GoPro (GPRO) FY Conference Summary Industry Overview - The action camera market is estimated to be around 3 million units globally, with GoPro being the U.S. leader in this market [4][5] - The 360 camera market is approximately 2 million units globally, with GoPro recently regaining about 10% market share with the MAX camera [5][6] - An adjacent opportunity exists in the higher-end low light camera category for vloggers and prosumers, which is also around 2 million units [6][19] - GoPro is exploring technology-enabled motorcycle helmets, a market with a total addressable market (TAM) of approximately $3 billion globally [7][8] Growth Opportunities - GoPro aims to expand its total addressable market (TAM) through aggressive moves into the 360 space and entering the low light prosumer space next year [6][19] - The company is partnering with AGV, a renowned motorcycle helmet brand, to leverage their expertise and enhance product quality [8][17] - The company has a comprehensive product roadmap that extends beyond what has been publicly shared, indicating potential for future growth [9] Software and Subscription Services - Software is increasingly important across all camera categories, enhancing user experience and facilitating cloud-based editing and sharing [10][12] - The GoPro subscription service has been successful, with features like auto-offloading content to the cloud and seamless editing [10][13] - Retention rates for the subscription service have improved, with 80% of subscribers staying beyond three years [30] - The attach rate for subscriptions has increased from low 40s to 56%, driven by app enhancements and better user engagement [30][48] Competitive Landscape - The motorcycle helmet industry is competitive, but GoPro sees an opportunity to introduce technology that is currently lacking in the market [17][18] - The low light prosumer camera market is also competitive, but GoPro believes it can differentiate itself through unique offerings [18][19] Future Outlook - GoPro plans to launch new software experiences in 2026 that could drive subscriber growth independent of hardware sales [35] - The company is exploring AI model training opportunities, leveraging its cloud data for potential monetization [50][52] - The TAM for AI training is estimated at $1.3 billion, growing at about 20% [53] Capital Allocation - The priority for capital allocation will focus on revenue growth and profitability, with potential for debt repurchase before stock buybacks [56][57] Key Metrics - GoPro's subscription attach rate for the HERO camera is about 25%, with higher rates for flagship models [40][41] - The company has over 13 million hours of content in the cloud, which is valuable for AI training opportunities [52] Conclusion - GoPro is positioned for growth through product innovation, strategic partnerships, and an emphasis on software and subscription services, while navigating a competitive landscape in the action camera and related markets [6][19][35]