Platform+ net revenue increased 28%
year-over-year (YoY) to $174.2 million
Platform+ gross profit increased 27% YoY to
$105.4 million
SmartCast Average Revenue Per User increased
15% YoY to $32.48
VIZIO Holding Corp. (NYSE: VZIO):
February 27, 2024
Dear Fellow Shareholders:
On February 20th, we announced a definitive agreement to combine
VIZIO with Walmart. We want to say how excited we are about this
deal. Since VIZIO was founded, we have always worked to bring great
products at great value to consumers. This customer-centric mindset
aligns well with Walmart’s long-standing value proposition. We have
had the opportunity to work closely with Walmart for many years and
have developed a tremendous level of trust, respect, and admiration
for their team. We couldn’t be more excited to bring even more
value and enhanced customer experience through our combined
efforts. Twenty-one years ago, we dreamed of making home
entertainment accessible to everyone. Along the way, with the right
strategy, strong execution, and a disciplined investment framework,
our team has transformed VIZIO from a hardware company into a
powerful CTV platform company that has been a part of helping to
reshape the TV industry. Our success has not come easily, and this
milestone is a true testament to the hard work of the entire VIZIO
team. We want to thank our board, our management team, and the
entire VIZIO family for their dedication and support to arrive at
this point. While we still have more work to do to finalize and
close the transaction, we look forward to the many opportunities
ahead as we embark on this next chapter together.
As we look back on 2023, it was a year characterized by strong
execution, with Q4 serving as further evidence of the power and
success of our integrated hardware and software model. Through the
collective efforts of our teams, we ended Q4 with a record-breaking
monthly active user base of 18.5 million and Platform+ net revenue
of $174 million, well ahead of our outlook. Our strong Platform+
net revenue growth of 28% was driven by a 36% increase in
advertising revenue. Platform+ gross profit was a record $105
million, up 27% and ahead of our expected range. Our total company
Q4 net income was $13M, up 110% and adjusted EBITDA1 was $24
million, which exceeded our expectations. This was due to selective
promotional pricing that supports our business model and
high-margin advertising revenue. We are pleased to say our user
base is expanding and deepening their engagement with our streaming
content, leading to a record SmartCast ARPU of $32.48 during the
quarter. The strength of our integrated model was further
underscored by our record consolidated Gross Profit margins,
including our highest for a fourth quarter as a public company at
20%.
Over the past year, we have significantly improved the user
experience, expanded our content offering, and created valuable
ways for our advertising partners to connect with our growing user
base. A major success of the year was the rollout of a significant
software update – making already great VIZIO TVs even better. The
update has enabled faster loading of apps and channels, better
responsiveness, and improved voice and text search. Moreover, it
has enhanced our home screen, completely changing how our users
explore and stream content. This has helped our content partners to
promote their content and retain viewers effectively. During the
year, we also introduced VIZIOgram, a novel way to share pictures
and videos with friends and family on the biggest screen in the
home.
Additionally, we expanded our content offering with the addition
of 86 apps during the year, including user favorites like ESPN,
NFL, Sirius XM, and The Weather Channel. Today, we have over 200
built-in streaming apps, including our own WatchFree+, where we
offer users over 290 free, ad-supported streaming channels and more
than ten thousand on-demand titles. During the year, we also
launched The Branded Content Studio, a data-driven and brand
sponsor-led approach to exclusive content.
In recognition of our efforts to deliver this world-class user
experience, we are proud to announce that our company has recently
been awarded an Emmy Award for innovation in delivering an
exceptional user experience through our Smart TVs. This award
recognizes the effectiveness of our integrated approach, which
combines state-of-the-art hardware, software, and data
solutions.
As you can also see from our results today, our advertising
business continued to fire on all cylinders during Q4, which again
delivered an upside against our expectations. Our advertising
revenue grew 36% thanks to growth in large ad categories, such as
financial services, insurance, retail, and CPG. And even the
recently challenged Media & Entertainment category was up
almost 20% year-over-year. We are encouraged by the green shoots we
are seeing in this category. Additionally, our overall advertising
growth was supported by a 32% increase in direct advertising
relationships. At VIZIO, we have built an advertising product and
client service organization committed to developing products that
meet the challenges and needs of today’s advertisers. Our
performance continues to showcase that we understand our customers
and their repeat business reflects that.
Looking back at our accomplishments in 2023, we are reminded of
how VIZIO represents the American dream in action. We were built
around a passion for improving our customers lives and continue to
focus on how to deliver the best user experience in the industry.
Over the years, our brand has earned the trust and respect of our
customers through our vision, perseverance, and unwavering
dedication. Looking ahead, we remain excited about the growth
prospects in our industry and can't wait to share more about the
upcoming phase with you soon.
Sincerely,
William Wang
Adam Townsend
Founder & Chief Executive Officer
Chief Financial Officer
VIZIO Holding Corp. (NYSE: VZIO) today announced
the following results for the three months ended December 31,
2023:
Financial and operational highlights include the following,
compared to Q4'22:
- Net revenue of $502.6 million, compared to $533.5 million
- Platform+ net revenue of $174.2 million, up 28%
- Gross profit of $98.1 million, up 14%
- Platform+ gross profit of $105.4 million, up 27%
- Net income of $13.2 million, up 110%
- Adjusted EBITDA1 of $23.9 million, up 20%
- SmartCast Average Revenue Per User (ARPU) of $32.48, up
15%
“2023 marked another year of solid execution as we continue to
deliver exceptional value with our award-winning products and the
ultimate entertainment experience through our fully integrated
Smart TV platform,” said William Wang, CEO of VIZIO. “In just our
fourth year, the growth in our Platform+ business continues to
exceed our expectations driven by strong user engagement trends,
accelerating ad revenue growth - up 36% year over year in Q4 - and
record ARPU. These results continue to prove the strength and
resiliency of the integrated hardware and software model we've
built.”
Q4'23 Business highlights include:
- Reached 18.5 million SmartCast Active Accounts, which streamed
5.5 billion hours2
- Bestselling 65”+ TV3, as well as the Top 3 Bestselling TVs
during 20234
- Grew average SmartCast Hours per SmartCast Active Account to
101 per month, up 8% YoY
- Expanded our direct advertising relationships by 32% compared
to Q4’22, adding 117 net new advertisers in Q45
- Rolled out a VIZIO Home software update with enhancements
designed to make navigation, loading and content discovery even
more seamless
- Added WatchFree+ channels including Crunchyroll, Top Gear, BBC
Food, Antiques Roadshow UK, and CraftsyTV, bringing the total
number of FAST channels to over 290
- Launched 24 new apps including NFL, Fox Local, Music Choice,
and Brit Box bringing the total number of built-in apps to over
200
Transaction with Walmart Inc.
On February 20, 2024, VIZIO Holding Corp. ("VIZIO") announced
that it has entered into an agreement to be acquired by Walmart
Inc. (the "Transaction"). A copy of the press release can be found
on the investor relations page of VIZIO's website at
investors.vizio.com. Additional details are included in the Current
Report on Form 8-K filed by VIZIO with the Securities and Exchange
Commission ("SEC") on February 20, 2024.
Given the pending Transaction, VIZIO will not host an earnings
conference call or provide financial guidance in conjunction with
this earnings release and is withdrawing all previously provided
goals and outlook. For further information about VIZIO's financial
performance please refer to VIZIO's Annual Report on Form 10-K for
the fiscal year ended December 31, 2023, which will be filed
subsequently with the SEC.
Selected Quarterly Financial Results (Unaudited, in
millions, except percentages and SmartCast ARPU)
Three Months Ended
December 31,
Three Months
Year Ended December
31,
Full Year
2023
2022
% Change
2023
2022
% Change
Financial
Highlights
Net Revenue
Device
$
328.4
$
397.0
(17
)%
$
1,081.8
$
1,384.9
(22
)%
Platform+
174.2
136.5
28
%
598.2
477.9
25
%
Total Net Revenue
502.6
533.5
(6
)%
1,680.0
1,862.8
(10
)%
Gross Profit
Device
(7.3
)
2.9
NM
(8.6
)
16.0
NM
Platform+
105.4
82.8
27
%
364.9
296.5
23
%
Total Gross Profit
98.1
85.7
14
%
356.3
312.5
14
%
Operating Expenses
89.2
75.3
18
%
331.5
306.2
8
%
Net Income (loss)
$
13.2
$
6.3
110
%
$
28.2
$
(0.4
)
NM
Adjusted EBITDA1
$
23.9
$
19.9
20
%
$
75.7
$
52.4
44
%
Operational
Metrics
Smart TV Shipments
1.3
1.5
(12
)%
4.3
5.2
(16
)%
SmartCast Active Accounts (as of)
18.5
17.4
6
%
18.5
17.4
6
%
Total VIZIO Hours
9,417
8,950
5
%
36,174
33,440
8
%
SmartCast Hours
5,486
4,762
15
%
20,473
17,403
18
%
SmartCast ARPU
$
32.48
$
28.30
15
%
$
32.48
$
28.30
15
%
1 A reconciliation of Net Income (Loss) to
Adjusted EBITDA is provided below.
2 Streamed hours represent SmartCast
Hours.
3 Source: Circana, Retail Tracking
Service, U.S., unit sales, Display Size: 65 inches and above, Model
V655J09, 12 months ended December 2023.
4 Source: Circana, Retail Tracking
Service, U.S., unit sales, Models D40FJ09, V505J09, D32HJ09, 12
months ended December 2023.
5 Direct advertising relationships
consists of the number of advertisers that purchased advertising
inventory directly from VIZIO during the fourth quarter. Net new
advertisers for the quarter is calculated as the difference between
the number of direct advertising relationships during the fourth
quarter of 2023 versus the fourth quarter of 2022.
NM-Not Meaningful
About VIZIO
Founded and headquartered in Orange County, California, our
mission at VIZIO Holding Corp. (NYSE: VZIO) is to deliver immersive
entertainment and compelling lifestyle enhancements that make our
products the center of the connected home. We are driving the
future of televisions through our integrated platform of
cutting-edge Smart TVs and powerful operating system. We also offer
a portfolio of innovative sound bars that deliver consumers an
elevated audio experience. Our platform gives content providers
more ways to distribute their content and advertisers more tools to
connect with the right audience.
Supplemental Financial and Other Information
Supplemental financial and other information can be accessed
through our Investor Relations website at investors.vizio.com. We
announce material information to the public about our company,
products and services, and other matters through a variety of
means, including filings with the SEC, press releases, public
conference calls, webcasts, our Investor Relations website
(investors.vizio.com), our blog (accessible via
vizio.com/en/newsroom) and our X account (@VIZIO) in order to
achieve broad, non-exclusionary distribution of information to the
public and for complying with our disclosure obligations under
Regulation FD.
Key Operational and Financial Metrics
We review certain key operational and financial metrics to
evaluate our business, measure our performance, identify trends
affecting our business, formulate business plans and make strategic
decisions. We regularly review and may adjust our processes for
calculating our internal metrics to improve their accuracy.
The metrics included in this press release and the accompanying
call, including the key operational and financial metrics defined
below, as well as SmartCast Hours per SmartCast Active Account,
direct advertising client relationships and net new advertisers,
are not based on any standardized industry methodology and are not
necessarily calculated in the same manner or comparable to
similarly titled measures presented by other companies. Similarly,
these metrics may differ from estimates published by third parties
or from similarly titled metrics of our competitors due to
differences in methodology. The numbers that we use to calculate
these metrics are based on internal data. While these numbers are
based on what we believe to be reasonable judgments and estimates
for the applicable period of measurement, there are inherent
challenges in measuring usage and engagement. We regularly review
and may adjust our processes for calculating our internal metrics
to improve their accuracy.
Smart TV Shipments. We define Smart TV Shipments as the
number of Smart TV units shipped to retailers or direct to
consumers in a given period. Smart TV Shipments currently drive the
majority of our revenue and provide the foundation for increased
adoption of our SmartCast operating system and the growth of our
Platform+ revenue. The growth rate between Smart TV Shipments and
Device net revenue is not directly correlated because VIZIO’s
Device net revenue can be impacted by other variables, such as the
series and sizes of Smart TVs sold during the period, the
introduction of new products as well as the number of sound bars
shipped.
SmartCast Active Accounts. We define SmartCast Active
Accounts as the number of VIZIO Smart TVs where a user has
activated the SmartCast operating system through an internet
connection at least once in the past 30 days. We believe that the
number of SmartCast Active Accounts is an important metric to
measure the size of our engaged user base, the attractiveness and
usability of our operating system, and subsequent monetization
opportunities to increase our Platform+ net revenue.
Total VIZIO Hours. We define Total VIZIO Hours as the
aggregate amount of time users spend utilizing our Smart TVs in any
capacity. We believe this usage metric is useful to understanding
our total potential monetization opportunities.
SmartCast Hours. We define SmartCast Hours as the
aggregate amount of time viewers engage with our SmartCast platform
to stream content or access other applications. This metric
reflects the size of the audience engaged with our operating system
as well as indicates the growth and awareness of our platform. It
is also a measure of the success of our offerings in addressing
increased user demand for OTT streaming. Greater user engagement
translates into increased revenue opportunities as we earn a
significant portion of our Platform+ net revenue through
advertising, which is influenced by the amount of time users spend
on our platform.
SmartCast ARPU. We define SmartCast ARPU as total
Platform+ net revenue, less revenue attributable to legacy VIZIO
V.I.A. Plus units, during the preceding four quarters divided by
the average of (i) the number of SmartCast Active Accounts at the
end of the current period; and (ii) the number of SmartCast Active
Accounts at the end of the corresponding prior year period.
SmartCast ARPU indicates the level at which we are monetizing our
SmartCast Active Account user base. Growth in SmartCast ARPU is
driven significantly by our ability to add users to our platform
and our ability to monetize those users.
Device gross profit. We define Device gross profit as
Device net revenue less Device cost of goods sold in a given
period. Device gross profit is directly influenced by consumer
demand, device offerings, and our ability to maintain a
cost-efficient supply chain.
Platform+ gross profit. We define Platform+ gross profit
as Platform+ net revenue less Platform+ cost of goods sold in a
given period. As we continue to grow and scale our business, we
expect Platform+ gross profit to increase over the long term.
Non-GAAP Financial Measures
To supplement our financial information presented in accordance
with generally accepted accounting principles in the United States
of America, or GAAP, VIZIO considers certain financial measures
that are not prepared in accordance with GAAP, including Adjusted
EBITDA. We define Adjusted EBITDA as total net income (loss) before
interest income, net, other income (expense), net, provision for
income taxes, depreciation and amortization and share-based
compensation. We consider Adjusted EBITDA to be an important metric
to assess our operating performance and help us to manage our
working capital needs. Utilizing Adjusted EBITDA, we can identify
and evaluate trends in our business as well as provide investors
with consistency and comparability to facilitate period-to-period
comparisons of our business. We believe that providing users with
non-GAAP measures such as Adjusted EBITDA may assist investors in
seeing VIZIO’s operating results through the eyes of management and
in comparing VIZIO’s operating results over multiple periods with
other companies in our industry.
We use Adjusted EBITDA in conjunction with net income (loss) as
part of our overall assessment of our operating performance and the
management of our working capital needs. Our definition of Adjusted
EBITDA may differ from the definition used by other companies and
therefore comparability may be limited. In addition, other
companies may not publish Adjusted EBITDA or similar metrics.
Furthermore, Adjusted EBITDA has certain limitations in that it
does not include the impact of certain expenses that are reflected
in our consolidated statement of operations that are necessary to
run our business. Thus, Adjusted EBITDA should be considered in
addition to, not as a substitute for, or in isolation from,
measures prepared in accordance with GAAP, including net income
(loss).
We compensate for these limitations by providing a
reconciliation of Adjusted EBITDA to net income (loss). We
encourage investors and others to review our financial information
in its entirety, not to rely on any single financial measure and to
view Adjusted EBITDA in conjunction with net income (loss).
Forward-looking information
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Forward-looking
statements generally relate to future events or VIZIO’s future
financial or operating performance. In some cases, you can identify
forward looking statements because they contain words such as
“may,” “will,” “should,” “expects,” “plans,” “anticipates,” “going
to,” “could,” “intends,” “target,” “projects,” “contemplates,”
“believes,” “estimates,” “predicts,” “potential,” or “continue,” or
the negative of these words or other similar terms or expressions
that concern our expectations, strategy, priorities, plans, or
intentions.
Forward-looking statements in this press release include, but
are not limited to, statements regarding our future financial and
operating performance, our expectations regarding advertising
sales, including the amount of advertising spend we expect to
realize from our partnerships, statements regarding the
Transaction, including the expected timing of the closing of the
Transaction, and expectations for VIZIO following the closing of
the Transaction. There are a number of risks and uncertainties that
could cause actual results to differ materially from statements
made in this press release, including: the possibility that the
conditions to the closing of the Transaction are not satisfied;
potential litigation relating to the Transaction; uncertainties as
to the timing of the consummation of the Transaction; the ability
of each party to consummate the Transaction; the occurrence of any
event, change or circumstance that could result in the merger
agreement being terminated, including in circumstances that would
require us to pay a termination fee or other expenses; possible
disruption to our current plans and operations related to the
Transaction, including due to the diversion of management's
attention from our ongoing business operations due to processes
related to the Transaction; and the effect of the Transaction and
related publicity on our current plans and operations, including
our ability to retain and hire key personnel and our ability to
maintain relationships with our current and prospective customers,
suppliers and others with whom we do business. If any of these
risks or uncertainties materialize, our actual results could differ
materially from the results expressed or implied by these
forward-looking statements.
The forward-looking statements contained in this press release
are also subject to other risks and uncertainties, including those
more fully described in our filings with the Securities and
Exchange Commission, including Quarterly Report on Form 10-Q filed
with the SEC on November 9, 2023. Additional information will also
be set forth in our Annual Report on Form 10-K for the fiscal year
ended December 31, 2023. The forward-looking statements in this
press release are based on information available to VIZIO as of the
date hereof, and VIZIO disclaims any obligation to update any
forward-looking statements, except as required by law.
VIZIO HOLDING CORP.
Consolidated Statements of
Operations
(Unaudited, in millions except
per share amounts)
Three Months Ended
December 31,
Year Ended December
31,
2023
2022
2023
2022
Net revenue:
Device
$
328.4
$
397.0
$
1,081.8
$
1,384.9
Platform+
174.2
136.5
598.2
477.9
Total net revenue
502.6
533.5
1,680.0
1,862.8
Cost of goods sold:
Device
335.7
394.1
1,090.4
1,368.9
Platform+
68.8
53.7
233.3
181.4
Total cost of goods sold
404.5
447.8
1,323.7
1,550.3
Gross profit:
Device
(7.3
)
2.9
(8.6
)
16.0
Platform+
105.4
82.8
364.9
296.5
Total gross profit
98.1
85.7
356.3
312.5
Operating expenses:
Selling, general and administrative
68.4
53.2
248.8
220.7
Marketing
9.9
9.8
36.8
41.1
Research and development
9.6
11.4
41.3
40.8
Depreciation and amortization
1.3
0.9
4.6
3.6
Total operating expenses
89.2
75.3
331.5
306.2
Income from operations
8.9
10.4
24.8
6.3
Interest income, net
4.1
1.2
13.0
1.6
Other income (expense), net
0.2
(0.6
)
0.3
(1.3
)
Total non-operating income, net
4.3
0.6
13.3
0.3
Income before income taxes
13.2
11.0
38.1
6.6
Provision for income taxes
—
4.7
9.9
7.0
Net income (loss)
$
13.2
$
6.3
$
28.2
$
(0.4
)
Net income (loss) per share attributable
to common stockholders:
Basic
$
0.07
$
0.03
$
0.14
$
(0.00
)
Diluted
$
0.07
$
0.03
$
0.14
$
(0.00
)
Weighted-average common shares
outstanding:
Basic
197.4
194.6
196.3
193.1
Diluted
200.5
202.6
200.4
193.1
VIZIO HOLDING CORP.
Consolidated Balance
Sheets
(Unaudited, in millions except
par values)
As of December
31,
2023
2022
Assets
Current assets:
Cash and cash equivalents
$
221.6
$
288.7
Short-term investments
129.9
58.9
Accounts receivable, net
381.2
357.9
Other receivables due from related
parties
—
2.2
Inventories
6.8
15.5
Income tax receivable
9.0
1.7
Prepaid and other current assets
45.9
53.5
Total current assets
794.4
778.4
Property, equipment and software, net
19.7
19.9
Goodwill
44.8
44.8
Deferred income taxes
49.6
51.2
Other assets
52.2
21.4
Total assets
$
960.7
$
915.7
Liabilities and Stockholders’
Equity
Current liabilities:
Accounts payable due to related
parties
$
109.1
$
148.2
Accounts payable
157.8
117.2
Accrued expenses
178.6
204.9
Accrued royalties
40.7
47.4
Other current liabilities
5.8
5.5
Total current liabilities
492.0
523.2
Other long-term liabilities
19.4
18.8
Total liabilities
511.4
542.0
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.0001 par value; 100.0
shares authorized, no shares issued and outstanding as of December
31, 2023 and 2022
—
—
Common stock, $0.0001 par value; 1,350.0
shares authorized as of December 31, 2023 and 2022
- Class A, 125.3 and 121.9 shares issued and 121.5 and 118.1
shares outstanding as of December 31, 2023 and 2022,
respectively
- Class B, 76.2 and 76.8 shares issued and 76.2 and 76.8 shares
outstanding as of December 31, 2023 and 2022, respectively,
and
- Class C, no shares issued and outstanding as of December 31,
2023 and 2022
—
—
Additional paid in capital
414.3
366.9
Accumulated other comprehensive loss
(0.3
)
(0.3
)
Retained earnings
35.3
7.1
Total stockholders’ equity
449.3
373.7
Total liabilities and stockholders’
equity
$
960.7
$
915.7
VIZIO HOLDING CORP.
Consolidated Statements of
Cash Flows
(Unaudited, in millions)
Year Ended December
31,
2023
2022
Cash flows from operating activities:
Net income (loss)
$
28.2
$
(0.4
)
Adjustments to reconcile net income (loss)
to net cash (used in) provided by operating activities:
Depreciation and amortization
7.4
3.6
Amortization of discount on
investments
(5.1
)
(0.6
)
Change in fair value of investment
securities
0.1
0.9
Deferred income taxes
1.6
(20.8
)
Share-based compensation expense
43.5
42.5
Change in allowance for doubtful
accounts
2.0
0.1
Changes in operating assets and
liabilities:
Accounts receivable
(25.3
)
17.0
Other receivables due from related
parties
2.2
2.9
Inventories
8.7
(3.7
)
Income taxes receivable
(7.3
)
24.5
Prepaid and other current assets
4.5
31.3
Other assets
(29.3
)
(4.8
)
Accounts payable due to related
parties
(39.1
)
(76.6
)
Accounts payable
39.2
(1.7
)
Accrued expenses
(26.3
)
19.1
Accrued royalties
(6.7
)
(9.4
)
Other current liabilities
0.3
0.6
Other long-term liabilities
0.6
4.6
Net cash (used in) provided by operating
activities
(0.8
)
29.1
Cash flows from investing activities:
Purchases of property and equipment
(2.9
)
(13.1
)
Purchase of investments
(201.0
)
(74.9
)
Sales and maturities of investments
133.5
15.0
Net cash used in investing activities
(70.4
)
(73.0
)
Cash flows from financing activities:
Proceeds from exercise of stock
options
2.3
12.0
Withholding taxes paid on behalf of
employees on net settled share-based awards
(0.6
)
(12.0
)
Proceeds from sale of stock under ESPP
2.3
1.1
Net cash provided by financing
activities
4.0
1.1
Effect of exchange rate changes on cash
and cash equivalents
0.1
(0.1
)
Net decrease in cash and cash
equivalents
(67.1
)
(42.9
)
Cash and cash equivalents at beginning of
year
288.7
331.6
Cash and cash equivalents at end of
year
$
221.6
$
288.7
Supplemental disclosure of cash flow
information:
Cash paid for income taxes, net
$
14.5
$
3.7
Cash paid for interest
$
0.2
$
0.2
Cash paid for amounts included in the
measurement of operating lease liabilities
$
4.6
$
3.6
Supplemental disclosure of non-cash
investing and financing activities:
Right-of-use assets obtained in exchange
for new operating lease liabilities
$
4.4
$
7.3
Additions to property and equipment
financed by accounts payable
$
1.4
$
—
VIZIO HOLDING CORP.
Reconciliation of Net Income
(Loss) to Adjusted EBITDA
(Unaudited, in millions)
Three Months Ended
December 31,
Year Ended December
31,
2023
2022 1
2023
2022
Net income (loss)
$
13.2
$
6.3
$
28.2
$
(0.4
)
Adjusted to exclude the following:
Interest income, net
(4.1
)
(1.2
)
(13.0
)
(1.6
)
Other income (expense), net
(0.2
)
0.6
(0.3
)
1.3
Provision for income taxes
—
4.7
9.9
7.0
Depreciation and amortization
1.9
0.9
7.4
3.6
Share-based compensation
13.1
8.5
43.5
42.5
Adjusted EBITDA
$
23.9
$
19.9
$
75.7
$
52.4
_________________________
1 Total does not sum due to rounding.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240226026773/en/
Investors and Analysts: Michael Marks IR@vizio.com
Media: PR@vizio.com
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