Vimeo(VMEO)2025-05-05 21:02Revenue Performance - Total revenue for the three months ended March 31, 2025, was $103.034 million, a decrease of $1.876 million or 2% compared to $104.910 million in 2024[112] - Self-Serve revenue decreased by $3.0 million or 5%, primarily due to an 11% decline in Average Subscribers, partially offset by an 8% increase in ARPU[113] - Vimeo Enterprise revenue increased by $6.0 million or 32%, driven by a 15% increase in Average Subscribers and a 16% increase in ARPU[113] - Total bookings for the three months ended March 31, 2025, were $103.034 million, a decrease of 2% compared to the previous year[112] Profitability and Loss - Gross profit for the three months ended March 31, 2025, was $78.980 million, a decrease of $2.487 million or 3% compared to $81.467 million in 2024[114] - Operating loss for the three months ended March 31, 2025, was $6.092 million, a decrease of $8.681 million compared to an operating income of $2.589 million in 2024[118] - Adjusted EBITDA for Q1 2025 was $4.8 million, a decrease of $7.4 million (61%) from $12.2 million in Q1 2024, representing 5% of revenue compared to 12% in the prior year[121] - Net loss for Q1 2025 was $3.9 million, compared to net earnings of $6.1 million in Q1 2024[126] Expenses - Operating expenses increased by $6.194 million or 8%, totaling $85.072 million, primarily due to increased investment in products and stock-based compensation[118] - Research and development expenses increased by $3.051 million or 11%, primarily due to increased investment in products[116] Subscriber Metrics - Average Subscribers for Self-Serve decreased to 1,205.4 thousand in 2025 from 1,357.1 thousand in 2024, reflecting an 11% decline[104] Cash Flow and Capital Management - Cash and cash equivalents totaled $289.0 million as of March 31, 2025, down from $325.3 million at the end of 2024[134] - Net cash used in operating activities for Q1 2025 was $2.1 million, compared to net cash provided of $5.6 million in Q1 2024[135] - Net cash used in investing activities included $2.0 million for capitalized internal-use software development costs in Q1 2025[137] - The company expects existing cash and cash equivalents to be sufficient to fund operations and capital expenditures for at least the next twelve months[143] - Changes in working capital for Q1 2025 included a decrease of $14.4 million in accounts payable and other liabilities[136] - The company may need to raise additional capital in the future due to potential decreases in demand or unexpected expenses[144] Share Repurchase - The company repurchased 3.9 million shares at an average cost of $6.10 per share for a total of $23.5 million during Q1 2025[141] - A new stock repurchase program of up to $50 million was authorized on April 29, 2025[141] Taxation - Income tax provision increased by $0.073 million or 22%, primarily due to higher foreign withholding taxes[120]