SEMrush Holdings Inc (SEMR) 2024 Q4 法說會逐字稿

Good morning and thank you all for attending the SEMrush Holdings 4th quarter and full year 24 results conference call.

早安，感謝大家參加 SEMrush Holdings 第 4 季和 24 年全年業績電話會議。

My name is [Brika], and I will be your moderator for today's call.

我的名字是 [Brika]，我將擔任今天電話會議的主持人。

All lines will be muted during the presentation portion of the call with an opportunity for questions and answers at the end.

在通話的演示部分，所有線路都將靜音，並在結束時提供問答機會。

I would now like to pass the conference over to your host, Brinlea Johnson, Investor Relations at SEMrush Holdings.

現在，我想將會議交給主持人、SEMrush Holdings 投資者關係部 Brinlea Johnson。

Thank you.

謝謝。

You may proceed, Brinlea.

你可以繼續，布林利亞。

Good morning and welcome to SEMrush Holdings 4th quarter and full year 2024 conference call.

早安，歡迎參加 SEMrush Holdings 2024 年第四季和全年電話會議。

We'll be discussing the results announced in our press release issued after market close on Wednesday, February 26th.

我們將在 2 月 26 日星期三收盤後發布的新聞稿中討論該結果。

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

和我一起參加電話會議的還有我們的現任執行長 Oleg Shchegolev；我們的新執行長比爾‧瓦格納 (Bill Wagner)；我們的總裁尤金‧萊文 (Eugene Levin)；以及我們的財務長 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根據 1995 年私人證券訴訟改革法的安全港規定做出的前瞻性陳述。

Forward-looking statements include, but are not limited to, statements concerning our expected future business and financial performance and financial condition, expected changes to our Executive management team, 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 and growth strategies, sales and marketing activities and strategies, future spending and incremental investments, our guidance for the first quarter of 2025 and the full year 2025, and statements about future pricing and operating results, including margin improvements, revenue growth and profitability and assumptions regarding foreign exchange rates.

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表現和財務狀況的陳述、我們執行管理團隊的預期變化、對我們現有和任何新產品和功能的預期增長、採用以及現有和未來的需求、我們對客戶群和特定客戶群的預期增長、我們產品的持續發展、行業和市場趨勢、我們的競爭地位、市場機會和增長、支出和經營績效的陳述，包括利潤率提高、收入成長和獲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.

前瞻性陳述是除事實陳述之外的陳述，可以透過預期、可以、預期、可以、計劃、相信、尋求或將等詞語識別。

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.

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，我們也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.

前瞻性陳述涉及受風險和不確定因素影響的事項，這些風險和不確定因素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 report 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.

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 表季度報告和 10-K 表年度報告，以及我們向美國證券交易委員會提交的其他文件。

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

最後，在今天的電話會議中，我們提到了一些非 GAAP 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 https://investors.semrush.com.

我們昨天收盤後發布的新聞稿中提供了顯示 GAAP 與非 GAAP 結果的調整表，可在 https://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。

Thank you and good morning.

謝謝，早安。

SEMrush had an outstanding 2024.

SEMrush 在 2024 年表現出色。

We began 2024 with a clear set of goals and a focused agenda.

我們以明確的目標和重點議程開啟了 2024 年。

I’m pleased to report, but we delivered on both achieving our financial commitments and executing our strategic objectives, including expanding our customer base, increasing our average ARR per customer, and broadening our product portfolio.

我很高興地報告，我們既兌現了財務承諾，也執行了策略目標，包括擴大客戶群、提高每位客戶的平均 ARR 以及拓寬產品組合。

We ended the year with accelerating positive momentum, exceeding our fourth quarter guidance and closing out a real-time year.

我們以加速的積極勢頭結束了這一年，超出了我們第四季度的預期並結束了一個真實的年份。

Our numbers underscore our execution.

我們的數字凸顯了我們的執行力。

Fourth quarter revenue grew 23% year-over-year and IRR growth exceeding 22% year-over-year.

第四季營收年增23%，IRR成長超過22%。

We reported income from operations of $1.7 million, non-GAAP income from operations of $11.8 million, and non-GAAP operating margin of 11.5%.

我們報告的營業收入為 170 萬美元，非 GAAP 營業收入為 1,180 萬美元，非 GAAP 營業利潤率為 11.5%。

For the full year 2024, we grew revenue of 22%, delivered full year income from operations of $8.3 million and non-GAAP income from operations of $45.8 million.

2024 年全年，我們的收入成長了 22%，全年營業收入為 830 萬美元，非 GAAP 營業收入為 4,580 萬美元。

For the full year 2024, we reported a non-GAAP operating margin of 12.2%, generated net cash from operating activities of $47.0 million and ended the year with cash, cash equivalents, and short-term investments of $235.6 million.

2024 年全年，我們報告的非 GAAP 營業利潤率為 12.2%，經營活動產生的淨現金為 4,700 萬美元，年底的現金、現金等價物和短期投資為 2.356 億美元。

We have solidified our leadership position in online visibility across all business segments and extended our reach with a new enterprise focused solution to a number of world’s largest businesses.

我們在所有業務領域在線可見性的領導地位得到了鞏固，並且透過新的以企業為中心的解決方案將業務範圍擴大到了世界上許多最大的企業。

Importantly, we are successfully combining strong durable growth with profitability and shrinkage flow generation.

重要的是，我們成功地將強勁持久的成長與獲利能力和收縮流的產生結合起來。

In 2024, we also continued our strong track record of success on the product development and integration front.

2024年，我們還在產品開發和整合方面繼續保持良好的成功記錄。

We innovated and expanded our product offering to help companies create brand awareness, generate traffic, and ultimately, convey traffic to paying customers, while we also successfully integrated the several acquisitions we made throughout the year.

我們創新並擴大了我們的產品範圍，以幫助公司建立品牌知名度、產生流量並最終將流量傳遞給付費客戶，同時我們也成功整合了全年進行的幾次收購。

We also expanded the capabilities of our social media offerings, adding new AI features that we have started to monetize.

我們也擴展了社群媒體產品的功能，增加了已開始獲利的新 AI 功能。

I am particularly pleased with our enterprise sales in the fourth quarter, which by any measure were impressive and saw momentum built in each quarter following deliveries.

我對我們第四季度的企業銷售尤其感到滿意，無論以何種標準衡量，這都令人印象深刻，並且在交付後的每個季度都呈現出成長勢頭。

We closed over 40 deals in December long and more deals in Q4 than the rest of the year combined.

我們在 12 月完成了超過 40 筆交易，第四季的交易量比今年剩餘時間的交易量總和還要多。

The prices of our customers now includes Amazon, Birkenstock, Colgate, Dick’s Sporting Goods, Disney, and Ticketmaster and many more added in Q4 2024.

我們客戶的價格現在包括亞馬遜、Birkenstock、高露潔、迪克體育用品、迪士尼和Ticketmaster以及2024年第四季新增的許多其他公司。

Considering enterprise owned the lowest mid-year and we now have 144 enterprise as your customers.

考慮到企業擁有率年中最低，我們現在有144家企業作為您的客戶。

I couldn’t be prouder of our team for what we have accomplished and importantly for what lies ahead.

我為我們團隊所取得的成就以及未來的發展感到無比自豪。

Looking into 2025, we plan to further evolve our platform and are focused on aging product depth across our search engine optimization, creative advertising, social media, local marketing, brand marketing, content marketing, and data and intelligence solutions.

展望2025年，我們計劃進一步發展我們的平台，並專注於搜尋引擎優化、創意廣告、社交媒體、本地行銷、品牌行銷、內容行銷以及數據和智慧解決方案等產品的深入發展。

We are realizing the benefits of carefully investing in enterprise grade features for sophisticated marketers.

我們意識到，為成熟的行銷人員精心投資企業級功能將帶來許多好處。

And by leading with AI, we believe we can bring together the best of what AI has to offer to ensure our customers have access to the most accessible and actionable digital marketing platform.

透過人工智慧的引領，我們相信我們可以整合人工智慧的最佳功能，以確保我們的客戶能夠使用最容易存取、最具可操作性的數位行銷平台。

Our enterprise future is not just a show.

我們的企業未來不僅僅是一場秀。

Our ultimate plan and vision is to extend our reach even further.

我們的最終計劃和願景是進一步擴大我們的影響力。

We plan on enhancing our product portfolio with more enterprise capabilities, adding sophisticated enterprise products across all channels, including AI optimization, which we’ll be referring to as AIO going forward.

我們計劃透過更多的企業功能增強我們的產品組合，在所有通路中添加複雜的企業產品，包括人工智慧優化，我們將在未來稱之為 AIO。

Looking ahead to the first half of 2025, we plan to launch our new AI optimization solution in closed beta.

展望2025年上半年，我們計劃推出新的AI優化解決方案的封閉測試版。

SEMrush is thriving and at the same time we see unique opportunities for rapid advancements.

SEMrush 正在蓬勃發展，同時我們也看到了快速發展的獨特機會。

With AI shaping the landscape, SEMrush is uniquely positioned to lead and the path ahead demands relentless focus.

隨著人工智慧塑造產業格局，SEMrush 具有獨特的領先優勢，而未來的道路需要不懈的專注。

My patience has always been at the intersection of product innovation and emerging technologies and as I think about driving SEMrush next wave of technology breakthroughs, I have decided to shift my role.

我的耐心一直處於產品創新和新興技術的交匯處，當我考慮推動 SEMrush 下一波技術突破時，我決定轉變我的角色。

Effective March 10th, I will step into the position of Chief Technology Officer, dedicating 100% of my energy to product development, while continuing to serve on SEMrush Board.

從 3 月 10 日起，我將擔任首席技術官，全心投入產品開發，同時繼續擔任 SEMrush 董事會成員。

To ensure a seamless transition and sustain our market leadership, the board and I, after careful consideration, have appointed Bill Wagner, an experienced leader and current SEMrush Board member to take the helm as CEO.

為了確保順利過渡並保持我們的市場領導地位，董事會和我經過仔細考慮，任命經驗豐富的領導者、現任 SEMrush 董事會成員比爾·瓦格納 (Bill Wagner) 擔任執行長。

Bill’s track record, vision, and deep understanding of our culture make him the perfect fit to lead us into our next phase of growth.

Bill 的表現、遠見以及對我們文化的深刻理解使他成為帶領我們進入下一階段發展的最佳人選。

I have absolute confidence in SEMrush's trajectory, leadership, and ability to execute.

我對 SEMrush 的發展軌跡、領導力和執行能力絕對有信心。

We remain committed to delivering world-class tools that empower businesses to maximize their online visibility.

我們始終致力於提供世界一流的工具，幫助企業最大限度地提高其線上知名度。

We are seeing strong positive momentum continue in 2025 as we strengthen our customer relationships, further extend our enterprise capabilities, grow and invest in enterprise go-to-market, and launch new products.

隨著我們加強客戶關係、進一步擴展企業能力、發展和投資企業上市以及推出新產品，我們看到強勁的積極勢頭將在 2025 年繼續保持。

I look forward to continuing to drive SEMrush's product and technology strategy and I am excited that the best is yet to come.

我期待繼續推動 SEMrush 的產品和技術策略，並且我很高興最好的事情即將到來。

With that, please join me in welcoming our soon to be CEO, Bill Wagner.

請和我一起歡迎我們即將上任的執行長比爾·瓦格納 (Bill Wagner)。

Thank you, Oleg, and hello everyone.

謝謝你，奧列格，大家好。

I’m thrilled to have the opportunity to step into the CEO role at SEMrush and work side by side with Oleg and the leadership team as we execute on the company’s ambitious strategy.

我很高興有機會擔任 SEMrush 的首席執行官，並與 Oleg 和領導團隊並肩工作，執行公司的雄心勃勃的策略。

First, I’d like to thank Oleg and the rest of the board for their support as I prepare to take the reins.

首先，我要感謝奧列格和董事會其他成員在我準備接任期間給予的支持。

I’ve known and worked with many founders over the years and having worked with Oleg over the past several years on the Board, I can say he is indeed special.

多年來，我認識並與許多創辦人合作過，過去幾年我在董事會與奧列格共事，我可以說他確實很特別。

Building a startup from scratch to become a thriving public company is an amazing success story.

從零開始創建一家新創公司，成為一家蓬勃發展的上市公司是一個令人驚嘆的成功故事。

It is rarer still when a founder remains hungry and sustains his passion for innovation after all of this success.

在取得所有這些成功之後，創辦人仍然渴望成功並保持對創新的熱情，這種情況更是罕見。

I’m honored to step into his shoes as CEO and I look forward to continuing to collaborate with him to fully realize SEMrush’s potential.

我很榮幸能夠接替他擔任首席執行官，並期待繼續與他合作，充分發揮 SEMrush 的潛力。

As I approach my start date as CEO, I do so with great confidence in the strategy that was outlined in the company’s recent Investor Day.

隨著我即將擔任首席執行官，我對公司在最近的投資者日上提出的策略充滿信心。

As a former CMO, I understand the complexity of digital marketing and the need for a platform to unify fragmented point solutions, simplify execution, and seamlessly integrate across multiple digital marketing channels.

作為前任首席行銷官，我了解數位行銷的複雜性，以及需要一個平台來統一分散的點解決方案、簡化執行並跨多個數位行銷管道無縫整合。

I’m excited about SEMrush’s product portfolio and our ability to bring our fully integrated AI-powered digital marketing platform to organizations of all sizes.

我對 SEMrush 的產品組合以及我們將完全整合的 AI 驅動的數位行銷平台帶給各種規模的組織的能力感到非常興奮。

I believe SEMrush is just scratching the surface of the market opportunity and is poised for sustainable and profitable growth over the long-term.

我相信 SEMrush 僅觸及了市場機會的表面，並有望實現長期可持續的獲利成長。

I’m excited to bring my CEO experience to work with Oleg and the rest of the management team to execute on our strategy, accelerate innovation, and drive greater scale.

我很高興能夠利用我的執行長經驗與 Oleg 和其他管理團隊一起執行我們的策略，加速創新並擴大規模。

I look forward to having more time to speak with each of you in the coming weeks.

我期待在接下來的幾週內有更多的時間與你們每個人交談。

With that, I’ll turn the call over to Eugene and Brian to walk through the results of the quarter and the full year.

說完這些，我將把電話轉給 Eugene 和 Brian，讓他們介紹本季和全年的業績。

Thank you, Bill and on behalf of the entire management team, we’re excited to have you on board.

謝謝你，比爾，我代表整個管理團隊，很高興你能加入我們。

Let me now provide a bit more color on our enterprise offering and product portfolio.

現在，讓我更詳細地介紹一下我們的企業產品和產品組合。

The ability for brands to consolidate, analyze, visualize, and monetize data is a game changer.

品牌整合、分析、視覺化和貨幣化數據的能力將改變整個遊戲規則。

Combined with an exciting 2025 roadmap including through our integrated website user experience intelligence, AI optimization and competitive intelligence offering, customers can move away from siloed single point solutions to a unified end-to-end online visibility management platform.

結合令人興奮的 2025 路線圖，包括透過我們的整合網站使用者體驗智慧、人工智慧優化和競爭情報產品，客戶可以從孤立的單點解決方案轉向統一的端到端線上視覺性管理平台。

Let me share two brief customer stories that show further validation of our enterprise product strategy.

讓我分享兩個簡短的客戶故事，進一步驗證我們的企業產品策略。

Square has experienced remarkable success since adopting our enterprise SEO solution.

自從採用我們的企業 SEO 解決方案以來，Square 取得了顯著的成功。

The platform has empowered Square to outperform competitors in both traffic and content, improve search rankings across nearly every market, and significantly boost productivity.

該平台使 Square 在流量和內容方面超越競爭對手，提高了幾乎所有市場的搜尋排名，並顯著提高了生產力。

With real-time insights from tools like Share of Voice and what has happened, Square can rapidly recover from traffic losses, while the content optimization tool drives continuous improvements in search performance.

借助 Share of Voice 等工具對發生情況的即時洞察，Square 可以迅速從流量損失中恢復，而內容優化工具則可以推動搜尋效能的持續改進。

In just a few months, Square has seen 30% increase in organic search traffic, a 25% enhancement in global keyword rankings and saves twelve hours per week making SEMrush Enterprise the most advanced solution available in the market for their digital marketing team.

在短短幾個月內，Square 的自然搜尋流量增加了 30%，全球關鍵字排名提高了 25%，每週節省了 12 個小時，這使得 SEMrush Enterprise 成為其數位行銷團隊在市場上可用的最先進的解決方案。

Another one of our customers, Pixar, the world’s largest digital creative platform was among the first to adopt SEMrush’s enterprise SEO platform.

我們的另一位客戶皮克斯（Pixar）是世界上最大的數位創意平台，也是最早採用 SEMrush 企業 SEO 平台的公司之一。

And it has completely transformed their approach to search visibility, traffic growth and SEO operations.

它徹底改變了他們的搜尋可見度、流量成長和 SEO 運作方法。

Confronted with the challenge of manually optimizing internal links across hundreds of pages, Pixar turned to SEMrush’s AI driven link recommender, which automated what would have otherwise taken several months.

面對手動優化數百頁內部連結的挑戰，皮克斯求助於 SEMrush 的 AI 驅動連結推薦器，它可以自動化原本需要幾個月的時間才能完成的工作。

By seamlessly integrating over 50,000 contextual links across 300 pages in just one week, they saw a 20% increase in organic traffic for the linked pages and a 124% boost in their visibility.

透過在短短一周內無縫集成 300 個頁面上的 50,000 多個上下文鏈接，他們發現鏈接頁面的自然流量增加了 20%，可見度提高了 124%。

The ease of use and comprehensive solution provided by SEMrush Enterprise have revolutionized their SEO workflow and set a new benchmark for digital marketing efficiency.

SEMrush Enterprise 提供的易用性和全面的解決方案徹底改變了他們的 SEO 工作流程並為數位行銷效率樹立了新的標竿。

Turning to the topic of AI, I wanted to provide a bit more detail on what Oleg referred to as AIO, which is about AI optimization.

談到人工智慧的話題，我想更詳細地介紹 Oleg 所說的 AIO，即人工智慧優化。

The online visibility industry is moving at a rapid pace and AI is playing an ever increasing role.

線上視覺性產業正在快速發展，人工智慧正在發揮越來越重要的作用。

Because of our key position in this ecosystem, we’re uniquely positioned to not only understand how this AI search tool gather their data and generate their responses to users, but we are also uniquely positioned to benefit from this by helping our customers optimize their online presence to properly rank within these AI tools results.

由於我們在這個生態系統中處於關鍵地位，我們不僅可以了解這個人工智慧搜尋工具如何收集數據並向用戶做出回應，而且我們還可以藉此受益，幫助我們的客戶優化他們的線上狀態，以便在這些人工智慧工具結果中獲得正確的排名。

We see numerous opportunities to develop new products and monetize our capabilities here as AI-based search becomes more prevalent.

隨著基於人工智慧的搜尋變得越來越普遍，我們看到了開發新產品和將我們的能力貨幣化的無數機會。

We’re seeing increasing demand in the marketplace for new tools to help our customers capitalize on this new marketing channel and we look forward to updating you on our AIO initiative and the opportunity it presents to SEMrush in the future.

我們看到市場對新工具的需求日益增長，以幫助我們的客戶利用這個新的行銷管道，我們期待向您介紹我們的 AIO 計劃以及它在未來為 SEMrush 帶來的機會。

With that, I will turn it over to Brian.

說完這些，我將把麥克風交給 Brian。

Thank you, Eugene.

謝謝你，尤金。

We had a solid fourth quarter across the board, further demonstrating our ability to consistently grow revenue, while also increasing our profitability.

我們第四季的業績全面穩健，進一步證明了我們能夠持續增加收入，同時提高獲利能力。

Our fourth quarter revenue was $102.6 million, exceeding the high end of our guidance and growing 23% year-over-year.

我們第四季的營收為 1.026 億美元，超過了我們預期的最高水準，年增 23%。

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

隨著我們持續執行交叉銷售和追加銷售策略，成長主要得益於每位客戶平均收入的擴大。

In particular, we saw very strong adoption of our enterprise SEO solution during the quarter.

特別是，我們在本季看到企業 SEO 解決方案的採用率非常高。

Full year revenue grew 22% from the prior year period to $376.8 million.

全年營收較上年同期成長 22% 至 3.768 億美元。

We achieved positive non-GAAP operating income of $11.8 million in the fourth quarter, also exceeding our guidance and resulting in a non-GAAP operating margin of 11.5%, up approximately 150 basis points year-over-year and up nearly 2,700 basis points since the fourth quarter of 2022.

我們在第四季度實現了 1,180 萬美元的非 GAAP 營業收入，也超過了我們的預期，從而實現 1,180 萬美元的非 GAAP 營業收入，也超過了我們的預期，從而實現 11.5% 的非 GAAP 營業利潤率，同比增長約 150 個基點，自 2022 年第四季度以來增長近 2,700 個基點。

For the full year, non-GAAP operating income finished at $45.8 million, representing a non-GAAP operating margin of 12.2%, up 840 basis points compared to 2023.

全年非公認會計準則營業收入為 4,580 萬美元，非公認會計準則營業利益率為 12.2%，較 2023 年成長 840 個基點。

Cash flow from operations was $11.9 million in the fourth quarter and $47 million for the full year.

第四季經營現金流為 1,190 萬美元，全年經營現金流為 4,700 萬美元。

We generated $9.5 million of free cash flow in the fourth quarter, leading to a free cash flow margin of 9.3%.

我們在第四季產生了 950 萬美元的自由現金流，自由現金流利潤率為 9.3%。

For the full year, we achieved $35.3 million of free cash flow and free cash flow margin of 9.4%, up 930 basis points compared to 2023.

全年我們實現自由現金流 3,530 萬美元，自由現金流利潤率為 9.4%，較 2023 年上升 930 個基點。

We ended the quarter with cash and cash equivalents and short-term investments of $235.6 million, up $2.7 million from the previous quarter as cash flow from operations was offset in part by the approximately $3.7 million in cash we used to acquire Third Door Media.

本季結束時，我們的現金、現金等價物和短期投資為 2.356 億美元，比上一季增加了 270 萬美元，因為經營活動產生的現金流被我們用於收購 Third Door Media 的約 370 萬美元現金部分抵消。

Annual recurring revenue for the quarter grew 22% year-over-year to $411.6 million. ARR

本季年度經常性營收年增 22% 至 4.116 億美元。到達率

from enterprise-sized customers was particularly strong during the fourth quarter as we saw continued momentum in adoption across our new and expanding enterprise product suite.

來自企業規模客戶的購買力在第四季度尤為強勁，因為我們看到新的和不斷擴展的企業產品套件的採用勢頭持續增強。

Our calculated average ARR per paying customer grew to over 3,500, up nearly 13% year-over-year versus the same quarter last year.

我們計算的每位付費客戶平均 ARR 成長至 3,500 多，與去年同期相比成長近 13%。

As part of our continued momentum in our enterprise segment, the number of customers paying over $50,000 increased 82% year-over-year to 336.

作為我們企業部門持續保持強勁勢頭的一部分，支付超過 50,000 美元的客戶數量同比增長 82%，達到 336 人。

In addition, we now have over 4,300 customers paying over $10,000 which grew 40% year-over-year.

此外，我們現在有超過 4,300 名支付金額超過 10,000 美元的客戶，較去年同期成長 40%。

This strong growth is a direct result of our investments in our enterprise selling motion and launch of our enterprise SEO solution.

這一強勁成長直接得益於我們對企業銷售行動的投資以及企業 SEO 解決方案的推出。

As Oleg mentioned, we closed over 40 enterprise SEO deals in December alone and more deals in Q4 than the rest of the year combined, ending 2024 with 144 enterprise SEO customers with an average ARR per customer exceeding 60,000.

正如 Oleg 所提到的，僅在 12 月，我們就完成了 40 多筆企業 SEO 交易，第四季度的交易量比今年其他時間的總和還要多，到 2024 年底，我們擁有 144 家企業 SEO 客戶，每位客戶的平均 ARR 超過 60,000。

We ended the year with $9 million of ARR from our new enterprise SEO solution.

今年年底，我們透過新的企業 SEO 解決方案獲得了 900 萬美元的 ARR。

As of December 31, 2024, we had approximately 117,000 paying customers.

截至 2024 年 12 月 31 日，我們擁有約 117,000 名付費客戶。

While we are seeing strong growth and retention in our enterprise customer segment, we continue to expand softness in the lower end of our market.

雖然我們看到企業客戶領域強勁成長和保留，但我們市場低端的疲軟態勢仍在持續擴大。

Our dollar-based net revenue retention at the end of the fourth quarter was 106%.

我們第四季末的美元淨收入保留率為 106%。

We continue to believe our dollar-based net revenue retention will remain strong and increase as our more sophisticated accounts increase as a percentage of our mix since these customers have higher net retention than our company average.

我們仍然相信，我們的基於美元的淨收入保留率將保持強勁，並且隨著我們更複雜的帳戶在我們的組合中所佔比例的增加而增加，因為這些客戶的淨保留率高於我們公司的平均水平。

Looking at 2025, we plan to continue to prioritize our four key growth strategies outlined in prior quarters.

展望 2025 年，我們計劃繼續優先實施前幾季概述的四項關鍵成長策略。

We plan to maintain our sharp focus on increasing paying customers across all segments, expanding our average ARR per customer with the SEMrush digital marketing platform, extending our SEO reach with our enterprise product, and enhancing our product portfolio with more enterprise capabilities with an emphasis on our AI-driven offerings.

我們計劃繼續高度關注增加各個細分市場的付費客戶，利用 SEMrush 數位行銷平台提高每位客戶的平均 ARR，利用我們的企業產品擴大我們的 SEO 覆蓋範圍，並透過更多企業功能增強我們的產品組合，重點關注我們的人工智慧驅動產品。

Efficiency and profitability remain important strategic priorities.

效率和獲利仍然是重要的策略重點。

I’ll now provide our outlook for the first quarter and the full year 2025.

我現在將提供我們對 2025 年第一季和全年的展望。

For the first quarter of 2025, we expect revenue in the range of $103.9 million to $104.7 million, which at the midpoint would represent growth of approximately 22% year-over-year.

對於 2025 年第一季度，我們預計營收在 1.039 億美元至 1.047 億美元之間，中間值代表年增約 22%。

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

我們預計第一季非公認會計準則營業利潤率約為 11%。

For 2025, we are guiding revenue to be in the range of $448 million to $453 million, which translates into growth of approximately 20% at the midpoint.

預計 2025 年的營收將在 4.48 億美元至 4.53 億美元之間，中間值成長率約為 20%。

As it relates to full year 2025 non-GAAP operating margins, we expect approximately 12%.

就 2025 年全年非 GAAP 營業利潤率而言，我們預計約為 12%。

We also expect our free cash flow margin to be approximately 12%, up 260 basis points compared to 2024.

我們也預計我們的自由現金流利潤率將達到約 12%，比 2024 年上升 260 個基點。

Our free cash flow benefits from expanded profitability as well as continued growth in our enterprise segment and in particular our Enterprise SEO solution deals that we structure with a minimum annual commitment with annual billing.

我們的自由現金流受益於獲利能力的提高以及企業部門的持續成長，特別是我們的企業 SEO 解決方案交易，我們根據最低年度承諾和年度帳單來建立該交易。

Our guidance assumes a euro exchange rate of 1.05. Approximately 30% of our expenses are denominated in euros.

我們的指導假設歐元匯率為 1.05。我們的支出約有 30% 以歐元計算。

In closing, we are very pleased with our performance.

最後，我們對自己的表現非常滿意。

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

我們執行出色，超額完成了營收成長和獲利能力，推進了我們的策略重點，並為 SEMrush 的下一階段成長做好了準備。

I’d like to thank our entire team for their efforts this past year, and I remain incredibly optimistic about the future of SEMrush in 2025 and beyond.

我要感謝我們整個團隊在過去一年的努力，我對 SEMrush 在 2025 年及以後的未來仍然充滿信心。

With that, we are happy to take your questions.

我們很樂意回答您的問題。

Operator, please open the line for questions.

接線員，請打開電話線以回答問題。

Thank you, we will now begin the question-and-answer session.

謝謝，我們現在開始問答環節。

[Operator Instructions]

[操作說明]

Mark Murphy, JPMorgan Chase & Co.

摩根大通公司馬克墨菲

Hey guys, thanks for taking the question.

嘿夥計們，謝謝你們回答這個問題。

This is already [Artie] from Mark Murphy.

我是馬克墨菲 (Mark Murphy) 的 [Artie]。

Just want to get your thoughts on DeepSeek and if that's having any impact on kind of your roadmap from your perspective and, the potential for lower [inferencing] costs and whether you've tested this technology out?

只是想聽聽您對 DeepSeek 的看法，以及從您的角度來看這是否會對您的路線圖產生任何影響，以及降低 [推理] 成本的潛力，以及您是否測試過這項技術？

Thank you.

謝謝。

Hi, thank you.

你好，謝謝。

Great question, so, we always felt that technology is going to be democratized from cost point of view.

好問題，所以我們一直覺得從成本的角度來看科技將會民主化。

And what it means is that it will be increasingly available for consumers, and it makes freemium models viable as well.

這意味著它將越來越多地被消費者所接受，也使免費增值模式變得可行。

You’re already seeing this in terms of mass adoption of Google’s AI overviews, which is one of the ways to calculate -- not to calculate, but let’s say run AI cheaper.

您已經從 Google 的 AI 概覽大規模採用方面看到了這一點，這是一種計算方式——不是計算，而是說以更低的成本運行 AI。

They do this at massive scale with fairly low costs.

他們以相當低的成本大規模地進行這項工作。

And of course, recently, ChatGPT launched a free version that is available without registration.

當然，最近，ChatGPT 推出了無需註冊即可使用的免費版本。

So, again, it’s one step towards more massive adoption of a freemium model.

因此，這又是朝著更大規模採用免費增值模式邁出的一步。

And DeepSeek was one of the other movers in this direction that showed how to run models cheaper.

DeepSeek 是這個方向的另一個推動者，它展示瞭如何更便宜地運行模型。

I think their biggest breakthrough was more about cost of training.

我認為他們最大的突破更多是在培訓成本方面。

So, they achieved fairly good reasoning without massive trading costs.

因此，他們無需花費大量的交易成本就實現了相當好的推理。

That said, nobody really knows how much they have actually spent.

話雖如此，沒有人真正知道他們實際上花了多少錢。

And there are, of course, concerns, I mean not concerns, but some people saying they ran a lot of distillation, which is, of course, a viable technique, but questionable from ethical point of view.

當然，也存在一些擔憂，我的意思不是擔憂，而是有些人說他們進行了大量蒸餾，這當然是一種可行的技術，但從道德角度來看是值得懷疑的。

I don’t want to throw stones at anyone.

我不想向任何人丟石頭。

I think in general, it’s great that technology is getting democratized, and more and more people will get access to it.

我認為總體而言，技術民主化是一件好事，越來越多的人將能夠使用科技。

And that’s fantastic for consumer of Internet as AI is getting democratized.

隨著人工智慧變得越來越民主化，這對網路消費者來說是件好事。

Terrific, very helpful, and then I think you guys may have briefly touched on it, so I apologize if I missed it, but could you talk about what you’re seeing in the macro?

太棒了，非常有幫助，然後我想你們可能已經簡要地談到了這一點，如果我錯過了，我很抱歉，但是你能談談你在宏觀上看到了什麼嗎？

If there’s any change in kind of the momentum coming into this year and maybe how that breaks down across the market segments as well?

今年的勢頭是否會發生變化？

Thank you.

謝謝。

Hey, [Artie], thanks, yeah, this is Brian.

嘿，[Artie]，謝謝，是的，我是 Brian。

At this point, we’re not really seeing any change to the macro environment or the impact that it has on the various SEMrush cohorts.

目前，我們並沒有真正看到宏觀環境發生任何變化，也沒有看到它對各個 SEMrush 群組的影響。

We talked at length at Analyst Day about us building momentum and really getting some strong success across our business and agency cohort and seeing some softness in the lower end of the market.

我們在分析師日詳細討論了我們如何建立發展勢頭，如何在整個業務和代理機構群體中取得強勁成功，以及如何看到低端市場的一些疲軟。

We continue to see that in the fourth quarter.

我們在第四季繼續看到這種情況。

And as of now, through the trends, just not seeing any signs of a change as we’re advancing through 2024.

而截至目前，從趨勢來看，在邁向 2024 年的過程中，還沒有看到任何變化的跡象。

Awesome, congrats on the quarter.

太棒了，恭喜本季取得佳績。

I'll step back in the queue.

我將回到隊列中。

[Thanks Artie]

[感謝 Artie]

Elizabeth Porter, Morgan Stanley.

摩根士丹利的伊麗莎白波特。

Great.

偉大的。

Thank you so much.

太感謝了。

Oleg, it’s been great working with you and Bill congrats on the new role.

奧列格，很高興與您共事，並祝賀比爾獲得新的職位。

I just wanted to better understand kind of why is now the right time for a CEO change?

我只是想更好地理解為什麼現在是更換執行長的最佳時機？

And Bill, you’ve been on the Board for a few years.

比爾，你已經在董事會任職幾年了。

So, could you share any initial observations of what you might like to prioritize as you take on the CEO role?

那麼，您能否分享一下您在擔任執行長一職時可能希望優先考慮的事項的初步看法？

Thank you for the question.

感謝您的提問。

This is Oleg.

這是奧列格。

I’ll start with the first part and I expect Bill will continue with the second part.

我將從第一部分開始，我希望比爾將繼續第二部分。

Look, business is performing very well.

看，生意表現很好。

I think in in the current situation, the leadership team is strong, results are strong, business is performing very well, and we have a lot of opportunity in front of us related to all these new technologies and so on.

我認為在當前情況下，領導團隊很強大，業績強勁，業務表現非常好，而且我們面前有很多與所有這些新技術等相關的機會。

It’s a very important move for the company to address all these new opportunities.

對於公司來說，這是一個非常重要的舉措，可以抓住所有這些新機會。

Once again, I believe business is performing very well and we should just add a lot of things on top of it.

我再次相信，業務表現非常好，我們應該在此基礎上再添加很多東西。

Yes.

是的。

Elizabeth, thank you for the welcome.

伊麗莎白，謝謝你的歡迎。

I think my priority is, first month as CEO, is going to be listen and make sure I understand the business.

我認為，擔任執行長的第一個月我的首要任務是傾聽並確保我了解業務。

And the great thing about the business is performing well and I’m very familiar with it having been on the Board.

公司業務最棒的地方就是表現良好，我作為董事會成員對此非常熟悉。

But for me, I think it’s really aligned with the strategy that you’ve already heard and that you know so well, which is really aligning growth among our user base and prosecuting the enterprise opportunity that we’re really is in early stages.

但對我來說，我認為這與你已經聽到的和你很了解的策略是一致的，這實際上是協調我們用戶群的成長，並抓住我們真正處於早期階段的企業機會。

So, I think it’s continuation of what the company has already been doing.

所以，我認為這是公司已經在做的事情的延續。

And we’ll look to scale that up.

我們將努力擴大這一規模。

That’s really the plan.

這確實是計劃。

Great, and then Brian, maybe one for you.

太好了，那麼 Brian，也許有一個適合你。

I wanted to unpack kind of what drove the downtick to NRR to 106%?

我想弄清楚是什麼原因導致 NRR 下降到 106%？

It feels like the metric has been stabilizing at 107% and previously the in quarter NRR had been improving.

感覺該指標一直穩定在 107%，並且之前本季的 NRR 一直在改善。

So, what are you seeing in kind of the in quarter NRR in Q4?

那麼，您看到第四季的 NRR 情況如何？

And what’s the outlook as we go into 2025?

那麼，2025 年的前景如何？

Sure, yes, we did report 106%, a very strong number, and a number that represents our ability to continue to cross sell and up sell on our base and of course maintain favorable gross retention rates.

當然，是的，我們確實報告了 106%，這是一個非常強勁的數字，這個數字代表了我們有能力繼續在我們的基礎上進行交叉銷售和追加銷售，當然還能保持有利的毛保留率。

We talked at Analyst Day about the net revenue retention rates by segments and in particular that our enterprise and more sophisticated customers have a net revenue retention rate that’s greater than 120% and growing, and then we had some softness in the lower end of the market where just because of some macro-related challenges throughout 2024 have been impacting that particular cohort of the business.

我們在分析師日討論了各部門的淨收入留存率，特別是我們的企業和更成熟的客戶的淨收入留存率超過 120% 並且還在增長，而低端市場則表現疲軟，這是因為 2024 年的一些宏觀相關挑戰一直在影響著這一特定的業務群體。

That dynamic continued into the fourth quarter.

這種態勢持續到了第四季。

So, there was a little bit of an impact on our net revenue retention.

因此，這對我們的淨收入保留產生了一點影響。

Having said that, it was only a couple of basis points.

話雖如此，但只是幾個基點而已。

We were at 107% from a rounding perspective.

從四捨五入的角度來看，我們的比率是 107%。

It ticked down a couple of basis points and rounded down to 106%.

它下降了幾個基點並四捨五入為 106%。

We do continue, we’ve said it a number of times, we expect that will remain strong.

我們會繼續，我們已經說過很多次了，我們預計這種勢頭將保持強勁。

We believe it has troughed, and we believe we have a lot of opportunity with cross sell and up sell through every segment with our ability to retain our base and of course with the increasing mix in enterprise that over the long-term, we believe that number will increase.

我們相信它已經觸底，我們相信我們在每個細分市場都有很多交叉銷售和追加銷售的機會，我們有能力保留我們的基礎，當然，隨著企業組合的增加，從長遠來看，我們相信這個數字會增加。

There is one caveat, one really interesting success we’re seeing with our go to market function.

有一個需要注意的事項，我們在行銷功能中看到了一個非常有趣的成功。

We are seeing good success in SEMrush landing bigger though.

然而，我們看到 SEMrush 在更大範圍內取得了巨大成功。

So, as our sales organization ramps up and really focuses on selling our enterprise portfolio, we’re seeing that initial deal and that initial contract include more of SEMrush than we’ve seen previously.

因此，隨著我們的銷售組織不斷壯大並真正專注於銷售我們的企業產品組合，我們看到初始交易和初始合約包含的 SEMrush 比我們以前看到的要多。

So, that first check or first contract is larger.

因此，第一張支票或第一份合約金額較大。

So, one caveat is that may have an impact on our net revenue retention rate, but it’s positive.

因此，需要注意的是，這可能會對我們的淨收入保留率產生影響，但這是正面的影響。

We’ll take it.

我們會接受它。

It just means the ARR treats the SEMrush earlier.

這只是意味著 ARR 更早處理 SEMrush。

Got it, thank you.

知道了，謝謝。

Thank you.

謝謝。

Luke Horton, Northland Capital Market.

北國資本市場 (Northland Capital Market) 的盧克霍頓 (Luke Horton) 。

Hey, guys.

嘿，大家好。

Thanks for taking the question and congrats on the nice quarter.

感謝您回答這個問題，並祝賀本季取得良好業績。

Just wanted to touch on this AIO, AI optimization that Oleg and Eugene you guys were talking about.

只是想談談 Oleg 和 Eugene 你們談論的 AIO、AI 優化。

Just wondering, is this going to be some sort of add on to existing product solutions or to the enterprise solution?

只是想知道，這是否會成為現有產品解決方案或企業解決方案的某種附加功能？

And then how do you kind of think about the pricing and potential price increases as you launch these AIO capabilities?

那麼，當您推出這些 AIO 功能時，您如何看待定價和潛在的價格上漲？

Thank you.

謝謝。

Great question.

好問題。

So of course, as with every new portfolio of products, there will be a lot of testing around packaging and pricing.

因此，當然，與每個新產品組合一樣，都會進行大量有關包裝和定價的測試。

As of today, we have one product life in our product led growth platform.

截至今天，我們的產品主導成長平台中已經有一個產品生命週期。

It’s available for $99 a month, which I cannot tell you if that’s going to be a long-term price.

它的價格是每月 99 美元，我無法告訴你這是否是長期價格。

But it is price we’re comfortable with for now and for testing period.

但就目前和測試期間而言，這是我們可以接受的價格。

And of course, we’ll keep you posted when there are more news.

當然，如果有更多新聞，我們會及時告知您。

And we expect to launch Enterprise version as well fairly soon in the first half of the year.

我們預計在今年上半年推出企業版。

So, like I said, it’s a great opportunity and we will keep you posted.

所以，就像我說的，這是一個很好的機會，我們隨時都會向你通報最新情況。

But like with every new launch, you don’t necessarily know the final pricing and packaging when you launch it.

但就像每次新產品發布一樣，您在發佈時不一定知道最終的定價和包裝。

And you focus more on user adoption and feedback.

您更加關注用戶的採用和回饋。

Got it, yes, that makes sense.

明白了，是的，這很有道理。

And then just with the 40 new enterprise deals in the month of December alone, just wondering what kind of contributed to such a strong month of December, and if this kind of momentum has continued here in January and February?

光是 12 月就有 40 筆新的企業交易，想知道是什麼促成了 12 月如此強勁的勢頭，以及這種勢頭是否會在 1 月和 2 月延續？

Yes.

是的。

Honestly, it’s a continuation of the investments and the initiatives that we’ve been building for a number of years.

老實說，這是我們多年來一直在進行的投資和計劃的延續。

We’ve talked a number of times about SEMrush’s foundation and strong track record of success with a product led growth motion.

我們已經多次談論 SEMrush 的基礎以及以產品為主導的成長動力所取得的成功記錄。

Over the last few years, we’ve recognized incremental opportunity in the enterprise, not just with ramping up our selling organization, but also adding sophistication and more advanced capabilities to our product.

在過去幾年裡，我們認識到企業中的增量機會，不僅擴大了我們的銷售組織，還增加了我們產品的複雜性和更先進的功能。

We’ve been at that for a while and the fourth quarter was essentially a really strong momentum building quarter where the product had been launched and out for a couple of quarters and our selling organization was starting to get up to full productivity from those early investments that we made in our enterprise go to market.

我們已經這樣做了一段時間，第四季度實際上是一個勢頭非常強勁的季度，產品已經推出並上市幾個季度，我們的銷售組織開始從我們在企業上市過程中所做的早期投資中獲得全面生產力。

So, we’re really pleased to see what we saw in the fourth quarter.

因此，我們很高興看到第四季的業績。

We’re seeing good mix of both new and existing customer upgrades and really optimistic about what the future holds for that product and overall go to market motion.

我們看到新舊客戶升級的良好組合，並且對該產品的未來以及整體市場動向非常樂觀。

Got it.

知道了。

And yes, and that was actually going to be my last follow-up was just about the percentage of enterprise customers that are new to SEMrush versus customers that have used prior products or solutions that have been upsold to this enterprise solution?

是的，這實際上是我最後一次跟進，問題是新接觸 SEMrush 的企業客戶與使用過之前產品或解決方案並已升級為該企業解決方案的客戶的百分比是多少？

Sure.

當然。

So, out of the 144 that Oleg and I mentioned, it’s 60/40, so 60% existing where they were using at least one SEMrush product and we’ve upgraded them and then other 40% of brand-new competitive displacements or a shift from an internal proprietary solution to a SEMrush enterprise SEO solution.

因此，在 Oleg 和我提到的 144 家公司中，比例是 60/40，也就是說，60% 的公司目前正在使用至少一種 SEMrush 產品，而我們對它們進行了升級，另外 40% 的公司則採用全新的競爭性替代產品或從內部專有解決方案轉向 SEMrush 企業 SEO 解決方案。

Other key thing to note while we’re on that topic is on average that cohort of 144 customers was paying about $10,000 and now with their upgrade to the enterprise SEO solution are up to a little bit over $62,000 so a pretty significant multiplier with that new solution.

在我們討論這個主題時要注意的另一個關鍵點是，144 位客戶的平均費用約為 10,000 美元，而現在他們升級到企業 SEO 解決方案後，費用增加到 62,000 多美元，因此採用該新解決方案後，費用增加了相當可觀的倍數。

Awesome.

驚人的。

Thanks, Brian, and thanks guys for answering all the questions.

謝謝，Brian，也謝謝大家回答所有問題。

That’s it for me and congrats again on a really nice quarter.

對我來說這就是全部了，再次恭喜你度過了一個非常美好的季度。

You got it.

你明白了。

Welcome to our call.

歡迎來電洽詢。

Thank you.

謝謝。

[Operator Instructions]

[操作說明]

Jackson Ader, KeyBanc Capital Markets, Inc.

傑克遜·阿德（Jackson Ader），KeyBanc Capital Markets，Inc.

Great.

偉大的。

Thanks for taking our questions guys.

感謝你們回答我們的問題。

Good morning.

早安.

It looks like operating expenses are expected to accelerate their growth here in 2025, at least according to kind of the implied guidance.

至少根據隱含的指引，預計 2025 年營運費用將加速成長。

And so I’m curious whether there’s any kind of timeline or expectation on maybe when revenue -- organic revenue acceleration might follow suit from those investments?

所以我很好奇，是否有任何時間表或預期，即收入——有機收入加速何時會隨著這些投資而隨之成長？

Yes.

是的。

Hey, Jackson.

嘿，傑克森。

Yes, we’ve been at this overall strategy for a bit here.

是的，我們已經討論過這個總體戰略一段時間了。

Just to touch on margins and then I’ll touch on your revenue question.

我先談利潤率，然後再談一下你的收入問題。

Since the fourth quarter of 2022, our non-GAAP operating margin has been up by 2,700 basis points and our free cash flow margin about 2,500 basis points over an eight quarter period.

自 2022 年第四季以來，我們的非 GAAP 營業利潤率在八個季度內上漲了 2,700 個基點，自由現金流利潤率上漲了約 2,500 個基點。

So, we’ve been busy.

所以，我們一直很忙。

We’ve been really focusing on efficiency and productivity throughout the organization and in particular making sure we have our investments focused on areas where we have a track record of success, a really strong market position and conviction about our ability to win and scale the company’s growth leveraging those investments all focused on making sure we’re driving long-term shareholder value.

我們一直非常注重整個組織的效率和生產力，特別是確保我們的投資集中在我們擁有成功記錄、真正強大的市場地位和對我們贏得勝利和擴大公司增長的能力的信心的領域，利用這些投資，所有這些都集中在確保我們推動長期股東價值。

So, we did a lot of work.

因此，我們做了很多工作。

We were able to capture those improvements to operating margin.

我們能夠捕捉到這些營業利潤率的提升。

We did note at Analyst Day that we’re committed to continued improvements and in the long-term model noted that we get to 22% non-GAAP operating margin and 25% free cash flow margin.

我們確實在分析師日指出，我們致力於持續改進，並在長期模型中指出，我們實現了 22% 的非 GAAP 營業利潤率和 25% 的自由現金流利潤率。

Our guidance for 2025 is we still have a number of months ago, so it’s early in the year.

我們對 2025 年的預期還有幾個月的時間，所以現在還只是年初。

But we’re essentially guiding flat on non-GAAP operating margin and a two sixty basis points increase in free cash flow margin.

但我們基本上預期非公認會計準則營業利潤率將持平，而自由現金流利潤率將增加 2.60 個基點。

So, we’re continuing on our journey.

所以，我們繼續我們的旅程。

What we see 2025 as is a year to sort of take our breath to celebrate all the success we’ve had with all those margin expansions and start to build initiatives for the next leg of margin expansion.

我們認為 2025 年是值得我們放鬆慶祝的一年，我們將在利潤率擴張方面取得所有成功，並開始為下一階段的利潤率擴張制定計劃。

But it’s also a year of investment.

但這也是投資的一年。

We see a lot of opportunity, as Oleg mentioned, about expanding enterprise capabilities beyond just SEO.

正如 Oleg 所提到的，我們看到了很多關於擴展企業能力（而不僅僅是 SEO）的機會。

We have a number of interconnected hubs with paid advertising, social, local marketing, brand marketing, content marketing and of course, a number of AI initiatives that we believe have a significant opportunity in store for SEMrush and we want to be investing in those.

我們擁有多個互聯中心，包括付費廣告、社交、本地行銷、品牌行銷、內容行銷，當然還有許多人工智慧計劃，我們相信這些計劃為 SEMrush 帶來了巨大的機遇，我們希望對這些計劃進行投資。

We’re also really pleased with what we’re seeing with the sales organization.

我們對銷售組織的表現也感到非常滿意。

Under Tommy’s leadership, we’re gaining traction and momentum and want to make sure that we’re fueling that success and supporting the growth and success we’re seeing in enterprise.

在 Tommy 的領導下，我們正在獲得關注和發展動力，並希望確保我們能夠推動這一成功並支持我們在企業中看到的成長和成功。

So, we’re going to make this an investment year, maintain that margin, but of course, free cash flow margin will expand by 260 basis points, so we’re continuing to push that forward.

所以，我們將把今年作為投資年，保持這一利潤率，但當然，自由現金流利潤率將擴大 260 個基點，因此我們將繼續推動這一進程。

All of these efforts, all of these initiatives and investments are of course put in place to make sure that we can continue to drive durable growth and ultimately, accelerate it in certain segments and with certain products.

所有這些努力、所有這些舉措和投資當然都是為了確保我們能夠繼續推動持久成長，並最終在某些領域和某些產品上加速成長。

So, we’re absolutely keeping that in mind and ensuring that we have that focus with these investments.

因此，我們絕對會牢記這一點，並確保我們在這些投資上專注於這一點。

Okay.

好的。

All right.

好的。

Great.

偉大的。

And then a follow-up question to the 60/40 split on the enterprise customers.

然後是關於企業客戶 60/40 分成的後續問題。

Curious whether existing or net new customers to SEMrush have is there any kind of a difference in terms of their average ARPU at around that 60,000?

好奇 SEMrush 的現有客戶或新增客戶在平均 ARPU 方面是否有差異，都在 60,000 左右？

That’s a great question.

這是一個很好的問題。

We’re not actually seeing that.

我們實際上並沒有看到這一點。

I think in fact our biggest customer and the biggest multiple expansion was an existing customer.

我認為事實上我們最大的客戶和最大的多元化擴張是現有客戶。

So, we’re seeing really strong success and proving out that the product has the capabilities, the enhanced sophistication and I think most importantly the incremental value that allows companies to save time and generate incremental revenue at a much more rapid pace than their competitors that are not using that platform.

因此，我們看到了真正巨大的成功，證明了該產品具有強大的功能和增強的複雜性，我認為最重要的是，它具有增量價值，使公司能夠節省時間並以比未使用該平台的競爭對手快得多的速度產生增量收入。

So, we’re not seeing any particular existing versus new customer dynamics that and the anchoring dynamic that you saw that you’re asking about.

因此，我們沒有看到任何特定的現有客戶與新客戶動態，以及您所看到的您所詢問的錨定動態。

All right, cool.

好的，很酷。

Thank you.

謝謝。

Thank you.

謝謝。

Scott Berg, Needham & Company, LLC.

斯科特·伯格，Needham & Company，LLC。

Hi, everyone.

大家好。

Really nice quarter.

真是一個美好的季度。

I guess, welcome, Bill.

我想，歡迎你，比爾。

Looking forward to working with you.

期待與您合作。

Couple of questions here and maybe Brian, how you’re thinking about the guidance here for fiscal 2025.

這裡有幾個問題，也許 Brian，您如何看待 2025 財年的指導方針。

Around the macro, we’ve seen SMB businesses be a little bit more optimistic over the last two or three months.

從宏觀角度來看，我們看到中小企業在過去兩三個月變得更加樂觀了。

I know your net adds were a little on the lighter side here in the quarter, but there’s always some seasonality around your business in the fourth quarter, so I don’t think that’s unsurprising.

我知道本季你們的淨增額稍微少了一點，但第四季你們的業務總是會受到一些季節性的影響，所以我認為這並不奇怪。

But how are you thinking about the macro with regards to your initial 2025 outlook?

但是，就您最初的 2025 年展望而言，您如何看待宏觀經濟？

Is it may be improving with some of that sentiment?

這種情緒可能會有所改善嗎？

Or are you still taking a more prudent cautious view?

還是您仍採取更審慎謹慎的觀點？

Hey, Scott.

嘿，斯科特。

Yes, I think you nailed it.

是的，我認為你說對了。

The approach we’re taking for 2025 is consistent with how we’ve guided in the past.

我們針對 2025 年採取的方法與過去的指導方針一致。

We’re going to continue to maintain a prudent outlook that represents the near-term trends.

我們將繼續保持代表近期趨勢的審慎觀點。

Our experience in the second half of the fourth quarter is while we’re seeing certain soft factors related to the macro and to SMB optimism start to improve, we’re going to want to see actual hard evidence of that in economic indicators before we really lean into our guidance.

根據我們在第四季度下半年的經驗，雖然我們看到與宏觀和中小企業樂觀情緒相關的某些軟因素開始改善，但我們希望在經濟指標中看到實際的確鑿證據，然後我們才能真正依賴我們的指引。

So, for now, our guidance assumes a continuation of the same trends.

因此，就目前而言，我們的指導假設相同的趨勢將繼續下去。

There’s a long year ahead of us and want to make sure we’re continuing to maintain a prudent outlook and set up SEMrush for success and ensure that we can continue to deliver on our commitments.

未來的一年還很漫長，我們要確保繼續保持審慎的態度，為 SEMrush 的成功做好準備，並確保我們能夠繼續履行我們的承諾。

Excellent.

出色的。

I know you touched on a new enterprise version coming in the first half of the AIO solution here.

我知道您在這裡提到了 AIO 解決方案前半部分即將推出的新企業版本。

I guess, how do we think about that kind of feature function and pricing relative to what you currently have in the market?

我想，相對於目前市場上的產品，我們如何看待這種功能和定價？

I assume it’s not going to have the same 10 to 15 uplift as your core enterprise solution that you released last year is.

我估計它不會像您去年發布的核心企業解決方案那樣帶來 10 到 15 倍的提升。

But how do we think about the incremental functionality and then the uplift that might actually drive--?

但是，我們如何看待增量功能以及可能真正推動的提升呢？

Yeah, so functionality at first will be primarily focused on just measuring overall visibility in different LLMs as well as AI-powered search.

是的，所以最初的功能將主要集中在衡量不同 LLM 以及人工智慧搜尋中的整體可見性。

And I think the biggest new thing is that when it comes to AI, it’s not just about clicks and traffic, it’s also about the tone of voice and what those things actually say and understanding the meaning.

我認為最大的新鮮事是，當談到人工智慧時，它不僅與點擊量和流量有關，還與語氣、這些東西實際上說了什麼以及理解其含義有關。

And we’re working a lot on extracting those additional kind of layers of insights from the output of large language models.

我們正在努力從大型語言模型的輸出中提取額外的洞察層次。

So, those are this is going to be the key functionality at first.

所以，這些首先將是關鍵功能。

And then like I said, in terms of pricing packaging, it’s a bit too early.

然後就像我說的，就包裝定價而言，現在還為時過早。

We’ll see what is the demand and what is the, let’s say, price elasticity there and then we will make pricing decisions accordingly.

我們將了解需求是多少、價格彈性是多少，然後我們將據此做出定價決策。

But in my experience at launch, you just don’t focus on that.

但根據我的經驗，在發佈時你不會關注這一點。

You focus on customer feedback.

您注重客戶回饋。

You want happy customers, then you decide what is the right price and package.

您希望客戶滿意，然後您決定合適的價格和套餐。

Excellent.

出色的。

And I apologize if I can slide one last one in here.

如果我可以在這裡再插入最後一個問題，我深感抱歉。

Your growth in your 10-K customer segment was really good, up 40% in the quarter here year-over-year.

你們的 10-K 客戶群的成長非常好，本季年增了 40%。

What’s driving that?

是什麼原因導致的呢？

I guess how much of that’s been driven by your enterprise new solution?

我猜測其中有多少是由你們的企業新解決方案所推動的？

Obviously, you have 144 customers on that.

顯然，您有 144 位客戶。

Or is there a cohort there that’s just maybe more your core SMB customers that could buy more, purchasing more?

或者是否存在一個可能只是您的核心 SMB 客戶群體，他們可以購買更多產品？

Just trying to help understand what the key driver is of that 10-K segment?

只是想幫助您了解 10-K 細分市場的關鍵驅動因素是什麼？

Yes, it’s definitely more than Enterprise.

是的，絕對比 Enterprise 多。

I mean Enterprise contributed in the year to 144 of those and of course a 42% increase that gets us to 4,300 represents that plus quite a few more.

我的意思是，企業在一年內貢獻了 144 家，當然，成長了 42%，達到 4,300 家，這還不算什麼，而且還增加了不少。

So, in addition to Enterprise and what we talked about a little bit earlier with Jackson’s question, we’re continuing to invest in our sales organization and we’re getting really strong success from pivoting, from approaching the users and the experts that are leveraging our technology to focusing a little bit more on leadership and ensuring that they’re getting the full value of our platform across their entire digital marketing team and pivoting the conversation from a transaction to a trusted advisor status where we’re partnering with these organizations to enhance their online visibility.

因此，除了企業和我們之前在回答傑克遜的問題時談到的內容之外，我們還在繼續投資我們的銷售組織，並且透過轉型獲得了巨大的成功，從接觸利用我們技術的用戶和專家，到更加關注領導力，確保他們在整個數位行銷團隊中獲得我們平台的全部價值，並將對話從交易轉向值得信賴的顧問狀態，我們正在與這些組織合作，以提高他們的在線知名度。

So, our overall buyer is being enhanced, overall go to market and lead demand generation functions being enhanced.

因此，我們的整體買家功能得到增強，整體進入市場和引領需求產生功能得到增強。

And of course, we continue to invest in our portfolio, not just in enterprise, but making sure that we have a fully integrated and comprehensive digital marketing platform across those six channels with a really strong data and intelligence layer.

當然，我們會繼續投資我們的投資組合，不僅僅是在企業方面，而且確保我們擁有一個涵蓋這六個管道的完全整合的、全面的數位行銷平台，並擁有真正強大的數據和智慧層。

And we’re just seeing strong success in companies adopting more of our platform and enabling a strong cross sell and up sell that’s driving that number up in addition to the enterprise capabilities that we’re launching.

我們看到，越來越多的公司採用了我們的平台，並實現了強勁的交叉銷售和追加銷售，從而取得了巨大的成功，除了我們推出的企業功能之外，還推動了這一數字的上升。

Excellent.

出色的。

Nice quarter, thanks for taking my questions.

非常棒的一個季度，感謝您回答我的問題。

All right, thanks Scott.

好的，謝謝斯科特。

Thank you.

謝謝。

I would like to conclude the question-and-answer session here and hand back to the management team for some final closing comments.

我想在這裡結束問答環節，並將最後的結束語交給管理團隊。

Thank you all for joining us today.

感謝大家今天的參與。

Look, we delivered a strong fourth quarter, closing out record year and the positive momentum continues.

你看，我們在第四季度表現強勁，結束了創紀錄的一年，而這種積極的勢頭還在繼續。

I am very excited to welcome Bill to our team, and we remain focused on consistently delivering strong growth, profitability, and free cash flow.

我非常高興地歡迎比爾加入我們的團隊，我們將繼續專注於持續實現強勁的成長、獲利能力和自由現金流。

Thank you all.

謝謝大家。

Thank you all for joining

感謝大家加入

(multiple speakers)

（多位發言者）

Goodbye, I can confirm that that does conclude today's conference call with SEMrush Holdings.

再見，我可以確認今天與 SEMrush Holdings 的電話會議到此結束。

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

請享受您剩餘的一天，現在您可以掛斷電話了。