Vimeo Inc (VMEO) 2022 Q4 法說會逐字稿

Good morning, and thank you for joining Vimeo's fourth quarter earnings live Q&A. We're excited to be here with you on video.

早上好，感謝您加入 Vimeo 的第四季度收益現場問答。我們很高興能與您一起觀看視頻。

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 similar such statements. These forward-looking views are subject to risks and uncertainties, and our actual results could differ materially from the views expressed today.

在我們開始之前，請先發表一些評論。首先，本次會議將在今天晚些時候在 Vimeo 投資者關係網站上進行記錄和提供。其次，我們將討論 Vimeo 的前景和未來表現。這些前瞻性陳述通常可能以我們預期、我們相信、我們預期或類似此類陳述的詞語開頭。這些前瞻性觀點受風險和不確定因素的影響，我們的實際結果可能與今天表達的觀點存在重大差異。

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 earnings release and Vimeo's filings with the SEC as well as in supplemental information posted on the Investor Relations section of our website.

我們還提供了有關某些關鍵指標和我們的非 GAAP 財務措施的信息，包括某些前瞻性措施。這些應作為 GAAP 措施的補充，而不是替代或孤立於 GAAP 措施。有關 Vimeo 財務業績的其他信息，包括與可比較的 GAAP 措施的調節，可以在我們的收益發布和 Vimeo 向美國證券交易委員會提交的文件以及我們網站投資者關係部分發布的補充信息中找到。

With that, I'll turn it over to our CEO, Anjali.

有了這個，我將把它交給我們的首席執行官 Anjali。

Hi, folks, and welcome to our fourth quarter Q&A. Last night, we published an interactive shareholder video that walks through our results and outlook. Once again, we use Vimeo's product to make our update fully interactive. We know it's earnings season and your time is precious, so you can click and navigate through the content instead of watching it linearly or just reading the transcript. We, of course, hope that this helps to demonstrate how video can make important communications more engaging and easier to consume.

大家好，歡迎來到我們的第四季度問答環節。昨晚，我們發布了一段互動式股東視頻，介紹了我們的業績和展望。我們再次使用 Vimeo 的產品來使我們的更新完全互動。我們知道現在是財報季，您的時間很寶貴，因此您可以單擊並瀏覽內容，而不是線性觀看或只是閱讀文字記錄。當然，我們希望這有助於展示視頻如何使重要的交流更具吸引力和更易於消費。

So I'd like to highlight 3 things before we take your questions. First, we have great momentum in Vimeo Enterprise. Last quarter, bookings were up 59% year-over-year. Net revenue retention was again above 100%, and customer usage is looking very strong. We see Vimeo Enterprise as a big growth driver still in its early days. In under 4 years, we've built a business with a $65 million run rate in bookings that's growing faster than the rest of the market. So we'll lean into this momentum in 2023 with our investments.

因此，在我們回答您的問題之前，我想強調三件事。首先，我們在 Vimeo Enterprise 方面勢頭強勁。上個季度，預訂量同比增長 59%。淨收入保留率再次超過 100%，客戶使用率看起來非常強勁。我們將 Vimeo Enterprise 視為仍處於早期階段的巨大增長動力。在不到 4 年的時間裡，我們建立了一個業務，其預訂運行率達到 6500 萬美元，增長速度超過其他市場。因此，我們將在 2023 年通過投資來利用這一勢頭。

Second, we believe that by simplifying our product and focusing on the fundamentals, we can get self-serve back to growth on a more normalized trajectory than the past few years. Our line of sight here is getting clearer as we get past the COVID cohorts, and we expect far more visibility over the next few quarters.

其次，我們相信，通過簡化我們的產品並專注於基本面，我們可以讓自助服務以比過去幾年更正常的軌跡恢復增長。隨著我們越過 COVID 隊列，我們在這裡的視線越來越清晰，我們預計在接下來的幾個季度會有更多的可見性。

And third, we're getting more efficient. This is our second straight quarter of positive adjusted EBITDA and free cash flow, and we entered 2023 with the flexibility to invest in growth while continuing to improve margins. This is a choice that we will keep assessing as we move through the year based on our results with the commitment to profitability in any growth scenario.

第三，我們變得更有效率了。這是我們連續第二個季度調整後 EBITDA 和自由現金流為正，進入 2023 年，我們可以靈活地投資於增長，同時繼續提高利潤率。這是一個選擇，我們將根據我們的結果繼續評估這一年，並承諾在任何增長情景中實現盈利。

So with that, let's jump into questions.

因此，讓我們進入問題。

(Operator Instructions) Our first question comes from Tom Champion at Piper Sandler.

（操作員說明）我們的第一個問題來自 Piper Sandler 的 Tom Champion。

Hopefully, you can hear me. Two for me, please. Anjali, maybe on the self-serve side, given the outsized customer growth of 2020 and '21, help us understand the retention characteristics of these cohorts and kind of where we are through that process of anniversarying. And what does the path forward look like to get those cohorts back to stability and return the self-serve segment to revenue growth?

希望你能聽到我的聲音。請給我兩個。 Anjali，也許在自助服務方面，考慮到 2020 年和 21 年客戶的巨大增長，幫助我們了解這些群體的保留特徵以及我們在周年紀念過程中所處的位置。讓這些群體恢復穩定並使自助服務部門恢復收入增長的前進道路是什麼樣的？

And then, Gillian, maybe one for you. We like the EBITDA guide for the full year. Curious if you could talk about the range of macroeconomic scenarios you're envisioning. And then balancing that, what are the key investments Vimeo needs to make in order to drive product growth?

然後，吉莉安，也許給你一個。我們喜歡全年的 EBITDA 指南。很好奇您能否談談您所設想的宏觀經濟情景的範圍。然後平衡這一點，Vimeo 需要進行哪些關鍵投資以推動產品增長？

Sure. So look, on self-serve, we very much believe that there are good reasons to get that business back to growth. We were growing well pre-pandemic. And as you said, Tom, we have these quite large cohorts that are 3x larger than pre-pandemic that came in over the last few years. And they are retaining somewhat worse than what we've seen in the past, and that's largely because of the nature of those cohorts, but also because we've diversified our use cases.

當然。所以看，在自助服務方面，我們非常相信有充分的理由讓該業務恢復增長。我們在大流行前發展良好。正如你所說，湯姆，我們有這些相當大的群體，比過去幾年大流行前大 3 倍。他們的留存率比我們過去看到的要差一些，這主要是因為這些群體的性質，但也因為我們已經使我們的用例多樣化。

In the last few years, we have gone from really being a pure-play hosting-only platform to offering our customers many different things. And so why we have a lot of confidence in our ability to grow is because when we look at the fundamentals, what we're seeing is the tailwinds for video are there. We have a great product that solves our customers' needs, particularly in the 2 use cases of marketing and communications. And we think that there -- we have clear levers between making our UX more simple, improving our website and our pricing, and getting better at marketing to these customers that have these use cases.

在過去的幾年裡，我們已經從一個真正的純託管平台轉變為為我們的客戶提供許多不同的東西。因此，為什麼我們對我們的增長能力充滿信心，是因為當我們審視基本面時，我們看到的是視頻的順風。我們有一款出色的產品可以滿足客戶的需求，尤其是在營銷和傳播這兩個用例中。我們認為，在使我們的用戶體驗更簡單、改進我們的網站和定價以及更好地向擁有這些用例的客戶進行營銷方面，我們有明確的槓桿。

We think we have the ingredients to really return self-serve back to growth. That, coupled with coming out of the, sort of, just the time that -- as we come out of the pandemic, sort of gives us a sense that we have both the sort of natural subscription economics are moving in our favor, and that we can execute with the right growth levers. So that's kind of what I'd say there. And I'm sure, Gillian can break that down more.

我們認為我們擁有真正使自助服務恢復增長的要素。那，再加上剛剛走出，某種程度上，當我們走出大流行病時，某種程度上讓我們感覺到，我們擁有一種對我們有利的自然訂閱經濟，而且我們可以使用正確的增長槓桿來執行。所以這就是我要說的。而且我敢肯定，吉莉安可以將其分解得更多。

Yes. So Tom, I think the thing I'd like to remember about self-serve is it is a classic subscription business, okay? And in classic subscription businesses, your first year and second year are the biggest deltas in retention, almost no matter what the product. And then you get out to 3 and beyond, and that starts to really be much more negligible in terms of the delta. So when you look at what we had in 2020 and '21 as a function of largely the pandemic, but also some of the trial work we did, you've got 2 years of pretty large cohorts on new.

是的。所以湯姆，我想關於自助服務我想記住的是它是一個經典的訂閱業務，好嗎？在傳統的訂閱業務中，第一年和第二年的留存率變化最大，幾乎與產品無關。然後你達到 3 甚至更高，就 delta 而言，這真的開始變得微不足道了。因此，當你看看我們在 2020 年和 21 年所擁有的主要是大流行的功能，以及我們所做的一些試驗工作時，你有 2 年相當大的新隊列。

By the time we get to the end of '23 and into '24, those folks will all be in 3 years plus and have a much lower swing factor on the business. And when we look at new itself, underneath it all, we see new as about a mid-teens grower. And so when you put it all together, you get the company back to a place where it's more traditional where new is running in the 20-some-odd percent of your bookings and then renewal is the rest.

到 23 年底和 24 年結束時，這些人都將在 3 年以上，並且對業務的影響因素要低得多。當我們審視 new 本身時，在這一切之下，我們將 new 視為一個十幾歲的種植者。所以當你把它們放在一起時，你會讓公司回到一個更傳統的地方，在你的預訂中有 20 多個百分比是新的，然後是續約。

So I think that in any event, these cohorts that we had in 2020 and 2021 were going to have an outsized impact on the business, and we're seeing that. They were fairly unprecedented. And we're going to beat to the tail end of where those folks -- the folks that are staying with us are going to stay with us pretty sustainably over the longer haul.

因此，我認為無論如何，我們在 2020 年和 2021 年擁有的這些群體將對業務產生巨大影響，我們正在看到這一點。它們是前所未有的。我們將擊敗那些人的尾聲——那些和我們在一起的人將在更長的時間內相當可持續地和我們在一起。

Underneath that, and Anjali mentioned this, but I think it's really important to note, we see metrics in the business that point to that sort of mid-teens organic growth, paid MAUs, uploads. And as Anjali mentioned, the sources of those uploads is spreading out amongst our products. So uploads are up in the mid-teens, and now they're from almost 0 to 40% from all the new different products we've added to the mix.

在此之下，Anjali 提到了這一點，但我認為值得注意的是，我們看到業務中的指標指向那種十幾歲的有機增長、付費 MAU 和上傳。正如 Anjali 提到的，這些上傳的來源正在我們的產品中傳播。所以上傳量在十幾歲左右，現在它們幾乎從 0% 到 40% 來自我們添加到組合中的所有新的不同產品。

So we feel good that underneath it all, there is a growth business there and that the last couple of years have been very clouded by those 2 cohorts. So that's the self-serve business. And that's why we fundamentally believe that it's a growth business and that when we kind of get through there, you're going to really start to see it in the numbers.

所以我們感覺很好，在這一切之下，那裡有一個增長的業務，過去幾年一直被這兩個群體蒙上陰影。這就是自助業務。這就是為什麼我們從根本上相信這是一個增長業務，當我們通過那裡時，你將真正開始在數字中看到它。

You also asked about EBITDA. We are committed to being a profitable business. We think it's really important. We've said many, many times the stability of our business and its balance sheet is important to us. And we really think as we work through this period we are in, having a stable balance sheet and putting more cash on the books is an important thing to do. We have been in a challenged top line environment for a while. So there's nothing super new in terms of macro sentiment in there given that we're already sort of dealing with those transitions.

您還詢問了 EBITDA。我們致力於成為一家盈利的企業。我們認為這真的很重要。我們已經說過很多很多次，我們的業務及其資產負債表的穩定性對我們很重要。我們真的認為，在我們度過這段時期的過程中，擁有穩定的資產負債表並在賬面上投入更多現金是一件很重要的事情。一段時間以來，我們一直處於充滿挑戰的頂線環境中。因此，鑑於我們已經在處理這些轉變，就宏觀情緒而言並沒有什麼特別新鮮的。

And then your last question was key investments to drive profitability. We, as part of our 2023 planning, which really led us to the guidance we gave, decided to make some key choices. And that, in the interest of being a profitable growth business, which we think over the long haul is really our best way to create value, we are really conservatively investing in Vimeo Enterprise and getting self-serve back to growth and are -- have made choices to not invest in other less strategic areas.

然後你的最後一個問題是推動盈利能力的關鍵投資。作為 2023 年規劃的一部分，我們決定做出一些關鍵選擇，這確實引導我們找到了我們給出的指導。而且，為了成為一家盈利增長的企業，我們認為從長遠來看，這確實是我們創造價值的最佳方式，我們真的很保守地投資於 Vimeo Enterprise 並讓自助服務恢復增長，並且 - 有選擇不投資於其他戰略性較低的領域。

Our next question comes from Brian Fitzgerald at Wells Fargo.

我們的下一個問題來自富國銀行的 Brian Fitzgerald。

A couple I wanted to drill down on and maybe even follow-ups. Wonder if you could talk to on self-serve, any trends you're seeing at the top of the funnel a bit more about the opportunity around free-to-pay conversion, where you are today, maybe in relative terms versus best-in-class players? We read this in the letter. And any structural (inaudible) free-to-pay conversion versus other players in the market? And then maybe you can talk about the playbook? [How quickly do] you think [you can narrow the right answer?]

我想深入研究甚至跟進的一對夫婦。想知道您是否可以就自助服務與您在漏斗頂部看到的任何趨勢更多地討論免費到付費轉換的機會，您今天所處的位置，也許是相對而言與最佳相比級選手？我們在信中讀到了這一點。與市場上的其他參與者相比，是否存在任何結構性（聽不清）的免費付費轉換？然後也許你可以談談劇本？ [多快]你認為[你可以縮小正確答案的範圍？]

Brian, I think on the -- your last question, you broke up a little there. Do you mind repeating it for us?

布賴恩，我想關於 - 你的最後一個問題，你在那里分手了一點。你介意為我們重複一遍嗎？

In the -- are there any structural inhibitors in free-to-pay conversion versus other players in the market? And what's your playbook, if there are, to closing that gap on free-to-pay conversion?

在 - 與市場上的其他參與者相比，免費到付費轉換是否存在任何結構性抑制因素？如果有的話，你的劇本是什麼來縮小免費到付費轉換的差距？

Got it. Yes. So in terms of top-of-funnel trends, I think we've shared that, in 2022, we did get hit with a pretty meaningful decline at top-of-funnel demand around 30%, which obviously impacted our results last year and then flow through to revenue in 2023. We are seeing very early signs that, that may be getting better, still declining, but at a lower rate. And regardless, our strategy and plan for execution in 2023 doesn't require us to see a material change in top of funnel.

知道了。是的。因此，就漏斗頂端趨勢而言，我認為我們已經分享了這一點，即在 2022 年，我們確實受到了漏斗頂端需求下降 30% 左右的相當有意義的打擊，這顯然影響了我們去年的業績和然後在 2023 年流入收入。我們看到非常早期的跡象表明，這可能會好轉，但仍在下降，但速度較低。無論如何，我們 2023 年的戰略和執行計劃並不要求我們看到漏斗頂部發生重大變化。

The reason is that there is enough demand where we believe that we can do a better job of bringing in qualified users. So these are businesses who are looking to use video either for marketing or internal communications, that the sort of addressable market of those folks and how to reach them is large enough that we can funnel less marketing dollars in a more efficient way to bringing and attracting those customers.

原因是有足夠的需求，我們相信我們可以更好地吸引合格用戶。因此，這些企業希望將視頻用於營銷或內部溝通，這些人的可尋址市場類型以及如何接觸他們足夠大，我們可以以更有效的方式投入更少的營銷資金來吸引和吸引那些客戶。

And then we think we have the ability to improve conversion, both free-to-pay conversions, so better converting our free users who are giving us a signal that they should be getting value from our tools, as well as even just other traffic hitting the site, how can we better convert them. And the way that we'll look to do that is our website and optimizing our website and then our pricing and our packaging which, as you know, we have been working through. We've moved to a per-seat pricing model, which we think is the right one for Vimeo. And we see a lot of opportunity right now to test and optimize that model to drive improved conversion.

然後我們認為我們有能力提高轉化率，包括免費到付費的轉化率，從而更好地轉化我們的免費用戶，這些用戶向我們發出信號，表明他們應該從我們的工具中獲得價值，甚至只是其他流量命中站點，我們如何才能更好地轉換它們。我們希望做到這一點的方式是我們的網站和優化我們的網站，然後是我們的定價和包裝，正如你所知，我們一直在努力。我們已經轉向按座位定價模式，我們認為這是適合 Vimeo 的模式。我們現在看到了很多機會來測試和優化該模型以推動改進的轉換。

To the question of sort of best-in-class. I think generally, you can look at what other SaaS companies have done. There's no structural reason why we can't do those things. But just even forgetting that and putting that aside, if you go to the Vimeo website, we have a very broad set of capabilities that serve a very broad set of users. And one of the things we think is entirely in our control and is in line with our strategy of simplification is we think our products can do a better job of exposing what you can do on Vimeo. And we think we can provide a more targeted, focused experience for the right customers.

關於同類最佳的問題。我想一般來說，你可以看看其他SaaS公司做了什麼。我們不能做這些事情沒有結構上的原因。但是，即使忘記這一點並將其放在一邊，如果您訪問 Vimeo 網站，我們擁有一套非常廣泛的功能，可以為非常廣泛的用戶提供服務。我們認為完全由我們控制並且符合我們的簡化策略的一件事是我們認為我們的產品可以更好地展示您可以在 Vimeo 上做什麼。我們認為我們可以為合適的客戶提供更有針對性、更專注的體驗。

So I think what you're really seeing is sort of that. As part of a mix shift in Vimeo is sort of a natural sort of focusing on who's our highest value customer, let's make sure our pricing, our website, our product experience really speaks to those customers. And it's pretty basic blocking and tackling, but we have a new Chief Product Officer and a new Chief Marketing Officer, both of whom have done this many times. They are now 6 months in, and they're the ones really leading this initiative. And I think they have a lot of confidence that, just by blocking and tackling on the fundamentals, we should be able to move the needle.

所以我認為你真正看到的是那種。作為 Vimeo 混合轉變的一部分，自然而然地關注誰是我們的最高價值客戶，讓我們確保我們的定價、我們的網站、我們的產品體驗真正與這些客戶對話。這是非常基本的攔截和攔截，但我們有一位新的首席產品官和一位新的首席營銷官，他們都做過很多次。他們現在已經 6 個月了，他們才是真正領導這項計劃的人。而且我認為他們非常有信心，僅僅通過阻止和解決基本問題，我們就應該能夠取得進展。

Our next question will come from Brent Thill at Jefferies.

我們的下一個問題將來自 Jefferies 的 Brent Thill。

Just on the enterprise opportunity, I know you mentioned it's around 10% of revenue, 15% of bookings. Maybe just paint a picture of the long-term aspiration. Anjali, where do you think the business can be? And maybe just walk through kind of what are the remaining roadblocks that you need to get around for that business to really create the cadence and the predictability that you'd like to see?

就企業機會而言，我知道你提到它大約佔收入的 10%，佔預訂的 15%。也許只是描繪了一幅長期願望的圖畫。 Anjali，你認為生意可以在哪裡？也許只是走過什麼樣的剩餘障礙，你需要繞開該業務才能真正創造你想要看到的節奏和可預測性？

So I believe that the opportunity is pretty massive for Vimeo Enterprise. Every company, every team, every organization and every workforce in the world should be using video more than they are today. And I think the tailwinds are clear, certainly in our numbers. But just more broadly, if you look at what's happening around us, we have a new generation coming and entering the workforce. They are digitally native. They're spending their personal lives on TikTok. Attention spans are getting shorter.

所以我相信 Vimeo Enterprise 的機會是巨大的。世界上的每個公司、每個團隊、每個組織和每個員工都應該比現在更多地使用視頻。而且我認為順風很明顯，當然是我們的數字。但更廣泛地說，如果你看看我們周圍發生的事情，我們就會發現新一代正在進入勞動力市場。他們是數字原生的。他們在 TikTok 上度過自己的個人生活。注意力持續時間越來越短。

And I think if you just take a step back, do we envision a future where we're going to train employees using documentation and manuals? Or are they going to use an interactive video? Are we going -- are marketing teams going to have to figure out how to create really compelling video content at scale every day? We really see that opportunity. And so our goal is every company, every workforce is using Vimeo to communicate better at work using the power of video.

而且我認為，如果您退後一步，我們是否設想未來我們將使用文檔和手冊培訓員工？或者他們會使用交互式視頻嗎？我們要 - 營銷團隊是否必須弄清楚如何每天大規模創建真正引人注目的視頻內容？我們真的看到了這個機會。因此，我們的目標是每一家公司、每一位員工都在使用 Vimeo，利用視頻的力量在工作中更好地溝通。

Obviously, we have good momentum now. We're not there yet. But I think the good news is that from a product perspective, we put a lot of investment in the last few years in expanding our product suite. We do think we have a pretty strong product suite that is winning relative to others in the market today. It's one of the broadest suites. It has a good mix of helping companies do what they need to do right now while also being innovative and thinking about the future. And we're seeing that resonate with some of the largest companies in the world. So when I think about what we need to do now, it really is, I think, getting good at marketing and selling this product, increasing awareness so we're in the consideration set.

顯然，我們現在的勢頭很好。我們還沒有。但我認為好消息是，從產品的角度來看，我們在過去幾年中投入了大量資金來擴展我們的產品套件。我們確實認為我們擁有一個相當強大的產品套件，相對於當今市場上的其他產品而言，它正在贏得勝利。它是最廣泛的套房之一。它既能幫助公司做他們現在需要做的事情，又能保持創新和思考未來。我們看到這引起了世界上一些最大的公司的共鳴。因此，當我考慮我們現在需要做的事情時，我認為，這確實是擅長營銷和銷售該產品，提高知名度，因此我們在考慮範圍內。

To this day, we still often are not in RFPs from some of the largest companies because they don't know and think of Vimeo as an enterprise solution. And then we absolutely need to get efficient and better at every sale, and generating pipeline, converting pipeline, all of your classic go-to-market enterprise SaaS muscles. I think we've made really good progress there, but there's still work to do.

時至今日，我們仍然經常不在一些最大公司的 RFP 中，因為他們不知道也不認為 Vimeo 是一種企業解決方案。然後我們絕對需要在每次銷售、生成管道、轉換管道以及所有經典的上市企業 SaaS 肌肉中變得高效和更好。我認為我們在這方面取得了非常好的進展，但仍有工作要做。

And then just the very last piece I'd say is we did roll out a per-seat pricing model last year in Vimeo Enterprise that is resonating. But one of the things it does really well is it aligns our customer success with how we charge. And so ultimately, what we have to do is get really, really good at making our customers successful, helping them realize the ROI from video, helping them track and measure that ROI and ultimately then monetizing that value. And those, again, sounds like fundamentals, but I think that's where we are. We're executing on the fundamentals. We have all the ingredients for success, and I think Vimeo Enterprise can be a very large, exciting business.

然後我要說的最後一點是，我們去年確實在 Vimeo Enterprise 中推出了按席位定價模型，這引起了共鳴。但它確實做得很好的一件事是它使我們的客戶成功與我們的收費方式保持一致。因此，最終，我們要做的是真正非常擅長讓我們的客戶取得成功，幫助他們實現視頻的投資回報率，幫助他們跟踪和衡量投資回報率，然後最終將這一價值貨幣化。那些，再一次，聽起來像是基礎知識，但我認為這就是我們所處的位置。我們正在執行基本面。我們擁有成功的所有要素，我認為 Vimeo Enterprise 可以成為一個非常龐大、令人興奮的企業。

Yes. And I'll just add a couple of quick details. We mentioned in the call or the video rather, that we had our best win rate in Q4 in this business. As you know, we've revamped our sales force in 2022 and really started to see that momentum build in terms of productivity, win rate, et cetera, as we ended the year.

是的。我將添加幾個快速詳細信息。我們在電話或視頻中提到，我們在第四季度在這項業務中的勝率最高。如您所知，我們在 2022 年對銷售人員進行了改革，並在年底時真正開始看到這種勢頭在生產力、贏單率等方面的增長。

The second piece, and one of our favorite parts about our business model, is that self-serve continues to be the hunting ground for Vimeo Enterprise in a meaningful way. In the -- for the year and for the quarter, it was more than half of the leads that came in for that business came through our self-serve business. We continue to believe that self-serve is a very important piece of our -- of the puzzle of how you build this overall growth story.

第二部分，也是我們最喜歡的商業模式部分之一，是自助服務繼續以有意義的方式成為 Vimeo Enterprise 的獵場。在這一年和本季度，超過一半的業務線索來自我們的自助服務業務。我們仍然相信，自助服務是我們如何構建這個整體增長故事的難題的一個非常重要的部分。

Our next question will come from Justin Patterson at KeyBanc.

我們的下一個問題將來自 KeyBanc 的 Justin Patterson。

Great. Anjali, I'd like to go back to just kind of your theme for the year, innovation through simplicity. I know a lot of us have often thought of Vimeo as being much simpler, easier to use than a lot competitors. Just kind of talk through just what you see as the opportunity to simplify the Vimeo platform today? Are there some discoverability issues with the product? Are people just not realizing the full value of the platform? And then, Gillian, perhaps you could tack on to that, how you think of that influencing conversion rate over time?

偉大的。 Anjali，我想回到你今年的主題，通過簡單進行創新。我知道我們中的很多人經常認為 Vimeo 比許多競爭對手更簡單、更容易使用。只是談談您認為今天簡化 Vimeo 平台的機會？產品是否存在一些可發現性問題？人們只是沒有意識到該平台的全部價值嗎？然後，Gillian，也許你可以繼續說，你如何看待隨著時間的推移影響轉化率？

So I think Vimeo has always been, and what we do exceptionally well, is we make video easy and intuitive. We make really complex types of video far more accessible. That's always been our strength, and it continues to be our strength. Where I see an opportunity is, in the last few years, we have dramatically expanded what you can do on Vimeo. So for the first 10-plus years of our history, once you had a video, you could upload and host that video and embed it using Vimeo. We are still best in class at that, and we'll continue to advance to make sure we stay that way.

所以我認為 Vimeo 一直以來都是，而且我們做得非常出色的是，我們讓視頻變得簡單直觀。我們使真正複雜類型的視頻更容易訪問。這一直是我們的優勢，並將繼續成為我們的優勢。我看到的機會是，在過去的幾年裡，我們極大地擴展了您在 Vimeo 上可以做的事情。因此，在我們歷史的前 10 多年裡，一旦你有了視頻，你就可以上傳和託管該視頻，然後使用 Vimeo 將其嵌入。我們在這方面仍然是同類中最好的，並且我們將繼續前進以確保我們保持這種狀態。

But now you can live stream an event on Vimeo. You can create a video. You can record a message. And then after you created that video, the things that you want to be able to do have changed and have evolved. And we have expanded our product pretty dramatically. And so I think the reality is that right now, it is too hard to discover the full breadth of what you can do on Vimeo today. And the way to solve that is much easier once you've already built the capabilities. We have all of the products in our suite. We need our UX. And the way you get into the product to be frictionless and to be sort of viral in its ability to help you discover what you can do. And some of that is just truly removing steps in the process, like true simplification. Some of it is actually just being smarter in our data, using AI, to be able to say, okay, we know what kind of a user you are. What's the next best action? What's the next thing we're going to service?

但現在您可以在 Vimeo 上直播活動。您可以創建一個視頻。您可以錄製消息。然後在你創建了那個視頻之後，你想要做的事情已經發生了變化和發展。我們已經非常顯著地擴展了我們的產品。所以我認為現實是，現在很難發現你今天可以在 Vimeo 上做的全部事情。一旦你已經構建了這些功能，解決這個問題的方法就會容易得多。我們的套件中包含所有產品。我們需要我們的用戶體驗。你進入產品的方式是無摩擦的，並且在幫助你發現你能做什麼的能力方面具有病毒式傳播的能力。其中一些只是真正刪除了流程中的步驟，比如真正的簡化。其中一些實際上只是在我們的數據中變得更聰明，使用人工智能，能夠說，好吧，我們知道你是哪種用戶。下一個最佳行動是什麼？我們接下來要服務的是什麼？

So those are the types of opportunities we are laser focused on this year. And we think there's a lot of very sort of near-term improvements that we can drive without a significant amount of investment. We're not saying we need to go and launch whole net new capabilities. We're really saying like we've built a lot of power under the hood and it's time to expose that power in a more simple way. And I will just say that doesn't mean we won't also look to innovate in certain areas, but innovation through simplicity, the reality is we know every customer we talk to still finds video too hard, every single one. You can be a market -- a marketing department of the largest company in the world with the largest budget, you can be someone who has been in the video business and creating video for 20 years, and you will still say it's way, way too hard. So we think that this sort of simplicity really is the way to open up video for the world.

因此，這些是我們今年重點關注的機會類型。而且我們認為，我們可以在沒有大量投資的情況下推動很多非常短期的改進。我們並不是說我們需要去推出全新的功能。我們實際上是在說我們已經在引擎蓋下構建了很多功能，現在是時候以更簡單的方式展示這種功能了。我只想說，這並不意味著我們不會在某些領域也尋求創新，而是通過簡單進行創新，現實是我們知道與我們交談的每一位客戶仍然覺得視頻太難了，每一位。你可以是一個市場——世界上最大的公司的營銷部門，預算最多，你可以是從事視頻業務和製作視頻 20 年的人，你仍然會說這是方式，方式也是難的。所以我們認為這種簡單性確實是為世界打開視頻的方式。

And from a financial perspective, we -- our view is that we need to be building a growth -- a profitable growth business, right? So we need to have efficiency in our marketing dollars. Conversion is a huge piece of that. But it's also a huge piece of adoption. I like to joke that IR is going to become a profit center at Vimeo. And we're already on our way. I can tell you. We have customers that have come in because of our video.

從財務的角度來看，我們——我們的觀點是我們需要建立一個增長——一個盈利增長的業務，對嗎？因此，我們需要提高營銷費用的效率。轉換是其中很大一部分。但這也是一個巨大的採用。我喜歡開玩笑說 IR 將成為 Vimeo 的利潤中心。我們已經在路上了。我可以告訴你。我們有客戶因為我們的視頻而進來。

Now we get a little aid in that from time to time. We have some special helpers who help us make sure we can use the product right. I want every CFO to be able to do a video of their earnings from their home if they need to or want to. And I think that's the kind of thing that feeds into conversion. And to build a profitable growth business, we want that conversion to continue to grow.

現在我們不時在這方面得到一點幫助。我們有一些特殊的助手幫助我們確保我們可以正確使用產品。我希望每個首席財務官都能夠在需要或願意的情況下製作他們在家中收入的視頻。我認為這就是促成轉變的事情。為了建立盈利增長的業務，我們希望這種轉換能夠繼續增長。

Now just as a reminder, our conversion, we've talked about this in the past, it is down from the pandemic, but up meaningfully from pre-pandemic periods. That's all about gaining the efficiency we want to gain to lead us to the point where we can drive the kind of EBITDA margins we think the company deserves.

現在提醒一下，我們的皈依，我們過去曾討論過這一點，它比大流行病有所下降，但比大流行病前時期有意義。這就是獲得我們想要獲得的效率，從而使我們能夠推動我們認為公司應得的 EBITDA 利潤率。

Our next question will come from William Kerr at Cowen.

我們的下一個問題將來自 Cowen 的 William Kerr。

Great. I had 2 quick ones. So stock-based comp stepped down nicely in 4Q. Are there any onetime callouts there? And then could you just talk about your philosophy around stock-based compensation and how investors should be thinking about that going forward? And then I have one other one.

偉大的。我有兩個快速的。因此，基於股票的補償在第四季度很好地下降了。那裡有任何一次性標註嗎？然後你能談談你關於股票薪酬的理念以及投資者應該如何考慮未來的發展嗎？然後我還有一個。

Sure. Thanks, Bill. So stock-based comp has been running in and around $20 million a quarter. And in Q4, it was meaningfully lower. That's the result of some exiting executives, where we've had to true up the stock-based comp for those grants. So there's a little bit -- a lot of Q4, and I think we outlined it in the prepared remarks, that is onetime in nature for that true-up, if you will.

當然。謝謝，比爾。因此，基於股票的薪酬每季度的收入約為 2000 萬美元。在第四季度，它顯著降低了。這是一些離職高管的結果，我們不得不為這些贈款調整基於股票的補償。所以有一點 - 很多第四季度，我想我們在準備好的評論中概述了它，如果你願意的話，那是一次真正的調整。

But that said, I think there's a more important point on stock-based comp because stock-based comp ultimately reflects burn rate and dilution to our shareholders. And Vimeo, in 2022, had a bit of an unprecedented set of circumstances. The stock came down a lot. We were continuing to hire. We brought on a whole new management team. As we look at 2023 and beyond, we are very committed to limiting dilution to shareholders, and that's going to have a resulting impact on stock-based comp.

但話雖如此，我認為基於股票的薪酬還有更重要的一點，因為基於股票的薪酬最終反映了燒錢率和對我們股東的稀釋。而 Vimeo 在 2022 年遇到了一系列前所未有的情況。股票跌了很多。我們繼續招聘。我們帶來了一個全新的管理團隊。展望 2023 年及以後，我們非常致力於限制對股東的稀釋，這將對基於股票的補償產生影響。

So $20 million has been in and around where we are. I think that's sort of peak level, and that will start to come down over time at the company. One other note on dilution just generally, and we mentioned this in the video, but we have gone to net settle on when our employees' shares vest for tax purposes, which is, in a way, its own a buyback of sorts in the company. So again, very, very focused on dilution. It will show through in stock-based comp over time.

所以 2000 萬美元已經在我們所在的地方和周圍。我認為這是最高水平，隨著時間的推移，這將在公司開始下降。另一個關於稀釋的一般說明，我們在視頻中提到了這一點，但我們已經確定了我們員工的股份何時出於稅收目的歸屬，在某種程度上，這本身就是公司的某種回購.因此，再次非常非常關注稀釋。隨著時間的推移，它將在基於股票的補償中體現出來。

Okay. Great. And then one more. Anjali, so there's been a lot of talk about AI and generative AI lately. And I was just hoping you could tell us a little bit about how Vimeo is using AI and how you think it might potentially impact the business over the long term.

好的。偉大的。然後再來一個。 Anjali，所以最近有很多關於 AI 和生成 AI 的討論。我只是希望你能告訴我們一些關於 Vimeo 如何使用 AI 以及你認為它可能如何長期影響業務的信息。

Sure. Well, I think like everyone, there's a ton of exciting opportunity in AI. But AI isn't a new thing for Vimeo. We've been very intentionally investing in AI over the last few years. I think we've built one of the strongest video AI teams, certainly in our industry over the last few years. And we do use AI in very tangible ways today. We use AI to optimize video delivery so that it can be scalable, efficient and high quality. We use AI to help customers create content, so you can use our mobile app and provide us with some images or video footage, and we will use AI to automatically create a video for you that you can then edit. And we do things now increasingly to help automatically sort of optimize content that comes through our system.

當然。好吧，我認為和每個人一樣，人工智能領域有很多令人興奮的機會。但人工智能對 Vimeo 來說並不是什麼新鮮事。在過去的幾年裡，我們一直非常有意地投資於人工智能。我認為我們已經建立了最強大的視頻 AI 團隊之一，當然是在過去幾年中在我們的行業中。我們今天確實以非常切實的方式使用人工智能。我們使用 AI 來優化視頻傳輸，使其具有可擴展性、高效性和高質量。我們使用人工智能幫助客戶創建內容，因此您可以使用我們的移動應用程序並向我們提供一些圖像或視頻片段，我們將使用人工智能自動為您創建視頻，您可以隨後進行編輯。我們現在越來越多地做一些事情來幫助自動排序優化通過我們系統的內容。

So an example would be, if you are -- you had a 3-hour meeting, and it's now automatically being recorded and archived on Vimeo, we will now use AI for enterprise customers, for example, to automatically suggest ways to chapter that content based on the information. So those are some of the ways today that we use AI. And it's really all designed to like how can we help you create content faster quality that's better quality? How can we help you get more from the information that's contained within a video? And then obviously, how can we help Vimeo operate in a better way?

舉個例子，如果你有一個 3 小時的會議，它現在被自動記錄並存檔在 Vimeo 上，我們現在將為企業客戶使用 AI，例如，自動建議對內容進行章節的方法根據信息。所以這些就是我們今天使用人工智能的一些方式。它真的是為了喜歡我們如何幫助您更快地創建質量更好的內容而設計的？我們如何幫助您從視頻中包含的信息中獲得更多信息？然後很明顯，我們如何幫助 Vimeo 以更好的方式運作？

On the topic of generative AI. Certainly, that's an area we're looking at, and we believe we're well positioned to play a role in and leverage for the benefit of our customers. One of the things that I think is really interesting is we do have one of the largest data sets in the world on video. Our embeddable player is out on the Internet. I think after YouTube, there is no other player that has as much video content. And so we think that we have some interesting assets and opportunities to be able to play a really valuable role in the sort of ecosystem around generative AI. Certainly, it's early in video, but it's not that early, and we're taking a pretty proactive approach as we think about that.

關於生成 AI 的主題。當然，這是我們正在關注的一個領域，我們相信我們有能力在其中發揮作用並為客戶的利益發揮槓桿作用。我認為真正有趣的一件事是我們確實擁有世界上最大的視頻數據集之一。我們的嵌入式播放器已上線。我認為在 YouTube 之後，沒有其他播放器擁有如此多的視頻內容。因此，我們認為我們擁有一些有趣的資產和機會，能夠在圍繞生成人工智能的生態系統中發揮真正有價值的作用。當然，它在視頻方面還處於早期階段，但還沒有那麼早，我們正在考慮採取非常積極主動的方法。

(Operator Instructions) Next question will come from Danny Pfeiffer at JPMorgan.

（操作員說明）下一個問題將來自摩根大通的 Danny Pfeiffer。

I'm on the call for Cory Carpenter. I just have a few quick ones. On trends, more broadly, in international markets, are you seeing any differences in the growth rates versus domestically? And then on the second question, you talked about one of the big use cases for Vimeo Enterprise being for marketing departments. And I was just wondering if you're seeing any slowdown there on customer acquisition or higher churn among those customers given the slowdown in marketing spend across the industry?

我正在接聽 Cory Carpenter 的電話。我只有幾個快速的。就趨勢而言，更廣泛地說，在國際市場上，您是否發現增長率與國內市場有任何差異？然後關於第二個問題，您談到了 Vimeo Enterprise 的一個重要用例是營銷部門。我只是想知道，鑑於整個行業的營銷支出放緩，您是否看到客戶獲取速度放緩或客戶流失率增加？

Thanks, Danny. Just -- I'll hit the international growth first. Our U.S. business grew faster than international markets, but not by a meaningful amount in the quarter. So that's where that sits. And we talked a little bit about currency's impact on -- or FX's impact on the financials, they would have been slightly better without that FX headwind.

謝謝，丹尼。只是 - 我將首先實現國際增長。我們的美國業務增長速度快於國際市場，但本季度增長幅度不大。這就是它所在的位置。我們談到了貨幣對 - 或外匯對金融的影響，如果沒有外匯逆風，它們會稍微好一些。

And then just to add on the global side. The need for video is global. We continue to see demand across countries and regions. Certainly, for Vimeo Enterprise, we see an opportunity to expand internationally and our -- we had planted a flag in EMEA and APAC, and we're seeing really exciting growth there, and we think we're just getting started as it relates to international expansion of our sales force.

然後只是在全球範圍內添加。對視頻的需求是全球性的。我們繼續看到跨國家和地區的需求。當然，對於 Vimeo Enterprise，我們看到了國際擴張的機會，我們已經在 EMEA 和 APAC 樹立了一面旗幟，我們在那裡看到了非常令人興奮的增長，我們認為我們才剛剛開始，因為它與我們銷售隊伍的國際擴張。

On the question about marketing departments, it's interesting. We haven't seen any slowdown in demand for marketing departments given the need for folks to get more efficient. The hypothesis that we would have, based on what we see is there's actually a greater demand for every marketing dollar to be -- to have an ROI.

關於營銷部門的問題，很有意思。鑑於人們需要提高效率，我們沒有看到對營銷部門的需求有任何放緩。根據我們所看到的情況，我們的假設實際上是對每一筆營銷資金的需求更大——以獲得投資回報率。

And if video has higher clicks, higher engagements, is a better tool to acquire your customers, then actually the need becomes more valuable. Where it's tricky is if your value proposition and your price point isn't compelling. And we think we have the best value for money in the industry, right? And we've moved to a per-seat pricing model. We really have kind of taken the approach of, let's make it easy to start using video. You can start as a marketer on Vimeo for free. You can pay a couple of hundred dollars and start to realize the benefit of our tools. And then over time, based on your usage and what you're doing, we can turn that into a really meaningful relationship with you. And so we think that approach that we've taken is actually quite aligned with sort of macro desire to be more efficient.

如果視頻具有更高的點擊率、更高的參與度，是獲取客戶的更好工具，那麼實際上需求就會變得更有價值。棘手的地方在於您的價值主張和價格點是否沒有吸引力。我們認為我們擁有業內最佳的性價比，對嗎？我們已經轉向按座位定價模式。我們確實採取了一種方法，讓我們更容易開始使用視頻。您可以免費成為 Vimeo 上的營銷人員。您可以支付幾百美元並開始意識到我們工具的好處。然後隨著時間的推移，根據您的使用情況和您正在做的事情，我們可以將其轉變為與您真正有意義的關係。因此，我們認為我們採取的這種方法實際上與提高效率的宏觀願望非常一致。

One last thing I want to add is the other thing that we've certainly seen more momentum in the last couple of months has been one of the things we do is we can help consolidate multiple different video vendors because of the breadth of our solutions. And that can often be a way to save money. And we are seeing that sort of sale resonate with companies more and more. And we're sort of developing a tighter pitch around that and offering around that. But I think for both of those reasons, we are actually well positioned to be sort of a net benefit that many companies can embrace right now to be more efficient during this time.

我想補充的最後一件事是，在過去幾個月中我們肯定看到了更多勢頭的另一件事是我們所做的事情之一是，由於我們解決方案的廣泛性，我們可以幫助整合多個不同的視頻供應商。這通常是一種省錢的方法。我們看到這種銷售方式越來越引起公司的共鳴。我們正在圍繞它開發更緊密的音調並圍繞它提供。但我認為，出於這兩個原因，我們實際上處於有利地位，可以成為許多公司現在可以接受的一種淨收益，以便在這段時間內提高效率。

And with that, it looks like there are no further questions. I would like to hand the call back to Anjali.

這樣，看起來就沒有其他問題了。我想把電話轉回給 Anjali。

Great. Well, I'll wrap I think something that I think is important for you all to know. The Vimeo team is pumped. Despite challenges and tough choices of late, we kicked off the year genuinely energized, and for 2 reasons: Because the tailwinds for video are strong, and we think we've got the best product for businesses to use video; and because our strategy is to simplify, simplify our products to make it easier for our customers, and simplify our business to make it easier for ourselves. Simplification is, I think, a powerful force and function for focus and efficiency. And we feel like we have the right tools to execute and delight our customers this year.

偉大的。好吧，我總結一下我認為對你們所有人來說都很重要的事情。 Vimeo 團隊興奮不已。儘管最近遇到了挑戰和艱難的選擇，但我們以真正充滿活力的方式開始了這一年，原因有二：因為視頻的順風很強勁，我們認為我們已經為企業提供了使用視頻的最佳產品；因為我們的戰略是簡化，簡化我們的產品，讓我們的客戶更容易，並簡化我們的業務，讓我們自己更容易。我認為，簡化是專注和提高效率的強大力量和功能。我們覺得我們今年擁有正確的工具來執行和取悅我們的客戶。

So thank you for your time, and we'll wrap by playing some quick footage from our company kickoff last month.

非常感謝您抽出寶貴時間，我們將通過播放上個月我們公司啟動的一些短片來結束。

(presentation)

（推介會）