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Commitments, contingencies and guarantees | 9 Months Ended
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Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract] |
Commitments, contingencies and guarantees | Facility Leases. The Company leases its facilities under long-term operating leases, which expire at various dates through 2027. The components of net lease cost, which were recorded in operating expenses, were as follows:
| Three months ended September 30, |  | Nine months ended September 30,
(in thousands) | 2022 |  | 2021 |  | 2022 |  | 2021 |  |
Operating lease cost (1) | $ | 2,871 |  |  | $ | 2,797 |  |  | $ | 8,198 |  |  | $ | 8,785 |  |  |
Sublease income | (723) |  |  | — |  |  | (2,184) |  |  | (333) |  |  |
Net lease cost | $ | 2,148 |  |  | $ | 2,797 |  |  | $ | 6,014 |  |  | $ | 8,452 |  |  |
(1) Operating lease cost includes variable lease costs, which are immaterial. Supplemental cash flow information related to leases was as follows:
|  | Nine months ended September 30,
(in thousands) |  | 2022 |  | 2021
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |
Operating cash flows from operating leases |  | $ | 11,083 |  |  | $ | 11,167 |
Right-of-use assets obtained in exchange for operating lease liabilities |  | 873 |  |  | 1,314 |
Operating lease modification to decrease right-of-use assets |  | (232) |  |  | — |
Supplemental balance sheet information related to leases was as follows:
|  | September 30, 2022 |  | December 31, 2021
Weighted-average remaining lease term (in years) - operating leases |  | 3.97 |  | 4.64
Weighted-average discount rate - operating leases |  | 6.1% |  | 6.0%
As of September 30, 2022, maturities of operating lease liabilities were as follows:
(in thousands) |  | September 30, 2022
2022 (remaining 3 months) |  | $ | 2,134 |
2023 |  | 13,087 |
2024 |  | 12,140 |
2025 |  | 11,869 |
2026 |  | 11,727 |
Thereafter |  | 973 |
Total lease payments |  | 51,930 |
Less: Imputed interest |  | (6,403) |
Present value of lease liabilities |  | $ | 45,527 |
Other Commitments. In the ordinary course of business, the Company enters into multi-year agreements to purchase sponsorships with event organizers, resorts and athletes as part of its marketing efforts; software licenses related to its financial and IT systems; debt agreements; and various other contractual commitments. As of September 30, 2022, the Company’s total undiscounted future expected obligations under multi-year agreements described above with terms longer than one year was $230.9 million. Legal proceedings and investigations. 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 March 4, 2022, the Court granted the Company’s motion for summary judgment that the asserted patents are invalid under 35 U.S.C. 101 for claiming unpatentable subject matter, and entered judgment in favor of the Company and against CIPH on March 15, 2022. CIPH appealed and filed its opening brief on August 16, 2022. The Company’s opposition brief is currently due on November 10, 2022. The Company believes that the appeal lacks merit, and intends to vigorously defend against CIPH's appeal. The Company regularly evaluates the associated developments of the legal 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 September 30, 2022, the Company has not paid any claims nor has it been required to defend any action related to its indemnification obligations. However, the Company may record charges in the future as a result of these indemnification obligations.

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