Gopro, Inc. · NASDAQ:GPRO
Gopro — Q3 2021 Earnings Presentation
14 slides from Gopro's earnings presentation, Nov 4, 2021
Slide 1: Q3 2021 Preliminary Earnings Results Summary
Q3 2021 Preliminary Earnings Speaker/ Date/ Subtitle Results Summary November 4, 2021 Confidential information. Copyright © 2021. GoPro, Inc. All rights reserved.
Slide 2: Safe Harbor Statement
SAFE HARBOR STATEMENT This presentation 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
Slide 3: Use of Non-GAAP Metrics
USE OF NON-GAAP METRICS We report gross margin, operating expenses, operating income (loss), 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, we report non-GAAP adjusted EBITDA. We
Slide 4: Quarterly Non-GAAP Income Statement Summary
QUARTERLY NON-GAAP INCOME STATEMENT SUMMARY ($ in millions, except per share data) Q3 2021 Q2 2021 Q1 2021 Q4 2020 Q3 2020 Q2 2020 Q1 2020 Q4 2019 Q3 2019 Revenue $ 316.7 $ 249.6 $ 203.7 $ 357.8 $ 280.5 $ 134.2 $ 119.4 $ 528.3 $ 131.2 Camera units shipped (in thousands) 832 724 556 1,108 923 448 341
Slide 5: Quarterly Revenue Metrics
QUARTERLY REVENUE METRICS ($ in millions) Q3 2021 Q2 2021 Q1 2021 Q4 2020 Q3 2020 Revenue by Channel: $ % of Rev $ % of Rev $ % of Rev $ % of Rev $ % of Rev GoPro.com $ 94.4 29.8 % $ 87.8 35.2 % $ 82.1 40.3 % $ 116.4 32.5 % $ 81.3 29.0 % Retail 222.3 70.2 161.8 64.8 121.6 59.7 241.4 67.5 199.2 71.0
Slide 6: Select Balance Sheet Metrics
SELECT BALANCE SHEET METRICS ($ in millions) Q3 2021 Q2 2021 Q1 2021 Q4 2020 Q3 2020 Q2 2020 Q1 2020 Q4 2019 Q3 2019 Cash, cash equivalents, restricted cash and marketable securities $ 378.5 $ 318.7 $ 296.8 $ 327.7 $ 146.9 $ 79.7 $ 124.9 $ 165.1 $ 79.0 Days sales outstanding 28 35 30 27 34 46 38 34
Slide 7: GoPro Subscription: Paying Subscribers
GoPro Subscription $ Subscription Revenue 1 QUARTERLY SUBSCRIBERS 168% YoY Subscriber Growth 1,400K 16% $14.2M QoQ Subscriber Growth 1,200K $11.6M Paying Subscribers 1,000K $10.7M 800K $7.7M 600K $5.8M 400K $4.8M $4.7M $4.0M $4.5M $3.1M $3.3M $2.6M $3.1M 200K 0K 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q
Slide 8: Appendix
Appendix Speaker/ Date/ Subtitle APPENDIX Confidential information. Copyright © 2021. GoPro, Inc. All rights reserved. Confidential information. Copyright © 2019. GoPro, Inc. All rights reserved.
Slide 9: Appendix: GAAP to Non-GAAP Reconciliations
APPENDIX: GAAP TO NON-GAAP RECONCILIATIONS To supplement our unaudited selected financial data presented on a basis consistent with GAAP, we disclose certain non-GAAP financial measures, including non-GAAP gross margin, operating expenses, operating income (loss), net income (loss), diluted net inco
Slide 10: Appendix: GAAP to Non-GAAP Reconciliations
APPENDIX: GAAP TO NON-GAAP RECONCILIATIONS ● adjusted EBITDA excludes the amortization of point of purchase (POP) display assets because it is a non-cash charge, and is treated similarly to depreciation of property and equipment and amortization of acquired intangible assets; ● adjusted EBITDA and n
Slide 11: Appendix: GAAP to Non-GAAP Reconciliations
APPENDIX: GAAP TO NON-GAAP RECONCILIATIONS ● non-GAAP net income (loss) excludes acquisition-related costs including the amortization of acquired intangible assets (primarily consisting of acquired technology), the impairment of acquired intangible assets (if applicable), as well as third-party tran
Slide 12: Appendix: GAAP to Non-GAAP Reconciliations
APPENDIX: GAAP TO NON-GAAP RECONCILIATIONS ($ in thousands, except per share data) Q3 2021 Q2 2021 Q1 2021 Q4 2020 Q3 2020 Q2 2020 Q1 2020 Q4 2019 Q3 2019 GAAP net income (loss) $ 311,761 $ 16,952 $ (10,168) $ 44,413 $ 3,307 $ (50,975) $ (63,528) $ 95,820 $ (74,810) Stock-based compensation: Cost of
Slide 13: Appendix: GAAP to Non-GAAP Reconciliations
APPENDIX: GAAP TO NON-GAAP RECONCILIATIONS ($ in thousands) Q3 2021 Q2 2021 Q1 2021 Q4 2020 Q3 2020 Q2 2020 Q1 2020 Q4 2019 Q3 2019 GAAP gross margin 43.6 % 39.8 % 38.6 % 38.0 % 35.4 % 30.3 % 32.2 % 38.2 % 21.7 % Stock-based compensation 0.2 0.2 0.2 0.1 0.2 0.2 0.4 0.1 0.3 Acquisition-related costs
Slide 14: Appendix: GAAP to Non-GAAP Reconciliations
APPENDIX: GAAP TO NON-GAAP RECONCILIATIONS ($ in thousands) Q3 2021 Q2 2021 Q1 2021 Q4 2020 Q3 2020 Q2 2020 Q1 2020 Q4 2019 Q3 2019 GAAP net income (loss) $ 311,761 $ 16,952 $ (10,168) $ 44,413 $ 3,307 $ (50,975) $ (63,528) $ 95,820 $ (74,810) Income tax expense (benefit) (270,228) (11,670) 1,219 11