EX-99.1 2 exhibit99113q4earningsrele.htm PRESS RELEASE Exhibit 99.1 13Q4 Earnings Release


NEWS RELEASE


NETGEAR® REPORTS FOURTH QUARTER AND FULL YEAR 2013 RESULTS

•
Fourth quarter 2013 net revenue of $356.6 million, as compared to $310.4 million in the comparable prior year quarter, increase of 14.9% year-over-year
•
Fourth quarter 2013 non-GAAP net income of $22.6 million, as compared to $21.5 million in the comparable prior year quarter, increase of 5.3% year-over-year
•
Fourth quarter 2013 non-GAAP diluted earnings per share of $0.59, as compared to $0.55 in the comparable prior year quarter, increase of 7.3% year-over-year
•
2013 net revenue was $1.37 billion, as compared to $1.27 billion in 2012, increase of 7.7% year-over-year
•
2013 non-GAAP net income of $89.3 million, as compared to $99.4 million in 2012, decrease of 10.2% year-over-year
•
2013 non-GAAP diluted earnings per share of $2.29, as compared to $2.57 in 2012, decrease of 10.9% year-over-year
•
Company expects first quarter 2014 net revenue to be in the range of $335 million to $350 million, with non-GAAP operating margin in the range of 9% to 10%

SAN JOSE, California - February 6, 2014 - NETGEAR, Inc. (NASDAQ: 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, 2013.

Net revenue for the fourth quarter ended December 31, 2013 was $356.6 million, as compared to $310.4 million for the fourth quarter ended December 31, 2012, and $361.9 million in the third quarter ended September 29, 2013. Net income, computed in accordance with GAAP, for the fourth quarter of 2013 was $11.4 million, or $0.30 per diluted share. This compared to GAAP net income of $16.1 million, or $0.41 per diluted share, for the fourth quarter of 2012, and GAAP net income of $14.5 million, or $0.37 per diluted share, in the third quarter of 2013.

Gross margin on a non-GAAP basis in the fourth quarter of 2013 was 29.2%, as compared to 30.0% in the year ago comparable quarter, and 28.9% in the third quarter of 2013. Non-GAAP operating margin was 10.6% in the fourth quarter of 2013, as compared to 11.4% in the fourth quarter of 2012, and 9.9% in the third quarter of 2013. Non-GAAP net income was $0.59 per diluted share in the fourth quarter of 2013, as compared to non-GAAP net income of $0.55 per diluted share in the fourth quarter of 2012, and non-GAAP net income of $0.58 per diluted share in the third quarter of 2013.

Our non-GAAP tax rate was 39.6% in the fourth quarter 2013, as compared to 39.4% in the fourth quarter of 2012, and 37.2% in the third quarter of 2013.

Net revenue for the full year 2013 was $1.37 billion, a 7.7% increase as compared to $1.27 billion for 2012. Non-GAAP income from operations for the full year 2013 was $139.9 million, as compared to non-GAAP income from operations of $147.7 million for the full year 2012. Net income, computed in accordance with GAAP, for 2013 was $55.2 million, or $1.42 per diluted share. This net income was a 36.2% decrease compared to net income of $86.5 million for 2012. Earnings per share, computed in accordance with GAAP, was $2.23 per diluted share for the full year 2012.

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

Page 1


expense, impact to cost of sales from acquisition accounting adjustments to inventory, gain on sale of cost method investment, impairment charges, and litigation reserves. The accompanying schedules provide a reconciliation of financial measures computed on a GAAP basis to financial measures computed on a non-GAAP basis.

“Fiscal 2013 was an important year for NETGEAR, highlighted by our acquisition of the AirCard team from Sierra Wireless, our ground breaking product launch of the Nighthawk 802.11ac router, the refresh of our entire ReadyNAS storage line for the Commercial Business Unit, and our introduction of the world’s fastest 4G LTE mobile hotspots,” said Patrick Lo, Chairman and CEO of NETGEAR. “In 2014 we plan to maintain our position as the market leader in WiFi routers and extenders, 4G LTE Advanced mobile hotspots and gateways, bonded channel cable and xDSL gateways, 10Gig switches, and enterprise class SMB storage.”
Christine Gorjanc, Chief Financial Officer of NETGEAR, added, “Leveraging our strong balance sheet and working capital management, we repurchased over $63 million of NETGEAR common stock, about 2 million shares, on the open market during the fourth quarter, with an average price of $31.47 per share, resulting in a $0.02 per share benefit to non-GAAP diluted earnings per share for the fourth quarter. This leaves approximately 2.8 million shares remaining in our open buyback program under which we are continuing to repurchase shares in a disciplined manner.”
Mr. Lo continued, “For the first quarter of 2014, we are expecting revenue to be in the range of approximately $335 million to $350 million and non-GAAP operating margin to be in the range of 9% to 10%.”

Investor Conference Call / Webcast Details
NETGEAR will review the fourth quarter and full year 2013 results and discuss management's expectations for the first quarter of 2014 today, Thursday, February 6, 2014 at 5 p.m. ET (2 p.m. PT). The dial-in number for the live audio call is (201) 689-8471. 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 ET (9 p.m. PT) on Thursday, February 13, 2014 by telephone at (858) 384-5517 and via the web at http://investor.netgear.com. The account number to access the phone replay is 13574806.

About NETGEAR, Inc.
NETGEAR (NASDAQ: 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 50,000 retail locations around the globe, and through approximately 39,000 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.

© 2014 NETGEAR, Inc. NETGEAR, ReadyNAS, AirCard, Nighthawk 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


Page 2


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 regarding: expected net revenue and non-GAAP operating margin; expectations regarding the timing and market acceptance of recent and anticipated new product introductions that position the Company for growth; expectations regarding market share gains in various product categories; estimates of sales data and market demand for the Company’s new products; the ability of the Company’s products to satisfy customers’ needs better than competing products; and expectations regarding repurchases of the Company’s common stock. 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 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 55 through 76 in the Company's quarterly report on Form 10-Q for the fiscal quarter ended September 29, 2013, filed with the Securities and Exchange Commission on November 5, 2013. 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-


Page 3



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

 
December 31,
2013
 
December 31,
2012
 
 
 
 
ASSETS
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
143,009

 
$
149,032

Short-term investments
105,145

 
227,845

Accounts receivable, net
266,484

 
256,014

Inventories
224,456

 
174,903

Deferred income taxes
27,239

 
22,691

Prepaid expenses and other current assets
33,778

 
33,724

Total current assets
800,111

 
864,209

Property and equipment, net
27,194

 
19,025

Intangibles, net
84,118

 
27,621

Goodwill
155,916

 
100,880

Other non-current assets
26,591

 
22,834

Total assets
$
1,093,930

 
$
1,034,569

 
 
 
 
LIABILITIES AND STOCKHOLDERS' EQUITY
 
 
 
Current liabilities:
 
 
 
Accounts payable
$
114,531

 
$
87,310

Accrued employee compensation
16,551

 
18,338

Other accrued liabilities
143,218

 
126,255

Deferred revenue
24,496

 
27,645

Income taxes payable
1,287

 
1,382

Total current liabilities
300,083

 
260,930

Non-current income taxes payable
13,804

 
13,735

Other non-current liabilities
6,260

 
5,293

Total liabilities
320,147

 
279,958

Stockholders' equity:
 
 
 
Common stock
37

 
38

Additional paid-in capital
421,901

 
394,427

Cumulative other comprehensive income
69

 
4

Retained earnings
351,776

 
360,142

Total stockholders' equity
773,783

 
754,611

Total liabilities and stockholders' equity
$
1,093,930

 
$
1,034,569



Page 4



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

 
Three Months Ended
 
 Twelve Months Ended
 
December 31,
2013
 
September 29,
2013
 
December 31,
2012
 
December 31,
2013
 
December 31,
2012
 
 
 
 
 
 
 
 
 
 
Net revenue
$
356,620

 
$
361,895

 
$
310,436

 
$
1,369,633

 
$
1,271,921

Cost of revenue
255,831

 
260,236

 
219,058

 
976,018

 
888,368

Gross profit
100,789

 
101,659

 
91,378

 
393,615

 
383,553

Operating expenses:
 
 
 
 
 
 
 
 
 
Research and development
22,529

 
23,320

 
14,789

 
85,168

 
61,066

Sales and marketing
37,544

 
39,465

 
35,519

 
153,804

 
149,766

General and administrative
12,339

 
11,930

 
11,507

 
48,915

 
45,027

Restructuring and other charges
3,378

 
400

 
1,190

 
5,335

 
1,190

Litigation reserves, net
1,446

 
305

 
(30
)
 
5,354

 
390

Impairment charges
—

 
2,000

 
—

 
2,000

 
—

Total operating expenses
77,236

 
77,420

 
62,975

 
300,576

 
257,439

Income from operations
23,553

 
24,239

 
28,403

 
93,039

 
126,114

Interest income
85

 
71

 
154

 
400

 
498

Other (expense) income, net
(494
)
 
511

 
(153
)
 
(457
)
 
2,670

Income before income taxes
23,144

 
24,821

 
28,404

 
92,982

 
129,282

Provision for income taxes
11,712

 
10,364

 
12,325

 
37,765

 
42,743

Net income
$
11,432

 
$
14,457

 
$
16,079

 
$
55,217

 
$
86,539

 
 
 
 
 
 
 
 
 
 
Net income per share:
 
 
 
 
 
 
 
 
 
Basic
$
0.30

 
$
0.37

 
$
0.42

 
$
1.44

 
$
2.27

Diluted
$
0.30

 
$
0.37

 
$
0.41

 
$
1.42

 
$
2.23

 
 
 
 
 
 
 
 
 
 
Weighted average shares outstanding used to compute net income per share:
 
 
 
 
 
 
 
 
 
Basic
37,845

 
38,700

 
38,293

 
38,379

 
38,057

Diluted
38,408

 
39,198

 
38,924

 
38,948

 
38,747

 
 
 
 
 
 
 
 
 
 


Page 5



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

STATEMENT OF OPERATIONS DATA:
 
Three Months Ended
 
 Twelve Months Ended
 
December 31,
2013
 
September 29,
2013
 
December 31,
2012
 
December 31,
2013
 
December 31,
2012
 
 
 
 
 
 
 
 
 
 
GAAP gross profit
$
100,789

 
$
101,659

 
$
91,378

 
$
393,615

 
$
383,553

Amortization of intangible assets
2,664

 
2,414

 
1,446

 
8,803

 
4,763

Stock-based compensation expense
503

 
479

 
326

 
1,577

 
1,347

Impact to cost of sales from acquisition accounting adjustments to inventory
—

 
—

 
—

 
568

 
—

Non-GAAP gross profit
$
103,956

 
$
104,552

 
$
93,150

 
$
404,563

 
$
389,663

Non-GAAP gross margin
29.2
%
 
28.9
%
 
30.0
%
 
29.5
%
 
30.6
%
 
 
 
 
 
 
 
 
 
 
GAAP research and development
$
22,529

 
$
23,320

 
$
14,789

 
$
85,168

 
$
61,066

Stock-based compensation expense
(1,089
)
 
(1,047
)
 
(721
)
 
(3,943
)
 
(2,787
)
Non-GAAP research and development
$
21,440

 
$
22,273

 
$
14,068

 
$
81,225

 
$
58,279

 
 
 
 
 
 
 
 
 
 
GAAP sales and marketing
$
37,544

 
$
39,465

 
$
35,519

 
$
153,804

 
$
149,766

Amortization of intangible assets
(1,771
)
 
(2,025
)
 
—

 
(6,414
)
 
—

Stock-based compensation expense
(1,508
)
 
(1,331
)
 
(1,128
)
 
(5,379
)
 
(4,751
)
Non-GAAP sales and marketing
$
34,265

 
$
36,109

 
$
34,391

 
$
142,011

 
$
145,015

 
 
 
 
 
 
 
 
 
 
GAAP general and administrative
$
12,339

 
$
11,930

 
$
11,507

 
$
48,915

 
$
45,027

Stock-based compensation expense
(1,870
)
 
(1,654
)
 
(1,391
)
 
(6,563
)
 
(5,487
)
Acquisition related expense
(16
)
 
—

 
(833
)
 
(940
)
 
(833
)
Non-GAAP general and administrative
$
10,453

 
$
10,276

 
$
9,283

 
$
41,412

 
$
38,707

 
 
 
 
 
 
 
 
 
 
GAAP total operating expenses
$
77,236

 
$
77,420

 
$
62,975

 
$
300,576

 
$
257,439

Amortization of intangible assets
(1,771
)
 
(2,025
)
 
—

 
(6,414
)
 
—

Stock-based compensation expense
(4,467
)
 
(4,032
)
 
(3,240
)
 
(15,885
)
 
(13,025
)
Restructuring and other charges
(3,378
)
 
(400
)
 
(1,190
)
 
(5,335
)
 
(1,190
)
Acquisition related expense
(16
)
 
—

 
(833
)
 
(940
)
 
(833
)
Litigation reserves, net
(1,446
)
 
(305
)
 
30

 
(5,354
)
 
(390
)
Impairment charges
—

 
(2,000
)
 
—

 
(2,000
)
 
—

Non-GAAP total operating expenses
$
66,158

 
$
68,658

 
$
57,742

 
$
264,648

 
$
242,001


Page 6


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
 
 Twelve Months Ended
 
December 31,
2013
 
September 29,
2013
 
December 31,
2012
 
December 31,
2013
 
December 31,
2012
 
 
 
 
 
 
 
 
 
 
GAAP operating income
$
23,553

 
$
24,239

 
$
28,403

 
$
93,039

 
$
126,114

Amortization of intangible assets
4,435

 
4,439

 
1,446

 
15,217

 
4,763

Stock-based compensation expense
4,970

 
4,511

 
3,566

 
17,462

 
14,372

Restructuring and other charges
3,378

 
400

 
1,190

 
5,335

 
1,190

Acquisition-related expense
16

 
—

 
833

 
940

 
833

Impact to cost of sales from acquisition accounting adjustments to inventory
—

 
—

 
—

 
568

 
—

Litigation reserves, net
1,446

 
305

 
(30
)
 
5,354

 
390

Impairment charges
—

 
2,000

 
—

 
2,000

 
—

Non-GAAP operating income
$
37,798

 
$
35,894

 
$
35,408

 
$
139,915

 
$
147,662

Non-GAAP operating margin
10.6
%
 
9.9
%
 
11.4
%
 
10.2
%
 
11.6
%
 
 
 
 
 
 
 
 
 
 
GAAP other (expense) income, net
$
(494
)
 
$
511

 
$
(153
)
 
$
(457
)
 
$
2,670

Gain on sale of cost method investment
—

 
—

 
—

 
—

 
(3,126
)
Non-GAAP other (expense) income, net
$
(494
)
 
$
511

 
$
(153
)
 
$
(457
)
 
$
(456
)
 
 
 
 
 
 
 
 
 
 
GAAP net income
$
11,432

 
$
14,457

 
$
16,079

 
$
55,217

 
$
86,539

Amortization of intangible assets
4,435

 
4,439

 
1,446

 
15,217

 
4,763

Stock-based compensation expense
4,970

 
4,511

 
3,566

 
17,462

 
14,372

Restructuring and other charges
3,378

 
400

 
1,190

 
5,335

 
1,190

Acquisition-related expense
16

 
—

 
833

 
940

 
833

Impact to cost of sales from acquisition accounting adjustments to inventory
—

 
—

 
—

 
568

 
—

Litigation reserves, net
1,446

 
305

 
(30
)
 
5,354

 
390

Impairment charges
—

 
2,000

 
—

 
2,000

 
—

Gain on sale of cost method investment
—

 
—

 
—

 
—

 
(3,126
)
Tax effect
(3,075
)
 
(3,220
)
 
(1,626
)
 
(12,813
)
 
(5,523
)
Non-GAAP net income
$
22,602

 
$
22,892

 
$
21,458

 
$
89,280

 
$
99,438


Page 7


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
 
 Twelve Months Ended
 
December 31,
2013
 
September 29,
2013
 
December 31,
2012
 
December 31,
2013
 
December 31,
2012
 
 
 
 
 
 
 
 
 
 
NET INCOME PER DILUTED SHARE:
 
 
 
 
 
 
 
 
GAAP net income per diluted share
$
0.30

 
$
0.37

 
$
0.41

 
$
1.42

 
$
2.23

Amortization of intangible assets
0.12

 
0.11

 
0.04

 
0.39

 
0.12

Stock-based compensation expense
0.13

 
0.12

 
0.09

 
0.45

 
0.37

Restructuring and other charges
0.09

 
0.01

 
0.03

 
0.14

 
0.03

Acquisition-related expense
—

 
—

 
0.02

 
0.02

 
0.02

Impact to cost of sales from acquisition accounting adjustments to inventory
—

 
—

 
—

 
0.01

 
—

Litigation reserves, net
0.04

 
0.01

 
0.00

 
0.14

 
0.01

Impairment charges
—

 
0.05

 
—

 
0.05

 
—

Gain on sale of cost method investment
—

 
—

 
—

 
—

 
(0.08
)
Tax effect
(0.09
)
 
(0.09
)
 
(0.04
)
 
(0.33
)
 
(0.13
)
Non-GAAP net income per diluted share
$
0.59

 
$
0.58

 
$
0.55

 
$
2.29

 
$
2.57



Page 8


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

 
Three Months Ended
 
December 31,
2013
 
September 29,
2013
 
June 30,
2013
 
March 31,
2013
 
December 31,
2012
 
 
 
 
 
 
 
 
 
 
Cash, cash equivalents and short-term investments
$
248,154

 
$
301,418

 
$
288,103

 
$
422,412

 
$
376,877

Cash, cash equivalents and short-term investments per diluted share
$
6.46

 
$
7.69

 
$
7.37

 
$
10.82

 
$
9.68

 
 
 
 
 
 
 
 
 
 
Accounts receivable, net
$
266,484

 
$
269,964

 
$
288,483

 
$
237,896

 
$
256,014

Days sales outstanding (DSO)
69

 
68

 
73

 
73

 
76

 
 
 
 
 
 
 
 
 
 
Inventories
$
224,456

 
$
211,275

 
$
185,383

 
$
158,555

 
$
174,903

Ending inventory turns
4.6

 
4.9

 
5.5

 
5.2

 
5.0

 
 
 
 
 
 
 
 
 
 
Weeks of channel inventory:
 
 
 
 
 
 
 
 
 
U.S. retail channel
10.4

 
11.5

 
10.4

 
9.9

 
8.8

U.S. distribution channel
11.2

 
9.9

 
9.0

 
8.9

 
10.2

EMEA distribution channel
4.6

 
4.5

 
5.1

 
4.1

 
4.4

APAC distribution channel
8.5

 
8.2

 
7.3

 
7.2

 
7.2

 
 
 
 
 
 
 
 
 
 
Deferred revenue (current and non-current)
$
26,433

 
$
28,049

 
$
33,717

 
$
28,961

 
$
27,645

 
 
 
 
 
 
 
 
 
 
Headcount
1,029

 
1,100

 
1,095

 
866

 
850

Non-GAAP diluted shares
38,408

 
39,198

 
39,074

 
39,050

 
38,924


NET REVENUE BY GEOGRAPHY
 
Three Months Ended
 
 Twelve Months Ended
 
December 31,
2013
 
 
 
September 29,
2013
 
 
 
December 31,
2012
 
 
 
December 31,
2013
 
 
 
December 31,
2012
 
 
Americas
$
211,307

 
59
%
 
$
220,487

 
61
%
 
$
169,979

 
54
%
 
$
789,318

 
58
%
 
$
679,419

 
53
%
EMEA
99,976

 
28
%
 
97,220

 
27
%
 
110,460

 
36
%
 
412,688

 
30
%
 
457,724

 
36
%
APAC
45,337

 
13
%
 
44,188

 
12
%
 
29,997

 
10
%
 
167,627

 
12
%
 
134,778

 
11
%
Total
$
356,620

 
100
%
 
$
361,895

 
100
%
 
$
310,436

 
100
%
 
$
1,369,633

 
100
%
 
$
1,271,921

 
100
%

NET REVENUE BY SEGMENT
 
Three Months Ended
 
 Twelve Months Ended
 
December 31,
2013
 
 
 
September 29,
2013
 
 
 
December 31,
2012
 
 
 
December 31,
2013
 
 
 
December 31,
2012
 
 
Retail
$
135,906

 
38
%
 
$
130,301

 
36
%
 
$
138,539

 
44
%
 
$
509,924

 
37
%
 
$
504,797

 
40
%
Commercial
75,007

 
21
%
 
76,957

 
21
%
 
73,447

 
24
%
 
311,261

 
23
%
 
307,945

 
24
%
Service Provider
145,707

 
41
%
 
154,637

 
43
%
 
98,450

 
32
%
 
548,448

 
40
%
 
459,179

 
36
%
Total
$
356,620

 
100
%
 
$
361,895

 
100
%
 
$
310,436

 
100
%
 
$
1,369,633

 
100
%
 
$
1,271,921

 
100
%


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