Q4 & FYʼ23 Shareholder Letter February 21, 2024
Dear Shareholders, Over the past few quarters and accelerating into 2024, we are making important changes designed to help position Vimeo for a future in which video is even more central to our daily lives. With these tailwinds, we’re moving to more efficient product-led growth, with increased delivery of innovation and improved go-to-market systems and processes. These changes are already having a positive impact on our internal operations, and more importantly, on the value we’re able to provide for customers. We started this year with a revised sales structure and system improvements that are part of a larger effort to drive productivity gains and improved customer expansion. We were delighted to welcome new enterprise customers across industries in Q4, including Hermes, Domino’s Pizza, Southwest Airlines, Gartner and Toyota. It's especially gratifying that many of our Q4 enterprise customer wins started as self-serve subscribers, demonstrating the essential value of connecting these businesses to drive efficient acquisition and account growth. In Self-Serve & Add-Ons, last quarter I talked about our intention to prioritize organic product-led growth to drive efficient customer acquisition. To elaborate on what this will mean in practice, we are doubling down on our product investments while pulling back on marketing spend. As part of that strategy, last month we launched our Winter 2024 release, bringing to market significant improvements to our core experiences while unifying many aspects of our platform, making user journeys and workflows more streamlined. We believe investing in user engagement, and making it easier to discover and use our full suite of video management features, will be foundational to driving future efficient growth. And while we expect that continuing to reduce the amount we spend on buying traffic will likely have a near-term impact on bookings, we believe the subscribers we attract through our product-focused go-to-market strategy will lead to better conversion and retention over time. Across the business, we made significant strides in improving profitability while also showing bookings and revenue improvement in the back-half of the year. Year-over-year rates of change for bookings and revenue in the second-half of 2023 improved four and five percentage-points from the first-half, respectively. At the same time, disciplined cost control drove improved profitability, with net income up more than $100 million and adjusted EBITDA up more than $40 million year-over-year in 2023. This gives us the opportunity to invest in growth while maintaining our adjusted EBITDA profitability in 2024. Some of these investments are not expected to bear fruit until 2025, but we believe our disciplined approach has and will create investment dollars. 2 With Vimeo Enterprise, we’ve re-oriented our enterprise products and value propositions around three simple use cases - marketers using video to acquire customers, employees using video for internal communications and collaboration, and media businesses monetizing video directly with their customers. Last quarter we launched a new Vimeo Marketing suite, bringing our offerings for CMOs and marketing teams together for the first time. We have a strong pipeline of new solutions targeting our three use cases that we plan to bring to market over the coming quarters. Adam Gross, Interim CEO Product enhancements as part of our Vimeo Marketing release announcement.
3 Finally, as it’s awards season, I want to recognize this year's Oscar nominees in the documentary short film category, including The Last Repair Shop from Breakwater Studios, that use Vimeo to help create and share their work. Helping support and enable the filmmaker community is a special part of Vimeo, and part of our unique opportunity to bring the power of video to this new generation of business opportunities. 2024 Financial Context and Outlook The core of Vimeo (Vimeo Enterprise and Self Serve & Add-Ons) has grown bookings in the low single digit percent range for each of the past 2 years, and has a lot of upside potential being masked by the post pandemic market environment and our own proactive approach to putting Vimeo on better long-term financial footing. We see resilience in the business in the near-term that gives us confidence we are moving in the right direction. During the same time, we are proactively deprecating products such as Magisto, WIREWAX, and Wibbitz, and have moved Other closer to 10% of total bookings, causing it to have much less drag on total bookings. However, Other still comprised 17% of total revenue in Q4, and because revenue lags bookings, we expect this dynamic will cause a 2024 revenue headwind. OTT, the majority of this line, has some exciting prospects and we have a strong, efficiently operating team working on it. For now, we are viewing it as potential upside for the future. From an expense perspective, we continue to be disciplined. As we evolve our go to market and simplify Vimeo we have retooled our cost base. A great example of this is in our advertising spend. In 2024 we are choosing to continue to reduce advertising expenses after reducing them 12% in 2022 and another 21% in 2023. We are choosing to move fast on these types of changes to get Vimeo to a place of healthier long-term growth despite resulting potential near-term risk to bookings and revenue they may cause. We expect our gross margin will be near 77% in 2024 as we manage hosting costs offset by costs associated with increasing adoption of our AI-powered products. We plan to increase investment in research and development as part of our product-led growth strategy, and we will work to manage general and administrative costs carefully, including our recent execution of a small headcount reduction on February 1st to further rightsize G&A and marketing. From an equity perspective, net equity grants - grants awarded less forfeitures - were negative in 2023 thanks to a more disciplined approach and some turnover. In order to manage dilution going forward, we are looking to substitute cash for equity while still looking to maintain a competitive equity program to attract and retain talent. Putting it all together, we think we will continue to see some near-term top line headwinds in 2024 that will cause overall bookings and revenue to be down year-over-year. At the same time, we believe we can grow our adjusted EBITDA before the impact of replacing some of our equity compensation with cash, even as we plant the seeds for sustainable growth in 2025 and beyond. As we work our way through the year, we believe our product progress will start to become more and more evident, particularly in the second half, and will help push us to the growth profile we and our investors desire. Our view reflects that Vimeo’s business can get to net income profitability over time. The business is already supporting an adjusted EBITDA margin at and around 10%. In 2025 and beyond we believe Vimeo can generate growth and double digit adjusted EBITDA margins. As we start to move towards this financial model later in 2025, we will carefully balance investing for growth with profitability and may even choose to invest if we believe the opportunity to accelerate growth is strong. Thx, Adam Oscar winning director Ben Proudfoot of Breakwater Studio, who credits Vimeo Staff Picks for helping start his career as a filmmaker.
$101M Total Bookings 4 $106M Total Revenue 78% Gross Margin $8M Net Income $13M Adj. EBITDA* $301M Ending Cash $10M Cash Provided by Operating Activities $10M Free Cash Flow* Q4 Financial Overview *Adjusted EBITDA and Free Cash Flow are non-GAAP measures. For reconciliations please refer to the appendix starting on page 18.
Q4 Financial Details
Total Bookings ($M) Bookings & Revenue 6 Total bookings fell 3% in the quarter. Total revenue was $106 million, flat year-over-year, yielding Vimeo’s best revenue comparison since the third quarter of 2022. Total Revenue ($M) Bookings & Revenue
Vimeo Enterprise 7 Q4 Vimeo Enterprise bookings growth was 34% and revenue growth was 61% year-over-year bringing Vimeo Enterprise to 21% of bookings and 16% of revenue in the quarter. Subscribers grew 49% year-over-year to 3,300, ARPU was up 9% and NRR was 103%. We also saw strength in underlying metrics, with both seats filled and monthly active team users up well over 100% year-over-year in the quarter. We had some impressive customer wins in Q4. To name a few, we signed the University of Southern California, Hermès, and Cooley to power their video libraries, Aramco Europe and Domino’s Pizza for e-learning classes, Zuora for onboarding and training, and Southwest Airlines, Gartner, and Toyota Motor Corp for exec comms and all-hands. Last quarter we discussed execution headwinds impacting the Vimeo Enterprise pipeline. We made good progress in addressing some of these issues in Q4. However, we still have work to do to optimize our sales effort, particularly with SMBs where our pipeline has been relatively weaker. Vimeo Enterprise Bookings ($M) Vimeo Enterprise Subscribers and ARPU Vimeo Enterprise Vimeo Enterprise Revenue ($M)
8 Self-Serve & Add-Ons Bookings ($M) Self-Serve & Add-Ons Revenue ($M) Self-Serve & Add-Ons Subscribers and ARPU While still declining, Self-Serve & Add-Ons year-over-year bookings and revenue growth rates saw 1 and 3 percentage- point improvements, respectively, compared to last quarter. Subscribers were down 8% year-over-year in Q4, a slight improvement from the past couple quarters, offset by a 6% increase in ARPU. The results of our product focus are beginning to emerge. In Q4, we saw year-over-year conversion and AOV improvements which helped to offset traffic impacts from the market environment and the cuts we’ve made to sales & marketing, particularly in advertising expense. We also saw positive retention rate trends in Q4, with bookings and logo retention rates up year-over-year and quarter-over-quarter, with retention rate increases across all subscriber cohorts (based on how many years ago they first signed up for Vimeo). Self-Serve & Add-Ons Self Serve & Add-Ons
9 Other bookings were $12 million in the quarter, down 36% year-over-year. Last quarter, Other bookings were positively impacted by a shift in timing of a large OTT renewal that had previously been expected to close in Q4. Other Bookings ($M) Other Revenue ($M) Other 9
10 We continued to manage our expenses with discipline in Q4. GAAP cost of revenue was $23 million, down 6% year-over-year. GAAP and non-GAAP gross profit margin* were both 78%, both one point higher year-over-year. As compared to Q3, gross margin fell due to revenue timing and some incremental hosting costs. GAAP Gross Profit & Margin Non-GAAP Gross Profit & Margin* GAAP OpEx as a % of Revenue Non-GAAP OpEx as a % of Revenue* Total GAAP operating expenses were down 12% and non-GAAP operating expenses* were down 7% year-over-year. Q4 headcount ended at 1,070, down 13% year-over-year. Expenses & Profitability *See reconciliation of GAAP to non-GAAP measures in the appendix starting on page 18.
11 In sales and marketing, our focus is on achieving a more efficient customer acquisition model by reducing advertising spend in order to allocate more resources to product initiatives to attract and retain high-value users. In Q4 we reduced advertising spend by 17% year-over-year. GAAP sales and marketing expense was down 14% and non-GAAP sales and marketing expense* was down 11% year-over-year to 31% of revenue, down 4 percentage-points year-over-year. In research and development, our focus is on investing in an innovative product experience in the most efficient manner possible. We made investments in Q4 in products that will be part of our Q1 release including continued investments in AI, as well as in products within the Vimeo Marketing release, which included a fully revamped, faster, more precise timeline-based editor, advanced analytics, and multi-language audio captioning. In Q4, GAAP research and development was up 12% year-over-year to 25% of revenue, and non-GAAP R&D* was down 1% year-over-year, coming in at 21% of revenue. In general and administrative, our focus is on driving efficiency and scaling operations over time. In Q4, GAAP G&A was down 35% year-over-year to 14% of revenue. Non-GAAP G&A* was down 7% year-over-year in Q4 to 14% of revenue, down one percentage-point year-over-year. Stock-based compensation expense was $7 million in the quarter, down 45% year-over-year, impacted by our reduced headcount including the impact of team departures during the year. Depreciation increased by $0.7 million year-over-year due to an asset retirement obligation related to international office space. Other income was $4 million in Q4, as our cash balances yielded strong returns in a higher interest rate environment. Net Income was $8 million in the quarter. Both Basic and Diluted EPS were $0.05. Adjusted EBITDA* was a record $13 million in the quarter, an increase of $7 million year-over-year. Net Income & Net Income as a % of Revenue Adjusted EBITDA & Adj. EBITDA Margin* Expenses & Profitability *See reconciliation of GAAP to non-GAAP measures in the appendix starting on page 18.
12 We ended Q4 with $301 million in cash and cash equivalents, up $27 million compared to the year-ago quarter. In 2023, we generated $38 million in cash from operations, which includes $5 million of restructuring charges and $2 million related to contingent consideration arrangements, partially offset by approximately $11 million of investing and financing activities primarily related to withholding taxes on the settlement of equity awards and contingent consideration arrangements. Accounts receivable, net was $27 million, down $5 million compared to the year-ago quarter thanks to our improved collections processes, leading to days sales outstanding in the quarter of 23, a 17% decrease year-over-year. Net cash from operating activities was $10 million in the quarter, up $8 million from the year-ago quarter, driven primarily by improved operating income and interest income from our significant cash balance. Free Cash Flow* was $10 million in the quarter, up $8 million from the year-ago quarter, though down compared to Q3 due to the timing of some larger payments. For the full year 2024, we expect: ● Revenue to be between $385 million and $400 million (down 8% to 4% year-over-year) ● Operating loss to be approximately $5 million ● Adjusted EBITDA* to be essentially flat with 2023, which includes the impact of approximately $5 million in cash compensation substituted for equity grants For the first quarter of 2024, we expect: ● Revenue to be around $100 million ● Operating loss to be between approximately $4 million and $2 million ● Adjusted EBITDA* to be between $7 million and $9 million Balance Sheet & Cash Flow Highlights Guidance *See reconciliation of GAAP to non-GAAP measures in the appendix starting on page 18.
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