Noncash Investing and Financing activities

Company Selection

Using the public company selected for our class, access their most recent 10-K through the SEC’s Edgar database.
What is the name of the company for our class? GoPro and GPRO <– look up ticker symbol and insert answer here
In what industry does the company operate? Include SIC. 3861 – Photographic Equipment and Supplies <– look up industry SIC & description and insert answer here
What is the company’s most recent fiscal year end? December 31, 2017
REQUIRED: the company’s IS, Stmt of SE, BS, and Stmt of CF must be inserted and all your work for the SLA linked to these financial statements
(separate worksheet for each statement). Also, copy the industry information from Reuters into a separate worksheet in order to link to Industry data

Cash Flows

Prepare a summary of the company’s cash flows & answer the two questions below.
<– insert dates here, from the company’s Stmt of CFs
Current Year Prior Year
Operating Activities
Investing Activities
Financing Activities
Net change in cash
What do you conclude from the information above, explain how you assess the company’s cash flows? Include whether the company appears to be generating a healthy cash flow from operations or is it depending on cash from other sources to pay for operations? What was the main Investing activity? What was the main Financing activity?
[type narrative here]
Calculate the Quality of Income Ratio for each year AND compare to the industry average. Explain your findings, including if ratio has improved or deteriorated year-over-year and if better or worse than industry and your reasoning:
Ratio Formula Current Year Prior Year Industry Explanation:
[insert narrative here]
[type narrative here]

Sales & AR

Effective management of receivables is critical for most companies. Generally, the change in receivables should be consistent with the change in sales. Provide the following detailed information regarding sales, accounts receivable and allowance for uncollectible accounts/bad debts:
Current Year Prior Year % Change
Sales revenues
Gross AR 112,935 164,553
Less: Allowance for bad debts
Net realizable value
Allowance for bad debts as a % of Sales
Allowance for bad debts as a % of AR
Are the percentage changes in AR and allowance for bad debts similar to the change in sales or are they different? Analyze and discuss the meaning or implications of any differences you observe.
[type narrative here]
Calculate AR Turnover and Average Days to Collect Receivables for each year and compare to industry average. Discuss your findings. Can use ending balance for prior year denominator
[type narrative here]
Ratio Formula Current Year Prior Year Industry

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations – USD ($) shares in Thousands, $ in Thousands 12 Months Ended
Dec. 31, 2017 Dec. 31, 2016 Dec. 31, 2015
Income Statement [Abstract]
Revenue $ 1,179,741 $ 1,185,481 $ 1,619,971
Cost of revenue 795,211 723,561 946,757
Gross profit 384,530 461,920 673,214
Operating expenses:
Research and development 229,265 358,902 241,694
Sales and marketing 236,581 368,620 268,939
General and administrative 82,144 107,367 107,833
Total operating expenses 547,990 834,889 618,466
Operating income (loss) (163,460) (372,969) 54,748
Interest expense (13,660) (2,992) (1,575)
Other income (expense), net 733 787 (588)
Total other expense, net (12,927) (2,205) (2,163)
Income (loss) before income taxes (176,387) (375,174) 52,585
Income tax expense 6,486 43,829 16,454
Net Income (loss) $ (182,873) $ (419,003) $ 36,131
Net income per share attributable to common stockholders – Basic (in dollars per share) $ (1.32) $ (3.01) $ 0.27
Net income per share attributable to common stockholders – Diluted (in dollars per share) $ (1.32) $ (3.01) $ 0.25
Weighted-average shares used to compute net income per share attributable to common stockholders – Basic (in shares) 138,056 139,425 134,595
Weighted-average shares used to compute net income per share attributable to common stockholders – Diluted (in shares) 138,056 139,425 146,486

Consolidated Statements of Rede

Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) Statement – USD ($) shares in Thousands, $ in Thousands Total Common Stock Including Additional Paid in Capital [Member] Treasury Stock [Member] Retained Earnings [Member] Special Termination Benefits [Member] Special Termination Benefits [Member]Common Stock Including Additional Paid in Capital [Member]
Beginning Balance at Dec. 31, 2014 $ 641,204 $ 533,000 $ 0 $ 108,204
Beginning Balance (shares) at Dec. 31, 2014 129,115
Common stock issued under employee benefit plans, net of shares withheld for tax 36,413 $ 36,413
Common stock issued under employee benefit plans, net of shares withheld for tax (shares) 14,249
Taxes related to net share settlements (13,943) $ (13,943)
Retirement of common stock (shares) (5,218)
Repurchase of outstanding common stock (35,613) (35,613)
Repurchase of outstanding common stock (shares) (1,545)
Allocated share-based compensation expense 80,583 $ 80,583
Excess tax benefit from stock-based compensation 27,258 27,258
Net income (loss) 36,131 36,131
Ending Balance at Dec. 31, 2015 772,033 $ 663,311 (35,613) 144,335
Ending Balance (shares) at Dec. 31, 2015 136,601
Common stock issued under employee benefit plans, net of shares withheld for tax 10,103 $ 10,103
Common stock issued under employee benefit plans, net of shares withheld for tax (shares) 3,936
Taxes related to net share settlements (6,889) $ (6,889)
Shares issued to third-party vendor for services (Note 11) 7,297 $ 7,297
Shares issued to third-party vendor for services (Note 11) (shares) 822
Allocated share-based compensation expense 69,499 $ 69,499 $ 15,566 $ 15,566
Excess tax benefit from stock-based compensation (1,661) (1,661)
Net income (loss) (419,003) (419,003)
Ending Balance at Dec. 31, 2016 446,945 $ 757,226 (35,613) (274,668)
Ending Balance (shares) at Dec. 31, 2016 141,359
Common stock issued under employee benefit plans, net of shares withheld for tax 9,732 $ 9,732
Common stock issued under employee benefit plans, net of shares withheld for tax (shares) 4,807
Taxes related to net share settlements (12,118) $ (12,118)
Allocated share-based compensation expense 54,037 54,037
Repurchase of common stock under Prepaid Forward contract (Note 5) (78,001) $ (1) (78,000)
Repurchase of common stock under Prepaid Forward contract (Note 5) (shares) (9,166)
Issuance of Convertible Note (Note 5) 45,211 $ 45,211
Cumulative effect of adoption of new ASU 15,772 365 15,407
Net income (loss) (182,873) (182,873)
Ending Balance at Dec. 31, 2017 $ 298,705 $ 854,452 $ (113,613) $ (442,134)
Ending Balance (shares) at Dec. 31, 2017 137,000

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets – USD ($) $ in Thousands Dec. 31, 2017 Dec. 31, 2016
Current assets:
Cash and cash equivalents $ 202,504 $ 192,114
Marketable securities 44,886 25,839
Accounts receivable, net 112,935 164,553
Inventory 150,551 167,192
Prepaid expenses and other current assets 62,811 38,115
Total current assets 573,687 587,813
Property and equipment, net 68,587 76,509
Intangible assets, net 24,499 33,530
Goodwill 146,459 146,459
Other long-term assets 37,014 78,329
Total assets 850,246 922,640
Current liabilities:
Accounts payable 138,257 205,028
Accrued liabilities 213,030 211,323
Deferred revenue 19,244 14,388
Total current liabilities 370,531 430,739
Long-term taxes payable 21,188 26,386
Long-term debt 130,048 0
Other long-term liabilities 29,774 18,570
Total liabilities 551,541 475,695
Commitments, contingencies and guarantees
Stockholders’ equity:
Preferred stock, $0.0001 par value, 5,000 shares authorized; none issued 0 0
Common stock and additional paid-in capital, $0.0001 par value, 500,000 Class A shares authorized, 101,034 and 104,647 shares issued and outstanding, respectively; 150,000 Class B shares authorized, 35,966 and 36,712 shares issued and outstanding, respectively 854,452 757,226
Treasury stock, at cost, 10,710 and 1,545 shares, respectively (113,613) (35,613)
Accumulated deficit (442,134) (274,668)
Total stockholders’ equity 298,705 446,945
Total liabilities and stockholders’ equity $ 850,246 $ 922,640

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows – USD ($) $ in Thousands 12 Months Ended
Dec. 31, 2017 Dec. 31, 2016 Dec. 31, 2015
Statement of Cash Flows [Abstract]
Net income (loss) $ (182,873) $ (419,003) $ 36,131
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization 41,478 41,640 28,981
Stock-based compensation 51,255 69,527 80,680
Excess tax benefit from stock-based compensation (1) 0 (3,463) (29,348)
Deferred income taxes (2,527) 38,568 (11,468)
Non-cash restructuring charges 7,315 17,601
Non-cash interest expense 5,345 0 0
Asset Impairment Charges 0 7,088 0
Other 4,094 7,574 5,427
Changes in operating assets and liabilities:
Accounts receivable, net 52,278 (18,816) 38,313
Inventory 16,641 21,040 (35,005)
Prepaid expenses and other assets 9,303 (14,618) (23,281)
Accounts payable and other liabilities (44,411) 142,941 68,461
Deferred revenue 5,249 2,168 (1,280)
Net cash provided by (used in) operating activities (36,853) (107,753) 157,611
Investing activities:
Purchases of property and equipment, net (24,061) (43,627) (51,245)
Purchases of marketable securities (52,318) 0 (220,055)
Maturities of marketable securities 21,659 119,918 94,680
Sale of marketable securities 11,623 47,348 30,048
Acquisitions, net of cash acquired 0 (104,353) (65,405)
Net cash provided by (used in) investing activities (43,097) 19,286 (211,977)
Financing activities:
Proceeds from issuance of common stock 9,751 9,664 36,775
Payments Related to Tax Withholding for Share-based Compensation (12,118) (6,889) (13,942)
Proceeds from issuance of Convertible senior notes 175,000 0
Payments for Repurchase of Common Stock (78,000) 0 (35,613)
Excess tax benefit from stock-based compensation (1) [1] 0 3,463 29,348
Payment of deferred acquisition-related consideration (75) (950)
Payment of debt issuance costs (5,964) (3,333) 0
Payments of deferred public offering costs 0 0 (903)
Net cash provided by financing activities 88,594 1,955 15,665
Effect of exchange rate changes on cash and cash equivalents 1,746 (1,046) (1,556)
Net increase (decrease) in cash and cash equivalents 10,390 (87,558) (40,257)
Cash and cash equivalents at beginning of period 192,114 279,672 319,929
Cash and cash equivalents at end of period 202,504 192,114 279,672
Supplemental Cash Flow disclosure:
Cash paid (refunded) for income taxes, net 8,370 9,690 (1,093)
Cash paid for interest 3,114 0 0
Noncash Investing and Financing activities:
Purchases of property and equipment included in accounts payable and accrued liabilities $ 5,785 $ 2,258 $ 5,153
[1] Effective January 1, 2017, the Company adopted an accounting standard which addresses, among other items, updates to the presentation and treatment of excess tax benefits related to stock-based compensation. See Recent Accounting Standards in Note 1 below.

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