Roku (ROKU) 10-Q28 Jul 232023 Q2 Quarterly reportFinancial data

Company Profile

Cover

Cover	6 Months Ended
Cover	Jun. 30, 2023 shares
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-38211
Entity Registrant Name	ROKU, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-2087865
Entity Address, Address Line One	1155 Coleman Avenue
Entity Address, City or Town	San Jose
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	95110
City Area Code	408
Local Phone Number	556-9040
Title of 12(b) Security	Class A Common Stock, $0.0001 par value
Trading Symbol	ROKU
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Entity Central Index Key	0001428439
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2023
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	124,089,380
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	17,418,411

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current Assets:
Cash and cash equivalents	$ 1,755,261	$ 1,961,956
Restricted cash	40,713	0
Accounts receivable, net of allowances of $31,515 and $40,191 as of June 30, 2023 and December 31, 2022, respectively	707,684	760,793
Inventories	93,214	106,747
Prepaid expenses and other current assets	104,622	135,383
Total current assets	2,701,494	2,964,879
Property and equipment, net	357,603	335,031
Operating lease right-of-use assets	499,308	521,695
Content assets, net	300,419	292,766
Intangible assets, net	50,068	58,881
Goodwill	161,519	161,519
Other non-current assets	86,341	77,830
Total Assets	4,156,752	4,412,601
Current Liabilities:
Accounts payable	212,915	164,800
Accrued liabilities	638,480	750,810
Current portion of long-term debt	0	79,985
Deferred revenue, current portion	104,109	87,678
Total current liabilities	955,504	1,083,273
Deferred revenue, non-current portion	23,065	28,210
Operating lease liability, non-current portion	589,476	584,651
Other long-term liabilities	55,432	69,911
Total Liabilities	1,623,477	1,766,045
Commitments and contingencies (Note 12)
Stockholders’ Equity:
Common stock, $0.0001 par value	14	14
Additional paid-in capital	3,422,415	3,234,860
Accumulated other comprehensive income (loss)	71	(292)
Accumulated deficit	(889,225)	(588,026)
Total stockholders’ equity	2,533,275	2,646,556
Total Liabilities and Stockholders’ Equity	$ 4,156,752	$ 4,412,601

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Accounts receivable, allowances	$ 31,515	$ 40,191
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Net Revenue:
Total net revenue	$ 847,186	$ 764,406	$ 1,588,176	$ 1,498,105
Cost of Revenue:
Total cost of revenue	468,915	409,257	872,308	778,149
Gross Profit (Loss):
Total gross profit	378,271	355,149	715,868	719,956
Operating Expenses:
Research and development	192,387	196,637	412,472	360,635
Sales and marketing	227,192	184,971	461,111	331,493
General and administrative	84,652	84,054	180,705	161,831
Total operating expenses	504,231	465,662	1,054,288	853,959
Loss from Operations	(125,960)	(110,513)	(338,420)	(134,003)
Other Income (Expense), Net:
Interest expense	(4)	(1,059)	(685)	(2,116)
Other income, net	19,999	1,829	43,100	2,238
Total other income, net	19,995	770	42,415	122
Loss Before Income Taxes	(105,965)	(109,743)	(296,005)	(133,881)
Income tax expense	1,630	2,578	5,194	4,746
Net Loss	$ (107,595)	$ (112,321)	$ (301,199)	$ (138,627)
Net loss per share — basic (in dollars per share)	$ (0.76)	$ (0.82)	$ (2.14)	$ (1.02)
Net loss per share - diluted (in dollars per share)	$ (0.76)	$ (0.82)	$ (2.14)	$ (1.02)
Weighted-average common shares outstanding — basic (in shares)	141,033	136,849	140,685	136,198
Weighted-average common shares outstanding — diluted (in shares)	141,033	136,849	140,685	136,198
Platform \| Services
Net Revenue:
Total net revenue	$ 743,835	$ 669,256	$ 1,378,453	$ 1,312,963
Cost of Revenue:
Total cost of revenue	348,010	295,058	648,597	560,846
Gross Profit (Loss):
Total gross profit	395,825	374,198	729,856	752,117
Devices \| Goods
Net Revenue:
Total net revenue	103,351	95,150	209,723	185,142
Cost of Revenue:
Total cost of revenue	120,905	114,199	223,711	217,303
Gross Profit (Loss):
Total gross profit	$ (17,554)	$ (19,049)	$ (13,988)	$ (32,161)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net Loss	$ (107,595)	$ (112,321)	$ (301,199)	$ (138,627)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment	36	(330)	363	(412)
Comprehensive Loss	$ (107,559)	$ (112,651)	$ (300,836)	$ (139,039)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Beginning balance at Dec. 31, 2021	$ 2,766,606	$ 14	$ 2,856,572	$ 41	$ (90,021)
Beginning balance (in shares) at Dec. 31, 2021		135,137
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock pursuant to equity incentive plans	11,693		11,693
Issuance of common stock pursuant to equity incentive plans (in shares)		2,792
Stock-based compensation expense	156,632		156,632
Foreign currency translation adjustment	(412)			(412)
Net Loss	(138,627)				(138,627)
Ending balance at Jun. 30, 2022	2,795,892	$ 14	3,024,897	(371)	(228,648)
Ending balance (in shares) at Jun. 30, 2022		137,929
Beginning balance at Mar. 31, 2022	2,813,165	$ 14	2,929,519	(41)	(116,327)
Beginning balance (in shares) at Mar. 31, 2022		135,971
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock pursuant to equity incentive plans	8,341		8,341
Issuance of common stock pursuant to equity incentive plans (in shares)		1,958
Stock-based compensation expense	87,037		87,037
Foreign currency translation adjustment	(330)			(330)
Net Loss	(112,321)				(112,321)
Ending balance at Jun. 30, 2022	2,795,892	$ 14	3,024,897	(371)	(228,648)
Ending balance (in shares) at Jun. 30, 2022		137,929
Beginning balance at Dec. 31, 2022	2,646,556	$ 14	3,234,860	(292)	(588,026)
Beginning balance (in shares) at Dec. 31, 2022		140,027
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock pursuant to equity incentive plans	1,504		1,504
Issuance of common stock pursuant to equity incentive plans (in shares)		1,481
Stock-based compensation expense	186,051		186,051
Foreign currency translation adjustment	363			363
Net Loss	(301,199)				(301,199)
Ending balance at Jun. 30, 2023	2,533,275	$ 14	3,422,415	71	(889,225)
Ending balance (in shares) at Jun. 30, 2023		141,508
Beginning balance at Mar. 31, 2023	2,550,641	$ 14	3,332,222	35	(781,630)
Beginning balance (in shares) at Mar. 31, 2023		140,785
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock pursuant to equity incentive plans	614		614
Issuance of common stock pursuant to equity incentive plans (in shares)		723
Stock-based compensation expense	89,579		89,579
Foreign currency translation adjustment	36			36
Net Loss	(107,595)				(107,595)
Ending balance at Jun. 30, 2023	$ 2,533,275	$ 14	$ 3,422,415	$ 71	$ (889,225)
Ending balance (in shares) at Jun. 30, 2023		141,508

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)
Cash flows from operating activities:
Net Loss	$ (107,595)	$ (301,199)	$ (138,627)
Adjustments to reconcile net loss to net cash from operating activities:
Depreciation and amortization		34,181	22,902
Stock-based compensation expense		186,051	156,604
Amortization of right-of-use assets		30,532	25,235
Amortization of content assets	52,912	102,314	100,497
Foreign currency remeasurement (gains) losses		1,760	0
Change in fair value of the Strategic Investment	100	(3,090)	0
Impairment of assets		4,338	0
Provision for doubtful accounts		2,962	467
Other items, net		(224)	(335)
Changes in operating assets and liabilities:
Accounts receivable		50,430	37,320
Inventories		13,533	(25,801)
Prepaid expenses and other current assets		3,736	(11,146)
Content assets and liabilities, net		(120,522)	(150,513)
Other non-current assets		4,379	(1,830)
Accounts payable		72,291	(11,871)
Accrued liabilities		(92,289)	(479)
Operating lease liabilities		(5,754)	(16,125)
Other long-term liabilities		(1,074)	148
Deferred revenue		11,286	3,607
Net cash used in operating activities		(6,359)	(9,947)
Cash flows from investing activities:
Purchases of property and equipment		(72,316)	(52,209)
Purchase of Strategic Investment	(5,000)	(10,000)	(40,000)
Net cash used in investing activities		(82,316)	(92,209)
Cash flows from financing activities:
Repayments of borrowings		(80,000)	(5,000)
Proceeds from equity issued under incentive plans		1,504	11,693
Net cash provided by (used in) financing activities		(78,496)	6,693
Net decrease in cash, cash equivalents and restricted cash		(167,171)	(95,463)
Effect of exchange rate changes on cash, cash equivalents and restricted cash		1,189	(67)
Cash, cash equivalents and restricted cash —beginning of period		1,961,956	2,147,670
Cash, cash equivalents and restricted cash —end of period	1,795,974	1,795,974	2,052,140
Cash, cash equivalents and restricted cash at end of period:
Cash and cash equivalents	1,755,261	1,755,261	2,050,412
Restricted cash, current	40,713	40,713	0
Restricted cash, non-current	0	0	1,728
Cash, cash equivalents and restricted cash —end of period	$ 1,795,974	1,795,974	2,052,140
Supplemental disclosures of cash flow information:
Cash paid for interest		871	1,444
Cash paid for income taxes		3,955	4,752
Supplemental disclosures of non-cash investing and financing activities:
Unpaid portion of property and equipment purchases		$ 4,094	$ 3,551

The Company

The Company	6 Months Ended
The Company	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
The Company	THE COMPANY Organization and Description of Business Roku, Inc. (the “Company” or “Roku”), was formed in October 2002 as Roku LLC under the laws of the State of Delaware. On February 1, 2008, Roku LLC was converted into Roku, Inc., a Delaware corporation. The Company operates in two reportable segments and generates platform revenue from the sale of digital advertising (including media and entertainment promotional spending, the demand-side platform, and related services) and content distribution services (including subscription and transaction revenue shares, the sale of Premium Subscriptions, and the sale of branded channel buttons on remote controls). The Company generates devices revenue from the sale of streaming players, Roku-branded TVs, smart home products and services, audio products, and related accessories as well as revenue from licensing arrangements with service operators and licensed Roku TV partners.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on February 16, 2023 (the “Annual Report”). The condensed consolidated balance sheet as of December 31, 2022 has been derived from the audited consolidated financial statements as of that date but does not include all of the information and footnotes included in the Company’s Annual Report. The interim financial information is unaudited, but reflects all normal recurring adjustments that are, in the opinion of management, necessary to fairly present the information set forth herein. The results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of the operating results to be expected for the full year or any future periods. Certain prior period amounts reported in our condensed consolidated financial statements and accompanying notes have been reclassified to conform to the current period presentation. Use of Estimates The preparation of the Company’s condensed consolidated financial statements in accordance with U.S. GAAP requires management to make certain estimates, judgments, and assumptions that affect the reported amounts of assets, liabilities, net revenue, and expenses. Significant items subject to such estimates and assumptions include: • revenue recognition: determining the nature and timing of satisfaction of performance obligations, variable consideration, determining the stand-alone selling prices of performance obligations, gross versus net revenue recognition, and evaluation of customer versus vendor relationships; • the impairment of intangible assets; • amortization of content assets; • valuation of assets acquired and liabilities assumed in connection with business combinations; • valuation of the Strategic Investment; • useful lives of tangible and intangible assets; • allowances for sales returns and sales incentives; and • the valuation of deferred income tax assets. The Company bases its estimates on historical experience and on various other assumptions that the Company believes to be reasonable under the circumstances. Actual results may differ from the Company’s estimates and assumptions. Principles of Consolidation The condensed consolidated financial statements, which include the accounts of Roku, Inc. and its wholly-owned subsidiaries, have been prepared in conformity with U.S. GAAP. All intercompany accounts and transactions have been eliminated in consolidation. Cash and Cash Equivalents and Restricted Cash The Company considers all highly liquid investments purchased with an original or remaining maturity of three months or less at the date of purchase to be cash equivalents. The Company’s restricted cash balance is used to secure the outstanding letters of credit after the Credit Facility (defined in Note 10) matured and was repaid in February 2023. The Company maintains its cash, cash equivalent and restricted cash balances with financial institutions which often exceed regulated insured limits. The table below reflects the percentage of cash, cash equivalent and restricted cash balances at financial institutions that individually held greater than 10% of the Company’s total cash, cash equivalent and restricted cash balance at each period reported. As of Institutions June 30, 2023 December 31, 2022 Institution A (1) 16% 26% Institution B (1) 18% —% Institution D * 21% (1) Institutions designated as global systemically important banks (G-SIBs) by the Financial Stability Board, in consultation with the Basel Committee on Banking Supervision (BCBS) and national authorities. * Less than 10% Accounts Receivable, net Accounts receivable are typically unsecured and are derived from revenue earned from customers. They are stated at invoice value less estimated allowances for sales returns, sales incentives, doubtful accounts, and other miscellaneous allowances. The Company performs ongoing credit evaluations of its customers to determine allowances for potential credit losses and doubtful accounts. The Company considers historical experience, ongoing promotional activities, historical claim rates, and other factors to determine the allowances for sales returns and sales incentives. Allowance for Sales Returns : Allowance for sales returns consists of the following activities (in thousands): Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Beginning balance $ 5,845 $ 4,099 $ 7,417 $ 6,015 Add: Charged to revenue 5,275 5,289 8,164 8,810 Less: Utilization of sales return reserve (3,728) (4,718) (8,189) (10,155) Ending balance $ 7,392 $ 4,670 $ 7,392 $ 4,670 Allowance for Sales Incentives : Allowance for sales incentives consists of the following activities (in thousands): Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Beginning balance $ 11,672 $ 27,888 $ 28,903 $ 48,411 Add: Charged to revenue 16,993 13,938 27,550 31,550 Less: Utilization of sales incentive reserve (11,237) (16,933) (39,025) (55,068) Ending balance $ 17,428 $ 24,893 $ 17,428 $ 24,893 Allowance for Doubtful Accounts : Allowance for doubtful accounts consists of the following activities (in thousands): Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Beginning balance $ 4,506 $ 3,171 $ 3,498 $ 2,158 Provision for (recoveries of) doubtful accounts 1,072 (546) 2,962 467 Adjustments for write-off — (347) (882) (347) Ending balance $ 5,578 $ 2,278 $ 5,578 $ 2,278 The Company did not have any customer that accounted for more than 10% of its accounts receivable, net balance as of June 30, 2023 and December 31, 2022.

Revenue

Revenue	6 Months Ended
Revenue	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue	REVENUE The Company’s disaggregated revenue is represented by the two reportable segments discussed in Note 15. The contract balances include the following (in thousands): As of June 30, 2023 December 31, 2022 Accounts receivable, net $ 707,684 $ 760,793 Contract assets (included in Prepaid expenses and other current assets) 41,873 42,617 Deferred revenue, current portion $ 104,109 $ 87,678 Deferred revenue, non-current portion 23,065 28,210 Total deferred revenue $ 127,174 $ 115,888 Accounts receivable are recorded at the amount invoiced, net of allowances for sales returns, sales incentives, and doubtful accounts. Payment terms can vary by customer and contract. The timing of revenue recognition may differ from the timing of invoicing to customers. Contract assets are created when invoicing occurs subsequent to revenue recognition. Contract assets are transferred to accounts receivable when the right to invoice becomes unconditional. The Company’s contract assets are current in nature and are included in Prepaid expenses and other current assets. Contract assets decreased by $0.7 million during the six months ended June 30, 2023 due to the timing of billing to customers. Deferred revenue reflects consideration invoiced prior to the satisfaction of performance obligations and revenue recognition. Deferred revenue increased $11.3 million during the six months ended June 30, 2023 primarily due to the timing of fulfillment of performance obligations and increases in subscription arrangements. Revenue recognized during the three and six months ended June 30, 2023, from amounts included in total deferred revenue as of December 31, 2022, was $11.4 million and $66.9 million, respectively. Revenue recognized during the three and six months ended June 30, 2022, from amounts included in total deferred revenue as of December 31, 2021, was $11.3 million and $33.7 million, respectively. Revenue allocated to remaining performance obligations represents estimated contracted revenue that has not yet been recognized which includes unearned revenue and amounts that will be invoiced and recognized as revenue in future periods. Estimated contracted revenue for these remaining performance obligations was $1,131.2 million as of June 30, 2023 of which the Company expects to recognize approximately 48% over the next 12 months and the remainder thereafter. The Company recognized revenue of $17.6 million and $32.6 million during the three and six months ended June 30, 2023, respectively from performance obligations that were satisfied in previous periods due to changes in the estimated transaction price of its revenue contracts. The Company reversed revenue of $9.8 million and recognized revenue of $3.4 million during the three and six months ended June 30, 2022, respectively, from performance obligations that were satisfied in previous periods due to changes in the estimated transaction price of its revenue contracts.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	6 Months Ended
Goodwill and Intangible Assets	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	GOODWILL AND INTANGIBLE ASSETS Goodwill Goodwill represents the excess of purchase consideration in a business combination over the fair value of tangible and intangible assets acquired net of the liabilities assumed. All goodwill relates to the Company’s platform segment. Intangible Assets The following table is the summary of the Company’s intangible assets (in thousands, except years): As of June 30, 2023 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted-Average Useful Lives Developed technology $ 73,367 $ (43,183) $ 30,184 5.9 Customer relationships 14,100 (12,683) 1,417 4.0 Tradename 20,400 (4,966) 15,434 9.8 Patents 4,076 (1,043) 3,033 14.0 Total intangible assets $ 111,943 $ (61,875) $ 50,068 6.7 As of December 31, 2022 Gross Accumulated Net Weighted-Average Useful Lives Developed technology $ 73,367 $ (37,278) $ 36,089 5.9 Customer relationships 14,100 (10,920) 3,180 4.0 Tradename 20,400 (3,966) 16,434 9.8 Patents 4,076 (898) 3,178 14.0 Total intangible assets $ 111,943 $ (53,062) $ 58,881 6.7 The Company recorded expenses of $4.4 million and $4.5 million for amortization of intangible assets during the three months ended June 30, 2023 and 2022, respectively. The Company recorded expenses of $8.8 million and $9.0 million for amortization of intangible assets during the six months ended June 30, 2023 and 2022, respectively. During the three and six months ended June 30, 2023 and 2022, the Company recorded amortization of developed technology in Cost of revenue, platform and Research and development expenses. The Company recorded amortization of customer relationships and tradename in Sales and marketing expenses, and recorded amortization of patents in General and administrative expenses in the condensed consolidated statements of operations. As of June 30, 2023, the estimated future amortization expense for intangible assets for the next five years and thereafter is as follows (in thousands): Year Ending December 31, 2023 (remaining 6 months) $ 8,253 2024 14,275 2025 12,571 2026 4,074 2027 2,737 Thereafter 8,158 Total $ 50,068

Balance Sheet Components

Balance Sheet Components	6 Months Ended
Balance Sheet Components	Jun. 30, 2023
Balance Sheet Related Disclosures [Abstract]
Balance Sheet Components	BALANCE SHEET COMPONENTS Accounts Receivable, net : Accounts receivable, net consisted of the following (in thousands): As of June 30, 2023 December 31, 2022 Accounts receivable, gross $ 739,199 $ 800,984 Less: Allowances Allowance for sales returns 7,392 7,417 Allowance for sales incentives 17,428 28,903 Allowance for doubtful accounts 5,578 3,498 Other allowances 1,117 373 Total allowances 31,515 40,191 Accounts receivable, net $ 707,684 $ 760,793 Property and Equipment, net : Property and equipment, net consisted of the following (in thousands): As of June 30, 2023 December 31, 2022 Computers and equipment $ 53,351 $ 45,989 Leasehold improvements 376,701 353,245 Internal-use software 7,274 7,274 Office equipment and furniture 45,703 28,614 Property and equipment, gross 483,029 435,122 Less: Accumulated depreciation and amortization (125,426) (100,091) Property and equipment, net $ 357,603 $ 335,031 Depreciation and amortization expense, for property and equipment assets, for the three months ended June 30, 2023 and 2022 was $14.1 million and $7.0 million, respectively. Depreciation and amortization expense, for property and equipment assets, for the six months ended June 30, 2023 and 2022 was $25.4 million and $14.0 million, respectively. Accrued Liabilities : Accrued liabilities consisted of the following (in thousands): As of June 30, 2023 December 31, 2022 Payments due to content publishers $ 198,040 $ 201,054 Accrued cost of revenue 130,360 105,347 Marketing, retail, and merchandising costs 82,710 163,367 Operating lease liability, current 59,266 54,689 Content liability, current 64,142 88,717 Other accrued expenses 103,962 137,636 Total accrued liabilities $ 638,480 $ 750,810 Deferred Revenue : Deferred revenue consisted of the following (in thousands): As of June 30, 2023 December 31, 2022 Platform, current $ 68,466 $ 59,276 Devices, current 35,643 28,402 Total deferred revenue, current 104,109 87,678 Platform, non-current 858 969 Devices, non-current 22,207 27,241 Total deferred revenue, non-current 23,065 28,210 Total deferred revenue $ 127,174 $ 115,888 Other Long-term Liabilities : Other Long-term liabilities consisted of the following (in thousands): As of June 30, 2023 December 31, 2022 Content liability, non-current $ 28,067 $ 39,587 Other long-term liabilities 27,365 30,324 Total other long-term liabilities $ 55,432 $ 69,911

Content Assets

Content Assets	6 Months Ended
Content Assets	Jun. 30, 2023
Capitalized Content Costs [Abstract]
Content Assets	CONTENT ASSETS Content assets, net consisted of the following (in thousands): As of June 30, 2023 December 31, 2022 Licensed content, net and advances $ 195,337 $ 243,226 Produced content: Released, less amortization 60,083 42,605 Completed, not released 35,904 3,537 In production 23,061 42,904 Total produced content, net 119,048 89,046 Total content assets, net and advances $ 314,385 $ 332,272 Current portion (included in Prepaid expenses and other current assets) $ 13,966 $ 39,506 Non-current portion $ 300,419 $ 292,766 Amortization of content assets is included in Cost of revenue, platform in the condensed consolidated statements of operations and is reflected in the table below (in thousands): Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Licensed content $ 44,648 $ 53,166 $ 87,236 $ 94,790 Produced content 8,264 2,879 15,078 5,707 Total amortization costs $ 52,912 $ 56,045 $ 102,314 $ 100,497

Strategic Investment

Strategic Investment	6 Months Ended
Strategic Investment	Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Strategic Investment	STRATEGIC INVESTMENT In June 2022, the Company agreed to provide financing of up to $60.0 million in the aggregate to a counterparty with whom the Company has a commercial relationship. The advances are in the form of convertible promissory notes (the “Strategic Investment”) and are recognized as Other non-current assets on the condensed consolidated balance sheets. The Strategic Investment accrues interest at 5% per annum. The convertible promissory notes have maturity dates as reflected in the table below, or are due upon a redemption event or in the event of a default. The convertible promissory notes and their date of investment and maturity are as follows (in thousands): As of June 30, 2023 Date of Investment Amount of Investment Date of Maturity June 15, 2022 $40,000 June 15, 2025 March 23, 2023 $5,000 March 23, 2026 May 23, 2023 $5,000 May 23, 2026 The Strategic Investment contains certain redemption features that meet the definition of embedded derivatives and require bifurcation. The Company elected to apply the fair value option and account for the hybrid instrument containing the host contract and the embedded derivatives at fair value as a single instrument, with any subsequent changes in fair value included in Other income (expense), net in the condensed consolidated statements of operations. See Note 8 for additional details on the fair value of the Strategic Investment.

Fair Value Disclosure

Fair Value Disclosure	6 Months Ended
Fair Value Disclosure	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Disclosure	FAIR VALUE DISCLOSURE The Company’s financial assets measured at fair value on a recurring basis are as follows (in thousands): As of June 30, 2023 As of December 31, 2022 Fair Value Level 1 Level 3 Fair Value Level 1 Level 3 Assets: Cash and cash equivalents: Cash $ 627,274 $ 627,274 $ — $ 1,353,547 $ 1,353,547 $ — Money market funds 1,127,987 1,127,987 — 608,409 608,409 — Restricted cash, current 40,713 40,713 — — — — Other non-current assets: Strategic Investment 52,558 — 52,558 39,468 — 39,468 Total assets measured and recorded at fair value $ 1,848,532 $ 1,795,974 $ 52,558 $ 2,001,424 $ 1,961,956 $ 39,468 The following table reflects the changes in the fair value of the Company’s Level 3 financial assets (in thousands): Three Months Ended Six Months Ended June 30, 2023 June 30, 2023 Beginning balance $ 47,678 $ 39,468 Purchase of Strategic Investment 5,000 10,000 Change in estimated fair value of the Strategic Investment (120) 3,090 Ending balance $ 52,558 $ 52,558 Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal market (or most advantageous market, in the absence of a principal market) for the asset or liability in an orderly transaction between market participants at the measurement date. Further, the Company maximizes the use of observable inputs and minimizes the use of unobservable inputs in measuring fair value, and utilizes a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. The three levels of inputs used to measure fair value are as follows: Level 1 —Quoted prices in active markets for identical assets or liabilities. Financial assets and liabilities measured using Level 1 inputs include cash, cash equivalents, restricted cash, accounts receivable, prepaid expenses, accounts payable and accrued liabilities. The Company considers all highly liquid investments purchased with an original or remaining maturity of three months or less at the date of purchase to be cash equivalents. The Company measured money market funds of $1,128.0 million and $608.4 million as cash equivalents as of June 30, 2023 and December 31, 2022, respectively, using Level 1 inputs. Level 2 —Observable inputs other than quoted prices included within Level 1, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; and inputs other than quoted prices that are observable or are derived principally from, or corroborated by, observable market data by correlation or other means. The Company did not have Level 2 instruments as of June 30, 2023 and December 31, 2022. Level 3 —Unobservable inputs that are supported by little or no market activity, are significant to the fair value of the assets or liabilities and reflect the Company’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. As of June 30, 2023, the Company measured the Strategic Investment using Level 3 inputs. The fair value of the Strategic Investment on the date of purchase was determined to be equal to its principal amount. The Company recorded an unrealized loss of $0.1 million and an unrealized gain of $3.1 million in Other income (expense), net related to the adjustment to fair value of the Strategic Investment for the three and six months ended June 30, 2023, respectively. The Company classified the Strategic Investment as Level 3 due to the lack of relevant observable market data over fair value inputs. The fair value of the Strategic Investment was estimated using a scenario-based probability weighted discounted cash flow model. Significant assumptions include the discount rate, and the timing and probability weighting of the various redemption scenarios that impact the settlement of the Strategic Investment. Assets and liabilities that are measured at fair value on a non-recurring basis Non-financial assets such as goodwill, intangible assets, property and equipment, operating lease right-of-use assets, and content assets are evaluated for impairment and adjusted to fair value using Level 3 inputs, only when impairment is recognized. The Company recognized an impairment of $4.3 million primarily related to operating lease right-of-use assets as part of its restructuring charges during the six months ended June 30, 2023.

Leases

Leases	6 Months Ended
Leases	Jun. 30, 2023
Leases [Abstract]
Leases	LEASES The Company's operating leases are primarily for office facilities. The leases have remaining terms ranging from one The components of lease expense are as follows (in thousands): Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Operating lease cost $ 21,671 $ 19,377 $ 43,146 $ 34,734 Variable lease cost 6,080 4,906 12,372 9,131 Total operating lease cost $ 27,751 $ 24,283 $ 55,518 $ 43,865 Supplemental cash flow information related to leases is as follows (in thousands): Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows from operating leases $ 18,327 $ 13,083 $ 35,320 $ 26,741 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 9,352 $ 157,630 $ 11,909 $ 224,320 Supplemental balance sheet information related to leases is as follows (in thousands, except lease term and discount rate): As of June 30, 2023 December 31, 2022 Operating lease right-of-use assets $ 499,308 $ 521,695 Operating lease liability, current (included in Accrued liabilities) $ 59,266 $ 54,689 Operating lease liability, non-current 589,476 584,651 Total operating lease liability $ 648,742 $ 639,340 Weighted-average remaining term for operating leases (in years) 8.26 8.62 Weighted-average discount rate for operating leases 3.79 % 3.80 % Future lease payments under operating leases as of June 30, 2023 are as follows (in thousands): Year Ending December 31, Operating Leases 2023 (remaining 6 months) $ 37,011 2024 86,829 2025 95,425 2026 96,035 2027 95,410 Thereafter 356,996 Total future lease payments 767,706 Less: imputed interest (111,372) Less: expected tenant improvement allowance (7,592) Total $ 648,742 As of June 30, 2023, the Company’s commitment relating to operating leases that have not yet commenced was $30.8 million. These operating leases will

Debt

Debt	6 Months Ended
Debt	Jun. 30, 2023
Debt Disclosure [Abstract]
Debt	DEBT The Company does not have any outstanding debt as of June 30, 2023. In February 2023, the Company repaid the debt balance in full and satisfied all outstanding debt obligations under the Credit Facility (as defined below) when it matured. The Company’s outstanding debt as of December 31, 2022 was as follows (in thousands, except interest rate): As of December 31, 2022 Amount Effective Interest Rate Term Loan A Facility $ 80,000 4.4% Less: Debt issuance costs (15) Net carrying amount of debt $ 79,985 The carrying amount of debt as of December 31, 2022 approximated its fair value due to variable interest rates. There was no interest expense associated with the Credit Facility for the three months ended June 30, 2023. The interest expense for the three months ended June 30, 2022 was $0.8 million. The interest expense for the six months ended June 30, 2023 and 2022 was $0.6 million and $1.7 million, respectively. Senior Secured Term Loan A and Revolving Credit Facilities On February 19, 2019, the Company entered into a Credit Agreement with Morgan Stanley Senior Funding, Inc. (as amended on May 3, 2019, the “Credit Agreement”), which provided for (i) a four-year revolving credit facility in the aggregate principal amount of up to $100.0 million (the “Revolving Credit Facility”), (ii) a four-year delayed draw term loan A facility in the aggregate principal amount of up to $100.0 million (the “Term Loan A Facility”) and (iii) an uncommitted incremental facility subject to certain conditions (together with the Revolving Credit Facility and the Term Loan A Facility, collectively, the “Credit Facility”). See Note 11 to the consolidated financial statements in our Annual Report for additional details regarding the Credit Facility. On November 18, 2019, the Company borrowed an aggregate principal amount of $100.0 million from the Term Loan A Facility. The Company elected an interest rate equal to the adjusted one-month LIBOR rate plus an applicable margin of 1.75% based on the Company’s secured leverage ratio. The Credit Facility matured on February 19, 2023 and the outstanding Term Loan A Facility was repaid in full. As of December 31, 2022, the Company had outstanding letters of credit against the Revolving Credit Facility of $37.7 million. Upon maturity of the Credit Facility on February 19, 2023, the outstanding letters of credit were secured by the Company’s existing cash balance, a portion of which is restricted for that purpose. As of June 30, 2023, the Company had outstanding letters of credit of $37.8 million, which are secured by restricted cash of $40.7 million.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
Stockholders' Equity	Jun. 30, 2023
Equity [Abstract]
Stockholders' Equity	STOCKHOLDERS’ EQUITY Preferred Stock The Company has 10 million shares of undesignated preferred stock authorized but not issued with rights and preferences determined by the Company’s Board of Directors at the time of issuance of such shares. As of June 30, 2023 and December 31, 2022, there were no shares of preferred stock issued and outstanding. Common Stock The Company has two classes of authorized common stock, Class A common stock and Class B common stock. Holders of Class A common stock are entitled to one vote for each share of Class A common stock held on all matters submitted to a vote of stockholders and holders of Class B common stock are entitled to ten votes for each share of Class B common stock held on all matters submitted to a vote of stockholders. Except with respect to voting, the rights of the holders of Class A and Class B common stock are identical. Shares of Class B common stock are voluntarily convertible into shares of Class A common stock at the option of the holder and are generally automatically converted into shares of the Company's Class A common stock upon sale or transfer. Shares issued in connection with exercises of stock options, vesting of restricted stock units, or shares purchased under the employee stock purchase plan are generally automatically converted into shares of the Company’s Class A common stock. Common Stock Reserved for Future Issuance As of June 30, 2023, the Company’s common stock reserved for issuance in the future is as follows (in thousands): As of June 30, 2023 Common stock awards granted under equity incentive plans 13,656 Common stock awards available for issuance under the 2017 Employee Stock Purchase Plan (1) 5,089 Common stock awards available for issuance under the 2017 Equity Incentive Plan 30,203 Total reserved shares of common stock 48,948 (1) The Company has not issued any common stock pursuant to the 2017 Employee Stock Purchase Plan. Equity Incentive Plans The Company has two equity incentive plans, the 2008 Equity Incentive Plan (the “2008 Plan”) and the 2017 Equity Incentive Plan (the “2017 Plan”). The 2017 Plan became effective in September 2017 in connection with the Company’s initial public offering (“IPO”). No additional equity grants have been made pursuant to the 2008 Plan subsequent to the IPO. The 2017 Plan provides for the grant of incentive stock options to the Company’s employees and for the grant of non-statutory stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, performance stock awards, performance cash awards, and other forms of equity compensation to the Company’s employees, directors and consultants. Restricted stock units granted under the 2017 Plan are subject to continuous service. Stock options granted under the 2017 Plan generally are granted at a price per share equivalent to the fair market value on the date of grant. Recipients of option grants who possess more than 10% of the combined voting power of the Company are subject to certain limitations, and incentive stock options granted to such recipients are at a price per share no less than 110% of the fair market value on the date of grant. Restricted Stock Units Restricted stock unit activity for the six months ended June 30, 2023 is as follows (in thousands, except per share data): Number of Shares Weighted-Average Grant Date Fair Value per Share Balance as of December 31, 2022 8,577 $ 120.82 Awarded 1,464 58.74 Released (1,234) 120.01 Forfeited (760) 130.02 Balance as of June 30, 2023 8,047 $ 108.79 As of June 30, 2023, the Company had $725.7 million of unrecognized stock-based compensation expense related to unvested restricted stock units that is expected to be recognized over a weighted-average period of approximately 2.7 years. Stock Options The following table summarizes the Company’s stock option activities under the 2008 Plan and 2017 Plan for the six months ended June 30, 2023 (in thousands, except years and per share data): Number of Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Balance as of December 31, 2022 5,807 $ 72.79 7.1 Granted 126 59.48 — Exercised (246) 6.11 — Forfeited and expired (78) 160.84 — Balance as of June 30, 2023 5,609 $ 74.22 6.8 $ 95,593 Options exercisable as of June 30, 2023 3,253 $ 50.66 5.4 $ 83,493 As of June 30, 2023, the Company had $80.2 million of unrecognized stock-based compensation expense related to unvested stock options that is expected to be recognized over a weighted-average period of approximately 2.3 years. Stock-Based Compensation The Company measures the cost of employee services received in exchange for an equity award based on the grant date fair value of the award. Stock options granted to employees generally vest over one one The following table shows the total stock-based compensation expense for the three and six months ended June 30, 2023 and 2022 (in thousands): Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Cost of revenue, platform $ 349 $ 366 $ 688 $ 602 Cost of revenue, devices 812 435 1,616 1,004 Research and development 34,824 38,229 73,487 66,619 Sales and marketing 31,225 27,917 65,364 51,828 General and administrative 22,369 20,077 44,896 36,551 Total stock-based compensation $ 89,579 $ 87,024 $ 186,051 $ 156,604

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Manufacturing Purchase Commitments The Company has various manufacturing contracts with vendors in the conduct of the normal course of its business. In order to manage future demand for its products, the Company enters into agreements with manufacturers and suppliers to procure inventory based upon certain criteria and timing. Some of these commitments are non-cancelable. As of June 30, 2023, the Company had $180.2 million of non-cancelable purchase commitments for inventory. Content Commitments The Company enters into contracts with content publishers to license and produce content for streaming. When a title becomes available, the Company records a content asset and liability on the condensed consolidated balance sheets. Certain licensing agreements, such as film output deals, include the obligation to license rights for unknown future titles for which the ultimate quantity and/or fees are not determinable as of the reporting date. The Company does not include any estimated obligation for these future titles beyond the known minimum amount. The unknown obligations could be material. The Company also licenses content under arrangements where the payments are variable and based on the revenue earned by the Company. Since those amounts cannot be determined, they are not included in the obligations below. As of June 30, 2023, the Company's total obligation for content was $344.9 million, of which the Company recorded $64.5 million in Current liabilities and $28.1 million in Other long-term liabilities in the condensed consolidated balance sheets. The remaining $252.3 million is not yet recognized on the condensed consolidated balance sheets as the content does not meet the criteria for asset recognition. The expected timing of payments for these content obligations are as follows (in thousands): Year Ending December 31, 2023 (remaining 6 months) $ 135,451 2024 117,740 2025 60,432 2026 20,756 2027 7,663 Thereafter 2,887 Total content obligations $ 344,929 Letters of Credit As of June 30, 2023 and December 31, 2022, the Company had irrevocable letters of credit outstanding in the amount of $37.8 million and $37.7 million, respectively related to operating leases. The letters of credit have various expiration dates through 2030. Contingencies The Company accrues for loss contingencies, including liabilities for intellectual property licensing claims, when it believes such losses are probable and reasonably estimable. These contingencies are reviewed at least quarterly and adjusted to reflect the impact of negotiations, estimated settlements, legal rulings, advice of legal counsel and other information and events. The resolution of these contingencies and of other legal proceedings can be, however, inherently unpredictable and subject to significant uncertainties. From time to time, the Company is subject to legal proceedings, claims, and investigations in the ordinary course of business, including claims relating to employee relations, business practices and patent infringement. The Company is involved in litigation matters not listed herein. Although the results of these proceedings, claims, and investigations cannot be predicted with certainty, the Company does not believe that the final outcome of any matters that it is currently involved in are reasonably likely to have a material adverse effect on its business, financial condition, or results of operations. During the three and six months ended June 30, 2023 and 2022, the Company did not have any loss contingencies that were material. Indemnification In the ordinary course of business, the Company has entered into contractual arrangements which provide indemnification provisions of varying scope and terms to business partners and other parties with respect to certain matters, including, but not limited to, losses arising out of the Company’s breach of such agreements and out of intellectual property infringement claims made by third parties. The Company’s obligations under these agreements may be limited in terms of time or amount, and in some instances, the Company may have recourse against third parties for certain payments. In addition, the Company has entered into indemnification agreements with its directors and certain of its officers that will require it, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers.

Income Taxes

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES Income tax expense was $1.6 million and $2.6 million for the three months ended June 30, 2023 and 2022, respectively. Income tax expense was $5.2 million and $4.7 million for the six months ended June 30, 2023 and 2022, respectively. The income tax expense is primarily attributable to income taxes in certain foreign jurisdictions where we conduct business and income taxes in the United States. A valuation allowance is provided when it is more likely than not that some portion of the deferred tax assets will not be realized through future operations. As a result of the Company’s analysis of all available objective evidence, both positive and negative, as of June 30, 2023, management believes it is more likely than not that some deferred tax assets will not be fully realizable. Accordingly, the Company has provided a full valuation allowance against its U.S. and certain foreign deferred tax assets. On August 16, 2022, the Inflation Reduction Act of 2022 (the “IRA”) was enacted in the United States. The IRA introduces a 15% alternative minimum tax based on the financial statement income of certain large corporations, effective for tax years beginning after December 31, 2022. The IRA also includes a 1% excise tax on the net fair market value of stock repurchases made after December 31, 2022. The Company considered the applicable tax law changes, and concluded that there was no impact to the Company’s tax provision for the three and six months ended June 30, 2023. The Company will continue to evaluate the impact of these tax law changes on future periods.

Net Loss Per Share

Net Loss Per Share	6 Months Ended
Net Loss Per Share	Jun. 30, 2023
Earnings Per Share [Abstract]
Net Loss Per Share	NET LOSS PER SHARE The Company’s basic net loss per share is calculated by dividing the net loss by the weighted-average number of shares of common stock outstanding for the period. The Company uses the two-class method to calculate net loss per share. Except with respect to certain voting, conversion, and transfer rights and as otherwise expressly provided in the Company’s amended and restated certificate of incorporation or required by applicable law, shares of the Company’s Class A common stock and Class B common stock have the same rights and privileges and rank equally, share ratably, and are identical in all respects as to all matters. Accordingly, basic and diluted net loss per share are the same for both classes. For purposes of the calculation of diluted net loss per share, options to purchase common stock and restricted stock units are considered common stock equivalents. Dilutive shares of common stock are determined by applying the treasury stock method. The dilutive shares are excluded from the calculation of diluted net loss per share in the period of net loss, as their effect is antidilutive. The following table presents the calculation of basic and diluted net loss per share (in thousands, except per share data): Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Numerator: Net Loss $ (107,595) $ (112,321) $ (301,199) $ (138,627) Denominator: Weighted-average common shares outstanding — basic and diluted 141,033 136,849 140,685 136,198 Net loss per share — basic and diluted $ (0.76) $ (0.82) $ (2.14) $ (1.02) For the three and six months ended June 30, 2023, outstanding equity awards of 13.7 million shares of common stock are excluded from the calculation of diluted net loss per share because of their anti-dilutive effect. For the three and six months ended June 30, 2022, outstanding equity awards of 10.9 million shares of common stock are excluded from the calculation of diluted net loss per share because of their anti-dilutive effect.

Segment Information

Segment Information	6 Months Ended
Segment Information	Jun. 30, 2023
Segment Reporting [Abstract]
Segment Information	SEGMENT INFORMATION The Company is organized into two reportable segments as follows: Platform The platform segment generates revenue from the sale of digital advertising (including media and entertainment promotional spending, the demand-side platform, and related services) and content distribution services (including subscription and transaction revenue shares, the sale of Premium Subscriptions, and the sale of branded channel buttons on remote controls). Devices The devices segment generates revenue from the sale of streaming players, Roku-branded TVs, smart home products and services, audio products, and related accessories that are sold through retailers and distributors, as well as directly to customers through the Company’s website. In addition, revenue from licensing arrangements with service operators and licensed Roku TV partners is included in the devices segment. Customers accounting for 10% or more of segment revenue, net, were as follows: Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Platform segment revenue: Customer I 13 % * 13 % * Devices segment revenue: Customer B 17 % 22 % 14 % 21 % Customer C 45 % 32 % 41 % 34 % * Less than 10% Revenue in international markets was less than 10% in each of the periods presented. Long-lived assets, net The following table presents long-lived assets, net, which consist primarily of property and equipment and operating lease right-of-use assets, by geographic area (in thousands):

Restructuring

Restructuring	6 Months Ended
Restructuring	Jun. 30, 2023
Restructuring and Related Activities [Abstract]
Restructuring	RESTRUCTURING In November 2022, the Company approved a plan to reduce its operating expense growth rate due to economic conditions. The Company eliminated employee positions in the United States and internationally, and also abandoned future development for certain technology assets. Accordingly, the Company recorded employee termination expenses consisting primarily of severance payments, notice pay (where applicable), employee benefits contributions, payroll taxes and related costs, and an impairment charge related to the abandoned technology assets during the year ended December 31, 2022. The Company continued to explore additional measures to curtail its operating expenses during the first quarter of this fiscal year. As a result, in March 2023, the Company approved the elimination of additional employee positions in the United States and internationally, and committed to exit and sublease, or cease use, of certain office facilities that the Company did not currently occupy. The Company recorded employee termination expenses, exits costs and assets impairment charges related to the exit and abandonment of leased office facilities. The restructuring charges for three and six months ended June 30, 2023, are recorded as follows (in thousands): Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 Employee Terminations Facilities Exit Costs Total Employee Terminations Assets Impairment Charges Facilities Exit Costs Total Research and development $ (547) $ — $ (547) $ 13,303 $ — $ — $ 13,303 Sales and marketing 610 — 610 7,287 — — 7,287 General and administrative 73 (90) (17) 4,785 4,338 1,603 10,726 Total restructuring charges $ 136 $ (90) $ 46 $ 25,375 $ 4,338 $ 1,603 $ 31,316 A reconciliation of the beginning and ending balance of employee termination restructuring charges and facility exit costs, which are included in Accrued liabilities in the condensed consolidated balance sheets, is as follows (in thousands): Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 Employee Terminations Facilities Exit Costs Total Employee Terminations Facilities Exit Costs Total Beginning balance $ 25,199 $ 1,295 $ 26,494 $ 22,093 $ — $ 22,093 Charges incurred (adjusted) 136 (90) 46 25,375 1,603 26,978 Payments made (24,913) (385) (25,298) (47,046) (783) (47,829) Ending balance $ 422 $ 820 $ 1,242 $ 422 $ 820 $ 1,242

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net Loss	$ (107,595)	$ (112,321)	$ (301,199)	$ (138,627)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	6 Months Ended
Insider Trading Arrangements	Jun. 30, 2023 shares	Jun. 30, 2023 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		During the three months ended June 30, 2023, each of the following officers (as defined in Rule 16a-1(f) under the Exchange Act) of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K. Name Action Date Trading Arrangement Total Shares of Class A Common Stock to be Sold Expiration Date Rule 10b5-1* Non-Rule 10b5-1** Charles Collier (President, Roku Media) Adopt June 5, 2023 X 117,359 June 17, 2024 Gidon Katz (President, Consumer Experience) Adopt June 15, 2023 X 15,027 June 14, 2024 Matt Banks (Vice President, Corporate Controller and Chief Accounting Officer) Adopt May 17, 2023 X 18,373 June 14, 2024 ___________________ * Contract, instruction or written plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Charles Collier [Member]
Trading Arrangements, by Individual
Name	Charles Collier
Title	President, Roku Media
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	June 5, 2023
Arrangement Duration	378 days
Aggregate Available	117,359	117,359
Gidon Katz [Member]
Trading Arrangements, by Individual
Name	Gidon Katz
Title	President, Consumer Experience
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	June 15, 2023
Arrangement Duration	365 days
Aggregate Available	15,027	15,027
Matt Banks [Member]
Trading Arrangements, by Individual
Name	Matt Banks
Title	Vice President, Corporate Controller and Chief Accounting Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	May 17, 2023
Arrangement Duration	394 days
Aggregate Available	18,373	18,373

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on February 16, 2023 (the “Annual Report”). The condensed consolidated balance sheet as of December 31, 2022 has been derived from the audited consolidated financial statements as of that date but does not include all of the information and footnotes included in the Company’s Annual Report. The interim financial information is unaudited, but reflects all normal recurring adjustments that are, in the opinion of management, necessary to fairly present the information set forth herein. The results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of the operating results to be expected for the full year or any future periods.
Use of Estimates	Use of Estimates The preparation of the Company’s condensed consolidated financial statements in accordance with U.S. GAAP requires management to make certain estimates, judgments, and assumptions that affect the reported amounts of assets, liabilities, net revenue, and expenses. Significant items subject to such estimates and assumptions include: • revenue recognition: determining the nature and timing of satisfaction of performance obligations, variable consideration, determining the stand-alone selling prices of performance obligations, gross versus net revenue recognition, and evaluation of customer versus vendor relationships; • the impairment of intangible assets; • amortization of content assets; • valuation of assets acquired and liabilities assumed in connection with business combinations; • valuation of the Strategic Investment; • useful lives of tangible and intangible assets; • allowances for sales returns and sales incentives; and • the valuation of deferred income tax assets. The Company bases its estimates on historical experience and on various other assumptions that the Company believes to be reasonable under the circumstances. Actual results may differ from the Company’s estimates and assumptions.
Principles of Consolidation	Principles of Consolidation The condensed consolidated financial statements, which include the accounts of Roku, Inc. and its wholly-owned subsidiaries, have been prepared in conformity with U.S. GAAP. All intercompany accounts and transactions have been eliminated in consolidation.
Cash and Cash Equivalents and Restricted Cash	Cash and Cash Equivalents and Restricted Cash The Company considers all highly liquid investments purchased with an original or remaining maturity of three months or less at the date of purchase to be cash equivalents. The Company’s restricted cash balance is used to secure the outstanding letters of credit after the Credit Facility (defined in Note 10) matured and was repaid in February 2023.
Cash and Cash Equivalents and Restricted Cash	Cash and Cash Equivalents and Restricted Cash The Company considers all highly liquid investments purchased with an original or remaining maturity of three months or less at the date of purchase to be cash equivalents. The Company’s restricted cash balance is used to secure the outstanding letters of credit after the Credit Facility (defined in Note 10) matured and was repaid in February 2023.
Accounts Receivable, net	Accounts Receivable, net Accounts receivable are typically unsecured and are derived from revenue earned from customers. They are stated at invoice value less estimated allowances for sales returns, sales incentives, doubtful accounts, and other miscellaneous allowances. The Company performs ongoing credit evaluations of its customers to determine allowances for potential credit losses and doubtful accounts. The Company considers historical experience, ongoing promotional activities, historical claim rates, and other factors to determine the allowances for sales returns and sales incentives.
Fair Value	Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal market (or most advantageous market, in the absence of a principal market) for the asset or liability in an orderly transaction between market participants at the measurement date. Further, the Company maximizes the use of observable inputs and minimizes the use of unobservable inputs in measuring fair value, and utilizes a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. The three levels of inputs used to measure fair value are as follows: Level 1 —Quoted prices in active markets for identical assets or liabilities. Financial assets and liabilities measured using Level 1 inputs include cash, cash equivalents, restricted cash, accounts receivable, prepaid expenses, accounts payable and accrued liabilities. The Company considers all highly liquid investments purchased with an original or remaining maturity of three months or less at the date of purchase to be cash equivalents. The Company measured money market funds of $1,128.0 million and $608.4 million as cash equivalents as of June 30, 2023 and December 31, 2022, respectively, using Level 1 inputs. Level 2 —Observable inputs other than quoted prices included within Level 1, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; and inputs other than quoted prices that are observable or are derived principally from, or corroborated by, observable market data by correlation or other means. The Company did not have Level 2 instruments as of June 30, 2023 and December 31, 2022. Level 3 —Unobservable inputs that are supported by little or no market activity, are significant to the fair value of the assets or liabilities and reflect the Company’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. As of June 30, 2023, the Company measured the Strategic Investment using Level 3 inputs. The fair value of the Strategic Investment on the date of purchase was determined to be equal to its principal amount. The Company recorded an unrealized loss of $0.1 million and an unrealized gain of $3.1 million in Other income (expense), net related to the adjustment to fair value of the Strategic Investment for the three and six months ended June 30, 2023, respectively. The Company classified the Strategic Investment as Level 3 due to the lack of relevant observable market data over fair value inputs. The fair value of the Strategic Investment was estimated using a scenario-based probability weighted discounted cash flow model. Significant assumptions include the discount rate, and the timing and probability weighting of the various redemption scenarios that impact the settlement of the Strategic Investment. Assets and liabilities that are measured at fair value on a non-recurring basis Non-financial assets such as goodwill, intangible assets, property and equipment, operating lease right-of-use assets, and content assets are evaluated for impairment and adjusted to fair value using Level 3 inputs, only when impairment is recognized. The Company recognized an impairment of $4.3 million primarily related to operating lease right-of-use assets as part of its restructuring charges during the six months ended June 30, 2023.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
Summary of Significant Accounting Policies (Tables)	Jun. 30, 2023
Accounting Policies [Abstract]
Schedules of Concentration of Risk, by Risk Factor	The table below reflects the percentage of cash, cash equivalent and restricted cash balances at financial institutions that individually held greater than 10% of the Company’s total cash, cash equivalent and restricted cash balance at each period reported. As of Institutions June 30, 2023 December 31, 2022 Institution A (1) 16% 26% Institution B (1) 18% —% Institution D * 21% (1) Institutions designated as global systemically important banks (G-SIBs) by the Financial Stability Board, in consultation with the Basel Committee on Banking Supervision (BCBS) and national authorities. * Less than 10%
Schedule of Allowance for Sales Returns	Allowance for sales returns consists of the following activities (in thousands): Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Beginning balance $ 5,845 $ 4,099 $ 7,417 $ 6,015 Add: Charged to revenue 5,275 5,289 8,164 8,810 Less: Utilization of sales return reserve (3,728) (4,718) (8,189) (10,155) Ending balance $ 7,392 $ 4,670 $ 7,392 $ 4,670
Schedule of Allowance for Sales Incentives	Allowance for sales incentives consists of the following activities (in thousands): Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Beginning balance $ 11,672 $ 27,888 $ 28,903 $ 48,411 Add: Charged to revenue 16,993 13,938 27,550 31,550 Less: Utilization of sales incentive reserve (11,237) (16,933) (39,025) (55,068) Ending balance $ 17,428 $ 24,893 $ 17,428 $ 24,893
Schedule of Allowance for Doubtful Accounts	Allowance for doubtful accounts consists of the following activities (in thousands): Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Beginning balance $ 4,506 $ 3,171 $ 3,498 $ 2,158 Provision for (recoveries of) doubtful accounts 1,072 (546) 2,962 467 Adjustments for write-off — (347) (882) (347) Ending balance $ 5,578 $ 2,278 $ 5,578 $ 2,278

Revenue (Tables)

Revenue (Tables)	6 Months Ended
Revenue (Tables)	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Contract Balances	The contract balances include the following (in thousands): As of June 30, 2023 December 31, 2022 Accounts receivable, net $ 707,684 $ 760,793 Contract assets (included in Prepaid expenses and other current assets) 41,873 42,617 Deferred revenue, current portion $ 104,109 $ 87,678 Deferred revenue, non-current portion 23,065 28,210 Total deferred revenue $ 127,174 $ 115,888 As of June 30, 2023 December 31, 2022 Platform, current $ 68,466 $ 59,276 Devices, current 35,643 28,402 Total deferred revenue, current 104,109 87,678 Platform, non-current 858 969 Devices, non-current 22,207 27,241 Total deferred revenue, non-current 23,065 28,210 Total deferred revenue $ 127,174 $ 115,888

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	6 Months Ended
Goodwill and Intangible Assets (Tables)	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Intangible Assets	The following table is the summary of the Company’s intangible assets (in thousands, except years): As of June 30, 2023 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted-Average Useful Lives Developed technology $ 73,367 $ (43,183) $ 30,184 5.9 Customer relationships 14,100 (12,683) 1,417 4.0 Tradename 20,400 (4,966) 15,434 9.8 Patents 4,076 (1,043) 3,033 14.0 Total intangible assets $ 111,943 $ (61,875) $ 50,068 6.7 As of December 31, 2022 Gross Accumulated Net Weighted-Average Useful Lives Developed technology $ 73,367 $ (37,278) $ 36,089 5.9 Customer relationships 14,100 (10,920) 3,180 4.0 Tradename 20,400 (3,966) 16,434 9.8 Patents 4,076 (898) 3,178 14.0 Total intangible assets $ 111,943 $ (53,062) $ 58,881 6.7
Schedule of Estimated Future Amortization Expense for Intangible Assets	As of June 30, 2023, the estimated future amortization expense for intangible assets for the next five years and thereafter is as follows (in thousands): Year Ending December 31, 2023 (remaining 6 months) $ 8,253 2024 14,275 2025 12,571 2026 4,074 2027 2,737 Thereafter 8,158 Total $ 50,068

Balance Sheet Components (Table

Balance Sheet Components (Tables)	6 Months Ended
Balance Sheet Components (Tables)	Jun. 30, 2023
Balance Sheet Related Disclosures [Abstract]
Schedule of Accounts Receivable, Net	Accounts receivable, net consisted of the following (in thousands): As of June 30, 2023 December 31, 2022 Accounts receivable, gross $ 739,199 $ 800,984 Less: Allowances Allowance for sales returns 7,392 7,417 Allowance for sales incentives 17,428 28,903 Allowance for doubtful accounts 5,578 3,498 Other allowances 1,117 373 Total allowances 31,515 40,191 Accounts receivable, net $ 707,684 $ 760,793
Schedule of Property and Equipment, Net	Property and equipment, net consisted of the following (in thousands): As of June 30, 2023 December 31, 2022 Computers and equipment $ 53,351 $ 45,989 Leasehold improvements 376,701 353,245 Internal-use software 7,274 7,274 Office equipment and furniture 45,703 28,614 Property and equipment, gross 483,029 435,122 Less: Accumulated depreciation and amortization (125,426) (100,091) Property and equipment, net $ 357,603 $ 335,031
Schedule of Accrued Liabilities	Accrued liabilities consisted of the following (in thousands): As of June 30, 2023 December 31, 2022 Payments due to content publishers $ 198,040 $ 201,054 Accrued cost of revenue 130,360 105,347 Marketing, retail, and merchandising costs 82,710 163,367 Operating lease liability, current 59,266 54,689 Content liability, current 64,142 88,717 Other accrued expenses 103,962 137,636 Total accrued liabilities $ 638,480 $ 750,810
Schedule of Deferred Revenue	The contract balances include the following (in thousands): As of June 30, 2023 December 31, 2022 Accounts receivable, net $ 707,684 $ 760,793 Contract assets (included in Prepaid expenses and other current assets) 41,873 42,617 Deferred revenue, current portion $ 104,109 $ 87,678 Deferred revenue, non-current portion 23,065 28,210 Total deferred revenue $ 127,174 $ 115,888 As of June 30, 2023 December 31, 2022 Platform, current $ 68,466 $ 59,276 Devices, current 35,643 28,402 Total deferred revenue, current 104,109 87,678 Platform, non-current 858 969 Devices, non-current 22,207 27,241 Total deferred revenue, non-current 23,065 28,210 Total deferred revenue $ 127,174 $ 115,888
Schedule of Other Long Term Liabilities	Other Long-term liabilities consisted of the following (in thousands): As of June 30, 2023 December 31, 2022 Content liability, non-current $ 28,067 $ 39,587 Other long-term liabilities 27,365 30,324 Total other long-term liabilities $ 55,432 $ 69,911

Content Assets (Tables)

Content Assets (Tables)	6 Months Ended
Content Assets (Tables)	Jun. 30, 2023
Capitalized Content Costs [Abstract]
Schedule of Content Assets, Net	Content assets, net consisted of the following (in thousands): As of June 30, 2023 December 31, 2022 Licensed content, net and advances $ 195,337 $ 243,226 Produced content: Released, less amortization 60,083 42,605 Completed, not released 35,904 3,537 In production 23,061 42,904 Total produced content, net 119,048 89,046 Total content assets, net and advances $ 314,385 $ 332,272 Current portion (included in Prepaid expenses and other current assets) $ 13,966 $ 39,506 Non-current portion $ 300,419 $ 292,766
Schedule of Amortization of Content Assets Included in Cost of Revenue in Condensed Consolidated Statement of Operations	Amortization of content assets is included in Cost of revenue, platform in the condensed consolidated statements of operations and is reflected in the table below (in thousands): Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Licensed content $ 44,648 $ 53,166 $ 87,236 $ 94,790 Produced content 8,264 2,879 15,078 5,707 Total amortization costs $ 52,912 $ 56,045 $ 102,314 $ 100,497

Investments, Debt and Equity Se

Investments, Debt and Equity Securities (Tables)	6 Months Ended
Investments, Debt and Equity Securities (Tables)	Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Available-for-Sale Securities	The convertible promissory notes and their date of investment and maturity are as follows (in thousands): As of June 30, 2023 Date of Investment Amount of Investment Date of Maturity June 15, 2022 $40,000 June 15, 2025 March 23, 2023 $5,000 March 23, 2026 May 23, 2023 $5,000 May 23, 2026

Fair Value Disclosure (Tables)

Fair Value Disclosure (Tables)	6 Months Ended
Fair Value Disclosure (Tables)	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Financial Assets Measured at Fair Value	The Company’s financial assets measured at fair value on a recurring basis are as follows (in thousands): As of June 30, 2023 As of December 31, 2022 Fair Value Level 1 Level 3 Fair Value Level 1 Level 3 Assets: Cash and cash equivalents: Cash $ 627,274 $ 627,274 $ — $ 1,353,547 $ 1,353,547 $ — Money market funds 1,127,987 1,127,987 — 608,409 608,409 — Restricted cash, current 40,713 40,713 — — — — Other non-current assets: Strategic Investment 52,558 — 52,558 39,468 — 39,468 Total assets measured and recorded at fair value $ 1,848,532 $ 1,795,974 $ 52,558 $ 2,001,424 $ 1,961,956 $ 39,468
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation	The following table reflects the changes in the fair value of the Company’s Level 3 financial assets (in thousands): Three Months Ended Six Months Ended June 30, 2023 June 30, 2023 Beginning balance $ 47,678 $ 39,468 Purchase of Strategic Investment 5,000 10,000 Change in estimated fair value of the Strategic Investment (120) 3,090 Ending balance $ 52,558 $ 52,558

Leases (Tables)

Leases (Tables)	6 Months Ended
Leases (Tables)	Jun. 30, 2023
Leases [Abstract]
Schedule of Components of Lease Expense	The components of lease expense are as follows (in thousands): Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Operating lease cost $ 21,671 $ 19,377 $ 43,146 $ 34,734 Variable lease cost 6,080 4,906 12,372 9,131 Total operating lease cost $ 27,751 $ 24,283 $ 55,518 $ 43,865
Schedule of Supplemental Cash Flow Information Related To Leases	Supplemental cash flow information related to leases is as follows (in thousands): Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows from operating leases $ 18,327 $ 13,083 $ 35,320 $ 26,741 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 9,352 $ 157,630 $ 11,909 $ 224,320
Schedule of Supplemental Balance Sheet Information Related to Leases	Supplemental balance sheet information related to leases is as follows (in thousands, except lease term and discount rate): As of June 30, 2023 December 31, 2022 Operating lease right-of-use assets $ 499,308 $ 521,695 Operating lease liability, current (included in Accrued liabilities) $ 59,266 $ 54,689 Operating lease liability, non-current 589,476 584,651 Total operating lease liability $ 648,742 $ 639,340 Weighted-average remaining term for operating leases (in years) 8.26 8.62 Weighted-average discount rate for operating leases 3.79 % 3.80 %
Schedule of Future Lease Payments under Operating Leases	Future lease payments under operating leases as of June 30, 2023 are as follows (in thousands): Year Ending December 31, Operating Leases 2023 (remaining 6 months) $ 37,011 2024 86,829 2025 95,425 2026 96,035 2027 95,410 Thereafter 356,996 Total future lease payments 767,706 Less: imputed interest (111,372) Less: expected tenant improvement allowance (7,592) Total $ 648,742

Debt (Tables)

Debt (Tables)	6 Months Ended
Debt (Tables)	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of Outstanding Debt	The Company’s outstanding debt as of December 31, 2022 was as follows (in thousands, except interest rate): As of December 31, 2022 Amount Effective Interest Rate Term Loan A Facility $ 80,000 4.4% Less: Debt issuance costs (15) Net carrying amount of debt $ 79,985

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
Stockholders' Equity (Tables)	Jun. 30, 2023
Equity [Abstract]
Schedule of Reserved Shares of Common Stock for Issuance	As of June 30, 2023, the Company’s common stock reserved for issuance in the future is as follows (in thousands): As of June 30, 2023 Common stock awards granted under equity incentive plans 13,656 Common stock awards available for issuance under the 2017 Employee Stock Purchase Plan (1) 5,089 Common stock awards available for issuance under the 2017 Equity Incentive Plan 30,203 Total reserved shares of common stock 48,948 (1) The Company has not issued any common stock pursuant to the 2017 Employee Stock Purchase Plan.
Summary of Restricted Stock Unit Activity	Restricted stock unit activity for the six months ended June 30, 2023 is as follows (in thousands, except per share data): Number of Shares Weighted-Average Grant Date Fair Value per Share Balance as of December 31, 2022 8,577 $ 120.82 Awarded 1,464 58.74 Released (1,234) 120.01 Forfeited (760) 130.02 Balance as of June 30, 2023 8,047 $ 108.79
Schedule of Stock Option Activity	The following table summarizes the Company’s stock option activities under the 2008 Plan and 2017 Plan for the six months ended June 30, 2023 (in thousands, except years and per share data): Number of Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Balance as of December 31, 2022 5,807 $ 72.79 7.1 Granted 126 59.48 — Exercised (246) 6.11 — Forfeited and expired (78) 160.84 — Balance as of June 30, 2023 5,609 $ 74.22 6.8 $ 95,593 Options exercisable as of June 30, 2023 3,253 $ 50.66 5.4 $ 83,493
Schedule of Stock-based Compensation Expense	The following table shows the total stock-based compensation expense for the three and six months ended June 30, 2023 and 2022 (in thousands): Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Cost of revenue, platform $ 349 $ 366 $ 688 $ 602 Cost of revenue, devices 812 435 1,616 1,004 Research and development 34,824 38,229 73,487 66,619 Sales and marketing 31,225 27,917 65,364 51,828 General and administrative 22,369 20,077 44,896 36,551 Total stock-based compensation $ 89,579 $ 87,024 $ 186,051 $ 156,604

Commitment and Contingencies (T

Commitment and Contingencies (Tables)	6 Months Ended
Commitment and Contingencies (Tables)	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Payments for Content Liabilities	The expected timing of payments for these content obligations are as follows (in thousands): Year Ending December 31, 2023 (remaining 6 months) $ 135,451 2024 117,740 2025 60,432 2026 20,756 2027 7,663 Thereafter 2,887 Total content obligations $ 344,929

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	6 Months Ended
Net Loss Per Share (Tables)	Jun. 30, 2023
Earnings Per Share [Abstract]
Summary of Calculation of Basic and Diluted Net Income (Loss) Per Share	The following table presents the calculation of basic and diluted net loss per share (in thousands, except per share data): Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Numerator: Net Loss $ (107,595) $ (112,321) $ (301,199) $ (138,627) Denominator: Weighted-average common shares outstanding — basic and diluted 141,033 136,849 140,685 136,198 Net loss per share — basic and diluted $ (0.76) $ (0.82) $ (2.14) $ (1.02)

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
Segment Information (Tables)	Jun. 30, 2023
Segment Reporting [Abstract]
Schedule of Customer Accounting for 10% or More of Segment Revenue	Customers accounting for 10% or more of segment revenue, net, were as follows: Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Platform segment revenue: Customer I 13 % * 13 % * Devices segment revenue: Customer B 17 % 22 % 14 % 21 % Customer C 45 % 32 % 41 % 34 % * Less than 10%
Long-lived Assets by Geographic Areas	The following table presents long-lived assets, net, which consist primarily of property and equipment and operating lease right-of-use assets, by geographic area (in thousands): As of June 30, 2023 December 31, 2022 United States $ 695,649 $ 686,902 United Kingdom 119,715 127,538 Other countries 41,547 42,286 Total $ 856,911 $ 856,726

Restructuring (Tables)

Restructuring (Tables)	6 Months Ended
Restructuring (Tables)	Jun. 30, 2023
Restructuring and Related Activities [Abstract]
Restructuring and Related Costs	The restructuring charges for three and six months ended June 30, 2023, are recorded as follows (in thousands): Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 Employee Terminations Facilities Exit Costs Total Employee Terminations Assets Impairment Charges Facilities Exit Costs Total Research and development $ (547) $ — $ (547) $ 13,303 $ — $ — $ 13,303 Sales and marketing 610 — 610 7,287 — — 7,287 General and administrative 73 (90) (17) 4,785 4,338 1,603 10,726 Total restructuring charges $ 136 $ (90) $ 46 $ 25,375 $ 4,338 $ 1,603 $ 31,316 A reconciliation of the beginning and ending balance of employee termination restructuring charges and facility exit costs, which are included in Accrued liabilities in the condensed consolidated balance sheets, is as follows (in thousands): Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 Employee Terminations Facilities Exit Costs Total Employee Terminations Facilities Exit Costs Total Beginning balance $ 25,199 $ 1,295 $ 26,494 $ 22,093 $ — $ 22,093 Charges incurred (adjusted) 136 (90) 46 25,375 1,603 26,978 Payments made (24,913) (385) (25,298) (47,046) (783) (47,829) Ending balance $ 422 $ 820 $ 1,242 $ 422 $ 820 $ 1,242

The Company (Details)

The Company (Details)	6 Months Ended
The Company (Details)	Jun. 30, 2023 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	2
Number of operating segments	2

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Schedule of Concentration of Risk, by Risk Factor (Details) - Cash And Cash Equivalents Benchmark - Financial Institution Risk	3 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Institution A
Summary Of Significant Accounting Policies [Line Items]
Concentration risk	16%	26%
Institution B
Summary Of Significant Accounting Policies [Line Items]
Concentration risk	18%	0%
Institution D
Summary Of Significant Accounting Policies [Line Items]
Concentration risk		21%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Allowance for Sales Returns (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning balance			$ 40,191
Ending balance	$ 31,515		31,515
Allowance for sales returns
Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning balance	5,845	$ 4,099	7,417	$ 6,015
Add: Charged to revenue	5,275	5,289	8,164	8,810
Less: Utilization of sales return reserve	(3,728)	(4,718)	(8,189)	(10,155)
Ending balance	$ 7,392	$ 4,670	$ 7,392	$ 4,670

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Schedule of Allowance for Sales Incentives (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning balance			$ 40,191
Ending balance	$ 31,515		31,515
Allowance for sales incentives
Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning balance	11,672	$ 27,888	28,903	$ 48,411
Add: Charged to revenue	16,993	13,938	27,550	31,550
Less: Utilization of sales incentive reserve	(11,237)	(16,933)	(39,025)	(55,068)
Ending balance	$ 17,428	$ 24,893	$ 17,428	$ 24,893

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Schedule of Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning balance			$ 40,191
Ending balance	$ 31,515		31,515
Allowance for doubtful accounts
Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning balance	4,506	$ 3,171	3,498	$ 2,158
Provision for (recoveries of) doubtful accounts	1,072	(546)	2,962	467
Less: Utilization of sales return reserve	0	(347)	(882)	(347)
Ending balance	$ 5,578	$ 2,278	$ 5,578	$ 2,278

Revenue - Additional Informatio

Revenue - Additional Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
Revenue - Additional Information (Details) $ in Thousands	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) segment	Jun. 30, 2022 USD ($)
Schedule Of Contract Balances [Line Items]
Number of reportable segments \| segment			2
Contract with customer assets increase (decrease)			$ (700)
Increase in deferred revenue			11,286	$ 3,607
Deferred revenue recognized	$ 11,400	$ 11,300	66,900	33,700
Estimated contracted revenue	1,131,200		1,131,200
Revenue recognized from performance obligation satisfied in previous period	$ 17,600	$ (9,800)	$ 32,600	$ 3,400
Customer I \| Net Revenue \| Customer Concentration Risk
Schedule Of Contract Balances [Line Items]
Concentration risk	11%		12%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01
Schedule Of Contract Balances [Line Items]
Revenue remaining performance obligation percentage of revenue expected to be recognized	48%		48%
Remaining performance period	12 months		12 months

Revenue - Schedule of Contract

Revenue - Schedule of Contract Balances (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Schedule Of Contract Balances [Line Items]
Accounts receivable, net	$ 707,684	$ 760,793
Deferred revenue, current portion	104,109	87,678
Deferred revenue, non-current portion	23,065	28,210
Total deferred revenue	127,174	115,888
Prepaid Expenses and Other Current Assets
Schedule Of Contract Balances [Line Items]
Contract assets (included in Prepaid expenses and other current assets)	$ 41,873	$ 42,617

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Finite Lived Intangible Assets [Line Items]
Total intangible assets	$ 111,943	$ 111,943
Accumulated Amortization	(61,875)	(53,062)
Total	50,068
Net Carrying Amount	$ 50,068	$ 58,881
Weighted-Average Useful Lives (in years)	6 years 8 months 12 days	6 years 8 months 12 days
Developed technology
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 73,367	$ 73,367
Accumulated Amortization	(43,183)	(37,278)
Total	$ 30,184	$ 36,089
Weighted-Average Useful Lives (in years)	5 years 10 months 24 days	5 years 10 months 24 days
Customer relationships
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 14,100	$ 14,100
Accumulated Amortization	(12,683)	(10,920)
Total	$ 1,417	$ 3,180
Weighted-Average Useful Lives (in years)	4 years	4 years
Tradename
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 20,400	$ 20,400
Accumulated Amortization	(4,966)	(3,966)
Total	$ 15,434	$ 16,434
Weighted-Average Useful Lives (in years)	9 years 9 months 18 days	9 years 9 months 18 days
Patents
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 4,076	$ 4,076
Accumulated Amortization	(1,043)	(898)
Total	$ 3,033	$ 3,178
Weighted-Average Useful Lives (in years)	14 years	14 years

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 4.4	$ 4.5	$ 8.8	$ 9

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Schedule of Estimated Future Amortization Expense for Intangible Assets (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2023 (remaining 6 months)	$ 8,253
2024	14,275
2025	12,571
2026	4,074
2027	2,737
Thereafter	8,158
Total	$ 50,068

Balance Sheet Components - Sche

Balance Sheet Components - Schedule of Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Valuation And Qualifying Accounts Disclosure [Line Items]
Accounts receivable, gross	$ 739,199		$ 800,984
Allowances	31,515		40,191
Accounts receivable, net	707,684		760,793
Allowance for sales returns
Valuation And Qualifying Accounts Disclosure [Line Items]
Allowances	7,392	$ 5,845	7,417	$ 4,670	$ 4,099	$ 6,015
Allowance for sales incentives
Valuation And Qualifying Accounts Disclosure [Line Items]
Allowances	17,428	11,672	28,903	24,893	27,888	48,411
Allowance for doubtful accounts
Valuation And Qualifying Accounts Disclosure [Line Items]
Allowances	5,578	$ 4,506	3,498	$ 2,278	$ 3,171	$ 2,158
Other allowances
Valuation And Qualifying Accounts Disclosure [Line Items]
Allowances	$ 1,117		$ 373

Balance Sheet Components - Sc_2

Balance Sheet Components - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 483,029	$ 435,122
Less: Accumulated depreciation and amortization	(125,426)	(100,091)
Property and equipment, net	357,603	335,031
Computers and equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	53,351	45,989
Leasehold improvements
Property Plant And Equipment [Line Items]
Property and equipment, gross	376,701	353,245
Internal-use software
Property Plant And Equipment [Line Items]
Property and equipment, gross	7,274	7,274
Office equipment and furniture
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 45,703	$ 28,614

Balance Sheet Components - Addi

Balance Sheet Components - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Balance Sheet Related Disclosures [Abstract]
Depreciation and amortization	$ 14.1	$ 7	$ 25.4	$ 14

Balance Sheet Components - Sc_3

Balance Sheet Components - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Balance Sheet Related Disclosures [Abstract]
Payments due to content publishers	$ 198,040	$ 201,054
Accrued cost of revenue	130,360	105,347
Marketing, retail, and merchandising costs	82,710	163,367
Operating lease liability, current	59,266	54,689
Content liability, current	64,142	88,717
Other accrued expenses	103,962	137,636
Total accrued liabilities	$ 638,480	$ 750,810

Balance Sheet Components - Sc_4

Balance Sheet Components - Schedule of Deferred Revenue (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Deferred Revenue Arrangement [Line Items]
Deferred revenue, current portion	$ 104,109	$ 87,678
Deferred revenue, non-current portion	23,065	28,210
Total deferred revenue	127,174	115,888
Platform
Deferred Revenue Arrangement [Line Items]
Deferred revenue, current portion	68,466	59,276
Deferred revenue, non-current portion	858	969
Devices
Deferred Revenue Arrangement [Line Items]
Deferred revenue, current portion	35,643	28,402
Deferred revenue, non-current portion	$ 22,207	$ 27,241

Balance Sheet Components - Sc_5

Balance Sheet Components - Schedule of Other Long-Term Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Balance Sheet Related Disclosures [Abstract]
Content liability, non-current	$ 28,067	$ 39,587
Other long-term liabilities	27,365	30,324
Other long-term liabilities	$ 55,432	$ 69,911

Content Assets - Schedule of Co

Content Assets - Schedule of Content Assets, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Content Assets [Line Items]
Total content assets, net and advances	$ 314,385	$ 332,272
Current portion (included in Prepaid expenses and other current assets)	13,966	39,506
Non-current portion	300,419	292,766
Licensed content, net and advances
Content Assets [Line Items]
Total content assets, net and advances	195,337	243,226
Released, less amortization
Content Assets [Line Items]
Total content assets, net and advances	60,083	42,605
Completed, not released
Content Assets [Line Items]
Total content assets, net and advances	35,904	3,537
In production
Content Assets [Line Items]
Total content assets, net and advances	23,061	42,904
Total produced content, net
Content Assets [Line Items]
Total content assets, net and advances	$ 119,048	$ 89,046

Content Assets - Schedule of Am

Content Assets - Schedule of Amortization of Content Assets Included in Cost of Revenue in Condensed Consolidated Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Capitalized Content Costs [Abstract]
Licensed content	$ 44,648	$ 53,166	$ 87,236	$ 94,790
Produced content	8,264	2,879	15,078	5,707
Total amortization costs	$ 52,912	$ 56,045	$ 102,314	$ 100,497

Strategic Investment (Details)

Strategic Investment (Details) $ in Millions	6 Months Ended
Strategic Investment (Details) $ in Millions	Jun. 30, 2022 USD ($)
Investments, Debt and Equity Securities [Abstract]
Debt securities, available-for-sale	$ 60
Debt securities, stated interest rate	5%

Strategic Investment - Availabl

Strategic Investment - Available-for-Sale Securities (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Amount of Investment	$ 5,000	$ 5,000	$ 40,000	$ 10,000	$ 40,000

Fair Value Disclosure - Schedul

Fair Value Disclosure - Schedule of Financial Assets Measured at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Assets:
Restricted cash, current	$ 40,713	$ 0
Purchase of Strategic Investment	52,558	39,468
Total assets measured and recorded at fair value	1,848,532	2,001,424
Level 1
Assets:
Restricted cash, current	40,713	0
Purchase of Strategic Investment	0	0
Total assets measured and recorded at fair value	1,795,974	1,961,956
Level 3
Assets:
Restricted cash, current	0	0
Purchase of Strategic Investment	52,558	39,468
Total assets measured and recorded at fair value	52,558	39,468
Cash
Assets:
Cash and cash equivalents:	627,274	1,353,547
Cash \| Level 1
Assets:
Cash and cash equivalents:	627,274	1,353,547
Cash \| Level 3
Assets:
Cash and cash equivalents:	0	0
Money market funds
Assets:
Cash and cash equivalents:	1,127,987	608,409
Money market funds \| Level 1
Assets:
Cash and cash equivalents:	1,127,987	608,409
Money market funds \| Level 3
Assets:
Cash and cash equivalents:	$ 0	$ 0

Fair Value Disclosure - Fair Va

Fair Value Disclosure - Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 47,678	$ 39,468
Purchase of Strategic Investment	5,000	10,000
Change in estimated fair value of the Strategic Investment	(120)	3,090
Ending balance	$ 52,558	$ 52,558
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]		Nonoperating Income (Expense)

Fair Value Disclosure - Additio

Fair Value Disclosure - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Unrealized gain (loss) on investment	$ (100)	$ 3,090	$ 0
Impairment of assets		4,338	$ 0
Money market funds \| Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	$ 1,128,000	$ 1,128,000		$ 608,400

Leases - Additional Information

Leases - Additional Information (Details) $ in Millions	Jun. 30, 2023 USD ($)
Lessee Lease Description [Line Items]
Commitment relating to operating lease, that have not yet commenced	$ 30.8
Operating leases that have not yet commenced, lease terms	10 years
Minimum
Lessee Lease Description [Line Items]
Remaining lease term, operating lease	1 year
Maximum
Lessee Lease Description [Line Items]
Remaining lease term, operating lease	10 years

Leases - Schedule of Components

Leases - Schedule of Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Operating lease cost	$ 21,671	$ 19,377	$ 43,146	$ 34,734
Variable lease cost	6,080	4,906	12,372	9,131
Total operating lease cost	$ 27,751	$ 24,283	$ 55,518	$ 43,865

Leases - Schedule of Supplement

Leases - Schedule of Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$ 18,327	$ 13,083	$ 35,320	$ 26,741
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$ 9,352	$ 157,630	$ 11,909	$ 224,320

Leases - Schedule of Suppleme_2

Leases - Schedule of Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease right-of-use assets	$ 499,308	$ 521,695
Operating lease liability, current	$ 59,266	$ 54,689
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued liabilities	Accrued liabilities
Operating lease liability, non-current	$ 589,476	$ 584,651
Total operating lease liability	$ 648,742	$ 639,340
Weighted-average remaining term for operating leases (in years)	8 years 3 months 3 days	8 years 7 months 13 days
Weighted-average discount rate for operating leases	3.79%	3.80%

Leases - Schedule of Future Lea

Leases - Schedule of Future Lease Payments under Operating Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Leases [Abstract]
2023 (remaining 6 months)	$ 37,011
2024	86,829
2025	95,425
2026	96,035
2027	95,410
Thereafter	356,996
Total future lease payments	767,706
Less: imputed interest	(111,372)
Less: expected tenant improvement allowance	(7,592)
Total	$ 648,742	$ 639,340

Debt - Schedule of Outstanding

Debt - Schedule of Outstanding Debt (Details) - Term Loan A Facility $ in Thousands	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Term Loan A Facility	$ 80,000
Less: Debt issuance costs	(15)
Net carrying amount of debt	$ 79,985
Effective Interest Rate	4.40%

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($)			3 Months Ended		6 Months Ended
Debt - Additional Information (Details) - USD ($)	Nov. 18, 2019	May 03, 2019	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Debt Instrument [Line Items]
Letters of credit outstanding			$ 37,800,000		$ 37,800,000		$ 37,700,000
Restricted cash			40,713,000		40,713,000		0
Term Loan A Facility
Debt Instrument [Line Items]
Interest expense			0	$ 800,000	600,000	$ 1,700,000
Term Loan A Facility \| Morgan Stanley Senior Funding, Inc \| Credit Agreement
Debt Instrument [Line Items]
Debt instrument term, years		4 years
Debt instrument, aggregate principal amount		$ 100,000,000
Amount borrowed under debt facility	$ 100,000,000
Term Loan A Facility \| Morgan Stanley Senior Funding, Inc \| Credit Agreement \| Adjusted One-Month LIBOR
Debt Instrument [Line Items]
Debt instrument, applicable margin on variable rate	1.75%
Revolving Credit Facility \| Morgan Stanley Senior Funding, Inc \| Credit Agreement
Debt Instrument [Line Items]
Debt instrument term, years		4 years
Maximum borrowing capacity		$ 100,000,000
Letters of credit outstanding			$ 37,800,000		$ 37,800,000		$ 37,700,000

Stockholders' Equity - Preferre

Stockholders' Equity - Preferred Stock - Additional Information (Details) - shares	Jun. 30, 2023	Dec. 31, 2022
Equity [Abstract]
Preferred stock, shares authorized (in shares)	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0

Stockholders' Equity - Common S

Stockholders' Equity - Common Stock - Additional Information (Details)	6 Months Ended
	Jun. 30, 2023 vote Class
Class Of Stock [Line Items]
Number of classes \| Class	2
Class A Common Stock
Class Of Stock [Line Items]
Number of votes for each share held	1
Class B Common Stock
Class Of Stock [Line Items]
Number of votes for each share held	10

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Reserved Shares of Common Stock for Issuance (Details) shares in Thousands	Jun. 30, 2023 shares
Class Of Stock [Line Items]
Total reserved shares of common stock (in shares)	48,948
Equity Incentive Plan
Class Of Stock [Line Items]
Common stock awards granted under equity incentive plans (in shares)	13,656
2017 Employee Stock Purchase Plan
Class Of Stock [Line Items]
Common stock awards available for issuance (in shares)	5,089
2017 Plan
Class Of Stock [Line Items]
Common stock awards available for issuance (in shares)	30,203

Stockholders' Equity - Equity I

Stockholders' Equity - Equity Incentive Plans - Additional Information (Details)	6 Months Ended
	Jun. 30, 2023 Plan
Class Of Stock [Line Items]
Number of equity incentive plans	2
2017 Plan \| Employee Stock Option
Class Of Stock [Line Items]
Percentage of voting rights	10%
2017 Plan \| Employee Stock Option \| Minimum \| 10% Shareholder
Class Of Stock [Line Items]
Stock option fair market value at the date of grant, percent	110%

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) [Member] shares in Thousands	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Number of Shares
Beginning balance (in shares) \| shares	8,577
Awarded (in shares) \| shares	1,464
Released (in shares) \| shares	(1,234)
Forfeited (in shares) \| shares	(760)
Ending balance (in shares) \| shares	8,047
Weighted-Average Grant Date Fair Value per Share
Beginning balance (in dollars per share) \| $ / shares	$ 120.82
Awarded (in dollars per share) \| $ / shares	58.74
Released (in dollars per share) \| $ / shares	120.01
Forfeited (in dollars per share) \| $ / shares	130.02
Ending balance (in dollars per share) \| $ / shares	$ 108.79

Stockholders' Equity - Restrict

Stockholders' Equity - Restricted Stock Units - Additional Information (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Expected weighted average period to recognize unrecognized stock compensation expense	2 years 3 months 18 days
Restricted Stock Units (RSUs) [Member]
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Unrecognized stock compensation expense	$ 725.7
Expected weighted average period to recognize unrecognized stock compensation expense	2 years 8 months 12 days

Stockholders' Equity - Summar_2

Stockholders' Equity - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Number of Shares
Beginning balance (in shares)	5,807
Granted (in shares)	126
Exercised (in shares)	(246)
Forfeited and expired (in shares)	(78)
Ending balance (in shares)	5,609	5,807
Options exercisable, Number of Shares (in shares)	3,253
Weighted- Average Exercise Price
Beginning balance (in dollars per share)	$ 72.79
Granted (in dollars per share)	59.48
Exercised (in dollars per share)	6.11
Forfeited and expired (in dollars per share)	160.84
Ending balance (in dollars per share)	74.22	$ 72.79
Options exercisable, Weighted Average Exercise Price (in dollars per share)	$ 50.66
Stock Options Additional Disclosures
Balance, Weighted Average Remaining Contractual Life (Years)	6 years 9 months 18 days	7 years 1 month 6 days
Outstanding, Aggregate Intrinsic Value	$ 95,593
Options exercisable, Weighted Average Remaining Contractual Life (Years)	5 years 4 months 24 days
Options exercisable, Aggregate Intrinsic Value	$ 83,493

Stockholders' Equity - Stock Op

Stockholders' Equity - Stock Option Plan - Additional Information (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
Equity [Abstract]
Unrecognized stock-based compensation expense	$ 80.2
Expected weighted average period to recognize unrecognized stock compensation expense	2 years 3 months 18 days

Stockholders' Equity - Stock-ba

Stockholders' Equity - Stock-based Compensation - Additional Information (Details)	6 Months Ended
	Jun. 30, 2023
Employee Stock Option \| 2017 Plan
Class Of Stock [Line Items]
Stock option term	10 years
Employee Stock Option \| 2017 Plan \| Minimum
Class Of Stock [Line Items]
Share-based compensation arrangement by share-based payment vesting period	1 year
Employee Stock Option \| 2017 Plan \| Maximum
Class Of Stock [Line Items]
Share-based compensation arrangement by share-based payment vesting period	4 years
Restricted Stock Units (RSUs) [Member] \| Minimum
Class Of Stock [Line Items]
Share-based compensation arrangement by share-based payment vesting period	1 year
Restricted Stock Units (RSUs) [Member] \| Maximum
Class Of Stock [Line Items]
Share-based compensation arrangement by share-based payment vesting period	4 years

Stockholders' Equity - Schedu_2

Stockholders' Equity - Schedule of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 89,579	$ 87,024	$ 186,051	$ 156,604
Cost of Revenue \| Platform
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	349	366	688	602
Cost of Revenue \| Devices
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	812	435	1,616	1,004
Research and development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	34,824	38,229	73,487	66,619
Sales and marketing
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	31,225	27,917	65,364	51,828
General and administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 22,369	$ 20,077	$ 44,896	$ 36,551

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Commitments And Contingencies [Line Items]
Unrecorded purchase commitment	$ 252,300
Letters of credit outstanding	37,800	$ 37,700
Manufacturing
Commitments And Contingencies [Line Items]
Purchase commitments for inventory and license	180,200
Content Publishers
Commitments And Contingencies [Line Items]
Purchase commitments for inventory and license	344,929
Content Publishers \| Current Liabilities
Commitments And Contingencies [Line Items]
Purchase commitments for inventory and license	64,500
Content Publishers \| Other Long-Term Liabilities
Commitments And Contingencies [Line Items]
Purchase commitments for inventory and license	$ 28,100

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Payments for Content Obligations (Details) - Content Publishers $ in Thousands	Jun. 30, 2023 USD ($)
Commitments And Contingencies [Line Items]
2023 (remaining 6 months)	$ 135,451
2024	117,740
2025	60,432
2026	20,756
2027	7,663
Thereafter	2,887
Total content obligations	$ 344,929

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income tax expense	$ 1,630	$ 2,578	$ 5,194	$ 4,746

Net Loss Per Share - Summary of

Net Loss Per Share - Summary of Calculation of Basic and Diluted Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator:
Net Loss	$ (107,595)	$ (112,321)	$ (301,199)	$ (138,627)
Denominator:
Weighted-average common shares outstanding — basic (in shares)	141,033	136,849	140,685	136,198
Weighted-average common shares outstanding — diluted (in shares)	141,033	136,849	140,685	136,198
Net loss per share — basic (in dollars per share)	$ (0.76)	$ (0.82)	$ (2.14)	$ (1.02)
Net loss per share - diluted (in dollars per share)	$ (0.76)	$ (0.82)	$ (2.14)	$ (1.02)

Net Loss Per Share - Additional

Net Loss Per Share - Additional Information (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Antidilutive securities excluded from calculation of diluted net loss per share (in shares)	13.7	10.9	13.7	10.9

Segment Information - Additiona

Segment Information - Additional Information (Details)	6 Months Ended
Segment Information - Additional Information (Details)	Jun. 30, 2023 segment
Segment Reporting [Abstract]
Number of reportable segments	2

Segment Information - Schedule

Segment Information - Schedule of Customer Accounting for 10% or More of Segment Revenue (Details) - Net Revenue - Customer Concentration Risk	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Customer I
Entity Wide Revenue Major Customer [Line Items]
Concentration risk	11%		12%
Platform \| Customer I
Entity Wide Revenue Major Customer [Line Items]
Concentration risk	13%		13%
Devices \| Customer B
Entity Wide Revenue Major Customer [Line Items]
Concentration risk	17%	22%	14%	21%
Devices \| Customer C
Entity Wide Revenue Major Customer [Line Items]
Concentration risk	45%	32%	41%	34%

Segment Information - Long-live

Segment Information - Long-lived Assets by Geographic Areas (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Entity Wide Revenue Major Customer [Line Items]
Long-lived assets	$ 856,911	$ 856,726
United States
Entity Wide Revenue Major Customer [Line Items]
Long-lived assets	695,649	686,902
United Kingdom
Entity Wide Revenue Major Customer [Line Items]
Long-lived assets	119,715	127,538
Other countries
Entity Wide Revenue Major Customer [Line Items]
Long-lived assets	$ 41,547	$ 42,286

Restructuring - Restructuring a

Restructuring - Restructuring and Related Costs (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 46	$ 31,316
Research and development
Restructuring Cost and Reserve [Line Items]
Restructuring charges	(547)	13,303
Sales and marketing
Restructuring Cost and Reserve [Line Items]
Restructuring charges	610	7,287
General and administrative
Restructuring Cost and Reserve [Line Items]
Restructuring charges	(17)	10,726
Employee Terminations
Restructuring Cost and Reserve [Line Items]
Restructuring charges	136	25,375
Employee Terminations \| Research and development
Restructuring Cost and Reserve [Line Items]
Restructuring charges	(547)	13,303
Employee Terminations \| Sales and marketing
Restructuring Cost and Reserve [Line Items]
Restructuring charges	610	7,287
Employee Terminations \| General and administrative
Restructuring Cost and Reserve [Line Items]
Restructuring charges	73	4,785
Assets Impairment Charges
Restructuring Cost and Reserve [Line Items]
Restructuring charges		4,338
Assets Impairment Charges \| Research and development
Restructuring Cost and Reserve [Line Items]
Restructuring charges		0
Assets Impairment Charges \| Sales and marketing
Restructuring Cost and Reserve [Line Items]
Restructuring charges		0
Assets Impairment Charges \| General and administrative
Restructuring Cost and Reserve [Line Items]
Restructuring charges		4,338
Facilities Exit Costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	(90)	1,603
Facilities Exit Costs \| Research and development
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0	0
Facilities Exit Costs \| Sales and marketing
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0	0
Facilities Exit Costs \| General and administrative
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ (90)	$ 1,603

Restructuring - Reconciliation

Restructuring - Reconciliation Restructuring and Related Costs (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023
Restructuring Reserve [Roll Forward]
Beginning balance	$ 26,494	$ 22,093
Charges incurred (adjusted)	46	26,978
Payments made	(25,298)	(47,829)
Ending balance	1,242	1,242
Employee Terminations
Restructuring Reserve [Roll Forward]
Beginning balance	25,199	22,093
Charges incurred (adjusted)	136	25,375
Payments made	(24,913)	(47,046)
Ending balance	422	422
Facilities Exit Costs
Restructuring Reserve [Roll Forward]
Beginning balance	1,295	0
Charges incurred (adjusted)	(90)	1,603
Payments made	(385)	(783)
Ending balance	$ 820	$ 820