GOPRO, INC., 10-Q filed on 11/7/2023
Quarterly Report
v3.23.3
Cover - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2023
Nov. 06, 2023
Jun. 30, 2022
Class of Stock [Line Items]      
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 77-0629474    
Entity Address, Address Line One 3025 Clearview Way    
Entity Address, City or Town San Mateo,    
Entity Address, State or Province CA    
Entity Address, Postal Zip Code 94402    
Title of 12(b) Security Class A common stock, $0.0001 par value    
Trading Symbol GPRO    
Entity Registrant Name GOPRO, INC.    
City Area Code (650)    
Local Phone Number 332-7600    
Entity Central Index Key 0001500435    
Entity Filer Category Large Accelerated Filer    
Document Type 10-Q    
Document Period End Date Sep. 30, 2023    
Document Transition Report false    
Entity File Number 001-36514    
Document Fiscal Year Focus 2023    
Document Fiscal Period Focus Q3    
Amendment Flag false    
Entity Emerging Growth Company false    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Shell Company false    
Security Exchange Name NASDAQ    
Entity Small Business false    
Entity Public Float     $ 522,125
Current Fiscal Year End Date --12-31    
Document Quarterly Report true    
Entity Well-known Seasoned Issuer Yes    
Common Class A [Member]      
Class of Stock [Line Items]      
Entity Common Stock, Shares Outstanding   125,781,710  
Common Class B [Member]      
Class of Stock [Line Items]      
Entity Common Stock, Shares Outstanding   26,258,546  
v3.23.3
Audit Information - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Audit Information [Abstract]        
Revenue $ 294,299 $ 305,130 $ 710,039 $ 772,520
v3.23.3
Condensed Consolidated Balance Sheets - USD ($)
Sep. 30, 2023
Dec. 31, 2022
Preferred Stock, par value (usd per share) $ 0.0001 $ 0.0001
Preferred Stock, Shares Authorized (shares) 5,000,000 5,000,000
Common stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Treasury Stock, Value $ 183,231,000 $ 153,231,000
Common Stocks, Including Additional Paid in Capital 989,189,000 960,903,000
Preferred Stock, Value, Outstanding $ 0 $ 0
Treasury Stock, Common, Shares 23,778,000 16,677,000
Cash and cash equivalents $ 220,984,000 $ 223,735,000
Marketable securities 38,488,000 143,602,000
Accounts receivable, net 107,453,000 77,008,000
Inventory 154,876,000 127,131,000
Prepaid expenses and other current assets 38,030,000 34,551,000
Property and equipment, net 9,314,000 13,327,000
Operating Lease, Right-of-Use Asset 19,686,000 21,819,000
Goodwill 146,459,000 146,459,000
Other long-term assets 310,347,000 289,293,000
Accounts payable 118,713,000 91,648,000
Accrued expenses and other current liabilities 119,715,000 118,877,000
Short-term operating lease liabilities 9,873,000 9,553,000
Deferred revenue 52,502,000 55,850,000
Long-term taxes payable 12,400,000 9,536,000
Long-term debt 141,730,000 141,017,000
Long-term operating lease liabilities 27,825,000 33,446,000
Other long-term liabilities 3,799,000 5,439,000
Accumulated deficit (246,878,000) (196,113,000)
Current assets:    
Cash and cash equivalents 220,984,000 223,735,000
Marketable securities 38,488,000 143,602,000
Accounts receivable, net 107,453,000 77,008,000
Inventory 154,876,000 127,131,000
Prepaid expenses and other current assets 38,030,000 34,551,000
Total current assets 559,831,000 606,027,000
Property and equipment, net 9,314,000 13,327,000
Operating Lease, Right-of-Use Asset 19,686,000 21,819,000
Goodwill 146,459,000 146,459,000
Other long-term assets 310,347,000 289,293,000
Total assets 1,045,637,000 1,076,925,000
Current liabilities:    
Accounts payable 118,713,000 91,648,000
Accrued expenses and other current liabilities 119,715,000 118,877,000
Short-term operating lease liabilities 9,873,000 9,553,000
Deferred revenue 52,502,000 55,850,000
Total current liabilities 300,803,000 275,928,000
Long-term taxes payable 12,400,000 9,536,000
Long-term debt 141,730,000 141,017,000
Long-term operating lease liabilities 27,825,000 33,446,000
Other long-term liabilities 3,799,000 5,439,000
Total liabilities 486,557,000 465,366,000
Commitments, contingencies and guarantees
Stockholders’ equity:    
Preferred Stock, Value, Outstanding 0 0
Common Stocks, Including Additional Paid in Capital 989,189,000 960,903,000
Treasury Stock, Value (183,231,000) (153,231,000)
Accumulated deficit (246,878,000) (196,113,000)
Total stockholders’ equity 559,080,000 611,559,000
Total liabilities and stockholders’ equity $ 1,045,637,000 $ 1,076,925,000
Preferred Stock, par value (usd per share) $ 0.0001 $ 0.0001
Preferred Stock, Shares Authorized (shares) 5,000,000 5,000,000
Common stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Treasury Stock, Common, Shares 23,778,000 16,677,000
Common Class A [Member]    
Common stock outstanding (shares) 125,782,000 128,629,000
Common Stock, Shares Authorized (shares) 500,000,000 500,000,000
Common Stock, Shares, Issued 125,782,000 128,629,000
Stockholders’ equity:    
Common Stock, Shares Authorized (shares) 500,000,000 500,000,000
Common Stock, Shares, Issued 125,782,000 128,629,000
Common Class B [Member]    
Common stock outstanding (shares) 26,258,000 26,259,000
Common Stock, Shares Authorized (shares) 150,000,000 150,000,000
Common Stock, Shares, Issued 26,258,000 26,259,000
Stockholders’ equity:    
Common Stock, Shares Authorized (shares) 150,000,000 150,000,000
Common Stock, Shares, Issued 26,258,000 26,259,000
v3.23.3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
Sep. 30, 2023
Dec. 31, 2022
Preferred Stock, par value (usd per share) $ 0.0001 $ 0.0001
Preferred Stock, Shares Authorized (shares) 5,000,000 5,000,000
Preferred Stock, Shares Issued (shares) 0 0
Common stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Treasury Stock, Common, Shares 23,778,000 16,677,000
Common Class A [Member]    
Common Stock, Shares Authorized (shares) 500,000,000 500,000,000
Common Stock, Shares, Issued 125,782,000 128,629,000
Common stock outstanding (shares) 125,782,000 128,629,000
Common Class B [Member]    
Common Stock, Shares Authorized (shares) 150,000,000 150,000,000
Common Stock, Shares, Issued 26,258,000 26,259,000
Common stock outstanding (shares) 26,258,000 26,259,000
v3.23.3
Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Income Statement [Abstract]        
Revenue $ 294,299,000 $ 305,130,000 $ 710,039,000 $ 772,520,000
Cost of revenue 200,095,000 189,085,000 487,561,000 469,995,000
Gross profit 94,204,000 116,045,000 222,478,000 302,525,000
Operating expenses:        
Research and development 41,708,000 36,043,000 121,796,000 103,859,000
Sales and marketing 41,254,000 41,076,000 119,215,000 115,888,000
General and administrative 15,029,000 14,495,000 47,562,000 45,530,000
Total operating expenses 97,991,000 91,614,000 288,573,000 265,277,000
Operating income (loss) (3,787,000) 24,431,000 (66,095,000) 37,248,000
Interest expense (1,171,000) (1,185,000) (3,463,000) (4,932,000)
Other income (expense), net   (284,000)   (523,000)
Other income (expense), net (1,963,000)   (7,231,000)  
Total other income (expense), net 792,000 (901,000) 3,768,000 (5,455,000)
Income (loss) before income taxes (2,995,000) 23,530,000 (62,327,000) 31,793,000
Income tax expense (benefit) 689,000 5,960,000 (11,562,000) 6,019,000
Net income (loss) $ (3,684,000) $ 17,570,000 $ (50,765,000) $ 25,774,000
Earnings Per Share, Basic $ (0.02) $ 0.11 $ (0.33) $ 0.16
Earnings Per Share, Diluted $ (0.02) $ 0.10 $ (0.33) $ 0.16
Weighted Average Number of Shares Outstanding, Basic 152,409 155,819 154,113 156,464
Weighted Average Number of Shares Outstanding, Diluted 152,409 173,184 154,113 180,038
v3.23.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Operating activities:    
Net income (loss) $ (50,765) $ 25,774
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation and amortization 5,001 6,590
Non-cash operating lease cost 2,133 4,166
Stock-based compensation 31,448 29,426
Deferred income taxes (17,964) 6,147
Other (1,968) 2,383
Changes in operating assets and liabilities:    
Accounts receivable, net (30,630) 29,792
Inventory (27,745) (66,985)
Prepaid expenses and other assets (6,895) 4,602
Accounts payable and other liabilities 25,712 (67,136)
Deferred revenue (4,919) 5,426
Net Cash Provided by (Used in) Operating Activities (76,592) (19,815)
Investing activities:    
Purchases of property and equipment, net (985) (3,205)
Purchases of marketable securities (25,782) (103,733)
Maturities of marketable securities 134,204 109,649
Net cash provided by investing activities 107,437 2,711
Financing activities:    
Proceeds from issuance of common stock 3,876 4,686
Payment, Tax Withholding, Share-based Payment Arrangement (7,146) (12,327)
Payments for Repurchase of Common Stock (30,000) (31,618)
Repayments of Lines of Credit 0 (125,000)
Payments for Repurchase of Common Stock 30,000 31,618
Net cash used in financing activities (33,270) (164,259)
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents (326) (2,563)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect (2,751) (183,926)
Cash and cash equivalents $ 220,984 $ 217,161
v3.23.3
Condensed Consolidated Statements Stockholders' Equity (Deficit) - USD ($)
shares in Thousands, $ in Thousands
Total
Retained Earnings [Member]
Common Stock Including Additional Paid in Capital [Member]
Treasury Stock, Common
Stockholders' Equity Attributable to Parent $ 615,914 $ (279,345) $ 1,008,872 $ (113,613)
Shares, Outstanding     156,474  
Allocated share-based compensation expense 9,836   $ 9,836  
Stock Repurchased During Period, Value (10,000)      
Treasury Stock, Value, Acquired, Cost Method $ (10,000)      
Stock Repurchased During Period, Shares (1,120)      
Net income (loss) $ 5,685 5,685    
Common stock issued under employee benefit plans, net of shares withheld for tax 2,371      
Common stock issued under employee benefit plans, net of shares withheld for tax (shares)     1,891  
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation 7,175   $ (7,175)  
Stock Repurchased During Period, Value (31,618)      
Net income (loss) $ 25,774      
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] true      
Stockholders' Equity Attributable to Parent $ 592,786 (219,275) $ 935,674 (123,613)
Shares, Outstanding     157,245  
Allocated share-based compensation expense 10,251   $ 10,251  
Stock Repurchased During Period, Value (11,762)      
Treasury Stock, Value, Acquired, Cost Method $ (11,762)      
Stock Repurchased During Period, Shares (1,802)      
Net income (loss) $ 2,519 2,519    
Common stock issued under employee benefit plans, net of shares withheld for tax 30      
Common stock issued under employee benefit plans, net of shares withheld for tax (shares)     421  
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation 1,313   $ (1,313)  
Stockholders' Equity Attributable to Parent 592,511 (216,756) $ 944,642 (135,375)
Shares, Outstanding     155,864  
Allocated share-based compensation expense 9,339   $ 9,339  
Stock Repurchased During Period, Value (9,856)      
Treasury Stock, Value, Acquired, Cost Method $ (9,856)      
Stock Repurchased During Period, Shares (1,540)      
Net income (loss) $ 17,570 17,570    
Common stock issued under employee benefit plans, net of shares withheld for tax 2,010      
Common stock issued under employee benefit plans, net of shares withheld for tax (shares)     1,589  
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation 3,839   $ (3,839)  
Stockholders' Equity Attributable to Parent 607,735 (199,186) $ 952,152 (145,231)
Shares, Outstanding     155,913  
Stockholders' Equity Attributable to Parent 611,559 (196,113) $ 960,903 (153,231)
Shares, Outstanding     154,888  
Allocated share-based compensation expense 10,314   $ 10,314  
Stock Repurchased During Period, Value (5,000)      
Treasury Stock, Value, Acquired, Cost Method $ (5,000)      
Stock Repurchased During Period, Shares (890)      
Net income (loss) $ (29,869) (29,869)    
Common stock issued under employee benefit plans, net of shares withheld for tax 2,397      
Common stock issued under employee benefit plans, net of shares withheld for tax (shares)     1,960  
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation 4,251   $ (4,251)  
Stock Repurchased During Period, Value (30,000)      
Net income (loss) (50,765)      
Stockholders' Equity Attributable to Parent 585,150 (225,982) $ 969,363 (158,231)
Shares, Outstanding     155,958  
Allocated share-based compensation expense 11,117   $ 11,117  
Stock Repurchased During Period, Value (15,000)      
Treasury Stock, Value, Acquired, Cost Method $ (15,000)      
Stock Repurchased During Period, Shares (3,606)      
Net income (loss) $ (17,212) (17,212)    
Common stock issued under employee benefit plans, net of shares withheld for tax 7      
Common stock issued under employee benefit plans, net of shares withheld for tax (shares)     375  
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation 583   $ (583)  
Stockholders' Equity Attributable to Parent 563,479 (243,194) $ 979,904 (173,231)
Shares, Outstanding     152,727  
Allocated share-based compensation expense 10,017   $ 10,017  
Stock Repurchased During Period, Value (10,000)      
Treasury Stock, Value, Acquired, Cost Method $ (10,000)      
Stock Repurchased During Period, Shares (2,605)      
Net income (loss) $ (3,684) (3,684)    
Common stock issued under employee benefit plans, net of shares withheld for tax 1,580      
Common stock issued under employee benefit plans, net of shares withheld for tax (shares)     1,918  
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation 2,312   $ (2,312)  
Stockholders' Equity Attributable to Parent $ 559,080 $ (246,878) $ 989,189 $ (183,231)
Shares, Outstanding     152,040  
v3.23.3
Summary of business and significant accounting policies
 9 Months Ended
Sep. 30, 2023
Accounting Policies [Abstract]  
Summary of business and significant accounting policies Summary of business and significant accounting policies
GoPro, Inc. and its subsidiaries (GoPro or the Company) make it easy for the world to capture and share itself in immersive and exciting ways, helping people get the most out of their photos and videos. The Company is committed to developing solutions that create an easy, seamless experience for consumers to capture, create, manage and share engaging personal content. To date, the Company’s cameras, mountable and wearable accessories, subscription and service, and implied post contract support have generated substantially all of its revenue. The Company sells its products globally on its website, and through retailers and wholesale distributors. The Company’s global corporate headquarters are located in San Mateo, California.
Basis of presentation. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (GAAP) for financial information set forth in the Accounting Standards Codification (ASC), as published by the Financial Accounting Standards Board (FASB), and with the applicable rules and regulations of the Securities and Exchange Commission (SEC). The Company’s fiscal year ends on December 31, and its fiscal quarters end on March 31, June 30 and September 30.
The condensed consolidated financial statements reflect all adjustments, which are normal and recurring in nature, that management believes are necessary for the fair statement of the Company's financial statements but are not necessarily indicative of the results expected in future periods. The Condensed Consolidated Balance Sheet as of December 31, 2022, has been derived from the audited financial statements at that date, but does not include all the disclosures required by GAAP. This Quarterly Report on Form 10-Q should be read in conjunction with the Company's Annual Report on Form 10-K (Annual Report) for the year ended December 31, 2022. There have been no material changes in the Company’s critical accounting policies and estimates from those disclosed in its Annual Report on Form 10-K.
Principles of consolidation. These condensed consolidated financial statements include all the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
Use of estimates. The preparation of condensed consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the Company’s condensed consolidated financial statements and accompanying notes. Significant estimates and assumptions made by management include those related to revenue recognition and the allocation of the transaction price (including sales incentives, sales returns and implied post contract support), inventory valuation, product warranty liabilities, the valuation, impairment and useful lives of long-lived assets (property and equipment, operating lease right-of-use assets, intangible assets and goodwill), fair value of convertible senior notes, and income taxes. The Company bases its estimates and assumptions on historical experience and on various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ materially from management’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations could be affected. The Company's actual results for the nine months ended September 30, 2023, as well as its latest projections for the full year 2023 are in-line with expectations reviewed as part of the Company’s fourth quarter 2022 goodwill qualitative assessment. Based on the Company’s interim assessment as of September 30, 2023, and despite the recent reduction in the Company’s market capitalization during the third quarter 2023, the Company determined that it did not incur a “triggering event” requiring a quantitative assessment of goodwill. If the Company's market capitalization continues to decline or future performance varies from current expectations, assumptions, or estimates, including assumptions related to current macroeconomic uncertainties, this may trigger a future impairment charge, which could have a material adverse effect on our business, financial condition, and results of operations in the reporting period in which a charge would be necessary to record. The Company will continue to monitor developments throughout the remainder of 2023, including updates to the Company’s forecasts, discount rates, and the Company’s market capitalization. An update of the Company’s assessment and related estimates may be required in the future.
Comprehensive income (loss). For all periods presented, comprehensive income (loss) approximated net income (loss). Therefore, the Condensed Consolidated Statements of Comprehensive Income (Loss) have been omitted.
Accounting Standards Update and Change in Accounting Principle Recent accounting standards. Although there are several new accounting standards issued or proposed by the FASB, which the Company has adopted or will adopt, as applicable, the Company does not believe any of these accounting pronouncements has had or will have a material impact on its condensed consolidated financial statements.
v3.23.3
Fair value measurements
 9 Months Ended
Sep. 30, 2023
Fair Value Disclosures [Abstract]  
Fair Value measurements Fair value measurements
The Company’s assets that are measured at fair value on a recurring basis within the fair value hierarchy are summarized as follows:
September 30, 2023December 31, 2022
(in thousands)Level 1Level 2TotalLevel 1Level 2Total
Cash equivalents (1):
Money market funds$169,072 $— $169,072 $138,394 $— $138,394 
Total cash equivalents$169,072 $— $169,072 $138,394 $— $138,394 
Marketable securities:
U.S. treasury securities$— $10,846 $10,846 $— $14,716 $14,716 
Commercial paper— 11,819 11,819 — 87,436 87,436 
Corporate debt securities— 3,925 3,925 — 29,637 29,637 
Government securities— 11,898 11,898 — 11,813 11,813 
Total marketable securities$— $38,488 $38,488 $— $143,602 $143,602 
(1)    Included in cash and cash equivalents in the accompanying Condensed Consolidated Balance Sheets. Cash balances were $51.9 million and $85.3 million as of September 30, 2023 and December 31, 2022, respectively.
Cash equivalents are classified as Level 1 because the Company uses quoted market prices to determine their fair value. Marketable securities are classified as Level 2 because the Company uses alternative pricing sources and models utilizing market observable inputs to determine their fair value. The contractual maturities of available-for-sale marketable securities as of September 30, 2023 were all less than one year in duration. At September 30, 2023 and December 31, 2022, the Company had no financial assets or liabilities measured at fair value on a recurring basis that were classified as Level 3, which are valued based on inputs supported by little or no market activity.
At September 30, 2023 and December 31, 2022, the amortized cost of the Company’s cash equivalents and marketable securities approximated their fair value and there were no material realized or unrealized gains or losses, either individually or in the aggregate.
In November 2020, the Company issued $143.8 million principal amount of Convertible Senior Notes due 2025 (2025 Notes) (see Note 4 Financing arrangements). The estimated fair value of the 2025 Notes is based on quoted market prices of the Company’s instruments in markets that are not active and are classified as Level 2 within the fair value hierarchy. The Company estimated the fair value of the 2025 Notes by evaluating quoted market prices and calculating the upfront cash payment a market participant would require to assume these obligations. The calculated fair value of the 2025 Notes was $126.3 million and $130.1 million as of September 30, 2023 and December 31, 2022, respectively. The calculated fair value is highly correlated to the Company’s stock price and as a result, significant changes to the Company’s stock price will have a significant impact on the calculated fair value of the 2025 Notes.
For certain other financial assets and liabilities, including accounts receivable, accounts payable and other current assets and liabilities, the carrying amounts approximate their fair value primarily due to the relatively short maturity of these balances.
The Company also measures certain non-financial assets at fair value on a nonrecurring basis, primarily goodwill, intangible assets, and operating lease right-of-use assets, in connection with periodic evaluations for potential impairment.
v3.23.3
Financing Arrangements
 9 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
Financing Arrangements
4. Financing arrangements
2021 Credit Facility
In January 2021, the Company entered into a Credit Agreement which provides for a revolving credit facility (2021 Credit Facility) under which the Company may borrow up to an aggregate amount of $50.0 million. In March 2023, the Company amended the 2021 Credit Agreement (collectively, the 2021 Credit Agreement). The 2021 Credit Agreement will terminate and any outstanding borrowings become due and payable on the earlier of (i) January 2027 and (ii) unless the Company has cash in a specified deposit account in an amount equal to or greater than the amount required to repay the Company’s 1.25% convertible senior notes due November 2025, 91 days prior to the maturity date of such convertible notes.
The amount that may be borrowed under the 2021 Credit Agreement may be based on a customary borrowing base calculation if the Company’s Asset Coverage Ratio is at any time less than 1.50. The Asset Coverage Ratio is defined as the ratio of (i) the sum of (a) the Company’s cash and cash equivalents in the United States plus specified percentages of other qualified debt investments (Qualified Cash) plus (b) specified percentages of the net book values of the Company’s accounts receivable and certain inventory to (ii) $50.0 million.
Borrowed funds accrue interest at the greater of (i) a per annum rate equal to the base rate plus a margin of from 0.50% to 1.00% depending on the Company’s Asset Coverage Ratio or (ii) a per annum rate equal to the Secured Overnight Financing Rate plus a 10 basis point premium and a margin of from 1.50% to 2.00% depending on the Company’s Asset Coverage Ratio. The Company is required to pay a commitment fee on the unused portion of the 2021 Credit Facility of 0.25% per annum. Amounts owed under the 2021 Credit Agreement are guaranteed by
certain of the Company’s United States subsidiaries and secured by a first priority security interest in substantially all of the assets of the Company and certain of its subsidiaries (other than intellectual property, which is subject to a negative pledge restricting grants of security interests to third parties).
The 2021 Credit Agreement contains customary representations, warranties, and affirmative and negative covenants. The negative covenants include restrictions on the incurrence of liens and indebtedness, certain investments, dividends, stock repurchases and other matters, all subject to certain exceptions. In addition, the Company is required to maintain Liquidity (the sum of unused availability under the credit facility and the Company’s Qualified Cash) of at least $55.0 million (of which at least $40.0 million shall be attributable to Qualified Cash), or, if the borrowing base is then in effect, minimum unused availability under the credit facility of at least $10.0 million. The 2021 Credit Agreement also includes customary events of default that include, among other things, non-payment of principal, interest or fees, inaccuracy of representations and warranties, violation of certain covenants, cross default to certain other indebtedness, bankruptcy and insolvency events, material judgments and change of control. Upon an event of default, the lender may, subject to customary cure rights, require the immediate payment of all amounts outstanding.
At September 30, 2023, the Company was in compliance with all financial covenants contained in the 2021 Credit Agreement and has made no borrowings from the 2021 Credit Facility to date. However, there is an outstanding letter of credit under the 2021 Credit Agreement of $5.2 million for certain duty-related requirements. This was not collateralized by any cash on hand.
Convertible Notes
2025 Convertible Notes
In November 2020, the Company issued $125.0 million aggregate principal amount of 1.25% Convertible Senior Notes due 2025 and granted an option to the initial purchasers to purchase up to an additional $18.8 million aggregate principal amount of the 2025 Notes to cover over-allotments, of which $18.8 million was subsequently exercised during November 2020, resulting in a total issuance of $143.8 million aggregate principal amount of the 2025 Notes. The 2025 Notes are senior, unsecured obligations of the Company and mature on November 15, 2025, unless earlier repurchased or converted into shares of Class A common stock under certain circumstances. The 2025 Notes are convertible into cash, shares of the Company’s Class A common stock, or a combination thereof, at the Company’s election, at an initial conversion rate of 107.1984 shares of Class A common stock per $1,000 principal amount of the 2025 Notes, which is equivalent to an initial conversion price of approximately $9.3285 per share of common stock, subject to adjustment. The Company pays interest on the 2025 Notes semi-annually in arrears on May 15 and November 15 of each year.
The Company may redeem all or any portion of the 2025 Notes on or after November 20, 2023 for cash if the last reported sale price of the Company’s common stock has been at least 130% of the conversion price then in effect for least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the Company provides the redemption notice, at a redemption price equal to 100% of the principal amount of the 2025 Notes to be redeemed, plus accrued interest and unpaid interest to, but excluding the redemption date. No sinking fund is provided for the 2025 Notes. The indenture includes customary terms and covenants, including certain events of default after which the 2025 Notes may be due and payable immediately.
Holders have the option to convert the 2025 Notes in multiples of $1,000 principal amount at any time prior to August 15, 2025, but only in the following circumstances:
•during any calendar quarter beginning after the calendar quarter ending on March 31, 2021, if the last reported sale price of Class A common stock for at least 20 trading days (whether or not consecutive) during the last 30 consecutive trading days of the immediately preceding fiscal quarter is greater than or equal to 130% of the conversion price of the 2025 Notes on each applicable trading day;
•during the five-business day period following any five consecutive trading day period in which the trading price for the 2025 Notes is less than 98% of the product of the last reported sale price of Class A common stock and the conversion rate for the 2025 Notes on each such trading day;
•if the Company calls any or all of the 2025 Notes for redemption, at any time prior to the close of business
on the scheduled trading day immediately before the redemption date; or
•upon the occurrence of specified corporate events.
At any time on or after August 15, 2025 until the second scheduled trading day immediately preceding the maturity date of the 2025 Notes on November 15, 2025, a holder may convert its 2025 Notes, in multiples of $1,000 principal amount. Holders of the 2025 Notes who convert their 2025 Notes in connection with a make-whole fundamental change (as defined in the indenture) are, under certain circumstances, entitled to an increase in the conversion rate. In addition, in the event of a fundamental change prior to the maturity date, holders will, subject to certain conditions, have the right, at their option, to require the Company to repurchase for cash all or part of the 2025 Notes at a repurchase price equal to 100% of the principal amount of the 2025 Notes to be repurchased, plus accrued and unpaid interest up to, but excluding, the repurchase date. During the three months ended September 30, 2023, the conditions allowing holders of the 2025 Notes to convert were not met.
In connection with the offering of the 2025 Notes, the Company paid $10.2 million to enter into privately negotiated capped call transactions with certain financial institutions (Capped Calls). The Capped Calls have an initial strike price of $9.3285 per share, which corresponds to the initial conversion price of the 2025 Notes. The Capped Calls cover, subject to anti-dilution adjustments substantially similar to those applicable to the conversion rate of the 2025 Notes, the number of Class A common stock initially underlying the 2025 Notes. The Capped Calls are generally expected to reduce potential dilution to the Company’s Class A common stock upon any conversion of the 2025 Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of converted 2025 Notes, as the case may be, with such reduction and/or offset subject to a cap, initially equal to $12.0925, and is subject to certain adjustments under the terms of the Capped Call transactions. The Capped Calls will expire in November 2025, if not exercised earlier.
The Capped Calls are subject to adjustment upon the occurrence of specified extraordinary events affecting the Company, including merger events, tender offers and announcement events. In addition, the Capped Calls are subject to certain specified additional disruption events that may give rise to a termination of the Capped Calls, including nationalization, insolvency or delisting, changes in law, failures to deliver, insolvency filings and hedging disruptions. For accounting purposes, the Capped Calls are separate transactions, and not part of the terms of the 2025 Notes. As these transactions meet certain accounting criteria, the Capped Calls are recorded in stockholders’ equity as a reduction to additional paid-in capital and will not be remeasured as long as they continue to meet certain accounting criteria.
As of September 30, 2023 and December 31, 2022, the outstanding principal on the 2025 Notes was $143.8 million, the unamortized debt issuance cost was $2.1 million and $2.8 million, respectively, and the net carrying amount of the liability was $141.7 million and $141.0 million, respectively, which was recorded as long-term debt within the Condensed Consolidated Balance Sheets. For the three months ended September 30, 2023 and 2022, the Company recorded interest expense of $0.4 million and $0.4 million, respectively, for contractual coupon interest, and $0.2 million and $0.2 million, respectively, for amortization of debt issuance costs. For the nine months ended September 30, 2023 and 2022 the Company recorded interest expense of $1.3 million and $1.3 million, respectively, for contractual coupon interest, and $0.7 million and $0.7 million, respectively, for amortization of debt issuance costs.
2022 Convertible Notes
In April 2017, the Company issued $175.0 million aggregate principal amount of 3.50% Convertible Senior Notes due 2022 (2022 Notes), which were repaid in full by their April 15, 2022 maturity date. The 2022 Notes were senior, unsecured obligations of the Company that could be converted into cash, shares of the Company’s Class A common stock, or a combination thereof, at the Company’s election, based on conversion rates as defined in the indenture. Concurrently with the November 2020 issuance of the 2025 Notes, the Company used $56.2 million of the net cash proceeds from the 2025 Notes to repurchase $50.0 million principal amount of the 2022 Notes through a single, privately negotiated transaction. On April 15, 2022, the Company repaid the remaining $125.0 million of principal and $2.2 million of accrued interest in cash to the debt holders to fully settle the 2022 Notes on the maturity date. For the three months ended September 30, 2022 the Company recorded interest expense of zero for contractual coupon interest, and zero for amortization of debt issuance costs. For the nine months ended
September 30, 2022 the Company recorded interest expense of $1.3 million for contractual coupon interest and $0.2 million for amortization of debt issuance costs.
v3.23.3
Net loss per share
 9 Months Ended
Sep. 30, 2023
Earnings Per Share [Abstract]  
Net loss per share
Basic net income (loss) per share is calculated by dividing net income (loss) by the weighted-average number of shares of common stock outstanding. Diluted net income (loss) per share adjusts the basic net income (loss) per share and the weighted-average number of shares of common stock outstanding for the potentially dilutive impact of the Company’s ESPP and stock awards, using the treasury stock method.
The Company calculated the potential dilutive effect of its 2022 Notes and 2025 Notes under the if-converted method. Under the if-converted method, diluted net income per share was determined by assuming all of the 2022 Notes and the 2025 Notes were converted into shares of the Company’s Class A common stock at the beginning of the reporting period. In addition, in periods of net income, interest charges on the 2022 Notes and 2025 Notes, which includes both coupon interest and amortization of debt issuance costs, were added back to net income on an after-tax effected basis.
The Company’s 2022 Notes matured on April 15, 2022 and the Company’s 2025 Notes will mature on November 15, 2025, unless earlier repurchased or converted into shares of Class A common stock under certain circumstances as described further in Note 4 Financing arrangements. The 2025 Notes are convertible into cash, shares of the Company’s Class A common stock, or a combination thereof, at the Company’s election.
The rights of the holders of Class A common stock and Class B common stock are identical, except with respect to voting and conversion. Each share of Class A common stock is entitled to one vote per share and each share of Class B common stock is entitled to ten votes per share. Each share of Class B common stock is convertible at any time at the option of the stockholder into one share of Class A common stock and has no expiration date. Each share of Class B common stock will convert automatically into one share of Class A common stock upon the date when the outstanding shares of Class B common stock represent less than 10% of the aggregate number of shares of common stock then outstanding. Class A common stock is not convertible into Class B common stock. The computation of the diluted net income (loss) per share of Class A common stock assumes the conversion of Class B common stock.
v3.23.3
Income taxes
 9 Months Ended
Sep. 30, 2023
Income Tax Disclosure [Abstract]  
Income taxes
8. Income taxes
The following table provides the income tax expense (benefit) amount:
Three months ended September 30,Nine months ended September 30,
(dollars in thousands)2023202220232022
Income tax expense (benefit)$689 $5,960 $(11,562)$6,019 
The Company recorded an income tax expense of $0.7 million for the three months ended September 30, 2023 on pre-tax net loss of $3.0 million. The Company’s income tax expense for the three months ended September 30, 2023 was composed of $1.0 million of tax benefit incurred on pre-tax loss, and discrete items that primarily included $1.7 million of nondeductible equity tax expense for employee stock-based compensation, $0.1 million of tax expense related to the restructuring charges, and $0.1 million of tax benefit related to the foreign provision to income tax return adjustments. The Company recorded an income tax benefit of $11.6 million for the nine months ended September 30, 2023 on pre-tax net loss of $62.3 million. The Company’s income tax benefit for the nine months ended September 30, 2023 was composed of $14.4 million of tax benefit incurred on pre-tax loss, and discrete items that primarily included $2.4 million of net nondeductible equity tax expense for employee
stock-based compensation, $0.1 million of tax expense related to the foreign provision to income tax return adjustments, and $0.3 million of tax expense related to the restructuring charges.
The Company recorded an income tax expense of $6.0 million for the three months ended September 30, 2022 on pre-tax net income of $23.5 million. The Company’s income tax expense for the three months ended September 30, 2022 was composed of $5.8 million of tax expense incurred on pre-tax income, and discrete items that primarily included $0.1 million of net excess tax benefit for employee stock-based compensation, $0.1 million of tax expense related to the foreign provision to income tax return adjustments, and $0.1 million of tax expense relating to restructuring charges. The Company recorded an income tax expense of $6.0 million for the nine months ended September 30, 2022 on pre-tax net income of $31.8 million. The Company’s income tax expense for the nine months ended September 30, 2022 was composed of $7.7 million of tax expense incurred on pre-tax income, and discrete items that primarily included $1.7 million of net excess tax benefit for employee stock-based compensation, $0.2 million of tax benefit related to the foreign provision to income tax return adjustments, and $0.1 million of tax expense relating to restructuring charges.
At September 30, 2023 and December 31, 2022, the Company’s gross unrecognized tax benefits were $26.1 million and $23.4 million, respectively. If recognized, $12.6 million of these unrecognized tax benefits (net of United States federal benefit) at September 30, 2023 would reduce income tax expense. A material portion of the Company’s gross unrecognized tax benefits, if recognized, would increase the Company’s net operating loss carryforward. The Company conducts business globally and as a result, files income tax returns in the United States and foreign jurisdictions. The Company’s unrecognized tax benefits relate primarily to unresolved matters with taxing authorities. While it is often difficult to predict the final outcome or the timing of resolution of any particular uncertain tax position, the Company believes that its reserves reflect the more likely outcome. The Company believes, due to statute of limitations expiration, that within the next 12 months, it is possible that up to $2.4 million of uncertain tax position could be released. It is also reasonably possible that additional uncertain tax positions will be added. It is not reasonably possible at this time to quantify the net effect.
v3.23.3
Commitments, contingencies and guarantees
 9 Months Ended
Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]  
Commitments, contingencies and guarantees
Facility leases. The Company leases its facilities under long-term operating leases, which expire at various dates through 2029.
The components of net lease cost, which were primarily recorded in operating expenses, were as follows:
Three months ended September 30,Nine months ended September 30,
(in thousands)2023202220232022
Operating lease cost (1)
$2,363 $2,871 $8,557 $8,198 
Sublease income(277)(723)(1,723)(2,184)
Net lease cost$2,086 $2,148 $6,834 $6,014 
(1)    Operating lease cost includes variable lease costs, which are immaterial.

Supplemental cash flow information related to leases was as follows:
Nine months ended September 30,
(in thousands)20232022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$9,526 $11,083 
Right-of-use assets obtained in exchange for operating lease liabilities3,047 873 
Operating lease modification to decrease right-of-use assets— (232)
Supplemental balance sheet information related to leases was as follows:
September 30, 2023December 31, 2022
Weighted-average remaining lease term (in years) - operating leases3.313.81
Weighted-average discount rate - operating leases6.2%6.1%

As of September 30, 2023, maturities of operating lease liabilities were as follows:
(in thousands)
September 30, 2023
2023 (remaining 3 months)$1,986 
202413,126 
202512,693 
202612,361 
20271,359 
Thereafter504 
Total lease payments42,029 
Less: Imputed interest(4,331)
Present value of lease liabilities$37,698 
Other commitments. In the ordinary course of business, the Company enters into multi-year agreements to purchase sponsorships with event organizers, resorts, and athletes as part of its marketing efforts; software licenses related to its financial and IT systems; debt agreements; and various other contractual commitments. As of September 30, 2023, the Company’s total undiscounted future expected obligations under multi-year agreements described above with terms longer than one year was $209.6 million.
Legal proceedings and investigations. Since 2015, Contour IP Holdings LLC (CIPH) and related entities have filed lawsuits in various federal district courts alleging, among other things, patent infringement in relation to certain GoPro products. Following litigation in federal courts and the United States Patent and Trademark Office, CIPH’s patents were ruled invalid in March 2022. Judgment was then entered in favor of the Company and against CIPH. CIPH later appealed, and the appeal is pending at the Federal Circuit. The Company believes that the appeal lacks merit and intends to vigorously defend against CIPH's appeal.
The Company regularly evaluates the associated developments of the legal proceeding described above, as well as other legal proceedings that arise in the ordinary course of business. While litigation is inherently uncertain, based on the currently available information, the Company is unable to determine a loss or a range of loss, and does not believe the ultimate cost to resolve these matters will have a material adverse effect on its business, financial condition, cash flows or results of operations.
Indemnifications. The Company has entered into indemnification agreements with its directors and executive officers which requires the Company to indemnify its directors and executive officers against liabilities that may arise by reason of their status or service. In addition, in the normal course of business, the Company enters into agreements that contain a variety of representations and warranties, and provide for general indemnification. The Company’s exposure under these agreements is unknown because it involves claims that may be made against the Company in the future but have not yet been made. It is not possible to determine the maximum potential amount under these indemnification agreements due to the Company’s limited history with indemnification claims and the unique facts and circumstances involved in each particular agreement. As of September 30, 2023, the Company has not paid any claims, nor has it been required to defend any action related to its indemnification obligations. However, the Company may record charges in the future as a result of these indemnification obligations.
v3.23.3
Concentrations of risk and geographic information
 9 Months Ended
Sep. 30, 2023
Risks and Uncertainties [Abstract]  
Concentrations of risk and segment information Concentrations of risk and geographic information
Concentration of risk. Financial instruments which potentially subject the Company to concentration of credit risk includes cash and cash equivalents, marketable securities, accounts receivable, and derivative instruments, including the Capped Calls associated with the 2025 Notes. The Company places cash and cash equivalents with high-credit-quality financial institutions; however, the Company maintains cash balances in excess of the FDIC insurance limits. The Company believes that credit risk for accounts receivable is mitigated by the Company’s credit evaluation process, relatively short collection terms and dispersion of its customer base. The Company generally does not require collateral and losses on trade receivables have historically been within the Company’s expectations. The Company believes its counterparty credit risk related to its derivative instruments is mitigated by transacting with major financial institutions with high credit ratings.
Customers who represented 10% or more of the Company’s net accounts receivable balance were as follows:
September 30, 2023December 31, 2022
Customer A34%30%
Customer B18%11%
The following table summarizes the Company’s accounts receivables sold, without recourse, and factoring fees paid:
Three months ended September 30,Nine months ended September 30,
(in thousands)
2023202220232022
Accounts receivable sold$32,011 $35,755 $73,050 $86,577 
Factoring fees434 363 1,101 629 
Third-party customers who represented 10% or more of the Company's total revenue were as follows:
Three months ended September 30,Nine months ended September 30,
2023202220232022
Customer A12%*10%*
Customer B**10%*
* Less than 10% of total revenue for the periods indicated.
Supplier concentration. The Company relies on third parties for the supply and manufacture of its products, some of which are sole-source suppliers. The Company believes that outsourcing manufacturing enables greater scale and flexibility. As demand and product lines change, the Company periodically evaluates the need and advisability of adding manufacturers to support its operations. In instances where a supply and manufacture agreement does not exist or suppliers fail to perform their obligations, the Company may be unable to find alternative suppliers or satisfactorily deliver its products to its customers on time, if at all. The Company also relies on third parties with whom it outsources supply chain activities related to inventory warehousing, order fulfillment, distribution and other direct sales logistics. In instances where an outsourcing agreement does not exist or these third parties fail to perform their obligations, the Company may be unable to find alternative partners or satisfactorily deliver its products to its customers on time.
Geographic information
Revenue by geographic region was as follows:
Three months ended September 30,Nine months ended September 30,
(in thousands)
2023202220232022
Americas
$131,612 $139,419 $342,775 $368,379 
Europe, Middle East and Africa (EMEA)83,490 84,994 196,006 218,216 
Asia and Pacific (APAC)
79,197 80,717 171,258 185,925 
Total revenue
$294,299 $305,130 $710,039 $772,520 
Revenue from the United States, which is included in the Americas geographic region, was $100.9 million and $119.1 million, for the three months ended September 30, 2023 and 2022, respectively, and $283.0 million and $312.3 million for the nine months ended September 30, 2023 and 2022, respectively. No other individual country exceeded 10% of total revenue for any period presented. The Company does not disclose revenue by product category as it does not track sales incentives and other revenue adjustments by product category to report such data.
As of September 30, 2023 and December 31, 2022, long-lived assets, which represent net property and equipment, located outside the United States, primarily in Hong Kong and mainland China, were $1.9 million and $4.0 million, respectively.
v3.23.3
Restructuring charges
 9 Months Ended
Sep. 30, 2023
Restructuring and Related Activities [Abstract]  
Restructuring charges Restructuring charges
Restructuring charges for each period were as follows:
Three months ended September 30,Nine months ended September 30,
(in thousands)
2023202220232022
Cost of revenue
$— $— $(183)$28 
Research and development
— (4)10 235 
Sales and marketing
— (2)6 132 
General and administrative
— (1)3 75 
Total restructuring charges
$— $(7)$(164)$470 
Fourth quarter 2022 restructuring
In December 2022, the Company approved a restructuring plan to reduce camera production-related costs by globally realigning its manufacturing footprint to concentrate production activities in two primary locations: China and Thailand. Under the fourth quarter 2022 restructuring, the Company recorded restructuring charges of $8.1 million including $7.0 million for camera production line closure costs and $1.1 million for related transitional costs to migrate production to the Company’s remaining manufacturing locations.
The following table provides a summary of the Company’s restructuring activities and the movement in the related liabilities recorded in accrued expenses and other current liabilities on the Condensed Consolidated Balance Sheets under the fourth quarter 2022 restructuring.
(in thousands)
Contract and Other Costs
Total
Restructuring liability as of December 31, 2022$7,833 $7,833 
Restructuring charges (releases)(184)(184)
Cash paid
(7,649)(7,649)
Restructuring liability as of September 30, 2023$— $— 
v3.23.3
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Sep. 30, 2023
Sep. 30, 2022
Pay vs Performance Disclosure                
Net income (loss) $ (3,684) $ (17,212) $ (29,869) $ 17,570 $ 2,519 $ 5,685 $ (50,765) $ 25,774
v3.23.3
Insider Trading Arrangements
 3 Months Ended 9 Months Ended
Sep. 30, 2023
shares
Sep. 30, 2023
shares
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement  
Trading Plans of Directors and Executive Officers
Set forth below is certain information regarding “Rule 10b5-1 trading arrangements” (Rule 10b5-1 trading plans) or a “non-Rule 10b5-1 trading arrangements” (non-Rule 10b5-1 trading plans), each as defined in Regulation S-K Item 408, adopted by our directors and officers (as defined in Rule 16a-1(f)) during the third quarter of fiscal year 2023. The Rule 10b5-1 trading plans listed below are each intended to satisfy the affirmative defense of Rule 10b5-1(c).
NameTitleDate Plan was AdoptedExpiration DateTotal Amount of Class A Common Stock to be Sold Under the Plan
Brian McGee (1)
Executive Vice President, Chief Financial Officer, Chief Operating Officer8/10/20238/30/2024378,665 
Eve T. Saltman (3)
Senior Vice President, Corporate & Business Development, Chief Legal Officer and Secretary
11/22/2022; amended 8/17/2023 (2)
11/29/2024134,013 

(1) On August 10, 2023, Brian McGee, our Executive Vice President, Chief Financial Officer and Chief Operating Officer, entered into a Rule 10b-5-1 trading plan (the “McGee Plan”). The McGee Plan provides for the sale of up to a maximum of 378,665 shares of Class A common stock comprised of shares acquired upon the vesting of restricted stock units and performance-based restricted stock units and previously vested restricted stock units and the exercise of stock options. During the term of the McGee Plan, all vested shares received pursuant to equity awards granted to Mr. McGee will exclude any shares withheld by the Company to satisfy its income tax withholding and remittance obligations in connection with the net settlement of the equity awards. Performance-based restricted stock units are subject to the satisfaction of certain performance criteria and have a payout range of 0% - 150%. Due to pricing conditions in the McGee Plan and the vesting conditions of the awards, the number of shares actually sold under the McGee Plan may be less than the maximum number of shares that can be sold, as noted in the table above. The McGee Plan will expire on August 30, 2024, or earlier if all transactions under the McGee Plan are completed.
(2) On August 17, 2023, Eve T. Saltman, our Senior Vice President, Corporate and Business Development, Chief Legal Officer and Secretary, amended a prior Rule 10b5-1 trading plan which was entered into on November 22, 2022 and is considered to have established a new Rule 10b5-1 trading plan (the “Saltman Plan”).
(3) The Saltman Plan provides for the sale of up to a maximum of 134,013 shares of Class A common stock comprised of shares acquired upon the vesting of restricted stock units and performance-based restricted stock units and previously vested restricted stock units. During the term of the Saltman Plan, all vested shares received pursuant to equity awards granted to Ms. Saltman will exclude any shares withheld by the Company to satisfy its income tax withholding and remittance obligations in connection with the net settlement of the equity awards. Performance-based restricted stock units are subject to the satisfaction of certain performance criteria and have a payout range of 0% - 150%. Due to pricing conditions in the Saltman Plan and the vesting conditions of the awards, the number of shares actually sold under the Saltman Plan may be less than the maximum number of shares that can be sold, as noted in the table above. The Saltman Plan will expire on November 29, 2024, or earlier if all transactions under the Saltman Plan are completed.
On July 11, 2023, Kevin Hinge, the Company’s former Chief Supply Chain Officer, terminated a Rule 10b5-1 trading plan which was adopted on August 30, 2022, and intended to satisfy the affirmative defense conditions of Rule 10b5-1 under the Exchange Act. As of the date of termination of his Rule 10b5-1 trading plan, Mr. Hinge had sold 85,880 shares of Class A common stock under its terms.
No other officers or directors, as defined in Rule 16a-1(f), adopted, modified, or terminated a Rule 10b5-1 trading plan or a non-Rule 10b5-1 trading plan during the third quarter of fiscal 2023.
Non-Rule 10b5-1 Arrangement Adopted false  
Non-Rule 10b5-1 Arrangement Terminated false  
Brian McGee [Member]    
Trading Arrangements, by Individual    
Name Brian McGee (1)  
Title Executive Vice President, Chief Financial Officer, Chief Operating Officer  
Adoption Date 8/10/2023  
Aggregate Available 378,665 378,665
Eve T. Saltman [Member]    
Trading Arrangements, by Individual    
Name Eve T. Saltman (3)  
Title Senior Vice President, Corporate & Business Development, Chief Legal Officer and Secretary  
Adoption Date 11/22/2022; amended 8/17/2023 (2)  
Aggregate Available 134,013 134,013
Kevin Hinge [Member]    
Trading Arrangements, by Individual    
Adoption Date August 30, 2022  
Aggregate Available 85,880 85,880
v3.23.3
Summary of business and significant accounting policies (Policies)
 9 Months Ended
Sep. 30, 2023
Accounting Policies [Abstract]  
Basis of presentation Basis of presentation. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (GAAP) for financial information set forth in the Accounting Standards Codification (ASC), as published by the Financial Accounting Standards Board (FASB), and with the applicable rules and regulations of the Securities and Exchange Commission (SEC). The Company’s fiscal year ends on December 31, and its fiscal quarters end on March 31, June 30 and September 30.The condensed consolidated financial statements reflect all adjustments, which are normal and recurring in nature, that management believes are necessary for the fair statement of the Company's financial statements but are not necessarily indicative of the results expected in future periods. The Condensed Consolidated Balance Sheet as of December 31, 2022, has been derived from the audited financial statements at that date, but does not include all the disclosures required by GAAP. This Quarterly Report on Form 10-Q should be read in conjunction with the Company's Annual Report on Form 10-K (Annual Report) for the year ended December 31, 2022. There have been no material changes in the Company’s critical accounting policies and estimates from those disclosed in its Annual Report on Form 10-K.
Principles of consolidation Principles of consolidation. These condensed consolidated financial statements include all the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
Use of estimates Use of estimates. The preparation of condensed consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the Company’s condensed consolidated financial statements and accompanying notes. Significant estimates and assumptions made by management include those related to revenue recognition and the allocation of the transaction price (including sales incentives, sales returns and implied post contract support), inventory valuation, product warranty liabilities, the valuation, impairment and useful lives of long-lived assets (property and equipment, operating lease right-of-use assets, intangible assets and goodwill), fair value of convertible senior notes, and income taxes. The Company bases its estimates and assumptions on historical experience and on various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ materially from management’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations could be affected. The Company's actual results for the nine months ended September 30, 2023, as well as its latest projections for the full year 2023 are in-line with expectations reviewed as part of the Company’s fourth quarter 2022 goodwill qualitative assessment. Based on the Company’s interim assessment as of September 30, 2023, and despite the recent reduction in the Company’s market capitalization during the third quarter 2023, the Company determined that it did not incur a “triggering event” requiring a quantitative assessment of goodwill. If the Company's market capitalization continues to decline or future performance varies from current expectations, assumptions, or estimates, including assumptions related to current macroeconomic uncertainties, this may trigger a future impairment charge, which could have a material adverse effect on our business, financial condition, and results of operations in the reporting period in which a charge would be necessary to record. The Company will continue to monitor developments throughout the remainder of 2023, including updates to the Company’s forecasts, discount rates, and the Company’s market capitalization. An update of the Company’s assessment and related estimates may be required in the future.
Comprehensive income (loss) Comprehensive income (loss). For all periods presented, comprehensive income (loss) approximated net income (loss). Therefore, the Condensed Consolidated Statements of Comprehensive Income (Loss) have been omitted
Revenue recognition
Revenue recognition. The Company derives substantially all of its revenue from the sale of cameras, mounts, accessories, subscription and service, and implied post contract support to customers. The transaction price recognized as revenue represents the consideration the Company expects to be entitled to and is primarily comprised of product revenue, net of returns and variable consideration, which includes sales incentives provided to customers.
The Company’s camera sales contain multiple performance obligations that can include the following four separate obligations: (i) a camera hardware component (which may be bundled with hardware accessories) and the embedded firmware essential to the functionality of the camera component delivered at the time of sale, (ii) a subscription and service, (iii) the implied right for the customer to receive post contract support after the initial sale (PCS), and (iv) the implicit right to the Company’s downloadable free apps and software solutions. The Company’s PCS includes the right to receive, on a when and if available basis, future unspecified firmware upgrades and features as well as bug fixes, and email, chat and telephone support.
The Company recognizes revenue from its sales arrangements when control of the promised goods or services are transferred to its customers, in an amount that reflects the amount of consideration expected to be received in exchange for the transferred goods or services. For the sale of hardware products, including related firmware and free software solutions, revenue is recognized when transfer of control occurs at a point in time, which generally is at the time the hardware product is shipped and collection is considered probable. For customers who purchase products directly from GoPro.com, the Company retains a portion of the risk of loss on these sales during transit, which are accounted for as fulfillment costs. For PCS, revenue is recognized ratably over 24 months, which represents the estimated period PCS is expected to be provided based on historical experience.
The Company’s subscription and service revenue is recognized primarily from our GoPro subscription and Quik subscription offerings and is recognized ratably over the subscription term, with any payments received in advance of services rendered recorded as deferred revenue. The Company’s GoPro subscription offers a range of services, including unlimited cloud storage of GoPro content supporting source video and photo quality, damaged camera replacement, the delivery of highlight videos automatically via the Company’s mobile app when GoPro camera footage is uploaded to a GoPro cloud account using the Company’s Auto Upload feature, access to a high-quality live streaming service on GoPro.com as well as discounts on GoPro cameras, gear, mounts and accessories. The Company also offers the Quik subscription that provides access to a suite of simple single-clip and multi-clip editing tools.
For the Company’s camera sale arrangements with multiple performance obligations, revenue is allocated to each performance obligation based on its relative standalone selling price. Standalone selling prices are based on observable prices at which the Company separately sells its products, and subscription and service. If a standalone selling price is not directly observable, then the Company estimates the standalone selling prices considering market conditions and entity-specific factors. For example, the standalone selling price for PCS is determined based on a cost-plus approach, which incorporates the level of support provided to customers, estimated costs to provide such support, and the amount of time and costs that are allocated to efforts to develop the undelivered elements.
The Company’s standard terms and conditions of sale for non-web-based sales do not allow for product returns other than under warranty. However, the Company grants limited rights of return, primarily to certain large retailers. The Company reduces revenue and cost of sales for the estimated returns based on analyses of historical return trends by customer class and other factors. An estimated return liability along with a right to recover assets are recorded for future product returns. Return trends are influenced by product life cycles, new product introductions, market acceptance of products, product sell-through, the type of customer, seasonality, and other factors. Return rates may fluctuate over time but are sufficiently predictable to allow the Company to estimate expected future product returns.
The Company provides sales commissions to internal and external sales representatives which are earned in the period in which revenue is recognized. As a result, the Company expenses sales commissions as incurred.
Deferred revenue as of September 30, 2023 and December 31, 2022, includes amounts related to the Company’s subscriptions and PCS. The Company’s short-term and long-term deferred revenue balances totaled $55.5 million and $60.4 million as of September 30, 2023 and December 31, 2022, respectively. Of the deferred revenue balance as of December 31, 2022 and 2021, the Company recognized $12.2 million and $9.0 million of revenue during the three months ended September 30, 2023 and 2022, respectively, and $50.6 million and $37.9 million of revenue during the nine months ended September 30, 2023 and 2022, respectively. Of the deferred revenue balance as of June 30, 2023 and 2022, the Company recognized $23.1 million and $18.4 million of revenue during the three months ended September 30, 2023 and 2022, respectively.
Revenue Recognition, Incentives Sales incentives. The Company offers sales incentives through various programs, including cooperative advertising, price protection, marketing development funds and other incentives. Sales incentives are considered to be variable consideration, which the Company estimates and records as a reduction to revenue at the date of sale. The Company estimates sales incentives based on historical experience, product sell-through and other factors. In March 2023, the Company made a strategic pricing decision to reduce the manufacturer’s suggested retail price (MSRP) of its cameras, effective May 2023. As a result, the Company recorded a total price protection charge of $26.7 million for this program, based on estimated channel inventory levels as of the price drop date. Actual price protection claims may differ from the Company’s estimates.
Income Tax, Policy
Income taxes. The Company utilizes the asset and liability method for computing its income tax provision, under which, deferred tax assets and liabilities are recognized for the expected future consequences of temporary differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates. Management makes estimates, assumptions, and judgments to determine the Company’s provision for income taxes, deferred tax assets and liabilities, and any valuation allowance recorded against deferred tax assets. The Company assesses the likelihood that its deferred tax assets will be recovered from future taxable income in each tax jurisdiction and, to the extent the Company believes recovery is not likely, establishes a valuation allowance.
The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized from such positions are then measured based on the largest benefit that has a greater than 50% likelihood of being realized upon settlement. Interest and penalties related to unrecognized tax benefits are recognized within income tax expense.
Segment information Segment information. The Company operates as one operating segment as it only reports financial information on an aggregate and consolidated basis to its Chief Executive Officer, who is the Company’s chief operating decision maker.
v3.23.3
Compensation Related Costs, Share Based Payments (Policies)
 9 Months Ended
Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]  
Share-based Payment Arrangement
The income tax benefit related to stock-based compensation expense was $2.3 million and $7.1 million for the three and nine months ended September 30, 2023, respectively. The income tax benefit related to stock-based compensation expense was $2.1 million and $6.5 million for the three and nine months ended September 30, 2022, respectively. See Note 8, Income taxes, for additional details.
As of September 30, 2023, total unearned stock-based compensation of $62.6 million related to stock options, RSUs, PSUs and ESPP shares is expected to be recognized over a weighted-average period of 2.26 years.
v3.23.3
Fair value measurements (Tables)
 9 Months Ended
Sep. 30, 2023
Fair Value Disclosures [Abstract]  
Assets measured at fair value on recurring basis
The Company’s assets that are measured at fair value on a recurring basis within the fair value hierarchy are summarized as follows:
September 30, 2023December 31, 2022
(in thousands)Level 1Level 2TotalLevel 1Level 2Total
Cash equivalents (1):
Money market funds$169,072 $— $169,072 $138,394 $— $138,394 
Total cash equivalents$169,072 $— $169,072 $138,394 $— $138,394 
Marketable securities:
U.S. treasury securities$— $10,846 $10,846 $— $14,716 $14,716 
Commercial paper— 11,819 11,819 — 87,436 87,436 
Corporate debt securities— 3,925 3,925 — 29,637 29,637 
Government securities— 11,898 11,898 — 11,813 11,813 
Total marketable securities$— $38,488 $38,488 $— $143,602 $143,602 
(1)    Included in cash and cash equivalents in the accompanying Condensed Consolidated Balance Sheets. Cash balances were $51.9 million and $85.3 million as of September 30, 2023 and December 31, 2022, respectively.
v3.23.3
Condensed consolidated financial statement details (Tables)
 9 Months Ended
Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Inventory
Inventory
(in thousands)
September 30, 2023December 31, 2022
Components
$17,802 $38,400 
Finished goods
137,074 88,731 
Total inventory
$154,876 $127,131 
Property, Plant and Equipment
Property and equipment, net
(in thousands)
September 30, 2023December 31, 2022
Leasehold improvements$24,084 $32,472 
Production, engineering and other equipment39,941 46,475 
Tooling7,971 9,033 
Computers and software17,717 17,258 
Furniture and office equipment4,645 4,879 
Tradeshow equipment and other1,705 1,664 
Construction in progress158 59 
Gross property and equipment
96,221 111,840 
Less: Accumulated depreciation and amortization(86,907)(98,513)
Property and equipment, net
$9,314 $13,327 
Schedule of Other Assets
(in thousands)
September 30, 2023December 31, 2022
Long-term deferred tax assets
$296,867 $279,045 
Deposits and other
7,893 8,435 
Point of purchase (POP) displays
5,572 1,798 
Intangible assets, net15 15 
Other long-term assets$310,347 $289,293 
Intangible assets are comprised of purchased technology, which have a useful life between 20-72 months, and an indefinite life asset. Amortization expense was zero for the three months ended September 30, 2023 and 2022, and zero and $0.1 million for the nine months ended September 30, 2023 and 2022, respectively. As of September 30, 2023, all of the Company’s purchased technology intangible assets were fully amortized.
Schedule of Accrued Liabilities
Accrued expenses and other current liabilities
(in thousands)
September 30, 2023December 31, 2022
Accrued sales incentives$46,341 $41,662 
Accrued liabilities (1)
28,101 35,853 
Employee related liabilities9,828 11,261 
Inventory received
7,859 233 
Warranty liabilities7,653 7,825 
Return liability5,494 6,002 
Customer deposits
3,720 3,428 
Purchase order commitments
1,013 782 
Other
9,706 11,831 
Accrued expenses and other current liabilities$119,715 $118,877 
Schedule of Product Warranty Liability
Product warranty
Three months ended September 30,Nine months ended September 30,
(in thousands)
2023202220232022
Beginning balance
$7,304 $7,860 $8,319 $8,842 
Charged to cost of revenue
6,284 5,801 14,758 13,049 
Settlement of warranty claims
(5,392)(5,743)(14,881)(13,973)
Warranty liability
$8,196 $7,918 $8,196 $7,918 
At September 30, 2023 and December 31, 2022, $7.7 million and $7.8 million, respectively, of the warranty liability was recorded as a component of accrued expenses and other current liabilities, and $0.5 million and $0.5 million, respectively, was recorded as a component of other long-term liabilities.
v3.23.3
Employee benefit plans (Tables)
 9 Months Ended
Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]  
schedule of share-based compensation, Performance Stock Units Award Activity [Table Text Block]
A summary of the Company’s PSU activity for the nine months ended September 30, 2023 is as follows:
Shares
(in thousands)
Weighted-average grant date fair value
Non-vested shares at December 31, 2022686 

$7.93 
Granted1,254 5.79 
Vested(402)7.62 
Forfeited(18)8.40 
Non-vested shares at September 30, 20231,520 $6.24 
Schedule of Share-based Compensation, Stock Options, Activity
A summary of the Company’s stock option activity for the nine months ended September 30, 2023 is as follows:
Shares
(in thousands)
Weighted-average exercise price
Weighted-average remaining contractual term (in years)
Aggregate intrinsic value (in thousands)
Outstanding at December 31, 20223,089 $9.37 5.30$467 
Granted— — 
Exercised— — 
Forfeited/Cancelled(481)10.49 
Outstanding at September 30, 20232,608 $9.16 4.73$— 
Vested and expected to vest at September 30, 20232,608 $9.16 4.73$— 
Exercisable at September 30, 20232,307 $9.38 4.34$— 
Schedule of Share-based Compensation, Restricted Stock Units Award Activity
A summary of the Company’s RSU activity for the nine months ended September 30, 2023 is as follows:
Shares
(in thousands)
Weighted-average grant date fair value
Non-vested shares at December 31, 20228,727 $7.19 
Granted7,358 5.40 
Vested(4,380)6.70 
Forfeited(520)6.78 
Non-vested shares at September 30, 202311,185 $6.22 
Allocation of Stock-based Compensation Expense The Company measures compensation expense for all stock-based payment awards based on the estimated fair values on the date of the grant. The fair value of stock options
granted and ESPP issuances is estimated using the Black-Scholes option pricing model. The fair value of RSUs and PSUs are determined using the Company’s closing stock price on the date of grant. There have been no significant changes in the Company’s valuation assumptions from those disclosed in its 2022 Annual Report.
The following table summarizes stock-based compensation expense included in the Condensed Consolidated Statements of Operations:
Three months ended September 30,Nine months ended September 30,
(in thousands)
2023202220232022
Cost of revenue
$500 $441 $1,496 $1,371 
Research and development
4,713 4,395 14,381 12,958 
Sales and marketing
2,125 1,819 6,662 6,171 
General and administrative
2,679 2,684 8,909 8,926 
Total stock-based compensation expense$10,017 $9,339 $31,448 $29,426 
Class of Treasury Stock
Three months ended September 30,Nine months ended September 30,
(in thousands, except per share data)2023202220232022
Shares repurchased2,605 1,540 7,101 4,462 
Average price per share$3.84 $6.40 $4.22 $7.09 
Value of shares repurchased$10,000 $9,856 $30,000 $31,618 
v3.23.3
Net loss per share (Tables)
 9 Months Ended
Sep. 30, 2023
Earnings Per Share [Abstract]  
Schedule of Net Income per Share, Basic and Diluted
The following table presents the calculations of basic and diluted net income (loss) per share:
Three months ended September 30,Nine months ended September 30,
(in thousands, except per share data)2023202220232022
Numerator:
Net income (loss) - Basic$(3,684)$17,570 $(50,765)$25,774 
Interest on convertible notes, income tax effected— 485 — 2,721 
Net income (loss) - Diluted$(3,684)$18,055 $(50,765)$28,495 
Denominator:
Weighted-average common shares - basic for Class A and Class B common stock152,409 155,819 154,113 156,464 
Effect of dilutive securities— 17,365 — 23,574 
Weighted-average common shares - diluted for Class A and Class B common stock152,409 173,184 154,113 180,038 
Net income (loss) per share
Basic$(0.02)$0.11 $(0.33)$0.16 
Diluted$(0.02)$0.10 $(0.33)$0.16 
Schedule of Antidilutive Securities Excluded from Computation of Net Income per Share
The following potentially dilutive shares were not included in the calculation of diluted shares outstanding as the effect would have been anti-dilutive:
Three months ended September 30,Nine months ended September 30,
(in thousands)
2023202220232022
Stock-based awards15,535 10,328 15,410 7,007 
Shares related to convertible senior notes15,410 — 15,410 — 
Total anti-dilutive securities30,945 10,328 30,820 7,007 
v3.23.3
Income taxes (Tables)
 9 Months Ended
Sep. 30, 2023
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit)
The following table provides the income tax expense (benefit) amount:
Three months ended September 30,Nine months ended September 30,
(dollars in thousands)2023202220232022
Income tax expense (benefit)$689 $5,960 $(11,562)$6,019 
v3.23.3
Commitments, contingencies and guarantees (Tables)
 9 Months Ended
Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]  
Components of Lease Expense [Text Block]
The components of net lease cost, which were primarily recorded in operating expenses, were as follows:
Three months ended September 30,Nine months ended September 30,
(in thousands)2023202220232022
Operating lease cost (1)
$2,363 $2,871 $8,557 $8,198 
Sublease income(277)(723)(1,723)(2,184)
Net lease cost$2,086 $2,148 $6,834 $6,014 
(1)    Operating lease cost includes variable lease costs, which are immaterial.

Supplemental cash flow information related to leases was as follows:
Nine months ended September 30,
(in thousands)20232022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$9,526 $11,083 
Right-of-use assets obtained in exchange for operating lease liabilities3,047 873 
Operating lease modification to decrease right-of-use assets— (232)
Supplemental balance sheet information related to leases was as follows:
September 30, 2023December 31, 2022
Weighted-average remaining lease term (in years) - operating leases3.313.81
Weighted-average discount rate - operating leases6.2%6.1%
Schedule of Maturities of Lease Liabilities [Text Block]
As of September 30, 2023, maturities of operating lease liabilities were as follows:
(in thousands)
September 30, 2023
2023 (remaining 3 months)$1,986 
202413,126 
202512,693 
202612,361 
20271,359 
Thereafter504 
Total lease payments42,029 
Less: Imputed interest(4,331)
Present value of lease liabilities$37,698 
v3.23.3
Concentrations of risk and geographic information (Tables)
 9 Months Ended
Sep. 30, 2023
Concentration Risk [Line Items]  
Schedule of Accounts, Notes, Loans and Financing Receivable
The following table summarizes the Company’s accounts receivables sold, without recourse, and factoring fees paid:
Three months ended September 30,Nine months ended September 30,
(in thousands)
2023202220232022
Accounts receivable sold$32,011 $35,755 $73,050 $86,577 
Factoring fees434 363 1,101 629 
Schedule of Revenue by Geographic Region
Revenue by geographic region was as follows:
Three months ended September 30,Nine months ended September 30,
(in thousands)
2023202220232022
Americas
$131,612 $139,419 $342,775 $368,379 
Europe, Middle East and Africa (EMEA)83,490 84,994 196,006 218,216 
Asia and Pacific (APAC)
79,197 80,717 171,258 185,925 
Total revenue
$294,299 $305,130 $710,039 $772,520 
Accounts Receivable [Member]  
Concentration Risk [Line Items]  
Schedules of Customer Concentration by Risk Factor
Customers who represented 10% or more of the Company’s net accounts receivable balance were as follows:
September 30, 2023December 31, 2022
Customer A34%30%
Customer B18%11%
Sales Revenue [Member]  
Concentration Risk [Line Items]  
Schedules of Customer Concentration by Risk Factor
Third-party customers who represented 10% or more of the Company's total revenue were as follows:
Three months ended September 30,Nine months ended September 30,
2023202220232022
Customer A12%*10%*
Customer B**10%*
* Less than 10% of total revenue for the periods indicated.
v3.23.3
Summary of business and significant accounting policies (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Dec. 31, 2022
Nov. 24, 2020
Apr. 12, 2017
Property, Plant and Equipment [Line Items]              
Contract with Customer, Liability $ 55,500   $ 55,500   $ 60,400    
Deferred Revenue, Revenue Recognized 12,200 $ 9,000 50,600 $ 37,900      
Accumulated deficit (246,878)   (246,878)   $ (196,113)    
Product Warranty Liability [Line Items]              
Deferred Revenue, Revenue Recognized 23,100 $ 18,400          
Sales Incentives, price protection $ 26,700   $ 26,700        
Convertible Senior Notes due 2022 [Member]              
Property, Plant and Equipment [Line Items]              
Interest rate             3.50%
Debt Instrument             $ 175,000
Convertible Senior Notes due 2025 [Member]              
Property, Plant and Equipment [Line Items]              
Interest rate           1.25%  
Debt Instrument           $ 143,800  
v3.23.3
Fair value measurements (Details) - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Nov. 24, 2020
Apr. 12, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Cash $ 51,900 $ 85,300    
Marketable securities 38,488 143,602    
Fair Value, Recurring [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Cash and Cash Equivalents 169,072 138,394    
Marketable securities 38,488 143,602    
Fair Value, Recurring [Member] | Money Market Funds [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Cash and Cash Equivalents 169,072 138,394    
Fair Value, Recurring [Member] | Level 1 [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Cash and Cash Equivalents 169,072 138,394    
Marketable securities 0 0    
Fair Value, Recurring [Member] | Level 1 [Member] | Money Market Funds [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Cash and Cash Equivalents 169,072 138,394    
Fair Value, Recurring [Member] | Level 2 [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Cash and Cash Equivalents 0 0    
Marketable securities 38,488 143,602    
Fair Value, Recurring [Member] | Level 2 [Member] | Money Market Funds [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Cash and Cash Equivalents 0 0    
Convertible Senior Notes due 2022 [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Debt Instrument       $ 175,000
Convertible Senior Notes due 2025 [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Debt Instrument     $ 143,800  
Convertible Senior Notes due 2025 [Member] | Level 2 [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Fair value of convertible senior notes 126,300 130,100    
Corporate Debt Securities [Member] | Fair Value, Recurring [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Marketable securities 3,925 29,637    
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | Level 1 [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Marketable securities 0 0    
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | Level 2 [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Marketable securities 3,925 29,637    
Commercial Paper | Fair Value, Recurring [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Marketable securities 11,819 87,436    
Commercial Paper | Fair Value, Recurring [Member] | Level 1 [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Marketable securities 0 0    
Commercial Paper | Fair Value, Recurring [Member] | Level 2 [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Marketable securities 11,819 87,436    
US Government Debt Securities [Member] | Fair Value, Recurring [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Marketable securities 11,898 11,813    
US Government Debt Securities [Member] | Fair Value, Recurring [Member] | Level 1 [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Marketable securities 0 0    
US Government Debt Securities [Member] | Fair Value, Recurring [Member] | Level 2 [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Marketable securities 11,898 11,813    
US Treasury Securities | Fair Value, Recurring [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Marketable securities 10,846 14,716    
US Treasury Securities | Fair Value, Recurring [Member] | Level 1 [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Marketable securities 0 0    
US Treasury Securities | Fair Value, Recurring [Member] | Level 2 [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Marketable securities $ 10,846 $ 14,716    
v3.23.3
Condensed consolidated financial statement details - Cash, Cash Equivalents and Marketable Securities (Details) - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Sep. 30, 2022
Cash and Cash Equivalents [Line Items]      
Cash $ 51,900 $ 85,300  
Cash and cash equivalents $ 220,984 $ 223,735 $ 217,161
v3.23.3
Condensed consolidated financial statement details - Inventory (Details) - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Components $ 17,802 $ 38,400
Finished goods 137,074 88,731
Total inventory $ 154,876 $ 127,131
v3.23.3
Condensed consolidated financial statement details - Property and Equipment, Net (Details) - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Property, Plant and Equipment [Line Items]    
Gross property and equipment $ 96,221 $ 111,840
Less: Accumulated depreciation and amortization (86,907) (98,513)
Property and equipment, net 9,314 13,327
Leasehold Improvements [Member]    
Property, Plant and Equipment [Line Items]    
Gross property and equipment 24,084 32,472
Production, engineering and other equipment [Member]    
Property, Plant and Equipment [Line Items]    
Gross property and equipment 39,941 46,475
Tooling [Member]    
Property, Plant and Equipment [Line Items]    
Gross property and equipment 7,971 9,033
Computers and software [Member]    
Property, Plant and Equipment [Line Items]    
Gross property and equipment 17,717 17,258
Furniture and office equipment [Member]    
Property, Plant and Equipment [Line Items]    
Gross property and equipment 4,645 4,879
Tradeshow Equipment and other [Member]    
Property, Plant and Equipment [Line Items]    
Gross property and equipment 1,705 1,664
Construction in Progress [Member]    
Property, Plant and Equipment [Line Items]    
Gross property and equipment $ 158 $ 59
v3.23.3
Condensed consolidated financial statement details - Intangible Assets and Goodwill (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Dec. 31, 2022
Finite-Lived Intangible Assets, Net [Abstract]      
Intangible assets, net $ 15   $ 15
Indefinite-lived Intangible Assets [Roll Forward]      
Amortization of intangible assets 0 $ 100  
Goodwill $ 146,459   $ 146,459
v3.23.3
Condensed consolidated financial statement details - Goodwill (Details) - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Goodwill $ 146,459 $ 146,459
v3.23.3
Condensed consolidated financial statement details - Other Assets (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]      
POP Displays $ 5,572   $ 1,798
Deposits and other 7,893   8,435
Other long-term assets 310,347   289,293
Amortization of intangible assets 0 $ 100  
Intangible Assets, Net (Excluding Goodwill) 15   15
Deferred Income Tax Assets, Net $ 296,867   $ 279,045
v3.23.3
Condensed consolidated financial statement details - Product Warranty (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]          
Beginning balances $ 7,304 $ 7,860 $ 8,319 $ 8,842  
Charged to cost of revenue 6,284 5,801 14,758 13,049  
Settlements of warranty claims (5,392) (5,743) (14,881) (13,973)  
Ending balances 8,196 $ 7,918 8,196 $ 7,918  
Product Warranty Accrual, Noncurrent 500   500   $ 500
Product Warranty Accrual, Current $ 7,653   $ 7,653   $ 7,825
v3.23.3
Condensed consolidated financial statement details - Accrued Liabilities (Details) - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Product Warranty Accrual, Current $ 7,653 $ 7,825
Employee related liabilities 9,828 11,261
Accrued sales incentives 46,341 41,662
Other Accounts Payable and Accrued Liabilities 28,101 35,853
Customer Refund Liability, Current 5,494 6,002
Customer deposits 3,720 3,428
Purchase Commitment, Remaining Minimum Amount Committed 1,013 782
Inventory received 7,859 233
Other 9,706 11,831
Accrued expenses and other current liabilities $ 119,715 $ 118,877
v3.23.3
Financing Arrangements (Details)
 3 Months Ended 9 Months Ended
Jan. 21, 2021
USD ($)
Nov. 24, 2020
USD ($)
$ / shares
Sep. 30, 2023
USD ($)
Sep. 30, 2022
USD ($)
Sep. 30, 2023
USD ($)
Sep. 30, 2022
USD ($)
Dec. 31, 2022
USD ($)
Jan. 22, 2021
USD ($)
Apr. 12, 2017
USD ($)
Line of Credit Facility [Line Items]                  
Long-term debt     $ 141,730,000   $ 141,730,000   $ 141,017,000    
Debt Instrument, Covenant Compliance, Asset Coverage Ratio     1.50   1.50        
Adjustments to Additional Paid in Capital, Capped Call Option, Issuance Costs   $ (10,200,000)              
Option Indexed To Issuers Equity, cap price   12.0925              
Payments to repurchase convertible debt   50,000,000              
Letters of Credit Outstanding, Amount     $ 5,200,000   $ 5,200,000        
Debt Instrument, Periodic Payment, Interest         2,200,000        
Convertible Senior Notes due 2022 [Member]                  
Line of Credit Facility [Line Items]                  
Repayments of Debt         125,000,000        
Convertible Senior Notes due 2025 [Member] | Private Placement [Member]                  
Line of Credit Facility [Line Items]                  
Debt Instrument   125,000,000              
2021 Credit Facility [Member]                  
Line of Credit Facility [Line Items]                  
Credit agreement, current borrowing capacity               $ 50,000,000  
Minimum Fixed Charge Coverage Ratio, minimum balance $ 10,000,000                
Line of Credit Facility, Unused Capacity, Minimum Liquidity Requirement, Amount 55,000,000                
Line of Credit Facility, Unused Capacity, Qualified Cash $ 40,000,000                
Convertible Senior Notes due 2022 [Member]                  
Line of Credit Facility [Line Items]                  
Debt Instrument                 $ 175,000,000
Interest rate                 3.50%
Interest Expense, Debt       $ 0   $ 1,300,000      
Amortization of Debt Issuance Costs       0   200,000      
Debt Instrument, Repurchase Amount   56,200,000              
Convertible Senior Notes due 2025 [Member]                  
Line of Credit Facility [Line Items]                  
Debt Instrument   $ 143,800,000              
Interest rate   1.25%              
Debt Instrument, Convertible, Conversion Ratio   107.1984              
Convertible Debt Principal Amount Conversion   $ 1,000 $ 143,800,000   143,800,000   143,800,000    
Debt Instrument, Convertible, Conversion Price | $ / shares   $ 9.3285              
Percentage of conversion price of notes     130.00%            
Percentage of trading price of notes     98.00%            
Long-term debt     $ 141,700,000   141,700,000   141,000,000    
Interest Expense, Debt     400,000 400,000 1,300,000 1,300,000      
Amortization of Debt Issuance Costs     200,000 $ 200,000 700,000 $ 700,000      
Convertible Senior Notes due 2025 [Member] | Long-term Debt [Member]                  
Line of Credit Facility [Line Items]                  
Debt Issuance Costs, Net     $ 2,100,000   $ 2,100,000   $ 2,800,000    
Convertible Senior Notes due 2025 [Member] | Over-Allotment Option [Member]                  
Line of Credit Facility [Line Items]                  
Debt Instrument   $ 18,800,000              
Base Rate [Member] | Minimum [Member] | 2021 Credit Facility [Member]                  
Line of Credit Facility [Line Items]                  
Basis Spread on Variable Rate 0.50%                
Base Rate [Member] | Maximum [Member] | 2021 Credit Facility [Member]                  
Line of Credit Facility [Line Items]                  
Basis Spread on Variable Rate 1.00%                
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Minimum [Member] | 2021 Credit Facility [Member]                  
Line of Credit Facility [Line Items]                  
Basis Spread on Variable Rate 1.50%                
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Maximum [Member] | 2021 Credit Facility [Member]                  
Line of Credit Facility [Line Items]                  
Basis Spread on Variable Rate 2.00%                
v3.23.3
Stockholders' equity (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Sep. 30, 2023
Sep. 30, 2022
Feb. 09, 2023
Dec. 31, 2022
Jan. 27, 2022
Dec. 31, 2021
Class of Stock [Line Items]                        
Stock options outstanding (shares) 2,608,000           2,608,000     3,089,000    
Stockholders' Equity Attributable to Parent $ 559,080,000 $ 563,479,000 $ 585,150,000 $ 607,735,000 $ 592,511,000 $ 592,786,000 $ 559,080,000 $ 607,735,000   $ 611,559,000   $ 615,914,000
Stock Repurchase Program, Authorized Amount                 $ 40   $ 100  
Stock Repurchase Program, Remaining Authorized Repurchase Amount $ 70,400,000           $ 70,400,000          
Treasury Stock, Shares, Acquired 2,605     1,540     7,101 4,462        
Treasury Stock Acquired, Average Cost Per Share $ 3.84     $ 6.40     $ 4.22 $ 7.09        
Stock Repurchased During Period, Value $ 10,000,000 15,000,000 5,000,000 $ 9,856,000 11,762,000 10,000,000 $ 30,000,000 $ 31,618,000        
Treasury Stock, Value, Acquired, Cost Method 10,000,000 15,000,000 5,000,000 9,856,000 11,762,000 10,000,000            
Treasury Stock, Common                        
Class of Stock [Line Items]                        
Stockholders' Equity Attributable to Parent $ (183,231,000) $ (173,231,000) $ (158,231,000) $ (145,231,000) $ (135,375,000) $ (123,613,000) $ (183,231,000) $ (145,231,000)   $ (153,231,000)   $ (113,613,000)
Common Class A [Member]                        
Class of Stock [Line Items]                        
Common stock authorized (shares) 500,000,000           500,000,000     500,000,000    
Common stock outstanding (shares) 125,782,000           125,782,000     128,629,000    
Common Stock, Voting Rights, Number             1          
Common Stock, Shares, Issued 125,782,000           125,782,000     128,629,000    
Common Class B [Member]                        
Class of Stock [Line Items]                        
Common stock authorized (shares) 150,000,000           150,000,000     150,000,000    
Common stock outstanding (shares) 26,258,000           26,258,000     26,259,000    
Common Stock, Voting Rights, Number             10          
Common Stock, Shares, Issued 26,258,000           26,258,000     26,259,000    
Restricted Stock Units (RSUs) [Member]                        
Class of Stock [Line Items]                        
Restricted stock units outstanding (shares) 11,185,000           11,185,000     8,727,000    
Performance Shares [Member]                        
Class of Stock [Line Items]                        
Restricted stock units outstanding (shares) 1,520,000           1,520,000     686,000    
v3.23.3
Employee benefit plans - Narrative (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Sep. 30, 2023
Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Allocated share-based compensation expense $ 10,017 $ 11,117 $ 10,314 $ 9,339 $ 10,251 $ 9,836    
ESPP stock issued during period (shares)             900,000 700,000
ESPP weighted average purchase price of shares purchased (usd per share)             $ 4.10 $ 6.72
Unearned stock-based compensation, expected recognition period             2 years 3 months 3 days  
Share-based Payment Arrangement, Expense, Tax Benefit $ 2,300     $ 2,100     $ 7,100 $ 6,500
Stock Repurchased During Period, Shares 2,605,000 3,606,000 890,000 1,540,000 1,802,000 1,120,000    
Treasury Stock Acquired, Average Cost Per Share $ 3.84     $ 6.40     $ 4.22 $ 7.09
Stock Repurchased During Period, Value $ 10,000 $ 15,000 $ 5,000 $ 9,856 $ 11,762 $ 10,000 $ 30,000 $ 31,618
RSUs [Member]                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Shares granted (shares)             7,358,000  
Weighted average price of shares granted (usd per share)             $ 5.40  
Performance Shares [Member]                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Shares granted (shares)             1,254,000  
Weighted average price of shares granted (usd per share)             $ 5.79  
Employee Stock Purchase Plan Shares [Member]                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Purchase Price of Common Stock, Percent             85.00%  
Stock Options, ESPP and Restricted Stock Units (RSUs) [Member]                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Unearned stock-based compensation costs $ 62,600           $ 62,600  
2014 Equity Incentive Plans [Member] | Stock Options [Member]                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Expiration Period             10 years  
2014 Equity Incentive Plans [Member] | Performance Shares [Member]                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Award Vesting Period             3 years  
2014 Equity Incentive Plans [Member] | Minimum [Member] | Stock Options [Member]                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Award Vesting Period             1 year  
2014 Equity Incentive Plans [Member] | Minimum [Member] | RSUs [Member]                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Award Vesting Period             2 years  
2014 Equity Incentive Plans [Member] | Maximum [Member] | Stock Options [Member]                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Award Vesting Period             4 years  
2014 Equity Incentive Plans [Member] | Maximum [Member] | RSUs [Member]                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Award Vesting Period             4 years  
v3.23.3
Employee benefit plans - Stock Option Activity (Details) - USD ($)
$ / shares in Units, shares in Thousands
 9 Months Ended
Dec. 31, 2022
Sep. 30, 2023
Feb. 09, 2023
Jan. 27, 2022
Shares (in thousands)        
Outstanding at beginning of period (shares)   3,089    
Granted (shares)   0    
Exercised (shares)   0    
Forfeited/Cancelled (shares)   (481)    
Outstanding at end of period (shares) 3,089 2,608    
Weighted-average exercise price        
Outstanding at beginning of period (in dollars per share)   $ 9.37    
Granted (usd per share)   0    
Exercised (usd per share)   0    
Outstanding at end of period (in dollars per share) $ 9.37 $ 9.16    
Aggregate intrinsic value (in thousands) $ 467,000 $ 0    
Vested and Expected to Vest (shares)   2,608    
Vested and Expected to Vest - Weighted Average Exercise Price (in dollars per share)   $ 9.16    
Vested and Expected to Vest- Weighted Average Remaining Contractual Term   4 years 8 months 23 days    
Vested and Expected to Vest - Aggregate Intrinsic Value   $ 0    
Exercisable (shares)   2,307    
Exercisable - Weighted average exercise price (in dollars per share)   $ 9.38    
Exercisable - Weighted Average Remaining Contractual Term   4 years 4 months 2 days    
Exercisable - Aggregate intrinsic value   $ 0    
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price   $ 10.49    
Stock Repurchase Program, Remaining Authorized Repurchase Amount   $ 70,400,000    
Stock Repurchase Program, Authorized Amount     $ 40 $ 100
Equity, Class of Treasury Stock [Line Items]        
Weighted Average Remaining Contractual Term (in years) 5 years 3 months 18 days 4 years 8 months 23 days    
v3.23.3
Employee benefit plans - Restricted Stock Units Activity (Details)
shares in Thousands
 9 Months Ended
Sep. 30, 2023
$ / shares
shares
RSUs [Member]  
Shares (in thousands)  
Non-vested shares at beginning of period (shares) | shares 8,727
Granted (shares) | shares 7,358
Vested (shares) | shares (4,380)
Forfeited (shares) | shares (520)
Non-vested shares at end of period (shares) | shares 11,185
Weighted-average grant date fair value  
Non-vested shares at beginning of period (in dollars per share) | $ / shares $ 7.19
Weighted average price of shares granted (usd per share) | $ / shares 5.40
Weighted average price of shares vested (usd per share) | $ / shares 6.70
Weighted average price of shares forfeited (usd per share) | $ / shares 6.78
Non-vested shares at end of period (in dollars per share) | $ / shares $ 6.22
Performance Shares [Member]  
Shares (in thousands)  
Non-vested shares at beginning of period (shares) | shares 686
Granted (shares) | shares 1,254
Vested (shares) | shares (402)
Forfeited (shares) | shares (18)
Non-vested shares at end of period (shares) | shares 1,520
Weighted-average grant date fair value  
Non-vested shares at beginning of period (in dollars per share) | $ / shares $ 7.93
Weighted average price of shares granted (usd per share) | $ / shares 5.79
Weighted average price of shares vested (usd per share) | $ / shares 7.62
Weighted average price of shares forfeited (usd per share) | $ / shares 8.40
Non-vested shares at end of period (in dollars per share) | $ / shares $ 6.24
v3.23.3
Employee benefit plans - Allocation of Stock-based Compensation Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total stock-based compensation expense $ 10,017 $ 9,339 $ 31,448 $ 29,426
Share-based Payment Arrangement, Expense, Tax Benefit 2,300 2,100 $ 7,100 6,500
Unearned stock-based compensation, expected recognition period     2 years 3 months 3 days  
Cost of Revenue [Member]        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total stock-based compensation expense 500 441 $ 1,496 1,371
Research and Development [Member]        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total stock-based compensation expense 4,713 4,395 14,381 12,958
Selling and Marketing Expense [Member]        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total stock-based compensation expense 2,125 1,819 6,662 6,171
General and Administrative [Member]        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total stock-based compensation expense $ 2,679 $ 2,684 $ 8,909 $ 8,926
v3.23.3
Employee benefit plans Performance Stock Units activity (Details) - $ / shares
shares in Thousands
 9 Months Ended
Sep. 30, 2023
Dec. 31, 2022
Performance Shares [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Restricted stock units outstanding (shares) 1,520 686
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value $ 6.24 $ 7.93
Granted (shares) 1,254  
Weighted average price of shares granted (usd per share) $ 5.79  
Vested (shares) (402)  
Weighted average price of shares vested (usd per share) $ 7.62  
Forfeited (shares) (18)  
Weighted average price of shares forfeited (usd per share) $ 8.40  
Restricted Stock Units (RSUs) [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Restricted stock units outstanding (shares) 11,185 8,727
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value $ 6.22 $ 7.19
Granted (shares) 7,358  
Weighted average price of shares granted (usd per share) $ 5.40  
Vested (shares) (4,380)  
Weighted average price of shares vested (usd per share) $ 6.70  
Forfeited (shares) (520)  
Weighted average price of shares forfeited (usd per share) $ 6.78  
v3.23.3
Net loss per share Additional Information (Details)
 9 Months Ended
Sep. 30, 2023
shares
Nov. 24, 2020
USD ($)
$ / shares
Apr. 12, 2017
USD ($)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Option Indexed To Issuers Equity, cap price | $   $ 12.0925  
Common Class A [Member]      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Common Stock, Voting Rights, Number | shares 1    
Conversion of Stock, Shares Issued | shares 1    
Common Class B [Member]      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Common Stock, Voting Rights, Number | shares 10    
Convertible Senior Notes due 2022 [Member]      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Debt Instrument | $     $ 175,000,000
Interest rate     3.50%
Convertible Senior Notes due 2025 [Member]      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Debt Instrument | $   $ 143,800,000  
Interest rate   1.25%  
Debt Instrument, Convertible, Conversion Price | $ / shares   $ 9.3285  
v3.23.3
Net loss per share - Basic and Diluted Net Income per Share Attributable to Common Stockholders (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Sep. 30, 2023
Sep. 30, 2022
Numerator:                
Net income (loss) $ (3,684) $ (17,212) $ (29,869) $ 17,570 $ 2,519 $ 5,685 $ (50,765) $ 25,774
Interest on Convertible Debt, Net of Tax 0     485     0 2,721
Net Income (Loss) Attributable to Parent, Diluted $ (3,684)     $ 18,055     $ (50,765) $ 28,495
Denominator:                
Weighted Average Number of Shares Outstanding, Basic 152,409     155,819     154,113 156,464
Weighted Average Number Diluted Shares Outstanding Adjustment 0     17,365     0 23,574
Earnings Per Share, Diluted $ (0.02)     $ 0.10     $ (0.33) $ 0.16
Weighted Average Number of Shares Outstanding, Diluted 152,409     173,184     154,113 180,038
v3.23.3
Net loss per share - Antidilutive Securities Excluded from Computation of Net Income per Share (Details) - shares
shares in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Earnings Per Share [Abstract]        
Antidilutive securities excluded from computation of earnings per share (shares) 30,945 10,328 30,820 7,007
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities excluded from computation of earnings per share (shares) 30,945 10,328 30,820 7,007
Convertible Debt Securities        
Earnings Per Share [Abstract]        
Antidilutive securities excluded from computation of earnings per share (shares) 15,410 0 15,410 0
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities excluded from computation of earnings per share (shares) 15,410 0 15,410 0
Share-based Payment Arrangement        
Earnings Per Share [Abstract]        
Antidilutive securities excluded from computation of earnings per share (shares) 15,535 10,328 15,410  
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities excluded from computation of earnings per share (shares) 15,535 10,328 15,410  
v3.23.3
Income taxes - Income Tax Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Income Tax Disclosure [Abstract]        
Income tax (benefit) expense $ 689 $ 5,960 $ (11,562) $ 6,019
Current Foreign Tax Expense (Benefit) 1,000 5,800 14,400 7,700
Other Tax Expense (Benefit) 100 100 100 200
Income Tax Effects Allocated Directly to Equity, Other $ 1,700 $ 100 2,400 $ 1,700
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions     $ 2,400  
v3.23.3
Income taxes - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Dec. 31, 2022
Operating Loss Carryforwards [Line Items]          
Other Tax Expense (Benefit) $ 100 $ 100 $ 100 $ 200  
Income tax (benefit) expense 689 5,960 (11,562) 6,019  
Loss before income taxes (2,995) 23,530 (62,327) 31,793  
Current Foreign Tax Expense (Benefit) 1,000 5,800 14,400 7,700  
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions     (2,400)    
Unrecognized Tax Benefits 26,100   26,100   $ 23,400
Unrecognized Tax Benefits that Would Impact Effective Tax Rate 12,600   12,600    
Income Tax Effects Allocated Directly to Equity, Other 1,700 100 2,400 1,700  
Restructuring adjustments $ 100 $ 100 $ 300 $ 100  
v3.23.3
Income taxes - Deferred Tax Assets (Details) - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Deferred tax assets:    
Deferred Tax Assets, Net, Total $ 296,867 $ 279,045
v3.23.3
Income taxes - Reconciliation (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Income Tax Disclosure [Abstract]        
Income tax (benefit) expense $ 689 $ 5,960 $ (11,562) $ 6,019
v3.23.3
Commitments, contingencies and guarantees (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Dec. 31, 2022
Long-term Purchase Commitment [Line Items]          
Operating Lease, Cost $ 2,363 $ 2,871 $ 8,557 $ 8,198  
Operating Lease, Payments     9,526 11,083  
Finance Lease, Liability, to be Paid, Year One 1,986   1,986    
Finance Lease, Liability, to be Paid, Year Two 13,126   13,126    
Finance Lease, Liability, to be Paid, Year Three 12,693   12,693    
Finance Lease, Liability, to be Paid, Year Four 12,361   12,361    
Finance Lease, Liability, to be Paid, Year Five 1,359   1,359    
Lessee, Operating Lease, Liability, Payments, Due after Year Five 504   504    
Lessee, Operating Lease, Liability, Payments, Due (42,029)   (42,029)    
us-gaap_Lessee Operating Lease Liability Undiscounted Excess Amount (4,331)   (4,331)    
Operating Lease, Liability $ 37,698   37,698    
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability     3,047 873  
LesseeOperatingLeaseModification     $ 0 (232)  
Operating Lease, Weighted Average Remaining Lease Term 3 years 3 months 21 days   3 years 3 months 21 days   3 years 9 months 21 days
Operating Lease, Weighted Average Discount Rate, Percent 6.20%   6.20%   6.10%
Sublease Income $ (277) (723) $ (1,723) (2,184)  
Lease, Cost 2,086 $ 2,148 6,834 $ 6,014  
Other Commitments [Line Items]          
Other Commitment $ 209,600   $ 209,600    
v3.23.3
Concentrations of risk and geographic information - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Dec. 31, 2022
Revenue, Major Customer [Line Items]          
Revenue $ 294,299 $ 305,130 $ 710,039 $ 772,520  
United States [Member]          
Revenue, Major Customer [Line Items]          
Revenue 100,900 $ 119,100 283,000 $ 312,300  
Outside the United States [Member]          
Revenue, Major Customer [Line Items]          
Assets, Noncurrent $ 1,900   $ 1,900   $ 4,000
v3.23.3
Concentrations of risk and geographic information - Schedule of Customer Concentration by Risk Factor (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Mar. 31, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Concentration Risk [Line Items]          
Accounts receivable sold $ 32,011   $ 35,755 $ 73,050 $ 86,577
Factoring fees $ 434   $ 363 $ 1,101 $ 629
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Customer A [Member]          
Concentration Risk [Line Items]          
Concentration risk   30.00%   34.00%  
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Customer B [Member]          
Concentration Risk [Line Items]          
Concentration risk   11.00%   18.00%  
Customer Concentration Risk [Member] | Sales Revenue [Member] | Customer A [Member]          
Concentration Risk [Line Items]          
Concentration risk 12.00%     10.00%  
Customer Concentration Risk [Member] | Sales Revenue [Member] | Customer B [Member]          
Concentration Risk [Line Items]          
Concentration risk       10.00%  
v3.23.3
Concentrations of risk and geographic information - Schedule of Revenue by Geographic Segment (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Segment Reporting Information [Line Items]        
Revenue $ 294,299 $ 305,130 $ 710,039 $ 772,520
United States [Member]        
Segment Reporting Information [Line Items]        
Revenue 100,900 119,100 283,000 312,300
Americas [Member]        
Segment Reporting Information [Line Items]        
Revenue 131,612 139,419 342,775 368,379
Europe, Middle East and Africa [Member]        
Segment Reporting Information [Line Items]        
Revenue 83,490 84,994 196,006 218,216
Asia and Pacific Area Countries [Member]        
Segment Reporting Information [Line Items]        
Revenue $ 79,197 $ 80,717 $ 171,258 $ 185,925
v3.23.3
Restructuring charges - Restructuring Costs (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Dec. 31, 2023
Dec. 31, 2022
Restructuring Cost and Reserve [Line Items]            
Restructuring and Related Costs    
Restructuring charges for each period were as follows:
Three months ended September 30,Nine months ended September 30,
(in thousands)
2023202220232022
Cost of revenue
$— $— $(183)$28 
Research and development
— (4)10 235 
Sales and marketing
— (2)6 132 
General and administrative
— (1)3 75 
Total restructuring charges
$— $(7)$(164)$470 
      
Restructuring charges $ 0 $ (7) $ (164) $ 470    
Cost of Revenue [Member]            
Restructuring Cost and Reserve [Line Items]            
Restructuring charges 0 0 (183) 28    
Research and Development [Member]            
Restructuring Cost and Reserve [Line Items]            
Restructuring charges 0 (4) 10 235    
Selling and Marketing Expense [Member]            
Restructuring Cost and Reserve [Line Items]            
Restructuring charges 0 (2) 6 132    
General and Administrative [Member]            
Restructuring Cost and Reserve [Line Items]            
Restructuring charges $ 0 $ (1) 3 $ 75    
fourth quarter 2022 restructuring            
Restructuring Cost and Reserve [Line Items]            
Restructuring charges     (184)      
Restructuring Reserve         $ 0 $ 7,833
Other Restructuring Costs     (184)      
Cash paid     (7,649)      
Restructuring charges     8,100      
fourth quarter 2022 restructuring | Other Restructuring [Member]            
Restructuring Cost and Reserve [Line Items]            
Restructuring Reserve         $ 0 $ 7,833
Cash paid     $ (7,649)      
v3.23.3
Restructuring charges - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Restructuring Cost and Reserve [Line Items]        
Restructuring charges $ 0 $ (7) $ (164) $ 470
fourth quarter 2022 restructuring        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges     8,100  
Other Restructuring Costs     (184)  
fourth quarter 2022 restructuring contract costs [Member]        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges     7,000  
fourth quarter 2022 restructuring transition costs [Member]        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges     $ 1,100  
v3.23.3
Subsequent Events (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Dec. 31, 2022
Subsequent Event [Line Items]          
Restructuring charges $ 0 $ (7) $ (164) $ 470  
Sublease Income $ 277 $ 723 $ 1,723 $ 2,184  
Operating Lease, Weighted Average Discount Rate, Percent 6.20%   6.20%   6.10%
v3.23.3
Label Element Value
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $ 223,735,000
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $ 401,087,000