GoPro Inc (GPRO) 2022 Q2 法說會逐字稿

Good day, and welcome to GoPro's Quarter 2 2022 Earnings Conference Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Ms. Jalene Hoover, Vice President of Investor Relations. Please go ahead, ma'am.

美好的一天，歡迎參加 GoPro 2022 年第 2 季度收益電話會議。今天的會議正在錄製中。此時，我想將會議轉交給投資者關係副總裁 Jalene Hoover 女士。請繼續，女士。

Thank you, operator, and thanks for everyone for your patience. We were experiencing some technical difficulties this morning causing delay in your ability to join and wanted to wait. So as many of you could join as possible.

謝謝接線員，也謝謝大家的耐心等待。今天早上我們遇到了一些技術問題，導致您無法加入並希望等待。所以盡可能多的人可以加入。

Welcome to GoPro's Second Quarter 2022 Earnings Conference Call. With me today are GoPro's CEO, Nicholas Woodman; and CFO and COO, Brian McGee. Today's agenda will include a brief introduction from Nick and some commentary from Brian, followed by Q&A. For detailed information about our second quarter 2022 performance and our outlook, please read the management commentary we posted to the Investor Relations section of GoPro's website.

歡迎參加 GoPro 2022 年第二季度收益電話會議。今天和我在一起的是 GoPro 的首席執行官 Nicholas Woodman；首席財務官兼首席運營官布賴恩·麥基。今天的議程將包括 Nick 的簡短介紹和 Brian 的一些評論，然後是問答環節。有關我們 2022 年第二季度業績和展望的詳細信息，請閱讀我們發佈到 GoPro 網站投資者關係部分的管理層評論。

Before I pass the call to Nick, I'd like to remind everyone that our remarks today may include forward-looking statements. Forward-looking statements and all other statements that are not historical facts are not guarantees of future performance and are subject to a number of risks and uncertainties, which may cause actual results to differ materially. Additionally, any forward-looking statements made today are based on assumptions as of today, including, but not limited to, uncertainty related to the duration and impact of the COVID-19 pandemic and the war in Ukraine. This means that results could change at any time. Our commentary about our business results and the outlook is based on the information available as of today's date, and we do not undertake any obligation to update these statements as a result of new information or future events.

在我把電話轉給尼克之前，我想提醒大家，我們今天的言論可能包括前瞻性陳述。前瞻性陳述和所有其他非歷史事實的陳述不是對未來業績的保證，並受到許多風險和不確定性的影響，可能導致實際結果出現重大差異。此外，今天做出的任何前瞻性陳述均基於截至今天的假設，包括但不限於與 COVID-19 大流行和烏克蘭戰爭的持續時間和影響相關的不確定性。這意味著結果可能隨時改變。我們對業務業績和前景的評論基於截至今天的可用信息，我們不承擔因新信息或未來事件而更新這些陳述的義務。

To better understand the risks and uncertainties that could cause actual results to differ from our commentary, we refer you to our most recent annual report on Form 10-K for the year ended December 31, 2021, which is on file with the Securities and Exchange Commission and as updated in future filings with the SEC, including the quarterly report on Form 10-Q for the quarter ended June 30, 2022.

為了更好地了解可能導致實際結果與我們的評論不同的風險和不確定性，我們請您參閱我們在證券交易委員會存檔的截至 2021 年 12 月 31 日止年度的最新 10-K 表格年度報告委員會並在未來向 SEC 提交的文件中進行了更新，包括截至 2022 年 6 月 30 日的季度的 10-Q 表格季度報告。

Today, we may discuss gross margin, operating expense, net profit and loss, EBITDA as well as basic and diluted net profit and loss per share in accordance with GAAP and on a non-GAAP basis. We believe that non-GAAP information is useful because it can enhance the understanding of our ongoing economic performance. We use non-GAAP reporting internally to evaluate and manage our operations, and we choose to provide this information to enable investors to perform comparisons of operating results in a manner similar to how we analyze our own operating results.

今天，我們可以根據公認會計原則和非公認會計原則討論毛利率、運營費用、淨利潤和虧損、EBITDA 以及基本和攤薄每股淨利潤和虧損。我們相信非公認會計原則信息是有用的，因為它可以增強對我們持續經濟表現的理解。我們在內部使用非公認會計原則報告來評估和管理我們的運營，我們選擇提供此信息以使投資者能夠以類似於我們分析我們自己的經營業績的方式對經營業績進行比較。

A reconciliation of GAAP to non-GAAP operating expenses can be found in the press release that was issued this afternoon, which is posted on the Investor Relations section of our website. In addition to the earnings press release and management commentary, we have posted slides containing detailed financial information and metrics for the second quarter 2022. The management commentary slides as well as a link to today's live webcast and a replay of this conference call are posted on the Investor Relations section of GoPro's website for your reference. Unless otherwise noted, all income statement-related numbers that are discussed in the management commentary other than revenue are non-GAAP.

GAAP 與非 GAAP 運營費用的對賬可以在今天下午發布的新聞稿中找到，該新聞稿發佈在我們網站的投資者關係部分。除了收益新聞稿和管理層評論外，我們還發布了包含 2022 年第二季度詳細財務信息和指標的幻燈片。管理層評論幻燈片以及今天網絡直播和本次電話會議重播的鏈接發佈在GoPro 網站的投資者關係部分供您參考。除非另有說明，否則管理層評論中討論的除收入外的所有與損益表相關的數字均為非公認會計原則。

Now I'll turn the call over to GoPro's Founder and CEO, Nicholas Woodman.

現在我將把電話轉給 GoPro 的創始人兼首席執行官 Nicholas Woodman。

Thanks, Jalene, and hi, everybody. Thank you for joining us today. As we shared in the management commentary, which we posted to the Investor Relations section of our website, in Q2 2022, GoPro delivered a fifth consecutive profitable quarter on a GAAP basis at $0.02 per share and our eighth consecutive quarter of profitability on a non-GAAP basis at $0.08 per share.

謝謝，Jalene，大家好。感謝您今天加入我們。正如我們在我們網站投資者關係部分發布的管理評論中所分享的那樣，在 2022 年第二季度，GoPro 在 GAAP 基礎上連續第五個季度實現盈利，每股 0.02 美元，我們連續第八個季度實現非盈利季度盈利。 GAAP 基礎為每股 0.08 美元。

Camera sell-through outpaced expectations, and we drove significant year-over-year growth in subscribers and subscription revenue. Both revenue and non-GAAP EPS in Q2 exceeded expectations at $251 million and $0.08 per share, respectively. Direct-to-consumer revenue increased nearly 9% year-over-year to $95 million or 38% of revenue. and subscription and service revenue hit a new quarterly milestone of $20 million, positively impacting our bottom line.

相機銷量超出預期，我們推動了訂閱用戶和訂閱收入的同比顯著增長。第二季度的收入和非公認會計原則每股收益分別超過預期，分別為 2.51 億美元和 0.08 美元。直接面向消費者的收入同比增長近 9%，達到 9500 萬美元，佔收入的 38%。訂閱和服務收入達到 2000 萬美元的新季度里程碑，對我們的底線產生了積極影響。

Our subscription service continues to be a powerful financial engine for GoPro and represents our fastest growing, highest margin and most profitable product. We ended Q2 with 1.91 million subscribers, a 65% year-over-year increase of approximately 754,000 GoPro subscribers, and we are on the cusp of surpassing 2 million GoPro subscribers, which translates into $100 million of annual recurring subscription revenue with gross margin of 70% to 80%.

我們的訂閱服務繼續成為 GoPro 的強大財務引擎，代表著我們增長最快、利潤率最高和利潤最高的產品。我們在第二季度結束時擁有 191 萬用戶，同比增長 65%，約 754,000 名 GoPro 用戶，我們即將超過 200 萬 GoPro 用戶，這意味著每年的經常性訂閱收入為 1 億美元，毛利率為70% 到 80%。

We are on track with our plans to launch several exciting new hardware and software products in the back half of 2022, wowing our customers with blistering new performance made easy, thanks to significant updates to our software experience that will put a premium on convenience. We expect our new products and services to add to the momentum we enjoyed in Q2.

我們正在按計劃在 2022 年下半年推出幾款令人興奮的新硬件和軟件產品，這要歸功於我們的軟件體驗的重大更新，這將使我們更加註重便利性，從而讓我們的客戶輕鬆獲得出色的新性能。我們希望我們的新產品和服務能夠增加我們在第二季度所享有的勢頭。

I want to thank everyone at GoPro for their incredible work. We're thriving during challenging times, thanks to your world-class execution. I'd also like to thank all of you on the call with us today. It's an exciting time at GoPro, and we're grateful for your support and participation in our growth story.

我要感謝 GoPro 的每一個人所做的令人難以置信的工作。得益於您世界級的執行力，我們在充滿挑戰的時期蓬勃發展。我還要感謝今天與我們通話的所有人。這是 GoPro 激動人心的時刻，我們感謝您對我們成長故事的支持和參與。

Before jumping into Q&A, Brian has a few comments to share.

在進入問答環節之前，Brian 有一些評論要分享。

Thanks, Mick. I'd like to provide some color on Q2, Q3 and our 2022 outlook. As a reminder, they are both the CEO and CFO comments and the management commentary posted in the Investor Relations section of our website.

謝謝，米克。我想為第二季度、第三季度和我們的 2022 年展望提供一些顏色。提醒一下，它們既是首席執行官和首席財務官的評論，也是我們網站投資者關係部分發布的管理層評論。

As Nick mentioned, Q2 sell-through exceeded guidance and revenue and EPS were also on the high end of guidance. Europe and APAC performed well, particularly due to some rebound in international travel despite macro headwinds in these regions. Our Q3 and full year 2022 outlook considers several key macro dynamics impacting our business.

正如尼克所提到的，第二季度的銷售額超過了指引，收入和每股收益也處於指引的高端。歐洲和亞太地區表現良好，特別是由於儘管這些地區存在宏觀逆風，但國際旅行出現了一些反彈。我們的第三季度和 2022 年全年展望考慮了影響我們業務的幾個關鍵宏觀動態。

As has been widely reported, Big Box retailers are actively reducing their inventory, along with weeks of supply. In terms of retail Big Box channel inventory, we believe we are well-positioned at approximately 9 to 10 weeks of inventory. However, we expect retailers to generally reduce weeks of inventory in the second half, which could impact our sales into the channel.

正如廣泛報導的那樣，Big Box 零售商正在積極減少庫存，同時供應數週。就零售 Big Box 渠道庫存而言，我們認為我們的庫存約為 9 至 10 週。然而，我們預計零售商將在下半年普遍減少幾週的庫存，這可能會影響我們進入渠道的銷售。

We expect continued strength in the U.S. dollar relative to international currencies. The year-over-year FX impact to GoPro based on the midpoint of guidance for revenue, gross margin and earnings is approximately $10 million and $11 million in Q3 and Q4, respectively, or 2x as much as in the first half of 2022. For 2022, based on our outlook, we expect the overall FX impact to revenue, margin and earnings to be approximately $33 million compared to 2021.

我們預計美元相對於國際貨幣將繼續走強。根據收入、毛利率和收益指引的中點，第三季度和第四季度對 GoPro 的同比外匯影響分別約為 1000 萬美元和 1100 萬美元，是 2022 年上半年的 2 倍。根據我們的展望，到 2022 年，我們預計與 2021 年相比，外匯對收入、利潤率和收益的整體影響約為 3300 萬美元。

Inflation, rising interest rates and other macroeconomic issues may impact demand as well as competition for share of wallet during the second half. Taking these macro dynamics into consideration for 2022, we expect camera unit sales of between 2.9 million and 3.1 million units, which is down from our prior guidance of approximately 3.2 million units as well as year-over-year.

通脹、利率上升和其他宏觀經濟問題可能會影響下半年的需求以及對錢包份額的競爭。考慮到 2022 年的這些宏觀動態，我們預計相機單位銷量將在 290 萬至 310 萬台之間，低於我們之前約 320 萬台和同比的預期。

We expect second half 2022 compared to first half 2022 unit sales to grow nearly 60%, up from 46% in the same period in 2021, reflective of continued solid demand heading into Q3 and fueled by the launch of 2 new cameras rather than 1 flagship camera in the second half and our planned rollout of cloud-based editing later this year.

我們預計 2022 年下半年與 2022 年上半年相比，單位銷售額將增長近 60%，高於 2021 年同期的 46%，這反映了進入第三季度的持續強勁需求以及推出 2 款新相機而不是 1 款旗艦產品下半年的相機和我們計劃在今年晚些時候推出基於雲的編輯。

Furthermore, on the demand side, through July, we are running ahead of projected demand and sell-through, which is encouraging relative to our third quarter outlook. We expect ASPs in 2022 to increase 8% over 2021. We continue to effectively manage supply chain with third quarter camera secured, and the fourth quarter pipeline is well developed.

此外，在需求方面，到 7 月，我們的需求和銷售量都超過了預期，這與我們的第三季度前景相比是令人鼓舞的。我們預計 2022 年的 ASP 將比 2021 年增長 8%。我們繼續有效地管理供應鏈，確保第三季度的攝像頭得到保障，第四季度的管道發展良好。

We expect full year 2022 gross margin to be at the low end of our target range of 40% to 43%, primarily due to a strengthening U.S. dollar, along with some freight and component price increases. We expect to reduce our 2022 operating expenses to a range of between $325 million and $330 million, down from $340 million to $345 million. We are prioritizing certain hiring while slowing other hiring as well as taking other actions.

我們預計 2022 年全年毛利率將處於 40% 至 43% 目標範圍的低端，這主要是由於美元走強以及運費和零部件價格上漲。我們預計將 2022 年的運營費用從 3.4 億美元降至 3.45 億美元，降至 3.25 億美元至 3.3 億美元之間。我們正在優先考慮某些招聘，同時減緩其他招聘以及採取其他行動。

To execute on planned product launches, we will continue to invest in product innovation and hardware, software and the cloud experience as well as in targeted marketing, while continuing to drive efficiencies in all areas of our business. I hope that additional color is helpful.

為了執行計劃中的產品發布，我們將繼續投資於產品創新和硬件、軟件和雲體驗以及有針對性的營銷，同時繼續提高我們所有業務領域的效率。我希望額外的顏色會有所幫助。

Operator, we are now ready to take questions.

接線員，我們現在可以回答問題了。

(Operator Instructions) We will take the first question from Martin Yang from Oppenheimer.

（操作員說明）我們將回答 Oppenheimer 的 Martin Yang 的第一個問題。

My first question is regarding the camera shift to the higher end. Do you also observe maybe a higher attach rate to accessories as higher end cameras contribute a higher percentage in units?

我的第一個問題是關於相機轉向高端的問題。您是否還觀察到，隨著高端相機的單位比例更高，配件的附加率可能更高？

Hi Martin, it's Brian. Our attach has been pretty consistent through the years, although I have to say because we've come out with new accessories of late, we are seeing a bit more in accessory sales in our quarters. So that's definitely helping on the top line.

嗨，馬丁，我是布賴恩。多年來，我們的附件一直非常一致，儘管我不得不說，因為我們最近推出了新配件，我們看到我們季度的配件銷售有所增加。所以這肯定有助於頂線。

The next question is on the geographic weakness. It's trends. Americas, why is that down comparing to Europe and APAC, what was the respective driving force behind the growth for Europe and behind the decline in Americas?

下一個問題是地理上的弱點。是趨勢。美洲，為什麼與歐洲和亞太地區相比下降，歐洲增長和美洲下降的各自驅動力是什麼？

Yes. I think there's been a bit more travel in Europe, and we're starting to see Asia Pacific opening up. We talked about travel before and historically been about 10% of our sales. Now to get there, it's a combination of like direct to crews, direct into duty-free at airports. And then people then by, we have to extrapolate purchases from online, GoPro.com, Amazon and our other retailers, which is the bulk of the purchases. And so we've done a lot of surveys with customers on how they buy and why they buy.

是的。我認為歐洲的旅行有所增加，我們開始看到亞太地區的開放。我們之前談論過旅行，歷史上大約占我們銷售額的 10%。現在要到達那裡，它是直接向機組人員，直接進入機場免稅店的組合。然後人們，我們必須推斷來自在線、GoPro.com、亞馬遜和我們其他零售商的購買，這是購買的大部分。因此，我們對客戶進行了大量調查，了解他們如何購買以及為什麼購買。

We have seen, particularly in Europe and Asia, a rebound in travel. We've all seen that. But through duty-free and crews, we're seeing that come back, and that was part of our upside in the quarter, which is great. That said, it's also those 2 channels are about 50% of where they were pre-pandemic. So that also says, if the world keeps opening up, we have more room to grow, which will be a tailwind for us if that happens.

我們已經看到，尤其是在歐洲和亞洲，旅遊業出現了反彈。我們都看到了。但是通過免稅店和工作人員，我們看到了這種情況的回歸，這是我們本季度上漲的一部分，這很棒。也就是說，這兩個渠道也大約是大流行前的 50%。所以這也意味著，如果世界繼續開放，我們就有更多的成長空間，如果發生這種情況，這對我們來說將是順風。

We will take the next question from Anna Glaessgen from Jefferies.

我們將回答 Jefferies 的 Anna Glaessgen 的下一個問題。

I want to dig a little bit into the expectations for 3Q, given retailer commentary, I understand wanting to be conservative around their open supplies and appetite for more inventory in light of where positioning is. That said, you guys obviously have had a flagship launch around the same time every year for quite a while. I guess how long in advance are you putting those orders in? Is this guidance contemplating shifts to those orders or more so conservatism around open to buys and chase budget?

鑑於零售商的評論，我想稍微挖掘一下對第三季度的預期，我理解希望對他們的開放供應和根據定位的更多庫存的胃口保持保守。也就是說，你們顯然在相當長一段時間內每年都在同一時間推出旗艦產品。我猜你提前多久下訂單？該指南是否正在考慮轉向這些訂單，或者更多的是圍繞開放購買和追逐預算的保守主義？

Yes, this is Brian. We feel very good about any sell-through. So demand is definitely there. As a matter of fact, if it continues, and we expect it to repeat that upper end of our sell-through guidance. And if that happens, that's great because that gives more open-to-buy dollars for retailers.

是的，這是布賴恩。我們對任何銷售都感覺很好。所以需求肯定是存在的。事實上，如果它繼續下去，我們預計它會重複我們銷售指導的上限。如果發生這種情況，那就太好了，因為這為零售商提供了更多可購買的資金。

So because after we pointer stock. So as long as our product is moving, they're going to keep buying. I think we have pretty good visibility on the third quarter in terms of who's going to take what product and product availability and the strength also on GoPro.com. It has been very encouraging as well.

所以因為在我們指向股票之後。因此，只要我們的產品在移動，他們就會繼續購買。我認為我們在第三季度對誰將採用什麼產品和產品可用性以及 GoPro.com 的實力有很好的了解。這也非常令人鼓舞。

So from that perspective, it's good. And then we'll get to the fourth quarter. We have really good data historically on new products and how many products in the lineup and which products move at what rates and relative to each other. And so obviously, we'll have a flagship product for the fall and an additional product.

所以從這個角度來說，很好。然後我們將進入第四季度。從歷史上看，我們有關於新產品的非常好的數據，有多少產品在陣容中，哪些產品以什麼速度和相對於彼此移動。很明顯，我們將在秋季推出一款旗艦產品和一款附加產品。

That additional product, we expect to do well, but it doesn't have to knock it out of the park. It's like third or fourth in the ring of what we have to do in sell-through. So we're not completely dependent on it to meet all the numbers, but it's still important in terms of relative numbers and expectations for the year.

那個額外的產品，我們希望做得很好，但它不必把它淘汰出局。這就像我們在銷售中必須做的第三或第四環。所以我們並不完全依賴它來滿足所有的數字，但就相對數字和今年的預期而言，它仍然很重要。

Great. And just going off the prior questions around the dispersion across regions in performance. Are you expecting -- what are you expecting for the Americas through the back half of the year?

偉大的。並且只是解決先前關於跨地區績效分散的問題。您是否期待 - 您對今年下半年的美洲有何期待？

We expect Europe and Asia to continue to open, and we're not expecting a lot of additional growth from North America. We're seeing some of it, which has been encouraging, popping up here in July, but that would be maybe upside to the numbers in the second half.

我們預計歐洲和亞洲將繼續開放，我們預計北美不會有太多的額外增長。我們看到其中一些令人鼓舞的情況在 7 月出現在這裡，但這可能會比下半年的數字有所上升。

We will take the next question from Erik Woodring from Morgan Stanley.

我們將回答摩根士丹利的 Erik Woodring 的下一個問題。

So maybe if I just start on the kind of sell-in forecast. So the rationale that you described is very clear. I just wanted to get a better understanding of is the cut to your sell-in forecast or what percentage of the cut in your sell-in forecast is due to retailers carrying lower inventory versus like a real-time reaction to demand that you're seeing on GoPro. I'd love just like the bifurcation there. And then I don't know if I missed it in the prepared comments, but did you provide any comments on sell-through for 3Q and '22? And then I have a follow-up.

所以也許如果我只是從那種賣出預測開始。所以你描述的理由很清楚。我只是想更好地了解您的銷售預測削減，或者您的銷售預測削減的百分比是由於零售商庫存較低，而不是對您的需求的實時反應在 GoPro 上看到。我喜歡那裡的分叉。然後我不知道我是否在準備好的評論中錯過了它，但是您是否對 3Q 和 '22 的銷售量發表了任何評論？然後我有一個跟進。

I think on the demand front, we're actually seeing stronger demand than we've initially got it more in the quarter, which is very encouraging. July was actually ahead of expectations. So we're seeing solid demand that really picked up in Q2. It picked up more in Asia and continued in Europe. The second quarter in Europe was up year-over-year. So that's very positive. So as long as the sell-through continues, like I said, as we expect it to, we have very good visibility then into sell-in. So...

我認為在需求方面，我們實際上看到的需求比我們在本季度最初得到的更多，這非常令人鼓舞。七月實際上超出了預期。因此，我們看到第二季度真正回升的強勁需求。它在亞洲有所回升，並在歐洲繼續。歐洲第二季度同比增長。所以這是非常積極的。因此，只要銷售繼續，就像我說的那樣，正如我們所期望的那樣，我們對銷售有很好的可見性。所以...

Okay. And then maybe just, Brian, again, on thinking about seasonality. Back of the envelope math for me kind of implies you need to get towards the higher end of seasonality -- revenue seasonality in both 3Q and 4Q. If we take kind of the midpoint of your sell-in plus your ASP comments. And so is that the right way to think about it or will revenue be overly skewed to 4Q because of the product launch cadence. I just want to make sure we're thinking about 3Q revenue and 4Q revenue correctly? And that's it for me.

好的。然後也許只是，布賴恩，再次考慮季節性。對我來說，信封的數學意味著你需要接近季節性的高端——第三季度和第四季度的收入季節性。如果我們採用您的銷售中點加上您的 ASP 評論。由於產品發布的節奏，這是正確的思考方式，或者收入是否會過度偏向於第四季度。我只是想確保我們正確考慮 3Q 收入和 4Q 收入？對我來說就是這樣。

Yes. No worries, 3Q would be a little bit below in terms of units where we've historically been. Q4 a touch higher but that's because we have 2 new products coming out in the fourth quarter versus 1. So if it wasn't for that, we would have tempered the outlook to be less. But considering we have more products to sell, we'll get the load-in and the sales in the sell-through. And that's what's driving the numbers for '22 and will help drive it for '23 as well.

是的。不用擔心，就我們歷史上的單位而言，第三季度會略低於我們的歷史水平。第四季度略高，但那是因為我們在第四季度推出了 2 款新產品，而不是 1 款。因此，如果不是這樣，我們會降低前景。但是考慮到我們有更多的產品要銷售，我們將在銷售中獲得入庫和銷售。這就是推動 22 年數字的原因，也將有助於推動 23 年的數字。

(Operator Instructions) We'll take the next question from Nick Todorov from Longbow Research.

（操作員說明）我們將回答 Longbow Research 的 Nick Todorov 的下一個問題。

One question on Americas. Brian, I think you mentioned that you don't expect much growth from America in the second half. I just wonder maybe if you can explain why you're seeing this bifurcation in America revenue and demand versus the rest of the world. I understand the retail big box inventory digestion is one hand. But is there anything besides that, that you see that driving that differentiation in demand?

關於美洲的一個問題。布賴恩，我想你提到過下半年美國不會有太大的增長。我只是想知道您是否可以解釋為什麼您會看到美國收入和需求與世界其他地區的這種分歧。據我了解，零售大盒庫存消化是一方面。但除此之外，您是否看到推動需求差異化的因素？

Yes. Actually, a couple of things. One is, well, Big Box retailers are a large part of our North American business. So that definitely has an impact, and so we'll see how that goes. The good news is we have, as I said in the prepared remarks, reaches inventory in 9 to 10 weeks, which are pretty good. And historically, right, where we would want them to be so that they're not missing sales.

是的。實際上，有幾件事。一是，Big Box 零售商是我們北美業務的重要組成部分。所以這肯定會產生影響，所以我們會看看情況如何。好消息是，正如我在準備好的評論中所說，我們在 9 到 10 週內到達庫存，這非常好。從歷史上看，是的，我們希望他們處於這樣的位置，這樣他們就不會錯過銷售。

So hopefully, we can keep it. We expect it to come down. But if we keep selling through and see the demand like we've been seeing in July, that maybe that doesn't get cut. So maybe that's upside for us. I think since the pandemic, I think we're seeing a little bit of a cycle too because North America back in the second half of '20 and the first half of most of '21 was very strong for North America and Europe and Asia were much more tempered on our business. And we're seeing that cycle where North America over the last couple of quarters have kind of come down a bit, but Europe and Asia has come up.

所以希望我們可以保留它。我們預計它會下降。但是，如果我們繼續銷售並看到我們在 7 月份看到的需求，那可能不會被削減。所以也許這對我們來說是有利的。我認為自從大流行以來，我認為我們也看到了一個週期，因為北美在 20 年下半年和 21 年上半年的大部分時間對北美來說非常強勁，歐洲和亞洲都是對我們的業務更加溫和。我們看到過去幾個季度北美有所下降，但歐洲和亞洲有所上升。

So I think we're seeing just a cycle and part of that's on reopening and such. So that's the beauty about having a global business is we get to manage a global business. And sometimes certain geos are up and others are down and then they cycle around, and we continue to enjoy the benefits of being that diversified globally.

所以我認為我們看到的只是一個週期，其中一部分是重新開放等等。因此，擁有全球業務的美妙之處在於我們可以管理全球業務。有時某些地區會上升，而其他地區會下降，然後它們會循環往復，我們繼續享受在全球範圍內多元化的好處。

And for a second question, it's more of a kind of a strategy going forward. So obviously, I think you've moved to a moving camera demand to the high end of your product set, so increasing the ASP and kind of maybe lowering units. But looking forward, it sounds like you're going to have an additional product launch this year. How should we think about this going forward? Are the new products outside of the maybe HERO 11 coming? Are those kind of complementary products that or just an addition to the TAM and ASP should be continue to trend up, obviously, for one reason because of subscription. But even if we strip out subscription, how should we think about the mix of ASP versus units going forward into next year?

對於第二個問題，這更像是一種未來的戰略。所以很明顯，我認為你已經將移動相機的需求轉移到你的產品集的高端，所以增加了 ASP 並且可能會降低單位。但展望未來，聽起來您今年將推出額外的產品。今後我們應該如何看待這件事？也許HERO 11之外的新產品會來嗎？那些補充產品或只是 TAM 和 ASP 的補充是否應該繼續呈上升趨勢，顯然，原因之一是訂閱。但是，即使我們去掉訂閱，我們應該如何考慮 ASP 與明年的單位組合？

I think as we look at it going into next year, we expect to have ASPs continuing to go up more to the high end and more unit growth. So we'll have -- we expect to have units growing a bit in 2023. And that's largely due to, I think, Asia and a bit of Europe is going to drive that. And if North America can come back if it's in a recession or going through some of those economic issues, if that comes back, then we do better. I think I'd also point out the strength of what's going to help drive ASP in '23.

我認為，當我們展望明年時，我們預計平均售價將繼續上升到高端和更多的單位增長。所以我們將擁有 - 我們預計到 2023 年的單位會有所增長。我認為這主要是由於亞洲和歐洲的一些地區將推動這一增長。如果北美在經濟衰退或經歷一些經濟問題時能夠恢復，如果恢復，那麼我們會做得更好。我想我還要指出將有助於推動 23 年 ASP 的力量。

And I said this on the May call, as I look at subscription and the number of subscribers, we expect to be at $2.2 million, that's going to continue to grow into 2023, given the model, and we expect to see subscription revenue up about 50% year-over-year. It's up way up already doing that in '21 over '20. So that's also going to have a positive impact on gross margin while we're at 40 points in 2020 or 2022, sorry, I'd expect to be up at least 0.23 because of the growth in subscription and that's continuing to drive to the high end where we make more money as well as DTC.

我在 5 月的電話會議上說過，當我查看訂閱和訂閱人數時，我們預計將達到 220 萬美元，考慮到該模型，這將繼續增長到 2023 年，我們預計訂閱收入將增長約同比增長 50%。在 21 年比 20 年，它已經在這樣做了。因此，這也將對毛利率產生積極影響，而我們在 2020 年或 2022 年達到 40 點，抱歉，由於訂閱量的增長，我預計至少會上漲 0.23 點，而且這將繼續推高結束我們賺更多錢以及 DTC 的地方。

Last question for me quickly. What do you expect for sell-through for the fourth quarter or for the full year?

最後一個問題很快給我。您對第四季度或全年的銷售量有何預期？

Sell-through for the whole year, it's going to be about 3 million to 3.1 million units pretty close to sell-in.

全年銷售量約為 300 萬至 310 萬台，非常接近銷售量。

Next question from Jim Suva from Citigroup.

花旗集團的 Jim Suva 的下一個問題。

Brian, you mentioned Big Box retailer in North America, kind of 9 to 10 weeks inventory you thought that, that was pretty good. The question is, is that confirmed with the Big Box retailers and they're fine with that or is there a chance that the big box retailers may actually want to take things lower? I'm just kind of curious about that 9 to 10 weeks reference you made.

布賴恩，你提到北美的 Big Box 零售商，你認為 9 到 10 週的庫存，這非常好。問題是，大盒子零售商是否確認了這一點，他們對此表示滿意，還是大盒子零售商可能真的想要降低價格？我只是對你提到的 9 到 10 週的參考有點好奇。

Yes. We see -- that's a good level because those are good healthy in-stocks where they don't lose camera sales. If they could choose to drop inventory, they have their business to run to and they're trying to get their inventories down and cash flow. So we'll see what they do. And each one will deal with it differently, right? They will not do the same thing. But I think if they go too low, and even in 7 to 8 weeks, it could be stocked out and miss sales.

是的。我們看到 - 這是一個很好的水平，因為它們是良好健康的庫存，它們不會失去相機銷售。如果他們可以選擇減少庫存，他們就有業務可做，他們正在努力降低庫存和現金流。所以我們會看看他們做了什麼。每個人都會以不同的方式處理它，對吧？他們不會做同樣的事情。但我認為，如果價格太低，甚至在 7 到 8 週內，它可能會缺貨並錯過銷售。

Now maybe that comes back to GoPro.com, too. So maybe it flips to us. But we'll work with the retailers to try and hold as much weeks of inventory as possible. So that's just a dynamic we have to work through between Q3 and Q4. But that's all --. Took the numbers down, right? Because we don't know exactly where they're going to go because they're managing their business, too. So it's pretty dynamic.

現在也許這又回到了 GoPro.com。所以也許它翻轉給我們。但我們將與零售商合作，盡可能多地保留數週的庫存。所以這只是我們必須在第三季度和第四季度之間解決的動態。但僅此而已——。把數字記下來了，對吧？因為我們不知道他們到底要去哪裡，因為他們也在管理他們的業務。所以它非常動態。

Yes. So Brian, was then previous making this up 3, 6 months ago, your inventory bigger than 9 to 10 weeks or is it more of their comments about lowering inventory on other consumer electronics that they have in the stores?

是的。所以布賴恩，當時是在 3、6 個月前編造的，您的庫存大於 9 到 10 週，還是他們更多地評論降低他們在商店中其他消費電子產品的庫存？

No. It's more of the latter. We've been consistent in the 9 to 10 week range.

不，更多的是後者。我們在 9 到 10 週的範圍內一直保持一致。

Yes, that's what I thought.

是的，我就是這麼想的。

Yes, just for the record, I mean we've done a really, really good job of managing channel inventories and not getting over our SKUs because we know that if it goes too high, that's just trouble for us and for the retailers. And that causes discounting, et cetera. So we've seen how that's played out historically, and we haven't had to do that in the last 2 years.

是的，只是為了記錄，我的意思是我們在管理渠道庫存方面做得非常非常好，並且沒有超過我們的 SKU，因為我們知道如果它太高，那對我們和零售商來說都是麻煩。這會導致折扣等等。所以我們已經看到了它在歷史上是如何發揮作用的，在過去的兩年中我們不必這樣做。

Great. It helps us bridge the concern about what they're saying and in the media versus the reality of behind the doors of what you're doing.

偉大的。它可以幫助我們彌合對他們在說什麼和在媒體上的擔憂與你在幕後所做的事情的現實。

It appears that there is no further question at this time. Mr. Speaker, I'd like to turn the conference back to you for any additional or closing remarks.

目前看來沒有進一步的問題了。議長先生，我想將會議轉回給您，以進行任何補充或結束髮言。

Thank you, operator. And thank you, everybody, for asking Brian, all the questions. You made my job very easy today. I'd just like to close by saying we're excited for the rest of the year and all of the new products and services that we've got on tap for later this year. It's going to be very exciting. And we're also excited to connect with you at a slate of upcoming events later this quarter. So thank you again for your attention, for your support. And until then, this is Team GoPro signing off.

謝謝你，接線員。謝謝大家，向布賴恩提出所有問題。你今天讓我的工作變得很輕鬆。最後我想說的是，我們對今年餘下的時間以及我們在今年晚些時候推出的所有新產品和服務感到興奮。這將是非常令人興奮的。我們也很高興在本季度晚些時候即將舉行的一系列活動中與您聯繫。所以再次感謝您的關注，您的支持。在那之前，這是 GoPro 團隊的簽約。

This concludes today's call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。