SEMrush Holdings Inc (SEMR) 2024 Q3 法說會逐字稿

Good morning, and thank you all for attending the Semrush Holdings third quarter 2024 results conference call.

早安，感謝大家參加 Semrush Holdings 2024 年第三季業績電話會議。

My name is Brika, and I will be your moderator today.

我叫 Brika，今天我將擔任你們的主持人。

(Operator Instructions)

（操作員說明）

I would now like to pass the conference over to our host, Brinlea Johnson, Investor Relations at Semrush Holdings, to begin.

現在我想將會議交給我們的東道主、Semrush Holdings 投資者關係部的 Brinlea Johnson 開始。

Thank you.

謝謝。

You may proceed, Brinlea.

你可以繼續了，布林利。

Good morning, and welcome to Semrush Holdings third quarter 2024 conference call.

早安，歡迎參加 Semrush Holdings 2024 年第三季電話會議。

We'll be discussing the results announced in our press release issued after market close on Thursday, November 7.

我們將討論 11 月 7 日星期四收盤後發布的新聞稿中宣布的結果。

With me on the call is our CEO, Oleg Shchegolev; our President, Eugene Levin; and our CFO, Brian Mulroy.

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.

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》的安全港條款做出的。

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 existing and future demand for our existing and any new products and features, our expected growth of our customer base and specific customer segments, the continued development of our products, industry and market trends, our competitive position, market opportunities, sales and marketing activities, acquisition activity, integration and results of recent acquisitions, future spending and incremental investments.

前瞻性陳述包括但不限於有關我們預期的未來業務和財務業績和財務狀況、預期增長、採用以及對我們現有和任何新產品和功能的現有和未來需求、我們客戶的預期增長的陳述基礎和特定客戶群、我們產品的持續發展、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、收購活動、近期收購的整合和結果、未來支出和增量投資。

Our guidance for the fourth quarter of 2024 and the full year 2024 and statements about future pricing and operating results, including margin improvement, revenue growth and profitability and assumptions regarding foreign exchange rates.

我們對 2024 年第四季和 2024 年全年的指導以及有關未來定價和經營業績的聲明，包括利潤率改善、收入增長和盈利能力以及有關外匯匯率的假設。

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

前瞻性陳述是事實陳述以外的陳述，可以透過預期、能夠、預期、能夠、計劃、相信、尋求或意願等詞語來識別。

These statements reflect our views as of today only and should not be relied upon representing our views at any subsequent date, and we do not undertake any duty to update these statements.

這些聲明僅反映我們今天的觀點，不應代表我們在以後任何日期的觀點，並且我們不承擔更新這些聲明的任何責任。

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.

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有重大差異。

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 other filings with the SEC.

有關可能影響我們實際業績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 表格年度報告以及其他文件與美國證券交易委員會。

During the course of today's call, we refer to certain non-GAAP financial measures.

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。

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.

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。

Now let me turn the call over to Oleg.

現在讓我把電話轉給奧列格。

Good morning to everyone on the call.

各位來電的人早安。

I am pleased with our results this quarter, delivering revenue of $97.4 million, up 24% year-over-year and ARR growth of 24% year-over-year.

我對本季的業績感到滿意，營收達到 9,740 萬美元，年增 24%，ARR 年增 24%。

We reported income from operations of $1.7 million and non-GAAP income from operations of $12.1 million in the third quarter.

我們報告第三季的營運收入為 170 萬美元，非 GAAP 營運收入為 1210 萬美元。

Non-GAAP operating margin increased to 12.4% compared to non-GAAP operating margin of 9.5% in the prior year period.

非 GAAP 營業利潤率增至 12.4%，而去年同期非 GAAP 營業利益率為 9.5%。

We exceeded our guidance, and I'm pleased to say we are raising our full year 2024 guidance and are very excited about our growth opportunities in 2025.

我們超越了我們的指導，我很高興地說我們正在提高 2024 年全年指導，並對 2025 年的成長機會感到非常興奮。

We continue to expand our leadership position in online visibility and are succeeding in combining strong durable growth with profitability and free cash flow generation.

我們繼續擴大我們在線上知名度方面的領導地位，並成功地將強勁的持久增長與盈利能力和自由現金流的產生結合起來。

We recently hosted our first Analyst Day few weeks ago in New York, which was very exciting for us.

幾週前，我們最近在紐約舉辦了首屆分析師日活動，這對我們來說非常令人興奮。

So we will keep my remarks today brief.

因此，我們今天的發言將保持簡短。

In case you could not attend in person, a webcast along with the slides is available on the Investor Relations section of our website.

如果您無法親自參加，可以在我們網站的投資者關係部分觀看網路廣播和幻燈片。

One of the highlights from our Analyst Day was the discussion around our total addressable market.

分析師日的亮點之一是圍繞我們的總體目標市場進行討論。

We have more than tripled our TAM from $13 billion at the time of our IPO to roughly $40 billion today.

我們的 TAM 增加了兩倍多，從 IPO 時的 130 億美元增加到今天的約 400 億美元。

What is really exciting about this TAM is that it provides Semrush an opportunity to gain share within an existing fragmented market and more importantly, to capture new white space created by the ever-evolving digital marketing landscape.

這個 TAM 真正令人興奮的是，它為 Semrush 提供了在現有分散市場中獲得份額的機會，更重要的是，抓住了不斷發展的數位行銷環境所創造的新空白空間。

Our platform solves marketers increasingly complex and critical programs.

我們的平台為行銷人員解決了日益複雜和關鍵的計劃。

The volume of diversity of available content in events, the amount of time we spend online is maxed out.

活動中可用內容的多樣性以及我們在網路上花費的時間已經達到極限。

The algorithm keeps changing, and it is getting more expensive to navigate through all this.

演算法不斷變化，瀏覽這一切的成本也變得越來越高。

This is where we come in.

這就是我們進來的地方。

Our Semrush digital marketing platform utilizes data and intelligence at its core, and it is surrounded by AI-powered interconnected hubs focused on search engine optimization, paid advertising, social media management, local marketing, brand marketing and content marketing.

我們的 Semrush 數位行銷平台以數據和智慧為核心，周圍是人工智慧驅動的互連中心，專注於搜尋引擎優化、付費廣告、社交媒體管理、本地行銷、品牌行銷和內容行銷。

We continue to innovate on our platform to help marketers to find opportunities to deliver efficient results across numerous marketing channels.

我們不斷在平台上進行創新，幫助行銷人員尋找機會，透過眾多行銷管道提供高效的成果。

I'm especially excited about early momentum we are experiencing from our new enterprise product.

我對新創企業產品所帶來的早期動力感到特別興奮。

Prior to the Enterprise SEO product launch, we successfully acquired 8,000 enterprise sized accounts, our term for companies with over 500 employees.

在企業 SEO 產品推出之前，我們成功獲得了 8,000 個企業級帳戶（我們的術語是指擁有超過 500 名員工的公司）。

And we believe these 8,000 enterprise sized accounts are ideally stated to migrate to our enterprise SEO product.

我們相信這 8,000 個企業規模的帳戶非常適合遷移到我們的企業 SEO 產品。

To date, we closed new deals with Salesforce, HSBC, LG, Samsung, Alibaba, Sony, DoorDash, TikTok, Square and many more.

迄今為止，我們已與 Salesforce、匯豐銀行、LG、三星、阿里巴巴、索尼、DoorDash、TikTok、Square 等達成新交易。

We believe the demand for our innovative enterprise SEO products is strong, and we have a long runway for growth ahead.

我們相信，對我們的創新企業 SEO 產品的需求強勁，而且我們還有很長的成長道路。

Semrush edge over the competition comes from our strong culture and history of leveraging our differentiated data to elevate the digital marketing activities of our customers.

Semrush 的競爭優勢來自於我們利用差異化數據提升客戶數位行銷活動的強大文化和歷史。

And as we add more customers and data to our platform, our competitive moat increases.

隨著我們為平台添加更多客戶和數據，我們的競爭護城河也會增強。

This data generates a flywheel effect as it strengthen the quality of our algorithms and enhance the effectiveness of our recommendations we give to our customers.

這些數據會產生飛輪效應，因為它增強了我們演算法的品質並提高了我們向客戶提供的建議的有效性。

In summary, Q3 was another solid quarter for us, which is a testament to our integrated and complete platform approach to serve companies of all sizes.

總而言之，第三季度對我們來說又是一個穩健的季度，這證明了我們為各種規模的公司提供整合和完整的平台方法。

With our continued revenue growth acceleration, I'm confident that we have built a strong foundation for the future.

隨著我們收入的持續加速成長，我相信我們已經為未來奠定了堅實的基礎。

We plan to leverage our profitability to invest in new products that extend our reach and drive cross-sell and upsell capabilities.

我們計劃利用我們的獲利能力來投資新產品，以擴大我們的業務範圍並推動交叉銷售和追加銷售能力。

We have a strong balance sheet and disciplined capital allocation approach around M&A opportunities.

我們圍繞併購機會擁有強大的資產負債表和嚴格的資本配置方法。

I look forward to keeping you updated on our progress.

我期待著向您通報我們的最新進展。

I will now turn the call over to Eugene and Brian to discuss the results of the quarter and our outlook 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業績和我們的前景。

Thank you, Oleg.

謝謝你，奧列格。

We delivered another solid quarter and continue to scale and innovate, all while driving strong growth.

我們又實現了一個穩健的季度，並繼續擴大規模和創新，同時推動強勁成長。

Our platform is very powerful and helps marketers all over the world improve their online visibility.

我們的平台非常強大，可以幫助世界各地的行銷人員提高線上知名度。

We continue to expand our product portfolio by leveraging our innovative internal development teams, partnerships and mergers and acquisitions.

我們透過利用創新的內部開發團隊、合作夥伴關係和併購來繼續擴大我們的產品組合。

Most recently, we acquired the digital marketing publisher, Third Door Media, whose brands include Search Engine Land, MarTech, Search Marketing Expo or SMX and Digital Marketing Depot, which are all known for their contribution to search and digital marketing education.

最近，我們收購了數位行銷出版商 Third Door Media，其品牌包括 Search Engine Land、MarTech、Search Marketing Expo 或 SMX 和 Digital Marketing Depot，這些品牌都因其對搜尋和數位行銷教育的貢獻而聞名。

We believe this will help us expand our reach of industry-related content and insights to marketers.

我們相信這將有助於我們擴大對行銷人員的行業相關內容和見解的影響範圍。

This acquisition, coupled with the presence we have at over 200 accredited universities is part of our commitment to inspire and equip both current and future generations of digital marketers with the know-how to succeed in an increasingly competitive landscape.

這次收購，再加上我們在 200 多所經認可的大學中的存在，是我們致力於激勵和裝備當代和未來幾代數位行銷人員在競爭日益激烈的環境中取得成功的專業知識的一部分。

To help illustrate our successful top-of-the-funnel marketing strategy, I'd like to highlight two recent customer wins.

為了幫助說明我們成功的漏斗頂部行銷策略，我想專注於最近贏得的兩位客戶。

The first is new enterprise customer, a market-leading provider of efficient resource conservative cleaning systems.

第一個是新的企業客戶，也是市場領先的高效資源節約型清潔系統供應商。

Prior to working with us, the company was using search metrics with a unique user and access management approach, limiting their ability to oversee other market activities.

在與我們合作之前，該公司使用具有獨特用戶和存取管理方法的搜尋指標，限制了他們監督其他市場活動的能力。

They are now scaling our enterprise SEO solution across all of their markets.

他們現在正在將我們的企業 SEO 解決方案擴展到所有市場。

Semrush's customer success team is onboarding and training the entire organization, demonstrating our commitment to equip their teams with actionable SEO insights that drive consistency and coordination.

Semrush 的客戶成功團隊正在對整個組織進行入職和培訓，這表明我們致力於為他們的團隊提供可操作的 SEO 見解，從而推動一致性和協調性。

In addition, the company is leveraging our Adobe Analytics integration and unique data insights to better align digital strategy using custom dashboards for precise data-driven decision-making across regions.

此外，該公司正在利用我們的 Adob​​e Analytics 整合和獨特的數據洞察力，使用自訂儀表板更好地協調數位策略，從而實現跨地區的精確數據驅動決策。

The second example highlights Semrush's ability to successfully expand our platform within existing enterprise customers.

第二個例子凸顯了 Semrush 在現有企業客戶中成功擴展我們平台的能力。

For one of the world's largest online retailers, like all e-commerce platforms, success hinges on search visibility, attracting new customers, driving repeat purchases and increasing average basket size.

對於世界上最大的線上零售商之一來說，與所有電子商務平台一樣，成功取決於搜尋可見性、吸引新客戶、推動重複購買和增加平均購物籃規模。

Selection, price and exposure are core.

選擇、價格和曝光度是核心。

If they cannot understand all three in real time, the risk losing sales.

如果他們無法即時了解這三者，就有可能失去銷售。

In priority categories such as electronics, toys and apparel, our customer was struggling due to significant competition in the market.

在電子產品、玩具和服裝等優先類別中，我們的客戶因市場競爭激烈而陷入困境。

This led to stagnation in new customer additions, repeat purchases and flat average basket size.

這導致新客戶增加、重複購買停滯以及平均購物籃規模相當。

Leveraging our enterprise solution, they are now able to track hundreds of thousands of key items in real time.

利用我們的企業解決方案，他們現在能夠即時追蹤數十萬個關鍵項目。

This is a process that used to take days or even weeks.

這個過程過去需要幾天甚至幾週的時間。

Using AI and advanced analytics, our enterprise solution identifies what is impacting rankings and suggests immediate actions to boost visibility, driving revenue from both new and existing customers.

使用人工智慧和進階分析，我們的企業解決方案可以識別影響排名的因素，並建議立即採取行動以提高可見性，從而增加新客戶和現有客戶的收入。

And this isn't just saving the customer time, it's delivering immediate business insights that directly drive revenue.

這不僅節省了客戶的時間，還提供了即時的業務洞察，從而直接增加收入。

Looking at our enterprise product and customer wins in more detail, in only five months since our general availability launch, we secured major deals with brands like Salesforce, HSBC, LG, Samsung, Alibaba, Sony, DoorDash, TikTok, Gartner, Square and many more.

更詳細地觀察我們的企業產品和客戶贏得的情況，自全面發布以來僅五個月，我們就與Salesforce、匯豐銀行、LG、三星、阿里巴巴、索尼、DoorDash、TikTok、Gartner、Square 等品牌達成了重大交易更多的。

Salesforce, Samsung, Sony, Alibaba, DoorDash and Gartner were existing clients who made substantial upgrades, while HSBC, LG, TikTok and Square represent significant new wins, choosing Semrush as their enterprise platform and displacing competitors.

Salesforce、三星、索尼、阿里巴巴、DoorDash 和 Gartner 是進行了大幅升級的現有客戶，而匯豐銀行、LG、TikTok 和 Square 代表了重大的新勝利，選擇 Semrush 作為其企業平台並取代競爭對手。

The strong demand from both existing and new clients achieved with minimal marketing gives us immense confidence as we continue to accelerate growth.

以最少的營銷手段實現的現有客戶和新客戶的強烈需求給了我們繼續加速成長的巨大信心。

In summary, I'm excited about our ability to service enterprise customers and continue to expand our portfolio of offerings, reiterated by our customer examples and wins.

總而言之，我對我們為企業客戶提供服務並繼續擴展我們的產品組合的能力感到興奮，我們的客戶範例和勝利再次重申了這一點。

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

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。

Go ahead, Brian.

繼續吧，布萊恩。

Thank you, Eugene.

謝謝你，尤金。

We had a solid third quarter across the board.

我們第三季的整體業績表現強勁。

Our revenue was $97.4 million, growing 24% year-over-year.

我們的收入為 9,740 萬美元，年增 24%。

Growth was driven primarily by an expansion of our average revenue per customer as we continue to execute on our cross-sell and upsell strategy.

成長主要是由於我們持續執行交叉銷售和追加銷售策略，每位客戶的平均收入不斷增加。

Before reviewing Q3 results in greater detail, I want to call your attention to the new disclosures we made during our Analyst Day in October as I think it's worth driving home some key takeaways from them.

在更詳細地審查第三季業績之前，我想提請您注意我們在 10 月分析師日期間所做的新揭露，因為我認為值得從中了解一些關鍵要點。

Specifically, I would like to highlight the customer segmentation metrics we provided.

具體來說，我想強調一下我們提供的客戶細分指標。

We have 8,000 enterprise accounts, over 17,000 mid-market and over 21,000 marketing agencies in addition to our strong SMB business.

除了強大的中小企業業務外，我們還擁有 8,000 個企業客戶、17,000 多個中端市場和 21,000 多個行銷機構。

Our mid-market agency and enterprise accounts represent our most sophisticated users and contribute a healthy 55% of our overall annual recurring revenue.

我們的中端市場代理和企業帳戶代表了我們最成熟的用戶，並貢獻了我們年度經常性收入總額的 55%。

We also significantly expanded the number of customers paying more than $10,000 and $50,000 per year.

我們還顯著增加了每年支付超過 10,000 美元和 50,000 美元的客戶數量。

And you can see that there was a noticeable uptick in 2024 as we've really chosen to focus more on this group.

您可以看到 2024 年出現了明顯的上升，因為我們確實選擇更多地關注這一群體。

To demonstrate the increase, during 2018, we had approximately 200 customers paying more than $10,000 and close to zero paying more than $50,000.

為了證明這種成長，2018 年期間，我們有大約 200 名客戶支付了 10,000 美元以上的費用，而支付了 50,000 美元以上的客戶幾乎為零。

Fast forward to today, we now have more than 4,000 customers paying us over $10,000 and nearly 300 paying over $50,000.

快進到今天，我們現在有超過 4,000 名客戶向我們支付超過 10,000 美元，近 300 名客戶向我們支付超過 50,000 美元。

We expect both of these to increase significantly as our new enterprise SEO solution gains traction.

隨著我們新的企業 SEO 解決方案獲得關注，我們預計這兩者都會顯著增加。

In fact, since we launched the enterprise solution for general availability just a few months ago, we have already added 50 new customers to the $50,000-plus cohort.

事實上，自從幾個月前我們推出全面上市的企業解決方案以來，我們已經為這個價值超過 50,000 美元的客戶群增加了 50 個新客戶。

Our confidence in our ability to deliver strong growth and profitability going forward comes in part from the demonstrated success in these higher average ARR segments where our retention rates are also the strongest.

我們對未來強勁成長和獲利能力的信心部分來自於這些平均 ARR 較高的細分市場所取得的成功，在這些細分市場中，我們的保留率也是最高的。

As we said during our Analyst Day, our net revenue retention rate in this group is above 120%.

正如我們在分析師日期間所說，我們該組的淨收入保留率超過 120%。

Now turning to our third quarter results.

現在轉向我們的第三季業績。

We came in slightly ahead of what we released a few weeks ago.

我們的發布稍微提前了幾週前的發布。

Annual recurring revenue for the quarter grew 24% year-over-year to $401 million.

該季度的年度經常性收入年增 24%，達到 4.01 億美元。

We've enjoyed success in building out a very strong and loyal customer base, increasing it nearly 3 times since the end of 2018.

我們成功建立了非常強大且忠誠的客戶群，自 2018 年底以來增加了近 3 倍。

During the third quarter, we added approximately 1,300 net new paying customers.

第三季度，我們淨新增約 1,300 名付費客戶。

Our calculated average ARR per paying customer now exceeds $3,400, up 13% year-over-year.

我們計算出的每位付費客戶的平均 ARR 現在超過 3,400 美元，年增 13%。

This was due to both the relative mix of business and agency customers and also the strong upsell activity, including our enterprise product that we saw this quarter.

這是由於企業和代理商客戶的相對組合以及強勁的追加銷售活動，包括我們本季看到的企業產品。

We have consistently increased the average ARR per paying customer, which is up 2 times since the end of 2018.

我們持續提高每位付費客戶的平均 ARR，自 2018 年底以來增加了 2 倍。

This strong average ARR per paying customer increase is a result of our success in our cross-sell strategy as well as our sophisticated customers growing as a percentage of our overall ARR, a trend we expect to continue going forward, especially with our new enterprise SEO product and upmarket investments in sales and marketing.

每個付費客戶平均ARR 的強勁成長是我們交叉銷售策略的成功以及我們的成熟客戶占我們整體ARR 的百分比不斷增長的結果，我們預計這一趨勢將繼續向前發展，尤其是在我們新的企業SEO 的幫助下產品和高端市場在銷售和行銷方面的投資。

Our dollar-based net revenue retention for the third quarter was strong at 107%.

我們第三季以美元計算的淨收入保留率高達 107%。

We believe our dollar-based net revenue retention will increase over time as we benefit from our enterprise go-to-market and product investments.

我們相信，隨著時間的推移，隨著我們從企業上市和產品投資中受益，我們以美元為基礎的淨收入保留將會增加。

Moving down the income statement.

將損益表向下移動。

During the third quarter, we achieved positive non-GAAP operating income of $12.1 million.

第三季度，我們實現了 1,210 萬美元的非 GAAP 營業收入。

We reported another significant improvement in our non-GAAP operating margin to 12.4%, which was up nearly 300 basis points year-over-year and surpassed our third quarter guidance.

我們報告稱，我們的非 GAAP 營運利潤率再次顯著改善，達到 12.4%，同比增長近 300 個基點，超過了我們第三季度的指導。

Cash flow from operations in the third quarter was $8.1 million.

第三季營運現金流為 810 萬美元。

Turning to the balance sheet.

轉向資產負債表。

We ended the quarter with cash and cash equivalents and short-term investments of $233 million, up $1.3 million from the previous quarter as cash flow from operations was offset by the approximately $9 million in cash, we disclosed last quarter that we used to acquire rights.

截至本季末，我們的現金和現金等價物以及短期投資為2.33 億美元，比上一季增加130 萬美元，因為營運現金流被約900 萬美元的現金抵消，我們上季度披露，我們用於收購權利。

Turning now to guidance.

現在轉向指導。

For the fourth quarter of 2024, we expect revenue in the range of $100.8 million to $101.8 million, which at the midpoint would represent growth of approximately 21% year-over-year.

對於 2024 年第四季度，我們預計營收在 1.008 億美元至 1.018 億美元之間，中間值將年增約 21%。

We expect our fourth quarter non-GAAP operating margin to be approximately 11%.

我們預計第四季非 GAAP 營運利潤率約為 11%。

For 2024, we are raising revenue guidance to be in the range of $375 million to $376 million, up from our prior range of $373 million to $375 million, which translates into growth of 22% at the midpoint.

對於 2024 年，我們將營收指引提高至 3.75 億美元至 3.76 億美元，高於先前的 3.73 億美元至 3.75 億美元，這意味著中點成長 22%。

As it relates to full year 2024 non-GAAP operating margins, we now expect to be approximately 12%, and we continue to expect a free cash flow margin of approximately 8%.

由於它與 2024 年全年非 GAAP 營業利潤率相關，我們現在預計約為 12%，並且我們繼續預計自由現金流利潤率約為 8%。

Our guidance assumes a euro exchange rate of 1.08. Approximately 30% of our expenses are denominated in euros.

我們的指導假設歐元匯率為 1.08。我們大約 30% 的開支以歐元計價。

And finally, looking beyond the current fiscal year, we expect to maintain a 20% compound annual revenue growth rate over the near term.

最後，展望本財年之後，我們預計近期將維持 20% 的複合年收入成長率。

In closing, we are very pleased with our performance.

最後，我們對我們的表現非常滿意。

We executed well to overachieve on our top line growth and profitability, advance forward our strategic priorities and place Semrush in a strong position for our next phase of growth.

我們執行得很好，超額實現了營收成長和獲利能力，推進了我們的策略重點，並使 Semrush 在下一階段的成長中處於有利地位。

With that, we are happy to take any of your questions.

因此，我們很樂意回答您的任何問題。

Operator, please open the line for questions.

接線員，請開通提問線。

(Operator Instructions) Scott Berg with Needham & Company.

（操作員說明）Scott Berg 與 Needham & Company。

Hey, everyone.

嘿，大家。

This is Rob Morelli on for Scott.

我是羅布·莫雷利 (Rob Morelli) 替補斯科特 (Scott)。

Congrats on the quarter.

恭喜本季。

So we conducted a customer check recently, which received positive commentary relating to your AI capabilities here with that customer interested in spending more and upgrading.

因此，我們最近進行了一次客戶調查，該調查收到了有關您的人工智慧功能的積極評價，該客戶有興趣花更多錢進行升級。

Can you maybe touch on how your pricing strategy is being received and which avenue of the pricing, I guess, strategy overall is being received most positively and any sort of capabilities that are of most interest?

您能否談談您的定價策略是如何被接受的，以及哪種定價途徑（我猜，整體策略）受到最積極的歡迎，以及最受關注的任何類型的功能？

This is Eugene.

這是尤金。

Just want to clarify, when you say higher prices, you mean our core plans, of course, enhanced now with AI features or enterprise plan?

只是想澄清一下，當你說更高的價格時，你指的是我們的核心計劃，當然，現在透過人工智慧功能或企業計劃進行了增強？

Just, they remain interested in potentially spending more for these AI capabilities.

只是，他們仍然有興趣在這些人工智慧功能上投入更多資金。

So just looking to understand which avenue of repricing strategy, whether it's upgrades, whether it's enterprise SEO or they just drive, adoption.

因此，只是想了解重新定價策略的途徑，無論是升級，無論是企業搜尋引擎優化還是只是推動採用。

So we think about AI monetization as something where you want to use all the available tools of monetization depending on the type of product you're selling.

因此，我們將人工智慧貨幣化視為您希望根據您銷售的產品類型使用所有可用的貨幣化工具的東西。

So for our core plans, we have three main ways to monetize AI.

因此，對於我們的核心計劃，我們主要透過三種方式來實現人工智慧的貨幣化。

Number one is we include certain AI capabilities such as our overview feature and reporting tools or our copilot feature.

第一是我們包含某些人工智慧功能，例如我們的概述功能和報告工具或我們的副駕駛功能。

And we make those features available for everyone.

我們讓每個人都可以使用這些功能。

And then we see how as engagement grows, it improves retention and of course, it improves conversion rates from free to paid as well.

然後我們看到隨著參與度的成長，它如何提高保留率，當然，它也提高從免費到付費的轉換率。

So that's one of the ways to monetize AI.

所以這是人工智慧貨幣化的方法之一。

Now if you have something more specialized that is good fit, maybe not for 100% of your audience, but maybe, let's say, for a certain segment like local businesses, then you want to put it on a SKU where only target audience will have access to those features.

現在，如果您有一些更專業且適合的東西，也許不適合100% 的受眾，但也許，比方說，適合本地企業等特定細分市場，那麼您希望將其放在只有目標受眾才會擁有的SKU 上存取這些功能。

So local is a good example where we use AI feature called Reply to Review to help people upgrade from entry-level local plan to higher-tier local plan, and that's another example of how we monetize it.

所以本地是一個很好的例子，我們使用名為「回覆評論」的人工智慧功能來幫助人們從入門級本地計劃升級到更高級別的本地計劃，這是我們如何將其貨幣化的另一個例子。

And also recently, we had tons of traction with our AI content creation tools such as ContentShake AI.

最近，我們的 AI 內容創建工具（例如 ContentShake AI）也受到了廣泛關注。

And this is a SKU, stand-alone app that people buy separately from their core subscription.

這是一個 SKU，獨立的應用程序，人們與核心訂閱分開購買。

And that's another way to monetize AI features when you have an enormous value that really justifies a stand-alone SKU and product is tailored to a large audience.

當您擁有真正證明獨立 SKU 合理性的巨大價值並且產品是為大量受眾量身定制時，這是透過人工智慧功能獲利的另一種方式。

And then, of course, enterprise product that we now sell for on average, $50,000 roughly is another product that benefits greatly from different AI features.

當然，我們現在平均售價約 5 萬美元的企業產品是另一種從不同的人工智慧功能中受益匪淺的產品。

Pretty much all of our workflows in enterprise SEO product are powered to a certain extent with AI features.

我們企業 SEO 產品中的幾乎所有工作流程都在一定程度上透過人工智慧功能提供支援。

And what we really like is that a lot of use cases would not be even possible without AI.

我們真正喜歡的是，如果沒有人工智慧，很多用例就不可能實現。

So hope those four examples help.

希望這四個例子能有所幫助。

But I can keep going pretty much for hours about this.

但我可以花好幾個小時來討論這個問題。

No, that, that is helpful.

不，那個，那個很有幫助。

Thank you.

謝謝。

And great to see NRR remaining flat rather than compressing.

很高興看到 NRR 保持平穩而不是壓縮。

Any update on when you anticipate an inflection in this metric, understanding enterprise SEO solution is a potential driver of that?

您預計該指標何時會發生變化，了解企業 SEO 解決方案是其潛在驅動因素嗎？

Just NRR, net dollar retention.

只是NRR，淨美元保留。

Hey, Rob, we did, we didn't pick up the actual metric you referenced.

嘿，羅布，我們做到了，我們沒有選擇您引用的實際指標。

It was a little bit.

是有一點點。

Sorry, just at NRR met dollar retention.

抱歉，剛剛在 NRR 遇到了美元保留問題。

Net revenue retention.

淨收入保留。

So our net revenue retention is 107% for the quarter, and it's been about that level for a number of quarters in a row here.

因此，本季我們的淨收入保留率為 107%，並且連續多個季度都保持在這個水平。

What we've been saying is it's important to look at our business by segment to really understand that metric.

我們一直在說的是，重要的是要按細分市場查看我們的業務，才能真正理解該指標。

At our Analyst Day, we showed that we have a solopreneur and freelancer segment that has a retention rate that's below 100%.

在分析師日，我們展示了我們的個人企業家和自由工作者細分市場的保留率低於 100%。

And then we have our business and agency accounts, which includes SMB, mid-market and enterprise that have a net revenue retention that's above 120%.

然後我們有我們的企業和代理商客戶，其中包括中小企業、中端市場和企業，其淨收入保留率超過 120%。

So there's some dynamics occurring in the business by segment that are influencing that number.

因此，按細分市場劃分的業務中發生的一些動態正在影響該數字。

It's still strong at 107%.

仍然很強勁，達到 107%。

But there's two drivers for us increasing that number in the future, and we do believe it will happen.

但未來我們增加這個數字有兩個驅動因素，我們確實相信這會發生。

One is the solopreneur and freelancer dynamic to abate, and we do expect that, that will eventually happen.

一是個體企業家和自由工作者的活力減弱，我們確實預期這最終會發生。

And then, of course, continued traction and momentum with our enterprise products and selling motion.

當然，我們的企業產品和銷售活動也帶來了持續的吸引力和動力。

Got it helpful.

得到它有幫助。

Thanks for taking my questions and congrats on the quarter

感謝您回答我的問題並祝賀本季

Mark Murphy with JPMorgan.

摩根大通的馬克墨菲。

Thank you very much.

非常感謝。

I'll add my congrats.

我會添加我的祝賀。

I was wondering, Eugene, are you sensing any extra interest in SEO recently on the heels of what Google has done in Google Search, where they've infused AI into the search page, they're including those AI-generated snippets at the top of the search page.

我想知道，尤金，在谷歌在谷歌搜尋中所做的事情之後，您最近是否感覺到對搜尋引擎優化有額外的興趣，他們將人工智慧注入到搜尋頁面中，他們在頂部包含了人工智慧產生的片段的搜尋頁面。

And I'm just wondering if you're coming across more marketers that need to -- like are they reaching out to you to try to produce content that's going to be optimized for that or even try to produce content that maybe is so complicated or so lengthy that it cannot be used in those snippets.

我只是想知道您是否遇到了更多需要這樣做的營銷人員 - 例如他們是否會聯繫您嘗試製作為此優化的內容，或者甚至嘗試製作可能非常複雜或複雜的內容太長以至於不能在這些片段中使用。

I'm just wondering what you're encountering there.

我只是想知道你在那裡遇到了什麼。

Yeah, that's a fantastic question.

是的，這是一個很棒的問題。

We definitely see a lot of interest in the marketing community.

我們確實看到了行銷界的濃厚興趣。

A lot of people want to be featured, of course, in those new search elements.

當然，很多人都希望在這些新的搜尋元素中得到推薦。

It occupies a big part of real estate at the very top of the page.

它佔據了頁面頂部的很大一部分空間。

And usually, there are three spots that you can occupy and there are decent click-through rates for a lot of those queries.

通常，您可以佔據三個位置，其中許多查詢都有不錯的點擊率。

So it actually drives a lot of traffic to publishers.

所以它實際上為出版商帶來了大量的流量。

And as a result, of course, a lot of people are very interested in it.

結果，當然，很多人對此非常感興趣。

Now the question is like what are the rules of ranking there.

現在的問題是，那裡的排名規則是什麼？

And of course, without tools like Semrush, you cannot answer that question.

當然，如果沒有像 Semrush 這樣的工具，您就無法回答這個問題。

So that's why we've been one of the first people who implemented full support of AI overviews in our rank tracking tool and in our organic research tool.

這就是為什麼我們是第一批在排名追蹤工具和有機研究工具中全面支援人工智慧概述的人之一。

So people can start answering this question and can start running correlations on what exactly they need to do to get featured there.

因此，人們可以開始回答這個問題，並開始對他們到底需要做什麼才能獲得推薦進行關聯。

And the rules, of course, are not the same for different queries.

當然，對於不同的查詢，規則也不同。

For one query, you need a long-form content.

對於一個查詢，您需要一份長格式的內容。

For another query, you need maybe shorter content.

對於另一個查詢，您可能需要更短的內容。

So it would depend on the industry.

所以這取決於行業。

It's not one-size-fits-all type of advice.

這不是一刀切的建議。

But we definitely see a lot of people using our rank tracking organic research tool to kind of start getting a sense of what they need to do to get featured there.

但我們確實看到很多人使用我們的排名追蹤有機研究工具來開始了解他們需要做什麼才能在那裡獲得推薦。

And of course, as we also run the same analysis on very large volumes of data, we can start implementing those suggestions and, for example, our content writing tools such as ContentShake to help people create content that ranks well in those search elements in a more automated fashion.

當然，由於我們也對大量資料進行相同的分析，因此我們可以開始實施這些建議，例如，我們的內容編寫工具（例如 ContentShake）可以幫助人們創建在搜尋元素中排名靠前的內容。 。

So tons of interest in research to do.

所以對研究有很多興趣。

We are very proud to be in a front-runner position and helping marketers to get there and excited about the interest and adoption of those new features.

我們非常自豪能夠處於領先地位，並幫助行銷人員實現這一目標，並對這些新功能的興趣和採用感到興奮。

And this is very well said, and at a high level, is it creating a tailwind?

這話說得很好，從高水準來看，它是否創造了順風車？

I mean you have like a fundamental change in the major search page for companies, is that a driver right now for people to reach out and maybe do more business with Semrush?

我的意思是，公司的主要搜尋頁面發生了根本性的變化，這是否是人們接觸 Semrush 並可能與 Semrush 開展更多業務的動力？

We will definitely see it this way.

我們一定會這樣看。

We will always say every time there is something new, something that complicates analysis, there is a greater need for products like Semrush that can use big data and AI to run this analysis for people in the events where manual analysis is not going to lead to good results.

我們總是會說，每次出現新的東西、使分析變得複雜的東西時，就更需要像Semrush 這樣的產品，這些產品可以使用大數據和人工智慧來為人們在手動分析無法導致的事件中進行分析。

So yeah, we think it's a tailwind for us.

所以，是的，我們認為這對我們來說是順風。

And to the same extent, feature signets were a tailwind for us in the past.

在同樣的程度上，特色印章在過去對我們來說是一種順風。

One thing as a quick follow-up for whoever wants to take it.

對於想要接受它的人來說，快速跟進是一件事。

When you're mentioning these enterprise customers, Salesforce, LG, Samsung, TikTok, Square, the great logos, how large are the paying user populations that you're seeing?

當您提到這些企業客戶時，Salesforce、LG、三星、TikTok、Square，這些很棒的徽標，您看到的付費用戶群有多大？

I'm just trying to understand the extent to which it might be clustering on SEO specialists or as they pick up the enterprise product, it might also be expanding across the marketing teams to digital marketers or social media folks or market researchers, et cetera.

我只是想了解它可能在多大程度上聚集在 SEO 專家身上，或者當他們選擇企業產品時，它也可能會從行銷團隊擴展到數位行銷人員、社群媒體人員或市場研究人員等。

What are you seeing there?

你在那裡看到什麼？

So definitely, our core focus right now is to sell them enterprise SEO product, which is our the most sort of expensive SKU right now.

所以毫無疑問，我們現在的核心重點是向他們出售企業 SEO 產品，這是我們目前最昂貴的 SKU。

At the same time, as we go into those deals, we also see that there is a demand for our market research features.

同時，當我們進行這些交易時，我們也看到對我們的市場研究功能的需求。

So a lot of those deals, they also come with a large number of seats for the Trans product or for our content creation products.

因此，在許多交易中，它們也為跨性別產品或我們的內容創建產品提供了大量席位。

We even had one with a good attach rate of social media, which is traditionally, we focus more on SMBs, but we had an enterprise client who also purchased a lot of seats for our social media features.

我們甚至有一個具有良好社交媒體附著率的客戶，傳統上我們更關注中小企業，但我們有一個企業客戶也為我們的社交媒體功能購買了很多席位。

So you're absolutely right.

所以你是完全正確的。

There is definitely opportunity to sell them not just enterprise SEO, it's definitely in plans.

絕對有機會出售它們，而不僅僅是企業搜尋引擎優化，它絕對在計劃中。

But for now, we want to make sure we keep an eye on the ball and keep driving momentum for enterprise SEO.

但就目前而言，我們希望確保密切關注並繼續推動企業 SEO 的發展勢頭。

But when there is an opportunity to sell more, we always sell more.

但當有機會出售更多產品時，我們總是會出售更多產品。

And (inaudible), just to give you a little perspective on the number of users for these -- there are some that are approaching 100.

而且（聽不清楚），只是為了讓您對這些產品的用戶數量有一些了解——有些用戶數量接近 100。

There's others that are mid-50s.

還有一些 50 多歲的人。

So there's a substantial number of users and subscribers to this enterprise SEO platform.

因此，這個企業 SEO 平台有大量的使用者和訂閱者。

Thank you.

謝謝。

I'll already know about that.

我已經知道了。

Elizabeth Porter with Morgan Stanley.

伊莉莎白·波特與摩根士丹利。

Great.

偉大的。

Thank you so much.

太感謝了。

I wanted to circle back on the enterprise product penetration into the 8,000 enterprise account base that you guys currently have.

我想回顧一下企業產品對你們目前擁有的 8,000 個企業客戶群的滲透情況。

In the prepared remarks, you referenced that these customers are ideally situated to leverage the product.

在準備好的評論中，您提到這些客戶非常適合利用該產品。

So I was wondering if you could give us an update on how many have moved and what that could look like over the next year or so?

所以我想知道您是否可以向我們提供最新情況，說明有多少人已經搬家，以及在未來一年左右的時間裡會是什麼樣子？

And just how we should think about the migration path for companies that are already in the existing base?

我們該如何考慮已經在現有基地的公司的遷移路徑？

Yeah, thanks for the question, Elizabeth.

是的，謝謝你的提問，伊莉莎白。

We're really pleased with the traction and the momentum that we've been getting.

我們對我們所獲得的牽引力和動力感到非常滿意。

We did just launch the product.

我們剛剛推出了該產品。

It went generally available in May.

它於五月全面上市。

We have been talking about the 8,000 enterprise customers that we already have that are using our core solutions that, as we've said, are ideally situated to upgrade and increase the average ARR that they're paying.

我們一直在談論我們已經擁有的 8,000 家企業客戶正在使用我們的核心解決方案，正如我們所說，這些解決方案非常適合升級並提高他們支付的平均 ARR。

We mentioned at Analyst Day that as of the end of our third quarter, we had already acquired 70 or migrated 70 of our accounts up to that enterprise SEO solution.

我們在分析師日提到，截至第三季末，我們已經收購了 70 個帳戶或將 70 個帳戶遷移到該企業 SEO 解決方案。

As of the end of October, it's already above 90.

截至10月底，已超過90。

So we're getting some really good traction and adoption of that platform and do feel that not only the 8,000, but also other companies, larger companies where it's really important for them to enhance their online presence are also ideally situated to adopt this platform.

因此，我們對該平台的吸引力和採用率確實很高，並且確實認為，不僅是這8,000 家公司，而且其他公司、較大的公司（對他們來說增強在線影響力非常重要）也非常適合採用該平台。

So in Analyst Day, Tommy talked about the three layers of our market opportunity.

因此，在分析師日，湯米談到了我們市場機會的三個層面。

It's the 8,000 existing accounts.

這是 8,000 個現有帳戶。

It's displacing competitors.

它正在取代競爭對手。

But the biggest population of companies out there is really white space where a lot of companies are using internally developed solutions, aggregating together a lot of disparate solutions and then leveraging an army of engineers to sort of pull together the environment that we need that we believe we can displace with the enterprise SEO solution.

但是，數量最多的公司確實存在空白，許多公司正在使用內部開發的解決方案，將許多不同的解決方案聚合在一起，然後利用一群工程師來整合我們認為我們需要的環境。來取代。

And then just as a follow-up, the acceleration in growth of ARR per customer was just a bit more muted than it had been previously.

接下來，每位客戶的 ARR 成長速度比之前略有放緩。

And it does look like you guys are coming up on some tougher comps, and I think there was some pricing action last year.

看起來你們確實正在製定一些更嚴格的比較，我認為去年有一些定價行動。

So just how should we think about the durability in that ARR per customer growth metric given you have some of the tailwinds around the enterprise product.

那麼，考慮到企業產品有一些有利因素，我們應該如何考慮每個客戶成長指標的 ARR 的持久性。

So just some of the puts and takes there.

所以只有一些看跌期權和看跌期權。

You're asking about ARR growth or the actual net new additions?

您是在詢問 ARR 成長還是實際的淨新增增量？

On the per customer side, they said, average ARR per customer just given you took some of the pricing action last year.

他們表示，就每位客戶而言，去年採取了一些定價行動後，每位客戶的平均 ARR 就達到了。

Just year-over-year -- absolutely, yes.

與去年同期相比——絕對是的。

So year-over-year, just remember, our third quarter is when we rolled out a pretty significant price increase.

因此，請記住，與去年同期相比，我們第三季的價格大幅上漲。

And what was different about the increase a year ago is we rolled it out to a cohort of existing accounts.

與一年前的成長不同的是，我們將其推廣到了一組現有帳戶。

So there was an uptick in average ARR and ARR in general in the third quarter.

因此，第三季的平均 ARR 和整體 ARR 有所上升。

That obviously works its way out in the fourth quarter where we had a onetime increment in average ARR and ARR in the third quarter from that existing cohort.

這顯然在第四季度得到了解決，我們的平均 ARR 和第三季的 ARR 都比現有群體一次性增加了。

But overall, independent of that, we're continuing to see really strong growth of our average ARR.

但總體而言，除此之外，我們繼續看到平均 ARR 的強勁成長。

If you look at it by segment, we're seeing really strong growth in enterprise and mid-market, driven by the enterprise SEO product.

如果按細分市場來看，我們會看到在企業 SEO 產品的推動下，企業和中端市場出現了真正強勁的成長。

We are still in early days, though.

不過，我們仍處於早期階段。

We just launched it in May.

我們五月剛推出。

And we do believe that over time, as we start to see more adoption of our enterprise SEO products and we start to get more traction on the investments we're making in our enterprise go-to-market that you'll continue to see that number tick upwards.

我們確實相信，隨著時間的推移，隨著我們開始看到我們的企業 SEO 產品得到更多採用，並且我們開始對我們在企業上市方面進行的投資產生更多的吸引力，您將繼續看到數字向上打勾。

Thank you.

謝謝。

(Operator Instructions) Adam Hotchkiss with Goldman Sachs.

（操作指示）Adam Hotchkiss 與高盛。

Great.

偉大的。

Thanks so much for taking the questions.

非常感謝您提出問題。

I guess to start, so when we speak to your customers, we often hear that the larger agencies and enterprises are using many SEO and visibility tools.

我想首先，當我們與您的客戶交談時，我們經常聽到較大的機構和企業正在使用許多搜尋引擎優化和可見性工具。

And I think it often differs.

我認為這通常是不同的。

But in general, each of the point solutions seem to have their individual and unique value in the market.

但總的來說，每個單點解決方案似乎在市場上都有其獨特的價值。

So is it the goal for you guys with the enterprise platform to ultimately take over what all of these solutions ultimately do for a customer?

那麼，你們擁有企業平台的人的目標是最終接管所有這些解決方案最終為客戶做的事情嗎？

And if so, how do you think about the organic and inorganic avenues to expanding your functionality?

如果是這樣，您如何看待有機和無機途徑來擴展您的功能？

That's a great question.

這是一個很好的問題。

So in enterprise, when we sell to brands directly, we indeed the patchwork of different solutions poorly connected.

因此，在企業中，當我們直接向品牌銷售時，我們確實將不同的解決方案拼湊在一起，但連結很差。

Sometimes they will use some kind of custom code that is very hard to maintain person who wrote it first time have left five years ago nobody knows what to do with it.

有時他們會使用某種很難維護的自訂程式碼，第一次寫它的人五年前就離開了，沒有人知道如何處理它。

Then they have a lot of spreadsheets, maybe with 100 different tabs for different slices of data.

然後他們有很多電子表格，可能有 100 個不同的選項卡用於不同的資料部分。

They need to update all this manually to do report.

他們需要手動更新所有這些才能做報告。

So it's a struggle.

所以這是一場鬥爭。

And what we offer is an alternative to that approach where you get everything fully integrated, customizable and you don't need any kind of custom code.

我們提供的是該方法的替代方案，您可以將所有內容完全整合、可自訂，並且不需要任何類型的自訂程式碼。

You don't need spreadsheets.

您不需要電子表格。

It's all updated automatically.

一切都是自動更新的。

It's ever prone versus the manual approach.

與手動方法相比，它更容易發生。

And customers are extremely excited and they don't just save time and money, but they also get results that they couldn't get before they got our platform.

客戶非常興奮，他們不僅節省了時間和金錢，而且還獲得了在使用我們的平台之前無法獲得的結果。

And of course, as you implement this platform, you usually don't need a lot of those point solutions anymore.

當然，當您實施這個平台時，您通常不再需要大量的單點解決方案。

And that also helps them to streamline their tech stack.

這也有助於他們簡化技術堆疊。

For agencies, it's going to be a little bit different story because agency will have to buy everything that all of their customers buy.

對於代理商來說，情況會有些不同，因為代理商必須購買所有客戶購買的所有東西。

And if you have 100 customers, some of those customers might have some point solution and you would still -- as an agency need an access to that point solution to serve that particular customer.

如果您有 100 個客戶，其中一些客戶可能擁有某種單點解決方案，而您作為代理商仍然需要存取該單點解決方案來為該特定客戶提供服務。

So for agencies, it's going to be a bit longer to really switch them entirely to Semrush platform.

因此，對於代理商來說，真正完全切換到 Semrush 平台將會需要更長的時間。

But for brands, we see a lot of success pretty much for each implementation.

但對於品牌來說，我們看到每次實施都取得了巨大的成功。

When we started, we had a couple of customers who wanted to have technical SEO, which we didn't have back in May or June when we have launched.

當我們開始時，我們有一些客戶想要進行技術搜尋引擎優化，而我們在五月或六月推出時還沒有。

But since then, we have acquired Bright, which adds this capability.

但從那時起，我們收購了 Bright，增加了這種能力。

So now we feel very confident about our ability to fully consolidate the stack for all SEO needs.

因此，現在我們對完全整合堆疊以滿足所有 SEO 需求的能力非常有信心。

And then, Brian, just on the sort of the monetization and revenue opportunity.

然後，布萊恩，關於貨幣化和收入機會。

Could you just give us a sense for how you think that differs for agency versus non-agency customers and generally, what the difference is between what those individual types of businesses are using for at the higher end of customer sizes?

您能否讓我們了解一下您認為代理客戶與非代理客戶有何不同？

Sure, Yeah, It always depends on the company and the agency.

當然，是的，這總是取決於公司和機構。

We scale our offerings based on the amount of technology and marketing disciplines that you're focused on, the amount of data that you need, the number of keywords, phrases and sites that you're focused on and of course, the number of users and marketers that need access to this technology.

我們根據您關注的技術和行銷學科的數量、您需要的數據量、您關注的關鍵字、短語和網站的數量，當然還有用戶的數量來擴展我們的產品以及需要使用該技術的營銷人員。

So they scale in multiple ways.

因此，它們以多種方式擴展。

For most agencies or some agencies, they're specialized on one particular marketing disciplines and others, they're a full stack shop.

對於大多數代理商或某些代理商來說，他們專注於某一特定的行銷學科，而其他代理商則是一家全端商店。

So it all depends on the type of agency and company.

因此，這完全取決於機構和公司的類型。

But both agencies and companies are scaling based on those four pricing dynamics.

但機構和公司都在根據這四種定價動態進行擴展。

Okay.

好的。

Super helpful.

超有幫助。

Thank you.

謝謝。

(Operator Instructions) And I'd like to hand it back to the management for some closing remarks.

（操作員說明）我想交還給管理階層，以供其作結語。

Thank you all for joining us today.

感謝大家今天加入我們。

We delivered a strong third quarter, exceeding our guidance and positioning us to raise our full year 2024 guidance.

我們第三季的業績表現強勁，超出了我們的指導方針，並使我們能夠提高 2024 年全年指導方針。

Thank you all.

謝謝大家。

Thank you all for joining.

感謝大家的加入。

I can confirm that does conclude the Semrush Holdings third quarter 2024 results conference call.

我可以確認 Semrush Holdings 2024 年第三季業績電話會議確實結束了。

Please enjoy the rest of your day, and you may now disconnect from the call.

請享受您今天剩下的時間，您現在可以掛斷電話了。