Vimeo, Inc. (NASDAQ:VMEO) Q2 2024 Results Conference Call August 5, 2024 5:00 PM ET
Company Participants
Philip Moyer - CEO
Gillian Munson - CFO
Conference Call Participants
Youssef Squali - Truist
Tom Champion - Piper Sandler
Will Kerr - TD Cowen
Operator
Hello, and thank you for joining Vimeo's Q2 2024 earnings live Q&A. Before we begin, a few comments. First, this session will be recorded and available on the Vimeo Investor Relations site later today. Second, we will discuss Vimeo's outlook and future performance. These forward-looking statements typically may be preceded by words such as we expect, we believe, we anticipate or other such statements. These forward-looking views are subject to risks and uncertainties, and our actual results could differ materially from the views expressed today.
We've also provided information regarding certain key metrics and our non-GAAP financial measures, including certain forward-looking measures. These should be considered in addition to and not as a substitute for or in isolation from GAAP measures. Additional information regarding Vimeo's financial performance, including reconciliations with comparable GAAP measures can be found in our shareholder letter and Vimeo's filings with the SEC as well as in supplemental information posted on the Investor Relations section of our website.
With that, I'll turn it over to Philip, our CEO. Philip?
Philip Moyer
Hello, and thank you for joining Vimeo's Q2 2024 earnings question-and-answer session. I'm Philip Moyer, CEO, and I'm happy to be joined by our CFO, Gillian Munson. You can find our Q2, 24 shareholder letter and additional financial materials on our Investor Relations website. Before we jump into Q&A, a few quick points on the quarter.
We grew revenue 2% in Q2, driven by strength in Vimeo Enterprise, which posted 55% revenue growth and again, had some impressive customer wins. We continue to demonstrate the underlying strength of the Vimeo business model as we generated $20 million in free cash flow and ended the quarter with $311 million in cash and equivalents. With our strong financial foundation, we have plans to increase our investments in growth opportunities in the back half of this year, and we focused on driving innovation and customer success. We are excited about what the future can hold for Vimeo, and we look forward to taking your questions. Operator?
Question-and-Answer Session
Operator
Our first question will come from Youssef Squali at Truist. Youssef?
Youssef Squali
So, congrats on a pretty good turn in events here. But it seems like Self-Serve is -- continues to improve on the margin, but it was still down 9%. Maybe flesh out a little bit your kind of game plan to get that business to inflect? And is it reasonable to assume that it will inflect either by the end of the year or potentially next year, early next year, all things considered? And then second, maybe, Gillian, on the efficiency that you guys keep showing in OpEx, how much more efficiency do you think you can drive out of the ads business before you start to starve it?