SEMrush Holdings Inc (SEMR) 2025 Q1 法說會逐字稿

Good morning. Thank you for attending today's SEMrush first-quarter 2025 earnings conference call. My name is Megan, and I'll be your moderator for today. All lines will be made in the presentation portion of the call with an opportunity for questions and answers at the end. (Operator Instructions)

早安.感謝您參加今天的 SEMrush 2025 年第一季財報電話會議。我叫梅根，今天我將擔任主持人。所有台詞都將在電話會議的演示部分進行，並在最後提供問答機會。（操作員指示）

I would now like to pass the call over to Brinlea Johnson with [Blue Shirt Group]. Please go ahead.

現在我想把電話轉給 Brinlea Johnson[藍衫集團]。請繼續。

Good morning and welcome to SEMrush Holdings first-quarter 2025 conference call. We'll be discussing the results announced in our press release issued after market close on May 7. With me on the call is our CEO Bill Wagner; and our CFO, 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 1,995.

早安，歡迎參加 SEMrush Holdings 2025 年第一季電話會議。我們將在 5 月 7 日收盤後發布的新聞稿中討論公佈的結果。與我一起參加電話會議的是我們的執行長比爾·瓦格納 (Bill Wagner)；以及我們的財務長 Brian Mulroy。今天的電話會議將包含根據 1995 年《私人證券訴訟改革法案》的安全港條款做出的前瞻性陳述。

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 continuing 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.

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、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、我們對客戶群和特定客戶群的預期增長的陳述。我們的產品、產業和市場趨勢的持續發展。我們的競爭地位、市場機會和成長策略、銷售和行銷活動和策略、未來支出和增量投資。

Our guidance for the second quarter of 2025 and for the full year 2025 statements about future pricing and operating results, including marginal improvements, revenue growth and profitability, statements about transition and the impact of recent changes to our executive management team, and assumptions regarding foreign exchange rates. 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. 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 duties to update these statements.

我們對 2025 年第二季和 2025 年全年的指導包括有關未來定價和經營業績的聲明，包括邊際改善、收入增長和盈利能力、有關過渡和我們執行管理團隊近期變動的影響的聲明，以及有關外匯匯率的假設。前瞻性陳述是事實陳述以外的陳述，可以透過預期、可以、預期、可能、計劃、相信、尋求或將要等字詞來識別。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 are just matters that are subject to risk and uncertainty that could cause actual results to differ materially from these forward-looking statements. For discussion of the risk and important factors that could affect our actual results, please refer to our most recent annual report on Form 10-k filed with the Securities and Exchange Commission, as well as other filings with the SEC.

前瞻性陳述只是受風險和不確定性影響的事項，可能導致實際結果與這些前瞻性陳述有重大差異。有關可能影響我們實際結果的風險和重要因素的討論，請參閱我們向美國證券交易委員會提交的最新 10-k 表年度報告以及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. There's 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 the investors.semrush.com.

最後，在今天的電話會議中，我們提到了某些非 GAAP 財務指標。我們昨天在市場收盤後發布的新聞稿中有一個顯示 GAAP 與非 GAAP 結果的對帳表，可在 investors.semrush.com 上找到。

Now, let me say I'm the call over to Bill.

現在，我要把電話轉給比爾。

Thank you and good morning. I'm thrilled to be joining you all on my first earnings call as the CEO of SEMrush. As a SEMrush board member over the last several years, I've had the opportunity to watch the company grow and evolve from a single product SEO solution for specialists to the leading digital marketing platform for companies of all sizes.

謝謝，早安。我很高興能作為 SEMrush 的執行長參加我的第一次財報電話會議。身為過去幾年的 SEMrush 董事會成員，我有幸見證了公司從一家為專家提供單一產品 SEO 解決方案的公司成長和發展成為面向各種規模公司的領先數位行銷平台。

Now as CEO, I'm excited to work with the team as we continue on the next stage for SEMrush, an era in which we will be expanding our best in class data platform, seizing the emerging opportunity presented by AI, adding new capabilities to our platform, and expanding our reach into the enterprise market.

現在，作為首席執行官，我很高興與團隊合作，繼續 SEMrush 的下一階段，在這個時代，我們將擴展我們一流的數據平台，抓住人工智慧帶來的新興機遇，為我們的平台添加新功能，並擴大我們在企業市場的影響力。

We reported revenues of $105 million in Q1, representing more than 22% year over year growth and exceeding the high end of our guidance. We delivered non-gap operating margin of 11.6% and increased our free cash flow margin by 360 basis points over the same period last year.

我們報告第一季的營收為 1.05 億美元，年成長超過 22%，並超過了我們預期的最高水準。我們的非差距營業利潤率為 11.6%，自由現金流利潤率比去年同期提高了 360 個基點。

We are especially pleased by the strong performance of our enterprise SEO solution, as we now have nearly 200 paying customers at an average ARR per customer of approximately $60,000 almost 20% higher than the expectations we shared at our analyst day last fall.

我們對企業 SEO 解決方案的強勁表現感到特別高興，因為我們現在擁有近 200 名付費客戶，每位客戶的平均 ARR 約為 60,000 美元，比我們去年秋季分析師日分享的預期高出近 20%。

We are also encouraged by the customer reaction to our AI products, which in a short period of time have grown to over $4 million in ARR. This includes AI toolkit which we launched in Q1 and quickly became one of the fastest growing new products in the company's history.

客戶對我們 AI 產品的反應也令我們感到鼓舞，在短時間內，我們的 ARR 已成長到超過 400 萬美元。其中包括我們在第一季推出的 AI 工具包，它迅速成為該公司歷史上成長最快的新產品之一。

As I step back and reflect on my first 60 days in the CEO seat, I want to share some early observations. Over the past eight weeks, I've been spending time with employees and customers alike from around the world, and without a doubt, I am even more optimistic about the market opportunity and future of SEMrush.

當我回顧自己擔任執行長後的前 60 天時，我想分享一些早期的觀察。在過去的八周里，我一直與來自世界各地的員工和客戶在一起，毫無疑問，我對 SEMrush 的市場機會和未來更加樂觀。

A few takeaways. First, AI and the emergence of AI-driven search presents a once in a generation opportunity for SEMrush. While it's still early, companies I've spoken with are anxious to understand the impact of answer engines on their business. We expect SEMrush will become the go to source companies will turn to analyze, monitor, and proactively shape their brand presence within these new AI-driven search environments.

一些要點。首先，人工智慧和人工智慧驅動的搜尋的出現為 SEMrush 提供了千載難逢的機會。雖然現在還為時過早，但與我交談過的公司都急於了解答案引擎對其業務的影響。我們預期 SEMrush 將成為企業在這些新的 AI 驅動的搜尋環境中分析、監控和主動塑造其品牌形象的首選來源。

Second, the Enterprise SEO experiment for SEMrush is over and the results are in. We are confident the enterprise market will become a significant growth driver for SEMrush for years to come. We now expect Enterprise SEO Solution, which we released less than 12 months ago, to exit the year with $30 million in ARR. Third, even though I was closely connected with the company as a director, I still did not fully appreciate the value of our data platform.

其次，SEMrush 的企業 SEO 實驗已經結束，並且已經出結果。我們相信，企業市場將成為未來幾年 SEMrush 的重要成長動力。我們現在預計，不到 12 個月前發布的企業 SEO 解決方案今年的 ARR 將達到 3,000 萬美元。第三，儘管我作為董事與公司聯繫密切，但我仍然沒有充分認識到我們數據平台的價值。

It is essentially a data warehouse for digital marketing, turning messy fragmented marketing signals across almost every digital channel into clear real-time insights that drive action. The vastness and quality of our data, along with our ability to continue adding new data sources represents a unique moat that is highly valued by our customers.

它本質上是一個數位行銷資料倉儲，將幾乎所有數位管道上雜亂無章的行銷訊號轉化為推動行動的清晰即時洞察。我們資料的龐大性和質量，以及我們不斷添加新資料來源的能力，代表了我們獨特的護城河，受到客戶的高度重視。

Lastly, I've been inspired by our employees. Now I'm sure most CEOs think their employees are special, but as I've traveled our offices and spoken to hundreds of employees, I've been particularly impressed with their adaptability and their innovation. Two traits that will serve us well on the next part of our journey. Of course I still have a lot to learn as I continue to work with the team and talk to customers, but my early observations have allowed me to form early conviction around four immediate priorities.

最後，我們的員工給了我啟發。現在我相信大多數執行長都認為他們的員工很特別，但當我走遍我們的辦公室並與數百名員工交談時，他們的適應性和創新能力給我留下了特別深刻的印象。這兩個特質將幫助我們順利完成接下來的旅程。當然，當我繼續與團隊合作並與客戶交談時，我還有很多東西要學，但我早期的觀察使我能夠圍繞著四個當務之急形成早期信念。

First, we will double down on AI and extend our early leadership position in AI-driven visibility. We know AI is a game changer, and I am confident no company is better positioned than SEMrush. To help companies of all sizes build their brands and generate online visibility across both search engines and answer engines.

首先，我們將加倍投入人工智慧，並擴大我們在人工智慧驅動視覺性方面的早期領導地位。我們知道人工智慧可以改變遊戲規則，我相信沒有任何一家公司比 SEMrush 更有優勢。幫助各種規模的公司建立自己的品牌，並在搜尋引擎和答案引擎上提高線上知名度。

In addition to the introduction of AI specific products, we are already leveraging AI within our products to automate workflows and help customers move more quickly and efficiently. But honestly, I think we are just scratching the surface and the teams are excited to push even harder in this direction. Second, we will accelerate the pace of innovation and new product introductions to drive even more growth in the enterprise segment.

除了推出特定於 AI 的產品外，我們還在產品中利用 AI 來自動化工作流程並幫助客戶更快、更有效率地採取行動。但老實說，我認為我們只是觸及了表面，團隊很高興能朝這個方向更加努力。其次，我們將加快創新和新產品推出的步伐，以推動企業領域的進一步成長。

We have proven we can successfully sell into the world's largest brands, even if this initial success has been driven by a single SEO solution. Our next solution for the enterprise market, AI optimization, is now an open beta, and we have already seen strong interest from our customer base. We expect AI optimization to go GA later this quarter and to be followed by several additional enterprise solutions later this year.

我們已經證明，我們可以成功地向世界上最大的品牌銷售產品，即使這一最初的成功是由單一的 SEO 解決方案所推動的。我們針對企業市場的下一個解決方案 AI 優化現已進入公開測試階段，並且我們已經看到了客戶群的濃厚興趣。我們預計 AI 優化將在本季稍後正式發布，並在今年稍後推出其他幾個企業解決方案。

Third, we will make it easier for our customers of all sizes to purchase and use our platform. True to our belief that marketing should be accessible to every business in the 2nd quarter, we are introducing a new guided onboarding flow, as well as AI assistance that helps users get started, highlights opportunities to increase visibility, and automatically optimizes campaigns in real time. These changes remove friction and deliver value faster, especially for smaller resource constrained teams.

第三，我們將使各種規模的客戶更輕鬆地購買和使用我們的平台。我們堅信，在第二季度，每個企業都應該能夠進行行銷，因此，我們推出了新的引導式入門流程以及人工智慧輔助，幫助用戶入門、突出提高知名度的機會並自動即時優化行銷活動。這些變化消除了摩擦並更快地交付價值，特別是對於資源受限的小型團隊而言。

Later this year, we'll be making additional enhancements to purchase and on-boarding flows to continue to reduce friction and decrease the time to value for our customers.

今年晚些時候，我們將對購買和入職流程進行進一步改進，以繼續減少摩擦並縮短客戶價值實現時間。

Lastly, we will further strengthen our best in class data platform. Our early success in AI underscores the value of our structured data, and the team and I believe we have an opportunity to increase the richness of our data and extend the durability and value of our data platform. This will require some additional focus from our product and engineering teams, but we expect to cover any additional expenses by reallocating existing resources.

最後，我們將進一步加強我們一流的數據平台。我們在人工智慧領域的早期成功凸顯了我們結構化資料的價值，我和團隊相信我們有機會增加資料的豐富性並延長我們資料平台的耐用性和價值。這將需要我們的產品和工程團隊投入更多關注，但我們希望透過重新分配現有資源來彌補任何額外費用。

In summary, there's a great deal to be excited about. My first 60 days makes me believe that there is a much bigger opportunity in front of the company. Of course we have a lot of work to do and like everyone else, I'm mindful of the uncertain geopolitical and macroeconomic environment. I believe SEMrush has built an incredibly strong and durable platform, and we remain focused on unlocking opportunities to accelerate both top line growth and profitability.

總而言之，有很多事情值得興奮。我在公司工作的前60天讓我相信，公司面前還有更大的機會。當然，我們還有很多工作要做，和其他人一樣，我也注意到不確定的地緣政治和宏觀經濟環境。我相信 SEMrush 已經建立了一個非常強大且持久的平台，我們將繼續專注於釋放機遇，以加速收入成長和獲利能力。

With that, I will turn the call over to Brian to walk you through the financial results of the quarter. Brian.

說完這些，我將把電話轉給 Brian，讓他向您介紹本季的財務表現。布萊恩。

Thank you, Bill. We had a solid first quarter across the board, further demonstrating our ability to consistently grow revenue while also increasing our profitability. Our first quarter revenue was $105 million, exceeding the high end of our guidance and growing 22% year over year. 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, as well as an increase to the overall number of paying customers. In addition, we saw very strong adoption of our enterprise SEO solution during the quarter.

謝謝你，比爾。我們第一季的業績表現全面穩健，進一步證明了我們能夠持續增加收入並提高獲利能力。我們第一季的營收為 1.05 億美元，超過了我們的預期上限，年增 22%。成長主要得益於我們持續執行交叉銷售和追加銷售策略，導致每位客戶平均收入增加，以及付費客戶總數增加。此外，本季我們發現企業 SEO 解決方案的採用率非常高。

We achieved positive non-GAAP operating income of $12.2 million in the first quarter, also exceeding our guidance and resulting in a non-GAAP operating margin of 11.6%, up approximately 30 basis points year over year.

我們在第一季實現了 1,220 萬美元的非公認會計準則營業收入，也超過了我們的預期，非公認會計準則營業利潤率為 11.6%，同比增長約 30 個基點。

Cash flow from operations was $22.1 million in the first quarter for a cash flow from operations margin of 21.1%. We generated $18.5 million of free cash flow in the first quarter leading to a free cash flow margin of 17.6%. We ended the quarter with cash and cash equivalents and short-term investments of $261.8 million, up $26.2 million from the previous quarter.

第一季經營現金流為 2,210 萬美元，經營現金流利潤率為 21.1%。我們在第一季產生了 1,850 萬美元的自由現金流，自由現金流利潤率達到 17.6%。本季末，我們的現金、現金等價物和短期投資為 2.618 億美元，比上一季增加了 2,620 萬美元。

Annual recurring revenue for the quarter grew 20% year on year to $424.7 million. Our calculated average ARR propane customer grew to over 3,600, up more than 14% year over year versus the same quarter last year. As part of our continuum momentum in our enterprise segment, the number of customers paying over 50,000 increased 86% year to year to 388.

本季年度經常性營收年增 20% 至 4.247 億美元。我們計算的平均 ARR 丙烷客戶數量成長至 3,600 多名，與去年同期相比成長了 14% 以上。作為我們企業部門持續發展勢頭的一部分，支付金額超過 50,000 美元的客戶數量同比增長 86%，達到 388 家。

In addition, we now have over 5,000 customers paying over 10,000, which grew approximately 40% over the year. This strong growth is a direct result of our investments in our enterprise selling motion and launch of our enterprise SEO solution. Our Enterprise SEO solution now has nearly 200 paying customers, with an average ARR per customer of approximately 60,000. We ended the quarter with $11 million of ARR from our new enterprise SEO solution.

此外，我們現在有超過 5,000 名付款超過 10,000 美元的客戶，比去年同期增長了約 40%。這一強勁成長直接得益於我們對企業銷售活動的投資以及企業 SEO 解決方案的推出。我們的企業 SEO 解決方案目前擁有近 200 名付費客戶，每位客戶的平均 ARR 約為 60,000。本季結束時，我們透過新的企業 SEO 解決方案獲得了 1,100 萬美元的 ARR。

As of March 301, 2025, we had approximately 118,000 paying customers. Our dollar-based net revenue retention at the end of the first quarter was 106%. We continue to believe that our dollar-based net revenue retention will remain strong and increase as we expect our more sophisticated accounts to grow as a percentage of our mix, and these customers have higher net retention than our company average.

截至 2025 年 3 月 301 日，我們擁有約 118,000 名付費客戶。我們第一季末的美元淨收入保留率為 106%。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增加，因為我們預計更複雜的帳戶在我們的組合中所佔的比例將增長，並且這些客戶的淨保留率高於我們公司的平均水平。

I'll now provide our outlook for the second quarter and the full year 2025. For the second quarter of 2025, we expect revenue in a range of $108.2 million to $109.2 million, which at the midpoint would represent growth of approximately 20% year over year. We expect our second quarter non-gap operating margin to be approximately 11%.

我現在將提供我們對 2025 年第二季和全年的展望。對於 2025 年第二季度，我們預計營收將在 1.082 億美元至 1.092 億美元之間，中間值代表年增約 20%。我們預計第二季非差距營業利潤率約為 11%。

As a reminder, we closed the Brand 24 acquisition in early Q2 '24. The transaction added about $7.5 million of annual recurring revenue and contributed a little over two months of recognized revenue in that quarter. Beginning in Q2 '25, we mostly lapped that contribution. So Brand 24 no longer creates a year over year uplift in a reported growth rate.

提醒一下，我們在 2024 年第二季初完成了對 Brand 24 的收購。該交易增加了約 750 萬美元的年度經常性收入，並貢獻了該季度兩個多月的確認收入。從 2025 年第二季開始，我們基本上完成了這項貢獻。因此，Brand 24 的報告成長率不再實現年成長。

For 2025, we are reiterating our previous revenue guidance of $448 million to $453 million which translates to growth of approximately 20% at the midpoint. Given the uncertain geopolitical and macroeconomic environment, we believe it is possible that we could see elongated sales cycles and deferred spending by our customers. As a result, despite our outperformance in the first quarter and positive momentum in our business, we are reiterating the full year revenue guidance we gave last quarter.

對於 2025 年，我們重申先前的營收預期，即 4.48 億美元至 4.53 億美元，這意味著中間值成長率約為 20%。鑑於不確定的地緣政治和宏觀經濟環境，我們認為可能會看到銷售週期延長和客戶支出延遲。因此，儘管我們在第一季表現出色且業務呈現積極勢頭，但我們仍重申上個季度給出的全年收入預期。

As it relates to full year 2025 non-gap operating margins, we're also reiterating the guidance we gave last quarter of approximately 12%. However, this guidance now absorbs an incremental $8 million dollar expense headwind due to the recent movements in exchange rates. Our previous guidance assumed a EUR to US dollar exchange rate of 1.05, and we are now modeling an exchange rate of 1.13.

就 2025 年全年非差距營業利潤率而言，我們也重申了上個季度給出的約 12% 的指引。然而，由於近期匯率波動，該指引目前吸收了 800 萬美元的增量費用阻力。我們先前的指引假設歐元兌美元的匯率為 1.05，而我們現在的預測匯率為 1.13。

Approximately 30% of our expenses are denominated in euros, and today our revenue is entirely denominated in US dollars. So our margins are effectively unhedged against this exchange rate movement. If we were not impacted by fluctuations in the exchange rate, our full year operating income would have benefited from the leverage on our model as demonstrated by our strong first quarter performance.

我們的支出約有 30% 以歐元計價，而如今我們的收入全以美元計價。因此，我們的利潤實際上並未受到匯率變動的影響。如果我們不受匯率波動的影響，我們的全年營業收入將受益於我們模型的槓桿作用，正如我們第一季的強勁表現所證明的那樣。

Similarly, we continue to expect our free cash flow margin to be approximately 12%, up 260 basis points compared to 2024. Our free cash flow benefits from expanded profitability as well as continued growth in our enterprise cohort and in particular our enterprise SEO solution deals that we typically structure with a minimum annual commitment with annual billing.

同樣，我們繼續預計我們的自由現金流利潤率約為 12%，比 2024 年增長 260 個基點。我們的自由現金流受益於獲利能力的提高以及企業群體的持續成長，特別是我們的企業 SEO 解決方案交易，我們通常以最低年度承諾和年度結算來建立該解決方案。

In closing, we started off 2025 with strong Q1 results exceeding guidance. We are executing on a cross-sell and upsell strategy and continue to see strong adoption of our enterprise SEO solution. I remain optimistic about our ability to continue to drive growth, strong profitability, and free cash flow.

最後，我們在 2025 年伊始就取得了超乎預期的強勁第一季業績。我們正在執行交叉銷售和追加銷售策略，並繼續看到我們的企業 SEO 解決方案被廣泛採用。我對我們繼續推動成長、強勁獲利能力和自由現金流的能力仍然持樂觀態度。

With that, we're happy to take any of your questions, operator, please open the line for questions.

有了它，我們很樂意回答您的任何問題，接線員，請開通問答熱線。

Absolutely. (Operator Instructions)

絕對地。（操作員指示）

Our first question will go to the line of Mark Murphy with JPMorgan. Mark, your line is open.

我們的第一個問題是向摩根大通的馬克墨菲提出的。馬克，你的線路已開通。

Oh thank you so much. So Bill, I wanted to ask you because AI driven search is coming up in the news again with Apple saying that search volumes on Safari had declined month over month for the first time in April and so and they're mentioning search CPT and perplexity and loud. What exactly should your customers be doing about that? What are you advising them to do and how do you think about the positive and negative ramifications for some rush and then I have a quick follow up?

噢，非常感謝。比爾，我想問你一下，因為人工智慧驅動的搜尋再次出現在新聞中，蘋果表示 Safari 的搜尋量在 4 月首次出現環比下降，他們提到了搜尋 CPT、困惑度和響度。您的客戶到底該怎麼做呢？您建議他們做什麼？您如何看待這種匆忙的正面和負面影響？然後我可以快速跟進嗎？

Sure, Mark, thanks for the question. As I said, Mike, in my prepared remarks, from an online visibility perspective, we see AI as a once in a generation opportunity for us, and our brands are trying to figure out, in addition to how they show up in search, how do they show up in AI enabled search or AI-driven search, and that is net new for them. So I mean our enterprise, the demand for our enterprise.

當然，馬克，謝謝你的提問。麥克，正如我在準備好的發言中所說的那樣，從在線可見性的角度來看，我們將人工智能視為我們千載難逢的機會，我們的品牌正在試圖弄清楚，除瞭如何出現在搜索中之外，它們如何出現在支持人工智能的搜索或人工智能驅動的搜索中，這對他們來說是全新的。所以我指的是我們的企業，對我們企業的需求。

AI product, I think, is an example of that AI toolkit which I mentioned earlier, it's one of our fastest growing, if not the fastest growing product we ever launched, and you know the demand we're seeing from customers around AI optimization in the enterprise space is really strong. So look, it's early days. You saw the news yesterday about Apple and Google use in Safari. But what we think overall it's expanding the pie, and that's the opportunity for us.

我認為，AI 產品就是我之前提到的 AI 工具包的一個例子，它是我們成長最快的產品之一，如果不是我們推出的成長最快的產品，而且你知道我們看到客戶對企業領域 AI 優化的需求非常強勁。所以看，現在還為時過早。您昨天看到了有關 Apple 和 Google 在 Safari 中使用情況的新聞。但我們認為總體而言，這正在擴大蛋糕，這是我們的機會。

Okay, and then just as a follow up, I guess for you, Laura Brian, the, you've got the goal of growing 20% plus is the ARR result this quarter I think it's just a tick under 20%, is it somehow constrained or just a tick lower than you might have hoped or did you model it out that way? I think we're. Trying to understand if maybe Q1 was a little bit of a low water mark on the net new ARR or what was their modest macro impact in certain industries, anything like that would be very helpful.

好的，然後作為後續問題，我想對你來說，勞拉·布萊恩，你的目標是增長 20%，加上本季度的 ARR 結果，我認為它只是略低於 20%，它是否受到某種限製或者只是比你所希望的低一點，或者你是這樣建模的？我認為是的。試著了解 Q1 是否是淨新 ARR 的一個低水位線，或者它們對某些行業的宏觀影響有多大，任何類似的事情都會非常有幫助。

Yeah, hey Mark, I think that's exactly right, the right framing for it. We did plan for it that way. It's due to seasonality and in particular the mix of our business skewing more towards higher value than I'd say lower volume customers. That shift is intentional, so we've tuned our sales and marketing to attract and focus on higher quality customers and in particular focus on enterprise and our new AI solutions. That shift is going to drive a little bit of a different seasonality than we've seen in the past. So we're absolutely committed to [our cater] that we mentioned at analyst day and see the first quarter more as a seasonality dynamic than any indication of a difference in that trend.

是的，嘿，馬克，我認為這完全正確，正確的框架。我們確實有這樣的計劃。這是由於季節性因素造成的，特別是我們的業務組合更傾向於高價值客戶，而不是低容量客戶。這種轉變是有意為之，因此我們調整了銷售和行銷，以吸引和關注更高品質的客戶，特別是關注企業和我們的新人工智慧解決方案。這種轉變將帶來與我們過去所見略有不同的季節性。因此，我們絕對致力於我們在分析師日提到的[我們的目標]，並將第一季視為季節性動態，而不是趨勢差異的任何跡象。

Okay, thank you very much.

好的，非常感謝。

Thank you, Mark. Our next question will go to the line of Elizabeth Porter with Morgan Stanley. Elizabeth, your line is now open.

謝謝你，馬克。我們的下一個問題將由摩根士丹利的伊麗莎白波特提出。伊麗莎白，您的線路現已開通。

Great, thank you so much. Really encouraging to see the enterprise SEO momentum and the target for $30 million ARR in the air. It looks like that target reflects customers about doubling from the you have today. So I just wanted to double click on kind of what gives you the confidence in that acceleration and the customer side just given some of the comments around longer enterprise deal cycles?

太好了，非常感謝。看到企業 SEO 的發展勢頭和 3000 萬美元 ARR 的目標確實令人鼓舞。看起來這個目標反映出客戶數量比現在增加了一倍。因此，我只是想雙擊一下，是什麼讓您對這種加速和客戶方面有信心，鑑於一些關於更長的企業交易週期的評論？

Yeah, thanks for the question, Elizabeth. This is Bill. So, I think not only have we seen some success and we came up with a strong Q1, a strong Q4, and then a good Q1 and we expect momentum to build through the year. For sure on the enterprise side, and again I think that's largely on the backs of one product in a scaling sales force so that we launched last year less than 12 months ago. So you know there's a lot of momentum there and when I came aboard and spoke with the sales leaders and spoke with the product leaders and spoke with customers, just a significant amount of enthusiasm and that's our existing product and we're about to launch.

是的，謝謝你的提問，伊莉莎白。這是比爾。因此，我認為我們不僅取得了一些成功，而且取得了強勁的第一季度、強勁的第四季度，然後是良好的第一季度，我們預計這一勢頭將在全年不斷增強。肯定是在企業方面，而且我認為這主要是依靠擴大銷售隊伍中的一款產品，因此我們去年推出了這款產品，距今不到 12 個月。所以你知道那裡有很多發展勢頭，當我加入並與銷售主管、產品主管和客戶交談時，我發現他們表現出了相當大的熱情，這就是我們現有的產品，我們即將推出它。

AI optimization for enterprise customers and so we think that's going to not only boost average sale price, but you know I've seen. A really strong funnel from our customer base. So one of the first things I saw was actually the size of the of the opportunity there and funnel. So we're excited about the launch of a new product, frankly, that would be additive to what we see today. Right now we're just focused on the existing products, so we'll have to see how the reception is, but we're excited.

針對企業客戶進行人工智慧優化，因此我們認為這不僅會提高平均銷售價格，而且你知道我已經看到了。來自我們客戶群的真正強大的管道。所以我首先看到的實際上是那裡的機會和管道的規模。因此，坦白說，我們對新產品的推出感到非常興奮，它將對我們今天看到的產品有所補充。目前我們只關注現有產品，所以我們必須看看其反應如何，但我們很興奮。

Great. And then maybe for Brian just to follow up, the NRR of 106, I think it's some of them would be a little bit lower than we were looking for just given the stabilization that we had had at 107. So given some of the enterprise momentum, are we seeing incremental weakness in that SMB type side of the bucket? So if you could just kind of balance out, what might be holding that NRR back that'd be helpful.

偉大的。然後也許 Brian 只是為了跟進，106 的 NRR，我認為其中一些會比我們期望的要低一點，因為我們在 107 已經實現了穩定。那麼，考慮到一些企業的發展勢頭，我們是否會看到中小企業類型的成長疲軟？因此，如果您能夠平衡一下，找出可能阻礙 NRR 的原因，那將會很有幫助。

Yeah, sure, it's the right question to ask. We've been in the 106% to 107% range for a while here. I think what's key is just remember our net revenue retention metric is a backwards looking indicator. So between the numerator and the denominator, we're measuring across a 24 month period. It's a really long time and of course takes a long time to influence that number.

是的，當然，這是正確的問題。我們這裡的比率已經處於 106% 到 107% 的範圍內一段時間了。我認為關鍵是要記住我們的淨收入保留指標是一個回顧性指標。因此，在分子和分母之間，我們測量的是 24 個月的時間段。這確實是一個很長的時間，當然也需要很長時間才能影響這個數字。

What we'll continue to say, and we remain optimistic about is our net revenue retention will increase in the long run. We're continuing to gain success and traction with cross sell and upsell, and in particular our enterprise portfolio. As Bill mentioned this morning, our Enterprise SEO product is gaining strong momentum and growing and scaling at a nice rate. We've just launched our AIO products, and there'll be more enterprise features, capabilities and products in the future. So we're confident that overall in the long run, net revenue retention will reflect that success.

我們將繼續說，我們仍然樂觀地認為，從長遠來看，我們的淨收入保留率將會增加。我們透過交叉銷售和追加銷售，特別是我們的企業產品組合，繼續取得成功和發展。正如比爾今天早上所提到的，我們的企業 SEO 產品正在獲得強勁發展勢頭，並以良好的速度成長和擴大。我們剛推出了我們的 AIO 產品，未來將會有更多的企業功能、能力和產品。因此，我們相信，從長遠來看，淨收入保留將反映出這一成功。

Alright, thank you.

好的，謝謝。

Thank you, Elizabeth.

謝謝你，伊麗莎白。

Our next question will go to the line of Jackson Ader with KeyBanc Capital Markets. Jackson, your line is open.

我們的下一個問題將由 KeyBanc Capital Markets 的 Jackson Ader 提出。傑克遜，你的線路已開通。

Great, good morning. Thanks for taking our questions. I guess if I could just follow up on the, given that the metric, Brian is so backwards looking, right, taking into account things happened 24 months ago, can you give us an idea of maybe what NRR in period or more of a real-time, retention rate would look like?

太好了，早安。感謝您回答我們的問題。我想如果我能繼續跟進的話，考慮到這個指標，布萊恩回顧得非常清楚，考慮到 24 個月前發生的事情，你能給我們一個大概的概念，一段時間內的 NRR 或者更實時的留存率會是什麼樣子嗎？

Yeah, for our enterprise cohorts that we've talked about the 8,000, it's now 8,500 or above 8,500 enterprise sized accounts, so companies that have more than 500 employees. We're seeing that number continue to rise. We talked about that at our analyst day. It's very strong. We're seeing growth overall for accounts paying over 10,000 above 40%, accounts paying over 50,000,000.

是的，對於我們之前談到的 8,000 個企業群組，現在已經有 8,500 個或超過 8,500 個企業規模的帳戶，也就是擁有 500 多名員工的公司。我們看到這個數字還在持續上升。我們在分析師日上討論了這個問題。它非常強大。我們看到，支付金額超過 10,000 美元的帳戶整體成長率超過 40%，支付金額超過 50,000,000 美元的帳戶也整體成長率超過 40%。

Over 80% growth, so we're seeing really good strong momentum in the enterprise, and the mix of our business is skewing towards that. So it's not only improving within the enterprise cohort, but that as that becomes a larger part of the business, it will also influence the overall consolidated number.

成長率超過 80%，因此我們看到企業呈現出非常好的強勁勢頭，而且我們的業務組合也朝著這個方向傾斜。因此，它不僅在企業群體內部得到改善，而且隨著企業群體成為業務的更大組成部分，它也將影響整體合併數字。

Okay, all right, understood and then build the $30 million or $30 million in ARR on the enterprise to exit the year, is there any reason why you know that 30 versus the 11, where you stand today. Wouldn't be all incremental, is there anything in the $30 million that would be different from the 11 at the end of the first quarter? Thank you.

好的，好的，明白了，然後在企業上建立 3000 萬美元或 3000 萬美元的 ARR 來結束這一年，有什麼理由知道 30 對比 11，你今天所處的位置。不會全是增量，這 3000 萬美元與第一季末的 1100 萬美元有什麼不同嗎？謝謝。

Hey Jackson, if I understand the question, I think the way to think about that 30 million is it includes mostly SEO, our enterprise SEO product that makes up the bulk of that $30 million. So there's not other things kind of in that number. It's enterprise SEO sales, I think in future quarters, obviously we're going to talk a lot about the receptivity of AIO our enterprise AI product that we're that's now in open beta, so I think, hopefully that will add on to that number from there, but right now that number is our SEO number for enterprise.

嘿，傑克遜，如果我理解正確的話，我認為對這 3000 萬美元的理解是，它主要包括 SEO，我們的企業 SEO 產品佔了這 3000 萬美元的大部分。所以這個數字中不包含其他東西。這是企業 SEO 銷售，我認為在未來的幾個季度，我們顯然會談論很多關於我們企業 AI 產品 AIO 的接受度，我們現在處於公開測試階段，所以我認為，希望這將會增加這個數字，但現在這個數字是我們企業的 SEO 數字。

Okay all right great thank you.

好的，非常感謝。

Thank you, Jackson. Our next question will go to the line of Adam Hotchkiss with Goldman Sachs. Adam, your line is open.

謝謝你，傑克遜。我們的下一個問題將由高盛的亞當·霍奇基斯提出。亞當，你的線路已開通。

Great, thanks so much for taking the questions. I guess to start, you mentioned AI optimization being the next product for Enterprise GA. Could you just talk a little bit about your pipeline or selection process for enterprise functionality and what's on your roadmap? And as you continue to innovate and launch products, what do you see the potential for AARPC going to over time, potentially even in excess of that $60,000 dollar level?

太好了，非常感謝您回答這些問題。我想首先，您提到 AI 最佳化是 Enterprise GA 的下一個產品。能否簡單談談企業功能的流程或選擇過程以及您的路線圖？隨著你們不斷創新和推出產品，您認為 AARPC 隨著時間的推移會具有多大的潛力，甚至有可能超過 60,000 美元的水平？

Yeah, I think on the enterprise side first of all, Adam, I think we're, we've given a lot of data here on the call about what we see as the opportunity. The pipeline is, we have 1,000 people, 1,000 accounts that are on our watch list. For people have expressed interest in our AI products, so that's a great pipeline, a great way to get started, but you know it's not even GA yet. So we want to be tempered in our outlook and as enthusiastic as we are about the product and the early interest from our customers.

是的，我認為首先在企業方面，亞當，我認為我們在電話會議上提供了大量有關我們所看到的機會的數據。頻道是，我們有 1,000 人、1,000 個帳戶在我們的監視清單中。因為人們已經對我們的人工智慧產品表現出了興趣，所以這是一個很好的管道，一個很好的起點，但你知道它甚至不是 GA。因此，我們希望我們的觀點能夠溫和一些，並且對產品和客戶的早期興趣保持熱情。

That said, as Brian just pointed out, we have 8,500 enterprise customers who are using our kind of core products. We only have 200 who are using Enterprise SEO, so that's a lot of opportunity for us. And then when you layer in the AI opportunity, that's probably why we're so excited.

話雖如此，正如 Brian 剛才指出的那樣，我們有 8,500 家企業客戶正在使用我們的核心產品。我們只有 200 人使用企業 SEO，所以這對我們來說是一個很大的機會。然後，當你將人工智慧機會層層疊加時，這可能是我們如此興奮的原因。

No that's great, really appreciate that.

不，那太好了，真的很感激。

Just on your average AR question, we've been talking about enterprise SEO alone, driving the average up to 50,000, and we've proven that out with the initial cohort of 200, nearly 200 Enterprise SEO customers. That number goes up. So as we build and scale our enterprise portfolio, and we did hint at this at analyst Day, our expectation is that the average will approach and even exceed 100,000. Even today with the existing portfolio, we do have accounts that are well into the hundreds of thousands, so the possibility and expectation is there?

僅在您的平均 AR 問題上，我們一直在討論企業 SEO，將平均數推高至 50,000，並且我們已經通過最初的 200 個、近 200 個企業 SEO 客戶證明了這一點。這個數字還在上升。因此，隨著我們建立和擴大企業組合，我們確實在分析師日暗示了這一點，我們預計平均值將接近甚至超過 100,000。即使在今天，憑藉現有的投資組合，我們確實擁有數十萬個帳戶，那麼可能性和期望是否存在？

Okay, yeah, that's really helpful, thanks. And then just anything, any more color you can get on the early feedback from the optimization product and closed data, how do customers want to measure success with a product like that and how do they think about ROI?

好的，是的，這真的很有幫助，謝謝。然後，您能否從優化產品和封閉數據的早期反饋中獲得更多信息，客戶如何衡量此類產品的成功以及他們如何看待投資回報率？

I think it's probably too early to share our customer feedback. I think we need a little bit more volume other than anecdotal. What I do know in talking to customers and talking to our sales team. I had the question earlier on the call. Companies are trying to figure out how they show up and how they appear in AI-driven results, so no one's backing away from search.

我認為現在分享我們的客戶回饋可能還為時過早。我認為除了軼事之外，我們還需要更多一些內容。我在與客戶和我們的銷售團隊交談時確實知道什麼。我之前在電話中也遇到過這個問題。公司正在試圖弄清楚它們如何出現以及如何出現在人工智慧驅動的結果中，因此沒有人會放棄搜尋。

What they're trying to do is trying to understand how they can shape content, how they can monitor how they're showing up in LLMs. And how they can create content, how they can monitor what other competitors are doing, that's all opportunity for us, and we think we are perfectly positioned to do that, and customers look to us to be the leader in that space, and that's the opportunity we intend to fulfill.

他們試圖做的是嘗試了解如何塑造內容，如何監控他們在法學碩士 (LLM) 中的表現。他們如何創建內容，如何監控其他競爭對手的行為，這些對我們來說都是機會，我們認為我們完全有能力做到這一點，客戶希望我們成為該領域的領導者，這就是我們想要抓住的機會。

Okay great thanks Bill thanks Brian.

好的，非常感謝比爾，感謝布萊恩。

Thank you, Adam.

謝謝你，亞當。

Our next question will go to the line of Luke Horton with Northland Capital Market. Luke, your line is open.

我們的下一個問題是向 Northland Capital Market 的 Luke Horton 提問的。路克，你的線路暢通了。

Yeah, hey guys, congrats on the quarter. I just wanted to touch on kind of how April month of April has been trending just sort of the macro uncertainty if, those conversations with customers, you're starting to see some of those longer sales cycles, and I guess just anything else around here as we progress into 22.

是的，嘿夥計們，恭喜本季取得佳績。我只是想談談四月份的趨勢，例如宏觀不確定性，與客戶的對話，你是否開始看到一些更長的銷售週期，我想隨著我們進入 22，這裡的其他任何事情。

Hey Luke, it's Brian. Yeah, we're not seeing it yet, so we had a great first quarter, delivered 22%, more than 22% growth, and overachieved on our guidance. We're seeing strong momentum with Enterprise SEO and optimistic about AIO and other enterprise capabilities.

嘿，盧克，我是布萊恩。是的，我們還沒有看到它，所以我們第一季表現非常好，實現了 22% 以上的成長，並且超出了我們的預期。我們看到企業 SEO 勢頭強勁，並對 AIO 和其他企業功能持樂觀態度。

As of now we're not seeing any incremental direct impact from the uncertainty in the environment that we're all hearing about in the headlines. The growth drivers that are powering our business remain firmly in place, and we're excited about what the year ahead holds for us. We'll keep you posted on what we see for sure though.

截至目前，我們還沒有看到新聞頭條中提到的環境不確定性所帶來的任何直接增量影響。推動我們業務成長的動力依然穩固，我們對未來一年的前景充滿期待。不過，我們一定會及時向大家通報我們所看到的情況。

Got it thanks and then I know we've talked about the AIO solution here quite a bit, but just was wondering as far as how that will be offered to customers, will that be like an up sell to the existing enterprise SCO solution will there be tiers to the AIO solution or kind of, I guess sort of pricing strategy and kind of how customers will be accessing it.

明白了，謝謝，然後我知道我們已經在這裡談論了 AIO 解決方案很多次了，但我只是想知道它將如何提供給客戶，這是否會像現有企業 SCO 解決方案的追加銷售一樣，AIO 解決方案是否會有層級，或者某種定價策略以及客戶將如何訪問它。

Yeah, with this bill, so I, we haven't finalized our pricing, which we'll do before we go GA here later this quarter, but you should expect that we'll sell it as an add-on to our Enterprise SEO product and also as a stand-alone product to Enterprise. So we'll sell it both ways.

是的，有了這個賬單，我們還沒有最終確定定價，我們將在本季度晚些時候推出 GA 之前確定定價，但你應該預料到我們會將其作為企業 SEO 產品的附加組件出售，也會作為企業的獨立產品出售。因此我們會雙向銷售。

That may come as a bundle, may become as two different standalone products, but we intend to have the opportunity that customers can just pick and choose. But I suspect based on the data we're seeing. Is that customers will buy both.

這可能是捆綁產品，也可能成為兩種不同的獨立產品，但我們希望讓客戶有機會自行選擇。但根據我們看到的數據，我懷疑這一點。顧客會同時購買這兩種產品。

Okay, yeah. I guess then would there also be a lower end of the offering geared towards your smaller customers, those freelancers and solopreneurs that that they could also be purchasing?

好的，是的。我想，你們是否還會提供一些低階產品，專門針對小客戶、自由工作者和自僱者，讓他們也可以購買？

Luke, I think that's really, that's where AI toolkit is really our entry level product starts at $99. It helps the smaller companies, maybe less sophisticated marketers, just quickly understand how they show up in in AI-driven search. And as we mentioned, it's our, it's one of, if not the fastest growing product we've ever launched. So we feel like we we're off to a good start on that end of the market as well.

盧克，我認為這確實是 AI 工具包，我們的入門級產品起價為 99 美元。它可以幫助較小的公司，也許是不太成熟的行銷人員，快速了解他們如何出現在人工智慧驅動的搜尋中。正如我們所提到的，它是我們推出過的成長最快的產品之一。因此，我們覺得我們在該市場也取得了良好的開端。

Awesome. Great. Well, thanks for taking the questions guys and congrats me on the quarter.

驚人的。偉大的。好吧，感謝你們回答問題，並祝賀我本季取得的成績。

Thank you, Luke.

謝謝你，盧克。

Our next question will go to the line of Scott Berg with Needham. Scott, your line is open.

我們的下一個問題將由尼德漢姆的斯科特伯格 (Scott Berg) 提出。斯科特，你的線路已開通。

Hi everyone, thanks for taking my questions here and welcome Bill. Looking forward to working with you more. I guess a couple here, I just wanted to clarify the comments I think that Brian made a moment ago around. The, enterprise SEO and the, ARPU movement this year is by my math, it sounds like to get to your guidance here this year, ARPU probably this year still moves up about 50% from current levels. Is that purely driven by, I guess, more seats, a larger number of seat counts in those particular customers, or is there something else in the pricing mechanics to drive that type of art?

大家好，感謝您在這裡回答我的問題，歡迎比爾。期待與您有更多的合作。我想這裡有一些，我只是想澄清一下我認為 Brian 剛才發表的評論。根據我的計算，今年的企業 SEO 和 ARPU 變動聽起來像是在今年達到您的指導，ARPU 今年可能仍會比當前水準上漲約 50%。我猜這是否純粹是由更多座位、特定客戶的更多座位數量所驅動，還是定價機制中還有其他因素推動這種藝術發展？

Yeah, hey Scott, just to clarify and make sure I'm understanding the question, to get to the enterprise SEO target that Bill mentioned requires ARPU expansion?

是的，嘿，斯科特，只是為了澄清並確保我理解了這個問題，要達到比爾提到的企業 SEO 目標是否需要擴大 ARPU？

Correct, yes.

正確，是的。

Yeah, I mean, look, we're, we've been successful in both acquiring new customers, expanding existing from our core up to enterprise, and expanding existing customers that have already adopted our enterprise SEO solution to higher average ARR. So we expect that to continue. To get to that number, it's a combination. Of continuing to expand their average ARR from the company average up to that 500,000 to 60,000 range that we've seen for Enterprise SEO.

是的，我的意思是，你看，我們在獲取新客戶、將現有客戶從核心客戶擴展到企業客戶以及擴大已經採用我們的企業 SEO 解決方案的現有客戶以提高平均 ARR 方面都取得了成功。因此我們預計這種情況將會持續下去。為了達到這個數字，我們需要進行組合。繼續將其平均 ARR 從公司平均值擴大到我們在企業 SEO 中看到的 500,000 到 60,000 的範圍。

We expect that will continue and of course acquiring new customers. So I wouldn't say that we're going to go higher than $50,000 to 60,000 to get to the $30 million. It's mostly a function of getting more customers to adopt it.

我們預計這種情況將會持續下去，當然也會獲得新客戶。因此，我不會說我們要投入超過 5 萬到 6 萬美元來達到 3000 萬美元的目標。它的主要作用是讓更多的客戶採用它。

Great. And then from a follow up I know you're all excited about your AI AIO solution which you know certainly should be, given the changes in how consumers and users are searching for. Internet-based data out there, but as you look at, opportunities to sell AIO going forward, does that cannibalize or put additional, kind of new pressure on your ability to sell the core SCO solutions, or is it really more of an enhancement to selling those products?

偉大的。然後從後續訪談中我知道你們都對你們的 AI AIO 解決方案感到興奮，考慮到消費者和用戶搜尋方式的變化，你們肯定應該感到興奮。網路上有很多基於互聯網的數據，但是正如您所看到的，未來銷售 AIO 的機會是否會對您銷售核心 SCO 解決方案的能力造成蠶食或額外的壓力，還是實際上對銷售這些產品更有促進作用？

Hey, Scott, this is Bill. Thanks for the question and the welcome. So no, we, keep in mind we're talking about very sophisticated users in the enterprise segment and that's why our enterprise SEO product is. It's done so well because it's a really powerful tool with deep insights. They want the same insights on the AI side, so they need both, and really that's what that's what our data says and what we believe again we have to go out and sell it in the upcoming quarters, so we'll have to wait and see, but we don't see it as a trade off. We see it as net additive, and I've not heard from any large enterprise that they're going to have one and not the other.

嘿，史考特，我是比爾。感謝您的提問與歡迎。所以不，請記住，我們談論的是企業領域非常老練的用戶，這就是我們的企業 SEO 產品的原因。它之所以做得這麼好，是因為它是一個非常強大且具有深刻見解的工具。他們希望在人工智慧方面獲得相同的見解，因此他們需要兩者，而事實上，這正是我們的數據所表明的，也是我們再次相信我們必須在接下來的幾個季度中將其推廣出去並出售，因此我們必須拭目以待，但我們不認為這是一種權衡。我們將其視為淨添加劑，而且我還沒有聽說任何大型企業會選擇其中一種而不是另一種。

To me, I think it's going to be additive and increase the opportunity for us. And then keep in mind, as I mentioned in my prepared remarks, we intend to increase introduce other products for the for the enterprise market later this year. So we're very bullish.

對我來說，我認為這將具有附加作用並增加我們的機會。然後請記住，正如我在準備好的演講中提到的那樣，我們打算在今年稍後為企業市場推出其他產品。所以我們非常樂觀。

Understood thank you for taking my questions.

明白了，感謝您回答我的問題。

Thank you, Scott.

謝謝你，斯科特。

There are no additional questions waiting at this time, so I'll pass the conference back over to the management team for closing remarks. Thank you for your question.

目前沒有其他問題，因此我將把會議交還給管理團隊進行總結發言。感謝您的提問。

Thank you all for joining us today. We reported a strong quarter as our positive momentum continued into 2025. I'm excited to be part of SEMrush and remain focused on introducing new innovations and driving more value for our customers while consistently delivering strong growth, profitability, and free cash flow.

感謝大家今天的參與。我們報告了一個強勁的季度，我們的積極勢頭持續到了 2025 年。我很高興成為 SEMrush 的一員，並將繼續專注於引入新的創新並為我們的客戶創造更多價值，同時持續實現強勁的成長、獲利能力和自由現金流。

That concludes today's SEMrush's first-quarter 2025 earnings conference call. Thank you for your participation. I hope you have a wonderful rest of your day.

今天的 SEMrush 2025 年第一季財報電話會議到此結束。感謝您的參與。祝您今天剩餘的時間過得愉快。