Non-GAAP Financial Measures
This supplemental financial information contains financial measures that have not been prepared in accordance with generally accepted accounting principles in the United States (GAAP). We use the following non-GAAP financial measures: non-GAAP gross profit; non-GAAP gross margin; non-GAAP operating expenses; non-GAAP operating income (loss); non-GAAP income (loss) before income taxes; non-GAAP net income (loss); non-GAAP diluted shares; non-GAAP net income (loss) per share; free cash flow; non-GAAP research and development expenses, non-GAAP sales and marketing expenses, non-GAAP general and administrative expenses, adjusted EBITDA and non-GAAP effective tax rate. The presentation of these financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP.
We use non-GAAP measures to internally evaluate and analyze financial results. We believe these non-GAAP financial measures provide investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and enable comparison of our financial results with other public companies, many of which present similar non-GAAP financial measures.
There are limitations associated with the use of non-GAAP financial measures as an analytical tool. In particular, many of the adjustments to our GAAP financial measures reflect the exclusion of certain items, specifically stock-based compensation expense, acquisition-related costs, depreciation, amortization of intangible assets, impairment of equity investment, interest income, net, and the related income tax effects of the aforementioned exclusions, that may be recurring and will be reflected in our financial results for the foreseeable future. In addition, these measures may be different from non-GAAP financial measures used by other companies, limiting their usefulness for comparison purposes.
The following are explanations of the adjustments that are reflected in one or more of our non-GAAP financial measures:
- Stock-basedcompensation expense relates to equity awards granted primarily to our employees. 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, companies calculate stock-based compensation expense using a variety of valuation methodologies and subjective assumptions.
- Acquisition-relatedcosts relates to acquisition retention bonuses, integration costs, advisory and consulting, legal, accounting, tax, other professional service fees, and SEC filing fees to the extent associated with the pending Merger Agreement with Google or our acquisition of other companies.
- Restructuring costs primarily includedseverance-related costs. 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.
- Litigation expense relates to legal costs incurred due to litigation with Aliphcom, Inc. d/b/a Jawbone, or Jawbone. We exclude these expenses because we do not believe they have a direct correlation to the operations of our business and because of the singular nature of the claims underlying the Jawbone litigation matters. We began excluding Jawbone litigation costs in the second quarter of 2016 as these costs significantly increased in 2016.
- In March 2014, we recalled the Fitbit Force after some of our users experienced allergic reactions to adhesives in the wristband. This recall primarily impacted our results for the fourth quarter of 2013, the first quarter of 2014, and the fourth quarter of 2015.
- Revaluation of redeemable convertible preferred stock warrant liability is anon-cash charge that will not recur in the periods following our initial public offering.
- Amortization of intangible assets relates to our acquisitions of FitStar, Pebble, Vector and Twine Health. We exclude these amortization expenses because we do not believe they have a direct correlation to the operation of our business.
- Anon-recurring impairment charge of $6 million to reflect the write-down of an equity investment.
- The change in contingent consideration relates to our acquisition of FitStar. This is anon-recurring benefit that has no direct correlation to our business performance.
- Income tax effect ofnon-GAAP adjustments relates to the tax effect of the adjustments that we incorporate into non-GAAP financial measures such as stock-based compensation, amortization of intangibles, restructuring and valuation allowance, in order to provide a more meaningful measure of non-GAAP net income (loss).
- 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 all periods presented, and the shares issued in our initial public offering in June 2015, as if they had been outstanding since the beginning of the second quarter of 2015, and the shares issued in ourfollow-on offering in November 2015, as if they had been outstanding since the beginning of the fourth quarter of 2015.
- We define free cash flow as net cash provided by (used in) operating activities adjusted by purchase of property and equipment. We consider free cash flow to be a liquidity measure that provides useful information to management and investors about the amount of cash generated by the business that can possibly be used for investing in our business and strengthening the balance sheet, but it is not intended to represent the residual cash flow available for discretionary expenditures.
Fitbit, Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Balance Sheets - Fiscal Quarters | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | As of | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mar 31 | Jun 30 | Sep 30 | Dec 31 | Mar 31 | Jun 30 | Sep 30 | Dec 31 | Mar 31 | Jun 30 | Sep 30 | Dec 31 | Apr 2 | Jul 2 | Oct 1 | Dec 31 | Apr 1 | July 1 | Sep 30 | Dec 31 | Mar 31 | Jun 30 | Sep 29 | Dec 31 | Mar 30 | Jun 29 | Sep 28 | Dec 31 | |||||||||||||||||||||||||||||
2013 | 2013 | 2013 | 2013 | 2014 | 2014 | 2014 | 2014 | 2015 | 2015 | 2015 | 2015 | 2016 | 2016 | 2016 | 2016 | 2017 | 2017 | 2017 | 2017 | 2018 | 2018 | 2018 | 2018 | 2019 | 2019 | 2019 | 2019 | |||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 15,119 | $ | 36,535 | $ | 57,231 | $ | 81,728 | $ | 98,703 | $ | 103,990 | $ | 63,957 | $ | 195,626 | $ | 237,849 | $ | 461,276 | $ | 462,280 | $ | 535,846 | $ | 722,062 | $ | 416,142 | $ | 284,220 | $ | 301,320 | $ | 374,279 | $ | 318,708 | $ | 280,681 | $ | 341,966 | $ | 378,360 | $ | 328,116 | $ | 402,237 | $ | 473,956 | $ | 410,813 | $ | 335,229 | $ | 287,431 | $ | 334,479 |
Marketable securities | - | - | - | - | - | - | - | - | - | - | 113,198 | 128,632 | 69,652 | 343,534 | 387,882 | 404,693 | 351,837 | 357,090 | 378,548 | 337,334 | 279,994 | 252,347 | 221,083 | 249,493 | 233,383 | 229,708 | 214,817 | 184,023 | ||||||||||||||||||||||||||||
Accounts receivable, net | 14,982 | 28,146 | 45,527 | 80,624 | 49,683 | 51,126 | 77,933 | 238,859 | 161,736 | 252,023 | 244,921 | 469,260 | 339,669 | 377,545 | 461,351 | 477,825 | 194,834 | 216,346 | 260,990 | 406,019 | 214,355 | 242,038 | 325,964 | 414,209 | 250,582 | 258,599 | 345,562 | 435,269 | ||||||||||||||||||||||||||||
Inventories | 15,202 | 16,938 | 23,952 | 56,441 | 53,051 | 54,235 | 60,641 | 115,072 | 137,509 | 186,870 | 276,083 | 178,146 | 212,092 | 190,644 | 214,955 | 230,387 | 200,331 | 141,504 | 138,781 | 123,895 | 145,373 | 140,430 | 195,112 | 124,871 | 174,478 | 161,931 | 245,096 | 136,752 | ||||||||||||||||||||||||||||
Income tax receivable | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 77,882 | 77,746 | 78,385 | 8,962 | 6,957 | 6,917 | 7,365 | 965 | 573 | ||||||||||||||||||||||||||||
Prepaid expenses and other current assets | 492 | 1,016 | 3,554 | 3,185 | 5,763 | 6,492 | 7,165 | 13,614 | 22,012 | 18,163 | 21,199 | 43,530 | 60,006 | 59,782 | 86,372 | 66,346 | 58,775 | 97,717 | 173,654 | 97,269 | 59,109 | 63,227 | 45,541 | 42,325 | 26,481 | 24,124 | 33,376 | 28,656 | ||||||||||||||||||||||||||||
Restricted cash | - | - | - | 2,310 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||
Total current assets | 45,795 | 82,635 | 130,264 | 224,288 | 207,200 | 215,843 | 209,697 | 563,171 | 559,106 | 918,332 | 1,117,681 | 1,355,414 | 1,403,481 | 1,387,647 | 1,434,780 | 1,480,571 | 1,180,056 | 1,131,365 | 1,232,654 | 1,384,365 | 1,154,937 | 1,104,543 | 1,198,899 | 1,311,811 | 1,102,654 | 1,016,956 | 1,127,247 | 1,119,752 | ||||||||||||||||||||||||||||
Property and equipment, net | 2,527 | 4,809 | 5,619 | 6,486 | 7,162 | 15,278 | 24,376 | 26,435 | 28,022 | 90,945 | 35,728 | 44,501 | 51,579 | 74,181 | 94,311 | 76,553 | 85,039 | 80,135 | 90,823 | 104,908 | 104,530 | 110,185 | 106,520 | 106,286 | 95,275 | 91,718 | 88,232 | 82,756 | ||||||||||||||||||||||||||||
Operating right-of-use assets | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 99,144 | 75,528 | 71,529 | 70,225 | ||||||||||||||||||||||||||||
Goodwill | - | - | - | - | - | - | - | - | 22,562 | 22,157 | 22,157 | 22,157 | 22,157 | 25,217 | 25,217 | 51,036 | 51,036 | 51,036 | 51,036 | 51,036 | 60,929 | 61,058 | 61,058 | 60,979 | 60,979 | 60,979 | 60,979 | 64,812 | ||||||||||||||||||||||||||||
Intangible assets, net | - | - | - | - | - | - | - | - | 13,812 | 13,263 | 12,749 | 12,216 | 11,683 | 15,090 | 14,578 | 27,521 | 26,145 | 24,768 | 23,943 | 22,356 | 29,797 | 27,740 | 25,680 | 23,620 | 21,559 | 19,499 | 17,519 | 16,746 | ||||||||||||||||||||||||||||
Deferred tax assets | - | - | - | - | - | - | 26,693 | 42,001 | 44,457 | 60,693 | 72,870 | 83,020 | 87,601 | 119,472 | 110,814 | 175,797 | 184,040 | 162,899 | 46,221 | 3,990 | 4,158 | 3,528 | 3,920 | 4,489 | 4,436 | 4,222 | 3,925 | 4,111 | ||||||||||||||||||||||||||||
Other assets | - | - | - | - | 483 | 442 | 1,586 | 1,444 | 1,390 | 1,240 | 1,272 | 1,758 | 1,773 | 1,504 | 10,526 | 10,448 | 12,340 | 10,886 | 9,900 | 15,420 | 14,750 | 16,147 | 10,003 | 8,362 | 10,423 | 9,278 | 7,170 | 9,684 | ||||||||||||||||||||||||||||
Total assets | $ | 48,322 | $ | 87,444 | $ | 135,833 | $ | 230,774 | $ | 214,845 | $ | 231,563 | $ | 262,351 | $ | 633,051 | $ | 669,349 | $ | 1,046,630 | $ | 1,262,457 | $ | 1,519,066 | $ | 1,578,274 | $ | 1,623,111 | $ | 1,690,226 | $ | 1,821,926 | $ | 1,538,656 | $ | 1,461,089 | $ | 1,454,577 | $ | 1,582,075 | $ | 1,369,101 | $ | 1,323,201 | $ | 1,406,080 | $ | 1,515,547 | $ | 1,394,470 | $ | 1,278,180 | $ | 1,376,601 | $ | 1,368,086 |
Liabilities, Convertible Preferred Stock, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
and Stockholders' Equity (Deficit) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | 14,040 | $ | 15,881 | $ | 22,058 | $ | 70,896 | $ | 29,798 | $ | 47,597 | $ | 57,401 | $ | 195,666 | $ | 136,425 | $ | 193,594 | $ | 320,195 | $ | 260,842 | $ | 238,696 | $ | 226,418 | $ | 253,138 | $ | 313,773 | $ | 127,542 | $ | 83,966 | $ | 178,476 | $ | 212,731 | $ | 132,910 | $ | 155,970 | $ | 232,991 | $ | 251,657 | $ | 165,551 | $ | 157,204 | $ | 263,181 | $ | 194,626 |
Accrued liabilities | 6,158 | 10,021 | 14,316 | 28,565 | 21,773 | 20,173 | 27,752 | 70,940 | 73,860 | 79,618 | 98,258 | 194,977 | 232,427 | 231,921 | 218,526 | 389,308 | 338,940 | 346,764 | 345,572 | 451,673 | 382,052 | 376,884 | 386,315 | 437,214 | 363,751 | 332,857 | 365,812 | 513,530 | ||||||||||||||||||||||||||||
Operating lease liabilities | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 30,209 | 23,907 | 23,313 | 23,511 | ||||||||||||||||||||||||||||
Deferred revenue | 1,337 | 2,031 | 2,693 | 5,606 | 5,756 | 7,520 | 8,204 | 9,009 | 17,024 | 21,346 | 27,077 | 44,448 | 50,929 | 46,420 | 45,001 | 42,612 | 46,904 | 44,427 | 40,058 | 35,504 | 31,272 | 28,116 | 27,350 | 29,400 | 28,655 | 28,076 | 28,076 | 32,307 | ||||||||||||||||||||||||||||
Fitbit Force Recall reserve | - | - | - | 82,938 | 84,239 | 57,074 | 31,029 | 22,476 | 15,104 | 12,894 | 11,659 | 5,122 | 4,339 | 2,148 | 1,494 | 1,253 | 956 | 753 | 585 | 464 | 332 | 174 | 69 | 20 | - | - | - | - | ||||||||||||||||||||||||||||
Income taxes payable | 1,606 | 4,274 | 10,366 | 17,841 | 9,541 | 16,375 | 10,264 | 30,631 | 17,723 | 795 | 2,472 | 2,868 | 1,671 | 2,074 | 1,231 | 9,394 | 2,466 | 599 | 293 | 928 | 755 | 22,729 | 6,580 | 1,092 | 1,349 | 578 | 986 | 636 | ||||||||||||||||||||||||||||
Long-term debt, current portion | 778 | 1,713 | 2,849 | 3,985 | 38,523 | 37,789 | 7,548 | 132,589 | 159,611 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||
Total current liabilities | 23,919 | 33,920 | 52,282 | 209,831 | 189,630 | 186,528 | 142,198 | 461,311 | 419,747 | 308,247 | 459,661 | 508,257 | 528,062 | 508,981 | 519,390 | 756,340 | 516,808 | 476,509 | 564,984 | 701,300 | 547,321 | 583,873 | 653,305 | 719,383 | 589,515 | 542,622 | 681,368 | 764,610 | ||||||||||||||||||||||||||||
Long-term deferred revenue | 7,292 | - | - | - | 6,928 | 5,176 | 4,719 | 5,458 | 7,436 | 5,922 | 5,285 | 6,174 | 8,535 | |||||||||||||||||||||||||||||||||||||||||||
Long-term operating lease liabilities | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 98,219 | 75,309 | 70,202 | 67,902 | ||||||||||||||||||||||||||||
Other liabilities | 585 | 1,221 | 3,579 | 7,420 | 7,870 | 8,421 | 10,418 | 12,867 | 13,750 | 15,031 | 18,624 | 29,358 | 36,886 | 47,473 | 53,732 | 59,762 | 56,280 | 59,244 | 57,958 | 49,884 | 54,345 | 55,650 | 52,596 | 52,790 | 29,001 | 29,420 | 29,883 | 39,776 | ||||||||||||||||||||||||||||
Long-term debt, less current portion | 10,448 | 9,475 | 8,124 | 6,725 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||
Redeemable convertible preferred stock warrant liability | 834 | 1,329 | 2,553 | 4,028 | 5,381 | 9,222 | 9,346 | 15,797 | 26,132 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||
Total liabilities | 35,786 | 45,945 | 66,538 | 228,004 | 202,881 | 204,171 | 161,962 | 489,975 | 459,629 | 323,278 | 478,285 | 537,615 | 564,948 | 556,454 | 573,122 | 823,394 | 573,088 | 535,753 | 622,942 | 758,112 | 606,842 | 644,242 | 711,359 | 779,609 | 722,657 | 652,636 | 787,627 | 880,823 | ||||||||||||||||||||||||||||
Redeemable convertible preferred stock | 23,425 | 49,248 | 66,236 | 66,236 | 66,236 | 66,236 | 67,814 | 67,814 | 67,814 | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
Total stockholders' equity (deficit) | (10,889) | (7,749) | 3,109 | (63,466) | (54,272) | (38,844) | 32,575 | 75,262 | 141,906 | 723,352 | 784,172 | 981,451 | 1,013,326 | 1,066,657 | 1,117,104 | 998,532 | 965,568 | 925,336 | 831,635 | 823,963 | 762,259 | 678,959 | 694,721 | 735,938 | 671,813 | 625,544 | 588,974 | 487,263 | ||||||||||||||||||||||||||||
Total liabilities, convertible preferred stock, | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||
and stockholders' equity (deficit) | $ | 48,322 | $ | 87,444 | $ | 135,833 | $ | 230,774 | $ | 214,845 | $ | 231,563 | $ | 262,351 | $ | 633,051 | $ | 669,349 | $ | 1,046,630 | $ | 1,262,457 | $ | 1,519,066 | $ | 1,578,274 | $ | 1,623,111 | $ | 1,690,226 | $ | 1,821,926 | $ | 1,538,656 | $ | 1,461,089 | $ | 1,454,577 | $ | 1,582,075 | $ | 1,369,101 | $ | 1,323,201 | $ | 1,406,080 | $ | 1,515,547 | $ | 1,394,470 | $ | 1,278,180 | $ | 1,376,601 | $ | 1,368,086 |
Fitbit, Inc.
Condensed Consolidated Statements of Operations - Fiscal Quarters (in thousands)
Q1 2013 | Q2 2013 | Q3 2013 | Q4 2013 | Q1 2014 | Q2 2014 | Q3 2014 | Q4 2014 | Q1 2015 | Q2 2015 | Q3 2015 | Q4 2015 | Q1 2016 | Q2 2016 | Q3 2016 | Q4 2016 | Q1 2017 | Q2 2017 | Q3 2017 | Q4 2017 | Q1 2018 | Q2 2018 | Q3 2018 | Q4 2018 | Q1 2019 | Q2 2019 | Q3 2019 | Q4 2019 | |||||||||||||||||||||||||||||
Revenue (GAAP) | $ | 33,121 | $ | 47,169 | $ | 83,667 | $ | 107,130 | $ | 108,815 | $ | 113,572 | $ | 152,862 | $ | 370,184 | $ | 336,754 | $ | 400,412 | $ | 409,262 | $ | 711,570 | $ | 505,356 | $ | 586,528 | $ | 503,802 | $ | 573,775 | $ | 298,942 | $ | 353,299 | $ | 392,522 | $ | 570,756 | $ | 247,865 | $ | 299,344 | $ | 393,575 | $ | 571,199 | $ | 271,890 | $ | 313,556 | $ | 347,200 | $ | 502,142 |
Plus: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impact of Fitbit Force recall | - | - | - | 30,607 | 11,561 | - | - | (3,449) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
Revenue (Non-GAAP) | $ | 33,121 | $ | 47,169 | $ | 83,667 | $ | 137,737 | $ | 120,376 | $ | 113,572 | $ | 152,862 | $ | 366,735 | $ | 336,754 | $ | 400,412 | $ | 409,262 | $ | 711,570 | $ | 505,356 | $ | 586,528 | $ | 503,802 | $ | 573,775 | $ | 298,942 | $ | 353,299 | $ | 392,522 | $ | 570,756 | $ | 247,865 | $ | 299,344 | $ | 393,575 | $ | 571,199 | $ | 271,890 | $ | 313,556 | $ | 347,200 | $ | 502,142 |
Cost of revenue | 18,132 | 25,947 | 42,412 | 124,345 | 64,046 | 55,183 | 69,257 | 199,290 | 167,545 | 212,870 | 213,249 | 363,271 | 271,601 | 341,559 | 263,144 | 447,273 | 180,643 | 204,054 | 217,762 | 322,159 | 133,742 | 180,329 | 240,061 | 354,272 | 182,437 | 205,342 | 239,248 | 380,089 | ||||||||||||||||||||||||||||
Gross profit (GAAP) | 14,989 | 21,222 | 41,255 | (17,215) | 44,769 | 58,389 | 83,605 | 170,894 | 169,209 | 187,542 | 196,013 | 348,299 | 233,755 | 244,969 | 240,658 | 126,502 | 118,299 | 149,245 | 174,760 | 248,597 | 114,123 | 119,015 | 153,514 | 216,927 | 89,453 | 108,214 | 107,952 | 122,053 | ||||||||||||||||||||||||||||
Gross margin (GAAP) | 45.3% | 45.0% | 49.3% | (16.1)% | 41.1% | 51.4% | 54.7% | 46.2% | 50.2% | 46.8% | 47.9% | 48.9% | 46.3% | 41.8% | 47.8% | 22.1% | 39.6% | 42.2% | 44.5% | 43.6% | 46.0% | 39.8% | 39.0% | 38.0% | 32.9% | 34.5% | 31.1% | 24.3% | ||||||||||||||||||||||||||||
Plus: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | 2 | 4 | 8 | 23 | 59 | 129 | 346 | 356 | 446 | 825 | 1,351 | 2,117 | 1,309 | 1,084 | 1,014 | 1,390 | 18 | 1,492 | 1,379 | 2,423 | 1,098 | 2,032 | 1,999 | 2,183 | 1,430 | 1,521 | 1,446 | 2,006 | ||||||||||||||||||||||||||||
Acquisition-related costs | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 5,638 | ||||||||||||||||||||||||||||
Impact of restructuring | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 37 | - | - | - | - | - | - | - | 190 | - | - | - | ||||||||||||||||||||||||||||
Impact of Fitbit Force recall | - | - | - | 81,812 | 22,163 | - | (1,485) | (1,227) | (2,040) | - | - | (3,715) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||
Intangible assets amortization | - | - | - | - | - | - | - | - | - | 467 | 432 | 451 | 451 | 451 | 451 | 453 | 1,319 | 1,319 | 1,381 | 1,516 | 1,516 | 1,516 | 2,304 | 1,853 | 1,854 | 1,853 | 1,773 | 2,392 | ||||||||||||||||||||||||||||
Gross profit (Non-GAAP) | 14,991 | 21,226 | 41,263 | 64,620 | 66,991 | 58,518 | 82,466 | 170,023 | 167,615 | 188,834 | 197,796 | 347,152 | 235,515 | 246,504 | 242,123 | 128,345 | 119,673 | 152,056 | 177,520 | 252,536 | 116,737 | 122,563 | 157,817 | 220,963 | 92,927 | 111,588 | 111,171 | 132,089 | ||||||||||||||||||||||||||||
Gross margin (Non-GAAP) | 45.3% | 45.0% | 49.3% | 46.9% | 55.7% | 51.5% | 53.9% | 46.4% | 49.8% | 47.2% | 48.3% | 48.8% | 46.6% | 42.0% | 48.1% | 22.4% | 40.0% | 43.0% | 45.2% | 44.2% | 47.1% | 40.9% | 40.1% | 38.7% | 34.2% | 35.6% | 32.0% | 26.3% | ||||||||||||||||||||||||||||
Research and development (GAAP) | 5,346 | 6,507 | 7,766 | 8,254 | 9,088 | 11,809 | 14,945 | 18,325 | 22,426 | 30,492 | 42,890 | 54,227 | 72,248 | 79,909 | 82,972 | 85,062 | 87,758 | 80,543 | 84,170 | 90,541 | 89,336 | 87,047 | 79,840 | 75,946 | 77,039 | 70,919 | 65,693 | 86,703 | ||||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | (40) | (55) | (75) | (118) | (92) | (192) | (873) | (1,192) | (1,879) | (3,138) | (5,893) | (7,341) | (10,393) | (11,725) | (12,314) | (12,775) | (14,344) | (12,648) | (12,947) | (13,842) | (14,671) | (15,090) | (14,097) | (13,330) | (11,988) | (11,892) | (10,557) | (10,418) | ||||||||||||||||||||||||||||
Acquisition-related costs | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | (18,411) | ||||||||||||||||||||||||||||
Impact of restructuring | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | (2,744) | - | - | - | - | - | - | - | (1,550) | - | - | - | ||||||||||||||||||||||||||||
Research and development (Non-GAAP) | 5,306 | 6,452 | 7,691 | 8,136 | 8,996 | 11,617 | 14,072 | 17,133 | 20,547 | 27,354 | 36,997 | 46,886 | 61,855 | 68,184 | 70,658 | 72,287 | 70,670 | 67,895 | 71,223 | 76,699 | 74,665 | 71,957 | 65,743 | 62,616 | 63,501 | 59,027 | 55,136 | 57,874 | ||||||||||||||||||||||||||||
Sales and marketing (GAAP) | 4,217 | 5,433 | 6,159 | 11,038 | 11,273 | 13,311 | 17,539 | 69,882 | 43,867 | 69,690 | 65,115 | 154,069 | 107,051 | 118,138 | 79,872 | 186,194 | 91,174 | 100,732 | 77,536 | 145,600 | 72,052 | 100,845 | 66,676 | 104,518 | 68,616 | 83,060 | 71,296 | 106,828 | ||||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | (14) | (42) | (64) | (84) | (63) | (120) | (466) | (645) | (1,307) | (1,322) | (2,451) | (2,339) | (2,535) | (2,927) | (3,030) | (3,083) | (3,248) | (3,987) | (3,679) | (3,658) | (3,447) | (3,911) | (3,638) | (3,730) | (3,138) | (3,175) | (2,587) | (2,685) | ||||||||||||||||||||||||||||
Acquisition-related costs | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | (4,222) | ||||||||||||||||||||||||||||
Impact of restructuring | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | (2,000) | - | - | - | - | - | - | - | (589) | - | - | - | ||||||||||||||||||||||||||||
Intangible assets amortization | (161) | (470) | 315 | (135) | (135) | (136) | (135) | (135) | ||||||||||||||||||||||||||||||||||||||||||||||||
Sales and marketing (Non-GAAP) | 4,203 | 5,391 | 6,095 | 10,954 | 11,210 | 13,191 | 17,073 | 69,237 | 42,560 | 68,368 | 62,664 | 151,730 | 104,516 | 115,211 | 76,842 | 183,111 | 85,926 | 96,745 | 73,857 | 141,942 | 68,444 | 96,464 | 63,353 | 100,653 | 64,754 | 79,749 | 68,574 | 99,786 | ||||||||||||||||||||||||||||
General and administrative (GAAP) | 1,338 | 2,154 | 2,853 | 8,140 | 8,617 | 7,443 | 7,849 | 9,647 | 12,981 | 14,648 | 20,698 | 29,466 | 35,702 | 37,262 | 33,333 | 40,606 | 30,746 | 31,379 | 40,690 | 31,119 | 36,088 | 30,211 | 24,812 | 25,516 | 26,692 | 24,865 | 23,083 | 43,591 | ||||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | (8) | (15) | (18) | (50) | (100) | (220) | (785) | (1,166) | (1,271) | (2,462) | (3,339) | (3,543) | (3,533) | (4,664) | (3,647) | (4,009) | (4,155) | (3,839) | (4,792) | (4,402) | (4,425) | (4,824) | (4,381) | (4,153) | (3,988) | (3,959) | (3,494) | (3,455) | ||||||||||||||||||||||||||||
Acquisition-related costs | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | (19,719) | ||||||||||||||||||||||||||||
Impact of restructuring | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | (1,594) | - | - | - | - | - | - | - | (129) | - | - | |||||||||||||||||||||||||||||
Litigation (expense)/credit - Jawbone | - | - | - | - | - | - | - | - | - | - | - | - | - | (11,558) | (6,062) | (7,225) | 114 | (1,533) | (874) | (919) | (765) | - | - | - | - | - | - | |||||||||||||||||||||||||||||
Impact of Fitbit Force recall | - | - | - | (2,838) | (2,876) | (1,483) | (2) | 972 | 142 | (69) | (20) | 4,363 | (11) | 11 | - | (26) | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||
Intangible assets amortization | - | - | - | - | - | - | - | - | - | (82) | (82) | (82) | (82) | (82) | (61) | (56) | (58) | (58) | (62) | (71) | (71) | (71) | (71) | (73) | (71) | (72) | (71) | (71) | ||||||||||||||||||||||||||||
General and administrative (Non-GAAP) | 1,330 | 2,139 | 2,835 | 5,252 | 5,641 | 5,740 | 7,062 | 9,453 | 11,852 | 12,035 | 17,257 | 30,204 | 32,076 | 20,969 | 23,563 | 29,290 | 25,053 | 25,949 | 34,962 | 25,727 | 30,827 | 25,316 | 20,360 | 21,290 | 22,504 | 20,834 | 19,518 | 20,346 | ||||||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Research and development | 5,346 | 6,507 | 7,766 | 8,254 | 9,088 | 11,809 | 14,945 | 18,325 | 22,426 | 30,492 | 42,890 | 54,227 | 72,248 | 79,909 | 82,972 | 85,062 | 87,758 | 80,543 | 84,170 | 90,541 | 89,336 | 87,047 | 79,840 | 75,946 | 77,039 | 70,919 | 65,693 | 86,703 | ||||||||||||||||||||||||||||
Sales and marketing | 4,217 | 5,433 | 6,159 | 11,038 | 11,273 | 13,311 | 17,539 | 69,882 | 43,867 | 69,690 | 65,115 | 154,069 | 107,051 | 118,138 | 79,872 | 186,194 | 91,174 | 100,732 | 77,536 | 145,600 | 72,052 | 100,845 | 66,676 | 104,518 | 68,616 | 83,060 | 71,296 | 106,828 | ||||||||||||||||||||||||||||
General and administrative | 1,338 | 2,154 | 2,853 | 8,140 | 8,617 | 7,443 | 7,849 | 9,647 | 12,981 | 14,648 | 20,698 | 29,466 | 35,702 | 37,262 | 33,333 | 40,606 | 30,746 | 31,379 | 40,690 | 31,119 | 36,088 | 30,211 | 24,812 | 25,516 | 26,692 | 24,865 | 23,083 | 43,591 | ||||||||||||||||||||||||||||
Change in contingent consideration | - | - | - | - | - | - | - | - | - | (7,704) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||
Total operating expenses (GAAP) | 10,901 | 14,094 | 16,778 | 27,432 | 28,978 | 32,563 | 40,333 | 97,854 | 79,274 | 107,126 | 128,703 | 237,762 | 215,001 | 235,309 | 196,177 | 311,862 | 209,678 | 212,654 | 202,396 | 267,260 | 197,476 | 218,103 | 171,328 | 205,980 | 172,347 | 178,844 | 160,072 | 237,122 | ||||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | (62) | (112) | (157) | (252) | (255) | (532) | (2,124) | (3,003) | (4,457) | (6,922) | (11,683) | (13,223) | (16,461) | (19,316) | (18,991) | (19,867) | (21,747) | (20,474) | (21,418) | (21,902) | (22,543) | (23,825) | (22,116) | (21,213) | (19,114) | (19,026) | (16,638) | (16,558) | ||||||||||||||||||||||||||||
Acquisition-related costs | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | (42,352) | ||||||||||||||||||||||||||||
Impact of restructuring | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | (6,338) | - | - | - | - | - | - | - | (2,268) | - | - | - | ||||||||||||||||||||||||||||
Litigation expense - Jawbone | - | - | - | - | - | - | - | - | - | - | - | - | - | (11,558) | (6,062) | (7,225) | 114 | (1,533) | (874) | (919) | (765) | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||
Impact of Fitbit Force recall | - | - | - | (2,838) | (2,876) | (1,483) | (2) | 972 | 142 | (69) | (20) | 4,363 | (11) | 11 | - | (26) | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||
Intangible assets amortization | - | - | - | - | - | - | - | - | - | (82) | (82) | (82) | (82) | (82) | (61) | (56) | (58) | (58) | (62) | (71) | (232) | (541) | 244 | (208) | (206) | (208) | (206) | (206) | ||||||||||||||||||||||||||||
Change in contingent consideration | - | - | - | - | - | - | - | - | - | 7,704 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Total operating expenses (Non-GAAP) | 10,839 | 13,982 | 16,621 | 24,342 | 25,847 | 30,548 | 38,207 | 95,823 | 74,959 | 107,757 | 116,918 | 228,820 | 198,447 | 204,364 | 171,063 | 284,688 | 181,649 | 190,589 | 180,042 | 244,368 | 173,936 | 193,737 | 149,456 | 184,559 | 150,759 | 159,610 | 143,228 | 178,006 | ||||||||||||||||||||||||||||
Operating income (loss) (GAAP) | 4,088 | 7,128 | 24,477 | (44,647) | 15,791 | 25,826 | 43,272 | 73,040 | 89,935 | 80,416 | 67,310 | 110,537 | 18,754 | 9,660 | 44,481 | (185,360) | (91,379) | (63,409) | (27,636) | (18,663) | (83,353) | (99,088) | (17,814) | 10,947 | (82,894) | (70,630) | (52,120) | (115,069) |
Q1 2013 | Q2 2013 | Q3 2013 | Q4 2013 | Q1 2014 | Q2 2014 | Q3 2014 | Q4 2014 | Q1 2015 | Q2 2015 | Q3 2015 | Q4 2015 | Q1 2016 | Q2 2016 | Q3 2016 | Q4 2016 | Q1 2017 | Q2 2017 | Q3 2017 | Q4 2017 | Q1 2018 | Q2 2018 | Q3 2018 | Q4 2018 | Q1 2019 | Q2 2019 | Q3 2019 | Q4 2019 | |||||||||||||||||||||||||||||||
Plus: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | 64 | 116 | 165 | 275 | 314 | 661 | 2,470 | 3,359 | 4,903 | 7,747 | 13,034 | 15,340 | 17,770 | 20,400 | 20,005 | 21,257 | 21,765 | 21,966 | 22,797 | 24,325 | 23,641 | 25,857 | 24,115 | 23,396 | 20,544 | 20,547 | 18,084 | 18,564 | ||||||||||||||||||||||||||||||
Acquisition-related costs | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 47,990 | ||||||||||||||||||||||||||||||
Impact of restructuring | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 6,375 | - | - | - | - | - | - | - | 2,458 | - | - | - | ||||||||||||||||||||||||||||||
Litigation expense/(credit) - Jawbone | 11,558 | 6,062 | 7,225 | (114) | 1,533 | 874 | 919 | 765 | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||
Impact of Fitbit Force recall | - | - | - | 84,650 | 25,039 | 1,483 | (1,483) | (2,199) | (2,182) | 69 | 20 | (8,078) | 11 | (11) | - | 26 | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
Intangible assets amortization | - | - | - | - | - | - | - | - | - | 549 | 514 | 533 | 533 | 533 | 512 | 509 | 1,377 | 1,377 | 1,381 | 1,587 | 1,748 | 2,057 | 2,060 | 2,061 | 2,060 | 2,061 | 1,979 | 2,598 | ||||||||||||||||||||||||||||||
Change in contingent consideration | - | - | - | - | - | - | - | - | - | (7,704) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Operating inc | ome (loss) (Non-GAAP) | 4,152 | 7,244 | 24,642 | 40,278 | 41,144 | 27,970 | 44,259 | 74,200 | 92,656 | 81,077 | 80,878 | 118,332 | 37,068 | 42,140 | 71,060 | (156,343) | (61,976) | (38,533) | (2,584) | 8,168 | (57,199) | (71,174) | 8,361 | 36,404 | (57,832) | (48,022) | (32,057) | (45,917) | |||||||||||||||||||||||||||||
Interest and other income (expense), net | (405) | (923) | (1,495) | (1,908) | (1,628) | (4,139) | (3,496) | (8,893) | (13,544) | (45,687) | (960) | (58) | 2,150 | 376 | (67) | 711 | 1,628 | 496 | 460 | 3,858 | 1,867 | 4,435 | (3,069) | 1,933 | 4,739 | 3,083 | 1,896 | 1,930 | ||||||||||||||||||||||||||||||
Income (loss) before income taxes | 3,683 | 6,205 | 22,982 | (46,555) | 14,163 | 21,687 | 39,776 | 64,147 | 76,391 | 34,729 | 66,350 | 110,479 | 20,904 | 10,036 | 44,414 | (184,649) | (89,751) | (62,913) | (27,176) | (14,805) | (81,486) | (94,653) | (20,883) | 12,880 | (78,155) | (67,547) | (50,224) | (113,139) | ||||||||||||||||||||||||||||||
Income tax expense (benefit) | 1,974 | 3,325 | 12,297 | 20,341 | 5,291 | 6,934 | (29,136) | 24,907 | 28,394 | 17,048 | 20,516 | 46,314 | 9,869 | 3,695 | 18,294 | (38,376) | (29,671) | (4,673) | 86,227 | 30,665 | (609) | 23,615 | (18,827) | (2,492) | 1,310 | 971 | 1,669 | 7,696 | ||||||||||||||||||||||||||||||
Net income (loss) (GAAP) | $ | 1,709 | $ | 2,880 | $ | 10,685 | $ | (66,896) | $ | 8,872 | $ | 14,753 | $ | 68,912 | $ | 39,240 | $ | 47,997 | $ | 17,681 | $ | 45,834 | $ | 64,165 | $ | 11,035 | $ | 6,341 | $ | 26,120 | $ | (146,273) | $ | (60,080) | $ | (58,240) | $ | (113,403) | $ | (45,470) | $ | (80,877) | $ | (118,268) | $ | (2,056) | $ | 15,372 | $ | (79,465) | $ | (68,518) | $ | (51,893) | $ | (120,835) | ||
Plus: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | $ | 64 | $ | 116 | $ | 165 | $ | 275 | $ | 314 | $ | 661 | $ | 2,470 | $ | 3,359 | $ | 4,903 | $ | 7,747 | $ | 13,034 | $ | 15,340 | $ | 17,770 | $ | 20,400 | $ | 20,005 | $ | 21,257 | $ | 21,765 | $ | 21,966 | $ | 22,797 | $ | 24,325 | $ | 23,641 | $ | 25,857 | $ | 24,115 | $ | 23,396 | $ | 20,544 | $ | 20,547 | $ | 18,084 | $ | 18,564 | ||
Acquisition-related costs | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 47,990 | ||||||||||||||||||||||||||||||
Impact of restructuring | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 6,375 | - | - | - | - | - | - | - | 2,458 | - | - | - | ||||||||||||||||||||||||||||||
Litigation expense/(credit) - Jawbone | - | - | - | - | - | - | - | - | - | - | - | - | - | 11,558 | 6,062 | 7,225 | (114) | 1,533 | 874 | 919 | 765 | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
Impact of Fitbit Force recall | - | - | - | 84,650 | 25,039 | 1,483 | (1,483) | (2,199) | (2,182) | 69 | 20 | (8,078) | 11 | (11) | - | 26 | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Revaluation of redeemable convertible preferred | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
stock warrant liability | 345 | 496 | 1,224 | 1,305 | 1,353 | 3,842 | 1,626 | 6,451 | 10,335 | 46,320 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
Impairment of equity investment | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 6,000 | - | - | - | - | - | ||||||||||||||||||||||||||||||
Intangible assets amortization | - | - | - | - | - | - | - | - | - | 549 | 514 | 533 | 533 | 533 | 512 | 509 | 1,377 | 1,377 | 1,381 | 1,587 | 1,748 | 2,057 | 2,060 | 2,061 | 2,060 | 2,061 | 1,979 | 2,598 | ||||||||||||||||||||||||||||||
Change in contingent consideration | - | - | - | - | - | - | - | - | - | (7,704) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
Income tax effect of non-GAAP adjustments | (164) | (245) | (556) | (34,492) | (10,682) | (2,394) | (44,437) | (3,044) | (4,857) | (13,349) | (183) | 15,423 | (4,829) | (9,297) | (6,955) | (8,445) | (3,722) | 14,056 | 85,574 | 13,979 | 13,767 | 36,121 | (20,077) | (4,481) | 16,335 | 10,139 | 5,141 | 20,193 | ||||||||||||||||||||||||||||||
Net income (loss) (Non-GAAP) | $ | 1,954 | $ | 3,247 | $ | 11,518 | $ | (15,158) | $ | 24,896 | $ | 18,345 | $ | 27,088 | $ | 43,807 | $ | 56,196 | $ | 51,313 | $ | 59,219 | $ | 87,383 | $ | 24,520 | $ | 29,524 | $ | 45,744 | $ | (125,701) | $ | (34,399) | $ | (19,308) | $ | (2,777) | $ | (4,660) | $ | (40,956) | $ | (54,233) | $ | 10,042 | $ | 36,348 | $ | (38,068) | $ | (35,771) | $ | (26,689) | $ | (31,490) | ||
Less: undistributed earnings to participating securities and noncumulative dividends to preferred stockholders | $ | (7,183) | $ | (11,750) | $ | (53,763) | $ | (30,701) | $ | (37,374) | $ | (12,456) | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||
Net income (loss) attributable to common stockholders - basic | 1,689 | 3,003 | 15,149 | 8,539 | 10,623 | 5,225 | 45,834 | 64,165 | 11,035 | 6,341 | 26,120 | (146,273) | (60,080) | (58,240) | (113,403) | (45,470) | (80,877) | (118,268) | (2,056) | 15,372 | (79,465) | (68,518) | (51,893) | (120,835) | ||||||||||||||||||||||||||||||||||
Add: adjustments for undistributed earnings to participating securities | 570 | 1,058 | 5,387 | 3,326 | 4,992 | 1,862 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
Net income (loss) attributable to common stockholders - diluted | $ | 2,259 | $ | 4,061 | $ | 20,536 | $ | 11,865 | $ | 15,615 | $ | 7,087 | $ | 45,834 | $ | 64,165 | $ | 11,035 | $ | 6,341 | $ | 26,120 | $ | (146,273) | $ | (60,080) | $ | (58,240) | $ | (113,403) | $ | (45,470) | $ | (80,877) | $ | (118,268) | $ | (2,056) | $ | 15,372 | $ | (79,465) | $ | (68,518) | $ | (51,893) | $ | (120,835) | ||||||||||
Net income (loss) per share attributable to common stockholders: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.04 | $ | 0.07 | $ | 0.38 | $ | 0.21 | $ | 0.26 | $ | 0.09 | $ | 0.22 | $ | 0.30 | $ | 0.05 | $ | 0.03 | $ | 0.12 | $ | (0.65) | $ | (0.27) | $ | (0.25) | $ | (0.48) | $ | (0.19) | $ | (0.34) | $ | (0.49) | $ | (0.01) | $ | 0.06 | $ | (0.31) | $ | (0.27) | $ | (0.20) | $ | (0.46) | ||||||||||
Diluted (GAAP) | $ | 0.04 | $ | 0.07 | $ | 0.34 | $ | 0.19 | $ | 0.22 | $ | 0.07 | $ | 0.19 | $ | 0.26 | $ | 0.05 | $ | 0.03 | $ | 0.11 | $ | (0.65) | $ | (0.27) | $ | (0.25) | $ | (0.48) | $ | (0.19) | $ | (0.34) | $ | (0.49) | $ | (0.01) | $ | 0.06 | $ | (0.31) | $ | (0.27) | $ | (0.20) | $ | (0.46) | ||||||||||
Shares used to compute net income (loss) per share attributable to common stockholders: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic | 40,155 | 40,193 | 40,376 | 40,676 | 41,201 | 58,548 | 206,657 | 210,438 | 216,043 | 218,850 | 222,412 | 224,412 | 226,511 | 230,322 | 234,242 | 237,421 | 239,431 | 242,898 | 245,838 | 249,973 | 253,124 | 256,160 | 258,753 | 261,693 | ||||||||||||||||||||||||||||||||||
Diluted (GAAP) | 59,478 | 60,487 | 61,003 | 63,742 | 70,289 | 95,190 | 243,660 | 245,009 | 242,009 | 242,328 | 243,687 | 224,412 | 226,511 | 230,322 | 234,242 | 237,421 | 239,431 | 242,898 | 245,838 | 260,399 | 253,124 | 256,160 | 258,753 | 261,693 | ||||||||||||||||||||||||||||||||||
Plus: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diluted effect of redeemable convertible preferred common stock conversion | 139,504 | 139,504 | 139,708 | 139,851 | 139,851 | 126,020 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
Public offering shares | - | - | - | - | - | 20,173 | - | 1,565 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
Other dilutive equity awards | 1,701 | 1,886 | 1,802 | 1,756 | 1,839 | 1,766 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
Diluted shares (Non-GAAP) | 200,683 | 201,877 | 202,513 | 205,349 | 211,979 | 243,149 | 243,660 | 246,574 | 242,009 | 242,328 | 243,687 | 224,412 | 226,511 | 230,322 | 234,242 | 237,421 | 239,431 | 242,898 | 260,347 | 260,399 | 253,124 | 256,160 | 258,753 | 261,693 | ||||||||||||||||||||||||||||||||||
Diluted net income (loss) per share (Non-GAAP) | $ | 0.12 | $ | 0.09 | $ | 0.13 | $ | 0.21 | $ | 0.27 | $ | 0.21 | $ | 0.24 | $ | 0.35 | $ | 0.10 | $ | 0.12 | $ | 0.19 | $ | (0.56) | $ | (0.15) | $ | (0.08) | $ | (0.01) | $ | (0.02) | $ | (0.17) | $ | (0.22) | $ | 0.04 | $ | 0.14 | $ | (0.15) | $ | (0.14) | $ | (0.10) | $ | (0.12) | ||||||||||
Adjusted EBITDA | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) (GAAP) | $ | 1,709 | $ | 2,880 | $ | 10,685 | $ | (66,896) | $ | 8,872 | $ | 14,753 | $ | 68,912 | $ | 39,240 | $ | 47,997 | $ | 17,681 | $ | 45,834 | $ | 64,165 | $ | 11,035 | $ | 6,341 | $ | 26,120 | $ | (146,273) | $ | (60,079) | $ | (58,240) | $ | (113,403) | $ | (45,470) | $ | (80,877) | $ | (118,268) | $ | (2,056) | $ | 15,372 | $ | (79,465) | $ | (68,518) | $ | (51,893) | $ | (120,835) | ||
Impact of Fitbit Force recall | - | - | - | 84,650 | 25,039 | 1,483 | (1,483) | (2,199) | (2,182) | 69 | 20 | (8,078) | 11 | (11) | - | 26 | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Stock-based compensation expense | 64 | 116 | 165 | 275 | 314 | 661 | 2,470 | 3,359 | 4,903 | 7,747 | 13,034 | 15,340 | 17,770 | 20,400 | 20,005 | 21,257 | 21,765 | 21,966 | 22,797 | 24,325 | 23,641 | 25,857 | 24,115 | 23,396 | 20,544 | 20,547 | 18,084 | 18,564 | ||||||||||||||||||||||||||||||
Acquisition-related costs | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 47,990 | ||||||||||||||||||||||||||||||
Impact of restructuring | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 6,375 | - | - | - | - | - | - | - | 2,458 | - | - | |||||||||||||||||||||||||||||||
Litigation expense/(credit) - Jawbone | - | - | - | - | - | - | - | - | - | - | - | - | - | 11,558 | 6,062 | 7,225 | (114) | 1,533 | 874 | 919 | 765 | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
Revaluation of redeemable convertible preferred | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
stock warrant liability | 345 | 496 | 1,224 | 1,305 | 1,353 | 3,842 | 1,626 | 6,451 | 10,335 | 46,320 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Impairment of equity investment | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 6,000 | - | - | - | - | |||||||||||||||||||||||||||||||
Depreciation and amortization | 452 | 680 | 700 | 1,180 | 750 | 963 | 1,251 | 3,167 | 3,469 | 4,705 | 5,367 | 7,566 | 7,008 | 7,178 | 11,275 | 12,672 | 10,517 | 11,435 | 10,520 | 13,221 | 12,204 | 15,173 | 13,877 | 15,561 | 15,433 | 18,792 | 15,089 | 13,522 | ||||||||||||||||||||||||||||||
Change in contingent consideration | - | - | - | - | - | - | - | - | - | (7,704) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
Interest (income) expense, net | 196 | 268 | 274 | 344 | 409 | 452 | 680 | 681 | 467 | 379 | 216 | (43) | (582) | (839) | (970) | (765) | (1,096) | (193) | (1,162) | (1,197) | (1,350) | (2,177) | (2,072) | (2,209) | (3,466) | (2,622) | (2,388) | (1,815) | ||||||||||||||||||||||||||||||
Income tax expense (benefit) | 1,974 | 3,325 | 12,297 | 20,341 | 5,291 | 6,934 | (29,136) | 24,907 | 28,394 | 17,048 | 20,516 | 46,314 | 9,869 | 3,695 | 18,294 | (38,376) | (29,671) | (4,673) | 86,227 | 30,665 | (609) | 23,615 | (18,827) | (2,492) | 1,310 | 971 | 1,669 | 7,696 | ||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 4,740 | $ | 7,765 | $ | 25,345 | $ | 41,199 | $ | 42,028 | $ | 29,088 | $ | 44,320 | $ | 75,606 | $ | 93,383 | $ | 86,245 | $ | 84,987 | $ | 125,264 | $ | 45,111 | $ | 48,322 | $ | 80,786 | $ | (144,234) | $ | (52,303) | $ | (28,172) | $ | 5,853 | $ | 22,463 | $ | (46,226) | $ | (55,800) | $ | 21,037 | $ | 49,628 | $ | (43,186) | $ | (30,830) | $ | (19,439) | $ | (34,878) | ||
Devices Sold | 521 | 745 | 1,291 | 1,919 | 1,575 | 1,720 | 2,332 | 5,277 | 3,866 | 4,458 | 4,773 | 8,258 | 4,842 | 5,673 | 5,283 | 6,497 | 2,956 | 3,373 | 3,624 | 5,391 | 2,150 | 2,684 | 3,539 | 5,566 | 2,930 | 3,529 | 3,540 | 5,989 |
Fitbit, Inc.
Condensed Consolidated Statements of Cash Flows - Fiscal Quarters
(in thousands) | Q1 2013 | Q2 2013 | Q3 2013 | Q4 2013 | Q1 2014 | Q2 2014 | Q3 2014 | Q4 2014 | Q1 2015 | Q2 2015 | Q3 2015 | Q4 2015 | Q1 2016 | Q2 2016 | Q3 2016 | Q4 2016 | Q1 2017 | Q2 2017 | Q3 2017 | Q4 2017 | Q1 2018 | Q2 2018 | Q3 2018 | Q4 2018 | Q1 2019 | Q2 2019 | Q3 2019 | Q4 2019 | ||||||||||||||||||||||||||||
Cash Flows from Operating activities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 1,709 | $ | 2,880 | $ | 10,685 | $ | (66,896) | $ | 8,872 | $ | 14,753 | $ | 68,912 | $ | 39,240 | $ | 47,997 | $ | 17,681 | $ | 45,834 | $ | 64,165 | $ | 11,035 | $ | 6,341 | $ | 26,120 | $ | (146,273) | $ | (60,079) | $ | (58,240) | $ | (113,403) | $ | (45,470) | $ | (80,877) | $ | (118,268) | $ | (2,056) | $ | 15,372 | $ | (79,465) | $ | (68,518) | $ | (51,893) | $ | (120,835) |
Adjustments to reconcile net income (loss) to net cash provided by | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(used in) operating activities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for (recovery of) doubtful accounts | - | - | - | 651 | (63) | 12 | 66 | 849 | 73 | (101) | (5) | 1,148 | 413 | (232) | (40) | 198 | 1 | 183 | 7,622 | 87 | (109) | 105 | 41 | 19 | 32 | 16 | (19) | 268 | ||||||||||||||||||||||||||||
Provision for inventory obsolescence | 201 | 272 | 422 | 204 | 757 | 473 | (707) | 2,441 | 1,761 | 2,776 | - | 523 | 231 | 434 | 349 | 3,979 | 3,997 | 4,412 | 4,986 | 1,438 | 6,337 | 1,677 | 1,005 | 2,809 | 1,478 | 2,644 | 1,041 | 848 | ||||||||||||||||||||||||||||
Provision for inventory obsolescence related to Fitbit Force recall | - | - | - | 10,251 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||
Depreciation | 452 | 680 | 700 | 1,180 | 750 | 963 | 1,250 | 3,168 | 3,363 | 4,156 | 4,853 | 7,033 | 6,475 | 6,646 | 10,763 | 12,162 | 9,140 | 10,059 | 9,139 | 11,633 | 10,456 | 13,116 | 11,816 | 13,501 | 13,373 | 16,733 | 13,109 | 10,924 | ||||||||||||||||||||||||||||
Accelerated depreciation of property and equipment | - | - | - | 1,712 | - | - | - | 1,004 | - | - | - | 1,206 | 484 | 165 | 113 | 19,043 | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
Amortization of intangible assets | - | - | - | - | - | - | - | - | 106 | 549 | 514 | 533 | 533 | 533 | 512 | 509 | 1,377 | 1,376 | 1,381 | 1,588 | 1,748 | 2,057 | 2,061 | 2,060 | 2,060 | 2,061 | 1,979 | 2,599 | ||||||||||||||||||||||||||||
Non-cash lease expense | 7,713 | 3,902 | 6,346 | 1,209 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Write-off of property and equipment | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 5,250 | - | - | 7,259 | 226 | 28 | 218 | - | 170 | (1) | 37 | ||||||||||||||||||||||||||||||
Revaluation of redeemable convertible preferred stock warrants liability | 345 | 496 | 1,224 | 1,305 | 1,353 | 3,841 | 1,627 | 6,451 | 10,335 | 46,320 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||
Amortization of issuance costs and discount on debt | 17 | 22 | 21 | 22 | 160 | 56 | 398 | 181 | 161 | 161 | 162 | 477 | 117 | 116 | 117 | 116 | 116 | 686 | 75 | 74 | 74 | 74 | 162 | 475 | - | - | - | - | ||||||||||||||||||||||||||||
Stock-based compensation | 64 | 116 | 165 | 275 | 314 | 661 | 2,470 | 3,359 | 4,903 | 7,747 | 13,034 | 15,340 | 17,770 | 20,400 | 20,005 | 21,257 | 22,493 | 21,966 | 22,797 | 24,325 | 23,641 | 25,857 | 24,115 | 23,396 | 20,544 | 20,547 | 18,084 | 18,564 | ||||||||||||||||||||||||||||
Change in contingent consideration | - | - | - | - | - | - | - | - | - | (7,704) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||
Deferred income taxes | - | - | - | - | - | - | (26,693) | (15,308) | (3,875) | (16,236) | (12,177) | (10,250) | (4,581) | (31,871) | 8,658 | (70,940) | (5,005) | 21,142 | 116,678 | 41,091 | (1,799) | 500 | (391) | (858) | (20) | 154 | 484 | (234) | ||||||||||||||||||||||||||||
Impairment of equity investment | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 6,000 | - | - | - | - | - | ||||||||||||||||||||||||||||
Excess tax benefit from stock-based compensation (1) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||
Other | - | - | - | - | - | - | - | - | - | - | (560) | 297 | 17 | (1,131) | 300 | 391 | (300) | 743 | (19) | (208) | (240) | (323) | (440) | (392) | (50) | 212 | (212) | 565 | ||||||||||||||||||||||||||||
Changes in operating assets and liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts receivable | 10,663 | (13,164) | (17,381) | (35,748) | 31,004 | (1,456) | (26,872) | (161,464) | 77,371 | (90,205) | 7,334 | (225,600) | 129,218 | (37,681) | (83,781) | (16,457) | 282,917 | (21,752) | (52,266) | (145,115) | 191,982 | (27,787) | (83,968) | (88,263) | 163,592 | (8,031) | (86,944) | (89,930) | ||||||||||||||||||||||||||||
Inventories | (5,239) | (2,008) | (7,436) | (32,693) | 2,633 | (1,657) | (5,699) | (56,872) | (24,198) | (52,136) | (88,819) | 97,045 | (34,149) | 20,798 | (37,532) | (11,092) | 27,193 | 54,293 | (2,038) | 12,681 | (27,307) | 3,090 | (55,847) | 67,204 | (50,958) | 9,775 | (84,317) | 107,029 | ||||||||||||||||||||||||||||
Prepaid expenses and other assets | 468 | (524) | (2,538) | 369 | (2,457) | (729) | (235) | (6,258) | (8,220) | 5,725 | (2,169) | (24,551) | (16,547) | 462 | (22,703) | 912 | (976) | (49,348) | (75,180) | 12,393 | 39,610 | (1,986) | 85,732 | 2,558 | 12,594 | 1,413 | (2,135) | 3,269 | ||||||||||||||||||||||||||||
Fitbit Force recall reserve | - | - | - | 72,687 | 1,300 | (27,164) | (26,045) | (8,553) | (7,371) | (2,210) | (1,236) | (6,537) | (783) | (2,191) | (654) | (241) | (295) | (205) | (168) | (121) | (132) | (159) | (104) | (50) | 46 | 90 | 106 | (243) | ||||||||||||||||||||||||||||
Accounts payable | (4,493) | 903 | 7,104 | 47,367 | (39,616) | 12,510 | 10,642 | 140,225 | (59,478) | 53,918 | 125,328 | (63,009) | (16,317) | (23,108) | 26,299 | 58,780 | (176,619) | (40,340) | 94,799 | 36,045 | (84,155) | 19,971 | 80,541 | 18,850 | (81,656) | (18,861) | 112,343 | (64,386) | ||||||||||||||||||||||||||||
Accrued liabilities and other liabilities | (2,369) | 4,499 | 6,653 | 18,260 | (6,340) | (1,052) | 9,576 | 45,549 | (4,826) | 13,656 | 21,827 | 108,091 | 38,729 | 15,271 | (10,715) | 170,076 | (52,173) | 8,210 | (4,238) | 104,373 | (66,790) | (3,886) | 6,220 | 52,478 | (69,962) | (28,138) | 37,095 | 154,267 | ||||||||||||||||||||||||||||
Lease liabilities | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | (4,972) | (8,605) | (7,398) | (1,914) | ||||||||||||||||||||||||||||
Deferred revenue | (3,410) | 694 | 662 | 2,913 | 150 | 1,764 | 684 | 805 | 7,467 | 4,322 | 5,731 | 17,371 | 6,481 | (4,508) | (1,419) | 4,902 | (3,000) | (2,477) | (4,369) | 2,374 | (6,010) | (3,613) | (26) | 4,027 | (2,259) | (1,216) | 889 | 6,592 | ||||||||||||||||||||||||||||
Income taxes payable | 1,522 | 2,668 | 6,092 | 7,513 | (8,300) | 6,834 | (6,111) | 20,381 | (12,909) | (16,927) | 1,677 | 32,495 | 4,317 | 10,540 | 4,899 | 25,680 | 351 | (1,867) | (306) | (1,666) | (173) | 21,974 | (16,148) | (5,078) | 257 | (771) | 407 | (349) | ||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | (70) | (2,466) | 6,373 | 29,372 | (9,483) | 9,809 | 3,263 | 15,198 | 32,660 | (28,508) | 121,328 | 15,777 | 143,443 | (19,016) | (58,709) | 73,002 | 49,138 | (45,909) | 5,490 | 55,522 | 13,515 | (67,375) | 58,741 | 108,326 | (67,653) | (76,423) | (41,036) | 28,280 | ||||||||||||||||||||||||||||
Cash Flows from Investing activities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in restricted cash | - | - | - | (2,310) | 2,310 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||
Purchase of property and equipment | (775) | (2,024) | (2,437) | (2,288) | (2,909) | (3,789) | (11,187) | (8,610) | (5,009) | (6,736) | (6,003) | (12,818) | (16,676) | (20,069) | (30,053) | (11,842) | (28,157) | (11,662) | (18,382) | (30,959) | (12,616) | (15,908) | (11,650) | (12,706) | (6,096) | (4,731) | (15,450) | (10,254) | ||||||||||||||||||||||||||||
Purchase of marketable securities | - | - | - | - | - | - | - | - | - | - | (124,713) | (106,222) | (62,576) | (330,162) | (160,014) | (85,303) | (129,661) | (188,017) | (176,862) | (103,393) | (123,479) | (65,611) | (60,174) | (104,684) | (111,615) | (108,880) | (67,474) | (59,610) | ||||||||||||||||||||||||||||
Sales of marketable securities | - | - | - | - | - | - | - | - | - | - | 12,070 | 45,941 | - | 38,814 | 6,197 | 1,500 | 4,256 | 9,550 | 6,000 | 22,600 | 8,945 | - | - | 1,038 | - | 2,016 | - | 7,108 | ||||||||||||||||||||||||||||
Maturities of marketable securities | - | - | - | - | - | - | - | - | - | - | - | 44,500 | 121,598 | 18,664 | 109,007 | 66,505 | 178,028 | 173,116 | 149,432 | 121,949 | 171,966 | 93,712 | 91,998 | 75,918 | 128,309 | 111,120 | 82,703 | 83,464 | ||||||||||||||||||||||||||||
Acquisitions, net of cash acquired | - | - | - | - | - | - | - | - | (11,037) | - | - | - | - | (5,600) | - | (32,656) | - | - | (556) | - | (17,003) | - | - | (2,250) | - | - | (2,625) | (2,224) | ||||||||||||||||||||||||||||
Equity investment | (6,000) | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) investing activities | (775) | (2,024) | (2,437) | (4,598) | (599) | (3,789) | (11,187) | (8,610) | (16,046) | (6,736) | (118,646) | (28,599) | 42,346 | (298,353) | (74,863) | (61,796) | 24,466 | (17,013) | (40,368) | 4,197 | 27,813 | 12,193 | 20,174 | (42,684) | 10,598 | (475) | (2,846) | 18,484 | ||||||||||||||||||||||||||||
Cash Flows from Financing activities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from initial public offering, net of underwriters' fees | - | - | - | - | - | - | - | - | - | 420,885 | - | 84,390 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||
Proceeds from issuance of debt and revolving credit facility, net debt discount | 2,830 | - | - | - | 30,000 | - | 8,000 | 125,000 | 160,000 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||
Repayment of debt | (59) | (60) | (237) | (240) | (2,347) | (749) | (38,250) | - | (134,503) | (160,000) | - | - | - | - | - | - | - | - | - | - | (747) | - | - | - | - | - | - | (550) | ||||||||||||||||||||||||||||
Payment of issuance costs | - | - | - | (45) | (604) | - | (1,971) | - | - | - | - | (748) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||
Payments of offering costs | - | - | - | - | - | - | - | - | (1) | (2,522) | (2,249) | (317) | (1,236) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||
Proceeds from the issuance of redeemable convertible preferred | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||
stock, net of issuance costs | - | 25,823 | 16,988 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||
Financing lease | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | (597) | (340) | (1,302) | (464) | ||||||||||||||||||||||||||||
Proceeds from issuance of common stock | 45 | 143 | 9 | 8 | 3 | 9 | 20 | 65 | 70 | 372 | 498 | 3,078 | 2,374 | 12,093 | 3,849 | 7,653 | 2,581 | 8,826 | 2,486 | 5,118 | 992 | 9,746 | 903 | 9,829 | 931 | 5,881 | 232 | 5,974 | ||||||||||||||||||||||||||||
Taxes paid related to net share settlement of restricted stock units | - | - | - | - | - | - | - | - | - | - | - | - | (574) | (533) | (2,121) | (1,711) | (3,127) | (2,107) | (5,570) | (3,572) | (5,179) | (4,808) | (5,697) | (3,752) | (6,422) | (4,227) | (2,846) | (4,676) | ||||||||||||||||||||||||||||
Excess tax benefit from stock-based compensation (1) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||
Proceeds from exercise of redeemable convertible preferred stock warrants | - | - | - | - | - | - | 75 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | 2,816 | 25,906 | 16,760 | (277) | 27,052 | (740) | (32,126) | 125,065 | 25,566 | 258,735 | (1,751) | 86,403 | 564 | 11,560 | 1,728 | 5,942 | (546) | 6,719 | (3,084) | 1,546 | (4,934) | 4,938 | (4,794) | 6,077 | (6,088) | 1,314 | (3,916) | 284 | ||||||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 1,971 | 21,416 | 20,696 | 24,497 | 16,970 | 5,280 | (40,050) | 131,653 | 42,180 | 223,491 | 931 | 73,581 | 186,353 | (305,809) | (131,844) | 17,148 | 73,058 | (56,203) | (37,962) | 61,265 | 36,394 | (50,244) | 74,121 | 71,719 | (63,143) | (75,584) | (47,798) | 47,048 | ||||||||||||||||||||||||||||
Effect of exchange rate changes on cash | - | - | - | - | 5 | 7 | 17 | 16 | 43 | (64) | 73 | (15) | (137) | (111) | (78) | (48) | (99) | 630 | (63) | 20 | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | 13,148 | 15,119 | 36,535 | 57,231 | 81,728 | 98,703 | 103,990 | 63,957 | 195,626 | 237,849 | 461,276 | 462,280 | 535,846 | 722,062 | 416,142 | 284,220 | 301,320 | 374,279 | 318,706 | 280,681 | 341,966 | 378,360 | 328,116 | 402,237 | 473,956 | 410,813 | 335,229 | 287,431 | ||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | 15,119 | $ | 36,535 | $ | 57,231 | $ | 81,728 | $ | 98,703 | $ | 103,990 | $ | 63,957 | $ | 195,626 | $ | 237,849 | $ | 461,276 | $ | 462,280 | $ | 535,846 | $ | 722,062 | $ | 416,142 | $ | 284,220 | $ | 301,320 | $ | 374,279 | $ | 318,706 | $ | 280,681 | $ | 341,966 | $ | 378,360 | $ | 328,116 | $ | 402,237 | $ | 473,956 | $ | 410,813 | $ | 335,229 | $ | 287,431 | $ | 334,479 |
Free cash flow | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities (GAAP) (1) | $ | (70) | $ | (2,466) | $ | 6,373 | $ | 29,372 | $ | (9,483) | $ | 9,809 | $ | 3,263 | $ | 15,198 | $ | 32,660 | $ | (28,508) | $ | 121,328 | $ | 15,777 | $ | 143,443 | $ | (19,016) | $ | (58,709) | $ | 73,002 | $ | 49,138 | $ | (45,909) | $ | 5,490 | $ | 55,522 | $ | 13,515 | $ | (67,375) | $ | 58,741 | $ | 108,326 | $ | (67,653) | $ | (76,423) | $ | (41,036) | $ | 28,280 |
Purchase of property and equipment | (775) | (2,024) | (2,437) | (2,288) | (2,909) | (3,789) | (11,187) | (8,610) | (5,009) | (6,736) | (6,003) | (12,818) | (16,676) | (20,069) | (30,053) | (11,842) | (28,157) | (11,662) | (18,382) | (30,959) | (12,616) | (15,908) | (11,650) | (12,706) | (6,096) | (4,731) | (15,450) | (10,254) | ||||||||||||||||||||||||||||
Free cash flow (Non-GAAP) | $ | (845) | $ | (4,490) | $ | 3,936 | $ | 27,084 | $ | (12,392) | $ | 6,020 | $ | (7,924) | $ | 6,588 | $ | 27,651 | $ | (35,244) | $ | 115,325 | $ | 2,959 | $ | 126,767 | $ | (39,085) | $ | (88,762) | $ | 61,160 | $ | 20,981 | $ | (57,571) | $ | (12,892) | $ | 24,563 | $ | 899 | $ | (83,283) | $ | 47,091 | $ | 95,620 | $ | (73,749) | $ | (81,154) | $ | (56,486) | $ | 18,026 |
Net cash provided by (used in) investing activities (GAAP) | $ | (775) | $ | (2,024) | $ | (2,437) | $ | (4,598) | $ | (599) | $ | (3,789) | $ | (11,187) | $ | (8,610) | $ | (16,046) | $ | (6,736) | $ | (118,646) | $ | (28,599) | $ | 42,346 | $ | (298,353) | $ | (74,863) | $ | (61,796) | $ | 24,466 | $ | (17,013) | $ | (40,368) | $ | 4,197 | $ | 27,813 | $ | 12,193 | $ | 20,174 | $ | (42,684) | $ | 10,598 | $ | (475) | $ | (2,846) | $ | 18,484 |
Net cash provided by (used in) financing activities (GAAP) (1) | $ | 2,816 | $ | 25,906 | $ | 16,760 | $ | (277) | $ | 27,052 | $ | (740) | $ | (32,126) | $ | 125,065 | $ | 25,566 | $ | 258,735 | $ | (1,751) | $ | 86,403 | $ | 564 | $ | 11,560 | $ | 1,728 | $ | 5,942 | $ | (546) | $ | 6,719 | $ | (3,084) | $ | 1,546 | $ | (4,934) | $ | 4,938 | $ | (4,794) | $ | 6,077 | $ | (6,088) | $ | 1,314 | $ | (3,916) | $ | 284 |
(1) - The Company's adoption of ASU 2016-09 on January 1, 2017 resulted in excess tax benefits for share-based payments recorded as a reduction of income tax expense and reflected within operating cash flows, rather than recorded within equity and reflected within financing cash flows. The Company elected to adopt this new standard retrospectively, which impacted the presentation for all periods prior to the adoption date.
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Fitbit Inc. published this content on 20 February 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 February 2020 23:46:09 UTC