GoPro Inc (GPRO) 2025 Q1 法說會逐字稿

Good afternoon. Thank you for attending the GoPro first-quarter 2025 earnings call. My name is Cameron, and I'll be your moderator for today. All lines will be muted during the presentation portion of the call with an opportunity for questions and answers at the end. (Operator Instructions) And I would now like to pass the conference over to your host, Robin Stoecker, Director of Corporate Communications at GoPro. You may proceed.

午安.感謝您參加 GoPro 2025 年第一季財報電話會議。我叫卡梅倫，今天我將擔任主持人。在通話的演示部分，所有線路都將靜音，並在結束時提供問答機會。（操作員指示）現在，我想將會議交給主持人、GoPro 企業傳播總監 Robin Stoecker。您可以繼續。

Thank you, Cam. Good afternoon, and welcome to GoPro's first-quarter 2025 earnings conference call. With me today are GoPro's CEO, Nicholas Woodman, and CFO and COO, Brian McGee.

謝謝你，卡姆。下午好，歡迎參加 GoPro 2025 年第一季財報電話會議。今天與我一起出席的還有 GoPro 的執行長 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. For detailed information about our first quarter 2025 performance as well as outlook, please read our Q1 earnings press release and management commentary we posted to the Investor Relations section of GoPro's website.

今天的議程將包括尼克和布萊恩的簡短評論，然後是問答。有關我們 2025 年第一季度業績及展望的詳細信息，請閱讀我們在 GoPro 網站投資者關係部分發布的第一季度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. Following this brief introduction is management commentary from GoPro CEO, Nicholas Woodman, and CFO and COO, Brian McGee. This commentary 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。簡短介紹之後是 GoPro 執行長 Nicholas Woodman 和財務長兼營運長 Brian McGee 的管理評論。本評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均不保證未來的表現，並且受多種風險和不確定性的影響，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. 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, we refer you to our most recent annual report on Form 10-K for the year ended December 31, 2024, which is on file with the Securities and Exchange Commission, and other reports that we may file from time to time with the SEC.

此外，今天所做的任何前瞻性陳述都是基於今天的假設。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。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 2024 年 12 月 31 日的 10-K 表年度報告（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. 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, other than revenue, are non-GAAP.

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。您可以在今天下午發布的新聞稿中找到 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。除非另有說明，否則管理評論中討論的所有損益表相關數字（收入除外）均為非 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. As Robin mentioned, Brian and I will share brief remarks before going into Q&A. And I want to encourage everyone to read the detailed management commentary we posted on our Investor Relations website.

謝謝羅賓，也謝謝大家今天加入我們。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。我想鼓勵大家閱讀我們在投資者關係網站上發布的詳細管理評論。

In the first quarter, we hit our marks for revenue, launched new hardware and software products, and are on track to launch exciting new products later this year. Our focus for the balance of 2025 and into 2026 is to continue making strategic investments in product innovation to return GoPro to growth, vigorously protecting our IP, and further diversifying our supply chain, including exploring domestic production for some products.

在第一季度，我們達到了收入目標，推出了新的硬體和軟體產品，並預計在今年稍後推出令人興奮的新產品。我們對 2025 年和 2026 年平衡目標的重點是繼續對產品創新進行策略性投資，使 GoPro 恢復成長，大力保護我們的智慧財產權，並進一步實現供應鏈多元化，包括探索某些產品的國內生產。

During the first quarter, we launched several new hardware and software products, including our updated 360-degree camera app experience, and we introduced a refreshed MAX camera, positioning us to recapture share in the 360 market and setting the stage for the launch of MAX2 later this year. We also released a Limited Edition Polar White colorway of HERO13 Black, bringing a fresh new look to our flagship camera.

在第一季度，我們推出了幾款新的硬體和軟體產品，包括更新的 360 度相機應用體驗，並推出了更新的 MAX 相機，這使我們能夠重新奪回 360 度市場的份額，並為今年稍後推出 MAX2 奠定基礎。我們也發表了 HERO13 Black 限量版極地白配色，為我們的旗艦相機帶來全新外觀。

And we recently released the highly anticipated Anamorphic Lens Mod for HERO13 Black, offering creators and professional filmmakers a cost-effective solution for capturing stunning cinematic video. Our new Anamorphic Lens Mod joins our previously released Ultra Wide Lens Mod, Macro Lens Mod and auto-detectable ND Filters, which significantly enhance HERO13 Black's versatility and performance.

我們最近發布了備受期待的 HERO13 Black 變形鏡頭模組，為創作者和專業電影製作人提供了一種經濟高效的解決方案，可以拍攝出令人驚嘆的電影影片。我們的全新變形鏡頭模組與我們先前發布的超廣角鏡頭模組、微距鏡頭模組和自動檢測 ND 濾鏡相結合，顯著增強了 HERO13 Black 的多功能性和性能。

The GoPro subscription continues to be a highlight, with strong aggregate retention numbers above 67% over the past six quarters. ARPU improved 5% year-over-year and aggregate subscription retention in Q1 set a record at 70%, up from 69% both sequentially and year-over-year. We expect subscriber and revenue growth to resume in tandem with a return to camera unit growth in 2026, and as we add new editing and content management features that help subscribers get more out of their GoPro content.

GoPro 訂閱服務繼續成為一大亮點，過去六個季度的總保留率高達 67% 以上。第一季度，ARPU 年成長 5%，總訂閱保留率創下 70% 的新高，季增 69%。我們預計，到 2026 年，隨著相機銷售恢復成長，訂閱用戶數量和收入也將隨之恢復成長，同時我們也將添加新的編輯和內容管理功能，幫助訂閱用戶從 GoPro 內容中獲得更多收益。

Our patent portfolio protects our IP, and we are committed to taking action to protect these assets when necessary. GoPro welcomes fair competition, but we will litigate to protect our IP when we believe it is being infringed. In January 2025, the US International Trade Commission held a five-day trial regarding a complaint we filed against one of our competitors with the goal to enforce certain GoPro patents related to our cameras and digital imaging technology. We look forward to the ITC's ruling, which is now expected in July of this year.

我們的專利組合保護我們的智慧財產權，我們承諾在必要時採取行動保護這些資產。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，我們會提起訴訟來保護我們的智慧財產權。2025 年 1 月，美國國際貿易委員會就我們向其中一家競爭對手提起的投訴舉行了為期五天的庭審，目的是執行與我們的相機和數位成像技術相關的某些 GoPro 專利。我們期待美國國際貿易委員會的裁決，預計該裁決將於今年 7 月作出。

This quarter, we continued to diversify our supply chain to position GoPro as favorably as possible amidst highly variable tariffs, and we expect to offset tariff costs with modest price increases, continued supply chain diversification outside of China, and potentially with the production of certain products in the United States. We are continuously assessing the evolving international trade situation to mitigate the impact of tariffs on our business.

本季度，我們繼續實現供應鏈多元化，以便在關稅高度波動的情況下盡可能地為 GoPro 爭取有利地位，並且我們預計透過適度提價、繼續在中國以外實現供應鏈多元化以及可能在美國生產某些產品來抵消關稅成本。我們正在不斷評估不斷變化的國際貿易形勢，以減輕關稅對我們業務的影響。

We are pleased to report that the OpEx reduction work we began in 2024 is largely behind us and is starting to yield improvements in our operating model. Operating expenses were down 26% to $62 million from $83 million in Q1 2024.

我們很高興地報告，我們在 2024 年開始的營運支出削減工作已基本完成，並開始改善我們的營運模式。營運費用從 2024 年第一季的 8,300 萬美元下降 26% 至 6,200 萬美元。

Next, we are excited to provide an update on our tech-enabled motorcycle helmet initiative. As we shared in 2024, when we acquired Forcite Helmet Systems, GoPro plans to launch tech-enabled motorcycle helmets, which we believe will help us grow a meaningful business with a SAM of approximately $3 billion. To help us realize this opportunity, we recently kicked off a joint development partnership with AGV, a leading premium Italian motorcycle helmet brand known for legendary performance, styling and safety.

接下來，我們很高興提供有關我們的技術支援的摩托車頭盔計劃的最新資訊。正如我們在 2024 年收購 Forcite Helmet Systems 時所分享的那樣，GoPro 計劃推出科技型摩托車頭盔，我們相信這將幫助我們發展一項 SAM 約為 30 億美元的有意義的業務。為了幫助我們實現這一機會，我們最近與 AGV 建立了聯合開發合作夥伴關係，AGV 是一家領先的意大利高端摩托車頭盔品牌，以傳奇般的性能、造型和安全性而聞名。

This partnership between GoPro and AGV represents the exciting potential of two powerhouse brands coming together to bring meaningful innovation, improved safety and performance to the world of motorcycling, leveraging each other's design, engineering and brand strengths. We look forward to sharing updates as we move closer towards launching our first product together.

GoPro 和 AGV 之間的合作體現了兩個強大品牌攜手合作的巨大潛力，將利用彼此的設計、工程和品牌優勢，為摩托車世界帶來有意義的創新、更高的安全性和性能。我們期待在我們共同推出第一款產品的過程中分享最新消息。

Overall, GoPro's performance in Q1 and our outlook for Q2 demonstrate our progress in operating as a leaner, more efficient organization, which is beginning to positively impact our financial results. And we continue to advance our mission to deliver innovative and differentiated products to our existing markets, as well as new adjacent markets, in order to expand our TAM and drive growth in revenue and profitability. Our product roadmap is on track, and we believe that consumers will be very excited about the innovation we intend to bring to market in 2025 and 2026.

總體而言，GoPro 在第一季的表現以及我們對第二季度的展望表明，我們在精簡、高效的組織運營方面取得了進展，這開始對我們的財務業績產生積極影響。我們將繼續推進我們的使命，為現有市場和新的鄰近市場提供創新和差異化的產品，以擴大我們的 TAM 並推動收入和盈利能力的成長。我們的產品路線圖正在按計劃進行，我們相信消費者會對我們打算在 2025 年和 2026 年推向市場的創新感到非常興奮。

Now, I'll turn the call over to Brain.

現在，我將把電話轉給布萊恩。

Thanks, Nick. We exceeded our expectations in the first quarter on revenue, earnings, sell-through, operating expenses and inventory targets, all while reaching a new high in aggregate retention for subscribers. In addition, we relaunched our MAX 360-camera and delivered a new colorway for our flagship camera during the quarter, and we are on track to launch our next 360-camera this year.

謝謝，尼克。我們在第一季的營收、獲利、銷售量、營運費用和庫存目標方面均超出了預期，同時訂戶整體保留率也創下了新高。此外，我們在本季度重新推出了 MAX 360 相機，並為我們的旗艦相機推出了新的配色，預計今年將推出下一代 360 相機。

First quarter revenue was $134 million, which was at the high-end of our guidance of $125 million due to stronger sell-through in the quarter. Subscription and service revenue grew 4% year-over-year, primarily from 5% ARPU growth as a result of continued improving aggregate retention rates, which reached a record 70%.

第一季營收為 1.34 億美元，由於本季銷售量強勁，達到我們預期的 1.25 億美元上限。訂閱和服務收入年增 4%，主要由於整體留存率持續提高（達到創紀錄的 70%）導致 ARPU 成長 5%。

Q1 2025 non-GAAP operating expenses of $62 million decreased 26% year-over-year. We continue to have a strong focus on operating expense controls while retaining investments in our product roadmap.

2025 年第一季非公認會計準則營運費用為 6,200 萬美元，年減 26%。我們持續高度重視營運費用控制，同時保留對產品路線圖的投資。

Notable first quarter performance highlights include: Revenue from our retail channel was $94 million or 70% of Q1 2025 revenue, compared to 68% of Q1 2024 revenue. Growth in our retail channel mix was primarily driven by sales to our big box retailers.Revenue from our GoPro.com channel, which includes subscription and service revenue, was $40 million or 30% of Q1 2025 revenue, compared to 32% of Q1 2024 revenue.

第一季值得注意的業績亮點包括：我們的零售通路收入為 9,400 萬美元，佔 2025 年第一季營收的 70%，而 2024 年第一季營收為 68%。我們零售通路組合的成長主要得益於對大型零售商的銷售。來自 GoPro.com 管道的收入（包括訂閱和服務收入）為 4,000 萬美元，佔 2025 年第一季營收的 30%，而 2024 年第一季營收為 32%。

Subscription and service revenue grew 4% year-over-year to $27 million, primarily from 5% ARPU growth as a result of improving aggregate retention rates, as well as improvements -- to a record 70%. Subscription attach rate from cameras sold across all channels was 49%, compared to 48% in Q1 '24. Non-GAAP operating expenses were $62 million, compared to $83 million in the prior-year period.

訂閱和服務收入年增 4% 至 2,700 萬美元，主要由於整體留存率提高以及 ARPU 增長 5%——達到創紀錄的 70%。透過所有管道銷售的相機的訂閱率為 49%，而 24 年第一季為 48%。非公認會計準則營運費用為 6,200 萬美元，去年同期為 8,300 萬美元。

GAAP and non-GAAP loss per share was $0.30 and $0.12, respectively. Adjusted EBITDA loss was reduced by nearly 50% year-over-year to negative $16 million. We ended the quarter with inventory of $96 million, a 27% decrease year-over-year, and reflecting the first Q1 sequential decline in inventory since 2018.

GAAP 和非 GAAP 每股虧損分別為 0.30 美元和 0.12 美元。調整後的 EBITDA 虧損年減近 50% 至負 1,600 萬美元。本季末，我們的庫存為 9,600 萬美元，年減 27%，這是自 2018 年以來第一季庫存首次連續下降。

Sell-through was approximately 440,000 units, compared to 530,000 units in the prior-year period. This was due to unit sell-through decreases in Asia-Pacific, which were primarily driven by consumer-related macroeconomic issues and competition across the region, most notably in China, Japan and South Korea. Channel inventory decreased sequentially by approximately 40,000 units.

銷量約 44 萬台，去年同期為 53 萬台。這是由於亞太地區的單位銷售量下降，主要受到與消費者相關的宏觀經濟問題和整個地區的競爭所致，尤其是在中國、日本和韓國。渠道庫存季減約4萬台。

During the quarter, we took the opportunity to sell out of a slower moving product and convert that inventory into cash more quickly, impacting gross margin. Excluding this $5 million one-time sale, gross margin would have been 35.5%, in-line with guidance and above Q1 2024 of 34.4%. Reported gross margin was 32.3% in the first quarter of 2025.

在本季度，我們藉此機會銷售銷售較慢的產品，並更快地將庫存轉換為現金，從而影響了毛利率。不計入這筆 500 萬美元的一次性銷售，毛利率將達到 35.5%，符合預期，且高於 2024 年第一季的 34.4%。2025 年第一季報告的毛利率為 32.3%。

First quarter operating expenses decreased 26% year-over-year to $62 million. The decrease was primarily due to restructuring actions resulting in reduced employee-related costs, a reduction in marketing and advertising related activities, and the completion of our newest system-on-chip, GP3, as well as a strong focus on expense management while retaining our product roadmap, partially offset by legal costs to defend our IP.

第一季營運費用較去年同期下降 26% 至 6,200 萬美元。下降的主要原因是重組行動導致員工相關成本降低、行銷和廣告相關活動減少、以及我們最新的系統單晶片 GP3 的完成，以及在保留產品路線圖的同時高度重視費用管理，但為保護我們的智慧財產權而產生的法律費用部分抵消了這一影響。

Turning to the balance sheet, we ended the first quarter of 2025 with $70 million in cash, cash equivalents and marketable securities, which included a $25 million draw on our ABL. Excluding the $25 million draw, cash would have been down $58 million sequentially, compared to our cash usage of $89 million in the first quarter of 2024. Cash used in the first quarter of 2025 was primarily due to adjusted EBITDA of negative $16 million and working capital changes of $36 million.

談到資產負債表，截至 2025 年第一季度，我們擁有 7,000 萬美元的現金、現金等價物和有價證券，其中包括 2,500 萬美元的 ABL 提取額。不計入 2,500 萬美元的提取，現金將比上一季減少 5,800 萬美元，而 2024 年第一季的現金使用量為 8,900 萬美元。2025 年第一季使用的現金主要是由於調整後的 EBITDA 為負 1,600 萬美元和營運資本變動為 3,600 萬美元。

Sequential working capital changes were primarily due to a $63 million decrease in accounts payable and other liabilities, and a $5 million increase in prepaid expenses and other assets, partially offset by a $24 million decrease in inventory and a $9 million decrease in accounts receivable. In the second quarter of 2025, we plan to repay the $25 million ABL draw. Headcount ended at 659 full-time employees, down 30% from the prior year of 937.

連續營運資本變動主要是因為應付帳款和其他負債減少 6,300 萬美元，預付費用和其他資產增加 500 萬美元，但庫存減少 2,400 萬美元和應收帳款減少 900 萬美元部分抵消了這一變化。2025 年第二季度，我們計劃償還 2,500 萬美元的 ABL 提款。員工總數最終為 659 名全職員工，比前一年的 937 名下降了 30%。

Turning to our outlook. For the second quarter, we expect revenue to be $145 million at the mid-point of guidance, non-GAAP loss per share of $0.07, and a nearly $30 million improvement in adjusted EBITDA year-over-year. All of these improvements are due to the actions we took in 2024 to reduce operating expenses, diversify our supply chain and drive product cost reductions.

轉向我們的展望。對於第二季度，我們預計營收將達到指導中位數的 1.45 億美元，非 GAAP 每股虧損為 0.07 美元，調整後 EBITDA 年成長近 3,000 萬美元。所有這些改進都歸功於我們在 2024 年採取的行動，包括降低營運費用、實現供應鏈多元化和降低產品成本。

Additionally, we are focused on further operational efficiencies to drive down costs and expand our supply chain outside of China. At current tariff rates, we expect the tariff impact in 2025 will be approximately $8 million on our cameras, which is expected to be fully offset by modest product price moves of less than 5% globally.

此外，我們也致力於進一步提高營運效率，以降低成本並擴大中國以外的供應鏈。按照目前的關稅稅率，我們預計 2025 年我們的相機將受到約 800 萬美元的關稅影響，但預計全球範圍內不到 5% 的產品價格溫和波動將完全抵消這一影響。

This expected $8 million impact for 2025 is further mitigated by the fact that we are still selling through inventory that entered the United States before April. And we continue to actively manage the balance sheet and expect to further reduce inventory sequentially by $20 million to approximately $75 million and increase cash net of debt by $25 million sequentially as we operate working capital more efficiently.

由於我們仍在銷售 4 月之前進入美國的庫存，因此預計 2025 年的影響將達到 800 萬美元。我們將繼續積極管理資產負債表，並預計隨著我們更有效地營運營運資金，庫存將進一步減少 2,000 萬美元至約 7,500 萬美元，並且扣除債務後的現金將連續增加 2,500 萬美元。

For the second quarter of 2025, we expect to deliver revenue of $145 million, plus or minus $10 million, down 22% year-over-year. We estimate Street ASP in the second quarter to be approximately $370, up nearly 15% year-over-year. We expect unit sell-through to be down 20% on a year-over-year basis to approximately 500,000 units and channel inventory to reduce by approximately 60,000 units sequentially.

我們預計 2025 年第二季的營收為 1.45 億美元，上下浮動 1,000 萬美元，年減 22%。我們估計第二季的街道平均售價約為 370 美元，較去年同期成長近 15%。我們預計單位銷售量將年減 20% 至約 50 萬台，通路庫存將較上季減少約 6 萬台。

We expect gross margin in the second quarter to be 35.5% at the mid-point of guidance, up nearly 500 basis points versus the prior-year quarter. We expect second quarter of 2025 operating expenses to be $60 million, plus or minus $1 million, a 36% reduction from the prior-year quarter due to lower spending on wages from lower headcount, reduced marketing and lower non-recurring engineering expenses related to the completion of GP3. We expect non-GAAP loss per share in the second quarter of $0.07 at the midpoint of guidance and expect shares outstanding to be approximately [57 million] (sic - 157 million).

我們預期第二季毛利率為指引中位數35.5%，較去年同期成長近500個基點。我們預計 2025 年第二季的營運費用為 6,000 萬美元，上下浮動 100 萬美元，比去年同期減少 36%，原因是員工人數減少導致工資支出減少、行銷減少以及與 GP3 完工相關的非經常性工程費用減少。我們預期第二季非 GAAP 每股虧損為 0.07 美元（指引中位數），預計流通股數約為[5,700 萬]（原文如此 - 1.57 億）。

Turning to the balance sheet, we expect cash net of debt to improve $25 million in the second quarter. Looking at 2025 commentary, overall, we expect units and revenue in '25 to be lower than 2024, primarily driven by an uncertain macro environment, competition and the delay of our new 360-camera, partially offset by FX due to a weaker US dollar.

談到資產負債表，我們預計第二季扣除債務後的現金將增加 2,500 萬美元。綜觀 2025 年的評論，總體而言，我們預計 2025 年的單位數量和收入將低於 2024 年，主要原因是宏觀環境不確定、競爭以及新款 360 度相機的延遲，部分抵消了美元疲軟導致的外匯影響。

To provide some color on expectations for the balance of 2025, we expect to introduce MAX2 360-camera in 2025. We expect our full-year 2025 operating expenses to improve further to a range of $240 million to $250 million, down more than $100 million or 30% year-over-year. We expect to offset tariff costs with modest price increases, continued supply chain diversification outside of China and potentially produce certain products in the US..

為了對 2025 年的平衡預期提供一些參考，我們預計將在 2025 年推出 MAX2 360 攝影機。我們預計 2025 年全年營運費用將進一步改善至 2.4 億美元至 2.5 億美元之間，年減 1 億美元以上或 30%。我們預計透過適度提價、繼續在中國以外實現供應鏈多元化以及可能在美國生產某些產品來抵消關稅成本。

We expect subscription ARPU growth, subscription cost improvements and to end the year with 2.4 million subscribers. We now expect to end 2025 with $75 million in cash, with no debt and a $50 million available ABL facility. This improvement from our last report is driven by continued reductions in operating expenses and improvements in FX from a weaker US dollar.

我們預計訂閱 ARPU 將成長，訂閱成本將改善，到年底訂閱用戶數量將達到 240 萬。我們現在預計，到 2025 年底，我們將擁有 7,500 萬美元的現金，沒有債務，並擁有 5,000 萬美元的可用 ABL 融資額度。與我們上一份報告相比，這項改善是由於營運費用的持續減少以及美元走弱導致的外匯改善。

The initiatives we undertook in 2024 to reduce operating expenses and improve gross margins are bearing fruit. 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 2025 and 2026 to restore growth and profitability to our business.

我們在 2024 年採取的降低營運費用和提高毛利率的措施正在取得成效。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 2025 年和 2026 年推出大量新產品，以恢復業務的成長和獲利能力。

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

接線員，好了，我們現在可以回答問題了。

(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)。

Hey, good afternoon, guys. Thank you for taking my questions. I have two. Brian, I guess maybe I'll start with you. Just can you maybe help us understand the sources of stronger sell-through in the quarter? I guess, my question is, do you have any triangulation data or can you look at any kind of linearity data or even channel feedback to help determine how much that stronger sell-through was pull-forward ahead of potential pricing increases, how much was real demand, and how much is factored -- how much of that type of behavior is factored into 2Q at all? And then, I have a quick follow-up, please.

嘿，大家下午好。感謝您回答我的問題。我有兩個。布萊恩，我想也許我應該從你開始。您能否幫助我們了解本季銷售業績強勁的原因？我想，我的問題是，您是否有任何三角測量數據，或者您可以查看任何類型的線性數據或甚至渠道反饋，以幫助確定在潛在的價格上漲之前，更強勁的銷售量有多少，有多少是實際需求，以及有多少被考慮在內——有多少此類行為被計入了第二季度？然後，請容許我快速跟進。

Sure. I don't think we saw any pull-forward demand in the quarter. It was pretty linear throughout. So our sales came later in the quarter as sell-through did well and our sales ended up coming in more back-end loaded, which is why DSO was a bit higher. So we didn't see that happen in the quarter.

當然。我認為我們在本季度沒有看到任何提前需求。自始至終都是線性的。因此，我們的銷售額在本季後期出現，因為銷售表現良好，而且我們的銷售額最終來自更多的後端負載，這就是 DSO 略高的原因。所以我們在本季沒有看到這種情況發生。

Okay. Super helpful. And then, and I might just be reading this wrong, but I think your sell-through in the United States was down 10% year-over-year, but sell-in was up 7% year-over-year. Obviously, you reduced overall channel inventory, but can you just maybe help us understand exactly what happened kind of that gap in 1Q and then extend that conversation to Asia, just revenue down over 50% year-over-year. Just kind of help us contextualize, is that mostly competition or are there other factors there? Thanks so much.

好的。超有幫助。然後，我可能讀錯了，但我認為你們在美國的銷售量比去年同期下降了 10%，但銷售量比去年同期增加了 7%。顯然，您減少了整體通路庫存，但您能否幫助我們準確了解第一季度出現這種差距的原因，然後將這個主題延伸到亞洲，收入同比下降超過 50%。只是幫助我們了解狀況，主要是競爭還是有其他因素？非常感謝。

Yeah. In my prepared remarks, we talked about Asia being down 54% and that was mostly macro as well as competition. We saw, from a country perspective, we were down in China, Japan and South Korea, where the most impacted countries in the Asia Pacific region. The US had the best sell-through. It was down the least, as we reported. And some of the sell-in was due to -- in the quarter, we had that one-time $5 million sale of products in the quarter. So we took out some inventory to convert it to cash. And so, that would be the kind of delta there. That's expected to sell-through pretty quickly, clearly, at pretty favorable price points.

是的。在我準備好的發言中，我們談到了亞洲經濟下滑了 54%，這主要是宏觀因素和競爭因素。從國家角度來看，我們看到中國、日本和韓國是亞太地區受影響最嚴重的國家。美國的銷售量最高。正如我們所報道的，它的跌幅最小。部分銷售是由於——在本季度，我們一次性銷售了 500 萬美元的產品。因此我們取出一些庫存並將其轉換為現金。所以，這就是那裡的三角洲。顯然，預計該產品將以相當優惠的價格很快就會售罄。

Okay. Super. Thank you for that color, Brain.

好的。極好的。謝謝你的顏色，布萊恩。

We have no more inventory to do that with, and that's partly why our margins are up sequentially to 35.5%, right, so we're selling mostly from 13 and 12.

我們沒有更多的庫存來做這件事，這也是為什麼我們的利潤率連續上升到 35.5% 的原因之一，所以我們主要銷售 13 和 12 款產品。

Okay. Thank you so much, Brian.

好的。非常感謝，布萊恩。

Alicia Reese, Wedbush Securities.

艾莉西亞‧里斯 (Alicia Reese)，韋德布希證券公司。

Thank you for taking my question. So I'm wondering if you could dig in a little bit on the tariff situation. Obviously, some of the quarter, we'll get the 145% tariffs from China, but obviously the rest of the quarter, hopefully, into the following quarter, we'll have 30% or thereabouts. I'm just wondering how much of your inventory headed to the US is coming from China, how much you're able to diversify in the quarter, and how much price elasticity there is on the products you have out right now.

感謝您回答我的問題。所以我想知道您是否可以深入了解關稅情況。顯然，在本季度的某些時候，我們將面臨來自中國的 145% 的關稅，但顯然在本季度的剩餘時間裡，希望到下個季度，我們將面臨 30% 左右的關稅。我只是想知道，你們運往美國的庫存中有多少來自中國，你們在本季能夠實現多少多樣化，以及你們目前推出的產品的價格彈性有多大。

Yeah, good question. On the tariff front, actually the amount on cameras into the US is zero, because we've diversified all of our camera production outside of China. And what comes from the US is manufactured in Thailand, so that's about a 10% tariff rate versus about 150% tariff rate just prior to today.

是的，好問題。在關稅方面，實際上對美國出口相機的關稅為零，因為我們已經將所有相機生產業務分散到中國以外。而來自美國的產品是在泰國生產的，因此關稅稅率約為 10%，而先前關稅稅率約為 150%。

Accessories would have a little bit of tariff, but with the reduction in rates today, that goes to only a couple of million in a quarter. And those would be offset by small price increases. And the elasticity around that, we're not moving prices very much. We only have to move 3% or 4% globally to offset the cost of the tariff, which we will do.

配件會產生少量關稅，但隨著今天關稅的降低，一個季度的關稅將降至只有幾百萬。這些影響可以透過小幅漲價來抵消。由於存在彈性，我們不會對價格進行太大的調整。我們只需要在全球範圍內轉移 3% 或 4% 來抵消關稅成本，我們會這樣做。

So we find ourselves in a pretty good position from a supply chain perspective, from a camera production into the United States and we use China for the rest -- balance of the rest of the world for capacity. And tariffs should be -- we'll continue to migrate accessories out of China into mostly Vietnam. So we've done a pretty good job insulating ourselves on the tariff front.

因此，從供應鏈的角度來看，我們處於非常有利的地位，從相機生產到美國，我們利用中國完成其餘部分——平衡世界其他地區的產能。關稅應該是——我們將繼續將配件從中國運往越南。因此，我們在關稅方面做得相當不錯。

And I have a couple more questions, if I may. I was wondering if you could talk a little bit more about what's going -- what are the dynamics happening currently in Asia over the past couple of quarters. It's been pretty weak. So just wondering if you could highlight that and what the difference was in the Americas in the quarter.

如果可以的話，我還有幾個問題。我想知道您是否可以再多談談最近幾季亞洲的動態。它一直很弱。所以我只是想想知道您是否可以強調這一點以及本季美洲的差異是什麼。

Yeah. In Asia, China has been the biggest impact, and there's been more of a, I'll call it, nationalistic trend to buy more local. We've seen that across a number of brands, not just our own. And there's definitely more competition that's happening in China and macroeconomic issues that are happening, particularly in, as I mentioned, China, but also Japan and South Korea. And the US started to shore up in a much better way in the last quarter, and our expectation is that it'll continue in Q2. So that's kind of the moving parts geographically.

是的。在亞洲，中國的影響最大，而且出現了一種我稱之為購買更多本土產品的民族主義趨勢。我們已經在許多品牌中看到了這種情況，不僅僅是我們自己的品牌。而中國肯定正在發生更激烈的競爭，也出現了宏觀經濟問題，特別是像我提到的中國，還有日本和韓國。美國經濟在上個季度開始以更好的方式復甦，我們預計這種勢頭將在第二季度繼續延續。從地理上來說，這就是移動的部分。

Fair enough. And lastly, I was wondering if you had any plans to do, like, a reverse stock split or anything of that nature to change the stock price from here.

很公平。最後，我想知道您是否有任何計劃，例如進行反向股票分割或任何類似性質的舉措來改變股票價格。

Well, hopefully, our performance that we continue to hit our numbers and drive top-line growth with new products, margins continue to improve year-over-year, OpEx is down, and making more money and driving more cash flow would help move the stock up as well.

好吧，希望我們的業績能夠繼續達到我們的目標，並透過新產品推動營收成長，利潤率繼續逐年提高，營運支出下降，賺取更多利潤並推動更多現金流也將有助於推動股價上漲。

Understood. Thanks so much for the time.

明白了。非常感謝您抽出時間。

Thank you.

謝謝。

There are no additional questions waiting at this time. I would now like to pass the conference back over to the management team for any closing remarks.

目前沒有其他問題。現在，我想將會議交還給管理團隊，請他們發表結束語。

Thank you, operator, and thank you everybody for joining today's call. With our leaner operating model and exciting new products, we have planned to balance 2025 and 2026. We believe we are well-positioned to match the financial strength of GoPro to that of our incredible brand. We're very much looking forward to realizing this on behalf of our customers, our employees and our investors. Thank you, everyone. This is team GoPro signing off.

謝謝接線員，也謝謝大家參加今天的電話會議。憑藉更精簡的營運模式和令人興奮的新產品，我們計劃在 2025 年和 2026 年實現平衡。我們相信，我們有能力將 GoPro 的財務實力與我們出色的品牌實力相匹配。我們非常期待代表我們的客戶、員工和投資者實現這一目標。謝謝大家。這是 GoPro 團隊的簽字儀式。

That concludes today's call. Thank you for your participation and enjoy the rest of your day.

今天的電話會議到此結束。感謝您的參與並祝您今天過得愉快。