Netgear 2010 Annual Report Download - page 45
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Table of Contents
The following table sets forth the Consolidated Statements of Operations, expressed as a percentage of net revenue, for the periods
presented:
Net Revenue
Our net revenue consists of gross product shipments, less allowances for estimated returns for stock rotation and warranty, price protection,
end-user customer rebates and other sales incentives deemed to be a reduction of net revenue and net changes in deferred revenue.
2010 Net Revenue Compared to 2009 Net Revenue
Net revenue increased $215.5 million, or 31.4%, to $902.1 million for the year ended December 31, 2010, from $686.6 million for the year
ended December 31, 2009. The increase in net revenue was principally attributable to higher sales in several of our product categories. These
include wireless-N products sold to retailers and existing service provider customers, as well as Powerline products, ReadyNAS products, and
switch products.
43
Year Ended December 31,
2010
2009
2008
Net revenue
100
%
100
%
100
%
Cost of revenue
66.8
69.9
67.6
Gross margin
33.2
30.1
32.4
Operating expenses:
Research and development
4.5
4.4
4.5
Sales and marketing
14.6
15.4
16.4
General and administrative
4.0
4.8
4.3
Restructuring
0.0
0.1
0.3
In
-
process research and development
0.0
0.0
0.2
Technology license arrangements
0.0
0.4
0.0
Litigation reserves, net
0.0
0.3
0.1
Total operating expenses
23.1
25.4
25.8
Income from operations
10.1
4.7
6.6
Interest income, net
0.1
0.1
0.6
Other income (expense), net
(0.1
)
(0.1
)
(1.1
)
Income before income taxes
10.1
4.7
6.1
Provision for income taxes
4.5
3.3
3.7
Net income
5.6
%
1.4
%
2.4
%
Year Ended December 31,
2010
Percentage
Change
2009
Percentage
Change
2008
(In thousands, except percentage data)
Net revenue
$
902,052
31.4
%
$
686,595
(7.6
%)
$
743,344