Vizio Holding Corp

NYSE:VZIOUnited States

04:05 PM EST, 11/06/2024 (MT Newswires) -- ...

---------- ---------- Total liabilities 508.6 511.4 ---------- ---------- Commitments and contingencies Stockholders' equity: Preferred stock, $0.0001 par value; 100.0 shares authorized and no shares issued and outstanding as of September 30, 2024 and December 31, 2023 -- -- Common stock, $0.0001 par value; 1,350.0 shares authorized as of September 30, 2024 and December 31, 2023 Class A, 127.2 and 125.3 shares issued and 127.2 and 121.5 shares outstanding as of September 30, 2024 and December 31, 2023, respectively, Class B, 75.3 and 76.2 shares issued and 75.3 and 76.2 shares outstanding as of September 30, 2024 and December 31, 2023, respectively Class C, no shares issued and outstanding as of September 30, 2024 and December 31, 2023 -- -- Additional paid-in capital 456.8 414.3 Accumulated other comprehensive loss (0.4) (0.3) Retained earnings 23.9 35.3 ---------- ---------- Total stockholders' equity 480.3 449.3 ---------- ---------- Total liabilities and stockholders' equity $ 988.9 $ 960.7 ========== ========== VIZIO HOLDING CORP. Consolidated Statements of Cash Flows (Unaudited, in millions) Nine Months Ended September 30, ------------------------ 2024 2023 ------------ ---------- Cash flows from operating activities: Net (loss) income $ (11.4) $ 15.0 Adjustments to reconcile net (loss) income to net cash used in operating activities: Depreciation and amortization 8.4 5.6 Realized gain on investments (1.5) -- Amortization of premium and discount on investments (4.9) (3.3) Change in fair value of investment securities (0.6) -- Unrealized gain on conversion of convertible equity investments (3.0) -- Share-based compensation expense 37.7 30.4 Change in allowance for doubtful accounts (0.5) 0.9 Changes in operating assets and liabilities: Accounts receivable 57.8 11.4 Other receivables due from related parties -- 2.2 Inventories (42.3) (2.1) Income taxes receivable (14.7) 1.7 Prepaid and other current assets (9.3) (3.7) Other assets (13.9) (15.5) Accounts payable due to related parties (57.1) (43.7) Accounts payable 63.6 19.4 Accrued expenses (0.5) (29.4) Accrued royalties (11.4) (6.6) Income taxes payable -- 1.0 Other current liabilities 3.0 1.2 Other long-term liabilities (0.5) 0.4 ------- ------ Net cash used in operating activities (1.1) (15.1) ------- ------ Cash flows from investing activities: Purchase of property and equipment (2.8) (2.0) Purchase of investments (107.6) (164.5) Sale of investments 2.0 -- Maturity of investments 107.9 105.9 ------- ------ Net cash used in investing activities (0.5) (60.6) ------- ------ Cash flows from financing activities: Proceeds from the exercise of stock options 3.4 1.9 Withholding taxes paid on behalf of employees on net settled share-based awards -- (0.6) Proceeds from sale of stock under employee stock purchase plan 1.2 1.2 ------- ------ Net cash provided by financing activities 4.6 2.5 Effects of exchange rate changes on cash and cash equivalents (0.1) -- ------- ------ Net increase (decrease) in cash and cash equivalents 2.9 (73.2) Cash and cash equivalents at beginning of period 221.6 288.7 ------- ------ Cash and cash equivalents at end of period $ 224.5 $ 215.5 ======= ====== Supplemental disclosure of cash flow information: Cash paid for income taxes $ 8.4 $ 5.1 Cash paid for interest $ 0.1 $ 0.1 Cash paid for amounts included in the measurement of operating lease liabilities $ 3.8 $ 3.3 Supplemental disclosure of non-cash investing and financing activities: Right-of-use assets obtained in exchange for new operating lease liabilities $ 2.7 $ 1.8 Additions to property and equipment financed by accounts payable $ 0.2 $ 0.7 VIZIO HOLDING CORP. Reconciliation of Net Income (Loss) to Adjusted EBITDA (Unaudited, in millions) Three Months Ended Nine Months Ended September 30, September 30, -------------------- ------------------------ 2024 2023 2024 2023 ------------ ------ ------------- --------- Net income (loss) $ 0.5 $13.8 $ (11.4) $ 15.0 Adjusted to exclude the following: Interest income, net (4.0) (3.5) (11.1) (9.0) Other income (expense), net (1.1) 0.1 (4.4) (0.1) (Benefit from) provision for income taxes (1.0) 2.3 (5.5) 9.9 Depreciation and amortization 2.8 1.9 8.4 5.6 Share-based compensation 11.6 12.3 37.7 30.4 ---- ---- ----- ----- Adjusted EBITDA(1) $ 8.8 $26.9 $ 13.7 $ 51.8 ==== ==== ===== ===== _________________________ (1) For the three months ended September 30, 2024, Adjusted EBITDA includes acquisition-related costs of $10.6 million and cash incentive awards in lieu of equity awards of $3.1 million in connection with our long-term incentive plan. For the nine months ended September 30, 2024, Adjusted EBITDA includes acquisition-related costs of $24.7 million and cash incentive awards in lieu of equity awards of $3.6 million in connection with our long-term incentive plan.