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Share Name | Share Symbol | Market | Type |
---|---|---|---|
GoPro Inc | NASDAQ:GPRO | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.02 | 1.05% | 1.93 | 1.75 | 2.03 | 1.98 | 1.90 | 1.95 | 1,039,760 | 05:00:05 |
SAN MATEO, Calif., Aug. 3, 2017 /PRNewswire/ -- GoPro, Inc. (NASDAQ: GPRO) announced financial results for its second quarter ended June 30, 2017.
"GoPro is building momentum," said Founder and CEO Nicholas Woodman. "Strong demand combined with our cost management and margin initiatives contributed to GoPro's EBITDA positive performance in the second quarter. HERO6 and Fusion, our 5.2K spherical camera, are on course to launch later this year and we continue to track toward our goal of full-year, non-GAAP profitability in 2017."
Recent GoPro Highlights:
Results Summary: | |||||||||||
Three Months Ended June 30, | |||||||||||
($ in thousands, except per share amounts) |
2017 |
2016 |
% Change | ||||||||
Revenue |
$ |
296,526 |
$ |
220,755 |
34.3 |
% | |||||
Gross margin |
|||||||||||
GAAP |
35.6 |
% |
42.1 |
% |
(650) bps | ||||||
Non-GAAP |
36.2 |
% |
42.4 |
% |
(620) bps | ||||||
Operating loss |
|||||||||||
GAAP |
$ |
(24,983) |
$ |
(109,377) |
(77.2) |
% | |||||
Non-GAAP |
$ |
(9,250) |
$ |
(89,298) |
(89.6) |
% | |||||
Net loss |
|||||||||||
GAAP |
$ |
(30,536) |
$ |
(91,767) |
(66.7) |
% | |||||
Non-GAAP |
$ |
(12,914) |
$ |
(72,595) |
(82.2) |
% | |||||
Diluted net loss per share |
|||||||||||
GAAP |
$ |
(0.22) |
$ |
(0.66) |
(66.7) |
% | |||||
Non-GAAP |
$ |
(0.09) |
$ |
(0.52) |
(82.7) |
% | |||||
Adjusted EBITDA |
$ |
5,120 |
$ |
(76,757) |
(106.7) |
% |
Business Outlook
GoPro is providing the following guidance:
Upcoming Event
Management will participate in an investor conference on September 7, 2017 in New York. GoPro will furnish a link to the webcast of this event 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 (877) 681-3376 or (719) 325-2452, access code 7396825, 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 makes it easy for people to celebrate and share experiences. We believe life is more meaningful when shared. We build cameras, software and accessories that help the world share itself in immersive and exciting ways.
GoPro, HERO, Karma, Quik, QuikStories 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.
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, gross margin, 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, non-cash interest expense 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 on a GAAP and non-GAAP basis and Adjusted EBITDA.
Note on Forward-looking Statements
This press release may contain projections or other forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Forward-looking statements in this press release include, but are not limited to, expectations regarding our business outlook for the third quarter of 2017 and 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 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, the fact that our future growth depends in part on further penetrating our addressable market and also growing internationally, and we may not be successful in doing so; any inability to successfully manage frequent product introductions (including our 2017 roadmap for new hardware and software products including major new software features) and transitions, including managing our sales channel and inventory and accurately forecasting future sales; our reliance on third party suppliers, some of which are sole source suppliers, to provide components for our products; our dependence on sales of our cameras, mounts and accessories for substantially all of our revenue; the effect of a decrease in the sales or change in sales mix of these products; the effect of a decrease in sales during the holiday season; the fact that an economic downturn or economic uncertainty in our key U.S. and international markets may adversely affect consumer discretionary spending and demand for our products; any inability to anticipate consumer preferences and successfully develop and market desirable products; the risks associated with the entrance into the consumer drone market and the re-launch of our drone in February 2017; the effects of the highly competitive market in which we operate; 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; and other factors detailed in the Risk Factors section of our Annual Report on Form 10-K for the year ended December 31, 2016, which is on file with the Securities and Exchange Commission and as supplemented by Item 1A Risk Factors in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2017. Additional information will also be set forth in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2017. 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 |
Six months ended | ||||||||||||||
(in thousands, except per share data) |
June 30, 2017 |
June 30, 2016 |
June 30, 2017 |
June 30, 2016 | |||||||||||
Revenue |
$ |
296,526 |
$ |
220,755 |
$ |
515,140 |
$ |
404,291 |
|||||||
Cost of revenue |
190,894 |
127,753 |
340,942 |
251,575 |
|||||||||||
Gross profit |
105,632 |
93,002 |
174,198 |
152,716 |
|||||||||||
Operating expenses: |
|||||||||||||||
Research and development |
55,497 |
93,049 |
121,663 |
170,028 |
|||||||||||
Sales and marketing |
56,678 |
84,888 |
124,534 |
164,337 |
|||||||||||
General and administrative |
18,440 |
24,442 |
41,199 |
49,163 |
|||||||||||
Total operating expenses |
130,615 |
202,379 |
287,396 |
383,528 |
|||||||||||
Operating loss |
(24,983) |
(109,377) |
(113,198) |
(230,812) |
|||||||||||
Other income (expense): |
|||||||||||||||
Interest expense |
(3,784) |
(516) |
(4,598) |
(659) |
|||||||||||
Other income, net |
222 |
1,176 |
383 |
1,012 |
|||||||||||
Total other income (expense), net |
(3,562) |
660 |
(4,215) |
353 |
|||||||||||
Loss before income taxes |
(28,545) |
(108,717) |
(117,413) |
(230,459) |
|||||||||||
Income tax expense (benefit) |
1,991 |
(16,950) |
24,273 |
(31,233) |
|||||||||||
Net loss |
$ |
(30,536) |
$ |
(91,767) |
$ |
(141,686) |
$ |
(199,226) |
|||||||
Net loss per share: |
|||||||||||||||
Basic |
$ |
(0.22) |
$ |
(0.66) |
$ |
(1.02) |
$ |
(1.44) |
|||||||
Diluted |
$ |
(0.22) |
$ |
(0.66) |
$ |
(1.02) |
$ |
(1.44) |
|||||||
Weighted-average shares used to compute net loss per share: |
|||||||||||||||
Basic |
136,288 |
138,942 |
139,575 |
138,243 |
|||||||||||
Diluted |
136,288 |
138,942 |
139,575 |
138,243 |
GoPro, Inc. | |||||||
Preliminary Condensed Consolidated Balance Sheets | |||||||
(unaudited) | |||||||
(in thousands) |
June 30, |
December 31, | |||||
Assets |
|||||||
Current assets: |
|||||||
Cash and cash equivalents |
$ |
149,755 |
$ |
192,114 |
|||
Marketable securities |
— |
25,839 |
|||||
Accounts receivable, net |
95,872 |
164,553 |
|||||
Inventory |
126,708 |
167,192 |
|||||
Prepaid expenses and other current assets |
29,515 |
38,115 |
|||||
Total current assets |
401,850 |
587,813 |
|||||
Property and equipment, net |
71,833 |
76,509 |
|||||
Intangible assets, net and goodwill |
175,460 |
179,989 |
|||||
Other long-term assets |
72,828 |
78,329 |
|||||
Total assets |
$ |
721,971 |
$ |
922,640 |
|||
Liabilities and Stockholders' Equity |
|||||||
Current liabilities: |
|||||||
Accounts payable |
$ |
76,208 |
$ |
205,028 |
|||
Accrued liabilities |
151,317 |
211,323 |
|||||
Deferred revenue |
15,036 |
14,388 |
|||||
Total current liabilities |
242,561 |
430,739 |
|||||
Long-term debt |
125,817 |
— |
|||||
Other long-term liabilities |
40,771 |
44,956 |
|||||
Total liabilities |
409,149 |
475,695 |
|||||
Stockholders' equity: |
|||||||
Common stock and additional paid-in capital |
827,382 |
757,226 |
|||||
Treasury stock, at cost |
(113,613) |
(35,613) |
|||||
Accumulated deficit |
(400,947) |
(274,668) |
|||||
Total stockholders' equity |
312,822 |
446,945 |
|||||
Total liabilities and stockholders' equity |
$ |
721,971 |
$ |
922,640 |
GoPro, Inc. | |||||||||||||||
Preliminary Condensed Consolidated Statement of Cash Flows | |||||||||||||||
(unaudited) | |||||||||||||||
Three months ended |
Six months ended | ||||||||||||||
(in thousands) |
June 30, 2017 |
June 30, 2016 |
June 30, 2017 |
June 30, 2016 | |||||||||||
Operating activities: |
|||||||||||||||
Net loss |
$ |
(30,536) |
$ |
(91,767) |
$ |
(141,686) |
$ |
(199,226) |
|||||||
Adjustments to reconcile net loss to net cash used in operating activities: |
|||||||||||||||
Depreciation and amortization |
11,467 |
9,482 |
23,160 |
17,804 |
|||||||||||
Stock-based compensation |
11,235 |
17,404 |
24,360 |
33,135 |
|||||||||||
Excess tax benefit from stock-based compensation |
— |
(227) |
— |
(917) |
|||||||||||
Deferred income taxes |
156 |
(3,166) |
(1,894) |
(13,494) |
|||||||||||
Non-cash restructuring charges |
1,834 |
— |
2,800 |
— |
|||||||||||
Non-cash interest expense |
1,530 |
— |
1,530 |
— |
|||||||||||
Other |
2,133 |
397 |
3,763 |
1,162 |
|||||||||||
Net changes in operating assets and liabilities |
(9,247) |
22,417 |
(61,399) |
82,811 |
|||||||||||
Net cash used in operating activities |
(11,428) |
(45,460) |
(149,366) |
(78,725) |
|||||||||||
Investing activities: |
|||||||||||||||
Purchases of property and equipment, net |
(4,946) |
(3,973) |
(10,112) |
(12,192) |
|||||||||||
Maturities of marketable securities |
— |
19,279 |
14,160 |
71,302 |
|||||||||||
Sale of marketable securities |
— |
4,585 |
11,623 |
6,791 |
|||||||||||
Acquisitions, net of cash acquired |
— |
(59,313) |
— |
(104,353) |
|||||||||||
Net cash provided by (used in) investing activities |
(4,946) |
(39,422) |
15,671 |
(38,452) |
|||||||||||
Financing activities: |
|||||||||||||||
Proceeds from issuance of common stock |
591 |
620 |
6,629 |
5,265 |
|||||||||||
Taxes paid related to net share settlement of equity awards |
(1,927) |
(318) |
(8,210) |
(860) |
|||||||||||
Proceeds from issuance of convertible senior notes |
175,000 |
— |
175,000 |
— |
|||||||||||
Prepayment of forward stock repurchase transaction |
(78,000) |
— |
(78,000) |
— |
|||||||||||
Excess tax benefit from stock-based compensation |
— |
227 |
— |
917 |
|||||||||||
Payment of deferred acquisition-related consideration |
— |
(594) |
(75) |
(950) |
|||||||||||
Payment of debt issuance costs |
(5,250) |
(136) |
(5,250) |
(3,221) |
|||||||||||
Net cash provided by (used in) financing activities |
90,414 |
(201) |
90,094 |
1,151 |
|||||||||||
Effect of exchange rate changes on cash and cash equivalents |
838 |
(122) |
1,242 |
(134) |
|||||||||||
Net increase (decrease) in cash and cash equivalents |
74,878 |
(85,205) |
(42,359) |
(116,160) |
|||||||||||
Cash and cash equivalents at beginning of period |
74,877 |
248,717 |
192,114 |
279,672 |
|||||||||||
Cash and cash equivalents at end of period |
$ |
149,755 |
$ |
163,512 |
$ |
149,755 |
$ |
163,512 |
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 net income (loss) 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 following are explanations of each type of adjustment that we incorporate into non-GAAP financial 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 |
Six months ended | ||||||||||||||
(in thousands, except per share data) |
June 30, 2017 |
June 30, 2016 |
June 30, 2017 |
June 30, 2016 | |||||||||||
GAAP net loss |
$ |
(30,536) |
$ |
(91,767) |
$ |
(141,686) |
$ |
(199,226) |
|||||||
Stock-based compensation: |
|||||||||||||||
Cost of revenue |
415 |
412 |
910 |
769 |
|||||||||||
Research and development |
5,390 |
7,086 |
11,072 |
13,096 |
|||||||||||
Sales and marketing |
1,995 |
3,679 |
4,686 |
6,883 |
|||||||||||
General and administrative |
3,435 |
6,227 |
7,692 |
12,387 |
|||||||||||
Total stock-based compensation |
11,235 |
17,404 |
24,360 |
33,135 |
|||||||||||
Acquisition-related costs: |
|||||||||||||||
Cost of revenue |
1,195 |
222 |
2,430 |
444 |
|||||||||||
Research and development |
946 |
2,218 |
2,082 |
3,503 |
|||||||||||
Sales and marketing |
— |
— |
— |
22 |
|||||||||||
General and administrative |
1 |
235 |
(22) |
1,104 |
|||||||||||
Total acquisition-related costs |
2,142 |
2,675 |
4,490 |
5,073 |
|||||||||||
Restructuring costs: |
|||||||||||||||
Cost of revenue |
25 |
— |
418 |
364 |
|||||||||||
Research and development |
1,702 |
— |
7,381 |
2,655 |
|||||||||||
Sales and marketing |
361 |
— |
5,603 |
2,678 |
|||||||||||
General and administrative |
268 |
— |
1,409 |
811 |
|||||||||||
Total restructuring costs |
2,356 |
— |
14,811 |
6,508 |
|||||||||||
Non-cash interest expense |
1,530 |
— |
1,530 |
— |
|||||||||||
Income tax adjustments |
359 |
(907) |
20,798 |
(4,825) |
|||||||||||
Non-GAAP net loss |
$ |
(12,914) |
$ |
(72,595) |
$ |
(75,697) |
$ |
(159,335) |
|||||||
Non-GAAP diluted net loss per share |
$ |
(0.09) |
$ |
(0.52) |
$ |
(0.54) |
$ |
(1.15) |
|||||||
Three months ended |
Six months ended | ||||||||||||||
(dollars in thousands) |
June 30, 2017 |
June 30, 2016 |
June 30, 2017 |
June 30, 2016 | |||||||||||
GAAP gross profit |
$ |
105,632 |
$ |
93,002 |
$ |
174,198 |
$ |
152,716 |
|||||||
Stock-based compensation |
415 |
412 |
910 |
769 |
|||||||||||
Acquisition-related costs |
1,195 |
222 |
2,430 |
444 |
|||||||||||
Restructuring costs |
25 |
— |
418 |
364 |
|||||||||||
Non-GAAP gross profit |
$ |
107,267 |
$ |
93,636 |
$ |
177,956 |
$ |
154,293 |
|||||||
GAAP gross profit as a % of revenue |
35.6 |
% |
42.1 |
% |
33.8 |
% |
37.8 |
% | |||||||
Stock-based compensation |
0.1 |
0.2 |
0.2 |
0.2 |
|||||||||||
Acquisition-related costs |
0.4 |
0.1 |
0.4 |
0.1 |
|||||||||||
Restructuring costs |
0.1 |
— |
0.1 |
0.1 |
|||||||||||
Non-GAAP gross profit as a % of revenue |
36.2 |
% |
42.4 |
% |
34.5 |
% |
38.2 |
% | |||||||
GAAP operating expenses |
$ |
130,615 |
$ |
202,379 |
$ |
287,396 |
$ |
383,528 |
|||||||
Stock-based compensation |
(10,820) |
(16,992) |
(23,450) |
(32,366) |
|||||||||||
Acquisition-related costs |
(947) |
(2,453) |
(2,060) |
(4,629) |
|||||||||||
Restructuring costs |
(2,331) |
— |
(14,393) |
(6,144) |
|||||||||||
Non-GAAP operating expenses |
$ |
116,517 |
$ |
182,934 |
$ |
247,493 |
$ |
340,389 |
|||||||
GAAP operating loss |
$ |
(24,983) |
$ |
(109,377) |
$ |
(113,198) |
$ |
(230,812) |
|||||||
Stock-based compensation |
11,235 |
17,404 |
24,360 |
33,135 |
|||||||||||
Acquisition-related costs |
2,142 |
2,675 |
4,490 |
5,073 |
|||||||||||
Restructuring costs |
2,356 |
— |
14,811 |
6,508 |
|||||||||||
Non-GAAP operating loss |
$ |
(9,250) |
$ |
(89,298) |
$ |
(69,537) |
$ |
(186,096) |
|||||||
Three months ended |
Six months ended | ||||||||||||||
(in thousands) |
June 30, 2017 |
June 30, 2016 |
June 30, 2017 |
June 30, 2016 | |||||||||||
GAAP net loss |
$ |
(30,536) |
$ |
(91,767) |
$ |
(141,686) |
$ |
(199,226) |
|||||||
Income tax expense (benefit) |
1,991 |
(16,950) |
24,273 |
(31,233) |
|||||||||||
Interest expense (income), net |
3,652 |
117 |
4,413 |
(217) |
|||||||||||
Depreciation and amortization |
11,467 |
9,482 |
23,160 |
17,805 |
|||||||||||
POP display amortization |
4,955 |
4,957 |
10,120 |
9,700 |
|||||||||||
Stock-based compensation |
11,235 |
17,404 |
24,360 |
33,135 |
|||||||||||
Restructuring costs |
2,356 |
— |
14,811 |
6,508 |
|||||||||||
Adjusted EBITDA |
$ |
5,120 |
$ |
(76,757) |
$ |
(40,549) |
$ |
(163,528) |
Reconciliations of non-GAAP financial measures for business outlook are set forth below:
(in thousands) |
Q3 2017 |
Full year 2017 | ||
GAAP operating expenses |
$ 130,000 - $ 133,000 |
$ |
570,000 | |
Estimated adjustments for: |
||||
Stock-based compensation |
13,500 |
55,000 | ||
Acquisition-related costs |
1,500 |
4,000 | ||
Restructuring costs |
1,000 |
16,000 | ||
Non-GAAP operating expenses |
$ 115,000 - $ 117,000 |
$ |
495,000 | |
Q3 2017 |
||||
GAAP net loss per share |
$ (0.29) - $ (0.19) |
|||
Estimated adjustments for: |
||||
Stock-based compensation |
0.10 |
|||
Acquisition-related costs |
0.02 |
|||
Restructuring costs |
0.01 |
|||
Non-cash interest expense |
0.01 |
|||
Income tax adjustments |
0.04 |
|||
Non-GAAP net loss per share |
$ (0.11) - $ (0.01) |
View original content:http://www.prnewswire.com/news-releases/gopro-announces-second-quarter-2017-results-300499374.html
SOURCE GoPro, Inc.
Copyright 2017 PR Newswire
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