GoPro Inc (GPRO) 2023 Q1 法說會逐字稿

Hello, everybody, and welcome to GoPro's First Quarter 2023 Earnings Conference Call. My name is Sam, and I'll be coordinating your call today. (Operator Instructions) I will now hand you over to your host, Christopher Clark, Vice President of Corporate Communications, to begin. So Christopher, please go ahead.

大家好，歡迎來到 GoPro 2023 年第一季度收益電話會議。我叫山姆，今天我會協調你的電話。 （操作員說明）我現在將把您交給主持人，企業傳播部副總裁克里斯托弗·克拉克開始。克里斯托弗，請繼續。

Thank you, Sam. Good afternoon, everyone, and welcome to GoPro's First Quarter 2023 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 first quarter 2023 performance and our outlook, please read the management commentary we posted to the Investor Relations section of GoPro's website.

謝謝你，山姆。大家下午好，歡迎來到 GoPro 2023 年第一季度收益電話會議。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 2023 年第一季度業績和展望的詳細信息，請閱讀我們發佈在 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. This means that results could change at any time, and we do not undertake any obligation to update these statements as a result of new information or future events.

在我將電話轉給尼克之前，我想提醒大家，我們今天的言論可能包含前瞻性陳述。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，並受許多風險和不確定因素的影響，這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都是基於截至今天的假設。這意味著結果可能隨時發生變化，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。

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, 2022, which is on file with the Securities and Exchange Commission and other reports that we may file from time to time with the SEC.

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在美國證券交易委員會備案的截至 2022 年 12 月 31 日止年度的最新 10-K 表格年度報告我們可能不時向 SEC 提交的佣金和其他報告。

Today, we may discuss gross margin, operating expense, net profit and loss, adjusted EBITDA as well as basic and diluted net profit and loss per share in accordance with GAAP and on a non-GAAP basis. 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. Unless otherwise noted, all income statement-related numbers that are discussed in the management commentary and remarks made today other than revenue, are non-GAAP.

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、調整後的 EBITDA 以及每股基本和攤薄淨損益。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。除非另有說明，否則在今天發表的管理層評論和評論中討論的所有損益表相關數字（收入除外）均為非 GAAP。

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

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。

Thank you, Chris. Thank you, everyone, for joining us today. I'm going to briefly cover the highlights from our posted management commentary before Brian and I take questions. I encourage everybody to spend some time reading the details of our management commentary that is posted on our IR website. Which includes our updated strategy that we believe will accelerate growth in units, subscribers, revenue, adjusted EBITDA and earnings.

謝謝你，克里斯。謝謝大家今天加入我們。在 Brian 和我提出問題之前，我將簡要介紹我們已發布的管理評論中的要點。我鼓勵大家花一些時間閱讀我們 IR 網站上發布的管理評論的詳細信息。其中包括我們更新後的戰略，我們認為該戰略將加速單位、訂戶、收入、調整後的 EBITDA 和收益的增長。

Demand for our products during Q1 exceeded expectations. Sell-through was approximately 575,000 units, nearly 10% above our previous guidance of 525,000 units and flat year-over-year. Regionally, North America and Asia Pacific led our Q1 outperformance and demand was better than expected in our direct-to-consumer channel on GoPro.com. We've reduced channel inventory in the quarter by nearly 95,000 units to below 600,000 units, setting us up well for the rest of the year.

第一季度對我們產品的需求超出預期。銷售量約為 575,000 套，比我們之前的 525,000 套指導高出近 10%，同比持平。在區域方面，北美和亞太地區引領了我們第一季度的出色表現，我們在 GoPro.com 上直接面向消費者的渠道的需求好於預期。我們已將本季度的渠道庫存減少近 95,000 台，降至 600,000 台以下，為今年剩餘時間做好準備。

Our high-margin subscription and service revenue continues to contribute meaningfully to our bottom line, generating $23 million in revenue in the quarter which was up 24% year-over-year and represented 13% of revenue. We ended the quarter with 2.36 million GoPro subscribers, up 36% year-over-year. We continue to see improvements in retention of annual subscribers who represent nearly 90% of our total subscriber count. In Q1, our first-year renewal was between 60% to 65% and second year renewal was between 70% to 75%. We expect to finish the year with between 2.45 million and 2.6 million subscribers, which should result in $100 million in subscription and service revenue for the year.

我們的高利潤訂閱和服務收入繼續為我們的利潤做出有意義的貢獻，本季度產生了 2300 萬美元的收入，同比增長 24%，佔收入的 13%。本季度末，我們擁有 236 萬 GoPro 用戶，同比增長 36%。我們繼續看到占我們總訂戶數近 90% 的年度訂戶的保留率有所提高。在第一季度，我們的第一年續約率在 60% 到 65% 之間，第二年續約率在 70% 到 75% 之間。我們預計今年年底將有 245 萬至 260 萬訂戶，這將導致當年的訂閱和服務收入達到 1 億美元。

For more than a year now, we have generated more new subscribers via our retail channel than via GoPro.com, even with GoPro.com's subscriber attach rate remaining above 90%. In Q1 2023, our subscription attach rate from consumers who purchased a camera at retail and later subscribed via app was approximately 50%, a 23% year-over-year improvement. This is largely due to improved in-app marketing of GoPro subscription benefits.

一年多以來，我們通過零售渠道獲得的新訂戶數量超過了通過 GoPro.com 獲得的新訂戶數量，即使 GoPro.com 的訂戶附著率仍保持在 90% 以上。在 2023 年第一季度，我們從零售購買相機然後通過應用程序訂閱的消費者的訂閱附加率約為 50%，同比提高 23%。這主要是由於改進了 GoPro 訂閱權益的應用內營銷。

With the world having essentially moved on from the pandemic and consumers spending more of their time and money in retail stores, we believe an updated go-to-market strategy will accelerate growth in units, subscribers revenue, adjusted EBITDA and earnings.

隨著世界基本上從大流行病中走出來，消費者將更多的時間和金錢花在零售店上，我們相信更新的上市戰略將加速單位、訂戶收入、調整後的 EBITDA 和收益的增長。

To help frame this opportunity, I'll share a brief retrospective on the changes we made in early 2020 and to position GoPro for success during the pandemic. When consumers shifted their spending online and physical retailers were either closed or operating under severely restricted conditions. Back then, we effectively reduced GoPro's retail presence by approximately 30% globally. Significantly reduced GoPro's marketing budgets. Increased GoPro flagship camera pricing $100 in response to supply chain constraints. We exited our higher volume, lower price point entry-level SKU in response to supply chain constraints. And we shifted to a much more direct-to-consumer business model, growing direct sales at GoPro.com as a percentage of revenue from approximately 10% in 2019 to 38% in 2022.

為了幫助抓住這個機會，我將簡要回顧一下我們在 2020 年初所做的改變，以及 GoPro 在大流行期間取得成功的定位。當消費者將他們的消費轉移到網上時，實體零售商要么關閉，要么在嚴格限制的條件下運營。當時，我們有效地將 GoPro 的全球零售業務減少了約 30%。顯著降低了 GoPro 的營銷預算。為應對供應鏈限制，將 GoPro 旗艦相機定價上調 100 美元。為了應對供應鏈的限制，我們退出了銷量更高、價格更低的入門級 SKU。我們轉向更直接面向消費者的商業模式，將 GoPro.com 的直接銷售額佔收入的百分比從 2019 年的約 10% 增加到 2022 年的 38%。

This strategy benefited GoPro, driving ASPs, increasing profitability and rapidly growing our subscriber base. We added 2 million subscribers during this time and generated more than $260 million of adjusted EBITDA between 2021 and 2022, which enabled us to repay $125 million in debt repurchased $40 million of our stock and end 2022 with cash of approximately $370 million. We achieved this despite a decline in camera unit sell-through of more than 30%.

這一戰略使 GoPro 受益，推動了平均售價，提高了盈利能力並迅速擴大了我們的用戶群。在此期間，我們增加了 200 萬訂戶，並在 2021 年至 2022 年期間產生了超過 2.6 億美元的調整後 EBITDA，這使我們能夠償還 1.25 億美元的債務，回購 4000 萬美元的股票，並在 2022 年底以約 3.7 億美元的現金償還。儘管相機銷量下降了 30% 以上，但我們還是實現了這一目標。

But now in our post-pandemic world, we see an opportunity to adjust our go-to-market strategy to increase units to 3.2 million in 2023, 3.5 million to 4 million units by the end of 2024 and over 4 million units by the end of 2025. We believe this investment in our retail channel will also have a meaningful impact on subscriber growth and profitability and drive adjusted EBITDA of over $300 million over the combined 2024 and 2025 period.

但現在在我們的後大流行世界中，我們看到了調整我們的上市戰略的機會，到 2023 年將單位增加到 320 萬，到 2024 年底增加到 350 萬到 400 萬單位，到年底超過 400 萬單位2025 年。我們相信，這項對我們零售渠道的投資也將對用戶增長和盈利能力產生重大影響，並在 2024 年和 2025 年合併期間推動調整後的 EBITDA 超過 3 億美元。

The key points of our updated go-to-market strategy, which we kicked off this week include restoring pricing of our products to 2019 levels with an MSRP reduction of $100 for our flagship HERO11 Black, HERO11 Mini, HERO10 Black and HERO9 Black cameras. Reductions in inbound freight and product costs, along with an improved supply chain are helping to enable this price adjustment from a margin perspective, as will the introduction of new, higher-priced, higher-margin SKUs in the future.

我們本周啟動的更新上市戰略的要點包括將我們的產品定價恢復到 2019 年的水平，我們的旗艦產品 HERO11 Black、HERO11 Mini、HERO10 Black 和 HERO9 Black 相機的建議零售價降低 100 美元。入境運費和產品成本的降低，以及供應鏈的改善，都有助於從利潤率的角度進行價格調整，未來將推出新的、價格更高、利潤率更高的 SKU。

Reintroducing an entry-level price point SKU with HERO9 Black to drive meaningful volume and subscriber growth. Restoring our world-class presence at retail by increasing global distribution to best-in-class retailers and eliminating camera discounts at the time of purchase at GoPro.com. Thanks to the strength of in-app subscriber conversion of retail consumers as well as improvement in subscriber retention, we believe we can generate more subscribers with growth in retail sales than if we continue our pandemic-driven strategy of focusing primarily on GoPro.com sales for subscriber growth.

重新推出入門級價位 SKU 的 HERO9 Black，以推動有意義的銷量和用戶增長。通過增加對一流零售商的全球分銷並取消在 GoPro.com 購買相機時的折扣，恢復我們在零售業的世界級地位。得益於零售消費者的應用內訂閱者轉化率以及訂閱者保留率的提高，我們相信，與繼續主要關注 GoPro.com 銷售的大流行驅動戰略相比，我們可以通過零售額增長吸引更多訂閱者用於用戶增長。

As I mentioned, we believe this improved strategy will drive unit sell-in and sell-through to an improved 3.2 million units in 2023, 3.5 million to 4 million units in 2024 and above 4 million units in 2025. We believe GoPro subscribers will grow to 2.45 million to 2.6 million in 2023, 2.7 million to 2.8 million subscribers in 2024 and 2.9 million to 3.1 million subscribers by the end of 2025. We believe we will generate significantly improved adjusted EBITDA of approximately $300 million over the combined 2024 and 2025 period, and we will use these proceeds to accelerate the repurchasing of stock while also investing in growing our business.

正如我所提到的，我們相信這一改進的戰略將推動單位銷量和銷售率在 2023 年增加 320 萬台，在 2024 年增加 350 萬至 400 萬台，在 2025 年增加 400 萬台以上。我們相信 GoPro 用戶將增長到 2023 年達到 245 萬到 260 萬，到 2024 年達到 270 萬到 280 萬訂戶，到 2025 年底達到 290 萬到 310 萬訂戶。我們相信，我們將在 2024 年和 2025 年合併期間產生約 3 億美元的調整後 EBITDA ，我們將使用這些收益來加速股票回購，同時也投資於發展我們的業務。

Our updated pricing and go-to-market strategy has been well received by retail partners, and we're excited to grow our business and brand through this important channel. In addition to our updated go-to-market strategy, we're also excited to introduce several new products later this year, including the Q4 launch of our brand-new desktop editing experience that will be included in the current GoPro subscription at no additional charge to subscribers. The GoPro desktop app will sync your editing projects with the GoPro Quik mobile app to make transitioning between the apps seamless. Our research indicates that GoPro camera owners will highly value our desktop app and that it should help further improve our already notable subscriber conversion and retention rates.

我們更新後的定價和上市策略受到了零售合作夥伴的好評，我們很高興能夠通過這一重要渠道發展我們的業務和品牌。除了我們更新的上市戰略外，我們還很高興在今年晚些時候推出幾款新產品，包括在第四季度推出我們全新的桌面編輯體驗，該體驗將免費包含在當前的 GoPro 訂閱中向訂戶收費。 GoPro 桌面應用程序會將您的編輯項目與 GoPro Quik 移動應用程序同步，以實現應用程序之間的無縫轉換。我們的研究表明，GoPro 相機所有者將高度重視我們的桌面應用程序，它應該有助於進一步提高我們已經顯著的訂閱者轉化率和保留率。

We're also excited to launch a new premium GoPro subscription tier in Q4, targeting both GoPro camera owners as well as nonowners. We believe GoPro can serve as a convenient solution for getting the most out of your personal content no matter what camera you use, and we're excited to leverage our software and services offerings to expand GoPro's TAM.

我們也很高興在第四季度推出新的高級 GoPro 訂閱層，面向 GoPro 相機所有者和非所有者。我們相信 GoPro 可以作為一種方便的解決方案，無論您使用什麼相機，都能充分利用您的個人內容，我們很高興利用我們的軟件和服務產品來擴展 GoPro 的 TAM。

Speaking of serving non-GoPro camera owners, our Quik subscription, which caters mostly to non-GoPro owning consumers looking for a convenient content editing and organizational app continues to see organic growth despite limited marketing support. At the end of Q1 2023, we had 289,000 Quik subscribers paying $10 per year to access the app's mobile editing tools. We're excited to build on this organic success with the upcoming Q4 launches I mentioned above.

說到為非 GoPro 相機所有者提供服務，我們的 Quik 訂閱服務主要迎合非 GoPro 用戶，他們正在尋找方便的內容編輯和組織應用程序，儘管營銷支持有限，但仍繼續實現有機增長。到 2023 年第一季度末，我們有 289,000 名 Quik 訂閱者每年支付 10 美元來訪問該應用程序的移動編輯工具。我們很高興通過我上面提到的即將推出的第四季度發布，在這一有機成功的基礎上再接再厲。

The go-to-market changes we're implementing come at a time of strength and demand. But also recognize where the world is potentially headed economically. Pandemic-related supply challenges are easing and lower product and freight costs are enabling us to shift value back to the consumer with more accessible pricing and an entry-level SKU, both of which we expect will bolster growth in units, subscribers, revenue and adjusted EBITDA that we will use to drive innovation and significantly increase share buybacks. This is a very exciting time at GoPro, and we believe our best days are ahead of us.

我們正在實施的進入市場的變化是在實力和需求的時候進行的。但也要認識到世界經濟的潛在發展方向。與流行病相關的供應挑戰正在緩解，較低的產品和運費成本使我們能夠通過更容易獲得的定價和入門級 SKU 將價值轉移回消費者，我們預計這兩者都將促進單位、訂戶、收入和調整後的增長我們將使用 EBITDA 來推動創新並顯著增加股票回購。這是 GoPro 非常激動人心的時刻，我們相信我們最好的日子就在前方。

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) Our first question comes from Erik Woodring of Morgan Stanley.

（操作員說明）我們的第一個問題來自摩根士丹利的埃里克伍德林。

This is Sabrina on for Eric. And maybe the first 1 is, can you talk about the reasons and you touched on some of them, but just more in depth around your changes with the pricing strategy? And should we think about that as structural? And if so, what has changed?

這是埃里克的薩布麗娜。也許第一個是，你能談談原因嗎？你談到了其中的一些，但只是更深入地了解了定價策略的變化？我們應該將其視為結構性的嗎？如果是這樣，發生了什麼變化？

Sure. The rationale behind it is that -- as I mentioned, we did a great job adjusting our go-to-market strategy for the pandemic. But ironically, that same go-to-market strategy that worked so well when consumers weren't going to stores and stores were closed and people were shopping online more that strategy that allowed us to thrive during that period has been holding us back in this post-pandemic world where people are spending a lot more time, a lot more money in retail they're shopping in stores as a form of entertainment.

當然。其背後的理由是——正如我所提到的，我們在調整我們的大流行上市戰略方面做得很好。但具有諷刺意味的是，當消費者不去商店和商店關閉並且人們更多地在網上購物時，同樣的進入市場策略非常有效，但讓我們在那個時期蓬勃發展的策略卻阻礙了我們在這方面的發展大流行後的世界，人們在零售業上花費了更多的時間、更多的錢，他們將在商店購物作為一種娛樂方式。

And we recognize that there's a lot of opportunity there that we need to address to fully maximize the potential of our business and the response from retailers has been great. I mean they're thrilled to have a -- during our pricing to prepandemic levels to drive higher volume. Our data shows that the financial model that results is far superior than not taking this action. And a big enabler is that we have such strong conversion rates of camera converting into subscribers via the GoPro App that, as I mentioned, retail is now the largest source of new subscribers whereas during the pandemic GoPro.com was the biggest source of subscribers.

我們認識到，我們需要抓住很多機會，以充分發揮我們業務的潛力，而零售商的反應也很好。我的意思是，他們很高興有一個——在我們定價到大流行前的水平以推動更高的銷量期間。我們的數據表明，所產生的財務模型比不採取此行動要好得多。一個重要的推動因素是，我們通過 GoPro 應用程序將相機轉化為訂閱者的轉化率如此之高，正如我提到的，零售現在是新訂閱者的最大來源，而在大流行期間，GoPro.com 是最大的訂閱者來源。

So all of the stars are aligning to create an opportunity for us to grow at retail again drive more volume, convert subscribers via our app and in many ways, have the best of all worlds. So it's an exciting time. And when you look at the outlook that we have for the company through 2025, it's very compelling.

因此，所有的明星都在齊心協力，為我們創造機會，讓我們在零售業再次增長，推動更多的銷量，通過我們的應用程序轉換訂閱者，並在許多方面擁有世界上最好的。所以這是一個激動人心的時刻。當您查看我們對公司到 2025 年的展望時，它非常引人注目。

Yes. Actually, it's Brian. Maybe I'll tag on to what Nick said. We also have an immense amount of data that we've over the years, we've made a number of price moves since going back to like 2016, 2017, et cetera. And we've evaluated our historical sell-through lift of [past price drops] and promotional offers. And we have extensive sell-through data that really provides insight into what's the impact of when we move prices $100. Secondly, we've evaluated our historical sell-through volume in different pricing tiers as well and to as we plan to enter into in 2023 and through 2025. And then you had marketing investment on top of it, and we can kind of measure through what the direct brand investment is on retail partners and on overall demand.

是的。實際上，是布萊恩。也許我會強調 Nick 所說的話。多年來，我們也擁有大量數據，自從回到 2016 年、2017 年等以來，我們已經做出了一些價格變動。我們還評估了 [過去價格下降] 和促銷優惠的歷史銷售提升。我們擁有廣泛的銷售率數據，可以真正洞察我們將價格上調 100 美元時的影響。其次，我們還評估了我們在不同定價層級的歷史銷售量，以及我們計劃在 2023 年和 2025 年進入的銷售量。然後你在它上面進行了營銷投資，我們可以通過對零售合作夥伴和整體需求的直接品牌投資是多少。

And I guess lastly, the other thing we'll do is expand distribution, which was pretty severely cut back, as Nick had mentioned, about 30%. And I'm actually pleased to say that while we have that data, what matters is what are the results. And I can say over the last couple of days because we measure the results from some of our largest retail partners in the U.S. and Europe. And while we expected a certain percentage lift in units, it's in fact listing as much as double or triple what we thought and it's early days. It's a couple of days in, but we're definitely seeing a positive impact on demand across the U.S. and Europe as so far.

我想最後，我們要做的另一件事是擴大分銷，正如 Nick 提到的那樣，它被大幅削減了大約 30%。我真的很高興地說，雖然我們有這些數據，但重要的是結果是什麼。我可以說過去幾天是因為我們衡量了美國和歐洲一些最大的零售合作夥伴的結果。雖然我們預計單位數量會有一定百分比的提升，但實際上列出的數量是我們想像的兩倍或三倍，而且還處於早期階段。幾天過去了，但到目前為止，我們肯定看到了對美國和歐洲需求的積極影響。

I'd also say that as you look at this from a modeling perspective, we would expect to have double-digit unit growth this year, ['24 and '25]. So we think that extends through not just the pricing, but we'll also have new products as well. I won't get into that, but that's coming that will expand the overall offering, and we're able to actually lift ASP, as I said in prepared remarks, we'll be down to about $350 average ASP in '23, but it should go back up a little bit in '24 and a little bit more in '25. So as you kind of model that out. So expect double-digit units. That's going to lead to significant revenue growth and then profitability as we improve margins back into the upper 30s in ['24, '25] and drive meaningful EBITDA which we'll use to buy back a lot of stock. So that's kind of the strategy in the...

我還要說，當你從建模的角度來看這個問題時，我們預計今年會有兩位數的單位增長，['24 和 '25]。所以我們認為這不僅延伸到定價，而且我們也會有新產品。我不會談這個，但即將到來的將擴大整體產品，我們能夠真正提昇平均售價，正如我在準備好的發言中所說，我們將在 23 年將平均平均售價降至 350 美元左右，但是它應該在 24 年回升一點點，在 25 年回升一點點。因此，當您對它進行建模時。所以期待兩位數的單位。這將帶來顯著的收入增長，然後是盈利能力，因為我們在 ['24,'25] 將利潤率提高到 30 多歲，並推動有意義的 EBITDA，我們將用它來回購大量股票。所以這就是……中的一種策略。

Understood. My -- the second question we have is, I wonder if you could talk a little bit about consumer demand. I know you said things were stronger in the U.S. and Europe. But how is linearity through the quarter? Were there any changes in behavior that you saw in April? And then what is being baked into your 2023 outlook?

明白了。我的——我們的第二個問題是，我想知道你是否可以談談消費者需求。我知道你說過美國和歐洲的情況更強勁。但是整個季度的線性度如何？您在 4 月份看到的行為有任何變化嗎？那麼你的 2023 年展望中考慮了什麼？

Yes. Actually. Yes. When I said at your conference in early March, I had mentioned we could be up to as much as 575,000 unit sell-through in the quarter. In fact, we hit that number on the high end of what I had said. From a -- it was -- the quarter wasn't linear at all. Actually, March lifted about 33% from where we were in January and February. So we continue to see strong demand through the quarter. April was about where we needed it to be, and we've continued to see good strength in GoPro.com. And yes, we're seeing the U.S. actually Europe starting to do well and Asia doing well. So getting to 3.2 million units that's going to be the low end going to help contribute our entry-level products to drive growth, and we're seeing very strong growth right now on HERO11 Black. So we're pretty excited by the results of what we're seeing on the price move.

是的。實際上。是的。當我在 3 月初的會議上說時，我曾提到我們本季度的銷量可能高達 575,000 件。事實上，我們達到了我所說的高端數字。從一個——它是——這個季度根本不是線性的。實際上，3 月份的價格比 1 月份和 2 月份的水平高了約 33%。因此，我們在本季度繼續看到強勁的需求。 4 月正是我們所需要的，我們繼續在 GoPro.com 上看到良好的實力。是的，我們看到美國實際上歐洲開始表現良好，亞洲表現良好。因此，達到 320 萬台將成為低端產品，這將有助於我們的入門級產品推動增長，我們現在在 HERO11 Black 上看到了非常強勁的增長。因此，我們對價格走勢的結果感到非常興奮。

(Operator Instructions) Our next question comes from Martin Yang of Oppenheimer.

（操作員說明）我們的下一個問題來自 Oppenheimer 的 Martin Yang。

First of all, to ask about the hardware, how would you size or would you model additional benefits for hardware margins for higher volume embedded in your longer-term outlook? And do you benefit anything from recently declined component costs?

首先，要詢問硬件，您將如何調整或建模硬件利潤率的額外收益，以實現長期前景中嵌入的更高容量？您是否從最近組件成本下降中獲益？

Martin, yes, we have seen component costs come down, particularly in memory, but discrete as well. And that will mostly start to hit positively affect our numbers in the second half I've got to work through more expensive inventory in the first half and we'll continue to see some cost reduction into '24. We would also -- some of the price points will -- entry-level price points with products today that will introduce aren't at the optimize cost either. And so we'll take a bit of a margin hit there but we'll convert product to cash and that's embedded in our outlook.

Martin，是的，我們已經看到組件成本下降了，特別是在內存方面，但也有離散的。這將在下半年開始對我們的數字產生積極影響，我必須在上半年處理更昂貴的庫存，我們將繼續看到一些成本降低到 24 年。我們也會——一些價格點——今天將要推出的產品的入門級價格點也不是優化成本。因此，我們會在那裡受到一些利潤率的影響，但我們會將產品轉換為現金，這已包含在我們的前景中。

And in '24, we would expect to continue with entry level but at cost points that actually would be margin positive versus not right now in 2023. So we have that going for us, and we'll have some newer products as well in '24 and '25 that help kind of round out kind of the overall demand and product profile for the company. And that all leads to margins that go up between 36% to 40%. And if currency goes back to 2021 levels it's about 10%, you'd see margins in the kind of 39% to 43% range. So if the dollar should weaken further that would also benefit us back to where we used to be.

在 24 年，我們預計會繼續使用入門級產品，但成本點實際上會帶來利潤，而不是在 2023 年。 24 和 25 有助於完善公司的整體需求和產品概況。這一切都會導致利潤率上升 36% 至 40%。如果貨幣回到 2021 年的水平，大約是 10%，你會看到利潤率在 39% 到 43% 之間。因此，如果美元進一步走弱，那也將有利於我們回到過去的水平。

Got it. And second question is on subscribers. So do you see or you have a relatively lower ARPU for subscribers coming from the retail channel? Is there a meaningful difference if there is or both channel subscribers from both channels going to converge over time or there will be a sustained gap between ARPU from the 2 sets of subscribers?

知道了。第二個問題是關於訂閱者的。那麼對於來自零售渠道的訂戶，您是否看到或您的 ARPU 相對較低？如果兩個頻道的訂閱者隨著時間的推移趨於一致，或者兩組訂閱者的 ARPU 之間存在持續差距，是否存在有意義的差異？

Yes, good question. The between the 2 are pretty close actually. So they're going to both convert to the pricing now going to collapse to be the same, whether the subscribe on GoPro.com or you subscribe via the app post-retail purchase. And so we'll see ARPU up over time because as people move from kind of the entry-level price point of $25 and then upgrade to $50 that will have a positive effect on ARPU. And speaking of which we gave a range of outcomes for subscribers. And we assumed that at the low end, it's about a 35% retail attach. And on the high, it's about 40%. We -- our guidance of $2.5 million is kind of in the middle of that.

是的，好問題。兩者之間實際上非常接近。因此，無論是在 GoPro.com 上訂閱還是通過應用程序零售購買後訂閱，它們都將轉換為相同的定價。所以我們會看到 ARPU 隨著時間的推移而上升，因為隨著人們從 25 美元的入門級價格點轉移到 50 美元，這將對 ARPU 產生積極影響。說到這一點，我們為訂閱者提供了一系列結果。我們假設在低端，零售附加值約為 35%。而在高位，它大約是 40%。我們 - 我們 250 萬美元的指導價處於中間位置。

And Q1, we said was nearly 50%, which was amazing up a lot, I mean, 23% year-over-year from an attach perspective on retail. That's a bit of an anomaly because we have a lot of demand in Q4 that turns into subscribers in Q1, and we have a low base, obviously, of sell-through in proportion to the people coming in, you'll see that normalize a little bit more down to about 40%, I think, in Q2 and Q3 and maybe a little bit less in Q4 where it flips the other way. where we sell a lot and the sell-through is big but the people who buy don't convert until Q1. So the seasonality is a bit opposite in subscriber growth quarter-to-quarter versus our revenue growth, if that makes sense. So we're still pretty excited 35% to 40% still pretty around get attached. And obviously, we'll do more to continue to grow that, as Nick has said. But those are the assumptions behind how we came up with the range. And those same assumptions were used for estimating '24 and '25.

而第一季度，我們說接近 50%，這非常驚人，我的意思是，從零售的附加角度來看，同比增長 23%。這有點反常，因為我們在第 4 季度有很多需求在第 1 季度轉化為訂戶，而且我們的銷售基數顯然很低，與進來的人成比例，你會看到正常化我認為，在第二季度和第三季度會下降到 40% 左右，而在第四季度可能會下降一點，因為它會反過來。我們賣得很多，銷售量很大，但買的人要到第一季度才會轉化。因此，如果有道理的話，季度訂戶增長與我們的收入增長的季節性有點相反。所以我們仍然很興奮 35% 到 40% 仍然很喜歡。顯然，正如尼克所說，我們將做更多的工作來繼續發展。但這些是我們得出該範圍背後的假設。這些相同的假設被用於估計 '24 和 '25。

(Operator Instructions) And there are no further questions. I'll hand back to management for any closing remarks.

（操作員說明）並且沒有進一步的問題。我會把任何結束語交還給管理層。

Wow, showstopper. Well, thank you, operator, and thank you, everybody, for joining today's call. As I said earlier, this is a very exciting time at GoPro, and we believe our best days are ahead of us. It's time to grow again. And we're really excited about our new go-to-market strategy and it's great to see such compelling results straight out of the gate. So stay tuned for more from us. And until then thank you. This is team GoPro signing off.

哇，表演者。好吧，謝謝接線員，也謝謝大家參加今天的電話會議。正如我之前所說，這是 GoPro 非常激動人心的時刻，我們相信我們最好的日子就在前方。是時候重新成長了。我們對我們新的上市戰略感到非常興奮，很高興看到如此引人注目的結果。請繼續關注我們的更多信息。直到那時謝謝你。這是 GoPro 團隊的簽約儀式。

And this concludes today's call. Thank you, everyone, for joining. You may now disconnect your lines.

今天的電話會議到此結束。謝謝大家的加入。您現在可以斷開線路。