Vizio Holding (VZIO) 10-Q 10 Nov 21 2021 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2021	Oct. 31, 2021
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity File Number	001-40271
Entity Registrant Name	VIZIO HOLDING CORP.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	85-4185335
Entity Address, Address Line One	39 Tesla
Entity Address, City or Town	Irvine
Entity Address, State or Province	CA
City Area Code	949
Local Phone Number	428-2525
Entity Address, Postal Zip Code	92618
Title of 12(b) Security	Class A common stock, par value $0.0001 per share
Trading Symbol	VZIO
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001835591
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Amendment Flag	false
Class A common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		110,813,782
Class B common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		76,814,638

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 375,936	$ 207,728
Accounts receivable, net	356,765	405,609
Other receivables due from related parties	1,117	978
Inventories	23,683	10,545
Income tax receivable	14,092	1,315
Other current assets	82,047	55,460
Total current assets	853,640	681,635
Property, equipment and software, net	10,009	7,929
Goodwill, net	44,788	44,788
Intangible assets, net	45	131
Deferred income taxes	25,355	26,652
Other assets	12,782	13,847
Total assets	946,619	774,982
Current liabilities:
Accounts payable due to related parties	266,410	209,362
Accounts payable	129,331	166,805
Accrued expenses	163,303	154,959
Accrued royalties	65,970	81,143
Other current liabilities	4,706	5,272
Total current liabilities	629,720	617,541
Other long-term liabilities	7,268	8,210
Total liabilities	636,988	625,751
Commitments and contingencies (Note 16)
Stockholders’ equity:
Common stock	19	15
Additional paid-in capital	292,016	98,885
Accumulated other comprehensive income	(43)	873
Retained earnings	17,639	46,893
Total stockholders’ equity	309,631	149,231
Total liabilities and stockholders' equity	946,619	774,982
Preferred stock
Stockholders’ equity:
Preferred stock	0	0
Series A convertible preferred stock
Stockholders’ equity:
Preferred stock	$ 0	$ 2,565

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2021	Dec. 31, 2020
Stockholders’ equity:
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	1,350,000,000
Common stock, issued (in shares)	187,310,311
Common stock, outstanding (in shares)	187,310,311
Preferred stock
Stockholders’ equity:
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, authorized (in shares)	100,000,000	100,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Series A convertible preferred stock
Stockholders’ equity:
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, authorized (in shares)	0	250,000
Preferred stock, issued (in shares)	0	135,000
Preferred stock, outstanding (in shares)	0	135,000
Class A common stock
Stockholders’ equity:
Common stock, authorized (in shares)	1,000,000,000	675,000,000
Common stock, issued (in shares)	112,743,000	150,831,000
Common stock, outstanding (in shares)	110,496,000	150,831,000
Class B common stock
Stockholders’ equity:
Common stock, authorized (in shares)	200,000,000	0
Common stock, issued (in shares)	76,815,000	0
Common stock, outstanding (in shares)	76,815,000	0
Class C common stock
Stockholders’ equity:
Common stock, authorized (in shares)	150,000,000	0
Common stock, issued (in shares)	0	0
Common stock, outstanding (in shares)	0	0

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Net revenue:
Total net revenue	$ 588,316	$ 582,184	$ 1,495,129	$ 1,308,187
Cost of goods sold:
Total cost of goods sold	505,431	493,398	1,246,040	1,113,700
Gross profit:
Total gross profit	82,885	88,786	249,089	194,487
Operating expenses:
Selling, general and administrative	88,683	37,371	234,274	97,286
Marketing	8,068	5,527	22,457	16,602
Depreciation and amortization	705	496	1,972	1,740
Total operating expenses	97,456	43,394	258,703	115,628
Income (loss) from operations	(14,571)	45,392	(9,614)	78,859
Interest income (expense)	89	(361)	227	66
Other income (expense), net	(24)	118	(178)	509
Total non-operating income (expense)	65	(243)	49	575
Income (loss) before income taxes	(14,506)	45,149	(9,565)	79,434
Provision for income taxes	4,060	10,095	19,660	17,772
Net (loss) income	$ (18,566)	$ 35,054	$ (29,225)	$ 61,662
Net (loss) income attributable to Class A and Class B stockholders:
Basic (in dollars per share)	$ (0.10)	$ 0.19	$ (0.17)	$ 0.33
Diluted (in dollars per share)	$ (0.10)	$ 0.19	$ (0.17)	$ 0.33
Weighted-average Class A and Class B common shares outstanding:
Basic (in shares)	182,820	144,417	171,077	144,367
Diluted (in shares)	182,820	147,093	171,077	147,064
Device
Net revenue:
Total net revenue	$ 502,457	$ 545,511	$ 1,291,560	$ 1,221,252
Cost of goods sold:
Total cost of goods sold	476,880	487,289	1,185,701	1,090,354
Gross profit:
Total gross profit	25,577	58,222	105,859	130,898
Platform+
Net revenue:
Total net revenue	85,859	36,673	203,569	86,935
Cost of goods sold:
Total cost of goods sold	28,551	6,109	60,339	23,346
Gross profit:
Total gross profit	$ 57,308	$ 30,564	$ 143,230	$ 63,589

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Other comprehensive income
Net (loss) income	$ (18,566)	$ 35,054	$ (29,225)	$ 61,662
Foreign currency translation adjustments	101	299	(916)	710
Comprehensive (loss) income	$ (18,465)	$ 35,353	$ (30,141)	$ 62,372

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Preferred Stock	Common Stock and Additional Paid-In Capital	Accumulated Other Comprehensive Income	Retained Earnings (Accumulated Deficit)
Beginning balance (in shares) at Dec. 31, 2019		135,000	150,597,000
Beginning balance at Dec. 31, 2019	$ 41,084	$ 2,445	$ 93,948	$ 153	$ (55,462)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense	4,018		4,018
Shares issued pursuant to incentive award plans	163		$ 163
Foreign currency translation	710			710
Net (loss) income	61,662				61,662
Ending balance (in shares) at Sep. 30, 2020		135,000	150,597,000
Ending balance at Sep. 30, 2020	107,637	$ 2,445	$ 98,129	863	6,200
Beginning balance (in shares) at Jun. 30, 2020		135,000	150,597,000
Beginning balance at Jun. 30, 2020	70,945	$ 2,445	$ 96,790	564	(28,854)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense	1,339		$ 1,339
Foreign currency translation	299			299
Net (loss) income	35,054				35,054
Ending balance (in shares) at Sep. 30, 2020		135,000	150,597,000
Ending balance at Sep. 30, 2020	107,637	$ 2,445	$ 98,129	863	6,200
Beginning balance (in shares) at Dec. 31, 2020		135,000	150,831,000
Beginning balance at Dec. 31, 2020	149,231	$ 2,565	$ 98,900	873	46,893
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense	97,510		$ 97,510
Shares issued pursuant to incentive award plans (in shares)			6,029,000
Shares issued pursuant to incentive award plans	6,670		$ 6,670
Accretion of preferred stock dividends	0	29			(29)
Payment of accumulated preferred stock dividends	(594)	$ (594)
Conversion of Series A Preferred Stock upon IPO (in shares)		(135,000)	30,316,000
Conversion of Series A preferred stock upon IPO	0	$ (2,000)	$ 2,000
Sale of common stock in IPO, net of $13,700 of underwriting fees and other offering costs (in shares)			7,560,000
Sale of common stock in IPO, net of $13,700 of underwriting fees and other offering costs	144,924		$ 144,924
Forfeiture of RSA awards upon IPO (in shares)			(4,995,000)
Shares withheld to cover withholding taxes for stock awards (in shares)			(2,431,000)
Shares withheld to cover withholding taxes for stock awards	(57,969)		$ (57,969)
Foreign currency translation	(916)			(916)
Net (loss) income	(29,225)				(29,225)
Ending balance (in shares) at Sep. 30, 2021		0	187,310,000
Ending balance at Sep. 30, 2021	309,631	$ 0	$ 292,035	(43)	17,639
Beginning balance (in shares) at Jun. 30, 2021		0	184,915,000
Beginning balance at Jun. 30, 2021	303,186	$ 0	$ 267,125	(144)	36,205
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense	37,030		$ 37,030
Shares issued pursuant to incentive award plans (in shares)			3,388,000
Shares issued pursuant to incentive award plans	$ 5,371		$ 5,371
Shares withheld to cover withholding taxes for stock awards (in shares)	(991,660)		(993,000)
Shares withheld to cover withholding taxes for stock awards	$ (17,396)		$ (17,396)
Adjustment to IPO costs	(95)		$ (95)
Foreign currency translation	101			101
Net (loss) income	(18,566)				(18,566)
Ending balance (in shares) at Sep. 30, 2021		0	187,310,000
Ending balance at Sep. 30, 2021	$ 309,631	$ 0	$ 292,035	$ (43)	$ 17,639

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)
Statement of Stockholders' Equity [Abstract]
Underwriting fees and other offering costs	$ 13,700

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities:
Net (loss) income	$ (29,225)	$ 61,662
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	1,972	1,740
Deferred income taxes	1,297	0
Share-based compensation expense	97,946	4,018
Allowance for doubtful accounts	159	2,248
Changes in operating assets and liabilities:
Accounts receivable	48,682	26,574
Other receivables due from related parties	(138)	4,403
Inventories	(13,134)	(11,842)
Income taxes receivable	(12,785)	778
Other current assets	(27,015)	(15,421)
Other assets	1,315	(2,732)
Accounts payable due to related parties	57,047	(18,646)
Accounts payable	(37,334)	(1,667)
Accrued expenses	3,627	(15,193)
Accrued royalties	(15,173)	5,823
Income taxes payable	0	3,591
Other current liabilities	(567)	879
Other long-term liabilities	(942)	1,815
Net cash provided by operating activities	75,732	48,030
Cash flows from investing activities:
Purchase of property and equipment	(3,579)	(768)
Investment in third party	(249)	0
Net cash used in investing activities	(3,828)	(768)
Cash flows from financing activities:
Proceeds from exercise of stock options	6,670	163
Payment of dividends on Series A convertible preferred stock	(594)	0
Proceeds from IPO, net of $10,700 in direct offering costs	148,044	0
Payments of other offering costs	(2,850)	0
Withholding taxes paid on behalf of employees on net settled stock-based awards	(53,928)	0
Net cash provided by financing activities	97,342	163
Effects of exchange rate changes on cash and cash equivalents	(1,038)	710
Net increase in cash and cash equivalents	168,208	48,135
Cash and cash equivalents at beginning of period	207,728	176,579
Cash and cash equivalents at end of period	375,936	224,714
Supplemental disclosure of cash flow information:
Cash paid for income taxes	29,722	13,499
Cash paid for interest	156	140
Supplemental disclosure of non-cash investing and financing activities:
Right-of-use assets obtained in exchange for new operating lease liabilities	0	4,318
Cash paid for amounts included in the measurement of operating lease liabilities	731	663
Withholding taxes not yet paid for net settled stock awards	4,042	0
IPO costs not yet paid	$ 270	$ 0

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows (Parenthetical) $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)
Statement of Cash Flows [Abstract]
Direct offering costs	$ 10,700

Organization and Nature of Busi

Organization and Nature of Business	9 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Nature of Business	Organization and Nature of Business VIZIO Holding Corp. was incorporated as a Delaware corporation on December 7, 2020 in order to facilitate the holding company reorganization of VIZIO, Inc. and its subsidiaries (together with VIZIO Holding Corp., the “Company” or “VIZIO”). VIZIO, Inc. was incorporated in the State of California on October 21, 2002 and commenced operations in January 2003. On March 12, 2021, VIZIO Holding Corp. acquired 100% of the outstanding shares of VIZIO, Inc. The Company’s devices include high-performance Smart televisions (“Smart TVs”), sound bars, and accessories. These products are sold to retailers and through online channels throughout the United States. Additionally, in 2020 VIZIO launched Platform+, which is comprised of SmartCast, the Company’s award-winning Smart TV operating system, which enables a fully integrated entertainment solution, and Inscape, which powers its data intelligence and services. SmartCast delivers content and applications through an easy-to-use interface. It supports leading streaming apps and hosts the Company’s own free ad-supported video app, WatchFree+, as well as VIZIO Free Channels. The Company provides broad support for third-party voice platforms and second screen experiences to offer additional interactive features and experiences. VIZIO purchases all of its products from manufacturers based in Asia. Since inception, the Company had purchased a portion of its televisions from one manufacturer who holds a noncontrolling interest in the Company through its ownership of voting common stock, however, in 2021 the Company did not make any material purchases. Since 2012, VIZIO has purchased a portion of its televisions fro m three manufacturers who are affiliates of an investor who holds a noncontrolling interest in the Company through its ownership of common stock. These manufacturers do not have any significant voting privileges, nor sufficient seats on the Board of Directors that would enable them to significantly influence any of the Company’s strategic or operating decisions. All transactions executed with the aforementioned manufacturers are presented as related party transactions. Reorganization Transaction On March 12, 2021, the Company implemented a holding company structure through the merger of VIZIO Reorganization Sub, LLC, a wholly-owned subsidiary of VIZIO Holding Corp., pursuant to an agreement and plan of merger, with and into VIZIO, Inc., with VIZIO, Inc. surviving as a wholly-owned subsidiary of VIZIO Holding Corp (the “Reorganization Transaction”). As a result of the Reorganization Transaction: • VIZIO Holding Corp. became a holding company with no material assets other than 100% of the equity interests of VIZIO, Inc.; • Each share of Class A common stock and Series A convertible preferred stock, respectively, of VIZIO, Inc. was cancelled in exchange for the issuance of one share of Class A common stock and Series A convertible preferred stock, respectively, of VIZIO Holding Corp.; • VIZIO Holding Corp. began consolidating the financial results of VIZIO, Inc. and its subsidiaries; • VIZIO Holding Corp. assumed the VIZIO, Inc. 2007 Incentive Award Plan and the VIZIO, Inc. 2017 Incentive Award Plan, and the stock options and other awards granted thereunder, on a one-for-one basis and on the same terms and conditions; and • All of the business operations continue to be conducted through VIZIO, Inc. and its subsidiaries. Between the incorporation of VIZIO Holding Corp. on December 7, 2020 and the completion of the Reorganization Transaction, VIZIO Holding Corp. did not conduct any activities other than those incidental to its formation and preparation for the IPO (as defined below). Forward Stock Split On March 15, 2021, the Company amended its Amended and Restated Certificate of Incorporation to effect a nine-for-one forward stock split of the Company’s Class A common stock. The number of authorized shares of Class A common stock was proportionally increased in accordance with the nine-for-one stock split, and the par value of the Class A common stock was not adjusted as a result of this forward stock split. As a result of the stock split, each share of the Company’s Series A preferred stock became convertible into 225 shares of Class A common stock. All Class A common stock, stock options, RSUs and per share information presented within these unaudited condensed consolidated financial statements and related notes have been adjusted to reflect this forward stock split on a retroactive basis for all periods presented. Initial Public Offering On March 29, 2021, the Company closed its initial public offering (“IPO”) of 12,250,000 shares of its Class A common stock at a public offering price of $21.00 per share. The Company issued and sold 7,560,000 shares of Class A common stock, and certain existing stockholders sold an aggregate of 4,690,000 shares of Class A common stock. The Company received net proceeds of approximately $145.0 million after deducting underwriting discounts and commissions of approximately $10.7 million and offering expenses of $3.1 million. On March 31, 2021, certain existing stockholders sold an additional 1,709,274 shares of Class A common stock at $21.00 per share pursuant to the underwriters’ option to purchase additional shares. The Company did not receive any proceeds from the sale of shares by the selling stockholders. Immediately prior to the completion of the IPO, 134,736 shares of Series A redeemable convertible preferred stock then outstanding converted into 30,315,600 shares of shares of Class A common stock. Immediately prior to the completion of the IPO, the Company filed its Amended and Restated Certificate of Incorporation, which authorizes a total of 1,000,000,000 shares of Class A common stock, 200,000,000 shares of Class B common stock, 150,000,000 shares of Class C common stock, and 100,000,000 shares of undesignated preferred stock. Immediately after the conversion and prior to the completion of the IPO, a total of 98,633,025 shares of Class A common stock held by William Wang and his respective affiliated trusts were exchanged for an equivalent number of shares of Class B common stock pursuant to the terms of certain exchange agreements. As a result, following the completion of the IPO, the Company has three classes of authorized common stock: Class A common stock, Class B common stock and Class C common stock. See Note 9 to these unaudited condensed consolidated financial statements for further information. Impact of COVID-19 On March 11, 2020, the COVID-19 outbreak was declared a pandemic by the World Health Organization. The challenges posed by the COVID-19 pandemic on the global economy increased significantly as the year progressed. In response to COVID-19, national and local governments around the world instituted certain measures, including travel bans, prohibitions on group events and gatherings, shutdowns of certain businesses, curfews, shelter-in-place orders and recommendations to practice social distancing. COVID-19 resulted in a net positive impact on consumer demand for the Company’s products in 2020 and through the first half of 2021 as the increased amount of time people spent at home, as well as stimulus check disbursements, led many people to upgrade their televisions. Overall, while the pandemic has had a positive impact on the Company’s total shipments, in the third quarter of 2021, the Company has seen demand moderate and has experienced the continued impact of supply-chain delays and increases in costs. The Company expects to see elevated costs at least through the fourth quarter of 2021.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Other than policies updated below, there have been no significant changes from the significant accounting policies disclosed in Note 2 of the “Notes to Consolidated Financial Statements” of the audited consolidated financial statements for the year ended December 31, 2020, which are included in our prospectus filed pursuant to Rule 424(b)(4) on March 25, 2021 (the “Prospectus”). Basis of Consolidation The Company has prepared these accompanying unaudited condensed consolidated financial statements in accordance with generally accepted accounting principles in the United States (“GAAP”). These unaudited condensed consolidated financial statements include the accounts of VIZIO and all subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. The functional currency of most of the foreign subsidiaries is the U.S. dollar. The accounts of these remaining foreign subsidiaries have been translated using the U.S. dollar as the functional currency. Gains or losses resulting from remeasurement of these accounts from local currencies into U.S. dollars are recorded in other comprehensive income in these unaudited condensed consolidated financial statements. Financial statements of the Company’s foreign subsidiaries for which the functional currency is the local currency are translated into U.S. dollars using the exchange rate at each balance sheet date for assets and liabilities and the transaction date. The condensed consolidated balance sheet as of December 31, 2020 and included herein was derived from the audited financial statements as of the same date. We have condensed or omitted certain information and notes normally included in complete financial statements prepared in accordance with GAAP. As such, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements as of and for the year ended December 31, 2020 included in the Prospectus. In our opinion, the accompanying unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, comprehensive loss and cash flows for the interim periods, but due to seasonality of sales and other factors, they are not necessarily indicative of the results of operations to be expected for the year ending December 31, 2021. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain amounts reported in the consolidated financial statements and accompanying notes. Actual results may differ from those estimates and assumptions. Significant items subject to such estimates and assumptions include the allowances for doubtful accounts and sales returns, reserves for excess and obsolete inventory, accrued price protection and rebates, accrued royalties, share-based compensation, intellectual property and related intangible assets, valuation of deferred tax assets and other contingencies. Supplier and customer concentrations also increase the degree of uncertainty inherent in these estimates and assumptions. Customer Allowances The Company offers sales incentives through various programs, consisting primarily of discounts, cooperative advertising and market development fund programs. The Company records cooperative advertising and market development fund programs with customers as a reduction to revenue unless the Company receives a distinct benefit in exchange for credits claimed by the customer and can reasonably estimate the fair value of the benefit received. These arrangements are recorded as accrued liabilities. Cooperative advertising arrangements recorded as an (increase) or reduction of net revenue totaled $(185) and $1,935 for the three months ended September 30, 2021 and September 30, 2020, respectively. Cooperative advertising arrangements recorded as a reduction of net revenue totaled and $1,615 and $3,234 for the nine months ended September 30, 2021 and September 30, 2020, respectively. Research and Development Costs Research and development expense consists primarily of employee-related costs, including salaries and bonuses, share-based compensation expense, and employee benefits costs, third-party contractor costs, and related allocated overhead costs. In certain cases, costs are incurred to purchase materials and equipment for future use in research and development efforts. These costs are capitalized and expensed as consumed. Research and development costs were $8,771 and $3,678 for the three months ended September 30, 2021 and September 30, 2020, respectively, and $25,861 and $11,022 for the nine months ended September 30, 2021 and September 30, 2020, respectively, and are recorded in selling, general and administrative expense in the accompanying consolidated statements of operations. Recently Issued Accounting Pronouncements In December 2019, the FASB issued guidance, ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, to reduce complexity in accounting standard. The guidance simplifies the accounting for income taxes by removing certain exceptions to the general principles in Accounting Standards Codification Topic 740 ("ASC 740") as well as by improving consistent application of the topic by clarifying and amending existing guidance. This standard is effective for the Company for the year ending December 31, 2021. The adoption of this standard did not result in a material impact to the Company’s consolidated financial statements.

Net Revenue

Net Revenue	9 Months Ended
	Sep. 30, 2021
Revenue from Contract with Customer [Abstract]
Net Revenue	Net RevenueThe Company derives revenue primarily from the sale of televisions and sound bars, advertising and data services. Revenue is recognized when control of the promised goods or services is transferred to the Company’s retailers, in an amount that reflects the consideration to which it expects to be entitled in exchange for those goods or services. The Company applies a five-step approach as defined in Financial Accounting Standards Board (“FASB”) ASC 606, Revenue from Contracts with Customers (Topic 606), in determining the amount and timing of revenue to be recognized: (1) identifying the contract with a customer; (2) identifying the performance obligations in the contract; (3) determining the transaction price; (4) allocating the transaction price to the performance obligations in the contract; and (5) recognizing revenue when the corresponding performance obligation is satisfied. The Company sells products to certain retailers under terms that allow them to receive price protection on future price reductions and may provide for limited rights of return, discounts and advertising credits. The Company disaggregates net revenue by (i) Device Revenue, and (ii) Platform+ Revenue, as it believes it best depicts how the nature, timing and uncertainty of revenue and cash flows are affected by economic factors. The revenue recognized from contract liabilities consisted of the Company satisfying performance obligations during the normal course of business. The Company did not identify or record any material contract assets as of September 30, 2021 and December 31, 2020. Additionally, no costs associated with obtaining contracts with customers were capitalized, nor any costs associated with fulfilling its contracts. All costs to obtain contracts were expensed as incurred as a practical expedient. Significant Customers VIZIO is a wholesale distributor of televisions and other home entertainment products, which are sold to the largest retailers and wholesale clubs in North America, primarily in the United States. The Company’s sales can be impacted by consumer spending and the cyclical nature of the retail industry. The following customers account for more than 10% of net revenue: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Net revenue: Customer A 39 % 46 % 39 % 48 % Customer B 13 9 13 9 Customer C 14 13 13 11 Customer D 10 11 10 9 Customer E 5 9 6 10 The following customers account for more than 10% of accounts receivable: As of September 30, December 31, Net receivables: Customer A 43 % 41 % Customer B 10 18 Customer C 18 16 Customer A and Customer C, and certain other customers not separately identified in the table above, are affiliates under common control with each other. Collectively, they comprised 53% and 59% of VIZIO’s net revenue for the three months ended September 30, 2021 and September 30, 2020, respectively and 52% and 59% for the nine months ended September 30, 2021 and September 30, 2020, respectively. Their collective accounts receivable balance as of September 30, 2021 and December 31, 2020 was 61% and 57% of our total net receivables, respectively. However, throughout VIZIO’s history and presently, the Company has dealt with separate purchasing departments at Customer A and Customer C, and have at times sold products to Customer C without selling products to Customer A.

Accounts Receivable

Accounts Receivable	9 Months Ended
	Sep. 30, 2021
Receivables [Abstract]
Accounts Receivable	Accounts Receivable Accounts receivable consists of the following: As of September 30, December 31, Accounts receivable $ 356,919 $ 405,627 Allowance for doubtful accounts (154) (18) Total accounts receivable, net of allowances $ 356,765 $ 405,609 VIZIO maintains credit insurance on certain accounts receivable balances to mitigate collection risk for these customers. The Company evaluates all accounts receivable for the allowance for doubtful accounts. For the three months ended September 30, 2021 and 2020, the Company reserved allowances for bad debt of $(527) due to a recovery and $2,165, respectively. For the nine months ended September 30, 2021 and 2020, the Company reserved allowances for bad debt of $159 and $2,248, respectively.

Inventories

Inventories	9 Months Ended
	Sep. 30, 2021
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consist of the following: As of September 30, December 31, Inventory on hand $ 5,111 $ 3,237 Inventory in transit 18,572 7,308 Total inventory $ 23,683 $ 10,545 Significant Manufacturers VIZIO purchases a significant amount of its product inventory from certain manufacturers. The inventory is purchased under standard product supply agreements that outline the terms of the product delivery. Once all aspects of the product are agreed upon, the manufacturers are then responsible for transporting the product to their warehouses located in the United States. The manufacturers are considered the importers of record and are required to insure the product as it is shipped to the warehouses. The title and risk of loss of the product passes to VIZIO upon shipment from the manufacturer’s warehouse in the United States to the customer. The product supply agreement stipulates that the manufacturer will (i) generally reimburse VIZIO for at least a portion of the price protection or sales concessions negotiated between the Company and customers on product purchased, and (ii) indemnify VIZIO against all liability resulting from valid and enforceable patent infringement with regard to product purchased under the agreement except if such infringement arises out of the Company’s modification or misuse of the product. The Company has the following significant concentrations related to suppliers: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Inventory purchases: Supplier A 25 % 26 % 29 % 28 % Supplier B – related party 37 45 40 48 Supplier C 6 11 9 9 Supplier D 23 9 12 6 The Company is currently reliant upon these manufacturers for products. Although VIZIO can obtain products from other sources, the loss of a significant manufacturer could have a material impact on the Company’s financial condition and results of operations as the products that are being purchased may not be available on the same terms from another manufacturer. The Company has also recorded other receivables of $1,623 and $3,033 due from the manufacturers as of September 30, 2021 and December 31, 2020, respectively . The other receivable balances are attributable to price protection and customer allowances as well as accrued royalties due in connection with the settlement of certain patent infringement cases for units shipped, which are indemnified by the Company’s manufacturers and are recognized at the time the aforementioned liabilities are incurred. The net effect is recorded in the condensed consolidated statements of operations as a reduction to cost of goods sold. Recycling costs The Company incurs recycling costs in order to comply with electronic waste recycling programs within certain states. These fees are assessed by the states using current market share and actual costs incurred on administration of such programs and are expensed as incurred. Recycling costs were $1,844 and $2,947 for the three months ended September 30, 2021 and September 30, 2020, respectively, and $5,780 and $5,691 for the nine months ended September 30, 2021 and September 30, 2020, respectively, and are recorded in cost of goods sold in the accompanying condensed consolidated statements of operations.

Property and Equipment

Property and Equipment	9 Months Ended
	Sep. 30, 2021
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment Property and equipment consist of the following: As of September 30, December 31, Building $ 10,095 $ 9,998 Machinery and equipment 1,644 1,284 Leasehold improvements 3,438 3,438 Furniture and fixtures 2,879 2,840 Computer and software 22,267 19,184 Automobile and truck 22 22 Total property and equipment 40,345 36,766 Less accumulated depreciation and amortization (30,336) (28,837) Total property and equipment, net $ 10,009 $ 7,929 The Company capitalized software development costs of $272 and $814 during the three months ended September 30, 2021 and September 30, 2020, respectively, and $1,585 and $2,300 during the nine months ended September 30, 2021 and September 30, 2020, respectively. Amortization of capitalized software development costs was $704 and $914 during the three months ended September 30, 2021 and September 30, 2020, respectively, and $2,098 and $2,666 during the nine months ended September 30, 2021 and September 30, 2020, respectively, and are recorded in costs of goods sold in the accompanying condensed consolidated statements of operations. Depreciation expense was $536 and $327 for the three months ended September 30, 2021 and September 30, 2020, respectively, and $1,499 and $1,152 for the nine months ended September 30, 2021 and September 30, 2020, respectively. The Company’s long-lived assets, which include property and equipment and other intangible assets are located entirely within the United States.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	9 Months Ended
	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets (a) Goodwill The Company’s goodwill balance was $44,788 as of September 30, 2021 and December 31, 2020. The goodwill balance was determined based on the excess of the purchase price paid over the fair value of the identifiable net assets acquired and

Accrued Expenses

Accrued Expenses	9 Months Ended
	Sep. 30, 2021
Payables and Accruals [Abstract]
Accrued Expenses	Accrued Expenses The Company’s accrued expenses consisted of the following: As of September 30, December 31, Accrued price protection $ 43,489 $ 61,331 Accrued other customer related expenses 49,187 54,404 Accrued supplier related expenses 26,027 12,434 Accrued payroll expenses 29,237 10,874 Accrued other expenses 15,363 15,916 Total accrued expenses $ 163,303 $ 154,959

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Forward Stock Split As described in Note 1—Organization and Description of Business, on March 15, 2021, the Company amended its Amended and Restated Certificate of Incorporation to effect a nine-for-one forward stock split of the Company’s Class A common stock. Conversion of Redeemable Convertible Preferred Stock and Amendment and Restatement of Certificate of Incorporation As described in Note 1—Organization and Description of Business, immediately prior to the IPO: • all 134,736 shares of Series A redeemable convertible preferred stock then outstanding converted into 30,315,600 shares of Class A common stock; • the Company amended and restated its Amended and Restated Certificate of Incorporation to, among other things, authorize (i) 1,000,000,000 shares of Class A common stock, par value $0.0001 per share, (ii) 200,000,000 shares of Class B common stock, par value $0.0001 per share, (iii) 150,000,000 shares of Class C common stock, par value $0.0001 per share, and (iv) 100,000,000 shares of undesignated preferred stock, the rights, preferences and privileges of which may be designated from time to time by the Company’s Board of Directors; and • a total of 98,633,025 shares of Class A common stock held by William Wang and his respective affiliated trusts were exchanged for an equivalent number of shares of Class B common stock pursuant to the terms of certain exchange agreements. As a result, following the completion of the IPO, the Company has three classes of authorized common stock – Class A common stock, Class B common stock and Class C common stock, in addition to authorized undesignated preferred stock. Initial Public Offering As described in Note 1—Organization and Description of Business, on March 29, 2021 the Company closed its IPO of 12,250,000 shares of Class A common stock, in which the Company issued and sold 7,560,000 shares of Class A common stock and certain existing stockholders sold an aggregate of 4,690,000 shares of Class A common stock at a public offering price of $21.00 per share. In connection with the IPO, the Company received net proceeds of approximately $144,922 after deducting underwriting discounts and commissions of approximately $10,700 and other offering expenses of approximately $3,100. In addition, in connection with the IPO, certain stockholders forfeited 434,334 shares of restricted stock to the Company to satisfy tax withholding obligations in connection with the IPO (the “RSA Forfeiture”). The Company recorded the value of the forfeited shares as treasury stock within Additional paid-in capital in its unaudited condensed consolidated balance sheet dated September 30, 2021 based on the fair value of the stock at the time of forfeit. Preferred Stock As of September 30, 2021, pursuant to the terms of the Company’s Amended and Restated Certificate of Incorporation, which became effective on March 29, 2021 in connection with the closing of the IPO (the “Restated Certificate”) the Company’s Board of Directors is authorized to issue up to an aggregate of 100,000,000 shares of undesignated preferred stock, par value $0.0001 per share, in one or more series and to fix or alter the designations, preferences, rights and any qualifications, limitations or restrictions of the shares of each of these series including the dividend rights, dividend rates, conversion rights, voting rights, term of redemption, including sinking fund provisions, redemption price or prices, liquidation preferences and the number of shares constituting any series or designations of a series without further vote or action by the stockholders. Series A Convertible Preferred Stock On March 29, 2021, in connection with the closing of the Company’s IPO, all 134,736 shares of Series A convertible preferred stock outstanding immediately prior to the IPO were converted into an aggregate of 30,315,600 shares of Class A common stock and recorded in the unaudited condensed consolidated balance sheet to common stock and additional paid-in capital. Additionally, approximately $588 in dividends accumulated through the conversion date were paid to the holders of outstanding shares of Series A convertible preferred stock as of immediately prior to the closing of the IPO. As of the effectiveness of the Amended and Restated Certificate of Incorporation on March 29, 2021, there are no shares of the Series A convertible preferred stock authorized for issuance. Common Stock As of September 30, 2021, pursuant to the terms of the Restated Certificate, the Company is authorized to issue 1,350,000,000 shares of common stock with $0.0001 par value, of which 187,310,311 shar es are issued and outstanding. The Company has three classes of authorized common stock, Class A common stock, Class B common stock and Class C common stock. The rights of the holders of Class A common stock, Class B common stock, and Class C common stock are identical, except with respect to voting and conversion. Voting rights: The holders of Class A common stock are entitled to one vote per share of Class A common stock and holders of Class B common stock are entitled to 10 votes per share of Class B common stock. Holders of our Class C common stock are not entitled to vote on any matter that is submitted to a vote of stockholders, except as otherwise required by law. Conversion rights: Each share of Class B common stock is convertible into one share of Class A common stock at any time at the option of the holder and will automatically convert into Class A common stock upon any transfer, except for certain permitted transfers and so long as the transferor retains sole dispositive power and exclusive voting control with respect to the shares of Class B common stock. All shares of Class B common stock will convert automatically into an equivalent number of shares of Class A common stock on the date fixed by the Company’s Board of Directors that is no less than 61 days and no more than 180 days following (i) the first time that William Wang and his affiliates hold less than 25% of the shares of Class B common stock held by Mr. Wang and his affiliates as of the date of the completion of the IPO, (ii) following the date on which Mr. Wang is terminated for cause (as defined in the Company’s Restated Certificate); or (iii) the date upon which (A) Mr. Wang is no longer providing services to us as our Chief Executive Officer and (B) Mr. Wang is no longer a member of the Company’s Board of Directors. Additionally, shares of Class B common stock will convert automatically at the close of business on the date that is 12 months after the death or permanent and total disability of Mr. Wang, during which 12-month period the shares of our Class B common stock shall be voted as directed by a person designated by Mr. Wang and approved by the Company’s Board of Directors (or if there is no such person, then our secretary then in office). After the conversion or exchange of all outstanding shares of the Company’s Class B common stock into shares of Class A common stock, all outstanding shares of Class C common stock will convert automatically into Class A common stock, on a share-for-share basis, on the date or time specified by the holders of a majority of the outstanding shares of Class A common stock, voting as a separate class. Dividends: The holders of the Company’s common stock are entitled to share equally, on a per share basis, in any dividends declared by the Company’s Board of Directors out of legally available funds, subject to the rights of holders of preferred stock, if any, and the terms of any existing or future agreements between the Company and its lenders. Liquidation : In the event of the Company’s liquidation, dissolution or winding up, holders of its common stock are entitled to share equally, on a per share basis, in all assets legally available for distribution after payment of all debts and other liabilities, and subject to the prior rights of any holders of outstanding shares of preferred stock, if any. Common Stock Issuance: On June 20, 2018, VIZIO issued approximately 12,978,000 shares of its Class A common stock for $70,000, or $5.39 per share, to two related party manufacturers one of which was Supplier B as referenced in Note 5. In conjunction with this common stock issuance, VIZIO entered into strategic cooperation agreements with these suppliers. Prior to the IPO, if certain conditions set out in the agreements were achieved, the agreements provided opportunities for potential further equity investment in VIZIO. The agreements also provided for preference in future board member assignment, and future strategic financial incentives. After the expiration of the warrants the opportunity for further investment closed, while the other rights remain. The value of these were determined to be immaterial within the arrangement and to the condensed consolidated financial statements. Warrant Issuance: On December 31, 2019, VIZIO issued warrants to the same two suppliers in accordance with the strategic cooperation agreements entered into on June 20, 2018, upon the achievement of certain purchase volume milestones as set out in the strategic cooperation agreements. The warrants provided the suppliers the right to purchase a total of $15,000 of Class A common stock at an exercise price of $5.39 per share. The awards were exercisable in cash for a period of six months from the grant date and had a fair value of $1,927 at the grant date. The warrants were valued using the Black-Scholes option pricing model as of the issuance date and have been expensed in full within cost of goods sold within the condensed consolidated statement of operations. Assumptions used include the annualized volatility of 48%, fair value of common stock of $5.39 and the dividend rate of 3%. In July 2020, the warrants expired unexercised.

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
Share-Based Compensation	Share-Based Compensation In August 2017, the Company’s Board of Directors adopted the 2017 Incentive Award Plan (as amended, the “2017 Plan”), which provides for the granting of qualified and nonqualified stock options, restricted stock awards, restricted stock units, dividend equivalents, stock appreciation rights and other share-based awards. The 2017 Plan was amended and restated prior to the Company’s IPO. The 2017 Plan, reserves for issuance to eligible employees, directors and consultants a total of (i) 24,446,502 shares of common stock in addition to (ii) the number of shares that, as of the date the 2017 Plan was originally adopted, were available for issuance under the 2007 Plan (as described below), plus (iii) the number of shares subject to awards outstanding under the 2007 Plan as of the date the 2017 Plan was originally adopted, that on or after that date, are forfeited or otherwise terminate or expire for any reason without the issuance of shares to the holders of the awards; provided, that the maximum number of shares of Class A common stock that may be added to the number of shares reserved under the 2017 Plan under clauses (ii) and (iii) is 40,520,655 shares. The primary purpose of the 2017 Plan is to enhance the Company’s ability to attract, motivate, and retain the services of qualified employees, officers, and directors. Any stock options or stock appreciation rights granted under the Plan will have a term of not more than 10 years and the vesting of the awards are set at the discretion of the Board of Directors but is not expected to exceed four years for any grant. The Company’s 2007 Incentive Award Plan (the “2007 Plan”), which the Board of Directors had adopted in 2007, was terminated in connection with the adoption of the 2017 Plan. Any outstanding awards that had been granted under the 2007 Plan prior to its termination remain outstanding, subject to the terms of the 2007 Plan and awards agreements, until such awards vest and are exercised (as applicable) or until they terminate or expire by their terms. As of September 30, 2021, options to purchase a total of 1,315,940 shares of Class A common stock remained outstanding and subject to the terms of the 2007 Plan. The awards under the 2007 Plan have a term of not more than 10 years and the vesting of the awards was set at the discretion of the Board of Directors upon grant but is not expected to exceed four years for any grant. All awards are subject to forfeiture within 90 days if employment or other services terminate prior to the vesting of the awards. Grants are no longer permitted from the 2007 Plan. Stock Option Awards A summary of the status of the Company’s stock option plans as of September 30, 2021 presented below: Number of Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding at December 31, 2020 16,416 4.16 7.1 $ 71,934 Granted 2,847 18.55 Exercised (2,229) 3.00 Forfeited and expired (488) 6.02 Outstanding at September 30, 2021 16,546 $ 6.75 7.0 238,797 Options vested and exercisable at September 30, 2021 10,277 $ 3.51 5.8 $ 182,230 In February 2021, the Company granted approximately 688,068 stock option awards to various employees. These options vest over a four year period and the fair value of the option on the grant date was $10.54 as determined using the Black Scholes Option Pricing Model and a common stock share price of $19.49 per share, volatility of 39%, a dividend yield of 2%, a risk free rate of 1%, and an expected term of 6.25 years. In March 2021, the Company granted 172,196 stock options to various employees. These options vest over a four year period and the fair value of the option on the grant date was $7.63 using the Black-Scholes Options Pricing Model and a common stock share price of $21.00 per share, volatility of 44%, a dividend yield of 2%, a risk free rate of 1% and an expected term of 6.25 years. In May 2021, the Company granted 1,936,568 stock options to various employees. These options vest over a four year period and the fair value of the option at the grant date was $8.93 as measured using the Black Scholes Option Pricing Model and a common stock share price of $21.84 per share, volatility of 44%, 0.76% dividend yield, a risk free rate of 1%, and an expected term of 6.25 years. As of September 30, 2021, the Comp any had $34,207 of unrecognized compens ation costs related to share-based payments, which is expected to be recognized over a weighted average vesting period of approximately 2.54 years. September 30, 2021 September 30, 2020 Weighted average grant date fair value of stock options granted during the period $ 9.22 $ 1.58 A summary of the nonvested stock options as of September 30, 2021 is as follows: Shares Weighted Nonvested at December 31, 2020 7,154 $ 1.64 Granted 2,847 $ 9.22 Forfeited or expired (346) $ 4.65 Vested (3,413) $ 3.87 Nonvested at September 30, 2021 6,242 $ 6.24 Restricted Stock Awards Effective October 29 , 2010, the Board of Directors granted a total of 4,995,000 restricted stock awards (“RSA”) to the Company’s Chief Executive Officer and Chief Operating Officer with a stock price of $1.93 per share. The restricted stock awards vest and become non-forfeitable ratably over a four-year period assuming VIZIO made its first public offering of common stock pursuant to a registration statement filed with the Securities and Exchange Commission during this period. Under the terms of the grant, if a public offering did not occur within the four-year vesting period, the restricted stock awards would remain outstanding and unvested for an additional three-year period and all shares would vest contingent upon an initial public offering. If after seven years, VIZIO was not successful at completing an initial public offering, all of the restricted stock awards would forfeit. Effective April 25, 2017, the forfeiture date on these awards was extended to December 31, 2020. In estimating the fair value of the common stock at the grant date, the Company engaged an independent valuation specialist to assist in determining the stock price. Effective December 29, 2017, the Board of Directors granted a total o f 1,179,000 res tricted stock awards to members of senior management with a stock price of $2.89 per share. On October 8, 2019, the Board of Directors granted a total o f 234,000 restricted stock awards to members of senior management with a stock price of $5.39 per share. Subsequent to December 31, 2020, 4,995,000 of these RSAs were forfeited. Restricted Stock Units On December 31, 2020, the Board of Directors granted a total of 2,035,000 restricted stock units (“RSU”) to members of senior management with a stock price of $8.54 per share. The restricted stock units vest ratably over a one de its first public offering of common stock pursuant to a registration statement filed with the Securities and Exchange Commission in December 2020. Under the terms of the grant, if a public offering did not occur within the vesting period, the RSUs would remain outstanding and unvested for an additional period and all shares shall vest contingent upon an initial public offering. Since the vesting of the RSUs was contingent upon an initial public offering, VIZIO deferred the recognition of compensation expense for these awards until the first quarter of 2021. In estimating the fair value of the common stock at the grant date, the Company engaged an independent valuation specialist to assist in determining the stock price. See further discussion of valuation below. Number of Shares Weighted Average Grant Date Fair Value Outstanding at December 31, 2020 2,035 $ 8.54 Granted 7,532 20.59 Released (3,788) 17.70 Forfeited (99) 21.88 Outstanding at September 30, 2021 5,680 $ 20.20 The grant-date fair value of restricted stock units granted during the nine months ended September 30, 2021 and 2020 was $155,542 and $0.0, respectively. The grant-date fair value of restricted stock units that vested during the nine months ended September 30, 2021 and 2020 was $67,041 and $0.0, respectively. Total unrecognized compensation cost related to restricted stock units as of September 30, 2021 was $96,585, which the Company expects to recognize over a weighted-average period of approximately 1.78 years. Fair Value of Share-Based Awards Share-based compensation expense resulting from grants of employee and non-employee stock options is recognized in the unaudited condensed consolidated financial statements based on the respective grant date fair values of the awards. Stock option, restricted stock unit, restricted stock and warrant grant date fair values are estimated using the Black-Scholes-Merton option pricing model. Prior to the IPO, given the absence of a public trading market, the Company’s Board of Directors considered numerous objective and subjective factors to determine the fair value of the common stock at each grant date. These factors included, but were not limited to (a) the prices at which the Company sold its Class A common stock to outside investors in arms-length transactions, (b) an independent third-party valuation of the Company’s Class A common stock, (c) the Company’s results of operations, financial position, and capital resources, (d) industry outlook, (d) the likelihood of achieving a liquidity event, such as an initial public offering or a sale of the Company, given prevailing market conditions, (e) the history and nature of the Company’s business, industry trends and competitive environment; and (f) general economic outlook including economic growth, inflation and unemployment, interest rate environment, and global economic trends, including the impact of COVID-19. The table below provides information on the weighted-average assumptions used for stock options granted during the three and nine months ended September 30, 2021. Three Months Ended Nine Months Ended 2021 2020 2021 2020 Number of options granted 50 — 2,847 1,564 Volatility 44 % — % 43 % 42 % Expected term (years) 6.25 — 6.25 6.25 Dividend yield 0.76 % — % 1.11 % 3.06 % Risk-free interest rate 1.09 % — % 1.14 % 0.34 % Fair value of common stock $ 19.80 $ — $ 21.19 $ 5.39 Fair market value per option determined using a Black-Scholes-Merton Option pricing model for purposes of determining compensation expense $ 7.99 $ — $ 9.22 $ 1.58 After consideration of the difference between $8.54, the per share fair value of the Company’s Class A common stock used to record share-based compensation for certain equity awards granted in December 2020 and February 2021, and $22.00, which was the midpoint of the price range set forth on the cover page of the Company’s preliminary prospectus related to the Company’s IPO, the Company used a linear interpolated fair value from $8.54 to $22.00 to measure additional share-based compensation expense for its option and RSU grants made in December 2020, February 2021 and March 2021. As a result, the Company recorded additional share-based compensation expense of approximately $16,160 and $42,058 during the three and nine months ended September 30, 2021 and expects to recognize an additional share-based compensation amount of approximately $16,160 during the remaining three months of 2021. Further, the Company expects to recognize additional share-based compensation expense of approximately $8,441, $2,147 and $1,749 for the years ending 2022, 2023 and 2024, respectively, for the unvested portion of the December 2020, February 2021, and March 2 021 grants. Total share-based compensation expense including the additional share-based compensation discussed above was $37,286 and $1,339 for the three months ended September 30, 2021 and September 30, 2020, respectively, and $97,946 and $4,018 for the nine months ended September 30, 2021 and September 30, 2020, respectively. Of the total share based compensation expense, approximately $385 and $668 is included in cost of goods sold with the remaining amounts included in selling, general and administrative expense in the condensed consolidated statements of operations for the three and nine months ended September 30, 2021 and 2020, respectively. In connection with the vesting of share-based payment awards for certain employees, the Company agreed to withhold shares of common stock from these employees to cover the cost of the income tax withholdings due upon release of the awards. During the three months ended September 30, 2021, the Company agreed to pay $17,396 and these employees agreed to forfeit approximately 991,660 shares of common stock. Through September 30, 2021, the total of the common stock withheld during the nine months ended September 30, 2021 was 2,429,980 shares for $57,969 and is recorded as treasury stock within Additional paid in capital in the condensed consolidated balance sheet. Employee Stock Purchase Plan

Net Income (Loss) Per Share

Net Income (Loss) Per Share	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Net Income (Loss) Per Share	Net Income (Loss) Per Share The Company computes earnings per share (“EPS”) of Class A and Class B common stock using the two-class method for participating securities. Basic (loss) earnings per share attributable to common stockholders is calculated by dividing net (loss) income attributable to common stockholders by the weighted-average number of Class A and Class B common shares outstanding. Diluted (loss) earnings per share attributable to common stockholders adjusts the basic (loss) earnings per share attributable to common stockholders and the weighted-average number of common shares outstanding for the potentially dilutive impact of RSUs and stock options using the treasury stock method. For the three and nine-month periods ended September 30, 2021 and 2020, the potential dilutive shares relating to outstanding stock opti ons and restricted stock units were considered anti-dilutive because of the net loss and therefore not included in diluted earnings per share. Basic and diluted earnings per share and the weighted-average shares outstanding have been computed for all periods as shown below: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Class A Class B Class A Class A Class B Class A Numerator: Net income $ (9,414) $ (9,152) $ 35,054 $ (18,255) $ (10,970) $ 61,662 Less: Accumulated dividends on preferred shares — — (30) — — (90) Undistributed earnings (9,414) (9,152) 35,024 (18,255) (10,970) 61,572 Less: Earnings attributable to participating securities — — (7,625) (163) (98) (13,276) Net income attributable to common stockholders - basic $ (9,414) $ (9,152) $ 27,399 $ (18,418) $ (11,068) $ 48,296 Net income attributable to common stockholders- diluted $ (9,414) $ (9,152) $ 27,399 $ (18,418) $ (11,068) $ 48,296 Denominator: Weighted-average common shares outstanding - basic 92,699 90,121 144,417 106,861 64,216 144,367 Employee stock options — — 2,676 — — 2,697 Weighted-average common shares outstanding - diluted 92,699 90,121 147,093 106,861 64,216 147,064 Net income per share attributable to Class A and Class B common stockholders: Basic $ (0.10) $ (0.10) $ 0.19 $ (0.17) $ (0.17) $ 0.33 Diluted $ (0.10) $ (0.10) $ 0.19 $ (0.17) $ (0.17) $ 0.33 Anti-dilutive equity awards under share-based award plans excluded from the determination of diluted EPS 11,372 — 4,628 9,965 — 3,761

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company recorded a provision for income taxes of $4,060 and $10,095 for the three months ended September 30, 2021 and September 30, 2020, respectively, and $19,660 and $17,772 for the nine months ended September 30, 2021 and September 30, 2020, respectively. For the three and nine months ended September 30, 2021, t he effective tax rate differs from the statutory tax rate of 21% primarily due to the approximately $6,868 and $20,255 in permanent book-to-tax difference for the share-based compensation expense deduction limited on certain executive officers as a publicly held corporation. The tax provision for the nine months ended September 30, 2021 includes a net income tax expense of $875 for discrete items including the deferred tax asset adjustment for share-based compensation expense related to certain executive officers, and excess tax benefits relating to executive share-based compensation, and state law changes.

Defined Contribution Retirement

Defined Contribution Retirement Plan	9 Months Ended
	Sep. 30, 2021
Retirement Benefits [Abstract]
Defined Contribution Retirement Plan	Defined Contribution Retirement PlanVIZIO maintains a 401(k) defined contribution plan allowing eligible U.S.-based employees to contribute up to an annual maximum amount as set periodically by the Internal Revenue Service. The Company provides for solely discretionary matching contributions on the employee deferred amounts. The Company recognized estimated discretionary matching contributions of $438 and $200 for the three months ended September 30, 2021 and September 30, 2020, respectively, and $1,313 and $600 for the nine months ended September 30, 2021 and September 30, 2020, respectively. Discretionary amounts are approved annually in the fourth quarter of the year and generally paid during the first quarter of the following year.

Accrued Royalties

Accrued Royalties	9 Months Ended
	Sep. 30, 2021
Payables and Accruals [Abstract]
Accrued Royalties	Accrued Royalties VIZIO is engaged in, and in certain cases has settled, various claims and suits alleging the infringement of patents related to certain television technology that were initiated by television manufacturers and other nonmanufacturers. In connection with the disposition of some of these claims and suits, the Company has entered into, or may enter into, license arrangements, which may include royalty payments to be made for historical and/or prospective sales of the Company’s products. Certain of these settlements have included cross-licenses, covenants not to sue, and litigation holds. In connection with these existing license agreements as well as existing or potential settlement arrangements, the Company recorded an aggregate accrual of $65,970 and $81,143 for all historical product sales as of September 30, 2021 and December 31, 2020, respectively. To the extent that VIZIO is indemnified under its product supply agreements with its manufacturers, the Company has offset intellectual property expenses and recorded amounts as other receivable balances included in other current assets. Historically, VIZIO has been contractually indemnified and reimbursed by its manufacturers for most intellectual property royalty obligations and commitments. The Company will make future payments for the licensed technologies with funding received from the manufacturers, either through direct reimbursement from the manufacturers or payment of the net purchase price, as these royalty payments become due. In certain circumstances, VIZIO has the contractual ability to renegotiate the annual license fee in future years if certain unit sales volumes are not met in a given year. A summary of future commitments on royalty obligations as of September 30, 2021 is as follows: 2021 (three months) $ 2,268 2022 10,994 2023 6,752 2024 5,200 2025 and thereafter 3,450 Total $ 28,664 For potential future settlements related to historical sales for which the Company does not expect to be reimbursed, a reserve of $38,949 and $49,643 has been recorded as of September 30, 2021 and December 31, 2020, respectively, as part of accrued royalties. Any patent infringement lawsuit in which VIZIO is not indemnified is expensed when management determines that it is probable that a liability has been incurred and the amount is estimable. In certain instances, the Company administers refundable deposits on behalf of its manufacturers for asserted intellectual property infringement claims and related active litigation in accordance with the terms of the supply agreements. The use of the refundable deposits is limited to the resolution or settlement of these claims and active cases. Management reviews the nature of these claims and active cases with the manufacturers on a periodic basis. The deposit amounts received and recorded are determined and adjusted quarterly based on mutual consent of both parties and using all available information at that time. In the event of an unfavorable resolution or settlement that exceeds the amount recorded as a refundable deposit, the excess shall be paid by VIZIO and then reimbursed by the manufacturer in accordance with the contractual indemnification provisions in the product supply agreement. Refundable deposits of $27,021 and $31,500 have been recorded as of September 30, 2021 and December 31, 2020, respectively, which are presented within accrued royalties in the condensed consolidated balance sheets. In the ordinary course of business, management anticipates that VIZIO will be party to various claims and suits including disputes arising over intellectual property rights and other matters. The Company intends to vigorously defend against such claims and suits; however, the ultimate outcome of such claims may remain unknown for some time. Based on all of the information available to date, management does not believe that there are any claims or suits that would have a material adverse effect on the Company’s financial condition, results of operations, or liquidity.

Leases

Leases	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Leases	Leases The Company has various non-cancelable operating leases for its corporate and satellite offices primarily in the United States. These leases expire at various times through 2026. The table below presents supplemental balance sheet information related to the Company’s operating leases as follows (in thousands, except lease term and discount rate): As of Classification September 30, December 31, Assets: Right-of-use assets Other assets $ 5,998 $ 7,993 Liabilities: Current portion of lease liabilities Other current liabilities $ 2,330 $ 2,856 Long term portion of lease liabilities Other long-term liabilities $ 3,668 $ 5,137 Weighted-average remaining lease term (years) 3.3 3.7 Weighted-average discount rate 3.3 % 3.4 % Operating lease costs were $950 and $916 for the three months ended September 30, 2021 and September 30, 2020, respectively. Operating lease costs were $2,841 and $2,780 for the nine months ended September 30, 2021 and September 30, 2020, respectively. The table below reconciles the undiscounted cash flows of the operating leases for each of the first five years, and total of the remaining years, to the operating lease liabilities recorded on the condensed consolidated balance sheet as of September 30, 2021. 2021 (three months) $ 738 2022 2,021 2023 1,333 2024 943 2025 741 2026 and Thereafter 594 Total minimum lease payments 6,370 Less imputed interest (372) Total lease liabilities $ 5,998

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Volume Commitments Certain product supply agreements include a volume supply commitment on up to 13 weeks of inventory forecasted by the Company. Management provides periodic forecasts to manufacturers at which time they consider the first 13 weeks of supply to be committed. As of September 30, 2021, no liabilities were recorded related to this supply commitment. Revolving Credit Facility Bank of America Facility On April 13, 2016, VIZIO entered into a credit agreement with Bank of America, N.A. Under the credit agreement, Bank of America, N.A. agreed to provide VIZIO with a revolving credit line of up to $50,000 with a maturity date of April 13, 2021, for the purposes of repurchasing certain outstanding shares of common stock held by a related party supplier and other general business requirements, including working capital. The Company’s indebtedness to Bank of America, N.A. under the credit agreement is collateralized by substantially all of the Company’s assets. Any indebtedness under this credit agreement bears interest at a variable rate based either on LIBOR, the federal funds rate, or the prime rate. The credit agreement contains affirmative and negative covenants which, among other things, requires the Company to deliver to Bank of America, N.A. specified annual and monthly financial information. VIZIO repaid the Bank of America Facility on September 26, 2018. On April 13, 2021, the Company entered into a Second Amendment to the Loan and Security Agreement (“Second Amendment”) with Bank of America N.A., to include among other things, (i) an update to provide for use of a LIBOR successor rate, (ii) to amend the definition of Availability Reserve and Borrowing Base, and (iii) an extension of the termination date to April 13, 2024. In connection with the Second Amendment, the Company paid a fee of $75 in the second quarter. Commitment fees related to this line of credit were $48 and $48 for the three months ended September 30, 2021 and September 30, 2020, respectively. Commitment fees related to this line of credit were $143 and $143 for the nine months ended September 30, 2021 and September 30, 2020, respectively. As of September 30, 2021, there was no balance due on the credit facility and the Company was in compliance with all required financial covenants. Legal Matters Advanced Micro Devices, Inc. (“AMD”) presented the Company with a claim letter dated May 11, 2015 in which AMD claimed the Company is infringing its patents that cover graphics processing and semiconductor technologies. On January 23 and 24, 2017, respectively, AMD filed complaints in the U.S. District Court for the District of Delaware and the International Trade Center (ITC) alleging infringement of AMD’s U.S. patents. On August 22, 2018, the ITC ruled against VIZIO and recommended limited exclusion and cease and desist orders. On August 30, 2018, the parties entered into a settlement agreement including payments of $39,000 in total, and the cases were subsequently dismissed. Of the $39,000 settlement outlined in the agreement, $15,000 was negotiated to apply to the release for units shipped prior to the effective date of the agreement which is indemnified by VIZIO’s suppliers. This is reflected in the first three payments due to AMD under the license, which were paid by the end of 2018. Payments beginning with the fourth payment are scheduled on an annual basis in May of each subsequent calendar year for payment of ongoing license from September 2018 and included in accrued royalties in Note 14. In connection with the IPO, approximately $14,000 in payments were accelerated and paid. In November 2020, the Company entered into a settlement agreement with AmTRAN Technology Co., Ltd. (“AmTRAN”) and one of its subsidiaries. AmTRAN is a beneficial holder of more than 5% of the Company’s Class A common stock. Pursuant to the settlement agreement, the Company agreed, among other things, to pay AmTRAN approximately $8,200. In return, on November 23, 2020 AmTRAN terminated its security agreement. AmTRAN further agreed to pay outstanding fees owed by it for IP licenses related to the manufacturing of the Company’s devices. The parties further agreed that VIZIO would continue to retain a reserve of approximately $4,000 for payment of, future claims attributable to devices manufactured by AmTRAN. On December 31, 2022 VIZIO will release to AmTRAN the lesser of (i) 50% of the remaining balance of the reserve or (ii) approximately $2,000, with a like amount to be retained by the Company. On August 20, 2021, Maxell, Ltd. and Maxell Holdings, Ltd. filed a complaint in United States District Court for the Central District of California against the Company alleging the Company's TVs infringe several of their patents related to various television-related technologies. See Maxell, Ltd., et al. v. VIZIO, Inc., Case No. 2:21-cv-6758 (C.D. Cal.). This case is in the early pleadings stage. The Company disputes the claims and intends to defend the lawsuit vigorously.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Basis of Consolidation	The Company has prepared these accompanying unaudited condensed consolidated financial statements in accordance with generally accepted accounting principles in the United States (“GAAP”). These unaudited condensed consolidated financial statements include the accounts of VIZIO and all subsidiaries.The condensed consolidated balance sheet as of December 31, 2020 and included herein was derived from the audited financial statements as of the same date. We have condensed or omitted certain information and notes normally included in complete financial statements prepared in accordance with GAAP. As such, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements as of and for the year ended December 31, 2020 included in the Prospectus. In our opinion, the accompanying unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, comprehensive loss and cash flows for the interim periods, but due to seasonality of sales and other factors, they are not necessarily indicative of the results of operations to be expected for the year ending December 31, 2021.
Consolidation	All intercompany transactions and balances have been eliminated in consolidation.
Foreign Currency Transactions and Translations	The functional currency of most of the foreign subsidiaries is the U.S. dollar. The accounts of these remaining foreign subsidiaries have been translated using the U.S. dollar as the functional currency. Gains or losses resulting from remeasurement of these accounts from local currencies into U.S. dollars are recorded in other comprehensive income in these unaudited condensed consolidated financial statements. Financial statements of the Company’s foreign subsidiaries for which the functional currency is the local currency are translated into U.S. dollars using the exchange rate at each balance sheet date for assets and liabilities and the transaction date.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain amounts reported in the consolidated financial statements and accompanying notes. Actual results may differ from those estimates and assumptions. Significant items subject to such estimates and assumptions include the allowances for doubtful accounts and sales returns, reserves for excess and obsolete inventory, accrued price protection and rebates, accrued royalties, share-based compensation, intellectual property and related intangible assets, valuation of deferred tax assets and other contingencies. Supplier and customer concentrations also increase the degree of uncertainty inherent in these estimates and assumptions.
Customer Allowances	Customer AllowancesThe Company offers sales incentives through various programs, consisting primarily of discounts, cooperative advertising and market development fund programs. The Company records cooperative advertising and market development fund programs with customers as a reduction to revenue unless the Company receives a distinct benefit in exchange for credits claimed by the customer and can reasonably estimate the fair value of the benefit received. These arrangements are recorded as accrued liabilities.Net RevenueThe Company derives revenue primarily from the sale of televisions and sound bars, advertising and data services. Revenue is recognized when control of the promised goods or services is transferred to the Company’s retailers, in an amount that reflects the consideration to which it expects to be entitled in exchange for those goods or services. The Company applies a five-step approach as defined in Financial Accounting Standards Board (“FASB”) ASC 606, Revenue from Contracts with Customers (Topic 606), in determining the amount and timing of revenue to be recognized: (1) identifying the contract with a customer; (2) identifying the performance obligations in the contract; (3) determining the transaction price; (4) allocating the transaction price to the performance obligations in the contract; and (5) recognizing revenue when the corresponding performance obligation is satisfied. The Company sells products to certain retailers under terms that allow them to receive price protection on future price reductions and may provide for limited rights of return, discounts and advertising credits. The Company disaggregates net revenue by (i) Device Revenue, and (ii) Platform+ Revenue, as it believes it best depicts how the nature, timing and uncertainty of revenue and cash flows are affected by economic factors. The revenue recognized from contract liabilities consisted of the Company satisfying performance obligations during the normal course of business. The Company did not identify or record any material contract assets as of September 30, 2021 and December 31, 2020. Additionally, no costs associated with obtaining contracts with customers were capitalized, nor any costs associated with fulfilling its contracts. All costs to obtain contracts were expensed as incurred as a practical expedient.
Research and Development Costs	Research and Development CostsResearch and development expense consists primarily of employee-related costs, including salaries and bonuses, share-based compensation expense, and employee benefits costs, third-party contractor costs, and related allocated overhead costs. In certain cases, costs are incurred to purchase materials and equipment for future use in research and development efforts. These costs are capitalized and expensed as consumed.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In December 2019, the FASB issued guidance, ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, to reduce complexity in accounting standard. The guidance simplifies the accounting for income taxes by removing certain exceptions to the general principles in Accounting Standards Codification Topic 740 ("ASC 740") as well as by improving consistent application of the topic by clarifying and amending existing guidance. This standard is effective for the Company for the year ending December 31, 2021. The adoption of this standard did not result in a material impact to the Company’s consolidated financial statements.
Net Revenue	Customer AllowancesThe Company offers sales incentives through various programs, consisting primarily of discounts, cooperative advertising and market development fund programs. The Company records cooperative advertising and market development fund programs with customers as a reduction to revenue unless the Company receives a distinct benefit in exchange for credits claimed by the customer and can reasonably estimate the fair value of the benefit received. These arrangements are recorded as accrued liabilities.Net RevenueThe Company derives revenue primarily from the sale of televisions and sound bars, advertising and data services. Revenue is recognized when control of the promised goods or services is transferred to the Company’s retailers, in an amount that reflects the consideration to which it expects to be entitled in exchange for those goods or services. The Company applies a five-step approach as defined in Financial Accounting Standards Board (“FASB”) ASC 606, Revenue from Contracts with Customers (Topic 606), in determining the amount and timing of revenue to be recognized: (1) identifying the contract with a customer; (2) identifying the performance obligations in the contract; (3) determining the transaction price; (4) allocating the transaction price to the performance obligations in the contract; and (5) recognizing revenue when the corresponding performance obligation is satisfied. The Company sells products to certain retailers under terms that allow them to receive price protection on future price reductions and may provide for limited rights of return, discounts and advertising credits. The Company disaggregates net revenue by (i) Device Revenue, and (ii) Platform+ Revenue, as it believes it best depicts how the nature, timing and uncertainty of revenue and cash flows are affected by economic factors. The revenue recognized from contract liabilities consisted of the Company satisfying performance obligations during the normal course of business. The Company did not identify or record any material contract assets as of September 30, 2021 and December 31, 2020. Additionally, no costs associated with obtaining contracts with customers were capitalized, nor any costs associated with fulfilling its contracts. All costs to obtain contracts were expensed as incurred as a practical expedient.

Net Revenue (Tables)

Net Revenue (Tables)	9 Months Ended
	Sep. 30, 2021
Revenue from Contract with Customer [Abstract]
Schedule of Concentration Risk	The following customers account for more than 10% of net revenue: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Net revenue: Customer A 39 % 46 % 39 % 48 % Customer B 13 9 13 9 Customer C 14 13 13 11 Customer D 10 11 10 9 Customer E 5 9 6 10 The following customers account for more than 10% of accounts receivable: As of September 30, December 31, Net receivables: Customer A 43 % 41 % Customer B 10 18 Customer C 18 16 The Company has the following significant concentrations related to suppliers: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Inventory purchases: Supplier A 25 % 26 % 29 % 28 % Supplier B – related party 37 45 40 48 Supplier C 6 11 9 9 Supplier D 23 9 12 6

Accounts Receivable (Tables)

Accounts Receivable (Tables)	9 Months Ended
	Sep. 30, 2021
Receivables [Abstract]
Schedule of Accounts Receivable	Accounts receivable consists of the following: As of September 30, December 31, Accounts receivable $ 356,919 $ 405,627 Allowance for doubtful accounts (154) (18) Total accounts receivable, net of allowances $ 356,765 $ 405,609

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2021
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consist of the following: As of September 30, December 31, Inventory on hand $ 5,111 $ 3,237 Inventory in transit 18,572 7,308 Total inventory $ 23,683 $ 10,545
Schedule of Concentration Risk	The following customers account for more than 10% of net revenue: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Net revenue: Customer A 39 % 46 % 39 % 48 % Customer B 13 9 13 9 Customer C 14 13 13 11 Customer D 10 11 10 9 Customer E 5 9 6 10 The following customers account for more than 10% of accounts receivable: As of September 30, December 31, Net receivables: Customer A 43 % 41 % Customer B 10 18 Customer C 18 16 The Company has the following significant concentrations related to suppliers: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Inventory purchases: Supplier A 25 % 26 % 29 % 28 % Supplier B – related party 37 45 40 48 Supplier C 6 11 9 9 Supplier D 23 9 12 6

Property and Equipment (Tables)

Property and Equipment (Tables)	9 Months Ended
	Sep. 30, 2021
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	Property and equipment consist of the following: As of September 30, December 31, Building $ 10,095 $ 9,998 Machinery and equipment 1,644 1,284 Leasehold improvements 3,438 3,438 Furniture and fixtures 2,879 2,840 Computer and software 22,267 19,184 Automobile and truck 22 22 Total property and equipment 40,345 36,766 Less accumulated depreciation and amortization (30,336) (28,837) Total property and equipment, net $ 10,009 $ 7,929

Accrued Expenses (Tables)

Accrued Expenses (Tables)	9 Months Ended
	Sep. 30, 2021
Payables and Accruals [Abstract]
Schedule of Accrued Expenses	The Company’s accrued expenses consisted of the following: As of September 30, December 31, Accrued price protection $ 43,489 $ 61,331 Accrued other customer related expenses 49,187 54,404 Accrued supplier related expenses 26,027 12,434 Accrued payroll expenses 29,237 10,874 Accrued other expenses 15,363 15,916 Total accrued expenses $ 163,303 $ 154,959

Share-Based Compensation (Table

Share-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
Stock Option Activity	A summary of the status of the Company’s stock option plans as of September 30, 2021 presented below: Number of Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding at December 31, 2020 16,416 4.16 7.1 $ 71,934 Granted 2,847 18.55 Exercised (2,229) 3.00 Forfeited and expired (488) 6.02 Outstanding at September 30, 2021 16,546 $ 6.75 7.0 238,797 Options vested and exercisable at September 30, 2021 10,277 $ 3.51 5.8 $ 182,230 September 30, 2021 September 30, 2020 Weighted average grant date fair value of stock options granted during the period $ 9.22 $ 1.58 A summary of the nonvested stock options as of September 30, 2021 is as follows: Shares Weighted Nonvested at December 31, 2020 7,154 $ 1.64 Granted 2,847 $ 9.22 Forfeited or expired (346) $ 4.65 Vested (3,413) $ 3.87 Nonvested at September 30, 2021 6,242 $ 6.24
Restricted Stock Unit Activity	Number of Shares Weighted Average Grant Date Fair Value Outstanding at December 31, 2020 2,035 $ 8.54 Granted 7,532 20.59 Released (3,788) 17.70 Forfeited (99) 21.88 Outstanding at September 30, 2021 5,680 $ 20.20
Valuation Assumptions	The table below provides information on the weighted-average assumptions used for stock options granted during the three and nine months ended September 30, 2021. Three Months Ended Nine Months Ended 2021 2020 2021 2020 Number of options granted 50 — 2,847 1,564 Volatility 44 % — % 43 % 42 % Expected term (years) 6.25 — 6.25 6.25 Dividend yield 0.76 % — % 1.11 % 3.06 % Risk-free interest rate 1.09 % — % 1.14 % 0.34 % Fair value of common stock $ 19.80 $ — $ 21.19 $ 5.39 Fair market value per option determined using a Black-Scholes-Merton Option pricing model for purposes of determining compensation expense $ 7.99 $ — $ 9.22 $ 1.58

Net Income (Loss) Per Share (Ta

Net Income (Loss) Per Share (Tables)	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Earnings (Loss) Per Share	Basic and diluted earnings per share and the weighted-average shares outstanding have been computed for all periods as shown below: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Class A Class B Class A Class A Class B Class A Numerator: Net income $ (9,414) $ (9,152) $ 35,054 $ (18,255) $ (10,970) $ 61,662 Less: Accumulated dividends on preferred shares — — (30) — — (90) Undistributed earnings (9,414) (9,152) 35,024 (18,255) (10,970) 61,572 Less: Earnings attributable to participating securities — — (7,625) (163) (98) (13,276) Net income attributable to common stockholders - basic $ (9,414) $ (9,152) $ 27,399 $ (18,418) $ (11,068) $ 48,296 Net income attributable to common stockholders- diluted $ (9,414) $ (9,152) $ 27,399 $ (18,418) $ (11,068) $ 48,296 Denominator: Weighted-average common shares outstanding - basic 92,699 90,121 144,417 106,861 64,216 144,367 Employee stock options — — 2,676 — — 2,697 Weighted-average common shares outstanding - diluted 92,699 90,121 147,093 106,861 64,216 147,064 Net income per share attributable to Class A and Class B common stockholders: Basic $ (0.10) $ (0.10) $ 0.19 $ (0.17) $ (0.17) $ 0.33 Diluted $ (0.10) $ (0.10) $ 0.19 $ (0.17) $ (0.17) $ 0.33 Anti-dilutive equity awards under share-based award plans excluded from the determination of diluted EPS 11,372 — 4,628 9,965 — 3,761

Accrued Royalties (Tables)

Accrued Royalties (Tables)	9 Months Ended
	Sep. 30, 2021
Payables and Accruals [Abstract]
Schedule of Future Commitments on Royalty Obligations	A summary of future commitments on royalty obligations as of September 30, 2021 is as follows: 2021 (three months) $ 2,268 2022 10,994 2023 6,752 2024 5,200 2025 and thereafter 3,450 Total $ 28,664

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Schedule of Supplemental Balance Sheet Information	The table below presents supplemental balance sheet information related to the Company’s operating leases as follows (in thousands, except lease term and discount rate): As of Classification September 30, December 31, Assets: Right-of-use assets Other assets $ 5,998 $ 7,993 Liabilities: Current portion of lease liabilities Other current liabilities $ 2,330 $ 2,856 Long term portion of lease liabilities Other long-term liabilities $ 3,668 $ 5,137 Weighted-average remaining lease term (years) 3.3 3.7 Weighted-average discount rate 3.3 % 3.4 %
Schedule of Undiscounted Cash Flows of Operating Leases	The table below reconciles the undiscounted cash flows of the operating leases for each of the first five years, and total of the remaining years, to the operating lease liabilities recorded on the condensed consolidated balance sheet as of September 30, 2021. 2021 (three months) $ 738 2022 2,021 2023 1,333 2024 943 2025 741 2026 and Thereafter 594 Total minimum lease payments 6,370 Less imputed interest (372) Total lease liabilities $ 5,998

Organization and Nature of Bu_2

Organization and Nature of Business (Details) $ / shares in Units, $ in Thousands	Mar. 31, 2021$ / sharesshares	Mar. 29, 2021USD ($)$ / sharesshares	Mar. 28, 2021shares	Mar. 15, 2021shares	Mar. 12, 2021	Sep. 30, 2021USD ($)manufacturershares	Dec. 31, 2020shares
Related Party Transaction [Line Items]
Number of awards assumed for each award granted under share based compensation plans					1
Underwriting discounts and commissions | $						$ 10,700
Common stock, authorized (in shares)						1,350,000,000
Preferred stock, authorized (in shares)		100,000,000	100,000,000
Investor and affiliates | Purchase of televisions since inception
Related Party Transaction [Line Items]
Number of manufacturers purchased from | manufacturer						1
Investor and affiliates | Purchase of televisions since 2012
Related Party Transaction [Line Items]
Number of manufacturers purchased from | manufacturer						3
IPO
Related Party Transaction [Line Items]
Number of shares issued (in shares)		12,250,000
Consideration received on stock issuance (in dollars per share) | $ / shares		$ 21
Consideration received on stock issuance | $		$ 144,922
Underwriting discounts and commissions | $		10,700
Offering expenses | $		$ 3,100
Over-Allotment Option
Related Party Transaction [Line Items]
Number of shares issued (in shares)	1,709,274
Consideration received on stock issuance (in dollars per share) | $ / shares	$ 21
IPO, new shares issued
Related Party Transaction [Line Items]
Number of shares issued (in shares)		7,560,000
IPO, from existing stockholders
Related Party Transaction [Line Items]
Number of shares issued (in shares)		4,690,000
Vizio Holding Corp | VIZIO, Inc.
Related Party Transaction [Line Items]
Percentage of outstanding shares acquired					100.00%
Class A common stock
Related Party Transaction [Line Items]
Shares issued in exchange for cancelled shares (in shares)					1
Stock split ratio				9
Shares issued upon conversion (in shares)				225
Shares issued upon conversion (in shares)			30,315,600
Common stock, authorized (in shares)			1,000,000,000			1,000,000,000	675,000,000
Class B common stock
Related Party Transaction [Line Items]
Common stock, authorized (in shares)			200,000,000			200,000,000	0
Class C common stock
Related Party Transaction [Line Items]
Common stock, authorized (in shares)			150,000,000			150,000,000	0
Series A convertible preferred stock
Related Party Transaction [Line Items]
Conversion of stock, shares converted			134,736
Shares issued upon conversion (in shares)			30,315,600
Preferred stock, authorized (in shares)						0	250,000
William Wang and affiliated trusts | Class B common stock
Related Party Transaction [Line Items]
Conversion of stock, shares converted			98,633,025

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Accounting Policies [Abstract]
Cooperative advertising arrangements recorded as a reduction (increase) in net revenue	$ (185)	$ 1,935	$ 1,615	$ 3,234
Research and development costs	$ 8,771	$ 3,678	$ 25,861	$ 11,022

Net Revenue - Narrative (Detail

Net Revenue - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Concentration Risk [Line Items]
Contract assets	$ 0		$ 0		$ 0
Capitalized contract costs	$ 0		$ 0		$ 0
Net revenue | Customer concentration risk | Customer A and Customer C
Concentration Risk [Line Items]
Concentration risk, percentage	53.00%	59.00%	52.00%	59.00%
Net receivables | Credit concentration risk | Customer A and Customer C
Concentration Risk [Line Items]
Concentration risk, percentage			61.00%		57.00%

Net Revenue - Significant Custo

Net Revenue - Significant Customers (Details)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Net revenue | Customer concentration risk | Customer A
Revenue, Major Customer [Line Items]
Concentration risk, percentage	39.00%	46.00%	39.00%	48.00%
Net revenue | Customer concentration risk | Customer B
Revenue, Major Customer [Line Items]
Concentration risk, percentage	13.00%	9.00%	13.00%	9.00%
Net revenue | Customer concentration risk | Customer C
Revenue, Major Customer [Line Items]
Concentration risk, percentage	14.00%	13.00%	13.00%	11.00%
Net revenue | Customer concentration risk | Customer D
Revenue, Major Customer [Line Items]
Concentration risk, percentage	10.00%	11.00%	10.00%	9.00%
Net revenue | Customer concentration risk | Customer E
Revenue, Major Customer [Line Items]
Concentration risk, percentage	5.00%	9.00%	6.00%	10.00%
Net receivables | Credit concentration risk | Customer A
Revenue, Major Customer [Line Items]
Concentration risk, percentage			43.00%		41.00%
Net receivables | Credit concentration risk | Customer B
Revenue, Major Customer [Line Items]
Concentration risk, percentage			10.00%		18.00%
Net receivables | Credit concentration risk | Customer C
Revenue, Major Customer [Line Items]
Concentration risk, percentage			18.00%		16.00%

Accounts Receivable - Balances

Accounts Receivable - Balances (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Receivables [Abstract]
Accounts receivable	$ 356,919	$ 405,627
Allowance for doubtful accounts	(154)	(18)
Total accounts receivable, net of allowances	$ 356,765	$ 405,609

Accounts Receivable - Narrative

Accounts Receivable - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Receivables [Abstract]
Reserve allowance (recovery) for bad debt	$ (527)	$ 2,165	$ 159	$ 2,248

Inventories - Balances (Details

Inventories - Balances (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Inventory [Line Items]
Total inventory	$ 23,683	$ 10,545
Inventory on hand
Inventory [Line Items]
Total inventory	5,111	3,237
Inventory in transit
Inventory [Line Items]
Total inventory	$ 18,572	$ 7,308

Inventories - Significant Conce

Inventories - Significant Concentrations Related to Suppliers (Details) - Inventory purchases - Supplier concentration risk	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Supplier A
Concentration Risk [Line Items]
Concentration risk, percentage	25.00%	26.00%	29.00%	28.00%
Supplier B – related party
Concentration Risk [Line Items]
Concentration risk, percentage	37.00%	45.00%	40.00%	48.00%
Supplier C
Concentration Risk [Line Items]
Concentration risk, percentage	6.00%	11.00%	9.00%	9.00%
Supplier D
Concentration Risk [Line Items]
Concentration risk, percentage	23.00%	9.00%	12.00%	6.00%

Inventories - Narrative (Detail

Inventories - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Inventory [Line Items]
Recycling costs	$ 1,844	$ 2,947	$ 5,780	$ 5,691
Other receivables due from manufacturers
Inventory [Line Items]
Other receivables	$ 1,623		$ 1,623		$ 3,033

Property and Equipment - Compon

Property and Equipment - Components of Property and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 40,345	$ 36,766
Less accumulated depreciation and amortization	(30,336)	(28,837)
Total property and equipment, net	10,009	7,929
Building
Property, Plant and Equipment [Line Items]
Total property and equipment	10,095	9,998
Machinery and equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	1,644	1,284
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	3,438	3,438
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment	2,879	2,840
Computer and software
Property, Plant and Equipment [Line Items]
Total property and equipment	22,267	19,184
Automobile and truck
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 22	$ 22

Property and Equipment - Narrat

Property and Equipment - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Property, Plant and Equipment [Abstract]
Capitalized software development costs	$ 272	$ 814	$ 1,585	$ 2,300
Amortization of capitalized software development costs	704	914	2,098	2,666
Depreciation expense	$ 536	$ 327	$ 1,499	$ 1,152

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Details) - USD ($)	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 44,788,000	$ 44,788,000
Goodwill impairment	$ 0

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Accrued price protection	$ 43,489	$ 61,331
Accrued other customer related expenses	49,187	54,404
Accrued supplier related expenses	26,027	12,434
Accrued payroll expenses	29,237	10,874
Accrued other expenses	15,363	15,916
Total accrued expenses	$ 163,303	$ 154,959

Stockholders' Equity (Details)

Stockholders' Equity (Details) $ / shares in Units, $ in Thousands	Mar. 29, 2021USD ($)$ / sharesshares	Mar. 28, 2021USD ($)$ / sharesshares	Mar. 15, 2021	Dec. 31, 2019USD ($)manufacturer$ / shares	Jun. 20, 2018USD ($)manufacturer$ / sharesshares	Sep. 30, 2021vote$ / sharesshares	Sep. 30, 2021USD ($)vote$ / sharesshares	Sep. 30, 2020USD ($)	Dec. 31, 2020$ / sharesshares
Class of Stock [Line Items]
Common stock, authorized (in shares)						1,350,000,000	1,350,000,000
Common stock, par value (in dollars per share) | $ / shares						$ 0.0001	$ 0.0001		$ 0.0001
Preferred stock, authorized (in shares)	100,000,000	100,000,000
Underwriting discounts and commissions | $							$ 10,700
Shares withheld to cover taxes at IPO (in shares)						991,660
Preferred stock, par value (in dollars per share) | $ / shares	$ 0.0001
Dividends paid | $		$ 588					$ 594	$ 0
Common stock, issued (in shares)						187,310,311	187,310,311
Common stock, outstanding (in shares)						187,310,311	187,310,311
Percentage of common stock held by affiliates						25.00%	25.00%
Period after death or permanent and total disability							12 months
Number of suppliers | manufacturer				2
Value of shares which warrants may be converted | $				$ 15,000
Exercise price of warrants (in dollars per share) | $ / shares				$ 5.39
Term of warrants				6 months
Fair value of warrants | $				$ 1,927
Minimum
Class of Stock [Line Items]
Period following conversion scenarios							61 days
Maximum
Class of Stock [Line Items]
Period following conversion scenarios							180 days
Annualized volatility
Class of Stock [Line Items]
Warrants, measurement input				0.48
Dividend rate
Class of Stock [Line Items]
Warrants, measurement input				0.03
IPO
Class of Stock [Line Items]
Number of shares issued (in shares)	12,250,000
Consideration received on stock issuance (in dollars per share) | $ / shares	$ 21
Consideration received on stock issuance | $	$ 144,922
Underwriting discounts and commissions | $	10,700
Offering expenses | $	$ 3,100
IPO | Restricted Stock Awards
Class of Stock [Line Items]
Shares withheld to cover taxes at IPO (in shares)	434,334
IPO, new shares issued
Class of Stock [Line Items]
Number of shares issued (in shares)	7,560,000
IPO, from existing stockholders
Class of Stock [Line Items]
Number of shares issued (in shares)	4,690,000
Class A common stock
Class of Stock [Line Items]
Stock split ratio			9
Shares issued upon conversion (in shares)		30,315,600
Common stock, authorized (in shares)		1,000,000,000				1,000,000,000	1,000,000,000		675,000,000
Common stock, par value (in dollars per share) | $ / shares		$ 0.0001
Common stock, issued (in shares)						112,743,000	112,743,000		150,831,000
Common stock, outstanding (in shares)						110,496,000	110,496,000		150,831,000
Voting rights per share | vote						1	1
Common stock issued for each share upon conversion (in shares)						1	1
Class A common stock | Shares issued to related party manufacturers
Class of Stock [Line Items]
Number of shares issued (in shares)					12,978
Consideration received on stock issuance (in dollars per share) | $ / shares					$ 5.39
Consideration received on stock issuance | $					$ 70,000
Stock issuance, number of counterparties | manufacturer					2
Class B common stock
Class of Stock [Line Items]
Common stock, authorized (in shares)		200,000,000				200,000,000	200,000,000		0
Common stock, par value (in dollars per share) | $ / shares		$ 0.0001
Common stock, issued (in shares)						76,815,000	76,815,000		0
Common stock, outstanding (in shares)						76,815,000	76,815,000		0
Voting rights per share | vote						10	10
Class B common stock | William Wang and affiliated trusts
Class of Stock [Line Items]
Conversion of stock, shares converted		98,633,025
Class C common stock
Class of Stock [Line Items]
Common stock, authorized (in shares)		150,000,000				150,000,000	150,000,000		0
Common stock, par value (in dollars per share) | $ / shares		$ 0.0001
Common stock, issued (in shares)						0	0		0
Common stock, outstanding (in shares)						0	0		0
Series A convertible preferred stock
Class of Stock [Line Items]
Conversion of stock, shares converted		134,736
Shares issued upon conversion (in shares)		30,315,600
Preferred stock, authorized (in shares)						0	0		250,000
Preferred stock, par value (in dollars per share) | $ / shares						$ 0.0001	$ 0.0001		$ 0.0001

Share-Based Compensation - Narr

Share-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 25, 2021	Dec. 31, 2020	Oct. 08, 2019	Dec. 29, 2017	Oct. 29, 2010	May 31, 2021	Mar. 31, 2021	Feb. 28, 2021	Aug. 31, 2017	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2021	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2007	Mar. 29, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding (in shares)		16,416,000								16,546,000			16,546,000
Number of options granted (in shares)						1,936,568	172,196	688,068		50	0		2,847,000	1,564,000
Weighted average grant date fair value of stock options granted during the period (in dollars per share)						$ 8.93	$ 7.63	$ 10.54		$ 7.99	$ 0		$ 9.22	$ 1.58
Share price (in USD per share)		$ 8.54																	$ 22
Volatility										44.00%	0.00%		43.00%	42.00%
Dividend yield										0.76%	0.00%		1.11%	3.06%
Risk-free interest rate										1.09%	0.00%		1.14%	0.34%
Expected term (years)										6 years 3 months			6 years 3 months	6 years 3 months
Stock-based compensation expense										$ 37,286	$ 1,339		$ 97,946	$ 4,018
Unrecognized compensation costs										34,207			$ 34,207
Unrecognized compensation costs, vesting period													2 years 6 months 14 days
Value of forfeited shares										$ 17,396			$ 57,969
Shares withheld to cover withholding taxes for stock awards (in shares)										991,660
Common stock withheld in treasury stock (in shares)										2,429,980			2,429,980
Common stock withheld in treasury stock										$ 57,969			$ 57,969
Cost of goods sold
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense													$ 385	668
Stock Option Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting term						4 years	4 years	4 years
Share price (in USD per share)						$ 21.84	$ 21	$ 19.49
Volatility						44.00%	44.00%	39.00%
Dividend yield						0.76%	2.00%	2.00%
Risk-free interest rate						1.00%	1.00%	1.00%
Expected term (years)						6 years 3 months	6 years 3 months	6 years 3 months
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting term					4 years
Share price (in USD per share)			$ 5.39	$ 2.89	$ 1.93
Awards granted (in dollars per share)			234,000	1,179,000	4,995,000
Additional vesting term if IPO not completed					3 years
Forfeiture term if IPO not completed					7 years
Awards forfeited (in shares)													4,995,000
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share price (in USD per share)		$ 8.54
Awards granted (in dollars per share)		2,035,000
Fair value of RSUs granted													$ 155,542	0
Fair value of RSUs vested													67,041	$ 0
Additional expense recorded										16,160			42,058
Unrecognized compensation costs										96,585			$ 96,585
Unrecognized compensation costs, vesting period													1 year 9 months 10 days
Restricted Stock Units | Forecast
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional expense recorded												$ 16,160			$ 1,749	$ 2,147	$ 8,441
Restricted Stock Units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting term		1 year
Restricted Stock Units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting term		4 years
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of additional shares reserved for issuance (in shares)	5,400,000
Stock-based compensation expense										$ 255			$ 435
Shares reserved for issuance (in shares)	1,800,000
Additional shares reserved for issuance, as a percent of outstanding shares	1.00%
2007 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration term, not more than																		10 years
Vesting term																		4 years
Forfeiture term if employment or other services terminate prior to vesting																		90 days
2007 Incentive Award Plan | Class A common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding (in shares)										1,315,940			1,315,940
2017 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares)									24,446,502
Expiration term, not more than									10 years
Vesting term									4 years
2017 Incentive Award Plan | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of additional shares reserved for issuance (in shares)									40,520,655

Share-Based Compensation - Stoc

Share-Based Compensation - Stock Option Award Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended			3 Months Ended		6 Months Ended	9 Months Ended
	May 31, 2021	Mar. 31, 2021	Feb. 28, 2021	Sep. 30, 2021	Sep. 30, 2020	Jun. 30, 2021	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Number of Options
Beginning balance (in shares)						16,416,000	16,416,000
Granted (in shares)	1,936,568	172,196	688,068	50	0		2,847,000	1,564,000
Exercised (in shares)							(2,229,000)
Forfeited and expired (in shares)							(488,000)
Ending balance (in shares)				16,546,000			16,546,000
Options vested and exercisable (in shares)				10,277,000			10,277,000
Weighted Average Exercise Price
Beginning balance (in dollars per share)						$ 4.16	$ 4.16
Granted (in dollars per share)							18.55
Exercised (in dollars per share)							3
Forfeited and expired (in dollars per share)							6.02
Ending balance (in dollars per share)				$ 6.75			6.75
Options vested and exercisable (in dollars per share)				$ 3.51			$ 3.51
Weighted Average Remaining Contractual Term (Years)
Options outstanding						7 years 1 month 6 days	7 years
Options vested and exercisable							5 years 9 months 18 days
Aggregate Intrinsic Value
Options outstanding				$ 238,797			$ 238,797		$ 71,934
Options vested and exercisable				$ 182,230			$ 182,230

Share-Based Compensation - Weig

Share-Based Compensation - Weighted Average Grant Date Fair Value of Stock Options Granted (Details) - $ / shares	1 Months Ended			3 Months Ended		9 Months Ended
	May 31, 2021	Mar. 31, 2021	Feb. 28, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Share-based Payment Arrangement [Abstract]
Weighted average grant date fair value of stock options granted during the period (in dollars per share)	$ 8.93	$ 7.63	$ 10.54	$ 7.99	$ 0	$ 9.22	$ 1.58

Share-Based Compensation - Nonv

Share-Based Compensation - Nonvested Stock Option Activity (Details) - $ / shares	1 Months Ended			3 Months Ended		9 Months Ended
	May 31, 2021	Mar. 31, 2021	Feb. 28, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Shares
Nonvested, beginning (in shares)						7,154,000
Granted (in shares)	1,936,568	172,196	688,068	50	0	2,847,000	1,564,000
Forfeited and expired (in shares)						(346,000)
Vested (in shares)						(3,413,000)
Nonvested, ending (in shares)				6,242,000		6,242,000
Weighted average grant date fair value
Nonvested, beginning (in dollars per share)						$ 1.64
Granted (in dollars per share)	$ 8.93	$ 7.63	$ 10.54	$ 7.99	$ 0	9.22	$ 1.58
Forfeited and expired (in dollars per share)						4.65
Vested (in dollars per share)						3.87
Nonvested, ending (in dollars per share)				$ 6.24		$ 6.24

Share-Based Compensation - Rest

Share-Based Compensation - Restricted Stock Units Activity (Details) - Restricted Stock Units shares in Thousands	9 Months Ended
	Sep. 30, 2021$ / sharesshares
Number of Shares
Outstanding, beginning (in shares) | shares	2,035
Granted (in shares) | shares	7,532
Released (in shares) | shares	(3,788)
Forfeited (in shares) | shares	(99)
Outstanding, ending (in shares) | shares	5,680
Weighted Average Grant Date Fair Value
Outstanding, beginning (in dollars per share) | $ / shares	$ 8.54
Granted (in dollars per share) | $ / shares	20.59
Released (in dollars per share) | $ / shares	17.70
Forfeited (in dollars per share) | $ / shares	21.88
Outstanding, ending (in dollars per share) | $ / shares	$ 20.20

Share-Based Compensation - Fair

Share-Based Compensation - Fair Value Assumptions of Options (Details) - $ / shares	1 Months Ended			3 Months Ended		9 Months Ended
	May 31, 2021	Mar. 31, 2021	Feb. 28, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Share-based Payment Arrangement [Abstract]
Number of options granted (in shares)	1,936,568	172,196	688,068	50	0	2,847,000	1,564,000
Volatility				44.00%	0.00%	43.00%	42.00%
Expected term (years)				6 years 3 months		6 years 3 months	6 years 3 months
Dividend yield				0.76%	0.00%	1.11%	3.06%
Risk-free interest rate				1.09%	0.00%	1.14%	0.34%
Fair value of common stock (in dollars per share)				$ 19.80	$ 0	$ 21.19	$ 5.39
Weighted average grant date fair value of stock options granted during the period (in dollars per share)	$ 8.93	$ 7.63	$ 10.54	$ 7.99	$ 0	$ 9.22	$ 1.58

Net Income (Loss) Per Share (De

Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Numerator:
Net income	$ (18,566)	$ 35,054	$ (29,225)	$ 61,662
Less: Accumulated dividends on preferred shares		(30)		(90)
Undistributed earnings		35,024		61,572
Less: Earnings attributable to participating securities		(7,625)		(13,276)
Net income attributable to common stockholders - basic		27,399		48,296
Net income attributable to common stockholders- diluted		$ 27,399		$ 48,296
Denominator:
Weighted-average common shares outstanding - basic (in shares)	182,820	144,417	171,077	144,367
Employee stock options (in shares)		2,676		2,697
Weighted average common shares outstanding - diluted (in shares)	182,820	147,093	171,077	147,064
Net income per share attributable to Class A and Class B common stockholders:
Basic (in dollars per share)	$ (0.10)	$ 0.19	$ (0.17)	$ 0.33
Diluted (in dollars per share)	$ (0.10)	$ 0.19	$ (0.17)	$ 0.33
Anti-dilutive equity awards under stock-based award plans excluded from the determination of diluted EPS (in shares)		4,628		3,761
Class A
Numerator:
Net income	$ (9,414)		$ (18,255)
Less: Accumulated dividends on preferred shares	0		0
Undistributed earnings	(9,414)		(18,255)
Less: Earnings attributable to participating securities	0		(163)
Net income attributable to common stockholders - basic	(9,414)		(18,418)
Net income attributable to common stockholders- diluted	$ (9,414)		$ (18,418)
Denominator:
Weighted-average common shares outstanding - basic (in shares)	92,699		106,861
Employee stock options (in shares)	0		0
Weighted average common shares outstanding - diluted (in shares)	92,699		106,861
Net income per share attributable to Class A and Class B common stockholders:
Basic (in dollars per share)	$ (0.10)		$ (0.17)
Diluted (in dollars per share)	$ (0.10)		$ (0.17)
Anti-dilutive equity awards under stock-based award plans excluded from the determination of diluted EPS (in shares)	11,372		9,965
Class B
Numerator:
Net income	$ (9,152)		$ (10,970)
Less: Accumulated dividends on preferred shares	0		0
Undistributed earnings	(9,152)		(10,970)
Less: Earnings attributable to participating securities	0		(98)
Net income attributable to common stockholders - basic	(9,152)		(11,068)
Net income attributable to common stockholders- diluted	$ (9,152)		$ (11,068)
Denominator:
Weighted-average common shares outstanding - basic (in shares)	90,121		64,216
Employee stock options (in shares)	0		0
Weighted average common shares outstanding - diluted (in shares)	90,121		64,216
Net income per share attributable to Class A and Class B common stockholders:
Basic (in dollars per share)	$ (0.10)		$ (0.17)
Diluted (in dollars per share)	$ (0.10)		$ (0.17)
Anti-dilutive equity awards under stock-based award plans excluded from the determination of diluted EPS (in shares)	0		0

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 4,060	$ 10,095	$ 19,660	$ 17,772
Effective tax rate difference due to share-based compensation	$ 6,868		20,255
Discrete tax items			$ 875

Defined Contribution Retireme_2

Defined Contribution Retirement Plan (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Retirement Benefits [Abstract]
Estimated discretionary matching contributions	$ 438	$ 200	$ 1,313	$ 600

Accrued Royalties - Narrative (

Accrued Royalties - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Accrued royalties	$ 65,970	$ 81,143
Reserve for estimated unreimbursed settlements	38,949	49,643
Refundable deposits	$ 27,021	$ 31,500

Accrued Royalties - Future Comm

Accrued Royalties - Future Commitments on Royalty Obligations (Details) - Royalty obligations $ in Thousands	Sep. 30, 2021USD ($)
Other Commitments [Line Items]
2021 (three months)	$ 2,268
2022	10,994
2023	6,752
2024	5,200
2025 and thereafter	3,450
Total	$ 28,664

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Assets:
Right-of-use assets	$ 5,998	$ 7,993
Liabilities [Abstract]
Current portion of lease liabilities	2,330	2,856
Long term portion of lease liabilities	$ 3,668	$ 5,137
Weighted-average remaining lease term (years)	3 years 3 months 18 days	3 years 8 months 12 days
Weighted-average discount rate	3.30%	3.40%
Right-of-Use Asset, Balance Sheet Classification [Extensible Enumeration]	Other assets	Other assets
Operating Lease Liability, Current, Balance Sheet Classification [Extensible Enumeration]	Other current liabilities	Other current liabilities
Operating Lease Liability, Noncurrent, Balance Sheet Classification [Extensible Enumeration]	Other long-term liabilities	Other long-term liabilities

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Leases [Abstract]
Operating lease costs	$ 950	$ 916	$ 2,841	$ 2,780

Leases - Reconciliation of Undi

Leases - Reconciliation of Undiscounted Cash Flows of Operating Leases (Details) $ in Thousands	Sep. 30, 2021USD ($)
Leases [Abstract]
2021 (three months)	$ 738
2022	2,021
2023	1,333
2024	943
2025	741
2026 and Thereafter	594
Total minimum lease payments	6,370
Less imputed interest	(372)
Total lease liabilities	$ 5,998

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($)	Aug. 30, 2018	Nov. 30, 2020	Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Apr. 13, 2016
Commitments and Contingencies Disclosure [Abstract]
Liability for supply commitment			$ 0			$ 0
Weeks of inventory for supply commitment						91 days
Line of Credit Facility [Line Items]
Fee payment				$ 75,000
AmTRAN Technology Co., Ltd. | VIZIO
Line of Credit Facility [Line Items]
Beneficial holder, percentage of common stock, more than		5.00%
Advanced Micro Devices, Inc. patent infringement
Line of Credit Facility [Line Items]
Litigation settlement award to other party	$ 39,000,000
Settlement portion paid in previous periods	$ 15,000,000
Payments for legal settlements				$ 14,000,000
AmTRAN Technology Co. Ltd. settlement agreement | Investor
Line of Credit Facility [Line Items]
Litigation settlement award from other party		$ 8,200,000
Reserve for future claims		$ 4,000,000
Reserve for future claims, percentage to be released		50.00%
Reserve for future claims, amount to be released		$ 2,000,000
Revolving credit facility | Line of credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity								$ 50,000,000
Commitment fees			$ 48,000		$ 48,000	$ 143,000	$ 143,000