Vimeo, Inc. (NASDAQ:VMEO) Q1 2024 Earnings Call Transcript May 6, 2024
Vimeo, Inc. isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).
Operator: Hello, and thank you for joining Vimeo’s Q1 2024 Earnings Live Q&A. Before we begin a few comments. First, this session will be recorded and available on the Vimeo Investor Relations site later today. Second, we will discuss Vimeo’s outlook and future performance. These forward-looking statements typically may be preceded by words such as we expect, we believe, we anticipate or other such statements. These forward-looking views are subject to risks and uncertainties, and our actual results could differ materially from the views expressed today. We’ve also provided information regarding certain key metrics and our non-GAAP financial measures including certain forward-looking measures. These should be considered in addition to and not as a substitute for or in isolation from GAAP measures.
Additional information regarding Vimeo’s financial performance, including reconciliations with comparable GAAP measures, can be found in our shareholder letter and Vimeo’s filings with the SEC as well as in supplemental information posted on the Investor Relations section of our website. With that, I’ll turn it over to our CFO, Gillian.
Gillian Munson: Hello, and thank you for joining Vimeo’s Q1 ’24 earnings Q&A session. I’m Gillian Munson, CFO, and I’m happy to be joined by Philip Moyer, our new CEO. You can find our Q1 shareholder letter and additional financial materials on our Investor Relations website. Before we jump into Q&A, a few quick points on the quarter. We are excited to welcome Philip to Vimeo. As I am sure you will see on this call, his enthusiasm for opportunity and the depth of his strategic and operational experience are going to be great assets for us. I’d also like to thank Adam Gross for stepping in as Interim CEO over the past few quarters. As for the business results, Vimeo Enterprise continued to show momentum in Q1 with strong growth and impressive customer wins.
In Self-Serve & Add-Ons, we saw the resilience of our products and model even as we scaled back underperforming marketing spend in the quarter. Finally, Q1 again demonstrated the underlying strength of the Vimeo business model. We delivered year-over-year growth in gross profit, net income and adjusted EBITDA as well as in the margins for all three metrics. Just two Q1s ago, Vimeo lost $10 million in adjusted EBITDA. But now with $12 million in Q1, adjusted EBITDA, the fundamental work we have been doing is certainly showing through. We’re excited about what the future could hold for Vimeo, and Philip and I are looking forward to talking with you today. With that, let’s open up the line for your questions.
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