<SEC-DOCUMENT>0000950123-18-006235.txt : 20180830
<SEC-HEADER>0000950123-18-006235.hdr.sgml : 20180830
<ACCEPTANCE-DATETIME>20180611163223
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950123-18-006235
CONFORMED SUBMISSION TYPE:	DRSLTR
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20180611

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Arlo Technologies, Inc.
		CENTRAL INDEX KEY:			0001736946
		STANDARD INDUSTRIAL CLASSIFICATION:	HOUSEHOLD AUDIO & VIDEO EQUIPMENT [3651]
		IRS NUMBER:				384061754
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DRSLTR

	BUSINESS ADDRESS:	
		STREET 1:		350 EAST PLUMERIA DRIVE
		CITY:			SAN JOSE
		STATE:			CA
		ZIP:			95134
		BUSINESS PHONE:		(408)907-8000

	MAIL ADDRESS:	
		STREET 1:		350 EAST PLUMERIA DRIVE
		CITY:			SAN JOSE
		STATE:			CA
		ZIP:			95134
</SEC-HEADER>
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<TITLE>Draft Registration Statement Letter</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[WLRK Letterhead] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">June 11, 2018 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>VIA HAND DELIVERY AND EDGAR
</U></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division
of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, NE </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C.
20549 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Attention:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Celeste M. Murphy</TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Paul Fischer</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Terry French</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Claire DeLabar</P></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><B>Re:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B>Arlo Technologies, Inc.</B></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Draft Registration Statement on Form <FONT STYLE="white-space:nowrap">S-1</FONT></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Amended on May&nbsp;21, 2018</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>CIK
No.&nbsp;0001736946</B></P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On behalf of our client, Arlo Technologies, Inc. (the &#147;<U>Company</U>&#148;), we are providing the Company&#146;s responses to the
comments of the Staff of the Division of Corporation Finance (the &#147;<U>Staff</U>&#148;) of the U.S. Securities and Exchange Commission (the &#147;<U>Commission</U>&#148;) set forth in its letter, dated May&nbsp;30, 2018, with respect to the
above-referenced Draft Registration Statement on Form <FONT STYLE="white-space:nowrap">S-1</FONT> (the &#147;<U>Registration Statement</U>&#148;). The Company is concurrently submitting its third draft of the Registration Statement (&#147;<U>Draft
No.</U><U></U><U>&nbsp;3</U>&#148;) via EDGAR, and five courtesy copies of Draft No.&nbsp;3 marked to show changes to the Registration Statement are being sent to the Staff under separate cover. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For the Staff&#146;s convenience, the text of the Staff&#146;s comments is set forth below in bold, followed in each case by the
Company&#146;s response. Terms not otherwise defined in this letter shall have the meanings set forth in Draft No.&nbsp;3. All references to page numbers in these responses are to the pages of Draft No.&nbsp;3. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Draft Registration Statement on Form <FONT STYLE="white-space:nowrap">S-1</FONT> filed May&nbsp;21, 2018 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Overview, page 2 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>We note your response to comment 1. We also note your statement that &#147;Arlo&#146;s user engagement rate was in the top 6% of the 500 most downloaded apps from the Apple App Store during the same period, comparing
favorably to many of the most engaging social media and entertainment apps available.&#148; Please modify your disclosure here and throughout your filing to clarify whether your mobile app is in the same 500 most downloaded apps category; if not,
balance this disclosure, especially your statement regarding comparability, to reflect the fact that Arlo&#146;s scale and stage of development is different than those mobile apps in the top 6% of the 500 most downloaded. </B></TD></TR></TABLE>
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 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman">June&nbsp;11, 2018 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"> Page
 2
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I><U>Response</U></I><U>:</U> In response to the Staff&#146;s comment, the Company has
revised pages&nbsp;2, 97 and 103 of Draft No.&nbsp;3 to clarify that the Arlo app is not in the same 500 most downloaded apps category, although its engagement rate compares favorably to the apps in such category. Furthermore, the Company
respectfully advises the Staff that according to Sensor Tower data, the Arlo app&#146;s daily active users for the first quarter of 2018 were approximately 431,000, compared to a median daily active users for the 500 most downloaded apps category
for the same period of approximately 414,000. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Prospectus Summary </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>NETGEAR Ownership and Our Separation from NETGEAR, page 8 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>2.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>We note your statement that to preserve the <FONT STYLE="white-space:nowrap">tax-free</FONT> treatment of the separation from Netgear and the later distribution, you &#147;intend to agree in the tax matters agreement
to restrictions, including restrictions that would be effective during the period following the distribution, that could limit [y]our ability to pursue certain strategic transactions, equity issuances or repurchases or other transactions that [you]
may believe to be in the best interests of [y]our stockholders or that might increase the value of [y]our business.&#148; Please provide more information in your Prospectus Summary regarding the time frame of such restrictions, when they will (or
will not) be lifted, and if Netgear&#146;s concurrence is required to modify the time frame of the restrictions. Please provide more information and specifically address the fact that restrictions would be effective during the period following the
distribution. Please also provide more detail regarding the type, scope, size, etc. of transactions that you would be limited in pursuing. </B></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I><U>Response</U></I><U>:</U> In response to the Staff&#146;s comment, the Company has revised page 9 of Draft No.&nbsp;3, as well as the
corresponding disclosure on page&nbsp;140 of Draft No.&nbsp;3, to further describe restrictions that the Company intends to agree to in the tax matters agreement, including restrictions that generally would be effective during the two-year period
following the distribution. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Cautionary Statement Regarding Forward-Looking Statements, page 20 </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>3.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>We note your response to comment 3. Please remove the reference to Section&nbsp;27A of the Securities Act of 1933. </B></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I><U>Response</U></I><U>:</U> In response to the Staff&#146;s comment, the Company has revised page 20 of Draft No.&nbsp;3 to remove the
reference to Section&nbsp;27A of the Securities Act of 1933. </P>
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<IMG SRC="g463504g14o93.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman">June&nbsp;11, 2018 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"> Page
 3
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Risk Factors </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>NETGEAR&#146;s interests may conflict with our interests, page 47 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>4.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>We note your disclosure of potential conflict of interests including those involving corporate opportunities. Please disclose any waiver of corporate opportunity you may have or anticipate having, including with
which parties and the specified business opportunities or specified classes or categories of business opportunities. </B></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I><U>Response</U></I><U>:</U> In response to the Staff&#146;s comment, the Company has revised pages 146&#150;147 of Draft No. 3, as well as
the corresponding disclosure on pages 47&#150;48 of Draft No. 3, to further describe the provisions in the Company&#146;s amended and restated certificate of incorporation that will govern the presentation of corporate opportunities to the Company
and NETGEAR. The Company does not currently contemplate any specific corporate opportunities that will be subject to such provision, although such corporate opportunities may arise in the future. </P>
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 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman">June&nbsp;11, 2018 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"> Page
 4
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<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;* </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If you have any questions,
please do not hesitate to contact the undersigned at (212) <FONT STYLE="white-space:nowrap">403-1117</FONT> or David C. Karp at <FONT STYLE="white-space:nowrap">(212)&nbsp;403-1327.</FONT> </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Very truly yours,</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Ronald C. Chen</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Ronald C. Chen</P></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Enclosures </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top">Andrew W. Kim, NETGEAR, Inc. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">David C. Karp, Wachtell, Lipton, Rosen&nbsp;&amp; Katz </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">John T. Sheridan, Latham&nbsp;&amp; Watkins LLP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Tad J. Freese, Latham&nbsp;&amp; Watkins LLP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Brian D. Paulson, Latham&nbsp;&amp; Watkins LLP </P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
