GoPro Files for $100 Million Initial Public Offering

GoPro Inc. filed paperwork Monday with the Securities & Exchange Commission for a $100 million initial public offering.

The IPO is being underwritten by Piper Jaffray & Co. and will be sold through a syndicate of banks including J.P. Morgan, Citigroup and Barclays, according to an S1 the company filed late Monday.

The filling reports GoPro earned net income of $60.6 million on sales of $985.7 million in 2013, up 87.4 and 87.6 percent respectively from 2012. The company’s stock would be listed on the NASDAQ and trade under the symbol GPRO.

The company expects to use the net proceeds from the offering for general corporate purposes, including working capital, and to fully repay its term loan under a credit facility, which had an outstanding balance of $111.0 million as of March 31, 2014. It may also use a portion of the net proceeds to acquire or invest in complementary businesses, technologies or assets.

Since launching its first high-definition, or HD, capture device in July 2009, GoPro has sold more than 8.5 million HD cameras, including more than 3.8 million in 2013, according to the filing. Its video cameras are now sold in more than 100 countries and through more than 25,000 retail stores and it supplied the #1 selling camcorder (by dollars and units) in the United States in 2013. The company’s Hero cameras represented a 45 share of the U.S. camcorder market (by dollars) in 2013, up from an 11% share during December 2011, according to the filing.

“Since our first sale in 2004, our distribution strategy has focused on specialty retailers, including surf, ski and motorsports outlets, where we believe GoPro is often the only capture device sold in-store,” reads the filing. “Our early, first-mover relationships with these retailers and their customers helped us establish an authenticity that remains a cornerstone of our business. This focus on the specialty retail channel has also enabled us to develop a high-touch, differentiated sales network of more than 25,000 stores globally that we believe is difficult to replicate.”

Summary consolidated financial data

The following table summarize GoPro's consolidated financial data

Consolidated statements of operations data:		Year ended December 31,												Three months ended March 31,
(in thousands, except per share amounts)		2011				2012				2013				2013				2014
Revenue		$	234,238			$	526,016			$	985,737			$	255,057			$	235,716
Cost of revenue(1)			111,683				298,530				623,953				165,628				139,202
Gross profit			122,555				227,486				361,874				89,429				96,514
Operating expenses:
Research and development(1)			8,644				36,115				73,737				12,012				28,739
Sales and marketing(1)			64,375				116,855				157,771				35,673				41,341
General and administrative(1)			10,757				20,899				31,573				6,988				9,878
Total operating expenses			83,776				173,869				263,081				54,673				79,958
Operating income			38,779				53,617				98,703				34,756				16,556
Other income (expense), net			12				(407	)			(7,374	)			(1,694	)			(1,625	)
Income before income taxes			38,791				53,210				91,329				33,062				14,931
Income tax expense			14,179				20,948				30,751				10,027				3,882
Net income		$	24,612			$	32,262			$	60,578			$	23,035			$	11,049
Weighted-average shares used to compute net income per share attributable to common stockholders(2):
Basic			73,481				74,226				81,018				80,768				81,582
Diluted			78,551				74,226				98,941				98,457				100,783
Net income per share attributable to common stockholders(2):
Basic		$	0.26			$	0.07			$	0.54			$	0.21			$	0.10
Diluted		$	0.24			$	0.07			$	0.47			$	0.18			$	0.08
Pro forma net income per share attributable to common stockholders (unaudited)(2):
Basic										$	0.54							$	0.10
Diluted										$	0.47							$	0.08
Pro forma weighted-average shares used to compute net income per share attributable to common stockholders (unaudited)(2):
Basic											111,541								112,105
Diluted											129,464								131,306
Supplemental pro forma net income per share attributable to common stockholders (unaudited)(2):
Basic
Diluted
Supplemental pro forma weighted-average shares used to compute net income per share attributable to common stockholders (unaudited)(2):
Basic
Diluted
Other financial information:
Adjusted EBITDA		$	52,873			$	75,288			$	133,726			$	40,923			$	28,627

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