Good morning, and thank you for joining Vimeo's Q4 Earnings Event. We're excited to be here in front of you. 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. We have 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 filings with the SEC, as well as in supplemental information posted at Investor Relations section of our website. With that, I'll turn it over to our CEO, Anjali. Good morning, everyone, and welcome. Last night, I published a letter to our shareholders with three main takeaways. First, my team and I are here to change how the world uses video. We've had our missteps, but we also see mounting validation of our strategy. Increasingly, Vimeo is powering video for work, and we're entering the year with more focus, clarity, and rigor. Second, we expect our revenue growth in 2022 to slow versus last year by more than we'd like. We continue to digest the COVID hangover with our smaller customers, both in specific verticals like faith and fitness, as well as in use cases like live streaming. We're also making needed changes to the business as we shift our go-to-market, expand our product breadth, and enhance our monetization model. These factors, along with lapping a strong first half of 2021, make it hard to maintain the exceptional growth rates from this time last year. We do expect to re-accelerate our revenue growth in the second half of 2022. Third, underlying our overall growth rate is an exciting mix shift towards serving larger companies, a shift that we view as ultimately higher value, stickier dollars. We've set our North Star internally on serving companies with greater than 100 employees. These are the customers we see as having the most urgent need for our solution with the budget to invest in best-in-class video capabilities and who we can grow with most as our product suite expands. We've shared some of the reasons we believe this in our shareholder letter. Going forward, we'll look to share more with you as we make traction with these companies. Now, before we dive into the business, I've got a few team updates to share. First, I've invited our President and Chief Product Officer, Mark Kornfilt, to join today. You may not be able to tell with this table, but I am seven months pregnant and will be stepping away for maternity leave in April. We plan for Mark to serve as interim CEO during that time and to represent Vimeo during our Q1 earnings. For those that don't know him, Mark is a 15-year veteran in B2B video, having founded and run several businesses. Among them, he served as CEO of Livestream, which Vimeo acquired in 2017. Mark has spent the last four years as my partner in architecting our strategy and transition, so Vimeo is in great hands. Second, we recently added two new leaders to our exec team. Our first Chief Revenue Officer, Eric Cox, and our first Chief People Officer, Crystal Boysen. Eric spent nearly two decades at Adobe, where he oversaw various go-to-market, e-commerce, and revenue functions for some of their largest businesses. His priorities at Vimeo include delivering our revenue targets across all channels, enhancing our monetization model, and optimizing our website experience. Crystal comes from Canva, where she led their people team as they scaled from several hundred to over 2,000 employees globally. In a world where everyone's talking about the great resignation and the war for talent, Crystal's job is to cultivate people-first culture at Vimeo and ensure we've got world-class talent. Third, as we announced yesterday in our press release, our CFO, Narayan, will be leaving us to explore other career opportunities. We've kicked off the search for his successor, and Narayan will continue to serve as CFO through June as needed to ensure a seamless transition. After that, he'll continue to be available as an advisor to us through the end of the year. I'm sad to see Narayan go, but I'm also excited to see what he does next. Narayan, on behalf of the board and every Vimean on the team, we wish you incredible success. Thank you for everything that you have done to get us to this point and everything that you continue to do. It's been a privilege. Thank you, Anjali. Really appreciate that. I just wanna say that it has been a real honor to take Vimeo through these last few years. I have the utmost faith in this team and our strategy and strongly believe in the huge opportunity ahead for the company. I will always be cheering for you, Anjali, and for Vimeo. All right, on to the business. Last quarter, we talked about three key priorities, go-to-market, product breadth, and monetization. I wanna give you more color on what we're specifically doing here. First, we have a winning product that businesses are willing to pay for. We see this reflected in increasing conversion rates and a growing number of business domains and business domain users on Vimeo. For our flagship Vimeo Enterprise offering, we see this in a high NPS score and in highly engaged teams. We've got the product, and now we need to take our go-to-market to the next level. We'll do this through investments in sales, marketing, and customer success, many of which are net new for us. For example, we're not just growing our sales team capacity. We're specializing our sales force by customer size to better align with different buying behavior. What we've seen is that smaller companies tend to buy very differently than larger ones, so our sellers need different skill sets and training. For the largest companies, they need to be paired with a sales engineer to navigate the buying process with a more technically driven approach. We've entered 2022 with this specialization in place, and we'll be honing it under the stewardship of our new CRO. On the marketing side, we're increasing investments in SEO to scale organic traffic, as well as adding in product triggers to encourage teams to share content and add their colleagues. We're also investing in data and automation so that our sales force can quickly call the most qualified leads based on who they are and how they use our products. Finally, we're investing in a new customer success team, a team that's gonna be gold on product adoption metrics, things like customer time to value, seat utilization, monthly active engagement, and account growth. This gives us a dedicated motion to drive early and ongoing success with our customers in a way we didn't have before. Second, our product expansion strategy is working. We added two new products to our Vimeo Enterprise offering last year, Video Library and Vimeo Events. Both are doing what we designed them to do, helping us win business, expand existing relationships, and diversify beyond live streaming. Within a few short months of introducing these products, we're seeing nearly half of our Vimeo Enterprise customers now using us as a multi-product solution. We're also getting better at selling to big customers. For example, we closed our largest Vimeo Enterprise deal ever in Q4 with a marquee Fortune 10 retailer. This was a three-year, seven-figure contract and a key proof point of where the market is going. This customer will be using Vimeo to train associates, host videos on their website, and centralize all their video content securely. It's worth noting that we displaced a competitor here because of our quality, ease of use, and platform breadth. What's most exciting for me is that Video Library was such a critical part of this deal and will be used to centralize video content for this company across millions of their employees worldwide. Remember that we just launched the beta version of Video Library last summer. To go from that to a seven-figure deal with a huge company in just six months is pretty great validation that we're on the right track. We're doubling down on our all-in-one strategy by continuing to improve Video Library and Vimeo Events based on customer feedback and by expanding our product breadth further into areas like enterprise-grade video creation and interactive and shoppable video. Third, we have low-hanging fruit to improve monetization. We've talked about our sizable opportunity to convert the majority of Fortune 500 companies currently in our user base who are either paying us nothing or a few hundred dollars a month today. When we have successfully upgraded these companies, we see a 250 times increase in ARPU. But right now, this kind of upgrade isn't happening at the scale and velocity it could. We believe the way to unlock this is to fundamentally shift our monetization strategy from a legacy storage-based model to a seat-based approach. I'm pleased to share that this transition is on track. We've begun to roll out per-seat monetization as planned. We used this new monetization model in Q4 to land some of our largest deals, and customers have been receptive, given that we're aligning with industry standards and ultimately their own success. We've got plenty of testing to do before we declare victory here, and we continue to view this as a multi-quarter journey with long-term returns. Ultimately, we wanna reduce the barriers to adopt video at work so that more employees are using more of Vimeo more often. This is our priority over a fast rollout. Overall, our focus remains the same for 2022. Improve our go to market, expand our product breadth, and enhance our monetization model. Today, we've given you more details around how we're attacking each of these, and we're building the right team and muscles to do it. Plenty of good, hard work to do. The potential for Vimeo doesn't rest on this year alone. Every company, team, and employee in the world is just starting to use video for work, and our success rests on our consistent ability to build the best video software to serve them. I'll hand it to Mark to share more about our product strategy. Thanks, Anjali. As you've seen and heard, we kept a good pace of product innovation and improvements as we scaled in 2021. I think this speaks volume about the maturity of our platform, the talent of our team, and our focus on driving business impact with our product roadmap. In 2022, we're focused on three key product pillars. The first one is unlocking knowledge at work. The second one is defining the next generation of live events. The third one is serving the largest companies in the world. Let me tell you a little bit more about each of them. Our first pillar is about helping every employee share ideas and knowledge effectively with video. Why? Because today, most large companies are generating thousands of hours of video content every year, and much of this valuable information is getting lost in shared drive, emails, or on people's computers. Last year, we launched our Video Library product to help companies like Bayer and Nike manage and disseminate all of that information so it's searchable, it's permanent, it's secure, and it's far more usable. We'll keep iterating on this product, but our next step is to help every employee create video daily. Historically, within large organizations, as you know, only a couple of people were able to create videos, either through internal AV departments or external agencies. We believe that with the right tools and with the support of AI, we can enable everyone inside the organization to easily record, edit, and stream videos. In order to truly unlock knowledge, we also need to surface all of the information inside of videos and make it more discoverable. Think about this earnings call. You're watching this live video, which we're going to post on our website as a recording once we're done. This information that I'm giving you right now is going to sit at minute 15 of the video for someone to discover by chance if they ever get to minute 15. That's just not good enough. We're working to evolve our player and tools to help every viewer easily find, digest, and get the most out of the dense content inside of videos. Our second pillar is about defining the next generation of live experiences. We've seen early traction on Vimeo Events, as you've heard, and we're building on that momentum daily. We expect the future of live to look very different from what it looks like today. Less passive and more like what you would experience if you were attending an event in person, surrounded by colleagues or friends. We're working on making live experiences on Vimeo richer, more interactive, more collaborative, and more social. We're working on simplifying live streaming even more so that you or any other employee in your organization can create these experiences, whether it's to market a product, to do a town hall with your employees, or to educate your customers. Last but not least, we're scaling our tech, our integrations, our architecture, and our security so that we can power mission-critical work for the largest companies in the world. Up until two years ago, Vimeo was really a single-user product designed for individuals. Last year, we targeted the ability to bring teams larger than 1,000 employees on Vimeo. It was an ambitious goal that required re-architecting our platform to add support for larger libraries of content, granular roles and permissions, and team collaboration tools. We've succeeded. We now have over 30 Vimeo Enterprise accounts with more than 10,000 seats, and we're now moving to support hundreds of thousands and even millions of seats on a single account. Vimeo has always been known for our superior quality and reliability, and we're investing to make sure we build on the leading edge here as we scale in the enterprise. To close off, I want to leave you with this thought. People often ask me, "How will I know if our strategy succeeded in five years?" I believe that the answer to that is that we become the de facto solution for anyone looking for the best way to communicate an idea. Because video connects people in ways no other medium can. It's authentic and emotional, it's rich and engaging, and it's immediate. I've spent the last 15 years of my career democratizing video because I believe in its power. What I've seen happen over the last 18 months has been incredibly validating, but that's nothing compared to what I believe will happen in this market in the next 10 years. There's so much yet to be built, and we're going to continue to pave the way for the industry. With that, I'll pass it over to Narayan to walk you through the financials. Thank you, Mark. Q4 was a solid quarter. Quarterly revenue reached $106 million and was up 27% year-over-year, with healthy growth across both self-serve and sales assisted. We added approximately 33,000 paying subscribers and ended the quarter with nearly 1.7 million total subscribers, up 11% year-over-year. Our ARPU in Q4 was $251, an increase of 13% compared to Q4 of last year. We do expect ARPU to fluctuate a bit in the short term as we evolve our monetization model and adapt to the COVID dynamics. We expect overall ARPU to keep growing as we both increase the sales assisted ARPU and that business increases in mix over time. On the sales assistant side, we now have more than 7,000 paying customers, and our sales assistant revenue grew more than 50% this quarter. We are especially pleased to note that the sales assistant now represents more than 30% of the revenue in the quarter, up from mid-20s a year ago. Sales Assistant NRR dipped below 100% this quarter with lower expansion, though logo retention ticked up slightly. We have talked about in the past, NRR is a lagging indicator and we expect it to start increasing again in the second half once we lap the COVID comms and as our revenue growth rate re-accelerates. The average also masks real traction in our Vimeo Enterprise offering, where the NRR increased quarter-over-quarter as we leverage our new products to drive stickier use cases and expansion. The remainder of my comments will refer to non-GAAP measures. Moving on to expenses and profitability, our growth margins held steady quarter over quarter at 75% in Q4. We continue to be pleased with our progress here. R&D expenses for the quarter was up 62% year-over-year as we continued to successfully add world-class product and engineering talent to the team and rapidly expand our product suite. Our sales and marketing spend for the quarter was up 45% year-over-year as we more than doubled our sales team headcount to fuel our sales assistant revenue growth and set ourselves up for a successful 2022. Finally, adjusted EBITDA loss for the quarter was $7.6 million. This included one-time M&A and legal expenses of about $4 million. Before we turn to our forward-looking outlook, I want to outline some changes on how we will talk about the business going forward. As Anjali alluded to, we increasingly see our customers' needs, purchase behavior, and willingness to pay differ significantly by company size. We think this is an important lens through which to operate our business, so much so that we have organized our team internally and focused our 2022 strategy around the north star of serving companies with more than 100 employees. Specifically, we see the COVID consumption hangover disproportionately impacting companies with less than 100 employees. We saw these customers grow most aggressively during the pandemic, and while we believe the SMB market is still large and under-penetrated, normalized growth patterns will take a few quarters to work through. For companies with more than 100 employees, we see a sizable near-term opportunity reflected in the demand within our existing user base, sales pipeline, customer conversations, and logos won. These are the customers who we believe we can grow with the most and who our expanding product suite serves best. As we proceed in 2022, we will increasingly talk about the business through the lens of company size, initially with sales-assisted customers and across our entire business over time. We are also aligning our incremental capital allocation decisions through this lens, whether it be investment in our sales force, marketing spend, or R&D resources. Now on to our outlook for the year. For Q1 2022, we expect revenue growth of 17%-19% with gross margins around 74% and adjusted EBITDA loss between $10 million and $12 million. For full year 2022, we expect revenue growth to be in the 15%-18% range with gross margins about 75% and adjusted EBITDA loss between $25 million and $30 million for the year. We expect 2022 to be another positive free cash flow year. We expect our 15%-18% revenue growth outlook for 2022 to be driven by sales-assisted revenue growth of well over 30%, and within sales-assisted, revenue from companies with more than 100 employees expected to grow at a significantly higher level. This is a natural evolution of our revenue mix to stickier, higher value customers. Our expected growth rate for 2022 is impacted by three things. First, the headwinds facing the smaller SMB customers, as discussed earlier. Second, the anticipated variability of two key initiatives, enhancing our monetization model and updating our sales and marketing motion to become best in class. The ramp and success of these initiatives could have a significant impact on our growth trajectory for the second half of the year. Finally, as we refocus our resources this year, we will actively deprecating the consumer-facing portion of our Magisto business, which we had acquired in 2019. We estimate the underlying growth, ex- Magisto, to be about 3% higher. On expenses, our investment priorities for 2022 have not changed. If unit economics dictate leaning into investments to drive growth, we will continue to do so. On gross margins, we will continue our infrastructure optimization efforts to drive cost savings, but we also plan to reinvest those savings strategically in areas that drive future differentiation in video quality and video insights at scale. We don't expect gross margins to grow materially in 2022. On R&D investments, we intend to continue hiring to drive strategic product expansion and our pace of innovation. We have the benefit of a global presence with distributed R&D centers of excellence across the world, and the subsequent ability to attract talent from wherever it may be. Our major area of investment in 2022 is in our go-to-market teams, from building a more specialized sales force to expanding our sales support structure, including sales enablement, sales engineering, and customer success teams. Much of these investments are staged and contingent on evidence of traction and success, though it'll take some time for the full impact of this to materialize. Given these investments, we expect adjusted EBITDA to be negative in Q1 and for the full year. We do expect to post positive free cash flow for the year, similar to 2021. With that, let's jump into Q&A. Yaoxian Chew, our Head of Investor Relations, will be moderating. So Yao, let's open it up for the first question, please. As a reminder, please unmute yourself and turn on your video when called upon and limit yourself to one question and one follow-up in the interest of time. Our first question comes from Brent Thill at Jefferies. Brent? Good morning. You know, if we can just start with what's changed in the last 90 days for the new outlook. Investors have continued to hear a lower outlook from you almost every quarter since you've spun out. Many are asking, "Is there something going on in the market? Is it something competitive? Is it your own execution?" If you can touch on that, and if you could also touch on what's embedded in the guide, if you've taken a slightly more conservative view given the downward trajectory and guide. Thanks. Thanks, Brent. This is our first time providing a full year outlook. What you're really seeing is I think a continuation of the key themes that we started to preview last quarter. Not seeing anything that changes our view on the market opportunity, Vimeo's ability to win over the long term, competition. It's really the three factors that Narayan just talked about. Really what we're seeing is a tale of two cities. We've got strength and momentum on one hand with larger companies, and we talked about that sales assisted revenue growth being well over 30%, and then among larger companies being much faster growth still. That's being countered by some real pressure on the smaller customers. Some of that, you know, we saw in the summer kinda caught us by surprise. We hadn't baked it into our original, you know, view when we were going public, and that's certainly continuing and is more pronounced than we'd expected. The other two key factors are initiatives that we are embarking on enhancing our monetization model, you know, optimizing our sales motion. These are all absolutely the right things to do. We wanna be thoughtful about them. Hard to predict with precision exactly how they'll materialize throughout the year, but we do believe they'll be re-accelerators of our growth. Then, you know, the other change is that in an effort to focus, you know, we set the North Star this year on serving companies greater than 100 employees. We have decided to deprecate the consumer-facing portion of our Magisto business and the implication that that has. You know, underlying all of this, I think the key message from us is that we're seeing an exciting mix shift, and there's a lot of things that are working, and ultimately, you know, the validation that we have today in our ability to both serve large customers, the demand from those customers, and how that will over time move through our overall revenue growth and be a big driver for us in the future really hasn't changed. Specifically on the forecast Brent, the macro assumption that's going into the forecast is the working conditions will continue to normalize. People will be back to in-person events and activities, and we are not expecting any further acceleration of the business from Omicron or any other event like that. In terms of business trends, we are assuming consistent trends with what we saw in Q4 and the early part of this year to continue for the rest of the year. The purchasing behaviors of SMBs and large enterprises to remain essentially consistent with what we are seeing right now. Those are the macro assumptions that are going into the forecast. In terms of the estimate in itself, the 15%-18% that we gave, as Anjali mentioned, we are comfortable with that range, based on the factors and that we just talked about, this is the best view of the business as we see right now. Obviously, there are things that we have more control of and things that we have less control of. The SMB headwinds that we talked about, that's not something we have a lot of control of. But the initiatives that we talked about, the monetization and the investment in improving our go-to-market activities, those, we have more control of those, and the success and ramp of those initiatives will have a significant impact in the growth rate on the second half of the year. Coming specifically on Q1, as you have seen the last two quarters, we have established that we have good visibility a quarter out, and so we can expect the same level of confidence in Q1 outlook that we have given. The rest of the quarters, we will continue to update you as the year moves along. Thank you. Great. Thanks. Next question from Cory Carpenter at JP Morgan. Hey, thanks for the questions. I have two. Just hoping we could start out with more on the transition of per-seat pricing, maybe where you are in the rollout, what your early learnings have been and next steps. Secondly, if you could just talk a bit more about, you know, where you're seeing these headwinds specifically in the SMB business. Does this, you know, change your priorities or strategy at all, for that business? Thanks. Thanks, Corey. So on the per-seat monetization update, as I said, we're feeling good. We're on track. As a reminder, it's a staged rollout. We're starting with our sales assisted customers and really beta testing the new model with new sales assisted customers. You know, reception has been positive thus far. I think, you know, it's a couple reasons. One, most of the decision-makers and buyers in these large organizations are already used to buying software on a per-seat basis. Makes total sense to them, and it's sort of embedded in the way that they think about software already. And then, of course, the way we've architected this, we're giving a lot of value upfront and then also, you know, aligning our expansion and monetization with their success. I think it's been positive. You know, I shared that for some of our largest customers, including that seven-figure deal, the largest Vimeo Enterprise customer that we've had, you know, that was using that new model. When I look at some of the conversations our sales team is actively having now, you know, we're seeing examples where you have a Fortune 1000 company that, you know, wants to have several thousand employees contributing content to a Video Library. Well, in our old model, that would've been a $35K deal. But now with the sort of approach of here's all the things that you can do very easily, and then we'll charge per seat, you know, with those thousands of employees, that becomes a six-figure deal. I think that that's sort of the early proof points that we're feeling good about. We have to roll this out obviously to all of our new enterprise and sales assisted customers and then look at how we'll roll it out to existing customers. On the self-serve side, you know, we're gonna be doing a bunch of growth experiments and testing. You know, there's a bunch of variables there to really work through. That's one where, as we said, that's gonna be a longer kinda multi-quarter journey. You know, hopefully we'll look to realize benefits as soon as possible, but not at the expense of doing it right and doing it thoughtfully. On the SMB side, you know, where we're seeing headwinds, we talked about last year faith and fitness verticals. We also talked about live streaming, as you know, a use case where we saw a big spike up in demand. It's coming down. Again, worth noting, demand is still, you know, 3x higher than it was pre-pandemic. For sure, we're just continuing to digest that as we move through the year. You know, I think ultimately our view is the SMB market is still one that we think is large. There are 300 million small businesses out there. We think any business that has a website or a social media account or an online store can and should and will use video. It's why you're seeing us invest in partnerships. You know, we're seeing great traction with social media platforms, Facebook, TikTok. You're gonna hear more from us in the future around deepening those relationships, particularly with TikTok. Still a lot of potential and excitement around that market. I've also said that from a priority perspective, we have to focus. You know, on the execution side, we're doing a lot to improve our focus and our discipline. That's you know from bringing in the right leaders who have done this before and can help us be successful. But also we've got to say, "Here's the North Star." This year we have said it's larger companies, specifically companies greater than 100 employees. The good news is, if you think about most of our investments, you know, if we're able to build great products to help employees at large companies use video, we do believe that will provide similar value to small businesses. The reason for that is our special sauce is enterprise-grade quality and capabilities with an intuitive consumer UX, right? We're already building tools that any employee who's not an expert can use, and we think that that'll translate to the SMB market. Punch line, nothing's changed around the market opportunity. We're pumped about SMBs too, but we have to pick the areas we must win at this year, and we are taking a more focused approach. Great. Thank you. Next question from Justin Patterson at KeyBanc. Justin. Great. Thank you very much. Anjali, congratulations to you and your family. That's exciting news. Thank you. Two, if I can. The first one is just around investment. Given your learnings around the post-pandemic demand, how has your view on LTV to CAC changed, and how do you think about the right level of organic investment in the business? That's number one. Then number two, in the letter, you did highlight some nice progress on upselling customers with the all-in-one solution, getting multiple products per customer. Where are you in that journey today, and what's the right motion to continue that momentum? Thank you. Yeah. I'll take the LTV to CAC question first, and then Anjali, you can cover the other part. Justin, on the LTV to CAC, we still have very healthy economics on customer acquisition metrics. We are, as we have talked about many times, very focused on unit economics. We have improved our gross margin almost 10 percentage points in the last four quarters. Our LTV to CAC stays very healthy. That's the reason why we are continuing to invest in expanding both our sales and marketing reach to reach new customers, especially customers who are north of 100 with more than 100 employees. Very comfortable with our LTV to CAC levels, and we'll continue to invest as we see huge untapped market that we can expand into. Yeah. I mean, on the multi-product piece, I'll say something more broadly, but I think, Mark, you should walk through some of the details of how we're thinking about it. Definitely, you know, this has been a key part of the strategy from day one, is the belief that we want every employee using more video, more Vimeo more often. We believe that's the way to both open up the market because you want video to be used everywhere, and it has to be frictionless and easy, as well as it's a great driver for us. You know, what you saw is that that's happening. You know, we've got two new products in the last six months already driving much clearer adoption. You know, that's important for a couple reasons. One, obviously, the more products you're using, we see that as a leading indicator of stickiness and retention. Two, we're diversifying away from live streaming, which was really our original wedge into organizations, which is sort of your least sticky product. I think very good signals there, and I think Mark can add more about what we are ultimately looking to do. Yeah. I'd just say historically we've really been selling this live streaming solution. That means that really our deployments within organizations were one or two people, marketers or video producers, that were handling the live streaming and then a number of viewers. When we started developing the video library strategy, the goal was really to penetrate multiple departments, multiple groups within the organization. That's what you're seeing happen. That's what you're seeing with this multi-product adoption, is that we are really able to penetrate and serve as this corporate video library solution, enable upload of video content, creation of video content within multiple groups and departments. In terms of the go-to-market, I think that was the second part of your question. From a pricing and packaging perspective, we're really going to both bundle a number of functionality within each seat. For example, our contributor seat will have the ability to upload, to create, to record content. It won't have live streaming, so we're not gonna bundle everything into the same seats, but we are going to do bundling. We're also going to have multiple SKUs, depending on the use case that the customer has. I would say in terms of really the strategy to expand within organization, the biggest levers for us are in-product levers. Really, you know, product-led growth. Levers where we have employees within organizations that are inviting their team members to various product actions to join the team and use the product. I'll give you an example. Today, if you upload a video on Vimeo and you share it with a colleague, very often you'll take the URL, send that URL by email to your colleague, and they'll just be able to watch the video content. We're implementing a very simple way where you can add a team member directly to the video so that they can come in and start commenting on the video and contributing directly, and they become by that action a team member directly. That, you know, those are the kinds of viral loops that we'll use to really expand effectively within organizations. Great. Thank you. Next question, Tom Champion from Piper Sandler. Tom. Great. Thanks. Anjali, I'd like to learn a little bit more about the sales force, given you're leaning into the enterprise. Maybe if you could talk about whether or not you were able to hit your sales force headcount goals in 2021 and what that looks like for 2022. Any process changes you're making next year? Mark, I'd love to hear from you a little bit about what you're most excited about from a product development perspective. What do you think is the greatest enterprise video product need in kind of the post-pandemic world? Thank you. Great. Thanks, Tom. On the sales force, yeah, you know, we set out last year to roughly double the size of our sales team. We did do that. As we enter this year, we do expect to continue to grow our sales force. You know, that's for a variety of reasons. One, we're seeing validation and traction, particularly among larger companies, based on the signals I shared and some of the deals that we're doing. Two, we just launched these new products, and we wanna make sure we've got the people to go out and sell them. There's no question we're not best in class yet on our go-to-market motion. I've, you know, talked about it before, and some of that is just evolution and sort of DNA. There is a lot of good execution work happening right now to get to best in class. It's a key priority. Our new Chief Revenue Officer, Eric, you know, that's one of the things he's really focused on. There's a bunch of places where we're taking, I think some good improvements. One is, as I mentioned, specializing our sales force. You know, now you'll have folks who are really optimized and trained and goaled on different types of companies that have different purchase behaviors and buying patterns. Getting a lot better at how we identify and qualify many of the companies in our base and feed them in a very automated way to our sales team to quickly convert them based on actions that they've taken. You know, one of the ones I'm most excited about is customer success. You know, we didn't have a customer success motion, you know, several months ago. We've stood up that team now. We have a great leader there. You know, it's the first time that you're gonna have a whole kinda group of people whose job on very specific metrics is getting customers quickly onboarded, getting them to the fastest time to value, getting them to get utility from our products. I see this as such an important thing because ultimately, for that monetization strategy to work, we've gotta be great at it. Again, every signal we see is that when we can get our products in the hands of employees and teams, companies are happy. I think, you know, you'll definitely see more work there. You know, it's why one of the things we talked about is we've gotta be thoughtful. It's gonna take us a couple quarters to get this right, but very committed and very focused to doing so. I feel very confident in our ability to do it. On the question about what I'm most excited about for our enterprise product, it's difficult. You're asking me to pick a favorite now. Let me just first tell you a little bit about our product philosophy, maybe how we think about product strategy. We think about it as really a balance of three types of initiatives. The first type is really large bets to go after entirely new addressable markets that we're not playing in right now. The second type of initiative is new features, new products to compete better in the markets we are active in already. The third type of initiative is really improving our offering to make our customers more successful, ultimately retain them better. Really, it's about balancing these three types of initiatives to have the biggest business impact. Now, back to your question, I think it's really that first pillar that I talked about unlocking knowledge within organizations. The reality is there's still too much friction today in organizations to share knowledge. I'm confident with what we have in our roadmap that we will be able to truly unlock for every employee inside organizations to create video content daily, ultimately for the goal of sharing information more effectively. Not only that, unlocking really that content inside of these videos and make it more discoverable, more searchable, and really help disseminate the information within organizations effectively. That's probably the area I'm most excited about. It's hard to pick a favorite. Thank you. Great. Thanks. Next question from Brian Fitzgerald at Wells Fargo. Brian? Thanks, guys. I wanted to ask a couple follow-ups. First around the enterprise sales cycles. Any update in terms of how that's lengthening as you extend into the enterprise, as you move into verticals? A related question. In the letter, you talk about s lower growth, kind of amidst this mix shift to stickier enterprise dollars, I may have missed this. Can you give us an update on enterprise net revenue retention? Sure. Thanks, Brian. I'll take the first one. On the sales cycles, you know, there's a couple things going on. If you remember, in the summer, we had experienced sort of this longer sales cycle than we had expected counter to seasonality. Good news is we seem to have come away from that, and actually sales cycles have sort of gotten back to the four-week-ish average that we were seeing. But of course, you know, now that we're much more focused on larger companies, we do expect, in a very natural and appropriate way, the sales cycles for those larger companies to get longer, and we're very happy to take that trade-off to go from a five-figure deal to a seven-figure deal. This is where I think specializing the sales force is helpful because we are gonna be really carefully tracking. What we want is obviously sales cycles to stay super short and tight for smaller customers, and deployments, and we don't see any reason that that wouldn't be the case. Then as we move upmarket, you know, we're talking probably, you know, sales cycles getting longer by days, maybe weeks, but certainly not months and going into kind of what you might think of as a traditional enterprise play. Part of that is because, you know, the demand and urgency for video is there from the largest companies in the world. We're seeing it. Our product is turnkey, and the way you can use it and understand it and have your team start to adopt it is turnkey. It's not high touch customized. We know there's a lot more we can do to get our sales cycles to be tighter. You know, just learning how to navigate with procurement teams and, you know, IT and that whole process, legal, like, we're still very early. I think the combination and sum of all of this is, you know, no issues on sales cycle. There will be natural lengthening that we are very comfortable with, and I think we'll see as a signal that we are also successfully moving upmarket over time. On the NRR question, I'll take that, Brian. When we talk about digesting the COVID comms, we are not just talking about revenue growth rates. We are talking about a variety of things, and that includes NRR. If you remember, at the peak of the pandemic, a lot of businesses over-purchased assuming a higher level of demand. What we are seeing is that those customers are staying with us. Our logo retention is actually ticking up quarter-over-quarter. Even in Vimeo Enterprise, our flagship offering, we are very pleased to see higher logo retention. What we are seeing also is that they are not expanding as much as we would want them to. New customer acquisition is going very well, as you saw, as you heard from Anjali about the large retailer. The logo retention is doing better, but the retention is lighter. How do we get over this? One, as we go past the COVID comms and as the revenue start re-accelerating, we do expect NRR to come up. If you ask me what gives me that confidence, I would say a couple of things. One, the fact that large enterprises like the one we talked about implementing or buying Vimeo and deploying it to thousands to millions of employees, that's a very sticky use case using library. The second thing I would say is, you saw Anjali talk about multiproduct adoption. We have gone up quite significantly in terms of our customers using more of Vimeo products. Those are really green shoots that tells us that NRR is going to continue to improve once we get over these, the COVID comms and once we start re-accelerating the revenue. We do expect NRR to get back up in the second half of the year. We are just going through this digestion process right now. Yeah. I would just add, Brian, the two leading indicators I'd really point you to, the chart we shared in the letter that shows the percentage of Vimeo Enterprise customers that are adopting multiproducts. We think that's a great leading indicator for NRR. Then we shared in the past, and continues to be true, that our customers who do adopt a Video Library, we do see a much higher percentage signing multiyear contracts. A couple of very clear indicators that, you know, as we again diversify away from live streaming to stickier use cases, we'll see it. We'll see it in that metric over time. Got it. Thanks, guys. Thank you. Next question from Max Spaeth at Cowen. Hey, thanks. Maybe just a little on timing. How should we think about the pacing this year between the marketing and product investments, if at all? Maybe how should we think about margins on kind of a longer-term basis? Just kind of following up on the seat-based pricing, how many of your customers do you think are a good candidate for that model? Is the goal there to get all sales-assisted customers on that model? Maybe just how should we think about the timing and for that transition? Thank you. Yeah. Let me take the first question about investments and our structure. Nothing has fundamentally changed about how we think about our business. We do expect to continue to lean in and invest where the unit economics so dictate. In terms of investments, as I talked about earlier, the biggest area of investment this year is going to be in our sales and marketing area. We believe that the market is still very under-penetrated, and we want to continue to invest to capture that market as quickly as possible. We will be investing in R&D as well. We are the market leaders on our technology, and we want to be and stay at the top of the technology chain. We will be investing in both these areas. We would expect some leverage coming out of G&A, but this, we see this as another investment year. The worst thing we can do is to take our foot off of the investment pedal. Was there another question around investments? I think you covered it. Just the seat-based pricing from there. Yeah. I mean, I think, your question was really about, how many of our users do we ultimately think will be ripe for this kind of model, and how long is it gonna take us, to reach all of them. Look, we definitely think that the use of video, the utility of video is highly collaborative. You know, we kinda shared some of the metrics we're looking at in terms of the top of the funnel, the number of business domains, the number of users on each business domain. There's quite a lot of companies within our user base that we think are of a size we've defined it as greater than 100 employees, where it's really critical for them to have multiple team members in order to get value from our platform. You know, that we think exists not just on the sales assistant side, but also on the self-serve side, and we see it. We have a bunch of free business domains and users there too. It's a sizable number. We think even within our existing base alone, there's enough potential customers for us to feed our growth for a long time. It really comes down to how quickly we can unlock that. You know, the unlocks there, it's not just the monetization model. You know, it is the product itself. Mark talked about our product really being our marketing, and how we can, you know, inherently, when you create a piece of content to share it within a company, you want to share it with other people. There's this opportunity for many other people to then touch the Vimeo product. We're building in these viral loops and in-product triggers to be able to naturally create that expansion. You know, from where we sit, we think a very significant portion of employees and companies in the world are gonna need and find value in this model. We think that the best way to get those customers is actually gonna be just through the product itself. Thank you. Next question from Nick Cronin at Truist. Yeah, hi, this is Nick Cronin on for Youssef. Thanks for taking the question. Just one last one for me. Just again on the revised guidance and headwinds to growth. Again, I think you've talked about it, but how do we know it's not a product market fit issue? Thanks. I'll give you my thoughts, and I'll let Mark jump in too on this one. Because we see it in the way our product is being used by the customers that have been able to get access to it. That sounds like an overly simplistic answer. It's not meant to be. You know, I think we tried to lay out in the letter some of the things that we're seeing, but NPS score is strong. Lot of healthy, good, frequent monthly active engagement from teams within the product. Logo retention, as we've shared, has been steady and ticked up in Vimeo Enterprise. Then, you know, we're seeing it from the examples of the customers we're signing. You know, to have one of the largest companies in the world want to use Vimeo for millions of their employees just based on some of these new products we've launched in the last six months, you know, is I think a really great sign. What's interesting is the more that we talk to these customers, they wanna do even more with video. They're asking us for a lot of the things that were already kind of on our roadmap. We just see very tight, I would say, sort of consistent validation between our hypotheses and the signals that we've seen and then what we actually hear from customers. Great. Did you have a follow-up question, Nick? Nope, that's all for me. Thank you. Great. Thank you. With that, I'm seeing no further questions in queue. I'm gonna turn it back to Anjali for closing remarks. All right. Thanks, Yao. I'll give you guys a few final takeaways from us today. Nothing has changed in our TAM, our market opportunity. We think businesses are very early in their video adoption curve. We have a winning product. We're powering video for work. We're bringing a new level of focus, rigor, and discipline to how we execute this year so that we can capitalize on that position. Two, there's a tale of two cities going on in our business. It is weighing down our overall growth. But underneath the surface is an exciting mix shift that will play out over time. We've got clear validation in our most strategic areas, product expansion, customer wins, the right leading indicators. We'll work to share more of them with you as we progress on this journey. I look forward to speaking with many of you soon, and thanks for joining us.