GoPro Inc (GPRO) 2023 Q2 法說會逐字稿

Hello, and welcome to the GoPro Second Quarter 2023 Earnings Conference Call. My name is Elliot, and I will be coordinating your call today. (Operator Instructions)

您好，歡迎參加 GoPro 2023 年第二季度收益電話會議。我叫埃利奧特，今天我將協調您的電話。 （操作員說明）

I would now like to hand over to Christopher Clark, Vice President of Corporate Communications. The floor is yours. Please go ahead.

現在我想將工作交給企業傳播副總裁克里斯托弗·克拉克 (Christopher Clark)。地板是你的。請繼續。

Thank you, Elliot. Good afternoon, everyone, and welcome to GoPro's Second 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 commentary from Nick and Brian, followed by Q&A.

謝謝你，埃利奧特。大家下午好，歡迎參加 GoPro 2023 年第二季度收益電話會議。今天與我在一起的有 GoPro 首席執行官 Nicholas Woodman；首席財務官兼首席運營官布萊恩·麥吉 (Brian McGee)。今天的議程將包括尼克和布萊恩的評論，然後是問答。

For detailed information about our second quarter 2023 performance and our outlook, please read our Q2 2023 earnings press release and the management commentary we've posted to the Investor Relations section of GoPro's website.

有關我們 2023 年第二季度業績和前景的詳細信息，請閱讀我們的 2023 年第二季度收益新聞稿以及我們在 GoPro 網站投資者關係部分發布的管理層評論。

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.

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含前瞻性陳述。前瞻性陳述和所有其他非歷史事實的陳述不能保證未來業績，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。

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.

此外，今天做出的任何前瞻性陳述均基於截至目前的假設。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，我們建議您參閱我們截至2022 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委員會備案委員會以及我們可能不時向 SEC 提交的其他報告。

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.

今天，我們可以討論根據公認會計原則和非公認會計原則計算的毛利率、營業費用、淨利潤和虧損、調整後的 EBITDA 以及基本和稀釋每股淨利潤和虧損。 GAAP 與非 GAAP 運營費用的調節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。

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.

除非另有說明，今天管理層評論和言論中討論的所有損益表相關數字（除收入外）均為非公認會計準則。

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, Chris, and thanks, everyone, for joining us today. Today, Brian and I will share commentary on our Q2 performance as well as our outlook, before going into Q&A. I want to encourage all on the call to read the detailed management commentary we posted on our Investor Relations website.

謝謝克里斯，謝謝大家今天加入我們。今天，在進行問答之前，布萊恩和我將分享對我們第二季度業績以及前景的評論。我想鼓勵所有參加電話會議的人閱讀我們在投資者關係網站上發布的詳細管理評論。

On May 9, we announced an updated go-to-market strategy, which included a return to lower prepandemic pricing and a renewed emphasis on our retail channels to better serve consumers' post-pandemic shopping behavior. We're happy to report that this has had a positive impact on our business and second quarter revenue and subscriber growth exceeded our expectations. Our improved sell-through has sustained thus far into Q3, driven by our retail channels.

5 月 9 日，我們宣布了更新的上市策略，其中包括恢復疫情前較低的定價，以及重新重視我們的零售渠道，以更好地服務消費者的疫情后購物行為。我們很高興地報告，這對我們的業務產生了積極影響，第二季度的收入和用戶增長超出了我們的預期。在我們的零售渠道的推動下，我們的銷售量的改善一直持續到第三季度。

Revenue in the quarter was $241 million, 10% above our guidance.

本季度收入為 2.41 億美元，比我們的預期高出 10%。

GoPro subscribers grew 27% year-over-year to 2.44 million, also surpassing our expectations.

GoPro 用戶數量同比增長 27% 至 244 萬，也超出了我們的預期。

Sell-through of our entry level-priced $199 HERO8 and $249 HERO9 Black cameras enjoyed a combined sequential lift of more than 50%, highlighting the importance of the entry-level product category as a TAM-expanding opportunity. It's important to note that the sales lift was incremental and did not cannibalize our higher-priced products.

我們的入門級價格為 199 美元的 HERO8 和 249 美元的 HERO9 Black 相機的銷量連續增長了 50% 以上，凸顯了入門級產品類別作為 TAM 擴張機會的重要性。值得注意的是，銷量的提升是增量的，並沒有蠶食我們的高價產品。

As a reminder, the key points of our Q2 updated go-to-market strategy included: restoring camera pricing to lower prepandemic price points and discontinuing subscription-related camera discounts at the time of purchase at GoPro.com; reintroducing entry level-priced cameras to drive meaningful volume and subscriber growth; restoring our world-class presence at retail by increasing global distribution to best-in-class retailers that can help drive awareness and sell-through; and scaling our marketing spend to prepandemic levels over time.

提醒一下，我們第二季度更新的上市策略的要點包括：將相機定價恢復到疫情前的較低價格點，並在 GoPro.com 購買時停止與訂閱相關的相機折扣；重新推出入門級相機，以推動銷量和用戶增長；通過增加對一流零售商的全球分銷，恢復我們在零售業的世界級地位，這有助於提高知名度和銷量；隨著時間的推移，將我們的營銷支出擴大到大流行前的水平。

At the start of the COVID pandemic, we exited approximately 30% of our retail doors globally and focused on driving much of our business to GoPro.com, as consumers primarily shopped from home. We significantly reduced our marketing spend and raised camera prices by $100 over a 2-year period due to supply chain constraints.

新冠疫情大流行之初，我們關閉了全球約 30% 的零售店，並專注於將大部分業務轉移到 GoPro.com，因為消費者主要在家購物。由於供應鏈限制，我們在兩年內大幅減少了營銷支出並將相機價格提高了 100 美元。

This strategy worked extremely well for us during the pandemic, yet limited our growth post pandemic. With our updated go-to-market strategy, we saw an immediate uptick in demand at retail across all regions. This enabled our global sales team to hit the ground running, working closely with existing retail and distribution partners, reengaging former partners and adding highly motivated new partners.

這一策略在大流行期間對我們非常有效，但限制了我們在大流行後的增長。通過更新的市場進入策略，我們看到所有地區的零售需求立即上升。這使得我們的全球銷售團隊能夠迅速開展工作，與現有的零售和分銷合作夥伴密切合作，重新吸引前合作夥伴並增加積極主動的新合作夥伴。

Our strategy is to grow our business with best-in-class distributors and retailers who span the spectrum from influential core specialty retailers who enhance our brand to larger big-box retailers who drive volume and mass market awareness of our products. Enthusiasm amongst our distributors and retailers is high, as they recognize the strength of our product line, our brand and the opportunity to grow our respective businesses together.

我們的戰略是與一流的分銷商和零售商一起發展我們的業務，這些分銷商和零售商的範圍涵蓋從提升我們品牌的有影響力的核心專業零售商到提高我們產品的銷量和大眾市場認知度的大型零售商。我們的經銷商和零售商的熱情很高，因為他們認識到我們產品線的實力、我們的品牌以及共同發展我們各自業務的機會。

We're excited about the pace at which we're opening new doors, particularly in EMEA, which was the hardest hit by our pandemic door count reductions. To date, we've opened nearly 800 new doors in EMEA, and we're targeting approximately 2,000 total new doors worldwide by the end of 2023, with additional growth in '24 and 2025.

我們對開設新大門的速度感到興奮，特別是在歐洲、中東和非洲地區，該地區是受疫情影響門數減少影響最嚴重的地區。迄今為止，我們已在歐洲、中東和非洲地區開設了近 800 家新店，我們的目標是到 2023 年底在全球開設約 2,000 家新店，並在 2024 年和 2025 年繼續增加。

In addition to new doors, we're enhancing GoPro's brand presence at retail with updated point of purchase displays.

除了新門之外，我們還通過更新的購買點顯示屏來增強 GoPro 在零售領域的品牌影響力。

To drive greater awareness of GoPro and to support revenue growth in the second half of this year, we are increasing our investment in marketing. We are partnering with key retailers to amplify awareness, leveraging our collective reach to excite consumers during our upcoming launch and throughout the holiday season. It's great to be aligning once again with our retail partners in a meaningful way that we haven't been able to do since before the pandemic.

為了提高 GoPro 的知名度並支持今年下半年的收入增長，我們正在增加營銷投資。我們正在與主要零售商合作，以提高知名度，利用我們的集體影響力，在即將推出的產品發布期間和整個假期期間激發消費者的興趣。很高興能夠以一種有意義的方式再次與我們的零售合作夥伴保持一致，這是自大流行之前以來我們一直無法做到的。

An indication of our sell-through momentum post strategy shift can be found in GoPro's results during the Amazon Prime Day period. Circana reported that consumer spending over Amazon's July Prime Day saw discretionary and general merchandise sales decrease 3% year-over-year, with unit sales down 8%. By contrast, during the same period, total GoPro camera unit sales for North America, which includes both our retail channels and GoPro.com, were up 6% year-over-year.

GoPro 在亞馬遜 Prime Day 期間的業績顯示了我們戰略轉變後的銷售勢頭。 Circana 報導稱，亞馬遜 7 月 Prime Day 期間的消費者支出導致非必需品和一般商品銷售額同比下降 3%，單位銷售額下降 8%。相比之下，同期，北美地區的 GoPro 相機總銷量（包括我們的零售渠道和 GoPro.com）同比增長 6%。

Our subscription business continues to be a highlight. As mentioned, we closed Q2 ahead of our expectations with 2.44 million subscribers, a 27% year-over-year increase. The attach rate via our app from cameras purchased at retail exceeded 40% in the second quarter, up from approximately 33% a year ago. Attach rates from cameras purchased via GoPro.com post our go-to-market strategy shift exceeded 40% as well. These subscription attach rates confirm the value our customers see in our subscription offering.

我們的訂閱業務仍然是一大亮點。如前所述，我們第二季度的訂閱用戶數為 244 萬，同比增長 27%，超出了我們的預期。第二季度，通過我們的應用程序從零售渠道購買的相機的附加率超過 40%，高於一年前的約 33%。在我們的市場戰略轉變後，通過 GoPro.com 購買的相機的附加率也超過了 40%。這些訂閱附加率證實了我們的客戶在我們的訂閱產品中看到的價值。

In Q4, we're excited to introduce an all-new desktop app that will make it easy for GoPro subscribers to organize and edit their GoPro content. Our new desktop app will sync with the subscriber's cloud and mobile app to provide a consistent and convenient experience across platforms. GoPro subscribers will enjoy full access to the desktop app and all of its powerful features at no additional charge.

在第四季度，我們很高興推出一款全新的桌面應用程序，讓 GoPro 訂閱者可以輕鬆組織和編輯他們的 GoPro 內容。我們的新桌面應用程序將與訂閱者的雲和移動應用程序同步，以提供跨平台一致且便捷的體驗。 GoPro 訂閱者將可以完全訪問桌面應用程序及其所有強大功能，無需額外付費。

There will also be a premium-level subscription offering for consumers that want to import footage from any camera, expanding GoPro's relevance as a digital imaging software solution to a much broader audience, an opportunity we intend to aggressively pursue over time.

我們還將為想要從任何相機導入素材的消費者提供高級訂閱服務，從而將GoPro 作為數字成像軟件解決方案的相關性擴大到更廣泛的受眾，我們打算隨著時間的推移積極爭取這一機會。

I want to thank our employees who have continued to execute at such a high level time and time again. Your passion for our customers and our products are what make GoPro such a powerful brand.

我要感謝我們的員工，他們一次又一次地繼續以如此高的水平執行。您對我們的客戶和產品的熱情使 GoPro 成為如此強大的品牌。

And I also want to thank our retail and distribution partners for their positive response to our go-to-market strategy shift. We're excited to grow our brand and business with you, and we are grateful for our partnership.

我還要感謝我們的零售和分銷合作夥伴對我們進入市場戰略轉變的積極響應。我們很高興與您一起發展我們的品牌和業務，我們感謝我們的合作夥伴關係。

GoPro's retail channel represents a phenomenal opportunity to get our products and brand in front of consumers in an experiential way, and we couldn't be more excited for this upcoming holiday season.

GoPro 的零售渠道代表了一個絕佳的機會，可以讓我們的產品和品牌以體驗式的方式呈現在消費者面前，我們對即將到來的假期感到無比興奮。

Now I'll hand the call over to Brian to share some color on Q2 and our outlook for the rest of the year.

現在我將把電話轉給布萊恩，分享一些關於第二季度的情況以及我們對今年剩餘時間的展望。

Thanks, Nick. Stronger than expected sell-through of entry-level products contributed to second quarter revenue overperformance of $21 million to guidance. This Q2 revenue overperformance, combined with retailers continuing to carry lower weeks of supply, is contributing to a softer Q3 guide. Also contributing is a larger-than-expected drop-off in sales at GoPro.com due to the discontinuation of subscription-related camera discounts at the time of purchase.

謝謝，尼克。入門級產品的銷售量強於預期，導致第二季度收入超出預期 2100 萬美元。第二季度收入表現優異，加上零售商的供應週數持續減少，導致第三季度指南疲軟。由於購買時不再提供與訂閱相關的相機折扣，GoPro.com 的銷售額下降幅度超出預期，也是造成這種情況的原因之一。

As a reminder, our GoPro customers primarily purchase flagship cameras that are higher in ASP and margin. While we are seeing significant growth in retail sell-through, it is going to take longer than anticipated for this retail growth to offset the drop in GoPro.com sales. This will be accomplished by increasing the number of retail doors, increasing our brand presence in all doors with refreshed point-of-purchase displays and scaling marketing, which includes collaborative activations with retailers. Additionally, we have ongoing initiatives to support the sales on GoPro.com, including dedicated marketing, (inaudible), product bundles and tactics to improve conversion.

提醒一下，我們的 GoPro 客戶主要購買平均售價和利潤率較高的旗艦相機。雖然我們看到零售銷量顯著增長，但零售增長需要比預期更長的時間才能抵消 GoPro.com 銷售額的下降。這將通過增加零售門的數量、通過更新的購買點展示和擴大營銷規模（包括與零售商的協作激活）來提高我們在所有門上的品牌影響力來實現。此外，我們還採取持續舉措來支持 GoPro.com 上的銷售，包括專門的營銷（聽不清）、產品捆綁包和提高轉化率的策略。

For the third quarter of 2023, we expect to deliver revenue of approximately $280 million, plus or minus $10 million, down 8% year-over-year. We estimate (inaudible) ASP in the third quarter to be approximately $355, down 7% year-over-year. Our expectation as a result of our strategy shift and associated price move is unit sell-through will increase 10% year-over-year to approximately 750,000 units.

2023 年第三季度，我們預計營收約為 2.8 億美元，上下浮動 1000 萬美元，同比下降 8%。我們估計（聽不清）第三季度的平均售價約為 355 美元，同比下降 7%。由於我們的戰略轉變和相關的價格變動，我們預計單位銷量將同比增長 10%，達到約 750,000 單位。

Our guidance assumes channel inventory will be flat during the quarter. We believe there may be also macroeconomic pressures that impact consumer spending in the second half.

我們的指導假設本季度渠道庫存將持平。我們認為，下半年宏觀經濟壓力可能也會影響消費者支出。

We expect gross margin in the third quarter to be 34% at the midpoint of guidance, down from 38.2% in the prior year quarter, but up from 31.6% in the second quarter of 2023. The year-over-year decline in gross margin percentage is primarily related to reduced camera pricing and higher camera demand at our lower-margin, entry-level price point.

我們預計第三季度的毛利率將為 34%（處於指導中值），低於去年同期的 38.2%，但高於 2023 年第二季度的 31.6%。毛利率同比下降百分比主要與相機價格的降低和我們較低利潤的入門級價格點的相機需求增加有關。

It's worth pointing out that we are seeing GoPro subscriber attach rates amongst these entry-level camera buyers in a range of 20% to 30%, which is helping to drive subscribers and subscription and service revenue growth and offset near-term margin impact.

值得指出的是，我們發現這些入門級相機買家的 GoPro 用戶附著率在 20% 到 30% 之間，這有助於推動用戶、訂閱和服務收入的增長，並抵消近期利潤率的影響。

We expect subscribers to grow to 2.5 million by the end of the third quarter, or 20% growth year-over-year.

我們預計到第三季度末訂閱用戶將增長至 250 萬，同比增長 20%。

We expect non-GAAP net income per share for Q3 2023 of $0.02 per share at the midpoint of guidance. We expect shares outstanding to be approximately 169 million shares in the third quarter based on our current stock price and anticipated share repurchases in the quarter.

我們預計 2023 年第三季度非 GAAP 每股淨利潤為指引中值 0.02 美元。根據我們當前的股價和本季度預期的股票回購，我們預計第三季度的流通股約為 1.69 億股。

For 2023, we expect revenue of approximately $1.03 billion, down 6% from 2022. We expect units sold to grow by approximately 5% year-over-year to approximately 3 million units as a result of our recent price moves. This reduction in unit sell-through from 3.2 million units, which we guided to on our Q1 earnings call, is primarily due to a larger-than-expected drop-off of flagship camera sales at GoPro.com due to the discontinuation of subscription-related camera discounts at the time of purchase.

2023 年，我們預計收入約為 10.3 億美元，比 2022 年下降 6%。由於我們最近的價格變動，我們預計銷量將同比增長約 5%，達到約 300 萬台。我們在第一季度財報電話會議上指出，銷量從 320 萬台減少，主要是由於 GoPro.com 的旗艦相機銷量下降幅度大於預期，原因是訂閱服務的終止。購買時相關相機有折扣。

While retail channel sell-through of our cameras is expected to grow, we expect it will take longer than previously anticipated for it to offset the larger-than-expected decline in (inaudible) camera sales at GoPro.com.

雖然我們相機的零售渠道銷量預計將增長，但我們預計需要比之前預期更長的時間才能抵消 GoPro.com 相機銷量（聽不清）超出預期的下降幅度。

In addition, while in our previous earnings call we shared our expectation of sales of approximately 3.5 million to 4 million units in 2024, the factors stated above could push this down to a range of 3.4 million to 3.6 million units in 2024.

此外，雖然在之前的財報電話會議中，我們預計 2024 年銷量約為 350 萬至 400 萬台，但上述因素可能會將這一數字推低至 2024 年 340 萬至 360 萬台。

We expect to end 2023 with between 2.5 million to 2.6 million subscribers, in line with our previous guide of 2.45 million to 2.6 million subscribers.

我們預計到 2023 年底，訂閱者數量將在 250 萬至 260 萬之間，與我們之前的 245 萬至 260 萬訂閱者指導一致。

We expect gross margin to be 33% at the midpoint of guidance in 2023, which reflects both lower ASPs and the related price protection costs required to achieve lower pricing at retail to drive volume. We expect gross margin to improve sequentially each quarter in 2023.

我們預計 2023 年指導中點的毛利率將為 33%，這反映了平均售價的下降以及實現較低零售定價以推動銷量所需的相關價格保護成本。我們預計 2023 年每個季度的毛利率將連續改善。

We expect operating expenses to be approximately $370 million in 2023, up nearly 12% from 2022, largely driven by investments in research and development and increased marketing, which we expect to have an impact in Q4 and into 2024.

我們預計 2023 年運營費用約為 3.7 億美元，較 2022 年增長近 12%，這主要是由研發投資和營銷增加推動的，我們預計這將在第四季度和 2024 年產生影響。

We expect non-GAAP EPS loss of approximately $0.18 at the midpoint for 2023. We expect to be profitable in the third and fourth quarter and generate adjusted EBITDA of approximately $15 million in the second half of 2023.

我們預計 2023 年中點的非 GAAP 每股收益損失約為 0.18 美元。我們預計第三季度和第四季度將實現盈利，並在 2023 年下半年產生約 1500 萬美元的調整後 EBITDA。

We expect to end 2023 with cash of $300 million, which includes an estimated $40 million in share repurchases.

我們預計到 2023 年底將擁有 3 億美元的現金，其中包括估計 4000 萬美元的股票回購。

To summarize, our strategic shift is working, albeit with some noise in the numbers in 2023 due to product mix, the impact of price protection and other factors Nick and I already discussed.

總而言之，我們的戰略轉變正在發揮作用，儘管由於產品組合、價格保護的影響以及尼克和我已經討論過的其他因素，2023 年的數字會出現一些噪音。

We look forward to finishing strong in 2023 and moving into 2024, when we expect to reap the full year benefit of our strategic shift, unburdened by price protection expense of nearly $30 million in 2023 associated with our price change.

我們期待在 2023 年實現強勁增長，並進入 2024 年，屆時我們預計將獲得戰略轉變的全年收益，而無需承擔 2023 年與價格變化相關的近 3000 萬美元的價格保護費用。

We expect improved retail sell-through to continue. And as mentioned above, we expect 2024 units to grow to a range of 3.4 million to 3.6 million units.

我們預計零售銷售量將繼續改善。如上所述，我們預計 2024 年銷量將增長至 340 萬至 360 萬台。

We expect to add additional doors globally and to expand our rollout of new point-of-purchase displays to improve our in-store presence. We also plan to expand marketing and collaboration with our retailers to drive awareness and sell-through.

我們希望在全球範圍內增加更多的門，並擴大新的購買點展示的範圍，以改善我們的店內形象。我們還計劃擴大營銷和與零售商的合作，以提高知名度和銷量。

We believe all of the aforementioned, combined with our 2024 product road map, including a new entry level-priced camera with a significantly improved margin profile, will increase units, revenue, margin and profitability substantially in 2024 and beyond.

我們相信，上述所有內容，再加上我們的 2024 年產品路線圖，包括一款利潤率顯著提高的新型入門級相機，將在 2024 年及以後大幅增加銷量、收入、利潤和盈利能力。

Operator, we are now ready to take questions.

接線員，我們現在準備好回答問題。

(Operator Instructions) We have a question from Martin Yang, with Oppenheimer.

（操作員說明）馬丁·楊和奧本海默向我們提出了一個問題。

Can you maybe talk first about the new users you're getting from the lower-priced tier cameras? Do you have a sense of the key incentive (inaudible)? Or maybe asked in a different way, the share of users completely new to GoPro because of some of those new camera buyers at the lower camera tiers, are they different than in previous years?

您能否先談談您從低價相機獲得的新用戶？您是否了解關鍵激勵因素（聽不清）？或者換個方式問，由於一些較低相機級別的新相機購買者而完全陌生 GoPro 的用戶所佔比例與前幾年有何不同？

I don't know if Nick heard it. Martin, thanks. Let me maybe take that, and Nick can come over the top of me.

不知道尼克是否聽到了。馬丁，謝謝。也許讓我接受吧，尼克可以超越我。

We clearly recognize, and I talked about this maybe even back in March, with the economy and what's going on, on a macro level, we're trying to meet the customer where they are, that they're shopping more in retail, and also recognizing the fact that consumer wallets are getting squeezed by inflation and other costs that they're experiencing.

我們清楚地認識到，我什至在三月份就談到了這一點，隨著經濟和正在發生的事情，在宏觀層面上，我們正在努力滿足客戶的需求，他們在零售領域購物更多，並且還認識到消費者的錢包正受到通貨膨脹和他們正在經歷的其他成本的擠壓。

And so we've reinstituted the entry-level price point between $199 and $249, and that's historically driven a lot of growth for us prepandemic. We had to stop because of supply chain of course when COVID hit in 2020. But it usually represents 25% or so of sales, which immediately that's what it generated of revenue in Q2.

因此，我們重新設定了 199 美元至 249 美元之間的入門級價格點，這在歷史上為我們在大流行前推動了很大的增長。當然，當 2020 年新冠疫情爆發時，我們不得不停止供應鏈。但它通常佔銷售額的 25% 左右，這就是它在第二季度產生的收入。

So that's an important growth driver for us in units and can represent anywhere from 600,000 to 1 million units of demand that's new TAM we haven't been experiencing for nearly 4 years. So that's on the kind of business front.

因此，這是我們單位數量增長的重要推動力，可以代表 600,000 到 100 萬單位的需求，這是我們近 4 年來從未經歷過的新 TAM 需求。這就是商業方面的情況。

The incentive, I think, is price point, and they're getting a really good value proposition. In addition, we're seeing 20% to 30% attach on the subscription on an entry-level price point, when we're seeing just over 40% on somebody who is buying in at the flagship level. So that's really encouraging to see. Obviously, it's less, but that's still a -- that's an attach rate of where we were nearly a year ago, and now we've been able to move it up.

我認為，激勵因素是價格點，而且他們得到了非常好的價值主張。此外，我們發現入門級價格點的訂閱價格有 20% 到 30%，而旗艦級價格的訂閱價格略高於 40%。所以這確實令人鼓舞。顯然，它有所減少，但這仍然是我們近一年前的附加率，現在我們已經能夠提高它。

So it's good to see that people are coming in to the subscription, they're buying into the cameras. We can also measure, and we've measured it before, the behavior characteristics of all subscribers tends to be the same in the ecosystem: what they download, how much they upload. As a matter of fact, we're seeing even more upload happen on HERO11 than we even saw in HERO Black as well as the total number of people kind of taking advantage of a cloud system [auto-highlight edits].

因此，很高興看到人們開始訂閱，購買相機。我們還可以測量，而且我們之前已經測量過，生態系統中所有訂閱者的行為特徵往往是相同的：他們下載什麼，上傳多少。事實上，我們發現 HERO11 上的上傳量甚至比 HERO Black 上看到的還要多，而且利用雲系統 [自動突出顯示編輯] 的總人數也更多。

So that's a very encouraging sign, that the behavioral characteristics of people in the entry level really do mirror actually now our flagship product. So I think that's encouraging.

所以這是一個非常令人鼓舞的跡象，入門級人員的行為特徵確實反映了我們現在的旗艦產品。所以我認為這令人鼓舞。

I would just add that the entry-level customers' buying behavior is matching historically how and where GoPro customers buy. The bulk of entry-level purchasing is done at retail, where GoPro.com primarily sells through our higher-priced products. And even with the lowering of our prices to prepandemic levels and the reintroduction of entry-level pricing on our HERO8 and then HERO9 cameras, that trend didn't shift. Those cameras were primarily sold through retail. And also, our marketing messaging didn't shift for the entry-level introduction, pricing introduction.

我只想補充一點，入門級客戶的購買行為與歷史上 GoPro 客戶的購買方式和地點相匹配。大部分入門級採購是在零售店進行的，GoPro.com 主要通過我們的高價產品進行銷售。即使我們將價格降低至大流行前的水平，並在 HERO8 和 HERO9 相機上重新引入入門級定價，這種趨勢也沒有改變。這些相機主要通過零售銷售。而且，我們的營銷信息並沒有改變入門級介紹、定價介紹。

So there was nothing that we were doing that would have been a catalyst to attract a different type of buyer with that. That was a natural market, consumer market reaction to pricing. It shows the interest in GoPro and the desire to purchase, but sometimes people just can't afford it or they're not confident enough yet to be buying our high-end products. But when we have something that better matches their budget, they're quick to buy.

因此，我們所做的任何事情都不會成為吸引不同類型買家的催化劑。這是市場、消費者市場對定價的自然反應。它顯示了對 GoPro 的興趣和購買慾望，但有時人們只是買不起，或者還沒有足夠的信心購買我們的高端產品。但當我們有更符合他們預算的東西時，他們很快就會購買。

So that, in combination with what Brian said, we believe that this is reaching the same type of customer. But excitingly, it's showing that there's a bigger market for us, for GoPro and for our products. There are many consumers waiting in the wings, are ready to buy when we have the right product for them at the right price point.

因此，結合佈萊恩所說的，我們相信這是針對同一類型的客戶。但令人興奮的是，這表明我們、GoPro 和我們的產品有一個更大的市場。有許多消費者在等待，當我們以合適的價格為他們提供合適的產品時，他們就準備購買。

Got it. A quick second question is, can you share your updated view on the competitive landscape? And more recently, we saw a competitor, a smaller competitor, announcing their new generation of cameras. Do you have a view on the near-term competitive landscape? And overall, how are you seeing you're performing on both the lower-priced tier and the higher-priced tier market?

知道了。第二個問題是，您能分享一下您對競爭格局的最新看法嗎？最近，我們看到一個競爭對手，一個較小的競爭對手，宣布了他們的新一代相機。您對近期的競爭格局有何看法？總體而言，您認為您在低價層和高價層市場的表現如何？

We feel really good. We take our competitors very seriously. We've always had competition at GoPro, and it drives us to passionately develop the highest performance products that we can and then also offer them at really astounding value to consumers so that we never lose our leadership position.

我們感覺真的很好。我們非常重視我們的競爭對手。 GoPro 一直面臨著競爭，這促使我們熱情地開發出性能最高的產品，並為消費者提供真正令人驚嘆的價值，這樣我們就永遠不會失去領先地位。

And we're aware of new competitive product that comes out, and we feel really, really, really good about how we stack up, not only with our existing products, but also with what we have planned for launch a little bit later in this year.

我們意識到新的競爭產品的出現，我們對我們的表現感到非常非常非常好，不僅是我們現有的產品，還有我們計劃稍後推出的產品。年。

So all good on that front. But no, we don't take competition lightly. It's what drives us, and our customers can thank our competition for where GoPro is today, because it really pushes us to be best in class.

所以這方面一切都很好。但不，我們不會掉以輕心地對待競爭。這是我們前進的動力，我們的客戶可以感謝我們的競爭對手讓 GoPro 取得今天的成績，因為它確實推動我們成為同類產品中的佼佼者。

I wouldn't factor in any change in your outlook for GoPro based on anything new that's come out competitively.

我不會因為競爭中出現的任何新產品而改變您對 GoPro 的看法。

This concludes our Q&A. I'll now hand back to the management team for closing remarks.

我們的問答到此結束。現在我將請管理團隊做總結髮言。

Thank you, Elliot, and thank you, everybody, for joining today's call. As I said earlier, we're excited for our upcoming launch and holiday season, and we look forward to updating you on our next earnings call.

謝謝埃利奧特，也謝謝大家參加今天的電話會議。正如我之前所說，我們對即將到來的發布和假期感到興奮，並期待在下一次財報電話會議上向您通報最新情況。

Between now and then, we'll be presenting at the Oppenheimer 26th Annual Technology, Internet & Communications Conference next week.

從現在到下週，我們將在奧本海默第 26 屆年度技術、互聯網和通信會議上發表演講。

And thanks again for joining today's call. This is Team GoPro signing off.

再次感謝您參加今天的電話會議。這是 GoPro 團隊的簽字儀式。

Ladies and gentlemen, today's call has now concluded. We'd like to thank you for your participation. You may now disconnect your lines.

女士們、先生們，今天的電話會議到此結束。我們衷心感謝您的參與。您現在可以斷開線路。