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Arlo Reports Fourth Quarter and Full Year 2018 Results

February 05, 2019

27.3% Full Year Revenue Growth

84.6% Paid Subscriber Growth Year Over Year

SAN JOSE, Calif.--(BUSINESS WIRE)-- Arlo Technologies, Inc. (NYSE: ARLO), the #1 network connected camera brand, today reported financial results for the fourth quarter and full year ended December 31, 2018.

Financial Highlights (1)

  • Fourth quarter revenue of $129.3 million, an increase of 3.6% year over year.
  • Fourth quarter GAAP gross margin of 9.3%; non-GAAP gross margin of 9.9%.
  • Fourth quarter GAAP net loss per diluted share of $0.43, non-GAAP net loss per diluted share of $0.33.
  • 2018 revenue of $472.0 million, an increase of 27.3% year over year.
  • 2018 GAAP gross margin of 21.0%; non-GAAP gross margin of 21.6%.
  • 2018 GAAP net loss per diluted share of $1.02, non-GAAP net loss per diluted share of $0.39.

“2018 was a transformational year for Arlo. We maintained our dominant leadership position in the connected camera market, executed an IPO that allowed us to run as an independent company with a healthy balance sheet, and grew revenue by more than 27%. However, we saw the market growth slow significantly late in 2018 which led to channel inventory buildup and both of these factors will affect our growth expectations for 2019,” said Matthew McRae, Chief Executive Officer of Arlo Technologies. “Beyond market dynamics, I am focused on our continuing execution and innovation. Our leading products have maintained a market leadership position through all of 2018. Additionally, we recently announced two new leading-edge products that were extremely well-received at CES. With continued market leadership and innovative product releases, I am confident that Arlo will return to growth.”

   
Three Months Ended Twelve Months Ended

December 31,
2018

 

September 30,
2018

 

December 31,
2017 (2)

December 31,
2018

 

December 31,
2017 (2)

(in thousands, except percentage and per share data)
Revenue $ 129,263 $ 131,174 $ 124,774 $ 472,023 $ 370,658
GAAP Gross Margin 9.3

%

22.7 % 23.9 % 21.0 % 24.6 %
Non-GAAP Gross Margin 9.9 % 23.1 % 24.4 % 21.6 % 25.3 %
GAAP Net Income (Loss) per Diluted Share $ (0.43 ) $ (0.19 ) $ 0.04 $ (1.02 ) $ 0.11
Non-GAAP Net Income (Loss) per Diluted Share $ (0.33 ) $ (0.05 ) $ 0.10 $ (0.39 ) $ 0.27
_________________________

(1) Reconciliation of financial measures computed on a GAAP basis to financial measures computed on a non-GAAP basis are provided at the end of this press release.

(2) Fourth quarter and full year of 2017, as well as first and second quarter of 2018, are based on carve-out financials whereas third quarter and fourth quarter of 2018 are based on standalone financials. Further detail regarding carve-out financials is contained in our SEC filings, including our previously filed Form S-1 and related public offering prospectus, standalone financials represents our actual results for the period as a standalone public company.

Business Highlights

  • Full year 2018 revenue of $472.0 million, for growth of 27.3%
  • 84.6% year over year paid subscriber growth in Q4
  • 70.7% year over year cumulative registered user growth in Q4
  • Launched new wire-free, smart connected audio doorbell that pairs with Arlo wire-free cameras
  • Announced all-new AI-powered detection features added to Arlo Smart subscription service
  • Announced the Arlo Security System for the IoT smart home market, which features an all-in-one Multi-Sensor that can instantly communicate any threats for homeowners to take immediate action

First Quarter 2019 Business Outlook (1)

  • Revenue of $48.0 million to $52.0 million
  • GAAP gross margin between (1.3%) and 1.7%, and non-GAAP gross margin between 0.0% and 3.0%
  • GAAP loss per share of between ($0.59) and ($0.63), and non-GAAP loss per share of between ($0.51) to ($0.55)

Full Year 2019 Business Outlook (1)

  • Revenue $380.0 million to $420.0 million
  • GAAP operating loss between ($118.7 million) and ($128.7 million), and non-GAAP operating loss between ($95.0 million) and ($105.0 million)

A reconciliation of our business outlook on a GAAP and non-GAAP basis is provided in the following table:

   
Three Months Ending March 31, 2019

Twelve Months Ending
December 31, 2019

Gross
Margin Rate

  Loss per Share  

Tax Expense
(in thousands)

Operating Loss
(in thousands)

 
GAAP (1.3%) - 1.7%

($0.59) - ($0.63)

$300 ($118,725) - ($128,725)
Estimated adjustments for (1):
Separation expense __ $0.01 __ $1,000
Stock-based compensation expense 0.5% $0.06 __ $21,200
Amortization of intangibles 0.8% $0.01 __ $1,525
Tax effects of non-GAAP adjustments __ __   __ __
Non-GAAP 0.0% - 3.0%

($0.51) - ($0.55)

  $300 ($95,000) - ($105,000)
_________________________

(1) Business outlook does not include estimates for any currently unknown income and expense items which, by their nature, could arise late in a quarter, including: restructuring and other charges; litigation reserves, net; acquisition-related charges; impairment charges; discrete tax benefits or detriments relating to tax windfalls or shortfalls from equity awards; and any additional impacts relating to the implementation of U.S. tax reform. New material income and expense items such as these could have a significant effect on our guidance and future results.

Investor Conference Call / Webcast Details

Arlo will review the fourth quarter and full year 2018 results and discuss management’s expectations for the first quarter of 2019 today, Tuesday, February 5, 2019 at 4:30 p.m. ET (1:30 p.m. PT). The toll free dial-in number for the live audio call is (866) 393-4306. The international dial-in number for the live audio call is (734) 385-2616. The conference ID for the call is 7258357. A live webcast of the conference call will be available on Arlo’s Investor Relations website at http://investor.arlo.com. A replay of the call will be available via the web at http://investor.arlo.com.

About Arlo Technologies, Inc.

Arlo (NYSE: ARLO) is the award-winning, industry leader that is transforming the way people experience the connected lifestyle. Arlo’s deep expertise in product design, wireless connectivity, cloud infrastructure and cutting-edge AI capabilities focuses on delivering a seamless, smart home experience for Arlo users that is easy to setup and interact with every day. Arlo’s cloud-based platform provides users with visibility, insight and a powerful means to help protect and connect in real-time with the people and things that matter most, from any location with a Wi-Fi or a cellular connection. To date, Arlo has launched several categories of award-winning smart connected devices, including wire-free smart Wi-Fi and LTE-enabled cameras, advanced baby monitors and smart security lights.

© 2019 Arlo Technologies, Inc., Arlo and the Arlo logo are trademarks and/or registered trademarks of Arlo Technologies, Inc. and/or certain of its affiliates in the United States and/or other countries. Other brand and product names are for identification purposes only and may be trademarks or registered trademarks of their respective holder(s). The information contained herein is subject to change without notice. Arlo shall not be liable for technical or editorial errors or omissions contained herein. All rights reserved.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:

This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. The words “anticipate,” “expect,” “believe,” “will,” “may,” “should,” “estimate,” “project,” “outlook,” “forecast” or other similar words are used to identify such forward-looking statements. However, the absence of these words does not mean that the statements are not forward-looking. The forward-looking statements represent Arlo Technologies, Inc.’s expectations or beliefs concerning future events based on information available at the time such statements were made and include statements regarding: Arlo’s future operating performance and financial condition, expected revenue, GAAP and non-GAAP gross margins, operating margins, and tax expense; expectations regarding market expansion and future growth; and plans to invest in product innovation. These statements are based on management's current expectations and are subject to certain risks and uncertainties, including the following: future demand for the Company's products may be lower than anticipated; consumers may choose not to adopt the Company's new product offerings or adopt competing products; product performance may be adversely affected by real world operating conditions; the Company may be unsuccessful or experience delays in manufacturing and distributing its new and existing products; telecommunications service providers may choose to slow their deployment of the Company's products or utilize competing products; the Company may be unable to collect receivables as they become due; the Company may fail to manage costs, including the cost of developing new products and manufacturing and distribution of its existing offerings; the Company may fail to successfully continue to effect operating expense savings; changes in the level of Arlo's cash resources and the Company's planned usage of such resources; changes in the Company's stock price and developments in the business that could increase the Company's cash needs; fluctuations in foreign exchange rates; 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 Arlo and its business are detailed in the Company's periodic filings with the Securities and Exchange Commission, including, but not limited to, those risks and uncertainties listed in the section entitled “Part II - Item 1A. Risk Factors,” in the Company's quarterly report on Form 10-Q for the fiscal quarter ended September 30, 2018, filed with the Securities and Exchange Commission on November 2, 2018. Given these circumstances, you should not place undue reliance on these forward-looking statements. Arlo undertakes no obligation to release publicly any revisions to any forward-looking statements contained herein to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Non-GAAP Financial Information:

To supplement our unaudited selected financial data presented on a basis consistent with Generally Accepted Accounting Principles (“GAAP”), we disclose certain non-GAAP financial measures that exclude certain charges, including non-GAAP gross profit, non-GAAP gross margin, non-GAAP research and development, non-GAAP sales and marketing, non-GAAP general and administrative, non-GAAP total operating expenses, non-GAAP operating income (loss), non-GAAP operating margin, non-GAAP net income(loss) and non-GAAP net income (loss) per diluted share. These supplemental measures exclude adjustments for separation expense, stock-based compensation expense, amortization of intangibles restructuring and other charges, litigation reserves, and the related tax effects. These non-GAAP measures are not in accordance with or an alternative for GAAP, and may be different from similarly-titled non-GAAP measures used by other companies. We believe that these non-GAAP measures have limitations in that they do not reflect all of the amounts associated with our results of operations as determined in accordance with GAAP and that these measures should only be used to evaluate our results of operations in conjunction with the corresponding GAAP measures. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the most directly comparable GAAP measures. We compensate for the limitations of non-GAAP financial measures by relying upon GAAP results to gain a complete picture of our performance.

In calculating non-GAAP financial measures, we exclude certain items to facilitate a review of the comparability of our operating performance on a period-to-period basis because such items are not, in our view, related to our ongoing operational performance. We use non-GAAP measures to evaluate the operating performance of our business, for comparison with forecasts and strategic plans, and for benchmarking performance externally against competitors. In addition, management’s incentive compensation is determined using certain non-GAAP measures. Since we find these measures to be useful, we believe that investors benefit from seeing results “through the eyes” of management in addition to seeing GAAP results. We believe that these non-GAAP measures, when read in conjunction with our GAAP measures, provide useful information to investors by offering:

  • the ability to make more meaningful period-to-period comparisons of our on-going operating results;
  • the ability to better identify trends in our underlying business and perform related trend analyses;
  • a better understanding of how management plans and measures our underlying business; and
  • an easier way to compare our operating results against analyst financial models and operating results of competitors that supplement their GAAP results with non-GAAP financial measures.

The following are explanations of the adjustments that we incorporate into non-GAAP measures, as well as the reasons for excluding them in the reconciliations of these non-GAAP financial measures:

Separation expense consists of expenses that are related to the separation of our business from NETGEAR. These consist primarily of third-party consulting fees, legal fees, IT costs, employee bonuses for services related to the separation, and other one-time expenses incurred to complete the separation. We consider our operating results without these charges when evaluating our ongoing performance and forecasting our earnings trends, and therefore exclude such charges when presenting non-GAAP financial measures. We believe that the assessment of our operations excluding these costs is relevant to our assessment of internal operations and comparisons to the performance of our competitors.

Stock-based compensation expense consists of non-cash charges for the estimated fair value of stock options, performance-based stock options, restricted stock units and shares under the employee stock purchase plan granted to employees. We believe that the exclusion of these charges provides for more accurate comparisons of our operating results to peer companies due to the varying available valuation methodologies, subjective assumptions and the variety of award types. In addition, we believe it is useful to investors to understand the specific impact stock-based compensation expense has on our operating results.

Amortization of intangibles consists primarily of non-cash charges that can be impacted by, among other things, the timing and magnitude of acquisitions. We consider our operating results without these charges when evaluating our ongoing performance and forecasting our earnings trends, and therefore exclude such charges when presenting non-GAAP financial measures. We believe that the assessment of our operations excluding these costs is relevant to an assessment of our internal operations and comparisons to our prior and future periods and to the performance of our competitors.

Other items are the result of either unique or unplanned events, including, when applicable: restructuring and other charges and litigation reserves, net. It is difficult to predict the occurrence or estimate the amount or timing of these items in advance. Although these events are reflected in our GAAP financial statements, these unique transactions may limit the comparability of our on-going operations with prior and future periods. The amounts result from events that often arise from unforeseen circumstances, which often occur outside of the ordinary course of continuing operations. Therefore, the amounts do not accurately reflect the underlying performance of our continuing business operations for the period in which they are incurred.

Tax effects consist of the various above adjustments that we incorporate into non-GAAP measures in order to provide a more meaningful measure on non-GAAP net income. We also believe providing financial information with and without the income tax effects relating to our non-GAAP financial measures provides our management and users of the financial statements with better clarity regarding the on-going performance of our business.

Source: Arlo-F

 

ARLO TECHNOLOGIES, INC.

 

CONSOLIDATED BALANCE SHEETS

 
As of
December 31,
2018
  December 31,
2017
(in thousands)
ASSETS
Current assets:
Cash and cash equivalents $ 151,290 $ 108
Short-term investments 49,737
Accounts receivable, net 166,412 157,680
Inventories 124,792 82,952
Receivables from NETGEAR, net 12,184
Prepaid expenses and other current assets 11,059   3,018
Total current assets 515,474 243,758
Property and equipment, net 49,428 3,883
Intangibles, net 2,823 4,348
Goodwill 15,638 15,638
Restricted cash 4,134
Other non-current assets 8,449   2,193
Total assets $ 595,946   $ 269,820
 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 82,542 $ 20,711
Deferred revenue 26,678 34,072
Accrued liabilities 164,932 76,097
Income tax payable 734  
Total current liabilities 274,886 130,880
Non-current deferred revenue 23,313 13,332
Non-current financing lease obligation 19,978
Non-current income taxes payable 22 189
Other non-current liabilities 1,140  
Total liabilities 319,339 144,401
Stockholders’ Equity:
Common stock 74
Additional paid-in capital 315,277
Accumulated other comprehensive income (loss)
Net parent investment 125,419
Accumulated deficit (38,744 )
Total stockholders’ equity 276,607   125,419
Total liabilities and stockholders’ equity $ 595,946   $ 269,820
 

ARLO TECHNOLOGIES, INC.

 

CONSOLIDATED STATEMENTS OF OPERATIONS

   
Three Months Ended Twelve Months Ended

December 31,
2018

  September 30,
2018
  December 31,
2017
December 31,
2018
  December 31,
2017
(in thousands, except percentage and per share data)
Revenue $ 129,263 $ 131,174 $ 124,774 $ 472,023 $ 370,658
Cost of revenue 117,177   101,427   94,957   372,843   279,424  
Gross profit 12,086   29,747   29,817   99,180   91,234  
Gross margin 9.3 % 22.7 % 23.9 % 21.0 % 24.6 %
Operating expenses:
Research and development 16,865 16,100 9,797 58,794 34,683
Sales and marketing 15,470 12,843 11,273 52,593 34,340
General and administrative 8,656 8,357 4,670 28,209 15,096
Separation expense 3,603   5,823   1,384   27,252   1,384  
Total operating expenses 44,594   43,123   27,124   166,848   85,503  
Income (loss) from operations (32,508 ) (13,376 ) 2,693   (67,668 ) 5,731  
Operating margin (25.1

)%

(10.2 )% 2.2 % (14.3 )% 1.5 %
Interest income 736 503 1,239
Other income (expense), net (254 ) (129 ) 297   (1,177 ) 1,946  
Income (loss) before income taxes (32,026 ) (13,002 ) 2,990 (67,606 ) 7,677
Provision for income taxes (58 ) 223   327   772   1,128  
Net income (loss) $ (31,968 ) $ (13,225 ) $ 2,663   $ (68,378 ) $ 6,549  
 
Net income (loss) per share:
Basic $ (0.43 ) $ (0.19 ) $ 0.04   $ (1.02 ) $ 0.11  
Diluted $ (0.43 ) $ (0.19 ) $ 0.04   $ (1.02 ) $ 0.11  
 
Weighted average shares used to compute net income (loss) per share:
Basic 74,247 69,600 62,250 67,231 62,250

Diluted

74,247 69,600 62,250 67,231 62,250
 

ARLO TECHNOLOGIES, INC.

 

RECONCILIATIONS OF GAAP MEASURES TO NON-GAAP MEASURES

 
STATEMENT OF OPERATIONS DATA:
 
  Three Months Ended   Twelve Months Ended
December 31,
2018
  September 30,
2018
  December 31,
2017
December 31,
2018
  December 31,
2017
(in thousands, except percentage data)
GAAP gross profit $ 12,086 $ 29,747 $ 29,817 $ 99,180 $ 91,234
GAAP gross margin 9.3 % 22.7 % 23.9 % 21.0 % 24.6 %
Stock-based compensation expense 272 236 208 1,191 701
Amortization of intangibles 382   381   381   1,526   1,903  
Non-GAAP gross profit $ 12,740   $ 30,364   $ 30,406   $ 101,897   $ 93,838  
Non-GAAP gross margin 9.9 % 23.1 % 24.4 % 21.6 % 25.3 %
 
GAAP research and development $ 16,865 $ 16,100 $ 9,797 $ 58,794 $ 34,683
Stock-based compensation expense (892 ) (872 ) (551 ) (3,474 ) (2,414 )
Non-GAAP research and development $ 15,973   $ 15,228   $ 9,246   $ 55,320   $ 32,269  
 
GAAP sales and marketing $ 15,470 $ 12,843 $ 11,273 $ 52,593 $ 34,340
Stock-based compensation expense (753 ) (754 ) (439 ) (2,961 ) (1,256 )
Amortization of intangibles         (30 )
Non-GAAP sales and marketing $ 14,717   $ 12,089   $ 10,834   $ 49,632   $ 33,054  
 
GAAP general and administrative $ 8,656 $ 8,357 $ 4,670 $ 28,209 $ 15,096
Stock-based compensation expense (1,578 ) (1,575 ) (779 ) (5,253 ) (2,547 )
Restructuring and other charges (74 )
Litigation reserves, net         (28 )
Non-GAAP general and administrative $ 7,078   $ 6,782   $ 3,891   $ 22,882   $ 12,521  
 
GAAP total operating expenses $ 44,594 $ 43,123 $ 27,124 $ 166,848 $ 85,503
Separation expense (3,603 ) (5,823 ) (1,384 ) (27,252 ) (1,384 )
Stock-based compensation expense (3,223 ) (3,201 ) (1,769 ) (11,688 ) (6,217 )
Amortization of intangibles (30 )
Restructuring and other charges (74 )
Litigation reserves, net         (28 )
Non-GAAP total operating expenses $ 37,768   $ 34,099   $ 23,971   $ 127,834   $ 77,844  
 

ARLO TECHNOLOGIES, INC.

 

RECONCILIATIONS OF GAAP MEASURES TO NON-GAAP MEASURES (CONTINUED)

 
STATEMENT OF OPERATIONS DATA (CONTINUED):
 
  Three Months Ended   Twelve Months Ended
December 31,
2018
  September 30,
2018
  December 31,
2017
December 31,
2018
  December 31,
2017
(in thousands, except percentage data)
GAAP operating income (loss) $ (32,508 ) $ (13,376 ) $ 2,693 $ (67,668 ) $ 5,731
GAAP operating margin (25.1 )% (10.2 )% 2.2 % (14.3 )% 1.5 %
Separation expense 3,603 5,823 1,384 27,252 1,384
Stock-based compensation expense 3,495 3,437 1,977 12,879 6,918
Amortization of intangibles 382 381 381 1,526 1,933
Restructuring and other charges 74
Litigation reserves, net         28  
Non-GAAP operating income (loss) $ (25,028 ) $ (3,735 ) $ 6,435   $ (25,937 ) $ 15,994  
Non-GAAP operating margin (19.4 )% (2.8 )% 5.2 % (5.5 )% 4.3 %
 
GAAP net income (loss) $ (31,968 ) $ (13,225 ) $ 2,663 $ (68,378 ) $ 6,549
Separation expense 3,603 5,823 1,384 27,252 1,384
Stock-based compensation expense 3,495 3,437 1,977 12,879 6,918
Amortization of intangibles 382 381 381 1,526 1,933
Restructuring and other charges 74
Litigation reserves, net 28
Tax effects 200   223     423    
Non-GAAP net income (loss) $ (24,288 ) $ (3,361 ) $ 6,405   $ (26,224 ) $ 16,812  
 

ARLO TECHNOLOGIES, INC.

 

RECONCILIATIONS OF GAAP MEASURES TO NON-GAAP MEASURES (CONTINUED)

 
STATEMENT OF OPERATIONS DATA (CONTINUED):
 
  Three Months Ended   Twelve Months Ended
December 31,
2018
  September 30,
2018
  December 31,
2017
December 31,
2018
  December 31,
2017
(in thousands, except per share data)
NET INCOME (LOSS) PER DILUTED SHARE:
GAAP net income (loss) per diluted share $ (0.43 ) $ (0.19 ) $ 0.04 $ (1.02 ) $ 0.11
Separation expense 0.05 0.08 0.02 0.41 0.02
Stock-based compensation expense 0.05 0.05 0.03 0.19 0.11
Amortization of intangibles 0.00 0.01 0.01 0.02 0.03
Restructuring and other charges 0.00
Litigation reserves, net 0.00
Tax effects 0.00   0.00     0.01  
Non-GAAP net income (loss) per diluted share $ (0.33 ) $ (0.05 ) $ 0.10   $ (0.39 ) $ 0.27
 
Shares used in computing GAAP net income (loss) per diluted share 74,247 69,600 62,250 67,231 62,250
Shares used in computing non-GAAP net income (loss) per diluted share 74,247 69,600 62,250 67,231 62,250
 

ARLO TECHNOLOGIES, INC.

 

SUPPLEMENTAL FINANCIAL INFORMATION

 
Three Months Ended
December 31,
2018
  September 30,
2018
  July 1,
2018
  April 1,
2018
  December 31,
2017
(in thousands, except per share data)
Cash, cash equivalents and short-term investments $ 201,027 $ 187,846 $ 133 $ 178 $ 108
Cash, cash equivalents and short-term investments per diluted share $ 2.71 $ 2.70 $ 0.00 $ 0.00 $ 0.00
 
Accounts receivable, net $ 166,412 $ 117,119 $ 111,113 $ 102,259 $ 157,680
Days sales outstanding 118 81 91 92 115
 
Inventories $ 124,792 $ 132,479 $ 123,195 $ 103,849 $ 82,952
Ending inventory turns 3.8 3.1 2.7 2.8 4.6
 
Weeks of channel inventory:
U.S. retail channel 8.1 12.6 9.5 8.9 5.6
U.S. distribution channel 10.9 9.1 3.9 4.2 2.5
EMEA distribution channel 6.7 4.4 3.6 9.2 5.2
APAC distribution channel 6.0 9.2 17.4 7.9 14.8
 
Deferred revenue (current and non-current) $ 49,991 $ 45,906 $ 42,389 $ 40,420 $ 47,404
 
Cumulative registered users 2,850 2,498 2,204 1,929 1,670
Paid subscribers 144 125 102 92 78
 
Headcount 386 344 153 144 124
Non-GAAP diluted shares 74,247 69,600 62,250 62,250 62,250
 

REVENUE BY GEOGRAPHY

   
Three Months Ended Twelve Months Ended
December 31,
2018
  September 30,
2018
  December 31,
2017
December 31,
2018
  December 31,
2017
(in thousands, except percentage data)
Americas $ 109,657   85 % $ 112,849   86 % $ 97,315   78 % $ 383,910   81 % $ 292,671   79 %
EMEA 15,046 12 % 11,760 9 % 21,133 17 % 65,462 14 % 58,795 16 %
APAC 4,560   3 % 6,565   5 % 6,326   5 % 22,651   5 % 19,192   5 %
Total $ 129,263   100 % $ 131,174   100 % $ 124,774   100 % $ 472,023   100 % $ 370,658   100 %
 

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

Source: Arlo Technologies, Inc.

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