GoPro said in a regulatory filing that its board approved an increase of approximately $7 million to the company’s estimated total aggregate charges for restructuring activities first announced in the third quarter.
As reported, GoPro said on November 29 that it expected to incur total aggregate charges of approximately $24 million to $33 million for the restructuring. The charges include approximately $13 million to $18 million of cash expenditures as a result of the workforce restructuring, substantially all of which are severance costs to cover the elimination of more than 200 full-time positions, or about 15 percent of its work force. Another approximately $11 million to $15 million of non-cash expenditures will cover stock-based compensation expense and accelerated depreciation associated with office consolidations. The company expected to recognize most of the restructuring charges in Q4 2016.
In a regulatory filing, GoPro said its board approved the $7 million increase on December 14.
As previously announced by the company, Anthony Bates, its president, will cease serving in that role effective December 31, 2016.
Photo courtesy GoPro
