| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|---|---|---|---|---|---|
Cash Flows from Operating Activities | ||||||
Net income (loss) | ||||||
-320,711 | -185,829 | -277,192 | -102,777 | 175,677 | 131,777 | -51,622 |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||||||
Provision for doubtful accounts | ||||||
297 | 56 | 7,893 | 339 | 1,115 | 864 | 651 |
Provision for excess and obsolete inventory | ||||||
6,011 | 11,828 | 14,833 | 4,993 | 5,060 | 2,964 | 1,099 |
Provision for inventory obsolescence related to Fitbit Force recall | ||||||
- | - | - | - | - | - | 10,251 |
Depreciation | ||||||
54,139 | 48,889 | 39,971 | 36,046 | 19,405 | 6,131 | 3,012 |
Non-cash lease expense | ||||||
19,170 | 0 | 0 | - | - | - | - |
Accelerated depreciation of property and equipment | ||||||
206 | 7,731 | 5,250 | 19,805 | 1,206 | 1,004 | 1,712 |
Amortization of intangible assets | ||||||
8,700 | 7,900 | 5,700 | 2,087 | 1,702 | 0 | 0 |
Amortization of issuance costs and discount on debt | ||||||
0 | 785 | 951 | 466 | 961 | 795 | 82 |
Stock-based compensation | ||||||
77,739 | 97,009 | 91,581 | 79,432 | 41,024 | 6,804 | 620 |
Deferred income taxes | ||||||
384 | -2,548 | 173,906 | -100,434 | -42,538 | -42,001 | 0 |
Impairment of equity investment | ||||||
0 | 6,000 | 0 | 0 | - | - | - |
Excess of tax benefit from stock-based compensation | ||||||
- | - | - | - | - | 13 | 38 |
Revaluation of redeemable convertible preferred stock warrant liability | ||||||
- | - | - | - | 56,655 | 13,272 | 3,370 |
Change in contingent consideration | ||||||
- | - | - | - | -7,704 | 0 | 0 |
Other | ||||||
515 | -1,395 | 216 | -423 | -263 | 0 | 0 |
Changes in operating assets and liabilities, net of acquisition: | ||||||
Accounts receivable | ||||||
21,313 | 8,036 | -63,784 | 8,701 | 231,100 | 158,788 | 55,630 |
Inventories | ||||||
18,471 | 12,860 | -92,129 | 61,975 | 68,108 | 61,595 | 47,376 |
Prepaid expenses and other assets | ||||||
-15,141 | -125,914 | 113,111 | 37,876 | 29,215 | 9,679 | 2,225 |
Fitbit Force recall reserve | ||||||
-1 | -445 | -789 | -3,869 | -17,354 | -60,462 | 72,687 |
Accounts payable | ||||||
-52,560 | 35,207 | -86,115 | 45,654 | 56,759 | 123,761 | 50,881 |
Accrued liabilities and other liabilities | ||||||
93,262 | -11,978 | 56,172 | 213,361 | 138,748 | 47,733 | 27,043 |
Increase (Decrease) in Lease Liabilities | ||||||
22,889 | 0 | 0 | - | - | - | - |
Lease liabilities | ||||||
22,889 | 0 | 0 | - | - | - | - |
Deferred revenue | ||||||
4,006 | -5,622 | -7,472 | 5,456 | 34,891 | 3,403 | 859 |
Income taxes payable | ||||||
-456 | 575 | -3,488 | 47,136 | 4,336 | 12,804 | 17,795 |
Net cash used in operating activities | ||||||
-156,832 | 113,207 | 64,241 | 138,720 | 141,257 | 18,774 | 33,171 |
Cash Flows from Investing Activities | ||||||
Purchase of property and equipment | ||||||
36,531 | 52,880 | 89,160 | 78,640 | 30,566 | 26,495 | 7,524 |
Purchases of marketable securities | ||||||
347,579 | 353,948 | 597,933 | 638,055 | 230,935 | 0 | 0 |
Sales of marketable securities | ||||||
9,124 | 9,983 | 42,406 | 46,511 | 58,011 | 0 | 0 |
Maturities of marketable securities | ||||||
405,596 | 433,594 | 622,525 | 315,774 | 44,500 | 0 | 0 |
Acquisitions, net of cash acquired | ||||||
4,849 | 19,253 | 556 | 38,256 | 11,037 | 0 | 0 |
Equity investment | ||||||
0 | 0 | 6,000 | 0 | 0 | - | - |
Change in restricted cash | ||||||
- | - | - | - | - | -2,310 | 2,310 |
Net cash provided by investing activities | ||||||
25,761 | 17,496 | -28,718 | -392,666 | -170,027 | -24,185 | -9,834 |
Cash Flows from Financing Activities | ||||||
Repayment of debt | ||||||
550 | 747 | 0 | 0 | 294,503 | 41,346 | 596 |
Payment of financing lease liability | ||||||
2,703 | 0 | 0 | 1,236 | 5,089 | 0 | 0 |
Proceeds from issuance of common stock | ||||||
13,018 | 21,470 | 19,011 | 25,969 | 4,018 | 97 | 205 |
Excess of tax benefit from stock-based compensation | ||||||
- | - | - | - | - | 13 | 38 |
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs | ||||||
- | - | - | - | - | - | 42,811 |
Taxes paid related to net share settlement of restricted stock units | ||||||
18,171 | 19,436 | 14,376 | 4,939 | 0 | 0 | - |
Proceeds from public offerings, net of underwriting discounts and commissions | ||||||
- | - | - | - | 505,275 | 0 | 0 |
Proceeds from issuance of debt and revolving credit facility | ||||||
- | - | - | - | 160,000 | 163,000 | 2,830 |
Payment of issuance costs | ||||||
- | - | - | - | 748 | 2,575 | 45 |
Proceeds from exercise of redeemable convertible preferred stock warrants | ||||||
- | - | - | - | - | 75 | 0 |
Net cash used in financing activities | ||||||
-8,406 | 1,287 | 4,635 | 19,794 | 368,953 | 119,264 | 45,243 |
Net decrease in cash and cash equivalents | ||||||
-139,477 | 131,990 | 40,158 | -234,152 | 340,183 | 113,853 | 68,580 |
Effect of exchange rate changes on cash and cash equivalents | ||||||
0 | 0 | 488 | -374 | 37 | 45 | 0 |
Supplemental Disclosure | ||||||
Cash paid for interest | ||||||
669 | 631 | 1,019 | 624 | 1,157 | 835 | 999 |
Cash paid (received) for income taxes, net of $72 million income tax refund in 2018 | ||||||
-4,181 | -69,868 | 382 | 34,014 | 150,923 | 34,616 | 12,930 |
Supplemental Disclosure of Non-Cash Investing and Financing Activity | ||||||
Purchase of property and equipment included in accounts payable and accrued liabilities | ||||||
5,720 | 6,615 | 4,197 | 19,778 | 10,534 | 2,492 | 1,904 |
Property acquired under capital leases | ||||||
0 | 2,700 | 0 | 0 | - | - | - |
Contingent consideration related to acquisitions | ||||||
1,889 | 0 | 0 | - | - | - | - |
Conversion of redeemable convertible preferred stock into Class B common stock | ||||||
- | - | - | - | 124,492 | 0 | 0 |
Reclassification of redeemable convertible preferred stock warrant liability to additional paid in capital | ||||||
- | - | - | - | 15,774 | 0 | 0 |
Issuance of redeemable convertible preferred stock upon net exercise of redeemable convertible preferred stock warrants | ||||||
- | - | - | - | 56,678 | 0 | 0 |
Issuance of redeemable convertible preferred stock warrants in connection with debt financing | ||||||
- | - | - | - | - | 0 | 170 |
Deferred offering costs included in accounts payable and accruals | ||||||
- | - | - | - | 1,080 | 0 | 0 |
Issuance of common stock in connection with acquisitions | ||||||
- | - | - | - | 13,317 | 0 | 0 |
Contingent consideration related to acquisitions | ||||||
- | - | - | - | -7,704 | 0 | 0 |