Similarweb Ltd (SMWB) 2024 Q4 法說會逐字稿

Greetings and welcome to the similar web 4th quarter fiscal year 2024 earnings call. (Operator Instructions)

問候並歡迎參加類似網路的 2024 財年第 4 季財報電話會議。（操作員指令）

It is now my pleasure to introduce Rami Myerson, Vice President, Investor Relations. Please go ahead.

現在我很高興介紹投資者關係副總裁 Rami Myerson。請繼續。

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

謝謝您，接線生。歡迎大家參加我們 2024 年第四季財報電話會議。今天與我一起出席的還有我們的執行長兼聯合創辦人 Or Offer 和我們的財務長 Jason Schwartz。

Yesterday after market closed, we released our results from the 4th 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.simarweb.com. Certain statements made on the call today constitute forward-looking sentiments which reflect.

昨天收盤後，我們發布了第四季度的業績，並在致股東的一封信中發表了有關業績的討論，同時在我們的投資者關係網站 IR.simarweb.com 上發布了一份包含業務戰略概述的投資者介紹。今天電話會議上發表的某些言論反映了前瞻性的情緒。

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 20-F for more information on the risk factors that could cause actual results to differ from our forward-looking statements.

根據目前可用的資訊做出最佳判斷。這些聲明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。有關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信息，請參閱我們的收益報告和我們在 20-F 上提交的最新年度報告。

Additionally, certain non-GAAP financial measures will be discussed on the call today. Reconciliation 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 of the quarter, and then we will open up the call to his questions and sales side analysts. With that, I'll turn the call over to Or. please go ahead.

此外，在今天的電話會議上將討論某些非公認會計準則財務指標。在收益報告和收益介紹中提供了與最直接可比較的 GAAP 財務指標的對帳表。我們將從 OR 和 Jason 本季度的亮點開始，然後我們將開始回答他的問題和銷售方面的分析師的電話會議。說完這些，我將把電話轉給 Or。請繼續。

Thank you, Rami, and welcome everyone joining the call today.

謝謝拉米，歡迎大家今天參加電話會議。

I'm extremely proud of the financial results for the fourth quarter and the 2024 that we reported yesterday. Revenue for the year of nearly $250 million was up 15% year over year and for Q4 was up 16% year over year. Overall NRR was 101% and for the over 100k ARL customer, the NRL was 112%, up from 111% in Q3 and 107% for last year.

我對我們昨天報告的第四季和 2024 年財務表現感到非常自豪。全年營收近 2.5 億美元，年增 15%，第四季營收年增 16%。整體 NRR 為 101%，對於超過 10 萬 ARL 客戶，NRL 為 112%，高於第三季的 111% 和去年的 107%。

Our customer base grew 17% year over year, ending with more than 5,500 ARL customers. In Q4, we signed 15 customer contracts, each of which were 7 digit contract values. Our top line demand remains strong, with more than 10 million visitors to our website on a monthly basis and more than 120 million users visiting our similar web website in 2024.

我們的客戶群年增了 17%，最終擁有超過 5,500 名 ARL 客戶。第四季度，我們簽署了15份客戶合同，每份合約價值都是7位數。我們的收入需求依然強勁，我們的網站每月有超過 1000 萬訪客，到 2024 年將有超過 1.2 億用戶造訪我們的類似網站。

I'm encouraged by two new customer relationships with companies that are global leaders in the financial sector. In December, we announced that S&P Global, a leader in credit scoring and risk management analytics, will begin to integrate similar web digital data into its credit risk analysis.

我很高興與兩家金融領域全球領先公司建立了新客戶關係。12 月，我們宣布，信用評分和風險管理分析領域的領導者標普全球 (S&P Global) 將開始將類似的網路數位資料整合到其信用風險分析中。

And today, I'm also excited to share that Bloomberg Professional Services has entered into a multi-year agreement to supply similar web digital data to Bloomberg terminal subscribers. I believe that these deals highlight the strength and the versatility of our data assets as alternative data for investors.

今天，我也很高興地告訴大家，彭博專業服務公司已經簽署了一項多年期協議，向彭博終端用戶提供類似的網路數位資料。我相信這些交易凸顯了我們的數據資產作為投資者替代數據的實力和多功能性。

But 2024 was not only about revenue and customer growth. We also demonstrate our disciplined execution as the top line growth accelerated, we delivered our first full financial year of non-GAAP operating profit. And free cash flow, and I'm super proud that we delivered a rule of '26 performance for the full year of 2024 with a great mix of accelerating growth and improving possibility.

但 2024 年不僅僅是收入和客戶成長。我們也展現了我們嚴格的執行力，隨著營業額成長的加速，我們實現了第一個完整財年的非公認會計準則營業利潤。還有自由現金流，我非常自豪我們在 2024 年全年實現了 26 條規則的業績，實現了加速成長和提高可能性的完美結合。

As a leading supplier of digital data, the AI evolution presents a significant opportunity for similar web. High quality, comprehensive, actionable, and trusted data like similar web is a critical component for every AI and LLM tech stack.

作為數位數據的領先供應商，人工智慧的發展為類似的網路提供了重大機會。類似網路的高品質、全面、可操作且可信賴的資料是每個 AI 和 LLM 技術堆疊的關鍵組件。

The AI revolution presents a significant opportunity for our digital data with many new use cases. Last quarter, I discussed about four different opportunities for us to capitalize and monetize the generative AI opportunity.

人工智慧革命為我們的數位數據提供了重大機會和許多新的用例。上個季度，我討論了利用生成式人工智慧進行資本化和貨幣化的四種不同機會。

The first one is embedding AI solution into our own platform.

第一個是將AI解決方案嵌入到我們自己的平台中。

The second one is helping brands navigate the shift in consumer behaviour. They're driven by increase of the use of the chatbots, and all those brands need this visibility and they come to us.

第二個是幫助品牌因應消費者行為的轉變。他們受到聊天機器人使用量增加的推動，所有這些品牌都需要這種可見性，所以他們來找我們。

The third one is providing fresh data for LLM training, and the last one is swim internal process and make more efficiency internally in our company.

第三個是為LLM培訓提供新鮮的數據。

To capitalize on this huge growth opportunity, we have decided to ramp up our investment in R&D and our go to market teams. We plan to increase our investment in R&D to enhance our data collection and measurement for the new Gen AI world and continue to develop additional products and solutions that companies require to compete and win in this new world.

為了利用這一巨大的成長機會，我們決定加大對研發和市場團隊的投資。我們計劃增加對研發的投入，以增​​強我們對新一代人工智慧世界的資料收集和測量，並繼續開發公司在這個新世界中競爭和獲勝所需的其他產品和解決方案。

We are also investing in our go to market teams, hiring people across all the geographies, as well as upskilling and expanding our sales force to capture the opportunity presented by the AI revolution and the high demand we are seeing on top of our funnel.

我們也對我們的市場團隊進行了投資，在各個地區招募員工，並提升和擴大了我們的銷售團隊的技能，以抓住人工智慧革命帶來的機會和我們在通路頂端看到的高需求。

I believe that we are still only starting to realize the potential of our data and the addressable market we serve. This investment will reduce our operating profit in the short term, but I believe it will enable us to continue to accelerate growth and capitalize on the growth opportunity.

我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。這項投資在短期內會減少我們的營業利潤，但我相信它將使我們能夠繼續加速成長並抓住成長機會。

As we have demonstrated, we know how to drive efficiency and scale and believe that this is the right time for us to make those investments, and as I like to say, we are just getting started.

正如我們已經展示的那樣，我們知道如何提高效率和規模，並相信現在是我們進行這些投資的最佳時機，正如我喜歡說的，我們才剛剛起步。

Thank you to everyone on the call for continuing support, and with that, I will turn the call over to Jason.

感謝電話會議上所有人的持續支持，現在我將把電話交給 Jason。

Thanks and everyone joining us on the call today to discuss our fourth quarter results. I'll provide highlights of our financial performance, and then we'll open up the call to questions. We generated $65.6 million of revenue in Q4, A 16% increase relative to the fourth quarter of 2023. For the full year of 2024, we generated $249.9 million of revenue representing 15% growth over 2023.

感謝今天參加電話會議討論我們第四季業績的所有人。我將介紹我們財務表現的亮點，然後我們將開始提問。我們在第四季創造了 6,560 萬美元的收入，比 2023 年第四季成長了 16%。2024 年全年，我們的營收為 2.499 億美元，比 2023 年成長 15%。

Revenue from our $100,000 ARR customers increased and represents 61% of our overall ARR. The number of $100,000 ARR customers grew to 405 at the end of '24, increasing 11% year over year.

來自我們 100,000 美元 ARR 客戶的收入有所增加，占我們整體 ARR 的 61%。截至 24 年底，10 萬美元 ARR 客戶數量成長至 405 人，年增 11%。

As this customer base grew, the average ARR per customer increased 7% year over year to approximately $376,000. The increase in the average annual revenue per customer was driven by further product adoption and expansion by our customers. We are proud that 49% of our ARR is contracted under multi-year contracts, up from 42% last year. We believe this demonstrates the importance and critical nature of our data to our customers, and we expect these multi-year contracts will contribute to improved retention rates ahead.

隨著客戶群的不斷擴大，每位客戶的平均 ARR 年增 7%，達到約 376,000 美元。每位客戶平均年收入的成長得益於客戶進一步採用和擴展產品。我們感到自豪的是，49% 的 ARR 是根據多年期合約簽訂的，高於去年的 42%。我們相信這證明了我們的數據對客戶的重要性和關鍵性，並且我們預計這些多年合約將有助於提高未來的保留率。

Our remaining performance obligations or RPO total $246 million at the end of Q4, up 26% year over year. We expect to recognize approximately 69% of total RPO as revenue over the next 12 months. Our operational performance in the quarter and the full year demonstrates our continued commitment to disciplined execution, and we delivered a non-GAAP operating margin of 4% in Q4, a 6th consecutive quarter of non-GAAP operating profits.

截至第四季末，我們剩餘的履約義務或 RPO 總額為 2.46 億美元，年增 26%。我們預計未來 12 個月內 RPO 總金額的約 69% 將確認為收入。我們本季和全年的營運表現證明了我們對嚴格執行的持續承諾，第四季我們的非公認會計準則營業利潤率為 4%，這是連續第六個季度實現非公認會計準則營業利潤。

For the full year, we delivered a non-gap operating margin of 6% and 800 basis point improvement relative to 2023 and our first full year of operating profit on a non-GAAP basis. We generated $2.7 million of normalized free cash flow in the in the quarter, [1/5] consecutive quarter of positive free cash flow, and $27.7 million in 2024, reflecting an 11% free cash flow margin. We expect to continue to generate positive free cash flow for 2025 as well.

全年而言，我們實現了 6% 的非差距營業利潤率，較 2023 年提高了 800 個基點，並且是我們第一個非 GAAP 全年營業利潤。我們在本季創造了 270 萬美元的正常化自由現金流，連續 [1/5] 個季度實現正自由現金流，2024 年將達到 2,770 萬美元，反映出 11% 的自由現金流利潤率。我們預計 2025 年將繼續產生正的自由現金流。

Turning to our outlook for 2025, for the full year of 2025, we expect total revenue in the range of $285 million to $288 million representing 15% year over year growth at the midpoint of the range. In Q1 2025, we expect total revenue in the range of $66 million to $66.5 million. For the full year, we expect our operating profit to be between $1 million and $4 million.

談到我們對 2025 年的展望，對於 2025 年全年，我們預計總收入將在 2.85 億美元至 2.88 億美元之間，相當於同比增長 15%。2025 年第一季度，我們預計總營收在 6,600 萬美元至 6,650 萬美元之間。我們預計全年營業利潤在 100 萬至 400 萬美元之間。

non-GAAP operating loss for the first quarter of 2025 is expected to be in the range of $1million to $1.5 million. Our guidance reflects increased operating expenses to accelerate our hiring to capture the opportunities presented by the growing demand for our data and solutions as Or mentioned.

預計 2025 年第一季非 GAAP 營業虧損在 100 萬美元至 150 萬美元之間。我們的指導反映了增加的營運費用，以加速我們的招聘，以抓住 Or 提到的對我們的數據和解決方案日益增長的需求所帶來的機會。

After delivering a year of accelerating revenue growth, non-gap operating profit, and positive free cash flow, we remain focused on delivering profitable growth over time as well as achieving our long-term profit and free cash flow targets.

在實現了一年的加速收入成長、無差距營業利潤和正自由現金流之後，我們仍然專注於實現長期獲利成長以及實現我們的長期利潤和自由現金流目標。

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

現在，Or 和我已準備好回答您的問題。

(Operator Instructions)

（操作員指令）

Surinder Thind, Jefferies.

蘇林德·廷德（Surinder Thind），傑富瑞（Jefferies）。

Thank you. Can you provide a little bit more color on this incremental spend? I'm estimating it's about $20 million versus expectations here. How much of a debt is towards the go to market strategy? How much is that towards R&D, and how should we think about the cadence of hiring as we look across the year?

謝謝。能否詳細介紹一下這筆增量支出？我估計，與預期相比，大約是 2,000 萬美元。有多少債務與行銷策略有關？其中用於研發的經費有多少？

I think the majority of the spend is, for accelerating go to market and ramping it up. And we just see, also nice investment in in the R&D, but I think also the forks, pressure that we saw in the Q4 and Q1 is also part of that, $20 million that you're talking about.

我認為大部分支出都用於加速進入市場和擴大市場。我們看到，在研發方面也有不錯的投資，但我認為，我們在第四季和第一季看到的壓力也是其中的一部分，也就是您所說的 2000 萬美元。

And then just the cadence of the spend like how did you come up with that number in terms of just thinking about was it that you just wanted to keep, margins kind of positive at this point, like why not more, why not less at this point?

然後只是支出的節奏，例如，您是如何得出這個數字的，只是考慮一下，您是否只是想保持利潤率在這一點上有點正，比如，為什麼不更多，為什麼不更少？

Yes, I think it's a great question. So, our philosophy was always that we are pivoting our company to profitability and we're going to stay profitable moving forward. As long as we're going to see good opportunity to accelerate our growth. We're still a small catch company, ending up the year with close to $250 million meaning that we have a lot of markets to capture.

是的，我認為這是一個很好的問題。因此，我們的理念始終是讓公司獲利，並且在未來保持獲利。只要我們看到好的機會就能加速我們的成長。我們仍然是一家小型捕撈公司，今年的營業額接近 2.5 億美元，這意味著我們還有很多市場需要佔領。

And we did see a lot of strong demand on all the fun. So, we made a decision to do a big investment and how to capture this opportunity as long as we are a pro-growth and keeping the company profitable on the free cash flow basis and the EBITA for the year.

我們確實看到對所有樂趣都有強烈的需求。因此，我們決定進行大筆投資，並抓住這個機會，只要我們有利於成長，並保持公司在自由現金流基礎上以及年度 EBITA 上的盈利。

And we can maximize the opportunity as we do see that we can bring similar work to be one of the top growing company in the public market with us and we want to catch it.

我們可以最大限度地利用這個機會，因為我們確實看到，我們可以做出類似的努力，成為公開市場上成長最快的公司之一，我們希望抓住這個機會。

Got it. And then I guess it's my second or the follow up question here. Can you talk a little bit about the growth outlook in terms of the midpoint being 15% year over year? That seems like it's, roughly the same as what it was in 2024. So with the incremental spend, is the idea that you're expecting to see an acceleration growth in 2026 then, or?

知道了。我想這是我的第二個問題或後續問題。您能否以中間值 15% 的年成長率談談成長前景？這看起來與 2024 年的情況大致相同。那麼，隨著支出的增加，您是否預期 2026 年會出現加速成長，還是？

Is there expectation of what, how do we think about the return or what we should expect in terms of the acceleration that we should expect and maybe why is there not perhaps higher expectations for growth given all the spend in in 2025?

是否有預期，我們如何看待回報，或者就我們應該預期的加速而言我們應該預期什麼，也許考慮到 2025 年的所有支出，為什麼對成長沒有更高的預期？

I think it's an excellent question, and you're right. I think there's two elements that That this is why we decided to come with the 15 as a starting line for the year. What we did see is that because we are arming our go to market and hiring a lot of people during the end of Q4 and still continue hiring them and in Q1.

我認為這是一個很好的問題，而且你說得對。我認為有兩個因素，這就是我們決定以 15 作為今年的起跑線的原因。我們確實看到，因為我們正在為進入市場做準備，並在第四季度末僱用了大量人員，我們仍會在第一季繼續僱用他們。

And a lot of our sellers and managers are spending time with interviewing ramping people, and also going through change management so we replace managers and all performance in Q4 and then ramp up people. So, we did see a little bit softness with the execution in Q4 now going into Q1.

我們的許多銷售人員和經理都花時間面試待提升的員工，同時也進行變革管理，因此我們會在第四季度更換經理和所有績效員工，然後提升員工人數。因此，我們確實看到第四季度的執行情況略有疲軟，現在進入第一季。

And on top of that, we have the for pressure and we have a global company, around 50% of the revenue come outside of the US. We saw, a head headwind from the forex on Q4 that hurt the growth and you know that you start the year already below so you need to close that GAAP then you saw another headwinds on the forex Q1, meaning that the Q1 is a little bit soft and we died for 12%, but you see we are very confident on the 15 for this year, meaning that.

除此之外，我們還面臨壓力，我們是一家全球性公司，大約 50% 的收入來自美國以外。我們看到，第四季度外匯市場的不利因素影響了成長，而且你知道今年年初你的業績就已經低於預期，所以你需要關閉 GAAP，然後你看到第一季外匯市場又出現了另一個不利因素，這意味著第一季度的業績有點疲軟，我們的成長率為 12%，但你看，我們對今年的 15 非常有信心，這意味著。

During the next quarter we're going to see an acceleration of the growth that means that we are expecting a much more growth rate for the Q4 as an ex rate for in 2026. So, we're going to see a significant increasing growth in the second part of the year.

在下個季度，我們將看到成長加速，這意味著我們預計第四季度的成長率將比 2026 年的成長率高得多。因此，我們將在今年下半年看到顯著的成長。

And this is why we decided to get 15 as the starting point.

這就是我們決定以 15 作為起點的原因。

Okay, thank you, that's helpful on understanding the near term dynamics.

好的，謝謝，這有助於理解近期的動態。

(Operator Instructions)

（操作員指令）

Thank you.

謝謝。

Ryan MacWilliams, Barclays.

巴克萊銀行的瑞安‧麥克威廉斯 (Ryan MacWilliams)。

Hey guys, thanks for taking the question. Maybe for Jason, how did revenue results in the 4th quarter before versus your expectations into the quarter? It looks like you guys’ kind of came in around the high end of your guide, and usually you do a little higher than that. And then can you quantify any one-time impacts to consider for the 4th quarter, like if there was an FX impact, what that looked like either on the revenue or profitability side.

嘿夥計們，謝謝你們回答這個問題。或許對 Jason 來說，先前第四季的營收結果與本季的預期相比如何？看起來你們的表現已經達到了指南的高端，通常你們的表現都會比這高一點。然後，您能否量化第四季度需要考慮的任何一次性影響，例如，如果存在外匯影響，那麼對收入或盈利能力的影響會怎樣？

Sure, thanks, Ryan. So, as Or mentioned, we saw, some of the FX pressure hitting in Q4 and part of that is built into the guide. It's about 1% to 2% on a run rate, so that is built into some of what you see in in achieving the high end of our guide for Q4 as well as the guide that we have going forward.

當然，謝謝，瑞安。因此，正如 Or 所提到的，我們看到，部分外匯壓力在第四季度顯現，其中一部分已納入指南中。它的運行率約為 1% 到 2%，因此，這已融入我們在實現第四季度指南高端以及未來指南中所看到的部分內容中。

Okay, and then just on the 4th quarter, was there any impact of that quarter and then I guess how would you characterize the quarter in general versus your expectations into the quarter?

好的，那麼就第四季度而言，該季度有什麼影響嗎？

So I think that again from an overall perspective it was a it was a good quarter, you see, acceleration in terms of the larger customers both in growth of 11% year over year in customer count, the ARR average cost revenue from those customers up 7%. Seeing the NRR for that group pick up another 1%.

因此，我認為從整體角度來看，這是一個很好的季度，您看，就大客戶而言，客戶數量同比增長 11%，來自這些客戶的 ARR 平均成本收入增長了 7%。看到該群體的 NRR 又上升了 1%。

We think that that was very strong indications of what was going on, as well as some of these large, relationships that, one of which we had shared previously while we were on the road, of the S&P, the second one, which, sorry, the second one which we announced just today with Bloomberg, a multi-year relationship as well.

我們認為，這非常有力地表明了正在發生的事情，以及一些大型關係，其中一個是我們之前在路上時分享過的，即標準普爾，第二個，對不起，是我們今天剛剛與彭博社宣布的，這也是多年的合作關係。

I think those things are good indications as to what we have been working on and continued that that growth. So, we were pleased with the where it was. We would have, the FX headwinds are something that we are, dealing with in terms of the guidance going forward, but we feel comfortable with the overall momentum that we're seeing in the business.

我認為這些事情很好地表明了我們一直以來的努力以及持續的成長。所以，我們對它的位置很滿意。我們將在未來指引方面應對外匯逆風，但我們對業務中看到的整體勢頭感到滿意。

I'll leave it there. Appreciate the color. Thanks guys.

我就把它留在那裡。感謝色彩。謝謝大家。

(Operator Instructions)

（操作員指令）

Arjun Bhatia, William Blair.

阿瓊·巴蒂亞、威廉·布萊爾。

Perfect, thank you guys.

非常好，謝謝大家。

Or maybe one for you on the AI investments you're making, I know you mentioned a lot of us go to market, but on the product side, I think you mentioned you're investing in data collection and forecasting, to get ready for the Gen AI kind of revolution.

或者也許您可以問一個關於您在人工智慧方面的投資，我知道您提到我們很多人都進入了市場，但在產品方面，我想您提到您正在投資數據收集和預測，為 Gen AI 革命做好準備。

Can you expand on that a little bit because I had assumed that. The platform, the way it exists today, has a lot of those capabilities, and can be maybe more easily pivoted for Gen AI, but it sounds like there's some more change on the platform required. So, what are you changing and what's evolving on the product side?

你能稍微詳細闡述嗎，因為我已經假設過了。該平台目前存在的方式具有許多功能，並且可能更容易轉向 Gen AI，但聽起來平台還需要進行一些更改。那麼，您在產品方面做了哪些改變以及正在發生哪些發展？

Yes. Hi, Arjun. Thank you for the questions. There's two fronts now that we need to make investment.

是的。你好，阿瓊。感謝您的提問。現在有兩個方面我們需要進行投資。

Basically, we need, we want to integrate AI in order to accelerate the insight coming from our data to make our customer life easier to discover value and get why from the platform. So we're starting a really amazing innovation with that, we're basically putting agents. On top of our platform and, automatically generating insights.

基本上，我們需要，我們希望整合人工智慧，以加速從我們的數據中獲得的洞察力，使我們的客戶更容易從平台中發現價值並了解原因。因此，我們正在開始一項真正令人驚奇的創新，我們基本上是在投入代理。在我們的平台上，自動產生見解。

So, we shifting a lot of the teams to start working on those innovation and we don't want to stop the regular cadence. We had to do some investment at that front to the development to make our platforms much better for the majority of the users.

因此，我們調動了許多團隊來開始致力於這些創新，我們不想停止常規的節奏。我們必須在開發方面進行一些投資，以便讓我們的平台能夠更好地服務大多數用戶。

This is the first front. The second front as we are getting more and more demand for brands that want to get better visibility on the change, chatbots and Gen AI's having the consumers and the way they search consumer information and making purchase decisions.

這是第一條戰線。第二個方面是，我們對希望更好地了解變化的品牌的需求越來越多，聊天機器人和 Gen AI 擁有消費者以及他們搜尋消費者資訊和做出購買決策的方式。

And in order to do that we need to collect and analyze much more granular data around chat conversation and the different channels and basically introducing what I will call Gen AI intelligence that brands can understand the sentiment and the impact each one of those chatbots have on their brand and purchase decision.

為了做到這一點，我們需要收集和分析有關聊天對話和不同管道的更細微的數據，並基本上引入我所說的 Gen AI 智能，品牌可以了解情緒以及每個聊天機器人對其品牌和購買決策的影響。

So, this is some investment that we are doing now to collect this data, productize that we can start present into customers more scalable way. So, this is another fun of investment that we are doing.

所以，這是我們現在正在進行的一些投資，以收集這些數據，並將其產品化，以便我們能夠以更具可擴展的方式呈現給客戶。所以，這是我們正在進行的另一項投資。

Okay, Understood, thank you. And then, Jason, one for you again on the revenue guidance.

好的，明白了，謝謝。然後，傑森，再次向您介紹有關收入指導的問題。

Did you, it seems like there's a few changes on go to market that you're incorporating in, but are you, is it fair to say this is more, this is a more conservative outlook? I'm 25 than you've given historically.

您是否認為，您在進入市場時似乎做出了一些改變，但是，是否可以說這是一種更保守的觀點？我比你歷史上給的人數多 25 歲。

Are the changes is driving any kind of Change in in in your guidance philosophy as you maybe wait to see how the year unfolds in in in the first half year before growth really starts to pick up like what did you consider when you were giving the revenue guidance?

這些變化是否會在您的指導理念中引發任何變化？

Sure Arjun, Yeah, as we like to give guidance we know we can meet and we looked at the with the backlog that we have as well as the some of the macro like the FX impact and we built all that into to our assumption as we mentioned, when you look at the guide which starts at a midpoint of 12% for Q1.

當然，阿瓊，是的，正如我們喜歡提供指導一樣，我們知道我們可以滿足，並且我們研究了我們的積壓訂單以及一些宏觀因素，例如外匯影響，我們將所有這些都納入了我們的假設中，正如我們所提到的，當你查看指南時，它從第一季度的中點 12% 開始。

And ends with a 15% for the full year that mathematically means that we are expecting to have a strong backhand of the year that is already built into our philosophy, which is exactly what we've been talking about, that we are accelerating the investment in our go to market teams in order to drive that contribution happening in the back end of the year, and we think this is the right way to approach that.

全年成長率為 15%，從數學上講，這意味著我們預計今年將有一個強勁的反擊，這已經融入我們的理念中，這正是我們一直在談論的，我們正在加快對市場團隊的投資，以推動在年底做出貢獻，我們認為這是正確的做法。

Okay, got it. Thank You

好的，明白了。謝謝

(Operator Instructions)

（操作員指令）

Luke Horton, Northland Securities.

北國證券的盧克霍頓 (Luke Horton)。

Yeah, hey guys, just wanted to touch on gross margin, which is down sequentially here. Could you just talk a little bit about what drove this, and then is this kind of a level, you see it being added across 2025 as you guys are investing in the business?

是的，嘿夥計們，我只是想談談毛利率，這裡的毛利率是連續下降的。您能否簡單談談推動這一進程的因素，以及隨著您對該業務的投資，您認為到 2025 年這一水平是否會上升？

Yeah, So, I think this a little bit decrease in gross in margin is to mostly invest in this new data capturing for the Gen AI. So, we need to investment and then on top of that we also introduce two data sets of intelligent. And add intelligent this is to a position we did in 2024.

是的，所以，我認為毛利率略有下降主要是因為投資 Gen AI 的新數據捕獲。所以，我們需要投資，然後在此基礎上我們也引入了兩組智慧數據集。並且增加智能，這是我們在 2024 年所做的事情。

So, we are now integrating those data sets. So, every time we adding more data sets, it's increasing with the gross margin, but we expect that to. And get better over the year.

因此，我們現在正在整合這些數據集。因此，每次我們添加更多資料集時，毛利率都會增加，但我們預計會如此。而且一年比一年好轉。

Got it. And then just on the Bloomberg customer announcement, seems like a very nice win. I was just wondering if this is going to be like an add on that people will be paying separately.

知道了。然後就彭博客戶公告而言，這似乎是一個非常好的勝利。我只是想知道這是否會成為人們需要單獨付費的附加功能。

As an add on for that service or if this will be just embedded into everyone who has a Bloomberg terminal and that this is kind of a fixed contract for you guys or if it has anything to do with people adding that on to their Bloomberg.

作為該服務的附加功能，或者這是否會嵌入到每個擁有彭博終端的用戶中，這對你們來說是一種固定合同，或者這是否與人們將其添加到彭博終端有關。

Yeah, so we're very proud of this, engagement. It's many years of dialogue and Bloomberg testing our data and getting to the conclusion that we are the number one digital data providers of choice, and this is why they decided to go with us and it was a long discussion and we feel very proud about this relationship.

是的，我們對此感到非常自豪。經過多年的對話，彭博社對我們的數據進行了測試，得出結論，我們是首選的數位數據提供商，這就是他們決定與我們合作的原因，這是一次漫長的討論，我們對這種關係感到非常自豪。

And what I remember that they will add us as they will take small portion of our data that represents digital growth and we will add it as part of the alternative data solution for the subscribers and I'm not sure if it would be free to the subscribers or with little bit premium.

我記得他們會把我們的數據加進去，因為他們會拿走代表數字增長的一小部分數據，我們會把它作為訂閱者的替代數據解決方案的一部分，我不確定它對訂閱者是否免費，還是會收取一點費用。

But the consumer will be able to get exposed to the concept of digital market data and how it can predict public companies' growth. And if they would love and use that, they can come to a similar web and buy more advanced solution that we are offering with our stock intelligent. So, what will we see in Bloomberg is a small part of our capabilities and for I think for all of the subscribers.

但消費者將能夠了解數位市場數據的概念以及它如何預測上市公司的成長。如果他們喜歡並使用它，他們可以訪問類似的網站併購買我們透過庫存智慧提供的更先進的解決方案。所以，我們在彭博社看到的只是我們功能的一小部分，我認為對於所有訂閱者來說都是如此。

Got it. Makes sense. Awesome well thanks for taking the questions. Guys.

知道了。有道理。太棒了，感謝您回答這些問題。夥計們。

(Operator Instructions)

（操作員指令）

Jason Helfstein, Oppenheimer.

奧本海默的傑森‧赫爾夫斯坦 (Jason Helfstein)。

Hey everybody, so just really, it's kind of like one question. How do you think about the timing of the payback on the increased investments again around like AI and go to market, should we think about target margins for '26 and '27, or do you want us to think about it like your progress to a rule of 40 scale and then can you kind of be maybe a bit specific on.

嘿大家，事實上，這有點像是個問題。您如何看待在人工智慧和上市等方面增加投資的回報時機，我們是否應該考慮 26 年和 27 年的目標利潤率，或者您是否希望我們將其視為您的進展達到 40 法則的規模，然後您能否具體說明一下。

You know how you see yourself progressing over the next few years is obviously given that everyone's surprised by the level of investment, but you obviously are confident around the payback. Thank you.

您知道您如何看待自己在未來幾年的進步，顯然，每個人都對投資水平感到驚訝，但您顯然對回報充滿信心。謝謝。

Yeah, we are confident. Thank you for the question, Jason. We are confident on demand because it solve the hardest part that is demand, and it's there and we just need to approach and it.

是的，我們有信心。謝謝你的提問，傑森。我們對需求充滿信心，因為它解決了最困難的部分，即需求，它就在那裡，我們只需要去接近它。

And what we're doing now is just changing the way we are growing. We are focusing more on growth, that's still a maintaining possibility. I think that last year we were super proud, we I think 15% growth and 11%, and free cash flow and going into this year, we're just going to change the balance to, and be more on the growth side.

我們現在所做的只是改變我們的成長方式。我們更加關注成長，這仍然是一種維持的可能性。我認為去年我們非常自豪，成長率為 15%，自由現金流為 11%，而今年我們將改變平衡，更專注於成長。

And I think we can see the return in the second part of the year, why of this investment and going into 2026, we are positioning the company to be top-notch growth software. Company and of course profitable and would start to work on increasing possibility.

我認為我們可以在今年下半年看到回報，為什麼要進行這項投資以及進入 2026 年，我們將公司定位為一流的成長軟體。公司當然有獲利能力並且會開始致力於增加可能性。

And to probably double digits around 2026.

到 2026 年左右可能達到兩位數。

(Operator Instructions)

（操作員指令）

Scott Berg, Needham and Company.

柏格 (Scott Berg)，尼德漢姆公司。

Hi everyone, thanks for taking my questions, Or, I wanted to focus on a comment you had early in the Q&A that you did see some softness in your 4th quarter execution.

大家好，感謝您回答我的問題，或者，我想重點談談您在問答環節早些時候提出的評論，即您確實看到第四季度的執行情況有些疲軟。

Can you help elaborate on that a little bit and, I guess, as you look at that softness, is it corrected for in Q1 or how do we think about the timing to returning to a more normalized sales case? Thanks.

您能否詳細說明這一點？謝謝。

Yeah, we start, seeing, improvement. We know we have an amazing new [CRO] and which came over from, Nielsen IQ, and as driving, good changes and doing some great change management in order to send the foundation for the growth, and So, Removing low performance, getting new store managers, and increasing the hiring.

是的，我們開始看到進步。我們知道我們有一位出色的新 [CRO]，他來自 Nielsen IQ，他推動著良好的變革，並進行了一些出色的變革管理，從而為增長奠定了基礎，因此，他剔除了低績效員工，聘請了新的店長，並增加了招聘。

Yes, we saw that it creates some, more noise in the go to market and we're able to stay bit. And we're seeing better performance now in the Q1. Funny enough, all across our team around the world, and the seller has got too many meetings.

是的，我們看到它在進入市場時產生了一些噪音，但我們能夠保持這種狀態。我們現在看到第一季的表現更好。有趣的是，我們遍布世界各地的團隊和賣家開了太多的會議。

And from the high demands that it starts hurting the win rate. So, we were not hiring fast enough in Q4 and we now also closing the GAAP in Q1. Yeah, so we do see strong performance now to hitting the floor.

而且高要求會開始損害勝率。因此，我們在第四季度的招募速度不夠快，而且我們在第一季也結束了 GAAP。是的，所以我們確實看到了目前強勁的表現。

Very helpful. And then Jason, as we look at your guidance for this year, this is kind of a follow up to the last question. Your revenue growth guidance suggests the rest of the year accelerates from the Q1 guidance here today.

非常有幫助。然後傑森，當我們看看你今年的指導時，這有點像上一個問題的後續。您的營收成長指引表明，今年剩餘時間的營收成長將從今天的第一季指引中加速。

First of all, is that an accurate statement? I assume that it is given how the math works, but the two is your confidence high in in that acceleration relative to what you're seeing on the sales execution side here in Q1.

首先，這是一個準確的說法嗎？我認為這是數學運算的結果，但兩者的區別在於，相對於您在第一季的銷售執行方面所看到的加速，您對這種加速的信心很高。

And So, on the first question, the answer is yes, like you said, that's the way the math works, So, we do see that acceleration coming in the back end of the year. We also see, pipeline and so we have some visibility, that gives us the confidence that we, build the guidance and like I like to say we'd like to give guidance we know we can meet.

因此，對於第一個問題，答案是肯定的，就像你說的，這就是數學的運算方式，所以我們確實看到這種加速在年底到來。我們也看到了管道，因此我們具有一定的可見性，這給了我們有信心建立指導，就像我想說的，我們願意提供我們知道我們可以滿足的指導。

Thanks again.

再次感謝。

(Operator Instructions)

（操作員指令）

Adam Hotchkiss, Goldman Sachs.

高盛的亞當‧霍奇基斯（Adam Hotchkiss）。

Great, thanks so much for taking the questions.

非常好，非常感謝您回答這些問題。

You talked a lot about this initiative, the monetized brands that are navigating shifts in consumer behaviour. I just want to get an update on how that's trending, particularly your conversations into the beginning of the year, how our brands sort of evolving to the evolving Gen AI environment and how a similar web plan to address that.

您談了很多關於這項舉措以及引導消費者行為轉變的貨幣化品牌。我只是想了解目前的趨勢，特別是你們在年初的對話，我們的品牌如何適應不斷發展的 Gen AI 環境，以及類似的網路計畫如何解決這個問題。

Yeah, I think more and more brands start to look out there for more visibility about how much consumers are swing chatbots about their brand or about their industry and how the answers that chatbots are giving are changing the decision of purchase they're going to make.

是的，我認為越來越多的品牌開始關註消費者對其品牌或產業對聊天機器人的關注程度，以及聊天機器人給出的答案如何影響他們的購買決定。

And they want to understand if this sentiment is positive on them or negative or if the tables are bringing them the right choice. And how they can impact the chatbots to understand the resource the chatbots are using in order to generate those answers.

他們想了解這種情緒對他們來說是積極的還是消極的，或者桌子是否為他們帶來了正確的選擇。以及它們如何影響聊天機器人，以了解聊天機器人用來產生這些答案的資源。

And this is that it's probably. Only similar can bring maybe a very few companies in the world can give the visibility about what people asking the chatbots what are those answers and how they're impacting the consumer journey. So, we are positioned, I think that the world to supply those answers.

這就是可能的。也許世界上只有極少數公司能夠讓人們了解人們向聊天機器人詢問的問題、這些答案是什麼以及它們如何影響消費者旅程。所以，我認為，我們有能力為全世界提供這些答案。

That are becoming more and more important to brand as the consumer behaviour change and they start using more and more of those chatbots for purchase decisions.

隨著消費者行為的改變以及他們開始越來越多地使用聊天機器人來做出購買決策，這對品牌來說變得越來越重要。

Okay, great, that's helpful. And then could you just give us an update on the large language model opportunity? I know this involves quickly and you've signed a couple of eight figure deals here, but I'm curious how you're thinking about monetization potential now that we're a couple of months away from some of those announcements.

好的，太好了，這很有幫助。那麼您能否向我們介紹大型語言模型機會的最新情況？我知道這涉及很多事情，而且您已經在這裡簽署了幾筆八位數的交易，但我很好奇，現在距離其中一些公告發布只有幾個月的時間了，您是如何看待貨幣化潛力的。

Have you had any incremental conversations with folks that give you confidence around monetization? How should we think about that?

您是否與人們進行漸進式對話，從而使您對貨幣化充滿信心？我們該如何思考這個問題？

Yeah, I think there is not a lot of companies with numbers that's trying to build those chatbots, probably.

是的，我認為可能沒有很多公司嘗試建立這些聊天機器人。

Less than 100 maybe single digit double digit. It's not a big market. It's a lot of Lots of investments they need to do in order to build those tables so this market is not big, but when they are going into those adventure to boats, they will need the best data to feed those LLN

少於 100 可能是一位數，也可能是兩位數。這不是一個大市場。為了建造這些表格，他們需要進行大量的投資，所以這個市場並不大，但是當他們進入那些冒險船時，他們需要最好的數據來為那些 LLN 提供數據

And when they want to choose the best data providers like Bloomberg, they all ended up engaging with similar weathers. They recognize us as the leader for digital market data. They know that we are the best one to provide this data.

當他們想要選擇像彭博社這樣最好的數據提供者時，他們最終都選擇了類似的天氣。他們認可我們是數位市場數據的領導者。他們知道我們是提供這些數據的最佳人選。

And so it's, low level engagement because there's not a lot of them, and but if we have, it's great engagements.

所以，這是低層次的參與，因為這樣的參與並不多，但如果我們有，那就是很好的參與。

Okay, thank you very much.

好的，非常感謝。

(Operator Instructions)

（操作員指令）

Patrick Walravens, Citizens JMP.

Patrick Walravens，公民 JMP。

Oh, great. Thank you. And thanks for all the cover on this. .

噢，太好了。謝謝。非常感謝大家對此的報道。。

Forgive me, or if I go back to Q4, I mean how sort of a series of questions here how soft was the execution in Q4? Like was it a pretty big me by the sales team? When's the last time you guys had, a soft execution quarter?

原諒我，或者如果我回到第四季度，我的意思是這裡的一系列問題是，第四季度的執行情況如何？就像銷售團隊對我的評價很大嗎？你們上一次執行狀況不佳是什麼時候？

Was Susan's surprise, right? And when you broke it down after, where, what caused it, right? So, like, we don't usually hear that too many leads or too many meetings is the reason for mess, right? You hear things like customers didn't want to commit, So, if you could drill into that more, that would be great.

是蘇珊的驚喜吧？當您將其分解之後，在哪裡，是什麼原因造成的，對嗎？所以，我們通常不會聽到線索太多或會議太多是造成混亂的原因，對吧？您可能會聽到客戶不願意承諾之類的話，因此，如果您能深入了解這一點，那就太好了。

I just think the reason it's important is because. You're investing on the back of that, so we just want we want to sort of close that. Get a better understanding of why you decided to invest sales and marketing if Q4 wasn't very good, right? Thanks so much.

我只是認為它之所以重要是因為。您在此基礎上進行投資，因此我們只是想結束這一過程。更好地理解為什麼如果第四季度表現不佳您決定投資銷售和行銷，對嗎？非常感謝。

Yeah, of course, and I think it's a great question. Thank you for raising it at that. I think that Q4 was okay, wasn't great. Usually, our Q4 is amazing if you look historically in 2023 and 2022, and Q4 was okay. Like it's, it was solved. I wish it was better, but it was okay.

是的，當然，我認為這是一個很好的問題。感謝您提出這個問題。我認為 Q4 還可以，但不是很好。通常，如果從 2023 年和 2022 年的歷史來看，我們的第四季度表現是驚人的，而且第四季度還不錯。就像這樣，它被解決了。我希望它更好，但是還可以。

And we had some areas in the business when we, the softness were stronger mostly because of managerial and low performance and the decision that wasn't been cleaned before. And in Q4 we took the opportunity to improve and do improvement around the market and we did some change management in email.

我們業務中的一些領域，軟弱性比較強，主要是因為管理不善、績效低下以及之前沒有清理好的決策。在第四季度，我們藉此機會改進並完善了市場，並在電子郵件方面進行了一些變更管理。

And it was behind the change management in in Japan when they were behind the numbers and I think this is also was impacting, the performance a bit. And but the new people, we hire their own place and they look looking good. So I'm fully confident and I see the numbers and we are, investing because we publish on the what we see.

而日本的變革管理落後於數字，我認為這也對績效產生了一定影響。但是對於新人，我們租用了他們自己的住處，他們看起來很不錯。所以我完全有信心，我看到了這些數字，我們正在進行投資，因為我們會發布我們看到的內容。

That's super helpful thank you.

這非常有幫助，謝謝。

(Operator Instructions)

（操作員指令）

Ashley Kim with (City).

Ashley Kim 與（城市）。

Hi Or & Jason. Thanks for the question. Just wanted to ask about the 15 customer contracts that were 7 figures. Could you, kind of give more color on whether the deals grew into that or whether any anywhere new lands and how many of those were AI related?

嗨，Or 和 Jason。謝謝你的提問。只是想詢問一下 15 份 7 位數的客戶合約。您能否詳細說明這些交易是否發展到那一步，或者是否有任何新的土地，以及其中有多少與人工智慧有關？

Yeah, Hi, Ashley, first of all, thank you for asking this question because I think it's important to discuss this great indication.

是的，你好，阿什利，首先，感謝您提出這個問題，因為我認為討論這個偉大的跡像很重要。

This is a record high quarter (inaudible) for closing 7 figures a deal, and as you saw in the past, a few quarters are reporting 8 figures engagement. All of those indicate that we are now ready to increase our engagement with our customers.

這是創紀錄的一個季度（聽不清楚），每筆交易達成 7 位數，正如你在過去看到的，有幾個季度報告了 8 位數的參與度。所有這些都表明我們現在已經準備好加強與客戶的互動。

And most, the majority of those are 15, 7 figures and or expansion. It's meaning that we have more and more customers that are now ready to invest more with us.

其中大多數是 15、7 位數或擴充。這意味著我們有越來越多的客戶現在願意向我們投入更多。

And we from our side are now ramping up and more senior am on the post to know to negotiate and expand and really great business of customers that similar web have and you can also see that with the multi-year increase of our customers.

而從我們的角度來看，現在我們正在加大力度，更高級的人員在崗位上懂得談判和擴展，並且擁有類似網站的真正偉大的客戶業務，您也可以從我們客戶數量的多年增長中看到這一點。

We are now going into this year with almost 50% of the book of business is multi-year. This is a very strong indication. That the customer are trusting our data and want a long term relationship. I think this 15 bills showing you that a lot of them are ready to invest more with us.

今年，我們幾乎有 50% 的業務是多年期的。這是一個非常強烈的跡象。客戶信任我們的數據並希望建立長期合作關係。我認為這 15 份法案表明其中許多國家已準備好與我們進行更多投資。

We from our side just need to hire more executive, more experienced sales and people on the both side in order to drive this expansion and improving our going forward.

從我們這方面來說，我們只需要雇用更多的高階主管、更有經驗的銷售人員和雙方人員來推動這項擴張並改善我們的前進。

Thank you.

謝謝。

Thank you. There are no further questions at this time. I'd like to hand the floor back over to management for any closing remarks.

謝謝。目前沒有其他問題。我想將發言權交還給管理階層，以便他們發表最後評論。

Yeah, thank you everyone for the question. We have the confidence for a really great year, the end of 2024 with a really amazing results, and we are looking very positive going into this year.

是的，謝謝大家的提問。我們有信心，2024 年將會是偉大的一年，我們會取得令人驚嘆的成績，我們對今年抱持著非常正面的態度。

And good luck to all of us. Bye-bye.

祝我們大家好運。再見。

This concludes today's conference. You may disconnect your lines at this time.

今天的會議到此結束。現在您可以斷開您的線路。

Thank you for your participation.

感謝您的參與。