Similarweb Ltd. (SMWB) 2026 Q2 法說會逐字稿

Hello and welcome everyone joining today's Similarweb Q2 fiscal 2026 earnings call. (Operator Instructions) Please note this call is being recorded. (Operator Instructions)

各位好，歡迎大家參加今天 Similarweb 2026 會計年度第二季（Q2）財報電話會議。(接線員指示) 請注意，本通話將被錄音。(接線員指示)

It is now my pleasure (technical difficulty) Vice President, Investor Relations. Please go ahead.

現在很榮幸（技術問題）由投資人關係副總裁為各位服務。請開始。

Thank you, operator. Welcome, everyone, to our second-quarter 2026 earnings conference call. Joining me today are our CEO and Co-Founder, Or Offer; our Chief Financial Officer, Ran Vered; and Maoz Lakovski, our Chief Business Officer.

謝謝，接線員。各位好，歡迎參加我們 2026 年第二季財報電話會議。今天與我一同出席的有我們的執行長暨共同創辦人 Or Offer；財務長 Ran Vered；以及首席商務長 Maoz Lakovski。

This morning, we released our results for the second quarter and published an investor presentation with a strategic overview of the business as well as a summary presentation, second-quarter results on our Investor Relations website at ir.similarweb.com.

今天早上，我們公布了第二季業績，並在投資人關係網站 ir.similarweb.com 發布投資人簡報，內容包含業務策略概覽以及第二季業績摘要簡報。

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 on Form 20-F filed with the SEC on March 2, 2026, for more information on the risk factors that could cause actual results to differ from our forward-looking statements.

今天通話中所作的某些陳述構成前瞻性陳述，反映管理層基於目前可得資訊所做的最佳判斷。這些陳述涉及風險與不確定性，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前瞻性陳述不同的風險因素，請參閱我們的財報新聞稿，以及我們於 2026 年 3 月 2 日向美國證券交易委員會（SEC）提交的最新 Form 20-F 年度報告。

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 Ran's highlights of the quarter, and then we will open up the call to questions from sales side analysts.

此外，今天通話中也將討論某些非 GAAP 財務衡量指標。與最直接可比的 GAAP 財務衡量指標之調節表，已載於財報新聞稿與財報簡報中。我們將先由 Or 與 Ran 分享本季重點，接著開放賣方分析師提問。

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

接下來把電話交給 Or。Or，請開始。

Thank you, Rami, and welcome, everyone, today. I'm extremely proud of what the Similarweb team delivered in the second quarter. Similarweb is at inflection point. Our core business is getting stronger, while AI is opening a significant new growth opportunity.

謝謝你，Rami，也歡迎各位今天與會。我對 Similarweb 團隊在第二季的交付成果感到非常自豪。Similarweb 正處於轉折點。我們的核心業務持續走強，同時 AI 正開啟一個重大的全新成長機會。

Larger deal, longer commitments, improving retention and expanding profitability are validating the strength of our business. At the same time, strong demand from leading AI companies demonstrate that our proprietary digital data has become critical infrastructure for the AI ecosystem.

更大的交易規模、更長的承諾期限、留存率改善以及獲利能力擴張，都在驗證我們業務的韌性。同時，來自領先 AI 公司的強勁需求也顯示，我們的專有數位資料已成為 AI 生態系的關鍵基礎設施。

Over the last several quarters, we have been very focused on three things: strengthening our data mode. Deepening our relationship with the largest enterprise in the world and positioning Similarweb to capture the enormous opportunity created by AI. In Q2, we started to see those pieces come together.

過去幾個季度，我們非常專注於三件事：強化我們的資料護城河。深化與全球最大型企業的關係，並讓 Similarweb 具備掌握 AI 所創造之龐大機會的定位。在第二季，我們開始看到這些要素逐步匯聚。

We delivered the strongest quarter in Similarweb history for net new ARR. We had one of the strongest quarter ever for growth retention. We achieved positive GAAP operating profit for the first time ever. NRR improved to 200% across all customers and 107% for customers above $100,000 of ARR. We exceeded our operating profit and are raising our full-year guidance for the second time this year.

我們創下 Similarweb 歷史上淨新增 ARR 最強的一季。我們也達成歷來表現最強之一的成長留存。我們首次實現 GAAP 口徑的營業利益轉正。NRR 在所有客戶中提升至 200%，而在 ARR 超過 10 萬美元的客戶中為 107%。我們的營業利益超出預期，並且今年第二次上調全年財測指引。

AI-related revenue reached 13% of revenue in the second quarter, up from 11% at the end of the fourth quarter of 2025, and we will continue to expand it moving forward. And perhaps most importantly, we signed three very large multi-year enterprise contracts representing more than $60 million of accumulated contract value.

第二季 AI 相關營收占比達到 13%，高於 2025 年第四季末的 11%，未來我們將持續擴大。也許最重要的是，我們簽下三份非常大型的多年期企業合約，累計合約價值超過 6,000 萬美元。

So when I look at this quarter, I see more than just a strong set of numbers. I see evidence that the strategy we've been executing is working.

因此，當我回顧本季時，我看到的不只是亮眼的數字。我看到的是我們一直在執行的策略正在奏效的證據。

Let me walk you through why I believe this is so important. And let's start with the financial performance. Revenue grew 9% year over year to $77.2 million, above the top end of our guidance. We also delivered non-GAAP operating profit above our expectation and for the first time in our history, positive GAAP operating profit.

我來說明為什麼我認為這點如此重要。先從財務表現談起。營收年增 9% 至 7,720 萬美元，高於我們指引區間上緣。我們的非 GAAP 營業利益也高於預期，並且在公司歷史上首次實現 GAAP 口徑的營業利益為正。

This is a direct result of the operational disciplines we have been implementing across the company. We have been very focused on improving sales productivity, shopping our go-to-market execution and becoming more efficient across the organization.

這是我們在全公司推動營運紀律所帶來的直接成果。我們一直非常專注於提升銷售生產力、精進我們的 go-to-market（市場進入）執行，並在整個組織中提升效率。

At the same time, we continue to invest in the opportunities where we believe we can generate the highest long-term returns. We generated $8.7 million of normalized free cash flow in the quarter, representing an 11% free cash flow margin.

同時，我們也持續投資於我們認為能帶來最高長期報酬的機會。本季我們產生 870 萬美元的標準化自由現金流，代表 11% 的自由現金流利潤率。

Moving into the second half of 2026 and beyond, we are remaining committed to expanding our margin and leveraging the operational efficiencies that come with our increased scale. So we are seeing the combination we have been working on: growth, improving retention for stability, and strong cash generation.

展望 2026 年下半年及之後，我們仍致力於擴大利潤率，並運用規模擴大所帶來的營運效率。因此，我們正在看到我們一直努力追求的組合：成長、留存改善以提升穩定性，以及強勁的現金創造能力。

Our customer metrics also continue to improve. NRR increased to 200% across all customers and 207% (sic - see slide 3, "107%") for customers above $100,000 of ARR. This is particularly encouraging because as we discussed in the last several quarters, we have been focused on improving the expansion motion with our existing enterprise customers.

我們的客戶指標也持續改善。NRR 在所有客戶中提升至 200%，而在 ARR 超過 10 萬美元的客戶中為 207%（原文如此——見投影片 3，「107%」）。這點尤其令人鼓舞，因為如同我們在過去幾季所討論的，我們一直專注於改善既有企業客戶的擴張動能。

We're seeing better gross retention, stronger customer engagement and increasing demand for additional Similarweb data and products. And we believe there is more room for improvement from here. But the part of the quarter that I'm most excited about is what we're seeing with the largest enterprise.

我們看到更好的總留存率、更強的客戶參與度，以及對更多 Similarweb 資料與產品的需求持續增加。我們也相信，從這裡開始仍有進一步改善的空間。但本季最令我興奮的部分，是我們在最大型企業客戶上所看到的進展。

Our strategy to move upmarket is working. During Q2, we signed three very large multi-year contracts with a commodity value of more than $60 million. Those are strategically important contracts. They are also very different from the way Similarweb is historically sold.

我們向上拓展（upmarket）的策略正在奏效。在第二季期間，我們簽下三份非常大型的多年期合約，合約價值超過 6,000 萬美元。這些都是具策略重要性的合約。它們也與 Similarweb 過去的歷史銷售方式非常不同。

For many years, our model was primarily a land-and-expand model. We would land the customer with a relatively small initial contract and then expand over time across additional products, teams, and geographies. That model remained important, but something new is happening.

多年來，我們的模式主要是「先落地、再擴張」（land-and-expand）。我們會以相對較小的初始合約切入客戶，然後隨時間在更多產品、團隊與地區上擴張。這個模式仍然重要，但現在有新的變化正在發生。

The largest companies in the world are increasingly looking at Similarweb not simply as a software application, but as strategic source of digital data. And when they do that, the size and scope of relationship change dramatically. Those contracts require a significant amount of work across sales, R&D, data scientists, finance and legal. And I want to recognize the entire team because those deals are truly company-wide efforts.

全球最大的公司愈來愈把 Similarweb 視為不僅僅是一個軟體應用，而是一個具策略性的數位資料來源。當他們以這種方式看待時，合作關係的規模與範疇就會發生劇烈變化。這些合約需要銷售、研發、資料科學家、財務與法務等多方投入大量工作。我也想表揚整個團隊，因為這些交易確實是全公司共同努力的成果。

The strategic ALO go-to-market team that we created at the end of 2025 specifically focused on AI, LLM and OEM opportunities has been instrumental in this success. The team is building relationship with some of the most sophisticated companies in the world and is creating a pipeline that is materially larger than what we have historically seen. In fact, in July, we signed a fourth large contract, and we continue to see a very strong pipeline of additional opportunities like never before.

我們在 2025 年底成立、專注於 AI、LLM 與 OEM 機會的策略 ALO go-to-market 團隊，在這次成功中扮演了關鍵角色。該團隊正在與全球最成熟的公司建立關係，並打造出一個在規模上顯著大於我們以往所見的銷售管線。事實上，我們在 7 月又簽下第四份大型合約，並且持續看到前所未有、非常強勁的更多機會管線。

And let me explain to you why this is different. Historically, large seven-figure contracts were relatively rare for Similarweb. As recently as 2025, we were still seeing large seven-figure opportunities infrequently a handful of times a year at most. That has changed. The number and size of opportunities we're seeing from large enterprise has increased significantly and I believe there is a very important reason for that.

讓我向各位解釋為什麼這次不一樣。從歷史上看，對 Similarweb 而言，七位數的大型合約相對罕見。甚至就在 2025 年，我們一年最多也只是不常見地看到少數幾次七位數的大型機會。但這已經改變了。我們從大型企業看到的機會數量與規模都顯著增加，而我相信背後有一個非常重要的原因。

AI is changing the economics of data. Let me explain you what I mean. Historically, the value an enterprise could extract from Similarweb was limited in part by the number of people who could actually work with the data.

AI 正在改變數據的經濟學。讓我解釋一下我的意思。過去，企業能從 Similarweb 萃取的價值，部分受限於實際能夠使用這些數據的人數。

You had an analyst. That analyst needed to understand our data. They needed to know how to query it. They needed to analyze it. They needed to connect different data sets. And then they needed to turn those insights into recommendation for the business. That is powerful, but it's still constrained by human capacity.

你有一位分析師。那位分析師需要理解我們的數據。他們需要知道如何查詢。他們需要分析。他們需要串聯不同的資料集。然後還需要把這些洞察轉化為對業務的建議。這很有力量，但仍然受限於人力產能。

AI fundamentally changed this equation. Now, you can take similar digital data and make it available to AI system that can analyze enormous amount of information across thousands of questions and use case at a speed and scale that humans simply cannot match.

AI 從根本上改變了這個等式。現在，你可以把類似的數位數據提供給 AI 系統，讓它以人類根本無法匹敵的速度與規模，針對成千上萬個問題與使用案例，分析海量資訊。

The result is that the ROI from the same underlying data can increase dramatically. And this is the part of the story that I think is still underappreciated. AI doesn't make our data less valuable. It makes our data much more valuable because the better the AI becomes at reasoning, the more valuable high-quality, comprehensive and trusted data become. This is why I believe the opportunity for Similarweb goes far beyond simply selling data for LLM training.

結果是，相同底層數據所帶來的 ROI 可以大幅提升。而我認為這一段故事仍然被低估。AI 不會讓我們的數據變得不那麼有價值。它會讓我們的數據更有價值，因為 AI 的推理能力越強，高品質、全面且可信的數據就越有價值。這也是為什麼我相信 Similarweb 的機會遠不止於把數據賣給 LLM 做訓練。

But still, the LLM opportunity is big and growing. One of the largest contracts we signed this quarter is with the leading big tech company for data use to train its large language model. Following this expansion, this customer become our third customer with more than $10 million of ARR engagement.

不過，LLM 的機會仍然很大且持續成長。我們本季簽下的最大合約之一，是與一家領先的大型科技公司合作，提供數據用於訓練其大型語言模型。隨著這次擴張，該客戶成為我們第三位 ARR 合作金額超過 1,000 萬美元的客戶。

It is remarkable to see how Similarweb data become a fundamental source of digital intelligence for top large language model in the world. But what excites me even more is that the other large contracts are not only about LLM training. They demonstrate that enterprise can use Similarweb data at scale for many different AI-driven use case and application.

看到 Similarweb 數據成為全球頂尖大型語言模型的基礎數位情報來源，令人印象深刻。但更讓我興奮的是，其他大型合約不僅僅是關於 LLM 訓練。它們證明企業可以在多種 AI 驅動的使用案例與應用中，以規模化方式使用 Similarweb 數據。

And that is much bigger opportunity because if our data can be used across multiple AI use case and applications inside the large enterprise, the potential consumption of our data increase dramatically. One customer can have multiple teams. Multiple teams can have multiple use case, and each use case can consume more data.

而這是一個更大的機會，因為如果我們的數據能在大型企業內部跨多個 AI 使用案例與應用被採用，我們數據的潛在消耗量將大幅增加。一個客戶可以有多個團隊。多個團隊可以有多個使用案例，而每個使用案例都可能消耗更多數據。

This creates powerful expansion opportunity. The more use case we unlock, the more valuable our data become. And more valuable the data become, the more Similarweb can expand within the organization. This is very different model from selling seats of software.

這會創造強大的擴張機會。我們解鎖的使用案例越多，我們的數據就越有價值。而數據越有價值，Similarweb 就越能在組織內部擴張。這與銷售軟體席位的模式非常不同。

We are increasingly monetizing access to data and the consumption of the data, and we believe AI will accelerate this transition. Similarweb has become an enterprise data company. You can already see this transformation in our business. The portion of our business driven by customers, generating over $100,000 in ARR has reached almost 70%, a significant rise from 63% a year ago.

我們正越來越多地將「數據存取」與「數據消耗」變現，而我們相信 AI 將加速這一轉型。Similarweb 已成為一家企業數據公司。你已經可以在我們的業務中看到這個轉變。由 ARR 超過 10 萬美元的客戶所驅動的業務占比已接近 70%，相較一年前的 63% 顯著提升。

Furthermore, the share of our revenue tied to a multi-year commitment expand to 66%, up from 57% a year ago, and we see this momentum continue. Those metrics underscore fundamental condition. Similarweb has become more deeply integrated in the world's largest and most enduring enterprise organization.

此外，與多年期承諾綁定的營收占比擴大至 66%，高於一年前的 57%，而我們看到這股動能仍在延續。這些指標凸顯了一個根本事實。Similarweb 已更深度地整合進全球最大、最具持久性的企業組織之中。

We are increasingly an enterprise-focused business, providing digital data to some of the largest, most sophisticated companies in the world. And our goal is to become even more deeply embedded in those organizations, not just with one product, not just with one team, but across multiple teams, multiple products, and multiple use cases. This is the expansion opportunity in front of us.

我們正越來越成為以企業為核心的業務，向全球一些最大、最成熟的公司提供數位數據。我們的目標是更深度地嵌入這些組織——不只是靠一個產品、不只是靠一個團隊，而是跨多個團隊、多個產品與多個使用案例。這就是擺在我們面前的擴張機會。

Let me now turn into our AI strategy. Over the last several quarters, we have talked about our AI strategy through three pillars: powering AI system with our data, building an AI-native product ourselves, and expanding distribution through the AI ecosystem. We are seeing strong progress across all three.

接下來我談談我們的 AI 策略。在過去幾個季度，我們以三大支柱來闡述 AI 策略：用我們的數據為 AI 系統提供動力、打造我們自己的 AI 原生產品，以及透過 AI 生態系擴大分發。我們在這三方面都看到強勁進展。

First, we are powering LLM and AI agent. We continue to see strong demand from leading AI companies for digital data for both pre-training and post-training use case. But we're also seeing increased demand from AI agents.

第一，我們正在為 LLM 與 AI 代理（agent）提供動力。我們持續看到領先 AI 公司對數位數據的強勁需求，涵蓋預訓練與後訓練的使用案例。但我們也看到來自 AI 代理的需求正在增加。

Agents need trusted, structured, and comprehensive information about the digital world in order to perform their tasks efficiently. Our data is good for both human and agent, and that is becoming increasingly important.

代理需要關於數位世界的可信、結構化且全面的資訊，才能高效率地完成任務。我們的數據同時適用於人與代理，而這點正變得越來越重要。

Second, we are building our own AI native products. GenAI intelligence is shaping up as a huge opportunity. It's a lucrative, fast-growing market that is top of mind for every CMO and executive at large enterprise right now.

第二，我們正在打造自己的 AI 原生產品。GenAI 情報正逐步成形為一個巨大的機會。這是一個高獲利、快速成長的市場，也是目前每一位大型企業的 CMO 與高階主管最關注的議題之一。

We're already seeing an early sign we can win here and become a leader at this category. Our solution helps brands understand how they can show up across generative AI platforms. We think it's an entirely new category and our data give us a real edge.

我們已經看到一些早期跡象，顯示我們能在這裡勝出並成為此類別的領導者。我們的解決方案幫助品牌理解他們如何在生成式 AI 平台上被呈現與曝光。我們認為這是一個全新的類別，而我們的數據帶來真正的優勢。

And earlier this year, we launched Similarweb AI Studio. The response has been extremely strong. AI Studio changed the way people interact with Similarweb. Instead of needing to know exactly which report to open or which dataset to use, user can simply ask a business question in natural language and receive an actionable answer with insight and recommendation, which dramatically expand who can use Similarweb. And importantly, it created a new consumption-based monetization model. We believe this is the direction the industry is moving.

而在今年稍早，我們推出了 Similarweb AI Studio。市場反應非常強勁。AI Studio 改變了人們與 Similarweb 互動的方式。使用者不再需要精確知道要開哪一份報告或使用哪個資料集，而是可以用自然語言直接提出商業問題，並獲得包含洞察與建議的可執行答案，這大幅擴大了能使用 Similarweb 的人群。更重要的是，它創造了一種新的、以消耗量為基礎的變現模式。我們相信這就是產業前進的方向。

Third, we are expanding distribution. Increasingly, research and decision-making are happening inside AI platforms, so we want Similarweb to be there. Our data available through MCP on Claude and ChatGPT. During the quarter, we expanded our relationship with Perplexity to bring Similarweb digital data directly into its AI-native workflow and we expand our partnership with Manus following the successful launch of Similarweb data on the platform.

第三，我們正在擴大分發。研究與決策越來越多地在 AI 平台內發生，因此我們希望 Similarweb 也能在那裡。我們的數據可透過 MCP 在 Claude 與 ChatGPT 上取得。本季度，我們擴大了與 Perplexity 的合作，將 Similarweb 數位數據直接帶入其 AI 原生工作流程；同時在 Similarweb 數據於該平台成功上線後，我們也擴大了與 Manus 的合作夥伴關係。

Those partnerships are more than integration; they are new distribution channels for Similarweb. They allow us to reach users who we couldn't not reach through our positional go-to-market motion. They expand our TAM and they reinforce our position as a critical data layer for AI-driven research and decision-making.

這些合作夥伴關係不只是整合；它們是 Similarweb 的新分發通路。它們讓我們能觸及那些透過我們既有的定位式 go-to-market 推進方式無法觸及的使用者。它們擴大了我們的 TAM，並強化我們作為 AI 驅動研究與決策所需關鍵數據層的地位。

So now let me walk you through what I believe is happening. First, our core business is getting healthier. Growth retention is improving, NRR is [inflicted], sales productivity is improving and we are seeing better expansion across enterprise customers.

現在讓我帶各位梳理一下我認為正在發生的事情。首先，我們的核心業務正在變得更健康。成長留存正在改善，NRR 正在[inflicted]，銷售生產力正在提升，而且我們看到企業客戶的擴張表現更好。

Second, our enterprise strategy is working. We are seeing larger contracts, longer commitment, more multi-product relationship, and increasing demand from the world's largest companies for digital data.

第二，我們的企業策略正在奏效。我們看到更大的合約、更長的承諾期、更多的多產品合作關係，以及全球最大企業對數位數據的需求持續增加。

And third, AI is dramatically expanding the opportunity for our data. It creates new customers, new use case, new distribution channels, and new ways to monetize consumption. Those three things reinforce each other, and this is why I believe Q2 represents an important inflection point for Similarweb, and as I had to say before, AI is the engine, but data is the fuel.

第三，AI 正在大幅擴大我們數據的機會。它帶來新客戶、新使用情境、新的分銷通路，以及將使用量變現的新方式。這三件事彼此相互強化，這也是為什麼我相信第二季代表 Similarweb 的一個重要拐點；正如我之前所說，AI 是引擎，但數據是燃料。

Regarding the CEO search, we are making good progress, and we are interviewing very strong candidates. And with that, I will hand it over to Ran, our CFO.

關於 CEO 的尋覓，我們進展良好，並且正在面試非常優秀的候選人。接下來我把時間交給我們的財務長 Ran。

Thank you, Or. It is a great feeling to deliver a strong set of results and raise guidance for the year. I provide highlights of our financial performance and guidance for the third quarter and the full year of 2026.

謝謝你，Or。能夠交出一組強勁的成果並上調全年指引，感覺非常好。我將提供我們財務表現的重點，以及 2026 年第三季與 2026 全年的指引。

Turning to our quarterly results, we generated $77.2 million of revenue in Q2, a 9% increase year over year and above the guidance range we provided. Revenue growth was driven by good performance across the book of business, including new sales and up sales as well as growth in AI-related revenues that reached 13% of revenues in the second quarter, up from 11% at the end of the fourth quarter of 2025.

談到本季業績，我們在第二季創造了 7,720 萬美元營收，年增 9%，並高於我們先前提供的指引區間。營收成長來自整體業務組合的良好表現，包括新銷售與加購，以及 AI 相關營收的成長；AI 相關營收在第二季達到營收的 13%，高於 2025 年第四季末的 11%。

I would like to remind you that the second quarter of 2025 provided a tough comparison for this quarter. We expect revenue growth to accelerate in the second half of 2026, supported by the growth in ARR in the second quarter and accelerate momentum in our business as Or discussed.

我想提醒各位，2025 年第二季對本季而言是一個較具挑戰性的比較基期。我們預期 2026 年下半年營收成長將加速，並將受第二季 ARR 成長所支撐，以及如 Or 所討論的、我們業務動能的加速。

Non-GAAP operating profit for the quarter was $6.5 million, (inaudible) 8% margin. compared to $2.4 million in the second quarter of 2025. Non-GAAP operating profit was also above our guidance range, thanks to propane growth and disciplined cost control that more than mitigated FX headwinds. We continue our efforts to offset the headwinds to profit presented by the strengthening of the Israeli shekel versus the US dollar. As a reminder, approximately half of our employees are based in Israel.

本季非 GAAP 營業利益為 650 萬美元，（聽不清）8% 利潤率；相較於 2025 年第二季的 240 萬美元。非 GAAP 營業利益也高於我們的指引區間，主要得益於 propane 成長以及嚴謹的成本控管，足以抵消匯率逆風的影響。我們持續努力抵消以色列謝克爾兌美元走強對獲利造成的逆風。提醒一下，我們約有一半員工位於以色列。

Non-GAAP finance expenses were $108,000. Non-GAAP tax expense was $1.2 million in the quarter compared to $86,000 and $1.2 million in the second quarter of 2025. To help with your modeling, we expect these items to remain approximately at these levels on a quarterly basis for the rest of the year.

本季非 GAAP 財務費用為 10.8 萬美元。本季非 GAAP 所得稅費用為 120 萬美元，相較於 2025 年第二季的 8.6 萬美元與 120 萬美元。為了協助各位建模，我們預期今年剩餘期間，這些項目在每季將大致維持在目前水準。

Non-GAAP diluted earnings per share was $0.06 compared to $0.01 in Q2 2025. ARR contracted under multi-year contracts continue to expand 66% of ARR from 57% last year. We believe that this metric is very important and demonstrates the durability of our revenues and the importance of our data to our customers.

非 GAAP 稀釋後每股盈餘為 0.06 美元，相較於 2025 年第二季的 0.01 美元。多年度合約下簽約的 ARR 持續擴大，占 ARR 的 66%，高於去年的 57%。我們認為這項指標非常重要，能展現我們營收的持久性，以及我們的數據對客戶的重要性。

Good cash generation and strong balance sheet are critical for our business at any stage. We generated $8.7 million of normalized free cash flow and 11% free cash flow margin despite the heavy exchange rates. We believe we will generate positive normalized free cash flow on a quarterly basis going forward. We ended the quarter with approximately $73 million of cash and cash equivalents and no debt. We also have an available line of credit of $75 million.

在任何階段，良好的現金創造能力與強健的資產負債表對我們的業務都至關重要。儘管匯率波動較大，我們仍產生 870 萬美元的標準化自由現金流，且自由現金流利潤率為 11%。我們相信未來將能在每季基礎上持續產生正的標準化自由現金流。本季末我們持有約 7,300 萬美元的現金及約當現金，且無負債。我們也有 7,500 萬美元可動用的信用額度。

Our remaining performance obligation, RPO, totaled $345 million at the end of Q2, up 26% year over year. We expect to recognize approximately 66% of total RPO as revenue over the next 12 months. The growth in RPO provides us with confidence in our full-year guidance.

截至第二季末，我們的剩餘履約義務（RPO）合計為 3.45 億美元，年增 26%。我們預期在未來 12 個月內，將把總 RPO 約 66% 認列為營收。RPO 的成長讓我們對全年指引更有信心。

We are also proud that our referred revenue increased to a total of $141 million, a 21% increase year over year. In Q2, overall NRR was 100% across all customers and 107% for customers with over $100,000 of ARR. We are proud of the improvement in NRR in the quarter, which came true earlier than expected. We expect further improvement in NRR over 2026.

我們也很自豪，我們的 referred revenue 增加至合計 1.41 億美元，年增 21%。第二季，整體 NRR 在所有客戶中為 100%，而 ARR 超過 10 萬美元的客戶 NRR 為 107%。我們對本季 NRR 的改善感到自豪，而且這比預期更早實現。我們預期 2026 年 NRR 將進一步改善。

At the end of the second quarter, we had 1,815 customers with NRR above $25,000 compared to 1,809 in 2025. This sequential trend reflects our decision to prioritize go-to-market resources and focus on large-scale opportunities within our existing customer base of the smaller inbound assembly deals.

截至第二季末，我們有 1,815 位 NRR 高於 25,000 美元的客戶，相較於 2025 年的 1,809 位。這個連續趨勢反映了我們決定優先配置市場進入資源，並聚焦於既有客戶基礎中的大規模機會，而非較小的 inbound assembly 交易。

Consistent with this focus, the average account value for this cohort grew 19% year over year to $149,000. The number of customers today ARR over $100,000 increased to 473 at the end of Q2, up 9% compared to 2025. Average account value for this customer cohort increased 18% to $438,000 compared to 2025. We believe that accounts generated more than $25,000 and $100,000 of ARR that account for 90% and 69% of ARR, respectively, demonstrate that Similarweb is an enterprise-focused data company.

與此聚焦一致，該客群的平均帳戶價值年增 19% 至 149,000 美元。目前 ARR 超過 10 萬美元的客戶數在第二季末增加至 473 位，較 2025 年成長 9%。該客群的平均帳戶價值較 2025 年增加 18% 至 438,000 美元。我們認為，ARR 超過 25,000 美元與 100,000 美元的帳戶分別占 ARR 的 90% 與 69%，這顯示 Similarweb 是一家以企業為核心的數據公司。

Moving to guidance, for the full year of 2026, we are raising our revenue guidance range and expect total revenue in the range of $340 million to $380 million, representing approximately 12% year-over-year growth at the midpoint of the range. In Q3 2026, we expect total revenue in the range of $80.5 million to $82.5 million, representing 17.5% year-over-year growth at the midpoint, accelerating versus Q2 2026.

接著談指引，對於 2026 全年，我們上調營收指引區間，預期總營收介於 3.40 億至 3.80 億美元，按區間中點計算約為年增 12%。在 2026 年第三季，我們預期總營收介於 8,050 萬至 8,250 萬美元，按中點計算年增 17.5%，較 2026 年第二季加速。

For the full year, we are raising our guidance for non-GAAP operating profit to be between $24 million and $26 million. Non-GAAP operating profit for the third quarter of 2026 is expected to be in the range of $7.5 million to $9.5 million.

就全年而言，我們上調非 GAAP 營業利益指引至 2,400 萬至 2,600 萬美元。2026 年第三季的非 GAAP 營業利益預期介於 750 萬至 950 萬美元。

With that, Or and I are ready to take -- to answer our questions. Following Q&A, Or will share some closing remark. Operator, please open the line for questions.

接下來，Or 和我準備好回答各位的問題。在問答之後，Or 會分享一些結語。接線生，請開放提問。

(Operator Instructions) Raimo Lenschow, Barclays.

（接線生指示）Raimo Lenschow，Barclays。

Congratulations. That's an amazing evolution. Or, can you talk a little bit more about those customers that you signed and they are kind of showing up in the pipeline? Is this kind of using Similarweb data in a much broader sense than we've seen classically?

恭喜。這是一個令人驚豔的演進。Or，你能否多談一點你們簽下的那些客戶，以及他們如何在銷售管線中顯現？這是否代表以比我們過去傳統所見更廣泛的方式在使用 Similarweb 的數據？

And in theory, if that's the case, and we open it up for more end users, then in a way, the sky is the limit because like, you should like -- every single customer could do a lot more with your data so that we -- it sounds almost like we're at the beginning of a very great journey here. Can you talk a little bit more on that?

而且理論上，如果情況確實如此，並且我們把它開放給更多終端使用者，那麼在某種程度上，天花板就不存在了，因為——你應該會看到——每一位客戶都能用你們的資料做更多事情，所以我們——聽起來幾乎像是我們正站在一段非常偉大旅程的起點。你能不能再多談一點這部分？

Yeah. So first of all, yes, thank you for the question. And yes, you're right. The most advanced enterprise are now realize that with AI, they can get -- they can, first, crunch much more data, and they can get much more better insight and recommendation. And the ROI dramatically for the same data is now much higher and they can consume much more data.

是的。首先，沒錯，謝謝你的問題。而且是的，你說得對。最先進的企業現在意識到，有了 AI，他們可以——他們首先可以處理更多資料，並且能獲得更好得多的洞察與建議。而且在相同資料之下，ROI 現在大幅提高，他們也能消化更多資料。

So we're seeing this trend. It's very exciting and we're very happy about it. And we think that we continue to see this great success with the onboarding more enterprise to use our data and that approach.

所以我們正在看到這個趨勢。這非常令人振奮，我們也非常高興。而且我們認為，隨著更多企業導入使用我們的資料與這種方法，我們會持續看到非常好的成功。

And then Ran, like if you think about it, like where are we sitting on this new approach of getting against big enterprise? Where are we on sales capacity, et cetera, like can the organization kind of support the growth that potentially is coming your way?

然後 Ran，如果你想一想，像是我們在這種針對大型企業的新方法上，現在處於什麼位置？在銷售產能等等方面，我們的組織是否能支撐可能即將到來的成長？

Right now, yes, we are set up correctly. We're starting with the engagement we currently have in our book of business. We already work with the biggest and best enterprise in the world and we start rolling up and start increasing those engagements.

就目前而言，可以，我們的配置是正確的。我們先從目前在既有客戶組合中的合作開始。我們已經與全球最大、最優秀的企業合作，並且我們開始逐步推進、擴大並加深這些合作。

Okay, perfect. Thank you. Congrats.

好，完美。謝謝。恭喜。

Ken Wong, Oppenheimer & Company.

Ken Wong，Oppenheimer & Company。

I think you guys mentioned that NRR potentially could trend up still. I'm just looking at the levels, there's a big step up. What gives you the confidence there? How much of that is mechanical?

我想你們提到 NRR 可能仍有機會走高。我只是看目前的水準，這次跳升幅度很大。你們的信心來自哪裡？其中有多少是機械性的因素？

I recall you guys already were exiting at a pretty high rate after Q1. And how much of that is kind of underlying activity that you're seeing that gives you confidence that that number could keep trending higher?

我記得你們在第一季之後的退出水準就已經相當高了。那其中有多少是你們看到的基本面活動所帶來的，讓你們有信心這個數字還能繼續往上走？

Yeah, we have a very, very high confidence because the NRR we report to the market, as we said, is the average of the previous four quarters. And because we know that this quarter NRR was very, very high, we already know that the next quarter NRR will continue to increase.

是的，我們非常、非常有信心，因為我們對市場揭露的 NRR，如我們所說，是前四個季度的平均值。而且因為我們知道本季的 NRR 非常、非常高，所以我們已經知道下一季的 NRR 會繼續上升。

And again, just to add on that, we see very strong or mentioned it in the prepared remarks, we see very strong GRR trends. And the changes that we did last -- in the beginning of the year that the account management are more focused on expansion; this has a focus on GRR.

另外再補充一下，我們看到非常強勁的 GRR 趨勢——我們也在事先準備的講稿中提到。而且我們在去年——在年初所做的調整，讓客戶管理更聚焦在擴張；這也會帶動對 GRR 的關注。

We already see the fruits of this change. So we see very strong GRR that continues to be at a very strong level. And on top of it, the account management that are focused on expansion provide us with the confidence that NRR is going to increase.

我們已經看到這些改變帶來的成果。所以我們看到 GRR 持續維持在非常強勁的水準。此外，專注於擴張的客戶管理團隊也讓我們有信心 NRR 會上升。

Understood. And then, Or, just on the really strong pipeline results, again, fantastic in terms of what you guys saw in Q2. When you look at the quarter, how much of that execution was some of the labor from last year, you guys kind of refreshed the go-to-market, you added capacity. How much of that is, as you said, truly an underlying change in terms of some of the customer actions like where data is now kind of proliferating across organizations, or is there still more of that to come?

了解。然後，Or，關於非常強勁的 pipeline 結果，再次恭喜，你們在第二季看到的表現確實很出色。當你回顧這一季時，其中有多少執行成果是來自去年的投入——你們重新調整 go-to-market、增加產能？又有多少如你所說，是真正來自客戶行為的底層變化，例如資料現在在組織內部更廣泛地擴散？或者這方面後續還會有更多？

I think, as I said in the earning, a lot of it came just focusing the people on doing the right things that can produce the highest outcome. One of that that we changed and took some of our best people and just put them on the ALO team, we call it, the strategic sales team to build better, bigger relationship with the top enterprise, and basically unlock this potential.

我想，正如我在財報中所說，其中很大一部分只是把人力聚焦在能產生最高成果的正確事情上。我們做的一項改變是，把一些最優秀的人才調到我們所稱的 ALO 團隊，也就是策略銷售團隊，去與頂尖大型企業建立更好、更大的關係，基本上把這個潛力釋放出來。

So just moving those priorities, including the account manager, focusing on expansion, all of those decisions of changing strategy will be bearing the fruits. So (multiple speakers)

所以只是調整這些優先順序，包括讓客戶經理專注於擴張，所有這些策略調整的決策都會開始開花結果。所以（多位講者）

Arjun Bhatia, William Blair & Company.

Arjun Bhatia，William Blair & Company。

I'm [Lola] on for Arjun Bhatia. Nice quarter. A couple quarters ago, you saw some variability in, I believe, two large AI deals. I believe you closed one last quarter, but can we get an update on the second? Is that still in the pipeline and how are you thinking about the timing of closing it?

我是 [Lola]，代 Arjun Bhatia 提問。這一季表現不錯。幾季之前，你們在我記得是兩筆大型 AI 交易上看到一些波動。我相信你們上季已經簽下一筆，但能否更新一下第二筆？它還在 pipeline 裡嗎？你們如何看待成交時點？

Yeah, funny enough, the second one is still in the pipeline, and we still think that this is another surprise that can come at the end of the year.

是的，很有趣的是，第二筆仍然在 pipeline 裡，而且我們仍然認為這可能會是年底出現的另一個驚喜。

Patrick Walravens, Citizens.

Patrick Walravens，Citizens。

This is Kincaid on for Patrick. Super excited to see this narrative playing out for you guys. Is it possible to get a little bit of color when I think about the $60 million as well as just the total spectrum of these new deals, you mentioned it's not just pre-training and post-training, but it also includes, correct me if I'm wrong, agents in production want to understand how the Internet is structured and where they should go next.

我是 Kincaid，代 Patrick 提問。很高興看到這個敘事在你們身上逐步實現。當我想到 6,000 萬美元以及這些新交易的整體光譜時，能否提供一些細節？你們提到不只是 pre-training 和 post-training，還包括——如果我沒理解錯——在生產環境中的 agents 想要理解網際網路的結構，以及下一步應該去哪裡。

Can you give us a sense of -- how that ARR is split? Is it 50% post-training, 25% pre-training, and 25% in production? What's that breakdown?

你能否讓我們了解——那個 ARR 是如何拆分的？是 50% post-training、25% pre-training、25% 在生產環境嗎？具體比例是什麼？

I cannot go specifically to the full breakdown, but what we said, we had three big deals. Each one of them is above eight-figure engagement. Only one of them is for LLM training pre and post. So only one is pre and post. The other two are just big enterprises leveraging our data in different ways than LLM training. That is much more exciting and very big opportunity.

我無法具體說明完整的拆分，但我們所說的是，我們有三筆大型交易。每一筆都是超過八位數金額的合作案。其中只有一筆是用於 LLM 訓練的 pre 與 post。所以只有一筆是 pre 與 post。另外兩筆則是大型企業以不同於 LLM 訓練的方式運用我們的資料。這更令人興奮，也是一個非常大的機會。

Yeah, maybe just to add, the way we think about it, various markets that we're seeing tailors and demand in different markets. One is the LLM that we were speaking about, the other one is OEM, so build on top of our data. Then we have the brands, and last we have the investors.

是的，也許再補充一下，我們的看法是，我們看到不同市場有不同的需求與動能。其中一個是我們剛才談到的 LLM，另一個是 OEM，也就是在我們的資料之上進行建構。接著我們有品牌客戶，最後是投資人。

And we see great demand across the board in all of them for large things to integrate our data at scale because of the ability to digest and ingest more data at scale with AI. So what we've seen in the past, which was deal every now and then, deal every quarter or a pipeline, so now, it's becoming much more sustainable, much more robust. It helps us increase our TAM and increase our average deal value.

而且我們看到各個面向都有很強的需求，大家都希望以大規模方式整合我們的資料，因為 AI 讓他們能以規模化方式消化與匯入更多資料。所以過去我們看到的是偶爾一筆交易、每隔一段時間或每季一筆交易或一個 pipeline；但現在，它正變得更可持續、更穩健。這有助於我們擴大 TAM，並提高我們的平均交易價值。

Spectacular. And then if you have an update with specifics on your GenAI Intelligence product, I've always found that one fascinating.

太精彩了。另外，如果你能就你們的 GenAI Intelligence 產品提供更具體的更新，我一直覺得那個很吸引人。

Yeah, the demand there is increasing. We do see a nice increase there, and I think there is now more strategic teams start building up on the GenAI data that we have, and it's becoming very interesting for brands to connect the full journeys of the users with what people are asking those LLMs and the outcomes. So everything around how the interaction with LLM changed the consumer behavior. So this is really seeing also a very big success on that.

是的，那邊的需求正在增加。我們確實看到不錯的成長，我認為現在有更多策略團隊開始在我們擁有的 GenAI 資料之上進行建構，這也讓品牌能把使用者的完整旅程，與人們向那些 LLM 提問的內容以及結果串聯起來，變得非常有意思。也就是圍繞著與 LLM 的互動如何改變消費者行為的一切。因此，這方面也確實正在取得非常大的成功。

(Operator Instructions) Scott Berg, Needham.

(接線員指示) Scott Berg，Needham。

Really nice quarter here. Or, you obviously spoke a lot about the new use cases that you're seeing in some of these large deals. They're not all LOM training exercises. But as you think about the new use cases, are you changing the pricing of the platform to evolve with some of these new use cases or are the pricing mechanisms the same?

這一季表現非常好。你們顯然談了很多在一些大型交易中看到的新使用案例。它們不全都是 LOM 訓練專案。但當你們思考這些新使用案例時，你們是否在調整平台定價以配合這些新使用案例的演進，還是定價機制維持不變？

The pricing is the same because most of those big deals are around data. So it's more about consumption and data access. That's about the software. And so the price didn't change and just selling much more data and many more different data sets because, as I said, AI is changing the equation. Now companies can consume much more data and get much more ROI with data.

定價維持不變，因為那些大型交易多半是圍繞資料。所以更關乎用量與資料存取。那部分是軟體。因此價格沒有改變，只是我們賣出更多資料與更多不同的資料集，因為如我所說，AI 正在改變這個等式。現在企業可以消化更多資料，並從資料中獲得更高的投資報酬率（ROI）。

Very helpful there. And then, Ran, as we think about a couple of these deals here, these large deals, are there any one-time revenues to be cognizant of from these? I believe that maybe one of them has some one-time revenues. And if there is, what is the timing of those revenues look like for modeling purposes?

非常有幫助。接著，Ran，當我們看這裡幾筆交易、這些大型交易時，是否有任何一次性收入需要留意？我相信其中可能有一筆包含一些一次性收入。如果有的話，從建模角度來看，這些收入的認列時點大概會是什麼時候？

Hey, Scott. Thanks for the question. So those deals are ARR deals. And if there is a one-time element, it's really quite negligent and immaterial. And usually, it's recognized on the initiation of the deal or a couple of months later at max, but those deals are pure ARR deals with, again, small and immaterial amount of one time if at all.

嗨，Scott。謝謝你的問題。這些交易都是 ARR 交易。即便有一次性元素，其實也非常微小且不具重大性。通常會在交易啟動時認列，或最晚在一兩個月後認列；但這些交易本質上都是純 ARR 交易，同樣地，即使有一次性金額，也很小且不具重大性（如果有的話）。

Excellent. Nice quarter again. Thanks for taking my questions.

太好了。再次恭喜這一季表現。謝謝回答我的問題。

Luke Horton, Northland Securities.

Luke Horton，Northland Securities。

Congrats again on the great quarter here. Obviously, the momentum is really building on the enterprise side. Just curious if there's anything to call out on the kind of SMB or smaller customer cohort. Are they seeing any sort of macro pressures? Or I guess, how is growth looking on the smaller customer cohort side?

再次恭喜這一季的優異表現。顯然企業端的動能正在快速累積。我想了解一下 SMB 或較小客戶族群是否有什麼值得特別指出的地方。他們是否感受到任何宏觀壓力？或者說，小客戶族群那邊的成長看起來如何？

Nothing special there. I think, overall, the traffic was going down, the digital traffic to the website, the world changed and there's less traffic coming from search. This is like all like market broader. But overall, AOV is the same, [Winnet] is the same, and I think a lot of more commercial people are moving now to drive more expansion as we can see this opportunity.

那邊沒有什麼特別的。我認為整體而言，流量是在下降，網站的數位流量下降了；世界變了，來自搜尋的流量變少。這是整個市場更廣泛的現象。但整體來看，AOV 沒變，[Winnet] 沒變，而且我認為現在有更多商務端的人在推動更多擴張，因為我們看到了這個機會。

Okay. Great. And then just wondering about -- as far as adding net new customers, are you seeing any trends with initial customer contracts coming in at higher price points now and kind of how much of the focus is on the cross-sell and upsell with existing customers versus kind of outbound net new customers?

好的。很好。另外想請教——就新增淨客戶而言，你們是否看到初始客戶合約現在以更高的價格點成交的趨勢？以及你們的重點有多少放在對既有客戶的交叉銷售與向上銷售，相較於對外開發新增淨客戶？

So I think that most of our tenure, senior commercial people that we're doing outbound and enterprise new sell, we moved them more to focus on expansion. As I said before, we have an amazing book of business and we already engage with most of the best and biggest companies in the world. And now, we just come and have a new opportunity on cross and upsell with this new change that's happening with AI.

我認為我們大多數資深、任期較長的商務人員，原本在做對外開發與企業新客銷售，我們把他們更多轉去專注於擴張。如我先前所說，我們擁有非常出色的客戶基礎，我們已經與全球多數最優秀、最大的公司合作。而現在，隨著 AI 帶來的這個新變化，我們在交叉銷售與向上銷售方面出現了新的機會。

Thank you. At this time, there are no further questions in queue. I will now turn the meeting back to Or Offer for closing remarks.

謝謝。目前沒有其他排隊提問。我現在把會議交回給 Or Offer 做結語。

So thank you for all the questions today. So now, let me recap what we discussed today at the call. When we entered to 2026, we said this was going to be a transformation year for Similarweb. We said we were moving from building to scaling. We said our priorities were to strengthen our data mode, deepen our enterprise relationship and scale our AI-first solutions.

感謝大家今天的所有提問。現在讓我回顧一下我們今天在電話會議中討論的重點。當我們進入 2026 年時，我們說這將是 Similarweb 的轉型之年。我們說我們正從建置走向擴張。我們說我們的優先事項是強化我們的資料護城河、深化我們的企業關係，並擴大我們 AI-first 的解決方案。

Six months into this year, we are seeing tangible evidence that this strategy is working. We delivered the strongest net new ARR quarter in our history. We achieved positive GAAP operating profits for the first time ever. We improved NRR 200%. We signed multiple transformational enterprise contracts, and we continue to see expanding demand for our data from AI companies and large enterprises.

今年過了六個月，我們看到具體證據顯示這項策略正在奏效。我們交出了公司史上最強的淨新增 ARR 單季表現。我們首次達成 GAAP 口徑的營業獲利為正。我們將 NRR 提升了 200%。我們簽下多筆具轉型意義的企業合約，並持續看到 AI 公司與大型企業對我們資料的需求擴大。

There is still a lot of work ahead of us. We need to continue improving execution. We need to continue to expand our enterprise relationship and we need to continue building the best digital data infrastructure for the AI era.

我們前方仍有很多工作要做。我們需要持續提升執行力。我們需要持續擴大我們的企業關係，並且需要持續打造最適用於 AI 時代的最佳數位資料基礎設施。

Thank you everyone on the call for your continued support. We're looking forward to speaking to you again over the coming weeks. Thank you all.

感謝所有參與本次電話會議的各位持續支持。我們期待在接下來幾週再次與各位交流。謝謝大家。

Thank you. This brings us into the end of today's meeting. We appreciate your time and participation. You may now disconnect.

謝謝。今天的會議到此結束。感謝各位撥冗參與。您現在可以掛線。