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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 September 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 October 31, 2020, the registrant had 108,986,407 of Class A common stock, $0.0001 par value per share, and 17,945,065 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

 

23

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

 

35

Item 4.

Controls and Procedures

 

35

PART II.

OTHER INFORMATION

 

36

Item 1.

Legal Proceedings

 

36

Item 1A.

Risk Factors

 

36

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

 

70

Item 3.

Defaults Upon Senior Securities

 

70

Item 4.

Mine Safety Disclosures

 

70

Item 5.

Other Information

 

70

Item 6.

Exhibits

 

71

Signatures

 

72

 

 

 

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

 

 

 

September 30,

2020

 

 

December 31,

2019

 

Assets

 

 

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,047,478

 

 

$

515,479

 

Restricted cash

 

 

746

 

 

 

1,854

 

Accounts receivable, net of allowances

 

 

391,277

 

 

 

332,673

 

Inventories

 

 

62,609

 

 

 

49,714

 

Prepaid expenses and other current assets

 

 

30,985

 

 

 

25,943

 

Total current assets

 

 

1,533,095

 

 

 

925,663

 

Property and equipment, net

 

 

158,634

 

 

 

103,262

 

Operating lease right-of-use assets

 

 

267,094

 

 

 

283,291

 

Intangible assets, net

 

 

65,737

 

 

 

76,668

 

Goodwill

 

 

73,058

 

 

 

74,116

 

Other non-current assets

 

 

6,392

 

 

 

7,234

 

Total Assets

 

$

2,104,010

 

 

$

1,470,234

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

 

 

Accounts payable and accrued liabilities

 

$

412,798

 

 

$

313,574

 

Current portion of long-term debt

 

 

4,872

 

 

 

4,866

 

Deferred revenue, current

 

 

48,004

 

 

 

39,861

 

Total current liabilities

 

 

465,674

 

 

 

358,301

 

Long-term debt, non-current

 

 

91,087

 

 

 

94,742

 

Deferred revenue, non-current

 

 

18,134

 

 

 

15,370

 

Operating lease liability, non-current

 

 

311,072

 

 

 

301,694

 

Other long-term liabilities

 

 

1,668

 

 

 

1,701

 

Total Liabilities

 

 

887,635

 

 

 

771,808

 

Stockholders’ Equity:

 

 

 

 

 

 

 

 

Common stock, $0.0001 par value

 

 

13

 

 

 

12

 

Additional paid-in capital

 

 

1,616,045

 

 

 

1,012,218

 

Accumulated other comprehensive income

 

 

29

 

 

 

29

 

Accumulated deficit

 

 

(399,712

)

 

 

(313,833

)

Total stockholders’ equity

 

 

1,216,375

 

 

 

698,426

 

Total Liabilities and Stockholders’ Equity

 

$

2,104,010

 

 

$

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

 

 

Nine Months Ended

 

 

 

September 30,

2020

 

 

September 30,

2019

 

 

September 30,

2020

 

 

September 30,

2019

 

Net Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Platform

 

$

319,231

 

 

$

179,322

 

 

$

796,565

 

 

$

481,157

 

Player

 

 

132,432

 

 

 

81,606

 

 

 

331,937

 

 

 

236,534

 

Total net revenue

 

 

451,663

 

 

 

260,928

 

 

 

1,128,502

 

 

 

717,691

 

Cost of Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Platform

 

 

124,568

 

 

 

67,075

 

 

 

332,828

 

 

 

165,419

 

Player

 

 

112,271

 

 

 

75,376

 

 

 

292,913

 

 

 

218,695

 

Total cost of revenue

 

 

236,839

 

 

 

142,451

 

 

 

625,741

 

 

 

384,114

 

Gross Profit:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Platform

 

 

194,663

 

 

 

112,247

 

 

 

463,737

 

 

 

315,738

 

Player

 

 

20,161

 

 

 

6,230

 

 

 

39,024

 

 

 

17,839

 

Total gross profit

 

 

214,824

 

 

 

118,477

 

 

 

502,761

 

 

 

333,577

 

Operating Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

88,388

 

 

 

68,487

 

 

 

261,053

 

 

 

186,219

 

Sales and marketing

 

 

70,956

 

 

 

46,666

 

 

 

203,368

 

 

 

117,041

 

General and administrative

 

 

43,510

 

 

 

29,873

 

 

 

123,744

 

 

 

77,992

 

Total operating expenses

 

 

202,854

 

 

 

145,026

 

 

 

588,165

 

 

 

381,252

 

Income (Loss) from Operations

 

 

11,970

 

 

 

(26,549

)

 

 

(85,404

)

 

 

(47,675

)

Other Income, Net:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(773

)

 

 

(767

)

 

 

(2,670

)

 

 

(1,436

)

Other income, net

 

 

1,202

 

 

 

2,065

 

 

 

3,020

 

 

 

4,272

 

Total other income (expense), net

 

 

429

 

 

 

1,298

 

 

 

350

 

 

 

2,836

 

Income (Loss) Before Income Taxes

 

 

12,399

 

 

 

(25,251

)

 

 

(85,054

)

 

 

(44,839

)

Income tax (benefit) expense

 

 

(548

)

 

 

(96

)

 

 

(241

)

 

 

(619

)

Net Income (Loss)

 

$

12,947

 

 

$

(25,155

)

 

$

(84,813

)

 

$

(44,220

)

Net income (loss) per share —basic

 

$

0.10

 

 

$

(0.22

)

 

$

(0.69

)

 

$

(0.39

)

Net income (loss) per share —diluted

 

$

0.09

 

 

$

(0.22

)

 

$

(0.69

)

 

$

(0.39

)

Weighted-average shares used in computing net

   income (loss) per share —basic

 

 

125,687

 

 

 

116,681

 

 

 

122,837

 

 

 

114,064

 

Weighted-average shares used in computing net

   income (loss) per share —diluted

 

 

136,669

 

 

 

116,681

 

 

 

122,837

 

 

 

114,064

 

 

See accompanying notes to condensed consolidated financial statements.

2


ROKU, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(in thousands)

(unaudited)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

2020

 

 

September 30,

2019

 

 

September 30,

2020

 

 

September 30,

2019

 

Net Income (Loss)

 

$

12,947

 

 

$

(25,155

)

 

$

(84,813

)

 

$

(44,220

)

Other comprehensive income (loss), net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gain (loss) on short-term investments, net of tax

 

 

 

 

 

(6

)

 

 

 

 

 

15

 

Comprehensive Net Income (Loss)

 

$

12,947

 

 

$

(25,161

)

 

$

(84,813

)

 

$

(44,205

)

 

See accompanying notes to condensed consolidated financial statements.

3


ROKU, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(in thousands)

(unaudited)

Three and Nine Months Ended September 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

Additional

Paid-in

 

 

Treasury

 

 

Accumulated Other

Comprehensive

 

 

Accumulated

 

 

Total

Stockholders’

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Stock

 

 

Income / (Loss)

 

 

Deficit

 

 

Equity

 

Balance—June 30, 2020

 

124,584

 

 

$

12

 

 

$

1,428,842

 

 

$

(671

)

 

$

29

 

 

$

(412,659

)

 

$

1,015,553

 

Vesting of early exercised stock options

 

 

 

 

 

 

 

6

 

 

 

 

 

 

 

 

 

 

 

 

6

 

Issuance of common stock pursuant to equity

      incentive plans

 

1,304

 

 

 

1

 

 

 

5,328

 

 

 

 

 

 

 

 

 

 

 

 

5,329

 

Issuance of common stock in connection with

      at-the-market offering, net of issuance costs

      of $2.0 million

 

996

 

 

 

 

 

 

147,633

 

 

 

 

 

 

 

 

 

 

 

 

147,633

 

Stock-based compensation expense

 

 

 

 

 

 

 

34,907

 

 

 

 

 

 

 

 

 

 

 

 

34,907

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12,947

 

 

 

12,947

 

Balance—September 30, 2020

 

126,884

 

 

$

13

 

 

$

1,616,716

 

 

$

(671

)

 

$

29

 

 

$

(399,712

)

 

$

1,216,375

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance—December 31, 2019

 

119,897

 

 

$

12

 

 

$

1,012,889

 

 

$

(671

)

 

$

29

 

 

$

(313,833

)

 

$

698,426

 

Vesting of early exercised stock options

 

 

 

 

 

 

 

32

 

 

 

 

 

 

 

 

 

 

 

 

32

 

Issuance of common stock pursuant to equity

      incentive plans

 

2,987

 

 

 

1

 

 

 

11,205

 

 

 

 

 

 

 

 

 

 

 

 

11,206

 

Issuance of common stock in connection with

      at-the-market offering, net of issuance costs

      of $6.8 million

 

4,000

 

 

 

 

 

 

497,242

 

 

 

 

 

 

 

 

 

 

 

 

497,242

 

Stock-based compensation expense

 

 

 

 

 

 

 

95,348

 

 

 

 

 

 

 

 

 

 

 

 

95,348

 

Adoption of ASU 2016-13

 

 

 

 

 

 

 

-

 

 

 

 

 

 

 

 

 

(1,066

)

 

 

(1,066

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(84,813

)

 

 

(84,813

)

Balance—September 30, 2020

 

126,884

 

 

$

13

 

 

$

1,616,716

 

 

$

(671

)

 

$

29

 

 

$

(399,712

)

 

$

1,216,375

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three and Nine Months Ended September 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

Additional

Paid-in

 

 

Treasury

 

 

Accumulated Other

Comprehensive

 

 

Accumulated

 

 

Total

Stockholders’

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Stock

 

 

Income / (Loss)

 

 

Deficit

 

 

Equity

 

Balance—June 30, 2019

 

116,159

 

 

 

12

 

 

 

734,298

 

 

 

(671

)

 

 

4

 

 

 

(272,961

)

 

 

460,682

 

Vesting of early exercised stock options

 

 

 

 

 

 

 

20

 

 

 

 

 

 

 

 

 

 

 

 

20

 

Issuance of common stock pursuant to equity

      incentive plans

 

1,279

 

 

 

 

 

 

5,618

 

 

 

 

 

 

 

 

 

 

 

 

5,618

 

Stock-based compensation expense

 

 

 

 

 

 

 

22,618

 

 

 

 

 

 

 

 

 

 

 

 

22,618

 

Unrealized gain on short-term investments

 

 

 

 

 

 

 

-

 

 

 

 

 

 

(6

)

 

 

 

 

 

(6

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(25,155

)

 

 

(25,155

)

Balance—September 30, 2019

 

117,438

 

 

$

12

 

 

$

762,554