GoPro Inc (GPRO) 2024 Q3 法說會逐字稿

Good afternoon. Thank you for attending today's GoPro third-quarter 2024 earnings call. My name is Cameron and I will be your moderator for today. (Operator Instructions)

午安.感謝您參加今天的 GoPro 2024 年第三季財報電話會議。我叫卡梅倫，我將擔任今天的主持人。 （操作員說明）

And I would now like to pass the conference over to your host, Christopher Clark, Vice President of Corporate Communications. You may proceed.

現在我想將會議交給東道主企業傳播副總裁 Christopher Clark。您可以繼續。

Thank you, Cameron. Good afternoon and welcome to GoPro's third-quarter 2024 earnings conference call. With me today are GoPro's CEO, Nicholas Woodman; and CFO and COO, Brian McGee. Today's agenda will include brief commentary from Nick, followed by Q&A.

謝謝你，卡梅倫。下午好，歡迎參加 GoPro 2024 年第三季財報電話會議。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)。今天的議程將包括尼克的簡短評論，然後是問答。

For detailed information about our third-quarter 2024 performance, as well as outlook, please read our Q3 2024 earnings press release and the management commentary we've posted to the Investor Relations section of GoPro's website.

有關我們 2024 年第三季業績以及前景的詳細信息，請閱讀我們的 2024 年第三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. 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，今天所做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, 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 September 30, 2024.

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2023 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並在向 SEC 提交的文件中更新，包括截至 2024 年 9 月 30 日的季度的 10-Q 表格季度報告。

Today, we may discuss 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.

今天，我們可能會討論根據公認會計原則和非公認會計原則計算的利潤率、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。

A reconciliation of GAAP to non-GAAP operating expenses can be found in the press release that was issued this afternoon, which is posted on the Investor Relations section of our website. Unless otherwise noted, all income statement-related numbers that are discussed in the management commentary and remarks today, other than revenue, are non-GAAP.

GAAP 與非 GAAP 營運費用的調整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。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'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。

Thanks, Chris, and thanks, everybody, for joining us today. Today, Brian and I will share brief remarks before going into Q&A. And I want to encourage all on the call to read the detailed management commentary we posted to our Investor Relations website.

謝謝克里斯，謝謝大家今天加入我們。今天，布萊恩和我將在進行問答之前進行簡短的演講。我想鼓勵所有參加電話會議的人閱讀我們發佈在投資者關係網站上的詳細管理評論。

In Q3, GoPro exceeded guidance with revenue of $259 million. Subscription and service revenue grew 11% year over year to $27.5 million, primarily driven by ARPU growth of 9% and overall subscriber growth of 2%. EPS was breakeven on a non-GAAP basis, and EBITDA was $5 million, a $39 million improvement sequentially.

第三季度，GoPro 營收達到 2.59 億美元，超出了預期。訂閱和服務收入年增 11%，達到 2,750 萬美元，這主要是由於 ARPU 成長 9% 和整體訂閱者成長 2% 所推動的。以非 GAAP 計算，每股盈餘達到損益平衡，EBITDA 為 500 萬美元，比上一季增加 3,900 萬美元。

Despite these directionally positive Q3 results, this continues to be a challenging year for GoPro as we navigate global macroeconomic headwinds impacting consumer discretionary spending, the previously mentioned delay of our new 360-degree camera, and competition.

儘管第三季取得了這些積極的業績，但對於GoPro 來說，今年仍然是充滿挑戰的一年，因為我們要應對影響消費者可自由支配支出的全球宏觀經濟逆風、前面提到的新型360 度相機的延遲發布以及競爭。

While GoPro welcomes fair competition as it encourages innovation and fosters a vibrant market for consumers, the principles of fair competition are not served by companies that seek to profit from the hard work, investment, and innovation of others. We will litigate in the interest of protecting our inventions, and we understand the time and cost associated with defending our IP.

雖然 GoPro 歡迎公平競爭，因為它鼓勵創新並為消費者培養一個充滿活力的市場，但那些尋求從他人的辛勤工作、投資和創新中獲利的公司並不遵守公平競爭原則。我們將為了保護我們的發明而提起訴訟，並且我們了解捍衛我們的智慧財產權所需的時間和成本。

GoPro has invested substantial time, effort, and money into a culture of innovation over the past 20 years, researching and developing leading-edge technologies that have enabled new ways of capturing and new categories of cameras, whether that's being the first to enable ultra-wide-angle perspectives in consumer cameras, inventing market-leading in-camera video stabilization, or pioneering convenient 360-degree capture.

過去 20 年來，GoPro 在創新文化上投入了大量時間、精力和資金，研究和開發前沿技術，這些技術實現了新的拍攝方式和新類別的相機，無論是第一個實現超消費相機的廣角視角、發明市場領先的相機內視訊穩定功能或開創便捷的360 度拍攝。

This culture of innovation has allowed us to build a patent portfolio consistently recognized by industry experts for its quality, depth, and variety. Our patent portfolio is in place to protect our inventions and IP, and we are committed to taking action to protect these assets when necessary.

這種創新文化使我們能夠建立一個因其品質、深度和多樣性而受到行業專家一致認可的專利組合。我們的專利組合旨在保護我們的發明和智慧財產權，並且我們致力於在必要時採取行動保護這些資產。

Earlier this year, we filed a complaint with the US International Trade Commission and a lawsuit in the US District Court for the Central District of California against one of our competitors, with the goal to enforce certain GoPro patents related to our cameras and digital imaging technology.

今年早些時候，我們向美國國際貿易委員會提起訴訟，並向美國加州中區地方法院對我們的一位競爭對手提起訴訟，目的是強制執行與我們的相機和數位成像技術相關的某些GoPro專利。

Again, GoPro welcomes fair competition, but we will litigate to protect our IP when we believe it is being infringed. As we shared in our Q2 earnings, the consumer digital imaging market is growing, driven by new products catering to consumers' growing interest in alternative forms of capture beyond the phone.

再次強調，GoPro 歡迎公平競爭，但當我們認為我們的智慧財產權受到侵犯時，我們將提起訴訟來保護我們的智慧財產權。正如我們在第二季財報中所分享的那樣，在新產品的推動下，消費者數位影像市場正在成長，這些新產品迎合了消費者對手機以外的其他拍攝形式日益增長的興趣。

We are seeing growth in the action camera market, 360-degree cameras, and other new types of cameras. We believe our product roadmap positions us to participate in these growth areas and more.

我們看到運動相機市場、360 度相機和其他新型相機的成長。我們相信我們的產品路線圖使我們能夠參與這些成長領域及更多領域。

To better position ourselves to participate in this growth as a profitable company in 2025 and beyond, we've taken a more aggressive approach to reduce 2025 operating expenses significantly below what we shared on our last earnings call.

為了更好地定位自己，作為一家盈利的公司在2025 年及以後參與這一增長，我們採取了更積極的方法，將2025 年的運營費用降低到遠低於我們在上次財報電話會議上分享的水平。

We are now targeting 2025 operating expenses of $250 million, a reduction of approximately $110 million from 2024. I want to be clear. We are not cutting our way to profitability. We are changing our approach to operate in a leaner, more focused manner that we believe will be sustainable and strategic for long-term success and improved financial performance.

我們現在的目標是 2025 年營運費用為 2.5 億美元，比 2024 年減少約 1.1 億美元。我們不會切斷獲利之路。我們正在改變我們的營運方式，以更精簡、更專注的方式進行運營，我們相信這種方式對於長期成功和改善財務業績來說是可持續的和戰略性的。

We are reducing our operating expenses to the lowest level since before going public, while pursuing a product roadmap we believe will drive innovation, differentiation, and growth.

我們正在將營運費用降低至上市前的最低水平，同時追求我們相信將推動創新、差異化和成長的產品路線圖。

In September, we launched two new products. Our flagship HERO13 Black is loaded with leading-edge technology, performance, and convenience that includes a suite of innovative new lens mods that massively enhance a user's creative potential.

9月份，我們推出了兩款新產品。我們的旗艦產品 HERO13 Black 配備了領先的技術、性能和便利性，其中包括一套創新的新型鏡頭模組，可大幅增強用戶的創造潛力。

We also launched our new entry-level camera, the tiny HERO camera. Priced at $199, HERO is our most affordable camera, making it ideal for travelers, creators, families, kids, adventure seekers, and gift givers looking for the simplest, lightest 4K GoPro. And importantly, HERO has been newly designed from the ground up to yield a better profit margin than our previous entry-level cameras.

我們還推出了新的入門相機——微型 HERO 相機。 HERO 的售價為 199 美元，是我們最實惠的相機，非常適合尋求最簡單、最輕便的 4K GoPro 的旅行者、創作者、家庭、兒童、冒險家和禮品贈送者。重要的是，HERO 經過全新設計，比我們之前的入門級相機具有更高的利潤率。

And we continue to execute on the global retail expansion strategy we announced in May 2023, having added approximately 6,300 new doors since then, bringing our total doors to over 25,000. In Q3, we added more than 1,200 doors globally, including approximately 500 Sam's Clubs doors in the US.

我們繼續執行 2023 年 5 月宣布的全球零售擴張策略，自那時以來已新增約 6,300 家門市，使我們的門市總數超過 25,000 家。第三季度，我們在全球新增了 1,200 多個門市，其中包括美國約 500 家山姆會員店。

Expanding our global retail footprint to this level not only allows us to reach more consumers with our current products, but also serves as an important foundation for future launches as we expand our product offerings.

將我們的全球零售足跡擴大到這一水平不僅使我們能夠透過目前的產品接觸更多消費者，而且還為我們擴大產品範圍的未來推出奠定了重要基礎。

In summary, we are working through our business challenges and feel good about our go-forward strategy. We are reducing 2025 operating expenses to the lowest level since before going public, while pursuing a product roadmap we believe will drive innovation, differentiation, and growth. We are excited to operate GoPro in a leaner manner as we believe it will yield better execution, efficiency, and improved financial performance.

總之，我們正在應對業務挑戰，並對我們的前進策略感到滿意。我們將在 2025 年將營運費用降低至上市前的最低水平，同時追求我們相信將推動創新、差異化和成長的產品路線圖。我們很高興能夠以更精簡的方式經營 GoPro，因為我們相信這將帶來更好的執行力、效率並改善財務表現。

Now, I'll pass the call to Brian to share some details on our financials and outlook.

現在，我將把電話轉給布萊恩，分享一些有關我們財務和前景的細節。

Thanks, Nick. I'd like to first share some notable business highlights. In Q3, subscription and service revenue grew 11% year over year to $27.5 million, primarily from 9% ARPU growth, driven by improving our aggregate retention rate, which was up 4% year over year to 67%, as well as growth of our Premium+ subscribers.

謝謝，尼克。我想先分享一些值得注意的業務亮點。第三季度，訂閱和服務收入年增 11% 至 2,750 萬美元，主要來自 ARPU 成長 9%，這得益於我們的總留存率提高（年增 4% 至 67%），以及我們的用戶成長高級+訂閱者。

Also in Q3, subscribers grew 2% year over year to 2.56 million, including 54,000 Premium+ subscribers and subscription attach rate from cameras sold across all channels was 45%, in line with prior year attach rates. Third quarter EBITDA was positive $5 million, a $39 million sequential improvement.

同樣在第三季度，訂閱者數量年增 2%，達到 256 萬，其中包括 54,000 名 Premium+ 訂閱者，所有通路銷售的相機的訂閱附加率為 45%，與上一年的附加率一致。第三季 EBITDA 為正 500 萬美元，季增 3,900 萬美元。

For the second half of 2024, gross margin is expected to be 36%, a 250 basis point improvement year over year, as we have outlined in the first half of 2024. Turning to the balance sheet. We expect cash to be approximately $125 million at the end of the year. We recently conducted a restructuring to reduce operating expenses by $110 million to approximately $250 million in 2025, down from $360 million in 2024.

正如我們在 2024 年上半年所概述的那樣，2024 年下半年的毛利率預計為 36%，年增 250 個基點。我們預計年底現金約 1.25 億美元。我們最近進行了重組，將營運支出從 2024 年的 3.6 億美元減少到 2025 年的約 2.5 億美元，減少 1.1 億美元。

Looking ahead to 2025, we expect units and revenue to be lower than 2024, primarily driven by macroeconomic headwinds, competition, and the delay of our new 360-degree camera, which we expect to launch in 2025. We anticipate Street ASP to be in a range of $335 to $345 in 2025, a 5% improvement over 2024. We expect gross margin to improve from 34% in 2024 to a range of 35% to 36% in 2025.

展望 2025 年，我們預計銷量和收入將低於 2024 年，這主要是由於宏觀經濟逆風、競爭以及我們預計於 2025 年推出的新型 360 度攝影機的延遲。在335 至345 美元之間，比2024 年增加5%。

We expect our operating expenses to be between $245 million and $255 million as a result of the 26% reduction in headcount and other expense reductions taken in 2024. This represents an annual reduction of $110 million from projected 2024 spending, and represents the lowest level of operating expenses since before becoming a publicly listed company.

由於 2024 年員工人數減少 26% 和其他費用削減，我們預計營運費用將在 2.45 億美元至 2.55 億美元之間。成為上市公司之前以來的營運費用。

In addition, our expectation is for first quarter of 2025 operating expense level of approximately $60 million, or down nearly 30% year over year. We believe this annual level of spend enables us to pursue a diversified and innovative roadmap that we believe will extend GoPro's leadership in the markets we serve and restore unit and revenue growth in 2026.

此外，我們預計 2025 年第一季營運費用水準約為 6,000 萬美元，年減近 30%。我們相信，這個年度支出水準使我們能夠追求多元化和創新的路線圖，我們相信這將擴大 GoPro 在我們服務的市場中的領導地位，並在 2026 年恢復銷售和收入成長。

In summary, as we work through our business challenges, we are adjusting GoPro's operating model to be more efficient to yield improved financial results. We are excited about 2025 where we expect to launch new products while preserving cash to repay our debt, and importantly, position ourselves for profitability in 2025.

總之，在應對業務挑戰時，我們正在調整 GoPro 的營運模式，以提高效率，從而改善財務表現。我們對 2025 年感到興奮，預計將推出新產品，同時保留現金償還債務，更重要的是，為 2025 年實現盈利做好準備。

Operator, we are now ready to take questions.

接線員，我們現在準備好回答問題。

(Operator Instructions) Martin Yang, Oppenheimer.

（操作員說明）馬丁楊，奧本海默。

Thank you for taking my question. My first question is about the litigation. What do you consider as the ideal outcome of the USITC investigation?

感謝您回答我的問題。我的第一個問題是關於訴訟的。您認為美國國際貿易委員會調查的理想結果是什麼？

Hi, Martin. Thanks for that. The litigation is to defend our IP, which we believe is being infringed. And what I can say is that the ideal outcome is that the ITC would recognize this infringement and validate the validity of our patents and our IP, and that any products that are being sold into the United States market that are infringing, sold in by the company in question, that they would no longer be able to sell those products in the United States market.

嗨，馬丁。謝謝你。該訴訟是為了捍衛我們的智慧財產權，我們認為我們的智慧財產權受到了侵犯。我能說的是，理想的結果是，國際貿易委員會將承認這種侵權行為並驗證我們的專利和智慧財產權的有效性，並且任何銷往美國市場的侵權產品均由相關公司表示，他們將無法再在美國市場銷售這些產品。

Got it. And is there any timeline or expected date for the investigation to conclude?

知道了。調查結束有什麼時間表或預計日期嗎？

We expect, in general terms, a conclusion in 2025.

整體而言，我們預期 2025 年會有結論。

Got it. Thank you. My next question is on the 2025 outlook. If you were to rank the different headwinds you outlined, what would be the most impactful to the 2025 outlook? What would be the least impactful? And how do you reconcile the number of retail doors that you have grown over the year to that reduced outlook?

知道了。謝謝。我的下一個問題是關於 2025 年的展望。如果您要對您概述的不同不利因素進行排名，那麼對 2025 年前景影響最大的是什麼？什麼影響最小？您如何協調過去一年增加的零售店數量與預期的減少？

Maybe I'll start and, Nick, you can come over the top. Macroeconomic is probably one of the biggest. We're seeing that here in the US. China in the third quarter was down significantly as a market. They're having their issues.

也許我會開始，尼克，你可以超越。宏觀經濟可能是最大的經濟問題之一。我們在美國看到了這一點。第三季中國市場大幅下滑。他們有他們的問題。

We finally saw a little bit of sliding in Europe. Europe has been a stronger market for us, followed by we have to get our new 360 camera out, Martin. So that's a market that's growing. You see that across Circana and GfK. So we need to get that product in the market and resume selling.

我們終於看到歐洲出現了一些下滑。歐洲對我們來說是一個更強大的市場，其次我們必須推出新的 360 度相機，馬丁。所以這是一個正在成長的市場。你可以在 Circana 和 GfK 上看到這一點。因此，我們需要將該產品推向市場並恢復銷售。

And of course, there's competition. So I would put them in that order. We got to get products out into the market.

當然，還有競爭。所以我會把它們按這個順序排列。我們必須將產品推向市場。

Got it. My final question on competition, do you see most of the share erosion happening on the 360-degree camera category? Or do you see more happening for the main camera, the action camera category?

知道了。我關於競爭的最後一個問題是，您是否認為大部分份額侵蝕發生在 360 度相機類別上？或者您認為主相機（運動相機類別）會發生更多變化嗎？

I'll start, Nick, if you want to chime in.

尼克，如果你想插話的話，我就開始了。

I think the biggest --

我認為最大的——

Go ahead. Sure.

前進。當然。

No, no, you go ahead.

不不不，你繼續吧。

Yeah. I would say that the action camera category one is actually growing slightly. And we're seeing -- if you think about alternative capture, 360, it's definitely been a growth category. Again, I'll reiterate, that's why we need to get a product back in the market. And there's other forms of capture that are growing as well, particularly in blogging.

是的。我想說的是，第一類運動相機實際上正在略有增長。我們看到，如果你考慮替代捕捉技術，360，它絕對是一個成長類別。我再次重申，這就是我們需要將產品重新推向市場的原因。其他形式的捕獲也在增長，特別是在部落格中。

So those are areas of opportunity for us to grow into those markets.

因此，這些都是我們進入這些市場的機會領域。

Yeah, I would say the biggest share hit, Martin, is in 360 due to the delay of the launch of our new camera. We are seeing some share erosion in the HERO camera category -- action category as well. The biggest revenue impact, though, is coming from us not launching our MAX 2 360 camera.

是的，馬丁，我想說，由於我們新相機的發布延遲，360 度的市場份額受到最大的打擊。我們看到 HERO 相機類別以及動作類別的份額受到侵蝕。不過，最大的收入影響來自我們沒有推出 MAX 2 360 相機。

And as it relates to reconciliating the new door growth globally with sell-through and some of the challenges that we're facing, be it macroeconomic, not having launched our 360 camera, or some competition, I'd say that while we're really excited about the 25,000-plus doors that we're in now and all of the new merchandising that's gone out, it's obviously very helpful.

由於這涉及到協調全球新門的成長與銷售以及我們面臨的一些挑戰，無論是宏觀經濟、沒有推出我們的 360 度相機還是一些競爭，我想說的是，雖然我們我們對現在的25,000 多個門以及所有已經推出的新商品感到非常興奮，這顯然非常有幫助。

But when we don't have our full suite of products out in the market, then obviously, we're not fully exploiting that retail network and that really strong in-store presence. So while that's something that's hurting us in 2024, that's something we believe is going to help us in 2025 when we get our full suite of new products out, including MAX 2 in 2025.

但是，當我們沒有在市場上推出全套產品時，很明顯，我們沒有充分利用零售網路和真正強大的店內存在。因此，雖然這會在 2024 年對我們造成傷害，但我們相信，當我們在 2025 年推出全套新產品（包括 2025 年的 MAX 2）時，這會對我們有所幫助。

So unfortunately, we're not realizing the full benefit of the 25,000-plus doors today, but we expect to realize the full benefit in 2025. So there's a number of positive factors that we believe are going to contribute to a stronger 2025, that 25,000-plus door count that will continue to grow, the launch of new products to fill those doors, including our new 360 camera MAX 2, and more. So quite a bit to look forward to.

不幸的是，我們今天還沒有實現 25,000 多扇門的全部效益，但我們預計在 2025 年實現全部效益。的數量將繼續增長，並推出新產品來填補這些門，包括我們的新型360 度相機MAX 2 等。所以相當值得期待。

But yes, there's no denying that we've got a bit of a path between here and there.

但是，不可否認的是，我們之間有一條路。

Got it. That's it for me. Thank you, Nick. Thank you, Brian.

知道了。對我來說就是這樣。謝謝你，尼克。謝謝你，布萊恩。

Thank you, Martin.

謝謝你，馬丁。

There are currently no questions registered. (Operator Instructions) There are no additional questions waiting at this time. I would like to pass the conference over to the management team for any closing remarks.

目前沒有登記任何問題。 （操作員說明） 目前沒有其他問題。我想將會議轉交給管理團隊進行總結發言。

Thank you, operator. Well, thanks for joining the call today, everybody. I'd like to remind everyone that while we are facing some business challenges, we're actually quite excited about the future. The OpEx reductions that we've made and the OpEx target that we have in 2025 of approximately $250 million is a sustainable, strategic effort to operate GoPro in a much leaner, more efficient, and more effective manner that we think is not only going to help improve execution and yield better financial results.

謝謝你，接線生。好的，謝謝大家今天加入電話會議。我想提醒大家，雖然我們面臨一些業務挑戰，但我們實際上對未來感到非常興奮。我們所做的營運支出削減以及 2025 年約 2.5 億美元的營運支出目標是一項可持續的策略努力，旨在以更精簡、更有效率和更有效的方式運作 GoPro，我們認為這不僅有助於提高執行力並產生更好的財務表現。

But we're confident that it's going to enable us to continue to drive innovation, differentiation into our product roadmap to allow us to participate in the growth that we're seeing in the digital imaging market. Our market opportunity is in what we consider alternative capture cameras.

但我們相信，這將使我們能夠繼續推動產品路線圖的創新和差異化，使我們能夠參與數位成像市場的成長。我們的市場機會在於我們認為的替代捕捉相機。

That is cameras that go beyond the capabilities of the phone, go beyond the capabilities of traditional cameras, and our innovations and product development is really focused at helping people capture, document their lives, their experiences either for personal enjoyment or for their careers, for professional, commercial purposes in ways that just simply would be convenient with a traditional phone or a camera.

這是超越手機功能、超越傳統相機功能的相機，我們的創新和產品開發真正專注於幫助人們捕捉、記錄他們的生活、他們的經歷，無論是為了個人享受還是為了他們的職業、以傳統手機或相機方便的方式實現專業、商業目的。

And these categories of cameras are growing. The proliferation of cameras, be they as standalone cameras or cameras that are embedded into other devices or equipment or gear or vehicles, is growing. And GoPro's tech stack, expertise, and brand are uniquely well positioned for us to develop as an enabler of these types of capture use cases. Historically, we've been known as the HERO camera company.

而且這些類別的相機正在不斷成長。相機的激增，無論是作為獨立相機還是嵌入到其他設備或裝備或裝備或車輛中的相機，都在不斷增長。 GoPro 的技術堆疊、專業知識和品牌具有得天獨厚的優勢，有利於我們發展成為此類捕捉用例的推動者。歷史上，我們一直被稱為 HERO 相機公司。

And while that's been terrific for growing our business and our brand over time, it's a subset of what GoPro is capable of. It's a subset of what our product development and engineering teams are capable of. It's a subset of what our existing distribution is capable of getting in front of consumers.

雖然隨著時間的推移，這對我們業務和品牌的發展非常有幫助，但這只是 GoPro 能力的一部分。這是我們產品開發和工程團隊能力的一部分。這是我們現有發行版能夠向消費者展示的內容的子集。

And ultimately, it's been a subset of the greater opportunity for our brand and business to exploit all of the incredible people, the incredible talent, the incredible technology that we've developed over the years, including, as I mentioned, the incredible patent portfolio that we have that we're now defending, and we will put to use going forward in new ways. So the opportunity ahead is very significant for us.

最終，這是我們的品牌和業務更大機會的一部分，可以利用我們多年來開發的所有令人難以置信的人才、令人難以置信的技術，包括，正如我所提到的，令人難以置信的專利組合我們現在正在捍衛我們所擁有的一切，我們將以新的方式繼續前進。因此，未來的機會對我們來說非常重要。

We've moved through the challenges of 2024, and we're really looking forward to executing in 2025 as a leaner, meaner organization that's really focused on efficiency and execution in the process of getting out exciting new products that we believe are going to help us grow our business.

我們已經度過了2024 年的挑戰，我們非常期待在2025 年作為一個更精簡、更精簡的組織來執行，在推出令人興奮的新產品的過程中真正關注效率和執行力，我們相信這些產品將有所幫助我們發展我們的業務。

So while this is a challenging, immediate moment in GoPro's history, we're really looking forward to the changes that we've made in the business and putting those changes to use in a more efficient operating model in 2025.

因此，雖然這是 GoPro 歷史上一個充滿挑戰的緊迫時刻，但我們非常期待我們在業務中做出的改變，並在 2025 年將這些改變應用於更有效率的營運模式。

So with that, thank you, everybody, for joining today's call. We're looking forward to our next one with you at the beginning of next year. And until then, this is Team GoPro signing off.

因此，感謝大家參加今天的電話會議。我們期待明年初與您的下一次合作。在那之前，GoPro 團隊就結束了。

That concludes the GoPro third-quarter 2024 earnings call. Thank you for your participation and enjoy the rest of your day.

GoPro 2024 年第三季財報電話會議到此結束。感謝您的參與，祝您有個愉快的一天。