VIZIO(US:VZIO)2024-08-07 20:07Financial Performance - Q2 2024 net revenue reached $437.3 million, an 11% increase year-over-year[1] - Total net revenue for Q2 2024 was $437.3 million, a 10.4% increase from $394.4 million in Q2 2023[18] - Device revenue reached $267.9 million, up from $252.1 million year-over-year, while Platform+ revenue increased to $169.4 million from $142.3 million[18] - Gross profit for Q2 2024 was $99.5 million, up 16% from the previous year[2] - Gross profit for Q2 2024 was $99.5 million, compared to $86.1 million in Q2 2023, reflecting a gross margin improvement[18] - The net loss for Q2 2024 was $0.2 million, a significant decrease from a net income of $1.9 million in Q2 2023[18] - The net income (loss) for the second quarter of 2024 was $(11.9) million, compared to a net income of $1.9 million in the second quarter of 2023[22] Operating Expenses - Operating expenses increased by 33% to $106.5 million compared to Q2 2023[2] - Operating expenses rose to $106.5 million in Q2 2024, up from $79.8 million in Q2 2023, primarily due to increased selling, general, and administrative expenses[18] - Research and development expenses increased to $15.7 million in Q2 2024, up from $10.0 million in Q2 2023, reflecting a focus on innovation and new product development[18] Cash Flow and Assets - Cash and cash equivalents decreased to $202.1 million as of June 30, 2024, down from $221.6 million at the end of 2023[19] - Total assets decreased to $943.2 million from $960.7 million at the end of 2023, primarily due to a reduction in current assets[19] - Total liabilities decreased to $476.3 million from $511.4 million at the end of 2023, indicating improved financial stability[19] - The company reported a net cash used in operating activities of $22.3 million for Q2 2024, compared to $27.6 million in Q2 2023, showing a reduction in cash outflow[21] Adjusted EBITDA - Adjusted EBITDA decreased to $8.6 million, down 52% year-over-year[2] - For the three months ended June 30, 2024, VIZIO reported an Adjusted EBITDA of $8.6 million, a decrease from $18.1 million in the same period of 2023[22] - Adjusted EBITDA for the six months ended June 30, 2024, was $5.1 million, down from $24.9 million in the same period of 2023[22] - Acquisition-related costs included in Adjusted EBITDA for the three months ended June 30, 2024, amounted to $8.4 million[22] User Engagement and Product Development - SmartCast Average Revenue Per User (ARPU) rose 16% year-over-year to $35.39[1] - SmartCast Active Accounts grew to 18.8 million, streaming 5.6 billion hours[1] - Introduced a new line of sound bars starting at $99 with Dolby Atmos® and DTS:X capabilities[1] - Expanded direct ad relationships by 13% compared to Q2 2023[1] - Launched 23 new apps, bringing the total number of built-in apps to over 250[1] Other Financial Metrics - Interest income, net for the second quarter of 2024 was $(3.2) million, slightly higher than $(3.1) million in the same period of 2023[22] - Share-based compensation increased to $12.7 million in the second quarter of 2024, compared to $9.9 million in the same period of 2023[22] - The provision for income taxes showed a benefit of $(1.4) million in the second quarter of 2024, compared to a benefit of $7.8 million in the same period of 2023[22] - Depreciation and amortization expenses rose to $2.8 million in the second quarter of 2024, up from $1.9 million in the same period of 2023[22] - Other income, net for the second quarter of 2024 was $(2.6) million, compared to $(0.3) million in the same period of 2023[22]