ROKU CEO Anthony Wood, 6 Jan 2021
Roku beats by $0.03, beats on revs; guides Q4 revs in-line; raises FY19 revenue, gross profit, lowers EBITDA outlook due to dataxu acquisition
Reports Q3 (Sep) loss of $0.22 per share, $0.03 better than the S&P Capital IQ Consensus of ($0.25); revenues rose 50.5% year/year to $260.9 mln vs the $257.64 mln S&P Capital IQ Consensus. Platform revenue of $179.3 million, up 79% YoY; Active Accounts of 32.3 million, a net addition of 1.7 million over last quarter; Streaming Hours increased 0.9 billion hours over last quarter, to 10.3 billion; Average Revenue Per User (ARPU) of $22.58 (Trailing Twelve Months), up 30% YoY; Gross Profit of $118.5 million, up 50% YoY; and Roku monetized video ad impressions again more than doubled YoY.
Co issues in-line guidance for Q4, sees Q4 revs of $380-396 mln vs. $386.76 mln S&P Capital IQ Consensus. EBITDA $7-12 mln vs. $25 mln ests.
"We are increasing our revenue and gross profit outlook for 2019 reflecting our strong Q3 performance and the inclusion of dataxu for part of Q4. Our raised revenue outlook midpoint of $1.106 billion represents roughly 49% year-over-year growth, up from 46% year over-year in our prior outlook. We expect Platform revenue to represent roughly two-thirds of total revenue including ~$13 million in revenue from dataxu. We are raising our total gross profit outlook for 2019 to roughly $492 million at the midpoint, up from roughly $485 million previously. We have updated our 2019 adjusted EBITDA outlook midpoint to $30 million from $35 million previously reflecting continued investment in the business as well as an ~$5 million headwind to adjusted EBITDA in Q4 related to dataxu operations and dataxu acquisition related expenses.
"We continue to execute well against our long-term strategic plan as the TV market shifts to streaming. In Q3, we beat our outlook for revenue, gross profit, and adjusted EBITDA. Our business momentum and competitive differentiation make Roku an essential partner for content publishers and advertisers. This is evident in the launch of major new streaming services on our platform and by the growth in the number of advertisers who work with Roku. We believe the dataxu acquisition will accelerate our platform's advertising technology roadmap, strengthen our already industry-leading TV streaming platform and give us the opportunity to create an even more appealing offering for advertisers."
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