Slide 1: Q2 2023 Preliminary Earnings Results Summary
Q2 2023 Preliminary Earnings Results Summary August 3, 2023 Confidential information. Copyright © 2023. 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. 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 2023 Q1 2023 Q4 2022 Q3 2022 Q2 2022 Q1 2022 Q4 2021 Q3 2021 Q2 2021 Revenue $ 241.0 $ 174.7 $ 321.0 $ 305.1 $ 250.7 $ 216.7 $ 391.1 $ 316.7 $ 249.6 Camera units shipped (in thousands) 704 462 850 797 640 523 1,033
Slide 5: Quarterly Revenue Metrics
QUARTERLY REVENUE METRICS ($ in millions) Q2 2023 Q1 2023 Q4 2022 Q3 2022 Q2 2022 Revenue by Channel: $ % of Rev $ % of Rev $ % of Rev $ % of Rev $ % of Rev GoPro.com $ 75.6 31.4 % $ 94.9 54.3 % $ 128.2 39.9 % $ 98.6 32.3 % $ 95.3 38.0 % Retail 165.4 68.6 79.8 45.7 192.8 60.1 206.5 67.7 155.4 62.0 T
Slide 6: Select Balance Sheet Metrics
SELECT BALANCE SHEET METRICS ($ in millions) Q2 2023 Q1 2023 Q4 2022 Q3 2022 Q2 2022 Q1 2022 Q4 2021 Q3 2021 Q2 2021 Cash, cash equivalents, restricted cash and marketable securities $ 271.7 $ 294.6 $ 367.3 $ 348.8 $ 322.5 $ 449.9 $ 538.9 $ 378.5 $ 318.7 Days sales outstanding 31 29 22 25 32 29 26 2
Slide 7: GoPro Subscription
GOPRO SUBSCRIPTION Confidential information. Copyright © 2023. GoPro, Inc. All rights reserved. 7
Slide 8: Appendix
Appendix Speaker/ Date/ Subtitle APPENDIX Confidential information. Copyright © 2023. 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 non-cash interest expense. Prior to the adoption of ASU 2020-06 in fiscal year 2022, we were required to recognize non-cash interest expense related to the amortization of a debt discount associated with our 2022 Notes
Slide 12: Appendix: GAAP to Non-GAAP Reconciliations
APPENDIX: GAAP TO NON-GAAP RECONCILIATIONS ($ in thousands, except per share data) Q2 2023 Q1 2023 Q4 2022 Q3 2022 Q2 2022 Q1 2022 Q4 2021 Q3 2021 Q2 2021 GAAP net income (loss) $ (17,212) $ (29,869) $ 3,073 $ 17,570 $ 2,519 $ 5,685 $ 52,626 $ 311,761 $ 16,952 Stock-based compensation: Cost of reven
Slide 13: Appendix: GAAP to Non-GAAP Reconciliations
APPENDIX: GAAP TO NON-GAAP RECONCILIATIONS ($ in thousands, except per share data) Q2 2023 Q1 2023 Q4 2022 Q3 2022 Q2 2022 Q1 2022 Q4 2021 Q3 2021 Q2 2021 Numerator: GAAP net income (loss) - Basic $ (17,212) $ (29,869) $ 3,073 $ 17,570 $ 2,519 $ 5,685 $ 52,626 $ 311,761 $ 16,952 Add: Interest on con
Slide 14: Appendix: GAAP to Non-GAAP Reconciliations
APPENDIX: GAAP TO NON-GAAP RECONCILIATIONS ($ in thousands) Q2 2023 Q1 2023 Q4 2022 Q3 2022 Q2 2022 Q1 2022 Q4 2021 Q3 2021 Q2 2021 GAAP gross margin 31.4% 30.0% 32.5% 38.0% 38.3% 41.8% 41.2% 43.6% 39.8% Stock-based compensation 0.3 0.3 0.1 0.2 0.2 0.2 0.1 0.2 0.2 Acquisition-related costs — — — — —
Slide 15: Appendix: GAAP to Non-GAAP Reconciliations
APPENDIX: GAAP TO NON-GAAP RECONCILIATIONS ($ in thousands) Q2 2023 Q1 2023 Q4 2022 Q3 2022 Q2 2022 Q1 2022 Q4 2021 Q3 2021 Q2 2021 GAAP net income (loss) $ (17,212) $ (29,869) $ 3,073 $ 17,570 $ 2,519 $ 5,685 $ 52,626 $ 311,761 $ 16,952 Income tax expense (benefit) (3,998) (8,253) (413) 5,960 110 (