Good morning, and thank you for joining Vimeo's Q3 earnings live Q&A. We're excited to be here in front of you. Before we begin, a few comments. First, Vimeo's Q3 shareholder video will be available on the Vimeo Investor Relations site. 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 in this video. 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'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, Anjali. Hi, folks, and welcome to our Q3 earnings Q&A. We are trying something new this quarter. Last night we published an interactive shareholder video. It's our version of the new shareholder letter using Vimeo's product. Gillian and I were able to record our updates from our respective locations, me from the Vimeo HQ in New York and Gillian from her barn office in Vermont. We then stitched the video together and added our new interactive features so you can engage with the content however you want. We hope you enjoy the experience. We are experimenting, so take the poll at the end to give us your vote on if you like it. There are three things I wanna call out from the quarter. First, we are seeing exciting momentum in Vimeo Enterprise, including growing net revenue retention to over 100%. Second, we are executing a strategic evolution in our self-serve offering to better serve higher value business users. While self-serve is dragging our growth in the near term, we believe it will be a valuable and profitable grower in the long term. Third, our visibility is improving along with our execution. This quarter, we ramped up our new management team and generated positive Adjusted EBITDA and positive free cash flow. That's it. With that, let's jump into some questions. As a reminder, please unmute your microphone and turn on your camera when called on. Our first question comes from Bill Kerr at TD Cowen. Bill? Hi. Yeah, thanks for the questions. I've got two, if I can. We think that reacceleration is really important for the Vimeo story. Can you just talk to us about how you're thinking about the reacceleration of top line, as we move into and through 2023? Hi, Bill. Yeah, sure. You're absolutely right. I think for us as a company, re-acceleration is a real critical priority for us in 2023. As we shared in the video, we do feel confident in our ability to accelerate bookings in the near term in sales assisted. That's primarily driven through the momentum in Vimeo Enterprise. There we see both, you know, the execution that we're experiencing this quarter, improved sales efficiency, but also the great leading indicators. Strong pipeline, strong AOV, increasing NRR, number of seats being used within accounts growing, all signs kind of moving in the right direction pretty consistently. That makes us feel great about that. Self-serve is harder to predict for sure. Ultimately for self-serve, we think it's a matter of when, not if. We see outside of macro trends, which are weighing on our top-of-funnel demand and traffic, that even if traffic doesn't improve, we think we have enough low-hanging fruit in areas like increasing conversion, increasing our AOV, and increasing retention. That's in areas like product and marketing. We have two new leaders in place that are executing there. Really at the end of the day, it's sort of near-term headwinds, but that we believe the tailwinds over the long term for video will really outpace over time. Okay. Great. You mentioned it briefly, but my other question was just on product pipeline and how you're viewing that going into 2023 as well, and what sort of the balance might be between enterprise and the self-serve, you know, what the mix might look like, and how you're feeling about product velocity. Yeah. Well, hopefully, you know, you got a chance to check out our interactive shareholder video. What you will see from that is that, we are committed to maintaining product leadership and innovation in this space, and we will look to continue to do that in 2023. You will see a lot of focus on products that enable teams, departments, and employees at the largest companies in the world to be able to use video. I will also say, if you look at our roadmap and how we're thinking about it, we have launched a lot of new products in the last year. In Vimeo Enterprise in particular, you know, we launched Video Library, we launched Interactive, we launched Vimeo Events. You'll also see us look to just really improve and optimize the products that we have, unify the user experience, so it's easier to adopt and discover the products that we have, and then get people to really engage and be successful on those products. There will be some sort of net new innovation coming from us in a couple critical areas that we think are differentiators in the long term. I would say the majority of our roadmap is really gonna be about taking the power of Vimeo that already exists and making it easier for people to discover it. I'll just say, you know, anecdotally, you know, when we released this interactive video, like the number of people who have been pinging us saying, "We had no idea that you did this. And that this kind of thing was even within Vimeo suite." I think is just indicative of the clear opportunity we have to actually get our user experience and the product to actually be our marketing. As you'll see, I think a lot of our roadmap oriented around that as well. I think it's important to remember that we've talked before a lot about the idea that sales assisted versus self-serve is a go-to-market metric. It's really about how we sell the product. The product is actually the same all the way from an individual user up to a large corporation. What you saw Anjali and I do last week in terms of even taping those videos and getting them together, we could do from our desktop, you could do from your desktop, anyone could. That's a really key piece of the strategy. That said, the way we report the numbers today is the construct we're using as the way we're running the business. We absolutely think sales assisted is where the majority of the growth is gonna come from, and that it will start to be a bigger and bigger piece, ultimately the largest piece of our business over time. Great. That's extremely helpful. Thank you so much. Thank you. Our next question comes from Tom Champion at Piper Sandler. Tom? Hi, good morning. Thanks for taking the questions. Maybe just to get the guidance one more time. It sounds like you're confident that the bookings growth rate will exit 2022 at better than a 3% decline that you saw in the third quarter. Given the challenges forecasting self-serve, is what you're saying that, based on the signals you're seeing out of sales assisted, the strength out of sales assisted, that you can achieve that improvement based on a range of scenarios in self-serve? Yeah, I think that's the right way to think about it. As we mentioned in the video, we assume in our planning that the top of the funnel challenges we have in self-serve remain for a while, and that's for planning purposes, we're trying to make sure we stay, you know, conservative about that. In terms of sales assisted, we see strong strength and a lot of leading indicators going into this fourth quarter that that business has momentum. If you take a look at the pipeline rebounding in the quarter, the momentum in Vimeo Enterprise in terms of seat growth, the bookings, even the bookings we saw in the quarter amongst products, and in particular, our sales productivity, where we really feel like the sales force is ramped and really now in a place of optimizing, it makes us have a lot of enthusiasm about sales assisted. For sure, the shift in bookings trend would be driven by sales assisted. That's where we have the most confidence. Self-serve certainly is harder to forecast, but we think the blend will get us where we'd like to be in terms of reaccelerating bookings. Okay. If I could just ask one more, Anjali, maybe for you. The letter talked about this trend of free business domains within self-serve, and it seems like that's up very strongly since 2019. Can you elaborate on that? What is this? What, you know, walk us through why this is important. Sure, Tom. I think, obviously the question in self-service, it's a large funnel. Ultimately, what we see is that it's really not about the quantity of potential users, but the quality, right? When we think about our strategy, Gillian, as she said, we don't think about self-serve and sales assisted. Those are just ways we sell. One is through our websites, one is through our sales force. We believe the tailwinds in video are such that any employee and team at any company of any size, regardless of their budget, they're gonna wanna use video in the future. Some are always going to want to start for free or try before they buy or purchase directly and immediately through a website instead of speaking to a human being and having an account manager and an invoice and a contract, and we think that's great. Some of those users, we will look to serve purely on self-serve, and we'll do it profitably. Some of them we will upsell and upgrade into sales-assisted, but it really is all one kind of market that we're going after. The reason I like to highlight free business domain users is those are employees, teams, and, you know, people at different companies. If you look at that group, what we see is that they are our highest quality users. They convert higher, they have a higher AOV, they are stickier, they are more profitable. Historically, we haven't been as focused and targeted in how to market and drive traffic that is optimized for those types of users, nor has our website been as optimized to convert and engage and delight those types of users. What you're really gonna see in our marketing and product efforts on self-serve is we will always look to be a platform for anybody, but more of a concerted effort now that we really understand, like this is the user that we must serve above all and speak to, how can we both attract more of them and convert more of them into our products? The good news is the growth trends there, you know, through the pandemic is strong. That's, I think, ultimately what gives us a ton of confidence that over the long term, self-serve will be a grower and a profitable grower. We just don't see a world in the future where people aren't gonna wanna buy their software, self-serve, do it yourself, as well as through a human being. Got it. Thank you. Thank you. Our next question comes from Brian FitzGerald at Wells Fargo. Brian? Thanks. The interactive shareholder letter was great. We thought it was really engaging and informative, so I appreciate that. We wanted to ask about the NRR at 104%. A few questions there. Can you give us an idea of where that's been in recent quarters? You talked through some of the factors in terms of logo retention, dollar retention, seat growth, and multiproduct adoption. Could you give us a sense of the dynamics for those drivers and where you see NRR over the next few quarters? I'll cover the numbers. We're really glad you liked the video. We really had a lot of fun making it, and I think our team is really loving it. I love that we're getting reach outs on LinkedIn for people who wanna do it, too. I tease, "If I can do it, you can, too," to any of my peers out there. In terms of the NRR, it was below 100% for the last couple quarters, and popping up above 100% is a big deal in our minds in terms of really living up to the promise that we really want the product to have in terms of landing and then expanding amongst customers. We're really excited about that. I'll give it over to Anjali to give you a little more detail in terms of how she sees use cases at customers and the expansion we're seeing. Yeah, sure. I think, as it relates to the different parts of NRR, what you're really seeing, Brian, is just very steady materializing of the seeds we've been planting. I'll go through a couple. First, when you look at logo retention, certainly we've invested a lot in improving our product and in particular, if you recall, shifting away from just live stream as a use case to stickier use cases. Live streaming tends to be the least sticky use case. When we first launched Vimeo Enterprise and during the height of the pandemic, most customers were using us to live stream things like town halls. We then moved to more of a multiproduct strategy, and we launched capabilities like Video Library that are much stickier or at least should be. What we're seeing is that start to show up in logo retention. The other piece is we launched a per-seat pricing model that we rolled out to all our new sales-assisted customers this year. There, it's enabling people to realize value or our customers to realize value, and to pay based on expanding their seat usage. We think that is both better for their satisfaction and retention, but also for expansion. I think we shared that we're seeing seat usage on accounts grow in the triple digits year-over-year for the second quarter. That's a great leading indicator, both of that logo retention and your bookings retention. It's really, I think, the combination of those two things that's starting to work. The last thing I'll say is we did reorient our sales force at the beginning of the year to get better and more specialized in how we sell to larger companies. We did that by sort of looking at, okay, let's have a group of our sales force really only look at what we call corporate accounts. Those are companies with greater than 1,000 employees. Those are kind of the largest customers. I shared in the video that bookings for corporate accounts grew 65% year-over-year this quarter. That's really, you know, a sign that we are starting to really learn. We're finding it better at how we sell to those customers. They do buy differently. It's a different selling motion. Still, we have, you know, a good amount of room to go to become great, but we're starting to see that improvement in our sales force take shape. All of those are contributors. The great thing is that I think all will continue to pay dividends, you know, as we progress, and we have room to improve in all of them as well. Got it. The follow-up question I had was just around the drivers of the EBITDA outperformance. It doesn't appear that you've materially changed the implied outlook for Q4. Were there any timing effects in Q3, investments being shifted between Q3 and Q4 that we should note? Yeah, no, I mean, we think it's reasonable to expect that the guidance is the right guidance for the year. We're really happy to have been able to put up two quarters essentially in a row where that's staying stable. In terms of the third quarter itself and one of the things I always like to describe about our business is we have this great business model. It has strong profitability, and we have a really solid cash balance, and we really care about that. We want to be a profitable business. The dynamic of bookings and bookings being a leading indicator of revenue gives us a good sense of what our cost structure needs to be in any given quarter. In Q3, there are two real factors that I think are important to think about in terms of how the EBITDA shifted up. One is that we saw that the rate of bookings growth was declining, and we reacted by doing a small RIF early in the quarter. There was some savings on the compensation side. In addition, the team executed well on recovering from a billing system issue we had earlier in the year that we've discussed a little bit with you all, and that was able to have us reduce the amount of bad debt expense we had to take in the quarter. That was a very nice swing for us in Q2 to Q3. We feel really good about where we sit. Q4, we've talked about near EBITDA breakeven. That is in line with what we've talked about before, and we're really executing to that and, really proud of the team for their strong, results. Got it. Appreciate that. Thank you, Brian. That was our final question in queue. We appreciate you for joining us this morning. I'll turn it back over to Anjali for closing statements. Great. I will wrap by saying that we are energized to close the year strong and start 2023 off with more focus and momentum. We think we have a product that is changing how the world uses video, and we look forward to translating that product into a great business, one that creates enduring shareholder value. Thank you all for the time, and if you haven't already, check out the video. I hope you choose picking me and watching me instead of Gillian, or just watch both of us 'cause it's really entertaining. Thanks.