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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Fitbit Inc | NYSE:FIT | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 6.93 | 0 | 01:00:00 |
Delaware | 001- 37444 | 20-8920744 | ||
(State or Other Jurisdiction | (Commission | (IRS Employer | ||
of Incorporation) | File Number) | Identification No.) |
405 Howard Street | ||
San Francisco, California | 94105 | |
(Address of Principal Executive Offices) | (Zip Code) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Exhibit Number | Exhibit Title or Description | |
99.1 | Press release dated February 22, 2016 |
FITBIT, INC. | ||||
Date: | February 22, 2016 | By: | /s/ William Zerella | |
William Zerella | ||||
Chief Financial Officer |
Exhibit Number | Exhibit Title or Description | |
99.1 | Press release dated February 22, 2016 |
As of or For the Three Months Ended December 31, | As of or For the Year Ended December 31, | ||||||||||||||
In millions, except percentages and per share amounts | 2014 | 2015 | 2014 | 2015 | |||||||||||
GAAP Results | |||||||||||||||
Revenue | $ | 370.2 | $ | 711.6 | $ | 745.4 | $ | 1,858 | |||||||
Gross margin | 46.2 | % | 48.9 | % | 48.0 | % | 48.5 | % | |||||||
Net income | $ | 39.2 | $ | 64.2 | $ | 131.8 | $ | 175.7 | |||||||
Diluted net income per share | $ | 0.19 | $ | 0.26 | $ | 0.63 | $ | 0.75 | |||||||
Non-GAAP Results | |||||||||||||||
Gross margin | 45.9 | % | 48.8 | % | 50.7 | % | 48.5 | % | |||||||
Net income | $ | 43.8 | $ | 87.4 | $ | 114.1 | $ | 254.1 | |||||||
Diluted net income per share | $ | 0.21 | $ | 0.35 | $ | 0.56 | $ | 1.07 | |||||||
Adjusted EBITDA | $ | 75.6 | $ | 125.3 | $ | 191.0 | $ | 389.9 | |||||||
Devices Sold | 5.3 | 8.2 | 10.9 | 21.4 | |||||||||||
Active Users | 6.7 | 16.9 | |||||||||||||
Registered Device Users | 11.0 | 29.0 |
• | Sold 8.2 million connected health and fitness devices |
• | Q415 revenue increased 92% year-over-year; adjusted EBITDA increased 66% |
• | U.S. comprised 75% of Q4 revenue; EMEA 12%, APAC 8%, and Other Americas 5% |
• | U.S. revenue grew 100% year-over-year; EMEA 191%, APAC 6%, and Other Americas 77% |
• | Newer products, Fitbit ChargeTM, Fitbit Charge HRTM and Fitbit SurgeTM, comprised 79% of revenue |
• | Q4 non-GAAP gross margin adjusted for foreign currency exchange rate impact was 50.0% |
• | Non-GAAP operating expenses comprised 32.2% of revenue in Q415, compared to 25.9% in Q414 and 28.6% in Q315 |
• | Sold 21.4 million connected health and fitness devices |
• | FY15 revenue increased 149% year-over-year; adjusted EBITDA increased 104% |
• | U.S. comprised 74% of FY15 revenue; EMEA 11%, APAC 10%, and Other Americas 5% |
• | U.S. revenue grew 146% year-over-year; EMEA 244%, APAC 110%, and Other Americas 139% |
• | Cash, cash equivalents and marketable securities totaled $664.5 million at December 31, 2015, compared to $195.6 million at December 31, 2014 and $575.5 million at September 30, 2015 |
• | Active users grew 152% to 16.9 million at year-end 2015 from 6.7 million at year-end 2014 |
• | Added 18.0 million new registered device users in 2015, of which 13.0 million, 72%, were active users at year-end; Total year-end 2015 registered device users was 29.0 million |
• | Introduced Fitbit BlazeTM and Fitbit AltaTM. Fitbit Blaze won 18 top-pick awards at CES |
• | Pre-order volume for Alta and Blaze exceeded internal forecasts; Blaze was already ranked 2nd last week in Amazon’s best selling smartwatches over $100 |
• | Introduced SmartTrackTM automatic exercise tracking |
• | New partnerships with Public School, Westin and Thermos |
• | R&D headcount grew to 624 at year-end 2015, comprising 57% of the company’s employees |
• | Added 1,000 Fitbit Wellness enterprise customers in 2015 |
• | In March 2014, we recalled the Fitbit Force after some of our users experienced allergic reactions to adhesives in the wristband. This recall primarily impacted our results for the fourth quarter of 2013, the first quarter of 2014 and the fourth quarter of 2015. |
• | Stock-based compensation expense relates to equity awards granted primarily to our employees. 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, companies calculate stock-based compensation expense using a variety of valuation methodologies and subjective assumptions. |
• | Revaluation of redeemable convertible preferred stock warrant liability is a non-cash charge that will not recur in the periods following our initial public offering. |
• | Amortization of intangible assets relates to our acquisition of FitStar. We exclude these amortization expenses because we do not believe these expenses have a direct correlation to the operation of our business. |
• | The change in contingent consideration relates to our acquisition of FitStar. This is a non-recurring benefit that has no direct correlation to the operation of our business. |
• | Income tax effect of non-GAAP adjustments relates to the tax effect of the adjustments that we incorporate into non-GAAP financial measures in order to provide a more meaningful measure of non-GAAP net income. |
• | 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 all periods presented, the shares issued in our initial public offering in June 2015, as if they had been outstanding since the beginning of the second quarter of 2015, and the shares issued in our follow-on offering in November 2015, as if they had been outstanding since the beginning of the fourth quarter of 2015. |
• | We translated revenue and non-GAAP gross profit derived from non-U.S. dollar based transactions for the three months and full year ended December 31, 2015 using the exchange rates that were effective in the comparable prior year period to calculate revenue, non-GAAP gross profit, and non-GAAP gross margin to exclude the effect of changes in foreign exchange rates. |
FITBIT, INC. | |||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||
(In thousands, except for per share amounts) | |||||||||||||||
(unaudited) | |||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
2014 | 2015 | 2014 | 2015 | ||||||||||||
Revenue | $ | 370,184 | $ | 711,570 | $ | 745,433 | $ | 1,857,998 | |||||||
Cost of revenue | 199,290 | 363,271 | 387,776 | 956,935 | |||||||||||
Gross profit | 170,894 | 348,299 | 357,657 | 901,063 | |||||||||||
Operating expenses: | |||||||||||||||
Research and development | 18,325 | 54,227 | 54,167 | 150,035 | |||||||||||
Sales and marketing | 69,882 | 154,069 | 112,005 | 332,741 | |||||||||||
General and administrative | 9,647 | 29,466 | 33,556 | 77,793 | |||||||||||
Change in contingent consideration | — | — | — | (7,704 | ) | ||||||||||
Total operating expenses | 97,854 | 237,762 | 199,728 | 552,865 | |||||||||||
Operating income | 73,040 | 110,537 | 157,929 | 348,198 | |||||||||||
Interest income (expense), net | (681 | ) | 43 | (2,222 | ) | (1,019 | ) | ||||||||
Other expense, net | (8,212 | ) | (101 | ) | (15,934 | ) | (59,230 | ) | |||||||
Income before income taxes | 64,147 | 110,479 | 139,773 | 287,949 | |||||||||||
Income tax expense | 24,907 | 46,314 | 7,996 | 112,272 | |||||||||||
Net income | $ | 39,240 | $ | 64,165 | $ | 131,777 | $ | 175,677 | |||||||
Less: noncumulative dividends to preferred stockholders | (1,343 | ) | — | (5,326 | ) | (2,526 | ) | ||||||||
Less: undistributed earnings attributable to participating securities | (29,358 | ) | — | (98,103 | ) | (59,133 | ) | ||||||||
Net income attributable to common stockholders—basic | 8,539 | 64,165 | 28,348 | 114,018 | |||||||||||
Add: undistributed earnings to dilutive participating securities | 3,326 | — | 10,175 | 8,821 | |||||||||||
Net income attributable to common stockholders—diluted | $ | 11,865 | $ | 64,165 | $ | 38,523 | $ | 122,839 | |||||||
Net income per share attributable to common stockholders: | |||||||||||||||
Basic | $ | 0.21 | $ | 0.30 | $ | 0.70 | $ | 0.88 | |||||||
Diluted | $ | 0.19 | $ | 0.26 | $ | 0.63 | $ | 0.75 | |||||||
Weighted average shares used to compute net income per share attributable to common stockholders: | |||||||||||||||
Basic | 40,676 | 210,438 | 40,351 | 129,886 | |||||||||||
Diluted | 63,742 | 245,009 | 61,179 | 164,213 |
FITBIT, INC. | |||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
(In thousands) | |||||||
(unaudited) | |||||||
December 31, 2014 | December 31, 2015 | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 195,626 | $ | 535,846 | |||
Marketable securities | — | 128,632 | |||||
Accounts receivable, net | 238,859 | 469,260 | |||||
Inventories | 115,072 | 178,146 | |||||
Prepaid expenses and other current assets | 13,614 | 43,530 | |||||
Total current assets | 563,171 | 1,355,414 | |||||
Property and equipment, net | 26,435 | 44,501 | |||||
Goodwill | — | 22,157 | |||||
Intangible assets, net | — | 12,216 | |||||
Deferred tax assets | 42,001 | 83,020 | |||||
Other assets | 1,444 | 1,758 | |||||
Total assets | $ | 633,051 | $ | 1,519,066 | |||
Liabilities, Redeemable Convertible Preferred Stock, | |||||||
and Stockholders’ Equity | |||||||
Current liabilities: | |||||||
Fitbit Force recall reserve | $ | 22,476 | $ | 5,122 | |||
Accounts payable | 195,666 | 260,842 | |||||
Accrued liabilities | 70,940 | 194,977 | |||||
Deferred revenue | 9,009 | 44,448 | |||||
Income taxes payable | 30,631 | 2,868 | |||||
Long-term debt, current portion | 132,589 | — | |||||
Total current liabilities | 461,311 | 508,257 | |||||
Redeemable convertible preferred stock warrant liability | 15,797 | — | |||||
Other liabilities | 12,867 | 29,358 | |||||
Total liabilities | 489,975 | 537,615 | |||||
Redeemable convertible preferred stock | 67,814 | — | |||||
Stockholders’ equity | |||||||
Common stock and additional paid-in capital | 7,983 | 737,841 | |||||
Accumulated other comprehensive income | 37 | 691 | |||||
Retained earnings | 67,242 | 242,919 | |||||
Total stockholders’ equity | 75,262 | 981,451 | |||||
Total liabilities, redeemable convertible preferred stock, | |||||||
and stockholders’ equity | $ | 633,051 | $ | 1,519,066 |
Reconciliation of GAAP to Non-GAAP Financial Measures | |||||||||||||||
(In thousands, except percentages and per share amounts) | |||||||||||||||
(unaudited) | |||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
2014 | 2015 | 2014 | 2015 | ||||||||||||
Non-GAAP gross profit: | |||||||||||||||
GAAP gross profit | $ | 170,894 | $ | 348,299 | $ | 357,657 | $ | 901,063 | |||||||
Stock-based compensation expense | 356 | 2,117 | 890 | 4,739 | |||||||||||
Impact of Fitbit Force recall | (1,227 | ) | (3,715 | ) | 19,451 | (5,755 | ) | ||||||||
Intangible assets amortization | — | 451 | — | 1,351 | |||||||||||
Non-GAAP gross profit | $ | 170,023 | $ | 347,152 | $ | 377,998 | $ | 901,398 | |||||||
Non-GAAP gross profit as a percentage of revenue: | |||||||||||||||
GAAP gross profit as a percentage of revenue | 46.2 | % | 48.9% | 48.0 | % | 48.5% | |||||||||
Stock-based compensation expense | 0.1 | 0.3 | 0.1 | 0.3 | |||||||||||
Impact of Fitbit Force recall | (0.4 | ) | (0.5 | ) | 2.6 | (0.3 | ) | ||||||||
Intangible assets amortization | — | 0.1 | — | — | |||||||||||
Non-GAAP gross profit as a percentage of revenue | 45.9 | % | 48.8 | % | 50.7 | % | 48.5 | % | |||||||
Non-GAAP research and development: | |||||||||||||||
GAAP research and development | $ | 18,325 | $ | 54,227 | $ | 54,167 | $ | 150,035 | |||||||
Stock-based compensation expense | (1,192 | ) | (7,341 | ) | (2,350 | ) | (18,251 | ) | |||||||
Non-GAAP research and development | $ | 17,133 | $ | 46,886 | $ | 51,817 | $ | 131,784 | |||||||
Non-GAAP sales and marketing: | |||||||||||||||
GAAP sales and marketing | $ | 69,882 | $ | 154,069 | $ | 112,005 | $ | 332,741 | |||||||
Stock-based compensation expense | (645 | ) | (2,339 | ) | (1,295 | ) | (7,419 | ) | |||||||
Non-GAAP sales and marketing | $ | 69,237 | $ | 151,730 | $ | 110,710 | $ | 325,322 | |||||||
Non-GAAP general and administrative: | |||||||||||||||
GAAP general and administrative | $ | 9,647 | $ | 29,466 | $ | 33,556 | $ | 77,793 | |||||||
Stock-based compensation expense | (1,166 | ) | (3,543 | ) | (2,269 | ) | (10,615 | ) | |||||||
Impact of Fitbit Force recall | 972 | 4,363 | (3,389 | ) | 4,416 | ||||||||||
Intangible assets amortization | — | (82 | ) | — | (245 | ) | |||||||||
Non-GAAP general and administrative | $ | 9,453 | 30,204 | $ | 27,898 | $ | 71,349 | ||||||||
Non-GAAP operating expenses: | |||||||||||||||
GAAP operating expenses | $ | 97,854 | $ | 237,762 | $ | 199,728 | $ | 552,865 | |||||||
Stock-based compensation expense | (3,003 | ) | (13,223 | ) | (5,914 | ) | (36,285 | ) | |||||||
Impact of Fitbit Force recall | 972 | 4,363 | (3,389 | ) | 4,416 | ||||||||||
Intangible assets amortization | — | (82 | ) | — | (245 | ) | |||||||||
Change in contingent consideration | — | — | — | 7,704 | |||||||||||
Non-GAAP operating expenses | $ | 95,823 | $ | 228,820 | $ | 190,425 | $ | 528,455 |
Reconciliation of GAAP to Non-GAAP Financial Measures | |||||||||||||||
(In thousands, except percentages and per share amounts) | |||||||||||||||
(unaudited) | |||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
2014 | 2015 | 2014 | 2015 | ||||||||||||
Non-GAAP operating income: | |||||||||||||||
GAAP operating income | $ | 73,040 | $ | 110,537 | $ | 157,929 | $ | 348,198 | |||||||
Stock-based compensation expense | 3,359 | 15,340 | 6,804 | 41,024 | |||||||||||
Impact of Fitbit Force recall | (2,199 | ) | (8,078 | ) | 22,840 | (10,171 | ) | ||||||||
Intangible assets amortization | — | 533 | — | 1,596 | |||||||||||
Change in contingent consideration | — | — | — | (7,704 | ) | ||||||||||
Non-GAAP operating income | $ | 74,200 | $ | 118,332 | $ | 187,573 | $ | 372,943 | |||||||
Non-GAAP net income and net income per share: | |||||||||||||||
Net income | $ | 39,240 | $ | 64,165 | $ | 131,777 | $ | 175,677 | |||||||
Stock-based compensation expense | 3,359 | 15,340 | 6,804 | 41,024 | |||||||||||
Impact of Fitbit Force recall | (2,199 | ) | (8,078 | ) | 22,840 | (10,171 | ) | ||||||||
Revaluation of redeemable convertible preferred | |||||||||||||||
stock warrant liability | 6,451 | — | 13,272 | 56,655 | |||||||||||
Intangible assets amortization | — | 533 | — | 1,596 | |||||||||||
Change in contingent consideration | — | — | — | (7,704 | ) | ||||||||||
Income tax effect of non-GAAP adjustments | (3,044 | ) | 15,423 | (60,557 | ) | (2,966 | ) | ||||||||
Non-GAAP net income | $ | 43,807 | $ | 87,383 | $ | 114,136 | $ | 254,111 | |||||||
GAAP diluted shares | 63,742 | 245,009 | 61,179 | 164,213 | |||||||||||
Diluted effect of redeemable convertible preferred | |||||||||||||||
stock conversion | 139,851 | — | 139,642 | 65,903 | |||||||||||
Initial public offering shares | — | 1,565 | — | 5,424 | |||||||||||
Other dilutive equity awards | 1,756 | — | 1,786 | 901 | |||||||||||
Non-GAAP diluted shares | 205,349 | 246,574 | 202,607 | 236,441 | |||||||||||
Non-GAAP diluted net income per share | $ | 0.21 | $ | 0.35 | $ | 0.56 | $ | 1.07 | |||||||
Adjusted EBITDA: | |||||||||||||||
Net income | $ | 39,240 | $ | 64,165 | $ | 131,777 | $ | 175,677 | |||||||
Impact of Fitbit Force recall | (2,199 | ) | (8,078 | ) | 22,840 | (10,171 | ) | ||||||||
Stock-based compensation expense | 3,359 | 15,340 | 6,804 | 41,024 | |||||||||||
Revaluation of redeemable convertible preferred | |||||||||||||||
stock warrant liability | 6,451 | — | 13,272 | 56,655 | |||||||||||
Depreciation and intangible assets amortization | 3,167 | 7,566 | 6,131 | 21,107 | |||||||||||
Change in contingent consideration | — | — | — | (7,704 | ) | ||||||||||
Interest (income) expense, net | 681 | (43 | ) | 2,222 | 1,019 | ||||||||||
Income tax expense | 24,907 | 46,314 | 7,996 | 112,272 | |||||||||||
Adjusted EBITDA | $ | 75,606 | $ | 125,264 | $ | 191,042 | $ | 389,879 | |||||||
Stock-based compensation expense: | |||||||||||||||
Cost of revenue | $ | 356 | $ | 2,117 | $ | 890 | $ | 4,739 | |||||||
Research and development | 1,192 | 7,341 | 2,350 | 18,251 | |||||||||||
Sales and marketing | 645 | 2,339 | 1,295 | 7,419 | |||||||||||
General and administrative | 1,166 | 3,543 | 2,269 | 10,615 | |||||||||||
Total stock-based compensation expense | $ | 3,359 | $ | 15,340 | $ | 6,804 | $ | 41,024 |
FITBIT, INC. | |||||||||||||||
Revenue and Gross Margin on a Constant Currency Basis | |||||||||||||||
(In thousands) | |||||||||||||||
(unaudited) | |||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
2014 | 2015 | 2014 | 2015 | ||||||||||||
GAAP revenue | $ | 370,184 | $ | 711,570 | $ | 745,433 | $ | 1,857,998 | |||||||
Foreign exchange effect | 16,636 | 56,294 | |||||||||||||
Revenue excluding foreign exchange effect | $ | 728,206 | $ | 1,914,292 | |||||||||||
GAAP revenue year-over-year change | 92 | % | 149 | % | |||||||||||
Revenue excluding foreign exchange effect year-over-year change | 97 | % | 157 | % | |||||||||||
Non-GAAP gross profit | $ | 170,023 | $ | 347,152 | $ | 377,998 | $ | 901,398 | |||||||
Foreign exchange effect | 16,636 | 56,294 | |||||||||||||
Non-GAAP gross profit excluding foreign exchange effect | $ | 363,788 | $ | 957,692 | |||||||||||
Non-GAAP gross margin | 45.9 | % | 48.8 | % | 50.7 | % | 48.5 | % | |||||||
Non-GAAP gross margin excluding foreign exchange effect | 50.0 | % | 50.0 | % |
FITBIT, INC. | |||||||||||||||
Revenue by Geographical Region | |||||||||||||||
(In thousands) | |||||||||||||||
(unaudited) | |||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
2014 | 2015 | 2014 | 2015 | ||||||||||||
United States | $ | 266,220 | $ | 532,363 | $ | 562,553 | $ | 1,381,152 | |||||||
Americas excluding United States | 21,422 | 37,844 | 38,576 | 92,252 | |||||||||||
Europe, Middle East, and Africa | 29,168 | 84,786 | 60,699 | 208,767 | |||||||||||
APAC | 53,374 | 56,577 | 83,605 | 175,827 | |||||||||||
Total | $ | 370,184 | $ | 711,570 | $ | 745,433 | $ | 1,857,998 |
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