GoPro Inc (GPRO) 2024 Q4 法說會逐字稿

Good afternoon.

午安.

Thank you for attending today's GoPro fourth-quarter 2024 earnings call.

感謝您參加今天的 GoPro 2024 年第四季財報電話會議。

My name is Cole, and I will 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)

（操作員指令）

I'll now like to pass the call over to Robin Stoecker.

現在我想將電話轉給 Robin Stoecker。

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 2024 earnings conference call.

下午好，歡迎參加 GoPro 2024 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.

今天與我一起的有 GoPro 的首席執行官尼古拉斯·伍德曼 (Nicholas Woodman)；以及財務長兼營運長 Brian McGee。

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

今天的議程將包括尼克和布萊恩的簡短評論，然後是問答環節。

For detailed information about our fourth-quarter and full-year 2024 performance as well as outlook, please read our Q4 and full-year earnings press release and management commentary we posted to the Investor Relations section of GoPro's website.

有關我們 2024 年第四季度和全年業績以及展望的詳細信息，請閱讀我們在 GoPro 網站投資者關係部分發布的第四季度和全年收益新聞稿和管理評論。

Before I pass the call to Nick, I'd like to remind everybody that our remarks today may include forward-looking statements.

在我將電話轉給尼克之前，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 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均不保證未來的表現，並且受多種風險和不確定因素的影響，這些風險和不確定因素可能導致實際結果大不相同。

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今天的假設。

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，並且我們不承擔因新資訊或未來事件而更新這些聲明的任何義務。

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 other reports that we may file from time to time with the SEC.

為了更好地理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，請參閱我們最新的截至 2023 年 12 月 31 日的 10-K 表年度報告，該報告已提交給美國證券交易委員會，以及我們可能不時向美國證券交易委員會提交的其他報告。

Today, we may discuss gross margin, operating expense, net profit and loss, adjusted EBITDA, as well as basic and diluted net profit and loss per share in accordance with GAAP and on a non-GAAP basis.

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 和非 GAAP 計算的每股基本和稀釋淨利潤和虧損。

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.

今天下午發布的新聞稿中可以找到 GAAP 與非 GAAP 營運費用的對賬，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 we're marking today other than revenue or non-GAAP.

除非另有說明，管理評論中討論的所有[與損益表相關的]數字以及我們今天標記的數字均非收入或非 GAAP。

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

現在我將把電話轉給 GoPro 的創始人兼執行長尼古拉斯·伍德曼。

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

謝謝羅賓，也謝謝大家今天的參與。

As Robin mentioned, 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 on our Investor Relations website.

正如羅賓所提到的，布萊恩和我將在進入問答環節之前發表一些簡短的評論，我希望鼓勵所有參加電話會議的人閱讀我們在投資者關係網站上發布的詳細管理評論。

I'd like to start the call by addressing recent US tariff announcements on inbound goods to be sold in the US, which we do not expect to materially impact our US consumer pricing or gross margin due to our proactive supply chain management.

我想先談談美國最近宣布的對在美銷售的進口商品徵收關稅的事宜，由於我們積極主動的供應鏈管理，我們預計這不會對我們的美國消費者定價或毛利率產生重大影響。

This is thanks to the terrific job our teams have done to diversify our manufacturing and sourcing over the years.

這要歸功於我們的團隊多年來為製造和採購多元化所做的出色工作。

GoPro's Q4 results landed largely in line or slightly better than our guidance.

GoPro 第四季的業績與我們的預期基本一致或略好於我們的預期。

During the quarter, we took action to rightsize operating expenses.

在本季度，我們採取了措施來調整營運費用。

We're now focused on delivering our 2025 and 2026 products in an efficient manner, which includes a broadening of our portfolio that we believe will yield profitable returns for GoPro and our shareholders over time.

我們現在專注於以高效的方式交付我們的 2025 年和 2026 年產品，其中包括擴大我們的產品組合，我們相信這將隨著時間的推移為 GoPro 和我們的股東帶來豐厚的回報。

The GoPro subscription is the most profitable products we sell and our retention numbers demonstrate the strength in the value we offer subscribers, as illustrated by ARPU improving 8% year over year.

GoPro 訂閱是我們銷售的最賺錢的產品，我們的留存率證明了我們為訂閱者提供的價值的強大，ARPU 年成長 8% 就證明了這一點。

Aggregate subscription retention in Q4 was 69%, up from 67% both sequentially and year over year.

第四季的總訂閱保留率為 69%，比上一季和去年同期均有上升。

And our annual retention rates continue to be consistent with what we previously reported, including positive numbers for fourth year renewals of nearly 90%.

我們的年度留存率繼續與我們先前報告的保持一致，其中第四年續約率接近 90%。

In 2024, in addition to our flagship HERO13 Black, we introduced an entry-level product, an exciting tiny 4K camera we call HERO.

2024 年，除了我們的旗艦產品 HERO13 Black 之外，我們還推出了一款入門級產品，一款令人興奮的微型 4K 攝影機，我們稱之為 HERO。

This ultra-small 86-gram feather-weight camera has an enormous potential that we're excited to continue to tap into.

這款重量僅 86 克的超小型相機具有巨大的潛力，我們很高興能夠繼續挖掘它。

Just last week, via firmware update, we added a wider, more immersive in-camera 4:3 aspect ratio for video capture along with a super view digital lens setting in the app, which combined to enable an immersive it-feels-like-you're-there point of view perspective during any activity.

就在上週，透過韌體更新，我們在相機內添加了更寬、更具沉浸感的 4：3 寬高比用於視頻拍攝，並在應用程式中添加了超級視圖數位鏡頭設置，這些結合起來可以在任何活動中實現身臨其境的視角。

The immersive capture our engineering teams have enabled in this tiny entry-level GoPro is staggering.

我們的工程團隊在這款微型入門級 GoPro 中實現的沉浸式捕捉功能令人驚嘆。

We expect sales to grow over time as we continue to champion its capabilities with updates.

我們預計，隨著我們繼續透過更新來支援其功能，銷售額將隨著時間的推移而成長。

And it goes without saying that we're excited to grow our presence in the 360-degree camera market, a market we pioneered and led for several years with category-defining IP and products.

毋庸置疑，我們很高興能夠在 360 度相機市場擴大我們的影響力，我們憑藉定義類別的 IP 和產品在該市場開拓並領先了好幾年。

As we've shared, the 360-degree camera market represents a robust growth segment in the broader digital imaging category, and it's an understatement to say that we're excited about the opportunity to grow our share in this important market.

正如我們所分享的，360 度相機市場代表了更廣泛的數位成像類別中的一個強勁增長領域，可以說，我們對有機會在這個重要市場中擴大份額感到非常興奮。

Recent and upcoming events related to the 360-degree camera market include our recent release of a powerful totally new and enhanced 360-degree editing experience in the Quik app, complete with impressive subject tracking, intuitive key frame-based reframing and more.

與 360 度相機市場相關的最近和即將發生的事件包括我們最近在 Quik 應用程式中發布的強大的、全新的、增強的 360 度編輯體驗，其中包括令人印象深刻的主題追蹤、直觀的基於關鍵幀的重構等。

And later this month, we'll begin selling a refreshed MAX 360-degree camera to serve as an entry-level 360 SKU ahead of the highly anticipated availability of our MAX 2 360 camera later this year.

本月晚些時候，我們將開始銷售升級版 MAX 360 度相機，作為入門級 360 SKU，以便在今年稍後推出備受期待的 MAX 2 360 相機。

And of course, MAX will be compatible with all the new aforementioned features in the updated Quik app.

當然，MAX 將與更新後的 Quik 應用程式中的所有上述新功能相容。

And speaking of MAX 2, we're excited about the progress we've made on what we believe are innovative capabilities that will redefine the 360 camera market and position MAX 2 as the world's most impressive 360 camera.

說到 MAX 2，我們對所取得的進展感到非常興奮，我們相信這些創新功能將重新定義 360 相機市場，並將 MAX 2 定位為世界上最令人印象深刻的 360 相機。

Innovation can be hard, and we're proud of our engineers who've stayed committed to making MAX 2 into something truly special.

創新可能很難，我們為我們的工程師感到自豪，他們一直致力於將 MAX 2 打造成真正特別的產品。

We cannot wait to launch it later this year.

我們迫不及待地想在今年稍後推出它。

Further, on the innovation front, I'm excited to share that we've completed the validation of our next-generation SoC GP3.

此外，在創新方面，我很高興地告訴大家，我們已經完成了下一代 SoC GP3 的驗證。

Everything we know about the competitive landscape for market available SoCs leads us to believe GP3 will once again set new performance standards, not only in our categories of cameras, but for the digital imaging industry as a whole.

我們對市場現有 SoC 競爭格局的了解使我們相信 GP3 將再次設立新的性能標準，不僅在我們的相機類別中，而且在整個數位成像行業中。

As we noted on our last earnings call, in 2025, we expect units and revenue to be lower than 2024, primarily driven by macroeconomic headwinds, competition, and the previously mentioned delay of our new MAX 2 360 camera that we intend to launch later this year in 2025.

正如我們在上次財報電話會議上指出的那樣，我們預計 2025 年的出貨量和收入將低於 2024 年，這主要是受到宏觀經濟逆風、競爭以及前面提到的我們打算於 2025 年晚些時候推出的新款 MAX 2 360 相機的延遲所致。

We've substantially reduced operating expenses for 2025 and believe this lower level of spending enables us to continue to innovate and will lead us to an exciting year of new releases in 2026 and beyond.

我們大幅削減了 2025 年的營運費用，並相信較低的支出水平使我們能夠繼續創新，並將引領我們在 2026 年及以後迎來令人興奮的新品發布之年。

To be clear, we are focused on returning GoPro to unit and revenue growth, along with improved profitability.

需要明確的是，我們專注於讓 GoPro 恢復單位數量和收入成長，同時提高獲利能力。

We plan to do this through a broader, more diversified and innovative roadmap that we believe will expand our TAM and further establish GoPro as a market-leading innovator while restoring unit and revenue growth in 2026.

我們計劃透過更廣泛、更多樣化和創新的路線圖來實現這一目標，我們相信這將擴大我們的 TAM 並進一步確立 GoPro 作為市場領先創新者的地位，同時在 2026 年恢復單位和收入成長。

It can be challenging to simultaneously be an innovator and a leader, yet we maintain an unwavering commitment to realizing the long-term rewards that perseverance, innovation and super serving our end users can yield.

同時成為創新者和領導者是很有挑戰性的，但我們始終堅定不移地致力於透過堅持不懈、創新和優質服務我們的最終用戶來獲得長期回報。

With that, I'll turn the call over to Brian.

說完這些，我將把電話轉給布萊恩。

Thanks, Nick.

謝謝，尼克。

In the fourth quarter of 2024, revenue was in line with guidance of $201 million. GAAP

2024 年第四季度，營收符合 2.01 億美元的預期。公認會計準則

net loss per share was $0.24, while non-GAAP net loss per share of $0.09 exceeded guidance.

每股淨虧損為 0.24 美元，而非 GAAP 每股淨虧損為 0.09 美元，超出預期。

Subscription and service revenue grew 9% year over year, primarily from 8% ARPU growth as a result of continued improving aggregate retention rate, which reached a record 59%.

訂閱和服務收入年增 9%，主要由於整體留存率持續提高至創紀錄的 59%，導致 ARPU 成長 8%。

Sell-through in the fourth quarter of approximately 775,000 camera units was in line with expectations and resulted in more than 170,000 camera unit decrease in channel inventory.

第四季相機銷售量約77.5萬台，符合預期，導致通路庫存減少17萬多台。

Additional performance highlights for the fourth quarter include subscribers grew 1% year over year to $2.52 million, including 70,000 premium plus subscribers.

第四季的其他業績亮點包括訂閱用戶數量年增 1% 至 252 萬美元，其中包括 70,000 名 Premium Plus 訂閱用戶。

Subscription attach rate from cameras sold across all channels was 34% compared to 29% in Q4 2023, a 16% improvement and Street ASP was $346 compared to $330 in Q4 2023.

透過所有管道銷售的相機的訂閱附加率為 34%，而 2023 年第四季為 29%，提高了 16%，街道 ASP 為 346 美元，而 2023 年第四季為 330 美元。

Notable performance highlights for the year include subscription and service revenue grew 10% year over year to $107 million, primarily from, again, improving aggregate retention rates; and subscription gross margin exceeded 70%.

本年度值得注意的業績亮點包括訂閱和服務收入年增 10% 至 1.07 億美元，主要得益於整體留存率的提高；訂閱毛利率超過70%。

Retail revenue was 75% of total revenue at $601 million, down 15% year over year.

零售收入佔總收入的 75%，為 6.01 億美元，年減 15%。

Gopro.com product revenue was 12% of total revenue at $94 million, down 54% year over year.

Gopro.com 產品收入佔總收入的 12%，為 9,400 萬美元，較去年同期下降 54%。

Street ASP was $330 compared to $337 in 2023.

街道平均售價為 330 美元，而 2023 年為 337 美元。

Operating loss was $80 million compared to an operating loss of $34 million in 2023.

營業虧損為 8,000 萬美元，而 2023 年的營業虧損為 3,400 萬美元。

And finally, sell-through was 2.5 million units, down 13% year over year.

最後，銷量為 250 萬台，年減 13%。

As we look at the outlook, as we previously noted, we continue to expect unit and revenue in 2025 to be lower than 2024, primarily driven by macroeconomic headwinds, FX due to a stronger US dollar, competition, and the delay of our new 360 camera.

展望前景，正如我們之前所指出的，我們仍然預計 2025 年的單位和收入將低於 2024 年，這主要是由於宏觀經濟逆風、美元走強導致的外匯、競爭以及我們的新款 360 度相機的延遲所致。

That said, we have undertaken several initiatives in 2024 to put this back on a path to long-term success.

儘管如此，我們已在 2024 年採取了多項舉措，以使其重返長期成功的道路。

Notably, this includes our plan to reduce operating expenses nearly 30% from 2024 and honing our roadmap to drive not only faster time to market, but also more efficiently and how we design our products.

值得注意的是，這包括我們計劃從 2024 年起將營運費用削減近 30%，並完善我們的路線圖，不僅要加快產品上市時間，還要提高效率和改進我們的產品設計方式。

Additionally, our focus on operational efficiencies to drive down costs and expand our supply chain outside of China is expected to improve gross margin by more than 100 basis points in 2025 over 2024 and nearly 300 basis points improved over 2023.

此外，我們專注於提高營運效率，以降低成本並擴大中國以外的供應鏈，預計 2025 年的毛利率將比 2024 年提高 100 個基點以上，比 2023 年提高近 300 個基點。

And finally, we are actively managing the balance sheet to further reduce inventory to be consistently well below $100 million through the cash and operate more efficiently with our working capital.

最後，我們正在積極管理資產負債表，透過現金進一步減少庫存，使其始終遠低於 1 億美元，並更有效地利用我們的營運資金。

For the first quarter of 2025, we expect to deliver revenue of $125 million, plus and minus $10 million, down 20% year over year.

2025 年第一季度，我們預計營收為 1.25 億美元，上下浮動 1,000 萬美元，年減 20%。

We estimate Street ASP in the first quarter to be approximately $365, down year over year from $395.

我們預計第一季街道平均售價約為 365 美元，年比 395 美元下降。

We expect unit sell-through to be down 20% year over year to approximately 430,000 units and channel inventory to reduce by approximately 50,000 units sequentially.

我們預計單位銷售量將年減 20% 至約 43 萬台，通路庫存將較上季減少約 5 萬台。

We expect gross margin in the first quarter to be 35% at the midpoint of guidance, up slightly versus the prior-year quarter.

我們預計第一季的毛利率將達到指導值中位數的 35%，較去年同期略有上升。

We expect first-quarter 2025 operating expenses to be approximately $63 million, plus or minus $2 million, a 24% reduction from the prior-year quarter due to lower spending on wages from lower headcount, reduced marketing, and lower nonrecurring engineering expenses related to the completion of our new GP3 SoC.

我們預計 2025 年第一季的營運費用約為 6,300 萬美元（上下浮動 200 萬美元），較去年同期減少 24%，原因是員工人數減少導致的工資支出減少、行銷支出減少以及與我們的新 GP3 SoC 完成相關的非經常性工程費用減少。

Non-GAAP tax expense is expected to be $1 million in the first quarter of 2025.

預計 2025 年第一季的非 GAAP 稅費為 100 萬美元。

We expect non-GAAP loss per share in the first quarter of $0.13 at the midpoint of guidance and expect shares outstanding to be approximately 155 million.

我們預計第一季非 GAAP 每股虧損為 0.13 美元（指引中位數），預計流通股數約為 1.55 億股。

Turning to the balance sheet, we expect cash to be approximately $80 million at the end of the first quarter.

談到資產負債表，我們預計第一季末現金約為 8,000 萬美元。

And now, I'll provide commentary on full year -- some full year 2025.

現在，我將對 2025 年全年做出評論。

We expect gross margin improvement of more than 100 basis points in 2025 from 2024 based on the following factors: the introduction of our MAX 2 360 camera, identified product costs, operating costs, as well as further tariff savings due to continued supply chain diversification outside of China, and subscription ARPU growth and subscription cost improvement.

我們預計，2025 年的毛利率將比 2024 年提高 100 個基點以上，這基於以下因素：我們推出 MAX 2 360 攝像頭，確定的產品成本、運營成本，以及由於中國以外供應鏈持續多樣化而進一步節省關稅，以及訂閱 ARPU 增長和訂閱成本改善。

We expect our full-year 2025 operating expenses to be in the range of $250 million to $260 million down $100 million or nearly 30% year over year.

我們預計 2025 年全年營運費用將在 2.5 億美元至 2.6 億美元之間，年減 1 億美元或近 30%。

Non-GAAP tax expense is expected to be $3 million in 2025.

預計 2025 年非 GAAP 稅金為 300 萬美元。

And cash tax is expected to be $1 million in 2025.

預計2025年現金稅將達100萬美元。

With the anticipated decline in unit sales in 2025 and 2024, our subscriber count is expected to be approximately $2.4 million at the end of 2025.

由於預計 2025 年和 2024 年單位銷售額將下降，我們預計 2025 年底的用戶數量將約為 240 萬美元。

We expect subscription and service revenue in 2025 to be approximately $105 million.

我們預計 2025 年的訂閱和服務收入約為 1.05 億美元。

The continued improvement in aggregate retention rate is driving improved ARPU with the softening in the revenue decline due to the slight decrease in subscribers.

整體留存率的持續提升推動了 ARPU 的提高，而由於用戶數量略有減少，收入降幅有所減緩。

Turning to the balance sheet, we expect cash at the end of the year to be approximately $50 million, which anticipates the repayment of our convertible debt.

談到資產負債表，我們預計年底現金約為 5000 萬美元，預計用於償還可轉換債務。

In addition, we have a $50 million asset-backed line or ABL facility available.

此外，我們還有價值 5000 萬美元的資產支持額度或 ABL 工具可用。

We believe our cash position, along with our ABL facility, will be sufficient to fund our plan.

我們相信，我們的現金狀況以及 ABL 設施足以資助我們的計劃。

In summary, in 2024, we undertook several initiatives to reduce operating expenses, improve gross margin, refine our product roadmap for improved diversification in 2025 and 2026, and implement efficiencies in our approach to product development.

總而言之，在 2024 年，我們採取了多項舉措，以降低營運費用、提高毛利率、完善我們的產品路線圖以在 2025 年和 2026 年實現多樣化，並提高我們產品開發方法的效率。

We are focused on launching new products while preserving cash to repay our debt in 2025 and launching a significant number of new products in 2026 to restore growth and profitability to our business.

我們專注於推出新產品，同時保留現金以便在 2025 年償還債務，並在 2026 年推出大量新產品，以恢復業務的成長和獲利能力。

Finally, we look forward to seeing many of you at the upcoming Morgan Stanley Technology, Media, and Telecom Conference on March 5.

最後，我們期待在 3 月 5 日即將舉行的摩根士丹利科技、媒體和電信會議上見到大家。

Operator, with that, we are now ready to take questions.

接線員，現在我們可以開始回答問題了。

(Operator Instructions) Erik Woodring, Morgan Stanley.

（操作員指示） 摩根士丹利的艾瑞克‧伍德林 (Erik Woodring)。

Great.

偉大的。

Thank you so much for taking my question, guys.

非常感謝你們回答我的問題。

I apologize I'm hopping between calls.

抱歉，我在通話之間來回切換。

But -- maybe I guess it's for you, Brian.

但是——也許我想這是給你的，布萊恩。

I think I heard you guide to subscribers, I mean, next year of, I think it was $2.4 million, which would be down year over year.

我想我聽過你對訂閱者的指導，我的意思是，明年，我認為是 240 萬美元，這將比去年​​有所下降。

I realize units will be down.

我知道單位數量將會下降。

But your commentary, at least, that I caught on renewal rates was -- sounded very bullish.

但至少，我了解到您的評論對續約率聽起來非常樂觀。

And so can you just help us understand the moving pieces for how you'd get to subscriber declines in 2025, please?

那麼，您能否幫助我們了解 2025 年用戶數量下降的具體因素？

And then I have a quick follow-up.

然後我有一個快速的後續問題。

Sure.

當然。

Well, we said units would be down.

嗯，我們說過單位數量會減少。

And so our tax rate for the full year is about 42%.

因此我們全年的稅率約為42％。

We're assuming 38% to 40% on that front.

我們預計該比例為 38% 至 40%。

And we do continue to see aggregate retention improve.

我們確實看到整體保留率繼續提高。

And so that results in about an improvement in ARPU.

這會提高 ARPU。

So that's helping to counterbalance the reduction in units.

這有助於抵消單位數量的減少。

And therefore, you get about $105 million of revenue and about 2.4 million less than the -- or 2.4 million subs, down about $120,000.

因此，您的收入約為 1.05 億美元，比預期少 240 萬美元——或者說 240 萬訂閱者，減少了約 12 萬美元。

Okay.

好的。

Perfect.

完美的。

Thank you.

謝謝。

Perfect.

完美的。

Thank you for that.

謝謝你。

And then, Brian, maybe just a follow-up.

然後，布萊恩，也許只是一個後續問題。

You provide obviously a handful of details on 2025 gross margin, OpEx, taxes.

您顯然提供了有關 2025 年毛利率、營運支出和稅收的一些詳細資訊。

I realize that 2025 revenue will decline.

我意識到2025年收入將會下降。

Is there any more concrete guidance that you can provide us for how we should be thinking about 2025, the revenue base you're considering for that base of OpEx?

您能否為我們提供更具體的指導，說明我們應該如何考慮 2025 年以及您為該營運支出基礎考慮的收入基礎？

Just anything that could help us maybe narrow down expectations into 2025.

任何可以幫助我們將預期範圍縮小到 2025 年的事情都可以。

And that's it for me.

對我來說這就是全部了。

Thanks so much.

非常感謝。

Yeah, sure.

是的，當然。

We're going to guide quarter to quarter, Erik.

艾瑞克，我們將逐季地進行指導。

It's a long year to go.

這是漫長的一年。

We feel good about the products we have, the products that are coming out.

我們對現有的產品和即將推出的產品感到很滿意。

But there's headwinds with consumer competition and FX, right, which has impacted us a lot.

但消費者競爭和外匯方面存在阻力，對我們影響很大。

I mean, FX, from 2021 into 2022, 2023 and 2024 has impacted us about $50 million on the top-line margin and bottom line.

我的意思是，從 2021 年到 2022 年、2023 年和 2024 年，外匯對我們的營業利潤和淨利潤產生了約 5000 萬美元的影響。

So we've got to worry about where the dollar is going as well.

所以我們也必須擔心美元的走向。

So it's -- but we said it would be down.

所以—但我們說過它會下降。

I'm not going to give a precise number.

我不會給出一個精確的數字。

The good news is we think we've got good margin going here at 35% and some really good cost reduction.

好消息是我們認為我們的利潤率達到了 35%，而且成本也得到了很大的降低。

Clearly, the subscription and service is helping us from a margin perspective.

顯然，從利潤角度來看，訂閱和服務對我們有幫助。

We expect that to continue.

我們預計這種情況將持續下去。

I mean, since 2023, it's probably about a 200- and 250-basis-point improvement in margin right there along with the 100-something basis points of other costs like the freight tariff and warrant is we have much better product experience for our customers.

我的意思是，自 2023 年以來，利潤率可能提高了約 200 到 250 個基點，再加上運費和保證金等其他成本的 100 多個基點，我們為客戶提供了更好的產品體驗。

So all those things combined to make 35%, but we're not going to guide the top line right now for 2025.

所有這些因素加起來佔了 35%，但我們現在不會預測 2025 年的營收水準。

Okay.

好的。

Understood.

明白了。

Thank you so much.

太感謝了。

Oh, sorry.

噢，對不起。

I'd just like to add one more point on subscription.

我只想補充一點關於訂閱的內容。

While we expect it to be down in 2024, we -- sorry, in 2025 -- we expect to grow subscription again in 2026 with the launch of a slew of exciting new products that are going to broaden our portfolio considerably.

雖然我們預計 2024 年訂閱量會下降，但我們（抱歉，是在 2025 年）預計 2026 年訂閱量將再次成長，因為我們將推出一系列令人興奮的新產品，這些產品將大大拓寬我們的產品組合。

So that's the -- a bright spot to look forward to 2026.

所以，這就是 2026 年值得期待的亮點。

Absolutely.

絕對地。

Thank you very much, Nick.

非常感謝，尼克。

(Operator Instructions) Martin Yang, Oppenheimer.

（操作員指示）馬丁楊，奧本海默。

Hi.

你好。

Thank you for taking my question.

感謝您回答我的問題。

First question on MAX.

關於 MAX 的第一個問題。

And curious to hear your decision to reintroduce the MAX 1 back into the market.

我很好奇您決定將 MAX 1 重新引入市場的原因。

And any context you could provide on that decision and how -- whether that model will be margin accretive for you?

您能否提供有關該決定的任何背景信息，以及該模型是否會為您增加利潤？

Thanks, Martin.

謝謝，馬丁。

Yeah, we had cleared the channel of MAX in anticipation of MAX 2.

是的，我們已經清理了 MAX 的渠道，以迎接 MAX 2。

And as we shared, the delay of MAX 2 caused some complications for the business.

正如我們所分享的，MAX 2的延遲為業務帶來了一些複雜情況。

And so we determined that and we identified that there's a market for MAX.

因此我們確定了這一點，並認定 MAX 是有市場的。

It's a slightly refreshed product along with the significant software enhancements that we just launched recently as a free update to the GoPro Quik app the overall 360 experience is much enhanced.

這是一款略微更新的產品，加上我們最近剛推出的重大軟體增強功能，作為 GoPro Quik 應用程式的免費更新，整體 360 體驗得到了極大增強。

So we're super excited to get MAX back out into the marketplace here later this month.

因此，我們非常高興 MAX 將於本月稍後重返市場。

And then that's going to serve as a terrific entry level 360 product, paving the way -- the momentum towards the launch of MAX 2.

它將成為一款出色的入門級 360 產品，為 MAX 2 的推出鋪平道路。

So it was a pretty easy decision to go and essentially refresh the product and bring it back into the market as an entry-level experience, again, bolstered by the new and enhanced software experience that we just recently launched and that we'll be building on throughout the year.

因此，我們很容易就做出了決定，從本質上更新產品，並將其作為入門級體驗重新帶入市場，同樣，我們也將透過最近推出的全新增強型軟體體驗來增強這一體驗，並將在全年不斷完善這一體驗。

So I'm happy to let GoPro 360 camera owners know that the software experience will continue to expand over the course of the year.

因此，我很高興地讓 GoPro 360 相機用戶知道，軟體體驗將在今年內繼續擴展。

So look forward to that.

所以，請期待這一點。

And on the margin front, I'll hand it over to Brian.

在利潤方面，我將把它交給 Brian。

Yeah, Martin.

是的，馬丁。

It is absolutely margin accretive more in dollars than necessarily percentage, but the percentage is built into our model of 35% for the year.

這絕對是以美元計算的利潤增值，而不是以百分比計算，但該百分比已納入我們今年 35% 的模型中。

Got it.

知道了。

Thank you.

謝謝。

And then the second question is on new products this year.

第二個問題是關於今年的新產品。

So we have MAX 2 coming up later.

因此我們稍後會推出 MAX 2。

And then you referenced the GP3 development updates.

然後您參考了 GP3 開發更新。

Do we expect GP3 to be -- or GP3-enabled camera to be out this year?

我們是否預計 GP3 或支援 GP3 的相機將在今年推出？

Yeah, Martin.

是的，馬丁。

I wish that we could be more transparent with our roadmap.

我希望我們的路線圖能夠更透明。

But just due to competition, we're going to have to be a bit more opaque than we have in the past as it relates to upcoming product releases.

但由於競爭的原因，在即將發布的產品方面，我們必須比過去更加不透明。

So we're not going to be able to provide any information on that, I apologize.

因此我們無法提供任何有關該問題的信息，我很抱歉。

Got it.

知道了。

No problem.

沒問題。

Last question for me is on overall subscription trend.

我的最後一個問題是關於整體訂閱趨勢。

Is there any way when you look at the overall long-term growth or subscription, do you still view our sales as a primary driver of subscription revenue?

當您從整體長期成長或訂閱量來看時，您是否仍將我們的銷售視為訂閱收入的主要驅動力？

Is there any other levers you can pull to boost subscription revenue growth or that return growth?

您還可以利用其他什麼手段來促進訂閱收入成長或回報成長嗎？

Yeah, this is Brian.

是的，這是布萊恩。

Do you want to start?

你想開始嗎？

Yeah, Brian.

是的，布萊恩。

Yeah, I'll just start with one thing.

是的，我先說一件事。

It is tied to -- historically, it's been tied to hardware but we are identifying opportunities to create new software experiences that we think will lead to not only added engagement within our existing subscriber community but also help improve conversion rates amongst buyers.

從歷史上看，它與硬體相關，但我們正在尋找機會來創造新的軟體體驗，我們認為這不僅會提高我們現有用戶社群的參與度，而且還有助於提高買家的轉換率。

So we've identified a number of opportunities that we'll address over time to expand the functionality and relevance of our hardware products to serve more use cases, more customer groups and more ways through software that we think can have an accretive impact on subscription over time, in addition to selling more units, which is the primary driver of subscription, but we think we can improve on that and expand beyond just hardware sales through Software-as-a-Service as a driver of subscription as well.

因此，我們已經確定了許多機會，我們將隨著時間的推移解決這些機會，以擴展我們硬體產品的功能和相關性，從而透過軟體為更多的用例、更多的客戶群和更多的方式提供服務，我們認為這些軟體除了銷售更多的產品之外，還可以隨著時間的推移對訂閱產生驅動力，這是訂閱的主要驅動力，但我們認為我們可以在此驅動力

I don't think we have much more to add on that.

我認為我們對此沒有什麼可補充的。

Well, I mean the other thing that I'll add, Martin, is we've continued to improve aggregate retention rate like year one at 60%; year two, 70%; and 80%; and now nearly 90% in year four.

嗯，馬丁，我要補充的另一件事是，我們一直在提高整體保留率，例如第一年的保留率達到了 60%；第二年，70%；和 80%；現在已經達到第四年的近 90%。

So the longer subscribers stay in the program, the more likely they are to engage and come back in, and that's what's helping to drive our ARPU up year after year.

因此，訂閱者在該計劃中停留的時間越長，他們參與並再次加入的可能性就越大，這有助於我們的 ARPU 值逐年上升。

So that's exciting.

這很令人興奮。

And as we -- as Nick mentioned, we returned to subscription growth we believe, in 2026.

正如尼克所提到的，我們相信 2026 年訂閱量將恢復成長。

And so that has the additional benefit of keeping more people in longer, adding more service capability that enhances the value proposition for this, which will then fuel aggregate retention.

因此，這還有一個額外的好處，就是可以讓更多的人留在公司更長時間，增加更多的服務能力，從而增強其價值主張，進而促進整體保留。

So that both are important, right?

所以兩者都很重要，對嗎？

That drives -- ultimately drives ARPU and revenue growth and margin.

這最終將推動 ARPU 和收入的成長以及利潤率。

Got it.

知道了。

Thank you, Brian.

謝謝你，布萊恩。

That's it for me.

對我來說就是這樣了。

We have no further questions at this time.

目前我們沒有其他問題。

So I'll pass the call back to the management team for any final remarks.

因此，我會將電話轉回給管理團隊，以便他們可以做出最後的評論。

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。

We believe we're positioned to return to unit revenue growth along with improved profitability in 2026 as we plan to introduce a broader, more diversified, and innovative roadmap that we believe will expand our TAM and further establish GoPro as a market-leading innovator.

我們相信，我們將在 2026 年恢復單位收入成長以及獲利能力提高，因為我們計劃推出更廣泛、更多樣化和創新的路線圖，我們相信這將擴大我們的 TAM 並進一步確立 GoPro 作為市場領先創新者的地位。

Thanks, everyone.

謝謝大家。

This is team GoPro signing off.

這是 GoPro 團隊的簽名。

That concludes today's call.

今天的電話會議到此結束。

Thank you all for your participation.

感謝大家的參與。

You may now disconnect your lines.

現在您可以斷開線路了。