SAN MATEO, Calif., July 21, 2015 /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 second quarter ended
June 30, 2015.
Second Quarter
Results Summary:
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
($ in thousands,
except per share amounts)
|
|
June 30,
2015
|
|
June 30,
2014
|
|
%
Change
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
419,919
|
|
|
$
|
244,605
|
|
|
71.7
|
%
|
Gross
margin
|
|
|
|
|
|
|
GAAP
|
|
46.3
|
%
|
|
42.1
|
%
|
|
420 bps
|
Non-GAAP
|
|
46.4
|
%
|
|
42.2
|
%
|
|
420 bps
|
Operating income
(loss)
|
|
|
|
|
|
|
GAAP
|
|
$
|
46,138
|
|
|
$
|
(16,666)
|
|
|
376.8
|
%
|
Non-GAAP
|
|
$
|
65,845
|
|
|
$
|
17,803
|
|
|
269.9
|
%
|
Net income
(loss)
|
|
|
|
|
|
|
GAAP
|
|
$
|
35,031
|
|
|
$
|
(19,841)
|
|
|
276.6
|
%
|
Non-GAAP
|
|
$
|
50,715
|
|
|
$
|
11,774
|
|
|
330.7
|
%
|
Diluted net income
(loss) per share
|
|
|
|
|
|
|
GAAP
|
|
$
|
0.24
|
|
|
$
|
(0.24)
|
|
|
200.0
|
%
|
Non-GAAP
|
|
$
|
0.35
|
|
|
$
|
0.08
|
|
|
337.5
|
%
|
Adjusted
EBITDA
|
|
$
|
75,349
|
|
|
$
|
25,724
|
|
|
192.9
|
%
|
"I couldn't be more proud of our aggressive pace of innovation.
With the introduction of HERO4 Session and HERO+ LCD, we've
launched five new cameras in the past 10 months, exciting both new
and existing customers and contributing to strong second quarter
results," said GoPro Founder and CEO, Nicholas Woodman. "Our
core business is enjoying terrific momentum as we charge forward
into attractive adjacent markets."
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. Non-GAAP net income excludes,
where applicable, the effects of stock-based compensation,
acquisition-related costs, and the tax impact of these items.
Additionally, GoPro reports non-GAAP adjusted EBITDA. 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.
Second Quarter 2015 and Recent GoPro Highlights
Include:
- Launched HERO4 Session featuring simple one-button control and
an exciting new form factor 50% smaller and 40% lighter than other
HERO4 cameras. Innovative, water-proof design eliminates the need
for a separate housing, reducing complexity and vastly improving
audio performance.
- Introduced HERO+ LCD, adding touch screen convenience,
in-camera video trimming and Wi-Fi/Bluetooth integration to the
entry-level camera line-up.
- Released new accessories including the Ball Joint Buckle and
Floaty for HERO4 Session and The Strap, The Jam, and Casey to
enhance the versatility of GoPro products.
- GoPro products are now sold in more than 40,000 stores
worldwide, reflecting the addition of new retail customers,
increased store counts with existing customers, and international
expansion.
- According to NPD, GoPro accounted for 4 of the top 5 products
on a unit basis in the combined digital camera and camcorder
category, in the US for Q2. In the same category, on a dollar
basis, GoPro capture devices accounted for 3 of the top 5 products.
GoPro was also the leader in accessory unit sales with 8 of the top
10 selling accessories.
- Increased shipments of Point-of-Purchase (POP) displays by over
40%; linear feet of new POP displays increased over 75% for the
first six months of 2015, year-over-year.
- International sales totaled more than 50% of Q2 revenue;
combined EMEA and APAC revenue was up 126% year-over-year.
China is now a top ten
revenue-generating country for GoPro.
- Announced a GoPro-branded quad-copter to debut in the first
half of 2016. Also announced a Six-Camera Spherical Array for
shooting virtual reality and Odyssey, a 16-Camera Array unveiled in
partnership with Google's Jump initiative.
- GoPro is the official camera of the Tour de France. GoPros are
mounted on riders and their bikes, providing never-before-seen
perspectives on the world's most prestigious cycling race.
- GoPro Motorrad Grand Prix of Deutschland viewed live by more
than 9 million people across Europe; millions more viewed the broadcast in
other countries. Each GoPro Course Preview video generated more
than a half million views each.
- The GoPro Mobile App was downloaded 2.5 million times in Q2,
totaling over 18 million cumulative downloads; Q2 installs of GoPro
Studio exceeded 1.7 million, up over 100% year-over-year.
- Unveiled GoPro Licensing, a content licensing portal that
professionals can use to search, sort, and request a license to
content from GoPro's rapidly growing library.
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) 211-7384 or (913) 312-0418, access code 5992228,
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 people capture and share
their lives. What began as an idea to help athletes self-document
themselves engaged in their sport has become a widely adopted
solution for people to capture themselves engaged in their
interests, whatever they may be. From extreme to mainstream,
professional to consumer, GoPro enables the world to capture and
share its passion. And in turn, the world has helped 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, and
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 our Annual Report on Form 10-K for the year
ended December 31, 2014, which is 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.
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 Statement of Operations
|
(unaudited)
|
|
|
Three months
ended
|
|
Six months
ended
|
(in thousands,
except per share data)
|
June 30,
2015
|
|
June 30,
2014
|
|
June 30,
2015
|
|
June 30,
2014
|
|
|
|
|
|
|
|
|
Revenue
|
$
|
419,919
|
|
|
$
|
244,605
|
|
|
$
|
783,028
|
|
|
$
|
480,321
|
|
Cost of
revenue
|
225,579
|
|
|
141,736
|
|
|
424,955
|
|
|
280,938
|
|
Gross
profit
|
194,340
|
|
|
102,869
|
|
|
358,073
|
|
|
199,383
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
Research and
development
|
58,453
|
|
|
34,663
|
|
|
107,890
|
|
|
63,402
|
|
Sales and
marketing
|
63,494
|
|
|
43,701
|
|
|
119,863
|
|
|
85,042
|
|
General and
administrative
|
26,255
|
|
|
41,171
|
|
|
61,914
|
|
|
51,049
|
|
Total
operating expenses
|
148,202
|
|
|
119,535
|
|
|
289,667
|
|
|
199,493
|
|
Operating income
(loss)
|
46,138
|
|
|
(16,666)
|
|
|
68,406
|
|
|
(110)
|
|
Other income
(expense), net
|
122
|
|
|
(1,536)
|
|
|
(2,122)
|
|
|
(3,161)
|
|
Income (loss) before
income taxes
|
46,260
|
|
|
(18,202)
|
|
|
66,284
|
|
|
(3,271)
|
|
Income tax
expense
|
11,229
|
|
|
1,639
|
|
|
14,501
|
|
|
5,521
|
|
Net income
(loss)
|
$
|
35,031
|
|
|
$
|
(19,841)
|
|
|
$
|
51,783
|
|
|
$
|
(8,792)
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
share attributable to common stockholders:
|
|
|
|
|
|
|
|
Basic
|
$
|
0.26
|
|
|
$
|
(0.24)
|
|
|
$
|
0.39
|
|
|
$
|
(0.11)
|
|
Diluted
|
$
|
0.24
|
|
|
$
|
(0.24)
|
|
|
$
|
0.35
|
|
|
$
|
(0.11)
|
|
|
|
|
|
|
|
|
|
Weighted-average
shares used to compute net income (loss) per share attributable to
common stockholders:
|
|
|
|
|
|
|
|
Basic
|
133,150
|
|
|
82,936
|
|
|
132,716
|
|
|
82,263
|
|
Diluted
|
146,781
|
|
|
82,936
|
|
|
147,720
|
|
|
82,263
|
|
GoPro,
Inc.
|
Preliminary
Condensed Consolidated Balance Sheets
|
(unaudited)
|
|
(in
thousands)
|
June 30,
2015
|
|
December 31,
2014
|
|
|
|
|
Assets
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
338,031
|
|
|
$
|
319,929
|
|
Marketable
securities
|
178,953
|
|
|
102,327
|
|
Accounts receivable,
net
|
118,551
|
|
|
183,992
|
|
Inventory
|
219,272
|
|
|
153,026
|
|
Prepaid expenses and
other current assets
|
80,636
|
|
|
63,769
|
|
Total
current assets
|
935,443
|
|
|
823,043
|
|
Property and
equipment, net
|
52,252
|
|
|
41,556
|
|
Intangible assets and
goodwill
|
78,524
|
|
|
17,032
|
|
Other long-term
assets
|
45,313
|
|
|
36,060
|
|
Total assets
|
$
|
1,111,532
|
|
|
$
|
917,691
|
|
|
|
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
|
156,450
|
|
|
$
|
126,240
|
|
Accrued
liabilities
|
133,442
|
|
|
115,775
|
|
Deferred
revenue
|
13,298
|
|
|
14,022
|
|
Income taxes
payable
|
4,691
|
|
|
2,732
|
|
Total
current liabilities
|
307,881
|
|
|
258,769
|
|
Other long-term
liabilities
|
20,678
|
|
|
17,718
|
|
Total
liabilities
|
328,559
|
|
|
276,487
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
Common stock and
additional paid-in capital
|
622,986
|
|
|
533,000
|
|
Retained
earnings
|
159,987
|
|
|
108,204
|
|
Total
stockholders' equity
|
782,973
|
|
|
641,204
|
|
Total
liabilities and stockholders' equity
|
$
|
1,111,532
|
|
|
$
|
917,691
|
|
|
|
|
|
GoPro,
Inc.
|
Preliminary
Condensed Consolidated Statement of Cash Flows
|
(unaudited)
|
|
|
Three months
ended
|
|
Six months
ended
|
(in
thousands)
|
June 30,
2015
|
|
June 30,
2014
|
|
June 30,
2015
|
|
June 30,
2014
|
|
|
|
|
|
|
|
|
Operating
activities:
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
|
35,031
|
|
|
$
|
(19,841)
|
|
|
$
|
51,783
|
|
|
$
|
(8,792)
|
|
Adjustments to
reconcile net income (loss) to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
6,422
|
|
|
4,177
|
|
|
11,791
|
|
|
7,988
|
|
Stock-based
compensation
|
18,189
|
|
|
34,193
|
|
|
44,690
|
|
|
38,230
|
|
Foreign currency
remeasurement and transaction losses
|
(604)
|
|
|
—
|
|
|
1,586
|
|
|
—
|
|
Deferred
taxes
|
(5,066)
|
|
|
(469)
|
|
|
(6,656)
|
|
|
(799)
|
|
Other
|
731
|
|
|
51
|
|
|
1,370
|
|
|
298
|
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
|
Accounts receivable,
net
|
(12,122)
|
|
|
(1,920)
|
|
|
65,562
|
|
|
73,439
|
|
Inventory
|
(55,028)
|
|
|
9,810
|
|
|
(66,045)
|
|
|
31,617
|
|
Prepaids and other
assets
|
(23,049)
|
|
|
(40,572)
|
|
|
(21,598)
|
|
|
(39,504)
|
|
Accounts payable and
other liabilities
|
100,399
|
|
|
936
|
|
|
50,382
|
|
|
(96,106)
|
|
Deferred
revenue
|
971
|
|
|
(530)
|
|
|
(724)
|
|
|
378
|
|
Net cash provided by
(used in) operating activities
|
65,874
|
|
|
(14,165)
|
|
|
132,141
|
|
|
6,749
|
|
|
|
|
|
|
|
|
|
Investing
activities:
|
|
|
|
|
|
|
|
Purchases of property
and equipment
|
(16,062)
|
|
|
(7,668)
|
|
|
(21,269)
|
|
|
(12,369)
|
|
Purchases of
marketable securities
|
(32,958)
|
|
|
—
|
|
|
(112,326)
|
|
|
—
|
|
Sales and maturities
of marketable securities
|
21,943
|
|
|
—
|
|
|
34,446
|
|
|
—
|
|
Acquisitions, net of
cash acquired
|
(52,606)
|
|
|
—
|
|
|
(57,706)
|
|
|
(3,200)
|
|
Net cash used in
investing activities
|
(79,683)
|
|
|
(7,668)
|
|
|
(156,855)
|
|
|
(15,569)
|
|
|
|
|
|
|
|
|
|
Financing
activities:
|
|
|
|
|
|
|
|
Proceeds from
issuance of common stock, net of repurchases
|
9,176
|
|
|
(13)
|
|
|
21,501
|
|
|
509
|
|
Taxes paid related to
net share settlement of equity awards
|
(3,041)
|
|
|
—
|
|
|
(4,362)
|
|
|
—
|
|
Excess tax benefit
from stock-based compensation
|
22,072
|
|
|
20,767
|
|
|
28,139
|
|
|
20,836
|
|
Payment of deferred
public offering and debt issuance costs
|
—
|
|
|
(2,257)
|
|
|
(903)
|
|
|
(3,056)
|
|
Repayment of
debt
|
—
|
|
|
(3,000)
|
|
|
—
|
|
|
(6,000)
|
|
Net cash provided by
financing activities
|
28,207
|
|
|
15,497
|
|
|
44,375
|
|
|
12,289
|
|
Effect of exchange
rate changes on cash and cash equivalents
|
468
|
|
|
—
|
|
|
(1,559)
|
|
|
—
|
|
Net increase (decrease) in cash and cash
equivalents
|
14,866
|
|
|
(6,336)
|
|
|
18,102
|
|
|
3,469
|
|
Cash and cash
equivalents at beginning of period
|
323,165
|
|
|
111,215
|
|
|
319,929
|
|
|
101,410
|
|
Cash and cash
equivalents at end of period
|
$
|
338,031
|
|
|
$
|
104,879
|
|
|
$
|
338,031
|
|
|
$
|
104,879
|
|
|
|
|
|
|
|
|
|
GoPro,
Inc.
|
Reconciliation of Preliminary GAAP to
Non-GAAP Financial Measures
|
(unaudited)
|
|
|
Three months
ended
|
|
Six months
ended
|
(in thousands,
except per share data)
|
June 30,
2015
|
|
June 30,
2014
|
|
June 30,
2015
|
|
June 30,
2014
|
|
|
|
|
|
|
|
|
GAAP net income
(loss)
|
$
|
35,031
|
|
|
$
|
(19,841)
|
|
|
$
|
51,783
|
|
|
$
|
(8,792)
|
|
Stock-based
compensation:
|
|
|
|
|
|
|
|
Cost of
revenue
|
350
|
|
|
154
|
|
|
633
|
|
|
322
|
|
Research and
development
|
3,710
|
|
|
1,657
|
|
|
7,245
|
|
|
3,058
|
|
Sales and
marketing
|
2,932
|
|
|
1,654
|
|
|
5,998
|
|
|
3,068
|
|
General and
administrative
|
11,197
|
|
|
30,728
|
|
|
30,814
|
|
|
31,782
|
|
Total
stock-based compensation
|
18,189
|
|
|
34,193
|
|
|
44,690
|
|
|
38,230
|
|
|
|
|
|
|
|
|
|
Acquisition-related
costs:
|
|
|
|
|
|
|
|
Cost of
revenue
|
295
|
|
|
222
|
|
|
517
|
|
|
444
|
|
Research and
development
|
612
|
|
|
20
|
|
|
699
|
|
|
40
|
|
Sales and
marketing
|
33
|
|
|
34
|
|
|
66
|
|
|
76
|
|
General and
administrative
|
578
|
|
|
—
|
|
|
578
|
|
|
—
|
|
Total
acquisition-related costs
|
1,518
|
|
|
276
|
|
|
1,860
|
|
|
560
|
|
|
|
|
|
|
|
|
|
Income tax
adjustments
|
(4,023)
|
|
|
(2,854)
|
|
|
(11,999)
|
|
|
(3,942)
|
|
Non-GAAP net
income
|
$
|
50,715
|
|
|
$
|
11,774
|
|
|
$
|
86,334
|
|
|
$
|
26,056
|
|
|
|
|
|
|
|
|
|
GAAP shares for
diluted net income per share
|
146,781
|
|
|
82,936
|
|
|
147,720
|
|
|
82,263
|
|
Add: dilutive shares
|
—
|
|
|
17,345
|
|
|
—
|
|
|
18,273
|
|
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
|
146,781
|
|
|
139,704
|
|
|
147,720
|
|
|
139,959
|
|
|
|
|
|
|
|
|
|
Non-GAAP diluted
net income per share
|
$
|
0.35
|
|
|
$
|
0.08
|
|
|
$
|
0.58
|
|
|
$
|
0.19
|
|
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, operating
expenses, operating income, net income, earnings 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 costs include the amortization of acquired
intangible assets, primarily consisting of acquired developed
technology, and 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 they are not related
to our core operating performance, and the frequency and amount of
such costs 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 and the
initial public offering shares issued July
2014, as if they had been outstanding since the beginning of
the period.
Reconciliations of non-GAAP financial measures are set forth
below ($ in thousands):
|
Three months
ended
|
|
Six months
ended
|
(dollars in
thousands)
|
June 30,
2015
|
|
June 30,
2014
|
|
June 30,
2015
|
|
June 30,
2014
|
GAAP gross
profit
|
$
|
194,340
|
|
|
$
|
102,869
|
|
|
$
|
358,073
|
|
|
$
|
199,383
|
|
Stock-based
compensation
|
350
|
|
|
154
|
|
|
633
|
|
|
322
|
|
Acquisition-related
costs
|
295
|
|
|
222
|
|
|
517
|
|
|
444
|
|
Non-GAAP gross
profit
|
$
|
194,985
|
|
|
$
|
103,245
|
|
|
$
|
359,223
|
|
|
$
|
200,149
|
|
|
|
|
|
|
|
|
|
GAAP gross profit
as a % of revenue
|
46.3
|
%
|
|
42.1
|
%
|
|
45.7
|
%
|
|
41.5
|
%
|
Stock-based
compensation
|
0.1
|
|
|
—
|
|
|
0.1
|
|
|
0.1
|
|
Acquisition-related
costs
|
—
|
|
|
0.1
|
|
|
0.1
|
|
|
0.1
|
|
Non-GAAP gross
profit as a % of revenue
|
46.4
|
%
|
|
42.2
|
%
|
|
45.9
|
%
|
|
41.7
|
%
|
|
|
|
|
|
|
|
|
GAAP operating
expenses
|
$
|
148,202
|
|
|
$
|
119,535
|
|
|
$
|
289,667
|
|
|
$
|
199,493
|
|
Stock-based
compensation
|
(17,839)
|
|
|
(34,039)
|
|
|
(44,057)
|
|
|
(37,908)
|
|
Acquisition-related
costs
|
(1,223)
|
|
|
(54)
|
|
|
(1,343)
|
|
|
(116)
|
|
Non-GAAP operating
expenses
|
$
|
129,140
|
|
|
$
|
85,442
|
|
|
$
|
244,267
|
|
|
$
|
161,469
|
|
|
|
|
|
|
|
|
|
GAAP operating
income (loss)
|
$
|
46,138
|
|
|
$
|
(16,666)
|
|
|
$
|
68,406
|
|
|
$
|
(110)
|
|
Stock-based
compensation
|
18,189
|
|
|
34,193
|
|
|
44,690
|
|
|
38,230
|
|
Acquisition-related
costs
|
1,518
|
|
|
276
|
|
|
1,860
|
|
|
560
|
|
Non-GAAP operating
income
|
$
|
65,845
|
|
|
$
|
17,803
|
|
|
$
|
114,956
|
|
|
$
|
38,680
|
|
|
|
|
|
|
|
|
|
GAAP operating
income (loss) as a % of revenue
|
11.0
|
%
|
|
(6.8)
|
%
|
|
8.7
|
%
|
|
—
|
%
|
Stock-based
compensation
|
4.3
|
|
|
14.0
|
|
|
5.7
|
|
|
8.0
|
|
Acquisition-related
costs
|
0.4
|
|
|
0.1
|
|
|
0.3
|
|
|
0.1
|
|
Non-GAAP operating
income as a % of revenue
|
15.7
|
%
|
|
7.3
|
%
|
|
14.7
|
%
|
|
8.1
|
%
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Six months
ended
|
(in
thousands)
|
June 30,
2015
|
|
June 30,
2014
|
|
June 30,
2015
|
|
June 30,
2014
|
GAAP net income
(loss)
|
$
|
35,031
|
|
|
$
|
(19,841)
|
|
|
$
|
51,783
|
|
|
$
|
(8,792)
|
|
Income tax
expense
|
11,229
|
|
|
1,639
|
|
|
14,501
|
|
|
5,521
|
|
Interest income and
expense
|
155
|
|
|
1,390
|
|
|
220
|
|
|
2,725
|
|
Depreciation and
amortization
|
6,422
|
|
|
4,177
|
|
|
11,791
|
|
|
7,988
|
|
POP display
amortization
|
4,323
|
|
|
4,166
|
|
|
8,871
|
|
|
8,679
|
|
Stock-based
compensation
|
18,189
|
|
|
34,193
|
|
|
44,690
|
|
|
38,230
|
|
Adjusted
EBITDA
|
$
|
75,349
|
|
|
$
|
25,724
|
|
|
$
|
131,856
|
|
|
$
|
54,351
|
|
|
|
|
|
|
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/gopro-announces-second-quarter-2015-results-300116552.html
SOURCE GoPro, Inc.