GoPro announces third-quarter revenue up 13%
GoPro, Inc. announced third-quarter revenue for the quarter ended Sept. 30, 2021, was $317 million, up 13% year-over-year. GoPro.com subscription revenue increased 143% year-over-year to $14 million; the company has 1.34 million subscribers.
“GoPro had an outstanding third quarter with strong revenue, earnings, margin, and cash flow growth that have led us to raise our margin and profitability outlook for the year,” said Nicholas Woodman, GoPro’s founder and CEO. “Strong demand, effectively managed supply chain and channel inventory combined with a successful new product launch to yield our highest gross margins since 2015.”
“GoPro delivered exceptional earnings driven by revenue growth, expanded gross margins, and free cash flow from operations,” said Brian McGee, GoPro’s CFO and COO. “We generated $166 million of free cash flow, or 15% of revenue on a trailing twelve-month basis, thanks to continued camera mix shift to the high-end and execution of our direct-to-consumer, subscription-centric strategy.”
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Results Summary: |
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Three months ended September 30, |
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($ in thousands, except per share amounts) |
2021 |
2020 |
% Change |
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|
Revenue |
$ |
316,669 |
$ |
280,507 |
12.9 |
% |
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|
Gross margin |
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|
GAAP |
43.6 |
% |
35.4 |
% |
820 bps |
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|
Non-GAAP |
43.8 |
% |
36.2 |
% |
760 bps |
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|
Operating income |
|||||||||||
|
GAAP |
$ |
48,601 |
$ |
8,854 |
448.9 |
% |
|||||
|
Non-GAAP |
$ |
58,798 |
$ |
33,446 |
75.8 |
% |
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|
Net income |
|||||||||||
|
GAAP |
$ |
311,761 |
$ |
3,307 |
9,327.3 |
% |
|||||
|
Non-GAAP |
$ |
55,320 |
$ |
31,049 |
78.2 |
% |
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Diluted net income per share |
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|
GAAP |
$ |
1.92 |
$ |
0.02 |
9,500.0 |
% |
|||||
|
Non-GAAP |
$ |
0.34 |
$ |
0.20 |
70.0 |
% |
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|
Adjusted EBITDA |
$ |
60,442 |
$ |
39,179 |
54.3 |
% |
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