ROKU INC
For the period ended Jun 30, 2024. Filed Aug 2, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 2, 2024
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5. Balance Sheet Components
- BALANCE SHEET COMPONENTS
Accounts Receivable, net: Accounts receivable, net consisted of the following (in thousands):
| As of | ||
|---|---|---|
| June 30, 2024 | December 31, 2023 | |
| Accounts receivable, gross | $709,000 | $850,464 |
| Less: Allowances | ||
| Allowance for sales returns | 6,376 | 7,808 |
| Allowance for sales incentives | 26,641 | 23,024 |
| Allowance for doubtful accounts | 5,869 | 2,213 |
| Other allowances | 978 | 1,082 |
| Total allowances | 39,864 | 34,127 |
| Accounts receivable, net | $669,136 | $816,337 |
Property and Equipment, net: Property and equipment, net consisted of the following (in thousands):
| As of | ||
|---|---|---|
| June 30, 2024 | December 31, 2023 | |
| Computers and equipment | $50,669 | $51,320 |
| Leasehold improvements | 291,105 | 292,418 |
| Internal-use software | 5,916 | 6,980 |
| Office equipment and furniture | 36,802 | 36,900 |
| Property and equipment, gross | 384,492 | 387,618 |
| Less: Accumulated depreciation and amortization | (144,457) | (123,062) |
| Property and equipment, net | $240,035 | $264,556 |
Depreciation and amortization expense for property and equipment assets for the three months ended June 30, 2024 and 2023 was $12.3 million and $14.1 million, respectively. Depreciation and amortization expense for property and equipment assets for the six months ended June 30, 2024 and 2023 was $25.1 million and $25.4 million, respectively.
During the six months ended June 30, 2024 and 2023, the Company recognized an impairment charge of $0.5 million and $0.5 million, respectively, related to property and equipment associated with the leased office facilities that are part of its restructuring efforts. See Note 15 to the condensed consolidated financial statements for additional details.
Accrued Liabilities: Accrued liabilities consisted of the following (in thousands):
| As of | ||
|---|---|---|
| June 30, 2024 | December 31, 2023 | |
| Payments due to content partners | $231,550 | $239,196 |
| Accrued cost of revenue | 129,034 | 147,875 |
| Marketing, retail, and merchandising expenses | 53,601 | 147,853 |
| Operating lease liability, current | 74,070 | 68,099 |
| Content liability, current | 51,663 | 54,319 |
| Other accrued expenses | 184,549 | 130,698 |
| Total Accrued liabilities | $724,467 | $788,040 |
Deferred Revenue: Deferred revenue consisted of the following (in thousands):
| As of | ||
|---|---|---|
| June 30, 2024 | December 31, 2023 | |
| Platform, current | $65,808 | $66,636 |
| Devices, current | 30,166 | 35,521 |
| Total deferred revenue, current | 95,974 | 102,157 |
| Platform, non-current | 390 | 625 |
| Devices, non-current | 23,081 | 23,947 |
| Total deferred revenue, non-current | 23,471 | 24,572 |
| Total Deferred revenue | $119,445 | $126,729 |
Other Long-term Liabilities: Other Long-term liabilities consisted of the following (in thousands):
| As of | ||
|---|---|---|
| June 30, 2024 | December 31, 2023 | |
| Content liability, non-current | $17,365 | $24,115 |
| Other long-term liabilities | 22,815 | 25,071 |
| Total Other long-term liabilities | $40,180 | $49,186 |
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