ARLO TOTAL SECURITY SUBSCRIPTIONS TO BE POWERED BY CITIZENS PAY

Rhea-AI Summary

Arlo Technologies, Inc. (NYSE: ARLO) has announced a partnership with Citizens Pay to offer bundled hardware and service for DIY home security at a low monthly price, eliminating upfront costs. The Arlo Total Security plan includes 0% APR financing and a user-friendly point-of-sale experience. This initiative aims to make advanced security solutions accessible to more consumers, addressing the needs of over 20 million households currently paying high rates for outdated systems. Details on pricing and plans will be released later this year.

Positive

• Partnership with Citizens Pay to offer 0% APR financing for home security solutions.
• Elimination of upfront costs increases accessibility for consumers.
• Opportunity for customers to upgrade technology every three years.

Negative

• Dependence on consumer adoption of new payment plans may impact revenue.
• Future demand for security products may be lower than anticipated.

Plans Will Bundle Hardware with Service at a Low Monthly Price with No Upfront Costs

SAN JOSE, Calif., March 7, 2023 /PRNewswire/ -- Arlo Technologies, Inc. (NYSE: ARLO), a leading smart home security brand announced today an integrated partnership with Citizens Pay, a market leader in consumer installment financing, to lower the barrier of entry and broaden the market for DIY home security. Plans include 0% APR financing and a simple point-of-sale experience for consumers.

Arlo Total Security powered by Citizens Pay will allow consumers to avoid the upfront investment typically required by DIY security purchases while bundling the hardware and professional monitoring into a single, low monthly payment. Several plans will be available at various price points and subscribers will have the option to upgrade to the latest technology every three years.

"Over 20 million households are paying too much for outdated home security solutions," said Matt McRae, CEO at Arlo. "Arlo Total Security subscriptions will offer the latest technology and a true comprehensive safety and security solution with a superior user experience at a lower monthly price."

"We're excited to partner with Arlo to pioneer consumer installment financing in the DIY home security space, broadening access to their industry-leading home security technology and offering a responsible way for consumers to pay off over time," said Christine Roberts, Head of Citizens Pay.

More information and pricing will be announced when the new subscription plans launch later this year.  For more information on the full range of Arlo smart home security products and services, visit www.Arlo.com. For additional details on Citizens Pay, visit, www.citizenspay.com.

About Arlo Technologies, Inc.
Arlo is the award-winning, industry leader that is transforming the way people experience the connected lifestyle. Arlo's deep expertise in product design, wireless connectivity, cloud infrastructure and cutting-edge AI capabilities focuses on delivering a seamless, smart home experience for Arlo users that is easy to setup and interact with every day. The company's cloud-based platform provides users with visibility, insight and a powerful means to help protect and connect in real-time with the people and things that matter most, from any location with a Wi-Fi or a cellular connection. To date, Arlo has launched several categories of award-winning smart connected devices, including wire-free smart Wi-Fi and LTE-enabled security cameras, audio and video doorbells, and floodlight. 

With a mission to bring users peace of mind, Arlo is as passionate about protecting user privacy as it is about safeguarding homes and families. Arlo is committed to supporting industry standards for data protection designed to keep users' personal information private and in their control. Arlo doesn't monetize personal data, provides enhanced controls for user data, supports privacy legislation, keeps user data safely secure, and puts security at the forefront of company culture.

About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation's oldest and largest financial institutions, with $226.7 billion in assets as of December 31, 2022. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a full-service customer contact center and the convenience of approximately 3,400 ATMs and approximately 1,100 branches in 14 states and the District of Columbia. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, Citizens offers a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets capabilities. More information is available at www.citizensbank.com or visit us on Twitter, LinkedIn or Facebook.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:
This press release 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. However, the absence of these words does not mean that the statements are not forward-looking. The forward-looking statements represent Arlo Technologies, Inc.'s (the "Company" or "Arlo") expectations or beliefs concerning future events based on information available at the time such statements were made and include statements regarding lowering the barrier of entry and broadening the market for DIT security and Arlo cameras, Arlo video doorbells, Arlo Secure, Arlo Secure Plus and future Arlo products. These statements are based on management's current expectations and are subject to certain risks and uncertainties, including the following: future demand for the Company's products may be lower than anticipated; consumers may choose not utilize payment plans or to adopt the Company's new product offerings, or may adopt competing products; and product performance may be adversely affected by real world operating conditions. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Further information on potential risk factors that could affect Arlo and its business are detailed in the Company's periodic filings with the Securities and Exchange Commission, including, but not limited to, those risk factors described in the Company's most recently filed Annual Report on Form 10-K and Quarterly Report on Form 10-Q and subsequent filings with the Securities and Exchange Commission. Given these circumstances, you should not place undue reliance on these forward-looking statements. Arlo undertakes no obligation to release publicly any revisions to any forward-looking statements contained herein to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

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SOURCE Arlo Technologies, Inc.

FAQ

What is the new partnership between Arlo and Citizens Pay?

Arlo has partnered with Citizens Pay to offer bundled DIY home security solutions with 0% APR financing and no upfront costs, aiming to broaden market access.

How will Arlo Total Security subscriptions benefit consumers?

These subscriptions will allow consumers to avoid upfront investments while bundling hardware and professional monitoring into a low monthly payment.

What is the expected impact of Arlo's new subscription plans?

The plans aim to make advanced home security accessible to more households, addressing the need for affordable security solutions.

When will more information on Arlo's subscription plans be available?

Details regarding pricing and subscription plans will be announced later this year.

What challenges might Arlo face with its new subscription model?

Challenges include the potential for lower than expected consumer adoption and competition from alternative products.