GoPro Announces First Quarter 2023 Results

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 5^th 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:

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 Werbung Mehr Nachrichten zur GoPro Inc. Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 10:03 - dpa-AFX ROUNDUP/Aktien Frankfurt Eröffnung: Freundlich - Nvidia-Euphorie stützt 04:52 - PR Newswire Norges Bank - Form 8.3 - Virgin Money UK plc 02:00 - PR Newswire Bodycote Plc - Transaction in Own Shares InnoCan Pharma    Jetzt in die Doppel-Chance investieren?! weiterlesen» Anzeige wo-site-teaser-box-17041_site-teaser-box_2024-05-23_09%253A00%253A00_2024-05-24_09%253A00%253A59