GoPro Inc (GPRO) 2022 Q4 法說會逐字稿

Good afternoon. Thank you for attending the GoPro Q4 2022 Earnings Call. My name is Matt, and I'll be your moderator for today's call. (Operator Instructions) I would now like to pass the conference over to our host, Christopher Clark, Vice President of Corporate Communications. Christopher, please go ahead.

下午好。感謝您參加 GoPro 2022 年第四季度財報電話會議。我叫馬特，我將擔任今天電話會議的主持人。 （操作員說明）我現在想將會議轉交給我們的主持人，企業傳播副總裁克里斯托弗克拉克。克里斯托弗，請繼續。

Thank you, operator. Good afternoon, everyone, and welcome to GoPro's Fourth Quarter and Full Year 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, followed by Q&A. For detailed information about our fourth quarter and full year 2022 performance and our outlook, please read the detailed management commentary we posted to the Investor Relations section of GoPro's website.

謝謝你，運營商。大家下午好，歡迎參加 GoPro 2022 年第四季度和全年收益電話會議。今天和我在一起的是 GoPro 的首席執行官尼古拉斯伍德曼；以及首席財務官兼首席運營官布賴恩麥吉。今天的議程將包括 Nick 的簡要介紹，然後是問答環節。有關我們 2022 年第四季度和全年業績以及展望的詳細信息，請閱讀我們在 GoPro 網站投資者關係部分發布的詳細管理評論。

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, any continued impact from the COVID-19 pandemic or the war in Ukraine. This means that results could change at any time.

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都不是對未來業績的保證，並受一些風險和不確定性，可能導致實際結果存在重大差異。此外，今天所做的任何前瞻性陳述均基於截至今天的假設，包括但不限於 COVID-19 大流行病或烏克蘭戰爭的任何持續影響。這意味著結果可能隨時改變。

Our commentary about our business results and 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. 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, and which is on file with the Securities and Exchange Commission and in other reports we may file from time to time with the SEC.

我們對我們的業務結果和前景的評論是基於截至今天可用的信息，我們不承擔因新信息或未來事件而更新這些聲明的任何義務。為了更好地理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，我們建議您參閱我們截至 2021 年 12 月 31 日止年度的最新 10-K 表格年度報告，該報告已在美國證券交易所存檔。交易委員會和我們可能不時向美國證券交易委員會提交的其他報告。

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，我們可能會根據公認會計原則和非公認會計原則討論毛利率、營業費用、淨損益、EBITDA 以及每股基本和攤薄淨損益。我們相信非 GAAP 信息是有用的，因為它可以加強對我們持續經濟表現的理解。我們在內部使用非 GAAP 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運營結果的方式對運營結果進行比較。

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 data and metrics for the fourth quarter and full year 2022. The management commentary slides as well as 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. Now I'll turn the call over to GoPro's Founder and CEO, Nicholas Woodman.

可以在今天下午發布的新聞稿中找到 GAAP 與非 GAAP 運營費用的對賬，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，我們還發布了包含第四季度和 2022 年全年詳細財務數據和指標的幻燈片。管理層評論幻燈片以及今天網絡直播和電話會議重播的鏈接是發佈在 GoPro 網站的投資者關係部分，供您參考。除非另有說明，除收入外，管理層評論中討論的所有與損益表相關的數字均為非 GAAP。現在我將電話轉給 GoPro 的創始人兼首席執行官尼古拉斯伍德曼。

Thanks, Chris, and hi, everybody. Thank you for joining us today. Before we get to Q&A, I have some brief remarks to summarize the detailed management commentary we posted to the Investor Relations section of our website, which I encourage each of you to read. I first want to congratulate and thank everybody at GoPro, past and present, who contributed to GoPro's incredible 20-year history. In Q4 2022, we celebrated our 20-year anniversary and it has been inspiring to consider how far we've come from our first product, a 35-millimeter film camera designed to be worn on the wrist while surfing, to today - one of the world's most popular brands serving millions of the world's most active, creative and inspired humans. Gratitude to all.

謝謝，克里斯，大家好。感謝您今天加入我們。在我們開始問答之前，我有一些簡短的評論來總結我們發佈在我們網站投資者關係部分的詳細管理評論，我鼓勵你們每個人閱讀。我首先要祝賀並感謝 GoPro 的每一位過去和現在的人，他們為 GoPro 令人難以置信的 20 年曆史做出了貢獻。在 2022 年第四季度，我們慶祝了成立 20 週年，從我們的第一款產品（設計用於衝浪時戴在手腕上的 35 毫米膠片相機）到今天，我們已經走了多遠，這令人鼓舞。世界上最受歡迎的品牌，服務於世界上數百萬最活躍、最具創造力和靈感的人。感謝所有人。

The strength of our brand and subscription-based business strategy was evident in 2022, a year marked by macroeconomic challenges. Our high-margin subscription business is serving as a powerful financial engine contributing meaningfully to our bottom line.

我們的品牌和基於訂閱的業務戰略的優勢在 2022 年顯而易見，這一年充滿了宏觀經濟挑戰。我們的高利潤訂閱業務是一個強大的金融引擎，對我們的利潤做出了有意義的貢獻。

In 2022, we grew GoPro subscribers 43% year-over-year to 2.25 million, exceeding our annual target of 2.2 million and bringing our subscription and service revenue to an annual run rate of $100 million with 70% to 80% gross margin. The growth in our subscription business helped us deliver profitability and positive EBITDA. We paid off debt of $125 million and repurchased $40 million in stock and we exited the year with a strong cash balance of $367 million.

2022 年，我們的 GoPro 用戶同比增長 43% 至 225 萬，超過了我們 220 萬的年度目標，使我們的訂閱和服務收入達到 1 億美元的年運行率，毛利率為 70% 至 80%。我們訂閱業務的增長幫助我們實現了盈利和正的 EBITDA。我們還清了 1.25 億美元的債務並回購了 4000 萬美元的股票，並以 3.67 億美元的強勁現金結餘結束了這一年。

2022 benefited from our complementary direct-to-consumer and retail channels with each meaningfully contributing to our business throughout the year. Direct-to-consumer revenue from GoPro.com was 40% of overall revenue in Q4 and 38% for the full year of 2022, up from 33% and 34%, respectively.

2022 年受益於我們互補的直接面向消費者和零售渠道，每個渠道全年都為我們的業務做出了有意義的貢獻。 GoPro.com 的直接面向消費者的收入佔第四季度總收入的 40% 和 2022 年全年的 38%，分別高於 33% 和 34%。

In addition, our Gopro.com business grew 5% in 2022 over 2021 driven by 52% growth in subscription and services revenue. We estimate GoPro.com revenue growth was 12% in constant currency. Like many companies, GoPro's results for the year and quarter were impacted by a stronger U.S. dollar. On a constant currency basis, we estimate that revenue for the year would have been approximately $50 million higher or 5% above actual results. Gross margin would have been nearly 41% versus 38.1% actual results and EBITDA-to-revenue approximately 13% versus 9% actual results.

此外，在訂閱和服務收入增長 52% 的推動下，我們的 Gopro.com 業務在 2022 年比 2021 年增長了 5%。我們估計 GoPro.com 的收入增長率為 12%（按固定匯率計算）。與許多公司一樣，GoPro 本年度和本季度的業績受到美元走強的影響。在固定匯率的基礎上，我們估計今年的收入將比實際結果高出約 5000 萬美元或 5%。毛利率將接近 41%，而實際結果為 38.1%，EBITDA 收入比約為 13%，而實際結果為 9%。

Considering the global FX and macroeconomic challenges, we believe our 2022 results reflect the strength of our subscription-based business model and the strong execution of our teams. The future of GoPro is subscription based and we're laser-focused on what we believe is a significant high-margin growth opportunity. GoPro's focus on building our direct-to-consumer channel has increased our understanding of consumer behavior, and we are successfully leveraging this to drive engagement and LTV. While still early in this journey, we see significant opportunities to add further value for new and existing subscribers.

考慮到全球外彙和宏觀經濟挑戰，我們認為我們 2022 年的業績反映了我們基於訂閱的業務模式的實力和我們團隊的強大執行力。 GoPro 的未來以訂閱為基礎，我們專注於我們認為重要的高利潤增長機會。 GoPro 專注於建立直接面向消費者的渠道，這增加了我們對消費者行為的了解，我們成功地利用這一點來推動參與度和生命週期價值。雖然仍處於這一旅程的早期，但我們看到了為新老用戶增加更多價值的重要機會。

Our 2023 plan is to maintain GoPro's ongoing profitability, and end the year with a strong cash position of $325 million to $350 million, while investing in critical long-term growth opportunities that we believe will position GoPro well for when the global economy recovers. We're investing in the people, technology and innovation that we believe will drive subscriber growth, retention and ultimately, LTV. This includes expanding our hardware lineup to court a broader consumer base and rolling out a sync'd mobile, cloud and desktop experience that will target GoPro owners and nonowners alike, with a new premium subscription tier.

我們的 2023 年計劃是保持 GoPro 的持續盈利能力，並以 3.25 億美元至 3.5 億美元的強勁現金頭寸結束這一年，同時投資於關鍵的長期增長機會，我們認為這將使 GoPro 在全球經濟復甦時處於有利地位。我們正在投資於我們認為將推動用戶增長、保留並最終推動 LTV 的人員、技術和創新。這包括擴展我們的硬件陣容以吸引更廣泛的消費者群，並推出同步的移動、雲和桌面體驗，以 GoPro 所有者和非所有者等為目標，並提供新的高級訂閱層。

As I reflect on our 20 years in business, I'm most proud of the innovation GoPro has become known for, as well as our purpose - serving the world's most active and creative people with digital imaging solutions that help them capture and share their lives in exciting ways. This purpose combines with the strength of our brand, our people and our subscription-based business model to give us confidence that we are well positioned for the future. Despite near-term challenges that many businesses, including GoPro, are likely to face in 2023. In the meantime, we're innovating towards an exciting tomorrow, where we believe GoPro will serve significantly more people than we do today.

當我回顧我們 20 年的業務時，我最自豪的是 GoPro 的創新以及我們的目標 - 為世界上最活躍和最有創造力的人提供數字成像解決方案，幫助他們捕捉和分享他們的生活以令人興奮的方式。這一宗旨與我們品牌、員工和基於訂閱的商業模式的優勢相結合，使我們相信我們為未來做好了準備。儘管包括 GoPro 在內的許多企業可能會在 2023 年面臨近期挑戰。與此同時，我們正在為激動人心的明天進行創新，我們相信 GoPro 將為比今天更多的人提供服務。

Operator, we are now ready to take questions.

接線員，我們現在準備好接受提問了。

(Operator Instructions)

（操作員說明）

The first question is from the line of Anna Glaessgen with Jefferies.

第一個問題來自 Jefferies 的 Anna Glaessgen。

First, I want to start on this premium subscription here. Could you talk a little bit more about the research that we're seeing that justifies it. And what would be the additional features and options that it would give the subscribers?

首先，我想從這裡開始這個高級訂閱。你能多談談我們看到的證明它合理的研究嗎？它將為訂戶提供哪些附加功能和選項？

Brian, do you want to start with attach rates and current subscription business and I will take the second part?

布賴恩，你想從附加費率和當前訂閱業務開始嗎，我來做第二部分？

Yes. That sounds great. Yes. Thanks, Anna. On our current subscription business, we ended the year with about 2.25 million subscribers left up 43%, and revenue was up 52%. So we're very excited about our subscription business and the fact that it's 70 to 80 points of gross margin. If we kind of unpack that a little bit, just for everyone to remember. On GoPro.com, attach rates are greater than 90% as we largely bundle a subscription with our cameras. The expanding part of kind of the year was continued attach in retail. So if someone buys at a retail store and then comes to the App Store and signs up for subscription, and that increased substantially from low 20% attach in 2021 to nearly 35% attach of 2022.

是的。聽起來不錯。是的。謝謝，安娜。在我們目前的訂閱業務方面，截至年底，我們有約 225 萬訂閱者，增長了 43%，收入增長了 52%。因此，我們對我們的訂閱業務及其 70 至 80 點的毛利率感到非常興奮。如果我們稍微解壓一下，只是為了讓每個人都記住。在 GoPro.com 上，附加率超過 90%，因為我們主要將訂閱與我們的相機捆綁在一起。年度增長部分繼續集中在零售業。因此，如果有人在零售店購買，然後來到 App Store 並註冊訂閱，那麼這一比例將從 2021 年的低 20% 大幅增加到 2022 年的近 35%。

So we saw substantial growth on the retail side, given the value proposition, which is great. And I think just to kind of add to that point, as we look at kind of the subscribers from GoPro.com, who came in on the bundle and those who came in retail and paid the initial 50 to the ones who now through most of 2021 and '22 paid 25 and upgraded to 50 when that 1 year came up. Our retention rate across all of those cohorts have essentially stayed the same. And so we're seeing a nice uptick in ARPU from the cohort at 25 and now is moving up to 50. So as a backdrop, I'll turn it over the Nick.

因此，鑑於價值主張，我們看到了零售方面的大幅增長，這很好。我想補充一下這一點，因為我們觀察了來自 GoPro.com 的訂閱者，他們購買了捆綁包，而那些通過零售購買並支付了最初 50 美元的訂閱者現在已經購買了大部分產品。 2021 年和 22 年支付 25 美元，並在 1 年到期時升級到 50 美元。我們在所有這些隊列中的保留率基本保持不變。因此，我們看到 ARPU 從 25 歲開始有了很好的上升，現在正在上升到 50。因此，作為背景，我將把它交給 Nick。

Yes. So based on the success that we're having with converting both people that buy their cameras at GoPro.com and as well as consumers who buy their cameras at retail, converting them to become GoPro subscribers, we have a lot of engagement. We've learned a lot from our subscribers about what more they want to see from GoPro, what they value the most.

是的。因此，基於我們在將在 GoPro.com 購買相機的人和在零售店購買相機的消費者轉化為 GoPro 訂戶方面取得的成功，我們有很多參與。我們從訂閱者那裡學到了很多關於他們更希望從 GoPro 看到什麼，他們最看重什麼。

And then in parallel, we do a lot of consumer research to learn perhaps why some people aren't subscribing and what they'd like to see. And then we're combining that also with data that we have from previous desktop app that we had in the market some years ago. It was actually called Quik for desktop. And at the time of sunsetting that app some years ago, we had 1 million monthly active users of that desktop app. And it was really encouraging to see that for years after sunsetting that desktop application with no product updates, no product support whatsoever. We still have hundreds of thousands of monthly active users. So it's a clear sign that there is significant demand for a desktop application from GoPro and our more recent consumer research confirms that.

然後同時，我們進行了大量的消費者研究，以了解為什麼有些人不訂閱以及他們希望看到什麼。然後我們將其與幾年前我們在市場上擁有的以前的桌面應用程序的數據結合起來。它實際上被稱為桌面版 Quik。在幾年前關閉該應用程序時，我們每月有 100 萬該桌面應用程序的活躍用戶。在停用該桌面應用程序多年後，沒有產品更新，也沒有任何產品支持，這真是令人鼓舞。我們仍然有數十萬每月活躍用戶。因此，這是一個明顯的跡象，表明對 GoPro 桌面應用程序的需求很大，我們最近的消費者研究也證實了這一點。

And it also confirms that the launch of a desktop application that is sync'd to GoPro subscribers cloud and mobile apps will definitely represent value that they're willing to pay a premium subscription amount for. But what's great is it will be an upsell because we'll still provide the current GoPro subscription pricing and benefits to existing subscribers and new subscribers if they're not interested in the more premium tier. But all of our research and past experience indicates that this is a significant opportunity for us. We're really excited about it.

它還證實了與 GoPro 訂閱者云和移動應用程序同步的桌面應用程序的啟動肯定會代表他們願意支付高級訂閱金額的價值。但很棒的是，這將是一次追加銷售，因為如果現有訂閱者和新訂閱者對更高級別不感興趣，我們仍將向他們提供當前的 GoPro 訂閱定價和福利。但我們所有的研究和過去的經驗都表明，這對我們來說是一個重要的機會。我們真的很興奮。

And I'd like to add that -- we do have experience selling subscriptions to people that don't even own a GoPro. As we mentioned on the call, we've seen nice growth with the Quik mobile app. And we're going to be taking those learnings and extending them to the desktop application and premiums here and be making that available to people that don't own a GoPro so that they can leverage the app and cloud benefits and mobile editing benefits for editing their phone footage or footage that they're capturing with any camera regardless of whether it's a GoPro or not. So this is an important TAM-expanding initiative for us. And it's something that we're going to be more and more focused on when we have the full mobile cloud and desktop suite out in the market.

我想補充一點——我們確實有向甚至沒有 GoPro 的人銷售訂閱服務的經驗。正如我們在電話會議上提到的，我們已經看到 Quik 移動應用程序的良好增長。我們將吸取這些經驗並將它們擴展到桌面應用程序和此處的高級應用程序，並將其提供給沒有 GoPro 的人，以便他們可以利用應用程序和雲優勢以及移動編輯優勢進行編輯他們的手機鏡頭或他們用任何相機拍攝的鏡頭，無論它是否是 GoPro。因此，這對我們來說是一項重要的 TAM 擴展計劃。當我們在市場上推出完整的移動雲和桌面套件時，我們將越來越關注這一點。

Got it. And then turning to guidance 1Q implies probably a double-digit drop in units, can you talk a little bit about where we are in terms of seeing a more normalized sell-in and sell-through balance, particularly at the big box retailers that have been destocking since several quarters now?

知道了。然後轉向指導 1Q 意味著單位可能有兩位數的下降，你能談談我們在看到更正常化的銷售和銷售平衡方面所處的位置，特別是在有幾個季度以來一直在去庫存？

Actually, let me start before I get into Q1 guidance, talk about Q4 a little bit. Given the environment and how we guided, we're very pleased with how revenue came out pretty close to the midpoint of what we guided to. And we beat earnings by about 33% on the bottom line. So very proud of that for the quarter, and we increased cash.

實際上，讓我在進入 Q1 指南之前先談談 Q4。鑑於環境和我們的指導方式，我們對收入如何非常接近我們指導的中點感到非常滿意。我們的利潤比盈利高出約 33%。為本季度感到非常自豪，我們增加了現金。

This is a tale of comparing sell-in and sell-through. If you actually look at it on a sell-through basis, the fourth quarter was down about 8% year-over-year. And most of that was in North America. The U.S. market is definitely under more pressure with the consumer. So that's definitely been an issue. On a sell-in basis, of course, we were down quite a bit more mostly in North America and Europe, which were down 21% and 24% kind of respectively. But again, the sell-through kind of balanced out.

這是一個比較銷售和銷售的故事。如果您實際從銷售量的角度來看，第四季度同比下降約 8%。其中大部分在北美。美國市場肯定承受著更大的消費者壓力。所以這絕對是個問題。當然，在銷售的基礎上，我們在北美和歐洲的跌幅要大得多，分別下降了 21% 和 24%。但同樣，銷售量平衡了。

Now if we look at it, the good news is GoPro.com helped to offset some of the negative retail trends and was actually flat year-over-year. So we're very pleased with that outcome. As I'll also note in our management commentary, we wanted to sell through about 950,000 units in Q4, and we ended up at about 900,000. So a little bit short. Channel inventory actually is in line with kind of where we've been historically and up a little bit just because of -- we introduced a new product with HERO11 Mini late in the quarter. So since that pull that out and actually we were down year-over-year in channel inventory. But we wanted to be 50,000 less and put us in a healthier position on exiting the year. So we'll actually see that come out in Q1, which is impacting our sell-in in the first quarter.

現在，如果我們看一下，好消息是 GoPro.com 幫助抵消了一些負面的零售趨勢，實際上同比持平。所以我們對這個結果非常滿意。正如我還將在我們的管理評論中指出的那樣，我們希望在第四季度售出約 950,000 台，最終達到約 900,000 台。所以有點短。渠道庫存實際上與我們歷史上的情況一致，並且略有上升只是因為——我們在本季度末推出了一款帶有 HERO11 Mini 的新產品。因此，自那以後，實際上我們的渠道庫存同比下降。但我們希望減少 50,000 人，讓我們在今年結束時處於更健康的位置。所以我們實際上會在第一季度看到它的出現，這會影響我們在第一季度的銷售量。

Sell-through is actually normalizing to that down 9% on the midpoint of our guide. So none of that is a sell-in. So the channel inventory aspect, the consumer and retailers trying to get their own inventories healthier. It's not a GoPro thing, they're trying to manage their own business, has impacted us in Q4 and then in Q1. I think that starts to normalize because they're getting down to -- they're going to get down to some pretty low levels in Q2 or ending Q1 and getting into Q2. So -- that's kind of how we see that playing out and hopefully, as a much stronger market as we get to the second half of 2023.

銷售率實際上正常化為在我們指南的中點下降 9%。所以這些都不是賣出。所以在渠道庫存方面，消費者和零售商試圖讓自己的庫存更健康。這不是 GoPro 的事情，他們試圖管理自己的業務，在第四季度和第一季度對我們產生了影響。我認為這開始正常化，因為他們正在下降——他們將在第二季度下降到一些相當低的水平，或者在第一季度結束並進入第二季度。所以——這就是我們如何看待這種情況，並希望到 2023 年下半年，市場會更加強勁。

The next question is from the line of Erik Woodring with Morgan Stanley.

下一個問題來自摩根士丹利的 Erik Woodring。

This is May on for Erik. Just starting, where do you believe kind of year-end subscribers will land for 2023? .

這是 Erik 的五月。剛開始，您認為 2023 年年終訂戶會到達哪裡？ .

Yes. So we didn't give guidance for the whole year just because of the macro complexity that's going on in the market. We do expect subscribers to be up. It will be up about 100,000 in Q1. We expect and that we are not going to give guidance for the year, but we do expect to have growth. I think the other thing we'll point out is we expect to have at least $100 million of revenue from subscription and service in 2023. And that will be up from about $82 million or so in 2022. So we'll see nice revenue growth. We'll still have a subscriber growth, and we'll be adding to the subscriber tiers, as Nick had said, which will have a nice upsell, generate a higher subscription dollar amount and better margin. So looking forward to that.

是的。所以我們沒有給出全年的指導，只是因為市場上正在發生的宏觀複雜性。我們確實希望訂戶能夠起來。第一季度將增加約 100,000。我們預計並且我們不會為今年提供指導，但我們確實希望有增長。我認為我們要指出的另一件事是，我們預計到 2023 年訂閱和服務收入將至少達到 1 億美元。這將高於 2022 年的約 8200 萬美元左右。因此我們將看到不錯的收入增長.我們仍然會有訂戶增長，我們將增加訂戶層級，正如尼克所說，這將有很好的追加銷售，產生更高的訂閱美元金額和更好的利潤率。所以很期待。

Great. And then just as a follow-up, how would you kind of characterize the pricing environment from the December quarter? And do you expect that to continue trending into the March quarter? Or how do you see that in the pricing environment?

偉大的。然後作為後續行動，您如何描述 12 月季度的定價環境？您是否預計這種趨勢會持續到 3 月季度？或者您如何看待定價環境？

Yes. I think the pricing environment were promotional in Q4, and we're able to come in within our numbers. I think Q1 will be not as promotional as Q4. That's always a more promotional period. But the margins, we expect about 36% plus or minus a bit and with 39% in constant currency in the first quarter, that takes into account the pricing environment we expect in the quarter.

是的。我認為第四季度的定價環境是促銷性的，我們能夠進入我們的數字。我認為Q1不會像Q4那樣促銷。那總是一個更具促銷性的時期。但考慮到我們預期的定價環境，我們預計第一季度的利潤率約為 36% 左右，固定匯率為 39%。

The next question is from the line of Jim Suva with Citi.

下一個問題來自花旗銀行的 Jim Suva。

Brian and Nick, the December quarter also was pretty challenged in terms of like weather and airports and people being stuck and canceling vacations and just getting from point A to point B. I'm wondering if that had some impact. And also post COVID, now that people are starting to travel again, are there behaviors turning back to pre-COVID purchasing of GoPro, like when they go on big exciting trips, whether it be skiing, scuba-diving, or any changes in behavior?

布賴恩和尼克，12 月季度在天氣和機場等方面也面臨著相當大的挑戰，人們被困和取消假期，只是從 A 點到 B 點。我想知道這是否有一些影響。並且在 COVID 之後，現在人們又開始旅行了，是否有行為回到 COVID 之前購買 GoPro，比如當他們進行激動人心的大旅行時，無論是滑雪、水肺潛水還是行為上的任何變化？

I can, Jim, let me start. And then do you want to go, Nick? Or do you want me to...

我可以，吉姆，讓我開始吧。然後你想去嗎，尼克？或者你想讓我...

I'll take the second half, you take the first half.

我負責下半場，你負責上半場。

All right. On the first half, Jim, I think we saw really good travel and sales in like September, October, November as a lot of people are traveling to Europe. So our business has been really strong there. It kind of [head off] a bit in December. I think the bigger issue, quite honestly, is the North America and the consumer followed by retail cutting back on their inventory. It's had, I think, a bigger impact than necessarily travel.

好的。上半年，吉姆，我認為我們在 9 月、10 月、11 月看到了非常好的旅行和銷售，因為很多人都去歐洲旅行。所以我們在那裡的業務非常強勁。它在 12 月有點 [開始]。老實說，我認為更大的問題是北美和消費者，其次是零售業削減庫存。我認為，它的影響比必然的旅行更大。

And then China kind of in the fourth quarter was going through ebbs and flows of COVID. Now they're trying to come out of that. But as people want to travel in China or out of China, they're being restricted in a number of countries. As a matter of fact flights to, I think, into Europe and U.K. basically been reduced dramatically from China, just given the current COVID situation. So, and China represents about 20% of that -- or historically have 20% of the travel market. So that's been an area that's been a little bit more challenged, but the North America piece and Europe piece has kind of popped up, I would say, from a travel perspective and used the GoPro.

然後中國在第四季度經歷了 COVID 的潮起潮落。現在他們正試圖擺脫困境。但由於人們想在中國境內或境外旅行，他們在許多國家/地區受到限制。事實上，鑑於當前的 COVID 情況，我認為從中國飛往歐洲和英國的航班基本上已經大幅減少。因此，中國約佔其中的 20%——或者歷史上佔旅遊市場的 20%。所以這是一個面臨更多挑戰的領域，但我想說，從旅行的角度來看，北美和歐洲的部分已經出現並使用了 GoPro。

Yes. And on the behavioral front, we're definitely seeing an increased usage of customers using their GoPros connecting with the GoPro App since the start of COVID when travel shut down. We shared that in 2022, we had approximately 15 million unique GoPro cameras connects to the GoPro Quik app during the year, which is great because in 2020, that number was about 12.1 million. And we've seen it steadily climbing back since. So that's really encouraging to see the correlation between people's increased activity, increased travel and increased camera and app usage.

是的。在行為方面，我們確實看到自 COVID 開始旅行關閉以來，越來越多的客戶使用他們的 GoPro 連接 GoPro 應用程序。我們分享說，在 2022 年，我們有大約 1500 萬台獨特的 GoPro 攝像機連接到 GoPro Quik 應用程序，這很好，因為在 2020 年，這個數字約為 1210 萬台。從那以後，我們看到它穩步回升。因此，看到人們活動增加、旅行增加與相機和應用程序使用增加之間的相關性，真的很令人鼓舞。

We think we're also benefiting from the improved overall GoPro experience in how well the camera works with the app, how your GoPro now auto uploads your most recent footage to your GoPro cloud account while the camera is charging. If you're a GoPro subscriber, now your SD card is automatically cleared after that upload is complete, and you can now access, edit, share and enjoy your content without ever offloading to a computer or dealing with previous complexities.

我們認為我們也受益於改進的整體 GoPro 體驗，例如相機與應用程序的配合情況，GoPro 現在如何在相機充電時自動將您最近的鏡頭上傳到您的 GoPro 雲帳戶。如果您是 GoPro 訂閱者，現在您的 SD 卡會在上傳完成後自動清空，您現在可以訪問、編輯、共享和欣賞您的內容，而無需卸載到計算機或處理以前的複雜問題。

So we're seeing overall improved engagement, improved user success rates, and that's also, we believe, is contributing to that 15 million active camera connects in 2022. But to your question, Jim, there's a direct correlation between people getting out more and people getting more use of and seeing more value in their GoPros. And we're seeing that through purchases as well. And unfortunately, that's somewhat tempered by the macroeconomic challenges and consumer confidence as it relates to their spending, but it's really good to see the overall GoPro community becoming more and more active as we move further and further from the pandemic.

因此，我們看到整體參與度提高，用戶成功率提高，而且我們相信，這也是 2022 年 1500 萬活躍攝像頭連接的原因。但對於你的問題，吉姆，人們出門更多和人們越來越多地使用 GoPro 並從中看到更多價值。我們也通過購買看到了這一點。不幸的是，宏觀經濟挑戰和消費者對其支出的信心在一定程度上緩和了這一點，但隨著我們遠離大流行病，整個 GoPro 社區變得越來越活躍，這真的很好。

My last question is the equilibrium of retailers working down basically everything on their shelves, not just GoPro but everything, but can you comment on when we're going to hit the equilibrium for the GoPro product on the channel side, you feel?

我的最後一個問題是零售商的平衡基本上減少了他們貨架上的所有東西，不僅僅是 GoPro 而是所有東西，但是你能評論一下我們什麼時候會在渠道方面達到 GoPro 產品的平衡，你覺得嗎？

Yes. I know that there's some retailers who are heading out of stock, too, and we can see that. So we're getting down to a point where they're going to have to shore up the inventory balances. I think we'll get through Q1 with our guide, and we'll pull channel inventory down another 50,000 units. And I think at that point, we're probably pretty down close to the equilibrium level. So I think it starts to normalize in Q2.

是的。我知道有些零售商也正在缺貨，我們可以看到這一點。因此，我們已經到了他們將不得不增加庫存餘額的地步。我認為我們將通過我們的指南度過第一季度，我們將把渠道庫存再減少 50,000 台。我認為在那個時候，我們可能已經非常接近均衡水平了。所以我認為它在第二季度開始正常化。

(Operator Instructions)

（操作員說明）

The next question is from the line of Martin Yang with Oppenheimer.

下一個問題來自 Martin Yang 與 Oppenheimer 的對話。

My first question is on margins. Do you expect any known foreign exchange-related headwinds to dissipate in the rest of 2023 that could potentially improve your margins?

我的第一個問題是利潤率。您是否預計任何已知的與外匯相關的逆風在 2023 年剩餘時間內消散，這可能會提高您的利潤率？

Yes. We, in our management commentary, put down what our current assumptions are for FX and we're just holding to that and not hedging one way or the other on FX and trying to provide a directional element. I can say in Q1, and I'll repeat it, we think we'll be at 36% plus or minus 0.05, but that equates to about 39% margins relative to 2022. Actually, if you went back to '21, it'd be even better. So margins have still been a headwind for the company at these levels.

是的。我們在我們的管理評論中提出了我們目前對外彙的假設，我們只是堅持這一點，而不是在外匯上以一種或另一種方式對沖，並試圖提供一個方向性因素。我可以在第一季度說，我會重複一遍，我們認為我們將達到 36% 上下 0.05，但這相當於相對於 2022 年的 39% 左右的利潤率。實際上，如果你回到 21 年，它會更好。因此，在這些水平上，利潤率仍然是公司的不利因素。

So does that imply inflation or component costs associated margin headwinds was roughly 2 points?

那麼這是否意味著通貨膨脹或組件成本相關的利潤逆風大約為 2 個百分點？

Yes. I mean if we -- you mean from '21, no, it'd be more on currency too and then a little bit on the component pricing. So it's 1% to 2%. So components have come up -- that, as an area, that is probably at some point going to come under pressure too, and you'll start to see components coming down. I haven't seen that yet other than maybe memory. But I think that's some tailwind probably given the current environment as we get through -- work our way to '23.

是的。我的意思是，如果我們——你的意思是從 21 年開始，不，它也會更多地關注貨幣，然後再關注組件定價。所以它是 1% 到 2%。所以組件出現了 - 作為一個區域，它可能在某個時候也會承受壓力，你會開始看到組件下降。除了記憶之外，我還沒有看到。但我認為，考慮到我們目前的環境，這可能是一些順風——努力到 23 年。

Got it. My next question is about the direct-to-consumer GoPro.com sales contribution in the fourth quarter. Usually, in the previous years, we see during the December quarter, GoPro.com has a slight dip in revenue contribution relative to previous quarters, maybe from high 30s or 40% down to mid-30s. This quarter, it was really strong. Is there any particular factors that are driving up the GoPro.com sales in 4Q?

知道了。我的下一個問題是關於第四季度直接面向消費者的 GoPro.com 銷售貢獻。通常，在前幾年，我們看到在 12 月季度，GoPro.com 的收入貢獻相對於前幾個季度略有下降，可能從 30 多歲或 40% 的高位下降到 30 多歲的中期。這個季度，它真的很強大。是否有任何特定因素推動了 GoPro.com 第 4 季度的銷售額？

Yes. I think there's a couple of factors. And actually, it will play into 2023 as well. So one is we obviously have the better pricing on GoPro.com. And I think that's the word on that by giving out, we can measure part of that. Retail coming back probably helped on the B2C front. So that was good on the holiday. I think we had quite a bit of promotional activity on GoPro.com. So we were being bashful in driving sales and margin and subscribers. So this is -- the sub aspect to this is very important because that's where we get some real good lifetime value going into '23, '24, '25 with those customers.

是的。我認為有幾個因素。實際上，它也將持續到 2023 年。所以一個是我們在 GoPro.com 上顯然有更好的定價。而且我認為這就是關於放棄的詞，我們可以衡量其中的一部分。零售業的回歸可能對 B2C 方面有所幫助。所以這對假期來說很好。我認為我們在 GoPro.com 上進行了相當多的促銷活動。因此，我們在推動銷售、利潤和訂戶方面一直很害羞。所以這是 - 這個的子方面非常重要，因為這是我們與這些客戶一起進入 '23、'24、'25 時獲得一些真正好的終身價值的地方。

And then, of course, our revenue from subscription and service being $22 million in the quarter and about $82 million from the year really helps on the GoPro.com front and so as we look ahead, as we drive more than $100 million of subscription and service revenue and continue to drive GoPro.com, so we'd probably be over 40% on our B2C business in 2023.

然後，當然，我們的訂閱和服務收入在本季度為 2200 萬美元，今年約為 8200 萬美元，這對 GoPro.com 方面確實有幫助，因此展望未來，我們推動了超過 1 億美元的訂閱和服務收入並繼續推動 GoPro.com，因此到 2023 年我們的 B2C 業務可能超過 40%。

And right, the directional trend is moving that way, partly because we've got a very good competitive position on GoPro.com, but also the growth of subscription and service revenue.

沒錯，方向性趨勢正在朝這個方向發展，部分原因是我們在 GoPro.com 上擁有非常好的競爭地位，還有訂閱和服務收入的增長。

There are no additional questions waiting at this time. So I'll pass the call back to the management team for any closing remarks.

目前沒有其他問題等待您回答。因此，我會將電話轉回給管理團隊，徵求任何結束語。

Thank you, operator, and thanks, everyone, for joining us today. As we mentioned, we're really excited for the year ahead despite macroeconomic challenges. We're investing in the people, technologies and innovation to continue releasing market-leading hardware and software products that we believe will continue to grow our subscription business and position us well when the global economy recovers. So here's the start of GoPro's 21st year as a market-leading company. Let's go. This is team GoPro signing off.

謝謝接線員，也謝謝大家今天加入我們。正如我們所提到的，儘管面臨宏觀經濟挑戰，但我們對未來一年感到非常興奮。我們正在對人員、技術和創新進行投資，以繼續發布市場領先的硬件和軟件產品，我們相信這些產品將繼續發展我們的訂閱業務，並在全球經濟復甦時為我們做好準備。 GoPro 作為市場領先公司的第 21 個年頭就此開始。我們走吧。這是 GoPro 團隊的簽約儀式。

That concludes the conference call. Thank you for your participation. You may now disconnect your lines.

電話會議到此結束。感謝您的參與。您現在可以斷開線路。