GoPro, Inc. Reports Exit and Disposal Costs
Ticker: GPRO · Form: 8-K · Filed: Aug 19, 2024 · CIK: 1500435
| Field | Detail |
|---|---|
| Company | Gopro, INC. (GPRO) |
| Form Type | 8-K |
| Filed Date | Aug 19, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.0001, $50 million, $320 million, $5 million, $7 million |
| Sentiment | neutral |
Sentiment: neutral
Topics: restructuring, disposal, 8-K
Related Tickers: GPRO
TL;DR
GoPro's filing an 8-K for exit/disposal costs - likely restructuring.
AI Summary
On August 19, 2024, GoPro, Inc. filed an 8-K report detailing cost associated with exit or disposal activities. The filing does not specify any dollar amounts or specific dates for these activities, but indicates the report is being filed as of August 19, 2024.
Why It Matters
This filing indicates GoPro is undergoing restructuring or divesting certain assets, which could impact future financial performance and operational focus.
Risk Assessment
Risk Level: medium — Filings related to exit or disposal activities can signal financial strain or strategic shifts that may carry inherent business risks.
Key Players & Entities
- GoPro, Inc. (company) — Registrant
- August 19, 2024 (date) — Date of Report
- Woodman Labs, Inc. (company) — Former Company Name
FAQ
What specific exit or disposal activities is GoPro, Inc. reporting?
The filing states 'Cost Associated with Exit or Disposal Activities' as the item information but does not provide specific details on the nature of these activities.
Are there any financial figures associated with these exit or disposal costs in this filing?
This particular 8-K filing does not disclose any specific dollar amounts related to the exit or disposal costs.
When was the former company name 'Woodman Labs, Inc.' changed to GoPro, Inc.?
The date of the name change from Woodman Labs, Inc. to GoPro, Inc. was September 1, 2010.
What is GoPro, Inc.'s principal executive office address?
GoPro, Inc.'s principal executive offices are located at 3025 Clearview Way, San Mateo, CA 94402.
What is the SEC file number for GoPro, Inc.?
The SEC file number for GoPro, Inc. is 001-36514.
Filing Stats: 853 words · 3 min read · ~3 pages · Grade level 13.8 · Accepted 2024-08-19 17:19:31
Key Financial Figures
- $0.0001 — stered Class A common stock, par value $0.0001 GPRO NASDAQ Global Select Market Indi
- $50 million — uce operating expenses by approximately $50 million from projected fiscal 2024 expenses to
- $320 million — from projected fiscal 2024 expenses to $320 million +/- $5 million in fiscal 2025. On Augus
- $5 million — iscal 2024 expenses to $320 million +/- $5 million in fiscal 2025. On August 19, 2024, GoP
- $7 million — charge of in the range of $5 million to $7 million. Cash expenditures will be approximatel
- $1.0 million — Cash expenditures will be approximately $1.0 million of the estimated aggregate charge in th
- $4 million — third quarter of 2024 and approximately $4 million to $6 million of the estimated aggregat
- $6 million — of 2024 and approximately $4 million to $6 million of the estimated aggregate charges in t
Filing Documents
- gpro-20240819.htm (8-K) — 25KB
- gpro-20240819_g1.jpg (GRAPHIC) — 26KB
- 0001500435-24-000145.txt ( ) — 194KB
- gpro-20240819.xsd (EX-101.SCH) — 2KB
- gpro-20240819_lab.xml (EX-101.LAB) — 21KB
- gpro-20240819_pre.xml (EX-101.PRE) — 12KB
- gpro-20240819_htm.xml (XML) — 3KB
05. Costs Associated with Exit or Disposal Activities
Item 2.05. Costs Associated with Exit or Disposal Activities. GoPro, Inc. previously announced during its August 6, 2024 Second Quarter earnings call its intent to reduce operating expenses by approximately $50 million from projected fiscal 2024 expenses to $320 million +/- $5 million in fiscal 2025. On August 19, 2024, GoPro (the "Company") announced that its Board of Directors of the Company approved a restructuring plan (the "Restructuring Plan") to help achieve that goal. The Restructuring Plan is anticipated to entail a reduction in force of approximately 15% from our ending second quarter headcount of 925 full-time employees beginning in Q3 2024 and is expected to be substantially completed by the end of 2024 (the "Reduction in Force"). The Restructuring Plan is expected to result in an estimated aggregate charge of in the range of $5 million to $7 million. Cash expenditures will be approximately $1.0 million of the estimated aggregate charge in the third quarter of 2024 and approximately $4 million to $6 million of the estimated aggregate charges in the fourth quarter of 2024. The estimates of the charges and expenditures that the Company expects to incur in connection with the above, and the timing thereof, are subject to a number of assumptions, including local law requirements in various jurisdictions, and actual amounts may differ materially from estimates. The Company expects to incur the majority of the restructuring and related charges in the fourth quarter of the fiscal year ended December 31, 2024. Note on Forward-looking Statements This Current Report on Form 8-K may contain projections or other forward-looking statements within the meaning Section 27A of the Private Securities Litigation Reform Act. Forward-looking statements in this Current Report on Form 8-K include, but are not limited to, statements related to expectations regarding aggregate charges for employee termination and the timing to recognize these charges and other costs assoc