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Table of Contents
As filed with the Securities and Exchange Commission on May 5, 2025

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended March 31, 2025
Or

☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from__________to__________

Commission File No. 001-40420

VIMEO, INC.
(Exact name of registrant as specified in its charter)

Delaware |  | 85-4334195
(State or other jurisdiction of incorporation or organization) |  | (I.R.S. Employer Identification No.)

330 West 34th Street, 5th Floor New York, New York 10001
(Address of registrant's principal executive offices)
(212) 524-8791
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class | Trading Symbol | Name of Exchange on Which Registered
Common Stock, par value $0.01 per share | VMEO | The Nasdaq Stock Market LLC (Nasdaq Global Select Market)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer | ☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | ☐ | Emerging growth company | ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of May 1, 2025, the follo wing shares of the registrant's common stock were outstanding:

Common Stock | 155,344,770 |
Class B common stock | 9,399,250 |
Total | 164,744,020 |

TABLE OF CONTENTS

|  | Page Number
PART I
Item 1. | Consolidated Financial Statements | 5
| Vimeo, Inc. and Subsidiaries |
| Consolidated Balance Sheet | 5
| Consolidated Statement of Operations | 6
| Consolidated Statement of Comprehensive Operations | 7
| Consolidated Statement of Shareholders' Equity | 8
| Consolidated Statement of Cash Flows | 9
| Note 1—Organization and Basis of Presentation | 10
| Note 2—Revenue | 11
| Note 3—Income Taxes | 13
| Note 4—Fair Value Measurements | 13
| Note 5—Shareholders' Equity | 14
| Note 6—Accumulated Other Comprehensive Loss | 15
| Note 7—(Loss) Earnings Per Share | 16
| Note 8—Financial Statement Details | 17
| Note 9—Contingencies | 18
| Note 10—Related Party Transactions | 21
| Note 11—Restructuring | 21
| Note 12—Segment Information | 22
Item 2. | Management's Discussion and Analysis of Financial Condition and Results of Operations for Vimeo | 23
Item 3. | Quantitative and Qualitative Disclosures about Market Risk | 33
Item 4. | Controls and Procedures | 34
PART II
Item 1. | Legal Proceedings | 35
Item 1A. | Risk Factors | 35
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 35
Item 5. | Other Information | 37
Item 6. | Exhibits | 38
| Signatures | 39

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "will," "may", "could," "should," "would," "anticipates," "estimates," "expects," "plans," "projects," "forecasts," "intends," "targets," "seeks" and "believes," as well as variations of these words, among others, generally identify forward-looking statements. These forward-looking statements include, among others, statements relating to Vimeo's future results of operations and financial condition, business strategy, and plans and objectives of management for future operations.
Forward-looking statements are based on our management's beliefs and assumptions and on information currently available. These forward-looking statements are subject to a number of known and unknown risks, uncertainties and assumptions. Actual results could differ materially from those contained in or implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to:
•we have a history of losses,
•our prior rapid growth may not be indicative of future performance,
•our total addressable market may prove to be smaller than we expect,
•our ability to read data and make forecasts may be limited,
•we may not have the right product/market fit and may not be able to attract free users or paid subscribers,
•we may not be able to convert our free users into subscribers,
•competition in our market is intense,
•we may not be able to scale our business effectively,
•we may need additional funding as we continue to grow our business,
•our use or the capabilities of artificial intelligence ("AI") in our offerings may result in reputational harm, cost and liability,
•we may experience service interruptions,
•hosting and delivery costs may increase unexpectedly,
•our business may be vulnerable to changes in political and economic conditions globally, including the effects of tariffs and other trade measures,
•our business involves hosting large quantities of user-generated content,
•we have been sued for hosting content that allegedly infringed on a third-party copyright,
•we may face liability for hosting a variety of tortious or unlawful materials, and we have faced and may continue to face negative publicity for removing, or declining to remove, certain content, regardless of whether such content violated any law,
•we collect, store, and process large amounts of content and personal information, which may be subject to new and evolving regulations, and any loss of or unauthorized access to such data could materially impact our business,
•if our business becomes constrained by changing legal and regulatory requirements, including with respect to privacy, data security and data protection, consumer protection, and user-generated content, or enforcement by government regulators, including fines, orders or consent decrees in the United States ("U.S.") or other jurisdictions in which we operate, our operating results will suffer,
•our success will depend upon our continued ability to attract, motivate and retain highly skilled individuals worldwide and manage executive transitions,
•we have been the target of cyberattacks by malicious actors and may be in the future,
•we have faced claims that we infringe third-party intellectual property rights, and
•the risks described in the section titled "Risk Factors" and elsewhere in this Quarterly Report on Form 10-Q.
Moreover, we operate in a very competitive and rapidly changing environment. New risk factors emerge from time to time, and it is not possible for our management to predict all risk factors nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ from those contained in, or implied by, any forward-looking statements.

You should not rely upon forward-looking statements as predictions of future events. We cannot assure you that the events and circumstances reflected in the forward-looking statements will be achieved or occur. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. You should read this Quarterly Report on Form 10-Q and the documents that we reference in this Quarterly Report on Form 10-Q and have filed as exhibits to this report with the understanding that our actual future results, levels of activity, performance, and achievements may be materially different from what we expect. Any forward-looking statements only speak as of the date of this document, and we undertake no obligation to update any forward-looking information or statements, whether written or oral, to reflect any change, except as required by law. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified by these cautionary statements.

Table of Contents
PART I
FINANCIAL INFORMATION
Item 1. Consolidated Financial Statements
VIMEO, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(Unaudited)

| March 31, 2025 |  | December 31, 2024
| (In thousands, except par value amounts)
ASSETS |  |  |
Cash and cash equivalents | $ | 289,028 |  |  | $ | 325,276 |
Accounts receivable, net | 23,734 |  |  | 24,648 |
Prepaid expenses and other current assets | 24,139 |  |  | 24,732 |
Total current assets | 336,901 |  |  | 374,656 |
Leasehold improvements and equipment, net | 554 |  |  | 456 |
Goodwill | 245,406 |  |  | 245,406 |
Intangible assets with definite lives, net | 2,989 |  |  | 1,239 |
Other non-current assets | 19,866 |  |  | 21,064 |
TOTAL ASSETS | $ | 605,716 |  |  | $ | 642,821 |
LIABILITIES AND SHAREHOLDERS' EQUITY |  |  |
LIABILITIES: |  |  |
Accounts payable, trade | $ | 2,783 |  |  | $ | 4,473 |
Deferred revenue | 164,711 |  |  | 161,923 |
Accrued expenses and other current liabilities | 45,131 |  |  | 56,027 |
Total current liabilities | 212,625 |  |  | 222,423 |
Other long-term liabilities | 10,557 |  |  | 11,601 |
Commitments and contingencies |  |  |
SHAREHOLDERS' EQUITY: |  |  |
Common stock, $0.01 par value; 1,600,000 shares authorized; 164,373 and 161,993 shares issued and 154,577 and 156,047 shares outstanding, respectively | 1,644 |  |  | 1,620 |
Class B common stock, $0.01 par value; 400,000 shares authorized; 9,399 shares issued and outstanding, respectively | 94 |  |  | 94 |
Preferred stock, $0.01 par value; 100,000 shares authorized; no shares issued and outstanding | — |  |  | — |
Additional paid-in capital | 802,134 |  |  | 801,367 |
Accumulated deficit | (370,239) |  |  | (366,323) |
Accumulated other comprehensive loss | (826) |  |  | (1,180) |
Treasury stock, at cost, 9,796 and 5,946 shares, respectively | (50,273) |  |  | (26,781) |
Total shareholders' equity | 382,534 |  |  | 408,797 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 605,716 |  |  | $ | 642,821 |

The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
5

Table of Contents
VIMEO, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited)

|  |  | Three Months Ended March 31,
|  |  |  |  | 2025 |  | 2024
|  |  |  |  | (In thousands, except per share data)
Revenue |  |  |  |  | $ | 103,034 |  |  | $ | 104,910 |
Cost of revenue (exclusive of depreciation shown separately below) |  |  |  |  | 24,054 |  |  | 23,443 |
Gross profit |  |  |  |  | 78,980 |  |  | 81,467 |
Operating expenses: |  |  |  |  |  |  |
Research and development expense |  |  |  |  | 31,186 |  |  | 28,135 |
Sales and marketing expense |  |  |  |  | 33,358 |  |  | 32,305 |
General and administrative expense |  |  |  |  | 20,137 |  |  | 18,034 |
Depreciation |  |  |  |  | 44 |  |  | 57 |
Amortization of intangibles |  |  |  |  | 347 |  |  | 347 |
Total operating expenses |  |  |  |  | 85,072 |  |  | 78,878 |
Operating (loss) income |  |  |  |  | (6,092) |  |  | 2,589 |
Other income, net |  |  |  |  | 2,581 |  |  | 3,816 |
(Loss) earnings before income taxes |  |  |  |  | (3,511) |  |  | 6,405 |
Income tax provision |  |  |  |  | (405) |  |  | (332) |
Net (loss) earnings |  |  |  |  | $ | (3,916) |  |  | $ | 6,073 |
Per share information: |  |  |  |  |  |  |
Basic (loss) earnings per share |  |  |  |  | $ | (0.02) |  |  | $ | 0.04 |
Diluted (loss) earnings per share |  |  |  |  | $ | (0.02) |  |  | $ | 0.04 |
Stock-based compensation expense by function: |  |  |  |  |  |  |
Cost of revenue |  |  |  |  | $ | 177 |  |  | $ | 147 |
Research and development expense |  |  |  |  | 3,342 |  |  | 3,823 |
Sales and marketing expense |  |  |  |  | 2,327 |  |  | 1,821 |
General and administrative expense |  |  |  |  | 3,142 |  |  | 1,181 |
Total stock-based compensation expense |  |  |  |  | $ | 8,988 |  |  | $ | 6,972 |

The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
6

Table of Contents
VIMEO, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF COMPREHENSIVE OPERATIONS
(Unaudited)

|  |  | Three Months Ended March 31,
|  |  |  |  | 2025 |  | 2024
|  |  |  |  | (In thousands)
Net (loss) earnings |  |  |  |  | $ | (3,916) |  |  | $ | 6,073 |
Other comprehensive income (loss): |  |  |  |  |  |  |
Change in foreign currency translation adjustment |  |  |  |  | 354 |  |  | (124) |
Total other comprehensive income (loss) |  |  |  |  | 354 |  |  | (124) |
Comprehensive (loss) income |  |  |  |  | $ | (3,562) |  |  | $ | 5,949 |

The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
7

Table of Contents
VIMEO, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY
Three Months Ended March 31, 2025 and 2024
(Unaudited)

|  | Common stock, $0.01 par value |  | Class B common stock, $0.01 par value |  |  |  |  |  |  | Treasury Stock |  | Additional Paid-in Capital |  | Accumulated Deficit |  | Accumulated Other Comprehensive Loss |  |  |  | Total Shareholders' Equity |  |  |  |  |  |
|  | $ |  | Shares |  | $ |  | Shares |  |  |  |  |  |  |  |  |  |  | $ |  | Shares |  |  |  |  |  |  |  |  |  |
|  | (In thousands) |  |  |  |  |  |
Balance at December 31, 2024 |  | $ | 1,620 |  |  | 161,993 |  |  | $ | 94 |  |  | 9,399 |  |  |  |  |  |  |  |  |  |  |  | $ | (26,781) |  |  | 5,946 |  |  | $ | 801,367 |  |  | $ | (366,323) |  |  | $ | (1,180) |  |  |  |  | $ | 408,797 |  |  |  |  |  |  |
Net loss |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | (3,916) |  |  | — |  |  |  |  | (3,916) |  |  |  |  |  |  |
Other comprehensive income |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 354 |  |  |  |  | 354 |  |  |  |  |  |  |
Stock-based compensation expense (inclusive of capitalized internal-use software development costs) |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |  |  | — |  |  | — |  |  | 9,114 |  |  | — |  |  | — |  |  |  |  | 9,114 |  |  |  |  |  |  |
Amounts related to settlement of equity awards |  | 24 |  |  | 2,380 |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |  |  | — |  |  | — |  |  | (8,347) |  |  | — |  |  | — |  |  |  |  | (8,323) |  |  |  |  |  |  |
Purchase of treasury stock |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |  |  | (23,492) |  |  | 3,850 |  |  | — |  |  | — |  |  | — |  |  |  |  | (23,492) |  |  |  |  |  |  |
Balance at March 31, 2025 |  | $ | 1,644 |  |  | 164,373 |  |  | $ | 94 |  |  | 9,399 |  |  |  |  |  |  |  |  |  |  |  | $ | (50,273) |  |  | 9,796 |  |  | $ | 802,134 |  |  | $ | (370,239) |  |  | $ | (826) |  |  |  |  | $ | 382,534 |  |  |  |  |  |  |

|  | Common stock, $0.01 par value |  | Class B common stock, $0.01 par value |  |  |  |  |  | Treasury Stock |  | Additional Paid-in Capital |  | Accumulated Deficit |  | Accumulated Other Comprehensive Loss |  | Total Shareholders' Equity |  |  |  |  |  |
|  | $ |  | Shares |  | $ |  | Shares |  |  |  |  |  |  |  |  |  | $ |  | Shares |  |  |  |  |  |  |  |  |
|  | (In thousands) |  |  |  |  |  |
Balance at December 31, 2023 |  | $ | 1,585 |  |  | 158,511 |  |  | $ | 94 |  |  | 9,399 |  |  |  |  |  |  |  |  |  |  | $ | — |  |  | — |  |  | $ | 774,587 |  |  | $ | (393,335) |  |  | $ | (699) |  |  | $ | 382,232 |  |  |  |  |  |  |
Net earnings |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | 6,073 |  |  | — |  |  | 6,073 |  |  |  |  |  |  |
Other comprehensive loss |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (124) |  |  | (124) |  |  |  |  |  |  |
Stock-based compensation expense |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |  | — |  |  | — |  |  | 6,972 |  |  | — |  |  | — |  |  | 6,972 |  |  |  |  |  |  |
Amounts related to settlement of equity awards |  | 9 |  |  | 929 |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |  | — |  |  | — |  |  | (2,368) |  |  | — |  |  | — |  |  | (2,359) |  |  |  |  |  |  |
Balance at March 31, 2024 |  | $ | 1,594 |  |  | 159,440 |  |  | $ | 94 |  |  | 9,399 |  |  |  |  |  |  |  |  |  |  | $ | — |  |  | — |  |  | $ | 779,191 |  |  | $ | (387,262) |  |  | $ | (823) |  |  | $ | 392,794 |  |  |  |  |  |  |

The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
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VIMEO, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)

| Three Months Ended March 31,
| 2025 |  | 2024
| (In thousands)
Cash flows from operating activities: |  |  |
Net (loss) earnings | $ | (3,916) |  |  | $ | 6,073 |
Adjustments to reconcile net (loss) earnings to net cash (used in) provided by operating activities: |  |  |
Stock-based compensation expense | 8,988 |  |  | 6,972 |
Amortization of intangibles | 347 |  |  | 347 |
Depreciation | 44 |  |  | 57 |
Provision for credit losses | 320 |  |  | (81) |
Non-cash lease expense | 1,045 |  |  | 1,182 |
Other adjustments, net | 313 |  |  | (58) |
Changes in assets and liabilities: |  |  |
Accounts receivable | (57) |  |  | 1,758 |
Prepaid expenses and other assets | 2,010 |  |  | 2,145 |
Accounts payable and other liabilities | (14,383) |  |  | (10,383) |
Deferred revenue | 3,194 |  |  | (2,422) |
Net cash (used in) provided by operating activities | (2,095) |  |  | 5,590 |
Cash flows from investing activities: |  |  |
Capital expenditures | (142) |  |  | (160) |
Capitalized internal-use software development costs | (1,972) |  |  | — |
Net cash used in investing activities | (2,114) |  |  | (160) |
Cash flows from financing activities: |  |  |
Amounts related to settlement of equity awards | (8,561) |  |  | (2,205) |
Proceeds from exercise of stock options | 247 |  |  | 12 |
Purchases of treasury stock | (23,791) |  |  | — |
Net cash used in financing activities | (32,105) |  |  | (2,193) |
Total cash (used) provided | (36,314) |  |  | 3,237 |
Effect of exchange rate changes on cash and cash equivalents and restricted cash | 60 |  |  | (141) |
Net (decrease) increase in cash and cash equivalents and restricted cash | (36,254) |  |  | 3,096 |
Cash and cash equivalents and restricted cash at beginning of period | 325,493 |  |  | 301,436 |
Cash and cash equivalents and restricted cash at end of period | $ | 289,239 |  |  | $ | 304,532 |

The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
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VIMEO, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE 1—ORGANIZATION AND BASIS OF PRESENTATION
Description of Business
Vimeo is the world's most innovative video experience platform, providing a full breadth of video tools through a software-as-a-service ("SaaS") model. Our core focus is transforming how people create and share videos by providing cutting-edge products and a platform that bridges technology with creative innovation. We provide a turnkey cloud-based solution that eliminates barriers to using video and solves essential video needs, including video hosting and management, intuitive video creation and editing, insightful analytics, artificial intelligence language translations, and enterprise tools.
Unless otherwise stated in this Quarterly Report on Form 10-Q, references to "Vimeo," the "Company," "we," "our" or "us" refers to Vimeo, Inc. and its consolidated subsidiaries.
Basis of Presentation and Consolidation
The accompanying unaudited interim consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") and with the rules and regulations of the Securities and Exchange Commission ("SEC"). Accordingly, they do not include all of the information and notes required by GAAP for complete annual financial statements. In the opinion of management, the accompanying unaudited interim consolidated financial statements include all adjustments considered necessary for a fair presentation. Interim results are not necessarily indicative of the results that may be expected for the full year. The information included in this Form 10-Q should be read in conjunction with the audited annual consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024.
All intercompany balances and transactions between and among Vimeo and its subsidiaries have been eliminated.
Accounting Estimates
Management of Vimeo is required to make certain estimates, judgments and assumptions during the preparation of its consolidated financial statements in accordance with GAAP that affect the amounts reported in the accompanying consolidated financial statements and footnotes thereto. Actual results could differ from these estimates.
Significant estimates and judgments inherent in the preparation of the accompanying consolidated financial statements include those related to: the recoverability of goodwill; contingencies; unrecognized tax benefits; and the valuation allowance for deferred income tax assets, among others. Vimeo bases its estimates, judgments and assumptions on historical experience, its forecasts and budgets and other factors that Vimeo considers relevant.
Significant Accounting Policies
There have been no material changes from the significant accounting policies previously disclosed in Part II, Item 8, of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024 as filed with the SEC on February 19, 2025, except for the addition of the following significant accounting policy.
Internal-use software development costs
The Company capitalizes certain internal and external costs related to the development of internal-use software during the application development stage. Costs incurred during the preliminary project and post-implementation stages are expensed as incurred. Capitalized internal-use software development costs are included within "Intangible assets with definite lives, net" on the consolidated balance sheet. Amortization of capitalized internal-use software development costs begins when the internal-use software is ready for its intended use and is recognized over the estimated useful life of the software, which is generally three years, and is included in "Amortization of intangibles" in the consolidated statement of operations.
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VIMEO, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
Recent Accounting Pronouncements
In December 2023, ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures was issued, and requires disclosure of disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. This guidance will impact the Company's income tax disclosures beginning with the Annual Report on Form 10-K for the year ended December 31, 2025 on a prospective basis.
In November 2024, Accounting Standards Update 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) was issued, which requires public business entities to disclose, on an annual and interim basis, disaggregated information about certain income statement expense line items. This guidance will become effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, on a prospective basis. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements.
Reclassifications
Certain prior year amounts have been reclassified to conform to the current year presentation.
NOTE 2—REVENUE
Revenue Recognition
Vimeo's revenue is derived primarily from fixed SaaS subscription fees paid by customers. Subscription periods generally range from one month to three years, with the most common being an annual subscription, and are generally non-cancellable.
Vimeo accounts for a contract with a customer when it has approval and commitment from all parties, the rights of the parties and payment terms are identified, the contract has commercial substance and collectability of consideration is probable. The transaction price, which generally reflects the fixed SaaS subscription fees listed in the terms of the contract, is the amount of consideration Vimeo expects to be entitled to in exchange for access to the Vimeo platform. The transaction price is recognized as revenue on a straight-line basis over the contractual term of the arrangement beginning on the date access is provided to the Vimeo platform, which is considered to be a series of distinct services that comprise a single performance obligation and have the same pattern of transfer over the contractual term. Estimates of variable consideration are not significant.
Disaggregated revenue is as follows:

|  |  | Three Months Ended March 31,
|  |  |  |  | 2025 |  | 2024
|  |  |  |  | (In thousands)
Revenue: |  |  |  |  |  |  |
Self-Serve |  |  |  |  | $ | 56,112 |  |  | $ | 59,107 |
Vimeo Enterprise |  |  |  |  | 24,424 |  |  | 18,467 |
OTT |  |  |  |  | 12,243 |  |  | 13,059 |
Add-Ons |  |  |  |  | 8,582 |  |  | 10,804 |
Other |  |  |  |  | 1,673 |  |  | 3,473 |
Total |  |  |  |  | $ | 103,034 |  |  | $ | 104,910 |

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VIMEO, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
Revenue by geography is based on where the customer is located. The United States was the only country from which revenue constituted greater than 10% of total revenue of the Company for the three months ended March 31, 2025 and 2024.

|  |  | Three Months Ended March 31,
|  |  |  |  | 2025 |  | 2024
|  |  |  |  | (In thousands)
Revenue: |  |  |  |  |  |  |
United States |  |  |  |  | $ | 56,000 |  |  | $ | 57,329 |
All other countries |  |  |  |  | 47,034 |  |  | 47,581 |
Total |  |  |  |  | $ | 103,034 |  |  | $ | 104,910 |

Deferred Revenue
Deferred revenue consists of payments that are received or are contractually due in advance of Vimeo's performance. Vimeo’s deferred revenue is reported on a contract-by-contract basis at the end of each reporting period. Vimeo classifies deferred revenue as current when the term of the applicable subscription period or expected completion of its performance obligation is one year or less. The current and non-current deferred revenue balances are included in the accompanying consolidated balance sheet as follows:

| March 31, 2025 |  | December 31, 2024
| (In thousands)
Deferred revenue | $ | 164,711 |  |  | $ | 161,923 |
Other long-term liabilities | 267 |  |  | 512 |

During the three months ended March 31, 2025, Vimeo recognized $77.9 million of revenue that was included in the deferred revenue balance at December 31, 2024. During the three months ended March 31, 2024, Vimeo recognized $78.3 million of revenue that was included in the deferred revenue balance at December 31, 2023.
Costs to Obtain a Contract with a Customer
Vimeo has determined that commissions paid to employees pursuant to certain sales incentive programs meet the requirements to be capitalized as a cost of obtaining a contract with a customer and are amortized over the estimated customer relationship period. Vimeo calculates the estimated customer relationship period as the average customer life, which is based on historical data. When customer renewals are expected and the renewal commission is not commensurate with the initial commission, the average customer life includes renewal periods. Vimeo has elected the practical expedient to expense costs to obtain a contract with a customer as incurred when the amortization period would be one year or less.
The current and non-current balances of capitalized costs to obtain a contract with a customer are included in the accompanying consolidated balance sheet as follows:

| March 31, 2025 |  | December 31, 2024
| (In thousands)
Prepaid expenses and other current assets | $ | 5,414 |  |  | $ | 5,451 |
Other non-current assets | 7,886 |  |  | 8,475 |

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VIMEO, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
NOTE 3—INCOME TAXES
At the end of each interim period, Vimeo estimates the annual expected effective income tax rate and applies that rate to its ordinary year-to-date earnings or loss with discrete items recorded in the period. The estimates used to compute the provision or benefit for income taxes may change as new events occur, additional information is obtained, or Vimeo's tax environment changes.
For the three months ended March 31, 2025 and 2024, Vimeo recorded an income tax provision of $0.4 million and $0.3 million, respectively. For the three months ended March 31, 2025, the effective income tax rate was lower than the federal statutory rate of 21% primarily due to movement in the valuation allowance and the impact of executive compensation limits under Internal Revenue Code Section 162(m), partially offset by the effects of international tax provisions as required under 2017 Tax Cuts and Jobs Act. Vimeo's largest deferred tax assets are capitalized research and development expenses and tax attribute carryforwards. Vimeo has recorded a valuation allowance for the majority of its net deferred tax assets because it has concluded that it is more likely than not that the tax benefit will not be realized.
At March 31, 2025 and December 31, 2024, unrecognized tax benefits, including interest and penalties, were $6.3 million and $6.0 million, respectively. The Company estimates that it would recognize an income tax benefit of $1.0 million i f unrecognized tax benefits at March 31, 2025 are subsequently recognized. Vimeo believes no unrecognized tax benefits would decrease by March 31, 2026. Vimeo recognizes interest and penalties related to unrecognized tax benefits, if applicable, in the income tax provision.
NOTE 4—FAIR VALUE MEASUREMENTS
Vimeo's financial instruments that are measured at fair value on a recurring basis are as follows:

| March 31, 2025
| Quoted Market Prices for Identical Assets in Active Markets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total Fair Value Measurements
| (In thousands)
Money market funds | $ | 257,984 |  |  | $ | — |  |  | $ | — |  |  | $ | 257,984 |
Time deposits | — |  |  | 10,648 |  |  | — |  |  | 10,648 |
Total | $ | 257,984 |  |  | $ | 10,648 |  |  | $ | — |  |  | $ | 268,632 |

| December 31, 2024
| Quoted Market Prices for Identical Assets in Active Markets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total Fair Value Measurements
| (In thousands)
Money market funds | $ | 287,617 |  |  | $ | — |  |  | $ | — |  |  | $ | 287,617 |
Time deposits | — |  |  | 11,828 |  |  | — |  |  | 11,828 |
Total | $ | 287,617 |  |  | $ | 11,828 |  |  | $ | — |  |  | $ | 299,445 |

Money market funds and time deposits are included in "Cash and cash equivalents" in the accompanying consolidated balance sheet.
Vimeo's non-financial assets (which consist primarily of goodwill, ROU assets, and intangible assets) are adjusted to fair value only if an impairment is recognized. Such fair value measurements are based predominantly on Level 3 inputs.
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VIMEO, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
NOTE 5—SHAREHOLDERS' EQUITY
Description of Vimeo Common Stock and Vimeo Class B Common Stock
Except as described herein, shares of Vimeo common stock and Vimeo Class B common stock are identical.
In general, the holders of shares of Vimeo common stock vote together as a single class with the holders of shares of Vimeo Class B common stock on all matters, including the election of directors; provided, however, that the holders of shares of Vimeo common stock, acting as a single class, are entitled to elect twenty-five percent (25%) of the total number of Vimeo directors, rounded up to the next whole number in the event of a fraction. Each outstanding share of Vimeo common stock and Vimeo Class B common stock entitles the holder to one vote per share and ten votes per share, respectively.
The holders of shares of Vimeo common stock and the holders of shares of Vimeo Class B common stock are entitled to receive, share for share, such dividends as may be declared by Vimeo's Board of Directors (the "Board") out of funds legally available for the payment of dividends. In the event of a liquidation, dissolution, distribution of assets or winding-up of Vimeo, the holders of shares of Vimeo common stock and the holders of shares of Vimeo Class B common stock are entitled to receive, share for share, all the assets available for distribution after payment of a proper amount to the holders of any series of Vimeo preferred stock, including any series that may be issued in the future.
Vimeo is authorized to issue 1,600,000,000 shares of Vimeo common stock and 400,000,000 shares of Vimeo Class B common stock.
Vimeo Restricted Shares
Vimeo Restricted Shares (held by Joseph Levin, Special Advisor to the Board and former Chairman and member of the Board) totaling 3,247,000 shares were reflected in the accompanying consolidated balance sheet within "Common Stock" at March 31, 2025 and December 31, 2024. Vesting of the Vimeo Restricted Shares is subject to Mr. Levin's continued service as Special Advisor to the Board through November 5, 2030, as well as the achievement of certain stock price targets. Vimeo Restricted Shares have a non-forfeitable dividend right in the event the Company declares a cash dividend to common shareholders and participates in all other distributions of the Company in the same manner as all other Vimeo common shareholders.
Description of Preferred Stock
The Board is authorized to provide for the issuance of shares of preferred stock, and any class or series thereof, and to assign the designations, powers, preferences and rights to each such class or series and any qualifications, limitations or restrictions. There have been no preferred stock issuances to date.
Stock Repurchase Programs
On February 25, 2022, the Board authorized a stock repurchase program of up to $50 million of the Company’s common stock through open market or private transactions (the "Stock Repurchase Program"). During the three months ended March 31, 2025, the Company repurchased 3.9 million shares of its common stock, on a trade date basis, at a weighted average cost of $6.10 per share, for an aggregate purchase price of $23.5 million, and completed its authorized purchases pursuant to the program. There were no shares repurchased during the three months ended March 31, 2024. The Company accounts for treasury stock under the cost method.
On April 29, 2025, the Board authorized a new stock repurchase program of up to $50 million of the Company’s common stock (the “2025 Repurchase Program”). Under the 2025 Repurchase Program, the Company’s shares of common stock may be repurchased at any time or from time to time, without prior notice, subject to market conditions and other considerations. Such repurchases may be made through 10b5-1 plans, open market purchases, privately negotiated transactions, block purchases or other transactions. The Company has no obligation to repurchase any shares under the 2025 Repurchase Program. The 2025 Repurchase Program does not have an expiration date and may be commenced, suspended, revoked or modified at any time.
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VIMEO, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
NOTE 6—ACCUMULATED OTHER COMPREHENSIVE LOSS
Accumulated other comprehensive loss consisting of foreign currency translation adjustments is as follows:

| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
| (In thousands)
Balance at beginning of period | $ | (1,180) |  |  | $ | (699) |  |  |  |  |
Other comprehensive income (loss) | 354 |  |  | (124) |  |  |  |  |
Balance at end of period | $ | (826) |  |  | $ | (823) |  |  |  |  |

At both March 31, 2025 and 2024, there was no tax benefit or provision on accumulated other comprehensive loss.
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VIMEO, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
NOTE 7—(LOSS) EARNINGS PER SHARE
Vimeo common stock and Class B common stock are treated as one class of common stock for earnings per share ("EPS") purposes as both classes of common stock participate in earnings, dividends and other distributions on the same basis. Basic EPS is calculated using the two-class method since the Vimeo Restricted Shares are participating securities as they are unvested and have a non-forfeitable dividend right in the event the Company declares a cash dividend to common shareholders and participates in all other distributions of the Company in the same manner as all other Vimeo common shareholders. For the first quarter of 2025, no allocation of undistributed losses has been made as the Vimeo Restricted Shares do not participate in losses of the Company. Diluted EPS is calculated on the most dilutive basis under either the two-class method or treasury stock method, both of which exclude equity awards that are antidilutive.
The computation of basic and diluted (loss) earnings per share attributable to common shareholders is as follows:

|  |  | Three Months Ended March 31,
|  |  |  |  | 2025 |  | 2024
|  |  |  |  | (In thousands, except per share data)
Basic EPS: |  |  |  |  |  |  |
Numerator: |  |  |  |  |  |  |
Net (loss) earnings |  |  |  |  | $ | (3,916) |  |  | $ | 6,073 |
Less: Net earnings attributed to participating securities |  |  |  |  | — |  |  | (117) |
Net (loss) earnings attributable to common stock shareholders |  |  |  |  | $ | (3,916) |  |  | $ | 5,956 |
Denominator: (a) |  |  |  |  |  |  |
Weighted average basic common shares outstanding |  |  |  |  | 161,328 |  |  | 165,033 |
Basic (loss) earnings per share |  |  |  |  | $ | (0.02) |  |  | $ | 0.04 |
Diluted EPS: |  |  |  |  |  |  |
Numerator: |  |  |  |  |  |  |
Net (loss) earnings |  |  |  |  | $ | (3,916) |  |  | $ | 6,073 |
Less: Net earnings attributed to participating securities |  |  |  |  | — |  |  | (115) |
Net (loss) earnings attributable to common stock shareholders |  |  |  |  | $ | (3,916) |  |  | $ | 5,958 |
Denominator: (a) |  |  |  |  |  |  |
Weighted average basic common shares outstanding |  |  |  |  | 161,328 |  |  | 165,033 |
Dilutive securities |  |  |  |  | — |  |  | 3,963 |
Weighted average diluted common shares outstanding |  |  |  |  | 161,328 |  |  | 168,996 |
Antidilutive securities |  |  |  |  | 21,621 |  |  | 12,812 |
Diluted (loss) earnings per share |  |  |  |  | $ | (0.02) |  |  | $ | 0.04 |

_____________________
(a) Vimeo Restricted Shares were excluded from the computation of average basic common shares outstanding for EPS purposes because the number of shares that ultimately vest is subject to the satisfaction of certain market conditions.
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VIMEO, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
NOTE 8—FINANCIAL STATEMENT DETAILS
Cash and Cash Equivalents and Restricted Cash
The reconciliation of cash and cash equivalents and restricted cash reported within the accompanying consolidated balance sheet to the total amounts shown in the accompanying consolidated statement of cash flows is as follows:

| March 31, 2025 (a) |  | December 31, 2024 (a) |  | March 31, 2024 (a) (b) |  | December 31, 2023 (b)
| (In thousands)
Cash and cash equivalents | $ | 289,028 |  |  | $ | 325,276 |  |  | $ | 304,277 |  |  | $ | 301,372 |
Restricted cash included in Prepaid expenses and other current assets | 211 |  |  | 217 |  |  | 255 |  |  | 64 |
Total cash and cash equivalents and restricted cash as shown in the accompanying consolidated statement of cash flows | $ | 289,239 |  |  | $ | 325,493 |  |  | $ | 304,532 |  |  | $ | 301,436 |

(a) Restricted cash primarily consisted of a deposit related to a lease.
(b) Restricted cash primarily consisted of a deposit related to corporate credit cards.
Credit Losses
The changes in the allowance for credit losses are as follows:

| Three Months Ended March 31,
| 2025 |  | 2024
| (In thousands)
Balance at beginning of period | $ | 2,404 |  |  | $ | 2,728 |
Provision for credit losses | 320 |  |  | (81) |
Write-offs charged against the allowance | (375) |  |  | (531) |
Recoveries collected | 54 |  |  | 233 |
Balance at end of period | $ | 2,403 |  |  | $ | 2,349 |

Accumulated Amortization and Depreciation
Accumulated amortization and depreciation within the accompanying consolidated balance sheet are as follows:

Asset Category | March 31, 2025 |  | December 31, 2024
| (In thousands)
ROU assets, included in Other non-current assets | $ | 19,933 |  |  | $ | 18,888 |
Cloud computing costs, included in Other non-current assets | $ | 406 |  |  | $ | 304 |
Leasehold improvements and equipment | $ | 608 |  |  | $ | 564 |
Intangible assets with definite lives | $ | 49,368 |  |  | $ | 49,021 |

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VIMEO, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
Other income, net
The components of "Other income, net" are as follows:

|  |  | Three Months Ended March 31,
|  |  |  |  | 2025 |  | 2024
|  |  |  |  | (In thousands)
Interest income |  |  |  |  | $ | 3,028 |  |  | $ | 3,671 |
Foreign exchange (losses) gains, net |  |  |  |  | (447) |  |  | 145 |
Other income, net |  |  |  |  | $ | 2,581 |  |  | $ | 3,816 |

Geographic Concentrations
Tangible long-lived assets at March 31, 2025 and December 31, 2024 relate to "Leasehold improvements and equipment, net."

| March 31, 2025 |  | December 31, 2024
| (In thousands)
Leasehold improvements and equipment, net: |  |  |
United States | $ | 450 |  |  | $ | 346 |
All other countries | 104 |  |  | 110 |
Total | $ | 554 |  |  | $ | 456 |

NOTE 9—CONTINGENCIES
In the ordinary course of business, Vimeo is, and from time to time may become, a party to various legal proceedings. Vimeo establishes reserves for specific legal matters when it determines that the likelihood of an unfavorable outcome is probable and the loss is reasonably estimable. Management has also identified certain other legal matters where it believes an unfavorable outcome is not probable and, therefore, no reserve is established. Although management currently believes that resolving claims against Vimeo, including claims where an unfavorable outcome is reasonably possible, will not have a material impact on the liquidity, results of operations or financial condition of Vimeo, these matters are subject to inherent uncertainties and management's view of these matters may change in the future. Vimeo also evaluates other contingent matters, including income and non-income tax contingencies, to assess the likelihood of an unfavorable outcome and estimated extent of potential loss. It is possible that an unfavorable outcome of one or more of these lawsuits or other contingencies could have a material impact on the liquidity, results of operations or financial condition of Vimeo. See "Note 3—Income Taxes" for additional information related to income tax contingencies.
EMI/Capitol Records Copyright Infringement Litigation
In December 2009, a group of music publishers owned by EMI Music Publishing (now owned by Sony/ATV Music Publishing, a subsidiary of Sony Entertainment) and a group of then EMI-affiliated record companies, including Capitol Records (now owned by Universal Music Group), filed two lawsuits against Vimeo and its former owner, Connected Ventures, in the U.S. District Court for the Southern District of New York. See Capitol Records, LLC v. Vimeo, LLC, No. 09 Civ. 10101 (S.D.N.Y.) and EMI Blackwood Music, Inc. v. Vimeo, LLC, No. 09 Civ. 10105 (S.D.N.Y.). In both cases, plaintiffs allege that Vimeo infringed their music copyrights (in the publishers' musical compositions and the record companies' sound recordings) by hosting and streaming videos uploaded by users (and in certain cases, former employees) featuring their musical works. Plaintiffs seek, among other things, injunctive relief and monetary damages. The initial complaints identified 199 videos as infringing (which Vimeo removed post-suit).
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VIMEO, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
Prior to suit, plaintiffs did not avail themselves of their right to submit a takedown notice to Vimeo pursuant to the online safe harbor provisions of the Digital Millennium Copyright Act of 1998 ("DMCA"), which limits the liability of online service providers for copyright infringement of their users when the provider takes certain measures. Vimeo asserts that the DMCA limits its liability because it complies with the DMCA and plaintiffs failed to submit takedown notices. Plaintiffs disagree, asserting various theories as to why the DMCA may not apply to some or all of the videos-in-suit.
The district court bifurcated proceedings and required the parties to first litigate the issue of whether Vimeo satisfied the DMCA's safe harbor provisions. On September 18, 2013, the district court granted partial summary judgment to Vimeo on 144 of the 199 original videos-in-suit on the ground that Vimeo complied with the threshold requirements of the DMCA and that there was no evidence that a Vimeo employee had watched the videos in question such that Vimeo had actual or "red flag" knowledge of infringement, which would disqualify the DMCA's application. The court denied summary judgment as to 35 videos-in-suit on the ground that there was a material question of fact as to whether Vimeo had "red flag" knowledge of infringement based upon employees having watched all or part of these videos. The court further held that the DMCA did not apply to the record companies' state-law claims regarding sound recordings fixed before February 1972; a trial was necessary to determine whether Vimeo was liable for employees who uploaded approximately 20 videos; and that plaintiffs should be permitted to amend their complaints to add over 1,500 videos allegedly infringing their copyrights (which Vimeo removed after receiving plaintiffs' proposed amended complaint).
Vimeo sought and obtained the right to appeal certain issues on an interlocutory basis to the U.S. Court of Appeals for the Second Circuit. On June 16, 2016, the Second Circuit held that (1) the district court had applied the incorrect summary-judgment standard for "red flag" infringement and that evidence that an employee watched all or part of a video containing plaintiffs' music did not raise a genuine issue of fact as to whether Vimeo had "red flag" knowledge in such video; (2) the DMCA applies to state-law copyright infringement claims predicated on pre-1972 sound recordings; and (3) on an issue raised by plaintiffs in their cross-appeal, the record did not show that Vimeo was willfully blind towards infringing activity taking place on its platform. As a result of these rulings, the Second Circuit partially vacated the district court's ruling and remanded the case for further proceedings consistent with its judgment.
On March 31, 2018, the district court granted Vimeo’s motion to dismiss plaintiffs' state-law unfair competition claims on the grounds that they were state-law copyright claims covered by the DMCA per the Second Circuit's judgment. On May 28, 2021, the district court granted Vimeo summary judgment as to videos for which the sole remaining basis of liability was the assertion that Vimeo had "red flag" knowledge of infringement. On August 26, 2021, the district court approved a stipulation whereby plaintiffs agreed to conditionally dismiss all remaining claims to allow a final judgment to issue. Under the stipulation, plaintiffs may refile their claims regarding the alleged employee-uploaded videos if the Second Circuit reverses the district court's other rulings in whole or in part. On November 1, 2021, the district court entered a final judgment adopting the terms of the parties' stipulation. On November 29, 2021, plaintiffs filed an appeal to the U.S. Court of Appeals for the Second Circuit. On January 13, 2025, the Second Circuit issued an opinion affirming the judgment. Plaintiffs filed a Petition for Panel Rehearing in the Second Circuit on February 26, 2025.
RTI Copyright Litigation
Between 2012 and 2017, Italian broadcaster Reti Televisive Italiane s.p.a. and an affiliate thereof (collectively, "RTI") filed four lawsuits for copyright infringement against Vimeo in the Civil Court of Rome. See Reti Televisive Italiane s.p.a. v. Vimeo, LLC, Cause Nos. 23732/12, 62343/2015, and 59780/2017 (Rome Civil Court), and Medusa Film v. Vimeo, Inc., Cause No. 74775/2017 (Rome Civil Court). In each case, RTI asserts that Vimeo infringed its copyrights by hosting and streaming user-uploaded videos that allegedly contain RTI's television or film programming, and seeks, among other things, injunctive relief and monetary damages.
On January 15, 2019, the Civil Court of Rome concluded the first case (No. 23732/12) and entered a judgment against Vimeo, awarding RTI damages of €8,500,000 plus interest and entering an injunction against Vimeo with respect to further acts of infringement. Vimeo filed an appeal and petitioned to stay the judgment pending appeal. On May 13, 2019, the Rome Court of Appeals stayed the judgment pending appeal. On August 10, 2022, the Rome Court of Appeals affirmed the judgment. Vimeo appealed to the Italian Supreme Court of Cassation.
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VIMEO, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
On June 2, 2019, the Civil Court of Rome concluded the second case (No. 62343/2015) and entered a judgment against Vimeo, awarding RTI damages of €4,746,273 plus interest and entering an injunction against Vimeo as to further acts infringement. Vimeo filed an appeal and petitioned to stay the judgment pending appeal. The Rome Court of Appeals declined to stay the judgment. On October 12, 2023, the Rome Court of Appeals published its decision affirming the lower court's judgment on liability but reducing the amount of damages to €3,865,161 plus interests and costs. Vimeo has appealed to the Italian Supreme Court of Cassation and the case is currently pending (No. 856/2024).
To pursue enforcement of the judgments in the United States, RTI initially commenced a lawsuit against Vimeo in the U.S. District Court for the Southern District of New York on October 26, 2020 to enforce the June 2019 judgment. See Reti Televisive Italiane s.p.a. v. Vimeo, LLC, No. 20 Civ. 8954 (S.D.N.Y.). On December 22, 2020, Vimeo and RTI filed, and the district court entered, a stipulation and order staying the U.S. proceedings pending the final outcome of the appeals from the Italian judgment at issue. On June 1, 2023, RTI filed an action in the Supreme Court of New York, New York County to enforce the Civil Court's judgment of €8,500,000 (No. 652646/2023). The case was removed to federal court and is now pending in the Southern District of New York. See Reti Televisive Italiane S.p.A. v. Vimeo.com, Inc, No. 23 Civ. 05488 (S.D.N.Y.). On October 20, 2023, the U.S. District Court for the Southern District of New York entered an order lifting the stay of the U.S. enforcement proceedings in the first case (No. 20 Civ. 8954) and consolidating the two enforcement proceedings (No. 20 Civ. 8954 and No. 23 Civ. 05488). Vimeo has filed a Motion for Summary Judgement or, in the Alternative, to Stay the Case.
On April 7, 2023, the Civil Court of Rome published a decision finding in favor of Vimeo and dismissing the third case (No. 59780/2017) in its entirety. On October 9, 2023, RTI served Vimeo with its appeal challenging the court's decision in the third case.
On October 18, 2022, the Civil Court of Rome issued a decision in the fourth case, Medusa Film v. Vimeo, Inc. (No. 74775/2017) finding liability but rejecting RTI's damage calculation and reserving judgment as to the amount of damages. On November 30, 2022, RTI served a notice of appeal challenging the court's decision on damages.
On June 26, 2024, the parties entered into a settlement agreement to resolve the lawsuits pending in Italy and the consolidated enforcement action pending in New York. The settlement agreement included a payment to the plaintiffs, which did not have a material impact on Vimeo’s financial condition, results of operations, or cash flows. Pursuant to the settlement agreement, on July 12, 2024, the parties filed a Joint Stipulation of Dismissal of the consolidated enforcement action in the Southern District of New York (No. 23 Civ. 05488), and the case is now closed. On July 18, 2024, the parties filed Joint Stipulations of Dismissal to resolve the cases pending in the Civil Court of Rome (No. 74775/2017), the Rome Court of Appeals (Nos. 6536/2022 and 5033/2023), and the Italian Supreme Court of Cassation (Nos. 26719/2022 and 856/2024). The Civil Court of Rome and the Rome Court of Appeals have dismissed the cases pending before them. The Italian Supreme Court of Cassation dismissed the first case (No. 26719/2022), and the second case (No. 856/2024) remains pending.
Sony/Universal/Warner Copyright Litigation
In March 2021, Sony Music Entertainment Italy (a subsidiary of Sony Music Entertainment Group), Warner Music Italia (a subsidiary of Warner Music Group), Universal Music Italia (a subsidiary of Universal Music Group), and Warner Music International Services (a subsidiary of Warner Music Group) filed a lawsuit against Vimeo in the Court of Milan alleging violations of Italian copyright and unfair competition laws. See Sony Music Entertainment Italy s.p.a. et al. v. Vimeo, Inc., Case No. 10977/2021 (Court of Milan, Business Division). The complaint alleges that Vimeo infringed plaintiffs' copyrights by hosting and streaming user-uploaded videos that contain plaintiffs' copyrighted works and that, upon notification of the alleged infringement, Vimeo employed a takedown process that did not comply with Italian law. The complaint seeks, among other things, injunctive relief and damages to be quantified in a separate proceeding. Additionally, the complaint seeks potential penalties of €10,000 per day of delay in removing unauthorized works after receipt of a court order to do so, if applicable. On November 3, 2021, Vimeo filed its initial brief. On November 23, 2021, the parties attended the initial hearing with the Court of Milan where the court set forth a briefing schedule. The claims hearing scheduled for October 16, 2024 has been rescheduled for October 8, 2025.
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VIMEO, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
NOTE 10—RELATED PARTY TRANSACTIONS
In May 2021, Vimeo became an independent, separately traded public company through a spin-off from IAC/InterActiveCorp ("IAC") (the “Spin-off”). Following the Spin-off, IAC continues to be a related party to Vimeo due to the relationship between our directors and substantial stockholders, and IAC and its subsidiaries. Angi Inc. is also a related party to Vimeo due to the relationship between our directors and Angi, Inc. and its subsidiaries. All related party transactions between Vimeo and its related parties, other than amounts related to the settlement of equity awards, are reflected in the accompanying consolidated statement of cash flows as operating activities.
Vimeo has entered into various sublease agreements with a subsidiary of Angi Inc. whereby Vimeo agreed to sublease a portion of the 5th floor and the entire 10th floor at 330 West 34th Street ("West 34th Street Sublease") in New York City, both through April 2028. At March 31, 2025 and December 31, 2024, Vimeo h ad a current lease liability of $2.8 million and $2.7 million included in "Accrued expenses and other current liabilities," respectively, and a non-current lease liability of $7.2 million and $8.0 million included in "Other long-term liabilities," respectively, related to the West 34th Street Sublease in the accompanying consolidated balance sheet. Rent expense for both the three months ended March 31, 2025 and 2024 was $0.9 million. At March 31, 2025 and December 31, 2024, Vimeo had a current payable due to IAC of $0.7 million and $0.1 million included in "Accrued expenses and other current liabilities" in the accompanying consolidated balance sheet, respectively, and was subsequently paid in April 2025 and January 2025, respectively.
NOTE 11—RESTRUCTURING
During the quarters ended March 31, 2025 and March 31, 2024, the Company recognized restructuring costs related to certain departmental reorganizations to taling $1.5 million, and a reduction-in-force totaling $2.2 million, re spectively. O ne-time termination benefits provided in either case included severance, continuation of health insurance coverage and other benefits for a specified period of time.
Restructuring costs have been recognized in the accompanying consolidated statement of operations as follows:

|  |  | Three Months Ended March 31,
|  |  |  |  | 2025 |  | 2024
|  |  |  |  | (In thousands)
Restructuring costs: |  |  |  |  |  |  |
Cost of revenue |  |  |  |  | $ | 44 |  |  | $ | 88 |
Research and development expense |  |  |  |  | 229 |  |  | 116 |
Sales and marketing expense |  |  |  |  | 748 |  |  | 1,104 |
General and administrative expense |  |  |  |  | 495 |  |  | 897 |
Total |  |  |  |  | $ | 1,516 |  |  | $ | 2,205 |

At March 31, 2025, a payable of $0.7 million related to reorganization activities in the first quarter of 2025 was included in "Accrued expenses and other current liabilities" in the accompanying consolidated balance sheet.
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VIMEO, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
NOTE 12—SEGMENT INFORMATION
Vimeo's Chief Executive Officer ("CEO") is the chief operating decision maker and allocates resources and assesses performance based upon consolidated "Net (loss) earnings" that is included in the accompanying consolidated statement of operations, primarily by monitoring actual results versus the Company's internal budget. Accordingly, the Company operates as a single operating segment. The measure of segment assets is reflected as "Total assets" in the accompanying consolidated balance sheet. Vimeo's revenue is derived primarily from fixed SaaS subscription fees paid by customers as discussed further in "Note 2—Revenue."
Revenue and significant expenses regularly provided to the CEO to arrive at Segment net (loss) earnings are as follows:

| Three Months Ended March 31, |  |  |  |  |  |
| 2025 |  | 2024 |  |  |  |  |  |  |  |
| (In thousands)
Revenue | $ | 103,034 |  |  | $ | 104,910 |  |  |  |  |  |  |  |  |
Less: |  |  |  |  |  |  |  |  |  |  |
Hosting | 14,198 |  |  | 12,672 |  |  |  |  |  |  |  |  |
Compensation and other employee-related | 53,357 |  |  | 50,598 |  |  |  |  |  |  |  |  |
Advertising | 7,817 |  |  | 8,421 |  |  |  |  |  |  |  |  |
Other segment items (a) (b) | 31,578 |  |  | 27,146 |  |  |  |  |  |  |  |  |
Segment net (loss) earnings | (3,916) |  |  | 6,073 |  |  |  |  |  |  |  |  |
Adjusting items | — |  |  | — |  |  |  |  |  |  |  |  |
Net (loss) earnings | $ | (3,916) |  |  | $ | 6,073 |  |  |  |  |  |  |  |  |

_____________________
(a) Other segment items primarily include stock-based compensation expense, credit card processing fees, software license and maintenance costs, and fees for professional services.
(b) Other segment items also include "Depreciation ", "Amortization of intangibles", "Interest expense ", "Other income, net" (as detailed in Note 8—Financial Statement Details), and "Income tax provision", which are the same as the amounts in the accompanying consolidated statement of operations as the Company operates as a single operating segment.
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Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations for Vimeo
GENERAL
Management's Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) should be read in conjunction with the Vimeo consolidated financial statements for the three months ended March 31, 2025 included in "Item 1—Consolidated Financial Statements."
Operating Metrics and Key Terms:
T he Company has adjusted its operating metrics and key terms by disaggregating our revenue and associated metrics into different categories. We believe that this better reflects how the Company is managed and provides greater clarity into the Company's business for its stockholders. Please see below for a description of these operating metrics and key terms and the changes from our prior presentation.

|  |  | Three Months Ended March 31,
|  |  |  |  |  |  | 2025 |  | 2024 |  | % Change
|  |  |  |  |  |  | (In thousands, except ARPU)
Self-Serve: |  |  |  |  |  |  |  |  |  |  |
Subscribers |  |  |  |  |  |  | 1,189.3 |  |  | 1,341.6 |  |  | (11) | %
Average Subscribers |  |  |  |  |  |  | 1,205.4 |  |  | 1,357.1 |  |  | (11) | %
ARPU |  |  |  |  |  |  | $ | 189 |  |  | $ | 175 |  |  | 8 | %
Bookings |  |  |  |  |  |  | $ | 61,113 |  |  | $ | 57,671 |  |  | 6 | %
Vimeo Enterprise: |  |  |  |  |  |  |  |  |  |  |
Subscribers |  |  |  |  |  |  | 4.1 |  |  | 3.7 |  |  | 11 | %
Average Subscribers |  |  |  |  |  |  | 4.0 |  |  | 3.5 |  |  | 15 | %
ARPU |  |  |  |  |  |  | $ | 24,624 |  |  | $ | 21,203 |  |  | 16 | %
Bookings |  |  |  |  |  |  | $ | 22,620 |  |  | $ | 19,935 |  |  | 13 | %
OTT: |  |  |  |  |  |  |  |  |  |  |
Subscribers |  |  |  |  |  |  | 3.2 |  |  | 3.0 |  |  | 4 | %
Average Subscribers |  |  |  |  |  |  | 3.2 |  |  | 3.0 |  |  | 4 | %
ARPU |  |  |  |  |  |  | $ | 15,696 |  |  | $ | 17,331 |  |  | (9) | %
Bookings |  |  |  |  |  |  | $ | 9,066 |  |  | $ | 9,593 |  |  | (5) | %

When the following terms appear in MD&A, they have the meanings indicated below:
•Self-Serve relates to our subscription plans sold directly online.
•Vimeo Enterprise relates to our video offering designed for teams and organizations, which includes the same capabilities of Self-Serve plus enterprise-grade features such as advanced security, custom user permissions, single-sign on for employees, interactive video tools, and marketing software integrations. Vimeo Enterprise is sold through our sales force and is often an upgrade from Vimeo's Self-Serve as the number of users or use cases in an organization grows.
•OTT relates to our over-the-top ("OTT") video monetization solution that allows customers to launch and run their own video streaming channel directly to their audience through a branded web portal, mobile apps, and Internet-enabled TV apps. Revenue and operating metrics derived from OTT had previously been included in Other.
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•Add-Ons relates to add-on services tied to our online subscriptions such as bandwidth charges, which are sold through our sales force to subscribers of one of our plans if they exceed a certain threshold of bandwidth. Revenue derived from Add-Ons had previously been included in Self-Serve & Add-Ons.
•Other primarily includes Magisto and Livestream.
•Subscribers is the number of users who have an active subscription to one of Vimeo's paid plans measured at the end of the relevant period. Vimeo counts each customer with a subscription plan as a subscriber regardless of the number of users. In the case of customers who maintain subscriptions across Self-Serve, Vimeo Enterprise, and OTT, Vimeo counts one subscriber for each of the components in which they maintain one or more subscriptions. Vimeo does not count users or team members who have access to a subscriber's account as additional subscribers.
•Average Subscribers is the sum of the number of Subscribers at the beginning and at the end of the relevant measurement period divided by two.
•Average Revenue per User ("ARPU") is the annualized revenue for the relevant period divided by Average Subscribers. For periods that are less than a full year, annualized revenue is calculated by dividing the revenue for that particular period by the number of calendar days in the period and multiplying this value by the number of calendar days in that year.
•Bookings consist of fixed fees for software-as-a-service (“SaaS”) services, measured at the end of the relevant period, that subscribers have committed to pay during their subscription period, which is generally 12 months, less refunds and chargebacks during the same period.
•Gross Margin is revenue less cost of revenue, divided by revenue.
•Cost of Revenue consists primarily of hosting fees, credit card processing fees, compensation expense and other employee-related costs, and stock-based compensation expense for personnel engaged in customer care functions, traffic acquisition costs, which includes in-app purchase fees, and outsourced customer care personnel costs.
•Research and Development Expense consists primarily of compensation expense and other employee-related costs and stock-based compensation expense that are not capitalized for personnel engaged in the design, development, testing and enhancement of product offerings and related technology, software license and maintenance costs, rent expense and facilities costs.
•Sales and Marketing Expense consists primarily of compensation expense and other employee-related costs and stock-based compensation expense for Vimeo's sales force and marketing personnel, advertising expenditures, which include online marketing, including fees paid to search engines, social media sites, e-mail campaigns, display advertising, video advertising and affiliate marketing, and offline marketing, which includes conferences and events, software license and maintenance costs, rent expense and facilities costs.
•General and Administrative Expense consists primarily of compensation expense and other employee-related costs and stock-based compensation expense for personnel engaged in executive management, finance, legal, tax, information technology and human resources, provision for credit losses, fees for professional services, rent expense, facilities costs, software license and maintenance costs, and business insurance.
•Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization ("Adjusted EBITDA") is a non-GAAP financial measure. See "Principles of Financial Reporting" for the definition of Adjusted EBITDA and a reconciliation of net (loss) earnings to Adjusted EBITDA, for the three months ended March 31, 2025 and 2024.
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MANAGEMENT OVERVIEW
Vimeo is the world’s most innovative video experience platform, providing a full breadth of video tools through a SaaS model. Our core focus is transforming how people create and share videos by providing cutting-edge products and a platform that bridges technology with creative innovation. We provide a turnkey cloud-based solution that eliminates barriers to using video and solves essential video needs, including video hosting and management, intuitive video creation and editing, insightful analytics, artificial intelligence language translations, and enterprise tools.
Sources of Revenue
Vimeo's revenue is derived primarily from fixed SaaS subscription fees paid by customers. Revenue is recognized on a straight-line basis over the contractual term of the arrangement beginning on the date that the service is made available to the customer. Subscription periods generally range from one month to three years with the most common being an annual subscription and are generally non-cancellable.
Distribution, Marketing and Advertiser Relationships
Vimeo pays to market and distribute its services on third-party search engines and social media websites, and through e-mail campaigns, display advertising, video advertising and affiliate marketing, and offline marketing, which includes conferences and events. Vimeo also pays traffic acquisition costs, which consist of fees paid to Apple and Google related to the distribution and the facilitation of in-app purchases of product features. These distribution channels might also offer other third parties services and products, which may compete with those Vimeo offers.
Vimeo also markets and offers its services and products through branded websites, allowing customers to transact directly with it in a convenient manner.
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Results of Operations for the three months ended March 31, 2025 compared to the three months ended March 31, 2024
Results of operations for the periods presented as a percentage of our revenue are as follows:

|  |  | Three Months Ended March 31,
|  |  |  |  | 2025 |  | 2024
|  |  |  |  | (as a % of revenue)
Revenue |  |  |  |  | 100 | % |  | 100 | %
Cost of revenue (exclusive of depreciation shown separately below) |  |  |  |  | 23 |  |  | 22 |
Gross profit |  |  |  |  | 77 |  |  | 78 |
Operating expenses: |  |  |  |  |  |  |
Research and development expense |  |  |  |  | 30 |  |  | 27 |
Sales and marketing expense |  |  |  |  | 32 |  |  | 31 |
General and administrative expense |  |  |  |  | 20 |  |  | 17 |
Depreciation |  |  |  |  | — |  |  | — |
Amortization of intangibles |  |  |  |  | — |  |  | — |
Total operating expenses |  |  |  |  | 83 |  |  | 75 |
Operating (loss) income |  |  |  |  | (6) |  |  | 2 |
Interest expense |  |  |  |  | — |  |  | — |
Other income, net |  |  |  |  | 3 |  |  | 4 |
(Loss) earnings before income taxes |  |  |  |  | (3) |  |  | 6 |
Income tax provision |  |  |  |  | — |  |  | — |
Net (loss) earnings |  |  |  |  | (4) | % |  | 6 | %

Revenue

|  |  | Three Months Ended March 31,
|  |  |  |  |  |  |  |  | 2025 |  | 2024 |  | Change |  | % Change
|  |  |  |  |  |  |  |  | (In thousands)
Self-Serve |  |  |  |  |  |  |  |  | $ | 56,112 |  |  | $ | 59,107 |  |  | $ | (2,995) |  |  | (5) | %
Vimeo Enterprise |  |  |  |  |  |  |  |  | 24,424 |  |  | 18,467 |  |  | 5,957 |  |  | 32 |
OTT |  |  |  |  |  |  |  |  | 12,243 |  |  | 13,059 |  |  | (816) |  |  | (6) |
Add-Ons |  |  |  |  |  |  |  |  | 8,582 |  |  | 10,804 |  |  | (2,222) |  |  | (21) |
Other |  |  |  |  |  |  |  |  | 1,673 |  |  | 3,473 |  |  | (1,800) |  |  | (52) |
Total revenue |  |  |  |  |  |  |  |  | $ | 103,034 |  |  | $ | 104,910 |  |  | $ | (1,876) |  |  | (2) | %

Revenue decreased $1.9 million, or 2%, due primarily to the following:
■Self-Serve decreased $3.0 million, or 5%, due primarily to a decrease of 11% in Average Subscribers, partially offset by an increase of 8% in ARPU.
■Add-Ons decreased $2.2 million, or 21%, due primarily to a decline in demand for bandwidth.
■Other decreased $1.8 million, or 52%, due primarily to the Company actively deprecating a number of products in this category.
■OTT decreased $0.8 million, or 6%, due primarily to a decrease of 9% in ARPU, partially offset by an increase of 4% in Average Subscribers.
■Vimeo Enterprise increased $6.0 million, or 32%, due primarily to increases of 15% and 16% in Average Subscribers and ARPU, respectively.
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Cost of revenue (exclusive of depreciation shown separately below) and Gross profit

|  |  | Three Months Ended March 31,
|  |  |  |  |  |  |  |  | 2025 |  | 2024 |  | Change |  | % Change
|  |  |  |  |  |  |  |  | (In thousands)
Cost of revenue (exclusive of depreciation shown separately below) |  |  |  |  |  |  |  |  | $ | 24,054 |  |  | $ | 23,443 |  |  | $ | 611 |  |  | 3 | %
Gross profit |  |  |  |  |  |  |  |  | $ | 78,980 |  |  | $ | 81,467 |  |  | $ | (2,487) |  |  | (3) | %
Gross margin |  |  |  |  |  |  |  |  | 77% |  | 78% |  |  |  |

Cost of revenue increased $0.6 million, or 3%, due primarily to an increase in hosting costs of $1.5 million driven by increased unit pricing, partially offset by a decrease in credit card processing fees of $0.8 million driven by lower fees related to OTT.
Gross profit decreased $2.5 million, or 3%, due primarily to the decrease in revenue.
Operating Expenses

|  |  | Three Months Ended March 31,
|  |  |  |  |  |  |  |  | 2025 |  | 2024 |  | Change |  | % Change
|  |  |  |  |  |  |  |  | (In thousands)
Research and development expense |  |  |  |  |  |  |  |  | $ | 31,186 |  |  | $ | 28,135 |  |  | $ | 3,051 |  |  | 11 | %
Sales and marketing expense |  |  |  |  |  |  |  |  | 33,358 |  |  | 32,305 |  |  | 1,053 |  |  | 3 |
General and administrative expense |  |  |  |  |  |  |  |  | 20,137 |  |  | 18,034 |  |  | 2,103 |  |  | 12 |
Depreciation |  |  |  |  |  |  |  |  | 44 |  |  | 57 |  |  | (13) |  |  | (23) |
Amortization of intangibles |  |  |  |  |  |  |  |  | 347 |  |  | 347 |  |  | — |  |  | — |
Total operating expenses |  |  |  |  |  |  |  |  | $ | 85,072 |  |  | $ | 78,878 |  |  | $ | 6,194 |  |  | 8 | %

Research and development expense increased $3.1 million, or 11%, due primarily to increased investment in products of $3.4 million driven by an increase in compensation expense and other employee-related costs.
Sales and marketing expense increased $1.1 million, or 3%, due primarily to an increase of $0.9 million in compensation expense and other employee-related costs.
General and administrative expense increased $2.1 million, or 12%, due primarily to an increase of $2.0 million in stock-based compensation expense driven by executive turnover in 2024.
Operating (loss) income

|  |  | Three Months Ended March 31,
|  |  |  |  |  |  |  |  | 2025 |  | 2024 |  | Change |  | % Change
|  |  |  |  |  |  |  |  | (In thousands)
Operating (loss) income |  |  |  |  |  |  |  |  | $ | (6,092) |  |  | $ | 2,589 |  |  | $ | (8,681) |  |  | NM

Operating (loss) income decreased $8.7 million due to a decrease in gross profit of $2.5 million and an increase in operating expenses of $6.2 million. The decrease in gross profit was driven by decreases in revenue and gross margin (77% in 2025 compared to 78% in 2024). The increase in operating expenses was due primarily to increased investment in products of $3.4 million and stock-based compensation expense of $2.0 million. The Company is currently forecasting operating expenses to continue to increase in 2025 as we expect to continue to invest in our products.
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Non-Operating Income and Expenses

|  |  | Three Months Ended March 31,
|  |  |  |  |  |  |  |  | 2025 |  | 2024 |  | Change |  | % Change
|  |  |  |  |  |  |  |  | (In thousands)
Interest income |  |  |  |  |  |  |  |  | $ | 3,028 |  |  | $ | 3,671 |  |  | $ | (643) |  |  | (17) | %
Foreign exchange (losses) gains, net |  |  |  |  |  |  |  |  | (447) |  |  | 145 |  |  | (592) |  |  | NM
Other income, net |  |  |  |  |  |  |  |  | $ | 2,581 |  |  | $ | 3,816 |  |  | $ | (1,235) |  |  | (32) | %

Other income, net decreased $1.2 million, or 32% due to a decrease in Interest income, driven by lower Cash and cash equivalents balances, as well as larger foreign currency remeasurement losses.
Income tax provision

|  |  | Three Months Ended March 31,
|  |  |  |  |  |  |  |  | 2025 |  | 2024 |  | Change |  | % Change
|  |  |  |  |  |  |  |  | (In thousands)
Income tax provision |  |  |  |  |  |  |  |  | $ | (405) |  |  | $ | (332) |  |  | $ | (73) |  |  | 22 | %

Income tax provision increased $0.1 million, or 22%, primarily as a result of higher foreign withholding taxes in the first quarter of 2025.
For further details of income tax matters, see "Note 3—Income Taxes" to the financial statements included in "Item 1. Consolidated Financial Statements."
Adjusted EBITDA

|  |  | Three Months Ended March 31,
|  |  |  |  |  |  |  |  | 2025 |  | 2024 |  | Change |  | % Change
|  |  |  |  |  |  |  |  | (In thousands)
Adjusted EBITDA |  |  |  |  |  |  |  |  | $ | 4,803 |  |  | $ | 12,170 |  |  | $ | (7,367) |  |  | (61) | %
As a percentage of revenue |  |  |  |  |  |  |  |  | 5% |  | 12% |  |  |  |

Adjusted EBITDA decreased $7.4 million to $4.8 million, due to a decrease in gross profit and an increase in operating expenses driven by increased investment in products.
For a reconciliation of net (loss) earnings to Adjusted EBITDA, see "Principles of Financial Reporting."
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PRINCIPLES OF FINANCIAL REPORTING
We have provided Adjusted EBITDA in this report to supplement our financial information presented in accordance with U.S. generally accepted accounting principles ("GAAP"). We use this non-GAAP financial measure internally in analyzing our financial results and believe that it is useful to investors as an additional tool to evaluate ongoing operating results and trends and in comparing our financial results with other companies in our industry, many of which present a similar non-GAAP financial measure. However, our presentation of this non-GAAP financial measure may differ from the presentation of similarly titled measures by other companies. Adjusted EBITDA is one of the metrics on which our internal budgets are based and also one of the metrics by which management is compensated. We believe that investors should have access to, and we are obligated to provide, the same set of tools that we use in analyzing our results. This non-GAAP financial measure should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for or superior to GAAP results. We endeavor to compensate for the limitations of the non-GAAP measure presented by providing the comparable GAAP measure with equal or greater prominence and descriptions of the reconciling items, including quantifying such items, to derive the non-GAAP measure. We encourage investors to examine the reconciling adjustments between the GAAP and corresponding non-GAAP measure, which we discuss below.
Definition of Non-GAAP Measure
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization ("Adjusted EBITDA") is defined as operating (loss) income excluding: (1) stock-based compensation expense; (2) depreciation; (3) amortization of intangible assets; (4) gains and losses recognized on changes in the fair value of contingent consideration arrangements; and (5) restructuring costs associated with exit or disposal activities such as a reduction in force or reorganization. We believe this measure is useful for analysts and investors as this measure allows a more meaningful comparison between our performance and that of our competitors. The above items are excluded from our Adjusted EBITDA measure because these items are either non-cash or non-recurring in nature. Adjusted EBITDA has certain limitations because it excludes the impact of these expenses.
The reconciliation of net (loss) earnings to Adjusted EBITDA is as follows:

|  |  | Three Months Ended March 31,
|  |  |  |  | 2025 |  | 2024
|  |  |  |  | (In thousands)
Net (loss) earnings |  |  |  |  | $ | (3,916) |  |  | $ | 6,073 |
Add back: |  |  |  |  |  |  |
Income tax provision |  |  |  |  | 405 |  |  | 332 |
Other income, net |  |  |  |  | (2,581) |  |  | (3,816) |
Operating (loss) income |  |  |  |  | (6,092) |  |  | 2,589 |
Add back: |  |  |  |  |  |  |
Stock-based compensation expense |  |  |  |  | 8,988 |  |  | 6,972 |
Depreciation |  |  |  |  | 44 |  |  | 57 |
Amortization of intangibles |  |  |  |  | 347 |  |  | 347 |
Restructuring costs |  |  |  |  | 1,516 |  |  | 2,205 |
Adjusted EBITDA |  |  |  |  | $ | 4,803 |  |  | $ | 12,170 |

Items That Are Excluded From Non-GAAP Measure
Stock-based compensation expense consists of expense associated with the grants of Vimeo stock-based awards. These expenses are not paid in cash and we view the economic costs of stock-based awards to be the dilution to our share base. We also consider the dilutive impact of stock-based awards in GAAP diluted (loss) earnings per share, to the extent such impact is dilutive.
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Depreciation is a non-cash expense relating to our leasehold improvements and equipment and is computed using the straight-line method to allocate the cost of depreciable assets to operations over their estimated useful lives, or, in the case of leasehold improvements, the lease term, if shorter.
Amortization of intangible assets are non-cash expenses related to capitalized internal-use software development costs or acquisitions. Amortization of capitalized internal-use software development costs is computed using the straight-line method to allocate the cost of such assets to operations over their estimated useful lives. At the time of an acquisition, the identifiable definite-lived intangible assets of the acquired company are valued and amortized over their estimated useful lives. We believe that acquired intangible assets represent costs incurred by the acquired company to build value prior to acquisition and the related amortization is not an ongoing cost of doing business.
Gains and losses recognized on changes in the fair value of contingent consideration arrangements are accounting adjustments to report contingent consideration liabilities at fair value. These adjustments can be highly variable and are excluded from our assessment of performance because they are considered non-operational in nature and, therefore, are not indicative of current or future performance or the ongoing cost of doing business.
Restructuring costs consist of costs associated with exit or disposal activities such as severance and other post-employment benefits paid in connection with a reduction-in-force or reorganization. We consider these costs to be non-recurring in nature and therefore, are not indicative of current or future performance or the ongoing cost of doing business.
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VIMEO'S FINANCIAL POSITION, LIQUIDITY AND CAPITAL RESOURCES
Financial Position

| March 31, 2025 |  | December 31, 2024
| (In thousands)
Cash and cash equivalents: |  |  |
United States | $ | 268,074 |  |  | $ | 304,216 |
All other countries | 20,954 |  |  | 21,060 |
Total cash and cash equivalents | $ | 289,028 |  |  | $ | 325,276 |

Vimeo's international cash can be repatriated without significant tax consequences.
Cash Flow Information

| Three Months Ended March 31,
| 2025 |  | 2024
| (In thousands)
Net cash (used in) provided by |  |  |
Operating activities | $ | (2,095) |  |  | $ | 5,590 |
Investing activities | $ | (2,114) |  |  | $ | (160) |
Financing activities | $ | (32,105) |  |  | $ | (2,193) |

Net cash provided by operating activities consists of net (loss) earnings adjusted for non-cash items and the effect of changes in working capital.
2025
Net cash used in operating activities included net loss of $3.9 million adjusted for non-cash items of $11.1 million, partially offset by changes in working capital that used $9.2 million. Changes in working capital primarily consisted of a decrease of $14.4 million in accounts payable and other liabilities, partially offset by an increase of $3.2 million in deferred revenue. The decrease in accounts payable and other liabilities was primarily driven by the payment of 2024 annual cash bonuses in 2025, partially offset by accruals for 2025 annual cash bonuses. The increase in deferred revenue was due primarily to an increase in Self-Serve bookings.
Net cash used in investing activities primarily included $2.0 million of capitalized internal-use software development costs.
Net cash used in financing activities primarily included $23.8 million of common stock repurchases and $8.6 million of withholding taxes paid related to the settlement of equity awards.
2024
Net cash provided by operating activities included net earnings of $6.1 million adjusted for non-cash items of $8.4 million, partially offset by changes in working capital that used $8.9 million. Changes in working capital primarily consisted of a decrease of $10.4 million in accounts payable and other liabilities driven by the payment of 2023 annual cash bonuses in 2024, partially offset by accruals for 2024 annual cash bonuses.
Net cash used in investing activities included $0.2 million of capital expenditures.
Net cash used in financing activities included $2.2 million of withholding taxes paid related to the exercise of equity awards.
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Liquidity and Capital Resources
Stock Repurchase Program and Activity
During the three months ended March 31, 2025, the Company repurchased 3.9 million shares of its common stock, on a trade date basis, at a weighted average cost of $6.10 per share, for an aggregate purchase price of $23.5 million and completed its authorized purchases pursuant to the program in the first quarter of 2025. On April 29, 2025, the Board authorized a new stock repurchase program of up to $50 million of the Company’s common stock (the “2025 Repurchase Program”). See "Note 5—Shareholders' Equity" for additional information related to the 2025 Repurchase Program.
Outstanding Stock-Based Awards
Stock-based awards are settled in shares of Vimeo common stock and may be settled on a gross or net basis based upon factors deemed relevant at the time. Currently, stock-based awards are generally settled on a net basis, such that individual award holders will receive shares of Vimeo common stock, net of a number of shares of Vimeo common stock equal to the required cash tax withholding payment, which will be paid by Vimeo on the employee's behalf.
Liquidity Assessment
At March 31, 2025, Vimeo had $289.0 million in cash and cash equivalents and no debt. Vimeo believes its existing cash and cash equivalents and expected positive cash flows generated from operations will be sufficient to fund its normal operating requirements, capital expenditures, internal-use software development costs, withholding taxes related to net settled stock-based awards, and repurchases under the 2025 Repurchase Program for at least the next twelve months. Vimeo does not currently expect to incur significant capital expenditures.
Vimeo's liquidity could be negatively affected by a decrease in demand for our products and services, or the occurrence of unexpected expenses. Vimeo may need to raise additional capital through future debt or equity financings to make additional acquisitions and investments or to provide for greater financial flexibility. Additional financing may not be available on terms favorable to Vimeo or at all.
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Item 3. Quantitative and Qualitative Disclosures about Market Risk
There have been no material changes in our market risk as compared to the disclosures in Part II, Item 7A in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 19, 2025.
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Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
Vimeo monitors and evaluates on an ongoing basis its disclosure controls and procedures and internal control over financial reporting in order to improve their overall effectiveness. In the course of these evaluations, Vimeo modifies and refines its internal processes as conditions warrant.
As required by Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), Vimeo's management, including its principal executive and principal financial officers, or persons performing similar functions, evaluated the effectiveness of Vimeo's disclosure controls and procedures as defined by Rule 13a-15(e) under the Exchange Act. Based on this evaluation, management has concluded that Vimeo's disclosure controls and procedures were effective as of the end of the period covered by this report.
Changes in Internal Control Over Financial Reporting
There were no changes to Vimeo's internal control over financial reporting identified in connection with the evaluation required by Rule 13a-15(d) and 15d-15(d) of the Exchange Act that occurred during the quarter ended March 31, 2025 that have materially affected, or are reasonably likely to materially affect, Vimeo's internal control over financial reporting.
Limitations on the Effectiveness of Disclosure Controls and Procedures
In designing and evaluating the disclosure controls and procedures, Vimeo's management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.
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PART II
OTHER INFORMATION
Item 1. Legal Proceedings
The information set forth under "Note 9—Contingencies" in the accompanying notes to our consolidated financial statements in Part I, Item 1 of this Quarterly Report on Form 10-Q is incorporated herein by reference.
Item 1A. Risk Factors
In addition to the risk factors below and information set forth in this Form 10-Q, you should carefully consider the risks described under the heading "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 19, 2025. These risks are not exclusive and additional risks and uncertainties that we are unaware of, or that we currently believe are not material, also may become important factors that affect us.
Our business may be vulnerable to changes in political and economic conditions globally, including the effects of tariffs and other trade measures.
Our overall performance depends in part on global economic conditions. Global economic and business activities continue to face widespread macroeconomic uncertainties, including market volatility, changes in international economic and trade relations, supply chain disruptions, changes in the labor market, elevated interest rates and potential increases in inflation, foreign currency exchange rate fluctuations and recession risks, which may continue for an extended period. Additionally, the instability in the political environment in many parts of the world, including in the United States, and changes and uncertainty with respect to trade policies, actual or threatened tariffs, treaties, government regulations, executive orders, directives and enforcement priorities could have an adverse effect on the global economy and/or our business. Given the volatility and uncertainty regarding the scope and duration of tariffs and other aspects of U.S. and foreign government trade policies, the ultimate impact on our operations and financial results remains uncertain.
Adverse macroeconomic conditions may result in decreased or delayed business spending by our current and prospective customers and business partners, reduced demand for or usage of our products, lower renewal rates by our customers, longer or delayed sales cycles, including current and prospective customers delaying contract signing or contract renewals, reduced budgets or minimum commitments related to the products that we offer, or delays in customer payments or our ability to collect accounts receivable, all of which could negatively affect our revenue and business. Additionally, our customers may be affected by changes and uncertainty in the global political environment with respect to trade and other policies. For example, uncertainty regarding the impact of tariffs on certain countries by the U.S. administration, as well as potential or actual retaliatory measures taken by trade partners, have adversely affected trade relations, put increased pressure on supply chains, and led to increased market volatility, and such effects may continue. Any resulting harm to our customers’ businesses could depress their usage levels and/or purchasing power and lead them to reduce their spending with us. Further, if customers fail to pay us as a result of adverse macroeconomic or geopolitical conditions or otherwise, we may be required to take steps to enforce the terms of our contracts and collect amounts due, which may not succeed. In an inflationary environment, we may be unable to raise the sales prices of our products and services at or above the rate at which our costs increase, which could have a material adverse effect on our financial results.
Macroeconomic and political conditions and uncertainties may exacerbate many of the other risks described in this “Risk Factors” section.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Unregistered Sales of Equity Securities
Vimeo has not issued or sold any shares of its common stock or any other equity securities pursuant to unregistered transactions during the quarter ended March 31, 2025.
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Issuer Purchases of Equity Securities
The following table sets forth purchases by the Company of shares of Vimeo common stock during the quarter ended March 31, 2025:

Period | Total Number of Shares Purchased (in thousands) |  | Average Price Paid Per Share (1) |  | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (in thousands) (2) | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (3) (in thousands)
January 1 to January 31, 2025 | 1,103 |  |  | $ | 6.51 |  |  | 1,103 |  | $ | 16,240 |
February 1 to February 28, 2025 | 1,731 |  |  | $ | 6.12 |  |  | 1,731 |  | $ | 5,682 |
March 1 to March 31, 2025 | 1,016 |  |  | $ | 5.62 |  |  | 1,016 |  | $ | — |
Total | 3,850 |  |  | $ | 6.10 |  |  | 3,850 |  |

_____________________
(1) Average price paid per share includes direct costs associated with the repurchases.
(2) Reflects repurchases of Vimeo common stock made pursuant to the Company's Stock Repurchase Program which was completed in March 2025. On April 29, 2025, the Board authorized a new stock repurchase program of up to $50 million of the Company’s common stock. See "Note 5—Shareholders' Equity" in the accompanying notes to our consolidated financial statements in Part I, Item 1 of this Quarterly Report on Form 10-Q for additional information.
(3) Direct costs associated with the repurchases do not reduce the amount available under the Stock Repurchase Program.
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Item 5. Other Information
During our fiscal quarter ended March 31, 2025, none of Vimeo's directors or officers (as defined in Rule 16a-1(f) under the Exchange Act) entered into, modified (as to amount, price or timing of trades) or terminated (i) contracts, instructions or written plans for the purchase or sale of our securities that are intended to satisfy the conditions specified in Rule 10b5-1(c) under the Exchange Act for an affirmative defense against liability for trading in securities on the basis of material nonpublic information or (ii) non-Rule 10b5-1 trading arrangements (as defined in Item 408(c) of Regulation S-K).
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Item 6. Exhibits
The documents set forth below, numbered in accordance with Item 601 of Regulation S-K, are filed herewith, incorporated by reference to the location indicated or furnished herewith.

Exhibit Number | Description | Location
10.1# | Offer Letter, dated as of January 31, 2024, by and between Vimeo, Inc. and Jessica Tracy | Filed herewith.
10.2# | Offer Letter, dated as of August 15, 2024, by and between Vimeo, Inc. and Bob Petrocelli | Filed herewith.
31.1 | Certification of the Chief Executive Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934 as adopted pursuant to Section 302 of the Sarbanes-Oxley Act | Filed herewith.
31.2 | Certification of the Chief Financial Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934 as adopted pursuant to Section 302 of the Sarbanes-Oxley Act | Filed herewith.
32.1* | Certification of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act | Furnished herewith.
32.2* | Certification of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act | Furnished herewith.
101.INS | Inline XBRL Instance | Filed herewith. The instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document.
101.SCH | Inline XBRL Taxonomy Extension Schema | Filed herewith.
101.CAL | Inline XBRL Taxonomy Extension Calculation | Filed herewith.
101.DEF | Inline XBRL Taxonomy Extension Definition | Filed herewith.
101.LAB | Inline XBRL Taxonomy Extension Labels | Filed herewith.
101.PRE | Inline XBRL Taxonomy Extension Presentation | Filed herewith.
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | Filed herewith.

# Management contract or compensatory plan or arrangement
* The certifications furnished in Exhibits 32.1 and 32.2 hereto are deemed to accompany this Quarterly Report on Form 10-Q and will not be deemed "filed" for purposes of Section 18 of the Exchange Act, except to the extent that the registrant specifically incorporates them by reference.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Dated: | May 5, 2025 | Vimeo, Inc.
|  | By: |  | /s/ Gillian Munson
|  |  |  | Gillian Munson
|  |  |  | Chief Financial Officer (Principal Financial Officer)

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