(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
(Address of principal executive offices) | (Zip Code) |
Securities registered pursuant to Section 12(b) of the Act: | ||||||||||||||
Title of each class | Trading Symbol | Name of exchange on which registered | ||||||||||||
(Nasdaq Global Select Market) |
Exhibit No. | Description | |||||||
Press Release of Vimeo, Inc. dated November 2, 2022 | ||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
VIMEO, INC. | |||||||||||
By: | /s/ Gillian Munson | ||||||||||
Name: | Gillian Munson | ||||||||||
Title: | Chief Financial Officer (Principal Financial Officer) |
Q3 2022 | Q3 2021 | ||||||||||
Revenue | $ | 108.1 | $ | 100.1 | |||||||
Gross profit | 82.9 | 74.9 | |||||||||
Gross profit margin | 77 | % | 75 | % | |||||||
Operating income (loss) | (22.9) | (11.5) | |||||||||
Net income (loss) | (21.4) | (11.7) | |||||||||
Diluted EPS | (0.13) | (0.07) | |||||||||
Adjusted EBITDA | 2.1 | 0.8 |
Shares | Avg. Exercise Price | As of 10/28/2022 | Dilution at: | ||||||||||||||||||||||||||
Share Price | $ | 3.67 | $ | 4.00 | $ | 6.00 | $ | 8.00 | $ | 10.00 | |||||||||||||||||||
Common Stock Outstanding as of 10/28/2022 | 166.4 | 166.4 | 166.4 | 166.4 | 166.4 | 166.4 | |||||||||||||||||||||||
SARs and Stock Options | 16.1 | $ | 5.80 | — | — | 1.1 | 3.8 | 5.8 | |||||||||||||||||||||
RSUs | 14.1 | 11.9 | 11.9 | 11.9 | 11.9 | 11.9 | |||||||||||||||||||||||
Total Estimated Dilution | 11.9 | 11.9 | 13.0 | 15.7 | 17.7 | ||||||||||||||||||||||||
% Dilution | 7.1 | % | 7.1 | % | 7.8 | % | 9.4 | % | 10.6 | % | |||||||||||||||||||
Total Estimated Diluted Shares Outstanding | 178.3 | 178.3 | 179.4 | 182.1 | 184.1 |
GAAP FINANCIAL STATEMENTS | |||||||||||||||||||||||
VIMEO, INC. CONSOLIDATED STATEMENT OF OPERATIONS | |||||||||||||||||||||||
($ in thousands except per share data) | |||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Revenue | $ | 108,133 | $ | 100,090 | $ | 327,464 | $ | 285,558 | |||||||||||||||
Cost of revenue (exclusive of depreciation shown separately below) | 25,247 | 25,189 | 78,881 | 75,916 | |||||||||||||||||||
Gross profit | 82,886 | 74,901 | 248,583 | 209,642 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Research and development expense | 34,378 | 26,683 | 104,524 | 75,221 | |||||||||||||||||||
Sales and marketing expense | 43,554 | 37,790 | 129,790 | 110,107 | |||||||||||||||||||
General and administrative expense | 26,461 | 20,590 | 84,783 | 56,616 | |||||||||||||||||||
Depreciation | 141 | 297 | 2,054 | 597 | |||||||||||||||||||
Amortization of intangibles | 1,234 | 1,055 | 3,866 | 4,526 | |||||||||||||||||||
Total operating expenses | 105,768 | 86,415 | 325,017 | 247,067 | |||||||||||||||||||
Operating loss | (22,882) | (11,514) | (76,434) | (37,425) | |||||||||||||||||||
Interest expense | (124) | (124) | (367) | (310) | |||||||||||||||||||
Interest expense–related party | — | — | — | (726) | |||||||||||||||||||
Other income (expense), net | 2,199 | (64) | 3,712 | 10,165 | |||||||||||||||||||
Loss before income taxes | (20,807) | (11,702) | (73,089) | (28,296) | |||||||||||||||||||
Income tax (provision) benefit | (609) | 37 | (1,387) | (448) | |||||||||||||||||||
Net loss | $ | (21,416) | $ | (11,665) | $ | (74,476) | $ | (28,744) | |||||||||||||||
Per share information: | |||||||||||||||||||||||
Basic loss per share | $ | (0.13) | $ | (0.07) | $ | (0.46) | $ | (0.18) | |||||||||||||||
Diluted loss per share | $ | (0.13) | $ | (0.07) | $ | (0.46) | $ | (0.18) | |||||||||||||||
Weighted average shares outstanding used in the computation of net loss per share(a): | |||||||||||||||||||||||
Basic | 161,529 | 160,064 | 161,433 | 159,624 | |||||||||||||||||||
Diluted | 161,529 | 160,064 | 161,433 | 159,624 | |||||||||||||||||||
Stock-based compensation expense by function: | |||||||||||||||||||||||
Cost of revenue | $ | 297 | $ | 159 | $ | 698 | $ | 348 | |||||||||||||||
Research and development expense | 7,908 | 3,872 | 19,329 | 11,340 | |||||||||||||||||||
Sales and marketing expense | 2,977 | 1,183 | 6,352 | 3,003 | |||||||||||||||||||
General and administrative expense | 8,212 | 5,720 | 25,880 | 15,850 | |||||||||||||||||||
Total stock-based compensation expense | $ | 19,394 | $ | 10,934 | $ | 52,259 | $ | 30,541 |
VIMEO, INC. CONSOLIDATED BALANCE SHEET | |||||||||||
($ in thousands) | |||||||||||
September 30, 2022 | December 31, 2021 | ||||||||||
ASSETS | |||||||||||
Cash and cash equivalents | $ | 272,870 | $ | 321,900 | |||||||
Accounts receivable, net | 31,338 | 29,451 | |||||||||
Prepaid expenses and other current assets | 17,765 | 18,811 | |||||||||
Total current assets | 321,973 | 370,162 | |||||||||
Leasehold improvements and equipment, net | 1,371 | 2,868 | |||||||||
Goodwill | 245,406 | 242,586 | |||||||||
Intangible assets with definite lives, net | 6,702 | 11,008 | |||||||||
Other non-current assets | 28,874 | 22,737 | |||||||||
TOTAL ASSETS | $ | 604,326 | $ | 649,361 | |||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||
LIABILITIES: | |||||||||||
Accounts payable, trade | $ | 5,675 | $ | 17,501 | |||||||
Deferred revenue | 169,369 | 173,167 | |||||||||
Accrued expenses and other current liabilities | 63,398 | 67,385 | |||||||||
Total current liabilities | 238,442 | 258,053 | |||||||||
Other long-term liabilities | 19,045 | 20,713 | |||||||||
Commitments and contingencies | |||||||||||
SHAREHOLDERS' EQUITY: | |||||||||||
Common stock | 1,570 | 1,567 | |||||||||
Class B common stock | 94 | 94 | |||||||||
Preferred stock | — | — | |||||||||
Additional paid-in-capital | 756,631 | 704,796 | |||||||||
Accumulated deficit | (410,252) | (335,776) | |||||||||
Accumulated other comprehensive loss | (1,204) | (86) | |||||||||
Total shareholders' equity | 346,839 | 370,595 | |||||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 604,326 | $ | 649,361 |
VIMEO, INC. CONSOLIDATED STATEMENT OF CASH FLOWS | |||||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||
Net loss | $ | (21,416) | $ | (11,665) | $ | (74,476) | $ | (28,744) | |||||||||||||||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||||||||||||||||||||||
Stock-based compensation expense | 19,394 | 10,934 | 52,259 | 30,541 | |||||||||||||||||||
Amortization of intangibles | 1,234 | 1,055 | 3,866 | 4,526 | |||||||||||||||||||
Depreciation | 141 | 297 | 2,054 | 597 | |||||||||||||||||||
Provision for credit losses | 735 | 222 | 7,750 | 502 | |||||||||||||||||||
Gain on the sale of an asset | — | 66 | — | (10,151) | |||||||||||||||||||
Non-cash lease expense | 743 | 1,271 | 4,164 | 2,096 | |||||||||||||||||||
Other adjustments, net | — | (98) | (719) | 442 | |||||||||||||||||||
Changes in assets and liabilities: | |||||||||||||||||||||||
Accounts receivable | 6,309 | (1,442) | (11,916) | (6,690) | |||||||||||||||||||
Prepaid expenses and other assets | 1,314 | (487) | (1,556) | (7,412) | |||||||||||||||||||
Accounts payable and other liabilities | 7,430 | 5,357 | (18,697) | 8,383 | |||||||||||||||||||
Deferred revenue | (5,930) | 3,929 | (1,485) | 33,500 | |||||||||||||||||||
Net cash provided by (used in) operating activities | 9,954 | 9,439 | (38,756) | 27,590 | |||||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||
Acquisitions, net of cash acquired | — | — | 21 | — | |||||||||||||||||||
Capital expenditures | (40) | (87) | (670) | (302) | |||||||||||||||||||
Proceeds from the sale of an asset | — | 94 | 1,611 | 7,862 | |||||||||||||||||||
Net cash (used in) provided by investing activities | (40) | 7 | 962 | 7,560 | |||||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||
Proceeds from sale of common stock, net of fees | — | — | — | 299,750 | |||||||||||||||||||
Principal payments on related-party debt | — | — | — | (94,565) | |||||||||||||||||||
Deferred financing costs | — | — | — | (1,440) | |||||||||||||||||||
Withholding taxes paid related to equity awards | (34) | (761) | (5,160) | (8,942) | |||||||||||||||||||
Proceeds from exercise of stock options | — | 902 | 18 | 906 | |||||||||||||||||||
Contingent consideration payment | (4,816) | — | (4,816) | — | |||||||||||||||||||
Other | — | — | (621) | — | |||||||||||||||||||
Net cash (used in) provided by financing activities | (4,850) | 141 | (10,579) | 195,709 | |||||||||||||||||||
Total cash provided (used) | 5,064 | 9,587 | (48,373) | 230,859 | |||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents and restricted cash | (277) | 11 | (765) | (46) | |||||||||||||||||||
Net increase (decrease) in cash and cash equivalents and restricted cash | 4,787 | 9,598 | (49,138) | 230,813 | |||||||||||||||||||
Cash and cash equivalents and restricted cash at beginning of period | 268,420 | 331,252 | 322,345 | 110,037 | |||||||||||||||||||
Cash and cash equivalents and restricted cash at end of period | $ | 273,207 | $ | 340,850 | $ | 273,207 | $ | 340,850 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Reconciliation of non-GAAP gross profit: | |||||||||||||||||||||||
GAAP Gross profit | $ | 82.9 | $ | 74.9 | $ | 248.6 | $ | 209.6 | |||||||||||||||
% of Revenue | 77% | 75% | 76% | 73% | |||||||||||||||||||
Add back: Stock-based compensation expense | 0.3 | 0.2 | 0.7 | 0.3 | |||||||||||||||||||
Add back: Restructuring costs | — | — | — | — | |||||||||||||||||||
Non-GAAP Gross Profit | $ | 83.2 | $ | 75.1 | $ | 249.3 | $ | 210.0 | |||||||||||||||
% of Revenue | 77% | 75% | 76% | 74% | |||||||||||||||||||
Reconciliation of non-GAAP operating expenses: | |||||||||||||||||||||||
GAAP Research and development expense | $ | 34.4 | $ | 26.7 | $ | 104.5 | $ | 75.2 | |||||||||||||||
% of Revenue | 32% | 27% | 32% | 26% | |||||||||||||||||||
Less: Stock-based compensation expense | 7.9 | 3.9 | 19.3 | 11.3 | |||||||||||||||||||
Less: Restructuring costs | 2.3 | — | 2.3 | — | |||||||||||||||||||
Non-GAAP Research and development expense | $ | 24.2 | $ | 22.8 | $ | 82.9 | $ | 63.9 | |||||||||||||||
% of Revenue | 22% | 23% | 25% | 22% | |||||||||||||||||||
GAAP Sales and marketing expense | $ | 43.6 | $ | 37.8 | $ | 129.8 | $ | 110.1 | |||||||||||||||
% of Revenue | 40% | 38% | 40% | 39% | |||||||||||||||||||
Less: Stock-based compensation expense | 3.0 | 1.2 | 6.4 | 3.0 | |||||||||||||||||||
Less: Restructuring costs | 1.1 | — | 1.1 | — | |||||||||||||||||||
Non-GAAP Sales and marketing expense | $ | 39.4 | $ | 36.6 | $ | 122.3 | $ | 107.1 | |||||||||||||||
% of Revenue | 36% | 37% | 37% | 38% | |||||||||||||||||||
GAAP General and administrative expense | $ | 26.5 | $ | 20.6 | $ | 84.8 | $ | 56.6 | |||||||||||||||
% of Revenue | 24% | 21% | 26% | 20% | |||||||||||||||||||
Less: Stock-based compensation expense | 8.2 | 5.7 | 25.9 | 15.9 | |||||||||||||||||||
Less: Contingent consideration | — | — | (0.7) | — | |||||||||||||||||||
Less: Restructuring costs | 0.8 | — | 0.8 | — | |||||||||||||||||||
Non-GAAP General and administrative expense | $ | 17.5 | $ | 14.9 | $ | 58.8 | $ | 40.8 | |||||||||||||||
% of Revenue | 16% | 15% | 18% | 14% | |||||||||||||||||||
Reconciliation of net loss to Adjusted EBITDA: | |||||||||||||||||||||||
Net loss | $ | (21.4) | $ | (11.7) | $ | (74.5) | $ | (28.7) | |||||||||||||||
Add back: | |||||||||||||||||||||||
Income tax provision (benefit) | 0.6 | — | 1.4 | 0.4 | |||||||||||||||||||
Other (income) expense, net | (2.2) | 0.1 | (3.7) | (10.2) | |||||||||||||||||||
Interest expense–related party | — | — | — | 0.7 | |||||||||||||||||||
Interest expense | 0.1 | 0.1 | 0.4 | 0.3 | |||||||||||||||||||
Operating loss | (22.9) | (11.5) | (76.4) | (37.4) | |||||||||||||||||||
% of Revenue | (21)% | (12)% | (23)% | (13)% | |||||||||||||||||||
Add back: | |||||||||||||||||||||||
Stock-based compensation expense | 19.4 | 10.9 | 52.3 | 30.5 | |||||||||||||||||||
Depreciation | 0.1 | 0.3 | 2.1 | 0.6 | |||||||||||||||||||
Amortization of intangibles | 1.2 | 1.1 | 3.9 | 4.5 | |||||||||||||||||||
Contingent consideration | — | — | (0.7) | — | |||||||||||||||||||
Restructuring costs | 4.2 | — | 4.2 | — | |||||||||||||||||||
Adjusted EBITDA | $ | 2.1 | $ | 0.8 | $ | (14.7) | $ | (1.8) | |||||||||||||||
% of Revenue | 2% | 1% | (4)% | (1)% |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Reconciliation of Net loss to Adjusted Net Income (Loss): | |||||||||||||||||||||||
Net loss | $ | (21.4) | $ | (11.7) | $ | (74.5) | $ | (28.7) | |||||||||||||||
% of Revenue | (20)% | (12)% | (23)% | (10)% | |||||||||||||||||||
Add back: | |||||||||||||||||||||||
Stock-based compensation expense | 19.4 | 10.9 | 52.3 | 30.5 | |||||||||||||||||||
Depreciation | 0.1 | 0.3 | 2.1 | 0.6 | |||||||||||||||||||
Amortization of intangibles | 1.2 | 1.1 | 3.9 | 4.5 | |||||||||||||||||||
Contingent consideration | — | — | (0.7) | — | |||||||||||||||||||
Restructuring costs | 4.2 | — | 4.2 | — | |||||||||||||||||||
Income tax effects related to non-GAAP adjustments | 0.2 | — | 0.2 | — | |||||||||||||||||||
Adjusted Net Income (Loss) | $ | 3.7 | $ | 0.6 | $ | (12.6) | $ | 6.9 | |||||||||||||||
% of Revenue | 3% | 1% | (4)% | 2% | |||||||||||||||||||
Reconciliation of diluted loss per share to Adjusted EPS: | |||||||||||||||||||||||
Diluted loss per share | $ | (0.13) | $ | (0.07) | $ | (0.46) | $ | (0.18) | |||||||||||||||
Add back: | |||||||||||||||||||||||
Stock-based compensation expense | 0.12 | 0.07 | 0.32 | 0.19 | |||||||||||||||||||
Depreciation | — | — | 0.01 | — | |||||||||||||||||||
Amortization of intangibles | 0.01 | 0.01 | 0.02 | 0.03 | |||||||||||||||||||
Contingent consideration | — | — | — | — | |||||||||||||||||||
Restructuring costs | 0.03 | — | 0.03 | — | |||||||||||||||||||
Income tax effects related to non-GAAP adjustments | — | — | — | — | |||||||||||||||||||
Adjusted EPS | $ | 0.02 | $ | — | $ | (0.08) | $ | 0.04 | |||||||||||||||
Weighted average diluted shares | 161,529 | 160,064 | 161,433 | 159,624 | |||||||||||||||||||
Computation of Free Cash Flow: | |||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 10.0 | $ | 9.4 | $ | (38.8) | $ | 27.6 | |||||||||||||||
Add: Restructuring costs | 3.5 | — | 3.5 | — | |||||||||||||||||||
Less: Capital expenditures | — | (0.1) | (0.7) | (0.3) | |||||||||||||||||||
Free Cash Flow | $ | 13.4 | $ | 9.4 | $ | (35.9) | $ | 27.3 |
Twelve Months Ended December 31, 2022 | ||||||||||||||
Operating loss to Adjusted EBITDA range: | ||||||||||||||
Operating loss | $ | (99.5) | — | $ | (102.5) | |||||||||
Add back: | ||||||||||||||
Stock-based compensation expense | 73.7 | 73.7 | ||||||||||||
Depreciation | 2.2 | 2.2 | ||||||||||||
Amortization of intangibles | 5.1 | 5.1 | ||||||||||||
Contingent consideration | (0.7) | (0.7) | ||||||||||||
Restructuring costs | 4.2 | 4.2 | ||||||||||||
Adjusted EBITDA | $ | (15.0) | — | $ | (18.0) |
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Cover Page |
Nov. 02, 2022 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Nov. 02, 2022 |
Entity Registrant Name | VIMEO, INC. |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-40420 |
Entity Tax Identification Number | 85-4334195 |
Entity Address, Address Line One | 330 West 34th Street |
Entity Address, Address Line Two | 5th Floor |
Entity Address, City or Town | New York |
Entity Address, State or Province | NY |
Entity Address, Postal Zip Code | 10001 |
City Area Code | 212 |
Local Phone Number | 524-8791 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, par value $0.01 |
Trading Symbol | VMEO |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | true |
Entity Central Index Key | 0001837686 |
Amendment Flag | false |
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