Roku (ROKU) Q4 FY2023 earnings: revenue $984 million, up 13.5% on the year

Roku, Inc. (ROKU) reported revenue of $984 million for Q4 FY2023, the quarter ended 31 December 2023, up 13.5% on the same quarter a year earlier. Net income was -$78 million, and diluted earnings per share $-0.55. The figures are the company's own, from the 10-K it filed with the SEC on 16 February 2024.

Revenue$984 millionup 13.5%

Net income-$78 million

Diluted EPS$-0.55

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	984	912	n/a	n/a
Cost of revenue	547	543	n/a	n/a
Gross profit	438	369	n/a	n/a
Gross margin	44.5%	40.4%	n/a
Research and development	184	282	n/a	n/a
Operating income	-104	-350	n/a	n/a
Operating margin	-10.6%	-38.4%	n/a
Pre-tax income	-76.5	-327	n/a	n/a
Income tax	1.8	3.2	n/a	n/a
Net income	-78.3	-330	n/a	n/a
Net margin	-8.0%	-36.2%	n/a
Diluted EPS	-$0.55	-$2.33	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	16.3	246	n/a	n/a
Capital expenditure	3.5	6.8	n/a	n/a
Free cash flow	12.8	239	n/a	n/a
Free cash flow margin	1.3%	26.2%	n/a
Cash from investing	-3.5	-6.8	n/a	n/a
Cash from financing	4.1	13.2	n/a	n/a
Depreciation and amortisation	13.5	14.5	n/a	n/a
Share-based compensation	92.8	91.3	n/a	n/a
Diluted shares, weighted	143m	142m	n/a	n/a
Shares outstanding at period end	144m	n/a	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	2,326	2,307	n/a	n/a
Debt	0.0	n/a	n/a	n/a
Operating lease liabilities	586	600	n/a	n/a
Other liabilities	1,349	1,283	n/a	n/a
Total liabilities and equity	4,262	4,191	n/a	n/a
Fixed assets	265	279	n/a	n/a
Goodwill	162	162	n/a	n/a
Intangible assets	41.8	45.7	n/a	n/a
Securities held for sale or to maturity	53.8	53.2	n/a	n/a
Cash and equivalents	2,026	2,003	n/a	n/a
Receivables	816	720	n/a	n/a
Inventory	92.1	105	n/a	n/a
Other assets	806	822	n/a	n/a
Total assets	4,262	4,191	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	912	984	881	968	1,062	1,201	1,021	1,111	1,211	1,395	1,249	1,355
Cost of revenue	543	547	493	543	582	688	576	613	686	788	684	681
Gross profit	369	438	388	425	480	513	445	498	525	607	565	674
Gross margin	40%	44%	44%	44%	45%	43%	44%	45%	43%	44%	45%	50%
R&D	282	184	180	175	179	185	185	178	182	185	189	180
Operating income	-350	-104	-72.0	-71.2	-35.8	-39.1	-57.7	-23.3	9.5	66.0	51.8	146
Operating margin	-38%	-11%	-8%	-7%	-3%	-3%	-6%	-2%	1%	5%	4%	11%
Interest expense	n/a	n/a	0.0	0.0	0.0	0.4	0.4	0.5	0.5	0.6	0.6	0.5
Pre-tax income	-327	-76.5	-46.1	-43.1	-4.9	-25.9	-40.5	4.7	38.0	91.7	88.6	169
Tax rate	n/a	n/a	n/a	n/a	n/a	n/a	n/a	-125%	35%	12%	3%	3%
Net income	-330	-78.3	-50.9	-34.0	-9.0	-35.5	-27.4	10.5	24.8	80.5	85.7	164
Net margin	-36%	-8%	-6%	-4%	-1%	-3%	-3%	1%	2%	6%	7%	12%
Diluted EPS	-$2.33	-$0.55	-$0.35	-$0.24	-$0.06	-$0.24	-$0.19	$0.07	$0.16	$0.53	$0.57	$1.08
Operating cash flow	246	16.3	46.7	23.4	68.7	79.3	139	110	128	108	199	285
Capital expenditure	6.8	3.5	0.7	0.9	1.1	2.5	1.9	1.1	1.1	1.1	3.1	3.8
Free cash flow	239	12.8	46.0	22.5	67.6	76.8	137	109	126	107	196	281
Buybacks	n/a	n/a	n/a	n/a	n/a	n/a	0.0	0.0	50.0	100.0	100	62.7
Shares outstanding	n/a	144m	n/a	n/a	n/a	146m	n/a	n/a	n/a	148m	n/a	n/a
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 16 February 2024, accession 0001428439-24-000011: the filing on EDGAR. All of Roku, Inc.'s filings: EDGAR company page.

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