Roku, Inc.

Ladies and gentlemen, thank you for standing by. Welcome to the second quarter 2024 Roku Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you would need to press star 11 on your telephone. You would then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. I would like now to turn the conference over to Conrad Grodd, Vice President of Investor Relations. Please go ahead.

Welcome to Roku's second quarter 2024 earnings call. On today's call are Anthony Wood, Roku's founder and CEO, Dan Jetta, our CFO, and Charlie Collier, President, Roku Media. Our full results and additional management commentary are available in our shareable letter on our IR website at roku.com forward slash investor. On this call, we'll make forward-looking statements which are subject to risks and uncertainties. Please refer to our shareable letter and periodic SEC filings for risk factors that could cause our actual results to differ materially from these forward-looking statements. We'll also present GAAP and non-GAAP financial measures. Reconciliations of non-GAAP measures to the most comparable GAAP financial measures are provided in our shareholder letter. Unless otherwise stated, all comparisons will be against our results for the comparable 2023 period. Now, I'll hand the call over to Anthony. Thanks, Conrad.

This quarter, Roku continued to build on our foundation of unmatched scale and engagement, while remaining focused on operational discipline. We continue to lean into our unique asset, the Roku home screen, which is the beginning of the viewers TV experience. Every day, US households representing more than 120 million people begin their streaming journey on the Roku home screen. This fact, along with our development and operations pipeline, makes me confident we will be able to accelerate our platform revenue in 2025. In Q2, we grew streaming households 14% year-over-year, streaming hours 20% year-over-year, and platform revenue 11% year-over-year. In the U.S., Roku is the number one TV OS by both TV unit sales and hour screened, and our share of each is more than double the next largest operating system. The Roku channel is our number three app by both reach and engagement. This is a great achievement and demonstrates that Roku is building the lead-in to TV. Another result we are proud of is our fourth straight quarter delivering positive adjusted EBITDA and generating positive free cash flow. More than a year ago, we set a target of positive adjusted EBITDA for the full year 2024. As ambitious as this target was then, we did the work of right-sizing our cost structure and delivered on it a full year early. Looking ahead, we will maintain this strong track record of execution as we focus on our monetization initiatives including maximizing ad demand for Roku, leveraging the Roku home screen as the lead-in for TV, and growing Roku build descriptions. Now let me turn it over to Dan.