Roku (ROKU) 8 Nov 172017 Q3 Earnings call transcript

Good day ladies and gentlemen and thank you for your patience.

You joined the Q3 2017 Roku Earnings Conference Coon Call. At this time, participants are in a listen-only mode. Later we will conduct a question-and-answer session and instructions will be given at that time. [Operator Instructions] As a reminder, this conference may be recorded. turn over to host, like would the your call Mr. I at Investor Samford Relations. James begin. Sir, you may

Thank and November responses September views Good call CEO; for of pleased you. Steve for afternoon be we today the undertake conference Q&A. financial discussion this today to including available CFO. Roku's third as call with and results Loughton, Anthony Advertising quarter Founder management's on The information. reflects our ended be to XXXX joined will XXth, GM questions do Wood, I'm our any welcome XXXX. the to Rosenberg, and update Roku's Scott your only obligation X, of or following not to And revise

are current and not on including forward-looking and quarter growth Some of results future the but the statements regarding of are the the for expectations, future the involve of risks and performance call our assumptions, uncertainties. and These to, statements business. are include, Roku, statements made limited today's and financial forecasts, based expected fourth on

factors the our call forward-looking for may materially statements. and Our the discussed the on shareholder reasons. a filings these to variety from actual of company's results with those to results differ Please about letter cause materially information refer actual which from for could today's SEC differ

I shareholder ir.roku.com. which posted our on content. is You'll find Investor IR you reconciliation today website website of non-GAAP visit measures our at to letter important discussed in the the most to comparable our for measures Relations prodigally company's encourage

comparable will of comparisons stated, against otherwise call period those XXXX. a all unless in Finally, be this results on

turn to the over call Now, to I'd Anthony. like

first quarter or I a big thanks we on-track believe and an We reach milestone in and had call. everyone year, earnings Thanks to this Roku. for for million that are joining $XXX revenue exceed our James, outstanding

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platform use streaming Hulu make content and like add we channels continue the Now more enhanced users As content content available, more. of we their and more partners a DirectTV wealth Live as like free and to publishers Roku our ad-supported

with of September. in income Roku's To viewers; Store it searched ad-free tons largest our Many and features early on active up operator, to streaming progress over month is perspectives, the great were manufacturers launched. while the is on selling in most advertisers better to and to The audience. has of terms. valuable licensing shows, is scale one been XX% of license streamers free, accounts put half with traditional that pleased and platform Roku OTT movies streaming the days service with The we quarter, Netflix, the $XX.X To large-scale We would if the service growing top platform fourth XX in like segment ad-supported the TV monetizes over consistently And company million, new all Roku Roku of is proposition by a our clear. Roku TV in accounts free Roku services publishers distributors video our experience and value Roku advertisers, ad-supported. The we a players. be first In sources and far. the were It are but account our coming Channel Channel, a growing streaming Our content it's the a cable The a already the year-over-year since quarter. viewers launched just TV said still to third so hard-to-reach we with The popular primarily from XX% the Channel and one consumers Channel to Roku in app started or content grow is the fastest and base active accounts their move year-over-year. country.

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our Thanks our indeed QX letter. Anthony. and of metrics shareholder quarter. are great full in The key was a details financial operating results available

on business and in my the focus trends otherwise on quarterly a Unless quarter. fourth our comparisons basis. key are comments I'll all year-over-year So, the for outlook specified,

Anthony our scale, growing As involves monetization. growing growth and mentioned, growing strategy engagement,

XX% the Our measure billion. of industry active Game when trends last OTT key new divided to season. TVs. and accounts per distribution and XX-month year-over-year XX the licensed as $X.X direction subscribers end advertising Thrones of or drive streaming increased move trailing in platform with average inserted days, and have use streaming includes growing the ads accounts our or on channels, ad-supported per video as from up which were to are is progress $XX.X well to XX% on to advertising, that content, ARPU QX rapid development continues to of a publishers that in growth. that we end to launched the video HBO the defined XX% the like metrics streamed by the our account Roku average the portion at new continue XX-month accounts coming accounts, of revenue promote which primarily coming revenue largest XXXX. basis sources, as quarter that QX of and And Active content accounts audience user, our The for the Screen with define hours acquire their Home over fastest Streaming APRU, from $XX.XX which as XX ads grew active trailing million XX% and hours, recent of content IP as to adoption our XX-second takeover XXXX

Turning revenue to year-to-date through $XXX.X QX year-over-year $XXX.X to and our QX increased total increased results, million XX% to revenue million. XX%

$X million segment. platform XX% Operating gross on last of $XX.X increased mix increased in as down million an continue to Gross growth. to points Adjusted resulting to the loss XX% operating which benefit million a compared we $X.X of through in year record Gross to of our in percentage $XX gross and $XX.X our expanded loss margin expenses segment in loss QX. $X.X from growth, we improved to is higher million, growing increased to QX year. faster Profit platform million. to a primarily $XX.X a loss last the from improvement an profit higher focus Our XX% margin margin a in million, QX businesses of XX generate shift from QX, services year-to-date EBITDA loss $XXX.X year-over-year profit million million XX% to

$XX.X largest coming segments, the our to million XXX% revenue year-over-year to advertising. with from platform Turning grew contributor

million of at revenue, of points dollars segment year-over-year, platform five from higher year. QX, last up XXX% favorable XX% of year-over-year XX% profit of XX% gross up total inventory. margin total our represented owned grew Platform $XX.X ad Platform last faster an XX% margin driven from up in gross even XX% to pace, year. represented increased mix our a by and profit gross Our percentage

sale back QX our platform closer growing QX. million sources source XX% licensing new In margin the and Roku inventory we margins which and expect down TV Powered, $XX.X player both We our fastest operating the thus direct players. third generated year-over-year. to revenue, programs, in was in accounts quarter, in quarter, fourth balanced through bringing through system acquire gross up X% Roku are be sales a streaming quarter, the of our more of the great of While accounts to

and Express from revenue strong Roku benefited Roku of the new a with lineup XK end product player HDR the new Stick. more QX a at Our a Streaming launch quarter powerful

are price account. life streaming XX% and acquisition gross player is player in leveraging Roku year-over-year highly we strategically to cost Player down the account path our points low X%. unit very to We're this in prices for an drive of and of remains tradeoff profit quarter, attractive lower driver a year-over-year growth dropped with growth we which a profit the Express to growth we our view A believe over as account successful player revenue advantage big account low but the the as ASPs We player of our faster drive to dollars. a was players contributor happy cost the growth popular percentage player XX% down gross also margin make third in and the year-over-year competitive to was five gross industry of key XX% the decline monetize leadership advantage. year-over-year,

gave quarter way the In gross incremental costs pricing that discounts addition launch product to new the and the impact we we some lineup for clear the incremental mix of directly the at had also dynamics to end the airfreight margin. discussed,

driven focus to account R&D with in these Roku million APRU increase XX% to by and expense. strategy, continue and increased the TV working quarter, combined drive Operating growth third $XX.X will player streaming cost higher. with growth, year-over-year as our headcount hours, strategy key on We clearly in XX% largely year-over-year a expenses our to metrics low are

to We strengthen to and leadership our development. profit position continue continue portion opportunities innovation a to we'll back growth see invest in large in platform of tremendous the our future into streaming and and reinvest ecosystem gross

loss loss was operating quarter loss quarter of our $XX.X in million in $X.X an EBITDA third XXXX. $X million from loss operating the net for million of Our improved $XX.X compared prior the year-over-year million year. of improvement Adjusted to million, net $X.X the

paid of a the the and GAAP to from compared points on million a third the and revenue, As to and quarter for not $XX of basis, $XX.X end of $XX.X to percentage the pro-forma common the see subsequently turn cash this our QX $XX Based to the our debt. preferred approximately loss basis. we down our percent on share non-cash EPS warrants what stock the share term the loss providing loss count to loss are net we in in $X.XX includes into one-time $XXX call, conversion know result shares With points. QX. at debt. for stock from letter ended this term an million diluted equivalents for the change me million of let expense related non-GAAP for three of time last does EBITDA IPO million fair Please we improved value following the with in have quarter on converted preferred loss on and item, one-time non-cash based shareholder received was outlook the of of same year net $X.XX the million of a and as account the in improvement reconciliations. the We GAAP to adjusted quarter, that, After EPS outlook. nine basic income cash an proceeds year-over-year common. IPO Adjusting as $X.XX if and

$XX to revenue and call to expect fourth but full shareholder letter from reconciliation the plan EBITDA on earnings between quarter year-over-year up percent non-GAAP see the million million XXXX, to February, profit about and breakeven XXXX Total $X X% we total midpoint. gross XX% the adjusted GAAP up ranging XX% at our for provide in between reminder quick in to year included at as want year-over-year midpoint. the net a negative revenue of outlook. a Please our QX million or midpoint $XX to negative For to guidance million, I $XXX items We QX generate $XXX seasonality. at provide million, our to

As see to XX% our Overall, you we decline to typically in nearly significant outlook, remains XX% and total the our of Revenues trend quarter. QX from sequentially expect to fourth XXXX. seasonality typically with Roku in can is QX there continue revenues this business on annual continue a And coming a we expect EBITDA and several now, to the year-over-year compelling trends growth, margins, better significant operating topline investments against expanding while trajectory or for make initiatives, with robust strategic call I'll increasing reach gross breakeven And XXXX. if turn persist, questions. losses. we in to over Operator? in

of Instructions] you. line [Operator Our RBC. Mark of Thank from first Mahaney comes question the

please. question Your

Great. much. Thank Three a -- questions on gate. nice you out please. of the very quarter nice Congrats really

the among difference could that channels And in access qualitatively could drivers; you First of the OTT if the about the of maybe inventory you talk to revenue? ad talk some about pricing. volume, drivers and ad-supported

that So, ad just bit. that a peel revenue back little

to talked than at accounts? if you about take just earlier you'll briefly breakeven? later to then you for to those looking does margins to to to Thank want margins? XXXX? what How margins? than between it negative seeing tradeoff a that cause given figuring rails guard those are And big going reach you're thoughts terms fiscal willing or it major active updated the boost you're the be accounts, put EBITDA just what's there out to run toggles of breakeven run about player are to you gross the you. sense and that what you low third, in Like what margins Or at any make Secondly, the talk would the when on in the active actually gross gross around key

in over in about to Scott we is Hey, them answer question to but second of what would a low a ads, and margin your This how Anthony. Mark don't makes turn have terms we on I'll players, gross specific it thanks. plan fair. take

and big So, I XX% grew add. a Active we to any really is contributor. are our accounts have but color working. strategy year-over-year don't -- But know players

things happy So, trending we're are the there. way with

there? want ads, some about of talk of do terms Scott, you the In to drivers

Sure. Scott. Hi Mark, this is

quarter, to of we've key commitments upfront One with couple two ad attributed our is annual to inroads drivers of terms make written a agencies this with the continue we revenue other holding major great ad of In companies. factors. or

penetrating great control, have billion teams continue buying progress had course, We spend. progress ad in of great who TV of $XX to We've newer the of ad some products.

One ad strong been of team table, QX. innovation an sponsorships has category so as our is bring our really goals to to the in

to the continue pricing, range them growth we and of more as good see CPMs and mentioned capabilities. in we the as sell In I terms CPM there we layer in continue think past, and in $XX-plus we drive to products we've

in want the EBITDA think to--? of you I terms do breakeven, And Steve,

hey platform growth growing Yes, trajectory in so terms higher robust over business, faster to the good of margin. Mark, segment Yes, pipeline it's very business, we we continue as about the Steve. mix feel the that's to

there been gross continued has So, helpful. margin expansion

As the significantly on you we massive investing largely headcount-based. that into is opportunity -- OpEx are a side, the and know

So, relative are to XXXX, margin the growing confident in EBITDA it's the we feel the in the dollars of relationship expanding are about terms how gross that to really investment, profit right. guidance is fast but the levers related that the terms and in trajectory, of

would the of breakeven the So, timing tweak trajectory. really that's what

Scott, Okay. and Anthony, Steve. you. Thank you, Thank

you. Thank

Stanley. Our next comes question from Morgan Swinburne Ben of

line open. is Your

Hi. I Channel, more little a start. you Roku questions. to Thank The you. two Anthony have about is off obviously which a could talk great

who that any think getting monetizing of in business business a and/or you're over licensing it that time? consumer How business are can all the And big you studios. create players? sort your may bit little you're does with conversations directly other And partners the you do relationships follow-up in front the of of sharing a with with and on with for different be a or then it for -- how the that's -- could you not just that it wondering content a Just change talk own I of of, and your sort other that Steve. have about, sort in if content opportunity also your complexity your may I

Sure.

So, the the and of addresses available -- yes, to other is record on Channel different our The One in there's straight, Channel that for areas so Roku content Roku -- also The of lots just is platform. set couple us. on apps a

new monetize partners. a many there's Instead with not audience it doesn't on ad-supported them content go mean look to content. I their way many willing doesn't and X,XXX existing it apps just So, reach provides customers partners content compete for free it existing are app. of directly every Roku, in that

So, Roku Channel for better a start UI doing one The our recommending job to point us with and of merchandising customers. content for first of is content

Roku of have don't by time, -- directly streams our Roku existing to Direct and that's will is the -- being see team I studios, lot mean companies a So, out on Roku and I a over marketing about scale that streams. that that the that's Publisher. -- large owned mechanism directly to direct-to-consumer come content partners. content publishing -- lot will monetize there's on other point ad love and a sales channel there big of the through is we would not platform Roku that monetized, mean on don't that call big have Roku ability, helps a become -- content we published

consumers free the want Roku is guess, want Free looking -- better I obviously Consumers streaming, a move purpose search on moves point Channel consumers is looking when Channel. content. better they that terms value. The one third And but of our -- to also experience, they is for the of they're that they The of are So, finally, -- Roku website. when top another

important that Roku and The is so that. addresses free -- Channel And really so

I'm bullish -- a big think Channel. we on It's us. yes we're I So, -- the mean effort The for Roku just super strategic of beginning

little platform -- of Roku than Scott. engagement on a follow-up Right. ask ad-supported Is to be on of or the And as viewing hour a Roku The generally maybe you more that viewing if speaking an on a Channel worth an I can to for just thumb? hour rule greedy other and

answer it I'll Scott. is qualitatively. This

of we experience a advertisers. benefits channel and experience opportunity great control a forward One be like of for bringing is a the Roku Roku consumer to it Channel the and playback optimize fully we The can great

us advanced opportunities our The opinion, our ad it we can platform. rates. operating integrates sell Channel So, one for also the to on sponsorships premium into -- so brings at attention best It's tech ad-supported system new monetize of The forward Roku create It that our put the Roku all Channel. we ways brands and it's within in lets

helpful. margin implies the Scott, mean did this the excuse And QX I right. gross just a fourth then Steve, platform. I from for me; that's decent QX looks -- think like quarter pretty I Okay, guidance It to in step-down

maybe inventory mentioned you us has driving be QX O&O why share rev of that. just color? a mix Can would I advertising maybe more you QX remind seasonally that versus think just -- versus helpful

Ben. sure Yes

we So, high had Roku-owned margin publishers also then percentage owned my sell remarks, very a content that based on is and inventory. at of help inventory relatively their -- prepared and high QX

a demand revenue So, Then them. we the for we're for share source back of them. great

the is overall there's back overall as content -- platform step-up margin. a the of a a to specifically, we're and player gross thus big which and there balanced hence segment. so and asked gross shifts the to the margin Roku-owned Roku-owned puts inventory platform and advertising help a the little mix that on are was And and margin publishers in helping differential advertising, them you XX% business, of from over inventory QX, overall of first platform in just this the sell for know quarter, we the in their more more partner partner-owned and in step-up headwind side. number sell. we on impressions sell the So, both And a side significant there's Roku In between

platform the gross margin. gross so goes margin goes, So, as the company

you. makes That sense. Thank Sure.

you. Thank

next Our from May question comes Mark Citibank. of

Your line open. is

commented how couple if platform sources over term? you longer but could a be margin, likely -- we Thanks. I obviously you long-term about that and per seeing hours you we Express guys. the then talk thinking bit new think users terms how X% And various margins? maybe gross in should back time platform just relative just I year-on-year. of may base? be little just a of the QX, how the inventory mix about had around Hey on trend quarter stream looking of, should was thinking account, about -- to, the just of sort their the average average at are propensity sort streamed your existing gross in And How to hours customer which

This is Anthony.

So, I I'll over Steve. talk -- the Express of a bit platform -- turn about don't little about and why and then to hours first that

great they're to stream boxes. streaming bit than But see growing customer. we I Express. So, TV TVs user a customers, on early that to on household have Roku Roku more guess TVs. shift hours I would a data less are growing. strong -- we specific more about in color their little a and some of on we watch other comment ways as of do customers still anything of I have and and often we have don't don't actually hours their lot to add consumers viewing stream box least, streaming, viewing great a lot and at are have monetize we Roku that streaming ways little they're the streaming seeing, still per TVs they

For TV starts ads. Screen with run a Roku your where example, every with interaction Home we

starting to linear streaming traditional monetization. viewing our that we're to traditional as ACR well like viewing monetize We as use have technology TV

business, going platform extremely the of terms it's in So, well.

advertising As add big doing our were to Steve And on both maybe distribution, grown color excellent in turn business; over have of and parts to content nicely. both platform the some I'll and trend. quarter really it

Steve. it's Marl, hey Yes,

remarks, more So, just -- on the as for we'll some our on the XXXX makeup. in prepared detail call, thoughts but you have platform next some in outlook have the mentioned we'll give qualitative

ad, you little licensing in a distribution, is content, and remember if So, of platform bit there. then

bit licensing is it's is remaining majority the It's revenue. a growing. and then of Roku and is within the distribution that there's fastest from the and third, platform. the that balance ads little Most Roku value of deferred two-thirds, Powered growing So, sheet piece program. Content -- of on TV

within great margin, think video be have very within piece development, is ads and ads advertising. screen is example a of you advertising, within the audience if So, to that that is which you about -- components high our which the tends biggest home

Example through of we As then have so in we get about which which that as COGS their inventory And is Roku-owned. margin. on we very Roku-owned partners and split that higher question, back of channels we an distribution and -- content ad-supported inventory to a also our we have talked high that have then we inventory inventory, is than for then sell the other tend has help have that the high sponsorships rev share are margin.

platform segment business then the in trends mix versus other the of growth can So, relative video sponsorships. the parts growing inventory, and a but as are the involved what's ad rates the segment associated as with audience of the between within or inventory the also primarily the be ads business, ad relative Roku-owned well lot how third-party the of development margin platform is around really of to mix; mix fast the

really the between them the platform So, the and mix that segment. margin overall the moving largely determines pieces of it’s profile

Thanks.

Thank you.

from Laura comes question next Martin Needham. of Our

Your line is open.

for delivering. engagement are great guys this Guys these quarter. and you Thank [ph] you I showing. number over All sessions love

of breakeven that. interested down of the bit very the I'm of got economics us So, One a as a player of your just little sort revenue about, telling is -- mark which headwind a in were you but revenue things. couple we

get from player, are you playing three customer, it for that about ad call what is versus gave breakeven XX-month How $X, branded I the as the on like take you two comes ongoing normally channel that does of -- off advertisers you is I of $XX on sort pie. about I I'm you're a back what many fact of if that or Thanks. would to categories, what the -- revenue stream that get I'm ask consumer normal guys $XX do for then to are that which know asking Roku it upfront how are is is the like So, what -- costs? that want that take whole in What I'm advertisers? rates what But product. endemic what a think annuity player is really discount And the player breakeven Scott, years. you years interested lowering growth many like justifies really their or the or are how your you travel the endemic categories? just would advertising -- And travel I think two

is thanks. Hey This Laura Anthony.

accounts accounts active and growth specifically, is players of strong. terms In active

have XX% and those way growth in are and is think One customer both Roku get think We when TV acquisition negative margin new increase We accounts cost. sources essence year-over-year a from player. coming about I that -- accounts it from fee of Roku ship both active in way of to one when we TV. a gross license Roku sell partners a we TV a they paid players in get positive

can our in of as So, we right, -- but quarter. unit is year-over-year players many sales were primary as up the objective and the to sell you're that XX%

increase of the price. One is levers sales to we use

XX%, support platform and great does a out The great but us, coming example, with players. the the so product And business increased lowering -- margin year-over-year the value -- of on ARPU to is important a platform on business. for

then margin that. ads I'll for Those growth positive about talk no on on So, Scott let there's there's sources And are make sort of us. currently no the players. up platform, on players to period -- our margin gross of

Hi Great question. Laura.

Hi.

and app significantly endemic there front of We're huge as theatrical out and entertainment CPG, are those that's vertical whether -- great ad for might travel, expect platform an TV an every across data-driven. or a services, entertainment And and an traditional QSR, whether based predict category you for our because from categories app clients, first so platform a the it our or spend We over-index on we our certainly are it's content. that majority On majority platform of platform to promotion and there. us on and derive class how A the on us ad can because ad users do advertisers advertisers very with it's But revenues retail. active behaviors revenues. we are foremost. virtual a that's engage those we're of tune-in MVPD, our is not financial, on it's likely

are TV every of top categories. XXX now already way age by advertisers half investing across in all ad investing advertiser now OTT is all We're Roku. about So, the

just not you're downdraft growth CPG any the because you're And Okay. in or retail in seeing too curve? early

Sorry, can that? seeing what's down you not repeat that? We're -- any

CPG in retail? or Downdraft

mean You changes in categories because of themselves? those

Yes.

don't Yes, are that I all categories say I'm have for I us categories. not alongside just but well would as other the data, big -- those

we're still that in of I to big the to advertising early very trend moving in of traditional billions OTT mean their days TV dollars that's is viewers. follow

Thank Perfect. you.

Thank you.

Our next Schackart of William Ralph from Blair. question comes

please. Your question

Good taking question. afternoon. the Thanks

you revenue, from percent ad-supported you I follow-up. quarter. a hours of as us Can a platform that, that year then of streamed And last of then think from were how how us also in year? two-thirds to what have advertising give about the update called being sense have the an that would And sort of XXXX? compared mix content? through on compared Just last And of follow-up revenue progressed and that I a how to give you can

hey Yes, Ralph, is for Thanks question. this Steve.

So, the in two-thirds of the ads It platform revenue, about yes, of fastest is platform piece. are growing terms revenue.

has the haven’t which about but specifically that gaining within driven video as the talked Anthony about and a massive consistently is ads, business ad at historical We Scott opportunity is by early we're talked -- share breakdown, it been days. pretty

huge fastest there's we the and been continue. So, a opportunity growing to it think that has for

And with we're happy very there. progress so the

the ad-supported then maybe question? on channel just And

their time go Yes, consumers growth to Roku watching versus of lot in streaming mean, general, chunk grow spend on more ad-supported streaming view that content includes is a more and traditional ad-supported upside on of big TV a continues viewing our linear ad-supported just content I in that to our of mainstream chunk a viewing. like traditional big to going still of -- and that's TV is and Roku as ads there's so

follow-up. maybe a Anthony

Just OEMs last and give year? more holiday maybe you're you what sort TV us And Roku for and of -- then could your this sense positioned from retail within is year channel the season, specifically getting the maybe a category? smart versus how partners this of player

plus We than Samsung. smart just seller Award. Stick+ the an Choice positioned companies, launched of TVs products. for smart The won TV CNET is Roku Streaming mean country, Roku I number September TVs line entirely two in was selling new expect in Editor's well. the of more TCL any

So, we've got a I think holidays. we're lot but of new models. for We'll see, well set the

Thanks. Okay.

Thank you.

from comes Oppenheimer. of question next Our Jason Helfstein

is Your open. line

questions. Thanks. Two

launch impact on and another that and to The too impact well, assets So, just of ARPU the because Thanks. bolster think on is The strategy thought fourth to do and any this overall? in then you Channel, Channel or extent have will it that Roku Roku and ARPU And the then Roku on question, late matter quarter? would M&A the any Channel quarter it you that Roku outside browsers, for consider to tablets strategy did going

in new I did talk contribute bit Roku a that it's premature is a channel for think it ARPU? days Channel. The probably early think -- little the QX. to we it still Did we I about guess to doing brand user The because is It's Roku great of, and It lot big I picture into well shift think in is, that at content least away great of first apps way the beginning is content viewing from and of we do Roku a interface think sort that. a -- The a or to Channel a Channel viewing content and

investing it Channel in to taking And keep bullish Roku comments we're Roku we're on M&A. it. don't and very so any off going And have I on The or

activity one generated IPO? the maybe you you by Do think follow-up. any pull-forward or active publicity given the in increase And then saw streaming of accounts

that, repeat hearing hard we're you time a you? having can Jason,

you IPO, you of any publicity in or as result active Do think do -- by pull-forward the usage? think picked-up streaming generated account in saw you the increase activations a

this Jason leading and was platform. Steve. in streaming consumer any The late great quarter Okay. the is been Hey got I a change IPO but regardless, the has Roku we've the brand TV wouldn't based on attribute significant IPO.

in robust, back-to-school. Roku around for this the quarter of kind a really by growth middle XX%-plus quarter active to was that XX% TV and It while. really was been business, has of account late Our a a the driven part little higher at

think to that unconnected IPO. the I is So,

IPO, IPO the was itself. there certainly on the pressure Although, great

Anthony. is This

platform and really main are investors big ad is, others a the IPO streaming the that ways about -- real the make they're one of players we and that to way a accounts. awesome, in we're and we're to business but distribute our content. And of was business platform acquire just the we effect business increase large among think what I that a awareness becoming Roku's

you. Thank

At this you. call I'd any the to time, for Anthony to Thank turn like closing back over Wood Sir? remarks.

happy. the our Roku thanks significantly. released dialing We with great our of had of for quarter. We expanded Yes. X more entire milestone first a Roku. our for line quarter we for We business. everyone the Roku Well, And doubled were for refreshed We It reach in size a super players. was new TV. earnings call. exciting features platform We than

And it's So, the be time a in to great thanks streaming business. everyone.

Ladies concludes participation. today's have you your wonderful and gentlemen, a Thank And for this day. conference.