GoPro Announces Fourth Quarter and Full Year 2019 Results
SAN MATEO, Calif., Feb. 5, 2020 /PRNewswire/ -- GoPro, Inc. (NASDAQ: GPRO) today announced financial results for its fourth quarter and full year ended December 31, 2019.
"GoPro achieved both revenue growth and full year non-GAAP profitability in 2019 due to strong sell-through throughout the year and the Fall launch of our two new flagships, HERO8 Black and MAX," said GoPro founder and CEO Nicholas Woodman. "We believe we are well positioned to meaningfully expand both margin and EPS in 2020 thanks to the strength of our entire product line, high-margin Plus subscription service and app monetization strategy."
Additionally, Brian McGee, who has served as GoPro's Chief Financial Officer since March 2016, has been appointed to Chief Operating Officer in addition to his ongoing role as Chief Financial Officer, effective February 3, 2020. "Brian has proven himself to be a tremendously important leader at GoPro with a deep understanding of our business. All of us at GoPro are excited to work with Brian in his new, expanded role," added Woodman.
Recent GoPro Highlights
-- Revenue for the full year 2019 was $1.195 billion, up 4% year-over-year.
Excluding our aerial business, revenue would have increased 7%
year-over-year.
-- Revenue for Q4 2019 was $528 million, up 40% year-over-year.
-- GAAP gross margin for Q4 2019 was 38.2%, up from 37.7% year-over-year.
Non-GAAP gross margin for Q4 2019 was 38.6%, up from 38.4% in the prior
year.
-- Q4 2019 GAAP net income was $96 million, or $0.65 per share. Non-GAAP
net income was $102 million, or $0.70 per share. On a year-over-year
basis, GAAP net income increased by $64 million. 2019 GAAP net loss was
$15 million, or $0.10 per share. 2019 non-GAAP net income was $35
million. On a year-over-year basis, non-GAAP net income increased $67
million.
-- Q4 2019 GAAP operating expenses of $106 million decreased 3%
year-over-year. Q4 2019 non-GAAP operating expenses remained flat
year-over-year at $99 million.
-- Cash and investments totaled $165 million at the end of Q4 2019.
-- Adjusted EBITDA for the full year 2019 was $72 million, a 230% increase
year-over-year.
-- GoPro.com represented more than 10% of revenue in 2019, growing more
than 40% year-over-year.
-- In the US, HERO8 Black was the No. 1 selling camera in all of digital
imaging by unit volume in Q4 2019, according to the NPD Group.
-- In the US, GoPro captured 93% dollar share of the action camera category
in Q4 2019, according to the NPD Group.
-- In 2019, 90% of GoPro's revenue came from the $300 and above price band,
up from 62% in 2018.
-- In Q4 2019, MAX captured 54% and 66% unit and dollar share,
respectively, of the spherical camera market in the US, according to NPD
Group. Collectively, MAX and Fusion captured 62% unit and 72% dollar
share of the spherical camera market in the US in Q4 2019, up from 14%
and 38% respectively, year-over-year, according to NPD Group.
-- GoPro's Plus subscription service surpassed 334,000 active paying
subscribers as of January 31, 2020, up 10% since our Q3 2019 Earnings
Release dated November 7, 2019, and up 69% year-over-year.
-- In Europe, during Q4 2019, GoPro had four of the top five cameras in the
action camera category, and in the $200 and above price band of the
action camera category, GoPro held 83% dollar share and 82% market share
in units, according to GfK.
-- In China, GoPro sell-through increased by 42% and 21%, by units and
dollars, respectively in Q4 2019, year-over-year, according to GfK.
-- In Japan, GoPro market share of the action camera category increased
from 57% to 61% and 68% to 73% in units and dollars respectively in Q4
2019, year-over-year, according to GfK.
-- In Korea, GoPro market share of the action camera category increased
from 36% to 44% and 53% to 59% in units and dollars respectively in Q4
2019, year-over-year, according to GfK.
-- In Thailand, GoPro market share of the action camera category increased
from 57% to 66% and 87% to 91% in units and dollars respectively in Q4
2019, year-over-year, according to GfK.
-- Organic viewership of GoPro content across all channels achieved an
all-time high in 2019, with more than 2 million organic views per day
across all channels in 2019, 737 million organic non-paid views in
total, a 29% increase year-over-year.
-- GoPro's Million Dollar Challenge Campaign generated a record 42,000
customer content submissions, a 68% increase year-over-year, and in the
first week, the highlight reel garnered more than five times the views,
year-over-year.
-- Social followers across all channels increased by 4.2 million in 2019,
up 29% year-over-year.
-- In Q4 of 2019, usage of the GoPro App's automatic editing tools grew
400% year-over-year.
Results Summary:
Three months ended December 31,
Year ended December 31,
($ in thousands,
except per
share amounts) 2019 2018 % Change 2019 2018 % Change
Revenue $
528,345 $
377,378 40.0 $
1,194,651 $
1,148,337 4.0
% %
Gross margin
GAAP 38.2
% 37.7
% 50 bps 34.6
% 31.5
% 310 bps
Non-GAAP 38.6
% 38.4
% 20 bps 35.4
% 32.8
% 260 bps
Operating income
(loss)
GAAP $
96,100 $
32,967 191.5 $
(2,333) $
(93,962) 97.5
% %
Non-GAAP $
105,021 $
46,001 128.3 $
44,869 $
(18,876) 337.7
% %
Net income
(loss)
GAAP $
95,820 $
31,671 202.5 $
(14,642) $
(109,034) 86.6
% %
Non-GAAP $
102,498 $
42,356 142.0 $
35,255 $
(31,909) 210.5
% %
Diluted net
income (loss)
per share
GAAP $
0.65 $
0.22 195.5 $
(0.10) $
(0.78) 87.2
% %
Non-GAAP $
0.70 $
0.30 133.3 $
0.24 $
(0.23) 204.3
% %
Adjusted EBITDA $
112,092 $
58,807 90.6 $
71,958 $
21,778 230.4
% %
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) 204-4368 or (720) 543-0214, access code 1126503, 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 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 capture 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.
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 the Q3 2019 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 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 roadmap for new hardware, software and subscription products) 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 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; 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, 2018, and Quarterly Report on Form 10-Q for the quarter ended September 30, 2019, each of which are on file with the Securities and Exchange Commission (SEC), and as updated in future filings with the SEC including the Annual Report on Form 10-K for the year ended December 31, 2019. 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 December 31, Year ended December 31,
(in thousands, except
per share data) 2019 2018 2019 2018
---
Revenue $
528,345 $
377,378 $
1,194,651 $
1,148,337
Cost of revenue 326,520 235,261 781,862 786,903
Gross profit 201,825 142,117 412,789 361,434
Operating expenses:
Research and development 31,679 36,935 142,894 167,296
Sales and marketing 58,158 56,799 206,431 222,096
General and
administrative 15,888 15,416 65,797 66,004
Total operating expenses 105,725 109,150 415,122 455,396
Operating income (loss) 96,100 32,967 (2,333) (93,962)
Other income (expense):
Interest expense (5,197) (4,879) (19,229) (18,683)
Other income, net 989 5,238 2,492 4,970
Total other expense, net (4,208) 359 (16,737) (13,713)
Income (loss) before
income taxes 91,892 33,326 (19,070) (107,675)
Income tax (benefit)
expense (3,928) 1,655 (4,428) 1,359
Net income (loss) $
95,820 $
31,671 $
(14,642) $
(109,034)
Net income (loss) per share
Basic $
0.65 $
0.22 $
(0.10) $
(0.78)
Diluted $
0.65 $
0.22 $
(0.10) $
(0.78)
Weighted-average number of shares
outstanding:
Basic 146,625 140,882 144,891 139,495
Diluted 147,052 143,401 144,891 139,495
GoPro, Inc.
Preliminary Condensed Consolidated Balance Sheets
(unaudited)
(in thousands) December 31, December 31,
2019 2018
---
Assets
Current assets:
Cash and cash
equivalents $
150,301 $
152,095
Marketable securities 14,847 45,417
Accounts receivable,
net 200,634 129,216
Inventory 144,236 116,458
Prepaid expenses and
other current assets 25,958 30,887
Total current assets 535,976 474,073
Property and equipment,
net 36,539 46,567
Operating lease right-
of-use assets 53,121
Intangible assets, net
and goodwill 151,706 159,524
Other long-term assets 15,461 18,195
Total assets $
792,803 $
698,359
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $
160,695 $
148,478
Accrued expenses and
other current
liabilities 141,790 135,892
Short-term operating
lease liabilities 9,099
Deferred revenue 15,467 15,129
Total current
liabilities 327,051 299,499
Long-term debt 148,810 138,992
Long-term operating
lease liabilities 62,961
Other long-term
liabilities 20,452 47,756
Total liabilities 559,274 486,247
Stockholders' equity:
Common stock and
additional paid-in
capital 930,875 894,755
Treasury stock, at cost (113,613) (113,613)
Accumulated deficit (583,733) (569,030)
Total stockholders'
equity 233,529 212,112
Total liabilities and
stockholders' equity $
792,803 $
698,359
GoPro, Inc.
Preliminary Condensed Consolidated Statement of Cash Flows
(unaudited)
Three months ended December 31, Year ended December 31,
(in thousands) 2019 2018 2019 2018
---
Operating activities:
Net income (loss) $
95,820 $
31,671 $
(14,642) $
(109,034)
Adjustments to reconcile net income
(loss) to net cash provided by (used
in) operating activities:
Depreciation and
amortization 6,445 7,290 26,268 35,063
Amortization of leased
assets (609) 6,990
Stock-based
compensation 7,028 9,716 37,188 40,887
Deferred income taxes (45) 598 (32) (389)
Non-cash
restructuring charges - 494 (199) 6,282
Non-cash interest
expense 2,354 2,124 8,987 8,112
Sale and license of
intellectual property - (5,000) (5,000)
Other (403) 1,997 (1,182) 1,696
Net changes in
operating assets and
liabilities (22,339) (477) (87,822) (20,051)
Net cash provided by
(used in) operating
activities 88,251 48,413 (24,444) (42,434)
Investing activities:
Purchases of property
and equipment, net (2,038) (2,800) (8,348) (11,004)
Purchases of
marketable securities - (42,835) (43,636) (57,731)
Maturities of
marketable securities 5,150 2,500 56,888 57,500
Sale of marketable
securities 15,978 17,867
Proceeds from the sale
and license of
intellectual property - 5,000 5,000
Net cash provided by
(used in) investing
activities 19,090 (38,135) 22,771 (6,235)
Financing activities:
Proceeds from issuance
of common stock - 38 5,574 5,169
Taxes paid related to
net share settlement
of equity awards (820) (1,262) (6,618) (6,650)
Proceeds from
borrowings 20,000 20,000
Repayment of
borrowings (20,000) (20,000)
Net cash used in
financing activities (820) (1,224) (1,044) (1,481)
Effect of exchange
rate changes on cash
and cash equivalents 764 (205) 923 (259)
Net change in cash and
cash equivalents 107,285 8,849 (1,794) (50,409)
Cash and cash
equivalents at
beginning of period 43,016 143,246 152,095 202,504
Cash and cash
equivalents at end of
period $
150,301 $
152,095 $
150,301 $
152,095
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 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 December 31, Year ended December 31,
(in thousands, except per
share data) 2019 2018 2019 2018
---
GAAP net income (loss) $
95,820 $
31,671 $
(14,642) $
(109,034)
Stock-based compensation:
Cost of revenue 419 548 1,902 1,954
Research and development 3,099 4,694 17,167 19,636
Sales and marketing 1,525 1,970 8,043 9,459
General and
administrative 1,985 2,504 10,076 9,838
Total stock-based
compensation 7,028 9,716 37,188 40,887
Acquisition-related costs:
Cost of revenue 1,864 2,082 7,818 11,434
General and
administrative - 19 22
Total acquisition-
related costs 1,864 2,101 7,818 11,456
Restructuring and other costs:
Cost of revenue - 22 87 1,379
Research and development 29 762 910 12,794
Sales and marketing - 249 498 5,291
General and
administrative - 184 701 3,279
Total restructuring and
other costs 29 1,217 2,196 22,743
Non-cash interest
expense 2,354 2,124 8,987 8,112
Gain on sale and license
of intellectual property - (5,000) (5,000)
Income tax adjustments (4,597) 527 (6,292) (1,073)
Non-GAAP net income
(loss) $
102,498 $
42,356 $
35,255 $
(31,909)
GAAP shares for diluted
net income (loss) per
share 147,052 143,401 144,891 139,495
Add: dilutive shares - 1,580
Non-GAAP shares for
diluted net income
(loss) per share 147,052 143,401 146,471 139,495
GAAP diluted net income
(loss) per share $
0.65 $
0.22 $
(0.10) $
(0.78)
Non-GAAP diluted net
income (loss) per share $
0.70 $
0.30 $
0.24 $
(0.23)
Three months ended December 31, Year ended December 31,
(dollars in thousands) 2019 2018 2019 2018
---
GAAP gross profit as a % 38.2
of revenue % 37.7
% 34.6
% 31.5
%
Stock-based compensation 0.1 0.1 0.2 0.2
Acquisition-related
costs 0.3 0.6 0.6 1.0
Restructuring and other
costs - 0.1
Non-GAAP gross profit as 38.6
a % of revenue % 38.4
% 35.4
% 32.8
%
===
GAAP operating expenses $
105,725 $
109,150 $
415,122 $
455,396
Stock-based compensation (6,609) (9,168) (35,286) (38,933)
Acquisition-related
costs - (19) (22)
Restructuring and other
costs (29) (1,195) (2,109) (21,364)
Non-GAAP operating
expenses $
99,087 $
98,768 $
377,727 $
395,077
GAAP operating income
(loss) $
96,100 $
32,967 $
(2,333) $
(93,962)
Stock-based compensation 7,028 9,716 37,188 40,887
Acquisition-related
costs 1,864 2,101 7,818 11,456
Restructuring and other
costs 29 1,217 2,196 22,743
Non-GAAP operating
income (loss) $
105,021 $
46,001 $
44,869 $
(18,876)
Three months ended December 31, Year ended December 31,
(in thousands) 2019 2018 2019 2018
---
GAAP net income (loss) $
95,820 $
31,671 $
(14,642) $
(109,034)
Income tax (benefit)
expense (3,928) 1,655 (4,428) 1,359
Interest expense, net 5,032 4,470 17,872 17,278
Depreciation and
amortization 6,445 7,290 26,268 35,063
POP display amortization 1,666 2,788 7,504 13,482
Stock-based compensation 7,028 9,716 37,188 40,887
Restructuring and other
costs 29 1,217 2,196 22,743
Adjusted EBITDA $
112,092 $
58,807 $
71,958 $
21,778
Reconciliations of non-GAAP financial measures are set forth below:
2020
GAAP gross margin 37.4% - 38.4%
Stock-based
compensation 0.2
Acquisition-related
costs 0.4
Non-GAAP gross margin 38.0% - 39.0%
2020
GAAP net income per
share
$0.01 - $0.11
Stock-based
compensation 0.26
Acquisition-related
costs 0.03
Non-cash interest
expense 0.07
Income tax adjustments 0.03
Non-GAAP net income
per share
$0.40 - $0.50
(in thousands) 2020
GAAP net income
$2,000 - $17,000
Stock-based
compensation 38,400
Depreciation and
amortization 22,800
Interest (income)
expense, net 19,800
POP display
amortization 5,800
Income tax expense 6,200
Adjusted EBITDA
$95,000 - $110,000
(in thousands)
First quarter of 2020
GAAP net income
$(54,800) - $(64,800)
Stock-based
compensation 9,600
Acquisition-related
costs 1,900
Non-cash interest
expense 2,400
Income tax adjustments 900
Non-GAAP net income
$(40,000) - $(50,000)
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SOURCE GoPro, Inc.
