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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.
51
Year Ended December 31,
2008
2007
2006
Net revenue
$
743,344
$
727,787
$
573,570
Cost of revenue
502,320
485,180
379,911
Gross profit
241,024
242,607
193,659
Operating expenses:
Research and development
33,773
28,070
18,443
Sales and marketing
121,687
117,938
91,881
General and administrative
31,733
27,220
20,905
Restructuring
1,929
—
—
In
-
process research and development
1,800
4,100
2,900
Litigation reserves, net
711
167
—
Total operating expenses
191,633
177,495
134,129
Income from operations
49,391
65,112
59,530
Interest income, net
4,336
8,426
6,974
Other income (expense), net
(8,384
)
3,298
2,495
Income before income taxes
45,343
76,836
68,999
Provision for income taxes
27,293
30,882
27,867
Net income
$
18,050
$
45,954
$
41,132
Net income per share:
Basic
$
0.51
$
1.32
$
1.23
Diluted
$
0.51
$
1.28
$
1.19
Weighted average shares outstanding used to compute net income per share:
Basic
35,212
34,809
33,381
Diluted
35,619
35,839
34,553