Yes, and I have first hand experience. A week after I got the camera I dropped it in the water. NOT covered under the warranty. I got a rebuilt camera from Canon at a slight discount. While I love this camera and Canon products in general, the Canon organization is awkward and frustrating to deal with.
By Don S. on November 10, 2014
The specs on Canon's web site say raw and have a 2014 copywrite. http://www.usa.canon.com/cusa/support/consumer/digital_cameras/powershot_s_series/powershot_s120#Specifications
By J. Kaplan on June 28, 2014