SAN MATEO, Calif., April 27, 2017 /PRNewswire/ --
GoPro Beats Revenue Guidance, First Quarter Revenue Up 19%
YoY
Operating Expenses Down Over $50
Million QoQ
GoPro Followers on Instagram up 40% YoY; Up 22% YoY on
Facebook
Karma Off to a Strong
Start
GoPro, Inc. (NASDAQ: GPRO) announced financial results for its
first quarter ended March 31, 2017.
"GoPro is executing a turnaround," said Nicholas Woodman, GoPro's Founder and CEO. "We
had a great first quarter and feel good about our outlook for the
second quarter. We remain on track toward our goal of returning to
full-year non-GAAP profitability in 2017."
Recent GoPro Highlights:
- According to The NPD Group's Retail Tracking Service, in the
U.S. in the first quarter GoPro accounted for 3 of the top 5
products, including the top 3 spots, on a unit basis in the digital
image category. HERO5 Black was the best-selling digital image
camera in the U.S. in the first quarter on a unit and dollar basis.
According to NPD, in March GoPro's drone, Karma with HERO5
camera, was the #2 best-selling drone priced over $1,000 in the U.S. on a unit basis. According
to GfK, in the first quarter Japan
unit and dollar sell-thru was up over 120% and nearly 140%
year-over-year, respectively, and our category dollar share grew to
3.4% from 1.4% in the first quarter of 2016.
- Launched Fusion 5.2K spherical camera pilot program. To
optimize the Fusion user experience, we are working closely with
technology and content partners like Adobe and Fox Sports as well
as content platforms like Facebook. Professional content creators
can apply to participate in the pilot program for Fusion, a 5.2K
spherical camera, expected to roll-out during the summer of 2017. A
limited commercial release is expected by the end of the year.
- Non-U.S. markets generated 60% of first quarter revenue.
Between 70% and 90% of the HERO5 camera users in China, Germany, Spain, Italy,
France, and Japan are using their cameras in their local
language.
- Launched GoPro trade-up program. GoPro owners receive
$100 off a HERO5 Black or
$50 off a HERO5 Session when they
trade-in any previous generation GoPro camera, working or not.
- HERO Session price change. The MSRP for the entry-level
HERO Session camera, launched in 2015, will be $149 effective April 30,
2017.
- Quik mobile video editing app to be pre-installed
on Huawei's new smartphones, starting with the Huawei P10 and
Honor 8 flagship models. Quik is integrated into the gallery
and is able to automatically select photos and videos. With the tap
of a button, Quik generates a video synchronized to the beat of the
selected music. Quik App installed 5.2 million times in the
first quarter, a year-over-year increase of over 200%. First
quarter monthly active users were up nearly 160% year-over-year.
Capture App total monthly shares in the first quarter were
up 43% year-over-year. GoPro Plus made available in select
European and Asian markets.
- Appointed Susan Lyne to Board
of Directors. Ms. Lyne, founder and President of BBG Ventures -
a venture fund investing in women-led startups - brings decades of
experience in media, ecommerce, technology, and consumer
products.
- Sold $175 million of 3.50%
convertible senior notes. The Company simultaneously entered
into a prepaid forward transaction to purchase approximately
$78 million of Class A common stock,
or 9.2 million shares, and improved the company's liquidity
position by adding $92 million to its
balance sheet.
- Opened engineering office in Bucharest to support our software
engineering initiatives.
- GoPro ranked #6 coolest brand out of 122 companies in
teen study commissioned by Google.
- Instagram followers were up 44% year-over-year to 12.7
million followers in the first quarter, driven by a 160%
year-over-year increase in international followers. Facebook
video views of GoPro content reached approximately 35 million
in the first quarter, up 22% year-over-year. According to
Google, YouTube videos attributed to GoPro are up 67 percent year
over year in the first quarter.
Results Summary:
|
|
Three Months Ended
March 31,
|
($ in thousands,
except per share amounts)
|
|
2017
|
|
2016
|
|
%
Change
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
218,614
|
|
|
$
|
183,536
|
|
|
19.1
|
%
|
Gross
margin
|
|
|
|
|
|
|
GAAP
|
|
31.4
|
%
|
|
32.5
|
%
|
|
(110) bps
|
Non-GAAP
|
|
32.3
|
%
|
|
33.0
|
%
|
|
(70) bps
|
Operating
loss
|
|
|
|
|
|
|
GAAP
|
|
$
|
(88,215)
|
|
|
$
|
(121,435)
|
|
|
(27.4)
|
%
|
Non-GAAP
|
|
$
|
(60,287)
|
|
|
$
|
(96,798)
|
|
|
(37.7)
|
%
|
Net
loss
|
|
|
|
|
|
|
GAAP
|
|
$
|
(111,150)
|
|
|
$
|
(107,459)
|
|
|
3.4
|
%
|
Non-GAAP
|
|
$
|
(62,783)
|
|
|
$
|
(86,740)
|
|
|
(27.6)
|
%
|
Diluted net loss
per share
|
|
|
|
|
|
|
GAAP
|
|
$
|
(0.78)
|
|
|
$
|
(0.78)
|
|
|
—
|
%
|
Non-GAAP
|
|
$
|
(0.44)
|
|
|
$
|
(0.63)
|
|
|
(30.2)
|
%
|
Adjusted
EBITDA
|
|
$
|
(45,669)
|
|
|
$
|
(86,771)
|
|
|
(47.4)
|
%
|
Business Outlook
GoPro is providing the following guidance:
- Second Quarter 2017
-
- Revenue of $270 million +/-
$10 million
- GAAP and non-GAAP gross margin to be 33.5% +/- 1%
- GAAP operating expenses of between $142
million and $146 million
- Non-GAAP operating expenses of between $122 million and $126 million
- Adjusted EBITDA to be $(15)
million +/- $5 million
- 2017
-
- GAAP operating expenses below $580
million
- Non-GAAP operating expenses below $495
million
Upcoming Event
Management will participate in an investor conference on
May 23, 2017 in Boston. GoPro will furnish a link to the
webcast of this event on its investor relations website,
http://investor.gopro.com.
Conference Call
GoPro management will host a conference call and live webcast
for analysts and investors today at 2 p.m.
Pacific Time (5 p.m. Eastern
Time) to discuss the Company's financial results.
To listen to the live conference call, please dial toll free
(800) 406-5356 or (913) 312-1450, access code 3019391,
approximately 5 minutes prior to the start of the call. A live
webcast of the conference call will be accessible on the "Events
& Presentations" section of the Company's website at
http://investor.gopro.com. The webcast will be recorded and the
recording will be available on GoPro's website,
http://investor.gopro.com, approximately two hours after the call
and for 90 days thereafter.
About GoPro, Inc. (NASDAQ: GPRO)
GoPro, Inc. is transforming the way people capture and
share their lives. What began as an idea to help athletes
self-document themselves engaged in sport, GoPro has
become a mobile storytelling solution that helps the world share
itself through immersive content.
GOPRO, HERO, KARMA, and their respective logos are trademarks or
registered trademarks of GoPro Inc. in the United
States and other countries. All other trademarks are the
property of their respective owners. © 2017 GoPro, Inc. All rights
reserved.
For more information, visit www.gopro.com or connect with GoPro
on Facebook, Instagram, LinkedIn, Pinterest, Twitter, YouTube,
and GoPro's The Inside Line.
GoPro's Use of Social Media
GoPro announces material financial information using the
Company's investor relations website, SEC filings, press releases,
public conference calls and webcasts. GoPro may also use
social media channels to communicate about the Company, its brand
and other matters; these communications could be deemed material
information. Investors and others are encouraged to review posts on
GoPro's pages on Facebook, Instagram, LinkedIn, Pinterest,
Twitter, YouTube, GoPro's investor relations website and The Inside
Line.
Note Regarding Use of Non-GAAP Financial Measures
GoPro reports gross profit, operating expenses, operating
income (loss), net income (loss) and diluted net income (loss) per
share in accordance with U.S. generally accepted
accounting principles (GAAP) and on a non-GAAP basis. Additionally,
GoPro reports non-GAAP adjusted EBITDA. Non-GAAP items exclude,
where applicable, the effects of stock-based compensation,
acquisition-related costs, restructuring costs and the tax impact
of these items. A reconciliation of preliminary GAAP financial
measures to non-GAAP financial measures, as well as a description
of items excluded from the calculation of non-GAAP financial
measures, is presented in the financial statement portion of this
release. GoPro also provides future estimated ranges of
revenue, gross margin, operating expenses on a GAAP and non-GAAP
basis and Adjusted EBITDA.
Note on Forward-looking Statements
This press release may contain projections or other
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act. Forward-looking statements in
this press release include, but are not limited to, expectations
regarding our business outlook for the second quarter of 2017 and
calendar year 2017. These statements involve risks and
uncertainties, and actual events or results may differ
materially. Among the important factors that could cause
actual results to differ materially from those in the
forward-looking statements are the risk that our reduction in
operating expenses may impact our ability to meet our business
objectives and achieve our revenue targets and may not result in
the expected improvement in our profitability, the fact that our
future growth depends in part on further penetrating our
addressable market and also growing internationally, and we may not
be successful in doing so; any inability to successfully manage
frequent product introductions (including our 2017 roadmap for new
hardware and software products) and transitions, including managing
our sales channel and inventory and accurately forecasting future
sales; our dependence on sales of our cameras, mounts and
accessories for substantially all of our revenue; the effect of a
decrease in the sales or change in sales mix of these products; the
effect of a decrease in sales during the holiday season; the fact
that an economic downturn or economic uncertainty in our key U.S.
and international markets may adversely affect consumer
discretionary spending and demand for our products; any inability
to anticipate consumer preferences and successfully develop and
market desirable products; the risks associated with the entrance
into the consumer drone market and the re-launch of our drone in
February 2017; the effects of the
highly competitive market in which we operate; the fact that we may
not be able to achieve revenue growth or profitability in the
future; risks related to inventory, purchase commitments and
long-lived assets; difficulty in accurately predicting our future
customer demand; the importance of maintaining the value and
reputation of our brand; and other factors detailed in
the Risk Factors section of our Annual Report on Form 10-K for
the year ended December 31, 2016,
which is on file with the Securities and Exchange Commission and as
supplemented by Item 1A Risk Factors in our Quarterly Report on
Form 10-Q for the quarter ended March 31,
2017. These forward-looking statements speak only as of the
date hereof or as of the date otherwise stated herein. GoPro
disclaims any obligation to update these forward-looking
statements.
GoPro,
Inc.
|
Preliminary
Condensed Consolidated Statement of Operations
|
(unaudited)
|
|
|
Three Months Ended
March 31,
|
(in thousands,
except per share data)
|
2017
|
|
2016
|
|
|
|
|
Revenue
|
$
|
218,614
|
|
|
$
|
183,536
|
|
Cost of
revenue
|
150,048
|
|
|
123,822
|
|
Gross
profit
|
68,566
|
|
|
59,714
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
Research and
development
|
66,166
|
|
|
76,979
|
|
Sales and
marketing
|
67,856
|
|
|
79,449
|
|
General and
administrative
|
22,759
|
|
|
24,721
|
|
Total
operating expenses
|
156,781
|
|
|
181,149
|
|
Operating
loss
|
(88,215)
|
|
|
(121,435)
|
|
Other expense,
net
|
(653)
|
|
|
(307)
|
|
Loss before income
taxes
|
(88,868)
|
|
|
(121,742)
|
|
Income tax expense
(benefit)
|
22,282
|
|
|
(14,283)
|
|
Net loss
|
$
|
(111,150)
|
|
|
$
|
(107,459)
|
|
|
|
|
|
Net loss per
share:
|
|
|
|
Basic
|
$
|
(0.78)
|
|
|
$
|
(0.78)
|
|
Diluted
|
$
|
(0.78)
|
|
|
$
|
(0.78)
|
|
|
|
|
|
Weighted-average
shares used to compute net loss per share:
|
|
|
|
Basic
|
142,899
|
|
|
137,543
|
|
Diluted
|
142,899
|
|
|
137,543
|
|
GoPro,
Inc.
|
Preliminary
Condensed Consolidated Balance Sheets
|
(unaudited)
|
|
(in
thousands)
|
March
31, 2017
|
|
December
31, 2016
|
|
|
|
|
Assets
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
74,877
|
|
|
$
|
192,114
|
|
Marketable
securities
|
—
|
|
|
25,839
|
|
Accounts receivable,
net
|
55,293
|
|
|
164,553
|
|
Inventory
|
207,735
|
|
|
167,192
|
|
Prepaid expenses and
other current assets
|
46,241
|
|
|
38,115
|
|
Total
current assets
|
384,146
|
|
|
587,813
|
|
Property and
equipment, net
|
73,118
|
|
|
76,509
|
|
Intangible assets,
net and goodwill
|
177,601
|
|
|
179,989
|
|
Other long-term
assets
|
79,831
|
|
|
78,329
|
|
Total
assets
|
$
|
714,696
|
|
|
$
|
922,640
|
|
|
|
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
|
129,733
|
|
|
$
|
205,028
|
|
Accrued
liabilities
|
170,297
|
|
|
211,323
|
|
Deferred
revenue
|
13,884
|
|
|
14,388
|
|
Total
current liabilities
|
313,914
|
|
|
430,739
|
|
Long-term
liabilities
|
35,331
|
|
|
44,956
|
|
Total
liabilities
|
349,245
|
|
|
475,695
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
Common stock and
additional paid-in capital
|
771,475
|
|
|
757,226
|
|
Treasury stock, at
cost
|
(35,613)
|
|
|
(35,613)
|
|
Accumulated
deficit
|
(370,411)
|
|
|
(274,668)
|
|
Total
stockholders' equity
|
365,451
|
|
|
446,945
|
|
Total
liabilities and stockholders' equity
|
$
|
714,696
|
|
|
$
|
922,640
|
|
GoPro,
Inc.
|
Preliminary
Condensed Consolidated Statement of Cash Flows
|
(unaudited)
|
|
|
Three Months Ended
March 31,
|
(in
thousands)
|
2017
|
|
2016
|
Operating
activities:
|
|
|
|
Net loss
|
$
|
(111,150)
|
|
|
$
|
(107,459)
|
|
Adjustments to
reconcile net loss to net cash used in operating
activities:
|
|
|
|
Depreciation and
amortization
|
11,693
|
|
|
8,322
|
|
Stock-based
compensation
|
13,125
|
|
|
15,731
|
|
Excess tax benefit from
stock-based compensation
|
—
|
|
|
(690)
|
|
Deferred income
taxes
|
(2,050)
|
|
|
(10,328)
|
|
Non-cash restructuring
charges
|
966
|
|
|
—
|
|
Impairment of
intangible assets
|
|
|
—
|
|
Other
|
1,630
|
|
|
765
|
|
Net changes in
operating assets and liabilities
|
(52,152)
|
|
|
60,394
|
|
Net cash
used in operating activities
|
(137,938)
|
|
|
(33,265)
|
|
|
|
|
|
Investing
activities:
|
|
|
|
Purchases of property
and equipment, net
|
(5,166)
|
|
|
(8,219)
|
|
Purchases of
marketable securities
|
—
|
|
|
—
|
|
Maturities of
marketable securities
|
14,160
|
|
|
52,023
|
|
Sale of marketable
securities
|
11,623
|
|
|
2,206
|
|
Acquisitions, net of
cash acquired
|
—
|
|
|
(45,040)
|
|
Net cash
provided by investing activities
|
20,617
|
|
|
970
|
|
|
|
|
|
Financing
activities:
|
|
|
|
Proceeds from
issuance of common stock
|
6,038
|
|
|
4,645
|
|
Taxes paid related to
net share settlement of equity awards
|
(6,283)
|
|
|
(542)
|
|
Excess tax benefit
from stock-based compensation
|
—
|
|
|
690
|
|
Payment of deferred
acquisition-related consideration
|
(75)
|
|
|
(356)
|
|
Payment of credit
facility issuance costs
|
—
|
|
|
(3,085)
|
|
Net cash
provided by (used in) financing activities
|
(320)
|
|
|
1,352
|
|
Effect of exchange
rate changes on cash and cash equivalents
|
404
|
|
|
(12)
|
|
Net decrease in cash
and cash equivalents
|
(117,237)
|
|
|
(30,955)
|
|
Cash and cash
equivalents at beginning of period
|
192,114
|
|
|
279,672
|
|
Cash and cash
equivalents at end of period
|
$
|
74,877
|
|
|
$
|
248,717
|
|
GoPro, Inc.
Reconciliation of
Preliminary GAAP to Non-GAAP Financial Measures
To supplement our unaudited selected financial data presented on
a basis consistent with GAAP, we disclose certain non-GAAP
financial measures, including non-GAAP gross profit, gross margin,
operating expenses, operating income (loss), net income (loss),
earnings (loss) per share and adjusted EBITDA. We also provide
forecasts of non-GAAP gross margin, non-GAAP operating expenses,
non-GAAP tax rate, non-GAAP net income and non-GAAP diluted
earnings per share. These non-GAAP measures are not in accordance
with, nor serve as an alternative for GAAP. We believe that
these non-GAAP measures have limitations in that they do not
reflect all of the amounts associated with our GAAP results of
operations. These non-GAAP measures should only be viewed in
conjunction with corresponding GAAP measures.
In calculating non-GAAP financial measures, we exclude certain
items to facilitate a review of the comparability of our core
operating performance on a period-to-period basis. The excluded
items represent stock-based compensation and other charges that we
do not consider to be directly related to core operating
performance. We use non-GAAP measures to evaluate the core
operating performance of our business, for comparison with
forecasts and strategic plans and for calculating return on
investment. In addition, management's incentive compensation is
determined using non-GAAP measures. Since we find these measures to
be useful, we believe that investors benefit from seeing results
reviewed by management in addition to seeing GAAP results. We
believe that these non-GAAP measures, when read in conjunction with
our GAAP financials, provide useful information to investors by
facilitating:
- the comparability of our on-going operating results over the
periods presented;
- the ability to identify trends in our underlying business;
and
- the comparison of our operating results against analyst
financial models and operating results of other public companies
that supplement their GAAP results with non-GAAP financial
measures.
The following are explanations of each type of adjustment that
we incorporate into non-GAAP financial measures:
- Stock-based compensation expense relates to equity
awards granted primarily to our workforce. We exclude stock-based
compensation expense because we believe that the non-GAAP financial
measures excluding this item provide meaningful supplemental
information regarding operational performance. In particular, we
note that companies calculate stock-based compensation expense for
the variety of award types that they employ using different
valuation methodologies and subjective assumptions. These non-cash
charges are not factored into our internal evaluation of net income
(loss) as we believe their inclusion would hinder our ability to
assess core operational performance. We believe that excluding this
expense provides greater visibility to the underlying performance
of our business operations, facilitates comparison of our results
with other periods, and may also facilitate comparison with the
results of other companies in our industry.
- Acquisition-related costs include the amortization of
acquired intangible assets (primarily consisting of acquired
technology), the impairment of acquired intangible assets (if
applicable), as well as third-party transaction costs incurred for
legal and other professional services. These costs are not factored
into our evaluation of potential acquisitions, or of our
performance after completion of the acquisitions, because these
costs are not related to our core operating performance or
reflective of ongoing operating results in the period, and the
frequency and amount of such costs are inconsistent and vary
significantly based on the timing and magnitude of our acquisition
transactions and the maturities of the businesses being
acquired.
- Restructuring costs primarily include severance-related
costs, stock-based compensation expenses and facilities
consolidation charges recorded in connection with restructuring
actions announced in the first and fourth quarters of 2016 and the
first quarter of 2017. We believe that excluding these costs
provides greater visibility to the underlying performance of our
business operations, facilitates comparison of our results with
other periods, and may also facilitate comparison with the results
of other companies in our industry.
- Income tax adjustments. Beginning in the first quarter
of 2017, we have implemented a cash-based non-GAAP tax expense
approach (based upon expected annual cash payments for income
taxes) for evaluating operating performance as well as for planning
and forecasting purposes. This non-GAAP tax approach eliminates the
effects of period specific items, which can vary in size and
frequency and does not necessarily reflect our long-term
operations. Historically, we computed a non-GAAP tax rate based on
non-GAAP pre-tax income on a quarterly basis, which considered the
income tax effects of the adjustments above.
- Additionally, adjusted EBITDA excludes the amortization of
point-of-purchase (POP) display assets because it is a non-cash
charge, and is similar to the depreciation of property and
equipment and amortization of acquired intangible assets.
GoPro,
Inc.
|
Reconciliation of
Preliminary GAAP to Non-GAAP Financial Measures
|
(unaudited)
|
|
Reconciliations of
non-GAAP financial measures are set forth below:
|
|
|
Three Months Ended
March 31,
|
(in thousands,
except per share data)
|
2017
|
|
2016
|
|
|
|
|
GAAP net
loss
|
$
|
(111,150)
|
|
|
$
|
(107,459)
|
|
Stock-based
compensation:
|
|
|
|
Cost of
revenue
|
495
|
|
|
357
|
|
Research and
development
|
5,682
|
|
|
6,010
|
|
Sales and
marketing
|
2,691
|
|
|
3,204
|
|
General and
administrative
|
4,257
|
|
|
6,160
|
|
Total
stock-based compensation
|
13,125
|
|
|
15,731
|
|
|
|
|
|
Acquisition-related
costs:
|
|
|
|
Cost of
revenue
|
1,235
|
|
|
222
|
|
Research and
development
|
1,136
|
|
|
1,285
|
|
Sales and
marketing
|
—
|
|
|
22
|
|
General and
administrative
|
(23)
|
|
|
869
|
|
Total
acquisition-related costs
|
2,348
|
|
|
2,398
|
|
|
|
|
|
Restructuring
costs:
|
|
|
|
Cost of
revenue
|
393
|
|
|
364
|
|
Research and
development
|
5,679
|
|
|
2,655
|
|
Sales and
marketing
|
5,242
|
|
|
2,678
|
|
General and
administrative
|
1,141
|
|
|
811
|
|
Total
restructuring costs
|
12,455
|
|
|
6,508
|
|
|
|
|
|
Income tax
adjustments
|
20,439
|
|
|
(3,918)
|
|
Non-GAAP net
loss
|
$
|
(62,783)
|
|
|
$
|
(86,740)
|
|
|
|
|
|
Non-GAAP diluted
net loss per share
|
$
|
(0.44)
|
|
|
$
|
(0.63)
|
|
|
Three months
ended
|
(dollars in
thousands)
|
March 31,
2017
|
|
March 31,
2016
|
GAAP gross
profit
|
$
|
68,566
|
|
|
$
|
59,714
|
|
Stock-based
compensation
|
495
|
|
|
357
|
|
Acquisition-related
costs
|
1,235
|
|
|
222
|
|
Restructuring
costs
|
393
|
|
|
364
|
|
Non-GAAP gross
profit
|
$
|
70,689
|
|
|
$
|
60,657
|
|
|
|
|
|
GAAP gross profit
as a % of revenue
|
31.4
|
%
|
|
32.5
|
%
|
Stock-based
compensation
|
0.2
|
|
|
0.2
|
|
Acquisition-related
costs
|
0.6
|
|
|
0.1
|
|
Restructuring
costs
|
0.1
|
|
|
0.2
|
|
Non-GAAP gross
profit as a % of revenue
|
32.3
|
%
|
|
33.0
|
%
|
|
|
|
|
GAAP operating
expenses
|
$
|
156,781
|
|
|
$
|
181,149
|
|
Stock-based
compensation
|
(12,630)
|
|
|
(15,374)
|
|
Acquisition-related
costs
|
(1,113)
|
|
|
(2,176)
|
|
Restructuring
costs
|
(12,062)
|
|
|
(6,144)
|
|
Non-GAAP operating
expenses
|
$
|
130,976
|
|
|
$
|
157,455
|
|
|
|
|
|
GAAP operating
loss
|
$
|
(88,215)
|
|
|
$
|
(121,435)
|
|
Stock-based
compensation
|
13,125
|
|
|
15,731
|
|
Acquisition-related
costs
|
2,348
|
|
|
2,398
|
|
Restructuring
costs
|
12,455
|
|
|
6,508
|
|
Non-GAAP operating
loss
|
$
|
(60,287)
|
|
|
$
|
(96,798)
|
|
|
Three Months Ended
March 31,
|
(in
thousands)
|
2017
|
|
2016
|
GAAP net
loss
|
$
|
(111,150)
|
|
|
$
|
(107,459)
|
|
Income tax expense
(benefit)
|
22,282
|
|
|
(14,283)
|
|
Interest expense
(income), net
|
761
|
|
|
(334)
|
|
Depreciation and
amortization
|
11,693
|
|
|
8,323
|
|
POP display
amortization
|
5,165
|
|
|
4,743
|
|
Stock-based
compensation
|
13,125
|
|
|
15,731
|
|
Restructuring
costs
|
12,455
|
|
|
6,508
|
|
Adjusted
EBITDA
|
$
|
(45,669)
|
|
|
$
|
(86,771)
|
|
Reconciliations of non-GAAP financial measures for business
outlook are set forth below:
(in
thousands)
|
Q2
2017
|
|
Full year
2017
|
GAAP operating
expenses
|
$ 142,000 - $
146,000
|
|
$
|
580,000
|
|
Estimated adjustments
for:
|
|
|
|
Stock-based
compensation
|
16,000
|
|
|
65,000
|
|
Acquisition-related
costs
|
1,000
|
|
|
4,000
|
|
Restructuring
costs
|
3,000
|
|
|
16,000
|
|
Non-GAAP operating
expenses
|
$ 122,000 - $
126,000
|
|
$
|
495,000
|
|
A reconciliation of the second quarter 2017 outlook for Adjusted
EBITDA is not available without unreasonable efforts because the
quantification of interest expense requires additional inputs, such
as the effective interest rate related to the Company's convertible
debt issuance in April 2017, that are
not currently ascertainable.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/gopro-announces-first-quarter-2017-results-300447576.html
SOURCE GoPro, Inc.