Revenue of $175
million was 6% Above Guidance on Stronger Demand
GoPro Subscribers Grew 36% Year-over-Year to
2.36 million
Subscription and Service Revenue of
$23 million, up 24%
Year-over-Year
SAN
MATEO, Calif., May 9, 2023
/PRNewswire/ -- GoPro, Inc. (NASDAQ: GPRO) today announced
financial results for its first quarter ended March 31, 2023
and posted management commentary, including forward-looking
guidance, in the investor relations section of its website at
https://investor.gopro.com.
"In Q1 2023, GoPro exceeded expectations thanks to
better-than-expected demand for our products and subscription
services," said Nicholas Woodman,
GoPro's founder and CEO. "Capitalizing on our momentum, effective
today, we're implementing an updated go-to-market strategy that
restores our product pricing to pre-pandemic levels, which we
believe will accelerate growth in units, subscribers, revenue and
earnings."
"Our pandemic strategy allowed us to address supply chain and
retail channel constraints while driving ASPs, increasing
profitability and rapidly growing our subscriber base to more than
two million subscribers," said Brian
McGee, GoPro's CFO and COO. "In our post-pandemic world, we
are now implementing an updated go-to-market strategy that we
believe will result in revenue and earnings growth that we will use
to drive innovation and significantly increase share buy
backs."
To read about GoPro's updated go-to-market strategy, please see
the management commentary referenced above and posted in the
investor relations section of its website at
https://investor.gopro.com.
Q1 2023 Financial Results
- Revenue was $175 million, down
19% year-over-year and ahead of the midpoint of our prior Q1
guidance.
- GoPro subscriber count ended Q1 at approximately 2.36 million,
up 36% year-over-year.
- GoPro.com revenue, including subscription and service revenue,
was up 7% year-over-year at $95
million, or 54% of total revenue. Revenue from the retail
channel was $80 million, down 38%
year-over-year.
- Subscription and service revenue increased 24% year-over-year
to $23 million.
- Attach rate via our app from cameras purchased at retail was
approximately 50% in the quarter, up from 39% a year ago, a 23%
improvement.
- GAAP net loss was $30 million, or
negative $0.19 per share, down from
net income of $6 million or
$0.04 per share in the prior year
period. Non-GAAP net loss was $29
million, or negative $0.18 per
share, down from non-GAAP net income of $15
million, or $0.09 per share,
in the prior year period.
- GAAP and non-GAAP gross margin was 30.0% and 30.3%,
respectively, and as estimated on a constant currency basis was
32.9% and 33.1%, respectively. This compares to GAAP and non-GAAP
gross margin of 41.8% and 42.0%, respectively, in the prior year
period.
- Adjusted EBITDA was negative $28
million. This compares to positive $21 million, or 10% of revenue, in the prior year
period. The difference is primarily related to our new product
pricing strategy which resulted in $24
million in price protection charges as well as a decline in
revenue on a year-over-year basis.
- Cameras with retail prices at or above $400 represented 87% of Q1 2023 camera
revenue.
- Q1 2023 Street ASP was $378, a 9%
decrease year-over-year, and $394 as
estimated on a constant currency basis, down 5%
year-over-year.
- Days' sales outstanding was 29 days or flat compared to the
prior year period.
Recent Business Highlights
- In Q1 2023, GoPro launched its 5th Million Dollar
Challenge Awards campaign, resulting in another 100% user-generated
highlight reel published in late April and featuring 55 creators
from 21 countries. The campaign generated a record 42,446 video
clip submissions from 126 countries, representing a year-over-year
increase of 66% in community submissions.
- In Q1 2023, GoPro bought back $5
million in stock, and we plan to continue executing on our
stock repurchase plan in 2023.
Results Summary:
|
|
Three months ended
March 31,
|
($ in thousands,
except per share amounts)
|
|
2023
|
|
2022
|
|
%
Change
|
Revenue
|
|
$
174,720
|
|
$
216,705
|
|
(19.4) %
|
Gross
margin
|
|
|
|
|
|
|
GAAP
|
|
30.0 %
|
|
41.8 %
|
|
(1,180) bps
|
Non-GAAP
|
|
30.3 %
|
|
42.0 %
|
|
(1,170) bps
|
Operating income
(loss)
|
|
|
|
|
|
|
GAAP
|
|
$
(39,814)
|
|
$
8,162
|
|
(587.8) %
|
Non-GAAP
|
|
$
(29,761)
|
|
$
18,124
|
|
(264.2) %
|
Net income
(loss)
|
|
|
|
|
|
|
GAAP
|
|
$
(29,869)
|
|
$
5,685
|
|
(625.4) %
|
Non-GAAP
|
|
$
(28,577)
|
|
$
15,196
|
|
(288.1) %
|
Diluted net income
(loss) per share
|
|
|
|
|
|
|
GAAP
|
|
$
(0.19)
|
|
$
0.04
|
|
(575.0) %
|
Non-GAAP
|
|
$
(0.18)
|
|
$
0.09
|
|
(300.0) %
|
Adjusted
EBITDA
|
|
$
(27,526)
|
|
$
20,649
|
|
(233.3) %
|
Conference Call
GoPro management will host a conference call and live webcast
for analysts and investors today at 2 p.m.
Pacific Time (5 p.m. Eastern
Time) to discuss the Company's financial results.
Prior to the start of the call, the Company will post Management
Commentary on the "Events & Presentations" section of its
investor relations website at https://investor.gopro.com.
Management will make brief opening comments before taking
questions.
To listen to the live conference call, please call +1
833-470-1428 (US) or +1 404-975-4839 (International) and enter
access code 957521, approximately 15 minutes prior to the start of
the call. A live webcast of the conference call will be accessible
on the "Events & Presentations" section of the Company's
website at https://investor.gopro.com. A recording of the webcast
will be available on GoPro's website, https://investor.gopro.com,
from approximately two hours after the call through August 1, 2023.
About GoPro, Inc. (NASDAQ: GPRO)
Founded in 2002, GoPro helps the world to capture and share
itself in immersive and exciting ways.
For more information, visit GoPro.com. Open roles can be found
on our careers page. Members of the press can access official logos
and imagery on our press portal. GoPro customers can submit their
photos and videos to GoPro Awards for an opportunity to be featured
on GoPro's social channels and receive gear and cash awards.
Connect with GoPro on Facebook, Instagram, LinkedIn, TikTok,
Twitter, YouTube, and GoPro's blog, The Current.
GoPro, HERO and their respective logos are trademarks or
registered trademarks of GoPro, Inc. in the United States and other countries.
GoPro's Use of Social Media
GoPro announces material financial information using the
Company's investor relations website, SEC filings, press releases,
public conference calls and webcasts. GoPro may also use social
media channels to communicate about the Company, its brand and
other matters; these communications could be deemed material
information. Investors and others are encouraged to review posts on
Facebook, Instagram, LinkedIn, TikTok, Twitter, YouTube, and
GoPro's investor relations website and blog, The Current.
Note Regarding Use of Non-GAAP Financial Measures
GoPro reports gross profit, gross margin percentage, operating
expenses, operating income (loss), other income (expense), tax
expense, 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, GoPro reports
non-GAAP adjusted EBITDA. Non-GAAP items exclude, where applicable,
the effects of stock-based compensation, acquisition-related costs,
restructuring and other related costs, and the tax impact of these
items. When planning, forecasting, and analyzing gross margin,
operating expenses, operating income (loss), other income
(expense), tax expense, net income (loss) and net income (loss) per
share for future periods, GoPro does so primarily on a non-GAAP
basis without preparing a GAAP analysis as that would require
estimates for reconciling items which are inherently difficult to
predict with reasonable accuracy. GoPro also reports revenue, gross
profit, gross margin percentage, adjusted EBITDA in dollars and as
a percentage of revenue, and street average selling price on a
constant currency basis to show performance unaffected by
fluctuations in currency exchange rates. GoPro calculates constant
currency amounts by translating current period amounts at the prior
period's average exchange rate and compare that to current period
performance.
Note on Forward-looking Statements
This press release 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 the negative of these terms
and similar expressions are intended to identify these
forward-looking statements. Forward-looking statements in this
press release may include but are not limited to statements
regarding our expectations for profitability and subscription
growth; product pricing strategy, expanded distribution and overall
consumer demand for our products. These statements involve risks
and uncertainties, and actual events or results may differ
materially. Among the important factors that could cause actual
results to differ materially from those in the forward-looking
statements include the inability to achieve our revenue growth or
profitability in the future, and if revenue growth or profitability
is achieved, we may not be able to sustain it; the fact that an
economic downturn or economic uncertainty in our key U.S. and
international markets, inflation, volatility in the global banking
system, and fluctuations in interest rates or currency exchange
rates may adversely affect consumer discretionary spending and
demand for our products; the fact that our goal to grow revenue and
be profitable relies upon our ability to grow sales from our
direct-to-consumer business and our retail partners and
distributors; our ability to acquire and retain subscribers; our
reliance on third-party suppliers, some of which are sole-source
suppliers, to provide services and components for our products
which may be impacted due to supply shortages, long lead times or
other service disruptions and may increase costs due to the impact
of the COVID-19 pandemic and the war in Ukraine, inflation or the negative impact on
exchange rates; our ability to maintain the value and reputation of
our brand and protect our intellectual property and proprietary
rights; the risk that our sales fall below our forecasts,
especially during the holiday season; the risk we fail to manage
our operating expenses effectively, and may result in our financial
performance suffering the fact that our continued profitability
depends in part on further penetrating our total addressable
market, and we may not be successful in doing so; the fact that we
rely on sales of our cameras, mounts and accessories for
substantially all of our revenue, and any decrease in the sales or
change in sales mix of these products could harm our business; the
risk that we may not successfully manage product introductions,
product transitions, product pricing and marketing; the fact that a
small number of retailers and distributors account for a
substantial portion of our revenue and our level of business with
them could be significantly reduced; the impact of fluctuations in
foreign currency exchange rates on our results of operations; our
ability to attract, engage and retain qualified personnel; any
changes to trade agreements, trade policies, tariffs, and
import/export regulations; the effects of the highly competitive
market in which we operate, including new market entrants; the fact
that we may experience fluctuating revenue, expenses and
profitability in the future; risks related to inventory, purchase
commitments and long-lived assets; the risk that we may not be able
to maintain the value and reputation of our brand; the risk that we
will encounter problems with our distribution system; the threat of
a security breach or other disruption including cyberattacks; the
concern that our intellectual property and proprietary rights may
not adequately protect our products and services; the continuing
impact of the COVID-19 pandemic and the war in Ukraine and their effects on the United States and global economies and our
business in particular; and other factors detailed in the Risk
Factors section of our Annual Report on Form 10-K for the year
ended December 31, 2022, which is on
file with the Securities and Exchange Commission (SEC), and as
updated in filings with the SEC. These forward-looking statements
speak only as of the date hereof or as of the date otherwise stated
herein. GoPro disclaims any obligation to update these
forward-looking statements.
GoPro,
Inc.
Preliminary
Condensed Consolidated Statements of Operations
(unaudited)
|
|
|
Three months ended
March 31,
|
(in thousands,
except per share data)
|
2023
|
|
2022
|
Revenue
|
$
174,720
|
|
$
216,705
|
Cost of
revenue
|
122,218
|
|
126,229
|
Gross
profit
|
52,502
|
|
90,476
|
|
|
|
|
Operating
expenses:
|
|
|
|
Research and
development
|
38,185
|
|
31,598
|
Sales and
marketing
|
38,055
|
|
35,373
|
General and
administrative
|
16,076
|
|
15,343
|
Total operating
expenses
|
92,316
|
|
82,314
|
Operating income
(loss)
|
(39,814)
|
|
8,162
|
Other income
(expense):
|
|
|
|
Interest
expense
|
(1,153)
|
|
(2,209)
|
Other income
(expense), net
|
2,845
|
|
(319)
|
Total other
income (expense), net
|
1,692
|
|
(2,528)
|
Income (loss) before
income taxes
|
(38,122)
|
|
5,634
|
Income tax
benefit
|
(8,253)
|
|
(51)
|
Net income
(loss)
|
$
(29,869)
|
|
$
5,685
|
|
|
|
|
Net income (loss) per
share:
|
|
|
|
Basic
|
$
(0.19)
|
|
$
0.04
|
Diluted
|
$
(0.19)
|
|
$
0.04
|
|
|
|
|
Shares used to compute
net income (loss) per share:
|
|
|
|
Basic
|
155,402
|
|
156,864
|
Diluted
|
155,402
|
|
188,737
|
GoPro,
Inc.
Preliminary
Condensed Consolidated Balance Sheets
(unaudited)
|
|
(in
thousands)
|
March 31,
2023
|
|
December 31,
2022
|
Assets
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
157,826
|
|
$
223,735
|
Marketable
securities
|
136,814
|
|
143,602
|
Accounts receivable,
net
|
56,988
|
|
77,008
|
Inventory
|
154,804
|
|
127,131
|
Prepaid expenses and
other current assets
|
30,078
|
|
34,551
|
Total current
assets
|
536,510
|
|
606,027
|
Property and equipment,
net
|
12,160
|
|
13,327
|
Operating lease
right-of-use assets
|
20,336
|
|
21,819
|
Goodwill
|
146,459
|
|
146,459
|
Other long-term
assets
|
307,101
|
|
289,293
|
Total
assets
|
$
1,022,566
|
|
$
1,076,925
|
|
|
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
80,032
|
|
$
91,648
|
Accrued expenses and
other current liabilities
|
105,247
|
|
118,877
|
Short-term operating
lease liabilities
|
9,301
|
|
9,553
|
Deferred
revenue
|
55,948
|
|
55,850
|
Total current
liabilities
|
250,528
|
|
275,928
|
Long-term taxes
payable
|
10,557
|
|
9,536
|
Long-term
debt
|
141,255
|
|
141,017
|
Long-term operating
lease liabilities
|
31,048
|
|
33,446
|
Other long-term
liabilities
|
4,028
|
|
5,439
|
Total
liabilities
|
437,416
|
|
465,366
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
Common stock and
additional paid-in capital
|
969,363
|
|
960,903
|
Treasury stock, at
cost
|
(158,231)
|
|
(153,231)
|
Accumulated
deficit
|
(225,982)
|
|
(196,113)
|
Total
stockholders' equity
|
585,150
|
|
611,559
|
Total
liabilities and stockholders' equity
|
$
1,022,566
|
|
$
1,076,925
|
GoPro,
Inc.
Preliminary
Condensed Consolidated Statements of Cash Flows
(unaudited)
|
|
|
Three months ended
March 31,
|
(in
thousands)
|
2023
|
|
2022
|
Operating
activities:
|
|
|
|
Net income
(loss)
|
$
(29,869)
|
|
$
5,685
|
Adjustments to
reconcile net income (loss) to net cash used in operating
activities:
|
|
|
|
Depreciation and
amortization
|
1,809
|
|
2,302
|
Non-cash operating
lease cost
|
1,483
|
|
1,678
|
Stock-based
compensation
|
10,314
|
|
9,836
|
Deferred income
taxes
|
(9,921)
|
|
2,931
|
Other
|
(1,240)
|
|
1,004
|
Net changes in
operating assets and liabilities
|
(39,678)
|
|
(96,843)
|
Net cash used in
operating activities
|
(67,102)
|
|
(73,407)
|
|
|
|
|
Investing
activities:
|
|
|
|
Purchases of property
and equipment, net
|
(483)
|
|
(520)
|
Purchases of marketable
securities
|
(25,782)
|
|
(23,111)
|
Maturities of
marketable securities
|
34,000
|
|
15,900
|
Net cash
provided by (used in) investing activities
|
7,735
|
|
(7,731)
|
|
|
|
|
Financing
activities:
|
|
|
|
Proceeds from issuance
of common stock
|
2,324
|
|
2,599
|
Taxes paid related to
net share settlement of equity awards
|
(4,251)
|
|
(7,175)
|
Repurchase of
outstanding common stock
|
(5,000)
|
|
(10,000)
|
Net cash used in
financing activities
|
(6,927)
|
|
(14,576)
|
Effect of exchange rate
changes on cash and cash equivalents
|
385
|
|
(54)
|
Net change in
cash and cash equivalents
|
(65,909)
|
|
(95,768)
|
Cash and cash
equivalents at beginning of period
|
223,735
|
|
401,087
|
Cash and cash
equivalents at end of period
|
$
157,826
|
|
$
305,319
|
GoPro, Inc.
Reconciliation of
Preliminary GAAP to Non-GAAP Financial Measures
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,
operating expenses, operating income (loss), other income
(expense), tax expense, net income (loss), diluted net income
(loss) per share and adjusted EBITDA. Additionally, we present
revenue, gross profit, gross margin percentage, adjusted EBITDA in
dollars and as a percentage of revenue, and street average selling
price on a constant currency basis to show performance unaffected
by fluctuations in currency exchange rates. We calculate constant
currency amounts by translating current period amounts at the prior
period's average exchange rate and compare that to current period
performance. We also provide forecasts of non-GAAP gross margin,
non-GAAP operating expenses, non-GAAP other income (expense),
non-GAAP tax expense, non-GAAP net income (loss) and non-GAAP
diluted net income (loss) per share. We use these non-GAAP
financial measures to help us understand and evaluate our core
operating performance and trends, to prepare and approve our annual
budget, and to develop short-term and long-term operational plans.
Our management uses, and believes that investors benefit from
referring to these non-GAAP financial measures in assessing our
operating results. These non-GAAP financial measures should not be
considered in isolation from, or as an alternative to, the measures
prepared in accordance with GAAP, and are not based on any
comprehensive set of accounting rules or principles. We believe
that these non-GAAP measures, when read in conjunction with our
GAAP financials, provide useful information to investors by
facilitating:
- the comparability of our on-going operating results over the
periods presented;
- the ability to identify trends in our underlying business;
and
- the comparison of our operating results against analyst
financial models and operating results of other public companies
that supplement their GAAP results with non-GAAP financial
measures.
These non-GAAP financial measures have limitations in that they
do not reflect all of the amounts associated with our results of
operations as determined in accordance with GAAP. Some of these
limitations are:
- adjusted EBITDA does not reflect tax payments that reduce cash
available to us;
- adjusted EBITDA excludes depreciation and amortization and,
although these are non-cash charges, the property and equipment
being depreciated and amortized often will have to be replaced in
the future, and adjusted EBITDA does not reflect any cash capital
expenditure requirements for such replacements;
- 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 non-GAAP net income (loss) exclude
restructuring and other related costs which primarily include
severance-related costs, stock-based compensation expenses,
manufacturing consolidation charges, facilities consolidation
charges recorded in connection with restructuring actions,
including right-of-use asset impairment charges, and the related
ongoing operating lease cost of those facilities recorded under ASC
842, Leases. These expenses do not reflect expected future
operating expenses and do not contribute to a meaningful evaluation
of current operating performance or comparisons to the operating
performance in other periods;
- adjusted EBITDA and non-GAAP net income (loss) exclude
stock-based compensation expense related to equity awards granted
primarily to our workforce. We exclude stock-based compensation
expense because we believe that the non-GAAP financial measures
excluding this item provide meaningful supplemental information
regarding operational performance. In particular, we note that
companies calculate stock-based compensation expense for the
variety of award types that they employ using different valuation
methodologies and subjective assumptions. These non-cash charges
are not factored into our internal evaluation of net income (loss)
as we believe their inclusion would hinder our ability to assess
core operational performance;
- 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
transaction costs incurred for legal and other professional
services. These costs are not factored into our evaluation of
potential acquisitions, or of our performance after completion of
the acquisitions, because these costs are not related to our core
operating performance or reflective of ongoing operating results in
the period, and the frequency and amount of such costs vary
significantly based on the timing and magnitude of our acquisition
transactions and the maturities of the businesses being acquired.
Although we exclude the amortization of acquired intangible assets
from our non-GAAP net income (loss), management believes that it is
important for investors to understand that such intangible assets
were recorded as part of purchase accounting and contribute to
revenue generation;
- non-GAAP net income (loss) includes income tax adjustments. We
utilize a cash-based non-GAAP tax expense approach (based upon
expected annual cash payments for income taxes) for evaluating
operating performance as well as for planning and forecasting
purposes. This non-GAAP tax approach eliminates the effects of
period specific items, which can vary in size and frequency and
does not necessarily reflect our long-term operations.
Historically, we computed a non-GAAP tax rate based on non-GAAP
pre-tax income on a quarterly basis, which considered the income
tax effects of the adjustments above;
- GAAP and non-GAAP net income (loss) per share includes the
dilutive, tax effected cash interest expense associated with our
2022 Notes and 2025 Notes in periods of net income, as if converted
at the beginning of the period in connection with the adoption of
ASU 2020-06 on January 1, 2022;
and
- other companies may calculate these non-GAAP financial measures
differently than we do, limiting their usefulness as comparative
measures.
GoPro,
Inc.
Reconciliation of
Preliminary GAAP to Non-GAAP Financial Measures
(unaudited)
|
|
|
Reconciliations of
non-GAAP financial measures are set forth below:
|
|
|
|
|
Three months ended
March 31,
|
(in thousands,
except per share data)
|
2023
|
|
2022
|
|
|
|
|
GAAP net income
(loss)
|
$
(29,869)
|
|
$
5,685
|
Cost of
revenue
|
466
|
|
447
|
Research and
development
|
4,746
|
|
4,158
|
Sales and
marketing
|
2,178
|
|
2,123
|
General and
administrative
|
2,924
|
|
3,108
|
Total
stock-based compensation
|
10,314
|
|
9,836
|
|
|
|
|
Acquisition-related
costs:
|
|
|
|
Cost of
revenue
|
—
|
|
47
|
Total
acquisition-related costs
|
—
|
|
47
|
|
|
|
|
Restructuring and other
costs:
|
|
|
|
Cost of
revenue
|
(14)
|
|
5
|
Research and
development
|
(135)
|
|
39
|
Sales and
marketing
|
(75)
|
|
22
|
General and
administrative
|
(37)
|
|
13
|
Total
restructuring and other costs
|
(261)
|
|
79
|
|
|
|
|
Income tax
adjustments
|
(8,761)
|
|
(451)
|
Non-GAAP net income
(loss)
|
$
(28,577)
|
|
$
15,196
|
|
|
|
|
GAAP net income (loss)
- basic
|
$
(29,869)
|
|
$
5,685
|
Add: Interest on
convertible notes, tax
effected
|
—
|
|
1,521
|
GAAP net income (loss)
- diluted
|
$
(29,869)
|
|
$
7,206
|
|
|
|
|
Non-GAAP net income
(loss) - basic
|
$
(28,577)
|
|
$
15,196
|
Add: Interest on
convertible notes, tax
effected
|
—
|
|
1,521
|
Non-GAAP net income
(loss) - diluted
|
$
(28,577)
|
|
$
16,717
|
|
|
|
|
GAAP and non-GAAP
shares for diluted net income (loss) per share
|
155,402
|
|
188,737
|
|
|
|
|
GAAP diluted net
income (loss) per share
|
$
(0.19)
|
|
$
0.04
|
Non-GAAP diluted net
income (loss) per share
|
$
(0.18)
|
|
$
0.09
|
|
|
|
|
|
|
Three months ended
March 31,
|
(dollars in
thousands)
|
2023
|
|
2022
|
GAAP gross margin as
a % of revenue
|
30.0 %
|
|
41.8 %
|
Stock-based
compensation
|
0.3
|
|
0.2
|
Non-GAAP gross
margin as a % of revenue
|
30.3 %
|
|
42.0 %
|
|
|
|
|
GAAP operating
expenses
|
$
92,316
|
|
$
82,314
|
Stock-based
compensation
|
(9,848)
|
|
(9,389)
|
Restructuring and
other costs
|
247
|
|
(74)
|
Non-GAAP operating
expenses
|
$
82,715
|
|
$
72,851
|
|
|
|
|
GAAP operating
income (loss)
|
$
(39,814)
|
|
$
8,162
|
Stock-based
compensation
|
10,314
|
|
9,836
|
Acquisition-related
costs
|
—
|
|
47
|
Restructuring and
other costs
|
(261)
|
|
79
|
Non-GAAP operating
income (loss)
|
$
(29,761)
|
|
$
18,124
|
|
|
|
Three months ended
March 31,
|
(in
thousands)
|
2023
|
|
2022
|
GAAP net income
(loss)
|
$
(29,869)
|
|
$
5,685
|
Income tax
benefit
|
(8,253)
|
|
(51)
|
Interest (income)
expense, net
|
(1,683)
|
|
2,111
|
Depreciation and
amortization
|
1,809
|
|
2,302
|
POP display
amortization
|
417
|
|
687
|
Stock-based
compensation
|
10,314
|
|
9,836
|
Restructuring and
other costs
|
(261)
|
|
79
|
Adjusted
EBITDA
|
$
(27,526)
|
|
$
20,649
|
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SOURCE GoPro, Inc.