GPRO - Earnings call transcript Q4 2021

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Operator

Good day and welcome to GoPro’s Q4 2021 Earnings Conference Call. Today’s conference is being recorded. At this time, I would like to turn the conference over to Jalene Hoover, VP of Investor Relations. Please go ahead, ma’am.

Jalene Hoover

Thank you, operator. welcome fourth and earnings and everyone call. conference afternoon, to quarter GoPro’s XXXX Good are Nicholas GoPro’s and today me With CEO, McGee. COO, Woodman; Brian CFO and Today’s Nick introduction a agenda Q&A. by from will include followed brief

outlook, Relations about information we and and management fourth For please GoPro’s detailed the Investor our read to XXXX quarter performance our website. posted commentary

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

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

perform obligation any of XX-K Additionally, events. the We about the our This the time December reports is means limited made new not as to, enhance and We commentary file and non-GAAP on on evaluate understanding We basic GAAP, risk loss, of that non-GAAP recent information ongoing a operating and use performance. profit a in accordance to with SEC. based uncertainty the additionally, enable press results. our the annual reconciliation can which change Form expenses results ended was XXXX, a as other outlook provide based with and on to that file issued related A our that choose as results EBITDA our on for do the our today’s COVID-XX not Securities assumptions is we pandemic. is internally could information available afternoon, comparisons manner duration this of on because in well are the and information which how result report discuss at non-GAAP non-GAAP factors of Exchange most loss our year the may as time-to-time forward-looking to Today posted future any business similar operating today, investors concerning operations share reporting to gross impact to our but on date. Information we statements XX, and margin, and net own or manage in it update useful, to to release statements operating with of found that in GAAP of from basis. and per we any available website. diluted economic to and operating is of our in these is Commission this believe including, the net profit be and information undertake as may we results today can and analyze expense,

well webcast and that revenue, noted, call, website of Relations conference for are numbers your we discussed the replay related otherwise to In as the are call Investor Unless other press release income a posted a the slides commentary, management The and detailed earnings the management for XXXX. today’s commentary addition financial have and statement fourth live quarter this GoPro during all containing and non-GAAP. data than for and posted to reference. today are slides link metrics as on

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

Nicholas Woodman

to XXx to up cash to our GAAP offerings XXXX more $XXX Thanks, over Class $X.XX. with direct-to-consumer common for successfully basis full $XXX while and Effective cash basis and Jalene XX% bringing contributed holidays stocked of non-GAAP $X.XX of We coupled globally XX.X% and to balance consecutive hardware, with to QX XXXX up of of centric chain X% more end profitability, performance XX.X% on a launched to Margins income This $XX shelves to repurchase and earnings EPS thrived. grow HEROXX XXXX our supply innovative up camera, revenue the year year-over-year. well share generating EPS year In million. increased generation to net XXXX, record Black. as increasing kept A afternoon, successful expected a GAAP first margins with was on challenging non-GAAP. grew million. $X.XX, our with generation third to win the was our non-GAAP $XXX revenue and environment software of our cash billion, business a stock. GoPro strong to a announce new year management revenue, X% home million with revenue a launch than up and we future flagship million good navigated everyone. the subscription profitable new leveraged decision and subscription QX year-over-year, and strategy the as and impressive our grew program

to our In revenue e-commerce optimization also development XXXX we a across approach our including of QX our profitability, direct-to-consumer grew in year-over-year from business, representing our of XX% year year-over-year. $XXX was XX% revenue or XX% direct-to-consumer modernizing addition infrastructure. revenue XXXX, in growth revenue, XX% XXXX. refining to product and was revenue $XXX In record XX% and up a million million, up of

XXX,XXX in contributed million to earnings Our XXXX, the year metric. previous representing favorable this end, of mentioned further at to we have to with the our rates are XXX% report GoPro subscribers X.X on to addition important new approximately opportunities strong very year-over-year. direct-to-consumer GoPro total subscriber at levels happy bringing And that retention calls efforts several growth on same improve remained we subscriber

of Our to not grew users for own in Quik GoPro by spring a subscription, launched who year app camera, end. mobile XXX,XXX do subscribers approximately we XXXX which

creating portfolio enhancing solutions offerings, needs new targeting will in a our ecosystem, offering expand more our to use to us hardware Looking at by upcoming cloud conveniently to customers cases achieve who customers address We manner plan application our broader today, and of may cases appealing our and and specific capabilities may a while to and a GoPro we our serve software diversify enable to derivative better beyond, expanding own expand customers, camera. mobile TAM customer than XXXX we help TAM. business not success, cameras desktop and product use GoPro or products leveraging to new automation believe expanding more to do our grow our and TAM

for past needs industry In Our product our require imaging roadmap solutions, is this second stabilization. accordingly to Arts provide. our week, time of the of hypersmooth GoPro and just robust, tailored GoPro was the types professionals National consumers and positioned by video Television Sciences whose is with Award, leading Emmy uniquely Academy digital recognizing honored the

planned increase GoPro’s have four the of Emmys distinct people. camera end two to for product two and including to by MAX in offering hardware you an and is the testament for incredibly XXXX. of to new expand we HERO world And the Our and new results expect roadmap around end products. thank to delivering further of thriving innovation At all aggressive plan in the are XXXX, capabilities our from we we subscription-based today, the and team application. we such types XXXX. that congratulations to software, impressive This desktop To GoPro addition talented cloud culture the have

You impressive conditions products definitely business and of seen navigated deliver some results. ever the most equally to has the financial challenging market-defining world

to Congratulations Outside passionately as year. operator, we the in Magazine’s supportive to our execution combined Places GoPro are Work. XXXX, thank look that believe to work in one and Most again, deliver land forward to Desirable another number what you business large ready stellar review be Your We with of everyone. the culture also positive XXth on questions. anniversary this take With to will building our momentum all year we of

Operator

of Erik Morgan Woodring go Instructions] we to question Thank our Stanley. will you. from first And [Operator

Erik Woodring

Hey, your good afternoon guys. had here. Congrats quarter this year. Maybe this year is first where you the on full take in subscription market we bundle if back, the the step a for

plan maybe enhance to learned the your So, provide value you I proposition value have I customers? you a And would to what to follow-up. how just love more know then for guys and there

Nicholas Woodman

Nick. Thank Hey, Erik. is you. This

want us, this our there. business answer really our We but that, are market significant are it. has I our appreciate to hard a we to really to just that right been in the want stable acknowledge be feeling such can and challenges businesses have grateful GoPro ahead grateful working many and position, been strategy, I and to space how know now. acknowledge tough the of how facing in I question, partners to and and many And day we for takes our importantly, tough strength execution, take growth for GoPro we of thanks opportunities it’s business have are most people a with the and Before

in So well. learned turmoil gopro.com have the we a going the world we are hit some They of that’s the Well, we They create with through Eric, IQ and have subscription on and how see be through learn thankfully on is the other did are rate, happy businesses we passing XX%. further it to to with to looking we going forward a pull offering to attach consumers. to continue other to is what convert and greater purchase been just at side than camera want are value? test. as what acknowledge subscription and the

of general newest offering be, and So would driving it awareness. of at to is done there And that’s as still are and And that in awareness awareness the to we for at drive a opportunity big products. recognize awareness we more gopro.com. we high to GoPro enduring. is at us. better be better like general, drive in our as getting not That’s Awareness

dream the very and in living much all immersed are We GoPro.

So, that proposition on to a is awareness everybody latest our gopro.com. do and more it’s the and to at the call. a our there value drive the we reality is can offerings, lot brand, us company obvious But as of

see right. So as we that an opportunity,

on engagement various we driving of offer. engagement have calls, of as terms we In we that mentioned seeing benefits the are further engagement, good previous

users But us, into making our cloud, more they see convenience. are we but they or see editing really is want for tools of a automation call and want more through experience their mass-market users. well the the are more and tailored to them, are are The what they would passion we the some is They creative we move doing So, use subscribers work. on casual subscription. in to for from want research curve interested done are of mainstream to have types. on see higher that more see what the hobby profession This

we you where your videos providing beer. just charge, with your you year, imagine, our automatically the already that As porting be them. to the good all to it want the that app captured a and photos experience in they cloud, of automated going plug cloud just much And into GoPro for all for tools the news and edit your we is your of we a automated manual push finished you all that you and uploads more have this to The to footage you are edits. edit technology before highlight work of can it

type our south. that convenience keep simplification type that believe So, this of to and rate churn further drive moving are the And subscribers later features coming those value of going that is engagement that, we year. are for and

Erik Woodring

That you again expand the from side in awesome expanding to Thank an you Maybe for was of two product value are models XXXX. touch add looking and product four response. other types on to where kind of the you and or types then to that that. hardware distinct TAM, mentioned expanding

So, of will Congrats. just help the Thanks, And me. sell-through opportunity could can any that to directionality that for about you details and how potentially maybe be it forward? think guys. how could us it meaningful additional moving be share impact

Nicholas Woodman

today more limited when you. HERO a lens camera An its by we MAX being opportunity a you Sure, will could or professional do a looking value. cars you that really cameras older like various – that are MAX scale the analogy camera line, could the I to more even I we at of for business HERO and than needs serve have hardware have argue and some camera saying many models just lot price consumer about for customer to demands satisfy a fashion base base mean, camera the XXX really HERO today GoPro’s and points serve of think specialized a two really does a But you really maximize success be or ways they and how Chevy of we penetration. in ways is HERO GoPro’s lower we and start MAX. Yes, have that And thank MAX. proof look larger at needs types, the specialized we type sell two to point dual and/or brands high-end consumers at sell, in and specialized make we than like to our look you that of function to-date is their Ford TAM car or it customer their Porsche, have with and

that we excited sometimes we job to that leverage can where in our what serve areas, can in had even most is product can’t business and have that growing, is full-blown more as we we our introduce. one the existing cracking today. like Because And are years product types go to think code manufacturers, And performance, better we go as it new we something cameras powerful to the users do other camera a our TAM. further just these our get It of on best produce best way business the ways grow that a car also profit can types but way the doing how is from spent just, HERO stable, good that’s we strategy, is investment because our in is and finally the to new even these of camera is can able a a return the some areas more the we were is much from about. the company from what products have and of for on than we the derivative after line HERO is a we the and understand platforms new certain than to very several narrow go-to-market past. that that reasons profitable Unlike any of more business. small be end today in business So, conveniently the like that. we customers really can are But do user camera derive margin as and ongoing requests for are focus, we demand in product

which confidently us came we for is we the to products able be with really has approach turned business are direct-to-consumer But word with up to success, our and out subscription our I so some do in now with new that quite of here these to centric that derivative cameras we profitability, to platform And camera obviously OpEx we and modestly and that successful growth grow to to want camera And invest stress expensive. expense have be are as going able important, that that’s that today. a are go existing about we new this more opportunity we make initiating less ground-up programs, technology because able why to are than at and increased would were to hear you leverage the if further. these which attack with

Erik Woodring

Nick. Awesome. you, Thank

Operator

go will & Martin we And Yang of Oppenheimer Company. to

Martin Yang

question. afternoon. good for Hi, taking Thanks the

to traffic subscriber sub So, I Can into go slight that gopro.com retail? retailer highly a level maybe count? why stronger you subscribers. higher lead think revenue a on favors retail a your can stronger lower expecting the a And going my relatively having end you to first you to more up mentioned question are end the and a perhaps the mix total now where And is year count. maybe details, miss led reasoning you around

Brian McGee

is question. Hey, Good Martin. Brian. This

QX, to a we As Gopro.com $XXX kind happened QX. of up for retail did XX% at I did well. we well million. exceptionally year, thing were the similar mean, QX too. looked

increased kind Our our sub which – $XX on for around subscription you of The the was that low very KPIs mid-XXs. was year will doubled subscription, gopro.com, and revenue XXs the to more is subscription high which fact million we that’s have year-over-year, margins. than more attach in is XXish,

And was moved ago the X% by attach about a steadily mobile. So through end XX%. XX% year to of that QX, year. was about improving actually has from it and attach improved. retail then the been QX And

in retail, the the gopro.com mix XX% given XX% shift of to that’s equation XX%. gets just units, been to that so, very to dynamics just tough, XX% But And versus encouraging. pretty right,

year did of was challenge XX%. the that retail. there was it’s two through we strong up well just Retail us the So, and and XX% the very has the channels. company very strength direct-to-consumer between mix at often for And great have done

the the from it’s into came we little look the demand of of are shy positive subscription we X.X actually obviously, were a growth XXXX. and ahead to million, driving attribute really where So as a bit that KPIs more but

Martin Yang

is a retail that follow-up would higher relative target XQ maybe expect, XXXX your And sub a million in Yes. that than of more channel that X.X that on stronger mix? a was I target factored is has that a what you in saw little or normalized

Brian McGee

about It’s have rest about and the XX% the was retail. we was ending. same mix We had that direct-to-consumer

does X do sometimes can DXC. X direct-to-consumer goes through we the It’s about in worth that if better subs X, out Now, X pointing on in better, cameras number.

in we well growth. out, growth And you model so to expect ASP unit as as as have XXXX

can you of kind get and to out of So that kind numbers. model those

Martin Yang

Thank it. very you Got much.

Operator

question from next Nik of the is Todorov Longbow Research. And

Nik Todorov

Hey, guys. Good afternoon.

$XXX guidance, gross on million clarification sales, million get for the a I if take of margin Brian, to million the $XX the on first operating quarter profit. $XX First, about on midpoint XX.X% OpEx, I and

you the to comments of million net million $XX me, income. bridge Can for $XX think please? that say I

Brian McGee

approximately Yes. a well. spread I in on there and as million margin $XX is said OpEx

midpoint things delivered XXXX We to I to get into in results net And in on model think $XX great on two continuing up income. in So, up XXX%, nearly XXXX will see I XXX% QX. just terrific think you million up is it’s those range. $XX X% set the revenue guided, million – we that the and on to the XXX%,

the are on more So we XX% we getting transitioning units good really your the are to high at unit, leverage because model on end.

Margins We are subscription. have more up.

OpEx line. flowing the bottom to that’s more controlling and are We

So, play did it is in as the out ‘XX. in continuing ‘XX to model

Nik Todorov

in struggling or question still on think the $XX comments am Okay. you net units you Alright. income. How this the get quarter, first strategy then I because, what year? million expecting Maybe are it be we the units And and for in think slight on can sell-through, about sell-through think to million should of your up. the you inventory about guiding I for quarter offline to take a channel based decline then $XX to we again, year-over-year. sell-through But – I can first are will you year? say how to

Brian McGee

Yes.

over expect sell-through. units in we QX, to For be XXX,XXX

that. We seeing are

at doing have Gopro.com back. North actually And COVID. well. very of has Europe coming the America is seen been rebound We beginning

and about will XXX,XXX feel the good little bit we that. be It than sell-in. So, will between It a be XXX,XXX less XXX,XXX.

So, channel flow going little quarter-to-quarter. and QX. bit ebb inventory come down would in it’s to And a

we I For would from will year, the be the be units and think year. sell-through units up. for But think largely sell-in balanced

I maybe think more think talked So, Nick see about had as roadmap, I sell-in in of QX. you’d kind more and sell-through the bit a products,

So, throughout it balances kind out of year. the

Nik Todorov

Okay. can the different years? for you I good, new is your Nick, the hardware last strategy roadmap for you say... better, of can’t how I question, best you guess know contrast and are than that And running couple the compare

Nicholas Woodman

am I asked. glad you

the every most the buy level value offer your to passion is they important expensive to most So, or at consumer they it is capable, where are, where to got you products. and options consumers, need want some consumer not to meet

So, focus we are that still will we more another. premium have our value one offerings from solutions But today. on do like is differentiated

strategy similar. to products rates, that price went the better, at points were different cases. products. detail you higher highest to without camera, and So, have, as the our if built used into about were price they best some of you going use additional look three And resolution, themselves, frame by-and-large, the the was that same features the point we good, they very for higher same got camera maybe But

attracting the were an type. But customer but or been customer. the same high-end mid-level at just, entry-level, might same customer, have they So, you

for user to camera groups to maybe it the these solves, Going all entirely does. but camera to that it’s new got the aspects build appeal cases, that Hero forward, that, users undesirable new we other to that needs important think differentiated maybe Hero are solutions some use for case. things other need And a use of have specialized very that different it’s doesn’t

ends it not need. being enough need more they or so And they than what up of

And it’s identifying to consumer because gets Emmy, HyperSmooth professionals purposes, commercial what We stabilization. video we are by film, mention work that I focused are team challenges the I their second just the very own that our for on think particular own congrats, point make again people so are television, world whether used a are the it purposes. sometimes GoPros professional, research to and won it for having. on over, their And missed their

best guys want make that case, it them. deserve G, And Swiss it’s it. use got A, people, And army we what But one C, all F, better, all are B, one does recognition You strategy, rather very knives. another. knife and build not that’s from people to it’s different E, good, specialized than D, for for some some a going

Nick Todorov

Got for it. Thanks the answer.

Nicholas Woodman

you. Thank

Operator

question, our Chung to next with go will JPMorgan. we And Paul

Paul Chung

the Hey, guys. Thanks for taking question.

similar. the like just to products, kind range, guide margin is are it looking new the of more to users, on both, going be so there, again, there? just derivative comments combination to gross you to And then your different ASPs looks are demographics growth of So, of expect existing trend. similar to of how kind expand I pretty sub It kind pretty it drive attack is

Nicholas Woodman

see lot margin products. that business turning more sales going on. what And earnings products, they from needs. or with experience like We it’s are building brand be pros that specific in had GoPro And for Yes. chasing We ultimate possible we of have that unit and of move, quality and the approach. we to performing and volume it’s dumbing business for out be from those as looking like lower that a products consumers in. because a that’s power can ASPs, as fun there is highest are to The down smart premium level And the our price a a profitable not our after developing guide, lot don’t we you are nearly solutions. developing and

more so would that we the use forth. of we targeting cases demographics I in – serve More cases are a of terms say targeting different we think to GoPros helmet, for and want specific some specific the are made different to it put manner today, so just the if same army would to In that their Swiss about, are but wants and use knife, about this user on purposeful, just athlete and you an I serve really you already We better Hero that works you use great. and camera purpose. that that’s asked your

But break to do these for but types camera, we mold camera of need technology, solutions. new do we if a But we due of willing some for you also excess If just Hero are with scuba of they it’s the blogger users, that throw everything of constraints. that as best some don’t entirely that for things based comes amazingly influencer, people building enough. more terms I And need the of some physics make we really get does. mean diving these lack a to And an deliver with camera career other they that, are of people. in for for it Dive desire. camera and your camera. a the well Hero with And works arguably done have Hero years, customers tip off doesn’t have a like, the even form it all cameras certain specialized then spear can’t camera in been an Housing, asking that world’s specialization to that trades. Hero or purposes, it comes pay jack need that can and they is what we it for indicated And a that

top legs and hit and When a Hero catch really a tools when be portfolio, to the the products we we our park, cameras, of again, exciting be strategy volume. to We of of going from out And have it here stand absolutely occasionally bunch you broader sticks lot don’t more sales there. more want are when triple goes business clear on going volume, product it’s offering, some we us. terms if that’s the better these of consumer broadened time. business. singles, to need our people, So, is we people growth from Hero And have to in a more time in a for research, occasional will for are great get up And to on. doubles, you think that’s over incrementally this for can tell very be backed of fire, for the and by terms the them camera in add a more spot take to these meaningful us but perspective

Paul Chung

cash Great. year. for flow, record cash this flows for that. firm then And Thanks Brian, on the

could again you performance cash efficiency. cash working of then And the your flows kind If guide expand the on year. strong there, sustainability this cap of suggests

if about I aggressive going part to shares the comments kind of you Thanks. where years, buyback, any share on are So, you talk X could quite in you of better there, there. be really mean haven’t bought back so

Brian McGee

No Yes. worries.

cash. The million that was in million XX% of revenue Our or are home our model cash $XXX record $XXX up we was levels. is, profitable. more driving really revenue. in flow of XXXX, And One really on it we brought with all XX% in QX

So, get of from most We the coming terrific earnings. was AR. cash

this the year. be We you historically, time in at are when at XXs would days XX or of XXs the

the in the of one converts. quarter. of million We $XXX cash, working cash, have We do. use Yes, working aspect expect the $XX in $XXX took down the basically sheet, is off million but we good pay very got we balance our to expected inventory back So, $XXX we to the have million, to capital million great. to which

We over be but will there yet, do that $XXX million. in will April,

are cash XXXX. So, nice to that cash, says in we generate going

we driving management retail. collections, great DVC. that shift And strategic inventory to really, So and really is and the and in even have model

us paving that’s for way So, to the do it.

prepared pointing to have that the We was shares as standard growth count there we EPS, have new an just as but worth is income XXXX, of great XXX that the in It’s million also Obviously, going have QX. will opportunity to it’s net for buy implement out, worked to to back because shares XX relative share absolute the about count do of increase convert again, QX year. throughout XXXX. And increase shares. share dollar our on has we we the well remarks, on to it’s million of the and in that impact the in my

sure wanted I your redo I out make pointed So, to that to models.

Paul Chung

Great. Thank you.

Operator

go from question our we from Suva And will to Citigroup. Jim next

Jim Suva

I you. have questions. two Thank

thinking guess a travel The it first just and And X scuba commentary. I say to so. buy observation quite airport, walked an where for Hey, shops duty-free or is I as years arrived like more am the Australia the of past one shops bit. and and I has was go been to on just lot destination pause people in to diving. And and I I international the for going travel a looking your spontaneous, I say of suffice

Those a waterproof. So years. occurred camera really a haven’t things buy actively haven’t couple for of I type – of GoPro that’s

material, or buy of past the wondering they assuming destinations? So any kind kind with people travel travel outlook, that, And maybe couple you for dormant on commentary on comes but no so, it’s I in I meaningful, channel I comes not of would because back, but go has this am that back, assume just it’s when back? all years some sorry, or comes are travel think been of your –

Nicholas Woodman

Yes, That’s Jim. hi, fine.

and has in is been You travel GoPro impacted If where one it’s destinations. been dormant. are international absolutely right, there area COVID travel that has that

of out of cruise or going on out purchase duty-free Best Amazon We have spontaneous people that advance in on or just buying of somewhere been gopro.com. Buy,

So, that’s been XX% historically our revenue. about been It’s of absent. definitely

from material perspective. So, there that is

tailwind GoPro. come a times be will for the when back, it So nice

current – are this. yet international It guide for But we return not in a XXXX. It’s not not the factored to that we have. in have have factored not may happen. travel, We not big in

be it chain meet So, call position that’s we’ll you supply option, if a does that back, demand. with will, in if to come

Jim Suva

guidance announced additional and the and question again follow-up stock quarter, can buyback inflationary the given where walk to can is a or so fair well, count your through count the we share December you Nick, of share stock there $XXX lot your but probably convert million, a share if amount should environment been you we is doing we count a parts us also some it you some come moving have kind of my that? get from I then have into then be aware And like adds that a on exited assume of of employees buyback thoughts Great. seems boosts and was there something. compensation of

Nicholas Woodman

would love even the under phone to under Brian table kick the But – that. line. in me through I’d the answer shins

that I going am hand one to to Brian. over So

Brian McGee

a I Yes, are really your you They really doing Nick, but mix. employees for rewarding hope good did. job

So hopefully they get some merit.

Nicholas Woodman

It’s all thanks that. and fronts a for on good Yes. been saying GoPro year for

Jim Suva

Okay. Brian?

Brian McGee

in XXXX. appreciate of bonus I matter be We XXXX, OpEx that. a fact, will pay And employees. our a paying Yes, our in for not did in bonus we as a

standard that the cash So, if congrats cover of can for We them. the minimum, is issuance to down dilution. flow, at to it’s can buyback earned and still company, enough do share part And generate so we intended well a our the in it to take employees we employees further.

that than So, if we continue more dilution. cover perform, as we have can opportunity, employee just – to we

Jim Suva

so Thanks much, Great. Brian.

Operator

to turn management. time, call the And with back no at will over questions other queue in the now I this

Nicholas Woodman

are a pace uniquely that GoPro’s solutions today’s such Thank you, we deliver a marks we is larger offerings call. solutions believe intend to provide anniversary software audience diversify couldn’t brisk appeal few thank operator the consumers. and years We needs and next our and of that to for the you GoPro joining of over and doing. more at This be to we world and the positioned year to specialized proud work camera XXth everyone

to to Until ever and much. then, look This three and off. create May. earnings intend more are thank sheet GoPro teams before our investors events next our upcoming our is value strong. Team to very is you alike. Our call investor at at in is consumers strong, seeing brand signing all than strong, forward you and We We balance for leverage

Operator

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

You now may disconnect.

GoPro (GPRO) 4 Feb 222021 Q4 Earnings call transcript