Fellow Shareholders,November 2, 2022

In Q3, we delivered meaningful growth in scale and engagement. We added 2.3 million incremental Active
Accounts, and The Roku Channel’s Streaming Hours increased more than 90% year over year. Platform revenue
grew 15% year over year, which was lower than our historical growth rates but positive given the difficult macro
environment. Advertising spend on our platform continues to grow more slowly than our beginning-of-year
forecast due to current weakness in the overall TV ad market and the ad scatter market in particular. However,the long-term opportunity in TV streaming remains intact, and we continue to innovate and execute. We believe
the strong growth in the scale and engagement of our platform, combined with the continued consumer shift
to TV streaming, positions us well for when the ad market improves.

Q3 2022 Key Results
•
•
•
•
•
•
•

Total net revenue grew 12% YoY (year over year) to $761 million
Platform revenue increased 15% YoY to $670 million
Gross profit was down 2% YoY to $357 million
Roku added 2.3 million incremental Active Accounts in Q3 2022 to reach 65.4 million
Streaming Hours were 21.9 billion hours, an increase of 1.1 billion hours from last quarter
Average Revenue Per User (ARPU) grew to $44.25 (trailing 12-month basis), up 10% YoYStreaming Hours on The Roku Channel grew more than 90% YoY

Roku Q3 2022 Shareholder Letter

1

Executive Talent Update
We’re pleased to officially welcome Charlie Collier to Roku as President, Roku Media, which is focused on ad
monetization, content licensing, and production. An industry veteran, Charlie brings over 25 years of advertisingand media leadership experience. He most recently served as the CEO of FOX Entertainment where he was
responsible for driving the overall vision and business as he will for Roku Media. Beginning his career inadvertising sales, Charlie successfully ran ad sales organizations before moving up to lead entire media
businesses, including programming, operations, strategy, and digital. Charlie has been a part of Upfront1
discussions with the largest advertisers and agency holding companies for decades, on behalf of networks andprogramming at A&E, The History Channel, AMC, FOX Entertainment and others.
We also recently named Mustafa Ozgen as President, Devices, which is focused on increasing Active Accounts
through the sale of first- and third-party TV streaming devices. And we named Gidon Katz as President,
Consumer Experiences, which is focused on building an exceptional TV streaming experience that grows
engagement and long-term customer value.
Separately, Steve Louden, our Chief Financial Officer, plans to leave Roku sometime in 2023 after helping recruitand transition his role to a successor. Steve joined Roku in 2015 and led Roku’s successful Initial Public Offering
process in 2017. We previously announced that Steve was planning to leave his position in late 2019, but helater decided to remain at Roku. Throughout his tenure, Steve has kept a consistent focus on building a strong
team and robust systems to support Roku’s expanding business objectives and operational complexity.

Account Acquisition
In Q3 we reached 65.4 million Active Accounts globally. Active Account net adds were 2.3 million on a sequential
basis, which was above both 2019 and 2021 levels. This growth was driven primarily by TV sales in both U.S. andinternational markets, along with improved Active Account retention. We continued to absorb higher costs in
our player business to insulate consumers from price increases. As a result, Player gross margin was down 4
percentage points year over year as supply chain costs remain elevated above pre-COVID levels.
We are a leader in building innovative products that provide value, choice, and ease of use to create an
exceptional TV streaming experience for our customers. In September we announced two new products in the
U.S., the Roku Express player and the Roku Wireless Bass. The Roku Express has dual-band Wi-Fi® and increased
storage, making it more powerful than ever. The newly designed Roku Wireless Bass provides high-poweredsound for a theater-like experience right at home. We also made updates to the Roku Operating System (OS) tofurther enhance our devices, such as expanding Bluetooth Private Listening to be compatible with our newest
Roku Ultra, Roku Streambar, and Roku Streambar Pro.
In Q3 the Roku OS was the #1 selling smart TV OS in the U.S., and we continue to build scale in our markets
outside the U.S. We are expanding our global Roku TV program to Germany with TCL and Metz, and to Australia
with TCL.
Our results in Mexico demonstrate that our three-phased business model works outside the U.S.: (1) scale, (2)engage, and (3) monetize. Since our full-scale launch in 2019, with early Roku TV partners Hisense and TCL, ourMexico product lineup has grown to offer streaming players and Roku TV models through 12 partners. Our
customers in Mexico can access a broad range of content on thousands of channels from popular services suchas ViX, TV Azteca, Blim, Netflix, and HBO Max. We are the #2 selling smart TV OS in Mexico, and with this scale
and meaningful engagement we launched our advertising business earlier this year. Most recently, in October
1 The process through which TV ads are bought several months before the TV season begins.

Roku Q3 2022 Shareholder Letter2

we launched The Roku Channel in Mexico — a milestone for our business that is the result of the scale we haveachieved in the past three years.

We launched The Roku Channel in Mexico,
marking a milestone for our scale.

Roku Smart Home
Last month, we launched new smart home products to build new service revenue streams. This product offering
includes cameras and video doorbells with subscription plans that offer users the ability to view cloud recordingsof the videos, along with AI-based alerts (e.g., person, package, vehicle, pet). Similar to our TV streaming model,
we plan to build scale with our devices and then monetize through smart home services, which we expect tobecome a very large market.

Our smart home launch included cameras, video doorbells, plugs, and lighting, along with a Roku Smart Home
mobile app for iOS and Android. One of our smart home priorities is interoperability, and Roku Smart Home iscompatible with Google Home, Alexa, and Roku Voice. The Roku video doorbell and cameras also integrate with
the Roku OS, allowing users to view live video streams and receive real-time notifications directly on their TV.
The products are available in-store exclusively at Walmart, America’s #1 retailer, in nearly 3,500 locations where
Roku is the #1 smart home brand by shelf space.

Roku Q3 2022 Shareholder Letter3

We believe every device in the home will be smart, but it is still early days as approximately 20% of U.S.
households have cameras (Statista, March 2022). We are well-positioned to be the leading smart home platform
as we have strong brand affinity and deliver seamless experiences at consumer-friendly price points. As the #1
selling smart TV OS in the U.S., we have the necessary technology and expertise in hardware, software, andconnectivity to deliver a smart home ecosystem that is simple, powerful, and delightful.

With our subscription plans, users can viewcloud recordings of their camera/doorbell
videos in the Roku Smart Home app.

Users can view live video streams
and receive real-time doorbell notifications
directly on their TV (powered by the Roku OS).

Engagement
Globally our users streamed 21.9 billion hours in Q3, an increase of 1.1 billion hours from Q2. With the hugeincrease in streaming content and services, along with the frequent changes to where a specificshow/movie/event can be watched, the consumer experience has become fragmented and confusing. TV
audiences are spending longer and longer amounts of time staring at the TV screen trying to figure out what towatch and where to find it. Of streamers we recently surveyed, more than half say they find new content byscrolling through recommendations from their streaming platform, and nearly a third say they try to “save”
recommendations by simply remembering them 2.
With the Roku Home Screen, we are uniquely positioned to help our users discover and find shows, movies, andsports. This year we added Live TV and What to Watch into our left-hand navigation on the Roku Home Screen
Menu, and with our most recent Roku OS update we continued to enhance these experiences. In Q3 we addeda Continue Watching feature to What to Watch, aggregating in a single destination shows/movies that the user
was previously watching and can easily jump back into. We are complementing this with a cross-platform Save
List to help users easily save in a single location a list of movies and shows that they want to watch later. Save
2 Survey of 2,000 people who stream, commissioned by Roku and conducted by market research company OnePoll in Oct 2022.

Roku Q3 2022 Shareholder Letter

4List is available on all Roku devices and on the Roku mobile app, which has been launched over 5 billion times
in the last 12 months. These improvements are resonating with our customers, with Streaming Hours originatingfrom within our left-hand navigation more than tripling year over year.

With new features like Continue Watching and Save List,
we make it easy for our users to discover, find, and watch content they love.

With the Roku Home Screen, we also have significant monetization opportunities to help streaming services
build audiences for their valuable content. To support the premiere of the highly anticipated Game of Thronesprequel series, we launched the first-ever House of the Dragon Exclusive Fan Experience on our platform, whichfeatured a show trailer, behind-the-scenes segments, and a device giveaway. It also featured “The Roku
Rundown,” a new Roku Brand Studio special to help fans catch up before the House of the Dragon premiere.
The exclusive fan experience drove incremental sign-ups and viewership for HBO Max on our platform. Roku
users who watched “The Roku Rundown” were 3.5X more likely to sign up for HBO Max and 17% more likely towatch House of the Dragon (vs. users who did not watch “The Roku Rundown”).

House of the Dragon Exclusive Fan Experience
Roku Q3 2022 Shareholder Letter

5

The Roku Channel
The Roku Channel continues to be a unique and valuable asset. For the third consecutive quarter, the Roku
Channel was a top 5 channel by both Active Account reach and Streaming Hour engagement on the Roku
platform in the U.S. The Roku Channel also ranked first in reach amongst AVOD/FAST services in the U.S. andCanada according to TiVo’s most recent quarterly Video Trends Report.
We have built a broad portfolio of compelling content, and in Q3 we drove particular success in several specificcategories. Our news offering reached significantly more unique viewers than the largest stand-alone news appson the Roku platform, and Espacio Latino, our Spanish-language offering launched in June, reached more uniqueviewers than any Spanish language app on the Roku platform in the U.S.
In addition, we offer compelling entertainment exclusive to The Roku Channel, providing value to both ouraudience and advertisers. In September The Roku Channel became the exclusive home of Emmy-nominatedsports and entertainment talk show The Rich Eisen Show, enabling us to reach the sports consumer on Roku.
Roku Original Emeril Tailgates recently premiered on The Roku Channel with sponsorship from Coca-Cola, a firsttime Roku Originals advertiser. Excitement and anticipation for WEIRD: The Al Yankovic Story (premiering
exclusively on The Roku Channel on November 4) continues to build with the film winning the Toronto
International Film Festival People’s Choice Award after its premiere in the festival’s Midnight Madness program.
We further expanded our offering of leading third-party subscription services in The Roku Channel with thelaunch of Paramount+ as a Premium Subscription in August. Our partners benefit from direct integration into
Roku’s user experience, marketing tools, and machine learning recommendations, while enhancing thechannel’s content portfolio. In addition to high quality entertainment options like the hit original series 1883
and popular family films like Sonic the Hedgehog 2, Paramount+ brings live programming from marquee sports,
representing the first time that live football has been offered within The Roku Channel. The further integration
into Roku’s platform drove sign ups for Paramount+ in Q3, creating value for both Paramount Streaming and
Roku.

Content partners like Paramount+ benefit from direct integration with The Roku Channel.

We have built a broad portfolio of compelling content through a combination of revenue share, fixed licensing
agreements, and investment in originals. We serve a wide range of audiences, drive data-informed

Roku Q3 2022 Shareholder Letter6

recommendations, and have built content discovery experiences that expand and deepen engagement. As aresult — with Q3 Streaming Hours on The Roku Channel up more than 90% year over year — our engagement
is growing at a faster rate than our content investment. We expect to continue growing The Roku Channel
effectively through this combination of content, user experience, and advertiser appeal.

Monetization
We continue to increase our share of advertising spend as traditional TV audiences decline. Our Q3 Platformrevenue increased 15% year over year to $670 million, in an environment that saw significant pressure in the
traditional TV ad scatter market3, which was down 38% year over year in the U.S. (aggregated using SMI Coredata). With continued economic uncertainty, we expect ongoing ad scatter declines for both traditional TV andCTV (connected TV) to continue until at least next year.

The macro environment continues to pressure the U.S. traditional TV ad scatter market.4

Economic cycles do not change our significant, long-term opportunity in TV streaming. We continue to innovateand launch new products and partnerships, which further differentiate our ad platform and strongly position us
for future growth.
In Q2, in partnership with Walmart, we announced a new product called Shoppable Ads that enables viewers tosimply press “OK” with their Roku remote and proceed to checkout with their shipping and payment details prepopulated. Our expansion of the product in Q3 enables thousands of brands in the Walmart Connect Partner
Program to purchase Shoppable Ads through OneView.
Viewers continue to move to TV streaming more quickly than ad dollars, and many advertisers cite crossplatform measurement as a key need to also make the move to TV streaming. We recently announced thelaunch of Nielsen Total Ad Ratings, which provides media measurement across TV streaming, traditional TV,
desktop, and mobile. OneView, our ad platform built for TV streaming, is the first Demand Side Platform to
3 TV ads bought during the quarter.
4 Aggregated using SMI Core data.

Roku Q3 2022 Shareholder Letter

7directly integrate with Nielsen’s measurement solution. Nielsen Total Ad Ratings will provide audience reachand frequency measurement across all four major screens in the home for the first time — making it easier forbrands to shift dollars to Roku with confidence.

OutlookAs we enter the holiday season, we expect the macro environment to further pressure consumer discretionary
spend and degrade advertising budgets, especially in the TV scatter market. We expect these conditions to be
temporary, but it is difficult to predict when they will stabilize or rebound. We therefore anticipate Q4 Player
revenue and Platform revenue to be lower year over year.
Our significant Q3 OpEx (operating expense) YoY growth was largely the result of robust hiring in late 2021 andearly 2022 when we believed that the economy was emerging out of pandemic-related disruptions, and wewere accelerating investments that we had previously deferred. We started taking steps to significantly slow
the rate of hiring and other OpEx growth in late Q2, however, it will take a few more quarters for this YoY OpEx
growth rate to normalize. We will continue to slow headcount and OpEx growth in response to the macro
environment, while continuing to make disciplined investments in our most strategic projects that will increase
both the market penetration of our platform and long-term customer value. Taking these factors into
consideration, our Q4 outlook is for total net revenue of roughly $800 million, total gross profit of roughly $325
million, and adjusted EBITDA of negative $135 million.

Conclusion
The broad, secular shift to streaming remains fully intact, and it is for this reason that we continue to invest andinnovate. We have significant scale, a direct relationship with tens of millions of consumers, and an ad
proposition that delivers measurable ROI to marketers. We also provide an exceptional user experience, andthrough The Roku Channel we offer a broad array of free entertainment. While the current environment isdifficult, we believe it is also temporary, and as consumers and businesses regain their footing, we expect Roku
to be in a stronger position than ever. We have spent years building a business designed to benefit everyone in
the TV streaming ecosystem, and as we look ahead, we remain confident that our strategy and our businessmodel are the best way to maximize the opportunity to deliver both growth and profit to our investors over thelong term.
Happy Streaming™!
Anthony Wood, Founder and CEO, and Steve Louden, CFO

Roku Q3 2022 Shareholder Letter8Conference Call Webcast – 2 p.m. PT November 2, 2022
The Company will host a webcast of its conference call to discuss Q3 2022 results at 2 p.m. Pacific Time / 5 p.m. Eastern Timeon November 2, 2022. Participants may access the live webcast in listen-only mode on the Roku investor relations website atwww.roku.com/investor, and an archived webcast of the conference call will also be available after the call.
About Roku, Inc.
Roku pioneered streaming to the TV. We connect users to the streaming content they love, enable content publishers to build
and monetize large audiences, and provide advertisers with unique capabilities to engage consumers. Roku streaming players
and TV-related audio devices are available in the U.S. and in select countries through direct retail sales and licensing
arrangements with service operators. Roku TV™ models are available in the U.S. and in select countries through licensing
arrangements with TV OEM brands. Roku Smart Home products, including cameras, video doorbells, lighting, plugs, and more,are available in the U.S. Roku is headquartered in San Jose, Calif. U.S.A.
Roku, the Roku logo and other trade names, trademarks or service marks of Roku appearing in this shareholder letter are theproperty of Roku, Inc. and its affiliates. Trade names, trademarks and service marks of other companies appearing in thisshareholder letter are the property of their respective holders.
Investor Relations
Conrad Grodd
cgrodd@roku.com

Media
Kim Sampson
ksampson@roku.com

Use of Non-GAAP Measures
In addition to financial information prepared in accordance with generally accepted accounting principles in the United States (GAAP), thisshareholder letter includes certain non-GAAP financial measures. These non-GAAP measures include Adjusted EBITDA. In order for ourinvestors to be better able to compare our current results with those of previous periods, we have included a reconciliation of GAAP to nonGAAP financial measures in the tables at the end of this letter. The Adjusted EBITDA reconciliation adjusts the related GAAP financial measures
to exclude other income (expense), net, stock-based compensation expense, depreciation and amortization, and income tax(benefit)/expense where applicable. We believe these non-GAAP financial measures are useful as a supplement in evaluating our ongoing
operational performance and enhancing an overall understanding of our past financial performance. However, these non-GAAP financial
measures have limitations, and should not be considered in isolation or as a substitute for our GAAP financial information.

Forward-Looking Statements
This shareholder letter contains “forward-looking” statements that are based on our beliefs and assumptions and on information currently
available to us. Forward-looking statements include all statements that are not historical facts and can be identified by terms such as“anticipate,” “believe,” “continue,” “could,” “design,” “estimate,” “expect,” “may,” “seek,” “should,” “will,” “would” or similar expressions
and the negatives of those terms. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may
cause our actual results, performance or achievements to be materially different from any future results, performance or achievements
expressed or implied by the forward-looking statements. Forward-looking statements represent our beliefs and assumptions only as of thedate of this letter. These statements include those related to our ability to innovate, build and launch new products and services, including
the Roku Express player, the Roku Wireless Bass, Shoppable Ads and smart home products; changes in the ad market, in particular the adscatter market; our belief that current conditions in the ad market, including the ad scatter market, are temporary; our international
expansion; the shift of TV and TV advertising to streaming and our leadership position in that shift; our room for growth in engagement; thestrength, features and value of the Roku OS; advertising opportunities on our platform; the increase in our share of advertising spend; The
Roku Channel’s expanding reach, engagement and content offering; the growth and monetization of and investment in The Roku Channel;
the benefits of The Roku Channel to viewers, content partners and advertisers; the benefits of our integrated ad platform; changes to our
executive leadership team; our ability to navigate through macroeconomic headwinds; our belief that the current macro environment is
temporary; steps we are taking to lower OpEx growth; our financial outlook for Q4 2022 as well as our qualitative color on our business in
2022 and beyond; our investments; and our overall business trajectory. Except as required by law, we assume no obligation to update theseforward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in the forwardlooking statements, even if new information becomes available in the future. Further information on factors that could cause actual results
to differ materially from the results anticipated by our forward-looking statements is included in the reports we have filed with the Securities
and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2021. Additional information also will
be available in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2022. All information provided in this shareholder
letter and the tables attached hereto is as of November 2, 2022, and we undertake no duty to update this information unless required by law.

Roku Q3 2022 Shareholder Letter

9

ROKU, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data)(unaudited)Three Months Ended

Net Revenue:
Platform
PlayerTotal net revenue
Cost of Revenue:
Platform (1)Player (1)Total cost of revenue
Gross Profit (Loss):
Platform
PlayerTotal gross profit
Operating Expenses:
Research and development (1)Sales and marketing (1)General and administrative (1)Total operating expenses
Income (Loss) from Operations
Other Income (Expense), Net:Interest expense
Other income (expense), net
Total other income (expense), net
Income (Loss) Before Income Taxes
Income tax expense (benefit)
Net Income (Loss)
Net income (loss) per share — basic
Net income (loss) per share — diluted

Nine Months Ended

September 30,
2022

September 30,
2021

$

$

670,401
90,972
761,373

September 30,
2022

September 30,
2021

582,514 $ 1,990,468 $ 1,581,343
97,439269,010
317,912
679,953
2,259,478
1,899,255

296,158
108,428
404,586

203,989
112,045
316,034

859,197
323,538
1,182,735

545,907324,392
870,299374,243(17,456)
356,787

378,525(14,606)
363,919

1,131,271(54,528)
1,076,743

1,035,436(6,480)1,028,956

207,608
209,364
86,804
503,776(146,989)

120,307
109,700
65,066
295,073
68,846568,243
540,857
248,635
1,357,735(280,992)

335,164
292,251
187,805
815,220
213,736$(1,157)
27,91426,757(120,232)
1,951(122,183) $

(743)
500
(243)
68,603(332)
68,935 $(3,273)30,152
26,879(254,113)
6,697(260,810) $(2,231)
2,461
230
213,966(4,732)
218,698$$(0.88) $(0.88) $(1.90) $(1.90) $

1.66
1.54

Weighted-average common shares outstanding — basic
Weighted-average common shares outstanding — diluted

138,571
138,571

0.52
0.48

$
$

133,685
142,286

136,997
136,997132,036
141,593(1) Stock-based compensation was allocated as follows:
Cost of revenue, platform

$

280 $

199 $

815

618

1,819

1,348

Research and development

40,511

20,893

107,130

56,024

Sales and marketing

34,48016,59186,30844,22922,964

12,09559,51531,314

99,050 $50,396 $255,654 $

133,479

Cost of revenue, player

General and administrative
Total stock-based compensation$

Roku Q3 2022 Shareholder Letter

882 $

564

10

ROKU, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share data)(unaudited)
As of
September 30, 2022

December 31, 2021

AssetsCurrent Assets:
Cash and cash equivalents$

Accounts receivable, net of allowances of $25,633 and $56,827 as of

2,018,616$

2,146,043

719,187

752,393

Inventories

119,252

50,276

Prepaid expenses and other current assets

113,889

105,795

2,970,944

3,054,507

Property and equipment, net

272,193

177,567

Operating lease right-of-use assets

535,031345,660

Intangible assets, net

70,787

84,126

Goodwill

161,519

161,519

Other non-current assets

381,730

258,766

September 30, 2022 and December 31, 2021, respectively

Total current assets

Total Assets$

4,392,204$

4,082,145$

175,026$

124,921

Liabilities and Stockholders’ Equity
Current Liabilities:
Accounts payable
Accrued liabilities

625,836

549,055

Current portion of long-term debt

82,457

9,883

Deferred revenue, current portion

60,10145,760943,420729,619—

79,985

Deferred revenue, non-current portion

26,26928,726

Operating lease liability, non-current portion

568,193394,724

Other long-term liabilities

76,39582,485

1,614,277

1,315,539

14

14

3,129,818

2,856,572(1,074)41(350,831)(90,021)2,777,927

2,766,606

Total current liabilities
Long-term debt, non-current portion

Total Liabilities
Stockholders’ Equity:
Common stock, $0.0001 par value
Additional paid-in capital
Accumulated other comprehensive income (loss)
Accumulated deficit
Total stockholders’ equity
Total Liabilities and Stockholders’ Equity$

Roku Q3 2022 Shareholder Letter

4,392,204$

4,082,145

11

ROKU, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands)(unaudited)
Nine Months Ended
September 30, 2022

Cash flows from operating activities:
Net income (loss)
Adjustments to reconcile net income (loss) to net cash provided byoperating activities:
Depreciation and amortization
Stock-based compensation expense
Amortization of right-of-use assets
Amortization of content assets
Foreign currency remeasurement (gains) losses
Change in fair value of strategic investment$

September 30, 2021

(260,810) $218,698

36,415
255,654
40,354
163,121(12,152)(3,556)31,304133,479
21,58856,580——

Provision for (recoveries of) doubtful accounts
Other items, net
Changes in operating assets and liabilities:
Accounts receivable
Inventories

469
(258)

(1,480)(298)

32,186(68,976)(64,710)(22,050)

Prepaid expenses and other current assets
Other non-current assets
Accounts payable
Accrued liabilities
Operating lease liabilities(15,177)(79,962)
29,550(104,249)(20,516)(63,402)(78,549)
15,13934,204(14,465)465
11,8844,442

201(12,731)
253,508

Other long-term liabilities
Deferred revenue
Net cash provided by operating activities
Cash flows from investing activities:
Purchases of property and equipment
Acquisition of businesses, net of cash acquired
Purchase of strategic investment
Net cash used in investing activities
Cash flows from financing activities:
Proceeds from equity issued under at-the-market offering, net ofissuance costs
Repayments of borrowings
Proceeds from equity issued under incentive plans
Net cash provided by financing activities
Net increase (decrease) in cash, cash equivalents and restricted cash
Effect of exchange rate changes on cash, cash equivalents andrestricted cash
Cash, cash equivalents and restricted cash —beginning of period
Cash, cash equivalents and restricted cash —end of period$

Roku Q3 2022 Shareholder Letter(96,318)(28,020)—(40,000)(136,318)(136,778)—(164,798)—

989,615(7,500)17,592
10,092(121,784)(3,750)13,433
999,298
1,088,008(5,535)—

2,147,670

1,093,249

2,020,351$

2,181,257

12

Nine Months Ended
September 30, 2022

Cash, cash equivalents and restricted cash at end of period:
Cash and cash equivalents

September 30, 2021$

2,018,616 $

2,179,745$

1,735
2,020,351 $

1,512
2,181,257$

2,537 $

1,932$

6,644 $

956

Supplemental disclosures of non-cash investing and financing
activities:
Non-cash consideration for business combination$— $15,200Services to be received as part of a business combination

$

— $

6,300

Unpaid portion of property and equipment purchases$

23,410 $3,310

Unpaid portion of acquisition-related expenses

$

— $

43

Restricted cash, non-current
Cash, cash equivalents and restricted cash —end of period
Supplemental disclosures of cash flow information:
Cash paid for interest
Cash paid for income taxes

NON-GAAP INFORMATION (in thousands)(unaudited)Three Months Ended
September 30,
2022

Nine Months Ended

September 30,
2021

September 30,
2022

September 30,
2021

Reconciliation of Net Income (Loss) to Adjusted EBITDA:

Net income (loss)(122,183) $68,935

Other (income) expense, net(26,757)

243(26,879)(230)

Stock-based compensation

99,05050,396

255,654

133,479

Depreciation and amortization

13,495

10,89236,39631,304

Income tax expense (benefit)

1,951

(332)

6,697

(4,732)(34,444) $130,134 $

11,058 $378,519

Adjusted EBITDA$$

Roku Q3 2022 Shareholder Letter$(260,810) $218,69813