GoPro Inc (GPRO) 2025 Q2 法說會逐字稿

Good afternoon. Thank you for attending the GoPro second quarter 2025 earnings call. My name is Cameron, and I'll be your moderator for today. (Operator Instructions) And I would now like to pass the conference over to your host, Robin Stoecker, Director of Corporate Communications. You may proceed.

午安.感謝您參加 GoPro 2025 年第二季財報電話會議。我叫卡梅倫，今天我將擔任主持人。（操作員指示）現在，我想將會議交給主持人、企業傳播總監 Robin Stoecker。您可以繼續。

Thank you, Cameron. Good afternoon, and welcome to GoPro's second quarter 2025 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 and Brian, followed by Q&A.

謝謝你，卡梅倫。下午好，歡迎參加 GoPro 2025 年第二季財報電話會議。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。今天的議程將包括尼克和布萊恩的簡短評論，然後是問答。

For detailed information about our second quarter as well as outlook, please read our Q2 earnings press release and management commentary we posted to the Investor Relations section of GoPro's website. Before I pass the call to Nick, I'd like to remind everybody that our remarks today may include forward-looking statements.

有關我們第二季度及展望的詳細信息，請閱讀我們在 GoPro 網站投資者關係部分發布的第二季度收益新聞稿和管理評論。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.

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。

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.

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，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. A reconciliation of GAAP to non-GAAP operating expenses can be found in the press release that was issued this afternoon, which is posted on the Investor Relations section of our website.

今天，我們可能會討論毛利率、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。

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

除非另有說明，今天管理層評論和評論中討論的所有與損益表相關的數字（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 all on the call 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，我希望鼓勵所有與會人員閱讀我們在投資者關係網站上發布的詳細管理評論。

In Q2, we reached the high end of our revenue guidance, delivered compelling new hardware and software products and are on track to launch exciting new products in the second half of the year. Our ongoing focus on efficiency drove operating expenses down 32% year-over-year, achieving our highest gross margin since Q3 2022.

在第二季度，我們達到了收入預期的高端，推出了引人注目的新硬體和軟體產品，並預計在下半年推出令人興奮的新產品。我們持續關注效率，推動營運費用年減 32%，實現了自 2022 年第三季以來的最高毛利率。

In addition, we refreshed our Board of Directors and executed a capital raise. GoPro continues to hit its marks. Last week, we announced that GoPro raised $50 million in debt financing to bolster our balance sheet as we prepare to repay approximately $94 million in convertible debt due this November.

此外，我們還更新了董事會並進行了資本籌集。GoPro 持續創下佳績。上週，我們宣布 GoPro 籌集了 5,000 萬美元的債務融資來增強我們的資產負債表，我們準備償還今年 11 月到期的約 9,400 萬美元的可轉換債務。

Our priorities for the balance of 2025 and into 2026 continue to be managing operating expenses, protecting our IP and launching new products, which we believe will return GoPro to both unit and revenue growth and improved profitability starting in the fourth quarter of this year.

我們在 2025 年剩餘時間和 2026 年的首要任務仍然是管理營運費用、保護我們的智慧財產權和推出新產品，我們相信這將使 GoPro 從今年第四季開始恢復單位和收入成長並提高獲利能力。

Turning to product highlights. During the second quarter, we launched HERO13 Black Ultra Wide Edition, a special edition of our flagship HERO13 Black camera bundled inbox with our ultra-wide lens mod pre-installed on the camera, making it simple to capture low distortion, incredibly wide-angle 177-degree perspectives that make you feel like you're fully immersed in the moment.

轉向產品亮點。在第二季度，我們推出了 HERO13 Black 超廣角版，這是我們旗艦 HERO13 Black 相機的特別版，隨附包裝盒，預裝了我們的超廣角鏡頭模組，可輕鬆捕捉低失真、令人難以置信的 177 度廣角視角，讓您感覺自己完全沉浸在當下。

We also introduced a limited-edition Forest Green colorway of HERO13 Black, offering a bold, nature-inspired aesthetic designed to appeal to outdoor enthusiasts. On the software front, we added new easy and powerful 360 editing tools to the GoPro App, including MotionFrame and POV.

我們也推出了 HERO13 Black 的限量版森林綠配色，提供大膽、自然風格的美感，旨在吸引戶外運動愛好者。在軟體方面，我們為 GoPro App 增加了新的簡單而強大的 360 編輯工具，包括 MotionFrame 和 POV。

MotionFrame makes it simple to reframe your 360 content into easy-to-share clips by using your phone to look around and reframe what part of your 360 video or photo you want to share. And POV is a fast and simple way to create immersive see what I saw POV videos from your 360 content. These new tools add to the growing 360 editing experience in the GoPro App and lay the groundwork for the upcoming launch of our MAX2 360-camera.

MotionFrame 可讓您輕鬆地將 360 內容重新建構成易於共享的剪輯，只需使用手機環顧四周並重新建立您想要分享的 360 影片或照片的部分即可。POV 是一種快速而簡單的方法，可以根據您的 360 內容創建身臨其境的「看看我所看到的 POV」影片。這些新工具增強了 GoPro App 中不斷增長的 360 度編輯體驗，並為即將推出的 MAX2 360 度相機奠定了基礎。

Our software ecosystem continues to create value for our users, particularly for our subscribers. Our subscription attach rate from cameras sold across all channels was 56% compared to 45% in Q2 2024, a 24% improvement. Aggregate retention has been above 67% for the past seven quarters.

我們的軟體生態系統持續為我們的用戶，特別是我們的訂閱者創造價值。我們透過所有管道銷售的相機的訂閱附加率為 56%，而 2024 年第二季為 45%，提高了 24%。過去七個季度，總留存率一直維持在 67% 以上。

We believe ongoing software enhancements, coupled with increased camera sales from the launch of new products later this year and in 2026, will resume subscriber growth in 2026.

我們相信，持續的軟體改進，加上今年稍後和 2026 年推出的新產品帶來的相機銷售成長，將在 2026 年恢復用戶成長。

And on July 30, 2025, we announced a new opt-in program that enables US subscribers to monetize their GoPro cloud-based video content by making it available to help train AI models. GoPro subscribers can opt in to make their user-generated content available for GoPro to license to leading technology companies seeking diverse real-world footage to enhance the performance and accuracy of their AI models.

2025 年 7 月 30 日，我們宣布了一項新的選擇加入計劃，該計劃使美國訂閱者能夠透過其 GoPro 基於雲端的視訊內容來幫助訓練 AI 模型，從而將其貨幣化。GoPro 訂閱用戶可以選擇將其用戶生成的內容提供給 GoPro，以便授權給尋求多樣化真實世界鏡頭的領先科技公司，以提高其 AI 模型的性能和準確性。

GoPro subscribers will earn 50% of the license revenue that GoPro expects to generate on their behalf. The GoPro subscriber community's vast data lake contains more than 450 petabytes of cloud-based high-quality video content, which translates into more than 13 million hours of video.

GoPro 訂閱用戶將獲得 GoPro 預計為其產生的授權收入的 50%。GoPro 用戶社群的龐大資料湖包含超過 450PB 的基於雲端的高品質視訊內容，相當於超過 1300 萬小時的影片。

This vast trove of video content represents a valuable opportunity for AI developers to train their models with a rich and varied data set across a wide range of experiences and environments. We are excited to participate in the demand for authentic real-world video to train AI models while growing a new diversified revenue stream for GoPro.

這一海量影片內容為人工智慧開發人員提供了一個寶貴的機會，他們可以利用來自廣泛經驗和環境的豐富多樣的資料集來訓練他們的模型。我們很高興能夠滿足對真實世界影片的需求，以訓練 AI 模型，同時為 GoPro 增加新的多元化收入來源。

Industry analysts expect the AI data licensing market for photo and video content to reach $1.3 billion in 2025 with a projected 20% CAGR. And now an update on our IP projection efforts. On July 10, 2025, the United States Administrative Law Judge, ALJ with the International Trade Commission, or ITC, issued an initial determination that one of our China-based competitors, Insta360, violated federal law by importing and selling products that infringe a patent covering GoPro's iconic HERO camera design in the United States.

產業分析師預計，到 2025 年，照片和影片內容的 AI 數據授權市場規模將達到 13 億美元，預計複合年增長率為 20%。現在來更新一下我們的 IP 預測工作。2025 年 7 月 10 日，美國國際貿易委員會 (ITC) 行政法官 (ALJ) 做出初步裁定，認為我們的一家中國競爭對手 Insta360 違反了聯邦法律，在美國進口和銷售侵犯 GoPro 標誌性 HERO 相機設計專利的產品。

We are pleased with the ALJ's recommendation that the commission issue both a cease and desist order against further infringing acts and an inclusion order barring further importation of Insta360's infringing products.

我們很高興看到 ALJ 的建議，即委員會應發布針對進一步侵權行為的停止令和禁止令，以及禁止進一步進口 Insta360 侵權產品的納入令。

We are also pleased with the initial determinations validation of multiple patent claims covering GoPro's industry-leading HyperSmooth video stabilization. The case is ongoing. And the next phase is a review by the commission where we believe we have the opportunity to gain further rulings in GoPro's favor.

我們也對 GoPro 業界領先的 HyperSmooth 視訊穩定技術的多項專利權利要求的初步裁定驗證感到高興。案件仍在審理中。下一階段是委員會的審查，我們相信我們有機會獲得對 GoPro 有利的進一步裁決。

The commission is expected to issue its final determination on all of GoPro's infringement claims on or before November 10, 2025, and any resulting exclusion orders would go into effect in January 2026, subject to presidential review.

預計委員會將於 2025 年 11 月 10 日或之前對 GoPro 的所有侵權索賠做出最終裁定，任何由此產生的排除令將於 2026 年 1 月生效，但須經總統審查。

And in Q2, we refreshed our Board of Directors with the addition of three seasoned executives. Mick Lopez brings decades of strategic and financial governance expertise from leadership roles at Vista Outdoors, L3 Harris, IBM and Cisco Systems.

在第二季度，我們更新了董事會，增加了三名經驗豐富的高階主管。米克洛佩茲 (Mick Lopez) 曾在 Vista Outdoors、L3 Harris、IBM 和思科系統等公司擔任領導職務，擁有數十年的策略和財務治理專業知識。

Emily Culp is the Chief Brand and Strategy Officer of BodyHealth and adds value expertise in omni-channel marketing and consumer brand strategy, and Mike Dennison is CEO of FOX Factory Holding Corp, and brings a deep understanding of global manufacturing and product innovation to GoPro's Board.

Emily Culp 是 BodyHealth 的首席品牌和策略官，在全通路行銷和消費者品牌策略方面擁有寶貴的專業知識；Mike Dennison 是 FOX Factory Holding Corp 的首席執行官，為 GoPro 董事會帶來了對全球製造和產品創新的深刻理解。

We believe their diverse industry experience and insights will be instrumental to GoPro's efforts to grow our TAM, revenue and profitability going forward. We believe GoPro is poised to return to revenue growth and deliver meaningful adjusted EBITDA in the second half of 2025 and into 2026, while expanding our TAM by participating in key growth categories. GoPro remains the US market leader in the estimated global 3 million unit action camera category.

我們相信，他們豐富的行業經驗和見解將有助於 GoPro 未來擴大 TAM、收入和獲利能力。我們相信，GoPro 預計將在 2025 年下半年和 2026 年恢復收入成長並實現有意義的調整後 EBITDA，同時透過參與關鍵成長類別來擴大我們的 TAM。在全球運動相機銷售量預計為 300 萬台的市場中，GoPro 仍是美國市場的領導者。

New growth areas include the 360 camera segment, which we estimate to be nearly 2 million units annually. We're excited to regain share in this 360 market with the launch of our MAX2 360-camera later this year. Additionally, the low light capable camera segment estimated at $2 million to $2.5 million units annually represents a significant opportunity for GoPro as we do not currently participate in that market.

新的成長領域包括 360 相機領域，我們估計每年的銷售量接近 200 萬台。我們很高興能夠在今年稍後推出 MAX2 360 相機，重新奪回 360 市場的份額。此外，低光相機市場每年的銷售額預計為 200 萬至 250 萬美元，這對 GoPro 來說是一個巨大的機遇，因為我們目前尚未涉足該市場。

And GoPro's tech-enabled motorcycle helmet development in partnership with AGV remains on track. We expect to bring meaningful innovation, improved safety and performance to the world of motorcycling, which we believe represents a meaningful business opportunity for GoPro with a SAM of approximately $3 billion.

GoPro 與 AGV 合作開發的技術支援的摩托車頭盔仍在順利開發中。我們期望為摩托車世界帶來有意義的創新、更高的安全性和性能，我們相信這對 SAM 約 30 億美元的 GoPro 來說是一個有意義的商業機會。

To summarize, we are excited to launch an expanded diversified suite of hardware and software products in the second half of 2025 and throughout 2026, which we believe will enable GoPro to grow into markets that we're not participating in today.

總而言之，我們很高興在 2025 年下半年和整個 2026 年推出擴展的多樣化硬體和軟體產品套件，我們相信這將使 GoPro 能夠發展到我們目前尚未參與的市場。

We expect to resume revenue growth in the fourth quarter and expect second half adjusted EBITDA to be approximately $20 million compared to a prior year period loss of $9 million, a nearly $30 million improvement. GoPro's teams are focused and highly motivated to realize the exciting opportunities that lie ahead.

我們預計第四季營收將恢復成長，預計下半年調整後的 EBITDA 約為 2,000 萬美元，而去年同期虧損 900 萬美元，改善幅度接近 3,000 萬美元。GoPro 的團隊高度集中並積極主動地抓住未來令人興奮的機會。

Now I'll turn the call over to Brian McGee.

現在我將電話轉給 Brian McGee。

Thanks, Nick. In the second quarter, revenue was $153 million or 6% higher than the midpoint of our guidance of $145 million. Gross margin improved to 36% compared to 30.7% in Q2 2024. Non-GAAP operating expenses were $63 million, a 32% reduction year-over-year.

謝謝，尼克。第二季度，營收為 1.53 億美元，比我們預期的中位數 1.45 億美元高出 6%。毛利率從 2024 年第二季的 30.7% 提高至 36%。非公認會計準則營運費用為 6,300 萬美元，年減 32%。

Adjusted EBITDA improved 83% or $28 million year-over-year to negative $6 million in Q2 2025 and non-GAAP EPS net loss per share improved from negative $0.24 in Q2 2024 to negative $0.08 in Q2 2025. We continue to have a strong focus on operating expense controls while retaining investments in our product road map.

2025 年第二季度，調整後 EBITDA 年成長 83% 或 2,800 萬美元至負 600 萬美元，非 GAAP EPS 每股淨虧損從 2024 年第二季的負 0.24 美元改善至 2025 年第二季的負 0.08 美元。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 second quarter performance highlights. Revenue from our retail channel was $111 million or 73% of Q2 2025 revenue compared to 74% in the second quarter of 2024. Revenue from our GoPro.com channel, which includes subscription and service revenue was $41 million or 27% of Q2 2025 revenue compared to 26% of the second quarter of 2024.

第二季業績亮點引人注目。我們零售通路的營收為 1.11 億美元，佔 2025 年第二季營收的 73%，而 2024 年第二季為 74%。我們的 GoPro.com 管道的收入（包括訂閱和服務收入）為 4,100 萬美元，佔 2025 年第二季收入的 27%，而 2024 年第二季為 26%。

Subscription and service revenue was flat year-over-year at $26 million. Subscription attach rate from cameras sold across all channels was 56% compared to 45% in Q2 2024, a 24% improvement. Q2 2025 ASP was $374, a 16% improvement year-over-year.

訂閱和服務收入與去年同期持平，為 2,600 萬美元。透過所有管道銷售的相機的訂閱附加率為 56%，而 2024 年第二季為 45%，提高了 24%。2025 年第二季平均售價為 374 美元，較去年同期成長 16%。

Gross margin was 36% compared to 30.7% in the prior year quarter. The margin improvement of over 500 basis points was primarily due to less price discounting activity and an increase in subscription and service revenue as a percentage of total revenue, partially offset by tariff costs.

毛利率為 36%，去年同期為 30.7%。利潤率提高超過 500 個基點，主要是由於價格折扣活動減少以及訂閱和服務收入佔總收入的百分比增加，但部分被關稅成本所抵消。

Non-GAAP operating expenses were $63 million compared to $93 million in the prior year period, a 32% decrease year-over-year. The year-over-year decrease was primarily driven by a decrease in advertising and marketing-related activities, restructuring actions resulting in reduced employee-related costs and the completion of our newest system on-chip GP3.

非公認會計準則營運費用為 6,300 萬美元，去年同期為 9,300 萬美元，年減 32%。年比下降主要是由於廣告和行銷相關活動的減少、重組行動導致員工相關成本的降低以及我們最新的系統單晶片 GP3 的完成。

GAAP and non-GAAP loss per share was $0.10 and $0.08, respectively. Adjusted EBITDA was negative $6 million compared to a negative $33 million in the prior year period. Cash flow from operations was $9 million, an improvement of $8 million year-over-year compared to cash provided by operations of $1 million in the second quarter of 2024.

GAAP 和非 GAAP 每股虧損分別為 0.10 美元和 0.08 美元。調整後的 EBITDA 為負 600 萬美元，而去年同期為負 3,300 萬美元。經營活動現金流為 900 萬美元，與 2024 年第二季經營活動提供的 100 萬美元現金相比，年增 800 萬美元。

We ended the quarter with inventory of $84 million, a 12% decrease sequentially and a 30% decrease since Q4 2024. Sell-through was approximately 500,000 units compared to 600,000 units in the prior year period. Channel inventory decreased sequentially by approximately 60,000 units, in line with guidance.

本季末，我們的庫存為 8,400 萬美元，環比下降 12%，自 2024 年第四季以來下降 30%。銷量約 50 萬台，去年同期為 60 萬台。渠道庫存季減約60,000台，符合預期。

Our outlook is prefaced by highlighting uncertainty that exists due to volatility and tariff rates, consumer confidence, competition and global economic uncertainty. For the second half, we expect revenue of approximately $390 million, plus or minus $20 million, non-GAAP net income per share of $0.04 positive, plus or minus $0.04 and adjusted EBITDA of positive $20 million compared to a prior year loss of $9 million, a nearly $30 million improvement. We anticipate adjusted EBITDA in Q3 to be breakeven.

我們的展望首先強調了由於波動性和關稅稅率、消費者信心、競爭和全球經濟不確定性而存在的不確定性。對於下半年，我們預計收入約為 3.9 億美元，上下浮動 2000 萬美元；非 GAAP 每股淨收入為正 0.04 美元，上下浮動 0.04 美元；調整後 EBITDA 為正 2000 萬美元，而去年同期虧損 900 萬美元，減少了近 3000 萬美元。我們預計第三季調整後的 EBITDA 將達到盈虧平衡。

In addition, we expect to resume revenue growth in the fourth quarter of 2025. All of these expected improvements are due to the actions we took in 2024 to launch new products in the second half of '25, reduce operating expenses, diversify our supply chain and drive product cost reductions, which are partially offset by higher tariffs.

此外，我們預計2025年第四季營收將恢復成長。所有這些預期的改善都歸功於我們在 2024 年採取的行動，在 2025 年下半年推出新產品、降低營運費用、實現供應鏈多元化以及推動產品成本降低，但這些舉措部分被更高的關稅所抵消。

Additionally, we are focused on further operational efficiencies to drive down costs and expand our supply chain outside of China. We expect the impact on tariffs on our cameras and accessories in 2025 to be approximately $18 million, up from $8 million in tariff rates due to the increase from 10% to 20%. We expect to offset approximately 50% of the full tariff impact by modest product price moves we have already made 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。我們預計，2025 年我們的相機和配件的關稅影響將達到約 1800 萬美元，由於關稅稅率從 10% 提高到 20%，因此影響金額將從 800 萬美元增加。我們預計，透過在全球範圍內對產品價格進行小幅調整（目前已調整幅度不到 5%），可以抵消約 50% 的全部關稅影響。

We continue to actively manage the balance sheet and expect to further reduce inventory sequentially in Q3 2025 by $10 million to approximately $75 million. For the third quarter of 2025, we expect to deliver revenue of $160 million, plus or minus $10 million, down 38% year-over-year.

我們將繼續積極管理資產負債表，預計 2025 年第三季庫存將進一步減少 1,000 萬美元至約 7,500 萬美元。我們預計 2025 年第三季的營收為 1.6 億美元，上下浮動 1,000 萬美元，年減 38%。

We estimate Street ASP in the third quarter to be approximately $370, up nearly 26% year-over-year. We expect unit sell-through to be down 25% year-over-year to approximately 500,000 units and channel inventory to be flat sequentially. We expect gross margin in the third quarter to be 35.5% at the midpoint of guidance, flat versus the prior year quarter.

我們估計第三季街道平均售價約為 370 美元，年成長近 26%。我們預計單位銷售量將年減 25% 至約 50 萬台，通路庫存將環比持平。我們預期第三季的毛利率為指引中位數的 35.5%，與去年同期持平。

We expect third quarter 2025 operating expenses to be $60 million, plus or minus $1 million, a 34% 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 GP3.

我們預計 2025 年第三季的營運費用為 6,000 萬美元，上下浮動 100 萬美元，比去年同期減少 34%，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。

Non-GAAP tax expense by quarter in 2025 is expected to be $1.5 million in the third quarter and a credit of $1.2 million in the fourth quarter. Non-GAAP tax expense is expected to be $2.9 million for 2025. Cash tax is expected to be between $0.5 million and $1 million in 2025. We expect non-GAAP loss per share for the third quarter of $0.04 at the midpoint of guidance and expect shares outstanding to be approximately 159 million in Q3 and 171 million in Q4.

預計 2025 年第三季非 GAAP 稅費為 150 萬美元，第四季稅費為 120 萬美元。預計 2025 年非公認會計準則稅費為 290 萬美元。預計2025年現金稅將在50萬至100萬美元之間。我們預期第三季非 GAAP 每股虧損為 0.04 美元（指引中位數），預估第三季流通股數約為 1.59 億股，第四季流通股數約為 1.71 億股。

To provide additional color on our expectations for the priorities of the balance of 2025, we expect to introduce two new cameras, including our MAX2 360 camera. We expect full year 2025 operating expenses to remain in the range of $240 million to $250 million, down more than $100 million or 30% year-over-year.

為了進一步闡明我們對 2025 年優先事項的預期，我們預計將推出兩款新相機，包括我們的 MAX2 360 相機。我們預計 2025 年全年營運費用將維持在 2.4 億美元至 2.5 億美元之間，年減 1 億美元以上，即 30%。

We expect to offset approximately half of our expected tariff costs with modest price increases and continued supply chain diversification outside of China, while also exploring the production of certain products in the United States.

我們預計透過適度提價和持續在中國以外實現供應鏈多元化來抵消約一半的預期關稅成本，同時探索在美國生產某些產品。

We expect subscription ARPU and subscription cost improvements and end the year with 2.4 million subscribers. We expect our liquidity position to be more than adequate going into 2026 as we expect to end 2025 with approximately $80 million in cash, along with an additional $50 million available under our ABL facility.

我們預計訂閱 ARPU 和訂閱成本將會改善，到年底訂閱用戶數將達到 240 萬。我們預計，到 2026 年，我們的流動性狀況將綽綽有餘，因為我們預計到 2025 年底，我們將擁有約 8000 萬美元的現金，另外還有 5000 萬美元的 ABL 貸款可用。

Our liquidity position ending 2025 reflects the repayment of approximately $94 million in convertible debt that we fully paid off in November '25 from our escrow account. The initiatives we took -- undertook in 2024 to reduce operating expenses and improve gross margins are bearing fruit.

我們截至 2025 年的流動性狀況反映了我們已於 2025 年 11 月從託管帳戶中全額償還了約 9,400 萬美元的可轉換債務。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。

We are focused on launching new products in 2025 and 2026 to restore growth and profitability for our business beginning in Q4 2025 and into 2026.

我們專注於在 2025 年和 2026 年推出新產品，以從 2025 年第四季開始到 2026 年恢復業務的成長和獲利能力。

With that, operator, we are now ready to take questions.

接線員，現在我們可以回答問題了。

(Operator Instructions)

（操作員指示）

Erik Woodring, Morgan Stanley.

摩根士丹利的艾瑞克‧伍德林。

Great. Thank you, guys, for taking my question. I have two, if I may. Maybe just first one to start, Nick. I'd love if we could maybe just take a step back and kind of help us better understand between all the kind of headwinds that you discussed amongst tariffs and uncertainty and competition and whatnot.

偉大的。謝謝你們回答我的問題。如果可以的話，我有兩個。也許只是第一個開始，尼克。我希望我們能夠退一步思考，以便更好地理解您所討論的各種不利因素，包括關稅、不確定性、競爭等等。

Can you just maybe help us understand where you believe kind of consumer spending intentions, especially on more discretionary products is kind of tracking? Is it improving? Is it worsening? Is it kind of running in place?

您能否幫助我們了解您認為消費者支出意向，尤其是對非必需品的支出意向的追蹤？有改善嗎？現在情況正在惡化嗎？這算是原地踏步嗎？

And how does that differ by region? What I'm really just trying to get an understanding of is kind of the backdrop that you guys are currently selling into, realizing that there are other challenges like not having a 360 camera on market today, but just isolating the market? And then I have a follow-up, please. Thank you.

不同地區有何不同？我真正想了解的是你們目前的銷售背景，是否意識到還有其他挑戰，例如目前市場上沒有 360 度相機，只是孤立了市場？然後我還有一個後續問題，請回答。謝謝。

Yeah. Consumers are definitely becoming choosier about where they're spending their money. And fortunately, that aligns with our product ethos, which is build solutions, not things. And so for a lot of our customer base, a GoPro is an important tool, whether they're a professional or aspiring content creator or they're an adventurer or an athlete who uses a GoPro for training or more towards the lighter duty use side of things on the family front, GoPro's importance as a life capture and sharing solution.

是的。消費者對於花錢的地方確實變得更加挑剔了。幸運的是，這符合我們的產品理念，即建立解決方案，而不是事物。因此，對於我們的許多客戶群來說，GoPro 是一個重要的工具，無論他們是專業人士或有抱負的內容創作者，還是使用 GoPro 進行訓練的冒險家或運動員，或者更多地用於家庭方面的輕度用途，GoPro 作為生活捕捉和分享解決方案的重要性。

So we're seeing pretty stable demand, which is good. Tariffs are definitely taking a bite out of gross margin. But as Brian noted, we're managing that pretty well with just modest price increases, and we feel pretty good about maintaining demand going forward, but it certainly is an area of uncertainty.

因此，我們看到需求相當穩定，這是好事。關稅肯定會影響毛利率。但正如布萊恩指出的那樣，我們僅通過適度的價格上漲就很好地管理了這一問題，並且我們對未來維持需求感到十分樂觀，但這肯定是一個不確定的領域。

And then as it relates to upcoming product launches, we are optimistic about where our products are going to land competitively and the unit growth and profitability that they'll drive and even more so as we go into 2026, and we continue to build on that product launch momentum, we're feeling really good about the products that we've got slated for the rest of not only 2025, but 2026 as well, where we think we're going to be really hitting the mark with what consumers are looking for from the casual consumer who may be more pinched economically speaking, but definitely landing a bull's eye, we think, with the more premium and pro-minded consumer that's going to be very excited, we believe, about the products that we have on tap for them.

然後，就即將推出的產品而言，我們對產品的競爭力、單位增長和盈利能力感到樂觀，尤其是當我們進入 2026 年時，我們將繼續鞏固這一產品發布勢頭，我們對不僅在 2025 年剩餘時間，而且在 2026年計畫推出的產品感到非常樂觀，我們認為我們將真正滿足普通消費者的需求，從經濟角度來說，他們可能更加拮据，但絕對會成為焦點，我們認為，更高端和更專業的消費者會對我們為他們提供的產品感到非常興奮。

So it's a mixed bag, Erik. But overall, we're feeling pretty good about how GoPro is positioned going forward.

所以，艾瑞克，這是一個混合體。但總體而言，我們對 GoPro 未來的定位感到非常滿意。

Erik, I'd add on that, that our sell-through for the quarter is actually trending to what our projections are. So Nick might have alluded to that, but the demand side of the business is tracking for the quarter.

艾瑞克，我想補充一點，我們本季的銷售情況實際上與我們的預測一致。因此尼克可能已經暗示了這一點，但該業務的需求方正在追蹤本季的情況。

Okay. That's super helpful, guys. And then my follow-up, I wanted to ask about the Max camera market, the 360 market. The last MAX camera you guys launched was 2019. I realize, obviously, you can't really find one today because you're coming out with the MAX2. If we look back over, whatever, call it, the last five years, what was GoPro's share in that 360 market? And how has this market changed in the last few years, whether that's technology or price points or more competition or less competition? I'd just love to know each of those. Thanks so much guys.

好的。夥計們，這非常有幫助。接下來想問一下 Max 相機市場、360 市場。你們推出的最後一款 MAX 相機是在 2019 年。我意識到，顯然，你今天找不到一個，因為你即將推出 MAX2。如果我們回顧過去五年，GoPro 在 360 度全景相機市場的佔有率是多少？過去幾年這個市場發生了哪些變化，是技術、價格點、競爭加劇還是競爭減弱？我真的很想知道每一個。非常感謝大家。

Yeah. Erik, when we launched Max back -- I think, '19-ish, obviously, we had the bulk of the share and the bulk, meaning 80%, 90% arguably of that market. And we didn't refresh it. We're late in refreshing. And in that time period, we've had competition actually come into that market.

是的。埃里克，當我們推出 Max 時——我想，大約在 19 年左右，顯然我們佔據了大部分的份額，也就是 80% 到 90% 的市場份額。我們並沒有刷新它。我們刷新晚了。在那段時間裡，我們的市場確實已經出現了競爭對手。

And Max eroded over time. As you know, we launched it a little bit. I think we even took 10% share back in the North American market by relaunching it. So that was good. But the MAX2 refresh is an important milestone for the company to get us back into the market.

隨著時間的推移，Max 逐漸衰敗。正如你所知，我們已經啟動了它。我認為透過重新推出它，我們甚至在北美市場重新奪回了 10% 的份額。這很好。但 MAX2 的更新對於公司重返市場來說是一個重要的里程碑。

And we've seen that market grow from a few hundred thousand units a year to 1.5 million, 2 million units now estimated. So there's definitely a large opportunity for the company to participate in a very fast-growing market with the refresh of our product.

我們已經看到這個市場從每年幾十萬台成長到現在的 150 萬台，估計 200 萬台。因此，透過更新我們的產品，我們公司肯定有很大機會參與快速成長的市場。

Erik, I would just add to recount what we mentioned in our prepared remarks is that there are other growth areas as well that we're going to be targeting that we're very excited about markets we don't participate in today.

艾瑞克，我只想補充我們在準備好的發言中提到的內容，那就是我們還將瞄準其他成長領域，我們對目前尚未參與的市場感到非常興奮。

One of them is the more premium low-light camera category, which is estimated now to be more than 2 million units. And GoPro's brand and technology is primed for us to participate in that market in a meaningful way. That's another very exciting growth opportunity that we're looking forward in the nearer term.

其中之一是更高階的低光相機類別，目前估計銷量已超過 200 萬台。GoPro 的品牌和技術為我們以有意義的方式參與市場做好了準備。這是我們近期期待的另一個非常令人興奮的成長機會。

Awesome. Thank you, guys, for all that color. Good luck.

驚人的。謝謝你們，夥伴們，謝謝你們帶給我這麼多色彩。祝你好運。

Thank you.

謝謝。

That was our last question. I would now like to pass the conference back over to management for any closing remarks.

這是我們的最後一個問題。現在，我想將會議交還給管理階層，請他們發表結束語。

Thank you, operator, and thank you, everyone, for joining today's call. To summarize, we're excited for the second half of 2025 and into 2026 as we intend to bolster our position in existing markets and enter new markets with the launch of new products, which we believe will combine to enable GoPro to resume revenue and profit growth beginning in Q4 of 2025.

謝謝接線員，也謝謝大家參加今天的電話會議。總而言之，我們對 2025 年下半年和 2026 年感到興奮，因為我們打算透過推出新產品來鞏固我們在現有市場的地位並進入新市場，我們相信這些因素將使 GoPro 從 2025 年第四季開始恢復收入和利潤成長。

We look forward to addressing investors during our fireside chat at the Oppenheimer Investor Conference tomorrow at 2:05 PM Eastern Time, which will be webcast and available on our Investor Relations website. Thank you very much, everyone. This is team GoPro signing off.

我們期待在明天美國東部時間下午 2:05 舉行的奧本海默投資者會議的爐邊談話中向投資者發表講話，該會議將進行網絡直播並可在我們的投資者關係網站上查閱。非常感謝大家。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，祝您今天過得愉快。