Vimeo Inc (VMEO) 2024 Q3 法說會逐字稿

Hi, I'm Philip Moyer. Vimeo's CEO. We had a strong performance in the third quarter. Bookings growth turned slightly positive. We delivered $105 million in revenue and $21 million in operating cash flow. This performance is a testament to the incredible work our team has done and I'm excited about what more we can accomplish on October 23rd, we hosted our inaugural sold out user conference Vimeo reframe which brought together creators across professions and industries to share best practices for integrating video into business operations. The following clips from the event highlight why I'm so excited about the value we can provide for our customers and the opportunity for Vimeo ahead. Check it out.

嗨，我是菲利普·莫耶。維梅奧的首席執行官。我們在第三季表現強勁。預訂量略有成長。我們實現了 1.05 億美元的收入和 2,100 萬美元的營運現金流。這一表現證明了我們團隊所做的令人難以置信的工作，我對10 月23 日我們能夠完成的更多工作感到興奮，我們舉辦了首屆售完的用戶會議Vimeo reframe，匯聚了跨專業和行業的創作者來分享最佳實踐將影片整合到業務運營中。以下活動片段強調了為什麼我對我們可以為客戶提供的價值以及 Vimeo 未來的機會感到如此興奮。一探究竟。

All right. Slide down on behalf of all of us at Vimeo, I want to welcome you to reframe into the next generation of video we brought you in through the back of the house so that you were part of making the magic with us.

好的。代表 Vimeo 的所有人滑下來，我想歡迎您重新製作我們從房子後面帶您進來的下一代視頻，以便您成為與我們一起創造魔法的一部分。

We have been trusted by some of the most discerning creators to help power their stories. We're obviously.

我們受到一些最有眼光的創作者的信任，可以為他們的故事提供動力。我們顯然是。

So passionate about the medium of video.

對視訊媒體充滿熱情。

Reframe. This conference is really all about video and storytelling. Please.

重新建構。這次會議實際上是關於視訊和講故事的。請。

Welcome Martha Stewart.

歡迎瑪莎·史都華。

How can we take Martha content which is vast and what do we do with that video? What do we do with that audio and how do we do that best in AI?

我們如何獲得大量的瑪莎內容以及我們如何處理該影片？我們如何處理該音訊以及如何在人工智慧中做到最好？

With our AI solution? You can easily translate and transcribe videos into multiple languages. That's.

使用我們的人工智慧解決方案？您可以輕鬆地將影片翻譯和轉錄為多種語言。就是這樣。

Exactly what reframe is all about redefining. What's possible with video.

確切地說，重構就是重新定義。影片可以做什麼。

It is some badassery like you've never seen before. You know, relevancy is using the tool, the technology, the innovation. Well.

這是一些你從未見過的惡作劇。你知道，相關性就是使用工具、技術和創新。出色地。

We're constantly evolving and innovating to help our customers leverage the very best in video storytelling.

我們不斷發展和創新，幫助我們的客戶充分利用影片講述故事的優勢。

Creators don't want to be replaced, they want to be uplifted, they want to be protected and they want to be accelerated.

創作者不想被取代，他們想要被提升，他們想要受到保護，他們想要加速。

You're getting a lot of like minded people that are really passionate about storytelling community and most importantly, videos.

你會遇到很多志同道合的人，他們對說故事社區，最重要的是對影片充滿熱情。

This is the moment to act, build, test and iterate. So don't wait for the future, start building it today.

現在是採取行動、建構、測試和迭代的時刻。因此，不要等待未來，從今天開始建造它。

Hello and thank you for joining Vimeo's Q3 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 nongaap 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 CEO Philip Meyer, Philip.

您好，感謝您參加 Vimeo 的 2024 年第三季收益現場問答，然後我們開始發表一些評論，首先，本次會議將在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。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」或其他此類陳述等字眼。這些前瞻性觀點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有重大差異。我們還提供了有關某些關鍵指標和非公認會計原則財務指標的信息，包括某些前瞻性指標。這些措施應作為公認會計準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 衡量標準的對賬，請參閱我們的股東信函、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。接下來，我會將其交給我們的執行長菲利普·邁耶 (Philip Meyer)，菲利普。

Thank you for joining us on our Q3 2024 live Q&A video call. I'm hoping the highlights of our Vimeo reframe conference give you a sense as to why we are so enthusiastic about the market and the company that we're a part of. It's an exciting time for video and Vimeo is better positioned than ever to support customers in their strategic video communications.

感謝您參加我們的 2024 年第三季現場問答視訊通話。我希望 Vimeo 重構會議的亮點能讓您了解為什麼我們對市場和我們所屬的公司如此熱情。對於視訊來說，這是一個激動人心的時刻，Vimeo 比以往任何時候都更有能力支援客戶的策略性視訊通訊。

A huge thank you to our new Chief Marketing Officer Charlie Erss and his team for putting on such an impactful and customer focused event. You know, we're looking forward to building on our compounding momentum and working to return to growth and with that, we'd be happy to take your questions.

非常感謝我們新任行銷長 Charlie Erss 和他的團隊舉辦如此有影響力且以客戶為中心的活動。您知道，我們期待鞏固複合勢頭並努力恢復成長，因此我們很樂意回答您的問題。

Our first question comes from the line of John Blackledge at TD Cowen John.

我們的第一個問題來自 TD Cowen John 的 John Blackledge。

Oh, great. Thanks a couple questions. So the Q3 enterprise revenue and bookings were above our estimates. Could you just talk about the key drivers of the enterprise momentum in Q3 and, and as we rounded to Q4 and looking out into 2025.

哦，太好了。謝謝幾個問題。因此，第三季企業營收和預訂量高於我們的預期。您能否談談第三季和第四季以及展望 2025 年企業發展動能的關鍵驅動因素。

You know, there's a couple of things I would say, thank you for the question. We're really excited about the enterprise business. You know, increasingly in the consumer marketplace, video has arrived for consumers and it's arriving right now for the enterprise. We like to say that on the public internet, it's about 82% of all the internet is video and we see that exact same trend coming into the enterprise. And so a lot of the work that we've been doing in the business to improve our go to market fundamentals, a lot of the work we've been doing around packaging and pricing. You know, the AOV of our pipeline has gotten to a larger size this already in Q3 and for Q4. And beyond. And I think that a lot of what we're doing inside of the enterprise business, in particular, the investments that we're making in integrations and security are really resonating with customers. So doing a better job with fundamentals as well as innovating and the market just in general has become, is a great place to be in.

你知道，我有幾件事要說，謝謝你的提問。我們對企業業務感到非常興奮。您知道，在消費市場中，視訊已經越來越多地面向消費者，現在也面向企業。我們想說，在公共互聯網上，大約 82% 的互聯網都是視頻，我們看到企業也出現了完全相同的趨勢。因此，我們在業務中做了很多工作來改善我們進入市場的基礎，我們圍繞包裝和定價所做的工作。您知道，我們管道的 AOV 在第三季和第四季已經達到了更大的規模。甚至更遠。我認為我們在企業業務內部所做的很多事情，特別是我們在整合和安全方面所做的投資確實引起了客戶的共鳴。因此，在基本面和創新方面做得更好，整個市場已經成為一個很好的地方。

That's super just maybe one follow up on the on the cost side, you guys have done a great job of cutting our costs. I'm just curious over the last year or so, just curious about the opportunities for investment in the business. You know, as we look out, you know, into next year, next couple of years.

這可能只是成本方面的一個後續行動，你們在削減我們的成本方面做得很好。我只是對過去一年左右的時間感到好奇，只是對這個行業的投資機會感到好奇。你知道，當我們展望明年、未來幾年。

So the team here has done such a good job of getting us to a more efficient place. It's kind of interesting as you look back run rate. We've taken about 100 million in operating expenses annually out of the business and it, and yet the gross profit dollars have stayed roughly the same which has given us such good IDA results. But we think that the second piece of that story is that that's making room for us to make investments. And because we see the opportunity is so big because we have such a strong balance sheet, we think we can apply more capital to investing the business. So we will make some sizable investments as we look out into 2025. You already saw a small sequential increase in operating expense in Q3. We the pace of our hiring will really dictate how fast we can get money to work inside the business that said, and I think it is important to remind everyone, we firmly believe IO should be a profitable business. So these investments will be sizable but not the kind of thing that would put us in any kind of loss position.

所以這裡的團隊做得非常好，讓我們達到了更有效率的水準。當你回顧運行率時，這有點有趣。我們每年從業務中扣除約 1 億美元的營運費用，但毛利大致保持不變，這給我們帶來瞭如此好的 IDA 業績。但我們認為這個故事的第二部分是，這為我們的投資騰出了空間。因為我們看到機會如此之大，因為我們擁有如此強大的資產負債表，所以我們認為我們可以運用更多的資本來投資業務。因此，展望 2025 年，我們將進行一些大規模投資。您已經看到第三季營運費用連續小幅成長。我們的招募速度將真正決定我們能夠以多快的速度獲得資金來開展業務，我認為提醒每個人很重要，我們堅信 IO 應該是一項有利可圖的業務。因此，這些投資將是相當大的，但不會讓我們陷入任何損失。

Thank you.

謝謝。

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，Tom。

Great. Thank you. Hi Philip and Gillian. Good to see you. Maybe to kick off the, the, the leather explicitly states kind of an intention to return to bookings growth next year. And I'm wondering if you could fill in, maybe, maybe for you could you unpack that a little bit for us and like what, you know, what are the components of that that you see that really give you a lot of confidence that, that that's going to take place and for Philip maybe to just ask one more. I'm wondering if you could talk a little bit on the product side. You know, we saw the announcement on, on the Vision Pro app and you've talked in the past about integrating A I and, and new products and features. What are, what are you doing? What's, what's the opportunity with with kind of those, those two product sets on the Vision Pro side and within A I. Thank you.

偉大的。謝謝。嗨，菲利普和吉莉安。很高興見到你。也許是為了開始，皮革明確表示有意在明年恢復預訂成長。我想知道你是否可以填寫，也許，也許你能為我們解開一點，就像你看到的那些真正給你很大信心的組成部分，那將會發生，而菲利普也許只是再問一個。我想知道您是否可以談談產品方面的問題。您知道，我們在 Vision Pro 應用程式上看到了這項公告，您過去也曾談到整合人工智慧和新產品和功能。什麼，你在做什麼？Vision Pro 側和 A I 內的這兩個產品集合的機會是什麼？謝謝。

Thanks Tom. So let me just take the first one. So we feel really good about our opportunity to grow the business next year. The math is really starting to work in our favor and some of the things we're executing inside the business are also going to help us. So just to start from the top, it's kind of an interesting quarter, right? It's a quarter of $100 million run rates, $100 million reduced reduction in operating expenses on an annualized basis. And we hit $100 million of annualized bookings in Vimeo Enterprise, that's a meaningful amount. So the growth that we're having in Vimeo Enterprise will continue to have a positive impact on the overall growth. In fact, if nothing changes in any of the other products, we can grow Vimeo on the back of the Vimeo Enterprise product that said, we actually think there are other trends that are helping us, as we mentioned in the letter and we've talked about a little bit. We are really doing a lot of active work on pricing and packaging and we think that will be a tailwind for the business. Look at next year, secondarily our O TT product, which has been run by a great team that's done a great job stabilizing that product is now a stabilizing factor in the business. And the other products that we've been deprecating will essentially fall away, having a much less impact on the business from a headwind perspective. And then just finally as we turn to more of an investment mode, we are taking in a way, some portion of the headwind we've caused by really cutting costs as much as we have. And we really think what's really interesting about that, particularly as you look at our marketing spend is that we've really pulled back on that and we've taken the risk to do that. You've seen the strong stable gross margin that we've even built to hold up even in that environment. And the team has really learned about a lot about how to get to more positive rois on our spend. And as we kind of go back into an investment mode, we think that can help as well. So we feel really good about where we are both from a math perspective. But then also some of the initiatives we have going on in the company. And that's what gives us the confidence to indicate that we'll come back at the Q4 earnings with more details on how all this might lay lay out. But we want to make sure we highlighted that in the call, Philip.

謝謝湯姆。所以讓我只看第一個。因此，我們對明年發展業務的機會感到非常滿意。數學確實開始對我們有利，我們在業務內部執行的一些事情也將對我們有所幫助。從頂部開始，這是一個有趣的季度，對吧？這是 1 億美元運行率的四分之一，按年計算營運費用減少了 1 億美元。我們的 Vimeo Enterprise 年預訂量達到了 1 億美元，這是一個有意義的數字。因此，我們 Vimeo Enterprise 的成長將繼續對整體成長產生正面影響。事實上，如果其他產品沒有任何變化，我們可以在 Vimeo Enterprise 產品的基礎上發展 Vimeo，也就是說，我們實際上認為還有其他趨勢正在幫助我們，正如我們在信中提到的，我們已經聊了一點。我們確實在定價和包裝方面做了很多積極的工作，我們認為這將成為業務的推動力。其次看看明年我們的 O TT 產品，由一支優秀的團隊經營，該團隊在穩定產品方面做得很好，現在已成為業務的穩定因素。我們一直在棄用的其他產品基本上會消失，從不利的角度來看，對業務的影響要小得多。最後，當我們轉向更多的投資模式時，我們在某種程度上正在承受由於盡可能削減成本而造成的部分阻力。我們真的認為，真正有趣的是，特別是當你看看我們的行銷支出時，我們確實減少了這方面的支出，而我們冒險這樣做了。您已經看到了即使在這種環境下我們也能保持強勁穩定的毛利率。團隊確實學到了很多關於如何讓我們的支出獲得更積極的回報的知識。當我們回到投資模式時，我們認為這也會有所幫助。因此，從數學角度來看，我們對自己的處境感到非常滿意。還有我們在公司正在進行的一些舉措。這讓我們有信心表明，我們將在第四季度財報中提供有關這一切可能如何佈局的更多細節。但我們希望確保我們在電話中強調了這一點，菲利普。

Yeah, I am really excited about a lot of the announcements we made around the Apple Vision Pro and a whole variety of announcements. We made it reframe. You know, one of the things that I think people were excited about artificial intelligence, you know, and some of the work we've done around translations, we're seeing tens of tens of thousands of minutes being translated already by the tool with a really small cohort of customers that we've opened this up to. And so we're excited about everything we're doing in that space. We think we can make video even more intelligent. Like for enterprise is the ability to be able to ask a video, a question. You know, if I'm an E learner, I want to find out what the CEO said in the last earnings call or in the last town hall. We think there's a whole lot of things we can do in that space. We also think we can bring a lot of security to that space like enterprise is really requiring a much higher grade security for video. But as it relates to the format like the Apple Vision Pro A lot of people I think are focused just today on four K, eight K is arriving, 16 K is arriving 32 K formats are arriving. If you watch the Olympics, you saw 360 degree video where it would circle around a basketball player or gymnast. And so these spatial content formats are starting to become normal in storytelling. And certainly the Apple Vision Pro is an example of one of those kind of spatial or virtual reality content types, you know, meta just released their Quest three for work. And so we do expect that this is a new immersive format that we're excited about partnering with all the VR companies. And it's just another example where we've served these kind of formats as they've evolved in the past. And we're showing again that we're going to be serving these kind of formats in the future. What does that mean to the business? Well, most recently, we really modified packaging and pricing. We used to have these cliffs and we used to have these walls and we weren't always, sometimes we were making it hard for customers to buy, sometimes they couldn't buy precisely what they wanted but in a world where you have different formats and you have, you know, different A I requirements and different storage requirements. We now with packaging and pricing have really smoothed out everything from free all the way up to million dollar customers. We have mechanisms to be able to support customers in whatever they want to buy from us. And so we're excited when you put all those things together. You were able to, I would say monetize a lot of the innovations that we're bringing to customers and make it a lot easier for customers to buy from us.

是的，我對我們圍繞 Apple Vision Pro 發布的許多公告以及各種各樣的公告感到非常興奮。我們對其進行了重新設計。你知道，我認為人們對人工智慧感到興奮的事情之一，你知道，以及我們圍繞翻譯所做的一些工作，我們看到該工具已經翻譯了數萬分鐘的內容我們向一小部分客戶開放了這一服務。因此，我們對在該領域所做的一切感到興奮。我們認為我們可以讓影片變得更加智慧。對企業來說，就像能夠提出影片、問題的能力。你知道，如果我是電子學習者，我想了解執行長在上次財報電話會議或上次市政廳說了些什麼。我們認為在這個領域我們可以做很多事。我們也認為我們可以為該領域帶來許多安全性，就像企業確實需要更高級別的視訊安全性一樣。但由於它與 Apple Vision Pro 等格式有關，我認為很多人今天都關注 4 K、8 K 即將到來、16 K 即將到來、32 K 格式即將到來。如果您觀看奧運會，您會看到圍繞籃球運動員或體操運動員旋轉的 360 度影片。因此，這些空間內容格式開始在講故事中變得正常。當然，Apple Vision Pro 就是這類空間或虛擬實境內容類型的一個例子，你知道，meta 剛剛發布了他們的 Quest 3 for work。因此，我們確實希望這是一種新的沉浸式格式，我們很高興與所有 VR 公司合作。這只是我們過去提供此類格式的另一個例子。我們再次表明，我們將在未來提供此類格式的服務。這對企業意味著什麼？嗯，最近，我們確實修改了包裝和定價。我們曾經有這些懸崖，我們曾經有這些牆壁，但我們並不總是這樣，有時我們讓顧客很難購買，有時他們無法準確地購買他們想要的東西，但在一個有不同格式的世界中你知道，你有不同的人工智慧要求和不同的儲存要求。現在，我們的包裝和定價已經真正平滑了從免費一直到百萬美元客戶的一切。我們有機制能夠支援客戶向我們購買任何產品。因此，當您將所有這些東西放在一起時，我們感到很興奮。我想說，你能夠將我們為客戶帶來的許多創新貨幣化，並使客戶更容易從我們這裡購買產品。

Yes.

是的。

Our next question will come from Youssef squali at Truest Yusuf.

我們的下一個問題將來自 Truest Yusuf 的 Youssef squali。

Thank you. Hey guys. Nice quarter. So congrats on that. Philip maybe. Can you just double click on the enterprise a little bit? So talked about packaging and pricing that have helped spruce up more demand. Can you talk about particular products within that, those optimization vectors that, that, that have had the most impact?

謝謝。嘿夥計們。不錯的季度。所以恭喜你。菲利普也許吧。您可以雙擊該企業嗎？因此談到了有助於刺激更多需求的包裝和定價。您能談談其中的特定產品，那些影響最大的最佳化向量嗎？

Sure. So, you know, in the enterprise space, you know, we tend to serve organizations that are in the e-commerce or marketing area. So we have some customers in very large ecommerce sites that joined us in Q3 that brought millions of videos to us to be able to serve in the e-comm in e-comm architectures. We then as well serve a lot of organizations that are doing e learning or internal communications And we've got a number of great organizations that are doing precisely that with us. Volvo is a great example and then we also have what we call kind of our streaming or media business. And so we've got organizations like dropouts and try guys, we've got the Church of England as an example. And so we look at a wide array of use cases between all those organizations. Now what we're really seeing take hold in with the enterprise. I think I mentioned this is the this enterprise grade security, you know, last quarter, we actually had a very large customer pharmacy organization where we were able to sign a B AAA HPA agreement. And so that if a pharmacy was serving a particular user of the video, after they received a particular medication, we were able to adhere to HPA for them to be able to support that video distribution, that kind of enterprise grade security is extremely important, you know, at our user conference, we also talked about the fact that we're going to be supporting a lot of data residency requirements over in Europe that's being received really, really well as well. We talked about the ability to be able to build what are called workspaces where it can build clusters of videos by different business units inside of an organization received really well integrations that we announced with Microsoft teams as well as Google Meets really important, we already support things like Zoom. So if you can imagine being a video repository for all of those video conferences that you're doing or whether or not it's a sales call, being able to do via video repository, it's very important. And then as we, you know, look to integrations with organizations like hubspot as an example, you know, if you want to do personalized marketing with video, we announced a number of innovations in that space and then we're wrapping all of this with things like AI translation. So if you're a multinational organization, you have to communicate to all your customers. We've got, you know, great capabilities to translate the ability to ask video, a question to be able to get more information out of what was a static file is now a live file for you. So when we go into enterprises, all of those things are selling that ability to be able to use it with ecommerce learning media. And to be able to make your assets is what the, what you need them to be in your market, in your, in your company.

當然。所以，你知道，在企業領域，我們傾向於為電子商務或行銷領域的組織提供服務。因此，我們有一些大型電子商務網站的客戶在第三季度加入我們，為我們帶來了數百萬個視頻，以便能夠在電子商務架構中的電子商務中提供服務。然後，我們也為許多正在進行電子學習或內部溝通的組織提供服務，我們有許多很棒的組織正在與我們一起做這件事。沃爾沃就是一個很好的例子，我們還有所謂的串流媒體或媒體業務。因此，我們有像輟學者和嘗試者這樣的組織，我們以英格蘭教會為例。因此，我們研究了所有這些組織之間的廣泛用例。現在我們真正看到的是企業中的情況。我想我提到過這是企業級安全性，你知道，上個季度，我們實際上有一個非常大的客戶藥房組織，我們能夠在那裡簽署 B AAA HPA 協議。因此，如果藥房為視訊的特定用戶提供服務，在他們收到特定藥物後，我們能夠遵守 HPA，以便他們能夠支援該視訊分發，這種企業級安全性非常重要，您知道，在我們的用戶會議上，我們也談到了這樣一個事實：我們將支援歐洲的許多資料駐留要求，這些要求也非常非常受歡迎。我們討論了能夠建立所謂的工作區的能力，在該工作區中，組織內部不同業務部門可以建立視訊集群，我們宣布與 Microsoft 團隊以及 Google Meets 的整合非常好，這非常重要，我們已經支援像縮放之類的東西。因此，如果您可以想像成為您正在進行的所有視訊會議的視訊儲存庫，或者無論是否是銷售電話，都能夠透過視訊儲存庫進行，這是非常重要的。然後，您知道，我們以與 hubspot 等組織的集成為例，您知道，如果您想通過視頻進行個性化營銷，我們宣布了該領域的許多創新，然後我們將所有這些都包裝起來諸如人工智能翻譯之類的東西。因此，如果您是跨國組織，則必須與所有客戶進行溝通。您知道，我們擁有強大的能力來翻譯詢問影片的能力，能夠從靜態檔案現在為您的即時檔案中獲取更多資訊的能力。因此，當我們進入企業時，所有這些東西都在出售能夠將其與電子商務學習媒體一起使用的能力。能夠讓你的資產成為你的市場、你的、你的公司所需要的。

At a high level. Who do you think is your closest comp for those kinds of services?

處於高水準。您認為誰是此類服務中最接近您的同事？

You know, it's really interesting because I'll see some organizations that might be focused just on e-commerce or I'll see a couple of organizations that are just focused on live events or I'll see some organizations that might try to be a little bit in the e learning space. When I look across all the use cases inside of the enterprise, sales, marketing, public relations, internal communications, e-commerce, customer support, we're increasingly becoming the video repository for the enterprise. We believe that we have the ability to become one of the largest private video distribution platform forms in the world. And we're bringing that enterprise grade security. We're bringing enterprise grade intelligence, we're integrating with your existing systems and we're doing it with all the same ease of use that we had in our self service business. And so I would tell you that I really, it's very rare that we find an organization that is actually serving all the customer spaces that we're in.

你知道，這真的很有趣，因為我會看到一些組織可能只專注於電子商務，或者我會看到一些組織只專注於現場活動，或者我會看到一些組織可能會嘗試電子學習空間中的一點點。當我查看企業內部的所有用例、銷售、行銷、公共關係、內部通訊、電子商務、客戶支援時，我們越來越成為企業的視訊儲存庫。我們相信我們有能力成為全球最大的私人視訊分發平台形式之一。我們正在帶來企業級安全性。我們正在帶來企業級智能，我們正在與您現有的系統集成，並且我們正在以與我們在自助服務業務中相同的易用性來做到這一點。所以我想告訴你，我們真的非常罕見地找到一個真正為我們所在的所有客戶空間提供服務的組織。

Okay, thank you. And then Jillian maybe as you look at the the outlook that you and I know it's a broad outlook and I know you're going to be providing more detail or details later in January and February. But at a high level, does your, your, your growth outlook contemplate positive growth for the self service business? I think it was down 6% in Q3, maybe actually talk about what that implies for Q4.

好的，謝謝。然後吉莉安，也許當你看到前景時，你和我都知道這是一個廣闊的前景，我知道你將在一月和二月晚些時候提供更多細節。但從較高的層面來看，您、您、您的成長前景是否考慮到自助服務業務的正面成長？我認為第三季下降了 6%，也許實際上談論這對第四季意味著什麼。

And then do you expect self serve to basically show positive growth next year at some point next year? Not necessarily every quarter.

那麼您預計自助服務明年某個時候基本上會呈現正成長嗎？不一定每季都有。

So we're not guiding yet by business and certainly we do need to continue to climb from where we are in the self serve business. But I think what we're trying to get across is that we do believe we can get that business back to growth. And we believe there are a number of factors like our pricing and packaging, like some of these exciting products we have coming out that are going to help us get there. So we feel really positive about that, more details on that to come back at the year end call. But I think it's also really important to remember that the math is in our favor too, meaning venu enterprise is now at such a size that it can help lift the business. And so any move to the positive is also a positive for our business was as regards self serve and then that the OTT platform, now the vast majority of our other is all. So in a good spot in terms of the Q4 guide, obviously, we don't guide bookings, we guide revenue. And if you, if you do the math on the revenue, it would imply the growth rate comes down in Q4 that has to do with the fact that you have a waterfall of bookings into revenue. And as you may recall a quarter or so ago, we had a down bookings quarter. So that's got to flow through the revenue models, but we're looking forward and we really feel very excited about what's in store for the company in 2025.

因此，我們還沒有以業務為指導，當然我們確實需要在自助服務業務的基礎上繼續攀登。但我認為我們想要傳達的是，我們確實相信我們可以讓該業務恢復成長。我們相信，有很多因素，例如我們的定價和包裝，例如我們推出的一些令人興奮的產品，將幫助我們實現這一目標。因此，我們對此感到非常積極，更多細節將在年終電話會議上回來。但我認為同樣重要的是要記住，數學也對我們有利，這意味著 venu 企業現在的規模足以幫助提升業務。因此，任何積極的舉措對我們的業務也是積極的，包括自助服務，然後是 OTT 平台，現在我們的絕大多數其他平台都是如此。因此，就第四季度指南而言，顯然我們不指導預訂，而是指導收入。如果你對收入進行數學計算，這將意味著第四季度的成長率下降，這與你的預訂量呈現瀑布式成長有關。您可能還記得大約一個季度前，我們的預訂量下降了。因此，這必須貫穿收入模式，但我們充滿期待，並且對公司 2025 年的前景感到非常興奮。

Super helpful. Thank you both.

超有幫助。謝謝你們倆。

With that. There are no further questions. I'll hand the call back to Philip.

就這樣。沒有其他問題了。我會把電話轉給菲利普。

Well, again, I want to thank everybody for joining us today. You know, I think it's important to note that both Jillian and I are both buyers of the stock in the previous quarter and that we are outside of what are given to us as as employees of the company. And we're really excited about the trends that we see in the business. And we look forward to updating you again on our Q4 report.

好吧，我想再次感謝大家今天加入我們。你知道，我認為重要的是要注意，吉莉安和我都是上一季股票的買家，我們不屬於公司員工所享有的範圍。我們對在業務中看到的趨勢感到非常興奮。我們期待再次向您更新我們的第四季報告。