(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 August 3, 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) |
Q2 2022 | Q2 2021 | ||||||||||
Revenue | $ | 111.0 | $ | 96.0 | |||||||
Gross profit | 84.1 | 70.3 | |||||||||
Gross profit margin | 76 | % | 73 | % | |||||||
Operating income (loss) | (27.3) | (20.3) | |||||||||
Net income (loss) | (26.5) | (20.4) | |||||||||
Diluted EPS | (0.16) | (0.13) | |||||||||
Adjusted EBITDA | (6.4) | (3.8) |
Shares | Avg. Exercise Price | As of 7/29/2022 | Dilution at: | ||||||||||||||||||||||||||
Share Price | $ | 5.56 | $ | 6.00 | $ | 8.00 | $ | 10.00 | $ | 12.00 | |||||||||||||||||||
Common Stock Outstanding as of 7/29/2022 | 166.4 | 166.4 | 166.4 | 166.4 | 166.4 | 166.4 | |||||||||||||||||||||||
SARs and Stock Options | 16.4 | $ | 5.83 | 0.7 | 1.0 | 3.6 | 5.4 | 6.6 | |||||||||||||||||||||
RSUs | 11.5 | 9.8 | 9.8 | 9.8 | 9.8 | 9.8 | |||||||||||||||||||||||
Total Estimated Dilution | 10.5 | 10.8 | 13.4 | 15.2 | 16.4 | ||||||||||||||||||||||||
% Dilution | 6.3 | % | 6.5 | % | 8.0 | % | 9.1 | % | 9.8 | % | |||||||||||||||||||
Total Estimated Diluted Shares Outstanding | 176.9 | 177.2 | 179.8 | 181.6 | 182.8 |
GAAP FINANCIAL STATEMENTS | |||||||||||||||||||||||
VIMEO, INC. CONSOLIDATED STATEMENT OF OPERATIONS | |||||||||||||||||||||||
($ in thousands except per share data) | |||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Revenue | $ | 110,977 | $ | 96,046 | $ | 219,331 | $ | 185,468 | |||||||||||||||
Cost of revenue (exclusive of depreciation shown separately below) | 26,878 | 25,771 | 53,634 | 50,727 | |||||||||||||||||||
Gross profit | 84,099 | 70,275 | 165,697 | 134,741 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Research and development expense | 35,728 | 27,062 | 70,146 | 48,538 | |||||||||||||||||||
Sales and marketing expense | 43,080 | 40,248 | 86,236 | 72,317 | |||||||||||||||||||
General and administrative expense | 29,710 | 21,508 | 58,322 | 36,026 | |||||||||||||||||||
Depreciation | 1,537 | 186 | 1,913 | 300 | |||||||||||||||||||
Amortization of intangibles | 1,341 | 1,583 | 2,632 | 3,471 | |||||||||||||||||||
Total operating expenses | 111,396 | 90,587 | 219,249 | 160,652 | |||||||||||||||||||
Operating loss | (27,297) | (20,312) | (53,552) | (25,911) | |||||||||||||||||||
Interest expense | (122) | (122) | (243) | (186) | |||||||||||||||||||
Interest expense–related party | — | — | — | (726) | |||||||||||||||||||
Other income, net | 1,172 | 142 | 1,513 | 10,229 | |||||||||||||||||||
Loss before income taxes | (26,247) | (20,292) | (52,282) | (16,594) | |||||||||||||||||||
Income tax provision | (255) | (100) | (778) | (485) | |||||||||||||||||||
Net loss | $ | (26,502) | $ | (20,392) | $ | (53,060) | $ | (17,079) | |||||||||||||||
Per share information: | |||||||||||||||||||||||
Basic loss per share | $ | (0.16) | $ | (0.13) | $ | (0.33) | $ | (0.11) | |||||||||||||||
Diluted loss per share | $ | (0.16) | $ | (0.13) | $ | (0.33) | $ | (0.11) | |||||||||||||||
Weighted average shares outstanding used in the computation of net loss per share(a): | |||||||||||||||||||||||
Basic | 161,455 | 159,418 | 161,384 | 159,399 | |||||||||||||||||||
Diluted | 161,455 | 159,418 | 161,384 | 159,399 | |||||||||||||||||||
Stock-based compensation expense by function: | |||||||||||||||||||||||
Cost of revenue | $ | 237 | $ | 169 | $ | 401 | $ | 189 | |||||||||||||||
Research and development expense | 6,722 | 5,748 | 11,421 | 7,468 | |||||||||||||||||||
Sales and marketing expense | 2,443 | 1,498 | 3,375 | 1,820 | |||||||||||||||||||
General and administrative expense | 9,270 | 7,280 | 17,668 | 10,130 | |||||||||||||||||||
Total stock-based compensation expense | $ | 18,672 | $ | 14,695 | $ | 32,865 | $ | 19,607 |
VIMEO, INC. CONSOLIDATED BALANCE SHEET | |||||||||||
($ in thousands) | |||||||||||
June 30, 2022 | December 31, 2021 | ||||||||||
ASSETS | |||||||||||
Cash and cash equivalents | $ | 268,078 | $ | 321,900 | |||||||
Accounts receivable, net | 39,986 | 29,451 | |||||||||
Prepaid expenses and other current assets | 19,715 | 18,811 | |||||||||
Total current assets | 327,779 | 370,162 | |||||||||
Leasehold improvements and equipment, net | 1,497 | 2,868 | |||||||||
Goodwill | 245,406 | 242,586 | |||||||||
Intangible assets with definite lives, net | 7,936 | 11,008 | |||||||||
Other non-current assets | 16,428 | 22,737 | |||||||||
TOTAL ASSETS | $ | 599,046 | $ | 649,361 | |||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||
LIABILITIES: | |||||||||||
Accounts payable, trade | $ | 3,364 | $ | 17,501 | |||||||
Deferred revenue | 176,918 | 173,167 | |||||||||
Accrued expenses and other current liabilities | 62,857 | 67,385 | |||||||||
Total current liabilities | 243,139 | 258,053 | |||||||||
Other long-term liabilities | 6,478 | 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 | 737,239 | 704,796 | |||||||||
Accumulated deficit | (388,836) | (335,776) | |||||||||
Accumulated other comprehensive loss | (638) | (86) | |||||||||
Total shareholders' equity | 349,429 | 370,595 | |||||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 599,046 | $ | 649,361 |
VIMEO, INC. CONSOLIDATED STATEMENT OF CASH FLOWS | |||||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||
Net loss | $ | (26,502) | $ | (20,392) | $ | (53,060) | $ | (17,079) | |||||||||||||||
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | |||||||||||||||||||||||
Stock-based compensation expense | 18,672 | 14,695 | 32,865 | 19,607 | |||||||||||||||||||
Amortization of intangibles | 1,341 | 1,583 | 2,632 | 3,471 | |||||||||||||||||||
Depreciation | 1,537 | 186 | 1,913 | 300 | |||||||||||||||||||
Provision for credit losses | 3,892 | 198 | 7,015 | 280 | |||||||||||||||||||
Gain on the sale of an asset | — | — | — | (10,217) | |||||||||||||||||||
Non-cash lease expense | 1,650 | 655 | 3,421 | 825 | |||||||||||||||||||
Other adjustments, net | (735) | 309 | (719) | 540 | |||||||||||||||||||
Changes in assets and liabilities: | |||||||||||||||||||||||
Accounts receivable | (9,539) | (2,970) | (18,225) | (5,248) | |||||||||||||||||||
Prepaid expenses and other assets | (3,208) | (4,926) | (2,870) | (6,925) | |||||||||||||||||||
Accounts payable and other liabilities | (14,620) | 10,545 | (26,127) | 3,026 | |||||||||||||||||||
Deferred revenue | 5,555 | 18,290 | 4,445 | 29,571 | |||||||||||||||||||
Net cash (used in) provided by operating activities | (21,957) | 18,173 | (48,710) | 18,151 | |||||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||
Acquisitions, net of cash acquired | — | — | 21 | — | |||||||||||||||||||
Capital expenditures | (115) | (80) | (630) | (215) | |||||||||||||||||||
Proceeds from the sale of an asset | — | — | 1,611 | 7,768 | |||||||||||||||||||
Net cash (used in) provided by investing activities | (115) | (80) | 1,002 | 7,553 | |||||||||||||||||||
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 | 11 | (3,448) | (5,126) | (8,181) | |||||||||||||||||||
Proceeds from exercise of stock options | — | 4 | 18 | 4 | |||||||||||||||||||
Other | (621) | — | (621) | — | |||||||||||||||||||
Net cash (used in) provided by financing activities | (610) | (3,444) | (5,729) | 195,568 | |||||||||||||||||||
Total cash (used) provided | (22,682) | 14,649 | (53,437) | 221,272 | |||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents and restricted cash | (363) | 75 | (488) | (57) | |||||||||||||||||||
Net (decrease) increase in cash and cash equivalents and restricted cash | (23,045) | 14,724 | (53,925) | 221,215 | |||||||||||||||||||
Cash and cash equivalents and restricted cash at beginning of period | 291,465 | 316,528 | 322,345 | 110,037 | |||||||||||||||||||
Cash and cash equivalents and restricted cash at end of period | $ | 268,420 | $ | 331,252 | $ | 268,420 | $ | 331,252 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Reconciliation of non-GAAP gross profit: | |||||||||||||||||||||||
GAAP Gross profit | $ | 84.1 | $ | 70.3 | $ | 165.7 | $ | 134.7 | |||||||||||||||
% of Revenue | 76% | 73% | 76% | 73% | |||||||||||||||||||
Add back: Stock-based compensation expense | 0.2 | 0.2 | 0.4 | 0.2 | |||||||||||||||||||
Non-GAAP Gross Profit | $ | 84.3 | $ | 70.4 | $ | 166.1 | $ | 134.9 | |||||||||||||||
% of Revenue | 76% | 73% | 76% | 73% | |||||||||||||||||||
Reconciliation of non-GAAP operating expenses: | |||||||||||||||||||||||
GAAP Research and development expense | $ | 35.7 | $ | 27.1 | $ | 70.1 | $ | 48.5 | |||||||||||||||
% of Revenue | 32% | 28% | 32% | 26% | |||||||||||||||||||
Less: Stock-based compensation expense | 6.7 | 5.7 | 11.4 | 7.5 | |||||||||||||||||||
Non-GAAP Research and development expense | $ | 29.0 | $ | 21.3 | $ | 58.7 | $ | 41.1 | |||||||||||||||
% of Revenue | 26% | 22% | 27% | 22% | |||||||||||||||||||
GAAP Sales and marketing expense | $ | 43.1 | $ | 40.2 | $ | 86.2 | $ | 72.3 | |||||||||||||||
% of Revenue | 39% | 42% | 39% | 39% | |||||||||||||||||||
Less: Stock-based compensation expense | 2.4 | 1.5 | 3.4 | 1.8 | |||||||||||||||||||
Non-GAAP Sales and marketing expense | $ | 40.6 | $ | 38.7 | $ | 82.9 | $ | 70.5 | |||||||||||||||
% of Revenue | 37% | 40% | 38% | 38% | |||||||||||||||||||
GAAP General and administrative expense | $ | 29.7 | $ | 21.5 | $ | 58.3 | $ | 36.0 | |||||||||||||||
% of Revenue | 27% | 22% | 27% | 19% | |||||||||||||||||||
Less: Stock-based compensation expense | 9.3 | 7.3 | 17.7 | 10.1 | |||||||||||||||||||
Non-GAAP General and administrative expense | $ | 20.4 | $ | 14.2 | $ | 40.7 | $ | 25.9 | |||||||||||||||
% of Revenue | 18% | 15% | 19% | 14% | |||||||||||||||||||
Reconciliation of net loss to Adjusted EBITDA: | |||||||||||||||||||||||
Net loss | $ | (26.5) | $ | (20.4) | $ | (53.1) | $ | (17.1) | |||||||||||||||
Add back: | |||||||||||||||||||||||
Income tax provision | 0.3 | 0.1 | 0.8 | 0.5 | |||||||||||||||||||
Other income, net | (1.2) | (0.1) | (1.5) | (10.2) | |||||||||||||||||||
Interest expense–related party | — | — | — | 0.7 | |||||||||||||||||||
Interest expense | 0.1 | 0.1 | 0.2 | 0.2 | |||||||||||||||||||
Operating loss | (27.3) | (20.3) | (53.6) | (25.9) | |||||||||||||||||||
% of Revenue | (25)% | (21)% | (24)% | (14)% | |||||||||||||||||||
Add back: | |||||||||||||||||||||||
Stock-based compensation expense | 18.7 | 14.7 | 32.9 | 19.6 | |||||||||||||||||||
Depreciation | 1.5 | 0.2 | 1.9 | 0.3 | |||||||||||||||||||
Amortization of intangibles | 1.3 | 1.6 | 2.6 | 3.5 | |||||||||||||||||||
Contingent consideration | (0.7) | — | (0.7) | — | |||||||||||||||||||
Adjusted EBITDA | $ | (6.4) | $ | (3.8) | $ | (16.8) | $ | (2.5) | |||||||||||||||
% of Revenue | (6)% | (4)% | (8)% | (1)% |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Reconciliation of Net loss to Adjusted Net (Loss) Income: | |||||||||||||||||||||||
Net loss | $ | (26.5) | $ | (20.4) | $ | (53.1) | $ | (17.1) | |||||||||||||||
% of Revenue | (24)% | (21)% | (24)% | (9)% | |||||||||||||||||||
Add back: | |||||||||||||||||||||||
Stock-based compensation expense | 18.7 | 14.7 | 32.9 | 19.6 | |||||||||||||||||||
Depreciation | 1.5 | 0.2 | 1.9 | 0.3 | |||||||||||||||||||
Amortization of intangibles | 1.3 | 1.6 | 2.6 | 3.5 | |||||||||||||||||||
Contingent consideration | (0.7) | — | (0.7) | — | |||||||||||||||||||
Income tax effects related to non-GAAP adjustments | — | — | — | — | |||||||||||||||||||
Adjusted Net (Loss) Income | $ | (5.6) | $ | (3.9) | $ | (16.3) | $ | 6.3 | |||||||||||||||
% of Revenue | (5)% | (4)% | (7)% | 3% | |||||||||||||||||||
Reconciliation of diluted loss per share to Adjusted EPS: | |||||||||||||||||||||||
Diluted loss per share | $ | (0.16) | $ | (0.13) | $ | (0.33) | $ | (0.11) | |||||||||||||||
Add back: | |||||||||||||||||||||||
Stock-based compensation expense | 0.12 | 0.09 | 0.20 | 0.12 | |||||||||||||||||||
Depreciation | 0.01 | — | 0.01 | — | |||||||||||||||||||
Amortization of intangibles | 0.01 | 0.01 | 0.02 | 0.02 | |||||||||||||||||||
Contingent consideration | — | — | — | — | |||||||||||||||||||
Income tax effects related to non-GAAP adjustments | — | — | — | — | |||||||||||||||||||
Adjusted EPS | $ | (0.03) | $ | (0.02) | $ | (0.10) | $ | 0.04 | |||||||||||||||
Weighted average diluted shares | 161,455 | 159,418 | 161,384 | 159,399 | |||||||||||||||||||
Computation of Free Cash Flow: | |||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (22.0) | $ | 18.2 | $ | (48.7) | $ | 18.2 | |||||||||||||||
Less: Capital expenditures | (0.1) | (0.1) | (0.6) | (0.2) | |||||||||||||||||||
Free Cash Flow | $ | (22.1) | $ | 18.1 | $ | (49.3) | $ | 17.9 |
Three Months Ended September 30, 2022 | Twelve Months Ended December 31, 2022 | ||||||||||||||||||||||
Operating loss to Adjusted EBITDA range: | |||||||||||||||||||||||
Operating loss | $ | (28.8) | — | $ | (30.8) | $ | (106.7) | — | $ | (111.7) | |||||||||||||
Add back: | |||||||||||||||||||||||
Stock-based compensation expense | 20.5 | 20.5 | 75.4 | 75.4 | |||||||||||||||||||
Depreciation | 0.1 | 0.1 | 2.2 | 2.2 | |||||||||||||||||||
Amortization of intangibles | 1.2 | 1.2 | 5.1 | 5.1 | |||||||||||||||||||
Restructuring costs | 4.0 | 4.0 | 4.0 | 4.0 | |||||||||||||||||||
Adjusted EBITDA | $ | (3.0) | — | $ | (5.0) | $ | (20.0) | — | $ | (25.0) |
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