Platform+ net revenue increased 19% year-over-year (YoY) to $169.4 million

Platform+ gross profit increased 15% YoY to $98.6 million

SmartCast Average Revenue Per User increased 16% YoY to $35.39

IRVINE, Calif.: VIZIO Holding Corp. (NYSE: VZIO) today announced the following results for the three months ended June 30, 2024:

Financial and operational highlights include the following, compared to Q2'23:

• Net revenue of $437.3 million, up 11%
• Platform+ net revenue of $169.4 million, up 19%
• Gross profit of $99.5 million, up 16%
• Platform+ gross profit of $98.6 million, up 15%
• Net income of $0.2 million, compared to $1.9 million
• Adjusted EBITDA1 of $8.6 million, compared to $18.1 million
• Adjusted EBITDA includes acquisition-related costs of $8.4 million and cash incentive awards in lieu of equity awards of $0.5 million in connection with our long-term incentive plan
• SmartCast Average Revenue Per User (ARPU) of $35.39, up 16%

Q2'24 Business highlights include:

• Reached 18.8 million SmartCast Active Accounts, which streamed 5.6 billion hours2
• Grew SmartCast Hours per average SmartCast Active Account to 100 per month, up 6% YoY
• Expanded our direct ad relationships by 13% compared to Q2'233
• Introduced a new line of award-winning sound bars featuring select models that start as low as $99 with Dolby Atmos® and DTS:X capabilities
• Unveiled additional advertising products focusing on new content hubs and ad formats at the 2024 NewFronts
• Added WatchFree+ channels, including Death Valley Days, Tribeca Channel, Nature Moments, and World’s Wildest Police Videos bringing the total number of FAST channels to over 350
• Launched 23 new apps, including NBC Sports, Fox News, Fanmio, and Binge Korea bringing the total number of built-in apps to over 250

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 Securities and Exchange Commission, 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, including the key operational and financial metrics defined below, as well as SmartCast Hours per SmartCast Active Account and direct advertising client relationships, 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, net, (benefit from) 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 condensed 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.

There are a number of risks and uncertainties that could cause actual results to differ materially from statements made in this press release. 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 our Annual Report on Form 10-K for the year ended December 31, 2023, as filed on February 28, 2024, and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, as filed on May 8, 2024. Additional information will also be set forth in our Quarterly Report on Form 10-Q for the three and six months ended June 30, 2024. 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 June 30,								Six Months Ended June 30,
	2024				2023				2024				2023
Net revenue:
Device	$	267.9			$	252.1			$	462.2			$	483.4
Platform+		169.4				142.3				328.9				267.8
Total net revenue		437.3				394.4				791.1				751.2
Cost of goods sold:
Device		267.0				251.8				468.5				481.4
Platform+		70.8				56.5				142.0				108.1
Total cost of goods sold		337.8				308.3				610.5				589.5
Gross profit:
Device		0.9				0.3				(6.3	)			2.0
Platform+		98.6				85.8				186.9	If you liked this article and want to stay up to date with news from InnovationOpenLab.com subscribe to ours Free newsletter. Related news LambdaTest Launches Professional Services to Elevate Quality Engineering Excellence Global Retail Sector Advances with Enterprise Order Management Software for Unified Commerce - ResearchAndMarkets.com U.S. Firms Seize Innovations to Tackle Payroll Complexity AIHA To Advance Global OEHS Through International Strategic Partnership, Vietnam Delegation RAN Automation, SON, RIC, xApps & rApps in the 5G Era 2024-2030 - Opportunities, Challenges, Strategies & Forecasts - ResearchAndMarkets.com Funding Supports Neuranics’ Groundbreaking AI Technology for Remote Heart Health Monitoring Data Destruction Services Market - Global Forecast 2024-2030: Delivering Data Destruction Services in Compliance with Data Protection Regulations in the EMEA Region - ResearchAndMarkets.com Rithum Appoints Tech Industry Leader Lou Keyes as New CEO to Accelerate Growth for Retailers and Brands Last News Dronus gets a strategic investment by Eni Next Eni's VC company invest in the Italian drone company to develop new solutions for industrial plants monitoring Technology Reply wins the 2024 Oracle Partner Awards - Europe South Innovation Oracle recognizes Technology Reply’s ability to develop and deliver pioneering solutions through partnering with Oracle 25 Italian Startups Will Be Present at Expand North Star 2024 Scheduled for October, the world's largest startup event will bring together more than 2,000 exhibitors in Dubai, UAE Partitalia: Italian IoT innovation in San Francisco The Italian IoT company is in the US for the second phase of CALL4INNOVIT Most read Colibri Real Estate Celebrates National Online Learning Day #realestateeducation--Colibri Real Estate, the leading provider of real estate education nationwide, today announced its recognition and celebration of… ZoomInfo Data Reveals Best and Worst Times of Year to Send Email ZoomInfo (NASDAQ: ZI), the go-to-market platform to find, acquire, and grow customers, published an analysis of millions of global emails that reveals… Wealth.com Closes $30M Series A Funding Round, Led by GV, to Further Modernize… #EstatePlanning--Wealth.com, the industry’s leading end-to-end estate planning platform, today announced the successful completion of a $30 million Series… Irdeto Partners with Bitmovin to Deliver Industry-Leading Secure Low-Latency… Irdeto, the global leader in digital video platform experiences and security, and Bitmovin, the industry leader in video software solutions, today announced… Newsletter signup Join our mailing list to get weekly updates delivered to your inbox. Sign me up! G11 Media Networks BitCity ChannelCity ImpresaCity SecurityOpenLab GreenCity ImpresaGreen ItalianChannelAwards AgendaIct Home Newsletter Staff Copyright Contact us InnovationOpenLab is a channel of BitCity, a newspaper registered at the court of Como , n. 21/2007 del 11/10/2007- Registration ROC n. 15698 G11 MEDIA S.R.L. Registered office Via NUOVA VALASSINA, 4 22046 MERONE (CO) - P.IVA/C.F.03062910132 Como business register n. 03062910132 - REA n. 293834 CAPITALE SOCIALE Euro 30.000 i.v. Cookie Privacy