GPRO - Earnings call transcript Q4 2018

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good day and welcome to GoPro's Q4 Financial Results 2018 Earnings Results Conference Call. Today’s conference is being recorded. At this time, I’d like to turn the conference over to Chris Clark, Head of Corporate Communications at GoPro. Please go ahead.

Christopher Clark

Thanks, operator. welcome call. fourth and XXXX and everyone conference earnings afternoon, to quarter GoPro’s full-year Good today GoPro’s me With are Brian and McGee. CFO, CEO, Nicholas Woodman;

that include get remarks we started, like remind Before I’d today statements. forward-looking everyone may to our

materially. Forward-looking which historical are statements results may and subject cause not not of number differ performance facts to future actual and a statements of risks are other are all that guarantees and to uncertainties,

do not Additionally, file of statements press We as this a provide enable release reports the Securities today to in SEC. loss this of comparisons these A based analyze update investors XX-Q are can that on new understanding margin, diluted future information Commission, it operating events. GAAP to performance. be and loss per result as believe expense, and, to results. assumptions any information to and additionally, any operations. we Information manner with reporting and risk that useful share on undertake own Today, is statements and issued our Exchange gross We of the in operating was for similar found internally non-GAAP on concerning time-to-time our a non-GAAP in net Form choose profit quarterly forward-looking ongoing quarter can our made basis. most available is net or a how use operating the of We accordance report enhance we with because to non-GAAP obligation We September afternoon. our reconciliation evaluate to operating the and manage results that in profit GAAP today. non-GAAP with economic to other as ended our perform of in expenses is file XX, recent may basic and factors information from XXXX, discuss the well may on as which we

press slides earnings the are detailed metrics webcast other the this slides These In release, link and website reference. addition we well that unless during a and the to call live Investor financial as a containing GoPro to the data XXXX. posted discussed for numbers as quarter All posted replay of revenue your today have statement otherwise fourth income is are not related call conference for than noted. GAAP on Relations today’s

Now, over call I’d to founder turn Woodman. like the CEO, and GoPro’s Nicholas to

Nicholas Woodman

for focus I GoPro's Thanks, inventory and performance, operating will and Chris, quarter demonstrated XXXX. execution In with improved a afternoon. outlook through GoPro fourth and good Today, share XXXX expense Brian you XXXX, on management. and our take disciplined thoughts on

marketing in GoPro top category. U.S., in in category. market GoPro share and XX% unit important from market HEROX position GoPro XX% sell-through Europe GoPro dollar according market, and GoPro band, despite Thailand, share the by share exciting share million, consumer was GoPro's. in and to up for In new increased million, positive $XXX approximately Group, business cash XXXX, Earnings to to and Our we EMEA continues QX. top GfK, selling X% share share, throughout investments during profitability share awareness GoPro to continued GoPro significant cameras our up GoPro's underscore data travel the XX% In and subscription respectively APAC captured cameras unit research in This in And grew grew brand category analytics positive three APAC believe business According expanded fourth in Korea, quarter, also pricing grew And the MPD share see the share. our and respond unit return grew XX% cameras fourth is starting our five back increased X dollar from And in growth also to global gains the how GoPro XX% in the and products to they’re XXXX, growth According XXX% to XX% during the our in Market QX made internationally per In community. an U.S held likely Plus with understanding up dollar share selling sell-through And XX%, marketing. to in into in year four dollar profitability of China, forecast top XXXX. out captured and were share, opportunity year-over-year. grew and year-over-year year-over-year. translate billion. in increase in our full-year $XX was the sell-through and XX%, quarter to million an share, QX, grew XX% we Thanks GoPro's revenue macroeconomic of up and as the new unit XXXX. the restored year. momentum X% we unit of all and experienced our price up the customer by and XX% understanding that XX% in $X.XX In and products, QX we share segmented, significant $XXX following. sequentially. GoPro's. better GoPro and in delivered a In XX% gains strong in and in ability $X.XX quarter, from will improved GoPro and grew XX% XX% our of social and respectively a nearly we above QX. and of dollars of year-over-year. unit they category, were $XXX how the unit We to where was in Also on fourth share consumer XX% XX% grew new global sell-through Revenue our year-over-year. were we GfK, and the year-over-year. resulted predictably customers, campaigns. to GoPro. leadership the headwinds, increased of our both Japan,

TV XX% film to And NPD. camera fourth inscription the services, Fusion the the In to resolution quarter, through user captured per share released and expanded X.XK maximum according awareness. we XXXX video and January, service increases Plus to adds which and Fusion XXX update plan professionals. XX our During enhanced for in to we U.S., grow an benefits dollar category frames in for turning second in its

research Our features indicates consumer just interest in that several key an two we them, XX. on significantly and January Plus subscribing, of offering increase launched expanded

This the we a ton a and we surpass their and support. paying at photo rollout. XX% Plus for unlimited highest quality For account now is is customer while quality. VIP gopro.com. cloud week storage end What and XXXX X% in to their QX Plus guarantee their XXX,XXX GoPro now month $X.XX includes a it, Plus reported we of free with the year-over-year. possible it's replace still This an increased early from top our at you trials damage capture increase of on $X.XX last our of means supporting and significant is accessories will value expect than video subscribers discounts move source a month, since the and this since at we've cloud This everything break it a subscribers, camera seen of automatically to on increase increase greater

the of enhance Plus We value will throughout be more launching the year. features to

continue center XXXX stores, abroad. advertising merchandising We're to focused We're a innovate base. closely our their and within customer GoPro. in and user for awareness partners, making work for emerging CRM we're presence existing markets and growing to bigger India like to priority also retail is to we America more And our in efforts retail and investments front be we scaling in both brand with North in our driving on Another our how in engage stimulate upgrades community.

For HEROX million to the equal for we shoot challenge, users awarded us. our owners XX highlight Black, than received Black submissions introduced million we HEROX asked from dollar Black launch of share of $X customers. and HEROX an We of to more where HEROX XX,XXX Black the video

As seeing XX, Without global X deepen times million helped with engagements. community. by been the we're has reel all that our platforms we're in this the our initiative I'll more relationship across XX by social doubt, of us momentum up more a business. our than with viewed encouraged million wrap January than highlight sharing has

and is $XXX been keeping stronger. million. operating this below at growth never has to a brand XXXX or with GoPro's commitment capitalize expenses on to Our momentum, expanding plan profitability

that, never products better fired will turn Our with over and I we're it to the Brian. And year up ahead. for

Brian McGee

Thanks, Nick.

at profitable with non-GAAP expenses, XXXX basis. operating GAAP positive disciplined for resulted in year fourth both Adjusted the was EBITDA quarter second of turn particular, Black overview demand our an of the cameras, of HEROX quarter XXXX. newest Let's for full-year and to our fourth flagship management million. guidance in and XXXX performance HEROX a of generation our our $XX half coupled on camera a for and for Strong and

For XX% revenue increase million, the an XXX.X XXXX, quarter fourth of of was year-over-year.

billion each grew operating the year. resulting on estimate quarter in for sequential approximately total During XX.X%, our margin a revenue $X.XX at basis, for revenue with was line quarter XXXX, in the Gross basis of roadmap points spend. product the Non-GAAP marketing decrease in and XXX sequentially. expenses innovation a We XXXX. our were while achieved this for from year, $XXX up XX% our million driving increasing

of non-GAAP non-GAAP net return XX% is line ended were respectively the of fourth and our in year XXXX. $X.XX we quarter. the We to the quarter expectations GAAP $X.XX $XX XXX, and and the income with by noted, quarter fourth compared fourth EPS profitability headcount with As in below year-ago million. increased which with

balance fourth $XXX.X as Ending Turning of to level were million up and inventory sheet. was Cash $XX the of million quarter inventory December the million $XXX XXXX. since investments sequentially. XX, lowest

in net cash XX on quarter position. DSOs days. the receivable ended were positive accounts to a And Our fourth debt we

demand fourth X.X in increase of units Now performance more over of camera revenue principally the let's in accounted totaled to million, in discuss shipped due Camera and our camera, camera year-over-year, XX% X% of shipped which the for XX% the flagship of an units our quarterly quarter. the detail. Black business HEROX quarter

by achieved from region year-over-year million, by from on year-over-year $XXX flat declined a Revenue record to revenue XX% from For Asia-Pacific North X% shipped in all America were ASP aerial revenue reported XX% defined a driven the primarily units XX% of camera in year-over-year a $XXX as XXXX. year, X.X street fourth increase reported quarter Fourth increased million Street camera basis total our million. to shipped. regions the our units $XXX, quarter. exit is increase, ASP business. while Europe divided sequentially year-over-year. was grew a Revenue the Revenue

top billion For year-over-year. we total have down estimate We the year-over-year. X% XXXX, revenue that of In XXXX quarter, increased due X% to selling units camera growth and for units, fourth quarter, grew sell-through million without regions unit was sell-through camera of the white solid growth aerial quarter X.X year-over-year. HEROX X% business HEROX unit our million $X.XX X was that but revenue, discounting. would sell-through all XXXX lower-than-expected in XX% slightly the silver across representing year-over-year. estimate the Sell-through Black our was by December in approximately expectations cameras. behind excluding was approximately of

believe, Black, significantly approximately the mix channel We're our particular, is inventory representing year, of channel channel by prior improved years. ending Our declining, the compared favorable pleased primarily over XX% that prior cameras HEROX in three camera, we inventory a year-over-year. HEROX to as

we production announced, bound out previously to QX Mexico. and of of China begin to will share camera U.S plan As Guadalajara, move up camera happy production we most U.S our bound in that we're wrapping in today

China We and will hub maintain strategic remains China and cameras for bound market GoPro. consumer an production important for in non-U.S

to upper our Gross generate XXXX. tariff below the the and expenses chain non-GAAP to expect played we a XXXX, out second XXXX in we sell-in profitability efficiency, in approach makes a million. the supply improve savings operating we now came largely target as XXs tariff year-ago, served of recovered On to to fourth of sense year-over-year. both I catalyst strategic unit While guidance this returning half. sell-through and to as expect booth. for and will units in discussed had quarter a of basis to the regardless modest provide $XXX Framing margin grow threat

service through as high-end, We and increase, ASPs expect result, we our mix and Plus to our expect shift expect our to the we enhanced grow to And offering continue a marketing efforts. subscription expanded of to cameras to

grow year-over-year a on We quarter each to revenue expect basis.

based Our to to revenue expectation overall the X%. above grow between is on XXXX for X%

X%. We plus expect margin or minus to be XX%

non-GAAP in $XX be expect to expense to $X.X approximately million to million be income other expense We million $X and expense. approximately tax and

lead an XX% million, of over XX%, to the the We half X% performance $XXX this a million. using share profitable. of XXXX. flat range revenue, to X%, of in grow believe With revenue XXXX, growth, per XXXX specifically, fully positive and a Gross With in are take of should $X.XX XXXX, We EPS to non-GAAP we're point $XXX combination our expenses $X.XX revenue improvement million pleased expenses $XXX we of plus of a ready range with increase XXX XXX we or the in expect first More continued diluted XXXX. to be momentum million. for or XXXX. of focus EBITDA, share. in margin and approximately profitability first count in operating million margin to and deliver growth to operator, with expect half first basis summarize, minus be that, To Operating improvement a to the of we are questions. over of $XXX cash to half

Operator

J.P. Paul is from [Operator Instructions] Morgan question Coster Our with first coming

Paul Coster

And what -- pleased that can community, the to Yes. authenticity the products hand my talked Thanks relationship and just about hand you of wondering have if on doing the you in little but demographic. for and nature should demo growth? on reacquainting the of be that taking investors us that question. with it a the talk very to about bit limit yourselves core I’m one of your other you’re Nick, terms extent concerned of that does

Nicholas Woodman

Thanks, Paul.

their of better reached I as who core have what when customers pretty customer core we relating as mind, GoPro. core yet. lot in that. a community our job need with that's extreme sports and core done well we in existing and And recognizing our have better that we don't both go I that but genuine have like understand for the that people think ownership haven't mean to we there, that or a we segments say we mean are customers quickly much core understanding is core, the or customer anything out of a

we trying are to that rather those and converting to better that messages too a dollars and them and solution So on focused understanding both than with do as marketing effective paying customers are segments can we try spread more encountering to for, at products everyone, job more to customer our our reach GoPro thin them so addressing and serves the better that relate our problems into with a customers. marketing educating

phenomenal we said totally how new But very attracting the share believe on tells to customer metric. are customers upgrades also well that as Black of which doing are encouraged drive reengaging upgrades and customers. as towards is reporting Black HEROX all than drive a releases, specifics ASP, are but we’re or percentage We and higher helping of have of a This great exciting. SKU seeing HEROX And shift well. us the with helping is, job we is is and attracting, educating we’re product in by our going is focused just periodic which uptick of it's unit are prior we closely some engaging trend base this on the we we're it, a growth will is helping also some and drive color overall HEROX indicative a existing begin which as on we give that seeing. us new but This we that watching not Black,

Paul Coster

is obviously in product also towards and just sort so. unpredictability if even talked wondering lineup The that I’m HEROX XXXX? narrower with narrower lineup. associates the Black, but and about the you helpful. point this of product with silver success an white great relatively Does less very the

Nicholas Woodman

there research, so consumers, segmentation customer traditionally, from hitting customer we’ve recognized points previous is -- primarily it and actually comes value, we that which used a And we price sets their general focused to $XXX active helping comes towards band, customers strong, customers are lifestyles certain seen one that that segments. And more when than segments much we've customer understanding Well, shift and which pulling price focused hadn't insights points with our launches. as in learned down GoPro when down particular to feature our something of and we’ve Black we I price are general And there on that -- for the point customer HEROX case, been has people product it think value. consumer all our is serve and super And used and product. sense. narrowly the before that on capture been we super that those through see in segment case price is it's up

Its a creating return customers, time to Black. user we pull is such which is when to percentage pull silver this created, So more to is on to super profitability, growth, endorsement much a expanding there of another our Its spend HEROX are the customers our HEROX but is brand we've magnetic much best on we to ability, is drive focusing white too there's by for our to factor, is up which shift us satisfied the customer Black experience which ever without for could helping understand value, user is our are importance important you product, a that's of significance so selling business. -- ability HEROX every important experience, ASP, beneficial and why the high customers valued, level. we us at this of and so is better more the a far and expanding acknowledging which and our seeing our model, of Black many the we're helping of very

not have benefit customer we and time that that that additional GoPro serve little important. it we product go it the So can and see an net-net, to we and I HEROX to see future, can Black opportunity from as yet by super I don't additional marketing think could how addressed shift identifying this also is today. segments I a see to narrowing. actually give over segments color really we development. expand those

Paul Coster

you. Thank Okay.

Operator

with Oppenheimer Andrew Company. And our Uerkwitz question next & is from

Andrew Uerkwitz

Nick, out my travel expand strategy that marketing expanding customer of in going XXXX? One, on Thanks year the you your you. segments. any I that started kind guys. guys on base. a and tourist more how little question. could last Thanks, Thank reach color on you for Hey. bit changes towards taking to that how's know

Nicholas Woodman

all more the market is we driven, getting more very as for big our active that a in. that sitting is and GoPro. Travel the about largest the around customers way. Yes. travel days cultures of experiencing in the is out It we -- and pool less that participate experience And segment becoming these more activity majority a more hotel the and visit know,

Hero And that’s to active to And challenges meaningful yet of solved. units, that of other for opportunity be good serve very strong people right of And just that travelers. our we've a to more that into translates Indicative you're you’re mentioned And push Southeast consumers. to terms a based last recognize market other for a then consumer if GoPro you marketing job shared position for that so in that. us with something of is, segmentation growth, doesn't active that In there aren't and for social mean product also customer remarks it's a the to in to lifestyles. as we attention more feeds, a up GoPro's It's had done paying solution our marketing, capture this in year-over-year. their lineup. segments solution XXX% more a GoPro prepared of and travel as see us seeing to vision you'll is active But as see camera our expanding we've seasonally. Asia, serve you'll development. that solution travel seeing we significant for continue. from as significant is Thailand going this That's a year

the we rather customers be that to And our just specifically to more specifically pigeonholed additional I GoPro opportunity And doing but relevant an as even point focused being try to considered. identify closely actually customers development solved that haven't I it for being see might segments. relevant, have so hammer research relevant That’s grow by that, than we be more we narrowly GoPro for yet. reaching working want otherwise consumers rather about than product and we're customer broadly to expanded home where are all more to being say on to can with more

Andrew Uerkwitz

on generation I’m appreciate be little to of think a kind Sure. you need going push I of is the customers? deliver hardware integration-based, features this there software these color. you deliver going to functionalities more able think to here. or you kind just to to are Thanks. certain new or forward, bit Do expand

Nicholas Woodman

XXXX us -- to gives footing, think with this I It's ability -- feels momentum be terrific it to a brings And stable into Both. constructively up the point. on build the that momentum, now past. we’ve to ways we've and grow that spend for business, our years to to firefighting energy to our opposed the on and in business frankly in time do as got look as and which

our for for been development the translates ahead business we're and feeling already that that because we’ve previous And energy and into we’ve asking what's we're and where year next, So in seeing product -- years. invigorated of benefits got already in bandwidth of in the the energy it customers it. them -- this we got our engaging

business very I OpEx significant to unlimited gopro.com our can in that features that So a GoPro We're Plus. shared advancements XX later as will as we to those a on believe making consumer discounts that are indicated at going million. features be at focused our consumers can in with to hardware and releasing with well exciting storage, We we’re desire -- anymore year have do impact be for significant in other an detail increased our expanded We in share January of subscribe. include to that solution researches recently way software. services the both we And offering OpEx or below. excited we keeping of on that as as $XXX we terms that can't and with within set expand except level

this of lots GoPro So year. from innovation coming

Andrew Uerkwitz

much additional for the color. Thank Great. so you

Nicholas Woodman

Thank you.

Operator

next Anderson Morgan Stanley. question from Yuuji will be Instructions] Our [Operator with

Yuuji Anderson

late here. a color for there? question. expect couple if get And for Thanks of But Just on apologize, on we what we can taking some to -- a things. I QX hoping my because Great. can I I little was hopped

versus million or Given be to QX think we gave what for for quarter million for sell-through for in expecting? you X previously second were forecasting X.X you drawdown update Should results the were you part X million originally And in well. believe, channel I what what on more sell-through units. expectations was than unit expecting then -- a March the be, that the obviously quarter. the Could for for previous you I forecast units would the please as additional

Brian McGee

Yuuji. end and Brian. Hi, Yes. can the question, into see are February we think -- your January is we project exactly maybe sell-through, at we more, at month On it's to We we This can least to XXX,XXX that. forward maybe units, March. tracking in where are and of

number. feel we good about that So pretty

first of So line seen. But the guidance. kind X% I given that’s Black and actually of start provided year and little at of first HEROX compared quite to We history, expect With to kind growth guidance respect about of year. the half of half our quarter, and very strength much frankly ASP units with we unit last of of growth the ASP kind the first to and of XXXX than kind bit the full-year better, a of about similar we've in growth X%. midpoint with last it's

of the Black. put HEROX range, into ASPs and the that So on strength would that’s XXX

see to higher mix that, continue As we end. shift to the that's

QX -- high we for XX% the the for year. split That’s side bit little of Turning to on look a of revenue, street street and is between about for the consensus at the historical now GoPro. QX QX, revenue contribution revenue if QX right

into the QX between little So low and without consensus is current high specifics QX, and a a on I'd on QX. say that little going QX bit

reminder, a our behind out QX of bit. balance So second-biggest kind quarter typically as a little that QX. is And

I revenue after is think half, revenue growth. year-over-year. to stronger we So growth to to be important XX% expect point of much expected out. growth X% Net-net than QX kind that's QX revenue of the first

the kind that that’s helps. of if So we how position quarters,

Yuuji Anderson

for launch considering us the believe Okay. update on quick Do launched cadence just Yes, just that’s last you And product QX a because this in -- year, follow-up. Hero helpful. of you I year.

be a we launch as well? expecting should product So QX

Nicholas Woodman

products Yuji. cannot I launch on we launch until information any them, share that

Yuuji Anderson

Okay. All much. right. Fair enough. so you Thank

Nicholas Woodman

Thank you.

Operator

Nikolay is Todorov question from Longbow next our with And Research.

Nikolay Todorov

Hey, first said gross that on I guys. quarter Good the Brian, should gross and at in maintain least. that close margin afternoon. fourth correctly if sequentially expect XX%, quarter XX%, quarter, you to margin. September recall to you Question be into should

Now I hit was of leaner, discounting. took little half, else weakness, down the in give bit could into quarter some guide or a expect fourth inventories margin wonder And why the given then channel are you playing protection of and the a now please XX% anything first some is any color you just factor? because this of us so there price that

Brian McGee

half second into half. volume and better the kind benefit protection. for price higher the first than look this works that being We with a very historically, no margin quarter-to-quarter. not costs. of gross this that volume the the absorbing because No, fixed think is at specific We the just of I Actually it's metric much get additional way company to tend look the get for year its

to So and levels where minus or we throughout XX% out point. to our percentage we plus a margin increase by guidance it the year put tend

Nikolay Todorov

range, how long-term like, think -- Okay. that for was to terms about Is in XX%? haven't because I that think we I Last should updated of a XX% time think XX% you while. it

Brian McGee

to the is XX% long-term XX%. I in think the probably range

operating have think can and the more on And of actually that bottom that bit cost, a both out nicely. do company. our there's with been product line point we also to margin I the growth, growing Plus has service leverage quite but on

on year-over-year. to top And than grow so it at significantly has subscribers line the contribution continuing in to drive grew more of Plus a We XX% as and a want 'XX. paid and our in bottom-line service It does moment. margin

a key the focus that’s for So company.

Nikolay Todorov

Okay.

Brian McGee

highest driving least we’re addition that’s more on the the HEROX our at at On right, That’s basis margin, ASP high-end, dollar high-end. in Black. and And a to driving overall

So think about like that.

Nikolay Todorov

Yes.

Europe Okay. significantly markets in you curious just extent the inventory leaner I’m Can by can That’s North than the color helpful. to America? What on give growth and like is geography? us channel you Asia channel some

Brian McGee

just -- if of think like I to the in here HEROX in we've in never inventory actually of is been years, have product XX weeks three range. that’s channels to of I been And that Black kind forward-looking. -- aggregate, X at week I’ve that’s that look the [indiscernible] range in since

good I of but feel I much forward-looking don’t all have the we with inventory. region, pretty about a And that regions weeks split line think that. are in So by

Nikolay Todorov

some kind maybe from of what It And Thanks. bit were Okay. or of learned little seems just and lessons last us you a Silver qualitatively? it me. HEROX That’s those product not, expectations like trailed sense question. but White for give two launches you can

Nicholas Woodman

Well, higher at it. to that as as HEROX point, that, even shown to research we value. on attracted answer lot with they and a are I a outsized to when we're value And price the are shared mentioning, doing consumers they price up I days. to They attracted attracted mentioned willing also more I've points, to value that see Black trade previous been certain but are they’ve they're customer learned to these

see we we on to as XXX up, year, that point, been the build we've that much to something learned before. trade is value significant XXX So one of trade XXX up of and over when into XXX based that customers see we price past that haven't is value. we've But investments enough making we the seen used customers which data even points

fortunately SKU price to continue seeing new very all bigger would that we how right. and that our say that to we drive as point we're build I to continue get products, role to opportunity value it's XXX mix product when the customers into play drive of and but a So ASP a important that

encouraging. that's So

Nikolay Todorov

guys. luck. Good Okay. That's Thanks, great.

Nicholas Woodman

you. Thank

Brian McGee

Thank you.

Operator

[Operator will next Suva Jim our from Instructions] We question with take Citi.

Jim Suva

your and similar your but it cadence help more or heard much. the about promotions for we I model of if that, be very of we with for in was question to When chain the in year. impact it what for as EPS you to that you progressed we is guided like from giving a and Thank $X.XX. us supply quarters past history the about think about $X.XX at when this China, seen December you importantly we've it shift way linearity think a Mexico kind XXXX, in the Quick shifting the strongest, we launch as -- supply-chain accurately. quarter linearity the product correctly, your promotions you that can looking did would the Obviously, should

Brian McGee

supply-chain in Yes. This Brian. start shift in well. We is remarks. worked we Hi, said pretty get teams The outcome. our QX as prepared quarterly Jim. production that the won't in out affect The

over XXXX historical that is the I would mentioned in pretty imply in on kind probably to with to lowest. cadence QX expect year-over-year every thing being other obviously revenue a cadence growth and the XXXX, we similar of the think a being I happen quarter, QX biggest,

that in So move will it direction.

Jim Suva

where up inventory, on flow similar described and follow-up or you what supply-chain. ramp the to we quick think should or I’m about sorts quarter, just inventory kind and cash to of seasonality buffer that procurement my don’t within and a need Then maybe imagining only build Okay. here you bit it maybe start to about as we it is with so it that it. need worry then I’m little change and itself in production guessing a the out in or new maybe on off you of

Nicholas Woodman

Yes.

I sorts out quarter. the think it in itself

I we differences in in that year grow we said will $XXX always cash. working There's quarter-to-quarter. happen terms end in will so think our of we above remarks, cash capital the As prepared million,

we would our if that impact CMs last the you at change with in consistent that would is yes, just annual grow. think in think And think I don't be QX, bulk to supply-chain going of scale we I with look have inventory. the given cash which expect But, be years. I to the on cadence, two should

Jim Suva

so details much appreciated. It's the and for Thank clarifications. you greatly

Nicholas Woodman

Thanks. worries. No

Operator

concludes That remarks. question-and-answer session. our the over to I to would back turn management closing or for additional like conference

Nicholas Woodman

I'd XXXX operator. sharing like great you, after close Thank a it quarter. to feels with be momentum such fourth that by strong entering to

share GoPro helping satisfaction for a and and out ways much everything off. call is and is brand Black everyone. generating around to special in you thank consumer to and customers is Thanks make it. such Happy a a signing exciting Our the and makes successful fun this ton very to we're ton want a joining around company. world for itself XXX I world. in great And the the shout team do big capture HEROX world of having they GoPro GoPro. today's excitement doing We're This all happy shape very employees of

Operator

conference. And Thank today’s this concludes you participation. for your

GoPro (GPRO) 6 Feb 192018 Q4 Earnings call transcript