SAN MATEO, Calif., Oct. 28, 2015 /PRNewswire/ -- GoPro, Inc.
(NASDAQ: GPRO), enabler of some of today's most engaging content,
today announced financial results for its third quarter ended
September 30, 2015.
Third Quarter
Results Summary:
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
($ in thousands,
except per share amounts)
|
|
September 30,
2015
|
|
September 30,
2014
|
|
%
Change
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
400,340
|
|
|
$
|
279,971
|
|
|
43.0
|
%
|
Gross
margin
|
|
|
|
|
|
|
GAAP
|
|
46.6
|
%
|
|
44.3
|
%
|
|
230 bps
|
Non-GAAP
|
|
46.8
|
%
|
|
44.5
|
%
|
|
230 bps
|
Operating
income
|
|
|
|
|
|
|
GAAP
|
|
$
|
27,636
|
|
|
$
|
13,457
|
|
|
105.4
|
%
|
Non-GAAP
|
|
$
|
47,471
|
|
|
$
|
27,646
|
|
|
71.7
|
%
|
Net
income
|
|
|
|
|
|
|
GAAP
|
|
$
|
18,799
|
|
|
$
|
14,620
|
|
|
28.6
|
%
|
Non-GAAP
|
|
$
|
36,626
|
|
|
$
|
17,959
|
|
|
103.9
|
%
|
Diluted net income
per share
|
|
|
|
|
|
|
GAAP
|
|
$
|
0.13
|
|
|
$
|
0.10
|
|
|
30.0
|
%
|
Non-GAAP
|
|
$
|
0.25
|
|
|
$
|
0.12
|
|
|
108.3
|
%
|
Adjusted
EBITDA
|
|
$
|
56,721
|
|
|
$
|
36,175
|
|
|
56.8
|
%
|
"I am proud of our year-to-date accomplishments in which we
posted strong financial results and expanded our portfolio of
products, however our business in the third quarter was clearly
more difficult than anticipated," said GoPro Founder and CEO,
Nicholas Woodman. "GoPro is
entering the holidays with an industry-leading lineup backed by
great software solutions and a globally-recognized brand. We
are excited about our business and the investments we continue to
make to scale GoPro into its next phase as a product, software and
entertainment company."
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.
Stock Repurchase
The Board of Directors of GoPro authorized the Company to
repurchase up to $300 million of its
Class A capital stock, commencing in the fourth quarter of 2015.
Share repurchases under the program may be made from time-to-time
through open market purchases, block trades or otherwise, including
under plans complying with both Rule 10b-18 and Rule 10b5-1.
Third Quarter 2015 and Recent GoPro Highlights
Include:
- According to NPD, GoPro accounted for 5 of the top 10 products
on a unit basis in the combined digital camera and camcorder
category, in the U.S. for Q3. In the same category, on a dollar
basis, GoPro capture devices accounted for 4 of the top 10
products. GoPro was also the leader in accessory unit sales with 7
of the top 10 selling accessories.
- International sales totaled more than 50% of Q3 revenue;
combined EMEA and APAC revenue was up over 175%
year-over-year.
- Based on the first nine months of revenue, China is the fastest growing market in GoPro's
history.
- Re-launched HERO4 Session -- priced between HERO4 Silver and
HERO+. Session is now well positioned for the holidays.
- Released key firmware updates for HERO4 Session which include
the ability to change settings directly on the camera without
connecting to a smartphone or remote.
- Launched HERO+ which features Wi-Fi/Bluetooth integration and
is capable of capturing stunning 1080p60 and 720p60 video and 8MP
single, Time Lapse and Burst photos, rounding out an exciting 2015
GoPro lineup.
- Launched Odyssey, a new 16-camera rig designed for Google's 3D,
360-degree virtual reality platform (Jump).
- Released Trim-and-Share, a feature that allows users to select
video clips directly on the camera or mobile device for effortless
sharing.
- The GoPro Mobile App was downloaded 2.7 million times in Q3,
totaling over 21 million cumulative downloads; Q3 installs of GoPro
Studio totaled nearly 2 million, up over 75% year-over-year, with
average daily video exports of over 50,000.
- Launched the GoPro App on Apple Watch, enabling users to
control their GoPros from their wrists.
- Brought immersive, spherical (VR) content to Facebook News
Feed.
- Launched the GoPro Channel on Watchable, Comcast's new
cross-platform video service, marking GoPro's first multichannel
video distribution agreement.
- Launched GoPro for a Cause, a program in which GoPro
will dedicate financing, equipment and production expertise to
social causes that align with GoPro's brand.
- Announced partnership with USC
School of Cinematic Arts to attract content and invest in the next
generation of filmmakers.
- In October, the GoPro Channel on YouTube surpassed one billion
views. GoPro is one of only four brands to reach this
milestone.
- Launched GoPro Awards, granting up to $5
million annually to creators of GoPro content for sharing
their best photos, raw video clips and video edits with GoPro for
inclusion in GoPro Channel programming, licensing and more. In the
first week, the GoPro creative community submitted 27,000 content
submissions. The first week's winners can be viewed at
http://gopro.com/awards.
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) 811-5408 or (913) 312-1379, access code 9945063,
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, Instagram and
LinkedIn.
GOPRO® and HERO® are trademarks or
registered trademarks of GoPro Inc. in the United States and other countries.
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 investor relations and The Inside Line website, and GoPro's
pages on YouTube, Twitter, Facebook, Pinterest, Instagram, and
LinkedIn.
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.
GoPro,
Inc.
Preliminary
Condensed Consolidated Statement of Operations
(unaudited)
|
|
|
Three months
ended
|
|
Nine months
ended
|
(in thousands,
except per share data)
|
September 30,
2015
|
|
September 30,
2014
|
|
September 30,
2015
|
|
September 30,
2014
|
|
|
|
|
|
|
|
|
Revenue
|
$
|
400,340
|
|
|
$
|
279,971
|
|
|
$
|
1,183,368
|
|
|
$
|
760,292
|
|
Cost of
revenue
|
213,710
|
|
|
155,932
|
|
|
638,665
|
|
|
436,870
|
|
Gross
profit
|
186,630
|
|
|
124,039
|
|
|
544,703
|
|
|
323,422
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
Research and
development
|
67,372
|
|
|
42,376
|
|
|
175,262
|
|
|
105,778
|
|
Sales and
marketing
|
66,427
|
|
|
48,109
|
|
|
186,290
|
|
|
133,151
|
|
General and
administrative
|
25,195
|
|
|
20,097
|
|
|
87,109
|
|
|
71,146
|
|
Total
operating expenses
|
158,994
|
|
|
110,582
|
|
|
448,661
|
|
|
310,075
|
|
Operating
income
|
27,636
|
|
|
13,457
|
|
|
96,042
|
|
|
13,347
|
|
Other expense,
net
|
(363)
|
|
|
(1,784)
|
|
|
(2,485)
|
|
|
(4,945)
|
|
Income before income
taxes
|
27,273
|
|
|
11,673
|
|
|
93,557
|
|
|
8,402
|
|
Income tax expense
(benefit)
|
8,474
|
|
|
(2,947)
|
|
|
22,975
|
|
|
2,574
|
|
Net income
|
$
|
18,799
|
|
|
$
|
14,620
|
|
|
$
|
70,582
|
|
|
$
|
5,828
|
|
|
|
|
|
|
|
|
|
Net income per share
attributable to common stockholders:
|
|
|
|
|
|
|
|
Basic
|
$
|
0.14
|
|
|
$
|
0.12
|
|
|
$
|
0.53
|
|
|
$
|
0.05
|
|
Diluted
|
$
|
0.13
|
|
|
$
|
0.10
|
|
|
$
|
0.48
|
|
|
$
|
0.04
|
|
|
|
|
|
|
|
|
|
Weighted-average
shares used to compute net income per share attributable to common
stockholders:
|
|
|
|
|
|
|
|
Basic
|
135,800
|
|
|
125,713
|
|
|
133,755
|
|
|
96,905
|
|
Diluted
|
146,055
|
|
|
145,186
|
|
|
147,201
|
|
|
115,578
|
|
GoPro,
Inc.
Preliminary
Condensed Consolidated Balance Sheets
(unaudited)
|
|
(in
thousands)
|
September 30,
2015
|
|
December 31,
2014
|
|
|
|
|
Assets
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
279,969
|
|
|
$
|
319,929
|
|
Marketable
securities
|
233,133
|
|
|
102,327
|
|
Accounts receivable,
net
|
120,666
|
|
|
183,992
|
|
Inventory
|
289,521
|
|
|
153,026
|
|
Prepaid expenses and
other current assets
|
79,976
|
|
|
63,769
|
|
Total current
assets
|
1,003,265
|
|
|
823,043
|
|
Property and
equipment, net
|
67,644
|
|
|
41,556
|
|
Intangible assets,
net and goodwill
|
89,642
|
|
|
17,032
|
|
Other long-term
assets
|
48,730
|
|
|
36,060
|
|
Total
assets
|
$
|
1,209,281
|
|
|
$
|
917,691
|
|
|
|
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
|
159,901
|
|
|
$
|
126,240
|
|
Accrued
liabilities
|
166,116
|
|
|
115,775
|
|
Deferred
revenue
|
13,095
|
|
|
14,022
|
|
Income taxes
payable
|
6,630
|
|
|
2,732
|
|
Total current
liabilities
|
345,742
|
|
|
258,769
|
|
Other long-term
liabilities
|
32,849
|
|
|
17,718
|
|
Total
liabilities
|
378,591
|
|
|
276,487
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
Common stock and
additional paid-in capital
|
651,904
|
|
|
533,000
|
|
Retained
earnings
|
178,786
|
|
|
108,204
|
|
Total
stockholders' equity
|
830,690
|
|
|
641,204
|
|
Total
liabilities and stockholders' equity
|
$
|
1,209,281
|
|
|
$
|
917,691
|
|
|
|
|
|
GoPro,
Inc.
Preliminary
Condensed Consolidated Statement of Cash Flows
(unaudited)
|
|
|
Three months
ended
|
|
Nine months
ended
|
(in
thousands)
|
September 30,
2015
|
|
September 30,
2014
|
|
September 30,
2015
|
|
September 30,
2014
|
|
|
|
|
|
|
|
|
Operating
activities:
|
|
|
|
|
|
|
|
Net income
|
$
|
18,799
|
|
|
$
|
14,620
|
|
|
$
|
70,582
|
|
|
$
|
5,828
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
7,594
|
|
|
4,781
|
|
|
19,385
|
|
|
12,769
|
|
Stock-based
compensation
|
17,870
|
|
|
13,913
|
|
|
62,560
|
|
|
52,143
|
|
Excess tax benefit from
stock-based compensation
|
(4,411)
|
|
|
(2,756)
|
|
|
(32,550)
|
|
|
(23,592)
|
|
Foreign currency
remeasurement and transaction losses
|
447
|
|
|
—
|
|
|
2,033
|
|
|
—
|
|
Deferred income
taxes
|
(232)
|
|
|
(3,009)
|
|
|
(6,888)
|
|
|
(3,808)
|
|
Other
|
1,030
|
|
|
1,310
|
|
|
2,400
|
|
|
1,608
|
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
|
Accounts receivable,
net
|
(2,214)
|
|
|
(45,333)
|
|
|
63,348
|
|
|
28,106
|
|
Inventory
|
(70,249)
|
|
|
(36,637)
|
|
|
(136,294)
|
|
|
(5,020)
|
|
Prepaids and other
assets
|
1,571
|
|
|
13,662
|
|
|
(20,027)
|
|
|
(25,842)
|
|
Accounts payable and
other liabilities
|
34,620
|
|
|
86,595
|
|
|
113,141
|
|
|
11,325
|
|
Deferred
revenue
|
(203)
|
|
|
(163)
|
|
|
(927)
|
|
|
215
|
|
Net cash
provided by operating activities
|
4,622
|
|
|
46,983
|
|
|
136,763
|
|
|
53,732
|
|
|
|
|
|
|
|
|
|
Investing
activities:
|
|
|
|
|
|
|
|
Purchases of property
and equipment, net
|
(11,057)
|
|
|
(10,197)
|
|
|
(32,326)
|
|
|
(22,566)
|
|
Purchases of
marketable securities
|
(94,860)
|
|
|
—
|
|
|
(207,186)
|
|
|
—
|
|
Sales and maturities
of marketable securities
|
40,045
|
|
|
—
|
|
|
74,491
|
|
|
—
|
|
Acquisitions, net of
cash acquired
|
(7,699)
|
|
|
—
|
|
|
(65,405)
|
|
|
(3,200)
|
|
Net cash
used in investing activities
|
(73,571)
|
|
|
(10,197)
|
|
|
(230,426)
|
|
|
(25,766)
|
|
|
|
|
|
|
|
|
|
Financing
activities:
|
|
|
|
|
|
|
|
Proceeds from
issuance of common stock, net of repurchases
|
13,994
|
|
|
202,719
|
|
|
35,495
|
|
|
203,228
|
|
Taxes paid related to
net share settlement of equity awards
|
(7,326)
|
|
|
—
|
|
|
(11,688)
|
|
|
—
|
|
Excess tax benefit
from stock-based compensation
|
4,411
|
|
|
2,756
|
|
|
32,550
|
|
|
23,592
|
|
Payment of deferred
public offering and debt issuance costs
|
—
|
|
|
(1,391)
|
|
|
(903)
|
|
|
(4,447)
|
|
Repayment of
debt
|
—
|
|
|
(108,000)
|
|
|
—
|
|
|
(114,000)
|
|
Net cash
provided by financing activities
|
11,079
|
|
|
96,084
|
|
|
55,454
|
|
|
108,373
|
|
Effect of exchange
rate changes on cash and cash equivalents
|
(192)
|
|
|
—
|
|
|
(1,751)
|
|
|
—
|
|
Net increase
(decrease) in cash and cash equivalents
|
(58,062)
|
|
|
132,870
|
|
|
(39,960)
|
|
|
136,339
|
|
Cash and cash
equivalents at beginning of period
|
338,031
|
|
|
104,879
|
|
|
319,929
|
|
|
101,410
|
|
Cash and cash
equivalents at end of period
|
$
|
279,969
|
|
|
$
|
237,749
|
|
|
$
|
279,969
|
|
|
$
|
237,749
|
|
|
|
|
|
|
|
|
|
GoPro,
Inc.
Reconciliation of
Preliminary GAAP to Non-GAAP Financial Measures
(unaudited)
|
|
|
Three months
ended
|
|
Nine months
ended
|
(in thousands,
except per share data)
|
September 30,
2015
|
|
September 30,
2014
|
|
September 30,
2015
|
|
September 30,
2014
|
|
|
|
|
|
|
|
|
GAAP net
income
|
$
|
18,799
|
|
|
$
|
14,620
|
|
|
$
|
70,582
|
|
|
$
|
5,828
|
|
Stock-based
compensation:
|
|
|
|
|
|
|
|
Cost of
revenue
|
410
|
|
|
233
|
|
|
1,043
|
|
|
555
|
|
Research
and development
|
4,872
|
|
|
2,428
|
|
|
12,117
|
|
|
5,486
|
|
Sales
and marketing
|
3,516
|
|
|
3,225
|
|
|
9,514
|
|
|
6,293
|
|
General
and administrative
|
9,072
|
|
|
8,027
|
|
|
39,886
|
|
|
39,809
|
|
Total stock-based
compensation
|
17,870
|
|
|
13,913
|
|
|
62,560
|
|
|
52,143
|
|
|
|
|
|
|
|
|
|
Acquisition-related
costs:
|
|
|
|
|
|
|
|
Cost of
revenue
|
222
|
|
|
223
|
|
|
739
|
|
|
667
|
|
Research
and development
|
1,198
|
|
|
20
|
|
|
1,897
|
|
|
60
|
|
Sales
and marketing
|
33
|
|
|
33
|
|
|
99
|
|
|
109
|
|
General
and administrative
|
512
|
|
|
—
|
|
|
1,090
|
|
|
—
|
|
Total
acquisition-related costs
|
1,965
|
|
|
276
|
|
|
3,825
|
|
|
836
|
|
|
|
|
|
|
|
|
|
Income tax
adjustments
|
(2,008)
|
|
|
(10,850)
|
|
|
(14,007)
|
|
|
(14,792)
|
|
Non-GAAP net
income
|
$
|
36,626
|
|
|
$
|
17,959
|
|
|
$
|
122,960
|
|
|
$
|
44,015
|
|
|
|
|
|
|
|
|
|
GAAP shares for
diluted net income per share
|
146,055
|
|
|
145,186
|
|
|
147,201
|
|
|
115,578
|
|
Add: preferred shares conversion
|
—
|
|
|
—
|
|
|
—
|
|
|
20,237
|
|
Add: initial public offering shares
|
—
|
|
|
—
|
|
|
—
|
|
|
5,901
|
|
Non-GAAP shares
for diluted net income per share
|
146,055
|
|
|
145,186
|
|
|
147,201
|
|
|
141,716
|
|
|
|
|
|
|
|
|
|
Non-GAAP diluted
net income per share
|
$
|
0.25
|
|
|
$
|
0.12
|
|
|
$
|
0.84
|
|
|
$
|
0.31
|
|
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 technology), 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 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:
|
Three months
ended
|
|
Nine months
ended
|
(dollars in
thousands)
|
September 30,
2015
|
|
September 30,
2014
|
|
September 30,
2015
|
|
September 30,
2014
|
GAAP gross
profit
|
$
|
186,630
|
|
|
$
|
124,039
|
|
|
$
|
544,703
|
|
|
$
|
323,422
|
|
Stock-based
compensation
|
410
|
|
|
233
|
|
|
1,043
|
|
|
555
|
|
Acquisition-related
costs
|
222
|
|
|
223
|
|
|
739
|
|
|
667
|
|
Non-GAAP gross
profit
|
$
|
187,262
|
|
|
$
|
124,495
|
|
|
$
|
546,485
|
|
|
$
|
324,644
|
|
|
|
|
|
|
|
|
|
GAAP gross profit
as a % of revenue
|
46.6
|
%
|
|
44.3
|
%
|
|
46.0
|
%
|
|
42.5
|
%
|
Stock-based
compensation
|
0.1
|
|
|
0.1
|
|
|
0.1
|
|
|
0.1
|
|
Acquisition-related
costs
|
0.1
|
|
|
0.1
|
|
|
0.1
|
|
|
0.1
|
|
Non-GAAP gross
profit as a % of revenue
|
46.8
|
%
|
|
44.5
|
%
|
|
46.2
|
%
|
|
42.7
|
%
|
|
|
|
|
|
|
|
|
GAAP operating
expenses
|
$
|
158,994
|
|
|
$
|
110,582
|
|
|
$
|
448,661
|
|
|
$
|
310,075
|
|
Stock-based
compensation
|
(17,460)
|
|
|
(13,680)
|
|
|
(61,517)
|
|
|
(51,588)
|
|
Acquisition-related
costs
|
(1,743)
|
|
|
(53)
|
|
|
(3,086)
|
|
|
(169)
|
|
Non-GAAP operating
expenses
|
$
|
139,791
|
|
|
$
|
96,849
|
|
|
$
|
384,058
|
|
|
$
|
258,318
|
|
|
|
|
|
|
|
|
|
GAAP operating
income
|
$
|
27,636
|
|
|
$
|
13,457
|
|
|
$
|
96,042
|
|
|
$
|
13,347
|
|
Stock-based
compensation
|
17,870
|
|
|
13,913
|
|
|
62,560
|
|
|
52,143
|
|
Acquisition-related
costs
|
1,965
|
|
|
276
|
|
|
3,825
|
|
|
836
|
|
Non-GAAP operating
income
|
$
|
47,471
|
|
|
$
|
27,646
|
|
|
$
|
162,427
|
|
|
$
|
66,326
|
|
|
|
|
|
|
|
|
|
GAAP operating
income as a % of revenue
|
6.9
|
%
|
|
4.8
|
%
|
|
8.1
|
%
|
|
1.8
|
%
|
Stock-based
compensation
|
4.5
|
|
|
5.0
|
|
|
5.3
|
|
|
6.8
|
|
Acquisition-related
costs
|
0.5
|
|
|
0.1
|
|
|
0.3
|
|
|
0.1
|
|
Non-GAAP operating
income as a % of revenue
|
11.9
|
%
|
|
9.9
|
%
|
|
13.7
|
%
|
|
8.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Nine months
ended
|
(in
thousands)
|
September 30,
2015
|
|
September 30,
2014
|
|
September 30,
2015
|
|
September 30,
2014
|
GAAP net
income
|
$
|
18,799
|
|
|
$
|
14,620
|
|
|
$
|
70,582
|
|
|
$
|
5,828
|
|
Income tax expense
(benefit)
|
8,474
|
|
|
(2,947)
|
|
|
22,975
|
|
|
2,574
|
|
Interest expense,
net
|
140
|
|
|
1,284
|
|
|
360
|
|
|
4,009
|
|
Depreciation and
amortization
|
7,594
|
|
|
4,781
|
|
|
19,385
|
|
|
12,769
|
|
POP display
amortization
|
3,844
|
|
|
4,524
|
|
|
12,715
|
|
|
13,203
|
|
Stock-based
compensation
|
17,870
|
|
|
13,913
|
|
|
62,560
|
|
|
52,143
|
|
Adjusted
EBITDA
|
$
|
56,721
|
|
|
$
|
36,175
|
|
|
$
|
188,577
|
|
|
$
|
90,526
|
|
|
|
|
|
|
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/gopro-announces-third-quarter-2015-results-300168104.html
SOURCE GoPro, Inc.