Business
GoPro Announces Fourth Quarter and Full Year 2020 Results
Subscribers Grow 145% Year-over-Year to 761,000 Cash Flow from Operations of $108 Million in Q4 2020 Q4 2020 GAAP EPS of $0.28; Non-GAAP EPS of $0.39 SAN
About this update from Gopro, Inc.
[{"type":"text","content":"Subscribers Grow 145% Year-over-Year to 761,000\n Cash Flow from Operations of $108 Million in Q4 2020\n Q4 2020 GAAP EPS of $0.28; Non-GAAP EPS of $0.39\n\n\nSAN MATEO, Calif., Feb. 4, 2021 /PRNewswire/ -- GoPro, Inc. (NASDAQ: GPRO) today announced financial results for its fourth quarter and full year ended December 31, 2020 and posted management commentary on its investor relations website at https://investor.gopro.com.\n\n \n \n \n \n \n \n\n \n\"GoPro's shift to a more subscription-centric consumer-direct model is resulting in a simpler, more profitable business with materially better cash generation,\" said Nicholas Woodman, GoPro's founder and CEO. \"The steps we've taken to improve our business during the pandemic should serve us very well when the world begins to recover in earnest — but as a business, fortunately we don't have to wait for that to happen.\"\n\"GoPro generated more than $200 million in cash flow from operations in the second half, fourth quarter subscriber growth of 52% sequentially, and we exited the year with historically low levels of channel inventory. Our subscription-based consumer-direct strategy is proving to be successful and we look forward to continued gains in 2021,\" said Brian McGee, GoPro CFO and COO. \nGoPro Q4 and Full Year 2020 Financial Results\nRevenue for Q4 2020 was $358 million, a 28% sequential improvement from $281 million in Q3 2020. Revenue for the full year 2020 was $892 million compared to $1.19 billion in 2019, down 25% year-over-year. GAAP and non-GAAP gross margin for Q4 2020 was 38.0% and 38.3%, respectively. GAAP and non-GAAP gross margin for 2020 both increased 70 bps year-over-year to 35.3% and 36.1%, respectively. Q4 2020 GAAP net income was $44 million, or $0.28 per share. Q4 2020 non-GAAP net income was $61 million, or $0.39 per share. 2020 GAAP net loss was $67 million compared to 2019 GAAP net loss of $15 million. 2020 non-GAAP net income was $13 million compared to $35 million in 2019. Q4 2020 GAAP and non-GAAP operating expenses decreased 24% and 26% year-over-year to $81 million and $73 million, respectively. 2020 GAAP and non-GAAP operating expenses decreased 15% and 21% to $351 million and $298 million, respectively. Adjusted EBITDA for Q4 and full year 2020 was $68 million and $43 million, respectively. Cash and investments totaled $328 million at the end of...