Roblox, an online platform where users can develop and play video games, reported its restated financial results for the nine months ended September 30, 2020, in an amendment filed with the SEC on Thursday.
Roblox originally filed for a $1 billion IPO in November 2020, but instead raised private capital at a $29.5 billion valuation in January 2021 and re-filed its registration documents for a proposed direct listing on the NYSE. The company had planned to list in February, before the SEC asked it to revise its revenue recognition around the purchase of in-game currency. The company is now expected to list sometime in March.
The restatements did not have a material impact on the company's financials. Bookings was unchanged, while revenue and cost of revenue both increased 3-4% across all periods presented. As restated, revenue during the 9mo20 increased 70% y/y, compared to a 68% increase in the company's previous filing. Roblox did not provide preliminary 4Q20 results, but with the listing tentatively scheduled for March, it will need to file its audited results for fiscal 2020 before going public.
Roblox was founded in 2004 and booked $761 million in sales for the 12 months ended September 30, 2020. The San Mateo, CA-based company plans to list on the NYSE under the symbol RBLX. The direct listing is not underwritten, but Goldman and Morgan Stanley are serving as financial advisors.
The article Roblox discloses restated financial results ahead of direct listing originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
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