ROKU INC
For the period ended Mar 31, 2025. Filed May 2, 2025.
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Mar 31, 2025 · Filed May 2, 2025
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9. Leases
- LEASES
The Company has entered into operating leases primarily for office real estate. The leases have remaining terms ranging from less thanone year tonine years and may include options to extend or terminate the lease. The depreciable life of operating lease right-of-use assets is limited by the expected lease term.
The components of lease expense are as follows (in thousands):
| Three Months Ended | ||
|---|---|---|
| March 31, 2025 | March 31, 2024 | |
| Operating lease expense | $17,797 | $18,133 |
| Variable lease expense | 6,086 | 5,522 |
| Sublease income | (5,114) | (910) |
| Total operating lease expense | $18,769 | $22,745 |
Supplemental cash flow information related to leases is as follows (in thousands):
| Three Months Ended | ||
|---|---|---|
| March 31, 2025 | March 31, 2024 | |
| Cash paid for amounts included in the measurement of lease liabilities: | ||
| Operating cash outflows from operating leases | $24,688 | $21,257 |
| Right-of-use assets obtained in exchange for lease obligations: | ||
| Operating leases | $2,260 | $— |
| Decrease in operating lease right-of-use assets due to impairment (See Note 16 for details) | $2,870 | $576 |
Supplemental balance sheet information related to leases is as follows (in thousands, except lease term and discount rate):
| As of | ||
|---|---|---|
| March 31, 2025 | December 31, 2024 | |
| Operating lease right-of-use assets | $292,146 | $304,505 |
| Operating lease liability, current (included in Accrued liabilities) | 81,034 | 79,221 |
| Operating lease liability, non-current | 496,084 | 512,706 |
| Total operating lease liability | $577,118 | $591,927 |
| Weighted-average remaining term for operating leases (in years) | 6.8 | 7.0 |
| Weighted-average discount rate for operating leases | 3.99% | 3.98% |
Future lease payments under operating leases as of March 31, 2025 are as follows (in thousands):
| Year Ending December 31, | Operating Leases (2) |
|---|---|
| 2025 (remaining 9 months) | $76,561 |
| 2026 | 103,655 |
| 2027 | 101,627 |
| 2028 | 99,997 |
| 2029 | 96,380 |
| Thereafter | 185,718 |
| Total future lease payments | 663,938 |
| Less: imputed interest | (83,561) |
| Less: expected tenant improvement allowance | (3,259) |
| Total (1) | $577,118 |
(1)Total lease liabilities include liabilities related to operating lease right-of-use assets which were included in the impairment charges as part of the Company’s restructuring efforts. See Note 16 for additional details.
(2) Non-cancelable sublease proceeds for the fiscal years ending December 31, 2025 (remaining 9 months), 2026, 2027, 2028, and 2029 of $13.3 million, $18.6 million, $18.8 million, $18.8 million, and $12.0 million, respectively, are not included in the table above.
As of March 31, 2025, the Company had approximately $5.1 million in commitments relating to operating leases that have not yet commenced.
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