GoPro, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended Dec. 31, 2014; Provides Earnings Guidance for the First Quarter of 2015
Feb 5 15
GoPro, Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended Dec. 31, 2014. For the quarter, the company reported revenue of $633,913,000 compared to $361,452,000 a year ago. Operating income was $173,688,000 compared to $70,575,000 a year ago. Income before income taxes was $172,573,000 compared to $68,351,000 a year ago. Net income attributable to common stockholders – diluted was $122,128,000 compared to $33,340,000 a year ago. Diluted net income per share attributable to common stockholders was $0.83 compared to $0.33 a year ago. Net cash provided by operating activities was $43,190,000 compared to $82,330,000 a year ago. Purchases of property and equipment were $4,644,000 compared to $3,747,000 a year ago. Non-GAAP net income was $144,898,000 or $0.99 per diluted share compared to $46,361,000 or $0.33 per diluted share a year ago. Non-GAAP operating income was $193,241,000 compared to $74,401,000 a year ago. Adjusted EBITDA was $202,854,000 compared to $81,856,000 a year ago. Revenue growth for the quarter was driven primarily by a 68% year-over-year increase on the capture devices sold.
For the year, the company reported revenue of $1,394,205,000 compared to $985,737,000 a year ago. Operating income was $187,035,000 compared to $98,703,000 a year ago. Income before income taxes was $180,975,000 compared to $91,329,000 a year ago. Net income attributable to common stockholders – diluted was $113,853,000 compared to $46,160,000 a year ago. Diluted net income per share attributable to common stockholders was $0.92 compared to $0.47 a year ago. Net cash provided by operating activities was $96,922,000 compared to $102,477,000 a year ago. Purchases of property and equipment were $27,498,000 compared to $18,325,000 a year ago. Non-GAAP net income was $188,913,000 or $1.32 per diluted share compared to $68,826,000 or $0.50 per diluted share a year ago. Non-GAAP operating income was $259,567,000 compared to $110,696,000 a year ago. Adjusted EBITDA was $293,380,000 compared to $133,726,000 a year ago.
For the first quarter of 2015, the company anticipates revenue of between $330 million and $340 million, representing a year-over-year increase of approximately $100 million or 42% at the midpoint of this guidance. The company continues to expect that gross margins will be at or above long-term target model but will reflect the seasonality and greater concentration of distribution revenue. Accordingly, the company anticipates gross margin will be 44.5% plus or minus 50 basis points, and at the midpoint, up 350 basis points from the 41.4% gross margin it recorded in the prior year comparable quarter. Tax rate is estimated to be at 29% based on fully diluted shares outstanding of about 150 million. Accordingly, the company anticipates EPS to be in the range of $0.15 to $0.17.