Roku(US:ROKU)2024-08-01 20:12Financial Performance - Total net revenue for Q2 2024 was $968 million, representing a 14% year-over-year increase[2] - In Q2 2024, Roku's total net revenue reached $968.2 million, a 14.3% increase from $847.2 million in Q2 2023[20] - Total revenue for Q2 2024 was $688 million, a decrease of 1% compared to $696 million in Q2 2023[21] - The company reported a net loss of $33.9 million in Q2 2024, an improvement from a net loss of $107.6 million in Q2 2023[20] - Net loss for the six months ended June 30, 2024, was $84.8 million, significantly improved from a net loss of $301.2 million in the same period last year[22] - Adjusted EBITDA for Q2 2024 was $43.6 million, compared to a negative $17.8 million in Q2 2023[25] - Free cash flow for the trailing twelve months (TTM) was $317.9 million, showing a significant recovery from a negative $169.3 million in the previous TTM[27] Revenue Breakdown - Platform revenue reached $824 million in Q2 2024, up 11% year-over-year[2] - Platform revenue for Q2 2024 was $824.3 million, up 10.8% year-over-year from $743.8 million[20] - Devices revenue increased to $143.8 million in Q2 2024, compared to $103.4 million in the same quarter last year, reflecting a 38.9% growth[20] User Engagement - Streaming Households grew to 83.6 million, with a net increase of 2.0 million from Q1 2024[2] - Streaming Hours totaled 30.1 billion, an increase of 5.0 billion hours year-over-year, reflecting a 20% growth[2] - The Roku Channel's Streaming Hours increased nearly 75% year-over-year, driven by the Home Screen's features[7] - The Roku Sports Experience saw Streaming Hours originating from it more than triple year-over-year[6] Future Outlook - Roku expects Q3 2024 net revenue to grow 24% year-over-year, estimating $1.010 billion[13] - For Q4 2024, Roku anticipates sequential acceleration in platform revenue growth, driven by increased ad demand and subscriptions[13] Advertising and Monetization - Roku is focusing on increasing subscriptions billed through Roku Pay, enhancing monetization opportunities[10] - The Roku Home Screen reaches over 120 million U.S. households daily, providing significant advertising opportunities[12] - Roku's new video ad unit on the Home Screen sold out in its first month of beta testing, indicating strong demand from advertisers[13] - The company is expanding partnerships with third-party ad platforms to enhance targeting and measurement capabilities[13] Financial Position - Cash and cash equivalents at the end of the period increased to $2.1 billion, up from $1.8 billion a year ago[23] - Total current assets decreased to $2.98 billion as of June 30, 2024, down from $3.07 billion at the end of 2023[21] - Total liabilities decreased to $1.71 billion from $1.94 billion at the end of 2023, reflecting a reduction in current liabilities[21] - The company reported a decrease in accounts receivable to $669.1 million as of June 30, 2024, down from $816.3 million at the end of 2023[21] Expenses - Stock-based compensation expense for the six months ended June 30, 2024, was $183 million, slightly lower than $186 million in the same period last year[25] - Research and development expenses for the six months ended June 30, 2024, totaled $70.9 million, compared to $73.5 million in the same period last year[21] Profitability - Roku's gross profit for Q2 2024 was $424.7 million, a 12.3% increase from $378.3 million in Q2 2023[20] - Platform gross margin was 53% in Q2 2024, consistent with the previous year[9]