SEMrush Holdings Inc (SEMR) 2025 Q3 法說會逐字稿

Good morning. Thank you for attending today's SAM Rush Holdings third quarter 2025 results conference call. My name is Jerry and I will be your moderator today. All lines will be muted during the presentation portion of the call with an opportunity for questions and answers at the end. If you would like to ask a question, please press one on your telephone keypad. I would now like to pass the conference over to our host, Brinley Johnson.

早安.感謝各位參加今天SAM Rush Holdings 2025年第三季業績電話會議。我叫傑瑞，今天我將擔任主持人。在會議演示環節，所有線路都會靜音，最後會留出問答環節。如果您有任何疑問，請按下電話鍵盤上的1。現在我謹將會議交給我們的主持人布林利·約翰遜。

Good morning and welcome to Semrush Holdings' third quarter 2025 conference call. We'll be discussing the results announced in our press release issued after market close on November 5, 2025.

早安，歡迎參加 Semrush Holdings 2025 年第三季電話會議。我們將討論在 2025 年 11 月 5 日股市收盤後發布的新聞稿中公佈的結果。

With me on the call today is our CEO Bill Wagner and our CFO Brian Mulroy.

今天和我一起參加電話會議的有我們的執行長比爾·瓦格納和財務長布萊恩·穆爾羅伊。

Today's call will contain forward-looking statements which are pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1,995. 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 existing and any new products and features, are 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 4th quarter of 2025 and the full year 2025, and statements about future pricing and operating results, including margin improvements, revenue growth, and profitability, assumptions regarding foreign exchange rates and plans. Forward-looking statements are statements other than statements of fact and can be identified by words such as expect, can, anticipate, could, believe, seek, or will. These statements reflect our views as of today only and should not be relied upon representing our views at any subsequent date, and we do not undertake any duty to update these statements. Forward-looking statements address matters that are subject to risks and uncertainties that could cause actual results to differ materially from these forward-looking statements. For a discussion of the risks and important factors that could affect our actual results, please refer to our most recent annual report on Form 10-K filed with the Securities and Exchange Commission, as well as our other filings with the SEC. 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 investors.semrush.com.

今天的電話會議將包含前瞻性陳述，這些陳述符合 1995 年《私人證券訴訟改革法案》的安全港條款。前瞻性陳述包括但不限於有關我們預期未來業務和財務績效以及財務狀況的陳述。預期成長、採用率以及對現有和任何新產品和功能的現有和未來需求，包括我們客戶群和特定客戶群的預期成長、我們產品的持續發展、行業和市場趨勢、我們的競爭地位、市場機會和成長策略、銷售和。行銷活動和策略、未來支出和增量投資、我們對 2025 年第四季度和 2025 年全年的指導意見，以及關於未來定價和經營業績的聲明，包括利潤率改善、收入增長和盈利能力、關於外匯匯率的假設和計劃。前瞻性陳述是指除事實陳述之外的陳述，可以透過諸如預期、能夠、預期、可能、相信、尋求或將等詞語來識別。這些聲明僅反映我們截至今日的觀點，不應被視為代表我們今後任何日期的觀點，我們也沒有義務更新這些聲明。前瞻性陳述涉及存在風險和不確定性的事項，這些風險和不確定性可能導致實際結果與這些前瞻性陳述有重大差異。有關可能影響我們實際業績的風險和重要因素的討論，請參閱我們向美國證券交易委員會提交的最新年度報告（10-K 表格）以及我們向美國證券交易委員會提交的其他文件。最後，在今天的電話會議中，我們會提到一些非GAAP財務指標。我們昨天收盤後發布的新聞稿中提供了 GAAP 與非 GAAP 結果的對比表，您可以在 investors.semrush.com 上找到該新聞稿。

Now let me turn the call over to Will.

現在我把電話交給威爾。

Thank you and good morning.

謝謝，早安。

I'm pleased to share that Cemrush reported a strong quarter with revenue of $112.1 million non-GAAP operating margin of 12.6%, and cash flow from operations of $21.9 million. Demand across our portfolio once again delivered double-digit revenue growth.

我很高興地宣布，Cemrush 公佈了一個強勁的季度業績，收入達 1.121 億美元，非 GAAP 營業利潤率為 12.6%，經營活動產生的現金流為 2,190 萬美元。我們產品組合的需求再次帶來了兩位數的營收成長。

And we saw one of our strongest organic net new annual recurring revenue quarters in years.

我們迎來了多年來最強勁的年度新增有機淨收入季度之一。

In addition to the growth we continue to see across our industry leading SEO portfolio, customers are experiencing tremendous value from our new products. We've now introduced 3 new products for our enterprise customers in the last 15 months, and growth in that segment accelerated in Q3 to 33% year over year.

除了我們行業領先的 SEO 產品組合持續成長之外，客戶也從我們的新產品中獲得了巨大的價值。在過去的 15 個月裡，我們為企業客戶推出了 3 款新產品，該領域的成長在第三季加速，年增 33%。

Our AI search products, including our AI toolkit and AI optimization products that were launched this year, added $10 million in ARR in the quarter, more than doubling from Q2 to Q3.

我們的 AI 搜尋產品，包括今年推出的 AI 工具包和 AI 優化產品，在本季增加了 1,000 萬美元的 ARR，比第二季到第三季成長了一倍多。

These products are not only attracting new customers to Semrush, but we're also seeing unprecedented growth from our existing customers, where our average ARR per customer has increased 17% year over year.

這些產品不僅吸引了新客戶加入 Semrush，而且我們還看到現有客戶實現了前所未有的成長，每位客戶的平均 ARR 同比成長了 17%。

Before going deeper into the results of the quarter, I'd like to step back and discuss the dynamic environment of online visibility and what we're hearing from our customers and how Semrush is positioned to capture this market opportunity.

在深入探討本季業績之前，我想先回顧一下線上可見性的動態環境，以及我們從客戶那裡聽到的回饋，以及 Semrush 如何定位自己以抓住這一市場機會。

Over the last decade, the digital landscape has become more crowded, fragmented, and competitive. During this period of change, websites and blogs persisted as essential elements, not just as branded destinations for consumers and customers, but as critical content repositories that support a brand's narrative and provide an important underpinning of its digital presence.

過去十年間，數位領域變得更加擁擠、分散和競爭激烈。在這段變革時期，網站和部落格仍然是不可或缺的要素，它們不僅是消費者和客戶的品牌目的地，而且是支持品牌敘事並為其數位形象提供重要基礎的關鍵內容庫。

On top of these foundations, new content channels emerged as social media properties like Instagram and TikTok began to look more like traditional media, competing for eyeballs and selling advertising.

在這些基礎之上，隨著 Instagram 和 TikTok 等社交媒體平台開始越來越像傳統媒體，爭奪用戶眼球並銷售廣告，新的內容管道應運而生。

The one constant during this period has been the role of search engines in driving traffic, clicks and transactions.

在此期間，搜尋引擎在推動流量、點擊量和交易量方面發揮的作用始終不變。

Semrush emerged as the category leader by helping companies stand out in this crowded digital landscape, giving marketing teams a single integrated platform to understand their market, track competitors, and optimize performance across websites, blogs, social media, and other channels.

Semrush 透過幫助企業在競爭激烈的數位環境中脫穎而出，成為該領域的領導者，它為行銷團隊提供了一個單一的整合平台，以了解他們的市場、追蹤競爭對手並優化網站、部落格、社交媒體和其他管道的績效。

As we exit 2025, we believe we are at another inflection point. For the first time in a generation, we have seen important changes to the search landscape and how people engage online. The headline is that more people rely on search than ever before.

我們認為，2025 年即將結束，我們正處於另一個轉折點。近幾十年來，我們首次見證了搜尋格局和人們在線上參與方式的重大變化。標題是：現在比以往任何時候都有更多的人依賴搜尋。

But the ways consumers use it and what they expect from it are changing rapidly.

但消費者使用網路的方式以及他們對網路的期望正在迅速改變。

Google remains the dominant front door to the internet, with over 5 trillion searches a year, representing more than 90% of all daily searches and continuing to grow.

谷歌仍然是網路的主要入口，每年搜尋量超過 5 兆次，佔每日搜尋量的 90% 以上，而且還在持續成長。

In addition, people are also using LLMs often for a different type of use case altogether, such as planning a trip, doing product comparisons, or other zero-click activities.

此外，人們也經常將 LLM 用於完全不同的用例，例如規劃旅行、進行產品比較或其他零點擊活動。

This means that we are living in a moment of expansion in both the volume and the use cases of search.

這意味著我們正處於搜尋量和搜尋用例都在快速擴張的時期。

This in turn creates a significant opportunity for Semrush.

這反過來又為 Semrush 創造了一個重要的機會。

While AI introduces new ways to answer questions, large language models still need source material, and they start with the same indexes that power the traditional blue links world of classic search.

雖然人工智慧引入了回答問題的新方法，但大型語言模型仍然需要來源材料，它們從為傳統藍色連結經典搜尋提供支援的相同索引開始。

These models don't just read your company's website and content, they also weigh what others say about your brand in order to assess credibility.

這些模型不僅會閱讀貴公司的網站和內容，還會權衡其他人對您品牌的評價，以評估其可信度。

That creates new challenges and opportunities for our customers.

這給我們的客戶帶來了新的挑戰和機會。

Companies must now track and influence what appears on review sites like Yelp on user generated platforms such as Reddit, and videos on YouTube.

如今，企業必須追蹤並影響 Yelp 等評論網站、Reddit 等用戶生成平台以及 YouTube 影片上的內容。

And this isn't only our point of view. Our users and customers have validated it. We recently brought together more than 1,300 marketers, influencers, and industry analysts at our Spotlight conference in Amsterdam, and the energy was palpable.

這並非我們一家之言。我們的用戶和客戶已經驗證了這一點。我們最近在阿姆斯特丹舉辦的 Spotlight 大會上，匯集了 1,300 多名行銷人員、影響者和產業分析師，現場氣氛熱烈。

Practitioners and experts alike realize that they are at the beginning of a new frontier and suddenly see themselves at the center of attention as CMOs, CEOs, and even board members talk about their brand visibility or lack thereof in AI generated answers.

從業者和專家都意識到，他們正處於一個新領域的開端，並且突然發現自己成為了關注的焦點，因為首席行銷長、執行長甚至董事會成員都在談論他們的品牌在人工智慧生成的答案中的知名度（或缺乏知名度）。

While there's still uncertainty about the future of this emerging space, over the course of a few days, it became clear that this group agrees on two things.

儘管這個新興領域未來仍存在不確定性，但在短短幾天內，很明顯，這個群體在兩件事上達成了共識。

First, that building a strong presence in LLMs begins with SEO.

首先，在LLM領域建立強大的影響力要從SEO開始。

And second, that while a well thought out and executed SEO strategy is absolutely essential, it's no longer sufficient without adding a strategy to increase discoverability in LLMs.

其次，雖然精心策劃和執行的 SEO 策略絕對至關重要，但如果不增加提高 LLM 中可發現性的策略，這已經不夠了。

AI has raised the bar for discoverability, but it builds on the same fundamentals that already separate leaders from laggards.

人工智慧提高了資訊發現的門檻，但它建立在與領先者和落後者之間早已存在的相同基本要素之上。

The winning path is not to abandon SEO but to combine proven SEO with systematic optimization for AI engines so brands are found, cited, and chosen, whether in a search engine results page or in an AI generated answer.

制勝之道並非放棄 SEO，而是將行之有效的 SEO 與針對 AI 引擎的系統性優化相結合，從而使品牌無論是在搜尋引擎結果頁面還是在 AI 生成的答案中都能被發現、被引用和被選擇。

At our core, Semrush is a data company with a software interface built around it.

從本質上講，S​​emrush 是一家數據公司，其軟體介面是圍繞數據構建的。

We have one of the richest and largest data sets in the world, a combination of proprietary and industry data that includes 27 billion keywords, 43 trillion backlinks, and over 800 million domains.

我們擁有世界上最豐富、最大的數據集之一，該數據集結合了專有數據和行業數據，其中包括 270 億個關鍵字、43 兆個反向連結和超過 8 億個網域。

To this data set, we apply our proprietary algorithms to provide unmatched insights to our customers.

我們運用自主研發的演算法對此資料集進行分析，從而為客戶提供無與倫比的洞察。

Over the last several quarters we've been busy augmenting our data set with LLM data, and today we've assembled one of the largest prompt databases in the world.

在過去的幾個季度裡，我們一直忙於用 LLM 資料擴充我們的資料集，如今我們已經建立了世界上最大的即時資料庫之一。

As the world's largest platform for digital visibility and with the largest data set of both traditional and LLM search data, Semrush is uniquely positioned to help our customers generate results.

作為全球最大的數位可見性平台，以及擁有最大傳統搜尋資料和LLM搜尋資料的資料集，Semrush 擁有獨特的優勢，可以幫助我們的客戶取得成果。

We have a clear opportunity with proven leadership and the capabilities and ambition to lead marketers through this new era.

我們擁有明確的機遇，憑藉著成熟的領導團隊、能力和雄心，引領行銷人員邁向這個新時代。

As we saw during Q3, customers are flocking to our products to help them navigate this exciting evolution.

正如我們在第三季所看到的，客戶們正蜂擁而至使用我們的產品來幫助他們應對這項令人興奮的變革。

One of the top priorities I noted earlier this year was doubling down on AI because we believe we are approaching a time when every marketing team will need to add AI search capabilities on top of their SEO foundation.

今年稍早我指出的首要任務之一是加倍投入人工智慧，因為我們相信，我們即將迎來這樣一個時代：每個行銷團隊都需要在其 SEO 基礎之上添加人工智慧搜尋功能。

We saw this play out in the most recent quarter as the traction in our AI products accelerated.

在最近一個季度，我們看到了這一點，我們的人工智慧產品獲得了更快的市場認可。

Today, more than 10% of Semrush customers are already using at least one AI product, and we see a path for adoption across the majority of our customer base, representing a significant expansion opportunity.

如今，超過 10% 的 Semrush 客戶已經在使用至少一款 AI 產品，我們看到大多數客戶群都在採用 AI 產品，這代表著巨大的擴張機會。

Our AI toolkit launched in March 2025 and enterprise AI optimization launched in June of this year, both are among our fastest growing products in company history, enabling our AI portfolio ARR to more than double from Q2 to Q3.

我們的 AI 工具包於 2025 年 3 月推出，企業 AI 優化於今年 6 月推出，這兩款產品都是該公司歷史上成長最快的產品之一，使我們的 AI 產品組合的 ARR 從第二季到第三季翻了一番以上。

Together we expect our AI products will approach 30 million in ARR as we exit the year.

我們預計到今年年底，我們的人工智慧產品年度經常性收入將接近 3000 萬美元。

For existing customers, these products are additive rather than a replacement for their SEO tools, and it's one of the primary reasons we're seeing double-digit increases in average AR across all segments of our customer base.

對於現有客戶而言，這些產品是對其 SEO 工具的補充，而不是替代，這也是我們看到所有客戶群的平均 AR 實現兩位數成長的主要原因之一。

We expect continued AI momentum in the 4th quarter with further acceleration in 2026 from Semrush 1, our newest product that we launched just a week ago.

我們預計人工智慧將在第四季度繼續保持成長勢頭，並在 2026 年隨著我們一周前推出的最新產品 Semrush 1 的推出而進一步加速發展。

Semrush One offers marketers a way to win in every search, whether in a search engine like Google or on a platform like chat GPT, Gemini, or Perplexity, all in a single tool.

Semrush One 為行銷人員提供了一種在每次搜尋中獲勝的方法，無論是在 Google 等搜尋引擎中，還是在聊天 GPT、Gemini 或 Perplexity 等平台上，所有這些都整合在一個工具中。

Having launched AI optimization for enterprises earlier this year, Semrush One now makes AI visibility accessible to marketing teams at companies of all sizes.

今年早些時候，Semrush One 推出了企業導向的 AI 優化服務，現在，各種規模公司的行銷團隊都可以使用 AI 視覺化功能。

Instead of buying multiple products or switching between different solutions, Marketers can have it all in one simple to use product with unified workflows.

行銷人員無需購買多種產品或在不同的解決方案之間切換，即可在一個簡單易用的產品中獲得所有功能，並實現統一的工作流程。

The new launch strengthens our position with an extensive portfolio for all customer segments, and we believeermrush 1 will emerge as a new benchmark for the industry.

這次新品發布鞏固了我們面向所有客戶群的廣泛產品組合的地位，我們相信mrush 1將成為業界的新標竿。

Finally, I'd like to close by highlighting our progress in the quarter from our enterprise segment.

最後，我想重點介紹一下我們企業部門在本季的進展。

Focusing on this segment was another priority we highlighted earlier this year and our investments in both the enterprise product portfolio.

今年早些時候，我們重點關注了這個細分市場，並增加了對企業產品組合的投資。

And go to market strategy continue to drive strong growth.

市場進入策略將繼續推動強勁成長。

Our enterprise SEO product, which was introduced just last year, is the largest driver of revenue growth as we successfully move upmarket and take share away from legacy incumbents in enterprise search.

我們去年推出的企業級 SEO 產品是營收成長的最大驅動力，因為我們成功地向高端市場進軍，並從企業搜尋領域的傳統企業手中奪取了市場份額。

Our average revenue per user in this segment is now above $10,000 and the number of customers paying over $50,000 per year increased by 72% year over year.

我們該細分市場的平均每用戶收入現已超過 10,000 美元，每年付費超過 50,000 美元的客戶數量同比增長了 72%。

In Q3 we also began introducing our new enterprise site intelligence product which along with AI optimization is our second new product for the enterprise segment we've launched in the last six months.

第三季度，我們也開始推出新的企業網站智慧產品，與 AI 優化產品一起，是我們在過去六個月為企業領域推出的第二款新產品。

We've been very pleased with the adoption of these new products and now see a path to $100,000 plus average ARR for customers that adopt our enterprise platform, up from the $60,000 target we mentioned at our analyst day just a year ago.

我們對這些新產品的採用情況非常滿意，現在我們看到，採用我們企業平台的客戶的平均 ARR 預計將達到 10 萬美元以上，而我們在一年前的分析師日上提到的目標只是 6 萬美元。

In summary, the search landscape is shape shifting before our eyes, and we're giving marketers the power to have a full picture of their visibility, act quickly, and improve their position to win.

總而言之，搜尋格局正在我們眼前發生巨變，我們正在賦予行銷人員全面了解自身可見性、快速行動並提升自身地位以贏得勝利的能力。

AI search isn't replacing the SEO opportunity, it's compounding it.

人工智慧搜尋並沒有取代搜尋引擎優化（SEO）的機會，而是增強了它的機會。

We've helped define the SEO playbook and as our Q3 results highlight, we're doing it again for AI search.

我們已經幫助制定了 SEO 策略，正如我們第三季的業績所表明的那樣，我們正在為 AI 搜尋再次製定策略。

We believe our targeted shift towards enterprise customers and our expanding AI product portfolio will position us well for long-term growth.

我們相信，我們針對企業客戶的定向轉型以及不斷擴大的人工智慧產品組合，將使我們處於長期成長的有利地位。

Our pace of innovation and new product development along with our comprehensive and expanding data set will allow us to take advantage of the massive market opportunity in front of us.

我們快速的創新和新產品開發，以及我們全面且不斷擴展的數據集，將使我們能夠抓住擺在我們面前的巨大市場機會。

With that, I'll turn the call over to Brian to walk you through the financial results of the quarter and discuss guidance.

接下來，我會把電話交給布萊恩，讓他為大家介紹本季的財務表現並討論績效展望。

Thanks, Will. We delivered a strong quarter with revenue of 112.1 million, non-GAAP operating margin of 12.6%, and cash flow from operations of 21.9 million. Annual recurring revenue was up 14% year over year and grew 20 million sequentially to 455.4 million. This represents a meaningful step up in net new ARR generation from the last several quarters driven by AI adoption and continued momentum in our enterprise segment.

謝謝你，威爾。本季業績強勁，營收達 1.121 億美元，非 GAAP 營業利潤率為 12.6%，經營活動產生的現金流為 2,190 萬美元。年度經常性收入年增 14%，季增 2,000 萬美元，達到 4.554 億美元。這標誌著淨新增 ARR 收入較過去幾季有了顯著成長，這主要得益於人工智慧的應用以及我們在企業領域的持續發展勢頭。

Notably, we more than doubled our ARR from our recently launched AI products and delivered 33% ARR growth from our enterprise customer segment driven by strong adoption of our new enterprise portfolio.

值得一提的是，我們最近推出的 AI 產品使我們的 ARR 增長了一倍多，並且由於我們新的企業產品組合得到了廣泛採用，我們的企業客戶群的 ARR 增長了 33%。

Our average ARR per paying customer increased to 4,000, representing growth of more than 17% compared to the same quarter last year, which is the highest level of growth we've achieved in 13 quarters. Additionally, we're seeing rapid growth among our largest customers with the number spending over 50,000 annually increasing 72% year over year.

我們每位付費客戶的平均年度經常性收入 (ARR) 增加到 4,000 美元，與去年同期相比成長超過 17%，這是我們 13 個季度以來取得的最高成長水準。此外，我們看到最大的客戶群正在快速成長，每年消費超過 50,000 美元的客戶數量年增 72%。

As of September 30th, 2025, we reported approximately 114,000 paying customers down from the prior quarter, primarily reflecting our strategic focus on engaging more sophisticated and higher valued customers. Our dollar-based net revenue retention held steady at approximately 105% in the third quarter. Within enterprise, net revenue retention continued to strengthen, reaching 125%, an improvement of nearly 800 basis points year over year.

截至 2025 年 9 月 30 日，我們的付費客戶數量約為 114,000 人，比上一季有所減少，這主要反映了我們專注於吸引更成熟、更有價值的客戶的策略重點。第三季度，我們以美元計價的淨收入留存率穩定在約 105%。在企業內部，淨收入留存率持續增強，達到 125%，比去年同期提高了近 800 個基點。

Customers that have adopted at least one of our AI solutions are performing even better with net revenue retention approaching 150%, reinforcing that AI drives incremental use cases and expansion alongside traditional SEO.

採用我們至少一項人工智慧解決方案的客戶表現更佳，淨收入留存率接近 150%，這進一步證明人工智慧能夠推動增量用例和業務擴張，與傳統 SEO 相輔相成。

As our mix continues to shift towards enterprise and AI, we expect overall net revenue retention to trend higher over time, reflecting deeper product adoption, larger deployments, and more multi-product expansion.

隨著我們的產品組合不斷向企業和人工智慧領域轉變，我們預計整體淨收入留存率將隨著時間的推移而上升，這反映出產品採用率的提高、部署規模的擴大以及多產品擴展的增加。

We achieved positive non-GAAP operating income of 14.1 million in the third quarter, up 20 basis points year over year, resulting in a non-GAAP operating margin of 12.6% exceeding our guidance.

第三季度，我們實現了1,410萬的非GAAP營業收入，較去年同期成長20個基點，非GAAP營業利潤率為12.6%，超過了我們的預期。

Cash flow from operations was 21.9 million in the third quarter, representing a cash flow from operations margin of 19.5%. Free cash flow was 17 million in the quarter, resulting in a free cash flow margin of 15.2%. As a reminder, we encourage investors to evaluate our cash flow performance on an annual basis. Given the inherent quarterly variability driven by annual subscription renewal cycles, the timing of tax payments, and prepaid expenses.

第三季經營活動產生的現金流量為2,190萬美元，經營活動現金流量利潤率為19.5%。該季度自由現金流量為1700萬美元，自由現金流量利潤率為15.2%。在此提醒，我們建議投資人以年度評估我們的現金流量表現。考慮到年度訂閱續約週期、稅金支付時間和預付費用等因素導致的季度固有波動性。

We ended the quarter with cash equivalents, and short-term investments of 275.7 million, up 42.8 million from the prior year period, reflecting the continued strength of our free cash flow generation.

本季末，我們的現金等價物和短期投資為 2.757 億美元，比上年同期增加了 4,280 萬美元，這反映了我們自由現金流的持續強勁增長。

Turning now to our guidance for the fourth quarter of 2025, we expect revenue of 117.5 million to 119.5 million, which at the midpoint would represent growth of approximately 15.5% year over year and non-GAAP operating margin at approximately 12.5%. For the full year 2025, we expect revenue in the range of 443.5 million to 445.5 million, representing approximately 18% growth at the midpoint.

現在來看我們對2025年第四季的業績展望，我們預期營收為1.175億美元至1.195億美元，取中間值計算，年增約15.5%，非GAAP營業利潤率約為12.5%。 2025年全年，我們預計營收在4.435億美元至4.455億美元之間，取中間值計算，年增約18%。

We are reiterating our previous full year guidance of approximately 12% for both non-GAAP operating margin and free cash flow margin.

我們重申先前全年預期，即非GAAP營業利潤率和自由現金流利潤率均約為12%。

Our non-GAAP operating margin guidance now absorbs an incremental expense headwind of approximately $10 million resulting from recent exchange rates movements. Our initial guidance assumed a EUR to US dollar exchange rate of 1.05 and while we're currently modeling 1.16, rates during the first half reached as high as 1.18.

由於近期匯率波動，我們的非GAAP營業利潤率預期目前已計入約1,000萬美元的額外支出不利因素。我們最初的指引假設歐元兌美元匯率為 1.05，雖然我們目前模擬的匯率為 1.16，但上半年的匯率最高曾達到 1.18。

As a reminder, approximately 30% of our expenses are denominated in euros, and since our revenue is almost entirely in US dollars, our margins are effectively unhedged against these currency fluctuations.

提醒一下，我們約 30% 的支出以歐元計價，而我們的收入幾乎全部以美元計價，因此我們的利潤實際上沒有對沖這些匯率波動的影響。

Absent these exchange rate impacts, our full year operating margin would have reflected meaningful leverage inherent in our model. Said another way, excluding these currency impacts, our margin guidance would have implied a year over year expansion of approximately 230 basis points.

如果不考慮匯率影響，我們的全年營業利潤率將反映出我們模式中固有的顯著槓桿效應。換句話說，如果不考慮這些匯率影響，我們的利潤率預期將比上年增長約 230 個基點。

Similarly, we continue to expect our full year free cash flow margin to be approximately 12%, representing a 260 basis point improvement compared to 2024. This expansion is driven by improved profitability as well as continued growth in our enterprise segment where we typically structure deals with a minimum annual commitment and annual billing resulting in favorable cash flow dynamics. In closing, our enterprise and AI products are exhibiting remarkable strength and momentum, exceeding our early expectations. As Bill noted, discoverability is compounding and customers need to win in both traditional search and AI generated answers. Our data advantage and product velocity are meeting that moment. With $275.7 million in cash and equivalents and growing free cash flow, we are well positioned to capitalize on the opportunity ahead with discipline.

同樣，我們繼續預計全年自由現金流利潤率約為 12%，比 2024 年提高 260 個基點。此次擴張的驅動力是獲利能力的提高以及企業業務的持續成長，我們通常會與企業客戶簽訂最低年度承諾和年度結算協議，從而帶來良好的現金流動態。總之，我們的企業級和人工智慧產品展現了卓越的實力和發展勢頭，超出了我們早期的預期。正如比爾所指出的那樣，可發現性正在不斷增強，客戶需要在傳統搜尋和人工智慧生成的答案中都取得成功。我們的數據優勢和產品速度正滿足這項需求。我們擁有 2.757 億美元的現金及等價物，自由現金流也在不斷增長，因此我們有能力以嚴謹的態度掌握未來的機會。

Our results reinforce that our strategy directing investments and resources toward enterprise and AI growth initiatives is working. The mix is shifting towards higher value customers. Average ARR is accelerating and net revenue retention is improving across our more sophisticated customer base. Looking ahead, I remain optimistic about our ability to drive durable growth, profitability, and strong cash flow. We are aligned with where the market is headed and well positioned financially, operationally, and strategically with the right data, product portfolio, and customer base to deliver long-term shareholder value.

我們的研究結果進一步證實，我們引導投資和資源用於企業和人工智慧成長計畫的策略是有效的。客戶群正向高價值客戶群轉變。平均年度經常性收入 (ARR) 成長速度加快，我們更成熟的客戶群的淨收入留存率也在提高。展望未來，我對我們實現永續成長、獲利能力和強勁現金流的能力仍然保持樂觀。我們與市場發展方向一致，在財務、營運和策略方面都處於有利地位，擁有正確的數據、產品組合和客戶群，能夠為股東創造長期價值。

With that, we'd be happy to take your questions. Operator, please open the line.

那麼，我們很樂意回答您的問題。接線員，請接通線路。

Thank you. If you would like to ask a question, please press followed by 1 on your telephone keypad. If for any reason you would like to remove your question, press followed by 2. Again, to ask a question, press 1. As a reminder, if you are using a speakerphone, please remember to pick up your handset before asking a question. We will pause here briefly as questions are registered.

謝謝。如果您有任何疑問，請按電話鍵盤上的 鍵，然後按 1。如果您因任何原因想要刪除您的問題，請按 2。再次提醒，要問，請按 1。再次提醒，如果您正在使用免持通話，請在提問前拿起聽筒。我們將在此稍作停頓，以便大家提問。

Thank you. We will now take our first question from Scott Berg from Needham Bank. Please go ahead.

謝謝。現在我們來回答來自尼德姆銀行的斯科特·伯格提出的第一個問題。請繼續。

Hi Bill and Brian, nice quarter here. A couple for me, I guess I wanted to start off with some one, I like the product announcement, would like, but would like to help understand maybe what's different in that platform, if anything, than a customer buying, I don't know, your traditional SEO, kind of product set along with AIO. Is is Srush one just really bringing those two together into a single offering, or is there really something maybe materially different for us to consider there?

嗨，比爾和布萊恩，這裡天氣不錯。對我來說，我想先和一些人聊聊，我喜歡這個產品發布，也想了解一下這個平台與客戶購買的傳統 SEO 產品組合（例如 AIO）有何不同。Srush One 真的只是將這兩者結合起來，還是其中真的有一些實質的不同之處值得我們去思考？

Thank you.

謝謝。

Hey Scott, thanks for the question. Yeah, Sunrush is fundamentally a different product. So while it leverages a lot of the same capabilities that are in our core SEO products and a product like AI visibility toolkit, it is, it's integrated in a way that allows workflows across both of those platforms, so both of those capabilities. So integrated workflow, it still has the same kind of leverage as our data which we think is one of our strengths and differentiators in the market. But it allows gives marketers really for the first time really a holistic view of how AI and Classic Search work together.

嗨，斯科特，謝謝你的提問。是的，Sunrush 從根本上來說是一款不同的產品。因此，雖然它利用了我們核心 SEO 產品和 AI 可見性工具包等產品中的許多相同功能，但它的整合方式允許在這兩個平台之間進行工作流程，因此也允許這兩種功能同時存在。因此，整合的工作流程仍然與我們的數據一樣具有槓桿作用，我們認為這是我們在市場上的優勢和差異化因素之一。但這讓行銷人員第一次真正全面地了解了人工智慧和經典搜尋是如何協同工作的。

Understood, helpful there, will. And then, nice bounce back in that new Aar in the quarter after, the challenges that happened in the second quarter. I guess Maybe a little bit of commentary on what you're able to do differently in Q3 versus Q2, anything different out of, some of the Google, paid search algorithms which have been a great customer acquisition channel before and, is maybe what you're seeing in Q23 here what we should, generally expect out of the business going forward versus, those challenges you did see in Q2. Thank you.

明白了，那邊會有幫助的。然後，在第二季遭遇挑戰之後，新的AAR值在接下來的一個季度出現了漂亮的反彈。我想請您稍微談談第三季度與第二季度相比有哪些不同之處，例如Google付費搜尋演算法有哪些變化（這些演算法之前一直是很好的客戶獲取管道），以及您在第三季度看到的這些變化是否預示著我們未來業務的發展方向，以及您在第二季度遇到的挑戰。謝謝。

Yeah, hey, good morning, Scott. I think that's exactly it. We had a very strong net new ARR quarter delivering 20 million overall. That's a pretty significant inflection from the last few quarters and overall it was driven by strong adoption of our enterprise and AI products. For our AI products, we were able to more than double the amount of ARR, adding $10 million in annual recurring revenue in the quarter. And then with our enterprise segment, mostly driven by the enterprise products, that segment grew 33% year over year and expanded its average ARR to 10k. So it's a combination of the two. Our investments are working within AI and enterprise and generating very strong results and that's momentum that we actually expect to continue in the future. Great, nice quarter. Thanks.

是啊，嘿，早上好，史考特。我覺得就是這樣。本季新增淨 ARR 金額非常強勁，總計達到 2,000 萬美元。與過去幾季相比，這是一個相當大的轉變，總體而言，這主要得益於我們企業級和人工智慧產品的強勁普及。對於我們的人工智慧產品，我們成功地將年度經常性收入 (ARR) 提高了一倍多，本季新增了 1,000 萬美元的年度經常性收入。此外，在企業產品推動下，我們的企業業務部門年增 33%，平均年度經常性收入 (ARR) 成長至 1 萬美元。所以它是兩者的結合。我們在人工智慧和企業領域的投資正在取得顯著成效，並產生了非常強勁的成果，我們預計這種勢頭將在未來繼續保持。非常棒，很棒的一個季度。謝謝。

Yeah.

是的。

Thank you. We will now take our next question from Elizabeth Porter from Morgan Stanley. Please go ahead.

謝謝。接下來，我們將接受摩根士丹利的伊莉莎白波特提出的問題。請繼續。

Great, thank you so much. I wanted to go back to the idea of kind of the inflection point heading into fiscal '26. If I look at the FY fiscal '25 exit rate, you we're looking at about a 15%, and the back half of the year is a bit of a slowdown from the 1st year, first half. And total ARR, really encouraging on that net new ARR net metric, but ARR did kind of overall modestly decelerate. So as we look into this inflection point in the fiscal 26, 1 kind of qualitatively, how are you stack ranking the drivers to inflection, and then second, what are some of the financial leading indicators that we should be looking towards first to see that that turn?

太好了，非常感謝。我想回到2026財年即將到來之際的轉捩點這個概念上來。如果我看一下 2025 財年的退出率，你會發現大約是 15%，而且下半年的退出率比第一年上半年有所下降。總 ARR 指標（淨新增 ARR）確實令人鼓舞，但 ARR 整體成長率略有放緩。因此，當我們研究 2026 財年的這個轉折點時，首先，從定性角度來看，您如何對導致轉折的驅動因素進行排序？其次，我們應該先關注哪些財務領先指標來判斷這個轉捩點？

Thank you.

謝謝。

Hey, Elizabeth, good morning and very early morning for you. Yeah, we'll provide guidance on 2026 in our next earning call, but to give you some directional, trends, to support, an expectation that. We're very optimistic about our ability to drive durable growth. Remember the first half, there were three fundamental dynamics. The first is we had a few acquisitions. In 2024 that we've now lapped, so going into the second half of this year, we have pure organic growth. The second part and probably most significant is we launched a number of new products. So we launched our AI visibility toolkit in March that started to build traction and then we launched AI optimization in June and now our enterprise site intelligence products. The third part is around our go to market. That's something that we started to build in 2024 and of course started to get significant capacity and productivity and ramp out of that sales organization. So when you combine the three of those factors together, that's what's driving our strong growth in the second half and what we expect to be driving growth into 2026.

嗨，伊莉莎白，早安，對你來說真是個清晨。是的，我們將在下次財報電話會議上提供 2026 年的業績指引，但為了給您一些方向性資訊、趨勢和預期，以下是相關資訊。我們對實現永續成長的能力非常樂觀。回想前半部分，有三個基本動態。首先，我們進行了一些收購。我們已經提前度過了 2024 年，所以進入今年下半年，我們將實現純粹的有機成長。第二部分，也是最重要的部分，是我們推出了一系列新產品。因此，我們在 3 月推出了 AI 視覺化工具包，該工具包開始獲得市場認可；然後我們在 6 月推出了 AI 優化工具包；現在我們又推出了企業網站智慧產品。第三部分是關於我們的市場進入策略。這是我們2024年開始著手建造的項目，當然，我們也開始從這個銷售組織中獲得顯著的產能、生產力和成長。因此，將這三個因素結合起來，就形成了我們在下半年強勁成長的動力，也是我們預計到 2026 年將繼續推動成長的動力。

Great. And then just to follow-up on that last point on the capacity in the sales or, how are you feeling about kind of the capacity today? How much, incremental is there to go and sort of improving productivity relative to the kind of leading indicators on demand that you're seeing and any sort of need to, kind of free up that that upmarket investment given the move?

偉大的。最後，我想就銷售能力這一點再補充一點，或者說，您對目前的銷售能力有何看法？相對於你看到的需求領先指標，還有多少提升空間、提高生產力的空間？有鑑於此舉，是否有必要釋出高端投資？

Thank you.

謝謝。

Hey Elizabeth, good morning. Yeah, I think we are still early days in building out our capacity. We've made great strides over the last 12 months. The team's done really good work and really building the framework around scaling up an enterprise sales organization, and now I think we have that framework in place. We'll continue to work on it, but really as we look to next year, we're going to continue to scale out and those efforts are underway to scale out. We think the opportunity is there, as we said.

嗨，伊莉莎白，早安。是的，我認為我們在能力建構方面還處於起步階段。在過去12個月裡，我們取得了長足的進步。團隊在建立企業銷售組織規模化框架方面做得非常出色，現在我認為我們已經建立了這個框架。我們將繼續努力，但展望明年，我們將繼續擴大規模，而這些擴大規模的努力也正在進行中。正如我們所說，我們認為機會就在那裡。

Only 10% of our base actually today has our has our AI products and if you think across our enterprise segment we have 9,000, roughly 9,000 enterprise customers but only a few 100 have our enterprise solution so that think of that from an AR step up point that's what we're seeing through V and really we're just investing behind that momentum.

目前，我們只有 10% 的客戶擁有我們的 AI 產品；而從企業客戶的角度來看，我們大約有 9000 家企業客戶，但只有幾百家擁有我們的企業解決方案。從 AR 的發展角度來看，這就是我們透過 V 所看到的，而我們實際上只是在利用這種發展勢頭進行投資。

Thank you.

謝謝。

Thank you. We will now next take Luke Horton from Northland Capital Markets. Please go ahead.

謝謝。接下來，我們將連線來自北地資本市場的盧克霍頓。請繼續。

Yeah, hey guys, congrats on the quarter. Just wanted to talk about kind of how you're thinking about pricing here with the launch of several new AI and enterprise focused products.

嘿，夥計們，恭喜你們本季取得佳績。我只是想和您談談您目前在推出幾款新的人工智慧和企業級產品時是如何考慮定價的。

Are you kind of pricing this on a per customer per use case basis or kind of flat pricing for each tool or capability or kind of general pricing leverage and how that's sort of evolving with with the roll out of these new products?

你們的定價方式是按客戶和使用案例收費，還是按每個工具或功能統一定價，還是採用一般的定價策略？隨著這些新產品的推出，定價方式又是如何演變的？

Hey Luke and good morning. Right now I would say the pricing of the new product is really, like a lot of sales companies, it's a hybrid model, so you see, you do see per seat pricing, but you also see usage pricing. You also see pricing for add-on capabilities which have proven out for us really well this year. People adding in different tool kits to the pricing, so that philosophically that hasn't changed. Semrush one being our newest product that has introductory pricing, we think it is frankly pretty disruptive for the capabilities it brings to the table. So you know we'll monitor that pricing as we move forward whether we adjust that, up or down, but, right now I think that that provides a new entry point to the market for what we believe is the new benchmark which is bringing together SEO and AI search into a single product.

嗨，盧克，早安。目前，我認為新產品的定價方式與許多銷售公司一樣，是一種混合模式，所以你會看到按席位定價，也會看到按使用量定價。您還可以看到附加功能的定價，這些功能在今年已被證明非常有效。人們將不同的工具包添加到定價中，因此從理念上講，這一點並沒有改變。Semrush one 是我們最新的產品，目前有優惠的入門價格，我們認為它所帶來的功能確實具有顛覆性。所以，我們會密切注意定價情況，並根據情況進行調整，無論是上調還是下調。但就目前而言，我認為這為市場提供了一個新的切入點，我們認為這是新的標桿，將 SEO 和 AI 搜尋結合到一個產品中。

Got it thanks Bill. And then just kind of looking at capital allocation, I see significant cash balance over 275 million, last quarter you announced the buyback program, obviously investing into the business here, but how should we think about capital deployment going forward and then also just kind of the M&A, landscape and opportunities from a data or product standpoint.

明白了，謝謝比爾。然後，從資本配置的角度來看，我看到超過 2.75 億美元的巨額現金餘額，上個季度你們宣布了股票回購計劃，顯然是在投資業務，但我們應該如何考慮未來的資本部署，以及從數據或產品角度來看，併購格局和機遇。

Hey Luke, yeah, I can take that as you mentioned, we do have a very strong balance sheet with 276 million and of course a very strong and growing free cash flow generation. That's a trend that we expect to continue and it puts us in a really good position to be able to invest and allocate capital into a number of different areas. Our first priority, of course, is organic investment in the business. We see a significant opportunity ahead. With AI and enterprise across both product and go to market as Bill mentioned this morning, so we're going to continue to invest in that area and make sure we're positioned ahead of the rest to be able to fully capitalize on that opportunity and drive growth. M&A of course continues to remain attractive, an attractive opportunity, and we'll continue to selectively assess different opportunities going forward where it makes sense for our strategic priorities going forward. And then the share repurchase of course is is something we'll continue to focus on. We have, we're in a fortunate position to have flexibility with that much cash and free cash flow generation, and we'll leverage all forms of capital allocation to make sure that we're optimizing shareholder value.

嘿，盧克，是的，正如你所說，我們的資產負債表非常穩健，擁有 2.76 億美元，當然，我們的自由現金流也非常強勁且不斷增長。我們預計這一趨勢將會持續下去，這將使我們處於非常有利的地位，能夠將資金投資並分配到許多不同的領域。當然，我們的首要任務是對企業進行有機投資。我們看到了未來的巨大機會。正如比爾今天早上所提到的，人工智慧和企業技術在產品和市場推廣方面都至關重要，因此我們將繼續投資於該領域，確保我們領先於其他公司，從而充分利用這一機會並推動成長。當然，併購仍然具有吸引力，是一個很有吸引力的機會，我們將繼續有選擇地評估不同的機會，只要這些機會符合我們未來的策略重點。當然，股票回購也是我們將持續關注的重點。我們很幸運，擁有如此多的現金和自由現金流，並具備一定的靈活性。我們將利用各種形式的資本配置，確保股東價值最大化。

Got it. Thanks, Brian.

知道了。謝謝你，布萊恩。

Were there any repurchases during the quarter? I didn't see anything, in the prepared remarks there.

本季是否有回購操作？我在事先準備好的發言稿中什麼也沒看到。

We did not this quarter. There was, it was some litigation that we were subject to this quarter that we're working through. We expect that we'll be able to navigate through that and we'll update investors as we advance through.

本季我們沒有做到這一點。確實，我們本季遇到了一些訴訟，目前正在處理中。我們預計能夠克服這些困難，並將隨著進展及時向投資者通報最新情況。

Okay, awesome.

好的，太棒了。

Thanks for taking the questions and congrats on a nice quarter Guys.

感謝各位回答問題，恭喜各位本季業績優異。

Thank you.

謝謝。

Thank you. We will now take our next question from Jackson Ada from Key Bank Capital Markets. Please go ahead.

謝謝。接下來，我們將回答來自 Key Bank Capital Markets 的 Jackson Ada 的下一個問題。請繼續。

Great, thank you. Good morning, guys. First one is on the, seasonality of the business. Should we expect a Bigger, a larger than usual ARR build in the fourth quarter now that the mix of the business continues.

太好了，謝謝。各位早安。第一個問題是業務的季節性。鑑於業務組合的持續變化，我們是否應該預期第四季度 ARR 會有比往常更大的成長？

To shift toward enterprise?

轉向企業化？

Yeah, absolutely. So in our business, there's two fundamental seasonality dynamics, what we've experienced over the years is the seasonality of our PLG business, as we've talked about, our first quarter tends to be the strongest when marketing teams establish their budgets and strategy for the upcoming year, and then there's seasonality dynamics in the lower end with SMBs and freelancers around holidays and, in the summer. With our enterprise go to market and enterprise portfolio, it's almost the opposite. We start, we build momentum as we advance through the year and as you would expect with an enterpriseas business model, that would mean that the back half is stronger. That's something that we expect will continue to shift as enterprise, product portfolio continues to ramp and build momentum and of course we continue to make investments and scale in our enterprise go to market.

是的，絕對的。因此，在我們的業務中，存在著兩種基本的季節性動態。多年來，我們經歷了PLG業務的季節性，正如我們之前討論過的，第一季度往往是最強勁的，因為營銷團隊會制定來年的預算和戰略；此外，在節假日和夏季，中小企業和自由職業者的低端業務也存在季節性動態。對於我們的企業市場拓展和企業產品組合而言，情況幾乎恰恰相反。我們起步，隨著一年的推進，我們不斷累積勢頭，正如你所預期的那樣，對於企業商業模式而言，這意味著下半年會更加強勁。我們預計，隨著企業產品組合的不斷擴大和發展勢頭，這種情況將繼續發生變化，當然，我們也將繼續增加對企業市場的投資和規模。

Okay, great. And then quick follow-up on the dynamics between AIRR and the rest of the business.

好的，太好了。接下來請快速跟進AIRR與公司其他部門之間的動態關係。

If it, is it fair to say, okay, each quarter kind of take out the AIRR added to get a better sense of the core.

如果是這樣的話，公平地說，好的，每個季度都去掉 AIRR，以便更好地了解核心情況。

Growth rate of the Business for those.

這些企業的成長率。

Two so linked that that doesn't make any sense.

兩者聯繫如此緊密，這根本說不通。

Hey Jackson, this is Bill. I think they're becoming increasingly linked. I mean, our belief clearly is that that marketers need both, and I think the data would show, and not just our data, but experts in the industry are saying more and more they recognize that you're building AI search on top of SEO principles, and that's really what's fun. Fundamentally behind Semrush One, which is one product as opposed to buying multiple products that does it all, so I think it's increasingly going to be difficult to separate it. We'll do the best we can, we're seeing growth in SEO and we're seeing growth in AI search, but, our increasingly I think our products will have components of both.

嘿，傑克遜，我是比爾。我認為它們之間的聯繫越來越緊密。我的意思是，我們堅信行銷人員兩者都需要，而且我認為數據會證明這一點，不僅是我們的數據，業內專家也越來越多地表示，他們認識到人工智慧搜尋是在搜尋引擎優化原則的基礎上構建的，而這才是真正有趣的地方。Semrush One 的根本優點在於它是一個單一產品，而不是購買多個功能齊全的產品，所以我認為越來越難將它與 Semrush One 分開。我們會盡最大努力，我們看到搜尋引擎優化 (SEO) 和人工智慧搜尋都在成長，但是，我認為我們的產品將越來越融合兩者的元素。

Got it. Thank you.

明白了，謝謝。

Thank you. We will now take our last question from Adam Hodgkiss from Goldman Sachs. Please go ahead.

謝謝。現在我們來回答高盛的亞當‧霍奇基斯提出的最後一個問題。請繼續。

Great. Thanks so much for taking the question. I wanted to ask on the competitive landscape in AIO. I think we've all seen, some of the headlines around VC funding, in the AI optimization space. So maybe just take a step back and walk us through your right to win, particularly given, your historical successes primarily been, in the S&D space, but is increasingly, happening in the enterprise space. Any interplay that would be helpful. Thanks.

偉大的。非常感謝您回答這個問題。我想了解AIO領域的競爭格局。我想我們都看到了一些關於人工智慧優化領域創投的新聞標題。所以，或許你應該退後一步，向我們解釋一下你獲勝的理由，特別是考慮到你過去取得的成功主要集中在銷售和分銷領域，但如今也越來越多地出現在企業領域。任何有益的互動。謝謝。

Sure, Adam, and good morning. Yeah, so we, I wouldn't say we've seen any change in the competitive landscape in terms of any impact to our business. There are definitely a lot of startups in AI visibility or GEO with copycat products. I, most don't have any foundation in SEO. They don't have the experience nor the comprehensive data set that we've built over the last decade plus. So, I'm sure some companies will emerge from that, but I think most will be absorbed and or or evolve, frankly, and. I think if you believe the experts, SEO is something that is foundational, so we think the three things that differentiate us are. First of all, we have that foundation. We're the leader in SEO search. We have more SEO, more people using our products across more companies than anyone else in the space. Number, so that customer base and that experience and that, those SEO tools provide us a great foundation. Secondly, the data that we've talked about, our data set is just much richer than anything else that any competitor can bring to the space that gives a much more holistic view of what's going on, not just in. AI search, but across classic search and social media and other tools. So I think that's the second real big differentiator for us and I think the third frankly is the brand recognition we have. We have, we are the leader in the space. We're going to continue to leverage that brand.

當然可以，亞當，早安。是的，所以，就我們的業務而言，我並不認為競爭格局發生了任何變化，也沒有看到任何影響。人工智慧視覺化或地理資訊領域確實有許多新創公司推出模仿產品。我，大多數人，都沒有SEO的基礎知識。他們既沒有我們過去十多年來累積的經驗，也沒有我們建立的全面資料集。所以，我相信會有一些公司從中脫穎而出，但坦白說，我認為大多數公司會被吸收、轉型或改變。我認為，如果你相信專家的話，SEO 是基礎性的，所以我們認為我們與眾不同的三件事是：首先，我們有了這個基礎。我們是搜尋引擎優化領域的領導者。我們在搜尋引擎優化方面做得更好，使用我們產品的公司和用戶數量也比業內任何其他公司都多。數量，因此客戶群、客戶體驗以及這些SEO工具為我們提供了良好的基礎。其次，我們討論過的數據，我們的數據集比任何競爭對手能夠帶入這個領域的任何其他數據集都要豐富得多，它能更全面地展現正在發生的事情，而不僅僅是…AI 搜索，但涵蓋傳統搜索、社交媒體和其他工具。所以我認為這是我們的第二個真正的重大差異化優勢，坦白說，我認為第三個差異化優勢是我們擁有的品牌知名度。我們擁有，我們是該領域的領導者。我們將繼續利用這個品牌。

Even in our own customer base we're still vastly under penetrated from AI search capabilities, so that's a big opportunity for us and you know McKinsey published a study last month that said only 16% of companies are actually monitoring their AI visibility systematically, so it speaks to the market opportunity that's that's pretty significant we see in front of us, but we feel really good about where we are competitively.

即使在我們自己的客戶群中，人工智慧搜尋能力的滲透率仍然非常低，這對我們來說是一個巨大的機會。你知道，麥肯錫上個月發布的一項研究表明，只有 16% 的公司在系統地監控其人工智慧可見性，這表明我們面前的市場機會非常巨大，但我們對自己的競爭地位感到非常滿意。

Okay, great, that, that's really helpful and I think this is sort of an offshoot of that question, but are you seeing any, I think we've we've we've all heard, management teams there being pressure from CEOs and boards of directors to spend on AI broadly and I guess for your non-traditional SEO cost or maybe someone you haven't interacted with previously, are you seeing any new inbound sort of AIO driven. Interest based on your launch of that product, from someone who maybe wasn't an SEO customer historically, how much is, how much of that is really a driver here or, maybe the opportunity is a little bit more with your existing base? Thanks so much.

好的，太好了，這真的很有幫助。我認為這算是那個問題的延伸，但是，您是否注意到，正如我們都聽說的，管理團隊面臨著來自首席執行官和董事會的壓力，要求他們在人工智慧方面進行廣泛的投資？我想，對於您非傳統的搜尋引擎優化成本，或者對於您以前沒有接觸過的人，您是否看到任何新的入站式、AIO驅動的營銷方式？基於您推出的這款產品，對於那些可能以前不是 SEO 客戶的人來說，這種興趣有多大？這究竟有多少是真正的驅動因素？或者，也許您現有的客戶群帶來的機會更大？非常感謝。

Yeah, I think we, I think we believe there's op strong opportunity in both new customers and existing customers. So I think we started when we launched the products they were really around existing customers and selling into our base. I think more and more we're seeing, as you pointed out, this is in every. Boardroom is talking about this, so we're starting to see a lot more customers from the outside, even customers who are coming to us for the first time. Maybe they're using other products in the in the SEO search space, but they're using us now they're coming to us for AI search, and that's really encouraging.

是的，我認為我們相信，無論是在新客戶還是現有客戶方面，都存在著巨大的機會。所以我覺得我們一開始推出產品的時候，主要都是圍繞著現有客戶，向我們的基本客戶群銷售產品。正如你所指出的，我認為我們越來越發現這種情況無所不在。董事會正在討論這個問題，所以我們開始看到更多來自外部的客戶，甚至有些則是第一次光顧我們的客戶。也許他們在 SEO 搜索領域使用其他產品，但現在他們選擇我們，他們來找我們進行 AI 搜索，這真的很令人鼓舞。

Okay, great, thank you very much.

好的，太好了，非常感謝。

Thank you. I will now pass the conference back over to the management for any additional remarks.

謝謝。現在我將把會議交還給管理階層，請他們補充發言。

Thank you for joining us today. We reported a solid quarter and our positive momentum in the enterprise segment and our AI solutions continues to build. We're excited about the future prospects and we look forward to speaking to you again next quarter.

感謝您今天蒞臨。我們本季業績穩健，企業級業務和人工智慧解決方案的積極發展勢頭持續增強。我們對未來的前景感到興奮，並期待下個季度再次與您交流。

Thank you. That concludes the SAM Rush Holdings 3rd quarter 2025 results conference call.

謝謝。SAM Rush Holdings 2025 年第三季業績電話會議到此結束。

Thank you for your participation. You may now disconnect from your line.

感謝您的參與。現在您可以斷開網路連線了。