SAN MATEO, Calif., May 9, 2019 /PRNewswire/ -- GoPro, Inc.
(NASDAQ: GPRO) announced financial results for its first quarter
ended March 31, 2019.
"GoPro grew first quarter revenue 20% year-over-year thanks to
strong global demand for our products," said founder and CEO
Nicholas Woodman. "We are innovating
in all areas of our business and driving disciplined expense and
inventory management. We believe this, combined with the release of
exciting new products, will drive continued growth and as a result
we are raising revenue and full-year non-GAAP profitability
guidance for 2019."
Recent GoPro Highlights
- Revenue for Q1 2019 was $243
million, up 20% year-over-year. Excluding our aerial
business, revenue would have increased 27% year-over-year.
- GAAP gross margin for Q1 2019 was 33%, up from 22% in the
same period a year ago. Non-GAAP gross margin for Q1 2019 was
34%, up from 24% in the same period a year ago.
- Q1 2019 GAAP net loss was $24 million,
or a $0.17 loss
per share. Non-GAAP net loss was $10
million, or a $0.07 loss per
share.
- GoPro reduced Q1 2019 GAAP and non-GAAP operating expenses
by $19 million and $3 million, a year-over-year reduction of 16% and
3%, respectively.
- Cash and investments totaled $133
million at the end of Q1 2019.
- GoPro.com represented over 10% of revenue in Q1 2019,
growing 90% year-over-year.
- GoPro's Plus subscription service surpassed 220,000 active
paying subscribers as of May 8, 2019,
up over 10% since our Q4 2018 Earnings Release dated February 6, 2019, and up more than 50%
year-over-year.
- In the US, GoPro captured 89% unit share and 97% dollar
share of the action camera category in Q1 2019, up from 86% and
95%, respectively, year-over-year according to the NPD
Group. HERO7 Black was the No. 1 selling camera in all of
digital imaging by unit volume, and GoPro's three HERO7 cameras
were the top-three selling action cameras according to the NPD
Group.
- In Europe, in the
$199 and above price band, GoPro held
86% unit and dollar share in Q1 2019, up slightly from 85% and
84%, respectively, year-over-year. Three out of the top-five action
cameras sold by unit volume were GoPro cameras according to
GfK.
- Within the APAC region – China, Japan,
Korea and Thailand – Q1 2019
sell-through grew in aggregate by 11% on a dollar basis
year-over-year, according to GfK.
- Organic viewership of GoPro content achieved an all-time
quarterly high in Q1 2019 with 173 million organic, non-paid
views.
- Social followers increased by 1.3 million in Q1 2019 to
approximately 40 million, driven primarily by increases on
Instagram and YouTube.
- GoPro won Shorty Awards for "Best Overall Presence on
Instagram," and "Best User-Generated Content" for its Million
Dollar Challenge Campaign.
- GoPro's YouTube channel surpassed 2 billion lifetime views
on April 27. Viewers have now
watched nearly eight thousand years of GoPro content.
Results
Summary:
|
|
|
|
Three months ended
March 31,
|
($ in thousands,
except per share amounts)
|
|
2019
|
|
2018
|
|
%
Change
|
Revenue
|
|
$
|
242,708
|
|
|
$
|
202,346
|
|
|
19.9
|
%
|
Gross
margin
|
|
|
|
|
|
|
GAAP
|
|
33.1
|
%
|
|
22.2
|
%
|
|
1,090
|
bps
|
Non-GAAP
|
|
34.2
|
%
|
|
24.3
|
%
|
|
990
|
bps
|
Operating
loss
|
|
|
|
|
|
|
GAAP
|
|
$
|
(20,288)
|
|
|
$
|
(74,739)
|
|
|
(72.9)
|
%
|
Non-GAAP
|
|
$
|
(8,118)
|
|
|
$
|
(44,520)
|
|
|
(81.8)
|
%
|
Net
loss
|
|
|
|
|
|
|
GAAP
|
|
$
|
(24,365)
|
|
|
$
|
(76,347)
|
|
|
(68.1)
|
%
|
Non-GAAP
|
|
$
|
(10,171)
|
|
|
$
|
(47,364)
|
|
|
(78.5)
|
%
|
Diluted net loss
per share
|
|
|
|
|
|
|
GAAP
|
|
$
|
(0.17)
|
|
|
$
|
(0.55)
|
|
|
(69.1)
|
%
|
Non-GAAP
|
|
$
|
(0.07)
|
|
|
$
|
(0.34)
|
|
|
(79.4)
|
%
|
Adjusted
EBITDA
|
|
$
|
(1,035)
|
|
|
$
|
(34,537)
|
|
|
(97.0)
|
%
|
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) 263-0877 or (323) 994-2131, access code 5900967,
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
https://investor.gopro.com. A recording of the webcast will be
available on GoPro's website, https://investor.gopro.com,
approximately two hours after the call and for 90 days
thereafter.
About GoPro, Inc. (NASDAQ: GPRO)
GoPro helps the world capture and share itself in immersive
and exciting ways.
GoPro, HERO and their respective logos are trademarks or
registered trademarks of GoPro, Inc. in the United
States and other countries.
For more information, visit www.gopro.com. GoPro users can
submit their photos, raw clips and video edits to GoPro Awards for
social stoke, GoPro gear and cash prizes. Learn more
at www.gopro.com/awards. Connect with GoPro on Facebook,
Instagram, LinkedIn, Pinterest, Twitter, YouTube, and GoPro's blog
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, gross margin, 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 and other related costs, non-cash interest expense,
gain on sale and license of intellectual property and the tax
impact of these items. When planning, forecasting and analyzing
gross margin, operating expenses, other income (expense), tax
expense, net income and net income (loss) per share for future
periods, GoPro does so primarily on a non-GAAP basis without
preparing a GAAP analysis as that would require estimates for
reconciling items which are inherently difficult to predict with
reasonable accuracy.
Note on Forward-looking Statements
This press release may contain projections or other
forward-looking statements within the meaning Section 27A of the
Private Securities Litigation Reform Act. Words such as
"anticipate," "believe," "estimate," "expect," "intend," "should,"
"will" and variations of these terms or the negative of these
terms and similar expressions are intended to identify these
forward-looking statements. Forward-looking statements in this
presentation may include, but are not limited to planned growth and
increased profitability in 2019. 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; our ability to continue to focus on expense
management; the fact that our future growth depends in part on
further penetrating our addressable market and growing
internationally, and we may not be successful in doing so; any
inability to successfully manage frequent product introductions
(including roadmap for new hardware, software and subscription
products) and transitions, including managing our sales channel and
inventory, and accurately forecasting future sales; our reliance on
third party suppliers, some of which are sole source suppliers, to
provide components for our products; our dependence on sales of our
cameras, mounts and accessories, and subscription services for
substantially all of our revenue (and the effects of changes in the
sales mix or decrease in demand for these products); the fact that
an economic downturn or economic uncertainty in our key U.S. and
international markets may adversely affect consumer discretionary
spending; any changes to trade policies, tariffs, and import/export
regulations; the effects of transferring most U.S.-bound production
out of China; the effects of the
highly competitive market in which we operate, including new market
entrants; 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,
2018, and as updated in future filings with the SEC
including the Quarterly Report on Form 10-Q for the quarter ended
March 31, 2019, each of which are on file with the Securities
and Exchange Commission. 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)
|
2019
|
|
2018
|
Revenue
|
$
|
242,708
|
|
|
$
|
202,346
|
|
Cost of
revenue
|
162,361
|
|
|
157,430
|
|
Gross
profit
|
80,347
|
|
|
44,916
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
Research and
development
|
37,464
|
|
|
50,979
|
|
Sales and
marketing
|
47,290
|
|
|
49,170
|
|
General and
administrative
|
15,881
|
|
|
19,506
|
|
Total operating
expenses
|
100,635
|
|
|
119,655
|
|
Operating
loss
|
(20,288)
|
|
|
(74,739)
|
|
Other income
(expense):
|
|
|
|
Interest
expense
|
(4,527)
|
|
|
(4,567)
|
|
Other income,
net
|
828
|
|
|
177
|
|
Total other expense,
net
|
(3,699)
|
|
|
(4,390)
|
|
Loss before income
taxes
|
(23,987)
|
|
|
(79,129)
|
|
Income tax (benefit)
expense
|
378
|
|
|
(2,782)
|
|
Net loss
|
$
|
(24,365)
|
|
|
$
|
(76,347)
|
|
|
|
|
|
Basic and diluted net
loss per share
|
$
|
(0.17)
|
|
|
$
|
(0.55)
|
|
|
|
|
|
Weighted-average
number of shares outstanding, basic and diluted
|
142,601
|
|
|
137,857
|
|
GoPro,
Inc.
|
Preliminary
Condensed Consolidated Balance Sheets
|
(unaudited)
|
|
(in
thousands)
|
March 31,
2019
|
|
December 31,
2018
|
Assets
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
86,941
|
|
|
$
|
152,095
|
|
Marketable
securities
|
46,319
|
|
|
45,417
|
|
Accounts receivable,
net
|
117,822
|
|
|
129,216
|
|
Inventory
|
118,970
|
|
|
116,458
|
|
Prepaid expenses and
other current assets
|
26,402
|
|
|
30,887
|
|
Total current
assets
|
396,454
|
|
|
474,073
|
|
Property and
equipment, net
|
42,680
|
|
|
46,567
|
|
Operating lease
right-of-use assets
|
57,469
|
|
|
—
|
|
Intangible assets,
net and goodwill
|
157,442
|
|
|
159,524
|
|
Other long-term
assets
|
16,793
|
|
|
18,195
|
|
Total
assets
|
$
|
670,838
|
|
|
$
|
698,359
|
|
|
|
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
|
91,757
|
|
|
$
|
148,478
|
|
Accrued expenses and
other current liabilities
|
117,290
|
|
|
135,892
|
|
Short-term operating
lease liabilities
|
10,862
|
|
|
—
|
|
Deferred
revenue
|
14,065
|
|
|
15,129
|
|
Total current
liabilities
|
233,974
|
|
|
299,499
|
|
Long-term
debt
|
141,342
|
|
|
138,992
|
|
Long-term operating
lease liabilities
|
73,887
|
|
|
—
|
|
Other long-term
liabilities
|
23,079
|
|
|
47,756
|
|
Total
liabilities
|
472,282
|
|
|
486,247
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
Common stock and
additional paid-in capital
|
905,625
|
|
|
894,755
|
|
Treasury stock, at
cost
|
(113,613)
|
|
|
(113,613)
|
|
Accumulated
deficit
|
(593,456)
|
|
|
(569,030)
|
|
Total stockholders'
equity
|
198,556
|
|
|
212,112
|
|
Total liabilities and
stockholders' equity
|
$
|
670,838
|
|
|
$
|
698,359
|
|
GoPro,
Inc.
|
Preliminary
Condensed Consolidated Statement of Cash Flows
|
(unaudited)
|
|
|
Three months ended
March 31,
|
(in
thousands)
|
2019
|
|
2018
|
Operating
activities:
|
|
|
|
Net loss
|
$
|
(24,365)
|
|
|
$
|
(76,347)
|
|
Adjustments to
reconcile net loss to net cash used in operating
activities:
|
|
|
|
Depreciation and
amortization
|
6,850
|
|
|
8,907
|
|
Amortization of
leased assets
|
2,626
|
|
|
—
|
|
Stock-based
compensation
|
9,785
|
|
|
10,823
|
|
Deferred income
taxes
|
(38)
|
|
|
(593)
|
|
Non-cash
restructuring charges
|
(201)
|
|
|
2,933
|
|
Non-cash interest
expense
|
2,142
|
|
|
1,934
|
|
Other
|
(329)
|
|
|
272
|
|
Net changes in
operating assets and liabilities
|
(61,454)
|
|
|
(45,041)
|
|
Net cash used in
operating activities
|
(64,984)
|
|
|
(97,112)
|
|
|
|
|
|
Investing
activities:
|
|
|
|
Purchases of property
and equipment, net
|
(724)
|
|
|
(6,782)
|
|
Purchases of
marketable securities
|
(6,948)
|
|
|
(14,896)
|
|
Maturities of
marketable securities
|
4,400
|
|
|
20,000
|
|
Sale of marketable
securities
|
1,889
|
|
|
—
|
|
Net cash used in
investing activities
|
(1,383)
|
|
|
(1,678)
|
|
|
|
|
|
Financing
activities:
|
|
|
|
Proceeds from
issuance of common stock
|
3,812
|
|
|
3,210
|
|
Taxes paid related to
net share settlement of equity awards
|
(2,673)
|
|
|
(2,402)
|
|
Net cash provided by
financing activities
|
1,139
|
|
|
808
|
|
Effect of exchange
rate changes on cash and cash equivalents
|
74
|
|
|
465
|
|
Net change in cash
and cash equivalents
|
(65,154)
|
|
|
(97,517)
|
|
Cash and cash
equivalents at beginning of period
|
152,095
|
|
|
202,504
|
|
Cash and cash
equivalents at end of period
|
$
|
86,941
|
|
|
$
|
104,987
|
|
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),
diluted net income (loss) per share and adjusted EBITDA. We also
provide forecasts of non-GAAP gross margin, non-GAAP operating
expenses, non-GAAP other income (expense), non-GAAP tax expense,
non-GAAP net income (loss) and non-GAAP diluted net income (loss)
per share. We use these non-GAAP financial measures to help us
understand and evaluate our core operating performance and trends,
to prepare and approve our annual budget, and to develop short-term
and long-term operational plans. Our management uses, and believes
that investors benefit from referring to these non-GAAP financial
measures in assessing our operating results. These non-GAAP
financial measures should not be considered in isolation from, or
as an alternative to, the measures prepared in accordance with
GAAP, and are not based on any comprehensive set of accounting
rules or principles. 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.
These non-GAAP financial measures have limitations in that they
do not reflect all of the amounts associated with our results of
operations as determined in accordance with GAAP. Some of these
limitations are:
- adjusted EBITDA does not reflect tax payments that reduce cash
available to us;
- adjusted EBITDA excludes depreciation and amortization and,
although these are non-cash charges, the property and equipment
being depreciated and amortized often will have to be replaced in
the future, and adjusted EBITDA does not reflect any cash capital
expenditure requirements for such replacements;
- adjusted EBITDA excludes the amortization of POP display assets
because it is a non-cash charge, and is treated similarly to
depreciation of property and equipment and amortization of acquired
intangible assets;
- adjusted EBITDA and non-GAAP net income (loss) exclude the
impairment of intangible assets because it is a non-cash charge
that is inconsistent in amount and frequency;
- adjusted EBITDA and non-GAAP net income (loss) exclude
restructuring and other related costs which primarily include
severance-related costs, stock-based compensation expenses,
facilities consolidation charges recorded in connection with
restructuring actions announced in the fourth quarter of 2016,
first quarter of 2017 and first quarter of 2018, and the related
ongoing operating lease cost of those facilities recorded under
Accounting Standards Codification 842, Leases. These
expenses do not reflect expected future operating expenses and do
not contribute to a meaningful evaluation of current operating
performance or comparisons to the operating performance in other
periods;
- adjusted EBITDA and non-GAAP net income (loss) exclude
stock-based compensation expense related 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;
- non-GAAP net income (loss) excludes acquisition-related costs
including 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;
- non-GAAP net income (loss) excludes non-cash interest expense.
In connection with the issuance of the Convertible Senior Notes in
April 2017, we are required to
recognize non-cash interest expense in accordance with the
authoritative accounting guidance for convertible debt that may be
settled in cash;
- non-GAAP net income (loss) excludes a gain on the sale and
license of intellectual property. This gain is not related to our
core operating performance or reflective of ongoing operating
results in the period, and the frequency and amount of such gains
are inconsistent;
- non-GAAP net income (loss) includes income tax
adjustments. Beginning in the first quarter of 2017, we
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; and
- other companies may calculate these non-GAAP financial measures
differently than we do, limiting their usefulness as comparative
measures.
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)
|
2019
|
|
2018
|
GAAP net
loss
|
$
|
(24,365)
|
|
|
$
|
(76,347)
|
|
Stock-based
compensation:
|
|
|
|
Cost of
revenue
|
513
|
|
|
382
|
|
Research and
development
|
4,677
|
|
|
5,005
|
|
Sales and
marketing
|
2,213
|
|
|
2,747
|
|
General and
administrative
|
2,382
|
|
|
2,689
|
|
Total stock-based
compensation
|
9,785
|
|
|
10,823
|
|
|
|
|
|
Acquisition-related
costs:
|
|
|
|
Cost of
revenue
|
2,082
|
|
|
2,655
|
|
General and
administrative
|
—
|
|
|
3
|
|
Total
acquisition-related costs
|
2,082
|
|
|
2,658
|
|
|
|
|
|
Restructuring and
other costs:
|
|
|
|
Cost of
revenue
|
16
|
|
|
1,239
|
|
Research and
development
|
97
|
|
|
9,599
|
|
Sales and
marketing
|
103
|
|
|
3,618
|
|
General and
administrative
|
87
|
|
|
2,282
|
|
Total restructuring
and other costs
|
303
|
|
|
16,738
|
|
|
|
|
|
Non-cash interest
expense
|
2,142
|
|
|
1,934
|
|
Income tax
adjustments
|
(118)
|
|
|
(3,170)
|
|
Non-GAAP net
loss
|
$
|
(10,171)
|
|
|
$
|
(47,364)
|
|
|
|
|
|
GAAP and non-GAAP
shares for diluted net loss per share
|
142,601
|
|
|
137,857
|
|
|
|
|
|
Non-GAAP diluted
net loss per share
|
$
|
(0.07)
|
|
|
$
|
(0.34)
|
|
|
|
|
|
|
Three months ended
March 31,
|
(dollars in
thousands)
|
2019
|
|
2018
|
GAAP gross
profit
|
$
|
80,347
|
|
|
$
|
44,916
|
|
Stock-based
compensation
|
513
|
|
|
382
|
|
Acquisition-related
costs
|
2,082
|
|
|
2,655
|
|
Restructuring and
other costs
|
16
|
|
|
1,239
|
|
Non-GAAP gross
profit
|
$
|
82,958
|
|
|
$
|
49,192
|
|
|
|
|
|
GAAP gross profit
as a % of revenue
|
33.1
|
%
|
|
22.2
|
%
|
Stock-based
compensation
|
0.2
|
|
|
0.2
|
|
Acquisition-related
costs
|
0.9
|
|
|
1.3
|
|
Restructuring and
other costs
|
—
|
|
|
0.6
|
|
Non-GAAP gross
profit as a % of revenue
|
34.2
|
%
|
|
24.3
|
%
|
|
|
|
|
GAAP operating
expenses
|
$
|
100,635
|
|
|
$
|
119,655
|
|
Stock-based
compensation
|
(9,272)
|
|
|
(10,441)
|
|
Acquisition-related
costs
|
—
|
|
|
(3)
|
|
Restructuring and
other costs
|
(287)
|
|
|
(15,499)
|
|
Non-GAAP operating
expenses
|
$
|
91,076
|
|
|
$
|
93,712
|
|
|
|
|
|
GAAP operating
loss
|
$
|
(20,288)
|
|
|
$
|
(74,739)
|
|
Stock-based
compensation
|
9,785
|
|
|
10,823
|
|
Acquisition-related
costs
|
2,082
|
|
|
2,658
|
|
Restructuring and
other costs
|
303
|
|
|
16,738
|
|
Non-GAAP operating
loss
|
$
|
(8,118)
|
|
|
$
|
(44,520)
|
|
|
|
|
|
|
Three months ended
March 31,
|
(in
thousands)
|
2019
|
|
2018
|
GAAP net
loss
|
$
|
(24,365)
|
|
|
$
|
(76,347)
|
|
Income tax (benefit)
expense
|
378
|
|
|
(2,782)
|
|
Interest expense,
net
|
4,083
|
|
|
4,212
|
|
Depreciation and
amortization
|
6,850
|
|
|
8,907
|
|
POP display
amortization
|
1,931
|
|
|
3,912
|
|
Stock-based
compensation
|
9,785
|
|
|
10,823
|
|
Restructuring and
other costs
|
303
|
|
|
16,738
|
|
Adjusted
EBITDA
|
$
|
(1,035)
|
|
|
$
|
(34,537)
|
|
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SOURCE GoPro, Inc.