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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2020

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                to               

Commission File Number: 001-38211

 

Roku, Inc.

(Exact name of registrant as specified in its charter)

 

 

Delaware

 

26-2087865

(State or other jurisdiction

of incorporation or organization)

 

(I.R.S. Employer

Identification No.)

1155 Coleman Avenue

San Jose, California 95110

(Address of principal executive offices including zip code)

Registrant’s telephone number, including area code: (408) 556-9040

 

Securities registered pursuant to Section 12(b) of the Act:

 

 

 

Title of Each Class:

Trading Symbol(s):

Name of Exchange on Which Registered:

Class A Common Stock, $0.0001 par value

ROKU

The Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes        No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

  

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

  

  

Smaller reporting company

 

 

 

 

 

 

 

 

Emerging growth company

 

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

As of July 31, 2020, the registrant had 105,891,320 of Class A common stock, $0.0001 par value per share, and 18,816,622 shares of Class B common stock, $0.0001 par value per share, outstanding.

 

 


Table of Contents

 

 

 

 

Page

PART I.

FINANCIAL INFORMATION

 

1

Item 1.

Financial Statements (Unaudited)

 

1

 

Condensed Consolidated Balance Sheets

 

1

 

Condensed Consolidated Statements of Operations

 

2

 

Condensed Consolidated Statements of Comprehensive Income (Loss)

 

3

 

Condensed Consolidated Statements of Stockholders’ Equity

 

4

 

Condensed Consolidated Statements of Cash Flows

 

5

 

Notes to Unaudited Condensed Consolidated Financial Statements

 

6

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

22

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

 

34

Item 4.

Controls and Procedures

 

34

PART II.

OTHER INFORMATION

 

35

Item 1.

Legal Proceedings

 

35

Item 1A.

Risk Factors

 

35

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

 

69

Item 3.

Defaults Upon Senior Securities

 

69

Item 4.

Mine Safety Disclosures

 

69

Item 5.

Other Information

 

69

Item 6.

Exhibits

 

70

Signatures

 

71

 

 

 

i


NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (“the Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (“the Exchange Act”) about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this report, including statements regarding our future results of operations and financial condition, business strategy and plans and objectives of management for future operations, are forward-looking statements. For example, statements in this Form 10-Q regarding the potential future impact of the COVID-19 pandemic on the Company’s business and results of operations are forward-looking statements. In some cases, forward-looking statements may be identified by words such as “anticipate,” “believe,” “continue,” “could,” “design,” “estimate,” “expect,” “intend,” “may,” “plan,” “potentially,” “predict,” “project,” “should,” “will” or the negative of these terms or other similar expressions.

Forward-looking statements are based on our management’s beliefs and assumptions and on information currently available. These forward-looking statements are subject to a number of known and unknown risks, uncertainties and assumptions, including risks described in the section titled “Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q, regarding, among other things:

 

our financial performance, including our revenue, cost of revenue, operating expenses and our ability to attain and sustain profitability;

 

the impact of the COVID-19 pandemic on our business, operations, and the markets and communities in which we and our advertisers, partners, manufacturers, suppliers and users operate;

 

our ability to attract and retain users and increase streaming hours;

 

our ability to attract and retain advertisers;

 

our ability to attract and retain TV brands and service operators to license and deploy our technology;

 

our ability to acquire rights to distribute popular content on our platform on favorable terms, or at all, including the renewals of our existing agreements with content publishers;

 

changes in consumer viewing habits and the growth of TV streaming;

 

the growth of our relevant markets, including the growth in advertising spend on TV streaming platforms, and our ability to successfully grow our business in those markets;

 

our ability to adapt to changing market conditions and technological developments, including developing integrations with our platform partners;

 

our ability to develop and launch new streaming products and provide ancillary services and support;

 

our ability to integrate the business and operations of dataxu, Inc., a demand-side platform (“DSP”) company that we acquired in 2019;

 

our ability to compete effectively with existing competitors and new market entrants;

 

our ability to successfully manage domestic and international expansion;

 

our ability to attract and retain qualified employees and key personnel;

 

our abilities to address potential and actual security breaches and system failures involving our products, systems and operations;

 

our ability to maintain, protect and enhance our intellectual property; and

 

our ability to comply with laws and regulations that currently apply or may become applicable to our business both in the United States and internationally, including compliance with the EU General Data Protection Regulation and the California Consumer Privacy Act.

We caution you that the foregoing list may not contain all of the forward-looking statements made in this Quarterly Report on Form 10-Q.

Other sections of this Quarterly Report on Form 10-Q may include additional factors that could harm our business and financial performance. Moreover, we operate in a very competitive and rapidly changing environment. New risk factors emerge from time to time, and it is not possible for our management to predict all risk factors nor can we assess the impact of all factors on our

ii


business or the extent to which any factor, or combination of factors, may cause actual results to differ from those contained in, or implied by, any forward-looking statements.

You should not rely upon forward-looking statements as predictions of future events. We cannot assure you that the events and circumstances reflected in the forward-looking statements will be achieved or occur. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Except as required by law, we undertake no obligation to update publicly any forward-looking statements for any reason after the date of this report or to conform these statements to actual results or to changes in our expectations. You should read this Quarterly Report on Form 10-Q and the documents that we reference in this Quarterly Report on Form 10-Q and have filed as exhibits to this report with the understanding that our actual future results, levels of activity, performance and achievements may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements.

Investors and others should note that we may announce material business and financial information to our investors using our investor relations website (ir.roku.com/investor-relations), our filings with the Securities and Exchange Commission, webcasts, press releases, and conference calls. We use these mediums, including our website, to communicate with investors and the general public about our company, our products, and other issues. It is possible that the information that we make available may be deemed to be material information. We therefore encourage investors and others interested in our company to review the information that we make available on our website.

 

 

 

 

iii


PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

 

ROKU, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

(unaudited)

 

 

 

As of

 

 

 

June 30,

2020

 

 

December 31,

2019

 

Assets

 

 

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

885,825

 

 

$

515,479

 

Restricted cash

 

 

1,539

 

 

 

1,854

 

Accounts receivable, net of allowances

 

 

306,719

 

 

 

332,673

 

Inventories

 

 

45,001

 

 

 

49,714

 

Prepaid expenses and other current assets

 

 

37,202

 

 

 

25,943

 

Total current assets

 

 

1,276,286

 

 

 

925,663

 

Property and equipment, net

 

 

152,747

 

 

 

103,262

 

Operating lease right-of-use assets

 

 

269,900

 

 

 

283,291

 

Intangible assets, net

 

 

69,292

 

 

 

76,668

 

Goodwill

 

 

73,058

 

 

 

74,116

 

Other non-current assets

 

 

5,139

 

 

 

7,234

 

Total Assets

 

$

1,846,422

 

 

$

1,470,234

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

 

 

Accounts payable and accrued liabilities

 

$

363,816

 

 

$

313,574

 

Current portion of long-term debt

 

 

4,870

 

 

 

4,866

 

Deferred revenue, current

 

 

43,940

 

 

 

39,861

 

Total current liabilities

 

 

412,626

 

 

 

358,301

 

Long-term debt, non-current

 

 

92,305

 

 

 

94,742

 

Deferred revenue, non-current

 

 

17,243

 

 

 

15,370

 

Operating lease liability, non-current

 

 

306,750

 

 

 

301,694

 

Other long-term liabilities

 

 

1,945

 

 

 

1,701

 

Total Liabilities

 

 

830,869

 

 

 

771,808

 

Stockholders’ Equity:

 

 

 

 

 

 

 

 

Common stock, $0.0001 par value

 

 

12

 

 

 

12

 

Additional paid-in capital

 

 

1,428,171

 

 

 

1,012,218

 

Accumulated other comprehensive income

 

 

29

 

 

 

29

 

Accumulated deficit

 

 

(412,659

)

 

 

(313,833

)

Total stockholders’ equity

 

 

1,015,553

 

 

 

698,426

 

Total Liabilities and Stockholders’ Equity

 

$

1,846,422

 

 

$

1,470,234

 

 

See accompanying notes to condensed consolidated financial statements.

1


ROKU, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(unaudited)

 

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

2020

 

 

June 30,

2019

 

 

June 30,

2020

 

 

June 30,

2019

 

Net Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Platform

 

$

244,777

 

 

$

167,682

 

 

$

477,334

 

 

$

301,835

 

Player

 

 

111,296

 

 

 

82,419

 

 

 

199,505

 

 

 

154,928

 

Total net revenue

 

 

356,073

 

 

 

250,101

 

 

 

676,839

 

 

 

456,763

 

Cost of Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Platform

 

 

106,324

 

 

 

57,980

 

 

 

208,260

 

 

 

98,344

 

Player

 

 

102,913

 

 

 

77,912

 

 

 

180,642

 

 

 

143,319

 

Total cost of revenue

 

 

209,237

 

 

 

135,892

 

 

 

388,902

 

 

 

241,663

 

Gross Profit:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Platform

 

 

138,453

 

 

 

109,702

 

 

 

269,074

 

 

 

203,491

 

Player

 

 

8,383

 

 

 

4,507

 

 

 

18,863

 

 

 

11,609

 

Total gross profit

 

 

146,836

 

 

 

114,209

 

 

 

287,937

 

 

 

215,100

 

Operating Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

84,387

 

 

 

61,994

 

 

 

172,665

 

 

 

117,732

 

Sales and marketing

 

 

64,164

 

 

 

36,568

 

 

 

132,412

 

 

 

70,375

 

General and administrative

 

 

40,494

 

 

 

26,033

 

 

 

80,234

 

 

 

48,119

 

Total operating expenses

 

 

189,045

 

 

 

124,595

 

 

 

385,311

 

 

 

236,226

 

Loss from Operations

 

 

(42,209

)

 

 

(10,386

)

 

 

(97,374

)

 

 

(21,126

)

Other Income, Net:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(1,034

)

 

 

(571

)

 

 

(1,897

)

 

 

(669

)

Other income, net

 

 

557

 

 

 

1,240

 

 

 

1,818

 

 

 

2,207

 

Total other income (expense), net

 

 

(477

)

 

 

669

 

 

 

(79

)

 

 

1,538

 

Loss Before Income Taxes

 

 

(42,686

)

 

 

(9,717

)

 

 

(97,453

)

 

 

(19,588

)

Income tax (benefit) expense

 

 

462

 

 

 

(384

)

 

 

307

 

 

 

(523

)

Net Loss

 

$

(43,148

)

 

$

(9,333

)

 

$

(97,760

)

 

$

(19,065

)

Net loss per share —basic and diluted

 

$

(0.35

)

 

$

(0.08

)

 

$

(0.81

)

 

$

(0.17

)

Weighted-average shares used in computing net

  loss per share —basic and diluted

 

 

122,614

 

 

 

114,572

 

 

 

121,397

 

 

 

112,734

 

 

See accompanying notes to condensed consolidated financial statements.

2


ROKU, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(in thousands)

(unaudited)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

2020

 

 

June 30,

2019

 

 

June 30,

2020

 

 

June 30,

2019

 

Net Loss

 

$

(43,148

)

 

$

(9,333

)

 

$

(97,760

)

 

$

(19,065

)

Other comprehensive income, net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gain on short-term investments, net of tax

 

 

 

 

 

3

 

 

 

 

 

 

21

 

Comprehensive Net Loss

 

$

(43,148

)

 

$

(9,330

)

 

$

(97,760

)

 

$

(19,044

)

 

See accompanying notes to condensed consolidated financial statements.

3


ROKU, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(in thousands)

(unaudited)

Three and Six Months Ended June 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

Additional

Paid-in

 

 

Treasury

 

 

Accumulated Other

Comprehensive

 

 

Accumulated

 

 

Total

Stockholders’

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Stock

 

 

Income / (Loss)

 

 

Deficit

 

 

Equity

 

Balance—March 31, 2020

 

120,657

 

 

$

12

 

 

$

1,046,054

 

 

$

(671

)

 

$

29

 

 

$

(369,511

)

 

$

675,913

 

Vesting of early exercised stock options

 

 

 

 

 

 

 

9

 

 

 

 

 

 

 

 

 

 

 

 

9

 

Issuance of common stock pursuant to equity

      incentive plans

 

923

 

 

 

 

 

 

3,134

 

 

 

 

 

 

 

 

 

 

 

 

3,134

 

Issuance of common stock in connection with

      at-the-market offering, net of issuance costs

      of $4.8 million

 

3,004

 

 

 

 

 

 

349,609

 

 

 

 

 

 

 

 

 

 

 

 

349,609

 

Stock-based compensation expense

 

 

 

 

 

 

 

30,036

 

 

 

 

 

 

 

 

 

 

 

 

30,036

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(43,148

)

 

 

(43,148

)

Balance—June 30, 2020

 

124,584

 

 

$

12

 

 

$

1,428,842

 

 

$

(671

)

 

$

29

 

 

$

(412,659

)

 

$

1,015,553

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance—December 31, 2019

 

119,897

 

 

$

12

 

 

$

1,012,889

 

 

$

(671

)

 

$

29

 

 

$

(313,833

)

 

$

698,426

 

Vesting of early exercised stock options

 

 

 

 

 

 

 

26

 

 

 

 

 

 

 

 

 

 

 

 

26

 

Issuance of common stock pursuant to equity

      incentive plans

 

1,683

 

 

 

 

 

 

5,877

 

 

 

 

 

 

 

 

 

 

 

 

5,877

 

Issuance of common stock in connection with

      at-the-market offering, net of issuance costs

      of $4.8 million

 

3,004

 

 

 

 

 

 

349,609

 

 

 

 

 

 

 

 

 

 

 

 

349,609

 

Stock-based compensation expense

 

 

 

 

 

 

 

60,441

 

 

 

 

 

 

 

 

 

 

 

 

60,441

 

Adoption of ASU 2016-13

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,066

)

 

 

(1,066

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(97,760

)

 

 

(97,760

)

Balance—June 30, 2020

 

124,584

 

 

$

12

 

 

$

1,428,842

 

 

$

(671

)

 

$

29

 

 

$

(412,659

)

 

$

1,015,553

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three and Six Months Ended June 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

Additional

Paid-in

 

 

Treasury

 

 

Accumulated Other

Comprehensive

 

 

Accumulated

 

 

Total

Stockholders’

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Stock

 

 

Income / (Loss)

 

 

Deficit

 

 

Equity

 

Balance—March 31, 2019

 

113,292

 

 

 

11

 

 

 

625,221

 

 

 

(671

)

 

 

1

 

 

 

(263,628

)

 

 

360,934

 

Vesting of early exercised stock options

 

 

 

 

 

 

 

15

 

 

 

 

 

 

 

 

 

 

 

 

15

 

Issuance of common stock pursuant to equity

      incentive plans

 

1,867

 

 

 

1

 

 

 

9,056

 

 

 

 

 

 

 

 

 

 

 

 

9,057

 

Issuance of common stock in connection with

      at-the-market offering, net of issuance costs

      of $1.6 million

 

1,000

 

 

 

 

 

 

 

81,335

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

81,335

 

Stock-based compensation expense

 

 

 

 

 

 

 

18,671

 

 

 

 

 

 

 

 

 

 

 

 

18,671

 

Unrealized gain on short-term investments

 

 

 

 

 

 

 

-

 

 

 

 

 

 

3

 

 

 

 

 

 

3

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(9,333

)

 

 

(9,333

)

Balance—June 30, 2019

 

116,159

 

 

$

12

 

 

$

734,298

 

 

$

(671

)

 

$

4

 

 

$

(272,961

)