Business
GoPro Announces Fourth Quarter and Full Year 2021 Results
2021 Revenue up 30% to $1.16 Billion 2021 Gross Margin Increased 580 bps to 41.1% 2021 GAAP EPS of $2.27 and non-GAAP EPS of $0.90 2021 Cash & Investments
About this update from Gopro, Inc.
[{"type":"text","content":"2021 Revenue up 30% to $1.16 Billion\n 2021 Gross Margin Increased 580 bps to 41.1%\n 2021 GAAP EPS of $2.27 and non-GAAP EPS of $0.90\n 2021 Cash & Investments Grew 64% to $539 Million\n Board Approves Stock Repurchase Program of up to $100 Million\n\n\nSAN MATEO, Calif., Feb. 3, 2022 /PRNewswire/ -- GoPro, Inc. (NASDAQ: GPRO) today announced financial results for its fourth quarter ended December 31, 2021 and posted management commentary on the investor relations section of its website at https://investor.gopro.com. \n\n \n \n \n \n \n \n\n \n\"In 2021 GoPro navigated a challenging business environment – and thrived,\" said Nicholas Woodman, GoPro's founder and CEO. \"We successfully launched innovative new hardware, software and subscription offerings and leveraged the first full year of our more direct-to-consumer, subscription-centric strategy to grow revenue, margin and profitability while generating a record year-end cash balance of $539 million.\"\n\"The strategic shift we made in mid-2020 is bearing fruit in the form of financial and operational improvements,\" said Brian McGee, GoPro's CFO and COO. \"The result has been strong revenue growth with significant margin improvement, combined with controlled spending, and leading to growing profitability and record cash flow generation.\" \nQ4 Financial Highlights\nRevenue was $391 million, up 9% year-over-year from $358 million. GoPro.com revenue, including subscription revenue, increased 10% year-over-year to $128 million, or 33% of total revenue. GoPro and Quik subscription revenues totaled $16.8 million, up 118% year-over-year. GAAP and non-GAAP gross margin was 41.2% and 41.3% respectively, up from the prior year period at 38.0% and 38.3%, respectively. GAAP net income was $53 million, or $0.32 per share, up from $44 million or $0.28 per share in the prior year period. Non-GAAP net income was $66 million, or $0.41 per share, up from $61 million, or $0.39 per share in the prior year period. Adjusted EBITDA was $72 million, or 18% of revenue, compared to $68 million, or 19% of revenue in the prior year period. Cameras with retail prices at or above $300 represented 100% of Q4 2021 camera revenue, up from 91% in the prior year period. Q4 2021 Street ASP was $379, up 17% year-over-year. Cash increased $160 million, or 41% of revenue.2021 Financial Highlights\nRevenue was $1...