GOPRO, INC. SAN MATEO, Calif., Nov. 1, 2017 /PRNewswire/ -- GoPro, Inc. (NASDAQ: GPRO) announced financial results for its third quarter ended September 30, 2017.
"GoPro has turned a corner, restoring growth and profitability to our business," said founder and CEO Nicholas Woodman. "We are dedicated to growing as an innovative company, while being a vigilant steward of shareholder capital."
"During the quarter we generated $47 million in cash and gross margins were 40 percent. Year-over-year, we grew revenue by 37 percent and dramatically reduced operating costs without impacting our product roadmap. We launched our premium-priced HERO6 Black with global on-shelf availability and strong critical acclaim. We are now focused on driving consumer demand to reach our goal of full-year double-digit revenue growth and non-GAAP profitability."
Recent GoPro Highlights:
-- In the third quarter, GoPro achieved strong revenue growth, gross
margins and adjusted EBITDA. Revenue was $330 million, up 37%
year-over-year, gross margins were approximately 40%, and adjusted
EBITDA was $36 million, up $109 million year-over-year.
-- GoPro strengthened its balance sheet, generating $47 million in cash,
ending the third quarter with a cash balance of $197 million.
-- GAAP net income for the third quarter was approximately $15 million, or
$0.10 per share -- a sharp improvement over a GAAP net loss of $104
million in the third quarter of 2016. Non-GAAP net income for the third
quarter was $21 million, or $0.15 per share.
-- Average sales price (ASP) increased by 22% year-over-year and 3%
sequentially. Increased ASP was a primary contributor to stronger
margins in the quarter and driven by the strong performance of the
premium-priced HERO6.
-- Quarterly operating expenses reached a 3-year low. GAAP operating
expenses were down 6% sequentially and down 7% on a non-GAAP basis.
GoPro is tracking toward a non-GAAP operating expense goal of less than
$490 million in 2017 (or approximately $570 million of GAAP operating
expenses), down over 30% year-over-year.
-- HERO6 Black launched on September 28. Powered by GoPro's custom-designed
GP1 processor, HERO6 achieves an entirely new level of performance
including stunning 4K60 and 1080p240 video and the most advanced video
stabilization ever achieved in a GoPro. HERO6 Black launched globally
with strong sales execution and a 93% channel fill rate at retail.
-- Prior to the HERO6 launch, HERO5 Black was the best-selling digital
image camera in the U.S. for four straight quarters -- holding that
chart position since its launch in 2016, according to The NPD Group's
Retail Tracking Service.
-- Fusion will begin shipping in November. Fusion is a 5.2K spherical
camera which captures a 360-degree perspective, so users never miss a
shot. With the GoPro App, Fusion users can share footage as VR content
or, using the app's OverCapture(TM) feature, "punch out" a traditional
fixed-perspective video or photo from any angle in the spherical shot.
OverCapture is scheduled to launch in the GoPro App in January.
-- GP1 processor maximizes GoPro's capabilities. The new chip enables twice
the video frame rates, improved image quality, dynamic range, low-light
performance and dramatically improved video stabilization over previous
HERO camera generations. GP1 automatically enables vibrant videos and
stunning photos without forcing users to manage complex image settings.
GP1 also advances GoPro's capabilities in computer vision and machine
learning, enabling HERO6 to analyze visual scenes and sensor data for
improved image quality and automated QuikStories.
-- GoPro achieved strong revenue growth across all key regions. Growth in
the Americas was up 20% year-over-year. EMEA was up 26% year-over-year.
APAC was up 153% year-over-year. More than 50% of GoPro's revenue was
generated in markets outside of the U.S. in the third quarter.
-- Strong momentum continues in key Asian markets. GoPro is seeing strong
and sustained results in Asia. Sell-thru year-over-year unit growth in
Japan was up over 99% and China was up 25%, according to GfK.
-- GoPro's drone, Karma, was the #2 selling drone in the U.S. priced $1,000
and above during the six months ending September 2017, according to the
NPD Group's Retail Tracking Service.
-- The Quik Mobile Video Editing App was installed 18 million times
year-to-date. Third quarter monthly active users was up 30% sequentially
and 155% year-over-year.
-- GoPro gained more than 900,000 new social media followers in the third
quarter. Instagram followers were up 30% year-over-year to more than 14
million, with more than a 470,000 increase in international followers.
-- GoPro content was viewed more than 550 million times in the first nine
months of 2017, up more than 27% year-over-year. In the same period,
GoPro content on YouTube saw an 85% increase in median organic
viewership per video.
-- GoPro added Golden State Warriors President and Chief Operating Officer
Rick Welts to its Board of Directors.
Results Summary:
Three Months Ended September 30,
($ in
thousands,
except per
share
amounts) 2017 2016 % Change
---- ---- --------
Revenue $329,805 $240,569 37.1%
Gross margin
GAAP 39.6% 40.3% (70) bps
Non-GAAP 40.1% 40.6% (50) bps
Operating
income (loss)
GAAP $8,049 $(115,589) 107.0%
Non-GAAP $24,042 $(88,550) 127.2%
Net income
(loss)
GAAP $14,661 $(104,068) 114.1%
Non-GAAP $21,149 $(84,279) 125.1%
Diluted net
income (loss)
per share
GAAP $0.10 $(0.74) 113.5%
Non-GAAP $0.15 $(0.60) 125.0%
Adjusted
EBITDA $35,725 $(73,622) 148.5%
Business Outlook
GoPro is providing the following guidance:
-- Fourth Quarter 2017
-- Revenue of $470 million +/- $10 million
-- GAAP and Non-GAAP gross margin of 41.5% +/- 50 basis points
-- GAAP operating expenses of $149 million +/- $1 million
-- Non-GAAP operating expenses of $130 million +/- $1 million
-- GAAP EPS to be between $0.25 and $0.35
-- Non-GAAP EPS to be between $0.37 and $0.47
-- Full Year 2017
-- Revenue of $1.315 billion +/- $10 million
-- GAAP operating expenses below $570 million
-- Non-GAAP operating expenses below $490 million
-- GAAP EPS to be between $(0.65) and $(0.55)
-- Non-GAAP EPS to be between $(0.02) to $0.08
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) 503-8169 or (719) 325-4908, access code 1870427, 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 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 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 fourth 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 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 the new Fusion camera and 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; 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 June 30, 2017. Additional information will also be set forth in our Quarterly Report on Form 10-Q for the quarter ended September 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 Nine months ended
(in thousands, except September 30,
per share data) 2017 September 30, 2016 September 30, 2017 September 30, 2016
-------------- ------------------ ------------------ ------------------
Revenue $329,805 $240,569 $844,945 $644,860
Cost of revenue 199,259 143,500 540,201 395,075
------- ------- ------- -------
Gross profit 130,546 97,069 304,744 249,785
Operating expenses:
Research and development 55,098 96,146 176,761 266,174
Sales and marketing 46,622 91,567 171,156 255,904
General and
administrative 20,777 24,945 61,976 74,108
------
Total operating expenses 122,497 212,658 409,893 596,186
------- ------- ------- -------
Operating income (loss) 8,049 (115,589) (105,149) (346,401)
Other income (expense):
Interest expense (4,554) (1,156) (9,152) (1,815)
Other income, net 322 348 705 1,360
--- --- --- -----
Total other income
(expense), net (4,232) (808) (8,447) (455)
------ ---- ------ ----
Income (loss) before
income taxes 3,817 (116,397) (113,596) (346,856)
Income tax expense
(benefit) (10,844) (12,329) 13,429 (43,562)
------- ------- ------ -------
Net income (loss) $14,661 $(104,068) $(127,025) $(303,294)
======= ========= ========= =========
Net income (loss) per share:
Basic $0.11 $(0.74) $(0.92) $(2.18)
===== ====== ====== ======
Diluted $0.10 $(0.74) $(0.92) $(2.18)
===== ====== ====== ======
Weighted-average shares used to compute
net income (loss) per share:
Basic 136,236 140,124 138,450 138,875
Diluted 140,288 140,124 138,450 138,875
GoPro, Inc.
Preliminary Condensed Consolidated Balance Sheets
(unaudited)
(in
thousands) September 30, December 31,
2017 2016
---- ----
Assets
Current assets:
Cash
and
cash
equivalents $164,616 $192,114
Marketable
securities 31,946 25,839
Accounts
receivable,
net 100,026 164,553
Inventory 177,190 167,192
Prepaid
expenses
and
other
current
assets 36,471 38,115
------ ------
Total
current
assets 510,249 587,813
Property
and
equipment,
net 74,196 76,509
Intangible
assets,
net
and
goodwill 173,319 179,989
Other
long-
term
assets 67,665 78,329
------ ------
Total
assets $825,429 $922,640
======== ========
Liabilities and
Stockholders' Equity
Current liabilities:
Accounts
payable $143,054 $205,028
Accrued
liabilities 149,395 211,323
Deferred
revenue 16,301 14,388
Total
current
liabilities 308,750 430,739
Long-
term
debt 127,861 -
Other
long-
term
liabilities 48,548 44,956
------ ------
Total
liabilities 485,159 475,695
------- -------
Stockholders' equity:
Common
stock
and
additional
paid-
in
capital 840,169 757,226
Treasury
stock,
at
cost (113,613) (35,613)
Accumulated
deficit (386,286) (274,668)
-------- --------
Total
stockholders'
equity 340,270 446,945
------- -------
Total
liabilities
and
stockholders'
equity $825,429 $922,640
======== ========
GoPro, Inc.
Preliminary Condensed Consolidated Statement of Cash Flows
(unaudited)
Three months ended Nine months ended
(in thousands) September 30,
2017 September 30, 2016 September 30, 2017 September 30, 2016
-------------- ------------------ ------------------ ------------------
Operating activities:
Net income (loss) $14,661 $(104,068) $(127,025) $(303,294)
Adjustments to reconcile net income
(loss) to net cash used in operating
activities:
Depreciation and
amortization 9,100 12,736 32,260 30,540
Stock-based compensation 11,875 18,466 36,235 51,601
Excess tax benefit from
stock-based
compensation - (1,457) - (2,374)
Deferred income taxes 76 (7,462) (1,818) (20,956)
Non-cash restructuring
charges 1,059 - 3,859 -
Impairment of intangible
assets - 6,000 - 6,000
Non-cash interest
expense 1,836 - 3,366 -
Other 128 3,592 3,891 4,754
Net changes in operating
assets and liabilities 16,788 30,469 (44,611) 113,280
Net cash provided by
(used in) operating
activities 55,523 (41,724) (93,843) (120,449)
------ ------- ------- --------
Investing activities:
Purchases of property
and equipment, net (8,201) (14,324) (18,313) (26,516)
Purchases of marketable
securities (31,918) - (31,918) -
Maturities of marketable
securities - 21,922 14,160 93,224
Sale of marketable
securities - - 11,623 6,791
Acquisitions, net of
cash acquired - - - (104,353)
--- --- --- --------
Net cash provided by
(used in) investing
activities (40,119) 7,598 (24,448) (30,854)
------- ----- ------- -------
Financing activities:
Proceeds from issuance
of common stock 2,994 937 9,623 6,202
Taxes paid related to
net share settlement of
equity awards (3,068) (11,278) (860)
Proceeds from issuance
of convertible senior
notes - - 175,000 -
Prepayment of forward
stock repurchase
transaction - - (78,000) -
Excess tax benefit from
stock-based
compensation - 1,457 - 2,374
Payment of deferred
acquisition-related
consideration (1) - (76) (950)
Payment of debt issuance
costs (713) (66) (5,963) (3,287)
----
Net cash provided by
(used in) financing
activities (788) 2,328 89,306 3,479
---- ----- ------ -----
Effect of exchange rate
changes on cash and
cash equivalents 245 (137) 1,487 (271)
--- ---- ----- ----
Net increase (decrease)
in cash and cash
equivalents 14,861 (31,935) (27,498) (148,095)
Cash and cash
equivalents at
beginning of period 149,755 163,512 192,114 279,672
------- ------- ------- -------
Cash and cash
equivalents at end of
period $164,616 $131,577 $164,616 $131,577
======== ======== ======== ========
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 (loss) 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 (loss) 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,
stock-based compensation expenses and facilities consolidation charges
recorded in connection with restructuring actions announced in the first
and fourth quarters of 2016 and the first quarter of 2017. We believe
that excluding these costs 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.
-- Non-cash interest expense. In connection with 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. We
exclude this incremental non-cash interest expense for purposes of
calculating non-GAAP net income (loss). We believe that excluding
non-cash interest 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. Beginning in the first quarter of 2017, we have
implemented 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.
-- Adjusted EBITDA excludes the amortization of point-of-purchase (POP)
display assets because it is a non-cash charge, and is similar to the
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 Nine months ended
(in thousands, except per
share data) September 30, 2017 September 30, 2016 September 30, 2017 September 30, 2016
------------------ ------------------ ------------------ ------------------
GAAP net income (loss) $14,661 $(104,068) $(127,025) $(303,294)
Stock-based compensation:
Cost of revenue 445 426 1,355 1,195
Research and development 5,967 8,039 17,039 21,135
Sales and marketing 2,609 3,816 7,295 10,699
General and
administrative 2,854 6,185 10,546 18,572
----- ----- ------ ------
Total stock-based
compensation 11,875 18,466 36,235 51,601
Acquisition-related costs:
Cost of revenue 1,195 222 3,625 666
Research and development 946 8,355 3,028 11,858
Sales and marketing - - - 22
General and
administrative - (4) (22) 1,100
--- --- -----
Total acquisition-
related costs 2,141 8,573 6,631 13,646
Restructuring costs:
Cost of revenue 40 - 458 364
Research and development 1,025 - 8,406 2,655
Sales and marketing 357 - 5,960 2,678
General and
administrative 555 - 1,964 811
--- --- ----- ---
Total restructuring costs 1,977 - 16,788 6,508
Non-cash interest expense 1,836 - 3,366 -
Income tax adjustments (11,341) (7,250) 9,457 (12,075)
Non-GAAP net income
(loss) $21,149 $(84,279) $(54,548) $(243,614)
======= ======== ======== =========
Non-GAAP diluted net
income (loss) per share $0.15 $(0.60) $(0.39) $(1.75)
===== ====== ====== ======
Three months ended Nine months ended
(dollars in thousands) September 30, 2017 September 30, 2016 September 30, 2017 September 30, 2016
------------------ ------------------ ------------------ ------------------
GAAP gross profit $130,546 $97,069 $304,744 $249,785
Stock-based compensation 445 426 1,355 1,195
Acquisition-related costs 1,195 222 3,625 666
Restructuring costs 40 - 458 364
--- --- --- ---
Non-GAAP gross profit $132,226 $97,717 $310,182 $252,010
======== ======= ======== ========
GAAP gross profit as a %
of revenue 39.6% 40.3% 36.1% 38.7%
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
--- --- --- ---
Non-GAAP gross profit as
a % of revenue 40.1% 40.6% 36.7% 39.1%
==== ==== ==== ====
GAAP operating expenses $122,497 $212,658 $409,893 $596,186
Stock-based compensation (11,430) (18,040) (34,880) (50,406)
Acquisition-related costs (946) (8,351) (3,006) (12,980)
Restructuring costs (1,937) - (16,330) (6,144)
------ ---
Non-GAAP operating
expenses $108,184 $186,267 $355,677 $526,656
======== ======== ======== ========
GAAP operating income
(loss) $8,049 $(115,589) $(105,149) $(346,401)
Stock-based compensation 11,875 18,466 36,235 51,601
Acquisition-related costs 2,141 8,573 6,631 13,646
Restructuring costs 1,977 - 16,788 6,508
----- --- ------ -----
Non-GAAP operating
income (loss) $24,042 $(88,550) $(45,495) $(274,646)
======= ======== ======== =========
Three months ended Nine months ended
(in thousands) September 30, 2017 September 30, 2016 September 30, 2017 September 30, 2016
------------------ ------------------ ------------------ ------------------
GAAP net income (loss) $14,661 $(104,068) $(127,025) $(303,294)
Income tax expense
(benefit) (10,844) (12,329) 13,429 (43,562)
Interest expense
(income), net 4,228 596 8,641 379
Depreciation and
amortization 9,100 12,734 32,260 30,539
POP display amortization 4,728 4,979 14,848 14,679
Stock-based compensation 11,875 18,466 36,235 51,601
Impairment of intangible
assets - 6,000 - 6,000
Restructuring costs 1,977 - 16,788 6,508
----- --- ------ -----
Adjusted EBITDA $35,725 $(73,622) $(4,824) $(237,150)
======= ======== ======= =========
Reconciliations of non-GAAP financial measures for business outlook are set forth below:
(in thousands) Q4 2017 Full year 2017
------- --------------
GAAP operating
expenses $ 148,000 - $ 150,000 $570,000
Estimated adjustments for:
Stock-based
compensation 15,000 55,000
Acquisition-
related costs 3,000 10,000
Restructuring
costs 1,000 15,000
Non-GAAP
operating
expenses $129,000 - $131,000 $490,000
========== ========
Q4 2017 Full year 2017
------- --------------
GAAP net income
(loss) per share $ 0.25 - $ 0.35 $ (0.65) - $ (0.55)
Estimated adjustments for:
Stock-based 0.11 -
compensation 0.12 0.37 - 0.38
Acquisition- 0.02 -
related costs 0.03 0.06 - 0.07
Restructuring 0.00 -
costs 0.01 0.11 - 0.12
Non-cash interest
expense 0.01 0.04
Income tax
adjustments (0.04) 0.03
Non-GAAP net
income (loss) per
share $ 0.37 - $ 0.47 $ (0.02) - $ 0.08
========== ==============
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SOURCE GoPro, Inc.
