Vimeo Inc (VMEO) 2023 Q2 法說會逐字稿

Good morning, and thank you for joining Vimeo's Q2 2023 Earnings Live Q&A.

早上好，感謝您參加 Vimeo 的 2023 年第二季度收益現場問答。

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.

在我們開始之前，先發表一些評論。首先，本次會議將於今天晚些時候錄製並在 Vimeo 投資者關係網站上提供。其次，我們將討論 Vimeo 的前景和未來表現。

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 statements are subject to risks and uncertainties, and our actual results could differ materially from the views expressed today.

這些前瞻性陳述之前通常可能會出現“我們期望”、“我們相信”、“我們預期”或其他此類陳述等詞語。這些前瞻性陳述存在風險和不確定性，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 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.

我們還提供了有關某些關鍵指標和非公認會計準則財務指標的信息，包括某些前瞻性指標。這些應作為公認會計原則措施的補充而非替代或孤立考慮。有關 Vimeo 財務業績的更多信息，包括與可比 GAAP 衡量標準的調節表，請參閱我們的股東信函和 Vimeo 向 SEC 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。

With that, I'll turn it over to our CFO, Gillian.

這樣，我會將其交給我們的首席財務官 Gillian。

Good morning. Thank you for joining Vimeo's Q2 2023 earnings Q&A session. I'm Gillian Munson, Vimeo's CFO, and I'm happy to be joined for the first time on quarterly earnings by Adam Gross, our recently named Interim CEO.

早上好。感謝您參加 Vimeo 的 2023 年第二季度收益問答環節。我是 Vimeo 的首席財務官 Gillian Munson，我很高興能與我們最近任命的臨時首席執行官 Adam Gross 首次一起討論季度收益。

Adam has been with us for about a month and is quickly ramping up on all things Vimeo. We're excited to have him on board, particularly given his wealth of experience as a leader in the SaaS space, and as a member of the Vimeo's Board over the past 2 years. We're all looking forward to working with him going forward.

Adam 已經和我們在一起大約一個月了，並且很快就熟悉了 Vimeo 的所有事情。我們很高興他加入，特別是考慮到他作為 SaaS 領域的領導者以及過去 2 年作為 Vimeo 董事會成員的豐富經驗。我們都期待著與他繼續合作。

Before we jump into the Q&A, I'll mention a few main highlights from the quarter. First, we continue to believe we are on track to return bookings to growth in the back half of this year. Second, our efficiency initiatives continued to pay off, with gross margin up, operating expenses down and improved profitability year-over-year in the quarter.

在我們進入問答之前，我將提及本季度的一些主要亮點。首先，我們仍然相信今年下半年預訂量將恢復增長。其次，我們的效率舉措繼續取得成效，本季度毛利率上升，運營費用下降，盈利能力同比提高。

And third, we showed that we could control costs, while still investing in innovation with our AI-powered video creation suite, which we believe will help make video easier and more accessible for all. It's still very early days in terms of where video communication can go, particularly in the business world. I'm confident that Vimeo's platform and products can be part of facilitating this evolution and believe we're making good progress against our goals. We look forward to taking your questions.

第三，我們證明了我們可以控製成本，同時仍然通過人工智能驅動的視頻創作套件進行創新投資，我們相信這將有助於讓所有人更輕鬆地訪問視頻。就視頻通信的發展方向而言，現在還處於早期階段，尤其是在商業領域。我相信 Vimeo 的平台和產品可以成為促進這一發展的一部分，並相信我們正在朝著我們的目標取得良好進展。我們期待回答您的問題。

Our first question comes from Brian Fitzgerald at Wells Fargo. Brian?

我們的第一個問題來自富國銀行的布萊恩·菲茨杰拉德。布萊恩？

Gillian. Adam, welcome. We're looking forward to working with you. Given your experience with SaaS businesses in the past, I'm just wondering if there's anything you could share about what you'd like to bring to the business in an operating role? Any new priorities and strategy or go-to-market?

阿嬌.亞當，歡迎。我們期待與您合作。鑑於您過去在 SaaS 業務方面的經驗，我想知道您是否可以分享一下您希望以運營角色為企業帶來什麼？有什麼新的優先事項和策略或進入市場嗎？

Yes. Thanks so much for the question. Really 3 things I'm excited about as I get up to speed here. The first is the technology. I think we're in the early days of seeing videos impact on business. I think it's going to be an exciting decade ahead as we -- what video has evolved and the application for and the enterprise expand, and we have an opportunity to find new strategic ways to partner with our customers in bringing video value to them.

是的。非常感謝您的提問。當我熟悉這裡的情況時，確實有三件事讓我感到興奮。首先是技術。我認為我們正處於看到視頻對業務影響的早期階段。我認為未來的十年將是令人興奮的十年，因為視頻的發展、應用程序和企業的擴展，我們有機會找到新的戰略方法來與客戶合作，為他們帶來視頻價值。

And the second is the team. I've been a member of the Board for 2 years. I had a hand in recruiting most of the management team and working with them in the boardroom. And so that's really helped get up to speed quickly and very much looking forward to working with them as we continue to execute on the strategy.

其次是團隊。我擔任董事會成員已經兩年了。我參與了大部分管理團隊的招聘，並在董事會與他們合作。因此，這確實有助於快速上手，並且非常期待在我們繼續執行該戰略時與他們合作。

And the last is really our kind of our go-to-market model. And if you look at my career and my experience in places like Salesforce and Dropbox and Heroku, one of the common themes is really being able to marry really innovative technology with innovative go-to-market models.

最後一個實際上是我們的上市模式。如果你看看我的職業生涯以及在 Salesforce、Dropbox 和 Heroku 等地方的經歷，就會發現共同主題之一確實能夠將真正的創新技術與創新的上市模式結合起來。

And when you look at the opportunity, we have to connect the self-serve business with the enterprise business and you look at how really successful companies have done that in the past, again, like the Salesforce's and Dropbox's of the world, I think that's a really exciting opportunity for us here.

當你看到這個機會時，我們必須將自助服務業務與企業業務聯繫起來，你會看到過去真正成功的公司是如何做到這一點的，就像世界上的Salesforce 和Dropbox 一樣，我認為這就是對我們來說這是一個非常令人興奮的機會。

Our next question comes from Tom Champion at Piper Sandler. Tom?

我們的下一個問題來自 Piper Sandler 的 Tom Champion。湯姆？

First question is around the AI-powered video creation suite. And just curious, Gillian, if you could talk about the early experience here, and if the product is available for enterprise and self-serve customers. I think last quarter, you shared an interesting stat around users that upload video and use a creation tool and the related bookings there? Just curious if that plays into the thinking here.

第一個問題是關於人工智能驅動的視頻創作套件。只是好奇，吉莉安，您是否可以談談這裡的早期體驗，以及該產品是否適用於企業和自助客戶。我想上個季度，您分享了有關上傳視頻和使用創作工具的用戶以及相關預訂的有趣統計數據？只是好奇這是否符合這裡的想法。

Yes. So let me start there. Do you have anything.

是的。讓我從這裡開始。你有什麼東西嗎。

Yes, please.

是的，請。

Okay.

好的。

Please.

請。

So on the AI suite, it's very new. So I think that it's too early to give you stats on how it's doing. But it's important to remember that Vimeo has been on a journey with AI for quite a while, and we use AI in a variety of places throughout the product, all with the main goal of our strategy, which is to make video more accessible, particularly for business users.

所以在AI套件上，它是非常新的。因此，我認為現在向您提供有關其表現的統計數據還為時過早。但重要的是要記住，Vimeo 已經踏上了人工智能之旅很長一段時間了，我們在整個產品的各個地方都使用了人工智能，所有這些都是為了我們戰略的主要目標，即讓視頻更易於訪問，特別是對於商業用戶。

And so that is a theme throughout our products. And the AI creation suite is just one great example of how you can get up and productive on video fast using Vimeo. So I encourage you all to use it. You probably can use it for some of your research reports over time. I know that for us, for even earnings calls, it's been a helpful tool for us to get the whole process done easier, faster and make it less scary, if you will, to make video something you use every day.

這就是我們產品的一個主題。 AI 創作套件只是您如何使用 Vimeo 快速啟動視頻並提高工作效率的一個很好的例子。所以我鼓勵大家使用它。隨著時間的推移，您可能可以將它用於一些研究報告。我知道，對於我們來說，即使是財報電話會議，它也是一個有用的工具，可以讓我們更輕鬆、更快地完成整個過程，並且讓視頻成為您每天使用的東西，讓您不再那麼害怕。

In terms of the strategy, we've talked a lot about this that Vimeo has really expanded how customers use the products. And I think we talked last time about how we've gone from folks who are just uploading to folks who are using lots of different Vimeo tools to amend the video, create the video, distribute the video, and that continues to be a trend, and this is one of those type of tools.

在策略方面，我們已經討論過很多，Vimeo 確實擴展了客戶使用產品的方式。我想我們上次談到了我們如何從僅僅上傳的人轉變為使用許多不同的 Vimeo 工具來修改視頻、創建視頻、分發視頻的人，這仍然是一種趨勢，這就是此類工具之一。

The AI creation suite is available on our enterprise products and in a handful of our higher-end self-serve products. At the lower end of the product line, you'd have to upgrade to use the AI tools.

人工智能創建套件可在我們的企業產品和一些高端自助產品中使用。在產品線的低端，你必須升級才能使用人工智能工具。

Okay. All that makes sense. Maybe if I could sneak in one more. Gillian, maybe just remind us, I know SBC was a little bit of an odd result this quarter. But just remind us how we should be thinking about that through the balance of the year?

好的。這一切都是有道理的。如果我能再偷偷溜進去一次就好了。 Gillian，也許只是提醒我們，我知道 SBC 本季度的結果有點奇怪。但請提醒我們，在今年剩下的時間裡我們應該如何思考這個問題？

And curious with margins generally better than expected, how are you thinking about investing behind growth? Does it make sense to think more about investing behind the top of funnel within self-serve or other investments to help stabilize and grow the business?

您對利潤率普遍好於預期感到好奇，您如何考慮投資增長？更多地考慮在自助服務或其他投資中投資漏斗頂部以幫助穩定和發展業務是否有意義？

Sure. You just snuck in 2 questions there, Tom, but I'm not going to get you on that. Okay. So for a stock-based comp, we are really on a journey of the stock-based comp to bring it down at Vimeo, and that's going to happen in a couple of different ways.

當然。湯姆，你剛才偷偷問了兩個問題，但我不會問你這個問題。好的。因此，對於基於股票的公司來說，我們實際上正在踏上以股票為基礎的公司在 Vimeo 上失敗的旅程，這將通過幾種不同的方式發生。

The key thing that stock-based comp represents to us, and we think to our shareholders is dilution. And as we look at the business, we think that we had been a little too free in terms of the amount of stock we gave away, particularly in 2022. Some of that was just required as we had a new management team come into the company, but we have gold ourselves to meaningfully bring that down and are on a path to doing that.

股票比較對我們以及我們的股東來說最重要的是稀釋。當我們審視業務時，我們認為，就我們贈送的股票數量而言，我們有點過於自由了，尤其是在 2022 年。其中一些只是因為我們有新的管理團隊進入公司而需要的，但我們自己擁有黃金來有意義地降低這種情況，並且正在努力做到這一點。

Now stock-based comp expense, it was a little bit of a trailing indicator of that initiative and also reflects some of the Board and management changes you've seen happen over the last couple of quarters. So when you look specifically at Q2, our stock-based comp was actually a benefit. And the reason for that is, as Anjali announced her departure, we had to reverse some of the cumulative expense we had taken for some of the shares she won't be taking with her. So that's what that is.

現在是基於股票的補償費用，它是該計劃的一個跟踪指標，也反映了您在過去幾個季度中看到的一些董事會和管理層的變化。因此，當你具體觀察第二季度時，我們的基於股票的比較實際上是一個好處。原因是，當安賈莉宣布離開時，我們必須沖銷我們為她不會帶走的一些股票所承擔的一些累計費用。就是這樣。

Now when I look at stock-based comp overall, I think we talked about this a few quarters ago that we were running in and around $20 million a quarter, which we felt was too high a number. With all the different changes and our hard work to make sure we keep dilution lower on burn rate, we think that those figures are going to be more in the $10 million to $12 million quarterly as we look forward here in terms of where we sit today. Okay.

現在，當我整體審視基於股票的比較時，我認為我們在幾個季度前討論過這一點，我們每個季度的運營成本約為 2000 萬美元，我們認為這個數字太高了。通過所有不同的變化以及我們為確保燃燒率保持較低稀釋度所做的努力，我們認為這些數字將在季度 1000 萬至 1200 萬美元左右，正如我們今天所期待的那樣。好的。

Then in terms of expenses and investing. So we have always believed that Vimeo has strong profit capability. And that inherent in the business is really great profitability. We have a 78% gross margin. As you saw, we've continued to bring expenses down. I think one thing we've done really nicely in 2023 is show that even in a transitional revenue period, we can get profitable, and we can be free cash flow positive.

然後是費用和投資方面。所以我們一直相信Vimeo有很強的盈利能力。該業務固有的特點就是巨大的盈利能力。我們的毛利率為 78%。正如您所看到的，我們繼續降低開支。我認為我們在 2023 年做得非常好的一件事是，即使在過渡收入時期，我們也可以實現盈利，並且自由現金流可以為正。

So underlying that are actually continued investments to drive growth. And we're really trying to balance, delivering profitability in a transitional time and a little bit of an uncertain time, while also investing. So inherently, we actually think the business could be more profitable, but the delta there is some of the investment we are making. We really focused on great product. We're really focused on making sure our customers are getting to the products easily.

其根本原因實際上是持續投資來推動增長。我們確實在努力平衡，在過渡時期和有點不確定的時期實現盈利，同時進行投資。因此，本質上，我們實際上認為該業務可能會更有利可圖，但增量是我們正在進行的一些投資。我們真正專注於優秀的產品。我們真正專注於確保我們的客戶能夠輕鬆獲得產品。

And so we will continue to make investments and sort of make those trade-offs between profitability investment. Our balance sheet and our really strong cash position puts us in a great position to do that. But we are also doing that while generating cash flow right now, which I think is a really nice thing for the company.

因此，我們將繼續進行投資，並在盈利性投資之間進行權衡。我們的資產負債表和強大的現金狀況使我們處於實現這一目標的有利位置。但我們現在也在這樣做，同時產生現金流，我認為這對公司來說是一件非常好的事情。

Our next question will come from William Kerr at TD Cowen. William?

我們的下一個問題將來自 TD Cowen 的 William Kerr。威廉？

Great. So bookings growth was a lot better than we expected and the reacceleration in enterprise was especially encouraging. Could you just touch on the current booking trends in 3Q, and then maybe fundamentally, how we should be thinking about the relationship between bookings and revenue?

偉大的。因此，預訂量的增長比我們預期的要好得多，企業的重新加速尤其令人鼓舞。您能否簡單談談當前第三季度的預訂趨勢，然後從根本上講，我們應該如何思考預訂與收入之間的關係？

Absolutely happy to. So as you know, we've been working our way through a period of down bookings. I think bookings were down in 4 of the last 5 quarters. And what happens is your bookings precede your revenue, so what you've started to see and have seen in the last couple of quarters, 3 of the last quarters is that revenue has fallen as well following those booking trends.

絕對樂意。如您所知，我們一直在努力度過預訂量下降的時期。我認為過去 5 個季度中有 4 個季度的預訂量有所下降。發生的情況是您的預訂量先於您的收入，因此您開始看到並在過去幾個季度中看到，過去三個季度中的收入也隨著這些預訂趨勢而下降。

So as we look at the business, we are on a path to return bookings to growth. That's our strategy, and we want to return bookings to growth, and then we believe that revenue would follow, and we want to do this all profitably as we've talked about.

因此，當我們審視業務時，我們正走在預訂量恢復增長的道路上。這是我們的策略，我們希望讓預訂量恢復增長，然後我們相信收入會隨之而來，而且我們希望像我們所說的那樣，實現這一切的盈利。

So in terms of the business, we continue to believe, and we confirmed in the shareholder letter that we believe we can get bookings back to growth by the end of the year. And everything we are doing is oriented around that. We did reduce the rate of decline in bookings in Q2 by a couple of points, which is great. But we've got a lot of work to do and a lot of heavy lift to move our way to the end of the year.

因此，就業務而言，我們仍然相信，並且我們在股東信中確認，我們相信我們可以在年底前使預訂量恢復增長。我們所做的一切都是圍繞這個目標。我們確實將第二季度的預訂量下降率降低了幾個百分點，這很棒。但我們還有很多工作要做，還有很多繁重的任務要讓我們順利度過今年年底。

As you frame it and you think about how to think about bookings as that leading indicator, we continue to believe it will be led by [VE]. That's where the strongest growth is in the business, and we continue to see VE growing as a percentage of the business and as a percentage of our bookings. It was just under 20% of bookings in the quarter.

當你構建它並思考如何將預訂視為領先指標時，我們仍然相信它將由 [VE] 領導。這就是業務增長最強勁的地方，我們繼續看到 VE 在業務中所佔的百分比以及在我們的預訂中所佔的百分比不斷增長。該季度的預訂量略低於 20%。

Offsetting that has been other, which is our OTT product, which is a really great ongoing product for us and in addition, some products that we've been deprecating, that's now down closer to about 10% of bookings. So as VE gets -- the VE growth now will overcome that and lead us into growth. In the middle is self-serve, which is the core of the business and the things that we've always talked about, growth comes through self-serve. And so we want to turn that to growth as well as we work our way to the end of the year.

抵消這一影響的是我們的 OTT 產品，這對我們來說是一個非常出色的持續產品，此外，我們一直在棄用的一些產品現在已下降到接近預訂量的 10% 左右。因此，隨著 VE 的發展，現在 VE 的增長將克服這一點並引領我們實現增長。中間是自助，這是業務的核心，也是我們一直在講的，增長來自於自助。因此，我們希望將其轉化為增長，並努力到年底。

All -- putting it all together, you'll be led by VE, self-serve, we hope to turn to growth. And the other portion of our business will get to be such a small portion of bookings that it's not going to be as much of a headwind on the overall growth rates over time. So that's how we're thinking about it.

所有 - 將所有這些放在一起，您將由 VE 領導，自助服務，我們希望轉向增長。我們業務的其他部分將只佔預訂量的一小部分，因此隨著時間的推移，它不會對整體增長率產生太大的阻力。這就是我們的想法。

Great. Great. And that kind of rolls into my second question, which is on self-serve, how do you think about sub stabilization versus pricing and getting that -- as you get that back to growth over the coming quarters?

偉大的。偉大的。這就涉及到我的第二個問題，即自助服務，您如何看待次穩定與定價以及如何實現這一目標——當您在未來幾個季度恢復增長時？

Yes. In self-serve, what you're seeing in terms of sub declines sort of mirrors what you're seeing in terms of bookings decline. But if you step back and look at it on a macro basis, what you're seeing for the overall Vimeo and you're going to see -- start to see in self-serve is that we are focused on going to a higher-level customer, a business customer, business customers use the product more, retain better, have all those financial factors that we think are beneficial for the business.

是的。在自助服務中，您所看到的子訂單下降情況在某種程度上反映了您所看到的預訂下降情況。但如果你退後一步，從宏觀的角度來看待它，你會看到整個 Vimeo 的情況，你會看到——開始在自助服務中看到，我們專注於走向更高的——級別客戶，企業客戶，企業客戶使用產品更多，保留更好，擁有我們認為對企業有利的所有財務因素。

So over time, we are trying to work up ARPU in self-serve. It starts with AOV. It starts with where do you bring customers in. And we saw really nice double-digit growth in AOV in the quarter. Now it takes a while to roll those AOVs through your overall ARPU, but that's the strategy.

因此，隨著時間的推移，我們正在努力提高自助服務的 ARPU。它從 AOV 開始。首先是從哪裡吸引客戶。我們在本季度看到 AOV 實現了兩位數的增長。現在需要一段時間才能將這些 AOV 納入您的整體 ARPU，但這就是策略。

So ultimately, my suspicions will be at a place where the ARPU is probably a little bit faster growth than, say, the subs as we continue to mix shift the business towards businesses over time. Right now, everything of the company is working on turning both bookings and subs back to growth, and then the pricing will be the x factor in terms of what that looks like in terms of velocity.

因此，最終，我的懷疑是，隨著時間的推移，隨著我們繼續將業務轉向企業，ARPU 的增長可能會比潛艇快一些。目前，公司的所有部門都在努力讓預訂量和訂閱量恢復增長，然後定價將成為影響速度的因素。

Our next question will come from Chris Zhang at Truist. Chris?

我們的下一個問題將來自 Truist 的 Chris 張。克里斯？

I have this question on behalf of Youssef Squali. What do you think is the level of steady state growth for both self-serve and enterprise business as the situation normalized for Vimeo?

我代表優素福·斯誇利提出這個問題。您認為隨著 Vimeo 情況正常化，自助服務和企業業務的穩定增長水平是多少？

Well, we're right now really focused on getting the overall business back to growth. So we're not -- we don't really guide by business. But I'll go back to kind of where I really want to make sure people understand the framing.

嗯，我們現在真正專注於讓整體業務恢復增長。所以我們不是——我們並沒有真正以業務為指導。但我會回到我真正想確保人們理解框架的地方。

VE is having very strong double-digit growth, 72% in the quarter. And we continue to believe that's where you're going to have your outsized growth at Vimeo. And then self-serve, we want to get back to growth. And then as we get it back to growth, then we'll figure out at what growth rate we land over time. But right now, our orientation is around turning the overall bookings back to growth by virtue of that strong VE growth, and then turning self-serve back to growth.

VE 實現了非常強勁的兩位數增長，本季度增長了 72%。我們仍然相信，這就是您在 Vimeo 取得超額增長的地方。然後自助服務，我們希望恢復增長。然後當我們恢復增長時，我們就會弄清楚隨著時間的推移我們的增長率是多少。但目前，我們的方向是藉助 VE 的強勁增長使整體預訂量恢復增長，然後使自助服務恢復增長。

Too soon to kind of peg long-term growth rates, but I would expect that you will always see the VE product have much stronger growth overall in our portfolio.

確定長期增長率還為時過早，但我希望您始終會看到 VE 產品在我們的投資組合中總體上具有更強勁的增長。

Our next question will come from David Lustberg at Jefferies. David?

我們的下一個問題將來自 Jefferies 的 David Lustberg。大衛？

This is David on for Brent. Around Vimeo Enterprise, I wanted to ask about the ARPU dynamics. I was wondering if you can tease out what's going on in the declines there between different product mix versus seat-based would be helpful?

這是布倫特的大衛。關於 Vimeo Enterprise，我想詢問 ARPU 動態。我想知道您是否可以弄清楚不同產品組合與基於座位之間的下降情況是否會有所幫助？

Absolutely. So ARPU in VE has been about $20,000 for quite a few quarters here. And ultimately, we think it's going higher. We think we can get to higher wallet share in companies overall. The challenge with ARPU, of course, is that when you are growing a business this fast, you have a mix of both customer sizes and new customer incoming price points that you have to sort of mix in to get to an overall ARPU.

絕對地。因此，VE 的 ARPU 在相當多的季度中一直約為 20,000 美元。最終，我們認為它會更高。我們認為我們可以在整個公司中獲得更高的錢包份額。當然，ARPU 的挑戰在於，當您如此快速地發展業務時，您會同時面臨客戶規模和新客戶進入價格點的混合，您必須將它們混合起來才能獲得整體 ARPU。

So over time, we expect that to go up. But because it's still a smaller business, it can be a little bit lumpy as we work our way through. So when we look -- there are no trends between customers or customer sizes that were particularly notable in the quarter. I think overall, our aim is to get ARPU up. There'll be a number of factors that get there.

因此，隨著時間的推移，我們預計這一數字將會上升。但由於它仍然是一家規模較小的企業，因此在我們的努力過程中可能會有點不穩定。因此，當我們觀察時，本季度客戶或客戶規模之間沒有特別值得注意的趨勢。我認為總體而言，我們的目標是提高 ARPU。有很多因素會影響到這一點。

Another indicator that we're making progress along that would be our NRR. So as you saw in the quarter, NRR was over 100%. That, again, is kind of where we were last quarter as well and coming up. And so we'll -- we want to move NRR up. We want to move AOV up, we want to move ARPU up. But we are also really excited whenever any customer wants to come to Vimeo.

我們在這方面取得進展的另一個指標是我們的 NRR。正如您在本季度看到的那樣，NRR 超過 100%。這也是我們上個季度和未來的情況。因此，我們希望提高 NRR。我們想要提高 AOV，我們想要提高 ARPU。但每當有客戶想要訪問 Vimeo 時，我們都會感到非常興奮。

So in this early stage of growing the business, if people come in lower than the ARPU and we can move them up over time. That's an opportunity for us that we'll take. So it will probably take a little time for the averages to move, but the trend is the same -- is to the positive.

因此，在業務發展的早期階段，如果人們的收入低於 ARPU，我們可以隨著時間的推移將他們提升。這對我們來說是一個機會，我們將抓住這個機會。因此，平均線的移動可能需要一點時間，但趨勢是相同的——都是積極的。

And then as it relates to VE over the overall business, when you look at Vimeo, I think 2 years ago, Vimeo's -- our overall ARPU was less than $200. And it has come up meaningfully over the last couple of years as a result of VE's growth and some of the other work we're doing in the business.

然後，由於它與整個業務中的 VE 相關，當你看看 Vimeo 時，我想 2 年前，Vimeo 的 - 我們的整體 ARPU 還不到 200 美元。由於 VE 的增長以及我們在該業務中所做的其他一些工作，它在過去幾年中變得有意義。

Got it. That's super helpful. And then maybe to follow up on -- it will lead to my next question on NRR, but I think it's 2 consecutive quarters of over 100%. Maybe if you could provide any color. I know you guys may be a little bit more locked about the numbers, but how that trended specifically versus last quarter, if it's high or lower around the same?

知道了。這非常有幫助。然後也許會跟進——這將引出我關於 NRR 的下一個問題，但我認為這是連續 2 個季度超過 100%。也許如果你能提供任何顏色。我知道你們可能對這些數字更加鎖定，但是與上季度相比，具體趨勢如何，是高還是低？

And then I know you said you plan on continuing to raise that higher, is that a dynamic of, hey, like we passed the COVID cohort that kind of came on and turned off and you guys feel that, that could be more of a steady increase over time as we get more to this normalized environment?

然後我知道你說你計劃繼續提高這個水平，這是一種動態，嘿，就像我們通過了新冠病毒隊列一樣，這種情況出現了又消失了，你們覺得，這可能會更加穩定隨著我們越來越適應這種標準化環境，會隨著時間的推移而增加嗎？

Yes. A couple of factors on NRR. COVID cohorts don't really have too much to do with our VE business. That really is a business that we almost kind of really took off. It was very, very small and has grown much more meaningfully into -- in the post-COVID period. The COVID cohorts' kind of has more to do with the self-serve business.

是的。影響 NRR 的幾個因素。新冠肺炎群體與我們的 VE 業務實際上並沒有太多關係。這確實是一項我們幾乎真正起飛的業務。它非常非常小，但在後新冠疫情時期變得更加有意義。新冠肺炎群體更多地與自助服務業務有關。

In terms of NRR, we think of it as a holy grail of customers being happy, expanding their use of Vimeo. And that's what we're aiming both the product teams at in terms of all the new features and functions they're bringing to enterprises as well as our sales force, in terms of their relationships with customers.

就 NRR 而言，我們認為這是讓客戶滿意、擴大 Vimeo 使用範圍的聖杯。這就是我們產品團隊為企業帶來的所有新特性和功能以及我們銷售團隊與客戶關係的目標。

So NRR to us is a really good sign that we're doing a good job at that. The way we expect to expand ARPU inside customers is both by expanding the use of Vimeo across the company. So oftentimes be able to start in one department and then expand out because people say, "Oh, wait, this is really a dead simple way to do video. And while my partner over here might want to use it."

因此，NRR 對我們來說是一個非常好的跡象，表明我們在這方面做得很好。我們希望擴大客戶內部 ARPU 的方法是在整個公司範圍內擴大 Vimeo 的使用。因此，通常能夠從一個部門開始，然後擴展到其他部門，因為人們會說，“哦，等等，這確實是一種製作視頻的非常簡單的方法。而我這裡的合作夥伴可能想使用它。 ”

I, of course, always believe that the whole finance team should use Vimeo. And then the HR team and the marketing team actually tends to start more in the HR, the marketing, then fly over to a finance team. But that's the idea. So it's both going to be expansion of the number of people using Vimeo and with all the kind of cool new features that we continue to bring out expansion of features. So it's along both lines is where our strategy sits.

當然，我始終認為整個財務團隊都應該使用 Vimeo。然後人力資源團隊和營銷團隊實際上傾向於更多地從人力資源、營銷開始，然後轉到財務團隊。但這就是這個想法。因此，這既會增加使用 Vimeo 的人數，也會帶來我們不斷擴展的各種酷炫新功能。因此，我們的戰略就是沿著這兩條線進行的。

At this point, there are no further questions. I'd like to hand the call back to Gillian.

至此，沒有其他問題了。我想把電話轉給阿嬌。

Thank you for joining our Q2 2023 live Q&A. We look forward to updating you again next quarter. Have a great day.

感謝您參加我們的 2023 年第二季度現場問答。我們期待下季度再次為您提供最新消息。祝你有美好的一天。