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GoPro Files For $100M IPO With 2013 Revenue Of $985.7M


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#1 DA-WOODY

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Posted 20 May 2014 - 07:14 AM

GoPro Files For $100M IPO With 2013 Revenue Of $985.7M, Up 87.4% From The Year Prior
Posted  9 hours ago  by Alex Wilhelm (@alex)
screen-shot-2014-05-19-at-2-21-53-pm.png

This afternoon GoPro filed its S-1 document with the SEC, detailing its financial performance as it looks to go public. The company states that it will raise up to $100 million in the offering, trading on the NASDAQ under the ticker symbol ‘GPRO.’

The company’s revenue expansion has been impressive, with top line in 2011 of $234.23 million leading to 2012 top line of $526.01 million and finally, in 2013, revenue of $985.73 million.

The company is GAAP profitable to boot, reporting $60.57 million in profit in 2013, up from a more modest $32.26 million in 2012. The company’s adjusted EBITDA — a very, very non-GAAP number — for 2013 totaled $133.72 million.

How many cameras does the maker ship each year? In 2013 that figure was 3,849 (net of returns), up from 2,316 in 2012, and 1,145 in 2011. Ok, I forgot to convert those figures, by, ahem, a factor of 1,000. Thanks to @BobCasey for pointing out the error. Now, the real figures: 2011: 1.14 million units. 2012: 2.31 million units. 2013: 3.84 million units.

Given that sunny set of facts, what’s the rub? The first quarter of 2014 was not as strong as its comparable period in 2013. Revenue for the three-month period this year came in at $235.71 million. In the year-ago quarter that sum was $255.05 million. Profits also fell, from a first quarter-2013 total of $23.03 million to a slimmer $11.04 million.

As with any S-1, GoPro handicaps its results, saying frankly that investors “should not consider our recent revenue growth as indicative of our future performance. In future periods, our revenue could decline or grow more slowly than we expect.” It’s boilerplate of a sort, but it’s also accurate. Investors will have to decide if the first quarter slowdown is a blip, or indicative of a post-peak quarter.

Whatever the case, with GAAP profits and nearly 10 figure revenue, GoPro is a big, and valuable company.

Want some vanity metrics? They’ve got them: 20,000 a day are uploaded using the company’s GoPro Studio product. 6,000 daily YouTube uploads are tallied as well.

The company has more than $100 million apiece in cash and debt. The offering is being underwritten by a sheaf of banks, including J.P. Morgan, Citigroup, and Barclays.

 



#2 DA-WOODY

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Posted 20 May 2014 - 07:16 AM

So who shall be the first Facker to post:

 

WTF Does this have to do with Sailing ???

 

 

 

:o  :o  :o  :o  :lol:



#3 arr4ws

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Posted 20 May 2014 - 01:47 PM

So who shall be the first Facker to post:

 

WTF Does this have to do with Sailing ???

 

 

 

:o  :o  :o  :o  :lol:

 

Its a stretch , but people use them a lot for sailing.



#4 Diarmuid

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Posted 20 May 2014 - 02:52 PM

They're doing it all wrong! They have an actual product.  The product works as described.  They have a revenue stream, a realistic business model, genuine profits, and a strong likelihood of still existing five years hence.

 

WTF kind of IPO is that? Sooo 'old economy'.



#5 Rum Runner

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Posted 20 May 2014 - 03:12 PM

They're doing it all wrong! They have an actual product.  The product works as described.  They have a revenue stream, a realistic business model, genuine profits, and a strong likelihood of still existing five years hence.

 

WTF kind of IPO is that? Sooo 'old economy'.

 

So you prefer a software make that has a buggy product and is loosing money hand over fist?



#6 miscut jib

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Posted 20 May 2014 - 03:14 PM

They're doing it all wrong! They have an actual product.  The product works as described.  They have a revenue stream, a realistic business model, genuine profits, and a strong likelihood of still existing five years hence.

 

I take it you didn't read the "risk factors" in their S-1.



#7 MR.CLEAN

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Posted 20 May 2014 - 04:21 PM

So who shall be the first Facker to post:

 

WTF Does this have to do with Sailing ???

 

 

 

:o  :o  :o  :o  :lol:

they advertised here for about five years so it's definitely about sailing.

 

GoPro is a story about brilliant marketing and revenue stream production for a very basic product that was never even the best in its sector:  A square HD camera without a screen.  Should be (and probably already is) studied at business school.



#8 DA-WOODY

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Posted 20 May 2014 - 04:59 PM

^^^^^^  for Far Le$$ anyone can get a Much better Camera that dies everything a GoPro does and Much more

 

I picked a Nikon AW110 for my "Always Gut It with me" camera

 

It's Great shooting Video in Low Light - works underwater is FULL HD haz a Big Screen & you can see what ya got while ya can still get it again

 

 

 

At a Glance
Effective Pixels 16 million   Sensor Size 1/2.3 in.     Monitor Size 3.0 in. diagonal   Monitor Type OLED with 5-level brightness adjustment     Storage Media SD memory card
SDHC memory card
SDXC memory card   Movie Full HD: 1920x1080p / 30fps
HS 1920x1080/ 15fps
HS 1280x720/ 60fps
HS 640x480/ 120fps
iFrame® 540: 960x540/ 30fps
Movie file format: MPEG-4 AVC H.264
VGA: 640x480   ISO Sensitivity ISO 125-1600Fixed range auto (ISO 125-400, 125-800)
ISO 3200 (available when using Auto mode)       Top Continuous Shooting Speed at full resolution Up to 6 shots at approx. 8frames per second     Battery / Batteries Rechargeable Li-ion Battery EN-EL12   Approx. Dimensions (Width x Height x Depth) 4.4 in. (110.1 mm) x 2.6in. (65.3 mm) x 1.0 in.(24.5 mm)    Excluding projections. Method of noting dimensions and weight is in accordance with CIPA DCG-005-2009 guideline.       Approx. Weight 6.9 oz. (193 g)With battery and SD memory card. Method of noting dimensions and weight is in accordance with CIPA DCG-005-2009 guideline.


#9 jim lee

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Posted 20 May 2014 - 06:37 PM

Here's their "risk factor".

 

maxresdefault.jpg

Simple to use, about $80-$120 Depending on accessory pack and the video quality is really good.

 

Loook%20West.png

 

More examples here : http://leftcoast.biz/media/QuadShots/

 

Scary landscape the tech world.

 

-jim lee



#10 Diarmuid

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Posted 20 May 2014 - 08:29 PM

They're doing it all wrong! They have an actual product.  The product works as described.  They have a revenue stream, a realistic business model, genuine profits, and a strong likelihood of still existing five years hence.

 

WTF kind of IPO is that? Sooo 'old economy'.

 

So you prefer a software make that has a buggy product and is loosing money hand over fist?

:rolleyes: I hear Groupon has a two-for-one offer on irony-recognition lessons.

 

Yes, action video capture is a fast-evolving market segment with low margins on the hardware and a fickle buying public.  But when Felix Baumgartner jumped out of a balloon 24 miles up, what brand camera did he have strapped to him? Results of Youtube search:

 

"QuadShot" = 13,300 results

"GoPro" = 13,800,000 results



#11 sumpin

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Posted 21 May 2014 - 03:24 AM

imho

this is indeed a product, revenue and expenses with black numbers year end that can grow, unlike many IPO's

i think they would be better served getting sold to someone rather than going the IPO route

the downside is that similar products can (and will) be easily made by others.

they have built a brand which is very impressive, more impressive than the device itself

sell yourselves, forget the IPO and invite me on your next surf trip



#12 hobot

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Posted 21 May 2014 - 06:52 AM

Here's their "risk factor".
 
maxresdefault.jpg
Simple to use, about $80-$120 Depending on accessory pack and the video quality is really good.
 
Loook%20West.png
 
More examples here : http://leftcoast.biz/media/QuadShots/
 
Scary landscape the tech world.
 
-jim lee

Sheeeit!,is that the height you're getting with your quad copters?

#13 familysailor

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Posted 21 May 2014 - 02:35 PM

Maybe they want the money so they can gobble up some competitors and own their technology and resident brainiacs..

 

(begin the "Jaws" music...)



#14 2slow

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Posted 21 May 2014 - 03:18 PM

The owner lives near my sister and Half Moon Bay.  Lots of people in their neighborhood work for GoPro.  

 

I have not met the owner but he has the coolest custom van I have ever seen, saw it parked at Mavericks.  License plate is gonepro.  



#15 jim lee

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Posted 21 May 2014 - 06:57 PM

Here's their "risk factor".
 
maxresdefault.jpg
Simple to use, about $80-$120 Depending on accessory pack and the video quality is really good.
 
Loook%20West.png
 
More examples here : http://leftcoast.biz/media/QuadShots/
 
Scary landscape the tech world.
 
-jim lee

Sheeeit!,is that the height you're getting with your quad copters?

 

Height? This was on the same "trip". From a position above Left Coast you can see past the twin bridges all the way to burllington & Mt Vernon. And this was kinda' a quick pop-up look around.

 

twin%20bridges.png

 

-jim lee



#16 shaggymatt

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Posted 22 May 2014 - 05:19 PM

If Garmin would ever get their act down, they would have a solid competitor on their hands. On paper, I LOVE my Virb Elite. Functionally, it has been another story. I have not yet had it record through completion on one of my mountain biking trips. The biggest pisser about this is that the gpx file is written at the end of recording, so you don't get track history for importing into tracking applications. 

 

 

^^^^^^  for Far Le$$ anyone can get a Much better Camera that dies everything a GoPro does and Much more

 

I picked a Nikon AW110 for my "Always Gut It with me" camera

 

It's Great shooting Video in Low Light - works underwater is FULL HD haz a Big Screen & you can see what ya got while ya can still get it again



#17 Mambo Kings

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Posted 22 May 2014 - 07:58 PM

The camera is not "the product".

 

The build cameras and they get paid for their cameras.....but that is not what they sell.

 

Rondar builds boats. Melges builds boats. But what is the product the customers are buying?  Melges understands this REALLY well. Which is why they are among the most successful race boat builders in the world. Melges is selling an experience. To have this experience, it just so happens you have to buy a Melges 32 or Melges 20 as one of the tools to participate in what Melges is giving you.

Interestingly, Rondar is one of two UK builders who also gets this. RS is the other.

 

Go-Pro is probably going to continue to promote the amazing images and videos that you want to be a part of.

You want to be in the go-pro image library?, or you want to participate in one of their competitions?, or you want to kid yourself that you can take images like the ones on their library?......then you are going to buy a Go_pro camera, and down the road Go_pro editing software and devices . Jim's photos are cool.....but the go-pro images are super cool.

 

If a technically superior product wants to compete with Go-Pro, then they are going to have to spend a lot of money to create a tribe that people want to join ahead of the go-pro. In the meantime the go-pro has more and more money to spend every year on becoming technically superior. Its easier to technically improve a product than it is to create the brand, distribution and the amazing images from your customers and sponsored image creators.

 

The key however is distribution. At the moment, Go-Pro is front and center of every display case from REI to Eastern Mountain Sports.  You would be right to think that that Nikon or Google or Apple might have a passing fancy to disrupt this advantage. But the niche is not so important to these guys. It is everything to go-pro and they are passionate about it. Passion beats size....Always!   



#18 jim lee

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Posted 22 May 2014 - 11:32 PM

You know Mambo, you have point there.

 

I've spent so much time trying to create a better mousetrap. I always miss the entire "mouse experience" part.

 

-jim lee



#19 Hawaiidart

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Posted 22 May 2014 - 11:45 PM

We're holding the Hawaiian Left Coast Dart State Championships next week.  It's our first Dart experience since Whidbey Island Race week.  We're looking to achieve to fastest elapsed time from Waikiki to Kaneohoe Bay.  No Go Pro because I don't have my quad copter yet.



#20 sumpin

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Posted 23 May 2014 - 02:02 AM

The camera is not "the product".

 

The build cameras and they get paid for their cameras.....but that is not what they sell.

 

Rondar builds boats. Melges builds boats. But what is the product the customers are buying?  Melges understands this REALLY well. Which is why they are among the most successful race boat builders in the world. Melges is selling an experience. To have this experience, it just so happens you have to buy a Melges 32 or Melges 20 as one of the tools to participate in what Melges is giving you.

Interestingly, Rondar is one of two UK builders who also gets this. RS is the other.

 

Go-Pro is probably going to continue to promote the amazing images and videos that you want to be a part of.

You want to be in the go-pro image library?, or you want to participate in one of their competitions?, or you want to kid yourself that you can take images like the ones on their library?......then you are going to buy a Go_pro camera, and down the road Go_pro editing software and devices . Jim's photos are cool.....but the go-pro images are super cool.

 

If a technically superior product wants to compete with Go-Pro, then they are going to have to spend a lot of money to create a tribe that people want to join ahead of the go-pro. In the meantime the go-pro has more and more money to spend every year on becoming technically superior. Its easier to technically improve a product than it is to create the brand, distribution and the amazing images from your customers and sponsored image creators.

 

The key however is distribution. At the moment, Go-Pro is front and center of every display case from REI to Eastern Mountain Sports.  You would be right to think that that Nikon or Google or Apple might have a passing fancy to disrupt this advantage. But the niche is not so important to these guys. It is everything to go-pro and they are passionate about it. Passion beats size....Always!   

ding ding



#21 Rum Runner

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Posted 23 May 2014 - 01:07 PM

Go-Pro has a great team that clearly understands their customers and designs products that they want.  Just like an iPhone is just another cell phone, a Go-Pro camera is another camera with the features and ease of use that people want.  



#22 Mambo Kings

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Posted 26 May 2014 - 04:13 AM

Yup. When people are shopping for a mouse trap they are not buying the trap, they are buying dead mice...preferably lots of them. So don't bother the buyer with details of spring tension and rate of descent...... give them pictures of dead mice....... or even better pictures of happy smiling loved ones and super clean kitchen closets without a mouse dropping in sight!



#23 atefooterz

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Posted 26 May 2014 - 04:50 AM

The camera is not "the product".

 

The build cameras and they get paid for their cameras.....but that is not what they sell.

 

Rondar builds boats. Melges builds boats. But what is the product the customers are buying?  Melges understands this REALLY well. Which is why they are among the most successful race boat builders in the world. Melges is selling an experience. To have this experience, it just so happens you have to buy a Melges 32 or Melges 20 as one of the tools to participate in what Melges is giving you.

Interestingly, Rondar is one of two UK builders who also gets this. RS is the other.

 

Go-Pro is probably going to continue to promote the amazing images and videos that you want to be a part of.

You want to be in the go-pro image library?, or you want to participate in one of their competitions?, or you want to kid yourself that you can take images like the ones on their library?......then you are going to buy a Go_pro camera, and down the road Go_pro editing software and devices . Jim's photos are cool.....but the go-pro images are super cool.

 

If a technically superior product wants to compete with Go-Pro, then they are going to have to spend a lot of money to create a tribe that people want to join ahead of the go-pro. In the meantime the go-pro has more and more money to spend every year on becoming technically superior. Its easier to technically improve a product than it is to create the brand, distribution and the amazing images from your customers and sponsored image creators.

 

The key however is distribution. At the moment, Go-Pro is front and center of every display case from REI to Eastern Mountain Sports.  You would be right to think that that Nikon or Google or Apple might have a passing fancy to disrupt this advantage. But the niche is not so important to these guys. It is everything to go-pro and they are passionate about it. Passion beats size....Always!   

They have done this in 4 years globally, their stranglehold however is no different to say Nokia (RIP) even 3 years ago. Tech toys is a fickle market & the most popular one wins, in this case as mentioned above the gopro tribe is closely knit!



#24 miscut jib

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Posted 26 May 2014 - 08:15 PM

The camera is not "the product".

 

The build cameras and they get paid for their cameras.....but that is not what they sell.

 

Rondar builds boats. Melges builds boats. But what is the product the customers are buying?  Melges understands this REALLY well. Which is why they are among the most successful race boat builders in the world. Melges is selling an experience. To have this experience, it just so happens you have to buy a Melges 32 or Melges 20 as one of the tools to participate in what Melges is giving you.

Interestingly, Rondar is one of two UK builders who also gets this. RS is the other.

 

Go-Pro is probably going to continue to promote the amazing images and videos that you want to be a part of.

You want to be in the go-pro image library?, or you want to participate in one of their competitions?, or you want to kid yourself that you can take images like the ones on their library?......then you are going to buy a Go_pro camera, and down the road Go_pro editing software and devices . Jim's photos are cool.....but the go-pro images are super cool.

 

If a technically superior product wants to compete with Go-Pro, then they are going to have to spend a lot of money to create a tribe that people want to join ahead of the go-pro. In the meantime the go-pro has more and more money to spend every year on becoming technically superior. Its easier to technically improve a product than it is to create the brand, distribution and the amazing images from your customers and sponsored image creators.

 

The key however is distribution. At the moment, Go-Pro is front and center of every display case from REI to Eastern Mountain Sports.  You would be right to think that that Nikon or Google or Apple might have a passing fancy to disrupt this advantage. But the niche is not so important to these guys. It is everything to go-pro and they are passionate about it. Passion beats size....Always!   

 

That honestly sounds much like the reasoning the existing camera manufacturers use(d) to defend their systems. I find the value of any GoPro "tribe" as highly questionable as it's existence. Unless you are arguing they are a gadget version of redbull, a marketing firm that masquerades as a drinks company?

 

People buy one because they want to take "cool images" that they can share with others. Something that's easier/better to do this wins. See:iPhone/Smartphone cameras vs. "traditional" digital cameras. Or they realize it's a pita and stop caring (see: cyclicality of film and dSLRs over multiple time frames)

 

I'd also suggest that it won't necessarily take much money at all to overcome GoPro's advantage for the same reason GoPro was able to enter the marketplace itself quite cheaply - fast moving ideas are much more useful than a ton of $.






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