2016 Q1 Form 10-Q Financial Statement

#000150043516000090 Filed on May 06, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q1
Revenue $183.5M $363.1M
YoY Change -49.45% 54.05%
Cost Of Revenue $123.8M $199.4M
YoY Change -37.9% 43.23%
Gross Profit $59.71M $163.7M
YoY Change -63.53% 69.65%
Gross Profit Margin 32.54% 45.09%
Selling, General & Admin $104.2M $92.03M
YoY Change 13.19% 79.68%
% of Gross Profit 174.45% 56.21%
Research & Development $76.98M $49.44M
YoY Change 55.71% 72.02%
% of Gross Profit 128.91% 30.19%
Depreciation & Amortization $8.322M $5.369M
YoY Change 55.0% 40.88%
% of Gross Profit 13.94% 3.28%
Operating Expenses $181.1M $141.5M
YoY Change 28.05% 76.92%
Operating Profit -$121.4M $22.27M
YoY Change -645.33% 34.5%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net -$307.0K -$2.244M
YoY Change -86.32% 38.09%
Pretax Income -$121.7M $20.02M
YoY Change -707.98% 34.11%
Income Tax -$14.28M $3.272M
% Of Pretax Income 16.34%
Net Earnings -$107.5M $16.75M
YoY Change -741.47% 51.62%
Net Earnings / Revenue -58.55% 4.61%
Basic Earnings Per Share -$0.78 $0.13
Diluted Earnings Per Share -$0.78 $0.11
COMMON SHARES
Basic Shares Outstanding 137.5M shares 132.3M shares
Diluted Shares Outstanding 137.5M shares 148.6M shares

Balance Sheet

Concept 2016 Q1 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $388.7M $491.9M
YoY Change -20.99% 342.36%
Cash & Equivalents $248.7M $323.2M
Short-Term Investments $140.0M $168.7M
Other Short-Term Assets $27.50M $60.30M
YoY Change -54.39% 145.12%
Inventory $139.7M $164.0M
Prepaid Expenses
Receivables $46.52M $106.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $602.4M $822.3M
YoY Change -26.74% 200.86%
LONG-TERM ASSETS
Property, Plant & Equipment $67.73M $43.89M
YoY Change 54.31% 28.71%
Goodwill $94.58M
YoY Change
Intangibles $36.78M
YoY Change
Long-Term Investments
YoY Change
Other Assets $127.5M $39.62M
YoY Change 221.75% 28.62%
Total Long-Term Assets $326.6M $108.4M
YoY Change 201.3% 32.33%
TOTAL ASSETS
Total Short-Term Assets $602.4M $822.3M
Total Long-Term Assets $326.6M $108.4M
Total Assets $928.9M $930.6M
YoY Change -0.18% 162.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $50.99M $91.92M
YoY Change -44.53% 65.03%
Accrued Expenses $148.3M $103.4M
YoY Change 43.5% 81.32%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $213.1M $210.5M
YoY Change 1.24% 2.05%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $36.39M $18.38M
YoY Change 98.0% 32.22%
Total Long-Term Liabilities $36.39M $18.38M
YoY Change 98.0% -70.02%
TOTAL LIABILITIES
Total Short-Term Liabilities $213.1M $210.5M
Total Long-Term Liabilities $36.39M $18.38M
Total Liabilities $249.5M $228.9M
YoY Change 9.01% -14.46%
SHAREHOLDERS EQUITY
Retained Earnings $36.88M $125.0M
YoY Change -70.49%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $35.61M
YoY Change
Treasury Stock Shares 1.545M shares
Shareholders Equity $679.4M $701.7M
YoY Change
Total Liabilities & Shareholders Equity $928.9M $930.6M
YoY Change -0.18% 162.0%

Cashflow Statement

Concept 2016 Q1 2015 Q1
OPERATING ACTIVITIES
Net Income -$107.5M $16.75M
YoY Change -741.47% 51.62%
Depreciation, Depletion And Amortization $8.322M $5.369M
YoY Change 55.0% 40.88%
Cash From Operating Activities -$33.27M $66.27M
YoY Change -150.2% 216.85%
INVESTING ACTIVITIES
Capital Expenditures $8.219M $5.207M
YoY Change 57.85% 10.76%
Acquisitions
YoY Change
Other Investing Activities $9.200M -$72.00M
YoY Change -112.78%
Cash From Investing Activities $970.0K -$77.17M
YoY Change -101.26% 876.74%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $4.645M $11.00M
YoY Change -57.79% 2008.05%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $1.352M $16.17M
YoY Change -91.64% -603.99%
NET CHANGE
Cash From Operating Activities -$33.27M $66.27M
Cash From Investing Activities $970.0K -$77.17M
Cash From Financing Activities $1.352M $16.17M
Net Change In Cash -$30.94M $5.263M
YoY Change -687.93% -46.32%
FREE CASH FLOW
Cash From Operating Activities -$33.27M $66.27M
Capital Expenditures $8.219M $5.207M
Free Cash Flow -$41.48M $61.06M
YoY Change -167.94% 276.61%

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CY2016Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
8219000 USD
CY2015Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2016Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2015Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2016Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2015Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2016Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2015Q4 us-gaap Preferred Stock Value Outstanding
PreferredStockValueOutstanding
0 USD
CY2016Q1 us-gaap Preferred Stock Value Outstanding
PreferredStockValueOutstanding
0 USD
CY2015Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
25261000 USD
CY2016Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
27452000 USD
CY2015Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
11004000 USD
CY2016Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
4103000 USD
CY2015Q1 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
12503000 USD
CY2016Q1 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
54229000 USD
CY2014Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
6405000 USD
CY2015Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
8969000 USD
CY2015Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
10856000 USD
CY2016Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
8011000 USD
CY2015Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
10400000 USD
CY2016Q1 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
7807000 USD
CY2015Q4 us-gaap Product Warranty Accrual Noncurrent
ProductWarrantyAccrualNoncurrent
500000 USD
CY2016Q1 us-gaap Product Warranty Accrual Noncurrent
ProductWarrantyAccrualNoncurrent
200000 USD
CY2015Q1 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
3480000 USD
CY2016Q1 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
5515000 USD
CY2015Q1 us-gaap Product Warranty Expense
ProductWarrantyExpense
6044000 USD
CY2016Q1 us-gaap Product Warranty Expense
ProductWarrantyExpense
2670000 USD
CY2015Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
120290000 USD
CY2016Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
124633000 USD
CY2015Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
70050000 USD
CY2016Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
67725000 USD
CY2015Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
49437000 USD
CY2016Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
76979000 USD
CY2016Q1 us-gaap Restructuring And Related Cost Number Of Positions Eliminated Period Percent
RestructuringAndRelatedCostNumberOfPositionsEliminatedPeriodPercent
0.07
CY2016Q1 us-gaap Restructuring Charges
RestructuringCharges
6500000 USD
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
144335000 USD
CY2016Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
36876000 USD
CY2015Q1 us-gaap Revenues
Revenues
363109000 USD
CY2016Q1 us-gaap Revenues
Revenues
183536000 USD
CY2015Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
56369000 USD
CY2016Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
79449000 USD
CY2015Q1 us-gaap Share Based Compensation
ShareBasedCompensation
26501000 USD
CY2016Q1 us-gaap Share Based Compensation
ShareBasedCompensation
15731000 USD
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Description
ShareBasedCompensationArrangementByShareBasedPaymentAwardDescription
3
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
8191000 shares
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
7.67
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
440000 shares
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
20.66
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
2054000 shares
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
108846000 USD
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
58742000 USD
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
13081000 shares
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
13900000 shares
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
11.82
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
11.99
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
58533000 USD
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
11.86
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
13578000 shares
CY2016Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
1.10
CY2016Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
10.73
CY2015Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
17197000 USD
CY2016Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
13729000 USD
CY2016Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
55808000 USD
CY2016Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P5Y7M30D
CY2015 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y8M12D
CY2016Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y7M20D
CY2016Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P6Y7M7D
CY2015Q1 us-gaap Stock Issued During Period Shares Employee Stock Ownership Plan
StockIssuedDuringPeriodSharesEmployeeStockOwnershipPlan
313233 shares
CY2016Q1 us-gaap Stock Issued During Period Shares Employee Stock Ownership Plan
StockIssuedDuringPeriodSharesEmployeeStockOwnershipPlan
431673 shares
CY2016Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
795000 shares
CY2016Q1 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
300000000 USD
CY2016Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
264400000 USD
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
772033000 USD
CY2016Q1 us-gaap Stockholders Equity
StockholdersEquity
679395000 USD
CY2015Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
1545000 shares
CY2016Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
1545000 shares
CY2015Q4 us-gaap Treasury Stock Value
TreasuryStockValue
35613000 USD
CY2016Q1 us-gaap Treasury Stock Value
TreasuryStockValue
35613000 USD
CY2015Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
36300000 USD
CY2016Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
45400000 USD
CY2016Q1 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
31100000 USD
CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
148573000 shares
CY2016Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
137543000 shares
CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
132278000 shares
CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
137543000 shares
CY2016Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;color:#006ebf;font-style:italic;font-weight:bold;">Prior period reclassifications.</font><font style="font-family:Arial;font-size:10pt;font-style:italic;font-weight:bold;"> </font><font style="font-family:Arial;font-size:10pt;">Reclassifications of certain prior period amounts in the condensed consolidated financial statements have been made to conform to the current period presentation.</font></div></div>
CY2016Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;color:#006ebf;font-style:italic;font-weight:bold;">Use of estimates.</font><font style="font-family:Arial;font-size:10pt;font-style:italic;font-weight:bold;"> </font><font style="font-family:Arial;font-size:10pt;">The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the Company&#8217;s condensed consolidated financial statements and accompanying notes. Significant estimates and assumptions made by management include those related to: revenue recognition (including sales returns, web-based sale deliveries at period-end, implied post contract support and marketing allowances), stock-based compensation, inventory valuation, product warranty liabilities, the valuation and useful lives of long-lived assets (property and equipment, goodwill and intangibles) and income taxes. The Company bases its estimates and assumptions on historical experience and on various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ materially from management's estimates. To the extent there are material differences between the estimates and the actual results, future results of operations could be affected.</font></div></div>

Files In Submission

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0001500435-16-000090.txt Edgar Link pending
0001500435-16-000090-xbrl.zip Edgar Link pending
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gpro-20160331.xml Edgar Link completed
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gpro-20160331_def.xml Edgar Link unprocessable
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