SAN MATEO, Calif., May 7, 2020 /PRNewswire/ -- GoPro, Inc.
(NASDAQ: GPRO) today announced financial results for its first
quarter ended March 31, 2020.
"We've taken decisive action to transition into a more efficient
and profitable direct-to-consumer business," said GoPro founder and
CEO, Nicholas Woodman. "This
benefits GoPro with a substantially reduced operating expense
model, improved gross margin and a significantly lower threshold to
profitability."
GoPro Q1 2020 Financial Results
- Revenue for Q1 2020 was $119
million, in-line with the preliminary results published on
April 15, and down from $243 million for the same prior year
period.
- GAAP gross margin for Q1 2020 was 32.2%, slightly
down from 33.1% year-over-year. Non-GAAP gross margin for Q1
2020 was 34.2%, flat from the prior year.
- Q1 2020 GAAP net loss was $64
million, or $0.43 per
share. Non-GAAP net loss was $50
million, or $0.34 per
share.
- Q1 2020 GAAP operating expenses of $95 million decreased 6%
year-over-year. Q1 2020 non-GAAP operating expenses were
$87 million, down 4% year-over-year.
GAAP and non-GAAP operating expenses were at their lowest levels
since 2014.
- Adjusted EBITDA for the first quarter of 2020 was negative
$41 million, compared to negative
$1 million in the same period a year
ago.
- Cash and investments totaled $125
million at the end of Q1 2020.
Recent GoPro Highlights
- GoPro.com represented a record percentage of revenue in Q1
2020 at 17%, up from 11% in Q1 2019.
- Cameras with retail prices above $300 represented nearly 90% of Q1 2020 revenue,
continuing a trend of consumers moving to our high-end
cameras.
- GoPro's Plus subscription service ended Q1 2020 with 355,000
paid subscribers, up 14% sequentially and up 69%
year-over-year.
- Social followers increased by more than 1.3 million across
all channels in Q1 2020 to more than 44 million, driven primarily
by increases on Instagram, TiKTok and
YouTube.
- Organic viewership of GoPro content grew more than 40% both
sequentially and year-over-year to a record quarterly high of 243
million organic, non-paid views in Q1 2020.
- On April 15, GoPro announced
Aimée Lapic, former Pandora and Banana Republic Chief Marketing
Officer, as its Chief Digital Officer to lead direct-to-consumer
growth initiatives.
"While our business slowed due to COVID-19, consumers have
continued to purchase GoPro cameras at substantial levels during
the pandemic, and since early April we've seen sell-through trend
in a positive direction," said Brian
McGee, GoPro CFO and COO. "Operationally we are performing
well during a difficult period and we are extremely proud of our
team's dedication. We expect our shift to a more consumer-direct
model allows us to succeed both during the pandemic and in the
long-term."
Results
Summary:
|
|
|
|
Three months ended
March 31,
|
($ in thousands,
except per share amounts)
|
|
2020
|
|
2019
|
|
%
Change
|
Revenue
|
|
$
|
119,400
|
|
|
$
|
242,708
|
|
|
(50.8)
|
%
|
Gross
margin
|
|
|
|
|
|
|
GAAP
|
|
32.2
|
%
|
|
33.1
|
%
|
|
(90)
|
bps
|
Non-GAAP
|
|
34.2
|
%
|
|
34.2
|
%
|
|
—
|
|
Operating
loss
|
|
|
|
|
|
|
GAAP
|
|
$
|
(56,114)
|
|
|
$
|
(20,288)
|
|
|
176.6
|
%
|
Non-GAAP
|
|
$
|
(46,654)
|
|
|
$
|
(8,118)
|
|
|
474.7
|
%
|
Net
loss
|
|
|
|
|
|
|
GAAP
|
|
$
|
(63,528)
|
|
|
$
|
(24,365)
|
|
|
160.7
|
%
|
Non-GAAP
|
|
$
|
(49,613)
|
|
|
$
|
(10,171)
|
|
|
387.8
|
%
|
Diluted net loss
per share
|
|
|
|
|
|
|
GAAP
|
|
$
|
(0.43)
|
|
|
$
|
(0.17)
|
|
|
152.9
|
%
|
Non-GAAP
|
|
$
|
(0.34)
|
|
|
$
|
(0.07)
|
|
|
385.7
|
%
|
Adjusted
EBITDA
|
|
$
|
(41,356)
|
|
|
$
|
(1,035)
|
|
|
3,895.7
|
%
|
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.
Prior to the start of the call, the Company will post Management
Commentary on the "Financials" section of its Investor Relations
website at https://investor.gopro.com. Management will make brief
opening comments before taking
questions.
To listen to the live conference call, please dial toll free
(800) 458-4121 or (720) 543-0206, access code 3327779,
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
https://investor.gopro.com. A recording of the webcast will be
available on GoPro's website, https://investor.gopro.com,
approximately two hours after the call and for 90 days
thereafter.
About GoPro, Inc. (NASDAQ: GPRO)
GoPro helps the world celebrate and share itself in
immersive and exciting ways.
GoPro, HERO and their respective logos are trademarks or
registered trademarks of GoPro, Inc. in the United
States and other countries.
For more information, visit www.gopro.com. GoPro users
can submit their photos, raw clips and video edits to GoPro Awards
for social stoke, GoPro gear and cash prizes. Learn more
at www.gopro.com/awards. Connect with GoPro
on Facebook, Instagram, LinkedIn, TikTok, Twitter, YouTube,
and GoPro's blog The Inside Line.
GoPro's Use of Social Media
GoPro announces material financial information using the
Company's investor relations website, SEC filings, press releases,
public conference calls and webcasts. GoPro may also use social
media channels to communicate about the Company, its brand and
other matters; these communications could be deemed material
information. Investors and others are encouraged to review posts on
GoPro's pages on Facebook, Instagram, LinkedIn, TikTok,
Twitter, YouTube, GoPro's investor relations website and The Inside
Line.
Note Regarding Use of Non-GAAP Financial Measures
GoPro reports gross profit, gross margin, operating
expenses, operating income (loss), other income (expense), tax
expense, net income (loss) and diluted net income (loss) per share
in accordance with U.S. generally accepted accounting
principles (GAAP) and on a non-GAAP basis. Additionally, GoPro
reports non-GAAP adjusted EBITDA. Non-GAAP items exclude, where
applicable, the effects of stock-based compensation,
acquisition-related costs, restructuring and other related costs,
non-cash interest expense, gain on sale and license of intellectual
property and the tax impact of these items. When planning,
forecasting and analyzing gross margin, operating expenses, other
income (expense), tax expense, net income (loss) and net income
(loss) per share for future periods, GoPro does so primarily on a
non-GAAP basis without preparing a GAAP analysis as that would
require estimates for reconciling items which are inherently
difficult to predict with reasonable accuracy.
Note on Forward-looking Statements
This press release may contain projections or other
forward-looking statements within the meaning Section 27A of the
Private Securities Litigation Reform Act. Words such as
"anticipate," "believe," "estimate," "expect," "intend," "should,"
"will" and variations of these terms or the negative of these
terms and similar expressions are intended to identify these
forward-looking statements. Forward-looking statements in this
presentation may include, but are not limited to planned growth and
increased profitability in 2020 and beyond. 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 ability to effectively manage
late stage production delay, the risk that our reduction in
operating expenses may impact our ability to meet our business
objectives and achieve our revenue targets, and may not result in
the expected improvement in our profitability; our ability to
continue to focus on expense management; the fact that our plan to
profitability depends in part on further penetrating our
addressable market, and we may not be successful in doing so; the
risk that growing our direct to consumer business while reducing
our reliance on our other sales channels could impact
profitability; the impact of the COVID-19 pandemic and its effect
on the United states and global economies and our business in
particular; any inability to successfully manage frequent product
introductions (including roadmap for new hardware, software and
subscription products) and transitions, including managing our
sales channel and inventory, and accurately forecasting future
sales; the fact that a small number of retailers and distributors
account for a substantial portion of our revenue and our level of
business with them could be significantly reduced due to retail
closures related to COVID-19; the fact that we plan to
transition from some distributors and retailers as we shift our
sales strategy to focus on our direct-to-consumer channel, and that
transition may result in reduced revenue and profitability; our
reliance on third party suppliers, some of which are sole source
suppliers, to provide components for our products and our reliance
on third party logistics partners to deliver without interruption;
our dependence on sales of our cameras, mounts and accessories, and
subscription services for substantially all of our revenue (and the
effects of changes in the sales mix or decrease in demand for these
products); the fact that an economic downturn or economic
uncertainty in our key U.S. and international markets, as well as
fluctuations in currency exchange rates, may adversely affect
consumer discretionary spending; any changes to trade agreements,
trade policies, tariffs, and import/export regulations; the effects
of transferring most U.S.-bound production out of China and our ability to manufacture in
Mexico; the effects of the highly
competitive market in which we operate, including new market
entrants; the fact that we may not be able to achieve revenue
growth or profitability in the future; risks related to inventory,
purchase commitments and long-lived assets; difficulty in
accurately predicting our future customer demand; the importance of
maintaining the value and reputation of our brand; the risk that
the e-commerce technology systems that give consumers the ability
to shop online do not function effectively; the risk that we will
encounter problems with our distribution system; the threat of a
security breach or other disruption including cyberattacks; the
concern that our intellectual property and proprietary rights may
not adequately protect our products and services; and other factors
detailed in the Risk Factors section of our Annual Report on Form
10-K for the year ended December 31,
2019, which is on file with the Securities and Exchange
Commission (SEC), and as updated in future filings with the SEC
including the Quarterly Report on Form 10-Q for the quarter ended
March 31, 2020. These forward-looking
statements speak only as of the date hereof or as of the date
otherwise stated herein. GoPro disclaims any obligation
to update these forward-looking statements.
GoPro,
Inc. Preliminary Condensed Consolidated Statement of
Operations (unaudited)
|
|
|
Three months ended
March 31,
|
(in thousands,
except per share data)
|
2020
|
|
2019
|
Revenue
|
$
|
119,400
|
|
|
$
|
242,708
|
|
Cost of
revenue
|
80,973
|
|
|
162,361
|
|
Gross
profit
|
38,427
|
|
|
80,347
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
Research and
development
|
32,281
|
|
|
37,464
|
|
Sales and
marketing
|
43,502
|
|
|
47,290
|
|
General and
administrative
|
18,758
|
|
|
15,881
|
|
Total operating
expenses
|
94,541
|
|
|
100,635
|
|
Operating
loss
|
(56,114)
|
|
|
(20,288)
|
|
Other income
(expense):
|
|
|
|
Interest
expense
|
(4,843)
|
|
|
(4,527)
|
|
Other income
(expense), net
|
(172)
|
|
|
828
|
|
Total other expense,
net
|
(5,015)
|
|
|
(3,699)
|
|
Loss before income
taxes
|
(61,129)
|
|
|
(23,987)
|
|
Income tax
expense
|
2,399
|
|
|
378
|
|
Net loss
|
$
|
(63,528)
|
|
|
$
|
(24,365)
|
|
|
|
|
|
Basic and diluted net
loss per share
|
$
|
(0.43)
|
|
|
$
|
(0.17)
|
|
|
|
|
|
Weighted-average
number of shares outstanding, basic and diluted
|
147,560
|
|
|
142,601
|
|
GoPro,
Inc. Preliminary Condensed Consolidated Balance
Sheets (unaudited)
|
|
(in
thousands)
|
March 31,
2020
|
|
December 31,
2019
|
Assets
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
117,435
|
|
|
$
|
150,301
|
|
Marketable
securities
|
7,495
|
|
|
14,847
|
|
Accounts receivable,
net
|
50,991
|
|
|
200,634
|
|
Inventory
|
172,022
|
|
|
144,236
|
|
Prepaid expenses and
other current assets
|
24,942
|
|
|
25,958
|
|
Total current
assets
|
372,885
|
|
|
535,976
|
|
Property and
equipment, net
|
33,670
|
|
|
36,539
|
|
Operating lease
right-of-use assets
|
51,086
|
|
|
53,121
|
|
Intangible assets,
net and goodwill
|
150,384
|
|
|
151,706
|
|
Other long-term
assets
|
15,013
|
|
|
15,461
|
|
Total
assets
|
$
|
623,038
|
|
|
$
|
792,803
|
|
|
|
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
|
63,776
|
|
|
$
|
160,695
|
|
Accrued expenses and
other current liabilities
|
97,543
|
|
|
141,790
|
|
Short-term operating
lease liabilities
|
8,871
|
|
|
9,099
|
|
Deferred
revenue
|
14,421
|
|
|
15,467
|
|
Short-term
debt
|
30,000
|
|
|
—
|
|
Total current
liabilities
|
214,611
|
|
|
327,051
|
|
Long-term
debt
|
151,392
|
|
|
148,810
|
|
Long-term operating
lease liabilities
|
60,351
|
|
|
62,961
|
|
Other long-term
liabilities
|
19,186
|
|
|
20,452
|
|
Total
liabilities
|
445,540
|
|
|
559,274
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
Common stock and
additional paid-in capital
|
938,372
|
|
|
930,875
|
|
Treasury stock, at
cost
|
(113,613)
|
|
|
(113,613)
|
|
Accumulated
deficit
|
(647,261)
|
|
|
(583,733)
|
|
Total stockholders'
equity
|
177,498
|
|
|
233,529
|
|
Total liabilities and
stockholders' equity
|
$
|
623,038
|
|
|
$
|
792,803
|
|
GoPro,
Inc. Preliminary Condensed Consolidated Statement of Cash
Flows (unaudited)
|
|
|
|
Three months ended
March 31,
|
(in
thousands)
|
2020
|
|
2019
|
Operating
activities:
|
|
|
|
Net loss
|
$
|
(63,528)
|
|
|
$
|
(24,365)
|
|
Adjustments to
reconcile net loss to net cash used in operating
activities:
|
|
|
|
Depreciation and
amortization
|
5,983
|
|
|
6,850
|
|
Non-cash operating
lease cost
|
2,035
|
|
|
2,626
|
|
Stock-based
compensation
|
7,637
|
|
|
9,785
|
|
Deferred income
taxes
|
6
|
|
|
(38)
|
|
Non-cash
restructuring charges
|
—
|
|
|
(201)
|
|
Non-cash interest
expense
|
2,373
|
|
|
2,142
|
|
Other
|
672
|
|
|
(329)
|
|
Net changes in
operating assets and liabilities
|
(23,462)
|
|
|
(61,454)
|
|
Net cash used in
operating activities
|
(68,284)
|
|
|
(64,984)
|
|
|
|
|
|
Investing
activities:
|
|
|
|
Purchases of property
and equipment, net
|
(795)
|
|
|
(724)
|
|
Purchases of
marketable securities
|
—
|
|
|
(6,948)
|
|
Maturities of
marketable securities
|
7,330
|
|
|
4,400
|
|
Sale of marketable
securities
|
—
|
|
|
1,889
|
|
Asset
acquisition
|
(438)
|
|
|
—
|
|
Net cash provided by
(used in) investing activities
|
6,097
|
|
|
(1,383)
|
|
|
|
|
|
Financing
activities:
|
|
|
|
Proceeds from
issuance of common stock
|
1,887
|
|
|
3,812
|
|
Taxes paid related to
net share settlement of equity awards
|
(2,003)
|
|
|
(2,673)
|
|
Proceeds from
borrowings
|
30,000
|
|
|
—
|
|
Net cash provided by
financing activities
|
29,884
|
|
|
1,139
|
|
Effect of exchange
rate changes on cash and cash equivalents
|
(563)
|
|
|
74
|
|
Net change in cash
and cash equivalents
|
(32,866)
|
|
|
(65,154)
|
|
Cash and cash
equivalents at beginning of period
|
150,301
|
|
|
152,095
|
|
Cash and cash
equivalents at end of period
|
$
|
117,435
|
|
|
$
|
86,941
|
|
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), other income
(expense), tax expense, net income (loss), diluted net income
(loss) per share and adjusted EBITDA. We also provide forecasts of
non-GAAP gross margin, non-GAAP operating expenses, non-GAAP other
income (expense), non-GAAP tax expense, non-GAAP net income (loss)
and non-GAAP diluted net income (loss) per share. We use these
non-GAAP financial measures to help us understand and evaluate our
core operating performance and trends, to prepare and approve our
annual budget, and to develop short-term and long-term operational
plans. Our management uses, and believes that investors benefit
from referring to these non-GAAP financial measures in assessing
our operating results. These non-GAAP financial measures should not
be considered in isolation from, or as an alternative to, the
measures prepared in accordance with GAAP, and are not based on any
comprehensive set of accounting rules or principles. We believe
that these non-GAAP measures, when read in conjunction with our
GAAP financials, provide useful information to investors by
facilitating:
- the comparability of our on-going operating results over the
periods presented;
- the ability to identify trends in our underlying business;
and
- the comparison of our operating results against analyst
financial models and operating results of other public companies
that supplement their GAAP results with non-GAAP financial
measures.
These non-GAAP financial measures have limitations in that they
do not reflect all of the amounts associated with our results of
operations as determined in accordance with GAAP. Some of these
limitations are:
- adjusted EBITDA does not reflect tax payments that reduce cash
available to us;
- adjusted EBITDA excludes depreciation and amortization and,
although these are non-cash charges, the property and equipment
being depreciated and amortized often will have to be replaced in
the future, and adjusted EBITDA does not reflect any cash capital
expenditure requirements for such replacements;
- adjusted EBITDA excludes the amortization of point of purchase
(POP) display assets because it is a non-cash charge, and is
treated similarly to depreciation of property and equipment and
amortization of acquired intangible assets;
- adjusted EBITDA and non-GAAP net income (loss) exclude the
impairment of intangible assets because it is a non-cash charge
that is inconsistent in amount and frequency;
- adjusted EBITDA and non-GAAP net income (loss) exclude
restructuring and other related costs which primarily include
severance-related costs, stock-based compensation expenses,
facilities consolidation charges recorded in connection with
restructuring actions announced in the fourth quarter of 2016,
first quarter of 2017 and first quarter of 2018, and the related
ongoing operating lease cost of those facilities recorded under
Accounting Standards Codification 842, Leases. These
expenses do not reflect expected future operating expenses and do
not contribute to a meaningful evaluation of current operating
performance or comparisons to the operating performance in other
periods;
- adjusted EBITDA and non-GAAP net income (loss) exclude
stock-based compensation expense related to equity awards granted
primarily to our workforce. We exclude stock-based compensation
expense because we believe that the non-GAAP financial measures
excluding this item provide meaningful supplemental information
regarding operational performance. In particular, we note that
companies calculate stock-based compensation expense for the
variety of award types that they employ using different valuation
methodologies and subjective assumptions. These non-cash charges
are not factored into our internal evaluation of net income (loss)
as we believe their inclusion would hinder our ability to assess
core operational performance;
- non-GAAP net income (loss) excludes acquisition-related costs
including the amortization of acquired intangible assets (primarily
consisting of acquired technology), the impairment of acquired
intangible assets (if applicable), as well as third-party
transaction costs incurred for legal and other professional
services. These costs are not factored into our evaluation of
potential acquisitions, or of our performance after completion of
the acquisitions, because these costs are not related to our core
operating performance or reflective of ongoing operating results in
the period, and the frequency and amount of such costs are
inconsistent and vary significantly based on the timing and
magnitude of our acquisition transactions and the maturities of the
businesses being acquired. Although we exclude the amortization of
acquired intangible assets from our non-GAAP net income (loss),
management believes that it is important for investors to
understand that such intangible assets were recorded as part of
purchase accounting and contribute to revenue generation;
- non-GAAP net income (loss) excludes non-cash interest expense.
In connection with the issuance of the Convertible Senior Notes in
April 2017, we are required to
recognize non-cash interest expense in accordance with the
authoritative accounting guidance for convertible debt that may be
settled in cash;
- non-GAAP net income (loss) excludes a gain on the sale and
license of intellectual property. This gain is not related to our
core operating performance or reflective of ongoing operating
results in the period, and the frequency and amount of such gains
are inconsistent;
- non-GAAP net income (loss) includes income tax
adjustments. We utilize a cash-based non-GAAP tax expense
approach (based upon expected annual cash payments for income
taxes) for evaluating operating performance as well as for planning
and forecasting purposes. This non-GAAP tax approach eliminates the
effects of period specific items, which can vary in size and
frequency and does not necessarily reflect our long-term
operations. Historically, we computed a non-GAAP tax rate based on
non-GAAP pre-tax income on a quarterly basis, which considered the
income tax effects of the adjustments above; and
- other companies may calculate these non-GAAP financial measures
differently than we do, limiting their usefulness as comparative
measures.
GoPro, Inc.
Reconciliation of
Preliminary GAAP to Non-GAAP Financial
Measures
(unaudited)
Reconciliations of non-GAAP financial measures are set forth
below:
|
Three months ended
March 31,
|
(in thousands,
except per share data)
|
2020
|
|
2019
|
GAAP net
loss
|
$
|
(63,528)
|
|
|
$
|
(24,365)
|
|
Stock-based
compensation:
|
|
|
|
Cost of
revenue
|
503
|
|
|
513
|
|
Research and
development
|
3,022
|
|
|
4,677
|
|
Sales and
marketing
|
1,717
|
|
|
2,213
|
|
General and
administrative
|
2,395
|
|
|
2,382
|
|
Total stock-based
compensation
|
7,637
|
|
|
9,785
|
|
|
|
|
|
Acquisition-related
costs:
|
|
|
|
Cost of
revenue
|
1,887
|
|
|
2,082
|
|
Total
acquisition-related costs
|
1,887
|
|
|
2,082
|
|
|
|
|
|
Restructuring and
other costs:
|
|
|
|
Cost of
revenue
|
(4)
|
|
|
16
|
|
Research and
development
|
(24)
|
|
|
97
|
|
Sales and
marketing
|
(19)
|
|
|
103
|
|
General and
administrative
|
(17)
|
|
|
87
|
|
Total restructuring
and other costs
|
(64)
|
|
|
303
|
|
|
|
|
|
Non-cash interest
expense
|
2,373
|
|
|
2,142
|
|
Income tax
adjustments
|
2,082
|
|
|
(118)
|
|
Non-GAAP net
loss
|
$
|
(49,613)
|
|
|
$
|
(10,171)
|
|
|
|
|
|
GAAP and non-GAAP
shares for diluted net loss per share
|
147,560
|
|
|
142,601
|
|
|
|
|
|
GAAP diluted net
loss per share
|
$
|
(0.43)
|
|
|
$
|
(0.17)
|
|
Non-GAAP diluted
net loss per share
|
$
|
(0.34)
|
|
|
$
|
(0.07)
|
|
|
|
|
|
|
Three months ended
March 31,
|
(dollars in
thousands)
|
2020
|
|
2019
|
GAAP gross profit
as a % of revenue
|
32.2
|
%
|
|
33.1
|
%
|
Stock-based
compensation
|
0.4
|
|
|
0.2
|
|
Acquisition-related
costs
|
1.6
|
|
|
0.9
|
|
Non-GAAP gross
profit as a % of revenue
|
34.2
|
%
|
|
34.2
|
%
|
|
|
|
|
GAAP operating
expenses
|
$
|
94,541
|
|
|
$
|
100,635
|
|
Stock-based
compensation
|
(7,134)
|
|
|
(9,272)
|
|
Restructuring and
other costs
|
60
|
|
|
(287)
|
|
Non-GAAP operating
expenses
|
$
|
87,467
|
|
|
$
|
91,076
|
|
|
|
|
|
GAAP operating
loss
|
$
|
(56,114)
|
|
|
$
|
(20,288)
|
|
Stock-based
compensation
|
7,637
|
|
|
9,785
|
|
Acquisition-related
costs
|
1,887
|
|
|
2,082
|
|
Restructuring and
other costs
|
(64)
|
|
|
303
|
|
Non-GAAP operating
loss
|
$
|
(46,654)
|
|
|
$
|
(8,118)
|
|
|
|
|
|
|
Three months ended
March 31,
|
(in
thousands)
|
2020
|
|
2019
|
GAAP net
loss
|
$
|
(63,528)
|
|
|
$
|
(24,365)
|
|
Income tax
expense
|
2,399
|
|
|
378
|
|
Interest expense,
net
|
4,681
|
|
|
4,083
|
|
Depreciation and
amortization
|
5,982
|
|
|
6,850
|
|
POP display
amortization
|
1,537
|
|
|
1,931
|
|
Stock-based
compensation
|
7,637
|
|
|
9,785
|
|
Restructuring and
other costs
|
(64)
|
|
|
303
|
|
Adjusted
EBITDA
|
$
|
(41,356)
|
|
|
$
|
(1,035)
|
|
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SOURCE GoPro, Inc.