Vimeo reported a decrease in revenue by 4% year-over-year to $103.6 million, but improved its operating loss by $23.5 million compared to Q1 2022. The company achieved its third consecutive quarter of positive Adjusted EBITDA and Free Cash Flow, driven by growth in Vimeo Enterprise bookings.
Vimeo has approximately 1.5 million Self-Serve & Add-Ons Subscribers, and 2.5 thousand Vimeo Enterprise Subscribers.
Self-Serve & Add-Ons Bookings were down 6%, Vimeo Enterprise Bookings grew 62% year-over-year, and Other Bookings were down 31%.
Operating loss was $2.8 million, a $23.5 million improvement from the first quarter of 2022. Net loss was $0.7 million in the quarter, a $25.9 million improvement from the first quarter of 2022.
Vimeo generated positive Free Cash Flow of $4.9 million, or 5% of revenue.
For Q2 2023, Vimeo expects revenue to be approximately $100 million, GAAP operating loss of approximately $17 million, and Adjusted EBITDA to be at or slightly above breakeven. For full-year 2023, Vimeo is reaffirming an expected mid-single digit percent decline in revenue, updating its expectation for GAAP operating loss to now be between $50 million and $45 million, and reaffirming its expectation for Adjusted EBITDA to be between $5 million and $10 million.
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