Founder, BWS Financial Inc

Hamed Khorsand

Founder

Independent Stock Specific Research

BWS Financial Inc

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Equity Bottom-Up

<ul>
<li>NTGR reported first quarter results asserting sell through was healthy but channel partners were not replenishing their inventory</li>
<li>Heading into the results, we had cited the lack of deep discounts in the quarter as a sign that inventory had stabilized. </li>
<li>NTGR is entering the second quarter with no expectation of channel partners coming back with increased order flow</li>
</ul>


NTGR reported first quarter results asserting sell through was healthy but channel partners were not replenishing their inventory
Heading into the results, we had cited the lack of deep discounts in the quarter as a sign that inventory had stabilized. 
NTGR is entering the second quarter with no expectation of channel partners coming back with increased order flow


<ul>
<li>NTGR has been going through a product transition cycle in a soft demand environment for more than a year, but recent promotion activity suggests an end could be near</li>
<li>The scale of promotions seems to have abated in the first quarter of 2023 even though demand has yet to return.</li>
<li>NTGR had been projecting the first quarter would be the low point of the year with sequential revenue growth in the second quarter. </li>
</ul>


NTGR has been going through a product transition cycle in a soft demand environment for more than a year, but recent promotion activity suggests an end could be near
The scale of promotions seems to have abated in the first quarter of 2023 even though demand has yet to return.
NTGR had been projecting the first quarter would be the low point of the year with sequential revenue growth in the second quarter. 


<ul>
<li>NTGR continues to face the challenges of retailers reducing shelf inventory while the Company shifts to in-demand product lines</li>
<li>NTGR reported fourth quarter revenue of $249.1 million, exceeding our estimate of $242.8 million due to more product shipments to service provider customers</li>
<li>NTGR’s inability to source enough components is hampering the growth potential of the Company’s ProAV switch</li>
</ul>


NTGR continues to face the challenges of retailers reducing shelf inventory while the Company shifts to in-demand product lines
NTGR reported fourth quarter revenue of $249.1 million, exceeding our estimate of $242.8 million due to more product shipments to service provider customers
NTGR’s inability to source enough components is hampering the growth potential of the Company’s ProAV switch


<ul>
<li>NTGR held its annual investor day reflecting on the challenges it has incurred within retail and highlighting how consumer demand has remained strong for high-end devices and its 5G hotspot</li>
<li>NTGR’s stock has been trading at levels valuing the Company near its working capital on fears the business would continue to generate losses</li>
<li>NTGR’s transition in becoming a super-premium brand started over a year ago, but only in recent quarters has it began to take a bigger role on the consumer </li>
</ul>


NTGR held its annual investor day reflecting on the challenges it has incurred within retail and highlighting how consumer demand has remained strong for high-end devices and its 5G hotspot
NTGR’s stock has been trading at levels valuing the Company near its working capital on fears the business would continue to generate losses
NTGR’s transition in becoming a super-premium brand started over a year ago, but only in recent quarters has it began to take a bigger role on the consumer 


<ul>
<li>NTGR reported third quarter results showcasing continued growth in its SMB and service provider product lines while the retail channel remained challenged. </li>
<li>NTGR has been transitioning away from the lower end of the Wi-Fi router market, but a contracting market has extended out the timeframe of depleting channel inventory</li>
<li>NTGR’s growth driver are primarily its Pro AV switches and 5G hotspots, which continue to outperform our expectations</li>
</ul>


NTGR reported third quarter results showcasing continued growth in its SMB and service provider product lines while the retail channel remained challenged. 
NTGR has been transitioning away from the lower end of the Wi-Fi router market, but a contracting market has extended out the timeframe of depleting channel inventory
NTGR’s growth driver are primarily its Pro AV switches and 5G hotspots, which continue to outperform our expectations


United States

NETGEAR, Inc. provides networking products designed for small businesses and homes.  The Company's suite of products enables small businesses and homes to share Internet access, peripherals, digital content, and applications among multiple personal computers and other Internet-enabled devices.  NETGEAR markets and sells its products through distributors to a network of resellers.

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