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Table of Contents
NETGEAR, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
The accompanying notes are an integral part of these consolidated financial statements.
57
Year Ended December 31,
2013
2012
2011
Net revenue
$
1,369,633
$
1,271,921
$
1,181,018
Cost of revenue
976,018
888,368
811,572
Gross profit
393,615
383,553
369,446
Operating expenses:
Research and development
85,168
61,066
48,699
Sales and marketing
153,804
149,766
154,562
General and administrative
48,915
45,027
39,423
Restructuring and other charges
5,335
1,190
2,094
Litigation reserves, net
5,354
390
(201
)
Impairment charges
2,000
—
—
Total operating expenses
300,576
257,439
244,577
Income from operations
93,039
126,114
124,869
Interest income
400
498
477
Other (expense) income, net
(457
)
2,670
(1,136
)
Income before income taxes
92,982
129,282
124,210
Provision for income taxes
37,765
42,743
32,842
Net income
$
55,217
$
86,539
$
91,368
Net income per share:
Basic
$
1.44
$
2.27
$
2.46
Diluted
$
1.42
$
2.23
$
2.41
Weighted average shares outstanding used to compute net income per share:
Basic
38,379
38,057
37,121
Diluted
38,948
38,747
37,932