Qualtrics-Qualtrics上市IPO招股书（英文）-2020.12-244页_15mb

Qualtrics International Inc. S-1 Registration Statement Summary

Core Content

Qualtrics International Inc. is registering its Class B common stock for an initial public offering (IPO). The offering aims to raise up to $200,000,000, with the initial public offering price expected to be between $ and $ per share. The underwriters have the option to purchase additional shares to cover over-allotments. The shares will be listed on The Nasdaq Global Select Market under the symbol "XM."

Qualtrics has three classes of common stock: Class A-1, Class A-2, and Class B. Each class has different voting rights, with Class A-1 and Class A-2 having ten votes per share, and Class B having one vote per share. However, Class A-2 shares will automatically increase their voting power to ensure they hold at least 51% of the total voting power if needed. This structure means that control of the company will remain concentrated with Grandview Holdings, LLC, which holds approximately 87% of Class A-2 shares.

Main Points

• Initial Public Offering (IPO): Qualtrics is conducting its IPO, with no existing public market for its shares.
• Class of Stock: The offering is for Class B common stock, with voting rights significantly less than Class A-1 and Class A-2.
• Listing: The shares will be listed on The Nasdaq Global Select Market under the symbol "XM."
• Voting Structure: Class A-1 and A-2 shares have ten votes each, while Class B shares have one vote. Class A-2 shares may increase their voting power to ensure a majority.
• Control: Grandview Holdings, LLC holds most of the Class A-2 shares, which will maintain control over the company.
• Market Opportunity: Qualtrics believes in the growing importance of experience management (XM) in the experience economy, estimating a total addressable market of $44 billion in 2018.
• Platform Overview: The XM Platform is designed to collect, analyze, and act on experience data across four core areas: Customer, Employee, Brand, and Product Experience.
• Revenue Growth: Qualtrics has demonstrated consistent revenue growth, with $190.6 million in 2016 and $289.9 million in 2017, representing a 52% year-over-year increase.
• Profitability: The company has been free cash flow positive in every year since its inception, indicating a strong and sustainable business model.

Key Information

• Company Overview: Qualtrics pioneered the Experience Management (XM) category, enabling organizations to manage and improve the four core experiences.
• Mission: To help organizations deliver experiences that turn customers into fanatics, employees into ambassadors, brands into religions, and products into obsessions.
• Platform Features:
  • Research Core: A powerful, flexible research tool for data collection, analysis, and reporting.
  • Customer Experience (CX): Enables real-time monitoring and improvement of customer sentiment.
  • Employee Experience (EX): Helps in managing the employee journey from recruitment to performance.
  • Brand Experience (BX): Analyzes brand perception and marketing effectiveness.
  • Product Experience (PX): Provides insights into product feedback and quality.
• Industry Trends:
  • Experiences are a key driver of differentiation and competitive advantage.
  • Experience gaps can lead to significant challenges for organizations.
  • X-data (human factor data) is crucial for understanding why experiences differ from expectations.
• Go-to-Market Model:
  • Qualtrics has evolved from an academic-focused company to a global enterprise solution.
  • The company has developed a low-touch sales model, expanding to larger businesses with outbound sales and direct sales capabilities.
• Financial Performance:
  • Revenue for 2016 and 2017 was $190.6 million and $289.9 million respectively.
  • Net income (loss) was ($12.0) million in 2016 and $2.6 million in 2017.
  • Free cash flow was $3.4 million and $21.3 million in 2016 and 2017 respectively.
• Regulatory and Legal Information:
  • The Securities and Exchange Commission (SEC) and state regulators have not approved or disapproved the securities.
  • The underwriters expect to deliver shares to purchasers on a date in 2018.
  • The company is an "emerging growth company" and may be subject to reduced reporting requirements.

Summary of Key Sections

• Prospectus Summary: Highlights the company's mission, platform capabilities, and financial performance.
• Risk Factors: Includes risks related to ownership of Class B common stock, market competition, and operational challenges.
• Special Note Regarding Forward-Looking Statements: Advises investors that certain statements are forward-looking and subject to risks.
• Market and Industry Data: Provides context on the experience economy and the market for XM solutions.
• Use of Proceeds: Details how the funds from the IPO will be used.
• Dividend Policy: States that the company does not currently pay dividends.
• Capitalization: Describes the company's capital structure and the impact of the IPO.
• Dilution: Explains the potential dilution of existing shareholders' ownership.
• Selected Consolidated Financial and Other Data: Includes financial highlights and performance metrics.
• Management’s Discussion and Analysis (MD&A): Offers insight into the company's financial condition and results of operations.
• Letter from the Founders: Provides a personal perspective from the company's founders.
• Business: Describes the company's operations, history, and strategy.
• Legal Matters: Covers the legal aspects of the offering.
• Where You Can Find Additional Information: Lists the documents and resources available for investors.
• Index to Consolidated Financial Statements: References the financial statements included in the prospectus.

Conclusion

Qualtrics International Inc. is positioning itself as a leader in the Experience Management (XM) market, with a robust platform that addresses the four core experiences of an organization. The IPO is a strategic move to expand its reach and capabilities, with a focus on providing real-time insights and actionable data. The company's unique history in academia has enabled it to develop a powerful and user-friendly platform that is now used by over 9,000 customers globally, including over 75% of the Fortune 100. As an emerging growth company, it may benefit from certain regulatory advantages, but the offering also comes with inherent risks that investors should consider carefully.