Similarweb Ltd (SMWB) 2024 Q3 法說會逐字稿

Greetings, and welcome to the Similarweb third-quarter 2024 earnings call. (Operator Instructions)

您好，歡迎參加 Sametimeweb 2024 年第三季財報電話會議。（操作員說明）

As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Rami Myerson, Vice President, Investor Relations for Similarweb. Thank you. You may begin.

提醒一下，本次會議正在錄製中。現在我想將會議交給主持人、Similarweb 投資者關係副總裁 Rami Myerson。謝謝。你可以開始了。

Thank you, operator. Welcome, everyone, to our third-quarter 2024 earnings conference call. Joining me today are our CEO and Co-Founder, Or Offer; and our CFO, Jason Schwartz.

謝謝你，接線生。歡迎大家參加我們的 2024 年第三季財報電話會議。今天加入我的是我們的執行長兼聯合創始人 Or Offer；以及我們的財務長 Jason Schwartz。

Yesterday, after market close, we released our results for the third quarter and published a discussion of our results in a letter to shareholders, as well as an investor presentation with a strategic overview of the business, on our Investor Relations website at ir.similarweb.com.

昨天收盤後，我們發布了第三季的業績，並在致股東的信中發表了對我們業績的討論，並在我們的投資者關係網站ir.similarweb 上發表了一份包含業務戰略概述的投資者簡報。

Certain statements made on the call today constitute forward-looking statements which reflect management's best judgment based on the currently available information. These statements involve risks and uncertainties that may cause actual results to differ from our expectations. Please refer to our earnings release and our most recent annual report filed on Form 20-F for more information on the risk factors that could cause actual results to differ from our forward-looking statements.

在今天的電話會議上所做的某些陳述構成前瞻性陳述，反映了管理層根據當前可用資訊做出的最佳判斷。這些陳述涉及風險和不確定性，可能導致實際結果與我們的預期不同。請參閱我們的收益發布和以 20-F 表格提交的最新年度報告，以了解可能導致實際結果與我們的前瞻性陳述不同的風險因素的更多資​​訊。

Additionally, certain non-GAAP financial measures will be discussed on the call today. Reconciliations to the most directly comparable GAAP financial measures are available in the earnings release and the earnings presentation. We will begin with Or and Jason's highlights on the quarter, and then we will open up the call to questions from sell-side analysts.

此外，今天的電話會議也將討論某些非公認會計準則財務指標。在收益發布和收益演示中提供了與最直接可比較的 GAAP 財務指標的調整表。我們將從 Or 和 Jason 對本季的重點介紹開始，然後我們將開始接受賣方分析師的問題。

With that, I'll turn the call over to Or. Or, please go ahead.

這樣，我會將電話轉給 Or。或者，請繼續。

Thank you, Rami, and welcome, everyone, joining the call today. I'm extremely proud of the third quarter financial results we report yesterday.

謝謝拉米，歡迎大家今天加入電話會議。我對我們昨天報告的第三季財務業績感到非常自豪。

Revenue growth accelerated again to 18% year-over-year growth in Q3, driven by increase in annual customer and improving retention. Our total customer count grew 21% year-over-year, and the net retention, or NRR, increased by 2 percentage points. This is the fourth quarter in a row that we reported accelerating revenue growth and the second quarter of accelerating customer growth.

在年度客戶增加和保留率提高的推動下，第三季營收成長再次加速，年增 18%。我們的客戶總數年增 21%，淨保留率 (NRR) 增加了 2 個百分點。這是我們連續第四個季度營收加速成長，也是第二季客戶成長加速。

Similarweb is one of the only -- a small group of public software companies that have reported accelerating growth over the last year. This growth acceleration and the improvement in our NRR results from a number of initiatives we implemented over the past year. We have improved our marketing capabilities, driving more meeting for our sales team and increasing brand awareness.

Similarweb 是少數幾家報告稱去年成長加速的公共軟體公司之一。這種成長加速和 NRR 的改善得益於我們在過去一年實施的多項措施。我們提高了行銷能力，推動了銷售團隊召開更多會議並提高了品牌知名度。

We built a strong customer success organization that helped turn around our NRR trend over the last three quarters and is now back up 100% again. Susan Dunn, our new CRO, is driving a series of improvements in our go-to-market motion, and I'm happy with the progress she's making. It is great to see the success these initiatives are starting to deliver.

我們建立了一個強大的客戶成功組織，幫助扭轉了過去三個季度的 NRR 趨勢，現在又恢復了 100%。我們的新 CRO 蘇珊鄧恩 (Susan Dunn) 正在推動我們的上市行動的一系列改進，我對她所取得的進展感到滿意。很高興看到這些措施開始取得成功。

Similarweb mission is to help companies to be successful in the digital world by providing them with the most accurate, comprehensive and actionable digital data so every business can win their market. For more than a decade, we have invested and continue to invest in a series of properties, capabilities that empower us to create our unique digital data.

Sameweb 的使命是透過為企業提供最準確、全面和可操作的數位數據來幫助企業在數位世界中取得成功，以便每個企業都能贏得市場。十多年來，我們已經並繼續投資一系列資產和能力，使我們能夠創建獨特的數位數據。

The continued customer growth and improved retention trends are indication of the confidence our customers place in the quality of our data and our ability to generate value from the data and the solution we provide. The significant investment we have made over the years to build Similarweb unique digital data means that we are in a great position to benefit from the AI revolution.

客戶的持續成長和保留率的提高表明客戶對我們的數據品質以及我們從數據和我們提供的解決方案中創造價值的能力充滿信心。多年來，我們為建立Similarweb獨特的數位數據而進行了大量投資，這意味著我們處於從人工智慧革命中受益的有利位置。

Right now, I see four distinct options for us to capitalize and monetize the generative AI opportunity. The first one is that digital data is a critical and fundamental component of every AI and LLM tech stack, and that is why many of the largest global tech companies are engaging with us to access our digital data to train their LLM and ensure their models are accurate and relevant.

目前，我認為我們有四種不同的選擇來利用生成式人工智慧機會並從中獲利。第一個是，數位資料是每個人工智慧和法學碩士技術堆疊的關鍵和基本組成部分，這就是為什麼許多全球最大的科技公司與我們合作，訪問我們的數位資料來訓練他們的法學碩士並確保他們的模型是準確且相關。

Last quarter, we announced our first eight-digit customer. And today, I'm pleased to share that during October, we secured our second eight-digit customer. This is also a big tech customer who has been with us nearly 10 years and also use our Web Intelligence, Sales Intelligence, Shopper Intelligence through the platform and API integration across many divisions and geographics. It is now also using Similarweb digital data to train its LLM, and we continue to engage with several other companies on similar opportunities.

上季度，我們宣布了第一個八位數客戶。今天，我很高興與大家分享，十月期間，我們獲得了第二個八位數客戶。這也是一個與我們合作近 10 年的大型科技客戶，他們還透過跨多個部門和地區的平台和 API 整合使用我們的網路智慧、銷售智慧、購物者智慧。它現在也使用Similarweb 數位數據來培訓其法學碩士，並且我們繼續與其他幾家公司就類似的機會進行合作。

The second motion we see opportunity for us in generative AI is that we believe that the changes that LLMs are already having on the online customer behavior and the evolution of the journey from search to chatbots are more material and present a much more significant opportunity for Similarweb. We are engaging with several brands that are keen to understand how the transition from traditional search engine to chatbots, for the consumer to find information that leads to transaction, will impact their business.

我們在生成人工智慧領域看到的第二個機會是，我們相信法學碩士已經對線上客戶行為發生的變化以及從搜尋到聊天機器人的旅程的演變更加實質性，並為 Sametime 提供了更重要的機會。我們正在與多個品牌合作，這些品牌熱衷於了解從傳統搜尋引擎到聊天機器人的轉變，讓消費者找到促成交易的訊息，將如何影響他們的業務。

The evolution of the customer journey and the risk of omission from the output of the LLM is a growing concern for every brand around the world. Similarweb digital data can provide a range of insights that can assist brands in understanding the impact and navigating this new version of the way consumer gather information. I believe that this is a great opportunity that we are uniquely positioned to capitalize as the AI evolution evolves.

客戶旅程的演變以及法學碩士輸出的遺漏風險是全球每個品牌日益關注的問題。類似網路數位數據可以提供一系列見解，幫助品牌了解影響並引導消費者收集資訊的新方式。我相信，隨著人工智慧的發展，這是一個絕佳的機會，我們擁有獨特的優勢來利用它。

The third way we're enjoying the AI evolution is, of course, integrating AI into our own products and solution. To help them increase the usage and speed to insights to our customers, last year, we introduced SimilarAsk. And earlier this year, we introduced SAM, our sales assistant agent in our Sales Intelligence solution, while deploying and implementing more AI agents per use case across all of our solutions to drive more high customer engagement, accelerating the adoption and use of our solutions.

當然，我們享受人工智慧發展的第三種方式是將人工智慧整合到我們自己的產品和解決方案中。為了幫助他們提高對客戶的洞察的使用率和速度，去年，我們推出了 LikeAsk。今年早些時候，我們在銷售智慧解決方案中引入了SAM，即我們的銷售助理代理，同時在我們所有解決方案的每個用例中部署和實施更多的人工智慧代理，以提高客戶參與度，加速我們解決方案的採用和使用。

And the fourth area is, of course, is integrating AI into our own internal process and tools, driving more efficiency and reducing costs. We're already seeing improvement in the development cycle around our engineering and reducing our customers' support responses, time with those tools and implementation, and there's many more to come to drive more cost savings and improve efficiency all across our organization with AI.

第四個領域當然是將人工智慧整合到我們自己的內部流程和工具中，提高效率並降低成本。我們已經看到圍繞工程的開發週期得到了改善，並減少了客戶的支援回應、使用這些工具和實施的時間，而且還有更多的事情可以透過人工智慧來推動整個組織的更多成本節約和提高效率。

I'm very bullish on the opportunity ahead of us. We are staffing up our go-to-market teams to capture the big opportunity that we are seeing on top of our funnel and continue to grow. In Q3, our marketing team generated a record high of more than 0.5 million registration on our website and created a record high number of meetings this year to our go-to-market teams.

我非常看好我們面前的機會。我們正在為進入市場團隊配備人員，以抓住我們在漏斗頂部看到的巨大機會並繼續成長。第三季度，我們的行銷團隊在我們的網站上創造了超過 50 萬的註冊量，創下了歷史新高，並創造了今年與我們的市場推廣團隊舉行的會議數量的歷史新高。

On the brand awareness side, I'm super pleased that Similarweb has been adopted by leading media outlets and corporate executives as their preferred measure of the digital world. Jeff Bezos and Elon Musk appreciate the critical importance of high-quality data. And they, along with many business leaders, reference Similarweb when making observation on the digital world.

在品牌知名度方面，我非常高興Similarweb 已被領先的媒體機構和企業高管採用，作為他們衡量數位世界的首選標準。傑夫·貝佐斯和伊隆·馬斯克認識到高品質數據的至關重要性。他們和許多商界領袖在觀察數位世界時都會參考Similarweb。

Even this week, when Sam Altman, OpenAI CEO, want to show how big the ChatGPT.com website is referred Similarweb data in his tweets. We appreciate the confidence those leaders express in our data. Our goal is to be the number one partner for digital success.

即使在本週，OpenAI 執行長 Sam Altman 也想展示 ChatGPT.com 網站在他的推文中引用了 Sameweb 數據有多大。我們感謝這些領導人對我們的數據所展現的信心。我們的目標是成為數位化成功的第一個合作夥伴。

I want to thank the whole team for another quarter of excellent results and great execution during a period of macroeconomic uncertainty and geopolitical challenge. We believe that we are still only starting to realize the potential of our data and the addressable market we serve. And as I like to say, we are just getting started.

我要感謝整個團隊在宏觀經濟不確定和地緣政治挑戰期間又取得了一個季度的出色業績和出色的執行力。我們相信，我們才剛開始認識到我們的數據和我們所服務的目標市場的潛力。正如我想說的，我們才剛開始。

Thank you, everyone, on the call for continued support. With that, I will turn the call over to Jason.

感謝大家對電話的持續支持。這樣，我會將電話轉給傑森。

Thanks, Or, and everyone joining us on the call today to discuss our third quarter results. I'll provide highlights of our financial performance, and then we'll open up the call to questions.

謝謝 Or，以及今天加入我們電話會議討論我們第三季業績的所有人。我將重點介紹我們的財務業績，然後我們將開始提問。

We generated $64.7 million of revenue in Q3. As Or mentioned, revenue growth continued to accelerate for the fourth consecutive quarter to 18% year over year in Q3, driven by new customer growth and improving retention. Our remaining performance obligations, or RPO, totaled $212 million at the end of Q3, up 27% year over year. We expect to recognize approximately 76% of the total RPO as revenue over the next 12 months.

我們在第三季創造了 6,470 萬美元的收入。正如 Or 所提到的，在新客戶成長和留任率提高的推動下，第三季營收成長連續第四個季度加速，年增 18%。截至第三季末，我們的剩餘履約義務 (RPO) 總額為 2.12 億美元，年增 27%。我們預計未來 12 個月將 RPO 總額的約 76% 確認為收入。

In Q3, we achieved an overall net revenue retention rate of 101% and an NRR of 111% for our over $100,000 ARR customer segment, an improvement relative to the second quarter of 2024 for both metrics. We are encouraged by the change of the trajectory over the last two quarters and expect further improvement in the quarters ahead. The increase in multiyear contracts to approximately 45% of our ARR demonstrates the importance and critical nature of our data, and we expect will contribute to improve retention rates ahead.

在第三季度，我們的 ARR 超過 100,000 美元的客戶群的總體淨收入保留率為 101%，NRR 為 111%，這兩個指標均較 2024 年第二季度有所改善。我們對過去兩個季度軌蹟的變化感到鼓舞，並預計未來幾季將進一步改善。多年期合約增加至我們 ARR 的約 45%，證明了我們資料的重要性和關鍵性，我們預計這將有助於提高未來的保留率。

Our operational performance in the quarter demonstrates our continued commitment to disciplined execution, and we delivered a non-GAAP operating margin of 7%, a fifth consecutive quarter of non-GAAP operating profit. We generated $9 million of free cash flow in the quarter, a fourth consecutive quarter of positive free cash flow.

我們本季的營運業績證明了我們對嚴格執行的持續承諾，我們實現了 7% 的非 GAAP 營運利潤率，這是連續第五個季度實現非 GAAP 營運利潤。本季我們產生了 900 萬美元的自由現金流，這是連續第四個季度實現正自由現金流。

Free cash flow in the quarter was positively impacted by the phasing of customer seats that we had expected to collect in the fourth quarter. We expect to continue to generate positive free cash flow over the coming quarter and in future quarters as well.

我們預計在第四季度收集的客戶席位的分階段對本季的自由現金流產生了積極影響。我們預計在下一季和未來幾季將繼續產生正的自由現金流。

Following the results that we reported yesterday and that exceeded expectations, we are raising our guidance for revenue and narrowing the guidance range for non-GAAP operating profit for the full year 2024.

繼我們昨天報告的超出預期的結果之後，我們將提高 2024 年全年的收入指引並縮小非 GAAP 營業利潤的指引範圍。

In Q4 '24, we expect total revenue in the range of $64.7 million to $65.7 million, representing approximately 15% growth year-over-year at the midpoint of the range. For the full year 2024, we expect total revenue in the range of $249 million to $250 million, an increase of $2.5 million at the midpoint of the range relative to our previous expectations.

2024 年第 4 季度，我們預計總收入在 6,470 萬美元至 6,570 萬美元之間，以該範圍中位數計算，年增約 15%。對於 2024 年全年，我們預計總收入在 2.49 億美元至 2.5 億美元之間，比我們先前的預期增加了 250 萬美元。

Non-GAAP operating profit for the fourth quarter is expected to be in the range of $1.5 million to $2.5 million. For the full year, we are narrowing the range and expect our operating profit to be between $14 million and $15 million.

第四季非公認會計準則營業利潤預計在 150 萬美元至 250 萬美元之間。對於全年，我們正在縮小範圍，預計營業利潤將在 1400 萬美元至 1500 萬美元之間。

Our guidance reflects increased operating expenses primarily related to increased headcount. As Or mentioned earlier, we have decided to accelerate our hiring to capture the opportunities presented by the growing demand for our data and solutions.

我們的指導反映了主要與員工人數增加相關的營運費用增加。正如 Or 之前提到的，我們決定加快招募速度，以抓住對我們的數據和解決方案不斷增長的需求所帶來的機會。

After delivering four quarters of accelerating revenue growth, non-GAAP operating profit and positive free cash flow, we remain focused on delivering profitable growth and making further progress towards the Rule of 40 over time, as well as achieving our long-term profit and free cash flow targets.

在實現了四個季度的收入加速增長、非公認會計原則營業利潤和正自由現金流之後，我們仍然專注於實現盈利增長，並隨著時間的推移在40 法則方面取得進一步進展，以及實現我們的長期利潤和自由現金流。

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。

(Operator Instructions) Ryan MacWilliams, Barclays.

（操作員說明）Ryan MacWilliams，巴克萊銀行。

Or, great to see new customer growth accelerate. How would you attribute what drove the stronger new customer growth? I'm sure it's a mix, but is it maybe a better macro environment? Or is it more due to some of the changes Similarweb has made and -- for market improvement?

或者，很高興看到新客戶成長加速。您如何看待推動新客戶強勁成長的因素？我確信這是一個混合體，但這可能是一個更好的宏觀環境嗎？或者更多的是由於Similarweb 所做的一些改變以及——為了市場的改善？

Yes. Thanks, Ryan. And as I said in the earnings call, our marketing team doing excellent job lately driving more brand awareness, more conversion from our -- a big amount of visitors we have and an increase in registration, customer growth and a very strong top of the funnel. And so from what I've seen, a lot of improvement internally and doing a great job of the team.

是的。謝謝，瑞安。正如我在財報電話會議上所說，我們的行銷團隊最近做得非常出色，提高了品牌知名度，增加了我們擁有的大量訪客的轉換率，註冊量、客戶成長和漏斗頂部的實力都增強了。 。從我所看到的來看，內部有很多改進，團隊也做得很好。

Appreciate that. And then, Jason, any early insight into how we should think about our models for next year for revenue growth in 2025? I think things are certainly accelerating here, but how should we think about the key drivers of next year growth?

很欣賞這一點。然後，Jason，對於我們應該如何考慮明年 2025 年收入成長的模型，您有什麼早期見解嗎？我認為事情肯定正在加速，但我們應該如何思考明年成長的關鍵驅動力？

Yes. We'll give full guidance on 2025 at the beginning of the year, but I think that the momentum that you see and the exit rates are good indications of the momentum that we intend to see going forward. So as we said, we're going to continue to be focused on that profitable growth continuing, to have both operating and cash flow profit on a quarterly basis going forward as well.

是的。我們將在年初給出 2025 年的全面指導，但我認為您看到的勢頭和退出率很好地表明了我們打算看到的未來​​勢頭。因此，正如我們所說，我們將繼續關注利潤的持續成長，並在未來實現季度營運利潤和現金流利潤。

Jason Helfstein, Oppenheimer & Co.

賈森·赫夫斯坦，奧本海默公司

Two questions. Or, from a product perspective, how has the mix shifted, whether it's like, I don't know, versus a year ago? And maybe where are you seeing the most interest? Obviously, you highlighted AI, but it's still super early. But within the kind of other products, like what seems to kind of have the most momentum from a business standpoint?

兩個問題。或者，從產品的角度來看，與一年前相比，我不知道這種組合發生了什麼樣的變化？也許您對哪裡最感興趣？顯然，你強調了人工智慧，但現在還為時過早。但在其他產品中，從商業角度來看，什麼似乎最具動力？

And then second question, Jason, can you unpack the revenue volatility a little bit between the 3Q year-over-year and the 4Q guide year-over-year? Does this have to do with the spike in the billings in 2Q, the way it flows through the accounting and then kind of what was the catalyst for that? Just maybe unpack why we're kind of seeing a revenue slowdown in the fourth quarter just on an accounting basis?

第二個問題，傑森，您能否稍微解釋一下第三季年比和第四季指導年比之間的收入波動？這是否與第二季的帳單激增有關，其流經會計的方式以及其催化劑是什麼？只是也許可以解釋為什麼我們在會計基礎上看到第四季的收入放緩？

Jason, good to hear you. Thank you for the questions. From a product perspective, we're seeing 2 good -- I think maybe three products are doing well in the past quarter. We have our core product, the Web Intelligence, that continues to doing very well. We're seeing more demand on the SEO part.

傑森，很高興聽到你的聲音。謝謝你的提問。從產品的角度來看，我們看到了兩個好的產品——我認為也許有三個產品在上個季度表現良好。我們的核心產品 Web Intelligence 一直表現出色。我們看到對 SEO 部分的需求越來越多。

We did a lot of progress there in the past in year or two. We acquired a company called Rank Ranger 2 years ago. So we started implementing more deep SEO capabilities to help marketing organization drive more growth around the search channel, and we're seeing great success there.

過去一兩年我們在這方面取得了很大進展。兩年前我們收購了一家名為 Rank Ranger 的公司。因此，我們開始實施更深入的 SEO 功能，以幫助行銷組織推動搜尋管道的更多成長，我們在那裡看到了巨大的成功。

Also, we had a strong quarter on our Sales Intelligence tool that we're seeing high demand. We had a lot of good progress there with the tools there. SAM sales assistant, AI agent that will help customers to get better insights faster leveraging the AI capabilities, so this one doing very well. And advisory services organization has a lot of demand, a lot of big brands coming with also sophisticated needs and insights about digital activity. So I think those three have very good momentum right now.

此外，我們的銷售智慧工具在本季表現強勁，我們看到需求很高。我們利用那裡的工具取得了許多良好的進展。SAM銷售助理，AI代理，將幫助客戶利用AI功能更快地獲得更好的洞察，所以這一點做得非常好。諮詢服務組織有很多需求，許多大品牌也對數位活動有複雜的需求和見解。所以我認為這三個人現在勢頭非常好。

And then on the guide, I think by now you guys are -- we like to give guidance that we know we can meet. And there's -- we're an ARR business and so a lot of the visibility that you have between RPO and the deferred revenue just flows through the accounting, and that's how we -- the revenue works.

然後在指南上，我想現在你們——我們喜歡提供我們知道我們可以滿足的指導。我們是 ARR 企業，因此 RPO 和遞延收入之間的許多可見性都只是透過會計流動，這就是我們收入的運作方式。

Okay. So this is really like -- it's not representative of any kind of trend, as we're thinking about it, to next year?

好的。所以這真的就像——正如我們正在考慮的那樣，它並不代表明年的任何趨勢？

No, I don't think so.

不，我不這麼認為。

Arjun Bhatia, William Blair.

阿瓊·巴蒂亞，威廉·布萊爾。

Congrats guys on the acceleration this quarter. Very nice to see. Or, if I can start with you, this is the second big deal that you've announced with a big tech company to use your data to train LLMs. Can you just maybe help us understand what's so special and unique about Similarweb data that is attracting these companies to license it for LLM training? And how does that fit into that specific LLM training use case?

恭喜大家本季的加速發展。很高興看到。或者，如果我可以從你開始，這是你與一家大型科技公司宣布的第二筆大交易，使用你的數據來培訓法學碩士。您能否幫助我們了解Similarweb 數據有何特別之處和獨特之處，吸引這些公司將其授權用於法學碩士培訓？這如何適應特定的法學碩士培訓用例？

And then maybe you can just touch on something about these contracts, whether we should expect these to be recurring and the data to be needed to continually be refreshed over the coming years as these models become a little bit more mature.

然後也許你可以談談有關這些合約的一些事情，我們是否應該期望這些合約會重複出現，並且隨著這些模型變得更加成熟，在未來幾年中是否需要不斷刷新資料。

So I tell you, just to explain you it more. We announced the second customer to be an eight-figure customer. And -- but we do closed more than two deals around working with companies who want to train their LLMs. So this is an initiative that we're seeing growing nicely with the AI evolution.

所以我告訴你，只是為了給你更多解釋。我們宣布第二位客戶是一位八位數的客戶。而且，我們確實與想要培訓法學碩士的公司達成了兩筆以上的合作協議。因此，我們看到這項舉措隨著人工智慧的發展而不斷發展。

And regarding your question to give more visibility about our LLM using our digital data, I will explain you how I think it's worked from that perspective. In order to build a really good chatbot, you need to feed it them with three data sets. The first data is probably the Internet data, the web data, all the content that he can learn and be smart and read all his knowledge.

關於您提出的問題，即如何使用我們的數位資料更清楚地了解我們的法學碩士，我將從這個角度向您解釋我認為它是如何運作的。為了建立一個真正優秀的聊天機器人，您需要為其提供三個資料集。第一個數據可能就是網路數據，網路數據，所有他能學習的內容，他聰明的，讀到他所有的知識。

The second data set you probably need to feed in is what I will call conversation data, that the chatbot would like to speak like human being. This is probably when the -- giving in Reddit data and all kinds of different conversation data. And the third element that LLM need is to be up to date to what's happening in the world. He needs to know that Trump won the election or anything that's happening. In order to be up to date, you need the digital data.

您可能需要輸入的第二個數據集是我所說的對話數據，聊天機器人希望像人類一樣說話。這可能是在 Reddit 數據和各種不同的對話數據中提供的時候。LLM 需要的第三個要素是了解世界上正在發生的事情。他需要知道川普贏得了選舉或正在發生的任何事情。為了保持最新狀態，您需要數字資料。

That's what's happening right now in the world, what people are searching right now, what are they reading, what they're talking about. And this is where the digital data gets very important. And something that you need to feed those LLMs daily that will be up to track. And they have context when you talk with the chatbot this morning and talking about the election, he will know what happened. So this is where our data set is feeding their brain. And I hope it answered the question.

這就是世界上正在發生的事情，人們正在搜尋什麼，他們在讀什麼，他們在談論什麼。這就是數位數據變得非常重要的地方。還有一些你每天需要為那些法學碩士提供的東西，這些東西將被追蹤。當你今天早上與聊天機器人談論選舉時，他們有背景訊息，他會知道發生了什麼。這就是我們的數據集為他們的大腦提供資訊的地方。我希望它回答了這個問題。

Yes, that's very helpful, Or. And then, Jason, if I can just come back to the prior question on the fourth quarter revenue guidance. I think when compared to past guides, it's more conservative from like a sequential perspective when we're comparing Q3 to Q4. And it sounds like some of these new LLM contracts should start to go live in the coming quarters.

是的，這非常有幫助，或者。然後，傑森，我能否回到之前關於第四季度收入指引的問題。我認為，與過去的指南相比，當我們比較第三季和第四季時，從順序角度來看，它更加保守。聽起來其中一些新的法學碩士合約應該在未來幾季開始生效。

So is there some extra conservatism in there in the Q4 number? Or anything else that we should be aware of that might be just starting off timing of rev rec next quarter and beyond?

那麼第四季的數據是否存在一些額外的保守因素呢？或者我們應該注意的其他事情可能只是下個季度及以後的轉速記錄的開始時間？

Well, again, I think it's just when these deals come in or go live and how the rev rec flows through. In general, for us, once people get activated or start using the data, depending on that, we just recognize the revenue of a subscription term.

好吧，再說一次，我認為這只是這些交易何時進入或生效以及轉速記錄如何流動。一般來說，對我們來說，一旦人們被啟動或開始使用數據，根據情況，我們只需確認訂閱期限的收入。

So there's just the reality of that and as well as the Q4 bookings that we hope will come through. The timing of when those come in within the quarter depends on how much of that is going to be recognized in the quarter. So we use the same methodology consistently, and we'd like to give guidance we know we can meet.

因此，這就是現實，以及我們希望第四季度的預訂能夠實現。這些費用在本季內的具體時間取決於本季將確認的金額。因此，我們始終如一地使用相同的方法，並且我們希望提供我們知道可以滿足的指導。

Scott Berg, Needham & Company.

史考特‧伯格，李約瑟公司。

I have two. Or, in your pre-scripted remarks, the second option that you're trying to capitalize on in the GenAI team caught my eye, believing that LLM could change online customer behavior, consumer data today. I guess how much of that are you seeing in your business today from customers and companies trying to capture and better understand that data? Or is that a trend that you think really impacts the business more going forward versus what you've already seen today?

我有兩個。或者，在您事先準備好的發言中，您在 GenAI 團隊中嘗試利用的第二個選項引起了我的注意，您相信 LLM 可以改變當今的線上客戶行為和消費者資料。我想您今天在您的業務中看到了多少來自試圖捕獲和更好地理解這些數據的客戶和公司？或者您認為這種趨勢與您今天已經看到的情況相比，真正對業務的未來影響更大嗎？

Thank you for the questions. So this is early phase, we start seeing more and more brands start to realize that the consumer change in the way they consume information. For example, if I want to plan a trip and vacation to Miami or Hawaii or whatever, most of the changes that I will start using the chatbots today and ask them, show me the top hotel, top restaurants, and start consuming my information from the chatbots other than what used to be search. So this consumer behavior changed.

謝謝你的提問。所以這是早期階段，我們開始看到越來越多的品牌開始意識到消費者消費資訊的方式改變了。例如，如果我想計劃去邁阿密或夏威夷或其他地方旅行和度假，我今天將開始使用聊天機器人並詢問他們的大部分變化，向我展示頂級酒店、頂級餐廳，並開始使用我的信息除了過去的搜尋機器人之外，還有聊天機器人。所以這種消費者行為就改變了。

It's something that the brands will start to really understand now, and want to get more visibility about how much time they are being presented as one of the options to the consumer, how it's driving consumer behavior to drive action and transaction.

品牌現在將開始真正理解這一點，並希望更清楚地了解它們作為消費者選擇之一的時間有多少，以及它如何推動消費者行為以推動行動和交易。

So we see right now more and more brands start realizing it. And they now seek for market data, digital data to see how they've been perceived, if they are being recommended by the chatbot and how -- and what is the market share, et cetera. And we are kind of the best company in the world to give this data and help them drive for the right action.

所以我們現在看到越來越多的品牌開始意識到這一點。他們現在尋求市場數據、數位數據，以了解人們如何看待他們、聊天機器人是否推薦他們以及如何推薦——以及市場份額是多少，等等。我們是世界上最好的公司，可以提供這些數據並幫助他們採取正確的行動。

Got it. Very helpful. And then, Jason, you talked about the recovery in net revenue retention had a nice increase in the quarter here. You also made the comment that you expected to go higher here, I believe, in the short term. Not that you're predicting you're going to tell us what you think it's going to necessarily be in Q4 and early next year. But how do we think about that trajectory? Can it return to the levels that you saw in maybe 2020, '21 or '22? Or do you think you'll ultimately settle in somewhere in between those levels and where you are today?

知道了。非常有幫助。然後，傑森，您談到本季淨收入保留的恢復有很好的成長。您也發表了評論，我相信，您預計短期內會走高。並不是說您預測您會在第四季和明年初告訴我們您認為必然會發生的情況。但我們如何看待這個軌跡呢？它能回到你在 2020 年、21 年或 22 年看到的水平嗎？或者你認為你最終會安頓在這些水平和今天的水平之間嗎？

Thanks so much, Scott. We like the momentum that we're seeing both in the retention and as well as the upsells and cross-sells that we're having with customers. I think what you're hearing are twofold, and there are two things that give us a little bit of confidence over there. One is that the fact that 45% of our revenue is already locked in on multiyear commitments. And that gives us a lot of confidence and commitment to the retention of the book of business that we have.

非常感謝，斯科特。我們喜歡我們在客戶留存以及追加銷售和交叉銷售方面看到的勢頭。我認為你所聽到的內容是雙重的，有兩件事讓我們有一點信心。一是我們 45% 的收入已經鎖定在多年承諾上。這給了我們很大的信心和承諾，以保留我們擁有的業務。

And then the second thing is you're seeing over and over this large deal that we talked about earlier, is again another indication or another example of how we land, retain and expand those customers, taking them from thousands of dollars to tens of thousands of dollars to hundreds of thousands to millions, and now multimillion accounts. That is the motion, we are very encouraged by that and the team that we put in place on the customer success and account management side.

第二件事是你一遍又一遍地看到我們之前討論過的這筆大交易，這又是我們如何登陸、留住和擴大這些客戶，使他們從數千美元增加到數萬美元的另一個跡像或另一個例子美元到數十萬到數百萬，現在有數百萬個帳戶。這就是這項動議，我們對此以及我們在客戶成功和客戶管理方面組成的團隊感到非常鼓舞。

Surinder Thind, Jefferies.

蘇林德·辛德，傑弗里斯。

In terms of just the two large eight-figure deals that you have at this point, are you able to walk us through a little bit of the journey of how they got there? Not necessarily over like the past 10 years, but more in the near term? Is this something where maybe a jump went from an $8 million ARR to a $10 million ARR? Or how should we think about that with the latest upsells?

就目前您所擁有的兩筆八位數的大型交易而言，您能否向我們介紹一下他們是如何實現這一目標的？不一定像過去10年那樣，但短期內會更多？這是否會導致 ARR 從 800 萬美元躍升至 1,000 萬美元？或者我們應該如何看待最新的加售？

So I think the nice story about those two eight-figure deals, it show you the amazing long-term relationships we have with those companies. Those two companies that now have eight-figures of engagement with us. They all start with very little, almost 10 years ago, when they started engaging us around our Web Intelligence offering, getting more digital visibility.

因此，我認為關於這兩筆八位數交易的精彩故事，它向您展示了我們與這些公司之間令人驚嘆的長期關係。這兩家公司現在與我們的合作額達到了八位數。大約 10 年前，當他們開始讓我們參與我們的 Web Intelligence 產品並獲得更多數位可見度時，他們的起步都非常有限。

And over the years, each one of them started to buy more and more of our solution, if it's Sales Intelligence, Shopper Intelligence. And the more they gain trust with our data and capabilities, we start to go into more advanced engagements with them, giving them raw market data and basically become a trusted adviser for digital market data.

多年來，他們每個人都開始購買越來越多的我們的解決方案，如果是銷售智慧、購物者智慧。他們對我們的數據和能力越信任，我們就開始與他們進行更高級的合作，為他們提供原始市場數據，並基本上成為數位市場數據的值得信賴的顧問。

And we see now -- we've built over many years those relationship and engagement to drive those big deals. And I think this will give you the confidence that again more like those to come down the road. And as more and more companies depend on the digital world for driving more revenue and the success of the business, we want to build their digital market data provider. So we're very happy with that, and I hope more to come down the road.

我們現在看到，多年來我們已經建立了這些關係和參與來推動這些大交易。我認為這會給你信心，讓你更喜歡未來的道路。隨著越來越多的公司依靠數位世界來推動更多收入和業務成功，我們希望建立他們的數位市場數據提供者。所以我們對此非常滿意，我希望未來能有更多這樣的成果。

And then in terms of just -- if you think about accelerating the hiring within your sales force, can you talk maybe a little bit about the incremental opportunity and where you're focused on at this point? Is that more just new clients coming on and you see this a bigger opportunity there in the near term? Or are we finally kind of seeing the buying out with existing clients where there's enough demand that we can start to see -- I think you've mentioned higher NRR, but just a meaningful improvement in the ability to upsell to those clients?

然後，如果您考慮加快銷售團隊的招聘，您能否談談增量機會以及您目前關注的重點？是否更多的是新客戶的出現，您認為這在短期內是一個更大的機會？或者我們最終是否會看到現有客戶的收購，因為有足夠的需求，我們可以開始看到——我認為您提到了更高的NRR，但只是在向這些客戶進行追加銷售的能力方面有了有意義的改進？

Yes, thank you for the question. We see two great place that we can accelerate our go-to-market expansion. The first one is to hire more sales reps to take over all the meetings and demand we're seeing in top of the funnel, basically they inbound -- the increase in the inbound demand we see.

是的，謝謝你的提問。我們看到了兩個可以加速我們的市場擴張的好地方。第一個是僱用更多的銷售代表來接管我們在漏斗頂部看到的所有會議和需求，基本上是入站需求——我們看到的入站需求的增加。

The second area is basically doing [grant] and repeat around the enterprise clients. We have more than 5,000 customers today, we know exactly in which market and industry customers really need our solution, and we want to be actively approach those customers and educating about our offering and drive more success on the enterprise side.

第二個領域基本上是圍繞企業客戶進行[授予]和重複。如今，我們擁有 5,000 多家客戶，我們確切地知道哪些市場和行業的客戶真正需要我們的解決方案，我們希望積極接觸這些客戶，宣傳我們的產品，推動企業取得更大成功。

Because our market is massive, we talked about a lot of time. But we're also -- it's a very big TAM, and we believe that every company that operates online in the digital world and want to be successful, need our solution to drive more market share and growth. We just need to get in front of the right people, present them the capabilities, and the data and insight we can bring to them and bring them on board. So we see good opportunity there.

因為我們的市場很大，所以我們討論了很多時間。但我們也是——這是一個非常大的 TAM，我們相信每家在數位世界中在線運營並希望成功的公司都需要我們的解決方案來推動更多的市場份額和成長。我們只需要站在合適的人面前，向他們展示我們可以帶給他們的能力、數據和洞察力，並吸引他們加入。所以我們在那裡看到了很好的機會。

So we also -- especially now that we are a multi-solution company and we can come to a customer and have a Web Intelligence for the website and App Intelligence for the app activity, and Shopper for the marketplace Amazon strategy, so I can present and come with a lot of great offering. And so we've seen good momentum also on our enterprise play.

所以我們也 - 特別是現在我們是一家多解決方案公司，我們可以向客戶提供用於網站的 Web Intelligence 和用於應用程式活動的 App Intelligence，以及用於市場亞馬遜策略的 Shopper，所以我可以介紹並附帶許多精美的產品。因此，我們在企業業務方面也看到了良好的勢頭。

Patrick Walravens, Citizens JMP.

Patrick Walravens，公民 JMP。

Great. I have one for each of you. But my first one, Or, how is your new head of sales, Susan Dunn, doing? What changes has she made and what is she most focused on?

偉大的。我為你們每人準備了一份。但是我的第一個，或者，你們的新銷售主管蘇珊鄧恩（Susan Dunn）怎麼樣？她做了哪些改變以及她最關注的是什麼？

Wow, Susan is amazing. We cannot tell you how much we feel lucky that she joined us. A true industry leader. She comes from an amazing background. So was the CRO with NielsenIQ. It's a $5 billion ARR business. She was leading thousands of people. She grew there since she been there more than 20 years leading and learning. So we have a lot of industry background, hard selling data, insights, very deep knowledge around the CPG ecosystem. And she is a true executive and she doing a really great job now.

哇，蘇珊太棒了。我們無法告訴你她加入我們是多麼幸運。真正的行業領導者。她有著驚人的背景。NielsenIQ 的 CRO 也是如此。這是一項年收入 50 億美元的業務。她帶領著成千上萬的人。自從她在那裡領導和學習 20 多年以來，她就在那裡成長。因此，我們擁有大量的行業背景、硬性銷售數據、見解以及有關 CPG 生態系統的非常深入的知識。她是一位真正的高階主管，現在做得非常出色。

All the right moves. Ramped up the go-to-market and really set up to success to capture the amazing TAM we're approaching, and we're very excited about it.

所有正確的動作。加快了進入市場的步伐，並真正為成功捕捉我們正在接近的令人驚嘆的 TAM 做好了準備，我們對此感到非常興奮。

Awesome. And then, Jason, for you, if I look on page 25 of your slide deck at that long-term model, where you get to a 25% operating margin, remind us how we think about when or at what level or what size we get to that long-term model?

驚人的。然後，傑森，對於你來說，如果我在你的幻燈片第 25 頁上看到長期模型，你達到 25% 的營業利潤率，請提醒我們如何考慮何時、以什麼水平或什麼規模我們達到長期模型嗎？

Sure. It's between $400 million to $450 million. And that long-term model is 85% gross margin, 25% operating margin and 30% free cash flow. Meaning, at that level, we'll be talking about $120 million to $135 million of free cash flow, and looking forward to that.

當然。其價值在 4 億至 4.5 億美元之間。這個長期模型是 85% 的毛利率、25% 的營業利潤率和 30% 的自由現金流。這意味著，在這個水準上，我們將談論 1.2 億至 1.35 億美元的自由現金流，並對此充滿期待。

Congratulations to you guys.

恭喜你們。

Thanks so much. Thanks so much, Pat.

非常感謝。非常感謝，帕特。

(Operator Instructions) Tyler Radke, Citi.

（操作員指示）Tyler Radke，花旗銀行。

Just going back to the questions around some of the AI use cases and AI deals. Can you just remind us exactly the nature of those in terms of how they're structured? And then for deals that sort of involve an AI consumption or API or data access, what are you seeing just in terms of those average deal sizes? How much bigger are they than kind of the traditional Similarweb deals?

回到圍繞一些人工智慧用例和人工智慧交易的問題。您能否準確地提醒我們這些內容的本質以及它們的結構？然後，對於涉及人工智慧消耗或 API 或資料存取的交易，您從平均交易規模方面看到了什麼？它們比傳統的 Sametimeweb 交易規模大多少？

Okay. So there is -- basically, if you're talking about the AI deal, we talked about 2 different products we sell. The first one is training LLM and digital data to train their chatbots to be up to date with what's going in the world. And then basically, when you sell it to different data sets, that each one can help the LLM to be smarter about different things.

好的。所以基本上，如果你談論人工智慧交易，我們談論的是我們銷售的兩種不同的產品。第一個是訓練法學碩士和數位數據，以訓練他們的聊天機器人了解世界上正在發生的事情。基本上，當你將其出售給不同的數據集時，每個數據集都可以幫助法學碩士在不同的事情上變得更聰明。

So basically different data stream about what people sell, what do you read, what's happening right now. And then it's by different regions and platform. And usually, those deals start from 6 figures and growing. It starts small with one data set, see it improving the model and then you start adding more and more of those.

所以關於人們賣什麼、你讀什麼、現在發生什麼的基本上不同的資料流。然後是不同地區和平台。通常，這些交易從 6 位數起，並且還在不斷增長。它從一個資料集開始，觀察它改進模型，然後開始添加越來越多的資料。

The second line of business product we provide is with those brands who want to understand how they perceive around consumer using the chatbot. And there, it's increased by the number of -- if they to understand what people ask and the answers. And it's also by region, by platform. So it's also -- but there, it starts with five figures and it can go up.

我們提供的第二個商業產品是為那些想要了解他們如何看待使用聊天機器人的消費者的品牌提供的。在那裡，如果他們理解人們的問題和答案，它的數量就會增加。而且也是按地區、平台劃分的。所以它也是 - 但在那裡，它從五位數開始，並且可以上升。

And Tyler, just as or was saying before, we do think that these contracts need to be renewed because of the value of the freshness of the data that the LLMs need in order to keep up to date with the data.

泰勒，正如之前所說，我們確實認為這些合約需要續簽，因為法學碩士需要新鮮的數據來保持最新的數據。

Thank you. Ladies and gentlemen, that concludes our question-and-answer session. I'll turn the floor back to Mr. Offer for any final comments.

謝謝。女士們先生們，我們的問答環節到此結束。我將把發言權轉回給 Offer 先生以徵求最終意見。

Thank you. Thank you, everyone.

謝謝。謝謝大家。

Thank you. This concludes today's conference call. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。