GoPro Inc (GPRO) 2024 Q1 法說會逐字稿

And welcome to the GoPro first quarter 2024 earnings call.

歡迎參加 GoPro 2024 年第一季財報電話會議。

My name is Lauren, and I will be coordinating your call today.

我叫勞倫，今天我將協調您的電話。

(Operator Instructions)

（操作員說明）

I will now hand you over to host Chris Clark, VP Corporate Communications, to begin.

現在請您主持企業傳播副總裁 Chris Clark。

Please go ahead.

請繼續。

Thank you, Lorne.

謝謝你，洛恩。

Good afternoon, and welcome to GoPro's first quarter 2024 earnings conference call.

下午好，歡迎參加 GoPro 2024 年第一季財報電話會議。

With me today are GoPro's CEO, Nicholas Woodman; and Chief Financial Officer 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 Brian McGee。

Today's agenda will include include brief commentary from Nick followed by Q&A for detailed information about our first quarter 2024 performance as well as outlook, please read our Q1 2024 earnings press release and management commentary, we posted to the Investor Relations section of GoPro's website.

今天的議程將包括Nick 的簡短評論，隨後是問答，了解有關我們2024 年第一季度業績和前景的詳細信息，請閱讀我們發佈在GoPro 網站投資者關係部分的2024 年第一季度收益新聞稿和管理層評論。

Before I pass the call to Mick, 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.

在我把電話轉給米克之前，我想提醒大家，我們今天的言論可能包括前瞻性陳述。確定性，可能導致實際結果有重大差異。

Additionally, any forward-looking statements made today are based on assumptions as of today.

此外，今天所做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 to better understand the risks and uncertainties that could cause actual results to differ from our commentary.

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，以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。

We refer you to our most recent annual report on Form 10-K for the year ended December 31, 2023, which is on file with the Securities and Exchange Commission and as updated in filings with the SEC, including the quarterly report on Form 10-Q for the quarter ended March 31, 2024.

請參閱我們截至 2023 年 12 月 31 日的最新 10-K 表格年度報告，該報告已向美國證券交易委員會備案，並在向 SEC 提交的文件中進行更新，包括 10-K 表格季度報告截至2024 年3 月31 日的季度Q。

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，GAAP 與非 GAAP 營業費用的調節表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 our remarks today, other than revenue are non-GAAP.

除非另有說明，管理層評論和我們今天的評論中討論的所有與損益表相關的數字（除收入外）均為非公認會計原則。

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

現在我將把電話轉給 GoPro 的創辦人兼執行長 Nicholas Woodman。

Yes.

是的。

Thanks, Chris, and thanks, everybody, for joining us today.

謝謝克里斯，謝謝大家今天加入我們。

GoPro exceeded guidance in Q1, delivering revenue of $155.5 million, non-GAAP gross margin of 34.4% and non-GAAP EPS loss of $0.21. We ended Q1 with 2.5 million subscribers, a 6% year-over-year increase.

GoPro 第一季營收超出預期，達到 1.555 億美元，非 GAAP 毛利率為 34.4%，非 GAAP 每股盈餘虧損 0.21 美元。截至第一季度，我們的訂閱者數量為 250 萬，年增 6%。

Today's earnings call marks the one-year anniversary of the start of our multiyear transition to expand our TAM by restoring our brand presence at retail, scaling our marketing efforts in our core markets and substantially broadening our product portfolio to serve more people who want to capture, create and share content in ways that go beyond the phone GoPro's brand resonates with a broad range of end users from active consumers to professional athletes, influencers and film and television professionals who rely on their GoPros to capture unique content that stands out, we see an opportunity to be the world's most exciting brand focused on enabling differentiated alternative forms of content creation across a broad range of markets and use cases to date, and we've been primarily serving this wide range of users and use cases with the world's most versatile camera, the HERO camera.

今天的財報電話會議標誌著我們開始多年轉型的一周年，該轉型旨在透過恢復我們在零售領域的品牌影響力、擴大我們在核心市場的營銷力度以及大幅拓寬我們的產品組合以服務更多想要抓住機會的人來擴大TAM。依靠GoPro 捕捉突出的獨特內容有機會成為世界上最令人興奮的品牌，專注於在迄今為止廣泛的市場和用例中實現差異化的內容創建替代形式，我們主要透過世界上最通用的技術為廣泛的用戶和用例提供服務相機，英雄相機。

And while the HERO camera has done an amazing job in its role and will continue to be our flagship for some time.

雖然 HERO 相機在其角色中表現出色，並將在一段時間內繼續成為我們的旗艦產品。

We believe we can expand our TAM and business by developing a broader range of products that more specifically meet the needs of our customers while also targeting entirely new market segments.

我們相信，我們可以透過開發更廣泛的產品來擴展我們的 TAM 和業務，這些產品更具體地滿足客戶的需求，同時瞄準全新的細分市場。

In 2026, we expect to have in market the broadest most differentiated lineup in our history we are developing a full spectrum of specialized diversified products to serve consumers capture needs in more convenient and enjoyable ways than ever before at price points, ranging from entry level through professional rather than compete in a digital imaging market with me-too products.

到2026 年，我們預計將在市場上擁有我們歷史上最廣泛、最具差異化的產品陣容，我們正在開發全系列專業多元化產品，以比以往任何時候都更方便、更愉快的方式滿足消費者的需求，價格範圍從入門級到專業而不是在數位成像市場上與模仿產品競爭。

We intend to grow GoPro with fun and exciting alternative capture solutions that enable consumers and professionals in unique value added ways.

我們打算透過有趣且令人興奮的替代捕捉解決方案來發展 GoPro，以獨特的增值方式為消費者和專業人士提供支援。

We see a long runway of totally new specialized products that converge with our software solutions to establish GoPro has the world's leading alternative capture company.

我們看到了一系列全新的專業產品，這些產品與我們的軟體解決方案相結合，使 GoPro 成為世界領先的替代捕捉公司。

As an example of this TAM expansion strategy through specialization and diversification.

作為 TAM 透過專業化和多元化擴張策略的一個例子。

In February 2024, we completed the acquisition of foresight helmet systems in Australia and maker of tech-enabled motorcycle house.

2024年2月，我們完成了對澳洲Foresight頭盔系統和科技摩托車屋製造商的收購。

As discussed in our Q4 earnings call.

正如我們在第四季財報電話會議中所討論的。

We believe Tecan enabling motorcycle helmets and combining them with a value added software experience 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 target a SAM of approximately $3 billion.

我們相信Tecan 支援摩托車頭盔並將其與增值軟體體驗相結合，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，我們相信我們可以將SAM 定位為約30億美元。

We are excited to expand our brand into this new product category and expect to announce our first helmet products in the second half of 2025.

我們很高興將我們的品牌擴展到這個新產品類別，並預計在 2025 年下半年推出我們的首款頭盔產品。

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

我們也打算與領先的家居品牌合作，作為 OEM 供應商，幫助他們以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。

But that's just on the hardware front.

但這只是在硬體方面。

We also are excited to build upon our synced mobile desktop and cloud software experience to make GoPro an even more powerful, yet simple solution for anyone wanting to create engaging content regardless of what camera they use.

我們也很高興能夠在同步的行動桌面和​​雲端軟體體驗的基礎上，使 GoPro 成為一個更強大、更簡單的解決方案，適合任何想要創建引人入勝的內容的人，無論他們使用什麼相機。

We see this as a long-term opportunity.

我們認為這是一個長期機會。

And we believe our 2.5 million subscribers and high retention rates, our testament to that opportunity and our ability to execute against it.

我們相信我們的 250 萬訂閱者和高保留率證明了我們對這個機會以及我們執行它的能力。

In February, we rolled out the initial release of our quick desktop app for Mac OS. and our new Premium Plus subscription tier.

在二月份，我們推出了適用於 Mac OS 的快速桌面應用程式的初始版本。以及我們新的 Premium Plus 訂閱等級。

The quick desktop app, which is available at no additional charge to GoPro subscribers brings the simplicity and convenience of auto.

GoPro 訂閱者無需額外付費即可使用快速桌面應用程序，帶來汽車的簡單性和便利性。

Adam, if I don't have automatic edits to desktop users along with powerful yet convenient manual editing tools, synced to editing between mobile and desktop apps and the ability to import footage from any camera.

Adam，如果我沒有對桌面用戶進行自動編輯以及強大而方便的手動編輯工具，在行動和桌面應用程式之間同步編輯以及從任何相機匯入素材的能力。

We're planning to launch a Windows desktop app later this year.

我們計劃在今年稍後推出 Windows 桌面應用程式。

Our new premium plus 99 subscription tier includes an advanced desktop-based hyper smooth Pro video stabilization feature plus increased cloud storage for footage captured with any camera GoPro subscribers at both the original $49.99 premium tier and new $99.99 premium plus tier enjoy unlimited cloud storage footage captured with their GoPro at original quality.

我們全新的Premium Plus 99 訂閱套餐包括先進的基於桌面的超流暢Pro 視頻穩定功能以及用於使用任何相機拍攝的鏡頭的增強的雲存儲空間。訂閱者均可享受無限的雲端儲存拍攝的鏡頭與他們的 GoPro 保持原始品質。

We've already added more than 20,000 Premium Plus subscribers with nearly 80% having upgraded from the $49.99 annual premium tier, a solid start that we are excited about.

我們已經增加了超過 20,000 名 Premium Plus 訂戶，其中近 80% 已從每年 49.99 美元的高級會員升級，這是一個令我們興奮的良好開端。

In addition, our aggregate annual subscription retention rate increased to a new high of 69% in the first quarter, up 6% year over year.

此外，第一季我們的年度總訂閱保留率升至 69% 的新高，年增 6%。

We also made significant progress expanding our global retail presence.

我們在擴大全球零售業務方面也取得了重大進展。

During Q1, we added approximately 1,000 new retail doors and importantly, deepened relationships with key partners to improve in-store merchandising and brand exposure.

第一季度，我們新增了約 1,000 家零售門市，重要的是，我們加深了與主要合作夥伴的關係，以改善店內銷售和品牌曝光。

To excite consumers and drive sell-through.

激發消費者並推動銷售。

Since Q2 2023, we've added more than 4,200 doors and believe we're on track to add an additional 3,000 to 6,000 new doors by the end of 2025, enhancing our go-to-market capabilities for our expanding product roadmap.

自 2023 年第二季以來，我們已增加了 4,200 多扇門，並相信我們預計在 2025 年底之前再增加 3,000 至 6,000 扇新門，從而增強我們擴大產品路線圖的上市能力。

As mentioned previously, the bulk of our door count increase over the last year has been in Amea where in Q1 we saw a greater than 50% lift in retail channel sell-through year over year.

如前所述，去年我們門數成長的大部分發生在 Amea，第一季我們看到零售通路銷量年增了 50% 以上。

This is a clear and positive sign that our strategy to grow retail channel sales is working.

這是一個明確而積極的信號，表明我們成長零售通路銷售的策略正在發揮作用。

In addition to growing door count.

除了門數量的增加之外。

We are refreshing our point-of-purchase merchandisers, expanding our in-store brand presence and enhancing account management throughout the retail channel.

我們正在更新我們的採購點售貨員，擴大我們的店內品牌影響力，並加強整個零售通路的客戶管理。

For example, in North America, we're in the process of updating our endcap displays with BestBuy.

例如，在北美，我們正在與 BestBuy 一起更新我們的端蓋顯示器。

This started with installing our larger eight foot end cap displays in all Best Buy premium experience stores that feature a camera experience shop, which we completed in mid-April.

首先在所有設有相機體驗店的百思買高級體驗店安裝我們更大的八英尺端蓋顯示器，我們於四月中旬完成。

And by mid July, we expect to have completely refreshed all of our merchandising displays in all Best Buy stores.

到七月中旬，我們預計將徹底更新所有百思買商店的所有商品陳列。

Additionally, we're working closely with Best Buy to train select blue shirt employees on GoPro products to help them maximize GoPro sales in their top stores, having a passionate and knowledgeable in-store salesperson can have a significant impact on our joint business.

此外，我們還與百思買密切合作，對精選的藍衫員工進行有關GoPro 產品的培訓，以幫助他們最大限度地提高GoPro 在頂級商店的銷量，擁有熱情且知識淵博的店內銷售人員可以對我們的聯合業務產生重大影響。

And we're very excited to be a part of this exclusive sales program with BestBuy, one of the world's largest consumer electronics retailers.

我們非常高興能夠參與全球最大的消費電子零售商之一百思買 (BestBuy) 的獨家銷售計劃。

We believe growing our brand presence in thousands of new doors over the coming years will help maximize awareness of our brands and present our expanding product portfolio in the best possible way.

我們相信，未來幾年，我們在數以千計的新門中增加我們的品牌影響力將有助於最大限度地提高我們品牌的知名度，並以最佳方式展示我們不斷擴大的產品組合。

As we previously highlighted in our Q4 2023 earnings commentary, we've been reinvigorating our efforts to drive awareness of our brand and all the major verticals that we serve.

正如我們之前在 2023 年第四季財報評論中所強調的那樣，我們一直在努力提高我們的品牌和我們服務的所有主要垂直行業的知名度。

In Q one, our brand was prominently displayed in snow focused events like the X Games and free ride World Tour in mountain biking with the Red Bull hardline and dark vest events and into real motorsports events, including Supercross and Moto G P.

在第一季度，我們的品牌在以雪地為重點的賽事中得到了顯著展示，例如X Games 和山地自行車自由騎行世界巡迴賽、紅牛硬派和深色背心賽事，以及真正的賽車運動賽事，包括Supercross 和Moto G P。

We are also leveraging select events as platforms to host retail super clinics to grow engagement and product knowledge amongst key retailers serve these important markets.

我們也利用精選活動作為舉辦零售超級診所的平台，以提高服務這些重要市場的主要零售商的參與度和產品知識。

There are many exciting initiatives underway at GoPro as we work to expand our TAM by growing our brands, strengthening our presence at retail and developing a significantly broader offering of specialized diversified products.

GoPro 正在進行許多令人興奮的舉措，我們致力於透過發展品牌、加強零售業務以及開發更廣泛的專業多元化產品來擴展我們的 TAM。

Given consumers' growing appetite for content creation, we believe we are well positioned to leverage our unique hardware and software ecosystem to serve consumers in exciting ways and grow our business over the long term, firmly establishing GoPro as the world's leading alternative capture company, offering, content capture and creation solutions that go well beyond the phone.

鑑於消費者對內容創作的興趣日益增長，我們相信我們有能力利用我們獨特的硬體和軟體生態系統以令人興奮的方式為消費者服務，並長期發展我們的業務，牢固地將GoPro 打造成世界領先的另類捕捉公司， 、內容捕獲和創建解決方案遠遠超出了手機範圍。

This transformation will take time.

這種轉變需要時間。

However, we expect that it won't be until 2025 as we enter the third year of our growth strategy that we will show improved revenue and profit growth.

然而，我們預計，直到 2025 年，當我們進入成長策略的第三年時，我們的收入和利潤成長才會有所改善。

We believe 2025 will be the first full year that we benefit from our investments and efforts.

我們相信 2025 年將是我們從投資和努力中受益的第一個全年。

We can expect the door count of 26 to 29,000 retailers.

我們預計零售商數量將達到 26 至 29,000 家。

And we're well on our way to having the broadest most differentiated product portfolio in our history in 2026 due to the development process.

由於開發過程的緣故，我們預計在 2026 年擁有歷史上最廣泛、最具差異化的產品組合。

Taking longer than expected, the launch of our new entry-level camera will push from Q2 to Q3 in 2024, and our new 360 camera will push to late Q4.

我們的新入門級相機的推出時間比預期要長，我們的新入門級相機的推出將從 2024 年第二季度推遲到第三季度，而我們的新 360 度相機將推遲到第四季度末。

This is expected to negatively impact revenue in a range of $65 million to $85 million in 2024.

預計這將對 2024 年的收入產生 6,500 萬至 8,500 萬美元的負面影響。

Importantly, our exciting new flagship HERO camera and all of its innovation and performance enhancements remains on track for a scheduled launch later this year.

重要的是，我們令人興奮的全新旗艦 HERO 相機及其所有創新和性能增強功能仍按計劃於今年稍後推出。

While 2024 will be challenging from a revenue and profitability perspective, we believe we have the right long-term strategy to expand GoPro into new markets in order to drive growth and profitability.

雖然從收入和獲利能力的角度來看，2024 年將充滿挑戰，但我們相信我們擁有正確的長期策略，將 GoPro 擴展到新市場，以推動成長和獲利能力。

We recognize this will require patience, but we believe that this patient we'll be rewarded over the long term.

我們意識到這需要耐心，但我們相信，從長遠來看，這種耐心會讓我們得到回報。

Operator, we are now ready to take questions.

接線員，我們現在準備好回答問題。

(Operator Instructions)

（操作員說明）

Erik Woodring, Morgan Stanley.

艾瑞克‧伍德林，摩根士丹利。

Thank you for taking my question.

感謝您回答我的問題。

This is Kathy on behalf of Eric.

我是凱西，代表埃里克。

So just wanted to ask you alluded to a delay in the launch of your new entry-level camera to the third quarter.

所以只是想問一下您是否提到將新入門級相機的發布推遲到第三季。

So could you please walk us through what and folding behind the scene, like what's the main factors causing the delay in windows?

那麼您能否向我們介紹幕後的折疊情況，例如導致視窗延遲的主要因素是什麼？

We realize this delay and how significant it was and what gives you confidence that all of your other product launches remain on track?

我們意識到這種延遲及其嚴重程度，是什麼讓您有信心所有其他產品的發布都保持在正軌上？

And I have a follow-up.

我有一個後續行動。

Yes, I think the main focus for our three 60 product is and with any of our products is to launch the highest quality experience possible.

是的，我認為我們的 3 個 60 產品的主要重點是推出盡可能最高品質的體驗。

So we're taking more time to get that experience to live up to the brand promise for our customers.

因此，我們需要更多的時間來獲得這種體驗，以兌現對客戶的品牌承諾。

And the same goes for our entry-level product on our flagship new HERO camera remains on track, and obviously, we're very excited about that that's going to be a terrific new product that's going to really impress people with a number of new features and capabilities.

我們的旗艦新 HERO 相機上的入門級產品也是如此，顯然，我們非常興奮，這將是一款出色的新產品，它將透過許多新功能給人留下深刻的印象和能力。

And I just want to reiterate that that product remains on track.

我只是想重申該產品仍處於正軌。

And what gives us confidence in the time line for our various products is specifically that we're giving ourselves more time to launch these products at a performance and quality level that people have come to expect from GoPro.

讓我們對各種產品的時間表充滿信心的是，我們給自己更多的時間來推出這些產品，使其達到人們對 GoPro 的期望的性能和品質水平。

And actually maybe up from over the top or maybe have come over the top of them.

事實上，也許是從頂部向上，或者也許已經超越了它們的頂部。

Before the next question, the quality piece is really important.

在下一個問題之前，品質非常重要。

And I'd argue a hero 12 block is and arguably the best quality patents we put out in the market from Accolade to people who use it but it manifests itself in different ways, life and now it's got the lowest return rate that anytime you buy.

我認為英雄 12 塊可以說是我們從 Accolade 向使用它的人推出的市場上最優質的專利，但它以不同的方式、生活表現出來，現在它的退貨率是您購買時最低的。

Firstly, it has the lowest warranty rate.

首先，它的保固率最低。

The warranty rates are small anyway, but it cut in half or better.

無論如何，保固率很小，但減少了一半或更多。

And on the call, volumes in the customer support are less than half of what they would be in other cameras.

在通話中，客戶支援的數量還不到其他相機的一半。

So the team has done a great job improving the quality of the products we put out.

因此，團隊在提高我們推出的產品品質方面做得非常出色。

And we that's what our customers expect.

這就是我們的客戶所期望的。

So and we'll continue to do that and make sure they're ready when they're ready.

因此，我們將繼續這樣做，並確保他們在準備好時也做好準備。

Understood.

明白了。

So just kind of just as a follow-up, if even if we adjust for the pushout for the Energy Bill, on your revenue guidance and Heine, a below seasonal.

因此，即使我們根據能源法案的推出進行調整，也只是作為後續行動，根據您的收入指導和海涅，低於季節性。

So how much of that is macro driven by or macro-driven?

那麼，其中有多少是由宏觀驅動或宏觀驅動的呢？

Like how would you would you ascribe us to elongating replacement cycles or pauses?

您如何看待我們延長更換週期或暫停的原因？

Yes.

是的。

And yes, maybe I'll start on this one and Nick can come into it.

是的，也許我會從這個開始，尼克也可以參與其中。

We had anticipated that retail would grow and there this year.

我們預計今年零售業將會成長。

And in fact, no retailers are reporting flat to down revenue in their businesses and largely due to macroeconomic factors.

事實上，沒有零售商報告其業務收入持平或下降，這主要是由於宏觀經濟因素。

In addition, we're seeing retailers also carrying less inventory and the economic conditions in the US and China are good examples of that you're seeing it reported almost every day.

此外，我們看到零售商的庫存也減少了，美國和中國的經濟狀況就是很好的例子，你幾乎每天都會看到這樣的報導。

On the flip side, we have been able to grow in Europe and it was up 13% year-over-year in the quarter, and that's through expanding our door count and our distributors.

另一方面，我們在歐洲實現了成長，本季年增 13%，這是透過擴大我們的門市數量和經銷商來實現的。

We added twice the number of distributors over the last year.

我們的經銷商數量比去年增加了一倍。

And the increase in distribution and doors in Europe have overcome or helped to offset the impact of larger macroeconomic environment.

而歐洲分銷和門的增加克服或幫助抵消了更大的宏觀經濟環境的影響。

Yes.

是的。

So we are seeing a positive development from that perspective on getting door count.

因此，從這個角度來看，我們在門數統計方面看到了積極的進展。

And I guess the other one I'll point out is our subscription business continues to be a bright spot.

我想我要指出的另一件事是我們的訂閱業務仍然是一個亮點。

We had 48% attach in Q1, a new record, 69% annual aggregate retention rate.

第一季我們的附加率達到 48%，創下新紀錄，年度總留存率為 69%。

And so are still at 2.5 million subs.

訂閱人數仍為 250 萬人。

And we're adding, as Nick said, 20,000 plus premium plus subscribers.

正如尼克所說，我們正在增加 20,000 多名高級訂閱者。

So on definitely people who are buying the cameras are engaged and staying engaged on the subscription and with the products.

因此，購買相機的人肯定會參與並保持訂閱和產品的參與。

Thank you.

謝謝。

[Andrew North], Oppenheimer.

[安德魯諾斯]，奧本海默。

Hey, guys, this is Andrew on for Martin.

嘿，夥計們，這是安德魯替補馬丁。

I just have two questions today.

我今天只有兩個問題。

When you said that 80% of the premium plus subscribers have upgraded from the original premium tier.

當你說 80% 的高級會員已經從原來的高級會員升級。

So where did the other 20% come from?

那麼另外20%是從哪裡來的呢？

But that I'd call it bucket.

但我稱之為桶子。

And the other 20% were people who are new to buy subscription and they backed up Premium Plus subscription at $100.

另外 20% 是新購買訂閱的人，他們以 100 美元的價格購買了 Premium Plus 訂閱。

Okay.

好的。

Got it.

知道了。

Then in the in the prepared remarks, you made some commentary rather you cite a little bit of increasing competition.

然後，在準備好的發言中，您做了一些評論，而不是引用了一些日益激烈的競爭。

Could you give us a little more details on the competitive pressure?

您能否為我們介紹更多有關競爭壓力的細節？

Is that coming from heavier discounting, feature differentiation of any extra detail would be great.

如果來自更大的折扣，任何額外細節的功能差異化都會很棒。

And yes, we've seen some increased competition in our core HERO camera category, specifically through discounting and discounting it is questionable, whether that's at a sustainable level for our competitors.

是的，我們已經看到我們的核心 HERO 相機類別的競爭加劇，特別是透過折扣和折扣，這對我們的競爭對手來說是否處於可持續水平是值得懷疑的。

But that's that's what's been impacting the core Hero camera business specifically is extremely discounted product, which tells you that they were likely having trouble moving that product without discounting and on sell-through data that we were I'm seeing was indicating that as well.

但這就是影響Hero 相機核心業務的原因，特別是極度打折的產品，這告訴你，他們可能在不打折的情況下銷售該產品時遇到困難，而且我看到的銷售數據也表明了這一點。

And then in the three 60 space, you know, we haven't come out with a new Max 360 cameras since Max's launch in 2019.

然後在三個 60 領域，你知道，自 2019 年 Max 推出以來，我們還沒有推出新的 Max 360 相機。

And during that two-year period, the 360 categories grew considerably.

在那兩年期間，360 個類別大幅成長。

And so we're really excited for MAX two and excited to take back considerable share.

因此，我們對 MAX 2 感到非常興奮，也很高興能夠奪回相當大的份額。

We believe with the launch of that product.

我們相信該產品的推出。

And fortunately that product pushing out to late Q4, it doesn't help us on that front until then.

幸運的是，該產品將在第四季度末推出，但在那之前它並不能在這方面為我們提供幫助。

But that's another area where we've been absent with new product introductions for a few years.

但這是我們多年來沒有推出新產品的另一個領域。

Max two represents a significant opportunity for us to take back share there over time.

最多兩個對我們來說是一個重要的機會，可以隨著時間的推移奪回那裡的份額。

Those are the two primary areas of competition that we've been seeing.

這是我們看到的兩個主要競爭領域。

And Nick, I'd add on to that, the price discounting continue actually in China as well and the combination of the economy in China and folks buying more local brand to grow, which is, I think, a phenomenon we're seeing and across the China market with other brands.

尼克，我想補充一點，中國的價格折扣實際上也在繼續，中國的經濟和人們購買更多本土品牌以實現增長相結合，我認為這是我們正在看到的一種現象，與其他品牌一起開拓中國市場。

So it definitely impacted us as well.

所以它肯定也影響了我們。

Yes, I would say a bright spot at the time for the few bright spots with regards to competition is our upcoming new entry level camera that we're launching in Q3 has received really positive and feedback from retailers and distributors and as well athletes and influencers that we've shared that product with.

是的，我想說，當時關於競爭的幾個亮點中的一個亮點是我們即將在第三季度推出的新型入門級相機，它已經收到了來自零售商和分銷商以及運動員和影響者的非常積極的回饋我們與之共享該產品的人。

And so we're very encouraged by the TAM expanding potential.

因此，我們對 TAM 不斷擴大的潛力感到非常鼓舞。

This entry-level product will have.

這個入門級產品就有。

It's a different type of product than we've made before, and it's really in response to consumer research that we've done for what not just entry-level, but what consumers in general want to see from GoPro.

這是一種與我們以前生產的不同類型的產品，它實際上是對消費者研究的回應，我們所做的不僅僅是入門級產品，而且是普通消費者希望從 GoPro 看到的產品。

So we think we're hitting it on all marks with that product.

所以我們認為我們的產品達到了所有目標。

And that's coming in Q3.

這將在第三季度出現。

And then as well, our new flagship HERO camera, as I previously mentioned, is on track for launch later this year.

此外，正如我之前提到的，我們的新旗艦 HERO 相機預計將於今年稍後推出。

And we think that that's going to be redefining the HERO camera category with its features and capabilities.

我們認為這將以其特性和功能重新定義 HERO 相機類別。

And then of course, when we do launch MAX two at the towards the end of Q4, we're expecting that to be very competitive as well.

當然，當我們在第四季末推出 MAX 2 時，我們預計它也會非常有競爭力。

So on all fronts, we think that we're well positioned, but we've got a little bit of ways to go to get to launch those products.

因此，在所有方面，我們認為我們都處於有利位置，但我們還有一些方法可以推出這些產品。

Perfect.

完美的。

Appreciate the color.

欣賞顏色。

Thank you.

謝謝。

Thank you.

謝謝。

We have no further question and so will now hand back to the management team for closing remarks.

我們沒有進一步的問題，因此現在將交回給管理團隊進行總結發言。

Well, thank you, operator, and thank you, everyone, for joining today's call.

好的，謝謝接線生，也謝謝大家參加今天的電話會議。

As we mentioned, we believe that we have the right long-term strategy to expand GoPro into new markets in order to growth drive growth and profitability.

正如我們所提到的，我們相信我們擁有正確的長期策略，可以將 GoPro 擴展到新市場，從而推動成長和獲利。

We recognize that this will require patience, but we believe that patience will be rewarded over the long term.

我們認識到這需要耐心，但我們相信從長遠來看，耐心會得到回報。

Thank you very much, everybody, for joining today.

非常感謝大家今天的加入。

This is team GoPro signing off.

這是 GoPro 團隊的簽字儀式。

This concludes today's call, and thank you for joining everyone.

今天的電話會議到此結束，感謝大家的加入。

You may now disconnect your lines.

現在您可以斷開線路。