SEMrush Holdings Inc (SEMR) 2023 Q3 法說會逐字稿

Thank you for standing by, and welcome to the Semrush third quarter earnings conference call. (Operator Instruction]

感謝您的耐心等待，歡迎參加 Semrush 第三季財報電話會議。 （操作員說明）

I'd like to hand over to Brinlea Johnson to begin the call. Please go ahead.

我想請布林利·約翰遜開始通話。請繼續。

Good morning, and welcome to Semrush Holdings Third Quarter 2023 Conference Call. We'll be discussing the results announced in our press release issued after market closed on Wednesday, November 1. With me on a call is our CEO, Oleg Shchegolev; our President, Eugene Levin; and our CFO, Brian Mulroy.

早安，歡迎參加 Semrush Holdings 2023 年第三季電話會議。我們將討論 11 月 1 日星期三收盤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執行長 Oleg Shchegolev；我們的總裁尤金·萊文；以及我們的財務長布萊恩·馬爾羅伊 (Brian Mulroy)。

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, but are not limited to, 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, our AppCenter expansion, industry and market trends, our competitive position, market opportunities, sales and marketing activities, the sufficiency of our staffing levels, our guidance for the fourth quarter of 2023 and the full year 2023, and statements about future pricing and operating results, including margin improvement, revenue growth and profitability.

今天的電話會議將包含根據 1995 年《私人證券訴訟改革法案》的安全港條款做出的前瞻性聲明。前瞻性聲明包括但不限於有關我們預期的未來業務和財務業績的聲明，以及財務狀況、預期成長、對我們現有產品和任何新產品和功能的採用和需求、我們的AppCenter 擴展、行業和市場趨勢、我們的競爭地位、市場機會、銷售和行銷活動、我們的人員配備水平是否足夠、我們對2023 年第四季和 2023 年全年，以及有關未來定價和營運業績的聲明，包括利潤率改善、收入成長和獲利能力。

Forward-looking statements are statements other than statements of facts and can be identified with words such as expect, can, anticipate, intend, plan, believe, seek or will. 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.

前瞻性陳述是事實陳述以外的陳述，可以用期望、能夠、預期、打算、計劃、相信、尋求或意願等詞語來識別。這些聲明僅反映我們今天的觀點，不應被視為代表我們以後任何日期的觀點。我們不承擔更新這些聲明的任何義務。

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. For a discussion of the risks and important factors that could affect our actual results, please refer to our most recent quarterly reports on Form 10-Q and our annual report on Form 10-K filed with the Securities and Exchange Commission as well as our other filings with the SEC.

前瞻性陳述所涉及的事項存在風險和不確定性，可能導致實際結果與這些前瞻性陳述有重大差異。有關可能影響我們實際結果的風險和重要因素的討論，請參閱我們向美國證券交易委員會提交的最新 10-Q 表格季度報告和 10-K 表格年度報告以及我們的其他報告。向 SEC 提交的文件。

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.

此外，在今天的電話會議中，我們提到了某些非公認會計準則財務指標。我們昨天收盤後發布的新聞稿中有一份顯示 GAAP 與非 GAAP 結果的核對錶，可在 Investors.semrush.com 上找到。

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

接下來，讓我把電話轉給奧列格。

Thank you, and good morning to everyone on the call. Our team executed well this quarter delivering revenue of $78.7 million, up 20% year-over-year. Importantly, we also generated strong profitability, reporting non-GAAP net income of $8.4 million. Due to our solid performance this quarter, we're raising our full year non-GAAP net income guidance as we continue to drive towards sustained profitability. We have built a business focused on driving strong sustainable growth with improving profitability, and this quarter was no exception.

謝謝您，祝所有參加電話會議的人早安。我們的團隊本季表現出色，營收達 7,870 萬美元，年增 20%。重要的是，我們還實現了強勁的獲利能力，非 GAAP 淨利潤為 840 萬美元。由於我們本季的穩健表現，我們將提高全年非公認會計準則淨利潤指引，同時我們將繼續努力實現持續獲利。我們建立的業務專注於推動強勁的可持續成長並提高獲利能力，本季也不例外。

Before handing it over to Eugene and Brian to talk about the quarter in more detail, I would like to touch on a few highlights we discussed on our last earnings call and share why we're excited about the future of Semrush.

在交給尤金和布萊恩更詳細地討論本季之前，我想談談我們在上次財報電話會議上討論的一些亮點，並分享為什麼我們對 Semrush 的未來感到興奮。

On our last call, I talked about how we have heavily invested and continue to invest in a unique combination of data assets and products to create a software platform that helps customers improve their online visibility across all major channels. While there are point product competitors, we believe Semrush has become the platform of choice for businesses of all sizes, across all industries, all over the worlds, to improve their online visibility.

在上次電話會議上，我談到了我們如何大力投資並繼續投資數據資產和產品的獨特組合，以創建一個軟體平台，幫助客戶提高所有主要管道的線上可見度。儘管存在單點產品競爭對手，但我們相信 Semrush 已成為世界各地各種規模、跨行業、提高線上知名度的企業的首選平台。

We remain differentiated in our markets. Importantly, we are uniquely positioned to help our clients because of our strong data assets and because of certain industry dynamics. Our strong competitive positioning that comes from our unique data assets is based on a combination of our own intellectual property and historical data that we have collected from our customers, used together with new data that's being fed into our algorithms. Collectively, this allows us to generate strong predictive capabilities that can drive significant ROI for our customers.

我們在市場中保持差異化。重要的是，由於我們強大的數據資產和某些行業動態，我們在幫助客戶方面處於獨特的地位。我們強大的競爭地位來自於我們獨特的數據資產，它基於我們自己的知識產權和我們從客戶收集的歷史數據的結合，並與輸入到我們演算法中的新數據一起使用。總的來說，這使我們能夠產生強大的預測能力，為我們的客戶帶來顯著的投資報酬率。

When looking at industry dynamics, big tech search engine companies primarily make their money from advertising. As a result, their tools are designed to get the clients to optimize paid advertising on their own platform. Because of this, we believe it is not in their best interest to give those clients unbiased advice on optimal use of their marketing efforts, particularly, if the best ROI would come from organic efforts or advertisements on a platform other than their own.

從產業動態來看，大型科技搜尋引擎公司主要透過廣告賺錢。因此，他們的工具旨在讓客戶在自己的平台上優化付費廣告。因此，我們認為，向這些客戶提供關於如何最佳利用其行銷工作的公正建議並不符合他們的最佳利益，特別是如果最佳投資回報率來自於他們自己以外的平台上的有機努力或廣告。

Semrush, on the other hand, provides unbiased advice to its customers and seeks the highest expected ROI marketing activities across a vast array of platforms. This is important because we continue to benefit the tectonic shift of dollars being allocated away from physical visibility towards online visibility.

另一方面，Semrush 向客戶提供公正的建議，並在眾多平台上尋求最高預期投資回報率的行銷活動。這很重要，因為我們繼續受益於美元從實體可見性轉向線上可見性的結構性轉變。

Historically, companies spend their efforts creating their physical world brands. They were able to be competitive without a significant online presence that leveraged search, organic, social media, and digital PR. But the world has changed, and in order to be successful, businesses now must not only embrace these new ways to create awareness for their brands, but they must excel at them. Now, more than ever, brands recognize that the competitive world we live in demands that they distinguish themselves online.

從歷史上看，公司花費精力創造他們的現實世界品牌。他們能夠在沒有利用搜尋、有機、社交媒體和數位公關的重要線上影響力的情況下保持競爭力。但世界已經發生了變化，為了取得成功，企業現在不僅必須採用這些新方法來提高品牌知名度，而且還必須在這些方面表現出色。現在，品牌比以往任何時候都更認識到，我們所處的競爭世界要求他們在網路上脫穎而出。

To be successful, businesses need to be easily discovered online, they need to appear at the top of the rankings, and they need to be a part of the discussions that are happening on social media channels, as these are critical components to connecting with consumers in the places where they now spend their time. We are still in the early innings of this exponential shift, and we believe the compelling ROI provided by Semrush only continues to strengthen as online markets become more saturated.

為了獲得成功，企業需要在網路上輕鬆被發現，需要出現在排名前列，並且需要參與社交媒體管道上正在發生的討論，因為這些是與消費者建立聯繫的關鍵組成部分在他們現在消磨時間的地方。我們仍處於這一指數級轉變的早期階段，我們相信，隨著線上市場變得更加飽和，Semrush 提供的令人信服的投資回報率只會繼續增強。

Through our unique data set and 15 years of expertise and investments in R&D, we have built a platform for companies to enhance and maintain a competitive online presence across all channels. This is the essence of what Semrush does. We are GPS of the Internet. We help companies establish, maintain, and enhance their online presence. Our customers can choose which marketing content is the most efficient for their business, and they can map out new routes and change routes at any time.

透過我們獨特的數據集以及 15 年的專業知識和研發投資，我們為公司建立了一個平台，以增強和保持跨所有管道的線上競爭優勢。這就是 Semrush 所做工作的本質。我們是互聯網的GPS。我們幫助公司建立、維護和增強其線上形象。我們的客戶可以選擇對其業務最有效的行銷內容，並且可以隨時規劃新路線和更改路線。

Let me provide a client example of an SMB furniture manufacturing client whose organic rankings and online sales were stalled for 3 years. Then they began their journey with us, and everything changed. First, they started with site audit to fix website problems and generate a strong site health score. Then, they added the backlink audit tool to improve their online visibility.

讓我提供一個中小型家具製造客戶的客戶範例，該客戶的有機排名和線上銷售停滯了三年。然後他們和我們一起開始了他們的旅程，一切都改變了。首先，他們從網站審查開始，以解決網站問題並產生強大的網站健康評分。然後，他們添加了反向連結審核工具來提高他們的線上可見度。

Next, they built a keyword strategy using our Keyword Magic and Keyword Overview tools, and explored what their competitors were doing, and how they were faring with our Organic Research report and Position tracking tool. They began to show impressive step-ups in engagement. And over the next 2 years, they saw a 73% increase in organic traffic. This example underlines how businesses are increasingly shifting their time, effort, and money to create awareness of and visibility for their businesses online.

接下來，他們使用我們的關鍵字魔法和關鍵字概述工具制定了關鍵字策略，並探索了他們的競爭對手正在做什麼，以及他們使用我們的自然研究報告和排名追蹤工具的表現如何。他們開始在參與度方面表現出令人印象深刻的進步。在接下來的 2 年裡，他們的自然流量成長了 73%。這個例子強調了企業如何越來越多地投入時間、精力和金錢來提高其線上業務的知名度和可見度。

We believe businesses that are best able to analyze, plan and execute on this shift will have the potential for exceptional results, and Semrush provides all the tools in one place where they can do this. These industry tailwinds and our unique software offering positions us well to enjoy lasting, durable growth.

我們相信，最有能力分析、規劃和執行這項轉變的企業將有可能取得卓越的成果，而 Semrush 在一個地方提供了所有工具，讓他們能夠做到這一點。這些行業順風和我們獨特的軟體產品使我們能夠享受持久、持久的成長。

We are excited about where we sit today and what the future holds for Semrush.

我們對今天的位置以及 Semrush 的未來感到興奮。

I will now turn the call over to Eugene and Brian to discuss the results of the quarter in more detail.

我現在將把電話轉給尤金和布萊恩，更詳細地討論本季的結果。

Thank you, Oleg. We delivered another solid quarter and continued to be focused on 3 main pillars of growth to set us up for long-term durable growth, and we're making progress on each front. To review, our 3 main growth pillars are: one, increasing new user growth; two, maximizing the value we generate from our users; three, adding new products to our portfolio to address clients needs and market trends.

謝謝你，奧列格。我們又實現了一個穩健的季度，並繼續專注於三大成長支柱，為長期持久成長做好準備，而且我們在每個方面都取得了進展。回顧一下，我們的三大成長支柱是：一是增加新用戶成長；第二，最大化我們從使用者產生的價值；第三，在我們的產品組合中加入新產品，以滿足客戶需求和市場趨勢。

Let me provide an update from this quarter. First, we continued increasing new user growth. We now have over 106,800 paying customers within our core platform, and believe we have a long runway of adoption ahead of us.

讓我提供本季的最新情況。首先，我們持續增加新用戶成長。目前，我們的核心平台擁有超過 106,800 名付費客戶，並且相信我們還有很長的路要走。

In Q3, we achieved solid net new customer additions and registrations with a more efficient sales and marketing engine than we've seen in prior quarters. By using our platform for our own internal use and optimizing our sales and marketing spend on organic efforts, we boosted our own online presence.

在第三季度，我們透過比前幾個季度更有效率的銷售和行銷引擎實現了穩定的淨新客戶增加和註冊。透過將我們的平台用於我們自己的內部使用，並優化我們的有機銷售和行銷支出，我們提高了自己的線上形象。

Turning to the second growth pillar. We have a strategy to grow as our customers grow and maximize the value we generate from our users. During Q3, we saw continued success leveraging our brand to cross-sell and upsell into our user base. This quarter, we also initiated a rollout of some new pricing. We took the opportunity to optimize our pricing strategy to better align with the tremendous value our product delivers.

轉向第二個成長支柱。我們的策略是隨著客戶的成長而成長，並最大限度地提高我們從用戶創造的價值。在第三季度，我們看到利用我們的品牌向用戶群進行交叉銷售和追加銷售的持續成功。本季度，我們也推出了一些新的定價。我們藉此機會優化了我們的定價策略，以更好地適應我們產品所提供的巨大價值。

During Q3 and into early part of Q4, we tested price increases with a cohort of customers, and we were encouraged by the response, as net adds and retention were in line with our expectations and recent trends. In our view, this indicates customers have a strong need for our offering and are willing to pay more given the unique benefits it provides. While we are still in early phases of pricing adjustments, this initial findings suggest that there may be more room to prudently raise prices to better capture the value we provide, which we think over time would also contribute further to our growth.

在第三季和第四季初期，我們對一群客戶測試了價格上漲，我們對反應感到鼓舞，因為淨增加和保留符合我們的預期和最近的趨勢。我們認為，這表明客戶對我們的產品有強烈的需求，並且鑑於其提供的獨特優勢願意支付更多費用。雖然我們仍處於定價調整的早期階段，但初步調查結果表明，可能有更大的空間來審慎提高價格，以更好地捕捉我們提供的價值，我們認為隨著時間的推移，這也將進一步促進我們的增長。

Our plan is to be thoughtful and measured. We expect to continue testing and analyzing data so that any broader pricing changes are backed by customer insights while maintaining our commitment on delivering exceptional value.

我們的計劃是經過深思熟慮和衡量的。我們希望繼續測試和分析數據，以便任何更廣泛的定價變化都能得到客戶洞察的支持，同時保持我們提供卓越價值的承諾。

The last pillar of our growth strategy is adding new products to our portfolio to set us up for long-term durable growth. And during Q3, we made good progress on this front.

我們成長策略的最後一個支柱是在我們的產品組合中添加新產品，為我們的長期持久成長奠定基礎。在第三季度，我們在這方面取得了良好進展。

During this quarter, we saw excellent adoption of some of our AI products and features and launched new monetization initiatives for our social media tools. We also saw continued adoption of AppCenter, which is one of the ways in which we are efficiently adding tools and capabilities for our clients to further increase their ROI from our platform.

在本季度，我們看到一些人工智慧產品和功能得到了出色的採用，並為我們的社交媒體工具推出了新的貨幣化計劃。我們也看到 AppCenter 的持續採用，這是我們為客戶有效添加工具和功能以進一步提高我們平台的投資回報率的方式之一。

We're pleased about the adoption of additional customer products, especially in our mid-market and enterprise segments. As we move upmarket, clients find more value in our products, continue to add more functions and features. And as a result, we're able to generate higher average revenue per user.

我們很高興看到更多客戶產品的採用，特別是在我們的中端市場和企業領域。隨著我們向高端市場發展，客戶發現我們的產品具有更多價值，並不斷添加更多功能和特性。因此，我們能夠為每個用戶帶來更高的平均收入。

In summary, I'm very pleased with our success driving customer growth, maximizing the value of our user base and expanding our product portfolio.

總而言之，我對我們成功推動客戶成長、最大限度地提高用戶群價值以及擴展我們的產品組合感到非常高興。

I will now turn the call over to Brian, who will provide a more detailed discussion of our financial performance and guidance. Go ahead, Brian.

我現在將把電話轉給布萊恩，他將更詳細地討論我們的財務表現和指導。繼續吧，布萊恩。

Thank you, Eugene. Before I discuss our third quarter results in more detail, I'd like to reflect on what I've learned here over my first 2 quarters as CFO. I'd also like to lay out my vision for how Semrush will operate as a finance organization, both internally and externally.

謝謝你，尤金。在更詳細地討論我們第三季的業績之前，我想回顧一下我在擔任財務長的前兩個季度中學到的東西。我也想闡述我對 Semrush 作為金融組織如何在內部和外部運作的願景。

Over the past 2 quarters, I traveled to several Semrush offices and I've met with our team leaders to discuss their businesses. I've been incredibly impressed with our team and their command of their respective markets and products. I see a meaningful opportunity for Semrush to achieve durable growth over the next several years by further penetrating our served markets with our online visibility platform.

在過去的兩個季度中，我走訪了幾個 Semrush 辦事處，並與我們的團隊領導會面討論了他們的業務。我們的團隊以及他們對各自市場和產品的掌控給我留下了深刻的印象。我認為 Semrush 有一個有意義的機會，可以透過我們的線上可見性平台進一步滲透我們所服務的市場，從而在未來幾年實現持久成長。

Importantly, I see an opportunity for us to do this while also driving significant improvements to our profitability. To facilitate [this], I have a relentless focus on data and metrics for decision-making throughout the finance organization. Because Semrush has such a valuable customer data set, the finance team has the ability to segment our user base to understand their buying patterns, churn dynamics and interest in new products, among many other things.

重要的是，我看到了我們這樣做的機會，同時也推動了我們獲利能力的顯著提高。為了促進[這一點]，我不懈地關注整個財務組織決策的數據和指標。由於 Semrush 擁有如此寶貴的客戶資料集，財務團隊能夠對我們的用戶群進行細分，以了解他們的購買模式、客戶流失動態以及對新產品的興趣等。

Our plan is to rigorously analyze the data to allocate our investment in sales, marketing and products. We expect the outcome of this will be a disciplined approach that enables us to capitalize on our biggest opportunities, while simultaneously driving operational efficiencies.

我們的計劃是嚴格分析數據，以分配我們在銷售、行銷和產品方面的投資。我們預計這樣做的結果將是一種嚴格的方法，使我們能夠利用最大的機會，同時提高營運效率。

We expect this ROI framework will apply to our capital allocation decisions, whether that is for internal projects, external M&A or the optimization of our capital structure. This will take some time to be fully realized in our results, but we are already deep into our 2024 planning and have begun using this framework. We'll give you more details on our 2024 outlook when we report next quarter, but I feel very encouraged by what we're seeing so far and I look forward to sharing them with you in approximately 90 days.

我們預期這個投資報酬率架構將適用於我們的資本配置決策，無論是內部專案、外部併購或資本結構的最佳化。這需要一些時間才能在我們的結果中完全實現，但我們已經深入到 2024 年規劃並開始使用這個框架。我們將在下個季度報告時向您提供有關 2024 年展望的更多詳細信息，但我對迄今為止所看到的情況感到非常鼓舞，並期待在大約 90 天內與您分享。

With that, I'd like to turn to our third quarter results in more detail. We had a very strong quarter across the board. Our Q3 revenue was $78.7 million, with growth accelerating to 20% year-over-year. Growth was driven by solid new customer additions and continued growth in our average revenue per customer as we continue to execute on our cross-sell and upsell strategy.

說到這裡，我想更詳細地談談我們第三季的業績。我們的季度表現非常強勁。我們第三季的營收為 7,870 萬美元，年成長加速至 20%。隨著我們繼續執行交叉銷售和追加銷售策略，新客戶的穩定增加以及每位客戶平均收入的持續成長推動了成長。

Our dollar-based net revenue retention for the third quarter was 109%. We expect our dollar-based net revenue retention to trough within the next quarter or so and then begin to trend up as we increase adoption of our full portfolio of products, tools and add-ons within our installed base.

我們第三季以美元計算的淨收入保留率為 109%。我們預計，以美元為基礎的淨收入保留率將在下個季度左右見底，然後隨著我們在安裝基礎上增加對完整產品組合、工具和附加組件的採用，該淨收入保留率將開始呈上升趨勢。

Annual recurring revenue surpassed $320 million, growing 21% to $322.8 million year-over-year. We reported significant improvement in our operating margin, which was up 1,900 basis points year-over-year and up 700 basis points sequentially.

年經常性收入超過 3.2 億美元，年增 21% 至 3.228 億美元。我們的營業利潤率顯著改善，較去年同期成長 1,900 個基點，較上季成長 700 個基點。

This significant improvement is a result of a number of factors. First, we reported significant improvement in gross margin, which was up 230 basis points year-over-year, up to 83.4%. Gross margin continued to benefit from higher revenue and our continued ability to gain scale and leverage from our platform. We continue to expect strong gross margin above 80% in the near term.

這項顯著改善是多種因素共同作用的結果。首先，我們報告毛利率顯著改善，年增 230 個基點，達到 83.4%。毛利率繼續受益於更高的收入以及我們持續透過平台獲得規模和槓桿作用的能力。我們繼續預期短期內毛利率將維持在 80% 以上。

Second, we continue to execute on our commitment to drive efficiencies, carefully manage expenses and drive towards sustained profitability. One example of this is in marketing, where we made the strategic decision to slow paid spend and prioritize organic and brand spend, which is delivering impressive results.

其次，我們持續履行提高效率、謹慎管理費用和實現持續獲利的承諾。這方面的一個例子是在行銷領域，我們做出了策略決策，減緩付費支出並優先考慮有機和品牌支出，這帶來了令人印象深刻的結果。

We saw strong demand for our products across new subscribers, growing our total paid subscriber base by 14% while also lowering our customer acquisition cost. And across the company, we continue to carefully manage expenses and plan to maintain our current headcount for the near term.

我們看到新用戶對我們產品的強勁需求，使我們的付費用戶總數增加了 14%，同時也降低了客戶獲取成本。在整個公司範圍內，我們繼續謹慎管理開支，並計劃在短期內維持現有員工人數。

We believe we are sufficiently staffed to execute on our growth strategy, deliver on our strategic priorities and manage the operations of the business. Within that context, our Q3 operating income also benefited from the timing of some expenses that we originally expected to occur during the third quarter that we now expect will happen in the fourth quarter.

我們相信我們有足夠的人員來執行我們的成長策略，實現我們的策略重點並管理業務營運。在此背景下，我們第三季的營業收入也受益於我們最初預計在第三季發生的一些費用的時間安排，而我們現在預計將在第四季度發生。

Moving down the income statement, non-GAAP net income was positive $8.4 million, surpassing the high end of our guidance range. The outperformance of our non-GAAP net income relative to our guidance was a result of the flow-through of our operating income performance.

向下看損益表，非 GAAP 淨利潤為正 840 萬美元，超過了我們指導範圍的上限。我們的非公認會計原則淨利潤相對於我們的指導的表現優於我們的營業收入績效的流動的結果。

Turning to the balance sheet. We ended the quarter with cash and cash equivalents and short-term investments of $230.1 million, up from $223.8 million in the previous quarter. Our cash flow from operations in the third quarter was positive $6.4 million.

轉向資產負債表。截至本季末，我們的現金和現金等價物以及短期投資為 2.301 億美元，高於上一季的 2.238 億美元。第三季我們的營運現金流為正 640 萬美元。

Looking at the fourth quarter, I'm confident in the underlying trends in the business and capabilities of our team to continue on the path to deliver strong growth and profitability. We are updating our top line guidance to a new range of $307 million to $308 million compared to our previous guidance range of $307 million to $309 million.

展望第四季度，我對業務的基本趨勢和我們團隊的能力充滿信心，將繼續實現強勁的成長和獲利能力。我們將營收指引更新為 3.07 億美元至 3.08 億美元的新範圍，而先前的指引範圍為 3.07 億美元至 3.09 億美元。

We are also meaningfully raising our non-GAAP net income guidance to account for our improved efficiency. We now expect non-GAAP net income in the range of $9 million to $11 million, up from our previous range of $2 million to $4 million. This takes into account the strong operating profit we delivered in Q3, but also reflects a few offsetting factors, including the timing of our tax provision and the timing of some expenses we had originally planned in the third quarter but now expect will occur in the fourth quarter.

我們也有意義地提高了非公認會計準則淨利潤指引，以反映我們效率的提高。我們現在預計非 GAAP 淨利潤範圍為 900 萬美元至 1,100 萬美元，高於先前的 200 萬美元至 400 萬美元範圍。 This takes into account the strong operating profit we delivered in Q3, but also reflects a few offsetting factors, including the timing of our tax provision and the timing of some expenses we had originally planned in the third quarter but now expect will occur in the fourth四分之一.

For the fourth quarter, we expect revenue in the range of $82.7 million to $83.7 million. We expect fourth quarter non-GAAP net income of $4.1 million to $6.1 million.

我們預計第四季的營收將在 8,270 萬美元至 8,370 萬美元之間。我們預計第四季非 GAAP 淨利潤為 410 萬美元至 610 萬美元。

Finally, our updated guidance assumes a euro exchange rate of 1.08. As a reminder, approximately 30% of our expenses are denominated in euros.

最後，我們更新的指導假設歐元匯率為 1.08。提醒一下，我們大約 30% 的開支以歐元計價。

In closing, we are confident in our ability to grow and scale our business and remain committed to a disciplined and balanced approach to spending, which will drive improved efficiency and profitability even while we invest in future growth opportunities that we expect will drive long-term value and growth to our shareholders.

最後，我們對發展和擴大業務的能力充滿信心，並繼續致力於採取嚴格和平衡的支出方式，這將提高效率和盈利能力，即使我們投資於未來的成長機會，我們預計這些成長機會將推動長期發展為我們的股東帶來價值和成長。

With that, we are happy to take any of your questions. Operator, please open the line for questions.

因此，我們很樂意回答您的任何問題。接線員，請開通提問線。

Operator, you can open up the lines for the question.

接線員，您可以打開問題線路。

Operator, you can take the first question. Operator, first question, please.

接線員，您可以回答第一個問題。接線員，第一個問題。

We're experiencing a technical difficulty. Please hold.

我們遇到了技術困難。請等候。

Operator, can you hear us?

接線員，你聽得到我們說話嗎？

We can hear you. We will begin Q&A momentarily.

我們能聽到你的聲音。我們將立即開始問答。

Hi, operator. Good morning, operator. I'm here with the Semrush team. We're ready for Q&A. Hi, operator. I'm here with the Semrush team. We're ready for Q&A. Good morning. This is Semrush. We are here for the Q&A. Hello? Can you hear us?

你好，接線生。早上好，接線生。我和 Semrush 團隊一起在這裡。我們已準備好進行問答。你好，接線生。我和 Semrush 團隊一起在這裡。我們已準備好進行問答。早安.這是塞姆拉什。我們來這裡是為了問答。你好？你可以聽見我們嗎？

Please hold. We will begin Q&A momentarily.

請等候。我們將立即開始問答。

My apologies for the delay. We're now going to be starting the Q&A. Your first question comes from the line of Adam Hotchkiss with Goldman Sachs.

對於延遲，我深表歉意。我們現在要開始問答。你的第一個問題來自高盛的 Adam Hotchkiss。

Great. I guess to start, could you just give a little bit more color on the price increase strategy you mentioned? Any early reads on what magnitude customers may be willing to tolerate here without meaningfully impacting churn? And then how do you think about this internally in terms of balancing price increases with the current macro, any updates on macro impacts you're seeing the customers as well would be helpful.

偉大的。我想首先，您能否對您提到的提價策略提供更多資訊？有沒有關於客戶可能願意容忍的程度的早期讀物，而不會對客戶流失產生有意義的影響？然後，您如何在內部考慮平衡價格上漲與當前宏觀因素的問題，您看到客戶的宏觀影響的任何更新都會有所幫助。

Thank you. Great question. So as I mentioned earlier, really just testing it with a relatively small cohort of existing customers as well as new customers. In both cases, haven't seen any impact on underlying user metrics. So everything was pretty much in line with our expectations, which makes us very optimistic about similar moves in the future.

謝謝。很好的問題。正如我之前提到的，實際上只是在相對較小的現有客戶和新客戶群中進行測試。在這兩種情況下，都沒有發現對基礎使用者指標有任何影響。所以一切都非常符合我們的預期，這讓我們對未來類似的舉動非常樂觀。

Of course, like you said, we need to be very prudent and find the right timing to do this considering macro environment. But I think what we've learned is that our product just delivers tremendous value and people who use it, who understand this value willing to pay more. And there is -- and we'll keep you posted.

當然，正如你所說，我們需要非常謹慎，考慮到宏觀環境，找到合適的時機來做這件事。但我認為我們了解到的是，我們的產品只是提供了巨大的價值，而使用它的人、了解這種價值的人願意支付更多費用。我們會及時通知您。

Great. That's really helpful. And then just on the macro side, anything you've seen into whether that's the end of the quarter or just broadly in the quarter around macro impacts to customers? It seems like given the ARR acceleration, the impact isn't super meaningful, but any update there would be useful? And then lastly, just on Gen AI, as you're seeing Gen AI changes at search engines in the ecosystem broadly, I would just be curious if you've been surprised in any way from AI applications or customer behavior responses and how you're sort of tackling that broader issue in the ecosystem?

偉大的。這真的很有幫助。然後就宏觀方面而言，您是否看到了無論是在本季度末還是在本季度中對客戶的宏觀影響？看起來考慮到 ARR 加速，影響並不是非常有意義，但是任何更新都會有用嗎？最後，就 Gen AI 而言，當您在生態系統中的搜尋引擎上看到 Gen AI 的變化時，我很好奇您是否對 AI 應用程式或客戶行為響應感到驚訝，以及您如何感到驚訝。正在解決生態系中更廣泛的問題嗎？

This is Oleg. Take a first question. Let's start with macro. Look, from one side, I would say macro is still the same. We don't see any kind of pre receive macro, and we don't see resizable macro schedule. So the better -- we expected, it will continue to the same environment probably next year or years, and we plan -- all our strategy we plan, our products we plan all of our futures based on it.

這是奧列格。先問第一個問題。我們先從宏觀開始。從一方面看，我想說宏觀還是一樣。我們沒有看到任何類型的預接收宏，也沒有看到可調整大小的巨集時間表。所以更好的是——我們預計，明年或幾年它可能會繼續保持同樣的環境，我們計劃——我們計劃的所有策略、我們的產品、我們計劃的所有未來都基於它。

At the same time, we see high demand, we see a good portion of traffic. We see good interest to our projects and so on. And this year, with price adjustment with new product features with new I think what we delivered for our customers, we were able to accelerate our revenue growth, and we are very positive about our future even with current macro environment. So is still a very good potential for all our products. And related to AI things, Eugene?

同時，我們看到了很高的需求，我們看到了很大一部分流量。我們看到人們對我們的項目等很感興趣。今年，透過新產品功能和新功能的價格調整，我認為我們為客戶提供的服務，我們能夠加速我們的收入成長，即使在當前的宏觀環境下，我們對我們的未來也非常樂觀。因此，我們所有的產品仍然具有非常好的潛力。與人工智慧相關的事情，尤金？

Yes. So thank you for asking -- we -- I think with -- when it comes to AI, we're still in early innings of the game. But I think at this point, it becomes more mature technology. So we now much better understand how to use it across our product portfolio. And I think there are several use cases works really great and where we see very high engagement from our users, things like generating book post or social media post, things like replying to reviews -- and even things like core class ring, so those are areas where we see strong usage of AI, and we're implementing it everywhere we can.

是的。所以謝謝你的提問——我認為——當談到人工智慧時，我們仍處於遊戲的早期階段。但我認為在這一點上，它的技術變得更加成熟。因此，我們現在更了解如何在我們的產品組合中使用它。我認為有幾個用例效果非常好，我們看到用戶的參與度非常高，例如生成書帖或社交媒體帖子，回复評論之類的事情，甚至是核心課程環之類的事情，所以這些是在我們看到人工智慧大量使用的領域，我們正在盡可能地實施它。

This quarter was no exception, seeing great traction, for example, without reply-to review feature in our local product. And in general, right now, we're seeing this as a tailwind from product adoption point of view as well as demand generation point of view as we start seeing a lot of new customers come in for us specifically for AI-powered features.

本季也不例外，我們看到了巨大的吸引力，例如，我們的本地產品中沒有回覆評論功能。總的來說，現在，從產品採用的角度以及需求生成的角度來看，我們認為這是一個順風車，因為我們開始看到很多新客戶專門為人工智慧驅動的功能而來到我們身邊。

Our next question is the line of Elizabeth Porter with Morgan Stanley.

我們的下一個問題是伊麗莎白·波特與摩根士丹利的關係。

This is Chris Cantera on for Elizabeth Porter. I want to ask and get your latest thoughts on your free-to-pay conversions and how those have been trending more recently. I know you all mentioned the monetization of some of the products that free users, power use, such as social media. So it would be great to kind of get an update on where that stands now.

我是伊麗莎白·波特的克里斯·坎特拉。我想詢問並了解您對免費到付費轉換的最新想法以及這些轉換最近的趨勢。我知道你們都提到了一些免費用戶、權力使用的產品的貨幣化，例如社群媒體。因此，如果能夠了解目前情況的最新情況，那就太好了。

Yes, sure. Thanks for the question. So yes, a couple of things just to get everybody up to speed on for users. First of all, we're really pleased to see that it continues to grow and it grows at a meaningful rate. But we have multiple strategies that we're executing on with our free user base. So first and foremost, we have our platform in a number of universities, and we're training the next generation of marketers to leverage the Semrush platform as a defector standard tool in the workflow and enabling them to do their best work. And when they enter the workforce and begin to grow in their marketing careers, we'll continue to benefit from that.

是的，當然。謝謝你的提問。所以，是的，有幾件事只是為了讓每個人都能快速了解使用者的情況。首先，我們真的很高興看到它繼續成長，並以有意義的速度成長。但我們正在針對免費用戶群執行多種策略。因此，首先也是最重要的是，我們在許多大學都有我們的平台，我們正在培訓下一代行銷人員，利用 Semrush 平台作為工作流程中的叛逃者標準工具，使他們能夠盡最大努力工作。當他們進入勞動力市場並開始在行銷職業生涯中成長時，我們將繼續從中受益。

The second thing is we have products that we offer on a free basis and don't currently have a means to -- or don't currently have a monetized version of it, but we put it into market the tests and see adoption rates. And at times, we look to monetize that. And finally, in the third case, we have a free version of our core platform that customers can use as a trial or when they're beginning their journey as a Semrush customer just use the version for a means to be able to get educated and see the power and value that our platform provides for their business.

第二件事是，我們有免費提供的產品，但目前沒有辦法——或者目前沒有其貨幣化版本，但我們將其投入市場進行測試並查看採用率。有時，我們希望將其貨幣化。最後，在第三種情況下，我們有一個免費版本的核心平台，客戶可以將其用作試用版，或者當他們開始作為Semrush 客戶的旅程時，只需使用該版本作為一種能夠獲得教育和學習的方式。了解我們的平台為他們的業務提供的力量和價值。

It's that third category where we're focused on conversion from free-to-paid, and that's been very strong. We're really pleased to see the continued growth and evolution of our customer base, the quick value that they see and our ability to convert those to paying customers. But it's been consistent. It's something we're pleased to see.

這是第三個類別，我們專注於從免費到付費的轉化，而且這種轉化非常強勁。我們非常高興看到我們的客戶群持續成長和發展、他們看到的快速價值以及我們將這些客戶轉化為付費客戶的能力。但它一直是一致的。這是我們很高興看到的事情。

Got it. And then I also wanted to ask around your enterprise product, which I believe is an early access now, if I have that right. What are some of the early customer conversations there looking like? And how much of a lift could this product beta ARR per customer?

知道了。然後我還想詢問一下你們的企業產品，我相信現在可以搶先體驗，如果我有這個權利的話。早期的客戶對話是什麼樣的？該產品可以為每位顧客的 ARR 帶來多少提升？

Thank you for the question. So indeed, early days, we actually just launched it yesterday, and we already have several customers. They're providing feedback, including some Linkedin post that you can find yourself. But in general, very positive feedback, still early days, when it comes to average revenue per customer for our initial cohort of beta customers is quite high. But those are relationships that we had for a while. I think on average, there is definitely pleased 5, 10 times potential in era per customer improvement for our enterprise segment as we start switching more and more users from their basic subscription to this enterprise level product.

感謝你的提問。事實上，在早期，我們昨天才推出它，我們已經有了幾個客戶。他們正在提供回饋，包括您可以自己找到的一些 Linkedin 貼文。但總的來說，非常正面的回饋仍處於早期階段，對於我們最初的測試客戶群來說，每位客戶的平均收入相當高。但這些都是我們已經建立了一段時間的關係。我認為，平均而言，隨著我們開始將越來越多的用戶從基本訂閱轉向這種企業級產品，我們的企業細分市場的每個客戶改進的潛力絕對是 5 到 10 倍。

So still very early, but really happy with the traction we are seeing now. If anything, it's actually right now more about our ability to onboard customers, but demand is really strong.

現在還很早，但對我們現在看到的牽引力感到非常滿意。如果有什麼不同的話，那就是現在更多的是我們吸引客戶的能力，但需求確實很強勁。

Just one thing that will add to that, just from a modeling perspective. And first and foremost, we see enterprise as an incredible opportunity, and it means to meaningfully expand our addressable market, and we're well positioned with a strong competitive moat and capabilities to capitalize on it.

僅從建模的角度來看，只有一件事會增加這一點。首先也是最重要的是，我們將企業視為一個難以置信的機會，這意味著有意義地擴大我們的目標市場，並且我們處於有利地位，擁有強大的競爭護城河和利用它的能力。

From a modeling perspective, though, as of today, our average ARR per customer just exceeded 3,000, and we're really pleased to see the growth and strength there. But enterprise provides a meaningful opportunity for us to inflect ARPU upwards. And on average, we expect our enterprise accounts to generate 10x to 15x our average in terms of average ARR per customer. So it's a great opportunity for us. We're pleased the product is now generally available and looking forward to giving you more insights into how that benefits us in the future.

不過，從建模的角度來看，截至今天，我們每位客戶的平均 ARR 剛剛超過 3,000，我們非常高興看到那裡的成長和實力。但企業為我們提供了一個有意義的機會來提高 ARPU。平均而言，我們預計我們的企業帳戶的每位客戶平均 ARR 會達到我們平均值的 10 到 15 倍。所以這對我們來說是一個很好的機會。我們很高興該產品現已全面上市，並期待為您提供更多關於該產品未來如何使我們受益的見解。

Your next question comes from the line of Scott Berg with Needham & Company.

您的下一個問題來自尼達姆公司的 Scott Berg。

This is Rob Morelli on for Scott Berg. You noticed a solid ARR jump. Can you detail what factors you may have led to this for the quarter? Any larger bookings that were of note? And then did the price increase have any impact there as well?

我是羅布·莫雷利 (Rob Morelli)，替補斯科特·伯格 (Scott Berg)。您注意到 ARR 發生了明顯的跳躍。您能否詳細說明本季可能導致這種情況的因素有哪些？有哪些值得注意的較大預訂？那麼價格上漲對那裡也有影響嗎？

Yes, we're really pleased to see that. So we achieved $20 million of net new ARR this quarter. That's actually a record for us in the third quarter, which historically has been a seasonally lower quarter for us. And actually, relative to any quarter, it's in the top 3. So we're really pleased to see it. We're making good progress. And in spite of the current macro continuing to see, as Oleg said, really strong demand and interest in our portfolio.

是的，我們真的很高興看到這一點。因此，本季我們實現了 2000 萬美元的淨新 ARR。這實際上是我們第三季的記錄，從歷史上看，這對我們來說是季節性較低的季度。事實上，相對於任何季度，它都排在前三名。所以我們很高興看到它。我們正在取得良好進展。正如奧列格所說，儘管當前的宏觀形勢繼續顯現，但我們的投資組合的需求和興趣仍然非常強勁。

Pricing did have an impact, let's say, roughly 20% of that net new number is related to pricing, but we're also making progress on all of our growth pillars by getting customers to continue to grow and scale with us and gaining progress on our cross-sell and upsell strategy. So it's a combination of a number of things, and we're really pleased to see, at least for a third quarter record that we've been able to put up this quarter.

定價確實產生了影響，比如說，大約20% 的淨新增數字與定價有關，但我們也透過讓客戶繼續與我們一起發展和擴大規模，並在所有成長支柱上取得進展，並在以下方面取得進展：我們的交叉銷售和追加銷售策略。所以這是很多因素的結合，我們真的很高興看到，至少我們本季能夠創下第三季的紀錄。

Got it. That's very helpful. And then from just an overall business standpoint, anything to note regarding how certain geos and regions fared how about customer sizes enterprise to SMB?

知道了。這非常有幫助。然後，從整體業務的角度來看，關於某些地理位置和地區的客戶規模企業到中小企業的表現，有什麼需要注意的嗎？

It was pretty stable quarter across the board. One thing that I would highlight is, for example, revenue per user grew a little bit faster in Enterprise segment and mid-market segment. But in general, very stable quarter, haven't seen any anomalies. So pretty much in line with historical trends. When it comes to geo and other segment questions.

整體而言，這個季度相當穩定。我要強調的一件事是，例如，企業細分市場和中端市場細分市場的每用戶收入成長稍快一些。但總體來說，季度非常穩定，沒有看到任何異常現象。所以非常符合歷史趨勢。當涉及地理和其他細分問題時。

Your next question comes from the line of Michael Turits of KeyBanc Capital Markets.

您的下一個問題來自 KeyBanc Capital Markets 的 Michael Turits。

This is Michael Vidovic on for Michael Turits. Just last quarter, you had talked about, I believe, a slight uptick in churn from macro causing tighter customer budgets optimization. Just curious if that's gotten worse or changed at all in the last 3 months here?

我是邁克爾·維多維奇 (Michael Vidovic) 替補邁克爾·圖里茨 (Michael Turits)。我相信，就在上個季度，您曾談到宏觀因素造成的客戶流失率略有上升，導致客戶預算優化更加嚴格。只是好奇過去 3 個月情況是否變得更糟或發生了變化？

No changes. This is Oleg. I would say we don't see any kind of change here. It's pretty stable, what's showing us.

沒有變化。這是奧列格。我想說我們在這裡沒有看到任何變化。向我們展示的，它非常穩定。

Okay. Great. And then just a follow-up. Are you guys seeing any, I'll call it, uptick in conversion or free to paid from new generate AI offerings? Or is it just still too early for you to see a real tailwind from that yet?

好的。偉大的。然後只是後續行動。你們是否看到任何（我稱之為）轉換率的上升或從新生成的人工智慧產品中免費到付費？還是說現在還為時過早，無法從中看到真正的推動力？

Very early to say because right now, we're actually in a phase where we're scaling demand generation for some of our AI offerings, combining organic growth strategies with like Brian was saying, technically drinking our own champagne and seeing a lot of organic growth with some of our premium Generative AI offering, for example, we've launched Rephraser product. And you can go to Semrush and just check amount of traffic we're getting from that product. So that's where we are focusing most of our efforts now, as we scale to a certain level, we will start focusing more on conversion. But of course, higher level of traffic already drives more revenue. But we think there is still room for improvement, both in volume of traffic that we generate for those AI-based offerings as well as conversion.

這麼說還為時過早，因為現在我們實際上正處於這樣一個階段：我們正在擴大一些人工智慧產品的需求生成，將有機成長策略與布萊恩所說的相結合，從技術上講，我們喝著自己的香檳，看到了很多有機成長。我們的一些優質生成式人工智慧產品的成長，例如，我們推出了 Rephraser 產品。您可以造訪 Semrush，查看我們從該產品獲得的流量。因此，這就是我們現在重點關注的地方，當我們規模達到一定水平時，我們將開始更多地關注轉換。但當然，更高的流量水準已經帶來了更多的收入。但我們認為，無論是在我們為這些基於人工智慧的產品所產生的流量還是轉換方面，仍有改進的空間。

Your next question comes from the line of Wayne Tran with Piper Sandler.

你的下一個問題來自 Wayne Tran 和 Piper Sandler 的對話。

This is Wayne on for Clarke Jefferies. Wondering about margins as we head into 2024, you guys are kind of ahead of the target model on gross margin already. How should we think about leverage within OpEx? Would that be more R&D and G&A -- or sorry, S&M and G&A into next year?

這是克拉克·傑弗里斯的韋恩。當我們進入 2024 年時，想知道利潤率，你們的毛利率已經領先於目標模型了。我們該如何考慮營運支出中的槓桿作用？明年會增加更多的研發和一般行政費用嗎？或者抱歉，明年會增加 S&M 和一般行政費用嗎？

Wayne, thanks for the question. Yes, we're really pleased that we've been able to make really good progress on our path to profitability. We've been able to achieve that with really strong gross margin, which we expect will continue and gaining efficiencies across the board. I mentioned earlier today that we're relentlessly focused on data and metrics and analyzing it to really make decisions about how we're allocating spend and capital -- and we'll update everybody into next year when we report our fourth quarter earnings and give guidance. But we're committed to profitability. We've been able to gain strong efficiencies this year and do it earlier than expected, and we'll continue on that journey going into FY '24.

韋恩，謝謝你的提問。是的，我們真的很高興我們能夠在盈利之路上取得非常好的進展。我們已經能夠以非常強勁的毛利率實現這一目標，我們預計這種毛利率將持續下去並全面提高效率。我今天早些時候提到，我們堅持不懈地關注數據和指標，並對其進行分析，以真正做出有關如何分配支出和資本的決策——並且我們將在明年報告第四季度收益時向大家通報最新情況，並給予指示。但我們致力於盈利。今年我們已經取得了很高的效率，並且比預期更早做到了這一點，我們將在 24 財年繼續這趟旅程。

Okay. Great. And how should we think about potential price realize to existing customers? Maybe what's the penetration so far and the potential uplift?

好的。偉大的。我們應該如何考慮現有客戶實現的潛在價格？也許到目前為止的滲透率和潛在的提升是多少？

So we're definitely not guiding anything yet, but if the question is like if there is a room to improve pricing for existing customers, yes, there's definitely room for improvement. The timing is, of course, a question. We need to be cautious when it comes to things like this, especially about how market perception works. But from a price elasticity point of view, there is no doubt there is room for improvement.

因此，我們肯定還沒有提供任何指導，但如果問題是現有客戶的定價是否有改進的空間，是的，肯定有改進的空間。當然，時機是一個問題。在遇到這類事情時，我們需要保持謹慎，尤其是市場認知如何運作。但從價格彈性來看，毫無疑問還有提升的空間。

Our final question comes from the line of Brent Thill with Jefferies.

我們的最後一個問題來自布倫特·希爾和傑弗里斯的對話。

It's James on for Brent. I know it's early, but can you just talk about some of the growth areas that you're most focused on for 2024? And how should we think about the AppCenter, and how that plays into your growth strategy for next year?

詹姆斯換下布倫特。我知道現在還為時過早，但您能談談 2024 年您最關注的一些成長領域嗎？我們該如何看待 AppCenter，以及它如何影響您明年的成長策略？

Sure. Yes. So Eugene mentioned earlier today just about our -- for sort of our growth vectors. So first and foremost, we're continuing to focus on growing new customers, and we're in the very early innings of that. We're exceeding 100,000 paying customers. There are millions but marketers and small business owners out there that will benefit from our platform, and we'll continue on that journey into FY '24.

當然。是的。所以尤金今天早些時候提到了我們的成長向量。因此，首先也是最重要的是，我們將繼續專注於增加新客戶，而我們正處於這一進程的早期階段。我們的付費客戶已超過 10 萬名。數以百萬計的行銷人員和小型企業主將從我們的平台中受益，我們將在 24 財年繼續這趟旅程。

We also continue to diversify our portfolio. So for many years, we've invested in core search engine optimization, and we've now diversified our portfolio to get into social media, Digital PR intelligence and local, and we've been making some good strides in those new businesses. So we'll continue to execute on our core strategy of growing new users. We'll continue to cross-sell and upsell with our existing portfolio. And we've got -- we'll continue to invest in our really strong and talented R&D team and partner with a lot of successful companies out there to continue to extend our reach to close adjacencies to what we were already able to provide out there in the market. So it's a combination of all those factors that will continue to drive growth and allow us to obtain durable growth into the future.

我們也繼續多元化我們的投資組合。因此，多年來，我們一直投資於核心搜尋引擎優化，現在我們已經將我們的投資組合多元化，進入社交媒體、數位公關情報和本地領域，並且我們在這些新業務中取得了一些良好的進展。因此，我們將繼續執行增加新用戶的核心策略。我們將繼續對現有產品組合進行交叉銷售和追加銷售。我們將繼續投資於我們真正強大和才華橫溢的研發團隊，並與許多成功的公司合作，繼續擴大我們的影響力，以接近我們已經能夠提供的產品在市場上。因此，所有這些因素的結合將繼續推動成長，並使我們能夠在未來獲得持久成長。

Great. And then one for...

偉大的。然後一個是為了...

Then just on...

然後就在...

I'm sorry. Go ahead.

對不起。前進。

Sorry. Yes. You've asked about AppCenter, and I kind of always like when people ask about AppCenter. Really excited about, first of all, multiproduct usage, so a number of people who buy multiple products. We don't necessarily report this metric every quarter, but really happy with current trends. And especially with our launch of social media tool monetization, that metric grows even faster. So overall, really happy with what we're seeing, and we'll share more in the future.

對不起。是的。您問過有關 AppCenter 的問題，我總是喜歡人們詢問有關 AppCenter 的問題。真正令人興奮的是，首先，多產品的使用，所以有很多人購買多種產品。我們不一定每季都會報告這個指標，但對目前的趨勢非常滿意。尤其是隨著我們推出社群媒體工具貨幣化，該指標成長得更快。總的來說，我們對所看到的感到非常滿意，並且我們將來會分享更多。

Great. And then just one quick clarification question. Do you have any exposure to just the Israel region or anywhere adjacent to that, that could be impacted by the conflict? Or is there no real material impact?

偉大的。然後是一個快速澄清的問題。您是否只接觸過可能受衝突影響的以色列地區或鄰近地區？或沒有真正的實質影響？

No material impact. Zero impact on us.

無實質影響。對我們的影響為零。

Yes. I mean, of course, as employees and people, tremendous impact, and we're sad to see what's happening there. But from a business perspective, we don't have employees or operations there, and we haven't seen an impact on our customers.

是的。我的意思是，當然，作為員工和人們，巨大的影響，我們很難過看到那裡發生的事情。但從商業角度來看，我們在那裡沒有員工或運營，也沒有看到對客戶的影響。

As there are no further questions, I will turn the call back to management for closing remarks.

由於沒有其他問題，我將把電話轉回管理層以供結束語。

Thank you for questions. And sorry for not to give us troubles. In closing, I want to remind everyone, we have delivered best third quarter, we are accelerated revenue growth added $20 million in ARR. We believe in -- we believe our first quarter ARR acceleration and productivity improvements set a very good stage for strong 2024. Thank you for your support. Have a good day.

謝謝您的提問。也很抱歉沒有給我們帶來麻煩。最後，我想提醒大家，我們已經交付了最好的第三季度，我們正在加速營收成長，ARR 增加了 2,000 萬美元。我們相信——我們相信第一季 ARR 加速和生產力提高為 2024 年的強勁表現奠定了良好的基礎。感謝您的支持。祝你有美好的一天。

Ladies and gentlemen, we thank you for joining and for your patience today. You may now disconnect your lines.

女士們先生們，我們感謝你們今天的加入和耐心等待。現在您可以斷開線路。