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NETGEAR® Reports Fourth Quarter And Full Year 2012 Results

- Fourth quarter 2012 net revenue of $310.4 million, as compared to $309.2 million in the comparable prior year quarter

SAN JOSE, Calif., Feb. 12, 2013 /PRNewswire/ -- NETGEAR, Inc. (NASDAQGM: NTGR), a global networking company that delivers innovative products to consumers, businesses and service providers, today reported financial results for the fourth quarter and full year ended December 31, 2012.

Net revenue for the fourth quarter ended December 31, 2012 was $310.4 million, as compared to $309.2 million for the fourth quarter ended December 31, 2011, and $315.2 million in the third quarter ended September 30, 2012.  Net income, computed in accordance with GAAP, for the fourth quarter of 2012 was $16.1 million, or $0.41 per diluted share.  This compared to GAAP net income of $22.8 million, or $0.60 per diluted share, for the fourth quarter of 2011, and GAAP net income of $23.8 million, or 0.61 per diluted share, in the third quarter of 2012. 

Gross margin on a non-GAAP basis in the fourth quarter of 2012 was 30.0%, as compared to 31.1% in the year ago comparable quarter, and 31.6% in the third quarter of 2012.  Non-GAAP operating margin was 11.4% in the fourth quarter of 2012, as compared to 12.4% in the fourth quarter of 2011, and 11.5% in the third quarter of 2012. Non-GAAP net income was $0.55 per diluted share in the fourth quarter of 2012, as compared to non-GAAP net income of $0.69 per diluted share in the fourth quarter of 2011, and non-GAAP net income of $0.65 per diluted share in the third quarter of 2012.

Our non-GAAP tax rate was 39.4% in the fourth quarter 2012, as compared to 30.5% in the fourth quarter of 2011, and 30.3% in the third quarter of 2012. The higher fourth quarter 2012 tax rate reflects a shift in revenues and profits, to the Americas where tax rates are higher. The fourth quarter 2012 non-GAAP tax rate also did not include any one-time tax rate benefit which was included in the tax rate for the third quarter of 2012, and which accounted for an incremental $0.05 per diluted share of earnings for the third quarter of 2012.

Net revenue for the full year 2012 was $1.27 billion, a 7.7% increase as compared to $1.18 billion for 2011. Non-GAAP income from operations for the full year 2012 was $147.7 million, as compared to non-GAAP income from operations of $145.8 million for the full year 2011. Net income, computed in accordance with GAAP, for 2012 was $86.5 million, or $2.23 per diluted share.  This net income was a 5.4% decrease compared to net income of $91.4 million, for 2011. Earnings per share, computed in accordance with GAAP, was $2.41 per diluted share for the full year 2011.

The differences between GAAP and non-GAAP financial measures include adjustments, net of any tax effect, for amortization of purchased intangibles, stock-based compensation, restructuring and other charges, acquisition related compensation and expense, impact to cost of sales from acquisition accounting adjustments to inventory, litigation reserves, and gain on sale of cost method investment. The accompanying schedules provide a reconciliation of financial measures computed on a GAAP basis to financial measures computed on a non-GAAP basis.

Patrick Lo, Chairman and Chief Executive Officer of NETGEAR commented, "The worldwide macroeconomic environment proved challenging for us during the second half of 2012. In the fourth quarter, we witnessed reduced spending among our service provider customers and Commercial Business Unit customers. Despite this, our Retail Business Unit experienced the best fourth quarter sequential growth in the last three years. We are very pleased with the share gain against our retail competitors worldwide. We introduced 32 new products in the fourth quarter of 2012 and once again, we were a double honoree this year in the CES Innovations Design and Engineering Awards competition."

"Our fourth quarter 2012 Retail Business Unit net revenue was up 12% sequentially, and up 5% for the full year. The fourth quarter was a record quarter in terms of net revenue for our Retail Business Unit driven by strong share gain in the U.S. and other international markets. Our fourth quarter 2012 Service Provider Business Unit net revenue was down 12% sequentially, but up an impressive 25% year-over-year for the full year of 2012.  Upon closing, we expect our recently announced acquisition of the Sierra Wireless, Inc. AirCard business to drive global growth for our Service Provider Business Unit by combining a world-class LTE engineering team with our world-class Wi-Fi engineering team. We believe that fixed mobile broadband gateways will be the internet access device of choice for the estimated four and a half billion people currently not connected to high speed broadband internet because of poor wireline telecommunications infrastructure. The AirCard acquisition is a significant step forward in addressing this nascent market. Our fourth quarter 2012 Commercial Business Unit net revenue was down 7% sequentially and down 7% for the full year due to cautious spending for information technology in the uncertain business climate, especially in Europe."

Christine Gorjanc, Chief Financial Officer of NETGEAR, said, "While the slowdown faced in the second half of 2012 has been challenging, we remain committed to pursuing the growth opportunities we see in Smart Homes, Next Generation Service Providers and 21st Century SMBs. We are maintaining financial discipline while continuing to drive innovation with historically higher expenditures in research and development. Our research and development expenditure allows us to execute our first-to-market strategy and consistently meet the demand for next generation wireless connectivity products within the markets that we serve. We maintain a strong balance sheet and continue to closely manage our expenses, inventory and cash."

Mr. Lo added, "Looking forward, our plan for 2013 calls for organic growth in revenue and profits with further incremental growth once the AirCard acquisition is complete.  We expect the first half of 2013 to be tempered by reduced spending from our service provider customers and macroeconomic uncertainty with growth in the second half of the year.  Specifically, we expect first quarter 2013 net revenue to be in the range of $290 to $305 million and non-GAAP operating margin between 11% and 12%, which does not include revenues or costs associated with the AirCard acquisition. For the full year 2013, we expect our annualized non-GAAP tax rate to be approximately 33%."

"In 2013, we expect to continue to drive growth via aggressive new product introductions. We currently expect our 802.11ac WiFi equipment, 4G LTE fixed mobile gateways, Home Automation and Monitoring systems, 10Gigabit Ethernet switches, and Unified Storage to be key new revenue drivers. From a long-term perspective, we are confident in the growth prospects we see in providing Internet connectivity devices for homes, and small and medium businesses. As the number of connected devices worldwide grows at an increasing rate, we expect to expand our business to meet the demands of our customers in each of the markets that we serve."

Investor Conference Call / Webcast Details
NETGEAR will review the fourth quarter and full year 2012 results and discuss management's expectations for the first quarter of 2013 today, Tuesday, February 12, 2013 at 5 p.m. EST (2 p.m. PST). The dial-in number for the live audio call is (201) 689-8560. A live webcast of the conference call will be available on NETGEAR's website at http://investor.netgear.com.  A replay of the call will be available 2 hours following the call through midnight EST (9 p.m. PST) on Tuesday, February 19, 2013 by telephone at (858) 384-5517 and via the web at http://investor.netgear.com.  The account number to access the phone replay is 407607.

About NETGEAR, Inc.
NETGEAR (NASDAQGM: NTGR) is a global networking company that delivers innovative products to consumers, businesses and service providers. For consumers, the company makes high performance, dependable and easy to use home networking, storage and digital media products to connect people with the Internet and their content and devices. For businesses, NETGEAR provides networking, storage and security solutions without the cost and complexity of Big IT. The company also supplies top service providers with retail proven, whole home solutions for their customers. NETGEAR products are built on a variety of proven technologies such as wireless, Ethernet and powerline, with a focus on reliability and ease-of-use. NETGEAR products are sold in approximately 35,000 retail locations around the globe, and through over 41,000 value-added resellers. The company's headquarters are in San Jose, Calif., with additional offices in over 25 countries. NETGEAR is an ENERGY STAR partner. More information is available at http://investor.netgear.com or by calling (408) 907-8000. Connect with NETGEAR at http://twitter.com/NETGEAR and http://www.facebook.com/NETGEAR.

© 2013 NETGEAR, Inc. NETGEAR and the NETGEAR logo are trademarks or registered trademarks of NETGEAR, Inc. and its affiliates in the United States and/or other countries. Other brand and product names are trademarks or registered trademarks of their respective holders.  The information contained herein is subject to change without notice. NETGEAR shall not be liable for technical or editorial errors or omissions contained herein.  All rights reserved. 

Contact:
NETGEAR Investor Relations
Christopher Genualdi 
netgearIR@netgear.com  
(408) 890-3520

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 for NETGEAR, Inc.:
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 NETGEAR, Inc.'s expectations or beliefs concerning future events based on information available at the time such statements were made and include statements, among others, regarding expectations on continuing to drive growth via aggressive new product introductions and the key new revenue drivers, expectations regarding our recent acquisition of the Sierra Wireless AirCard business driving global growth for our Service Provider Business Unit, expectations on fixed mobile broadband gateways, our commitment to pursuing growth opportunities, higher research and development expenditures, expectations on the 2013 non-GAAP tax rate, further reductions in spending among our existing service provider customers in the first half of 2013, growth in our Commercial Business Unit, expectations on our Retail Business Unit, our plans for 2013, expected net revenue and non-GAAP operating margin, and the expected expansion of our business to meet customer needs. These statements are based on management's current expectations and are subject to certain risks and uncertainties, including, without limitation, 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 fail to successfully continue to effect operating expense savings; channel inventory information reported is estimated based on the average number of weeks of inventory on hand on the last Saturday of the quarter, as reported by certain of NETGEAR's customers; changes in the level of NETGEAR'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, and the actions and financial health of the Company's customers. 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 NETGEAR 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," pages 46 through 65, in the Company's Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2012, filed with the Securities and Exchange Commission on November 6, 2012. NETGEAR 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.

Use of Non-GAAP Financial Information:
To supplement our consolidated financial statements presented on a GAAP basis, NETGEAR uses non-GAAP financial measures, which are adjusted to exclude certain expenses and tax benefits, where applicable.  We believe non-GAAP financial measures are appropriate to enhance an overall understanding of our past financial performance and also our prospects for the future. These adjustments to our current period GAAP results are made with the intent of providing both management and investors a more complete understanding of NETGEAR's underlying operational results and trends and our marketplace performance. For example, the non-GAAP results are an indication of our baseline performance before charges that are considered by management to be outside of our core operating results. In addition, these adjusted non-GAAP results are among the primary indicators management uses as a basis for our planning and forecasting of future periods. The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial measures prepared in accordance with generally accepted accounting principles in the United States.               

-Financial Tables Attached-

 


NETGEAR, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)






December 31,
2012


December 31,
2011





ASSETS




Current assets:




Cash and cash equivalents

$

149,032



$

208,898


Short-term investments

227,845



144,797


Accounts receivable, net

256,014



261,307


Inventories

174,903



163,724


Deferred income taxes

22,691



23,088


Prepaid expenses and other current assets

33,724



32,415


Total current assets

864,209



834,229


Property and equipment, net

19,025



15,884


Intangibles, net

27,621



20,956


Goodwill

100,880



85,944


Other non-current assets

22,834



14,357


Total assets

$

1,034,569



$

971,370






LIABILITIES AND STOCKHOLDERS' EQUITY




Current liabilities:




Accounts payable

$

87,310



$

117,285


Accrued employee compensation

18,338



26,896


Other accrued liabilities

126,255



120,480


Deferred revenue

27,645



40,093


Income taxes payable

1,382



4,207


Total current liabilities

260,930



308,961


Non-current income taxes payable

13,735



18,657


Other non-current liabilities

5,293



4,995


Total liabilities

279,958



332,613


Stockholders' equity:




Common stock

38



38


Additional paid-in capital

394,427



364,243


Cumulative other comprehensive income

4



23


Retained earnings

360,142



274,453


Total stockholders' equity

754,611



638,757


Total liabilities and stockholders' equity

$

1,034,569



$

971,370














 


NETGEAR, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)



Three Months Ended


Year Ended


December 31,
2012



September 30,
2012



December 31,
2011



December 31,
2012



December 31,
2011






















Net revenue

$

310,436



$

315,210



$

309,155



$

1,271,921



$

1,181,018


Cost of revenue

219,058



217,522



214,182



888,368



811,572


Gross profit

91,378



97,688



94,973



383,553



369,446


Operating expenses:










Research and development

14,789



17,399



13,597



61,066



48,699


Sales and marketing

35,519



37,600



39,278



149,766



154,562


General and administrative

11,507



11,888



8,379



45,027



39,423


Restructuring and other charges

1,190







1,190



2,094


Litigation reserves, net

(30)



269



33



390



(201)


Total operating expenses

62,975



67,156



61,287



257,439



244,577


Income from operations

28,403



30,532



33,686



126,114



124,869


Interest income

154



109



127



498



477


Other income (expense), net

(153)



3,070



(198)



2,670



(1,136)


Income before income taxes

28,404



33,711



33,615



129,282



124,210


Provision for income taxes

12,325



9,920



10,780



42,743



32,842


Net income

$

16,079



$

23,791



$

22,835



$

86,539



$

91,368












Net income per share:










Basic

$

0.42



$

0.62



$

0.61



$

2.27



$

2.46


Diluted

$

0.41



$

0.61



$

0.60



$

2.23



$

2.41












Weighted average shares outstanding used to compute net income per share:










Basic

38,293



38,162



37,590



38,057



37,121


Diluted

38,924



38,802



38,260



38,747



37,932












Stock-based compensation expense was allocated as follows:










Cost of revenue

$

326



$

473



$

262



$

1,347



$

999


Research and development

721



778



603



2,787



2,476


Sales and marketing

1,128



1,238



1,187



4,751



5,136


General and administrative

1,391



1,530



1,376



5,487



5,151


 

 


NETGEAR, INC.

NON-GAAP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Excluding amortization of purchased intangibles, stock-based compensation, restructuring and other charges, acquisition related compensation and expense, impact to cost of sales from acquisition accounting adjustments to inventory, litigation reserves, and gain on sale of cost method investment, net of tax.

(In thousands, except per share data)
(Unaudited)






Three Months Ended



Year Ended



December 31,
2012



September 30,
2012



December 31,
2011



December 31,
2012



December 31,
2011






















Net revenue

$

310,436



$

315,210



$

309,155



$

1,271,921



$

1,181,018


Cost of revenue

217,286



215,695



212,872



882,258



805,306


Gross profit

93,150



99,515



96,283



389,663



375,712












Operating expenses:










Research and development

14,068



16,621



12,994



58,279



46,183


Sales and marketing

34,391



36,362



38,091



145,015



149,426


General and administrative

9,283



10,358



7,003



38,707



34,272


Total operating expenses

57,742



63,341



58,088



242,001



229,881


Income from operations

35,408



36,174



38,195



147,662



145,831


Interest income

154



109



127



498



477


Other income (expense), net

(153)



(56)



(198)



(456)



(1,136)


Income before income taxes

35,409



36,227



38,124



147,704



145,172


Provision for income taxes

13,951



10,959



11,635



48,266



39,935


Net income

$

21,458



$

25,268



$

26,489



$

99,438



$

105,237












Net income per share:










Basic

$

0.56



$

0.66



$

0.70



$

2.61



$

2.83


Diluted

$

0.55



$

0.65



$

0.69



$

2.57



$

2.77












Weighted average shares outstanding used to compute net income per share:










Basic

38,293



38,162



37,590



38,057



37,121


Diluted

38,924



38,802



38,260



38,747



37,932


 

 

NETGEAR, INC.
RECONCILIATIONS OF GAAP MEASURES TO NON-GAAP MEASURES
(In thousands, except per share data)
(Unaudited)


STATEMENT OF OPERATIONS DATA:






Three Months Ended


Year Ended


December 31,
2012


September 30,
2012


December 31,
2011


December 31,
2012


December 31,
2011












GAAP gross profit

$

91,378



$

97,688



$

94,973



$

383,553



$

369,446


Amortization of intangible assets

1,446



1,354



1,048



4,763



4,658


Stock-based compensation expense

326



473



262



1,347



999


Impact to cost of sales from acquisition accounting adjustments to inventory









609


Non-GAAP gross profit

$

93,150



$

99,515



$

96,283



$

389,663



$

375,712


Non-GAAP gross margin

30.0

%


31.6

%


31.1

%


30.6

%


31.8

%











GAAP research and development

$

14,789



$

17,399



$

13,597



$

61,066



$

48,699


Stock-based compensation expense

(721)



(778)



(603)



(2,787)



(2,476)


Acquisition related compensation and expense








(40)


Non-GAAP research and development

$

14,068



$

16,621



$

12,994



$

58,279



$

46,183












GAAP sales and marketing

$

35,519



$

37,600



$

39,278



$

149,766



$

154,562


Stock-based compensation expense

(1,128)



(1,238)



(1,187)



(4,751)



(5,136)


Non-GAAP sales and marketing

$

34,391



$

36,362



$

38,091



$

145,015



$

149,426












GAAP general and administrative

$

11,507



$

11,888



$

8,379



$

45,027



$

39,423


Stock-based compensation expense

(1,391)



(1,530)



(1,376)



(5,487)



(5,151)


Acquisition related compensation and expense

(833)







(833)




Non-GAAP general and administrative

$

9,283



$

10,358



$

7,003



$

38,707



$

34,272












GAAP total operating expenses

$

62,975



$

67,156



$

61,287



$

257,439



$

244,577


Stock-based compensation expense

(3,240)



(3,546)



(3,166)



(13,025)



(12,763)


Restructuring and other charges

(1,190)







(1,190)



(2,094)


Acquisition related compensation and expense

(833)







(833)



(40)


Litigation reserves, net

30



(269)



(33)



(390)



201


Non-GAAP total operating expenses

$

57,742



$

63,341



$

58,088



$

242,001



$

229,881


 

NETGEAR, INC.
RECONCILIATIONS OF GAAP MEASURES TO NON-GAAP MEASURES (CONTINUED)
(In thousands, except per share data)
(Unaudited)


STATEMENT OF OPERATIONS DATA (CONTINUED):






Three Months Ended



Year Ended



December 31,
2012



September 30,
2012



December 31,
2011



December 31,
2012



December 31,
2011


GAAP operating income

$

28,403



$

30,532



$

33,686



$

126,114



$

124,869


Amortization of intangible assets

1,446



1,354



1,048



4,763



4,658


Stock-based compensation expense

3,566



4,019



3,428



14,372



13,762


Restructuring  and other charges

1,190







1,190



2,094


Acquisition related compensation and expense

833







833



40


Impact to cost of sales from acquisition accounting adjustments to inventory









609


Litigation reserves, net

(30)



269



33



390



(201)


Non-GAAP operating income

$

35,408



$

36,174



$

38,195



$

147,662



$

145,831


Non-GAAP operating margin

11.4

%


11.5

%


12.4

%


11.6

%


12.3

%











GAAP other income (expense),net

$

(153)



$

3,070



$

(198)



$

2,670



$

(1,136)


Gain on sale of cost method investment



(3,126)





(3,126)




Non-GAAP other income (expense), net

$

(153)



$

(56)



$

(198)



$

(456)



$

(1,136)












GAAP net income

$

16,079



$

23,791



$

22,835



$

86,539



$

91,368


Amortization of intangible assets

1,446



1,354



1,048



4,763



4,658


Stock-based compensation expense

3,566



4,019



3,428



14,372



13,762


Restructuring  and other charges

1,190







1,190



2,094


Acquisition related compensation and expense

833







833



40


Impact to cost of sales from acquisition accounting adjustments to inventory









609


Litigation reserves, net

(30)



269



33



390



(201)


Gain on sale of cost method investment



(3,126)





(3,126)




Tax effect

(1,626)



(1,039)



(855)



(5,523)



(7,093)


Non-GAAP net income

$

21,458



$

25,268



$

26,489



$

99,438



$

105,237


 

 

NETGEAR, INC.
RECONCILIATIONS OF GAAP MEASURES TO NON-GAAP MEASURES (CONTINUED)
(In thousands, except per share data)
(Unaudited)


STATEMENT OF OPERATIONS DATA (CONTINUED):







Three Months Ended



Year Ended



December 31,
2012



September 30,
2012



December 31,
2011



December 31,
2012



December 31,
2011





















NET INCOME PER DILUTED SHARE:



















GAAP net income per diluted share

$

0.41



$

0.61



$

0.60



$

2.23



$

2.41


Amortization of intangible assets

0.04



0.03



0.03



0.12



0.12


Stock-based compensation expense

0.09



0.10



0.09



0.37



0.36


Restructuring  and other charges

0.03







0.03



0.06


Acquisition related compensation and expense

0.02







0.02



0.00


Impact to cost of sales from acquisition accounting adjustments to inventory









0.02


Litigation reserves, net

0.00



0.01



0.00



0.01



(0.01)


Gain on sale of cost method investment



(0.08)





(0.08)




Tax effect

(0.04)



(0.02)



(0.03)



(0.13)



(0.19)


Non-GAAP net income per diluted share

$

0.55



$

0.65



$

0.69



$

2.57



$

2.77


 

SUPPLEMENTAL FINANCIAL INFORMATION
(In thousands, except per share data, DSO, inventory turns, weeks of channel inventory and headcount)
(Unaudited)













Three Months Ended



December 31,
2012



September 30,
2012



July 1,
2012



April 1,
2012



December 31,
2011






















Cash, cash equivalents and short-term investments

$

376,877



$

362,420



$

360,428



$

369,420



$

353,695


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

$

9.68



$

9.34



$

9.34



$

9.58



$

9.24












Accounts receivable, net

$

256,014



$

248,862



$

271,769



$

249,208



$

261,307


Days sales outstanding (DSO)

76



72



77



70



76












Inventories

$

174,903



$

178,916



$

152,820



$

134,314



$

163,724


Ending inventory turns

5.0



4.9



5.9



6.7



5.2












Weeks of channel inventory:










U.S. retail channel

8.8



9.8



12.3



9.8



7.3


U.S. distribution channel

10.2



8.4



8.6



8.6



9.0


EMEA distribution channel

4.4



4.4



4.1



5.0



5.4


APAC distribution channel

7.2



4.7



5.7



5.6



6.7












Deferred revenue

$

27,645



$

28,205



$

25,478



$

25,156



$

40,093












Headcount

850



854



818



810



791


Non-GAAP diluted shares

38,924



38,802



38,595



38,576



38,260


 

 

NET REVENUE BY GEOGRAPHY












Three Months Ended



Year Ended



December 31,
2012




September 30,
2012




December 31,
2011




December 31,
2012




December 31,
2011



Americas

$

169,979



54

%


$

177,647



56

%


$

156,574



51

%


$

679,419



53

%


$

587,056



50

%

EMEA

110,460



36

%


104,368



33

%


125,027



40

%


457,724



36

%


477,713



40

%

APAC

29,997



10

%


33,195



11

%


27,554



9

%


134,778



11

%


116,249



10

%

Total

$

310,436



100

%


$

315,210



100

%


$

309,155



100

%


$

1,271,921



100

%


$

1,181,018



100

%


NET REVENUE BY SEGMENT








Three Months Ended


Year Ended


December 31,
2012




September 30,
2012




December 31,
2011




December 31,
2012




December 31,
2011






































Retail

$

138,539



44

%


$

123,457



39

%


$

129,719



42

%


$

504,797



40

%


$

481,795



41

%

Commercial

73,447



24

%


79,240



25

%


83,646



27

%


307,945



24

%


331,439



28

%

Service Provider

98,450



32

%


112,513



36

%


95,790



31

%


459,179



36

%


367,784



31

%

Total

$

310,436



100

%


$

315,210



100

%


$

309,155



100

%


$

1,271,921



100

%


$

1,181,018



100

%

SOURCE NETGEAR, Inc.

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