Similarweb Ltd (SMWB) 2023 Q4 法說會逐字稿

Greetings and welcome to Similarweb Q4 fiscal 2023 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 Simpleweb 2023 財年第四季財報電話會議。（操作員指示）謹此提醒，本次會議正在錄製中。

I would now like to turn the conference over to your host RJ Jones, Vice President Investor Relations. Please go ahead. Please go ahead.

現在我想將會議交給主持人投資者關係副總裁 RJ Jones。請繼續。請繼續。

Thank you, operator. Welcome everyone to our fourth quarter and fiscal year 2023 earnings conference call. During this call, we will make forward-looking statements related to our business.

謝謝你，接線生。歡迎大家參加我們的第四季和 2023 財年財報電話會議。在本次電話會議中，我們將做出與我們業務相關的前瞻性陳述。

These statements may include the expected performance of our business and our future financial results, our strategy, the potential impacts of rising interest rates, rising global inflation, and current macroeconomic and geopolitical conditions including the current war in Israel, challenges in our business and in the markets in which we operate, our anticipated long-term growth, and overall future prospects.

這些陳述可能包括我們業務的預期表現和未來的財務業績、我們的策略、利率上升的潛在影響、全球通膨上升以及當前的宏觀經濟和地緣政治狀況，包括當前以色列的戰爭、我們的業務和環境中的挑戰。我們經營的市場、我們預期的長期成長、未來的整體前景。

These statements are subject to known and unknown risks, uncertainties, and assumptions that could cause actual results to differ materially from those projected or implied during the call.

這些陳述受到已知和未知的風險、不確定性和假設的影響，可能導致實際結果與電話會議期間預測或暗示的結果有重大差異。

Further, reported results should not be considered as an indication of future performance. Please review the forward-looking statements discussion in our shareholder letter along with our Form 20-F filed with the SEC on March 23, 2023 and in particular, the sections entitled Cautionary Statement Regarding Forward-Looking Statements and risk factors therein for a discussion of factors that could cause our actual results should differ from the forward-looking statements.

此外，報告的結果不應被視為未來績效的指標。請查看我們的股東信中對前瞻性陳述的討論以及我們於2023 年3 月23 日向SEC 提交的20-F 表格，特別是標題為“關於前瞻性陳述和風險因素的警告聲明”的部分，以討論以下內容：可能導致我們實際結果的因素應與前瞻性陳述有所不同。

Also note that any forward-looking statements made on this call are based on available information as of today's date, February 14, 2024. We undertake no obligation to update any forward-looking statements we make today except as required by law.

另請注意，本次電話會議中所做的任何前瞻性陳述均基於截至今天（2024 年 2 月 14 日）的可用資訊。除法律要求外，我們沒有義務更新我們今天所做的任何前瞻性聲明。

As a reminder, certain financial measures we use in presentations of results and on our call today are expressed on a non-GAAP basis. In particular, we referenced non-GAAP operating profit or loss, which represents GAAP operating profit or loss, less share-based compensation, adjustments and payments related to business combinations, amortization of intangible assets, and certain other nonrecurring items.

提醒一下，我們在績效介紹和今天的電話會議中使用的某些財務指標是根據非公認的會計原則表示。我們特別提到了非 GAAP 營業利潤或虧損，即 GAAP 營業利潤或虧損，減去基於股份的薪酬、與業務合併相關的調整和付款、無形資產攤銷以及某些其他非經常性項目。

We use this and other non-GAAP financial measures internally to facilitate analysis of our financial and business trends and for internal planning and forecasting purposes. We believe these non-GAAP financial measures when taken collectively may be helpful to investors because they provide consistency and comparability with past financial performance by excluding certain items that may not be indicative of our business, results of operations, or outlook.

我們在內部使用此和其他非公認會計準則財務指標，以促進對我們的財務和業務趨勢的分析以及內部規劃和預測的目的。我們相信，這些非公認會計準則財務指標綜合起來可能對投資者有所幫助，因為它們排除了某些可能無法表明我們的業務、經營業績或前景的項目，從而提供了與過去財務業績的一致性和可比性。

However, non-GAAP financial measures have limitations as an analytical tool and are presented for supplemental informational purposes only. They should not be considered in isolation from or as a substitute for financial information prepared in accordance with GAAP.

然而，非公認會計準則財務指標作為分析工具有其局限性，僅供補充資訊。它們不應被視為孤立於或取代根據 GAAP 準備的財務資訊。

A reconciliation between these GAAP and non-GAAP financial measures is included in our earnings press release, which can be found on our Investor Relations website at ir.similarweb.com.

這些 GAAP 和非 GAAP 財務指標之間的調整包含在我們的收益新聞稿中，您可以在我們的投資者關係網站 ir.similarweb.com 上找到該新聞稿。

Today, we will begin with brief prepared remarks from our CEO, Or offer and our CFO, Jason Schwartz. Then we will open up the call to questions from sell-side analysts in attendance.

今天，我們將首先由我們的執行長、Or Offer 和財務長 Jason Schwartz 簡短地發表演講。然後我們將開放電話會議，接受出席的賣方分析師的提問。

Please note that we publish a detailed discussion of our fourth quarter and fiscal year 2023 results in a letter to shareholders for investors to reference as well as an updated investor presentation with a strategic overview of the business, both of which are available on our Investor Relations website.

請注意，我們在致股東的一封信中發布了對第四季度和2023 財年業績的詳細討論，供投資者參考，並發布了包含業務戰略概述的最新投資者演示文稿，這兩份文件均可在我們的投資者關係中取得網站。

With that, I will turn the call over to Or Offer, CEO of Similarweb.

接下來，我會將電話轉給 Sametime 執行長 Or Offer。

Thank you, RJ and welcome everyone joining the call today. In Q4, we reported another quarter of growth and operating improvements. We grew our revenue by 11% over Q4 last year to $56.8 million. Our global customer base grew 16% year-over-year to over 4,700 customers and our average customer spends around $50000 with us annually.

謝謝 RJ，並歡迎大家今天加入通話。在第四季度，我們報告了又一個季度的成長和營運改善。我們的營收比去年第四季成長了 11%，達到 5,680 萬美元。我們的全球客戶群年增 16%，達到 4,700 多名客戶，客戶平均每年在我們這裡花費約 50,000 美元。

The top of our funnel continues to stay strong. We had around 13 million visitors to our three tools at similarweb.com in Q4 and we expect 120 million visits to our tool in 2023. As a result, our pipeline remains robust and we are adding new customers and expanding our penetration into our market.

我們漏斗的頂部持續保持強勁。第四季度，similarweb.com 的三個工具的訪問量約為 1300 萬，預計 2023 年我們的工具的訪問量將達到 1.2 億。因此，我們的管道仍然強勁，我們正在增加新客戶並擴大我們對市場的滲透。

The changes we made to packaging insight and navigation in the launch of Similarweb 3.0 in Q3 are bringing in new customers. We're creating upside from bigger average order at renewals. We are excited to see all the new customers at our entry-level price points, especially in our monthly packages which are no touch with low acquisition costs.

我們在第三季推出 Sameweb 3.0 時對包裝洞察和導航所做的更改正在吸引新客戶。我們正在透過續訂時更大的平均訂單來創造上行空間。我們很高興看到所有新客戶都以我們的入門價格點，尤其是我們的月度套餐，這些套餐與低採購成本無關。

Pricing alignment with our customer with 3.0 has greatly enhanced our go-to-market mode and improved our offering to our enterprise customers. It is even better with our strategic customers who are reaching new heights with us.

3.0 與客戶的定價一致大大增強了我們的上市模式，並改善了我們為企業客戶提供的服務。對於與我們一起達到新高度的策略客戶來說，情況就更好了。

We closed a record number of seven-figure deals during the fourth quarter because some of the largest companies in the world are recognizing the value of actionable insight they can be extracted from our data at scale.

我們在第四季度完成了創紀錄的七位數交易，因為世界上一些最大的公司正在認識到他們可以從我們的數據中大規模提取可操作的見解的價值。

We are rapidly becoming a go-to source for up to power up competitive advantage for the largest companies, who are investing massive resource into Gen AI. We believe that we are just getting started with what is possible with generative AI and only beginning to see its tremendous growth potential for us.

我們正迅速成為最大的公司增強競爭優勢的首選來源，這些公司正在向 Gen AI 投入大量資源。我們相信，我們才剛開始了解生成式人工智慧的可能性，並且才剛開始看到它對我們的巨大成長潛力。

I'm very proud of our team as we achieved an important milestone that we want to reach this year. We were profitable on a non-GAAP basis in the fourth quarter and our Q4 non-GAAP operating margin show a strong improvement of 30-percentage-points compared to last year, which led to us achieving our first positive free cash flow quarter since our IPO. This is a great achievement for us and reflects a lot of smart work and discipline from our team.

我為我們的團隊感到非常自豪，因為我們實現了今年想要達到的重要里程碑。我們在第四季度實現了非 GAAP 盈利，並且我們第四季度的非 GAAP 營業利潤率比去年大幅提高了 30 個百分點，這使我們實現了自 2017 年以來的第一個正自由現金流季度。首次公開募股。這對我們來說是一項偉大的成就，反映了我們團隊的大量聰明工作和紀律。

We want to continue to build on this performance in the coming year in terms of growth, profitability and free cash flow. To do this, we are focused on execution in four areas. First, we intend to build on the positive momentum with our strategic account. We want to land and expand in those large global customers.

我們希望來年在成長、獲利能力和自由現金流方面繼續鞏固這一業績。為此，我們專注於加強四個面向的執行。首先，我們打算透過策略帳戶鞏固積極勢頭。我們希望在這些全球大客戶中落地並擴張。

Second, we are focused on increasing the net retention of our enterprise and SMB customers, helping our customer to take advantage of everything in Similarweb 3.0 is a customer success priority for us.

其次，我們專注於提高企業和中小企業客戶的淨保留率，幫助我們的客戶充分利用 Sametimeweb 3.0 中的一切，這是我們客戶成功的首要任務。

Third, we will enhance and innovate in our product line. One area where we have a great opportunity to drive market penetration is with our mobile data and app intelligence, as well as by unleashing our own Gen AI similar as capabilities with our data.

第三，我們將加強和創新我們的產品線。我們有很大機會推動市場滲透的一個領域是我們的行動數據和應用程式智能，以及透過釋放我們自己的與我們的數據功能類似的Gen AI。

Lastly, we will continue to operate efficiently. We will carefully invest where needed to support growth and create operating leverage.

最後，我們將繼續高效運作。我們將在需要時謹慎投資，以支持成長並創造營運槓桿。

Thank you everyone for your continued support. We look forward to update everyone on our progress. With that, Jason, I will turn the call over to you.

感謝大家一直以來的支持。我們期待向大家通報我們的最新進展。這樣，傑森，我會把電話轉給你。

Thank you, Or. And thank you to everyone joining us on the call today, to discuss our fourth quarter results. I will briefly address our financial performance and then we will open up the call to questions.

謝謝你，奧爾。感謝今天參加我們電話會議的所有人，討論我們的第四季度業績。我將簡要介紹我們的財務業績，然後我們將開始提問。

Our performance in the fourth quarter reflects our focus on disciplined execution. Revenue was $56.8 million for the quarter and exceeded the high end of our guidance range. For our $100,000 ARR customer segment, NRR was 107% as compared to 120% in Q4 last year and now represents 57% of our total ARR.

我們第四季的業績反映了我們對嚴格執行的重視。該季度收入為 5680 萬美元，超出了我們指導範圍的上限。對於我們的 ARR 為 100,000 美元的客戶群，NRR 為 107%，而去年第四季為 120%，現在占我們總 ARR 的 57%。

Closing out the longer sales cycles, we have seen in 2023, customer acquisition and logo retention were steady in the fourth quarter. And as Or mentioned, an area of strength for us was in our strategic accounts where we closed 10 seven-digit contracts during the quarter, an outstanding result that is fueling our positive momentum.

結束較長的銷售週期後，我們在 2023 年看到，第四季的客戶獲取和商標保留保持穩定。正如 Or 所提到的，我們的優勢領域是我們的策略客戶，我們在本季度完成了 10 份七位數合同，這一出色的業績推動了我們的積極勢頭。

As we concluded 2023, 42% of our ARR is contracted under multiyear commitments demonstrating the strength and longevity of our customer relationships and our remaining performance obligations also reached a new record of $195 million, a positive indicator of our performance durability going forward.

截至2023 年，我們42% 的ARR 是根據多年承諾簽訂的，這證明了我們客戶關係的強度和持久性，我們的剩餘履約義務也達到了1.95 億美元的新紀錄，這是我們未來業績耐久性的正面指標。

While our results on the top line were better than planned, we also exceeded expectations on our bottom line. Our non-GAAP gross margin reached 81% in the fourth quarter. Our fourth quarter GAAP operating loss was $1.1 million, while our non-GAAP operating profit was $4.7 million. This resulted in a record non-GAAP operating margin of 8%, and represented an improvement of 29-percentage-points versus the prior year.

雖然我們的營收結果好於計劃，但我們的獲利也超出了預期。第四季我們的非 GAAP 毛利率達到 81%。我們第四季的 GAAP 營業虧損為 110 萬美元，而非 GAAP 營業利潤為 470 萬美元。這使得非 GAAP 營運利潤率達到創紀錄的 8%，比前一年提高了 29 個百分點。

Our focus on operating efficiency throughout 2023 drove excellent results culminating in us generating $3.5 million in positive free cash flow in the fourth quarter, a 6% free cash flow margin. We achieved our stated goal of becoming free cash flow positive, as we enter 2024, which is a momentous result for our team.

我們對整個 2023 年營運效率的關注推動了出色的業績，最終使我們在第四季度產生了 350 萬美元的正自由現金流，自由現金流利潤率為 6%。進入 2024 年，我們實現了自由現金流為正的既定目標，這對我們的團隊來說是一個重大成果。

Turning now to Q1 2024. We expect total revenue in the range of $58.5 million to $59 million. For the full year of 2024, we now expect total revenue in the range of $242 million to $246 million, representing approximately 12% growth year-over-year at the midpoint of the range.

現在轉向 2024 年第一季。我們預計總收入在 5,850 萬美元至 5,900 萬美元之間。對於 2024 年全年，我們目前預計總收入在 2.42 億美元至 2.46 億美元之間，以該區間中位數計算，年增約 12%。

Non-GAAP operating profit for the first quarter is expected to be in the range of $1 million to $1.5 million. For the full year, we expect our operating profit to be between $6 million and $8 million.

第一季非公認會計準則營業利潤預計在 100 萬美元至 150 萬美元之間。我們預計全年營業利潤將在 600 萬至 800 萬美元之間。

In 2024, we are focused on achieving profitable growth and making progress towards the Rule of 40. We anticipate being profitable on a non-GAAP basis and generating positive free cash flow in all four quarters of 2024.

2024 年，我們的重點是實現獲利成長並在 40 條規則方面取得進展。我們預計在非 GAAP 基礎上實現盈利，並在 2024 年所有四個季度產生正的自由現金流。

As we navigate the current macro environment, we are building momentum and increasingly optimistic. We believe we are well positioned to take advantage of the math adoption of Generative AI by the world's largest businesses, which is just beginning. We believe that companies that leverage our data and insights will achieve lasting data-driven competitive advantages ones that will be sustained with our unique and powerful offering in the near and long-term.

當我們應對當前的宏觀環境時，我們正在積蓄動力並變得越來越樂觀。我們相信，我們處於有利位置，可以利用全球最大企業對生成式人工智慧的數學採用，而這才剛開始。我們相信，利用我們的數據和見解的公司將獲得持久的數據驅動的競爭優勢，而這些優勢將透過我們獨特而強大的產品在近期和長期內得以維持。

And with that, Or and I are ready to answer your questions.

Or 和我準備好回答你們的問題了。

Thank you. At this time, we will be conducting a question-and-answer session. (Operator Instructions)

謝謝。此時，我們將進行問答環節。（操作員說明）

Arjun Bhatia, William Blair.

阿瓊·巴蒂亞，威廉·布萊爾。

Hey, guys. It's [Rachel] on for Arjun. Congrats on the quarter. I wanted to ask about linearity in the quarter and then into Q1 so far. It looks like some of the underlying metrics like RPO and then net new customers outpaced revenue growth. So, any color on linearity would be helpful. Thanks.

大家好。阿瓊的[瑞秋]上場了。恭喜本季。我想詢問本季度以及到目前為止第一季的線性度。看起來一些基本指標（例如 RPO）和淨新客戶的成長速度超過了收入成長。因此，線性上的任何顏色都會有所幫助。謝謝。

Hey, Rachel, it's Jason. Thanks for the question. Yes, we did see some more back end of the -- on the linearity, particularly with some of the bigger deals that were closed in the latter half of the quarter. So you do see some difference on the linearity over there. But we're really excited with the results that we had. And think this is a good indication of what we should see going forward.

嘿，雷切爾，我是傑森。謝謝你的提問。是的，我們確實看到了更多關於線性的後端，特別是在本季後半段完成的一些較大交易。所以你確實看到了線性度上的一些差異。但我們對所取得的結果感到非常興奮。我認為這很好地表明了我們未來應該看到的情況。

Awesome. And then just one more maybe on some of those bigger deals were those deals that got pushed out from earlier quarters? And then anything specific you would attribute that momentum to with those strategic customers?

驚人的。然後，也許在一些較大的交易中，還有一個是那些從前幾季被推遲的交易？那麼，您認為這些策略客戶的這種勢頭有什麼具體的原因嗎？

Yeah. So I think that a lot of those deals happened in Q4 and closed in Q4. I think that our strategic motion gets better and better. We did a lot of improvement in the past year around pricing packaging introducing an innovation a lot of solutions. And all of those are start to yield fruits that we are very excited. Jason, if you have something to add?

是的。所以我認為很多交易發生在第四季並在第四季結束。我認為我們的策略行動越來越好。去年，我們在定價包裝方面做了許多改進，並引入了許多創新解決方案。所有這些都開始結出果實，我們感到非常興奮。傑森，你還有什麼要補充的嗎？

Yeah. And then we've been saying for the last couple of quarters, how the sales cycles were elongated. Some of these deals have been in the pipeline for a while, and just took a long time to close. We're very excited to see that that data ultimately -- that those deals did ultimately convert and are providing us good momentum as we enter 2021.

是的。然後我們在過去幾個季度一直在談論銷售週期是如何延長的。其中一些交易已經醞釀了一段時間，只是花了很長時間才完成。我們非常高興看到這些數據最終實現了轉化，並在進入 2021 年時為我們提供了良好的動力。

Yeah. Make sense. Thanks for taking my question, and congrats again.

是的。合理。感謝您提出我的問題，並再次祝賀。

Surinder Thind, Jefferies

蘇林德·辛德，傑弗里斯

Thank you. I'd like to touch base on NRR and more specifically those customers that are averaging below $100,000 in contract value. Can you talk a little bit about the churn level there? It's continuing to decline at this point. Any color that you can provide there of where we think it should stabilize. It seems like it's stabilizing but I just want to kind of understand that cadence.

謝謝。我想談談 NRR，更具體地說是那些平均合約價值低於 10 萬美元的客戶。能談談那裡的客戶流失程度嗎？目前它還在持續下降。您可以提供我們認為應該穩定的任何顏色。看起來它正在穩定下來，但我只是想了解這種節奏。

Hey, it's Or. It is stabilized. We see it stabilized and we see even a little bit increase. If you look on the logo retention that I think is the best indication to see that there is shift momentum. So in the longer retention you will see improvement in the retention rate. So, we're seeing this indication positive now.

嘿，這是奧爾。它已穩定下來。我們看到它穩定下來，甚至還有一點點增長。如果你看看標誌的保留，我認為這是看到轉變勢頭的最佳跡象。因此，在較長的保留時間內，您會看到保留率有所提高。所以，我們現在看到這個跡像是正面的。

Thank you. And then in terms of just -- as you think about the multiyear contracts, how do you anticipate that impacts the cadence of the recovery at this point? Obviously, there will be some clients that are coming up for renewal that maybe haven't renewed at the lower desired levels that they would have just because of being involved in the longer contracts?

謝謝。然後，就您而言，當您考慮多年期合約時，您預計這會如何影響此時的復甦節奏？顯然，會有一些即將續約的客戶可能因為參與了較長的合約而沒有以較低的期望水平續約？

I don't see any good impact those customers that are multiyear usually companies that really love our solution and decided to engage with us for the long-term because they feel they've got a great price and rate provide for paid. So I think they will come and we will be able to close them to even more with you down the road and even offer them more products are discussing.

對於那些真正喜歡我們的解決方案並決定與我們長期合作的客戶（通常是多年的公司），我沒有看到任何好的影響，因為他們覺得自己獲得了很好的價格和費率。因此，我認為他們會來，我們將能夠與您進一步接近，甚至為他們提供更多正在討論的產品。

Got it. And then I guess the final question here. As you think about in works the rollout the initial uptake. How do you anticipate it impacts the payback period?

知道了。然後我猜最後一個問題在這裡。正如您在工作中所考慮的那樣，首次採用的推出。您預計它如何影響投資回收期？

Yeah, great question and thanks, Surinder. We actually start seeing the -- what will start happening on the payback period is more and more trying to close the deal. In other words the speed at which we're able to get that and those deals starting to close faster will drive -- that yield will drive the better ROI or recovery on the cash side. So we see that starting to impact and we should see some more of that towards the middle or latter part of 2024.

是的，很好的問題，謝謝蘇林德。我們實際上開始看到——在投資回收期將開始發生的事情是越來越多地試圖完成交易。換句話說，我們能夠實現這一目標的速度以及那些開始更快完成的交易將推動——該收益率將推動更好的投資回報率或現金方面的回收。因此，我們看到這種影響開始產生影響，並且在 2024 年中或後期我們應該會看到更多影響。

Got it. And then the final related question just there would be as you think about the initial uptake, obviously, clients coming in at smaller package size. What is the path for the upgrade there to get them to more normalized or what you would -- what I would call target account levels. Is that -- how much of that is near-term macro driven? How much of it does it provide with you as an engagement point? Just any initial color there at this point of how those conversations are going?

知道了。最後一個相關問題是，當你考慮最初的採用時，顯然，客戶以較小的包裝尺寸進來。升級的路徑是什麼，以使它們更加規範化，或者你想要的東西——我所說的目標帳戶層級。其中有多少是近期宏觀驅動的？它為你提供了多少作為參與點？目前這些對話的進展是否有任何初步的顏色？

Yes, we're very encouraged by what we're seeing with the 3.0 pricing. When we look at the 360-some-odd customers that are over $100,000 the overwhelming majority of those customers historically started well below $100,000. And what we've done over the years is take customers through that journey starting with one solution good going to better, going to best and then going from one solution to a second solution to third solution. And that's how you take somebody from being a $10,000 customer to getting tens of thousands to hundreds of thousands and even multimillion.

是的，我們對 3.0 的定價感到非常鼓舞。當我們觀察 360 多名資產超過 10 萬美元的客戶時，絕大多數客戶的起始價都遠低於 10 萬美元。多年來我們所做的就是帶領客戶完成這趟旅程，從一個解決方案開始，走向更好，走向最好，然後從一個解決方案到第二個解決方案，再到第三個解決方案。這就是如何將某人從 10,000 美元的客戶提升到數萬、數十萬甚至數百萬美元的客戶。

I think what 3.0 was really institutionalize that into best practices with scalable meter measures that make it easy and more seamless for customers to start at an entry-level price which is easy for them to transact and grow over time and we're starting to see that play out. We feel very encouraged that this is the right way to engage with our customers and think that it will impact not only that we're able to onboard customers like the 16% logo increase that we saw in this year, but also the improvement of NRR over time.

我認為3.0 真正將其製度化為具有可擴展儀表測量的最佳實踐，使客戶可以輕鬆、更加無縫地以入門級價格開始，這對他們來說很容易進行交易並隨著時間的推移而成長，我們開始看到播放出來。我們感到非常鼓舞，因為這是與客戶互動的正確方式，並認為這不僅會影響我們能夠像今年看到的 16% 徽標增加那樣吸引客戶，還會影響 NRR 的改善隨著時間的推移。

Thank you. That's it for my questions.

謝謝。我的問題就這樣。

Thank you.

謝謝。

Ryan MacWilliams, Barclays.

瑞安·麥克威廉斯，巴克萊銀行。

Hey, guys. This is [Damon Coblin] on for Ryan. Thanks for taking question and congrats on the results. (technical difficulty) momentum customers, we noticed the comment in the shareholder letter that 4Q's performance from both logo retention and upsells should affect NRR positively in the future periods. Should we take that as 4Q being the potential trough and with some stability in 4Q in 2024?

大家好。這是瑞安的[達蒙·科布林]。感謝您提出問題並祝賀結果。 （技術難度）動量客戶，我們注意到股東信中的評論，即第四季度徽標保留和追加銷售的表現應該會對未來時期的 NRR 產生積極影響。我們是否應該認為第四季度是潛在的低谷，並且 2024 年第四季會保持一定的穩定性？

Yeah. We're -- we think that we have hit the trough and we're looking forward to seeing that metric continue to expand and grow over the year. It's -- as we also mentioned later it's a focus area for us to drive that improvement as well.

是的。我們認為我們已經觸底，我們期待看到該指標在一年中繼續擴大和成長。正如我們稍後也提到的，這也是我們推動改進的重點領域。

Excellent. And also great to see momentum and improvement in overall net new customers. Do you view this as maybe a budget flush at year-end or just potentially a sign for positive trends in customer buying behavior?

出色的。我們也很高興看到整體淨新客戶的動能和改善。您是否認為這可能是年底的預算充裕，或者只是客戶購買行為正向趨勢的潛在跡象？

I don't think that was a budget flush. I think that it was more about buying patterns. I think again the -- some of the simplicity that we've introduced with 3.0 and the packaging that we have makes it easier for people to get started. And you see that's impacting the number of logos that we're able to onboard and we're very excited about that.

我不認為這是預算充裕。我認為更多的是關於購買模式。我再次認為，我們在 3.0 中引入的一些簡單性以及我們的包裝使人們更容易上手。您會看到，這影響了我們能夠添加的徽標數量，我們對此感到非常興奮。

Perfect. Thanks, guys.

完美的。多謝你們。

Jason Helfstein, Oppenheimer.

賈森·赫夫斯坦，奧本海默。

Hi. This is Steve on for Jason. So I have two questions. Number one is you added 341 accounts quarter-over-quarter. That's the highest in your time as a public company. Was the strength solely driven by customers signing up for and utilizing Similarweb 3.0 at lower pricing? Or was there something else at play? And then secondly where do you see the most upside within your products e-commerce, app store or competitive benchmarking. Thanks.

你好。這是史蒂夫替傑森發言。所以我有兩個問題。第一是季度環比增加了 341 個帳戶。這是您作為上市公司以來的最高水準。這種優勢是否完全是由客戶以較低的價格註冊並使用 Sametime 3.0 推動的？或者還有其他什麼因素在起作用？其次，您認為您的產品電子商務、應用程式商店或競爭基準測試中最大的優勢在哪裡。謝謝。

Yes, Steve, I think the strong momentum that is a very good execution from our team. Also we have the self-serve offering that a lot of customers choose to buy yearly, it is also nice boost. And going into this year, I did see a good momentum. First on the core of the competitive intelligence use case is very strong, a lot of improvement to I think the shopper that is the e-commerce, what we call buy online solution, it's also doing very well so. I think all of them have great momentum right now as we're going into 2024.

是的，史蒂夫，我認為強勁的勢頭源自於我們團隊的出色執行力。我們還有很多客戶每年選擇購買的自助服務，這也是一個很好的推動。進入今年，我確實看到了良好的勢頭。首先，競爭情報用例的核心非常強大，我認為對購物者來說有很多改進，即電子商務，我們所說的在線購買解決方案，它也做得很好。我認為，隨著我們進入 2024 年，它們現在都擁有強勁的勢頭。

Tyler Radke, Citi.

泰勒·拉德克，花旗銀行。

Yes, thanks for taking the question. Good morning. So I wanted to go back to the large seven-figure deals that you saw in the quarter sounded pretty encouraging on that front. Can you just talk about what industries you saw those in? Was this kind of more within the investor intelligence space or more B2C, B2B?

是的，感謝您提出問題。早安.因此，我想回到您在本季度看到的七位數的大型交易，這在這方面聽起來相當令人鼓舞。您能談談您在哪些行業看到過這些人嗎？這種情況比較屬於投資人情報領域，還是比較屬於 B2C、B2B？

And then I'm just curious like if you compare and contrast over the last 90 days and you look at your segments across SMB, mid-market and enterprise, if you could just provide some color on which ones are getting better or worse or staying the same just so we can kind of think about the moving pieces on the demand side. Thank you.

然後我很好奇，如果你比較和對比過去90 天的情況，看看你在中小企業、中端市場和企業中的細分市場，是否可以提供一些顏色來說明哪些細分市場變得更好、更差或保持不變同樣，這樣我們就可以考慮需求方面的變化。謝謝。

Hi Tyler. I think the momentum we've seen in our strat account is a lot of cross the sector they serve. The sectors we serve in the stock account are mostly CPGs, the big CPGs of the world, telco and financial services and big tech, so all of them were doing well. We did a lot of great change with the way we operate our strat motion, focus them working closely with the big accounts. So all across the board we're seeing good momentum there.

嗨泰勒。我認為我們在 strat 帳戶中看到的勢頭在很大程度上跨越了他們所服務的行業。我們在股票帳戶中服務的行業主要是消費品、世界上大型消費品、電信和金融服務以及大型科技，所以它們都表現良好。我們對策略動議的運作方式做了許多重大改變，讓他們與大客戶密切合作。因此，我們總體上看到了良好的勢頭。

And what on the second question?

那麼第二個問題呢？

Yeah. If you just looked across your three key segments, your enterprise and strat mid-market and SMB, which ones from a demand perspective got better or worse relative to the third quarter? Did you see further stabilization across everything? Or maybe SMB was still challenged but enterprise got stronger. Just curious how the demand patterns compared across those relative to 90 days ago?

是的。如果你只看一下你的三個關鍵細分市場，也就是你的企業和策略中端市場和中小企業，從需求角度來看，哪些細分市場相對於第三季變得更好或更差？您是否看到一切都進一步穩定？或者也許中小企業仍然受到挑戰，但企業變得更強大。只是好奇與 90 天前相比，需求模式如何？

Yeah. I think we saw in Q4 a little bit of acceleration in the strat as we were seeing, strat was doing really great and also in the low part of the market in SMB, we saw a strong momentum. So those two really reflect acceleration.

是的。我認為我們在第四季度看到了 strat 的一些加速，正如我們所看到的，strat 做得非常好，而且在中小企業市場的低端部分，我們看到了強勁的勢頭。所以這兩個確實反映了加速度。

Great. And then maybe a question for you Jason, on the expense side obviously pretty impressive margin expansion this year, and I think operating expenses were down 14%, which is pretty significant. How are you thinking about just given that you are starting to -- you are profitable on a non-GAAP basis, you're starting to see some positive momentum in the business. How are you thinking about the spending forecast for next year? What are the areas you're comfortable deploying incremental investments in? And where are you still being cautious? Thank you.

偉大的。然後也許有個問題要問你，傑森，在費用方面，今年的利潤率擴張顯然非常令人印象深刻，我認為營運費用下降了 14%，這是非常顯著的。鑑於您開始在非公認會計準則基礎上實現盈利，您開始看到業務中的一些積極勢頭，您對此有何看法？您如何看待明年的支出預測？您願意在哪些領域進行增量投資？還有哪裡還小心翼翼的呢？謝謝。

Yes. Thanks for the question. We are -- what we're really using is the Rule of 40 as a guide. We think and as we've said before, and I want to reiterate that now that we've got profitability we intend to stay there. But we still think that there's -- that we're just at the beginning of the penetrating TAM that we see in front of use.

是的。謝謝你的提問。我們真正使用的是 40 規則作為指引。我們認為，正如我們之前所說，我想重申，既然我們已經實現了盈利，我們打算保持這一水平。但我們仍然認為，我們正處於我們所看到的 TAM 滲透的開始階段。

So we will continue to be a profitable business both on the cash flow and on an operating basis. But if we see the opportunities to continue to invest back in the business that will drive more top line growth we will continue to do that both on the sales and marketing side and on the R&D side.

因此，我們將繼續成為一家在現金流和營運基礎上獲利的企業。但如果我們看到繼續投資業務的機會，這將推動更多的收入成長，我們將繼續在銷售和行銷方面以及研發方面這樣做。

Thank you.

謝謝。

(Operator Instructions)

（操作員說明）

Pat Walravens of Citizens JMP.

Citizens JMP 的 Pat Walravens。

Great. Thank you, and Happy Valentines Day guys. I have two questions. The first one is I was talking to partner at a big venture fund who said a year ago it was all about cutting costs. And now we're starting to think about growth again. Is that part of what's going on with you guys?

偉大的。謝謝你們，祝大家情人節快樂。我有兩個問題。第一個是我正在與一家大型創投基金的合夥人交談，他一年前表示這一切都是為了削減成本。現在我們開始再次考慮成長。這是你們發生的事情的一部分嗎？

Yeah. I think we've been into a process of cutting costs turn the company to profitable. And now when we're done with that, we all be back all hands on driving growth but profitable growth, as Jason said, the accelerating growth again with maintaining the possibility. As we said in the earnings call, we expect to have a free cash flow every -- producing free cash flow every quarter during 2024.

是的。我認為我們已經進入了削減成本以使公司獲利的過程。現在，當我們完成這一切後，我們都會全力以赴推動成長，但利潤成長，正如傑森所說，在保持可能性的情況下再次加速成長。正如我們在財報電話會議中所說，我們預計 2024 年每季都會產生自由現金流。

But I'm wondering are your customers starting to shift from cutting costs to thinking about growing and investing again?

但我想知道您的客戶是否開始從削減成本轉向考慮再次成長和投資？

I wouldn't say that you're probably right. I will say that a lot of the market, it's probably going through the same conditions we've been through. So most of the corporate they're finishing with the cost optimization and now all eyes on growth like how we can grow but in a responsible way.

我不會說你可能是對的。我想說的是，很多市場可能正在經歷我們經歷過的同樣的情況。因此，大多數公司都完成了成本優化，現在所有人都專注於成長，就像我們如何以負責任的方式成長一樣。

Yeah. And then Or, can you just give us an example on the Gen AI side and how your data fits in?

是的。或者，您能給我們一個 Gen AI 方面的例子以及您的數據如何融入嗎？

I think that AI is -- every LLM, they need the unique data that you need to train them on. So first of all, some companies use, are underlying that to train their LLMs to be smarter to understand the intellect better. So this is one big angle.

我認為人工智慧是——每個法學碩士，他們都需要你訓練他們所需的獨特數據。首先，一些公司利用這一點來培訓他們的法學碩士，讓他們變得更聰明，更好地理解智力。所以這是一個大角度。

The second angle, you know that consumer behavior change. So because of Gen AI come and people behave differently, they search differently. They use a lot of companies implement copilots and AI. So there's a lot of demand from the big corporate around consumer behavior change.

第二個角度，你知道消費者行為會改變。因此，由於人工智慧時代的到來，人們的行為方式有所不同，他們的搜尋方式也有所不同。他們使用很多公司實施副駕駛和人工智慧。因此，大公司對消費者行為改變提出了許多要求。

So in my consumers behave different than before and then they need market visibility and this is where similar where is best in the world to give you visibility on how our behavior change. So those two angles that they are driving, is really give us a nice tailwind.

因此，在我的消費者中，他們的行為與以前不同，他們需要市場可見性，而這就是世界上最好的相似之處，可以讓您了解我們的行為如何改變。所以他們駕駛的這兩個角度確實為我們帶來了很好的順風。

Awesome. Thank you.

驚人的。謝謝。

We have reached the end of the question-and-answer session. And this concludes today's conference. Thank you for joining us. You may now disconnect your lines.

我們的問答環節已經結束。今天的會議到此結束。感謝您加入我們。現在您可以斷開線路。

Thank you everyone.

謝謝大家。