gateways. really significant margin even market well. share, cable Those pretty high

mid So part, only middle low the commoditized, in like margin. which mesh end is that’s it’s really very the suppressing range, routers, that, a

X, Now, premium products, our the which includes as the hotpot. well X Orbi our XG Orbi mobile situation for as and is

ultimate be would lines XX% as aim for the to two total like revenue. as product is these strategic big of Our

We’re we’re good yet, progress. not there but making

Paul Silverstein

give away you’re XX%? you when us, expected Can just hit for you to how patch far that or are

Patrick Lo

products, of maybe in get you to two other are three XX%, margin really some low but too. mind margin we’ll the think them years, not there I high

Paul Silverstein

Patrick, but back the response, not end, margin to low pull question you And consumers to start your in market, you in from and or piece revenue a standpoint, that the you’re back the high going me it address mid that, end seeing volume, as either ask I questionhopefully. the of the assume opposed to let the delay would of where you seeing my are demand

Patrick Lo

clearly mid lengthening And everything inflation considering in clearly the that. are low, the end cycle. life and market, right, people we’re You’re is all upgrade definitely of the seeing right, of on delay

rapid other continuing NPD that those why you that market shrinking. that’s we But then a on $XXX data hand, expanding for is if So at about look, the an is is at clip. look

the looked Orbi time we see user and quickening, we actually on out own Orbi survey And who phenomenon the and cycle. went upgrade So, we over and bought that our then X do and X. this at customers our our

and half of So market actually a X than for a the customers. the X in more what years. customers X hasn’t lot two And Orbi been were Orbi Orbi

to So upgrading clearly technology are they and responding faster. this newest

Paul Silverstein

end, Got on the terms it. respect those take cutting to you And do to that in just Patrick, price hit hold do customers lower let delaying are with or by respond you price volume? of and the

Patrick Lo

very same, We we are right. some – that left. only said, All cable, extenders categories certain are few like practically right, have same. practically we competitors there adapters as one There in competitor,

need So there’s no prices. to cut

fact, raise range the prices. to of now course, routers and we we mesh, promotions a low Right. do keep, I mid then of commodity in have to and And more that be in every competitive seriously to Yes. range. As competitive and yes, then matter mean,

Paul Silverstein

they to competition you’re even recession going where have in a question’s Patrick, unless have purchasing, hour little question’s to the of maybe little appreciate a bit, it. is response, where even challenge than responded, macro, thrust especially but have Well, an gets where to you’re way the you the I the which a different bit only supplier, the don’t folks in you delay

in might adapter but don’t end order to competition, who adapter, If them you low in folks for you and routers, no have choose even those an if you you have given... prices had stimulate to have cut

Patrick Lo

by we saying actually answered just question the that – raised prices. I I answered just with

Paul Silverstein

the I Okay. right. you. responses. All Thank appreciate

Patrick Lo

Sure.

Operator

it Patrick you back I’ll over turn remarks. to Lo, closing for

Patrick Lo

you Well, everybody All joining today. for thank Great. us right. Thanks.

We’re a for complete bottom by inventory that our Well, channel really highly expanding with Orbi opportunities. and growth XG will and market back excited towards and reduction our it. very The that on at Orbi both future to be the terms rate said, about and our of X X rapid and differentiated the has hotspots. after expansion coming mobile of as expecting the track line a exciting, for put And us continues we quarter. ProAV are riding to Bryan be end SMB CHP in CHP top

does So market fast share newly in growing space. our this

on I X of And straight friends updates sharing the of months. live subscribers forward all us with all million path long-term. for these today. paid Finally, joining in you to look in the us service you ahead three to Thank

Operator

call. This concludes today’s conference

disconnect. You now may

NETGEAR (NTGR) 28 Jul 222022 Q2 Earnings call transcript