Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2021 | May 03, 2021 | |
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, $0.0001 par value | |
Trading Symbol | GPRO | |
Entity Registrant Name | GOPRO, INC. | |
City Area Code | (650) | |
Local Phone Number | 332-7600 | |
Entity Central Index Key | 0001500435 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-36514 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Security Exchange Name | NASDAQ | |
Document Quarterly Report | true | |
Common Class A [Member] | ||
Class of Stock [Line Items] | ||
Entity Common Stock, Shares Outstanding | 125,070,402 | |
Common Class B [Member] | ||
Class of Stock [Line Items] | ||
Entity Common Stock, Shares Outstanding | 28,285,046 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 296,754,000 | $ 325,654,000 |
Accounts receivable, net | 68,625,000 | 107,244,000 |
Inventory | 111,833,000 | 97,914,000 |
Prepaid expenses and other current assets | 28,861,000 | 23,872,000 |
Total current assets | 506,073,000 | 556,684,000 |
Property and equipment, net | 21,703,000 | 23,711,000 |
Operating Lease, Right-of-Use Asset | 30,640,000 | 31,560,000 |
Intangible assets, net | 491,000 | 1,214,000 |
Goodwill | 146,459,000 | 146,459,000 |
Other long-term assets | 11,519,000 | 11,771,000 |
Total assets | 716,885,000 | 771,399,000 |
Current liabilities: | ||
Accounts payable | 77,283,000 | 111,399,000 |
Accrued expenses and other current liabilities | 93,184,000 | 113,776,000 |
Short-term operating lease liabilities | 8,999,000 | 9,369,000 |
Deferred revenue | 32,044,000 | 28,149,000 |
Total current liabilities | 211,510,000 | 262,693,000 |
Long-term taxes payable | 18,238,000 | 18,099,000 |
Long-term debt | 221,931,000 | 218,172,000 |
Long-term operating lease liabilities | 50,091,000 | 51,986,000 |
Other long-term liabilities | 3,644,000 | 4,431,000 |
Total liabilities | 505,414,000 | 555,381,000 |
Commitments, contingencies and guarantees | ||
Stockholders’ equity: | ||
Preferred Stock, Value, Outstanding | 0 | 0 |
Common Stocks, Including Additional Paid in Capital | 985,768,000 | 980,147,000 |
Treasury Stock, Value | (113,613,000) | (113,613,000) |
Accumulated deficit | (660,684,000) | (650,516,000) |
Total stockholders’ equity | 211,471,000 | 216,018,000 |
Total liabilities and stockholders’ equity | $ 716,885,000 | $ 771,399,000 |
Preferred Stock, par value (usd per share) | $ 0.0001 | $ 0.0001 |
Preferred Stock, Shares Authorized (shares) | 5,000,000 | 5,000,000 |
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, Value | $ 113,613,000 | $ 113,613,000 |
Common Stocks, Including Additional Paid in Capital | 985,768,000 | 980,147,000 |
Preferred Stock, Value, Outstanding | $ 0 | $ 0 |
Treasury Stock, Shares (shares) | 10,710,000 | 10,710,000 |
Restricted Cash | $ 0 | $ 2,000,000 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Treasury Stock, Shares (shares) | 10,710,000 | 10,710,000 |
Common Class A [Member] | ||
Common stock outstanding (shares) | 124,848,000 | 122,233,000 |
Common Stock, Shares Authorized (shares) | 500,000,000 | 500,000,000 |
Common Stock, Shares, Issued | 124,848,000 | 122,233,000 |
Common Stock, Shares Authorized (shares) | 500,000,000 | 500,000,000 |
Common Stock, Shares, Issued | 124,848,000 | 122,233,000 |
Common Class B [Member] | ||
Common stock outstanding (shares) | 28,485,000 | 28,885,000 |
Common Stock, Shares Authorized (shares) | 150,000,000 | 150,000,000 |
Common Stock, Shares, Issued | 28,485,000 | 28,885,000 |
Common Stock, Shares Authorized (shares) | 150,000,000 | 150,000,000 |
Common Stock, Shares, Issued | 28,485,000 | 28,885,000 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
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, Shares (shares) | 10,710,000 | 10,710,000 | |
Common Class A [Member] | |||
Common Stock, Shares Authorized (shares) | 500,000,000 | 500,000,000 | 500,000,000 |
Common Stock, Shares, Issued | 124,800,000 | 124,848,000 | 122,233,000 |
Common stock outstanding (shares) | 124,848,000 | 122,233,000 | |
Common Class B [Member] | |||
Common Stock, Shares Authorized (shares) | 150,000,000 | 150,000,000 | 150,000,000 |
Common Stock, Shares, Issued | 28,500,000 | 28,485,000 | 28,885,000 |
Common stock outstanding (shares) | 28,500,000 | 28,485,000 | 28,885,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Statement [Abstract] | ||
Revenue | $ 203,680,000 | $ 119,400,000 |
Cost of revenue | 124,984,000 | 80,973,000 |
Gross profit | 78,696,000 | 38,427,000 |
Operating expenses: | ||
Research and development | 32,430,000 | 32,281,000 |
Sales and marketing | 35,790,000 | 43,502,000 |
General and administrative | 13,988,000 | 18,758,000 |
Total operating expenses | 82,208,000 | 94,541,000 |
Operating loss | (3,512,000) | (56,114,000) |
Interest expense | (5,880,000) | (4,843,000) |
Other income (expense), net | (443,000) | (172,000) |
Total other expense, net | 5,437,000 | (5,015,000) |
Loss before income taxes | (8,949,000) | (61,129,000) |
Income tax expense | (1,219,000) | (2,399,000) |
Net loss | $ (10,168,000) | $ (63,528,000) |
Earnings Per Share, Basic and Diluted | $ (0.07) | $ (0.43) |
Weighted Average Number of Shares Outstanding, Basic and Diluted | 152,181 | 147,560 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows - USD ($) | 3 Months Ended | |||
Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | |
Net loss | $ (10,168,000) | $ (63,528,000) | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Depreciation and amortization | 3,534,000 | 5,983,000 | ||
Amortization of Leased Asset | 920,000 | 2,035,000 | ||
Stock-based compensation | 8,869,000 | 7,637,000 | ||
Deferred income taxes | (2,000) | 6,000 | ||
Restructuring Costs | (99,000) | 0 | ||
Operating Lease, Impairment Loss | 12,460,000 | |||
Amortization of Debt Discount (Premium) | 3,433,000 | 2,373,000 | ||
Other | 112,000 | 672,000 | ||
Changes in operating assets and liabilities: | ||||
Accounts receivable, net | 37,998,000 | 149,263,000 | ||
Inventory | (13,919,000) | (27,786,000) | ||
Prepaid expenses and other assets | (3,537,000) | 1,272,000 | ||
Accounts payable and other liabilities | (56,132,000) | (144,517,000) | ||
Deferred revenue | 3,499,000 | (1,694,000) | ||
Net Cash Provided by (Used in) Operating Activities | (25,492,000) | (68,284,000) | ||
Investing activities: | ||||
Purchases of property and equipment, net | (1,068,000) | (795,000) | ||
Maturities of marketable securities | 0 | 7,330,000 | ||
Payments for (Proceeds from) Other Investing Activities | 0 | 438,000 | ||
Net cash provided by (used in) investing activities | (1,068,000) | 6,097,000 | ||
Financing activities: | ||||
Proceeds from issuance of common stock | 2,998,000 | 1,887,000 | ||
Payment, Tax Withholding, Share-based Payment Arrangement | (6,246,000) | (2,003,000) | ||
Proceeds from Lines of Credit | 0 | 30,000,000 | ||
Net cash provided by (used in) financing activities | (3,248,000) | 29,884,000 | ||
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | (1,092,000) | (563,000) | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | (30,900,000) | (32,866,000) | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 327,654,000 | $ 150,301,000 | ||
Cash, cash equivalents and restricted cash at beginning of period | 325,654,000 | |||
Cash, cash equivalents and restricted cash at end of period | $ 296,754,000 | 325,654,000 | $ 117,435,000 | |
Interest Paid, Including Capitalized Interest, Operating and Investing Activities | $ 200,000 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements Stockholders' Equity (Deficit) - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock Including Additional Paid in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] |
Beginning Balance at Dec. 31, 2019 | $ 233,529 | $ 930,875 | $ (113,613) | $ (583,733) |
Beginning Balance (shares) at Dec. 31, 2019 | 146,818 | |||
Common stock issued under employee benefit plans, net of shares withheld for tax | 1,863 | $ 1,863 | ||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | (2,003) | $ 2,003 | ||
Common stock issued under employee benefit plans, net of shares withheld for tax (shares) | 1,542 | |||
Allocated share-based compensation expense | 7,637 | $ 7,637 | ||
Net loss | (63,528) | (63,528) | ||
Ending Balance at Mar. 31, 2020 | 177,498 | $ 938,372 | (113,613) | (647,261) |
Ending Balance (shares) at Mar. 31, 2020 | 148,360 | |||
Beginning Balance at Dec. 31, 2020 | 216,018 | $ 980,147 | (113,613) | (650,516) |
Beginning Balance (shares) at Dec. 31, 2020 | 151,119 | |||
Common stock issued under employee benefit plans, net of shares withheld for tax | 2,998 | $ 2,998 | ||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | (6,246) | $ 6,246 | ||
Common stock issued under employee benefit plans, net of shares withheld for tax (shares) | 2,214 | |||
Allocated share-based compensation expense | 8,869 | $ 8,869 | ||
Net loss | (10,168) | (10,168) | ||
Ending Balance at Mar. 31, 2021 | $ 211,471 | $ 985,768 | $ (113,613) | $ (660,684) |
Ending Balance (shares) at Mar. 31, 2021 | 153,333 |
Summary of business and signifi
Summary of business and significant accounting policies | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of business and significant accounting policies | Summary of business and significant accounting policies GoPro, Inc. and its subsidiaries (GoPro or the Company) make it easy for the world to capture and share itself in immersive and exciting ways. The Company is committed to developing solutions that create an easy, seamless experience for consumers to capture, create and share engaging personal content. To date, the Company’s cameras, mountable and wearable accessories, and subscription services 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). The Company’s fiscal year ends on December 31, and its fiscal quarters end on March 31, June 30 and September 30. The Company’s operating results, financial position and cash flows for fiscal year 2020 were negatively impacted by the COVID-19 pandemic. As the global impact of the pandemic began to emerge in the first quarter of 2020, the Company accelerated a shift in its sales channel strategy to focus more on direct-to-consumer sales through GoPro.com, and implemented a restructuring plan in April 2020, which primarily impacted the Company’s global workforce, sales and marketing expenses, and leased facilities. These actions were reflected in the Company’s financial results starting in the second quarter of 2020 by reducing on-going operating expenses and helped accelerate its ability to achieve profitability in the second half of 2020. In 2020, the Company also issued additional convertible senior notes and entered into a new credit facility thus providing sufficient resources to continue as a going concern for at least one year from the date of issuance of the condensed consolidated financial statements contained in this Quarterly Report on Form 10-Q. 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 for any other future period. The Condensed Consolidated Balance Sheet at December 31, 2020 has been derived from the audited financial statements at that date, but does not include all the disclosures required by GAAP. This Quarterly Report on Form 10-Q should be read in conjunction with the Company's Annual Report on Form 10-K (Annual Report) for the year ended December 31, 2020. There have been no material changes in the Company’s critical accounting policies and estimates from those disclosed in its Annual Report. 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, including but not limited to the potential impacts arising from the COVID-19 pandemic, 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. The extent and continued impact of COVID-19 has been taken into account by management in making the significant assumptions and estimates related to the above; however, if the duration and spread of the outbreak, the impact on our customers, and the effect on our contract manufacturers, vendors and supply chain is different from the Company’s estimates and assumptions, then actual results could differ materially. Given the uncertainty with respect to COVID-19, the Company’s estimates and assumptions may evolve as conditions change. To the extent there are material differences between the estimates and the actual results, future results of operations could be affected. 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 and accessories, the related implied post contract support to customers and subscription services. The transaction price recognized as revenue represents the amount the Company expects to be entitled to and is primarily comprised of product revenue, net of returns and variable consideration, including sales incentives provided to customers. The Company’s camera sales contain multiple performance obligations that can include four separate obligations: a) 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, b) the implicit right to the Company’s downloadable free apps and software solutions, c) the implied right for the customer to receive post contract support after the initial sale (PCS), and d) a subscription service. 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 and telephone support. The Company allocates a portion of the transaction price to the PCS performance obligation based on a cost-plus methodology and recognizes the associated revenue on a straight-line basis over the estimated term of the support period, which is estimated to be 15 months based on historical experience. The transaction price allocated to subscription services is based on the standalone selling price and is recognized ratably over the subscription term, with payments received in advance of services being rendered recorded in deferred revenue. The transaction price is allocated to the remaining performance obligations on a residual value methodology. The transaction price allocated to the delivered hardware, related embedded firmware and free software solutions are recognized as revenue at the time of sale, provided the conditions for recognition of revenue have been met. The Company’s process to allocate the transaction price considers multiple factors that may vary over time depending upon the unique facts and circumstances related to each deliverable, including: the level of support provided to customers, estimated costs to provide the Company’s support, the amount of time and cost that is allocated to the Company’s efforts to develop the undelivered elements, market trends in the pricing for similar offerings and the standalone selling price. 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. 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. 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 such costs as incurred. Deferred revenue as of March 31, 2021 and 2020 also included amounts related to the Company’s subscription services. The Company’s short-term and long-term deferred revenue balances totaled $32.8 million and $14.8 million as of March 31, 2021 and 2020, respectively. Of the deferred revenue balance as of December 31, 2020 and 2019, the Company recognized $11.7 million and $5.8 million of revenue during the quarter ended March 31, 2021 and 2020, 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. 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. Recent accounting standards Standard Description Expected date of adoption Effect on the condensed consolidated financial statements or other significant matters Standards not yet adopted Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40) ASU No. 2020-06 This standard simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible debt instruments and contracts on an entity’s own equity. Specifically, the standard removes certain accounting models which separate the embedded conversion features from the host contract for convertible instruments, requiring bifurcation only if the convertible debt feature qualifies as a derivative under ASC 815 or if the convertible debt was issued at a substantial premium. This standard also removes certain settlement conditions required for equity contracts to qualify for the derivative scope exception. Lastly, entities are required to use the if-converted method for convertible instruments in the diluted earnings per share calculation. Early adoption is permitted, but no earlier than the fiscal year beginning after December 15, 2020. The standard can be applied using a full or modified retrospective approach. January 1, 2022 Upon adoption, the Company expects a decrease to additional paid in capital, an increase in the carrying value of its convertible notes and an increase to retained earnings. After adoption, the Company expects a reduction in its reported interest expense but does not expect a material income tax impact due to a full valuation allowance on the United States net deferred tax assets. Additionally, the Company expects the use of the if-converted method for calculating diluted earnings per share will result in an increase in weighted-average shares outstanding. The Company will continue to evaluate the effect that the adoption of this standard will have on its financial statements. 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. |
Fair value measurements
Fair value measurements | 3 Months Ended |
Mar. 31, 2021 | |
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: March 31, 2021 December 31, 2020 (in thousands) Level 1 Level 2 Total Level 1 Level 2 Total Cash equivalents (1) : Money market funds $ 21,396 $ — $ 21,396 $ 19,445 $ — $ 19,445 Total cash equivalents $ 21,396 $ — $ 21,396 $ 19,445 $ — $ 19,445 (1) Included in cash and cash equivalents in the accompanying Condensed Consolidated Balance Sheets. Cash balances were $275.4 million as of March 31, 2021 and $308.2 million, including $2.0 million of restricted cash, as of December 31, 2020. Cash equivalents are classified as Level 1 because the Company uses quoted market prices to determine their fair value. At March 31, 2021 and December 31, 2020, the Company had no financial assets or liabilities measured at fair value on a recurring basis that were classified as Level 3, which are valued based on inputs supported by little or no market activity. At March 31, 2021 and December 31, 2020, the amortized cost of the Company’s cash equivalents approximated their fair value and there were no material realized or unrealized gains or losses, either individually or in the aggregate. In April 2017, the Company issued $175.0 million principal amount of Convertible Senior Notes due 2022 (2022 Notes). In November 2020, the Company issued $143.8 million principal amount of Convertible Senior Notes due 2025 (2025 Notes) (see Note 4 Financing Arrangements). The estimated fair value of the 2022 Notes and 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 2022 Notes and 2025 Notes by evaluating quoted market prices and calculating the upfront cash payment a market participant would require to assume these obligations. The calculated fair value of the 2022 Notes was $165.6 million and $146.0 million as of March 31, 2021 and December 31, 2020, respectively, while the calculated fair value of the 2025 Notes was $205.9 million and $166.8 million as of March 31, 2021 and December 31, 2020, respectively. The calculated fair value is highly correlated to the Company’s stock price and as a result, significant changes to the Company’s stock price will have a significant impact on the calculated fair value of the 2022 Notes and 2025 Notes. For certain other financial assets and liabilities, including accounts receivable, accounts payable and other current assets and liabilities, the carrying amounts approximate their fair value primarily due to the relatively short maturity of these balances. The Company also measures certain non-financial assets at fair value on a nonrecurring basis, primarily goodwill, intangible assets and operating lease right-of-use assets, in connection with periodic evaluations for potential impairment. |
Condensed consolidated financia
Condensed consolidated financial statement details | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Consolidated financial statement details | Condensed consolidated financial statement details The following sections and tables provide details of selected balance sheet items. Inventory (in thousands) March 31, 2021 December 31, 2020 Components $ 11,135 $ 13,229 Finished goods 100,698 84,685 Total inventory $ 111,833 $ 97,914 Property and equipment, net (in thousands) March 31, 2021 December 31, 2020 Leasehold improvements $ 35,180 $ 35,180 Production, engineering and other equipment 48,378 48,908 Tooling 17,907 17,635 Computers and software 22,438 22,385 Furniture and office equipment 6,273 6,315 Tradeshow equipment and other 5,789 5,860 Construction in progress 22 22 Gross property and equipment 135,987 136,305 Less: Accumulated depreciation and amortization (114,284) (112,594) Property and equipment, net $ 21,703 $ 23,711 Intangible assets March 31, 2021 (in thousands) Gross carrying value Accumulated amortization Net carrying value Purchased technology $ 51,066 $ (50,590) $ 476 Domain name 15 — 15 Total intangible assets $ 51,081 $ (50,590) $ 491 December 31, 2020 (in thousands) Gross carrying value Accumulated amortization Net carrying value Purchased technology $ 51,066 $ (49,867) $ 1,199 Domain name 15 — 15 Total intangible assets $ 51,081 $ (49,867) $ 1,214 Amortization expense was $0.7 million and $1.9 million for the three months ended March 31, 2021 and 2020, respectively. At March 31, 2021, expected amortization expense of intangible assets with definite lives for future periods was as follows: (in thousands) Total Year ending December 31, 2021 (remaining 9 months) $ 429 2022 47 $ 476 Other long-term assets (in thousands) March 31, 2021 December 31, 2020 Point of purchase (POP) displays $ 3,209 $ 3,612 Long-term deferred tax assets 930 966 Deposits and other 7,380 7,193 Other long-term assets $ 11,519 $ 11,771 Accrued expenses and other current liabilities (in thousands) March 31, 2021 December 31, 2020 Accrued liabilities $ 31,922 $ 39,444 Accrued sales incentives 25,405 30,609 Employee related liabilities 7,650 7,067 Return liability 5,988 10,817 Warranty liability 7,126 7,997 Inventory received 2,067 1,709 Customer deposits 2,737 2,347 Purchase order commitments 1,695 1,921 Income taxes payable 214 221 Other 8,380 11,644 Accrued expenses and other current liabilities $ 93,184 $ 113,776 Product warranty Three months ended March 31, (in thousands) 2021 2020 Beginning balance $ 8,523 $ 11,398 Charged to cost of revenue 2,655 1,717 Settlement of warranty claims (3,726) (4,161) Warranty liability $ 7,452 $ 8,954 At March 31, 2021 and December 31, 2020, $7.1 million and $8.0 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. |
Financing Arrangements
Financing Arrangements | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Financing Arrangements | Financing Arrangements 2021 Credit Facility In January 2021, the Company entered into a Credit Agreement (2021 Credit Agreement) with a certain bank 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. The 2021 Credit Facility will terminate and any outstanding borrowings become due and payable on the earlier of (i) January 2024 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 convertible notes due April 2022, 91 days prior to the maturity date of such convertible notes. Concurrently with the execution of the 2021 Credit Agreement in January 2021, the Company terminated its previous 2016 Credit Agreement, which would otherwise have matured in March 2021. 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. At the Company’s option, borrowed funds accrue interest at either (i) a floating rate per annum 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 rate at which dollar deposits are offered in the London interbank market plus 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 0.375% to 0.50% per annum, based on the level of utilization of the 2021 Credit Facility. Amounts owed under the 2021 Credit Agreement are guaranteed by certain of the Company’s United States subsidiaries and secured by a first priority security interest in substantially all of the assets of the Company and certain of its subsidiaries (other than intellectual property, which is subject to a negative pledge restricting grants of security interests to third parties). The 2021 Credit Agreement contains customary representations, warranties, and affirmative and negative covenants. The negative covenants include restrictions on the incurrence of liens and indebtedness, certain investments, dividends, stock repurchases and other matters, all subject to certain exceptions. In addition, the Company is required to maintain Liquidity (the sum of unused availability under the credit facility and the Company’s Qualified Cash) of at least $55.0 million (of which at least $40.0 million shall be attributable to Qualified Cash), or, if the borrowing base is then in effect, minimum unused availability under the credit facility of at least $10.0 million. The 2021 Credit Agreement also includes customary events of default that include, among other things, non-payment of principal, interest or fees, inaccuracy of representations and warranties, violation of certain covenants, cross default to certain other indebtedness, bankruptcy and insolvency events, material judgments and change of control. Upon an event of default, the lender may, subject to customary cure rights, require the immediate payment of all amounts outstanding. At March 31, 2021, the Company was in compliance with all financial covenant contained in the 2021 Credit Agreement. The Company has made no borrowings from the 2021 Credit Facility to date. 2022 Convertible Notes In April 2017, the Company issued $175.0 million aggregate principal amount of 3.50% Convertible Senior Notes due 2022 (2022 Notes). The 2022 Notes are senior, unsecured obligations of GoPro and mature on April 15, 2022, unless earlier repurchased or converted into shares of Class A common stock under certain circumstances. The 2022 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 94.0071 shares of Class A common stock per $1,000 principal amount of the 2022 Notes, which is equivalent to an initial conversion price of approximately $10.64 per share of common stock, subject to adjustment. Based on current and projected liquidity, the Company has the intent and ability to deliver cash up to the principal amount of the 2022 Notes then outstanding upon conversion. The Company pays interest on the 2022 Notes semi-annually in arrears on April 15 and October 15 of each year. The $175.0 million of proceeds received from the issuance of the 2022 Notes were allocated between long-term debt (liability component) of $128.3 million and additional paid-in-capital (equity component) of $46.7 million on the Condensed Consolidated Balance Sheets. The fair value of the liability component was measured using rates determined for similar debt instruments without a conversion feature. The carrying amount of the equity component, representing the conversion option, was determined by deducting the fair value of the liability component from the aggregate face value of the 2022 Notes. The liability component will be accreted up to the face value of the 2022 Notes of $175.0 million, which will result in additional non-cash interest expense being recognized in the Condensed Consolidated Statements of Operations through the 2022 Notes’ maturity date. The accretion of the 2022 Notes to par and debt issuance cost recorded to long-term debt is amortized into interest expense over the term of the 2022 Note using an effective interest rate of approximately 10.5%. The equity component will not be remeasured as long as it continues to meet the conditions for equity classification. The Company incurred approximately $5.7 million of issuance costs related to the issuance of the 2022 Notes, of which $4.2 million and $1.5 million were recorded to long-term debt and additional paid-in capital, respectively. The $4.2 million of issuance costs recorded as long-term debt on the Condensed Consolidated Balance Sheets are being amortized over the five-year contractual term of the 2022 Notes using the effective interest method. The Company may not redeem the 2022 Notes prior to the maturity date and no sinking fund is provided for the 2022 Notes. The indenture includes customary terms and covenants, including certain events of default after which the 2022 Notes may be due and payable immediately. Holders have the option to convert the 2022 Notes in multiples of $1,000 principal amount at any time prior to January 15, 2022, but only in the following circumstances: • during any calendar quarter beginning after the calendar quarter ending on September 30, 2017, 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 2022 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 2022 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 2022 Notes on each such trading day; or • upon the occurrence of specified corporate events. At any time on or after January 15, 2022 until the second scheduled trading day immediately preceding the maturity date of the 2022 Notes on April 15, 2022, a holder may convert its 2022 Notes, in multiples of $1,000 principal amount. Holders of the 2022 Notes who convert their 2022 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 2022 Notes at a repurchase price equal to 100% of the principal amount of the 2022 Notes to be repurchased, plus accrued and unpaid interest up to, but excluding, the repurchase date. During the three months ended March 31, 2021, the conditions allowing holders of the 2022 Notes to convert were not met. Concurrently with the November 2020 issuance of the 2025 Notes, the Company used $56.2 million of the net cash proceeds from the 2025 Notes to repurchase $50.0 million principal amount of the 2022 Notes through an individual, privately negotiated transaction. The $56.2 million net cash proceeds were allocated between long-term debt (liability component) of $50.6 million and additional paid-in capital (equity component) of $5.4 million on the Condensed Consolidated Balance Sheets, and the remaining $0.2 million was related to the payment of interest. The fair value of the liability component was measured using rates determined for similar debt instrument without a conversion feature. The Company’s effective interest rate of 2.4% was based on the trading details of the 2022 Notes immediately prior to the repurchase date to determine the volatility of the 2022 Notes, and their remaining term. The cash consideration allocated to the equity component was calculated by deducting the fair value of the liability component and interest payment from the total aggregate cash consideration. The difference between the fair value of the 2022 Notes repurchased and the carrying value of $45.2 million resulted in a $5.4 million loss on extinguishment of debt. As of March 31, 2021 and December 31, 2020, the outstanding principal on the 2022 Notes was $125.0 million, the unamortized debt discount was $8.4 million and $10.2 million, respectively, the unamortized debt issuance cost was $0.6 million and $0.8 million, respectively, and the net carrying amount of the liability component was $116.0 million and $114.0 million, respectively, which was recorded as long-term debt within the Condensed Consolidated Balance Sheets. For the three months ended March 31, 2021 and 2020, the Company recorded interest expense of $1.1 million and $1.5 million for contractual coupon interest, respectively, $1.9 million and $2.4 million, respectively, for amortization of the debt discount, and $0.1 million and $0.2 million, respectively, for amortization of debt issuance costs. In connection with the 2022 Notes offering, the Company entered into a prepaid forward stock repurchase transaction (Prepaid Forward) with a financial institution (Forward Counterparty). Pursuant to the Prepaid Forward, the Company used approximately $78.0 million of the net proceeds from the offering of the 2022 Notes to fund the Prepaid Forward. The aggregate number of shares of the Company’s Class A common stock underlying the Prepaid Forward was approximately 9.2 million. The expiration date for the Prepaid Forward is April 15, 2022, although it may be settled earlier in whole or in part. Upon settlement of the Prepaid Forward, at expiration or upon any early settlement, the Forward Counterparty will deliver to the Company the number of shares of Class A common stock underlying the Prepaid Forward or the portion thereof being settled early. The shares purchased under the Prepaid Forward are treated as treasury stock on the Condensed Consolidated Balance Sheets (and not outstanding for purposes of the calculation of basic and diluted income (loss) per share), but will remain outstanding for corporate law purposes, including for purposes of any future stockholders’ votes, until the Forward Counterparty delivers the shares underlying the Prepaid Forward to the Company. The Company’s Prepaid Forward hedge transaction exposes the Company to credit risk to the extent that its counterparty may be unable to meet the terms of the transaction. The Company mitigates this risk by limiting its counterparty to a major financial institution. In the fourth quarter of 2020, 8.8 million shares out of the 9.2 million shares of Class A common stock underlying the Prepaid Forward entered into as part of the Company’s 2022 Notes were early settled and delivered to the Company. In April 2021, the remaining 0.4 million shares of Class A common stock underlying the Prepaid Forward were early settled and delivered to the Company. There was no financial statement impact due to the return of shares; however, shares outstanding for corporate law purposes are reduced by the early settlements. 2025 Convertible Notes In November 2020, the Company issued $125.0 million aggregate principal amount of 1.25% Convertible Senior Notes due 2025 and granted an option to the initial purchasers to purchase up to an additional $18.8 million aggregate principal amount of the 2025 Notes to cover over-allotments, of which $18.8 million was subsequently exercised during November 2020, resulting in a total issuance of $143.8 million aggregate principal amount of the 2025 Notes. The 2025 Notes are senior, unsecured obligations of GoPro 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. Based on current and projected liquidity, the Company has the intent and ability to deliver cash up to the principal amount of the 2025 Notes then outstanding upon conversion. The Company pays interest on the 2025 Notes semi-annually in arrears on May 15 and November 15 of each year. The $143.8 million of proceeds received from the issuance of the 2025 Notes were allocated between long-term debt (liability component) of $106.9 million and additional paid-in-capital (equity component) of $36.9 million on the Condensed Consolidated Balance Sheets. The fair value of the liability component was measured using rates determined for similar debt instruments without a conversion feature. The carrying amount of the equity component, representing the conversion option, was determined by deducting the fair value of the liability component from the aggregate face value of the 2025 Notes. The liability component will be accreted up to the face value of the 2025 Notes of $143.8 million, which will result in additional non-cash interest expense being recognized in the Condensed Consolidated Statements of Operations through the 2025 Notes’ maturity date. The accretion of the 2025 Notes to par and debt issuance cost recorded to long-term debt is amortized into interest expense over the term of the 2025 Note using an effective interest rate of approximately 7.5%. The equity component will not be remeasured as long as it continues to meet the conditions for equity classification. The Company incurred approximately $4.7 million of issuance costs related to the issuance of the 2025 Notes, of which $3.5 million and $1.2 million were recorded to long-term debt and additional paid-in capital, respectively. The $3.5 million of issuance costs recorded as long-term debt on the Condensed Consolidated Balance Sheets are being amortized over the five-year contractual term of the 2025 Notes using the effective interest method. 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 our common stock has been at least 130% of the conversion price then in effect for least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the Company provides the redemption notice, at a redemption price equal to 100% of the principal amount of the 2025 Notes to be redeemed, plus accrued interest and unpaid interest to, but excluding the redemption date. No sinking fund is provided for the 2025 Notes. The indenture includes customary terms and covenants, including certain events of default after which the 2025 Notes may be due and payable immediately. Holders have the option to convert the 2025 Notes in multiples of $1,000 principal amount at any time prior to August 15, 2025, but only in the following circumstances: • during any calendar quarter beginning after the calendar quarter ending on March 31, 2021, if the last reported sale price of Class A common stock for at least 20 trading days (whether or not consecutive) during the last 30 consecutive trading days of the immediately preceding fiscal quarter is greater than or equal to 130% of the conversion price of the 2025 Notes on each applicable trading day; • during the five-business day period following any five consecutive trading day period in which the trading price for the 2025 Notes is less than 98% of the product of the last reported sale price of Class A common stock and the conversion rate for the 2025 Notes on each such trading day; • if the Company calls any or all of the 2025 Notes for redemption, at any time prior to the close of business on the scheduled trading day immediately before the redemption date; or • upon the occurrence of specified corporate events. At any time on or after August 15, 2025 until the second scheduled trading day immediately preceding the maturity date of the 2025 Notes on November 15, 2025, a holder may convert its 2025 Notes, in multiples of $1,000 principal amount. Holders of the 2025 Notes who convert their 2025 Notes in connection with a make-whole fundamental change (as defined in the indenture) are, under certain circumstances, entitled to an increase in the conversion rate. In addition, in the event of a fundamental change prior to the maturity date, holders will, subject to certain conditions, have the right, at their option, to require the Company to repurchase for cash all or part of the 2025 Notes at a repurchase price equal to 100% of the principal amount of the 2025 Notes to be repurchased, plus accrued and unpaid interest up to, but excluding, the repurchase date. During the three months ended March 31, 2021, the conditions allowing holders of the 2025 Notes to convert were not met. As of March 31, 2021 and December 31, 2020, the outstanding principal on the 2025 Notes was $143.8 million, the unamortized debt discount was $34.6 million and $36.1 million, respectively, the unamortized debt issuance cost was $3.3 million and $3.4 million, respectively, and the net carrying amount of the liability component was $105.9 million and $104.2 million, respectively, which was recorded as long-term debt within the Condensed Consolidated Balance Sheets. For the three months ended March 31, 2021, the Company recorded interest expense of $0.4 million for contractual coupon interest , $0.2 million for amortization of debt issuance costs, and $1.6 million for amortization of the debt discount. 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. |
Stockholders' equity
Stockholders' equity | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Stockholders’ equity Common stock. The Company has two classes of authorized common stock: Class A common stock with 500 million shares authorized and Class B common stock with 150 million shares authorized. As of March 31, 2021, 124.8 million shares of Class A stock were issued and outstanding and 28.5 million shares of Class B stock were issued and outstanding. The rights of the holders of Class A and Class B common stock are identical, except with respect to voting power and conversion rights. 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. The Class B common stock is also convertible into Class A common stock on the same basis upon any transfer, whether or not for value, except for “permitted transfers” as defined in the Company’s restated certificate of incorporation. 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. As of March 31, 2021, the Class B stock continued to represent greater than 10% of the overall outstanding shares. The Company had the following shares of common stock reserved for issuance upon the exercise of equity instruments as of March 31, 2021: (in thousands) March 31, 2021 Stock options outstanding 3,431 Restricted stock units outstanding 10,639 Performance stock units outstanding 1,319 Common stock available for future grants 32,795 Total common stock shares reserved for issuance 48,184 |
Employee benefit plans
Employee benefit plans | 3 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Employee benefit plans | Employee benefit plans Equity incentive plans . The Company has outstanding equity grants from its three stock-based employee compensation plans: the 2014 Equity Incentive Plan (2014 Plan), the 2010 Equity Incentive Plan (2010 Plan) and the 2014 Employee Stock Purchase Plan (ESPP). No new options or awards have been granted under the 2010 Plan since June 2014. Outstanding options and awards under the 2010 Plan continue to be subject to the terms and conditions of the 2010 Plan. Options granted under the 2014 Plan generally expire within ten years from the date of grant and generally vest over one two the Company’s Class A common stock. Performance stock units (PSUs) granted under the 2014 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 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 2020 Annual Report. S tock options A summary of the Company’s stock option activity for the three months ended March 31, 2021 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, 2020 3,431 $ 8.79 6.50 $ 6,259 Granted 300 7.91 Exercised (212) 5.15 Forfeited/Cancelled (34) 20.87 Outstanding at March 31, 2021 3,485 $ 8.81 6.74 $ 14,324 Vested and expected to vest at March 31, 2021 3,485 $ 8.81 6.74 $ 14,324 Exercisable at March 31, 2021 2,140 $ 10.92 5.38 $ 6,008 The aggregate intrinsic value of the stock options outstanding as of March 31, 2021 represents the value of the Company’s closing stock price on March 31, 2021 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 three months ended March 31, 2021 is as follows: Shares (in thousands) Weighted-average grant date fair value Non-vested shares at December 31, 2020 10,639 $ 5.04 Granted 3,014 7.91 Vested (2,008) 5.01 Forfeited (267) 5.59 Non-vested shares at March 31, 2021 11,378 $ 5.79 Performance stock units A summary of the Company’s PSU activity for the three months ended March 31, 2021 is as follows: Shares (in thousands) Weighted-average grant date fair value Non-vested shares at December 31, 2020 1,319 $ 4.48 Granted 568 7.91 Vested (322) 4.41 Forfeited (288) 4.05 Non-vested shares at March 31, 2021 1,277 $ 6.12 Employee stock purchase plan. For the three months ended March 31, 2021 and 2020, the Company issued 0.5 million and 0.6 million shares under its ESPP, respectively, at weighted-average prices of $4.15 and $3.38, 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 issuance 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 2020 Annual Report. The following table summarizes stock-based compensation expense included in the Condensed Consolidated Statements of Operations: Three months ended March 31, (in thousands) 2021 2020 Cost of revenue $ 429 $ 503 Research and development 4,136 3,022 Sales and marketing 1,865 1,717 General and administrative 2,439 2,395 Total stock-based compensation expense $ 8,869 $ 7,637 The income tax benefit related to stock-based compensation expense was zero for the three months ended March 31, 2021 and 2020 due to a full valuation allowance on the Company’s United States net deferred tax assets (see Note 7 Income taxes). At March 31, 2021, total unearned stock-based compensation of $65.9 million related to stock options, RSUs, PSUs and ESPP shares is expected to be recognized over a weighted-average period of 2.3 years. |
Net loss per share
Net loss per share | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Net loss per share | Net loss per share The following table presents the calculations of basic and diluted net loss per share: Three months ended March 31, (in thousands, except per share data) 2021 2020 Numerator: Net loss $ (10,168) $ (63,528) Denominator: Weighted-average common shares - basic and diluted for Class A and Class B common stock 152,181 147,560 Basic and diluted net loss per share $ (0.07) $ (0.43) 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 March 31, (in thousands) 2021 2020 Stock-based awards 15,750 14,000 Shares related to convertible senior notes 194 — Total anti-dilutive securities 15,944 14,000 The Company has the intent and ability to deliver cash up to the principal amount of the 2022 Notes and 2025 Notes subject to conversion, based on the Company’s current and projected liquidity. The Company uses the treasury stock method for calculating any potential dilutive effect of the conversion spread on diluted net income per share, if applicable. The conversion spread is dilutive in periods of net income when the average market price of the Company’s Class A common stock for a given reporting period exceeds the initial conversion prices of $10.64 and $9.3285 per share for the 2022 Notes and 2025 Notes, respectively. The shares included in total anti-dilutive shares relate to the 2025 Notes and are calculated based on the average market price of the Company’s Class A Common Stock for the three months ended March 31, 2021. The initial conversion price of the 2022 Notes was greater than the average market price of the Company’s Class A Common Stock for the three months ended March 31, 2021 and as such, had no impact on anti-dilutive or dilutive share calculations. Upon conversion of the 2025 Notes, there will be no economic dilution until the average market price of the Company’s Class A common stock exceeds the cap price of $12.0925 per share, as exercise of the Capped Calls offset any dilution from the 2025 Notes from the initial conversion price up to the cap price. The Capped Calls are excluded from diluted net income per share as they would be anti-dilutive under the treasury stock method. The Company’s 2022 Notes mature on April 15, 2022 and the 2025 Notes mature on November 15, 2025, unless earlier repurchased or converted into shares of Class A common stock under certain circumstances as described further in Note 4 Financing Arrangements. The 2022 Notes and 2025 Notes are convertible into cash, shares of the Company’s Class A common stock, or a combination thereof, at the Company’s election. While the Company has the intent and ability to deliver cash up to the principal amount, the maximum number of shares issuable upon conversion of the 2022 Notes is 20.6 million shares of Class A common stock and 20.8 million shares of Class A common stock upon conversion of the 2025 Notes. Additionally, the calculation of weighted-average shares outstanding for the three months ended March 31, 2021 and 2020 excludes approximately 9.2 million shares effectively repurchased and held in treasury stock on the Condensed Consolidated Balance Sheets as a result of the Prepaid Forward transaction entered into in connection with the 2022 Note offering. 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 |
Income taxes
Income taxes | 3 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income taxes | Income taxes The Company’s income tax expense (benefit) and the resulting effective tax rate are based upon the estimated annual effective tax rates applicable for the respective period, including losses generated in countries where the Company is projecting annual losses for which deferred tax assets are not anticipated to be recognized. The Company’s tax provision and the resulting effective tax rate for interim periods is determined based upon its estimated annual effective tax rate, adjusted for the effect of discrete items arising in that quarter. The Company also excludes jurisdictions with a projected loss for the year (or year-to-date loss) where the Company cannot or does not expect to recognize a tax benefit from its estimated annual effective tax rate. The impact of such inclusions could result in a higher or lower effective tax rate during a particular quarter, based upon the mix and timing of actual earnings or losses versus annual projections. In each quarter, the Company updates its estimate of the annual effective tax rate, and if the estimated annual tax rate changes, a cumulative adjustment is made in that quarter. Three months ended March 31, (dollars in thousands) 2021 2020 Income tax expense $ 1,219 $ 2,399 Effective tax rate (13.6) % (3.9) % The Company recorded income tax expense of $1.2 million for the three months ended March 31, 2021, on a pre-tax net loss of $8.9 million, which resulted in a negative effective tax rate of 13.6%. The Company’s income tax expense for the three months ended March 31, 2021, was composed of $1.3 million of tax expense incurred on pre-tax income, and discrete items that primarily included $1.8 million of net excess tax benefit for employee stock-based compensation and $0.2 million of tax benefit relating to the foreign provision to income tax return adjustments, partially offset by a net increase in the valuation allowance of $2.0 million. For the three months ended March 31, 2020, the Company recorded income tax expense of $2.4 million on a pre-tax net loss of $61.1 million, which resulted in a negative effective tax rate of 3.9%. The Company’s income tax expense for the three months ended March 31, 2020 was primarily composed of $2.3 million of tax expense incurred on pre-tax income, and discrete items that included a $1.1 million of net non-deductible equity tax expense for employee stock-based compensation and $0.1 million of tax expense relating to the foreign provision to income tax returns adjustments, partially offset by a net decrease in the valuation allowance of $1.1 million. During Q1 2021, it was determined that no material adjustments were required to the Company’s valuation allowances. However, the Company will continue to monitor expected 2021 projections and their potential impact on its 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 will be recorded. At March 31, 2021 and December 31, 2020, the Company’s gross unrecognized tax benefits were $27.6 million and $27.5 million, respectively. If recognized, $16.1 million of these unrecognized tax benefits (net of United States federal benefit) at March 31, 2021 would reduce income tax expense after considering the impact of the change in the valuation allowance in the United States. A material portion of the Company’s gross unrecognized tax benefits, if recognized, would increase the Company’s deferred tax assets, which would be offset by a full valuation allowance based on present circumstances. The unrecognized tax benefits relate primarily to unresolved matters with taxing authorities regarding the Company’s transfer pricing positions. While it is often difficult to predict the final outcome or the timing of resolution of any particular uncertain tax position, the |
Commitments, contingencies and
Commitments, contingencies and guarantees | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, contingencies and guarantees | Commitments, contingencies and guarantees Facility Leases. The Company leases its facilities under long-term operating leases, which expire at various dates through 2027. The components of net lease cost, which were recorded in operating expenses, were as follows: Three months ended March 31, (in thousands) 2021 2020 Operating lease cost (1) $ 3,096 $ 4,207 Sublease income (133) (129) Net lease cost $ 2,963 $ 4,078 (1) Operating lease cost includes variable lease costs, which are immaterial. Supplemental cash flow information related to leases was as follows: Three months ended March 31, (in thousands) 2021 2020 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 3,690 $ 4,083 Right-of-use assets obtained in exchange for operating lease liabilities 821 176 Supplemental balance sheet information related to leases was as follows: March 31, 2021 December 31, 2020 Weighted-average remaining lease term (in years) - operating leases 5.33 5.53 Weighted-average discount rate - operating leases 6.1% 6.2% As of March 31, 2021, maturities of operating lease liabilities were as follows: (in thousands) March 31, 2021 2021 (remaining 9 months) $ 9,057 2022 13,209 2023 12,098 2024 11,686 2025 11,477 Thereafter 12,683 Total lease payments 70,210 Less: Imputed interest (11,194) Present value of lease liabilities $ 59,016 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 March 31, 2021, the Company’s total undiscounted future expected obligations under multi-year agreements described above with terms longer than one year was $307.5 million. Legal proceedings and investigations. On February 13, 2018 and February 27, 2018, two purported shareholder derivative lawsuits (the Consolidated Federal Derivative Actions) were filed in the United States District Court for the Northern District of California against certain of GoPro’s current and former directors and executive officers and naming the Company as a nominal defendant. The Consolidated Federal Derivative Actions assert causes of action against the individual defendants for breach of fiduciary duty, and for making false and misleading statements about the Company’s business, operations and prospects in violation of Sections 10(b) and 14(a) of the Securities Exchange Act of 1934. The plaintiffs seek corporate reforms, disgorgement of profits from stock sales, and fees and costs. Different shareholders filed two similar purported shareholder derivative actions on October 30, 2018 and November 7, 2018 in the Delaware Court of Chancery (the Consolidated Delaware Derivative Actions). Other shareholders filed similar purported shareholder derivative actions on December 26, 2018, February 15, 2019, and January 27, 2020 in the Delaware Court of Chancery. Following settlement negotiations, an agreement in principle to settle all derivative claims on behalf of the Company (the Settlement) was reached by plaintiffs in the Consolidated Federal Derivative Actions, the Consolidated Delaware Derivative Actions, certain other plaintiffs (the Settling Plaintiffs), and the current and former executive officers and members of the Company’s Board. On February 9, 2021, the Settling Plaintiffs filed a motion for preliminary approval of the Settlement in the Consolidated Federal Derivative Actions, and the court preliminarily approved the Settlement on April 1, 2021. The final approval hearing is scheduled for July 28, 2021. The Settlement is subject to final court approval and is not expected to have a material impact on the Company’s condensed consolidated financial statements. On January 5, 2015, Contour LLC filed a complaint against the Company in federal court in Utah alleging, among other things, patent infringement in relation to certain GoPro cameras. GoPro filed an inter partes review (IPR) at the United States Patent and Trademark Office. On November 30, 2015, Contour dismissed the Utah action, and Contour IP Holdings LLC (CIPH), a non-practicing entity, re-filed a similar complaint in Delaware. The case was transferred to the Northern District of California in July 2017 (case 3:17-cv-04738) and was stayed pending the IPR proceedings. Upon conclusion of the IPRs, the District Court lifted the stay on October 1, 2019. Due to COVID-19 delays, the trial was delayed several times. Separately, on March 26, 2021, CIPH filed a new lawsuit against Company in the same court (case 3:21-cv-02143), asserting the same patents against certain GoPro products. On May 4, 2021, the Court indicated that the cases would be consolidated and set a trial date of April 18, 2022. The Company believes that both matters lack merit, and intends to vigorously defend against CIPH. 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 March 31, 2021, the Company has not paid any claims nor has it been required to defend any action related to its indemnification |
Concentrations of risk and geog
Concentrations of risk and geographic information | 3 Months Ended |
Mar. 31, 2021 | |
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, restricted cash, 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 management’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: March 31, 2021 December 31, 2020 Customer A 30% 23% Customer B * 15% Customer C 10% 12% * Less than 10% of net accounts receivable for the period indicated. The following table summarizes the Company’s accounts receivables sold, without recourse, and factoring fees paid: Three months ended March 31, (in thousands) 2021 2020 Accounts receivable sold $ 30,734 $ 31,319 Factoring fees 207 148 Third-party customers who represented 10% or more of the Company’s total revenue were as follows: Three months ended March 31, 2021 2020 Customer A 11% * Customer B * 11% * Less than 10% of total revenue for the period indicated. Supplier concentration. The Company relies on third parties for the supply and manufacture of its products, some of which are sole-source suppliers. The Company believes that outsourcing manufacturing enables greater scale and flexibility. As demand and product lines change, the Company periodically evaluates the need and advisability of adding manufacturers to support its operations. In instances where a supply and manufacture agreement does not exist or suppliers fail to perform their obligations, the Company may be unable to find alternative suppliers or satisfactorily deliver its products to its customers on time, if at all. The Company also relies on third parties with whom it outsources supply chain activities related to inventory warehousing, order fulfillment, distribution and other direct sales logistics . In instances where an outsourcing agreement does not exist or these third parties fail to perform their obligations, the Company may be unable to find alternative partners or satisfactorily deliver its products to its customers on time. Geographic information Revenue by geographic region was as follows: Three months ended March 31, (in thousands) 2021 2020 Americas $ 106,638 $ 57,247 Europe, Middle East and Africa (EMEA) 49,803 29,719 Asia and Pacific (APAC) 47,239 32,434 Total revenue $ 203,680 $ 119,400 For the three months ended March 31, 2021, the only country from which revenue exceeded 10% of total revenue was the United States. For the same period in 2020, revenue from the United States and Japan individually represented more than 10% of total revenue. Revenue from the United States, which is included in the Americas geographic region, was $93.3 million and $45.7 million for the three months ended March 31, 2021 and 2020, respectively. Revenue from Japan, which is included in the Asia and Pacific geographic region, was $14.3 million for the three months ended March 31, 2020. 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. |
Restructuring charges
Restructuring charges | 3 Months Ended |
Mar. 31, 2021 | |
Restructuring and Related Activities [Abstract] | |
Restructuring charges | Restructuring charges Restructuring charges for each period were as follows: Year ended December 31, (in thousands) 2021 2020 2019 Cost of revenue $ 1,201 $ 54 $ 1,379 Research and development 8,062 585 12,794 Sales and marketing 10,684 314 5,291 General and administrative 5,449 501 3,279 Total restructuring charges $ 25,396 $ 1,454 $ 22,743 Second quarter 2020 restructuring plan On April 14, 2020, the Company approved a restructuring plan to reduce future operating expenses, optimize its business model and address the impact of the COVID-19 pandemic. The restructuring provided for a reduction of the Company’s global workforce by approximately 20% and the consolidation of certain leased office facilities. Under the second quarter 2020 restructuring plan, the Company recorded restructuring charges of $25.5 million , including a $12.5 million right-of-use asset impairment primarily related to its headquarters campus, $7.3 million related to severance, and $5.8 million related to accelerated depreciation and other charges. The Company ceased using a portion of its headquarters campus in the third quarter of 2020 as part of the second quarter 2020 restructuring plan. The unused portion of the Company’s headquarters campus has its own identifiable expenses and is not dependent on other parts of the Company, and thus was considered its own asset group. As a result, the Company impaired a part of the carrying value of the related right-of-use asset to its estimated fair value using the discounted future cash flows method. The discounted future cash flows were determined based on future sublease rental rates, future sublease market conditions and a discount rate based on the weighted-average cost of capital. Based on the results of the Company’s assessment, the Company recognized a $12.3 million impairment, which was reflected as a restructuring expense, primarily in the operating expense financial statement line items in the Condensed Consolidated Statements of Operations. The following table provides a summary of the Company’s restructuring activities and the movement in the related liabilities recorded in accrued expenses and other current liabilities on the Condensed Consolidated Balance Sheets under the second quarter 2020 restructuring plan. (in thousands) Severance Other ROU Asset Impairment Total Restructuring liability as of December 31, 2019 $ — $ — $ — $ — Restructuring charges 7,287 5,800 12,460 25,547 Cash paid (7,238) (1,592) — (8,830) Non-cash reductions — (4,169) (12,460) (16,629) Restructuring liability as of December 31, 2020 $ 49 $ 39 $ — $ 88 First quarter 2017 restructuring plan On March 15, 2017, the Company approved a restructuring plan to reduce future operating expenses and further align resources around its long-term business strategy. The restructuring provided for a reduction of the Company’s global workforce by approximately 17% and the consolidation of certain leased office facilities. Under the first quarter 2017 restructuring plan, the Company recorded restructuring charges of $23.1 million , including $10.3 million related to severance, and $12.8 million related to accelerated depreciation and other charges. The actions associated with the first quarter 2017 restructuring plan were substantially completed by the fourth quarter of 2017. The following table provides a summary of the Company’s restructuring activities and the movement in the related liabilities recorded in accrued expenses and other current liabilities, and other long-term liabilities on the Condensed Consolidated Balance Sheets under the first quarter 2017 restructuring plan. (in thousands) Severance Other Total Restructuring liability as of December 31, 2017 — 3,550 3,550 Restructuring charges (1) — 4,783 4,783 Cash paid — (3,293) (3,293) Non-cash charges — 627 627 Restructuring liability as of December 31, 2018 — 5,667 5,667 Restructuring charges (1) — 1,395 1,395 Cash paid — (2,257) (2,257) Non-cash reductions — (335) (335) Restructuring liability as of December 31, 2019 $ — $ 4,470 $ 4,470 Restructuring charges (1) — (57) (57) Cash paid — (3,559) (3,559) Restructuring liability as of December 31, 2020 $ — $ 854 $ 854 (1) Includes lease termination charges, which is included in accrued expenses and other current liabilities in the accompanying condensed consolidated balance sheets, and totaled $0.9 million as of March 31, 2021. |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts | 3 Months Ended |
Mar. 31, 2021 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | VALUATION AND QUALIFYING ACCOUNTS For the year ended December 31, 2021, 2020 and 2019 (in thousands) Balance at Beginning of Year Charges to Revenue Charges (Benefits) to Expense Charges to Other Accounts - Equity Deductions/Write-offs Balance at End of Year Allowance for doubtful accounts receivable: Year ended March 31, 2021 $ 830 $ — $ (24) $ — $ (314) $ 492 Year ended March 31, 2020 500 — 616 — (286) 830 Year ended December 31, 2019 750 — 199 — (449) 500 Valuation allowance for deferred tax assets: Year ended March 31, 2021 $ 277,693 $ — $ 16,762 $ (7,179) $ — $ 287,276 Year ended March 31, 2020 271,374 — 4,717 1,602 — 277,693 Year ended December 31, 2019 226,458 — 42,772 2,144 — 271,374 |
Summary of business and signi_2
Summary of business and significant accounting policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
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). The Company’s fiscal year ends on December 31, and its fiscal quarters end on March 31, June 30 and September 30. The Company’s operating results, financial position and cash flows for fiscal year 2020 were negatively impacted by the COVID-19 pandemic. As the global impact of the pandemic began to emerge in the first quarter of 2020, the Company accelerated a shift in its sales channel strategy to focus more on direct-to-consumer sales through GoPro.com, and implemented a restructuring plan in April 2020, which primarily impacted the Company’s global workforce, sales and marketing expenses, and leased facilities. These actions were reflected in the Company’s financial results starting in the second quarter of 2020 by reducing on-going operating expenses and helped accelerate its ability to achieve profitability in the second half of 2020. In 2020, the Company also issued additional convertible senior notes and entered into a new credit facility thus providing sufficient resources to continue as a going concern for at least one year from the date of issuance of the condensed consolidated financial statements contained in this Quarterly Report on Form 10-Q. 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 for any other future period. The Condensed Consolidated Balance Sheet at December 31, 2020 has been derived from the audited financial statements at that date, but does not include all the disclosures required by GAAP. This Quarterly Report on Form 10-Q should be read in conjunction with the Company's Annual Report on Form 10-K (Annual Report) for the year ended December 31, 2020. There have been no material changes in the Company’s critical accounting policies and estimates from those disclosed in its Annual Report. |
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, including but not limited to the potential impacts arising from the COVID-19 pandemic, 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. The extent and continued impact of COVID-19 has been taken into account by management in making the significant assumptions and estimates related to the above; however, if the duration and spread of the outbreak, the impact on our customers, and the effect on our contract manufacturers, vendors and supply chain is different from the Company’s estimates and assumptions, then actual results could differ materially. Given the uncertainty with respect to COVID-19, the Company’s estimates and assumptions may evolve as conditions change. To the extent there are material differences between the estimates and the actual results, future results of operations could be affected. |
Comprehensive income (loss) | Comprehensive income (loss). |
Revenue recognition | Revenue recognition. The Company derives substantially all of its revenue from the sale of cameras, mounts and accessories, the related implied post contract support to customers and subscription services. The transaction price recognized as revenue represents the amount the Company expects to be entitled to and is primarily comprised of product revenue, net of returns and variable consideration, including sales incentives provided to customers. The Company’s camera sales contain multiple performance obligations that can include four separate obligations: a) 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, b) the implicit right to the Company’s downloadable free apps and software solutions, c) the implied right for the customer to receive post contract support after the initial sale (PCS), and d) a subscription service. 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 and telephone support. The Company allocates a portion of the transaction price to the PCS performance obligation based on a cost-plus methodology and recognizes the associated revenue on a straight-line basis over the estimated term of the support period, which is estimated to be 15 months based on historical experience. The transaction price allocated to subscription services is based on the standalone selling price and is recognized ratably over the subscription term, with payments received in advance of services being rendered recorded in deferred revenue. The transaction price is allocated to the remaining performance obligations on a residual value methodology. The transaction price allocated to the delivered hardware, related embedded firmware and free software solutions are recognized as revenue at the time of sale, provided the conditions for recognition of revenue have been met. The Company’s process to allocate the transaction price considers multiple factors that may vary over time depending upon the unique facts and circumstances related to each deliverable, including: the level of support provided to customers, estimated costs to provide the Company’s support, the amount of time and cost that is allocated to the Company’s efforts to develop the undelivered elements, market trends in the pricing for similar offerings and the standalone selling price. 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. 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. 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 such costs as incurred. Deferred revenue as of March 31, 2021 and 2020 also included amounts related to the Company’s subscription services. The Company’s short-term and long-term deferred revenue balances totaled $32.8 million and $14.8 million as of March 31, 2021 and 2020, respectively. Of the deferred revenue balance as of December 31, 2020 and 2019, the Company recognized $11.7 million and $5.8 million of revenue during the quarter ended March 31, 2021 and 2020, respectively. |
Revenue Recognition, Incentives | Sales incentives. |
Employee benefit plans | Employee benefit plans Equity incentive plans . The Company has outstanding equity grants from its three stock-based employee compensation plans: the 2014 Equity Incentive Plan (2014 Plan), the 2010 Equity Incentive Plan (2010 Plan) and the 2014 Employee Stock Purchase Plan (ESPP). No new options or awards have been granted under the 2010 Plan since June 2014. Outstanding options and awards under the 2010 Plan continue to be subject to the terms and conditions of the 2010 Plan. Options granted under the 2014 Plan generally expire within ten years from the date of grant and generally vest over one two the Company’s Class A common stock. Performance stock units (PSUs) granted under the 2014 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 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 2020 Annual Report. S tock options A summary of the Company’s stock option activity for the three months ended March 31, 2021 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, 2020 3,431 $ 8.79 6.50 $ 6,259 Granted 300 7.91 Exercised (212) 5.15 Forfeited/Cancelled (34) 20.87 Outstanding at March 31, 2021 3,485 $ 8.81 6.74 $ 14,324 Vested and expected to vest at March 31, 2021 3,485 $ 8.81 6.74 $ 14,324 Exercisable at March 31, 2021 2,140 $ 10.92 5.38 $ 6,008 The aggregate intrinsic value of the stock options outstanding as of March 31, 2021 represents the value of the Company’s closing stock price on March 31, 2021 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 three months ended March 31, 2021 is as follows: Shares (in thousands) Weighted-average grant date fair value Non-vested shares at December 31, 2020 10,639 $ 5.04 Granted 3,014 7.91 Vested (2,008) 5.01 Forfeited (267) 5.59 Non-vested shares at March 31, 2021 11,378 $ 5.79 Performance stock units A summary of the Company’s PSU activity for the three months ended March 31, 2021 is as follows: Shares (in thousands) Weighted-average grant date fair value Non-vested shares at December 31, 2020 1,319 $ 4.48 Granted 568 7.91 Vested (322) 4.41 Forfeited (288) 4.05 Non-vested shares at March 31, 2021 1,277 $ 6.12 Employee stock purchase plan. For the three months ended March 31, 2021 and 2020, the Company issued 0.5 million and 0.6 million shares under its ESPP, respectively, at weighted-average prices of $4.15 and $3.38, 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 issuance 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 2020 Annual Report. The following table summarizes stock-based compensation expense included in the Condensed Consolidated Statements of Operations: Three months ended March 31, (in thousands) 2021 2020 Cost of revenue $ 429 $ 503 Research and development 4,136 3,022 Sales and marketing 1,865 1,717 General and administrative 2,439 2,395 Total stock-based compensation expense $ 8,869 $ 7,637 The income tax benefit related to stock-based compensation expense was zero for the three months ended March 31, 2021 and 2020 due to a full valuation allowance on the Company’s United States net deferred tax assets (see Note 7 Income taxes). At March 31, 2021, total unearned stock-based compensation of $65.9 million related to stock options, RSUs, PSUs and ESPP shares is expected to be recognized over a weighted-average period of 2.3 years. |
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. |
Compensation Related Costs, Sha
Compensation Related Costs, Share Based Payments (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Share-based Payment Arrangement | The following table summarizes stock-based compensation expense included in the Condensed Consolidated Statements of Operations: Three months ended March 31, (in thousands) 2021 2020 Cost of revenue $ 429 $ 503 Research and development 4,136 3,022 Sales and marketing 1,865 1,717 General and administrative 2,439 2,395 Total stock-based compensation expense $ 8,869 $ 7,637 |
Summary of business and signi_3
Summary of business and significant accounting policies (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Schedule of recent accounting pronouncements | Recent accounting standards Standard Description Expected date of adoption Effect on the condensed consolidated financial statements or other significant matters Standards not yet adopted Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40) ASU No. 2020-06 This standard simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible debt instruments and contracts on an entity’s own equity. Specifically, the standard removes certain accounting models which separate the embedded conversion features from the host contract for convertible instruments, requiring bifurcation only if the convertible debt feature qualifies as a derivative under ASC 815 or if the convertible debt was issued at a substantial premium. This standard also removes certain settlement conditions required for equity contracts to qualify for the derivative scope exception. Lastly, entities are required to use the if-converted method for convertible instruments in the diluted earnings per share calculation. Early adoption is permitted, but no earlier than the fiscal year beginning after December 15, 2020. The standard can be applied using a full or modified retrospective approach. January 1, 2022 Upon adoption, the Company expects a decrease to additional paid in capital, an increase in the carrying value of its convertible notes and an increase to retained earnings. After adoption, the Company expects a reduction in its reported interest expense but does not expect a material income tax impact due to a full valuation allowance on the United States net deferred tax assets. Additionally, the Company expects the use of the if-converted method for calculating diluted earnings per share will result in an increase in weighted-average shares outstanding. The Company will continue to evaluate the effect that the adoption of this standard will have on its financial statements. 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. |
Fair value measurements (Tables
Fair value measurements (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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: March 31, 2021 December 31, 2020 (in thousands) Level 1 Level 2 Total Level 1 Level 2 Total Cash equivalents (1) : Money market funds $ 21,396 $ — $ 21,396 $ 19,445 $ — $ 19,445 Total cash equivalents $ 21,396 $ — $ 21,396 $ 19,445 $ — $ 19,445 (1) Included in cash and cash equivalents in the accompanying Condensed Consolidated Balance Sheets. Cash balances were $275.4 million as of March 31, 2021 and $308.2 million, including $2.0 million of restricted cash, as of December 31, 2020. |
Condensed consolidated financ_2
Condensed consolidated financial statement details (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Inventory | Inventory (in thousands) March 31, 2021 December 31, 2020 Components $ 11,135 $ 13,229 Finished goods 100,698 84,685 Total inventory $ 111,833 $ 97,914 |
Property, Plant and Equipment | Property and equipment, net (in thousands) March 31, 2021 December 31, 2020 Leasehold improvements $ 35,180 $ 35,180 Production, engineering and other equipment 48,378 48,908 Tooling 17,907 17,635 Computers and software 22,438 22,385 Furniture and office equipment 6,273 6,315 Tradeshow equipment and other 5,789 5,860 Construction in progress 22 22 Gross property and equipment 135,987 136,305 Less: Accumulated depreciation and amortization (114,284) (112,594) Property and equipment, net $ 21,703 $ 23,711 |
Schedule of Finite-Lived Intangible Assets | Intangible assets March 31, 2021 (in thousands) Gross carrying value Accumulated amortization Net carrying value Purchased technology $ 51,066 $ (50,590) $ 476 Domain name 15 — 15 Total intangible assets $ 51,081 $ (50,590) $ 491 December 31, 2020 (in thousands) Gross carrying value Accumulated amortization Net carrying value Purchased technology $ 51,066 $ (49,867) $ 1,199 Domain name 15 — 15 Total intangible assets $ 51,081 $ (49,867) $ 1,214 |
Schedule of Future Amortization | At March 31, 2021, expected amortization expense of intangible assets with definite lives for future periods was as follows: (in thousands) Total Year ending December 31, 2021 (remaining 9 months) $ 429 2022 47 $ 476 |
Schedule of Other Assets | Other long-term assets (in thousands) March 31, 2021 December 31, 2020 Point of purchase (POP) displays $ 3,209 $ 3,612 Long-term deferred tax assets 930 966 Deposits and other 7,380 7,193 Other long-term assets $ 11,519 $ 11,771 |
Schedule of Accrued Liabilities | Accrued expenses and other current liabilities (in thousands) March 31, 2021 December 31, 2020 Accrued liabilities $ 31,922 $ 39,444 Accrued sales incentives 25,405 30,609 Employee related liabilities 7,650 7,067 Return liability 5,988 10,817 Warranty liability 7,126 7,997 Inventory received 2,067 1,709 Customer deposits 2,737 2,347 Purchase order commitments 1,695 1,921 Income taxes payable 214 221 Other 8,380 11,644 Accrued expenses and other current liabilities $ 93,184 $ 113,776 |
Employee benefit plans (Tables)
Employee benefit plans (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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 three months ended March 31, 2021 is as follows: Shares (in thousands) Weighted-average grant date fair value Non-vested shares at December 31, 2020 1,319 $ 4.48 Granted 568 7.91 Vested (322) 4.41 Forfeited (288) 4.05 Non-vested shares at March 31, 2021 1,277 $ 6.12 |
Schedule of Share-based Compensation, Stock Options, Activity | A summary of the Company’s stock option activity for the three months ended March 31, 2021 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, 2020 3,431 $ 8.79 6.50 $ 6,259 Granted 300 7.91 Exercised (212) 5.15 Forfeited/Cancelled (34) 20.87 Outstanding at March 31, 2021 3,485 $ 8.81 6.74 $ 14,324 Vested and expected to vest at March 31, 2021 3,485 $ 8.81 6.74 $ 14,324 Exercisable at March 31, 2021 2,140 $ 10.92 5.38 $ 6,008 |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | A summary of the Company’s RSU activity for the three months ended March 31, 2021 is as follows: Shares (in thousands) Weighted-average grant date fair value Non-vested shares at December 31, 2020 10,639 $ 5.04 Granted 3,014 7.91 Vested (2,008) 5.01 Forfeited (267) 5.59 Non-vested shares at March 31, 2021 11,378 $ 5.79 |
Net loss per share (Tables)
Net loss per share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Net Income per Share, Basic and Diluted | The following table presents the calculations of basic and diluted net loss per share: Three months ended March 31, (in thousands, except per share data) 2021 2020 Numerator: Net loss $ (10,168) $ (63,528) Denominator: Weighted-average common shares - basic and diluted for Class A and Class B common stock 152,181 147,560 Basic and diluted net loss per share $ (0.07) $ (0.43) |
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 March 31, (in thousands) 2021 2020 Stock-based awards 15,750 14,000 Shares related to convertible senior notes 194 — Total anti-dilutive securities 15,944 14,000 |
Income taxes (Tables)
Income taxes (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The Company’s tax provision and the resulting effective tax rate for interim periods is determined based upon its estimated annual effective tax rate, adjusted for the effect of discrete items arising in that quarter. The Company also excludes jurisdictions with a projected loss for the year (or year-to-date loss) where the Company cannot or does not expect to recognize a tax benefit from its estimated annual effective tax rate. The impact of such inclusions could result in a higher or lower effective tax rate during a particular quarter, based upon the mix and timing of actual earnings or losses versus annual projections. In each quarter, the Company updates its estimate of the annual effective tax rate, and if the estimated annual tax rate changes, a cumulative adjustment is made in that quarter. Three months ended March 31, (dollars in thousands) 2021 2020 Income tax expense $ 1,219 $ 2,399 Effective tax rate (13.6) % (3.9) % |
Commitments, contingencies an_2
Commitments, contingencies and guarantees (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Components of Lease Expense [Text Block] | The components of net lease cost, which were recorded in operating expenses, were as follows: Three months ended March 31, (in thousands) 2021 2020 Operating lease cost (1) $ 3,096 $ 4,207 Sublease income (133) (129) Net lease cost $ 2,963 $ 4,078 (1) Operating lease cost includes variable lease costs, which are immaterial. |
Schedule of Supplemental Cash Flow Information Related To Leases [Text Block] | Supplemental cash flow information related to leases was as follows: Three months ended March 31, (in thousands) 2021 2020 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 3,690 $ 4,083 Right-of-use assets obtained in exchange for operating lease liabilities 821 176 Supplemental balance sheet information related to leases was as follows: March 31, 2021 December 31, 2020 Weighted-average remaining lease term (in years) - operating leases 5.33 5.53 Weighted-average discount rate - operating leases 6.1% 6.2% |
Schedule of Maturities of Lease Liabilities [Text Block] | As of March 31, 2021, maturities of operating lease liabilities were as follows: (in thousands) March 31, 2021 2021 (remaining 9 months) $ 9,057 2022 13,209 2023 12,098 2024 11,686 2025 11,477 Thereafter 12,683 Total lease payments 70,210 Less: Imputed interest (11,194) Present value of lease liabilities $ 59,016 |
Concentrations of risk and ge_2
Concentrations of risk and geographic information (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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 March 31, (in thousands) 2021 2020 Accounts receivable sold $ 30,734 $ 31,319 Factoring fees 207 148 |
Schedule of Revenue by Geographic Region | Revenue by geographic region was as follows: Three months ended March 31, (in thousands) 2021 2020 Americas $ 106,638 $ 57,247 Europe, Middle East and Africa (EMEA) 49,803 29,719 Asia and Pacific (APAC) 47,239 32,434 Total revenue $ 203,680 $ 119,400 |
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: March 31, 2021 December 31, 2020 Customer A 30% 23% Customer B * 15% Customer C 10% 12% * Less than 10% of net accounts receivable for the period indicated. |
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 March 31, 2021 2020 Customer A 11% * Customer B * 11% * Less than 10% of total revenue for the period indicated. |
Summary of business and signi_4
Summary of business and significant accounting policies (Details) - USD ($) $ in Thousands | 3 Months Ended | |||||||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Nov. 24, 2020 | Jan. 01, 2018 | Apr. 12, 2017 | |
Property, Plant and Equipment [Line Items] | ||||||||
Restricted Cash | $ 0 | $ 2,000 | ||||||
Allowance for Doubtful Other Receivables, Current | $ 500 | 800 | ||||||
Operating Lease, Impairment Loss | 12,460 | |||||||
Deferred Revenue | 32,800 | $ 14,800 | ||||||
Deferred Revenue, Revenue Recognized | 11,700 | 5,800 | ||||||
Advertising Expense | 34,100 | $ 67,300 | $ 73,000 | |||||
Accumulated deficit | $ (660,684) | $ (650,516) | ||||||
Product Warranty Liability [Line Items] | ||||||||
Warranty Period | 12 months | |||||||
Minimum [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Long-term Assets, Amortization Period | 24 months | |||||||
Maximum [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Long-term Assets, Amortization Period | 36 months | |||||||
Property, Plant and Equipment, Useful Life | 9 years | |||||||
Cumulative effect of adoption of new accounting standard [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Accumulated deficit | $ 15,000 | |||||||
Convertible Senior Notes due 2022 [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Interest rate | 3.50% | |||||||
Debt Instrument | $ 175,000 | |||||||
Convertible Senior Notes due 2025 [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Interest rate | 1.25% | |||||||
Debt Instrument | $ 143,800 | |||||||
Europe [Member] | ||||||||
Product Warranty Liability [Line Items] | ||||||||
Warranty Period | 2 years |
Fair value measurements (Detail
Fair value measurements (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Nov. 24, 2020 | Apr. 12, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash | $ 275,400 | $ 308,200 | ||
Restricted Cash | 0 | 2,000 | ||
Fair Value, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and Cash Equivalents | 21,396 | 19,445 | ||
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 | 21,396 | 19,445 | ||
Fair Value, Recurring [Member] | Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and Cash Equivalents | 21,396 | 19,445 | ||
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 | 21,396 | 19,445 | ||
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 | ||
Fair Value, Recurring [Member] | Level 2 [Member] | Money Market Funds [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and Cash Equivalents | 0 | 0 | ||
Convertible Senior Notes due 2022 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Instrument | $ 175,000 | |||
Convertible Senior Notes due 2022 [Member] | Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of convertible senior notes | 165,600 | 146,000 | ||
Convertible Senior Notes due 2025 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Instrument | $ 143,800 | |||
Convertible Senior Notes due 2025 [Member] | Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of convertible senior notes | $ 205,900 | $ 166,800 |
Condensed consolidated financ_3
Condensed consolidated financial statement details - Cash, Cash Equivalents and Marketable Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Cash and Cash Equivalents [Line Items] | |||
Cash | $ 275,400 | $ 308,200 | |
Cash and cash equivalents | $ 296,754 | $ 325,654 | $ 117,435 |
Condensed consolidated financ_4
Condensed consolidated financial statement details - Inventory (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Components | $ 11,135 | $ 13,229 |
Finished goods | 100,698 | 84,685 |
Total inventory | $ 111,833 | $ 97,914 |
Condensed consolidated financ_5
Condensed consolidated financial statement details - Property and Equipment, Net (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Gross property and equipment | $ 135,987,000 | $ 136,305,000 |
Less: Accumulated depreciation and amortization | (114,284,000) | (112,594,000) |
Property and equipment, net | 21,703,000 | 23,711,000 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross property and equipment | 35,180,000 | 35,180,000 |
Production, engineering and other equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross property and equipment | 48,378,000 | 48,908,000 |
Tooling [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross property and equipment | 17,907,000 | 17,635,000 |
Computers and software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross property and equipment | 22,438,000 | 22,385,000 |
Furniture and office equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross property and equipment | 6,273,000 | 6,315,000 |
Tradeshow Equipment and other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross property and equipment | 5,789,000 | 5,860,000 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross property and equipment | $ 22,000 | $ 22,000 |
Condensed consolidated financ_6
Condensed consolidated financial statement details - Intangible Assets and Goodwill (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Finite-Lived Intangible Assets, Net [Abstract] | |||
Gross carrying value | $ 51,066 | $ 51,066 | |
Accumulated amortization | (50,590) | (49,867) | |
Net carrying value | 476 | 1,199 | |
Intangible Assets, Gross (Excluding Goodwill) | 51,081 | 51,081 | |
Intangible assets, net | 491 | 1,214 | |
Indefinite-lived Intangible Assets [Roll Forward] | |||
Amortization of intangible assets | 700 | $ 1,900 | |
Goodwill | 146,459 | 146,459 | |
Indefinite-Lived Trademarks | $ 15 | $ 15 |
Condensed consolidated financ_7
Condensed consolidated financial statement details - Future Amortization (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
2021 | $ 429 | |
Net carrying value | 476 | $ 1,199 |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | $ 47 |
Condensed consolidated financ_8
Condensed consolidated financial statement details - Goodwill (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Goodwill | $ 146,459 | $ 146,459 |
Condensed consolidated financ_9
Condensed consolidated financial statement details - Other Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||
POP Displays | $ 3,209 | $ 3,612 | |||
Deferred Income Tax Assets, Net | 930 | $ 966 | 966 | $ 864 | |
Deposits and other | 7,380 | 7,193 | |||
Other long-term assets | 11,519 | $ 11,771 | |||
Amortization of intangible assets | $ 700 | $ 1,900 |
Condensed consolidated finan_10
Condensed consolidated financial statement details - Accrued Liabilities (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Employee related liabilities | $ 7,650,000 | $ 7,067,000 |
Accrued sales incentives | 25,405,000 | 30,609,000 |
Other Accounts Payable and Accrued Liabilities | 31,922,000 | 39,444,000 |
Customer Refund Liability, Current | 5,988,000 | 10,817,000 |
Warranty liability | 7,126,000 | 7,997,000 |
Customer deposits | 2,737,000 | 2,347,000 |
Income taxes payable | 214,000 | 221,000 |
Purchase Commitment, Remaining Minimum Amount Committed | 1,695,000 | 1,921,000 |
Inventory received | 2,067,000 | 1,709,000 |
Other | 8,380,000 | 11,644,000 |
Accrued expenses and other current liabilities | $ 93,184,000 | $ 113,776,000 |
Condensed consolidated finan_11
Condensed consolidated financial statement details - Product Warranty (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Beginning balances | $ 8,523,000 | $ 11,398,000 | |
Charged to cost of revenue | 2,655,000 | 1,717,000 | |
Settlements of warranty claims | (3,726,000) | (4,161,000) | |
Ending balances | 7,452,000 | $ 8,954,000 | |
Warranty liability | 7,126,000 | $ 7,997,000 | |
Product Warranty Accrual, Noncurrent | $ 300,000 | $ 500,000 |
Financing Arrangements (Details
Financing Arrangements (Details) $ / shares in Units, shares in Thousands | Jan. 21, 2021USD ($) | Nov. 24, 2020USD ($)$ / shares | Apr. 12, 2017USD ($)$ / sharesshares | Mar. 31, 2021USD ($)shares | Dec. 31, 2020USD ($) | Mar. 31, 2020USD ($)shares | Dec. 31, 2021 | Apr. 01, 2021shares | Jan. 22, 2021USD ($) | Oct. 22, 2020shares |
Line of Credit Facility [Line Items] | ||||||||||
Long-term debt | $ 221,931,000 | $ 218,172,000 | ||||||||
Amortization of Debt Discount (Premium) | $ 3,433,000 | $ 2,373,000 | ||||||||
Payments for Repurchase of Equity, Prepaid Forward | $ 78,000,000 | |||||||||
Treasury Shares Acquired, Estimated, Prepaid Forward | shares | 9,200 | 9,200 | ||||||||
Operating Lease, Impairment Loss | $ 12,460,000 | |||||||||
Own-share Lending Arrangement, Shares, Issued | shares | 9,200 | |||||||||
SharesPurchasedUnderPrepaidForward | shares | 400 | 8,800 | ||||||||
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 | |||||||||
Payments to repurchase convertible debt | 50,000,000 | |||||||||
Interest Paid, Including Capitalized Interest, Operating and Investing Activities | 200,000 | |||||||||
Option Indexed To Issuers Equity, cap price | 12.0925 | |||||||||
Convertible Senior Notes due 2025 [Member] | Private Placement [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Debt Instrument | $ 125,000,000 | |||||||||
2021 Credit Facility [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Credit agreement, current borrowing capacity | $ 50,000,000 | |||||||||
Minimum Fixed Charge Coverage Ratio, minimum balance | $ 10,000,000 | |||||||||
Line of Credit Facility, Unused Capacity, Minimum Liquidity Requirement, Amount | 55,000,000 | |||||||||
Line of Credit Facility, Unused Capacity, Qualified Cash | $ 40,000,000 | |||||||||
Convertible Senior Notes due 2022 [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Debt Instrument | $ 175,000,000 | |||||||||
Long-term Debt, Percentage Bearing Fixed Interest, Amount | $ 128,300,000 | |||||||||
Debt Instrument, Unamortized Discount | 8,400,000 | 10,200,000 | ||||||||
Interest rate | 3.50% | |||||||||
Debt Instrument, Convertible, Conversion Ratio | 94.0071 | |||||||||
Convertible Debt Principal Amount Conversion | $ 1,000 | $ 125,000,000 | 125,000,000 | |||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 10.64 | |||||||||
Convertible debt, equity portion | $ 46,700,000 | |||||||||
Effective rate | 2.40% | 10.50% | ||||||||
Debt Issuance Costs, Net | $ 5,700,000 | |||||||||
Percentage of conversion price of notes | 130.00% | |||||||||
Percentage of trading price of notes | 98.00% | |||||||||
Long-term debt | $ 116,000,000 | 114,000,000 | ||||||||
Interest Expense, Debt | 1,100,000 | $ 1,500,000 | ||||||||
Amortization of Debt Issuance Costs | 100,000 | 200,000 | ||||||||
Amortization of Debt Discount (Premium) | 1,900,000 | $ 2,400,000 | ||||||||
Gain (Loss) on Extinguishment of Debt | 5,400,000 | |||||||||
Debt Instrument, Repurchase Amount | $ 56,200,000 | |||||||||
Debt Instrument, Repurchased Face Amount | 45,200,000 | |||||||||
Debt Instrument, Repurchase Amount | 56,200,000 | |||||||||
Gain (Loss) on Extinguishment of Debt | 5,400,000 | |||||||||
Convertible Senior Notes due 2022 [Member] | Long-term Debt [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Debt Issuance Costs, Gross | 4,200,000 | |||||||||
Debt Issuance Costs, Net | 600,000 | 800,000 | ||||||||
proceedsfromconvertibledebtamountallocatedtodebtcomponent | 50,600,000 | |||||||||
Convertible Senior Notes due 2022 [Member] | Additional Paid-in Capital [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Debt Issuance Costs, Gross | $ 1,500,000 | |||||||||
proceedsfromconvertibledebtamountallocatedtoequitycomponent | 5,400,000 | |||||||||
Convertible Senior Notes due 2025 [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Debt Instrument | 143,800,000 | |||||||||
Long-term Debt, Percentage Bearing Fixed Interest, Amount | $ 106,900,000 | |||||||||
Debt Instrument, Unamortized Discount | 34,600,000 | 36,100,000 | ||||||||
Interest rate | 1.25% | |||||||||
Debt Instrument, Convertible, Conversion Ratio | 107.1984 | |||||||||
Convertible Debt Principal Amount Conversion | $ 1,000 | $ 143,800,000 | 143,800,000 | |||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 9.3285 | |||||||||
Convertible debt, equity portion | $ 36,900,000 | |||||||||
Effective rate | 7.50% | |||||||||
Debt Issuance Costs, Net | $ 4,700,000 | |||||||||
Percentage of conversion price of notes | 130.00% | |||||||||
Percentage of trading price of notes | 98.00% | |||||||||
Long-term debt | $ 105,900,000 | 104,200,000 | ||||||||
Interest Expense, Debt | 400,000 | |||||||||
Amortization of Debt Issuance Costs | 200,000 | |||||||||
Amortization of Debt Discount (Premium) | 1,600,000 | |||||||||
Convertible Senior Notes due 2025 [Member] | Long-term Debt [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Debt Issuance Costs, Gross | 3,500,000 | |||||||||
Debt Issuance Costs, Net | $ 3,300,000 | $ 3,400,000 | ||||||||
Convertible Senior Notes due 2025 [Member] | Additional Paid-in Capital [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Debt Issuance Costs, Gross | 1,200,000 | |||||||||
Convertible Senior Notes due 2025 [Member] | Over-Allotment Option [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Debt Instrument | $ 18,800,000 | |||||||||
Minimum [Member] | 2021 Credit Facility [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Unused Capacity, Commitment Fee Percentage | 0.375% | |||||||||
Maximum [Member] | 2021 Credit Facility [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Unused Capacity, Commitment Fee Percentage | 0.50% | |||||||||
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | 2021 Credit Facility [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Basis Spread on Variable Rate | 1.50% | |||||||||
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | 2021 Credit Facility [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Basis Spread on Variable Rate | 2.00% | |||||||||
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% |
Stockholders' equity (Details)
Stockholders' equity (Details) $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2021USD ($)shares | Dec. 31, 2021shares | Dec. 31, 2020USD ($)shares | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Class of Stock [Line Items] | |||||
Stock options outstanding (shares) | 3,485,000 | 3,431,000 | 3,431,000 | ||
Common stock available for future grants (shares) | 48,184,000 | ||||
Stockholders' Equity Note, Outstanding Shares Less than 10% of Aggregate Shares Outstanding, Conversion Ratio | 1 | ||||
Stockholders' Equity Attributable to Parent | $ | $ 211,471 | $ 216,018 | $ 177,498 | $ 233,529 | |
Treasury Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Stockholders' Equity Attributable to Parent | $ | $ (113,613) | $ (113,613) | $ (113,613) | $ (113,613) | |
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) | 124,848,000 | 122,233,000 | |||
Common Stock, Voting Rights, Number | 1 | ||||
Common Stock, Conversion Ratio | 1 | ||||
Common Stock, Shares, Issued | 124,848,000 | 124,800,000 | 122,233,000 | ||
Common Stock, Voting Rights | one | ||||
Common Stock, Voting Rights | one | ||||
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) | 28,485,000 | 28,500,000 | 28,885,000 | ||
Common Stock, Voting Rights, Number | 10 | ||||
Common Stock, Shares, Issued | 28,485,000 | 28,500,000 | 28,885,000 | ||
Common Stock, Voting Rights | ten | ||||
Common Stock, Voting Rights | ten | ||||
Restricted Stock Units (RSUs) [Member] | |||||
Class of Stock [Line Items] | |||||
Restricted stock units outstanding (shares) | 11,378,000 | 10,639,000 | 10,639,000 | ||
Performance Shares [Member] | |||||
Class of Stock [Line Items] | |||||
Restricted stock units outstanding (shares) | 1,277,000 | 1,319,000 | 1,319,000 | ||
Common Stock | |||||
Class of Stock [Line Items] | |||||
Common stock available for future grants (shares) | 32,795,000 |
Employee benefit plans - Narrat
Employee benefit plans - Narrative (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated share-based compensation expense | $ 8,869,000 | $ 7,637,000 | |
ESPP stock issued during period (shares) | 500,000 | 600,000 | |
ESPP weighted average purchase price of shares purchased (usd per share) | $ 4.15 | $ 3.38 | |
Unearned stock-based compensation, expected recognition period | 2 years 3 months 18 days | ||
Share-based Payment Arrangement, Expense, Tax Benefit | $ 0 | $ 0 | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 4.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 100.00% | ||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 100.00% | ||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 100.00% | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 1,400,000 | $ 1,400,000 | $ 4,000,000 |
RSUs [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted (shares) | 3,014,000 | ||
Weighted average price of shares granted (usd per share) | $ 7.91 | ||
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted (shares) | 568,000 | ||
Weighted average price of shares granted (usd per share) | $ 7.91 | ||
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 | $ 65,900,000 | ||
2014 Equity Incentive Plans [Member] | Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expiration Period | 10 years | ||
2014 Equity Incentive Plans [Member] | Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award Vesting Period | 3 years | ||
2014 Equity Incentive Plans [Member] | Minimum [Member] | Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award Vesting Period | 1 year | ||
2014 Equity Incentive Plans [Member] | Minimum [Member] | RSUs [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award Vesting Period | 2 years | ||
2014 Equity Incentive Plans [Member] | Maximum [Member] | Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award Vesting Period | 4 years | ||
2014 Equity Incentive Plans [Member] | Maximum [Member] | RSUs [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award Vesting Period | 4 years |
Employee benefit plans - Stock
Employee benefit plans - Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Shares (in thousands) | |||
Outstanding at beginning of period (shares) | 3,431 | ||
Granted (shares) | 300 | ||
Exercised (shares) | (212) | ||
Forfeited/Cancelled (shares) | (34) | ||
Outstanding at end of period (shares) | 3,485 | ||
Weighted-average exercise price | |||
Outstanding at beginning of period (in dollars per share) | $ 8.79 | ||
Granted (usd per share) | 7.91 | ||
Exercised (usd per share) | 5.15 | ||
Outstanding at end of period (in dollars per share) | $ 8.81 | ||
Weighted Average Remaining Contractual Term (in years) | 6 years 8 months 26 days | 6 years 6 months | |
Aggregate intrinsic value (in thousands) | $ 14,324 | $ 6,259 | |
Vested and Expected to Vest (shares) | 3,485 | ||
Vested and Expected to Vest - Weighted Average Exercise Price (in dollars per share) | $ 8.81 | ||
Vested and Expected to Vest- Weighted Average Remaining Contractual Term | 6 years 8 months 26 days | ||
Vested and Expected to Vest - Aggregate Intrinsic Value | $ 14,324 | ||
Exercisable (shares) | 2,140 | ||
Exercisable - Weighted average exercise price (in dollars per share) | $ 10.92 | ||
Exercisable - Weighted Average Remaining Contractual Term | 5 years 4 months 17 days | ||
Exercisable - Aggregate intrinsic value | $ 6,008 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price | $ 20.87 |
Employee benefit plans - Restri
Employee benefit plans - Restricted Stock Units Activity (Details) - RSUs [Member] shares in Thousands | 3 Months Ended |
Mar. 31, 2021$ / sharesshares | |
Shares (in thousands) | |
Non-vested shares at beginning of period (shares) | shares | 10,639 |
Granted (shares) | shares | 3,014 |
Vested (shares) | shares | (2,008) |
Forfeited (shares) | shares | (267) |
Non-vested shares at end of period (shares) | shares | 11,378 |
Weighted-average grant date fair value | |
Non-vested shares at beginning of period (in dollars per share) | $ / shares | $ 5.04 |
Weighted average price of shares granted (usd per share) | $ / shares | 7.91 |
Weighted average price of shares vested (usd per share) | $ / shares | 5.01 |
Weighted average price of shares forfeited (usd per share) | $ / shares | 5.59 |
Non-vested shares at end of period (in dollars per share) | $ / shares | $ 5.79 |
Employee benefit plans - Fair V
Employee benefit plans - Fair Value Assumptions for Stock Options (Details) | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Equity Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected Term | 6.1 | 5.4-6.1 | |
Dividend yield | 0.00% | 0.00% | 0.00% |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |||
Expected Term | 6.1 | 5.4-6.1 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Expected Term | 6.1 | 5.4-6.1 | |
Employee Stock Purchase Plan Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected Term | 0.5 | 0.5 | 0.5 |
Dividend yield | 0.00% | 0.00% | 0.00% |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |||
Expected Term | 0.5 | 0.5 | 0.5 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Expected Term | 0.5 | 0.5 | 0.5 |
Employee benefit plans - Fair_2
Employee benefit plans - Fair Value Assumptions for Restricted Stock Units and ESPP (Details) | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Employee Stock Purchase Plan Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield | 0.00% | 0.00% | 0.00% |
Employee benefit plans - Alloca
Employee benefit plans - Allocation of Stock-based Compensation Expense (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total stock-based compensation expense | $ 8,869,000 | $ 7,637,000 |
Share-based Payment Arrangement, Expense, Tax Benefit | 0 | 0 |
Cost of Revenue [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total stock-based compensation expense | 429,000 | 503,000 |
Research and Development [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total stock-based compensation expense | 4,136,000 | 3,022,000 |
Selling and Marketing Expense [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total stock-based compensation expense | 1,865,000 | 1,717,000 |
General and Administrative [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total stock-based compensation expense | $ 2,439,000 | $ 2,395,000 |
Employee benefit plans Performa
Employee benefit plans Performance Stock Units activity (Details) - $ / shares shares in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock units outstanding (shares) | 1,277 | 1,319 | 1,319 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 6.12 | $ 4.48 | |
Granted (shares) | 568 | ||
Weighted average price of shares granted (usd per share) | $ 7.91 | ||
Vested (shares) | (322) | ||
Weighted average price of shares vested (usd per share) | $ 4.41 | ||
Forfeited (shares) | (288) | ||
Weighted average price of shares forfeited (usd per share) | $ 4.05 | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock units outstanding (shares) | 11,378 | 10,639 | 10,639 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 5.79 | $ 5.04 | |
Granted (shares) | 3,014 | ||
Weighted average price of shares granted (usd per share) | $ 7.91 | ||
Vested (shares) | (2,008) | ||
Weighted average price of shares vested (usd per share) | $ 5.01 | ||
Forfeited (shares) | (267) | ||
Weighted average price of shares forfeited (usd per share) | $ 5.59 |
Net loss per share Additional I
Net loss per share Additional Information (Details) | Nov. 24, 2020USD ($)shares$ / shares | Apr. 12, 2017USD ($)shares$ / shares | Mar. 31, 2021shares | Mar. 31, 2020shares |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Treasury Shares Acquired, Estimated, Prepaid Forward | 9,200,000 | 9,200,000 | ||
Option Indexed To Issuers Equity, cap price | $ | $ 12.0925 | |||
Common Class A [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Common Stock, Voting Rights, Number | 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 2022 [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Debt Instrument | $ | $ 175,000,000 | |||
Interest rate | 3.50% | |||
Maximum number of shares issuable upon conversion of the notes | 20,600,000 | |||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 10.64 | |||
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% | |||
Maximum number of shares issuable upon conversion of the notes | 20,800,000 | |||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 9.3285 |
Net loss per share - Basic and
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 | ||
Mar. 31, 2021 | Mar. 31, 2020 | Apr. 12, 2017 | |
Earnings Per Share [Abstract] | |||
Treasury Shares Acquired, Estimated, Prepaid Forward | 9,200 | 9,200 | |
Numerator: | |||
Net loss | $ (10,168) | $ (63,528) | |
Denominator: | |||
Earnings Per Share, Basic and Diluted | $ (0.07) | $ (0.43) | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Own-share Lending Arrangement, Shares, Issued | 9,200 | ||
Treasury Shares Acquired, Estimated, Prepaid Forward | 9,200 | 9,200 | |
Weighted Average Number of Shares Outstanding, Basic and Diluted | 152,181 | 147,560 |
Net loss per share - Antidiluti
Net loss per share - Antidilutive Securities Excluded from Computation of Net Income per Share (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Earnings Per Share [Abstract] | ||
Antidilutive securities excluded from computation of earnings per share (shares) | 15,944 | 14,000 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share (shares) | 15,944 | 14,000 |
Convertible Debt Securities | ||
Earnings Per Share [Abstract] | ||
Antidilutive securities excluded from computation of earnings per share (shares) | 194 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share (shares) | 194 | |
Share-based Payment Arrangement | ||
Earnings Per Share [Abstract] | ||
Antidilutive securities excluded from computation of earnings per share (shares) | 15,750 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share (shares) | 15,750 |
Income taxes - Income Tax Expen
Income taxes - Income Tax Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||||||
Income tax (benefit) expense | $ 1,219 | $ 2,399 | $ 1,359 | $ (4,428) | ||
Effective tax rate | (13.60%) | (13.60%) | (3.90%) | (1.30%) | 23.20% | |
Current Federal Tax Expense (Benefit) | $ (164) | $ (52) | $ (2,821) | |||
Current State and Local Tax Expense (Benefit) | 84 | 48 | 175 | |||
Current Foreign Tax Expense (Benefit) | 1,300 | 2,300 | 4,394 | |||
Current Income Tax Expense (Benefit) | 4,876 | (4,395) | 1,748 | |||
Deferred Federal Income Tax Expense (Benefit) | 0 | 0 | 248 | |||
Deferred Foreign Income Tax Expense (Benefit) | (50) | (33) | (637) | |||
Deferred Income Tax Expense (Benefit) | $ (50) | $ (33) | $ (389) | |||
Deferred Tax Assets, Tax Credit Carryforwards, Other | $ 16,800 |
Income taxes - Narrative (Detai
Income taxes - Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||
Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating Loss Carryforwards [Line Items] | |||||||||
Deferred Tax Assets, Operating Loss Carryforwards, Domestic | $ 680,200,000 | ||||||||
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets | 8,100,000 | ||||||||
Income tax (benefit) expense | $ 1,219,000 | $ 2,399,000 | $ 1,359,000 | $ (4,428,000) | |||||
Loss before income taxes | $ (8,949,000) | $ (61,129,000) | $ (107,675,000) | ||||||
Effective tax rate | (13.60%) | (13.60%) | (3.90%) | (1.30%) | 23.20% | ||||
Current Foreign Tax Expense (Benefit) | $ 1,300,000 | $ 2,300,000 | $ 4,394,000 | ||||||
Income Tax Effects Allocated Directly to Equity, Other | 1,800,000 | 1,100,000 | |||||||
Restructuring adjustments | 0 | 0 | (18,694,000) | ||||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 2,000,000 | 1,100,000 | $ 9,600,000 | ||||||
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions | 2,541,000 | 250,000 | 483,000 | ||||||
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | 1,681,000 | 0 | 445,000 | ||||||
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | (3,929,000) | (5,628,000) | (26,956,000) | ||||||
Increase in Unrecognized Tax Benefits is Reasonably Possible | 13,000,000 | ||||||||
Tax Adjustments, Settlements, and Unusual Provisions | 200,000 | 100,000 | |||||||
Unrecognized Tax Benefits | 27,600,000 | $ 27,500,000 | 27,500,000 | 27,471,000 | $ 32,556,000 | $ 27,178,000 | $ 58,584,000 | ||
Accruals and reserves | 19,493,000 | 19,493,000 | 11,687,000 | ||||||
Deferred Tax Assets, Gross | 290,795,000 | 290,795,000 | 296,609,000 | ||||||
Valuation allowance | (277,693,000) | (277,693,000) | (287,276,000) | ||||||
Deferred Tax Assets, Net of Valuation Allowance | 13,102,000 | 13,102,000 | 9,333,000 | ||||||
Deferred Tax Liabilities, Property, Plant and Equipment | 0 | 0 | (1,112,000) | ||||||
Deferred Tax Liabilities, Other | (12,238,000) | (12,238,000) | (7,255,000) | ||||||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 16,100,000 | 12,500,000 | 12,500,000 | 15,300,000 | 17,300,000 | ||||
Income (Loss) from Continuing Operations before Income Taxes, Domestic | (70,572,000) | (28,233,000) | (110,318,000) | ||||||
Income (Loss) from Continuing Operations before Income Taxes, Foreign | 8,615,000 | $ 9,163,000 | $ 2,643,000 | ||||||
Net operating loss carryforwards | 163,832,000 | 163,832,000 | 177,987,000 | ||||||
Tax credit carryforwards | 75,624,000 | 75,624,000 | 79,694,000 | ||||||
Stock-based compensation | 5,710,000 | 5,710,000 | 5,192,000 | ||||||
Allowance for returns | 4,150,000 | 4,150,000 | 2,492,000 | ||||||
Intangible assets | 5,384,000 | 5,384,000 | 5,453,000 | ||||||
Deferred Tax Assets, Operating lease liabilities | 16,602,000 | 16,602,000 | 14,104,000 | ||||||
Deferred Tax Liabilities, Gross | (12,238,000) | (12,238,000) | (8,367,000) | ||||||
Deferred Income Tax Assets, Net | 930,000 | $ 966,000 | $ 966,000 | 966,000 | $ 864,000 | ||||
deferred tax assets, valuation allowance, change due to extinguishment of debt | $ 7,200,000 | ||||||||
Deferred Tax Assets, Operating Loss Carryforwards, Domestic | 680,200,000 | ||||||||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 1,700,000 | ||||||||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | 13,000,000 | ||||||||
Domestic Tax Authority [Member] | |||||||||
Operating Loss Carryforwards [Line Items] | |||||||||
Tax Credit Carryforward, Amount | 45,800,000 | ||||||||
Tax Credit Carryforward, Amount | 45,800,000 | ||||||||
california [Domain] | |||||||||
Operating Loss Carryforwards [Line Items] | |||||||||
Tax Credit Carryforward, Amount | 42,900,000 | ||||||||
Tax Credit Carryforward, Amount | 42,900,000 | ||||||||
california [Domain] | |||||||||
Operating Loss Carryforwards [Line Items] | |||||||||
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | 239,700,000 | ||||||||
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | 239,700,000 | ||||||||
States Other than CA [Domain] | |||||||||
Operating Loss Carryforwards [Line Items] | |||||||||
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | 234,700,000 | ||||||||
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | $ 234,700,000 |
Income taxes - Reconciliation t
Income taxes - Reconciliation to Federal Statutory Rate (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2020 | |
Amount [Abstract] | |||||
Tax at federal statutory rate | $ (13,011) | $ (4,005) | $ (22,612) | ||
Change in valuation allowance | 16,767 | 4,717 | 42,772 | ||
Impact of foreign operations | 5,010 | (3,949) | 3,285 | ||
Stock-based compensation | 696 | 1,731 | 10,974 | ||
State taxes, net of federal benefits | (682) | 1,872 | (2,997) | ||
Tax credits | (3,538) | (5,123) | (5,996) | ||
Income tax (benefit) expense | 1,219 | 2,399 | 1,359 | $ (4,428) | |
Impact of IRS audit | 0 | 0 | (9,687) | ||
Other | (539) | 24 | 528 | ||
Permanent tax adjustments | 123 | 305 | 3,786 | ||
Restructuring adjustments | $ 0 | $ 0 | $ (18,694) | ||
Percent [Abstract] | |||||
Tax at federal statutory rate | 21.00% | 21.00% | 21.00% | ||
Change in valuation allowance | (27.10%) | (24.70%) | (39.70%) | ||
Impact of foreign operations | (8.10%) | 20.70% | (3.10%) | ||
Stock-based compensation | (1.10%) | (9.10%) | (10.20%) | ||
State taxes, net of federal benefits | 1.10% | (9.80%) | 2.80% | ||
Tax credits | (5.70%) | (26.80%) | (5.60%) | ||
Income tax provision at effective rate | (13.60%) | (13.60%) | (3.90%) | (1.30%) | 23.20% |
Impact of IRS audit | 0.00% | 0.00% | 9.00% | ||
Other | 0.90% | (0.10%) | (0.60%) | ||
Permanent Tax adjustment | (0.20%) | (1.60%) | (3.50%) | ||
Restructuring adjustments | 0.00% | 0.00% | 17.40% |
Income taxes - Deferred Tax Ass
Income taxes - Deferred Tax Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 2,000 | $ 1,100 | $ 9,600 | |
Deferred tax assets: | ||||
Net operating loss carryforwards | 163,832 | $ 177,987 | ||
Tax credit carryforwards | 75,624 | 79,694 | ||
Stock-based compensation | 5,710 | 5,192 | ||
Allowance for returns | 4,150 | 2,492 | ||
Intangible assets | 5,384 | 5,453 | ||
Accruals and reserves | 19,493 | 11,687 | ||
Total deferred tax assets | 290,795 | 296,609 | ||
Valuation allowance | (277,693) | (287,276) | ||
Total deferred tax assets, net of valuation allowance | $ 13,102 | $ 9,333 |
Commitments, contingencies an_3
Commitments, contingencies and guarantees (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Long-term Purchase Commitment [Line Items] | ||||
Operating Lease, Cost | $ 3,096 | $ 4,207 | ||
Operating Lease, Payments | 3,690 | 4,083 | ||
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year | 9,057 | |||
Lessee, Operating Lease, Liability, to be Paid, Year One | 13,209 | |||
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | 12,098 | |||
Lessee, Operating Lease, Liability, Payments, Due Year Two | 11,686 | |||
Lessee, Operating Lease, Liability, Payments, Due Year Three | 11,477 | |||
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 12,683 | |||
Lessee, Operating Lease, Liability, Payments, Due | 70,210 | |||
us-gaap_Lessee Operating Lease Liability Undiscounted Excess Amount | (11,194) | |||
Other Commitment | 307,500 | |||
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 821 | 176 | ||
Operating Lease, Weighted Average Remaining Lease Term | 5 years 3 months 29 days | 5 years 6 months 10 days | ||
Operating Lease, Weighted Average Discount Rate, Percent | 6.10% | 6.20% | ||
Operating Lease, Liability | $ 59,016 | |||
Sublease Income | (133) | (129) | ||
Operating Lease, Impairment Loss | 12,460 | |||
Lease, Cost | 2,963 | $ 4,078 | ||
Other Commitments [Line Items] | ||||
Other Commitment | $ 307,500 | |||
Other Commitment, to be Paid, Year One | $ 19,165 | |||
Other Commitment, to be Paid, Year Two | 6,361 | |||
Other Commitment, to be Paid, Year Three | 1,882 | |||
Other Commitment, to be Paid, Year Four | 118 | |||
Other Commitment, to be Paid, Year Five | 0 | |||
Long-Term Debt, Maturity, Year Five | 145,322 | |||
Long-Term Debt, Maturity, Year Four | 1,797 | |||
Long-Term Debt, Maturity, Year Three | 1,797 | |||
Long-Term Debt, Maturity, Year Two | 128,073 | |||
Long-term Debt, Maturities, Repayments of Principal in Next Rolling Twelve Months | 7,279 | |||
Sponsorship Commitments | ||||
Other Commitments [Line Items] | ||||
Other Commitment, to be Paid, Year One | 1,059 | |||
Other Commitment, to be Paid, Year Two | 450 | |||
Other Commitment, to be Paid, Year Three | 0 | |||
Other Commitment, to be Paid, Year Four | 0 | |||
Other Commitment, to be Paid, Year Five | $ 0 |
Concentrations of risk and ge_3
Concentrations of risk and geographic information - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Revenue, Major Customer [Line Items] | |||
Revenue | $ 203,680 | $ 119,400 | |
United States [Member] | |||
Revenue, Major Customer [Line Items] | |||
Revenue | 93,300 | 45,700 | |
JAPAN | |||
Revenue, Major Customer [Line Items] | |||
Revenue | $ 14,300 | ||
Outside the United States [Member] | |||
Revenue, Major Customer [Line Items] | |||
Long-lived assets | $ 5,800 | $ 6,900 |
Concentrations of risk and ge_4
Concentrations of risk and geographic information - Schedule of Customer Concentration by Risk Factor (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Concentration Risk [Line Items] | |||
Accounts receivable sold | $ 30,734 | $ 31,319 | |
Factoring fees | $ 207 | $ 148 | |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Customer A [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk | 30.00% | 23.00% | |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Customer B [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk | 15.00% | ||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Customer C [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk | 10.00% | 12.00% | |
Customer Concentration Risk [Member] | Sales Revenue [Member] | Customer A [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk | 11.00% | ||
Customer Concentration Risk [Member] | Sales Revenue [Member] | Customer B [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk | 11.00% |
Concentrations of risk and ge_5
Concentrations of risk and geographic information - Schedule of Revenue by Geographic Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Segment Reporting Information [Line Items] | ||
Revenue | $ 203,680 | $ 119,400 |
United States [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 93,300 | 45,700 |
Americas [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 106,638 | 57,247 |
Europe, Middle East and Africa [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 49,803 | 29,719 |
Asia and Pacific Area Countries [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | $ 47,239 | $ 32,434 |
Restructuring charges - Restruc
Restructuring charges - Restructuring Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | Jun. 30, 2017 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring and Related Costs | Restructuring charges for each period were as follows: Year ended December 31, (in thousands) 2021 2020 2019 Cost of revenue $ 1,201 $ 54 $ 1,379 Research and development 8,062 585 12,794 Sales and marketing 10,684 314 5,291 General and administrative 5,449 501 3,279 Total restructuring charges $ 25,396 $ 1,454 $ 22,743 | ||||||
Schedule of Restructuring Reserve by Type of Cost | The following table provides a summary of the Company’s restructuring activities and the movement in the related liabilities recorded in accrued expenses and other current liabilities, and other long-term liabilities on the Condensed Consolidated Balance Sheets under the first quarter 2017 restructuring plan. (in thousands) Severance Other Total Restructuring liability as of December 31, 2017 — 3,550 3,550 Restructuring charges (1) — 4,783 4,783 Cash paid — (3,293) (3,293) Non-cash charges — 627 627 Restructuring liability as of December 31, 2018 — 5,667 5,667 Restructuring charges (1) — 1,395 1,395 Cash paid — (2,257) (2,257) Non-cash reductions — (335) (335) Restructuring liability as of December 31, 2019 $ — $ 4,470 $ 4,470 Restructuring charges (1) — (57) (57) Cash paid — (3,559) (3,559) Restructuring liability as of December 31, 2020 $ — $ 854 $ 854 | ||||||
Restructuring charges | $ 25,396 | $ 1,454 | $ 22,743 | ||||
Operating Lease, Impairment Loss | 12,460 | ||||||
Cost of Revenue [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring charges | 1,201 | 54 | 1,379 | ||||
Research and Development [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring charges | 8,062 | 585 | 12,794 | ||||
Selling and Marketing Expense [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring charges | 10,684 | 314 | 5,291 | ||||
General and Administrative [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring charges | 5,449 | 501 | 3,279 | ||||
First quarter 2017 restructuring [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring charges | $ 23,100 | ||||||
Restructuring charges | (57) | 1,395 | 4,783 | ||||
Restructuring Reserve | 854 | $ 4,470 | $ 5,667 | $ 3,550 | |||
Other Restructuring Costs | (57) | 1,395 | 4,783 | ||||
Cash paid | (3,559) | (2,257) | (3,293) | ||||
Restructuring Reserve, Settled without Cash | (335) | (627) | |||||
First quarter 2017 restructuring [Member] | Non-cancelable Leases, Accelerated Depreciation and Other Charges [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring charges | 12,800 | ||||||
First quarter 2017 restructuring [Member] | Employee Severance [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring Reserve | 0 | 0 | 0 | 0 | |||
Severance Costs | 0 | 0 | 0 | $ 10,300 | |||
Cash paid | 0 | 0 | 0 | ||||
Restructuring Reserve, Settled without Cash | 0 | 0 | |||||
First quarter 2017 restructuring [Member] | Other Restructuring [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring Reserve | 854 | 4,470 | $ 5,667 | $ 3,550 | |||
Cash paid | (3,559) | (2,257) | (3,293) | ||||
Restructuring Reserve, Settled without Cash | $ (335) | $ (627) | |||||
Second quarter 2020 restructuring [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring charges | 25,500 | ||||||
Restructuring charges | 25,547 | ||||||
Restructuring Reserve | 88 | 0 | |||||
Other Restructuring Costs | 5,800 | ||||||
Cash paid | (8,830) | ||||||
Restructuring Reserve, Settled without Cash | (16,629) | ||||||
Second quarter 2020 restructuring [Member] | Headquarters campus [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Operating Lease, Impairment Loss | 12,300 | ||||||
Second quarter 2020 restructuring [Member] | Non-cancelable Leases, Accelerated Depreciation and Other Charges [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring charges | 5,800 | ||||||
Second quarter 2020 restructuring [Member] | Employee Severance [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring Reserve | 49 | 0 | |||||
Severance Costs | 7,287 | ||||||
Cash paid | (7,238) | ||||||
Restructuring Reserve, Settled without Cash | 0 | ||||||
Second quarter 2020 restructuring [Member] | Other Restructuring [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring Reserve | 39 | 0 | |||||
Cash paid | (1,592) | ||||||
Restructuring Reserve, Settled without Cash | (4,169) | ||||||
Second quarter 2020 restructuring [Member] | ROU Asset Impairment | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring Reserve | 0 | $ 0 | |||||
Cash paid | 0 | ||||||
Restructuring Reserve, Settled without Cash | $ (12,460) |
Restructuring charges - Narrati
Restructuring charges - Narrative (Details) - USD ($) $ in Thousands | Apr. 14, 2020 | Mar. 15, 2017 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | Jun. 30, 2017 |
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | $ 25,396 | $ 1,454 | $ 22,743 | |||
Operating Lease, Impairment Loss | 12,460 | |||||
First quarter 2017 restructuring [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Expected percent of positions eliminated | 17.00% | |||||
Restructuring charges | $ 23,100 | |||||
Other Restructuring Costs | (57) | 1,395 | 4,783 | |||
First quarter 2017 restructuring [Member] | Non-cancelable Leases, Accelerated Depreciation and Other Charges [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | 12,800 | |||||
First quarter 2017 restructuring [Member] | Employee Severance and Pay Related Costs [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Severance Costs | 0 | $ 0 | $ 0 | $ 10,300 | ||
Second quarter 2020 restructuring [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Expected percent of positions eliminated | 20.00% | |||||
Restructuring charges | 25,500 | |||||
Other Restructuring Costs | 5,800 | |||||
Second quarter 2020 restructuring [Member] | Non-cancelable Leases, Accelerated Depreciation and Other Charges [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | 5,800 | |||||
Second quarter 2020 restructuring [Member] | Employee Severance and Pay Related Costs [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Severance Costs | $ 7,287 |
Restructuring charges - Restr_2
Restructuring charges - Restructuring Liability (Details) - First quarter 2017 restructuring [Member] - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | Jun. 30, 2017 | |
Restructuring Cost and Reserve [Line Items] | ||||
Other Restructuring Costs | $ (57) | $ 1,395 | $ 4,783 | |
Restructuring Reserve [Roll Forward] | ||||
Restructuring liability as of October 1, 2016 | 4,470 | 5,667 | 3,550 | |
Restructuring charges | (57) | 1,395 | 4,783 | |
Cash paid | (3,559) | (2,257) | (3,293) | |
Non-cash settlements | (335) | (627) | ||
Restructuring liability as of December 31, 2017 | 854 | |||
Employee Severance [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance Costs | 0 | 0 | 0 | $ 10,300 |
Restructuring Reserve [Roll Forward] | ||||
Restructuring liability as of October 1, 2016 | 0 | 0 | 0 | |
Cash paid | 0 | 0 | 0 | |
Non-cash settlements | 0 | 0 | ||
Restructuring liability as of December 31, 2017 | 0 | |||
Other Restructuring [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring liability as of October 1, 2016 | 4,470 | 5,667 | 3,550 | |
Cash paid | (3,559) | (2,257) | (3,293) | |
Non-cash settlements | $ (335) | $ (627) | ||
Restructuring liability as of December 31, 2017 | $ 854 |
Valuation and Qualifying Acco_2
Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||||||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount | $ 287,276 | $ 277,693 | $ 271,374 | ||||
First quarter 2017 restructuring [Member] | |||||||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||||||
Restructuring Reserve | $ 854 | 4,470 | 5,667 | $ 3,550 | |||
Other Restructuring [Member] | First quarter 2017 restructuring [Member] | |||||||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||||||
Restructuring Reserve | 854 | 4,470 | 5,667 | 3,550 | |||
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 | $ 492 | 830 | 500 | 750 | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||||||
Charges to Expense | 24 | $ (616) | $ (199) | ||||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Deduction | 314 | 286 | 449 | ||||
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 | $ 277,693 | $ 271,374 | $ 226,458 | ||||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||||||
Charges to Revenue | (7,179) | 1,602 | 2,144 | ||||
Charges to Expense | $ (16,762) | $ (4,717) | $ (42,772) |