GoPro's (GPRO) valuation has largely absorbed the demand-side weakness driven by COVID-19. GoPro's growth and margins guidance are supported by flexible sales conversion/growth options including new products, features, and use cases. These trends will drive growth and margin outperformance heading into 2021. GoPro has improved its value proposition as a top action camera. Besides the product updates, GoPro appears to have a better handle on its cost buckets. More website-driven revenue means better visibility in accounts receivable. Improving earnings contribution to operating cash flow is important to build well-rounded valuation factors.