GoPro announces fourth quarter, full year 2020 results
GoPro Inc. announced fourth-quarter and full-year results for year ended Dec. 31, 2020. The company posted fourth-quarter revenue of $358 million, a 28% increase from the previous quarter. For the full year, revenue was $892 million, down 25% from the $1.19 billion in 2019.
“GoPro’s shift to a more subscription-centric consumer-direct model is resulting in a simpler, more profitable business with materially better cash generation,” said Nicholas Woodman, CEO and founder, GoPro. “The steps we’ve taken to improve our business during the pandemic should serve us very well when the world begins to recover in earnest — but as a business, fortunately we don’t have to wait for that to happen.”
“GoPro generated more than $200 million in cash flow from operations in the second half, fourth-quarter subscriber growth of 52% sequentially, and we exited the year with historically low levels of channel inventory. Our subscription-based consumer-direct strategy is proving to be successful and we look forward to continued gains in 2021,” said Brian McGee, CFO and COO, GoPro.
The full-year net loss was $67 million, compared to $15 million.
GoPro fourth-quarter 2020 highlights
- Ended 2020 with 761,000 GoPro subscribers, up 52% sequentially and 145% year-over-year.
- GoPro.com generated a record $116 million in revenue in Q4, up 43% sequentially and 91% year-over-year. Full-year 2020 GoPro.com revenue doubled year-over-year to $283 million.
- Camera unit sell-through was more than 1.2 million units in Q4, and 3.6 million for the full year.
- Channel inventory reduced approximately 10% sequentially and more than 50% since the start of 2020.
- Cameras with retail prices above $300 represented 91% of Q4 revenue.
- Q4 Street ASP increased 14% year-over-year to $323, while 2020 Street ASP increased 13% to $316.
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Results Summary: |
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Three months ended December 31, |
Year ended December 31, |
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($ in thousands, except per share amounts) |
2020 |
2019 |
% Change |
2020 |
2019 |
% Change |
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|
Revenue |
$ |
357,772 |
$ |
528,345 |
(32.3) |
% |
$ |
891,925 |
$ |
1,194,651 |
(25.3) |
% |
||||||||||
|
Gross margin |
||||||||||||||||||||||
|
GAAP |
38.0 |
% |
38.2 |
% |
(20) bps |
35.3 |
% |
34.6 |
% |
70 bps |
||||||||||||
|
Non-GAAP |
38.3 |
% |
38.6 |
% |
(30) bps |
36.1 |
% |
35.4 |
% |
70 bps |
||||||||||||
|
Operating income (loss) |
||||||||||||||||||||||
|
GAAP |
$ |
55,355 |
$ |
96,100 |
(42.4) |
% |
$ |
(36,819) |
$ |
(2,333) |
(1,478.2) |
% |
||||||||||
|
Non-GAAP |
$ |
64,184 |
$ |
105,021 |
(38.9) |
% |
$ |
24,313 |
$ |
44,869 |
(45.8) |
% |
||||||||||
|
Net income (loss) |
||||||||||||||||||||||
|
GAAP |
$ |
44,413 |
$ |
95,820 |
(53.6) |
% |
$ |
(66,783) |
$ |
(14,642) |
(356.1) |
% |
||||||||||
|
Non-GAAP |
$ |
61,064 |
$ |
102,498 |
(40.4) |
% |
$ |
12,779 |
$ |
35,255 |
(63.8) |
% |
||||||||||
|
Diluted net income (loss) per share |
||||||||||||||||||||||
|
GAAP |
$ |
0.28 |
$ |
0.65 |
(56.9) |
% |
$ |
(0.45) |
$ |
(0.10) |
(350.0) |
% |
||||||||||
|
Non-GAAP |
$ |
0.39 |
$ |
0.70 |
(44.3) |
% |
$ |
0.08 |
$ |
0.24 |
(66.7) |
% |
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|
Adjusted EBITDA |
$ |
67,744 |
$ |
112,092 |
(39.6) |
% |
$ |
43,200 |
$ |
71,958 |
(40.0) |
% |
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