Slide 1: Q2 2024 Preliminary Earnings Results Summary
Q2 2024 Preliminary Earnings Results Summary August 6, 2024 Copyright © 2024. 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,” “plan” and variations of these
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. We additionally 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) Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 Q3 2022 Q2 2022 Revenue $ 186.2 $ 155.5 $ 295.4 $ 294.3 $ 241.0 $ 174.7 $ 321.0 $ 305.1 $ 250.7 Camera units shipped (in thousands) 576 393 895 923 704 462 850 7
Slide 5: Quarterly Revenue Metrics
QUARTERLY REVENUE METRICS ($ in millions) Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Revenue by Channel: $ % of Rev $ % of Rev $ % of Rev $ % of Rev $ % of Rev GoPro.com $ 49.1 26.4 % $ 49.2 31.6 % $ 67.4 22.8 % $ 63.3 21.5 % $ 75.6 31.4 % Retail 137.1 73.6 106.3 68.4 228.0 77.2 231.0 78.5 165.4 68.6 T
Slide 6: Select Balance Sheet Metrics
SELECT BALANCE SHEET METRICS ($ in millions) Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 Q3 2022 Q2 2022 Cash, cash equivalents, restricted cash and marketable securities $ 133.0 $ 133.7 $ 246.6 $ 259.5 $ 271.7 $ 294.6 $ 367.3 $ 348.8 $ 322.5 Days sales outstanding 42 40 28 33 31 29 22 2
Slide 7: Subscription
SUBSCRIPTION *Premium and Premium+ Copyright © 2024. GoPro, Inc. All rights reserved. 7
Slide 8: Appendix
Appendix Speaker/ Date/ Subtitle APPENDIX Copyright © 2024. 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 profit, gross margin percentage, operating expenses, operating income (loss), net income
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) includes income tax adjustments. In the first quarter of 2024, we revised our income tax adjustments to reflect the current and deferred income tax expense (benefit) and the effect of non-GAAP adjustments to better align with SE
Slide 12: Appendix: GAAP to Non-GAAP Reconciliations
APPENDIX: GAAP TO NON-GAAP RECONCILIATIONS ($ in thousands, except per share data) Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 Q3 2022 Q2 2022 GAAP net income (loss) $ (47,821) $ (339,088) $ (2,418) $ (3,684) $ (17,212) $ (29,869) $ 3,073 $ 17,570 $ 2,519 Stock-based compensation: Cost o
Slide 13: Appendix: GAAP to Non-GAAP Reconciliations
APPENDIX: GAAP TO NON-GAAP RECONCILIATIONS ($ in thousands, except per share data) Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 Q3 2022 Q2 2022 Numerator: GAAP net income (loss) - Basic $ (47,821) $ (339,088) $ (2,418) $ (3,684) $ (17,212) $ (29,869) $ 3,073 $ 17,570 $ 2,519 Add: Interest
Slide 14: Appendix: GAAP to Non-GAAP Reconciliations
APPENDIX: GAAP TO NON-GAAP RECONCILIATIONS ($ in thousands) Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 Q3 2022 Q2 2022 GAAP gross margin 30.5% 34.1% 34.2% 32.0% 31.4% 30.0% 32.5% 38.0% 38.3% Stock-based compensation 0.2 0.3 0.2 0.2 0.3 0.3 0.1 0.2 0.2 Restructuring and other costs — — —
Slide 15: Appendix: GAAP to Non-GAAP Reconciliations
APPENDIX: GAAP TO NON-GAAP RECONCILIATIONS ($ in thousands) Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 Q3 2022 Q2 2022 GAAP net (loss) income $ (47,821) $ (339,088) $ (2,418) $ (3,684) $ (17,212) $ (29,869) $ 3,073 $ 17,570 $ 2,519 Income tax expense (benefit) 1,333 298,209 (2,988) 689