Fitbit, inc. (FIT)
CashFlow / Quarterly
Apr'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15
Cash Flows from Operating Activities
Net income (loss)

20,294

-120,835

-51,893

-68,518

-79,465

15,372

-2,056

-118,268

-80,877

-45,470

-113,403

-58,240

-60,079

-146,273

26,120

6,341

11,035

64,165

45,834

17,681

47,997

Adjustments to reconcile net income (loss) to net cash used in operating activities:
Provision for doubtful accounts

6,486

268

-19

16

32

19

37

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Provision for excess and obsolete inventory

9,845

848

1,041

2,644

1,478

2,809

1,005

1,677

6,337

1,438

4,986

4,412

3,997

3,979

349

434

231

523

0

2,776

1,761

Depreciation

10,589

10,924

13,109

16,733

13,373

13,501

11,816

13,116

10,456

11,633

9,139

10,059

9,140

12,163

10,762

6,646

6,475

7,033

4,853

4,156

3,363

Non-cash lease expense

1,524

1,209

6,346

3,902

7,713

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Accelerated depreciation of property and equipment

13

37

-1

170

0

218

28

226

7,259

0

0

5,250

0

19,043

113

165

484

1,206

0

0

0

Amortization of intangible assets

4,000

2,600

2,000

2,000

2,100

2,000

2,095

2,105

1,700

1,566

1,381

1,376

1,377

509

512

533

533

533

514

549

106

Stock-based compensation

19,727

18,564

18,084

20,547

20,544

23,396

24,115

25,857

23,641

24,325

22,797

21,966

22,493

21,257

20,005

20,400

17,770

15,340

13,034

7,747

4,903

Deferred income taxes

46

-234

484

154

-20

-858

-391

500

-1,799

41,091

116,678

21,142

-5,005

-72,640

8,658

-31,871

-4,581

-10,250

-12,177

-16,236

-3,875

Excess of tax benefit from stock-based compensation

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

Revaluation of redeemable convertible preferred stock warrant liability

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

46,320

10,335

Other

5

565

-212

212

-50

-702

-274

-144

-275

-1,085

-127

1,611

-183

-100

377

-1,247

547

-154

-403

60

234

Changes in operating assets and liabilities, net of acquisition:
Accounts receivable

-246,499

89,930

86,944

8,031

-163,592

88,263

83,968

27,787

-191,982

145,115

52,266

21,752

-282,917

16,457

83,781

37,681

-129,218

225,600

-7,334

90,205

-77,371

Inventories

-20,301

-107,029

84,317

-9,775

50,958

-67,204

55,847

-3,090

27,307

-12,681

2,038

-54,293

-27,193

11,092

37,532

-20,798

34,149

-97,045

88,819

52,136

24,198

Prepaid expenses and other assets

28,073

-3,269

2,135

-1,453

-12,554

-2,558

-85,732

1,986

-39,610

-12,393

75,180

49,348

976

-912

22,703

-462

16,547

24,551

2,169

-5,725

8,220

Increase (Decrease) in Income Taxes Receivable

139,254

-

-

-

-40

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Fitbit Force recall reserve

-41

-243

106

90

46

-50

-104

-159

-132

-

-

-205

-295

-241

-654

-2,191

-783

-6,537

-1,236

-2,210

-7,371

Accounts payable

-104,378

-64,386

112,343

-18,861

-81,656

18,850

80,541

19,971

-84,155

36,045

94,799

-40,340

-176,619

58,779

26,300

-23,108

-16,317

-63,009

125,329

53,917

-59,478

Accrued liabilities and other liabilities

-143,692

154,267

37,095

-28,138

-69,962

55,835

6,220

-3,886

-70,147

105,041

-4,906

8,210

-52,173

170,076

-10,715

15,271

38,729

108,091

21,827

13,656

-4,826

Increase (Decrease) in Lease Liabilities

4,756

-

-

-

4,972

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Lease liabilities

4,756

1,914

34,552

-18,549

4,972

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Deferred revenue

-2,200

-

889

-1,216

-2,259

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred revenue

-2,200

6,592

889

-1,216

-2,259

4,027

-26

-3,613

-6,010

2,374

-4,369

-2,477

-3,000

4,902

-1,419

-4,508

6,481

17,371

5,731

4,322

7,467

Income taxes payable

1,064

-349

407

-771

257

-5,078

-16,148

21,974

-173

-1,666

-306

-1,867

351

27,380

4,899

10,540

4,317

32,495

1,677

-16,927

-12,909

Net cash used in operating activities

-81,972

28,280

-41,036

-76,423

-67,653

111,683

58,741

-67,375

10,158

55,523

5,490

-45,910

49,138

73,002

-58,709

-19,016

143,443

15,777

121,329

-28,509

32,660

Cash Flows from Investing Activities
Purchase of property and equipment

3,556

10,254

15,450

4,731

6,096

12,706

11,650

15,908

12,616

30,961

18,382

11,660

28,157

11,842

30,053

20,069

16,676

12,818

6,003

6,736

5,009

Purchases of marketable securities

59,735

59,610

67,474

108,880

111,615

68,962

60,174

83,408

141,404

103,393

176,862

188,017

129,661

85,303

160,014

330,162

62,576

106,222

124,713

0

0

Sales of marketable securities

-

-

-

-

-

-83,037

19,250

22,975

50,795

22,600

6,000

9,550

4,256

1,500

6,197

38,814

0

-

-

-

-

Maturities of marketable securities

68,191

83,464

82,703

111,120

128,309

124,271

72,748

88,534

148,041

121,949

149,432

173,116

178,028

66,505

109,007

18,664

121,598

44,500

0

0

0

Acquisitions, net of cash acquired

-

-

-

-

-

5,607

0

0

13,646

0

556

0

0

-

-

-

-

0

0

0

11,037

Net cash provided by investing activities

4,900

18,484

-2,846

-475

10,598

-46,041

20,174

12,193

31,170

4,195

-40,368

-17,011

24,466

-61,796

-74,863

-298,353

42,346

-28,599

-118,646

-6,736

-16,046

Cash Flows from Financing Activities
Repayment of debt

-

-

-

-

-

0

0

0

747

0

0

0

0

-

-

-

-

0

0

160,000

134,503

Payment of financing lease liability

0

464

1,302

340

597

0

0

0

0

-

-

-

-

0

0

0

1,236

317

2,250

2,521

1

Proceeds from issuance of common stock

458

5,974

232

5,881

931

9,829

903

9,746

992

5,118

2,486

8,826

2,581

7,653

3,849

12,093

2,374

3,078

498

372

70

Excess of tax benefit from stock-based compensation

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

Taxes paid related to net share settlement of restricted stock units

5,868

4,676

2,846

4,227

6,422

3,752

5,697

4,808

5,179

3,572

5,570

2,107

3,127

1,711

2,121

533

574

0

0

0

0

Proceeds from issuance of debt and revolving credit facility

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

160,000

Net cash used in financing activities

-5,410

284

-3,916

1,314

-6,088

6,077

-4,794

4,938

-4,934

1,546

-3,084

6,719

-546

5,942

1,728

11,560

564

86,403

-1,752

258,736

25,566

Net decrease in cash and cash equivalents

-82,482

47,048

-47,798

-75,584

-63,143

71,719

74,121

-50,244

36,394

61,264

-37,962

-56,202

73,058

17,148

-131,844

-305,809

186,353

73,581

931

223,491

42,180

Effect of exchange rate changes on cash and cash equivalents

-

-

-

-

-

-

-

-

-

21

-65

631

-99

-48

-78

-111

-137

-15

73

-64

43

Supplemental Disclosure
Cash paid for interest

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

783

271

19

84

Cash paid (received) for income taxes, net of $72 million income tax refund in 2018

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

30,149

25,808

50,921

44,045

Supplemental Disclosure of Non-Cash Investing and Financing Activity
Purchase of property and equipment included in accounts payable and accrued liabilities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

4,190

3,630

346

2,368

Deferred offering costs included in accounts payable and accruals

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

726

-2,357

210

2,501

Issuance of common stock in connection with acquisitions

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-313

13,630