Fitbit (FIT) reported earnings on Mon 2 Nov 2015 (after close)

ticker: FIT

** charts before earnings **

** charts after earnings **

Fitbit beats by $0.14, beats on revs; guides Q4 above consensus; releases lockup restriction for 2.3 mln shares on November 4  :

• Reports Q3 (Sep) earnings of $0.24 per share, excluding non-recurring items,$0.14 better than the Capital IQ Consensus of $0.10; revenues rose 167.7% year/year to $409.3 mln vs the $360.17 mln Capital IQ Consensus.
  • Sold 4.8 million connected health and fitness devices
  • U.S. comprised 66% of Q3 revenue; APAC 16%, EMEA 12%, and Other Americas 6%
  • U.S. revenue grew 130% year-over-year; APAC 314%, EMEA 282%, and Other Americas 286%
  • Co issues upside guidance for Q4, sees EPS of $0.20-0.25, excluding non-recurring items, vs. $0.20 Capital IQ Consensus Estimate; sees Q4 revs of $620-650 bln vs. $592.42 mln Capital IQ Consensus Estimate. 
  • Fitbit also announces that Morgan Stanley & Co. LLC, on behalf of the underwriters of Fitbit's initial public offering in June 2015, at the request of Fitbit, has agreed torelease the lock-up restrictions for Fitbit's employees and consultants as of October 31, 2015 with respect to ~2.3 million shares, which represents up to 10% of the shares of Fitbit common stock, options, and restricted stock units held by such employees and consultants. The release will be effective on November 4, 2015.

Fitbit (FIT) : 1-month performance

ticker: FIT

Fitbit (FIT) : 2-week performance

ticker: FIT

Fitbit (FIT) began trading on the NYSE on 18 June 2015

ticker: FIT

The largest tech IPO this year, Fitbit raised $732 million on its June 18 debut. 

Fitbit priced 36.6 million shares at 20 each, above its upwardly revised expected range of 17 to 19.

Fitbit stock popped 48% on its first day of trading.

Fitbit, Inc. is a provider of health and fitness products. The Company's Fitbit platform combines connected health and fitness devices with software and services, including an online dashboard and mobile applications, data analytics, motivational and social tools, personalized insights, and virtual coaching through fitness plans and interactive workouts. It offers a number of fitness products, including Fitbit Zip, Fitbit One, Fitbit Flex, Fitbit Charge, Fitbit Charge HR, Fitbit Surge and Aria. Its wrist-based and clippable devices automatically track users’ daily steps, calories burned, distance traveled, floors climbed, and active minutes and display real-time feedback to encourage them to become more active in their daily lives. Fitbit Premium is its membership that serves as an around the clock virtual personal trainer delivered to users through any Web browser. It operates FitStar, a provider of interactive video-based exercise experiences on mobile devices and computers.

Address

405 Howard St
SAN FRANCISCO, CA 94105-2625
United States 

Website 

https://www.fitbit.com/

Key stats and ratios

	Q1 (Mar '15)	2014
Net profit margin	14.25%	17.68%
Operating margin	26.71%	21.19%
EBITD margin	-	22.01%
Return on average assets	-	30.51%
Return on average equity	-	480.64%

Fitbit files for $100 million IPO

Fitbit, a maker of fitness tracking devices that is being challenged by Apple’s  (AAPL) new watch product, has filed for a $100 million IPO.

The San Francisco-based wearables company plans to trade on the NYSE under ticker symbol FIT, with Morgan Stanley, Deutsche Bank and BofA Merrill Lynch serving as lead bankers. Expect that the $100 million figure is a placeholder, rather than the amount Fitbit ultimately plans to raise.

from the IPO filing

Fitbit reports nearly $132 million in net income on $745 million in revenue for 2014. This is a massive flip from 2013, when the company had a $52 million net loss on $271 million in revenue. For 2012, it was a $4 million net loss on $76 million in revenue.

Quarterly revenue has climbed around 3x between Q1 2014 and Q1 2015, while earnings are up more than 5x over that period (note: around half of Fitbit’s sales come in Q4, due to the holidays). One big explanation for the jump is an increase international sales, while 2013 (and Q1 2014) were harmed by a product recall.

The company also reported selling 10.9 million devices last year, which means that it accounted for more than half of last year’s fitness band market.

Fitbit has raised over $80 million in VC funding since its 2007 founding, from firms like Foundry Group (28.9% pre-IPO stake), True Ventures (22.4%) and SoftBank Capital (5.6%), Sapphire Ventures, Qualcomm Ventures  (QCOM)  and Felicis Ventures.

Co-founders James Park (CEO) and Eric Friedman (CTO) each received around $222,000 in base salary last year, and the equivalent of $7.8 million in total compensation.

Fitbit reports having around $238 million of cash on the books, and $160 million in debt.