| [August 05, 2015] |
 |
Fitbit Reports Second Quarter 2015 Results
Fitbit, Inc. (NYSE:FIT), the leader in the connected health and fitness
market, today announced financial results for its second quarter ended
June 30, 2015.
"Our second quarter results included our highest quarterly revenue in
the eight-year history of Fitbit," said James Park, Fitbit co-founder
and CEO. "In the quarter, we introduced new features and services,
expanded brand awareness, increased global distribution and further
penetrated the corporate wellness market. We remain focused on
continuing to deliver innovative products and services that empower
people around the world to reach their health and fitness goals."
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Second Quarter 2015 Financial Summary
|
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|
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Three Months Ended
June 30,
|
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Six Months Ended
June 30,
|
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In thousands, except percentages and per share amounts
|
|
2014
|
|
2015
|
|
2014
|
|
2015
|
|
Revenue
|
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$
|
113,572
|
|
|
$
|
400,412
|
|
|
$
|
222,387
|
|
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$
|
737,166
|
|
|
Gross margin
|
|
|
|
|
|
|
|
|
|
GAAP
|
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51
|
%
|
|
47
|
%
|
|
46
|
%
|
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48
|
%
|
|
Non-GAAP*
|
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52
|
%
|
|
47
|
%
|
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56
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%
|
|
48
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%
|
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Net income
|
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|
|
|
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GAAP
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$
|
14,753
|
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$
|
17,681
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|
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$
|
23,625
|
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$
|
65,678
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|
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Non-GAAP*
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$
|
18,345
|
|
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$
|
51,313
|
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$
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43,240
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$
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107,487
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Diluted net income per share
|
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|
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|
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GAAP
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$
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0.07
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$
|
0.07
|
|
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$
|
0.11
|
|
|
$
|
0.29
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|
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Non-GAAP*
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$
|
0.09
|
|
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$
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0.21
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$
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0.21
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$
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0.47
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Adjusted EBITDA*
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$
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29,088
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$
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86,245
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$
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71,116
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$
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179,628
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Devices sold
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1,720
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4,458
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3,295
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8,324
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* For information regarding the non-GAAP financial measures, see
"Non-GAAP Financial Measures" and "Reconciliation of GAAP to
Non-GAAP Financial Measures" below.
|
Second Quarter 2015 and Recent Fitbit Highlights
-
Sold 4.5 million connected health and fitness devices in the second
quarter of 2015
-
International revenue increased 250% year-over-year for the second
quarter of 2015, driven by EMEA and APAC year-over-year revenue growth
of 301% and 292%, respectively, for the second quarter of 2015
-
Released an update to the Fitbit Surge, enabling GPS bike tracking
-
Redesigned Fitbit mobile experience, including the visual redesign of
the daily activity graphs for iPhone, Android and Windows Phones
-
Expanded partnership with Tory Burch
-
Teamed up with Kellogg's, showcasing Fitbit Flex on 20 million
packages nationwide
-
Entered into Corporate Wellness agreements with Geico, Sutter Health,
Transunion, Quicken Loans, and several financial institutions. To
date, we have signed over 50 of the Fortune 500 companies to our
Corporate Wellness offerings
Outlook
Fitbit's outlook for the third quarter of 2015 is as follows:
-
Revenue in the range of $335 million to $365 million
-
Non-GAAP gross margin in the range of 47% to 48%
-
Non-GAAP tax rate of approximately 37%
-
Stock-based compensation expense in the range of $15 million to $17
million
-
Non-GAAP diluted net income per share in the range of $0.07 to $0.10
-
Adjusted EBITDA in the range of $35 million to $45 million
-
Non-GAAP diluted share count between 247 million and 249 million
Fitbit's outlook for the full year of 2015 is as follows:
-
Revenue in the range of $1.6 billion to $1.7 billion
-
Non-GAAP gross margin in the range of 47% to 48%
-
Non-GAAP tax rate of approximately 37%
-
Stock-based compensation expense in the range of $50 million to $54
million
-
Non-GAAP diluted net income per share in the range of $0.69 to $0.77
-
Adjusted EBITDA in the range of $275 million to $310 million
-
Non-GAAP diluted share count between 235 million and 240 million
Webcast and Conference Call Information
Fitbit 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 Fitbit's financial results.
To listen to the live conference call, please dial toll free
1-888-206-4912 or 1-913-312-0699, access code 1660528, approximately 15
minutes prior to the start of the call. A live webcast of the conference
call will be accessible on the "IR Events & Presentations" section of
Fitbit's website at https://investor.fitbit.com.
To access the live webcast, please log in 15 minutes prior to the start
of the call to download and install any necessary audio software. The
webcast will be recorded and the recording will be available on Fitbit's
website, https://investor.fitibit.com,
approximately two hours after the call and for six months thereafter.
About Fitbit, Inc. (NYSE:FIT)
Fitbit helps people lead healthier, more active lives by empowering them
with data, inspiration and guidance to reach their goals. As the leader
in the connected health and fitness category, Fitbit designs products
and experiences that track everyday health and fitness. Fitbit's diverse
line of award-winning products includes Fitbit Surge, Fitbit Charge HR,
Fitbit Charge, Fitbit Flex, Fitbit Zip and Fitbit One activity trackers,
as well as the Aria Wi-Fi Smart Scale. Fitbit products are carried in
over 45,000 retail stores and in more than 50 countries.
Fitbit, the Fitbit logo, Fitbit Surge, Fitbit Charge HR, Fitbit Charge,
Fitbit Flex, Fitbit One, Fitbit Zip, PurePulse, MobileRun, Aria and
FitStar are trademarks, service marks and/or registered trademarks of
Fitbit, Inc. in the United States and in other countries. All other
trademarks, service marks, and product names used herein are the
property of their respective owners. FIT-F.
Connect with us on Facebook or Twitter and
share your Fitbit experience.
Forward Looking Statements
This press release contains forward-looking statements that involve
risks and uncertainties, including statements regarding Fitbit's
financial outlook for the third quarter and the full year of 2015 and
Fitbit's plans to introduce new products and services. These
forward-looking statements are only predictions and may differ
materially from actual results due to a variety of factors including:
the effects of the highly competitive market in which we operate,
including competition from much larger technology companies; difficulty
in predicting consumer preferences; any inability to successfully
develop and introduce new products and services or enhance existing
products and services; any inability to accurately forecast consumer
demand and adequately manage our inventory; product liability issues,
security breaches or other defects, which may adversely affect product
performance, our reputation and brand awareness and overall market
acceptance of our products and services; quarterly and seasonal
fluctuations; our reliance on third-party suppliers, contract
manufacturers, and logistics providers, and our limited control over
such parties; the ability of our channel partners to sell our products;
market acceptance of our other products and services beyond wearable
devices; the fact that the market for connected health and fitness
devices is relatively new and unproven; other litigation; privacy; and
general market, political, economic and business conditions.
Additional risks and uncertainties that could affect our financial
results are included under the caption "Risk Factors" in our Prospectus
filed pursuant to Rule 424(b) filed with the SEC on June 18, 2015, which
is available on our Investor Relations website at investor.fitbit.com
and on the SEC website at www.sec.gov.
Additional information will also be set forth in other filings that the
company makes with the SEC from time to time. All forward-looking
statements contained herein are based on information available to us as
of the date hereof and we do not assume any obligation to update these
statements as a result of new information or future events.
Non-GAAP Financial Measures
To supplement our condensed consolidated financial statements, which are
prepared and presented in accordance with GAAP, we use the following
non-GAAP financial measures: non-GAAP gross margin; non-GAAP gross
profit as a percentage of revenue; non-GAAP operating expenses; non-GAAP
operating income; non-GAAP net income; non-GAAP diluted shares; non-GAAP
diluted net income per share; and adjusted EBITDA. 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 items,
specifically stock-based compensation expense, amortization of
intangible assets, and the related income tax effects of the
aforementioned exclusions, that are 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. A
reconciliation of our non-GAAP financial measures to their most directly
comparable GAAP measures has been provided in the financial statement
tables included in this press release, and investors are encouraged to
review the reconciliation.
The following are explanations of the adjustments that are reflected in
one or more of our non-GAAP financial measures:
-
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
and the first quarter of 2014.
-
Stock-based compensation 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.
-
Revaluation of redeemable convertible preferred stock warrant
liability is a non-cash charge that will not recur in the periods
following our initial public offering.
-
Amortization of intangible assets relates to our acquisition of
FitStar. We exclude these amortization expenses because we do not
believe these expenses have a direct correlation to the operation of
our business.
-
The change in contingent consideration relates to our acquisition of
FitStar. This is a non-recurring benefit that has no direct
correlation to the operation of our business.
-
Income tax effect of non-GAAP adjustments relates to the tax effect of
the adjustments that we incorporate into non-GAAP financial measures
in order to provide a more meaningful measure of non-GAAP net income.
-
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.
For more information on our non-GAAP financial measures and a
reconciliation of such measures to the nearest GAAP measure, please see
the "Reconciliation of GAAP to Non-GAAP Financial Measures" table in
this press release.
|
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FITBIT, INC.
|
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
(In thousands, except for per share amounts)
|
|
(unaudited)
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
|
|
2014
|
|
2015
|
|
2014
|
|
2015
|
|
Revenue
|
|
$
|
113,572
|
|
|
$
|
400,412
|
|
|
$
|
222,387
|
|
|
$
|
737,166
|
|
|
Cost of revenue
|
|
55,183
|
|
|
212,870
|
|
|
119,229
|
|
|
380,415
|
|
|
Gross profit
|
|
58,389
|
|
|
187,542
|
|
|
103,158
|
|
|
356,751
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
Research and development
|
|
11,809
|
|
|
30,492
|
|
|
20,897
|
|
|
52,918
|
|
|
Sales and marketing
|
|
13,311
|
|
|
69,690
|
|
|
24,584
|
|
|
113,557
|
|
|
General and administrative
|
|
7,443
|
|
|
14,648
|
|
|
16,060
|
|
|
27,629
|
|
|
Change in contingent consideration
|
|
-
|
|
|
(7,704
|
)
|
|
-
|
|
|
(7,704
|
)
|
|
Total operating expenses
|
|
32,563
|
|
|
107,126
|
|
|
61,541
|
|
|
186,400
|
|
|
Operating income
|
|
25,826
|
|
|
80,416
|
|
|
41,617
|
|
|
170,351
|
|
|
Interest expense, net
|
|
(452
|
)
|
|
(379
|
)
|
|
(861
|
)
|
|
(846
|
)
|
|
Other expense, net
|
|
(3,687
|
)
|
|
(45,308
|
)
|
|
(4,906
|
)
|
|
(58,385
|
)
|
|
Income before income taxes
|
|
21,687
|
|
|
34,729
|
|
|
35,850
|
|
|
111,120
|
|
|
Income tax expense
|
|
6,934
|
|
|
17,048
|
|
|
12,225
|
|
|
45,442
|
|
|
Net income
|
|
$
|
14,753
|
|
|
$
|
17,681
|
|
|
$
|
23,625
|
|
|
$
|
65,678
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: noncumulative dividends to preferred stockholders
|
|
(1,327
|
)
|
|
(1,212
|
)
|
|
(2,640
|
)
|
|
(2,526
|
)
|
|
Less: undistributed earnings attributable to participating securities
|
|
(10,423
|
)
|
|
(11,244
|
)
|
|
(16,293
|
)
|
|
(45,907
|
)
|
|
Net income attributable to common stockholders-basic
|
|
3,003
|
|
|
5,225
|
|
|
4,692
|
|
|
17,245
|
|
|
Add: undistributed earnings to dilutive participating securities
|
|
1,058
|
|
|
1,862
|
|
|
1,618
|
|
|
7,003
|
|
|
Net income attributable to common stockholders-diluted
|
|
$
|
4,061
|
|
|
$
|
7,087
|
|
|
$
|
6,310
|
|
|
$
|
24,248
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share attributable to common stockholders:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.07
|
|
|
$
|
0.09
|
|
|
$
|
0.12
|
|
|
$
|
0.35
|
|
|
Diluted
|
|
$
|
0.07
|
|
|
$
|
0.07
|
|
|
$
|
0.11
|
|
|
$
|
0.29
|
|
|
Weighted average shares used to compute net income per share
attributable to common stockholders:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
40,193
|
|
|
58,548
|
|
|
40,174
|
|
|
49,922
|
|
|
Diluted
|
|
60,487
|
|
|
95,190
|
|
|
59,983
|
|
|
82,841
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FITBIT, INC.
|
|
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|
(In thousands)
|
|
(unaudited)
|
|
|
|
December 31,
2014
|
|
June 30,
2015
|
|
Assets
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
195,626
|
|
|
$
|
461,276
|
|
Accounts receivable, net
|
|
238,859
|
|
|
252,023
|
|
Inventories
|
|
115,072
|
|
|
186,870
|
|
Deferred tax assets
|
|
33,555
|
|
|
49,625
|
|
Prepaid expenses and other current assets
|
|
13,614
|
|
|
18,163
|
|
Total current assets
|
|
596,726
|
|
|
967,957
|
|
Property and equipment, net
|
|
26,435
|
|
|
30,945
|
|
Goodwill
|
|
-
|
|
|
22,157
|
|
Intangible assets, net
|
|
-
|
|
|
13,263
|
|
Other assets
|
|
9,890
|
|
|
12,308
|
|
Total assets
|
|
$
|
633,051
|
|
|
$
|
1,046,630
|
|
Liabilities, Redeemable Convertible Preferred Stock, and
Stockholders' Equity
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
Fitbit Force recall reserve
|
|
$
|
22,476
|
|
|
$
|
12,894
|
|
Accounts payable
|
|
195,666
|
|
|
193,594
|
|
Accrued liabilities
|
|
70,940
|
|
|
79,618
|
|
Deferred revenue
|
|
9,009
|
|
|
21,346
|
|
Income taxes payable
|
|
30,631
|
|
|
795
|
|
Long-term debt, current portion
|
|
132,589
|
|
|
-
|
|
Total current liabilities
|
|
461,311
|
|
|
308,247
|
|
Redeemable convertible preferred stock warrant liability
|
|
15,797
|
|
|
-
|
|
Other liabilities
|
|
12,867
|
|
|
15,031
|
|
Total liabilities
|
|
489,975
|
|
|
323,278
|
|
|
|
|
|
|
|
Redeemable convertible preferred stock
|
|
67,814
|
|
|
-
|
|
Stockholders' equity
|
|
|
|
|
|
Common stock and additional paid-in capital
|
|
7,983
|
|
|
590,310
|
|
Accumulated other comprehensive income
|
|
37
|
|
|
122
|
|
Retained earnings
|
|
67,242
|
|
|
132,920
|
|
Total stockholders' equity
|
|
75,262
|
|
|
723,352
|
|
Total liabilities, redeemable convertible preferred stock, and
stockholders' equity
|
|
$
|
633,051
|
|
|
$
|
1,046,630
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP to Non-GAAP Financial Measures
|
|
(In thousands, except percentages and per share amounts)
|
|
(unaudited)
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
|
|
2014
|
|
2015
|
|
2014
|
|
2015
|
|
Non-GAAP gross profit:
|
|
|
|
|
|
|
|
|
|
GAAP gross profit
|
|
$
|
58,389
|
|
|
$
|
187,542
|
|
|
$
|
103,158
|
|
|
$
|
356,751
|
|
|
Stock-based compensation expense
|
|
129
|
|
|
825
|
|
|
188
|
|
|
1,271
|
|
|
Impact of Fitbit Force recall
|
|
-
|
|
|
-
|
|
|
22,163
|
|
|
(2,040)
|
|
Intangible assets amortization
|
|
-
|
|
|
467
|
|
|
-
|
|
|
467
|
|
|
Non-GAAP gross profit
|
|
$
|
58,518
|
|
|
$
|
188,834
|
|
|
$
|
125,509
|
|
|
$
|
356,449
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP gross profit as a percentage of revenue:
|
|
|
|
|
|
|
|
|
|
GAAP gross profit as a percentage of revenue
|
|
51
|
%
|
|
47%
|
|
46
|
%
|
|
48%
|
|
Stock-based compensation expense
|
|
1
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
Impact of Fitbit Force recall
|
|
-
|
|
|
-
|
|
|
10
|
|
|
-
|
|
|
Intangible assets amortization
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
Non-GAAP gross profit as a percentage of revenue
|
|
52
|
%
|
|
47
|
%
|
|
56
|
%
|
|
48
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP operating expenses:
|
|
|
|
|
|
|
|
|
|
GAAP operating expenses
|
|
$
|
32,563
|
|
|
$
|
107,126
|
|
|
$
|
61,541
|
|
|
$
|
186,400
|
|
|
Stock-based compensation expense
|
|
(532
|
)
|
|
(6,922
|
)
|
|
(787
|
)
|
|
(11,379
|
)
|
|
Impact of Fitbit Force recall
|
|
(1,483
|
)
|
|
(69
|
)
|
|
(4,359
|
)
|
|
73
|
|
|
Intangible assets amortization
|
|
-
|
|
|
(82
|
)
|
|
-
|
|
|
(82
|
)
|
|
Change in contingent consideration
|
|
-
|
|
|
7,704
|
|
|
-
|
|
|
7,704
|
|
|
Non-GAAP operating expenses
|
|
$
|
30,548
|
|
|
$
|
107,757
|
|
|
$
|
56,395
|
|
|
$
|
182,716
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP operating income:
|
|
|
|
|
|
|
|
|
|
GAAP operating income
|
|
$
|
25,826
|
|
|
$
|
80,416
|
|
|
$
|
41,617
|
|
|
$
|
170,351
|
|
|
Stock-based compensation expense
|
|
661
|
|
|
7,747
|
|
|
975
|
|
|
12,650
|
|
|
Impact of Fitbit Force recall
|
|
1,483
|
|
|
69
|
|
|
26,522
|
|
|
(2,113
|
)
|
|
Intangible assets amortization
|
|
-
|
|
|
549
|
|
|
-
|
|
|
549
|
|
|
Change in contingent consideration
|
|
-
|
|
|
(7,704
|
)
|
|
-
|
|
|
(7,704
|
)
|
|
Non-GAAP operating income
|
|
$
|
27,970
|
|
|
$
|
81,077
|
|
|
$
|
69,114
|
|
|
$
|
173,733
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income and net income per share:
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
14,753
|
|
|
$
|
17,681
|
|
|
$
|
23,625
|
|
|
$
|
65,678
|
|
|
Stock-based compensation expense
|
|
661
|
|
|
7,747
|
|
|
975
|
|
|
12,650
|
|
|
Impact of Fitbit Force recall
|
|
1,483
|
|
|
69
|
|
|
26,522
|
|
|
(2,113
|
)
|
|
Revaluation of redeemable convertible preferred stock warrant
liability
|
|
3,842
|
|
|
46,320
|
|
|
5,195
|
|
|
56,655
|
|
|
Intangibles assets amortization
|
|
-
|
|
|
549
|
|
|
-
|
|
|
549
|
|
|
Change in contingent consideration
|
|
-
|
|
|
(7,704
|
)
|
|
-
|
|
|
(7,704
|
)
|
|
Income tax effect of non-GAAP adjustments
|
|
(2,394
|
)
|
|
(13,349
|
)
|
|
(13,077
|
)
|
|
(18,228
|
)
|
|
Non-GAAP net income
|
|
$
|
18,345
|
|
|
$
|
51,313
|
|
|
$
|
43,240
|
|
|
$
|
107,487
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP to Non-GAAP Financial Measures
|
|
(In thousands, except percentages and per share amounts)
|
|
(unaudited)
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
|
|
2014
|
|
2015
|
|
2014
|
|
2015
|
|
GAAP diluted shares
|
|
60,487
|
|
|
95,190
|
|
|
59,983
|
|
|
82,841
|
|
|
Diluted effect of redeemable convertible preferred stock conversion
|
|
139,504
|
|
|
126,020
|
|
|
139,504
|
|
|
132,898
|
|
|
Initial public offering shares
|
|
-
|
|
|
20,173
|
|
|
-
|
|
|
10,081
|
|
|
Other dilutive equity awards
|
|
1,886
|
|
|
1,766
|
|
|
1,793
|
|
|
1,801
|
|
|
Non-GAAP diluted shares
|
|
201,877
|
|
|
243,149
|
|
|
201,280
|
|
|
227,621
|
|
|
Non-GAAP diluted net income per share
|
|
$
|
0.09
|
|
|
$
|
0.21
|
|
|
$
|
0.21
|
|
|
$
|
0.47
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA:
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
14,753
|
|
|
$
|
17,681
|
|
|
$
|
23,625
|
|
|
$
|
65,678
|
|
|
Impact of Fitbit Force recall
|
|
1,483
|
|
|
69
|
|
|
26,522
|
|
|
(2,113
|
)
|
|
Stock-based compensation expense
|
|
661
|
|
|
7,747
|
|
|
975
|
|
|
12,650
|
|
|
Revaluation of redeemable convertible preferred
|
|
|
|
|
|
|
|
|
|
stock warrant liability
|
|
3,842
|
|
|
46,320
|
|
|
5,195
|
|
|
56,655
|
|
|
Depreciation and intangible assets amortization
|
|
963
|
|
|
4,705
|
|
|
1,713
|
|
|
8,174
|
|
|
Change in contingent consideration
|
|
-
|
|
|
(7,704
|
)
|
|
-
|
|
|
(7,704
|
)
|
|
Interest expense, net
|
|
452
|
|
|
379
|
|
|
861
|
|
|
846
|
|
|
Income tax expense
|
|
6,934
|
|
|
17,048
|
|
|
12,225
|
|
|
45,442
|
|
|
Adjusted EBITDA
|
|
$
|
29,088
|
|
|
$
|
86,245
|
|
|
$
|
71,116
|
|
|
$
|
179,628
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expense:
|
|
|
|
|
|
|
|
|
|
Cost of revenue
|
|
$
|
129
|
|
|
$
|
825
|
|
|
$
|
188
|
|
|
$
|
1,271
|
|
|
Research and development
|
|
192
|
|
|
3,138
|
|
|
284
|
|
|
5,017
|
|
|
Sales and marketing
|
|
120
|
|
|
1,322
|
|
|
183
|
|
|
2,629
|
|
|
General and administrative
|
|
220
|
|
|
2,462
|
|
|
320
|
|
|
3,733
|
|
|
Total stock-based compensation expense
|
|
$
|
661
|
|
|
$
|
7,747
|
|
|
$
|
975
|
|
|
$
|
12,650
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FITBIT, INC.
|
|
Revenue by Geographical Region
|
|
(In thousands)
|
|
(unaudited)
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
|
|
|
|
|
|
2014
|
|
2015
|
|
2014
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
|
|
|
|
$
|
88,504
|
|
|
$
|
312,666
|
|
|
$
|
178,335
|
|
|
$
|
577,975
|
|
Americas excluding United States
|
|
|
|
|
|
7,177
|
|
|
16,799
|
|
|
10,893
|
|
|
30,228
|
|
Europe, Middle East, and Africa
|
|
|
|
|
|
9,915
|
|
|
39,712
|
|
|
18,639
|
|
|
74,768
|
|
APAC
|
|
|
|
|
|
7,976
|
|
|
31,235
|
|
|
14,520
|
|
|
54,195
|
|
Total
|
|
|
|
|
|
$
|
113,572
|
|
|
$
|
400,412
|
|
|
$
|
222,387
|
|
|
$
|
737,166
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20150805006615/en/
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