Vimeo, Inc. (NASDAQ:VMEO) Q1 2022 Earnings Conference Call May 5, 2022 8:30 AM ET
Company Participants
Yaoxian Chew - VP, IR
Mark Kornfilt - President and Chief Product Officer
Gillian Munson - CFO
Conference Call Participants
Tom Champion - Piper Sandler
Youssef Squali - Truist
Brent Thill - Jefferies
Brian Fitzgerald - Wells Fargo
William Care - Cowen
Dan Salmon - BMO
Cory Carpenter - JPMorgan
Justin Patterson - KeyBanc
Operator
Good morning and thank you for joining Vimeo's Q1 Earnings Event. We're excited to be here in front of you. Before we begin, a few comments. First, this session will be recorded and available on Vimeo's Investor Relations site later today. Second, we will discuss Vimeo's outlook and future performance.
These forward-looking statements typically may be preceded by words, such as we expect, we believe, we anticipate, or similar such statements. These forward-looking views are subject to risks and uncertainties and our actual results may differ materially from the views expressed today.
We have also provided information regarding certain key metrics and non-GAAP financial measures including certain forward-looking measures. These should be considered, in addition to, and not as a substitute for or in isolation from GAAP measures.
Additional information regarding Vimeo's financial performance including reconciliation on comparable GAAP measures can be found in our earnings release and demo filings with the SEC as well as the supplement information posted in the Investor Relations section on our website.
With that, I'll turn over to Vimeo's Interim CEO, Mark.
Mark Kornfilt
Good morning everyone and thank you for attending our Q1 earnings call. I'll start with some key updates. First, congratulations to our CEO, Anjali for welcoming a baby boy to the world three weeks ago. Everyone is happy and healthy and we're excited for Anjali's return in June.
In the meantime, she stayed fundamentally with the business and involved in its major decisions. I'm most incredibly excited to welcome our new CFO, Gillian Munson. Some of you may know her from her prior lives as CFO of [indiscernible] and Iowa Health and of her time at Allen & Co and Union Square Ventures. Gillian brings decades of final experience to Vimeo, and she's already making a significant impact in our first few weeks. Welcome, Gillian.
Turning to Q1 results, we're pleased with our results and progress made. Revenues grew 21% and group gross profit grew 27% year-over-year. We ended the quarter with $291 million in cash and no debt, positioning us to be on offense in a volatile market.