GOPRO, INC., 10-Q filed on 8/6/2024
Quarterly Report
v3.24.2.u1
Cover - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Aug. 05, 2024
Jun. 30, 2023
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 Accelerated Filer    
Document Type 10-Q    
Document Period End Date Jun. 30, 2024    
Document Transition Report false    
Entity File Number 001-36514    
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus Q2    
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    
Entity Well-known Seasoned Issuer No    
Document Quarterly Report true    
Common Class A [Member]      
Class of Stock [Line Items]      
Entity Common Stock, Shares Outstanding   126,471,033  
Common Class B [Member]      
Class of Stock [Line Items]      
Entity Common Stock, Shares Outstanding   26,258,546  
v3.24.2.u1
Audit Information - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Audit Information [Abstract]        
Revenues $ 186,224 $ 241,020 $ 341,693 $ 415,740
v3.24.2.u1
Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2024
Dec. 31, 2023
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 $ 193,231,000 $ 193,231,000
Common Stocks, Including Additional Paid in Capital 1,014,115,000 998,373,000
Preferred Stock, Value, Outstanding $ 0 $ 0
Treasury Stock, Common, Shares 26,608,000 26,608,000
Cash and cash equivalents $ 133,036,000 $ 222,708,000
Marketable securities 0 23,867,000
Accounts receivable, net 86,337,000 91,452,000
Inventory 97,331,000 106,266,000
Prepaid expenses and other current assets 34,723,000 38,298,000
Property and equipment, net 9,011,000 8,686,000
Operating Lease, Right-of-Use Asset 17,064,000 18,729,000
Goodwill 152,351,000 146,459,000
Other long-term assets 26,901,000 311,486,000
Accounts payable 65,901,000 102,612,000
Accrued expenses and other current liabilities 108,215,000 110,049,000
Short-term operating lease liabilities 10,434,000 10,520,000
Deferred revenue 53,914,000 55,913,000
Long-term taxes payable 13,112,000 11,199,000
Long-term debt 92,898,000 92,615,000
Long-term operating lease liabilities 24,332,000 25,527,000
Other long-term liabilities 3,269,000 3,670,000
Accumulated deficit (636,205,000) (249,296,000)
Current assets:    
Cash and cash equivalents 133,036,000 222,708,000
Marketable securities 0 23,867,000
Accounts receivable, net 86,337,000 91,452,000
Inventory 97,331,000 106,266,000
Prepaid expenses and other current assets 34,723,000 38,298,000
Total current assets 351,427,000 482,591,000
Property and equipment, net 9,011,000 8,686,000
Operating Lease, Right-of-Use Asset 17,064,000 18,729,000
Goodwill 152,351,000 146,459,000
Other long-term assets 26,901,000 311,486,000
Total assets 556,754,000 967,951,000
Current liabilities:    
Accounts payable 65,901,000 102,612,000
Accrued expenses and other current liabilities 108,215,000 110,049,000
Short-term operating lease liabilities 10,434,000 10,520,000
Deferred revenue 53,914,000 55,913,000
Total current liabilities 238,464,000 279,094,000
Long-term taxes payable 13,112,000 11,199,000
Long-term debt 92,898,000 92,615,000
Long-term operating lease liabilities 24,332,000 25,527,000
Other long-term liabilities 3,269,000 3,670,000
Total liabilities 372,075,000 412,105,000
Commitments, contingencies and guarantees
Stockholders’ equity:    
Preferred Stock, Value, Outstanding 0 0
Common Stocks, Including Additional Paid in Capital 1,014,115,000 998,373,000
Treasury Stock, Value (193,231,000) (193,231,000)
Accumulated deficit (636,205,000) (249,296,000)
Total stockholders’ equity 184,679,000 555,846,000
Total liabilities and stockholders’ equity $ 556,754,000 $ 967,951,000
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 26,608,000 26,608,000
Common Class A [Member]    
Common stock outstanding (shares) 126,471,000 123,638,000
Common Stock, Shares Authorized (shares) 500,000,000 500,000,000
Common Stock, Shares, Issued 126,471,000 123,638,000
Stockholders’ equity:    
Common Stock, Shares Authorized (shares) 500,000,000 500,000,000
Common Stock, Shares, Issued 126,471,000 123,638,000
Common Class B [Member]    
Common stock outstanding (shares) 26,259,000 26,259,000
Common Stock, Shares Authorized (shares) 150,000,000 150,000,000
Common Stock, Shares, Issued 26,259,000 26,259,000
Stockholders’ equity:    
Common Stock, Shares Authorized (shares) 150,000,000 150,000,000
Common Stock, Shares, Issued 26,259,000 26,259,000
v3.24.2.u1
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
Jun. 30, 2024
Dec. 31, 2023
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 26,608,000 26,608,000
Common Class A [Member]    
Common Stock, Shares Authorized (shares) 500,000,000 500,000,000
Common Stock, Shares, Issued 126,471,000 123,638,000
Common stock outstanding (shares) 126,471,000 123,638,000
Common Class B [Member]    
Common Stock, Shares Authorized (shares) 150,000,000 150,000,000
Common Stock, Shares, Issued 26,259,000 26,259,000
Common stock outstanding (shares) 26,259,000 26,259,000
v3.24.2.u1
Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Income Statement [Abstract]        
Revenues $ 186,224,000 $ 241,020,000 $ 341,693,000 $ 415,740,000
Cost of revenue 129,514,000 165,248,000 231,945,000 287,466,000
Gross profit 56,710,000 75,772,000 109,748,000 128,274,000
Operating expenses:        
Research and development 46,932,000 41,903,000 91,544,000 80,088,000
Sales and marketing 41,353,000 39,906,000 76,499,000 77,961,000
General and administrative 14,934,000 16,457,000 29,627,000 32,533,000
Total operating expenses 103,219,000 98,266,000 197,670,000 190,582,000
Operating loss (46,509,000) (22,494,000) (87,922,000) (62,308,000)
Interest expense (790,000) (1,139,000) (1,464,000) (2,292,000)
Other income, net 811,000 2,423,000 2,019,000 5,268,000
Total other income, net 21,000 1,284,000 555,000 2,976,000
Loss before income taxes (46,488,000) (21,210,000) (87,367,000) (59,332,000)
Income tax expense (benefit) 1,333,000 (3,998,000) 299,542,000 (12,251,000)
Net loss $ (47,821,000) $ (17,212,000) $ (386,909,000) $ (47,081,000)
Earnings Per Share, Basic $ (0.31) $ (0.11) $ (2.55) $ (0.30)
Earnings Per Share, Diluted $ (0.31) $ (0.11) $ (2.55) $ (0.30)
Weighted Average Number of Shares Outstanding, Basic 152,502 154,562 151,796 154,980
Weighted Average Number of Shares Outstanding, Diluted 152,502 154,562 151,796 154,980
v3.24.2.u1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Operating activities:    
Net loss $ (386,909) $ (47,081)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 2,884 3,557
operating lease, right-of-use asset, periodic reduction, net (1,611) 2,128
Stock-based compensation 16,561 21,431
Deferred income taxes 296,710 (16,073)
Operating Lease, Impairment Loss 3,276 0
Other 1,104 (1,993)
Changes in operating assets and liabilities:    
Accounts receivable, net 4,943 (5,444)
Inventory 8,935 (8,278)
Prepaid expenses and other assets (1,437) (3,079)
Accounts payable and other liabilities (39,502) (17,054)
Deferred revenue (2,752) (3,068)
Net Cash Provided by (Used in) Operating Activities (97,798) (74,954)
Investing activities:    
Purchases of property and equipment, net (1,680) (961)
Purchases of marketable securities 0 (25,782)
Maturities of marketable securities 24,000 90,204
Payments for (Proceeds from) Other Investing Activities 12,308 0
Net cash provided by investing activities 10,012 63,461
Financing activities:    
Proceeds from issuance of common stock 1,380 2,324
Payment, Tax Withholding, Share-based Payment Arrangement (2,180) (4,834)
Payments for Repurchase of Common Stock 0 (20,000)
Net cash used in financing activities (800) (22,510)
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents (1,086) 181
Cash and cash equivalents 133,036 189,913
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect $ (89,672) $ (33,822)
v3.24.2.u1
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 $ 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 loss $ (29,869) (29,869)    
Common stock issued under employee benefit plans, net of shares withheld for tax 2,397   $ 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  
Payments for Repurchase of Common Stock 20,000      
Stock Repurchased During Period, Value (20,000)      
Net loss (47,081)      
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 loss $ (17,212) (17,212)    
Common stock issued under employee benefit plans, net of shares withheld for tax 7   $ 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  
Stockholders' Equity Attributable to Parent 555,846 (249,296) $ 998,373 (193,231)
Shares, Outstanding     149,897  
Allocated share-based compensation expense 8,770   $ 8,770  
Net loss (339,088) (339,088)    
Common stock issued under employee benefit plans, net of shares withheld for tax 1,361      
Common stock issued under employee benefit plans, net of shares withheld for tax (shares)     2,403  
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation (1,977)   $ 1,977  
Payments for Repurchase of Common Stock 0      
Stock Repurchased During Period, Value 0      
Net loss (386,909)      
Stockholders' Equity Attributable to Parent 224,912 (588,384) $ 1,006,527 (193,231)
Shares, Outstanding     152,300  
Allocated share-based compensation expense     $ 7,791  
Stock Repurchased During Period, Value 0      
Net loss (47,821) (47,821)    
Common stock issued under employee benefit plans, net of shares withheld for tax (shares)     430  
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation (203)   $ 203  
Stockholders' Equity Attributable to Parent $ 184,679 $ (636,205) $ 1,014,115 $ (193,231)
Shares, Outstanding     152,730  
v3.24.2.u1
Summary of business and significant accounting policies
 6 Months Ended
Feb. 27, 2024
Jun. 30, 2024
Accounting Policies [Abstract]    
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, 2023 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 for the year ended December 31, 2023 (2023 Annual Report). There have been no material changes in the Company’s critical accounting policies and estimates from those disclosed in its 2023 Annual Report, except for estimates used in the Company’s goodwill impairment analysis and assessment of the recoverability of the Company’s deferred tax assets.
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 performs an annual assessment of its goodwill during the fourth quarter of each calendar year or more frequently if indicators of potential impairment exist, such as an adverse change in business climate, declines in market capitalization or a decline in the overall industry demand, that would indicate it is more likely than not that the fair value of its single reporting unit is less than its’ carrying value. If the Company determines that it is more likely than not that the fair value of its single reporting unit is less than the carrying value, the Company measures the amount of impairment as the amount the carrying value of its single reporting unit exceeds the fair value, up to the carrying value of goodwill, by using a discounted cash flow method and market approach method.
Although the Company’s market capitalization further declined in the second quarter of 2024, the Company does not believe that it is more likely than not that the fair value of its single reporting unit is less than the carrying value. Using the market capitalization approach, which the Company expects would be similar to the discounted
cash flow method, the fair value of the single reporting unit is estimated based on the trading price of the Company’s stock at the test date, which is further adjusted by an acquisition control premium representing the synergies a market participant would obtain when obtaining control of the business. As of June 30, 2024, the market capitalization exceeded the carrying value of the single reporting unit by 15% which was not adjusted for an acquisition control premium. The acquisition control premium would further increase the percentage by which the estimated fair value of the Company’s single reporting unit would exceed the carrying value.
The estimated fair value of the Company’s single reporting unit is sensitive to the volatility in the Company’s stock price. For example, a 5% decrease in the Company’s June 30, 2024 stock price would result in its market capitalization exceeding the carrying value of its single reporting unit by 10%, which is not adjusted for an acquisition control premium. If the Company's market capitalization continues to decline or future performance falls below the Company’s current expectations, assumptions, or estimates, including assumptions related to current macroeconomic uncertainties, this may trigger a future material non-cash goodwill impairment charge, which could have a material adverse effect on the Company’s business, financial condition, and results of operations in the reporting period in which a charge would be necessary. The Company will continue to monitor developments, including updates to the Company’s forecasts and market capitalization. An update of the Company’s assessment and related estimates may be required in the future.
Liquidity. As of June 30, 2024, the Company had $133.0 million in cash, cash equivalents and marketable securities. Based on the Company’s current cash balance, its cost reductions implemented to date, and working capital adjustments, the Company anticipates it will have sufficient funds to meet its strategic and working capital requirements, debt service requirements and lease payment obligations for at least twelve months from the issuance of these condensed consolidated financial statements. The Company also had $44.8 million available to draw from its 2021 Credit Agreement (as defined below) as of June 30, 2024 and its 2025 Notes are due in November 2025, which the Company has the ability to convert the balance due into stock under certain circumstances. If the Company is unable to obtain adequate debt or equity financing when it is required or on terms acceptable to the Company, the Company’s ability to grow its business, repay debt and respond to business challenges could be significantly limited. Although management believes its current cash resources are sufficient to sustain operations for one year from issuance of these condensed consolidated financial statements, the success of the Company’s operations and the global economic outlook, among other factors, could impact its business and liquidity. The Company will continue to evaluate additional measures, including cost reduction initiatives, debt or equity refinancing, and other similar arrangements. The current cash flow projections used in the Company’s evaluation do not include the impact of these additional measures.
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. 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 its Premium+, Premium, 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 launched its Premium+ subscription in February 2024, which includes cloud storage up to 500 gigabytes (GB) of non-GoPro content, access to GoPro’s HyperSmooth Pro video stabilization software, and the features included in the Premium subscription. The Company’s Premium subscription offers a range of services, including unlimited cloud storage of GoPro content supporting source video and photo quality, damaged camera replacement, cloud storage up to 25 GB of non-GoPro content, Quik desktop editing tools, which was launched in February 2024, highlight videos automatically delivered via the Company’s mobile app when GoPro camera footage is uploaded to a GoPro cloud account using Auto Upload, 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. Subscription and service revenue was $26.3 million, or 14.1% of total revenue for the three months ended June 30, 2024, and $52.2 million, or 15.3% of total revenue for the six months ended June 30, 2024. Subscription and service revenue as a percentage of 2023 annual revenue was not material.
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 June 30, 2024 and December 31, 2023, includes amounts related to the Company’s subscriptions and PCS. The Company’s short-term and long-term deferred revenue balances totaled $56.3 million and $59.1 million as of June 30, 2024 and December 31, 2023, respectively. Of the deferred revenue balance as of December 31, 2023 and 2022, the Company recognized $16.7 million and $16.9 million of revenue during the three months ended June 30, 2024 and 2023, respectively, and $39.4 million and $38.3 million of revenue during the six months ended June 30, 2024 and 2023, respectively. Of the deferred revenue balance as of March 31, 2024 and 2023, the Company recognized $23.2 million and $22.5 million of revenue during the three months ended June 30, 2024 and 2023, respectively.
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.
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. In the first quarter of 2024, the Company provided a valuation allowance of $294.9 million on United States federal and state deferred tax assets.
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. 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.
Business Acquisitions. The Company accounts for acquired businesses using the acquisition method of accounting, which requires that once control of a business is obtained, 100% of the assets acquired and liabilities assumed be recorded at the date of acquisition at their respective fair values. Any excess of the purchase price over the estimated fair values of the net assets acquired is recorded as goodwill. Acquisition-related expenses including transaction and integration costs are expensed as incurred. The Company uses various models to determine the value of assets acquired such as the cost method. Determining the useful life of an intangible asset also requires judgment as different types of intangible assets will have different useful lives and certain assets may be considered to have indefinite useful lives.
Recent accounting standards.
StandardDescription
Effect on the condensed consolidated financial statements or other significant matters
Standards not yet adopted
Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures
ASU No. 2023-07

This standard is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses on an interim and annual basis. Additionally, this standard would require that a public entity that has a single reportable segment provide all the disclosures required by the standard and all existing segment disclosures in Topic 280. This standard is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The standard requires retrospective application.
The Company is currently evaluating the impact of adopting this standard on its 2024 Form 10-K financial statements and related disclosures.
Income Taxes (Topic 740): Improvements to Income Tax Disclosures
ASU No. 2023-09
This standard requires reporting companies to break out income tax expense and a tax rate reconciliation in more detail. This standard is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The standard requires prospective transition with the option to apply retrospectively.
The Company is currently evaluating the impact of adopting this standard on its financial statements and related disclosures.
Although there are several other 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.
Accounting Standards Update and Change in Accounting Principle  
Recent accounting standards.
StandardDescription
Effect on the condensed consolidated financial statements or other significant matters
Standards not yet adopted
Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures
ASU No. 2023-07

This standard is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses on an interim and annual basis. Additionally, this standard would require that a public entity that has a single reportable segment provide all the disclosures required by the standard and all existing segment disclosures in Topic 280. This standard is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The standard requires retrospective application.
The Company is currently evaluating the impact of adopting this standard on its 2024 Form 10-K financial statements and related disclosures.
Income Taxes (Topic 740): Improvements to Income Tax Disclosures
ASU No. 2023-09
This standard requires reporting companies to break out income tax expense and a tax rate reconciliation in more detail. This standard is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The standard requires prospective transition with the option to apply retrospectively.
The Company is currently evaluating the impact of adopting this standard on its financial statements and related disclosures.
Although there are several other 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.
Business acquisitions , the Company completed an acquisition of Forcite Helmet Systems, a privately-held company that offers technology-enabled helmets, for total consideration of $14.0 million. The allocation of the purchase price primarily included $7.5 million in developed technology and $5.9 million of residual goodwill. Net tangible assets acquired were not material.
Goodwill is primarily attributable to expected synergies in the technologies that can be leveraged by the Company in future product offerings. The operating results of Forcite Helmet Systems have been included in the Company’s condensed consolidated financial statements from the date of acquisition. Actual and pro forma results of operations for this acquisition have not been presented because they did not have a material impact to the Company’s condensed consolidated results of operations.
  
v3.24.2.u1
Business Acquisitions
Feb. 27, 2024
Business Combinations [Abstract]  
Business acquisitions , the Company completed an acquisition of Forcite Helmet Systems, a privately-held company that offers technology-enabled helmets, for total consideration of $14.0 million. The allocation of the purchase price primarily included $7.5 million in developed technology and $5.9 million of residual goodwill. Net tangible assets acquired were not material.
Goodwill is primarily attributable to expected synergies in the technologies that can be leveraged by the Company in future product offerings. The operating results of Forcite Helmet Systems have been included in the Company’s condensed consolidated financial statements from the date of acquisition. Actual and pro forma results of operations for this acquisition have not been presented because they did not have a material impact to the Company’s condensed consolidated results of operations.
v3.24.2.u1
Fair value measurements
 6 Months Ended
Jun. 30, 2024
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:
June 30, 2024December 31, 2023
(in thousands)Level 1Level 2TotalLevel 1Level 2Total
Cash equivalents (1):
Money market funds$80,376 $— $80,376 $152,760 $— $152,760 
Total cash equivalents$80,376 $— $80,376 $152,760 $— $152,760 
Marketable securities:
U.S. treasury securities$— $— $— $— $7,962 $7,962 
Commercial paper— — — — 7,942 7,942 
Corporate debt securities— — — — 3,978 3,978 
Government securities— — — — 3,985 3,985 
Total marketable securities$— $— $— $— $23,867 $23,867 
(1)    Included in cash and cash equivalents in the accompanying Condensed Consolidated Balance Sheets. Cash balances were $52.6 million and $69.9 million as of June 30, 2024 and December 31, 2023, 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 Company held no marketable securities as of June 30, 2024, and the contractual maturities of available-for-sale marketable securities as of December 31, 2023 were all less than one year in duration. As of June 30, 2024 and December 31, 2023, 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.
As of June 30, 2024 and December 31, 2023, 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 5 Financing arrangements). In November 2023, the Company repurchased $50.0 million in aggregate principal amount of the 2025 Notes. The calculated fair value of the 2025 Notes was $87.4 million and $82.3 million as of June 30, 2024 and December 31, 2023, respectively. 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.
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.
v3.24.2.u1
Condensed consolidated financial statement details
 6 Months Ended
Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Intangible Assets Disclosure
Intangible assets
Useful life
(in months)		June 30, 2024
(in thousands)Gross carrying valueAccumulated amortizationNet carrying value
Purchased technology 20-72$58,566 $(51,691)$6,875 
Domain name15 —15 
Total intangible assets
$58,581$(51,691)$6,890
Useful life
(in months)		December 31, 2023
(in thousands)Gross carrying valueAccumulated amortizationNet carrying value
Purchased technology 20-72$51,066 $(51,066)$— 
Domain name15 —15 
Total intangible assets
$51,081$(51,066)$15
The gross carrying value of purchased technology increased $7.5 million from December 31, 2023 as a result of the acquisition of Forcite Helmet Systems in February 2024 (see Note 2 Business Acquisitions). Amortization expense was $0.4 million and zero for the three months ended June 30, 2024 and 2023, respectively, and $0.6 million and zero for the six months ended June 30, 2024 and 2023, respectively. As of June 30, 2024, expected amortization expense of intangible assets with definite lives for future periods was as follows:
(in thousands)
Total
Year ending December 31,
2024 (remaining 6 months)$937 
20251,875 
20261,875 
20271,875 
2028313 
$6,875 
v3.24.2.u1
Financing Arrangements
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Financing Arrangements
5. 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.
As of June 30, 2024, 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. As of June 30, 2024, the Company
could borrow up to $44.8 million under the 2021 Credit Agreement. 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.
2025 Convertible Notes
In November 2020, the Company issued $125.0 million aggregate principal amount of 1.25% Convertible Senior Notes due 2025 (the 2025 Notes) 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 at 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 June 30, 2024, 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.
In November 2023, the Company repurchased $50.0 million in aggregate principal amount of the 2025 Notes in exchange for $46.3 million cash through an individual, privately negotiated transaction. The repurchase was accounted for as a debt extinguishment. The carrying value of the portion of the 2025 Notes repurchased was $49.4 million, and the Company recognized a gain on the debt extinguishment of $3.1 million, which was recorded in the fourth quarter of 2023 within other income (expense), net, on the Company’s Condensed Consolidated Statements of Operations.
As of June 30, 2024 and December 31, 2023, the outstanding principal on the 2025 Notes was $93.8 million and $93.8 million, respectively, the unamortized debt issuance cost was $0.9 million and $1.2 million, respectively, and the net carrying amount of the liability was $92.9 million and $92.6 million, respectively, which was recorded as long-term debt within the Condensed Consolidated Balance Sheets. For the three months ended June 30, 2024 and 2023, the Company recorded interest expense of $0.3 million and $0.5 million, respectively, for contractual coupon interest, and $0.1 million and $0.3 million, respectively, for amortization of debt issuance costs. For the six months ended June 30, 2024 and 2023 the Company recorded interest expense of $0.6 million and $0.9 million, respectively, for contractual coupon interest, and $0.3 million and $0.5 million respectively, for amortization of debt issuance costs. As of June 30, 2024, and December 31, 2023, the effective interest rate, which is calculated as the contractual interest rate adjusted for the debt issuance costs, was 1.0% and 2.8%, respectively.
v3.24.2.u1
Employee benefit plans
 6 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Compensation and Employee Benefit Plans
7. Employee benefit plans
Equity incentive plans. The Company has outstanding equity grants from four of its five stock-based employee compensation plans: the 2024 Equity Incentive Plan (2024 Plan), the 2014 Equity Incentive Plan (2014 Plan), the 2010 Equity Incentive Plan (2010 Plan), and the 2024 Employee Stock Purchase Plan (2024 ESPP). The 2014 Plan serves as successor to the 2010 Plan and the 2024 Plan serves as a successor to the 2014 Plan. The effective date of both the 2024 Plan and the 2024 ESPP was February 15, 2024. The 2014 Plan and the 2014 Employee Stock Purchase Plan (2014 ESPP) each expired on February 15, 2024. The 2014 ESPP plan’s final purchase was on February 15, 2024, and no remaining purchase rights are accrued under this plan. Awards granted under the 2010 and 2014 Plans will continue to be subject to the terms and provisions of the 2010 and 2014 Plans.
The 2024 Plan provides for the granting of incentive and non-qualified stock options, restricted stock awards (RSAs), restricted stock units (RSUs), stock appreciation rights, stock bonus awards and performance awards to qualified employees, non-employee directors and consultants. Options granted under the 2024 Plan generally expire within ten years from the date of grant and generally vest over one to four years. Restricted stock units (RSUs) granted under the 2024 Plan generally vest over two to four years based upon continued service and are settled at vesting in shares of the Company’s Class A common stock. Performance stock units (PSUs) granted under the 2024 Plan generally vest over three years based upon continued service and the Company achieving certain financial and operating targets and are settled at vesting in shares of the Company’s Class A common stock. The Company accounts for forfeitures of stock-based payment awards in the period they occur. The 2024 ESPP allows eligible employees to purchase shares of the Company’s Class A common stock through payroll deductions at a price equal to 85% of the lesser of the fair market value of the stock as of the first date or the ending date of each six-month offering period. For additional information regarding the Company's equity incentive plans, refer to the 2023 Annual Report.
Stock options
A summary of the Company’s stock option activity for the six months ended June 30, 2024 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, 20232,684 $8.43 5.08$— 
Granted— — 
Exercised— — 
Forfeited/Cancelled(183)17.05 
Outstanding at June 30, 20242,501 $7.80 4.75$— 
Vested and expected to vest at June 30, 20242,501 $7.80 4.75$— 
Exercisable at June 30, 20242,158 $8.14 4.15$— 
The aggregate intrinsic value of the stock options outstanding as of June 30, 2024 represents the value of the Company’s closing stock price on June 30, 2024 in excess of the exercise price multiplied by the number of options outstanding.
Restricted stock units
A summary of the Company’s RSU activity for the six months ended June 30, 2024 is as follows:
Shares
(in thousands)
Weighted-average grant date fair value
Non-vested shares at December 31, 202311,494 $5.94 
Granted5,964 1.99 
Vested(2,719)6.41 
Forfeited(822)5.25 
Non-vested shares at June 30, 202413,917 $4.20 
Performance stock units
A summary of the Company’s PSU activity for the six months ended June 30, 2024 is as follows:
Shares
(in thousands)
Weighted-average grant date fair value
Non-vested shares at December 31, 2023829 

$6.40 
Granted1,531 1.70 
Vested(375)6.52 
Forfeited(12)5.79 
Non-vested shares at June 30, 20241,973 $2.73 
Employee stock purchase plan. For the six months ended June 30, 2024 and 2023, the Company issued 0.7 million and 0.5 million shares under its employee stock purchase plans, respectively, at weighted-average prices of $2.12 and $5.09, per share, respectively.
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 2023 Annual Report.
The following table summarizes stock-based compensation expense included in the Condensed Consolidated Statements of Operations:
Three months ended June 30,Six months ended June 30,
(in thousands)
2024202320242023
Cost of revenue
$339 $530 $754 $996 
Research and development
4,016 4,922 8,281 9,668 
Sales and marketing
1,545 2,359 3,289 4,537 
General and administrative
1,891 3,306 4,237 6,230 
Total stock-based compensation expense$7,791 $11,117 $16,561 $21,431 
There was no income tax benefit related to stock-based compensation expense for the three and six months ended June 30, 2024 due to a full valuation allowance on the Company’s United States net deferred tax assets. The income tax benefit related to stock-based compensation expense was $2.5 million and $4.8 million for the three and six months ended June 30, 2023, respectively. See Note 9, Income taxes, for additional details.
As of June 30, 2024, total unearned stock-based compensation of $48.4 million related to stock options, RSUs, PSUs, and ESPP shares is expected to be recognized over a weighted-average period of 2.42 years
v3.24.2.u1
Net loss per share
 6 Months Ended
Jun. 30, 2024
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 per share adjusts the basic net income 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 2025 Notes under the if-converted method. Under the if-converted method, diluted net income per share was determined by assuming all of 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 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 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 5 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 per share of Class A common stock assumes the conversion of Class B common stock.
v3.24.2.u1
Income taxes
 6 Months Ended
Jun. 30, 2024
Income Tax Disclosure [Abstract]  
Income taxes
9. Income taxes
The following table provides the income tax expense (benefit) amount:
Three months ended June 30,Six months ended June 30,
(dollars in thousands)2024202320242023
Income tax expense (benefit)$1,333 $(3,998)$299,542 $(12,251)
The Company recorded an income tax expense of $1.3 million for the three months ended June 30, 2024, on pre-tax net loss of $46.5 million. The Company’s income tax expense for the three months ended June 30, 2024 primarily resulted from a tax expense of $1.5 million on pre-tax book income in certain tax jurisdictions, and discrete items that included $0.5 million of nondeductible equity tax expense for employee stock-based compensation and a net increase in the valuation allowance of $0.2 million, partially offset by an income tax benefit of $0.6 million related to restructuring charges, and an income tax benefit related to the foreign provision to income tax return adjustments of $0.3 million.
The Company recorded an income tax expense of $299.5 million for the six months ended June 30, 2024 on pre-tax net loss of $87.4 million. The Company’s income tax expense for the six months ended June 30, 2024 primarily resulted from a tax expense of $2.9 million on pre-tax book income in certain jurisdictions, and discrete items that included $295.1 million of net tax expense from the valuation allowance on United States federal and state net deferred tax assets, and nondeductible equity tax expense for employee stock-based compensation of $3.0 million, partially offset by an income tax benefit of $1.1 million related to restructuring charges, and an income tax benefit related to the foreign provision to income tax return adjustments of $0.4 million.
Each quarter, the Company assesses the realizability of its existing deferred tax assets under ASC Topic 740. The Company assesses available positive and negative evidence to estimate whether sufficient future taxable income will be generated to realize its deferred tax assets. In the assessment for the period ended March 31, 2024, the Company concluded based on the introduction of negative evidence resulting from developments in the first quarter of 2024, such as increased and accelerated costs associated with the Company’s future product strategy and roadmap, an increased competitive environment, integration and product development costs related to the recent acquisition of Forcite Helmet Systems, restructuring costs and other negative factors, that it was more likely than not that its United States federal and state deferred tax assets would not be realizable. Therefore, in the period ended March 31, 2024, after consideration of the Company’s deferred tax liabilities and recent developments, the Company provided a valuation allowance of $294.9 million on United States federal and state deferred tax assets. That determination was also based, in part, on the Company’s revised expectation that its projections of pre-tax losses in 2024 and future years will cause the Company to be in a cumulative GAAP loss for ASC Topic 740 purposes in 2024 and forward. In the assessment for the period ended June 30, 2024, the Company concluded that it remains more likely than not that the Company will not be able to realize its deferred tax assets. The Company will continue to monitor its future financial results, expected projections and their potential impact on the Company’s assessment regarding the recoverability of its deferred tax asset balances and in the event there is a need to release the valuation allowance, a tax benefit would be recorded. The Company’s foreign deferred tax assets in each jurisdiction are supported by taxable income or in the case of acquired companies, by the future reversal of deferred tax liabilities. It is more likely than not that the Company’s foreign deferred tax assets will be realized and thus, a valuation allowance is not required on its foreign deferred tax assets.
For the three months ended June 30, 2023 the Company recorded an income tax benefit of $4.0 million on a pre-tax net loss of $21.2 million. The Company’s income tax benefit for the three months ended June 30, 2023 was composed of $4.6 million of tax benefit incurred on pre-tax loss, and discrete items that primarily included $0.3 million of 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 $0.1 million of tax expense related to restructuring charges. The Company recorded an income tax benefit of $12.3 million for the six months ended
June 30, 2023 on a pre-tax net loss of $59.3 million. The Company’s income tax benefit for the six months ended June 30, 2023 was composed of $13.4 million of tax benefit incurred on pre-tax loss, and discrete items that primarily included $0.6 million of net nondeductible equity tax expense for employee stock-based compensation, $0.2 million of tax expense related to the foreign provision to income tax return adjustments, and $0.2 million of tax expense related to the restructuring charges.
As of June 30, 2024 and December 31, 2023, the Company’s gross unrecognized tax benefits were $28.1 million and $25.8 million, respectively. If recognized, $13.0 million of these unrecognized tax benefits (net of United States federal benefit) as of June 30, 2024 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, which would be offset by a full valuation allowance based on present circumstances.
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, primarily due to statute of limitations expiration, that within the next 12 months, it is possible that up to $3.9 million of uncertain tax positions 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.
In 2021, the Organization for Economic Co-operation and Development (OECD) established an inclusive framework on base erosion and profit shifting and agreed on a two-pillar solution (Pillar Two) to global taxation, focusing on global profit allocation and a 15% global minimum effective tax rate. On December 15, 2022, the EU member states agreed to implement the OECD’s global minimum tax rate of 15%. The OECD issued Pillar Two model rules and continues to release guidance on these rules. The inclusive framework calls for tax law changes by participating countries to take effect in 2024 and 2025. Various countries have enacted or have announced plans to enact new tax laws to implement the global minimum tax. The Company assessed the impact of Pillar Two and there is no material impact to the provision for income taxes for the three and six months ended June 30, 2024. The Company will continue to monitor future guidance issued and assess the potential impact to the Company’s condensed consolidated financial statements.
v3.24.2.u1
Commitments, contingencies and guarantees
 6 Months Ended
Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments, contingencies and guarantees
10. Commitments, contingencies, and guarantees
Facility leases. The Company leases its facilities under long-term operating leases, which expire at various dates through 2033.
The components of net lease cost, which were primarily recorded in operating expenses, were as follows:
Three months ended June 30,Six months ended June 30,
(in thousands)2024202320242023
Operating lease cost (1)
$2,506 $2,836 $5,306 $6,194 
Sublease income(649)(723)(1,372)(1,446)
Right-of-use asset impairment cost3,276 — 3,276 — 
Net lease cost$5,133 $2,113 $7,210 $4,748 
(1)    Operating lease cost includes variable lease costs, which are immaterial.
Supplemental cash flow information related to leases was as follows:
Six months ended June 30,
(in thousands)20242023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$6,941 $6,711 
Right-of-use assets obtained in exchange for operating lease liabilities4,801 1,321 

Supplemental balance sheet information related to leases was as follows:
June 30, 2024December 31, 2023
Weighted-average remaining lease term (in years) - operating leases3.443.05
Weighted-average discount rate - operating leases6.3%6.2%

As of June 30, 2024, maturities of operating lease liabilities were as follows:
(in thousands)
June 30, 2024
2024 (remaining 6 months)$5,548 
202513,750 
202613,270 
20272,148 
2028811 
Thereafter3,782 
Total lease payments39,309 
Less: Imputed interest(4,543)
Present value of lease liabilities$34,766 
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 June 30, 2024, the Company’s total undiscounted future expected obligations under multi-year agreements described above with terms longer than one year was $231.0 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.
On March 29, 2024, the Company filed a complaint with the U.S. International Trade Commission (ITC) against Arashi Vision Inc., d/b/a Insta360, and Arashi Vision (U.S.) LLC, d/b/a Insta360, and a lawsuit in the U.S. District Court for the Central District of California against Arashi Vision Inc., d/b/a Insta360, and Arashi Vision (U.S.) LLC, d/b/a Insta360. The complaint and lawsuit each allege infringement of certain GoPro patents related to the Company’s cameras and digital imaging technology. Insta360 has since filed several inter partes review (IPR) petitions seeking to challenge the validity of some of the GoPro patents asserted against Insta360.
The Company regularly evaluates the associated developments of the legal proceedings 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 June 30, 2024, 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.
v3.24.2.u1
Concentrations of risk and geographic information
 6 Months Ended
Jun. 30, 2024
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:
June 30, 2024December 31, 2023
Customer A38%30%
Customer B14%11%
The following table summarizes the Company’s accounts receivables sold, without recourse, and factoring fees paid:
Three months ended June 30,Six months ended June 30,
(in thousands)
2024202320242023
Accounts receivable sold$19,850 $24,605 $37,492 $41,039 
Factoring fees290 403 526 667 
Third-party customers who represented 10% or more of the Company’s total revenue were as follows:
Three months ended June 30,Six months ended June 30,
2024202320242023
Customer A13%14%11%12%
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, based on ship-to locations, was as follows:
Three months ended June 30,Six months ended June 30,
(in thousands)
2024202320242023
Americas
$88,719 $121,644 $165,316 $211,163 
Europe, Middle East and Africa (EMEA)64,490 66,500 116,498 112,516 
Asia and Pacific (APAC)
33,015 52,876 59,879 92,061 
Total revenue
$186,224 $241,020 $341,693 $415,740 
Revenue from the United States, which is included in the Americas geographic region, was $68.3 million and $106.5 million, for the three months ended June 30, 2024 and 2023, respectively, and $124.6 million and $182.1 million for the six months ended June 30, 2024 and 2023, 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 June 30, 2024 and December 31, 2023, long-lived assets, which represent net property and equipment, located outside the United States, primarily in Hong Kong and mainland China, were $2.8 million and $1.6 million, respectively.
v3.24.2.u1
Restructuring charges
 6 Months Ended
Jun. 30, 2024
Restructuring and Related Activities [Abstract]  
Restructuring charges Restructuring charges
Restructuring charges for each period were as follows:
Three months ended June 30,Six months ended June 30,
(in thousands)
2024202320242023
Cost of revenue
$152 $(184)$165 $(183)
Research and development
1,565 (1)2,595 10 
Sales and marketing
920 — 1,470 6 
General and administrative
411 — 1,030 3 
Total restructuring charges
$3,048 $(185)$5,260 $(164)
First quarter 2024 restructuring
On March 14, 2024, the Company approved a restructuring plan to reduce operating costs and drive stronger operating leverage by reducing the Company’s global workforce by approximately 4% and certain office space. Under the first quarter 2024 restructuring plan, the Company recorded restructuring charges of $2.3 million related to severance and $3.3 million related to a right-of-use asset impairment upon ceasing the use of certain office space. The Company anticipates approximately $2.2 million of office space charges through January 2027.

(in thousands)
SeveranceROU Asset Impairment
Total
Restructuring liability as of December 31, 2023
$— $— $— 
Restructuring charges2,257 3,276 5,533 
Cash paid
(1,490)— (1,490)
Non-cash reductions
(222)(3,276)(3,498)
Restructuring liability as of June 30, 2024
$545 $— $545 
v3.24.2.u1
Subsequent Events
 6 Months Ended
Jun. 30, 2024
Subsequent Event [Line Items]  
Subsequent Events [Text Block]
13. Subsequent events
In January 2024, the Company entered into an agreement to acquire a privately-held company that offers technology-enabled helmets. The transaction is expected to close in the first quarter of 2024, subject to the satisfaction of customary closing conditions.
v3.24.2.u1
Valuation and Qualifying Accounts
 6 Months Ended
Jun. 30, 2024
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]  
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block]
Schedule II
GoPro, Inc.
VALUATION AND QUALIFYING ACCOUNTS
For the year ended December 31, 2024, 2023 and 2022
(in thousands)Balance at Beginning of YearCharges to RevenueCharges (Benefits) to ExpenseCharges to Other Accounts - EquityDeductions/Write-offsBalance at End of Year
Allowance for doubtful accounts receivable:
Year ended June 30, 2024$390 $— $67 $— $(7)$450 
Year ended June 30, 2023700 — (294)— (16)390 
Year ended December 31, 2021492 — 393 — (185)700 
Valuation allowance for deferred tax assets:
Year ended June 30, 2024$— $— $— $— $— $— 
Year ended June 30, 2023— — — — — — 
Year ended December 31, 2021287,276 — (284,551)— (2,725)— 
v3.24.2.u1
Summary of business and significant accounting policies (Policies)
 6 Months Ended
Jun. 30, 2024
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, 2023 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 for the year ended December 31, 2023 (2023 Annual Report). There have been no material changes in the Company’s critical accounting policies and estimates from those disclosed in its 2023 Annual Report, except for estimates used in the Company’s goodwill impairment analysis and assessment of the recoverability of the Company’s deferred tax assets.
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 performs an annual assessment of its goodwill during the fourth quarter of each calendar year or more frequently if indicators of potential impairment exist, such as an adverse change in business climate, declines in market capitalization or a decline in the overall industry demand, that would indicate it is more likely than not that the fair value of its single reporting unit is less than its’ carrying value. If the Company determines that it is more likely than not that the fair value of its single reporting unit is less than the carrying value, the Company measures the amount of impairment as the amount the carrying value of its single reporting unit exceeds the fair value, up to the carrying value of goodwill, by using a discounted cash flow method and market approach method.
Although the Company’s market capitalization further declined in the second quarter of 2024, the Company does not believe that it is more likely than not that the fair value of its single reporting unit is less than the carrying value. Using the market capitalization approach, which the Company expects would be similar to the discounted
cash flow method, the fair value of the single reporting unit is estimated based on the trading price of the Company’s stock at the test date, which is further adjusted by an acquisition control premium representing the synergies a market participant would obtain when obtaining control of the business. As of June 30, 2024, the market capitalization exceeded the carrying value of the single reporting unit by 15% which was not adjusted for an acquisition control premium. The acquisition control premium would further increase the percentage by which the estimated fair value of the Company’s single reporting unit would exceed the carrying value.
The estimated fair value of the Company’s single reporting unit is sensitive to the volatility in the Company’s stock price. For example, a 5% decrease in the Company’s June 30, 2024 stock price would result in its market capitalization exceeding the carrying value of its single reporting unit by 10%, which is not adjusted for an acquisition control premium. If the Company's market capitalization continues to decline or future performance falls below the Company’s current expectations, assumptions, or estimates, including assumptions related to current macroeconomic uncertainties, this may trigger a future material non-cash goodwill impairment charge, which could have a material adverse effect on the Company’s business, financial condition, and results of operations in the reporting period in which a charge would be necessary. The Company will continue to monitor developments, including updates to the Company’s forecasts and 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 its Premium+, Premium, 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 launched its Premium+ subscription in February 2024, which includes cloud storage up to 500 gigabytes (GB) of non-GoPro content, access to GoPro’s HyperSmooth Pro video stabilization software, and the features included in the Premium subscription. The Company’s Premium subscription offers a range of services, including unlimited cloud storage of GoPro content supporting source video and photo quality, damaged camera replacement, cloud storage up to 25 GB of non-GoPro content, Quik desktop editing tools, which was launched in February 2024, highlight videos automatically delivered via the Company’s mobile app when GoPro camera footage is uploaded to a GoPro cloud account using Auto Upload, 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. Subscription and service revenue was $26.3 million, or 14.1% of total revenue for the three months ended June 30, 2024, and $52.2 million, or 15.3% of total revenue for the six months ended June 30, 2024. Subscription and service revenue as a percentage of 2023 annual revenue was not material.
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 June 30, 2024 and December 31, 2023, includes amounts related to the Company’s subscriptions and PCS. The Company’s short-term and long-term deferred revenue balances totaled $56.3 million and $59.1 million as of June 30, 2024 and December 31, 2023, respectively. Of the deferred revenue balance as of December 31, 2023 and 2022, the Company recognized $16.7 million and $16.9 million of revenue during the three months ended June 30, 2024 and 2023, respectively, and $39.4 million and $38.3 million of revenue during the six months ended June 30, 2024 and 2023, respectively. Of the deferred revenue balance as of March 31, 2024 and 2023, the Company recognized $23.2 million and $22.5 million of revenue during the three months ended June 30, 2024 and 2023, 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.
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. In the first quarter of 2024, the Company provided a valuation allowance of $294.9 million on United States federal and state deferred tax assets.
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.
Business Combinations Policy
Business Acquisitions. The Company accounts for acquired businesses using the acquisition method of accounting, which requires that once control of a business is obtained, 100% of the assets acquired and liabilities assumed be recorded at the date of acquisition at their respective fair values. Any excess of the purchase price over the estimated fair values of the net assets acquired is recorded as goodwill. Acquisition-related expenses including transaction and integration costs are expensed as incurred. The Company uses various models to determine the value of assets acquired such as the cost method. Determining the useful life of an intangible asset also requires judgment as different types of intangible assets will have different useful lives and certain assets may be considered to have indefinite useful lives.
Liquidity Liquidity. As of June 30, 2024, the Company had $133.0 million in cash, cash equivalents and marketable securities. Based on the Company’s current cash balance, its cost reductions implemented to date, and working capital adjustments, the Company anticipates it will have sufficient funds to meet its strategic and working capital requirements, debt service requirements and lease payment obligations for at least twelve months from the issuance of these condensed consolidated financial statements. The Company also had $44.8 million available to draw from its 2021 Credit Agreement (as defined below) as of June 30, 2024 and its 2025 Notes are due in November 2025, which the Company has the ability to convert the balance due into stock under certain circumstances. If the Company is unable to obtain adequate debt or equity financing when it is required or on terms acceptable to the Company, the Company’s ability to grow its business, repay debt and respond to business challenges could be significantly limited. Although management believes its current cash resources are sufficient to sustain operations for one year from issuance of these condensed consolidated financial statements, the success of the Company’s operations and the global economic outlook, among other factors, could impact its business and liquidity. The Company will continue to evaluate additional measures, including cost reduction initiatives, debt or equity refinancing, and other similar arrangements. The current cash flow projections used in the Company’s evaluation do not include the impact of these additional measures.
v3.24.2.u1
Equity (Policies) - USD ($)
 6 Months Ended
Jun. 30, 2024
Feb. 09, 2023
Jan. 27, 2022
Equity [Abstract]      
Stockholders' Equity, Policy
6. Stockholders’ equity
Stock Repurchase Program. On January 27, 2022, the Company’s board of directors authorized the repurchase of up to $100.0 million of its Class A common stock, and on February 9, 2023, the Company’s board of directors authorized the repurchase of an additional $40.0 million of its Class A common stock. Stock repurchases under the program may be made periodically using a variety of methods, including without limitation, open market purchases, block trades or otherwise in compliance with all federal and state securities laws and state corporate law and in accordance with the single broker, timing, price, and volume guidelines set forth in Rule 10b-18 and Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, as such guidelines may be modified by the SEC from time to time. This stock repurchase program has no time limit and may be modified, suspended, or discontinued at any time. The Company currently intends to hold its repurchased shares as treasury stock.
As of June 30, 2024, the remaining amount of share repurchases under the program was $60.4 million. The following table summarizes share repurchases during the three and six months ended June 30, 2024 and 2023.
Three months ended June 30,Six months ended June 30,
(in thousands, except per share data)2024202320242023
Shares repurchased— 3,606 — 4,496 
Average price per share$— $4.16 $— $4.45 
Value of shares repurchased$— $15,000 $— $20,000 
    
Stock Repurchase Program, Remaining Authorized Repurchase Amount $ 60,400,000    
Stock Repurchase Program, Authorized Amount   $ 40 $ 100
v3.24.2.u1
Fair value measurements (Tables)
 6 Months Ended
Jun. 30, 2024
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:
June 30, 2024December 31, 2023
(in thousands)Level 1Level 2TotalLevel 1Level 2Total
Cash equivalents (1):
Money market funds$80,376 $— $80,376 $152,760 $— $152,760 
Total cash equivalents$80,376 $— $80,376 $152,760 $— $152,760 
Marketable securities:
U.S. treasury securities$— $— $— $— $7,962 $7,962 
Commercial paper— — — — 7,942 7,942 
Corporate debt securities— — — — 3,978 3,978 
Government securities— — — — 3,985 3,985 
Total marketable securities$— $— $— $— $23,867 $23,867 
(1)    Included in cash and cash equivalents in the accompanying Condensed Consolidated Balance Sheets. Cash balances were $52.6 million and $69.9 million as of June 30, 2024 and December 31, 2023, respectively.
v3.24.2.u1
Condensed consolidated financial statement details (Tables)
 6 Months Ended
Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Inventory
Inventory
(in thousands)
June 30, 2024December 31, 2023
Components
$24,139 $20,311 
Finished goods
73,192 85,955 
Total inventory
$97,331 $106,266 
Property, Plant and Equipment
Property and equipment, net
(in thousands)
June 30, 2024December 31, 2023
Leasehold improvements$23,936 $23,818 
Production, engineering, and other equipment37,010 38,574 
Tooling5,647 5,678 
Computers and software13,807 13,896 
Furniture and office equipment3,790 4,575 
Tradeshow equipment and other1,452 1,502 
Construction in progress1,006 83 
Gross property and equipment
86,648 88,126 
Less: Accumulated depreciation and amortization(77,637)(79,440)
Property and equipment, net
$9,011 $8,686 
Schedule of Other Assets
(in thousands)
June 30, 2024December 31, 2023
Point of purchase (POP) displays
$11,023 $6,254 
Deposits and other
8,289 8,233 
Intangible assets, net6,890 15 
Long-term deferred tax assets
699 296,984 
Other long-term assets$26,901 $311,486 
Schedule of Accrued Liabilities
Accrued expenses and other current liabilities
(in thousands)
June 30, 2024December 31, 2023
Accrued sales incentives$51,738 $42,752 
Accrued liabilities20,621 21,214 
Employee related liabilities (1)
12,529 18,969 
Warranty liabilities6,206 8,270 
Return liability5,744 6,389 
Inventory received
654 1,745 
Customer deposits
1,763 1,933 
Purchase order commitments
1,658 899 
Other
7,302 7,878 
Accrued expenses and other current liabilities$108,215 $110,049 
Schedule of Product Warranty Liability
Product warranty
Three months ended June 30,Six months ended June 30,
(in thousands)
2024202320242023
Beginning balance
$7,039 $7,245 $8,759 $8,319 
Charged to cost of revenue
2,528 4,719 4,339 8,474 
Settlement of warranty claims
(3,047)(4,660)(6,578)(9,489)
Warranty liability
$6,520 $7,304 $6,520 $7,304 
As of June 30, 2024 and December 31, 2023, $6.2 million and $8.3 million, respectively, of the warranty liability was recorded as a component of accrued expenses and other current liabilities, and $0.3 million and $0.5 million, respectively, was recorded as a component of other long-term liabilities.
v3.24.2.u1
Employee benefit plans (Tables)
 6 Months Ended
Jun. 30, 2024
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 six months ended June 30, 2024 is as follows:
Shares
(in thousands)
Weighted-average grant date fair value
Non-vested shares at December 31, 2023829 

$6.40 
Granted1,531 1.70 
Vested(375)6.52 
Forfeited(12)5.79 
Non-vested shares at June 30, 20241,973 $2.73 
Schedule of Share-based Compensation, Stock Options, Activity
A summary of the Company’s stock option activity for the six months ended June 30, 2024 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, 20232,684 $8.43 5.08$— 
Granted— — 
Exercised— — 
Forfeited/Cancelled(183)17.05 
Outstanding at June 30, 20242,501 $7.80 4.75$— 
Vested and expected to vest at June 30, 20242,501 $7.80 4.75$— 
Exercisable at June 30, 20242,158 $8.14 4.15$— 
Schedule of Share-based Compensation, Restricted Stock Units Award Activity
A summary of the Company’s RSU activity for the six months ended June 30, 2024 is as follows:
Shares
(in thousands)
Weighted-average grant date fair value
Non-vested shares at December 31, 202311,494 $5.94 
Granted5,964 1.99 
Vested(2,719)6.41 
Forfeited(822)5.25 
Non-vested shares at June 30, 202413,917 $4.20 
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 2023 Annual Report.
The following table summarizes stock-based compensation expense included in the Condensed Consolidated Statements of Operations:
Three months ended June 30,Six months ended June 30,
(in thousands)
2024202320242023
Cost of revenue
$339 $530 $754 $996 
Research and development
4,016 4,922 8,281 9,668 
Sales and marketing
1,545 2,359 3,289 4,537 
General and administrative
1,891 3,306 4,237 6,230 
Total stock-based compensation expense$7,791 $11,117 $16,561 $21,431 
Class of Treasury Stock
Three months ended June 30,Six months ended June 30,
(in thousands, except per share data)2024202320242023
Shares repurchased— 3,606 — 4,496 
Average price per share$— $4.16 $— $4.45 
Value of shares repurchased$— $15,000 $— $20,000 
v3.24.2.u1
Net loss per share (Tables)
 6 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
Schedule of Net Income per Share, Basic and Diluted
8. Net loss per share
The following table presents the calculations of basic and diluted net loss per share:
Three months ended June 30,Six months ended June 30,
(in thousands, except per share data)2024202320242023
Numerator:
Net loss $(47,821)$(17,212)$(386,909)$(47,081)
Denominator:
Weighted-average common shares—basic and diluted for Class A and Class B common stock152,502 154,562 151,796 154,980 
Basic and diluted net loss per share$(0.31)$(0.11)$(2.55)$(0.30)
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 June 30,Six months ended June 30,
(in thousands)
2024202320242023
Stock-based awards16,692 16,039 16,303 15,299 
Shares related to convertible senior notes10,050 15,410 10,050 15,410 
Total anti-dilutive securities26,742 31,449 26,353 30,709 
v3.24.2.u1
Income taxes (Tables)
 6 Months Ended
Jun. 30, 2024
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 June 30,Six months ended June 30,
(dollars in thousands)2024202320242023
Income tax expense (benefit)$1,333 $(3,998)$299,542 $(12,251)
v3.24.2.u1
Commitments, contingencies and guarantees (Tables)
 6 Months Ended
Jun. 30, 2024
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 June 30,Six months ended June 30,
(in thousands)2024202320242023
Operating lease cost (1)
$2,506 $2,836 $5,306 $6,194 
Sublease income(649)(723)(1,372)(1,446)
Right-of-use asset impairment cost3,276 — 3,276 — 
Net lease cost$5,133 $2,113 $7,210 $4,748 
(1)    Operating lease cost includes variable lease costs, which are immaterial.
Supplemental cash flow information related to leases was as follows:
Six months ended June 30,
(in thousands)20242023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$6,941 $6,711 
Right-of-use assets obtained in exchange for operating lease liabilities4,801 1,321 

Supplemental balance sheet information related to leases was as follows:
June 30, 2024December 31, 2023
Weighted-average remaining lease term (in years) - operating leases3.443.05
Weighted-average discount rate - operating leases6.3%6.2%
Schedule of Maturities of Lease Liabilities [Text Block]
As of June 30, 2024, maturities of operating lease liabilities were as follows:
(in thousands)
June 30, 2024
2024 (remaining 6 months)$5,548 
202513,750 
202613,270 
20272,148 
2028811 
Thereafter3,782 
Total lease payments39,309 
Less: Imputed interest(4,543)
Present value of lease liabilities$34,766 
v3.24.2.u1
Concentrations of risk and geographic information (Tables)
 6 Months Ended
Jun. 30, 2024
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 June 30,Six months ended June 30,
(in thousands)
2024202320242023
Accounts receivable sold$19,850 $24,605 $37,492 $41,039 
Factoring fees290 403 526 667 
Schedule of Revenue by Geographic Region
Revenue by geographic region, based on ship-to locations, was as follows:
Three months ended June 30,Six months ended June 30,
(in thousands)
2024202320242023
Americas
$88,719 $121,644 $165,316 $211,163 
Europe, Middle East and Africa (EMEA)64,490 66,500 116,498 112,516 
Asia and Pacific (APAC)
33,015 52,876 59,879 92,061 
Total revenue
$186,224 $241,020 $341,693 $415,740 
Accounts Receivable [Member]  
Concentration Risk [Line Items]  
Schedules of Customer Concentration by Risk Factor
Customers who represented 10% or more of the Company’s net accounts receivable balance were as follows:
June 30, 2024December 31, 2023
Customer A38%30%
Customer B14%11%
Sales Revenue [Member]  
Concentration Risk [Line Items]  
Schedules of Customer Concentration by Risk Factor
Third-party customers who represented 10% or more of the Company’s total revenue were as follows:
Three months ended June 30,Six months ended June 30,
2024202320242023
Customer A13%14%11%12%
v3.24.2.u1
Summary of business and significant accounting policies (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Nov. 20, 2023
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Nov. 24, 2020
Property, Plant and Equipment [Line Items]              
Operating Lease, Impairment Loss   $ 3,276 $ 0 $ 3,276 $ 0    
Contract with Customer, Liability   56,300   56,300   $ 59,100  
Deferred Revenue, Revenue Recognized   16,700 16,900 39,400 38,300    
Accumulated deficit   (636,205)   (636,205)   (249,296)  
Product Warranty Liability [Line Items]              
Gain (Loss) on Extinguishment of Debt $ 3,100            
Revenues   186,224 241,020 341,693 415,740    
Deferred Revenue, Revenue Recognized   23,200 22,500        
Gain (Loss) on Extinguishment of Debt $ 3,100            
Revenues   186,224 241,020 $ 341,693 415,740    
Liquidity       Liquidity. As of June 30, 2024, the Company had $133.0 million in cash, cash equivalents and marketable securities. Based on the Company’s current cash balance, its cost reductions implemented to date, and working capital adjustments, the Company anticipates it will have sufficient funds to meet its strategic and working capital requirements, debt service requirements and lease payment obligations for at least twelve months from the issuance of these condensed consolidated financial statements. The Company also had $44.8 million available to draw from its 2021 Credit Agreement (as defined below) as of June 30, 2024 and its 2025 Notes are due in November 2025, which the Company has the ability to convert the balance due into stock under certain circumstances. If the Company is unable to obtain adequate debt or equity financing when it is required or on terms acceptable to the Company, the Company’s ability to grow its business, repay debt and respond to business challenges could be significantly limited. Although management believes its current cash resources are sufficient to sustain operations for one year from issuance of these condensed consolidated financial statements, the success of the Company’s operations and the global economic outlook, among other factors, could impact its business and liquidity. The Company will continue to evaluate additional measures, including cost reduction initiatives, debt or equity refinancing, and other similar arrangements. The current cash flow projections used in the Company’s evaluation do not include the impact of these additional measures.      
Cash and cash equivalents   $ 133,036 $ 189,913 $ 133,036 $ 189,913 $ 222,708  
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount   15.00%   15.00%      
Market Capitalization Sensitivity   10.00%   10.00%      
Subscription and Service Revenue              
Product Warranty Liability [Line Items]              
Revenue from Contract with Customer, Excluding Assessed Tax   $ 26,300   $ 52,200      
Revenue from Contract with Customer, Excluding Assessed Tax   $ 26,300   $ 52,200      
Subscription and Service Revenue | Revenue from Contract with Customer Benchmark | Product Concentration Risk              
Product Warranty Liability [Line Items]              
Concentration risk   14.10%   15.30%      
Concentration risk   14.10%   15.30%      
Convertible Senior Notes due 2025 [Member]              
Property, Plant and Equipment [Line Items]              
Interest rate             1.25%
Debt Instrument             $ 143,800
v3.24.2.u1
Business Acquisitions (Details) - USD ($)
$ in Thousands
 3 Months Ended
Feb. 27, 2024
Mar. 31, 2024
Jun. 30, 2023
Mar. 31, 2023
Jun. 30, 2024
Dec. 31, 2023
Business Acquisition [Line Items]            
Identifiable intangible assets $ 7,500          
Goodwill 5,900       $ 152,351 $ 146,459
Allocated share-based compensation expense   $ 8,770 $ 11,117 $ 10,314    
forcite            
Business Acquisition [Line Items]            
Business Combination, Consideration Transferred $ 14,000          
v3.24.2.u1
Fair value measurements (Details) - USD ($)
$ in Thousands
Nov. 20, 2023
Jun. 30, 2024
Dec. 31, 2023
Nov. 24, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Cash   $ 52,600 $ 69,900  
Marketable securities   0 23,867  
Repayments of Convertible Debt $ 50,000      
Fair Value, Recurring [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Cash and Cash Equivalents   80,376 152,760  
Marketable securities   0 23,867  
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   80,376 152,760  
Fair Value, Recurring [Member] | Level 1 [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Cash and Cash Equivalents   80,376 152,760  
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   80,376 152,760  
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   0 23,867  
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 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   87,400 82,300  
Corporate Debt Securities [Member] | Fair Value, Recurring [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Marketable securities   0 3,978  
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   0 3,978  
Commercial Paper | Fair Value, Recurring [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Marketable securities   0 7,942  
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   0 7,942  
US Government Debt Securities [Member] | Fair Value, Recurring [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Marketable securities   0 3,985  
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   0 3,985  
US Treasury Securities | Fair Value, Recurring [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Marketable securities   0 7,962  
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   $ 0 $ 7,962  
v3.24.2.u1
Condensed consolidated financial statement details - Cash, Cash Equivalents and Marketable Securities (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Jun. 30, 2023
Cash and Cash Equivalents [Line Items]      
Cash $ 52,600 $ 69,900  
Cash and cash equivalents $ 133,036 $ 222,708 $ 189,913
v3.24.2.u1
Condensed consolidated financial statement details - Inventory (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Components $ 24,139 $ 20,311
Finished goods 73,192 85,955
Total inventory $ 97,331 $ 106,266
v3.24.2.u1
Condensed consolidated financial statement details - Property and Equipment, Net (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Property, Plant and Equipment [Line Items]    
Gross property and equipment $ 86,648 $ 88,126
Less: Accumulated depreciation and amortization (77,637) (79,440)
Property and equipment, net 9,011 8,686
Leasehold Improvements [Member]    
Property, Plant and Equipment [Line Items]    
Gross property and equipment 23,936 23,818
Production, engineering and other equipment [Member]    
Property, Plant and Equipment [Line Items]    
Gross property and equipment 37,010 38,574
Tooling [Member]    
Property, Plant and Equipment [Line Items]    
Gross property and equipment 5,647 5,678
Computers and software [Member]    
Property, Plant and Equipment [Line Items]    
Gross property and equipment 13,807 13,896
Furniture and office equipment [Member]    
Property, Plant and Equipment [Line Items]    
Gross property and equipment 3,790 4,575
Tradeshow Equipment and other [Member]    
Property, Plant and Equipment [Line Items]    
Gross property and equipment 1,452 1,502
Construction in Progress [Member]    
Property, Plant and Equipment [Line Items]    
Gross property and equipment $ 1,006 $ 83
v3.24.2.u1
Condensed consolidated financial statement details - Intangible Assets and Goodwill (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Feb. 27, 2024
Dec. 31, 2023
Finite-Lived Intangible Assets, Net [Abstract]            
Finite-Lived Intangible Assets, Gross $ 58,566   $ 58,566     $ 51,066
Finite-Lived Intangible Assets, Accumulated Amortization (51,691)   (51,691)     (51,066)
Finite-Lived Intangible Assets, Net, Total 6,875   6,875     0
Intangible Assets, Gross (Excluding Goodwill) 58,581   58,581     51,081
Intangible assets, net 6,890   6,890     15
Indefinite-lived Intangible Assets [Roll Forward]            
Amortization of intangible assets 400 $ 0 600 $ 0    
Goodwill 152,351   152,351   $ 5,900 146,459
Indefinite-Lived Trademarks 15   15     15
Finite-Lived Intangible Assets [Line Items]            
Intangible Assets, Net (Excluding Goodwill) 6,890   6,890     $ 15
Amortization of intangible assets $ 400 $ 0 $ 600 $ 0    
v3.24.2.u1
Condensed consolidated financial statement details - Future Amortization (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Finite-Lived Intangible Asset, Expected Amortization, Year Two $ 1,875  
Finite-Lived Intangible Assets, Net, Total 6,875 $ 0
Finite-Lived Intangible Assets [Line Items]    
Finite-Lived Intangible Asset, Expected Amortization, Year Two 1,875  
Finite-Lived Intangible Assets, Amortization Expense, Year Three 1,875  
Finite-Lived Intangible Asset, Expected Amortization, Year Four 1,875  
Finite-Lived Intangible Asset, Expected Amortization, Year Five 313  
2020 937  
Finite-Lived Intangible Assets, Net 6,875 $ 0
Finite-Lived Intangible Asset, Expected Amortization, Year One $ 1,875  
v3.24.2.u1
Condensed consolidated financial statement details - Goodwill (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Feb. 27, 2024
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]      
Goodwill $ 152,351 $ 5,900 $ 146,459
v3.24.2.u1
Condensed consolidated financial statement details - Other Assets (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]          
POP Displays $ 11,023   $ 11,023   $ 6,254
Deposits and other 8,289   8,289   8,233
Other long-term assets 26,901   26,901   311,486
Amortization of intangible assets 400 $ 0 600 $ 0  
Intangible Assets, Net (Excluding Goodwill) 6,890   6,890   15
Deferred Income Tax Assets, Net $ 699   $ 699   $ 296,984
v3.24.2.u1
Condensed consolidated financial statement details - Product Warranty (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]          
Beginning balances $ 7,039 $ 7,245 $ 8,759 $ 8,319  
Charged to cost of revenue 2,528 4,719 4,339 8,474  
Settlements of warranty claims (3,047) (4,660) (6,578) (9,489)  
Ending balances 6,520 $ 7,304 6,520 $ 7,304  
Product Warranty Accrual, Noncurrent 300   300   $ 500
Product Warranty Accrual, Current $ 6,206   $ 6,206   $ 8,270
v3.24.2.u1
Condensed consolidated financial statement details - Accrued Liabilities (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Product Warranty Accrual, Current $ 6,206 $ 8,270
Employee related liabilities 12,529 18,969
Accrued sales incentives 51,738 42,752
Other Accounts Payable and Accrued Liabilities 20,621 21,214
Customer Refund Liability, Current 5,744 6,389
Customer deposits 1,763 1,933
Purchase Commitment, Remaining Minimum Amount Committed 1,658 899
Inventory received 654 1,745
Other 7,302 7,878
Accrued expenses and other current liabilities $ 108,215 $ 110,049
v3.24.2.u1
Financing Arrangements (Details)
 3 Months Ended 6 Months Ended
Nov. 20, 2023
USD ($)
Jan. 22, 2021
USD ($)
Nov. 24, 2020
USD ($)
$ / shares
Jun. 30, 2024
USD ($)
Jun. 30, 2023
USD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2023
USD ($)
Dec. 31, 2023
USD ($)
Line of Credit Facility [Line Items]                
Long-term debt       $ 92,898,000   $ 92,898,000   $ 92,615,000
Operating Lease, Impairment Loss       3,276,000 $ 0 3,276,000 $ 0  
Debt Instrument, Covenant Compliance, Asset Coverage Ratio   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          
Gain (Loss) on Extinguishment of Debt $ 3,100,000              
Debt Instrument, Repurchase Amount 46,300,000              
Debt Instrument, Repurchased Face Amount $ 49,400,000              
Letters of Credit Outstanding, Amount       5,200,000   5,200,000    
Convertible Senior Notes due 2025 [Member] | Private Placement [Member]                
Line of Credit Facility [Line Items]                
Debt Instrument     125,000,000.0          
2021 Credit Facility [Member]                
Line of Credit Facility [Line Items]                
Credit agreement, current borrowing capacity   $ 50,000,000.0            
Minimum Fixed Charge Coverage Ratio, minimum balance   10,000,000.0            
Line of Credit Facility, Unused Capacity, Minimum Liquidity Requirement, Amount   55,000,000.0            
Line of Credit Facility, Unused Capacity, Qualified Cash   $ 40,000,000.0            
Line of Credit Facility, Remaining Borrowing Capacity       44,800,000   44,800,000    
Line of Credit Facility, Remaining Borrowing Capacity       44,800,000   44,800,000    
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 $ 93,800,000   $ 93,800,000   $ 93,800,000
Debt Instrument, Convertible, Conversion Price | $ / shares     $ 9.3285          
Effective rate       1.00%   1.00%   2.80%
Percentage of conversion price of notes       130.00%        
Percentage of trading price of notes       98.00%        
Long-term debt       $ 92,900,000   $ 92,900,000   $ 92,600,000
Interest Expense, Debt       300,000 500,000 600,000 900,000  
Amortization of Debt Issuance Costs       100,000 $ 300,000 300,000 $ 500,000  
Convertible Senior Notes due 2025 [Member] | Long-term Debt [Member]                
Line of Credit Facility [Line Items]                
Debt Issuance Costs, Net       $ 900,000   $ 900,000   $ 1,200,000
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%            
v3.24.2.u1
Stockholders' equity (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Mar. 31, 2023
Jun. 30, 2024
Jun. 30, 2023
Mar. 31, 2024
Dec. 31, 2023
Feb. 09, 2023
Dec. 31, 2022
Jan. 27, 2022
Class of Stock [Line Items]                    
Stock options outstanding (shares) 2,501,000     2,501,000     2,684,000      
Stockholders' Equity Attributable to Parent $ 184,679,000 $ 563,479,000 $ 585,150,000 $ 184,679,000 $ 563,479,000 $ 224,912,000 $ 555,846,000   $ 611,559,000  
Stock Repurchase Program, Authorized Amount               $ 40   $ 100
Stock Repurchase Program, Remaining Authorized Repurchase Amount $ 60,400,000     $ 60,400,000            
Treasury Stock, Shares, Acquired 0 3,606   0 4,496          
Treasury Stock Acquired, Average Cost Per Share $ 0 $ 4.16   $ 0 $ 4.45          
Stock Repurchased During Period, Value $ 0 $ 15,000,000 5,000,000 $ 0 $ 20,000,000          
Treasury Stock, Value, Acquired, Cost Method   15,000,000 5,000,000              
Treasury Stock, Common                    
Class of Stock [Line Items]                    
Stockholders' Equity Attributable to Parent $ (193,231,000) $ (173,231,000) $ (158,231,000) $ (193,231,000) $ (173,231,000) $ (193,231,000) $ (193,231,000)   $ (153,231,000)  
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) 126,471,000     126,471,000     123,638,000      
Common Stock, Voting Rights, Number       1            
Common Stock, Shares, Issued 126,471,000     126,471,000     123,638,000      
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) 26,259,000     26,259,000     26,259,000      
Common Stock, Voting Rights, Number       10            
Common Stock, Shares, Issued 26,259,000     26,259,000     26,259,000      
Restricted Stock Units (RSUs) [Member]                    
Class of Stock [Line Items]                    
Restricted stock units outstanding (shares) 13,917,000     13,917,000     11,494,000      
Performance Shares [Member]                    
Class of Stock [Line Items]                    
Restricted stock units outstanding (shares) 1,973,000     1,973,000     829,000      
v3.24.2.u1
Employee benefit plans - Narrative (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2023
Mar. 31, 2023
Jun. 30, 2024
Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Allocated share-based compensation expense     $ 8,770 $ 11,117 $ 10,314    
ESPP weighted average purchase price of shares purchased (usd per share)           $ 2.12 $ 5.09
Unearned stock-based compensation, expected recognition period 2 years 5 months 1 day            
Share-based Payment Arrangement, Expense, Tax Benefit       $ 2,500   $ 0 $ 4,800
Stock Issued During Period, Shares, Employee Stock Purchase Plans           700,000 500,000
Stock Repurchased During Period, Shares       3,606,000 890,000    
Treasury Stock Acquired, Average Cost Per Share   $ 0   $ 4.16   $ 0 $ 4.45
Stock Repurchased During Period, Value   $ 0   $ 15,000 $ 5,000 $ 0 $ 20,000
RSUs [Member]              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Shares granted (shares)           5,964,000  
Weighted average price of shares granted (usd per share)           $ 1.99  
Performance Shares [Member]              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Shares granted (shares)           1,531,000  
Weighted average price of shares granted (usd per share)           $ 1.70  
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 $ 48,400 $ 48,400       $ 48,400  
2024 Equity Incentive Plans | Stock Options [Member]              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Expiration Period           10 years  
2024 Equity Incentive Plans | Performance Shares [Member]              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Award Vesting Period           3 years  
2024 Equity Incentive Plans | Minimum [Member] | Stock Options [Member]              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Award Vesting Period           1 year  
2024 Equity Incentive Plans | Minimum [Member] | RSUs [Member]              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Award Vesting Period           2 years  
2024 Equity Incentive Plans | Maximum [Member] | Stock Options [Member]              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Award Vesting Period           4 years  
2024 Equity Incentive Plans | Maximum [Member] | RSUs [Member]              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Award Vesting Period           4 years  
v3.24.2.u1
Employee benefit plans - Stock Option Activity (Details) - USD ($)
$ / shares in Units, shares in Thousands
 6 Months Ended
Dec. 31, 2023
Jun. 30, 2024
Shares (in thousands)    
Outstanding at beginning of period (shares)   2,684
Granted (shares)   0
Exercised (shares)   0
Forfeited/Cancelled (shares)   (183)
Outstanding at end of period (shares) 2,684 2,501
Weighted-average exercise price    
Outstanding at beginning of period (in dollars per share)   $ 8.43
Granted (usd per share)   0
Exercised (usd per share)   0
Outstanding at end of period (in dollars per share) $ 8.43 $ 7.80
Aggregate intrinsic value (in thousands) $ 0 $ 0
Vested and Expected to Vest (shares)   2,501
Vested and Expected to Vest - Weighted Average Exercise Price (in dollars per share)   $ 7.80
Vested and Expected to Vest- Weighted Average Remaining Contractual Term   4 years 9 months
Vested and Expected to Vest - Aggregate Intrinsic Value   $ 0
Exercisable (shares)   2,158
Exercisable - Weighted average exercise price (in dollars per share)   $ 8.14
Exercisable - Weighted Average Remaining Contractual Term   4 years 1 month 24 days
Exercisable - Aggregate intrinsic value   $ 0
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price   $ 17.05
Weighted Average Remaining Contractual Term (in years) 5 years 29 days 4 years 9 months
v3.24.2.u1
Employee benefit plans - Restricted Stock Units Activity (Details)
shares in Thousands
 6 Months Ended
Jun. 30, 2024
$ / shares
shares
RSUs [Member]  
Shares (in thousands)  
Non-vested shares at beginning of period (shares) | shares 11,494
Granted (shares) | shares 5,964
Vested (shares) | shares (2,719)
Forfeited (shares) | shares (822)
Non-vested shares at end of period (shares) | shares 13,917
Weighted-average grant date fair value  
Non-vested shares at beginning of period (in dollars per share) | $ / shares $ 5.94
Weighted average price of shares granted (usd per share) | $ / shares 1.99
Weighted average price of shares vested (usd per share) | $ / shares 6.41
Weighted average price of shares forfeited (usd per share) | $ / shares 5.25
Non-vested shares at end of period (in dollars per share) | $ / shares $ 4.20
Performance Shares [Member]  
Shares (in thousands)  
Non-vested shares at beginning of period (shares) | shares 829
Granted (shares) | shares 1,531
Vested (shares) | shares (375)
Forfeited (shares) | shares (12)
Non-vested shares at end of period (shares) | shares 1,973
Weighted-average grant date fair value  
Non-vested shares at beginning of period (in dollars per share) | $ / shares $ 6.40
Weighted average price of shares granted (usd per share) | $ / shares 1.70
Weighted average price of shares vested (usd per share) | $ / shares 6.52
Weighted average price of shares forfeited (usd per share) | $ / shares 5.79
Non-vested shares at end of period (in dollars per share) | $ / shares $ 2.73
v3.24.2.u1
Employee benefit plans - Allocation of Stock-based Compensation Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]          
Total stock-based compensation expense   $ 7,791 $ 11,117 $ 16,561 $ 21,431
Share-based Payment Arrangement, Expense, Tax Benefit     2,500 0 4,800
Unearned stock-based compensation, expected recognition period 2 years 5 months 1 day        
Cost of Revenue [Member]          
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]          
Total stock-based compensation expense   339 530 754 996
Research and Development [Member]          
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]          
Total stock-based compensation expense   4,016 4,922 8,281 9,668
Selling and Marketing Expense [Member]          
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]          
Total stock-based compensation expense   1,545 2,359 3,289 4,537
General and Administrative [Member]          
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]          
Total stock-based compensation expense   $ 1,891 $ 3,306 $ 4,237 $ 6,230
v3.24.2.u1
Employee benefit plans Performance Stock Units activity (Details) - $ / shares
shares in Thousands
 6 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Performance Shares [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Restricted stock units outstanding (shares) 1,973 829
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value $ 2.73 $ 6.40
Granted (shares) 1,531  
Weighted average price of shares granted (usd per share) $ 1.70  
Vested (shares) (375)  
Weighted average price of shares vested (usd per share) $ 6.52  
Forfeited (shares) (12)  
Weighted average price of shares forfeited (usd per share) $ 5.79  
Restricted Stock Units (RSUs) [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Restricted stock units outstanding (shares) 13,917 11,494
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value $ 4.20 $ 5.94
Granted (shares) 5,964  
Weighted average price of shares granted (usd per share) $ 1.99  
Vested (shares) (2,719)  
Weighted average price of shares vested (usd per share) $ 6.41  
Forfeited (shares) (822)  
Weighted average price of shares forfeited (usd per share) $ 5.25  
v3.24.2.u1
Net loss per share Additional Information (Details)
 6 Months Ended
Jun. 30, 2024
shares
Nov. 24, 2020
USD ($)
$ / shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Conversion of Stock maxium percent of outstanding shares in class of total outstanding shares 10.00%  
Option Indexed To Issuers Equity, cap price | $   $ 12.0925
Conversion of Stock maxium percent of outstanding shares in class of total outstanding shares 10.00%  
Common Class A [Member]    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Common Stock, Voting Rights, Number 1  
Conversion of Stock, Shares Issued 1  
Common Class B [Member]    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Common Stock, Voting Rights, Number 10  
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
v3.24.2.u1
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 6 Months Ended
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2023
Mar. 31, 2023
Jun. 30, 2024
Jun. 30, 2023
Numerator:            
Net loss $ (47,821) $ (339,088) $ (17,212) $ (29,869) $ (386,909) $ (47,081)
Denominator:            
Weighted Average Number of Shares Outstanding, Basic 152,502   154,562   151,796 154,980
Earnings Per Share, Diluted $ (0.31)   $ (0.11)   $ (2.55) $ (0.30)
Weighted Average Number of Shares Outstanding, Diluted 152,502   154,562   151,796 154,980
v3.24.2.u1
Net loss per share - Antidilutive Securities Excluded from Computation of Net Income per Share (Details) - shares
shares in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Earnings Per Share [Abstract]        
Antidilutive securities excluded from computation of earnings per share (shares) 26,742 31,449 26,353 30,709
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities excluded from computation of earnings per share (shares) 26,742 31,449 26,353 30,709
Convertible Debt Securities        
Earnings Per Share [Abstract]        
Antidilutive securities excluded from computation of earnings per share (shares) 10,050 15,410 10,050 15,410
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities excluded from computation of earnings per share (shares) 10,050 15,410 10,050 15,410
Share-based Payment Arrangement        
Earnings Per Share [Abstract]        
Antidilutive securities excluded from computation of earnings per share (shares) 16,692 16,039 16,303 15,299
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities excluded from computation of earnings per share (shares) 16,692 16,039 16,303 15,299
v3.24.2.u1
Income taxes - Income Tax Expense (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Income Tax Disclosure [Abstract]            
Income tax (benefit) expense   $ 1,333,000   $ (3,998,000) $ 299,542,000 $ (12,251,000)
Current Foreign Tax Expense (Benefit)   1,500,000   4,600,000 2,900,000 13,400,000
Other Tax Expense (Benefit)   300,000   100,000 400,000 200,000
Income Tax Effects Allocated Directly to Equity, Other   500,000   $ 300,000 3,000,000.0 $ 600,000
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions $ 3,900,000          
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount   $ 200,000 $ 294,900,000   $ 295,100,000  
Minimum Effective Tax 1500.00% 1500.00%     1500.00%  
v3.24.2.u1
Income taxes - Narrative (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Operating Loss Carryforwards [Line Items]              
Other Tax Expense (Benefit)   $ 300,000   $ 100,000 $ 400,000 $ 200,000  
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount   200,000 $ 294,900,000   295,100,000    
Income tax (benefit) expense   1,333,000   (3,998,000) 299,542,000 (12,251,000)  
Loss before income taxes   (46,488,000)   (21,210,000) (87,367,000) (59,332,000)  
Income tax (benefit) expense   1,333,000   (3,998,000) 299,542,000 (12,251,000)  
Loss before income taxes   (46,488,000)   (21,210,000) (87,367,000) (59,332,000)  
Current Foreign Tax Expense (Benefit)   1,500,000   4,600,000 2,900,000 13,400,000  
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount   200,000 $ 294,900,000   295,100,000    
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions $ (3,900,000)            
Unrecognized Tax Benefits 28,100,000 28,100,000     28,100,000   $ 25,800,000
Unrecognized Tax Benefits that Would Impact Effective Tax Rate $ 13,000,000.0 13,000,000.0     13,000,000.0    
Income Tax Effects Allocated Directly to Equity, Other   500,000   300,000 3,000,000.0 600,000  
Restructuring adjustments   $ 600,000   $ 100,000 $ 1,100,000 $ 200,000  
v3.24.2.u1
Income taxes - Deferred Tax Assets (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Deferred tax assets:    
Deferred Tax Assets, Net, Total $ 699 $ 296,984
v3.24.2.u1
Income taxes - Reconciliation (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Income Tax Disclosure [Abstract]        
Income tax (benefit) expense $ 1,333,000 $ (3,998,000) $ 299,542,000 $ (12,251,000)
v3.24.2.u1
Commitments, contingencies and guarantees (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Long-term Purchase Commitment [Line Items]          
Operating Lease, Cost $ 2,506 $ 2,836 $ 5,306 $ 6,194  
Operating Lease, Payments     6,941 6,711  
Finance Lease, Liability, to be Paid, Year One 5,548   5,548    
Finance Lease, Liability, to be Paid, Year Two 13,750   13,750    
Finance Lease, Liability, to be Paid, Year Three 13,270   13,270    
Finance Lease, Liability, to be Paid, Year Four 2,148   2,148    
Finance Lease, Liability, to be Paid, Year Five 811   811    
Lessee, Operating Lease, Liability, Payments, Due after Year Five 3,782   3,782    
Lessee, Operating Lease, Liability, Payments, Due (39,309)   (39,309)    
us-gaap_Lessee Operating Lease Liability Undiscounted Excess Amount (4,543)   (4,543)    
Operating Lease, Liability $ 34,766   34,766    
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability     $ 4,801 1,321  
Operating Lease, Weighted Average Remaining Lease Term 3 years 5 months 8 days   3 years 5 months 8 days   3 years 18 days
Operating Lease, Weighted Average Discount Rate, Percent 6.30%   6.30%   6.20%
Sublease Income $ (649) (723) $ (1,372) (1,446)  
Operating Lease, Impairment Loss 3,276 0 3,276 0  
Lease, Cost 5,133 $ 2,113 7,210 $ 4,748  
Other Commitments [Line Items]          
Other Commitment $ 231,000   $ 231,000    
v3.24.2.u1
Concentrations of risk and geographic information - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Revenue, Major Customer [Line Items]          
Revenues $ 186,224 $ 241,020 $ 341,693 $ 415,740  
United States [Member]          
Revenue, Major Customer [Line Items]          
Revenues 68,300 $ 106,500 124,600 $ 182,100  
Outside the United States [Member]          
Revenue, Major Customer [Line Items]          
Assets, Noncurrent 2,800   2,800   $ 1,600
Assets, Noncurrent $ 2,800   $ 2,800   $ 1,600
v3.24.2.u1
Concentrations of risk and geographic information - Schedule of Customer Concentration by Risk Factor (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Concentration Risk [Line Items]            
Accounts receivable sold     $ 19,850 $ 24,605 $ 37,492 $ 41,039
Factoring fees     $ 290 $ 403 $ 526 $ 667
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Customer A [Member]            
Concentration Risk [Line Items]            
Concentration risk 38.00% 30.00%        
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Customer B [Member]            
Concentration Risk [Line Items]            
Concentration risk 14.00% 11.00%        
Customer Concentration Risk [Member] | Sales Revenue [Member] | Customer A [Member]            
Concentration Risk [Line Items]            
Concentration risk     13.00% 14.00% 11.00% 12.00%
v3.24.2.u1
Concentrations of risk and geographic information - Schedule of Revenue by Geographic Segment (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Segment Reporting Information [Line Items]        
Revenues $ 186,224 $ 241,020 $ 341,693 $ 415,740
United States [Member]        
Segment Reporting Information [Line Items]        
Revenues 68,300 106,500 124,600 182,100
Americas [Member]        
Segment Reporting Information [Line Items]        
Revenues 88,719 121,644 165,316 211,163
Europe, Middle East and Africa [Member]        
Segment Reporting Information [Line Items]        
Revenues 64,490 66,500 116,498 112,516
Asia and Pacific Area Countries [Member]        
Segment Reporting Information [Line Items]        
Revenues $ 33,015 $ 52,876 $ 59,879 $ 92,061
v3.24.2.u1
Restructuring charges - Restructuring Costs (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]          
Restructuring and Related Costs    
12. Restructuring charges
Restructuring charges for each period were as follows:
Three months ended June 30,Six months ended June 30,
(in thousands)
2024202320242023
Cost of revenue
$152 $(184)$165 $(183)
Research and development
1,565 (1)2,595 10 
Sales and marketing
920 — 1,470 6 
General and administrative
411 — 1,030 3 
Total restructuring charges
$3,048 $(185)$5,260 $(164)
    
Operating Lease, Impairment Loss $ 3,276 $ 0 $ 3,276 $ 0  
Restructuring charges 3,048 (185) 5,260 (164)  
Cost of Revenue [Member]          
Restructuring Cost and Reserve [Line Items]          
Restructuring charges 152 (184) 165 (183)  
Research and Development [Member]          
Restructuring Cost and Reserve [Line Items]          
Restructuring charges 1,565 (1) 2,595 10  
Selling and Marketing Expense [Member]          
Restructuring Cost and Reserve [Line Items]          
Restructuring charges 920 0 1,470 6  
General and Administrative [Member]          
Restructuring Cost and Reserve [Line Items]          
Restructuring charges 411 $ 0 1,030 $ 3  
First quarter 2024 restructuring          
Restructuring Cost and Reserve [Line Items]          
Restructuring charges     5,533    
Restructuring Reserve 545   545   $ 0
Severance Costs     2,257    
Cash paid     (1,490)    
Restructuring Reserve, Settled without Cash     (3,498)    
First quarter 2024 restructuring | Employee Severance [Member]          
Restructuring Cost and Reserve [Line Items]          
Restructuring Reserve 545   545   0
Cash paid     (1,490)    
Restructuring Reserve, Settled without Cash     (222)    
First quarter 2024 restructuring | ROU Asset Impairment          
Restructuring Cost and Reserve [Line Items]          
Restructuring Reserve 0   0   $ 0
Restructuring Reserve, Settled without Cash     (3,276)    
First quarter 2024 restructuring | Cease of use impairment charge          
Restructuring Cost and Reserve [Line Items]          
Cash paid     0    
Restructuring Costs and Asset Impairment Charges     3,276    
First quarter 2024 restructuring | Office space charges          
Restructuring Cost and Reserve [Line Items]          
Restructuring and Related Cost, Expected Cost 2,200   2,200    
Restructuring and Related Cost, Expected Cost $ 2,200   $ 2,200    
v3.24.2.u1
Restructuring charges - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Restructuring Cost and Reserve [Line Items]        
Restructuring charges $ 3,048 $ (185) $ 5,260 $ (164)
Operating Lease, Impairment Loss $ 3,276 $ 0 3,276 $ 0
First quarter 2024 restructuring        
Restructuring Cost and Reserve [Line Items]        
Expected percent of positions eliminated 4.00%      
Severance Costs     $ 2,257  
v3.24.2.u1
Restructuring charges - Restructuring Liability (Details) - First quarter 2024 restructuring
$ in Thousands
 6 Months Ended
Jun. 30, 2024
USD ($)
Restructuring Cost and Reserve [Line Items]  
Severance Costs $ 2,257
Restructuring Reserve [Roll Forward]  
Restructuring liability as of October 1, 2016 0
Restructuring charges (5,533)
Cash paid (1,490)
Non-cash settlements (3,498)
Restructuring liability as of December 31, 2017 545
Employee Severance [Member]  
Restructuring Reserve [Roll Forward]  
Restructuring liability as of October 1, 2016 0
Cash paid (1,490)
Non-cash settlements (222)
Restructuring liability as of December 31, 2017 545
Cease of use impairment charge  
Restructuring Reserve [Roll Forward]  
Cash paid 0
Restructuring Costs and Asset Impairment Charges $ 3,276
v3.24.2.u1
Subsequent Events (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Subsequent Event [Line Items]          
Restructuring charges $ 3,048 $ (185) $ 5,260 $ (164)  
Sublease Income $ 649 $ 723 $ 1,372 $ 1,446  
Operating Lease, Weighted Average Discount Rate, Percent 6.30%   6.30%   6.20%
v3.24.2.u1
Valuation and Qualifying Accounts (Details) - USD ($)
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2022
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Allowance for Doubtful Accounts Receivable [Member]              
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]              
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount       $ 450,000 $ 390,000 $ 700,000 $ 492,000
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]              
Charges to Expense $ 67,000 $ (294,000) $ 393,000        
SEC Schedule, 12-09, Valuation Allowances and Reserves, Deduction $ (7,000) $ (16,000) (185,000)        
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member]              
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]              
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount           $ 0 $ 287,276,000
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]              
Charges to Expense     (284,551,000)        
Charges to Revenue     0        
SEC Schedule, 12-09, Valuation Allowances and Reserves, Deduction     $ (2,725,000)        
v3.24.2.u1
Label Element Value
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $ 222,708,000
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $ 223,735,000