Roku Inc (ROKU US) - Adjusted

In Millions of USD except Per Share FY 2016 FY 2017 FY 2018 FY 2019 Est
12 Months Ending 12/31/2016 12/31/2017 12/31/2018 12/31/2019
Revenue 398.6 512.8 742.5 1,104.6
+ Sales & Services Revenue 398.6 512.8 742.5
- Cost of Revenue 277.6 312.9 410.4
+ Cost of Goods & Services 277.6 312.9 410.4
Gross Profit 121.0 199.8 332.1 496.1
+ Other Operating Income 0.0 0.0 0.0
- Operating Expenses 160.3 218.9 344.0
+ Selling, General & Admin 88.2 111.5 174.8
+ Selling & Marketing 52.9 64.1 102.8
+ General & Administrative 35.3 47.4 72.0
+ Research & Development 76.2 107.9 170.7
+ Other Operating Expense -4.2 -0.6 -1.5
Operating Income (Loss) -39.2 -19.0 -11.8 -60.8
- Non-Operating (Income) Loss -0.8 41.2 -4.0
+ Interest Expense, Net 0.0 1.6 0.3
+ Interest Expense — 1.6 0.3
- Interest Income 0.1 0.0 0.0
+ Foreign Exch (Gain) Loss 0.0 0.0 0.0
+ Other Non-Op (Income) Loss -0.7 39.6 -4.3
Pretax Income (Loss), Adjusted -38.4 -60.3 -7.9 -51.9
- Abnormal Losses (Gains) 4.2 2.9 1.5
+ Disposal of Assets 0.0 0.1 0.0
+ Early Extinguishment of Debt — 2.3 —
+ Impairment of Intangibles 0.3 — 0.4
+ Other Abnormal Items 3.8 0.5 1.1
Pretax Income (Loss), GAAP -42.5 -63.2 -9.3 -51.9
- Income Tax Expense (Benefit) 0.2 0.3 -0.5
+ Current Income Tax 0.2 — —
+ Deferred Income Tax 0.0 — —
Income (Loss) from Cont Ops -42.8 -63.5 -8.9 -56.3
- Net Extraordinary Losses (Gains) 0.0 0.0 0.0
+ Discontinued Operations 0.0 0.0 0.0
+ XO & Accounting Changes 0.0 0.0 0.0
Income (Loss) Incl. MI -42.8 -63.5 -8.9
- Minority Interest 0.0 0.0 0.0
Net Income, GAAP -42.8 -63.5 -8.9 -56.3
- Preferred Dividends 0.0 0.0 0.0
- Other Adjustments 0.0 0.0 0.0
Net Income Avail to Common, GAAP -42.8 -63.5 -8.9 -56.3
Net Income Avail to Common, Adj -40.1 -61.6 -7.7 -58.8
Net Abnormal Losses (Gains) 2.7 1.9 1.2
Net Extraordinary Losses (Gains) 0.0 0.0 0.0

Basic Weighted Avg Shares 4.7 28.3 104.6

Basic EPS, GAAP -9.01 -2.24 -0.08 -0.48
Basic EPS from Cont Ops -9.01 -2.24 -0.08 -0.48
Basic EPS from Cont Ops, Adjusted -8.44 -2.18 -0.07 -0.51

Diluted Weighted Avg Shares 4.7 28.3 104.6

Diluted EPS, GAAP -9.01 -2.24 -0.08 -0.48
Diluted EPS from Cont Ops -9.01 -2.24 -0.08 -0.48
Diluted EPS from Cont Ops, Adjusted -8.44 -2.18 -0.07 -0.51

Reference Items
Accounting Standard US GAAP US GAAP US GAAP
EBITDA -33.9 -13.7 -3.4 34.1
EBITDA Margin (T12M) -8.51 -2.67 -0.46 3.09
EBITA -39.2 -19.0 -11.8
EBIT -39.2 -19.0 -11.8 -60.8
Gross Margin 30.36 38.97 44.73 44.91
Operating Margin -9.84 -3.71 -1.59 -5.50
Profit Margin -10.05 -12.02 -1.04 -5.32
Current Profit — — — -63.3
Sales per Employee — 627,616.89 668,322.23
Dividends per Share 0.00 0.00 0.00 0.00
Total Cash Common Dividends 0.0 0.0 0.0
Capitalized Interest Expense — 0.0 0.0
Depreciation Expense 5.3 5.3 8.4
Rental Expense 4.6 6.9 9.7
Source: Bloomberg
FY 2020 Est
12/31/2020
1,525.8

713.6

-41.6

-38.5

-38.5

-40.7

-40.7

-40.7
-41.2

-0.36
-0.36
-0.34

-0.36
-0.36
-0.34

64.0
4.19

-41.6
46.77
-2.73
-2.70
-19.6

0.00
Roku Inc (ROKU US) - Standardized

In Millions of USD except Per Share FY 2015 FY 2016 FY 2017 FY 2018

12 Months Ending 12/26/2015 12/31/2016 12/31/2017 12/31/2018
Total Assets
+ Cash, Cash Equivalents & STI 75.7 34.6 177.3 197.7
+ Cash & Cash Equivalents 75.7 34.6 177.3 155.6
+ ST Investments 0.0 0.0 0.0 42.1
+ Accounts & Notes Receiv 53.2 79.3 120.6 183.1
+ Accounts Receivable, Net 53.2 79.3 120.6 183.1
+ Notes Receivable, Net 0.0 0.0 0.0 0.0
+ Inventories 30.3 43.6 32.7 35.6
+ Other ST Assets 5.7 7.8 14.4 16.6
+ Derivative & Hedging Assets 0.0 0.0 0.0 0.0
+ Misc ST Assets 5.7 7.8 14.4 16.6
Total Current Assets 164.9 165.2 344.9 432.9
+ Property, Plant & Equip, Net 7.9 9.5 14.7 25.3
+ Property, Plant & Equip 12.7 17.3 27.5 44.9
- Accumulated Depreciation 4.9 7.8 12.8 19.7
+ LT Investments & Receivables 0.0 0.0 0.0 0.0
+ Other LT Assets 3.7 4.3 12.2 6.8
+ Total Intangible Assets 0.0 0.0 3.4 2.9
+ Goodwill 0.0 0.0 1.4 1.4
+ Other Intangible Assets 0.0 0.0 2.0 1.5
+ Derivative & Hedging Assets 0.0 0.0 0.0 0.0
+ Misc LT Assets 3.7 4.3 8.8 3.9
Total Noncurrent Assets 11.6 13.9 27.0 32.1
Total Assets 176.5 179.1 371.9 465.0

Liabilities & Shareholders' Equity

+ Payables & Accruals 61.9 77.6 128.8 148.6
+ Accounts Payable 34.2 31.4 56.4 56.6
+ Other Payables & Accruals 27.7 46.2 72.3 92.0
+ ST Debt 0.0 15.0 0.0 0.0
+ ST Borrowings 0.0 0.0 0.0 0.0
+ ST Lease Liabilities 0.0 0.0 0.0 0.0
+ ST Finance Leases 0.0 0.0 0.0 0.0
+ Current Portion of LT Debt 0.0 15.0 0.0 0.0
+ Other ST Liabilities 14.6 24.0 34.5 45.4
+ Deferred Revenue 14.6 24.0 34.5 45.4
+ Derivatives & Hedging 0.0 0.0 0.0 0.0
+ Misc ST Liabilities 0.0 0.0 0.0 0.0
Total Current Liabilities 76.5 116.5 163.3 194.0
+ LT Debt 15.0 0.0 0.0 0.0
 + LT Borrowings 15.0 0.0 0.0 0.0
+ LT Lease Liabilities 0.0 0.0 0.0 0.0
+ LT Finance Leases 0.0 0.0 0.0 0.0
+ Other LT Liabilities 31.6 43.2 56.4 26.3
+ Accrued Liabilities 0.0 0.0 0.0 0.0
+ Pension Liabilities 0.0 0.0 0.0 0.0
+ Pensions 0.0 0.0 0.0 0.0
+ Other Post-Ret Benefits 0.0 0.0 0.0 0.0
+ Deferred Revenue 18.7 29.1 48.5 19.6
+ Derivatives & Hedging 0.0 0.0 0.0 0.0
+ Misc LT Liabilities 12.9 14.1 7.8 6.7
Total Noncurrent Liabilities 46.6 43.2 56.4 26.3
Total Liabilities 123.1 159.7 219.6 220.3
+ Preferred Equity and Hybrid Capital 213.1 213.1 0.0 0.0
+ Share Capital & APIC 17.4 26.1 436.3 498.6
+ Common Stock 0.0 0.0 0.0 0.0
+ Additional Paid in Capital 17.4 26.1 436.3 498.6
- Treasury Stock 0.0 0.0 0.7 0.0
+ Retained Earnings -177.1 -219.8 -283.3 -253.9
+ Other Equity 0.0 0.0 0.0 0.0
Equity Before Minority Interest 53.4 19.4 152.3 244.7
+ Minority/Non Controlling Interest 0.0 0.0 0.0 0.0
Total Equity 53.4 19.4 152.3 244.7
Total Liabilities & Equity 176.5 179.1 371.9 465.0

Reference Items
Accounting Standard US GAAP US GAAP US GAAP US GAAP
Shares Outstanding 4.5 4.8 99.2 99.2
Number of Treasury Shares 0.0 0.0 — 0.0
Pension Obligations 0.0 0.0 0.0 0.0
Future Minimum Operating Lease Obligatio 0.0 31.4 33.4 364.0
Capital Leases - Total 0.0 0.0 0.0 0.0
Options Granted During Period 1.2 0.7 6.1 1.0
Options Outstanding at Period End 3.3 3.7 26.3 16.4
Net Debt -60.7 -19.6 -177.3 -197.7
Net Debt to Equity -113.67 -101.06 -116.40 -80.81
Tangible Common Equity Ratio -90.46 -108.19 40.40 52.32
Current Ratio 2.16 1.42 2.11 2.23
Cash Conversion Cycle — 69.18 62.60 55.11
Number of Employees — — 817.00 1,111.00
Source: Bloomberg
Roku Inc (ROKU US) - Standardized

In Millions of USD except Per Share FY 2016 FY 2017 FY 2018

12 Months Ending 12/31/2016 12/31/2017 12/31/2018
Cash from Operating Activities
+ Net Income -42.8 -63.5 -8.9
+ Depreciation & Amortization 5.3 5.3 8.4
+ Non-Cash Items 30.3 85.9 48.2
+ Stock-Based Compensation 8.2 11.0 37.7
+ Other Non-Cash Adj 22.1 74.9 10.6
+ Chg in Non-Cash Work Cap -25.3 9.6 -33.9
+ (Inc) Dec in Accts Receiv -26.5 -41.2 -50.7
+ (Inc) Dec in Inventories -13.3 10.8 -3.0
+ Inc (Dec) in Accts Payable -2.8 24.3 -0.1
+ Inc (Dec) in Other 17.3 15.7 19.9
+ Net Cash From Disc Ops 0.0 0.0 0.0
Cash from Operating Activities -32.5 37.3 13.9

Cash from Investing Activities

+ Change in Fixed & Intang -8.6 -9.2 -18.3
+ Disp in Fixed & Intang 0.0 0.0 0.0
+ Disp of Fixed Prod Assets 0.0 0.0 0.0
+ Disp of Intangible Assets 0.0 0.0 0.0
+ Acq of Fixed & Intang -8.6 -9.2 -18.3
+ Acq of Fixed Prod Assets -8.6 -9.2 -18.3
+ Acq of Intangible Assets 0.0 0.0 0.0
+ Net Change in LT Investment 0.0 0.0 0.0
+ Dec in LT Investment 0.0 0.0 0.0
+ Inc in LT Investment 0.0 0.0 0.0
+ Net Cash From Acq & Div 0.0 -3.0 0.0
+ Cash from Divestitures 0.0 0.0 0.0
+ Cash for Acq of Subs 0.0 -3.0 0.0
+ Cash for JVs 0.0 0.0 0.0
+ Other Investing Activities 0.0 -0.1 -41.8
+ Net Cash From Disc Ops 0.0 0.0 0.0
Cash from Investing Activities -8.6 -12.3 -60.1

Cash from Financing Activities

+ Dividends Paid 0.0 0.0 0.0
+ Cash From (Repayment) Debt 0.0 -15.8 0.0
+ Cash From (Repay) ST Debt — — 0.0
+ Cash From LT Debt — — 0.0
+ Repayments of LT Debt — — 0.0
+ Cash (Repurchase) of Equity 0.4 133.4 25.0
 + Increase in Capital Stock 0.4 133.4 25.0
+ Decrease in Capital Stock 0.0 0.0 0.0
+ Other Financing Activities -0.6 0.0 -0.5
+ Net Cash From Disc Ops 0.0 0.0 0.0
Cash from Financing Activities -0.2 117.7 24.5

Effect of Foreign Exchange Rates 0.0 0.0 0.0

Net Changes in Cash -41.2 142.7 -21.7

Cash Paid for Taxes 0.1 0.2 0.6

Cash Paid for Interest 0.2 1.1 0.5

Reference Items
EBITDA -38.1 -14.3 -4.9
Trailing 12M EBITDA Margin -9.55 -2.78 -0.66
Net Cash Paid for Acquisitions — 3.0 0.0
Free Cash Flow -41.1 28.1 -4.4
Free Cash Flow to Equity -41.1 -200.8 -4.4
Free Cash Flow per Basic Share -8.65 0.99 -0.04
Price to Free Cash Flow — 52.23 —
Source: Bloomberg
Roku Inc (ROKU US) - By Measure

In Millions of USD except Per Share FY 2016 FY 2017 FY 2018

12 Months Ending 12/31/2016 12/31/2017 12/31/2018
Revenue 398.6 100.0% 512.8 100.0% 742.5 100.0%
Platform 104.7 26.3% 225.4 43.9% 416.9 56.1%
Players 293.9 73.7% 287.4 56.1% 325.6 43.9%
Cost of Revenue 277.6 100.0% 312.9 100.0% 410.4 100.0%
Players 249.8 90.0% 258.1 82.5% 289.8 70.6%
Platform 27.8 10.0% 54.8 17.5% 120.5 29.4%
Gross Profit 121.0 100.0% 199.8 100.0% 332.1 100.0%
Platform 76.9 63.6% 170.5 85.3% 296.3 89.2%
Players 44.1 36.4% 29.3 14.7% 35.8 10.8%
Source: Bloomberg