SAN MATEO, Calif., Oct. 30, 2014 /PRNewswire/ -- GoPro, Inc.
(NASDAQ: GPRO), maker of the world's most versatile camera and
enabler of some of today's most immersive and engaging content,
today announced financial results for its third quarter ended
September 30, 2014.
Revenue in the third quarter of 2014 was $280.0 million, up 45.7% compared to the
$192.1 million reported in the third
quarter of 2013. Third quarter 2014 revenue increased 14.5%
compared to $244.6 million reported
in the second quarter of 2014.
In accordance with U.S. generally accepted accounting principles
(GAAP), third quarter GAAP gross margin was 44.3%, compared to
gross margin of 33.3% in the third quarter of 2013 and 42.1% in the
second quarter of 2014. Third quarter GAAP operating income
was $13.5 million, compared to an
operating loss of ($0.7) million in
the third quarter of 2013 and an operating loss of ($16.7) million in the second quarter of
2014.
GoPro recorded GAAP net income attributable to common
stockholders in the third quarter of 2014 of $14.6 million or $0.10 per diluted share. This compares to a GAAP
net loss attributable to common stockholders of ($1.1) million or ($0.01) per diluted share in the third quarter of
2013 and GAAP net loss attributable to common stockholders in the
second quarter of 2014 of ($19.8)
million or ($0.24) per diluted
share.
GoPro reports gross profit, operating expenses, operating income
(loss), net income (loss) and diluted net income (loss) per share
in accordance with GAAP and additionally on a non-GAAP basis.
Non-GAAP net income excludes, where applicable, the effect of
stock-based compensation, amortization of acquired intangible
assets and the tax impact of these excluded items. A reconciliation
of preliminary GAAP financial measures to non-GAAP financial
measures, as well as a description of items excluded in the
calculation of non-GAAP financial measures, is presented in the
financial statement portion of this release.
Non-GAAP gross margin in the third quarter of 2014 was 44.5%,
compared to 33.5% in the third quarter of 2013 and 42.2% in the
second quarter of 2014. Non-GAAP operating income in the third
quarter of 2014 was $27.6 million,
compared to operating income of $2.3
million in the third quarter of 2013 and operating income of
$17.8 million in the second quarter
of 2014.
Non-GAAP net income in the third quarter of 2014 was
$18.0 million or $0.12 per diluted share, compared to net income
of $1.0 million or $0.01 per diluted share in the third quarter of
2013 and net income of $11.8 million
or $0.08 per diluted share in the
second quarter of 2014.
Cash and cash equivalents were $237.7
million at September 30, 2014,
up $190.1 million from September 30, 2013 and $132.9 million from June
30, 2014. Cash flow from operations for the third
quarter was $47.0 million, compared
to $23.4 million in the third quarter
of 2013 and ($14.2) million in the
second quarter of 2014.
"The global scale and execution of our HERO4 launch made this
the most successful roll out in GoPro's history," said GoPro
founder and CEO, Nicholas Woodman.
"HERO4 pushes the performance envelope of our Emmy Award winning
capture technology. Advancements in our desktop and mobile content
management applications continue to make it easier for our
customers to create and share compelling content stories that go on
to virally drive awareness and demand for our business. This
positions us well for an exciting holiday season."
Third Quarter and Recent GoPro Highlights Include:
- Introduced HERO4 Black, offering twice the performance of the
previous Black edition; HERO4 Silver, featuring GoPro's first
built-in touch display; and HERO, the perfect, entry-level
GoPro.
- Executed the most successful product launch in company history,
measured by sales, media impressions, and efficient inventory
management.
- Announced several updates to GoPro Studio and the GoPro App,
including HiLight Tag and Flux™.
- The Share the Stoke campaign
encouraged GoPro's community of 130 sponsored athletes to post
their HERO4 content; in just 25 days, athletes such as Kelly Slater and Julia
Mancuso posted more than 3,000 photos and videos, reaching
more than 50 million fans and generating close to eight million
interactions.
- Released new accessories including The Handler, Smart Remote
and Fetch, the first mount for pets.
- With the launch of HERO4, monthly content submissions to
GoPro's Video of the Day and Photo of the Day site jumped
approximately 160 percent from September to October.
- GoPro content published on YouTube in Q3 was up 92% year over
year; views on GoPro's YouTube channel were up 99%; video
minutes watched on GoPro's YouTube channel were up more than 133%
year over year.
- According to September NPD data, GoPro products
represented the top three products in the digital camera and
camcorder category, by units sold, and seven of the top ten camera
accessory products, by units sold, in the U.S.
- Expanded Best Buy in-store retail presence with 12-foot
displays and 40" monitors, rolling out in many stores nationwide
this holiday season.
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
(888) 600-4871 or (913) 312-1469, access code 1827880,
approximately 15 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. To access the live webcast, please log
in 15 minutes prior to the start of the call to download and
install any necessary audio software. 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 six months thereafter.
About GoPro, Inc. (NASDAQ: GPRO):
GoPro,
Inc. is transforming the way consumers capture, manage, share and
enjoy meaningful life experiences. We do this by enabling people to
self-capture compelling, immersive photo and video content of
themselves participating in their favorite activities. Our
customers include some of the world's most active and passionate
people. The volume and quality of their shared GoPro content,
coupled with their enthusiasm for our brand, virally drives
awareness and demand for our products. What began as an idea to
help athletes self-document themselves engaged in their sport has
become a widely adopted solution for people to self-document
themselves engaged in their interests, whatever they may be. From
extreme to mainstream, professional to consumer, GoPro has enabled
the world to capture and share its passions. And in doing so, the
world, in turn, is helping GoPro become one of the most exciting
and aspirational companies of our time.
For more information, visit www.gopro.com or connect with GoPro
on YouTube, Twitter, Facebook, Pinterest or LinkedIn.
GOPRO® and HERO® are trademarks or
registered trademarks of GoPro, Inc. in the United States and other countries.
Note on Forward-looking Statements
This press release
may contain projections or other forward-looking statements
regarding future events. 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 effects of the highly competitive market in which we operate;
our dependence on sales of our capture devices for substantially
all of our revenue; our reliance on third-party suppliers, some of
which are sole-source suppliers, to provide components for our
products; the fact that we do not expect to continue to grow in the
future at the same rate as we have in the past, and profitability
in recent periods might not be indicative of future
performance; difficulty in accurately predicting our future
customer demand; the importance of maintaining the value and
reputation of our brand; any inability to successfully manage
frequent product introductions and transitions; the effects of
international business uncertainties; our reliance on our Chief
Executive Officer; and other factors detailed in the Risk Factors
section of the final prospectus that we filed with the Securities
and Exchange Commission in connection with our initial public
offering. 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.
Investor Contact:
Peter
Salkowski (855) GOPROHD or (855) 467-7643
investor@gopro.com
Media Contact:
Jeff
Brown (650) 332-7600 x 9997
GoPro,
Inc.
|
Preliminary
Condensed Consolidated Statements of Operations
|
(in thousands,
except per share amounts, unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
September 30,
2014
|
|
June 30,
2014
|
|
September 30,
2013
|
|
|
|
|
|
|
Revenue
|
$
279,971
|
|
$ 244,605
|
|
$
192,146
|
Cost of
revenue
|
155,932
|
|
141,736
|
|
128,135
|
Gross
profit
|
124,039
|
|
102,869
|
|
64,011
|
Operating
expenses:
|
|
|
|
|
|
Research
and development
|
42,376
|
|
34,663
|
|
19,587
|
Sales
and marketing
|
48,109
|
|
43,701
|
|
37,413
|
General
and administrative
|
20,097
|
|
41,171
|
|
7,683
|
Total operating
expenses
|
110,582
|
|
119,535
|
|
64,683
|
Operating income
(loss)
|
13,457
|
|
(16,666)
|
|
(672)
|
Other income
(expense), net
|
(1,784)
|
|
(1,536)
|
|
(1,759)
|
Income (loss) before
income taxes
|
11,673
|
|
(18,202)
|
|
(2,431)
|
Income tax (benefit)
expense
|
(2,947)
|
|
1,639
|
|
(1,330)
|
Net income
(loss)
|
$
14,620
|
|
$
(19,841)
|
|
$
(1,101)
|
|
|
|
|
|
|
Less: Net income
attributable to participating securities - basic
|
36
|
|
-
|
|
-
|
Less: Net income
attributable to participating securities - diluted
|
35
|
|
-
|
|
-
|
|
|
|
|
|
|
Net income (loss)
attributable to common stockholders - basic
|
$
14,584
|
|
$
(19,841)
|
|
$
(1,101)
|
Net income (loss)
attributable to common stockholders - diluted
|
$
14,585
|
|
$
(19,841)
|
|
$
(1,101)
|
|
|
|
|
|
|
Net income (loss) per
share attributable to common stockholders:
|
|
|
|
|
|
Basic
|
$
0.12
|
|
$
(0.24)
|
|
$
(0.01)
|
Diluted
|
$
0.10
|
|
$
(0.24)
|
|
$
(0.01)
|
|
|
|
|
|
|
Shares used in
computing net income (loss) per share attributable to common
stockholders:
|
|
|
|
Basic
|
125,713
|
|
82,936
|
|
81,070
|
Diluted
|
145,186
|
|
82,936
|
|
81,070
|
GoPro,
Inc.
|
Preliminary
Condensed Consolidated Statements of Operations
|
(in thousands,
except per share amounts, unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months
ended
|
|
September 30,
2014
|
|
September 30,
2013
|
|
|
|
|
Revenue
|
$
760,292
|
|
$
624,285
|
Cost of
revenue
|
436,870
|
|
414,005
|
Gross
profit
|
323,422
|
|
210,280
|
Operating
expenses:
|
|
|
|
Research
and development
|
105,778
|
|
48,286
|
Sales
and marketing
|
133,151
|
|
112,151
|
General
and administrative
|
71,146
|
|
21,715
|
Total operating
expenses
|
310,075
|
|
182,152
|
Operating
income
|
13,347
|
|
28,128
|
Other income
(expense), net
|
(4,945)
|
|
(5,150)
|
Income before income
taxes
|
8,402
|
|
22,978
|
Income tax
expense
|
2,574
|
|
6,129
|
Net income
|
$
5,828
|
|
$
16,849
|
|
|
|
|
Less: Net income
attributable to participating securities - basic
|
1,022
|
|
4,653
|
Less: Net income
attributable to participating securities - diluted
|
1,012
|
|
4,015
|
|
|
|
|
Net income
attributable to common stockholders - basic
|
$
4,806
|
|
$
12,196
|
Net income
attributable to common stockholders - diluted
|
$
4,816
|
|
$
12,834
|
|
|
|
|
Net income per share
attributable to common stockholders:
|
|
|
|
Basic
|
$
0.05
|
|
$
0.15
|
Diluted
|
$
0.04
|
|
$
0.13
|
|
|
|
|
Shares used in
computing net income per share attributable to common
stockholders:
|
|
|
Basic
|
96,905
|
|
80,914
|
Diluted
|
115,578
|
|
98,671
|
GoPro,
Inc.
|
Preliminary
Condensed Consolidated Balance Sheets
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
September
30,
|
|
December
31,
|
2014
|
|
2013
|
ASSETS
|
(unaudited)
|
|
|
Current
assets:
|
|
|
|
Cash and
cash equivalents
|
$
237,749
|
|
$
101,410
|
Accounts
receivable, net
|
94,563
|
|
122,669
|
Inventory, net
|
117,014
|
|
111,994
|
Prepaid
expenses and other current assets
|
49,057
|
|
21,967
|
Total current
assets
|
498,383
|
|
358,040
|
Property and
equipment, net
|
40,339
|
|
32,111
|
Intangible assets and
goodwill
|
16,529
|
|
17,365
|
Other long-term
assets
|
33,807
|
|
32,155
|
Total
assets
|
$
589,058
|
|
$
439,671
|
|
|
|
|
LIABILITIES,
REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY
(DEFICIT)
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
112,270
|
|
$
126,423
|
Accrued
liabilities
|
99,928
|
|
86,391
|
Other
current liabilities
|
12,791
|
|
27,483
|
Current
portion of long-term debt
|
-
|
|
60,297
|
Total current
liabilities
|
224,989
|
|
300,594
|
Long-term debt, less
current portion
|
-
|
|
53,315
|
Other long-term
liabilities
|
13,408
|
|
13,930
|
Total
liabilities
|
238,397
|
|
367,839
|
|
|
|
|
Redeemable
convertible preferred stock
|
-
|
|
77,198
|
Total stockholders'
equity (deficit)
|
350,661
|
|
(5,366)
|
Total liabilities,
redeemable convertible preferred stock and stockholders' equity
(deficit)
|
$
589,058
|
|
$
439,671
|
GoPro,
Inc.
|
Reconciliation of
Preliminary GAAP to Non-GAAP Financial Measures
|
(in thousands,
except per share data, unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
September 30,
2014
|
|
June 30,
2014
|
|
September 30,
2013
|
|
|
|
|
|
|
GAAP NET INCOME
(LOSS)
|
$
14,620
|
|
$
(19,841)
|
|
$
(1,101)
|
Stock-based
compensation
|
|
|
|
|
|
Cost of
revenue
|
233
|
|
154
|
|
153
|
Research and
development
|
2,428
|
|
1,657
|
|
740
|
Sales and
marketing
|
3,225
|
|
1,654
|
|
1,419
|
General and
administrative
|
8,027
|
|
30,728
|
|
408
|
Total stock-based
compensation
|
13,913
|
|
34,193
|
|
2,720
|
|
|
|
|
|
|
Amortization of
acquisition-related intangible assets
|
|
|
|
|
|
Cost of
revenue
|
223
|
|
222
|
|
222
|
Research and
development
|
20
|
|
20
|
|
-
|
Sales and
marketing
|
33
|
|
34
|
|
47
|
Total amortization of
acquisition-related intangible assets
|
276
|
|
276
|
|
269
|
Income tax
adjustments
|
(10,850)
|
|
(2,854)
|
|
(934)
|
Non-GAAP NET
INCOME
|
$
17,959
|
|
$
11,774
|
|
$
954
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP SHARES FOR
DILUTED NET INCOME (LOSS) PER SHARE
|
145,186
|
|
82,936
|
|
81,070
|
Add: dilutive shares
|
-
|
|
17,345
|
|
17,788
|
Add: preferred shares conversion
|
-
|
|
30,523
|
|
30,523
|
Add: initial public offering shares
|
-
|
|
8,900
|
|
8,900
|
Non-GAAP SHARES
FOR DILUTED NET INCOME PER SHARE
|
145,186
|
|
139,704
|
|
138,281
|
|
|
|
|
|
|
Non-GAAP diluted net
income per share
|
$
0.12
|
|
$
0.08
|
|
$
0.01
|
GoPro,
Inc.
|
Reconciliation of
Preliminary GAAP to Non-GAAP Financial Measures
|
(in thousands,
except per share data, unaudited)
|
|
|
|
|
|
|
|
|
|
Nine months
ended
|
|
September 30,
2014
|
|
September 30,
2013
|
|
|
|
|
GAAP NET
INCOME
|
$
5,828
|
|
$
16,849
|
Stock-based
compensation
|
|
|
|
Cost of
revenue
|
555
|
|
530
|
Research and
development
|
5,486
|
|
1,737
|
Sales and
marketing
|
6,293
|
|
4,077
|
General and
administrative
|
39,809
|
|
1,003
|
Total stock-based
compensation
|
52,143
|
|
7,347
|
|
|
|
|
Amortization of
acquisition-related intangible assets
|
|
|
|
Cost of
revenue
|
667
|
|
666
|
Research and
development
|
60
|
|
13
|
Sales and
marketing
|
109
|
|
141
|
Total amortization of
acquisition-related intangible assets
|
836
|
|
820
|
Income tax
adjustments
|
(14,792)
|
|
(2,551)
|
Non-GAAP NET
INCOME
|
$
44,015
|
|
$
22,465
|
|
|
|
|
GAAP SHARES FOR
DILUTED EARNINGS PER SHARE
|
115,578
|
|
98,671
|
Add: preferred shares conversion
|
20,237
|
|
30,523
|
Add: initial public offering shares
|
5,901
|
|
8,900
|
Non-GAAP SHARES
FOR DILUTED EARNINGS PER SHARE
|
141,716
|
|
138,094
|
|
|
|
|
Non-GAAP diluted net
income per share
|
$
0.31
|
|
$
0.16
|
GoPro, Inc.
Reconciliation of
Preliminary GAAP to Non-GAAP Financial Measures
To supplement our unaudited selected financial data presented on
a basis consistent with Generally Accepted Accounting Principles,
or GAAP, we disclose certain non-GAAP financial measures, including
non-GAAP gross profit, operating expenses, operating income (loss),
net income (loss), earnings (loss) per share and adjusted EBITDA.
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 charges that are
primarily driven by discrete events 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
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 charges include the amortization of
acquired intangible assets primarily consisting of acquired
technology, customer relationships, tradenames and covenants not to
compete related to our acquisitions. These charges are not factored
into our evaluation of potential acquisitions, or of our
performance after completion of acquisitions, because they are not
related to our core operating performance, and the frequency and
amount of such charges vary significantly based on the timing and
magnitude of our acquisition transactions and the maturities of the
businesses being acquired.
- Adjustment for taxes relates to the tax effect of the
adjustments that we incorporate into non-GAAP measures in order to
provide a more meaningful measure of non-GAAP net income. We
believe that these adjustments provide us with the ability to more
clearly view trends in our core operating performance.
- Adjustment to shares includes the conversion of the redeemable
convertible preferred stock into shares of common stock as though
the conversion had occurred at the beginning of the period, the
initial public offering shares issued July
2014, as if they had been outstanding since the beginning of
the period, and the addition of all dilutive awards outstanding
that were excluded from the GAAP diluted earnings per share
calculation because they were anti-dilutive as a result of our net
loss position.
Reconciliations of non-GAAP financial measures are set forth
below ($ in thousands):
|
|
|
|
|
|
|
Three months
ended
|
|
September 30,
2014
|
|
June 30,
2014
|
|
September 30,
2013
|
GAAP gross
profit
|
$
124,039
|
|
$ 102,869
|
|
$
64,011
|
Stock-based
compensation
|
233
|
|
154
|
|
153
|
Amortization
of acquisition-related intangible assets
|
223
|
|
222
|
|
222
|
Non-GAAP gross
profit
|
$
124,495
|
|
$ 103,245
|
|
$
64,386
|
|
|
|
|
|
|
GAAP gross profit
as a % of revenue
|
44.3%
|
|
42.1%
|
|
33.3%
|
Stock-based
compensation
|
0.1%
|
|
0.0%
|
|
0.1%
|
Amortization
of acquisition-related intangible assets
|
0.1%
|
|
0.1%
|
|
0.1%
|
Non-GAAP gross
profit as a % of revenue
|
44.5%
|
|
42.2%
|
|
33.5%
|
|
|
|
|
|
|
GAAP operating
expenses
|
$
110,582
|
|
$ 119,535
|
|
$
64,683
|
Stock-based
compensation
|
(13,680)
|
|
(34,039)
|
|
(2,567)
|
Amortization
of acquisition-related intangible assets
|
(53)
|
|
(54)
|
|
(47)
|
Non-GAAP operating
expenses
|
$
96,849
|
|
$
85,442
|
|
$
62,069
|
|
|
|
|
|
|
GAAP operating
income (loss)
|
$
13,457
|
|
$
(16,666)
|
|
$
(672)
|
Stock-based
compensation
|
13,913
|
|
34,193
|
|
2,720
|
Amortization
of acquisition-related intangible assets
|
276
|
|
276
|
|
269
|
Non-GAAP operating
income
|
$
27,646
|
|
$
17,803
|
|
$
2,317
|
|
|
|
|
|
|
GAAP operating
income (loss) as a % of revenue
|
4.8%
|
|
(6.8%)
|
|
(0.3%)
|
Stock-based
compensation
|
5.0%
|
|
14.0%
|
|
1.4%
|
Amortization
of acquisition-related intangible assets
|
0.1%
|
|
0.1%
|
|
0.1%
|
Non-GAAP operating
income as a % of revenue
|
9.9%
|
|
7.3%
|
|
1.2%
|
Reconciliations of non-GAAP financial measures are set forth
below ($ in thousands):
|
|
|
|
|
Nine months
ended
|
|
September 30,
2014
|
|
September 30,
2013
|
GAAP gross
profit
|
$
323,422
|
|
$
210,280
|
Stock-based
compensation
|
555
|
|
530
|
Amortization
of acquisition-related intangible assets
|
667
|
|
666
|
Non-GAAP gross
profit
|
$
324,644
|
|
$
211,476
|
|
|
|
|
GAAP gross profit
as a % of revenue
|
42.5%
|
|
33.7%
|
Stock-based
compensation
|
0.1%
|
|
0.1%
|
Amortization
of acquisition-related intangible assets
|
0.1%
|
|
0.1%
|
Non-GAAP gross
profit as a % of revenue
|
42.7%
|
|
33.9%
|
|
|
|
|
GAAP operating
expenses
|
$
310,075
|
|
$
182,152
|
Stock-based
compensation
|
(51,588)
|
|
(6,817)
|
Amortization
of acquisition-related intangible assets
|
(169)
|
|
(154)
|
Non-GAAP operating
expenses
|
$
258,318
|
|
$
175,181
|
|
|
|
|
GAAP operating
income
|
$
13,347
|
|
$
28,128
|
Stock-based
compensation
|
52,143
|
|
7,347
|
Amortization
of acquisition-related intangible assets
|
836
|
|
820
|
Non-GAAP operating
income
|
$
66,326
|
|
$
36,295
|
|
|
|
|
GAAP operating
income as a % of revenue
|
1.8%
|
|
4.5%
|
Stock-based
compensation
|
6.8%
|
|
1.2%
|
Amortization
of acquisition-related intangible assets
|
0.1%
|
|
0.1%
|
Non-GAAP operating
income as a % of revenue
|
8.7%
|
|
5.8%
|
Reconciliations of non-GAAP financial measures are set forth
below ($ in thousands):
|
|
Three months
ended
|
|
|
September 30,
2014
|
|
June 30,
2014
|
|
September 30,
2013
|
GAAP net income (loss)
|
|
$
14,620
|
|
$
(19,841)
|
|
$
(1,101)
|
Income tax (benefit) expense
|
|
(2,947)
|
|
1,639
|
|
(1,330)
|
Interest income and expense
|
|
1,284
|
|
1,390
|
|
1,428
|
Depreciation and amortization
|
|
4,781
|
|
4,177
|
|
3,092
|
POP display amortization
|
|
4,524
|
|
4,166
|
|
3,797
|
Stock-based compensation
|
|
13,913
|
|
34,193
|
|
2,720
|
Adjusted EBITDA
|
|
$
36,175
|
|
$
25,724
|
|
$
8,606
|
|
|
Nine months
ended
|
|
|
September 30,
2014
|
|
September 30,
2013
|
GAAP net income
|
|
$
5,828
|
|
$
16,849
|
Income tax expense
|
|
2,574
|
|
6,129
|
Interest income and expense
|
|
4,009
|
|
4,129
|
Depreciation and amortization
|
|
12,769
|
|
8,508
|
POP display amortization
|
|
13,203
|
|
8,908
|
Stock-based compensation
|
|
52,143
|
|
7,347
|
Adjusted EBITDA
|
|
$
90,526
|
|
$
51,870
|
SOURCE GoPro, Inc.