Roku, Inc.

Welcome to the Broku Second Quarter 2025 Earnings Conference Call. At this time, all participants are in a listen-only mode. To ask a question during the Q&A session, you'll need to press star 1-1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1-1 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to Conrad Grott, Vice President of Investor Relations. Please go ahead.

Thank you, operator. Good afternoon. Welcome to Roku's second quarter 2025 earnings call. Joining us on today's call are Anthony Wood, Roku's founder and CEO, Dan Jeddah, our CFO and COO, Charlie Collier, President Roku Media, and Mustafa Ozcan, President Devices. 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 2024 period. With that, operator, our first question, please.

Thank you. Our first question comes from Shyam Patil with Susquehanna. Your line is open.