![]() With the world having essentially moved on from the pandemic and consumers spending more of their time and money in retail stores, we believe an updated go-to-market strategy will accelerate growth in units, subscribers, revenue, adjusted EBITDA and earnings. This is largely due to improved in-app marketing of GoPro subscription benefits. In Q1 2023, our subscription attach rate from consumers who purchased a camera at retail and later subscribed via our app was approximately 50%, a 23% year-over-year improvement. ![]() For more than a year now, we have generated more new subscribers via our retail channel than via, even with 's subscriber attach rate remaining above 90%. We expect to finish the year with between 2.45 million and 2.6 million subscribers, which should result in $100 million in subscription and service revenue for the year. In Q1, our first year renewal was between 60% to 65% and second year renewal was between 70% to 75%. We continue to see improvements in retention of annual subscribers, who represent nearly 90% of our total subscriber count. We ended the quarter with 2.36 million GoPro subscribers, up 36% year over year. Our high-margin subscription and service revenue continues to contribute meaningfully to our bottom-line, generating $23 million in revenue in the quarter, which was up 24% year over year and represented 13% of revenue. We reduced channel inventory in the quarter by nearly 95,000 units to below 600,000 units, setting us up well for the rest of the year. Regionally, North America and Asia Pacific led our Q1 outperformance and demand was better than expected in our direct-to-consumer channel on. Sell-through was approximately 575,000 units, nearly 10% above our previous guidance of 525,000 units and flat year over year. I encourage everybody to spend some time reading the details of our management commentary that is posted on our IR website, which includes our updated strategy that we believe will accelerate growth in units, subscribers, revenue, adjusted EBITDA and earnings.ĭemand for our product during Q1 exceeded expectations. I'm going to briefly cover the highlights from our posted management commentary before Brian and I take questions. Nicholas Woodman - Chief Executive Officer Now, I'll turn the call over to GoPro's Founder and CEO, Nicholas Woodman. 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. ![]() 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. 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. 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, 2022, which is on file with the Securities and Exchange Commission and other reports that we may file from time to time with the SEC. This means that results could change at any time and we do not undertake any obligation to update these statements as a result of new information or future events. and GoPro wasn't one of them! That's right - they think these 10 stocks are even better buys. They just revealed what they believe are the ten best stocks for investors to buy right now. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* ![]() When o ur analyst team has a stock tip, it can pay to listen. Additionally, any forward-looking statements made today are based on assumptions as of today. Forward-looking statements and all other statements that are 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. Before I pass the call to Nick, I'd like to remind everyone that our remarks today may include forward-looking statements. Today's agenda will include a brief introduction from Nick followed by Q&A.įor detailed information about our first quarter 2023 performance and our outlook, please read the management commentary we posted to the investor relations section of GoPro's website. Good afternoon, everyone, and welcome to GoPro's first quarter 2023 earnings conference call With me today are GoPro's CEO, Nicholas Woodman and CFO and COO, Brian McGee. I will now hand you over to your host, Christopher Clark, vice president of corporate communications, to begin.Ĭhristopher Clark - Vice President, Corporate Communications Hello, everybody, and welcome to GoPro's first quarter 2023 earnings conference call My name is Sam, and I'll be coordinating your call today. ![]()
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