|
Delaware
(State or Other Jurisdiction of
Incorporation or Organization) |
| |
7372
(Primary Standard Industrial
Classification Code Number) |
| |
85-4334195
(I.R.S. Employer
Identification Number) |
|
| Large Accelerated filer ☐ | | | Accelerated filer ☐ | | | Non-accelerated filer ☒ | | |
Smaller reporting company ☐
Emerging growth company ☒ |
|
| | |||||||||||||||||||||||||
Title of Securities to be Registered
|
| | |
Amount to be
Registered |
| | |
Proposed Maximum
Offering Price Per Security |
| | |
Proposed Maximum
Aggregate Offering Price |
| | |
Amount of
Registration Fee |
| |||||||||
Common Stock, par value $0.01 per share
|
| | | | | 1,263,132(1) | | | | | | | | | | $ | 55,622,017.62(2) | | | | | | $ | 6,068.37(3) | | |
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| | | | | A-1 | | | |
| | | | | B-1 | | |
| | |
Three Months Ended
March 31, |
| |
Years Ended
December 31, |
| ||||||||||||||||||
|
2021
|
| |
2020
|
| |
2019
|
| |
2020
|
| ||||||||||||||
|
(In thousands, except per share data)
|
| |||||||||||||||||||||||
Statement of Operations Data: | | | | | | | | | | | | | | | | ||||||||||
Revenue
|
| | | $ | 89,422 | | | | | $ | 56,968 | | | | | $ | 196,015 | | | | | $ | 283,218 | | |
Operating loss
|
| | | | (5,598) | | | | | | (17,193) | | | | | | (60,253) | | | | | | (40,777) | | |
Net earnings (loss)
|
| | | | 3,313 | | | | | | (20,260) | | | | | | (75,577) | | | | | | (50,628) | | |
Basic and diluted earnings (loss) per share
|
| | | $ | 0.02 | | | | | $ | (0.14) | | | | | $ | (0.58) | | | | | $ | (0.36) | | |
Dividends declared per share
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 0.22 | | |
| | |
March 31,
|
| |
December 31,
|
| ||||||||||||
|
2021
|
| |
2019
|
| |
2020
|
| |||||||||||
|
(In thousands)
|
| |||||||||||||||||
Balance Sheet Data: | | | | | | | | | | | | | | | |||||
Total assets
|
| | | $ | 584,509 | | | | | $ | 271,500 | | | | | $ | 371,079 | | |
Debt – related party: | | | | | | | | | | | | | | | |||||
Promissory notes due on demand – related party
|
| | | | — | | | | | | 59,753 | | | | | | 44,565 | | |
Long-term debt – related party
|
| | | | — | | | | | | 37,706 | | | | | | 50,000 | | |
| | |
Vimeo OpCo
Historical Consolidated |
| |
Adjustments
Related to the Spin-off and Other Transactions |
| |
Notes
|
| |
Autonomous
Entity Adjustments |
| |
Notes
|
| |
Vimeo, Inc.
Pro Forma |
| ||||||||||||||||||
ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 316,305 | | | | | $ | — | | | | | | | | | | | $ | — | | | | | | | | | | | $ | 316,305 | | |
Accounts receivable, net
|
| | | | 14,121 | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 14,121 | | |
Other current assets
|
| | | | 11,335 | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 11,335 | | |
Total current assets
|
| | | | 341,761 | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 341,761 | | |
Leasehold improvements and equipment, net
|
| | | | 3,320 | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 3,320 | | |
Goodwill | | | | | 219,337 | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 219,337 | | |
Intangible assets with definite lives, net
|
| | | | 8,967 | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 8,967 | | |
Other non-current assets
|
| | | | 11,124 | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 11,124 | | |
TOTAL ASSETS
|
| | | $ | 584,509 | | | | | $ | — | | | | | | | | | | | $ | — | | | | | | | | | | | $ | 584,509 | | |
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
| | | | | | | ||||||||||||||||||||||||||||||
LIABILITIES:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable, trade
|
| | | $ | 2,797 | | | | | $ | — | | | | | | | | | | | $ | — | | | | | | | | | | | $ | 2,797 | | |
Deferred revenue
|
| | | | 147,766 | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 147,766 | | |
Accrued expenses and other current liabilities
|
| | | | 40,102 | | | | | | 786 | | | | | | (5a) | | | | | | 1,512 | | | | | | (7) | | | | | | 42,400 | | |
Total current liabilities
|
| | | | 190,665 | | | | | | 786 | | | | | | | | | | | | 1,512 | | | | | | | | | | | | 192,963 | | |
Other long-term liabilities
|
| | | | 4,710 | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 4,710 | | |
Commitments and contingencies
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
SHAREHOLDERS’ EQUITY: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A Voting common stock $0.01 par value
|
| | | | 928 | | | | | | (177) | | | | | | (2) | | | | | | — | | | | | | | | | | | | — | | |
| | | | | | | | | | | (751) | | | | | | (3) | | | | | | | | | | | | | | | | | | | | |
Class B Non-Voting common stock $0.01 par
value |
| | | | 663 | | | | | | (16) | | | | | | (2) | | | | | | — | | | | | | | | | | | | — | | |
| | | | | | | | | | | (647) | | | | | | (3) | | | | | | | | | | | | | | | | | | | | |
Preferred stock $0.01 par value
|
| | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | — | | |
Common stock $0.01 par value
|
| | | | — | | | | | | 195 | | | | | | (2) | | | | | | — | | | | | | | | | | | | 1,548 | | |
| | | | | | | | | | | 1,304 | | | | | | (3) | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | 49 | | | | | | (4b) | | | | | | | | | | | | | | | | | | | | |
Class B common stock $0.01 par value
|
| | | | — | | | | | | 94 | | | | | | (3) | | | | | | — | | | | | | | | | | | | 94 | | |
Additional paid-in-capital
|
| | | | 667,348 | | | | | | (2) | | | | | | (2) | | | | | | — | | | | | | | | | | | | 667,297 | | |
| | | | | | | | | | | (49) | | | | | | (4b) | | | | | | | | | | | | | | | | | | | | |
Accumulated deficit
|
| | | | (279,696) | | | | | | (786) | | | | | | (5a) | | | | | | (1,512) | | | | | | (7) | | | | | | (281,994) | | |
Accumulated other comprehensive loss
|
| | | | (109) | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | (109) | | |
Total shareholders’ equity
|
| | | | 389,134 | | | | | | (786) | | | | | | | | | | | | (1,512) | | | | | | | | | | | | 386,836 | | |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
|
| | | $ | 584,509 | | | | | $ | — | | | | | | | | | | | $ | — | | | | | | | | | | | $ | 584,509 | | |
| | |
Vimeo OpCo
Historical Consolidated |
| |
Adjustments
Related to the Spin-off and Other Transactions |
| |
Notes
|
| |
Autonomous
Entity Adjustments |
| |
Notes
|
| |
Vimeo, Inc.
Pro Forma |
| ||||||||||||||||||
Revenue | | | | $ | 89,422 | | | | | $ | — | | | | | | | | | | | $ | — | | | | | | | | | | | $ | 89,422 | | |
Cost of revenue (exclusive of depreciation shown separately below)
|
| | | | 24,956 | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 24,956 | | |
Gross profit
|
| | | | 64,466 | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 64,466 | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Research and development expense
|
| | | | 21,475 | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 21,475 | | |
Sales and marketing expense
|
| | | | 32,069 | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 32,069 | | |
General and administrative expense
|
| | | | 14,518 | | | | | | 2,565 | | | | | | (4a) | | | | | | 1,512 | | | | | | (7) | | | | | | 16,878 | | |
| | | | | | | | | | | (1,717) | | | | | | (5b) | | | | | | | | | | | | | | | | | | | | |
Depreciation
|
| | | | 115 | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 115 | | |
Amortization of intangibles
|
| | | | 1,887 | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 1,887 | | |
Total operating expenses
|
| | | | 70,064 | | | | | | 848 | | | | | | | | | | | | 1,512 | | | | | | | | | | | | 72,424 | | |
Operating loss
|
| | | | (5,598) | | | | | | (848) | | | | | | | | | | | | (1,512) | | | | | | | | | | | | (7,958) | | |
Interest expense
|
| | | | (64) | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | (64) | | |
Interest expense – related party
|
| | | | (726) | | | | | | 726 | | | | | | (1) | | | | | | — | | | | | | | | | | | | — | | |
Other income, net
|
| | | | 10,086 | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 10,086 | | |
Earnings before income taxes
|
| | | | 3,698 | | | | | | (122) | | | | | | | | | | | | (1,512) | | | | | | | | | | | | 2,064 | | |
Income tax (provision) benefit
|
| | | | (385) | | | | | | 28 | | | | | | (6) | | | | | | 348 | | | | | | (7) | | | | | | (9) | | |
Net earnings attributable to Class A
Voting common stock and Class B Non-Voting common stock shareholders |
| | | $ | 3,313 | | | | | $ | (94) | | | | | | | | | | | $ | (1,164) | | | | | | | | | | | $ | 2,055 | | |
Per share information attributable to Class A Voting common stock and Class B Non-Voting common stock shareholders: (8)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic earnings per share
|
| | | $ | 0.02 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 0.01 | | |
Diluted earnings per share
|
| | | $ | 0.02 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 0.01 | | |
Weighted average basic shares outstanding
|
| | | | 156,480 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 159,347 | | |
Weighted average diluted shares outstanding
|
| | | | 165,888 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 173,911 | | |
| | |
Vimeo OpCo
Historical Consolidated |
| |
Adjustments
Related to the Spin-off and Other Transactions |
| |
Notes
|
| |
Autonomous
Entity Adjustments |
| |
Notes
|
| |
Vimeo, Inc.
Pro Forma |
| ||||||||||||||||||
Revenue | | | | $ | 283,218 | | | | | $ | — | | | | | | | | | | | $ | — | | | | | | | | | | | $ | 283,218 | | |
Cost of revenue (exclusive of depreciation shown separately below)
|
| | | | 89,077 | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 89,077 | | |
Gross profit
|
| | | | 194,141 | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 194,141 | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Research and development expense
|
| | | | 64,238 | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 64,238 | | |
Sales and marketing expense
|
| | | | 105,630 | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 105,630 | | |
General and administrative expense
|
| | | | 49,846 | | | | | | 8,133 | | | | | | (4a) | | | | | | 8,908 | | | | | | (7) | | | | | | 69,931 | | |
| | | | | | | | | | | 3,044 | | | | | | (5b) | | | | | | | | | | | | | | | | | | | | |
Depreciation
|
| | | | 460 | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 460 | | |
Amortization of intangibles
|
| | | | 14,744 | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 14,744 | | |
Total operating expenses
|
| | | | 234,918 | | | | | | 11,177 | | | | | | | | | | | | 8,908 | | | | | | | | | | | | 255,003 | | |
Operating loss
|
| | | | (40,777) | | | | | | (11,177) | | | | | | | | | | | | (8,908) | | | | | | | | | | | | (60,862) | | |
Interest expense – related party
|
| | | | (9,116) | | | | | | 9,116 | | | | | | (1) | | | | | | — | | | | | | | | | | | | — | | |
Other income, net
|
| | | | 93 | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 93 | | |
Loss before income taxes
|
| | | | (49,800) | | | | | | (2,061) | | | | | | | | | | | | (8,908) | | | | | | | | | | | | (60,769) | | |
Income tax (provision) benefit
|
| | | | (828) | | | | | | 474 | | | | | | (6) | | | | | | 2,049 | | | | | | (7) | | | | | | 1,695 | | |
Net loss attributable to Class A Voting
common stock and Class B Non-Voting common stock shareholders |
| | | $ | (50,628) | | | | | $ | (1,587) | | | | | | | | | | | $ | (6,859) | | | | | | | | | | | $ | (59,074) | | |
Per share information attributable to Class A Voting common stock and Class B Non-Voting common stock shareholders:(8)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted loss per share
|
| | | $ | (0.36) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | (0.37) | | |
Weighted average shares outstanding
|
| | | | 142,426 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 159,347 | | |
| | |
Three Months Ended
March 31, 2021 |
| |||||||||
| | |
Vimeo OpCo
Historical Consolidated |
| |
Vimeo, Inc.
Pro Forma |
| ||||||
| | |
(In thousands, except per share data)
|
| |||||||||
Basic EPS: | | | | | | | | | | | | | |
Numerator: | | | | | | | | | | | | | |
Net earnings attributable to Vimeo OpCo / Vimeo shareholders
|
| | | $ | 3,313 | | | | | $ | 2,055 | | |
Net earnings attributed to unvested participating security(a)
|
| | | | — | | | | | | (61) | | |
Net earnings attributable to Vimeo OpCo Class A Voting common stock and Class B Non-Voting common stock shareholders / Vimeo common stock and Class B common stock shareholders
|
| | | $ | 3,313 | | | | | $ | 1,994 | | |
Denominator: | | | | | | | | | | | | | |
Vimeo OpCo historical weighted average shares outstanding
|
| | | | 156,480 | | | | | | — | | |
Vimeo common shares outstanding after giving effect to the reclassification
and minority exchange |
| | | | — | | | | | | 159,347 | | |
Weighted average basic shares outstanding
|
| | | | 156,480 | | | | | | 159,347 | | |
Basic EPS
|
| | | $ | 0.02 | | | | | $ | 0.01 | | |
Diluted EPS: | | | | | | | | | | | | | |
Numerator: | | | | | | | | | | | | | |
Net earnings attributable to Vimeo OpCo Class A Voting common stock and Class B Non-Voting common stock shareholders / Vimeo common stock and Class B common stock shareholders
|
| | | $ | 3,313 | | | | | $ | 1,994 | | |
Net earnings attributed to unvested participating security(a)
|
| | | | — | | | | | | 61 | | |
Reallocation of net earnings attributable to unvested participating security
|
| | | | | | | | | | (56) | | |
Net earnings attributable to Vimeo OpCo Class A Voting common stock and Class B Non-Voting common stock shareholders / Vimeo common stock and Class B common stock shareholders for diluted EPS computation
|
| | | $ | 3,313 | | | | | $ | 1,999 | | |
Denominator: | | | | | | | | | | | | | |
Weighted average basic shares outstanding used for basic EPS computation
|
| | | | 156,480 | | | | | | 159,347 | | |
Dilutive securities(b)(c)
|
| | | | 9,408 | | | | | | 14,564 | | |
Number of shares used for diluted EPS computation
|
| | | | 165,888 | | | | | | 173,911 | | |
Diluted EPS
|
| | | $ | 0.02 | | | | | $ | 0.01 | | |
| | |
Year Ended
December 31, 2020 |
| |||||||||
| | |
Vimeo OpCo
Historical Consolidated |
| |
Vimeo, Inc.
Pro Forma |
| ||||||
| | |
(In thousands, except per share data)
|
| |||||||||
Numerator: | | | | | | | | | | | | | |
Net loss attributable to Vimeo OpCo / Vimeo shareholders
|
| | | $ | (50,628) | | | | | $ | (59,074) | | |
Denominator: | | | | | | | | | | | | | |
Vimeo OpCo historical weighted average shares outstanding
|
| | | | 142,426 | | | | | | — | | |
Vimeo common shares outstanding after giving effect to the reclassification
and minority exchange |
| | | | — | | | | | | 159,347 | | |
Weighted average basic shares outstanding
|
| | | | 142,426 | | | | | | 159,347 | | |
Dilutive securities(d)
|
| | | | — | | | | | | — | | |
Number of shares used for diluted EPS computation
|
| | | | 142,426 | | | | | | 159,347 | | |
Loss per share: | | | | | | | | | | | | | |
Basic and diluted loss per share
|
| | | $ | (0.36) | | | | | $ | (0.37) | | |