NETGEAR, Inc. (NTGR) came out with a quarterly loss of $0.28 per share versus the Zacks Consensus Estimate of a loss of $0.27. This compares to loss of $0.19 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -3.70%. A quarter ago, it was expected that this company would post earnings of $0.04 per share when it actually produced earnings of $0.09, delivering a surprise of 125%.Over the last four quarters, the company has surpasse ...

Exhibit 99.1 NEWS RELEASE NETGEAR® REPORTS FIRST QUARTER 2024 RESULTS Page 1 • First quarter 2024 net revenue of $164.6 million, a decrease of 9.0% from the comparable prior-year quarter. • First quarter 2024 GAAP operating loss of $21.6 million, or (13.2)% of net revenue, as compared to operating loss of $12.0 million, or (6.6)% of net revenue, in the comparable prior-year quarter. ◦ First quarter 2024 non-GAAP operating loss of $16.0 million, or (9.7)% of net revenue, as compared to non- GAAP operating lo ...

Revenue and Financial Performance - Net revenue for the year ended December 31, 2023, was $740.84 million, a decrease of 20.5% compared to $932.47 million in 2022[341]. - The total revenue for the year ended December 31, 2023, is $740.840 million, a decrease from $932.472 million in 2022, representing a decline of approximately 20.5%[414]. - Revenue from the United States decreased to $489,968,000 in 2023, down 18.2% from $598,649,000 in 2022[488]. - The company reported a net loss for 2023 of $104.77 million, compared to a net loss of $68.99 million in 2022, indicating a worsening of 52%[341]. - The company reported a basic net loss per share of $3.57 for 2023, compared to a loss of $2.38 per share in 2022[341]. - The company reported a loss before income taxes of $19.14 million for the year ended December 31, 2023, compared to a loss of $82.02 million in 2022[486]. Assets and Liabilities - Total current assets decreased to $747.98 million in 2023 from $834.29 million in 2022, reflecting a decline of 10.3%[339]. - Total liabilities decreased to $311.65 million in 2023 from $398.93 million in 2022, a reduction of 21.8%[339]. - Total stockholders' equity decreased to $535.50 million in 2023 from $620.86 million in 2022, a decline of 13.7%[339]. - The company's accounts receivable, net, decreased to $185.059 million as of December 31, 2023, from $277.485 million in 2022, indicating a reduction of about 33.3%[409]. - The total amount of unrecognized tax benefits (UTB) as of December 31, 2023, was $8.618 million, with a net UTB of $6.2 million that could affect the effective tax rate if recognized[447]. Cash Flow and Investments - Cash and cash equivalents increased to $176.72 million in 2023 from $146.50 million in 2022, an increase of 20.6%[339]. - Cash flows from operating activities provided $56.85 million in 2023, a significant improvement from a cash outflow of $13.73 million in 2022[350]. - The company reported a net cash used in investing activities of $27.43 million in 2023, a decrease from $79.52 million in 2022[350]. - The company’s available-for-sale investments had an estimated fair value of $98.627 million as of December 31, 2023, compared to $74.152 million in 2022, reflecting an increase of approximately 33%[415]. Research and Development - The company has made substantial investments in software research and development, which could materially adversely affect its business if these investments are unsuccessful[14]. - Research and development expenses for 2023 were $83.30 million, down from $88.44 million in 2022, a decrease of 5%[341]. - The company has invested in research and development for new technologies, including WiFi 7 and audio/video over Ethernet[352]. Inventory and Cost Management - The provision for excess and obsolete inventory was recorded at $3.2 million for the year ended December 31, 2023[334]. - The company recorded provisions for excess and obsolete inventory amounting to $3.2 million for the year ended December 31, 2023, down from $3.7 million in 2022[418]. - The company’s total inventory decreased to $248.851 million as of December 31, 2023, from $299.614 million in 2022, representing a decline of about 17%[418]. Foreign Exchange and Risk Management - As of December 31, 2023, 24% of total net revenue was denominated in currencies other than the U.S. dollar, indicating exposure to foreign currency exchange rate fluctuations[322]. - A hypothetical 10% movement in foreign exchange rates could result in a before-tax impact of approximately $0.7 million on net income as of December 31, 2023[322]. - The company faces risks associated with foreign exchange rate fluctuations due to international sales and operating activities, which could negatively impact financial condition[320]. Customer Concentration and Credit Risk - The company reported a significant reliance on a limited number of traditional and online retailers, which poses a risk to net revenue if these customers reduce purchases or refuse to pay requested prices[11]. - As of December 31, 2023, Best Buy, Inc. and affiliates accounted for approximately 21% of total accounts receivable[367]. - The company evaluates its customers' ability to pay based on historical payment experience, financial metrics, and customer credit scores[379]. Stock and Equity Management - As of December 31, 2023, the company has 2.5 million shares authorized for repurchase under its stock repurchase program, but did not repurchase any shares during the year[463]. - The company repurchased approximately 1.0 million and 2.1 million shares at a cost of approximately $24.4 million and $75.0 million during the years ended December 31, 2022 and 2021, respectively[463]. - The total stock-based compensation expense for the year ended December 31, 2023, was $17.94 million, slightly up from $17.73 million in 2022[480]. Taxation and Deferred Taxes - The company recorded a valuation allowance of $99.8 million against U.S. federal and state tax attributes in 2023, indicating uncertainty in the recovery of these assets[442]. - The effective tax rate for 2023 was impacted by a valuation allowance of (474.3)%, significantly affecting the overall tax provision[443]. - The total non-current deferred income taxes decreased from $85.7 million as of December 31, 2022, to $3.3 million as of December 31, 2023[426]. Other Financial Metrics - Total advertising and promotional expenses were $28.9 million, $27.0 million, and $25.2 million for the years ended December 31, 2023, 2022, and 2021 respectively[391]. - The company incurred shipping and handling costs associated with outbound freight totaling $8.8 million, $16.9 million, and $16.4 million for the years ended December 31, 2023, 2022, and 2021 respectively[389]. - The company recognized revenue from contracts with customers when control of the promised goods or services is transferred, primarily from product sales and subscriptions[378][379].

Financial Data and Key Metrics Changes - For Q4 2023, revenue was $188.7 million, down 4.6% sequentially and down 24.3% year-over-year [8] - Full year 2023 net revenues were $740.8 million, a decline of 20.6% compared to 2022 [20] - Non-GAAP gross margin for Q4 was 35%, up 1,010 basis points from the prior year [64] - Non-GAAP operating income for Q4 was $2.7 million, with a non-GAAP operating margin of 1.4% [23] Business Line Data and Key Metrics Changes - The Connected Homes segment generated net revenue of $118.4 million for Q4, down 20.6% year-over-year [40] - SMB net revenue was $70.3 million in Q4, slightly above expectations, but faced challenges from high interest rates and stagnant growth in major markets [10] - Service revenue for Q4 was $11.4 million, a year-over-year increase of 27.7% [69] Market Data and Key Metrics Changes - Americas net revenue for Q4 was $124.8 million, down 21.6% year-over-year [36] - EMEA net revenue was $37.9 million, a decrease of 28.1% year-over-year [36] - APAC net revenue was $26 million, down 30.2% from the prior year [36] Company Strategy and Development Direction - The company aims to strengthen its core business and focus on premium, higher-margin products [18] - There is a strategic emphasis on the Pro AV market, leveraging partnerships and unique solutions to drive growth [71] - The company plans to capitalize on the WiFi 7 upgrade cycle and the growing demand for connectivity solutions [35] Management's Comments on Operating Environment and Future Outlook - Management noted that macroeconomic conditions, including elevated interest rates, continue to impact growth prospects [20] - The company expects first quarter net revenue to be in the range of $155 million to $170 million, reflecting seasonal declines [45] - Management expressed confidence in the stabilization of the retail market and the potential for growth as new WiFi 7 devices are launched [49] Other Important Information - The company ended Q4 2023 with $283.7 million in cash, up $55.6 million from the prior year [39] - The company is committed to continued investment in R&D, with non-GAAP R&D expense at 9.9% of net revenue for Q4 [65] - The company has a stock repurchase program with 2.5 million shares remaining [82] Q&A Session Summary Question: What organizational shift will enable from a strategy and capital allocation perspective long term? - Management indicated that they are exploring growth adjacencies and will provide more details in future calls [46] Question: What gives confidence that the retail market will stabilize? - Management noted a return to normal seasonal behavior and the upcoming WiFi 7 product launches as factors contributing to stabilization [48][80] Question: How does the company reconcile the guidance for Q1 with the stabilization comment? - Management explained that the seasonal decline is typical and does not contradict the stabilization narrative, as they expect a return to growth later in the year [50][81]

Financial Data and Key Metrics Changes - For Q3 2023, revenue was $197.8 million, up 14.1% sequentially but down 20.7% year-over-year [2] - Non-GAAP operating income was $5.3 million with a non-GAAP operating margin of 2.7%, up 200 basis points year-over-year and 890 basis points sequentially [7] - Non-GAAP gross margin improved to 35%, up 740 basis points year-over-year and 340 basis points sequentially [11] Business Line Data and Key Metrics Changes - The Connected Home segment generated $127.3 million in revenue, down 15.4% year-over-year but up 29.4% sequentially [41] - SMB net revenue was $70.5 million, below expectations due to macroeconomic pressures [42] - Premium solutions in the retail CHP business saw double-digit growth year-over-year, significantly outperforming the overall market [4][16] Market Data and Key Metrics Changes - Americas net revenue was $141 million, down 16.7% year-over-year but up 20.9% sequentially [8] - EMEA net revenue was $35.7 million, down 20.4% year-over-year and down 1.3% quarter-over-quarter [8] - APAC net revenue was $21.1 million, down 40.3% year-over-year but up 2.4% sequentially [8] Company Strategy and Development Direction - The company is focusing on strategic investments in high-margin products and subscription services, particularly in Pro AV managed switches and WiFi 7 products [14][30] - The launch of WiFi 7 products is expected to drive growth and profitability, with plans for more introductions in 2024 [44][49] - The company aims to return inventory levels to pre-pandemic norms by mid-2024 while managing costs and improving product mix [53] Management's Comments on Operating Environment and Future Outlook - Management noted that the retail networking market is stabilizing, with positive signs from the WiFi 7 upgrade cycle and holiday season [3][20] - The uncertain macroeconomic environment is impacting the SMB business, particularly in key markets like Greater China and Germany [34] - The company expects overall fourth quarter net revenue to be in the range of $175 million to $190 million, with challenges in the SMB segment [36] Other Important Information - The company ended Q3 2023 with $228 million in cash and short-term investments, up $25.2 million from the prior quarter [27] - Non-GAAP net income for Q3 was $6.9 million, with diluted earnings per share of $0.23 [26] - The company added 40,000 paid service subscribers, reaching a total of 844,000, contributing to a 25% growth in service revenue [32][46] Q&A Session Summary Question: What is the expected impact of inventory reduction on margins? - Management indicated that they expect to see a 150 basis point headwind in Q4 due to inventory reduction efforts, with expectations of improvement in subsequent quarters [40] Question: How is the holiday season shaping up? - Management noted strong demand for both high-end and lower-cost products, with positive reception for WiFi 7 products and strategic promotions planned for lower-end products [69] Question: What is the performance of the Armor cybersecurity service? - The Armor service remains the top service by subscribers, with strong uptake and renewal rates, and plans to expand features in 2024 [58]

NETGEAR NETGEAR® INVESTOR OVERVIEW JULY 2023 ဖိအိဇီအိမ်အိမ်အိမ် orbi NETGEAR NETGEAR 0 8 日 5 NETGEAR 9 a NETGEAR &&&&&&&&&&& o a a NETGEAR ................ a a SAFE HARBOR DISCLOSURE This presentation contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. The words "anticipate," "expect," "believe," "will," "may," "should," "estimate," "project," "outlook," "forecast" or other similar words are used to identify such forward-looking statements. Ho ...

Financial Data and Key Metrics Changes - For Q2 2023, the company reported revenue of $173.4 million, a decrease of 22.3% year-over-year and down 4.1% sequentially [16] - Non-GAAP operating loss was $10.7 million, with a non-GAAP operating margin of negative 6.2%, down 430 basis points year-over-year and 230 basis points sequentially [18] - Non-GAAP gross margin improved to 31.6%, up 390 basis points year-over-year but down 200 basis points compared to Q1 2023 [20] Business Line Data and Key Metrics Changes - The Connected Home segment generated net revenue of $98.4 million, down 23.6% year-over-year and down 4.2% sequentially [47] - The SMB segment reported net revenue of $75 million, with strong demand for ProAV managed switch products, showing high single-digit year-over-year growth [48] - Service revenue grew to $10.3 million, up 29.6% year-over-year and 7.2% sequentially [30] Market Data and Key Metrics Changes - Net revenue for the Americas was $116.6 million, a decline of 19% year-over-year and down 4.4% sequentially [43] - EMEA net revenue was $36.2 million, a decrease of 19.6% year-over-year and down 7.7% quarter-over-quarter [43] - APAC net revenue was $20.6 million, down 39.7% year-over-year but up 4.2% sequentially, with significant declines attributed to Greater China and Korea [43] Company Strategy and Development Direction - The company is focusing on premium WiFi mesh systems, 5G mobile hotspots, and paid service subscriptions as key growth areas [51] - Strategic investments in the ProAV market are expected to yield long-term growth and profitability [56] - The company anticipates a return to positive free cash flow in the second half of the year as inventory levels are reduced [22] Management's Comments on Operating Environment and Future Outlook - Management noted ongoing inflationary pressures and an uncertain macroeconomic environment but expressed confidence in strong underlying demand for SMB and premium CHP products [2] - There are signs of stabilization in the broader consumer retail networking market, which is expected to improve predictability in business [27] - The company expects third quarter net revenue to be in the range of $175 million to $190 million [33] Other Important Information - The company ended Q2 2023 with $202.8 million in cash and short-term investments, down $36.4 million from the prior quarter [22] - The company shipped approximately 1.6 million units in Q2 2023, with a revenue split of 57% home products and 43% business products [19] - The company is committed to continued investment in R&D, with non-GAAP R&D expense at 11.4% of net revenue [21] Q&A Session Summary Question: Could you talk about the service provider order and its impact on revenue outlook? - Management indicated that the service provider order contributed positively, with expectations for service provider revenue to stabilize around $25 million per quarter moving forward [60][71] Question: What are the expectations for operating margins in Q4? - Management expects a step-up in Q4, likely leading to non-GAAP profitability in the low single-digit margin level [74] Question: Can you provide insights on the stabilization of the retail networking market? - Management noted that the market is stabilizing relative to pre-pandemic levels, with expectations for normal seasonality to return [76]

Financial Data and Key Metrics Changes - For Q1 2023, net revenue was $180.9 million, down 14.1% year-over-year and down 27.4% sequentially [2][9] - Non-GAAP gross margin improved to 33.6%, up 540 basis points year-over-year and 870 basis points sequentially, marking the second highest gross margin since 2019 [12][28] - Non-GAAP operating loss was $7.1 million, with an operating margin of negative 3.9%, below the low end of guidance [21] Business Line Data and Key Metrics Changes - The Connected Home segment generated net revenue of $102.7 million, down 21.2% year-over-year and down 31.1% sequentially [17] - SMB net revenue was $78.2 million, a decline of 2.6% year-over-year and 21.9% sequentially, despite strong end-user sales growth in ProAV managed switch products [18] - Service revenue grew to $9.6 million, up 26.3% year-over-year and 7.9% sequentially [49] Market Data and Key Metrics Changes - Americas net revenue was $121.9 million, down 15.7% year-over-year and down 23.4% sequentially [9] - EMEA net revenue was $39.2 million, up 6.3% year-over-year but down 25.7% quarter-over-quarter [9] - APAC net revenue was $19.8 million, down 31.8% year-over-year and down 46.8% sequentially, impacted by a COVID surge in China [9] Company Strategy and Development Direction - The company is focusing on premium products to improve profitability, moving away from less profitable lower-end products [28] - Continued investment in R&D is emphasized, with non-GAAP R&D expense at 11.6% of net revenue [16] - The introduction of WiFi 7 products is expected to capitalize on technological advancements and expand the addressable market [30] Management's Comments on Operating Environment and Future Outlook - Management noted broad-based inflationary pressures and an uncertain macroeconomic environment affecting consumers [27] - Despite challenges, there is confidence in the long-term growth strategy, particularly in the premium segment [62] - The company expects second quarter net revenue to be in the range of $150 million to $165 million [35] Other Important Information - The company ended Q1 2023 with $239.2 million in cash and short-term investments, up $11.8 million from the prior quarter [23] - The net revenue split between home and business products was approximately 57% and 43%, respectively [22] Q&A Session Summary Question: What has been the biggest challenge regarding inventory demand imbalance? - Management highlighted the surprise factor in inventory reductions from channel partners, particularly from a major service provider [39][45] Question: How is the company managing inventory given current revenue levels? - The company is taking a conservative approach to inventory estimates and slowing down production rates to balance inventory levels [57] Question: Any changes regarding share repurchases and capital allocation? - Management stated they are opportunistic buyers of stock and are considering cash balances and operational cash outlays in their capital allocation discussions [61]

Revenue and Financial Performance - Netgear reported net revenue of $932.472 million for the year ended December 31, 2022, a decrease of 20.2% compared to $1,168.073 million in 2021[361]. - Total net revenue for the year ended December 31, 2022, was $932.472 million, an increase from $853.472 million in 2021, representing a growth of approximately 9.3%[440]. - Connected Home segment revenue declined to $558,823 in 2022 from $853,472 in 2021, representing a 34.4% decrease[515]. - SMB segment revenue increased to $373,649 in 2022, up 18.7% from $314,601 in 2021[515]. - The U.S. accounted for $598,649 of total net revenue in 2022, down 21.2% from $759,865 in 2021[517]. - Total segment contribution income fell to $67,251 in 2022 from $179,025 in 2021, a decrease of 62.5%[515]. - The company incurred a net loss of $68.987 million in 2022, compared to a net income of $49.387 million in 2021, resulting in a basic and diluted loss per share of $2.38[361]. - Basic net loss per share was $(2.38) for 2022, down from a profit of $1.63 per share in 2021[466]. Assets and Liabilities - Total current assets decreased to $834.291 million as of December 31, 2022, down from $883.093 million in 2021, primarily due to a reduction in cash and cash equivalents[359]. - Total liabilities increased to $398.930 million as of December 31, 2022, compared to $381.716 million in 2021, with current liabilities slightly rising to $345.971 million[359]. - The company's accumulated deficit grew to $324.762 million as of December 31, 2022, compared to $226.591 million in 2021[359]. - Cash and cash equivalents decreased significantly from $263.772 million in 2021 to $146.500 million in 2022, reflecting liquidity challenges[359]. - Total non-current assets increased to $97.793 million from $76.350 million as of December 31, 2021[451]. - Total property and equipment, net, decreased to $9.225 million as of December 31, 2022, from $13.335 million in 2021, a decline of approximately 30.5%[445]. Inventory and Cost Management - The provision for excess and obsolete inventory was recorded at $3.7 million for the year ended December 31, 2022, reflecting management's assessment of future demand[353]. - The Company plans to continue evaluating its inventory management strategies to mitigate excess and obsolete inventory risks in the future[354]. - The Company recorded provisions for excess and obsolete inventory of $3.7 million for the year ended December 31, 2022, compared to $3.9 million in 2021[444]. - The Company’s total inventories decreased to $299.614 million as of December 31, 2022, from $315.667 million in 2021, a reduction of approximately 5.1%[443]. Research and Development - The company has made substantial investments in software research and development, which could materially affect its financial condition if these investments are unsuccessful[17]. - The company plans to continue investing in research and development for new technologies, including WiFi 7 and audio/video over Ethernet[373]. - Operating expenses totaled $333.473 million in 2022, an increase from $299.240 million in 2021, driven by higher research and development costs[361]. Foreign Currency and Exchange Risks - Approximately 24% of total net revenue for the years ended December 31, 2022, 2021, and 2020 was denominated in currencies other than the U.S. dollar, indicating exposure to foreign currency exchange rate fluctuations[341]. - A hypothetical 10% movement in foreign exchange rates could result in a before-tax impact of approximately $1.0 million on net income as of December 31, 2022[341]. - The company experienced a foreign currency transaction loss of $2.335 million in 2022, compared to a loss of $4.848 million in 2021[467]. Legal and Regulatory Matters - The company is involved in numerous litigation matters, which could adversely affect its financial condition and results of operations[17]. - The Company is involved in ongoing litigation matters but does not believe that a material loss has been incurred, thus no loss provisions have been established[488]. Stock and Compensation - Total stock-based compensation expense for the year ended December 31, 2022, was $17.7 million, a decrease from $26.0 million in 2021[510]. - The total fair value of RSUs vested in 2022 was $14.6 million, compared to $24.3 million in 2021[506]. - The Company executed an average of ten forward contracts per quarter with an average USD notional amount of approximately $6.0 million designated as cash flow hedges[458]. - The Company has issued $580.7 million of purchase orders beyond contractual termination periods in anticipation of demand requirements as of December 31, 2022[479]. Customer Concentration - Two customers accounted for 15% and 11% of net revenue in 2022, indicating a reliance on key customers[519]. - The company reported a significant reliance on a limited number of traditional and online retailers, which poses a risk to net revenue if these customers reduce purchases or refuse to pay requested prices[14].

Financial Data and Key Metrics - Net revenue for Q4 2022 was $249.1 million, flat sequentially and down 0.8% YoY [1] - Non-GAAP gross margin in Q4 2022 was 24.9%, down 510 bps YoY and 270 bps QoQ [3] - Non-GAAP operating loss for the full year 2022 was $15.6 million with a non-GAAP operating margin of negative 1.7% [2] - Cash and short-term investments at the end of Q4 2022 were $227.4 million, down $5.8 million from the prior quarter [4] - Non-GAAP R&D expense in Q4 2022 was 7.7% of net revenue, down from 8.7% YoY and 8.5% QoQ [22] Business Line Performance - SMB revenue for the full year outperformed expectations, with managed switch products growing 65% YoY [5] - Connected Home segment revenue in Q4 2022 was $149 million, down 14.4% YoY and 1% sequentially [64] - Service revenue in Q4 2022 was $8.9 million, up 23.9% YoY and 5.3% sequentially [10] - Premium products, including ProAV managed switches, 5G mobile hotspots, and WiFi mesh products, experienced strong demand [1][26] Market Performance - Americas net revenue in Q4 2022 was $159.2 million, flat YoY and down 6% sequentially [62] - EMEA net revenue in Q4 2022 was $52.7 million, up 5.4% YoY and 17.6% QoQ [62] - APAC net revenue in Q4 2022 was $37.2 million, down 10.8% YoY and up 5.1% sequentially [62] - On a constant currency basis, EMEA revenue would have grown 21% YoY, and APAC revenue would have declined only 5% [21] Company Strategy and Industry Competition - The company is focusing on premium, high-margin products such as ProAV managed switches, premium WiFi mesh systems, and 5G mobile products [63][66] - The company is investing in R&D for AV over IP products to target the TV broadcast industry and residential custom integration market [67] - The company plans to expand its service offerings, including security, privacy, and support, to drive higher conversion and retention rates [11][29] - The company is leveraging its premium product portfolio to outperform the broader market, which declined by approximately 25% in 2022 [61] Management Commentary on Operating Environment and Future Outlook - The company faced challenges in 2022, including supply chain disruptions, foreign exchange headwinds, and elevated transportation costs [6][83] - The company expects Q1 2023 net revenue to be in the range of $185 million to $200 million, with service provider revenue expected to decrease to approximately $25 million [13][116] - The company anticipates improved supply chain conditions in the second half of 2023, particularly for SMB products [44][111] - The company remains confident in its long-term growth potential, driven by its premium product strategy and market leadership in ProAV and WiFi mesh systems [6][94] Other Important Information - The company shipped approximately 2.2 million units in Q4 2022, including 1.4 million nodes of wireless products [85] - The company's paid subscriber count reached 747,000, up 27.9% YoY, with a target of 875,000 paid subscribers by the end of 2023 [70] - The company received three CES 2023 Innovation Awards for its premium products, including the Orbi 860 Series and Insight Managed WiFi 6E Tri-Band Access Point [71][30] Q&A Session Summary Question: Supply chain improvement timeline for SMB and CHP businesses [101] - The company expects slight improvement in Q2 2023, with more significant improvements in the second half of the year, particularly for SMB products [101][111] - The reopening of China is expected to help with supply chain issues, particularly for key components like power supplies [110] Question: Gross margin decline in Q4 2022 [104] - The decline was driven by the strengthening U.S. dollar, higher freight costs, and elevated inventory levels [115] Question: Service provider revenue guidance [105] - The company expects service provider revenue to be around $25 million per quarter in the first half of 2023, with full-year revenue still expected to reach $140 million [116] Question: Cash flow and inventory management [46] - The company expects to generate free cash flow at a rate of about 200% of non-GAAP net income for 2023, with Q1 2023 expected to show improved cash flow conversion [47]