$ROKU
ROKU, INC

2021 Q1 Form 10-Q Financial Statement

#000156459021025558 Filed on May 07, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $574.2M $320.8M
YoY Change 79.0% 55.21%
Cost Of Revenue $247.4M $179.7M
YoY Change 37.71% 69.86%
Gross Profit $326.8M $141.1M
YoY Change 131.59% 39.85%
Gross Profit Margin 56.91% 43.99%
Selling, General & Admin $149.4M $108.0M
YoY Change 38.33% 93.2%
% of Gross Profit 45.72% 76.53%
Research & Development $101.6M $88.28M
YoY Change 15.07% 58.38%
% of Gross Profit 31.09% 62.56%
Depreciation & Amortization $6.000M $4.700M
YoY Change 27.66% 74.07%
% of Gross Profit 1.84% 3.33%
Operating Expenses $251.0M $196.3M
YoY Change 27.87% 75.82%
Operating Profit $75.81M -$55.17M
YoY Change -237.42% 413.64%
Interest Expense -$700.0K -$900.0K
YoY Change -22.22% 800.0%
% of Operating Profit -0.92%
Other Income/Expense, Net -$301.0K $398.0K
YoY Change -175.63% -54.2%
Pretax Income $75.51M -$54.77M
YoY Change -237.87% 454.83%
Income Tax -$800.0K -$155.0K
% Of Pretax Income -1.06%
Net Earnings $76.30M -$54.61M
YoY Change -239.71% 461.16%
Net Earnings / Revenue 13.29% -17.03%
Basic Earnings Per Share $0.59 -$0.45
Diluted Earnings Per Share $0.54 -$0.45
COMMON SHARES
Basic Shares Outstanding 129.7M shares 120.2M
Diluted Shares Outstanding 140.3M shares 120.2M

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.078B $588.3M
YoY Change 253.14% 122.93%
Cash & Equivalents $2.078B $588.3M
Short-Term Investments
Other Short-Term Assets $105.8M $36.20M
YoY Change 192.27% -22.15%
Inventory $41.20M $43.98M
Prepaid Expenses
Receivables $496.2M $295.4M
Other Receivables $0.00 $0.00
Total Short-Term Assets $2.749B $968.6M
YoY Change 183.85% 86.13%
LONG-TERM ASSETS
Property, Plant & Equipment $155.0M $148.1M
YoY Change 4.69% 45.45%
Goodwill $125.7M $73.06M
YoY Change 72.03%
Intangibles $72.91M
YoY Change
Long-Term Investments
YoY Change
Other Assets $112.6M $5.765M
YoY Change 1853.17% 74.7%
Total Long-Term Assets $737.7M $573.1M
YoY Change 28.72% 432.13%
TOTAL ASSETS
Total Short-Term Assets $2.749B $968.6M
Total Long-Term Assets $737.7M $573.1M
Total Assets $3.487B $1.542B
YoY Change 126.18% 145.46%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $240.6M $103.4M
YoY Change 132.64% 131.78%
Accrued Expenses $477.4M $154.3M
YoY Change 209.4% 55.39%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $6.100M $4.750M
YoY Change 28.42%
Total Short-Term Liabilities $628.1M $372.1M
YoY Change 68.8% 96.98%
LONG-TERM LIABILITIES
Long-Term Debt $87.40M $162.6M
YoY Change -46.26%
Other Long-Term Liabilities $330.3M $3.667M
YoY Change 8907.36% 18.71%
Total Long-Term Liabilities $417.7M $166.3M
YoY Change 151.18% 5283.39%
TOTAL LIABILITIES
Total Short-Term Liabilities $628.1M $372.1M
Total Long-Term Liabilities $417.7M $166.3M
Total Liabilities $1.046B $865.8M
YoY Change 20.79% 224.03%
SHAREHOLDERS EQUITY
Retained Earnings -$369.5M
YoY Change
Common Stock $1.045B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.441B $675.9M
YoY Change
Total Liabilities & Shareholders Equity $3.487B $1.542B
YoY Change 126.18% 145.46%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income $76.30M -$54.61M
YoY Change -239.71% 461.16%
Depreciation, Depletion And Amortization $6.000M $4.700M
YoY Change 27.66% 74.07%
Cash From Operating Activities $95.80M $45.94M
YoY Change 108.53% -529.19%
INVESTING ACTIVITIES
Capital Expenditures $3.717M $45.32M
YoY Change -91.8% 793.65%
Acquisitions $102.8M
YoY Change
Other Investing Activities -$102.8M $1.100M
YoY Change -9445.45% -92.62%
Cash From Investing Activities -$106.5M -$44.26M
YoY Change 140.68% -548.24%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $989.6M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $995.1M 70.82M
YoY Change 1305.11% -34.5%
NET CHANGE
Cash From Operating Activities $95.80M 45.94M
Cash From Investing Activities -$106.5M -44.26M
Cash From Financing Activities $995.1M 70.82M
Net Change In Cash $984.3M 72.50M
YoY Change 1257.72% -32.42%
FREE CASH FLOW
Cash From Operating Activities $95.80M $45.94M
Capital Expenditures $3.717M $45.32M
Free Cash Flow $92.08M $624.0K
YoY Change 14656.73% -103.96%

Facts In Submission

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<p style="text-align:justify;margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of the Company’s consolidated financial statements in accordance with U.S. GAAP requires management to make certain estimates, judgments, and assumptions that affect the reported amounts of assets, liabilities, net revenue and expenses. <span style="color:#000000;">Significant items subject to such estimates and assumptions include: for revenue recognition, determining the nature and timing of satisfaction of performance obligations, variable consideration, determining the stand-alone selling prices of performance obligations, gross versus net revenue recognition, evaluation of customer versus vendor relationships, and other obligations such as sales return reserves and sales incentive programs; the impairment of goodwill and intangible assets; useful lives of tangible and intangible assets; allowances for doubtful accounts; the valuation of deferred income tax assets; and stock-based compensation. The Company bases its estimates on historical experience and on various other assumptions that the Company believes to be reasonable under the circumstances. Actual results may differ from the Company’s estimates and assumptions. </span></p>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:18pt;text-indent:4.17%;font-weight:bold;font-style:italic;color:#000000;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Reclassification of Prior Year Presentation</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:4.17%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Certain prior period amounts within cash flow from operations in the statement of cash flows, have been reclassified to conform to current period presentation. These reclassifications had no effect on net cash provided by operating activities for any period reported.</p>
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CY2021Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
6000000.0
CY2020Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
4700000
CY2021Q1 roku Payments Due To Content Publishers Current
PaymentsDueToContentPublishersCurrent
144138000
CY2020Q4 roku Payments Due To Content Publishers Current
PaymentsDueToContentPublishersCurrent
106576000
CY2021Q1 roku Accrued Cost Of Revenue Current
AccruedCostOfRevenueCurrent
102285000
CY2020Q1 us-gaap Variable Lease Cost
VariableLeaseCost
2198000
CY2021Q1 us-gaap Accrued Liabilities Current
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477402000
CY2020Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
347668000
CY2021Q1 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
48121000
CY2020Q4 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
55465000
CY2021Q1 us-gaap Deferred Revenue Noncurrent
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22618000
CY2020Q4 us-gaap Deferred Revenue Noncurrent
DeferredRevenueNoncurrent
21283000
CY2021Q1 us-gaap Deferred Revenue
DeferredRevenue
70739000
CY2020Q4 us-gaap Deferred Revenue
DeferredRevenue
76748000
CY2021Q1 roku Content Assets
ContentAssets
104600000
CY2020Q4 roku Content Assets
ContentAssets
7900000
CY2021Q1 roku Amortization Expense Of Licensed Content Assets
AmortizationExpenseOfLicensedContentAssets
9800000
CY2020Q1 roku Amortization Expense Of Licensed Content Assets
AmortizationExpenseOfLicensedContentAssets
6100000
CY2021Q1 us-gaap Restricted Cash
RestrictedCash
83000
CY2020Q4 us-gaap Restricted Cash
RestrictedCash
434000
CY2021Q1 us-gaap Assets Fair Value Disclosure
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2077597000
CY2020Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
1093249000
CY2021Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
10266000
CY2020Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
12217000
CY2021Q1 us-gaap Variable Lease Cost
VariableLeaseCost
2952000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
35113000
CY2021Q1 roku Expected Tenant Improvement Allowance
ExpectedTenantImprovementAllowance
15986000
CY2021Q1 us-gaap Lease Cost
LeaseCost
13218000
CY2020Q1 us-gaap Lease Cost
LeaseCost
14415000
CY2021Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
335874000
CY2021Q1 us-gaap Unrecorded Unconditional Purchase Obligation Balance Sheet Amount
UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount
42400000
CY2021Q1 us-gaap Sublease Income
SubleaseIncome
0
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
48126000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
48287000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
47238000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
46910000
CY2021Q1 roku Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
204271000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
429945000
CY2021Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
78085000
CY2021Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
16224000
CY2020Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
9451000
CY2021Q1 roku Right Of Use Asset Liability Adjustments Obtained In Exchange For Operating Lease Liability
RightOfUseAssetLiabilityAdjustmentsObtainedInExchangeForOperatingLeaseLiability
-5498000
CY2020Q1 roku Right Of Use Asset Liability Adjustments Obtained In Exchange For Operating Lease Liability
RightOfUseAssetLiabilityAdjustmentsObtainedInExchangeForOperatingLeaseLiability
795000
CY2021Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
265237000
CY2020Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
266197000
CY2021Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
32715000
CY2020Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
35647000
CY2021Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
303159000
CY2020Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
307936000
CY2021Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
335874000
CY2020Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
343583000
CY2021Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0459
CY2020Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0460
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
42.17
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
154.43
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
120180000
CY2021Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y9M14D
CY2020Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2020Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2020Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2020Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2020Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2021Q1 roku Number Of Classes Of Common Stock
NumberOfClassesOfCommonStock
2
CY2021Q1 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
44393000
CY2021Q1 roku Number Of Equity Incentive Plans
NumberOfEquityIncentivePlans
2
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
494100000
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
52700000
CY2021Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
44800000
CY2021Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period
SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod
P10Y
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
40537000
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
30405000
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.360
CY2021Q1 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
30800000
CY2020Q4 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
30900000
CY2021Q1 roku Letters Of Credit Expiration Year
LettersOfCreditExpirationYear
2030
CY2021Q1 us-gaap Capital Lease Obligations Incurred
CapitalLeaseObligationsIncurred
35000000.0
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
76296000
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
-54612000
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
129674000
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
120180000
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.59
CY2020Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.45
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
129674000
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
120180000
CY2021Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
10654000
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
140328000
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.54
CY2020Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.45
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
74000
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
15246000
CY2021Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2

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