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SAN MATEO, Calif., Feb. 1, 2018 /PRNewswire/ -- GoPro, Inc. (NASDAQ: GPRO) announced financial results for its fourth quarter and full year ended December 31, 2017. The Company recorded full year 2017 revenue of $1.18 billion, flat year-over-year. Operating expenses decreased by more than 30% year-over-year. The Company ended the year with $247 million in cash and marketable securities - up $50 million from the third quarter.
GoPro, HERO, Quik, QuikStories and their respective logos are trademarks or registered trademarks of GoPro, Inc. in the United States and other countries. All other trademarks are the property of their respective owners. For more information, visit www.gopro.com or connect with GoPro on Facebook, Instagram, LinkedIn, Pinterest, Twitter, YouTube, and GoPro's The Inside Line.
This press release may contain projections or other forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Forward-looking statements in this press release include, but are not limited to, expectations regarding our business outlook for 2018. These statements involve risks and uncertainties, and actual events or results may differ materially. Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are the risk that our reduction in operating expenses may impact our ability to meet our business objectives and achieve our revenue targets and may not result in the expected improvement in our profitability; the fact that our future growth depends in part on further penetrating our addressable market and growing internationally, and we may not be successful in doing so; any inability to successfully manage frequent product introductions (including our 2018 roadmap for new hardware and software products and major new software features) and transitions, including managing our sales channel and inventory and accurately forecasting future sales; our reliance on third party suppliers, some of which are sole source suppliers, to provide components for our products; our dependence on sales of our cameras, mounts and accessories for substantially all of our revenue; the effect of a decrease in the sales or change in sales mix of these products; the effect of a decrease in sales during the holiday season; the fact that an economic downturn or economic uncertainty in our key U.S. and international markets may adversely affect consumer discretionary spending and demand for our products; any inability to anticipate consumer preferences and successfully develop and market desirable products; the effects of the highly competitive market in which we operate; the fact that we may not be able to achieve revenue growth or profitability in the future; risks related to inventory, purchase commitments and long-lived assets; the importance of maintaining the value and reputation of our brand; and other factors detailed in the Risk Factors section of our Annual Report on Form 10-K for the year ended December 31, 2016, which is on file with the Securities and Exchange Commission and as supplemented by Item 1A Risk Factors in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2017. These forward-looking statements speak only as of the date hereof or as of the date otherwise stated herein. GoPro disclaims any obligation to update these forward-looking statements.
SAN MATEO, Calif., April 6, 2017 /PRNewswire/ -- GoPro, Inc. (NASDAQ: GPRO) today announced that it has priced $175 million aggregate principal amount of 3.50% Convertible Senior Notes due 2022 (the \"notes\"). The size of the offering was increased from the previously announced $150 million in aggregate principal amount. The notes will be sold in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the \"Act\"). The sale is expected to close on April 12, 2017, subject to customary closing conditions.
The notes will be senior, unsecured obligations of GoPro. The notes will bear cash interest at an annual rate of 3.50%, payable semiannually in arrears on April 15 and October 15 of each year, beginning on October 15, 2017. The notes will mature on April 15, 2022, unless earlier repurchased or converted in accordance with the terms of the notes.
The notes will have an initial conversion rate of 94.0071 shares of common stock per $1,000 principal amount of notes (which is subject to adjustment in certain circumstances). This is equivalent to an initial conversion price of approximately $10.64 per share. The initial conversion price represents a premium of approximately 25% to the $8.51 per share closing price of GoPro's Class A common stock (the \"Class A common stock\") on The NASDAQ Global Select Market on April 6, 2017. Prior to January 15, 2022, the notes will be convertible at the option of holders only upon satisfaction of certain conditions and during certain periods, and thereafter, at any time until the close of business on the second scheduled trading day immediately preceding the maturity date. Upon conversion, the notes may be settled in shares of Class A common stock, cash or a combination of cash and shares of Class A common stock, at the election of GoPro.
In connection with the issuance of the notes, GoPro entered into a privately negotiated prepaid forward stock purchase transaction (the \"prepaid forward\") with an affiliate of an initial purchaser in the offering (the \"forward counterparty\"), pursuant to which GoPro will purchase approximately $78.0 million worth of the Class A common stock, for settlement on or around April 15, 2022, subject to any early settlement, in whole or in part, of each prepaid forward. In the event that GoPro pays any cash dividends on the Class A common stock, the forward counterparty will pay an equivalent amount to GoPro. The prepaid forward is intended to facilitate privately negotiated derivative transactions by which investors in the notes will be able to hedge their investment in the notes.
In connection with establishing its initial hedge of the prepaid forward, the forward counterparty (or its affiliate) expects to enter into one or more derivative transactions with respect to the Class A common stock with purchasers of the notes concurrently with or after the pricing of the notes. The prepaid forward is intended to reduce the dilution to our stockholders from the issuance of shares of Class A common stock (if any) upon conversion of the notes and to allow certain investors to establish short positions that generally correspond to commercially reasonable initial hedges of their investment in the notes. The notional size of the prepaid forward will correspond to the notional size of the aggregate initial hedge position of such investors. It is possible, however, that investors may seek to execute larger initial hedge positions, in which case such investors may offset such larger initial hedge positions by purchasing the Class A common stock on the pricing date. Facilitating investors' hedge positions by entering into the prepaid forward, particularly if investors purchase the Class A common stock on the pricing date, could increase (or reduce the size of any decrease in) the market price of the Class A common stock or the notes and effectively raise the initial conversion price of the notes.
This announcement is neither an offer to sell nor a solicitation of an offer to buy any of these securities (including any shares of the Class A common stock into which the notes are convertible) and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful. Any offers of the notes will be made only by means of a private offering memorandum.
Many of the top action cameras in 2021 also offer smartphone connectivity, which allows you to easily edit and share your latest videos quickly. Some models also support live-streaming direct to platforms like YouTube. This can be demanding on battery life, but will be useful if you plan on vlogging straight to social media.
Many people use action cameras to capture footage of their adventurous pursuits, such as mountain biking, skydiving or snowboarding. The best action cams are also waterproof, so some outdoor enthusiasts employ them to shoot watersports or record underwater video while swimming or diving. Most action cams come with a range of mounts, which make it easy to attach them to your helmet, handlebars or even a strap which wraps around your chest. So you should always be able to find an attachment that suits.
The result is an action camera that's more versatile and fun-to-use than its predecessor, and a waterproof companion that's ideal for capturing outdoor adventures or vlogging videos in 4K. GoPro's highest-quality HyperSmooth stabilization, which is now available in more shooting modes, was excellent in our tests, and remains a big boon over your smartphone. Better value is available elsewhere, not least in older GoPros like the Hero 8 Black, but we think the Hero 10 Black is worth the premium for most people.
These include the option of shooting 5K video, which we found to have excellent detail, courtesy of a 23.MP sensor that debuted on this model. You also get a handy front color display (albeit one that's a little more laggy than the one on the Hero 10) and the option of HyperSmooth Boost (GoPro's strongest stabilization) in all shooting modes. The Hero 9 is super-versatile too, thanks to 'Power Tools' that include 'scheduled captures' (setting a time for it to start recording) and HindSight (for capturing action that happened 15-30 seconds before you hit the shutter). But the Hero 10 is more polished and versatile, thanks to its new processor and shooting modes.
Thanks to compatibility with GoPro Labs, which is the manufacturer's new platform for trying out unreleased beta features, it also offers much of the same versatility. With the same folding 'fingers' on the underside for mounting it to accessories without a case, waterproofing down to ten meters and compatibility with GoPro's Mods accessories, we think the Hero 8 Black remains a fantastic all-rounder for its current price. 59ce067264