SAN MATEO, Calif., Nov. 3, 2016 /PRNewswire/ -- GoPro, Inc.
(NASDAQ: GPRO) announced financial results for its third quarter
ended September 30, 2016.
"These are the best products we've ever made and consumer demand
is strong. GoPro is now a seamless storytelling experience and
we're very happy with customer reception so far," said Nicholas Woodman, GoPro's Founder and CEO.
"Looking forward to 2017, we expect to return to profitability,
driven by the strength of our new products, double digit revenue
growth and annual operating expenses of approximately $650 million."
Recent GoPro Highlights Include:
- Launched HERO5 Session and HERO5 Black, the most powerful,
easy-to-use GoPros ever. The HERO5 generation of cameras features
voice control supporting seven languages, simplified UI with fewer
buttons, improved image quality, high-performance in-camera video
stabilization, and the ability to auto-upload photos and videos to
the cloud for easy access and editing using a smartphone and the
Quik app.
- HERO5 Black features a touch display for improved ease of
use.
- In the U.S., launched GoPro Plus, a cloud-based subscription
service that makes it easy to auto-upload footage from a GoPro
camera to a GoPro Plus cloud account for on-the-go
access, editing and sharing using a smartphone and the Quik
app.
- Introduced new version of Capture app. Capture app allows users
to preview and play back shots, control their GoPro and share
content on the fly using their smartphone.
- Updated Quik mobile app. Quik – with more than 18 million
downloads -- is a fast, easy way to create awesome videos. Quik
monthly active users have nearly doubled since May.
- Released Quik app for desktop. Quik for desktop automatically
imports content from a GoPro camera and makes it simple for users
to create awesome videos synced to great music. Quik for desktop
can also auto-upload a user's footage to their GoPro Plus cloud
account, allowing for mobile access and editing while using a
smartphone and the Quik mobile app.
- According to The NPD Group's Retail Tracking Service, GoPro
accounted for 3 of the top 5 products, including the top 2 spots,
on a unit basis in the digital camera/camcorder category in the
U.S. in the third quarter. HERO4 Silver remains the
best-selling digital image camera on a unit basis for the eighth
consecutive quarter. By our estimate, Session was the #2
best-selling camera in the U.S. on a unit basis for the third
consecutive quarter.
- According to NPD, GoPro's third quarter combined digital
camera/camcorder unit share increased 80 basis points
year-over-year to 21.5% in the U.S.
- According to GfK, GoPro's third quarter digital imaging unit
share in Europe increased 200
basis points year-over-year to 11%. GoPro accounted for 4 of the
top 5 camcorders in Europe on a
unit basis.
- GoPro followers on both Facebook and Instagram have surpassed
10 million. Instagram followers are up nearly 65% on a
year-over-year basis, driven by 390% growth in international
followers.
- Social media views of GoPro content in the third quarter
reached almost 179 million, a year-over-year increase of 30%,
driven by international views on Facebook and Twitter which grew
130% and 83% year-over-year, respectively.
- The GoPro Awards program awarded over $1
million to the GoPro community during its first year.
- Launched Karma. Much more than a drone, Karma is Hollywood-caliber aerial, handheld and
mountable stabilization in a backpack for $799. Included is the Karma drone, a game-style
controller with built in touch display, a removable 3-axis
stabilizer, a stabilizer grip that can be handheld or mounted to
one's body or favorite gear, and a compact backpack that stores it
all and can be worn during most activities. Karma also supports the
GoPro Passenger App which allows one person to view the flight and
control the GoPro mounted camera while another person flies the
drone.
|
|
Three Months Ended
September 30,
|
($ in thousands,
except per share amounts)
|
|
2016
|
|
2015
|
|
%
Change
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
240,569
|
|
|
$
|
400,340
|
|
|
(39.9)%
|
|
Gross
margin
|
|
|
|
|
|
|
GAAP
|
|
40.3
|
%
|
|
46.6
|
%
|
|
(630) bps
|
Non-GAAP
|
|
40.6
|
%
|
|
46.8
|
%
|
|
(620) bps
|
Operating income
(loss)
|
|
|
|
|
|
|
GAAP
|
|
$
|
(115,589)
|
|
|
$
|
27,636
|
|
|
(518.3)%
|
|
Non-GAAP
|
|
$
|
(88,550)
|
|
|
$
|
47,471
|
|
|
(286.5)%
|
|
Net income
(loss)
|
|
|
|
|
|
|
GAAP
|
|
$
|
(104,068)
|
|
|
$
|
18,799
|
|
|
(653.6)%
|
|
Non-GAAP
|
|
$
|
(84,279)
|
|
|
$
|
36,626
|
|
|
(330.1)%
|
|
Diluted net income
(loss) per share
|
|
|
|
|
|
|
GAAP
|
|
$
|
(0.74)
|
|
|
$
|
0.13
|
|
|
(669.2)%
|
|
Non-GAAP
|
|
$
|
(0.60)
|
|
|
$
|
0.25
|
|
|
(340.0)%
|
|
Adjusted
EBITDA
|
|
$
|
(73,622)
|
|
|
$
|
56,721
|
|
|
(229.8)%
|
|
Business Outlook
GoPro is providing the following guidance:
- Fourth Quarter 2016
- Revenue of $625 million +/-
$25 million
- GAAP and non-GAAP gross margin of 40% +/- 1%
- GAAP diluted earnings per share of $0.15 +/- $0.05
- Non-GAAP diluted earnings per share of $0.30 +/- $0.05
- GAAP and non-GAAP tax rate of 12%
- Fully-diluted share count of approximately 146 million
- 2016
- Revenue of between $1.25 billion and
$1.3 billion
- 2017
- Double digit year-over-year revenue growth
- GAAP operating expenses of approximately $735 million
- Non-GAAP operating expenses of approximately $650 million
- GAAP net loss
- Non-GAAP net income profitable
- GAAP and non-GAAP tax rate of approximately 15%
- Fully-diluted share count of approximately 152 million
Upcoming Events
Management will participate in investor conferences on
November 30, 2016 in London, December 5,
2016 in New York City and
December 7, 2016 in San Francisco. GoPro will furnish a link to
the webcast of these events on its investor relations website,
http://investor.gopro.com.
Conference Call
GoPro management will host a conference call and live webcast
for analysts and investors today at 2 p.m.
Pacific Time (5 p.m. Eastern
Time) to discuss the Company's financial results.
To listen to the live conference call, please dial toll free
(888) 632-5010 or (913) 312-1397, access code 9968590,
approximately 5 minutes prior to the start of the call. A live
webcast of the conference call will be accessible on the "Events
& Presentations" section of the Company's website at
http://investor.gopro.com. The webcast will be recorded and the
recording will be available on GoPro's website,
http://investor.gopro.com. approximately two hours after the call
and for 90 days thereafter.
About GoPro, Inc. (NASDAQ: GPRO)
GoPro, Inc. is transforming the way people capture and
share their lives. What began as an idea to help athletes
self-document themselves engaged in sport, GoPro has
become an end-to-end storytelling solution that helps the world
share itself through immersive and engaging content.
GoPro, HERO, Karma, and their respective logos are trademarks or
registered trademarks of GoPro Inc. in the United
States and other countries. All other trademarks are the
property of their respective owners.
For more information, visit www.gopro.com or connect with
GoPro on Facebook, Instagram, LinkedIn, Pinterest, Twitter,
YouTube, and GoPro's The Inside Line.
GoPro's Use of Social Media
GoPro announces material financial information using the
Company's investor relations website, SEC filings, press releases,
public conference calls and webcasts. GoPro may also use
social media channels to communicate about the Company, its brand
and other matters; these communications could be deemed material
information. Investors and others are encouraged to review posts on
GoPro's pages on Facebook, Instagram, LinkedIn, Pinterest,
Twitter, YouTube, GoPro's investor relations website and The Inside
Line.
Note Regarding Use of Non-GAAP Financial Measures
GoPro reports gross profit, operating expenses, operating
income (loss), net income (loss) and diluted net income (loss) per
share in accordance with U.S. generally accepted
accounting principles (GAAP) and on a non-GAAP basis. Additionally,
GoPro reports non-GAAP adjusted EBITDA. Non-GAAP items exclude,
where applicable, the effects of stock-based compensation,
acquisition-related costs, restructuring costs and the tax impact
of these items. A reconciliation of preliminary GAAP financial
measures to non-GAAP financial measures, as well as a description
of items excluded from the calculation of non-GAAP financial
measures, is presented in the financial statement portion of this
release. GoPro also provides future estimated ranges of
revenue, gross margin, operating expenses, tax rate and earnings
per share on a GAAP and non-GAAP basis.
Note on Forward-looking Statements
This press release may contain projections or other
forward-looking statements regarding future events, including but
not limited to, those regarding our business outlook for the fourth
quarter of 2016 and for calendar year 2017. These statements
involve risks and uncertainties, and actual events or results may
differ materially. Among the important factors that could
cause actual results to differ materially from those in the
forward-looking statements are our dependence on sales of our
cameras and accessories for substantially all of our revenue and
the effect of a fall in sales during the holiday season; the fact
that we do not expect to continue to grow in the future at the same
rate as we have in the past, that we may fail to manage our growth,
and profitability in past periods might not be indicative of future
performance; any inability to successfully manage frequent product
introductions and transitions, including managing our sales channel
and inventory; any inability to anticipate consumer preferences and
successfully develop desirable products; the risks associated with
our entrance into the consumer drone market; the effects of the
highly competitive market in which we operate; the 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,
2015, which is on file with the Securities and Exchange
Commission, and in our Quarterly Report on Form 10-Q for the
quarter ended September 30, 2016.
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,
2016
|
|
September 30,
2015
|
|
September 30,
2016
|
|
September 30,
2015
|
|
|
|
|
|
|
|
|
Revenue
|
$
|
240,569
|
|
|
$
|
400,340
|
|
|
$
|
644,860
|
|
|
$
|
1,183,368
|
|
Cost of
revenue
|
143,500
|
|
|
213,710
|
|
|
395,075
|
|
|
638,665
|
|
Gross
profit
|
97,069
|
|
|
186,630
|
|
|
249,785
|
|
|
544,703
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
Research and
development
|
96,146
|
|
|
67,372
|
|
|
266,174
|
|
|
175,262
|
|
Sales and
marketing
|
91,567
|
|
|
66,427
|
|
|
255,904
|
|
|
186,290
|
|
General and
administrative
|
24,945
|
|
|
25,195
|
|
|
74,108
|
|
|
87,109
|
|
Total operating
expenses
|
212,658
|
|
|
158,994
|
|
|
596,186
|
|
|
448,661
|
|
Operating income
(loss)
|
(115,589)
|
|
|
27,636
|
|
|
(346,401)
|
|
|
96,042
|
|
Other expense,
net
|
(808)
|
|
|
(363)
|
|
|
(455)
|
|
|
(2,485)
|
|
Income (loss) before
income taxes
|
(116,397)
|
|
|
27,273
|
|
|
(346,856)
|
|
|
93,557
|
|
Income tax expense
(benefit)
|
(12,329)
|
|
|
8,474
|
|
|
(43,562)
|
|
|
22,975
|
|
Net income
(loss)
|
$
|
(104,068)
|
|
|
$
|
18,799
|
|
|
$
|
(303,294)
|
|
|
$
|
70,582
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
share:
|
|
|
|
|
|
|
|
Basic
|
$
|
(0.74)
|
|
|
$
|
0.14
|
|
|
$
|
(2.18)
|
|
|
$
|
0.53
|
|
Diluted
|
$
|
(0.74)
|
|
|
$
|
0.13
|
|
|
$
|
(2.18)
|
|
|
$
|
0.48
|
|
|
|
|
|
|
|
|
|
Weighted-average
shares used to compute net income (loss) per share:
|
|
|
|
|
|
|
|
Basic
|
140,124
|
|
|
135,800
|
|
|
138,875
|
|
|
133,755
|
|
Diluted
|
140,124
|
|
|
146,055
|
|
|
138,875
|
|
|
147,201
|
|
GoPro,
Inc. Preliminary Condensed Consolidated Balance
Sheets (unaudited)
|
|
(in
thousands)
|
September 30,
2016
|
|
December 31,
2015
|
|
|
|
|
Assets
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
131,577
|
|
|
$
|
279,672
|
|
Marketable
securities
|
93,315
|
|
|
194,386
|
|
Accounts receivable,
net
|
92,351
|
|
|
145,692
|
|
Inventory
|
145,231
|
|
|
188,232
|
|
Prepaid expenses and
other current assets
|
40,566
|
|
|
25,261
|
|
Total current
assets
|
503,040
|
|
|
833,243
|
|
Property and
equipment, net
|
77,577
|
|
|
70,050
|
|
Intangible assets,
net and goodwill
|
183,955
|
|
|
88,122
|
|
Other long-term
assets
|
136,713
|
|
|
111,561
|
|
Total
assets
|
$
|
901,285
|
|
|
$
|
1,102,976
|
|
|
|
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
|
158,767
|
|
|
$
|
89,989
|
|
Accrued
liabilities
|
183,905
|
|
|
192,446
|
|
Deferred
revenue
|
11,499
|
|
|
12,742
|
|
Total current
liabilities
|
354,171
|
|
|
295,177
|
|
Long-term
liabilities
|
39,496
|
|
|
35,766
|
|
Total
liabilities
|
393,667
|
|
|
330,943
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
Common stock and
additional paid-in capital
|
702,190
|
|
|
663,311
|
|
Treasury stock, at
cost
|
(35,613)
|
|
|
(35,613)
|
|
Retained earnings
(accumulated deficit)
|
(158,959)
|
|
|
144,335
|
|
Total
stockholders' equity
|
507,618
|
|
|
772,033
|
|
Total
liabilities and stockholders' equity
|
$
|
901,285
|
|
|
$
|
1,102,976
|
|
GoPro,
Inc. Preliminary Condensed Consolidated Statement of Cash
Flows (unaudited)
|
|
|
Three months
ended
|
|
Nine months
ended
|
(in
thousands)
|
September 30,
2016
|
|
September 30,
2015
|
|
September 30,
2016
|
|
September 30,
2015
|
Operating
activities:
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
|
(104,068)
|
|
|
$
|
18,799
|
|
|
$
|
(303,294)
|
|
|
$
|
70,582
|
|
Adjustments to
reconcile net income (loss) to net cash provided by (used in)
operating activities:
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
12,736
|
|
|
7,594
|
|
|
30,540
|
|
|
19,385
|
|
Impairment of
intangible assets
|
6,000
|
|
|
—
|
|
|
6,000
|
|
|
—
|
|
Stock-based
compensation
|
18,466
|
|
|
17,870
|
|
|
51,601
|
|
|
62,560
|
|
Excess tax benefit from
stock-based compensation
|
(1,457)
|
|
|
(4,411)
|
|
|
(2,374)
|
|
|
(32,550)
|
|
Deferred income
taxes
|
(7,462)
|
|
|
(232)
|
|
|
(20,956)
|
|
|
(6,888)
|
|
Other
|
3,592
|
|
|
1,477
|
|
|
4,754
|
|
|
4,433
|
|
Net changes in
operating assets and liabilities
|
30,469
|
|
|
(36,475)
|
|
|
113,280
|
|
|
19,241
|
|
Net cash provided by
(used in) operating activities
|
(41,724)
|
|
|
4,622
|
|
|
(120,449)
|
|
|
136,763
|
|
|
|
|
|
|
|
|
|
Investing
activities:
|
|
|
|
|
|
|
|
Purchases of property
and equipment, net
|
(14,324)
|
|
|
(11,057)
|
|
|
(26,516)
|
|
|
(32,326)
|
|
Purchases of
marketable securities
|
—
|
|
|
(94,860)
|
|
|
—
|
|
|
(207,186)
|
|
Maturities of
marketable securities
|
21,922
|
|
|
29,010
|
|
|
93,224
|
|
|
50,536
|
|
Sale of marketable
securities
|
—
|
|
|
11,035
|
|
|
6,791
|
|
|
23,955
|
|
Acquisitions, net of
cash acquired
|
—
|
|
|
(7,699)
|
|
|
(104,353)
|
|
|
(65,405)
|
|
Net cash provided by
(used in) investing activities
|
7,598
|
|
|
(73,571)
|
|
|
(30,854)
|
|
|
(230,426)
|
|
|
|
|
|
|
|
|
|
Financing
activities:
|
|
|
|
|
|
|
|
Proceeds from
issuance of common stock, net
|
937
|
|
|
6,668
|
|
|
5,342
|
|
|
23,807
|
|
Excess tax benefit
from stock-based compensation
|
1,457
|
|
|
4,411
|
|
|
2,374
|
|
|
32,550
|
|
Payment of deferred
acquisition-related consideration
|
—
|
|
|
—
|
|
|
(950)
|
|
|
—
|
|
Payment of credit
facility issuance costs
|
(66)
|
|
|
—
|
|
|
(3,287)
|
|
|
—
|
|
Payment of deferred
public offering costs
|
—
|
|
|
—
|
|
|
—
|
|
|
(903)
|
|
Net cash provided by
(used in) financing activities
|
2,328
|
|
|
11,079
|
|
|
3,479
|
|
|
55,454
|
|
Effect of exchange
rate changes on cash and cash equivalents
|
(137)
|
|
|
(192)
|
|
|
(271)
|
|
|
(1,751)
|
|
Net decrease in cash and cash equivalents
|
(31,935)
|
|
|
(58,062)
|
|
|
(148,095)
|
|
|
(39,960)
|
|
Cash and cash
equivalents at beginning of period
|
163,512
|
|
|
338,031
|
|
|
279,672
|
|
|
319,929
|
|
Cash and cash
equivalents at end of period
|
$
|
131,577
|
|
|
$
|
279,969
|
|
|
$
|
131,577
|
|
|
$
|
279,969
|
|
|
|
|
|
|
|
|
|
GoPro, Inc.
Reconciliation of Preliminary GAAP to Non-GAAP
Financial Measures
To supplement our unaudited selected financial data presented on
a basis consistent with GAAP, we disclose certain non-GAAP
financial measures, including non-GAAP gross profit, gross margin,
operating expenses, operating income (loss), net income (loss),
earnings (loss) per share and adjusted EBITDA. We also provide
forecasts of non-GAAP gross margin, non-GAAP operating expenses,
non-GAAP tax rate, non-GAAP net income and non-GAAP diluted
earnings per share. These non-GAAP measures are not in accordance
with, nor serve as an alternative for GAAP. We believe that
these non-GAAP measures have limitations in that they do not
reflect all of the amounts associated with our GAAP results of
operations. These non-GAAP measures should only be viewed in
conjunction with corresponding GAAP measures.
In calculating non-GAAP financial measures, we exclude certain
items to facilitate a review of the comparability of our core
operating performance on a period-to-period basis. The excluded
items represent stock-based compensation and other charges that we
do not consider to be directly related to core operating
performance. We use non-GAAP measures to evaluate the core
operating performance of our business, for comparison with
forecasts and strategic plans and for calculating return on
investment. In addition, management's incentive compensation is
determined using non-GAAP measures. Since we find these measures to
be useful, we believe that investors benefit from seeing results
reviewed by management in addition to seeing GAAP results. We
believe that these non-GAAP measures, when read in conjunction with
our GAAP financials, provide useful information to investors by
facilitating:
- the comparability of our on-going operating results over the
periods presented;
- the ability to identify trends in our underlying business;
and
- the comparison of our operating results against analyst
financial models and operating results of other public companies
that supplement their GAAP results with non-GAAP financial
measures.
The following are explanations of each type of adjustment that
we incorporate into non-GAAP financial measures:
- Stock-based compensation expense relates to equity
awards granted primarily to our workforce. We exclude stock-based
compensation expense because we believe that the non-GAAP financial
measures excluding this item provide meaningful supplemental
information regarding operational performance. In particular, we
note that companies calculate stock-based compensation expense for
the variety of award types that they employ using different
valuation methodologies and subjective assumptions. These non-cash
charges are not factored into our internal evaluation of net income
as we believe their inclusion would hinder our ability to assess
core operational performance. We believe that excluding this
expense provides greater visibility to the underlying performance
of our business operations, facilitates comparison of our results
with other periods, and may also facilitate comparison with the
results of other companies in our industry.
- Acquisition-related costs include the amortization of
acquired intangible assets (primarily consisting of acquired
technology), the impairment of acquired intangible assets (if
applicable), as well as third-party transaction costs incurred for
legal and other professional services. These costs are not
factored into our evaluation of potential acquisitions, or of our
performance after completion of the acquisitions, because these
costs are not related to our core operating performance or
reflective of ongoing operating results in the period, and the
frequency and amount of such costs are inconsistent and vary
significantly based on the timing and magnitude of our acquisition
transactions and the maturities of the businesses being
acquired.
- Restructuring costs primarily include severance-related
costs recorded in connection with our global workforce reduction in
January 2016. 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.
- Income tax adjustments relate 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 (loss). We
believe that these adjustments provide us with the ability to more
clearly view trends in our core operating performance.
- Additionally, adjusted EBITDA excludes the amortization of
point-of-purchase (POP) display assets because it is a non-cash
charge, and similar to depreciation of property and equipment and
amortization of acquired intangible assets.
GoPro,
Inc. Reconciliation of Preliminary GAAP to Non-GAAP
Financial Measures (unaudited)
|
|
Reconciliations of
non-GAAP financial measures are set forth below:
|
|
|
Three months
ended
|
(in thousands,
except per share data)
|
September 30,
2016
|
|
September 30,
2015
|
|
|
|
|
GAAP net income
(loss)
|
$
|
(104,068)
|
|
|
$
|
18,799
|
|
Stock-based
compensation:
|
|
|
|
Cost of
revenue
|
426
|
|
|
410
|
|
Research and
development
|
8,039
|
|
|
4,872
|
|
Sales and
marketing
|
3,816
|
|
|
3,516
|
|
General and
administrative
|
6,185
|
|
|
9,072
|
|
Total
stock-based compensation
|
18,466
|
|
|
17,870
|
|
|
|
|
|
Acquisition-related
costs:
|
|
|
|
Cost of
revenue
|
222
|
|
|
222
|
|
Research and
development
|
8,355
|
|
|
1,198
|
|
Sales and
marketing
|
—
|
|
|
33
|
|
General and
administrative
|
(4)
|
|
|
512
|
|
Total
acquisition-related costs
|
8,573
|
|
|
1,965
|
|
|
|
|
|
Income tax
adjustments
|
(7,250)
|
|
|
(2,008)
|
|
Non-GAAP net
income (loss)
|
$
|
(84,279)
|
|
|
$
|
36,626
|
|
|
|
|
|
Non-GAAP diluted
net income (loss) per share
|
$
|
(0.60)
|
|
|
$
|
0.25
|
|
|
Three months
ended
|
(dollars in
thousands)
|
September 30,
2016
|
|
September 30,
2015
|
GAAP gross
profit
|
$
|
97,069
|
|
|
$
|
186,630
|
|
Stock-based
compensation
|
426
|
|
|
410
|
|
Acquisition-related
costs
|
222
|
|
|
222
|
|
Non-GAAP gross
profit
|
$
|
97,717
|
|
|
$
|
187,262
|
|
|
|
|
|
GAAP gross profit
as a % of revenue
|
40.3
|
%
|
|
46.6
|
%
|
Stock-based
compensation
|
0.2
|
|
|
0.1
|
|
Acquisition-related
costs
|
0.1
|
|
|
0.1
|
|
Non-GAAP gross
profit as a % of revenue
|
40.6
|
%
|
|
46.8
|
%
|
|
|
|
|
GAAP operating
expenses
|
$
|
212,658
|
|
|
$
|
158,994
|
|
Stock-based
compensation
|
(18,040)
|
|
|
(17,460)
|
|
Acquisition-related
costs
|
(8,351)
|
|
|
(1,743)
|
|
Non-GAAP operating
expenses
|
$
|
186,267
|
|
|
$
|
139,791
|
|
|
|
|
|
GAAP operating
income (loss)
|
$
|
(115,589)
|
|
|
$
|
27,636
|
|
Stock-based
compensation
|
18,466
|
|
|
17,870
|
|
Acquisition-related
costs
|
8,573
|
|
|
1,965
|
|
Non-GAAP operating
income (loss)
|
$
|
(88,550)
|
|
|
$
|
47,471
|
|
|
|
|
|
|
Three months
ended
|
(in
thousands)
|
September 30,
2016
|
|
September 30,
2015
|
GAAP net income
(loss)
|
$
|
(104,068)
|
|
|
$
|
18,799
|
|
Income tax expense
(benefit)
|
(12,329)
|
|
|
8,474
|
|
Interest expense,
net
|
596
|
|
|
140
|
|
Depreciation and
amortization
|
12,734
|
|
|
7,594
|
|
POP display
amortization
|
4,979
|
|
|
3,844
|
|
Stock-based
compensation
|
18,466
|
|
|
17,870
|
|
Impairment of
intangible assets
|
6,000
|
|
|
—
|
|
Adjusted
EBITDA
|
$
|
(73,622)
|
|
|
$
|
56,721
|
|
Reconciliations of non-GAAP financial measures for business
outlook are set forth below:
(in thousands,
except per share amounts)
|
Fourth quarter
2016
earnings per share
|
|
Full year 2017
operating expenses
|
GAAP
|
$0.10 to
$0.20
|
|
$
|
735,000
|
|
Estimated
adjustments(1) for:
|
|
|
|
Stock-based
compensation
|
$0.14 to
$0.15
|
|
(75,000)
|
|
Acquisition-related
costs
|
$0.01
|
|
(10,000)
|
|
Non-GAAP
|
$0.25 to
$0.35
|
|
$
|
650,000
|
|
(1)
Estimated adjustments to GAAP earnings per share are shown after
tax effects.
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/gopro-announces-third-quarter-2016-results-300357213.html
SOURCE GoPro