GoPro Inc (GPRO) 2024 Q2 法說會逐字稿

Good afternoon, and thank you for attending the GoPro's second quarter 2024 earnings call.

下午好，感謝您參加 GoPro 2024 年第二季財報電話會議。

My name is Cameron, and I will be your moderator for today.

我叫卡梅倫，我將擔任今天的主持人。

(Operator Instructions)

（操作員說明）

I would now like to pass the conference over to your host, Chris Clark, Vice President of Corporate Communications for GoPro.

現在我想將會議轉交給主持人、GoPro 企業傳播副總裁 Chris Clark。

You may proceed.

您可以繼續。

Thank you, Cameron.

謝謝你，卡梅倫。

Good afternoon, and welcome to GoPro's Second Quarter 2024 earnings conference call.

下午好，歡迎參加 GoPro 2024 年第二季財報電話會議。

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

今天與我在一起的還有我們的 GoPro 執行長 Nicholas Woodman 以及財務長和營運長 Brian McGee。

Today's agenda will include brief commentary from Nick followed by Q&A for detailed information about our second quarter 2024 performance as well as outlook.

今天的議程將包括 Nick 的簡短評論，然後是有關我們 2024 年第二季業績和前景的詳細資訊的問答。

Please read our Q2 2024 earnings press release and the management commentary we posted to the Investor Relations section of GoPro's website.

請閱讀我們的 2024 年第二季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.

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。

Forward-looking statements and all other statements that are not historical facts are not guarantees of future performance and they are subject to a number of risks and uncertainties which may cause actual results to differ materially.

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，它們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 and to better understand the risks and uncertainties that could cause actual results to differ from our commentary.

此外，今天所做的任何前瞻性陳述均基於截至今天的假設，這意味著結果可能隨時發生變化，我們不承擔因新資訊或未來事件而更新這些陳述並更好地理解的義務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 files with filings with the SEC, including the quarterly report on Form 10-Q for the quarter ended June 30, 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 提交的文件中進行了更新，包括 10-K 表格中的季度報告截至2024 年6 月30 日的季度10-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 other 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.

今天我們可能會討論毛利率、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 其他經營業務的調節表格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。

Unless otherwise noted, all income statement related numbers that are discussed in the management commentary and remarks today, other than revenue are non-GAAP.

除非另有說明，否則今天管理層評論和評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 will turn the call over to GoPro's Founder and CEO, Nicholas Woodman.

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

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

謝謝克里斯，謝謝大家今天加入我們。

In Q2, we achieved our sell-through goal of more than 600,000 units and reduced channel inventory slightly in the quarter, as we head into the second half of the year, GoPro exceeded guidance with revenue of $186 million, gross margin of 30.7% and non-GAAP EPS loss of $0.24.

第二季度，我們實現了超過 60 萬台的銷售目標，並在該季度略微減少了渠道庫存，進入下半年，GoPro 超出了預期，收入為 1.86 億美元，毛利率為 30.7%，非GAAP 每股收益損失0.24 美元。

Subscription and service revenue grew 8% year over year to $26 million, driven by 4% growth in subscribers to $2.53 million and a 4% increase in RPU due to improving retention.

訂閱和服務收入年增 8%，達到 2,600 萬美元，這得益於訂閱用戶成長 4%，達到 253 萬美元，以及因保留率提高而導致的 RPU 成長 4%。

We also continued to expand our global retail presence, adding approximately 800 new doors across all regions with the strongest store count are coming continuing in EMEA, along with expansion in Latin America.

我們也繼續擴大我們的全球零售業務，在所有地區新增約 800 家新店，其中歐洲、中東和非洲地區的商店數量最多，同時還在拉丁美洲擴張。

We've now added more than 5,000 new retail doors since May 2023 when we prioritized growing our brand at retail globally, our retail expansion plans are on track with the door count growth expectations we've previously discussed.

自 2023 年 5 月優先發展我們的全球零售品牌以來，我們現已增加了 5,000 多個新零售門，我們的零售擴張計劃正符合我們之前討論的門數增長預期。

A Q2, win is our partnership with SoftBank Group's SB C&S Corporation to expand distribution in Japan, ensuring GoPro products are more widely available while also improving in-store merchandising and brand exposure.

第二季的勝利是我們與軟銀集團旗下 SB C&S Corporation 的合作，以擴大在日本的分銷，確保 GoPro 產品更廣泛地銷售，同時提高店內銷售和品牌曝光度。

SB C&S will distribute GoPro cameras and accessories through their own SoftBank stores as well as retailers throughout Japan, including two of Japan's largest consumer electronics retailers, Yodobashi and Yamada.

SB C&S 將透過自己的 SoftBank 商店以及日本各地的零售商（包括日本最大的兩家消費性電子零售商 Yodobashi 和 Yamada）分銷 GoPro 相機和配件。

While our Q2 results largely met or exceeded expectations, we're not satisfied with the way 2024 is taking shape.

雖然我們第二季的業績基本上達到或超出了預期，但我們對 2024 年的情況並不滿意。

We previously shared that 2024 would be a transitional year.

我們之前曾說過，2024 年將是過渡年。

However, lower than expected consumer confidence, increased competition and our executional challenges.

然而，消費者信心低於預期、競爭加劇以及我們的執行力面臨挑戰。

Our resulting in reduced unit revenue and profitability expectations for the year.

我們因此降低了今年的單位收入和獲利預期。

We believe we can achieve profitability in 2025 through a combination of new product launches and significantly reduced operating expenses, which will begin in the second half of 2024 and continue in 2025 details of which Brian addresses in his commentary.

我們相信，透過新產品的推出和大幅降低營運費用的結合，我們可以在 2025 年實現盈利，這將從 2024 年下半年開始，並在 2025 年繼續，布萊恩在評論中詳細介紹了這一點。

We are seeing growth in the digital imaging market driven by new product introductions, catering to consumers' growing interest in alternative forms of capture beyond the phone, including growth in 360-degree cameras where we believe we can recover significant share in 2025.

我們看到新產品推出推動了數位影像市場的成長，迎合了消費者對手機以外的其他拍攝方式日益增長的興趣，包括 360 度相機的成長，我們相信我們可以在 2025 年恢復顯著份額。

We believe broadening our product portfolio is key to growing our business and restoring long-term profitability, much like how Garmin has built a successful diversified business by addressing the specialized GPS driven and data capture needs of various markets.

我們相信，擴大我們的產品組合是發展我們的業務和恢復長期盈利能力的關鍵，就像 Garmin 透過滿足不同市場的專業 GPS 驅動和數據採集需求來建立成功的多元化業務一樣。

We believe GoPro has the opportunity to leverage our category leadership in digital imaging to deliver a broader range of specialized image capture solutions in markets we currently serve, as well as new ones where our brand resonates.

我們相信 GoPro 有機會利用我們在數位成像領域的領先地位，在我們目前服務的市場以及我們品牌引起共鳴的新市場中提供更廣泛的專業影像捕捉解決方案。

Our previously announced expansion into tech-enabled motorcycle helmets is an example of this and we are pursuing similar exciting opportunities across a number of segments.

我們之前宣布的擴展到技術支援的摩托車頭盔就是一個例子，我們正在多個領域尋求類似的令人興奮的機會。

Our rollout of new products starting next month with the launch of our new significantly enhanced flagship camera, HERO13 Black, along with our new $199 entry-level HERO camera that features an entirely new design that we fully expect to wow both consumers who are new to the brand as well as existing customers who we believe will see value in the unique characteristics of Hero's exciting new form factor and capability.

我們將從下個月開始推出新產品，推出顯著增強的全新旗艦相機HERO13 Black，以及售價199 美元的全新入門級HERO 相機，該相機採用全新設計，我們完全希望能夠讓剛接觸這款相機的消費者驚嘆不已。

Importantly, our new $199 HERO camera is totally redesigned from the ground up to be a better margin product than our pre current low margin entry level Camera's.

重要的是，我們全新的售價 199 美元的 HERO 相機經過徹底重新設計，成為比我們以前的低利潤入門級相機利潤更高的產品。

And we believe this will have a material positive impact on GoPro's gross margin in 2025.

我們相信這將對 GoPro 2025 年的毛利率產生重大正面影響。

Looking ahead to 2025 and beyond, we are committed to operating GoPro as a profitable business.

展望 2025 年及以後，我們致力於將 GoPro 營運為獲利業務。

Our brands and products are too strong and our value creation opportunity too significant for us to accept otherwise.

我們的品牌和產品太強大了，我們的價值創造機會太重要了，否則我們無法接受。

Our plans to deliver 2025 profitability through significantly reduced 2025 operating expenses, while executing on our roadmap diversification strategy that we believe is key to restoring growth and long-term success for GoPro.

我們計劃透過大幅減少 2025 年營運費用來實現 2025 年獲利，同時執行我們的路線圖多元化策略，我們認為這是恢復 GoPro 成長和長期成功的關鍵。

Now Brian will take us through details on the second quarter and share our outlook.

現在布萊恩將向我們詳細介紹第二季的情況並分享我們的展望。

Net revenue in the second quarter of 2024 was $186 million, 9% above the midpoint of our guidance, largely driven by increased demand for our flagship HERO12 Black cameras in Europe and North America.

2024 年第二季的淨收入為 1.86 億美元，比我們指引值的中位數高出 9%，這主要是由於歐洲和北美對我們的旗艦 HERO12 Black 相機的需求增加所致。

Gross margin was 30.7% compared to 31.6% from Q2 2023.

毛利率為 30.7%，而 2023 年第二季為 31.6%。

As subscriber base increased to $2.53 million in the quarter or 4% growth year over year and up slightly sequentially.

本季用戶基數增至 253 萬美元，較去年同期成長 4%，較上季略有上升。

Our subscriber base represents approximately $125 million in annual recurring revenue and cash was flat sequentially as significant inventory reduction in advance of new product launches offset losses in the quarter.

我們的用戶群代表年度經常性收入約為 1.25 億美元，現金環比持平，因為新產品發布前的庫存大幅減少抵消了本季的虧損。

Notable second quarter performance highlights.

第二季業績亮點引人注目。

Subscription and service revenue grew 8% year over year to $26 million, primarily from improved retention rates that resulted in 4% RPU growth.

訂閱和服務收入年增 8%，達到 2,600 萬美元，主要得益於留任率的提高，導致 RPU 成長 4%。

Subscribers grew 4% year over year to $2.53 million, including 33,000 premium-plus subscribers.

訂戶數量年增 4%，達到 253 萬美元，其中高級訂戶數為 33,000 名。

Aggregate annual subscription retention were 68%, a 7% improvement year over year.

年度總訂閱保留率為 68%，年增 7%。

Subscription attach rate from camera sold across all channel was 45%, in line with prior year attach rate.

所有通路銷售的相機的訂閱附加率為 45%，與前一年的附加率一致。

Retail revenue was $137 million or 74% of total revenue, down 17% year over year.

零售收入為 1.37 億美元，佔總收入的 74%，年減 17%。

GoPro.com product revenue was $23 million or 12% of total revenue.

GoPro.com 產品收入為 2,300 萬美元，佔總收入的 12%。

DSP was $323 compared to $342 in Q2 2023.

DSP 為 323 美元，而 2023 年第二季為 342 美元。

GAAP loss per share was $0.31 and non-GAAP loss per share was $0.24. Sell-through was slightly above 600,000 units, down 9% year over year.

GAAP 每股虧損為 0.31 美元，非 GAAP 每股虧損為 0.24 美元。銷量略高於 60 萬輛，年減 9%。

Channel inventory decreased sequentially to approximately 700,000 units.

通路庫存較上月下降至約 70 萬件。

As Nick noted, 2024 has clearly been a challenging year for GoPro.

正如 Nick 所指出的那樣，2024 年對 GoPro 來說顯然是充滿挑戰的一年。

We have been impacted by delayed product launches.

我們受到了產品發布延遲的影響。

You did consumer spending when products were not on price promotion.

當產品沒有促銷時，你就進行了消費者支出。

The continued decline of camera sales at GoPro.com macroeconomic concerns globally, increased competition globally and more recently foreign exchange rate fluctuations in China and Japan.

GoPro.com 相機銷售的持續下滑引發了全球宏觀經濟擔憂、全球競爭加劇以及最近中國和日本的匯率波動。

Moreover, we're factoring in a further launch delay of our new 360-degree camera into 2025.

此外，我們還將新型 360 度相機的發布進一步推遲到 2025 年。

This is expected to negatively impact revenue in a range of $20 to $25 million in Q4 2024 relative to prior guidance.

相對於先前的指引，預計這將對 2024 年第四季的收入產生 2,000 至 2,500 萬美元的負面影響。

The cumulative effect of delayed product launches for 2024 is expected to impact sales by approximately $100 million.

2024 年產品發布延遲的累積影響預計將影響銷售額約 1 億美元。

Our expectation based on the above factors for unit sales in 2024 to be in the range of $2.6 million to $2.7 million and revenue in the range of $850 to $870 million, but down 15% and 13% from the prior year, respectively.

基於上述因素，我們預期 2024 年單位銷售額將在 260 萬美元至 270 萬美元之間，營收將在 850 美元至 8.7 億美元之間，但較前一年分別下降 15% 和 13%。

However, as Nick noted, we are seeing signs of growth in the overall digital imaging market and are on track to introduce two new cameras in September, including our new flagship with significantly enhanced capabilities and our new 199 show camera that features a totally new form factor and attributes that we believe will excite both new and existing customers as well as a new 360-degree camera in 2025.

然而，正如尼克指出的那樣，我們看到了整個數位成像市場的成長跡象，並預計在 9 月推出兩款新相機，其中包括功能顯著增強的新旗艦機和採用全新形式的新 199 顯示相機我們相信這些因素和屬性將令新舊客戶以及2025 年的新型360 度相機興奮不已。

As we mentioned, the digital imaging category is growing, of which the restricted category is growing faster.

正如我們所提到的，數位影像品類正在成長，其中受限品類成長更快。

We sold out of our remaining 360 degree camera inventory in Q4 2023 and 2024 results to date plus second half guidance reflects essentially no sales of 360 degree cameras in 2024.

我們在 2023 年第四季度售出了剩餘的 360 度相機庫存，迄今為止的 2024 年業績加上下半年的指導反映出 2024 年 360 度相機基本上沒有銷售。

For reference, the 360 degree camera category represented mid-single digits of revenue percentage of revenue in 2022 and 2023 and could represent as much as 5% to 10% of revenue in 2025, making this a renewed growth category for GoPro.

作為參考，360 度相機類別在 2022 年和 2023 年的收入中所佔比例為中個位數，到 2025 年可能佔收入的 5% 至 10%，這使得該類別成為 GoPro 的新增長類別。

We are committed to being profitable in 2025 and plan to reduce 2025 operating expenses to $320 million, plus or minus $5 million, a reduction of nearly $50 million from the midpoint of projected 2024 levels.

我們致力於在 2025 年實現盈利，並計劃將 2025 年營運費用減少至 3.2 億美元，上下浮動 500 萬美元，比 2024 年預計水準的中位數減少近 5,000 萬美元。

We have reasonable line of sight to reducing operating expenses by the $50 million from 2024 to 2025, which is expected to be driven by reduction in nonrecurring technology development expenses of approximately $20 million and reductions in marketing, salary expenses and other operating expenses.

我們的合理目標是從 2024 年到 2025 年將營運費用減少 5,000 萬美元，預計這將是由於非經常性技術開發費用減少約 2000 萬美元以及行銷、工資費用和其他營運費用的減少而推動的。

In addition, we will continue to look for ways to reduce expenses further and 2025.

此外，到2025年，我們將繼續尋找進一步減少開支的方法。

In summary, 2024 remains a year of transition, but without it was significant opportunities ahead, including our two camera launches next month and our growing global footprint of our anticipated TAM expansion through product diversification.

總而言之，2024 年仍然是轉型的一年，但如果沒有轉型，未來就會有重大機遇，包括我們下個月推出的兩款相機，以及我們預期透過產品多元化擴展 TAM 的全球足跡。

As Nick stated, we are committed to operating GoPro as a profitable business.

正如尼克所說，我們致力於將 GoPro 作為一項盈利業務來運營。

Our brand and products are to strong and our value creation opportunity too significant for us to accept otherwise.

我們的品牌和產品非常強大，我們的價值創造機會非常重要，否則我們無法接受。

To that end, we expect gross margin to improve in the second half of 2024 and carry into 2025, combined with significantly lower operating expenses in 2025 to prioritize a return to profitability.

為此，我們預計毛利率將在 2024 年下半年有所改善並持續到 2025 年，同時 2025 年營運費用將大幅下降，優先恢復獲利。

Operator, we are now ready to take questions.

接線員，我們現在準備好回答問題。

Thank you.

謝謝。

We will now begin the question-and-answer session.

我們現在開始問答環節。

(Operator Instructions)

（操作員說明）

Erik Woodring, Morgan Stanley.

艾瑞克‧伍德林，摩根士丹利。

Erik, your line might be muted.

艾瑞克，你的線路可能被靜音了。

Alicia Reese, Wedbush Securities.

艾莉西亞·里斯，韋德布希證券。

Thank you.

謝謝。

Hey guys.

嘿夥計們。

Thanks for taking my question.

感謝您提出我的問題。

I wanted to see if you could talk a little bit about what was driving the delays, whether they're on the design side or the manufacturing side and what you're doing to alleviate those issues and what level of confidence you have that that will be alleviated by next year?

我想看看您是否可以談談導致延誤的原因，無論是設計方面還是製造方面，以及您正在採取哪些措施來緩解這些問題以及您對這將有多大的信心明年會有所緩解嗎？

Thanks, Alicia.

謝謝，艾莉西亞。

The delays are due to pushing innovation and seeking to deliver the best possible product experience for our customers and our commitment to not launching a product until we've achieved the level of quality and performance that GoPro is known for.

延遲的原因是推動創新並尋求為客戶提供最佳的產品體驗，以及我們承諾在達到 GoPro 聞名的品質和性能水平之前不會推出產品。

So it's unfortunate that we did have the two product delays.

因此，不幸的是我們確實有兩個產品延遲。

The good news is that when we do launch the products on one of them next week, or next month we're very confident that they're going to very excite and engage consumers.

好消息是，當我們下週或下個月推出其中一款產品時，我們非常有信心它們會非常興奮並吸引消費者。

HERO13 Black is on track and we'll launch on time and is this very significant capability enhancements of that product that we are super, super excited about it on our entry level product.

HERO13 Black 已步入正軌，我們將按時推出，這是該產品非常重要的功能增強，我們對此在我們的入門級產品上感到非常非常興奮。

It has a number of unique characteristics in a new form factor that we think is really going to excite people and stimulate the market at the entry level.

它在新的外形尺寸中具有許多獨特的特徵，我們認為這些特徵確實會令人興奮並刺激入門級市場。

But importantly, its characteristics will, we believe will be very appealing to existing customers as well.

但重要的是，我們相信它的特性對現有客戶也非常有吸引力。

What I mean by that will be obvious when we launch it on next month.

當我們下個月推出它時，我的意思就會很明顯。

And then as it relates to our new 360 camera, MAX 2, we are feeling really good about that product in terms of how it's going to fare in the market competitively, as Brian noted, 360 is a growing category in digital imaging.

然後，當它與我們的新 360 度相機 MAX 2 相關時，我們對該產品在市場競爭中的表現感到非常滿意，正如 Brian 指出的那樣，360 度是數位成像領域一個不斷增長的類別。

Digital imaging is growing overall and in 360 cameras are playing a significant role in that, and we were previously a market leader in that category.

數位成像整體呈現成長趨勢，360 度全景相機在其中發揮重要作用，我們之前是該類別的市場領導者。

We establish that category.

我們建立了這個類別。

Our MAX camera was the category leader until we sold through it all at the end of 2023.

我們的 MAX 相機一直是該類別的領導者，直到 2023 年底我們全部售罄為止。

As Brian noted, we're not recognizing any revenue in 2024 and 360 cameras other than the small number of units that we sold on GoPro.com that are now sold out.

正如 Brian 指出的那樣，除了我們在 GoPro.com 上銷售的少量設備（現已售罄）之外，我們沒有確認 2024 年和 360 度攝影機的任何收入。

So 2025 represents a very significant revenue opportunity and opportunity to recoup a lot of share in the 360 category that we're really well known for, and we're very well set up for that launch.

因此，2025 年代表著一個非常重要的收入機會，也是在我們眾所周知的 360 類別中收回大量份額的機會，而且我們已經為這一發布做好了充分準備。

And in terms of confidence of launching it in 2025.

以及對 2025 年推出它的信心。

We have full confidence in that.

我們對此充滿信心。

So not the execution that we would like to see.

所以這不是我們希望看到的執行情況。

But in the end, when we do launch the products, we're very confident in that.

但最終，當我們推出產品時，我們對此非常有信心。

Thanks.

謝謝。

And a couple of follow ups, if I may.

如果可以的話，還有一些後續行動。

So just to clarify, there were no issues with parts and manufacturing and anything on that procuring and any best components?

因此，澄清一下，零件和製造以及採購和任何最佳組件方面沒有任何問題嗎？

Correct?

正確的？

No, I'll leave to supply chain has not been an issue for the 360 degree camera or any of our team is actually in the '24.

不，我會留給供應鏈對於 360 度相機來說不是問題，或者我們團隊中的任何人實際上都在 24 世紀。

(multiple speakers)

（多個發言者）

Driving innovation?

推動創新？

Yeah.

是的。

Okay, great.

好的，太好了。

Yeah, that's exciting.

是的，這很令人興奮。

In that case, I can't wait to see what you guys come out with on the 360.

那麼，我迫不及待地想看看你們在 360 的表現。

And as a follow-up, wondering wanting to know that since there are sellouts in that this year and you still have the second half of the year to go and do you have any concerns about losing market share?

作為後續行動，我想知道，既然今年有售空，而且下半年還有，你是否擔心失去市場份額？

What's the competitive landscape in 360 and would or would not concern you?

360 的競爭格局如何？

Well, I mean, of course, we're going to we have our luxury alcoholic products that we're selling into the market.

嗯，我的意思是，當然，我們將擁有我們正在市場上銷售的豪華酒精產品。

So that's a missed opportunity due to miss execution on our part on and not launching our products on time as anticipated, but in terms of the opportunity in 2025, with how our product stacks up against the competition and how we believe our new products will fare and what we believe our go-to market strategy is it gives us a lot of confidence in our ability to quickly recoup market share and restore 360 sales as a meaningful percentage of revenue.

因此，這是一個錯失的機會，因為我們執行失誤，沒有按預期按時推出我們的產品，但就2025 年的機會而言，我們的產品如何與競爭對手競爭，以及我們相信我們的新產品將如何發展我們認為，我們的市場進入策略讓我們對快速恢復市場份額和恢復 360 銷售額佔收入的有意義百分比的能力充滿信心。

As Brian noted, we're anticipating somewhere between 5% and 10% of our revenue coming from 360 in 2025.

正如 Brian 指出的那樣，我們預計 2025 年將 5% 到 10% 的收入來自 360。

So that gives you a sense of and the significant rebound opportunity that we have.

這讓你感覺到我們擁有重大的反彈機會。

I think it's important to note that GoPro established this category.

我認為值得注意的是 GoPro 建立了這個類別。

So awareness for GoPro as a leading brand in the category is very strong demand that we see and hear in the field from the channel and from consumers is very strong.

因此，我們從通路和消費者那裡看到和聽到的對 GoPro 作為該類別領先品牌的認知度非常強烈。

So it's not as though we are going to be entering the 360 category from out of nowhere where it's like, wow, GoPros entering 360, we established the category.

因此，我們並不是想要突然進入 360 度類別，就像，哇，GoPro 進入 360 度，我們就建立了這個類別。

So that's a significant opportunity for us to make some quick inroads back into the category with the product that we have planned for 2025.

因此，這對我們來說是一個重要的機會，可以透過我們計劃在 2025 年推出的產品快速重返該類別。

(multiple speakers) There's no credit for that product when it comes out earlier, there's no beating around the bush on the execution is on our front.

（多個發言者）該產品較早推出時沒有任何信譽，我們的執行力也沒有拐彎抹角。

We own that.

我們擁有它。

But there is also no beating around the bushes to the opportunity that we have to come back in 2025.

但我們也沒有迴避 2025 年必須回歸的機會。

Understood.

明白了。

And thanks for answering my questions.

感謝您回答我的問題。

Thank you.

謝謝。

Martin Yang, Oppenheimer.

馬丁楊，奧本海默。

Good afternoon.

午安.

Thank you for taking my question.

感謝您回答我的問題。

Can you maybe dig into the cost more sources of cost savings in '25 was -- how would you say that development pipeline and development costs compare between '24 and '25?

您是否可以深入研究 25 年的更多成本節省來源 - 您如何看待 24 世紀和 25 世紀之間的開發管道和開發成本比較？

Yes, hi, Martin, Brian.

是的，嗨，馬丁，布萊恩。

Well, in my prepared remarks, I mentioned that we would reduce operating expenses and down $50 million from our projections in 2024.

嗯，在我準備好的發言中，我提到我們將減少營運支出，並比 2024 年的預測減少 5,000 萬美元。

About $20 million of that is due to obviously nonrecurring engineering development expenses that were incurred in 2024 that, we won't have until 2025.

其中約 2000 萬美元是由於 2024 年產生的明顯非經常性工程開發費用，而我們要到 2025 年才會有這些費用。

So a lot of innovation that's going into cameras '24 as well as '25 and beyond.

因此，24 世紀、25 世紀及以後的相機中出現了許多創新。

We're basically behind us now from that, that perspective.

從這個角度來看，我們現在基本上已經落後了。

And so from we've got the opportunity now to continuing to innovate based on the spending we've done in '24 and '25 and '26.

因此，我們現在有機會在 24 年、25 年和 26 年的支出基礎上繼續創新。

In addition, no review in our reductions in marketing and some salary expenses across the company as well as other operating expenses and to continue to reduce.

此外，我們沒有審查在整個公司範圍內削減行銷和一些工資費用以及其他營運費用並繼續減少。

I think I'll probably I'll add that just as a reminder, now during COVID, we were able to take operating expenses down below $300 million in

我想我可能會補充一點，只是作為提醒，現在在新冠疫情期間，我們能夠將營運費用降至 3 億美元以下

[2020].

[2020]。

So we have ways to now drive for efficiencies and an operating result.

因此，我們現在有辦法提高效率和營運成果。

But by this time without really impacting our road map because a lot of the heavy lifting we've had to do for '25, '26 is behind us from NRE kind of perspective.

但到了這個時候，這並沒有真正影響我們的路線圖，因為從 NRE 的角度來看，我們必須為 25、26 年所做的許多繁重工作已經過去了。

My second question is regarding your perception of their consumer profiles is certainly up any updates now.

我的第二個問題是關於您對他們的消費者檔案的看法現在肯定會更新。

Would you consider your core camera users.

您會考慮您的核心相機使用者嗎？

And would you consider as our incremental on users you could potentially gain from competitors or from a competitor it's a market that you currently does not address.

您是否認為我們的用戶增量可能會從競爭對手那裡獲得，或從競爭對手那裡獲得，這是您目前尚未涉足的市場。

Our primary customers are content creators, bloggers, active consumers.

我們的主要客戶為內容創作者、部落客、活躍消費者。

So we call them active captures who are interested in both participating in active lifestyles and capturing content during their activities and experiences either for personal review or for sharing socially as well as our customers include professionals and whether it's they're in the world's top influencers, creating content for their personal brands, film and television as we noted in our prepared remarks, the written version and the new Twisters blockbuster film features GoPro being used throughout the film.

因此，我們稱他們為主動捕捉者，他們對參與積極的生活方式和在活動和體驗中捕捉內容感興趣，無論是為了個人評論還是為了在社交上分享，我們的客戶包括專業人士，無論他們是世界頂級影響者，正如我們在準備好的評論、書面版本和新的《Twisters》大片中所指出的那樣，為他們的個人品牌、電影和電視創作內容，整個電影中都使用了 GoPro。

And there's a lot of great product presentation in there for us.

那裡為我們提供了許多精彩的產品展示。

By the way, it is not a paid relationship or anything like that.

順便說一句，這不是付費關係或類似的關係。

The producers and directors just decided to use GoPro, which was phenomenal.

製片人和導演剛剛決定使用 GoPro，這真是太棒了。

So thank you very much to them.

所以非常感謝他們。

In terms of an opportunity for growth and expanding our TAM and growing top line margin and subscription that the opportunity is to diversify our product road map significantly beyond what we offer to consumers.

就成長和擴大 TAM 以及不斷增長的頂線利潤和訂閱的機會而言，機會是使我們的產品路線圖多樣化，遠遠超出我們為消費者提供的產品。

HERO camera is a phenomenal tool of a bit of a Swiss Army knife, if you will, but there's an opportunity for us to develop a broader range of products that more specifically address the needs, not only of the markets that we serve today, but also new markets as well.

如果你願意的話，HERO 相機是一款有點像瑞士軍刀的非凡工具，但我們有機會開發更廣泛的產品，更具體地滿足我們今天所服務的市場的需求，而且還可以更具體地滿足我們的需求。

We ask a lot of the HERO camera.

我們對 HERO 相機提出了很多要求。

It's intended originally to be all things to all people, and it's done a phenomenal job of that.

它最初的目的是為所有人提供一切服務，並且它在這方面做得非常出色。

But as you can imagine, there's an opportunity to create products that are more tailored for some of the more specific needs of some of our customers, our foray into tech-enabled motorcycle helmets is an example of that, it's serving a market where our brand is very strong, but doing so with a totally new tech-enabled helmet products, that more specifically needs meets the needs of motorcycling today and perhaps then attaching separate third party accessories to the helmet.

但正如您可以想像的那樣，我們有機會創造出更適合我們某些客戶的一些更具體需求的產品，我們進軍技術支援的摩托車頭盔就是一個例子，它正在為我們的品牌服務的市場非常強大，但是使用全新的技術支援的頭盔產品來做到這一點，更具體地需要滿足當今摩托車的需求，然後可能將單獨的第三方配件附加到頭盔上。

So in that way, we can create more value, more performance and more convenience for a market where our brand is strong, but maybe we don't have the most convenient or tailored product solution that would allow us to grow even more in that market.

因此，透過這種方式，我們可以為我們品牌強大的市場創造更多價值、更多性能和更多便利，但也許我們沒有最方便或量身定制的產品解決方案來讓我們在該市場實現更大增長。

We're targeting other similar types of product opportunities in markets that we already serve.

我們的目標是在我們已經服務的市場中尋找其他類似類型的產品機會。

Then when you're getting into blogging and more professional content creation, our roadmap contemplates that as well and so on so forth.

然後，當您進入部落格和更專業的內容創建時，我們的路線圖也會考慮到這一點，等等。

I can't go into any more detail about it.

我無法詳細介紹它。

But what I would say is an important word for investors to think about GoPro is diversification and better leveraging this global brand that we have to serve consumers in more ways.

但我想說的是，讓投資者思考 GoPro 的一個重要詞是多元化，並且更好地利用這個全球品牌，我們必須以更多方式為消費者服務。

But what I would add is that we are committed to doing so as a profitable company.

但我要補充的是，作為一家獲利的公司，我們致力於這樣做。

Especially in today's environment, it's critical that GoPro be profitable in 2025, while also maintaining our rollout of new products that are going to help us grow the business, grow margin and grow profitability over the long term.

特別是在當今的環境下，GoPro 在 2025 年實現盈利至關重要，同時保持新產品的推出，這將有助於我們長期發展業務、提高利潤率和盈利能力。

Yeah, Martin.

是的，馬丁。

In addition, as we look at market data (inaudible) at least in the North America and Europe, the point-and-shoot category is a growth category.

此外，當我們查看至少在北美和歐洲的市場數據（聽不清楚）時，傻瓜相機類別是一個成長類別。

And that's an area where our 199 HERO camera is really going to target into.

這正是我們 199 HERO 相機真正要瞄準的領域。

So we're seeing that growth.

所以我們看到了這種成長。

And given the consumers they've got to watch that one.

考慮到消費者，他們必須關注這一點。

So we know that there's a market there, and we're seeing that grow.

所以我們知道那裡有一個市場，而且我們看到這個市場正在成長。

And so that's going to fit really nicely into that space.

所以這將非常適合這個空間。

And I'll remind you that on our subscription business, we were attaching at the entry-level price point about 25% to subscription.

我要提醒您的是，在我們的訂閱業務中，我們在入門價格點上附加了約 25% 的訂閱費用。

What took care of it.

什麼照顧它。

And then the last one was we talked about kind of earlier, was that restricted category for us to represent a pretty significant and some increase in revenue growth for 2025 from basically zero in 2024.

最後一個是我們之前討論過的，這個限制類別對我們來說代表著 2025 年收入增長從 2024 年基本為零的相當顯著且有所增長。

And thanks, Brain.

謝謝，布萊恩。

That's it for me.

對我來說就是這樣。

Erik Woodring, Morgan Stanley.

艾瑞克‧伍德林，摩根士丹利。

Hey guys.

嘿夥計們。

Thanks for taking my question.

感謝您提出我的問題。

And sorry about earlier.

對之前的事感到抱歉。

Maybe this question is for you Nick.

也許這個問題是問你的，尼克。

I understand pointing to a better 2024, 2025 and 2024, obviously, a challenging period of consumer demand.

我理解指向更好的 2024 年、2025 年和 2024 年，顯然，這是一個消費者需求充滿挑戰的時期。

And when you talk about a commitment to profitability in 2025, can you just maybe give us a little bit of a flavor of the underlying drivers that get you there.

當您談到 2025 年實現盈利的承諾時，您能否為我們介紹實現這一目標的潛在驅動因素。

Obviously, you've talked about improving margins, cutting costs, but to meet the expectations that maybe we set today that you're going back to growth in 2025 or I didn't necessarily say that.

顯然，您談到了提高利潤率、削減成本，但為了滿足我們今天設定的預期，即您將在 2025 年恢復成長，或者我不一定這麼說。

And I know you don't necessarily want to commit to that, but do you have any comments on how we should think about the top line just as we sit here today for 2025.

我知道您不一定想承諾這一點，但是您對我們今天坐在這裡討論 2025 年應該如何考慮頂線有什麼評論嗎？

And then I have a follow-up to expect.

然後我有一個後續行動可以期待。

Yeah, we will grow the business.

是的，我們將發展業務。

We will grow top line, we will grow margin because we will be introducing products that we simply just do not have in the market today.

我們將增加收入，我們將增加利潤，因為我們將推出當今市場上根本沒有的產品。

I mean, it's a -- we are completely absent from the 360 market today, minus whatever inventory is still selling through the channel.

我的意思是，我們現在完全缺席 360 市場，減去仍在透過該管道銷售的所有庫存。

As I shared, we sold our last 360 MAX camera into the channel at the end of 2023.

正如我所分享的，我們在 2023 年底將最後一台 360 MAX 相機賣給了頻道。

So aside from a smattering of sales through gopro.com, we've had essentially no revenue from 360 category in 2024.

因此，除了透過 gopro.com 實現的少量銷售外，我們在 2024 年基本上沒有來自 360 類別的收入。

So simply by re-entering that category with what we believe is going to be a very competitive, an industry leading product in that market.

因此，只需重新進入該類別，我們相信這將是該市場中極具競爭力、產業領先的產品。

That is certainly going to help us win back share.

這肯定會幫助我們贏回市場份額。

And we believe at a meaningful level that is going to meaningfully contribute to top-line and bottom-line growth.

我們相信，在有意義的水平上，這將對營收和利潤的成長做出有意義的貢獻。

So that that's a very big lever for us.

所以這對我們來說是一個非常大的槓桿。

And then as well at our entry level camera, which we're super, super, super excited about has a accretive margin for us relative to the entry level products that we've been selling previously, which were legacy products that we reduced MSRP on over time, but they were never designed to be sold at an entry-level price point.

然後，我們的入門級相機也是如此，我們對此感到非常非常興奮，相對於我們之前銷售的入門級產品（我們降低了建議零售價的傳統產品），我們的利潤率有所增加。的推移，它們從未被設計為以入門價格出售。

So their margin was very compromised, whereas on our new $199 HERO camera.

因此，他們的利潤受到很大影響，而在我們新的 199 美元 HERO 相機上。

It's designed from the ground up to be sold as $199 product and as a result has much better margin so that's going to be a major contributor and through the bottom line, while also being a major contributor to the brand and top line growth.

它從一開始就被設計為以 199 美元的價格出售，因此具有更高的利潤率，因此這將成為主要貢獻者並貫穿利潤，同時也是品牌和營收成長的主要貢獻者。

Just thanks to the what we believe is going to be a very strong market appeal for that product.

這要歸功於我們相信該產品將具有非常強大的市場吸引力。

And then you get into our other products of which I can speak of the HERO line here at 13 Black, which is launching next month, I think that's really going to allow people in terms of expanded capability and how we're just continue to build on the HERO cameras ability to not only serve active consumers that are looking to use HERO13 Black as a way to document their active lifestyles, but also the growing lager market the Pro content creator, the influencer who are all looking for differentiated looks for their content to help keep their brand and their content fresh and their audiences engaged HERO13 Black, we believe hits this right on the head of this will become more obvious, of course, at launch in a month.

然後你會看到我們的其他產品，其中我可以談論 13 Black 的 HERO 系列，該產品將於下個月推出，我認為這確實會讓人們擴展功能以及我們如何繼續構建HERO 相機不僅能夠為那些希望使用HERO13 Black 記錄其積極生活方式的活躍消費者提供服務，而且還能為不斷增長的啤酒市場、專業內容創作者和影響者提供服務，他們都在為自己的內容尋找差異化的外觀為了幫助保持他們的品牌和內容的新鮮度以及他們的受眾對HERO13 Black 的吸引力，我們相信這一點在一個月後發佈時會變得更加明顯。

But that's going to benefit us, we believe, throughout 2025.

但我們相信，這將使我們在整個 2025 年受益。

And then, of course, we have more product on tap for 2025 that we believe is going to continue with the momentum, I would say the silver lining 2024 is that it sets us up for so much new product and new revenue generating opportunities in 2025 that yes, we're targeting growth.

當然，我們在2025 年將推出更多產品，我們相信這些產品將繼續保持這一勢頭，我想說2024 年的一線希望是，它為我們在2025 年創造瞭如此多的新產品和新的創收機會是的，我們的目標是成長。

Yeah, we're targeting profitability.

是的，我們的目標是獲利。

And when we combine these new product launches with the momentum that we believe it's going to bring with significantly reduced OpEx, that's a recipe, we believe for ensuring profitability in 2025.

當我們將這些新產品的發布與我們相信它將帶來的營運支出顯著降低的勢頭結合起來時，我們相信這是確保 2025 年盈利的良方。

Eric said the brand is strong.

埃里克說這個品牌很強大。

Our products are too strong opportunities too significant, especially in this macroeconomic environment.

我們的產品太強大了，機會也太重大了，尤其是在這個宏觀經濟環境下。

We're going to be getting very serious about OpEx reductions to ensure it's not a nip-and-tuck scenario for 2025, but on a profitability year that we look to grow on into '26 and beyond.

我們將非常認真地對待營運支出的削減，以確保 2025 年不是一個簡單的情況，而是我們希望在 26 年及以後實現盈利的一年。

And so as a part of that, we're looking at transformational ways to operate the business, recognizing it's time.

因此，作為其中的一部分，我們正在尋找經營業務的轉型方式，並認識到現在是時候了。

Okay.

好的。

Now I love all that color.

現在我喜歡所有的顏色。

Thank you.

謝謝。

And then maybe if I follow up on that, Nick, it is rare for you to talk about competition as much as I thought you've talked about at the last two quarters.

然後，也許如果我跟進這一點，尼克，你很少像我認為你在過去兩個季度談論的那樣多地談論競爭。

Obviously, FX headwinds play a role in that, but is there something about the competitive environment that is different today?

顯然，外匯逆風在其中發揮了作用，但今天的競爭環境是否有所不同？

Again, maybe outside of some of the stock out that you have in things like the restructuring program and FX.

再說一次，也許除了重組計劃和外匯等方面的一些庫存之外。

We just love to know if anything is changing under the hood there, and that's it for me.

我們只是想知道幕後是否發生了任何變化，這對我來說就是這樣。

Thanks.

謝謝。

We missed a product launch, which led to us missing a year in the market in a growing category in which we were a both pioneer and market leader, essentially seeding the category, your competition.

我們錯過了一次產品發布，這導致我們在一個不斷增長的類別中錯過了一年的時間，在這個類別中，我們既是先驅又是市場領導者，本質上是為該類別（您的競爭）播種。

So yeah, competition is a more important topic this year than it's been before on.

所以，是的，競爭是今年比以往更重要的議題。

Unfortunately, it's self-inflicted largely, but we are extremely passionate about the 360 category extremely bullish about our opportunity to regain share and we are extremely committed to restoring GoPro to a leadership position in the category.

不幸的是，這在很大程度上是我們自己造成的，但我們對 360 度類別充滿熱情，非常看好我們重新獲得份額的機會，並且我們非常致力於恢復 GoPro 在該類別中的領導地位。

That's why you're hearing so much more about competition on this call because it's a bigger factor.

這就是為什麼你在這次電話會議上聽到了更多有關競爭的信息，因為這是一個更重要的因素。

This year than it has been before.

今年比往年都好。

And we've got to restore our leadership position in 2025.

我們必須在 2025 年恢復我們的領導地位。

Got you.

明白你了。

So it's not necessarily about competitor products?

那麼這不一定與競爭對手的產品有關？

Just for clarification, though, we are not basing our 2025 profitability on regaining a leadership position in 2025.

不過，需要澄清的是，我們的 2025 年獲利能力並不是基於 2025 年重新獲得領先地位。

That is not, of course, we're going to do everything that we can to reclaim a leadership position as it relates to market share.

當然，我們不會竭盡全力奪回與市佔率相關的領導地位。

But our 2025 profitability is not dependent on that.

但我們 2025 年的獲利能力並不取決於此。

I just want to make that clear.

我只是想澄清這一點。

Don't confuse my passion for this space with the understanding that it's going to take time for us to get back to a leadership position in that category, but we're determined to do it.

不要把我對這個領域的熱情與我們需要時間才能恢復該領域的領導地位的理解混為一談，但我們決心做到這一點。

Okay.

好的。

I got to thank you so much, Nick, for the detail.

尼克，我非常感謝你提供的細節。

Thanks, Eric.

謝謝，埃里克。

There are no further questions at this time.

目前沒有其他問題。

I would like to pass the conference back over to the management team for any closing remarks.

我想將會議轉回給管理團隊，讓他們發表閉幕詞。

Thank you, operator, and thank you, everyone, 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 shared passionately, we are committed to operating GoPro as a profitable business in 2025.

正如我們熱情分享的那樣，我們致力於在 2025 年將 GoPro 營運為獲利業務。

Our brand products as an opportunity or too strong as is our value creation opportunity, too significant for us to accept otherwise.

我們的品牌產品是一個機會，或者說是我們的價值創造機會，太重要了，否則我們無法接受。

We're excited by our new product launches coming up next month, and we are committed to being profitable in 2025.

我們對下個月即將推出的新產品感到興奮，並致力於在 2025 年實現盈利。

Thank you, everybody.

謝謝大家。

This is team GoPro signing off.

這是 GoPro 團隊的簽字儀式。

That concludes the GoPro second quarter 2024 earnings call.

GoPro 2024 年第二季財報電話會議到此結束。

Thank you for your participation and enjoy the rest of your day.

感謝您的參與，祝您有個愉快的一天。