Close

Form 8-K GoPro, Inc. For: Oct 28

October 28, 2015 4:12 PM EDT


 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): October 28, 2015

GOPRO, INC.
(Exact name of registrant as specified in its charter)

Delaware
001-36514
77-0629474
(State or Other Jurisdiction
of Incorporation)
(Commission File No.)
(I.R.S. Employer
Identification No.)
3000 Clearview Way, San Mateo, California 94402
(Address of Principal Executive Offices) (Zip Code)

Registrant’s telephone number, including area code: (650) 332-7600

N/A
(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))





 











Item 2.02 Results of Operations and Financial Condition

On October 28, 2015, GoPro, Inc. (the “Registrant”) issued a press release to report its financial results for its third quarter ended September 30, 2015.

A copy of the press release is furnished as Exhibit 99.1 to this report.

The information contained herein and in the accompanying exhibit shall not be incorporated by reference into any filing of the Registrant, whether made before or after the date hereof, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference to this or such filing. The information in this report, including the exhibit hereto, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

Exhibit
Number
Description of Document
99.1
Press Release of GoPro, Inc. dated October 28, 2015 to report its financial results for its third quarter ended September 30, 2015









SIGNATURE


Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.



 
GoPro, Inc.
 
(Registrant)
 
 
 
 
 
 
 
 
 
 
Dated: October 28, 2015
By: /s/ Jack Lazar
 
Jack Lazar
Chief Financial Officer
(Principal Financial Officer)







EXHIBIT INDEX


Exhibit
Number
Description of Document
99.1
Press Release of GoPro, Inc. dated October 28, 2015 to report its financial results for its third quarter ended September 30, 2015






EXHIBIT 99.1


GoPro Announces Third Quarter 2015 Results

Revenue of $400 million, Up 43% Year-Over-Year
Non-GAAP EPS of $0.25, Up from $0.12 a Year Earlier
GoPro Awards Launched, Generates Over 27,000 Content Submissions in Week One
 

SAN MATEO, Calif., October 28, 2015 - GoPro, Inc. (NASDAQ: GPRO), enabler of some of today's most engaging content, today announced financial results for its third quarter ended September 30, 2015.

Third Quarter Results Summary:
 
 
 
 
 
 
 
 
Three Months Ended
($ in thousands, except per share amounts)
 
September 30, 2015
 
September 30, 2014
 
% Change
 
 
 
 
 
 
 
Revenue
 
$
400,340

 
$
279,971

 
43.0
%
Gross margin
 
 
 
 
 
 
GAAP
 
46.6
%
 
44.3
%
 
230 bps

Non-GAAP
 
46.8
%
 
44.5
%
 
230 bps

Operating income
 
 
 
 
 
 
GAAP
 
$
27,636

 
$
13,457

 
105.4
%
Non-GAAP
 
$
47,471

 
$
27,646

 
71.7
%
Net income
 
 
 
 
 
 
GAAP
 
$
18,799

 
$
14,620

 
28.6
%
Non-GAAP
 
$
36,626

 
$
17,959

 
103.9
%
Diluted net income per share
 
 
 
 
 
 
GAAP
 
$
0.13

 
$
0.10

 
30.0
%
Non-GAAP
 
$
0.25

 
$
0.12

 
108.3
%
Adjusted EBITDA
 
$
56,721

 
$
36,175

 
56.8
%

“I am proud of our year-to-date accomplishments in which we posted strong financial results and expanded our portfolio of products, however our business in the third quarter was clearly more difficult than anticipated,” said GoPro Founder and CEO, Nicholas Woodman. “GoPro is entering the holidays with an industry-leading lineup backed by great software solutions and a globally-recognized brand. We are excited about our business and the investments we continue to make to scale GoPro into its next phase as a product, software and entertainment company.” 
GoPro reports gross profit, 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. Non-GAAP net income excludes, where applicable, the effects of stock-based compensation, acquisition-related costs, and the tax impact of these items.  Additionally, GoPro reports non-GAAP adjusted EBITDA. A reconciliation of preliminary GAAP financial measures to non-GAAP financial measures, as well as a description of items excluded from the calculation of non-GAAP financial measures is presented in the financial statement portion of this release.






Stock Repurchase
The Board of Directors of GoPro authorized the Company to repurchase up to $300 million of its Class A capital stock, commencing in the fourth quarter of 2015. Share repurchases under the program may be made from time-to-time through open market purchases, block trades or otherwise, including under plans complying with both Rule 10b-18 and Rule 10b5-1.

Third Quarter 2015 and Recent GoPro Highlights Include:
According to NPD, GoPro accounted for 5 of the top 10 products on a unit basis in the combined digital camera and camcorder category, in the U.S. for Q3. In the same category, on a dollar basis, GoPro capture devices accounted for 4 of the top 10 products. GoPro was also the leader in accessory unit sales with 7 of the top 10 selling accessories.
International sales totaled more than 50% of Q3 revenue; combined EMEA and APAC revenue was up over 175% year-over-year. 
Based on the first nine months of revenue, China is the fastest growing market in GoPro’s history.
Re-launched HERO4 Session -- priced between HERO4 Silver and HERO+. Session is now well positioned for the holidays.
Released key firmware updates for HERO4 Session which include the ability to change settings directly on the camera without connecting to a smartphone or remote.
Launched HERO+ which features Wi-Fi/Bluetooth integration and is capable of capturing stunning 1080p60 and 720p60 video and 8MP single, Time Lapse and Burst photos, rounding out an exciting 2015 GoPro lineup.
Launched Odyssey, a new 16-camera rig designed for Google's 3D, 360-degree virtual reality platform (Jump).
Released Trim-and-Share, a feature that allows users to select video clips directly on the camera or mobile device for effortless sharing.
The GoPro Mobile App was downloaded 2.7 million times in Q3, totaling over 21 million cumulative downloads; Q3 installs of GoPro Studio totaled nearly 2 million, up over 75% year-over-year, with average daily video exports of over 50,000.
Launched the GoPro App on Apple Watch, enabling users to control their GoPros from their wrists.
Brought immersive, spherical (VR) content to Facebook News Feed.
Launched the GoPro Channel on Watchable, Comcast’s new cross-platform video service, marking GoPro's first multichannel video distribution agreement.
Launched GoPro for a Cause, a program in which GoPro will dedicate financing, equipment and production expertise to social causes that align with GoPro’s brand.
Announced partnership with USC School of Cinematic Arts to attract content and invest in the next generation of filmmakers.
In October, the GoPro Channel on YouTube surpassed one billion views. GoPro is one of only four brands to reach this milestone.
Launched GoPro Awards, granting up to $5 million annually to creators of GoPro content for sharing their best photos, raw video clips and video edits with GoPro for inclusion in GoPro Channel programming, licensing and more. In the first week, the GoPro creative community submitted 27,000 content submissions. The first week’s winners can be viewed at http://gopro.com/awards.

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.
To listen to the live conference call, please dial toll free (888) 811-5408 or (913) 312-1379, access code 9945063, 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 http://investor.gopro.com. To access the live webcast, please log in 15 minutes prior to the start of the call to download and install any necessary audio software.





The webcast will be recorded and the recording will be available on GoPro’s website, http://investor.gopro.com, approximately two hours after the call and for six months thereafter.

About GoPro, Inc. (NASDAQ: GPRO):
GoPro, Inc. is transforming the way people capture and share their lives. What began as an idea to help athletes self-document themselves engaged in their sport has become a widely adopted solution for people to capture themselves engaged in their interests, whatever they may be. From extreme to mainstream, professional to consumer, GoPro enables the world to capture and share its passion. And in turn, the world has helped GoPro become one of the most exciting and aspirational companies of our time.
For more information, visit www.gopro.com or connect with GoPro on YouTube, Twitter, Facebook, Pinterest, Instagram and LinkedIn.
GOPRO® and HERO® 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 GoPro's investor relations and The Inside Line website, and GoPro’s pages on YouTube, Twitter, Facebook, Pinterest, Instagram, and LinkedIn.

Note on Forward-looking Statements
This press release may contain projections or other forward-looking statements regarding future events. 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 are the effects of the highly competitive market in which we operate; our dependence on sales of our capture devices for substantially all of our revenue; our reliance on third-party suppliers, some of which are sole-source suppliers, to provide components for our products; the fact that we do not expect to continue to grow in the future at the same rate as we have in the past, and profitability in recent periods might not be indicative of future performance; difficulty in accurately predicting our future customer demand; the importance of maintaining the value and reputation of our brand; any inability to successfully manage frequent product introductions and transitions; the effects of international business uncertainties; our reliance on our Chief Executive Officer; and other factors detailed in the Risk Factors section of our Annual Report on Form 10-K for the year ended December 31, 2014, which is on file with the Securities and Exchange Commission.  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.

# # # # #

Investor Contact:
Peter Salkowski (855) GOPROHD or (855) 467-7643

Media Contact:
Jeff Brown (650) 332-7600 x 9997






GoPro, Inc.
Preliminary Condensed Consolidated Statement of Operations
(unaudited)

 
Three months ended
 
Nine months ended
(in thousands, except per share data)
September 30, 2015
 
September 30, 2014
 
September 30, 2015
 
September 30, 2014
 
 
 
 
 
 
 
 
Revenue
$
400,340

 
$
279,971

 
$
1,183,368

 
$
760,292

Cost of revenue
213,710

 
155,932

 
638,665

 
436,870

Gross profit
186,630

 
124,039

 
544,703

 
323,422

 
 
 
 
 
 
 
 
Operating expenses:
 
 
 
 
 
 
 
Research and development
67,372

 
42,376

 
175,262

 
105,778

Sales and marketing
66,427

 
48,109

 
186,290

 
133,151

General and administrative
25,195

 
20,097

 
87,109

 
71,146

Total operating expenses
158,994

 
110,582

 
448,661

 
310,075

Operating income
27,636

 
13,457

 
96,042

 
13,347

Other expense, net
(363
)
 
(1,784
)
 
(2,485
)
 
(4,945
)
Income before income taxes
27,273

 
11,673

 
93,557

 
8,402

Income tax expense (benefit)
8,474

 
(2,947
)
 
22,975

 
2,574

Net income
$
18,799

 
$
14,620

 
$
70,582

 
$
5,828

 
 
 
 
 
 
 
 
Net income per share attributable to common stockholders:
 
 
 
 
 
 
 
Basic
$
0.14

 
$
0.12

 
$
0.53

 
$
0.05

Diluted
$
0.13

 
$
0.10

 
$
0.48

 
$
0.04

 
 
 
 
 
 
 
 
Weighted-average shares used to compute net income per share attributable to common stockholders:
 
 
 
 
 
 
 
Basic
135,800

 
125,713

 
133,755

 
96,905

Diluted
146,055

 
145,186

 
147,201

 
115,578







GoPro, Inc.
Preliminary Condensed Consolidated Balance Sheets
(unaudited)
(in thousands)
September 30,
2015
 
December 31,
2014
 
 
 
 
Assets
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
279,969

 
$
319,929

Marketable securities
233,133

 
102,327

Accounts receivable, net
120,666

 
183,992

Inventory
289,521

 
153,026

Prepaid expenses and other current assets
79,976

 
63,769

Total current assets
1,003,265

 
823,043

Property and equipment, net
67,644

 
41,556

Intangible assets, net and goodwill
89,642

 
17,032

Other long-term assets
48,730

 
36,060

Total assets
$
1,209,281

 
$
917,691

 
 
 
 
Liabilities and Stockholders' Equity
 
 
 
Current liabilities:
 
 
 
Accounts payable
$
159,901

 
$
126,240

Accrued liabilities
166,116

 
115,775

Deferred revenue
13,095

 
14,022

Income taxes payable
6,630

 
2,732

Total current liabilities
345,742

 
258,769

Other long-term liabilities
32,849

 
17,718

Total liabilities
378,591

 
276,487

 
 
 
 
Stockholders’ equity:
 
 
 
Common stock and additional paid-in capital
651,904

 
533,000

Retained earnings
178,786

 
108,204

Total stockholders’ equity
830,690

 
641,204

Total liabilities and stockholders’ equity
$
1,209,281

 
$
917,691

 
 
 
 






GoPro, Inc.
Preliminary Condensed Consolidated Statement of Cash Flows
(unaudited)
 
Three months ended
 
Nine months ended
(in thousands)
September 30, 2015
 
September 30, 2014
 
September 30, 2015
 
September 30, 2014
 
 
 
 
 
 
 
 
Operating activities:
 
 
 
 
 
 
 
Net income
$
18,799

 
$
14,620

 
$
70,582

 
$
5,828

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
 
 
 
 
Depreciation and amortization
7,594

 
4,781

 
19,385

 
12,769

Stock-based compensation
17,870

 
13,913

 
62,560

 
52,143

Excess tax benefit from stock-based compensation
(4,411
)
 
(2,756
)
 
(32,550
)
 
(23,592
)
Foreign currency remeasurement and transaction losses
447

 

 
2,033

 

Deferred income taxes
(232
)
 
(3,009
)
 
(6,888
)
 
(3,808
)
Other
1,030

 
1,310

 
2,400

 
1,608

Changes in operating assets and liabilities:
 
 
 
 
 
 
 
Accounts receivable, net
(2,214
)
 
(45,333
)
 
63,348

 
28,106

Inventory
(70,249
)
 
(36,637
)
 
(136,294
)
 
(5,020
)
Prepaids and other assets
1,571

 
13,662

 
(20,027
)
 
(25,842
)
Accounts payable and other liabilities
34,620

 
86,595

 
113,141

 
11,325

Deferred revenue
(203
)
 
(163
)
 
(927
)
 
215

Net cash provided by operating activities
4,622

 
46,983

 
136,763

 
53,732

 
 
 
 
 
 
 
 
Investing activities:
 
 
 
 
 
 
 
Purchases of property and equipment, net
(11,057
)
 
(10,197
)
 
(32,326
)
 
(22,566
)
Purchases of marketable securities
(94,860
)
 

 
(207,186
)
 

Sales and maturities of marketable securities
40,045

 

 
74,491

 

Acquisitions, net of cash acquired
(7,699
)
 

 
(65,405
)
 
(3,200
)
Net cash used in investing activities
(73,571
)
 
(10,197
)
 
(230,426
)
 
(25,766
)
 
 
 
 
 
 
 
 
Financing activities:
 
 
 
 
 
 
 
Proceeds from issuance of common stock, net of repurchases
13,994

 
202,719

 
35,495

 
203,228

Taxes paid related to net share settlement of equity awards
(7,326
)
 

 
(11,688
)
 

Excess tax benefit from stock-based compensation
4,411

 
2,756

 
32,550

 
23,592

Payment of deferred public offering and debt issuance costs

 
(1,391
)
 
(903
)
 
(4,447
)
Repayment of debt

 
(108,000
)
 

 
(114,000
)
Net cash provided by financing activities
11,079

 
96,084

 
55,454

 
108,373

Effect of exchange rate changes on cash and cash equivalents
(192
)
 

 
(1,751
)
 

    Net increase (decrease) in cash and cash equivalents
(58,062
)
 
132,870

 
(39,960
)
 
136,339

Cash and cash equivalents at beginning of period
338,031

 
104,879

 
319,929

 
101,410

Cash and cash equivalents at end of period
$
279,969

 
$
237,749

 
$
279,969

 
$
237,749

 
 
 
 
 
 
 
 





GoPro, Inc.
Reconciliation of Preliminary GAAP to Non-GAAP Financial Measures
(unaudited)

 
Three months ended
 
Nine months ended
(in thousands, except per share data)
September 30, 2015
 
September 30, 2014
 
September 30, 2015
 
September 30, 2014
 
 
 
 
 
 
 
 
GAAP net income
$
18,799

 
$
14,620

 
$
70,582

 
$
5,828

Stock-based compensation:
 
 
 
 
 
 
 
Cost of revenue
410

 
233

 
1,043

 
555

Research and development
4,872

 
2,428

 
12,117

 
5,486

Sales and marketing
3,516

 
3,225

 
9,514

 
6,293

General and administrative
9,072

 
8,027

 
39,886

 
39,809

Total stock-based compensation
17,870

 
13,913

 
62,560

 
52,143

 
 
 
 
 
 
 
 
Acquisition-related costs:
 
 
 
 
 
 
 
Cost of revenue
222

 
223

 
739

 
667

Research and development
1,198

 
20

 
1,897

 
60

Sales and marketing
33

 
33

 
99

 
109

General and administrative
512

 

 
1,090

 

Total acquisition-related costs
1,965

 
276

 
3,825

 
836

 
 
 
 
 
 
 
 
Income tax adjustments
(2,008
)
 
(10,850
)
 
(14,007
)
 
(14,792
)
Non-GAAP net income
$
36,626

 
$
17,959

 
$
122,960

 
$
44,015

 
 
 
 
 
 
 
 
GAAP shares for diluted net income per share
146,055

 
145,186

 
147,201

 
115,578

    Add: preferred shares conversion

 

 

 
20,237

    Add: initial public offering shares

 

 

 
5,901

Non-GAAP shares for diluted net income per share
146,055

 
145,186

 
147,201

 
141,716

 
 
 
 
 
 
 
 
Non-GAAP diluted net income per share
$
0.25

 
$
0.12

 
$
0.84

 
$
0.31








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, operating expenses, operating income, net income, earnings per share and adjusted EBITDA. These non-GAAP measures are not in accordance with, nor serve as an alternative for GAAP. We believe that these non-GAAP measures have limitations in that they do not reflect all of the amounts associated with our GAAP results of operations. These non-GAAP measures should only be viewed in conjunction with corresponding GAAP measures.

In calculating non-GAAP financial measures, we exclude certain items to facilitate a review of the comparability of our core operating performance on a period-to-period basis. The excluded items represent stock-based compensation and charges that are primarily driven by discrete events that we do not consider to be directly related to core operating performance. We use non-GAAP measures to evaluate the core operating performance of our business, for comparison with forecasts and strategic plans and for calculating return on investment. In addition, management’s incentive compensation is determined using non-GAAP measures. Since we find these measures to be useful, we believe that investors benefit from seeing results reviewed by management in addition to seeing GAAP results. 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.

  The following are explanations of each type of adjustment that we incorporate into non-GAAP financial measures:

Stock-based compensation expense relates 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 as we believe their inclusion would hinder our ability to assess core operational performance. We believe that excluding this expense provides greater visibility to the underlying performance of our business operations, facilitates comparison of our results with other periods, and may also facilitate comparison with the results of other companies in our industry.

Acquisition-related costs include the amortization of acquired intangible assets (primarily consisting of acquired technology), 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 they are not related to our core operating performance, 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.

Adjustment for taxes relates to the tax effect of the adjustments that we incorporate into non-GAAP measures in order to provide a more meaningful measure of non-GAAP net income. We believe that these adjustments provide us with the ability to more clearly view trends in our core operating performance.

Adjustment to shares includes the conversion of the redeemable convertible preferred stock into shares of common stock as though the conversion had occurred at the beginning of the period and the initial public offering shares issued July 2014, as if they had been outstanding since the beginning of the period.






Reconciliations of non-GAAP financial measures are set forth below:


 
Three months ended
 
Nine months ended
(dollars in thousands)
September 30, 2015
 
September 30, 2014
 
September 30, 2015
 
September 30, 2014
GAAP gross profit
$
186,630

 
$
124,039

 
$
544,703

 
$
323,422

Stock-based compensation
410

 
233

 
1,043

 
555

Acquisition-related costs
222

 
223

 
739

 
667

Non-GAAP gross profit
$
187,262

 
$
124,495

 
$
546,485

 
$
324,644

 
 
 
 
 
 
 
 
GAAP gross profit as a % of revenue
46.6
%
 
44.3
%
 
46.0
%
 
42.5
%
Stock-based compensation
0.1

 
0.1

 
0.1

 
0.1

Acquisition-related costs
0.1

 
0.1

 
0.1

 
0.1

Non-GAAP gross profit as a % of revenue
46.8
%
 
44.5
%
 
46.2
%
 
42.7
%
 
 
 
 
 
 
 
 
GAAP operating expenses
$
158,994

 
$
110,582

 
$
448,661

 
$
310,075

Stock-based compensation
(17,460
)
 
(13,680
)
 
(61,517
)
 
(51,588
)
Acquisition-related costs
(1,743
)
 
(53
)
 
(3,086
)
 
(169
)
Non-GAAP operating expenses
$
139,791

 
$
96,849

 
$
384,058

 
$
258,318

 
 
 
 
 
 
 
 
GAAP operating income
$
27,636

 
$
13,457

 
$
96,042

 
$
13,347

Stock-based compensation
17,870

 
13,913

 
62,560

 
52,143

Acquisition-related costs
1,965

 
276

 
3,825

 
836

Non-GAAP operating income
$
47,471

 
$
27,646

 
$
162,427

 
$
66,326

 
 
 
 
 
 
 
 
GAAP operating income as a % of revenue
6.9
%
 
4.8
%
 
8.1
%
 
1.8
%
Stock-based compensation
4.5

 
5.0

 
5.3

 
6.8

Acquisition-related costs
0.5

 
0.1

 
0.3

 
0.1

Non-GAAP operating income as a % of revenue
11.9
%
 
9.9
%
 
13.7
%
 
8.7
%
 
 
 
 
 
 
 
 






 
Three months ended
 
Nine months ended
(in thousands)
September 30, 2015
 
September 30, 2014
 
September 30, 2015
 
September 30, 2014
GAAP net income
$
18,799

 
$
14,620

 
$
70,582

 
$
5,828

Income tax expense (benefit)
8,474

 
(2,947
)
 
22,975

 
2,574

Interest expense, net
140

 
1,284

 
360

 
4,009

Depreciation and amortization
7,594

 
4,781

 
19,385

 
12,769

POP display amortization
3,844

 
4,524

 
12,715

 
13,203

Stock-based compensation
17,870

 
13,913

 
62,560

 
52,143

Adjusted EBITDA
$
56,721

 
$
36,175

 
$
188,577

 
$
90,526

 
 
 
 
 
 
 
 







Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In





Related Categories

SEC Filings