GoPro, Inc. (GPRO): Business Model Canvas [Dec-2025 Updated]

You're digging into GoPro, Inc.'s strategy, and the quick takeaway is this: the hardware game is tough, so the real story now is the pivot to predictable income. Forget just shipping boxes; the focus is squarely on locking in users, evidenced by their 2.42 million subscribers as of Q3 2025, which drove subscription revenue to $27 million that same quarter. We've mapped out their entire Business Model Canvas to show you precisely how aggressive cost cuts and growing the Quik app ecosystem are fueling this shift toward sustainable profit. Keep reading to see the nine core components driving their current operation.

GoPro, Inc. (GPRO) - Canvas Business Model: Key Partnerships

You're looking at the backbone of how GoPro, Inc. gets its hardware made and into customers' hands, plus the financial scaffolding holding it all up in late 2025. The partnerships here are critical, especially given the ongoing operational restructuring.

Global retailers and distributors for camera unit sales

The relationship with global retailers remains the primary volume driver for hardware sales, though the direct-to-consumer (DTC) channel is growing in importance, especially for subscription attachment.

For the third quarter of fiscal year 2025, revenue generated through the retail channel reached $123 million, representing 75% of the total revenue for that period. This shows a heavy reliance on third-party shelf space. To be fair, channel inventory management is a key focus for these partners; as of Q3 2025, channel inventory had declined by 30% year-over-year, indicating a leaner stocking position heading into the crucial holiday quarter.

Metric	Q2 2025 Value	Q3 2025 Value
Retail Channel Revenue	$111 million	$123 million
Retail Channel Revenue Percentage of Total	73%	75%
Channel Inventory Change (YoY)	Not specified	Down 30%

Supply chain and manufacturing partners for hardware production

Manufacturing partners are essential, but they are currently battling external pressures, specifically tariffs. Management has been proactive in mitigating these risks by diversifying the physical locations of production.

The estimated impact of tariffs on cameras and accessories for the full fiscal year 2025 is now projected to be $25 million. This is an upward revision from earlier estimates, driven by tariff rate increases to 19% in key manufacturing locations like Thailand and Malaysia. This cost headwind is partially offset by supply chain optimization outside of China.

• Expected full-year 2025 tariff cost impact: $25 million.
• Tariff rate increase in Thailand/Malaysia: from 10% to 19%.
• Management is actively exploring production options in the U.S.

Financial institutions for debt financing and credit agreements

Securing favorable debt terms is a major partnership activity, directly impacting the company's liquidity and solvency. In August 2025, a key deal was struck to manage near-term liabilities.

GoPro, Inc. secured a new secured term loan totaling $50 million from Farallon Capital Management, LLC, in August 2025. This capital was immediately used to place approximately $94 million into escrow to cover a convertible debt maturity in November 2025. The amended credit agreement, updated November 5, 2025, includes financial covenants requiring the company to maintain liquidity (unrestricted cash plus ABL availability) of at least $40,000,000. Furthermore, a negative EBITDA threshold of $12.5 million was set for the four quarters following the amendment.

The company anticipates ending 2025 with approximately $80 million in cash, supplemented by an additional $50 million available under its asset-backed line of credit (ABL) facility.

Content platforms and social media for co-marketing

Co-marketing relies heavily on the community and the platforms where that community resides. The GoPro Awards program is the formal mechanism for this partnership.

Customers submit content to GoPro Awards for an opportunity to be featured on GoPro's social channels. This leverages user-generated content (UGC) for marketing reach. The company is recognized as an employer of choice by publications like Outside Magazine and U.S. News & World Report, which speaks to the strength of its brand partnerships in talent acquisition.

Third-party AI platforms for content licensing revenue

This represents a newer, emerging partnership area focused on monetizing the vast library of captured content.

Management has highlighted a new AI data licensing program as an innovative revenue opportunity intended to diversify income streams beyond hardware sales. While specific revenue figures for this program as of late 2025 were not detailed, the strategic intent is clear: to create high-margin, recurring revenue from data assets.

The subscription business, which is closely tied to content services, generated $27 million in Q3 2025, representing 16% of total revenue, with the total subscriber count expected to end 2025 at approximately 2.4 million.

Finance: review the Q4 2025 covenant compliance projections by next Tuesday.

GoPro, Inc. (GPRO) - Canvas Business Model: Key Activities

Research and development of new hardware (e.g., MAX2, LIT HERO)

• - Research and development expense for the quarter ending September 30, 2025, was $34.119 million.
• - The Trailing Twelve Month (TTM) annual research and development was $129.296 million.
• - New hardware launches in H2 2025 included the MAX2 360-camera, the LIT HERO camera, and the Fluid Pro AI gimbal.
• - The MAX2 introduces True 8K video resolution and 29 megapixel 360 photos.
• - The LIT HERO offers 4K60 video and a built-in light.

Software development for the Quik app and AI features

• - Subscription and service revenue for Q3 2025 was $27 million.
• - GoPro subscriber count ended Q3 2025 at 2.42 million.
• - The AI Training Licensing program generated over 125,000 hours of contributor video in its first two weeks.

Global supply chain and inventory management (reducing channel inventory by 30% YoY in Q3 2025)

Metric	Value	Period
Channel Inventory Decline (YoY)	30%	Q3 2025
Camera Units Sell-Through	Approximately 500,000 units	Q3 2025
Ending Inventory (Expected)	Range of $60 million to $65 million (Cash and Cash Equivalents)	End of Q4 2025

Marketing and brand building for action and lifestyle segments

• - Q4 2025 operating expenses guidance at the midpoint is $63 million.
• - This Q4 2025 operating expense guidance represents a more than 25% reduction from the prior year quarter.

Aggressive cost reduction and operational efficiency efforts

• - GAAP Gross Margin for Q3 2025 was 35.1%.
• - Cash flow from operations for Q3 2025 was $12 million.
• - Expected Adjusted EBITDA for the full year 2026 is greater than $40 million.
• - Expected full year 2026 operating expenses are approximately $250 million.

Financial Snapshot of Key Activities

Financial Metric	Amount	Period/Context
Q3 2025 Revenue	$163 million	Q3 2025
Q3 2025 GAAP Net Loss	$21 million	Q3 2025
Q3 2025 R&D Expense	$34.119 million	Quarter ending 09/30/2025
2024 Annual R&D Expense	$167.749 million	Full Year 2024
Expected Q4 2025 Revenue	Approximately $220 million (midpoint guidance)	Q4 2025 Guidance

GoPro, Inc. (GPRO) - Canvas Business Model: Key Resources

You're looking at the core assets that keep GoPro, Inc. competitive, and honestly, they're a mix of intangible brand power and tangible, proprietary tech. These resources are what management is counting on to drive that expected return to revenue growth starting in Q4 2025.

The brand equity itself is backed by significant legal and technological validation. For instance, GoPro won a 2025 Technology & Engineering Emmy® Award recognizing its industry-leading 360 technology. Furthermore, the company successfully defeated a demand for $174 million in damages in a patent infringement trial in October 2025, underscoring the value of its IP moat. This legal defense signals to rivals that GoPro's portfolio, which includes over 1,500+ U.S. patents, is a formidable barrier to entry.

When we talk about proprietary camera technology, the focus is on the silicon powering the experience. While the current Hero 13 Black uses the GP2 processor-which has powered four generations of cameras-GoPro has officially acknowledged work on the next-generation System on a Chip (SoC), the GP3. This new chip is expected to bring smoother performance and better image handling to future products.

The user-generated content stored in the cloud is a massive, unique asset, especially now with the AI licensing push. As of the last reports, there are over 13 million hours of content stored in the GoPro cloud. To capitalize on this, subscribers contributed more than 270,000 hours of video content during the invitation-only AI training program outreach period that began in July 2025.

The subscription base is the high-margin engine management is leaning on for stability. As of Q3 2025, the GoPro subscriber count stood at 2.42 million users, representing a 5% year-over-year decrease. Still, the quality of that base is strong, with the subscription attach rate hitting a record 57% from cameras sold across all channels in Q3 2025. This recurring revenue stream generated $27 million in subscription and service revenue in that quarter alone.

The Direct-to-Consumer (DTC) channel, GoPro.com, is the primary interface for capturing that subscription revenue. In Q3 2025, revenue from GoPro.com, which includes subscription and service revenue, totaled $40 million. That figure represented 25% of the total Q3 2025 revenue of $163 million.

Here's a quick snapshot of the key metrics tied to these resources as of Q3 2025:

Key Resource Metric	Value	Context
Subscriber Count	2.42 million	End of Q3 2025
Subscription & Service Revenue	$27 million	Q3 2025
GoPro.com Revenue	$40 million	Q3 2025
Cloud Content Hours	Over 13 million hours	Total Stored Content
AI Training Content Hours	Over 270,000 hours	Opt-in Program Contribution
U.S. Patents	1,500+	Barrier to Entry

The company's commitment to its proprietary technology is evident in its product releases, including the launch of the MAX2 360 camera and the Fluid Pro AI gimbal in 2025, both of which are expected to leverage the next-generation processing power.

• Iconic brand equity and extensive Intellectual Property (IP) portfolio
• Proprietary camera technology (e.g., acknowledged work on the GP3 processor)
• Cloud-stored user-generated content (over 13 million hours)
• Subscription base of 2.42 million users (Q3 2025)
• Direct-to-Consumer (DTC) e-commerce platform, GoPro.com (generated $40 million in Q3 2025 revenue)

GoPro, Inc. (GPRO) - Canvas Business Model: Value Propositions

High-quality, durable action cameras for extreme environments are a core offering. In the first quarter of 2025, 71% of camera revenue was dependent on the sale of cameras priced at US$400 or more, showing a commitment to high-end products.

Seamless content creation and editing is supported via the Quik app ecosystem. The Quik Desktop App will no longer be supported starting in 2025. Full access to Quik (Mobile) is included with the Premium and Premium+ subscriptions.

Cloud storage and auto-upload offer content convenience. The subscription service generated $26 million in revenue in Q2 2025 and was flat year-over-year. Full-year 2025 guidance for total subscription and service revenue is approximately $105 million.

The company is diversifying with new product segments. GoPro management outlined plans to grow in the 360-degree camera market, including the anticipated MAX2 launch in 2025. The GoPro MAX 360 camera was priced at $349.99.

Subscriber benefits provide ongoing value. As of Q2 2025, the GoPro subscriber count ended at 2.45 million, with management expecting the count to end 2025 at 2.4 million.

The subscription business is a financial bright spot, with a gross margin exceeding 70%.

Subscription Tier	Annual Price (Renewal)	GoPro Footage Cloud Storage	Non-GoPro Footage Cloud Storage	Camera Replacement Eligibility
Premium	$49.99/year	Unlimited	25GB	Guaranteed (Replacement fees apply)
Premium+	$99.99/year	Unlimited	500GB	Eligible to replace two cameras per subscription term

Exclusive discounts are a key component of the subscription value. Subscribers receive up to 50% off mounts and accessories on GoPro.com. Annual Subscribers are eligible for $100 USD off one GoPro camera (MSRP of $399 or above) upon Subscription renewal. The Average Revenue Per User (ARPU) for subscribers grew 5% year-over-year in Q1 2025.

The subscriber base shows the following recent figures:

• Q1 2025 Subscribers: 2.47 million
• Q2 2025 Subscribers: 2.45 million
• Q3 2025 Subscribers: 2.42 million
• Q1 2025 Retention Rate: 70%
• Q1 2025 Subscription Revenue: $27 million

GoPro, Inc. (GPRO) - Canvas Business Model: Customer Relationships

You're looking at how GoPro, Inc. keeps its users engaged beyond the initial hardware purchase, which is key for their recurring revenue strategy. The relationship is heavily digitized and increasingly focused on rewarding content contribution.

• - Automated digital support via the Quik app and website. The Quik mobile app received updates in Q3 2025, including AI-powered subject tracking and cloud-based 360 editing features, which are central to the digital experience for subscribers.
• - Direct-to-Consumer (DTC) engagement on GoPro.com. For the third quarter of 2025, revenue from GoPro.com, which includes subscription and service revenue, was $40 million, representing 25% of total revenue for the quarter.
• - Subscription model fostering high aggregate retention (above 67%). For the first quarter of 2025, the aggregate retention rate for annual subscribers reached 70%, marking a 100 basis point increase year-over-year.
• - AI training program offering subscribers 50% of licensing revenue. Subscribers can opt-in to monetize their cloud content for AI model training, earning 50% of the license revenue GoPro generates.
• - Community building through user-generated content sharing. During the AI Training program's invitation-only outreach period, which began in July 2025, subscribers contributed more than 270,000 hours of video content.

The subscription base is the core of this relationship structure. As of the third quarter of 2025, GoPro had 2.42 million subscribers, a figure that management expects to see renewed growth in 2026 fueled by new software features.

Customer Relationship Metric	Latest Reported Value (as of late 2025)	Context/Period
Aggregate Annual Subscriber Retention Rate	70%	Q1 2025
AI Training Program Revenue Share for Subscribers	50%	Program Term (Launched August 2025)
Total Cloud Content Volume	Over 13 million hours	As of August 2025
GoPro.com Revenue Share (Including Subscriptions)	25%	Q3 2025 (of total revenue)
Q3 2025 Subscriber Count	2.42 million	End of Q3 2025
Subscription & Service Revenue	$27 million	Q3 2025

The AI Training Licensing program is a direct monetization path for the community's content. The initial opt-in success saw over 125,000 hours contributed in just over two weeks following the early August 2025 launch to U.S. subscribers. This leverages the vast data lake, which contains more than 450 petabytes of cloud-based video content.

You can see the DTC channel is a significant touchpoint, though retail still dominates. In Q3 2025, retail channel revenue was $123 million, which is 75% of the total revenue, compared to the 25% generated directly through GoPro.com.

The tiered subscription structure is designed to capture more value per user. In Q1 2025, Average Revenue Per User (ARPU) grew by 5% year-over-year, supported by the tiered offerings including Premium+ at $99.99/year and Premium at $49.99/year.

GoPro, Inc. (GPRO) - Canvas Business Model: Channels

You're looking at how GoPro, Inc. (GPRO) gets its cameras and services into the hands of customers as of late 2025. The strategy remains heavily reliant on established physical retail, but the direct channel and subscription services are key to margin health.

The distribution mix shows a clear preference for the traditional route for hardware sales, though the direct channel is holding steady as a significant portion of the business.

Channel Type	Revenue Contribution (Q3 2025)	Percentage of Total Revenue (Q3 2025)
Global Retail Channel	$123 million	75%
GoPro.com (Direct-to-Consumer)	$40 million	25%

For context on the direct channel's recent performance, Q1 2025 saw GoPro.com revenue (including subscription) at $40 million, representing 30% of total revenue, while Q2 2025 saw it at $41 million, or 27% of total revenue.

The global retail channel, covering electronics stores and sporting goods locations, is the primary volume driver for hardware. For instance, in Q2 2025, retail revenue was $111 million, making up 73% of the total. This contrasts with Q1 2025, where retail revenue was $94 million, accounting for 70% of the total revenue for that quarter.

The mobile application distribution is intrinsically linked to the subscription service, which is a high-margin component of the overall channel strategy. The Quik app is bundled with subscription tiers.

• Subscription and service revenue in Q1 2025 was $27 million, with a record aggregate retention rate of 70%.
• The subscription attach rate from cameras sold across all channels reached 56% in Q2 2025, up from 45% in Q2 2024.
• The gross margin for the subscription segment exceeds 70%, significantly higher than hardware margins.
• GoPro added the Premium+ tier at $99.99/year to complement the existing Premium ($49.99/year) and Quik ($9.99/month) plans as of early 2025.

Regarding third-party online marketplaces, the data suggests a heavy reliance on first-party (1P) sales through GoPro.com, with minimal direct contribution from third-party (3P) sales through platforms like Amazon in the recent past. For 2024, 1P sales contributed 100% to total Gross Merchandise Volume (GMV), while 3P GMV accounted for 0%, with the 2025 forecast also showing a 0% 3P share.

International distributors, which handle sales in regions like Asia and the Pacific (APAC), are part of the global retail footprint but face specific headwinds. For example, Q1 2025 sell-through saw significant declines in key Asian markets, including Japan and South Korea. The APAC region contributed 20.4% of total revenue in 2024.

Finance: draft 13-week cash view by Friday.

GoPro, Inc. (GPRO) - Canvas Business Model: Customer Segments

You're looking at the core buyers for GoPro, Inc. (GPRO) as of late 2025, a group that's increasingly segmented between hardware purchasers and recurring service users. The data shows a clear split in how customers interact with the brand, with a significant portion now coming through the direct-to-consumer (GoPro.com) channel which houses the subscription ecosystem.

The primary segments are:

• - Action sports enthusiasts and professional athletes
• - Lifestyle content creators and vloggers
• - Everyday users seeking durable, simple-to-use cameras
• - Consumers valuing the subscription's cloud and editing ecosystem
• - Commercial/enterprise users (e.g., media, industrial, defintely security)

The hardware sales volume, which largely serves the first three segments, saw approximately 500,000 camera units sold through in the third quarter of 2025, an 18% decrease year-over-year. Still, the company launched three new hardware products in the second half of 2025-the MAX2 360 camera, LIT HERO camera, and Fluid Pro AI gimbal-aimed at expanding the Total Addressable Market (TAM) across these user types.

The shift in purchasing behavior is evident when you look at the channel revenue split for Q3 2025:

Channel Segment	Q3 2025 Revenue Amount	Percentage of Total Revenue
Retail Channel	$123 million	75%
GoPro.com (Direct-to-Consumer)	$40 million	25%

The GoPro.com channel is crucial because it captures the subscription revenue, which is the financial bright spot, offering a gross margin over 70%, which is defintely better than hardware margins. For the full year 2025, subscription and service revenue is expected to be approximately $105 million, with the subscriber count projected to end the year around 2.4 million.

For consumers valuing the subscription's cloud and editing ecosystem, the numbers reflect a dedicated, albeit slightly shrinking, base as of late 2025:

• - GoPro subscriber count ended Q3 2025 at 2.42 million.
• - Q3 2025 subscription and service revenue was $27 million.
• - The subscription attach rate from cameras sold across all channels hit a record 57% in Q3 2025.
• - The aggregate retention rate for annual subscribers was 70% in Q1 2025.
• - Average Revenue Per User (ARPU) grew 5% year-over-year in Q1 2025.

Furthermore, the ecosystem is being leveraged for new revenue streams, as subscribers contributed over 270,000 hours of video content during the AI training program's invitation-only outreach period that started in July 2025. This points to a segment that is not just consuming services but actively contributing to the company's emerging AI data licensing efforts.

While specific 2025 financial data for the commercial/enterprise segment isn't explicitly broken out in the latest earnings reports, the market segmentation analysis notes that the global action camera market is differentiated by an end-user category of commercial use, alongside residential. The launch of the Fluid Pro AI gimbal suggests a continued focus on professional-grade tools that appeal to this user base, even as the core revenue driver remains the consumer channels.

GoPro, Inc. (GPRO) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive the operations at GoPro, Inc. as of late 2025. The company has been aggressively managing these outflows, especially after a period of revenue contraction, to push toward profitability.

The overall cost structure is heavily influenced by the push for operational efficiency, which has seen significant year-over-year reductions in overhead, even as external factors like trade policy add direct costs to hardware imports.

Cost of Goods Sold (COGS) and Gross Margin

The Cost of Goods Sold (COGS) for hardware manufacturing is the primary variable cost. While the exact COGS figure isn't isolated, we can infer the cost structure efficiency through the Gross Margin. For the second quarter of 2025, GoPro achieved a Non-GAAP Gross Margin of 36.0%. This reflects the cost to produce and deliver the cameras and accessories before factoring in operating expenses. This margin is a key focus area, as it shows the direct profitability on each unit sold.

The cost of sales is directly impacted by external factors, notably tariffs. The company expects the impact of tariffs on its cameras and accessories in 2025 to be approximately $18 million, which is a substantial increase from the previously estimated $8 million due to tariff rates increasing from 10% to 20%. GoPro is attempting to offset about half of this total tariff impact through modest price increases and supply chain diversification.

Here's a snapshot of the margin performance:

Metric	Q2 2025 Value	YoY Change
Non-GAAP Gross Margin	36.0%	Up from 30.7% (Q2 2024)
Expected Q4 2025 Gross Margin (Excluding Tariffs)	~37%	N/A
Expected 2025 Tariff Impact	$18 million	Up from $8 million

Operating Expenses (OpEx) Management

GoPro, Inc. has made controlling Operating Expenses (OpEx) a top priority. The projection for full-year 2025 Operating Expenses is set to fall between $240 million and $250 million. This represents a massive reduction, over $100 million year-over-year from prior full-year figures, showing a clear commitment to leaner operations.

For context, Non-GAAP Operating Expenses in the second quarter of 2025 were $63 million, marking a 32% reduction compared to the second quarter of 2024.

The OpEx reduction is achieved through targeted cuts across several key areas:

• - Restructuring actions resulting in reduced employee-related costs.
• - Lower spending on advertising and marketing related activities.
• - Completion of the newest system-on-chip, GP3, reducing related engineering expenses.

Research and Development (R&D) and Sales and Marketing

Research and Development (R&D) spending is essential for new product innovation, like the HERO13 Black Ultra Wide Edition and new software tools. While R&D is a component of the overall OpEx, the Q2 2025 reduction of 32% in total OpEx was driven by cuts in both employee costs and marketing activities, alongside the completion of the GP3 chip development.

Sales and Marketing expenses are also under tight control. The year-over-year decrease in Q2 2025 Operating Expenses was partly due to reduced marketing activities. This is a balancing act: you need marketing to drive sales, but the current focus is on efficiency over aggressive spending.

The breakdown of where the OpEx dollars are allocated is critical for understanding the cost base:

Expense Category (Component of OpEx)	Q2 2025 Actual (Non-GAAP)	Driver of Change
Total Operating Expenses	$63 million	32% reduction YoY
Sales and Marketing Activities	Included in OpEx reduction	Reduced spending YoY
Research and Development (R&D)	Included in OpEx reduction	Lower engineering expenses post-GP3 completion

Tariff Costs

The threat of increased tariffs remains a direct cost headwind. You are tracking the potential impact from a tariff rate increase, specifically the jump from 10% to 19% mentioned in your outline, which translates to an expected $18 million cost for 2025. This is a direct, non-operational cost that erodes gross margin unless fully passed on to the consumer.

The company has proactively moved U.S.-bound camera production outside of China to mitigate this risk, but the latest tariff environment still presents a material financial headwind.

GoPro, Inc. (GPRO) - Canvas Business Model: Revenue Streams

You're looking at the revenue streams for GoPro, Inc. (GPRO) as of late 2025, and honestly, the story is about a pivot away from pure hardware dependence, even though that's still the bulk of the top line. The company is actively trying to shift the mix toward more predictable, higher-margin income.

The core revenue drivers remain product sales, which include the HERO line, the MAX series, and the newer LIT cameras, plus all the associated accessories. For the third quarter of 2025, total product sales-hardware and accessories combined-amounted to $136 million ($163 million total revenue minus $27 million in subscription/service revenue). This is the foundation, but the recurring revenue is what management is focused on growing.

Here's the quick math on how the revenue was split in Q3 2025:

Revenue Component	Q3 2025 Amount	Percentage of Total Revenue
Subscription and Service Revenue	$27 million	16%
Total Product Sales (Hardware & Accessories)	$136 million	84%
Total Revenue	$163 million	100%

The company breaks down its product sales by channel, which is important for understanding distribution health. The retail channel remains the largest source of hardware revenue, though it saw a significant year-over-year contraction in Q3 2025.

• Retail channel product sales for Q3 2025 were reported at $123 million.
• This retail segment represented 75% of the total Q3 2025 revenue.
• The company's Direct-to-Consumer (DTC) sales via GoPro.com, which includes subscription revenue, totaled $40 million in Q3 2025.
• This means Direct-to-Consumer (DTC) product sales alone, after backing out the subscription portion, were approximately $13 million for the quarter.

The subscription stream is the high-margin focus area. Subscription and service revenue for Q3 2025 was $27 million, down 3% year-over-year, with the total subscriber count ending the quarter at 2.42 million, a 5% year-over-year decrease. However, management is guiding for full-year 2025 subscription and service revenue to be approximately $105 million, showing the expected scale of this segment over the full fiscal year.

You should also note the strategic push into new revenue areas, though concrete financial figures for these are still emerging as of late 2025. The launch of new hardware like the MAX2 360 camera and the LIT HERO camera is designed to expand the total addressable market (TAM). Furthermore, there is a clear strategic focus on developing potential third-party AI content licensing revenue, leveraging proprietary technology like the Fluid Pro AI gimbal and in-app AI features. This is a future diversification play, not a material revenue driver yet, but it's a key part of the long-term plan to move beyond just selling boxes.

Finance: draft 13-week cash view by Friday.