GoPro Inc (GPRO) 2023 Q4 法說會逐字稿

Good afternoon.

午安.

Thank you for attending today's GoPro Fourth Quarter 2023 earnings call.

感謝您參加今天的 GoPro 2023 年第四季財報電話會議。

My name is Cole, and I'll be the moderator for today's call.

我叫科爾，我將擔任今天電話會議的主持人。

(Operator Instructions)

（操作員說明）

I'd now like to pass the conference over to our host, Chris Clark, VP of Corporate Communications.

現在我想將會議交給我們的東道主、企業傳播副總裁 Chris Clark。

Please go ahead.

請繼續。

Thank you, Cole.

謝謝你，科爾。

Good afternoon, and welcome to GoPro's Fourth Quarter and Full Year 2023 earnings conference call.

下午好，歡迎參加 GoPro 2023 年第四季和全年財報電話會議。

With me today are GoPro's CEO, Nicholas Woodman; and CFO and COO, Brian McGee.

今天與我在一起的有 GoPro 執行長 Nicholas Woodman；財務長兼營運長布萊恩‧麥吉 (Brian McGee)。

Today's agenda will include a brief commentary from Nick followed by Q&A.

今天的議程將包括尼克的簡短評論以及隨後的問答。

For detailed information about our fourth quarter and full year 2023 performance as well as outlook, please read our Q4 and 2023 earnings press release and the management commentary we've posted to the Investor Relations section of GoPro's website.

有關我們第四季度和 2023 年全年業績以及展望的詳細信息，請閱讀我們的第四季度和 2023 年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 state 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.

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的國家前瞻性陳述，所有其他非歷史事實的陳述都不是對未來業績的保證，並受到一些因素的影響。可能導致實際結果產生重大差異的風險和不確定性此外，今天做出的任何前瞻性陳述均基於截至目前的假設。

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.

這意味著結果可能隨時發生變化，我們不承擔因新資訊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我們可能不時向 SEC 提交的委員會報告和其他報告。

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.

今天，我們可以討論毛利率、營業費用、淨利潤和虧損調整後的 EBITDA，以及根據 GAAP 計算的基本和稀釋每股淨利潤和虧損，以及在非 GAAP 基礎上的 GAAP 與非 GAAP 調節表營運費用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。

And 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，否則今天管理層評論和言論中討論的所有與損益表相關的數據（除收入之外）均為非公認會計準則。

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

現在我將把電話轉給 GoPro 的創辦人兼執行長 Nicolas。

What Thanks, Chris, and thanks, everybody, for joining us today. 2023 marked the beginning of our multiyear TAM, expanding strategy, targeting long-term revenue, subscriber and profit growth.

感謝克里斯，感謝大家今天加入我們。 2023 年標誌著我們多年 TAM 的開始，擴大策略，目標是長期收入、用戶和利潤成長。

Beginning in May 2023, we initiated the first stage of our growth initiatives, including a return to lower pre-pandemic pricing to drive unit sales, the reintroduction of entry-level price, GoPro cameras to drive volume and reach new customers, increased marketing to drive awareness and expanding GoPro's retail channel presence globally.

從2023 年5 月開始，我們啟動了第一階段的成長計劃，包括恢復疫情前的較低定價以推動銷量、重新引入入門級價格、GoPro 相機以提高銷量並吸引新客戶、加強營銷以推動銷量成長。提高認知度並擴大 GoPro 的全球零售通路影響力。

These actions contributed to a year-over-year retail channel unit sell-through growth of 25% in the period from our shift in May to the end of the year across all channels retail, combined with direct to consumer through gopro.com, 2023 unit sell-through growth since our strategy shift was 3% from the May was up 3% from the period May through the end of 2023, measured against the prior year period.

從我們 5 月的轉變到年底，所有零售通路的零售通路單位銷售額年增 25%，並透過 gopro.com 直接面向消費者，2023 年，這些行動自我們的策略轉變以來，單位銷售成長率為5 月的3%，與去年同期相比，截至2023 年底的5 月份單位銷售量成長了3%。

Our retail channels growth was largely offset by our gopro.com direct-to-consumer channel where we underestimated the impact of our strategic shift in Q4, GoPro.com revenue, excluding subscription and services, was 14% of revenue, down from 33% the prior year period due primarily to our strategic decision to eliminate subscription related camera discounts at the time of purchase on GoPro.com. We believe our sell-through growth in retail gives us and importantly, gives our retailers and distributors confidence to lean in as we look to launch a number of new products as I'll touch on shortly.

我們的零售通路成長在很大程度上被gopro.com 直接面向消費者的管道所抵消，我們低估了第四季度策略轉變的影響，GoPro.com 收入（不包括訂閱和服務）佔收入的14% ，低於33%與去年同期相比，主要是因為我們的戰略決定是取消在 GoPro.com 上購買時與訂閱相關的相機折扣。我們相信，零售銷售量的成長給了我們，更重要的是，給了我們的零售商和分銷商信心，讓我們有信心在我們希望推出一些新產品時加入進來，我很快就會談到。

This combined with our aggressive efforts to open more doors and expand our brand presence in all of our doors is creating a groundswell of opportunity at retail for GoPro.

再加上我們積極努力打開更多大門並擴大我們在所有門市的品牌影響力，為 GoPro 的零售業創造了巨大的機會。

Fourth quarter entry level camera sell through price at $199 and $249 represented 28% of our product mix, up from zero in the prior year when we had no products offered in this price band.

第四季入門級相機的銷售價格為 199 美元和 249 美元，占我們產品組合的 28%，而去年我們在這個價格範圍內沒有提供任何產品，這一數字為零。

However, in analyzing our 2023 holiday season performance, we believe consumers were looking for discounts irrespective of already low price points, which was an outlier from the behavior we've seen in prior years.

然而，在分析我們 2023 年假期季節的表現時，我們認為，無論價格已經很低，消費者都在尋求折扣，這與我們前幾年看到的行為不同。

This resulted in lower than expected sell-through of our $249 HERO 10 black product, which we did not discount during Q4.

這導致我們 249 美元的 HERO 10 黑色產品的銷售低於預期，我們在第四季度沒有折扣。

On the positive side, this resulted in better than expected margin in the fourth quarter.

從積極的一面來看，這導致第四季度的利潤率好於預期。

In 2023, we reinvigorated our marketing strategy to reestablish GoPro's larger than light brand presence across all of the major verticals we serve. 2024 is when we'll see GoPro's brand more loud and proud than we've seen in years, beginning with events like January's X Games were fans tuned in to watch the world's best skiers and snow boarders, pushing the limits of their sport with many athletes wearing GoPro cameras and competition, capturing footage that was integrated into the broadcast to share first person perspective, help translate our expanded awareness efforts into sales.

2023 年，我們重振了行銷策略，在我們服務的所有主要垂直領域重建 GoPro 的品牌影響力。 2024 年，我們將看到GoPro 的品牌比我們多年來所見過的更加響亮和自豪，從1 月份的X Games 等活動開始，粉絲們就開始觀看世界上最好的滑雪運動員和單板滑雪運動員的比賽，與許多人一起挑戰他們的運動極限。運動員佩戴 GoPro 相機進行比賽，捕捉片段並整合到廣播中以分享第一人稱視角，有助於將我們擴大的宣傳力度轉化為銷售。

We've been aggressively expanding the number of retail doors where we sell our products.

我們一直在積極擴大銷售產品的零售店數量。

Since May of 2023, we added more than 3,200 new retail doors, which was ahead of our target for the year.

自2023年5月以來，我們新增零售門超過3,200個，提前完成了全年目標。

We intend to continue to drive door growth with a target of 7,000 additional new doors over the next two years, bolstered by new products.

我們打算在新產品的支持下，繼續推動門的成長，目標是在未來兩年內增加 7,000 扇新門。

In addition to growing door count, we plan to refresh our point-of-purchase merchandisers, expand the in-store brand presence and enhance account management throughout the retail channel.

除了增加門數外，我們還計劃更新我們的採購點售貨員、擴大店內品牌影響力並加強整個零售通路的客戶管理。

Our Stage one growth initiatives outlined above delivered a profitable fourth quarter and second half in 2023.

我們上述第一階段的成長計畫在 2023 年第四季和下半年實現了獲利。

On a non-GAAP basis, fourth quarter revenue was $295 million below our guidance of $325 million.

以非公認會計準則計算，第四季營收比我們指引的 3.25 億美元低 2.95 億美元。

Q4

第四季

revenue was short of guidance due to lower than expected demand trends in North America, particularly in December, driven in part by competition for share of wallet as well as lower than anticipated sales of Hero 10 black due to our decision to not discount this entry level price Caminus.

由於北美地區的需求趨勢低於預期（特別是 12 月），收入未達預期，部分原因是錢包份額的競爭，以及我們決定不打折入門級 Hero 10 Black 的銷量低於預期價格卡米努斯。

The upside is that we retain margin on the HERO 10 black units we sold and this combined with our high margin subscription and service revenue to yield gross margin that outperformed the midpoint of guidance by 140 basis points.

有利的一面是，我們保留了所售 HERO 10 黑色設備的利潤，再加上我們的高利潤訂購和服務收入，毛利率比指導中位數高出 140 個基點。

The improvement in gross margin plus savings in operating expenses during the quarter resulted in non-GAAP earnings per share of $0.02 for the fourth quarter.

毛利率的提高加上本季營運費用的節省，導致第四季度非 GAAP 每股收益為 0.02 美元。

In 2024, we expect gross margin to be 32.5% in the first quarter and improved throughout the year to 35% in the second and third quarters and to between 37% and 38% in the fourth quarter.

2024年，我們預期第一季毛利率為32.5%，第二季及第三季全年毛利率將提高至35%，第四季毛利率將提高至37%至38%。

This weighs out to a gross margin percentage in 2024 in a range of 35.5% plus, minus 50 basis points, up from 32% in 2023.

這使得 2024 年的毛利率百分比從 2023 年的 32% 上升至 35.5% 加減 50 個基點。

As we begin 2024 and look to the greater long-term opportunity for GoPro, we believe it's essential that we significantly scale the number of products we sell to serve more consumers and more categories and markets.

進入 2024 年，我們著眼於為 GoPro 帶來更大的長期機遇，我們認為，必須大幅增加我們銷售的產品數量，以服務更多的消費者、更多的類別和市場。

Our research identifies several growth opportunities.

我們的研究確定了一些成長機會。

Were GoPro can extend our market leadership as we enter Stage two of our TAM expanding strategy.

當我們進入 TAM 擴張策略的第二階段時，GoPro 能否擴大我們的市場領導地位？

We plan to expand our product product road map over the next two years.

我們計劃在未來兩年內擴展我們的產品路線圖。

And in 2024, we plan to launch four new camera SKUs, giving us a lineup of cutting edge industry leading cameras ranging in price from a volume driving $199, up to $599 with more planned for 2025.

2024 年，我們計劃推出四款新相機 SKU，為我們提供一系列尖端的業界領先相機，價格範圍從 199 美元到 599 美元不等，並計劃在 2025 年推出更多產品。

In January, we announced plans to acquire FORE-SIGHT helmet systems in Australia and maker of tech enabled motorcycle elements.

一月份，我們宣布計劃收購澳洲的 FORE-SIGHT 頭盔系統和科技摩托車元件製造商。

We believe tech enabling motorcycle, how this represents a meaningful opportunity for GoPro to extend its technical and marketing capabilities to create differentiated solutions within a $6 billion motorcycle helmet market, of which we believe we can service approximately $3 billion with an eye towards entering additional helmet markets over time.

我們相信科技賦能摩托車，這對GoPro 來說是一個有意義的機會，可以擴展其技術和行銷能力，在價值60 億美元的摩托車頭盔市場中創建差異化解決方案，我們相信我們可以為其中約30 億美元提供服務，並著眼於進入更多頭盔市場隨著時間的推移市場。

There are a number of known technologies used today by motorcycle enthusiasts, including communications, digital imaging, navigation, safety alerts and more that we believe can be integrated into helmets for enhanced performance, convenience value and safety.

如今，摩托車愛好者使用了許多已知技術，包括通訊、數位成像、導航、安全警報等，我們相信這些技術可以整合到頭盔中，以提高性能、便利價值和安全性。

We are on track to close this acquisition this quarter, and we'll share specifics about our product vision as we get closer to the expected launch of our first helmet in 2025.

我們預計在本季度完成此次收購，隨著我們預計將於 2025 年推出第一款頭盔，我們將分享有關我們產品願景的具體細節。

To add more color, motorsports has been core to GoPro's business for the last 15 years.

為了增添更多色彩，賽車運動在過去 15 年裡一直是 GoPro 業務的核心。

We've developed a strong brand across all disciplines of professional enthusiast categories of motorsports with a very strong following among motor cyclists, we are a major sponsor across a broad range of racing series events and athletes, including the world's premier motorcycle racing series, Moto G P. In addition to leveraging our existing motorsports marketing and brand, we intend to leverage the motorsports retail channel we are currently building to support sales of our current camera line to also sell our helmets beginning in 2025.

我們已經在專業賽車運動各個領域建立了強大的品牌，在摩托車手中擁有非常強大的追隨者，我們是各種賽車系列賽事和運動員的主要贊助商，包括世界首屈一指的摩托車賽車系列賽 Moto G P：除了利用我們現有的賽車運動行銷和品牌之外，我們還打算利用我們目前正在建立的賽車零售管道來支持我們當前相機系列的銷售，並從2025 年開始銷售我們的頭盔。

We also intend to partner with leading helmet brands as an OEM supplier to help them tech enable their own premium SKUs.

我們也打算作為 OEM 供應商與領先的頭盔品牌合作，幫助他們技術支援自己的優質 SKU。

We have enormous respect for leading brands and look forward to working with them to help drive innovation together.

我們非常尊重領先品牌，並期待與他們合作，共同推動創新。

We are encouraged by early interest shown by some leading brands.

一些領先品牌早期表現出的興趣令我們感到鼓舞。

Furthermore, we expect that success in the motorcycle helmet market can contribute to subscriber growth as we intend to support GoPro tech-enabled Helman owners with meaningful subscriber benefits and features.

此外，我們預期摩托車安全帽市場的成功有助於用戶成長，因為我們打算為支援 GoPro 技術的 Helman 用戶提供有意義的用戶福利和功能。

Looking at our current subscriber base, we closed 2023 with more than 2.5 million subscribers, representing 12% year-over-year growth consistent with previous quarters, retention for annual subscribers who represent 90% of total subscribers was between 60% and 65% for the first year renewals and between 70% and 75% for second year renewals.

從我們目前的訂閱者基礎來看，截至2023 年，我們的訂閱者數量超過250 萬，年增12%，與前幾個季度一致，佔總訂閱者90% 的年度訂閱者的保留率在60 % 至65% 之間。第一年續約為 70% 至 75%，第二年續約為 70% 至 75%。

Our new third year cohort is renewing at greater than 80%.

我們新的三年級新生的更新率超過 80%。

Importantly, we now have a larger pool of subscribers who are up for renewal in their second or 3rd year than we do for the first year, which we believe will be a tailwind for subscriber retention going forward.

重要的是，我們現在擁有比第一年更多的訂戶，他們在第二年或第三年續訂，我們相信這將成為未來訂戶保留的推動力。

Another positive for our subscription offerings is the initial release of our Quik desktop app for Mac OS and our new Premium Plus subscription tier, both of which launched yesterday, the quick desktop app which is available at no additional charge to GoPro subscribers brings the simplicity and convenience of automatic edits to desktop users, along with powerful yet convenient manual editing tools, synced editing between mobile and desktop apps and the ability to import footage from any camera.

我們的訂閱產品的另一個積極因素是我們昨天推出的適用於Mac OS 的Quik 桌面應用程序和新的Premium Plus 訂閱級別的初始版本，GoPro 訂閱者可以免費使用快速桌面應用程序，為GoPro 訂閱者帶來簡單和方便的體驗。為桌面用戶提供便利的自動編輯功能，以及強大而方便的手動編輯工具、行動和桌面應用程式之間的同步編輯以及從任何攝影機匯入素材的能力。

We plan to launch a Windows version of the quick desktop app later this year.

我們計劃在今年稍後推出 Windows 版本的快速桌面應用程式。

We expect to grow subscribers in 2024 adding to the substantial ARR we are already generating.

我們預計到 2024 年，訂戶數量將會增加，從而增加我們已經產生的大量 ARR。

We expect subscribers to be between 2.5 million and 2.6 million by the end of 2024 or 4% growth year over year at the high end of the range.

我們預計，到 2024 年底，用戶數量將達到 250 萬至 260 萬，即該範圍高端的同比增長率為 4%。

To summarize, the retail expansion strategy we kicked off in May of last year is successfully growing our business at retail.

總而言之，我們去年五月啟動的零售擴張策略正在成功發展我們的零售業務。

We're excited about our expanding product line, the significant number of retail doors.

我們對不斷擴大的產品線和大量的零售門感到興奮。

We're adding at a steady rate and a significant larger number of marketing activations we have planned throughout the year to drive awareness and demand, all of which we believe will continue to contribute to growth.

我們正在以穩定的速度增加我們全年計劃的行銷活動數量，以提高意識和需求，我們相信所有這些都將繼續促進成長。

Our acquisition of foresight reflects our belief that the GoPro brand can scale across multiple verticals globally.

我們的收購反映了我們的信念：GoPro 品牌可以在全球多個垂直領域擴展。

And we have a number of exciting opportunities in front of us.

我們面前有許多令人興奮的機會。

And as we move through 2024, we are focused on execution and creating value for our shareholders.

進入 2024 年，我們將專注於執行力和為股東創造價值。

It's good to be on the build again.

很高興再次參與構建。

Operator, we are now ready to take questions.

接線員，我們現在準備好回答問題。

(Operator Instructions) Erik Woodring, Morgan Stanley.

（操作指示）Erik Woodring，摩根士丹利。

I just have two questions.

我只有兩個問題。

I'm quickly, and I wasn't sure if the first one for Nick or Brian, but last quarter, you laid out a fairly clear vision for 2024, you're guiding to I think it was $1.1 billion to $1.2 billion of revenue, 10% unit growth plus.

我很快，我不確定第一個是尼克還是布萊恩，但上個季度，您為 2024 年制定了相當清晰的願景，您正在指導我認為收入為 11 億至 12 億美元，單位增長10%以上。

And I think it was $40 million of net income.

我認為淨收入為 4000 萬美元。

You removed some of that language from the prepared remarks this quarter.

您從本季準備好的評論中刪除了一些此類語言。

So just how should we think about maybe the full year of just beyond 1Q and then I have a follow up.

那麼我們應該如何考慮第一季之後的全年情況，然後我會進行跟進。

Thank you.

謝謝。

Yes, maybe I'll start and Nick to chime in.

是的，也許我會開始，尼克插話。

I think the first of all, we just guided for the first quarter.

我認為首先，我們剛剛指導了第一季。

Obviously, you saw that in our prepared remarks, and I'll comment there, though, that has nothing to do with sell-through.

顯然，您在我們準備好的評論中看到了這一點，不過我會在那裡發表評論，這與銷售無關。

That's actually going pretty well.

這實際上進展順利。

We should be $550 million plus or minus 50,000 units, which is in line with where we've been in the first quarter in the last two years.

我們的營收應該是 5.5 億美元正負 5 萬台，這與我們過去兩年第一季的情況一致。

That's on sell-through sell-in of a little bit less we expect to see channel inventory down and up 17% to about 700,000 units.

考慮到銷量略有下降，我們預計通路庫存將下降並上升 17%，達到約 70 萬件。

So that's why Q1 revenue was off a bit.

這就是第一季收入略有下降的原因。

If you compare that on a year-to-year basis.

如果你逐年比較的話。

We're still selling product, but not in as we deplete older inventory in favor of higher margin products that began shipping in Q2 and Q3.

我們仍在銷售產品，但不再銷售，因為我們耗盡了舊庫存，轉而購買第二季和第三季開始出貨的利潤率更高的產品。

In addition, Nick talked about and the investment we're making a product that's under review to expand our roadmap, and we're evaluating those investments on the level of those investments to '25 and '26.

此外，尼克還談到了我們正在開發的產品的投資，該產品正在接受審查，以擴展我們的路線圖，我們正在根據「25 和 26」的投資水平評估這些投資。

And that will obviously impact OpEx and all those decisions on yet.

這顯然會影響營運支出和所有這些決策。

And so we'll give an update on that on our next call.

因此，我們將在下次電話會議上提供最新情況。

Maybe, Brian, just one point of clarification in the prepared remarks, the table that shows first quarter guidance, there's a line that says unit sell through and it says 400,000 units.

布萊恩，也許只是在準備好的發言中澄清一點，即顯示第一季指導的表格，有一行表示單位售罄，並表示 400,000 單位。

You just alluded to 550,000 units.

你剛才提到了55萬個單位。

If you could just give some clarification on which one we should be looking for, that would be super helpful.

如果您能澄清一下我們應該尋找哪一個，那將非常有幫助。

Well, I think it was sell-in.

嗯，我認為這是賣出去的。

It was 400,000.

那是40萬。

Sell through was 400,000, okay.

銷量是40萬，好。

And then and then maybe just as a follow-up on the on the acquisition of Foresight, you guys alluded to being able to service a $3 billion TAM -- motorcycle helmet market TAM.

然後，也許只是作為收購 Foresight 的後續行動，你們提到能夠為價值 30 億美元的 TAM（摩托車頭盔市場 TAM）提供服務。

Is that should we think of that as being incremental to your current TAM?

我們是否應該將其視為您目前 TAM 的增量？

Because I think of how the amount of GoPro is one of your primary use cases today.

因為我認為 GoPro 的數量是當今您的主要用例之一。

And so how do we think about what's incremental in new and what technology you'd kind of be bringing to GoPro that you haven't been able to versus what is out and I don't want to use the term cannibalistic or But part of a market that you're already addressing today and that's it for me.

因此，我們如何考慮新技術的增量以及您將為 GoPro 帶來哪些您無法與已發布的技術相比的技術，我不想使用術語“同類相食”或“但一部分”您今天已經在討論的市場，這就是我的目標。

Thanks so much.

非常感謝。

(multiple speakers) In our prepared remarks, we actually sent by 50 the -- plus and minus 50 and it should have been the unit sell in the table of contents.

（多名發言者）在我們準備好的發言中，我們實際上發送了 50 正負 50，它應該是目錄中銷售的單位。

Thanks for your question, EriK, it's there will be some cannibalization because you're right, there are many motorcycles to buy a GoPro to attach it to their helmet.

謝謝你的問題，EriK，這將會有一些蠶食，因為你是對的，有很多摩托車購買 GoPro 將其固定在頭盔上。

But as we look to the future, there's so many gains to be had from integration and as well, we think it can help expand the TAM by making and the value proposition of having technology integrated into the helmet not attached to the outside of the helmet it can be TAM expanding and its ability to be more appealing to more motorcycling that otherwise wouldn't want to necessarily have these attachments.

但當我們展望未來時，整合可以帶來很多好處，而且我們認為它可以透過將技術整合到頭盔中而不是附著在頭盔外部的價值主張來幫助擴展 TAM它可以是TAM 的擴展，並且它能夠對更多摩托車愛好者產生更大的吸引力，否則他們不一定希望擁有這些配件。

So it's a little bit of both, but and as I mentioned, we've got a really strong reputation in across all of Motorsports.

所以兩者兼而有之，但正如我所提到的，我們在所有賽車運動中都享有很高的聲譽。

So and given Pharsight's expertise with the motorcycle market, it's also the biggest market.

因此，鑑於 Pharsight 在摩托車市場的專業知識，它也是最大的市場。

It aligns really well for that to be our start with tech-enabled helmets.

這非常適合我們從技術支援的頭盔開始。

But we see the opportunity over time being bigger than just motorcycles.

但隨著時間的推移，我們看到機會不僅限於摩托車。

But you know, we're going to learn first in the motorcycle market, capitalize on FORE-SIGHT experienced capitalize on our existing brand strength.

但你知道，我們要先在摩托車市場學習，利用FORE-SIGHT經驗，利用我們現有的品牌實力。

And as I mentioned, the growing retail network that we're establishing to sell our existing line of cameras will also benefit us at the time of launch of our first helmets and in 2025.

正如我所提到的，我們為銷售現有相機系列而建立的不斷增長的零售網路也將使我們在推出第一款頭盔時和 2025 年受益。

Awesome.

驚人的。

Thank you very much, Nick.

非常感謝你，尼克。

That was awesome content.

那是很棒的內容。

Martin Yang, Oppenheimer.

馬丁楊，奧本海默。

Hi, good afternoon.

嗨，下午好。

Thank you for taking my question.

感謝您回答我的問題。

On my first question is on subscribers.

我的第一個問題是關於訂閱者的。

How do you see your long-term growth for subscriber base as you have more multiyear renewals, our users in the subscriber base, do you expect the long-term rate to go if you add above mid-single digits and also how should we think about the beyond subscriber user growth and ARR for our subscription revenues today to have a different growth rate relative to subscriber base?

隨著您有更多的多年續訂，您如何看待訂戶群的長期增長，我們的訂戶群中的用戶，如果您添加中個位數以上，您預計長期增長率會怎樣？我們應該如何思考關於我們今天訂閱收入的超越訂閱用戶成長和ARR 相對於訂閱用戶基數有不同的成長率？

Hi, Martin.

嗨，馬丁。

It's Brian.

是布萊恩。

I mean we hit RPU for us, we're seeing our per improvements of about 5%, so that's great.

我的意思是，我們達到了 RPU，我們看到我們的每項改進約為 5%，所以這很棒。

We are also seeing the total subscribers in years two, three and four now some will be larger than year one.

我們也看到第二年、第三年和第四年的訂閱者總數，有些將比第一年還要多。

And so that helps drive the RPU.

這有助於驅動 RPU。

And as you see, we're continuing on each successive year to retain more and more subscribers.

正如您所看到的，我們每年都會繼續留住越來越多的訂戶。

We feel great on I know the growth is largely going to be tied into unit growth over time, right?

我們感覺很棒，因為我知道隨著時間的推移，成長很大程度上將與單位成長聯繫在一起，對嗎？

So that's a key kind of metric.

所以這是一個關鍵的指標。

And I think for the subscription business, we gave a range of 2.5 million to 2.6 million subs on this year.

我認為，對於訂閱業務，今年我們的訂閱人數範圍為 250 萬至 260 萬。

You know, if we continue with our crew and growth could actually go beyond 2.6 million and you could see more growth.

你知道，如果我們繼續增加我們的員工，成長實際上可能會超過 260 萬，而且你會看到更多的成長。

We've kind of held it back a little bit, maybe to be conservative there.

我們有點保留了它，也許是為了保守。

So hopefully that helps answer your question.

希望這有助於回答您的問題。

And then a quick following up on Nick's comments on the 2025 product for helmets, can you clarify if that's a helmet of branded by GoPro mate still entirely by foresight or with -- it's a different product go across all helmet in it?

然後快速跟進 Nick 對 2025 年頭盔產品的評論，您能否澄清一下，這是否是 GoPro mate 品牌的頭盔仍然完全是出於遠見，還是——它是一個涵蓋所有頭盔的不同產品？

As we shared, we're going to be launching our own line of GoPro branded helmets.

正如我們所分享的，我們將推出自己的 GoPro 品牌頭盔系列。

And after the acquisition for sake will be paid.

並在收購後進行支付。

Part of GoPro's of that will be GoPro designed and manufactured helmets.

GoPro 的其中一部分將是 GoPro 設計和製造的頭盔。

And then we also are intending to support other leading helmet brands who wish to tech enable their helmets as well, serving as a technical OEM supplier to them.

然後，我們還打算支援其他希望對其頭盔進行技術支援的領先頭盔品牌，作為他們的技術 OEM 供應商。

United brand counts for a lot in every industry.

United 品牌在每個產業都具有重要意義。

And we're looking to leverage our brand to help establish a new bar for performance, convenience, value, safety and tech-enabled elements and then use that to then help and driving industry for with the support of other leading brands want to do the same.

我們希望利用我們的品牌來幫助建立一個性能、便利性、價值、安全性和技術支援元素的新標準，然後在其他領先品牌的支持下利用它來幫助和推動行業發展相同的。

Thanks for the clarification.

感謝您的澄清。

My last question is on gross margin outlook for '24.

我的最後一個問題是關於 24 年的毛利率前景。

Last quarter you provided a breakdown of different components and sources of improvement for the margin expansion '24, do you still believe those key components our same as our guided before, if there's any changes, what are they?

上個季度，您提供了24年利潤擴張的不同組成部分和改進來源的詳細信息，您是否仍然認為這些關鍵組成部分與我們之前指導的相同，如果有任何變化，它們是什麼？

They are the same time.

他們是同一時間。

We have the introduction of our new low lower product cost and entry-level product in Q2, which is in our management commentary.

我們在第二季推出了新的低產品成本和入門級產品，這在我們的管理評論中。

We have reduced price protection year over year by $30 million.

我們將價格保護逐年減少了 3000 萬美元。

I mean, we do have identified kind of Costs and Tariffs moving from the tariff savings might be new that we didn't have it last time.

我的意思是，我們確實已經確定了從關稅節省中轉移的成本和關稅可能是我們上次沒有的新內容。

We team's done a good job with that subscription growth and other improvements.

我們團隊在訂閱成長和其他改進方面做得很好。

There are the potential offset of that that we've factored in, which is we're seeing potential increases in memory pricing later this year.

我們已經考慮到了這一點的潛在抵消，即我們預計今年稍後記憶體價格可能會上漲。

So that can be something that could impact us that we've tried to reflect in our numbers and that helps.

因此，這可能會影響我們，我們試圖將其反映在我們的數據中，這會有所幫助。

We have no additional questions.

我們沒有其他問題了。

So I will pass the conference back to the management team for any closing remarks.

因此，我會將會議轉交給管理團隊，讓他們發表閉幕詞。

Thank you, operator, and thank you, everybody, for joining today's call.

謝謝接線員，也謝謝大家參加今天的電話會議。

As we mentioned, we're excited to be growing in retail and in an effort to expand our TAM and we believe we can drive long-term revenue, profit and margin growth with our expanded product line and increased marketing activities planned for the rest of the year, combined with our steady addition of more retail doors, targeting 7,000 additional doors over the next two years, lots to be excited about.

正如我們所提到的，我們很高興能夠在零售領域取得成長，並努力擴大我們的TAM，我們相信，透過擴大產品線和增加計劃為其餘業務開展的營銷活動，我們可以推動長期收入、利潤和利潤成長。今年，再加上我們穩定增加更多零售門，目標是在未來兩年內增加 7,000 個零售門，很多事情都令人興奮。

And as I mentioned, it's good to be on the build again at GoPro.

正如我所提到的，很高興能夠再次參與 GoPro 的開發工作。

Thank you, everyone.

謝謝大家。

This is team GoPro signing off.

這是 GoPro 團隊的簽字儀式。

That concludes today's call and thank you all for your participation.

今天的電話會議到此結束，感謝大家的參與。

You may now disconnect your lines.

現在您可以斷開線路。