Roku concluded 2023 with 80 million active accounts worldwide and surpassing 100 billion streaming hours for the first time. Our platform revenue saw double-digit growth year-on-year in both Q4 and throughout 2023, contributing to our overall monetization growth. We also achieved positive Adjusted EBITDA and Free Cash Flow for 2023, a year ahead of our planned schedule. Leveraging our increased operational efficiency, we intend to shift our focus towards innovation and growth in 2024. We see numerous opportunities to assist our viewers in discovering content across the streaming universe in a manner that is both engaging and entertaining, while also driving monetization.

Key Results for 2023
• Our total net revenue reached $3.5 billion, marking an 11% increase YoY
• Platform revenue was $3.0 billion, up by 10% YoY
• Gross profit stood at $1.5 billion, a 6% increase YoY
• Active accounts totaled 80.0 million, a net increase of 10.0 million from 2022
• Streaming hours were 106.0 billion, an increase of 18.6 billion hours YoY
• Average Revenue Per User (ARPU) was $39.92 (trailing 12-month basis), a decrease of 4% YoY
• We achieved positive Adjusted EBITDA and Free Cash Flow for the full year of 2023, ahead of schedule

Looking ahead, we aim to boost revenue and free cash flow while striving for profitability in the long run. However, we are aware of the near-term challenges posed by the macro environment and the uneven recovery of the ad market. Despite facing tough YoY growth rate comparisons in streaming services distribution and a challenging M&E environment for the remainder of the year, we anticipate maintaining our Q4 2023 YoY Platform growth rates in Q1. This will lead to a total net revenue of $850 million, a total gross profit of approximately $370 million, and a break-even Adjusted EBITDA in Q1. Building on our 2023 performance, we expect to deliver positive Adjusted EBITDA for the full year of 2024.

Roku is down 14 % in after hours trading at $81.26