Roku, Roblox, and others disclose SVB exposure in SEC filings

fallout from Silicon Valley bank collapse It affects a range of startups and large corporations including, as we now know from SEC filings, publicly traded companies like Roku, Roblox, Quotient, and others. Roku said filing that it had approximately $487 million held in SVB, which is approximately 26% of its cash and cash equivalents as of March 10, 2023, as diverse He was the first to report. It said the remaining balance of $1.4 billion was distributed among other large financial institutions.

The Roku filing stated: “At this time, the company does not know to what extent the company will be able to recover cash deposited in SVB.” “Despite the closure of SVB, the Company continues to believe that the cash balance, cash equivalents and cash flows from operations will be sufficient to meet its working capital, capital expenditures and physical cash requirements from known contractual obligations for the next twelve months and beyond.”

Roblox has just come out of a Fourth quarter earnings beat With $867.1 million in revenue compared to Wall Street’s forecast of $801.69 million, and a fourth quarter loss of $1.70 per share versus $1.72. is expected. However, the company’s guidance for the first quarter of 2023 was still cautious, citing the current macroeconomic environment. Since then, shares have fallen more than 3% in after-hours trading. Yesterday, Roblox announced Partnership with Best Buy and its advertising activity.

Meanwhile, the gaming platform Roblox said on file Approximately 5% of its $3 billion cash and securities balance was held in SVB as of February 28, 2023.

“Therefore, regardless of the final outcome and timing, this situation will not have any impact on the company’s day-to-day operations,” Roblox assured investors. was the company’s stock Just got promoted By Andrew Urkowitz, analyst at Jefferies, switched from commentary to buy, noting the platform’s ability to continue to grow despite near-term concerns about the economy.

The updates are a further indication of how closely the failing bank was linked to the larger tech industry, and the additional ramifications its closure might have for brand-name companies.

In addition to Roku and Robox, omnichannel digital marketing company and owner of Quotient also a statement Less impact, noting that it holds $400,000 in Silicon Valley Bank UK Limited, the UK-based subsidiary of SVB.

Aerospace company Rocket Lab USA He said She had $38 million in cash, or 7.9% of all cash as of December 31, 2022, with SVB.

Vimeo said in the SEC file You maintain accounts with SVB with a total balance of less than $250,000, which means they are FDIC-insured. The Company believes that it is not exposed to any liquidity concerns in SVB. The Vimeo profile indicated that the company has a well-structured and diversified group of banking partners with no bank owning more than 25% of the total cash flow.

Other companies are posting on social media and disclosing in filings to reassure investors that they have not been exposed.

For example, SoFi announced in a tweet And on file that he had no assets with SVB and his only exposure was a “very small lending facility” provided to the company for less than $40 million, which was “unaffected by the FDIC government of Silicon Valley Bank,” the post read, presumably in hopes of averting contagion from this disaster.

fuboTV streamer Also made to inform investors She did not have any deposit or have any investments in SVB.

svb was closed by the regulators on Friday and will reopen on Monday with the FDIC responsible. It said all insured depositors will have full access to insured deposits no later than Monday morning. Deposits are insured up to a maximum of $250,000 per depositor.

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