Gopro, Inc. · NASDAQ:GPRO
Gopro — Q1 2020 Earnings Presentation
13 slides from Gopro's earnings presentation, May 7, 2020
Slide 1: Q1 2020 Preliminary Earnings Results Summary
Q1 2020 Preliminary Earnings Results Summary May 7, 2020
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) Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018 Q2 2018 Q1 2018 Revenue $ 119.4 $ 528.3 $ 131.2 $ 292.4 $ 242.7 $ 377.4 $ 285.9 $ 282.7 $ 202.3 Camera units shipped (in thousands) 341 1,857 479 1,082 842 1,413
Slide 5: Quarterly Revenue Metrics
QUARTERLY REVENUE METRICS ($ in millions) Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019 Revenue by Channel: $ % of Rev $ % of Rev $ % of Rev $ % of Rev $ % of Rev Direct * $ 64.9 54.3% $ 230.3 43.6% $ 71.7 54.7% $ 135.3 46.3% $ 110.9 45.7% Distribution 54.5 45.7 298.0 56.4 59.5 45.3 157.1 53.7 131.8 54.3
Slide 6: Select Balance Sheet Metrics
SELECT BALANCE SHEET METRICS ($ in millions) Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018 Q2 2018 Q1 2018 Cash, cash equivalents and marketable securities $ 124.9 $ 165.1 $ 79.0 $ 130.1 $ 133.3 $ 197.5 $ 148.2 $ 139.8 $ 144.8 Days sales outstanding 38 34 49 45 44 31 47 37 36 Inventory $ 1
Slide 7: Appendix
APPENDIX
Slide 8: 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 9: 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 10: Appendix: GAAP to Non-GAAP Reconciliations
APPENDIX: GAAP TO NON-GAAP RECONCILIATIONS ● non-GAAP net income (loss) excludes non-cash interest expense. In connection with the issuance of the Convertible Senior Notes in April 2017, we are required to recognize non-cash interest expense in accordance with the authoritative accounting guidance f
Slide 11: Appendix: GAAP to Non-GAAP Reconciliations
APPENDIX: GAAP TO NON-GAAP RECONCILIATIONS ($ in thousands, except per share data) Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018 Q2 2018 Q1 2018 GAAP net income (loss) $ (63,528) $ 95,820 $ (74,810) $ (11,287) $ (24,365) $ 31,671 $ (27,089) $ (37,269) $ (76,347) Stock-based compensation: C
Slide 12: Appendix: GAAP to Non-GAAP Reconciliations
APPENDIX: GAAP TO NON-GAAP RECONCILIATIONS ($ in thousands) Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018 Q2 2018 Q1 2018 GAAP gross margin 32.2% 38.2% 21.7% 34.9% 33.1% 37.7% 31.8% 29.5% 22.2% Stock-based compensation 0.4 0.1 0.3 0.2 0.2 0.1 0.2 0.2 0.2 Acquisition-related costs 1.6 0.3 1
Slide 13: Appendix: GAAP to Non-GAAP Reconciliations
APPENDIX: GAAP TO NON-GAAP RECONCILIATIONS ($ in thousands) Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018 Q2 2018 Q1 2018 GAAP net income (loss) $ (63,528) $ 95,820 $ (74,810) $ (11,287) $ (24,365) $ 31,671 $ (27,089) $ (37,269) $ (76,347) Income tax expense (benefit) 2,399 (3,928) (273) (