SEMrush Holdings Inc (SEMR) 2023 Q1 法說會逐字稿

Good morning. My name is Audra, and I will be your conference operator today. At this time, I would like to welcome everyone to the Semrush Q1 2023 Earnings Call. Today's conference is being recorded.

早上好。我叫 Audra，今天我將擔任你們的會議接線員。此時，我想歡迎大家參加 Semrush 2023 年第一季度財報電話會議。今天的會議正在錄製中。

(Operator Instructions)

（操作員說明）

At this time, I would like to turn the conference over to Brinlea Johnson, with The Blueshirt Group. Please go ahead.

在這個時候，我想將會議轉交給 Brinlea Johnson 和 The Blueshirt Group。請繼續。

Good morning, and welcome to Semrush Holdings First Quarter 2023 Conference Call. We will be discussing the results announced in our press release issued after market close on Monday, May 8. With me on the call is our CEO, Oleg Shchegolev, our CFO; Brian Mulroy, our President, Eugene Levin and our CMO, Andrew Warden.

早上好，歡迎來到 Semrush Holdings 2023 年第一季度電話會議。我們將討論我們在 5 月 8 日星期一收市後發布的新聞稿中宣布的結果。與我一起參加電話會議的是我們的首席執行官 Oleg Shchegolev，我們的首席財務官； Brian Mulroy、我們的總裁 Eugene Levin 和我們的首席營銷官 Andrew Warden。

Today's call will contain forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning our expected future business and financial performance, and financial condition, expected growth, adoption and demand for our existing and any new products and features, investments and acquisitions and their anticipated benefits, industry and market trends, our competitive position, our market strategy, market opportunities, our guidance for the second quarter of 2023 and the full year 2023 and statements about future operating results, including margin improvement, profitability and free cash flow goals that can be identified by words such as expect, anticipate, intend, plan, believe, seek or will.

今天的電話會議將包含前瞻性陳述，這些陳述是根據 1995 年《私人證券訴訟改革法案》的安全港條款作出的。前瞻性陳述包括關於我們預期的未來業務和財務業績、財務狀況、預期增長、對我們現有和任何新產品和功能的採用和需求、投資和收購及其預期收益、行業和市場趨勢、我們的競爭地位、我們的市場戰略、市場機會、我們對 2023 年第二季度和 2023 年全年的指導關於未來經營業績的陳述，包括利潤率提高、盈利能力和自由現金流目標，這些目標可以用諸如預期、預期、打算、計劃、相信、尋求或將要等詞語來識別。

These statements reflect our views as of today only and should not be relied upon as representing our views at any subsequent date, and we do not undertake any duty to update these statements. Forward-looking statements address matters that are subject to risks and uncertainties that could cause actual results to differ materially from these forward-looking statements.

這些聲明僅反映我們截至今天的觀點，不應被視為代表我們在任何後續日期的觀點，我們不承擔更新這些聲明的任何義務。前瞻性陳述涉及受風險和不確定性影響的事項，這些風險和不確定性可能導致實際結果與這些前瞻性陳述存在重大差異。

The discussion of the risks and important factors that could affect our actual results, please refer to our most recent quarterly report on Form 10-Q and our annual report on Form 10-K filed with the Securities and Exchange Commission as well as other filings with the SEC. Also, during the course of today's call, we refer to certain non-GAAP financial measures. There is a reconciliation schedule showing the GAAP versus non-GAAP results currently available in our press release issued yesterday after market close, which can be found at investors.semrush.com.

關於可能影響我們實際結果的風險和重要因素的討論，請參閱我們最近向美國證券交易委員會提交的 10-Q 表季度報告和 10-K 表年度報告以及其他提交給美國證券交易委員會的文件美國證券交易委員會。此外，在今天的電話會議中，我們提到了某些非 GAAP 財務指標。我們昨天收市後發布的新聞稿中有一份顯示 GAAP 與非 GAAP 結果的核對時間表，可在 investors.semrush.com 上找到。

And with that, let me turn the call over to Oleg.

有了這個，讓我把電話轉給奧列格。

Thank you, and good morning to everyone on the call. I want to provide a few highlights on the quarter before Eugene talks about our 2023 strategic initiatives, and then Brian will discuss our financial results.

謝謝大家，早上好。在 Eugene 談論我們的 2023 年戰略計劃之前，我想提供本季度的一些亮點，然後 Brian 將討論我們的財務業績。

Firstly, I am pleased to report first quarter revenue of $70.9 million, up 34% year-over-year. I'm also pleased with our strong customer growth, issuing the significant milestone this quarter of 100,000 paying customers. I believe that we have a very long runway for growth, fueled by product expansion, record net new customer additions as well as sustained demand environment, particularly surrounding interest in organic marketing.

首先，我很高興地報告第一季度收入為 7090 萬美元，同比增長 34%。我也對我們強勁的客戶增長感到滿意，本季度發布了 100,000 名付費客戶的重要里程碑。我相信，在產品擴張、創紀錄的淨新客戶增加以及持續的需求環境，特別是圍繞有機營銷的興趣的推動下，我們有很長的增長跑道。

This quarter, we achieved a record in net new customer additions and registrations and trials continue to hit new peak levels. We are seeing the success of our targeted, personalized promotions and still optimistic about our future growth based primarily on the record net new customer adds and our long history of customers returning to our platform.

本季度，我們在淨新客戶增加和註冊方面取得了創紀錄的成績，並且試用繼續達到新的峰值水平。我們看到了我們有針對性的個性化促銷活動的成功，並且仍然對我們未來的增長持樂觀態度，這主要基於創紀錄的淨新客戶增加和我們長期以來的客戶返回我們平台的歷史。

We are truly global, serving customers in 150 countries, across industries and market segments ranging from small businesses and start-ups to Fortune 500 companies and global agencies. Our digital marketing platform features 55-plus tools that enable us to cater to a wide range of customer needs and positions us as a leading solution in the digital marketing landscape.

我們是真正的全球化公司，為 150 個國家/地區的客戶提供服務，客戶遍及各個行業和細分市場，從小型企業和初創企業到財富 500 強公司和全球機構。我們的數字營銷平台具有 55 多種工具，使我們能夠滿足廣泛的客戶需求，並將我們定位為數字營銷領域的領先解決方案。

We continue to win because we are uniquely positioned and offer products and solutions that create value for our customers. Semrush is a unique software platform that enables marketing professionals to build, manage and measure campaigns across all channels to improve their online visibility. We have a comprehensive SEO toolkit and offer a wide array of tools and features that cover search engine optimization, including keyword research, rank tracking, backlink analysis, site audits and on page optimization. Our sticky products can generate tremendous ROI for our customers, which translates into a very loyal user base.

我們繼續獲勝，因為我們具有獨特的定位，並提供為我們的客戶創造價值的產品和解決方案。 Semrush 是一個獨特的軟件平台，使營銷專業人員能夠跨所有渠道構建、管理和衡量活動，以提高他們的在線知名度。我們擁有全面的 SEO 工具包，並提供廣泛的工具和功能，涵蓋搜索引擎優化，包括關鍵字研究、排名跟踪、反向鏈接分析、站點審核和頁面優化。我們的粘性產品可以為我們的客戶帶來巨大的投資回報率，從而轉化為非常忠誠的用戶群。

To demonstrate the stickiness of our platform, it is not unusual for us to see customers return to us following an initial pause or cancellation. We also see examples of individual users leaving their employment, only to later setting up as a new customer with their new employer. We believe our user dedication and dependency demonstrates the value of our products and its necessity to thousands of marketing professionals and organizations of all sizes.

為了證明我們平台的粘性，我們經常看到客戶在最初暫停或取消後返回給我們。我們還看到了個人用戶離職的例子，後來才成為新雇主的新客戶。我們相信我們的用戶奉獻和依賴證明了我們產品的價值及其對成千上萬的營銷專業人士和各種規模的組織的必要性。

In closing, we're executing on our strategy of balancing revenue growth with a focus on profitability and remain dedicated to delivering shareholder value. With this in mind, we have made a number of improvements to our operating model, including adjusting our spending and I'm confident in our market position.

最後，我們正在執行平衡收入增長與關注盈利能力的戰略，並繼續致力於為股東創造價值。考慮到這一點，我們對我們的運營模式進行了一些改進，包括調整我們的支出，我對我們的市場地位充滿信心。

Before I turn it over to Eugene, I wanted to welcome our new Chief Financial Officer, Brian Mulroy, to his first Semrush earnings call. Brian started early April and brings his exceptional background to Semrush. With over 23 years of experience in finance and technology, he has already impressed us with his strong financial acumen and ability to get up to speed so quickly on our business. Brian, we are really excited to have you on board.

在我把它交給 Eugene 之前，我想歡迎我們的新首席財務官 Brian Mulroy 參加他的第一次 Semrush 財報電話會議。 Brian 於 4 月初開始工作，並將他非凡的背景帶到了 Semrush。他在金融和技術領域擁有超過 23 年的經驗，他強大的財務敏銳度和快速跟上我們業務發展的能力給我們留下了深刻印象。布賴恩，我們很高興你能加入。

With that, I'll hand the call over to Eugene.

有了這個，我會把電話交給尤金。

Thank you, Oleg. We delivered a strong quarter starting 2023 with solid momentum. As I mentioned in our last earnings call, we are focused on enhancing our product portfolio and driving operating efficiency in 2023, and we are making progress in each front. Let me explain in more detail. This quarter, we announced a small tuck-in acquisition of Traffic Think Tank, a leading marketing education company and community featuring premium content by and for world-class marketing and growth leaders. With more than 300 hours of content from over 90 industry experts, the Traffic Think Tank Academy is 1 of the most well-respected resources of digital marketing education in the world.

謝謝你，奧列格。從 2023 年開始，我們以強勁的勢頭交付了一個強勁的季度。正如我在上次財報電話會議中提到的那樣，我們在 2023 年專注於增強我們的產品組合併提高運營效率，並且我們在各個方面都取得了進展。讓我更詳細地解釋一下。本季度，我們宣布了對 Traffic Think Tank 的小規模收購，Traffic Think Tank 是一家領先的營銷教育公司和社區，由世界級營銷和增長領導者提供優質內容。 Traffic Think Tank Academy 擁有來自 90 多位行業專家的 300 多個小時的內容，是世界上最受尊敬的數字營銷教育資源之一。

We expect the wealth of knowledge of their experts and their expensive content library will further enhance Semrush Academy to provide new training for marketers and continue improving existing margins. Semrush has ambitious goals to establish a customized and best-in-class self-paced training platform, setting a new benchmark for digital marketing education and aiming to deliver a premium experience for marketers globally.

我們期望他們專家的豐富知識和他們昂貴的內容庫將進一步增強 Semrush 學院，為營銷人員提供新的培訓並繼續提高現有利潤率。 Semrush 有著雄心勃勃的目標，即建立一個定制的、一流的自定進度的培訓平台，為數字營銷教育樹立新的標杆，並旨在為全球營銷人員提供優質的體驗。

We believe that by adding Traffic Think Tank and ongoing enhancements to our Academy program, we will inspire and educate the next generation of digital marketers. We believe that by adding additional educational content and an overall premium experience, we will make our product stickier and will be a necessary tool and resource for marketers worldwide. We continue to develop our platform by adding new apps, automating the on-boarding process and cross-selling our products.

我們相信，通過增加 Traffic Think Tank 和不斷改進我們的學院計劃，我們將激勵和教育下一代數字營銷人員。我們相信，通過添加額外的教育內容和整體優質體驗，我們將使我們的產品更具粘性，並將成為全球營銷人員的必要工具和資源。我們通過添加新應用程序、自動化入職流程和交叉銷售我們的產品來繼續開發我們的平台。

In fact, more than 20% of Semrush customers now buy multiple products. This success reinforces our commitment to our, App Center and overall platform vision. We often get the question of what generative AI means to our business, and I would love to spend a couple of minutes explaining how generated AI presents new opportunities for us. First, we are aggressively adapting our product to incorporate new sources of data and improve functionality with a particular focus on generative AI capabilities.

事實上，超過 20% 的 Semrush 客戶現在購買多種產品。這一成功加強了我們對 App Center 和整體平台願景的承諾。我們經常會問生成式 AI 對我們的業務意味著什麼，我很想花幾分鐘解釋一下生成式 AI 如何為我們帶來新的機會。首先，我們正在積極調整我們的產品以整合新的數據源並改進功能，特別關註生成人工智能的能力。

This year, we launched several important AI-powered apps in our App Center. For example, we released ContentShake, an app that combines Semrush data with GPT to create content that is optimized for virtually any audience or topic. We also launched Instant Video Creator that makes videos from blog post in seconds, allowing our customers to repurpose existing test content in social media.

今年，我們在應用中心推出了幾款重要的人工智能應用。例如，我們發布了 ContentShake，這是一款將 Semrush 數據與 GPT 相結合的應用程序，可以創建針對幾乎任何受眾或主題進行優化的內容。我們還推出了 Instant Video Creator，可以在幾秒鐘內從博客文章中製作視頻，讓我們的客戶能夠重新利用社交媒體中現有的測試內容。

We also have several apps that use AI to generate everything from social media post to hashtags to add copies and banners. We have an Analytics Narratives app that scans Google Analytics extract the most important information and uses AI to present it as an executive salary that even a 5th grader can understand.

我們還有幾個應用程序使用 AI 生成從社交媒體帖子到主題標籤的所有內容，以添加副本和橫幅。我們有一個 Analytics Narratives 應用程序，可以掃描 Google Analytics 提取最重要的信息，並使用 AI 將其呈現為即使是五年級學生也能理解的高管薪水。

Throughout the year, we plan to keep expanding our portfolio of products that use this technology, both within our core products and in App Center. Finally, we are focused on operating more efficiently. In marketing, we have completed several experiments from last year and we're now seeing the benefits with sustained higher level of trials year-over-year.

在這一年中，我們計劃在我們的核心產品和 App Center 中繼續擴展使用該技術的產品組合。最後，我們專注於提高運營效率。在營銷方面，我們已經完成了去年的幾項實驗，現在我們看到了持續更高水平的試驗所帶來的好處。

As a result of our experiments, we are launching stronger, more efficient campaigns. We continue to adjust our go-to-market strategy to invest in territories and channels to improve ROI. We are bringing more balance between organic and paid marketing channels and already see strong signs of growth across both, with organic ahead of plan in Q1 and better-than-expected optimization of spend for paid channels.

作為我們實驗的結果，我們正在發起更強大、更有效的活動。我們繼續調整我們的上市戰略，投資於地區和渠道以提高投資回報率。我們在有機營銷渠道和付費營銷渠道之間取得了更多平衡，並且已經看到這兩個渠道都有強勁的增長跡象，第一季度的有機營銷比計劃提前，付費渠道的支出優化好於預期。

We'll heighten our focus on automation, and we've seen record net new customer adds. In our sales team, specifically in expansion and retention, we are committed to driving better efficiency with dedicated automated ways to grow our customer count. We plan to focus sales efforts on expansion and increased sales team productivity for accounts that have higher average checks to drive overall growth. We're investing now in actions to drive stronger sales results and further efficiencies in 2023 and beyond. This year, as a percentage of revenue, we plan to spend less on sales and marketing compared to prior year. Across the company, we intend to carefully manage expenses and are staffed according to current demand environment. As a result, we expect headcount growth to be modest compared to 2022.

我們將加強對自動化的關注，並且我們已經看到創紀錄的淨新客戶增加。在我們的銷售團隊中，特別是在擴展和保留方面，我們致力於通過專門的自動化方式來提高效率，以增加我們的客戶數量。我們計劃將銷售工作重點放在擴展和提高銷售團隊生產力上，以提高平均支票數較高的客戶的銷售能力，以推動整體增長。我們現在正在投資採取行動，以在 2023 年及以後推動更強勁的銷售業績和更高的效率。今年，與去年相比，我們計劃在銷售和營銷方面的支出佔收入的百分比減少。在整個公司，我們打算仔細管理費用，並根據當前的需求環境配備人員。因此，我們預計與 2022 年相比，員工人數增長將較為溫和。

I will now turn the call over to Brian who will provide a more detailed discussion of our financial performance and guidance. Brian, it's great to have you on board for your first Semrush earnings call.

我現在將電話轉給布賴恩，他將對我們的財務業績和指導進行更詳細的討論。布賴恩，很高興你能參加你的第一次 Semrush 財報電話會議。

Thank you, Eugene, and thank you, Oleg, for the warm welcome and introduction. It has only been a few weeks, and I can already see that Semrush has all the attributes a CFO values, a high-margin, growing recurring revenue business and a loyal committed customer base. We have a huge market opportunity and a truly diverse global business, serving customers in 150 countries across all industries and across all market segments, ranging from small businesses and start-ups to Fortune 500 companies and global agencies. I'm incredibly excited to join Semrush and will be working with an experienced and passionate management team. I look forward to helping drive the next phase of growth.

謝謝 Eugene，也謝謝 Oleg 的熱烈歡迎和介紹。才過去幾週，我已經可以看出 Semrush 擁有首席財務官所看重的所有屬性、高利潤、不斷增長的經常性收入業務以及忠誠的客戶群。我們擁有巨大的市場機會和真正多元化的全球業務，為 150 個國家/地區的所有行業和所有細分市場的客戶提供服務，從小型企業和初創企業到財富 500 強公司和全球機構。我非常高興能加入 Semrush，並將與一支經驗豐富、充滿熱情的管理團隊共事。我期待著幫助推動下一階段的增長。

Now turning to our Q1 2023 results. Our Q1 revenue of $70.9 million was up 24% year-over-year and above the high end of our Q1 '23 guidance range. Growth was driven by record net new additions and continued growth in our average revenue per customer. Our dollar-based net revenue retention for the first quarter was 116%. We continue to expect our net revenue retention to remain strong as we execute on our upsell and cross-sell strategies within our installed base.

現在轉向我們 2023 年第一季度的結果。我們第一季度的收入為 7090 萬美元，同比增長 24%，高於我們 23 年第一季度指導範圍的上限。增長是由創紀錄的新增淨額和我們每位客戶的平均收入的持續增長推動的。我們第一季度基於美元的淨收入保留率為 116%。我們繼續期望我們的淨收入保留率保持強勁，因為我們在我們的已安裝基礎上執行我們的追加銷售和交叉銷售策略。

ARR was $293 million as of March 31, 2023. First quarter gross margin of 82.2% was up approximately 250 basis points from a year ago. Gross margin benefited from higher revenue and continued leverage from our hosting and third-party service costs. We continue to expect gross margin above 80% in the near term. Operating expenses were $69 million in the quarter, down 4.3% sequentially as we continue to drive efficiencies, carefully manage expenses and drive towards the same profitability. Non-GAAP net loss was $7.1 million and at the high end of our guidance range of $8 million to $7 million loss.

截至 2023 年 3 月 31 日，ARR 為 2.93 億美元。第一季度毛利率為 82.2%，較上年同期增長約 250 個基點。毛利率受益於更高的收入以及我們的託管和第三方服務成本的持續槓桿作用。我們繼續預計短期內毛利率將超過 80%。本季度的運營費用為 6900 萬美元，環比下降 4.3%，因為我們繼續提高效率、謹慎管理費用並努力實現相同的盈利能力。非 GAAP 淨虧損為 710 萬美元，處於我們 800 萬至 700 萬美元虧損指導範圍的高端。

Turning to the balance sheet. We ended the quarter with cash and cash equivalents and short-term investments of $232.3 million, down from $237.5 million in the previous quarter. Our cash flow from operations in the current fiscal year was negative $3.6 million. We also incurred approximately $300,000 of capital expenditures and $1.1 million of software development costs.

轉向資產負債表。本季度末，我們的現金和現金等價物以及短期投資為 2.323 億美元，低於上一季度的 2.375 億美元。我們當前財政年度的運營現金流為負 360 萬美元。我們還產生了大約 300,000 美元的資本支出和 110 萬美元的軟件開發成本。

Looking ahead to 2023 guidance, I'm confident in the underlying trends in the business and capabilities of our leaders to deliver profitability. We are committed to maintaining a disciplined and balanced approach to optimizing costs and improving efficiency and profitability while continuing to invest in future growth opportunities that we expect will drive long-term value.

展望 2023 年的指引，我對業務的基本趨勢和我們領導者實現盈利能力的能力充滿信心。我們致力於保持一種有紀律和平衡的方法來優化成本並提高效率和盈利能力，同時繼續投資於我們預計將推動長期價值的未來增長機會。

For the second quarter, we expect revenue in the range of $73.6 million to $75 million up approximately 19% year-over-year at the midpoint. We expect the second quarter non-GAAP net loss of $3 million to $1.5 million. For the full year, we are reiterating our prior revenue guidance of $306 million to $309 million, which would represent growth at the midpoint of approximately 21% year-over-year. We continue to expect non-GAAP net income of breakeven to $3 million for the full year. Our non-GAAP net income guidance range assumes a euro exchange rate of approximately 1.06 to the dollar for the remainder of the year. With that, we are happy to take any of your questions. Operator, please open the line for questions.

對於第二季度，我們預計收入在 7360 萬美元至 7500 萬美元之間，按中點計算同比增長約 19%。我們預計第二季度非 GAAP 淨虧損為 300 萬至 150 萬美元。對於全年，我們重申之前的收入指引為 3.06 億美元至 3.09 億美元，這意味著同比增長約 21% 的中點。我們繼續預計全年的非 GAAP 淨收入將達到盈虧平衡至 300 萬美元。我們的非 GAAP 淨收入指導範圍假設今年剩餘時間內歐元兌美元的匯率約為 1.06。因此，我們很樂意回答您的任何問題。接線員，請打開問題線路。

(Operator Instructions)

（操作員說明）

We'll go first to Mark Murphy at JPMorgan.

我們將首先去摩根大通的馬克墨菲。

This is Arti on for Mark Murphy. Just first one, you guys paying customers really impressive adds in the quarter. Anything to speak to that? And what's driving that kind of more specifically under the hood? Has the demand environment kind of improved quarter-over-quarter or have been stable or going a little bit worse that part of what helped?

這是馬克墨菲的藝術作品。只是第一個，你們這些付費客戶在本季度確實令人印象深刻。有什麼要說的嗎？是什麼在幕後更具體地推動了這種行為？需求環境是否環比有所改善，或者一直穩定或變得更糟，這部分有幫助？

Thanks very much for the question. This is Andrew. So I would say that the record net new adds is really a product of the experiments and the growth that we invested in last year, primarily in organic marketing channels as well as our paid experiments last year. Those continue to drive those numbers that you see in Q1. I would say it's a similar demand environment from the last reporting cycle. We've continued to see strong tailwinds from those investments, but we also believe that there's a stickiness that we have for our product going forward. Overall, I'm confident in our demand generation motions, and we believe that we're positioned for a balanced approach.

非常感謝你的提問。這是安德魯。所以我想說，創紀錄的淨新增人數實際上是我們去年投資的實驗和增長的產物，主要是有機營銷渠道以及我們去年的付費實驗。這些繼續推動您在第一季度看到的那些數字。我會說這是上一個報告週期的類似需求環境。我們繼續從這些投資中看到強勁的順風，但我們也相信我們對未來產品的粘性。總的來說，我對我們的需求生成動議充滿信心，我們相信我們已經準備好採用平衡的方法。

Great. And then to follow up because I know some pretty exciting generative AI tools. Interesting would be to just now, how are these translating from kind of hype to excel usage? Are you seeing customers really take these and adopt? Or is there kind of a learning curve, they're still going through.

偉大的。然後跟進，因為我知道一些非常令人興奮的生成人工智能工具。有趣的是，這些是如何從一種炒作轉化為 excel 用法的？您是否看到客戶真的接受並採用這些產品？或者是否存在某種學習曲線，他們仍在經歷。

This is Eugene. So we definitely see a lot of usage. And I just want to give you kind of bigger background here. We started implementing some GPT based features even from early versions of GPT, so GPT 2 and so on. And that happened roughly 2 years ago. Implementation was primarily in our Writing Assistant tool that was available only for Guru users. So usage was somewhat limited to higher end of the Semrush user base, but we had a lot of usage for a while. And right now, with new changes, we realized that there is a much broader audience for those kind of products.

這是尤金。所以我們肯定會看到很多用法。我只想在這裡給你一些更大的背景。我們甚至從 GPT 的早期版本開始實現一些基於 GPT 的功能，例如 GPT 2 等等。那大約發生在 2 年前。實施主要在我們的 Writing Assistant 工具中進行，該工具僅供 Guru 用戶使用。因此，使用量在某種程度上僅限於 Semrush 用戶群的高端，但我們有一段時間使用量很大。而現在，隨著新的變化，我們意識到這類產品有更廣泛的受眾。

So we started opening up a lot of those features throughout App Center, including launch of ContentShake. And also, we encourage a lot of partners who work in generative AI space to build apps.

因此，我們開始在整個 App Center 中開放許多此類功能，包括推出 ContentShake。此外，我們鼓勵許多在生成 AI 領域工作的合作夥伴構建應用程序。

And we are seeing quite a good traction in terms of usage in all of those directions, I think it's maybe a little bit early to say how much usage where we're going to see moving forward because it's such a hot topic. A lot of demand is really coming from people being excited about new generative AI capabilities and wanting to try them. But I think the traction we are seeing right now is very encouraging, especially in terms of usage.

我們在所有這些方向的使用方面都看到了很好的牽引力，我認為現在說我們將看到多少使用量可能有點早，因為這是一個如此熱門的話題。很多需求實際上來自人們對新的生成 AI 功能感到興奮並想嘗試它們。但我認為我們現在看到的牽引力非常令人鼓舞，尤其是在使用方面。

We'll move next to Scott Berg at Needham.

我們將搬到 Needham 的 Scott Berg 旁邊。

This is Rob Morelli on for Scott Berg. Continuing on the topic of the generative AI functionality. Are you guys looking to monetize this as a separate module? Or is it more about driving incremental functionality just to stay ahead competitively.

這是斯科特·伯格的羅伯·莫雷利。繼續關於生成 AI 功能的話題。你們是否希望將其作為一個單獨的模塊獲利？或者更多的是為了在競爭中保持領先而推動增量功能。

We're definitely going to see how market develops to understand to what extent we can apply monetization. But features that we have right now, they are monetized. There are some things you can do in the free version. But once you need to generate a lot of content, we will ask you to start paying. So monetization is already implemented in those features as of now.

我們肯定會看到市場如何發展，以了解我們可以在多大程度上應用貨幣化。但是我們現在擁有的功能已經貨幣化了。您可以在免費版本中執行一些操作。但是一旦你需要生成很多內容，我們就會要求你開始付費。因此，截至目前，這些功能已經實現了貨幣化。

Got it. And then with the guidance, it implies a modest level of revenue growth acceleration, what gives you confidence in that guidance versus macro that is still a bit soft?

知道了。然後根據指導，它意味著收入增長適度加速，是什麼讓你對該指導與仍然有點疲軟的宏觀有信心？

Rob, it's Brian. So yes, we're guiding $306 million to $309 million for the year. It does assume that we have some leveling off-line growth in the second half. And I think some of the comments that Andrew made earlier were really driving the confidence in that we are seeing strong demand. So that's continuing into the second quarter. And our expectation is that we'll drive some leveling off in the growth rate in the second half which will allow us to achieve that full year guidance.

羅伯，是布萊恩。所以是的，我們今年指導 3.06 億至 3.09 億美元。它確實假設我們在下半年有一些穩定的線下增長。我認為安德魯早些時候發表的一些評論確實推動了我們看到強勁需求的信心。所以這將持續到第二季度。我們的期望是，我們將在下半年推動增長率趨於平穩，這將使我們能夠實現全年指導。

Next, we'll move to Parker Lane at Stifel.

接下來，我們將前往 Stifel 的 Parker Lane。

This is Matthew Kikkert on for Parker. To start, to what degree are you seeing the macro driving vendor consolidation? And how much are you planning to benefit from that trend?

這是派克的 Matthew Kikkert。首先，您認為宏觀驅動供應商整合的程度如何？您打算從這種趨勢中獲益多少？

So I would say vendor consolidation have been a big trend across MarTech. So if you follow other companies in the space, such as HubSpot, they've been mentioning this for a while as well. Definitely something we're seeing in an environment like this, people don't want to overspend and they want to buy platforms that provide best value for money. We can provide anecdotal evidence, of course, that this is happening based on conversations we're having with customers and based on how they choose vendors now. I just don't think we could quantify this, but definitely something we are hearing from other players in the industry and from our customers as well.

所以我想說供應商整合已經成為 MarTech 的一個大趨勢。因此，如果您關注該領域的其他公司，例如 HubSpot，他們也提到這一點已有一段時間了。絕對是我們在這樣的環境中看到的事情，人們不想超支，他們想購買提供最高性價比的平台。當然，我們可以提供軼事證據，證明這是基於我們與客戶的對話以及他們現在如何選擇供應商而發生的。我只是認為我們無法量化這一點，但絕對是我們從業內其他參與者和我們的客戶那裡聽到的。

Okay. Understood. And then secondly, you've shown great progress on the App Center. You now are 50 apps. What is the company doing in terms of R&D or working with other developers to keep increasing that number? And how should we think about the App Center as a revenue contributor going forward?

好的。明白了。其次，您在 App Center 上展示了巨大的進步。你現在有 50 個應用程序。公司在研發或與其他開發商合作方面正在做什麼以不斷增加這一數字？我們應該如何看待 App Center 作為未來的收入貢獻者？

So just, again, to give historical background, this is something that we started doing not long time ago. App Center was launched in 2021, and it was really more of an experimental product where we are trying to see if it's a viable go-to-market strategy. And we were really excited about the success we've seen early on and started to doubling down on this. But I would say in terms of allocation of resources, we're probably still a little bit behind compared to where we want to be. And even though we are committing more and more R&D resources to our App Center.

因此，再次說明一下歷史背景，這是我們不久前開始做的事情。 App Center 於 2021 年推出，它實際上更像是一種實驗性產品，我們正在嘗試看看它是否是一種可行的上市策略。我們對早期看到的成功感到非常興奮，並開始加倍努力。但我要說的是，就資源分配而言，與我們想要達到的目標相比，我們可能仍然有點落後。即使我們正在為我們的 App Center 投入越來越多的研發資源。

In terms of what we're doing now, we're investing a lot in infrastructure for apps, especially in billing systems. So there is a greater flexibility in terms of how those apps can be monetized. We are adding engineering resources in this direction. And then in terms of partner sourcing, we actually now established a team that is dedicated towards partner sourcing. We have 5 people there and our goal is to bring not just more partners, but of course, partners that are, let's say, more established as businesses.

就我們現在正在做的事情而言，我們在應用程序基礎設施方面投入了大量資金，尤其是在計費系統方面。因此，在如何將這些應用程序貨幣化方面具有更大的靈活性。我們正在朝這個方向增加工程資源。然後在合作夥伴採購方面，我們現在實際上建立了一個致力於合作夥伴採購的團隊。我們那裡有 5 個人，我們的目標不僅是帶來更多的合作夥伴，而且當然是，比方說，更成熟的業務合作夥伴。

We are very excited about partners we have. Now they are doing a great job building great products. I think for net badge of partners, we also want to have a couple of big names. So that's what we are aiming for in terms of App Center development.

我們對我們擁有的合作夥伴感到非常興奮。現在他們在打造優秀產品方面做得很好。我覺得對於合作夥伴的網絡徽章，我們也希望有幾個大牌。這就是我們在 App Center 開發方面的目標。

We'll move next to Michael Turits at KeyBanc.

我們將搬到 KeyBanc 的 Michael Turits 旁邊。

This is Michael Vidovic on for Michael Turits. I guess just to start, could you talk about broadly the change that you saw in overall macro environment and the demand environment between Q4 and now?

這是 Michael Turits 的 Michael Vidovic。我想只是開始，您能否廣泛談談從第四季度到現在您在整體宏觀環境和需求環境中看到的變化？

Sure, this is Andrew. I'd be happy to take the question. Thank you for it. So again, we see just as we reported in our previous cycle, we do see elevated and sustained demand, particularly registration trials, net new customer adds, as I mentioned before. A couple of things are driving this, not only the investments from last year in multiple channels for growth. But also I would say, particularly in Q1, we've activated new audiences with the first-ever campaign focused on a real customer. This has strike a chord with our existing and new audiences, which is driving some of our best ever results at the top of the funnel further on down. So I think going back to your question, the demand that we continue to see is supportive.

當然，這是安德魯。我很樂意回答這個問題。謝謝你。因此，我們再次看到，正如我們在上一個週期中報告的那樣，我們確實看到了持續增長的需求，特別是註冊試驗、淨新客戶增加，正如我之前提到的。有幾件事在推動這一點，不僅僅是去年在多個增長渠道上的投資。但我還要說，特別是在第一季度，我們通過首次針對真實客戶的活動激活了新的受眾。這引起了我們現有和新觀眾的共鳴，這推動了我們在漏斗頂部的一些有史以來最好的結果進一步下降。所以我想回到你的問題，我們繼續看到的需求是支持的。

It's strong and we will continue to drive high visibility, high impact programs for the rest of the year to sustain that.

它很強大，我們將在今年餘下時間繼續推動高知名度、高影響力的計劃來維持這一點。

Great. And then just a quick follow-up on demand. On the 5K customers, I guess, how sustainable is that level? I know you've talked to 3K previously. I guess, was that abnormally high and above your expectations and not re-achievable or what are you expecting at this point?

偉大的。然後只是按需快速跟進。我想，對於 5K 客戶，該水平的可持續性如何？我知道你之前和 3K 談過。我想，這是否異常高且超出您的期望並且無法重新實現，或者您此時的期望是什麼？

I think it's in line with our expectations. I think that we just need to remember that everything is according to our guidance. Our business just like others, has seasonality. And I would just look towards the guidance that we've given.

我認為這符合我們的預期。我認為我們只需要記住一切都在我們的指導下。我們的業務與其他業務一樣，具有季節性。我只想看看我們給出的指導。

And our next question comes from Elizabeth Porter at Morgan Stanley.

我們的下一個問題來自摩根士丹利的伊麗莎白波特。

I wanted to follow up on the NRR of 116%. You noted you expect it to remain strong, benefiting from some of that upsell and cross-sell. So could we see it stabilize at this level for the remainder of the year? What are the risks to the downside of the upside as we move to the year? And were there any inter-quarter kind of NRR trends that you could speak to from Q4 to Q1?

我想跟進 116% 的 NRR。你指出你希望它能保持強勁，受益於一些追加銷售和交叉銷售。那麼我們能否看到它在今年剩餘時間內穩定在這個水平？隨著我們進入這一年，上行的下行風險是什麼？從第 4 季度到第 1 季度，您是否可以討論任何季度間的 NRR 趨勢？

Thank you for the question. This is Eugene. And maybe we're not really communicating this well. But the thing is just based on how our formula is calculated. There is a certain math that just makes it go down this year and is going to continue until the end of the year, and then it will start going up. And it's -- sometimes you have those fluctuations just because something moves from numerator to denominator and continue to do that for a year.

感謝你的提問。這是尤金。也許我們並沒有真正溝通得很好。但事情只是基於我們的公式是如何計算的。有某種數學原理讓它今年下降並將持續到今年年底，然後它會開始上升。而且它 - 有時你會有這些波動只是因為某些東西從分子移動到分母並繼續這樣做一年。

So again, in terms of where this number is going to be, it will keep slightly decline until the end of this year, and then we expect it to start growing back. And I think we were saying that for a normal environment, when you don't have those fluctuations, it's reasonable to expect it to be somewhere in 114% range. Of course, if it's better, that's great. But as a sort of normal environment floor, we usually think about 114%. But of course, like I said, right now, we have expanding number in denominator and will continue being there for the remainder of the year.

因此，就這個數字的去向而言，它會在今年年底之前保持小幅下降，然後我們預計它會開始回升。我想我們是在說，對於一個正常的環境，當你沒有這些波動時，可以合理地預期它在 114% 的範圍內。當然，如果它更好，那就太好了。但作為一種正常的環境底板，我們通常認為是114%。但是，當然，就像我說的，現在，我們的分母數量不斷增加，並將在今年餘下的時間裡繼續存在。

About -- yes. In terms of intra-quarter, unfortunately, we haven't done this calculation, so I wouldn't be able to provide details, but we would be happy to follow up later.

關於——是的。不幸的是，就季度內而言，我們尚未進行此計算，因此我無法提供詳細信息，但我們很樂意稍後跟進。

Got it. And then just as a follow-up on the consolidation theme. You mentioned greater than 20% of customers are buying multiple products. Any color on how that looked a year ago and where it could go over the next few years? And what are the specific kind of go-to-market motions you're driving -- to drive that improvement?

知道了。然後作為整合主題的後續行動。您提到超過 20% 的客戶購買多種產品。關於一年前的情況以及未來幾年的發展方向有什麼顏色嗎？您正在推動哪些具體的上市行動——以推動這種改進？

So I would say that I don't have the number just in front of me about last year versus this year, we would be happy to follow up on that. But I would say that over time, particularly when we look at App Center, when we look at the over 55 tools that we have of their overall platform, we continue to invest, particularly in those accounts that show even more promise to expand. We absolutely are investing in more and more activities to grow those average checks. At this point, we can't give specific guidance on where that number could improve from 20% and onwards over the next couple of years. But I can tell you that it's absolutely a priority for us.

所以我想說我沒有關於去年和今年的數字，我們很樂意跟進。但我要說的是，隨著時間的推移，特別是當我們查看 App Center 時，當我們查看我們擁有的超過 55 個工具時，我們會繼續投資他們的整個平台，特別是那些顯示出更有希望擴展的帳戶。我們絕對正在投資越來越多的活動來增加這些平均支票。在這一點上，我們無法就未來幾年該數字在 20% 及以上的哪些地方可以提高給出具體指導。但我可以告訴你，這絕對是我們的首要任務。

We'll move next to James Heaney at Jefferies.

我們將搬到 Jefferies 的 James Heaney 旁邊。

You mentioned in the letter that you're focused on upgrading your product offerings. Could you just talk more about what some of those upgrades are and when we should expect those to show up? And then my second question. Just if you could elaborate more on your comment around the number of customers paying over 10,000, growing over 45%. Just how much of that was adding new clients at a higher average selling price versus upselling customers into new -- into the higher-priced tiers?

你在信中提到你專注於升級你的產品供應。您能否多談談其中一些升級是什麼以及我們應該期望這些升級什麼時候出現？然後是我的第二個問題。如果你能更詳細地闡述你對支付超過 10,000 的客戶數量的評論，增長超過 45%。其中有多少是以更高的平均售價增加新客戶，而不是將客戶追加銷售到新的——進入更高價格的層級？

So let me start with the last question. So in terms of how people get into this bucket, I would say, the normal path is going to be through upgrade, so people would buy something and then eventually get into these higher tiers or buying more. I would say that's majority of those cases. That said, sometimes this path is really short. So it can happen within the first couple of months. So I don't know where it would qualify on your scale of -- is it a new customer if it came just a couple of months before or is it an existing customer that got expanded? But I would say this is also quite a big bucket. People who started with something small, just to try the product and quickly realize they need more and starting the normal kind of buying process that larger companies do when they need to write bigger checks.

那麼讓我從最後一個問題開始。所以就人們如何進入這個桶而言，我會說，正常的途徑是通過升級，所以人們會購買一些東西，然後最終進入這些更高層級或購買更多。我會說這是大多數情況。也就是說，有時候這條路真的很短。所以它可以在頭幾個月內發生。所以我不知道它在你的規模上有什麼資格——如果它是幾個月前才來的，它是一個新客戶，還是一個擴大了的現有客戶？但我想說這也是一個很大的桶。人們從小事做起，只是為了試用產品，並很快意識到他們需要更多，並開始了正常的購買流程，就像大公司在需要開出更大支票時所做的那樣。

In terms of ongoing product improvements, I think the list is going to be huge if we have to mention everything, but on the SEO front, we've launched several really innovative features, for example, keyword clustering feature that utilizes AI to semantically analyze sets of keywords and bundle them together in groups that makes most sense in terms of covering a particular topic and creating blog post.

就持續的產品改進而言，我認為如果我們必須提及所有內容，這個列表將會非常龐大，但在 SEO 方面，我們推出了幾個真正創新的功能，例如，利用 AI 進行語義分析的關鍵字聚類功能組關鍵字並將它們捆綁在一起，在涵蓋特定主題和創建博客文章方面最有意義。

We've released really unique and new algorithm to estimate organic traffic based on SERP features. So this is really in line with overall search trend where if in the past, you can have 10 blue links, now every search is unique with a unique combination of SERP features and our traffic algorithm -- traffic estimation algorithms now taken into account. So we forecast traffic based on composition of SERP features in each particular result.

我們已經發布了真正獨特的新算法來估計基於 SERP 特徵的有機流量。所以這真的符合整體搜索趨勢，如果在過去，你可以有 10 個藍色鏈接，現在每個搜索都是獨一無二的，具有 SERP 功能和我們的流量算法的獨特組合——現在考慮到流量估計算法。因此，我們根據每個特定結果中 SERP 特徵的組成來預測流量。

I don't know any other company that is doing the same. So really a lot of innovation happening across our entire portfolio of our products. We've mentioned a couple of things we've launched an App Center primarily focused around AI, but there are tons of other products that we didn't mention just because they're not utilizing AI that much. At the same time, we're seeing a lot of traction with those products as well. So tons of stuff happening.

我不知道有任何其他公司在做同樣的事情。因此，我們整個產品組合中確實發生了很多創新。我們已經提到了一些事情，我們已經推出了一個主要圍繞 AI 的 App Center，但是還有很多我們沒有提到的其他產品，因為它們沒有那麼多地使用 AI。與此同時，我們也看到了這些產品的巨大吸引力。所以發生了很多事情。

We'll have to narrow down the question for me to be able to provide more specific details.

我們必須縮小問題範圍，以便我能夠提供更具體的細節。

And that does conclude our question-and-answer session. At this time, I would like to turn it back over to management for any closing remarks.

這確實結束了我們的問答環節。在這個時候，我想把它轉回給管理層，聽取任何結束語。

Thank you for your questions. In closing, I want to say, look, we have delivered strong start to the year, and we achieved a very important milestone, 100,000 customer -- 100,000 paying customers. It's a very important milestone for us. We are very committed to making online marketing easier for businesses of any size. I thank you for your support. We are looking forward to keep you updated on our progress. Thank you.

謝謝你的問題。最後，我想說，看，我們今年開局良好，我們實現了一個非常重要的里程碑，即 100,000 名客戶——100,000 名付費客戶。這對我們來說是一個非常重要的里程碑。我們致力於讓任何規模的企業都能更輕鬆地進行在線營銷。感謝您的支持。我們期待著讓您了解我們的最新進展。謝謝。

That does conclude today's conference call. Thank you for your participation. You may now disconnect.

這確實結束了今天的電話會議。感謝您的參與。您現在可以斷開連接。