Vimeo Inc (VMEO) 2025 Q2 法說會逐字稿

(video playing)

（影片播放）

Hello, and thank you for joining Vimeo's Q2 2025 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.

您好，感謝您參加 Vimeo 的 2025 年第二季財報現場問答。在我們開始之前，先說幾點。首先，本次會議將錄製並在今天稍後在 Vimeo 投資者關係網站上發布。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 views are subject to risks and uncertainties, and our actual results could differ materially from the views expressed today. Please refer to the earnings release we furnished to the SEC on Form 8-K earlier today, which is posted on our website for additional information regarding those risks and uncertainties.

這些前瞻性陳述通常可能以「我們期望」、「我們相信」、「我們預期」或其他類似的字詞開頭。這些前瞻性觀點受風險和不確定性的影響，我們的實際結果可能與今天表達的觀點有重大差異。有關這些風險和不確定性的更多信息，請參閱我們今天早些時候以 8-K 表格形式向美國證券交易委員會提交的收益報告，該報告已發佈在我們的網站上。

We've also provided information regarding certain key metrics and our non-GAAP financial measures, including certain forward-looking measures. These should be considered in addition to and not as a substitute for, or in isolation from GAAP measures. Additional information regarding Vimeo's financial performance, including reconciliations with comparable GAAP measures, can be found in our shareholder letter and Vimeo's filings with the SEC as well as in supplemental information posted on the Investor Relations section of our website.

我們也提供了有關某些關鍵指標和非公認會計準則財務指標（包括某些前瞻性指標）的資訊。這些應該被視為對 GAAP 措施的補充，而不是替代或孤立於 GAAP 措施。有關 Vimeo 財務表現的更多資訊（包括與可比較 GAAP 指標的對帳）可以在我們的股東信函和 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資訊中找到。

And with that, I'll hand it over to our CEO, Philip Moyer. Philip?

說完這些，我將把權力移交給我們的執行長 Philip Moyer。菲利普？

Good afternoon. Thank you for joining Vimeo's Q2 2025 live earnings call. Vimeo had a strong Q2 2025, with bookings growing 6% year over year, the strongest growth since 2022. Self-serve grew bookings by an impressive 11%, reaching levels last seen in 2021. This success is attributed to the recent changes in packaging and pricing, but also early positive signals from all the new product improvements we've been making.

午安.感謝您參加 Vimeo 2025 年第二季現場財報電話會議。Vimeo 在 2025 年第二季表現強勁，預訂量較去年同期成長 6%，為 2022 年以來最強勁的成長。自助預訂量增加了驚人的 11%，達到了 2021 年的水準。這項成功歸功於最近在包裝和定價方面做出的改變，同時也歸功於我們一直在進行的所有新產品改進所發出的早期積極信號。

Vimeo Enterprise grew revenue by 25% and saw its second highest booking level on a dollar basis. Despite falling slightly short of our bookings growth goals, the fundamentals are strong, and we are winning competitive deals by helping major brands consolidate their video technology and seeing traction across all of our AI offerings. We believe we will reaccelerate growth in this product's bookings in the second half.

Vimeo Enterprise 的營收成長了 25%，並且以美元計算的預訂量位居第二。儘管我們的預訂量成長目標略有不足，但基本面依然強勁，而且我們透過幫助主要品牌整合其視訊技術並看到我們所有 AI 產品都獲得青睞，贏得了競爭性交易。我們相信，下半年該產品的預訂量將再次加速成長。

Our business is doing well. We continue to hope to end the year with a line of sight to double-digit growth. Moreover, our improved efficiency has enabled us to raise our 2025 adjusted EBITDA guidance to approximately $35 million, up from our previous range of $25 million to $30 million.

我們的生意很好。我們仍然希望在今年年底實現兩位數的成長。此外，我們效率的提高使我們能夠將 2025 年調整後的 EBITDA 預期從先前的 2,500 萬至 3,000 萬美元提高至約 3,500 萬美元。

Thank you again. And with that, we will take your questions.

再次感謝您。接下來，我們將回答您的問題。

(Operator Instructions) Youssef Squali.

（操作員指示）Youssef Squali。

Maybe, Philip, can you talk a little bit about the self-serve piece of the business? It seems like the upside came mostly through the pricing change that you discussed. Maybe talk about the underlying elements of what's driving subscriber decline still.

菲利普，您能否稍微談談自助服務業務部分？看起來好處主要來自於您所討論的價格變化。也許可以談談導致用戶數量下降的根本因素。

And when you talk about having line of sight to double-digit growth by the end of the year, what's kind of baked in in terms of subscriber growth for the self-serve business in particular? Do we get to a point where maybe we flattened the growth? Or is that something most likely for 2026?

當您談到今年年底實現兩位數成長時，自助服務業務的用戶成長具體體現在哪些方面？我們是否會達到成長趨於平緩的程度？或者這是 2026 年最有可能發生的事情？

Look, I am super thrilled with the self-serve leadership that we have. I think earlier this year, I talked about the fact that we put in place a single-threaded leader, and that single-threaded leader and that team are really doing some tremendous work.

瞧，我對我們擁有的自助式領導力感到非常興奮。我想今年早些時候，我談到過這樣一個事實：我們任命了一位專心致志的領導者，這位專心致志的領導者和團隊確實做出了巨大的貢獻。

The pricing and packaging work was important and not just from an increasing a price perspective, but also from customer retention. And so the retention rates in that business continue to be strong even as we roll out new pricing and packaging across the entire customer base. So first and foremost, retention is absolutely essential to establishing a floor in that business to be able to grow from.

定價和包裝工作很重要，不僅從提高價格的角度來看，而且從保留客戶的角度來看也是如此。因此，即使我們向整個客戶群推出新的定價和包裝，該業務的保留率仍然保持強勁。因此，首先，保留對於在該業務中奠定基礎並實現成長是絕對必要的。

The second thing is that we've been releasing a lot of really important features, capabilities that some of our customers have been asking for for years. Some of the things that you saw in the lead-in video, the way that we actually -- the watch page for videos. People come to Vimeo for inspiration. A lot of marketers do, a lot of creators do. And so reinvigorating our brand as it relates to watch and it relates to that entire creator community is absolutely essential in the business.

第二件事是，我們發布了許多非常重要的功能，這些功能是我們的一些客戶多年來一直要求的。您在引導影片中看到的一些內容，以及我們實際使用的方式—影片觀看頁面。人們來到 Vimeo 尋找靈感。很多行銷人員都這麼做，很多創作者也這麼做。因此，重振我們的品牌，因為它與觀看和整個創作者社群相關，對於業務而言是絕對必要的。

Simple things like re-releasing the Apple application that we did this past quarter are, again, starting to delight our customers even more. We just started rolling out AI features. I think I mentioned this on the last call, we had just started that with our self-service customer base. And so we're seeing really strong activity in the use of our AI features.

像我們上個季度重新發布 Apple 應用程式這樣的簡單的事情，再次開始讓我們的客戶更加滿意。我們剛開始推出人工智慧功能。我想我在上次通話中提到過這一點，我們剛開始為我們的自助服務客戶群提供服務。因此，我們看到我們的人工智慧功能的使用活動非常活躍。

And so when I combine together all the innovations that we're doing, the solid retention, satisfying customers more with the right pricing and the right packaging, I actually do continue to believe that that business can be a growth business over a longer period of time than just from the enhancements that we're seeing in the pricing and packaging.

因此，當我將我們正在進行的所有創新、穩固的保留、透過合適的定價和合適的包裝來結合客戶時，我確實仍然相信，這項業務可以在更長的時間內成為一項增長業務，而不僅僅是從我們在定價和包裝方面看到的改進。

And Youssef, why don't I add to that a little bit? So you asked a little bit about the subscriber growth. I think likely mathematically, that is into 2026. But as we talked about before, pricing gives us a lot of room in that business if we look at the next several quarters. In fact, actually, in Q3, we are already seeing really nice trends in the self-serve business.

優素福，我為什麼不補充一點呢？所以你問了一些有關用戶成長的問題。我認為從數學上來說，這個時間很可能是到 2026 年。但正如我們之前所討論的，如果我們展望未來幾個季度，定價將為我們在該業務中提供很大的空間。事實上，在第三季度，我們已經看到自助服務業務出現了非常好的趨勢。

And one of the things we've talked to a lot of you about is as we try to get back to growth and move the company back solidly into revenue growth, that one of the fastest paths back to that is through self-serve. Right now, as we look at it, we've always just thought let's get self-serve back to growth, right? Let's start there. But actually, given what we're seeing, we believe that with good execution, this could be a double-digit grower.

我們與許多人討論過的一件事是，當我們試圖恢復成長並使公司重新實現收入成長時，最快的途徑之一就是透過自助服務。現在，當我們回顧它時，我們一直只是想讓自助服務恢復成長，對嗎？我們就從這裡開始吧。但實際上，根據我們所看到的情況，我們相信，只要執行得當，這可能會實現兩位數的成長。

So when you think about the math to get Vimeo itself back, that is really exciting to us. Of course, lots of execution to do, but the self-serve business is really, really -- we're really very enthusiastic there in terms of the business.

因此，當你考慮如何讓 Vimeo 回歸時，我們感到非常興奮。當然，還有很多工作要做，但自助服務業務確實非常——就業務而言，我們真的非常熱衷於此。

Thank you. And then just very quickly on the enterprise and the slowdown in bookings. I think it was related, you said in the release to a particular customer. Can you maybe just drill a little deeper into that? And what gives you confidence for the reacceleration in the second half?

謝謝。然後很快就談到企業和預訂量的放緩。我認為這與你在發布給特定客戶的新聞稿中所說的有關。您能否更深入地探討一下這個問題？那麼，是什麼讓您對下半年的重新加速充滿信心呢？

Yeah. So let me start, and then Phil can fill in some more about kind of where we're going with the product roadmap. So the customer we mentioned is kind of an interesting example for us and very much speaks to the strategy at Vimeo right now. So that customer happens to be an international customer that was very central bandwidth, a bandwidth user in a lot of ways. They had a Vimeo enterprise account, but a lot of what they were buying us for was bandwidth.

是的。那麼讓我開始吧，然後 Phil 可以進一步介紹一下我們的產品路線圖。因此，我們提到的客戶對我們來說是一個有趣的例子，並且非常符合 Vimeo 目前的策略。因此，該客戶恰好是一個國際客戶，是頻寬的核心用戶，在許多方面都是頻寬用戶。他們有一個 Vimeo 企業帳戶，但他們向我們購買的許多東西都是頻寬。

And as you can see in our add-ons business, that bandwidth business has been gotten a little bit more commoditized. You've seen that business come down in the last -- a while for us. So this customer really never adopted our other features as well as we would have hoped. And when that happens, we have retention challenges. And we know that, and we are working on that. And that is why we are so focused on a product road map that includes more than that.

正如您在我們的附加業務中看到的，頻寬業務已經變得更加商品化。你已經看到，最近一段時間我們的業務有所下滑。因此，這位客戶實際上從未像我們所希望的那樣採用我們的其他功能。當這種情況發生時，我們就會面臨留住人才的挑戰。我們知道這一點，並且正在努力實現這一目標。這就是為什麼我們如此關注包含更多內容的產品路線圖。

So for us, internally, I think it's a good lesson to remind us that we have to continually work to get our customers up and running on our other features. This one obviously is unfortunate, but I think for us, it's a really good reminder of where we're going. It also, in our mind, makes us very excited about the product roadmap ahead. I think Philip focus in on some of the things we're bringing for enterprises that we just think are going to help avoid that kind of a situation going forward.

因此，對於我們內部來說，我認為這是一個很好的教訓，提醒我們必須不斷努力讓我們的客戶能夠使用我們的其他功能。這顯然是不幸的，但我認為對我們來說，這確實很好地提醒了我們要去哪裡。在我們心中，這也讓我們對未來的產品路線圖感到非常興奮。我認為菲利普專注於我們為企業帶來的一些事情，我們認為這些事情將有助於避免這種情況的發生。

Yeah. I would say a couple of things. When you're growing a $100 million enterprise business, as you push through that $100 million, it is always a little bit of -- it can be a bit rocky in making sure that you have all engines firing on all cylinders.

是的。我想說幾件事。當你發展一家價值 1 億美元的企業時，當你努力爭取這 1 億美元時，總是會遇到一些困難——確保所有引擎都全力運轉可能會有點困難。

There's three things that I think about when you really want to scale a $100 million enterprise business. You've got to do a fantastic job with new and winning against your competitors. You do that by innovating, first and foremost, and really providing better service and a better product than your competitors.

當你真正想要擴大價值 1 億美元的企業業務時，我會考慮三件事。您必須出色地完成新任務並戰勝競爭對手。首先，你要透過創新來做到這一點，並真正提供比競爭對手更好的服務和更好的產品。

This quarter, I talked about the fact that we're very happy with the number of competitive wins that we have. We're seeing even more customers start to consolidate their video platforms into us. And so we're being very aggressive in the market, very, very aggressive in going after competitive deals, and we're excited about how we're winning those deals. And we believe that we're making a lot of customers that will be with us a long time.

本季度，我談到了我們對所取得的競爭勝利數量感到非常高興。我們看到越來越多的客戶開始將他們的視訊平台整合到我們的平台中。因此，我們在市場上非常積極，非常積極地爭取競爭性交易，我們對如何贏得這些交易感到非常興奮。我們相信，我們會贏得許多與我們長期合作的客戶。

The second thing we've got to do is retain customers. And so we're spending a lot of time in retooling some of our customer service department and how we support customers and doing a better job to be able to identify customers like this larger one that might have a retention risk and proactively go and approach them with different offerings.

我們要做的第二件事就是留住客戶。因此，我們花了大量時間來重組我們的部分客戶服務部門以及我們如何支援客戶，並做得更好，以便能夠識別可能存在保留風險的大型客戶，並主動向他們提供不同的產品。

The third thing that we've got to do a really good job of is expanding those customer relationships. We made a lot of changes to start to invest in customer relationships. This past year and in the past six months, we've brought in a lot of new leadership that focuses on expansion. And so the things that I see inside of this business and I spend a lot of time talking to customers is we've got customers that are excited about our products, we're winning with the innovations that we're bringing to market, and we see a path to expand customers.

我們必須做好的第三件事是擴大客戶關係。我們做出了很多改變，開始投資於客戶關係。在過去的一年和六個月裡，我們引進了許多專注於擴張的新領導層。因此，我在這個行業中看到的情況以及我花了很多時間與客戶交談的情況是，我們的客戶對我們的產品感到興奮，我們透過推向市場的創新贏得了勝利，我們看到了擴大客戶群的途徑。

We're about to start rolling out some of the most important releases that we ever have in the enterprise business. We have some new technology that's hitting the marketplace here in Q3 and into Q4 called Workspaces. It's the number one thing that's been requested by customers. It's higher-grade security down to the departmental level at the organizational unit level.

我們即將開始推出企業業務中一些最重要的版本。我們有一些新技術，稱為 Workspaces，將於第三季和第四季進入市場。這是客戶要求的首要的事情。它是從組織單位層級直至部門層級的更高層級的安全性。

The AI work that we're doing in translations, we're seeing now -- we're finally starting to generate revenue from the AI innovations that we did and the translations work, where we're seeing customers come in and translate literally their entire libraries using our AI features. And so I'm excited about the business.

我們在翻譯領域所做的人工智慧工作，我們現在看到——我們終於開始從我們所做的人工智慧創新和翻譯工作中獲得收入，我們看到客戶使用我們的人工智慧功能來翻譯他們的整個圖書館。因此我對這項業務感到很興奮。

I'm excited about some of the customers that we've won. These are some of the most technologically advanced companies in the world, Spotify, as an example, and Jaguar Land Rover, FanDuel, some of the biggest names that have really extraordinarily software development organizations and enterprise-class technology, and they continue to choose Vimeo. So I continue to be very, very excited about the enterprise business. I believe it can continue to be a solid growth engine for us regardless of just a few minor ups or downs inside of a quarter.

我對我們贏得的一些客戶感到非常興奮。這些是世界上技術最先進的公司，例如 Spotify、捷豹路虎、FanDuel，這些大公司擁有非常出色的軟體開發組織和企業級技術，他們繼續選擇 Vimeo。因此，我對企業業務仍然感到非常興奮。我相信，無論一個季度內出現多少小幅波動，它都能繼續成為我們強勁的成長引擎。

Tom Champion, Piper Sandler.

湯姆錢皮恩、派柏桑德勒。

Philip, I guess maybe on enterprise with the leadership changes you made at the start of the year and everything you see on the product side. Maybe not to put too pointed a question out there, but we did see an enterprise customer decline sequentially. Just curious your thought on the ability to get that back to growth in the second half of the year.

菲利普，我想也許是在企業方面，你在今年年初做出了領導層變動，以及你在產品方面看到的一切。也許這不是一個太尖銳的問題，但我們確實看到企業客戶數量連續下降。我只是好奇您對今年下半年能否恢復成長的看法。

And I'm curious, as you think about enterprise over the last quarter, was there any impact from macroeconomic turmoil that maybe was in place at the start of 2Q, and/or just any thoughts on if changes to the search landscape are impacting the enterprise side of the business? I don't know if it does or it doesn't, but search is clearly in a period of change. So any comments around those issues would be really helpful.

我很好奇，當您考慮上個季度的企業時，第二季度初可能出現的宏觀經濟動盪是否產生了影響，以及/或您是否認為搜尋格局的變化是否會影響企業業務？我不知道它是否有用，但搜尋顯然正處於變革時期。因此，有關這些問題的任何評論都會非常有幫助。

Sure. So first of all, what I would say is that we continue to win new customers. And we're excited about the fact that we're bringing more customers into Vimeo every single day.

當然。首先，我想說的是，我們不斷贏得新客戶。我們很高興看到 Vimeo 每天都會吸引更多的客戶。

We do have a number of customers that churn. This is a business that I would tell you that when I got here, the AOV in that business was much lower than where it is today. And so how we classify customers, whether or not they're a new Vimeo enterprise customer, self-serve customer, a custom customer or an add-on customer, we're still getting some packaging and pricing right in that space.

我們確實有一些客戶流失。我想告訴你，當我來到這裡時，該業務的平均訂單價值 (AOV) 比現在低得多。因此，我們如何對客戶進行分類，無論他們是新的 Vimeo 企業客戶、自助服務客戶、客製化客戶還是附加客戶，我們仍然可以在該領域獲得一些正確的包裝和定價。

We're launching some new SKUs in the mid-market. And increasingly, what we're doing is we're trying to provide a perfect stair step up from self-service all the way up to enterprise.

我們正在中端市場推出一些新的 SKU。我們正在做的是，嘗試提供從自助服務到企業服務的完美階梯。

I think I've said in the past that roughly about 70% of our customers in the enterprise business come out of that self-serve business. And so in any given quarter, it's been interesting to me to see that we sometimes change customers back and forth between those businesses. But overall, I've been pretty pleased with our ability to bring new customers into the business. So still excited about it.

我想我以前曾說過，我們企業業務中大約 70% 的客戶來自自助服務業務。因此，在任何一個季度，我很感興趣地發現，我們有時會在這些企業之間來回更換客戶。但總的來說，我對我們吸引新客戶的能力感到非常滿意。所以對此仍然感到興奮。

I would say on the macroeconomic trends, we've seen a few challenges in some geographies from tariffs and some uncertainty. We've seen a little bit of uncertainty in some areas, healthcare, as an example, and education, that maybe are not as strong as what we'd like to see. But I would also tell you that we've got a stronger value proposition than ever in some of those places. Our ability to be able to do interactive video, we think, is going to be important. Our ability to be able to do HIPAA and compliant video with the healthcare organizations, we continue to have a strong value proposition.

我想說，就宏觀經濟趨勢而言，我們看到一些地區面臨關稅和一些不確定性帶來的挑戰。我們在某些​​領域看到了一些不確定性，例如醫療保健和教育，可能沒有我們希望看到的那麼強烈。但我還要告訴你們，在某些地方，我們的價值主張比以往任何時候都更強大。我們認為，製作互動式影片的能力將會非常重要。我們有能力與醫療保健組織合作製作符合 HIPAA 和合規視頻，我們將繼續擁有強大的價值主張。

And then your last question as it relates to search. Look, we've seen a lot of organizations fall off a cliff in terms of SEO. I've seen some numbers as high as like 30% to 40% drop off. Our team is doing a better job than they ever have in doing return on ad spend. We've focused really, really, really tight on that. And I think that we're probably more efficient than we've ever been in that space.

然後您的最後一個問題與搜尋有關。瞧，我們已經看到很多組織在 SEO 方面遭遇了失敗。我看到一些數字下降了 30% 到 40%。我們的團隊在廣告支出回報方面做得比以往更好。我們非常、非常、非常關注這一點。我認為我們在該領域的效率可能比以往任何時候都更高。

We also think -- what I'm excited about is with some of the work we're doing in Agentic AI, we actually have the ability to be able to help customers with SEO and search and really make video part of that longer-term SEO strategy. So while there are some challenges in the environment in that space, we also view what we're releasing in the marketplace as something that might be a solution.

我們也認為——讓我感到興奮的是，透過我們在 Agentic AI 中所做的一些工作，我們實際上有能力幫助客戶進行 SEO 和搜索，並真正使影片成為長期 SEO 策略的一部分。因此，儘管該領域的環境存在一些挑戰，但我們也將我們在市場上發布的東西視為可能的解決方案。

Okay. Maybe if I could just ask one more. Gillian, I'd love to have you talk a little bit about the investment plans for the year. I think last quarter, it was up to $30 million in R&D, and it seems like maybe there's been a change there or some learnings. And just maybe talk to us about the investment plans for the year.

好的。也許我可以再問一個。吉莉安，我很想請你談談今年的投資計畫。我認為上個季度的研發投入高達 3000 萬美元，而且似乎發生了一些變化或獲得了一些經驗。也許可以和我們談談今年的投資計畫。

Absolutely. So I think what we're finding is that we're able to invest more efficiently than we expected. So when you look at our guidance overall, the top-line guidance is roughly the same as where we were before, but we've been able to bring up the adjusted EBITDA guidance. And that really is because we're able to get more done with less.

絕對地。所以我認為我們發現我們能夠比預期更有效地進行投資。因此，當您查看我們的整體指導時，頂線指導與先前的指導大致相同，但我們已經能夠提出調整後的 EBITDA 指導。這確實是因為我們能夠用更少的資源完成更多的事情。

I think it is not and at all an indication of any less enthusiastic approach to investing. But as we go and deploy the money, I think we're being very, very careful about is every dollar something we want to spend, and we've been adjusting along the way. So we're delighted that we can have that kind of an EBITDA result even while we invest.

我認為這根本不表明人們對投資的熱情有所降低。但當我們部署資金時，我認為我們會非常非常謹慎地決定每一美元是否是我們想要花的，我們一直在進行調整。因此，我們很高興即使在投資期間也能獲得這樣的 EBITDA 績效。

What I think it really speaks to is something we've talked about for a long time, which is the Vimeo business model is great. This business really can generate very attractive margins even when we're in a lower growth environment. So as we build this business, we have always had the approach of let's invest very, very carefully with our shareholders' money. And you're seeing us be able to put up better EBITDA margins, which has actually been a trend we've seen over the last two years as well.

我認為這確實說明了我們長期以來談論的事情，那就是 Vimeo 的商業模式很棒。即使在較低的成長環境中，這項業務也確實可以產生非常可觀的利潤。因此，在建立這項業務時，我們始終採取非常非常謹慎地使用股東資金進行投資的做法。而且您會看到我們能夠實現更好的 EBITDA 利潤率，這實際上也是我們在過去兩年中看到的趨勢。

I want to add one thing in addition. I think we're super proud of how efficient we've been in this space. The other thing is that we are taking a business that has had close to a dozen different products, and we're bringing that entire business down and that code base down to a single-code base over a period of time.

另外我想補充一點。我認為我們對於我們在這個領域的高效感到非常自豪。另一件事是，我們正在接管一家擁有近十幾種不同產品的企業，並在一段時間內將整個企業和程式碼庫精簡為單一程式碼庫。

As we deprecate older products, as we converge these products together, we get more efficient and we get faster. And so our pace of innovation, I talk a lot about this in our shareholder letters about pace of innovation. It is so, so important to customers right now in a world where AI is changing the interface to information that we are able to keep pace and actually outpace our competitors in taking customers and the entire video platform we have into this next era of AI. And so I'm excited both about our efficiency, but also our speed at which we're innovating.

隨著我們淘汰舊產品，隨著我們將這些產品融合在一起，我們會變得更有效率，速度也會更快。因此，我們在致股東的信中多次談到了我們的創新步伐。在人工智慧正在改變資訊介面的當今世界，這對客戶來說非常重要，我們能夠跟上步伐，甚至超越競爭對手，帶領客戶和整個視訊平台進入人工智慧的下一個時代。因此，我對我們的效率以及創新速度感到興奮。

Bill Kerr, TD Cowen.

比爾·克爾（Bill Kerr），TD Cowen。

So you mentioned on the shareholder video that you're testing Agentic AI features with customers now. I was hoping you might be able to describe what some of those features look like and what the potential timeline might look like for a broader rollout of those features that you're testing now?

所以您在股東影片中提到您現在正在與客戶測試 Agentic AI 功能。我希望您能夠描述一下其中一些功能是什麼樣的，以及您現在正在測試的這些功能的更廣泛推出的潛在時間表是什麼樣的？

I've recently seen some statistics that state that over 64% of companies in the world are rolling out AI agents. And we intend to make Vimeo a part of that AI agent ecosystem.

我最近看到一些統計數據表明，全球超過 64% 的公司正在推出人工智慧代理。我們打算讓 Vimeo 成為 AI 代理生態系統的一部分。

The ability to be able to use any AI agent that you want and be able to query the Vimeo library to be able to ask questions is, can you find a video that has my old logo? What is the most frequently watched video inside of my video library? And how long do people watch it? Is there a particular color palette that's being used inside of this video?

能夠使用任何您想要的 AI 代理並能夠查詢 Vimeo 庫以提出問題的能力是，您能找到帶有我的舊徽標的影片嗎？我的影片庫中觀看次數最多的影片是什麼？人們觀看它多長時間？該影片中使用了特定的調色板嗎？

Or being able to allow a customer support department to be able to integrate video directly into that customer support experience. Say, for example, you have a complex product. And instead of you having to just put out text to be able to guide the user, you can go right to a section of a video. The idea of agentic video is literally making Vimeo almost like ChatGPT for Vimeo, being able to provide access to the entire library through a simple agent, a simple natural language interface.

或能夠讓客戶支援部門將影片直接整合到客戶支援體驗中。舉例來說，您有一個複雜的產品。您不必只是輸入文字來引導用戶，而是可以直接轉到影片的某個部分。代理影片的想法實際上是讓 Vimeo 幾乎像 Vimeo 的 ChatGPT 一樣，能夠透過一個簡單的代理、一個簡單的自然語言介面提供對整個庫的存取。

And we're really excited. We see huge uses for this in things like healthcare to be able to augment the patient experience. We see the opportunity to bring down customer support costs by being -- if a picture is worth a thousand words, video is worth a million words. And the ability to be able to deliver that video right at the right moment in a customer support situation is exciting.

我們真的很興奮。我們看到它在醫療保健等領域有巨大的用途，可以增強患者體驗。我們看到了降低客戶支援成本的機會——如果一張圖片勝過千言萬語，那麼影片就勝過百萬言萬語。能夠在客戶支援的情況下在正確的時間提供影片的能力是令人興奮的。

The ability to be able to onboard employees. One of the biggest contributors to our video library is Zoom. We have an integration with Zoom. And so you can imagine Zoom meetings and team meetings and meets, suddenly being able to be summarized, the content, being able to give clips to be able to onboard a brand-new employee of these are the most important clips that you need to watch about the project that you're coming into.

能夠讓員工入職的能力。Zoom 是我們影片庫的最大貢獻者之一。我們與 Zoom 進行了整合。因此，你可以想像一下 Zoom 會議和團隊會議，突然能夠進行總結，內容能夠提供剪輯，以便能夠讓新員工加入，這些都是你需要觀看的有關你即將參與的專案的最重要的剪輯。

And so we're really excited about this ability to be able to extract details, to be able to interact with video, and to be able to summarize a vast amount of content that you simply couldn't do without having to watch all the videos in your library. We can do it in a fraction of a second with some of the new agentic technologies that we're releasing.

因此，我們對這種能夠提取細節、能夠與視頻互動以及能夠總結大量內容的能力感到非常興奮，而如果不觀看庫中的所有視頻，您根本無法做到這一點。利用我們發布的一些新代理技術，我們可以在幾分之一秒內完成這項任務。

Okay, great. Thank you. And then I just had one more on capital allocation. You guys continue to generate a significant amount of free cash flow and you maintain a strong cash balance.

好的，太好了。謝謝。然後我再談一下資本配置。你們繼續產生大量的自由現金流，並保持強勁的現金餘額。

Can you talk about how you're thinking about deploying that capital, especially since it seems like you guys have gotten more efficient with your investments for this year? So yeah, just looking to get some more color on where you're deploying that capital.

您能否談談您打算如何部署這些資金，特別是因為今年你們的投資似乎變得更有效率了？是的，我只是想進一步了解您將把這些資本部署到哪裡。

We're always looking at sort of the three legs of the capital allocation stool: invest in the business, buy back shares, and M&A. And as -- we really came into this year very focused on the invest in the business angle on that. And so that's what we've been really focused on at least near term.

我們始終關注資本配置的三條腿：投資業務、回購股票和併購。而且——我們今年確實非常注重從商業角度進行投資。所以這就是我們至少在短期內真正關注的事情。

But we believe that we are a very attractive acquirer. We are stable. We have a great business model. We're in a really exciting space. And so we do look at a lot out there.

但我們相信我們是一個非常有吸引力的收購者。我們很穩定。我們有一個很棒的商業模式。我們正處於一個真正令人興奮的領域。因此我們確實觀察了很多東西。

I think our bar to have something be something that we want to devote the team's energy to and distract from other things we're doing is pretty high. So, so far, nothing has passed that test, if you will. And then you've seen us buy back shares over time, and we clearly have an appetite for our shares out there as we work through the years.

我認為，我們想要將團隊的精力投入到某件事上，並分散我們正在做的其他事情的注意力，這個標準相當高。所以，到目前為止，還沒有任何東西通過這個測試，如果你願意的話。然後你會看到我們隨著時間的推移回購了股票，並且隨著我們這些年的發展，我們顯然對我們的股票有濃厚的興趣。

And that's all for our questions. With that, I'll turn it back over to our CEO, Philip Moyer.

這就是我們的全部問題。說完這些，我將把麥克風交還給我們的執行長 Philip Moyer。

So first of all, I want to thank all of you for being shareholders, and thank you for joining our Q2 2025 earnings call. We look forward to speaking with you for our Q3 update in November.

首先，我要感謝各位股東，感謝你們參加我們 2025 年第二季的財報電話會議。我們期待在 11 月與您討論我們的第三季更新。