SAN MATEO, Calif., May 6, 2021 /PRNewswire/ -- GoPro, Inc.
(NASDAQ: GPRO) today announced financial results for its first
quarter ended March 31, 2021 and posted management commentary
on its investor relations website at
https://investor.gopro.com.
"This is the new GoPro. We've evolved from a hardware
unit-sales-centric business to a successful direct-to-consumer
subscription-centric business with a significant opportunity to
grow margin and profitability with continued subscriber growth,"
said Nicholas Woodman, GoPro's
founder and CEO. "The value-creation implications of this shift are
meaningful."
"GoPro fired on all cylinders during the first quarter of 2021.
Strong revenue growth globally, a continued shift to higher-end
cameras, and subscription growth drove record ASP's that resulted
in expanded gross margins and operating results in the quarter,"
said Brian McGee, GoPro's CFO and
COO.
GoPro Q1 2021 Financial Results
- Revenue for Q1 2021 was $204
million, compared to $119
million in Q1 2020, up 71% year-over-year.
- GAAP and non-GAAP gross margin for Q1 2021 was 38.6% and 39.2%,
respectively, up 640 and 500 basis points, respectively,
year-over-year.
- Q1 2021 GAAP net loss was $10
million, or $0.07 per share,
compared to a net loss of $64 million
or $0.43 per share in Q1 2020.
Non-GAAP net income was $5 million,
or $0.03 per share in Q1 2021,
compared to a net loss of $50
million, or $0.34 per share in
Q1 2020.
- Q1 2021 GAAP and non-GAAP operating expenses decreased 13% and
17% year-over-year to $82 million and
$73 million, respectively.
- Adjusted EBITDA for Q1 2021 was positive $11 million, compared to negative $41 million in the same period a year ago.
Recent GoPro Highlights
- In April 2021, GoPro subscribers
surpassed one million.
- GoPro.com generated $82 million
in revenue in Q1 2021, or 40% of total revenue and up 224%
year-over-year.
- Camera unit sell-through was approximately 700,000 units in Q1
2021.
- Cameras with retail prices above $300 represented 95% of Q1 2021 camera
revenue.
- Q1 2021 Street ASP increased 4% year-over-year to $366, our highest ever.
- In March, GoPro launched its new Quik App and made it available
to smartphone users via a $9.99
annual subscription.
Results Summary:
|
Three months ended
March 31,
|
($ in thousands,
except per share amounts)
|
2021
|
|
2020
|
|
%
Change
|
Revenue
|
$
|
203,680
|
|
|
$
|
119,400
|
|
|
70.6
|
%
|
Gross
margin
|
|
|
|
|
|
GAAP
|
38.6
|
%
|
|
32.2
|
%
|
|
640 bps
|
Non-GAAP
|
39.2
|
%
|
|
34.2
|
%
|
|
500 bps
|
Operating income
(loss)
|
|
|
|
|
|
GAAP
|
$
|
(3,512)
|
|
|
$
|
(56,114)
|
|
|
93.7
|
%
|
Non-GAAP
|
$
|
6,913
|
|
|
$
|
(46,654)
|
|
|
114.8
|
%
|
Net income
(loss)
|
|
|
|
|
|
GAAP
|
$
|
(10,168)
|
|
|
$
|
(63,528)
|
|
|
84.0
|
%
|
Non-GAAP
|
$
|
4,835
|
|
|
$
|
(49,613)
|
|
|
109.7
|
%
|
Diluted net income
(loss) per share
|
|
|
|
|
|
GAAP
|
$
|
(0.07)
|
|
|
$
|
(0.43)
|
|
|
83.7
|
%
|
Non-GAAP
|
$
|
0.03
|
|
|
$
|
(0.34)
|
|
|
108.8
|
%
|
Adjusted
EBITDA
|
$
|
10,720
|
|
|
$
|
(41,356)
|
|
|
125.9
|
%
|
Conference Call
GoPro management will host a conference call and live webcast
for analysts and investors today at 2 p.m.
Pacific Time (5 p.m. Eastern
Time) to discuss the Company's financial results.
Prior to the start of the call, the Company will post Management
Commentary on the "Events & Presentations" section of its
investor relations website at https://investor.gopro.com.
Management will make brief opening comments before taking
questions.
To listen to the live conference call, please dial toll free
(800) 367-2403 or (334) 777-6978, access code 2771163,
approximately 15 minutes prior to the start of the call. A live
webcast of the conference call will be accessible on the "Events
& Presentations" section of the Company's website at
https://investor.gopro.com. A recording of the webcast will be
available on GoPro's website, https://investor.gopro.com,
approximately two hours after the call and for 90 days
thereafter.
About GoPro, Inc. (NASDAQ:
GPRO)
GoPro helps the world capture and share itself in
immersive and exciting ways.
For more information, visit www.gopro.com. Members of
the press can access official brand and product images, logos and
reviewer guides by visiting GoPro's press portal. GoPro
users can submit their photos, raw video clips and edits to GoPro
Awards for a chance to be featured on GoPro's social channels and
receive gear and cash awards. 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, HERO and their respective logos are trademarks or
registered trademarks of GoPro, Inc. in the United States and other countries.
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
Facebook, Instagram, LinkedIn, TikTok, Twitter, YouTube,
GoPro's investor relations website and blog, The Inside
Line.
Note Regarding Use of Non-GAAP Financial Measures
GoPro reports gross profit, gross margin, operating
expenses, operating income (loss), other income (expense), tax
expense, net income (loss) and diluted net income (loss) per share
in accordance with U.S. generally accepted accounting
principles (GAAP) and on a non-GAAP basis. Additionally, GoPro
reports non-GAAP adjusted EBITDA. Non-GAAP items exclude, where
applicable, the effects of stock-based compensation,
acquisition-related costs, restructuring and other related costs,
non-cash interest expense, gain on sale and license of intellectual
property and the tax impact of these items. When planning,
forecasting and analyzing gross margin, operating expenses, other
income (expense), tax expense, net income (loss) and net income
(loss) per share for future periods, GoPro does so primarily on a
non-GAAP basis without preparing a GAAP analysis as that would
require estimates for reconciling items which are inherently
difficult to predict with reasonable accuracy.
Note on Forward-looking Statements
This press release may contain projections or other
forward-looking statements within the meaning Section 27A of the
Private Securities Litigation Reform Act. Words such as
"anticipate," "believe," "estimate," "expect," "intend," "should,"
"will" and variations of these terms or the negative of these
terms and similar expressions are intended to identify these
forward-looking statements. Forward-looking statements in this
presentation may include but are not limited to planned growth and
expansion of our total addressable market through new products and
subscription services; increased profitability in 2021 and beyond;
overall consumer demand, and the impact of the COVID-19 pandemic on
our business. 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 achieve
revenue growth or profitability in the future, and if revenue
growth or profitability is achieved, we may not be able to sustain
it; our ability to effectively manage our shift of sales strategy
to focus on our direct-to-consumer channel; the risk that we are
not able to increase the number of and retain our existing paying
subscribers; the risk that our reduction in operating expenses may
impact our ability to meet our business objectives and achieve our
revenue targets, and may not result in the expected improvement in
our profitability; our ability to continue to focus on expense
management; the fact that our plan to profitability depends in part
on further penetrating our total addressable market, and we may not
be successful in doing so; the risk that growing our
direct-to-consumer business while reducing our reliance on our
other sales channels could impact profitability; the impact of the
COVID-19 pandemic and its effect on the
United States and global economies and our business in
particular; any inability to successfully manage frequent product
introductions (including roadmap for new hardware, software and
subscription products) and transitions, including managing our
sales channel and inventory, and accurately forecasting future
sales; the fact that a small number of retailers and
distributors account for a substantial portion of our revenue and
our level of business with them could be significantly reduced due
to retail closures related to COVID-19; our transition away from
some distributors and retailers; our reliance on third party
suppliers, some of which are sole source suppliers, to provide
components for our products which may be impacted due to supply
chain constraints; 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 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, 2020, which
is on file with the Securities and Exchange Commission (SEC), and
as updated in future filings with the SEC including the Quarterly
Report on Form 10-Q for the quarter ended March 31, 2021.
These forward-looking statements speak only as of the date hereof
or as of the date otherwise stated herein. GoPro disclaims any
obligation to update these forward-looking statements.
GoPro,
Inc.
|
Preliminary
Condensed Consolidated Statement of Operations
|
(unaudited)
|
|
|
Three months ended
March 31,
|
(in thousands,
except per share data)
|
2021
|
|
2020
|
Revenue
|
$
|
203,680
|
|
|
$
|
119,400
|
|
Cost of
revenue
|
124,984
|
|
|
80,973
|
|
Gross
profit
|
78,696
|
|
|
38,427
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
Research and
development
|
32,430
|
|
|
32,281
|
|
Sales and
marketing
|
35,790
|
|
|
43,502
|
|
General and
administrative
|
13,988
|
|
|
18,758
|
|
Total operating
expenses
|
82,208
|
|
|
94,541
|
|
Operating
loss
|
(3,512)
|
|
|
(56,114)
|
|
Other income
(expense):
|
|
|
|
Interest
expense
|
(5,880)
|
|
|
(4,843)
|
|
Other income
(expense), net
|
443
|
|
|
(172)
|
|
Total other expense,
net
|
(5,437)
|
|
|
(5,015)
|
|
Loss before income
taxes
|
(8,949)
|
|
|
(61,129)
|
|
Income tax
expense
|
1,219
|
|
|
2,399
|
|
Net loss
|
$
|
(10,168)
|
|
|
$
|
(63,528)
|
|
|
|
|
|
Basic and diluted net
loss per share
|
$
|
(0.07)
|
|
|
$
|
(0.43)
|
|
|
|
|
|
Weighted-average
number of shares outstanding, basic and diluted
|
152,181
|
|
|
147,560
|
|
GoPro,
Inc.
|
Preliminary
Condensed Consolidated Balance Sheets
|
(unaudited)
|
|
(in
thousands)
|
March
31, 2021
|
|
December
31, 2020
|
Assets
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
296,754
|
|
|
$
|
325,654
|
|
Restricted
cash
|
—
|
|
|
2,000
|
|
Accounts receivable,
net
|
68,625
|
|
|
107,244
|
|
Inventory
|
111,833
|
|
|
97,914
|
|
Prepaid expenses and
other current assets
|
28,861
|
|
|
23,872
|
|
Total current
assets
|
506,073
|
|
|
556,684
|
|
Property and
equipment, net
|
21,703
|
|
|
23,711
|
|
Operating lease
right-of-use assets
|
30,640
|
|
|
31,560
|
|
Intangible assets,
net and goodwill
|
146,950
|
|
|
147,673
|
|
Other long-term
assets
|
11,519
|
|
|
11,771
|
|
Total
assets
|
$
|
716,885
|
|
|
$
|
771,399
|
|
|
|
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
|
77,283
|
|
|
$
|
111,399
|
|
Accrued expenses and
other current liabilities
|
93,184
|
|
|
113,776
|
|
Short-term operating
lease liabilities
|
8,999
|
|
|
9,369
|
|
Deferred
revenue
|
32,044
|
|
|
28,149
|
|
Total current
liabilities
|
211,510
|
|
|
262,693
|
|
Long-term
debt
|
221,931
|
|
|
218,172
|
|
Long-term operating
lease liabilities
|
50,091
|
|
|
51,986
|
|
Other long-term
liabilities
|
21,882
|
|
|
22,530
|
|
Total
liabilities
|
505,414
|
|
|
555,381
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
Common stock and
additional paid-in capital
|
985,768
|
|
|
980,147
|
|
Treasury stock, at
cost
|
(113,613)
|
|
|
(113,613)
|
|
Accumulated
deficit
|
(660,684)
|
|
|
(650,516)
|
|
Total stockholders'
equity
|
211,471
|
|
|
216,018
|
|
Total liabilities and
stockholders' equity
|
$
|
716,885
|
|
|
$
|
771,399
|
|
GoPro,
Inc.
|
Preliminary
Condensed Consolidated Statement of Cash Flows
|
(unaudited)
|
|
|
Three months ended
March 31,
|
(in
thousands)
|
2021
|
|
2020
|
Operating
activities:
|
|
|
|
Net loss
|
$
|
(10,168)
|
|
|
$
|
(63,528)
|
|
Adjustments to
reconcile net loss to net cash used in operating
activities:
|
|
|
|
Depreciation and
amortization
|
3,534
|
|
|
5,983
|
|
Non-cash operating
lease cost
|
920
|
|
|
2,035
|
|
Stock-based
compensation
|
8,869
|
|
|
7,637
|
|
Deferred income
taxes
|
(2)
|
|
|
6
|
|
Non-cash restructuring
charges
|
(99)
|
|
|
—
|
|
Non-cash interest
expense
|
3,433
|
|
|
2,373
|
|
Other
|
112
|
|
|
672
|
|
Net changes in
operating assets and liabilities
|
(32,091)
|
|
|
(23,462)
|
|
Net cash used in
operating activities
|
(25,492)
|
|
|
(68,284)
|
|
|
|
|
|
Investing
activities:
|
|
|
|
Purchases of property
and equipment, net
|
(1,068)
|
|
|
(795)
|
|
Maturities of
marketable securities
|
—
|
|
|
7,330
|
|
Asset
acquisition
|
—
|
|
|
(438)
|
|
Net cash provided by
(used in) investing activities
|
(1,068)
|
|
|
6,097
|
|
|
|
|
|
Financing
activities:
|
|
|
|
Proceeds from
issuance of common stock
|
2,998
|
|
|
1,887
|
|
Taxes paid related to
net share settlement of equity awards
|
(6,246)
|
|
|
(2,003)
|
|
Proceeds from
borrowings
|
—
|
|
|
30,000
|
|
Net cash provided by
(used in) financing activities
|
(3,248)
|
|
|
29,884
|
|
Effect of exchange
rate changes on cash, cash equivalents and restricted
cash
|
(1,092)
|
|
|
(563)
|
|
Net change in cash,
cash equivalents and restricted cash
|
(30,900)
|
|
|
(32,866)
|
|
Cash, cash
equivalents and restricted cash at beginning of period
|
327,654
|
|
|
150,301
|
|
Cash, cash
equivalents and restricted cash at end of period
|
$
|
296,754
|
|
|
$
|
117,435
|
|
GoPro, Inc.
Reconciliation of
Preliminary GAAP to Non-GAAP Financial Measures
To supplement our unaudited selected financial data presented on
a basis consistent with GAAP, we disclose certain non-GAAP
financial measures, including non-GAAP gross profit, gross margin,
operating expenses, operating income (loss), other income
(expense), tax expense, net income (loss), diluted net income
(loss) per share and adjusted EBITDA. We also provide forecasts of
non-GAAP gross margin, non-GAAP operating expenses, non-GAAP other
income (expense), non-GAAP tax expense, non-GAAP net income (loss)
and non-GAAP diluted net income (loss) per share. We use these
non-GAAP financial measures to help us understand and evaluate our
core operating performance and trends, to prepare and approve our
annual budget, and to develop short-term and long-term operational
plans. Our management uses, and believes that investors benefit
from referring to these non-GAAP financial measures in assessing
our operating results. These non-GAAP financial measures should not
be considered in isolation from, or as an alternative to, the
measures prepared in accordance with GAAP, and are not based on any
comprehensive set of accounting rules or principles. We believe
that these non-GAAP measures, when read in conjunction with our
GAAP financials, provide useful information to investors by
facilitating:
- the comparability of our on-going operating results over the
periods presented;
- the ability to identify trends in our underlying business;
and
- the comparison of our operating results against analyst
financial models and operating results of other public companies
that supplement their GAAP results with non-GAAP financial
measures.
These non-GAAP financial measures have limitations in that they
do not reflect all of the amounts associated with our results of
operations as determined in accordance with GAAP. Some of these
limitations are:
- adjusted EBITDA does not reflect tax payments that reduce cash
available to us;
- adjusted EBITDA excludes depreciation and amortization and,
although these are non-cash charges, the property and equipment
being depreciated and amortized often will have to be replaced in
the future, and adjusted EBITDA does not reflect any cash capital
expenditure requirements for such replacements;
- adjusted EBITDA excludes the amortization of point of purchase
(POP) display assets because it is a non-cash charge, and is
treated similarly to depreciation of property and equipment and
amortization of acquired intangible assets;
- adjusted EBITDA and non-GAAP net income (loss) exclude the
impairment of intangible assets because it is a non-cash charge
that varies 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, first quarter of 2018 and second quarter of
2020, including right-of-use asset impairment charges, 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;
- adjusted EBITDA and non-GAAP net income (loss) exclude the loss
on extinguishment of debt because it is not reflective of ongoing
operating results in the period, and such losses vary in the
frequency and amount;
- 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 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 and November 2020, 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 such gains vary in the frequency and
amount;
- non-GAAP net income (loss) includes income tax
adjustments. We utilize a cash-based non-GAAP tax expense
approach (based upon expected annual cash payments for income
taxes) for evaluating operating performance as well as for planning
and forecasting purposes. This non-GAAP tax approach eliminates the
effects of period specific items, which can vary in size and
frequency and does not necessarily reflect our long-term
operations. Historically, we computed a non-GAAP tax rate based on
non-GAAP pre-tax income on a quarterly basis, which considered the
income tax effects of the adjustments above; and
- other companies may calculate these non-GAAP financial measures
differently than we do, limiting their usefulness as comparative
measures.
GoPro,
Inc.
|
Reconciliation of
Preliminary GAAP to Non-GAAP Financial Measures
|
(unaudited)
|
|
Reconciliations of
non-GAAP financial measures are set forth below:
|
|
Three months ended
March 31,
|
(in thousands,
except per share data)
|
2021
|
|
2020
|
GAAP net
loss
|
$
|
(10,168)
|
|
|
$
|
(63,528)
|
|
Stock-based
compensation:
|
|
|
|
Cost of
revenue
|
429
|
|
|
503
|
|
Research and
development
|
4,136
|
|
|
3,022
|
|
Sales and
marketing
|
1,865
|
|
|
1,717
|
|
General and
administrative
|
2,439
|
|
|
2,395
|
|
Total stock-based
compensation
|
8,869
|
|
|
7,637
|
|
|
|
|
|
Acquisition-related
costs:
|
|
|
|
Cost of
revenue
|
723
|
|
|
1,887
|
|
Total
acquisition-related costs
|
723
|
|
|
1,887
|
|
|
|
|
|
Restructuring and
other costs:
|
|
|
|
Cost of
revenue
|
50
|
|
|
(4)
|
|
Research and
development
|
441
|
|
|
(24)
|
|
Sales and
marketing
|
199
|
|
|
(19)
|
|
General and
administrative
|
143
|
|
|
(17)
|
|
Total restructuring
and other costs
|
833
|
|
|
(64)
|
|
|
|
|
|
Non-cash interest
expense
|
3,433
|
|
|
2,373
|
|
Income tax
adjustments
|
1,145
|
|
|
2,082
|
|
Non-GAAP net
income (loss)
|
$
|
4,835
|
|
|
$
|
(49,613)
|
|
|
|
|
|
GAAP shares for
diluted net loss per share
|
152,181
|
|
|
147,560
|
|
Add: dilutive
shares
|
7,671
|
|
|
—
|
|
Non-GAAP shares
for diluted net income (loss) per share
|
159,852
|
|
|
147,560
|
|
|
|
|
|
GAAP diluted net
loss per share
|
$
|
(0.07)
|
|
|
$
|
(0.43)
|
|
Non-GAAP diluted
net income (loss) per share
|
$
|
0.03
|
|
|
$
|
(0.34)
|
|
|
|
|
Three months ended
March 31,
|
(dollars in
thousands)
|
2021
|
|
2020
|
GAAP gross profit
as a % of revenue
|
38.6
|
%
|
|
32.2
|
%
|
Stock-based
compensation
|
0.2
|
|
|
0.4
|
|
Acquisition-related
costs
|
0.4
|
|
|
1.6
|
|
Non-GAAP gross
profit as a % of revenue
|
39.2
|
%
|
|
34.2
|
%
|
|
|
|
|
GAAP operating
expenses
|
$
|
82,208
|
|
|
$
|
94,541
|
|
Stock-based
compensation
|
(8,440)
|
|
|
(7,134)
|
|
Restructuring and
other costs
|
(783)
|
|
|
60
|
|
Non-GAAP operating
expenses
|
$
|
72,985
|
|
|
$
|
87,467
|
|
|
|
|
|
GAAP operating
loss
|
$
|
(3,512)
|
|
|
$
|
(56,114)
|
|
Stock-based
compensation
|
8,869
|
|
|
7,637
|
|
Acquisition-related
costs
|
723
|
|
|
1,887
|
|
Restructuring and
other costs
|
833
|
|
|
(64)
|
|
Non-GAAP operating
income (loss)
|
$
|
6,913
|
|
|
$
|
(46,654)
|
|
|
|
|
Three months ended
March 31,
|
(in
thousands)
|
2021
|
|
2020
|
GAAP net
loss
|
$
|
(10,168)
|
|
|
$
|
(63,528)
|
|
Income tax
expense
|
1,219
|
|
|
2,399
|
|
Interest expense,
net
|
5,796
|
|
|
4,681
|
|
Depreciation and
amortization
|
3,534
|
|
|
5,982
|
|
POP display
amortization
|
637
|
|
|
1,537
|
|
Stock-based
compensation
|
8,869
|
|
|
7,637
|
|
Restructuring and
other costs
|
833
|
|
|
(64)
|
|
Adjusted
EBITDA
|
$
|
10,720
|
|
|
$
|
(41,356)
|
|
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SOURCE GoPro, Inc.