VIZIO Holding (VZIO) 10-Q 9 May 23 2023 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2023	May 05, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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	Large 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	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false
Class A common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		118,658,330
Class B common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		76,814,638
Class C common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		0

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions		Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents		$ 210.2	$ 288.7
Short-term investments		118.7	58.9
Accounts receivable, net		297.7	357.9
Other receivables due from related parties		0.2	2.2
Inventories		13.8	15.5
Income tax receivable		2.3	1.7
Prepaid and other current assets		55	53.5
Total current assets		697.9	778.4
Property, equipment and software, net		21.9	19.9
Goodwill		44.8	44.8
Deferred income taxes		51.2	51.2
Other assets		25.9	21.4
Total assets		841.7	915.7
Current liabilities:
Accounts payable due to related parties		104.3	148.2
Accounts payable		97.6	117.2
Accrued expenses		188.2	204.9
Accrued royalties		45.8	47.4
Other current liabilities		5.3	5.5
Total current liabilities		441.2	523.2
Other long-term liabilities		17.7	18.8
Total liabilities		458.9	542
Commitments and contingencies (Note 11)
Stockholders’ equity:
Preferred stock		0	0
Common stock		0	0
Additional paid-in capital		376.6	366.9
Accumulated other comprehensive loss		(0.3)	(0.3)
Retained earnings		6.5	7.1
Total stockholders’ equity	[1]	382.8	373.7
Total liabilities and stockholders’ equity		$ 841.7	$ 915.7
[1]Totals may not foot due to rounding.

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
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
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	1,350,000,000	1,350,000,000
Class A common stock
Stockholders’ equity:
Common stock, issued (in shares)	122,500,000	121,900,000
Common stock, outstanding (in shares)	118,700,000	118,100,000
Class B common stock
Stockholders’ equity:
Common stock, issued (in shares)	76,800,000	76,800,000
Common stock, outstanding (in shares)	76,800,000	76,800,000
Class C common stock
Stockholders’ equity:
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 Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023		Mar. 31, 2022
Net revenue:
Total net revenue	$ 356.7		$ 485.5
Cost of goods sold:
Total cost of goods sold	281.3		412.7
Gross profit:
Total gross profit	75.4		72.8
Operating expenses:
Selling, general and administrative	58.2		62.4
Marketing	7.6		13.3
Research and development	11.9		9.2
Depreciation and amortization	1		0.8
Total operating expenses	78.7		85.7
Loss from operations	(3.3)		(12.9)
Interest income, net	2.4		0
Total non-operating income, net	2.4		0
Loss before income taxes	(0.9)		(12.9)
Benefit from income taxes	(0.2)		(1.9)
Net loss	$ (0.7)	[1]	$ (11)
Net loss per share attributable to Class A and Class B stockholders:
Basic (in dollars per share)	$ 0		$ (0.06)
Diluted (in dollars per share)	$ 0		$ (0.06)
Weighted-average Class A and Class B common shares outstanding:
Basic (in shares)	195.3		191.2
Diluted (in shares)	195.3		191.2
Device
Net revenue:
Total net revenue	$ 231.2		$ 382.9
Cost of goods sold:
Total cost of goods sold	229.6		375
Gross profit:
Total gross profit	1.6		7.9
Platform+
Net revenue:
Total net revenue	125.5		102.6
Cost of goods sold:
Total cost of goods sold	51.7		37.7
Gross profit:
Total gross profit	$ 73.8		$ 64.9
[1]Totals may not foot due to rounding.

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023		Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net loss	$ (0.7)	[1]	$ (11)
Other comprehensive income:
Foreign currency translation adjustments	0	[1]	0
Comprehensive loss	$ (0.7)		$ (11)
[1]Totals may not foot due to rounding.

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Millions, $ in Millions		Total		Preferred Stock		Common Stock Class A common stock		Common Stock Class B common stock	[2]	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Retained Earnings (Accumulated Deficit)
Beginning balance (in shares) at Dec. 31, 2021	[1]			0		113.2	[2]	76.8
Beginning balance at Dec. 31, 2021		$ 330.6		$ 0	[1]					$ 323.3	$ (0.2)	$ 7.5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense		16.5								16.5
Shares issued pursuant to incentive award plans, net of withholding taxes (in shares)	[1],[2]					2.6
Shares issued pursuant to incentive award plans		(6.7)								(6.7)
Foreign currency translation		0
Net loss		(11)										(11)
Ending balance (in shares) at Mar. 31, 2022	[1]			0		115.8	[2]	76.8
Ending balance at Mar. 31, 2022		329.4		$ 0	[1]					333.1	(0.2)	(3.5)
Beginning balance (in shares) at Dec. 31, 2022	[1]			0		118.1	[2]	76.8
Beginning balance at Dec. 31, 2022		373.7	[3]	$ 0	[1]					366.9	(0.3)	7.1	[3]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense		8	[3]							8
Shares issued pursuant to incentive award plans, net of withholding taxes (in shares)	[1],[2]					0.6
Shares issued pursuant to incentive award plans		1.7	[3]							1.7
Foreign currency translation		0	[3]								0
Net loss	[3]	(0.7)										(0.7)
Ending balance (in shares) at Mar. 31, 2023	[1]			0		118.7	[2]	76.8
Ending balance at Mar. 31, 2023		$ 382.8	[3]	$ 0	[1]					$ 376.6	$ (0.3)	$ 6.5	[3]
[1]There were no shares of Preferred Stock or Class C common stock issued or outstanding as of March 31, 2023 and March 31, 2022.[2]As of both March 31, 2023 and December 31, 2022, the par value on common stock outstanding was $20 thousand.[3]Totals may not foot due to rounding.

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) $ in Thousands	Mar. 31, 2023 USD ($)
Common Stock
Par value on common stock outstanding	$ 20

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023		Mar. 31, 2022
Cash flows from operating activities:
Net loss	$ (0.7)	[1]	$ (11)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	1.8		0.8
Amortization of premium and discount on investments	(0.5)		0
Change in fair value of investment securities	(0.1)		0
Share-based compensation expense	8.2		16.5
Change in allowance for doubtful accounts	0.7		3.1
Changes in operating assets and liabilities:
Accounts receivable	59.5		51
Other receivables due from related parties	2		3
Inventories	1.7		(0.3)
Income taxes receivable	(0.6)		(3)
Prepaid and other current assets	(4.6)		0.1
Other assets	(2.9)		(2.8)
Accounts payable due to related parties	(43.9)		(71)
Accounts payable	(20.1)		26
Accrued expenses	(17)		(16.1)
Accrued royalties	(1.6)		(9.6)
Other current liabilities	(0.2)		0.5
Other long-term liabilities	(1)		2.3
Net cash used in operating activities	(19.3)		(10.5)
Cash flows from investing activities:
Purchase of property and equipment	(0.2)		(4)
Purchase of investments	(75.7)		(0.7)
Maturity of investments	15		0
Net cash used in investing activities	(60.9)		(4.7)
Cash flows from financing activities:
Proceeds from the exercise of stock options	1.7		5.2
Withholding taxes paid on behalf of employees on net settled share-based awards	0		(11.9)
Net cash provided by (used in) financing activities	1.7		(6.7)
Effects of exchange rate changes on cash and cash equivalents	0		0
Net decrease in cash and cash equivalents	(78.5)		(21.9)
Cash and cash equivalents at beginning of period	288.7		331.6
Cash and cash equivalents at end of period	210.2		309.7
Supplemental disclosure of cash flow information:
Cash paid for income taxes	0.4		0.9
Cash paid for interest	0		0.1
Cash paid for amounts included in the measurement of operating lease liabilities	1.2		0.8
Supplemental disclosure of non-cash investing and financing activities:
Right-of-use assets obtained in exchange for new operating lease liabilities	0.5		3.5
Additions to property and equipment financed by accounts payable	$ 0.6		$ 0
[1]Totals may not foot due to rounding.

Organization and Nature of Busi

Organization and Nature of Business	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Nature of Business	Organization and Nature of Business Founded and headquartered in Orange County, California, the mission of VIZIO Holding Corp. (NYSE: VZIO) (the “Company”) is to deliver immersive entertainment and compelling lifestyle enhancements that make its products the center of the connected home. The Company is driving the future of televisions through its integrated platform of cutting-edge Smart TVs and powerful operating system. The Company also offers a portfolio of innovative sound bars that deliver consumers an elevated audio experience. Our products are sold to retailers and through online channels throughout the United States. The Company’s platform gives content providers more ways to distribute their content and advertisers more tools to connect with the right audience. “VIZIO,” “we,” “us,” “our,” and the “Company” refer collectively to VIZIO Holding Corp. and its subsidiaries unless expressly indicated or the context otherwise requires. In 2020, the Company 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+. The Company provides broad support for third-party voice platforms and second screen experiences to offer additional interactive features and experiences. The Company 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 Class A common stock; however, recently the Company has not made any material purchases from this manufacturer. Since 2012, the Company 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 Class A 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.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies 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 the Company and all subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. The Company considers the U.S. dollar as its reporting currency. The functional currency of most of the foreign subsidiaries is the U.S. dollar. Translation adjustments for subsidiaries where the functional currency is its local currency are included in other comprehensive loss. Foreign currency transaction gains (losses) resulting from exchange rate fluctuation on transactions denominated in a currency other than the functional currency are reported in the condensed consolidated statements of operations. The condensed consolidated balance sheet as of December 31, 2022 included herein was derived from the audited financial statements as of the same date. The Company has 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, 2022 included in the Company’s Annual Report on Form 10-K. In the Company’s 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 they are not necessarily indicative of the results of operations to be expected for the year ending December 31, 2023. Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain amounts reported in the condensed 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, valuation of deferred tax assets and other contingencies. Supplier and customer concentrations also increase the degree of uncertainty inherent in these estimates and assumptions. Significant Accounting Policies There have been no material changes to the Company's significant accounting policies from its Annual Report on Form 10-K for the fiscal year ended December 31, 2022.

Net Revenue

Net Revenue	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Net Revenue	Net Revenue The Company disaggregates net revenue by (i) Device net revenue, and (ii) Platform+ net revenue, as it believes it best depicts how the nature, timing and uncertainty of revenue and cash flows are affected by economic factors. The Company derives Device net revenue primarily from the sale of televisions and sound bars. 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 sells its products to certain retailers under terms that allow the retailer to receive price protection on future price reductions and may provide for limited rights of return and discounts. The Company generates Platform+ net revenue through sales of advertising and other services, such as content distribution, subscription and transaction revenue shares, promotions, sales of branded channel buttons on remote controls and data licensing arrangements. The Company’s digital advertising inventory consists of inventory on WatchFree+ and its home screen along with ad inventory it obtains through its content provider and other third-party application agreements. The Company also re-sells video inventory that it purchases from content publishers and directly sells third-party inventory on a revenue share or cost-per-thousand (“CPM”) basis. 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. As of March 31, 2023 and December 31, 2022, t he Company recorded $26.7 million and $22.0 million of contract assets , respectively, which are recorded in other current assets in the accompanying condensed consolidated balance sheets. There were no material contract liabilities as of March 31, 2023 and December 31, 2022 . Contract assets and liabilities represent differences in the timing of billing compared to revenue recognized. 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 The Company is a wholesale distributor of televisions and other home entertainment products, which are sold to leading retailers and wholesale clubs 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 2023 2022 Net revenue: Customer A 33 % 40 % Customer B 11 13 Customer C 9 10

Investments

Investments	3 Months Ended
	Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Investments	Investments The Company purchased U.S. Treasury bills with in the current reporting period which are recorded in Short-term investments in the accompanying condensed consolidated balance sheets. W e are classifying these securities as held-to-maturity as management has the intent and ability to hold to maturity and as such, are carried at amortized cost. As of March 31, 2023, the maturity dates of all U.S Treasury bills were within 12 months. We review these securities for other-than-temporary impairment at least quarterly or when there are changes in credit risk or other potential valuation concerns. During the three months ended March 31, 2023, the Company did not recognize any impairment losses related to these securities. The following tables summarize the Company’s short-term investments: March 31, 2023 Maturity Amortized Costs Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (In millions) U.S. Treasury bills 1 year or less $ 118.7 $ — $ (0.1) $ 118.6 Total $ 118.7 $ — $ (0.1) $ 118.6 December 31, 2022 Maturity Amortized Costs Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (In millions) U.S. Treasury bills 1 year or less $ 58.9 $ — $ (0.2) $ 58.7 Total $ 58.9 $ — $ (0.2) $ 58.7 When evaluating an investment for its current expected credit losses, the Company reviews factors such as historical experience with defaults, losses, credit ratings, term, market sector and macroeconomic trends, including current conditions.

Accounts Receivable

Accounts Receivable	3 Months Ended
	Mar. 31, 2023
Receivables [Abstract]
Accounts Receivable	Accounts Receivable Accounts receivable consists of the following: March 31, December 31, (In millions) Accounts receivable $ 298.6 $ 358.1 Allowance for doubtful accounts (0.9) (0.2) Total accounts receivable, net of allowances $ 297.7 $ 357.9 The Company 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. During the three months ended March 31, 2023 and March 31, 2022, the Company recorded bad debt expense of $0.7 million and $3.1 million, respectively. The following customers account for more than 10% of accounts receivable: March 31, December 31, Net receivables: Customer A 32 % 38 % Customer B 11 12

Inventories

Inventories	3 Months Ended
	Mar. 31, 2023
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consist of the following: March 31, December 31, (In millions) Inventory on hand $ 10.9 $ 12.6 Inventory in transit 2.9 2.9 Total inventory $ 13.8 $ 15.5 Significant Manufacturers The Company 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 the Company 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 the Company for at least a portion of the price protection or sales concessions negotiated between the Company and customers on product purchased, and (ii) indemnify the Company 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 2023 2022 Inventory purchases: Supplier A — related party 36 % 44 % Supplier B 20 23 Supplier C 27 15 The Company is currently reliant upon these manufacturers for products. Although the Company 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 $0.8 million and $3.0 million due from these manufacturers as of March 31, 2023 and December 31, 2022, 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 $2.1 million for both the three months ended March 31, 2023 and March 31, 2022, and are recorded in cost of goods sold in the accompanying condensed consolidated statements of operations.

Property, Equipment and Softwar

Property, Equipment and Software, Net	3 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Property, Equipment and Software, Net	Property, Equipment and Software, Net Property, equipment and software, net consist of the following: March 31, December 31, (In millions) Building $ 10.1 $ 10.1 Machinery and equipment 2.0 2.0 Leasehold improvements 7.1 4.2 Furniture and fixtures 5.3 4.7 Computer and software 20.9 17.7 Construction in progress 1.1 4.8 Total property, equipment and software 46.5 43.5 Less accumulated depreciation and amortization (24.6) (23.6) Total property, equipment and software, net $ 21.9 $ 19.9 Depreciation and amortization expense was $1.8 million and $0.8 million for the three months ended March 31, 2023 and March 31, 2022, respectively.

Accrued Expenses

Accrued Expenses	3 Months Ended
	Mar. 31, 2023
Payables and Accruals [Abstract]
Accrued Expenses	Accrued Expenses The Company’s accrued expenses consisted of the following: March 31, December 31, (In millions) Accrued price protection $ 47.1 $ 57.6 Accrued other customer related expenses 56.1 49.5 Accrued supplier/partner related expenses 53.7 54.0 Accrued payroll expenses 19.7 36.1 Accrued other expenses 11.6 7.7 Total accrued expenses $ 188.2 $ 204.9

Accrued Royalties

Accrued Royalties	3 Months Ended
	Mar. 31, 2023
Payables and Accruals [Abstract]
Accrued Royalties	Accrued Royalties A summary of future commitments on royalty obligations as of March 31, 2023 is as follows: March 31, (In millions) 2023 (remaining) $ 7.4 2024 7.6 2025 5.4 2026 0.5 2027 and thereafter — Total $ 20.9 For potential future settlements related to historical sales for which the Company does not expect to be reimbursed, a reserve of $22.8 million and $24.8 million has been recorded as of March 31, 2023 and December 31, 2022, respectively, as part of Accrued royalties in the condensed consolidated balance sheets. Any patent infringement lawsuit in which the Company is not indemnified is expensed when management determines that it is probable that a liability has been incurred and the amount is estimable. Refundable deposits from suppliers of $23.0 million and $22.6 million have been recorded as of March 31, 2023 and December 31, 2022, respectively, which are presented within Accrued royalties in the condensed consolidated balance sheets. In the ordinary course of business, the Company is currently party to, and management anticipates the Company will continue to 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	3 Months Ended
	Mar. 31, 2023
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 2028. The table below presents supplemental balance sheet information related to the Company’s operating leases as follows (in millions, except lease term and discount rate): Classification March 31, December 31, Assets: Right-of-use asset Other assets $ 13.1 $ 14.0 Liabilities: Current portion of lease liabilities Other current liabilities $ 3.5 $ 3.5 Long term portion of lease liabilities Other long-term liabilities $ 10.4 $ 11.5 Weighted-average remaining lease term 3.9 4.1 Weighted-average discount rate 4.9 % 4.9 % Operating lease costs were $1.4 million and $1.3 million for the three months ended March 31, 2023 and March 31, 2022, 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 sheets as of March 31, 2023: March 31, (In millions) 2023 (remainder) $ 3.3 2024 4.2 2025 3.6 2026 3.0 2027 1.4 2028 and thereafter 0.1 Total minimum lease payments 15.6 Less imputed interest (1.7) Total lease liabilities $ 13.9

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023, no liabilities were recorded related to this supply commitment. Revolving Credit Facility The Company is party to a credit agreement with Bank of America, N.A. (as amended, the “Credit Agreement”), which provides for a revolving credit line of up to $50.0 million maturing April 13, 2024, 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. In addition to extending the maturity date to April 13, 2024, the amendment to the Credit Agreement, which the Company entered into on April 13, 2021, contained (i) an update to provide for use of a London Interbank Offering Rate (“LIBOR”) successor rate and (ii) a change in the definition of Availability Reserve and Borrowing Base. In connection with the amendment, the Company paid a fee of $75,000 in the second quarter of 2021. Unused fees related to this line of credit were not material in any of the periods presented. For both the three months ended March 31, 2023 and March 31, 2022, there were no draws on the line of credit and the Company was in compliance with all debt covenants. Legal Matters On August 20, 2021, Maxell, Ltd. and Maxell Holdings, Ltd. (collectively, “Maxell”) 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 discovery stage. The Company disputes the claims and intends to defend the lawsuit vigorously. Additionally, on September 15, 2022, Maxell filed a complaint with the International Trade Commission against the Company alleging the Company's TVs infringe several of its patents related to various television-related technologies and on October 18, 2022, the International Trade Commission instituted an investigation based on Maxell’s complaint. See In the Matter of Certain Smart Televisions, Inv. No. 337-TA-1338. This investigation is in the expert discovery stage. The Company disputes the claims and intends to defend the investigation vigorously. On October 24, 2022, DivX, LLC filed a complaint with the International Trade Commission against Amazon.com, Inc. and the Company alleging certain Amazon.com, Inc.’s products and the Company's TVs infringe several of its patents related to certain streaming media-related technologies. See In the Matter of Certain Video Processing Devices and Components Thereof, Inv. No. 337-TA-1343 (ITC). On October 24, 2022, DivX, LLC also filed a companion complaint in United States District Court for the Central District of California against the Company alleging the Company's TVs infringe the same patents. See DivX, LLC v. VIZIO, Inc., Case No. 8:22-cv-01955 (C.D. Cal.). The ITC matter is in the discovery stage, while the district court case has been stayed pending the outcome of the ITC investigation. The Company disputes the claims and intends to defend the matters vigorously.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Stockholders' Equity	Stockholders’ Equity Preferred Stock As of March 31, 2023, the Company had 100.0 million shares of undesignated preferred stock authorized but not issued with rights and preferences determined by the Company’s Board of Directors at the time of issuance of such shares. Common Stock The Company has three classes of authorized common stock, Class A common stock, Class B common stock and Class C common stock. Equity Incentive Plans The Company has two equity incentive plans, the 2017 Incentive Award Plan (as amended, the “2017 Plan”) and the 2007 Incentive Award Plan (the “2007 Plan,” and together with the 2017 Plan, collectively, the “Plans”). The 2017 Plan replaced the 2007 Plan. Under the 2017 Plan, the Company is permitted to grant stock options, restricted stock units (“RSUs”) and restricted stock. 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. Stock Option Awards A summary of the Company’s stock option activity under the Plans as of March 31, 2023, is presented below: Number of Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (In millions, except years and per share amounts) Outstanding at December 31, 2022 14.4 $ 3.88 7.0 $ 54.1 Granted 0.1 8.98 Exercised (0.4) 3.75 Forfeited and expired (0.6) 11.68 Outstanding at March 31, 2023 13.5 $ 3.89 6.8 $ 71.7 Options vested and exercisable at March 31, 2023 7.2 $ 2.87 5.2 $ 45.5 The following presents the weighted-average grant date fair value for stock option awards granted during the three months ended March 31, 2023 and March 31, 2022: March 31, March 31, Weighted average grant date fair value of stock options granted during the period $ 4.49 $ 5.59 The grant date fair values of stock options are estimated using the Black-Scholes-Merton option pricing model. The following provides information on the weighted-average assumptions used for stock options granted during the three months ended March 31, 2023 and March 31, 2022 (shares in millions): March 31, March 31, Number of options granted 0.1 0.3 Volatility 45.9 % 44.4 % Expected term (years) 6.25 years 6.25 years Dividend yield 0.0 % 0.8 % Risk-free interest rate 3.9 % 1.7 % Fair value of common stock $ 8.98 $ 13.51 Fair market value per option determined using a Black-Scholes-Merton Option pricing model for purposes of determining compensation expense $ 4.49 $ 5.59 RSUs The grant date fair values of the Company's RSUs are determined based on the fair value of the Company's common stock on the date of grant. A summary of the Company’s activity related to RSUs as of March 31, 2023 is presented below: Number of Shares Weighted Average Grant Date Fair Value (In millions) Outstanding at December 31, 2022 6.3 $ 12.16 Granted 1.5 9.20 Vested (0.1) 15.01 Forfeited (0.5) 11.68 Outstanding at March 31, 2023 7.2 $ 11.72 Share-based Compensation Expense Total share-based compensation expense was $8.2 million and $16.5 million for the three months ended March 31, 2023 and March 31, 2022, respectively. For the three months ended March 31, 2023 and March 31, 2022, $0.6 million and $0.4 million is included in Cost of goods sold, respectively, and $1.1 million and $0.3 million is included in Research and development expense, respectively, with the remaining amount included in Selling, general and administrative expense in the condensed consolidated statements of operations. As of March 31, 2023, the Company had $99.4 million of unrecognized compensation costs related to share-based payments, which the Company expects to recognize over a weighted average vesting period of approximately 2.0 years.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThe Company recorded a tax benefit of $0.2 million, resulting in an effective tax rate of 22.9%, and $1.9 million, resulting in an effective tax rate of 14.6%, for the three months ended March 31, 2023 and March 31, 2022, respectively. For the three months ended March 31, 2023, the effective tax rate differs from the statutory tax rate of 21% primarily due to the approximately $0.2 million, federal and state combined, 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 three months ended March 31, 2023 includes a net income tax provision of $0.2 million for discrete items primarily due to excess tax benefits relating to share-based compensation.

Net Loss Per Share

Net Loss Per Share	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Net Loss Per Share	Net Loss Per Share The Company computes earnings per share (“EPS”) of Class A and Class B common shares using the two-class method for participating securities. Basic earnings per share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of shares of Class A and Class B common shares outstanding during the period. Participating securities are excluded from basic weighted-average common shares outstanding. Diluted earnings per share is computed by dividing net loss attributable to common stockholders by the weighted-average number of shares of Class A and Class B common shares outstanding during the period, inclusive of the effect of potential common shares, if dilutive. For the three months ended March 31, 2023 and March 31, 2022, the potential dilutive shares were not included in the computation of diluted loss per common share as the effect of including these shares in the calculation would have been anti-dilutive. Basic and diluted loss per share and the weighted-average shares outstanding have been computed for all periods as shown below: Three Months Ended 2023 2022 Class A Class B Class A Class B Numerator: (In millions, except per share amounts) Net loss attributable to common stockholders - basic and diluted $ (0.4) $ (0.3) $ (6.6) $ (4.4) Denominator: Weighted-average common shares outstanding - basic 118.5 76.8 114.4 76.8 Weighted-average effect of dilutive securities — — — — Weighted-average common shares outstanding - diluted 118.5 76.8 114.4 76.8 Net loss per share attributable to Class A and Class B common stockholders: Basic $ (0.00) $ (0.00) $ (0.06) $ (0.06) Diluted $ (0.00) $ (0.00) $ (0.06) $ (0.06) Anti-dilutive equity awards under share-based award plans excluded from the determination of diluted EPS 20.7 15.3

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Consolidation - Presentation	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 the Company and all subsidiaries.The condensed consolidated balance sheet as of December 31, 2022 included herein was derived from the audited financial statements as of the same date. The Company has 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, 2022 included in the Company’s Annual Report on Form 10-K. In the Company’s 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 they are not necessarily indicative of the results of operations to be expected for the year ending December 31, 2023.
Basis of Consolidation - Consolidation	All intercompany transactions and balances have been eliminated in consolidation.
Basis of Consolidation - Foreign Currency	The Company considers the U.S. dollar as its reporting currency. The functional currency of most of the foreign subsidiaries is the U.S. dollar. Translation adjustments for subsidiaries where the functional currency is its local currency are included in other comprehensive loss. Foreign currency transaction gains (losses) resulting from exchange rate fluctuation on transactions denominated in a currency other than the functional currency are reported in the condensed consolidated statements of operations.
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain amounts reported in the condensed 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, valuation of deferred tax assets and other contingencies. Supplier and customer concentrations also increase the degree of uncertainty inherent in these estimates and assumptions.
Net Revenue	Net Revenue The Company disaggregates net revenue by (i) Device net revenue, and (ii) Platform+ net revenue, as it believes it best depicts how the nature, timing and uncertainty of revenue and cash flows are affected by economic factors. The Company derives Device net revenue primarily from the sale of televisions and sound bars. 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 sells its products to certain retailers under terms that allow the retailer to receive price protection on future price reductions and may provide for limited rights of return and discounts. The Company generates Platform+ net revenue through sales of advertising and other services, such as content distribution, subscription and transaction revenue shares, promotions, sales of branded channel buttons on remote controls and data licensing arrangements. The Company’s digital advertising inventory consists of inventory on WatchFree+ and its home screen along with ad inventory it obtains through its content provider and other third-party application agreements. The Company also re-sells video inventory that it purchases from content publishers and directly sells third-party inventory on a revenue share or cost-per-thousand (“CPM”) basis. 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. As of March 31, 2023 and December 31, 2022, t he Company recorded $26.7 million and $22.0 million of contract assets , respectively, which are recorded in other current assets in the accompanying condensed consolidated balance sheets. There were no material contract liabilities as of March 31, 2023 and December 31, 2022 . Contract assets and liabilities represent differences in the timing of billing compared to revenue recognized. 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)	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Concentration Risk	The following customers account for more than 10% of net revenue: Three Months Ended 2023 2022 Net revenue: Customer A 33 % 40 % Customer B 11 13 Customer C 9 10 The following customers account for more than 10% of accounts receivable: March 31, December 31, Net receivables: Customer A 32 % 38 % Customer B 11 12 The Company has the following significant concentrations related to suppliers: Three Months Ended 2023 2022 Inventory purchases: Supplier A — related party 36 % 44 % Supplier B 20 23 Supplier C 27 15

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Summary of Debt Securities, Held-to-Maturity	The following tables summarize the Company’s short-term investments: March 31, 2023 Maturity Amortized Costs Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (In millions) U.S. Treasury bills 1 year or less $ 118.7 $ — $ (0.1) $ 118.6 Total $ 118.7 $ — $ (0.1) $ 118.6 December 31, 2022 Maturity Amortized Costs Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (In millions) U.S. Treasury bills 1 year or less $ 58.9 $ — $ (0.2) $ 58.7 Total $ 58.9 $ — $ (0.2) $ 58.7

Accounts Receivable (Tables)

Accounts Receivable (Tables)	3 Months Ended
	Mar. 31, 2023
Receivables [Abstract]
Schedule of Accounts Receivable	Accounts receivable consists of the following: March 31, December 31, (In millions) Accounts receivable $ 298.6 $ 358.1 Allowance for doubtful accounts (0.9) (0.2) Total accounts receivable, net of allowances $ 297.7 $ 357.9
Schedule of Concentration Risk	The following customers account for more than 10% of net revenue: Three Months Ended 2023 2022 Net revenue: Customer A 33 % 40 % Customer B 11 13 Customer C 9 10 The following customers account for more than 10% of accounts receivable: March 31, December 31, Net receivables: Customer A 32 % 38 % Customer B 11 12 The Company has the following significant concentrations related to suppliers: Three Months Ended 2023 2022 Inventory purchases: Supplier A — related party 36 % 44 % Supplier B 20 23 Supplier C 27 15

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2023
Inventory Disclosure [Abstract]
Schedule of Inventory	Inventories consist of the following: March 31, December 31, (In millions) Inventory on hand $ 10.9 $ 12.6 Inventory in transit 2.9 2.9 Total inventory $ 13.8 $ 15.5
Schedule of Concentration Risk	The following customers account for more than 10% of net revenue: Three Months Ended 2023 2022 Net revenue: Customer A 33 % 40 % Customer B 11 13 Customer C 9 10 The following customers account for more than 10% of accounts receivable: March 31, December 31, Net receivables: Customer A 32 % 38 % Customer B 11 12 The Company has the following significant concentrations related to suppliers: Three Months Ended 2023 2022 Inventory purchases: Supplier A — related party 36 % 44 % Supplier B 20 23 Supplier C 27 15

Property, Equipment and Softw_2

Property, Equipment and Software, Net (Tables)	3 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Schedule of Property, Equipment and Software, Net	Property, equipment and software, net consist of the following: March 31, December 31, (In millions) Building $ 10.1 $ 10.1 Machinery and equipment 2.0 2.0 Leasehold improvements 7.1 4.2 Furniture and fixtures 5.3 4.7 Computer and software 20.9 17.7 Construction in progress 1.1 4.8 Total property, equipment and software 46.5 43.5 Less accumulated depreciation and amortization (24.6) (23.6) Total property, equipment and software, net $ 21.9 $ 19.9

Accrued Expenses (Tables)

Accrued Expenses (Tables)	3 Months Ended
	Mar. 31, 2023
Payables and Accruals [Abstract]
Schedule of Accrued Expenses	The Company’s accrued expenses consisted of the following: March 31, December 31, (In millions) Accrued price protection $ 47.1 $ 57.6 Accrued other customer related expenses 56.1 49.5 Accrued supplier/partner related expenses 53.7 54.0 Accrued payroll expenses 19.7 36.1 Accrued other expenses 11.6 7.7 Total accrued expenses $ 188.2 $ 204.9

Accrued Royalties (Tables)

Accrued Royalties (Tables)	3 Months Ended
	Mar. 31, 2023
Payables and Accruals [Abstract]
Schedule of Future Commitments on Royalty Obligations	A summary of future commitments on royalty obligations as of March 31, 2023 is as follows: March 31, (In millions) 2023 (remaining) $ 7.4 2024 7.6 2025 5.4 2026 0.5 2027 and thereafter — Total $ 20.9

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Supplemental Balance Sheet Information	The table below presents supplemental balance sheet information related to the Company’s operating leases as follows (in millions, except lease term and discount rate): Classification March 31, December 31, Assets: Right-of-use asset Other assets $ 13.1 $ 14.0 Liabilities: Current portion of lease liabilities Other current liabilities $ 3.5 $ 3.5 Long term portion of lease liabilities Other long-term liabilities $ 10.4 $ 11.5 Weighted-average remaining lease term 3.9 4.1 Weighted-average discount rate 4.9 % 4.9 %
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 sheets as of March 31, 2023: March 31, (In millions) 2023 (remainder) $ 3.3 2024 4.2 2025 3.6 2026 3.0 2027 1.4 2028 and thereafter 0.1 Total minimum lease payments 15.6 Less imputed interest (1.7) Total lease liabilities $ 13.9

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Stock Option Activity	A summary of the Company’s stock option activity under the Plans as of March 31, 2023, is presented below: Number of Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (In millions, except years and per share amounts) Outstanding at December 31, 2022 14.4 $ 3.88 7.0 $ 54.1 Granted 0.1 8.98 Exercised (0.4) 3.75 Forfeited and expired (0.6) 11.68 Outstanding at March 31, 2023 13.5 $ 3.89 6.8 $ 71.7 Options vested and exercisable at March 31, 2023 7.2 $ 2.87 5.2 $ 45.5 The following presents the weighted-average grant date fair value for stock option awards granted during the three months ended March 31, 2023 and March 31, 2022: March 31, March 31, Weighted average grant date fair value of stock options granted during the period $ 4.49 $ 5.59
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions	The following provides information on the weighted-average assumptions used for stock options granted during the three months ended March 31, 2023 and March 31, 2022 (shares in millions): March 31, March 31, Number of options granted 0.1 0.3 Volatility 45.9 % 44.4 % Expected term (years) 6.25 years 6.25 years Dividend yield 0.0 % 0.8 % Risk-free interest rate 3.9 % 1.7 % Fair value of common stock $ 8.98 $ 13.51 Fair market value per option determined using a Black-Scholes-Merton Option pricing model for purposes of determining compensation expense $ 4.49 $ 5.59
Schedule of Restricted Stock Unit Activity	A summary of the Company’s activity related to RSUs as of March 31, 2023 is presented below: Number of Shares Weighted Average Grant Date Fair Value (In millions) Outstanding at December 31, 2022 6.3 $ 12.16 Granted 1.5 9.20 Vested (0.1) 15.01 Forfeited (0.5) 11.68 Outstanding at March 31, 2023 7.2 $ 11.72

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Earnings Per Share	Basic and diluted loss per share and the weighted-average shares outstanding have been computed for all periods as shown below: Three Months Ended 2023 2022 Class A Class B Class A Class B Numerator: (In millions, except per share amounts) Net loss attributable to common stockholders - basic and diluted $ (0.4) $ (0.3) $ (6.6) $ (4.4) Denominator: Weighted-average common shares outstanding - basic 118.5 76.8 114.4 76.8 Weighted-average effect of dilutive securities — — — — Weighted-average common shares outstanding - diluted 118.5 76.8 114.4 76.8 Net loss per share attributable to Class A and Class B common stockholders: Basic $ (0.00) $ (0.00) $ (0.06) $ (0.06) Diluted $ (0.00) $ (0.00) $ (0.06) $ (0.06) Anti-dilutive equity awards under share-based award plans excluded from the determination of diluted EPS 20.7 15.3

Net Revenue - Narrative (Detail

Net Revenue - Narrative (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Concentration Risk [Line Items]
Contract liability	$ 0		$ 0
Capitalized contract costs	$ 0		0
Affiliates Under Common Control | Net Revenue | Customer concentration
Concentration Risk [Line Items]
Concentration risk, percentage	44%	53%
Other Current Assets
Concentration Risk [Line Items]
Contract assets	$ 26,700,000		$ 22,000,000

Net Revenue - Customers (Detail

Net Revenue - Customers (Details) - Net Revenue - Customer concentration	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Customer A
Concentration Risk [Line Items]
Concentration risk, percentage	33%	40%
Customer B
Concentration Risk [Line Items]
Concentration risk, percentage	11%	13%
Customer C
Concentration Risk [Line Items]
Concentration risk, percentage	9%	10%

Investments (Details)

Investments (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Schedule of Held-to-Maturity Securities [Line Items]
Debt securities, held-to-maturity, impairment loss	$ 0
Debt securities, held-to-maturity, term	1 year	1 year
Amortized Costs	$ 118,700,000	$ 58,900,000
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(100,000)	(200,000)
Estimated Fair Value	118,600,000	58,700,000
U.S. Treasury bills
Schedule of Held-to-Maturity Securities [Line Items]
Amortized Costs	118,700,000	58,900,000
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(100,000)	(200,000)
Estimated Fair Value	$ 118,600,000	$ 58,700,000

Accounts Receivable - Balances

Accounts Receivable - Balances (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Receivables [Abstract]
Accounts receivable	$ 298.6	$ 358.1
Allowance for doubtful accounts	(0.9)	(0.2)
Total accounts receivable, net of allowances	$ 297.7	$ 357.9

Accounts Receivable - Narrative

Accounts Receivable - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Concentration Risk [Line Items]
Allowance for doubtful accounts recorded	$ 0.7	$ 3.1
Net Receivables | Credit concentration risk | Customers A and C, common control
Concentration Risk [Line Items]
Concentration risk, percentage	43%		50%

Accounts Receivable - Customers

Accounts Receivable - Customers (Details) - Net Receivables - Credit concentration risk	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Customer A
Concentration Risk [Line Items]
Concentration risk, percentage	32%	38%
Customer B
Concentration Risk [Line Items]
Concentration risk, percentage	11%	12%

Inventories - Balances (Details

Inventories - Balances (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Inventory [Line Items]
Total inventory	$ 13.8	$ 15.5
Inventory on hand
Inventory [Line Items]
Total inventory	10.9	12.6
Inventory in transit
Inventory [Line Items]
Total inventory	$ 2.9	$ 2.9

Inventories - Inventory Purchas

Inventories - Inventory Purchases (Details) - Inventory Purchases - Supplier concentration risk	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Supplier A — related party
Concentration Risk [Line Items]
Concentration risk, percentage	36%	44%
Supplier B
Concentration Risk [Line Items]
Concentration risk, percentage	20%	23%
Supplier C
Concentration Risk [Line Items]
Concentration risk, percentage	27%	15%

Inventories - Narrative (Detail

Inventories - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Inventory [Line Items]
Recycling cost (credit)	$ 2.1	$ 2.1
Other receivables, manufacturers
Inventory [Line Items]
Receivables due from manufacturers	$ 0.8		$ 3

Property, Equipment and Softw_3

Property, Equipment and Software, Net - Components (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Total property, equipment and software	$ 46.5	$ 43.5
Less accumulated depreciation and amortization	(24.6)	(23.6)
Total property, equipment and software, net	21.9	19.9
Building
Property, Plant and Equipment [Line Items]
Total property, equipment and software	10.1	10.1
Machinery and equipment
Property, Plant and Equipment [Line Items]
Total property, equipment and software	2	2
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property, equipment and software	7.1	4.2
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property, equipment and software	5.3	4.7
Computer and software
Property, Plant and Equipment [Line Items]
Total property, equipment and software	20.9	17.7
Construction in progress
Property, Plant and Equipment [Line Items]
Total property, equipment and software	$ 1.1	$ 4.8

Property, Equipment and Softw_4

Property, Equipment and Software, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 1.8	$ 0.8

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accrued price protection	$ 47.1	$ 57.6
Accrued other customer related expenses	56.1	49.5
Accrued supplier/partner related expenses	53.7	54
Accrued payroll expenses	19.7	36.1
Accrued other expenses	11.6	7.7
Total accrued expenses	$ 188.2	$ 204.9

Accrued Royalties - Future Comm

Accrued Royalties - Future Commitments on Royalty Obligations (Details) - Royalty obligations $ in Millions	Mar. 31, 2023 USD ($)
Other Commitments [Line Items]
2023 (remaining)	$ 7.4
2024	7.6
2025	5.4
2026	0.5
2027 and thereafter	0
Total	$ 20.9

Accrued Royalties - Narrative (

Accrued Royalties - Narrative (Details) - Accrued royalties - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Accrued Royalties [Line Items]
Refundable deposits	$ 23	$ 22.6
Reserve for potential unreimbursed settlements
Accrued Royalties [Line Items]
Reserve for future settlements	$ 22.8	$ 24.8

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Assets:
Right of use assets, balance sheet [Extensible Enumeration]	Other assets	Other assets
Right-of-use asset	$ 13.1	$ 14
Liabilities:
Current portion of lease liabilities, balance sheet [Extensible Enumeration]	Other current liabilities	Other current liabilities
Current portion of lease liabilities	$ 3.5	$ 3.5
Long term portion of lease liabilities, balance sheet [Extensible Enumeration]	Other long-term liabilities	Other long-term liabilities
Long term portion of lease liabilities	$ 10.4	$ 11.5
Weighted-average remaining lease term	3 years 10 months 24 days	4 years 1 month 6 days
Weighted-average discount rate	4.90%	4.90%

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Operating lease costs	$ 1.4	$ 1.3

Leases - Reconciliation of Undi

Leases - Reconciliation of Undiscounted Cash Flows of Operating Leases (Details) $ in Millions	Mar. 31, 2023 USD ($)
Leases [Abstract]
2023 (remainder)	$ 3.3
2024	4.2
2025	3.6
2026	3
2027	1.4
2028 and thereafter	0.1
Total minimum lease payments	15.6
Less imputed interest	(1.7)
Total lease liabilities	$ 13.9

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($)	3 Months Ended
	Jun. 30, 2021	Mar. 31, 2023	Mar. 31, 2022	Apr. 13, 2016
Line of Credit Facility [Line Items]
Liability for supply commitment		$ 0
Revolving credit facility | Line of credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity				$ 50,000,000
Draws on line of credit		$ 0	$ 0
Debt fee	$ 75,000

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) plan class shares	Mar. 31, 2022 USD ($)	Dec. 31, 2022 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred stock, authorized (in shares) | shares	100		100
Number of classes of stock | class	3
Number of plans | plan	2
Share-based compensation expense	$ 8.2	$ 16.5
Unrecognized compensation costs	$ 99.4
Unrecognized compensation costs, vesting period	2 years
Cost of sales
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 0.6	0.4
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 1.1	$ 0.3

Stockholders' Equity - Stock Op

Stockholders' Equity - Stock Option Awards Activity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Number of Shares
Beginning balance (in shares)	14.4
Granted (in shares)	0.1	0.3
Exercised (in shares)	(0.4)
Forfeited and expired (in shares)	(0.6)
Ending balance (in shares)	13.5		14.4
Options vested and exercisable (in shares)	7.2
Weighted Average Exercise Price
Beginning balance (in dollars per share)	$ 3.88
Granted (in dollars per share)	8.98
Exercised (in dollars per share)	3.75
Forfeited and expired (in dollars per share)	11.68
Ending balance (in dollars per share)	3.89		$ 3.88
Options vested and exercisable (in dollars per share)	$ 2.87
Weighted Average Remaining Contractual Term (Years)
Options outstanding	6 years 9 months 18 days		7 years
Options vested and exercisable	5 years 2 months 12 days
Aggregate Intrinsic Value
Options outstanding	$ 71.7		$ 54.1
Options vested and exercisable	$ 45.5

Stockholders' Equity - Weighted

Stockholders' Equity - Weighted Average Grant Date Fair Value of Stock Options Granted (Details) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-Based Payment Arrangement [Abstract]
Weighted average grant date fair value of stock options granted (in dollars per share)	$ 4.49	$ 5.59

Stockholders' Equity - Fair Val

Stockholders' Equity - Fair Value Assumptions of Options (Details) - $ / shares shares in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-Based Payment Arrangement [Abstract]
Number of options granted (in shares)	0.1	0.3
Volatility	45.90%	44.40%
Expected term (years)	6 years 3 months	6 years 3 months
Dividend yield	0%	0.80%
Risk-free interest rate	3.90%	1.70%
Fair value of common stock (in dollars per share)	$ 8.98	$ 13.51
Weighted average grant date fair value of stock options granted (in dollars per share)	$ 4.49	$ 5.59

Stockholders' Equity - RSU Acti

Stockholders' Equity - RSU Activity (Details) - RSUs shares in Millions	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Number of Shares
Outstanding, beginning (in shares) | shares	6.3
Granted (in shares) | shares	1.5
Vested (in shares) | shares	(0.1)
Forfeited (in shares) | shares	(0.5)
Outstanding, ending (in shares) | shares	7.2
Weighted Average Grant Date Fair Value
Outstanding, beginning (in dollars per share) | $ / shares	$ 12.16
Granted (in dollars per share) | $ / shares	9.20
Vested (in dollars per share) | $ / shares	15.01
Forfeited (in dollars per share) | $ / shares	11.68
Outstanding, ending (in dollars per share) | $ / shares	$ 11.72

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Tax provision (benefit)	$ (0.2)	$ (1.9)
Effective tax rate (percent)	22.90%	14.60%
Effect of share-based compensation expense, compensation deduction limitation	$ (0.2)
Effective tax rate difference due to share-based compensation expense	$ 0.2

Net Loss Per Share (Details)

Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Denominator:
Weighted-average common shares outstanding - basic (in shares)	195.3	191.2
Weighted-average common shares outstanding - diluted (in shares)	195.3	191.2
Net loss per share attributable to Class A and Class B common stockholders:
Basic (in dollars per share)	$ 0	$ (0.06)
Diluted (in dollars per share)	$ 0	$ (0.06)
Class A
Numerator:
Net income (loss) attributable to common stockholder - basic	$ (0.4)	$ (6.6)
Net income (loss) attributable to common stockholder - diluted	$ (0.4)	$ (6.6)
Denominator:
Weighted-average common shares outstanding - basic (in shares)	118.5	114.4
Weighted-average effect of dilutive securities - employee stock options (in shares)	0	0
Weighted-average common shares outstanding - diluted (in shares)	118.5	114.4
Net loss per share attributable to Class A and Class B common stockholders:
Basic (in dollars per share)	$ 0	$ (0.06)
Diluted (in dollars per share)	$ 0	$ (0.06)
Anti-dilutive equity awards under stock-based award plans excluded from the determination of diluted EPS (in shares)	20.7	15.3
Class B
Numerator:
Net income (loss) attributable to common stockholder - basic	$ (0.3)	$ (4.4)
Net income (loss) attributable to common stockholder - diluted	$ (0.3)	$ (4.4)
Denominator:
Weighted-average common shares outstanding - basic (in shares)	76.8	76.8
Weighted-average effect of dilutive securities - employee stock options (in shares)	0	0
Weighted-average common shares outstanding - diluted (in shares)	76.8	76.8
Net loss per share attributable to Class A and Class B common stockholders:
Basic (in dollars per share)	$ 0	$ (0.06)
Diluted (in dollars per share)	$ 0	$ (0.06)