- Revenue of $299 million, GAAP Loss
Per Share of ($0.49), Non-GAAP Loss Per Share of ($0.22)
- Fitbit VersaTM sells out in
the quarter, smartwatch revenue grows to 55%
Fitbit, Inc. (NYSE:FIT), the leading global wearables brand,
today reported revenue of $299 million, GAAP net loss per share of
($0.49), non-GAAP net loss per share of ($0.22), GAAP net loss of
($118) million, non-GAAP net loss of ($54) million, cash flow from
operations of ($67) million and free cash flow of ($83) million for
its second quarter of 2018.
“Our performance in Q2 represents the sixth consecutive quarter
that we have delivered on our financial commitments, made important
progress in transforming our business, and continued to adapt to
the changing wearables market. Demand for Versa, our first
‘mass-appeal’ smartwatch, is very strong. Within the second
quarter, Versa outsold Samsung, Garmin and Fossil smartwatches
combined in North America, improving our position with retailers,
solidifying shelf space for the Fitbit brand and providing a halo
effect to our other product offerings,” said James Park, co-founder
and CEO.
Second Quarter 2018
For the Three Months Ended For the
Six Months Ended In millions, except percentages and per share
amounts
June 30, 2018 July 1, 2017 June 30,
2018 July 1, 2017 GAAP Results Revenue
$ 299.3 $ 353.3
$ 547.2 $ 652.2 Gross
Margin
39.8 % 42.2 %
42.6 % 41.0 % Net
Loss
$ (118.3 ) $ (58.2 )
$
(199.1 ) $ (118.3 ) Net Loss Per Share
$
(0.49 ) $ (0.25 )
$ (0.83 ) $
(0.52 )
Non-GAAP Results Gross Margin
40.9 %
43.0 %
43.7 % 41.6 % Net Loss
$ (54.2
) $ (19.3 )
$ (95.2 ) $ (53.7 ) Net
Loss Per Share
$ (0.22 ) $ (0.08 )
$
(0.39 ) $ (0.23 )
Adjusted EBITDA $
(55.8 ) $ (28.2 )
$ (102.0 ) $
(80.5 )
Devices Sold 2.7 3.4
4.8 6.3
For additional information regarding the
non-GAAP financial measures, see “Non-GAAP Financial Measures” and
“Reconciliation of GAAP to Non-GAAP Financial Measures” below.
Second Quarter 2018 Financial Highlights
- Sold 2.7 million wearable devices.
Average selling price increased 6% year-over-year to $106 per
device driven by the growing mix of smartwatches.
- U.S. revenue represented 61% of revenue
or $182 million, down 8% year-over-year.
- International revenue represented 39%
and declined 24% year-over-year to $117 million: EMEA revenue
declined 39% to $66 million; Americas excluding U.S. revenue
declined 35% to $16 million; and APAC revenue grew 66% to $35
million, all year-over-year, respectively.
- New devices introduced in the past
year, Fitbit IonicTM, Fitbit VersaTM, Fitbit AceTM and Fitbit Aria
2TM and accessory Fitbit Flyer, represented 59% of revenue.
- GAAP gross margin was 39.8%, and
non-GAAP gross margin was 40.9%. Both GAAP and non-GAAP gross
margins were negatively impacted by the change in mix towards
smartwatches, partially offset by improved warranty costs.
- GAAP operating expenses represented 73%
of revenue, and non-GAAP operating expenses represented 65% of
revenue.
Second Quarter 2018 Operational Highlights
- Smartwatch revenue grew to 55% of
revenue, up from 30% on a sequential basis.
- Versa outsold Samsung, Garmin and
Fossil smartwatches combined in North America.
- The retail channel reduced tracker
inventory, depressing reorder rates and tracker sales. EMEA was
disproportionately exposed as tracker revenue was a larger
percentage of revenue in the region as compared to the U.S. in
prior quarters. We expect Q2 to be the trough in the year-over-year
decline in tracker sales.
- Active community of users: 56% of our
active users viewed Fitbit Feed in the quarter and our female
health tracking feature has experienced more than 2.9 million total
signups.
- 60% of activations came from new users,
while 40% came from repeat buyers. Of the repeat buyers, 51% were
previously inactive for 90 days or greater, up from 39% in Q2 2017,
driven by smartwatches.
Third Quarter 2018 Guidance
- We expect revenue to decline (3%)
year-over-year to a range of $370 million to $390 million, and the
EMEA region to return back to growth.
- Non-GAAP basic net (loss) income per
share in the range of ($.02) to $.01.
- Capital expenditures as a percentage of
revenue of approximately 5%.
- We anticipate free cash flow to be
approximately ($30) million, excluding $72 million in tax refund
payments that we received in early July 2018.
- Non-GAAP effective tax rate of
approximately 2%, but can vary significantly depending on
profitability.
- Stock-based compensation expense of
approximately $26 million and basic share count of approximately
247 million.
Full Year 2018 Guidance
- We reiterate our full-year 2018 revenue
guidance of approximately $1.5 billion.
- We expect the year-over-year decline in
revenue from tracker devices to improve, driven by clean channel
inventory levels, consumer feedback, and our product pipeline. In
addition, we anticipate additional supply of Versa to become
available.
- We expect gross margins to be
approximately flat from the second quarter.
- We expect to drive non-GAAP operating
expenses 7% lower, to a target of $740 million.
- Capital expenditures as a percentage of
revenue of approximately 5%.
- We expect free cash flow to decline
less than revenue to approximately ($20) million for 2018. Guidance
excludes the benefit of the tax refund payment we received in early
July and the potential impact of tariffs.
- We expect non-GAAP effective tax rate
to be approximately 25%, but may vary depending on geographic mix
of revenue, tax credits, and shift to profitability.
- Stock-based compensation expense of
approximately $102 million and basic/diluted share count of
approximately 248/260 million.
For additional information regarding the non-GAAP financial
measures presented above, see “Non-GAAP Financial Measures”
below.
Webcast and Conference Call Information
Fitbit will host a conference call today at 5:00 p.m. Eastern
Time, 2:00 p.m. Pacific Time, to discuss its results. Investors may
access a live webcast of the call through the Investor section of
Fitbit’s website at investor.fitbit.com. The call can also be
accessed by dialing (888) 468-2440 or (719) 325-4750, access code
7830797. A replay of the call will be archived on Fitbit’s website
for the following six months.
Forward Looking Statements
This press release contains forward-looking statements that
involve risks and uncertainties, including statements regarding our
outlook for the third quarter 2018 and full year 2018; the rate of
decline in tracker sales; expected device mix; trends in revenue,
average selling price, operating expenses, capital expenditures,
free cash flow, gross margins, non-GAAP basic net (loss) income per
share, stock-based compensation expense and non-GAAP effective tax
rate; growth in the EMEA region; channel inventory levels; future
product launches; product supply, including supply of Versa;
consumer and retail demand for smartwatches and trackers; and any
potential financial impact of tariffs. These forward-looking
statements are only predictions and may differ materially from
actual results due to a variety of factors, including: the effects
of the highly competitive market in which we operate, including
competition from much larger technology companies; our ability to
anticipate and satisfy consumer preferences in a timely manner; our
ability to successfully develop and timely introduce new products
and services or enhance existing products and services; retail and
customer acceptance of existing and new products; any inability to
accurately forecast consumer demand and adequately manage our
inventory; our ability to ship products on the timelines we
anticipate and unexpected delays; our ability to detect, prevent or
fix quality issues in our products or services; uncertain ability
to retain employees; our reliance on third-party suppliers,
contract manufacturers, and logistics providers, and our limited
control over such parties; delays in procuring components and
product from these third parties or their suppliers; the ability of
third parties to successfully manufacture and ship in a timely
manner quality products; seasonality; product liability issues,
security breaches or other defects, which may adversely affect
product performance, our reputation and brand awareness and overall
market acceptance of our products and services; ability to
integrate acquired technologies and employees into our operations,
particularly in new geographies; warranty claims; the fact that the
market for connected health and fitness devices is relatively new
and unproven; the ability of our channel partners to sell our
products; litigation and related costs; privacy; the impact of
changes in tax law; the impact of tariffs; and other general
market, political, economic and business conditions.
Additional risks and uncertainties that could affect our
financial results are included under the caption “Risk Factors” in
our Annual Report on Form 10-K for the full year ended December 31,
2017, and our most recently filed Quarterly Report on Form 10-Q.
All forward-looking statements contained herein are based on
information available to us as of the date hereof and we do not
assume any obligation to update these statements as a result of new
information or future events.
Disclosure of Material Information
Fitbit announces material information to its investors using SEC
filings, press releases, public conference calls and on its
Investor Relations page on the company’s website at http://investor.fitbit.com.
Non-GAAP Financial Measures
To supplement our consolidated financial statements, which are
prepared and presented in accordance with GAAP, we use the
following non-GAAP financial measures in this press release:
non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating
expenses, non-GAAP operating loss, non-GAAP operating loss before
income taxes, non-GAAP net loss, non-GAAP diluted net loss per
share, non-GAAP free cash flow, and adjusted EBITDA. The
presentation of these financial measures is not intended to be
considered in isolation or as a substitute for, or superior to,
financial information prepared and presented in accordance with
GAAP.
We use non-GAAP measures to internally evaluate and analyze
financial results. We believe these non-GAAP financial measures
provide investors with useful supplemental information about the
financial performance of our business, enable comparison of
financial results between periods where certain items may vary
independent of business performance, and enable comparison of our
financial results with other public companies, many of which
present similar non-GAAP financial measures.
There are limitations associated with the use of non-GAAP
financial measures as an analytical tool. In particular, many of
the adjustments to our GAAP financial measures reflect the
exclusion of certain items, specifically stock-based compensation
expense, depreciation, amortization of intangible assets, interest
income, net and the related income tax effects of the
aforementioned exclusions, that are recurring and will be reflected
in our financial results for the foreseeable future. In addition,
these measures may be different from non-GAAP financial measures
used by other companies, limiting their usefulness for comparison
purposes. A reconciliation of our non-GAAP financial measures to
their most directly comparable GAAP measures has been provided in
the financial statement tables included in this press release, and
investors are encouraged to review the reconciliation.
Guidance for non-GAAP financial measures excludes Jawbone
litigation costs, stock-based compensation, impact of
restructuring, amortization of acquired intangible assets, and tax
effects associated with these items. We have not reconciled
guidance for non-GAAP financial measures to their most directly
comparable GAAP measures because certain items that impact these
measures are uncertain, out of our control and/or cannot be
reasonably predicted. Accordingly, a reconciliation of the non-GAAP
financial measure guidance to the corresponding GAAP measures is
not available without unreasonable effort.
The following are explanations of the adjustments that are
reflected in one or more of our non-GAAP financial measures:
- 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.
- In January 2017, the Company conducted
a reorganization of its business, including a reduction in
workforce. The restructuring costs impacted our results for the
first quarter of 2017. Restructuring costs primarily included
severance-related costs. 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.
- Litigation expense relates to legal
costs incurred due to litigation with Aliphcom, Inc. d/b/a Jawbone.
We exclude these expenses because we do not believe these expenses
have a direct correlation to the operations of our business and
because of the singular nature of the claims underlying the Jawbone
litigation matters. We began excluding Jawbone litigation costs in
the second quarter of 2016 as these costs significantly increased
in 2016.
- Amortization of intangible assets
relates to our acquisition of FitStar, Pebble, Vector and Twine
Health. We exclude these amortization expenses because we do not
believe these expenses have a 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 such
as stock-based compensation, amortization of intangibles,
restructuring and valuation allowance in order to provide a more
meaningful measure of non-GAAP net loss.
About Fitbit, Inc. (NYSE: FIT)
Fitbit helps people lead healthier, more active lives by
empowering them with data, inspiration and guidance to reach their
goals. As the leading global wearables brand, Fitbit designs
products and experiences that track and provide motivation for
everyday health and fitness. Fitbit’s diverse line of innovative
and popular products include Fitbit Blaze®, Fitbit
Charge 2®, Fitbit Alta HR™, Fitbit Alta®, Fitbit
Ace™, Fitbit Flex 2®, and Fitbit Zip® activity
trackers, as well as the Fitbit Ionic™ and Fitbit
Versa™ smartwatches, Fitbit Flyer™ wireless
headphones and Fitbit Aria 2™Wi-Fi Smart Scale. Fitbit
products are carried in over 39,000 retail stores and in 86
countries around the globe. Powered by one of the world’s largest
social fitness networks and databases of health and fitness data,
the Fitbit platform delivers personalized experiences, insights and
guidance through leading software and interactive tools, including
the Fitbit and Fitbit Coach apps, and the Fitbit OS for
smartwatches. Fitbit Health Solutions develops health and wellness
solutions designed to help increase engagement, improve health
outcomes, and drive a positive return for employers, health plans
and health systems.
Fitbit and the Fitbit logo are trademarks or
registered trademarks of Fitbit, Inc. in the U.S. and
other countries. Additional Fitbit trademarks can be found
at www.fitbit.com/legal/trademark-list. Third-party trademarks
are the property of their respective owners.
Connect with us
on Facebook, Instagram or Twitter and
share your Fitbit experience.
FITBIT, INC.
Condensed Consolidated Statements of
Operations
(In thousands, except per share
amounts)
(unaudited)
Three Months Ended Six Months
Ended June 30, 2018 July 1, 2017 June
30, 2018 July 1, 2017 Revenue $ 299,344 $
353,299 $ 547,209 $ 652,241 Cost of revenue 180,329 204,054
314,071 384,697 Gross profit 119,015
149,245 233,138 267,544
Operating expenses: Research and development 87,047 80,543 176,383
168,301 Sales and marketing 100,845 100,732 172,897 191,906 General
and administrative 30,211 31,379 66,299 62,125
Total operating expenses 218,103 212,654
415,579 422,332 Operating loss (99,088 ) (63,409 )
(182,441 ) (154,788 ) Interest income, net 2,177 193 3,527 1,289
Other income, net 2,258 303 2,775 836
Loss before income taxes (94,653 ) (62,913 ) (176,139 ) (152,663 )
Income tax expense (benefit) 23,615 (4,673 ) 23,006
(34,344 ) Net loss $ (118,268 ) $ (58,240 ) $ (199,145 ) $ (118,319
) Net loss per share: Basic $ (0.49 ) $ (0.25 ) $ (0.83 ) $ (0.52 )
Diluted $ (0.49 ) $ (0.25 ) $ (0.83 ) $ (0.52 ) Shares used to
compute net loss per share: Basic 242,898 230,322
241,227 228,788 Diluted 242,898 230,322
241,227 228,788
FITBIT, INC.
Condensed Consolidated Balance
Sheets
(In thousands)
(unaudited)
June 30, 2018
December 31, 2017
Assets Current assets: Cash and cash equivalents $
328,116 $ 341,966 Marketable securities 252,347 337,334 Accounts
receivable, net 242,038 406,019 Inventories 140,430 123,895 Income
tax receivable 78,385 77,882 Prepaid expenses and other current
assets 63,227 97,269 Total current assets 1,104,543
1,384,365 Property and equipment, net 110,185 104,908 Goodwill
61,058 51,036 Intangible assets, net 27,740 22,356 Deferred tax
assets 3,528 3,990 Other assets 16,147 15,420 Total
assets $ 1,323,201 $ 1,582,075
Liabilities and
Stockholders’ Equity Current liabilities: Accounts payable $
155,970 $ 212,731 Accrued liabilities 377,058 452,137 Deferred
revenue 28,116 35,504 Income taxes payable 22,729 928
Total current liabilities 583,873 701,300 Long-term deferred
revenue 4,719 6,928 Other liabilities 55,650 49,884
Total liabilities 644,242 758,112
Stockholders’ equity: Class A and Class B common stock 25 24
Additional paid-in capital 1,006,639 956,060 Accumulated other
comprehensive income (loss) 4,679 (9 ) Accumulated deficit (332,384
) (132,112 ) Total stockholders’ equity 678,959 823,963
Total liabilities and stockholders’ equity $ 1,323,201
$ 1,582,075
FITBIT, INC. CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOW (In thousands) (unaudited)
Three Months Ended Six Months
Ended June 30, 2018 July 1, 2017
June 30, 2018 July 1, 2017 Cash Flows from
Operating Activities Net loss $ (118,268 ) $ (58,240 ) $
(199,145 ) $ (118,319 ) Adjustments to reconcile net loss to net
cash (used in) provided by operating activities: Provision for
inventory obsolescence 1,677 4,412 8,014 8,409 Depreciation 13,116
10,059 23,572 19,199 Write-off of property and equipment 226 5,851
7,485 5,250 Amortization of intangible assets 2,057 1,376 3,805
2,753 Stock-based compensation 25,857 21,966 49,498 44,459 Deferred
income taxes 500 21,142 (1,299 ) 16,137 Other (144 ) 1,010 (419 )
1,428 Changes in operating assets and liabilities, net of
acquisition: Accounts receivable (27,787 ) (21,752 ) 164,195
261,165 Inventories 3,090 54,293 (24,217 ) 81,486 Prepaid expenses
and other assets (1,986 ) (49,348 ) 37,624 (50,324 ) Fitbit Force
recall reserve (159 ) (205 ) (291 ) (500 ) Accounts payable 19,971
(40,340 ) (64,184 ) (216,959 ) Accrued liabilities and other
liabilities (3,886 ) 8,210 (74,033 ) (43,963 ) Deferred revenue
(3,613 ) (2,477 ) (9,623 ) (5,477 ) Income taxes payable 21,974
(1,867 ) 21,801 (1,516 )
Net cash
(used in) provided by operating activities (67,375 )
(45,910 ) (57,217 ) 3,228
Cash Flows from
Investing Activities Purchase of property and equipment (15,908
) (11,660 ) (28,524 ) (39,817 ) Purchases of marketable securities
(83,408 ) (188,017 ) (224,812 ) (317,678 ) Sales of marketable
securities 22,975 9,550 73,770 13,806 Maturities of marketable
securities 88,534 173,116 236,575 351,144 Acquisition, net of cash
acquired — — (13,646 ) —
Net
cash provided by investing activities 12,193
(17,011 ) 43,363 7,455
Cash Flows from
Financing Activities Repayment of debt — — (747 ) — Proceeds
from issuance of common stock 9,746 8,826 10,738 11,407
Taxes paid related to net share settlement
of restricted stock units
(4,808 ) (2,107 ) (9,987 ) (5,234 )
Net cash
provided by financing activities 4,938 6,719
4 6,173 Net (decrease) increase in cash
and cash equivalents (50,244 ) (56,202 ) (13,850 ) 16,856 Effect of
exchange rate on cash and cash equivalents — 631 — 532 Cash and
cash equivalents at beginning of period 378,360
374,279 341,966 301,320 Cash and cash
equivalents at end of period $ 328,116 $ 318,708
$ 328,116 $ 318,708
FITBIT,
INC. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL
MEASURES (In thousands, except percentages and per share
amounts) (unaudited)
Three Months Ended
Six Months Ended June 30, 2018 July 1,
2017 June 30, 2018 July 1, 2017
Non-GAAP gross profit: GAAP gross profit $ 119,015 $ 149,245
$ 233,138 $ 267,544 Stock-based compensation expense 2,032 1,492
3,130 1,510 Impact of restructuring — — — 37 Intangible assets
amortization 1,516 1,319 3,032 2,638
Non-GAAP gross profit $ 122,563 $ 152,056 $ 239,300
$ 271,729
Non-GAAP gross margin (as a
percentage of revenue): GAAP gross margin 39.8 % 42.2 % 42.6 %
41.0 % Stock-based compensation expense 0.7 0.4 0.6 0.2 Impact of
restructuring — — — — Intangible assets amortization 0.5 0.4
0.6 0.4 Non-GAAP gross margin 40.9 % 43.0 %
43.7 % 41.6 %
Non-GAAP research and development: GAAP
research and development $ 87,047 $ 80,543 $ 176,383 $ 168,301
Stock-based compensation expense (15,090 ) (12,648 ) (29,762 )
(26,992 ) Impact of restructuring — — — (2,744
) Non-GAAP research and development $ 71,957 $ 67,895
$ 146,621 $ 138,565
Non-GAAP sales and
marketing: GAAP sales and marketing $ 100,845 $ 100,732 $
172,897 $ 191,906 Stock-based compensation expense (3,911 ) (3,987
) (7,358 ) (7,235 ) Impact of restructuring — — — (2,000 )
Intangible assets amortization (470 ) — (630 ) —
Non-GAAP sales and marketing $ 96,464 $ 96,745 $
164,909 $ 182,671
Non-GAAP general and
administrative: GAAP general and administrative $ 30,211 $
31,379 $ 66,299 $ 62,125 Stock-based compensation expense (4,824 )
(3,839 ) (9,249 ) (7,994 ) Litigation expense — (1,533 ) (765 )
(1,419 ) Impact of restructuring — — — (1,594 ) Intangible assets
amortization (71 ) (58 ) (143 ) (115 ) Non-GAAP general and
administrative $ 25,316 $ 25,949 $ 56,142 $
51,003
Non-GAAP operating expenses: GAAP
operating expenses $ 218,103 $ 212,654 $ 415,579 $ 422,332
Stock-based compensation expense (23,825 ) (20,474 ) (46,369 )
(42,221 ) Litigation expense — (1,533 ) (765 ) (1,419 ) Impact of
restructuring — — — (6,338 ) Intangible assets amortization (541 )
(58 ) (773 ) (115 ) Non-GAAP operating expenses $ 193,737 $
190,589 $ 367,672 $ 372,239
FITBIT,
INC. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL
MEASURES (In thousands, except percentages and per share
amounts) (unaudited)
Three Months Ended
Six Months Ended June 30, 2018 July 1,
2017 June 30, 2018 July 1, 2017
Non-GAAP operating loss and loss before income taxes: GAAP
operating loss $ (99,088 ) $ (63,409 ) $ (182,441 ) $ (154,788 )
Stock-based compensation expense 25,857 21,966 49,498 43,731
Litigation expense — 1,533 765 1,419 Impact of restructuring — — —
6,375 Intangible assets amortization 2,057 1,377
3,805 2,753 Non-GAAP operating loss (71,174 ) (38,533
) (128,373 ) (100,510 ) Interest income, net 2,177 193 3,527 1,289
Other income, net 2,258 303 2,775 836
Non-GAAP operating loss before income taxes $ (66,739 ) $ (38,037 )
$ (122,071 ) $ (98,385 )
Non-GAAP net loss and net loss
per share: Net loss $ (118,268 ) $ (58,240 ) $ (199,145 ) $
(118,319 ) Stock-based compensation expense 25,857 21,966 49,498
43,731 Litigation expense — 1,533 765 1,419 Impact of restructuring
— — — 6,375 Intangible assets amortization 2,057 1,377 3,805 2,753
Income tax effect of non-GAAP adjustments 36,121 14,056
49,888 10,335 Non-GAAP net loss $ (54,233 ) $
(19,308 ) $ (95,189 ) $ (53,706 ) GAAP diluted shares
242,898 230,322 241,227 228,788 Other dilutive equity awards —
— — — Non-GAAP diluted shares 242,898
230,322 241,227 228,788 Non-GAAP
diluted net loss per share $ (0.22 ) $ (0.08 ) $ (0.39 ) $ (0.23 )
Non-GAAP free cash flow: Net cash provided by
operating activities $ (67,375 ) $ (45,910 ) $ (57,217 ) $ 3,228
Purchases of property and equipment (15,908 ) (11,660 ) (28,524 )
(39,817 ) Non-GAAP free cash flow $ (83,283 ) $ (57,570 ) $ (85,741
) $ (36,589 ) Net cash provided by investing activities $ 12,193
$ (17,011 ) $ 43,363 $ 7,455 Net cash used in
financing activities $ 4,938 $ 6,719 $ 4 $
6,173
FITBIT, INC. RECONCILIATION OF GAAP
TO NON-GAAP FINANCIAL MEASURES (In thousands, except
percentages and per share amounts) (unaudited)
Three Months Ended Six Months Ended June
30, 2018 July 1, 2017 June 30, 2018
July 1, 2017 Adjusted EBITDA: Net loss $ (118,268 ) $
(58,240 ) $ (199,145 ) $ (118,319 ) Stock-based compensation
expense* 25,857 21,966 49,498 43,731 Litigation expense — 1,533 765
1,419 Impact of restructuring — — — 6,375 Depreciation and
intangible assets amortization 15,173 11,435 27,377 21,952 Interest
income, net (2,177 ) (193 ) (3,527 ) (1,289 ) Income tax expense
(benefit) 23,615 (4,673 ) 23,006 (34,344 ) Adjusted
EBITDA $ (55,800 ) $ (28,172 ) $ (102,026 ) $ (80,475 )
Stock-based compensation expense: Cost of revenue $ 2,032 $
1,492 $ 3,130 $ 1,510 Research and development 15,090 12,648 29,761
27,333 Sales and marketing 3,911 3,987 7,358 7,622 General and
administrative 4,824 3,839 9,249 7,994
Total stock-based compensation expense* $ 25,857 $ 21,966
$ 49,498 $ 44,459 * A portion of stock-based
compensation expense for the six months ended July 1, 2017 was
allocated to and included in "Impact of restructuring," thus
explaining the difference between the total by function presented
in this table compared to the amounts presented in the above
tables.
FITBIT, INC. REVENUE BY GEOGRAPHICAL
REGION (In thousands) (unaudited)
Three Months
Ended Six Months Ended June 30, 2018
July 1, 2017 June 30, 2018 July 1,
2017 United States $ 182,451 $ 199,201 $ 321,947 $ 369,621
Americas, excluding United States 15,838 24,412 31,938 44,380
Europe, Middle East, and Africa 65,969 108,601 130,507 196,373 APAC
35,086 21,085 62,817 41,867
Total
$ 299,344 $ 353,299 $ 547,209 $ 652,241
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180801005819/en/
Fitbit, Inc.Investor Contact:Tom Hudson,
415-604-4106investor@fitbit.comMedia Contact:Jen Ralls,
415-722-6937PR@fitbit.com
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