GoPro, Inc. · NASDAQ:GPRO
GoPro — Q1 2022 Earnings Presentation
14 slides from GoPro's earnings presentation, May 5, 2022
Slide 1: Q1 2022 Preliminary Earnings Results Summary
Q1 2022 Preliminary Earnings Results Summary May 5, 2022 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) Q1 2022 Q4 2021 Q3 2021 Q2 2021 Q1 2021 Q4 2020 Q3 2020 Q2 2020 Q1 2020 Revenue $ 216.7 $ 391.1 $ 316.7 $ 249.6 $ 203.7 $ 357.8 $ 280.5 $ 134.2 $ 119.4 Camera units shipped (in thousands) 523 1,033 832 724 556 1,108 9
Slide 5: Quarterly Revenue Metrics
QUARTERLY REVENUE METRICS ($ in millions) Q1 2022 Q4 2021 Q3 2021 Q2 2021 Q1 2021 Revenue by Channel: $ % of Rev $ % of Rev $ % of Rev $ % of Rev $ % of Rev GoPro.com $ 88.6 40.9 % $ 127.8 32.7 % $ 94.4 29.8 % $ 87.8 35.2 % $ 82.1 40.3 % Retail 128.1 59.1 263.3 67.3 222.3 70.2 161.8 64.8 121.6 59.7
Slide 6: Select Balance Sheet Metrics
SELECT BALANCE SHEET METRICS ($ in millions) Q1 2022 Q4 2021 Q3 2021 Q2 2021 Q1 2021 Q4 2020 Q3 2020 Q2 2020 Q1 2020 Cash, cash equivalents, restricted cash and marketable securities $449.9 $ 538.9 $ 378.5 $ 318.7 $ 296.8 $ 327.7 $ 146.9 $ 79.7 $ 124.9 Days sales outstanding 29 26 28 35 30 27 34 46
Slide 7: Paying Subscribers
GoPro Subscription Subscribers & Subscription Revenue ($M) 85% YoY Subscriber Growth 1,800K $18.3M 1,600K $16.8M 1,400K $14.0M Paying Subscribers 1,200K $11.5M 1,000K $10.7M 800K $7.7M 10% QoQ Subscriber Growth 600K $5.8M 400K $4.8M $4.7M $4.0M $4.5M $3.3M $3.1M 200K 0K 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20
Slide 8: Appendix
Appendix Speaker/ Date/ Subtitle APPENDIX Confidential information. Copyright © 2021. GoPro, Inc. All rights reserved. Confidential information. Copyright © 2019. GoPro, Inc. All rights reserved.
Slide 9: Appendix: GAAP to Non-GAAP Reconciliations
APPENDIX: GAAP TO NON-GAAP RECONCILIATIONS To supplement our unaudited selected financial data presented on a basis consistent with GAAP, we disclose certain non-GAAP financial measures, including non-GAAP gross margin, operating expenses, operating income (loss), net income (loss), diluted net inco
Slide 10: Appendix: GAAP to Non-GAAP Reconciliations
APPENDIX: GAAP TO NON-GAAP RECONCILIATIONS ● adjusted EBITDA excludes the amortization of point of purchase (POP) display assets because it is a non-cash charge, and is treated similarly to depreciation of property and equipment and amortization of acquired intangible assets; ● adjusted EBITDA and n
Slide 11: Appendix: GAAP to Non-GAAP Reconciliations
APPENDIX: GAAP TO NON-GAAP RECONCILIATIONS ● non-GAAP net income (loss) excludes acquisition-related costs including the amortization of acquired intangible assets (primarily consisting of acquired technology), the impairment of acquired intangible assets (if applicable), as well as third-party tran
Slide 12: Appendix: GAAP to Non-GAAP Reconciliations
APPENDIX: GAAP TO NON-GAAP RECONCILIATIONS ($ in thousands, except per share data) Q1 2022 Q4 2021 Q3 2021 Q2 2021 Q1 2021 Q4 2020 Q3 2020 Q2 2020 Q1 2020 GAAP net income (loss) $ 5,685 $ 52,626 $ 311,761 $ 16,952 $ (10,168) $ 44,413 $ 3,307 $ (50,975) $ (63,528) Stock-based compensation: Cost of re
Slide 13: Appendix: GAAP to Non-GAAP Reconciliations
APPENDIX: GAAP TO NON-GAAP RECONCILIATIONS ($ in thousands) Q1 2022 Q4 2021 Q3 2021 Q2 2021 Q1 2021 Q4 2020 Q3 2020 Q2 2020 Q1 2020 GAAP gross margin 41.8 % 41.2 % 43.6 % 39.8 % 38.6 % 38.0 % 35.4 % 30.3 % 32.2 % Stock-based compensation 0.2 0.1 0.2 0.2 0.2 0.1 0.2 0.2 0.4 Acquisition-related costs
Slide 14: Appendix: GAAP to Non-GAAP Reconciliations
APPENDIX: GAAP TO NON-GAAP RECONCILIATIONS ($ in thousands) Q1 2022 Q4 2021 Q3 2021 Q2 2021 Q1 2021 Q4 2020 Q3 2020 Q2 2020 Q1 2020 GAAP net income (loss) $ 5,685 $ 52,626 $ 311,761 $ 16,952 $ (10,168) $ 44,413 $ 3,307 $ (50,975) $ (63,528) Income tax expense (benefit) (51) (392) (270,228) (11,670)