VIZIO(US:VZIO)2024-02-27 21:08Financial Performance - VIZIO's Q4 2023 Platform+ net revenue increased by 28% year-over-year to $174.2 million, driven by a 36% rise in advertising revenue[9]. - Q4 2023 net income was $13.2 million, reflecting a 110% increase compared to the previous year, while adjusted EBITDA rose by 20% to $23.9 million[13]. - Total net revenue for Q4 2023 was $502.6 million, a decrease of 5.4% compared to $533.5 million in Q4 2022[35]. - Device net revenue was $328.4 million, down 17.3% from $397.0 million in the same quarter last year[35]. - Net income for Q4 2023 was $13.2 million, compared to a net income of $6.3 million in Q4 2022[35]. - The company reported a basic net income per share of $0.07 for Q4 2023, up from $0.03 in Q4 2022[35]. - Net income for the year ended December 31, 2023, was $28.2 million, a significant improvement from a net loss of $0.4 million in 2022[40]. - Adjusted EBITDA for the year ended December 31, 2023, reached $75.7 million, up from $52.4 million in 2022, reflecting a year-over-year increase of approximately 44.3%[42]. User Engagement and Content - The company achieved a record monthly active user base of 18.5 million, streaming a total of 5.5 billion hours[13]. - SmartCast Average Revenue Per User (ARPU) increased by 15% year-over-year to $32.48, indicating deeper user engagement[13]. - VIZIO expanded its content offering by adding 86 new apps, bringing the total to over 200 built-in streaming apps[3]. Advertising and Partnerships - Direct advertising relationships grew by 32% year-over-year, adding 117 net new advertisers in Q4[13]. - The company announced a definitive agreement to combine with Walmart, enhancing its customer-centric strategy[1]. Profitability and Expenses - VIZIO's gross profit for Platform+ reached $105.4 million, up 27% year-over-year, contributing to a consolidated gross profit margin of 20%[9]. - Gross profit for Platform+ was $105.4 million, up 27.3% from $82.8 million in Q4 2022, while Device gross profit was negative at $(7.3) million[35]. - Share-based compensation expense for the year was $43.5 million, slightly higher than $42.5 million in 2022[40]. - The company reported a depreciation and amortization expense of $7.4 million for 2023, compared to $3.6 million in 2022, indicating an increase of 105.6%[40]. - Cash paid for income taxes in 2023 was $14.5 million, significantly higher than $3.7 million in 2022[40]. Cash Flow and Assets - Cash and cash equivalents decreased to $221.6 million from $288.7 million year-over-year[38]. - Total assets increased to $960.7 million, up from $915.7 million in the previous year[38]. - Total stockholders' equity rose to $449.3 million, compared to $373.7 million in the previous year[38]. - Cash flows from operating activities resulted in a net cash outflow of $0.8 million for 2023, compared to a net cash inflow of $29.1 million in 2022[40]. - Total cash and cash equivalents at the end of 2023 were $221.6 million, down from $288.7 million at the end of 2022, representing a decrease of 23.3%[40]. - The company experienced a net cash used in investing activities of $70.4 million in 2023, compared to $73.0 million in 2022, showing a slight improvement[40]. - The company reported a net decrease in cash and cash equivalents of $67.1 million for the year, compared to a decrease of $42.9 million in 2022[40]. Awards and Recognition - VIZIO was awarded an Emmy Award for innovation in delivering an exceptional user experience through its Smart TVs[5]. Software and Technology - The company launched a significant software update that improved app loading times and user navigation[10].