Vimeo Is Poised to Be a Public Company. Revenue Rose by 57%.

Text size Vimeo CEO Anjali Sud says video is proliferating into every aspect of business. Dreamstime The video-tools supplier Vimeo posted strong financial results for the first quarter, just weeks before the expected completion of the pending spinoff of the company by its majority owner, IAC. IAC (ticker: IAC) holders will vote on the proposed transaction on May 14. Vimeo expects to list on Nasdaq on May 25 with the symbol VMEO. Trading on a when-issued basis is to begin on May 18. IAC holders will receive 1.6235 Vimeo shares for each IAC share they own. Vimeo has about 159.1 million shares, including 139.8 million held by IAC that will be distributed to holders. After the deal, IAC will hold no Vimeo shares. A holding company founded by the one-time movie mogul Barry Diller, IAC has spun off more than a dozen companies, including Expedia, Match.com, and Live Nation. For the March quarter, Vimeo reported revenue of $89.4 million, up 57% from a year earlier. Gross margin expanded to 72%, from 68%. Vimeo had a net profit in the quarter of $3,.3 million, versus a year-earlier loss of $20.3 million. Adjusted earnings before taxes, interest, depreciation and amortization, or Ebitda,…
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