Vizio Holding (VZIO) 10-Q 8 May 24 2024 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2024	May 03, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false
Class A common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		122,126,431
Class B common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		76,180,453
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, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 202.8	$ 221.6
Short-term investments	131.1	129.9
Accounts receivable, net	267.9	381.2
Inventories	25.6	6.8
Income tax receivable	11.9	9
Prepaid and other current assets	56.9	45.9
Total current assets	696.2	794.4
Property, equipment and software, net	19.1	19.7
Goodwill	44.8	44.8
Deferred income taxes	49.6	49.6
Other assets	51.7	52.2
Total assets	861.4	960.7
Current liabilities:
Accrued expenses	144.8	178.6
Accrued royalties	40.1	40.7
Other current liabilities	7.9	5.8
Total current liabilities	392	492
Other long-term liabilities	18.7	19.4
Total liabilities	410.7	511.4
Commitments and contingencies (Note 12)
Stockholders’ equity:
Preferred stock, $0.0001 par value; 100.0 shares authorized and no shares issued and outstanding as of March 31, 2024 and December 31, 2023	0	0
Common stock, $0.0001 par value; 1,350.0 shares authorized as of March 31, 2024 and December 31, 2023 Class A, 122.1 and 125.3 shares issued and 122.1 and 121.5 shares outstanding as of March 31, 2024 and December 31, 2023, respectively Class B, 76.2 shares issued and outstanding as of March 31, 2024 and December 31, 2023 Class C, no shares issued and outstanding as of March 31, 2024 and December 31, 2023	0	0
Additional paid-in capital	427.9	414.3
Accumulated other comprehensive loss	(0.4)	(0.3)
Retained earnings	23.2	35.3
Total stockholders’ equity	450.7	449.3
Total liabilities and stockholders’ equity	861.4	960.7
Related Party
Current liabilities:
Accounts payable	75.8	109.1
Nonrelated Party
Current liabilities:
Accounts payable	$ 123.4	$ 157.8

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
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)	122,100,000	125,300,000
Common stock, outstanding (in shares)	122,100,000	121,500,000
Class B common stock
Stockholders’ equity:
Common stock, issued (in shares)	76,200,000	76,200,000
Common stock, outstanding (in shares)	76,200,000	76,200,000
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, 2024	Mar. 31, 2023
Net revenue:
Total net revenue	$ 353.9	$ 356.7
Cost of goods sold:
Total cost of goods sold	272.8	281.3
Gross profit:
Total gross profit	81.1	75.4
Operating expenses:
Selling, general and administrative	76.1	58.2
Marketing	8.5	7.6
Research and development	15.1	11.9
Depreciation and amortization	1.2	1
Total operating expenses	100.9	78.7
Loss from operations	(19.8)	(3.3)
Interest income, net	3.9	2.4
Other income, net	0.7	0
Total non-operating income, net	4.6	2.4
Loss before income taxes	(15.2)	(0.9)
Benefit from income taxes	(3.1)	(0.2)
Net loss	$ (12.1)	$ (0.7)	[1]
Net loss per share attributable to Class A and Class B stockholders:
Basic (in dollars per share)	$ (0.06)	$ 0
Diluted (in dollars per share)	$ (0.06)	$ 0
Weighted-average Class A and Class B common shares outstanding:
Basic (in shares)	197.9	195.3
Diluted (in shares)	197.9	195.3
Device
Net revenue:
Total net revenue	$ 194.3	$ 231.2
Cost of goods sold:
Total cost of goods sold	201.5	229.6
Gross profit:
Total gross profit	(7.2)	1.6
Platform+
Net revenue:
Total net revenue	159.6	125.5
Cost of goods sold:
Total cost of goods sold	71.3	51.7
Gross profit:
Total gross profit	$ 88.3	$ 73.8
[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, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (12.1)	$ (0.7)	[1]
Other comprehensive loss:
Foreign currency translation adjustments	(0.1)	0
Comprehensive loss	$ (12.2)	$ (0.7)
[1]Totals may not foot due to rounding

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Millions		Total		Class A	Class B	Preferred Stock		Common Stock Class A		Common Stock Class B		Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Retained Earnings
Preferred stock, beginning balance (in shares) at Dec. 31, 2022	[1]					0
Common stock, beginning balance (in shares) at Dec. 31, 2022	[1],[2]							118,100,000		76,800,000
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 shares in lieu of taxes) (in shares)	[1],[2]							600,000
Shares issued pursuant to incentive award plans (net of shares in lieu of taxes)		1.7	[3]									1.7
Foreign currency translation		0
Net loss	[3]	(0.7)												(0.7)
Preferred stock, ending balance (in shares) at Mar. 31, 2023	[1]					0
Common stock, ending balance (in shares) at Mar. 31, 2023	[1],[2]							118,700,000		76,800,000
Ending balance at Mar. 31, 2023		$ 382.8	[3]			$ 0	[1]					376.6	(0.3)	6.5	[3]
Preferred stock, beginning balance (in shares) at Dec. 31, 2023		0				0	[1]
Common stock, beginning balance (in shares) at Dec. 31, 2023				121,500,000	76,200,000			121,500,000	[1],[2],[3]	76,200,000	[1],[2],[3]
Beginning balance at Dec. 31, 2023		$ 449.3				$ 0	[1]					414.3	(0.3)	35.3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense		13.1										13.1
Shares issued pursuant to incentive award plans (net of shares in lieu of taxes) (in shares)	[1],[2],[3]							700,000
Shares issued pursuant to incentive award plans (net of shares in lieu of taxes)		0.5										0.5
Foreign currency translation		(0.1)											(0.1)
Net loss		$ (12.1)												(12.1)
Preferred stock, ending balance (in shares) at Mar. 31, 2024		0				0	[1]
Common stock, ending balance (in shares) at Mar. 31, 2024				122,100,000	76,200,000			122,100,000	[1],[2],[3]	76,200,000	[1],[2],[3]
Ending balance at Mar. 31, 2024		$ 450.7				$ 0	[1]					$ 427.9	$ (0.4)	$ 23.2
[1]There were no shares of Preferred Stock or Class C common stock issued or outstanding as of March 31, 2024 and December 31, 2023.[2]As of both March 31, 2024 and December 31, 2023, 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) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Class C common stock
Common stock, issued (in shares)	0	0
Common stock, outstanding (in shares)	0	0
Common Stock
Par value on common stock outstanding	$ 20	$ 20
Common Stock | Class C common stock
Common stock, issued (in shares)	0	0
Common stock, outstanding (in shares)	0	0

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net loss	$ (12.1)	$ (0.7)	[1]
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	2.9	1.8
Realized gain on investments	(0.4)	0
Amortization of premium and discount on investments	(1.8)	(0.5)
Change in fair value of investment securities	0	(0.1)
Share-based compensation expense	13.3	8.2
Change in allowance for doubtful accounts	(0.2)	0.7
Changes in operating assets and liabilities:
Accounts receivable	113.5	59.5
Other receivables due from related parties	0	2
Inventories	(18.9)	1.7
Income taxes receivable	(2.9)	(0.6)
Prepaid and other current assets	(10.9)	(4.6)
Other assets	(0.7)	(2.9)
Accounts payable due to related parties	(33.3)	(43.9)
Accounts payable	(34.4)	(20.1)
Accrued expenses	(34.1)	(17)
Accrued royalties	(0.6)	(1.6)
Other current liabilities	2.2	(0.2)
Other long-term liabilities	(0.7)	(1)
Net cash used in operating activities	(19.1)	(19.3)
Cash flows from investing activities:
Purchase of property and equipment	(1.2)	(0.2)
Purchase of investments	(25)	(75.7)
Sale of investments	0.6	0
Maturity of investments	25.5	15
Net cash used in investing activities	(0.1)	(60.9)
Cash flows from financing activities:
Proceeds from the exercise of stock options	0.5	1.7
Net cash provided by financing activities	0.5	1.7
Effects of exchange rate changes on cash and cash equivalents	(0.1)	0
Net decrease in cash and cash equivalents	(18.8)	(78.5)
Cash and cash equivalents at beginning of period	221.6	288.7
Cash and cash equivalents at end of period	202.8	210.2
Supplemental disclosure of cash flow information:
Cash (received from) paid for income taxes	(0.4)	0.4
Cash paid for interest	0.1	0
Cash paid for amounts included in the measurement of operating lease liabilities	1.2	1.2
Supplemental disclosure of non-cash investing and financing activities:
Right-of-use assets obtained in exchange for new operating lease liabilities	0	0.5
Additions to property and equipment financed by accounts payable	$ 0.1	$ 0.6
[1]Totals may not foot due to rounding

Organization and Nature of Busi

Organization and Nature of Business	3 Months Ended
	Mar. 31, 2024
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. 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 purchases all of its products from manufacturers headquartered in Asia. 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, 2024
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, 2023 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, 2023 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, 2024. 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 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, 2023.

Net Revenue

Net Revenue	3 Months Ended
	Mar. 31, 2024
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 and distributors, 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 customers under terms that allow them 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 streaming inventory on WatchFree+ and third-party applications as well as banner placements on its SmartCast homescreen. The Company’s advertising revenue is recognized on a cost-per-thousand impressions delivered (“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, 2024 and December 31, 2023, t he Company recorded $23.7 million and $24.2 million of contract assets , respectively. As of March 31, 2024, $19.8 million and $3.9 million of contract assets were recorded in other current assets and other assets, respectively, in the accompanying condensed consolidated balance sheets. As of December 31, 2023, $20.3 million and $3.9 million of contract assets were recorded in other current assets and other assets, respectively, in the accompanying condensed consolidated balance sheets. As of March 31, 2024 and December 31, 2023, the Company recorded $4.3 million and $2.1 million of contract liabilities, which are recorded in other current liabilities in the accompanying condensed consolidated balance sheets. Contract assets primarily represent revenue earnings over time for which the Company does not presently have an unconditional right to payment (generally not yet billable) based on the terms of the contracts. Contract liabilities consist of fees invoiced or paid by the Company's customers for which the associated performance obligations have not been satisfied and revenue has not been recognized based on the Company's revenue recognition criteria described above. Additionally, no costs associated with obtaining contracts with customers were capitalized, nor were 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 2024 2023 Net revenue: Customer A 27 % 33 % Customer B 9 11

Investments

Investments	3 Months Ended
	Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Investments	Investments Short-term investments: The Company purchases U.S. Treasury bills, which are recorded in short-term investments in the accompanying condensed consolidated balance sheets. The Company is 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, 2024 and 2023 , the maturity dates of all U.S. Treasury bills were within 12 months. The Company reviews these securities for other-than-temporary impairment at least quarterly or when there are changes in credit risk or other potential valuation concerns. 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. During the three months ended March 31, 2024 and 2023, the Company did not recognize any impairment losses related to these securities. The following table summarizes the Company’s short-term investments: March 31, December 31, U.S. Treasury Bills: (In millions) Maturity 1 year or less 1 year or less Amortized cost $ 131.1 $ 129.9 Gross unrealized gains — 0.2 Gross unrealized losses (0.1) — Estimated fair value $ 131.0 $ 130.1 Equity investments: The Company has investments in equity securities, which are recorded in other assets in the accompanying condensed consolidated balance sheets amounting to $5.9 million and $6.2 million as of March 31, 2024 and December 31, 2023, respectively. The Company records its investments in equity securities at historical cost if they do not have a readily determinable fair value. As of March 31, 2024, all investments in equity securities were recorded at historical cost. As of December 31, 2023, $6.0 million of the Company’s investments in equity securities were recorded at historical cost. As of December 31, 2023, the Company had $0.2 million of an equity investment measured at fair value, which was considered a Level 1 investment as the shares were publicly traded and had a readily determinable fair value. On March 28, 2024, the Company sold its investment measured at fair value, which resulted in a realized gain of $0.4 million. This gain is recorded in other income, net in the accompanying condensed consolidated statements of operations. This sale resulted in the Company having no remaining investments measured at fair value as of March 31, 2024. The Company periodically reviews the investments for possible impairment. There was no impairment or observable price changes on the investments during the three months ended March 31, 2024 and 2023.

Accounts Receivable

Accounts Receivable	3 Months Ended
	Mar. 31, 2024
Receivables [Abstract]
Accounts Receivable	Accounts Receivable Accounts receivable consists of the following: March 31, December 31, (In millions) Accounts receivable $ 270.1 $ 383.4 Allowance for doubtful accounts (2.2) (2.2) Total accounts receivable, net of allowance $ 267.9 $ 381.2 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, 2024 and 2023, the Company recorded bad debt (reduction)/expense of $(0.2) million and $0.7 million, respectively. The following customers account for a significant portion of accounts receivable: March 31, December 31, Net receivables: Customer A 23 % 30 % Customer B 9 % 9 % Customer A and Customer B are affiliates under common control with one another. Collectively, they comprised 32% and 39% of the Company’s total accounts receivable as of March 31, 2024 and December 31, 2023, respectively.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2024
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consist of the following: March 31, December 31, (In millions) Inventory on hand $ 12.2 $ 3.0 Inventory in transit - outbound 1.1 3.3 Inventory in transit - inbound 12.3 0.5 Total inventory $ 25.6 $ 6.8 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, in most instances the manufacturers are then responsible for transporting the product to their warehouses located in the United States. In most instances, the manufacturers are considered the importers of record and are required to insure the product as it is shipped to the warehouses. In these instances, 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 agreements stipulate 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 2024 2023 Inventory purchases: Supplier A — related party 42 % 36 % Supplier B 15 20 Supplier C 36 27 The Company currently obtains the majority of its products from these manufacturers. 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 $0.4 million and $0.8 million due from these manufacturers as of March 31, 2024 and December 31, 2023, 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 $1.6 million and $2.1 million for the three months ended March 31, 2024 and 2023, respectively. These amounts 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, 2024
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) Land $ 2.6 $ 2.6 Building 7.6 7.6 Machinery and equipment 1.1 1.1 Leasehold improvements 9.3 9.3 Furniture and fixtures 5.1 5.1 Computer and software 18.0 16.9 Construction in progress 0.4 0.4 Total property, equipment and software 44.1 43.0 Less accumulated depreciation and amortization (25.0) (23.3) Total property, equipment and software, net $ 19.1 $ 19.7 Depreciation and amortization expense was $1.8 million for both the three months ended March 31, 2024 and 2023. Disposals of fully depreciated assets reduced property, equipment and software and accumulated depreciation and amortization by $0.1 million and $7.7 million as of March 31, 2024 and December 31, 2023, respectively. There was no impact to the statements of operations for the three months ended March 31, 2024 or 2023.

Capitalized Software

Capitalized Software	3 Months Ended
	Mar. 31, 2024
Research and Development [Abstract]
Capitalized Software	Capitalized Software The Company’s capitalized software consist of the following: March 31, December 31, (In millions) Capitalized software $ 21.8 $ 21.8 Accumulated amortization (1.1) — Capitalized software, net $ 20.7 $ 21.8

Accrued Expenses

Accrued Expenses	3 Months Ended
	Mar. 31, 2024
Payables and Accruals [Abstract]
Accrued Expenses	Accrued Expenses The Company’s accrued expenses consist of the following: March 31, December 31, (In millions) Accrued price protection $ 25.2 $ 33.4 Accrued other customer related expenses 47.7 55.8 Accrued supplier/partner related expenses 40.2 46.1 Accrued payroll expenses 29.6 40.8 Accrued other expenses 2.1 2.5 Total accrued expenses $ 144.8 $ 178.6

Accrued Royalties

Accrued Royalties	3 Months Ended
	Mar. 31, 2024
Payables and Accruals [Abstract]
Accrued Royalties	Accrued Royalties A summary of future commitments on royalty obligations (including amounts currently accrued for under existing royalty agreements yet to be paid, as well as amounts that will become due in future periods relating to these existing arrangements) as of March 31, 2024 is as follows: March 31, (In millions) 2024 (remaining) $ 32.4 2025 12.7 2026 6.5 2027 6.0 2028 1.5 2029 and thereafter — Total $ 59.1 For potential future settlements related to historical sales, a reserve has been recorded in 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. 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, 2024
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 2029. 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 $ 12.8 $ 13.8 Liabilities: Current portion of lease liabilities Other current liabilities $ 3.4 $ 3.5 Long term portion of lease liabilities Other long-term liabilities $ 10.0 $ 11.0 Weighted-average remaining lease term 3.6 3.8 Weighted-average discount rate 6.4 % 6.3 % Operating lease costs were $1.7 million and $1.4 million for the three months ended March 31, 2024 and 2023, 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, 2024: March 31, (In millions) 2024 (remainder) $ 3.5 2025 4.3 2026 4.3 2027 2.5 2028 0.7 2029 and thereafter 0.2 Total minimum lease payments 15.5 Less imputed interest (2.1) Total lease liabilities $ 13.4

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
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, 2024, no liabilities were recorded related to this supply commitment. Data Support Spend Commitments The Company has agreements with outside companies to provide data support services, which include future spend commitments to continue to use the services provided. The committed future spend is as follows: March 31, (In millions) 2024 (remainder) $ 26.3 2025 39.7 2026 35.4 Total $ 101.4 Revolving Credit Facility The Company was party to a credit agreement with Bank of America, N.A. (as amended, the “Credit Agreement”), which provided for a revolving credit line of up to $50.0 million maturing April 13, 2024 (see Note 16). The Company’s indebtedness to Bank of America, N.A. under the Credit Agreement was collateralized by substantially all of the Company’s assets. On April 13, 2021, the Company entered into an amendment to the Credit Agreement, which (i) extended the maturity date to April 13, 2024, (ii) provided an update for use of a London Interbank Offering Rate (“LIBOR”) successor rate and (iii) provided 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. On April 25, 2023, the Company entered into another amendment to the Credit Agreement which replaced the reference of LIBOR to Secured Overnight Financing Rate (“SOFR”). Fees related to this unused line of credit were not material in any of the periods presented. For the three months ended March 31, 2024 and 2023, there were no draws on the line of credit and the Company was in compliance with all debt covenants. Legal Matters The Company currently, and in the future may continue to be, subject to litigation, claims and assertions incidental to the business, including patent infringement litigation and product liability claims, as well as other litigation of a non-material nature in the ordinary course of business. The Company believes that the outcome of any existing litigation, either individually or in the aggregate, will not have a material impact on the business, financial condition, results of operations or cash flows. The results of any future litigation cannot be predicted with certainty, and regardless of the outcome, litigation can have an adverse impact on the Company because of defense and settlement costs, diversion of management resources, and other factors.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Stockholders' Equity	Stockholders’ Equity Preferred Stock As of March 31, 2024, 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, 2024, 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, 2023 14.2 $ 7.72 6.5 $ 25.2 Granted 0.0 9.53 Exercised (0.3) 1.53 Forfeited and expired (0.1) 10.02 Outstanding at March 31, 2024 13.8 $ 7.86 6.4 $ 57.1 Options vested and exercisable at March 31, 2024 8.6 $ 6.64 5.3 $ 44.6 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, 2024 and 2023 (shares in millions): Three Months Ended 2024 2023 Number of options granted — 0.1 Volatility 46.1 % 45.9 % Expected term (years) 6.25 years 6.25 years Dividend yield 0.0 % 0.0 % Risk-free interest rate 4.3 % 3.9 % Fair value of common stock $ 9.53 $ 8.98 Grant date fair value per share determined using a Black-Scholes-Merton option pricing model for purposes of determining compensation expense $ 4.85 $ 4.49 As of March 31, 2024, the Company had $15.2 million of unrecognized share-based compensation expense related to stock options, which the Company expects to recognize over a weighted average vesting period of approximately 1.9 years. Restricted Stock Units 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, 2024 is presented below: Number of Shares Weighted Average Grant Date Fair Value (In millions) Outstanding at December 31, 2023 12.2 $ 8.89 Granted 1.1 9.15 Vested (0.3) 9.48 Forfeited (0.2) 9.31 Outstanding at March 31, 2024 12.8 $ 8.89 As of March 31, 2024, the Company had $90.7 million of unrecognized share-based compensation expense related to RSUs, which the Company expects to recognize over a weighted average vesting period of approximately 2.9 years. Performance Stock Units The Company has granted performance stock units (“PSUs”) to select executive employees that vest over an approximately four-year service period based on a performance metric tied to the Company’s total shareholder return relative to the total shareholder return of a peer group over a one-year performance period. The grant date fair value for such PSUs was estimated using a Monte-Carlo simulation model covering the one-year performance period. Between 0% and 200% of the PSUs will become eligible to vest (“eligible PSUs”) based on achievement of the performance goal, and any eligible PSUs will vest in increments over a period of approximately four years. The PSUs are subject to both time-based and market-based vesting conditions. A summary of the Company’s activity related to PSUs as of March 31, 2024 is presented below: Number of Shares Weighted Average Grant Date Fair Value (In millions) Outstanding at December 31, 2023 1.7 $ 6.72 Granted — — Outstanding at March 31, 2024 1.7 $ 6.72 As of March 31, 2024, the Company had $6.5 million of unrecognized share-based compensation expense related to PSUs, which the Company expects to recognize over a weighted average vesting period of approximately 3.3 years. Share-based Compensation Expense Total share-based compensation expense was $13.3 million and $8.2 million for the three months ended March 31, 2024 and 2023, respectively. For the three months ended March 31, 2024 and 2023, $1.1 million and $0.6 million is included in cost of goods sold, respectively, and $2.1 million and $1.1 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.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThe Company recorded a tax benefit of $3.1 million, resulting in an effective tax rate of 20%, and $0.2 million, resulting in an effective tax rate of 23%, for the three months ended March 31, 2024 and March 31, 2023, respectively. The tax provision for the three months ended March 31, 2024 and March 31, 2023 includes a net income tax benefit of $0.1 million and a net income tax expense of $0.2 million, respectively, for discrete items primarily due to excess tax expense relating to share-based compensation.

Net Loss Per Share

Net Loss Per Share	3 Months Ended
	Mar. 31, 2024
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, 2024, and 2023, 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 2024 2023 Class A Class B Class A Class B Numerator: (In millions, except per share amounts) Net loss attributable to common stockholders - basic and diluted $ (7.4) $ (4.7) $ (0.4) $ (0.3) Denominator: Weighted-average common shares outstanding - basic 121.7 76.2 118.5 76.8 Weighted-average effect of dilutive securities — — — — Weighted-average common shares outstanding - diluted 121.7 76.2 118.5 76.8 Net loss per share attributable to Class A and Class B common stockholders: Basic $ (0.06) $ (0.06) $ (0.00) $ (0.00) Diluted $ (0.06) $ (0.06) $ (0.00) $ (0.00) Anti-dilutive equity awards under share-based award plans excluded from the determination of diluted EPS 8.4 20.7 As of March 31, 2024, the PSUs granted in 2023 had an expected achievement level of 200%. No similar awards were outstanding as of March 31, 2023. Refer to Note 13 for additional information related to the PSUs.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsOn April 13, 2024, the Company’s Credit Agreement was terminated in accordance with its terms. In connection therewith, the Company paid all required fees and expenses thereunder and released all existing liens granted to the lenders. The Company had no outstanding borrowings under the Credit Agreement at the time of termination (see Note 12).

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net loss	$ (12.1)	$ (0.7)	[1]
[1]Totals may not foot due to rounding

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
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, 2023 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, 2023 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, 2024.
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
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 and distributors, 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 customers under terms that allow them 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 streaming inventory on WatchFree+ and third-party applications as well as banner placements on its SmartCast homescreen. The Company’s advertising revenue is recognized on a cost-per-thousand impressions delivered (“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, 2024 and December 31, 2023, t he Company recorded $23.7 million and $24.2 million of contract assets , respectively. As of March 31, 2024, $19.8 million and $3.9 million of contract assets were recorded in other current assets and other assets, respectively, in the accompanying condensed consolidated balance sheets. As of December 31, 2023, $20.3 million and $3.9 million of contract assets were recorded in other current assets and other assets, respectively, in the accompanying condensed consolidated balance sheets. As of March 31, 2024 and December 31, 2023, the Company recorded $4.3 million and $2.1 million of contract liabilities, which are recorded in other current liabilities in the accompanying condensed consolidated balance sheets. Contract assets primarily represent revenue earnings over time for which the Company does not presently have an unconditional right to payment (generally not yet billable) based on the terms of the contracts. Contract liabilities consist of fees invoiced or paid by the Company's customers for which the associated performance obligations have not been satisfied and revenue has not been recognized based on the Company's revenue recognition criteria described above. Additionally, no costs associated with obtaining contracts with customers were capitalized, nor were 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, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Concentration Risk	The following customers account for more than 10% of net revenue: Three Months Ended 2024 2023 Net revenue: Customer A 27 % 33 % Customer B 9 11 The following customers account for a significant portion of accounts receivable: March 31, December 31, Net receivables: Customer A 23 % 30 % Customer B 9 % 9 % The Company has the following significant concentrations related to suppliers: Three Months Ended 2024 2023 Inventory purchases: Supplier A — related party 42 % 36 % Supplier B 15 20 Supplier C 36 27

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Summary of Debt Securities, Held-to-Maturity	The following table summarizes the Company’s short-term investments: March 31, December 31, U.S. Treasury Bills: (In millions) Maturity 1 year or less 1 year or less Amortized cost $ 131.1 $ 129.9 Gross unrealized gains — 0.2 Gross unrealized losses (0.1) — Estimated fair value $ 131.0 $ 130.1

Accounts Receivable (Tables)

Accounts Receivable (Tables)	3 Months Ended
	Mar. 31, 2024
Receivables [Abstract]
Schedule of Accounts Receivable	Accounts receivable consists of the following: March 31, December 31, (In millions) Accounts receivable $ 270.1 $ 383.4 Allowance for doubtful accounts (2.2) (2.2) Total accounts receivable, net of allowance $ 267.9 $ 381.2
Schedule of Concentration Risk	The following customers account for more than 10% of net revenue: Three Months Ended 2024 2023 Net revenue: Customer A 27 % 33 % Customer B 9 11 The following customers account for a significant portion of accounts receivable: March 31, December 31, Net receivables: Customer A 23 % 30 % Customer B 9 % 9 % The Company has the following significant concentrations related to suppliers: Three Months Ended 2024 2023 Inventory purchases: Supplier A — related party 42 % 36 % Supplier B 15 20 Supplier C 36 27

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2024
Inventory Disclosure [Abstract]
Schedule of Inventory	Inventories consist of the following: March 31, December 31, (In millions) Inventory on hand $ 12.2 $ 3.0 Inventory in transit - outbound 1.1 3.3 Inventory in transit - inbound 12.3 0.5 Total inventory $ 25.6 $ 6.8
Schedule of Concentration Risk	The following customers account for more than 10% of net revenue: Three Months Ended 2024 2023 Net revenue: Customer A 27 % 33 % Customer B 9 11 The following customers account for a significant portion of accounts receivable: March 31, December 31, Net receivables: Customer A 23 % 30 % Customer B 9 % 9 % The Company has the following significant concentrations related to suppliers: Three Months Ended 2024 2023 Inventory purchases: Supplier A — related party 42 % 36 % Supplier B 15 20 Supplier C 36 27

Property, Equipment and Softw_2

Property, Equipment and Software, Net (Tables)	3 Months Ended
	Mar. 31, 2024
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) Land $ 2.6 $ 2.6 Building 7.6 7.6 Machinery and equipment 1.1 1.1 Leasehold improvements 9.3 9.3 Furniture and fixtures 5.1 5.1 Computer and software 18.0 16.9 Construction in progress 0.4 0.4 Total property, equipment and software 44.1 43.0 Less accumulated depreciation and amortization (25.0) (23.3) Total property, equipment and software, net $ 19.1 $ 19.7

Capitalized Software (Tables)

Capitalized Software (Tables)	3 Months Ended
	Mar. 31, 2024
Research and Development [Abstract]
Schedule of Capitalized Software	The Company’s capitalized software consist of the following: March 31, December 31, (In millions) Capitalized software $ 21.8 $ 21.8 Accumulated amortization (1.1) — Capitalized software, net $ 20.7 $ 21.8

Accrued Expenses (Tables)

Accrued Expenses (Tables)	3 Months Ended
	Mar. 31, 2024
Payables and Accruals [Abstract]
Schedule of Accrued Expenses	The Company’s accrued expenses consist of the following: March 31, December 31, (In millions) Accrued price protection $ 25.2 $ 33.4 Accrued other customer related expenses 47.7 55.8 Accrued supplier/partner related expenses 40.2 46.1 Accrued payroll expenses 29.6 40.8 Accrued other expenses 2.1 2.5 Total accrued expenses $ 144.8 $ 178.6

Accrued Royalties (Tables)

Accrued Royalties (Tables)	3 Months Ended
	Mar. 31, 2024
Payables and Accruals [Abstract]
Schedule of Future Commitments on Royalty Obligations	A summary of future commitments on royalty obligations (including amounts currently accrued for under existing royalty agreements yet to be paid, as well as amounts that will become due in future periods relating to these existing arrangements) as of March 31, 2024 is as follows: March 31, (In millions) 2024 (remaining) $ 32.4 2025 12.7 2026 6.5 2027 6.0 2028 1.5 2029 and thereafter — Total $ 59.1 March 31, (In millions) 2024 (remainder) $ 26.3 2025 39.7 2026 35.4 Total $ 101.4

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2024
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 $ 12.8 $ 13.8 Liabilities: Current portion of lease liabilities Other current liabilities $ 3.4 $ 3.5 Long term portion of lease liabilities Other long-term liabilities $ 10.0 $ 11.0 Weighted-average remaining lease term 3.6 3.8 Weighted-average discount rate 6.4 % 6.3 %
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, 2024: March 31, (In millions) 2024 (remainder) $ 3.5 2025 4.3 2026 4.3 2027 2.5 2028 0.7 2029 and thereafter 0.2 Total minimum lease payments 15.5 Less imputed interest (2.1) Total lease liabilities $ 13.4

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Commitment Future Spend Per this Addendum	A summary of future commitments on royalty obligations (including amounts currently accrued for under existing royalty agreements yet to be paid, as well as amounts that will become due in future periods relating to these existing arrangements) as of March 31, 2024 is as follows: March 31, (In millions) 2024 (remaining) $ 32.4 2025 12.7 2026 6.5 2027 6.0 2028 1.5 2029 and thereafter — Total $ 59.1 March 31, (In millions) 2024 (remainder) $ 26.3 2025 39.7 2026 35.4 Total $ 101.4

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024, 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, 2023 14.2 $ 7.72 6.5 $ 25.2 Granted 0.0 9.53 Exercised (0.3) 1.53 Forfeited and expired (0.1) 10.02 Outstanding at March 31, 2024 13.8 $ 7.86 6.4 $ 57.1 Options vested and exercisable at March 31, 2024 8.6 $ 6.64 5.3 $ 44.6
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, 2024 and 2023 (shares in millions): Three Months Ended 2024 2023 Number of options granted — 0.1 Volatility 46.1 % 45.9 % Expected term (years) 6.25 years 6.25 years Dividend yield 0.0 % 0.0 % Risk-free interest rate 4.3 % 3.9 % Fair value of common stock $ 9.53 $ 8.98 Grant date fair value per share determined using a Black-Scholes-Merton option pricing model for purposes of determining compensation expense $ 4.85 $ 4.49
Schedule of Restricted Stock Unit Activity	A summary of the Company’s activity related to RSUs as of March 31, 2024 is presented below: Number of Shares Weighted Average Grant Date Fair Value (In millions) Outstanding at December 31, 2023 12.2 $ 8.89 Granted 1.1 9.15 Vested (0.3) 9.48 Forfeited (0.2) 9.31 Outstanding at March 31, 2024 12.8 $ 8.89
Share-Based Payment Arrangement, Performance Shares, Activity	A summary of the Company’s activity related to PSUs as of March 31, 2024 is presented below: Number of Shares Weighted Average Grant Date Fair Value (In millions) Outstanding at December 31, 2023 1.7 $ 6.72 Granted — — Outstanding at March 31, 2024 1.7 $ 6.72

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	3 Months Ended
	Mar. 31, 2024
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 2024 2023 Class A Class B Class A Class B Numerator: (In millions, except per share amounts) Net loss attributable to common stockholders - basic and diluted $ (7.4) $ (4.7) $ (0.4) $ (0.3) Denominator: Weighted-average common shares outstanding - basic 121.7 76.2 118.5 76.8 Weighted-average effect of dilutive securities — — — — Weighted-average common shares outstanding - diluted 121.7 76.2 118.5 76.8 Net loss per share attributable to Class A and Class B common stockholders: Basic $ (0.06) $ (0.06) $ (0.00) $ (0.00) Diluted $ (0.06) $ (0.06) $ (0.00) $ (0.00) Anti-dilutive equity awards under share-based award plans excluded from the determination of diluted EPS 8.4 20.7

Organization and Nature of Bu_2

Organization and Nature of Business (Details)	3 Months Ended
	Mar. 31, 2024 manufacturer
Purchase Of Televisions, Since 2012 | Investor
Related Party Transaction [Line Items]
Number of manufacturers	3

Net Revenue - Narrative (Detail

Net Revenue - Narrative (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Concentration Risk [Line Items]
Contract assets	$ 23,700,000		$ 24,200,000
Contract liability	4,300,000		2,100,000
Capitalized contract costs	$ 0		0
Affiliates Under Common Control | Net Revenue | Customer concentration
Concentration Risk [Line Items]
Concentration risk, percentage	36%	44%
Other Current Assets
Concentration Risk [Line Items]
Contract assets	$ 19,800,000		20,300,000
Other Noncurrent Assets
Concentration Risk [Line Items]
Contract assets	$ 3,900,000		$ 3,900,000

Net Revenue - Customers (Detail

Net Revenue - Customers (Details) - Net Revenue - Customer concentration	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Customer A
Concentration Risk [Line Items]
Concentration risk, percentage	27%	33%
Customer B
Concentration Risk [Line Items]
Concentration risk, percentage	9%	11%

Investments - Narrative (Detail

Investments - Narrative (Details) - USD ($)		3 Months Ended
	Mar. 28, 2024	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Schedule of Held-to-Maturity Securities [Line Items]
Debt securities, held-to-maturity, impairment loss		$ 0	$ 0
Equity securities, noncurrent		5,900,000		$ 6,200,000
Equity securities, cost				6,000,000
Level 1
Schedule of Held-to-Maturity Securities [Line Items]
Equity securities, noncurrent		$ 0		$ 200,000
Equity securities realized gain	$ 400,000

Investments - Debt Securities,

Investments - Debt Securities, Held-to-Maturity (Details) - U.S. Treasury Bills: - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Schedule of Held-to-Maturity Securities [Line Items]
Maturity	1 year	1 year
Amortized cost	$ 131.1	$ 129.9
Gross unrealized gains	0	0.2
Gross unrealized losses	(0.1)	0
Estimated fair value	$ 131	$ 130.1

Accounts Receivable - Balances

Accounts Receivable - Balances (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Receivables [Abstract]
Accounts receivable	$ 270.1	$ 383.4
Allowance for doubtful accounts	(2.2)	(2.2)
Total accounts receivable, net of allowance	$ 267.9	$ 381.2

Accounts Receivable - Narrative

Accounts Receivable - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Concentration Risk [Line Items]
Allowance for doubtful accounts recorded	$ (0.2)	$ 0.7
Customer A and Customer B | Net Receivables | Credit concentration risk
Concentration Risk [Line Items]
Concentration risk, percentage	32%		39%

Accounts Receivable - Customers

Accounts Receivable - Customers (Details) - Net Receivables - Credit concentration risk	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Customer A
Concentration Risk [Line Items]
Concentration risk, percentage	23%	30%
Customer B
Concentration Risk [Line Items]
Concentration risk, percentage	9%	9%

Inventories - Balances (Details

Inventories - Balances (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Inventory [Line Items]
Total inventory	$ 25.6	$ 6.8
Inventory on hand
Inventory [Line Items]
Total inventory	12.2	3
Inventory in transit - outbound
Inventory [Line Items]
Total inventory	1.1	3.3
Inventory in transit - inbound
Inventory [Line Items]
Total inventory	$ 12.3	$ 0.5

Inventories - Inventory Purchas

Inventories - Inventory Purchases (Details) - Inventory Purchases - Supplier concentration risk	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Supplier A — related party
Concentration Risk [Line Items]
Concentration risk, percentage	42%	36%
Supplier B
Concentration Risk [Line Items]
Concentration risk, percentage	15%	20%
Supplier C
Concentration Risk [Line Items]
Concentration risk, percentage	36%	27%

Inventories - Narrative (Detail

Inventories - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Inventory [Line Items]
Recycling cost (credit)	$ 1.6	$ 2.1
Other receivables, manufacturers
Inventory [Line Items]
Receivables due from manufacturers	$ 0.4		$ 0.8

Property, Equipment and Softw_3

Property, Equipment and Software, Net - Components of Property and Equipment (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total property, equipment and software	$ 44.1	$ 43
Less accumulated depreciation and amortization	(25)	(23.3)
Total property, equipment and software, net	19.1	19.7
Land
Property, Plant and Equipment [Line Items]
Total property, equipment and software	2.6	2.6
Building
Property, Plant and Equipment [Line Items]
Total property, equipment and software	7.6	7.6
Machinery and equipment
Property, Plant and Equipment [Line Items]
Total property, equipment and software	1.1	1.1
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property, equipment and software	9.3	9.3
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property, equipment and software	5.1	5.1
Computer and software
Property, Plant and Equipment [Line Items]
Total property, equipment and software	18	16.9
Construction in progress
Property, Plant and Equipment [Line Items]
Total property, equipment and software	$ 0.4	$ 0.4

Property, Equipment and Softw_4

Property, Equipment and Software, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 1.8
Disposal of property, plant and equipment	$ 0.1	$ 7.7

Capitalized Software - Schedule

Capitalized Software - Schedule of Capitalized Software (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Research and Development [Abstract]
Capitalized software	$ 21.8	$ 21.8
Accumulated amortization	(1.1)	0
Capitalized software, net	$ 20.7	$ 21.8

Capitalized Software - Narrativ

Capitalized Software - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Research and Development [Abstract]
Amortization of capitalized software development costs	$ 1.1	$ 0

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued price protection	$ 25.2	$ 33.4
Accrued other customer related expenses	47.7	55.8
Accrued supplier/partner related expenses	40.2	46.1
Accrued payroll expenses	29.6	40.8
Accrued other expenses	2.1	2.5
Total accrued expenses	$ 144.8	$ 178.6

Accrued Royalties (Details)

Accrued Royalties (Details) - Royalty obligations $ in Millions	Mar. 31, 2024 USD ($)
Other Commitments [Line Items]
2024 (remaining)	$ 32.4
2025	12.7
2026	6.5
2027	6
2028	1.5
2029 and thereafter	0
Total	$ 59.1

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Assets:
Right of use assets, balance sheet [extensible enumeration]	Other assets	Other assets
Right-of-use asset	$ 12.8	$ 13.8
Liabilities:
Current portion of lease liabilities, balance sheet [extensible enumeration]	Other current liabilities	Other current liabilities
Current portion of lease liabilities	$ 3.4	$ 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	$ 11
Weighted-average remaining lease term	3 years 7 months 6 days	3 years 9 months 18 days
Weighted-average discount rate	6.40%	6.30%

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Operating lease costs	$ 1.7	$ 1.4

Leases - Reconciliation of Undi

Leases - Reconciliation of Undiscounted Cash Flows of Operating Leases (Details) $ in Millions	Mar. 31, 2024 USD ($)
Leases [Abstract]
2024 (remainder)	$ 3.5
2025	4.3
2026	4.3
2027	2.5
2028	0.7
2029 and thereafter	0.2
Total minimum lease payments	15.5
Less imputed interest	(2.1)
Total lease liabilities	$ 13.4

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details)	3 Months Ended
	Jun. 30, 2021 USD ($)	Mar. 31, 2024 USD ($) wk	Mar. 31, 2023 USD ($)	Apr. 13, 2021 USD ($)
Accrued Royalties [Line Items]
Number of weeks of inventory | wk		13
Liability for supply commitment		$ 0
Revolving credit facility | Line of credit
Accrued Royalties [Line Items]
Maximum borrowing capacity				$ 50,000,000
Debt fee	$ 75,000
Draws on line of credit		$ 0	$ 0

Commitments and Contingencies_2

Commitments and Contingencies -Schedule of Commitment Future Spend Per this Addendum (Details) - Data Support Spend Commitments $ in Millions	Mar. 31, 2024 USD ($)
Other Commitments [Line Items]
2024 (remainder)	$ 26.3
2025	39.7
2026	35.4
Total	$ 101.4

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) class plan shares	Mar. 31, 2023 USD ($)	Dec. 31, 2023 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred stock, authorized (in shares) | shares	100		100
Number of plans | plan	2
Unrecognized share-based compensation expense	$ 15.2
Unrecognized compensation costs, vesting period	1 year 10 months 24 days
Award requisite service period	1 year
Share-based compensation expense	$ 13.3	$ 8.2
Cost of sales
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	1.1	0.6
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	2.1	$ 1.1
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share-based compensation expense	$ 90.7
Unrecognized compensation costs, vesting period	2 years 10 months 24 days
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share-based compensation expense	$ 6.5
Unrecognized compensation costs, vesting period	3 years 3 months 18 days
Vesting term	4 years
Award requisite service period	1 year
Performance Shares | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Eligible award vesting rights, percentage	0
Performance Shares | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Eligible award vesting rights, percentage	2
Class C common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of classes of stock | class	3
Class B common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of classes of stock | class	3
Class A common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of classes of stock | class	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, 2024	Mar. 31, 2023	Dec. 31, 2023
Number of Shares
Beginning balance (in shares)	14.2
Granted (in shares)	0	0.1
Exercised (in shares)	(0.3)
Forfeited and expired (in shares)	(0.1)
Ending balance (in shares)	13.8		14.2
Options vested and exercisable (in shares)	8.6
Weighted Average Exercise Price
Beginning balance (in dollars per share)	$ 7.72
Granted (in dollars per share)	9.53
Exercised (in dollars per share)	1.53
Forfeited and expired (in dollars per share)	10.02
Ending balance (in dollars per share)	7.86		$ 7.72
Options vested and exercisable (in dollars per share)	$ 6.64
Weighted Average Remaining Contractual Term (Years)
Options outstanding (in years)	6 years 4 months 24 days		6 years 6 months
Options vested and exercisable (in shares)	5 years 3 months 18 days
Aggregate Intrinsic Value
Options outstanding, aggregate intrinsic value	$ 57.1		$ 25.2
Options vested and exercisable	$ 44.6

Stockholders' Equity - Fair Val

Stockholders' Equity - Fair Value Assumptions of Options (Details) - $ / shares shares in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options granted (in shares)	0	0.1
Fair value of common stock (in dollars per share)	$ 9.53	$ 8.98
Grant date fair value per share determined using a Black-Scholes-Merton option pricing model for purposes of determining compensation expense (in dollars per share)	$ 4.85	$ 4.49
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility	46.10%	45.90%
Expected term (years)	6 years 3 months	6 years 3 months
Dividend yield	0%	0%
Risk-free interest rate	4.30%	3.90%

Stockholders' Equity - RSU and

Stockholders' Equity - RSU and PSU Activity (Details) shares in Millions	3 Months Ended
	Mar. 31, 2024 $ / shares shares
RSUs
Number of Shares
Outstanding, beginning (in shares) | shares	12.2
Granted (in shares) | shares	1.1
Vested (in shares) | shares	(0.3)
Forfeited (in shares) | shares	(0.2)
Outstanding, ending (in shares) | shares	12.8
Weighted Average Grant Date Fair Value
Outstanding, beginning (in dollars per share) | $ / shares	$ 8.89
Granted (in dollars per share) | $ / shares	9.15
Vested (in dollars per share) | $ / shares	9.48
Forfeited (in dollars per share) | $ / shares	9.31
Outstanding, ending (in dollars per share) | $ / shares	$ 8.89
Performance Shares
Number of Shares
Outstanding, beginning (in shares) | shares	1.7
Granted (in shares) | shares	0
Outstanding, ending (in shares) | shares	1.7
Weighted Average Grant Date Fair Value
Outstanding, beginning (in dollars per share) | $ / shares	$ 6.72
Granted (in dollars per share) | $ / shares	0
Outstanding, ending (in dollars per share) | $ / shares	$ 6.72

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Tax expense (benefit)	$ (3.1)	$ (0.2)
Effective tax rate (percent)	20%	23%
Effective income tax rate reconciliation, tax expense (benefit), share-based payment arrangement, amount	$ 0.1	$ 0.2

Net Loss Per Share (Details)

Net Loss Per Share (Details) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) $ / shares shares	Mar. 31, 2023 USD ($) $ / shares shares
Denominator:
Weighted-average common shares outstanding - basic (in shares)	197.9	195.3
Weighted-average common shares outstanding - diluted (in shares)	197.9	195.3
Net loss per share attributable to Class A and Class B common stockholders:
Basic (in dollars per share) | $ / shares	$ (0.06)	$ 0
Diluted (in dollars per share) | $ / shares	$ (0.06)	$ 0
Share-based payment arrangement by share-based payment award, expected achievement, percentage	2
Class A
Numerator:
Net loss attributable to common stockholders - basic | $	$ (7.4)	$ (0.4)
Net loss attributable to common stockholders - diluted | $	$ (7.4)	$ (0.4)
Denominator:
Weighted-average common shares outstanding - basic (in shares)	121.7	118.5
Weighted-average effect of dilutive securities (in shares)	0	0
Weighted-average common shares outstanding - diluted (in shares)	121.7	118.5
Net loss per share attributable to Class A and Class B common stockholders:
Basic (in dollars per share) | $ / shares	$ (0.06)	$ 0
Diluted (in dollars per share) | $ / shares	$ (0.06)	$ 0
Anti-dilutive equity awards under share-based award plans excluded from the determination of diluted EPS (in shares)	8.4	20.7
Class B
Numerator:
Net loss attributable to common stockholders - basic | $	$ (4.7)	$ (0.3)
Net loss attributable to common stockholders - diluted | $	$ (4.7)	$ (0.3)
Denominator:
Weighted-average common shares outstanding - basic (in shares)	76.2	76.8
Weighted-average effect of dilutive securities (in shares)	0	0
Weighted-average common shares outstanding - diluted (in shares)	76.2	76.8
Net loss per share attributable to Class A and Class B common stockholders:
Basic (in dollars per share) | $ / shares	$ (0.06)	$ 0
Diluted (in dollars per share) | $ / shares	$ (0.06)	$ 0
Anti-dilutive equity awards under share-based award plans excluded from the determination of diluted EPS (in shares)