Fitbit (FIT) Annual Income Statement

Income Statement Summary

Fitbit (FIT) annual income statement covering fiscal 2014 through 2019, as reported to the SEC.

Fitbit reported revenue of $1.43B in fiscal 2019, down 5.1% from $1.51B in fiscal 2018.
Gross profit was $427.67M, down 29.1% from $603.58M. That is a gross margin of 29.8%.
Operating loss was $320.71M, a bigger loss than the $189.31M in fiscal 2018. Operating margin was -22.4%.
Net loss was $320.71M, a bigger loss than the $185.83M in fiscal 2018. Net margin was -22.4%.
Diluted (in dollars per share) was -$1.25, a bigger loss than the $0.76 in fiscal 2018.
Cost of revenue took 70.2% of revenue, research and development 20.9% and general and administrative 8.2%.

Revenue has grown 14% a year on average since fiscal 2014, from $745.43M to $1.43B.

An income statement shows what a company sold and what it cost to run the business, ending with the profit left over.

Figures in USD thousands, except per share data

						Dec'19	Dec'18	Dec'17	Dec'16	Dec'15	Dec'14
Revenue
1,434,788	1,511,983	1,615,519	2,169,461	1,857,998	745,433	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Revenue						1,434,788	1,511,983	1,615,519	2,169,461	1,857,998	745,433	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Cost of revenue
1,007,116	908,404	924,618	1,323,577	956,935	387,776	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Cost of revenue						1,007,116	908,404	924,618	1,323,577	956,935	387,776	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Gross profit
427,672	603,579	690,901	845,884	901,063	357,657	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Gross profit						427,672	603,579	690,901	845,884	901,063	357,657	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Operating expenses:
Research and development
300,354	332,169	343,012	320,191	150,035	54,167	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Research and development						300,354	332,169	343,012	320,191	150,035	54,167	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Sales and marketing
329,800	344,091	415,042	491,255	332,741	112,005	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Sales and marketing						329,800	344,091	415,042	491,255	332,741	112,005	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
General and administrative
118,231	116,627	133,934	146,903	77,793	33,556	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
General and administrative						118,231	116,627	133,934	146,903	77,793	33,556	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Change in contingent consideration
-	-	-	-	-7,704	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Change in contingent consideration						-	-	-	-	-7,704	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Total operating expenses
748,385	792,887	891,988	958,349	552,865	199,728	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Total operating expenses						748,385	792,887	891,988	958,349	552,865	199,728	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Operating loss
-320,713	-189,308	-201,087	-112,465	348,198	157,929	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Operating loss						-320,713	-189,308	-201,087	-112,465	348,198	157,929	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Interest income (expense), net
10,291	7,808	3,647	3,156	-1,019	-2,222	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Interest income (expense), net						10,291	7,808	3,647	3,156	-1,019	-2,222	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Other income (expense), net
1,357	-2,642	2,796	14	-59,230	-15,934	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Other income (expense), net						1,357	-2,642	2,796	14	-59,230	-15,934	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Loss before income taxes
-309,065	-184,142	-194,644	-109,295	287,949	139,773	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Loss before income taxes						-309,065	-184,142	-194,644	-109,295	287,949	139,773	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Income tax expense (benefit)
11,600	1,687	82,548	-6,518	112,272	7,996	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Income tax expense (benefit)						11,600	1,687	82,548	-6,518	112,272	7,996	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Net loss
-320,711	-185,829	-277,192	-102,777	175,677	131,777	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Net loss						-320,711	-185,829	-277,192	-102,777	175,677	131,777	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Less: noncumulative dividends to preferred stockholders
-	-	-	-	2,526	5,326	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Less: noncumulative dividends to preferred stockholders						-	-	-	-	2,526	5,326	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Less: undistributed earnings to participating securities
-	-	-	-	59,133	98,103	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Less: undistributed earnings to participating securities						-	-	-	-	59,133	98,103	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Net income (loss) attributable to common stockholdersbasic
-	-	-	-	114,018	28,348	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Net income (loss) attributable to common stockholdersbasic						-	-	-	-	114,018	28,348	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Add: adjustments for undistributed earnings to participating securities
-	-	-	-	-8,821	10,175	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Add: adjustments for undistributed earnings to participating securities						-	-	-	-	-8,821	10,175	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Net income (loss) attributable to common stockholdersdiluted
-	-	-	-	122,839	38,523	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Net income (loss) attributable to common stockholdersdiluted						-	-	-	-	122,839	38,523	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Net loss per share:
Basic (in dollars per share)
-1.25	-0.76	-1.19	-0.47	0.88	0.70	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Basic (in dollars per share)						-1.25	-0.76	-1.19	-0.47	0.88	0.70	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Diluted (in dollars per share)
-1.25	-0.76	-1.19	-0.47	0.75	0.63	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Diluted (in dollars per share)						-1.25	-0.76	-1.19	-0.47	0.75	0.63	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Shares used to compute net loss per share:
Basic (in shares)
257,500	244,603	232,032	220,405	129,886	40,351	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Basic (in shares)						257,500	244,603	232,032	220,405	129,886	40,351	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Diluted (in shares)
257,500	244,603	232,032	220,405	164,213	61,179	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Diluted (in shares)						257,500	244,603	232,032	220,405	164,213	61,179	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx