Roku Had $487 Million on Deposit at Shut Down Silicon Valley Bank
Company said existing cash and cash flow sufficient to meet needs
Roku said that it had $487 million on deposit at Silicon Valley Bank, which was closed Friday by California banking officials.
The deposits at Silicon Valley Bank are largely uninsured, Roku said in a Securities & Exchange Commission filing.
“At this time the company does not know to what extent the company will be able to recover its cash on deposit at SVB,” Roku said in the filing.
Roku said that it had total cash and cash equivalents of about $1.9 billion as of March 10, with the deposits at Silicon Valley Bank representing about 26% of the total.
“Notwithstanding the closure of SVB, the company continues to believe that its existing cash and cash equivalents balance and cash flow from operations will be sufficient to meet its working capital, capital expenditures, and material cash requirements from known contractual obligations for the next twelve months and beyond,” Roku said.
Following the disclosure, Roku shares fell 5% in after-hours trading. ■
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Jon has been business editor of Broadcasting+Cable since 2010. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Just about any story is fair game, if a dollar sign can make its way into the article. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago.