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    Logan Katzman • Raymond James Financial

    Logan Katzman's questions to NETGEAR Inc (NTGR) leadership

    Logan Katzman's questions to NETGEAR Inc (NTGR) leadership • Q2 2025

    Question

    Logan Katzman of Raymond James Financial inquired about the specifics of ProAV supply constraints, the outlook for operating expense growth, the strategy behind the new Professional Services offering, and the competitive dynamics with TP-Link.

    Answer

    CEO Charles (CJ) Prober explained that ProAV demand is strong, leading to an increased backlog which he expects to start reducing in Q3 2025, with a goal of building safety stock in 2026. He also positioned Professional Services as a key driver for future recurring revenue in the NFB segment. Regarding TP-Link, Prober stated that geopolitical scrutiny of Chinese firms is a potential tailwind for NETGEAR. CFO Bryan Murray projected a mid-single-digit OpEx increase for Q3 due to strategic investments and one-time costs, followed by an expected decrease in Q4.

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    Logan Katzman's questions to Arlo Technologies Inc (ARLO) leadership

    Logan Katzman's questions to Arlo Technologies Inc (ARLO) leadership • Q1 2025

    Question

    Speaking on behalf of Adam Tindle, Logan Katzman asked for more detail on the drivers behind the 30% year-over-year decline in European revenue. He also requested clarification on the size of the Verisure subscriber 'catch-up' in the quarter and when this effect is expected to end. Finally, he questioned if product gross margins would remain negative until the new lower-cost devices are launched.

    Answer

    COO and CFO Kurt Binder attributed the European revenue decline to Verisure's inventory stocking cycle, an early Chinese New Year pulling orders into Q4 2024, and a product switchover for USBC regulatory requirements. CEO Matthew McRae clarified that of the 298,000 subscriber adds, the organic growth was in the guided range of 170,000-190,000, and he believes Q1 was the last quarter for the Verisure catch-up. Regarding margins, Binder emphasized that the company's combined gross margin grew significantly, and they are comfortable using hardware with negative margins as a customer acquisition tool to fill the sales funnel, a strategy proven effective by their overall profitability.

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    Logan Katzman's questions to Sonos Inc (SONO) leadership

    Logan Katzman's questions to Sonos Inc (SONO) leadership • Q1 2025

    Question

    Logan Katzman of Rimini asked if the company's reorganization would affect its product launch cadence and if there were any changes to its capital allocation strategy.

    Answer

    Interim CEO Tom Conrad affirmed Sonos remains committed to shipping "many great products each year" but avoided committing to a specific number. CFO Saori Casey reiterated that the capital allocation strategy is unchanged, highlighting the resumption of the share buyback program as a key pillar for returning capital to shareholders.

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    Logan Katzman's questions to Scansource Inc (SCSC) leadership

    Logan Katzman's questions to Scansource Inc (SCSC) leadership • Q1 2025

    Question

    Logan Katzman, on for Adam Tindle, asked about the expected gross margin trajectory for the full year given the mix of recurring revenue, and inquired how the company weighs capital allocation between share repurchases and M&A.

    Answer

    CFO Stephen Jones advised analyzing gross margins at the segment level, noting that the first half's lighter hardware mix might temporarily elevate consolidated margins before they normalize. Regarding capital allocation, Jones stated that decisions are guided by the long-term strategy to drive growth, expand margins, and maximize Return on Invested Capital (ROIC).

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